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The.
animerri31
INCLUDING
Railway 8c Industrial Section
Bankers' Convention Section
sank & Quotation Section
Railway Earnings Section
Electric Railway Section
State and City SectioD
SATURDAY, OCTOBER 311914.
VOL. 99
NO. 2575
Week ending October 24.
Wite Thronicle.
Clearings at
1914.
PUBLISHED WEEKLY.
Terms of Su bscription-Payable in Advances10 00
1913.
Inc.or
Dec.
1912.
1911.
$
$
$
$
%
289,316,256 324,450,934 - 0.9 316,908,545 265,917,978
22,411,800
25,031,250 -10.5
24,667,650
22.841,650
22,905.508
23.252,520 -1.5
21,747,087
18,185,631
25,662,476
25,821,187 -0.6
21,267,797
17.533,397
15,231,242
15,330,046 -0.6
14,068,535
12,817.373
7,666,945
7,330,800 +4.6
7,457,824
7,093,746
5,909,800
6,164,700 -4.1
6,236.400
5.455.900
5,723,202
5,890,699 -2.8
5,009,670
3.757,901
3,191,271
3.832,486 -16.7
3,346,099
3,032.391
2.937,189
3,450,500 -14.9
3,094,878
2,735,058
1,892,492
2,484,690 -23.8
2.123,765
1,882,368
1,117,251
1,202,605 -7.1
1,143,259
1,167,422
610,951
018,161 -1.2
680,174
749,520
1,017,274
1,206,098 -15.7
1,187,203
966,582
1,205,641
1,261,112 -4.4
1,173,445
921,395
1,259,797
1,375,488 -8.4
887,428
1,494,502
630.233
640,653 -1.6
771,761
869.600
1,910,000
1,944,000 -1.8
1,759.000
1,377,000
991,728
995,956 -0.4
830,413882,465
1,481,960
1,525,000 -2.8
1,077,795
665,927
613,959 +8.5
677,012
500,526
704,211
791,190 -11.0
759,394
631.774
522,656
585,715 -10.8
593,461
660,664
618,160
590,321
547.076
464,023
+4.7
335.749
456.985 -26.4
472,788
433,475
533,464
494,298 +7.9
393,210
440,583
510,000
547,309 -6.8
595,290
441,715
248,527
343,347 -25.4
254,451
289,587
375,000
379,400 -1.2
415,169
412.211
436,681
446,842 -2.3
340.255
351,802
476,501
423,604 +12.5
318,152
402,905
187,260
176,596 +6.2
130,871
183,749
34.254
60,268 -43.2
48,489
26,241
280,066
404,055 -30.7
405,538
352.190
419,001:472 460,113,774 -8.9 442,258,193 375,676,184
49,031,946
56,024,475
51,644,737 -5.1
49,332,311
20,564,684 +1.9
20.955,310
24,011.934
17.709,403
12,285.990
15,478,582 -20.6
12,128,654
10.940,387
12,144,063
14,951,093 -18.8
12,272,478
12,634,005
3,832.182
4,511,001
4,733,661 -19.0
4,529,076
6,337,262
6,683,545 -5.1
6,806,149
5,984,739
1,961,245
2.352,587 -16.6
3,204.630
3,332,388
3,353,572
3.278,786 +2.3
3.453,862
2,890,005
2,237,447
2.616,760 -14.5
2.234,765
1,513,148
2,130,186 -24.1
2,550,102
1.616,970
1,800.000
958,289 +9.2
929,930
1,045,160
776.134
1,628,343
1,767,670 -7.9
1,429,821
1.029,292
935,000 -10.7
902,359
1,158.746
835,118
751,469 -12.1
1,327,623
632,708
660,878
579,488 -19.3
526,949
514,893
467,000
385.542 -13.5
305,206
250,000
333,585
441,110 Not included in total
118,726,071 129,812,079 -8.5 132,589.938 115,027,235
63,041,937
57,894,807
61,257,049 +12.7
69,033,560
33,358,419
30,713,204 +21.8
26,513,460
37,421,333
18,477,451
15,371,040
20,634,453 -10.9
18,384,523
12,285,131
14,090,730
12,852,306 -4.7
12,246,830
10,285,187
9,572,084
11,117,338 -1.2
10,986,794
9,591,149
6,094,891
6,465,783 +24.6
8,055,768
6,469,354
6,996,187
8,148574 -25.7
6,056.209
3,726,051
5.286,463
5,074,108 -0.4
5,053,336
2,637,796
3,238,463
3,606.650 -6.7
3,363,097,
3,526,942
3,601,994
3,518,278 +9.0
3,834,3381
1,492,356
1,717,196
1,942,131
+7.6
2.070.359;
1,333,227
2,118,837
1,632,797 -26.8
1,195,1831
1,431,833
1,376,648
1.728,089 +1.0
1,749.816
1,325,108
1,719,990
2,107,521 -26.2
1,555,730
888,417
472,645
608,823 +207.4
1,870,676
511,152
684.442
593,561 -0.5
590,857
599.515
721,956
651,727
-0.8
646,84
255,685
348,776
347,152 -4.4
331,902
213,721
209,629
194,597 +19.5
232,955
305,131
460,281
463,214 +73.8
805,848
1.065,482
1,159,584
1,282,546 +0.8
1,293,409
1,110,363
1,803,672
1,588,866 +6.6
1,693,497
222.190
540,379
755,071 -18.7
614,177
181.302,015 154,825.736
189,084,138 177,265,808
Chicago
Cincinnati
Cleveland
Detroit
Milwaukee
Indianapolis
_
.27
1 1
154
0
1::
Six
Columbus
$11 50
Toledo
Peoria
Subscription includes following SupplementsGrand Rapids_ _ _
BANK AND QUOTATION(monthly) 1 RAILWAY AND INDUSTRIAL(3 times yearly) Dayton
ELECTRIC RAILWAY(3 tunes yearly)
RAILWAY EARNINGS(monthly)
Evansville
STATE AND CITY (semi-annually) BANKERS'CONYRNTION (yearly)
Kalamazoo
Springfield, Ill
Terms of Advertising-Per Inch Space
Fort Wayne
Youngstown __ _ _
Transient matter per inch space(14 agate lines)
*
24
20
Two Months
(8 times)
20 Lexington
(13
29 00 Akron
Standing Business Cards
hs
t
im
me
es
s?
50 00 Rockford
fr inihx12e
=
l
Twelve Months(52 times)
87 00 Canton
Monadnock
BIG
Shepherd,
513
,kfTeLliarrison4033. South Bend
OftIcAGO OFFWZ-Geo.M.
Quincy
..0:.,DON OFFICE-Edwards & Smith,1 Drapers' Gardens, E. C.
Bloomington _ _ _ _
Springfield, O.__
WILLIAM D. DANA. COMPANY, Publishers,
Decatur
Depeyeter
Pine
and
Ste.,
York,
New
Front.
P.O.Box 958.
Mansfield
Jackson
Published every Saturday morning by WILLIAM B. DANA COMPANY
Jacksonville, Ill_
Jacob Seibert Jr., President and Treas.: George S. Dana and Arnold G. Dana
Danville
vice-Presidents; Arnold G. Dana. Sec. Addresses of all, Office of the Company
Lima
Lansing
Ann Arbor
Adrian
CLEARING-HOUSE RETURNS.
Owensboro
The following table, made up by telegraph, &c., indicates that the total
Tot. Mid.West
houses
of
the
United
States
week
for
the
clearing
the
of
all
clearings
bank
ending to-day have been $2,513,694,894, against $2,642,211,372 last week San Francisco..._
Los Angeles
and $3,353,001,478 the corresponding week last year.
Seattle
Portland
Per
Clearings-Returns by Telegraph.
Spokane
1914.
1913.
Cent.
Week ending Oct. 31.
Salt Lake City
$1,001,933,104 $1,488,924,853 --32.7 Tacoma
New York
117,832,198 --14.2 Oakland
101,143.803
Boston
131,041,554 -20.3 Sacramento
104,482,757
Philadelphia
30,943,223 -14.4 San Diego
26,503,158
Baltimore
Stockton
255,768,004
233,030,250
Chicago
65,344,328 -13.9 Fresno
53,000,453
St. Louis
16,222,059 -13.4 San Jose
14,048,042
New Orleans
Pasadena
$1.534,141,567 $2,106,076,219 -27.1 North Yakima_ _
Seven cities,5 days
568,492,807
-4.9 Reno
540,274,908
Other cities,5 days
Long Beach
$2,074,416,475 $2,675,569,026 -22.5
Total Pacific._
Total all cities, 5 days
-35.2
439,278,419
677,432,452
All cities, 1 day
Kansas City_ _
Minneapolis _ _ _
$2,513,694,894 $3,353,001,478 -25.1 Omaha
Total all cities for week
The full details for the week covered by the above will be given next St. Paul
Saturday. We cannot furnish them to-day, clearings being made up by the Denver
clearing houses at noon on Saturday, and hence in the above the last day Duluth
of the week has to be in all cases estimated, as we go to press Friday night St. Joseph
We present below detailed figures for the week ending with Saturday Des Moines
•
noon, October 24, for four years:
Sioux City
Wichita
•
Lincoln
eek ending October 24.
Davenport
Clearings atTopeka
Inc.or
Cedar Rapids__
1914.
1913.
Dec.
1912.
1911.
Fargo
Colorado Spring
$
$
%
$
3
1,237.723,611 1.923.581,145 -35.7 2,124.721,128 1,560,707,867 Pueblo
New York
Philadelphia _..._ 146,031,782 177,492,179 -17.7 169,265,006 137,656,488 Fremont
Hastings
Pittsburgh
50,771,897
59,210.992
14.3
63,361.393
49,101,441 Aberdeen
35.208,258
Baltimore
38,060,204 -7.5
39,466.690
34,735,015 Helena
12,296,655
Buffalo
15,192,857 -19.1
12,721.925
11,134,556 Waterloo
6,898,918
Albany
7,991,490
13.7
5,814,248
6,592,137 Billings
7,172,230
Washington
7,014,475
+2.3
7,259,883
6,901,812
3.983,557
Rochester
4,710.678 -15.4
Tot. 0th. Wes
4.739,397
3,847,814
3,583.946
Scranton
2,755,003 +30.1
2,700,000
2,521,796
75,493,667
76,687,136
3,036,539
2,768,339 +9.7
Syracuse
68,739,850
86,740,462
2,635,870
2,288,762 St. Louis
19,007,535
22,036.138
2,000,000
1.857,742 +7.7
Reading
15,200,000
20,960,576
1,796,056
1,583,489 New Orleans_ _ _
11,651,164
1.508,027
Wilmington
13,052,437
1,948,593 -22.6
10,429,799
14,175,630
1,590,462
1,258,564 Louisville
1,928,480
Wilkes-Barre
1,645,768 +17.2
Houston
8.305,066
11,125,253
1,726,252
1.461,203
1,982.109
3.986,500
2,140.407 -7.4
4,073,000
Wheeling
4,104,510
4,331,000
2,194,367
1,790,659 Galveston
7,340,626
1.513,337
1,732,089 -12.6
8,256,849
Trenton
8,633,903
1,703,837
9,300,000
1,589,759 Richmond
992,413
14,594.835
888,359 +11.7
16,299,620
York
14,500,000
21,509,384
946,733
989,901 Atlanta
922.395
9.640,945
1,132,601 -18.5
10,559,583
6,564,321
993,718
11,680,329
ie
829,184 Memphis
525,000
7,843,114
510,000 +2.9
7.597,191
Ernsburg
Gree
3,815,681
9,760.551
500,000
484,506 Savannah
635,200
7,993,670
671,400 -5.4
10.786,929
Binghamton
Fort Worth
9,831,131
10,014,950
584,100
561,870
675,297
4,685,360
703,049 -4.0
7,027,011
Chester
6,367,714
8,452,406
628,105
575,011 Nashville
568,802
3,894,321
613,564 -7.3
4,403,473
Altoona
4,691,279
587,099
4,061.157
535.203 Norfolk
1,532.413
3.705,564
2,202,138
1,606,048 -4.6
Lancaster
Augusta
3.206,225
1,939,594
1,448,784
932.076
349,653
2.686,139
3.375,383
391,145 -10.6
Montclair
3,997.018
2.751,424
Birmingham _ _ _
350,381
2.031,832
2,662,033
2,732,887
Little Rock
2.185,476
2.805.480
3.080,000
Total Middle_ 1,521,840,519 2,254,716,924 -32.5 2,448,085,815 1,828,074,173 Jacksonville _ _
3.143,146
2.497,753
1,742,693
2,758.487
2,785,934
2,135,117
Chattanooga _ _ _ _
2,450,642
144,652,061 166,016,298 -12.9 194,857,098
2,841,753
Boston
3,556,315
1.884,278
Charleston
176,114,734
1,672.773
12,405,400
1.993,594
Providence
13,509,300 -8.2
2,005.529
1.931,963
Knoxville
11.455,200
10,451,900
4,169,797
1,402,933
1,300,000
4,351,315 -4.2
Hartford
1,527.333
1,000,000
4,115.742
3,899,086 Mobile
3,167,805
2,150.918
2.607.374
2,974,361
2,093,531
New Haven
+6.5
2,819,913
2,940,179
2,644,907 Oklahoma
4,533,649
5,603,219
2.717.502
Springfield
6,523.422
2,626,747 +3.5
3,645.188
Macon
2,573,014
2,093,071
1,973,268
1,837,979
2,010,978
Portland
1,643.852
1,898,820 -3.2
1,202,833
2,252,692
1,735,569 Austin
300.000
286,565
2,534,317
Worcester
309,000
2,907,229 -12.8
260,000
2,855,850
2,598,826 Meridian
335,285
332,660
1,141,065
341,655
1,793,183 -36.4
263,472
Fall River
1,276,456
1,078,080 Vicksburg
452,609
439,887
1,215,976
399,175
1,435,051 -15.3
334,366
New Bedford
Jackson
1,221,383
927,529
828,035
463,046
723,452
1,428,551
737,315 -1.9
Lowell
1,392,786
543,164
539.354 Tulsa
1,131,517
770,308
1,255,568
870,705
Holyoke
710,081
968,457
+8.5
703,737
625,410 Muskogee
457.758
419,987
Bangor
+9.3
595,282
420,899
Total Southern 187,765,752 249.690,961 -24.8 213.721.772 195,680.491
01.372 3,470.880.233 -23.9 %643,347.530 2,872,413,184
mt. New Eng. 175.793.420 199.37n657 -11 9
2642.
Total all
„
„
• Al f•A Ito
I KA, 000 I1{24
0 0 1 kl St ROA 400 1 /1111 Tn. ,1•1
Outside N. Y_
Note.-For Canadian clearings see "Commercial and Miscellaneous News."
tor One Year
For Six Months
European Subscription (including postage)
European Subscription six months(including postage)
Annual Subscription in London (including postage)
Months Subscription in London (including postage)
Canadian Subscription (including postage)
1,272,169
711 1 77777777 7771171
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I 216
THE CHRONICLE
"RAILWAY AND INDUSTRIAL SECTION."
A new number of our "Railway and Industrial
Section," revised to date, is sent to our subscribers
to-day. In the editorial columns of the same will be
found articles on the following subjects: "Operation
of Terminal Yards," "Railway Bridge Engineering
Work in America" and "Chicago's Interchange
Yard at Clearing."
THE FINANCIAL SITUATION.
Many auspicious events have marked the course
of.the past week. In the first place last Saturday's
Clearing House bank return showed, as expected,
that the deficiency in cash reserves registered each
week since the breaking out of war in Europe had
been completely wiped out. Not only that but—
as if to emphasize the return to normal conditions,
at least as far as this matter of bank reserves is
concerned—the previously existing deficit was replaced by a surplus of very substantial proportions.
The surplus amounted to $8,460,650, which contrasts with a deficit below the required cash reserve
of $47,992,250 on August 15. This, obviously,
indicates a very decided change for the better. It
deserves, also, to be noted that the specie holdings
again recorded an increase, rising from $335,630,000
to $340,265,000, notwithstanding the movement of
gold to Canada, though it is only proper to say that
the greater part of this gain, the same as with previous gains, was at the expense of the United States
Treasury, whose net gold holdings between October 19 and October 24 were further reduced from
$263,155,910 to $258,546,894.
Another event of the week has been the announcement by the Secretary of the Treasury that the whole
twelve Federal Reserve banks will be definitely
opened on Nov. 16. Opinion is divided as to whether
it might not be better to defer the inauguration of the
new system for a while longer, until a more settled
condition of things should prevail. But as the deficit
in cash reserves at this centre has been extinguished,
and the requirements for loan accommodations outside of the cotton States are very limited, both because of the stagnation in trade and the complete
cessation of speculative activity owing to the continued closure of the Stock Exchanges, the inauguration of the new Federal Reserve system is made possible without disturbance, and as the step has long
been impending, it is perhaps well that it should
be speedily taken, thus removing doubt in that regard.
Secretary of the Treasury McAdoo, still obsessed
with the idea that a solution of all the difficulties
in the financial world is to be found in an extension
of the loaning capacity of the banks, lays stress on
the fact that the reserve requirements under the new
law will be very much smaller than under the old
law. He has prepared statements which we publish
on a subsequent page showing that on the basis of
the returns made by the banks in response to the
Coinptroller of the Currency's call of condition as of
Sept.12, the required reserves for the national banks
of the whole country will be reduced $464,919,076.
But in this no allowance is made for the duplication
and triplication of the items under the old law.
Entirely apart from this, however, it is obvious that
no improvement in the situation of the. banks is
worked by a mere legislative enactment decreeing
that 18% shall be sufficient reserve in the eyes of
[VOL. xc .
the law instead of 25%. When the New York
Clearing-House banks in August showed a deficit
below the reserve requirements in amount of nearly
8,000,000, no competent critic would have argued
that the way to restore normal conditions was for
the Clearing-House managers to get together and
say that 20% reserve or 18% would be considered
sufficient hereafter.
The Bank of England with the outbreak of war
(and the enormous expansion of liabilities rendered
necessary thereby) found its reserve seriously impaired, but at once proceeded to correct the dislocation by devising means to get additional amounts of
gold, and has held tenaciously to the task, with great
success, week in and week out ever since then. We,
on our part, ignored this requirement,and yet in the
end succeeded in removing the impairment in reserves by precisely the same method, that is, by
replenishing our gold holdings and the holdings of
legal-tenders, with this difference, that -in our case
the replenishing came by good luck and without
planning.
Lowering the reserve requirements by law will undoubtedly give the banks greater freedom for expanding their loans, but whether that is always the best
thing in the world is decidedly open to question.
If it should result in bringing about very low money
rates it would be mischievous and harmful in facilitating an outflow of gold at the very time when
prudence requires that we shall not allow any further
gold to leave the country. After all, the lowering
of reserve requirements is not the matter of most
consequence in connection with the establishment of
the new banking system. The problem of greatest
importance at the outset will be how to arrange
the large transfer of funds from the existing banking
institutions to the new Federal regional banks without causing profound disturbance. The task is
rendered easier by the small demand existing for
money in trade channels and in Stock Exchange
circles, and hence it seems certain it will be accomplished without serious drawback; but the problem is
by no means child's play.
The most important development of all during
the week remains yet to be mentioned. We refer
to the break in sterling exchange rates. Last Saturday there was a drop of 2@3 cents per pound sterling and on Monday there was a further drop of about
the same amount, actually bringing the rates down
below the gold export-point. Thus, practically
normal conditions were restored in the exchange
market, and it is important to note that the break
was not the work of the $100,000,000 Gold Pool,
which has been doing comparatively little. Newspaper writers have expressed surprise at the suddenness of the collapse, but a moment's consideration
will show that there was nothing strange about it,
after all. It was due entirely to the approach of the
time for the termination of the moratoria in Europe,
particularly the British moratorium. This last
terminated as far as some bills were concerned a
week ago last Monday, and will terminate as to the
rest and as to everything else the coming Wednesday.
With the ending of the moratorium, credits in our
favor, which have been dormant since July 30, become available. Accordingly, these credits now
count as offsets against the debits, that is, against
the amounts owing by us to the outside world. Previously drafts on London could not be collected by
OCT. 311914.]
THE CHRONICLE
1247
reason of the moratorium, which first deferred pay- of folly for us to let much more of the metal leave'
ments for one month, then for another, and finally our shores.
for still another month. With the ending of the
moratorium, however, these credits are released and
We should not neglect home affairs while being so
an equilibrium in the exchange market is at once deeply engrossed in foreign affairs. A Congressional
produced. The fact that these credits abroad were election takes place on Tuesday of next week. It is
not available to us for the time being was the reason the first national election since the advent to power
why we so strenuously opposed further outflows of of the present Administration. This election will
gold to Europe and to Canada. Europe was not determine whether the policy so destructive to busipaying at all and yet insisted that whatever obliga- ness interests is to be continued and carried further,.
tions were owing by us, or might become due, should or is to be definitely checked. Before the outbreak
be settled by the actual delivery of gold. Not only of war in Europe the feeling was general that this
that, but it was sought to put us in the wrong by say- year's Congressional elections would witness a rebuke
ing that we would be defaulting on our obligations to the governing authorities and show that our people
if we did not hand over the gold on demand,and that have no tolerance for doctrines which involve a
our credit would be damaged.
violation of the fundamental principles on which,
It is, perhaps, not strange that even our foreign this republic is founded. Now the impression is that
exchange bankers should have been deceived in this everybody in this country is feeling so grateful over
respect and have failed to make allowance for the the fact that the President did not make the blunder
part played by the moratoria in demoralizing for- of involving this country in the conflict in
Europe
eign exchange. They were overwhelmed with de- that the voters will rally to the support of the politimands for remittance, and also knew that we all the cal party with which Mr. Wilson is identified.
time have heavy foreign payments to make for inWe are among those who think that the voters.
terest and dividends on American securities held will make no such mistake. It would
be a stupenabroad. As it happened, too, New York City had dous folly if they did. The Democrati
c Party has
considerable amounts of short-term obligations ma- been repudiating its political tenets.
Jefferson laid
turing abroad in the early future. The demand for down the proposition that that governmen
t is best
exchange for these various purposes was naturally which governs least, and he was an inveterate
foe or
large and was sure to continue large, and with class legislation. The Democratic Party under
exchange rates very high, this inevitably produced Bryan and Wilson has reversed this dogma
and comgreat nervousness and anxiety in foreign exchange mitted its adherents to the proposition that there
cancircles as well as in the financial world generally. not be too much government—that, indeed, the citiBut the underlying trouble was that the exchange zen can no longer be trusted to conduct his daily
market, for the time being, was entirely one-sided, affairs without the active intervention
of governsince our foreign credits were cut off by reason of the ment—that in business matters particularl
y it is
European moratoria. Rectification has now been necessary at all times that a Governmen
t policeman
effected, and thus the exchange problem has solved shall be at hand ready with his club to
strike down the
itself in a normal, natural way, as close students of presumptuous citizen who shall claim
the right to
the matter had contended it would.
carry on business in his own way so long as he does
The danger, however, is by no means past. Ef- not trample on the rights of others.
forts to prevent the depletion of our gold stock by
Such a system means graft and favoritism. It
foreign exports of the metal should not be relaxed. means retrogression instead of progress.
It means
Sterling exchange rates may be expected to hover that here in this country we will be subject
to rein the neighborhood of the gold export-point for some strictions which must lead to
deadening paralysis,
time, making it easy for the Bank of England to making it impossible to compete
with the industrial
take more of the metal if our bankers show a willing- undertakings of
other civilized countries. Only one
ness to accede to the demand to ship. The Bank of result
can follow, namely that we will eventually
England has succeeded in enormously strengthening lag behind
in the race. Owing to the unfortunate
its gold position, mainly because we parted so freely legislative
policies that have been pursued since the
with our own stock of the metal, and yet wants fourth of March
of last year, business had become
still more and has nowhere to get it except in South seriously
depressed even before the outbreak of war.
Africa and in the United States. It is possible indeed This latter merely
dealt our industries a final stagthat the South African supply may be interfered with gering blow. Policies
so hostile to the country's
if the Boer uprising should spread. This last would material advancement should
not be allowed to conbe a serious calamity not only for Great Britain but tinue, and the voters next
week
should stamp their
for the financial world generally, and it is to be hoped disapproval of them at
the polls. We are confident
that the danger will be averted. But at all events they will—and in an
overwhelming way.
we cannot spare any more of our gold and it would be
a mistake not to recognize the fact.
In a special 96-page issue on last Sunday the
If we were asked to part with the metal simply for venerable "Courant" of Hartford
celebrated its own
the time being, the matter might be different. But 150 years, the capital city of
Connecticu
t, and the
we may depend upon it that if the Bank of England State simultaneously. The journal
began as "The
once gets possession of the gold, there will be no Connecticut Courant" on
Oct. 29 1764, and started
chance of our getting it back, even if exchange'rates off thus:
should make a return movement possible. The Bank
"Printed by Thomas Green at the Heart & Crown
would throw obstacles in the way of a return flow, near the North Meeting
-House. Of all the Arts
as it so often has in the past. Under these circum- which have been introduced
amongst mankind for
stances, and considering what an enormous the civilizing Human
Nature and rendering Life
amount of gold we have sent abroad thus Agreeable and
happy, none appear of greater Advanfar the present year, it would be the height tage than that of
Printing; for hereby the greatest
1248
THE CHRONICLE
[VOL. xc nc
Genius's of all ages and Nations live and, speak for into the Dominion.as compared with the corresponding period of the previous year started, in fact, in
the benefit of future Generations—
"Was it not for the Press we should be left almost August 1913, and month by month since then has
intirely ignorant of all those noble Sentiments which become more noticeable, until decreases of 66% and
62%, respectively, were reported in June and July
the Antients were endow'd with."
last. Since hostilities began in Europe, it is quite
but
19,
Nov.
for
was
promised
number
second
The
clear that immigration has shrunk to practically
copy
and
no
the
on
been
26th,
have
to
supposed
is
of it is known to exist. The Boston "tea party," the negligible proportions, so that the loss already shown
battle of Lexington, and most Revolutionary inci- will be very largely swelled by later returns. The
dents (save that there was no mention of Nathan latest official compilation of immigration data issued
Hale) followed in their turn as news; the Declaration by the Canadian authorities is for July, and it shows
arrivals were but
of Independence itself was printed in full, as news, that during the period in 1914 the
seven months'
The
in
1913.
40,700
against
15,474,
"Cours.
The
promptnes
reasonable
in
July 15 1776,
ant" became a daily in 1837. When it began total (Jan. 1 to July 31) for 1914 at only 139,938,
Of
Hartford was not one of the largest Connecticut compares with no less than 319,255 last year.
the
States
portions
the
from
United
aggregates
towns and not much growth was expected of it, so these
that, some years later, a certain minister preferred were 51,920 and 79,251, respectively, or a falling
Farmington for his own place of settlement as having off of 34.5%, whereas the inflow from Great Britain
greater promise. What attainment Hartford has declined 66.7% and from other trans-Atlantic counhad, especially as the "Insurance City" of America, tries 60.2%.
and how greatly the industries of the State (deficient
Statisticians and economists and others are making
chiefly .in agriculture, like its New England neighbors) have flourished is known. This anniversary estimates of war costs that are usual in times of war.
issue does justice to the finances, the insurance com- The results very naturally differ by many millions,
panies, and the varied manufacturing works of Cen- .but if the _lowest be accepted, the amount of waste
tral Connecticut. The "Courant" itself has grown is appalling. A German economist, Professor Julius
Wolff, bases an estimate on the average cost of keepand thriven with them all.
ing a soldier in the field at 7 marks ($1 67) a day.
of keeping
Immigration into the United States, as a result On this he figures the cost to Germany
have thus
that
months
the
three
of the war in Europe, has dropped to practically in- its army during
for
allowance
an
including
war,
the
of
significant proportions, the influx of aliens into the far elapsed
same
The
,000.
$1,750,000
and
income,
trade
country during August (for which official data are loss of
the total cost of the war to Austria
now available), September and October having been authority places
,000. Prof. Wolff, in a lecture
at
$1,500,000
far
much less than for the corresponding period of any thus
by
cable as having estimated the
quoted
is
Berlin,
in
year since the beginning of the twentieth century,
in East Prussia and
Russians
by
the
done
damage
and, moreover, in the first-named month at least
raine at not
of
Alsace-Lor
invasion
French
the
by
departures were greater than the arrivals, due
upon
inflicted
losses
The
00.
$250,000,0
than
less
wholly to the comparatively large efflux of
greater,
bly
incompara
are
France
and
Belgium
Russia,
Italian laborers, mainly on account of the lack of
anything more
employment here. Aside from this reverse move- but England has been protected from
in the field
armies
The
ships.
her
of
loss
the
than
feament of Italians during August, the most notable
Guyot,
Yves
ture of the month was the outward flow of French cost, he argues, $37,500,000 per day.
to
losses
the
estimates
and Russians to join the colors, departures in both the noted French economist,
inof
suspension
the
through
instances, as well as among the Poles, having been the countries at war
well in excess of the arrivals. On the other hand, dustrial production for six months as follows: France,
the influx from the United Kingdom and Germany, $3,000,000,000; Germany, $4,400,000,000; Great
the war notwithstanding, was greater than the Britain, $286,000,000; Russia, $800,000,000. We
outflow, and very fair gains are to be noted in referred in these columns last week to other estimates by other economists of note. In an address
the Scandinavian and Hebraic races.
The inward movement of all classes of aliens in before the American Iron Sz Steel Institute at BirAuguat was 51,231 (comprising 37,706 immigrants mingham, Ala., on Thursday, Judge E. H. Gary,
and 13,525 non-immigrants), which compares with Chairman of the United States Steel Corporation,
142,655 last year and 97,801 in 1912. Moreover, declared that if the European war is maintained
unofficial figures compiled by us for the Port of New with its present violence for eighteen months, the
York point to an even smaller aggregate for Sep- loss of life will be 4,000,000 men and the property
tember and a further drop in October. For the loss $35,000,000,000.
eight months of the calendar year 1914 the arrivals
The particular development this week in the
reached 695,583, or nearly 400,000 less than the highwar struggle has been the formal entrance
European
75,000
some
and
water mark of a year ago (1,083,416)
as a combatant. The advices received by
Turkey
of
month
the
for
aliens
under 1912. The outflow of
cable do not contain details of any formal declaration
was 54,112 and for the period from Jan. 1 to Aug. 31
of war. The activities of the Ottoman Government
was above the normal, aggregating 427,938, against
thus far appear to have been confined very largely
395,879 last year and 336,343 in 1912. Deducting
August to the bombardment of unfortified Russian towns.
the departures from the inflow, we have for
and for Two Turkish torpedo boat destroyers are reported to
a net loss of 2,881 in foreign-born population,
con- have entered the port of Odessa on the Black Sea
the eight months a gain of 267,645, this latter
on Thursday and sunk a Russian gunboat and damtrasting with an augmentation of 687,537 in 1913.
aged the French liner Portugal. The city itself was
current
Immigration into Canada thus far in the
bombarded and American property was destroyed,
ratio
calendar year has decreased in even greater
to official advices received by our State
according
in
arrivals
than into this country. The diminution
OCT. 31 1914.]
THE CHRONICLE
1249
Department at Washington. The Russian Ambas- den's entrance was particularly audacious. She came
sador has been withdrawn from Constantinople and in under the guns of the fort and after sinking the
Russian consuls in Turkey have all been instructed cruiser and destroyer escaped through the Straits
to leave the country. It is also reported that the of Malacca. Prince Louis of Battenberg, against
Turks have bombarded Theodosia and Novorossysk. whom there have been no open charges, but much
The Czar yesterday ordered a mobilization of addi- idle gossip because of his Austrian origin, has retional troops in the Russian possessions adjacent to signed his position as first Sea Lord of the British
Turkey, and the Russian Black Sea fleet has been Admiralty. The Canadian expeditionary force has.
ordered to find and destroy the Turkish squadrons been dispatched to Egypt to replace Hindu soldiers;
now operating against Crimean and Caucasian ports. who have been found unreliable, according to news
Theodosia (formerly Kaffa) is a RusSian seaport on received via Constantinople.
the Southern coast of Crimea, about one hundred
Great Britain, including Canada, recently an:.
miles northeast of Sebastopol, by which it is connected by rail. Novorossysk is on the northeast coast flounced that it would segregate all German civilians
of the Black Sea, almost directly opposite Theo- of military age, and has already begun. The •action.
was taken as a result of the great fear of the German
dosia.
In the western theatre of war the deadlock con- spy system. It has resulted in marked indignation
tinues apparently all along the line, although yes- in Germany and it was announced by cable yesterterday advices from French sources stated that the day that Germany had notified Great Britain,
French and British armies had made important prog- through James W. Gerard, the American Ambassaress in Western Belgium, the most notable gain being dor in Berlin, that if German civilians arrested in
an advance toward Ostend, in which the villages of England, excepting those against whom there are
Liffinghe and Raversyde were taken by the British. grounds of suspicion, are not liberated by Nov. 5;
The Germans are said to be preparing for an attack all British subjects in Germany will be similarly
in full force against the French in Upper Alsace, a arrested.
concentration of the Kaiser's troops being under way
An authoritative statement of the position of the
in that region. On that part of the battle front nearest the sea, where the Germans have delivered re- British Government respecting American shipments
peated attacks with daily increasing forces, in their of oil, copper and other articles to neutral countries
effort to make their way to Dunkirk,and eventually adjacent to Germany became available on Monday
to Calais, and where the Allies have offered such stub- with the delivery of a note on the subject to Acting
born resistance, the condition has become one of Secretary of State Lansing by Sir Cecil Spring-Rice,
almost calm, both sides apparently being exhausted. British Ambassador. After outlining the causes
The Germans seem to have transferred their more which have led to the seizure of certain American
serious operations further inland, and to be trying to shipments of oil for examination regarding neutrality
break through the Allied lines from Lille, which, if of destination, the British note suggests that in future
successful, will compel the Allies, who are holding much unnecessary inconvenience to American shipthe front through Ypres to the coast, to fall back ping may be avoided if shippers in this country will
toward Dunkirk.
make unmistakably clear the actual neutrality of desIn Poland the Austrians and Germans are retiring tination. The Ambassador gave every assurance
before fresh armies brought up by Russia. Having a that cargoes with genuinely neutral destinations will
week ago driven back the German right, which was not be molested. The Standard Oil steamer Brinadvancing on Warsaw, the Russians have now struck dilla, which was seized by the British cruiser Coronia
at the German centre southwest of the Polish capital, off Sandy Hook and taken to Halifax recently, was
and, according to Russian reports, have broken the formally released on Tuesday. The American steamresistance of the last units of the armies that are try- ship Kroonland of the Red Star Line, which was
ing to maintain themselves north of the Pilitza River. detained by the British authorities at Gibraltar for
The Russian cavlary have re-occupied Radom,where having on board large amounts of copper not conmany prisoners and guns and much war material signed in accordance with an agreement between the
have been captured. On the East Prussian frontier, British and American governments, was released
along which line the Germans took the offensive, yesterday, Friday. The British Government has, by
both sides are claiming successes.
official note, announced that it does not class cotton
The South African revolt to which we referred last as contraband of war when exported from this counweek seems to have increased appreciably in ser- try in neutral bottoms. This should greatly aid the
iousness. Generals DeWet and Beyers, who are cotton situation in this country. It is understood
highly respected and made their mark in the Boer that arrangements have been completed to send conWar, have joined the revolutionists. However, siderable amounts of the staple to Germany direct
General Louis Botha, the Premier, is heading the
army which is operating against the revolutionists,
Gavrio Prinzip, the assassin, and Grabez, a stuwhile loyal commanders are gathering in the rem- dent, Medeljo Gabrinovios, and twenty-one of
nants of the revolutionary troops of which Lieut. Prinzip's accomplices, were found guilty of treason
Col. Marritz was leader until he was wounded and in Sarajevo, Bosnia, on Tuesday for the killing of
fled across the German border. An interesting Archduke Francis Ferdinand of Austria and his wife.
feature of the week's operations has been another This assassination was the spark that started the
successful escapade by the German Cruiser Emden. war conflagration in Europe. Prinzip, the actual
This vessel flying the Japanese flag and disguised assassin, escapes with a sentence of imprisonment for
by the addition of a fourth smokestack entered .twenty years, four of the conspirators were senPenang, a British possession in the Straits Settle- tenced to death by hanging, one to life
imprisonments, and fired torpedoes which sank the Russian ment, two, including Medeljo Gabrinovios,
who
cruiser Jemtchug and a French destroyer. The Em- threw the bomb at the Archduke which did
not ex-
1250
THE CHRONICLE
[VOL. XCIX.
So far as securities are concerned, there has been a
plode, to 20 years, one to 16 years, one to 13 years,
two to 10 years, one to 7 years and two to 3 years. fair buying movement in equipment, armament,
rubber and oil shares, due to the increased demand
Other defendants were acquitted.
resulting from the war. Shell Transport and Trading
• Political jealousies are still keeping affairs in Mexico Company issues have been particularly in favor,
in a highly disturbed condition. The mobilization owing to the news that the company had obtained
of a large body of troops at San Luis Potosi by Gen- a large contract from the Government. Members of
eral Carranza has caused General Villa to quietly the London Exchange are keenly interested in the
move a force of his own to the east of Aguas Calientes question whether the settlement which has been set
as a protection for the generals of the different for Nov. 18 will take place, or whether the Exchange
military divisions in session at that city from possible will still be closed on that day and a further postarrest by the Carranza troops. Our State Depart- ponement thus be required. Business in the aerialment has been officially informed that General bomb insurance has diminished since the German
Carranza has already submitted his resignation to troops have been checked in their adance on the
the National Convention on condition that Generals coast. The amount of anti-bond insurance effected
Villa and Zapata resign their posts in the Constitu- is estimated at £5,000,000; rates are decreasing, now
tionalist Army. An armistice was declared on averaging 3s. 4d. per cent. It is stated that, owing
Friday of last week between the Villa besiegers of to the delay by the Stock Exchange committee in
Naco, Sonora and the Carranza garrison. Official making a statement regarding new capital calls,
denial has been received that former President Diaz underwriters have begun negotiations with companies
of Mexico is dead.
to make the amounts already paid the par value,
the unpaid amounts to be canceled. It is announced
Negotiations are actively in progress between that good values have been realized at public aucrepresentatives of the British Treasury and a com- tions of securities in London. Offerings were notlarge.
mittee of the London Stock Exchange whereby it is
hoped that there can be an early resumption of unreA modification was on Wednesday signed by Presistricted trading in securities on the British market. dent Poincare of the French moratorium proclaimed
The Government has not yet fully agreed to all the on Aug. 31. The modifications provide for a gradsuggestions of the Stock Exchange committee. But ual return to normal financial conditions. Bank dethere seems encouragement to believe that the dif- positors will be permitted to draw 1,000 francs plus
ferences are merely in respect to details—that the 40% of their balances in November, and this perchanges yet to be made are not vital. As outlined centage will be increased to 50% in December. The
early in the week, the plan of co-operation under collection of commercial debts, except those of moconsideration includes an agreement by London bilized soldiers, may be prosecuted after Dec. 1 in
banks to continue existing loans without change of case the debtor invokes the moratorium in bad faith.
collateral at 5% interest for one year after peace
German bankers have been insistent in recent
shall have been declared. But borrowers are to be
that no moratorium had been declared
statements
the
to
securities
allowed to take 25% of their average
and that German bankers and the banks
Germany
by
credit
a
open
turn
Bank of England, which will in
conducting their business as usual.
were
Germany
their
of
of
25%
to
equal
banks
at the borrowers' own
existing loans, in this way enabling the borrowers There seems to be considerable difference of opinion,
to resume business by drawing on their new credits however, as to the status of foreign bills of exchange
after depositing the new securities purchased. Lend- drawn upon the German centres. A local house here
ers (other than the banks) are to be entitled to re- this week has received notice that a draft sent to
ceive assistance from the Bank of England equal to Hamburg for collection will not be paid by the bank
75% of their claims upon depositing 75% of their on which it is drawn until Jan. 15. This draft was
securities already held. But all new credits will be sent to Hamburg before the war although it did not
subject to the banks approving the security. The mature until after the war began. The New York
plan also provides that open speculative accounts firm of exporters which sold the draft to the German
may be paid off by very small installments. The firm received.word that the draft was not collectible
Stock Exchange committee believe that no formal owing to "a decree of the Federal Council of Gerfailures will be necessary under this plan unless the many," dated Aug. 10, postponing payments until
committee itself shall deem it wise to assent to the Oct. 9, and on the latter date extended until Jan. 9.
liquidation. This, in brief, was the original scheme As bearing upon the subject, a statement by the
.reported by the committee. At the suggestion of Deutsche Bank of Berlin under date of Sept. 30, and
the Government's representatives, however, an printed in full on another page, is interesting. This
amendment was made by which the clearing-house contains the following reference to the arrangements
"The legal probanks will charge the Bank of England rate on ex- regarding unpaid bills of exchange:
been modihave
exchange
of
bills
concerning
visions
Govtended loans and waive the requirement of a
which
hitherto
bills,
Dishonored
as
follows:
fied
Furthermore,
ernment guaranty against loss.
the
busisecond
on
than
later
not
protested
be
to
had
the
from
lenders not entitled to receive assistance
may
of
bill,
e
now
the
lawdue-dat
the
after
day
ness
plan
modified
Government are to be relieved by the
the
thirty
within
days
also
folprotested
be
fully
loans
their
all
of the obligation of depositing 75% of
the
districts
delay
frontier
in
certain
In
lowing.
announceofficial
to Stock Exchange members. An
to
days.
ninety
Should
extended
be
may
protesting
made
be
expected,
ment by the Government will, it is
be prevented by force majeure; if the
- in a few days. It is reported that there are active protestation
protest is occupied by the enemy, and the
dissensions in the Stock Exchange committee. place of
of protestation, therefore, excluded; if a
London correspondents cable that the foreign ex- possibility
service with the place of protest has
mail
'changes there are uch more active, especially with regular
if protestation is prevented by legal
exist;
ceased to
ew York.
Paris, Holland an
THE CHRONICLE
OCT. 311914.]
provisions made abroad (especially in case of a general moratorium), a further delay is excused up to the
fourteenth day after its cause has been removed.
Whether the holder avails himself of the delay
granted or not, is merely at his option; the parties
appearing on the bill have no claim to it, the above
measures being intended only for the protection of
the holder." Checks are covered by provisions similar to the above.
There have been no changes in the official European Bank rates this week. Private bank rates in
London are quoted on the basis of 33/% for threemonths' bills and 23i@2M% for short bills. No
quotations have been received in New York so far
as we have been able to learn of private bank rates
in the Continental centres. The official Bank rates
at the leading foreign centres are: London, 5%;
Paris, 5%; Berlin, 6%; Vienna, 8%; Brussels, 5%,
and Amsterdam, 5%.
Another increase—£1,809,984—in the Bank of
England's gold coin and bullion holdings is indicated
by this week's return of Threadneedle Street, thus
establishing one more new high record for the
precious metal, the current total being £61,872,740,
which compares with £37,292,831 at this date one
year ago and £37,336,954 in 1912. The reserve increased £1,496,000 and the proportion of reserve
to liabilities is now 29.79%, against 27.52% last
week and 14.60%, the low level on Aug. 7. A year
ago the percentage was 54.45 and two years ago 47.70.
The total reserve is £45,210,000, which compares
with £27,114,611 in 1913. A further reduction in
loans (other securities) of £3,920,000 is reported,
bringing the total down to £104,868,000, at which
figure, however, comparison is with £28,619,058 a
year ago, indicating with fair accuracy the volume
of pre-moratorium bills discounted by the Bank.
Corresponding comparisons are made by the item
of other deposits, which show a decrease of £16,322,000 for the week, and yet stand at £126,736,000,
against £41,060,604 last year. These deposits will,
necessarily, be utilized in large measure to take up
the bills when the moratorium has ended. Note
circulation increased during the week £314,000. The
total outstanding is £35,112,000, against £28,728,220
last year. Public deposits increased £9,230,000 and
notes reserved increased £1,551,000. The Bank has
this week "ear-marked" another £1,000,000 for gold
reserve, against emergency notes, making a total of
£9,500,000 thus far set aside for this purpose. Our
special correspondent furnishes the following details
by cable of the gold movement into and out of the
Bank for the Bank week: Inflow, £3,315,000 (consisting of £1,043,000 bar gold and £2,272,000
American gold coin bought in the open market,)
against which there were £1,000,000 set aside and
"ear-marked" currency note redemption account,
and shipments of £505,000 net to the interior of Great
Britain. We add a tabular statement comparing for
the last five years the different items in the Bank
of England return:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
Oct, 28.
Circulation
35,112,000
24,993,000
Public deposits
126,736,000
Other deposits
19,427,000
Gov't securities
Other securities... A04,868,000
Reserve,noteq&coin 45,210,090
Coin and bullion_ _ 61,872,740
Proportion of reserve
to liabilities
29.79%
Dank rate
5%
1.
Oct. 29.
Oct. 30.
28,728.220
8,713,948
41,060.694
11,788,105
28,619,058
27,114.611
37,392,831
28,589,070
11,751,259
45,245,016
13,037,909
34,532.800
27,197,834
37,336,954
29,125,400
7,202,216
42,585,819
14,096,084
27,648,116
25,743,014
36,418,414
28,607,150
6,569,821
38.412,477
14,330,568
26,272,120
22,098,310
32,255,460
04.45%
5%
47.70%
5%
51.75%
49.13%
5%
Nov.
Nov. 2.
1251
The weekly statement of the Imperial Bank of
Germany, as cabled from Berlin on Monday, indicated a still further increase of 26,366,000 marks in
gold and of 57,679,000 marks in metal and notes.
Mortgages decreased 4,858,000 marks, drafts increased 8,354,000 marks; there was a curtailment of
93,219,000 marks in note circulation and of 16,474,000 marks in deposits. The Bank's gold now
amounts to 1,826,094,000 marks, which compares
with 1,356,840,000 marks on July 25 (before the war
broke out) and with 1,219,774,000 marks on Oct. 27
1913 and 887,540,000 marks in 1912. The Reichsbank's note circulation now aggregates 4,551,988,000
marks, comparing with 2,118,680,000 marks one year
ago and 1,890,893,000 marks on July 25 of this year,
which is the latest date before the war started. The
large increase in the Reichsbank's gold is explained in
the recent statement issued by the Deutsche Bank
of Berlin as being the result in the first place of a
modification of the German Bank Act to the effect
that the Imperial Bank at present is not obliged to
redeem bank notes in gold. The statement further
says:."The large increase recorded since the outbreak
of the war is due, apart from the transfer of the
Imperial war treasure of about 205 million marks
to the Imperial Bank, to the reflux of coined gold
temporarily withdrawn from circulation. An enormous amount of gold, estimated by some at 1,500
million marks, still remains in circulation and in the
hands of the public. The bank notes in circulation
at present are covered in gold, and legally admitted
substitutes to the extent of 46.4%, thus considerably
exceeding the required minimum of 33 1-3%; the
cover in gold alone amounts to not less than
42%."
The local money situation has made further progress of a highly satisfactory character this week.
Announcement was made on Monday that the
Federal district banks would open for business on
November 16 as an arbitrary date. It is conceded
that it will not be possible to have them in smooth
running order by that time but the Secretary of
the Treasury has in mind apparently, the indirect
influence that the opening of these banks will exert
on the general money situation by the automatic
release of reserves that will become immediately
possible. In central reserve cities like New York,
for instance, it will be only necessary for the national
banks to maintain a reserve against deposits of 18%
instead of the present figure of 25%. This, so far
as New York is concerned, will affect the State banks
also, although the latter have not elected to associate themselves with the Federal Reserve system.
The explanation lies in the fact that State institutions, the same as the National banks, are at present
goverened by the Clearing House requirement of
25%. It is understood that the Clearing House will
at once reduce all requirements to 18% as soon as
the District banks open, the State banks being able
to follow in view of the recent changes in the State
banking law permitting a corresponding reduction
to the same basis as the national institutions. In
the National banks of New York the reserve released
under the new law is figured by the Comptroller of
the Currency, on the basis of returns as of September
12, at $88,315,918, which of course will be greatly
increased by that released by the State banks and
all of which will form a basis for an expansion of
credits on the new basis of 18% reserve. The re-
1252
THE CHRONICLE
(VOL. xcrx.
lease of National Bank reserve at Chicago is esti- Friday 7% was the highest. Time money closed
mated at $24,736,022. Taking the entire country at 6@63/2% for all maturities, which is without
week, although it is fair to
the reserve released according to the Comptroller change for the
has been done this week
business
more
that
assume
6.
The
Comptroller
will be no less than $464,919,07
last
than
week. Commercial
figure
lower
the
at
actual
relief
the
be
will
possible
figures, moreover,
as a quotable
at
6@63/2%
remain
also
discounts
paper
the
National
of
banks
the
country
since
larger,
even
are passing
names
first-class
now hold $116,000,000 in reserve in excess of the range, though strictly
bills receivendorsed
day
ninety
present National Banking Act requirement. Hence at 6% for sixty and
of choice
names
single
months
six
to
a total of more than $580,000,000 is subject to re- able and for four
still
require
known
favorably
less
Names
lease under the new conditions. Still further the character.
Treasury Department has intimated that it will feel 7@71A7o.
authorized to deposit public funds in the FedAn indication of the better conditions ruling in
eral District banks of the country on a larger
the
sterling exchange market is the fact that sixtythe
in
case
been
heretofore
National
has
scale than
day
bills were quoted as low as 4 853' on Monday,
banks.
This action has been the main source of the dis- demand bills on the same day as low is 4 89 and cable
tinctly better feeling that has pervaded money circles. transfers at 4 89%. These figures are below what is
An additional influence has been the intimation by the usually considered the normal gold shipping point,
Comptroller of the Currency that National banks and while there was some moderate advance from
will be permitted to recognize New York Stock Ex- them later in the week, they present a clear index of
change prices of July 30 (with the usual 20% margin the substantial progress that has been made toward
in the loan) as the value of securities deposited as the return of normal conditions. No announcecollateral for loans. As this same ruling is in line ments have been made tending to show the plans
with those of various State banking and insurance submitted by Sir George Paish on behalf of the Britdepartments, it relieves considerable anxiety, since ish Treasury for the payment of our so-called inbeenforced liquidation of loans can more readily be debtedness to London. But there is no reason to
forThe
is
necessary.
any
special
action
that
lieve
obviated. Another feature has been the indication
t that
of greater interest in the call money market by banks mal announcement by the British Governmen
vesneutral
in
cotton
of
shipments
regard
not
will
it
inand other lenders. A number of transactions
active
an
prove
in itself
volving demand loans have been made at 53'%,which sels as contraband of war will
whatever such
balance,
the
readjusting
in
agency
and
is a new low figure for the current movement,
has already
nt
the general time money situation may now be said balance may be. This announceme
business,
export
to be definitely on a 6% basis for all maturities where given quite an impetus to the cotton
when,
future
near
the
in
which will receive added force
minimum risk is involved.
at
exchanges
cotton
the
Last Saturday's bank statement, as was expected, as now seems probable,
for
open
will
Liverpool
and
Orleans
showed the complete extinguishment of the deficit in New York, New
a reasonably stable
reserves and the establishment in its place of a sur- a renewal of business. As soon as
cotton, the defor
established
been
has
quotation
plus of $8,460,650, which compares with a surplus
and by
spinners
by
material
raw
the
for
both
mand
of $12,815,750 at this date one year ago and of
material
finished
the
for
distributers
and
consumers
$4,778,050 in 1912. Loans during the week deimprove. This, with the large
creased $11,024,000, deposits were reduced $10,514,- may be expected to
place in the demand for
taken
has
that
000 and there was an increase of $7,316,000 in cash increase
the activity, too, that is
and
foodstuffs
American
in addition to a contraction of $2,078,800 in reserve
lines of manufacture of
various
in
shown
being
requirements, due to the reduction in deposits. The
be
shipped, will provide,
properly
can
that
goods
banks for the week reported an increase of $5,892,000
of
volume
a
exchange
sufficient for
expected,
is
it
reported
in cash in vaults, while the trust companies
Another
favoring
has been
influence
purposes.
all
of
and
vaults
in
cash
in
an increase of $1,424,000
the British bill moratorium on
of
maturing
the
banks.
in
$2,510,000 in cash
Monday of last week and the ending of the British
The negotiations on behalf of the French Governas a whole on November 4, which, not
moratorium
ment for a $10,000,000 loan by New York bankers
will release considerable funds due to
,
unnaturally
to which reference was recently made in these colhas been a much better supply
There
side.
this
umns, have been successfully completed this week.
The operations of the $100,classes.
all
of
bills
of
The National City Bank as the head of a group of other
still maintained absolutely
are
Pool
Gold
000,000
'banks and bankers has arranged to place to the credit
in rates there seems slight
drop
the
with
but
secret,
of the French Government in New York, $10,000,000
demands will be made
further
any
that
against which it can draw to pay for commodities probability
If rates decline much
gold.
for
subscribers
and supplies purchased in this country. At the on the
gold to Ottawa will
of
shipments
additional
beginning of the war a similar credit was extended further,
on account
installment
sixth
The
required.
• to the French Government for $12,000,000 by not be
has been
obligations
foreign
City
York
New
J. P. Morgan & Co. The new loan is in the of the
The
subscribing
syndicate.
banks
the
from
form of one year notes which have been dis- called
may
make
they
paytheir
that
informed
been
counted at 6%. It is reported that negotiations have
checks,
instead
of
in
-House
gold
Clearing
in
ments
are in progress for a loan on somewhat similar terms
was required on the previous
as
exchange
foreign
or
to Germany.
is explained by the recent
Referring to money rates in detail, it may be said payments. This change
rates. The shipments
exchange
sterling
in
decline
that call money each day has covered a range of 6@,
have
week
this
included $2,086,000
Ottawa
to
gold
of
the
ruling
rate. The only
6%%,with the lower figure
bars.
in
$75,575
and
coin
in
was
5%%
,
when
exceptions were, first on Wednesday
There has been no substantial improvement in the
accepted for a moderate amount of business, but on
for marks exchange. Cable transfers closed
demand
on
the
ruling
figure;
continued
that day, too, 6%
OCT. 31
1914.1
THE CHRONICLE
1253
October 29 1914.
October 30 1913.
at 89, against 903 a week ago, and demand closed Banks of
Gold.
Silver.
Gold.
Silver. i
Total.
Total.
at 889, against 903i. It is evident, therefore, that
there is still a desire to turn German credits into cash England_ 61,872.740
61.872,740 37,392,831
37,392,831
_ 163.680,009 12,760,000 176,440,000 138,954.680 25,461,84 164,410,520
in this market. Another explanation is that Ger- Frances_
Germany _ 91,480,650 2,000,009 93,480,650 60,983,700 13,130,80 74,114,500
.. _ 183.215,000 4,583,009 187,798,000 166,196,000 5.907,000172,103,000
man debtors are unable to meet their obligations in Russia
Aus. Hunc 51,578,000 12,110,000 63,718,00 50,895,00 10,583,000 61,478,000
Spain _ _ 21,989,000 27,399,000 49,388,000 18,817,00 29,337,000 48,154,000
which
is
market,
Italy
a practical way except through this
46,458,000 3,000,00 49,458,000 45,764,00
3,050.000 48.814,000
Nethlands 13,382,000
177,300
653,400 13,018,400
12,365,00
an inducement to convert their resources into American Nat. Belgd 15,380,000 600,000 13,559,30
15,980.00
8,416,667 4,208,333 12,625.000
Sweden _ _ 5,748,000
5,748,000 5,699,00
5.699.000
'land 9,139,700
9,130.700 6,885,00
6,885,000
funds. This suggests that the opening of the security Switz
Norway _ _ 2,402,000
2,402,00
2.503,000
2,503,000
market in New York will be taken advantage of by Tot. week 666,325,09 62,659,30 728,984,3901554,871.878 92,331,373 547,203,251
Germany to sell freely any holdings of American Prey.week 662,900,106 62,650,300725,550,406553,934.681 92,907,867646,842,548
s Data for 1914 for Oct. 2. c July 30. d Sept. 21.
stocks and bonds they still have on hand. Another
German
the
of
influence is undoubtedly the desire
PROBLEMS OF NEUTRAL STATES.
Government to establish a credit in New York for
Not
the least irritating and sometimes dangerous
from
our
manufacsupplies
purchasing
the purpose of
questions
aroused by an important international war
the
war.
in
needed
Reports
foodstuffs
of
turers and
concern
the
traffic of neutral nations and the respect
credit
were
current
at
a
the
such
for
negotiations
of
to be paid by belligerents to the rules and policies
close of business last evening.
of such nations. The possibility of incidents of this
Compared with Friday of last week, sterling ex- sort was strikingly shown in our Trent affair of 1861.
change on Saturday experienced a heavy break, Interference with neutral commerce was the real
bringing quotations to the lowest level reached in the underlying cause of our war of 1812 against Great
present movement; demand bills went down to 491%, Britain; for the immediate pretext of that war, the
cable transfers to 4 923i and sixty days to 4 883/2— impressing of American seamen from their own ships
/0.in the pound. On Mon- into British war vessels was not even mentioned in
/
1@23
a decline of about 21
day further sharp declines were recorded, chiefly on the treaty of peace. Several recent incidents
offerings over the week-end and a light inquiry; the have thrown highly interesting light on this parrange was 4 89@4 893 for demand, 4 89%@4 893 ticular phase of relations between belligerents and
for cable transfers and 4 853/2@4 86 for sixty days. neutrals at the present time.
Covering of shorts and buying by uptown importers
When the war began, the question of our trade
stimulated an advance in quotations in the opening communications with Germany was most obscure.
transactionson Tuesday; later on the market eased Trade with the whole of the outside world had been
off, with a subsequent rally toward the close; the utterly deranged,first by the risk of capture and later •
day's range was 4 89%@4 903/i for demand,4 903.© by the difficulty of drawing exchange to pay for the
4 91 for cable transfers and 4 869@4 87 for sixty merchandise carried. These conditions were greatly
days. On Wednesday early weakness was followed bettered as a result of the control of the seas by the
by a firmer tone, with the range practically un- British fleet and the restoration of exchange facilities
changed; cable transfers ranged at 4 903@4 91, between New York and London. But these very
demand at 4 89%@4 903/i and sixty days at 4 863/2; facts left doubt on the possibility of trade between
the volume of trading was light. Freer offerings of the United States and Germany. In September our
commercial bills caused an easier feeling on Thursday, exports to Germany were only $2,378, whereas they
although quotations were only slightly below those had footed up $34,789,624 in that month of the
of the previous day, at 4 899@4 903. for demand previous year; yet, at the same time, our exports to
and 4 90%®4 903 for cable transfers; sixty days France actually increased from $17,552,756 in Sepremained at 4 863/2, with very little actual business tember 1913 to $19,008,510 this year. No doubt
transacted. On Friday the market ruled somewhat shipments of war material or of contraband articles
firmer but was quiet. Closing quotations were such as foodstuffs largely accounted for the increase
4 861
/
1@4 863/ for sixty days, 4 89%8@4 909. for in the case of France and the decrease in the case of
4©4 907A for cable transfers. Germany; but the fact also remained that Germany,
demand and 4 905
Commercial on banks nominal, documents for pay- which in September 1913 took from our ports $20,ment nominal. Seven-day grain bills 4 89. Cotton 288,679, or nearly one-third, of our total cotton exfor payment nominal; grain for payment nominal.
port of that month, did not buy a bale in September
of this year.
The "Chronicle" has its own opinions regarding
The New York Clearing-House banks, in their
operations with interior institutions, have gained the declaration of certain articles as contraband,
$16,409,000 net in cash as a result of the currency and one of those opinions is that arbitrary embargo
movements for the week ending Oct. 30. Their re- on shipments of foodstuffs to a belligerent Power
ceipts from the interior have aggregated $21,300,000, is a relic of barbarism. Ostensibly aimed at preventthe
while the shipments have reached $4,891,000. Add- ing support of a hostile army, it really results in
Since, hownon-combatants.
innocent
starvation
of
ing the Sub-Treasury operations and the gold exrefused to remove
ports, which together occasioned a loss of $7,861,000, ever, the various nations have
we must wait
practice,
modern
in
anomaly
this
the combined result of the flow of money into and out
prescribe
a more
conference
to
Hague
a
new
for
of the New York banks for the week appears to have
and
contraband,
not
cotton
is
But
rule.
humane
been a gain of $8,548,000, as follows:
Germany undoubtedly needed our product, because,
Week ending Oct. 30.
Out of
Net Change in
Into
unlike France, she is absolutely cut off from other
Banks.
Bank Holdings.
Banks.
of supply. England has declared no general
sources
movement
Gala
821,300,000
$4,891,000
816,409,000
Banks' interior
13,823,000
21,674,000 Loss 7,851,000
Sub-Tress. °peens and gold exports_
blockade of German ports, for the very good reason
835,123,000 826,565,000 Gain $8,558,000
Total
that, with the Baltic inaccessible, the British fleet
table
indicates
the
of
bullion
following
amount
could not make such blockade effective. Our State
The
banks:
principal
European
the
Department,
therefore, promptly raised the question
in
1254
THE CHRONICLE
with the British Government as to our cotton exports—as indeed it was bound to do in view of the
great hardship threatened to our cotton growers.
On Monday of this week the British Ambassador
at Washington, speaking for the British Government, admitted that cotton not only was not contraband, but that no purpose of so declaring it is
entertained, and our State Department then declared that no further reason existed for hesitation
in shipping cotton to any port, belligerent or otherwise, in neutral ships. This is satisfactory and fully
in accordance with the views of every one familiar
with international law; for it has been known all
along by competent experts that we had as much
right to send a full cargo of cotton or other noncontraband goods direct to Hamburg without interference as we had to send it to Liverpool or Havre.
As a matter of fact,the State Department's announcement has been immediately followed by a large increase in direct exports of cotton from the United
States to Germany, and on this the Government's
marine insurance department is writing war risk
policies.
Questions presenting otherpoints of difficulty arose
with the steamers carrying oil. On Oct. 18 the tank
steamer Brindilla, sailing from New York for Egypt,
was halted by a British cruiser outside the Ambrose
Channel and taken as a conditional prize to Halifax.
The Brindilla had formerly been a German boat, and
was bought on Sept. 21 by the StandardlOil Co.
On Oct. 22 the Platuria, also a former German boat,
which had been placed under American registry in
accordance with our new law, and which sailed from
New York with a cargo of oil for Denmark, was
similarly seized. Shortly before this, the John D.
Rockefeller, an American-built Standard Oil ship,
with an American registry from the first, was similarly seized. It carried a cargo of oil to Denmark,
somewhat indefinitely consigned, and the supposition was that the British authorities were acting
on the theory that the oil was destined for Germany.
Our State Department protested against all three
seizures.
On Oct. 21 the Rockefeller was released, on its
showing that the oil in her cargo was designed for a
petroleum company in Denmark and that Denmark
was enforcing an embargo on exportation. But in
making that announcement, the British Ambassador
pointed out some other questions which existed.
Petroleum, he stated, had become of immense importance in the present war on account of the military motor car, the airship and the submarine.
Shipments of oil had been made contraband by
Great Britain for that reason, and temporary seizure
of such cargoes, as also in the case of copper, had
been made when the question of destination was in
doubt. The large increase in this country's export
of oil during September had apparently aroused the
British Government's suspicion. Ambassador SpringRice further reminded our State Department that
the Supreme Court of our own country in 1863 had
declared that vessels might, under certain circumstances, be defined as carrying contraband goods
when sailing from one neutral port to another, unless
they were able to show the ultimate and not the
immediate destination of the cargoes. This doctrine
was at the time acquiesced in by Great Britain.
Last Monday the Brindilla also was released, without raising formally the question of its transfer from
the German flag, and presumably the third oil ship
[VOL. xcix.
will in due course be released, on making the proper
showing as to destination of its cargo.
Our Government has no right to complain of the
British Government's attitude in these temporary
seizures; nevertheless, all these various incidents
indicate the need of a clearer definition of "contraband" and a clearer limitation of rights for declaring
contraband to be made by Hague conventions when
the war is over. Future Hague conferences will have
still other work to do. Mr. John Bassett Moore,
perhaps our highest expert on international law,
pointed out, in a lecture at Columbia this week, a
number of actual Hague conventions which have been
directly or indirectly violated during the present war.
One of these was the absolute provision that "in
sieges and bombardments all necessary steps must
be taken to spare as far as possible buildings dedicated to religion, art, science or charitable purposes,
historic monuments, &c., provided they are not being
used at the time for military purposes." Damage
to institutions "dedicated to religion, charity and
education, the arts and sciences," is not only forbidden, but is declared to be subject to legal proceedings.
Again, the Hague regulations absolutely forbid
belligerents "to lay automatic contact mines off the
coast and ports of the enemy, with the sole object
of intercepting commercial shipping." A glance
at this provision shows how futile its language is,
in spite of its undoubtedly proper purpose. The
layer of mines would of course always assert that the
undertaking was directed against the enemy's fleet.
As to the declaration of the second Hague conference,
prohibiting the discharge of projectiles and explosives
from balloons or other air craft, Professor Moore
shows that declaration to have been made binding
only if there should be no non-contracting power
among the belligerents. As a matter of fact, among
the Powers which refused to sign that declaration
were France, Germany, Japan, Russia and Servia.
We are ourselves very positively of the opinion that
the United States must accept the task of pressing
a general agreement on this convention later on and
thereby helping to put an end to one of the most barbarous and repugnant practices of the present war.
Not all the problems which have already arisen
admit of solution through Hague conferences. On
Oct. 22, speaking at Newark, Dr. Bernhard Demburg, formerly German Colonial Minister, declared
that Germany had positively announced her acquiescence in our Monroe Doctrine. In a later interview Dr. Dernburg further referred to an alleged
statement by the German Ambassador to our State
Department, early in the war, that "no matter what
arose in the course of the war, Germany would
respect the views held by the United States regarding
the Monroe Doctrine." Our State Department
heard ofthis statement with some surprise, and later
it developed that the Ambassador had merely
declared, on Sept. 3, that Germany had no purpose
of colonial expansion in South America. No reference was made to the Monroe Doctrine as such or to
other than South American territory.
Count von Bernstorff, the German Ambassador,
while tacitly admitting this to be the actual status
of the declaration, took occasion to say last Sunday
that, in view of Canada's participation in the war
against Germany, the United States Government
ought not to consider the possible future landing of
Germanfforces in Canadian territory as an infringe-
OCT. 31 1914.]
THE CHRONICLE
1255
ment on the Monroe Doctrine. The question thus that "when the conditions which existed before this
raised is certainly somewhat academic, in view of method of business was adopted are considered, it
the existing relations of the English and German would seem that such an arrangement has greatly
fleets. It might, perhaps, also be said that the benefited the traveling public, especially the more
needless raising of the question by the Ambassador ignorant class of many different nationalities which
was the reverse of tactful. Nevertheless, considered travels in the third class or steerage." Instead of
as a hypothetical case, the question is one of singular overcharging this class or any class of passengers,
interest. That our Government would acquiesce in the decision finds that vastly more is done for the
the actual seizure of Nova Scotia, for example, as a passenger, in speed, safety, physcial comfort, and
German colony, may be doubted, even though that sanitary conditions, than before these conferences
would merely mean transfer of sovereignty from one and agreements began.
Nor is any restraint of, or interference with, trade
European Power to another. But if,. in a conceivable case, a German army were to be landed in discovered; on the contrary, the arrangement comCanada and were.to occupy that territory pending plained of "is a reasonable one which, so far from
payment of an indemnity by England, what, then, restraining trade, really fosters and protects it by
would be our course?
giving it a stability which insures more satisfactory
Our Government objected to the landing of Euro- public service for all concerned." In favor of a
pean troops in Venezuela some years ago, but that regulated rather than a "cut-throat" competition,
was in time of peace and had to do with enforcement Justice Lacombe quotes the report to the House of
of financial liabilities standing against the South Representatives by Chairman Alexander of the ComAmerican republic. It hardly fixed a precedent as to mittee on the Merchant Marine, that the
alternative
the right or wrong of such an act in time of war and to this arrangement would be either rate wars which
against a colony of one of the belligerents. This would eliminate the weak "or, to avoid a costly
may be a question which will not arise in our time, struggle, they would consolidate through common
yet it is one of those questions such as sometimes ownership—either would mean monopoly fully as
suddenly and unexpectedly intrude. It is incidents effective, and, it is believed, more so, than can exist
like these that sometimes remind us, in the drift of by virtue of (this) agreement". Therefore, it was
events, of the possibility that problems larger than held that this "comes within the exception to a
we have hitherto imagined may be wrapped up in strictly literal construction of the Statute which is
the enforcement of the undoubtedly vague Monroe indicated in the Standard Oil and Tobacco cases,"
Doctrine.
and the complaint was dismissed, with a single
exception: the so-called "fighting ship" was held
to be a combination to directly keep off a competitor
THE DECISION REGARDING THE STEAMSHIP and, therefore, within the statutory prohibition.
CONFERENCE.
The companies deem this a protecting rather than a
The recent decision by four U. S. Circuit judges fighting or offensive means, but say they do not
in the Federal District Court here, in the Govern- greatly care about it and, indeed, had already dis:ment's suit to dissolve ;the combination known continued it.
as the North Atlantic Steamship Conference, is
It has been abundantly shown in practice that
largely academic at present, inasmuch as the war excessive or cut-throat competition is not for the
has effected at least a temporary dissolution by in- public benefit. First-class fare to Boston via the
volving some of the members of the combination; Sound lines has been as low as fifty cents and on the
yet it is interesting because once more drawing, Hudson quite as low or possibly lower; one of the old
according to the rule of reason, the lines determining Brooklyn ferry companies, long ago, killed off an
what is legitimate in competition. It was charged apparently honest attempt at rivalry by cutting to
that the combining companies "arbitrarily fixed their a loss which it could endure longer than
the new
rates for steerage transportation in order to bring carrier could, and usually
the public thoughtlessly
about an arbitrary division of traffic and to main- follow the lure of the cutrate
of the present and leave
tain rates at that artificial level at which traffic may the future to take
care of itself; such competition
be so monopolized and made to yield the highest net has run its course and done
its bad work in rail transreturn to them." It was also charged that the com- portation, and in insurance
also, again and again,
panies employ as agents only persons who will agree and it is the most familiar
device for throttling
to confine their business to selling passage tickets for rivalry. On the other hand, the latter-day
fear and
them, and that any attempt by an outsider to put hatred of combination is entirely
beyond reason, and
on a competing ship at cut rates has been met by only in a rational and regulated
competition can
putting on an extra ship to beat him by an equal there be any progress towards
either improvement
or a still lower rate, this being done ostensibly by in goods and service or in the prices
charged.
one, but really by all members of the combination,
A regulated competition, we just said, for observe
acting together.
that all competition is regulated somehow. If the
A combination is thus presented, and one whose article or the service is in the open market
(as in
conduct complies with the intention of solidarity and ease of water transportation or
of insurance, for
unanimity, for the joint advantage of its members. instance) competition will learn
the lessons of its own
Opposition proceeds upon the familiar assumption experience (none the less if the
cut-throat kind gets
that combinations are inevitably inimical to the a trial) and will ultimately place itself
on a just basis,
public welfare; but Justice Lacombe, with his three for the outside world stands ready
to come in and
associates concurring, says that depends on what the discipline it if it delays too long;
this natural process
conduct is. It may or may not be "undue" or of regulation can be safely left
to work itself out.
"unreasonable;" it may be beneficial to all persons But if the service is one of
natural monopoly, such
affected by it. Of the restrictions placed upon as rail transportation and
the telephone, a reasonably
agents for the selling of tickets the decision says moderate public regulation
, such as this country
1256
THE CHRONICLE
[VOL. xcrx.
workingmen rejecting the decisions of their own representatives and strikers refusing to obey their own
official boards, as recently in the mining regions.
Nor is there anywhere much respect for the Alderman
or the member of the State Legislature, or even the
Congressman.
There is also a growing sense of irritation at the
superabundance of legislation; so much is felt to be
unnecessary, restrictive and fussy, and so much
which proves eventually invalid. There is doubtless
dineed of legislation for the public good in many
labor,
child
ion,
sanitat
of
rections, as in matters
city
protection from injury, the use of the highways,
s,
needles
is
it
of
much
But
like.
ordinances and the
conseThe
tive.
ineffec
wholly
irritating, and often
quence is that small honor has come to be given to
those who make the laws. And when a man appears
who, as Mayor, Governor or President, magnifies
his office and takes control of affairs, the people turn
to him with something of exultation. They love a
bold leader, even when he overrides or sets aside
their representatives. Of this there,has been abundant illustration throughout the country.
In Europe, where republicanism is newer and less
assured, the change is not less marked, though perthe
haps less heeded. Before the war came on,
it
as
itself,
French Republic was surely maintaining
is
France
and
test,
is now standing the supreme
the
But
on.
directi
every
THE RETROGRESSION OF DEMOCRACY.
making great progress in
been growing in
The effect of the war, whichever side wins, is going Corps Legislatif,as a body, has not
they are turning, as of
to be far-reaching politically and socially no less than the respect of the people, and
whom they value for their
economically and commercially. With keen inter- old, to individual leaders
by the recent overturn
est we are absorbed in watching the daily contest; personal force, as witnessed
prompt call to office of
meanwhile the Far East is being profoundly moved. of the Cabinet and the and Poincaire.
Briand
Its growing confidence in the value of Western insti- Messrs. Millerand,
in Germany of the Reichstag.
true
is
same
The
The
tutions and ways is shaken to the bottom.
than always the Kaiser represents
West has come to them with light and leading, Not more to-day
power of leadership in the men who
notably in religion and government. The new teach- Germany,and the
into prominence, as in the past did
ing has been revolutionary. But they have begun for the time come
Bebel,lies in the fact that they stood,
slowly to accept it, first in religion, and of late, Bismarck and
lly, for just what the Kaiser does.
reluctantly but with much public clamor, in govern- temperamenta
regarded by the people, and were joyment. They were beginning to look upon consti- They were so
by them, though they lorded it over
tutions and representative governments as the cure- fully accepted
the people's proper representatives.
all for all public ills and the guaranty for progress.
suddenly
In England, the House of Commons has
Now comes the shock of the war,involving Europe,
all its
with
but
ence;
promin
onal
excepti
utterly discrediting the religion and threatening the come into
aorganiz
its
of
y
solidit
the
h,
strengt
historic
great
very structure of the civilization of the West.
its
of the people,
Meanwhile a change has been quietly coming on tion and its place in the hearts
Question, and
Irish
the
with
years
late
in
dealing
and
America. We
in the democracy of both Europe
and the Establishment, and
of America have so accustomed ourselves to believe Labor, and Education,
not strengthen its position. On
that our form of government is supremely the best, the Boer War, did
the Crown, as so long represented by
that we have not realized the change. We stand by the contrary, to
a, and to-day by King George,is largely
the Constitution and glory in the institutions come Queen Victori
ess of English affairs, in the face
steadin
the
down from the fathers; we sing our national songs due
and socialistic pressure coming
unrest
ing
of
underly
and think we are free because we vote.
ent.
Contin
the
from
.
doubts
But of late we have come to have our
Italy is passing through a similar experience; and it
There is a growing conviction in the minds of the
personality of the old Emperor,and not respect
people that, in one way or another, they are being is the
the national Diets, which has held together the
fooled, and that they have been fooled for a long time. for
diverse and antagonistic nationalities- that compose
In fact, in public life, they have little or no voice.
Austria-Hungary.
The result of the recent primaries in New York, the
In South and Central America, where representaemancipating device from which so much is expected,
government has most recently been introduced,
shows anew how completely they are in the hands of tive
there is still strength in it and respect for it in
the machine. Moreover, when their representatives if
of the larger States, as Brazil, Argentina and
go to the Legislature or to Congress, they come under some
the recent history of many others, most of all
alien influences. Somehow, they are not the same Chili,
, only confirms the general distrust.
men. They do not represent their constituents, or Mexico
ion with this movement, there is a growconnect
In
they betray them. The caucus and the bosses rule.
tendency everywhere for the people to take matThe consequent distrust extends to even more inti- ing
, but
into their own hands. They want leaders
mate relations. We see great odies of discontented ters
sorely needs yet has not obtained, is potentially
ample. Therefore, there need be no alarm and
'worry as to either class.
The proposition taken in the decision in the Northern Securitieii case, long ago—in substance that not
merely the doing of any wrong or manifestation of
intent or desire to do wrong, but possession of any
ability to do wrong—is obnoxious to the anti-trust
law—illustrates the extreme of popular fervor against
"monopoly" and of popular misconception about
monopoly. -Upon such a sweeping proposition, no
living man can be justified, for every man has an
ability to do injury. The later decision, bringing
in the rule and light of reason as interpreter and
recognizing that circumstances alter and determine
eases, marks progress towards a sane and tolerable
ground of dealing with the subject—a ground which
must be expected to remain permanently, notwithstanding some very recent attempts in Congress to
turn back the clock. Even if appeal is taken from
Justice Lacombe, his decision is timely and interesting, as reaffirming the doctrine that reason and
judgment, and not sweeping emotional assumptions
and declarations, ought to guide the treatment of
public policies.
oar. 31 1914.1
THE CHRONICLE
1257
leaders whom they can reach, and in a certain measure Nothing is easier than for a community to surrender
control. To an extent this is new in modern times. itself to a strong man, whatever his title, or in whatPower is falling directly into the hands of the people. ever relationship he shows his power. A strong will
The demand for the referendum, the recall and the and a visible and successful domination of others
initiative is an expression of it. We are not going have a glamour which makes men forget to ask
back to absolute or perhaps even to constitutional whether the domination be for good. Historically,
monarchy. Indeed, the war is by many prophesied that way lies loss of the people's liberties, and the
as the end of feudalism. Democracy is here to stay, turning back of progress. The people begin by
unless anarchy should come. Intelligence is spread- grasping power themselves and quickly pass on
ing; the working classes are learning to think, and to surrendering it to the strong man of the
more than ever there is reason that the greater civil hour.
Then whatever has been gained has to be reand political movements, especially those that can
be compared with the tides of the sea which, be- gathered out of a subsequent demolition and debris;
ginning afar off and at first little considered, rise and the slow work of constitutional reconstruction has
irresistibly and sweep all before them, should be to be done again. Reconstruction inevitably follows
understood.
war. Often a superficial one suffices. This of which
The fact is, that all unconsciously, we are reverting we are speaking goes deeper. "The ancient printo the earlier for as of Anglo-Saxon government. ciple," in Francis Lieber's phrase, "of a thorough
The Teutonic tribes that first occupied England, as government of law, as distinguished from a governwas recently pointed out by Professor F. J. Stimson ment of functionaries, as applied to the American
of Harvard University,* used the referendum; the principle of the separation of the powers of governwhole tribe met to declare, as well as to administer, ment," has been the charter of our American political
the law. The New England town meeting is to-day development, "to the end," as described in the
the residual instance of this original democracy. Out ancient constitution of Massachusetts, "that it be
of this developed representative government, in a government of law and riot of men."
the "Great Council," or "Witenagemote," which
We are not ready to give up either our ideal or the
was the first form in which the general mass meeting result of our long and costly labor. The referendum
passed over into the "Meeting of the Wise Men." and the initiative and even the judicial recall, in the
It was not long before this body became frankly present suggestive form or as an extension of old
representative. In the year 1275 the term "Parlia- methods, pertain to our earliest democracy. Whether
ment" was first used, though the four leading men or not they can be wisely used to-day will depend
of each "shire," or "hundred," appeared as repre- entirely upon the relations and limitations under which
sentatives centuries prior to that famous summons they are introduced. In any case, they belong to that
of King John in 1213, inviting the representatives earlier day rather than to the later one in which we
of the Commons to the assembly which led to the are living, and can only be safely considered in the
Magna Charta. The word "statute" first appeared light of that earlier history.
in 1235 and it meant "It is decided, or declared."
It is perfectly true, as has often been pointed out,
The law was made on the spot. The initiative fol- that the entire Germanic family in its earliest known
lowed in Anglo-Saxon England and disappeared stage of development, placed the administration of
only when the Assembly of the Free Men gave place law, as it placed political administration, in the
to frankly representative government. The ini- hands of a popular assembly composed of the free,
tiative and the referendum have always existed in able-bodied members of the commonwealth. Nothing
some form in America, in constitution-making, and could have been simpler and nothing more effective
for some years, in some States, as in Massachusetts, when those commonwealths were composed of small
where the referendum has been used in matters of aggregations of people speaking a common
tongue,
local import. In the demand of the people for those engaged in common occupatio
ns and sharing comfunctions, our democracy is simply turning back pletely the common life.
We have far outgrown
to the earliest forms. We are yielding to the pres- that to-day, and the
great war will inevitably carry
sure which comes from our more recent unhappy ex- us further.
The adjustment of the machinery of
periences, to throw away much that has been gained modern
government to the needs of the hour, especthrough the later centuries.• The effect of the war ially
if it is going to revert to ancient methods,
will surely be to give impulse to this tendency. and to
give larger scope to the political leader, will
"Councils of war never fight" is the old proverb. require
unusual wisdom. The stronger the leader
The man in the saddle dominates all. The hero of and the greater
respect the people have for him,the
the hour becomes the idol of the people.
clearer the exigency. We are going to develop
Here, then, is the lesson of the hour. It is not American
institutions on constitutional lines. For
mere academic inference. The whole world is feeling better or worse, we
are committed to representative
the impulse of a great movement, a self-conscious government. But it
must be recognized that we
uplift of the people. It is the movement which that are within the sweep of a
world-wide movement,
shrewd observer, De Gasparin, noted long ago in his gaining to-day a new force,
and
are being carried in
book about America, which he entitled "Un Grand directions which cannot now be
surely forecast. It
Peuple Qui Se Releve." He gloried, as did his is the day of the Democrac
y. The people will find
fellow-countryman, De Toqueville, in the coming their power to be not in their
numbers, whether they
development of America. We are to-day facing have the ballot or not,
but in the soundness of the
the development of its self-conscious powers, super- principles they hold and the validity
of the aims to
seding the slower development of its imperfect insti- which they are committed.
These must be so plain
tutions. The danger is of a too rapid transition and so convincing as to
appeal to all, such as men in
and the consequent unsettling of the existing order. all conditions will recognize
. Therefore, they must
* Vide--"Proceedings of the American Political Science Association" be fundamental and moral and sound.
Then the
fcr1912.
nation will build upon them.
1258
THE CHRONICLE
[VOL. xcnc.
cies most largely in demand from abroad in that
country—textiles—we are in no sense a source of
OUR OPPORTUNITY IN SOUTH AMERICA.
The war in Europe, with the practical cutting off supply. In those lines, therefore, as well as in hardofiGerman and Austrian trade with the outside world, ware, machinery, and the general run of manufacand the hampering of that of other countries engaged tures, the field should be a good one for developing.
in the conflict, has certainly acted as a stimulus to Progress in extending.our trade with Colombia has
efforts making here to extend our commerce with the been quite gratifying the last three or four years, but
countries to the South of us. Hardly a day that does our cotton goods have yet to attain the prominence
not bring to notice some new development in the they deserve, and the same is more or less true of masituation,and those who are well informed as to con- terials connected with the development of transporditions in the various South American republics, and tation facilities, etc. In exchange there is no reason
as to the methods to follow best calculated to bring why our imports of vegetable and mineral products
satisfactory and lasting results, are hastening to offer (already comparatively large) from Colombia should
their modicum of advice. We have referred hereto- not expand.
The imports of Brazil have increased very largely
fore to the aid offered by the National City Bank of
this city by the opening up of branches in leading of recent years, and the United States has reaped
cities of the South American continent; to the or- some benefit, but not to such an extent as to be cause
ganization of a club (India House) here, the object of for satisfaction. This is especially true as regards
which is foreign trade expansion; to the inception of textiles, of which only a relatively trifling part bear
the National Foreign Trade Council, and to the vari- the marks of American manufacturers. Speaking
ous actions it has taken and the further action to be approximately, less than 15% of the importations
taken by it in conjunction with consular delegates, of the country are from the :rnited States, notwithagents of American commercial organizations and standing our ability to supply most of its needs. It
representatives of the Pan-American Union. Now is almost useless to draw attention to any particular
it is announced that the Post Office Department is lines of goods to be pushed in Brazil, as in a country
actively co-operating in the matter. In fact, early so large there is more or less demand for every proin the month Postmaster-General Burleson issued di- duct of our factories; but the development of the
rections that it be suggested immediately to the rep- country requires large amounts of railway materials,
resentatives of the Latin-American countries with and equipment and iron and steel manufactures:
which we do not now transact money order business While, as indicated above, our exports to Brazil conthat the concluding of conventions for that purpose stitute a small part of the total influx of goods
quarter
would be desirable. The wisdom of the suggestion into that country, our receipts from that
nation,
other
any
of
is obvious when it is pointed out that the countries very largely exceed those
ing
predominat
the
rubber
include Argentina, Brazil, Colombia, Dutch Guiana, with coffee and
Paraguay, Venezuela, Guatemala, Nicaragua and items.
With the Panama Canal now an accomplished
Panama. Furthermore, Mr. Burleson is considerpostage
and transportation facilities largely increased,the
fact
letter
for
ing a plan to make the two-cent rate
in
effective throughout the Western Hemisphere. Fi- outlook for the products of the United States
reAs
improved.
nally, and an interesting development in the situa- Peru and Chili should be vastly
in
tion, a special agent of the Department of State has gards the first-named country a steady increase
imports
our
to
be
is
reported,
therewith
trade
with
our
sailed for South America on duties connected
however. Analysis
the opening of trade channels. It is reported that quite largely exceeding exports,
moreover, shows
returns,
trade
the
of
details
the
n
installatio
of
the
of
s
possibilitie
he will investigate the
res (cotton,
textile
of
manufactu
a
of an international parcel-post system which, it is clearly that of total
6
million
dollars
some
absorbed
of
linen)
and
our
wool
believed, would be of incalculable advantage to
is
3%
from
than
here.
less
Peru,
Furtherby
annually
organize
to
merchants. Furthermore, it is proposed
and
paper
chinaware,
and
es,
glass
in
manufactur
be
more,
to
Commerce
a South American Chamber of
are
other
general,
in
in
which
articles
goods
dry
and
.
Exposition
session at the Panama-Pacific
capable of much enhancement.
No inconsiderable portion of the South American our trade should be
has augmented appreciably
Chili
of
trade
foreign
to
y
acquire
The
opportunit
an
have
certainly
trade we now
the
United States benefiting
without
and hold if only the proper methods be adopted to of recent years
extent.
Cotton goods imports
material
very
get it. It is only necessary to go over the list of arti- to any
for which complete
(1912)
year
latest
the
in
cles for which there is demand to the south of us to into Chili
a
of 15 million
value
reached
available
are
see in which direction our chances are best. Start- statistics
from
the United
$900,000
than
less
which
of
dollars,
with
ing with the top of the continent, we find that
of
and
iron
res
steel
manufactu
cut a
Our
States.
rather
a
Venezuela the United States already occupies
and
total,
country's
the
the
in
same
figure
small
a
fair
margin
by
first
very
satisfactory position, ranking
and
stone
china-ware,
some
coal,
glass,
of
true
same
the
At
is
es
furnished.
in-the value of commoditi
and
s
and
,
paper
implement
machinery
of
lines
under
why,
to
reason
be.no
appear
time there would
etc.,
chemical
res,
and
arms
products,
manufactu
be
not
nce
should
our
predomina
,
conditions
existing
made more pronounced, especially in such lines as and ammunition, Germany enjoying a distinct prerailway materials, agricultural implements and tools, eminence in many of these lines.
Bolivia is a country with which our commercial
machinery and cotton textiles, as well as numerous
e has never been more than meagre, but
intercours
other less important articles the principal supply of
progress is being made in securing outlets
that
now
United
which comes from Europe. In return, the
both East and West, opportunities
seaboard,
the
coffee,
to
States offers a steadily expanding market for
better.
red articles make up much
which
are
Manufactu
rubber,
cocoa, balata gum, hides and skins and
of
the
bulk
imports,
iron and steel manufactures,
the
EcuaWith
of
are the principal exports Venezuela.
cloth,
wool
cloth,
cotton
been
machinery, arms and amhas
moderate,
trade,
although
dor our export
and
munition
railway
artibeing the principal
equipment
the
of
of
but
late
years,
quite steadily increasing
OCT. 311914.]
THE CHRONICLE
1259
items. Needless to say with our total exports to ously adopted, to reach the end sought. This
should
Bolivia in 1913 less than one million dollars and not discourage our manufacturers but
should rather
that country's imports some 20 millions, every di- .act as a stimulus.
rection would seem to offer an opening to extend our
trade. What has been said of our relations with
Bolivia applies with even greater force to Paraguay. BUSINESS COMPETITION—THE PRINCIPLES WHICH
SHOULD CONTROL.
In other words, so far as the United States is conAt the semi-annual meeting of the American Iron &
cerned, it is virtually an untouched field. To be Steel Institute at Birmingham, Alabama, on Thursday of
sure the total annual imports of the country are this week (Oct. 29), the President,Elbert H.Gary,Chairman
less than 7 million dollars, but we sent thither in of the United States Steel Corporation delivered an interesting address
his idea of the spirit in which com1913 goods to the value of only $215,058. Textiles, petitive effortsgiving
in trade and industry should be carried on.
articles
of foreign After depicting the horrors of the present
foodstuffs and hardware are the
European war
production most in demand, and they, with almost and the tremendous destruction of life and property
inall the other items in the list, are within the power of volved in it, and saying he believed "in. a positive and binding
agreemen
t between all the nations for the final settlement
the United States to supply. The recent growth of
by arbitration of all international disputes," he argued
our export trade with Uruguay, doubling as it has that
warfare in business has as little to justify it as war in
within 6 years, is worthy of note. Yet there are physical combat. In effect
he made a plea for the principle
lines in which little or no progress has been made. of "Live and Let Live." Commercial warfare,
which means•
Uruguay, for instance, took over 8 million dollars destruction and opression, he declared,should be as distastein textile manufactures in the latest year for which ful as the battles which kill and maim the soldiers, for they
are the same in pecuniary results. Below we print
the
we have results, some 5 millions in iron and steel speech
in full—all except the opening paragraphs.
manufactures, a like amount in glass,chinaware,etc., The magnitude
of the iron and steel industry in the years to
come is
probably beyond even the imagination. It is
not too much to expect that
and. nearly 3 millions in wood and manufactures, ,this
Institute will be one of the potential factors
in the further development
with the United States figuring but lightly in either. and utilization of the economic forces of this country,
which entitle her to
be considered as a nation of commanding position
influence.
These lines, then, and food products, oils, chemicals, We are accustomed on occasions of this kind toand
refer to conditions of
business.
I
am
an
optimist
in
manufac
principle as well as in practice. There is
tures as well, are a few of always a bright
and paper and
side, although it may be temporarily obscured.
However.
the articles in which effort toward expansion could nothing is to be gained by closing our eyes
to well-known and clearly recognized facts; and at present we are not very
prosperous
in
our
lines.
This
profitab
made..
be
ly
s reflected in the published reports of
some of the larger companies. The
of one declares that "earnings from January
Argentina, the premier South American market President
1st to October 1st
1914 on the tonnage produced have been at
the smallest margin of profit
for goods from the United States,continues annually since the formation of the Company.
" The report of another company
shows that
income from manufacturing and operating, after
deducting
to increase her takings of commodities from us but all incidentaltheexpenses.
Is less than ono-seventh 89 much for the first nine
months
of 1914 as it was for the same period of
even there much remains to be done to bring our forth that,
1913. Still another sets
for the first
months of 1914, the net earnings from operations
trade up to a satisfactory point. Up to now Great were less than one-halfsix
of the amount realized for the same period of 1913.
For the company last referred to I have no report
since June 30th 1914.
Britain has by a considerable amount led all other I do not refer to the results of
the Steel
n nor to those of any
countries in trade with Argentina, both inward and other company because those of the formerCorporatio
are extensively advertised from
time to time, and are well known; and the reports
of the others are not
outward, with Germany second and the United published
at all, so far as I have been able to ascertain. It is
sufficient to
at this time that the volume and prices of iron and
States third in goods sent thither. It is not to be say
steel sold in this
country were very low, comparatively speaking, during
the months impresumed that the lead of the first named can be mediately prior to the commencement of the European war; and with
to the volume, there have been substantial decreases
since that
very materially lessened immediately but in the case respect
time. These facts are well known to all of you, and I would
be doing an
of Germany the situation is radically different. With Injustice if I were to assume that any of you was unfamiliar with them.
But what of the future? What
there to encourage and stimulate us
the war in progress, and all the energy of the country n our struggle for present existenceisand
future success? It is well at all
times to remember fundamental facts. At the semi-annual meeting
of the
engaged in its prosecution, many industries must Institute of October 1913 there were given
some figures in relation to the
be pretty well disorganized. Added to this is the comparative wealth of the leading nations of the world. While they ought
to be modified to some extent on account of the figures which have subsepractically complete gtoppage of means of trans- quently
been published, still it is true that the enormous wealth of the
United States is increasing and largely exceeds the wealth of any
portation. Consequently, unless the markets are country.
other
And as an additional and important item it may be observed
redundantly supplied with merchandise from that that of the eight and a half billion
dollars of gold held throughout the
world,the United States is possessed of considerably more than one-fifth,
quarter,the time is not far distant when stocks must if
we may rely upon published statistics.
be replenished from somewhere. Textiles make up But of more consequence even, we are always comforted by the fact
the productive capacity and the actual production of wealth in
the
some 20 per cent of the imports, with Germany a that
United States is growing year by year; and this ability to produce
will
not
and
large contributer and the United States furnishing rupted, cannot be diminished. Actual realization of profits may be interbut the great
of its products and the length and breadth
practically nil. Here, then, by adopting suitable of its domains, with avariety
climate and atmosphere unsurpassed, continuously
serve to insure a certainty of increasing wealth and prosperity, and
enables
means, is an opportunity to get a foothold for our us to rely upon the ability of the nation to comfortabl
y support her
own inhabitants and to furnish a surplus to other nations
cotton goods. In chemicals, too, the opportunity creasing
in large and inquantities, with corresponding returns in value. You are acquaintoffers to improve our position and the same is true ed with the figures and realize the extent
of our riches and the magnitude
of our production. They are not referred to in a boastful
spirit nor for any
of paper and manufactures, iron and steel manu- reason except one of encouragement for the future.
factures, railway supplies and equipment, machinery areBesides, at the present time the exports of a large variety of commodities
increasing, and although not equal to the volume reported
Just prior
and the general run of articles that have the call in to the commencement of the war, yet
much larger than it was immediately
following the beginning ofthe war. This will have
a
material
influence upon
a rapidly developing country like Argentina.
other lines. All are stimulated and
brought into service. Without parg, it would seem safe to predict that in many
Thus there are many opportunities for the ex- ticularizin
important
respects
business conditions in the United
for the next three months at least
tension of our trade in the southern half of the West- will be better than they have beenStates
for the last three months. As to the
long future I do not hesitate to say, with
emphasis, that the opportunities
ern Hemisphere. But efforts to be successful must for progress
and success in this country are greater
can get out of the ruts of antagonisms, inconsistenthan ever before. If we
be along lines that will appeal to those whose trade individual
cy, distrust, hypocrisy.
indifference to the rights and interests of others,
which seem to
we desire to secure. In other words, the goods have prevented natural and
legitimate progress during the last few
years.
that the people generally will disregard undue
personal
must be made to suit the markets we wish to serve. so
ambition and
will work together, Joining hands for the
protection and promotion of the
•
welfare
of all alike, having a disposition to utilize
In connection with the above it is to be noted that
to the best advantage
the privileges which this country affords, it will
be only a question of
Great Britain is already taking steps to increase her and short at that, when
time.
the United States will be firmly
established as the
country of the world. Times and conditions
foreign trade at the expense of those with whom leading
are
auspicious.
The
United States, with its vast wealth and
resources, should be the financial,
she is now at war. Recent advices from London are industrial and commercial centre of the world;
and to a corresponding
degree
will be opportunities for worthy achievemen
t in every direction. To
to that effect, and there is no reason to doubt that extent that we prosper
the
legitimately and without
prejudice
to
the rights or
of others we may be able to render
the same method heretofore pursued will be vigor- interests
assistance to others who may
need and are willing
to accept it.
1260
THE CHRONICLE
[VOL. xcix.
are here to-day to place our faith in the won- be expended by the different nations would have greatly extended their
It is wise for all of us who
happiness if wisely used for those purposes
country. In this connection it is to be remem- opportunities for success and
derful possibilities of this
favor of just Personally, I believe in a positive and binding agreement between all the
bered there is a growing sentiment throughout the country in
by arbitration of all international disputes
the people and all departments of human endeavor. nations for the final settlement
and fair treatment to all
competent and impartial tribunal and for
the better in this respect. Much has been said on a basis to be decided by a
There is a decided change for
the nations not personally involved in the
by
decisions
of
of according full attention to the rights of the enforcement
during the last few years in favor
fortunate in the contest to acquire the question at issue. Such an agreement could be made, such a tribunal
less
those
particularly
individuals,
must not be minimized nor interfered could be permanently extablished and such an enforcement made practical
comforts of life; and this is right and
if the nations were so disposed. These ideal conditions may never by
with; but in discussing these questions, writers and speakers have sometimes
the world over. It is selfish
the blame for objectionable conditions. brought about. Human nature is the same
placing
in
unreasonable
been
greater regard will be had for and inconsiderate. Might too often makes right; the strong become
itowever, it now seems clear that in the future
classes of the people without discrimination. arrogant, unreasonable and aggressive; the evil-minded are reckless and
the rights and interests of all
the majority of individuals
or poor, strong or weak. Politics Indifferent. I am not willing to admit that
Equal justice will be done to all, rich
legitimate are controlled by these infirmities. I think the average man is honest and
and
normal
the
obstruct
to
used
be
not
will
or partisanship
most gratifying and encouraging signs fair-minded and desires to be just towards his neighbor; and that the wcrld
growth of the country; and one of the
even though not in my time,
of the leaders in public discussion and of the is growing better. I hope the time will come,
of the times is the attitude
when wars and rumors of wars shall cease.
ethwinistrators of public affairs.
business. We who are here
our
to
forcibly
applies
All that I have said
the privilege of meeting in Great
About three years since a few of us had
leading representatives of the iron to-day are engaged in competition; we are naturally selfish; we are often
Britain and Continental Europe the
of the world. For several days we were inconsiderate and indifferent. In representing the interests of those who
and steel manufacturing interests
to strive for success, and we
those men and became well acquainted with them place us in official position, we feel obligated
in close association with
dominated their attitude and treatment go beyond reason or justice. As many of you have remarked at previous
and the spirit and motives which
to harbor the same feelings
by
gone
days
the
in
customary
was
it
Scotland,
meetings,
countries represented included England,
of one another. The
Austria,Italy, Russia. Spain, Hungary, and to pursue the same line of conduct in the iron and steel trade that have
Wales, Belgium, France, Germany,
All were pecuniarily interested in the iron been exhibited in the European conflict. Business men struggled for reCanada and the United States.
just as bad. The
active competitors, individual concerns of a venge, or conquest, or suppression, or other reasons
and steel Industry. All were
lately been testified
and each country with all other countries. graves of concerns destroyed were numerous; this has
other
each
with
country
single
lines of manufacture were protected to in open court by those who were familiar with the subject.
While those engaged in many respective
As bearing upon these conditions, I quote from an address made on a
ruthless and destructive antagonisms by
to a considerable extent against
if not fostered, by the chief certain notable and well-remembered occasion by one of your number:
virtue of cartels or arrangements, recognized,
and
"The old basic principle was based on a distrust of one's competitors:
authorities of their respective countries, yet there existed rivalry
of on the feeling that, to succeed yourself, you must crush your rivals; and
competition which might, and at times no doubt did, produce feelings
on the solid belief that they were mean enough to geel the same toward you.
of
feeling
a
that
it
evident
was
Nevertheless
envy and dissatisfaction.
As a result, every man went out knifing for his competitors; and industrial
conduct of panic ran like wildfire. The smaller concern went down to ruin, and the
business friendship permeated the minds and influenced the
to establish and uphold an orderly stronger, which worried through to harbor, required financial experts to
tended
main
the
in
this
and
men,
these
the affairs entrusted to them. And the heal or to hide his wounds. No one benefited by this—all suffered, manuand profitable management of
facturer and consumer alike."
disposition shown towards and the hospitality extended to the Americans
To-day I congratulate you on your success in bringing about a new order
for them our everlasting gratitude
by all others on this occasion secured
were enabled to participate will never forget of things in business. You have become well acquainted; you have conand esteem. Those of us who
visit in England, Belgium and other fidence in each other; you believe what is told you; you recognize the inthe incidents connected with our
to evidence his respect for terests of your neighbor; you are glad when he prospers and equally sorry
places, or the disposition shown by every one
Also, we remember, with grateful when he fails of success. You have a better and clearer understanding
and confidence in his rivals In business.
of business obligations. you can faithfully represent your stockholders,
appreciation, the cordial reception given to us by the Ring of Belgium, and
business welfare of the representatives of or the owners of your properties, and indulge in the keenest competition
the interest he manifested in the
without doing anything that is destructive and oppressive or unfair.
business
of
other nations. In passing, I will add that if the large numbers
I quote further from the speech already referred to:
men who represented on this memorable occasion all of the countries
"A voice rang strong and clear: 'Steady, boys, and play the game.
opportunity to conengaged in the iron and steel industry could have had
by the Lord you played, and played it fair."
And
up to the war which is raging in
sider and determine the questions leading
And from another speech on the same occasion:
These intelligent, experienced,
Europe,there would have been no war.
"The real test of friendship is in adversity. It has enlarged our horizon
being from time to time in close
practical, sensible and Christian men,
given us such a broad and clear view of duty and opportunity, that
with each other, would have been and
we have been able, without the sacrifice of any fundamental principle to
contact, and therefore well acquainted
and would have made adjustments change and avoid much that was undesirable and costly in the old time
fair-minded,
and
considerate
patient,
calculated to protect the interests of all and to business methods.
and reached conclusions
It is true that the law of supply and demand still governs the output,
deplorable hostility.
prevent the possibility of the present attention and occupies our minds and that we still have competition, but it is reasonable competition.
our
It is certain that we have much to be thankful for in this delightful
And because the subject attracts
of the time at least, of all other topics, gathering that marks the era of friendship and good-fellowship, which has
almost to the exclusion,for a portion application to our own affairs, I ask gradually but surely taken possession of us even against our will. We
and also for the purpose of making
have gotten the habit of considering our neighbor, and of putting a value
to the cataclysm which envelopes a on his good opinion. It is a decent habit and a great asset."
Your indulgence while I briefly refer
lives and interests of hundreds of
large portion of Europe and involves the
And from another speech:
of this conflict without feelings of
- millions of people. We cannot think
suffering and misery
"The broad principles that have been brought into this business were
the
of
extent
the
realize
to
horror. It is impossible
their success unquestioned. It was a
eighteen months from the time new. Their effect was marvelous,
renaissance and a newness of things that were necessary and invigorating."
which it entaiis. If it should continue for
reason of injuries received on the
of the commencement, the loss of life by
And from another:
participation in the war will
battlefields and sickness directly resulting from
"The iron and steel manufacturers of this country stand on a higher,
and indirect pecuniary
aggregate four millions in number; and the direct
and fairer basis of business relationship."
broader
thirty-five billion dollars.
loss to all the nations concerned will amount to
This Institute at the outset adopted, by tacit consent at least, as one of
or money which
Indeed we will never be informed of the actual loss in lives
be the con- its principles, the following sentiment:
will result from this war. 'And after the war is ended what wilt
"Real, hearty, cheerful and continued co-operation on the part of the
or supsequences? Millions of widows and orphans bereft of protection
which should be entirely satisfactory. Frank
or members will secure results
port; the loss of millions of dollars annually by reason of the deaths
friendly intercourse; full disclosure of his business by each to the other;
and
crippled condition of soldiers whose productive capacity has been eliminated recognition by all of the rights of each; a disposition to assist and benefit
far as practicable and proper; conduct founded on the'bellef
or decreased; nations groaning under the burden of taxation to pay interest each other socompetition
is wiser and better than destructive competition."
healthy
on enormous national debts; pensions to survivors amounting annually to that
And so I trust that in all our deliberations we bear these principles in
millions upon millions. The United States is still contributing $172,000,000
warfare, which means destruction and oppression,
per annum for pensions and from this basis we may form some idea of the mind. Commercial
battles which kill and maim the soldiers, for
amounts that must be paid by the European nations. And, more'than any- should be as distasteful as the
results. They are injurious to all of those
thing else, the anguish of mind on the part of survivors is something which they are the same in pecuniary
who are engaged and they seriously distress those who may be dependent
cannot be described or measured.
to
Without attempting to locate the blame for the war, because the people upon the concerns which are eliminated. Without taking more time
maintain a position of strict neutrality, we further discuss these questions, I suggest that it is to the benefit and inof this country are disposed to
proof
competition
one
those
in
each
would
to
hesitate
engaged
have
we
do
than
though
to
more
us
terest of all of
may Perhaps consider,
hear from those who advocate the
settle- portionately successful with all others; and that by all fair, honorable and
suggest,
the possible cause or causes. We
to force many different reasons, proper means we should encourage these conditions. Undoubtedly it
resort
by
disputes
international
of
ment
another, which is believed in and insisted would be to the best interests of all the nations engaged in the present
some giving one reason and some
influenced and prosecuted from motives war, and indeed the world at large, if the integrity and geographical lines
upon as sufficient. Wars have been
some wrong in the past, fancied or real; of each of these nations could be substantially preserved. Do not think
of
perpetration
the
of revenge for
others for commercial supremacy; others on by this I am intending to express any opinion In regard to the merits of this
others for conquest of territory;
liberty of person or speech. Some unfortunate controversy. I mean only to say that it is well for the world
account of religious questions; others for
a country becomes thickly settled so as to at largo to have honest, active, keen and successful competition; and it is
when
go so far as to insist that
the country in order to secure the necessities of life, unhealthy and distasteful to have national conditions which lead to detax the resources of
country by deaths in battle; and still struction or oppression of rivals in trade. This is equally true of individuals,
it is justifiable to depopulate the
portion of the people in battle, particularly including ourselves.
others that the destruction of a
One of the fundamental principles of this Institute is comprehended by
keep the people strong and healthy.
to
the weaker ones, is the only way
occasion to discuss these reasons, some of which the words "conciliation" and "co-operation". This should never be
It would be useless on this
the average Individual. There are many who abandoned or modified. It should be extended to every branch of our
at least must seem foolish to
war Is the outgrowth of a feeling of antagonism activities. Nothing is to be gained and much is to be lost by antagonisms.
claim to believe the present
Slav and the Teuton. Others equally sincere Communities succeed or fail together. Competitors in trade, producer
and animosity between the
additional territory. Without giving reasons and consumer, employer and employee, the private individual and the
believe it is a contest to secure
for public—all secure the best results if they work together. The success of
time, I venture the opinion that the struggle
In detail at the present
one OD legitimate lines means the benefit of all, and the failure of one means
war, or at least ha
the
of
cause
underlying
the
was
commercial supremacy
The more we consider these questions, the more clearly we
precipitation; that the questions at Issue largely loss to all.
its
upon
influence
a decided
that what I have said is true. But the unreasonable critic or agimany believe if representatives of the realize
And
cents.
and
dollars
relate_to
tator is the enemy of mankind, including himself. He obstructs and
met in a spirit of friendly and considerate
different nations had previously
de3troys and he does not create or improve. One who is controlled by
and finally settling the financial ininquiry for the purpose of definitely
unfair or dishonest motives—even though he may secure a temselfish,
averted.
been
have
could
never receive any lasting benefit. This applies
terests of each, all trouble
purpose of making a point porary advantage—will
the
for
it
assume
will
I
and
If this be true,
and to every department of life. It applies to us in
final result of the conflict? to all classes of people
the
be
will
what
inquired
be
may
it
later on,
our attitude and conduct towards others, and, with equal forco.
although this would seem at first considering
The nation that wins will surely lose,
action or disposition affects us. If we are sincere and fair
mentioned and the long con- to those whose
blush a paradox. The enormous cost before
of others we may hope for similar treatment by them.
treatment
by In our
covered
fully
be
not
will
survivors
the
of
tinued suffering on the part
in the If we are diligent in trying to ascertain the good in others they may see
participant
every
now
Before
indemnity.
or
glory
or
any success
if pos- some good in us. The members of this Institute will do their full share
contest must realize that it would have been better to have settled,
approved in the general endeavor to add to the material and moral strength and
sible, all the existing differences, real or imaginary, and on a basis
and to growth of the nation.
by some competent and impartial tribunal. The sums expended
OCT. 311914.]
THE CHRONICLE
FEDERAL RESERVE MATTERS.
An announcement fixing November 16 as the date for the
simultaneous setablishnaent of all of the Federal Reserve
banks was issued by Secretary of the Treasury McAdoo
under date of the 25th inst. The Secretary decided to hold
to the date suggested by him at the conference between the
Directors of the Reserve banks and the Reserve Board held
in Washington on the 20th inst., despite the vote of the
directors, which showed 35 in favor of that date against 37
in favor of deferring the opening until November 30. Mr.
McAdoo states that he is impelled to his decision "particularly because of the emergency conditions in the South and
the confident belief that the prompt opening of the Reserve
banks will be very helpful to the cotton situation and to
general business in all sections of the country." As soon
as the reservelbanks are in operation,he states he will transfer
to them as large an amount of Government funds as possible;
this will in turn enable them to extend enlarged credits to
the member banks, which these in turn may extend to their
customers. By this means he aims to give additional
assistance to that already given by the Treasury Department to the cotton producers, the cotton industry and the
business men of the South. Later in the week Comptroller
of the Currency Williams gave out figures showing that the
new law would tend to release 64,919,076 of reserves, the
total reserve required under the new law being $995,792,269,
against $1,460,711,345 now called for under the present law.
The national banks on September 12 1914 held $1,576,000,000 total reserves, or $116,000,000 in excess of the amount
required under the old law and $580,000,000 in excess of
the amount required under the Federal Reserve Law.
Details of the statement are printed further below. Secretary McAdoo's announcement is given herewith:
1261
reserve districts at the date of the September call, the respective amounts required under the present and the new
law, and the amounts held in excess of the requirements of
both laws.
Statement Showing Reserves Held by National Banks in the Twelve Federal
Reserve Districts as of Sept. 12 1914; also Showing the Reserves Required
under the Present Law, the Reserves Required under the Federal Reserve Act,
the Reserves Held in Excess of the Amount Required under the Old Law,
and
the Reserves in Excess of the Amount Required under the Federal Reserve
Act.
Reserve held Total reserve
Total reserve Total reserve Sept. 12'14 Sept. 12'14
Total reserve
required
required
in excess of held in excess
Districts,
held by
under
under
amount re- of amount rebanks
present
Federal
glared under 'mired under
Sept. 12 '14.
law.
Reserve Act, old law.
new law.
No.
S
S
S
s
s
1 Boston
129,000,000 110,000,000 76,000,000 19,000,000 53,000,000
2 New 'Fork364,000,000 388,000,000 281,000,000 -24 000,000 83,000,000
3 Philadelphia
175,000,000 153,000,000 105,000,000 22.000,000 70,000.000
4 Cleveland
154,000,000 144,000,000 95,000,000 10,000,000 59,000,000
5 Richmond
64,000,000 64,000,000 43,000,000
6 Atlanta
38,000,000 34,000,000 24,000,000 4,000,000 21,000.000
14,000,000
7 Chicago
228,000,000 203,000,000 140,000,000 25,000,000 88,000,000
8 St. Louis
55,000.000 55,000,000 37,000,000
18,000.000
9 Minneapolis
91,000,000 78,000,000 48,000,000 13.000,000 43,000,000
10 Kansas City
109,000,000 85,000,000 52,000,000 24,000,000 57,000,000
11 Dallas
52,000,000 42,000,000 28,030,000 10,000.000 24,000,000
12 San Francisco_ 117,000,000 104.000,000 67,000,000 13,000,000 50,000,000
Totals.
1576,000,000 1460,000,000 996.000.000 116,000,000 580,000,000
The Comptroller has also furnished tables showing the
reserve requirements of the old and new laws,and the amount
which would be released in the case of New York City,
Chicago, St. Louis, the other reserve cities,and the country
banks; we annex it herewith:
Table Showing Amount of Reserve Required on Sept. 12 1914 under Present
Law.
Amount Reserve Required under New Law and Amount Reserve Released.
NEW YORK CITY.
Present reserve required:
25% on $1,253,595,435, total net deposits
;$313.398,859
Reserve required under Federal Reserve Act:
18% on $1,249,255,152, demand deposits_ _ _ _$224,865,927
55 on $4,340,282, time deposits
217,014
225,082,941
Reserve released under the new law:
77 on $1,249.255,152, demand deposits
887,447,861
20% on $4,340,282, time deposits
868.057
88.315,918
The Federal Reserve Act imposes upon the Secretary of the Treasury
CHICAGO.
the duty of announcing "in such manner as he may elect the establishment Present reserve required:
25% on 8348,302,125, total net deposits
of a Federal Reserve bank in any district." In the discharge of that duty Reserve
$87,075,531
required
under Federal Reserve Act:
I have determined to announce on the 16th day of November 1914 the
18% on *345,572.329, demand deposits
$62.203.019
establishment of the Federal reserve banks in all the Federal Reserve
5% on $2,729,796, time deposits
136,490
districts. On that date the new reserve requirements for national banks,
62,339,509
Reserve released under new law:
as prescribed by the Act, will become operative.
7% on $345,572,329, demand deposits
$24,190,063
particularly
decision
this
because
Impelled
of
the
to
am
emergent
I
eon20% on $2,729,7t 6, time deposits
545,959
ditions in the South and the confident belief that the prompt opening of
24,736,022
the reserve banks will be very helpful to the cotton situation and to general
ST. LOUIS.
business in all sections of the country.
Present reserve required:
This conclusion has been reached after a thorough discussion with my
25% on 8100,471,638, total net deposits
$25,117,909
associates on the Federal Reserve Board, who are co-operating cordially Reserve required under Federal Reserve Act:
18% on $94,248,718, demand deposits
*16.964,769
with me, and also after full consideration of the views expressed by the
5% on $G,222,920, time deposits
311.146
Directors of the Federal Reserve banks at their recent conference in Wash17.275,915
ington with the Federal 11..erve Board.
Reserve released under new law:
7% on $94,248,718, demand deposits
I am fully aware of the physical difficulties that must be overcome to
$6,597,410
on
20%
$6,222,20, time deposits
1,244,584
set the reserve banks in motion on the 16th of November, but the Directors
7.841.994
of those banks represent the highest degree of American banking ability,
and I am sure that not only can they meet the situation, but that they will
OTHER RESERVE CITIES.
cheerfully take up the task in the same fine spirit of public service which Present reserve required:
25% on $1,965,381,098, total net deposits
$491,345,275
animated their discussions at the Washington conference.
Reserve required under Federal Reserve Act:
As the result of the enactment of the war revenue measure, the parity
157 on $1.901.966,656, demand deposits_ _ --$285,294,998
5% on 863,414.442, time deposits
between receipts and disbursements of the Treasury will soon be happily
3,170,722
restored. This will make it possible for the Treasury to render still greater
288,465,720
Reserve released under new law:
service than it has already rendered in helping the financial situation in the
107 on $1,901,966,. 56, demand deposits____$190.19e,666
South, and in other parts of the country where the need has appeared. The
$63,414,442,
time deposits
20% on
12,682,889
prompt opening of the Federal reserve banks will make the assistance of the
202,879,555
Treasury doubly powerful, because the Federal Reserve Act authorizes the
Secretary of the Treasury, in his discretion, to deposit a large amount of the Present reserve required: COUNTRY BANKS.
moneys held in the "general fund" in the Federal reserve banks, and
15% on 33,625,158,476, total net deposits
to re$543,773,771
quire such banks to act as fiscal agents of the United States;
and also, in his Reserve required under the Federal Reserve Act:
127 on $3,162,432.291, demand deposits___$379.491.875
discretion, to deposit the revenues of the Government, or any part
thereof.
59 on $462,726,185, time deposits
23.136,309
in the reserve banks, and to make disbursements by checks
drawn against
402,628,184
such deposits.
Reserve released under new law:
Under the present system, the Secretary of the Treasury
3% on $3,162,432,291, demand deposits_-- $91.872,968
cannot with
10% on $462,726,185, time deposits
prudence scatter the "general fund" of the Treasury among the
46,272,619
great number
141.145,587
of widely separated national banks throughout the country. Up
to
the
present time I have gone as far in that direction as I have
TOTAL UNITED STATES.
felt that it was
wise to go, but with the larger powers conferred by the
Federal Reserve Reserve required under present law
M460.711.345
Act and the use which I may be able to make of the Federal Reserve
$995,792,269
banks Reserve required under new law
as fiscal agents of the Government, it will be prudent and wise to deposit Reserve released
464,919,076
SI,460,711,345
a largo amount of the "general fund" of the treasury in the Federal Reserve
banks.
A further table dealing with cash holdings of the banks in
As soon, therefore, as the reserve banks are in operation, I shall transfer the twelve
reserve districts shows that, with $711,000,000
to them as large an amount of Government funds as possible; this will, in
turn, enable them to extend enlarged credits to national banks and State as the cash requirements under the Federal Reserve Law and
banks which may become members of the Federal Reserve system, which, $902,000,000 as the total cash held on Sept. 12, the new law
In turn, may extend to their customers. By this means, and through will serve to release
$191,000,000 of cash; the following is
the agency of the Federal Reserve banks, I hope to give additional assistthe table:
ance to that already given by the Treasury Department to the cotton producers, the cotton industry and the businesS men of the South.
Total Cash
Cash Required:to be held
The new reserve requirements which will become operative on the 16th
held
Total Cash Total Cash
day of November, upon the opening of the Federal Reserve banks, will
Districts—
Sept. 12
IVith
Either Required. Released.
release more than $400,000,000 of reserve money and largely increase the
1914. In Yawl. F. R.
Vault of
Bank. F. R. Bank
credit facilities of the banks of the country.
A telegram in which he offered the directors all possible
(Aftiliess) (Millions) (Millions) (Millions) (Millions).
Millions)
I. Boston
$31
$45
$14
assistance in opening the banks on the date stipulated was 2. New York.... 657
$12
307
98
97
257
50
3.
Philadelphia
_
74
43
19
sent by Secretary McAdoo to the Chairmen of the Boards 4. Cleveland
62
12
73
39
17
56
17
5. Richmond _
30
of Directors of the twelve banks on the 26th as follows:
18
8
26
4
6.
Atlanta
18
10
4
Please assure the Directors that this Department will gladly extend to
14
4
7. Chicago
144
52
38
17
107
them every facility and all possible assistance in opening the banks on that
37
8. St. Louis
35
14
10
5
29
6
date, and also assure them of my very best wishes and of my earnest desire
9. Minneapolis_
37
19
9
28
9
42
21
10
to co-operate with them in every possible manner to render this great 10. Kansas City_ _ _
31
11
11.
Dallas
26
12
5
public service.
17
9
12. San Francisco_
59
27
12
39
20
The following are the statistics presented by Comptroller
1111
,Total
902
384
243
84
Williams indicating the reserve.held by the banks in the twelve
711
191
1262
THE CHRONICLE
(VoL. xcix.
This suggestion has not been acted upon by the Federal Reserve Board.
In a letter issued by the Federal Reserve Board on the In a general way the Board will be glad to receive any practical suggestion
subject.
28th inst. member banks are notified that the deposits n connection With the above-mentioned
The bonds of the Governor and staff of Federal reserve banks will be
of reserves with the Federal Reserve banks must be made in required
amount,
stated
covering the Governor and
in blanket form for a
gold or lawful money. The letter also states that "in view all employees and not individuals.
which
gold
of
the
deposits
from
derived
be
to
advantage
of the
The national banks of this city were formally notified on
may be used as reserve for Federal Reserve notes, it is
strongly urged by the Board that deposits of reserves in the the 28th to pay their first subscription to the stock of the
Federal Reserve banks be made, as far as practicable, in Reserve Bank on Nov. 2. The amount called for is 1-6 of
6%, or 1%, of the paid-up capital and surplus of the subgold or gold certificates." The following is the letter:
Washington, D. C., October 28 1914.
scribing banks. The following is the notification:
To AU Member flanks:
Board
The Secretary of the Treasury having advised the Federal Reserve
Federal Reserve
that formal notice of the establishment of the several
that
necessary
is
it
16,
Nov.
on
banks
banks will be given to all member
arrangements be now made for the transfer of required reserves by the
the desire
member banks to their respective Federal Reserve banks. It is
first installof the Board to arrange for the actual physical transfer of the
to busidisturbance
possible
least
the
ment in such a manner as to create
ness conditions in any city or section.
cities undertake
It is, of course, clear that if the banks in non-reserve
Federal Reserve Bank
to make the necessary deposit of reserves with the
(which checks
cities
reserve
in
banks
by remitting checks or drafts on
Bank for collection only).
or drafts can be received by the Federal Reserve
of funds from the
there may result an unnecessarily heavy withdrawal
banks in reserve cities
banks in reserve cities. In the same manner. if
reserve cities, an
central
in
banks
on
drafts
make remittances of checks or
unnecessary burden may be placed upon the latter.
be made in
The deposits of reserves with Federal Reserve banks must
of funds from
gold or lawful money, and in order that the withdrawal
distributed
so
and
as
possible
uniform
the member banks may be as nearly
the Federal Reserve
as to relieve any particular section of unusual burdens,
gold or lawful money.
Board urges all banks to ship from their own vaults
to assume and pay the
The Federal Reserve banks have been authorized
shipments.
such
express charges involved in making
account of the
The foregoing suggestions also apply to payments on
first installment of capital stock, due November 2.
of gold which
In view of the advantage to be derived from the deposits
strongly urged by
may be used as reserve for Federal Reserve notes, it is
Reserve banks be made
the Board that deposits of reserves in the Federal
so far as practicable, in gold or gold certificates.
16
Due notice of the establishment of the Federal Reserve banks pn Nov.
and no
will be sent each member bank by the Secretary of the Treasury,
until
this
done.
is
made
transfer of reserve can be
Member banks of large resources will greatly facilitate the physical
work of counting reserve money if they will send gold certificates in as
large denominations as possible or clearing house orders calling for gold
certificates or gold already counted by the clearing houses. The Federal
Reserve Board appeals to the partiotle spirit of all member banks, large and
small, to do their utmost in facilitating the difficult work now thrown
upon the officers of the newly created Reserve banks,and to do all in their
power to secure for the new system the greatest possible success from the
beginning.
H. PARKER WILLIS, Secretary.
CHARLES S. HAMLIN, Governor.
FEDERAL RESERVE BANK OF NEW YORK.
Temporary Office, 27 Pine Street.
New York City, October 28 1914.
To the President,
by the Federal Reserve Board,
you
sent
notice
Dear Sir—Referring to the
calling for payment on Nov. 2 1914 of the first installment on the amount
of capital stock of the Federal Reserve Bank of New York allotted to your
bank by the Organization Committee, you are now advised that the
amount to be paid should be one-sixth of the par value of the amounl
allotted to you without regard to any changes which may have occurred
in the amount of the capital stock or surplus of your bank since the date
of allotment.
The law requires this payment to be made in gold or gold certificates,
and you are requested to make such payment, so far as may be practicable,
in gold certificates of large denominations from the reserves held in your
own vaults.
These should be delivered on Nov. 2 to the Federal Reserve Bank of
New York at the office of the New York Clearing-House Association,
No. 77 Cedar Street, New York City, where, through the courtesy of that
Association, arrangements have been made to receive the payment of the
first installment of the capital stock.
Fractional amounts which cannot be paid in gold or gold certificates
may be paid in lawful money.
The Federal Reserve Board has authorized the Federal Reserve banks
to pay the express charges involved in making this payment. The amount
of such charges should not be deducted from the amount remitted, but a
statement of the amount paid for expressage should be rendered after
Nov. 16, for which remittance will be made or credit given in your account.
Unless otherwise requested, certificates of payment (which are not transferable) will be mailed to member banks at their risk without registration.
A form of letter to be returned with your remittance is herewith enclosed,
which you are requested to complete by filling in the blanks.
In accordance with the desire which the Secretary of the Treasury has
expressed to the board of directors of this bank that the operation of the
Federal Reserve system shall be declared established on Nov. 16. the directors are endeavoring to complete the necessary organization to receive the
reserves to be transferred by member banks, and to transact such business
as will be undertaken at the outset. Further notice in relation to the
transfer of reserves will be sent you at an early date.
FEDERAL RESERVE BANK OF NEW YORK,
BENJ. STRONG Jr., Governor.
At the regular weekly meeting of the directors of the
Federal Reserve Bank of New York on Wednesday, by-laws
and a seal for the new institution were adopted. The byA circular letter was addressed by Secretary Willis of
follow the draft prepared by the preliminary committee
laws
inst.
23rd
the
on
the Reserve Board to bonding companies
by the Reserve Bank Organization Committee.
appointed
inquiring as to the rates for the bonding of the officers and The report of this Committee, as stated in our issue of
said:
letter
this
Banks;
Reserve
employees of the
October 10, advocated the adoption of a uniform system of
At the conference of officers and directors of Federal reserve banks
held at the Treasury Department in Washington on October 21 and 22, organization by the twelve banks, as far as conditions would
from
the Secretary of the Federal Reserve Board was instructed to obtain
permit, and, in furthering the idea of uniformity, presented
the bonding companies listed by the Treasury Department rates for bonds
a tentative set of by-laws for a typical Central Reserve bank.
for officers and employees of the twelve Federal Reserve banks.
The seal of the New York bank bears the inscription, "FedThe officers and employees to be bonded will be as follows:
1. Governor of the Federal Reserve bank and the staff of employes. eral Reserve Bank of New York, Incorporated May 18
2. The Federal Reserve agent and his staff.
1914." "B-2" appears in the centre of the seal, this indicating
3. The deputy Federal Reserve agent.
of that it is the Bank in District No. 2. The question of
It is impossible at this time to state even approximately the number
following
employees for each of these twelve banks. They are located in the
Cleveland, permanent quarters for the bank is still unsettled; the
cities: Boston. New York, Philadelphia, Richmond, Atlanta,
Francisco,
San
offices of Harvey Fisk & Sons at 62 Cedar Street are under
Chicago, Minneapolis. St. Louis, Kansas City, Dallas and
100 to 500.
n for the permanent location of the bank and
consideratio
and it is estimated that the employees will number from
form of the
The form of bond required will be the current copyrighted
that for the governor if decided upon the banking firm would take offices in the
form,
blanket
in
Association,
Bankers'
American
bank for a uniform amount. upper part of the building. It was stated this week that the
and the staff covering all the employees of each
there will be required a salary of Benjamin Strong Jr. as Governor of the New York
In addition to the bonds running to the banks
and the deputy Federal agent,
bond for the Federal Reserve agent and staff
of this bond has not bank will be $30,000 a year while Pierre Jay as Reserve
probably running to the United States. The form
Agent and Chairman of the Board will receive $16,000 a year.
determined.
been
of the Federal Reserve Board
Rates should be submitted to the Secretary
not later than October 311914.
The terms of the directors of the Boston Federal Reserve
A further communication to the bonding companies was Bank (District No. 1) are as follows : Class A—A. M. Heard
the 28th) as follows:
issued by the Board this week (onrates
N.H.,one year; C. G. Sanford of Bridgeport,
for the bonds for officers of Manchester,
On October 23 you were invited to submit
the informa- Conn., two years; Thomas P. Beal of Boston, three years;
to
addition
In
banks.
Reserve
Federal
12
the
of
and employees
it is anticipated that the Federal Class B—Charles G. Washburn of Worcester, one year;
tion then given,you are informed that
requiring the vault of the Federal
Reserve Board will make regulations
Vt., two years; Charles A. Morse
keys or combinations,one to be E. A. Morse of Proctor,
of
set
double
Reserve agent to be under a
C—Allen Hollis of Concord,
Class
the
the
hands
of
in
years;
other
three
the
agent,
Boston,
Reserve
of
Federal
In the hands of the
acting,or, in case of absence,
W. S. Hackney of Providence, two years;
year;
one
auditor: the deputy Federal Reserve agent
H.,
N.
substitute.
some other member designated to act as
Boston, three years. Florriman M.
will be in the vault of the Federal Frederick H. Curtiss of
The vault of the Federal Reserve agent
the vault of the Federal Reserve Howe, formerly cashier of the Old Colony Trust Co. has
of
charge
Reserve Bank and the men in
registering whenever the vault of the Federal been elected Cashier of the Boston Federal Reserve Bank
Bank shall keep a record book
record is to be kept with carbon copies
Reserve agent has been opened. A
of the following executive committee
or removed from the same. This and the appointment
concerning securities placed in the vault
Reserve agent's vault as a basis for the s announced: A. L. Aiken, Frederick H. Curtiss, Thomas
record shall remain in the Federal
one copy could remain in the hands of P. Beal and Charles A. Morse.
audit of the special examiner, while
records and the other
as a basis of his
the Federal Reserve agent to serve
of the Federal Reserve Bank to
one could be handed to the vault keeper
the general audit.
in
placed
and
him
by
countersigned
be
These are the officers to be bonded:
employees.
1.—Governor of Federal Reserve bank and staff of
2.—Federal Reserve Agent and his staff.
3.—Deputy Federal Reserve agent.
be required to give a bond
4.—The Federal Reserve agent will probably
both to the bank and to the United States.
The directors of the Federal Reserve Bank of Philadelphia
(District No. 3) have decided to lease the Western National
Bank Building, Chestnut Street above Fourth, for, a period
of six months as quarters for the new bank.
OCT. 31 1914.]
THE CHRONICLE
E. R. Faucher, President of the Union National Bank of
Cleveland, has been elected Governor of the Cleveland Federal Reserve Bank (District No. 4). The bank has taken
temporary quarters in the Williamson Building.
Joseph A. McCord, Vice-President of the Third National
Bank of Atlanta, has been elected Governor of the Atlanta
Reserve Bank (District No. 6). Charles A. Lylerly, President of the First National Bank of Chattanooga, has been
chosen as a member of the Advisory Council of the bank.
James B. McDougal was elected Governor of the Chicago
Federal Reserve Bank (District No. 7) on the 23d inst.
Mr. McDougal has been examiner for the Chicago ClearingHouse Association since 1906. Previously for five years he
had been a national bank examiner. George M. Reynolds
and James B. Forgan of Chicago and W. F. McLallen of
Columbia City, Ind., have been elected members of the executive committee of the Chicago bank.
Rolla Wells, former Mayor of St. Louis and present Treasurer of the Democratic National Committee, was chosen
Governor of the Federal Reserve Bank of St. Louis (District
No. 8) on the 28th inst.
Charles M.Sawyer has been made Governor of the Kansas
City Federal Reserve Bank (District No. 10). Mr. Sawyer
is at present State Bank Commissioner.
J. Howard Ardrey, Cashier of the City National Bank of
Dallas, has been elected to represent the 11th Reserve District (Dallas) on the Advisory Council.
THE COTTON LOAN FUND.
While the Federal Reserve Board has not up to the present
formally adopted the plan of the $135,000,000 cotton loan
fund, the apparent success of the plan is so far evident that
the Board made public on Oct. 27 the details of the plan.
The fund is to be administered under the direction of a committee known as the Central Committee and to be composed of individual members of the Federal Reserve Board.
The Federal Reserve Board makes the following statement
in the matter:
It is proposed to create in the manner hereinafter provided a fund of
approximately $135.000,000. to be known as the "cotton loan fund" and
to be used for the purposes herein stated.
RAISING OF FUND AND DIVISION OF SAME.
Subscribers to this fund shall be divided into two classes, to be designated
respectively as Class A and Class 13 subscribers. Class A subscribers shall
consist of banks or other corporations,firms or individuals located or residing
in other than the cotton producing States of Alabama, Arkansas, Florida,
Georgia, Louisiana, Mississippi, North Carolina, Oklahoma, South Carolina, Texas and Tennessee.
All Class A subscriptions shall be contingent upon the receipt of subscriptions of that class aggregating $100.000.000. Class B subscriptions shall
be made by banks or bankers located or residing in the cotton-producing
States above mentioned and as hereinafter more particularly explained,
no Class B subscriptions shall be required except as a condition of a loan
or loans to be made out of the fund to be created, and in such event subscriptions shall not be required to exceed 25% of the amount of the loan
applied for.
Each subscriber shall upon the payment in whole or in part of the amount
subscribed for receive a participation certificate, transferable on the books
of the committee, showing on its face the class of subscription represented
thereby and specifying the terms under which the owner will be
entitled
to share in the distribution of the moneys realized from the loans
made
from the fund created.
All Class A and Class 13 certificates shall bear interest at the rate of 6%
per annum, payable quarterly.
ADMINISTRATION OF FUND.
The cotton loan fund will be administered under the direction of a committee to be known as the Central Committee and to be composed of individual members of the Federal Reserve Board. The Central Committee
shall appoint a committee for the general administration of the fund to be
known as the cotton loan committee and shall delegate to such committee
such powers as may be necessary to properly carry out the purposes of
this plan.
The cotton loan committee to be named by the Central Committee shall
consist of the following: W. P. G. Harding, Chairman Washington:
Paul M. Warburg, Washington; Col. E. M. House, Austin, Tex.; Albert H.
Wiggin, New York: James S. Alexander, New York; James B. Forgan,
Chicago; Festus J. Wade, St. Louis; Levi L. Rue,Philadelphia; William A.
Gaston, Boston.
The cotton loan committee shall in turn appoint committees in each of
the cotton-producing States, the title of such committees to include the
name of the State in which such committee shall be required to act for the
cotton loan committee, and each State committee so appointed shall in
turn appoint local committees in sufficient number to safeguard the practical workings of the plan. All committees appointed to be subject to the
approval of the Central Committee and all committees to serve without
compensation of any kind.
The banks of New York have pledged themselves to subscribe 550.000.000
of the $100,000,000 of Class A certificates, provided the remaining $50,000,000 shall be raised within a reasonable.time, under the supervision of
the Central Committee, by banks in non-cotton-producing States.
LOANS FROM THE FUND.
All loans made from the fund created shall bear interest at the rate of
6% per annum,and all applications for loans must be made through banks
or bankers, who shall, in each instance, accompany the application for sneer
1263
loans with a subscription to Class B certificates in an amount equal to 25%
of the amount of the loan applied for.
The subscriber to Class B certificates applying for a loan for a customer
will not be required to indorse the note of such customer and shall not be
entitled or permitted to receive from such customer the payment of any
commission on account of obtaining such loan.
All such loans shall first be approved by the proper local committee, by
the appropriate State committee and by two members of the cotton loan
committee. When applications for such loans have been approved the
notes evidencing the same, together with the collateral required under the
terms of this plan, must be forwarded to the office of the cotton loan committee with instructions as to the disposition of the proceeds, and must,
as stated, be accompanied with the subscription of the bank or banker
forwarding the application to an amount of Class B certificates equal to
25% of the amount applied for.
In order to make the subscriptions to Class B certificates immediately
available, each subscription accompanied by an application for a loan must
be accompanied by a New York draft of the bank or bankers through which
the application is made, drawn to the order of the cotton loan fund or in
such manner as the cotton loan committee shall designate, said draft to be
for an amount equal to 25% of the loan applied for, and upon the granting
of such loan a Class B certificate for this amount shall be issued. In this
manner 75% of each loan will be provided by the fund obtained from Class A
subscribers and 25% from the Class B subscribers.
SECURITY FOR LOANS.
All loans shall be evidenced by notes in form approved by the cotton loan
committee, and shall be secured by cotton on the basis of 6 cents a pound
for middling, in addition to the guarantee fund hereinafter described.
As evidence of the security offered, each note tendered with an application for a loan must be accompanied by receipts of an approved warehouse
and by evidence of proper insurance. All cotton accepted as security must
be located in warehouses or other buildings under the ownership and control
of some person, firm or corporation other than the borrower and in approving such loans the local and State committees shall respectively pass upon
the sufficiency of such warehouse receipts and insurance and shall be
satisfied that such cotton is free from all liens except that created by the
loan or loans from the fund to the borrower for which such cotton is pledged
as part security for such loans and the committees approving such loans
shall likewise be satisfied that the cotton offered as security is of the grade
or quality specified in the application.
AU expenses such as warehouse charges and insurance premiums shall be
borne by the borrower.
BORROWERS' GUARANTY FUND TO BE USED FOR EXPENSES
OF ADMINISTRATION, ETC.
In addition to the security hereinbefore specified, every applicant granted
a loan from the fund shall pay to the cotton loan committee a sum equal to
3% of the face amount of the loan granted and the applicant shall authorize
the cotton loan committee to deduct or withhold this amount from the
proceeds of such loan.
All sums so paid, together with all interest earned from the investment
thereof, shall constitute a mutual borrowers' guaranty fund, to be used
(1) for the payment of expenses of administration, which, it is estimated,
will in no event exceed M of 1% of the loan fund created; (2) to make up
any deficiency in the amount available for payment of the Class A and
Class B certificates with interest, resulting from losses sustained by reason
of any loans made from the said loan fund or otherwise; the balance, including all interest earned thereon, shall be returned pro rata to the borrowers.
The cotton loan committee shall control the guarantee fund so created
and in its discretion may invest all or any part thereof in Class A certificates herein provided for.
APPLICATION FOR LOANS.
All applications for loans shall be made not later than Feb. 1 1915. and
all loans made shall mature on or before Feb. 1 1916; provided, however,
that the Central Committee in its discretion may authorize the cotton loan
committee to extend any or all loans for a period not to exceed six months
after February 1916, if in the judgment of said Central Committee conditions at that time justify such extension.
PAYMENT OF SUBSCRIPTIONS TO FUND.
Calls for payment of subscriptions to Class A certificates shall be made
as nearly pro rata as possible. In the event that on Feb. 1 1915 applications for loans shall not have been received to the extent of the full amount
subscribed the fund shall nevertheless be closed at the amount then applied
for and loaned, and Class A subscribers thereupon shall be released from
the payment of the balance of their subscriptions which have not up to
that time been called for. Provided always that the fund shall not be construed to have been established for any purpose until Class A subscriptions
shall have been received to the extent of $100,000,000.
As moneys become available for repayment to the subscriber they will be
applied against both Class A and Class B certificates, but the percentage
of reduction in the case of Class B certificates shall be one-half of that in
the case of Class A certificates until the amount of the latter outstanding
shall be reduced to the amount of Class B certificates then outstanding,
after which the percentage of reduction shall be the same.
For example, if a payment is made on the Class A certificates to the extent of 10% of the face amount of such certificates then outstanding, a
payment shall at the same time be made upon the Class B certificates to
the extent of 5% of the amount then outstanding.
Again, if a payment of the Class A certificates is made of an amount
equivalent to 33,5% of the amount then outstanding, at the same time a
payment on account of Class B certificates will be made of an amount representing 1 % of the aggregate of Class B certificates then outstanding,
which method of payment shall be continued until the amount of the two
classes of certificates outstanding shall be the same, after which all SWIM
distributed shall be divided pro rata among all certificate holders,regardless
of the two classes.
The amount of Baltimore's subscription to the $135,000,000 cotton pool has been fixed at $2,500,000. Mr.
Waldo Newcomer, President of the Baltimore ClearingHouse, states that it is not intended to confine subscriptions
to Baltimore, but anywhere in the district tributary thereto.
It is reported that steps are being taken in Philadelphia
towards raising the $10,000,000 reported as that city's
share
of the $135,000,000 cotton pool. Levi L. Rue, one of
the
General Cotton Committee, is stated to have under
consideration the names of the bankers whom he will ask
to serve
on the local committee.
1261
THE CHRONICLE
xcix.
evidence and the prosecution for violations of this Act, and the solicitors
Members of the Chicago Clearing House met on Oct. 28 of
are especially charged with the enforcement hereof.
and appointed F. H. Rawson, President of the Clearing
Section 4. The word "person" used in this Act shall be held to include
House and President of the Union Trust Co.; David R. For- partnerships, voluntary associations and corporations.
Section
5. This Act shall go into effect immediately upon its approval.
gan, President of the National City Bank, and W. T. Fenton, Vice-President of the National Bank of the Republic,
The members of the Arkansas Bankers' Association at a
a committee of three to handle subscriptions to the cotton
meeting
in Little Rock on Oct. 27 pledged themselves to
loan fund in that section. The Chicago section has been
subscribe two per cent of the capital stock of all the banks in
asked to contribute $20,000,000.
Arkansas to the cotton loan fund. This, is understood to
amount to $2,000,000. The wholesalers and jobbers of the
State are reported to have met in Little Rock on Oct. 22 and
MEASURES OF RELIEF FOR COTTON PLANTERS.
A newspaper dispatch says that a joint session of the two decided to contribute ten per cent of their capital and surplus
Houses of the South Carolina Legislature late Thursday night to the fund, amounting to more than $1,000,000. This
(Oct. 29) passed a bill for the submission to the voters on makes Arkansas' allotment $3,000,000.
Nov. 3 of the question of issuing $24,000,000 State bonds,
As a result of a campaign for a reduction of the acreage
the same, if approved, to be loaned to the cotton producers
of the State on their cotton. The Senate, as stated last planted to cotton in 1915 and diversification of crops, begun
week, passed a bill for the issuance of $35,000,000 5% in September last by the Atlanta Chamber of Commerce,
5-year bonds. It will be remembered that after the passage three thousand bank presidents, constituting a majority of
of this latter bond bill, it was arranged to send two members all in the cotton region, have signed a pledge "to extend finanof each body to Washington to confer with Secretary of the cial aid to farmers who reduce their cotton acreage one-half
Treasury McAdoo and determine whether currency would in 1915 and plant remaining land in food crops." They also
be issued against these bonds. The special committee of the promise "to discourage in every proper way the planting of
more than half this year's acreage in cotton next year and to
House made its report on Oct. 26 as follows:
"To the House of Representatives:
urge the supply merchants of their respective communities
"As your committee, with the Senate members, we laid two questions in
to adopt same policy."
doubt as to thc bond issue before the proper authorities in Washington.
This campaign is based on the fact that 30% of the cot"First. Will a farmer's note to cover an obligation contracted for agricultural purposes, secured by one of the proposed banks, be eligible for re• ton farmers are more or less dependent on banks or supply
discount by a member bank with the regional reserve bank and be eligible to
Heretobe placed as collateral by the regional bank with the reserve agent on which merchants for advances with which to make crop.
fore the average farmer to obtain credit had to show that he
to issue currency?
"The Federal Reserve Board informally gave its opinion that it could, would plant enough cotton to pay the debt. Now the bankand referred us to Mr. Elliott, their counsel, who gave it as his opinion
cotton
that it could be done, provided that the note showed that it was given for ers and supply merchants will insist on a reduction of
an agricultural or commercial purpose and matured within ninety or one acreage by one-half as a condition of credit. This is a rehundred and eight days, respectively.
versal of the credit system of the South and means an eco"Second. In re-discounting paper with the regional reserve bank are the
nomic revolution.
national banks limited to the amount of their capital?
Three thousand and ten pledges, with signatures of the
"The Comptroller of the Currency holds that they are not, but are limited
by the sound discretion of the board of directors of the regional bank.
bankers, have been received, and cards are still coming in.
"The Comptroller also suggested that our contemplated bond issue should
Texas, 225
be handled by a board of non-political business men, who would protect Of these pledges, 517 are from Georgia, 725 from
the interests of the State as well as see that the loan relieved the people who from Alabama, 269 from Arkansas, 114 from Louisiana, 177
needed it most, and the bonds would have a better standing in all quarters from Mississippi, 190
from North Carolina, 443 from Okla4f such were the case. Optimism is the attitude of mind of the Adminis.tration, and they feel and say that if we can hold until the market opens homa, 168 from South Carolina, 113 from Western Tennessee
and then market gradually, a living price can be obtained and the credit and 69 scattering.
,of the South can be saved; but to do that two things are necessary:
"First. Some uniform and responsible method of warehousing the cotton
Among other plans for the relieving the cotton situation
And issuing receipts therefor, which will guarantee the delivery of the
in the South is that providing for loans from the Federal
,cotton of the amount and kind described.
"Second. Carrying of the debts due against cotton until the market can Reserve banks. "Financial America" quotes James B.
be opened, and every effort is being made to open the markets of the world. Forgan,
President of the First National Bank of Chicago,
"We had a very satisfactory interview with the President, who is deeply
interested in our problem and sympathetic with the cotton producer, and as saying:
the
imThe general plan now being worked out, to be put in effect when the
who assured us that the Administration was profoundly sensible of
District Federal Reserve banks are opened within the next few weeks, will
portance of the questions now confronting the South. Respectfully.
place upon the individual member banks the responsibility of the individual
"W. F. STEVENSON.
"GEORGE W. DICK." • loans. This will keep the bankers on the sharp lookout, for while the loans
will be apart of the general Federal Reserve plan, each bank making a loan
A bill providing for a State system of warehouses, substan- will share the responsibility. The plan will also contribute to the imtially the same, it is said, as that passed by the Senate last portance of proper warehouse facilities and receipts.
week, was passed by the House on Oct. 27.
The question of reduction in acreage has, it is thought,
been finally settled. The bill dealing with this subject,
referred to in last week's issue of the "Chronicle," has been
amended in conference so as to eliminate all question as to
how many acres shall be planted to the animal or how many
bales shall be raised to the mule. It is now provided that
no more than one-third of the land planted and cultivated
shall be planted in cotton, which means that when a farmer
plants ten acres in cotton, he must plant twenty acres in
grain or something else. The text of the measure, as it is
said to have been agreed to, is as follows:
Section 1. That it shall be unlawful for any person by himself, his agents
or employees, to plant or cultivate in this State in any year a greater
number of acres of land in cotton than one-third of the total acreage of land
planted and cultivated in all crops by such person in said year, including
grain and fall-sown crops planted the preceding fall or winter.
Section 2. That any person violating the provisions of this Act shall forfeit as a penalty a sum of not less than $25 nor more than $100 for each
and every acre planted or cultivated in excess of the number herein allowed.
to be recovered in any court of competent jurisdiction in an action or ,
proceeding brought in the name of the State; and said penalty, when
recovered, shall be paid over to the county treasurer for the use of the
county in which the offense was committed. Said penalty and the cost
of the proceeding in which the same is recovered shall be a lien upon all of
the cotton crop of the person adjudged to pay the same, subject only
to lien existing prior to the passage of this Act and liens for taxes: Provided,
That the judgment for said penalty and costs be entered and enrolled in the
office of the Clerk of Court of General Sessions and Common Pleas as
other judgments are now allowed to be entered or enrolled where the
recovery is had in such court, and when so entered shall constitute a lien
on all of the property of the person adjudged to pay the same. And
provided further. That where the recovery is had in the magistrate court
the judgment be entered and enrolled with the same effect in the office
of the clerk of general sessions and common pleas as judgments of
magistrates' courts are now allowed to be entered and enrolled in said
office.
Section 3. That all sheriffs, sheriffs' deputies, magistrates, constables
and rural policemen shall be charged with duty of inspection, the production
Governor John M.Slaton of Georgia, in a long statement
to the people of his State, answers the criticisms of his stand
in declining to call a special session of the Legislature to
consider cotton relief measures and reiterates his decision
not to issue such call. He deems the plans as proposed unwise and, furthermore, unconstitutional. Regarding the
scheme to tax cotton he says the State constitution prohibits the selection of cotton as a class of property to be taxes
at a higher rate than other property. The plan of curtailment of acreage to cotton by enforcement by criminal statute
is equally unconstitutional. He says: "There is nothing
morally wrong in raising cotton. It may be bad judgment
to do so next year, but it cannot be maintained that the
Legislature has authority to make itself the farmer's guardian
in the management of his business, a business universally
conceded heretofore to be highly honorable."
He repeats his statement that Congress is the sourcefor
relief in the following:
relief of the
I stated over a month ago that Congress was the source of
receive all the
cotton growers. It is not fair that the Government should
benefits of their energy and productiveness and render no aid in time
of their need.
Who can justify a failure of the Government to supply enough money
for the legitimate necessities of the people when demanded on good security? Who but the Government can grant the money?
The Georgia State Department of Agriculture on Oct. 28
began substitution of cotton for jute twine in all its branches.
It is stated that as a result of the agitation for planting
more wheat in Tulsa County, Okla., that over fifty thousand
acres have been sown to this grain—an increase of 125%
over last season's acreage.
OCT. 311914.]
THE CHRONICLE
THE PRESIDENT'S THANKSGIVING PROCLAMATION.
The President's Thanksgiving Proclamation possesses this
year more interest than usual because of its reference to the
European war and its relation to this country. There is also
allusion to the opening of the Panama Canal. Here is the
text of the proclamation:
It has long been the honored custom of our people to turn in the fruitful
'autumn of the year in praise and thanksgiving to Almighty God for His
many blessings and mercies to us as a nation. The year that is now drawing to a close since we last observed our day of national thanksgiving has
been, while a year of discipline because of the mighty forces of war and of
change .which have disturbed the world, also a year of special blessing
for us.
It has been vouchsafed to us to remain at peace with honor and in some
part to succor the suffering and supply the needs of those who are in want.
We have been privileged by our own peace and self-control in some degree
to steady the counsels and shape the hopes and purposes of a day of fear
and distress.
Our people have looked upon their own life as a nation with a deeper comprehension, a fuller realization of their responsibilities as well as of their
blessings, and a keener sense of the moral and practical significance of what
their part among the nations of the world may come to be.
The hurtful effects of foreign war in their own industrial and commercial
affairs have made them feel the more fully and the more clearly their mutual
interdependence upon one another an has stirred them to a helpful cooperation such as they have seldom practiced before. They have been
quickened by a great moral stimulation.
Their unmistakable ardor for peace, their earnest pity and disinterested
sympathy for those who are suffering, their readiness to help and think of
the needs of others, has revealed them to themselves as well as to the world.
Our crops will feed all who need food, the self-possession of our people
amidst the most serious anxieties and difficulties and the steadiness and resourcefulness of our business men will serve other nations as well as our
own.
The business of the country has been supplied with new instrumentalities and the commerce of the world with new channels of trade and intercourse. The Panama Canal has been opened to the commerce of the
nations. The two continents of America have been bound in closer ties
of friendship. New instrumentalities of international trade have been
created which will be also new instrumentalities of acquaintance, intercourse and mutual service. Never before have the people of the United
States been so situated for their own advantage or the advantage of their
neighbors or so equipped to serve themselves and mankind.
Now, therefore, I, Woodrow Wilson, President of the United States of
America, do hereby designate Thursday, the 26th of November next, as a
day of thanksgiving and prayer and invite the people throughout the land
to cease from their wonted occupations and in their sex eral homes and places
of worship render thanks to Almighty God.
In witness whereof I have hereunto set my hand and caused the seal of
the United States to be affixed.
Done at the city of Washington thLs 28th day of October, in the year of
our Lord one thousand nine hundred and fourteen, and of the independence
of the United States of America the one hundred and thirty-ninth.
1265
protestation be prevented by force maieure. f. 1., if the place of protest is
occupied by the enemy, and the possibility of protestation therefore excluded: if a regular mail service with the place of protest has ceased to
exist: if protestation is prevented by legal provisions made abroad (especially in case of a general moratorium), a further delay is excused up to the
fourteenth day after its cause has been removed. Whether the holder
avails himself of the delay granted or not, is merely at his option; the
parties appearing on the bill have no claim to it, the above measures being
intended only for the protection of the holder.
Similar provisions have been made concerning cheques.
In order to safeguard the foreign drawers of bills on Germany, experiencing considerable difficulties under present circumstances to secure remittances for the protection of their drafts at maturity, it has been provided
that foreign bills drawn before July 31 1914 and due thereafter, if payable in
Germany,are only to be presented for payment three months after the day
of their original maturity,I. e., a bill originally due Aug. 15 will now fall due
on Nov. 15. There are included by this provision also the bills payable on
demand or at a fixed period after sight. Bills on demand must consequently
be presented for acceptance, and, if dishonored, be protested for nonacceptance. Foreign bills prolonged by three months bear 6% interest
from the original maturity. The obligation to pay the interest rests with
both the acceptor and the other parties to the bill. The above-mentioned
provisions concerning inland bills will_also be applied to foreign bills with
deferred due-date.
As a counter-measure against the moratoria of many foreign countries,
the German Federal Council has Issued a proclamation, according to which
foreigners and foreign corporations (joint-stock companies, business firms,
&c.) may not before Oct. 31 1914 assert claims before German law
courts.
which have arisen before July 31 1914. Law suits of foreigners
already
pending against Germans to enforce such claims are suspended until Oct. 31
1914.
The procedure of the English and French banks has caused further
measures which are expressed in the following circular of the Berlin banks
to their customers:
"The English and French banks declining to discount and present for
payment bills of exchange on England and France if they bear a German
endorsement, even if such bills have been endorsed by German firms
to neutral foreign countries, we beg to inform you that in the interest
of our country we must likewise decline to receive for presentation or to
discount bills on Germany (including our own acceptances) which reach us
from abroad(including friendly and neutral countries) if they bear endorsemerits from a country being at war with Germany. This rule will not
apply, however,if the sender agrees that the equivalent of such remittances
is credited to him on a special account, carrying interest at the rate of 4%,
and that he will not dispose before the end of the war of any amount thus
placed to his credit."
Berlin. September 30 1914.
DEVELOPING FOREIGN TRADE.
According to James A. Farrell, President of the United
States Steel Corporation, the problems at present confronting the export and import trade of the United States are
largely due to the inability of the foreign buyers to finance
transactions on a credit basis, due to straightened financial
conditions in many export markets. With regard to shipGERMANY'S ECONOMIC CONDITION.
The Deutsche Bank, under date of Berlin, Sept. 30, issued ping facilities, Mr. Farrell points out that many more
a circular summarizing the measures taken in Germany for vessels than those already admitted to American registry
dealing with the situation growing out of the war. We would doubtless be transferred to the American flag if prudent revision of our navigation laws were made, rendering
re-print this circular herewith:
operation of American vessels possible on a basis fairly
There is no moratorium in Germany.
The country's financial structure stands strong and unshaken, as is best competitive with ships of other nations; until this be done,
shown by the fact that the banks in Germany have not for one moment
he declared, capital cannot be expected to purchase or build
closed their doors and have had no difficulty in paying out without limitation any amounts their customers wished to withdraw. There have been ships and operate them at a loss in over-sea trade. Mr. Farno failures of any significance.
rell's remarks were made at the Fifth Annual Convention
• Savings banks in Germany have likewise without interruption continued
Manufacturers' Export Association held
to make payments according to their regulations. The withdrawals imme- of the American
diately before and after the beginning of the war, which to a large part at the Hotel Biltmore this city on the 22d inst. We quote
were caused by the immediate needs of the soldiers, were soon followed by the following from his address:
considerable
cash deposits.
The discount rate of the Imperial Bank was raised at the outbreak of the
war from 4% to 6% and has since remained unchanged. The
banks pay
on deposits on call and 5% for three months' deposits.
3
The result of Germany's war loan vastly surpassed the expectations
of the
most optimistic, not less than 4.460,728,900 marks having been
subscribed
for. In view of this surprisingly large amount, the dates of the later
installments have been postponed. All these subscriptions are genuine, the
subscribers having been aware that the total amount subscribed would be
allotted. This huge success has been obtained wholly from within
Germany, no invitations to subscribe having been sent abroad.
The situation in Germany is characterized also by the movement of the
retail prices for foodstuffs, which show no rise at all in many cases. Where
prices have risen, they mostly keep below the highest points touched in
recent years.
In order to meet the changed conditions ruling at present, some special
measures have been provided, of which the following may be of interest:
With a view to better securing the gold stock of the Imperial Bank the
Bank Act has been modified to the effect that the Imperial Bank at present
is not obliged to redeem bank notes in gold. In this connection it ought to
be mentioned, however, that the gold stock of the Imperial Bank is now
larger than it has been at any time before. The gold stock amounted to:
1,676 million marks on Sept. 23 1914 1,180.million marks on Sept. 23 1913
Aug. 31 1914 937 "
"
Sept. 23 1912
1 556
July 31 1914 816 "
"
Sept. 23 1911
1'253 "
"
Dec. 31 1913 756 "
"
Sept. 23 1910
1:170 "
The large increase recorded since the outbreak of the war is due, apart
from the transfer of the Imperial war treasure of about 205 million marks
to the Imperial Bank, to the reflux of coined gold. temporarily withdrawn
from circulation. An enormous amount of gold, estimated by some at
1.500 million marks, still remains in circulation and in the hands of the
public. The bank notes in circulation at present are covered in gold
and legally admitted substitutes to the extent of 46.4%,thus considerably
exceeding the required minimum of 33 1-3%; the cover in gold alone
amounts to not less than 42%•
The legal provisions concerning bills of exchange have been modified as
follows: Dishonored bills, which hitherto had to be protested not later than
on the second business day after the due date of the bill, may now lawfully
be protested also within the thirty days following. In certain frontier
districts the delay in protesting may be extended to ninety days. Should
"Manufacturers and merchants have been exhorted to expand their trade
activities in markets supposedly vacated by the warring nations. Many
articles are written which indicate a lack of knowledge of the conduct of
the world's business, and it does not appear to be generally recognized
that the changed conditions as a result of the shock to the financial and
credit systems of the world involve more than a casual survey of the intertrade relations of all nations.
"Bankers have learned that credit is an international commodity, and
producers, whether engaged in farming or manufacturing, are now conscious of the fact that it requires an exchange of commodities between
countries to maintain equilibrium of gold exchange. It is apparent that
even a neutral nation cannot materially profit when a world-wide contraction exists of the mechanism of credit and the cost of foreign exchange.
The problems at present confronting the export and import trade of the
United States are largely due to the inability of the foreign buyers to
finance transactions on a credit basis, due to straightened financial conditions in many export markets. This is particularly the case with some
of the larger South American countries, whose governments, in order to
avoid general bankruptcy, declared moratoria, resulting in decreased
buying power, which can be stimulated only by the establishment of credits
from the proceeds of their exported products.
"When hostilities forced the European merchant fleets to remain within
the harbors of the world, not only was our oversee trade abruptly halted,
but the resultant shock to Atlantic. Gulf and Pacific sea-ports disrupted
the railroads and dislocated domestic commerce, as well as clogging the
arteries of transportation and finance.
"Our commerce, supposedly neutral, suffered as though it were that of a
belligerent. The utmost exertions of the Government and of finance
and industry were brought into play. Just when a resumption of former
prosperity seemed assured.because ofour bountiful crops,it became necessary to apply for the first time the provisions of the Emergency Currency
Act. Deprived of its normal outlets for cotton and other natural commodities, as well as manufactures, the nation was literally
overstocked
with commodities of all kinds. The initial severity of this
congestion was
to some extent relieved by the enactment by Congress of laws
permitting
the transfer to American registry of foreign-built ships and
the creation of a
Government bureau of war risk insurance.
"At present there is no lack of shipping facilities, as
there are more ships
than cargoes to all parts of the world. Our trade is not
halted through lack
1266
THE CHRONICLE
of transportation, but we should analyze this apparent security. The
greater part of our oversee commerce is still being carried in foreign ships,
and is. therefore, vulnerable to the hazards of war. Up to the present 77
foreign-built vessels, aggregating 275,000 tons, have been transferred to
American register, a comparatively small number when it is considered that
upward of 2,500,000 of foreign-flag tonnage is owned by Americans; but
many more vessels would doubtless be transferred to the American flag if
prudent revision of our navigation laws were made, rendering operation
of American vessels possible on a basis fairly competitive with ships of other
nations, and, until this is done, capital cannot be expected to purchase or
build ships and operate them at a loss in oversee trade. We need more
liberal navigation laws rathe: than subsidies.
"The Federal Reserve Act has been described as designed to make credit
available to every man with energy and assets, and it is to be hoped that
this will be true of the foreign aspect of our banking also. We know from
the experience of the foreign branches of European banks that time and
experience are necessary to develop the efficiency and extensive resources
of such institutions. Bankers are not needed in foreign markets merely
to buy and sell exchange, but to do business in the countries in which they
are located and to assist in developing their resources and promoting
exports, imports and Investment. It remains to be seen how far the
Federal Reserve Board will permit national banks, with their definite
domestic responsibilities, to engage, through their foreign branches, in the
diversified enterprises by which European banks,organized solely for fore*
business, seek to aid the foreign trade of their nations.
"It should be impressed upon our bankers, as well as upon our merchants
and manufacturers, that, unless some steps are taken to insure uninterrupted continuance and development of our foreign trade, there will be an
unfavorable effect upon our domestic situation. We should keep our cornMercial pores open by facilitating trade, and in this the Federal Reserve
Board will undoubtedly be of great assistance, if representations are made
by merchants and manufacturers looking to the Board taking up the
question with the bankers of the nation. Many countries are now turning
to the United States for funds. Future opportunities in foreign markets for
Our manufactures may be seriously lessened unless investment develops."
The convention adopted the following resolution:
Resolved, That the present situation affords us an impressive example
of the vital necessity of an American mercantile marine, and we indicate
our friendly possition toward existing lines and toward wisely considered
measures by private enterprise looking to the establishment of further lines
flying the American flag.
Inan addx ess delivered before the Rtinois Manfacturers
Association at Chicago, in annual session on the 27th,
Willard Straight sought to impress upon his hearers the
great foreign trade opportunity presented to us to-day.
"Our real opportunity," he said, "lies in our suddenly awakened consciousness that, after all, we cannot hold aloof
. . . but must play our part in a world game. The
war has granted us a breathing spell in which to look strange
new facts in the face; to take stock in our abilities,to
overhaul the existing and to construct new machinery for
carrying on our foreign trade. The European struggle,"
Mr. Straight remarked, "has not brought us a lottery
prize; it has given a job in which it is up to us to make
good." In part Mr. Straight said:
The war has been responsible for a great awakening. Our friends in the
Southern and Central States, who have heretofore little heeded the fact
that their real markets were not Philadelphia or Galveston, New Orleans
or New York, have suddenly found their interests directly affected by the
conflict on the other side of the Atlantic.
Although sufficient bottoms are available at the present time, the complications regarding contraband and neutrality have demonstrated the
desirability, if not the necessity, of building up an American merchant
marine, the existence of which would have done much to maintain uninterrupted shipping facilities with Europe and have enabled us to carry
on our trade with neutral countries.
It has been impossible profitably to operate vessels (except under our
coastwise monopoly) under the American flag because the cost of labor
left no margin of interest return on capital invested.
The present navigation laws are designed to maintain the wage scale
and living conditions felt to be the due of Americans at sea. There are few
labor-saving devices in steam navigation, and even if there were,the owners
could not avail themselves thereof, because our navigation laws stipulate
that they must employ more, rather than less, men than are required to
Operate foreign-owned vessels.
Under such conditions investment in steamship lines has offered little
inducement to American capital. Government ownership of ships would
seem open to the same objections which have been urged against ship subsidies. Those most familiar with this subject (among which number I
do not include myself) therefore contend that the most direct and practical
way in which to create an American merchant marine would be to modify
our navigation laws that American ship owners may operate on a labor
cost which will enable them to compete with the other maritime nations.
Until we do have a merchant marine our export trade will be dependent
upon foreign bottoms, and, as in the present case, very largely upon the
ability of the British Navy to retain conunand of the sea.
The opening of branch banks in South America and the Far East, by
making possible the establishment of a dollar exchange and the creation
of commercial paper which should find a market in this country when the
provisions of the Federal Reserve Act become operative, should greatly
facilitate our trade. Our ability to build up new markets, however, will
depend upon the readiness of our investing public to furnish capital for the
development of our customers. American investors in loans to European
Powers or to Japan would derive merely their interest return. There
would be no collateral benefits to the country at large and the funds obtained would be utilized by the borrowing nations in building up the very
industries with which our own manufacturers must compete. We should,
therefore, now begin to consider whether, when the proper time comes,
we will utilize our loaning power to assist the recovery of our competitors
or to build up customers in South America and the Far East, where the
interest to be earned would be attractive to us and at the same time fair
to the borrowing nations.
It should be realized that our investing power will be in the future by
comparison greater than ever before, and we should regard it in the aggregate as a national asset, to be utilized for the benefit of the United States
as a whole, as well as for the profits of the individual investor.
Our Government should not be called upon to protect our fellow Americans who desire to exploit our neighbors, but support for legitimate enterprises abroad should be assured.
[VOL. XCIX•
Great wars have almost invariably served to stimulate industry. It is
ridiculous, therefore, for us to believe that our competitors will be handicapped permanently by the conflict in which they are now engaged. On
the contrary, they who are already trained to foreign trade,who have longestablished connections abroad and a Just appreciation of the relations of
sea commerce and domestic prosperity, will be stimulated to new efforts
by the pressing need of recovering from the effects of the present struggle.
We in this country have been prodigal, thoughtless and careless because
of the very magnitude of our national resources. We have developed a
remarkable initiative and intelligence, because the scope for our enterprise
has been so vast. We are as a nation, however, just beginning to learn
the necessity of thinking, not individually, but collectively, of co-operating
for the common, instead of striving each for our own, good.
"A great foreign trade opportunity is to-day presented to us. We are
not, however, invited to enter an El Dorado. There is no 'New West'
opening to our endeavors.
"Our competitors are less active than they have been in the past. They
will, for some time to come, be handicapped by the results of the war, but
their recovery from its effects will be more rapid than some of us are
now led to believe.
"Our real opportunity lies in our suddenly awakened consciousness that.
after all, we cannot hold aloof, but, whether we will or no, must play our
part in a world game. The war has granted us a breathing-spell in which
to look strange new facts in the face; to take stock of our abilities, to
overhaul the existing and to construct new machinery for carrying on
our foreign trade. The European struggle has not brought us a lottery
Prize; it has given us a job in which it is up to us to make good. This is
our foreign trade opportunity."
Max May, Vice-President'of the Guaranty Trust Co. of
New York, and an authority on foreign trade, in taking an
encouraging view of the situation, is quoted in the New
York "Sun" of the 25th inst. as saying:
"Exports are increasing, imports are decreasing and I expect that in a
short time the trade balance will have swung in our favor. Large orders
are being daily received by our leading manufacturers for all the materials
used by the armies in the field—automobiles, clothing, food supplies, ammunition, horses, mules. Credits established with the banks here by the
commissioners of foreign countries are large and are Increasing.
"Imports are lessening perceptibly. The money that Americans usually
spend in Europe in travel, in remittances, is much reduced. Freight payments to Europe are declining as we increase our own shipping facilities.
Of course it must be remembered that we shall suffer from the low price
of cotton, which would return us only half of normal receipts even If the
full volume of the crop were shipped.
"One of the most encouraging signs of the times is that South America,
China, Japan, are increasingly drawing their bills on this market directly
instead of on London, as formerly. Our debt to Europe is thus being
lessened. The amount of this dollar exchange that has developed in recent
months I cannot estimate definitely, but it is in the millions.
"The situation is encouraging. If Europe sells securities, of course a
new condition would be brought about. It is a question how long the big
trade now developing can be held when the temporary conditions of the
war are at an end. To hold the South American and Oriental trade we
must lend. These countries are used to doing their business with Europe,
for it is there that they get their money.
"This country is not in the habit of saving to lend. There is a tendency
on the part of the individual to live well up to income. The people of the
United States have a splendid opportunity now to develop this habit and to
take an increasingly vigorous place in the trade of the world. Personal
economy is one of the fundamental factors in the question of whether or
not the United States will develop and increase the trade that is now coming
this way."
THE FREIGHT RATE CASE.
Arguments upon the re-hearing of the Eastern 5% rate
advance case were presented before the Inter-State Commerce Commission on Thursday and were concluded yesterday (Friday). The chief argument for the carriers was
made on Thursday by George S. Patterson of the Pennsylvania RR., and he was followed by J. L. Minnis of the
Wabash, 0. E. Butterfield of the New York Central, and
others, who dealt with specific phases of the case.
Reviewing arguments presented to the Commission by
counsel for the thirty-five Eastern railway systems seeking
the advance in freight rates, Louis A. Brandeis, the Commission's special counsel, declared the only new fact adduced by
the carriers to justify their plea was the European war. No
specific showing had been made, he said, as to the injustice
of any existing rates, and he expressed the opinion that if the
Commission saw fit to grant the advance, thereby modifying
its previous ruling, it would exceed its legal powers and invade the province of Congress to declare Governmental
policies. Amplifying his position, Mr. Brandeis presented a
table compiled from the statistics introduced by the carriers
in
to support their claim that revenues had fallen off greatly
the fiscal year 1913-14 and in July and August of the current
an
year. This indicated, he said, that while there had been
actual
the
August,
last
,000,000 decrease in gross revenue
The
result had been an increase of $600,000 in net revenue.
European
the
to
due
was
said,
he
revenues,
decrease in gross
in business
war without doubt, and with the decrease
because of idle
cost
capital
in
increase
an
go
would
handled,
one upon
equipment. Yet, that element, he argued, was
of various witwhich the Commission had only the opinion then is," he
nesses as to its duration. "The question
determination of just
added,"if it is an element on which the
Bankers had
and reasonable rates may properly be based."
said, to
Brandeis
Mr.
Commission,
the
before
appeared
OCT. 31 1914.1
THE CHRONICLE
show that railway credit abroad was declining and th rate
of interest they must pay for new capital going up, a condition
which might last several years after the war ended. This
also was classed as a field of consideration outside the
Commission's proper scope; but Mr. Brandeis insisted that
even if considered, it would have little bearing. The total
of railway obligations to be renewed within the next twelve
months, he explained, was $500,000,000, on which an advance in the interest rate of 1% would mean only $5,000,000.
This he insisted should be distributed over the billion and a
half in annual revenue of the carriers of official classification
territory. As to the decline of credit, repeatedly urged by
witnesses as a reason for an advance in rates to safeguard
securities held abroad, Mr. Brandeis asserted it had no bearing upon the reasonableness of rates, "but only upon the
financial policy of the Government, with which another
Government agency is called upon to deal."
Mr. Brandeis was followed by F. B. James and F. E.
Paulson, representing shippers of brick and tile; Frank Lyon
and Charles M. Johnston, appearing for Pennsylvania coal
producers; Luther M. Walters, in behalf of lumber and livestock shippers, and Rush Butler, counsel for the Chicago
Association of Commerce. All maintained that nothing had
been brought out at the new hearings to justify the advance
of any specific rate, and that the relief sought by the carriers
was beyond the legal power of the Commission to extend.
That the returns for the year ended June 30 1914 indicate
that even before the war crisis there was "something fundamentally wrong with the railroad industry," was the text
of the opening argument delivered before the Commission
by Mr.Patterson, General Solicitor of the Pennsylvania RR.
The substance of Mr.Patterson's argument was as follows:
1267
submitted no evidence relating specifically to coal rates as
distinguished from the general body of rates, Mr. Butterfield, Assistant General Solicitor of the New York Central
Lines, argued in substance as follows:
The observation of the Commission that larger cars must have reduced
the cost of transportation is perhaps worthy of consideration in respect
to coal, but that is no reason for saying that coal must be excepted from a
general advance in freight rates made to replenish net revenues which have
been found to be so low as to conflict with the public interest.
Cost is doubtless a factor to be considered in the determination of the
question of the reasonableness of a rate, but it is not thecontrolling factor.
This has been held by the Commission over and over again.
While the cost of the service may be, and doubtless is, a factor entitled
to careful consideration in a case involving a single rate where traffic and
commercial considerations are likely ultimately to control, in a case like
this, where an entire fabric of rates is involved and where, as pointed out
by Commissioner Prouty in the 1910 case, financial considerations are
likely to control, the element of cost is of even less importance.
Much,if not most, of the increased property investment in the last few
years has been induced by the desire to facilitate the movement of coal.
The Magnolia cut-off on the Baltimore & Ohio would probably never have
been made had it not been for the desire of the Baltimore & Ohio to facilitate
the movement of coal, and a finding that coal should be excepted from a
general advance in freight rates is to ignore a multitude of influences
making for higher cost, and particularly to ignore the additional investment
upon which an additional return must be earned.
The carriers in this proceeding have proved their need for greater net
revenue in the public interest, and the Commission,in view of that need,in
the public interest has granted a very general advance in a portion of the
territory.
The only reason given for the elimination from that general advance of the
coal rates is the fact that larger cars have been used in the transportation
of that commodity, tending to reduce the cost of such transportation. All
considerations making for higher cost have apparently been overlooked.
The inadequacy of net revenue which has been established by the carriers
and found by the Commission raises a presumption that the value of the
service to the shipper has so increased as to justify the elevation of the
entire fabric of freight rates to a higher plane, leaving alleged unjust discriminations to be passed upon separately on the higher plane,just as they
would have been passed upon in due time on the lower plane.
In reference to the suggestion of the Commission that the
The carriers do not urge that the Commission should grant the relief carriers increase their revenues by other than a general adwhich is asked for as a matter of grace. They do not claim that it is the vance of 5% in freight
rates (estimated by the carriers to
duty of the Commission to increase rates on the general principle of promoting the prosperity of those industries whose prosperity is dependent yield perhaps $50,000,000 in gross earnings), the railroads
upon the welfare of the railroads, regardless of whether or not the proposed this week presented to the Commission an estimate as to the
rates are reasonable. The carriers recognize that it is the function of the possible revenue which may
result from advances and reforms
Commission to determine what are reasonable rates, in view of all the cirallowed and suggested by the Commission in its opinion
cumstances of the case.
They do claim, however, that in this case they have shown the proposed handed down July 29,and which the carriers plan to put into
rates to be just and reasonable in that these rates are required to supply
effect. This statement shows that, assuming gross business
a part of that inadequacy of the carriers' present revenue which has been
found to exist and the existence of which is admittedly contrary to a sound remain as it was in the fiscal year 1914, the railroads in this
public policy. They further urge that the plight of the railroads is one of territory will gain from these advanced freight rates and rethe gravest dangers in the present situation, not only by reason of the vital
approximately
importance to the community that its transportation machinery shall at forms in practice revenues amounting to
all times be in a state of health and of efficiency, but also because railroad $9,000,000, or 1% of the gross freight revenues of all the carcredit is the very backbone of the investment structure, now so gravely riers which originally joined in the application for the 5%
threatened by the present emergency.
in
For this reason they consider that nothing can be done more effectively advance and from the advances, present and proposed,
to promote the welfare of the country as a whole at this time than to relieve passenger rates about $3,000,000. The statement embodyupon the broadest possible lines open to the Commission trouble that is ing this estimate, presented on behalf of the carriers by Mr.
at the heart of the railroad industry.
York
The Inter-State Commerce Commission estimated in its former decision Butterfield, Assistant General Solicitor for the New
In the rate advance case that the 35 railroad systems In official classifi- Central Lines, in substance was as follows:
cation territory would probably earn "as low as 4.35%" on their investAssuming that all the proposed modifications of rates in Central Freight
ment in road and equipment,the actual figures now available show that the Association territory are made and that business continues in relatively the
return was 3.99%, the lowest figure in the last fifteen years.
same volume, the Erie Railroad estimates that the 5% advance allowed in
The complete returns for 1914 show for the 35 systems—in round figures— Central Freight Association territory will yield to it $79,000 per year in
dollars—
of
An increase in total capital obligations of 159 millions
revenue, and that the proposed advance in passenger rates will yield the
An increase in property investment of 249 millions—
Erie $130,000.
A decrease in operating revenues of 48 millions—
The Pennsylvania Lines east of Pittsburgh estimate that advances in
An increase in taxes of 3 millions-commodity rates will yield $401,000. reforms in practices $170,000, and
A decrease in net operating income of 76 millions-.-that increases in Central Freight Association territory which were permitted
A decrease in dividends paid of 12 millions—and
over into Trunk Line territory will yield $106,000. thus making
A decrease in surplus over dividends of 84 millions, the surplus of nearly to extend
$677,000 per annum for the Pennsylvania Lines east of Pittsburgh.
78 millions in 1913 having disappeared and a deficit of 8 millions being a total of
or of 4-10ths of 1% of their gross freight revenue.
shown in 1914.
The Baltimore & Ohio estimate a total increase of $1,246,200, including
With reference to the suggestions of the Commission in the 5% advance in Central Freight Association territory, the advance on
its former decision as to how the carriers might obtain addi- commodities and reforms in practice.
increases
The Pennsylvania Lines west of Pittsburgh estimate that the
tional revenue without a horizontal increase in freight rates, allowed
or suggested will amount to $1,300,000 per annum, or 13'5% of
Mr. Patterson pointed out.
their gross freight revenue.
the
That many of the practices such asstorage,re-consignment, trap or ferryAdding together these estimates, and taking the percentage which
car service have been in existence for many years, and their curtailment, gross revenues of these lines bear to the gross freight revenues of the entire
or the imposition of additional charges will meet the bitter opposition of territory, it is found that the entire advance allowed by the Commission
shippers generally, and will doubtless be made the subject of separate in- and contemplated in these reforms, will, if the rates are made effective, yield
carriers
quiry by the Commission.
about $8,000,000 per year, or 1% of the gross freight revenues of all
That the tariffs filed by the carriers upon the recommendation of the in Official Classification territory.
Commission cancelling "allowances" to industrial railroads, had been in
On Thursday Mr. Minnis, counsel for the Wabash, became
some instances set aside by the Public Service commissions of New York.
in frequent exchanges with Commissioners Cleminvolved
Pennsylvania, Ohio and other States.
That the charges for "spotting" cars on plant railways suggested by the ents, Meyers, Clark and Hall in his efforts to show it was
Commission had been suspended by the Public Service commissions of within the legal powers of the Commission to extend relief for
New York, Indiana and Illinois, as well as by the Inter-State Commerce
the purpose of safeguarding railway credit. Commissioner
Commission itself.
That the Western trunk lines had filed tariffs imposing additional charges Clark asked if it was contended that the Commission should
for the trap or ferry-car services at Chicago, which charges have been sus- go beyond a consideration of the reasonableness of rates as
pended by the Inter-State Commerce Commission, as well as by the Public
compared with the cost of the service rendered. Mr.
Utility Commission of Illinois.
A bare recital of these facts is sufficient to indicate that no substantial Minnis insisted it should. The policy of the Government
relief to the carriers can be accorded in the near future from changes in was for the operation of railroads by private capital, and
practices on the lines above indicated.
he said, if new capital
That there is no possibility of securing from these sources, in the near the increases asked were imperative,
future, the relief which is so urgently demanded by the carriers.
was to be obtained. Commissioner Clements asked if
It is therefore submitted that a consideration of all facts including those counsel thought the Commission should increase rates from
arising since the former hearing show conclusively that the needs of the
carriers can only be met practically by the remedy of a general advance time to time to make good impairment of credit from finanin freight rates.
cial mismanagement. Mr. Minnis said disclosures as to
In reply to the contention that there should be no increase mismanagement should be dealt with in Congress or else
in freight rates on coal for the reason that the carriers had where.
1268
THE CHRONICLE
Illustrative of the significance of the claim of the railroads
that the difficulties of securing new capital and of refunding
old issues will be greatly increased as a result of the war in
Europe, the Eastern railroads filed with the Commission a
statement of the aggregate amount of securities maturing
during the fiscal years ending June 30 1915, 1916 and 1917,
respectively, for those railroads now asking an increase in
freight rates. These railroads alone, it is stated, must pay
off or refund a total of $537,000,000 during the next three
years. Of this amount, $325,000,000 are represented by
short-time notes, debentures and plain bonds. Of mOrtgage
bonds, $26,000,000 will mature; of collateral trust bonds,
$62,000,000; of equipment obligations, $92,000,000; of receivers' certificates, $30,000,000. By far the greater portion
of these maturities will become due before June 30 1915, the
total amount which must be refunded by that time being
$320,000,000, of which $220,000,000 are notes, debentures
and plain bonds. Out of $537,000,000 due by all of these
railroads, $303,000,000 represent obligations of the three socalled typical systems, namely the Pennsylvania, Baltimore
& Ohio and New York Central Systems. These companies
alone must pay off $174,000,000 before June 30 1915, and of
this amount,$156,000,000 is represented by short-time notes,
debentures and plain bonds.
At yesterday's hearing Clifford Thorne, representing
various shippers' associations, summed up opposition to the
advance. He said nothing new beyond the European war
had been brought out to justify the renewed appeal. He
asserted the financial statements for the current year, filed
by carriers to support statements of inadequate revenues,
afforded no fair basis for comparison with preceding years,
because the entire policy of the roads as to rules of accounting
maintenance charges had been altered.
He said the 1914 charge showed great increase despite
falling revenues, while previously those two items had always
moved in the same direction.
George F. Brownell, of counsel for the railroads, devoted
much of his argument to the power of the Commission to
grant the relief sought on the general showing made at the
re-hearing. He said Congress had empowered the Commission to reverse itself if new facts warranted, and declared
the previous ruling denying increases would have been
greatly altered had conditions been as they now are. Mr.
Brownell read a cablegram from Ambassador Gerard at
Berlin, which compared Prussian and American freight
rates, showing the latter to be lower, and said the Ambassador had been informed by the director of the Deutsche Bank
that confidence of investors in American securities was
shaken by rising wages and reduced freight rates.
Commissioner Meyer insisted the figures could be of no
use to the Commissioner, as no basis for comparison of rates
was furnished.
[VOL. xenr.
A MUDDLED POLICY.
Here is a message for Senator James A. Reed to carry back with him
to the nation's capital. We intrust the message to Senator Reed because
he has so far proved himself to be a representative who represents ideas
rather than narrow party policies.
The present government of the United States is suffering from too much
nexperience, too much theory, too much experiment. The message we
deliver to Senator Reed has to do, concretely, with one phase of misgovernment that is leading Reed's party and the country at large into the worst
situation that has come upon them since the days of the Civil War. The
policies at Washington seem to be and are, in effect, without singleness
of purpose, unless that purpose is to bring about chaos, which we refuse
to believe.
The other day a Judge of the United States court,a man ripe in knowledge
of law and his country's development, issued an order to the receiver of
the Wabash Railroad,instructing him to apply to the Interstate Commerce
Commission for authority to raise the Wabash Company's rates. Without
looking further, we find here a Jumble of authority and policy that, if
It were duplicated in a private business enterprise, would bring about
an immediate reorganization and wholesale dismissals.
One branch of the Government supported by State legislators here and
there throughout the country, makes it practically impossible for railroads
to pay their expenses, while another branch, the Judicial, specifically orders
ts appointee, the Receiver, to appeal in turn for help from the Source.
Thus do we find the Government operating an endless chain of difficulties.
It takes no learned mind to see that either the judge who ordered the
Wabash receivership to apply to the Inter-State Commerce Commission
for higher rates is wrong, or that the branch of the Government that forced
the low rates is wrong. We do not have to be told that Judge Adams is
right. We do not have to be told that Receiver Pryor should be allowed
the rates for which he has been instructed to apply.
We should know, however, who is responsible for this chaotic condition:
who is responsible for this muddled policy, and whether there is in this
country a leadership big enough and strong enough and intelligent enough
to unravel the tangle and suggest a definite way out.
It is hardly necessary to point out that dead railroads mean dead commerce, a great reduction in the demand for steel and lumber, the railroads being the greatest purchasers of these commodities; and with the
falling off for a demand of steel and lumber the very vitals of our industrial machinery are pierced _and the wheels stopped.
It may not be locally popular at this particular moment for Senator
Reed or any other Democratic loathe to take a stand against the processes
that have brought about this deplorable condition, but, whether
Senator Reed takes it or whether it is left for some other man to take, that
man will come out in the end as the prophet of political righteousness of
the highest type.
DIVIDEND REDUCTIONS BY RAILROAD AND
INDUSTRIAL CORPORATIONS.
Wholesale dividend omissions and reductions by iron and
steel companies and kindred concerns in the past two weeks
show the poor conditions existing in that industry, in considerable part as a result of affairs in Europe. Foremost
among these is the announcement this week by the U. S.
Steel Corporation that the quarterly dividend to be paid
Dec. 30 on the common stock will be only one-half of 1%
contrasting with 134% previously paid each quarter. This
reduces the yearly return to 2% from 5%. Judge E. H.
Gary, Chairman of the board, made the following statement
in connection with the reduction of the dividend on the
common stock:
The decision concerning the common dividend was made with reluctance
by the board of directors, but they were of the opinion that it was made
necessary by the present condition of business and the prospects for the
immediate future.
The following editorial appeared in The Evening Mail of
The Cambria Steel Co. has decided to pay its regular
this city on Oct. 20, and is an interesting expression of public
quarterly dividend of 134% due next month in scrip inopinion:
THE RAILROAD'S TRUMP CARD.
stead of cash. The Cleveland-Cliffs Iron Co. has passed
The railroad allies have brought up their big guns before Washington
and are again laying siege to the Inter-State Commerce Commission. What the quarterly dividend of 23/% ordinarily paid next month.
may be regarded as the 42-centimetre unit in their verbal equipment is The Colorado Fuel & Iron Co. voted not to declare a divithis unparalleled and twentieth century peroration by the spokesman for dend on the preferred stock. No action on the quarterly
the carriers:
/
4% on the first pref. stock was taken by the
"Should it appear at any time that the emergency has passed, the dividend of 13
Commission has the power to order any reduction, and I am of the opinion directors of the Eastern Steel Co. at the regular monthly
that should reductions be shown to be warranted, the railroads would not meeting. The Inland Steel Co. this week
announced a reoppose them."
In the case decided in July the Commission first officially recognized the duction in the quarterly dividend to 1%, payable Dee. 1,
fact that net operating income is smaller than is demanded in the interest 13
4% having been the quarterly rate previously. The New
of both the general public and the railroads," but its recommendations for Central Coal, which has paid 2% at each
semi-annual
power.
effective
after
They may be
relief had no immediate producing
a few years of trial. Meanwhile creditors are pressing. A world crisis period since 1908, declared only 1% payable Nov. 2.
has arisen and an emergency exists. The record of the four years covered
The record of omission and reductions in the mining list
by the last petition for higher rates was bad enough, but the facts concerning
swelled by the addition of the Greene Cananea Copper
was
1914 are startling.
If the Commission was impressed from the record of 1913 that more in- Co., whose directors this week failed to take any action on
come was needful, that fact must surely be emphasized by the 1914 figures the quarterly dividend of 1%. It is said that the works in
and drilled home by the reports for the first quarter of 1915. It cannot
Mexico have been entirely shut down for some time. The
now go off into the province of conjecture and expect to expand railroad
Wonder Mining Co., a silver property, announced
Nevada
credit with a Brandeisian bellows.
aggression in a monuIn the July decision what seemed to many a petty
of its semi-annual dividend to 5%, as against
reduction
a
railroad fairness in
mental brief was the section devoted to the lack of
10% paid previously. It is stated that the silver-producing
animating public opinion in favor of the carriers' case. The sequel is an
reduction in rates after companies have been forced to store practically their entire
agreement initiated by the railroads not to oppose a
be warranted."
this crisis is passed "if such reductions be shown to
since the beginning of August, silver being uneminently progressive. We production
There is no gallery play about this. It is
present.
salable
at
class
whohave
been
a
from
hird
came
concession
can imagine that the
restraint. It stands
The Seaboard Air Line Co. voted last week to defer action
used to getting their own way and to be peevish under
win
over
the
will
last
that
on record, however, and is the trump card
on the quarterly dividend of 1% on the preferred, owing to
increase in rates.
maining bit of public and official opposition to an
business conditions resulting from the European war, the
ascribed for the failure of the directors of
We also quote the following from the St. Louis "Times" same cause being
Syracuse
Elec. Ry. to declare the usual quar&
the
Auburn
sentiment
in
the
West
public
intelligent
as an indication how
terly dividend of 1M% on its preferred stock. The Washviews the existing plight of the railroads:
Om.31
1914.]
THE CHRONICLE
1269
ington-Virginia Ry. declared a dividend of 1% on the common stock against 13/% paid previously.
The industrial corporations to feel the effects of the business depression as indicated by changes in dividends grows
daily. The American Bank Note omits the quarterly dividend of 1% on the common stock usually paid in November;
J. G. Brill Co. makes its quarterly dividend to be paid on
4% paid in August
preferred stock Nov. 2, 1% as against 13
last; the Cockshutt Plow Co. deferred its quarterly dividend
of 13
4% on the preferred stock usually paid in October; the
Harmony Mills voted to omit the quarterly dividend on the
7% preferred stock; no action was taken on the quarterly
dividend of the preferred stock of Harrison Bros. & Co.,
usually paid Nov. 1; Kansas-Oklahoma Oil & Refining omits
its regular quarterly dividend on the 7% cumulative participating preference shares; the Laurel Lake Mills directors
have voted to omit the usual quarterly disbursement of 13/%
on Nov. 1; the Mexican Telephone & Telegraph Co. has decided not to pay the regular semi-annual dividend of 23/%
due Nov. 1. "The unsettled state of affairs in that country
(Mexico) has made it impossible for accountants to make up
proper statements of income and expenses and the value of
what net earnings have been made in Mexico cannot be
translated in American currency values because exchange
is unobtainable." The U. S. Bobbin & Shuttle Co. failed
to declare a dividend on its common stock for November.
The already large list of Canadian corporations affected
has been increased by the failure of the Canadian Car &
Foundry Co. to pay the regular quarterly dividend of 13
4%
in October. Carriage Factories directors have voted to de4% on preferred stock
fer the usual quarterly dividend of 13
due Oct. 31. The Dominion Bridge Co. declares a quarterly
dividend of 114% payable Nov. 16, against 2% paid in
August last. The Ontario Steel Products deferred the dividend of 134% on preferred stock.
"Had the strike been called and conducted in an orderly
manner, its weakness would have demonstrated itself immediately. It was only through intimidation and the absolute defiance of the authority of the State that the labor
organization, determined upon forcing its regime upon
the mining companies and the workmen, was able in any material way to affect the coal-mining operations.
"The number of men at work in August of this year at all
of the coal mines of the State was 9,500. This had increased
to 10,504 in September; a somewhat further increase has
taken place during this month, and the production is now
sufficient to meet, not only the current demands, but the
probable winter season requirements. In fact, some of the
mines of the Colorado Fuel & Iron Company are forced to
lie idle practically every day on account ofshortage of demand.
"The only thing that prevents the withdrawal of the Federal troops from this State and the peaceful operation of the
coal mines, now producing all of the coal that can be sold,
is the continued presence and threats of the lawless element.
"Within the last few days, an officer of the United Mine
Workers of America, a leader of the Southern Colorado District, is reported by unquestionable authority to have said,
in effect, that if the Federal troops are withdrawn the strikers will attack the State militia and the mine property, and
that in preparation for such event, the union men in neighboring States, to the number of 3,000, have been organized,
drilled and armed and are in readiness to make the move
when called upon.
"These 'strikers' are now composed to a greater extent than
heretofore of men who were never employed in our mines;
because of the fact that during the past two months a large
number of our former employees, who have presumably not
been connected with the former violence, have returned to
work.
"Yours very truly,
"J. F. WELBORN President."
THE COLORADO MINERS' STRIKE.
Dispatches from Washington state that President Wilson is
seriously considering whether he has authority to close the
Colorado coal mines involved in the strike,if the operators
continue to refuse the plan of settlement proposed by him.
The Attorney-a eneral conferred with the President on
Thursday, and reports have it that Mr. Wilson has asked
him for a legal opinion as to his right to close the mines. It is
well known that the President is unwilling to keep Federal
troops in Colorado indefinitely, but the difficulty about
withdrawing them is that the miners' organization has plainly intimated that fighting and rioting will be renewed should
the Federal troops be removed.
In view of the fact that closing of the mines appears to be
actually under consideration, the following letter from President Welborn of the Colorado Fuel & Iron Co. possesses
decided interest. It will be observed that Mr. Welborn says
the company in September had over 10,000 miners at work
and as far as this company is concerned the strike is
a thing of the past. In these circumstances it would be
nothing less than monstrous, should the President carry out
his threat to close the mines or take forcible possession of
them.
THE STOCK EXCHANGES AND STOCK AND BOND
PRICES.
Considerable interest was aroused this week by dispatches
from Washington which in substance reported that it was
the intention of Comptroller of the Currency Williams to
recognize the closing prices of July 30 in valuing collateral
for loans by national banks rather than the Idwer "gutter
market" prices. One dispatch quotes the Comptroller in
explaining any misunderstanding in the matter as saying:
THE COLORADO FUEL & IRON CO., DENVER, COLORADO.
October 22 1914.
"The Editor, The Financial Chronicle, New York City.
"Dear Sir—I hope it is not too late for me to express my
appreciation of the tone of your editorial comment of September 26th on the President's proposed truce in connection
with the Colorado coal mine strike, a copy of which but recently came to my notice.
"Much has been said about this matter in the newspapers
of the country, based apparently upon misinformation. It
is therefore very gratifying and comforting to us to read
such sound views as yours, which show.a correct view of
the real issue.
"The lawlessness and murderous violence that have
attended the strike would not have occurred had those directing the strike understood from the beginning that the laws
would be enforced, and that they would be prevented from
arming themselves and their followers, in defiance of the
State authority. I make this statement with no intention
of criticizing the motives of those vested with the authority
of and responsibility for maintaining law and order.
"The workmen, except a very small proportion, were
opposed to the strike. They desired only to be left alone
and allowed to work in the places of their choice.
I have made no hard and fast rule in respect to fixing the price of stocks
or bonds offered as security for loans from national banks or of securities
now held by national banks to secure loans previously made.
I have been in constant touch with national bank examiners, and they
understand that the department wishes to exercise wise discretion and
liberality within the bounds of safety in order to expedite the return to
normal business conditions.
I can conceive that stocks and bonds of corporations that have passed
or reduced their dividends since the Stock Exchange closed are more desirable as securities for loans by banks than the bonds and stocks of corporations that have paid their regular dividends when, perhaps, they have
not earned them.
William H. Smith, Commissioner of Banking of Pennsylvania, is reported as saying regarding the policy to be pursued by his department in the valuation of collateral deposited with banks:
All stock exchanges of the country, as well as the real estate exchanges,
closed about July 30,so there have been no open quotations to guide valuations since that time, and hence this department followed the practice
adopted by financial interests generally of taking the last known sales,
which were on July 30, as a basis of valuation.
There is very little to be said about the policy of the Banking Department in Pennsylvania concerning the financial conditions through which
we have passed, except that its best efforts have been extended to aid all
institutions under its supervision, provided that the business conducted
was consistent with the laws.
The intent of the law in our supervision is that we talk as little as possible
about banks and this rule has been strictly observed through the months
we have just passed. Fortunately, there have been no cases in which the
department has been called upon to exercise its drastic authority in behalf
of depositors, whose interests the creation of the department was intended
to safeguard.
The New York Stock Exchange Special Committee of
Five made the following ruling this week:
October 29 1914.
On all loans of securities between members, as well as on contracts for
securities still unsettled, the interest to and including Oct. 31 must be paid
on Nov. 2.
Referring to rulings of the Special Committee of Five,
with regard to transactions in listed bonds, the Special Committee on Listed Bonds under date of Oct. 24 calls attention
to the following:
1. It is requested that orders to buy or sell Listed Bonds be filed with
the
Clearing House.
2. The price to be filed may be either above or below the
last quoted
transactions.
1270
THE CHRONICLE
3..Upon receipt of orders buyers are immediately put in communication
with sellers, and by this method buyers and sellers secure advantages
which could not otherwise be obtained.
4. The orders must be g. t. c., and if changed or canceled by reason of
purchase or sale, or for any other reason, the notice must be promptly
sent to the Clearing Rouse.
5. Before consummating a trade the price must be approved by the Committee.
1VoL. xclx.
Although the Committee of Five of the Philadelphia Stock Exchange has
made some reductions in the minimum prices at which trading will be
sanctioned, no steps have been taken towards a wholesale reduction or the
establishment of an open auction market as reported in some quarters.
With each security the reduction is made to fit the situation. The minimum price of Pennsylvania RR.,for instance, has been reduced to 51,4, as
compared with 53, the closing price on July 30. Of the reduction of 1M
points, '4 of a point was due to the taking off of the last quarterly dividend
from the price. If the usual quarterly dividend of 75 cents a share is
declared by the Pennsylvania directors to-day. the Committee of Five
may also mark down the price again by this amount, but should the stock
be in good demand and limited supply, no attention will be paid to the
dividend, but the present price upheld. On the "gutter market" in New
York, Pennsylvania is reported to be 50 or par bid.
A further relaxation in trading in unlisted bonds was
made this week when the Committee of Seven announced
that transactions in unlisted notes and bonds maturing prior
to Nov. 1 1917 and unlisted serial railroad equipment notes
need not be submitted to them for approval. On Sept. 19
last the Committee exempted in the same manner unlisted
The Committee on Securities of the Pittsburgh Stock Exbonds owned by the dealer. Following is the ruling' made change adopted the following resolution Oct. 29 and ordered
this week:
it sent to all members:
In view of the progress made toward the restoration of
normal conditions
in several branches of the bond market, it is the opinion of the committee
of Seven that transactions in unlisted notes and bonds maturing prior to
Nov. 1 1917 and unlisted serial railroad equipment bonds of all maturities
need not be submitted to them for their approval. While the committee
feels that It is unwise as yet that any general circularizing, with prices,
Of other issues should be attempted, they approve such circulars on the
equipment bond and short-term issues above mentioned.
Owing to a disposition on the part of some members of the Pittsburgh
Stock Exchange to trade outside of the Committee on Securities, that committee reminds members that the resolution of the Board of Directors
adopted Aug. 13 1914 is still in force, with its penalties.
All offers to buy or sell must be made through the committee and no
offers at less than the closing prices of Thursday, July 30 1914, will be considered except when stocks sell ex-dividend, when one dividend may be
deducted, and in bonds, on which moderate concessions are allowed.
At a meeting of the Board of Governors of the New York
Stock Exchange on Oct. 28 Arthur Turnbull was elected to
fill the vacancy on the Board caused by the resignation of
Rudolph Keppler. Ernest Groesbeck was elected to the Law
Committee in place of Mr. Keppler. A resolution was
adopted expressing regret at Mr. Keppler's retirement and
appreciation of his long services.
The following were elected to the recently formed Committee on Quotations: E. V. D. Cox, Frederick C. De Veau,
R. T. H. Halsey, Leroy Frost and William C. Van Antwerp.
The committee's chief duty, it is said, will be to supervise
the renting of wire service on stock quotations to brokerage
houses by the Western Union Telegraph Co., the purpose
being to prevent bucket shops from getting direct wire reports of prices established on the Stock Exchange.
According to the Chicago "Herald" of the 29th, Guy H.
Butolth, of Honolulu, who has been visiting in the Chicago
financial district, says the Honolulu Stock Exchange is the
only one that has not closed during the European war.
The Honolulu Exchange has thirteen members,and the memberships are worth $10,000 each.
Regarding the selling of listed stocks ex-dividend in the
private trading now being done, the New York "Sun" has
the following:
The Committee of Five announced yesterday that listed stocks would
hereafter not be quoted ex-dividend in the private trading now being done
under the supervision of the authorities. That is to say, where a stock
has once been quoted ex-dividend since the Exchange closed, no further
deductions will be made in the minimum prices when the books of the
company close for a second dividend.
The reason given was that to allow a second deduction in the 1/1111ilrillm
price of a stock on account of another dividend would reduce the rule to an
absurdity. This may be true, but the question is thereby raised as to the
purpose of allowing a deduction in the first place If not now. If the
committee was to maintain price limits arbitrarily without regard to
dividends, why was not this attitude adopted at the start?
Atchison was quoted ex-dividend a few days after the Exchange closed.
The 1 % dividend was deducted from the closing price of July 30 and bids
at a minimum price of 88% have been approved since. On Friday next
Atchison will again be quoted ex-dividend, but the price will remain the
same. Therefore, on Thursday it will be possible to buy Atchison with a
dividend on at 88%, while on Friday the price limit will remain the same in
spite of the fact that the dividend is not included. This has the effect fo
the time being of automatically raising the minimum price of Atchison 13,5
points.
The New York "Sun" prints the following regarding
public auction sales:
Announcement by Adrian El. Muller & Son that it will sell on Oct. 28
at public auction shares of an inactive unlisted stock raised the question
of whether the auctioneers will resume sales in listed stocks. It stopped
these sales on the closing of the Stock Exchange.
At the office of the auctioneers yesterday (Oct. 24) it was said that sales
of listed stocks would be conducted if any were offered, but that up to the
present none had been.
Trading on the Toronto Exchange, which was begun on
Oct. 15 in a limited number of stocks, a list of which we reported in these columns on Oct. 24, was resumed in practically the entire list on Oct. 26. All transactions will be for
cash only. It appears to be the intention to allow no publicity concerning transactions. The official statement of
the committee says:
through
Owing to the satisfactory manner in which transactions have gone
has
the Toronto Stock Exchange Committee in the interlisted stocks, it
the
been decided to extend the list to embody all the securities listed on
partial.
Exchange, the same special rules to pertain to the full list as to the
COTTON NOT CONTRABAND.
Supplementing the opinion of Cone Johnson, Solicitor for
the Department of State at Washington (referred to in these
columns Oct. 17), that neither cotton-seed products nor cotton can be regarded as contraband by belligerent Powers,
assurances that the British Government does not regard cotton as contraband of war were received at the State Department on the 25th inst. These advices came to Washington
through Ambassador Page at London, to whom they were
conveyed by Sir Edward Grey, British Secretary of State
for Foreign Affairs. In an announcement in the matter issued at Washington on the 25th, Acting Secretary of State
Robert Lansing said:
A telegram from the American Ambassador at London. received this
morning,says that Sir Edward Grey stated that the Camperdoon,at Stornaway. Scotland. loaded with cotton and cotton products, is not detained
by the British Government, but by the Scotch owners of the ship, because,
as he hears, there is some difference between the owners and the American
charterers. Sir Edward said that he wished to remind the Ambassador
that cotton is not in the list of contraband and its shipment will not be interfered with as contraband.
Further assurances that Great Britain would not interfere
with cotton shipments were contained in a statement issued
by Secretary of the Treasury McAdoo on the 26th, following
the delivery to Acting Secretary Lansing of a note by Sir
Cecil Spring-Rice, the British Ambassador to the United
States, definitely setting out the position of Great Britain
The Chicago committees which have been working for some toward that commodity. The New York "Times" prints
time past on a bond trading plan have reached an agreement this letter as follows:
British Embassy, Washington, Oct. 26 1914.
with the Clearing House in the matter. It was announced
Mr. Counselor—In compliance with your request, I telegraphed on
that five leading issues of bonds had been marked down on an theDear
23rd Inst. to my Government to inquire what was their view with reaverage of 4 points under July 30 closing prices as a minimum gard to cotton and whether or not they considered it to bo contraband.
minimum
their
are:
and
prices
You addressed this question to me. as you said there seemed to be doubts
basis for dealings. The issues
in certain quarters In this country as to the attitude of My Government.
Chicago City Ry. 5s, 953(; Chicago Railways 1st 5s, 93; Last night I received a reply from Sir Edward Grey,in which he authorCommonwealth Edison 5s, 96N; Chicago Telephone 5s, izes me to give the assurance that cotton will not be seized. He points out
cotton has not been put in any of our lists of contraband, and, as your
96%; and People's Gas refunding 5s, 96. It is considered that
Department must be aware from the draft proclamation now in your posmost
the
local
affect
active
which
reductions,
that these
session, it is not proposed to include it in our new list of contraband. It is.
therefore, as far as Great Britain is concerned, in the free list, and will reissues, are preliminary to a general reduction later.
main there. I am,dear Mr. Counselor.
Yours sincerely,
It is stated that a movement has been started looking
CECIL SPRING-RICE.
The statement of Secretary McAdoo bearing on the subtoward the re-opening of the Cincinnati Stock Exchange
Nov. 2. A petition, it is reported, will be presented in a few ject said:
It has been announced by the State Department that definite assurances
days to the Governors.
The Philadelphia "Press" makes the following statement
regarding reductions in minimum prices at which trading
willibe sanctioned by the Philadelphia Stock Exchange:
have been received from the British Government that cotton will not be
treated by Great Britain as contraband, and that it is on the free list
and will so remain. There is no reason, therefore, why underwriters who
cover marine and war risk insurance should now hesitate to issue policies
on cotton in neutral bottoms, so far as Great Britain is concerned. The
OCT. 311914.]
THE CHRONICLE
Bureau of War Risk Insurance of the Treasury Department is writing insurance freely on cotton when carried in American vessels.
The matter seemingly came up anew the past week, with
the request on the 24th, made by Senators of the Southern
cotton States, that Acting Secretary Lansing obtain assurances from the belligerent nations of Europe that shipments
of cotton from the United States to neutral or belligerent
countries would not be detained or seized.
TANK STEAMER SEIZURES—MINERAL OIL EXPORTS
NOT TO BE MOLESTED IF ULTIMATE
DESTINATION IS NEUTRAL.
The attitude of Great Britain toward shipments of mineral
oils was set out this week by Sir Cecil Spring-Rice, the
British Ambassador, his explanation coming as a result of the
recent seizure by Great Britain of three Standard Oil vessels—
the John D. Rockefeller, the Brindilla and the Platuria.
In the case of the two last-named steamers, there had been
a transfer to the American registry, but, according to the
understanding of President Wilson,the question of the change
of registry did not enter into proceedings taken by Great
Britain in the case of either, but centred on the ultimate
destination of their cargoes, and this was true also of the tank
steamer John D. Rockefeller. In indicating the attitude of
the British Government on the question involved, Sir Cecil
Spring-Rice, under instructions from Sir Edward Grey,
sent the following communication on the 26th inst. to
Acting Secretary of State Robert S. Lansing:
"Dear Mr. Counselor.—With reference to the case of the Rockefeller, I
think it would be opportune were I to make some remarks on the general
question of contraband and the attitude of the British Government.
"You are doubtless aware that in the last few weeks there has been a
marked increase in the export of certain articles, as compared with previous
years, to those neutral countries which are in direct communication with
the belligerent nations. I will choose, among many, the single instance
of mineral oils, and the returns for the month of September. Whereas, the
value of the United States exports of the principal exports for that month
as compared with September 1913 have decreased from 107 to 74 million
dollars. or 30%, the export of gasoline, naphtha, &c., has increased from
20 to 23 million gallons, or 15%, and of fuel oil from 36 to 58 million
gallons. or 61%.
"I need not point out that the course of the present war has shown
the immense importance of the motor, the air-ship and the submarine,
all of which are consumers of mineral oil. I may add that there is reason
to believe that mineral oil in all its forms may be used for these purposes.
"A large proportion of the exports of this country has been consigned to
neutral ports, and according to evidence in our possession has been transmitted from them to a belligerent country. As you are aware, the Supreme
Court of the United States in 1863 considered vessels as carrying contraband, although sailing from one neutral port to another, if the goods
concerned were destined to be transported by land or sea from the neutral
port of landing into enemy territory. It then decided that the character
of the goods is determined by their ultimate and not their immediate
destination, and this doctrine was at the time acquiesced in by Great
Britain, though her own trade was the chief sufferer.
"On the other hand, the neutral countries concerned, who are anxious in
the interests of their neutrality to avoid being used as bases for hostilities
by either belligerent, are now making arrangements which will give sure
guaranties that articles which may be used in war shall not be re-exported.
In a word, they are anxious to prevent their ports from becoming the backdoors of either belligerent. When these arrangements are complete, it is to
be confidently hoped that trade between neutrals will be subject to
little
or no hindrance.
"But it is, of course, essential in the interests of free
and undisturbed
trade between neutrals that every security possible
should be provided in
order to enable belligerents to form a speedy and
sure judgment as to the
neutral destination of goods which may be used
for peaceful or warlike
purposes. In the case of the Rockefeller, which
was bound for a port in
the neighborhood of the chief naval port of a
belligerent, the oil she carried
was consigned to order, and there was, therefore,
no guaranty that it would
not be forwarded to the enemy. She was accordingly
was afforded of the neutral destination of her cargo anddetained until proof
the intention of the
neutral government to prevent re-export.
"It is to be hoped that for the future adequate
precaution will be taken in
order to show the real destination of goods consigned to
neutrals which, if
trans-shipped to a belligerent, might be used for belligerent
purposes.
"I may observe in conclusion that although the British
Government
have detained cargoes of contraband in order to make sure that they
are
really intended for neutral countries,and have retained some cargoes,
such
as copper destined for Krupp's ammunition works, they have not yet
taken a single cargo without paying for it and have allowed every cargo
really destined for neutral countries to proceed to its destination.
"I am, dear Mr. Counselor,
—Yours sincerely,
"CECIL SPRING-RICE."
1271
one neutral port to another, having left Philadelphia for
Copenhagen on Sept. 2; the steamer Brindilla was seized
by the British auxiliary cruiser Caronia on the 13th met.—
the day she had cleared from New York for Alexandria,
Egypt; she was released on the 26th; formal protest against
its seizure was entered by the State Department on the 22d
inst. The Platuria was seized off the coast of Scotland by
British cruisers on the 23d. It is stated that both the
Platuria and the Brindilla have always been owned by the
Standard Oil Co., but previous to the war were flying the
German flag. With the enactment of the ship-registry law
they took out American registry. The Brindilla, before its
change, had been known as the Washington; the Platuria
had been known as the Diamant.
On the 23d the Standard Oil Co. of New Jersey issued
the following statement in the matter:
"Recent statements in the New York press in connection with the seizure
of the steamers John D. Rockefeller, Brindilla and Platuria, under the
American flag, carrying cargoes of illuminating oil destined for neutral
ports, have intimated that there was some doubt as to the ultimate destination of these shipments.
"The Standard 011 Co. wishes to state emphatically that the cargoes in
question represent normal shipments of illuminating lamp oil to old-established clients of theirs who have large distributing organizations in their
respective markets for supplying the local trade.
"The shipments are in no sense unusual and if an embargo is to be placed
on this commerce it will have a serious effect on the petroleum industry'
of the United States, in addition causing great inconvenience and suffering
to the public in neutral countries who have depended upon the United
States for their supplies of this illuminant."
Following the issuance of the British Ambassador's letter
quoted above, the Standard Oil Company of New Jersey
took occasion to make the following statement on Thursday:
In order to correct any current misstatements, the Standard Oil Co.
of New Jersey declares its exports of illuminating oil and gasoline to the
neutral Dutch and Scandinavian ports to have been materially less from
Aug. 1 to Oct. 24 than for the corresponding period of 1913.
A protest against the seizure this week by the British
authorities of steamers whose cargoes consisted partly of
copper was filed on the 28th with the State Department
by the American Smelting & Refining Company, the American Metal Company, Ltd., the United Metals Selling Company and the Consolidated Metals Company. The protestants said:
The undersigned, representing nearly 90 per cent of the copper export
trade of this country, have the honor to lay before you the following facts:
We learned yesterday by cable that the Italian steamers San Giovanni and
Regina d'Italia have been seized by British authorities at Gibraltar because
part of cargoes consist of copper shipped from this country. The San
Giovanni has 450 tons belonging to the American Smelting & Refining
Company and consigned in conformity with universal practice in the trade
to order of that company at Genoa. The Regina 'dItalla has 1,160 tons,
of which 150 belong to the American Smelting & Refining Company, 200
to the American Consolidated Metal Company and 410 to tne United
Metals Selling Company, practically all being consigned in the usual course
in the same way.
We are further advised this morning by shipping agents that the American
Line steamship Kroonland, flying the American flag and having on board
800 tons of copper belonging to the American Smelting & Refining Company and SOO to the United Metals Selling Company.has also been seized,
and is detained at Gibraltar, the copper being consigned in the usual course
as in the other cases.
Moreover, we have just been notified by the New York agents of the
Sicilian American line, that, for reasons which cannot be explained, it absolutely declines to ship any copper by its steamer San Giorgio. and this
morning the Lloyd Sabaudo line has given notice of its refusal of a shipment of copper and cancellation of contract unless the name of an Italian
consignee shall be given, together with a guaranty that the copper shall
not be re-exported from Italy, which guaranty it is manifestly impossible
for the American exporter to give. These measures of interference with
our commerce threaten to stop altogether the exportation of copper from
the United States to Europe, and this means practically the stopping of
the export business in that metal, except to England and France, since
there is no demand for the American product outside of Europe.
The stopping of the export trade would affect disastrously the copper
mining industry throughout the West. We beg leave respectfully to ask
consideration of the facts above set forth and such representations and
action by our Government as it may deem appropriate for the relief of the
critical situation in which the industry we represent is now placed, and we
shall be very grateful to be acquainted of the action taken by the Department to that end.
AMERICAN SMELTING & REFINING COMPANY.
THE AMERICAN METAL COMPANY ,LTD.
UNITED METALS SELLING COMPANY,
CONSOLIDATED METALS COMPANY.
The Rockefeller was released by the British Government
on the 22d inst., following the protest made by the State
Department on the 21st against its seizure. In announcing
After a conference between Acting Secretary Lansing of the
the release of the steamer, the British Ambassador issued
the following statement on the 22d, based on advices received State Department and Sir Cecil Spring Rice,the British Ambassador,on the 29th,it wasstated authoritatively that Great
from London:
"The John D. Rockefeller was detained because there was nothing to Britain probably would release the vessels carrying American
show in her papers for whom the oil she carried was destined. It was only copper detained at Gibraltar. It was
learned that the Italian
consigned 'to order.' It has now been ascertained that the oil in her tanks
Government already has declared an embargo on the exwas destined for the Danish Petroleum Co., and that there is in Denmark
an embargo on exportation. Directions were at once given for the release portation of copper to belligerent countries,. but
that the
of the vessel. Fuel and lubricants were declared conditional contraband notification had not formerly
reached England. As soon
by the proclamation of August 4."
as the fact is communicated through official channels,
the
The Rockefeller is an American-owned vessel, and had steamers destined to
Italy will be permitted to
continue
undergone no change of ownership. She was bound from their
voyage, according to the view of British
officials 34
1272
THE CHRONICLE
Washington, unless some other circumstances in connection
with the activities of the ships not yet reported develops.
Incidentally, the British Ambassador revealed that negotiations were well under way between Great Britain and all the
neutral countries of Europe whereby the neutral government
in each case would act as the consignee of all products classed
as conditional contraband. The machinery of this arrangement has not yet been perfected, but it is intended to place
the guaranty of each neutral government behind shipments
so as to insure against re-exportation. In the case of copper
already on the way to Italy or Sweden or Greece, the British
Government will be guided by the ultimate destination of
each cargo, offering to buy copper believed to be consigned
indirectly to Krupp's ammunition works in Germany or
Austrian factories.
power of the United States to meet its current international obligations.
This Mr. Biackett met with a firm denial. He said that in his opinion no
such agreement had been made or thought of in England or anywhere else.
and he felt perfectly sure that no such agreement existed.
The restriction was due, he said, entirely to the most obvious and natural
causes. The Manchester Exchange was closed just after the New York
Stock Exchange and the stock exchanges of the various cities in this country were closed because the members could not deal in futures. At the same
time, he added, there was a good deal of spot cotton being bought from day
to day.
The remarks of the bankers also brought out that reliance for the relief
of the cotton situation was being based on the organization of the cotton
pool, which will be able to take care of a large proportion of the export crop
and so tide over the situation until the Reserve banks are in operation.
THE GOLD FUND.
We have received from Messrs. Morris Brothers of Portland, Oregon, the following concerning the contribution of
the banks of that city to the $100,000,000 gold fund:
Portland, Oregon, Oct. 24 1914.
To the Editor:
Dear Sir—In your issues of Oct. 3d and 17th, under the captions "The
Gold Fund Proposal" and "The Gold Fund." specific mention is made of
contributions to this fund by different banking centres. We note in this
connection that while reference is made to the Pacific Coast States, no mention of or credit is given to Portland, Ore., with its contribution to the fund
of $1,500,000.
The combined assets of the Portland banks (Sept. 12 1914), capital,
surplus and deposits. aggregated $82.500.000. Seattle, Wash., banks'
combined assets aggregated $93,900,000. Seattle contributed to the
Gold Fund $750,000. Spokane banks' combined assets, $36,850,000.
Spokane contributed to the Gold Fund $500,000. Tacoma combined
bank assets $24,740,000- Tacoma contributed to the Gold Fund $250,000.
In other words, Portland, with bank assets of eighty-two and on-half millions, contributed $1,500,000 to this fund, against a total of $1,500,000
on the part of the three Washington cities having combined bank assets
of $155,500,000.
Going further afield, Los Angeles, Cal., contributed only $1,000,000 to
the Gold Fund; Washington, D. C.. $750,000; Baltimore, $1,000,000;
Cincinnati, $1,500,000, and Cleveland, $1,750.000. The fact that Portland was called upon for such a relatively large contribution to this fund is
either conclusive evidence of its marked financial supremacy or otherwise
is rank discrimination. If any credit is due to the respective communities
supporting this movement, you undoubtedly will be glad to include Port.land in referring to the same through your columns,
ery truly yours.
C. K. WILLIAMS, President.
THE FOREIGN EXCHANGE PROBLEM.
Following last week's conferences in Washington to consider
the foreign exchange situation and the international features
of the cotton problem, Sir George Paish and Basil B. Blackett, representing the British Treasury, conferred further with
members of the Reserve Board yesterday. At the conference on the 23d, which was participated in by the bankers
invited to join in the deliberations by Secretary McAdoo
last week, it was decided to appoint a committee to confer
with the foreign representatives to work out the details of
a solution of the problems which have been the subject of
discussion. This committee consists of Benjamin Strong Jr.,
A. H. Wiggin, James Brown, Governor Hamlin and Paul M.
Warburg of the Reserve Board.
Regarding last Friday's conference, the "Times" says:
The British Treasury representatives were in New York
on Thursday of this week,and met the Committee of Five of
the New York Stock Exchange. The following statement
concerning the conference was given out at the Stock Exchange following its conclusion:
When Sir George Paish arrived at New York from London, his friends
on the Governing Board of the New York Stock Exchange asked him to
meet the Committee of Five. Sir George has been very busy at Washington, and had no opportunity of accepting this invitation until to-day, when
he met the committee quite informally, with Mr. Basil B. Blackett, who
came with him on his visit to America.
Sir George explained to the committee his views on the economic aspects
of the war as affecting England and America, with particular reference to
the reopening of the stock exchanges. He said that a resumption of business through the stock exchanges should be effected as speedily as possible.
He thought that many of the difficultirs had already been removed and
that the essential thing a restoration of confidence, was rapidly coming
into sight in both England and America.
That liquidation of American securities by English holders will be small
in volume, Sir George regards as tolerably certain. His observations of
American conditions since his arrival here has persuaded him that our resources will not be taxed to absorb such sales.
Sir George had no information as to when the London Stock Exchange
would reopen, but his advices were that both the British banks and the
Exchange were working harmoniously toward that end.
might be
In his remarks Sir George Paish gave as an estimate of what
to Great Britain
called current liabilities on the part of the United States
the
conference
During
$200,000,000.
and placed the aggregate at about
and some placed the total
various estimates were given of this indebtedness
that much misinformation
as high as $300,000,000. But it was explained
and misapprehension existed as to the nature of the obligations entering
into the estimates.
a
The $200,000,000 estimated by Sir George Paish embraced large amount
of securities maturing in the course of the next three months,some of them
as late as Jan. 15. It was pointed out that in the interval named, at the
rate that Great Britain was now buying flour, leather, meats, various
munitions of war and other staples, there would soon be created a balance
of trade in favor of this country which would take care of a considerable
proportion of the accruing bulk of debt.
Among the bankers there were two lines of consideration manifest in the
discussion. A majority stood squarely for the payment of all obligations
in gold at the date of maturity without any debate or concern as to the
maintenance of the volume of gold in this country. This attitude was based
on the confidence entertained generally that the new Federal Reserve bank
system would be inaugurated surely by the last of November, and with
that event there would be a release of such a large volume of gold now held
be felt as to the availability
in bank reserves that no difficulty would again
of the gold of the country for loans or for foreign exchange.
When the conference got into the discussion of the cotton situation,
came in conhowever, a somewhat different view was expressed. This
of the
nection with the suggestion that Great Britain would buy her share
export of cotton if a plan could be advanced that all could agree upon.
buying
The project of fixing a price of 6 cents on cotton in warehouses, and
price,
with short-time notes or loaning on warehouse receipts at the same
financing
of
idea
any
brought out a protestfrom two or three present against
the adversity of the cotton producers in a speculative way that would ultimately sacrifice the cotton crop to the advantage of the lender or the foreign buyer.
The statement was made by one speaker that there existed a well-organized agreement in Europe not to uy our cotton. The effect of this had
been to throw the Southern cotton planter into distress and take away tee
[VOL. xclx.
A conference was held by the foreign representatives on
the same day with the Conference Committee of the New
York Cotton Exchange. The New York "Times" says:
"It was learned that the visitors did not feel that there was
any merit in the proposal that England should take a large
amount of cotton now, to be paid for through the cancelladistion of American obligations. This was one of the plans
would
suggestion
this
if
asked
When
cussed at Washington.
the
be adopted, Sir George said that England had no need of
cotton at this time, and was certainly not in position to tie
up $100,000,000, more or less, for the relief of growers in
this country."
TRANSFER OF SHIPS TO AMERICAN REGISTRY.
The "Robert Dollar" of the Dollar Steamship Co., which
had formerly operated under the British flag but was transferred to American registry, reached New York on the 22d
flying the American flag. It was refused clearance papers
at Rio de Janeiro, Brazil, on Sept. 17, the British consul
having refused to recognize it as an American ship. When
it finally sailed from the Brazilian port on Sept. 23 it carried
the British colors. On reaching St. Lucia the vessel hoisted
the American flag. Nearly 5,000,000 feet of pine lumber,
the largest cargo of its kind ever brought into New York
by a single steamship, was aboard the Robert Dollar.
BETTER DISTRIBUTION OF HARVEST HANDS.
The United States Commission on Industrial Relations has
taken the first steps toward bringing about a conference of
State officials, farmers, bankers and others in the grain
States of the Missouri Valley for the purpose of devising
methods for better distribution of harvest hands in future
seasons. It is planned to hold the conference in Kansas City
during December. Letters of invitation have been sent to
the heads of State departments of agriculture, and of labor,
secretaries of commercial clubs, grain merchants, social
workers, bankers and others in the States of Kansas, Missouri
Oklahoma, Nebraska, North and South Dakota and Minnesota. Secretary Houston of the Department of Agriculture at Washington and Secretary Wilson of the Departconference.
ment of Labor, also will be asked to attend the
State offiwith
co-operation
in
acting
The Commission is
cials, and particularly with W. G. Ashton, Assistant State
the harvest
Labor Commissioner of Oklahoma. During
season just closed the Commission on Industrial Relations
traveled with the harvest
kept two agents in the field. They
them. Other agents of
with
worked
and
lived
hands and
the Commission have studied the problem from the standpoint of the employment agencies,farmers, bankers and State
officials. This investigation is said to have shown a deploraof any machinery for
ble lack of authentic information, or
hands.
harvest
of
distribution
the
directing
properly
will
At the conference planned for December an attempt
the
of
and
delegates
of
the
co-operation
the
secure
to
made
be
00T. 311914.]
THE CHRONICLE
organizations which they represent ward working out some
plan for the better distribution - labor. The plan is to appoint a committee of five to work out some such plan and to
report back to another conference to be held in February. At
this latter conference it is hoped that action can be taken
toward putting into effect a plan that will improve conditions next summer.
Valuable recommendations are expected from W. G. Ashton, Assistant State Commissioner of Labor of Oklahoma.
Mr. Ashton is actively co-operating with the Commission in
planning the December conference. In Oklahoma he has
worked out an ingenious scheme by which accurate statements of the number of men needed and of the approximate
time they will be needed are obtained from the farmers.
Mr. Ashton's office then acts as a centre of distribution both
of farm laborers and of correct information regarding the
demand for labor. It is believed that some agency can be
established in every State that will co-operate with other
agencies in other States to direct the annual movement of
harvest hands. One of the abuses which it is hoped to end
is the practice of certain private employment agencies in
the large Eastern cities of charging as much as $5 or $10 and
sending them to the Labor Commissioner of some Western
State with no more definite knowledge of the demand than
they have obtained by reading advertisements nad news
dispatches in the newspapers. Eventually the Commission
believes that the distribution of harvest hands can be properly
brought about through the system of Federal employment
exchanges which it will urge Congress to establish.
INSPECTION OF INCOME TAX RETURNS.
Regulations governing the inspection of income tax returns of corporations, joint-stock companies, associations or
insurance companies were promulgated by the Treasury Department under date of July 28and were printed in the Aug.27
number of Treasury Decisions. The inspection of returns
of corporations will be permitted by any bona fide stockholder who can furnish to the Secretary of the Treasury a
legitimate reason therefor. Returns of individuals are not
to be open to the inspection of any person other than the
proper officers and employees of the Treasury Department
or persons rendering the same; under no conditions are they
to be made public except where such publicity shall result
through the use of such returns in any legal proceedings in
which the United States is a party. All returns of corporations, joint-stock companies or associations, or insurance
companies, as well as those of individuals, may be furnished
upon approval by the Secretary of the Treasury, for use in
any legal proceeding before any United States grand jury
or in the trial of any cause to which both the United States
and the person or corporation or association rendering the
return are parties, either as plaintiff or defendant. The
President's order with regard to the inspection of the returns
and the regulations in full issued in accordance therewith, are
as follows:
INSPECTION OF INCOME TAX RETURNS—EXECUTIVE ORDER
—REGULATIONS.
[T. D. 2016.1
Treasury Department,
Office of Commissioner of Internal Revenue.
Washington, D. C., Aug. 18 1914.
To Internal Revenue Officers and Others Concerned:
The following Executive order, together with regulations signed by the
Secretary and approved by the President, relative to the publicity feature
of Sec. 2 of the Act of Oct. 3 1913, imposing an income tax, is hereby pub
W.H. OSBORN,
lished_for your information.
Commissioner of Internal Revenue
Executive Order.
Pursuant to the provisions of Section 2 of the Tariff Act of Oct. 3 1913.
said section providing for an income tax, and which contains in Paragraph
sub-paragraph (d) the following provision:
When the assessment shall be made, as provided in this section, the returns, together with any corrections thereof which may have been made by
the Commissioner, shall be filed in the office of the Commissioner of Internal Revenue and shall constitute public records and be open to inspection as such: Provided, That any and all such returns shall be open to inspection only upon the order of the President, under rules and regulations
to be prescribed by the Secretary a the Treasury and approved by the
President: Provided further, That the proper officers of any State imposing
a general income tax may, upon the request of the Governor thereof, have
access to said returns or to any abstract thereof, showing the name and
income of each such corporation, joint-stock company, association or insurance company, at such times and in such manner as the Secretary of the
Treasury may prescribe,
It is hereby ordered, that all such returns shall be subject to inspection in
accordance and upon compliance with rules and regulations prescribed by
the Secretary of the Treasury and approved by the President, bearing
WOODROW WILSON.
even date herewith.
The White House, July 28 1914.
[No. 1999.1
1273
REGULATIONS GOVERNING THE INSPECTION OF RETURNS OF
NS, JOINT-STOCK COMPANIES, ASSOCIATIONS, OR INSURANCE COMPANIES, MADE IN COMPLIANCE WITH THE REQUIREMENTS OF SECTION 2 OF
THE ACT OF OCT. 3 1913.
Treasury Department.
Washington, D. C., July 28 1914.
Inspection of Returns.
By Section 2 of the Act of Oct. 3 1913, Congress imposed a tax upon the
entire net income arising or accruing from all sources to every citizen of
the United States, whether residing at home or abroad, and to every person residing in the United States, though not a citizen thereof, and upon
the entire net income from all property owned and of every business, trade
or profession carried on in the United States by persons residing elsewhere,
and upon every corporation, joint-stock company, or association, and every
insurance company, with certain exceptions, engaged in business in the
United States, and prescribed the method of handling the returns of annual
net income filed in compliance with said law, as follows:
(d) When the assessment shall be made, as provided in this section,
the returns, together with any corrections thereof which may have been
nlade by the Commissioner, shall be filed in the office of the Commissioner
of Internal Revenue and shall constitute public records and be open to
inspection as such: Provided, That any and all such returns shall be open
to inspection only upon the order of the President, under rules and regulations to be prescribed by the Secretary of the Treasury and approved by
the President: Provided further, That the proper officers of any State imposing a general income tax may,upon the request of the Governor thereof,
have access to said returns or to an abstract thereof, showing the name and
income of each such corporation, joint-stock company or association or insurance company, at such times and in such manner as the Secretary of the
Treasury may prescribe.
For the purpose of making effective the legislative intent thus expressed
the President has ordered that such returns shall be open to inspection under the following rules and regulations. The word "corporation," when
used alone herein, shall be construed to refer to corporations, joint-stock
companies or associations, and insurance companies.
1. The return of every individual, and of every corporation, joint-stock
company or association, and every insurance company, whether foreign
or domestic, shall be open to the inspection of the proper officers and employees of the Treasury Department. Returns of individuals shall not be
subject to inspection by any one except the proper officers and employees
of the Treasury Department.
2. Where access to any return of any corporation is desired by an officer
or employee of any other department of the Government, an application
for permission to inspect such return, setting out the reasons therefor,
shall be made in writing, signed by the head of the executive department or
other Government establishment in which such officer of employee is employed, and transmitted to the Secretary of the Treasury. If the return
of a corporation is desired, to be used in any legal proceedings other than
those to which the United States is a party, or to be used in any manna
by which any information contained in the return could be made public,
the application for permission to inspect such return or to furnish a certified copy thereof shall be referred to the Attorney-General,and, If recommended by him, transmitted to the Secretary of the Treasury.
3. All returns, whether ofpersons or ofcorporations,joint-stock companies
or associations, or insurance companies, may be furnished, upon approva
of the Secretary of the Treasury, for use, either in the original or by certified copies thereof, in any legal proceedings before any United States
grand Jury or in the trial of any cause to which both the United States and
the person or corporation or association rendering the return are parties,
either as plaintiff or defendant, and in the prosecution or defence or trial
of which action or proceeding before a grand Jury such return would constitute material evidence, but in any case arising in the collection of the
income tax, the Commissioner of Internal Revenue may furnish for use to
the proper officer either the original or certified copies of returns without
the approval of the Secretary of the Treasury. In all cases where the use
of the original return is necessary, it shall be placed in evidence by the Commissioner of Internal Revenue or by some officer of the Bureau of Internal
Revenue designated by him for that purpose, and after such original return
has been placed in evidence, it shall be returned to the files in the office of
the Commissioner of Internal Revenue at Washington, D.C.
4. The Secretary of the Treasury, at his discretion, upon application
to him made,setting forth what constitutes a proper showing of cause, may
permit inspection of the return of any corporation, by any bona fide stockholder in such corporation.
The person desiring to inspect such return shall make application, in
writing, to the Secretary of the Treasury, setting forth the reasons why he
should be permitted to make such inspection, and shall attach to his application a certificate, signed by the President, or other principal officer, of
such corporation, countersigned by the Secretary under the corporate seal
of the company, that he is a bona fide stockholder in said company.
(Where this certificate can not be secured, other evidence will be considered
by the Secretary of the Treasury to determine the fact whether or not the
applicant is a bona fide stockholder and, therefore, entitled to inspect the
return made by such company.) Upon receipt of such application the
corporation whose return it is desired to inspect shall be notified of the facts
and shall be given opportunity to state whether any legitimate reason ex
ists for refusing permission to inspect its returns of annual net income by
the stockholder applying for permission to make such inspection The
privilege of inspecting the return of any corporation is personal to the stockholders, and the permission granted by the Secretary to a stockholder to
make such inspection cannot be delegated to any other person.
5: The returns of the following corporationsshall be open to the inspection
of any person upon written application to the Secretary of the Treasury,
which application shall set forth briefly and succinctly all facts necessary
to enable the Secretary to act upon the request.
(a) The returns of all companies whose stock is listed upon any duly
organized and recognized stock exchange within the United States, for the
purpose of having its shares dealt in by the public generally.
(b) All corporations whose stock is advertised in the press or offered to
the public by the corporation itself for sale. In case of doubt as to whether
any company falls within the classification above, persons desiring to see
such return shall make application, supported by advertisements, prospectus, or such other evidence as he may deem proper to establish the fact that
the stock of such corporation is offered for general public sale.
Returns can be inspected only in the office of the Commissioner of Internal Revenue in Washington, 1). C. In no case shall any collector, or
any other internal revenue officer, outside of the Treasury Department in
Washington, permit to be inspected any return or furnish any
information
whatsoever relative to any return or any information secured by him
in
his official capacity relating to Such return, except in answer to a
proper
subpoena in a case to which the United States is a party.
6. Returns ofindividuals shall not be open to the inspection of any
person
other than the proper officers and employees of the Treasury
Departmen
127.1
THE CHRONICLE
be made
or person rendering the same, and are under no conditions to
public, except where such publicity shall result through the use of such rethe
party.
a
is
United
States
which
in
proceedings
turns in any legal
imposing a general income tax,
7. Upon request of the governor of a State
official
the proper officer of such State, to be designated by name and
application to the Secretary
his
in
State
position by the Governor of such
thereof
abstracts
to
or
returns
the
to
access
have
may
of the Treasury,
showing the name and income of each corporation, joint-stock company or
association, or insurance company, at such times and in such manner as the
Secretary of the Treasury may prescribe. Such application shall be made
in writing, addressed to the Secretary of the Treasury, and shall show
(first) that the State whose governor makes the request imposes a general income tax; (second) the name and address of each corporation. &c.,
to which access is desired; (third) why permission to inspect the returns of
the corporations, &c., named in the request desired, and (fourth) what officer or officers are designated to make the desired inspection, giving their
names and official designations. Such request must be signed by the governor of the State and sealed with the seal thereof, and shall be transmitted
to the Secretary of the Treasury for his consideration and action thereon.
No provision is made in the law for furnishing a copy of any return to any
person or corporation, and no copy of any return will be furnished to any
other than the person or corporation making the return, or their duly
constituted attorney, except as hereinbefore authorized.
The provisions herein contained shall be effective on and after the 1st
W. G. McADOO,
day of September, 1914.
Secretary of the Treasury.
Approved:
WOODROW WILSON,
The White House, July 28 1914.
WAR RISK INSURANCE BY THE GOVERNMENT.
Coincident with the announcement from the Treasury
Department on September 28 that the Bureau of War Risk
Insurance, created under the Act signed by President Wilson
on September 2, was ready for business, the regulations
governing the issuance of policies were made public as
follows, by W. C. De Lanoy, Director of the Bureau:
In applying for hull insurance it is necessary to communicate direct with
the Bureau of War Risk Insurance, Treasury Department, Washington.
D. C., although application forms may be had from the collectors of
customs in the various ports of the United States.
Policies are written either for voyage or for time.
Voyage policies cover a specific voyage, the vessel not to call at more
than two ports during the voyage unless by special agreement with the
Bureau at Washington.
Time policies are written for periods of ninety days only.
The war risk clause in the policy reads as follows;
Touching the adventures and perils which the insurer is contented to bear
and does take upon itself, they are of men-of-war, letters of marque and
,countermarque, surprisals, takings at sea arrests, restraints and detainments of all kings, princes and peoples of what nation, condition or quality
soever, and all consequences of hostilities or warlike operations, whether
before or after declarations of war.
Warranted not to abandon in case of blockade and free from loss arising
from an attempt to evade blockade, but in the event of blockade to be at
iberty to proceed to an open port and there end the voyage.
Warranted not to abandon in case of capture, seizure, or detention until
after condemnation.
Warranted free from any claim for interest, loss of market, or damage
by deterioration, but not to delay.
policy:
The following special warranties are incorporated in the
and agreed
Warranted sailing under the American flag. It is understood
or attempt to
that the vessel insured hereunder shall not enter or leave,
powers
the
by
blockaded
enter or leave, any port which is known to be
at war.
the
Warranted by the insured not to sail for any port or ports which at
War Risk Insurtime of clearance are on the special list of the Bureau of
endorsement
by
may,
this
policy
ance, but at the discretion of the bureau
named
made hereupon, cover to such special port at an additional premium
by the bureau.
shipment
no
Warranted to the best of knowledge and belief of the insured
contraband
of absolute contraband will be loaded and that no conditional
contraband
will be loaded when the articles constituting such conditional
government department
are destined for the use of the armed forces or of a
authorities of a belligerent
of a belligerent State or are consigned to the
country who, as a
belligerent
State, or to a contractor established in a
of this kind to a belligerent
matter of common knowledge, supplies articles
belonging to a belligerent or
State, or are consigned to a fortified place
forces of a belligerent.
other place serving as a base for the armed
list of ports referred to in the
The following ports comprise the present
not clear or proceed without
vessel form of policy to which vessels may
ports between latitudes of
special permission of the bureau: North Sea
or Baltic Sea, and
Christiania and Amsterdam; ports on the Kattegat
or Bosphorous.
adjacent waters. Ports on the Adriatic Sea. Black Sea
the Bureau of War Risk
Owing to the exceptional hazard involved,
is made to the
Insurance will only consider those ports where application
bureau at Washington.
ports or, if
these
any risk to
The Bureau reserves the right to decline
its judgment, adequate.
accepted, to name such rates as may seem, in
without notice. The latest lists may
The above list is subject to change
Risks Insurance at Washington.
always be obtained from the Bureau of War
determined by the valuation declared
The valuation of the vessel shall be
policies as may be in force at present. If the
in such marine insurance
the Bureau reserves the right
applicant has no policy or policies in force
valuation declared is correct.
to decide if, in their opinion, the
vessels,It is necessary to apply direct
In order to obtain the insurance on
Insurance at Washington. In applying for
to the Bureau of War Risk
the vessel, the probable voyage,
insurance it is necessary to state the name of
insurance is contemplated.
voyage
or
time
whether
and
value
her
for voyages only, and insurance
Cargo and freight policies are insured
customs at the various ports or by
may be placed through the collectors of
applying direct to the Bureau at Washington.
the name of the applicant,
Applications for cargo insurance require
and numbers, the vessel,
description of the merchandise, giving marks Insurance required but
of
her line or owner, and not only the amount
necessary that the applialso the value of the goods to be insured. It is
a statement as to the
cants have marine insurance on each shipment and
required.
company and the amount of insurance carried is
any circumstances,
The amount insured against war risks cannot, in applicant is unable
exceed the amount insured against marine risks. If the
to state definitely the amount to be insured, he shall declare a provisional
amount, which may not be increased, but which may be reduced, upon
receipt of definite advice, to an amount not less than the total amount
insured under marine policies. Premiums shall be paid on this provisional
amount, and if the amount is reduced when final particulars are known,
the excess of said premium will be returned to the assured by the Treasury
Department of the United States.
It is also warranted by the assured "that the vessel will sail within fifteen
days from the date on which this insurance is effected, but in the event
of the vessel sailing after that time,it is agreed to hold the insured covered
on notice to and payment of the additional premium required by the Bureau
of War Risk Insurance, based on rates current at the time of sailing.
It is quite impossible, with the conditions changing so rapidly, to quote
rates to apply for more than fifteen days.
The following articles as contraband of war will not be insured:
1. Arms of all kinds, including arms for sporang purposes and their
distinctive component parts.
2. Projectiles, charges and cartridges of all kinds, and their distinctive
component parts.
3. Powder and explosives especially prepared for use in war.
4. Gun mountings, limber boxes, limbers, military wagons, field forges,
and their distinctive component parts.
5. Clothing and equipment of a distinctively military character.
6. All kinds of harness of a distinctively military character.
7. Saddle, draught and pack animals suitable for use in war.
8. Articles of camp equipment and their distinctive component parts.
9. Armor plates.
10. Warships, including boats and their distinctive component parts
of such a nature that they can only be used on a vessel of war.
11. Aeroplanes, airships, balloons and air crafts of all kinds and their
component parts, together with accessories and articles recognizable as
intended for use In connection with balloons and air craft.
12. Implements and apparatus designed exclusively for the manufacture
of munitions of war and for the manufacture or repair of arms, or war
material for use on land and sea.
The following articles will not be insured if destined for the use of the
armed forces or of a governmental department of a belligerent State, or
are consigned to the authorities of a belligerent State, or to a contractor
established in a belligerent country who, as a matter of common knowledge.
supplies articles of this kind to a belligerent State, or are consigned to a
fortified place belonging to a belligerent or other place serving as a base
for the armed forces of a belligerent;
1. Foodstuffs.
2. Forage and grain suitable for feeding animals.
3. Clothing, fabrics for clothing and 000ts and shoes suitable for use in
war.
4. Gold and silver in coin or bullion; paper money.
5. Vehicles of all kinds available for use in war and their component
parts.
6. Vessels, craft and boats of all kinds; floating docks, parts of docks
and their component parts.
7. Railway material, both fixed and rolling stock, and material for
telegraphs, wireless telegraphs and telephones.
8. Fuel; lubricants.
9. Powder and explosives not specially prepared for use in war.
10. Barbed wire and implements for fixing and cutting same.
11. Horse shoes and shoeing materials.
12. Harness and saddlery.
13. Field glasses, telescopes, chronometers and all kinds of nautica
instruments.
policyh
eis.
cargoes
The war risk clause and the warranties inthe
c
leering
exception f
are Me same as those in the policy covering vessels,
the following:
This policy does not extend to or cover absolute contraband of war or
conditional contraband of war when the articles constituting such conditional contraband are destined for use of the armed forces or a government
department of a belligerent State or are consigned to the authorities of a
belligerent State or to a contractor established in a belligerent country
who, as a matter of common knowledge, supplies articles of this kind to a
belligerent State, or are consigned to a fortified place belonging to a belligerent or other Place serving as a base for the armed forces of a belligerent.
The rates on war risks for cargoes and vessels to be cluirged
by the Government for insurance on commerce between the
United States and belligerent and non-belligerent ports
during the European war were announced on September 18
as follows:
From any ports in the United States to any ports In Me world (other than
those named in the special list) or vice versa, as follows:
Cargo freights and advances-For voyage:
1. Between ports of the United States, its possessions, or any none
ren
-tbseillnigteh
nr
oo
o tnp
ren
igeT
bel2l.
p
ste
eo
them
rnoli
rta
pa
th
er is
hn
ere
bove7
a,
)°and not north of Havre
in Europe nor east of Sicily in the Mediteranean, 1%.
ports
other
1)-%.
3. To all
Vessel.-For voyage (by voyage meaning from port of loading to not
more than two ports of discharge.):
Between ports of the United States, its possessions, or any non-belligerent
port in the Western Hemisphere,
So other non-belligerent ports not north of Havre in Europe or east of
tidy in The Mediterranean, h%.
,s l ports. l%.
Ne
Other
Vessel.-For time :Time policies to be issued for a period of 90 days only.
rate 2%. If the insured agrees to a warranty reading, "warranted using
only non-belligerent ports in the Western Hemisphere," rate 1%.
The above rates are subject to change without notice and effective from
follo
date hereof.
following are the special ports referred to above: North Sea ports
between latitudes of Cnristiana and Amsterdam, ports on the Kattegat
or Baltic Sea and adjacent waters; ports on the Adriatic Sea, Black
Sea or
to
the exceptional hazards involved the Bureau of War Risk
Bosphorus.Owing
Insurance will consider these special ports only when application is made
to the Bureau of War Risk Insurance, at Washington.
The Bureau reserves to Itself the right to decline any risks to the Porte.
or if accepted, to name such rates as may in its judgment,seem adequate.
This list is effective from tee date hereof, but subject to change without
tice.eis.
novess
-Time policies. The ports above mentioned comprise the
present special list of ports referred to in the vessels form of policy to which
vessels may not clear and proceed without special permission of the Bureau.
Vessels cargo and freight voyage poticies.-Applications for insurance
to the above-mentioned ports must contain full particulars of the proposed
OCT. 31 1914.)
THE CHRONICLE
voyage, including name of consignee and description]of cargo, as well as
the amount of insurance.
On the 7th inst. the Bureau of War Risk Insurance announced that the record for the amount of insurance submitted in one day was established on the 6th inst. The
request for insurance on hulls and cargoes totaled in all
$1,034,000 and of this amount fully three-fourths consisted
of applications for cargo insurance. Up to the present time
the Bureau has written $4,324,941 of risks on cargo and on
hull $5,197,600.
INCIDENTS OF THE SITUATION.
Owing to the many unjust suspicions aroused and the
unwarranted seizures of ships resulting therefrom, Collectors
of Customs were instructed on the 28th to refrain from making public information concerning the outward-bound cargoes
until thirty days after clearance. The instructions came
from Secretary of the Treasury McAdoo and were as follows:
Until further directed, you will refrain from makingpublic or giving out
to any other than duly authorized officers of the Government information
regarding any and all outward cargoes and the destination thereof until
thirty days after the date of the clearance of the vessel or vessels carrying
such cargoes.
1275
and of the season's yield of some 14,000,000 bales but a small portion has
left the producers' hands.
The conference recognized that requests for the extension of matured
and maturing accounts, and perhaps embarrassments, are to be expected.
but it was urged in their treatment that creditors should exercise great
prudence and not act until there had been a disclosure or investigation made
of the exact circumstances in each case, to the end that no encouragement
should be given to the unworthy or undeserving debtor. It was felt,
however, that patience would have to be exercised in many cases, but only
such patience and assistance as would be necessary safely and properly to
work out each individual situation.
Upon a canvass ofthe conferees as to the probable extent of present stocks
of merchandise, while 'individual views varied slightly, yet the conclusion
was almost unanimous that the total merchandise in the hands of wholesalers and retailers at present is normal,and that we have no unusual situation in this element of merchandise credit to meet and handle.
The granting of new and additional lines of credit should be with more
than usual prudence, which, though implying contraction, will mean the
providing for merely actual needs and the keeping of the credit situation
sound. To this end the policy of some houses to instill into their salesmen the necessity of counseling customers against purchasing beyond
near future requirements was commended.
In manufacturing lines, the testimony was to the effect that while producers in some lines are feeling keenly the falling off of purchasing power
and industrial workers are upon shorter time, yet it is reasonable to believe
that the shutting off of production in the war zone will focus greater attention upon the market here, with the result that many of our mills and
factories will soon have their capacities tested.
The "Journal of Commerce and Commercial Bulletin"
In taking occasion on Thursday to correct an impression
which had become current that Great Britain would protest published the following special cable on the 26th inst. conagainst Secretary McAdoo's orders directing that the pub- cerning the plans for the opening of the London Stock
lication of the nature of cargoes be withheld until thirty days Exchange:
It is understood the following scheme for dealing with the Stock Exchange
after a ship's clearance, Sir Cecil Spring-Rice, the British loan situation has been
devised and now only awaits the assent of the
Government:
Ambassador, said:
"The United States Government has, of course, a perfect right to issue
whatever regulations it thinks fit. Foreign powers have no reason to
complain. In New York City this regulation has actually been in force
for some time.
"The publication of manifestsis not a usual practice and depends solely
on local customs in different countries. Nothing in the regulations prevents the Consuls of neutral countries from communicating to the Consuls of belligerents, as is now done, details as to the destination of contraband or the intention of the neutral government in regard to embargoes.'
The banks subscribing to the $100,000,000 New York
City notes were called upon this week to pay their seventh
installment, amounting to slightly less than $2,000,000
The proceeds of this latest call which was met in ClearingHouse funds (payment being by check),instead of in gold,
as heretofore, will go part to England and part to France,
and will take care of the city's foreign indebtedness up to the
close of business Nov. 21. From that time on to the close
of the year maturities amount to about £7,000,000 and 32,000,000 francs, which is equivalent to over $40,000,000. It
is expected, therefore, that numerous calls will be made during the next few weeks for installments on the loan.
The banks agree to continue existing loans on present securities for one
year after peace shall have been declared at a rate of 5% interest.
Borrowers will be allowed to take 25% of their securities to the Bank of
England. which will, in turn, open a credit at the borrowers' own banks
equal to 25% of their existing loans, thus enabling the borrowers to resume
business by drawing on their new credits upon depositing the new stocks
purchased.
Lenders other than banks entitled to receive assistance from the Bank of
England will be extended loans equal to 75% of their claims upon depositing
75% of their securities which they hold.
All new credits will be subject to the bank approving the securities.
Open speculative accounts may be paid off by very small installments.
As already arranged no failures are possible unless the committee should
deem it wise to assent to the liquidation.
It seems somewhat doubtful when the Government may sanction the
proposed scheme, but the plan devised unquestionably represents the basis
of settlement.
It was subsequently stated that the plan would require
some modification before it would meet the approval of the
Government; it underwent some changes on the 27th, and
the "Journal of Commerce" in reporting this on the 28th
said:
At a meeting of the bankers held yesterday, the plan for re-opening the
Exchange which was cabled to the "Journal of Commerce" on Sunday
was slightly modified.
It is understood an arrangement was made whereby the Clearing-House
banks will change the bank rate on extended loans and waive the position
requiring a Government guaranty against loss. The plan was also
changed regarding non-claiming banks and other lenders not entitled to
receive assistance from the Government which would relieve them of depositing 75% of all their loans to the stock members.
The scheme, however, may not be sufficient to unlock the Exchange, but nevertheless it will be a big step toward re-opening the institution.
The first step toward retiring emergency currency taken
out under the Aldrich-Vreeland Act was reported on the
21st, when $3,000,000 was taken up for redemption by the
New York institutions through the Sub-Treasury; with the
amount subsequently turned in, it is stated that the New
York banks up to the 28th had retired a total of $7,532,000
It is understood that other points over which dissensions
of the emergency currency. The total emergency currency
issue for the countiy was reported on the 26th as $368,616,- arose are still undecided.
999.
The London "Statist" of the 10th printed the following
The retiring of the Clearing-House certificates has also
regard to the advisability of keopening the London
with
been under way in New York for the past few weeks, $3,Stock Exchange as soon as it can be done with safety:
000,000, it is understood, having been turned in in the first
Manifestly, a great national loan cannot be brought out while the Stock
place.
Exchange is shut. It will be wise not to postpone the issue too long; yet
In Philadelphia, two banks—the Franklin National and It will be still more unwise to bring it out when many would-be subscribers
would find themselves unable to apply for as much as they would wish.
the Central National—called in part of their outstanding Most
persons invest their savings. Consequently, few people are able to
Clearing-House certificates for redemption on the 17th. pay a large sum immediately. Usually those who wish to subscribe for a
hold or else borrow on such
The former on Sept. 12 reported to the Comptroller of the national loan either sell securities they already
securities. A man may be very rich and may be quite ready to apply for
Currency $1,000,000 of such certificates taken out, while the a
large amount of the new loan. But if he cannot borrow easily, he will
not do so, nor will he sell good securities at what he believes a considerable
Central National reported $200,000.
A statement on credit conditions issued by J. H. Tregoe,
Secretary and Treasurer of the National Association of
Credit Men, following a recent conference of bankers and
merchants, says in part:
Passing to the consideration of merchandise credits,'the two elements
of accounts receivable and stocks of merchandise were analyzed in turn.
A canvass of merchandise credit grantors supported the conclusion that
the nation's total debt for merchandise is normal. In some lines the indebtedness was thought to be above, in others below, the normal mark.
but the total debt to be redeemed would indicate discreet buying in the
last twelve months and no tendency to inflation.
The redemption of merchandise indebtedness is the question which most
concerned the conference, for the steady redemption of accounts payable
is essential to fluid credits and the avoiding of strain. The payment of
merchandise debts is largely conditioned upon the marketing and consumption of the crops and the income-producing power oflabor. With a normal
commercial indebtedness we have had a year's yield from the soil that
should have been or should be exchanged for a large share of current indebtedness or bank credits; but the staple cotton, for which Europe is
annually a good customer, has been deprived by the war of its usual market,
loss. From the public point of view, then, it is desirable that the house
should be reopened as soon as possible. From the point of view of the commercial public in general it is equally desirable, since a man in business is
heavily handicapped if he cannot freely sell his securities or borrow upon
them.
At the present time the committee of the Stock Exchange insists that no
bargain will be recognized at prices lower than those fixed at the making
up of the last settlement in July. Those making up prices were exceedingly
low—were so low indeed that a few days afterward the house had to be
closed. Therefore the general opinion is that unless German and AustroHungarian holders should in some way contrive to sell upon a vast scale,
there is certain to be a considerable improvement, more particularly if the
battle going on in France just now ends favorably to the allies. Lastly,
it is to be observed that the members of the Stock Exchange at present can
rarely earn enough to pay their weAri”g expenses. They have to meet their
rents, to pay their staffs, and so on, yet the business done is exceedingly
small. Such a state of things cannot last long, and every effort should
be
made to end it as quickly as may be. On almost every other point we
see
no insurmountable difficulties. But there is undoubtedly one
problem
which does not admit of easy solution. It is how to prevent
Germans and
Austro-Hungarians from selling upon such a scale as to bring
about another
heavy fall. Residents in an enemy country of course cannot
directly deal
in the London Stock Exchange; but the difficulty is to discover
when steeks
1276
THE CHRONICLE
offered belong to residents in an enemy country. The real owner may
either actually or in a surreptitious manner profess to sell to neutrals, and
the neutrals may deal more than once in the securities, which finally find
their way to the London Exchange. It would be extremely difficult to
trace back to the real owners the proprietorship of such securities.
The "Journal of Commerce" of the 21st had the following
to say concerning the London Metal Exchange:
The committee of the London Metal Exchange has decided that its
members must pay all sums due at the end of October by Nov. 5 on the
following basis per ton: Copper, £49; tin, £120; iron, 49s.
Members who are unable to pay the full amount due most notify the committee by Oct. 22,and the committee will thereupon appoint an accountant
to investigate such members' financial standing or position.
The rule regarding defaulters has been suspended, but nevertheless
members who are unable to make full payment within one year after the
war has ended will be deemed defaulters.
Members who are unable to pay will be suspended from dealing and must
pay interest at 1% above the Bank rate with a minimum of6%. Members
must also take up and deliver metals due and close their defaulting clients'
accounts.
The committee is yet undecided about reopening the Exchange on Nov. 5
but the foregoing scheme paves the way for the resumption of daily settle
ments.
[VOL. xcnc.
Measures already have been taken to prevent the importation into Germany and Austria of goods necessary to the conduct of war, but when
neutral countries have the opportunity of making great profits on the enhanced prices which Germany and Austria are willing to pay,it is impossible
to put a stop to all importations.
At the present time there are few exports of great value which can be
sent out in exchange for goods which Germany receives from neutral countries. Of these sugar is the chief. Already exchanges are rising against
Germany and Austria, and if the exportation of sugar could be prevented
or rendered unprofitable, a further serious blow would be struck to their
trade.
German and Austrian sugar may not be imported here under its true
colors, but if it is first exported to a neutral country and then re-exported
from the neutral countyr to Great Britain, it passes as innocent. Already
advices have been received that bids for German sugar are being greedily
sought in neutral countries. Even if this sugar did not come into this
country, though there is reason to believe that the traffic has begun. it
would set free a corresponding amount of sugar in a neutral country, which
might be shipped into the United Kingdom. The only ultimate big market
for this sugar is the United Kindgom,and nothing less than the total prohibition of importations into this country will hinder the German and Austrian exportation.
In ordinary ciircumstances such prohibition would be inconceivable, but
large supplies secured by the sugar commission assure ample supplies for
British consumption for many months. The price at which it has been
bought permits of retail sale without loss at a rate below that now current—
namely. 3% pence a pound for granulated sugar—and a reduction may be
expected.
In these circumstances the Government has decided to prohibit for the
time being the importation of sugar, with the object of defeating the German and Austrian efforts to turn their stocks into money.
Supplementing the statement (printed in these columns
last week) issued by Sir William Plender with regard to
the operation of the German and Austrian banks in London,
the following statement is made by him in order to clear
According to leaders in the New York sugar trade, the
up any existing doubts in connection with American stocks
"Journal
of Commerce" on the 26th reported,the action of
in German names held or formerly held by the London
the British Government in prohibiting the importation of
agencies of German and Austrian banks:
1. In cases where the shares stand in the name of the London agency sugar into the United Kingdom will not affect shipments
of one of these banks, and that bank has parted with the ownership of the from the United States, in view of the fact that the embargo
shares but is still registered in respect of them, it will, as in the past, pay
is not construed as applying to the delivery of sugar conany dividends received by it to the real owners of the shares (provided
they are not alien enemies) upon being satisfied as to their ownership by tracted for by the British Government. The apparent purproduction of the certificates.
pose of the prohibition is to obstruct the outlet for German
2. The same remark applies to the case of shares standing in the names
and
Austrian sugars through Holland. In the trade it is
London
agencies.
the
of
These
gentlemen
are
any
of
nominees
officials
of
of the banks, and if dividends are received by them they will be paid over believed that the order of prohibition will be only of tempoas in case No. 1.
rary duration.
3. With regard to the case of shares registered in the name of any one
of the banks, without the London agency of such bank being specifically
referred to, I am not in a position to say that the dividends will be received in London. If the shares are in Canadian companies, they would
presumably either be paid to the London agencies or withheld, as the
companies would not be entitled to pay to B lin.
American companies would, however, be under no such restriction, and
I am not in a position, therefore, to say that dividends might not be forwarded to Berlin on the instructions of the Berlin office.
If, however, any dividends are received by the London agencies of the
banks in respect of shares of which they are not the owners, they will be
paid over as above (1 and 2).
The London Stock Exchange "Official Intelligence" of
the 3rd prints the following concerning the English moratorium:
The attitude of the American life insurance companies toward policy-holders engaged in war is set out as follows by
the New York "Tribune" on the 23rd inst.:
London, Oct. 23.—Officials of the London offices of several American life
insurance companies said to-day that in view of the policies held in Europe
it was probable that money would have to be paid to policy-holders engaged
in the present conflict. It is impossible to tell how many policy-holders
are in the different armies.
An official of the Mutual Life Insurance Compnay of New York said today that no policies would be written by that company for any person intending to take part in the war. At the Equitable Company's offices it was
said that the war premium would have to be paid if any person seeking to be
Insured expected to take part in the war.
It was asserted that no premiums were being charged policy-holders living in England or other countries engaged in war. The possibility of invasion or the dropping of bombs has not put any war rate on Americans living in England.
RULES 20, 89. 149 & 150.
In consequence of the Royal Proclamations of 6th August and the 3d
and 30th September. 1914. the Resolutions of the Committee for General
On the same subject,in so far as it affects Germany, the
Purposes of the 31st July, 12th August and 4th September 1914, have
New York "Sun" says:
been duly modified as shown below:
The question of limiting loans on life insurance policies is growing in im1—That under the provisions of Rule 20 the strict enforcement of Rules
portance in Germany, because of the financial pressure of the war, accord89, 149 and 150 be dispensed with as follows:
a—That the Resolutions of the Committee of the 2nd June, the 6th ing to advices received in insurance and financial circles. Advices in variJuly, the 4th August and the 9th September, fixing the Consols Ac- ous quarters give conflicting information as to whether or not loans have
count Days for August, September, October and November and the been cut down to the minimum figure. The demand for loans from policyOrdinary Accounts for August, September, October and November holders in Germany is reported as large.
It was reported in an authoritative quarter yesterday that the Associabe rescinded.
b—That bargains open for the August, September and October Consols tion of German Life Insurance Companies has reached the conclusion that
Accounts be settled on the 18th November and those for the November a rigid limitation of 500 marks,or at most 1,000 marks, must be imposed on
all loans made upon policies, no matter what the size of the policy.
Consols Account on 1st December.
It was said, however, at the offices of the Germania Life Insurance Co.,
e—That bargains open for all Ordinary Accounts up to and including
which dees an important business in Germany, that the company's latest
that of the 14th October be settled on the 18th November, and those
that loans are being made freely upon policies,
for the 29th October and the 12th and 26th November on the 1st advices from Germany show
not only by this company, but by the German companies also.
December.
Co., which also operates_in Germany, reInsurance
Life
for
York
the 7th and
The New
d—That bargains open for the Special Settlements fixed
ported yesterday that it was lending the usual amounts on its policies in
13th August and 14th October be settled on the 18th November.
2—The Committee have also confirmed the following Resolution:—That Germany.
The Mutual and the Equitable companies two no longer in Germany.
nothing in the above shall suspend or postpone the legal obligations of
They retired from the field a number of years ago, when the paternalistic
Allen Enemies to fulfil bargains made by them before the War.
of the Government became pronounced.
resolved:—
tendency
3—The Committee have further
a—Interest on unsettled bargainsfrom the date for which they were originally
done up to the 14th October must be paid within 3 days of that date.
President Poincare of France signed a decree on the 27th
b—Contango money payable at the August Consols Account and the Ordininst. modifying the moratorium proclaimed on Aug. 31, and
ary Mid. August must be paid on the completion of the bargain.
e—Payments for Securities undelivered on the End July Account is providing for a gradual return to normal financial conditions.
postponed by Proclamation until 4th November, on condition that
Bank depositors will be allowed to draw 1,000 francs ($200)
interest at 6% up to the 4th October is paid within 3 days of that date,
balance in November, and this percentage
but the Committee trust that all Members will notwithstanding make plus 40% of the
increased to 50% in December. The collection of
every endeavor to settle all outstanding bargains.
be
will
d—Rates of interest for the extended periods under (a) and (c) will be fixed commercial debts, except those of mobilized soldiers, may
by the Committee.
after Dec. 1, in case the debtor invokes the
e—Tho Secretary's Office and the Official Assignees' Office shall re- be prosecuted
in bad faith. The New York "Sun" says:
main open.
moratorium
the prorogation aims to re-establish progressively
—Options declarable while the Rouse is closed must be declared on the
on raw, except for mobilized debtors and those domiciled
reignard
com
due dates.
ree
of
hiemdeec
eg
a rT
invaded. For these the prorogation continues.
been
have
in districts which
others no suit can be instituted during November, but from the first
For
the
into
sugar
of
importation
the
that
Announcement
of permissionDece ber creditor can obtain
a jduediroreinfthe shows bad faith in invoking
r agaoibn in
United Kingdom has been prohibited, with a view to preato proceed
when able to pay is also to be granted_on application. As
venting German and Austrian sugar reaching London from the moratorium
the
proportion
of obligatory payments is increased
deposits,
bank
neutral countries, was made by the English Government regards
notably, especially for small depositors.
on the 23rd_inst. Explaining the decision of the GovernThe first moratorium of Aug. 9 fixed obligatory repayments of deposits
at 250 francs and 5% of the remaining deposit. The decree of Aug. 29 inment, the official news_bureau said:
OCT. 31 1914.1
THE CHRONICLE
creased the percentage to 20, the decree of Sept. 27 increased it to 25 and
to-day's decree raises the obligatory repayment figure to 1,000 francs
($200) plus 40% of the remainder during November and 50% during December. Withdrawals for special causes, such as the payment of wages.
purchase of materials, &c., are raised from se% to 75%.
The German Government decided on the 21st to extend
to France and French colonies the bill prohibiting payments
to Englishmen or English firms.
Information given out in official quarters in Berlin on
the 27th concerning the German war loan said:
A total of 3,200,000.000 marks ($860,000,000) has been paid in on the
German war loan, although the loan itself was for only 2,600.000,000
marks ($650,000.000)•
The financial dislocation, it is stated in a cablegram from
London, has necessitated the issue of £5,000,000 of Egyptian
Treasury bonds which will have the guaranty of the British Government. A portion of the proceeds will provide
a reserve for the emergency bank notes issued in Egypt.
It is hoped that these emergency notes in Egypt will cure the
native fellaheen of their Oriental propensity of hoarding
gold, just in the same way as it is believed that the £1 notes
in this country will never go out of circulation now that the
public has become accustomed to them.
1277
parent that no quorum could be procured for consideration
of cotton legistation at this time and that further filibustering
might injure chances of ultimate success. Senator Smith
had introduced a bill on the closing day of Congress for the
relief of the cotton planters which was substantially the
bill he proposed as an amendment to the war revenue Act,
which provided for a Federal bond issue to purchase 5,000,000
bales of the crop at the price of 10 cents a pound,
a tax to be imposed on the cotton producers to guarantee
the Government against loss; he indicated however, that
he would not raise the point of no quorum, but would
merely vote against adjournment.
Before adjourning, the House gave recognition to the
demands of the cotton interests in the adoption of a resolution
calling for the appointment of a special committee which is to
investigate the cotton situation and report its findings to
the House on December 15. The resolution reads as follows:
Resolved, That the Speaker of the House be, and is hereby, directed to
appoint a special committee, composed of 7 members of the House. 4 of
whom shall be of the majority and 3 of the minority,to investigate the cotton
condition of the South, with a view to recommending to Congress legislation to require the United States Government to extend financial relief
to the cotton growers of the South. Said committee is directed to make its
report to the House on Dec. 15 1914.
The committee consists of Representatives Asbury F.
Lever, of South Carolina, Richard W. Austin of Tennessee,
Robert L. Henry of Texas, J. Thomas Heflin of Alabama,
Thomas M. Bell of Georgia, John W. Langley of Kentucky
and J. A. Falconer of Washington. Representative Mann
was originally named as one of the menmbers of the committee, but as he expressed his inability to serve, Represent&tive Falconer was named in his stead. The adjournment was
-accomplished through the passage of a concurrent resolution
ending the session at 4 o'clock in the afternoon, but cloM
were turned ahead in both chambers, the actual adjournment
in
the house occurring at 3.22 o'clock and in the Senate
after
a
session
21st,
which
lasted
the
The Cuban Senate on
almost all night, virtually unanimously passed the so-called at 3.27. In neither body when the agreement was reached
to adjourn was there a quorum present. An objection by
National Economic Defence Bill. This measure recently
a single member would have stopped the proceedings.
passed the House of Representatives (as stated in our issue
The number of members voting on the adjournment resoluof Oct. 17). The mostimportant clauses of the bill provide tion
in the House was 83. The full membership of the
coinage;
the
giving
of
premiums
national
for the issue of a
House is 435. In declaring the session adjourned, Speaker
for the cultivation of tobacco; authorize the President to
issue bonds for $5,000,000; provide for the relief of agri- Clark characterized it as the "longest and most laborious'sesn7
cultural laborers, and consolidation of the regular army and sion that the Congress of the United States had ever knoN7Up to Saturday last, when the session was brought to a
the rural guard.
close, Congress had sat continuously for a period of 567 days,
The "Wall Street Journal," in a dispatch from Tulsa, or since April 7, 1913. That date marked the opening of
Okla., has the following to say regarding the oil situation in the special session called by President Wilson with his induction into office; the special session ran until the opening
that State:
Tulsa, Okla.—Oklahoma producing and pipe line interests are again of the regular session on December 1 1913. The past nineworked up over the oil situation, as a result of the hearing held this week teen months have witnessed the enactment of more importon the Magnolia Pipe Line Co.'s application to lower the price of Healdton
ant measures perhaps, than has ever before been enacted
oil to 40 cents a barrel. Although the Magnolia company agreed to hold
the price at 50 cents for a limited amount of oil, a new development has by Congress in a similar period. The new tariff schedules
come to the front which is likely to draw considerable attention within the were enacted during the special session, and in the regular
next few weeks.
This is the announcement by Corporation Commissioner Henshaw to the session just concluded the Federal Reserve Act became a law,
effect that he expected the price of Cushing oil to advance to 65 cents by together with the Trade Commission Bill and the Clayton
Nov. 10 and to 75 cents by Jan. 1. The Commissioner further stated
Anti-Trust Law; the War Revenue Bill and other Acts incithat if his suggestion was not followed. the Commission will issue an
dental to the war were also among the more important of the
order in an effort to compel such action by the pipe-line companies.
It was hardly thought that the Oklahoma Commission will make any bills which became laws during the period under review.
further attempts to fix a price for crude oil following its failure in this
to,
itiftlanarite.E111
'direction last month. At that time the Prairie Oil & Gas Co. had announced a reduction of 10 cents in the price when the Commission issued
The proposed amendments to the Federal Reserve Act
an order prohibiting a reduction. The Prairie's answer was to stop taking
oil entirely for about a week. The company resumed its purchases at the did not go through; it is understood that the filibuster conreduced price when the Commission, in effect, rescinded its ruling.
ducted in the interest of the cotton growers was effective in
preventing action in the House on the amendments; in the
BANKING, FINANCIAL AND LEGISLATIVE NEWS, case of several of these amendments, the "Journal of ComA New York Cotton Exchange membership was sold merce" reported that Secretary of the Treasury McAdoo
this week (Oct.30) for $7,000 the same consideration having called up House Leader Underwood by telephone on the
been paid for a seat last week. The last sale previous to 21st to urge their enactment before adjournment.
These amendments, which were suggested by Mr. Warburg
this was at $12,000 on July 18.
and endorsed by the Board, provided, first, that the Act
George E. Roberts resigned yesterday as Director of the should be amended so as to permit member banks to carry on
deposit with their Federal Reserve bank any part or all of the
Mint; his resignation was made effective November 1.
Mr. Roberts retired from the banking business in 1910 to reserves required under the law to be held in their own
become Director of the Mint for a second time. His first vaults; second, it was proposed to amend the Act so as to
service in that office was from 1898 to 1907. He left to permit the Secretary of the Treasury to put into operation a
become' president of the Commercial National Bank of System of clearances between the member banks and the
Chicago, but returned to the Mint Bureau when the Com- reserve banks and the Treasury Department for the purpose
merce Bank was merged with another large Chicago bank. of carrying national bank notes. The bill intended to extend
the amount of commercial paper available as a basis for
emergency
curency which was passed by the Senate, was also
Congress
came
Sixty-third
to
an
end
on
the
24th
The
inst., with the collapse of the filibuster conducted with a side-tracked in the House.
view to forcing the enactment of legislation in the interest
The Alaska coal land leasing bill was signed by President
of the Southern cotton planters. In announcing the abandonment of their filibuster, following a conference held early Wilson on Oct. 20. The bill went to conference following its
in the day, Senator Hoke Smith, of Georgia, and Represents, passage by the Senate on Sept. 26(the House had previously
tive Henry, of Texas, told the Senate and House it was ap passed it); an agreement on it was reached by the conferees
A Federal war tax has been decided upon in principle by
the Government of Switzerland. The tax is to be progressive on incomes and property. Companies are also liable.
The general management of the Federal railways has decided
to ask Parliament for a temporary loan of $16,000,000, to
meet the expenditure for 1915. Proposals for various
economies have been accepted, including the reduction of
construction expenditure by more than half. Fares are to
be increased.
1278
THE CHRONICLE
on Oct. 6, but on the 10th inst. it was returned to conference
by the Senate, which claimed that the committee had
exceeded its authority by inserting a new provision limiting
the regulatory powers of the Interior Department over lessees
on the coal lands. The bill was finally perfected by the
conferees on the 12th,and the conference report was approved
by the Senate on the 14th and by the House on the 15th.
The bill is designed to throw open to a system of leases under
competitive bidding the immense coal resources of Alaska,
tied up the last eight years, and pending claims will be
adjudicated within a year. The Bering River, Matanuska
and Nenana coal fields will be the first surveyed, the Government retaining 5,120 acres in the Bering and 7,680 acres in
the Matanuska fields, and one-half of all other coal areas.
To prevent monopoly, or for other emergencies, the Government reserves the right to mine coal for the benefit of the
army and navy or for the operation of the Government
railroads in Alaska. Leases will be made in blocks of 40
acres or multiples of that amount not exceeding 2,560 acres
altogether in any one lease and to run not more than fifty
years. Present coal land claimants may relinquish their
rights to patent under the old law, payments being refunded.
Royalties paid by lessees must be at least two cents a
ton, with a maximum unrestricted. Proceeds from leases
will be useable only to reimburse the Government for
building the Alsakam Railway.
The Inter-State Commerce Commission announced on
Oct. 14 that it would,in compliance with a Senate resolution
passed on Oct. 17, institute an investigation into the operations of the Little Kanawha RR. in West Virginia. The
Senate directs the Commission to ascertain "whether or
not the control of the stock is in the hands of any combina,
tion of railroads or of any trust or syndicate controlled by
railroads engaged in inter-State commerce, and whether or
not the railroad is being held for any purpose other than as
a legitimate branch of commerce, and whether it is being
held to tie up and prevent the development of the Little
Kanawha Valley." A preliminary inquiry will be begun
at once, and public hearings be held.
The so-called "Little Kanawha Syndicate," in which the
Pennsylvania RR.and the Pittsburgh & Lake Erie RR. each
own a half interest, owns the Little Kanawha RR. and other
small railroad properties in the course of development, viz.,
the Burnsville & Eastern RR.,Buckhannon & Northern RR.,
Belington & Northern RR.,Parkersville Bridge & Terminal
RR., Marietta Columbus & Cleveland RR.and Zanesville,
Marietta & Parkersburg RR.
The Court of Appeals at Albany handed down a decision
on the 20th inst., denying the claim of the City of New York
to the preferential payment of about $200,000 which the
City had on deposit with the Northern Bank of New York
when that bank failed in December, 1910. The decision
will have an important effect on the funds of various other
banking institutions which are in course of liquidation.
The Court of Appeals about a year ago decided in the matter
of Carnegie Trust Company that the State of New York
had succeeded to the rights and privileges of the Crown of
-England, and was by virtue of sovereign perogative entitled
to priority of payment. Thereupon, the City of New York
through Frederic R. Coudert, as counsel, claimed that its
deposits were also public funds and were equally entitled
to preferential payment. Eugene Lamb Richards, Superintendent of Banks, maintained that under the common
aw of England, prior to the War of the Revolution, municipalities as they existed in England at that time were not
entitled to payment in full of claims owed them by insolvents
but were only allowed dividends equal to those paid other
creditors and that the rights of the City of New York in
this respect had never been enlarged by the Legislature.
To date all creditors of the Northern Bank have received dividends amounting to 60% of their claims. Had the City of
New York been successful in this litigation, it would have
reduced the fund which the Superintendent of Banks has
on hand for distribution among creditors] approximately
$80,000. The disallowance of the claim of the City means
an eventually increased dividend offiapproximately 2% to
all general creditors.
The selection of Seattle, Washington by the Executive
Council of the American Bankers Association for the 1915
annual Convention is generally approved, as it will enable
the bankers to visit the great PanamalExposition at San
[VOL. xmx.
Francisco, either in going to or returning from the convention. The railroads contemplate running special trains
permitting the delegates to stop not only at the "Fair"
but at many other points of interest. The bankers of Seattle,
and in fact the whole State,are planning to make the meeting
a memorable one.
The organization certificate of the Land Bank of the
State of New York was ordered to be executed at a meeting
held at Albany on the 16th inst., by the members of the
Board of Directors in charge of this new system of co-operative finance. The new bank will be ready to begin busines
in the near future. The payment of the capital of $100,000
which the new law requires before the bank can be authorized to begin operations has been subscribed. This capital
has been pledged by forty savings and loan associations
representing every section of the State,with aggregate re'sources of approximately $20,000,000. Many other associations have expressed a willingness to become members
of the bank soon, which will materially increase the capital.
Provision for the creation of the Land Bank was made in a bill
passed by the Legislature at its session this year as a result of a special message sent to the Senate and Assembly
by Governor Glynn. Governor Glynn and Superintendent
of Banks Eugene Lamb Richards, the latter having direct
supervision over the bank when authorized, have been aided
in their efforts to put the new bank into successful operation
by the State Department of Agriculture and representatives
of various agricultural interests, and of savings and loan
associations throughout the State. The Board of Directors
of the bank includes the following: Directors at large, Robert
B. Van Courtlandt, Mount Kisco, N. Y., John J. Dillon,
New York, N. Y., and Edwin F. Howell, Brooklyn, N. Y.;
Directors, Webb G. Cooper, Oswego, N. Y., F. D. Kingsbury, Corning, N. Y.; Elmer T. Stanton, Troy, N. Y.;
Barnard G.Parker, Gouverneur, N. Y.; William H.Judson,
and Charles S. Folsom, New York, N. Y.; Benjamin Thompson, David P. Hutton and James J. Judge, Brooklyn, N. Y.;
Edgar A. Newell, Ogdensburg, N. Y.; John G. Farwell,
Geneva, N. Y., and Charles B. Flandreaux, New Rochelle,
N.Y.
For the purpose of making the directorate of the bank
representative of all parts of the State, it was divided into
four districts, conforming generally to the four judicial departments. Three of the directors elected represent the
State at large and three represent the associations in each
of the four districts. The temporary offices of the bank
will be at No. 61 Broadway, New York City, certain rooms
in the space occupied by the State Banking Department
having been placed temporarily by Superintendent Richards
at the disposal of the Board of Directors of the Land Bank.
The permanent officers of the bank will be selected
as soon as the organization certificate and by-laws have
been approved. Detailed reference to the Land Bank was
made in these columns Oct. 10, page 1021.
The American Exchange National Bank, New York City,
has issued a pamphlet containing the Federal Trade Commission Law and related Acts. The pamphlet also contains
a review of these important laws written by John B. Daish,
A. B., LL. M., a prominent interstate commerce lawyer
of Washington. Its usefulness can not be questioned, as
the Federal Trade Commission Law is broader in its application to business than any Federal legislation heretofore
enacted. A copy of the pamphlet will be sent free upon
application.
Fred I. Kent, a Vice-President of the Bankers Trust Co.
of this city was this week elected a director of the institution.
Mr. Kent is in charge of the foreign exchange department of
the company and is at pre'sent in London where he has
relief
rendered valuable assistance in helping to organize the
work in behalf of stranded Americans on the Continent and
in Great Britain. Mr. Kent was one of the originators of
the system of travelers cheques of the American Bankers
Association.
The Bankers' Club, composed of the employees, officers
and directors of the Bankers Trust Co. of this city, this week
presented a handsome desk set to Benjamin Strong Jr., formerly President of the company and now Governor of the
Federal Reserve Bank for the New York district. Henry P.
Davison of J. P. Morgan & Co. made a brief address and
Seward Prosser, President-elect, delivered a few remarks.
OCT. 31 1914.1
THE CHRONICLE
1279
Former Presidents E. C. Converse and Benjamin Strong Jr. which Attorney-General Parsons and Superintendent Richards expect to obtain will be distributed among the dewere elected honorary members of the club.
positors of the following private bankers; Max Kobre,
A synopsis of the War Tax Law of 1914 which was passed Adolf Mandel, M. & L. Jarmulowsky, L. W. Schwenk and
by Congress on the 22th inst., has been issued in a booklet Deutsch Bros. Each of these private bankers had filed
by the Guaranty Trust Co. of New York. Free copies we with the State Comptroller bonds to the amount of $100,000
and it is for the collection of these bonds that the present
believe will be mailed on application to the company.
actions have been instituted. The State sets forth in its
complaint that Max Kobre's Bank has an excess of liabiliAlfred W. Hudson, an ex-president of New York Chapter ties over assets of approximately 03,000, while the money
of the American Institute of Banking, has been made Presi- due his depositors totals $3,733,000. Adolf Mandel's bank
dent of the First National Bank of Syracuse, N. Y., suc- is alleged to be insolvent to the extent of $1,059,000, the
ceeding C. W. Snow who has retired. Mr Hudson entered amount due his depositors being $2,001,000. M. & L.
the bank as a Vice-President a year ago. He is an exper- Jarmulowsky's liabilities, it is claimed, exceed their assets
ienced banker, and was originally with the Fifth Avenue by $1,050,000, the amount due his depositors being $1,Trust Company, now the Fifth Avenue Branch of the Guar- 702,000. L. W. Schwenk doing business as A. Grochowski
anty Trust Company of New York, and later was with the & Co., who has already been declared a bankrupt, is claimed
State Banking Department. He has been prominently to have liabilities of $324,000 in excess of his assets. The
identified with New York Chapter of the American Insti- amount Schwenk owes his depositors is approximately
tute of Banking for many years; has served the Chapter $735,000. Deutsch Bros. owe their depositors $230,000
and the Institute in various capacities; and during his term and appear to be insolvent to the extent of $28,000. Like
as President of New York Chapter inaugurated a program Schwenk, they have already been adjudicated bankrupts.
which has proved exceptionally practical and useful.
The bonds in question run to the People of the State of New
York for the benefit of depositors and the law provides for
Superintendent of Banks, Eugene Lamb Richards, is their collection in the name of the People in an action to be
determined to pay dividends to the depositors of the various nstituted by the Attorney-General.
closed banks under his supervision as fast as the finances
John Z. Lott, lawyer and banker, and one of Brooklyn's
of these institutions will permit him to follow such a course.
He has obtained Supreme Court orders which will enable most prominent citizens, died the past week at his home in
him to pay at once nearly $360,000 in dividends. This Flatbush at the age of seventy-six years. Mr. Lott, was
money will be distributed to nearly 15,000 depositors of the organizer and President of the Flatbush Trust Co. in
the following institutions which are in course of liquidation; that Borough, which later became a branch of the Broadway
Industrial Savings and Loan Company, New York Mortgage Trust Co. of New York. Mr. Lott was President of the
Company, Popular Banking Savings and Loan Company, Flatbush Water Works Company and was known as one of
Knickerbocker Savings and Loan Company, State Savings the most active civic workers in Flatbush.
Bank, and Washington Savings Bank, all of New York
City, and the Empire Savings and Loan Co. of Syracuse.
The Union County (N. J.) Bankers' Association gave a
The Industrial Savings and Loan Company was taken over very enjoyable dinner recently at the Elizabeth Club, at
by the State Banking Department June 29 1912, with total which I. Snowden Haines, of Burlington, President of the
book assets estimated at $2,514,844 61. It had at that New Jersey Bankers' Association, was the guest of honor.
time approximately 5,300 depositors with total deposits The President of the County Association, Charles D.Doctor
of $2,380,708 35. On December 13, last, a dividend of Of Elizabeth, presided and gave a very forceful talk against
15% was paid, the total amount the depositors received the many unjust laws under which the railroad interests of
being $360,599 44. Superintendent Richards has secured the country are suffering. Besides the addresses by the
a court order for the payment of an additional 10% which State and County Presidents, there were addresses by Frank
means that the depositors will now receive $240,619 74.
Bergen, General Counsel for the Public Service Corporation,
The New York Mortgage Company closed its business on and Charles A. Conant of New York.
June 29 1912, with book assets reported to be $653,617 11.
It had about 500 depositors at that time with deposits
The Commonwealth Trust Company of Boston Mass.,
totaling about $490,000. The depositors will now receive will shortly take over the Hamilton Trust Co. of that city,
a first dividend, the Court having approved Mr. Richards' a majority of whose stock is owned by the Commonwealth.
application for paying a 12% dividend, which means a return This will be done because of the. new State law which
to the depositors of $57,121 30.
forbids a trust company to own over 10 per cent of the stock
The Knickerbocker Savings & Loan Co. has been in course
of another trust company. It is stated the Commonwealth
of liquidation since May 20 1911. The total book assets at
of
the date of closing were given as $157,336 86. There were will maintain the South End and North Station offices
consolidation
will
give
the
branches.
The
the
Hamilton
as
281 depositors with total deposits of $127,052 16. Two
dividends for a total of 40%, amounting to $38,125 88, Commonwealth about $2,500,000 additional deposits, making
have been paid. Superintendent Richards will pay an ad- its total deposits $17,000,000.
ditional dividend of 8% to shareholders amounting to $7,On Monday of this week the Manufacturers'and Traders'
756 96, while the general creditors will be paid in full the
National Bank of Buffalo, N.Y.,opened for business in its
amount due them, being $570 52.
The State Savings Bank was taken over by the Banking magnificent new banking home. The building, in its comDepartment Dec. 1 1911, the total book assets at that time pleted form is a revelation in architectural designing, and
being $153,937 27. There were 1,355 depositors with total it is said the architects, Furness, Evans & Co. of Philadeposits of $148,120 90. Three dividends have been paid delphia,studied in detail the finest banking houses in America
totaling 40%, and amounting to $46,631 34. An additional and Europe before the final plans were submitted. The
dividend of 4% will soon be paid, amounting to $7,983 16. new structure is built of white marble and steel; the great
The Washington Savings Bank was closed on Dec. 28 counting room is sixty feet in height, and is constructed of the
1910. The total book assets at that time were $1,445,022 16. choicest of marbles. In the rear of the room is an orna-'
There were 7,327 depositors with total deposits of $1,431,101- mental bronze gallery, supported by eight green marble
89. Two dividends,amounting to 58% or $822,646 13,have pillars, which,together with the combination of marble and
been paid. An additional dividend of 3% will now be paid bronze forming the counters, etc., make a room of real artistic
beauty; and the edifice as a whole can rightly be termed a
to the depositors, amounting to $42,550 96.
"Financial Temple." A remarkable feature is that the work
of construction has been carried on to completion around,
At the request of New York State Superintendent of Banks, and finally absorbing, the old bank building, without a day's
Eugene Lamb Richards, Attorney General James A. Par- interruption of the bank's business.
sons, has begun actions for the collection of approximately
$500,000 on bonds held by five private bankers whose
C. C. Homer Jr. was elected President of the Second Nabusiness was taken over by the State Banking Department. tional Bank of Baltimore this week,
succeeding his father,
These actions are begun in the name of the People of the the late Charles C. Homer. C. C. Homer
Jr. was formerly
State of New York and are directed against several large Vice-President and has been
connected with the bank for
bonding companies which were sureties on these bonds, the over twenty years.
bonds being filed with the State Comptroller. The $500,000
1280
[VOL. 'cc rx
THE CHRONICLE
The directors of the National Bank of Baltimore have this
week elected J. Monroe Holland a Vice-President. It is
stated that Mr. Holland will take the place of W. Bernard
Duke and J. Albert Hughes, Vice-Presidents, who resigned
two weeks ago. Mr. Holland will also continue as President
of the Chesapeake Bank at Walbrook, Md., which he helped
to organize.
The North West State Bank of Chicago has become an
affiliated member of the Chicago Clearing House, and effective Monday, Nov. 2 1914, will come under its supervision. On account of recent amendments to the ClearingHouse rules, it is now advantageous for outlying banks to
become affiliated members thereof.
Charles H. Meyer, President of the Security Bank and
of the Second Security Bank of Chicago, was this past week
named as Clearing House Examiner for the Chicago Clearing
House, in place of J. B. McDougal, who recently resigned to
accept the governorship of the Chicago Federal Reserve
Bank.
Dr. John L. Dickey, a well-known physician and capitalist of Wheeling, W. Va., has been elected President of the
National Exchange Bank of that city, succeeding Lawrence
E. Sands, resigned. Mr. Sands retires as head of the
Wheeling institution because of the demands on his time as
President of the First-Second National Bank of Pittsburgh,
Pa., a post to which he was elected last April. He continues as a director of the National Exchange Bank.
The Security Trust Company of Houston, Texas, has
decided to discontinue its commercial banking business,
disposing of same to the National Bank of Commerce.
It will confine its operations in future to trust business only.
The annual report of the Molson's Bank of Canada (Head
office Montreal) for the year ending September 30 shows
quite a handsome profit for the year, particularly considering
the condition of business in the Dominion owing to the war
in Europe. The profits for the twelve months are reported
at $608,186; while this is not as large as in the previous year,
yet it represents 15.20 per cent on the capital, on which its
customary dividend of 11 per cent was paid, amounting
to $440,000. The bank has a capital of $4,000,000; a reserve
account of $4,800,000; deposits of about $37,000,000, and
aggregate resources of $50,390,343, the latter comparing
with $50,384,268 in 1913. The institution has 92 branches
in Canada. Edward C. Pratt is General Manager.
Orders for trade purposes are becoming more in evidence, and the area
from which they are sent is more widespread. Naturally, the demand
for manufacture is not large in the circumstances that now obtain.
It is a welcome feature to find again some inquiry, though slight at
present, from the Indian bazaars.
The stock in Bombay-3,900 bars-is slightly less than that reported
last week.
No shipment has been made from San Francisco to Hongkong during the
week.
The quotation to-day for cash is 7-16d. below that fixed last week.
Quotations for bar silver per ounce standard:
Bank rate
No
cash
Oct. 9_23%
5%
Dar gold, per ounce standard...77s. 9d.
quotation
10...234
French gold coin, per ounce_ __ _Nominal
fixed
12._23%
German gold coin, per ounce__ _Nominal
for
13_2354
U. S. gold coin, per ounce
forward
14_2314
Nominal
delivery
15_23%
Av. for wk. 23.541 "
IMPORTS AND EXPORTS OF GOLD AND SILVER AT
SAN FRANCISCO.
The Collector of Customs at San Francisco has furnished
us this week with the details of the imports and exports of
gold and silver through that port for the month of September,
and we give them below in conjunction with the figures preceding, thus completing the results for nine months of the
calendar year 1914.
IMPORTS OF GOLD AND SILVER AT SAN FRANCISCO.
Siker,
Gold.
Months.
Coin.
1914.
January
February
March
April
May
June
July
August
September_ _
Total 9 mos_
Bullion.
Total.
Coin.
Bullion. I
I
8.583
252,700
2,690
1,535
4.704
1,478
2,755
274,445
97,285
132,450
112,308
98,266
134,851
90.395
60,238
88,503
39,431
105,868
385,150
114,998
99.801
139,555
91.873
60,236
91,2581
39,431
853,725 1.128,1701
9 mos. 1013_. 1,624.374 1,448,074 3,072,4481
Total.
700
480
2,344
$
87,405'
35,505
48,877
86,858
91.766
31,326
16,784
43,523
115.672
$
92,659
85,505
48,677
67,556
92,246
33,670
16,784
43,523
115,672
8,778
537,514
548,292
5.254
138,284 1.848.105 1.986,389
EX-PORTS OF GOLD AND SILVER FROM SAN FRANCISCO.
Silver.
Gold.
Months.
Total.
Coin.
1914.
January
February
March
April
May
June
July
August
September_
457,050
457.050
200
1,500
700
200
1,500
700
2,500
2,500
Coin.
Bullion.
Total.
$
27,027
220
320
27,027
346,397
346,177
69.011
69,331
953,489
953,489
1.032,922 1,032,922
663,713
664,909
1,196
669,833
669,833
254,653 • 288,383
13,730
348,621
349,125
504
Total 9 mos_
4,900
457,050
481,950
42,997 4,338.419 4,381,416
9 mos. 1913---
1,965
4,043
6,008
10,358.876 10,358,876
GOVERNMENT REVENUES AND EXPENDITURES.
-Through the courtesy of the Secretary of the Treasury, we
THE ENGLISH GOLD AND SILVER MARKETS.
are enabled to place before our readers to-day the details of
We reprint the following from the weekly circular of Government receipts and disbursements for September 1914
Samuel Montagu & Co. of London, written under date of and 1913 and for the three months of the fiscal years 1914-15
and 1913-14.
October 15 1914:
Sept. 1913. 3 Months 1914. 3 Months 1913
Sept. 1914.
GOLD.
$
s
$
$
Receipts-
The holdings of gold by the Bank of England continue to increase sub
stantially. Receipts were announced as follows:
Oct.12__
Oct. 8_ C1,476,000 in bar gold
£30,000 in bar gold
12._
8.- 108.000 " U.S. gold coin
49,000" U.S. gold coin
29,000" bar gold
9__
13__
171,000" bar gold
9._
204,000 " U. S. gold coin
14__
64.000" bar gold
67,000" bar gold
14-10__
7-000" U.3.1gold coin
859,000" U. S. gold coin
10._
£500,000 was set aside on account of the Treasury Note Redemption
account, making the net influx during the week £2.554,000.
The output of gold In the Transvaal for September 1914 was £2,982.630
compared with £3,024,037 in August 1914 and £2,999.686 in September 1913.
The following are the last two Indian currency returns issued. The
figures stand for lacs of rupees:
Oct. 7.
Sept. 30.
6,009
Note circulation
6,052
3,466
Rupees
3,495
765
England
in
Gold
765
378
Gold In India
392
It will be observed that the decrease in the note circulation Is larger than
against.
there
the decrease of the gold held
This movement of the currency figures is still more evident if the returns
of July 31 and Sept. 30 be compared:
July 31.
Sept. 30.
7,545
6,052
Note circulation
915
London
reserve,
765
Gold in currency
1,836*
India
reserve,
392
currency
Gold in
705
555
Gold in gold standard reserve, London
1,186
Gold in gold standard reserve. India
* Of this total,600 lacs were subsequently transferred to the gold standard
reserve.
It is, therefore, apparent that, notwithstanding the financial difficulties
attendant to a state of war, the reserves of gold available for the maintenance of the gold value of the rupee have been considerably strengthened,
mentioned to the total note cirthe ratio of gold held in the two reserves
during the period specified.
ulation having risen from 45.8% to 47.9%
SILVER.
tendency.
The market continues inert, with a sagging
the price remained
After a fall from 23 13-16d. to 23'/5d. on the 9th inst.,
quoted. To-day a further
was
23/d.
unchanged until the 13th inst., when
fall took place to 23/d.
17,225,887 03 26,794,494 25 59,645,714 59
Customs
Internal revenue31,468,609 08 25,619.284 43 83,753,807 36
Ordinary
83,340 35 8,012,934 62
Corp.and income tax 404,038 54
2,874,859 95 3,576,278 02 24,856.009 88
Miscellaneous
Postal savings
45
Total of receipts__ _51,971,394 60 56,073,397 05 176.268,466
Disbursements60 1
1,124657:117
s ;sr
bush
anl
rrta
l/Ses
Pazj e
.057,349 18 3,828,162 29
36,807 47 1.900.184 20
871 16
Executive office
302,853 60
1,132,388 59
278,101 89
State Department
4
t.g
n
d
e
bui
mi
urr
1/bel eart
.y66
Treasury
446,469 42 3,511,392 79 12,432,040 20
182,091 94 5,334,981 05
63
Public buildings- 1.620,758
epayrtmentDtar
ariu
Wm
11,044,930 83 10,810,285 39 42,597,554 37
223,522 60
564,312 58
181,333 97
Civilian
05 5,146,195 61 13.960,87646
Rivers and harbors 4,474,888
488,166 60 2,547,855 09
Department of Justice_ 616,773 57
-if
Post OfficeDepartment
148,397 61
510,942 88
postal aertrice. 166,521 44
DepartmentN
aNvayval
11,589,907 62 11,436,570 99 35,044.180 12
223,097 34
63,977 24
68,092 69
Civilian
64
pn -•
Interior
DepartmentExcluding
2,576,161 39 1,754.878 34 9,814.099 27
Indians
ainadns
d
02
14,283,092 81 14,398,466.48 41,970,611 30
Pensions
2,375,329 47 1,435,876 15 6,402,748
1
34
26
35
28 18
13
3:8
2 7
13
4 6
11
5;4
13
06
31 1,7
2,375.488
Agriculture
Dept. of
70
381 1
01:868
062
Dept. of Commerce_ _ _ 1,3
350,123 54 1,056,482 39
Dept. of Labor
Independent offices and 452.564 24
1,199,364 04
191,380 65
commissions
1,257,418 76 1,321,559 38 3,895,499 09
District of Columbia
5,682,284 94
90
514,977
62
455,165
Interest on public debt
85.538,10123
77,532,580 08
2,225,366 38
12,611,069 74
1,116,880 00
179,021,998 33
3,399,655 94
127.251 51
1,334,480 67
11,097,449 67
2,996,499 34
37,180,144 82
618.927 68
15,380,880 14
2,281,148 30
622.655 57
34,052,683 47
212,940 28
7.884.604 24
46,115,334 23
5,144,815 77
6;0
.3
97;2
110;2
81
2
77
945,919 79
727,331 77
4,479,252 21
5,721,331 49
Total pay warrants60,030,237 17 56,053,503 21 201,064,282'17 189,945,558 88
drawn
Public debt-Bonds,
8,345 00
9,220 00
1,335 00
400 00
notes & certs. retired
Panama Canal-Pay
3,759,877 02 10.893,39834 11,425,342 24
1.850,41230
issued
warrants
Total Public Debt &
3,761,212 02 10,901,743 34 11,434,562 24
Pan. Canal disb'ts 1,850,812 30
59,867,902 93 210,255,20008 199,913,712 22
Grand total of clisb'ts_61,453,590 85
88 .33.980,82368 20,891,713 89
Net excess of all dIsb'ts 9,482.196 25 3,794,505
THE CHRONICLE
OCT. 31 1914.i
DEBT STATEMENT OF SEPTEMBER 30 1914.
• The following statements of the public debt and Treasury
cash holdings of the United States are made up from official
figures issued Sept. 30 1914. For statement of Aug. 31 1914
see issue of Sept. 19 1914, page 803; that of Sept. 30 1913,
see issue of Oct. 18 1913, page 1088.
1281
TREASURY CURRENCY HOLDINGS.-The following
compilation, based on official Government statements, shows
the currency holdings of the Treasury at the beginning of
business on the first of July, August, September and October, 1914.
July 1 1914. Aug.1 1914. Sept.1 1914. Oct.1 1914.
$
$
Holdings in Sub-Treasuries$
$
240,902,501 280.551,354 2'72,875.755 272,336,020
Net gold coin and bullion
18.911.496 24,578.363 17,432,104 16,057,609
Net silver coin and bullion
12,576
5,211
12,981
11,942
Net United States Treas. notes.,.
7,427,272
9,706,776
9,677.117
7,841,373
Net legal-tender notes
1914.
30
SEPT.
25,437,944
27,015,607
DATE
32,586,262
34,393,205
bank
notes
Net national
INTEREST-BEARING
22,052,188 22,318.627 21,924,920 21,493.978
- Net subsidiary silver
-----Amount Outstanding
Amount
2,349,267
2,497,958
2,620,344
2.546,294
Minor coin, &c
Total.
Coupon.
Registered.
Interest Issued.
$
Payable.
Total cash In Sub-Treasuries_324,852.056 374,151,991 347,459,838x349,113,159
TWO of Loan646,250,150
3,275,850
642,974,300
150,000,000 150,000,000 150,000,000 150,000,000
Q.-J. 646,250,150 46,421,520 17,523,940 63,945,460 Less gold reserve fund
2s, Consols of 1930
Q.-F. •198,792.660
25, Loan of 1908-18
Q.-F.z162.315,400 101,260,050 17,229,850 118,489,900 Casa balance in Sub-Treasuries_ _174,852,056 224,151.991 197,459,838 199,113,159
As Loan 01 1925
22,900 54,631,980
54,609,080
28, Pan. Canal Loan 1906_61.-F. 54,631,980 29,678,920
321.080 30,000,000 Cash in national banksTo credit Treasurer of U. S.- 93,388.666 55,172,212 68.455.577 65,887,139
2s, Pan. Canal Loan 1908.Q.-F, 30,000,000 40,315,200 9,684,800 50,000,000
6,854,322
6,985,352 6,360.756
To credit disbursing officers._ 6,566,059
35, Pan. Canal Loan 1911.Q.-S. 50.000,000 4,007.220
628,600
4,635,820
4,635,820
2Sis,Post.Say.bds.'11-'13.J.-J.
767,480
104,760
872,240
872,240
99,954,725 62,157,564 74,816,333 72,741,461
Total
2848, Post. Say. Ws. 1914.1.4.
3,831,870
3,821,730
4,375,159
5,935.182
920,033,770 48,791.780 968,825,550 Cash In Philippine Islands
Aggregate int.-bearing debt_1,147,498,250
290,684,714 276,108,041 275,676,350
Sub-Treas_280,741,963
cash
in
banks,
Net
$132,449,900 has been refunded into the 2%
119,763.572 131,223,743 139,160,553 147,705,198
*Of this original amount issued,
for the sinking fund and can- Deduct current liabilities_a
Consols of 1930 and $2.397,300 has been purchased
has been purchased for the
160,978,391 159,460,971 136,947,488 127,971,152
celed. z Of this original amount issued, $43,825,500
Balance
sinking fund and canceled.
National bank redemption fund- 15.142.889 15,684.170 15,447,088 15,766,843
MATURITY.
CEASED
SINCE
DEBT ON WHICH INTEREST HAS
145,835.502 143,776,801 121,500,400 112,204,309
Available cash balance
Sept. 30.
Aug. 31.
a Chiefly disbursing officers' balances. x Includes $3,795,563 21 silver bullion
Funded loan of 1891. continued at 2%,called May 18
$4,000 00 and $2,497,958 40 minor coin, &c., not included in statement "Stock of Money."
84,00000
1900, Interest ceased Aug. 18 1900
23,650 00
23,650 00
Funded loan 01 1891. matured Sept. 2 1918
13,050 00
13,050 00
Loan of 1904. matured Feb. 2 1904
587,100 00
587,450 00
Funded loan of 1907, matured July 2 1907
13,24000
13,210 00
Refunding certificates, matured July 1 1907
Old debt matured at various dates prior to Jan. 1 1861
and other items of debt matured at various dates
903,610 26
903,630 26
subsequent to Jan. 1 1861
Commercial anclVaisceilaneonsgews
Aggregate debt on which interest has ceased since
51,545,020 26 $1,544,620 26
maturity
DEBT BEARING NO INTEREST.
Aug. 31.
Sept. 30.
5346,681,01,6 00 5346,681,016 00
United States notes
Old demand notes53,15250
15,45
Z:15
0825
8 00
0
15,766,843 00
National bank notes. redemption fund
Fractional currency, less $8,375,934 estimated as
6,852,067 90
6,852,067 90
lost or destroyed
5369,033,324 40 $369,353,079 40
Aggregate debt bearing no interest
RECAPITULATION.
Increase 1-1-) or
Decrease (-).
Aug. 311914.
Sept. 30 1914.
$968,825,550 00 $968,825,550 00
debt
-bearing
Interest
1.544,62026
1,545,020
--$400 00
26
. Debt interest ceased
+319,755 00
369,353,079 40
369,033,324 40
Debt bearing no interest
51,339,723,249 66 $1,339,403,894 66 +5319,355 00
Total gross debt
286,947,488 27 -8.978,33809
277,971,152 18
Cash balance in Treasury*81,061,752,097 48 51,052,456,406 39 +59,295,69109
Total net debt
•Includes $150,000,000 reserve fund.
- a Under the new form of statement adopted by the United States Treasury on
July 1, the item "national bank notes redemption fund" is not only Included in
the "debt bearing no interest," but appears as a current liability in the Treasury
Statement of "cash assets and liabilities." In arriving at the total net debt, therefore, and to avoid duplication, the amount is eliminated as a current liability.
Increasing to that extent the cash balance in the Treasury.
The foregoing figures show a gross debt on Sept. 30 of
$1,339,723,249 66 and a net debt (gross debt less net cash
in the Treasury) of $1,061,752,097 48.
TREASURY CASH AND DEMAND LIABILITIES.The cash holdings of the Government as the items stood
Aug.31 are set out in the following:
ASSETS.
LIABILITIES.
r7144l Fund Holdings:
Trust Fund Liabilities:
$
Gold coin and bullion_ __ 973.777,869 00 Gold certificates
Silver dollars
493,367,000 00 Silver certificate's
Silver dollars of 1890._
2,394,000 00 Treasury notes
Total trust fund
1
Gen'l Fund Holdings:
In Treasury officesGold coin
Gold certificates
Standard silver dollars
Silver certificates_
United States notes.Treas. notes of 1890
Cert. checks on banks
National bank notes_
Subsidiary silver coin_
Fractional currency
Minor coin
Silver bullion
P Tot. in Sub'Treas'ies.
4139,538,869 00
79,948,409 88
42,387,610 00
1,787,167 00
10,474,879 00
9,706,776 00
5,211 00
344,568 10
27,015,607 14
21,493,977 99
139 05
2,153,251 25
3,795,563 21
199,113,159 62
In Nat. Bank Deposited
Credit Treas. of U. S.
Cred. U.S.dis. officers
$
973,777,869 00
493,367,000 00
2,394,000 00
Total trust liabilittes_1,469,538,869 00
Gen'l Fund Liabilities:
In Treasury officesDisburs. officers' bats. 63,033,182 99
Outstanding warrants
2,190,890 99
Outst'g Treas. checks.
1,939,673 72
Outstand'g int. checks
304.228 03
P.O. Dept. balances_
5,439,226 43
Postal sayings bals_ _ _
2,155,20040
Judicial officers' balances, Jos
13,498,814 71
National bank notes:
Redemption fund._
15,766,843 00
Nat. bank 5% fund.. 40,717,306 54
Assets of failed national banks
1,673,099 52
Misc.(exchanges,&c.)
4,260,887 78
65,887,138 76
Total
151,580,254 11
6,854,321 78 Subtract: Checks not
cleared
72,741,460 54
Total in banks..__
151,580,254 11
In Treas. Philippine Islands:
1.537,23543 In Nat. Bank Danes.:
Credit Treasurer U.S..
Judicial officers' bal2,284,494 45
Cred. U.S.dis. officers
ances, &c:
6,854,321 78
Outstanding warrants
3,821,729 88
565,981 50
Total In Philippines-Total In banks
In Treas. PhilippinesDisburs. officers' bats.
Outstanding warrants
7,420,303 28
2,284,494 45
2.186,989 02
Total
4,411,483 47
Total Habil. against cash 163,472,040 86
Cash Bal. & ReserveTotal cash reserve
262,372,101 68
Made up ofAvallable112,372,101 68
and
Reserve Fund:
Gold and
Reserve Fund Holdings:
bull_ _150,000,000 00
Gold coin and bullion__ 150,000,000 00
Grand total
1 895,383,011 54
Grand total
1,895,383,011 54
San Francisco Stock and Bond Exchange Transactions.-Below we give all sales reported on the San Francisco
Stock and Bond Exchange for the month of October to and
including Oct. 24. A similar record from Aug. 26, the date
when the Exchange re-opened, to Sept. 30, was given in
these columns Oct. 10 1914, page 1039.
Bonds.
Alaska Packers' Assoriation 65-Oct. 2 at 103%.
California Gas & Electric 5s of 1937-All sales at 90. Oct. 1, $2,000;
Oct. 3, $1,000; Oct. 5, $6,000; Oct. 6, $5,000; Oct. 7, $2,000: Oct. 8,
1610.000; Oct. 16. $1,000.
California Wine Association 5s of 1925-Oct. 2. $33,000 at 94%.
.•
Great Western Power 5s of 1946-Oct. 9, $2,000 at 76.
Hawaiian Commercial & Sugar 5s of 1919-All sales at 100. Oct. 1,
$20.060; Oct. 2. $23,000; Oct. 3, $40.000: Oct. 9, $4,000; Oct. 13,
$9.000: Oct. 14, $7,000; Oct. 19. $2,000; Oct. 20. $1.000: Oct. 21.
$2.000; Oct. 22,615,000: Oct. 23.$7,000.
Insurance Exchange 534s-Oct. 2, $5.000 at 100.
Los Angeles Gas & El. Corp. 54 of 1939-Oct.24.610,000 at 90.
Los Angeles-Pacific RR. 5s of 1931-All sales at 100. Oct. 5. $10.000:
Oct. 22. 51.000.
Los Angeles-Pacific RR. of Calif. 5s of 1943-All sales at 92. Oct. 2,
$1,000; Oct. 7. $1,000.
Los Angeles Ry. 5s of 1938-All sales at 100. Oct. 5, $10,000; Oct. 6,
$5,000; Oct. 7. $1,000; Oct. 13, $3,000; Oct. 22, $1,000.
Natomas Consolidated 6s of 1930-Oct. 1, $3,000 at 25; Oct. 2,$8,000 at
25: Oct. 3, $1,000 at 25: Oct. 14, $3.000 at 25.
Pacific Electric Ry. 54 of 1942-All sales at 973. Oct. 1,$1.000; Oct. 5.
$10.000; Oct. 7, 61.000.
Pacific Gas & Electric 54 of 1942-All sales at 82%. Oct. 3, $4,000;
Oct. 7.53,000; Oct. 24. 51,000.
Pacific Telephone & Telegraph 5s of 1937-Oct.8,$10,000 at 94%; Oct. 9,
810,000 at 94%.
People's Water Co. (Oakland) 5s of 1937-Oct. 16. $2,000 at 35; Oct. 22.
$2,000 at 39; Oct. 23, $9.000 at 38%(re,39.
Sacramento Electric, Gas & Sty. 5s of 1927-Oct. 21. $1,000 at 99.
San Fran. Gas & Elec. 4tis of 1933-Oct. 22, $10.000 (non call) at 86.
San Fran. & North Pacific Ry. 54 of 1919-Oct. 7. $3,000 at 98; Oct. 8,
$2.000 at 98.
San Fran. & San Joaquin Valley Ry. 5s of 1940-Oct. 5, $1.000 at 105.
San Joaquin Light & Power 5s of 1945-All sales at 93. Oct. 5. 55,000 at
93: Oct. 14, $1,000 at 93: Oct. 19, 51,000 at 93.
Santa Cruz Portland Cement 54 of 1945-Oct. 8. 55.000 at 8235; Oct. 15,
51.000 at 82%•
Southern Pacific RR.ref. 4s of 1955-Oct.6.$2.000 at 85: Oct. 22,$6.000
at 83: Oct. 23.55.000 at 83 and $16,000 at 83q.
South Yuba Water 6s of 1923-Oct. 22, $1.000 at 101.
Spring Valley Water 42 of 1923-Oct. 1, $7,000 at 90; Oct. 2. $2,000 at
90: Oct. 8.510.000 at 90; Oct. 20.51.000 at 90: Oct. 24,58.000 at 88.
United RRs of San Fran. 4s of 1927-Oct. 8, $1.000 at 47.
Western Pacific 58 of 1933-Oct. 2, $1,000 at 40.
Stocks.
Alameda Sugar (Par 525)-Oct. 3, 100 at $334.
Alaska Packers' Association (Par $100)-Oct. 3,5 at 79; Oct. 5, 80 at 76:
Oct. 6, 15 at 78; Oct. 7, 60 at 78.
Associated Oil (Par $100)-Oct. 2.75 at 34; Oct. 5, 15 at 34; Oct. 21,295
at 33; Oct. 22, 20 at 33.
California Fruit Canners'Association (Par $100)-Oct. 1, 10 at 110; Oct. 2.
Sat 110; Oct. 3, 10 at 110.
California Wine Association, preferred (Par $100)-Oct. 21, 10 at 7235•
Oct. 24. 18 at 7234.
Ewa Plantation (par $20)-Oct. 23, 20 at $2034•
Firemen's Fund Insurance Co. (Par 5100)-Oct. 15. 835 at 230.
Hawaiian Commercial & Sugar (Par 525)-Oct. 1. 50 at$33%; Oct. 2, 125
at $33% $33 : Oct.6,20 at $33%; Oct. 14,100 at x$3134 and z$3134;
50 Oct. 16 at $32.
Hawaiian Sugar (Par 520)-Oct. 15, 365 at 53284; Oct. 17, 300 at $3335:
Oct. 24, 25 at 533.
Honolulu Oil-Oct.9. 500 at $134; Oct. 14, 1,000 at 5135: Oct. 16. 500 at
$134: Oct. 21, 1.000 at $134.
Hutchinson Sugar Plantation (Par $25)-Oct. 1, 10 at $16; Oct. 6. 55 at
$16: Oct. 15,40 at $1531.
Italian-American Bank-Oct. 22, 5 at 9734•
Mutual Savings Bank (Par $50)-Oct. 8. 10 at $80.
Noble Electric Co.-Oct. 5, 100 at $1 Y4 ,
Olaa Sugar (par $20)-Oct. 23. 293 at $5.
Onomea Sugar Co. (Par 520)-Oct. 2, 15 at $33: Oct. 16,50 at x53131.
Pacific Gas & Electric, common (Par 5100)-Oct. 1, 10 at 38; Oct. 2. 175
at 3734: Oct. 7. 175 at 3734: Oct. 8, 15 at 3734: Oct. 9. 40 at 3735;
Oct. 13, 100 at 373i; Oct. 14,210 at 37%; Oct. 15,210 at 3734 and 373i:
Oct. 16. 500 at 36% and 37; Oct. 19.250 at 36; Oct. 22,20 at 36: Oct. 23,
2011 at 36: Oct. 24,5 at 36.
Pacific Gas & Electric, preferred (Par 5100)-All sales at 80. Oct. 3. 5:
Oct. 5, 5: Oct. 6. 20; Oct. 8, 60; Oct. 13. 45: Oct. 14, 55: Oct. 15, 10.
Spring Valley Water (Par $100)-Oct. 1,25 at 523.4; Oct. 2, 100 at 5234.
Standard Oil (California) (Par $100)-Oct. 1, 10 at 265; Oct. 2, 5 at 265:
Oct. 14,60 at 26031; Oct. 16, 10 at 260.
Union Sugar (Par $25)-Oct. 24,72 at $16
Union Trust Co. (Par $1,000)-Oct. 1, 2@$2,425.
Wells-Fargo Nevada National Bank (Par $100)-Oct. 3, 100 at
160:
Oct. 22, 100 at 160.
Western States Life-Oct. 2. 25 at 3634; Oct. 7, 100Iat
8. 25
at $634.
sog; Oct.
1282
THE CHRONICLE
[VOL. XCIX
Concerning prices of New York City bonds, the New York
Detroit Stock Exchange.-Following are official quota"Evening Post" of Oct. 26 1914 had the following:
tions of the Detroit Stock Exchange as of Oct. 28:
Bonds.
Dealings in municipal bonds hold first place at the present time in trading
Bid. Asked.
Bid. Asked. sanctioned by the New York Stock Exchange. Nearly all the New York
95
East
____
Mich.
1936_
58,
Edison
5s,
Power
1931_
Consumers'
____ 98X City issues are established around a 434% basis, the 434% bonds being in
Detroit Elec. Ry.58. 1916._ ____ 96X Det. Gas Co. cons. Is, 1918_ ____ 101
demand at 10031, or on a 4.47% basis, while the 431s of 1964 were traded
Det CityGas g.m. 5s,'18-28 95
Detroit & Flint 58, 1921_ _ _ _ ____ 93
in to-day at 94, or a 4.55% basis. These dealings have grown in volume
_____
Do
1928
prior
I.
58,
lien 5s, 1923_ _ ____ 100
Det. Ft. W.& B.
Det.& Suburb Gas Is, 1928_ ____ 92
90
Det.& L. St. Clair 5s,.1920_
since the city arranged to meet its maturing foreign obligations. The price
Gen. Motors note* Gs, 1915_ ____ 100
Det. M.& T.S. L.5s. 1933.. ___ _ 96
of the 434s of 1964 declined about two points after the announcement of
Mich. State Tel Co. 55. 1924 ____ 9934
Det.& N W.4548, 1921___
the dissolution of the subscribing syndicate on Oct. 15, because of an unDet.& Pontiac Ry.5s, 1922_ 96% 10034 Mich. United Rys. 5s, 1936_ 7E1
Rapid Ry. Co. 1st 5s, 1915.......... founded belief that bankers' holdings would be supplied in the market.
Do 934s. 1926
91
Do 5s, 1916
Det.& Pt. H.S.L.5s, 1950
It is understood, however, that no bonds will be sold around current quo93
1% Tol. Fire & Nor. 55, 1920_ _ ____ 97
Ry. 53, 1924
tations by the large holders. Houses making a specialty' of this business
Det. RR..Se L. 0.58. 1920
97
Wyan & Det. River 55, 1918 ____ 100
point to the fact that no defaults have been made in municipal bonds in
By-Products Coke CorporaDet. Ypsi.& A. A.65, 1917_ o
99
tion 6s, 1930
68. 1924
this country in recent years. The only instance of a municipality attempt97
Det. Y. A. A.& J. 5s, 1926_ _ 87
Detroit Rock Salt 6s, 1932_ 50
ing to evade its obligations was that of a Western city, which insisted that
Det. Edison Co. 5s, 1933
98%
Michigan State Agricultural
a maturing loan be renewed at 4%, but the city was defeated in legal proDo debenture 6s, 1924_ _
106
Society 6s, 1911-20 ______
101
ceedings brought by the bondholders.
Det. United 434s, 1932---------70
Active Stocks.
Bid. Asked.
Bid. Asked.
Acme White Lead & Color
Maxwell Motor (Con.)
Messrs. Wollenberger & Co., 109 South La Salle St.,
14X
2d preferred
Works,common _______
1431 1631
Chicago,
offered, under date of Oct. 23 1914, subject to prior
1834
Mexican Crude Rubber--------1134
Preferred
---------43
Mich.State Telephone, pref. 86
Amer. Pub. UM
sale,
any
part of 125 shares each of the following:
64
Michigan Sugar, common
Preferred
____ 43X
310
Burroughs Add. Machine__
Preferred
Stocks.
97
Miles-Detroit Theatre
Chalmers' Motor
831
931 Amal. Copper (Par $100)__at 40
Sou. Pac. Co.(Par $100)- --at 80
94% Minnesota Sugar, common_ ____ 35
Preferred
U.S.SteelCorp.,com.(Par$100)at 424
A.T.
&
S.Fe,com.(Par$100)-at
8
5%.
*Commonwealth Ry.,Power
Preferred
Preferred (Par $100)_ _ - --at 102
60
Ch.M.& St.P.,com.(Par$100)at 8131
5339 National Grocer
& Light, corn
60
63
Union Pac., com.(Par$100) at 1094
Great
Nor.,
pref.
at
(Par
$100)
1103/
73
75
*Preferred
Preferred
88
9131 Northern Pac. (Par $100)__at 93
Utah Copper (Par $10)__ - _at $39%
Det. & Cleve. Navigation__ 9431 96
Pacific Gas & Electric
35
36%
Bonds.
Detroit Creamery
Packard Motor
2031
102
$20,000 Chic. Milw. & St. Paul cony. 434s of 1932 at 9434 and interest.
Detroit Edison
107
Preferred
90
Detroit Iron & Steel
831 Parke, Davis & Co
109
11031
1031 Reo Motor Car
Preferred
2031
63
General Motors., corn__
Reo Motor Truck
1031 1139
Mr. J. S. Rippel, 764 Broad St., Newark, N. J., under
Preferred
82
Scotten-Dillon
112
5
Holland-St. Louis Sugar_ _ _ __
Trussed Con Steel
date of Oct. 24, quotes as follows:
25
Iron Sliver Mining
9734 10731
Preferred
10
Stoeks.
Bid. Asked.
Bid. Asked.
goods.
S. S. Kresge
89
White Star Line
4931
American Nat. Bank, NewBergen County, N. J., 04s,
100
Preferred
Wolverine Portland Cement 3
4
120
ark (par $100)
May 1939
100
Maxwell Motor
10X 1134 Detroit Valve & Fittings
7X
Broad & Market Nat. Bank.
83-4 Newark, N. J 45,Feb. 1922 93
35
1st preferred
33
Tower's Wayne Co. Cream
30
Newark (par $100)______
110
4s, May 1922
98
Banks and Trust Companies.
Liberty Trust, Newark (par
45, Mar. 1923
98
100
Bid. Asked.
$100)
45, May 1947-1957
97
Bid, Asked.
Celluloid
130
Co.(par $100)__. A25
16034
American State
Nat. Bank of Commerce_ __ ____ 209
45. Oct. 1948-1958
97
Crocker-Wh. Co. (par $100) 70
225
Central Savings
Peninsular State
United N. J. RR. ht 'Canal
215
95
Preferred (par $100)
Detroit Savings
245
People's State
Co. 95, 1929
95
270
Dime Savings
236
United Savings
4s, Mar. 1944
95
200
First & Old Detroit Nat _ _ _ _174%
Wayne County & Home__ _347
German-American
210
Detroit Trust
355
Highland Park State
225
Security Trust
252
Federal State
The Philadelphia "Press" has this to say under date of
120
Union Trust
180
Merchants' National
19834
German-Amer.Ln.& Trust_ 175
Oct.
24 regarding the price of Philadelphia Electric Co.
Michigan Savings
250
stock and bonds:
*Ex-dividend.
The following shows some of the sales made in October:
Bonds.-By-Products Coke Corp. 68 of 1930 at 974: Det.
Ypsilanti &
Ann Arbor 65 of 1917 at 100; Detroit Edison deb. 6s of 1924 at
106: Det.
City Gas Co. prior lien 5s, 1923, at 99.
Stocks.-Amer. Public Utilities, pref., at 64: Commonwealth
Ry.
& Light, pref., at 79 ex-div.: Detroit & Cleve. Nay. at 97: Detroit Pow.
Creamery
at 21; Det. Ed. at 1064 and 107: Det. Iron & Steel corn. at 8;
General
Motors, corn., at 654: pref. at 814, 8531 and 8531; S. S. Kresge,
corn., at 88; pref. at 9831 and 97; Maxwell Motor, corn. at 114: 1st
pref., at 33; 1Viichigan Sugar, corn. at 4334: pref. at '
70%; National
Grocer pref. at 904: Miles-Detroit Theatre at 94 and 9; Packard Motor
Car, .pref., at 9131; Reo Motor Car a 21 and 2031; Reo Motor Truck at
114: Wolverine Portland Cement at 331; Detroit Valve & Fittings at 734:
Dime Savings Bank at 236; First & Old Det. Nat. Bank at 175; German-American at 215: Merchants' National at 130.
Philadelphia Electric stock !continues the favorite issue in this city,
although peculiarly the bonds are neglected. The stock sold at 2131 again
yesterday, and this price was bid all day with little offered. Some little
stock was reported as having changed hands at 22. Philadelphia Electric
4s, however, remain quiet at 78. The closing prices of the 4s was 7934
and the minimum price fixed by the Committee of Five is 78, at which
figure some few transactions have been made. These bonds have a speculative value, however, and in an ordinary market would advance in sympathy with any upward movement in the stock. Probably the reason the
bonds have remained stationary is became quotations have not been
printed, and they have been lost sight of by traders. The company's 5%
bonds are in demand at 101.
Recent changes in prices as reported Oct. 24 by the H.P.
Short-Term Notes.-In view of the ruling made this week
by the committee in charge of dealings in unlisted bonds Wright Investment Co. of Kansas City are as follows:
Bid Asked
Bid Asked
removing restrictions on trading in unlisted notes and bonds Central Coal & Coke,com__ 60 63 Loose-Wiles Biscuit, corn __ _ 25 28
97
First preferred
95
88
90
Deere & Co , preferred
maturing prior to Nov. 1 1917, the following quotations are Emerson-Brantingham,com 10 15 M Rumely, common
6
7
14
Preferred
21
50
60
Preferred
made:
Moline Plow, preferred
99
101
Amalgamated Copper Co. 5s, March 15 1915
M & S
Amer. Tobacco 6 Scrip Set. 1 1915
Amer. Te
& Telag. Sub. Cos. 5s, April 1916
J & D
Baltimore Ohio 4 s, June 1 1915
J&D 11
Bethlehem Steel 5s,June 11 1915
M& S
Chicago & Western Indiana 58, Sept. 1 1915
A & 0
Erie RR. 5s, April 1 1915
A & 0
5s, Oct. 1 1915
-----A dc 0
534s, April 1 1917
J & J
General Rubber 44s, July 1 1915
M & N
Harlem River & Portchester 5s. May 1 1915
M& N
Hocking Valley 6s, Nov. 1 1915
F & A
International Harvester 5s, Feb. 15 1915
M & N
New England Navigation gs, May 1 1917
A & 0
N.Y. Central & Hudson River 5s, April 1 1915
44s, May 1 1915
5s, Sept. 15 1915
A & 0
5s, Oct. 1 1915
M & N
N. Y. N. H. & Bartford 5s, May 1 1915
J &D
Pehnsylvania 34s, Oct. 1 1915
J & D
sehwarzschild & Sulzberger 6s, June 1 1916
F & A
Southern Ry. 5s. Feb. 1 1916
M &S2
5s, March 2 1917
M & S
Sulzberger & Sons Co. 6s, June 1 1916
M & N
United Fruit (is, May 1 1917
Bid. Asked.
9934 9931
9931 100
98% 994
98,4 9931
98
9834
97% 984
9831 98
9634 97%
92
96
984 984
9534 9934
99% 100
92
88
08% 99%
98% 994
PS%
98
97% 9831
90
95
984 98%
974 99
9634 98%
95
97
97
99
984 100
The Cleveland "Plain Dealer" reports the local market
as of Oct. 27 in the following:
Cleveland Railway sold again at 10131 yesterday. For Cleveland Union
Stockyards 141 is bid; the annual meeting wil be held Thursday, Nov. 5,
at 1 o'clock, in the National City Bank. Goodyear preferred can be quoted
934 bid, 95 asked. Cleveland Stock Exchange members continue doing
business at the old stand, and a modearte amount of securities
changes
hands every day, as much as during many a session when the bourse is
open. Announcement that the Exchange would open in the old
way
for restricted trading in the near future would not surprise, but
in any
event a market now exists.
The "Daily Iron Trade" says: Sharper competition in pig iron still
develops around Philadelphia, which is bringing out lower prices from local
furnaces, Buffalo furnaces and Western Pennsylvania. Steel plates are
being quoted in East at lower prices than are made by Western works.
Finished steel market in Chicago records declining prices for near
delivry.but
all markets generally are quiet. Steel mills in Central West slow
down
operations to e5 to 40% of capacity.
Quotations for equipment notes are as follows, all prices
being on a percentage basis:
National Banks.---The following information regarding
Bid. Asked.
Bid. Asked.
Minn.St.P..!,s.s.m.434s_su% 64% national banks
534% 5%
Balt. ds Ohio 4345
is from the office of the Comptroller of the
Missouri Kawes& Texas 58.6n% (3%
Buff. Roth. & Pitts. 454s 5%% 5%
Missouri Pacific 5.5
731% 614% Currency, Treasury Department.
% 5%
Equipment 4s
631%
Central of Georgia 58
Equipment 4345
64%
Chicago & Alton 45
Chicago & Eastern Ill. 55
Equip. 4345
Chic. Ind. & Louisv. 448_64%
54%
Chicago & N. W.4%s
__
Chic. R. I. & Pat. 353_ _
Colorado & Southern 5s_ _ _
63.3%
Erie 5s
64°7
Equipment 434s
Equipment 9s
631%
Evansville & Terre Haute 55__
Hocking Valley 9s
6-%
%
Illinois Central 934s
Kanawha & Michigan 9345_634 %
K. C. Ft. S & Mem 434s- --Louisville & Nashville 5s_ 534 7;
65:i% 614%
54°
'Mobile &0filo 58
631% 514%
EquipmeRI 934.8
54%
New York Central Lines 5s_631% 534%
Equipment 04s
631% 539%
6%
N.Y.Ontario & West.Ois_639% 5%%
6%
54% 5%
54% Norfolk & Western 44s
5
Equipment 9s
5%
5 %
*1 49
.%
0%
Pennsylvanla RR. 454s
6%
Equipment 4s
531%
6%
534"' Pere Mareuette 5s
6%
Equipment 4345
54%
Jron Mt.& Sou.5s 04% 534%
534% St. Louis
6%
St. Louis & San Fran. 55-- 6%
6ii% 554%
5X % Seaboard Air Line 5s
631% 5 %
Equipment 434s
5%
534% Southern Pmine Co. 4%s--5 Vs % 5%
6%% 5%%
Southern R allway 9340
6°'
Toledo & Ohio Central 4s------ 5%
5%
1
APPLICATION TO CONVERT APPROVED OCT.17 to OCT. 19.
The Merchants and Planters Bank of Gaffney. S. C., into "The Merchants and Planters National Bank of Gaffney." Capital. 11125.000.
The St. Matthews Savings Bank, St. Matthews, S. C.. into "The St.
Matthews National Bank." Capital. $80.000.
The Bank of Ellensburg, Wash., into "The National Bank of Ellensburg." Capital, $50,000.
The Bank of Rockbridge of Lexington. Va., into "The Rockbricige
National Bank of Lexington." Capital. $150,000.
CHARTERS ISSUED TO NATIONAL BANKS OCT. 16 TO OCT. 20.
10,640.-The Farmers National Bank of Winfield, Iowa. Capital,$50,000.
W I Huston president'
cashier.
10,641.-The Farmers National Bank of Westervelt, Ili. Capital,$25,000.
Bryant Corley„president; E. D. Barnett, cashier. (Succeeds
The Bank of Westervelt, Ill.
10,642-The Farmers National Bank of New Richland, Minn. Capital.
$25,000. F. H. Kruger, president; A. 0. Lea, cashier.
OCT. 31 1914.1
THE CHRONICLE
10,643-The City National Bank of Clarksville, Tex. Capital $125.000.
Andrew J. Martin, president; F. A. Antone, cashier. (Conversion of The First State Bank of Clarksville, Tex.)
10,844-The Farmers National Bank of Atwood, Mans. Capital, 825,000.
L. G. Graves, president; Frank Prochazka, cashier.
I0,845-The First National Bank of Allen, Tex. Capital. $25.000.
S. P. Bush, president; James Garland, cashier. (Conversion of
The Allen State Bank.)
INSOLVENT NATIONAL BANK.
6,373-The First National Bank of West Elizabeth, Pa., was placed in
The hands of a receiver October 17 1914.
Canadian Bank Clearings.-The clearings for the week
ending Oct. 24 at Canadian cities, in comparison with the
same week of 1913,shows a decrease in the aggregate of 9.0%.
W:ek ending October 24.
Clearings at1914.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Bt. John
Calgary
London
Victoria
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster
Medicine Hat
Peterborough
Total Canada
Inc. or
Dec.
1913.
1912.
s
$
s
%
56,989,180 66,956,833 -14.9 61,778,012
35,942.943 39,004,496 -7.8 45,213,638
40,280,392 38.726,442 +4.0 38,856,667
7,292,401 10,494,963
30.5 13,804,144
4,553,485 3,810,195 +19.5 4,316,247
3,706,983 2,968,727 +24.9 3,412,716
1,838,114 1,846,912 -0.5 2,100,110
2,806,501 2,958,552 -5.1 3,428,960
1.538.268 1,511,780 +1.7 1,903,943
4.366,011 5,132,299
14.9 6,973,283
1,767,777 1,483,776 +19.1 1.563,904
1,947,016 2,843,875
31.5 3,974,415
2,482,305 3,592,274 -30.9 5,428,667
2,450,409 2,602,095 -5.8 2,826.972
765,234
677,536 +13.0
760,654
440,601
672,620 -34.5
747,016
1,311,981
1,792.973 -26.8 2.745,254
1,161,052 1.182,647
1.9 1,497,959
579,747
728,222
+2.8
563,813
866,824 1,058,912 -18.1
907,305
335,704
417,313 -19.7
293,890
532.319 -26.1
393,847 Not include d in tot al
173,716,818 100.831.352
1911.
$
55,277,516
36,137,733
32,015.307
12.074,016
4,563,438
2,993,726
1,888,123
2,865,707
1,542.597
5,239,954
1,296,718
2.737,601
2,485,185
1,607,413
632.286
574,421
1.621.285
1,028,508
484,671
570,903
9.0 202.968.088 167.637.101
DIVIDENDS.
The following shows all the dividends announced for the
future by largo or important corporations.
Dividends announced this week are printed in italics.
Name of Company.
Railroads (Steam).
Atchison Topeka & Santa Fe. corn.(qu.)_
Atlantic Coast Line RR., pref
Boston & Albany (quar.)
Central RR of New Jersey (quar.)
Cincinnati Sandusky at Cleveland, pref.-Cleveland db Pittsburgh,reg. guar.(guar.)._
Special guaranteed (guar.)
Cuba RR., common
Elmira & Williamsport, common
Georgia South. & Fla., 1st & 2d prof_ _ _
Grand Trunk. guaranteed
Great Northern (quar.)
Nashua & Lowell
Norfolk & Western, common (guar.)._
Norfolk & Western. ea prof. (qnar.)
Northern Pacific (quar.)
Pennsylvania (guar.)
Reading Company, common (quar.)_ _ _
Reading Company, 1st pref (quar.)Rich. Fred. & Potomac,guaranteed stock _
Southern Ry.. pref.(payable in div. Ws.)
Street and Electric Railways.
American Railways, preferred (quar.)Aurora Elgin & Chicago RR..pref.(quar.)
Bangor Ry.& Elec.. corn.(guar.)(No.3)
Boston Elevated fly. (guar.)
Brazilian Trac., Lt.& Pow., Ltd..(quar.)
Cape Breton Electric Co., corn.(No. 10).
Preferred (No. 17)
Columbus Ry.,PAL., corn. (qu.)(No.3)
Preferred, Series B (quar.) (No. 3)--Commonwealth Pow.,Ry.dcLt..com.(qu).
Preferred (quar.)
Connecticut By.& Leg.,corn. & pref.(qu.)_
Cumberland Co.(Me.) P.& L., pr. (qu.)
Detroit United By. (guar.)
Easton Consolidated Elec. Co.(monthly)
E.St. Louis & Sub., pref. (qu..)(No. 3)-Grand Rapids Ry., pref. (qu.) (No. 56).
Havana Electric Ry., Light & Pow.,corn.
Preferred
Illinois Traction. common (guar.)
Jacksonville Tree., corn. (guar.)(No. 15)
Preferred (quar.)(No. 15)
Lehigh Valley Transit, preferred
Lewiston Aug. & Watery. St.. pref. (qu.)
Lincoln Traction. preferred (Oiler.)
Milwaukee El.Ry Lt.,pi.(qu.)(No.60)
Montreal Tramways (quar.)
Ohio Traction preferred (quar.)
Philadelphia Co.,corn.(quar.)(No.132).
6% cumulative preferred (No. 4)
Public Service Invest., pf. (qu.)(No. 22)
Mode Janeiro Tram.,L. & P., Ltd. W.)._
Sao Paulo Tram., L. & P., Ltd.(qu.)
Sierra Pee. Elec. Co.. prof. RM.)(No.21)
Tampa Electric Co.(quar.)
Street Ry.. New Bedford (quar.) -.Unio
Washington-Virginia By., common
Preferred
West Penn Railways. preferred Omani_
Banks.
American Exchange National
Bowery (quar.)
Extra
Chemical National (bi-monthly)
City, National
Corn Exchange (quar.)
Fidelity
Germania
Pacific (quar.)
Trust Companies.
Astor (guar.)
Farmers' Loan & Trust (guar.)
Broadway (guar.)
Hamilton, Brooklyn (quar.)
Rings County, Brooklyn (guar.)
Fire Insurance,
Globe & Rutgers (quar.)
Hamilton (quar.)
Westchester Fire (quay.)
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
134 Dec. 1 Holders of roe. Oct. 30a
214 Nov. 10 Nov. 1 to Nov. 10
234 Dec. 31 Holders of reo. Nov.306
Nov. 2 Holders of rec. Oct. 23a
3
Nov. 2 Oct. 2 to Nov. 1
Dec. 1 Holders of roe. Nov. 100
Dec. 1 Holders of rec. Nov. 1041
3
Nov. 1 Holders of roe. Apr 250
2.26 Nov. 2 Oct. 21 to Nov. I
234 Nov. 6 Oct. 26 to Nov. 6
2
Oct. 31
134 Nov. 2 Holders of rec. Oct. lba
414 Nov. 2 Holders of rec. Oct. 1541
114 Dec. 19 Holders of rec. Nov. 30a
1
Nov. 19 Holders of rec. Oct. 31a
144 Nov. 2 Holders of roe. Oct. 80
75c. Nov. 30 Holders of rec. Nov. 26
Nov. 12 Holders of rec. Oct. 270
2
1
Dec. 10 Holders of rec. Nov.246
434 Nov. 1 Oct. 25 to Nov. 1
Holders of rec. Oct. 31
2t
(I)
134
134
1
134
114
114
214
134
0114
3
81.50
114
234
134
234
2
1
214
114
Nov. 14 Holders of rec. Oct. 31a
Nov. 1 Sept. 24 to Oct. 22
Nov. 2 Holders of rec. Oct. 19
Nov. 16 Holders of rec. Nov. 7
Dec. 1 Holders of rec. Oct. 31
Nov. 2 Holders of rec. Oct. 190
Nov. 2 Holders of rec. Oct. 190
Nov. 2 Holders of rec. Oct. 21
Nov. 2 Holders of rec. Oct. 17
Nov. 2 Holders of roe. Oct. 16a
Nov. 2 Holders of rec. Oct. 16a
Nov. 14 Nov. 1 to Nov. 15
Nov. 1 Holders of rec. Oct. 17a
Dec 1 Holders of rec. Nov. 146
Nov,24 Holders of rec. June 260
Nov. 2 Holders of rec. Oct. 17
Nov. 2 Holders of rec. Oct. 15
Nov. 14 Oct. 25 to Nov. 14
Nov. 14 Oct. 25 to Nov. 14
Nov. 15 Holders of rec. Nov. 1
Nov. 2 Holders of rec. Oct. 200
Nov. 2 Holders of rec. Oct. 20a
Nov. 10 Holders of rec. Oct. 31a
Nov. 2 Holders of rec. Oct. 17
Nov. 1 Oct. 22 to Oct. 31
Oct. 31 Holders of rec. Oct. 20a
Nov. 2 Holders of rec. Oct. 15
Nov. 2 Holders of rec. Oct. 26a
Nov. 2 Holders of rec. Oct. la
Nov. 2 Holders of rec. Oct. la
Nov. 2 Holders of rec. Oct. 15a
Nov. 2 Holders of rec. Oct. 20
Nov. 2 Holders of rec. Oct. 20
Nov. 2 Holders of rec. Oct. 17a
Nov. 16 Holders of roe. Nov. 46
Oct. 31 Holders of rec. Oct. 22a
Nov. I Oct. 20 to Nov. 1
Nov. 1 Oct. 20 to Nov. 1
Nov. 2 Oct. 24 to Nov. 2
5
3
3
214
5
4
3
10
2
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
2 Holders of rec. Oct. 20a
2 Oct. 29 to Nov. 1
2 Oct. 29 to Nov. 1
2 Oct. 25 to Nov. 1
2 Oct. 23 to Nov. 1
2 Holders of rec. Oct. 314
2 Holders of rec. Oct. 29a
2 Holders of rec. Oct. 23a
2 Oct. 14 to Nov. 1
2
12,5
115
3
4
Nov.
Nov.
Nov.
Nov.
Nov.
1 Holders of rec. Oct. 28a
2 Oct. 25 to Nov. 1
2 Oct. 22 to Nov. 1
2 Holders of roe. Oct. 266
2 Oct. 27 to Nov. 1
10
Oct. 31 Oct. 26 to Oct. 31
Oct. 31 Holders of rec. Oct. 30
Nov. 1 Oct. 22 to Nov. I
134
134
15
114
115
3
3
111
111
1
115
1
115
115
1-35
111
111
215
3
,‘
10
Name of Company.
1283
When
Per
Cent. Payable..
Books Closed.
Days Inclusive.
Miscellaneous.
Amalgamated Copper (quar.)
3.4 Nov. 30 Holders of rec. Oct. 24a
American Cigar, common (guar.)
115 Nov. 2 Holders of rec. Oct. 170
Amer.Dist. Telco.0/N. Y.(guar.)
Nov. 14 Holders of rec. Nov. 26
1
Amer. Gas & Elec. pref..(au.)(No.31). 135 Nov. 2 Holders of rec. Oct. 21
AmericanGlue,common
Nov. 2 Oct. 27 to Nov. 2
3
Amer. Graphophone, pref. (qu.)(No.66)_ _
131 Nov. 16 Nov. 2 to Nov. 15
American Light & Traction, corn. (quar.) 215 Nov. 2 Oct. 16 to Nov. 1
Common (payable in common stock)._
214/ Nov. 2 Oct. 16 to Nov. 1
Preferred (quar.)
155 Nov. 2 Oct. 16 to Nov. 1
American Malt Corpora'n, pref.(No. 13) 1
Nov. 4 Oct. 17 to Nov. 12
American Malting, preferred
62e. Nov. 2 Oct. 17 to
American Soda Fountain (quar.)
115 Nov. 16 Nov. 2 to Nov. 15
American Utilities, pref. (guar.)
134 Nov. 10 Holders of rec. Oct. 310
Bellows Falls Power, preferred
215 Nov. 2 Holders of rec. Oct. 27
Bergner & Engel Brewing, preferred
4
Nov. 2 Oct. 25 to Nov. 5
Bond de Mortgage Guarantee (quar.).... 4
Nov. 14 Holders of rec. Nov. 7
Brill (J. G.), pref. (guar.)
. 80
2 Oct. 27 to Nov. 1
1
N
No
0v.
British Columbia Fish. & Pack.,com.(No.1) 134
British Columbia Pack. Assn.,corn. & pfd - 315 Nov. 21 Nov. 10 to Nov. 20
Brown Shoe, Preferred (
(Sian)
1.31 Nov. 1 Holders of rec. Oct. 240
Burns Brothers, common (quar.)
111 Nov. 16 Holders of rec. Nov. 2
Preferred (quar.)(No. 7)
134 Nov. 2 Holders of rec. Oct. 17
Cambria Steel (quar.) (payable in scrip) 1gg
4 Holders of rec. Oct. 3Ia
15i Nov. 16
Canada Cement Ltd.. pref.(qu.)(No. 19)
Nov. 1 to Nov. 10
Nov.
Canadian Converters' Ltd.(guar.)
Nov. 16 Holders of rec. Oct. 31a
1
Central Stales El. Corp., corn. (55.)(No.4)_
1
Nov. 19 Nov. 12 to Nov. 19
Cluett,Peabody & Co.,corn.(qu.)(No.4) 1
Nov. 2 Holders of rec. Oct. 200
Commonwealth Edison (quar.)
Nov. 2 Oct. 16 to Nov. 1
2
Consolidated Gas (guar.)
115 Dec. 15 Holders of rec. Nov.12
Consolidation Coal (quar.)
134 Oct. 31 Holders of rec. Oct. 29a
Diamond Match (quar.)
114 Dm. 15 Holders of rec. Nov.300
Distilling Co. of America, pref.(quar.).. 114
0v 31 Holders of rec. Sept.30a
34 Oct.
Dominion Bridge (guar.)
Holders of rec. Oct. 31
Dominion Steel Corp., pi. (qu.)(No. 11) 134 Nov. 2 Oct. 16 to Nov. 2
Edison El. Ill., Boston (qu.)(No. 102).. $
2 Holders of rec. Oct. 15
34 Nov.2
EdisonEl. III. of Brockton (No. 54)
Holders of rec. Oct. 150
Nov.
Electrical Securities Corp., prof.(guar.). 114 Nov. 1 Oct. 27 to Nov. 11
Electric Bond dr Share, pref.(qu.)(No.38) 1
6 Oct. 22 to Nov. 3
1x
MNov.12
Elk Horn Fuel, preferred
Holders of rec. Nov. 1
Nov.
Eureka Pipe Line (guar.)
2 Holders of rm. Oct. 15
Nov.
6
Fall River Gas Works (quar.)(No. 80)
$3 Nov. 2 Holders of rec. Oct 2241
Federal Sugar Refining, pref. (quar.)
134 Nov. 2 Holders of rec. Oct. 300
Fort Worth Pow.& Lt., pr.(qu.)(No.13) 13.1 Nov. 1 Holders of rec. Oct. 200
(lair (Robert) Co., pref. (guar.)
1,1 Nov. 1
General Chemical, common (quar.)
115 Dec. 1 Holders of rec. Nov. 19a
General Motors, preferred
314 Nov. 1 Holders of rec. Oct. 15a
Goodrich (B. F.) Co., pref. (guar.)
134 Jan. 1 Holders of rec. Dec. 21
Hercules Powder, preferred (quar.)
134 Nov. 15 Nov. 6 to Nov. 15
Houghton County El. Lt., corn.(No. 19) 6234c Nov. 2 Holders of rec. Oct. 16a
Preferred (No. 24)
75e. 'Nov. 2 Holders of rec. Oct. 16a
114 Nov. 2 Oct. 21 to Nov. 1
Illinois Northern Utilities. prof. (quar.)._
Ilium.& Pow.Sec. Corp., pf.(qu.)(No.9) 134 Nov. 16 Holders of rec. Oct. 31
Indiana Pipe Line (quar.)
$2.50 Nov.14 Holders of rec. Oct. 17
Dec. I Holders of rec. Nov. 10
Inland Steel (guar.)
1
Nov. 2 Oct. 16 to Nov. 2
International Banking
3
1 Holders of rec. Nov. 106
Dee.
(No.31)
114
Int. Harvester of N.J., pl..(qu.)
Int. Harvester Corp., pf. (all.)(No. 7).. 131 Dec. 1 Holders of rec. Nov. 1041
InternationalNickel. common (quar.).. 214 Dec. 1 Nov. 15 to Dec. 1
Preferred (quar.)
134 Nov. 2 Oct. 15 to Nov. 3
Nov. 16 Holders of rec. Nov. 50
4
Int. Smokeless Pow.& Chem.,pref
Island Creek Coal. common (quar.)
500. Nov. 2 Holders of tee. Oct. 23
Kansas City Stk. Yds. of Me.. pref. (qui IM Nov. 2 Holders of rec. Oct. 16a
Kansas City Stock Yards of Mo. (quar.) 114 Nov. 2 Holders of rec. Oct. 150
Kayser (Julius) az Co., lot & 2d pf. (qu.) 134 Nov. 2 Holders of rec. Oct. 216
Oct. 31 Holders of rec. Oct. 29
Kellogg Switchboard & Supply (quar.)
3
Keystone Telephone. preferred
31.50 Nov. 2 Holders of rec. Oct. 20a
Lackawanna Steel, preferred (quar.)...._.
134 Dec. 1 Holders of rec. Nov.30
Lehigh Coal & Nov.(guar.)(No. 144)
Nov.30 Holdets of rec. Oct. 31
$1
Liggett A Myers Tobacco, corn. (guar.)._ _
Dee. 1 Holders of roe. Nov. 1641
3
Loose-Wiles Biscuit, 2nd pf.(au.)(N0.10) 134 Nov. 2 Oct. 16 to Nov.
Lowell Elec. Light Corp.(guar.)(No. 74) 2
Nov. 2 Holders of rec. Oct. 1741
Massachusetts Gas Cos.. corn. (quar.). $1.25 Nov. 2 Holders of rec. Oct. 15a
McCall Corporation. common (guar.)
Nov.16 Holders of rec. Nov. 26
- 1
Milwaukee & Chicago Breweries, Ltd
214 h Oct. 30 Oct. 23 to Oct. 30
Mobile Electric Co., pref. (guar.)
134 Nov.16 Holders of rec. Oct. 31
Montreal Lt., Ht. & Pow.(qu.)(No. 54) 234 Nov. 16 Holders of rec. Oct. 3141
Municipal Service, pref. (quar.)
114 Nov. 2 Oct. 24 to Oct. 31
National Carbon, preferred (Oiler.)
134 Nov. 14 Nov. 2 to Nov.15
National Lead, pref. (quar.)
134 Dec. 15 Nov. 21 to Nov.24
National Refining, corn. (guar.)
134 Nov. 15 Holders of rec. Nov. I
New Central Coal
Nov. 2 Oct. 28 to Nov. 2
I
Geo. B. Newton Coal Co., 151 preferred
334 Nov. 2 Oct. 27 to Nov. 1
North American Co. (quar.) (No. 43).. 114 Jan. 2 Holders of rec. Dec. 15
Pacific Coast Co..common (guar.)
Nov. 2 Oct. 24 to Nov. 3
1
First preferred (guar.)
114 Nov. 2 Oct. 24 to Nov. 3
Second preferred (Oiler.)
Nov. 2 Oct. 24 to Nov. 3
1
Pacific Pow & Lt., pref.(qu.)(No.17).. 134 Nov. 1 Holders of rec. Oct. 23
Penmans,Ltd.,common (guar.)
Nov. 16 Holders of rec. Nov. 56
1
Preferred (quar.)
134 Nov. 2 Holders of rm. Oct. 210
People's Gas Light & Coke (quar.)Nov. 25 Holders of rec. Nov. 241
2
Pittsb. Term. Wareh. & 7'ransf. (mthly.). 2131e. Nov. 14 Holders of rec. Nov. 7
Portland (Ore.) Gas & Coke, prof.(guar.)
M Nov. 1 Holders of rec. Oct. 23
Pressed Steel Car, corn.(tu.)(No. 23)
Nov.26 to Dec. 15
Preferred (guar.) (No. 63)
to Nov.24
131 D
Nee
ov.
.2
15
6 Nov.
Procter & Gamble. common (quar.)
4
Nov. 14 Holders of rec. Oct. 310
Public Serv. Corp. of Nor.III..com.(qui134 Nov. 2 Holders of rec. Oct. 15a
Preferred (guar.)
114 Nov. 2 Holders of roe. Oct. 1541
Pullman Company (quar.)(No. 191)2
Nov. 16 Holders of rec. Oct. 31
Quaker Oats, preferred (amar.)
134 Nov. 30 Holders of rec. Nov. 20
Riker & Hegeman Stock, Corp for
be
Nov. 16 Holders of rec. Oct. 31
Sears, Roebuck & Co.,common (quar.).. 134 Nov. 16 Holders of me. Oct. 310
SilversmithsCo. (quar.)
Nov. 16 Holders of roe. Nov. 96
1
Southern Cal. Edison,corn. (qu.)(No.19) 134 Nov. 15 Holders of rec. Oct. 31
Standard Milling, pref.(No. 23)
234 Oct. 31 Oct. 27 to Nov. 1
Standard Oil (Indiana) (guar.)
Nov.30 Holders of rec. Nov. 9
3
Extra
Nov.30 Holders of rec. Nov. 9
3
Standard Sanitary Mfg., corn. (guar.)_ _ _
Holders of rec. Oct. 22
111
Preferred (Suer.)
Holders of rec. Oct. 22
134
Stewart-Warner Speedometer, corn. (s.)134 Nov. 1 Oct. 25 to Oct. 31
Prefer-re (guar.)
134 Nov. 1 Oct. 25 to Oct. 31
Taylor-Wharton Iron & Steel, pref. (go.) 134 Nov. 2 Oct. 25 to Nov. 1
Texas Pow. & Lt.. pref. (quar.)(No. 10) 134 Nov. 2 Holders of rec. Oct. 24
Union A merfean Cigar, pref. (guar.)
134 Nov. 15 Nov. 1 to Nov. 15
United Cigar Tiffs., common (quari1
Nov. 2 Holders of rec. Oct. 2641
United Cigar Mfrs.. preferred (alum).- 134 Dec. 1 Holders of rec. Nov. 24a
United Cig.Storesof Am.,eom.(qu.)(NO.8) 134 Nov. 16 Nov. 3 to Nov. 16
United Electric Securities, preferred __
$3.50 Nov. 2 Holders of rec. Ort. 1441
U. S. Bobbin & Shuttle, Prof. (quar.)..
134 Nov. 2 Oct. 21 to Nov. 1
United States Rubber, corn.(guar.)
114 Oct. 81 Holders of rm. Oct. 154
First preferred (quar.)
Oct. 31 Holders of roe. Oct. 151
2
Second preferred loner.)
134 Oct. 31 Holders of tee. Oct. 154
U. S. Steel Corp., corn. (guar.)
15 Dec. 30 Dee. 2 to Dee. 10
Preferred (guar.)
131 Nov. 28 Nov. 3 to Nov. 16
Vacuum Oil
3
Oct. 31 Holders of rec. Oct. WA
Virginia-Cam.Chem..pf.(au.)(No.76-) 2
Nov. 15 Holders of rec. Sept. 30a
Warwick iron & Steel
314 Nov 14 Holders of rec. Oct. 31
White (J. G.)Co..Inc., pf.(on.)(No.46) 114 Nov. 1 Holders of rec. Oct. 22
White(J.G.) Engineering, pf.(qu.)(No.7) 134 Dee. 1 Holders of rec. Nov. 16
White(J.G.)Management. Pf•(qu.) (No. 7) 154 Dec. 1 Holders of rec. Nov. 18
Willys-Overland, common (guar.)
'Nov. 1 Holders of rec. Oct. 22a
Woolworth (F. W.), corn.(quar.)(No. 10) 114 I Dee. 1 Holders of rec. Nov. 10a
a Transfer books not closed for this dividend. b Less HMIvh income tax. d Correction. e Payable in stock. !Payable In common stock. g Payable in
scrim
h On account of accumulated dividends. I Payable in dividend certificates
maturing Nov. 1 1919 and bearing interest from Nov. 1 1914 at rate of 4% per
annum.
payable semi-annually, said certificates to be mailed on Dec. 10. k
Payable on
par value of $50. I Declared 214%, payable
% Nov. 15 1914 and 134%
Jail. 15
1915 to holders of record Nov. 1,
[VOL. xc
THE CHRONICLE
1284
For definitions and rules under which the various items
Statement of New York City Clearing-House Banks
and Trust Companies.-The New York Clearing House are made up, see "Chronicle," V. 98, p. 1661
STATE BANKS AND TRUST COMPANIES.
has discontinued for the present issuing its detailed statement showing the weekly averages of condition of the sepTrust Cos.
State Banks
State Banks
Trust Cos.
in
outside of
arate banks and trust companies, both the member and the
in
Week ended Oct. 24.
outside of
Greater N. F. Greater N. 7. Greater N. Y.
N.
F.
Greater
"non-member" institutions. The reserve items "Cash re$
$
$
$
serve in vault" and "Trust companies' reserve with C. H. Capital as of Sept. 12_ __ _ 24,550,000
67,300,000
10,758.000
11,300,000
151,148.900
25%
cash
reserve"
are
separately stated Surplus as of Sept. 12____ : 39,119,300
13,894,100
members carrying
11,702,800
as to banks and trust companies in the summarized state- Loans and investments__ 322,097,100 1,101,081.100 132,681.500 192,043.100
ment furnished by the Clearing House; but with these ex- Change from last week_ -3,237,100 -2,540,500 -122,300 -340,000
81,164,900
48,745,100
ceptions the figures are for banks and trust companies to- Gold
-225,700
-836,900
Change from last week_
gether and are not apportioned between the two classes of
27,302,500
36,181,400
and bank notes
institutions. The publication of the statement in the usual Currency
-199,300 +1,970,500
Change from last week_
form, it is stated, will not be resumed until all outstanding Deposits
403,960,100 1,188,475,400 138,588,300 196,664,100
-960,300 -1,231,700
-705,500
Clearing-House loan certificates are retired. The last
Change from last week_ -8,159,000
23,997,900
24,329,300
complete statement issued, that for August 1 1914, will be Reserve on deposits
101,132,400 236,705,500
-924,200
-390,300
Change from last week_ -1,392,500 +4,395,800
found in the "Chronicle" of August 8 on page 398.
14.7%
19.2%
25.1%
28.1%
deposits_
to
reserve
figures
P.
C.
the
as
below
given
show
out
by
the
Clearing
We
14.8%
19.8%
24.7%
28.3%
Percentage last week
House and also print the totals reported by the State BankWeek.
last
'from
Decrease
week.
over
last
Increase
ing Department for the State banks and trust companies +
Boston and Philadelphia Banks.-Below is a summary
In Greater New York not in the Clearing House. In addition
we combine,as has been our custom, each corresponding item of the weekly totals of the Clearing-House banks of Boston
In the two statements, thus affording an aggregate for the and Philadelphia:
We omit-two ciphers (00) in all these figures.
whole of the banks and trust companies in Greater New
Capital
York.
Specie. Legal*. Deposits. egrets- Clearings.
Loans.
Week ended Oct. 24.
Clear:House Clear.-House State Banks & Total of all
Members
Members
Trust Cos. not Banks & Ti.
Actual Figs.
Average.
in C.-H., As. Co.,., doer.
Capital aa of Sept.12-
$175,300,000
SUrPlusas of Sept. 12___
300,288,000
Loam and InvestmentsChange from last week
2,160,489,000
--I1.I:124,000
560,651,700 2,721,140,700
--1,929,400 --12,953,400
Deposits
Change from last week
1,920,933,000
--10,514,000
a556,132,300 2,477,065,300
--1.437.400 ---11,951,400
specie
Change from last week
340,265,000
+4,635,000
940,690,500
-446,300
380,955,500
+4,188,700
Legal-tenders
ACTUAL
Change from last week FIGURES
NOT
Banks: Cash in vault
GIVEN.
Ratio to deposits
101,617.000
+2.681.000
c14,190,600
+653,400
115.807,600
+3,334,400
375,383.000
Not given
12,908,600
13.65%
388,291,600
Trust Cos.:cash In vault.
66,499,000
41,972,500
108,471,500
Aggete money holdings...
Change from last week
441,882,000
+7,316,000
54,881,100
+207,100
496,763,100
+7,523,100
Money on deposit with
other bks. & trust cos.
Change from last week
53,215,000
+2,510,000
83,584,100
-848,000
136,799,100
+1,662,000
Total reserve
Change from last week
495,097,000
+9,826,000
138,465,200
-640.900
633,562,200
+9,185,100
Surplus CASH reserveBanks (above 25%L..
Trust cos.(above 15%)
$29,150,000 $204,450,000
67,911,200
368,199,200
Not given
Not given
Total
Change from last week
8,460,650
+9.394,800
% of cash reserves of trust(*.Cash In vault
Cash on asp, with bka_
Total
Not given
Not given
9.82%
16.84%
Not given
26.66%
and
Surplus.
Banks.
NEW YORK CITY BANKS AND TRUST COMPANIES.
Boston.
Sept. 5_
Sept. 12_
Sept. 19_
Sept. 26_
Oct. 3_
Oct. 10_
Oct. 17_
Oct. 24_
Phila.
Sept. 5_
Sept. 12_
Sept. 19..
Sept. 26_
Oct. 3_
Oct. 10_
Oct. 17_
Oct. 24_
lotten.
a
No state
No state
No state
No state
No state
No state
No state
No state
ment issu
ment issu
ment issu
ment issu
ment issu
ment issu
ment issu
ment Issu
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
400,601,0
401,833,0
402,276,0
401,256,0
401,699,0
401,912,0
400,840,0
399.731,0
$
106,788,1
91,840,1
118,484,6
102,639,7
130,921,8
124,433,2
134,223,1
144,652,1
ed.
ed.
ed.
ed.
ed.
ed.
ed.
ed.
85,651,0
86,457,0
89,669.0
90,426,0
94,029,0
90,049,0
92,549,0
92,023,0
13,723,0
14,084,0
15,018,0
15,358,0
16,504,0
15,683,0
15,902,0
15,985,0
*422,326,0
*422,596,0
*428,773,0
*425,477,0
*434,394.0
*428,208,0
*435,866,0
*429,604,0
146,756,1
109,702,9
135,785,7
124,965,4
154,615,9
143,371,3
140,830,3
146,031,8
•Includes Government deposits and the item "due to other banks."
* "Depos,ts" now include the item "Exchanges for Clearing House," which
were reported on October 24 as 511,554,000.
Imports and Exports for the Week.-The following are
the imports at New York for the week ending Oct. 24; also
totals since the beginning of the first week in January:
FOREIGN IMPORTS AT NEW YORK.
For Week.
Dry Goods
General Merchandise
1914.
1911.
1912.
1913.
$3.702,266
17,927.150
$2,853,084
12.948,810
$3,141,063
19,282,830
$3,244,232
17,296,147
$15,801,894 $21,629,416 922,423,893 $20,540,379
Total
Since January 1.
Dry Goods
General Merchandise
$144,108,830 $128,267,814 $124,249,657 $116,820,325
670.564,553 685,099.065 713,299,133 604,164,013
Total 43 weeks
$814,673,383 $813,366.879 $837,548,790 5720.984,338
The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending Oct. 24 and from Jan. 1 to date:
+ 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 $635,623,400, a decrease of 92,953,400
from last week. In the case of the Clearing-House members, the deposits are "legal
net deposits" both for the average and the actual figures. b Gold. c Currency and
bank notes.
CIRCULATION.-Circulation of national banks October 24 reported at $145,442,000; Oct. 17, $146,227,000; Oct. 10, $144,139,000; Oct. 3, $138,801,000:
Sept. 26, $137,261,000; Sept. 19, $129,716,000: Sept. 12, $124,516,000: Sept. 5,
$114,362,000; Aug. 29,$103,157,000; Aug. 22, $88,539,000; Aug. 15,$74,017,000.
EXPORTS FROM NEW YORK.
1914.
For the week
Previously reported
Total 43 weeks
1913.
1912.
1911.
$21,397,327 $17.994,512 918,613,952 $16,282,929
686,502,351 707,761,347 669,375,109 623,141,782
$707.899,678 $725,755,859 9687,989,061 $639,424,711
The following table shows the exports and imports o
The averages of the New York City Clearing-House banks specie at the port of New York for the week ending Oct. 24
and trust companies, combined with those for the State banks and since Jan. 1 1914, and for the corresponding periods in
and trust companies in Greater New York City outside of the 1913 and 1912:
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Clearing House,compare as follows for a series of weeks past:
Exports.
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
We omit two einherx in all these figures.
Week.
Since Jan.1
$
37,971,960
85,540.015
1,018,913
2,152
937,201
490 1,106,014
20,393 1,198,246
355,300
$
' Loans and
Week Ended- Investments
Aug.
Aug.
Sept.
Sept.
Sept.
Sept.
Oct.
Oct.
Oct.
mt
22____
29_ ...
5__12-___
1926„-3____
10____
17_ _
24.._....
$
2,701.090.3
2,697,812.8
2.706,988,9
2,735.541,5
2,819,169,5
2,812,345,1
2,771,674,2
2,739,404,1
2,734,094,1
2.721.140.7
Deposits.
Specie.
Legal,.
$
2.474,555,6
2.461.563.5
2,461,728,7
2,485,101,8
2,564.916,9
2,559,999,7
2,529,836,4
2,493.189,0
2,489.016.7
2.477,065,3
$
354,200,1
359,257.8
357,901,2
362.385,3
361,945,1
366,920,0
370,589,6
373,550,4
376,766.8
380,955,5
$
87,069,5
88,792,6
87,221,7
89.770,9
101,720.0
103,382,5
109,136,3
110.535,9
1 2,473,2
115,807,6
TotMoney Entire Res
Holdings onDeposil
$
441,269,6
448,050,2
445,122,9
452,156,2
463,665,1
470,302,5
479,725,9
484,086,3
489,240,0
496,763,1
$
568,329,9
577,765,6
568,786,1
574.424,9
589,099,4
600,095,6
615,245,6
621,245,6
624,377,1
633,562,2
Imports.
Gold.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Total 1914
Total 1913
Total 1912
Silver.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Week.
8
135,565
1,065
103,760
50,744
Since Jan.1
$
17,366
124,195
3,602
1,766,205
998,703
3,180,213
1,628,802
23.035 128,127,649
291,134 7,719,086
68,813,646
614,036 18,812,208
70.100 33,085,685 1,162,288 25,811,595
700,761 29,281.177
3,204,408
9,305
13,226
18,413
51,333
3,792,661
2,419,991
1,281,056
200,205
403,100
878
91.346
117,620
We add herewith the weekly returns furnished by the State
1,490,150
10,938
and
trust
companies
Banking Department of the State banks
186,000 1,310.169
6,035
under its charge. These returns cover all the institutions
1,086.966 35,780,350
Total 1914
135,471 7,585,985
compiled
figures
are
the
1,040,877 41,013,303
Total 1913
309,708 8,610,329
of this class in the whole State, but
820.588 47.365.331
Total 1912
480.668 g naa non
so as to distinguish between the results for New York City
Of the above imports for the week in 1914, $53,735 were
(Greater New York) and those for the rest of the State, as
American gold coin and $1,274 American silver coin.
per the following:
OCT. 31 1914.]
THE CHRONICLE
VanIltrst
Wall Street, Friday Night, Oct. 30 1914.
The Money Market and Financial Situation.—One
of the most interesting developments of the week has been the
accumulation of funds in the local banking institutions.
Saturday's bank statement showed an increased reserve of
$9,400,000, which changed the standing of the latter from a
deficit of about $1,000,000 to a surplus of $8,460,000,and
time loan rates declined to 53/2% with offerings in excess
of demand. Conjointly with this, foreign exchange dropped
to a fraction below 4 90 and the record of international trade
indicates that the exchange situation may soon adjust itself.
Another matter of interest in financial circles has been
the progress made toward opening the new Federal Reserve
banks. November 16 is the date mentioned for this event
although it was hoped by many that the time would be deferred until the beginning of the year.
The Bank of England reports an addition of $9,000,000 to
its gold holdings within the week. It is interesting to note
these holdings are $122,000,000 larger than a year ago. The
Bank of France holds $126,000,000 more, the Bank of Germany $151,000,000, the Bank of Russia $78,500,000 and the
national banks of the United States $32,000000 more. This
makes a total of $509,500,000 held, by the institutions mentioned in excess of that reported last year. As this is more
than the average total production in recent years, the question naturally arises, from what source is it derived? Some
doubtless came out of hoard, but this, we imagine, could
account for only a small part of the difference.
The most prominent industry of the country, iron and
steel, shows a further falling off in activity. It is reported
that in the Pittsburg district the production is only 40
to 45% of the mills' capacity: while in Chicago it has declined
to about 30%. This is owing largely, as is well known,to
the paucity of railway orders. It is not surprising that,
under these circumstances, prices are lower and in some cases
profits nil. With these conditions existing and it is no wonder
that the Steel Corporation reduced its common stock dividend from 5 to 2%. It is worthy of note, however, that
the earnings of the last quarter were in excess of the previous
quarters of the year and that the company's surplus is
$61,000,000 greater than when dividends were last reduced.
An illustration of how the new tariff, the war and perhaps other things have militated against us is seen in the
fact that the international trade balance in our favor, which
had increased from $252,600,000 in 1909 to $693,800,000
in 1913, was for the first 9 months of this year only $58,000,000, as against $406,000,000 for the same period last year.
One item of this difference, cotton exports, was only $5,806,000 in September this year whereas in 1913 it was
$65,744,000.
It seems quite probable, however, that these differences
will be greatly modified in future reports. During October
the cotton situation has improved and the foreign sales of
this staple have materially increased. There has moreover
been extensive foreign buying of copper in this market and
also enormous orders for shoes placed with New England
manufacturers.
1285
antic.
The open market rates for call loans on the Stock Exchange
during the week on stock and bond collaterals have ranged
from 55,6@,7%. Friday's rates on call were 6@7%. Commercial paper closed at 6(4)6%% for sixty to ninety-day
endorsements and prime four to six months' single names.
Good single names 7@7
The Bank of England weekly statement on Thursday
showed an increase of £1,809,984 in gold coin and bullion
holdings, and the percentage of reserve to liabilities was
29.79, against 27.52 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 ClearingHouse 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
Oct. 24.
Differences
from
previous week.
1913.
Averages for
week ending
Oct. 25.
1912.
Averages for
week ending
Oct. 26.
$
$
$
$
Capital(Sept. 12)
175,300,000
179.900,000 178,900,000
Surplus(Sept. 12)
300,288,000
305,760,200 296.139,600
Loans and investments 2,160,489,000 Dec. 11,024.000 1,904,173,000 1,942,331,000
Circulation
145,442,000 Dec. 785,000
44,806,000
46.222.000
1,920,933,000 Dec. 10,514,000 1,736,873,000 1,777,315.000
Deposits
Specie
340,265,000 Inc. 4,635,000 326,864,000 321,856,000
Legal-tenders
101,617,000 Inc. 2,681,000
77,967.000
82,451.000
Cash reserve held
441,882,000 Inc. 7,316,000 404,831,000 404,307,000
433,421,350 Dec. 2,078,800 392,015,250 399,528,950
Cash reserve required
Surplus
8.460,650 Inc. 9,394,800
12,815,750
4.778.050
Foreign Exchange.—The market for sterling exchange
has been more nearly normal this week than at any time
since the war strain developed. Bills of all kinds have been
in fair supply. Exports of merchandise are beginning to
move more freely.
To-day's (Friday's) actual rates for sterling exchange were 4 NM@
4 863. for sixty days, 4 90%04 90% for cheques and 4 90i@4 90%
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 exchange posted by important banking
houses the past week.
To-day's (Friday's) actual rates for Paris bankers' francs were nominal.
Germany bankers' marks were nominal. Amsterdam bankers' guilders
were nominal.
Exchange at Paris on London not quotable.
Exchange at Berlin on London not quotable.
The range for foreign exchange for the week follows:
Sterling, Actual— Sixty Days.
Cheques.
Cables.
High for the week_ _ _4 88%
4923j
49P4
Low for the week_ _ _4 853
4 89
4 89%
Paris Bankers' Francs—
High for the week__ - ---512
5 11%
Low for the week_ __ _--515i
514%
Germany Bankers' Marks—
High for the week_ -- ---88%
89
88
88
Low for the week_ _ _ ---Amsterdam Bankers' Guilders—
41%
41 34
High for the week_ _ _ ____
40%
Low for the week_ _ _ __—
40%
Domestic Exchange.—Chicago, 100. per $1,000 premium. Boston, par.
St. Louis, 90c. per $1,000 premium. San Francisco, 50c. per $1,000
premium. Montreal, 3134c. discount to par. Minneapolis, 40c. perl$1,000 premium. Cincinnati, 25c. per $1,000 premium.
Owing to the fact that the New York Stock Exchange has
remained closed since the afternoon of July 30, that business is
also suspended at the Stock Exchanges at Boston, Philadelphia,
Baltimore, Pittsburgh, Chicago, and nearly everywhere else in the
United States, and that security dealings are carried on in only a
very limited way, even the customary auction sales of securities
at New York, Boston and Philadelphia having been discontinued
for the time being, we are compelled to omit the 10 pages of stock
and bond prices ordinarily appearing in this department.
[In the Oct.3 issue of our"Bank and Quotation Section" will be found the July 30 prices of every stock and bond quoted on theNew York Stock Exchange.]
xcrx.
THE CHRONICLE
1286
tnuestatent and dattroad intelligence.
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
oan be obtained. 'I he first two columns of figures give the gross earnings for the latest week or month, and the last two
oolumns the earnings for.the period from July 1 to and including the latest week or month. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period. The returns of the electric railways are brought together separately on a subsequent page.
Week or
Month.
Current
Year.
Current
Year.
Previous
Year.
Ala N O& Tex Pac$
3
291,531 327,776
N 0 & Nor East_ September
942.412 1.045.251
137,651 155,334
Ala & Vicksburg.. September
410,493
457.102
128,653 145.669
Vicks Stir & Pac_ September
400.027
446,073
1st wk Oct
55,080
Ann Arbor
51.593
683.656
663.036
Atch Top Sr San Fe_ September 10639292 9.740,766 30,415,024 28,651.708
Atlanta Birm & Atl August ___ 243,735 254.853
504.406
516.819
_
__
August
Line
Coast
2.213.766
Atlantic
2,331.716 4,751.905 4,788,868
Chariest & W Car August -__ 146,022 155,237
289.084
301.697
130,836 120,973
Lou Bend & St L August
255,545
230,411
g Baltimore & Ohio_ September 8.782.332 9,382.046 25,629,396 28,043.933
151.412 156,658
B& 0 Ch Ter RR September
437,443
474,818
232,846 228,439
Bangor & Aroostook August
475,190
442.914
Bessemer & L Erie_ August --- 1,150,608 1.037.328 2.269,070 2.130.535
Birmingham South_ September
77.525 106,232
252,221
336,856
___
August
Maine_
&
Boston
4,384.001 4.655,998 8.606,987 8,997,283
Buff Roch & Pittsb 3d wk Oct 218,357 275,017 3,476.835 4,096,358
September
Buffalo & Susq
122,142 147,346
381.663
455.143
Canadian Northern 3d wk Oct 349.800 609.900 6.479,500 7,527,700
Canadian Pacific 3d wk Oct 2,040,000 3,252,000 37,417,736 45.009.521
975,442 1,249,459 3,173,317 3,278,486
Central of Georgia_ September
Cent of New Jersey August __ 2,878,392 3,031,838 5,602.994 5,979.664
Cent New England.. August _ _ _ 314,877 312.940
591.870
589,644
August _ _ _ 361.957 396,526
Central Vermont
698,057
770.671
Ches & Ohio Lines_ 3d wk Oct 730.141 736,724 12,449,252 11,577.603
Chicago & Alton .__ 3d wk Oct 281,843 303.727 4.761,596 5.200,571
Chic Burl & Quincy August
8.742,382 9,145.490 16,603.955 16.968.550
August
f Chic & East 111
1.385,512 1,461.630 2.700.965
p Chic Great West 3d wk Oct 335,948 341.613 4.716.432 2,836,350
4,863.512
Chic Ind & Louisv_ 3d wk Oct 126,435 150,719 2,224,877 2,317,054
Chic Milw & St P_ August ___ 8,189.201 8.072,636 16.014,187 15,993,470
Chic Mil& Pug S
'Chic & North West September 8,098,316 8,095,665 23.839,210 24,212,104
sChic St P M & Om September 1,721,567 1.767,349 5.010,890 4.795,411
Chic Terre H & S E August
198.671 176.429
388.944
326.674
Cin Ham & Dayton August ___ 977.456 969.432 1,916,194 1.952.025
Colorado Midland_ August ___ 201.686 173.783
336,710
303,155
b Colorado & South 3d wk Oct 314,013 292,047 4,355,418 4,753,499
Cornwall
August _ _ _
12.519
17,058
24,974
34,965
&
Cornwall Lebanon September
26,944
25.780
88,733
90,357
Cuba Railroad_
September
314,676 340,252 1,040,707 1.025,312
Delaware & Hudson August _— 2,103,526 2,307.270 4,100,820 4,393,978
Del Lack & West August _— 3,715,617 3.942.895
7.796.026
Deny & Rio Grande 3d wk Oct 538.600 568.300 7.467,622
7,884.987 8.454,179
Western Pacific 3d wk Oct 114,000 142,900 2,075,643 2,385,548
Denver & Salt Lake 3d wk Oct
36.164
15,526
596.572
484.576
Detroit Tot & Iront September
205,270 126,086
538,512
408,279
Detroit & Mackinac 3d wk Oct
21,130
24.128
406.619
369.266
Dul & Iron Range
August ___ 685.699 1,231,116 1,497,952 2,404,556
Duluth So Sh & Atl 3d wk Oct
54,274
67,564 1,048.343 1,227,920
Elgin Joliet & East_ August 831,572 1.139,245 1,631.920 2.240.518
El Paso & Sou West August _
704,910 671,560 1,445,069 1,375,956
Erie
September 5,506.35815.462,035 16,414,705 16,651,290
Florida East Coast_ August ___ 299.293 281,260
570.430
591.159
Fonda Johns & Glov September
287.019
77,677
258,111
85,346
Georgia Railroad
August __- 251.226 251,009
480,067
506.652
Grand Trunk Pac_ 1st wk Oct 148,005 257,501 1.766.039 1.999,490
Grand Trunk Syst_ 3d wk Oct 969.483 1.163.397 17.239.394 18.402,295
Grand Trunk Ry 1st wk Oct 714,578 800,739 12.388.682 13.353.087
Grand Trk West_ 1st wk Oct 151,493 148.695 2.055.015 2.024.820
Det Gr 11 & Milw 1st wk Oct
694,055
729,611
53,127
55,599
Great North System September 8.144.947 8.814.541 21.902.049 23.623.422
550,683
436.13
Gulf & Ship Island_ September
135.686 183.894
Hocking Valley__
August --- 711,035 810.673 1,162.450 1.514.688
Illinois Central_
September 5,529.431 5,855,044 16,770.90, 16,910,073
1,659.424
Internat & Grt Nor August --- 727,346 895,915 1.466,283
910,778
225,47
a Interoceanic Max.. 1st wk Aug
42,403 181.276
917,777
913.649
Kanawha & Mich_ - September
308.767 301,615
Kansas City South_ September
859,165 876,352 2,690,074 2,600.849
278.967
458.606
Lehigh & New Eng_ August
225,263 141,721
Lehigh Valley
September 3,915,827 3.824,489 11,268,255 11,429,678
296,430
336.539
Louisiana & Arkan_ August ___ 180.762 152.888
sLouisville & Nashv 3d wk Oct 1,031.730 1,324,850 17.248,148 19,332.263
34.972
40.899
12,322
Macon & Birm'ham September
13,523
Maine Central
August - 1,066,624 1,088,477 2.081.492 2,115.334
93.191
88,410
49,011
48.067
Maryland & Penna. August _-a Mexican Railways 1st wk Oct 172,800 187,800 2,657,200 2,764.400
112,227
256,996
4.066
14,206
Mineral Range_
3d wk Oct
Minn & St Louis—1 2d wk Oct 233,449 242,597 3.107,103 2,911,878
Iowa Central___
Minn St P & S M_ 3d wk Oct 672,343 719.032 10,070,993 10,362,493
181,879
160,193
91,539
80,754
Mississippi Central_ August _ _ _
u Mo Kan & Texas_ 3d wk Oct 673.653 697,541 10,083,391 10,646.958
z Missouri Pacific 3d wk Oct 1,214,000 1.312,000 19,293,232 19.787.164
Nashv Chatt & St L August _ _ _ 985.872 1,050.745 2,057,652 2.077.943
a Nat Rye of Mex_t 1st wk Aug 208,408 603,778 1,583,461 3.327.255
145.889
153.723
10,835
10,019
Nevada-Cal-Oregon 3d wk Oct
322,075
296.828
New On Great Nor_ August __ _ 141,759 155.890
eNYC& Mid Riv September 8.765,247 9.625.456 25.529.908 27,957,132
Boston & Albany September 1.483,917 1.620,787 4,441,105 4,800,677
Lake Shore & M S September 4,694.381 5.243,587 14.086,708 15,668,029
537.832 556,516 1,612,391 1,599.049
riLake Erie & W_ September
387,598 353.582 1,069,031 1.041,663
Chic Ind & South September
Michigan Central September 3.140,684 3,233,323 9.000,383 9,381,070
Clev CC & St Ll
Peoria & Eastern( September 3,369,280 3,435,332 9,883,427 10.360,074
394.816
439.204
151,582 143.437
Cincinnati North. September
Pitts & Lake Erie September 1,359,223 1,709.702 4,380,986 5,226.617
928,828 1,038.716 2,816.600 3.029,867
N Y Chic & St L_ September
617.893 603.227 1,479.232 1,768.114
Tol & Ohio Cent.. September
Tot all lines above September 25436465 27563665 74,738.976 81.227.108
July 1 to Latest Date.
Latest Gross Earnings.
July 1 to Latest Date.
Previous
Year.
ROADS.
Week or
Month.
Previous
Year.
Current
Year.
Current
Year.
Previous
Year.
$
364,715
342,357
160,265 178.747
NO Mobile & Chic_ August
5.756,909 6,168,287 11.512,543 12,012,222
NYNH& Hartf__ August
821.968 850,320 2,815,260 2.855,294
NY Ont & West___ September
958.489
928,706
324,002 331,003
N Y Susq & West__ September
338,435
365.997
365,997 338.435
Norfolk Southern__ July
3,990,540 3,947,647 7,734.129 7,806,185
Norfolk & Western_ August
12,494,454
Northern Pacific__ _ August
6.075,933 6,221.481 11,867,995
842,444
833.244
404.445 418,907
Northwestern Pac_ August
Pacific Coast Co__ _ August
649.792 710,645 1,239,262 1,439,238
zPennsylvania RR__ August
17001206 18191528 33,069,793 34,643.462
313,715
341,524
Balt Cites & Atl_ _ August
154.067
586,869
522.736
282,482 298.463
Cumberland Vail. August
Long Island
August ___ 1,505,27711.435.331 3,025.083 2.984,738
233.785
233,679
Maryl'd Del & Va August
121,5741 121,285
769,285
805,742
N Y Phila & Norf August — 363,1231 356,723
PhilaBalt & Wash August
1,905,048 1,884.005 3,757,065 3.670,016
W Jersey & Seash August ___ 1,010.298 1,075,882 1.841.603 1,927.193
Pennsylvania Co_.. _ August ___ 5.496.066 6,368,212 10,694.560 12.649.911
Grand Rap & Ind August
560,140 564,905 1,049,719 1,067.150
Pitts CO & St L.. August --- 3,585,259 3,990.963 7,061,469 7,808,750
August __ 1,004,976,1,032,133 1,961,438 2,013,016
Vandalla
Total lines—
1
East Pitts & Erie August _— 23011 495 24213884 44,823,078 47.637,125
West Pitts & Erte August
10784046 12095765 21,030.182 23,815,546
All East & West_ August --- 33795542 36309650 65.853.261 71,452.672
Pere Marquette
August
1.624.690 1,512.302 3,003.617 2.917,343
Reading Co—
Phila & Reading_ September 4,291,141 4,428.428 12,242,337 13,078.942
Coal & Iron Co._ September 2,797.331 2.335.159 7.097,676 6,537.624
Total both Cos September 7,088,472 6.763,587 19.340.012 19.616,566
451.457
465.829
Rich Fred & Potom August ___ 207.916 217.060
177,986
176,281
94,470
Rio Granule June August
97.776
221.214
185.556
17.365
Rio Grande South_ 3d wk Oct
14,419
Rock Island Lines August __- 6,668,4506,380.773 12,704,590 12,219.664
711,244
632,187
Rutland
August — 326.279.
312.476
336,279
St Jos & Grand Isl.. August ___ 140,171 137.128
St L Iron Mt & Sou August _ 2,735.464 2,867.228 5,470,530 5,546,389
353,257
456.825
238,445 166,470
St L Rocky Mt & P August
St Louis & San Fran August __ _ 3,844,985 4,203.299 7,660.935 8.132.697
4,092.722
StLouls Southwest_ 3d wk Oct 230,000 277.000 3,458.309 1.774.207
770,008 889.788 1.648,799 7.092,080
San Pool LA & S L_ August
Seaboard Air Line 3d wk Oct 390.111 511.845 6.297,019 36,763,410
Southern Pacific__ September 11940999 12748309 35,246.076 21,906,808
Southern Railway 3d wk Oct 1,204,765 1.551.126 20.675.289 3.976,259
3d wk Oct 200,797 263,110 3,640.435
Mobile & Ohio_
Cin N 0& Tex P_ 3d wk Oct 176,779 210,171 2,982,030 3,232,090
84,424 101,935 1,524,950 1,617,619
Ala Great South. 3d wk Oct
767,420
748,520
55.125
47.103
Georgia Sou &Fla 3d wk Oct
960,241
931.940
461,246 483.459
Spok Portl & Seattle August
31,939
26.119
2,264
1,178
Tenn Ala & Georgia 3d wk Oct
295,552
294,778
Tennessee Central_ August ___ 140.625 147.153
Texas & Pacific_ _ _ _ 3d wk Oct 395,344 415,215 5,484,226 5,646,545
21,620
23,264
7.646
7,710
Tidewater & West_ September
441,765
411.994
29.802
24,642
Toledo Peon & West 3d wk Oct
96.686 1,382,748 1,404.304
Toledo St L & West 2c1 wk Oct 101,025
Union Pacific Syst_ September 9,162,999 9,351,489 25.190.263 25,615,599
501.288
515.649
168.271 172,243
Virginia & Sou West September
August
572,604 578,919 1.042.115 1.076,313
Virginian
September 2,626,076 2.765.862 8,068,159 8.420,466
Wabash
763,128 751.143 1.475,557 1.491.801
Western Maryland.. August
569.727 822.980 1,617.362 2,386.944
Wheel & Lake Erie_ September
73.374
63.041
38,592
25,178
Wrightsv & Tennille September
878.547 1,007,828 2.656,850 2.706,038
Yazoo & Miss ValLISeptember
Various Fiscal Years.
Current
Year.
Period.
Jan 1
Delaware & Hudson
N Y Central 80 Hudson River_e- Jan 1
Jan 1
Boston & Albany
Lake Shore & Michigan South Jan 1
Jan 1
Lake Erie & Western_n
Chicago Indiana & Southern.. Jan 1
Jan 1
Michigan Central
Cleve Cincin Chic & St Louis Jan 1
Jan 1
Cincinnati Northern
Jan 1
Pittsburgh & Lake Erie
New York Chicago & St Louis Jan 1
Jan 1
Toledo & Ohio Central
Jan 1
Total all lines
Jan 1
sPennsylvania Railroad
Baltimore °began & Atlantic_ Jan 1
Jan 1
Cumberland Valley
Jan 1
Long Island
Jan 1
Maryland Del & Virginia
N Y Philadelphia & Norfolk_ Jan 1
Phila Baltimore & Washing n Jan 1
Jan 1
West Jersey & Seashore
Jan 1
Pennsylvania Company
Jan 1
Grand Rapids & Indiana
Pitts Cin Chic & St Louis_ — Jan 1
Jan 1
Vandalia
Total lines—East Pitts & Erie Jan 1
—WestPitts & Erie Jan 1
—All lines E & W_ Jan 1
Dec 1
Rio Grande Junction
Jan 1
Rutland
gs'ggsgsgggssgsgsgssgggs6ssgsgg
Latest Gross Earnings.
ROADS.
Aug
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Previous
Year.
3
$
31 14,857.326 16,143.100
30 71.451.951 77.807.215
30 12,499.555 13.247,280
30 39,067,438 45,309.311
30 4.297,654 4.475,306
30 3.143,228 3,248,777
30 25,262,671 27.389,269
30 26.467,273 28.151.841
30 1,076,804 1,009,846
30 12,376,563 15.196,945
30 8,379,503 9,177,276
30 3.535.181 4,503.559
30 207557 821 229516625
31 124856342 134610206
31
808,983
842.866
31 2,231,197 2,357,550
31 8.980,336 8,998,455
31
622,685
626.054
31 2.598.804 2,680,739
31 13.575,991 13.996,293
31 4.557,932 4,655,491
31 37.156.520 44,190,280
31 3,588,388 3.651.018
31 26,095,711 28,985,442
31 7.092,146 7,288,421
31 161438 262 172497525
31 74.945,401 85,145.349
31 236383663 257642874
31
661,261
703,483
31 2,312,238 2,422.990
AGGREGATES OF GROSS EARNINGS—Weekly and vlonthly
Current
Year.
Previous
Year.
Increase or
Decrease.
*Monthly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
%
--Cur. Yr. Prey. Yr.
Mileage.
$
S
$
S
S
December _243.322 241.180 254.2t8.891 266.224.678 —12.005.787 4.51
—1.091.238 7.79
2d week Aug (37 roads)---- 12,911.396 14.002,634
January ___ 243.732 241.469 233.073.834 240,958.641 —16,884,807 6.75
—996,241 7.09
14,034.147
3d week Aug 38 roads).- - 13,037.906
February__ _241.925 242.928 209.2:13.005 233,056.143 —23.823.138 10.22
7.56
—1,438,669
19,019.926
4th week Aug 36 roads)..--- 17,581,257 13,573,362 —1,055.749 7.78
March
45.200 243.184 250.174.257 249.514.091
,
2
+660.166 0.27
12,517.613
roads)_--let week Sept( 7
,
236.531.600 245 046,870 —8.517.270 3.48
April
—573,127 4.04
2(1 week Sept (36 roads)..-- 13.565.225 14,138.352
May
246.870 243.954 239.427.102 266,435.022-26.007,920 9.73
—847.724 5.76
14.711,282
13.863,558
roads)..._
(37
Sept
3d week
222.001 219.691 230.751,850 241.107,727 —10.355,877 4.30
June
—1.991.765 9.90
4th week Sept (36 roads)____ 18.115,984 20,107.749
July..
235,407 231,639 252,231,248 261,803,011 —9,571,763 3.67
—1,904,498 12.50
1st week Oct (35 roads)____ 13,328,596 15,233,094 —2,383,945 15.19
240.831 237,159 269,593.446 280.919,858 —11326,412 4.03
August
15.684,210
13,300.265
2d week Oct (36 roads)—..
89.503 75,704.844 81,452.681 —5.747.837 7.05
September- - 91.124
19.65
.,.. --,. rt.,. !IA ...sea411
19 51 R-901 15.446.844 —2,931,143
District By.from Nov. 11911. e Includes the New York &
Creek
Cripple
&
Springs
of Colorado
a Mexican currency. b Does not include earnings
New 'York Ry., the latter of which, being a Canadian road, does not make returns to the
Ottawa, the St. Lawrence & Adirondack and the Ottawa &
& Terre Haute and Evansville & Indiana RR. a Includes the Cleveland Lorain & Wheeling
Inter-State Commerce Commission. f Includes Evansville
Includes earnings of Mason City & Fort Dodge and Wisconsin Minnesota & Pacific. s Inp
RR.
Ohio
Northern
the
Includes
is
years.
both
By. In
t Includes the Mexican International. u Includes the Texas Central and the Wichita
cludes Louisville & Atlantic and the Frankfort & Cincinnati.
other receipts. z Includes St. Louis Iron Mountain & Southern. z Includes the NorFalls Lines. v Includes not only operating revenues, but also all
Mexican roads in any of our totals.
the
include
longer
no
We
•
1914.
1
July
thern Central beginning
*Weekly Summaries.
%
THE CHRONICLE
OCT. 31 1914.]
Latest Gross Earnings by Weeks.—In the table which
follows we sum up separately the earnings for the third week
of October. The table covers 34 roads and shows 19.65%
decrease in the aggregate under the same week last year.
Third week of October.
1914.
Alabama Great Southern
Buffalo Rochester & Pittsburgh
Canadian Northern
Canadian Pacific
Chesapeake & Ohio
Chicago & Alton
Chicago Great Western
Chicago Ind & Louisville
Clnc., New Or!. & Tex.Pac
Colorado & Southern
Denver & Rio Grande
Western Pacific
Denver & Salt Lake
Detroit & Mackinac
Duluth South Shore & Atlantic_
Georgia Southern & Fla
Grand Trunk of Canada
Grand Trunk Western
Det Grand Haven & Milw
Canada Atlantic
Louisville St Nashville
Mineral Range
Minneapolis St Paul & S S M.
Missouri Kansas & Texas
Missouri Pacific
Mobile & Ohio
Nevada-California-Oregon
Rio Grande Southern
St Louis Southwestern
Seaboard Air Line
Southern Railway
Tennessee Alabama & Georgia_
Texas & Pacifx
Toledo Peoria & Western
Total (34 roads)
Net decrease (19.65%)
$
84.424
218,357
349.800
2.040,000
730,141
281,843
335,948
1261,435
176,779
314,013
538,600
114,000
36,164
21.130
54,274
47,103
1913.
$
101,935
275,017
609,900
3,252,000
736,724
303,727
341,613
150,719
210,171
292.047
568,300
142,900
15.526
24,128
67,564
55,125
Increase. Decrease.
$
21,966
29.700
28.900
20,638
2,998
13,290
8.022
96.3,483 1,163,397
1,031,730 1,324,850
4,066
14,206
719,032
672,343
697,541
673,653
1,214,000 1,312,000
263.110
200,797
10,835
10,019
17,365
14,419
277,000
230.000
511,845
390,111
1,204.765 1,551,126
2,284
1,178
415,215
395,344
29,802
24,642
12,515,701 15,446.844
$
17,511
56,660
260.100
1,212,000
6,583
21,884
5,665
24,284
33,392
193.914
293.120
10,140
46,689
23,888
98.000
62,313
816
2,946
47.000
121,734
346,361
1,086
19,871
5,160
52,744 2,983,887
2,931.143
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.
0
$
$
It
Atch Top & Santa Fe_ b_Sept10,639,292 9,740,766 14,102.099 33,489,723
30.415.024 28.615,708511.289,463 59,637,024
July 1 to Sept 30
238,851
346,150
Buffalo Roch & Pitts_b_Sept 867.942 1,049,744
2,790.078 3.211.872
972.256 1,034,547
July 1 to Sept 30
147,346
Sept 122.142
13,711
36.408
Buffalo & Susq_ b
381.663
455,143
55.914
124.488
July 1 to Sept 30
590.700
524,900
Canadian Northern_ ___Sept 2,109.900 1,994,900
5,071,900 5,748,500 1,265,900 1.447.800
July 1 to Sept 30
Canadian Pacific_a____Sept10.754,139 12,157,082 4,367,048 4.415.579
31,153,876 35.584.603 11,508.652 12.493.511
July 1 to Sept 30
Central of Georgia_ b___Sept 975,442 1,249,459 c204,267 c383,635
July 1 to Sept 30
3,173,317 3,278,486 e735,867 c692.143
Chesapeake & Ohio-b__Sept 3.514.144 3.189,520 1,122.774 1.060.452
July 1 to Sept 30
10,297,298 9,426,677 3,214,293 3,126,396
Chic Great Western_ b__Sept 1,346,757 1,376,291 b447,312 b408.576
July 1 to Sept 30
3,738,623 3,897.010 11,083,187 11,163,262
Chic & Nor Western_a__Sept 8,098,316 8,095,665 2.467.112 2.522.895
July 1 to Sept 30
23,839,210 24,212.104 7.039.495 7,107,971
Chic St P Minn & 0_a_Sept 1,721,567 1,767,349
501.842
514.864
July 1 to Sept 30
5,010,890 4,795.411 1,489,954 1,171,894
385.616
384,691
Colorado & Southern_ b_Sept 1,207,853 1,334,854
July 1 to Sept 30
986.641 1,135,307
3.511.925 3,910,844
122,850
148.376
Cuba RR
Sept 314,676
340,252
July 1 to Sept 30
415.880
445.629
1,040,707 1,025,312
Delaware & Hudson_ b_ _Aug 2,103,526 2,307,270
913.877 1,046.707
Jan 1 to Aug 31
14,857,326 16,143,100 4,788,932 6,133,800
Detroit & Mackinac-a-Sept
96,953
101,797
21,274
18.356
July 1 to Sept 30
302.668
330,368
71.277
87,354
Erie-a
Sept 5,506,358 5.462,035 1,453.831 1,125,264
July 1 to Sept 30
16.414.705 16,651,290 4,211,891 3.918,185
Illinois Central-a
Sept 5.529.431 5,855,044 1,259,721 1.128.146
July 1 to Sept 30
16.770,904 16,910.073 3,226,326 2,888,431
NY Cent & Ilud Riv_ b_ Sept 8.765.247 9,625.456 2,873,820 2,841.638
Jan 1 to Sept 30
71,451,951 77,807.215 17,553,324 18.929,407
Boston & Albany- b__Sept 1,483,917 1,620,787
524.726
460,902
Jan 1 to Sept 30
12,499,555 13.247,280 3,120,327 3,483.686
Lake Sh & Mich So_ bSept 4,694.381 5.243.587 1.529,598 1.543,011
Jan 1 to Sept 30
39,067,438 45,309.311 10.381.847 13,526.355
Lake Erie & West-b_Sept 537.832
556.516
166.897
126,414
Jan 1 to Sept 30
4,297.654 4.475,306
977.670
836.081
Chic Ind & South_ b_ _Sept 387.598
353.582
140,100
41,261
Jan 1 to Sept 30
3,143,228 3.248.777
557.736
541.893
Michigan Central_ b_Sept 3,140.684 3.233,323 1,071.644
740.810
Jan 1 to Sept 30
25,262,671 27,389.269 6.348,875 6.817.833
Clev On Ch & St L_b Sept 3.369,280 3,435,332 1.024.475
615,678
Jan 1 to Sept 30
26,467,273 28,151.841 4,015,525 3,332,289
Cincinnati North_ b__Sept 151,582
143,437
54,035
13.498
Jan 1 to Sept 30
1,076,804 1.009,846
134.893 def3.142
Pittsb & Lake Erie_ b_Sept 1.359,223 1.709.702
451.525
775,336
Jan 1 to Sept 30
12,376,563 15.196.945 4,347.956 7.068,895
195,275
280,151
N Y 0 & St Louls-b_Sept 928,828 1,038,716
8,379.503 9.177,276 1,285,080 1,840.917
Jan 1 to Sept 30
603,227
265.941
Tol St Ohio Cent_b_ _Sept 617,893
190.722
3,535,181 4.503.559
574.590 1.100,850
Jan 1 to Sept 30
Sept 25.436,465 27.563.665 8.297.936 7.629,428
Total all lines_ b
207,557,821229,516,625 49.297.723 57,475,014
Jan 1 to Sept 30
850,320
188.422
NY Ontario & West_a_Sept 821.968
212,567
July 1 to Sept 30
2.815,260 2,855,294
911.968
926,697
99.735
331,003
NY Susq & Western_ __Sept 324,002
73.939
July 1 to Sept 30
928.706
241,952
958.489
202.601
Reading Company—
Phila & Readling-b_ _ -Sept 4.291,141 4,428,428 1.443,889 1,508,537
July 1 to Sept 30
12,242,337 13,078.942 3,807,617 4.171,496
207.892 def111.527
Coal & Iron Co_b__Sept 2,797,331 2,335.159
July 1 to Sept 30
7.097.676 6.537.624
89,801 def350,125
Total both cos_ b_ ___Sept 7.088,472 6,763.587 1,651,781 1,397.010
July 1 to Sept 30
19,340,012 19,616,566 3,897.417 3.821,372
Reading Company_ _ _Sept
561.458
551.094
July 1 to Sept 30
1,668,880 1.655.912
2,213.239 1,948,104
Total all companiesSept
July 1 to Sept 30
5.566.297 5,477,284
Roads.
Roads.
1287
—Gross Earnings— —NetEarnings—
Previous
Current
Current
Previous
Year.
Year.
Year.
Year.
Rio Grande Junction___Aug
n28,341
n29,333
97,776
94.470
Dec 1 to Aug 31
661,261
703.483 n198.378 n211.045
Seaboard Air Line_a_-_Sept 1,575,036 1,902,804
463.778
302,682
July 1 to Sept 30
5.099.035 5,515,549 1,100.001 1.304,819
Southern Railway_b__-Sept 5,509.732 6,010,529 1,255.505 1,739.645
July 1 to Sept 30
16,902,895 17,280,923 3.976.580 4.779,447
Georgia Sou & Fla_b_Sept 197,215
46.529
33,200
216.447
July 1 to Sept 30
92,539
100.514
602.649
602.047
Mobile & Ohio_b____Sept 923,903 1.054.339
124.156
235.518
July 1 to Sept 30
771.860
3.056,951 3.183,290
602.167
Cin N 0 & Tex P_ b_ _Sept 775,157
301.400
134.343
923.277
July 1 to Sept 30
810,276
2,435.444 2,602.792
564,004
Ala Great South_ b__Sept 407,422
69,395
111.617
440.538
July 1 to Sept 30
1,286.433 1,327,472
282,226
324,499
Tidewater & Western_ b_Sept
7,710
1,486
624
7,646
July 1 to Sept 30
23,264
247
4.243
21,620
Union Pacific-a
Sept 9.162,999 9.351.489 3,923,914 3,895.149
July 1 to Sept 30
25,190.263 25,615.599 10,056,196 9.845.509
Virginia & Southwest_ b_Sept 168.271
54.525
172.243
52.542
July 1 to Sept 30
515.649
166,613
163.954
501.288
Wrightsv & Tennille-b_Sept
25.178
18.660
6,047
38.592
July 1 to Sept 30
19.569
63,041
73.374
5,886
Yazoo & Miss Valley_a-Sept 878,547 1,007.828
207.877
170.756
July 1 to Sept 30
386.432
421.862
2,656,850 2.706.038
INDUSTRIAL COMPANIES.
—GrossEarnings— —NetEarnings—
Current
Current
Previous j
Previous
Companies.
Year.
Year.
Year.
Year.
$
$
$
$
Abington & Rockland Elect
Light & Powers
Sept
13,594
3.162
12,869
3,305
Jan 1 to Sept 30
103.585
100,580
18.785
21,603
Amer Power & Light_a-Sept 562,100
484,479
232.902
282.578
Oct 1 to Sept 30
6.479,081 5,672,282 3,008.831 2,559.827
Atlantic City Elect_ ___Sept
48.653
43,682
26,723
24,463
Oct 1 to Sept 30
473,714
452,630
234.528
227,818
Atlan Gulf & W I SS Lines—
Subsidiary companies_Aug 1,181,287 1,564,559
113,679
262,522
Jan 1 to Aug 31
11.635,797 13,229,570 1,579,512 2,350.852
Blackst Val Gas & El a-Sept 113.414
109,594
49.801
38.719
Jan 1 to Sept 30
969.821
357,708
374,870
957.903
Canton Elect
Sept
44.710
32,737
21,177
16,362
Oct 1 to Sept 30
510.856
388.204
242,489
196.280
Cleveland Elect Ill a__ _Sept 307,377
314.569
147,021
152,411
Utz 1 to Sept 30
3,133.905 2,890,646 1.506,063 1.398,190
Detroit Edison_a
Sept 500,602
431,613
201.932
159.365
Jan 1 to Sept 30
4.581,118 3.938.405 1,894,665 1,602.599
Edison El III (Brock) a_Sept
37.786
34.156
12.107
10,493
Jan 1 to Sept 30
344,976
317.183
111,920
111,071
Fall River Gas Wks_a_ _Sept
45,626
43,888
14.467
14.284
Jan 1 to Sept 30
376,233
357.899
89,318
116.471
Gr West Pow Co Sys_a_Sept 226.332
223,330
160,198
129,933
Jan 1 to Sept 30
1,978.922 1,993,094 1,306,585 1.305.577
Houghton Co El Lt a__ _Sept
24.954
21.658
9.909
9,891
Jan 1 to Sept 30
224,256
214,973
97,780
97,125
Lowell Elect Lt Corp a_Sept
35.018
35,353
10.613
11,191
Jan 1 to Sept 30
331,570
325,677
116.127
116.899
°Mexican Lt & Power Sept 851,668
833,760
618,251
602,924
Jan 1 to Sept 30
7,187,072 7.044.970 5,118,486 5,155.039
Mississippi River Power Sept 136,339
112.354
Jan 1 to Sept 30
1,181,918
956,696
Rockford Elect
Sept
36,951
34.588
19.201
18.431
Oct 1 to Sept 30
490,163
449,H0
264,384
239,483
San Joaquin Lt& Pow.a.Sept 157,123
154,293
100,224
63.311
Jan 1 to Sept 30
1,392,390 1.279,463
881.098
681,041
Scranton Elect
79,406
68,735
Sept
48.674
40.767
Oct 1 to Sept 30
1,084,548
874,264
648.260
524.467
46,433
53,507
26.210
Sierra Pacific Elec a____Sept
33,401
479.083
483,463
Jan 1 to Sept 30
284.606
291,438
9,217
8.539
G&El_a_Sept
3.330
Watert'n(Wis)
2,590
71,365
74.554
21.900
Jan 1 to Sept 30
21,204
24,818
Sept
27.845
13.062
Wheeling Elec
13.193
337,345
299,061
158,996
Oct 1 to Sept 30
137,985
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 for
Sept. 1914 was $154,436, against $333,169; and from July 1 to Sept. 30
was $581,301 in 1914, against $540,937 last year.
g These results are in Mexican currency.
f For Sept. 1914 net income after charges was $237,587, against $199,103
In 1913,and from July 1 to Sept. 30 was $454,453 in 1914. against $517.890.
I For Sept. taxes and uncollectible railway revenue amounted to $465.432.
against $447,261 In 1913; after deducting which, net for Sept. 1914 was
$3,636,667, against $3,042.462 last year. From July 1 to Sept. 30 taxes.
&c., were $1,385,960 in 1914, against $1,322.983 in 1913.
n These figures represent 30% of gross earnings.
Interest Charges and Surplus.
—Int., Rentals, &c.— —Bat. of Net Earns.—
Previous
Current
Current
Previous
Year.
Year.
Iear.
Year.
$
$
$
$
Buffalo Roch & Pittsb__Sept 198.953
184.162 x101.982 x221.423
July 1 to Sept 30
594.477
548.890 x380.062 x669.797
Buffalo & Susq
Sept
31,665
15,443
July 1 to Sept 30
95,569
68.113
Chesapeake & Ohio_ ___Sept 787.101
739,941 x391,964 x417,059
July 1 to Sept 30
2,363.924 2.216,584 x942,117 x1.140,117
Chicago & North West_Sept 939,516
949.679 1.527.596 1.573,216
July 1 to Sept 30
2,771,649 2,669.555 4.267.846 4.438,416
Chicago St P Minn & O_Sept 247,193
235,469
254,649
279.395
July 1 to Sept 30
706.282
664.411
783.672
507.483
Cuba Railroad
Sept
70.196
66,792
52,654
81,584
July 1 to Sept 30
210.767
200,375
205,113
245,254
NY Ontario & West___Sept 128,964
121.170
59.458
91,397
July 1 to Sept 30
382.773
368,276
529.195
558,421
Reading (all companies).Sept 1.240.666 1.233,333
972,572
714.770
July 1 to Sept 30
3,722.000 3.700,000 1.844,296 1.777,283
Rio Grande Junction_ __Aug
8,333
8.333
21,000
20,008
Dec 1 to Aug 31
75,000
75.000
123,378
136.045
INDUSTRIAL COMPANIES.
—int., Rentals, &c.— —Bat, of Net Earns.—
Current
Previous
Current Previous
Companies.
Year.
Year.
Year.
Year.
Roads.
Abington & Rockland Elect
Light & Power_ _ _ _Sept
Jan 1 to Sept 30
Atlantic City Elect_ _ ._Sept
Oct 1 td Sbpt 30
596
4,248
1,664
106,60W
406
3,025
9.295
108,875
2,709
17,354
25,059
127,919
2,756
15.760
15,168
118,943
THE CHRONICLE
1288
Companies.
,
-Int., Rentals, &c.- -Bat, of Net Earns.Previous
Previous
Current
Current
Year.
Year.
Year.
Year.
Atlantic Gulf& WI SS Lines116,688
145,834 def16,607
Subsidiary'companies_Aug 150.286
389,500 1,189.210
1,190,012 1,161,642
Jan 1 to Aug 31
20,669
30,836
18,965
18.050
Blackst Val Gas & El._Sept
225,609
149.261
196.169
161,539
Jan 1 to Sept 30
16,014
11,240
5,163
5,122
Sept
Canton Electric
139,730
64,139
56,550
178,350
Oct 1 to Sept 30
112.924
119,263
33,149
Ill__Sept
34,098
Electric
Cleveland
332,667
312,609 1,183,397 1.085.581
Jan 1 to Sept 30
123,117
102,469
78,815
56,906
Sept
Detroit Edison
639,798
510,864 1,254,867 1,091.735
Jan 1 to Sept 30
7.827
8,088
4,280
2,405
Edison Elec Ill (Brock)_Sept
91.306
85,575
20,614
25,496
Jan 1 to Sept 30
12,690
1,594
11.619
2,848
Fall River Gas Wks..._.Sept
107,161
78.761
9,310
10,557
Jan 1 to Sept 30
z76.579
z50,423
98.767
Grt West Pow Co Syst__Sept 101,712
861.580 5575,739 z582,985
897.374
Jan 1 to Sept 30
6.449
6.395
3,496
3,460
Houghton Co Elec Lt__Sept
64.394
63,250
33,386
33.875
Jan 1 to Sept 30
10,384
238
10,953
229
Lowell Elec Lt Corp_Sept
2.327
113.958
114,572
2,169
Jan 1 to Sept 30
23,002
89,352
Mississippi River Power Sept
182.510
774,186
Jan 1 to Sept 30
11,280
7,589
10,642
Sept
7.993
Rockford Elect
171.577
92.807
89,108
150,375
Oct 1 to Sept 30
57.887
Pow__Sept
42.337
37,174.
26,137
San Joaquin Lt &
374.430
309,891
506.668
371.150
Jan 1 to Sept 30
Sept
21,465
18.603
27,209
22,164
Scranton Elect
241.747
192,518
406.513
331,949
Oct 1 to Sept 30
7.198
7.105
19,105
26,203
Sierra Pacific Elect___ _Sept
64.501
54,851
220,105
Jan 1 to Sept 30
236.587
Sept
5,450
4,641
7,612
Wheeling Electric
8,552
68.638
56,015
90.358
Oct 1 to Sept 30
81.970
1,975
1,916
z1.723
Watertown (Wis)G & E.Sept
z901
17,786
16,847
z7,981
Jan 1 to Sept 30
z6,506
z After allowing for other income received.
EXPRESS COMPANIES.
-Month ofJune--July 110 June 30-1914.
1913.
1913-14. 1912-13.
$
$
United States Express Co.Gross receipts from operation 1,519,861 1,691,322 19,621,790 21,620,709
829,271
834,652 9.669,188 10,446,375
Express privileges-Dr
856.670 9,952,602 11,174,333
Total operating revenues_ 690,589
876.139 10,391,193 11,145,177
Total operating expenses___ 891.057
Net operating revenue_ _ _ _def200,467 def19,469 def438,591
29.156
13.873
8.468
One-twelfth of annual taxes-.
134,314
138,667
loss214,340 loss27,938 1oss572.906 loss109,511
Operating
ELECTRIC RAILWAY AND TRACTION COMPANIES.
Latest Gross Earnings.
Name of
Road.
Week or
Month.
Current Previous
Year.
Year.
Jan. 1 to latest date.
Current
Year.
Previous
Year.
American Rys Co__ September 460,132 459,833 4,065,092 3,897,359
36,181 33,077
285,965
298,090
Atlantic Shore Ry___ September
cAur Elgin & Chic By August ___ 205,384 210.926 1,354,855 1,324.913
72,661 74,248
& Electric August
509.152
Bangor
496,158
September
14,332 14.254
130.383
116,234
Baton Rouge Eke Co
64,196 63,527
360,936
372,128
BeltL Ry Corp(NYC)June
100,431 111,090
651,213
Berkshire Street Ry..'August
677,056
August
1691,872 2038,340 15,555.488,15.624,438
Brazilian Trac, L 8: P
82,725
87.638
Brock 8: Plym St By. August __ _ 16.236 17,289
2461,564 2474,193 13.196,219 12,772,394
Bklyn Rap Tran Syst June
27,7731 32,516
259,302
273.139
Cape Breton Elec Co September
Chattanooga By & Lt August __ _ 91.032 99.752
735,842
790.281
46.6951 46,001
242.98s
234.541
Cleve Painesv & East July
123.058 129,052
837,571
Cleve Southw & Col_ August
824,768
CoSeptember
El
(Ga)
494,504
Columbus
438,496
Comwth Pow,By & L September 204.020 194,220 2.132,611 a1,518,276
August ___ 802,418 839,002 5,404,250 5,543,939
Connecticut Co
September
275,524
(Mich)_
253,340 2,484,361 2,262.485
Consum Pow
272,799 251.278 1.668,389 1,531,505
Cumb Co (Me)P & L August
Dallas Electric Co- September 173.777 180,067 1.641,658 1,564,355
Oct
218,263
wk
216,135 9,512,673 9,982.320
Detroit United Lines 2d
44,459 51.782
DDEB& Bat(Rec) June
256,719
300,659
986,470
Duluth-Superior Trac September 108,981 112,225
946,519
219.250 228,532 1.768,801 1.718,106
East St Louis & Sub_ August
87,041 73,685
772.716
El Paso Electric Co__ September
643,837
162.957 161.785
900.631
42d St M & St N Ave June
933,276
Galv-Hous Elec Co__ September 195,260 200,183 1,846,891 1.764.480
114,380 116.159
851,155
Grand Rapids By Co August
859,834
81.575 78.987
747,682
Harrisburg Railways_ September
740.942
Havana El By.L & P
52,578
50,788
Oct
25
Wk
Dept____
2.281.302 2,325,307
Railway
21,298 22,596
214,332
228,103
Houghton Co Tr Co_ September
August .._ _ 424.660 430,291 3,704,591 3,619.891
b Hudson & Manhat_ September
654.338
702,412
6,053.924 5,725,952
Illinois Traction ____
Interboro Rap Tran_ September 2559,683 2596,718 25,016,151 24,048,034
53,567 55,357
549,486
499.240
Jacksonville Trac Co September
11,412 12,342
100.217
103,466
Key West Electric__ September 151.999
154,483
810,105
788.183
Lake Shore Elec By. July
Lehigh Valley Transit September 173,649 164,620 1,385.876 1,297,448
76.293 81,046
452,778
457,900
Lewis Aug & Watery_ August
25,214 25,815
110,279
109,221
Long Island Electric_ June
Louisville Railway__ September 272,245 281,096 2,393,886 2,408,525
Milw El By & Lt Co_ September 479,857 495,763 4,470.381 4.448,742
Milw Lt, Ht & Tr Co September 132,480 138,878 1.145,955 1,086,338
494,717
90.857 78.737
442.066
Monongahela Val Tr.. June
321,601
58,617 55,181
293,867
N Y City Interboro__ June
183,331
37.509 38.931
190.382
N Y & Long Island__ June
76.741
16.090
15.799 15.504
NY & North Shore__ June
649,663
673.175
135,525
125,931
June
N Y & Queens Co___
1175,972 1149,276 6,685.682 7.027.810
New York Railways_ June
269,008
237,642
36,139 34,570
N Y Westches 8: Bos_ August
265,671
263,387
52,391 50,050
N Y & Stamford By. August
125.481
123,583
17.785 19.450
Northampton Trac__ August
2,416,902
2.155.676
339,306
343,543
August
Nor Ohio Trac & Lt_
172,014 1.566,941 1,548,124
North Texas Elec Lt_ September 164,778
250,441
241,806
40.508 47.190
Northw Pennsylv By August
48,820
54,260
18,668 18,273
Ocean Electric(L I)_ June
213.969
223,116
24,843
23,805
September
Co_
Lt
Paducah Tr &
211,371
206.056
23,307
20,510
Pensacola Electrie Co September
1999.343 7,829,945 17.967,039
Phila Rap Tranist Co September 1949,439
487,264 556,152 4,269,928 4.418,046
Port(Ore)Ry,L&PCo. August
708,429
705,499
121,027 130,854
Portland (Me) RR__ August
5,608,510
689.028 723.529 5,652.046 2,193.403
PugetSound Tr,L&P August
2,259,173
250,962
Republic By & Light September 245,879 557,850 3,616.872 3,663,565
535,817
Rhode Island Co_ ___ August
174,625
173,657
38,252 41,578
Richmond Lt & RR_ June
StJosoph(Mo)RY.Lt.
921,169
958.580
106.445
101,596
September
Heat & Power CO_
340,537
347,937
37,953 38,085
Santiago El Lt & Tr_ September
612,396
633,561
65.201 67.291
Savannah Electric Co September
505,475
437,242
94.533
.597
87
Second Avenue (Rec) June
97.086
105.787
20.364 20.547
Southern Boulevard June
Name of
Road.
[VOL. xcix.
Latest Gross Earnings.
Week or
Month.
Current Previous
Year.
Year.
Jan. 1 to latest date.
Current
Year.
Previous
Year.
Staten Isld Midland_ June
32.767 34,312
135.610
131.929
Tampa Electric Co__ September
80.755 73.362
731,569
612,092
Third Avenue
June
344,063 362,083 1,963.178 2,004,296
Toronto Street Ry___ August
507.912 538.322
3.932,186
Twin City Rap Tran_ 2d wk Oct 176.066 171,537 4,059.097
7.301,876
Union Ry Co ofN Y C June
255,702 263,886 1,317,441 6,910.713
1,312,389
United Rys of St L.August
1028,439 1076,174
8.363.824
Virginia By & Power_ September 424.984 414.861 8,391,773
3,851.928 3,711.871
Wash Bait & Annap_ August
74,839 84,825
527,567
557.306
Westchester Electric_ June
56,781 60,600
277,269
272.776,
Westchester St RR__ August
27,734 26.612
170,109
166,906
Western Rys 8: Light September 226.759 226.464 1,994,106 1,892.209
Wisconsin Gas & Elec September
57.102 65.395
556,069
.545.520
Yonkers Railroad..__ June
64.585 66.811
345.039
328,606
York Railways
September
63,398 62.538
589,317
565.587
Youngstown & Ohio_ August
25,461 25,564
170.921
164,473
Youngstown & South September
16,564 15,861
133.869
129,417
a Includes earnings on the additional stock acquired May 1 1913.
b Represents income from all sources. c These figures are for consolidated
company.
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.
$
$
$
$
4,947
14,332
14,254
Baton Rouge Elec_a__ _Sept
4,406
116,234
44,138
130,383
Jan 1 to Sept 30
42.765
Bay State St Ry2,935,998 2,933,995 1.180.037 1.186,138
bJuly 1 to Sept. 30
27.773
32,516
9,956
Cape Breton Elec_a_ ___ Sept
15,560
259,302
273,139
103,333
117,652
Jan 1 to Sept 30
59,676
50,685
33,961
28,499
Columbus (Ga) Elec_a_Sept
494,504
438,496
280,525
210,513
Jan 1 to Sept 30
180,067
79,103
77,174
Dallas Electric Co_a_ _ _Sept 173,777
1,641.658 1,564,355
651.899
640.175
Jan 1 to Sept 30
44,988
112,225
49,387
Duluth-Superior Tract bSept 108.981
985,470
946,519
431,623
392.662
Jan 1 to Sept 30
26,791
59,970
45,773
Eastern Texas Elec__a_Sept
16,226
650,066
381,176
251,663
157,033
Oct 1 to Sept 30
Sept
87,041
38,323
73,685
Ea PaS0Electric_a
34,589
772,716
331,570
643,837
Jan 1 to Sept 30
293,570
90.541
Galv-Houston Elec_a--Sept 195.260
200.183
89,593
1,846,891 1,764.480
847,717
764,456
Jan 1 to Sept 30
Interboro Rap Tran_a_ _Sept 2,559,683 2,596,718 1,385.771 1,409,055
7,500,211 7,287,334 3,929,766 3,707,196
July 1 to Sept 30
53,567
Jacksonville Trac_a_ --.Sept
55,357
15,483
20,861
549,486
499,240
196,195
179,929
Jan 1 to Sept 30
21,298
22.596
6,914
Houghton Co Trap_ a__ _ Sept
8,733
214,332
228,103
76,820
91,844
Jan 1 to Sept 30
Sept
21,657
20,133
7,760
7,588
Keokuk Electric_ a
248,474
254,590
90,701
Oct 1 to Sept 30
100,459
11,412
12,342
3,776
. 5,252
Key West Electric_a-_ _ Sept
100,217
103,466
Jan 1 to Sept 30
35,264
37.860
604,744
pMexico Tramways_ __Sept 667,421
323,744
322,195
5,513,765 5,116,331 2,723,950 2,736,228
Jan 1 to Sept 30
495,763
Milw Elect By & Lt_a_Sept 479,857
136,439
147,426
4,470,381 4,448,742 1,216,412 1,254,715
Jan 1 to Sept 30
138,878
Milw Lt Ht & Tract_a_Sept 132,480
49,763
56,029
1,145,955 1,086,338
Jan 1 to Sept 30
406,459
406,944
Northern Texas Elec_a_Sept 164,778
172,014
74,805
75,993
1,566,941 1,548,124
Jan 1 to Sept 30
680,475
680,909
23.805
Paducah Trac & Lt_a_ _Sept
24,843
8,193
8,954
223,116
Jan 1 to Sept 30
213,969
76,679
69,815
20,510
Pensacola Electric_a ___ Sep t
23.307
6,844
8.915
206,056
211,371
Jan 1 to Sept 30
74,662
73,984
Philadelphia Companydepts_Sept
408,775
462,051
119,964
203,651
Nat Gas & Oil
2,982,176 3,127.137 1,265,687 1,585,105
Apr 1 to Sept 30
7,761
9.666
def5,144
def7.586
Consol Gas (Pitts)_ Sept
61,516
73.641 def11,857 def21,163
Apr 1 to Sept 30
360,742
150,821
123,235
Duquesne Light_ ___Sept 382,807
2,289,094 2,194,603
896,869
768,163
Apr 1 to Sept 30
Power__Sept
15,024
Lt
&
13,865
5,580
3,508
Penna
94.348
100,552
31,984
Apr 1 to Sept 30
31,768
984,911 1,005,410
Pittsburgh Rys__ - _Sept
254,258
306,970
6.120.389 6,086,930 1,799.455 1,862,639
Apr 1 to Sept 30
30,334
Beaver Valley Tract_Sept
28,680
10,597
14,769
181,424
Apr 1 to Sept 30
177,320
54,149
61,677
Savannah Elec Co_a _ _ _Sept
65,201
67,291
22,423
22,922
Jan 1 to Sept 30
633,561
612,396
214,739
200,723
Tampa Electric Co_aSept
80,755
73,362
38,017
34,200
Jan 1 to Sept 30
731,569
612,092
338,973
278,971
Twin City Rap Transb_Sept 805,454
787,890
412.302
400,539
Jan 1 to Sept 30
6.946,630 6,568,762 3,343,398 3,232,544
Wisconsin Edison
Sept 697,341
c270,900
Oct 1 to Sept 30
8,695,623
c3,486,536
York Railways_b
29,937
Sept
63.398
62,538
31,849
Dec 1 to Sept 30
660,926
630,715
303,283
302,053
Roads.
a Net earnings here given are after deducting raxes.
b Net earnings here given are before deducting taxes.
c The balance available for The Wisconsin Edison Company Inc., and
depreciation of subsidiary companies was 6133,998 for Sept. 1914 and
$1,895,473 for the twelve months.
g These results are in Mexican currency.
Interest Charges and Surplus.
Roads.
-Int., Rentals, &c.- -Bat, of Net Earns.
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
$
$
$
Sept
2.086
2.126
2,861
2,280
18,858
18.445
25,280
24.320
Baton Rouge Elect
Jan 1 to Sept 30
Bay State St ByJuly 1 to Sept 30
Cape Breton Elect
Sept
Jan 1 to Sept 30
Columbus (Ga) Elec_-_Sept
Jan 1 to Sept 30
Sept
Dallas Elec Co
Jan 1 to Sept 30
Duluth-Superior Tract_Sept
Jan 1 to Sept 30
Eastern Texas Elec----Sept
Jan 1 to Sept 30
Sept
El Paso Elect
Jan 1 to Sept 30
Galveston-Houst Elec__Sept
Jan. 1 to Sep%30
529,959
6,396
57,771
28.791
238,207
33,356
270.824
24,962
228,045
8,601
88,853
4,203
38,801
35,920
331,955
517,931
650,078
6,082
3,560
54.467
45,562
24,601
5,170
161.734
42,318
25,392
45,747
223,103
381,075
24,731
20,026
224,683
203,578
4,908
18,190
15,342
162,810
4,171
34.120
26,286
292.769
34.964
54.621
312,607341515,762
668,207
9,478
63.185
3,898
48,779
51,782
417,072
24,656
167,979
11,318
141,691
30,418
267,284
54.629
451,849
OCT. 31 1914.]
THE CHRONICLE
-Int., Rentals, eee.- -Bat, of Net Earns.
Previous
Cu,rent
Previats
Current
Y)ar.
Year.
Year.
Year.
$
$
$
$
3,108
1,268
5,625
Houghton Co Trac __-Sept
5.646
41.107
26,569
50,737
Jan 1 to Sept 30
50,251
933,899 x525.192 2519,305
Interborough Rap Tran_Sept 907.833
July 1 to Sept 30
2,731,955 2.797,328 x1,331,928 x1,037,620
7,886
3,007
12,975
Jacksonville Tract
12,476
Sept
75,375
82,354
104.554
113.841
Jan 1 to Sept 30
4,405
5,889
3,183
1.871
Keokuk Electric
Sept
71,411
63,210
29,048
26.691
Oct 1 to Sept 30
2.663
1,202
2.589
2,574
Key West Elect
Sept
14.648
12,383
23,212
22,881
Jan 1 to Sept 30
x 88,876
x 70,923
65,354
69,112
Milw Elect By & Lt_ _ _Sept
x722.677
x633,748
565,840
629,550
Jan 1 to Sept 30
x40.206
x48,757
52,428
54,601
Milw Lt Ht & Tract___Sept
467,812 x318.818 x345,869
493.126
Jan 1 to Sept 30
51.828
48,265
24,165
26,540
Northern Texas Elect__Sept
467.833
447.875
213,076
232,600
Jan 1 to Sept 30
534
7.583
1,371
7.659
Paducah Trac & Light-Sept
8.049
67,039
2,776
68,630
Jan 1 to Sept 30
def 428
7,175
1,740
7.272
Sept
Pensacola Electric
14,438
9,885
59,546
64.777
Jan 1 to Sept 30
22.673
def
249
378
22.801
__Sept
Savannah Elect Co_ 8,994
193,790
6,933
205,745
Jan 1 to Sept 30
4,431
33.759
29.769
4,258
Sept
Tampa Elect Co
41,373
237,598
41.184
297,789
Jan 1 to Sept 30
230,765
169,774
188,271
Twin City Rap Trans_ _Sept 224,031
2,047.070 2,111,396 1,296,328 1,121.148
Jan 1 to Sept 30
Sept
22,199
9.650
21,395
8,542
York Railways
212,248
218,488
89.805
84.795
Dec 1 to Sept 30
x After allowing for other income received.
1289
and one track was put in service Sept. 23; the second track will probably
be put in service by Dec. 31.
The (net) expenditures charged to property investment, equipment,
aggregated $428,767, less depreciation charge $342,835, bal. $85,932.
Maintenance.-The expenditures for maintenance and addition and
betterments of road averaged $2,072 per mile. There have been 49.57
miles of new 90-1b. and 5.75 miles of new 85-lb. rail laid, replacing 80-lb rail:
14.64 miles of 80-lb. rail on the Huntsville Branch replaced 52-lb.rail,and,
2.50 miles of new 85-1b. and 22.42 miles of new and relay 80-lb. rail on the
Memphis Division replaced 60 and 68-lb. rail. There were 758,661 crossties and 295 sets of switch-ties used in renewals and 77,592 cross-ties and
106 sets of switch-ties in additions and betterments and for misc. purposes.
Paducah & Illinois
Oct. 1912 an agreement was proposed between
the Paducah & Illinois RR. Co., of the first part and the Nashville Chattanooga & St. Louis Ry., Chicago Burlington & Quincy RR. Co., IffiROLS
Central RR. Co., Chicago & Eastern Illinois RR. Co., and the Cleve. Cm.
Chic. & St. Louis Ry., of the second part, for the purpose of constructing
and operating a bridge across the Ohio River at or near Metropolis, Ill., and
the construction of a line connecting with your railway at Paducah, Ky.
Subsequently, all the parties of the second part, except the Nashville Chattanooga & St. Louis Ry. and the Chicago Burlington & Quincy RR. Co.,
declined to carry out the proposed arrangement.
Your board then authorized the President to enter 'nth an agreement
with the Chicago Burlington & Quincy RR. Co. for the prupose of constructing the bridge and railway above mentioned under the charter of the
Paducah & Illinois RR. Co., the said bridge and facilities to cost not
exceeding $6,000,000. and to be paid for from the proceeds of 40-year bonds
Issued by the Paducah & Illinois RR. Co. for that purpose, to bear an
annual interest not to exceed 446%, both the principal and interest to be
guaranteed Jointly by the two contracting parties. The two companies
control the Paducah & Illinois RR. Co. through equal ownership of its
common capital stock. The action of the board was approved by the stockholders Aug. 11 1914. On June 30 there had been advanced by your
company for the account of the Paducah & Illinois RR. Co. in the purchase
of land for yards and rights of way, $306,961.
On account of conditions arising from the European war,the construction
of the bridge has been postponed, and at present it is only contemplated
to construct the railway from Paducah to the south side of the Ohio River
opposite Metropolis, Ill., and establish a transfer at that point. The additional cost of this work is estimated to be about $850,000(V.99, p.894,748).
Memphis Union Station Co.-ln order to finance the cost of construction
of the Union Passenger Station at Memphis, which was completed in 1912,
this railway, jointly with the Louisville & Nashville RR. Co., the Southern
ANNUAL REPORTS.
Ry. Co., the St. Louis Iron Mtn. & Southern By. Co. and the St. Louis
Southwestern By. Co., agreed to guarantee the payment of principal and
of not exceeding $3,000,000 1st M. 5% 50-year gold bonds of the
Annual Reports.-The following is an index to all annual interest
Memphis Union Station Co., dated Nov. 11913, and due Nov. 11959. Of
reports of steam railroads, street railways and miscellaneous this
amount $2,500,000 have been issued and sold (V. 97. p. 1625)•
companies which have been published since Sept. 26.
OPERATIONS AND FISCAL RESULTS.
This index, which is given monthly, does not include re1913-14.
1912-13.
1911-12.
1910-11.
ports in to-day's "Chronicle."
Miles operated June 30..
1,231
1,231
1,230
1,230
Equipment*Electric Railways (Con )Page
Page
Railroads1211 Connecticut Co
258
1052 Locomotives
Alabama Great Southern RR
262
261
261
Passenger
cars
Massachusetts
Electric Cos
246
969
Algoma Central & Hudson Bay Ry_105I
238
237
238
1051 Mexico Tramways Co., Toronto_
10,322
891 Freight cars
Algoma Eastern RY
10,212
10,077
10,084
New
Other
cars
England
Ry_1045-1062
Inv.
&
Security
Co__
_
Fe
969
Santa
Topeka
&
588
Atch.
630
635
525
Operations1211
Atlantic Coast Line Co. (of Conn.)_1127 New York Railways
1126 Rhode Island Co
3,283,132
1053 Passengers carried
3.317,358
3.130.581
Boston & Maine RR
2.979.863
one
Spokane
Pass.
carried
&
mile_
Inland
Empire
(Proceedings
_137,958,062 135.532,100 126.417,565 119,669,068
RR__ 1132
Canadian Pacific Ry.
2.23 cts.
1070 Vicksburg (Miss.) Light & Tree Co- 895 Rate per pass, per mile_
2.29 cts.
2.33 cts.
of Annual meeting)
2.36 cts.
Freight (tons) carried_ - 5,534,309
Industrial-966
6,224,981
Carolina Clinchfield & Ohio By
5,636,188
5,830,566
Freight
one
American
Public
(tons)
Utilities Co
967
892
mile_833,220,419 933.652,813 822.258,933 857,931,472
Central of Georgia By
887 American Shipbuilding Co
1.054 cts.
1132 Rate per ton per mile
0.995 cts.
1.03 eta.
Central RR. of New Jersey
1.01 cts.
1213 American Window Glass Co
1216 Gross earnings per mile_
$10,380
$10,818
Central Vermont RV
$9.970
$510,019
1046-1066 Amoskeag Manufacturing Co
1053 Earns. per pass. train m.
$1.24
81.27
Chesapeake & Ohio By
$1.23
81.19
971 Earns, per fgt. train mile
$2.10
$2.11
Chicago & Eastern IllinoLs R11_888-966 Assets Realization Co
$2.03
$1.94
Canadian
Locomotive
Co.,
Ltd__
1208-1230
_
_1049
Chicago Great Western RR
* Also owns 2 steamers, 3 transfer barges, 1 wharf boat.
Chicago Indianapolis & Louisv Ry.1048 Citizens'Gas Co., Indianapolls.893-1054
-Chic. Terre Haute & Southeast Ry.1048 Claflin (H. B.) and Allied Cos.
INCOME ACCOUNT FOR YEAR ENDING JUNE 30.
890 (balance sheets, &c)
967
Cripple Creek Central By
Earnings1913-14."
887-899 Consolidated Gas, Electric light &
1912-13.
Denver & Rio Grande RR
1911-12.
1910-11.
$3,071,445 $3,101,779 $2,946,752 $2,827,755
Power Co., Baltimore
1050 Passengers
Duluth South Shore & Atlantic Ry_ _ 890
8.781.321
9,290,996
1125-1146 Continental Gas dr Electric Corp
897 Freight
Erie Railroad
8,460,360
8,707,680
Mall,express, rents, &c_
925,568
Fonda Johnstown & Gloversv RR_1052 Firestone Tire & Rubber Co.(quick
924,387
855.563
788,428
assets and liabilities)
894
Georgia Southern & Florida Ry..._ _1214
Total gross earnings_ _812,778,334 $13,317.162 $12,262,675 $12,323,863
1045-1056 General Motors Co
Great Northern By
892-904
Expenses
Consolidated
Granby
Mining,
SmeltGuantanamo & Western RR
1130
1054 Maintenance of way __ _ $1,938,499 $2,123,365 $1.796.914 $1,863,673
Gulf & Ship Island RR
1130 ing & Power Co
2.380,795
1054 Maintenance of equip't_ 2,391,419
Hocking Valley By
2,227,346
1210 Intercontinental Rubber Co
2,261.008
513,441
480,602
463,317
Illinois Central RR
963-974 International Agricultural Corp- _1212 Traffic expenses
425,103
5.103,927
Kanawha & Michigan KY
1054 Transportation expenses 4,853,052
4.569.759
1047 Lake of the Woods Milling Co
4,429,496
383,029
350,094
321,535
Kansas City Southern By
963-981 Lehigh & Wilkes-Barre Coal Co_ _ 898 General
300,680
892
Louisville & Nashville RR_ _1046-1135 Mahoning Investment Co
Total expenses
810,079,440 810,438,783 $9,378.871 $9.279.960
Maine Central RR
965 Maritime Coal,By.&Pow.Co.,Ltd.893
earns
(78.39)
(78.88)
(76.48)
(75.30)
1134 P. C. of exp. to
Minneap. St. Paul & S. S. M.By _ 888 Massachusetts Gas Cos
$2,698,894 $2,878,379 $2.883.804 $3,043,903
Mississippi Central RR. Co
1218 Net earnings
1052 Massachusetts Lighting Cos
22,558
22,500
1049-1069 Income from investm'ts
Missouri Pacific By
22.500
964-984 Maxwell Motor Co.,Inc
22,500
x578.313
x499,536
350,721
1218 Other income
Nashville Chatt. & St. Louis By _ _1131 Mergenthaler Linotype Co
415,448
New York New Haven & Hartford
Mexican Light & Power Co., Ltd..
Total income
$3,299,765 $3,400,415 $3,257,025 $3,481,851
RR
891
Toronto
1125, 1208, 1219
DisbursementsNew York Ontario & Western By.... 889 Nipe Bay Co
893
$497,060
New York Sum!. & Western RR__1131 Ogilvie Flour Mills Co
$919,638
1134 Interest
$928,820
$938,487
326,557
Northern Pacific Ry
304,072
305,506
285,904
1047 Ontario Power Co., Niagara Falls....1218 Taxes
626,518
Rentals
St Louis & San Francisco RR
626,518
626,518
PacIfic
Coast
1049-1070
Co
1209
626,518
St. Louis Southwestern By
1127 Pittsburgh Steel Co
1128 Dividends on stock__(7%)1,118.930 (7)698,932(634)649.003 (6)599.079
Southern By
1125-1140 Pullman Co
1128
Texas & Pacific By
Total disbursements.. $2,569,065 $2,549,160 $2.509,847 $2,449,988
1046 Santa Cecilia Sugar Co
1055
Toledo Peoria & Western Ry
$730,700
971 Standard Milling Co
$851,255
1212 Balance, surplus
$747,178 $1,031.863
Tonopah & Goldfield RR
1053 Street's Western Stable-Car Line..._ 905
Wabash RR
1127 Southwestern Gas& El. Co.,Chicago 898
x "Other income" in 1913-14 includes interest from notes receivable.
Western Pacific By
887 Torrington (Conn.) Co
893 bank deposits, &c., $25,948; hire of equipment, balance, $409.394; rental
964 United Paperboard Co
Wheeling ttic Lake Erie RR
1213 received, &c., $142.971.
Wrightsville & Tennille RR
971 U.S. Finishing Co
1055
GENERAL BALANCE SHEET JUNE 30.
Virginia Iron, Coal & Coke Co
1218
Electric RailwaysWells, Fargo & Co
1049
1914.
1913.
1914.
1913.
Aurora Elgin & Chicago RR
1213 Western Union Telegraph Co
g
AssetsLiabilities1150
$
S
$
894 Westinghouse Air Brake Co
Boston Elevated Rys
1050 Road & equipl._a31,720,132 31,022,501 Capital stock _ _ _ _ 16,000,000 10,000,000
'Boston & Worcester Electric Cos_.. 891 Willys-Overland Co
968 Physical property_ 595,413
346,237 Stock paid (not
Cash
1,296,901 1,128,453
issued)
5,986,750
Securities owned__ 1,233,300 1,483,163 Funded debt
10,122,000 16,122,000
Nashville Chattanooga & St. Louis Ry.
Traffic balances__ 169,489
136.142 Traffic balances
213,839
155,677
Agts.& conductors 403,785
373,826 Vouchers & wages_ 929,082 1,085,655
(63d Annual Report-Year ending June 30 1914.)
Bills & other accts.
Miscell. accounts_
65,875
71,837
receivable, &c__ 601,934
957,938 Int. and dive. due_
The report, signed by Chairman E. C. Lewis and Pres. Mat'ls
32,128
33,284
& supplies_ 1,774,846 1,650,099 Accr. Int. & diva
712,618
703,144
Jno. Howe Peyton, Nashville, Oct. 1, says in substance:
Spec, deposit acct.
Taxes accrued_ _
135,000
135.000
stk. (see contra)
Bonds.-As fully set forth last year, $6,000,000 new common capital
5,986,750 Def. credit items_
9.394
83.518
403,923 Add'ns to prop'ty_ 271,404
stock WaS offered to the stockholders at par, and the proceeds set aside to Temp. advances__ 564,554
271,404
pay the 86.000,000 7% bonds which matured July 1 1913: of these bonds,
Profit and loss..__ 9.794.890 8.914.887
35.986,000 had been paid on June 30 1914,leaving only $14.000 outstanding.
Total
38.360,354 43,489,032
Total
(V. 95, p. 1123. 1684; V. 96, p. 554; V. 97. p. 176, 1281). There have
38,360,354 43,489,032
been issued $20,000 First Consol. M.4°7 bonds in lieu of Tracy City Br. 6s.
a After deducting reserve for accrued depr., $2,847,977.-(V. 99, p. 1131,
Additions and Betterments.-During the year therewerecharged to"Prop343.)
ert3r Investment. Road," expenditures aggregating $611,698, for additions
And betterments, notably bridges, trestles and culverts, $172,188; increased
Mobile & Ohio Railroad.
weight of rail, $76.738; additional main tracks. $163,548; sidings and spur
tracks, $70,159.
(Sixty-Sixth Annual Report-Year ended June 30 1914.)
The correction of alignment and new viaduct for two tracks at Running
Water have been completed. The viaduct is 1,114.6 ft. long, extreme
Pres. Fairfax Harrison, Oct. 9, wrote in substance:
height 114.5 ft., and is on tangent.
Estimates have been completed for revision of line and reduction of grades
Results.-The
statement shows a decrease in the balance
between Paducah and Hollow Rock Junction, using 3-10 of 1% grades to credit of profitincome
and
of $560,696 (before deducting dividends).carried
northbound and 4-10 of 1% southbound. Similar surveys are now in decrease is explained asloss
follows: Gross revenue increased $597,781, but This
progress between Nashville and Hollow Rock Junction.
operating expenses increased $1.007,565; taxes increased 858,017;
hire of equipA contract has been entered Into between the railways and the City of ment increased $286,720; rental of Cairo
Bridge increased $60,897, and
Chattanooga for the construction of a viaduct over the tracks of the We.stem sundry items increased
$6,181;
the
charges
to
income
by
& Atlantic RR. and the Cin. N.0.& Tex. Pac. By, at East End Ave.
reason of
purchase of St. Louis &
RR. show a net decrease of
All of the subways at Memphis required by the ordinance of Oct. 10 interest on First TerminalCairo
54.933, and
Mtge. and Coll. Trust 5% bonds,$2
on account of
1910 have been completed, except those at Orleans and Lauderdale sts. payment of $120.000 principal during
the
year.
decreased $6,000.
and Florida Ave.
The gross revenue was $12.975,431, being
larger than
During the past year 10.88 miles of second track have been put in opera- similar period. The net
revenue, however, was seriously for any other
tion on the Chattanooga Division. The grading for the new double track follow ing causes;(a) On Oct.
affected
19
1913
a
derailment near Buckatunna.by the
roadbed between Bolivar and Bridgeport, 4.68 miles, has been completed by which 17 personslost their lives
Miss
and 171 were injured,
being the first lois.
Roads.
1290
THE CHRONICLE
All claims inciof life to a passenger from an accident to one of our trains.
October to Februdent to this were settled before June 30 1914. (b) From
from the raising of tracks, now comary serious delays to business resulted
pleted, at Cairo. to provide against future floods. (c) An increase of 35%
in an extraIn empty car mileage,due largely to business conditions, resulted which
had
ordinary return movement of empty cars, including many
of transcost
the
increased
greatly
This
years.
three
or
two
for
been away
portation. affected adversely the per diem balance, and increased repairs.
A dividend of 4% ($240.680) on the capital stock was paid from profit and
loss June 26 1914 (being the same rate as paid for several years past). The
balance to the credit of profit and loss decreased $331,190. follows:
Bonds. &c.-The secured debt increased $4,100,000 (net) as
34,000.000
St. Louis & Cairo RR. 1st M.4s assumed July 28 1913
Equipment gold 5s. Series "G." issued Nov. 1 1913, due semi637,000
annually on and after May 1 1914
Less-First Terminal M.& Coll. Trust 5% bonds, paid
$120,000
at maturity
417,000
Equipment trust obligations paid at maturity
On July 28 1913 your company purchased the entire railroad. &c.,
(158.66 miles) of St. Louis & Cairo RR. Co. and assumed that company's
$4,000,000 1st M.4% gold bonds. Because of this purchase,the property
investment account has been charged with $5,670,652. representing the net
cost as of June 30 1914 of all of said purchased property of St. Louis & Cairo
RR. Co., and also of its capital stock previously acquired. Your company
redeemed as of Aug. 1 1913 its own issue of 52.500,01)04% St. Louis & Cairo
collateral gold bonds, consummated prior to the retirement of these bonds.
and on the same date created its St. Louis Division•Mtge. authorizing the
issue of $3,000,000 Mobile & Ohio-St. Louis Division 5% Mtge. gold bonds,
of which there were outstanding $2.500,000 as of June 30 1914 (V.97,p. 521).
Additions, &c.-The additions to road investment for the year aggregated
$4.612,939. chiefly due to additional ballast. $81,590, and sidings and spur
tracks. $86,008, and to purchase of St. Louis & Cairo RR., 34.175.818.
The additions to equipment amounted (net) to $596,530. The new equipment cost $835,301 (embracing 16 locomotives, 25 steel underframe caboose
cars. 524 steel gondola cars, &c.) while the value of equipment retired from
service was 3238.770, the latter, including 1 locomotive and 309 cars. The
equipment of St. Louis & Cairo RR. (51,494,834), heretofore carried
as "leasehold equipment equity." is now included with equipment owned.
Material improvements were made to docks and wharves at Mobile, including dredging and approaches to a depth of 27 ft., the depth of the Govt.
of Mexico.
dredged channel connecting with deep water of the
The construction of 3,000 ft. of standard creosoted ballasted deck trestle
and the filling of 300ft. of trestle was authorized to take the place of an ordinary trestle over the Warrior River near Tuscaloosa, Ala. A substantial
portion of this work was done during the year. All trestles between Jackson, Tenn., and Tamms, Xii.. were materially strengthened to prepare for
the use of heavier motive power purchased. 211,704 cu. yds. of ballast
were put intracks (as compared with 76,938 in 1912-13). largely crushed
stone, replacing gravel, &c.; 3,781 tons of new 85-16. steel rail, or 28.31
miles of track, were laid, as compared with 2.368 tons, or 17.73 miles of
track, during 1912-13; 29 additional side tracks. 2 additional passing tracks
and 23 industrial tracks were constructed and 11 passing tracks extended.
Of the new rolling stock above mentioned, 2 locomotives and 5 steel
underframe caboose cars were acquired under the sinking fund provision of
equipment agreements, Series "A" and "B"; 2 steel gondola cars, 1 ballast
distributing car and 1 unloading roadway car were provided for out of current funds, the residue under agreement, Series "G." dated Nov. 1 1913.
Development of Property-Future Financing.-As some of the causes reducing income for the year were of an unusual characetr, we call attention
to the following results of normal operations in recent years:
Balance of Income over Fired Charges for the Last Preceding Ten Years ended
June 30 (000 omitted).
1904. 1905. 1906. 1907. 1908, 1909. 1910. 1911. 1912. 1913. Tool.
$785 3989 81,210 $1,334 $466 $437 $553 $614 $424 $642 $7.454
Of this total of 37.454,011, 32,475,446 was applied to dividends and the
remainder largely to additions.
The gross earnings for the year ended June 30 1914 were $12.975.431.
being an increase of $5,235,724 (or over67%). compared with year 1903-04.
Since June 30 1904 your company has acquired 92 locomotives, 16 passengertrain cars, 4,600 freight cars; has laid 84 miles of additional side track.
constructed important yards at Tamms,Ill., Jackson, Tenn.,and Meridian,
Miss.,largely increased its wharf and dock facilities at Mobile. and ballasted
and re-laid with heavier rail a considerable part of the line, &c. On the
other hand, the funded debt as of June 30 1914. including car trusts, and
not including $4,000,000 St. Louis & Cairo bonds assumed in purchasing
that property, amounted to $27,310,000, a decrease of 3241,000 compared
with June 30 1904. In ten years, therefore, without increase in the fixed
indebtedness, the capacity of the property has been nearly doubled. This
has been accomplished by the net results of business both of the St. Louis &
Cairo RR. Co. and the Mobile & Ohio RR. Co. The income of the former
company was kept separately prior to the current year.
Fresh capital, however, should now be drawn in, to reimburse in part the
treasury for payments made for additional property, and also better to
business.
provide for the economical handling of the rapidly
Preliminary steps have been taken to do this: the consummation of these
arrangements, however, will be deferred on account of present financial
conditions. [A 350.000.000 mortgage was authorized on Sept. 25 1914.
V. 99, p. 748. 343, 197.1
OPERATIONS. EARNINGS AND CHARGES.
1910-11.
1911-12.
1912-13.
1913-14.
1.114
1,114
1,119
1.122
Average miles operated_
Operations1,937,965
2,103,167
2.178,809
2,202,092
Passengers carried
Passengers carried 1 mile 69,057.123 64,952,356 64.773,244 62,574.206
2.289 cts.
2.199 cts.
2.248 cts.
Av. rate per pass. p. m_ 2.205 cts.
5.994,179 6,023.764
6,759,175
7.111,225
Revenue tons moved..
1331545001
1340917413
1555296849
-1598623994
Tons moved one mile
0.679 cts. 0.683 cts.
Av. rate per ton p. m-- 0.670 cts. 0.656 cts.
305
310
338
323
Av. rev. train-load(tons)
$10.048
$10.058
$11,058
$11.550
Gross earnings per mile_
INCOME ACCOUNT.
1910-11.
1911-12.
1912-13.
1913-14.
Operating Revenues31.522,032 $1,459,918 $1,424,357 $1,432,323
Passenger
37,786
38,403
41,416
38.884
MSS. pass. train revenue
9,096,746
9,107,093
10.708,321 10.207,821
Freight
119.724
130,146
125,771
138,621
Other transp'n revenue_
390,822
368,246
360.372
357,603
Mall and express
119,945
139.487
182.352
209,090
Other than transp. rev..
Total oper. revenue_ -$12.975,431 $12.377,650 $11,207,732 $11.197.346
Operating ExpensesMafia. of way & struc__ $1,502,120 $1.393,498 $1,269,157 $1,285,758
1,910.299
2,002,108
2,351,105
Maint. of equipment_ _ _ 2,682,921
385,132
415,898
459,178
503.751
Traffic expenses
3,895,80
4,097,170
4,479,921
Transportation expenses 4,986,924
416,994
382,819
386,495
400.112
General expenses
Total oper. expenses_$10.075,828 $9,070,197 $8,167.152
Net operating revenue__ 32,899.603 $3.307,453 $3.040,580
11,956
17,230
19,165
Outside oper.-net def_ 82,880.438 $33,290,223 $3,028,624
Net revenue
309.565
358,472
416.519
Taxes accrued
Operating Income- 32.463,919 32,931.751 $2,719,059
73,772
149,861
73.482
Rents, &c., received_ _ _
156.201
124,758
34.462
Income from investm'ts
117,803,986
$3.303,360
14,093
[Vol. xc
GENERAL BALANCE SHEET JUNE 30.
1913.
1914.
1914,
A ssetsLiabilitiesRoad & equIp't__*41,555,132 36,573.979 Capital stock ____ 7.730,000
Securities of prop.,
Funded debt
29.012,000
Equip,trust oblig_ 2,298,000
&c., COS.Pledged
748,494 2,914,493 Leasehold equip't
Unpledged
142,426
equity
141,802
Physical property_ 535,862
528,320 Loans & bills pay. 426.808
miscell.securities_ 714,484
714,010 Traffic, &c., bats_ 192,559
Cash
754,835 Vouchers & wages. 2.045.663
968,737
Recurs. In treasury 1,713,500 1,709,900 Matured int.. &c_ 223.179
Traffic. &c., bids_ 182,253
218.740 Miscell. accounts_ 450,968
Agents & conduc's 197.322
244,479 Accrued int., &c
300,491
Material & supp
611,897 Taxes accrued,,....199,958
580,647
Macon. accounts.. 815,778
811,925 Operating reserves 249,824
Advances
64,835 Other def'd credit
68,104
35,435
Sinking funds__
39.936 Items
94,082
267.359 Add'ns to property 281,201
Oth.deLdeb.ltems. 325,912
Profit and loss_ a5.098,527
Total
48,583,280 45,594,934
Total
1913.
7,730,000
25,132,000
2,078,000
1,494,834
9.500
208,454
1.408,038
588,892
409,986
305,371
178,519
295,359
112,801
237,463
5.429,717
48,583,260 45,594,934
*After deducting reserve for accrued depreciation, $3.082,071. a After
deducting $91.879 commission and discount on securities and miscellaneous
Items aggregating 360.002.-V. 99, p. 343. 748.
Midland Valley RR., Arkansas.
(Statement for Fiscal Year ending June 30 1914.)
This company (whose property is substantially as described
in V. 95, p. 1271) reports to the "Chronicle" as follows:
Rolling Stock Oct. 31 1914.-Locomotives, 40: cars, passenger, 35: gas
electric motor car, 1; freight (coal, 1,770; box, 529: steel tank, 100: stock,
10; flat, 55: ballast, 48). 2.548: service, 55. Total cars, 2,603, of which
10 stock cars are leased.
EARNINGS AND EXPENSES.
1912-13.
1911-12.
1910-11.
1913-14.
650,564
561,228
Passengers carried
Pass. carried one mile._ 19,359,790 18,401,130 17,106,381 16.368.258
979,488
950.927
949,426
1,125.537
Tons carried
85,930,951 71,497.666 58.444.961 51.409.343
Tons carried 1 mile
$448,854
$422,950
3484,476
$491,735
Passenger earnings
900.089
857,761
951.078
1,043.000
Freight
53.262
53.638
44,100
53,619
Mall and express
32,866
22,350
27,796
29,212
Other
31,617.566 $1,511,166 31.435.447 $1,352,607
Total
3375,462
$322,054
$227,741
059,079
Maint. of way, &c
279,158
210,422
225,449
308.142
Main t. of equipment__ _
31.415
33,737
29.078
29,002
Traffic expenses
511,379
457,369
404,387
572,357
Transportation expenses
69,020
73,496
80,831
75,371
General expenses
11,343,951 31,266,433 81,112.105
Total
$323,342
$244.733
$273,615
Net operating revenue
INCOME ACCOUNT YEAR ENDING JUNE 30.
1911-12.
1912-13.
1913-14.
$323,342
$244,733
$273,615
Net earnings
67,534
71.840
78.983
Taxes
1910-11.
$400,148
65.812
$255,808
$97,067
7.880
5,946
9,750
$334,336
$95,867
27,283
5,479
7,500
119,643
t172,893
8,537
Operating income_ _ _ _
Add-Hire of equipment
Outside operations
Joint facilities & rents_ _
Divs, on stock owned
Income from securs., &c.
Miscellaneous income
3194,632
$66,518
1.015
1,008
96,631
30
4,034
4,300
27,102
13
Gross corporate inc-DeductJoint facilities & rents__
Accr'd rents leased lines
Other interest
$359,834
$336.522
Total
Balance
Int. on bonds and notes_
$73,120
5286,714
245,806
03.769
57,228
2,123
826.042.
56,564
$82,606
3253,916
268,264
3952.459
$400,148
543
$376,994
$470,466
$15,421
44,687
5,760
$23.219
$65,869
$311,126
403,428
$51.817
$418,649
400.903
28,598
sur.$40,908 def.S14,347 def.$92,304 sur.$17,746
GENERAL BALANCE SHEET JUNE 30.
1914.
1913.
1913.
1914.
S
$
LiabilitiesA ssets..15.855.267 15,324.406 Capital stock ____ 8,013,000 8,013,000
Road de
Funded debt
10,512,500 10,012,500
Stock of other cos.48,888 Accr. Int. & taxes.. 104,085
48,888
96,843
Unpledged
978,343 Current liabilities_ 316,593
978,343
289,689
Pledged
493.600
Misc. inv. pledged 493,600
135,232
Material & suppl's 157,841
60,000
Physical prop_ _
29,154
201,396
Loans on coll. sec_
367,488
Cash & curr. assets 352,416
842,679
Profit and loss_ - y970.669
Balance
Total
18,946,178 18,392,032
Total
18.946,178 18,392,032
x After deducting reserve for accrued depreciation. 3666,187.
y After deducting $68,427 debt discount extinguished through surplus,
$100,470 for net miscellaneous adjustments and $203,568 for additions to
property since June 30 1907, through income.
Directors.-Charles FL Ingersoll, Francis I. Gowen, John S. Jenks Jr..
A. E. Newbold and W. Hinckle Smith, all of Phila.; Ira D. Oglesby and
Ira D. Oglesby Jr.. Fort Smith, Ark.; R. T. Powell, Greenwood, Ark.;
C. E. Speer, John W. Howell, Rudolph Ney and B. D. Crane, all of Fort
Smith. Ark., and E. C. Granbery. New York, N. Y.
Officers.-Charles E.Ingersoll, Pres.; Henry Wood, Vice-Pres., and H.E.
Yarnall, Sec. and Treas., all of Phila.-V. 97, P. 1495.
Bangor & Aroostook Railroad.
(20th Annual Report-Year ended June 30 1914.)
Pres. Percy R.Todd,Bangor, Me., Oct.20 wrote in subst.:
Results.-The gross revenue was the largest In the history of the company, being 83,795,412, an increase of $542,991 over the previous year.
The operating expenses were 32.411,889, an increase of $192,793. After
$3,289,267 making deductions for interest on funded and unfunded debt, amortization
301,025 of discount, &c., thero remained a surplus of $205,731, contrasting with a
net loss of $84,307 in 1913.
32,988,242
The winter of 1914 was the most severe in our entire history, the ther72,085 mometer often going down to 40 and 50 below zero. There was also an
158,103 exceptionally heavy fall of snow, nearly always accompanied by high winds,
which required the almost constant running of snow plows. The operation
of the road was therefore necessarily very expensive, especially during
$3.218,430
Total gross income___ 32,571.863 0,206,370 32,949,032
and February,when the ratio of operating expenses to rail revenues
January
Deductions$528,756 reached 70% and 89%, respectively. However, the weather conditions
$524,154
3570.109
$48,107
Rental St.L.&Cairo RR.
469,984 improved in March and the company was able to do the heaviest business
455,970
502,241
566,560
Other rents
75,516 for that month in the history of the road, with an operating ratio of only
30.896
203,182
Hire of equip.-balance
192,521 50%. The ratio of operating expenses to rail revenues for 12 months ending
175.694
164.475
174.836
Miscellaneous
June 30 1914 was 63% as compared with 68% the previous year.
1,210,130
1,225.130
1.219,097
1,382,702
bonds
Interest on
% was paid on the capital stock in Jan. 1914 from inDividends
127,674
113.117
108,578
111.367
Int. on equip. oblig'ns
242,824 come. In June, in view of the restoration of normal conditions, the direc240.824
240,824
240,680
Dividends(4%)*
in declaring 2% from the income for six months ending
warranted
felt
tors
8.335
10,751
19,803
23,738
Additions & betterments
June 30, making 34% for the year and again placing the stock on a 4%basis
Maintenance, &c.-The road-bed, structures and equipment have been
32,776.536 $2.855.740
32,825.127
32.751,172
_
-_
deductions_
Total
134 box, 89 flat and 2 stock cars have been ordered for
def.$179,309 sur.$381.243sur.3172.496sur.$362,690 fully maintained;numbers.
Balance
Two old engines were sold and three condemned
replacing missing
and value written off. There is an accumulated balance of $149,934
for
included
here
are
but
loss,
and
profit
from
deducted
* Dividends are
to reserve for accrued depreciation. There were replaced 84 cars,
credited
the sake of comparison.
OCT. 31 1914.]
THE CHRONICLE
1291
Agricultural, Industrial and Immigration Department.-In spite of the
box, flat and caboose. 729 freight cars were equipped with safety appliances; 440 freight cars were raised to standard height and 375 were equipped drought of eight or ten weeks,the movement of products resulting from the
efforts of this department has increased as follows: Strawberries, 567
with metal brake beams.
An additional 100 cars has been ordered to be used for replacements. and fruit and vegetables, nearly 118%. We also expect to move 67%
In anticipation of increased traffic, the company has contracted for 5 new more cars of melons this fall than last; 110 bushels of good potatoes have
been shipped from one acre. Of the 97,000 acres mentioned in last year's
heavy locomotives with superheaters, which will be available next fall.
Betterments.-Steel guard rails of the Latimer type have been installed report, 27,000 acres have been actually purchased and 7,000 acres have
on 61 bridges. Steel guard rails on 29 bridges previously equipped with been re-sold to settlers. Eighty families have located along the line
a different style have been changed to the Latimer type. A new 75-ft. during the last year. The burned canning plant at Wiggins, Miss, has
single track through plate girder bridge has been erected over Fish Stream, been rebuilt with enlarged capacity and the fertilizer and oil-mill plants
replacing a 75-ft. plate girder destroyed by derailed train. The grade at at Gulfport, closed two years ago, were reopened in July 1914. It is estiTwin Lakes at points between miles 97.7 and 100.5 was raised, and the mated that these various plants will employ over 150 persons.
Bonds.-The $200,000 Gen. & Ref. M.6% bonds which matured April
embankment thoroughly riprapped as made necessary through the raising
of the lake by the West Branch Driving & Reservoir Dam Co. At Cape 1 1914 were paid off out of current assets, the sinking fund of the First
Jellison about 800 lineal ft. along the face of wharf No. 1 was dredged to Ref. and Terminal Mtge. retired $85,000 bonds, increasing the bonds in
a depth of 7.5 ft. at mean low water. Wood culverts replaced with cast- the sinking fund to $657,000 par value.
Iron pipe, 96; with concrete 7; with concrete cattle passes, 7.
OPERATIONS AND FISCAL RESULTS.
Van Buren Bridge Co.-This company, organized last year, has ob1913-14.
1912-13.
tained the necessary American and Canadian charters and permits for
1911-12.
1910-11.
Leonards,
N.B.,
Me.,
and
St.
Buren,
Average
Van
miles
between
operated_
308
bridge
308
building a railroad
308
307
Operationsand one mile of railroad in Canada to connect the Bangor & Aroostook RR.
513,062
543,558
with two large Canadian railway systems. It is expected that the bridge Passengers carried
548,699
585.085
fall
and
coming
constructed
this
winter
and
Passengers
carried
1
mile
14,287,993 14,547,628 15.584,837 15,641.107
and connecting line will be
upon completion will lead to considerable increase in this company's traffic. Rate per pass. per mile_ 2.737 cts. 2.831 cts. 2.596 cts. 2.592 cts.
Funded Debt, &c.-$193,000 equipment trust obligations have matured Tons freight moved_ _ _ _ 1.305,385
1,351,808
1.264.838
1.265,281
bonds
have
been
M.
issued
Ref.
to
the
Cons.
Tonsfr'tmoved 1 mile*_ 85,872.869 90,907,730 85,726.808 85,400.813
and been retired; $10.000
treasury in place of $6,000 2d M. bonds which have been added to the Rate per ton per mile*_ _ 1.719 cts.
1.709 cts. 1.665 cts.
1.703 cts.
collateral under the Consol. Ref. M., making a total pledged at June 30 Av.train-load,rev.(tons)
274
279
276
274
Earns, per pass. train m.
1914 of $944,000 out of a total issue of $1,050,000.
$1.02
$1.07
$1.02
$0.99
In May we issued $1.250,000 one-year 5% notes, $1,000,000 of which Earns, per freight tr. m.
$4.71
$4.77
$4.59
$4.66
were sold to take care of the floating debt, no permanent financing having Gross earns, per mile
$6,489
$6,875
$6,445
$6,537
been done since 1912, and the balance, $250,000, is held in the treasury.
Gross Earnings$
$
II
$
New Industries, &c.-New industries on the line: Harvey's siding, a last Freight
1,476,019
1,553,699
1,427,620
1.454,787
block mill: Blanchard, a mill to manufacture bobbins; Island Falls, Milo, Passenger
391,111
411,903
404.531
405.384
Patten, Van Buren, Washburn, mills for manufacture of lumber; Norcross, Mail express and misc_ _
90.478
102,836
100,335
94,588
mill for manufacture of last blocks and long lumber; lumber mills at Other than transporta'n
38.158
46.182
49.837
a52,031
Portage, Wallagrass and Westfield burned last year, have been replaced
by larger and more modern ones; Van Buren, berry packing plant is under
Total oper. revenue
1,995,766
2,114,620
1,982,323 a2,006,790
construction; 12 new potato houses completed at various stations, and
Operating Expensesnumerous other such houses under construction. During the year the Great Maintenance of way,Src.
269,260
286,549
264,875
a263,817
Northern Paper Co. has installed additional machinery at both Millinocket Maintenance of equip't_
402,411
378,466
363.518
355.670
and East Millinocket, which will increase their output of paper shipments Traffic expenses
35.474
34,158
29.347
19,245
about three carloads per day.
Transportation expenses
564.516
571.616
596.842
a576.885
Outlook.-The potato acreage this year is said to be fully up to last year General expenses
104,182
101,594
103,513
96,135
that
our
expected
earnings
for
1914-15
from
this
and it is
traffic will be
fully up to that of the past year but on account of commercial and financial
Total
1,372,383
1,358,095
1.311.753
conditions due to the war in Europe, it is expected that the earnings on P. c. of exp. to revenue.. 1,375,843
(68.94)
(64.90)
(68.51) a a(65.37)
will
fall off, and that the interest account on tem- Net earnings
all other classes of traffic
619,923
742,237
624,228
a695.037
porary loans will necessarily be increased.
Outside operations (net)
350_Analysis of Freight Traffic (Tons).
Total net revenue_ _ _ _
620,273
742.237
624,228
a 695,037
Coal,
PotaOther
Forest
MiscelTaxes
91,080
87,284
57.883
60,423
toes. Ag.Prod. Paper. laneous. Total.
Products. &c.
229,301
526,578
64,893
657,328
168,264
256,381
1913-14--1,902,745
Operating income
529.193
566,345
634.614
654,953
1912-13-- 593,740 195,163 372,681 63.462 155.273 239.746 1.620,065 Other
income
6,616
2,349
28.920
a 12,698
OPERATIONS, EARNINGS, EXPENSES AND CHARGES.
Total income
535,809
683,873
568,694
a 647,312
191243.
191344.
191142.
Operations191041.
Deduct-Interest
264,446
280.050
289.762
8,300.593
631
631
631
618
Average miles
Sinking &c.funds_ - _ _
80.994
76.846
72.852
a49.840
817,282
781,519
778,567
760,825
Pass. carried (revenue).
Hire ofequip.,rents,&c
1,963
3.432
1,509
7,912
28,217,201 27,143,462 27.873,016 26.736,732
Pass. carried 1 mile_ _
2.31 cts.
2.35 cts.
2.26 cts.
2.34 cts.
Rate per pass. per mile..
Total
deductions_
_
_
_
347,403
360.328
364.123
a 358.345
1,620,065
1,794,413
1.667,906 Bal.,surplus for year_ -Rev. freight (tons) car'd 1,902,745
188,406
323,545
204,571
288,967
do carried 1 m110.-241,523.650 213,939.597 225,213,544 204.794.594 Dividends
(2)137,000 (2)135,000 (4)270,000
1.15 cts.
1.23 cts.
1.12 cts.
1.15 cts.
Rate per ton per mile
*Not including company's freight. &Figures so marked have been
$5,158
$6,019
$5.306
$5,134
Oper. rev. p.m.of road_
somewhat changed in later years, making the comparison slightly inaccuEarnings663,167
626,929
631.264
626,846 rate; final results, however, remain unchanged.
Passenger
2,958,888
2.452,468
2,525,535
2,372,128
Freight
CGNDENSED GENERAL BALANCE SHEET JUNE 30.
Mail, express, car serv1914.
173.358
'173,024
1913.
1914.
188.442
1913.
174,138
ice, rents
Assets$
$
Liabilitiesi
$
3,252,421
3,173,112 Road & equIp't__513,016,560 12,956,401 Capital stock__ __ 7,000,000 7,000,000
3,345,241
Total gross earnings-- 3,795,413
Miscell. invest'ts..
39.061
34,133 Funded debt ____ 5,600,000 5,800,000
Operating Expenses187,431
236,719 Vouchers & wages
493,449
513.970
551,687
95.958
139,173
Maint. of way Sr struct_
503,360 Cash
48.087 Mat'd mt. & (MI5. 126,060
413,676
509,007
346.996
Maint. of equipment__ _
126.150
368.689 Loans & bills rec _
206,558 Miscellaneous_ ___
49,945
48,586
37,386
30,576
39,997 Mat'ls & supplies_ 188,631
45,964
Traffic expenses
90,714 Int.& taxes accr__
41,418
42,900
1,117,522
Transportation expenses 1,237,128
1,066,529
962.665 Miscellaneous.. _ _. 97,567
657.756
572,633 Def. credit Items..
99,392
85,949
121,208
137,497
157,063
General expenses
129,061 Sinking fund
Other def. debit
Sinking fund
682,676
597,553
items
32.383
37,744 Profit and loss_ _
523.940
342.678
2,411,889
2,148,673
2,219.096
Total
2,003,772
(68.23)
Per cent exp. to earnings
(63.15)
(64.23)
(63.55)
Total
14,219,389 14,182,989
Total
14,219.389 14,182,989
1,383,524
1,033,325
Net earnings
1,169,340
1,196,568
1,322
1,318
3,440
Outside epee.(net loss)_
24,236
*Includes investment to June 30 1907, $14,010.387 (road $12,275,174
112,607
110,587
119,403
Taxes
45.841 and equipment $1,735,214), less credits as follows: Investment since June 30
1907. $94,880 (road 869.349 and equipment $25,531); less reserve for
Operating income__ _ _ 1,269,599
921,417
1,073,725 x1,119,263 accrued depreciation. $1,088,708.-V. 99, p. 1130.
172,052
Other income
212.362
154,033
x178,629
Total net income__ _.. 1.441,651
1,183,779
1,227,758 x1.297,892
Fixed ChargesInterest on bonds
1,079,980
1,123.463
1,133,517
1,099,189
Other interest
98.686
73,828
62,9011
55.276
Discount on bonds sold_
10.880
10,740
2,110f
Miscellaneous
2,891
Dividends
(354%)111,951 (3%)95.958(4%)127.944(4%)124.584
Total
1,347,871
1,314,043
1,292.145
1,259,840
Balance, sur. or def
sur93,780 def180,265
def64,387
sur38,052
Yote.-DIvidends in 1912-13 were deducted from profit and loss, but are
shown above for the sake of simplicity.
Comparison of items so marked is somewhat inaccurate, the figures
having been changed in later years.
BALANCE SHEET JUNE 30.
1914.
1913.
1914.
1913.
AssetsLiabilitiesRoad & equip't...e27,928.042 27,977,830 Capital stock__ _ _ 3,198,600 3,198,600
Cash on hand_ _
367.558 Bonds&car tru.sts.24.070,000 24,263,000
183,149
do for coupons 267,077
267,387 Loans & bills pay_ 1,215,000 1,527.589
Loans & bills rec. _
Traffic, &c., bals.
11,388
12,562
Traffic, &c., bale_ 119,251
71,386 Vouchers & wages 184,398
220,178
Agts.& conductors
37,284 Matured diva int.
39,804
Materials & supp_ 394,771
& rents unpaid,&c 246,106
382,114
214.269
Miscell. accounts_
131,983 Miscell. accounts_
16,095
81,658
18,226
Adv.. Pay'ts, &c..
26,425 Divs, declared,int.
14,496
Discount on bonds 389,693
409,590 & rents not due_ 267,077
267,387
Special deposits_
282,500 Deferred items__
75,256
33,213
43,741
Approp'd surplus_ 161,949
0th. deferred debit
161.949
74.745 Profit and loss... 126.283
items
98,470
111,830
Wabash-Pittsburgh Term. Ry. and West Side Belt RR.
(Report for Fiscal Year ending June 30 1914.)
TRAFFIC STATISTICS.
•
Wab.-Pitts. Term. West Side Belt RR. -Total Both Lines•(000) omitted.
1913-14. 1912-13. 1913-14. 1912-13. 1913-14. 1912-13.
4,299
Total rev, tons carried__ 3.632
4,978
Total rev, tons carr. p. m.. 92,539 87,364 36.062 33,338 127,601 120.702
22.32
12.72
Av. earns, per ton (cts.)__ 20.02
13.62
25.60
28.11
0.775
1.560
1.593
0.999
1.001
Av. rate per ton mile (cts.) 0.786
Av. earns, per train mile__ $5.54
$5.20 $10.27 $10.46
$6.90
$6.68
705
671
658
656
691
667
Av.rev, tons per train__ __
Av.tons p. tr.(Inc. co.frt)
719
685
668
662
704
675
No. of pass. carried *__
523
421
84
84
607
605
497
6,121
5,601
No. pass. carried one mile* 5,617
505
5,104
1.86
1.74
1.76
Av.rate p. pass. p. m.(cts) 1.73
1.75
1.88
79.42
53.20
72.35
Av. earn. p. train m.(cts.) 66.32
67.68
54.21
25.11
36.89
Av. No. pass, per train__ _ 38.38
33.35
25.72
32.38
7.76
4.10
Gross earn, per rev. tr. m_
7.76
3.86
3.13
2.88
Net earn. per rev, train m_ 0.61
3.05
2.96
1.12
0.29
0.82
Ratio of exp. to earn
90.09
60.74
61.80
72.77
78.72
80.58
INCOME ACCOUNT FOR YEAR ENDING JUNE 30.
Wab.-Pitts. Term. West Side Belt RR. -Total Both Lines1913-14. 1912-13. 1913-14. 1912-13. 1913-14. 1912-13.
General freight
2336,949 $351,262 $121,254 $133,199 $458,203 $484,461
Ore freight
51.611 25,508 53,158 42.308
104.766
67.816
Coal freight
338,760 300.336 372,583 355.797
711,343
656,133
Passenger
97.051 89,440
9.463
9.241
106,514
98.681
Miscellaneous
45.922 48,318
8,883
7,199
54,806
55,517
Total oper. revenue$870.293 $814,864 2565,339 5547.745 31.435,632 $1,362,608
Maint. of way & strucS138,084 $164,342 $82,824 $91,394 8220.908 2255.736
Total
29,572,152 30,028,803
29,572,152 30.028,803 Maint. of equipment_ 175,438 186.075 101.434 99.312
Total
276,872
285.387
Traffic expenses
22,372 21.208 11,794 10,182
34,166
31,390
a After deducting reserve for accrued depreciation, $149,934.-V. 99. Transport'n expenses. 319,286 306.296 120,258 106.738
439,544
413.034
General expenses_
46,126 56,190 27,061 30,877
p. 673, 269.
73,187
87,067
Total oper. exp_ _2701.306 $734,111 $343.371 $338,503
81.072,614
Gulf & Ship Island Railroad Company.
Net oper. revenue__.2168,987 $80,753 $221,968 $209,242 21.044,677
$390,955 $289,995
Taxes
90,000 90,000
2,154
1,200
92,154
the
Fiscal
Year
for
Ending
91,200
(Report
June 30, 1914.)
Operating Income_ $78,987def$9.247 $219,814 $208.042 $298,801 $198.795
President J. T. Jones, on Sept. 15, wrote in substance: Hire
of equipment...... Dr.561
543 50.986 32,6.52
50.425
33.195
Results.-The records for the year show a decrease in operating revenues Other Income
86,483 88.320
3,368
3,907
89.851
92,227
of $118,854 or 5.62%; in freight revenue of $77,680 or 5%,audio passenger
revenue of $20,793 or 5.05%, mail revenue increasing very slightly on acTotal Income
2164,909 $79,616 $274.168 2244.601 2439.077 $324.217
count of additional compensation. A large percentage of your freight Rentals
$22,040 $21.873 129
9:155
10
8 1E9
9:145
90
1
5?tugg
a?!.:872
34
8
revenue is obtained from products of forests, the tonnage of which de- Interest on bonds_
creased 6.21%. due to unsatisfactory industrial conditions at home and Int.on recelv. certifs. 143,753 142.665 42,857 42,071
186.610
13
8
6
4
.
0
7
5
3
4
6
as regards the portion exported (about 50%) to the political compli- Disct. recelv. certifs.. 18,134
1.648 13.095
51:2
15
90
0
31,229
cations in Europe. While the movement of lumber over your road de- Commis.on rec. ctfs_
30,804
creased 3.69% in tonnage, the handling of that commodity over the Gulf- Rental Wabash equip.
105,515 105,515
105,515
105,515
port pier decreased 10.38%. Freight revenue decreased from $5,052 per Interest and discount 41,759 41,771
41,759
mile of road to $4,799; passenger revenue from $1,339 to $1.272 in the
41,771
current year. The percentage of operating expenses and taxes to Revenue
Total deductions...3225,686 $238,761 $190,135 $182,667
from Rail Operations is 73.50%, compared with 69.03% last year.
Bal., sur. or del_ _ def.$60,7776f$159145 sr$84.033 sr$61,934 8r3431253,,822516 d8f4$9271:2421.81
THE CHRONICLE
1292
WABASH-PITTSBURGH TERMINAL RI'. BALANCE SHEET JUNE 30.
1913.
1914.
1913.
1914.
Liabilities$
$
$
$
AssetsCost of property_ _53,462,940 53,463,397 Capital stock __ _ _10,000,000 10,000.000
Secured debtStks. owned pldg.)
Mortgage bonds50,230,000 50,236,000
Wh.& L.E.RR. 6,000,000 6,000,000
Wabash notes__ 5.268,000 5,268,000
Pitts.T.RR.&C. 3,159,740 3,159,740
Real est. mtges_ x795,867 .795,867
Bonds pledgedPitts.T.RR.&C. 3,500,000 3,500,000 Loans & bills payWabash RR___ 300,000
300,000
'Chivied.stks.Pitts.
12,487
Miscellaneous__
87,074
87,074
12,487
& Cross Cr. RR.
9,624
9,624 Audited vouchers_ 105,246
105,239
Cash
300,000 Matured int.unpd. 1,205,836 1,205,836
Wh.& L. E. note- 300,000
44.000 H.F.Baker,rec_ _
83,150
82,671
44,000
Loans & bills rec_ _
116,140 Miscellaneous_ ___
123
123
116,141
Miscellaneous
Profit and loss... 1,475,885 1,475,931
Total
68,080,817 68.081,289
68,080,817 68,081,289
Total
.Real estate mortgages outstanding ($ 95,867) include (1) D. Herbert Hostetter
at
5
and 6%,$129,600; (3) Pa.
at 5.4% (J.-J.),$106,834; (2) Fidelity Title & Trust
Co.for L.GA.at 5% (F.-J.),$25,000; (4) Mary G.Des Granges at 5%(M.& A.),
Ins.
Co.
Maggie Printy at 5 and
Life
at
5%,
5395,000;
(6)
Mutual
$35,000' (5)
5)4%,$74,000; (7) miscellaneous at 5, 5.4 and 6%,$30,433.
WEST SIDE RR. BALANCE SHEET JUNE 30.
1914.
1913.
Liabilities1913.
1914.
Assets$1,080,000 $1,080,000
$4,397,170 Capital stock
equipm1-$4,397,170
Road &
3,046,143 3,046,143
60,001 Secured debt
60.001
Securities owned__
106,000
106,000
687 Loans & bills pay_
687
Other investments
161,136
161,135
1,237 Audited vouchers_
1,237
Working assets__ _
1,328 H. F. Baker (Re1,325
Miscellaneous---35,671
35,668
ceiver),&c
31,473
31,473
Profit and loss_ _ _
$4,460,420 $4,460,423
Total
Total
$4,460,420 $4,460,423
RECEIVER'S BALANCE SHEET JUNE 30 1914.
W.S.B.RR.
W.-P.Ter.Ry. W.S.B.RR.
LiaMlitiesAssetsRoad & equip't___ 52,340,876 $838,861 Receivers' certits.$2,395,880 $714,286
323,941
58,610 Vouchers & wages. 535,773
41,547
Cash
91,225
361,047 Int. & taxes accr'd
181,215
Misc. acc'ts rec
Miscellaneous...._
11,959
17,397
36.308
22,934
supplies_
Mat'ls &
9,935
4,610
39,534 Def'd credit items.
37,058
Def'd debit Items_
274,126
Profit and loss_
Profit and loss_ _ _ _ 421,142
$3,044,772 $1,334,360
Total
__V.99, P.200.
Total
$3,044,772 $1,334,360
Tonopah & Goldfield RR.
(Report for Fiscal Year ending June 30 1914.)
INCOME ACCOUNT.
1913-14.
1912-13.
$342,907
$355,806
203.022
195,025
100,338
106,666
42,583
38,901
Operating Revenue-
Freight
Ore
Passenger
Mail, express, &c
1911-12.
$351,162
266,159
102,494
40,627
1910-11.
$355,987
274,610
113,433
44,947
[VOL. xonr.
GENERAL BALANCE SHEET JUNE 30.
1913,
1914.
1914.
1913.
$
AssetsLiabilities8
$
Road Sc equip't___.9,530,199 9,484,305 Capital stock
4,076,900
4,076,900
103,000 1st M.4s,due 1917 4,895,000 4,895,000
103,000
Stock owned
104,921 Equip.trust oblig.
87,990
Cash
23,834
30,549
46,050 Loans & bills pay51,073
Traffic, &c., bats_
688,000
35,402 Traffic, &c.. bals_ 738,000
13,604
Agents & condue_
47,517
71,083
86,164 Vouchers & wages. 227.124
Materials & SUMP96,181
170,959
55,075 Matured interest_ 424,076
39,624
Mimed. accounts..
324,169
30,857 Miscell. accounts_
24,563
Def'd debit Items_
9,504
7,640
Profit and loss... *511,280 *323,719 Def'd credit items
15,559
5,191
Total
10,457,514 10,269,492
Total
10,457,514 10,269,492
a After deducting in 1913-14 $217 008 reserve for accrued depreciation.
* After deducting $62,986 for additions to property since June 30 1907.
tliroughi ncome.-V. 99. p. 971.
Fonda Johnstown & Gloversville RR.
(44th Annual Report-Year ended June 30 1914.)
Pres. J. Ledlie Hees, Gloversville, N.Y.,says in substance:
The total operating revenues were very satisfactory, considering conditions that prevailed during portions of the year. In the previous year
the gross earnings were the largest in the history of the company, amounting to $988,323, and the past year showed a decrease of only $1,446.
Railway operating expenses, amounting to $494.772, were $3,315 less than
the previous year. although the property was fully maintained. This is
considered a good showing in view of the extraordinary expenses, such as an
Increase for removal of snow and ice of $8,983, also an increase of $4,842
in cost of "repairs of power plant-steam equipment." The pay-roll
amounted to about 36% of gross revenue, an increase of $11,553.
"Road and equipment" account has been charged during the year with
amounts aggregating $57,668.
Operations for the year show practically the same surplus available for
dividends as the previous year. The usual 6% dividend was paid on the
preferred stock, but no dividend declared on the common stock. In view
of general financial conditions and realizing the amount required to complete construction work necessary in connection with street-improvements
laeing made by the State Highway Department and the cities of Amsterdam
and Johnstown (which will cost us about $100,000),it was deemed advisable
to conserve the cash resources rather than pay out any portion of its surplus
as dividend on common stock.
There has been no change in outstanding capital stock and we still have
available the unissued $500,000 of pref. stock for future improvements and
additions. Advances made to subsidiary companies account new construction and for Sacandaga investment amounted to $23,071.
INCOME ACCOUNT.
1911-12.
1910-11.
1912-13.
1913-14.
$245.432
$276.179
$261,180
$264,198
Freight revenue
69,366
86.567
71,462
66,113
Passenger (steam div.)_
565,837
594,515
560.881
598,847
Passenger (electric cliv.)
3,148
3.150
3,151
3,109
Mail
17,085
18.669
17.553
15,741
Express
6,552
6,844
6.541
7.134
All other rev,from trans.
24,747
22,398
25,598
31,736
Other rev, from oper
$932,167
$988.322
$946,366
$986,878
Total oper. revenue
$76,124
$94,299
$80.077
$86,859
Maint. of way, &c
56,365
53,346
49,101
55,925
Maint. of equipment
9,148
8,858
8,099
8,330
Traffic expenses
270,894
262,234
246,112
275,590
Transportation expenses
67,380
57.876
59,077
68,068
General expenses
$688,850
$696,398
$760,442
$788,977
Maintenance of way,&c.
Maint. of equipment_
Transporta'n and traffic
General
$66,181
129,685
178,841
36,167
$67,823
89,698
182,629
30,934
888,692
118,486
218.183
35,309
$73,548
142.918
296,695
47,774
Total
P.c. expenses to revenue
Net earnings
Taxes
$410,874
(39.65)
$277,976
30,944
$371,085
(53.29)
$325,313
27,747
$460,670
(60.58)
$299,772
29.983
$560,935
Total oper. expenses_
(71.10) P. c. exp. to earnings_ _
$228,042 Net oper. revenue
29.283 Outside operations, def..
$494,772
(50.14)
$492,106
7.280
$498.086
(50.40)
$490.236
7,377
$458,438
(49.18)
3473.729
5,782
$442,466
(46.75)
$503,900
3,989
Operating income_ __
Other income
$247,032
19.003
$297,566
17,840
$269,789
9.258
$198,759
3,298
Total net revenue
Taxes accrued
$484,826
45,366
$482,859
47,863
$467.947
40,875
$499.911
39,016
Total net income--
$266,035
$315,406
$279,047
$202.057
$439,460
33,580
$434.996
31.952
$427,072
38.094
$38,970
8,089
90,200
y115,500
y35,000
Operating income
Other income
$460,895
35,023
$32,889
Gross corp. income
Interest on bonds, &c
Leased line rentals
Other rents, &c
Preferred diva.(6%)...
Common diva. (2%).-.
$473,040
$319,250
8,100
52,983
30,000
$466,948
$319.250
8.350
45,248
30.000
50.000,
$465,166
$317,128
8,600
37,777
30.000
50,000
$495,918
$313,036
8,600
39,978
30,000
50,000
Total
Operating Expenses-
Deductions-
Interest on bonds
Hire of el.. rentals, &cSinking fund
Common divs., 7% _ _ _ Preferred dividend, 7%..
*12,160
x111,680
y115,500
y35,000
$43,590
17,548
78,925-
$48,210
9,733
78,925
$136,868
$287,759
$140,063
Total deductions____ $307,229
Balance, surp. or def___ def.$41.194 sur.$27,647 sur.$138.984 sur.$65,189
$452,848
$443,505
Total deductions- __ - $410,333
$441,614
* Hire of equipment, rentals, &c., includes in 1914 hire of equip.. $7,312;
$62,707
$14,100
$21.661
Balance,surplus
$54.304
rental joint line Tonopah Jct. to Mina. $4,662; miscellaneous, $186.
x Includes $63,038 paid Nov. 28 1913. $39,462 payable Dec. 1 1914 and
GENERAL BALANCE SHEET JUNE 30.
CONDENSED
$9,180 paid April 16 1914 to retire bonds.
1914.
1914.
1913.
1913.
y Deducted by company from profit and loss, but shown here for sake
Liabilities-$
Assets$
$
$
of simplicity.
Road & equip't- 9,781,654 9,723,985 Common stock.- 2,500,000 2,500,000
BALANCE SHEET JUNE 30.
1914.
1913.
8
Assets-
Road & equipment_a3,560,843 3,657,045
Dwelling houses at
10,979
Tonopah
Securities in treasury 350,000
Cash on hand, &c___ 38,537
Due from individuals
and companies... 25,705
6,455
Traffic balances, &c_
4,678
Due from agents......
Loans & bills receiv_ 350,000
Materials & supplies 54,596
Special deposit
30.000
Other deferred debit
21,017
items
Total
11,621
350,000
32,372
21,667
15,753
6,847
310,000
48,783
30,000
26,833
4,452,810 4,510,922
1914.
1913.
Liabilities$
$
Preferred stock
500,000 500,000
Common stock
1,650,000 1,650,000
1st mtge.6% bonds.. 841,000 950,000
Vouchers
20,593
22,460
Wages
11,028
11,811
Traffic, &c., bats.- 30,903
36,408
Divs. uncollected
1,989
1,443
Accrued rents,&c
12
385
Accrued taxes
18,654
18,410
Miscellaneous
3,461
5,116
Accident insur. fund
4,128
Sinking fund
39.463
39,463
Add'ns through Inc. 582,000 473,000
Deferred credit items
2,850
2,377
Profit and loss
6750,857 795,923
Total
4,452,810 4,510,922
a After deducting reserve for accrued depreciation, $185,360. b After
sundry debits (net), amounting to $3,872.-V. 99, p. 1053.
Toledo Peoria & Western Railway
(Report for the fiscal year ending June 30 1914.)
Freight revenue
Passenger revenue
Mall, express, &c
INCOME ACCOUNT.
1913-14.
1912-13,
$723,351
$826,586
480.927
486.292
83.966
85,448
1911-12.
$754,820
446,541
75.239
1910-11.
$778.364
440,858
74.340
Total oper. revenue-31,293,609 $1,392.961 $1,276.600 $1.293,562
$200.036
$224,146
$245,668
Maint, of way & strue-_- $252,675
257,837
286.529
Maint. of equipment.... 325,691 • 300,203
28.281
28,163
30,677
29.101
Traffic expenses
487,583
490.564
517,970
Transportation expenses- 582.990
40,607
38,746
42,305
44,122
General expenses
58.213
57,149
63,887
73.921
Taxes
$1.310.076 S1,199,134 $1,104,230 $1,093.624
$172.370
$199.938
$193,827
def$16.467
58,314
44.491
72,200
58,882
$244.429
$230.684
$266.026
$42.415
income
Total net
$195,800
$195,800
$195.800
Interest on funded debt-. $195,800
2,753
2,155
1,699
912
Int on equip. trust oblig29,920
31,120
28.520
27.942
Interest on bills payable.
505
1.570
2,336
5,603
Rentals
Total
Operating income
Hire of equipment
Total deductions
Balance
$228.354
$230,257
def$187,842 sur.$37,672
$231,243
$228,380
sur.$2,304 sur.313,186
Stocks
Bonds
Physical propertyAdvances to Milliated, &c., cos__
Cash
Agents
Loans & bills ree
Miscell. accounts_
Mat'ls & supplies_
Oth.def.deb.items
Total
223,049
39,325
319,078
15,041
108,823
25,512
126,029
11,535
103,018
52,493
223,049 Preferred stock... 500.000
500,000
39,325 Funded debt
7,000,000 7,000,000
311,048 Loans & bills pay_
95,000
65,000
Traffic balances.35,494
44,950
272,593 Vouchers & wages
76,446
55,187
30,717 Matured int., &c.
22,022
(incl. July dlv.)
28,708
28,983
23,350 Other work'g flab..
1,148
11,406 Accrued int., &c.._
48,414
98,217
78,275 Def. credit Items_
4,250
12,669
455,817
28,201 Profit and loss_ _ _ 517,239
10,805,557 10,761,971
Total
10,805,557 10,761,971
-v.99. P. 537.
Spokane & Inland Empire Railroad.
(Eighth Annual Report -Year ended June 30 1914.)
Pres. L. C. Gilman,Portland, Ore., Sept. 15, wrote in sub.:
Earnings.-The interurban freight business, in common with all other
business in this part of the country, has suffered from the general depression, and shows a decrease in revenue received of $25,883, or 7.7%, as
compared with last year. The interurban passenger business decreased
$82,512, or 14.6%, and the street railway revenue in Spokane decreased
1.5%. The revenue from other sources, on the other hand, mainly from
the sale of power, shows an increase of 16.1%. The total operating revenue is $1.531,651, a decrease of 5.3%. Operating expenses show a decrease of $37.811, or 3.4%. The taxes in Washington for 1911 and 1912
are still unpaid, owing to the litigation respecting same. The current
taxes have been paid.
Power.-Our power plant at Nine Mile on the Spokane River has a maximum capacity of 20,000 h. p., with a continuous capacity of 15,000 h. p.
and is furnishing for the operating of the Inland Division from 4,000 to
5.000 h. p. The power contract with the Washington Water Power Co.,
entered into when our line was constructed, has two years to run. We
are using under this contract 3,800 h. p. (tne minimum amount permitted.)
on the Couer d Alene and traction divisions. The 68 miles of 66,000 volt
high-tension power line now in operation is capable of supplying the present
and prospective business for several years.
Charges to Capital Account.-The total expenditures for additions and
betterments for the year amounted to $152,487, including: Payments on
land contracts, municipal assessments, &c., 38,112; filling bridges on
Inland Division and other grading, $64,746; paving in Spokane, rail renews's, &c., $35,416; our proportion of cost of Trent Road viaduct, $4,799,
Installing booster at sub-station, Spokane, $11.600; miscellaneous, $27,814.
Profit and Loss.-In accordance with the rulings of the I. S. 0. Commission we have charged to profit and loss that proportion of the actual loss
from depreciation of equipment equitably assigned to the period prior to
July 11914. With the charge of 3483,010 the depreciation has now been
brought up to date, and in future regular monthly accruals will be made,
forming a part of our operating expenses.
growing automobile
Outlook.-The lumber trade remains quiet and the
business. The country
competition is affecting the company's passenger
developing and the crops this
tributary to your lines, however, is steadily
decrease in the cost of
year are very satisfactory. With the continued business conditions, the
operating your property and the promise of better
general outlook is favorable.
30.
INCOME ACCOUNT FOR YEARS ENDING JUNE
1910-11.
1911-12.
1912-13.
1913-14.
$399.981
$313,012
$336,813
$310,930
Freight earnings
620,883
638,621
565.703
483,192
Passenger
549,111
545,529
550,046
541,618
_
Street railway system_
115,379
135,347
164,219
195,911
Other revenue
$1,632.509 $1,685,354
$1,616,781
$1.531,651
Total gross
(8,035.72)
(7,217.31) (7..618.46) (7,782.74)
Per mile (average)
$277.810
$223,561
$226,161
Maint. of way & struct_ $257,281
185.203
166,979
179,958
134.931
Maint. of equipment__ 27,242
27,197
24,935
21,760
Traffic expenses
545,399
505,654
512,139
497,096
expenses
Transportation
182,955
167,412
157.322
151,724
General expenses
72,000
149,000
147,000
150.000
Taxes accrued
$394,745
$392,706
$369.267
Operating income__ __ $318.946
4.936
3,840
Other income
Total net income
Deduct-Bond interest
Other interest
Accident, Gibbs, Ida.
Deprec , line abandoned , reconst •
acct., flood & misc.
Total fixed charges__ _
Balance, deficit
Ratio oper. exp. & taxes
to oper. revenue
$322,786
$238,513
214,427
$374,203
$241,542
210,190
$392,706
$245.169
195,538
14,106
8,061
91,766
$453,365
$130,579
$462,874
170,168
$526,446
$131,701
(79.17)
(77.16)
(75.94)
(76.58)
9991
1913.
1914.
Assets-Road & equipm't *10,178,855 9,973,589 Capital stock ____ 5,000,000 5,000,000
Mortgage bonds__ 5,402,000 5,256,000
Advances to pro21,015
17,621
937,270 Traffic, &c., bats_
prietary,&c..cos. 993,647
139,191
132,276 Vouchers & wages 146,884
Misc, Investments 123,664
6,048
7,259
418,975 Misc. accts. pay._
433,804
Cash
86,818
88,869
62,949
53,603 Accr.int.,divs.,&c.
Traffic, &c., bale_
29,002
34,613
145,225 Taxes accrued____
Materials & supp_ 144,624
12,282
22,199
65,672 Operating reserves
68,808
Misc. accts. rec
4,511
7,528
Oth.def.cred.items
Sinking & redemp443,448
540,648
surplus_
Appropr.
483,148
385,948
tion funds
Profit and loss___61,234,645 1,121,420
Other def. debit
10,194
9,750
items
Total
12,499,249 12,122,752
Vaal
12,499,249 12.122.752
a After deducting reserve for accrued depreciation. $744,649. b After
crediting in 1913-14 miscellaneous items aggregating $2,397 and deducting
reserve set aside for sinking fund, $75,000 and sundry debits, $13,648.
-V. 97, p. 1353.
$394.745
$247,113
151,256
36,311
$452,732
578,529
425
BALANCE SHEET JUNE 30.
1914.
1913.
GENERAL BALANCE SHEET JUNE 30.
1914.
1913.
1913.
1914.
Liabilities8
Assets-10,000.000 10,000.000
Property invest. _a24,583,234 25,701.979 Common stock__
Preferred rights__ 6,409,100 6,409,100
132,248
Misc. invest
243,371 Unfunded sec. debt 4,386,510 4,170,073
Material &supplies 174,844
4,728,500 4,806,500
Funded debt
68,936
23,275
Cash
Audited vouchers
96,285
Stocks
111,314
& unpaid wages 113,246
58,148
Traffic, &c., bal
13,444 Traffic, &c., bal12,712
Agents & cond'rs.
7,221
71,440
67,497 ances. net
Misc.accts. rec,&c. 68,871
2,500
13,473
Miscellaneous.._
Unexting.discount
419,547
taxes_
&
472.848
Int.
Accr.
on securities_ 455,941
14.585
14,585
23,485 Sink, fund res've.
20,454
Sinking fund
9,773
4,967 Def'd credit items
25,435
Miscellaneous_ _ _
173,066
Profit and loss_
558.255
Profit and loss
United States Steel Corporation.
(Earningsfor Quarter and Nine Months ending Sept. 30 1914.)
The following statement of the corporation and its subsidiaries for the quarter ending Sept. 30 was given out on
Tuesday after the regular monthly meeting of the directors.
The "net earnings" as here shown were arrived at after
deducting the cost of "ordinary repairs and maintenance of
plants and interest on bonds of the subsidiary companies."
For unfilled orders on hand see "Trade and Trafife Movements" Oct. 17 1914 (page 1119).
26,209,702 26,123,679
26,209,702 26,123,679 Total
for
deprecn.-V.
99.P. 1132.
reserve
accrued
$586,218
After deducting
Total
a
1293
THE CHRONICLE
OCT. 31 1914.1
Louisiana & Arkansas Ry.
Report-Year ended June 30 1914.)
Annual
(13th
Aug. 20, wrote in substance:
Buchanan,
Pres. Wm.
RESULTS FOR QUARTERS ENDING SEPT. 30.
1911.
1012.
1913.
1914.
$
22.276,002 38,450,400 30.063,512 29,522.725
Net earnings
DeductSink, funds on bonds of
sub. cos.. deprec. and
extraord. replace't fds 6,017,922 7,130,959 7,658,049 6.806.568
Int. on U.S. Steel Corp.
5,761,157
bonds
5.536,717 5,614,708 5.683,964
Prem.on bonds redeem.
209,394
Sinking funds on U. S.
1,550,806
Steel Corp. bonds_
1,697,255 1,627,698
1,576,058
Balance
Div. on pf. stk. (1%%)
Div. on common stock_
Per cent
Surplus for quarter
13,340,091 14,442,922 14,970,011 14,118.531
8,935,911 24.007,478 15,093,501 15,404,194
6,304,919 6,304.919 6.304,919 6,304,919
6.353.781 6.353.781
2,541.513 6.353,781
(14%)
(14%)
(4%)
(14%)
2,745,494
89,479 11.348.778 2,434,801
NET EARNINGS FOR NINE MONTHS ENDING SEPT. 30.
1911.
1912.
1913.
1914.
$ ''
$
$
$
to Wildsville Junction, La.. January
Mileage.-The extension from Jena, La.,
*11,342,533 *5,243,406 5,869,416
*4,941.337
over
taken
By.,
was
S.
&
M.
I.
L.
St.
7,180,928
*5.427,320
*10.830,051
where your road connects with the
*5.655.611
February
by the operating department on Sept. 1 1913, thereby increasing your March
*7,397.433 *12,254,217 *7356,247 10.468.859
operated mileage 23.68 miles over June 30 1913; during the year the old
in
connection with the St. L. I. M. & 8. By. at Tioga, La., .19 miles
17,994,381 34,426,801 17,826,973 23.519.203
First
quarter
in.).
length, was removed; net Inc. in mileage owned. 23.49 miles [to 273.36
*6.920,879 *13,072,710 *7,509,207 9.412,573
miles have been April
9.590,444
The "Natchez extension" [47 miles], of which 23.68
*6,845823
*14,554,566 *8.846.821
May
Little
completed as above stated, includes two steel draw bridges across
*6,690,894 *13.592,537 *8.746.237 9.105,503
agri- June
and Black rivers and will pass through one of the oldest and richest
give
will
it
cultural regions of the South. When this extension is completed,
20,457.596 41,219,813 25,102,265 28.108.520
Second quarter
your company an operated mileage of 303 miles (compare V. 95, p. 1198)•
*7,475,993 *12,936.658 *9,322,142 8.750.467
Judy
Of the 273.36 miles of track owned, 15.51 miles is laid with 60-lb. steel August
*7.584,926 *12,657,430 *10,583,377 10.710,145
and 257.85 miles with 75-1b. steel. During the year 11.16 miles of 60-lb. September
*7,215.083 *12,856,312 *10,157.993 10,062,113
steel was replaced with 75-1o. steel.
to $160.Equipment Obligations.-Equipment trust obligations amounting
22,276,002 38,450,400 30,063,512 29.522,725
quarter
Third
000 were issued during the year, covering the purchase of one combination Total nine months
60,727,979 114,097,014 72,992,750 81.150.448
steel baggage and mail car, four steel coaches, 40 general service gondola
cars and 100 steel underframe flat cars. Equipment trust notes for $14,000
* After paying int.on sub.co's.bonds amounting in 1914 by mos.to $819,were paid, leaving $206,000 outstanding June 30 1914.
372, 5819.129, 5818,106, 5820,036, 5638,607. 5840,175, 5836,749, $836,778
Results.-The gross operating revenues, not including other income. and $843,075, respectively, against 5838,497;$847,132. $842,298,5639,524.
amounted to $1,700,208, an increase of $26.749 over last year. Revenue $831,627,5830.669, 5831,260,$828,074 and $823,797 in 1913, and $723.657,
from commodities other than forest products amounted to $505,633, $722,439, $721.371, $807,038, $847.294, $847,120, 5844.975. $844,256 and
which is 29.74% of the total gross revenue. The revenue from this source $852.814 in 1912. no such deductions having been made in previous years.
continues to grow. This year shows an increase over five years ago of 112%.
Operating expenses amounted to $1.135,864 (66.81% of operating reveINCOME FOR NINE MONTHS TO SEPT. 30.
nues), being an increase of $713,147, or 7.19%, largely due to widening cuts
and fills and rcballasting track, as well as repairs to cars.
1911.
12.
193
1913.
1014.
Revenue tons carried one mile shows a decrease of 5.92%. The number
$
$
of passengers carried shows an increase of 12.58%.
60,727,979 114,097,014 72,992,750 81,150.448
Net earnings
Average Cost of Maintenance per Mile of Road, &c.
Deduct[Including reserves for equipment depreciation charged to on. exp.]
For sinking funds, depreRoad Mile.
Per Locomotive. Per Pass. Car. Other Cars.
ciation & res've funds.. 20,551.971 26.857,708 21,677.576 21.173,278
$117
$885
1913-14
$2,299
$1,183
16,708,138 16,925,463 17,139,924 17,355.244
Interest
121
1.081
998
1912-13
2,137
663.440
Prem on bds. redeemed_
On June 30 the equipment reserve fund amounted to $744,649, an in37.923,549 43,783,171 38,817,500 38,528.522
Total deductions
crease of $45.838 for the year.
22.804,430 70,313,843 34,175,250 42,021,926
Balance
OPERATIONS, EARNINGS, EXPENSES, &c.
Dividends1910-11.
1911-12.
1912-13.
1913-14.
18,914,757 18,914.757 18,914,757 18,914.757
255 Preferred (54%)
255
255
275
Average miles operated_
15,249,075 19.061,343 19,061.343 19.061.343
Common
Operationscent
Per
(34%)
(3%)
300,822
(34%)
(34%)
330,144
371,174
(No.)
carried
417,870
Passengers
7.361.488
Pass. carr. 1 mile (No.)._ 10,156,006 9,077.628 8.054341
Total dividends
34,163,832 37,976,100 37,976,100 37.976,100
2.64 as.
2.63 eta.
2.69 eta.
2.68 cts.
Rate per pass. per mile_
1.283.247 Undiv. earns., 9 mos_def.11,359,402sr.32,337,743 df.3,800,851 sr.4,645.826
1,253.195
1,542,086
Revenue tons car. (No.) 1.482.915
Rev.tons car. 3m.(No.)108.205,012 115.012.193 102,554.999 104.993.827 -V.99, p. 1150, 474.
1.13 eta.
Os.
eta.
1.20
eta.
1.20
1.27
__
mile_
per
ton
per
Rate
$5,618
$5,863
$6,563
$6,188
Gross earnings per mile_
American Malt Corporation, New York.
Earntngs1,183.760
1,225.616
1,375,538
1,374,925
Freight
194.105
211,453
243,981
271,961
(Official Statement of October 22 1914.)
Passenger
54,773
58,042
53,940
53,322
Mall,express & miscel
Total earnings
ExpensesMaint. of way dr struct_
Maint. of equipment__ _
Conducting transport'n_
Traffic expenses
General
Taxes
1,700.208
1.673.459
1.495.111
1,432,638
325,039
276.272
442.517
30.312
61.724
69.255
270,644
254.707
444.873
29.287
60,207
50.235
244,541
226,253
407,774
28,423
55.377
45,303
232,384
207.770
385.370
29,357
54,003
37,009
Total expenses
P.c. of exp. to earnings_
Net earnings
Other income
1,205,119
(70.88)
495.089
41,663
1.109,953
(66.33)
563,506
43,831
1,007,671
(67.40)
487,440
38,461
945.893
(66.02)
486.745
49.527
Total income
Deduct-Bond interest_
Other deductions
Dividends
536,752
*247,001
*90,275
607.337
*238,035
*90,003
337.276
199,476
328,038
279,299
Total
Surplus
536,272
525.901
*229,350
*244360
*39.596
*63.832
(II()62.500(24)118,750
370.792
155.109
387,696
148.576
* Interest on bonds in sinking fund is included among "other deductions'
In 1913-14 and 1912-13; in previous years in "bond interest."
Chairman Wilberforce Sully, N. Y., Oct. 22 1914, wrote:
Additional deposits of stock of American Malting Co. have been made
under the plan, so that the total amounts owned and unassented are:
Owned. Unassented
Common stock
$13,087,400 $317,600
Preferred stock
14,265.000 175.000
(The balance of the outstanding common stock of the American Malting
Co.-51.100,000-is held in the treasury of that company.)
risposition of Stock of American Malt corp.Common. Preferred.
Exchanged for stock of Am. Malting Co. under plan_$5,756.256 $8,844.300
Reserved for outstanding stock of Malting Co
139.744
108.500
Left free in treasury
104.000
47.200
On Sept. 24 1914 the directors of the American Malting Co. declared a
semi-annual dividend of $0.62 per share upon the pref. stock of that company, payable Nov. 2 1914. As your company is the owner of 142.650
shares of said pref. stock, this dividend will bring into your treasury
588.443. Your directors subsequently declared a dividend upon the prof.
stock of the corporation of 1%, payable Nov. 4 1914. In Nov. 1913 and
May 1914 dividends of 2% each were paid; in Nov. 1914,1%;in Nov. 1912
and May 1913.2%% each;in Nov.1911 and May 1912.2% each: Nov.1910
and May 1911 dividends of 1% each,and previous to these 2%% each halfyear from Nov. 1908 to May 1910, incl. Compare report of American
Malting Co. below.-V. 99, p. 1216, 971.
THE CHRONICLE
1294
[VOL. xcxx.
East Boston Gas Co.-Output of gas to consumers
American Malting Co., New York.
increased 9.89%; net
gain in meters set 989, against 1.525. During
the year a dividend of
11% was paid on the capital stock.
(Report for Fiscal Year ending Aug. 31 1914.)
Newton & Watertown Gas Light Co.-Total output of
gas to consumers
Chairman Wilberforce Sully, N.Y., Oct. 22, wrote in subst:'increased 9.64%; net gain in meters set 1.160.
1
Results.-There was a net profit from the year's operations of $330,776
.(contrasting with 3403.368 for the preceding year).
During the year we aiso derived from sate of unused property $49,625,
less mortgage taken in part payment. $40,000; balance, cash, $9,625.
Plant and good-will account was increased $8,148 by construction, and
decreased by the amount of above cash and mortgage.
Bonds. etc.-The amount accruing to the sinking fund. $201,438, was
settled by delivery to the trustees for cancellation of $105,000 bonds at
par and int., and also $2,036 cash. In this connection the company purchased in the open market $64,000 of its mortgage bonds, of which $2,000
still remain in the treasury. In addition $19,000 of the bonds were
purchased and canceled for the sinking fund out of proceeds of sale of
unused property. Total bonds canceled during the year. 3214.000.
Reserve.-To the reserve fund of $30,531 there was added $69,468
out of surplus, thus restoring "reserve account" to $100,000. All bad or
doubtful accounts. amounting to $35,783,were written off out of surplus.
Working Capital.-We begin the present fiscal year with 84,952.616 of
net working capital [against $5,236,327 in 1913 and $5,668,440 in 1912,
Inventories have been valued at cost, and all of the malt and barley on a
malt basis on hand Aug. 31 1914 has been sold at a profit.
Financial.-Negotiations for the sale of refunding bonds to provide for
the payment of the 1st M. bonds maturing on Dec. 1 1914 were well under
way when the general European war broke out. This precipitated conditions that made it necessary to undertake an extension of the bonds for
23i years, namely to June 1 1917, $40 per bond of $1,000, to be paid to
the assenting holders. Your directors feel confident that holders of bonds
sufficient to make the agreement of extension effective will assent thereto.
At the time of issuing this report, the number of bonds already assented
is satisfactory. (V. 99, p. 971, 818, 271.1
Results for Past Seven Years.-Severe and ever increasing depression and
Idleness in the great industries of the country, due chiefly to political
causes well known and understood, together with cold and unseasonable
weather conditions throughout the spring months of 1914, running well
into July, resulted in a heavy decrease in the deliveries of malt to our
customers. No such acute widespread industrial depression as that which
has prevailed for some months has visited this country since the panic
years of 1893-97-in other words, since the organization of
company.
Notwithstanding the resultant curtailment in our surplus the
net earnings
due mainly to these causes which have been in operation with accelerating
effect. for the past two years, it is reassuring to compare the seven-year
period of operations from Sept. 1 1907 to Aug. 31 1914 with the seven-year
. period' prior thereto.
Surplus Net Earnings, Two 7-Year Periods with Dividend Deductions and
Sinking Fund Reservation for Second Period.
[Net earns, are here shown in excess of all charges,including bond int.)
Average.
Total.
First period, 7 years ending Aug. 31 1907
3220,623 $1,544,362
Second period. 7 years ending Aug. 31 1914
580,006 4,060,041
Pref. divs. paid by Am. Malting Co. Nov. 1 1908 to
Nov. 2 1914
2.378.268
Balance. surplus, for second period ending Aug. 31 1914
Accumulated earnings prior to Sept. 1907, $478,031, less bad $1.681,773
accounts, &c., since written off, 3105,252
372,779
Total accumulated surplus net earnings in excess of all dividends, including the dividend payable Nov. 2 1914
$2.054,552
That our policy has been conservative in the matter of dividends is
demonstrated by the foregoing statement showing in the 7-year period
after Sept. 1 1907 that bonded debt was reduced from $3,714,000 to $2,402,000 by the sinking fund and in consequence of the dividend declared
since Aug. 31 1914 of 62 cents per share on the pref. stock (V. 99, p. 971)
there will be a further payment to the sinking fund of $44,764, which,
together with the funds now on credit with the depositary of the sinking
fund will still further reduce the bonded debt to $2.353.000.
Stock Ownership.-Additional amounts of the capital stock have been
purchased by American Malt Corporation so that less than 1.71% of our
stock remains in the hands of the public. (see unfavorable decision as
to proposed merger in V. 98, p. 1696.)
INCOME ACCOUNT FOR YEARS ENDING AUG. 31.
1913-14.
Profit on malt, barley and
other products dealt in,
inc.l. int. on securities
owned,loans & balances $656,086
Deduct-Int.on bonds,&c. 145.406
Taxes
80,406
Betterments & maint.
99,498
1912-13.
1911-12.
1910-11.
$777,039 $1.172,764 $1.081,778
162,110
171,969
169.973
88.574
99,333
73.445
122,987
91.143
75,320
against 1.156. A dividend
of 9% was paid on the capital stock.
Citizens' as Light Co. of Quincy.-Total output of gas
to consumers
increased 18.75% over the prreceding year; net
gain in meters set 854.
against 1.083. A dividend of 5% was paid on the capital
stock.
New England Gas & Coke Co.-In spite of mild weather
and winter months, and the relatively free supply of fuel during the fall
in that period,
earnings from sales of coke made a gain over the
year and net earnings were such as to permit a dividend of 43 %,previous
or at
same rate as paid
in the preceding year. A new coal-crushing plant hasthe
constructed.
New England Coal & Coke Co.-During the year thebeen
company sold and
• delivered about 2,773,000 gross tons of coal (including
the
tonnage
output
of the Federal Coal & Coke Co.). being an increase of
151,000 gross
tons over the previous year. Liberal allowances forsome
depreciation were
continued. During the year the company paid a dividend
of 10% and an
extra dividend of 30% on its capital stock.
The use of the 400 steel coal cars having warranted it, 290 additional cars
were purchased for shipment of coal from the Federal company's
mine at
Grant Town, W. Va. The fleet of steamers, tugs and
continued to
transport coal to Everett, whence users of coal have barges
been able to get a
regular supply.
The Federal Coal & Coke Co. (entire capital stock owned by New England
Coal & Coke Co.) shows for the year a net surplus of $69,094 (out of
a dividend of 10% was paid), comparing with $22,374 the previouswhich
The Federal Co. mined 568.520 gross tons of coal, increase 122,820. year.
The output of the J. B. B. Coal Co. (60% of capital stock is owned by
New England Coal & Coke Co.) was 346.306 gross tons, a
decrease of 6,571
tons. The output was again affected detrimentally by car
shortage. For
the year the net surplus available for dividends was
(out of which
a dividend of 5% was paid), comparing with $31,918$54,549
for
the
previous year.
Boston Tow Boat Co.-For the year 1913-14 a dividend of 10%
was paid
on the capital stock.
OPERATIONS OF SUB-COMPANIES DURING YEAR 1913-14.
Additions to -Gas to Consumers
Street Mains. Total Cubic Ft. Increase.
Boston Consolidated Gas Co
47,881 ft. 5,406,834,000
3.05%
East Boston Gas Co
7,347 ft.
467,421,000
9.89%
Newton & Watertown Gas Light Co..- _50,192 ft.
528,146,000
9.64
Citizens' Gas Light Co
41,954 ft.
121.114,000 18.75%
OPERATIONS OF BOSTON CONSOLIDATED GAS CO. FOR YEARS
ENDING JUNE 30.
Reported by Pubiic Accountants as Required by Sliding Scale Act.
1913-14.
1912-13.
1011-12.
Gas purchased (cubic feet)._ _ _3.152,533,000 2,996,000,000 2,612,382,000
Gas manufactured (cubic feet).3,140,170,000 3,094,000.000 3,158,682,000
Total
6.292,703,000 6,090,000,000
Gas sold during year (cu. ft.)_ _6,085,570,255 5,891,000,000 5.771.064,000
5,573,608,849
Cost of gas in holder (p. 1,000)Gas purchased
29.95 cts.
29.89 cts.
29.89 cts.
Gas manufactured
30.04 cts.
24.95 cts.
22.73 cts.
Gas sold
28.31 cts.
31.06 cts.
26.89 eta.
Cost of distribution, management, &c
21.46 eta.
20.56 cts.
21.36 cts.
Total cost of gas sold (excluding int., deprec. & reserve)
48.87 cts.
48.25 cts.
52.52 cts.
MASSACHUSETTS GAS COMPANIES-YEAR ENDING JUNE 30.
1913-14.
1912-13.
1911-12.
1910-11.
Int. on bonds, notes, &c_ $449,335
$420,908
$324,331
$206,423
Dividends received
2,368,025
2,386,318
2,198.049
2.177,564
Profit on sale of securities
1,207
750
550
206,975
Total earnings
$2,818,567 $2,807,976 $2,522,930 $2,590,962
DeductExpenses
388,218
$66,389
866,198
854,578
Bond, &c., interest
441,767
440,018
370,568
274,143
Divs. on pref. shares, 4% 1.000,000
1,000.000
1,000,000
1.000,000
Res. for deprec. of secur_
1,208
114,208
Total deductions
$1,531,193 $1,506,407 $1,436,766 $1,442,929
Balance, surplus
$1,287,374 $1,301,569 $1,086,164 $1,148,033
Surp.from previous years 1,338,403
1,285,995
1,199,831
1,051,798
Adjustments
deb.7,736
cred.839
Total
$2,618,041 $2,588,403 $2,285,995 $2,199,831
Divs,on com.shares_(5%)1,250,000(5)1,250,000 (4)1,000,000 (4)1,000,000
Balance
31,368,041 $1,338,403 31.285,995 $1,199,831
The net undivided earnings of the constituent companies
the
Total deductions_ _ _ _ $325.310
$373,671
$318,738 operations of 1913-14 (see the several statements below) show from
$362,445
a surplus
Balance for dividends__
330,776
403,368
810,319
763.040 of $103,775, against a surplus of $216,384 in 1913-14, $65,230 in 1911-12
Pref. divs. paid in Nov..
*89,528
c179.056
0223,820
b179,056
and $12,762 in 1910-11.
Pf. divs. following May.(not declared) c179,056
a223,820
b179,056
BOSTON CONSOLIDATED GAS CO.-YEAR ENDING JUNE 30.
Bal. after divs.(6 mos.
only in 1913-14)--- $241,248
1913-14.
1912-13.
1911-12.
345,256
$362.679
$404,928 Gross income
$4,987,500 $4,733,110 $4,339,829
* 0.62%. c 1.24%. a 1.55%. b 1.24%•
Expenses
3,595.222
3.203.067
2.906.968
BALANCE SHEET AUGUST 31.
Net income
$1.392,278 1;1,530,043 $1,432,861
1914.
1913.
1914.
1913. Miscellaneous income
22,507
AMU-s
14,529
$
9,978
LiabilitiesPlants& good will.27,543,524 27.585,000 Cap. stock, pref....14,440,000
Net earnings
Common stock__ 1,100.000 1,100,000 Cap. stock. com__14,500,000 14,440,000
$1.414,785 $1.544.572 31.442,839
Secure. other cos__
16,725 First M.bds.,6%. 2,402,000 14,500,000 Interest
16,725
$151.727
$121,290
$96,292
2,616,000 Dividends
736,720 1,258,03.5 Underlying mtges.
Cash
(8)1.209,968(9)1,361,214 (9)1,361.214
14,000
14,000
Accts. & bilis rec. 1,307,801 1,372,715 Accounts payable.
9,173
42,776
Total
37,095
55,409
Taxes& insurance.
Accrued taxes__ -_
$1,361,695 $1,482,504 $1,457,506
32,063
32,011 Balance
2,776,227 2,437,786 Accrued Interest on
Inventories
sr.$53,090 sr.$62.068 cif.
The above does not include in 1913-14 $656 loss in sale of real 14.667
133,000
2,000
Bonds purchased.
bonds
estate
36,030
39,240
charged
to
profit and loss nor in 1911-12 $47.203 credited to profit and
3,940
Sinking fund
634 Reserve funds. _ _ _ 100.000
30,531
95,000 Profit and loss_
Mtges. on real est. 135.000
2,144,080 2,321.432 loss account of profit on real estate sold during the year.
NEW ENGLAND GAS & COKE CO.-YEAR ENDING JUNE 30.
33,677,346 34,035,990
Total
Total
31 677,346 34,035.990
See report of American Malt Corporation above.-V. 99. p. 971, 818.
1913-14.
1912-13.
1911-12.
Gross income
$3.734,814 $3,518,906 $3,062,736
Operating expenses
2.864.449 2.670.432
2,409.330
Massachusetts Gas Companies, Boston.
(11th Annual Report-Year ending June 30 1914.)
Pres. C. Minot Weld, Boston, Oct. 13, wrote in substance:
Dividends.-During the year the trustees set aside $1.250,000 from the
accumulated earnings for the payment of dividends upon the common shares
In the year ending June 30 1915, being at the same rate. 5% per annum,as
for the year just ended.
Property Account.-This account June 30 1914 included:
Owned. Vulstand'g.
Owned. *Outstand'g.
Co. StoutsCo. StocksN.E.G.& Coke._17,500.000 17,500,000 N.E. Coal dr Coke 499,000
500,000
Bus. Con. Gas Co_15,111,600 15,124,600 Boston Tow Boat_ 400,000
400,000
1st M.Bonds575,000
East Bost. Gas Co. z567,700
560,000 Fed. Coal & Coke_ 410,000
410.000
Newton & %Vac_ __ 560,000
383,000 J. B.B.Coal Co._ 148,000 V.93,p.232
Citizens'of Quincy 383,000
Net income from operation
Miscellaneous income
3870.365
1848.474
3653.406
54,460
Total income
Interest
Dividends (4)4%)
$870.365
$72.611
787,500
$848,474
$58.546
787.500
$707.866
$52.129
612,500
Total deductions
$860,111
$846,046
$664,629
Balance, surplus
$10,254
$2.428
$43,237
EAST BOSTON GAS CO., NEWTON & WATERTOWN GAS LIGHT CO.,
CITIZENS' GAS LIGHT CO. OF (1UINCY, NEW ENGLAND COAL
& COKE CO., BOSTON TOW BOAT CO., FEDERAL COAL &
COKE CO., J. B. B. COAL CO.-YEAR ENDING JUNE 30 '14.
EastBos. Newton& Citizens' N. E. C. Boston
Gas Co. Wal.G.Lt. G.LI.Co. &CokeCo. Tow.B.Co.
Gross income
3427,826 3474,395 $136,816$1,617.739 $334.485
Expenses
355.823 416,340
97.681 1.290.326 286.806
* Supplied; not in report. spar of shares $25; other shares $100.-Ed.
Boston Consolidated Gas Co.-The total output to consumers increased
Net from oper_--- $72.003 358.055 $39,5
13 $327.413 147,679
3.05%; net gain in meters set, 6,387, as against 8,483 in year 1912-13.
Miscellaneous income
1.273
5,099
630
60,000
is Although the gross income shows an increase for the year, this increase
was inadequate to meet the relatively larger increase in expenses. As a re373.276 363.154 139.765 3387.413 347.679
Net earnings
sult the net earnings were not sufficient to pay the 9% dividend contemDeductplated by the so-called Sliding Scale bill. A dividend of 8% was therefore Interest
36.715 114,295 317,268 $172,624
$6,248
paid, which gives the company the right to increase the price of gas from Dividends
11)63,250 (9)50.400 (5)19.150 *200,000(10)40,000
80 cts. to 85 cts., but the directors have not exercised this right as yet,
believing that the increased expenses,caused principally by higher costs of
Total
389.965364,695 $36,418 8372,624 346,248
manufacturing materials, will prove temporary. The new 6,000,000 cu. ft. Balance
sr.$3,311 df.$1.541 sr.$3,347 sr.$14,789
holder for the Everett plant has been put into service, thus affording
*Dividend of 40% Including a regular dividend of 10% and an31,431
extra
ample reserve capacity.
dividend of 30%.
1295
THE CHRONICLE
OcT. 31 1914.1
An arrangement has also been entered into with the Boston Elevated
Ry. Co. for a possible interchange of electric current between their principal generating station on East First St. and your "L" St. station. When
Gross earnings
a few hundred foot of underground cable is laid,it will be possible to exchange
Expenses
about 10,000 h. p.. adding reliability to each system.
Notes.-Stock.-The extensions made during the year have, as usual.
it
Net earnings
519,094 537,049 been temporarily financed by notes. Under the present conditions
does not seem wise to take any steps toward replacing them with stock.
time should
any
at
undertaken
be
increase
of
may
capital
an
although
30.
JUNE
BALANCE SHEET OF MASSACHUSETTS GAS COMPANIES
financial conditions improve.
1913.
During the year the increase in the capital stock authorized at the last
1914.
1913.
1914.
3
annual meeting was all, except 71 shares, taken by the stockholders.
5
Liabilities
$
Assets5
25,000,000
25,030.000
___
Number of Lamps and Motors Connected.
Property account.54,035,691 54,069,135 Common stock
25.000,000
Motosr
Incandescent Arc
Motors.
465,920 Preferred stock __25,000,000
Incandescent Arc
Cash In banks_ ___ 455,702
-year bonds- 9,396,000 9,518,000 June 30- Lamps. Lamps. (11.1'.) June 30- Lamps. Lamps. (H.P.)
Notes receivable-. 7,289,080 7,302,525 20
9,274
3,661
payable_
Accounts
78,733
11.652
,766,618
A
___
4,040
1912
106,204
12,297
3,296
Accts. receivable_
15,120 1914 ____2,245,547
26,815
486,719 Acct. Int. 6c taxes_
Bond dIsc.suspense 453,044
83.333 1913 -_1,972,872 12,039 93,175 1911 ----1,605,569 11,544 69,419
83.333
Pref. rilv. accrued_
30.
June
Total Load Connected (in 50-watt equivalents)
Res. for com. div- 1,250.000 1.250,000
114.209
1909.
1910.
1911.
1912.
1913.
1914.
Res.for dep.ofsec. 108,963
1,368,041 1,338.403 3,973,881
1,803.803
2,408,926
2,773,838
3,075,783
3,502.925
Surplus
Fed. CoatJ.B.B.
& C. Co. Coat Co.
$557,953 3547,922 Net earnings
449,711 465,334 Interest
Dividends
$108,242 $82,588
Balance
62,236.813 62,328,339
Total
-V. 99. P. 1054, 273.
Total
Fed. Coal J. B. B.
de C. Co. Coal Co.
5108,242 582.588
28,039
39,148
(10)50,000 (5)17.500
62,236,813 62,328.339
Mergenthaler Linotype Company, New York.
(Report for Fiscal Year Ending Sept. 30 1914).
Pres. Philip T. Dodge, N. Y., Oct. 20, wrote in subst.
STATEMENT OF OPERATIONS ENDING JUNE 30
1910-11.
1911-12.
1912-13.
1913-14.
$7,003,288 $6.365,874 $5,787,345 55,257.914
Gross earnings
2,371,564
2,243,276
2,724,199
Expenses(excl.deprec'n) 3.153.271
The net gain for the year from all sources was $2,547,849, after making
all proper charges for depreciation. bad debts. etc.
Within the past two years the remodeling of old machines has become
year many of the
an important branch of the business. During the pasttheir
old machines
most important offices in the country have replaced
machines
built and
had
have
offices
other
while
designs;
by those of later
modernized. There have been added during the year 775 offices to the
favor.
in
grows
Linotype
multiple
The
users.
Linotype
of
list
The rental system is now practically at an end, the reputation of the machine being so firmly established that customers refuse to rent, and insist
on purchasing. Liberal credits are given even the smallest printers.
The suits brought against another corporation for imitating our machines
and infringing our patents have been vigorously pushed, and it is hoped
will go to trial at an early day.
The great European war, seriously affecting the business and credit
of countries to which this company sells, and stopping to a great extent
will
the manufacturing operations of the European allied companies,
inevitably affect seriously the business of the current year and its profits,
Owing
estimated.
be
now
which
cannot
losses
cause
time
in
and will
however to the conservative basis on which the American company has
been conducted, its freedom from debt, and the reasonable surplus accumulated, it is believed that the company can without doubt weather the
financial storm, in which there will be widespread wreckage.
of the world's
Time will be required for the revival and re-adjustment
for this company, in common
business, and meanwhile it will be necessary
husband its resources, perhaps limiting
with others to exercise economy and established
dividend exclusive of the
or
its distribution to the regular
to time in the past. Many prominent
extra dividend paid from time
or reduced their regular
passed
already
have
country
this
in
companies
compelled to do so as the result of war
dividends, and many more will bethis
will be unnecessary in your company
conditions, but it is believed that followed.
If the course indicated above is
RESULTS FOR YEAR ENDING SEPT. 30.
1910-11.
1911-12.
1912-13.
1913-14.
$2,547,849 $2,767,936 $2,738,522 $2.733,270
Total net profits
2.111.109
1,919.820
1,919.760
1,919.940
(about)
Dividends
(1634%)
(15%)
(15%)
(15%)
Dividend rate
$622,161
5818,762
$627,909
$848,116
Balance, surplus
Dividends as shown above in 1913-14 and 1912-13 and 1911-12, 15%,
334%
%
2%
regular
extra) and
consist of 6% paid Dec.(234% regular and
and 34% extra each in March. June and Sept.; in 1910-11, 16% %,consist
of 734% paid in Dec. 1910 (234% regular and 5% extra) and 234% regular
and % extra each in Mar.,June and Sept. 1911,(Compare V.93,p. 137.)
BALANCE SHEET OCT. 1.
1,2/7,918
3,727,049
4,973,029
1,332,304
329,367
2,256,573
2,473,049
56,375
65,712
974,522
4,332,169
4,077,454
1,526,990
416,033
2,320,683
2,561,291
255,430
63,742
1912.
$
859,417
4,282,612
3,418,618
1,315,775
359,296
2,216,229
2,782,782
497.150
58,392
1.188.622
3,801.516
3,373,507
1,531,346
421.468
2,080,357
2,738,896
496,950
55,971
4,000,000
4,000,000
4,031,987
4,000.000
1914.
AssetsCash
Stock and bond account
Bills receivable
Accounts receivable....
Canadian Linotype, Ltd
Raw materials, &c
Plant, &c
Linotypes
Office fixtures, &c
Rights. priv., (ranch.
patents & inventions_
1913.
1911.
20.491,376 20,528,314 19,822,158 19,698.633
Total assets
Liabilities12,799,600 12,799,200 12,798,400 12,797,800
Capital stock
129,579
34,367
46,616
5,057
Creditors' open acc'ts„
334,759
223.099
111,405
Bills payable
766
811
856
602
Dividends unpaid
6,435,729
7,570.237 6,765,481
7.686,117
Surplus
Total liabilities__20,491,376 20,528,314
99, p. 1218, 751.
19.822,158
19,698,633
Edison Electric Illuminating Co. of Boston.
(Report for Fiscal Year ended June 30 1914.)
gfPres. Charles L. Edgar as of Oct. 13 said in substance:
ForResults.-Except for the year in which various outside properties were
purchased the new business connected in 1913-14 exceerLs that of all previous years by a material amount. In fact, the connected load has increased somewhat over 13% during the year.
The gross earnings have increased almost exactly 10%. The kilowatt
hours manufactured correspond very closely with this, showing that the
average price has not changed. The connected load has increased 3%
faster than the kilowatt hours and the gross earnings, which was due largely
of Mazda lamps, although the slowing down of busito the increasing use
has been a considerable factor. The expenses have
ness undoubtedly
caused largely by the opening of the Massachusetts
been unusually high,
Ave. property, necessitating separate forces, as well as telephone switchaffect the construction accounts much more
boards; the savings resulting
accounts.
than they do the operating
has been installed and will be in operation
turbine
8
-No.
&c.
Oa Additions,
A storage battery has been installed at the
some time during October.
and will shortly be in operation. This
Newton
in
-station
sub
St.
Homer
made of a storage battery in connection with an
Is the first installation ever engineers,
in consultation with those of the
alternating system. Our
solved this problem.
storage battery manufacturer, having apparently
St., Boston, Beacon St., Chelsea and MassaThe sub-stations on Stuart
in successful operaare
and
completed
been
have
Lexington,
Ave.,
chusetts
Central Ave., Dorchester, is still in
tion. The temporary sub-station on
having been deferred.
commission,the erection of the permanent sub-station
upon which once stood the generating station of
We have sold the land
Light Co., while the old sub-station of the Chelsea
the Hyde Park Electricno
use to Us,has been sold back to the Gas Co.
further
of
being
Co..
Gas Light
lints have been put underground from Dedham to WalOur transmission
Framingham; Waltham to Lexington; Arlington to Woburn.
to
Natick
pole;
Chelsea.
and East Boston to
Wakefield, following the example of Wellesley
Contracts.-The town a decided
to shut down its municipal generating
finally
has
and Norwood, purchase
electricity in bulk from this company.
station and to
Net from operations__ $3,855,017 33,611,675 $3,415,781 33,014,638
78,271
74,969
103,957
57,134
Miscellaneous profits_ _ _
33,912,151 33,745,632 $3,490,750 33,092,909
3608,596
$780,000
$797,617
3785.713
179.316
242.860
390,065
399,615
1,867,035
1,872.444
1.950,333
2,252,319
Total
Taxes _
Interest
Dividends (12%)
Total deductions____ $3,437,647 $3.138,015 $2,895,304 82,654,947
8437.962
3595.446
3607,617
$474,504
Undivided Profits
BALANCE SHEET JUNE 30.
1913*
1914.
1913.
1914,
Liabilities$
AssetsCapital stock. _ _20,472,900 18,200,000
and
Installation
39,245,105 33,557,089 Premium on stoek15,552,752 12,936,876
property
163,000
Flret mtge. bonds. 160,000
Unfinished instal2,427,367 3,276,603 Consol. bonds..__ 1,250.000 1,250.000
lation
125.268
456.667 Accounts payable_ 166,961
729.038
Cash In banks_ _
742,182 Notes payable_ _ _ 4,828,500 4,404.500
Stock on hand__ _ 1,020,533
51,000
43.500
11,353
3,028 Coupon notes_ _
Miscellaneous _
108,000
Accrued taxes__ _- 112,160
Accounts receiv546.000
614,187
508,943 Dividends
568,869
able
178,643
Sundry open accts
Cash In sinking
404.259
19,935
20,252 Reserve for deprec 640,464
fund
38,631
34,199
Replacement sect_
158,587
Profit and tem.__ - 146,577
44,022,200 38,564,764
Total
-V. 99, p. 820.
44,022,200 38.564,764
Total
The American Shipbuilding Company.
(15th Annual Report-Year ended June 30 1914.)
President Edward Smith, Buffalo, says in substance:
Owing to the business depression for the last two years. especially in the
iron and steel trade, the business for the year on the Great Lakes has been
unsatisfactory. We believe that when the steel business revives, this
business will also be very much better; but, in view of the depression, the
directors have deemed it unwise to make any declaration of' dividends for
the fiscal year ending June 30 1914 in excess of the 34% already paid.
There have been a number of changes in the management. lienry A.
Christy was elected Chairman of the Board in Dec. 1913. 0. J. Fish,
Assistant Treasurer, was chosen Treasurer in place of Russell C. Wetmore,
who died in Jan. 1914. Alfred G. Smith was elected General Manager
in July 1914. Edward Smith for many years a director of the company
and President of the Buffalo Dry Dock Co..was chosen President September 23 1914, succeeding James C. Wallace, who resigned,while M. E. Farr
(President of the Detroit Shipbuilding Co.) was chosen V ice-President.
An appraisal of the properties was made during the year by the Manufacturers Appraisal Co. and the values were in excess of the book values.
The financial condition of the company is most satisfactory. During
the past year its liabilities have been reduced over 32,000.000; thus putting
it in most excellent shape to await the revival of business.
Necessary, but rather large, expenditures have been made to change and
enlarge the dry docks, because of the increased size of the vessels constructed.
Every effort is being made to exercise the most rigid economy, as, unless
conditions improve, the prospects for the coming year are not encouraging.
Vessels Built at the Several Plants and Carrying Capacity, Net Tons.
(Carrying capacity is based on 19-ft. draught.)
Lorain. Cleveland. Detroit. Port Arthur. Total.
16
Vessels built
6
1
1
8
83,100
Net tons
16,800
3,100
53.700
9,500
RESULTS FOR YEARS ENDING JUNE 30.
1910-11.
1911-12.
1912-13.
1913-14.
22
Vessels built (number)_
12
14
16
54,000
26,000
Carry'g capac., net tons.
50,800
83,100
Net earnings
$849,874 *3802.528 *3954,862
$712,062
Div. on pref. stock ..(334%)276,500 (7) 553,000 (7)553.000 (7)553,000
289.423
209,723
243,400
Deprec.& maintenance_
432,757
28.221
12,105
Re-building docks. &c_
$2,805
6,561,366
Balance, surplus
Previous surplus
353.474
6,507.892
$27,700
6.480.192
$84,218
7,003,975
$6,564,171 $6,561,366 $6,507,892 $7,088,193
Total
(8%)608,000
Common dividends...
Abandonment West,Bay
439.136
City plant
Depreciation of market
1383,800
value securities
Btilance, forward.... $5,441,235 $6,561,366 36.507,892 $6,480,193
•The n:t earnings as above include yearly in 1911-12 and 1910-11,
$100.000 contingent earns, on unfinished construction during previous years
BALANCE SHEET JUNE 30.
1913.
1914.
AssetsPlants, prop., &c_12,056.239118,965,312
Good will patents_ 6,684,292f
Bonds & stocks...1,873,209 2,377,214
611,175
Materials on hand 530,331
Accts.& bills rec._ 1,484,925 1,907,744
957.282
587,580
Cash
418,141
351,397
Adv. to sub. cos
4,959
838.281
Work under constr
57,744
Miscellaneous....
Total
23,630,676 26,075,149
1914.
Stock, preferred.. 7.900,000
Stock, common__ 7,600,000
Buffalo purchase
money mice... 250,000
Notes payable... 500,000
172,852
Accts.&c..payabe.
68,368
Accrd. int. & taxes
Appr, real est., &e. 1,137,461
Reserve funds_ _ _ _ a560,760
Surplus
5,441,235
Total
1913.
7,900,000
7,600,000
300,000
2,800.000
126,065
787.718
6,561,366
23,630,676 26,075.149
a Reserve fluids (total, $560,760), include in 1914: For maintenance,
$428,118; for fire insurance, $103,583; sundries (bond discount and uncompleted construction), 329.059.
There is a contingent liability for notes, amounting to $100.000 of the
Western Dry Dock & Ship Building Co. guaranteed by the American Ship
Building Co., which have been paid since the close of the fiscal year.
-V.99, p. 1132, 896, 200.
THE CHRONICLE
1296
___
[VOL. xcix.
•
Lackawanna Coal & Lumber Co., Scranton, Pa.
(Official Statement Dated Oct. 1 1914.)
Pres. W. L. Connell, Oct. 1 1914 wrote in substance:
Summary of Properties.-When the improvements and plans now under
way are completed, the company will have: (1) Paint Creek Collieries Co..
operating eight thoroughly equipped mines. (2) Griffith Collieries Co..
operating a large colliery on the Coal River property. (3) Highland Lumber Co.. operating one mill at Seth, W. Va., and two mills in Virginia.
(4) Merchandise sales of 10 stores and rents of 1,200 houses. These operations include only the first of many mines to be opened on the 53,000 acres
owned in fee, and take no account of any profits realizable from natural
gas. When these additional sources of profit become effective,the net earnings, the management believes, will be sufficient not only to pay its fixed
charges, but to provide a surplus for dividends on the stock.
Paint Creek Collieries Co.-This company, whose capital stock is nearly
all owned, has under lease 14,235 acres in two tracts on Paint Creek and
Brier Creek in Kanawha and Fayette counties. W. Va.,including 950 acres
recently acquired. It is now operating 8 mines, which it is improving,
electrifying and equipping, viz.: (1) Paint Creek Mine, completely operated
by electricity, with large modern tipple 36.000 ft. of track, 2 electric main
haulage locomotives, 10 electric gathering locomotives. 10 electric undercutters and 500 mine cars. Except for a retarding conveyor, already ordered, the mine is completely modernized. (2) Banner Mine lies on the
opposite side of the mountain from Paint Creek Mine and is working the
same seams of coal from the opposite direction. (3) Grose Mine, to be
modernized for operation electrically on the same general plan as at Paint
Creek Mine, with erection of a modern tipple, retarding conveyor, several
hundred cars. &c. Contracts for equipment already let. (4) Scranton &
TVacomah Mines, scheduled for early improvement; new equipment is on
the way to increase the capacity. (5) Green Brier Mine, now being reopened. With the new tipple completed in November, will add at least
1,000 tons per day to production ofTPalnt Creek mines. (6) L etroit Mine,
also being re-opened; when the tracks are re-laid in Nov. 1914, will provide
an additional tonnage of 750 tons per day. (7) Reynolds Mine on Brier
Creek. Completely re-built and furnished with new coal-handling and
screening equipment. When the inside workings are fully developed,
should produce 1,200 tons per day.
Upon the completion of the improvements now under way at the mines of
the Paint Creek Collieries Co., and the installation of the electrical appliances in our sub-stations, thereby giving to the various operations their
maximum electrical power, there is no reason why the output of the Paint
Creek Collieries Co. should not exceed 1,000,000 tons per annum.
Wages.-The basis first offered to the employees was refused and the
strike of 1912 was called, which lasted for 18 months, the men not only
being idle, but some of the tipples destroyed and many improvements laid
waste. Finally, a new basis of wages was fixed upon and the company
enjoyed peace for a period of 8 months, during which it had to reorganize
Its working forces and re-establish the market for its coal. In 1914 the
Paint Creek Collieries Co. entered upon separate negotiations with the
miners, with the result that the scale agreed upon eight months before was
re-established, with the exception that the rate paid for mining Splint coal,
was fixed at 29c. per ton subject to arbitration, and has since been fixed
at that figure by decision of five arbitrators. This basis for machine
mining upon the Paint Creek Collieries will remain undisturbed for a period
of three years. The scale of wages is now as low as that paid by any mining
company in the Kanawha district and places the mines upon a fair and
profitable basis.
Griffith Collieries Co.-The Ches. & Ohio Ry., which now reaches Seth on
the Coal River property'. has announced its intention to extend its Coal
River branch for a considerable distance through our lands to connect with
its Cabin Creek branch at Whitesville. This will open up an entirely new
section. much of which it is proposed to lease for development on a royalty
basis. The first such contracts has been made with the Griffith Collieries
Co.,a subsidiary of the Lackawanna Coal & Lumber Co., which owns all its
capital stock and will receive not only a royalty on the coal mined, but the
profits above fixed charges. The Griffiths Collieries Co. has leased 2,500
acres and will erect at the terminus of the company's own railroad a colliery
with a capacity of 4,000 tons per day. A tram road 3% miles long has
been graded to bring the coal to the tipple and plans for the tipple and coalhandling equipment are ready. The plans provide for the model mining
town of Griffith (all owned by the company), with 300 to 500 houses for
mine workers (large boarding-house already completed), and lighted from
one of our neighboring gas wells. The Griffith lease contains six veins
of coal, four above water level. Veins thick and of high quality.
Highland Lumber Co., Inc.-This subsidiary of the Lackawanna Coal &
Lumber Co. has combined all of the latter's lumber operations, and has
taken over its locomotives, cars, logging equipment and lumber business
generally in West Virginia for a cash consideration and will pay an annual
rental for its mill, houses,store and other buildings at Seth and $4 per 1,000
ft. for all timber cut from its lands. The ownership of the mill and all the
standing timber is still vested in the Lackawanna Coal & Lumber Co..
which also owns all the common stock of the Highland Lumber Co., Inc.,
and will receive all of that company's profits on both the West Virginia and
Virginia operations after fixed charges and dividends on such pref. stock
as may be issued. The I umber Co. is preparing to construct a railroad and
two mills on its 30,000-acre tract in N irginia. The profits per 1.000 ft.
should be even larger than at Seth, where $108.000 was earned last year.
Company Stores, &c.-The Paint Creek Collieries Co. is now operating six
stores and rents over 600 houses to its mine workers and the Highland
Lumber Co. conducts a highly successful store at Seth and rents 50 houses
to employees. Eventually, with the town of Griffith fully established,
there will be, in an, at least 1,200 houses and 10 stores.
Prospecting for Gas and Oil.-The prospecting of the properties for gas
and oil has met with promising results. One gas well, producing 500.1000
cu.ft., has been struck in Nicholas County.and the towns of Swiss and Jody
are now supplied therefrom. On the Coal River property in Boone County,
5 gas wells have been developed, having a total capacity of 4,750,000 cu.ft.
per day, and the town of Seth is being supplied from one of them. Two
other wells are now being drilled on this property. The striking of gas in
five widely separated localities in Boone County, it is thought, indicates
that at least 10.000 acres of the property is underlaid with natural gas.
Conditions on the Cedros Ranch continued through the year to make
it unsafe for both our American and Mexican officers, so that the property
was entirely at the mercy of rebels and bandits. The losses and damages
Incurred at the Ranch have been considerable, but we are now recovering
a little of the live-stock. No inventory is possible yet. Your company
has not received this year the benefit of any dividends from the Compania
Ganadera y Textil de Cedros, the subsidiary company, which owns the
Cedros Ranch-in past years an important factor in our total earnings.
Being a Mexican Corporation, the revolution made it impossible for the
directors of the ranch to meet or to render correct accounts.
Investment securities shown on the balance sheet represent bonds and
short-time notes purchased in the market and taken at market quotations
as of July 31 1914.
Two pref. dividends were paid during the year, the last one on Dec. 1
1913, at which date all of the outstanding pref. stock was retired for cash,
leaving at the present time only common stock.
INCOME ACCOUNT YEARS ENDING JULY 31.
1912-13.
1911-12.
1910-11.
1913-14.
Gross income
9386,671
$260,324 $1,190,095 $2,714,255
81.136
73,736
35,682
54,954
Ad/Mills. & gen. expens_
Net profits
Common dividends(4%)
Preferred dividends__ _ _
$50,989
*36,458
$205,370 81,108.959 82.640,519
$1,161,240
87,500
138,250
87,500
Balance, surplus
$117,870 $1,021,459 31,341,029
$14,531
yIncludes $82,679 net income from securities, interest, &c. (after adjustment of investment securities to current market values) and sundry income
$3,992.
*Dividends on pref. stock up to time of retirement Dec. 1 1913.
BALANCE SHEET JULY 31.
1914.
1914.
1913.
Assets8
Liabilities$
Investments
30,313,897 30,313,897 Common stock_ _ _29,031,000
Patents
15,142 Preferred stock _ _
15,142
Accts.& notes rec.
Miscellaneous. _ __ 109,193
adv.to sub. cos. 661,252
677,435 Gen. res. acct._ __ 1,124,104
Sundry
23,659 Surplus
16,274
a2,195,841
Treasury stock
2,500
Invest. securities
(market value)_ 1,065,000 1,415,094
Cash
388,573 1,301,137
1913.
29,031,000
1,250,000
139,950
1,130,103
2,197,810
Total
Total
32,460.138 33,748,863
32.460,138 33,748,863
aAfter deducting $16,500 for reserve against loans to subsidiary companies.-V. 99, P. 1054•
Assets Realization Company.
(Report to Creditors' Committee Sept. 1 1914.)
G. M. P. Murphy, Chairman of executive committee
t . 1 1914,in a report to the
under the new regime, N. Y., Sep
creditors' committee (Albert H. Wiggin, Samuel McRoberts
and Benjamin S. Guiness) said in subst. (V. 98, p. 996):
Situation When Committee was Appointed.-On Dec. 11 1913, overdue
obligations and those maturing within 30 days aggregated $3,455.734,
the available cash was less than $200,000 and concerns in which
the company's interests had been valued at almost $7.000.000 were approaching insolvency, while immediate action was necessary to protect
the U. S. Worsted Co. investment of over $1.250.000. Moreover, practically every substantial asset marketable at approximately its value had
been sold, and the directors had supplied several hundred thousand dollars
through personal loans and the purchase of securities.
Initial Accomplishments.-Between Dec. 11 1913 and Jan. 1 1914 an extension agreement was prepared and accepted by creditors holding direct
obligations aggregating 84,633,420 and contingent obligations aggregating
$2,474,430 (V. 97, p. 1900). Additional loans of $466.739 were procured
from the shareholders on extension notes. Directors' claims of $172,035
were subordinated to those of general creditors and $120,367 of balances
applied against loans by bank creditors were restored. Active steps
were taken to protect the company's interests, with the following results:
Bitter Root Valley Irrigation Co. has to date been maintained in active condition; Breakwater Co. has been reorganized; an adjustment with the creditors of the Kenwood Contracting Co. has changed a possible liability into
a probable asset; Morris Park Estates has paid its $1,500,000 notes by
new loans that will not mature until three months after maturity of the
$2,000,000 mortgages deposited as security therefor; U. S. Worsted Co. has
been reorganized; Fifth Ave. Investing & Impt. Co. has sold its property for
$45.000 in cash and for a large suburban property near New York.
Liabilities on Dec. 11 1913 (as Far as Now Known) and Reduction Since.
Dec. 1913. Red'n 1914.
$4,330.935 $598,456
Bills and notes payable on Dec. 11 1913
Notes issued to stockholders for new cash subscribed- 466,739(iss.Dec'13)
Notes to settle claims incurred prior to Dec. 11 1913.. 260,036
549.335
Accounts payable outstanding on Dec. 11 1913_
204.794
Additional definite claims which did not appear on
the books Dec. 11 1913 (not yet adjusted), about.. 150.000
169,015
72.114
Contract obligations, Gage Park note issue
146,277
Claims, &c., Swenson Land Co. matter
146,276
6% gold notes Gage Park development, originally
1,001,375
$1,250,000
157,987
Contingent liabilities (guaranties, endorsements, &c.) 2,321,127 2,151,443
Claim of contingent liability, the validity of which has
determined
150,000
not yet been
Indefinite contingent obligations
(7)
(7)
39,544.839 $3,331,070
Total
Of the reduction of $598,456 in bills and notes payable,$219,900 was paid
realizations
of collateral. The
by
sales
and
paid
$378,556
was
In
cash
and
CO.
&
LUMBER
LACKAWANNA
COAL
BALANCE SHEET OF
3157.987 Gage Park Realty Trust 6% gold notes were paid from proceeds
[June 11913 supplied by Editor.1
of sales of lots. • In addition to the above there have been paid as interest
Sept 114 June 1 '13 to creditors, $163,502, and invested to conserve the properties. $231,492.
Sept. 1 '14. June 1 '13.
LiabilitiesAssets.-The report of Marwick. Mitchell, Peat dc Co. of Nov. 30 1913.
Assets$
S
Coal in ground__ _25,816,070 25,816,0711 Capital stock_ _ _ _12,000,000 12.000,000 excluding cash, showed the gross book value of the assets as $16.049,854.
Lumber stumpage. 526,473
600,000 Bonds & tr. notes _12,026,550 9,335.850 which consisted of interests in various parts of the United States, Hawaiian
Paint Cr.C.Co.stk.2,522,000 2,250,000 Notes payable and
Islands, Mexico and Canada, the larger proportion in value being repre399,951
657,367 sented by interests operating with more or less difficulty, and others inOther Investments 475.730
Hens
Lumber in yard,&c 199,116
64,353
77,787 volved in a tortuous series of agreements, misunderstandings. claims. &c•
140,023 Accounts payable_
Saw-mill, RR.,&c 259,635
293,884 Accrued interest
338,057
127,444 Attached hereto is a description of the principal assets held last December
Cash & securities_ 163,640
6,036,919 7,370,803 at the values (unless otherwise stated) shown on the books Nov. 30 1913.
197,964 Surplus
Acets & notes rec_ 902,281
270.412
without regard to counter-claims or reserves. It should be understood,
however, that under the accounting system of the company all assets when
Total
30,865,845 29,560,253
Total
30,865,845 29.569,253 acquired were placed on the books, not at cost, but at "realizable values,"
against which arbitrary reserves for the supposed cost of liquidation were
* Paint Creek Collieries Co. stock $2,522,000, as above, includes com- set up. As at least once each year a general re-appraisal was made, it was
mon, 31,000,000; lira., 31.522,000. See also V. 97, p. 362.
possible for over-optimistic tendencies to inflate valuations and even in[This company has been widely criticised for the alleged extravagance of crease again the apparent surplus. While a reliable appraisal appears
Its statements regarding a property that is still in process of development impossible, the book values of Nov. 30 last are generally, in my judgment.
and for the methods taken to finance the enterprise in the United States far out of line with the real values.
and Canada, through the medium of the Coal Land Securities Co.(see "InLegal Situation.-Formerly a great variety of counsel were employed,
vestment News" below), and otherwise. The foregoing digest of the who, since Dec. 11 1913 have submitted bills for over $150.000. Rushremarks of President Connell is given to show what the company has to say more, Bisbee & Stern, as general counsel, now handle the legal affairs.
as to the progress of the work of development and something as to its
Co-operation.-All action under your direction has been approved by
financial status.-Ed.1 See also Coal Land Securities Co. in V. 99, p. 345; the executive committee or the board. Indeed, a majority of the directors
late in 1913.
also see V. 95, p. 52; V. 97, p. 362. 1826; V. 99,P. 1133.
was wholly unaware of the company's actual condition untilthe
completion
Outlook.-Notwithstanding the progress already made,
obligations
is still
company's
the
discharge
necessary
to
liquidation
the
of
incurred.
be
Intercontinental Rubber Company.
meantime
must
expenses
unavoidable
remote, and heavy but
approximate $300.000 and the fixed executive
charges
interest
annual
Our
(Report for Fiscal Year Ending July 31 1914.)
per year. Adding the legal
expenses, formerly $279,355, are still $132,159
the annual aggregate will probably reach
Pres. Willard P. Smith, N. Y., Oct. 5, wrote in subst:. and incidental disbursements,
exceed $100,000, leaving a net annual cash
$500.000. Income will not$400,000.
to be taken from assets. The undeThe conditions in Mexico have continued to be such that our Torreon operating deficit of at least
liquidation at any
factory has been completely shut down during the entire year. There veloped condition of many of the assets makes prompt
found necessary to rewas, however considerable rubber on hand, and this was shipped to New figure impossible. Since Dec. 11 1913 it has been
properties and
York early in 1914. 11p to July 31 we sold only a small quantity of rubber, invest almost $250,000 in order to maintain substantial
the stockholders be
but after Aug. 1, owing to the European situation, some fair sales were further advances will be required. Not only must
result, but the unsecured
made at improved prices. This condition continued for about two weeks warned against undue optimism as to the final assets
may not prove sufonly, and the market is now at as low a level as before. The sales since creditors should realize the possibility that the
Aug. 1 could not, of course, be included in ourtpresent statement.
_icient to pay their claims in full, with interest.
OCT. 31 1914.]
THE CHRONICLE
1297
About 84 Contracts for Sale of Real Estate, book value $54,668. Payments
30 1913 unless
List of Principal Assets, showing Book Values Nov.
made with reasonable promptness; eventual loss probably small. not over
Otherwise Stated.
Estates in Course of Realization-Chicago, book value $453,122;
book value.
notes,
thought realizable and probably much less. Embraces many
Bitter Root Valley Irrigation Co.(V.89.p.1069; V.98.n.1002).
remaining
land in the Bitter 50%
bonds, stocks, mortgages, parcels of real estate, &c.,Trust
contracts,
35.418,334.-A large tract of irrigable and nonirrigable
72 from estates
Co.,
including
system,
&
irrigation
Bank
Columbia
and
dam
viz.:
in
purchased
a
1911,
1906 to
Root Valley of Montana, with
laterals. Soil generally 334,075; German Bank, Buffalo.
553.787; Indemnity Savings & Loan Co..
miles of main ditch and several hundred miles of
June 10 1914. aggre- $16,303; Macomb & Western Illinois RR. Co., 532,482; Market Street
fertile, water supply appears ample. The land, as of
acres, of which 19,759 Bank, $142,832; Milwaukee Avenue State Bank, $64,786; Ravenswood
gated 49.326 acres, viz.: (a) Sold lands, 22,309
16.613); (b) unsold lands, Exchange Bank.$82,158:
misc.. $10,692; reported not recoverable, $16,008;
under canal (developed, 3,146; undeveloped,
1,179; undeveloped,
(developed.
canal
Gage Park Realty Trust, book value Nov. 1913. 5730.942 [after deducting
under
27.017 acres, of which 17,296
the outstanding gold notes]. A large restricted real estate development on
15.917; Bitter Root townsite. 200).
On
Side $7,749.516)•
outskirts of Chicago. Western to ICedzie avenues. 56th to 67th streets. the
Bitter Root Balance Sheet Dec. 31 1913 (Total Each
$226,911 Aug. 28, in addition to 1,89714 unsold lots (book value $1,562,850).
$221,131__
receivable,
accounts
account
and
on
Assets-Cash,$5,780; notes
Assets Co. held $993,044 of contracts and $112,045 of mortgages,
of purchase,
$149,922.
Mortgages, Ravalli County. $832,131: contracts
1.867,916 of previous sales of lots. Trustee of Gage Park notes held alsocollections.
$1,035,785
and $12,409 was ready for deposit with trustee on recent
62.080
$54,004
Orchards),
V.
R.
(Bitter
Miscel. mtges., $8.076; bonds
is subject to (a) $986,000 notes [1st lien; see V. 95, p. 1475.
Property
68,510
&c
crops.
1 1916;
Nursery stock, cattle, hogs and sheep.
70,621 due $36,000 Nov. 1 1914; 5150,000 s.-a. May 1 1915 to Nov.$53,232.
Bond sinking fund
31,598 $175,000 May 1917 and $175.000 Nov. 1917. (b) 2nd lien claim improvemtges. thereon ($14.387)_ _ _ _
complete
to
is
expended
It
be
Miscel. real estate. $45,985, less,32
that
estimated
must
$366,689
.323
.2,920
.469
.$11
mtge
less
.793;
cash receipts are
Real estate,R avalliCo..by books .931
development work,$21,042 152.686 ments, including special assessments. As 90% of all
Co., and
Buildings,machinery,etc..$131,644;
1,837,706 deposited with the mortgage trustee, only 10% reach the Assets
Property-rights and franchises
511.164 this is far from enough to meet the necessary advances. &c., of the next
however,
to
completed,
three
years.
been
An
Deficit
arrangement has just
3:000 borrow $225.000 (including
5000
less in treasury. $63,000-$1.110
$60,000 already advanced) for improvements
Liabilities-1st M.bonds,$1.176,000;
mortgageson hand
liability.
no
-second
assuming
of
on
Park
Co.
the
tract
credit
Gage
Assets
alone,
notes
trust
Collateral
accounts payable, $9,724; deposits.
Accrued Interest Claims Receivable, book value $140,000, written off
Notes payable. $3,689,711;
on contracts, $109,241; deferred
Dec. 31 1913, as generally valueless.
$39.744: interest unearned
4.015.473
$4,239
accrued.
payroll,
$162,813;
The Breakwater Co. and The Rivers & Harbors Co., book value $761,426.
commissions.
121,043 The Assets
Co. in 1912 placed $1,000,000 bonds of The Breakwater Co. and
Development reserves
2,000.000 5500,000
3-year notes of The Rivers & Harbors Co.,whose property (equipCapital stock-authorized and issued
installcontract
was
leased
ment)
to the Breakwater Co. On Jan. 1 1913 the Breakwater
$402.582;
1914,
1
Mortgage installments past due July
out of 286 outstanding mort- Co. was unable to meet its first maturity, but the Assets Co. purchased
ments past due. 342,454. On Sept. 1 1914,
115.
contracts,
outstanding
and
these
bonds
252
to advance funds and arrange loans until Nov.
of
continued
out
default;
in
were
gages held, 211
on the Assets Co.books ag- 1913. A receiver was apponted Dec. 26 1913. As the Assets Co., except
On Nov. 30 last the Bitter Root investment
27.000 for 3100,000 bonds re-purchased, was practically unsecured, and as the
assets.
Over
gross
total
the
of
one-third
or
$5,418,334,
gregated
substantial additional property would not at quick sale more than cover the libel claims and a
acres out of a total of 49,000 still remain unsold, and
to a point small percentage of the mortgage bonds, reorganization was left to a bondfinancing will probably be required to bring the development
property, it appears, holders committee, which worked out a highly satisfactory plan. EvenThe
expense.
operating
equal
will
income
where
the pres- tually we should recover a part of our investment. The reorganized comand
well
constructed
plant
is intrinsically valuable. the irrigation
A broad plan for the pany-the Coast & Lakes Contracting Corporation-reports encouraging
ent situation largely due to poor administration.
next
November.
ready
prospects, but several years will be necessary to realize on the common
be
should
property
the
of
disposition
ultimate
bonds and $492.000 of stock, which represents the bulk of our interest in original Breakwater Co.
The co. has still outstanding $1,076,000 of 1st M.
Aladdin Coal & Coke Co. and Armstrong County Coal Co., book value
$221.000.respectively,are
collateral trust notes, of which 31,063,000 and part
of the latter's invest- $275,001. Two bituminous coal properties on Penn. RR. near Pittsburgh.
major
held by others than the Assets Co., the
Whatever may be ultimately recently sold at a price which netted the Assets Co. in excess of 3160,000.
ment being represented by unsecured notes.
United States Worsted Co., $1,254,045, now represented by (face value):
bulk is effected, there Is no likelirealized from this asset, unless a sale in
First pref.7% cum. stock (July 1913 and subsequent divs. unpaid).5873.000
five to ten years.
hood of our receiving any substantial return under
in full.
Accrued diva. due July 1913 and subsequently on 1-3 of $821,700
Leonard Hillis note (book value, $25.000) paidbut
31,954
reduced to $127,450;
first pref. stock
Harry E. Hopper loan, originally for $200,000,
will eventually be paid. Secured by equities Sinking fund income certificates
is in default, but it is believed Minnesota
134
'
of corn. stock 362
pref.
a
by
shares
farm
Second
pref.
land,
2.000
shares
and
stock,
$158,106,
13,906
and
Iowa
of
amount
large
in a
297.166
American Timber Holding Co.
(par now $10). 3139.060
and 2,000 shares of common stock of North
U. S. Worsted Sales Co. stock under option to U. S. Worsted Co.
British Canadain Lumber Corp.
and by 2,000 shares of pref. stock of$300,000.
6% interest paid monthly
Acquired through a loan.
Monarch Lumber Co., book value
Sjostrom and S. H. Bailey, secured by $1,000 1st600 shs*
Columbia River near Portland, Ore. Litiga- Notes of Ivar
A large modern sawmill onrealization
pref. stock, $21,706 2d pref. stock, $18.730 corn. stock, &c_ $39,195
effected within the extension period.
and
adjusted,
be
may
tion
farm
real
and
in certain other shares of second pref. and common
estate
equities
covering
interest
Contingent
$84,100.
value
A.L. Ober loan,book
Dakota and notes and unsalable securities, stock, subject to litigation or other adjustment.
lands in Minnesota and North It
In
if
a
in which the Assets Realization Co. par1914
can
realized.
doubtful
Jan.
be
$20,000
reorganization,
is
dubious.
or
either worthless
ticipated. was effected. With sound management, a reasonable tariff and
Mr. Ober is without means.
bonds (total issue $400,000) and past-due proper financial assistance, it is hoped that the securities will increase in
San Jose Lumber Co.-5200,000
value, $133,400. Foreclosure in progress. value, but before any substantial holdings can be liquidated, a seasoned
note for $33,400. Book about
'70.000 acres of timber land (mahogany, earning record must be established. Realization cannot be expected within
Original report certified to
Mexico, with excellent shipping facilities. extension period.
Colima.
of
State
in
&c.)
oak,
are not worth mentioning; the property
facilities
shipping
&c., whereas the
U. S. Worsted Co. Balance Sheet July 3 1914 and Dec. 27 1913.
for grazing; what little merchantable timber
is practically valueless except
A suit for damages against the
transport.
to
impracticable
July 3 '14. Dec. 27'13
there is it is
July 3 '14. Dec. 27'13
is
in
it
is
and
pending
report
Michigan
original
$
estate of the maker of the
Assets$
$
that a slight amount may be realized. Real
9,700,000 9,700.000
stock_
Capital
estate,
pon.ible, although not probable,
1
5.121.336
Sk.fd. inc. ctf. 1,300,000 1,300.000
The bondholders' committee hopes that the property may be sold as
mach.. &c-19.547,498
agricultural land.
4,348,811 Bills payable.. 2,505,000 1,995,000
Good-will, &c.
186.498
Streator Motor Car Co. (bankrupt) notes, face, also&book, value $25,000. Investments_ _
234,436 Accts.pay.,&c. 758,620
sold to British Foreign Trust, Ltd.. Accts. & bills 246,511
for
Reserve
An additional $50,000 of the notes wasthe
15%
a
(and
further
350.000 notes
committee
While a dividend of 15% was paid on
950,216
1,026,6231
receivable__
10.095
expendit's_
may be forthcoming). The right of the Assets Co.to participate was denied Cash
149,435J
170,967
pending adjudication of a claim of usury.
3,414,076 2,454,538 Surplus
Inventories
Superior Burnt Ballast Co.-$24,000 notes, &c., book value, $30,000. Miscellaneous.
72,161
60,539
worthless.
Co. bankrupt: assets distributed among pref. creditors. Item
14,444,682 13,181,498
Swenson Land Co., an unsuccessful irrigation property in Reeves Co.,
Total
Total
14.444,682 13.181,498
Tex.; book value $276,388; total loss owing to an Inadequate water supply
•After deducting reserves. [Dec. 27 figures supplied by Ed.]
tract. ieractically all
but, by sale of the property to owners of an adjacent
the authorized corn.
decrease
to
voted
shareholders
the
1514
7
March
[On
claims have been adjusted, so that it is no longer a potential
the same to $5,(b) $71,000 stock from 57,000,000 to 3700,000 and then to increase
liability*
Wilbur Glen Voliva (a) note, book value, $18,325. paid in full;
treasury
and $4.000.000
the
in
held
be
to
stock
new
the
of
$300.000
000,000.
in 1917,$50,000in 1919.
bonds due serially March 1,31,000 in 1916,$20,000real
non-cum. 2d
7%
auth.
$4,000,000
the
estate in Zion City, to be issued only in exchange for
Secured by mortgages on improved and vacant
1st pref. 7% cum.
615);
p.
98.
(V.
purpose
that
for
when
presented
pref.
promptly.
met
being
are
Ill., and valuable adjacentfarm lands. Obligations
1044.1
p.
See
95.
V.
(7)
issued
to stock. auth., $6,000.000.
Blazier Timber Co. (insolvent) advances book value $42.611) made
The management advises that all bad or doubtful assets have been
interest
purchase $30,000 maturing First and General Lien Notes and to pay
were made written off and that the statement is very conservative.
due March 1 1913 and to purchase a $1,000 note. The advances
Pres. Andrew Adie has had broad experience in the woolen industry and
to save the Timber Co.. whose bonds the Assets Co.had sold,from default.
has surrounded himself with an excellent organization. "The mills are in
Mortgages being foreclosed. There is a conflict between the 1st M. first-class condition, a variety of improvements having been effected during
bondholders and the First and General Lien noteholders. and unless the Mr. Adie's administration. The management reports that orders are insecurity holders come to an agreement,the entire investment may be lost.
full or overtime; that a net operating
Chicago Herald Co.. 34.500 1st pref. and $22,500 2d pref. stock (received creasing; that the mills are running
was made during the six months
at reorganization for $45,000 defaulted 1st M. bonds). Book value. profit over all charges of about $171,000conditions
continue,asubstantially
present
if
that,
and
1914,
30
ended
June
$24,260, depends entirely on success of the new management.
second half of the year.'
the
during
expected
New South Farm & Home Co. of Florida bonds, book value $806.000. greater profit may be
into
Hardware & Woodenware Mfg. Co., book value 3216.484. Went
Special report May 23 showed now available 65.022 acres. largely waste
of hardland: valid outstanding contracts, 3586.140. payments on all but $375,679 receiver's hands Feb. 7 1908, and the nine plants for manufacture
1912.
13
Aug.
Co.
Realization
of which were on April 15 over six months in arrears. From Dec. 1 1912 to ware and toys were purchased by Assets
substantial.
May 1 1914 sold, transferred and reinstated 7,879 acres, but lapsed Estate has been largely liquidated. Book loss will bethe
Carnegie Trust
Morris Park Estates, book value $441.277. When
and refunded 13.092 acres, net loss 5,213 acres, while the net
Co. and Northern Bank failed, they held certain notes of Joseph G. Robin.
contracts decreased from $997.093 to $586,140 and bonds wereoutstanding
reduced
Co.
Development
Fidelity
of
stock
the
in
interest
a
by
controlling
secured
only $122,000. Recently three of the officers and two directors have
by
City, subject to a mortbeen indicted for fraudulent use of the malls. Foreclosure has been begun which owned the Morris Park Race Track, N. Y.Department
and certain
but the management has attacked the validity of the bonds as part of a gage of about $2,225,000. The State Banking
taxes and other
usurious transaction, and the Judge has so far refused to appoint a receiver. other Fidelity stockholders, after paying $413,856 of disbursed
by the
charges, contracted with Assets Co. to repay the $127,512
Prompt realization of any substantial amount is out of the question.
Co.
E. p. Rentz of Ocala, Fla., notes in default, book value, $55,000, *and Department, and to carry and sell the Morris Park property. Assets was
$250,000
that
except
advances,
Ocala
therefor)
RR.
Northern
all
sale
security
was
first
to
Co..
from
receive
back
$175,000 bonds,
(pledged as
Robin
book value, $25,000; total, $80,000. The notes were secured by (a) a mort- to be left on an equality with advances of contracting stockholders.
gage covering practically all of Rentz' property, subject to a prior mortgage tied up the plan for over a year, during which time the Assets Co. was
Robin
dated April 15 1909, to Augustus Peabody as trustee; (b) 3175,000 1st M. obliged to expend $319,500 for taxes, interest, &c. Settlement with
in
bonds of Ocala Northern RR. Co., a poorly built single track line, Ocala to was finally reached, and an extensively advertised auction sale resulted
and
cash
The
$1,560,401
notes
for
being
miles).
the
in
Estates
default,
the
Park
(45
by
bonds
disposal
Morris
Fla.
of
were
lots
the
2,931
McCoy,
Fort
Co.
Assets
the
the
all
Rentz
of
title,
notes
a
benefit
number of $2,012,439 of purchase-money mortgages. To deliver
bought in for $25,000 for the
which had been sold by the Assets Co. Foreclosure pending under the had to take up the underlying mortgage, and to do this a three-months'
railroad mortgage complicated by claims in connection with Peabody mort- loan of 31,200,000 was arranged with the purchase-money mortgages as
will
the
pay
legitimate claims collateral, the Assets Co. guaranteeing this loan. When the notes matured
gage. It is uncertain whether the collateral
on Oct. 24 1913. they were extended until Feb. 24 1914, and the amount
The railroad, however, has value.
under the Peabody mortgage.
Sold
out at 98%.
$54,000.
bonds,
book
increased to 31,500,000. Later, arrangements were made to pay the loan
Co.
value
Timber
Southern
by borrowing on the straight credit of the Morris Park Estates $1,200,000
Vinegar Bend Lumber Co.. $138,000 bonds, book value $93,000. Security, and
$325,000. respectively, secured by the mortgages as collateral. These
ft. of long-leaf yellow pine thereon in Ala. and Miss.;
land and 378.000.000miles
long; operating lumber plant. Original issue, loans run until Oct. 9 1916. or three months after maturity of the collateral.
lumber railroad 37retired
By this transaction the Assets Realization Co. was released from its
and interest paid to July 11913; about $20,000
$398_,000; $250,000
guaranty, thus eliminating about $1,500,000 of its contingent indebtedness.
due Jan. 1 1914 and 356,000 due July 1 1914 in default, remaining $62,000 No return, however,
can be expected from this investment for two years,
fall due Jan. 1 1915. Eventual payment expected. 310.000 paid to trustee and probably
no complete returns for 3 to 4 years. Of the $49,000 interest
1914.
19
Aug.
account
on
due
31
the
July
on
all but $435 has been yield, and out of 1.350
mortgages,
and
account
restock
ordinary
Ltd.,
r66.666
Trust,
Foreign
British &
in small lots mortgages only 9 are in default, and probably 3 of these will soon be paid.
ceivable of $23,533, book value $423,533. Price of stock
was appointed. $74,377 has been collected
Since
the
committee
and
creditors'
1914.
1913
6%.
1912.
Dividends:
120.
1911,
5%;
to
115
war,
prior to
maturity 234 in advance on the principal of 174 mortgages. Direct sales of real estate in
Chicago Mortgages.-About 100 small mortgages, average
book value $85,679. Payments made past eight months, $61,860; still unsold, 73 lots of an estimated sales value
years (several subject to prior liens),
of 3123.225. The Estates has on hand a great number of law-suits connecpromptly; ultimate loss should be small.
with the advertising of the auction sale, Messrs. Day and Davies, who
Bayside (N. Y.) property, book value 842,133. Low-class development ted
conducted the sale, claiming that they were authorized to spend about
originally about 460 lots. Sale has just been arranged for the 300 lots $100,000
more than was stipulated in the original contract.
cash.
$20,000
remaining at about
substantial recovery should result, but the net return will fall far short
Chicago Real Estate-50 parcels of odds and ends, book value 370,786, of A
book
its
value last November.
value.
actual
of
excels
in
far
generally
F. A. Heinze Loan, book value $12,750. Paid in full in the adjustment
of $30,000,000
Chicago Elevated Railways Participation in underwriting
fell due July 1 1914 and of the Heinz° litigation.
3-year notes, book value $53,420. These notesof
Kenwood Contracting Co. (bankrupt), book value $87,719. Was engaged
debentures Chicago Elev. Rya,the
we then received 516,900 10-year 6%
1915 in transporting refuse. By a settlement effected April 22 1914, it is hoped
remaining securities being held by syndicate managers until Sept.
recover In 18 mos. to 2 years about two-thirds of original book value.
to
in
Chic.
situation
traction
of
on
outcome
depends
Value
1992).
(V. 98, p.
1298
THE CHRONICLE
[VOL. xc
R. W. Mann Notes, book value $26,750. Taken in connection with sale
of General Railway Equipment Co. assets to Hall Switch & Signal Co. Central Kentucky Natural Gas Co., Inc., Lexington, Ky
Assumed by John W. McKinnon.
Pres. Joseph Seep, Lexington,Ky.,Sept.8 wrote in subst:
.Simms Magneto Co., East Orange, N. J., book value $294.127. Company
The annual meeting is now held on the second Tuesday of Sept. instead
manufactures the Simms magneto and other automobile accessories. Plant
of
in Oct. as heretofore. During the 11 months since the last meeting, our
at East Orange, N. J., admirably equipped for light manufacturing. In
June 1912 all of the pref. and a control of the common stock was purchased business has proceeded satisfactorily. No extensive line additions have
been
made, nor have any wells been drilled, as the gas supply from West
which
the
Assets
Co.
syndicate
in
by a
participated. The latter now owns
1.000 shares of pref. and 1,547.40 shares of common stock. The business Virginia, supplemented by gas derived from producing wells in our Menifee
had shown substantial losses up to Aug. 1913, when R. C. Anderson was field, has been ample. There are now 7,423 meters on our plants, a gain of
made Pres. and Gen. Mgr., but for first six months of this year the profits 310 in 11 months;in addition, the companies which your company supplies
were about $53,000. Business developing rapidly and unless affected by with gas at wholesale have about 1,000 meters set. This healthy growth
is especially pleasing because of our decision to carry the mains over the
bad general conditions, this investment should work out satisfactorily.
mountains to West Virginia was based on the anticipation of a considerable
Dec.21'13 June30'14
Dec.21'13 June30'14 increase in consumption. We still have line capacity in excess of
demands.
Assets$
Liabilities$
$
At the last annual meeting we were of the opinion that your company
Cash
11,915
21.806 Preferred stock.. 500,000 500,000 might
be in position to resume the payment of dividends in April 1914[stated
Accts. receivable 20,081
70.511 Common stock_ 1,100,000 1,100,000 as
5% in 1908, 2)4% in 1909.5% in 1910,234% in 1911. but none since.Notes receivable 11,420
8,305 Capital& surplus 44,608
45,192 Ed.), but further reflection convinced us that all resources should be conInventory
129.356 131,856 Notes pay. bank 12,500
25,000 served for the purpose of paying off as much as possible of the bonded debt
Plant & equip't_ 411.447 427,834 Accts. payable__
19,699
33,120 of $600,000 [1st M. 10-year 6:31. maturing Nov. 1 1915. We have been
Def. chgs. to inc.
1,429
1,030 Wages &all other
assured by the holders of a majority of the lponds that they will refund their
Patents, licenses
accrued chges.
8,840
4,800 holdings without cost to us, provided this policy is carried out. After Nov.
and goodwill_1.100,000 1,100,000 Profit and loss_
53,229 1 1915, when a substantial part of the bonded debt will be paid off and the
balance provided for by serial bonds requiring only a moderate payment
Total
1.685,648 1.761,342
Total
1.685,648 1,761.341 annually,for say ten years,it is safe to assume that dividends may be shortly
Simms Magneto Co.on Dec. 11 held claims for advances made on account resumed at a fair rate and upon a permanent basis.
of $191,183 subscriptions to the original underwriting syndicate, secured by
Your Treasurer will in January next furnish a financial statement as of
1,950 shares of the prof. and 3.017 shares of common stock; 841,915 of these Dec. 31 covering the business of 1914. [For cal. year 1913 gross earnings
have since been repaid and 500 shares of pref. and 773.70 shares of common were $291,766: net after taxes and depreciation,$55,600; bond int.,$36,000:
stock surrendered.
bal., surplus, 319,600. Capital stock, $1,500,000 in $25 shares.-Ed.j
Grand Valley Fruit & Water Co. 823,000 Loan, book value $23,001. Was
engaged in selling land under an irrigation project, never completed; still
St. Louis Rocky Mountain & Pacific Co.
owes State of Utah about 825,000 for lands. Negotiations pending for sale
to outside capital with part payment of the Assets Company's claim.
Annual Report-Year ended June 30 1914.)
(Seventh
Magnesia Products Co., Ltd.. book value $140,988, representing 85%
interest in $110,000 bonds and $100,000 pref. stock and
Pres. J. van Houten,Raton, N.M.,Sept. 15, wrote in sub:
$50,000 cash.
Organized as Stonage Plaster Co. to use an alleged secret process. To help
Results.-The gross earnings were $2,457,178, [showing an increase of
pay a decree ot $41,000, Assets Co. advanced $23.000. A maze of
$217,6941 net earnings, $823,517. After deducting fixed charges, reserves
followed. Reorganized as Magnesia Products Co. of Newark, N.litigation
auth. for depreciation, &c., there is a net income for the year of $229,180.
capital $750,000, bonds $150,000, the Assets Co.'s total investmentJ.,
reaching
Reduction of Liabilities.-The company paid to the sinking fund April 1
about $100,000. Finally Magnesia Products, Ltd., of Canada, controlling
Canadian Magnesite Co., Ltd., purchased the Newark property, the owners 1914 3c. per ton on all coal mined during the preceding year, with which
the
trustee purchased and retired $47,000 bonds, Two-thirds of this
of the Magnesia Products Co.ofNewark to receive: Cash.$50,000 ($16,000
already paid); bonds, $110.000 (of these $43,000 deposited to secure con- amount was voluntarily paid in, as the mortgage requires the payment of
only lc. per ton of coal mined.
tract); and pref. stock. $100,000. Assets Co. Is entitled to receive
about
Improvements and Betterments.-The disbursements during the year for
85% of the net amounts received from the sale. Plant not yet
operating; improvements, betterments additions. equipment. &c., at all the mines
purchaser apparently without funds. Recovery probably limited
to
[foreaggregated
$109,886, of which $55,710 went for electrical equipment and
closure] sale of Newark property.
United States Metal Products Co. $150,000 Note, book value $160,009, and power plants.
Sale of Railway-Change in Mortgage.-The bondholders have been
claim (Arlington Hotel Co.). $110,000; total, $270,009. The
first-named advised by circular of the plan of the directors (a) to sell the property of the
Is undergoing reorganization. [Successor company is U. S. Metal
Products St. Louis Rocky Mountain & Pacific By, to Atch. Topeka & Santa Fe By.
Co.-Ed.] The new management reports a gratifying improvement
in Co. for $3,000,000 Atchison 4% 1st M. gold bonds (a first lien on the
affairs, and it now seems possible that the claim, representing an unquesproperty sold), and $50,000 in cash; and (b) to amend the gold mortgage
tioned investment, may be eventually paid (V.99, p. 124, 193,275,834)•
The Metal Products Co. desired to furnish the interior metal, trim, &c., of July 1 1905 in a manner to enable the sale, to increase the annual slaking
of the new Arlington Hotel at Washington, D. C.. and for its account the fund payment to 3c. per ton of coal mined instead of lc., and also to terminate the authority to issue additional bonds for extensions or betterments
Assets Co. subscribed for $100,000 pref. stock of the Hotel
Metal of the railway (V. 97, p. 366, 445, 1824).
Products Co. agreeing to pay therefor within two years withCo.the
interest and a
Up to date holders of 92% of all bonds have consented, and practically
profit of $25,000. The Hotel Co.failed and a reorganization eliminated
the all of the holders of the remaining bonds are expected to do so in the near
interest acquired. As$85,000 in cash was actually advanced.the Assets Co.
future,
so that we can expect an early consummation of the plan.
claims right to recovery, but this right is disputed, since
the Metal Products
Electric Power.-Your board has contracted with The Trinidad Electric
Co. was controlled by the Assets Co.and the architects' specifications
called Transmission, Railway & Gas Co. for all of the power used at your mines
for no such metal work.
Universal Electric Welding Co. Notes. $21,001 [nearly all, it is under- at a figure, which will not only enable us to make some saving in operating
cost, but will also diminish the cost of opening new minesfrom time to time,
stood, paid off-Ed.]. Assets Co. also owns $47.500 of the
common stock, as it will do away with the necessity of building individual power plants.
which is carried on books at $1. The Welding Co. owns electric
welding
Your company has an option on the power ilnes for a number of years in
patents and a number of valuable royalty contracts.
its own central power plant.
Fifth Avenue Investing & Improvement Co., book balue $349,569, re:pre- case it should wish to eventually build
Dividends.-The regular 5% for the year was paid on the pref. stock and
sented by 3400,000 6% corn. stock of the $750,000 capital stock. Sole
common stock (V. 98, p• 305)•
substantial asset was the equity in 303 Fifth Avenue Building, N. Y. City. 1% was paid on the
Outlook.-The condition of our properties is satisfactory in every way.
A second mtge. of $150,000 fell due Jan. 7 1914 and a first mtge. of $1.The market for coal in the southwestern portion of the United States
300,000 on April 11914. A brief extension was obtained and a trade com- showed
some improvement,and for coke a substantial increase over previous
pleted on Jan. 21 1914 whereby the 303 Fifth Avenue Corporation ex- year, but
there was almost a complete suspension of shipments to smelters,
changed its equity for $45,000 in cash (already paid) and for the Philipse railroad and
other customers in Mexico on account of the war and unsettled
Manor real estate development, located just above Tarrytown on the conditions in that country.
Hudson River. Partly subject to mortgage, but over half free and clear
except for a small mortgage securing a contingent agreement to make cerINCOME ACCOUNT FOR YEARS ENDING JUNE 30.
tain improvements in 303 Fifth Avenue Building. If pending negotiations
1912-13.
1911-12.
1913-14.
1910-11.
for a sale of the Philips° Manor property are successful,further realization Coal mined (tons)
(7)
1,326,521
1,167,985
1,257.052
of the Assets Co.'s investment may be worked out gradually.
153,510
Coke produced (tons)
(?)
69,655
103.327
Lafayette Trust CO. (in liquidation), book value $148,413, representing Coal & coke sales rev.
claims of depositors. Previous payments, 55%; last, 5% in Aug. 1913.
from transport'n, &c_
$2,141,913 $1,812,573 $2,010.115
Remaining assets: real estate, litigated assessments upon the stock and an Cost,expenses and taxes $2,276,868
1,621.999
1,633,661
1,304,819
1,382,125
interest in Jenkins mortgage of $300,000. Realization very slow. Will
probably fall far short of boom value.
$627,990
Net earnings
$519,914
$643,207
$507.754
Placita Ranch
$25.000 1st 6s. due 1913-1914, book value Other income
180,310
97.571
98,335
88,508
Co.. was exchanged "for what practically amounts to an
$25,088. Last spring
interest in the equity behind the $250,000 first mortgage on the Pattington
Total net income
$823,517
$617,485
$606,089
$716,498
Apartment House in Chicago." Property appraised at $550,000. Net Interest charges
} $486,894
$385,956
$388,368( $372,168
income reported as $50,000 Per annum. During next three years this in- Other deductions
14,952
vestment should be fully realized.
for depreciaCity Investing Co., 500 shares of common stock, book value $27,131, sold Reserved
tion
and
renewals_
_
107,443
113,294
101,700
101,912
out Jan. 27 1914 at $20 per share.
50,000
50,000
Guardian Trust Co. of N. Y. (in liquidation), 630 shares of stock, book Prof. dividends(5%L.-100,000
value $31,633: 50% dividends received March 3 1913; time and amounts Common dividends(1%)
of future dividends uncertain.
Surplus
379.180
368.235
$116.021
$227,466
National Steel & Bronze Corporation, $398,300 common stock, book value
$23,560. Assets almost entirely 38,336 shares of common stock of U. S.
CONSOLIDATED BALANCE SHEET JUNE 30.
Metal Products Co. (now under reorganization). Overdue obligations
1914.
1913.
1914.
exceed resources. Stock worthless.
1913.
Assets$
$
Liabilities-National Bank of North America (in liquidation), 1,291 shares of stock,
St.L.R.M.&P.Co.
book value $51,640. In Nov. 1913 1,000 shares went to settle certain liti- Property & equipment
.12,285,762a19.448,630
Common stoek_10,000,000 10,000,000
gation, leaving 291 shares. Dividend of 20% already paid; further diviInvest. in sub. cos. 301,782
320,877
Preferred stock_ 1,000,000 1,000,000
dends expected, but time and amount largely dependent on litigation.
First M. bonds- 7,559,000 7,606,000
Hall Mortgages (in default), Saybrook Apartment House, Pittsburgh, Invest. in & adv.
to St. L. R. Mt.
Accts.&wages pay. 160,530
book value $225,000. No reasonable probability of liquidating this asset
153,159
& Pac. fly
a7,234,201
a
Notes payable_
satisfactorily in extension period.
10,000
413,810
389,560 Accrued int., &c._ 190,425
Kings Highway and 22cl Avenue Undeveloped Property, Brooklyn, book Cash
190,900
12,529
value $199,301, sold out July 24 1914 for $128,250 net; $10,000 down, Accts. receivable_ 242,579 . 245,088 Pref,stock dim_
12,561
Coal and coke on
Sundry accounts_
23,483
$18.250 Sept. 21; balance represented by 3-year 5% $100.000 mortgage.
8,237
hand
11,543
11,449 Reserved for depr_ 535,583
New York Office Real Estate, book value $168,093. Chiefly odds and
561,549
13,201
9,532 Surplus
ends, in part almost unsalable, and many deteriorating rapidly. Will yield Sundry accounts
1,045,650
969,471
Mater.& supplies.
24,322
86,742
not over 60% of book value.
United Copper Co. Syndicate, book value $525.000. Represented by a
Total
20,527,200 20,511,878
Total
20,527,200 20,511,878
$500.000 interest in United Copper Co. (reorganization) Syndicate, and a
$25.000 participation in loan of 31,000,000 made to United Copper -a The St. Louis Rocky Mountain & Pacific fly. Co. is being operated by
Co. in 1911. Assets Co. also guaranteed participation in further $475,000
of said loan. On July 27 last part of the collateral was sold at a price the Atchison Topeka & Santa Fe Ry, under an option to purchase prior
sufficient to liquidate the participations guaranteed and to leave some to July 1 1915,the consideration being *3,000,0004% bonds of A. T.& S. F.
surplus against the interest in the note; proceeds now held by the loan Co., payable as of Aug. 1 1913; also a cash payment of $50,000 for materials
trustees pending settlement of certain legal questions as to distribution. and supplies on hand Aug. 1 1913.-V.98, p. 305.
Legal situation of the syndicate still greatly involved and much time must
elapse before realization can be reasonably expected.
Art Metal Construction Co., book value $237,049, representing a particiGENERAL INVESTMENT NEWS.
pation of $310,000 in a syndicate formed in 1912 to acquire the majority
stock of the Art Metal Construction Co. Assets Co. received Oct. 7 1913
7,607 shares (par value $25) at $31.1325 per share, or $236,829. plus $220.
RAILROADS, INCLUDING ELECTRIC ROADS.
Long a prosperous concern, manufacturing metal furniture and equipment
at Jamestown, N. Y. Proposed merger with U. S. Metal Products Co. as
Alabama & Vicksburg Ry.-Earnings.-For year:
National Steel & Bronze Corporation fell of its own weight. Business is June 30
Operating
Net
Interest and Dividends
Balance,
suffering from the general depression and poor management, but an execuYearRevenues.
Income.
Rentals.
(7%).
Surplus.
tive reorganization is in process, and the enterprise, being fundamentally 1913-14-$1.830,544
3327,489
$128,171
$147,000
*52,318
market
normal
its
last
above
sell
well
eventually
sound, the stock should
_ _ 1,861,937
482,659
127,604
117,000
208,055
price before the war, which was about 84%•
-V.
1912-1397, p. 1499.
Ashley & Bailey Co. (silk manufacturers, in liquidation), book value
Atchison Topeka & Santa Fe Ry.-Decision.-The
$6,934. Liquidation practically closed. Assets Co. has received profit to
date of $60,190 in cash, and holds a 30% interest in *33,000 purchase- U. S. Supreme Court on
Monday dismissed for want of
money mtges. A further div. should be declared within the next 90 days.
State Mutual Building & Loan Association (in liquidation), book value jurisdiction the appeal of Oklahoma State and county offi315.039. The receivers have paid dividends of 65%, re-paying the Assets cials from the decision of the U. S.
Circuit Court of Appeals,
Co. its investment of $147,043 in the stock purchased by it [$303,399 of an
issue of $1,031,000]. together with a profit of $50,391. Another dividend holding that the tax sought to be imposed on the company
and
final
diviof about $30,000 is expected this month, and a further small
just after the State was admitted to the Union was void bedend within six months. Assets real estate and real estate mortgages.
See annual report and bal. sheet for 1913 in V.98 p. 996-V.99 p.971. cause the levies for 1909 and 1908 were mingled.
OCT. 31 19144
THE CHRONICLE
total State taxes levied
The taxes involved were about one-half of the
advent of Statehood. The
for the 19 months immediately following the
Cotteral
held that about
Judge
courts.
to
appealed
the
Federal
company
one-half of the taxes should be paid. Both sides were dissatisfied with the
decision. The U. S. Circuit Court of Appeals dismissed the appeals and
affirmed the decision of the lower Court. The State carried its appeal further to the Supreme Court, which, it is stated, dismissed it on the theory
that the decision of the Circuit Court of Appeals was final and there could
be no appeal therefrom.-V.99, p. 1062. 1045.
Atlantic Coast Line RR.-Acquisition.-Secretary H.L.
said:
Borden, N. Y., Oct.26 1914, in replying to our inquiry,public
On Oct. 5 the portion of the Florida Central in Florida was sold at
auction and purchased by the Atlantic Land & Impt. Co. for $100,000; sale
confirmed Oct. 6. On Oct.6 the portion in Georgia,together with two locomotives, one coach and some small personal property, was sold at public
auction and purcaased by a Mr. Wade for $22,000 (sale confirmed).
The Atlantic Coast Line RR.Co. has purchased from the Atlantic Land &
Impt. Co. the part in Florida and will operate it as a branch of a line running
from Thomasville to Monticello. See V. 99, p. 1051.
1299
until the stock is freed from the lien of the mortgage-that is, until after
foreclosure. Such action can be brought only by the Chicago Rock Island
& Pacific Ry. Co.. or a stockholder of that company.
Nothing can be more baseless and inconsistent than the charge that your
committee is acting in the interest of the old management, since the sale
under the foreclosure will render valueless all the stocks of the holding
companies and turn over to the present bondholders complying with the
plan, stock of the operating company. Upon the consummation of the
plan, the depositing bondholders, as the owners of stock of the operating
company, will be entitled to exercise every right that accompanies the
ownership of the stock. The trustee has announced that if there be no
undue delay in the foreclosure proceedings, the annual meeting of the
operating company will be adjourned until after the distribution of the
stock. It will then be for the stockholders to decide what to do. The
committee is simply endeavoring to make stockholders out of present bondholders, thus putting the stock in the position it was before the holding
companies were formed.
The pledged stock has been advertised for sale on Nov. 24 1914. If
deposits are not sufficient to warrant the committee in bidding at said sale
or to purchase the pledged stock, there is grave danger that the stock will
not sell for enough to provide for more than a small cash div. on the bonds.
Boston & Maine RR.-New Directors.-At the adjourned
Mr. Amster's Further Protest.-N. L. Amster of Boston
annual meeting it was decided to decrease the board from has again appealed
to the bondholders (see V. 99, p. 1214,
under
the
or
trustees
liquidators
decree
in
the
the
5
14,
to
18
1129, 894, 815) in a statement shown in our advertising
Government suit being elected to the board.
department, saying in brief:
Directors.-Marcus P. Knowlton, James L. Doherty, Henry V.
Neu
the stock exchanges of the world are closed and sales or purchases
Day and Charles P. Hall (4 of the 5 trustees), Charles Sumner Cook of of the smallest quantity of securities is strenuously
discouraged by the
Portland. Me., and Edwin G. Eastman of Exeter, N. H.
Stock Exchange,and even
banks themselves, our own trustee (which
Old Directors Re-elected.-James H. Hustis, Frederic C. Dumaine,Samuel is also the depositary of thethe
endeavoring
Wallace
Committee),
to force
is
Charles
W.
Bosworth,
Prendergast,
James
D. Upham a sale of 713,000 shares
Carr. James M.
of the old Rock Island stock of the par value of
and George H. Prouty and Frank P. Carpenter (are of the 5 trustees).
$71.300.000 and insists that it shall be sold in one block and without any
Old Directors Who Retired.-Richard Olney, Alvah W. Sulloway, Lucius melEilcoefi coTih
aze
rar13,0
nd
0
(
s
)
,saha
ncles
aro
efwsotock aanrAi w
gUgteyafour
thoeuisilgrisneC
Tuttle, Edwin Farnsham Greene and Alexander Cochrane.-V. 99. p.
ce
1213, 1129.
value of the bonds if sold under the right conditions.
Unless bondholders deposit their bonds with the Wallace Committee,
Boston & Worcester Street Ry.-Earnings.Gross
Net
Int. & PfDiv. Balance. there will be no sale on Nov. 24 and that committee will then be obliged
3 Mos. ending
Earnings. Earnings. Taxes. (1%%).Surplus. to do what we have repeatedly demanded, namely direct the trustee to
Sept. 30$243,210 $117,239 $44,407 $5,958 $66,874 buy the stock for the equal benefit of all bondholders and to distribute
1914
235,787
94,749
43,886
5,958
44,905 It forthwith pro rata among all bondholders. That requires no com1913
mittee and no money beyond the bare expense of the trustee. Nor would
-V.99. p. 891. 815.
it involve (as does the
plan) permitting any one to pledge
Buffalo & Susquehanna Ry.-Operation.-The receiver our stock or to buy such Committee's
stock as would represent the undeposited bonds.
am advised that no court will cut off our rights and that no sale will
is asking permission to extend the period of operation to Dec.1. Ieventually
be confirmed that is held under the conditions now sought to
The "Coal Trade Journal" says: "Conferences are being held by officials be imposed upon us.
The deposit agreement binds you forever if you once deposit under it.
at Washington and Albany regarding the proposal of the South Buffalo
Lackawanna
by
the
Steel
Co.-Ed.] to buy the B. & S. The If you have already deposited under tee old agreement of Feb. 26, withBy.[owned
purchase is likely to go through, if the South Buffalo By. is declared an draw your bonds immediately before your
right to do so expires. I am
actual railroad, within the definition of the Inter-State Commerce Com- informed that a number of bondholders have already withdrawn. Among
mission. See V. 99, p. 1129, 969.
them one of our large institutions owning $650.000 of these bonds refused
California Street Cable RR., San Francisco.-Appli- to subscribe to the committee's new agreement.-V. 99. p. 1214, 1129.
Chiriqui RR.-New Railway in Panama.-This3-footcation.-The company has applied to the Cal. RR. Commission for authority to issue $384,000 of serial bonds, to mature gauge railway,which is being financed by the Republic of
annually, the first block on Jan. 1 1916, and to sell the same Panama, already has 10 miles graded and is expected to
be one-third finished by Dec. 31 1914,
at not less than 90.
R. W. Hebard &
Inc. of Panama and 16 Exchange Pl., New York,
The proceeds will be used to refund $900,000 5% bonds,due Jan. 1 1915. who
have contractedCo.,
to build the road for $32,000 p. m. are required to
The difference between the amount secured from the sale of the new bonds complete
the
same
as
a
single
be
made
up
by
-track line by May 1916. The road is prowill
money
in
bonds
the
sinking
fund.
outstanding
and the
jected to extend from Pedregal, on the Pacific Coast, to David, with two
-V.84, p. 101.
branches, one of 20 miles to La Concepcion, and another of 33 miles to
La Boquette. the latter branch to reach an elevation of 4.000 ft. and tapCarolina Power &.Light Co.-Earnings.ping one of the richest coffee regions of Central America. Purchases are
(Including the Yadkin River Power and Asheville Power & Light Co.]
Total
Net
Preferred
Balance, in charge of J. M. Motley, Vice-President of R. W. Hebard & Co., Inc,
Gross
Sept. 30
Earnings.
Interest.
16
Exchange Place, N. Y.
Dividends.
Surplus.
Earnings.
Year3.389,119
$589,899
$84,122
3116,658
$1,245,939
1914
Cincinnati Hamilton & Dayton Ry.-Foreclosure Suit.
517.263
356.059
79.590
81.614
1,071,402
1913
During the year 1913-14 the company increased the total number of their -The Central Trust Co. of N. Y., as trustee, on Oct. 28
electric customers from 8,164 to 9,604. an increase equal to 18%. and the filed a suit in the U. S. District
Court at Cincinnati, 0., to
number of their gas customers from 4,122 to 4,484, an increase equal to 9%.
foreclose the Indiana Decatur & Western RR. mortgage of
-V. 99. p. 815.
Chicago & Eastern Illinois RR.-Deposits.-The committee of holders of Chicago & Indiana Coal Railway Co.
1st M.5% bonds, James B. Mabon, Chairman, gives formal
notice by advertisement on another page that after Dec. 1
next no further deposits of bonds will be accepted without
the special action of the committee and on such terms as it
decides to impose. There have been deposited $2,872,000
bonds out of $4,626,000.
1895, under which $3,162,000 4% bonds have been issued,
of which $933,000 were guaranteed, prin. and int., by the
C. H. & D., the coupons due July 1 being in default.
Default on Equipment Trusts.-The company has defaulted,in the payment of the semi-annual installment of
$54,000 due Oct. 1 on the Kleybolte Equipment Trust.
The following protective committee to represent the
certificates has been formed:
Wilmer Palmer, President Wilmington (Del.) Savings Society; 0. F.
Reinhard, President South Bethlehem (Pa.) Nat. Bank, and Rudolph
Kleybolte of R. Kleybolte & Co., New York. Spooner & Cotton are attorneys for the committee, and Bankers Trust Co. will be the depositary if
deposits are called.
The default will become complete on expiration Nov. 1 of30 days'of grace
allowed by indenture under which they were issued. One interested in the
Chicago Indianapolis & St. Louis Ry.-New Officer.- matter says: "I cannot conceive of default, or its possibility, with equipFred. Zimmerman, General Freight Agent of the Lake Shore ment originally worth $1,000,000,notwithstanding the depreciation through
The collateral represented by the equipment is in itself sufficient.
& Michigan Southern Ry., has been elected Vice-President use.
The committee has had no meeting as yet, and it is thought probable that
of the company in charge of traffic with offices at Chicago. nothing will be done until the period of grace expires."
Under an arrangement with the Pero Marquette RR.,about five-eighths
-V. 99, p. 1048, 969.
of the equipment on which these certificates are secured was turned over
years ago to the Pere Marquette, the latter agreeing to pay its proportion
Chicago Rock Island & Pacific RR.-Deposits With of
the principal and interest. In April last the Pere Marquette failed to
Wallace Committee.-The net deposits .of collateral trust meet
the semi-annual installment of 334,372 due on its share of the jorincipal
bonds with the Central Trust Co., under the agreement of and its share of the interest. This was, however, paid by the C.11. & D.,
together
with the latter's smaller share, but on Oct. 1 the C. H.& D. made
the Wallace committee, aggregated to Oct. 30 $32,382,000; no payment
either as to principal or interest on the certificates. Under
add some $7,000,000 deposited in Holland; total under the plan of the Pere Marquette for making deferred payments to gradually
reduce
the
amount
in default on its equipment trust certificates (V. 99,
committee's control $39,382,000 out of 371,353,500.
p. 593) the $34,372 due as its share of the principal last April will,it is said,
The New York Stock Exchange has listed the Central Trust Co. certifi- be paid in December. This
would go to the C. H. & D. to reimburse it
cates of deposit for collateral trust bonds.
for payment of that amount in April. The proportion of the Pere MarSummary of Statement by Wallace Committee in Circular of Oct. 26. quette of the April interest was repaid to the other road in July. The Pere
The sole object of your committee is to secure the actual delivery to you Marquette plan provided for the payment of interest due Oct. 1 on its
at the earliest practicable moment of the stock in the operating company part of the certificates, and the funds to cover were deposited with the Columbia Trust Co. The default of the C. II. & D. in making the interest
now held as collateral to your bonds.
No title can be obtained to the stock pledged except through a sale, as payment on its part, however, complicated the situation, and no interest
is true of any other collateral pledged to secure a loan. Individual bond- at all was paid on the certificates, which are all alike. Under the plan the
holders, therefore, cannot merely exchange bonds for stock as has been Pero Marquette's portion of the October maturity was to be paid next
suggested. The Court. in ordering the decree of foreclosure and sale, said: June.-V. 99, p. 1130, 1051.
"In present financial conditions it is inadvisable to place an upset price
City Light & Traction Co.(Gas, Electricity, Traction
upon the property. Such a course might be thought to involve a moral
commitment on the part of the court to confirm the sale if the upset price and Ice), Sedalia, Mo.-Notes.-The company, controlled
were bid, and,at this time,even if one had the aid of those bast informed as by Cities Service
Co., recently offered in Sedalia, at par and
to financial conditions, the fixing of an upset price would probably amount
int., $25,000 (total auth. issue) Secured One-Year 6% Couto a mere guess.
"To sell at this time otherwise than in one block or parcel seems imprac- pon Gold Notes of $100 each,
issued for improvements.
ticable and might well lead to harmful delay and confusion,and,as itseems
to me, might merely postpone the problem for possibly a considerable Dated Oct. 1 1914, due Oct. 1 1915. Int. Q.-J. in Sedalia.
period."
Security, $50,000 of company's first mortgage bonds.
In paid public advertisements it has been suggested that the trustee
Capitalizationpurchase the pledged stock for all of the bondholders. This is legally an
Authoiized. Outstanding.
impossiblility. The trust agreement contains no such authority, and Pref. stock (cum. 1% first year,increasing 1% each
year until 5% is reached, the requirements havneither the trustee nor any one else has the power or authority to buy
ing been met)
,stock for the account of any bondholder not specifically authorizing such
$500,009
$400,000
purchase. If the stock is purchased for the bonds,its sale in good times Common stock
1,030.000
1,000.000
or in bad times or the price which it brings is immaterial because the bond- First mtge. sinking fund gold bonds of 1952
2,500,000
670,000
The bonds are a first lien on a modern plant,including coal gas generating
holders will obtain the stock.
It need hardly be stated that this committee has no intention to use any apparatus, capacity 180,000 cu ft. per day, gas holder capacity 191,000
of the powers conferred by the bondholders' agreement, except so far as Cu. ft. and 21.18 miles of mains; steam-driven turbine electric generating
'
capacity 1,150 k. w., 33 miles of pole lines; street railway, 8.3
may be necessary in order to bring about the object sought for, namely, apparatus,
the distribution to depositing bondholders of stock of the operating Com- miles, operating six street cars; total equipment, 25 cars; ice-manufacturing
pany. The powers granted do not in any respect exceed the powers usually plant, capacity 50 tons of ice per day. There are 1,579 gas and 2.146 electric meters in use. Franchises satisfactory; no burdensome restrictions.
conferred under similar circumstances.
Neither your committee nor any bondholder has any legal status to bring Gas franchise extends to 1926, electric and street railway franchises to 1940.
any suits against the old management for restitution. This cannot be done Relations with city harmonious.
Definite arrangements, it is stated, have been made for the deposit of
an additional $325,000, thus assuring the deposit with the committee of
at least 70% of the entire issue. The committee has completed its preliminary investigation of the rights and interests of the bondholders and
is arranging to take definite stejos on behalf of bonds deposited under its
agreement of July 30 (compare V. 99, p. 195, 269).-V. 99, p. 1213. 966.
1300
THE CHRONICLE
IVOL. xc xx.
Earnings-Year end. Aug.31'13 Nov.30'13 Feb.28'14 May31'14 Aug.31'14
Louisville Henderson & St. Louis Ry.-Earnings.8199,103 $210.449 $218,847 $226,157 $228,965
Gross earnings
Net (after Other
Gross
Interest,
Balance,
$61.692 $63.432 $64.042 $66.560
358.688
Taxes. Income. Rents, &c. Sur. or Def.
Net earnings
Year. June 30- Earnings.
Net available for int. an this issue, after deducting bond, &c., int_ _$29,967 1913-14
51,371,798 $311,352 $2,369 $231,946 sur.$81,775
(Census
aver
27%
about
17,822
Increase,
Sedalia,
1910);
of
Population
1,231,483
161,837
2,812
191243
239,084 def. 74,435
1890: at present. estimated, 20.000. Five banks and one trust company, -V. 97, p. 1500.
combined capitalization $560.000; deposits, 33,000,000.-V. 95, p. 1683.
Cleveland (0.) Rapid Transit Co.-Mortgage.-A mortgage has been filed to the Central Trust Co. of N. Y., as
trustee, to secure not over $50,000,000 bonds. These bonds
are to be issuable in connection with the construction and
equipment of the proposed subway and rapid transit system
in Cleveland,provided the necessary changes in the company's
franchise can be obtained. See V. 99, p. 1051.
Coal & Coke Ry.-Report.-For year ending June 30:
Other Interest &
Net
Net
Gross
Fiscal
Taxes.
Earnings. Ry. Dept. CoalDept. Income.
Year$1.256,943 $369,745 $95,022 $3.335 $378.313
1913-14
441,083 101,844 27,482
353,994
1,247,869
1912-13
-v.97, p. 883.
Balance,
Surplus.
339,788
216,415
National Railways of Mexico.-Proposed "Mexicanization"-The administration of the road, which is now known
in Mexico as the Constitutionalist Railways of Mexico, has
been practically turned over by the Government to the new
management. The complete "Mexicanization" of the property through the purchase of stock held by foreigners is,
it is stated, proposed by the Constitutionalist Government.
The plan was first suggested at a meeting of employees held in Mexico
City on Oct. 17. It was proposed that all members of the Union of Railway Employees contribute one day's wages each month to a fund which
will be used to purchase the stock of foreigners. It was proposed to obtain additions from other sources and to put the plan in effect at the earliest
possible time. A commission was appointed to study and report on
all phases of the matter.
New Directors.-J. J. Hanauer and H. H. Wehrhane have
Delaware Lackawanna & Western RR.-Business.been elected members of the New York board, to succeed
President Truesdale says:
Our passenger business has fallen off somewhat from a year ago, largely Felix M. Warburg and James H. Perkins, who were recently
accounted for by stoppage of ocean passenger travel and immigration chosen but resigned. The executive committee of the comeast and west-bound. General merchandise movement is gradually becoming less and lass. Anthracite business holds up remarkably well. We pany is now as follows: Carlos Bassave, Luis Cabrera,
have not felt any large advance in transportation of goods for export. Modesto C. Rolland, Elias S. A. de Lima and Rafael Nieto.
-V. 98, p. 1155.
-V.99, p. 1131, 1052.
Easton (Pa.)Consolidated Electric Co.-Dividends.New Mexico Central RR.-Sale Postponed.-The foreA monthly dividend of 1-3 of 1% has been declared on the par value of
$1,500.000 stock (par $50, one-half paid in), payable Nov. 24 to holders of closure sale which had been adjourned to Oct. 14 has been
record June 26. Monthly payments at this rate were begun in June last.
Semi-annual payments of 2% each were made for some time previous on postponed indefinitely.
May 1 and Nov. 1.-V. 98. p. 838.
E. W. Dobson, representing the Pittsburgh Trust Co., qualified as a
bidder for the property by depositing $200,000 in its bonds to plrotect the
Erie RR.-Again Adjourned.-The special meeting of interests
of his clients and to secure the further operation of the road.stockholders to act on the new refunding M. has been again The report to the State Corporation Commission showed a deficit of about
the last fiscal year.-V. 99, p. 198.
for
$30.000
1214,
p.
1130.
99,
2.-V.
Nov.
until
adjourned
NewOrleans & Northeastern RR.-Earnings.-For year
Florida Central RR.-Sale, &c.
Operating Net(after Other Interest Etc. Dividerals Balance,
June 30
See Atlantic Coast Line RR. above.-V.99, p. 1052.
Surplus.
Paid.
Year- Revenues. Taxes). Income. Rentals.
1913-14 __.$3.975,710 $737,594 $97,115 $705,781 (1%)$60,000 $68,929
Florida East Coast Ry.-Earnings.Other
Interest, Income Int. Balance, i912-13__ 3.764,458 751,264 213,636 583,333 (5%)300,000 81,367
Net
Gross
June 30.
Earnings. Income. Rentals,&c. (2)
,i%). Surplus. -V. 99, p. 748.
Year- Earnings.
$940,218 $625,000 $116,214
1913-14_ _$5,334,653 $1,681,432
New York New Haven & Hartford RR.-Directors
1,467.192 $7,465
934,225
40,431
5,021,795
500,000
and Executive Committee, &c.-The stockholders on WednesV. 99. p. 748, 486.
1912-13_-
Great Northern Ry.-Listed.-The New York Stock day voted to reduce the board of directors to 17, to authorize
Exchange has authorized to be listed on and after Nov. 16 an executive committee of 9 and to approve the action of
$19,000,000 additional pref. stock which was offered to the directors in settling the Government suit.
New Directors Elected.-Benjamin Campbell(Vice-Pres.) and Ell Whitney
stockholders at par on notice of issuance and payment in
Haven, Conn.; Frank W. Matteson. Providence, R. I.; Joseph
full, making the total amount authorized to be listed $250,- New
B. Russell, Boston; Harris Whittemore, Nangatuck, Conn.
Old Directors Re-elected.-Howard Elliott (Chairman and President),
000,000.-V. 99, p. 1045, 1056.
Harding
F. F. Brewster and Arthur T. Hadley. New Haven; J. Horace
Mass.; T.
Illinois Central R.R.-Listed.-The New York Stock and
John T. Pratt, New York; W. Murray Crane, Dalton,
Rockville,
Conn.:
Maxwell.
T.
Francis
DeWitt Cuyler, Philadelphia, Pa.'
Exchange has listed (a) $2,000,000 Ref. M. 4% bonds, Augustus
May (Treasurer), Bridgeport, Conn.; Henry K. McHarg,
due 1955, making the total amount listed $37,740,000; Stamford,L.
Conn.; Edward Milltgan, Hartford, Conn.,and James L. Rich(b) $8,974,500 series "A" and £1,000,000 series "B" Illin- ards, Boston.
Newton
Old Directors Retired.-Samuel Rea (Pres. Penn. RR.), D.
ois Central RR. and Chicago St. Louis & New Orleans RR. Barney,
Farmington, Conn.: Hoist. W. Taft, Providence, and James
Joint First Ref. M. bonds with authority to add $6,025,500 S. Hemingway, New Haven.
series "A" bonds on notice of issuance in exchange for temRate Schedules.-The following was announced Oct. 28:
prepared
porary bonds or certificates and series "A" bonds issued in
A new tariff adjusting the merchandise and class rates is being
and one adjusting the commodity rates. These tariffs are very complicated,
exchange for series "B" bonds, making the total amount and
eliminate
in preparing the new schedules every effort has been made to
tariffs
authorized to be listed $15,000,000 series 'A" and £1,000,000 discrimination and remove inequalities. Some rates in the new
be reduced and some will be advanced. The result as a whole will
series "B" bonds; in all dealings in sterling bonds $5 shall will
slightly higher
be a much more scientific and logical set of rates and a
be considered equivalent to £1 sterling.
basis. The freight tariffs will be filed with the proper commissions beThe proceeds of the $2,000,000 Refunding 45 due 1955 are to be used to
reimburse the company In part for betterments, improvements and additions to be detailed in the neat annual report. The Wisconsin RR.Commission has authorized the issuance of ref. bonds up to $120,000,000 and
has issued certificates to that effect. The Illinois P. U. Commission-has
approved the issue of $5.000.000 of the bonds up to $40.740.000 and has
made an order to that effect. dated May 20 1914.
The proceeds of the Joint Ref. bonds have been used to reimburse the
Ill. Central RR. for amounts advanced to the Chicago St. Louis & New
Orleans RR., for construction, extension or improvements. The Illinois
P. U. Commission has authorized the Ill. Central to issue Ser. A $1,000
bonds Nos. M. 4,901 to M. 14,900, both inclusive, its authority to issue
the remaining bonds not being necessary, as they were issued and sold
before Jan. 1 1914. the date on which the law requiring the Commissioners'
approval became effective. Compare offering V. 97,p. 1822: 1. 99, p.
1130, 974.
Illinois Southern Ry.-Earnings--Interest Deferred.-
Net (after Other Int., Hire of Balance,
Gross
Period Covered- Earnings. Taxes.) Income.Equip.,&c. Sur. or Def.
13ino.end.rne30.14-$601.909 $104.070 $5.350 $130,519 def.$21,099
111,625 sin'. 5,063
105,799 10.889
Year end. May 31 '13 536,899
Pres. E. K. Boisot in the annual report under date of Sept. 17 said: "The
of $1,734,000 1st
[$1,528,000
bonds
1,528
of
holders
the
company induced
5s outstanding-Ed.]last December to temporarily carry their coupons for
the benefit of the company. The company has sufficient funds on hand
to pay the balance of the December coupons, but if this payment were made
it would leave them almost bare as to working capital and without funds to
pay the June 1 coupons. It was, therefore, deemed desirable to make no
disbursement either on account of the balance due on the Dec. 1 or June 1
interest and to keep what money we had for additional working capital.
The majority of the bondholders have been consulted and approve of these
arrangements."
Proposed Bond Issue.-President Boisot has, it is reported,
asked the members of the Chicago Clearing-House Association to subscribe pro rata for an issue of $200,000 of 1st M.
bonds. With the proceeds, it is stated, it is proposed to purchase about 300 cars and effect a large saving yearly. This,
it is said, will enable the company to earn mterest charges
on all of its outstanding bonds.-V.94, p. 559.
Indiana Decatur & Western RR.-Foreclosure.See Cincinnati Hamilton & Dayton Ry. above.-V. 73, p. 957.
• International & Great Northern Ry.-Heavy Deposits.
-The Guaranty Trust Co. of N. Y. announces that as depositary for the noteholders' committee there have been
deposited with it $9,234,000 notes of the total issue of $11,000,000. See V. 99, p. 894, 538, 466, 406, 342.
International Traction Co., Buffalo.-New Director.Henry Morgan has been elected a director to succeed T. De
Witt Cuyler.-V. 95, p. 891.
Lehigh & New England RR.-Earns.for year end.June30:
Dividends
:June 30
Operating Net(after Other Interest,
Paid.
)'earRevenues. Taxes). Income. Rents,&c.
1913-14 -$2.255,800 $955.394 $9,943 3418,226 (8%)$361,600
1912-13...._ 1.70.785 801,045 2,497 445.35s
-V.99, p. 674. 49.
Balance,
Surplus.
$185,511
358.184
tween now and Jan. 1, and it is hoped that they will be approved. [The
work has been done under the supervision of Vice-President Campbell.
who also revised the schedules of the Boston & Maine. The amended
schedules were filed later this week. It is proposed that they shall become effective Dec. 1.-Ed.]
generally
President Elliott stated at the annual meeting that the railroads
been going into
changed their rates for mileage books and an increase has informally
that
effect everywhere except Massachusetts, and h is told The company's
the Massachusetts Commission will pass the rate Nov. 1.
some of
officers are also preparing a revised passenger tariff, changing
the local tariffs, and that tariff will be ready to file possibly within 30 days.
Substantial Economies.-President Elliott says in subs.:
For the month of September there was a decrease in the gross earnings
of $33.000. This decrease, of course, is beyond the power of the directors
as it largely reflects depressed business conditions throughout the country.
In spite ofthat,the decrease in expenses and charges of one kind and another
was sufficient, so that the net income after paying or allowing for onetwelfth of all the fixed charges was $483,000, an increase of $96,000, compared with September a year ago; and for the 3 months ending Sept. 30,
with a decrease of gross earnings of $350,000, the net earnings, after allowing for 3 months' proportion of any kind of fixed charges, was $1,228.000,
an increase of $1,500 over a year ago, In spite of a loss of $850,000 in
revenue coming in.
The officers both high and low and the rank and file of the employees,
are realizing the serious condition that exists and are seconding the efforts
of the company to make savings and still maintain reasonable service to
of gross earnings,
tne public, in the effort to obtain the greatest amount
in those places which do
and the savings in the last 3 months have been
3 months, there
for
expenses
operating
direct
In
property.
not hurt the
in those accounts that have
has been $600,000 saved, of which 3536.000 isproperty.
There was only
nothing to do with the maintenance of the
last 3 months than a year ago
357.000 lass spent on maintenance for the is
better than it was a year ago.
and the physical condition of the propertyBusiness
has been very dull,and
cars.
freight
of
item
excepting the one
cars were not needed, there 19
for reasons of economy, and because the
the road to-day than a
on
repairs
needing
cars
freight
of
number
a larger
power is in much
year ago. But as an offset to that, the locomotive
this company now has 120
better condition than it was a year ago, andwaiting
on
side tracks in the
and
up
tied
order
engines in absolutely good
to do.hope that some time there will be some business for those engines
1131.
1125,
1219,
V. 99. p. 1208, 1215,
New York Railways.-Proxies.-The proxy committee,
consisting of Darwin P. Kingsley, W. A. Day, Haley Fiske
and Allen Forbes, which is asking proxies for the election of
the five directors at the annual meeting to be held on the
first Monday of December to represent the adjustment income bondholders, represents, it is stated, nearly one-third
of the outstanding issue and a large percentage of all those
bonds at present registered for voting.-V.99, p. 1211, 970.
Norfolk Southern RR.-New Director.-Harold J. Gross
W. H.
has been elected a director. Frank A. Vanderlip and
Williams recently announced their resignations as directors.
-V.98, p. 1538.
Northern Electric Ry.-Validated.-The California RR.
Commission on Oct. 23, authorized the company to issue
OCT. 311914.)
1301
THE CHRONICLE
$2,116,575 notes previously issued by the company without
the approval of the commission and also $37,079 notes
issued by the Marysville & Colusia branch and $118,750
RR.
notes issued by the Sacramento & Woodland
holding the notes
Referring to our notice of Aug. 3 1914. the property has recently been
made the subject of a receivership in a proceeding instituted by a creditor
and under circumstances which indicate that the said receivership was
consented to by the company, and which also call for prompt action for
the enforcement and protection of the rights of the holders of the abovementioned bonds.-V. 99, p. 1216. 408, 344.
The purpose of the order is to place the creditors
been legally
in the same position as they would have been had their notes
1052.
Issued with the authorization of the Commission.-V.99, p. 1215.
Twin City Rapid Transit Co.-Decision.-The Minnesota Supreme Court on Oct. 23 sustained the validity of an
Pomeroy, O.- ordinance passed by the City Council in May 1910 ordering
Ohio River Electric Ry. & Power Co.,Ohio
P. U. Commis- the St. Paul City Ry. to construct a car line on St. Clair
An Ohio corporation of this name has applied to the
to $500,000 and
sion for authority to increase its capital stock from $10,000
the purchase Ave. branching from West Seventh St.
for
stock
common
$150,000
pref. and
to issue thereof $150,000
The decision, it is said, upholds the right of cities in Minnesota to order
its interests as follows:
from the Delaware corporation of the same nameMiddleport
Electric Co. extensions of street railway lines and to designate what kind of extensions
All of the $50,000 capital stock of the Pomeroy &
be built and whether they shall be double-tracked.-V.99, p. 50.
shall
interest
its
and
Racine
and
Middleport
operating an electric ral,way between
recently acquired for $30.000.
Shreveport & Pacific Ry.-Earns.-For year:
Vicksburg
in the line between Middleport and Hobson,
& Co. of Philadelphia June 30
Interest, Pref. Div. Balance,
Operating Net (after Other
and the assumption of a debt of $9,161. Chandler
Taxes). Income. Rentals, &c. ;5%). Surplus.
Year- Revenues.
are interested.
$107,140 $85.790
$185,975
$59,409
$319,491
Ga1913-14_51,776,777
Pacific Great Eastern Ry.-Loan.-The "Montreal
107,140 114.781
182,664
76,915
327,670
1,705,918
of the loan 1912-13___
Deducting dividend of 2% on the common stock in 1012-13 ($57,130)
zette" says that official announcement is madeGovernment
p. 750.
99,
in
paid
1914.-V.
dividend
was
No
leaves 557,651.
to the company by the Dominion
of $6,000,000
Virginia & Southwestern Ry.-Earnings.-For year:
to tide the company over until its bonds can be sold in EuBalance,
Interest,
Other
Net (after
Operating
30
rope. The money will, it is stated, be furnished through the June
Income. Rentals,&c. Surplus.
Taxes).
Revenues.
Yearthe
$265,399
$423,548
$202,120
$491,827
51,939,104
Union Bank. The 43% deb. stock is guaranteed by
1913-14
314.539
415,205
250,647
479,097
1.806.626
British Columbia Provincial Government. The work is 1912-13
266.952
410,432
122,431
554.953
1.757.924
1911-12
109,288
370,793
about two-thirds completed.-V. 99, p. 1215.
77.888
402,193
1.393.448
1910-11
From the balance as above in 1913-14 was deducted $564 for additions
Pere Marquette RR.-Large Majority of Consols De- and
betterments, against $1,111 in 1912-13, leaving a balance of $268,835
1914(5%
posited.-The committee (Edwin S. Marston, Chairman) in 1913-14, against 5313,428. The dividends paid Feb. and June1914,
after
called for 8200,000. Total accumulated surplus June 30
representing the deposited 4% 50-year gold consols of 1901 each)
$749,151.-V.98. p.914.
was
$101,414,
diva,
adjustments
and
(net).
paying
announced on Oct. 27 that a very large majority of the
of
dividend
A
Washington-Virginia Ry.-Dividends.consols ($8,382,000 outstanding) has been deposited with
along
stock,
common
$1,378,300
the
on
declared
been
has
7%
bondthe
under
Y.,
N.
Co.,
Trust
&
Loan
the Farmers'
on the $1,000,holders' agreement of June 3 1912,and that the time for the with the usual semi-annual payment of12to holders
of record
Nov.
deposit of bonds has been limited to,and including, Nov.30. 000 pref. stock, both payable
common.
the
on
paid
was
1
1
May
On
19.
Oct.
to
or
deposits
refuse
to
right
the
reserves
committee
After Nov. 30 the
accept them only upon such conditions as it may at the time impose.
Compare V. 94, p. 1566; V. 98. p. 1157.
Kleybolte Equipment Trusts.-See Cincinnati Hamilton &
Dayton Ry. above.-V. 99, p. 970, 895.
Pittsburgh & Butler Street Ry.-Default.-The coupons
due Nov. 1 on the $1,500,000 1st 5s of 1905 will not be paid,
as the company has not available sufficient funds to meet
the interest. The coupons due Aug. 1 on the $500,000 Butler Passenger Ry.5% bonds were paid.-V.98, p. 1317.
Rates.-Increases in Missouri, Michigan it Illinois.
See last week's "Chronicle" page 1186.-V. 99, p. 1131, 817.
Richmond (Va.) & Howie° Ry.-Foreclosure Sale.-The
foreclosure sale ordered by Judge Crump on Sept. 26 has been
set for Nov. 5.-V. 97, p. 50.
St. Paul Southern Electric Ry.-Road Opened.-The
line from St. Paul to Hastings, Minn., 18 miles, was completed on Oct. 24.
The company and its predecsor of the same name paid in 1913 and 1912
3%; in Nov. 1911. 134, and in Mar. 1911, 1%.-V. 98, p. 691.
--
INDUSTRIAL, GAS AND MISCELLANEOUS.
30
Alli3-Chalmers Mfg. Co.-Resultsfor 9 Mos. end. Seyt.
Prof.
1014January
February
March
April
May
Sales Billed. Net Prof.
$918,413 *830,458
*65,275
908,514
30,035
961,384
18,555
991,833
944
939,950
June
July
August
September
Sales Billed. Art
*54,743
5820,335
23.012
871,694
800
803,936
*4,938
856,866
Total 9 mos.$8,074,975 *532,068
* Denotes deficit.
The unfilled orders on hand for the third quarter (July to September)
were 53,638,570. against $3.086,795 for the second quarter (April to June)
and 83,285.000 for 1st quarter (Jan. to Mar.).-V.99, p. 314.
Ohio.American Seeding Machine Co., Springfield,
Depre- Dividends Balance,
Taxes &
Net
Gross
Paid. Surplus.
Earnings. Earnings. Interest. dation. 5350,000
Year ending
528.163
June 30 1914-53,975,1.10 $640,118 5111.955 $150,000
109,722 168.872 350,000 297,092
Oct. 31 1913_- 4,475,383 011.242
1913 there was
31
Oct.
ending
year
the
in
above
as
From the surplus
from prior years, and
The road is projected to connect Cannon Falls, Zumbrota, Pine Island. deducted $94,717 for adjustment of accounts accruing
receivable, leaving $128,219.
Orinoco, Douglas, Red Wing, Lake City and Rochester, Minn. of which 559,710 for increased reserve against accounts
stock yearly.
common
on
4%
and
pref.
on
6%
36 miles from Cannon Falls to Zumbrota. Minn., are reported
'as under Dividends as above include
common and 52.500.000
construction. In April 1913 $5,000,000 6% cumulative pref. stock (par Authorized and outstanding issues. $5,000,000
138.
par
at
was
p.
stock.
with
offered
a
of
bonus an equal amount of common
$100)
pref.-V. 96,
It was proposed to issue 210.000 pref. stock and $20,000 5% bonds per mile.
Co.-War Tax.American Telephone & Telegraph
Philip G. Heintz of Rochester. Minn.,is President; Irving Todd Jr., Vice99. p. 1216. 51.
See last week's "Chronicle" page 1197; V.
Pres., Hastings, Minn.;Z. T. Hutchinson. Sec. and Treas.. St. Paul, Minn.
San Antonio & Aransas Pass Ry.-Earnings.• June 30.
Gross
YearEarnings.
1913-14
54,648,197
1912-13
5,109,270
-V. 96, p. 1157.
Balance,.
Net (after
Other
Interest,
Taxes).
Income. Rents, &c. Sur. or Def.
5502.878 $10,870 5904,992 def.5391,244
26,264 1,017,655 sur. 202,510
1.193,903
American Tobacco Co.-War Tax.Art Metal Construction Co.-Status.-
99. p. 676. 409.
See last week's "Chronicle" page 1195.-V.
"Reports" above.-'P. 98. P. 1002.
See Assets Realization Co. under
Atlantic Phosphate & Oil Co.-Receivers.-
Judge Van Vechten Vender, the U. S. District Court, Brooklyn, on
Oct. 26 appointed I. R. Oeland and Alfred C. Coxe Jr. receivers for the
company on application by President Waldemar Schmidtmann, holder of
a loan of $20,000. The receivership is said to be due to the poor catch of
menhaden this year. The "Brooklyn Eagle" on Oct. 26 said: Organized
In 1913, with auth. capital stock 86,000,000. Extracts oil from fish.
plant at Promised Land, Suffolk Co., N. Y.. also has large realty
Principal
Press dispatches say that the "indebtedness is $170,000 San Antonio holdings at
other points along the Atlantic coast, and in other States, and
the
$500,000." The road was projected from a junction with
miles
of steam vessels, etc. It is alleged the business showed a
84i
number
a
owns
which
of
miles,
& Aransas Pass RR. to Fredericksburg. Tex.. 24
of
Crane
$500,000
during the past year. Aggregate liabilities placed at $1,of
loss
had been laid but was not in operation June 30 1913. Foster
which
of
$1,180,000 represented outstanding notes; 576.000
431.000,
-President.
Comfort, Tex., was Vice
open
$35,000,'payroll, and $140,000 contingent expenses.
on
accounts;
due
The assets would exceed all liabilities, it was stated." Inc. in N. Y. in
Seattle Renton & Southern Ry.-Rate Increase Denied.
order
of
an
for
merger
Atlantic Fertilizer & Oil Co.. Neptune Fishing Co..
a
Feb.
as
1913
Court
the
to
-The receivers on Oct. 21 applied
Volunteer State Phosphate Co. and Menhaden Fishing Co. Authorized
its decision capitalization:
54,000,000 common stock. 52,000,000 7 cum. pref. stock
enjoining the P. S. Commission from enforcingfiled
June 2, and 51,500,000 ref, s. fd. gold 6s of 1913, due July 1 1933; Astor Tr .Co..
of Oct. 19 suspending the new zone schedules
trustee. Outstanding at last accounts: Coin, stk., 52,350,703; pref. stk.,
raised.
would be materially
under which passenger rates
of
the value 51.650.820, and ref.63,5525,900; underlying bonds.(1) see American Fish
calculation
method of
The Commission discards the multiple
The engineer for the com- ens Co. V. 85. p. 285; V. 70. p. 1051.
of the property,in use by former Commissions.
of the application of this rule he estimated
Avery Co., Chicago.-Payment to Creditors.pany testified that as a resultthe
and its present
51,929,884
road would be
credit extension committee paid on Oct. 26 an initial dividend of
that the reproduction value of
this as a hold-up method 33The
characterizes
Commssion
0 on the indebtedness. This payment amounted to $612,000,leavThe
1-3,7
value $1,601,315.
and says that if such methods of calcu- ing a balance of 81,224,000 still to be paid. The committee says: "The
of calculating a property's value
"the Government cannot too company's collections to date have been quite satisfactory, and although
lation are to be permitted in rate-making.
The Commission on Oct. 21 announced conditions are at present curtailing new business, we are hopeful that the
soon acquire these public utilities."
filed against the company under volume for the year will reach our expectations, as the spring and early
that a "valuation complaint" will be
which there will be a formal valuation made by the State as a basis for rate.. summer business exceeded our estimates. On the other hand, the curtail749.
p.
99,
-V.
purposes.
making
ment of fall business will make it impossible to realize our full hopes as to
the reduction in inventory, but the results obtained will prove notable and
Southern Pacific RR.-Authorized.-The Cal. RR.Com- gratifying.
In May last the company was said to be proposing to list its
to
issue
company
the
ad$3,063,000
mission has authorized
$3,359,700 capital stock on the Chicago Stock Exchange.-V.99. p. 200.
San Antonio Fredericksburg & Northern Ry.-Receivership.-Judge Maxey in the U. S. District Court on
Oct. 29, on application of P. A. Love of Kansas City, Mo.,
appointed M. L. Trice receiver.
and the assets
ditional First Refunding and M.4% bonds at not less than
91.0388, the price at which they were selling on July 30, at
the time of the closing of the N. Y. Stock Exchange.
The bonds will be delivered to the Southern Pacific Co. to reimburse its
treasury for money advanced to the company for extensions and betterments.-V.99, p. 970.
Southern Traction Co. of Illinois.-Repeal.-The East
St. Louis House of Delegates on Oct. 23, by a vote of 26 to
the 50-year franchise.
1, passed the ordinance to repeal
urged to ensure the proposed $2,750,000
The passage of the ordinance was
delegate said that he voted against
free-bridge bond issue. The dissenting
an opinion that the rethe bill because the City Counselor nad rendered
would set a bad precedent
peal would be illegal. He stated that the repeal
of'riptoeus
sentiment
public
the
by
abide
to
refuse
would
and that he
indignation" and "frantic opposition by voting for a willful breach
Compare
expediency.
alleged
of
sake
the
for
city"
the
by
contract
of
V. 99, p. 1216.
Toledo St. Louis & Western RR.-Deposits.-The committee of holders ofgold bonds of 1917 (4% collateral
trust) Series "A" and "B", now represent over 73% of these
bonds and urges further deposits with the Union Trust Co.,
80 Broadway, N. Y. An adv. on another page says:
Bethlehem Steel Corp.-Status of Steel Trade.See last week's "Chronicle" page 1188.-V. 99. p. 896.
Bitter Root Valley Irrigation Co.-Status.See Assets Realization Co. under "Reports" above.-V. 98, p. 1002.
Bituminous Coal Companies.-Case Advanced.Chief Justice White of the U. S. Supreme Court on Oct. 26 announced
that the test suit brought by the River & Rail Coal Co. to test the Constitutionality of the Ohio "mine run" or "coal screen" law would be advanced
and placed on the summary docket on Nov. 30. This docket was provided
a year or so ago to hasten the disposition of cases in which the Court entertained little doubt as to the course to be adopted.
The Court at first stated in error that the Court had decided to decline to
restrain the Industrial Commission of Ohio from enforcing the law.
The brief of the attorneys for the Ohio coal operators filed in opposition
to the proposal for affirming the decision stated that "the serious manner
in which the mine-run law affects the coal industry of the State is shown
by the present idle condition of the Ohio mines. The loss to operators and
employees in profits and wages has already reached an enormous total."
According to a press dispatch, the Court,in making its original announcement that it had affirmed the Constitutionality of the law cited its decision
The dispatch says that
a few years ago in the Arkansas mine-run law.dlifered
a
from e
"the Ohio operators sought to show the Ohio law
law in that it did not require the operator 'to pay for any coal which
did not want mined, and did not empower a commission to fix the qualit
of the product mined'."-V. 99. p. 750. 469.
THE CHRONICLE
1302
Elk Horn Fuel Co.-Third Dividend on
Blazier Timber Company.--Status.-
See Assets Realization Co. under "Annual Reports" above.
Breakwater Company, Philadelphia.-Status.---See Assets Realization Co. under "Reports" above.-V. 98, p. 1002.
British Columbia Fishing & Packing Co., Ltd.4% has been deFirst Dividend.-An initial dividend of 13
clared on the corn. stock, payable Nov. 30.-V. 98, p. 1696.
Central Leather Co.-Earns.for 3 & 9 Mos. end. Sept. 30-Three Months- -Nine Months
1914.
1913.
1914.
1913.
Tot. net earns. (all prop's)*_$2,234,656 $2,107.704 $7.409.262 $6,768,358
Less exp. & losses of all cos..
incl. mt. on outst'g obliga781,915
739,479 2,525,274 2,227,030
tions (except bonds)
Add. inc. from investments_
$1,452,741 $1,368,225 $4,883,988 $4,541,328
15,478
13.902
4,376
896
$1,457,117 $1,369,121 $4,899,466 $4,555,230
Total
Deduct-Int. on 1st M. 5s-.. $459,552 $4459.552 $1,378.655 $1,378,655
44,529
Interest on debentures__ _
582,733
582,731 1,748,196 1.748,196
Preferred dividends
[VOL. xc
Preferred.The company has declared its third semi-annual dividend
on the $7.000,000 5% cum. pref. stock, payable one-half Nov. 15
and one-half Jan. 15
1915 to holders of record Nov. 1. The previous semi-annual
% each were made in May 1914 and Nov. 1913.-V. to, p.payments of
123.
Fifth Avenue Investing & Improvement Co.
See Assets Realization Co. under "Annual Reports" above.-Status.
Gage Park Realty Trust Co.,
See Assets Realization Co. under "Reports" above.-V. 98. p.
1002.
Greene-Cananea Copper Co.-No Dividend.-
The directors have taken no action on the quarterly
usually
paid at this time. The directors of the subsidiary Greenedividend
Consol. Copper
Co. have also deferred action. Both companies also omitted
the last
quarterly dividend. The works in Mexico have been shut down for
some
time. Compare V. 99, p. 607, 346.
Hardware & Woodenware Mfg. Co.-Status.-
See Assets Realization Co. under "Reports" above.-V. 94. p. 1189.
Hercules Powder Co.-For Nine Mos. ending Sept. 30.-
Nine Months ending
Gross
Net (after Bond Int.& Bal..for Corn.
Sept. 30Receipts.
Depr.,&c.)
Pref. Div.
Div..&a
1914
65,974,427
$996,966
5305.135
$64
798
1:7
83
47
1
1913
5.660,390
1,041,247
292,500
The percentage available for dividends was equivatent to annual rate on
$414,832 $326,838 $1,772,615 $1,383,850
Surplus for period
common stock of 12.90% in 1914. against 15.365 in 1913 (dividend paid in
* Total net earnings are stated after deducting operating expenses, in- 1914 was 4.50%. against 1.50% in 1913). The net earnings from all sources
cluding those for repairs and maintenance, approximately $370,934 for are equivalent to annual rate on total investment of 7.99% in 1914,against
9.61% in the previous quarter.
the quarter and 6969,623 for the nine months.
The balance sheet of Sept. 30 1914 shows bills payable, 8837.337, against
Total surplus Sept. 30 1914, $8,210,442.-V. 99, p. 272.
$75.126 on Dec. 31 1913; profit and loss, surplus, $1,803,093, against
$822,328; cash, $763,519, against $1,073,936; accounts receivable. $1,210,City Investing Co., New York.-Earnings.Net (after Gen'l Canting. Pr.Divs. Interest Balance, 718, against $866,632; collateral loans, $350,000, against $550,000; investApr. 30. Gross
Surplus. ment securities, $541,002, against $301,570, and materials and supplies and
Paid.
Year- Earnings. Taxes). .1c.,Exp. Reserve. (7%).
1913-14_$1,301,547 6753.154 3.33,128 $15,371 $69,986 $435,244 $199,425 finished products, 31,992,903 and $575,408,respectively, against $1.564.224
1912-13_ 1,318,953 750,021 31,283 22,393 70,000 441,663 184,682 and $514,324.-V. 99, p. 346. 123.
-V.98. p. 765.
(H. B.) Claflin Co., N. Y.-Assents Heavy.The noteholders' committee announces that over $29,970,000 of the
$31.660.000 endorsed notes have been deposited under terms of the plan,
while deposits pledged and on their way will bring the total to within less
than 81.000,000 of the entire amount. The General Creditors' Committee
has announced that nearly $5,000,000 of the approximately $6,000,000
merchandise indebtedness has assented.
Published Statement Approved by Noteholders' Committee.
The assent of all creditors is practically assured for the very reason that
n The pa is an honest effort to conserve
can stay
r out.
no
apparently w
s to
yt particular interest or class of creditors,
assets
oneithout favor
and its terms practically compel he noteholders to assent.
The chain of retail stores will be operated by a new company,the Mercantile Stores Corporation, under direction of a board of trustees, who will hold
as collateral for the notes of the 23 retail stores the capital stock of the respective stores against which the notes are outstanding. The trustees will
select the first board of directors of the Mercantile Stores Corporation, and
at all times prior to the payment of the collateral notes. which are to be
Issued up to 85% of the total outstanding notes (the balance to be paid
In cash), the trustees are to name four of the seven directors of the Mercantile Stores Corporation.
As trustees of the stock of the individual stores, and with appointive
power over directors, the trustees dominate the situation. Inasmuch as
they have the right in their discretion to dispose of all or any part of the
capital stock of any company which is pledged with them, or may cause the
capital stock to be voted in favor of any program along these lines, it becomes evident that any objecting noteholder will have little chance to interfere, and the only course will be to come along amicably.
Undoubtedly, a number of the unprofitable stores will be disposed of, and
any opposition from recalcitrant noteholders cannot get very far, for the
trustees will hold the stock with full discretionary powers; and also the largest proportion of notes through deposit of noteholders. In bankruptcy
proceedings, the notes held by the trustees would be, according to usual
procedure, as good as cash for deposit against the sale, whereas any small
holder would have to put up practically all cash, which would be difficult
to raise under present conditions See also plan, V. 99. p. 967. 971, 1217.
Cleveland-Cliffs Iron Co.-Dividend Omitted.The directors have decided to omit the quarterly dividend on the $4,910,000 stock, payable at this time, owing to dulness in the iron trade.
In Nov. 1911 the quarterly rate was reduced to 2%%,having been 3% and
2% extra quarterly for many years.-V. 98. p. 1922.
Coal Land Securities Co.-Dividend Deferred.An exchange journal says "This company on Oct. 15 last deferred the
dividend on its stock. Reports received by N. Y. brokers interested were
that the company was promising to pay the dividend in December. In
fact, some few of the small shareholders have received the dividend, but
why some were paid and others got nothing was not explained. [Organized
principally to finance the Lackawanna Coal & Lumber Co.. which recently
asked its bondholders to fund the October 1914 coupons on its bonds. See
that company under "Reports" above. Also see V. 99, p. 345.
Consumers' Gat Co. of Toronto.-Earnings.-For year:
Year ending
Total
Net
Inter- Renewals, Divs.
Balance
Income. Income.
Sept. 30est.
&c.
(10%). Sur. or Def
$3,577,982 $944,949 632.079 $426,996 $483,337 sur.$2,537
1913-14
191213
3,203.310 844.981
8,781 401,457 445,160 def.13,417
-V. 97. p. 1582.
De Forest Radio Telep. & Teleg. Co.-Suit.-
See Marconi Wireless Telegraph Co. of America below.
Denver Gas & Electric Light Co.-Earnings.--
Net
Gross
Oper. Exp.
Bond
Year
Balance,
Earnings. Interest.
cf• Taxes.
Earnings.
Ending:
Surplus.
Sept. 30 1914-$3.160,858 81,752.307 $1,408,551 6358,495 $1,050,056
1,382,670
1.779.093
358,645
Dec. 31 1913_ 3,161,763
1,024,025
-V. 98. p. 1075.
Dominion Bridge Co., Ltd.-Dividend Reduced.-
A quarterly dividend of 1 3f% has been declared on the $6,500,000 stock,
payable Nov. 16 to holders of record Oct. 31, comparing with 2% quarterly
heretofore since May 1913. On April 1 2% was paid and on Dec. 31 1912
an initial dividend of 4%. It is understood that the directors were influenced by the uncertain business conditions ahead rather than by the results of the year ending Oct. 31.-V. 98, p. 522.
_(E. I.) duPont de Nemours Powder Co.-Earnings.Bond Preferred Balance for
Net
Other
9 Mos. end. Gross
Earnings. Income. Interest. Dividend. Common.
Sept. 30- Receipts.
1914 ____$18,104,006 $3.378,575 $166,934 6577.900 $602,572 $2,365,037
1913 ---- 19.452,997 3,516,130 473,969 573,485 602,570 2,814,044
Inland Steel Co., Chicago.-Dividend Reduced.-
A quarterly dividend of 1% has been declared on the $9,887,927 stock,
as increased by the payment of a 25% stock dividend on Sept. 1 last,
payable Dec. 1 to holders of record Nov. 10. Quarterly distributions of
P-I% each were made from 1911 to Sept. 1914, with extra payments of
3% each in March 1911 to 1913.
An officer says: "Business is very poor. We are operating about 60%
but orders are coming in more and more slowly, especially for heavy stuff.
Miscellaneous orders for cheaper and lighter products hold up better."
-V.99, D. 346. 339.
International Agricultural Corporation.-Listed.The New York Stock Exchange has authorized to be listed
$13,055,500 7% cumulative pref. and $7,303,500 common
stock, on notice of issuance and payment in full or in exchange for outstanding voting trust atfs.-V.99, p. 1212,751.
International Steam Pump Co.-Payments.Judge Mayer in the U. S. District Court Wednesday signed two orders
directing the receivers to advance to the Power & Mining Machinery Co.
and Blake & Knowles Steam Pump Co. $70.000and$40.000. respectively,
for overdue payrolls, merchandise claims and other pressing obligations.
On the following day Judge Mayer instructed the receivers not to pay any
money to the Jeanasville Iron Works to enable it to pay its past-due taxes
and coupons on its bonds due Nov. 1 to the amount 0(85,000.
The plant has,it is stated,been operated at a loss for the past two years
and from Sept. 30 1913 to July 31 1914 the losses aggregated $77,499.
The receivers did not favor the advances, but asked for instructions.
Protection for Pref. Shares of (Henry R.) Worthington.See (cienry R.) Worthington Co. below.-V. 99. p. 1133, 973.
Laclede Gas Light 00.-Earnings.9 Mos. end.
Gross
Net (after DeprePref.Div. Balance.
Sept. 30- Earnings.
Taxes).
dation. Interest. (3% %). Surplus
1914
$3,388,501 $1,692,691 $204,005 6831,031 393.750 6563,905
1913
3,299,600 1,583,162 198,431 786,596
93,750 604,385
-V. 99, p. 273.
Lake Superior Corporation.-Interest Not Paid.See Algoma Steel Corp.,in last week's"Chronicle" p.1216.-V.99,p.1134.
Marconi Wireless Teleg. Co. of Amer.-Settlement, &c.
It was announced Oct. 24 that on Nov. 2 the receivers of the National
Electric Signaling Co. would go before the Third District Federal Court
in Trenton, N. J., and apply for a ratification of a working agreement between the Marconi Company and the National Company, which will put
an end to patent litigation between the two companies. Under the agreement, it was stated, the two corporations will withdraw all actions and
ents, each to pay the other
recognize the validity of their respective
royalties for use or interchange of patent rights.
arconiCompany permits the
Under the terms of the agreement the
National to use 3 patents obtained by Oliver J. Lodge, G. Marconi and
C.E. Freeman, while the National Company permits the Marconi Company
to take advantage of more than 100 patents taken out for the most part
by R. A. Fessenden, who is no longer connected with that company. Two
of the principal Fessenden patents are said to cover the use of the high
spark frequency. The Lodge patent covers the use of the coil in the antenna and the Marconi patent covers the four-circuit tuning arrangement.
The MarconiComrany on Oct. 23 applied to Judge Gough in the U. S.
District Court for an injunction restraining the De Forest Radio Telephone
& Telegraph Co. from installing wireless apparatus on 5 of the ships of the
Standard Oil Co. The Marconi Company contends that the instruments
installed by the DeForestCompany are an infringement of the Marconui
patents. It was stated in opposition to the application that the Marconi
Company had raised its rates from 554 50 to $100 per month per ship.
The company filed affidavits to show the necessity of the increase for
business reasons.
The injunction suit brought by the MarceniCompany to restrain Secretary of the Navy Daniels from censoring wireless messages sent and received at the stations at Sea Gate and Sagaponack, L. I. was dismissed
by Judge Van Vechten Veeder in the U. S. District Court, Brooklyn, on
Oct. 8 on the ground that the Federal Court of that district had no jurisdiction in the dispute, which must be brought in the district in which the
defendants reside.-V. 98. p. 1320.
Massachusetts Gas Companies, Boston.-See "Reports."
Controlled Cos.-Net earnings of the subsidiary companies for September and the three months ending Sept. 30:
An advertisement on another page shows as follows:
The percentage earned on the common stock was 8.04%,or at annual rate
of 10.72, against 9.56%, or at annual rate of 12.75%, in 1913. The net
earnings equal the annual income on gross investment of 6.04%, against
6.23% in 1913. The "other income" as above is the result from sale of
real estate, securities, etc., not due to current operations.-V.99, p. 345.
Eastern Steel Co.-Dividend Deferred.The directors have deferred the usual quarterly dividend on the $2,000,000 7% cum. pref. stock usually paid on Oct. 31. Payments were begun
In April 1913.-V. 96, p. 1366.
Eastman Kodak Co.-Color Photography.George Eastman on Oct. 28 announced that after years of experiment
and the expenditure of several hundred thousand dollars,the company had
perfected a process of color portrait photography, said to be the first
method simple enough to be used by the ordinary photographer. Photographs taken by persons without previous training, have been shown
privately at the company's offices for a week, and will to-day be placed on
exhibition in the Memorial Art Gallery at the University of Rochester.
The photographs, which cannot be printed, but remain on the plate an are
exhibited as transparencies, are said to excel other color processes in heir
quality of luminosity and In reproducing contour.-V. 99, p. 201, 52
Boston Consolidated Gas
New England Gas & Coke
New England Coal Se Coke
Newton & Watertown Gas Light
East Boston Gas
Citizens' Gas Light
Federal Coal & Coke
Boston Towboat
-September- 3 Mos.end. Sept.30
1914.
1913.
1914.
1913.
$100,146 $93,224 $240,776 $200,846
51,386
64,904 159,003 177,962
33,750
46,842
82,958 129,893
6,150
5,165
10,568
7,083
10,902
1,728
20,925
10,244
6,696
4.636
16,222
11,221!
7,469
4,624
21,869
10,834
3,738
5,962
12,415
13,186
Total
8220,237 8227,085 $554,737 $551,277
Increase in Gas Output.
3.84
4.95
3.85
Boston Consolidated Gas
50.86
11.86
11.24
7.92
3.11
East Boston Gas
16.56 o
9.8057 18.50
Citizens' Gas Lignt
10.86
11.36 o
9.879
Newton & Watertown
8.25% 10.36%
* Decrease.-V.99, p. 1134. 1054. 273.
Metropolitan Coal Co.-Bonds Called.-
Fourteen (814,000) 1st M. 43 % 20-yr. sinking fund gold bonds dated
Dec. 1 1911 for payment at 105 and int. on Dec. 1 at New Engtand Trust
Co.. Boston.-V. 97, D. 1289.
OCT. 311914.]
THE CHRONICLE
Mexican Eagle Oil Co.-Concessions Not Revoked.-
S. Pearson & Son, Ltd.. at London on Oct. 7 wrote as follows to an exchange journal which had referred to this company as having been hit by
an official decree issued by the Mexican Constitutionalist Government
revoking oil concessions granted by the Huerta Government: "We have
received no oil concessions from the Buena Government, and therefore are
in nowise affected by the new decree."-V.99. p. 973. 202.
Mexican Telephone & Telegraph Co.-Dividend Omitted
on the$300.The directors have decided to omit the semi-annual payment
1. Distributions of
000 5% non-cum. pref. stock usually made on Nov.President
Smith says:
May 1914 incl.
to
were
1906
16%
made
from
Nov.
2,Extraordinary conditions prevail in our affairs. The plants have suffered
earnings
The
gross
period.
revolutionary
comparatively little during the
fallen much below
In Mexico during the present year have apparently not
country
has
made it
that
in
affairs
of
state
last year's, but the unsettled
statements of income
Impossible for our accountants to make up proper
have been made in Mexico
and expenses and the value of what net earnings
values because exchange is
cannot be translated in American currency
that our directors should forego
unobtainable: therefore it was necessary
-V.96. p. 1706.
dividend."
November
usual
the payment of the
1303
stockholders, at the request of the management, refrained from exercising
their privilege, leaving $934,700 common stock in the treasury for future
purposes, along with $3,000,000 pref. stock. The outstaading issues are
therefore $7,065,300 common and $5,000,000 pref. stock.
It is reported that the company has been awarded one of the first den
nite orders for motor trucks to be shipped abroad for the European war.
No official information Is obtainable. The first shipment of 180 trucks,
it is said, has already gone forward.-V.98. p. 917.
Paint Creek Collieries Co.-Development, &c.
See Lack. Coal & Lumber Co. under "Reports" above.-V.97,p.1827.
Penn Central Light & Power Co.-No Pref. Div.-
No action has been taken by the directors on the quarterly dividend
usually paid this month on the $1.378.000 6% non-cum. pref. stock from
the earnings of the 3 months ending Sept. 30. On July 27 1% was paid
for the quarter ending June 30; also 1% each in April and Jan. 1914; in
1913,5%(2% in Jan. and July and 1% in April); in 1912.4% (in Mar.) in
1911, 4%.-V. 97. p. 526.
Pennsylvania Salt Mfg. Co.-Earnings-Dividends.-
The report submitted at the annual meeting on Thursday showed the
gross value of goods sold during the year ending June 30 1914, after deMidway Gas Co., San Francisco.-Reorganization Plan. ducting freight allowances,commissions and expenses,$7,591.092.compared
with $7,868,639 in the previous year, and net profits, after expenses of
Chronicle" on Oct. 11 said:
-The "San Francisco
$1,500,000 6% serial bonds (dated operation and writing off$545,710 for repairs to factory, $924,036,compared
The company has outstanding Trust
with
$992,610 in the previous year, when $592.380 was written offfor repairs.
Fr.),
due
as
follows:
San
Co.,
Mercantile
Dec. 1 1911; trustee.
The report states that the field for consumption of heavy chemicals in
1120,000, 1915; $150,000. 1916; $180,$60,000 Dec. 1 1913; $90,000, 1914;
the United States has widened since the European war and should the war
maturities
have
been
having
retired,
first
The
inclusive.
1922
191/
to
000,
continue, this branch, which is the staple product of the company "will
been purchased by stockholders, but there is no prospect that the next make an excellent showing for the current fiscal year, as the United'
States
maturities could be redeemed.
the principal market for chemicals and the war has practically destroyed
The reorganization plan provides for the issuance of a similar amount is
competition
in
this
market
by
stopping
imports.
On
the
other
hand,
the
mortgage
on
the
entire
property.
by
a
first
secured
bonds
of 15-year 6%
war has almost closed the foreign market for the company's copper products.
It is fUrther provided that all earnings after operating expenses, taxes, The
report says: "This, together with the necessity of husbanding reinterest and preferred dividend shall be paid into a fund for the redemption sources,
which the condition indicates, may possibly cause your directors
of outstanding bonds in the same order that they would be retired under the to consider
the advisability of withholding until more favorable times a
present organization. In other words, the new bonds exchanged for the moderate proportion
of the dividends which have been made almost a
redeemed
first
from
the
fund
to
be
will
be
bonds
old
maturity
of
shortest
accumulated for that purpose, the difference between the plan and the pres- fixed rate by the continual custom of 50 years."-V. 96. p. 1844.
ent arrangement being that the company under the plan will give no guarPressed Steel Car Co.-New Director.anty of redemption at any fixed time short of the full fifteen years.
Hay Walker Jr.. of W. & H. Walker of Pittsburgh, has been elected a
Reorganization Committee.-Cyrus Pierce, Ferdinand Reis Jr., S. Waldo
Coleman, W. G. Kerckhoff and H. R. Tobey, with Jared How as counsel. director to fill a vacancy.-V. 98. p. 606.
[Capital stock $3.000.000. par $100. An assessment of $7 per share was
Pullman Co.-War Tax.-Operations.levied May 16 1913. [The company was one of the first organized in CaliThe War Tax Bill published in the "C%ronicie" last week (p. 1197) profornia to buy gas from the field producers and transport it through pipe vides that for "every seat sold in a pallace or parlor car and every berth
lines for sale to distributing corporations. The rate at which the gas has sold in a sleeping car, one cent to be paid by the company selling the same.'
been sold to the distributing companies, it is stated, has been cut nearly For the 12 months ended June 30 1914 the company, it is stated, sold
50% by the State RR. Commission, and it is found impossible to pay the 14,491,276 berths and 11,697.477 seats, or a total of 26,188,753 tickets,
high prices for gas called for in the contracts. Floods and pipe-line diffi- on which the one-cent tax would call for $261,887.
culties, it is said, have also made it difficult to live up to contracts for
Receipts from passengers travelling in a standard sleeping cars, it i
delivery.)-V.94, p. 212.
said, averaged $2 46 a berth, but only 55 cents a seat.
Gross Revenue from Car Operation-Year ending June 30 1914.
Milwaukee & Chicago Breweries, Ltd.-Dividend 2M%
'Oct. 30 Standard cars, berth rev_$33.075.884 I Parlor, &c., cars seat rev. $7,2
230
00:0
92
52
4
A dividend of 2)..i %.loss income tax, has been declared payable
Tourist
cars, berth rev__ 2,149,759 Private cars
Mar.
31
43i%
was
paid,
on
Oct.
31
1913
On
22.
record
Oct.
of
to holders
The company's gross service business, it is said unofficially, fell off
3% and on May 15 13%.-V. 99, p. 677.
$600,000 in the six weeks ending Sept. 15 1914. Compare V.99 .p. 1128.
Morris Park Estates.-Status.-
See Assets Realization Co. under "Reports" above.-V. 98, p.1003.
Mount-Vernon-Woodberry Cotton Duck Co.There had been deposited with the Newcomer committee to Oct. 23 1914
M. bonds. After to-day no bonds
over 16,000.000 of the $8,000.000 1st
will be accepted by the depositary (Safe Dep. & Tr. Co., of Baltimore),
except with the consent of the committee, and upon such conditions as it
may,in each instance, prescribe. See V. 99, P. 898, 973, 1218.
Co.-Settlement.National Electric Signaling
Co. above.
St. Joe Bay Co.-Deposit of Bonds.-
Holders of 1st M.6% 10-year gold bonds, interest upon which has been
in default since March 15 1914, are requested by the following committee
to deposit their holdings with the St. Louis Union Trust Co., as depositary.
under agreement of Aug. 1 1914. Committee, Henry C. Haarstick,
Daniel N. Kirby, and Albert T. Perkins. St. Louis, Mo.
•
San Jose Lumber Co.-Status.-
See Assets Realization Co. under "Annual Reports" above.
Simms Magneto Co.-Status.-V.98. p. 1540.
See Assets Realization Co. under "Annual Reports" above.Nevada Consol. Copper Co.-Earnings.-3 and 9 mos.
Sloss Sheffield Steel & Iron Co.-Status.-Pres. J. C.
ending September 30:
-3Mos.end. Sept.30--9 Mos. end. Sept. 30- Mahon on Oct. 24 said in subst.:
See Marconi Wireless Telegraph
In September the company made about 31,000 tons of iron, but delivered only about 16,000 tons. It has now on hand 137,000 tons, by
far the largest amount in its history. The sales so far in October have
been small and the inquiries from domestic sources are not for large amounts.
The foreign demand for the American product does not seem to have been
materially affected by the shutting off of German exports. [It is understood however, that the company has a bid from Japan for 25,000 tons of
Balance, sur. or def_sur.$258,244 def.$95,157 def.$283,016 def.$217,852 iron, but has thus far been unable to get transportation,owing to the great
The above earnings are computed upon the basis of 12.486 cents for the demand for the exporting of grain.]
If, as is probable, two of our furnaces should shorty be put out of blast,
quarter ending Sept. 30 1914.-V. 99. p. 751, 410.
some 4,000 employes will be laid off. We employ about 16,000 hands
New England Teleph. & Teleg. Co.-Earns.-Divs.- under normal conditions. Because of extensive improvements during the
The "Boston News Bureau" says: "It is understood that the business last two years, all paid for from earnings, the output of the four furnaces.
depression has created a situation which will make it rather difficult for the has been larger than that of the seven furnaces which were in use before
company to show the 7% dividend on its $43,085,000 stock fully earned the improvements were made.
The improvements have greatly reduced the cost to us of making iron.
this year. Even before the war was ever dreamed of, it was going to be a
very close shave for the company to get through 1914 with its dividend Consequently, even at the low prices that have prevailed for some months,
fully earned. The conditions prevailing since Aug. 1 have been such as to the company has been able to earn Its pref. dividend, on the comparatively
cost the loss of some of the most profitable portions of the telephone traffic small amount of iron delivered. Earnings on iron sold are not credited
of New England. People have also been substituting cheaper classes of until delivery has been made. The proceeds on the 16.000 tons of iron
service in which there is no profit, so that station growth may be said in a delivered in Septembet were equivalent to the month's proportion of bond
broad way to have been directly at the cost of net profits. The company Interest and more than equivalent to the proportion of the preferred diviIs necessarily obliged to economize. It has cut its construction program as dends chargeable to the earnings of that month.
deeply as prudence and efficiency permit. It is rumored that a reduction
The wages now being paid are the highest in the history of the company.
of over 700 has been made in the construction dept. alone.
The reduction of wages is being considered by several of the companies
New Director.in the Alabama district.-V.99, p. 752.
George D. Milne has been elected a director to succeed Charles H. Wilson
South Porto Rico Sugar Co.-Consolidated Earnings.who resigned.-V. 98. p. 1762.
Balance,
Dios.
Bond New Math.
Manufaceg
Fiscal
Total
New South Farm & Home Co.-Status.-Paid, Deficit.
Year- Receipts.
Expenses. Interest, IVork, Cap.
see Assets Readzaticn Co. nuclei "Annual Reports" above.
1913-14 -$5.239.025 84,527,779 $30,360 $301.406 $431,520 $52,0411
2,873
55,312 493,420
37,293
_ 4,885,232
4.297.079
Northern California Power Co.-Pref, Stock Authorized. 1912-13
Dividends as above include corn, dive. of4% in 1913,calling for $134,840,
The Cal. RR. Commission has authorized the company to issue $500,000
against 6% in 1912-13 (including 2% extra), $202,260; and pref. dive. of
6% cum. preferred stock at not lass than 80. the proceeds to be used to
8%, calling for $296.680 in 1913-14, against $296,160 in 1912-13.-V. 97,
reimburse capital account in the sum of $225,000 and for additions and
P. 1219.
betterments amounting to $175,000. The Commission directs that the
company shall on or before Dec. 1 submit an inventory and appraisal of its
Standard Gas & Electric Co.-Note Retirement.H. M. Byllesby & Co. announce that of the 1500,000 s% collateral trust
property and if any deficiency is found to exist between the sum of the
obligations and its preferred stocks on the one hand, and the value of the
notes maturing June 1 1915 the company has already paid off and retired
property on the other, the company shall levy an assessment on the stock- $250,000, leaving only $2.250,000 of the issue outstanding, including the
$2.000,000 due June 1 1916.-V. 99, p. 613. 117.
holders to make up the deficiency. The purpose of the provision is to
insure that the pref. stock is represented by proper assets.-V.99, p. 1055.
Standard Milling Co.-New Officers.Northern States Power Co.-Subsidiaries' Earnings.A. P. Walker, formerly Vice-President, has been elected President to
succeed General Brayton Ives, who died on Oct. 22. James P. Lee, for
Gross
Net (after
Year
Fixed
Pref. Divs. Balance,
many years a director, becomes Vice-President. Second Vice-President
Earnings.
Taxes).
endingCharges.
(7%). Surplus.
W. B. Sheardown died on Thursday.-V. 99, P. 1218, 1212.
84,202,356 $2,208,942 $1,283,150 $587,069 1338.723
Sept. 30 1914
3.887,408 2,015,110 1,262,175 572,138 180,796
Dec. 31 1913
Standard Oil of N. Y.-New Director.ee, p. 612. 533.
Martin Carey has been elected a director to succeed the late Henry A.
Ocala Northern Mi.-Foreclosure.McGee.-V. 98, p. 1698.
Realization
Co."
under
Reports"
above.
"Annual
See "Assets
1913.
1914.
1914.
1913.
Gross production_ _ _ _lbs_11,258,421 15.835.563 40,178,820 48,287.874
$926,711 $1,838,984 $2,812,427
$422,725
Total Income
409,819
401.371
136,989
Deprec'n Steptoe plant _ - 106,978
212,589
381.519
135,083
57,503
Ore extinguishment
1,499.592 2,249,388
749.796
Dividends
Ontario Steel Products Co., Ltd.-Pref. Div. Deferred.
The directors have deferred the quarterly dividend of 114%.due Nov. 15,
on the $750,000 7% cum. pref. stock. The initial payment was made
Nov. 15 1913.-V. 99. p. 745. 752.
. Packard Motor Car Co.-Earnings.----Stock.-Orders.-Net (after
Pref. Divs.
Surplus for
Total
A,.31
Deprec., &e.).
Year.
Surplus.
Year(7%).
1350,000
$1,141,564
1791,564
11,797.820
1913-14
350,000
1,807,472
2,157,472
3,006.256
1912-13
The total surplus as above on Aug. 31 1914 is stated after deducting the
$2,000.000 special stock dividend (40%) paid on the common stock in
Oct. 1913. The report states that at the annual meeting last year an increase of $3,000,000 was authorized in both the common and preferred
stocks, increasing the authorized amounts of each issue to $8,000,000.
Owing to the depressed condition of American industry, contemplated plans
for extensions, &c.,have been deferred,for the present at least, and pressing
needs have been otherwise provided for. None of the increased pref. stock
authorized and only $65,300 of the common stock have therefore been issued. After that amount had been subscribed for at par, the remaining
Tenth & Twenty-Third St. Ferry Co., N. Y.-Coupon.
Treasurer Lewis A. Eldridge announces that the coupons on the first M.
5% bonds which fell due on June 1 last will be paid on and after Nov. 10.
upon presentation at the Corn Exchange Bank.
The lines are now operated by the Interborough Ferry Co., which took
over the lease of the New York Terminal Co. The line now extends from
Greenpoint to the foot of 23rd St., Manhattan. Until Oct. 15 It extended
to Tenth St., Manhattan, but on that date the latter line was discontinued.
-V.87, p. 1163.
Texas Pacific Land Trust.-Additional Trustee.-
Charles J. Canda and Alphonse Kloh as surving trustees under the
declaration of trust of Feb. 1 1888, have called a special meeting of certificate holders to be held at the Central Trust Co., N. Y., on Nov. lb to elect
an additional (third) trustee in place of Simeon J. Drake, deceased.
98, p. 767.
United Copper Co.-Status.See Assets Realization Co under "Reports" above.-V. 98, p.
1005.
United Service Co., Scranton, Pa.-
Bee Ohio Service Co.-V.99, P. 1131; V. 97, p. 1754.
THE CHRONICLE
1304
United States Light & Heating Co.-Deposits.-
The protective committee, it is learned. now has on deposit about $1,400,000 of the $2,500,000 pref. stock outstanding, or about 55% of the
Issue. About $3,500,000. or 25% of the $14,000,000 common stock outstanding, has been deposited.-V.99, p. 1055, 905.
United States Metal Products Co.-Status.-
See Assets Realization Co. under "Reports" above.-V. 99, p. 834,275.
United States Steel Corporation.-See "Reports."
Dividend Reduced.-A quarterly dividend of M of 1% has
been declared on the common stock, payable Dec. 30 to
holders of record Dec. 1, comparing -with PA% quarterly
from June 1910 to Sept. 1914, both incl. See V.90, p. 1177.
The regular quarterly dividend of 11% has been declared
on the 7% cum. pref. stock, payable Nov. 28 to holders of
record Nov. 2. Judge Gary says:
The decision concerning the dividend on the common stock was made
with reluctance by the board of directors, but they were of the opinion
that it was made necessary by the present condition of the business and
the prospect for the immediate future.
Dividend Record (Per Cent).
'03.'04-'05. '06. '07. '08. '09. '10. '11-'13.
1914.
Common_ %.1 33 None 131 2 2 2X *5X 5 yiy. 131.131,
preferred_ % Aug. 1901 to Nov. 30 1914, 7% per ann. (1.31% quarterly)
extra
paid
March 1910.
* Includes X of 1%
131, X
Chairman Gary's Statement as to Business Conditions and
Principles Which Should Control.-See, 'Editorial columns
on a preceding page.-V.99, p. 1150, 474.
United States Worsted Co.-Status.See Assets Realization Co. under ''Reports" above.-V.99, p.906, 834
Western Canada Flour Mills Co.-Earnings.-
Aug. 31- Profits.
$315,246
1913-14
283.293
1912-13
-V.93, p. 1480.
Bond Int.
$100,470
104,043
9ivs.(8%), Bal.. Sur,
$157,482
$57,294
120,000
59,250
Total Sur.
$502,262
444,968
Western Union Telegraph Co.-War Tax.-
See last week's "Chronicle" page 1197.-V. 99, p. 1150, 474.
(Henry R.) Worthington.-Deposit of!referred Shares.The stockholders' protective committee is extending to all
the pref. shareholders who have not yet assented the opportunity to deposit their stock with the Franklin Trust Co,
depositary (46 Wall St., N. Y., 166 Montague St. or 569
Fulton St., Brooklyn), on or before Nov. 16, on payment, as
before, of 50 cents per share.
VOL.,
xcix.
Tixt Tounnercial Timts.
FriEdaPy
COMMERCIAL
Night, Oct. 30 1914.
Though conservatism is everywhere manifest, the sentiment is somewhat more cheerful. It is taking its tone in a
measure from some improvement in the financial situation.
Bond buying has been active. Foreign exchange has dropped
to the lowest point since the beginning of the war. The time
is near at hand for the Federal Reserve banks to begin operations. European countries are buying various American
fabrics and commodities on a large scale. Extraordinary
sales of boots and shoes are reported. The export sales of
wheat have averaged nearly 1,000,000 bushels a day during
the present month. The West naturally feels the good
effects of enormous sales of grain at prices much higher than
those of a year ago. The exports of wheat are already some
25,000,000 bushels larger than up to this time last year.
Exports of cotton are increasing. It is officially annnuneed
that cotton is not contraband of war and that(Great Britain
will not oppose exports of cotton, even to Germany. Large
foreign credits are believed to have been established here,
thereby facilitating export buying of cotton. The British
moratorium expires on Nov. 4. Further progress has been
made in preparing the way for the re-opening of the New
York Cotton Exchange. The Metal Exchange will re-open
on Nov.9. Efforts are being made to have business resumed
at the Coffee Exchange. The cooler weather has helped the
retail trade. In general, however, the foreign trade has been
far better than the domestic. Iron and steel are still dull
and prices are declining. The lumber trade is depressed.
Collections are generally slow. Failures are numerous.
Bank clearings are still far below those of last year and the
year before. In a word, the condition of business is still, on
the whole, unsatisfactory.
LARD has been firmer; prime Western 11.25c., refined for
the Continent 11.80c. South America 12.10c. and Brazil
in kegs 13.10c. Lard futures, although irregular at one time,
have latterly been stronger, owing to higher prices for hogs.
The receipts of hogs of late have been somewhat smaller
than expected. To-day prices advanced in response to
higher prices for grain and hogs. Stockyard interests at
Chicago bought to a fair extent. Packers sold on the
advance.
Digest of Committee's Circular Dated Oct. 15 1914.
Pursuant to its circular of June 12 1914 (V..99, p. 124), your committee,
with authority from more than half of the pref. stock, has made,through
expert accountants, an examination into the affairs of the company. A
preliminary report shows that (a) your company is solvent and its business
profitable; (b) The International Steam Pump Co. owns all but 23 shares
of the common stock (but none of the pref. stock); and since 1900 has
chosen a majority of the board, &c., from its own executives and directors;
(3) The debt, as represented by $2,430,000 20-year gold notes, due in 1929,
was largely created through acquisition of certain property at Harrison,
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
N. J., from the International Co., while the latter was in control, and by
Wed. Thurs.
Sat.
Tues.
Mon.
assuming certain contracts into which the International Co. had previously
Fri.
10.67
10.60
10.62
10.60
entered; (d) The 20-year gold notes were issued without the consent of the October delivery_ _cts_ 10.55
10.75
10.62
10.47
10.50
10.62
requisite amount of your pref. stock: (e) Strong probability exists that the November delivery_ _ _ -10.50
10.72
greatly
over-stated.
January delivery
9.97
9.95
9.85
9.90
9.87
9.92
debt claimed by the International Co. is
Under the peculiar conditions of the creation of this debt, and in view
PORK quiet and steady; mess $21 50(022,clear $22@$25,
of specific provisions of the charter, your committee, with the support of
able counsel, contend that these 20-year gold notes are subject to the prior family $24 50(026. Beef unchanged; mess $23(024;
lien of your pref. stock and accrued dividends thereon.
family $29@$30, extra India mess $4O(j
The bondholders' protective committee of the International Steam Pump packet $24@$25,
Co. (placed in receivers' hands Aug. 26) has recognized (a) That our $45. Cut meats lower; pickled hams, 10 to 20 lbs., 13®
therefore,
should
committee,
your
and
that
theirs
Interests are distinct from
13Nc.; pickled bellies, 6 to 12 lbs., 16@l6gc. Butter,
have (pending a thorough examination of the company and its relations
to the International, and the formation of plans for reorganization) a repre- creamery extras, 333/2c. Cheese, State whole milk, colored
Henry
R.
sentative on the board and in the executive management of
specials, 151
/
tc. Eggs, fresh gathered extras, 34@36e.
Worthington: (b) that so far as Henry R. Worthington Is concerned its
/8c.; No. 4 Santos
and
COFFEE has been quiet; No. 7 Rio 63
business and property should be kept distinct during this examination,'
its business managed for the sole benefit of its own creditors and stock. 10 ®10hc.; Fair to good Cucuta 9%@10 Vic. Futures
Your committee having carefully considered the advisability of a receivership, concluded unanimously to await receipt of the reorganization plan, have been traded in to some extent even though the exand in the meantime has (with the approval of the bondholders' committee) change has remained closed. It may open shortly. Decemnominated its Secretary, Stirling Birmingham, as Vice-President and member of the board of directors and of the executive committee, and Percy ber sold at 5.70o., it is said,and May at 5.95e.; March at 6e.
Jackson, a member of the committee, for membership on the board of Later sales were reported at6.30c.for May,6.15c.for March
directors of Henry R. Worthington.
The expenses of your committee to date have beenkept to a minimum and 7.05c. for July. Brazilian exchange has recently desum, and it is believed further contribution will only be necessary in case clined quite sharply. After touching 153'
2d. it fell very noticethe reorganization Dian is delayed or in case the terms are not equitable to
your stcck. In order to avoid further payment of cash by the stockholders, ably but has latterly recovered somewhat, the rate being
the deposit agreement authorizes the committee to borrow, when and if 14d. The into-sight movement is steadily increasing,
necessary, not exceeding $2 50 per share cn the stock deposited. The
deliveries are light. Stocks in and afloat for the
amount of compensation of the committee and of its Secretary (in addition while
to that given him by the committee) will be determined upon completion United States are in round figures 1,950,000 bags, against
of their work, by a majority stock vote of the depositors.
1,715,000 bags a year ago. The Board of Managers of the
Committee ;Robert B. Woodward, Chairman, Jonathan Bulkley, Percy
Jackson, William A. Perry, Hosea Webster and Allx W. Stanley. with New York Exchange has decided not to reopen at present.
Stirling Birmingham as Sec., 80 Maiden Lane. N. Y.-V. 99, p. 124.
SUGAR has been lower;
-Twenty-five Public Utility companies reporting. to
William P. Bonbright & Co. show gains in gross earnuigs
for August of 7.2% and net increases of 15.6%. Many of
these companies operate extensive systems of subsidiaries
and practically every section of the country is represented
in their returns. Reports from the same group of properties for the second month of the war are not yet complete
but the figures at hand indicate greater rates of increase,
both gross and net, than during August.
-The Corporation Trust Co. of New Jersey has issued a
pamphlet giving in full the text of the Federal Trade Commission Act and, the portions of the Clayton anti-trust bill
dealing with price discrimination, agreements for the exclusive dealing in or use of commodities, the stock control
oPeompeting corporations and interlocking directorates.
g"-:Ludwig & Crane, successors to T. W. Stephens & Co.,
2 Wall St., this city, announce the removal of their offices
to 61 Broadway, Adams Express Building. The firm has
more attractive offices in the new location. The members
of the partnership are: Charles B. Ludwig, Ralph T. Crane
and Thomas W. Stephens.
-J. S. Rippel, dealer in investment securities at 756
Broad St., Newark, N. J., is offering $120,500 Belleville
School District 5% bonds at a price netting the investor
4.75%. Bonds are dated Nov. 1 1914 and maturities begin
Nov. 1 1927 and extend to 1944. Full particulars upon
application.
centrifugal,96-degrees test, 3.64c.;
molasses, 89-degrees test, 2.99c. The exports at the six
principal Cuban ports were 4,000 tons. The stocks there are
72,000 tons, against 56,000 tons last year. Stocks in the
United States and Cuba together are 409,066 tons, against
429,867 last week and 213,308 last year. The British Government has prohibited the importation of sugar into the
United Kingdom with the object of preventing German and
Austrian sugar from reaching England from neutral countries. Refined lower at 5.60e. for granulated.
OILS.-Linseed lower; city raw, American seed, 45c.•
boiled 46e., Calcutta 70e. Cocoanut lower; Cochin 1434
®15c., Ceylon 10)4@llc. Olive $1@$1 10. Castor 83.4
4®90. for Lagos. Cod, domestic
()834c. Palm lower at 83
steady at 33@35c. Cottonseed oil firmer; winter 5.25e.,
summer white 5.25c. Corn steady at 5.35@5.40c. Spirits
of turpentine 453/2 ®46c. Common to good strained rosin
$3 70@$3 75.
PETROLEUM steady; refined in barrels, 8@9c.; bulk
4.50@5.50c.• cases 10.50@11.50c. Naphtha 73 to 76 deGasoline, 89 degrees,
grees, in 100-gallon drums, 23
26c.; 74 to 76 degrees, 25c.; 67 to 70 degrees, 22c. Crude
prices were in some instanceS lower. A decline in Canadian
crude oil of 3c. making it now $1 33 per barrel, has been an
'
interesting feature.
Pennsylvania dark $1 45 Corning
1 45 Wooster
Second sand
1 45 North Lima
Tiona
1 05 South Lima
Cabal!
1 021Incliana
Mercer black
1 02 I Princeton
New Castle
c:
85c. Somerset, 32 dog_ ggc
$61c5
. Ragland
Illinois.above 30
89c.
degrees -----SRc.
8Sc. Kansas and Okla- 55c.
homa
89c.
OCT. 311914.]
THE CHRONICLE
TOBACCO has remained quiet. Manufacturers show little disposition to abandon their policy.of buying from hand
to mouth. They are not running their factories at full capacity by any means. Wisconsin, Havana seed, nominally
13@14c.; binders 18@22c.; Connecticut broadleaf filler,
8©10c.; seconds, 28®35o.; wrappers, 60@)75c. Sumatra
meets with a moderate demand. Supplies from the Far
East are expected to be reduced this year, mainly owing to
the war. Cuban is in light demand.
COPPER has been quiet; Lake 11.400.; electrolytic
113c. English warships have captured another steamship
supposed to be carrying copper to Germany. The Kroonland left New York on Oct. 15 with 1,500 tons of copper for
Naples and Genoa. It seems, however, that the copper is
alleged to have been intended for the Krupp works in Germany. In London prices have latterly declined; standard
spot £50 7s. 6d.; American electrolytic nominally L52@
£52 10s. Tin has dropped to 303,4c. in response to a sharp
break in London. Lead remains at 33'c.; Spelter has receded to 5.05c. Trade in pig iron has continued light.
No. 2 Southern Birmingham $10. Sales of steel rails, structural steel and other staple products are extremely light.
Prices have been declining. Sheets, bars, billets and wire
rods have dropped 50 cents per ton, steel plates and sheets
$1 a ton and tin plates $2. Bar iron, it is said, has sold in
Chicago at something under 1 cent per lb. Europe, it is
true, is buying machine tools here to some extent, taking
engine lathes, turret lathes, automatics and grinding ma,
chines, to quite a liberal extent. Germany, moreover, has
bought some machinery. But there has been a noticeable
anxiety to sell rolled steel products even at lower prices.
The condition of the iron and steel industry is still unsatsifactory.
1305
10,950 to France and 75,562 to the rest of the Continent.
Below are the exports for the week and since Sept. 1 1914.
Exports
1Veut ending Oct. 30 1914.
Exported toGreat
amtt
Britain. France. nent.
Galveston_ _ 36.709 10,95
Texas City_ 9,034
Pt. Arthur_
NewOrlea
8,2401
Pensacola_ _
Savannah_ _
Brunswick
3.4501
Charleston
Wilmington
Norfolk_ _ _ _
New York_ 1,600
Boston ___ _ 2,035
Baltimore_ _
Philadel'a_ _ 6.999
San Fran_ _
Pt.Tovons'd
From Aug. 1 1914 to Oct. 30 1914.
Exported to-
Great
Total. Britain. France.
37,832 85,491 145,158
1,619 10,653 33,524
151
6.391
17,207 11,21:7
3,4 I
4.175
51
5.775
2,086
6,999
11,322 11,322
3,206 3,206
29,4021
3201
6,852
6,1001
2,250
4.9001
18.504
2,115
11,429
Total_ -.1 06,0671 10,9 I 75,562 152,579 280,5541
Conti
nest.
Total.
14,355 141,645 301.158
7,013 40,537
4
400
454 19,843 49.699
320
33,588 40,440
6,100
2,200
4,450
2,601
2,600
4,900
405 22,123 41,032
510
2.631
101
100
1,200 12,629
21,754 21,754
19,235 19,235
15,214 272,217 547,985
Total i9l3J141,4431105,879 187,431 434,753 908,0981 423,187 1,197,745 2,527,030
Note.-New York exports since Aug. 1 include 1,287 bales Peruvian and 25 bales
West Indian to Liverpool, 50 bales Egyptian to Mexico.
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 forGreat I
GerOther Coast- 1
Leaving
Oct. 30 at- Britain. France. many. Foreign wise. 1 Total. I Stock.
New Orleans__ 3,206
Galveston __ _ _ 25,379
Savannah __
8,000
Charleston ___
Mobile
-f-li&
Norfolk
1.500
New York_
Other ports__ _ 10-,666
1,497
4,382
332 20.737i 94.959
3,545 94,766 136,236
900 8.900, 94,765
-1 52,125
50 1,63; 25.321
____
15.000 16,500; 12,048
1,800; 67,337
1.800
12,5001 55.985
2,500
3,194 12,508
---- 61.460
___----
COTTON.
§
Friday Night, Oct. 30 1914.
THE
CROP,
as
OF
indicated
by
our
MOVEMENT
THE
____
telegrams from the South to-night, is given below. For the
Total
1914_
_
48.720
5.879
3,532
78.268 19,827 156.2261 538,776
total
the
receipts
have
reached
evening
week ending this
Total 1913_ _ 72,933 30,647 69,502 38.708 12,413 234,2031 620.682
Total 1912_ _ 72,877 27.184 84.592 35,206 23,536 243.395. 754.944
272,727 bales, against 240,067 bales last week and 199,397
bales the previous week, making the total receipts since
Speculation in cotton for future delivery still waits on the
Sept. 1 1914 1,314,815 bales, against 3,677,385 bales for reopening of the Exchange. It it hoped that that event
the same period of 1913, showing a decrease since Sept. 1 will occur in a couple of weeks. Banks, it is stated, stand
1914 of 2,362,570 bales.
ready to lend between $1,500,000 and $2,000,000 to the ExTotal. change syndicate. It is understood that about $1,500,000
Mon. Tues. Wed. Thurs. Fri.
1 Sat.
has been pledged to the banks in the shape of three-year notes
16,530 21,441 37,709 22,166 13,200 12,760 123.806 by members of the Exchange as a guaranty, in addition to
Galveston
3,118 2,062 5,242 5,685 5,074 1,465 22,646
Texas City
the amount to be derived from taxing transactions, that the
524 sum advanced by the banks will be repaid within three years.
524
---------------Aransas Pass, &c
Now Orleans_ __ _ 6,233 4,459 9,410 5,823 5,443 7,750 39,118
501 4,574 But some "details," as they are described, still remain to
603
265
908 1,369
928
Mobile
Pensacola
be perfected. Various reports are afloat as to what these
-___ 1,391 1;351
------------ Jacksonville,&c_
5,438 10,112 10,930 4,921 6,096 6,468 43,965 "details" really mean. Some think they have some bearSavannah
1,300 ing on the liquidation of the Pell assets; others that they are
Brunswick------------------- 1,490 2,674 1,714 1,536 2.037 3,143 12.594
Charleston
704 1,343 5,566 related to a dispute in regard to New York-Liverpool strad485
533
1,277 1,224
Wilmington
1,315 3,122 2,159 1,437 2,444 2,255 12,732 dles; others that the delay is due to efforts on the part of
Norfolk
--------------------2,086 2,086
N'port News, 8:c
some members of the Exchange to have Liverpool .reopen
New York
523 on the same day as New York. Still others maintain that
192
55
276
Boston
1.902
1,902
Baltimore
the delay is Simply due to details inseparable from the completion of the reopening plan, such as the getting of affiTotals this week_ 36.329 46.002 69,066 42,373 35,877 43,080 272,727 davits on the cotton turned in, &c. That means that every
at
The following table shows the week's total receipts, the hundred bales turned into the corporation taking cotton
cotton
total since Aug. 1 1914 and the stocks to-night, compared 9 cents must be sworn to as distress cotton, meaning
traded in on or before July 31, the date on which the Exwith last year:
change closed, and in which case owners have refused to
furnish additional margin. In any case, there is no likehStock.
1913.
1914.
Receipts to
hood that the Exchange will reopen on Nov. 4, as was at
October 30.
This Since Aug This Since Aug
one time freely predicted. At the same time it is generally
1913.
1914.
Week. 1 1914. Week. 1 1913.
believed that the date for reopening is near at hand. This
Galveston
123,806 647.325 134,426 1,325,302 231,002 214,011
Texas City
19.211
14,691 idea is so general that there has been some discussion.as to
22,646
57,705 23,086 124.785
Port Arthur
400
what direction prices are likely to take on the reopening of
2.420
5,876
Aransas Pass,&c_
81,329
6,466 10,742
524
This idea is
New Orleans_ _ _ _ 39.118 137,312 85,962 310.446 115.696 144.217 the Exchange. Some look for an advance.
44,483 predicated partly on some recent increase in the export de26.344
31,990 21.772 140,045
Mobile
4,574
44,555
141 17,794
Pensacola
pool to lend
583
1,002 mand. The formation of the $135,000,000 bank
10,590
1,391
11.223 3,047
Jacksonville, &a_
43,965 240,026 123,375 878,511 103,665 200,115 money on cotton has also encouraged the believers in higher
Savannah
31,612
700
8,308 30,000 152,442
1.300
Brunswick
buy freely when they
92,220 prices. Spinners too are expected to
52.125
65,102 29,853 237,951
12.594
Charleston
29,807 can hedge. Finally the fact of widespread killing frost on
24,667
30,513 28,323 185,460
5,566
Wilmington
22.699 both sides of the Mississippi on Oct. 26th and Oct. 27th has
28,548
57,380 36,369 139,731
Norfolk
12.732
11,684
10.887 6,147
N'port News,&c_ 2,086
69.137
34,868 also been cited as a reason. for a rise. In fact it is quite
124
304
- _-New York
3.009 generally believed that had the Exchange been opened on
2.731
162
2,177
523
2,424
Boston
6,931
7,706
32,178
Baltimore
7.120 9.334
1,902
2.025 Wednesday last the news of temperatures of 24 to 32 east
7,786
Philadelphia
____
75
of the Mississippi river and of 23 to 32 deg. west of the
272.727 1.314,815 560,392 3.677,385 695,002 844,885
Totals
river would have been the signal for quite an advance.
In order that comparison may be made with other years These killing frosts have given rise in some quarters to a
we give below the totals at leading ports for six seasons:
modification of crop estimates. Whereas at one time
16,000,000 bales or more were generally expected, there are
1912.
1911.
1910.
1909.
1914. I 1913.
Receipts atnow those who incline to think that the maximum may be
-- 123,806 134.426 188,340 149,173 118,961 120,569 about 15,500,000 bales. It was a dry frost however, and
23,170
33,828
45,788
49,555
28,369
9.716
TexasCity,&c.
Galveston85,962
82,122
39,118
73,160
62,015
67,734 not a few contend that in many cases the damage was more
New Orleans_
4.574
21.772
15,161
16,510
10,055
12,611 apparent than real. Liverpool during the week has reduced
Mobile
86,585
98,329
43.965, 123,375
59,925
79,053 its prices to 4.50d. for Jan.-Feb. and 4.85d. for middling
Savannah
18,000
9,250
Brunswick_ _ _
1,3001 30.000
16,150
8,900
29,853
21,759
14,125
13.533
12,420 on the spot. That would be tantamount to 7.50c for Dec.here.
Charleston,&c
12,594
5,566' 28,323
21,805
30,012
Wilmington
24,789
21,243 Thislatestreductionthas givenlrise to protesteby some who hold
12,7321 36,369
32,973
Norfolk
32.509
33,414
30,889
3,8101
2,086'6,147
1,387
847
346 the long end here of the straddle between the two markets.
1,392
N'port N..&c.
30,337
15,951
27,967 It is understood that some sharp cables have been sent to
16,051
11,328
All others
Total this wk. 272,7271 560,392 52a,516 487,955 381,530 401,448 Liverpool on the subject. It is said that Liverpool has not
bbeenJiving up to its agreement to buy futures here every
Since Aug. 1_ 1.314,8153.677.385 3,596,483 3,788,704 3,072,341 3.330.961 time it sold spots to spinners across
the water,and that in this
The exports for the week ending this evening reach a total way the market has lost the benefit of purchases to the
of 152,579 bales, of which 66,067 were to Great Britain, amount of something like 50,000 to 60,000 bales, to the
THE CHRONICLE
1306
obvious detriment of the price. It is intimated that Manchester spinners have been allowed to call cotton without
naming the price Imd, inferentially, without buying the
futures, usually an indispensable procedure when the price
is named as so many points "on" a given month. There
are those who object, it is stated, to balloting at anything
below 8 cents for December on these straddles, whereas
Liverpool, it is inferred, wants the balloting to be done at 50
points under this price. That would of course be $2 50 a bale
at the expense of those who hold the long end of the straddle
here. Meantime spot markets have felt the effects of increase
export buying, the apparent success of the movement to
create a bank loaning fund of $135,000,000, which, at 6c. per
pound, would take care of 4,500,000 bales, and finally the
occurrence of widespread killing frost. Great Britain is to
make no objection to exports of ;American cotton to Europe,
&c., not excepting Germany and Austria. The ginning
report appeared on Oct. 26. The quantity ginned up to
Oct. 18 was 7,610,682 bales, against 6,973,518 in the same
time last year, 6,874,206 in 1912 and 7,758,621 in 1911.
To-day there was an advance of %c. at Savannah, Augusta,
Galveston and Little Rock and Vic. at Houston. Liverpool
prices remained at 4.50d. for January-February and 4.85d.
for middling on the spot. Total sales, 7,500 bales. Unofficial sales were reported here at 7.50c. for December.
The Board of Managers considered a tentative plan for a
clearing house and will take up the matter again on Monday.
It is intimated that if the court orders the sale of S. H. P.
Pell & Co.'s holdings of 80,000 bales to the Now York Cotton
Exchange syndicate corporation at 9 cents, the Conferenc
Committee having the question of the syndicate
operations and the reopening of the Exchange in charge will
be ready to make an announcement as to the date on which
the Exchange will reopen. The current talk is that it is likely
to be Nov. 16 if not before. It is expected to be before that
date if the Court orders the sale mentioned above. It was
warmer in Texas and most other parts of the belt, but further
killing frost occurred in Mississippi and South Carolina.
Reports from Texas and Oklahoma in some cases state that
the frost has done little damage. The State Department at
Washington informs the Exchange here that to the best of
its knowledge and belief cotton is not contraband of war.
Exports are expected to increase in the near future, especially when the Federal Reserve banks go into operation
on Nov. 16. An Exchange membership sold to-day at
$7,000,showing no change from the previous sale a few weeks
ago.
The rates on and off middling, as established Sept. 9 1914
by the Revision Committee, at which grades other than
middling may be delivered on contract, are as follows:
[VOL. xc
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
October 30Stock at Liverpool
Stock at London
Stock at Manchester
1914.
bales- 758,000
21.000
49,000
1913.
548,000
5,000
37,000
1912.
643,000
7.000
21,000
1911.
404.000
6.000
20,000
828.000
*25,000
*140,000
208.000
3,000
22.000
19,000
*18.000
590,000
17.000
187.000
143,000
2.000
9.000
24,000
10.000
671.000
8,000
209,000
158.000
2,000
12,000
3,000
5,000
439,000
12,000
86,000
103,000
2,000
10,000
17.000
4,000
435,000
392,000
397.000
234.000
Total Great Britain stock
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
Total Continental stocks
1,263.000 982,000 1.068,000 664,000
Total European Stocks
31,000
79,000
76,000
India cotton afloat for Europe.._
11,000
282,436 1,085,909 1,064.575 1.076.581
Amer. cotton afloat for Europe
79,000
70.000
Egypt, Brazil,&c.,aflt.forEurope 21,000
50.000
*110,000 263,000 210,000 115.000
Stock in Alexandria, Egypt
470.000 400.000 230.000 222,000
Stock in Bombay, India
695,002 844.885 998.339 870.970
Stock in U. S. ports
Stock in U. S. interior towns_ _ _ _ 820.362 564.003 554.786 664,364
52,835 166,838
U. S. exports to-day
7,451)
23,810
3,748.270 4,347,632 4,443,538 3,697,725
Total visible supply
Of the above, totals of American and other descriptions arc as follows.:
Americanbales- 459.000 354,000 506,000 307,000
Liverpool stock
17.000
14,000
31,000
14,000
Manchester stock
*330,000 341.000 372.000 198,000
Continental stock
282,436 1,085,909 1,064,575 1.076,581
American afloat for Europe
U. S. port stocks
695,002 844.865 998.339 870.970
820,382 564,003 554.786 664.364
U.S. interior stocks
7.450
52,835 166,836
U. S. exports to-day
23,810
Total American
East Indian, Brazil,
Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt. Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
2.625,270 3,259.632 3,678.538 3.154,725
Total East India. &c
Total American
1,123.000 1,088,000 765,000 543.000
2,625,270 3,259,632 3.678,538 3.154.725
298.000
21,000
18,000
*105.000
79,000
21,000
*110.000
470.000
194,000
5,000
20,000
51.000
76,000
79,000
263,000
400,000
135.000
7,000
7.000
25,000
31,000
70,000
210,000
280,000
97.000
6,000
6.000
36,000
11,000
50,000
115,000
222,000
3 748,270 4,347,632 4.443.538 3,697,725
Total visible supply
Middling Upland, Liverpool
4.65d.
7.63d.
6.63d.
5.17d.
Middling Upland, New York
al1.00c.
9.45c.
14.10c.
11.75c.
7.604. I0.754. 10.16d. 10 3-16d.
Egypt, Good Brown, Liverpool
8.75d.
9.254. 10.004.
9.75d.
Peruvian, Rough Good. Liverpool
4.35d. 7 1-16d. 6 3-16d.
534d.
Broach, Fine, Liverpool
-Id.
4.50d.
534d.
734d.
63
Tinnevelly, Good, Liverpool__ _ _
a
*Estimated.
August 17.
Continental imports for past week have been 30,000 bales.
The above figures for 1914 show an increase over last week
of 202,136 bales, a loss of 599,632 bales from 1913, a decrease
of 695,268 bales from 1912 and a gain of 50,545 bales over
1911.
c Basis Good mid. tinged_c Even
Fair
a 0.70 on Middling
0 63 on Strict low mIddlIng_0.50 off Strict mid, tinged...0.20 off
Strict mid fair
AT THE INTERIOR TOWNS the movement-that is,
1.25 off Middling tinged__ _0.40 off
0.55 on Low middling
Middling falr
Strict good mid _ _ _0 42 on Strict good ord _ _ _ _2.00 off Strict low mid. ting.1.25 off the receipts for the week and since Aug. 1, the shipments for
Good middling----0.28 on Good ordinary__.3.00 off Low mid. tinged_ _3.00 off
Strict middling.._.0.14 on Strict g'd mid. tin:x.0.14 on Middling stained..1.25 off the week and the stocks to-night, and the same items for the
The official quotation for middling upland cotton in the corresponding period of the previous year-is set out in
New York market each day for the past week has been:
detail below.
Sat. Mon. Tues. Wed. Thurs. Fri.
Oct. 24 to Oct. 30Middling uplands
Movement to October 30 1914
NEW YORK QUOTATION FOR 32 YEARS.
The quotation for middling upland at New York on
Oct. 30 for each of the past 32 years have been as follows:
1913
1912
1911
1910
1909
1908
1907
14.00
11.55
9.35
14.40
15.05
9.35
10.90
10.50
10.75
10.00
10.50
8.65
7.94
9.50
7.38
1906_c
1905
1904
1903
1902
1901
1900
1899
5.31
6.00
7.94
9.00
5.75
8.19
8.31
8.38
1898-c
1897
1896
1895
1894
1893
1892
1891
10.00
10.62
9.61
9.62
9.25
9.62
9.81
10.62
1890-c
1889
1888
1887
1886
1885
1884
1883
MARKET AND SALES AT NEW YORK.
Transactions in cotton in the New York market the past
week have included 100 bales spot on Thursday.
FUTURES.-There have been no transactions in cotton
this
for future delivery on the New York Cotton Exchange
week.
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.-Below are the closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week.
Closing Qoutations for Middling Cotton onWeek ending
Oct. 30
Saturday. Monday. Tuesday. Wed'day. Thurstly. Friday.
6%
Galveston
New Orleans_ _ _ 635
6%
Mobile
634
Savannah
635
Charleston
Wilmington.._ - 635
6)4
Norfolk
6%
Augusta
634
Memphis
6%
St. Louis
634
Houston
6%
Rock..
Little
6%
634
634
635
634
634
6%
6)5
6)5
6%
6%
6%
634
631
6%
635
634
634
6%
6%
634
6%
6%
634
6%
6%
634
6%
6%
6)4
634
6%
6%
6%
6%
6%
6%
6%
6)4
6%
4
63
6%
7
6%
6%
634
6%
6%
6%
6%
6%
634
6)4
6%
735
6%
6%
7
634
ORLEANS CONTRACT MARKET.-There have
F3 NEW dealings
at New Orleans the past week.
been no
THE VISIBLE SUPPLY OF COTTON to-night, as made
is as follows.. Foreign stocks,
up by cable and telegraph,
returns, and consequently
as well as the afloat, are this week's
down to Thursday evening.
all foreign figures are brought
figures for to-night
But to make the total the complete
Towns.
Ship- Stocks
ments. Oct.
Season. Week. 30.
Receipts.
Week.
Movement to October 31 1913
Receipts.
Week. Season
Ship- Stocks
meats. Oct.
31.
Week.
13,735 1.131 2,422
361 8,357 1,034
11.617
1,338
92,543 8,297 24,961
85,501 4,04 64,557 8,936
9,86
70.450 7.139 11,291
6.1391 54,835 2,743 38,892 7,193
18,524 3,115 11,420
669 14,837 2.729
18.68_i 1,6691
3,893
47,641 5,063 31,847
40,840 4,8481 26,944 9,359
9,557
19,896 1,086 2,384
932
155 17.212
20.505
1,606
43,620 5,122 16,351
5,752
6.0231 27,590 0,550 15,840 16.552
100,415 18,177 19,452
7,239i 29,999 4,565 10,608
____ 117, 91 19,181 167,939 15,259 45,330
22,6831 157,301
23,880 3,700 8,571
30.881 1,00 22,921 3,845
5.37
23,479 1.991 2,157
56 17,509 2,044
20,077
2,496
29,545 4.425 6,578
15,358 2,782 4,917 5,544
3,928
63,392 10,238 22.859
54,502 1,701 50,753 12,956
10,722
15.187 1,400 5,980
185 4,556 1,500
6,211
1,328
23,814 3,051 14,394
28,C53 1,844 21,398, 4,470
4,857
26,440 10,642
38,447 7,294 18,248
41,644 6 8
10,800
9,910
11 6,352
366 5.610 1.797
5,870
1,231
7,609 1,200 2,000
100 8,600 1,400
9,720
1,800
6,695 1.013 3,967
600 7,237, 1,355
8,837
2,393
900 9,049
11,570
500 13,080 1,90'
14,003
2,500
72.684 21,755 8,945
53.900 15,21 18,640, 22,360
16,560
365
600
6,244
745
3011
25
1,116
399
18,442 7.408 8,152
3.672, 3,248
25,345 6,25
6.71
4,010
2,223
16,019
2,313
2,l72
29
3,327
1,366
493
5,706 1,113
5.704
1,818
2181 5,018 1,113
50,699 227,09 i 25,350 154,0371 43.103 226,195 38,395 97,894
598 1,594
4,414
562
482
____
532
____
650 1,409
18,848
210 5,759
700
7,786
290
23.134 2,384 8,101
13,578 1,9851 5,365 4,501
2,619
23,987 5,057 7,810
7,510
33,731 5,525 7,375 4,731
Dallas
12,874 2,824 4,181
11,223 1,346 5,541 3,354
Honey Grove_ 2,292
125,605 665,705 112,314 108,083 137,4051,268.098 119,954147,157
Houston
4.213 8,279
0,475
38,402
3.852
5,323
25,924
5,949
Paris
139A 049111e 5000 CA9 21212 !Intl 7R7 nncnnn
'
14 Old le/1
TR.
•,,,., nnt• i --... .. .....
Ala., Eufaula__
Montgomery.
Selma
Ark., Helena
Little Rock._
Ga., Albany__ _
Athens
Atlanta
Augusta
Columbus_ _
Macon
Rome
La..Shreveport
MIss.,Columb's
Greenville ___
Greenwood._ _
Meridian __
Natchez
Vicksburg__ _
Yazoo City
Mo.,St. Louis_
N.C., Raleigh_
0., Cincinnati_
Okla., Hugo_._
S.C.,Greenw'd_
Tenn.,Memphl
Nashville
Tex., Brenham
Clarksville...
The above totals show that the interior stocks have increased during the week 123,610 bales and are to-night 256,379
bales more than at the same time last year. The receipts at
all towns have:been 10,699 bales less than the same week
last year.
OVERLAND MOVEMENT FOR THE WEEK AND
the
SINCE PAUG. 1.-We give below a statement showing
overland'movement for the week and since Aug. 1, as made
results for the
up from telegraphic reports Friday night. The
follows:
week and since Aug.!_llin the last two years are as
OCT. 31 1914;
October 30ShippedVia St. Louis
Via Cairo
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes, &c
TIM CHRONICLE
-1914
Since
Week. Aug. 1.
60,385
15,214
35,007
11.478
753
150
15,061
3.708
6,159
2,730
13,363
2,598
61.884
16,473
Total gross overland
52,351
Deduct shipmentsOverland to N. Y., Boston, &c
2,425
Between interior towns
2.175
Inland, &c., from South
1.793
Total to be deducted
Leaving total not overland •
---1913
Week.
21,756
15,016
445
3,929
4,091
12,473
18,462
Since
Aug. 1.
75,784
65,249
1,167
20,537
11,528
43,168
70.232
192.612
76,172
287,665
10,028
12.310
42.251
9.496
1,589
2,326
34,554
9.828
25.967
6,393
64,589
13,411
70.349
45,958
128,023
62.761
217,316
* Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has been 45,958 bales, against 62,761 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits a decrease from a year ago
of 89,293 bales.
1914
1913
Since
In Sight and Spinners'
Since
Taldngs.
'Week.
Aug. 1.
Week.
Aug. 1.
272,727 1,314.815 560.392 3,677,385
Receipts at ports to Oct. 30
45,958
128,023
Net overland to Oct. 30
62,761
217,316
Southern consumption to Oct. 30_ 60,000
750,000 60,000
786,000
Total marketed
Interior stocks in excess
378,685 2.192.838 683,153 4,680,701
123,610
700,243 41,702
420,545
Came into sight during week_ 502.295
Total in sight Oct. 30
2,893,081
North spinners' takings to Oct.30 67.417
462,025
724,855
5,101.246
128,216
692,788
WEATHER REPORTS BY TELEGRAPH.-Reports to
us by telegraph this evening indicate that the temperature
has been lower during the week, with killing frost in many
localities. Little or no rain has fallen outside of Texas. The
movement of cotton to market is increasing in volume.
Galveston, Tex.-Heavy killing frosts occurred the latter
part of the week, but were confined mostly to sections where
the greater part of the crop had been gathered. Exports of
cotton show a gain, with prospects of a fair outward movement. Rain on two days of the week, to the extent of one
inch and fourteen hundredths. The thermometer has averaged 65, ranging from 56 to 74.
Abilene, Tex.-It has rained on one day of the week.
Minimum thermometer 36.
Brenham, Tex.-Rain on two days of.the week, with rainfall of ninety-four hundredths of an inch. Highest thermometer 78, lowest 42, average 60.
Cuero, Tex.-Rainfall for the week one inch and forty hundredths on one day. The thermometer has averaged 61,
the highest being 80 and the lowest 42.
Dallas, Tex.-There has been a trace of rain on one day of
the week. The thermometer has averaged 59, ranging from
38 to 80.
Henrietta, Tex.-We have had no rain during the week.
The thermometer has ranged from 32 to 78.
Huntsville, Tex.-We have had no rain the past week.
Highest thermometer 82, lowest 40.
Kerrville, Tex.-It has rained on two days during the week,
to the extent of fifty-four hundredths of an inch. The thermometer has averaged 55, the highest being 78 and the lowest 32.
Lampasas, Tex.-Rain has fallen on two days of the week,
the rainfall being eighty-two hundredths of an inch. The
thermometer has averaged 54, ranging from 34 to 74.
Longview, Tex.-There has, been no rain the past week.
The thermometer has ranged from 34 to 82.
Tex.--We have had rain on two days of the week,
the rainfall being two inches and eighty-six hundredths.
Highest thermometer 78, lowest 42, average 60.
Nacogdoches, Tex.-There has been no rain during
week. The thermometer has averaged 56, the highest the
being 84 and the lowest 28.
Palestine, Tex.-There has been no rain the past week.
The thermometer has averaged 60, ranging from 40 to 80.
Paris, Tex.-We have had no rain during the week. The
thermometer has ranged from 32 to 84.
San Antonio, Tex.-There has been rain on two days during
the week, the precipitation being four inches and sixty-four
hundredths. Average thermometer 63, highest 80 and
lowest 46.
Taylor, Tex.-It has rained on two days during the week,
to the extent of two inches and fifty-two hundredths. Minimum thermometer 38.
Weatherford, Tex.-There has been rain on three days during the week, the precipitation being thirty-four hundredths
of an inch. The thermometer has averaged 56, ranging from
34 to 78.
Ardmore, Okla.-There has been no rain during the week.
The thermometer has ranged'from 33 to 82.
New Orleans, La.-Dry all the week. Average thermometer 64, highest 78, lowest 44.
Shreveport, La.-Rainfall during the week only a trace,on
one day. The thermometer has ranged from 35 to 82.
Columbus, Miss.-We have had no rain the past week.
Thermometer mean 55, ianging from 28 to 82.
1307
Vicksburg, Miss.-Killing frost on the 28th. Rain has
fallen on one day of the week to an inappreciable extent.
The thermometer has ranged from 36 to 80, averaging 58.
Little Rock, Ark.-Dry all the week. Mean thermometer
56, highest 78, lowest 34.
Mobile, Ala.-We have had no rain during the week. The
thermometer has averaged 63, the highest being 80 and the
lowest 37.
Selma, Ala.-We have had heavy frost on three mornings
during the week. No rain. The thermometer has averaged
56, ranging from 32 to 75.
Madison, Fla.-We have had no rain during the week.
The thermometer has ranged from 43 to 78, averaging 61.
Albany, Ga.-Dry all the week. Average thermometer
57, highest 78, lowest 36.
Savannah, Ga.-Rainfall for .the week seven hundredths
of an inch, on two days. The thermometer has averaged 62,
the highest being 77 and the lowest 40.
Charleston, S. C.-There has been rain on one day of the
week, the rainfall being eight hundredths of an inch. The
thermometer has averaged 58, ranging from 40 to 75.
..Memphis, Tenn.-Heavy frost on Wednesday m9rning,
killing in some sections. There has been no rain during the
week. The thermometer has ranged from 35 to 80, averaging 57.
Charlotte, N. C.-There has been rain on two days during
the week, the precipitation being twenty-seven hundredths
of an inch. Average thermometer 50, highest 71 and lowest 30.
The following statement we have also received by telegraph, showing the height of the rivers at the points named
at 8 a. m. of the dates given:
Oct. 30 1914. Oct. 31 1913.
Feet.
Feet.
3.9
4.7
12.2
6.7
8.7
7.0
6.1
*4.2
6.0
15.8
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
*Below.
Above zero of gaugeAbove zero of gauge_
Above zero of gauge_
Above zero of gauge_
Above zero of gauge_
RECEIPTS FROM THE PLANTATIONS.-The following table indicates the actual movement each week from the
plantations. The figures do not include overland receipts
nor Southern consumption; they are simply a statement of
the weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
Week
ending.
Receipts at Ports.
1914.
1913.
1912.
Stock at Interior Towns. Receipts from Plantations
1914. 1913. 1912. 1914. 1913. 1912.
Sept. 11 49.127 217,200 194,505 143.836 158,237 142,742 67,344 251,240 219.013
• 18 67.936 329,018 258,453 161,518 192,635 184.619 115,648
300.330
" 25 97,716 367,522 373,948 255,150 223.469 228,883 161.318 363,416
398,656 418,210
Oct. 2 158,124 416,299 460,366 344,863 290,756 271,703 247.837 483,286 503,186
" 9 162,032 408,848 421,108 459,576 360.911 350,349 276.745 479,003
" 16 199,397 48,5,092 500.942 577,463 440,472 445,118 317,474 564,653 499,854
" 23 240,067 488,622 512,935 696,772 522,301 485,258 359,186 570.451 595,711
553,075
" 30 272.727 560,392 529,516 820,382 564,003 554,786 396.337 602,094 599.044
The above statement shows: 1.-That the total receipts
from the plantations since Aug.1 1914 are 2,015,058 bales;
in 1913 were 4,097,930 bales. 2.-Thatalthough the receipts
at the outports the past week were 272,727 bales, the actual
movement from plantations was 396,337 bales, the balance
going to increase stocks at interior towns. Last year receipts
from the plantations for the week were 602,094 bales and for
1912 they were 599,044 bales.
CENSUS BUREAU REPORT ON COTTON GINNING
TO OCT. 18.-The Census Bureau issued on Oct. 26 its
report on the amount of cotton ginned up to Oct. 18 from
the growth of 1914 as follows, comparison being made with
the returns for the like period of the preceding years:
Number of bales of cotton ginned from the growth of 1914 prior to
Oct. 18 1914 and comparative statistics to the corresponding date in 1913,
1912 and 1911. (Counting round as half-bales.)
1914.
1913.
1912.
1911.
Alabama
810.786
839.899
591.954
838,617
Arkansas
397,031
322.181
300.351
278,238
Florida
43,313
35,956
23.575
43,009
Georgia
1.364,013 1,296,911
793.143 1,552.718
Louisiana
324,968
164,034
203,127
176,904
Mississippi
474,330
435.690
347.130
386.016
North Carolina
301.077
252,193
356.226
438.266
Oklahoma
450,657
391,258
398.345
396.739
South Carolina
693,392
619,720
540.319
788.927
Tennessee
103.970
131.933
66.719
125,791
Texas
2 712.712 2.451.279 3,229,621 2,700,037
All other States
34.433
32,464
23.696
33.359
United States
7,610.682 6.973.518 6,874.206 7.758,621
The number of round bales in eluded this year is 15,239. compared
with
49.030 bales in 1913. 41,745 bales in 1912 and 53.858
bales in 1911. The
number of Sea Island bales included is 30,078, contrasted
with 31.139 in
1913, 15,960 in 1912 and 40.303 in 1911.
The distribution of the Sea Island cotton in 1914 by States is: Florida.
13.738 bales; Georgia. 15,884 bales, and South Carolina,
456 bales.
The statistics of this report for 1914 are subject to slight
corrections
when checked against the individual returns of the
ginners
being transmitted by mail.
TEXAS TO VOTE ON SMALLER ACREAGE.-Telegraphic advices from Austin, Tex., to-day indicate that an
arrangement has been made to obtain an expression of opinion
from Texas voters Nov. 3 on the advisability of reducing
cotton acreage. Election officers in about 50 Texas
counties
have promised to arrange for such voting. In other
counties
the proposal arrived too late for action.
1VoL. xcix.
THE CHRONICLE
1308
EXPORTS OF BREADSTUFFS, PROVISIONS, COTWORLD'S SUPPLY AND TAKINGS OF COTTON.
AND PETROLEUM.-The exports of these articles
TON
t
indicates
The following brief but comprehensive statemen
the month of September and the nine months for the
during
at a glance the world's supply of cotton for the week and past three years have been as follows:
since Aug. 1 for the last two seasons, from all sources from
1913,
1912.
1914.
Exports
which statistics are obtainable; also the takings, or amounts from U. S.
9 Months. September. 9 Months.
September.
Months.
9
September.
gone out of sight, for the like period.
Quantities.
RI Cotton Takings.
1913.
1914.
Wheat_ _bush 25,765,047 109,659,106 11,956,800 82,361,311 13,141,931 25,140.008
Flour__ _bbla 1,223,282 7,980,887 1.226.507 8,609,510 846,266 7,035,444
• Week and Season.
Season.
Week.
Season.
Week.
3,973,796
3.546,134
Visible supply Oct. 23
2,581,551
3,176,816
1
Visible supply Sept.
502,295 2,893,081 724,855 5,101,246
to Oct.30
American in sightto
219,000
39,000
140,000
b15.000
30
Oct.
receipts
Bombay
77,000
2,000
b2.000 183,000
Oct. 29
Other India shIp'ts to
b10,000 123,000 67,000 345,600
Oct. 28
Alexandria receipts to28*
84,000
8,000
34,000
2,000
Oct.
Other supply to
4,077,429 6,549,897 4,814,651 8,408.397
Total supply
Deduct3.748.270 3.748.270 4.347,632 4.347,632
Visible supply Oct.30
329.159 2,801,627 467,019 4,060,765
to Oct.30 a
Total takingsAmerican
265,159 1.947,627 377,019 3,176,165
Of which
64.000 854,000 90.000 884.600
Of which other
Brazil, Smyrna West Indies, &c.
from
Europe
in
receipts
*Embraces
consumption by Southern mills.
embraces the total estimated
a This totalin
in 1913-takings not being available
bales
786.000
bales 1914 and
750,000
2.Northern and foreign spinners.bales
and aggregate amounts taken bybales
in 1913, of which 1,197,627
and 3,274,765
051.627 bales in 1914American.
and 2,390.165 bales
b Estimated.
MANCHESTER MARKET.-Our report received by
cable to-night from Manchester states that at the present
level yarns inspire more confidence than cloth.
SHIPPING NEWS.-As shown on a previous page, the
exports of cotton from the United States the past week have
reached 152,579 bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows:
Total bales.
1,600
Oct. 28-Adriatic, 1,600
-To LiverpoolNEW YORK
51)
-Oct. 27-Britannia, 50 24-Italia. 2,425
To Barcelona
_Oct.
,
700__
23-Verona
-Oct.
Genoa
To
3,925
800
Oct. 27-Europa,
50
24-Italia. 50
To Naples-Oct.
150
28-Themistocles, 150
To Piraeus-Oct.
-__Oct.
12,984
26-Engineer.
Oct.
GALVESTON-To Liverpool27,131
28-Antillian, 7.162; Dunstan,l6,985
,
27-Migue de Larrinaga, 9,578
To Manchester-Oct.
10,950
28-Cayo Bonito, 10.950
Fs To Havre-Oct.
925
925
..-1 To Christiania-Oct. 29-Balto,
3,300
n-Oct. 28-Nygaard,3.300
0,4 To Copenhageg-Oct.
4,700
29-Balto, 4.700
,...., To Gothenbur
-Oct. 24-Adolfo,3,250-Oct.26-Conde Wilr To Barcelona
Ssi fredo, 4.307; Emilia S. de Perez, 9.O50 Oct. 29-Monce- 20.457
3.850
1 4 nisio.
8.450
isio. 8,450
To Genoa-Oct. 29-MoncenOct.
9,340
26-Belgian, 9,034
TEXAS CITY-To Liverpool1.619
1.619
Tampico.
of
24-City
IS-To Mexico-Oct.
6,240
6,240
an.
-To Liverpool-Oct. 28-Nitonl
NEW ORLEANS
150
150
jne.
29-Marowi
t.
Barrios-Oc
To Port
SAVANNAH-To Gothenburg-Oct.26-Uller,4,157. Oct.27- 9.757
Knud II,5,600 29-Cerea,2.850
2,850
To Barcelona-Oct.
4,600
4.600
To Genoa-Oct. 29-Cerea.
3,050
ian,
24-Melton
Oct.
Liverpoolo
CK-T
BRUNSWI
3,450
Oct. 27-Gafas, 400
BOSTON-To Liverpool-Oct. 23-Sachem. 334-Oct. 26- 2,035
Devonian. 1,701 23-Prince George. 51
51
•NTo Yarmouth-Oct.
6,999
23-Haverford. 6,999_ 11,322
o Liverpool-Oct.
PHILADELPHIA-TTo
11,322
,
-Oct
SAN1FRANCISCO- Japan
Japan-Oct. 27-Mexico Meru, 2,673 3,206
PORT TOWNSEND-Toius,
533
,a -Oct.29-Tathyb
152,579
Total
The particulars of the foregoing shipments for the week,
arranged in our usual form, are as follows:
Great French
Ger- -0th.Europe- Met..
&c. Japan.
Total.
Britain. Ports. man. North. South.
5,775
,175
1,600 -------------4
New York
___ - 8.925 28.907 -__ ___ 85,491
36,709 10.950 __-Galveston
10.653
__-Texas City _ 9,034 -__
6,390
__-New Orleans- 6,240
7,207
------1
150
ii-.8. foiLe
Savannah
450
----3,
---------------3,450
Brunswick
2,086
2,035 ----------------51
Boston
6,999
------------------6.999
Philadelphia
1,322
. .
San Francisco_ - ____ ____ ____
-__ 3,206 3,206
Port Townsend- ___- ____ ____ -_-___ ____
66.067 10.950 ---- 18.682 40,532 1,820 14528 152,579
Total
been 40,950 bales
The exports to Japan since Sept. 1 have Galveston.
from Pacific ports, and 29,172 bales from
l we have the
LIVERPOOL.-By cable from Liverpoo
stocks, &c., at that
following statement of the week's sales,
port:
Oct. 30.
Oct. 16. Oct. 23.
Oct. 9.
23.000
19,000 20,000
week
Sales of thespeculators
300
100
100
took
Of which
2,000
800
2,600
Of which exporters took
14.000 15,000 14.000
7,000
Sales, American
3,000
5,000
3,000
Actual export
40,000 49,000
38,000 34,000 760,000
Forwarded
758,000
786,000 769,000 464,000 459,000
Total stockArner19311
485,000 471,000 34,000 54,000
Of which of the week
9,000 20,000 28,000 43,000
Total importsAmerican
16,000
4,000
Of which
150,000
128,000
107,000
Amount afloat
118,000
97,000
81,000
American
Of which
past week have been
Dealings in spot cotton during the
•
Saturday.
Spot.
Market
Fair
1
1 demand.
Mid.Upf
Sales
5.05
4,500
Monday.
Good
Inquiry,
4.85
3,300
2,700
26,611
21.721
American.
2,000
imports
4,993
1.427
9,527
9.507
Moderate
demand.
5.05
2,900
2,100
4rnwrInkr,
Tuesday.
Wednesday, Thursday.
Good
Friday.
Good
Good
demand. j demand. demand.
4.85
4.85
4.85
4,500
3,800
7,500
3.200
5,000
6,200
12,000
10.000
499
499
Wheat•bush • 31,169,816145,573.097 17.476,081 121,104,106 16,950,128 56,799 506
645,070 43,195,053 830,859 24.917:881
Corn_ __bush • 1,100,636 7,369,021
Total bush 32,270,452 152,942,118 18,121,151 164,299,159 17,780,987 81,717.387
3
$
$
$
I
$
Values.
57,709,989
Wheat de flo 35,4a0,993 143,150,591 16,835.220119.633,68616.567.801
779,264 19,560,445
Corn & meal 1,075.041 6,583,917 587,516 25,936,380 2.492,561
3,661.540
176,430 3.295,405
Oats & meal 6,167,635 7,703,155
162.167 6,710,655 746,361 1,215,530
1,777,661 6,341,728
Barley
85,686
84,060
97,169 1,317,645
829,303 2,184,519
Rye
Breadstuff ,15,330,633 165,963,910117,858,502 156,893,771 20,670,047 82,233,190
9,908,417 96,050,415
Provisions_ _ _ 10,050,439 00.383.60610,512.239 104,316,782
54.000 3,405,330
673,399
99,491
793,271
105,769
Cattle & hogs
45,406,177
332,892,368
282.434,231
65.744,007
242.203,637
5,806,707
Cotton
11,997.899
Petrol'm, &c_ 12,796,076 107,115,034i13,159,249 106.706,493 833.071 91,178.859
15,640,952
13,271,609
197,489
9.579.438
702,394
oil
Cottonseed
Total
21 4014
74 709 AARR1R042_ROe107570077664.206.25555.560.6116
* Including flour reduced to wheat.
EXPORTS 014WHEAT/AND FLOUR FROM UNITED
STATES PORTS.-We give below a compilation showing
the exports of wheat andiflourifrom United States ports
during the month of Septemberlandithe nine months of the
calendarlyeszs219141andf1913
I
September 1914.
Wheat,
Bushels.
New York
Maryland
Philadelphia
Massachusetts _ _
Other Atlantic_ _ _
New Orleans
Galveston
Other Gulf
Oregon
Washington
September 1914.
1. Ports.
Ports.
Flour,
Barrels.
I
Wheat,
Bushels.
Flour,
Barrels.
45,526
2,600,752 .i438,006 San Francisco._ _ _
2,893
Chicago
12,44331
3,218,581 ,52,385
23,797
786,352
66,301 Other border
1,302,677
30,544
328,158
I 25,765,047 1,223,282
20,322 Total all
239,770
5,482,154 I:279,177
I 11.956,800 1,226,707
1913
August
58,273
6.708,955
59,432
580,667
06 7,980,887
20,500 9 months 1914_._ _1109,659,1
653,251
_
-1,413,441 126,126
9 months 1913 ___ _ 82.361,311 8,609,710
BREADSTUFF'S.
Friday Night, Oct. 30 1914.
and latterly somewhat less
active
Flour has been less
steady, partly in sympathy with a decline in wheat. The
export demand has been less urgent. The domestic trade,
too, has been sluggish. Buyers seem loath to take hold at
permathe present level of prices, fearing that it may not be
g
expectin
are
cases
many
in
mills
hand,
other
the
On
nent.
debeen
has
army
higher prices. In France the German
d the
stroying mills. Military operations have prevente
of
grades
all
week
the
in
Early
seeding of winter wheat.
barrel. Some
flour advanced at Portland, Ore., 20c. per Portland and
250,000 barrels have recently been sold from
week at
Puget Sound to Europe. The total output last
Minneapolis, Duluth and Milwaukee was 345,470 barrels,
against 380,975 in the previous week and 416,900 last year.
Wheat has declined,despite thefact that large export sales
have been made. The market is getting used to big export
business. Even sales of 1,000,000 to 1,500,000 bushels
makes far less impression than they did a while ago. And
less attention has been paid to bullish news from abroad.
In the United Kingdom there will be an increase in the
acreage; sowing there is being pushed as rapidly as possible.
In Germany the weather has been favorable for seeding. It
is being stimulated by official commands. Supplies of
native grain in that country, too, are described in some
reports as liberal. In Russia the weather has been favorable for sowing and native supplies are large. In India
the weather has been good and there will be an increased
acreage. Though frost has been reported in Argentina, it
is said to have done little or no damage. Whatever may
be said to the contrary, most people look for a considerable increase in the acreage of the United
States. The receipts at Northwestern markets have latterly been increasing sharply. On the other hand, there are
those who regard the recession in prices of late as only temporary. Export sales are enormous. Sales of 1,000,000 to
1,500,000 bushels a day they think are bound to tell, even
though for the moment speculation has become less active.
Thus far this month domestic exports are said to have approximated 20,000,000 bushels, showing an important increase over those for the same month last year. Though
receipts have been rather large, the export clearances have
increased sharply, especially from the Gulf ports. In Hungary prices are very high. At Budapest they have been
OCT. 31 1914.
THE CHRONICLE
equal to about $2 per bushel. Some German advices.state
that, though before the war supplies were liberal, the strictest
economy in the matter of foodstuffs is now necessary. This
is partly owing to the heavy mobilization and the devastation
wrought by Russian troops in Prussia. In Greece the price
of flour has been advancing sharply. In France the supplies
of native wheat are small. Seeding is so backward as to
have excited adverse comment by the military authorities,
including Gen. Joffre. He has addressed the Prefects of
the Departments in the war zone on this subject.
much damage has been done to agriculture in France.
In Germany prices are rapidly rising; exports, it is well
known, have been prohibited by the German Government.
A report by Reuter says that in Germany the crops of wheat,
rye and oats show a decrease of thousands of tons as compared with last year, though it is added that owing to the
official prohibition of exports the entire crop remains at the
disposal of the Government and that it has 'nothing to fear
for at least a year." In Australia the crop outlook is bad.
The weather in Italy is unfavorable for field work. In
Austria, despite the removal of the import duties, prices of
: Supplies
f
o grain
wheat and flour are advancing rapidly
in that country are described as "sensationally light." Flour
is said to be used only for the armies and then on a limited
scale. Hungary is in the war zone and it has always raised
the bulk of the grain crops of the Austro-Hungarian Empire.
It may be added that rye is advancing rapidly in price all
over Europe. The sewing period throughout Europe is
practically over, and no sowing was done in Northern
France and very little, if any, it is said, in East Prussia,
Poland and Galicia. Nevertheless there has been a good deal
of realizing in American markets by those who feared that
the advance had for the time being culminated. This has
led to some decline. To-day prices advanced on the news
that Turkey had begun war on Russia. At the same time
the speculation was smaller than might have been expected.
Yet the news points to an effectual closing of the Dardanelles,
thus shutting out shipments of Russian grain from the
Black Sea. Sales for export, mainly winter wheat, reached
1,000,000 bushels. On the other hand, the crop movement
was large. The winter-wheat acreage, too, is said to be of
unparalleled size.
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK
Sat. Mon. Tues. Wed. Thurs. Fri.
ote_124N 123% 12234 122% 11934 12231
No.2 red
12534 124
123
123
December delivery in elevator_
122
124
13034 129
12831 1283i 127% 130
May delivery in elevator
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery in elevator_cts_11631 11534 11434 113% 11334 116
12134 12031 11934 119
May delivery in elevator
11934 122
1309
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Fri.
Wed. Thurs.
Mon.
Tues,
Sat.
Standards
5334 5334 53-53A 53154
cts_54-5434 53-5334
'
No. 2 white
54- 34
533454
54%-55 5334-04 54
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery in elevator_cts_ 5034 5034 4934 483.4 49
4934
May delivery in elevator
5334 53% 5231 5234 5234 53
The following are closing quotations:
FLOUR.
Winter. low grades____$.4 00@$4 50 Spring clears
$5 25@$5 35
Winter patents
560(4600 Kansas straights. sacks_ 620(4 545
Winter straights
515(4535 Kansas clears. sacks ___ 480(4 5 10
Winter clears
5 20 City patents
4 75
7 15
Spring patents
505(4590 Rye flour
490(4 5 55
Spring straights
5 40
560 Graham flour
5 15@ 5 40
GRAIN.
Wheat.per bushel-f.o.b.
cts.
Corn,per bushelN.Spring. No.1_
No. 2 mixed
$125
N.Spring, No.2
No. 2 yellow
83
0
24
82%8
Red winter. No. 2
No. 3 yellow
1 2234
Hard winter. No.2
Argentina in bags
78
12334
Oats, per bushel, newcts
Rye, per bushelStandard
New York
5334054
No. 2. white
Western181511
54OA 54 54
No 3. white
67©77
53©5334 Barleu-Malting
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.
Wheat.
Corn,
Oats,
Barley.
I
Rye.
bbls.196Ibs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.481bs. tru.56 lbs.
Chicago- -192,000 1,316,000
960.000 2,656,000
700.000
54.000
Milwaukee-77.000
362,000
124,000
705,000
461.000
81.000
Duluth
2.235.000
358.000
558.000 305.000
Minneapolis.
3,363.000
63,000
711.000
649,000 137.000
Toledo
233.000
48.000
48,000
1.000
Detroit
9,000
40.000
9,000
65.000
Cleveland
12,000
30.000
84,000
17,000
St. Louis.-76,000
688,000
406.000
232.000
66.000
4,000
Peoria
44.000
16,000
196,000
211.000
94.000
7.000
Ratifies City.
1,453,000
159.000
85,000
Omaha
478,000
158,000
389.000
Total wk.'14
Same wk.'13
Same wk.'12
410.000 10.214,000
420.000 6.550,000
396,212 13,297,115
1,892.000
3.342,000
2.120,129
5,792,000 2.528,000
4,153.000 2,779.000
7.494.282 3.742,844
589.000
407.000
556.937
Since Aug. 1
1914
5.364,000 157.239,000 40.382,000 99,221.000 29.548,000 7,304.000
1913
4,743,000 112.136,000 46,369,000 74.587.000 30,771.000 5,321.000
4.351.871 131.746.418 39.008_741 71 022 448 96 nAt QIA 11 nni 4115
1912
Total receipts of flour and grain at the seaboard ports for
the week ended Oct. 24 1914 follow:
Receipts atNew York
Boston
Philadelphia
Baltimore
New Orleans *
Norfolk
Galveston
Mobile
Montreal
St. John
Flour,
Wheat.
bbls.
bush,
322,000 2,023,000
55,000
177,000
95,000
366,000
38,000
305.000
57.000
617.000
1.000
640.000
3.000
64,000 1.736,000
84.000
Corn,
Oats, Bartell.
bush.
bush.
bush.
426,000 1,250,000 432.000
60.000
3.000
51.000
17,000
348.000
879,000
13,000
165,000
35,000
Rye,
bush.
94.000
29.000
199,000
Indian corn has also declined, partly in sympathy with
wheat and partly owing to clear, cold weather at the West.
This portended an increased movement of the crop. There
has been not a little selling in Chicago in expectation of this.
609,000 105.000
The other day Peoria received four cars of new corn, including a car of No.4 white, which sold at 69 cents. The weather Total week 1914- 635,000 5.948,000 494.000 3,311,000 588.000 322.000
Jan. 11914.18,684.000 193615.000 21,911.000 55,879.000 11664000 4592.000
has been ideal for maturing and shipping corn. At the same Since
Week 1913
442,000
504.000 277.000
520,000 5,653,000
51.000
time some crop estimates have been raised slightly. One Since
Jan. 11913.18.258,000 159676.000 46,287.000 44,632.000 17103000 2734.000
put the total at 2,700,000,000 bushels. The largest gains
Receipts do not include grain passing through New Orleans for foreign ports
over last month were in Ohio, Iowa and Minnesota. In on•through
bills of lading.
Liverpool corn has been under pressure, owing to better
from the several seaboard ports for the week
exports
The
weather in Argentina and liberal River Plate offerings. Livare shown in the annexed statement:
erpool expects larger receipts. Selling there has been more ending Oct. 24Wheat.
Corn. Flour,
Oats.
Peas,
Rye, Barley,
aggressive. On the other hand, country offerings within
bush.
bbls.
bush.
Exportsfrombush,
bush.
bush.
bush.
the last few days have been comparatively small at Chicago. New York
94,875 204,915 225.122 156.521
1 137,402
3.438
540
239,023
200 57,304 100.613
Also there has been some export business at Milwaukee. Boston
Philadelphia ____ 174.000
33,000
20.000 40.000 122,000
Whatever may be the expectation as regards receipts in the Baltimore
50 8,214 421.285 31.189
120,608
near future, the actual sales of corn to arrive have latterly New Orleans_-_ _1,079.000 19.000 21.000
3,000
11,000
400.000
Galveston
been small. Available stocks at Chicago are only about
3.000
Mobile
half as large as those of a year ago. To-day prices advanced, Montreal
1 077,000
32,000
94.000
61.000
84,000
owing to a good Eastern demand at Chicago, export sales St. John
within forty-eight hours of 540,000 bushels, mainly yellow, Total week__4.311.033 114.125 371.433 864.020 227.710 186.438
540
and some natural sympathy with the rise in wheat.
198.191
18,404 270.448 284,885
1.512
4425,286
In- Week 1913
terior offerings were light.
The destination of these exports for the week and since
DAILY CLOSING PRICES OF NO.2 MIXED CORN IN
NEW YORK. July 1 1914 is as below:
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 mixed
cts 83
83
82
8231 8234 8334
DAILY CLOSING PRICES OF CORN FUTURES IN
CHICAGO.
Sal. Mon. Tues. Wed. Thurs, Fri.
December delivery in elevator_cts- 6934 6834 6731 67%
6834 69
May delivery in elevator
71% 7131 7034 7034 7034 7134
Wheat--- -Corn
Flour
Since
Since
Since
July 1
Week
July1
July 1
Week
Week
1914. Oct. 24.
Rzportsfor week and Oct.24.
1914. Oct. 24.
1914.
bush,
bbts.
bush,
ante July 1 tobbls.
bush.
bush.
United Kingdom___127,688 1.784.050 2,792.534 52.634.294
45.490
207.529'1,220.504 1,517.690 50.946.824
Continent
92.673
997.465
Sou & Cent. Amer_ 12,100 567.597
2.296.009
5,900
745.028
West Indies
16.949 553,790
805
18.133
15.184
650.003
Brit. No. Am. Cols_ 4,395
31,310
368
4.618
Other Countries_ _ _ _ 2,792 104.011
25.385
13.950
Oats have declined sharply, owing to the selling out of
long accounts by tired holders. They found that the edge
for the moment at least, was off the market. The "long"
account it; believed to be large. Everybody has been buying
Total
371,433 4.261,262 4.311,033 105916.645 114.125 2,457.454
recently in the expectation of a big advance. Cash houses Total
1913
270.448 3,731.106 4.425.285 73.522.480
16.404 1.509.354
have been selling, owing partly to the decline in other grain.
The
world's
shipments of wheat and corn for the week
In Liverpool there has been less trading in foreign oats. ending Oct. 24 1914 and since July 1 1914
and 1913 are shown
They consider prices too high there. English native sup- in the following:
plies have advanced and American oats have been held at
4d. and Canadian at 7d. over the prices for English. It is
Wheat.
Corn.
stated, however, in Liverpool that large contracts are being
1914.
Exports.
1913.
1914.
1913.
made for forward shipment. Within a day or two, moreWeek
Since
over, cash houses have been buying December in Chicago
Since
Week
Since
Since
Oct. 24.
July 1.
July I.
Oct. 24
July 1.
July 1.
freely enough to make it a feature of the trading. St' ,
intimated,
the
speculation
has
Bushels.
Bushell..
shown
already
less
Bushels.
snap.
as
Bushels
Bushels.
Bushels,
North Amer. 8,106,000 137.293.000 103,062.000 125.000 1.690.000
639,000
Less attention is paid to large expert sales. People are Russia
a
11,922,000 53,366,000
a
1.531.000 5.928,000
getting used to them. Such sales have ranged during the Danube_
•
2.347,000 10.236,000
9.431,000 5.282.000
Argentina
128.000 3.722.000 9,738.000 2,610,000 50,868.000
week at from 100,000 to 800,000 bushels in a single day. Australia_
95,438,000
_ 412.000 7.864.000 10.818.000
To-day prices advanced to some extent, mainly owing to India
1,200.000 12.584,000 22,232.000
0th.
countr's
265.000
2,773.000
of
2.778.000
other
firmness
gram
markets.
Country offerings at
the
Chicago were small. Export sales were stated at 100,000
Total ____ 10131000 178,505,000 212.048.000 2,735.000 63.518
.000 107.287,000
bushels.
a Available only in part since Aug. 1. •Not available since
Aug. 1.
THE CHRONICLE
1310
[VOL. xc
DOMESTIC COTTON GOODS.-The exports of cotton
The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
goods from this port for the week ending Oct. 24 were 5,530
packages, valued at $470,620.
Wheat.
United
Kingdom. Continent.
-4914
Corn.
Total.
United
Kingdom. Continent.
New York to Oct. 24-
Total.
Bushels. Bushels. Bushels. Bushels. Bushels. Bushels.
30,200,000
Oct. 24 1914__
20,655,000
32,040,000
20,928,000
Oct. 17 1914__
Oct. 25 1913__ 14,736,000 18,536,000 33,272,000 11,492,000 10,787,000 22,279,000
Oct. 26 1912__ 18,144,000 20,464,000 38,608,000 13,336,000 19,627.000 32,963,000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Oct. 24 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.
In Thousandsbush.
2.879
581
456 1,735
395
242
New York
493
50
112
281
27
3 ___
Boston
152
1,501
110
627
Philadelphia
207
2,757
186 1,085 :::: -iiii --ii
Baltimore
2,781
78
438
New Orleans
2,865
193
Galveston
3,432 -iii
439 2-,715 --ao --ii :iii --::
Buffalo
30
1,784
75
864 ____
4
Toledo
490
112
50 ____
33
-ii
Detroit
5,096
910 12,631 ____
79
915
Chicago
102
afloat
428
71
471 ____ --66 -565
Milwaukee
8,814 -lio
1,505
22
Duluth
172 1,244
29
13,713
6 3,763 --__
288
958 --__
Minneapolis
3,517
22
488 _-__
3
16 ---St. Louis
8,452
74
761 --__
11
Kansas City
3
55 1,307 ---2
Peoria
1 --__
614
88
374
Indianapolis
---- ---46960
64 2,302 --__ --ii --Omaha
2,926
108
582 -__291
409
On Lakes
25
218 --------95
On Canal and River_
447
Total Oct. 24 1914 63,149 1,552 3,074 32,016
227
Total Oct. 17 1914_60,156 1,132 4,055 31,359
729
Total Oct. 25 1913_53,505 5,323 7,075 31,839
37
Total Oct. 26 1912_39,246 1,053 3,000 8,711
CANADIAN GRAIN STOCKS.
Canadian Bonded
Canadian Bonded
Wheat. Wheat. Corn. Oats. Oats.
bush. bush. bush, bush. bush.
In Thousands4,328 ____
50
981
Montreal
Ft.William&PLArthur_14,072
2,600
4,628
Other Canadian
---786
Total Oct. 24 1914_23,028
Total Oct. 17 1914-24,581
Total Oct. 25 1913_17,080
Total Oct. 26 1912-14,228
In ThousandsAmmican
Canadian
Total
Total
Total
Total
1,940
2,071
1,866
1,093
5,033
5,102
4,855
4,273
109
43
373
60
Canadian Bonded
Rye. Barley. Barley.
bush, bush. bush.
155 -------
4,367
155
4,264
93
6,967
18
543
2,920
54
143
SUMMARY
Bowled
Bonded
Bonded
Wheat. Wheat. Corn, Oats. Oats. Rye. Barley. Barley.
bush, bush, bush. bush, bush, bush. bush. bush.
63,149 1,552 3,974 32,016
447 1,940 5,033
109
23,028 -50 4,367 ---
Oct. 24 1914 86,177
Oct. 17 1914 84,737
Oct. 25 1913_70,585
Oct. 26 1912 53,474
50
62
52
8
1,552
1,132
5,323
1,053
4,024
4,117
7,127
3,008
36,383
35,623
38,806
1,631
447
227
729
37
1,940
2,071
1,884
1,147
5,188
5,195
5,398
4,416
109
43
373
60
THE DRY GOODS TRADE.
New 1 ork, Friday Night, Oct. 30 1914.
With the exception of a fair demand for fall and winter
woolen and worsted dress fabrics, domestic buying of drygoods is light. Staple cotton goods are not displaying any
further weakness and in some departments are firmer than
a week ago. It is generally believed that the price of cotton
has reached its lowest level and that improvement will be
experienced from now on. Buyers are showing greater interest in their forward requirements but for the most part
are confining purchases to this year's deliveries. It is also
reported that manufacturers are not anxious to book business very far into the future as they are poorly covered on
raw material. Cooler weather has stimulated buying on
the part of retailers whose stocks are reported to be extremely
light for this period of the year. Jobbers, being unable to
interest retailers in future business,are consequently going
slow in placing business with mills. They are confining
operations to the actual business in sight and have not accumulated any stocks with which to meet a sudden demand,
should the same develop. Retailers are aware of this situation but seem to prefer to continue buying in a "hand to
mouth" fashion. Many manufacturers are working into
a stronger position on business for export, having recently
received further large orders for various kinds of materials
to supply the needs of the belligerent governments. Extensive orders for cotton duck have been reported this week,
and several woolen mills have accepted large contracts for
woolen blankets. The prices obtained are not known
but it is assumed that they are sufficiently above the current
market to assure manufacturers of a handsome profit.
Knitting mills have received large orders for sweaters, underwear and hosiery from the same sources. It is rumored
that the British Government has placed large sums to its
credit with New York bankers,to be used in purchasing supplies of this kind. It is believed that American mills will be
called upon to furnish supplies in large quantities for some
time to come, as advices from abroad indicate that foreign
mills are already taxed to their fullest capacity in meeting
the requirements of their governments. Export business
through the regular channels is light, no new orders coming
to hand. Moderate shipments are being made against old
contracts.
Week.
Great Britain
Other European
China
India
Arabia
Africa
West Indies
Mexico
Central America
South America
Other countries
Total
1,656
_
948
3
1.338
5
614
796
170
Since
Jgrit.c
n1
6,159
2,105
50,593
17,191
9.412
6,132
39,402
560
18,124
44,748
53.705
5,530 248.131
1913
Week.
-iii
-ii
834
738
712
26
258
459
2,604
Since
Jan. 1.
1,977
998
58,969
11.329
32,027
22.288
30,228
2,094
13,360
41.393
54,276
5,689 268.939
The value of these New York exports since Jan. 1 has been
$18,201,753 in 1914, against $21,005,604 in 1913.
Staple cotton goods,while quiet,are somewhatfirmer than a
week ago. Prices are well held in print cloths and gray goods,
and,with the exception of moderate purchases of wide goods,
buyers are holding off. Agents are receiving good offers
of business in print cloths at prices only a shade under current quotations, but are refusing to make any concessions.
The fear of a shortage of dyestuffs is the principal reason
for printers refusing to book business ahead at lower prices.
Shirtmakers are in the market for print cloths for deliveries
running well into next year, but the prices they are seeking
are in most cases too low to interest selling agents. Manufacturers of staple goods maintain that present values are
low enough, and point to a comparison with prices this time
a year ago which shows that present quotations range from
one to two cents a yard under those prevailing at that time.
They further claim that present prices have fully discounted
the cheapness of cotton and are based upon the cost of raw
material to manufacturers delivered at the mill. They also
state that reports of cotton selling at 5 to 6 cents a pound are
misleading, as good grades of the staple delivered at the mill
cost.frpm 7M to 8 cents per pound, and that present prices
for finished goods are based upon these values. Gray goods,
38-inch standard, are firmer at 4c.
WOOLEN GOODS.-Quieter conditions have prevailed
in the markets for woolen and worsteds during the past week,
with the undertone firm. Selling agents report that the volume of sales for October has not been up to expectations,
owing to the warm weather experienced during the greater
part of the month. Broadcloths and serges still hold the
lead, with supplies of the former becoming scarce. Demand
for new spring lines is increasing and manufacturers are
warning buyers to place their business early to insure prompt
deliveries. The matter of dyestuffs is causing manufacturers considerable anxiety, as the very shades which are most
popular are the least plentiful. Blues and staple blacks are
mostly wanted and dyes for these two colors are in short
supply.
FOREIGN DRY GOODS.-There is no change in the
situation concerning imported fabrics. Importers as a rule
are not booking business more than a month ahead and only
in a few cases are willing to guarantee deliveries. Linens
are quiet, high prices having restricted demand. The movement throughout the country on the part of both women and
men to use cotton materials wherever possible as a means of
helping the cotton growers of the South, is causing.many to
forego linen for the time being. Manufeaturers of linen.garments and suits are in the market trying to cover their requirements for next spring, but are finding it difficult to induce importers to book orders so far in advance. Markets
for burlaps continue generally quiet, with the undertone
easy. Lightweights are quoted nominally at 4.75c. and
heavyweights at 6.50c.
Importations & Warehouse Withdrawals of Dry Goods.
The importations and warehouse withdrawals of dry goods
at this port for the week ending Oct. 24 1914 and since
Jan. 1 1914, and for the corresponding periods of last year,
were as follows:
Imports Entered for Consumption for the Week and Since Jan. 1,
Week Ending
Oct. 24 1914.
Since Jan. 1 1914.
Pkgs.
Manufactures ofWool
Cotton
Silk
Flax
Miscellaneous
1,031
1,963
633
1,090
2,067
Value.
Pkgs.
Value.
271,940 75,636 21,097.750
508.726 130.908 35,241,561
306,255 59,091 28,300.643
321,221 59,747 14.909,832
324,820 112.609 11,321.815
6,784 1,739,962 437,991 110.871,601
Total 1914
10,832 2,672,174 375.186 93.110,248
Total 1913
Warehouse Withdrawals Thrown Upon the Market.
Manufactures ofWool
Cotton
Silk
Flax
Miscellaneous
Total withdrawals
Entered for consumption
479
488
287
305
551
139.500
155.752
126.188
82,312
57.773
34,698
32,054
12.239
22,443
77,838
9,443,457
9,030,379
5,206,849
5.834.923
4,827,074
2,110
561,525 179,272 34,342.682
6,784 1,739.962 437,991 110,871,601
Total marketed 1914
8,894 2.301,487 617.263 145,214,283
Total marketed 1913
15.359 3,612,480 555.505 124.002.457
Imports Entered for Warehouse During Same Period.
Manufactures of638
245.940 28.648 8.616.325
Wool
1,005
325,807 29.963 8.828,421
Cotton
236,121
13,247 5,635,205
523
Silk
604
168.635 23.481 5,957,781
Flax
136,619 54,044 4,199,497
750
Miscellaneous
Total
Entered for consumption
3,520 1,113,122 149,383 33.237,229
6.784 1,739,962 437,891 110.871,601
Total Imports 1914
Total Imports 1913
10,304 2,853.084 587,374 144.108.830
14,908 3,702,266 583,521 128.267,814
THE CHRONICLE
OCT. 31 1914.]
1311
ent section unchanged but proviso added authorizing Alameda County, at
election therefor, to incur bonded indebtedness not exceeding $1,000,000,
bearing Interest not exceeding five per cent, bonds redeemable within forty
Years and salable at not less than par, proceeds payable on termsfixed by
supervisors to Panama-Pacific International Exposition Co. for exposition
in San Francisco; authorizing special tax upon all taxable property in Alameda County to pay interest and create sinking fund for payment of said
bonds.
of Game. Act amending Penal Code Section 626k, submitted
California.—Propositions for Submission at General Elec- to Non-Sale
electors by referendum. Declares the buying, selling, shipping, offering
tion.—Forty-eight propositions will be passed upon by the or exposing for sale, trade or shipment,
of any wild game, bird or animal
rabbits and wild geese), protected by law
mentioned in Part I,
voters at the general election Nov. 3. The following is the (except
Title XV, Chapter I, of Penal Code, or the dead and
body of the same, or any
manner in which the questions will be designated on the part thereof, a misdemeanor; prescribes
punishment therefor; and declares
section does not prohibit sale of wild duck from Nov. 1 to Dec. 1 of same
ballot:
year.
Calling Convention for Revision of Constitution. Assembly Concurrent
Consolidation of City and County, and Limited Annexation
Contiguagainst
a
convention
for
or
Resolution 17. Recommends that electors vote
ous Territory. Initiative Amendment to Section 836 of Article of
XI of Confor revising the constitution; provides that if majority vote in favor thereof, stitution. Present section unchanged except to authorize chartered cities
election
of
delegates
to
for
provide
such
to
session
establish
next
municipal courts, and control appointments, qualifications and
the Legislature shall at
convention and the holding thereof at State Capitol within three months tenure of municipal officers and employees: authorizes cities exceeding
rem date of election calling the same, and that it shall continue in session 50,000 population to consolidate and annex only contiguous territoryinprovided
and
for
revision
submission
eluded within county from which annexing territory was formed on
until it has completed the work of
consoliation, or concurrently or subsequently added
thereof to electors.
territory excluded from
Prohibition. Initiative Amendment adding Sections 26 and 27 to Article original consolidated territory; requires consentto
of
annexed
territory
and
manufacture,
sale,
gift,
or
transportation of county from which taken; prescribes
I of Constitution. Prohibits the
procedure for consolidation and
wholly within the State, of intoxicating liquor: permits any citizen to annexation.
manufcature,
the
showing
that
use,
sale,
gift
the
makes
violations;
Prize Fights. Initiative Act amending Penal Code. Prohibits the enenjoin
or transportation was for medicinal, scientific, mechanical or sacramental gaging in or furthering in any way prize fights or remunerative
purposes a defense to civil and criminal actions, and requires regulation exhibitions, training therefor, or betting thereon; the conducting, boxing
participrohibits
purposes;
said
transportation
for
into
acts
this
by law of such
pating in or witnessing any boxing exhibitions on Memorial Day or Sunday;
State of intoxicating liquor, unless shown to be for such purposes, subject. authorizes regulated four-round amateur
boxing exhibitions unless prohibiho vever, to United States laws; prescribes and authorizes penalties.
ted by ordinance: provides for arrest of persons
about to promote or parEight-Hour Law. Initiative Act adding Section 393ti to the Penal ticipate in prohibited contests and
requires bond against committing
Code. Declares it a misdemeanor, punishable by fine or imprisonment in offense; declares self-incrimination
no disqualification of witness; prohibits
county, jail, or ooth, for any employer to require or permit, or to suffer or his prosecution for
offense disclosed: authorizes conviction upon accompermit, his overseer, superintendent, foreman or other agent to reauire or plice's uncorroborated testimony;
prescribes penalties.
permit, any person in his employ to work more than eight hours in one day
City and County Consolidation,
and
with Consent of
week,
forty-eight
in
hours
one
except
than
in
extraordinary
case of
or more
Annexed Territory. Initiative AmendmentAnnexation
to Section 854 of Article XI
emergency caused by fire, flood, or danger to .ife or property.
of Constitution. Present section
Abatement of Nuisances. Act submitted to electors by referendum. cities to establish municipal courtsunchanged except to authorize chartered
and control appointments, qualifications
Declares nuisance any building or place where acts of lewdness, assignation and tenure of municipal officers and
employees; authorizes cities exceeding
or prostitution occur, and general reputation admissible to Prove existence 175,000 population to consolidate
under
charter and to annex any contiguprocedure
abatement
prescribes
thereof;
for
nuisance:
requires
removal
of
ous territory, but only upon consent of such
territory and of county from
and sale of fixtures and movable property used in aid thereof, closing prem- which such territory is taken;
prescribes procedure for consolidation and
ises to any use for one year unless court releases same upon bond of owner; annexation.
prescribes fees therefor, making same and all costs payable from proceeds
Land Title Law. Initiative Act amending Act for Certification
of Land
of such sale, requiring sale of premises to satisfy any deficiency; makes Titles. Constitutes county recorders
of title; prescribes Procefines lien upon interest in premises
dure for obtaining decree establishing registrars
title and ordering registration: proCompanies
Submitted
Investment
Act.
to electors by referendum. vides for issuance of
certificates
Creates State Corporation Department. Authorizes Governor to appoint notation of liens, encumbrances of title, method of effecting transfers.
and charges, correction of register and
Commissioner of Corporations who shall employ necessary deputies, fix certificates, protection
of bona fide purchasers, registration fees, and penaltheir compensation, have control over investment companies and invest- ties for fraud and forgeries:
transactions respecting registered
ment brokers and power of examination thereof as in State banks; prohibits land; creates from certain fees,regulates
paid on original registration, title assurance
issuance of securities before investigation by Commissioner, regulates issu- fund held by State Treasurer
to indemnify persons for loss of any interest in
ance and sale thereof, taking subscriptions therefor, advertisements and land through operation of Act.
circulars respecting same; creates fund from official fees and declares salaElections by Plurality, Preferential Vote and Primary. Assembly
Conries and expenses payable therefrom; provides for broker's permit and stitutional Amendment 19.
amending Section 13 of Article XX of Constiagent's certificate, reports by companies and brokers, appeal to court from tution. Declares plurality of
votes at any primary or election constitutes
penalties
for
violations.
decision,
and
Commissioner's
choice unless constitution otherwise provides;
%%rater Commission Act. Submitted to electors by referendum. Creates under constitution for counties or municipalities permits charters framed
and general laws for other
State Water Commission for control of appropriation and use of waters; counties and municipalities to provide
otherwise, or for nomination or elecdefines rights in riparian and unappropriated waters; prescribes procedure tion,or both,of all or any portion
of candidates at a primary,or for preferenfor investigation of waters and water rights, appropriation thereof, appor- tial system of voting at any county
tionment of same between claimants, issuance of licenses, and revocation authorizes general laws providing or municipal primary or other election:
preferential system of voting at any
thereof; declares present rights of municipal corporations unaffected.
other primary.
Local Taxation Exemption. Assembly Constitutional Amendment 7,
Assembly Pay-Roll Expenses, Assembly Constitutional
Constitution.
Amendment 23,
of
XIII
Authorizes any county amending Section 23a of Article
adding Section 83 to Article
of Constitution. Increases the amount
or municipality to exempt from taxation for local purposes in whole or in allowed for the total expense for IV
officers, employees and attaches of Assempart any one or more of following classes of property; improvements in, bly at any regular or biennial session
on, or over land; shipping; household furniture; live-stock: merchandise, of five hundred dollars per day to six of Legislature from present amount
machinery; tools; farming implements; vehicles; other personal property other change in operation of present hundred dollars per day; makes no
section.
except franchises; provides that ordinance or resolution making such
Adoption and Amendment of Municipal Charters. Assembly
Constituexemptions shall be subject to referendum; and requires that taxes upon tional Amendment
25. amending Section 8 of Article XI of Constitution.
property not exempt from taxation shall be uniform.
Authorizes cities of more than thirty-five hundred population to
adopt
Exempting Vesselsfrom Taxation. State Constitutional Amendment 17, charters; prescribes
method
therefor,
and
time for preparation thereof by
adding Section 4 to Article XIII of Constitution. Exempts from taxation freeholders; requires but
until and including Jan. 1 1935, except for State purposes, all vessels over application; provides for one publication thereof, copies furnished upon
by Legislature, method and time for
50 tons burden, registered at any port in this State and engaged in trans- amendment, and that of approval
several conflicting concurrent amendments one
portation of freight or passengers.
receiving highest vote shall prevail; authorizes charter to confer
on municiRegulating Investment Companies. Initiative Act authorizing Governor pality all powers over
municipal affairs, to establish boroughs and confer
to appoint auditor of investments empowered to employ deputies and fix thereon general and special
municipal powers.
their compensation, defining investment companies, authorizing examinaLegislative Control of Irrigation, Reclamation and Drainage Districts.
tion thereof by Auditor and judicial investigation of their practices, defining Assembly Constitutional
Amendment 47,amending Section 13 of Article XI
securities and prohibiting sale thereof to public, or taking subscriptions of Constitution.
Present section unchanged but proviso added authorizing
therefor, by such companies before filing with auditor their financial state- Legislature to provide
for supervision, regulation and conduct, in such
ment and description of security, excepting from Act certain companies and manner as it may determine,
of affairs of irrigation, reclamation or drainage
Individuals, securities thereof and certain installment securities, regulating districts, organized or existing
under laws of this State.
advertisements and circulars regarding securities, creating fund from official
County
Assembly Constitutional Amendment 60, amending
fees for salaries and expenses under Act: repeals all laws on subject adopted Section 7ACharters.
of Article XI of Constitution. Present section unchanged
heretofore or concurrently herewith.
except in following particulars: Authorizes county charter framed
Abolition of Poll Tax, Initiative Amendment to Section 12 of Article under
to relate to any matters authorized by constitution, and addsthereXIII of the Constitution. Provides that no poll or head tax for any graph
para434 authorizing such charter to provide for discharge by county
purpose shall be levied or collected in this State.
University of California Building Bond Act. Initiative measure pro- °Ulcers of certain municipal functions of any municipality within said county
incorporated under general laws which so authorize, or of
viding for the issuance and sale of State bonds in the sum of
municipality
$1,800,000 to therein whose charter framed under Section 8 of Article XIany
create a fund for the completion and construction
so authorizes.
of buildings in the
Regulation of Public Utilities. Assembly Constitutional Amendment
grounds of the University of California in the city of Berkeley,
62
said
to
amending
Section
23
of
Article
XII
of
Constitution. Present section unbear interest at four and ono-half per cent, and to mature at different
bonds t changed except in following particulars:
periods until Jan. 5 1965.
Railroad commission given exclusive power to fix public utility rates in all incorporated
Constitutional Conventions. Assembly Constitutional
municipalities;
Amendment 88 such municipalities, by vote of electors thereof, may
amending Section 2 of Article XVIII of
retain that control
Present section over public utilities which relates to local, police, sanitary,
unchanged except in following particulars:
and other reguprovides that delegates to lations only, or surrender
Constitution*
same
to
constitutional conventions shall be nominated
railroad
commission;
omits provision
at
primary authoriz big such municipalities to re-invest themselves with
election as prescribed by Legislature, those receiving non-partisan
powers so surmajority vote thereat rendered; declares
right of incorporated municipalities to grant public
being elected, otherwise two highest candidates (or more if tied) being
only
utility
franchises
not
affected
by
section.
candidates at further election; authorizes Legislature to submit for adoption
Incorporation
of
Municipalities. Assembly Constitutional Amendment
by electors other plans for selecting delegates; provides that convention 81, amending Section
6 of Article XI of Constitution.
section unshall meet within nine months after election,and may submitnew constitu- changed
except in following particulars: Legislature Present
may provide that
tion or amendments or revisions of that existing, as alternative propositions county officers
shall perform municipal functions of municipalities
or otherwise.
porated under general laws when electors thereof so determine; incorQualification of Voters at Bond Elections. Initiative Amendment, add- palities
municihereafter organized
charters, and those heretofore so oring Section 7 to Article II of Constitution. Provides that no elector may ganized, when empowered byunder
amendment, may legislate respecting
vote on question of incurring bonded indebtedness of State or political sub- municipal affairs, subject onlycharter
to
charter
restrictions;
in other matters they
division thereof, unless he is owner of property taxable for payment of such are subject to general laws; municipal
charters may requre county officers
indebtedness and assessed to him on last assessment roll.
to perform municipal functions whenever general
laws or county charter
Voting by Absent Electors. Initiative Act providing for issuance of authorize
such
performance.
certificate of identification and ballot to voters who will be absent from
Irrigation Districts Controlling International Water
Systems. Assembly
home precincts on election day; provides that upon presentation by elector Constitutional Amendment 84,amending
Section 31 of Article IV. Present
of such certificate and ballot in sealed envelope tojudgeofelection on elec- section unchanged, but proviso added authorizing
irrigation districts, for
tion day at polls in any precinct more than ten miles from polls where regis- purpose of acquiring control of any entire international
water system
tered, such elector may mark said ballot in secret, judge to mail same to situated partly in United States and partly in
foreign country, and necessary
county clerk where voter registered: prescribes form of certificate and can- for its use and purposes, to acquire, in manner
authorized
by
vote
law
authorizes
at
to
elector
home
precinct
the stock
upon
ballots;
surrender
of
any
vass of
foreign corporation which owns or holds title to the
part thereof
situated in a foreign country.
of certificate and ballot.
Deposit of Public Moneys. Initiative Amendment to Section 16% of
Valuation of Condemned Fublic Utilities by
Railroad Commission,
Article XI of Constitution. Present section unchanged except in following Assembly Constitutional Amendment
particulars: Authorizes banks in which public moneys are deposited to of Constitution. Authorizes railroad87, adding Section 23a to Article XII
commission to exercise such power
furnish, as security, bonds of districts within municipalities, or of a cor- as shall be conferred upon it by Legislature
to fix compensation paid for
poration qualified to act as sole surety on bonds or undertakings, to an property of public utility condemned by State,
county, municipality or
amount in value, or with a penalty, of at least ten per cent over amount of municipal water district; declares
right of Legislature to confer
section
shall
under
deposit
that
no
provides
exceed
such powers
at
any
time upon railroad commission to be plenary and
deposit;
unlimited by any constitutional
provision; and confirms all Acts of Legislature
fifty per cent of paid-up capital and surplus of depository bank.
in accordance herewith
Condemnation for Public Purposes. Senate Constitutional Amendment heretofore adopted.
Election of United States Senators. Assembly
16, adding Section 20 to Article XI of Constitution. Authorizes State,
Constitutional amendcounty or municipality to condemn neighboring property within its limits ment 92, amending Section 20 of Article
additional to that actually intended for proposed improvement; declares provisions of present section prohibiting V of Constitution. Eliminates
Governor
same taken for public use: defines estate therein and manner of dealing United States Senator during his term of office, and from being elected
instead provides that
therewith to further such improvement; permits county or municipality such Senators shall be elected by the prople
of the State in the manner
boundaries for certain pubic provided by law.
to condemn lands within ten miles beyond its
Public Utilities in Municipalities.
purposes. with consent of other county or municipality if such lands lie
Constitutional Amendment
therein; requires terms of condemnation,lease or disposal of such additional 53, amending Section 19 of Article XISenate
of Constitution.
municipal corporation to acquire and operate
property to be prescribed by law.
Authorizes any
public utilities* to grant franExposition Contribution by Alameda County. Senate Constitutional chises to operate same under regulations
prescribed by its'
organic law or
Amendment 34, amending Section 18 of Article XI of Constitution. Pres- otherwise by law; but eliminates from present
section provisions authoriz-
;TATE AND CITY
DEfitirrIvrENT.
News Items.
1312
THE CHRONICLE
in' municipal government to regulate charges for services under such franchises; and authorizes municipal corporation to furnish the product or
service of public utility operated by it to users beyond its limits, to other
municipalities, and to inhabitants thereof without consent of such mimicialities.
Taxation of Public Property. Assembly Constitutional Amendment 6,
amending Section 1 of Article XIII of Constitution. Present section unchanged but proviso added declaring taxable all lands and improvemens
thereon owned beyond its limits by a county or municipal corporation, if
taxable at the time acquired by it; exempting improvements constructed
by such owner upon any of its lands: and declaring all such taxable property
assessable by assessor of county or municipal corporation where situated
subject to review and adjustment by State Board of Equalization.
Sacramento State Building Bonds--For the State's Buildings Bonds.
This Act yorovides for the issuance and sale of State bonds in the sum of
$3,000,000 for additional State buildings in Sacramento, payable in fifty
years. and bearing interest at four per cent.
San Francisco State Building Act. This Act provides for the issuanceand
sale of State bonds to create a fund for the construction, erection, equipment. completion and furnishing of a State building or buildings upon
a lot of land in the city and county of San Francisco, to be used by the
officers and departments of the State which are located in said city and
county of San Francisco.
State Fair Grounds Bonds. This Act provides for the issuance and
sale of State bonds in the sum of $750,000 for improvement of the State
fair grounds at Sacramento, payable in fifty years, and bearing interest
at four per cent.
Los Angeles State Building Bonds. Initiative Act providing for the issuance and sale of State bonds in the sum of $1,250,000 to create a fund for the
acquisition of a site in the city of I.os Angeles, for the construction thereon
of a State building and for equipment thereof to be used by the officers and
departments of the State maintaining offices in said city, said bonds to
bear interest at four per cent and to mature at different periods until July 2
1965.
Suspension of Prohibition Amendment. Inititative Amendment adding
Section 26a to Article I of Constitution. Provides that if proposed amendment adding Sections 26 and 27 to Article I of Constitution relating to
manufacture, sale, gift, use and transportation of intoxicating liquors be
adopted, the force and effect of Section 26 shall be suspended until Feb. 15
1915, and that, as to the manufacture and transportation for delivery at
points outside tof State only, it shall be suspended until Jan. 1 1916, at
which time Section 26 shall have full force and effect.
Extra Sessions of District Courts of Appeal Assembly Constitutional
Amendment 32, adding Section 4a to Article VI of Constitution. Authorizes Governor to call extra sessions of district courts of appeal; requires
such call when requested by Chief Justice of Supreme Court or presiding
judge of district court of appeal; provides that Governor, Chief Justice and
Presiding Justice shall each selecto ne of the three judges of such sessions
from judges of any district court of appeal or superior court who shall
serve without further compensation; provides for assignment of causes
thereto. Jurisdiction thereof, and termination of such sessions.
Miscarriage of Justice. Senate Constitutional Amendment 12, amending
Section 4 Si' of Article VI of Constitution. Omits from present section
word "criminal," thereby providing that no judgment shall be set aside or
new trial granted in any case civil or criminal, for misdirection of jury or
Improper admission or rejection of evidence, or for any error as to any
matter of pleading or procedure, unless after examination of entire cause,
including the evidence, court is of opinion that error complained of resulted
In miscarriage of justice.
Place of Payment of Bonds and Interest. Senate Constitutional Amendment 13, amending Section 13Yi of Article XI of Constitution. Authorizes
any county municipality. irrigation district or other public corporation,
issuing bonds under the laws of the State. to make same and interest
thereon payable at any place or places within or outside of United States,
and in domestic or foreign money, designated therein.
Rxempting Educational Institutions from Taxation. Senate Constitutional Amendment 15, adding Section la to Article XIII of Constitution.
Exempts from taxation buildings, grounds within which same are located
not exceeding one hundred acres, equijpment, securities and income used
exclusively for educational purposes, of any educational institution of collegiate grade within this State not conducted for profit.
Minimum Wage. Assembly Constitutional Amendment 90, adding
Section 17M to Article XX of Constitution. Authorizes Legislature to
provide for establishment of minimum wage for women and minors, and for
comfort, health, safety and general welfare of any and all employees:
declares that no constitutional provision shall be construed as limiting
authority of Legislature to confer upon any commission now or hereafter
created such power as Legislature deems requisite to accomplish provisions
of this section.
One Day of Rest in Seven. Initiative Act prohibiting, except in cases of
urgent emergency, the working for wages, or requiring or employing any
person to work, more than six days or forty-eight hours a week, the keeping
open or operating certain places of business or selling property on Sunday;
declares Sunday provisions of Act inapplicable to works of necessity, or to
member of religious society which observes another day as day of worship
and who on such day keeps his place of business closed and does not work for
gain; declares violation of Act misdemeanor and prescribes penalties.
Drugless Practice. Initiative Act Creating State Board for Drugless
Physicians, with office in Oakiand, creating fund from fees for members'
and employees' salaries and expenses, regulating examinations and issuance
of certificates. Authorizes holders thereof to treat all physical or mental
ailments of human beings without drugs or medicine, use "Doctor," 'Dr,'
or "D. P." in connection with "Drugless Physician, and sign birth and
death certificates. Exempts from examination any person practicing any
drugless system for six months prior to effective date of Act. Prescribes
penalties for violations of Act; and repeals all inconsistent provisions of
Medical Act.
Prohibition Elections. Initiative Amendment, adding Section 13,5 to
Article IV of Constitution. Prohibits, for eight years after this election
State election on question of prohibiting or permitting transportation of intoxicating liquors and any election on question of prohibiting or permitting
the manufacture or sale thereof; prohibits State election or election under
local option law or charter upon latter question within eight years of like
election thereon; declares majority vote in each municipality or district at
and
this election upon prohibition amendment to Article 1 of constitution,
at any State-wide prohibition election hereafter, makes same license or
territory.
non-license
San Francisco Harbor Improvement Act of 1913. This Act provides
of all
for the improvement of San Francisco Harbor and for the payment
costs thereof out of the San Francisco harbor improvement fund.
vor,. xc rx.
If the new charter passes, the governing body of the city will
consist of the mayor and four aldermen, elected at large.
The mayor, with the ratification of the council, will appoint
a general manager, who will have complete charge of every
department in the city, including that of police and fire. The
recall is also provided for.
Mississippi.—Proposed Constitutional Amendments.—Nine
proposed amendments to the constitution will be placed on
the ballots at the November 3 election. One of these provides that the people reserve to themselves the power to
propose legislative measures, laws, resolutions and amendments to the Constitution and to enact or reject the same
at the polls independent of the Legislature; and also reserve
the power, at their own option, to approve or reject at the
polls any act, item, section, or any part of any Act or measure passed by the Legislature. The other eight amendments
relate to the judiciary and the apportionment of State
senators.
Municipal Borrowing Powers.—The following Act, fixing
the debt limit of municipalities and specifying for what purposes they may become indebted, was passed by the Legislature of 1914:
CHAPTER 147.
House Bill No. 349.
An Act to provide for the issuance of bonds for municipal corporations
for the construction or purchase of public utilities, and for public improvement, purchase of land for municipal buildings and for parks, cemeteries
and the protection of the municipality from overflows, the control of streams
the establishment of harbors, landing docks, wharves and the contruction
of certain municipal buildings and liquidation of debts of municipalities.
Bonds of Municipal Corporations in What Cases May be Issued.
Section 1. Be it enacted by the Legislature of the State of Mississippi.
That the corporate authorities of any municipality whether operating
under chapter 99 of the code of 1906 or under special Charter, or under the
commission government laws, be and they are hereby authorized to issue
bonds or other obligations of the city, town or village, for the following
purposes:
(a) For the purpose of raising money for the erection of municipal and
school buildings, and the purchase of such buildings or the land therefor,
and the improvement, repair and adornment thereof.
(b) The erection and purchase of water works, gas, electric and other
plants, and for the improvement, repairs and extension thereof.
(c) The establishment of a sanitary, storm or drainage sewerage system,
and the improvement, repair and extension thereof.
(d) The protection of a municipality from overflow, from caving banks
and other like dangers.
(e) The improving or paving streets or sidewalks or driveways or walkways and the purchase of land therefor.
mar) The construction of public slaugnter houses, or abbatoirs, andrepair
U.
kets
thereo
ar the purchase of land therefor and the improvement and
(p) The purchase of land for parks, cemeteries and public playgrounds
and the improvement and adornment thereof.
h) The construction of bridges and concrete culverts.
i) The liquidation of existing debts of the municipality.
5) The construction of wharves, docks and harbors and establishment
of landings, and the purchase of land therefor. and the repair and improvement thereof.
(k) The construction of public libraries and the purchase of land therefor
and the repair and improvement thereof.
(0 The erection of pest houses, work houses, hospitals, houses of correction, reformatories and jails in the corporate limits or within three miles
of the corporate limits, and the repair and improvement thereof, and the
purchase of land therefor.
(m) To alter and change the channels of streams and water courses, to
control, deflect or guide the current of a river.
(n) The purchase of fire department equipment and apparatus.
(o) The construction of auditoriums and public meeting places and the
purchase of land therefor.
Amount of Bonds Not to Exceed 7% of Assessed Valuation, Unless Authorized
by Election.
Sec. 2. The amount of the bonds to be issued, including all outstanding
bonds shall not exceed in amount seven per centum of the aassesed value
of the taxable property of the municipality, unless in an election held for
that purpose a two-thirds majority of the qualified electors voting shall
have voted for the issuance of the bonds, but in no case shall the amount
exceed ten per centum of the assessed value.
Cities of Over 10,000 Inhabitants Excess Limitation.
Sec. 3. The amount that may be issued by cities having 10,000 or more
Inhabitants for the purpose of improving or paving street or sidewalks, or
constructing, or otherwise acquiring water works, gas, electric plants, and
for the improvement, repair and extension thereof may exceed ten per
centum, but in no case to exceed fifteen per centum, of the assessed value
which shall be submitted to an election as above.
Limitation Not to Apply to Certain Bonds.
Sec. 4. The limit on the amount of bonds that may be issued shall not
apply to bonds or other obligations issued for liquidation, or to raise funds
to liquidate any indebtedness when this Act becomes operative, or to bonds
the proceeds of which have been invested in enterprises producing
having
sufficient revenue over and above their operating expenses toorpay
the
interest on these bonds.
Cities Under Commission Government Excepted.
Sec. 5. The municipalities operating under the commission
government
laws are authorized to issue bonds for the foregoing purposes by a majority
vote, as provided in the commission government laws, and the requirement of a two-thirds majority shall not apply to such municipalities.
Revenues of Public Utilities Pledged for Payment of Bonds.
Sec. 6. That whenever bonds shall be issued for the
construction or
purchase of water works, gas or electric plants, the corporate authorities
of the city or town so issuing them may provide by ordinance, resolution.
contract or otherwise, that the said bonds shall be secured
by pledge of the
revenue of said water works, gas or electric-lighting plants to
be constructed
or purchased with the proceeds thereof.
Bonds Heretofore Authorized Not Affected by This Act.
Sec. 7. That this Act shall in no way affect the validity of any bonds
heretofore issued, or of any bonds which may have been heretofore
authorized at an election held under existing law, whether the bonds so authorized
have been issued or not, and shall not affect or repeal any private or local
laws now in force and effect authorizing the issuance of bonds for any
purpose.
Sec. 8. That all laws and parts of laws in conflict with this Act be and
the same are hereby repealed.
Sec. 9. That this Act take effect and be in force from and after its
passage.
Approved March 12 1914.
Cameron Counts! Irrigation District No. 1, Tex.—
Bonds Legalized.—Using a newspaper dispatch to the Dallas
"News," we reported in the "Chronicle" of Oct. 17, page
1157, that an issue of bonds of this district was the first to
be legalized under the new law, and that this law requires
that the bonds of "irrigation and similar districts" shall be
passed upon by the district court. One of our subscribers
takes exception to the words "irrigation and similar districts," because, in his view, it might be taken to include
road bonds. Such, however, is not the case. Our corresAnother Act passed by the last Legislature authorizes cities
pondent has obtained the opinion of Judge Wood of Chicago,
saying that the law distinctly does not apply to road bonds. of 20,000 or over operating under commission government
laws to issue, outside the debt limit, not exceeding $500,000
The words of Judge Wood are as follows:
"Replying to your letter of yesterday concerning road district bonds in bonds for street improvements. This Act reads as follows:
which you are interested in Texas, I would say that the case that you refer
to applies only to irrigation districts and it does not affect road districts at
all. No adjudication is required in Texas as to any other kind of a district
except an Irrigation district."
V Grand Haven, Mich.—Charter Election.—On Nov. 3 the
voters will decide whether the city will be governed under
the old blanket charter, which has been in force for many
years, or whether an entirely new method of government will
be adopted. One of the radical changes in the charter, according to newspaper reports, is the shift from the present
old-style form of government to the general manager plan.
CHAPTER 139.
House Bill No. 59.
An Act empowering cities of 20,000 inhabitants or over operating under
commission government laws which were formerly under the code chapter
on municipalities, to issue bonds for street improvement.
Cities Under Commission Government May Issue Bonds for Street Improvement.
Section 1. Be it enacted by the Legislature of the State of Mississippi,
That the council of cities of 20,000 inhabitants or over operating under
the commission government laws which had previously operated under the
code chapter on municipalities, be and they are hereby authorized to issue
bonds for street improvement in the sum or sums, not to exceed $500.000 00
out of the proceeds of which said cities may pay for the city's pro rata share
of said pavement. Said bonds shall not be included in any limitations
placed on the power of said city to Incur indebtedness or to issue bonds.
OCT. 31 1914.]
THE CHRONICLE
1313
The bonds shall be issued according to the law; the proceeds of the sale piers, &c.for the use of
vessels of all kinds, the said wharves,
of said bonds shall be used in paying the pro rata share of said city's in piers, docks, or other like boats and
to be constructed within the city or town,
improving the streets while a part of the cost of said improvement shall or within five miles fromutility
its corporate limits, and also authorizing the
be paid for by the abutting property owner.
leasing of submerged lands for the construction of private wharves. &c..
Sec. 2. That this Act shall take effect and be in force from and after when said lands are not needed
for such municipal wharves, docks, &c.
its passage.
Prohibition Constitutional Amendment.—Its purpose is to prohibit after
Approved March 12 1914.
January 1st 1916 the manufacture and sale of intoxicating liquors within
the State of Oregon,except upon prescription of a physician or for scientific.
Nebraska.—Proposed Constitutional Amendments.—A vote sacramental or mechanical purposes.
will be taken Nov. 3 on the following proposed amendments
Constitutional Amendment Abolishing Death Penalty.—Its
is
to abolish the death penalty for murder committed in the State purpose
of Oregon
to the State constitution:
and fixing life imprisonment as the maximum punishment for any
crime.
No. 1.—Providing for uniform and progressive taxation.
It repeals all provisions of the constitution and laws in conflict with
the
No. 2.—Providing that in all civil cases and in criminal cases less than same.
felonies, five-sixths of the jury may render a verdict.
Constitutional Amendment—Specific Personal Graduated Extra-Tax
No. 3.—Fixing the term of office and salary for governor, and other Amendment of Article
IX, Oregon Constitution.—Purpose places extra
executive officers.
tax on owners of realty, assessed value over $25,000, to-wit: On each $100
over $25,000 and under $50.000, 50c.; over $50,000 and below $75.000,
New York State.—Court of Appeals Dismisses Action to $1: over
$75,000 and below $100,000, $2; over $100,000, $3; said
not exempting the realty from regular taxes; application of personal
Prevent Holding of Constitutional Convention.—The proceed- tax
so
raised to— first, county's share, State revenues: second, countyfunds
general
ings brought by William Jay Schieffelin to prevent the elec- school and library fund; third, county road and bridge
fund; fourth, other
tion of delegates to the Constitutional Convention were dis- expenses of the county.
Consolidating Corporation and Insurance Departments.—Its purpose is
missed by the Court of Appeals on Oct. 23. The Court did to consolidate the
office of the Corporation Commissioner with the office
not discuss the merits of the contentions of Mr. Schieffelin of Insurance Commissioner, the latter officer to transact the business of
both departments and making the office of Insurance Commissioner elective,
that the special election was illegal because a sufficient time the
first one to be elected at the regular biennial election in 1916;
Instil
,
did not elapse between the last day of registration and the ance Commissioner also to be Fire Marshall of State of Oregon.the
Repeals
election itself and that fraud had been practiced. "We are all Acts in conflict.
Dentistry Bill.—Its purpose is to allow persons who [have graduated
of the opinion," declared Justice Chase, who was upheld by from any reputable dental college
requiring at least two years' course of
the entire Court, "that there is no inherent power in a court study of six months each year. and persons who have been licensed to pracdentristry under the laws of any other State, to practice dentistry in the
of equity to set aside a statute as unconstitutional, except in tice
State of Oregon and requiring applicants to file diploma or previous license
a controversy between litigants where it is sought to enforce with affidavit of at least two citizens attesting to applicant's good moral
rights or to enjoin, redress or punish wrongs affecting the in- character with Secretary of State and repealing all laws in conflict. Prescribes penalty for violation.
dividual life, liberty or property of the litigants." See V.
County Officers' Term Amendment.—Its purpose is to amend Section 6
of Article VI of the constitution of the State of Oregon,
99, p. 621.
so as to make the
terms of county clerks, treasurers, sheriffs, coroners
and surveyors, four
Years each instead of two years' including those which may
Oregon.—Proposed Constitutional Amendments and Meas- the
be elected at
regular November 1914 election.
ures to be Submitted at General Election.—Twenty-nine proA Tax Code Commission 131.11.—Its purpose is to require the Governor
to
appoint
a
commission
of five members to prepare a
posed constitutional amendments and measures will be subtax code and
present the same to the Legislature first meeting afternew
the appointment
mitted at the general election on November 3. The proposi- of the commission, and appropriating
$2,500 to pay clerk hire and other
expenses
of
the commissioners but no salaries to be paid members of the
tions will appear on the official ballot as follows:
commission.
Referred to the People by the Legislative Assembly.
Abolishing Desert Land Board and Reorganizing Certain State Offices.—
Amendment of Sec. 2, Art. II, of constitution to require voters to be Abolishing the
Desert Land Board and vesting its Powers and duties in the
citizens of United States, in all elections, unless otherwise provided for in State Land Board.
Making State Engineer appointive by the State Land
the constitution.
Board instead of
as at present; the Engineer in charge of Tumalo
Amendment of Sec. 8, Art. V. of the constitution for the purpose of Irrigation Projectelective
shall
as State Engineer until 1916. Abolishing State
creating the office of Lieutenant-Governor, who shall act as Governor in Water Board and officeact
of Superintendents of Water Divisions and substicase of the inability of the Governor to perform his duties, and who shall tuting therefor a State Water
Commissioner to be appointed by the State
also act as President of the Senate. fixing his salary at $10 per day, but Land Board; making all officers
affected appointive instead of elective as
only while the Legislature is in session, and providing for the Speaker of at present.
the House to act as Governor in case of the inability of both the Governor
Proportional Representation Amendment to Oregon Constitution.—To
and Lieutenant-Governor to act.
provide a method by which proportional representation in the Legislative
Amendment of Soc. 6, Art. XV, of constitution, to provide that when Assembly of Oregon
may be secured for all political parties and other voting
any county contains a city of over 100.000 inhabitants, the boundaries organizations, in accordance with the
of such county and city may be made identical, the two governments political party or voting organization number of votes controlled by each
respectively; by amending the conconsolidated, and the remaining territory of such county, if any, be created stitution of Oregon, by adding
to
16 of Article II thereof a new
into a new county or attached to the adjoining county or counties, but Section numbered 16a, prescribingSection
that Representatives shall be elected
not changing the requirement that every county must have 400 square at large and not by districts; that each
voter may vote for only one candimiles and 1.200 inhabitants.
date for representative and that the sixty candidates receiving the highest
Amendment of Sec. 7, Art. XI, of Constitution, to enable the State to number of votes shall be elected.
lend its credit or incur indebtedness in excess of $50,000 for building and
State Senate Constitutional Amendment.—Its purpose is to abolish the
maintaining permanent roads, constructing irrigation and power projects State Senate and have a Legislative
Assembly consisting of but one house.
and developing untitled lands, but limiting the total credit and indebtedDepartment of Industry and Public Works Amendment.—Its purpose
is
ness for road purposes to 2% and the total credit lent or indebtedness in- to establish, by adding
XIX to the State constitution, a department
curred for irrigation and power projects and development of untilled lands of industry and publicArticle
under control of the State Labor Commisto 2% of the assessed valuation of all the property in the State, making a sioner providing for theworks,
employment
of the unemployed citizens
the
total of 4% for both.
State of Oregon. The funds therefor to be derive from imposingof
a tax
Amendment of Sec. 32, Art. I, of constitution, omitting the requirement of not less
than 10% on all estates of deceased persons of value of $50.000
that "all taxation shall be equal and uniform" and providing for levy and or over.
collection of taxes under general law for public purposes only, and proPrimary Delegate Election Bill.—Its purpose is to authorize a primary
hibiting surrender of taxing power.
election
delegates to recommend names of persons to be voted for at the
Amendment of Sec. 1. Art. IX of constitution, changing the existing primary ofnominating
elections.
rule for uniformity and equality of taxation, authorizing the levy of taxes
Equal Assessment and Taxation and $300 Exemption Amendment.—
on such property and in such manner as shall be prescribed by general laws. Its purpose is to amend Section 1 of Article
IX, State constitution, to prothe classification of property for taxation purposes, the imposition of vide for equal assessment and
specific taxes and taxes on incomes, and authorizing reasonable exemptions. $300, and also for exemption taxation of all property and exemption of
such property for municipal, educational.
A Bill for an Act to levy annually a tax of one-fortieth (1-40) of a mill on literary, scientific, religious orofcharitable
purposes as may be specifically
the dollar on all taxable property within the State of Oregon for the con- exempted by law,
struction of buildings and the support and maintenance of the Southern repeal the Section. and requiring a two-thirds vote to further amend or
Oregon State Normal School at Ashland, Jackson County.
Amendment of Art. XI of constitution, by adding a section authorizing
South Carolina.—Legisture Passes "Cotton Bond" Bill.—
the enactment of a general law to enable an incorporated toWn, city, or The Legislature
on Oct. 29, according to newspaper desmunicipality, by a vote of the electors interested, to surrender its charter
and be merged into an adjoining city or town.
patches, passed a bill for the submission to the voters on
A Bill for an Act to levy annually a tax of one-fortieth (1-40) of a mill on Nov. 3 of
a proposition to issue $24,000,000 State bonds
the dollar on all taxable property within the State of Oregon for
construction of buildings and the support and maintenance of the the
Eastern to be loaned to the cotton farmers of the State on their
Oregon State Normal School at Weston, Umatilla County.
Amendment of Sec. 29, Art. IV of constitution, providing compensation cotton as security. See item under "Measures For Relief
for members of the Legislative Assembly
$5 per day for each actual of Cotton Planters" on a preceeding page.
working day and 10 cents per mile in going at
to and returning from the seat
of government by the most usual traveled route.
Texas.—Legislature Adjourns.—The third session of the
Per diem not to exceed
$300 for any regular, nor $125 for any extra session.
The Speaker of the Thirty-third Legislature ended Oct. 22. Besides the regular
House and President of the Senate each to receive $5 per
day additional.
session there have been two special sessions called by the
Proposed by Initiative
Universal Constitutional Eight-Hour DayPetition.
Amendment.—Its purpose Governor to enact legislation for the relief of the cotton
is to add Sec. 9 to Art. XV of the constitution,
prohibiting any man. growers. At the first extra session the Emergency Warewoman, boy or girl, from being employed more than
hours in an
one day, or forty-eight hours in any one week, in anyeight
house and the General Bonded Warehouse bills were passed,
business or
profession, or on any farm, or in domestic service, or intrade
any kind of em- while at the session which ended Oct. 22 the State Banking
ployment, whatever, skilled or unskilled, mental or physical,
within
the
Act was amended so that State banks would be eligible to
State of Oregon. This law applies to children and other relatives
of the
employers, and provides penalty for violation thereof.
join a Federal Reserve bank. Other measures recommended
Eight-Hour Day and Room Ventilation Law for Female
Workers.—Its
by the Governor, including acreage reduction and the plan
purpose is to amend Sections 5037 and 5039, Lord's Oregon Laws, as
to
limit the hours of labor and require certain conditions of rest forso
female for the establishment of the Bank of Texas, proposing to use
workers and make eight hours a day's labor, not to extend over more
the
than
credit of the State through that medium to concentrate
ten consecutive hours in any day, in all manufacturing, mechanical, mercantile and cannery establishments,and places of amusement,andlaundries
money belonging to the State banks and their depositors for
hotels, rooming houses, apartment houses and restaurants, and telegraph; investment in
agricultural products and conserve their
telephone, express and transportation businesses, and office employments,
values, failed to pass.
and providing penalty for violation of the Act.
Non-Partisan Judiciary Bill Prohibiting Party Nominations for Judicial
Officers.—Its purpose is to prohibit nominations for udicial offices ineluding county judges, justices of the peace or district udges, circuit and
Supreme Court judges. and permitting any person desiring any such office
to be a candidate by filing with the proper officer a petition signed by one
per cent of the legal voters of the State or district in which such officer
is to be elected. No nominations to be made at primary elections; no name
ADAMS, Gage County, Neb.—BOND OFFERING.—Bids will be reto be placed on the ballot at general election except those filing petitions.
ceived until 8 p. in. Nov. 5 by Chas. Putnen,
Vii. Clerk, for $7,000 5%
$1.500 Tax Exemption Amendment.—Its purpose is to exempt from 5-20-yr. (opt.)
coup. tax-free electric-light bonds. Denom. $500.
taxation,
dwelling
houses, household furniture, live stock, Nov. 10
assessment and
Date
1014. Int. ann. on Nov. 1 at Lincoln. Cert.
machinery,orchard trees, vines, bushes,shrubs, nursery stock, merchandise, payable
check for $200,
to W. W. Dixon, VU. Treas., required. No bonded
buildings and other improvements on,in and under lands made by clearing, debt. Assess.
or floating
val..
$440,000.
ditching and draining, out not to exempt the land; it is intended to exempt
ADAMS SCHOOL DISTRICT, Santa Clara County,
up to $1,500 all kinds of personal property and land improvements of all
SALE.—On Oct. 19 the $6,0006% 7-yr.anJgoup.school bondsCalif.—BOND
kinds, but the land itself shall bp assessed.
(V.99, p.1080)
Public Docks and Water Frontage Amendment.—The purpose of this were awarded, reports state, to the Bank of San Jose, for $6,187,
equal
amendment is to prohibit the sale of the beds of navigable waters (at bank to 103.116, a basis of about 5.458% int.
full stage). and subjecting the same to public use for water commerce,
ALBANY, N. Y.—BOND OFFERING.—Proposals will be received
until
navigation and improvements in aid thereof; authorizing the construction 11 a. m. Nov. 12 by John M. Foil, City
Compt., for $200,000 4j4% reg.
of municipal docks on such lands within the municipality, or within five water-system-ext. bonds. Denom. $1,000. Date
Nov. 1 1914. Int.
miles from its corporate limits, and authorizing the leasing of such lands for M. & N. by mailed checks. Due $10,000 yrly.
the construction of private docks, when not needed by the public or muni- 1934 incl. Cert. check for 2% of bonds bid for, on Nov. 1 from 1915 to
payable to Chas. E. Walsh,
cipality, giving one moiety of the rents to the municipality and one to the City Treas., required. The
legality of this issue will be
by Caldcommon school fund.
well, Masslich & Reed of N.Y.and Arthur I,. Andrews ofexamined
Albany,and their
Municipal Wharves and Docks Bill—The purpose of this Act is to author- opinions will be
furnished purchaser. Bonds will be randy for delivery
ize cities and towns to construct, operate and maintain wharves, docks, Nov. 20 or as soon
thereafter as possible.
Bond Proposals and Negotiations this week
have been as follows:
1314
THE CHRONICLE
ALBION, Orleans County, N. Y.-BONDS NOT SOLD.-No sale
was made on Oct. 26 of the $165,000 reg. water-works-purchase and extension bonds offered on that day at not exceeding 5% int. (V. 99. p. 1239)•
ALLEN COUNTY (P. 0. Lima), Ohio.-BONDS NOT SOLD.-No
bids were received, It is stated, for the $20,000 5% 2 -year (average)
Lima & Spencerville road-improvement bonds offered on Oct. 27 (V. 99.
p. 1158)•
BOND ELECTION.-The question of issuing $30,000 experiment-farm
bonds will, it is stated, be submitted to the voters on Nov. 3.
ALTON, Madison County, Ill.-BOND ELECTION.-Reports state
that an election will be held Nov. 28 to vote on the question of issuing
$165,000 city hall and city impt. bonds.
ANAHEIM, Orange County, Calif.-BOND SALE.-We have just
been advised that the $7,000 6% fire-apparatus bonds voted on Jan. 27
(V. 98, p. 465) were awarded to Wm. It. g•taats Co. of Los Angeles at par
and int. on May 14. Denom. $175. Date April 15 1914. Int. A. & 0.
Due part yearly for 40 years.
ASBURY PARK, Monmouth County, N. J.-PRICE PAID FOR
BONDS.-We are advised that the price paid for the $50,000 4 % water
bonds awarded to the City Sinking Fund Commission on Oct. 19 (V. 99,
p. 1158) was par and int.
AUGUSTA, Ga.-BOND OFFERING.-Further details are at hand relative to the offering on Nov. 12 of the $250,000 44,4% 30-yr. coup. floodprotection bonds (V. 99, p. 1239). Bids for these bonds will be received
until 12 m. on that day by Wm. Lyon Martin, Clerk of City Council.
Denom. $1,000. Date July 1 1914. Int. payable J. &. J. Certified
check for 2% of bonds bid for,payable to the "City Council of Augusta,"
Is required. Bids must be made on blank forms furnished by the above
Clerk. Bonds to be delivered and paid for within 10 days after notice
of acceptance of bid. The purchaser will be furnished an opinion by
Storey, Thorndike, Palmer & Dodge of Boston favorable to the legality
of the bonds. The Clerk of the Superior Court of Richmond County will
also certify as to their validity. The U. S. Mtge. & Trust Co. of N. Y.
will certify as to the genuineness of the bonds. These bonds are part of
the $750,000 bonds voted June 1(V. 99, p. 138)•
The official notice of this bond offering will appear among the advertisements elseweh?e in this Department next week.
BARTOW, Polk County, Fla.-BONDS VOTED.-The question of
issuing the $75,000 5% 30-year street-improvement bonds (V. 99, p. 488)
carried at the election held Oct. 6 by a vote of 116 to 73.
BLACK EARTH, Dane County, Wis.-BONDS VOTED.-By a vote
of 70 to 21,the question of issuing $5,000 electric-light bonds carried,it is
stated, at an election held Oct. 12.
BLOOMINGTON, Monroe County, Ind.-BONDS PROPOSED.Reports state that this city is contemplating the issuance of $15,000 5%
water supply bonds.
BOONE COUNTY (P. 0. Burlington), Ky.-BOND ELECTION.
An election will be held Nov.3,it is stated,to vote on the question of issuing
$75.000 road and bridge construction bonds.
BROWN COUNTY (P. 0. Georgetown), Ohio.-BOND SALE.-On
Oct. 26 the two issues of 5% taxable coup bonds, aggregating $38.348
(V. 99. p. 1159) were awarded to the Brighton German Bank of Cincinnati for $38.373, equal to 100.065. Other bidders were
Farson. Son & Co.-Par and int.
Hoehler. Cummings & Prudden, Toledo-Par and int. less $665.
BtrDE, Franklin County, Miss.-PURCHASERS OF BONDS.-The
purchasers of the $3.500 6% school and municipal-bldg. bonds recently sold
V. 99, p. 1240) were L. E. Martin and the Brookhaven Bank & Trust Co.
of Brookhaven. Using newspaper repons, we first stated that the amount
of the issue was $350,000.
BUFFALO, N. Y.-BONDS AWARDED IN PART.-Local papers state
that $93,983 50-yr. public trunk sewer and $40,000 30-yr. Bird Island pier
wall 414% reg. tax-free bonds were sold at private sale to Perry, Coffin &
Burr of Boston, at a slight premium. These bonds, in addition with
$1,350,000 20- yr. school and $370,000 1-5-yr. (ser.) refund. 44,6% reg.
tax-free bonds, were offered without success on Oct. 15.-(V.99,p. 1159.)
It is further stated that on Oct. 28. the Bankers Trust Co. of Buffalo,
purchased at private sale $1,000,000 of the $1.350.000 school bonds referred to above. The price paid was par.
CALEXICO UNION HIGH SCHOOL DISTRICT (P. 0. Calexico),
Imperial County, Calif.-BOND SALE.-We are advised that Wilson,
Cranmer & Co. of Denver have been awarded the $65,000 6% high-school
bonds refused by Stephens & Co., as reported in V. 99, p. 914.
CAMDEN, Benton County, Tenn.-BOND SALE.-On Oct. 21 the
820.000 5% 20-year high-school-constr. bonds (V. 99, p. 489) were sold
to a bonding company through the L. M. Weathers Co. of Memphis, it is
stated.
CAMDEN COUNTY (P. 0. Camden), N. J.-BOND OFFERING.
Clerk
Proposals will be received until 11 a. m. Nov. 11 by Fred.W. George,
Bd. of Chosen Freeholders, for $14,000 5% 20-yr. coup. or reg. Newton
Creek bridge-constr. bonds. Denom. $1,000. Date Nov. 1 1914. Int.
on a naM.& N. at office of U. S. Mtge. dr Tr. Co., N. Y. Cert. check required
tional bank for 5% of bonds bid for, payable to Co. Collector,Purchaser
board.
the
by
furnished
forms
blank
Bids must be made on
genuineness
to pay accrued interest. These bonds will be certified as to Assess.
val.
by the above trust company. Bonded debt $1,279,900.
(equ.), $92,707,604.
-BOND
J.
N.
House),
Court
May
Cape
0.
(P.
COUNTY
MAY
CAPE
OFFERING.-Proposals will be received until 11 a. m. Nov. 17 by Frank
5% 30-year
W. Fowkes, Clerk Bd of Chosen Freeholders, for $20,000 Date
Nov. 2
coupon or reg. road-improvement bonds. Denom. $1,000.
Cert. check (or cash)
1914. Int. semi-ann. at office of Co. Collector. debt
issue),
this
(incl.
Bonded
required.
County
to
payable
for 2%,
$325.500. Floating debt $1:00.000. Assess. val. $34,999.710.
SALE.
-BOND
Ohio.
Carrollton),
0.
(P.
CARROLL COUNTY
bonds(V.99, p. 1159)
On Oct. 24 the $10,0005% coupon court-house-impt.
int.,
and
100.28
at
Carrollton
of
Co.
Trust
Cummings
the
to
were awarded
Prudden of Toledo bid
less $190 for expenses. Hoehler, Cummings &
100.28, less $200 for expenses.
OFFERING.-ProposCHILLICOTHE, Ross County, Ohio.-BOND
John Walsh, City Auditor, for
als will be received until 12 m. Nov. 16 by
the following bonds:
No. 4 bonds. Denom. $500. Date
$31,000 41i% Honey Creek SewerJune
1 1934.
Juno 1 1914. Due
No. 1 bonds. Donom.8120. Date
improvement
St.
1,200 5% Ewing
subject to call $120 yrly.
Aug. 15 1913. Due Aug. 15 1923,
2 bonds. Denom. $58. Date
580 5% Hickory St. sidewalk No.
to call $58 yearly.
subject
1923,
15
Aug.
Due
Aug. 15 1913.
$254. Date March 201914.
2,540 4;4% general health bonds. Denom.
1934.
20
Due March
bonds. Denom. 8640. Date
6,400 444% general paving and sewer
1934.
May 11914. Due May 1 for
2% of bonds bid for, payable
check
Interest semi-annual. Certified
delivered and paid for within
to City Treasurer, required. Bonds to beof proceedings will be furnished
Transcript
ten days from time of award.
purchaser.
Yuma), Ariz.-BONDS
CIBOLA IRRIGATION DISTRICT (P. 0.
issuing $782,975 6% 20-30VOTED.-By a vote of 20 to 14,the question ofcarried
at the election held
bonds
system
year (see.) levee and irrigationOctober 1.
-Proposals
OFFERING.
CLAYTONIA, Gage County, Neb.-BONDChittenden, Chairman of
J.
will be received until to-day (Oct. 31) by E.
Aug. 30.
voted
bonds
-works
water
Board, for 59,200 6% 5-20-yr. (opt.)
Denom. $460. Date Sept. 1 1914. Int. ann. on Sept. 1.
Fund
Sinking
the
CLEVELAND, Ohio.-BOND SALE.-On Oct. 27
-plant
Commission sold, it Is stated, $500,000 4% tax-free electric-light
Co.
&
Miller
Hayden.
bonds, due April 1 1947, to a syndicate composed of
Otis & Co. and C. E. Denison & Co.of Cleveland at 97.81-a basis of about
Sinking
the
by
held
securities
but
bonds,
new
4.125%. The above are not
Fund as an investment.
BONDS AUTHORIZED.-On Oct. 13 the City Council passed an ordiBrook
nance providing for the issuance of $175,000 434% coupon Dugway
sewer bonds. Denom. $1,000. Date Oct. 1 1914. Int. A.& O.at Amer.
Exch. Nat.Bank,N.Y. Due$5.000 yearly on Oct.1from 1915 to 1949 incl.
[VOL. xclx.
CODINGTON COUNTY (P. 0. Watertown), So. Dak.-BOND
ELECTION.-Reports state that at the general election in November the
proposition to issue $25,000 poor-asylum-construction bonds will be submitted to the voters.
CROOKSVILLE SCHOOL DISTRICT (P. 0. Crooksville), Perry
County, Ohio.-BOND ELECTION.-The election to vote on the question of Issuing the $35.000 5% building bonds mentioned in V. 99, p. 1240
will be held Nov. 3.
DALLAS SCHOOL DISTRICT (P. 0. Dallas), Paulding County,
Ga.-BOND OFFERING.-Proposals will be received until 12 m. Nov. 1
by S. C. Connelly, Clerk Board of Education, it is stated, for 815,000 6%
20-year school bonds. Certified check for $500 required. A similar issue
of bonds was offered on Oct. 7 (V. 99, p. 914)•
DARKS COUNTY (P. 0. Greenville), Ohio.-BOND SALE.-On
Oct. 26 the two issues of 5% bonds aggregating $44,000 (V. 99, p. 996)
were awarded jointly to the Greenville Nat'l.,the Farmers' Nat.,and the
Second Nat. banks of Greenville for $44,015, equal to 100.034.
DAVENPORT, Scott County, Iowa.-BONDS PROPOSED.-Local
newspaper despatches state that this city is contemplating the issuance
of 1145,000 !rapt. bonds.
DE KALB COUNTY (P. 0. Auburn), Ind.-BOND OFFERING.10
Bids will be received by J. J. Oberlin, Co. Treas., until 10 a. m. Nov.
Butler
(and from day to day until sold) for $4,800 Jackson Twp.and $4,800
Nov.
Date
$240.
Twp. 43.5% Myers road-impt. bonds. Denom.
15 1914. Int.
DELAWARE COUNTY (P. 0. Muncie), Ind.-BOND OFFERING.
Bids will be received until 10 a. m. Nov.4 by G. G.Williamson, Co.Treas.,
Due
stated.
is
for $16,160 and $3,200 44,5% highway-impt. bonds, it
part each six months for 10 years.
DELAWARE COUNTY (P. 0. Delaware), Ohio.-BOND OFFERING.
County
-Proposals will be received until 1 p. m. Nov. 16 by the Board of
road
Commissioners, W. V. Aldrich, County Auditor, for $144,400 5%
M.& S.
bonds. Denom.(20) $220,(280) $500. Date Sept. 1 1914. Int.March
1
from
months
at office of County Treasurer. Due $7.220 each six
1915 to Sept. 1 1924, inclusive. Certified check on a Delaware County
Bonds
required.
Auditor,
County
to
payable
bank (or cash) for $2,000,
to be delivered and paid for within five days from time of award. Purchaser to pay accrued Interest.
DIVIDE COUNTY (P. 0. Crosby), No. Dak.-BOND ELECTION
in the near
PROPOSED.-According to reports, an election will be held-construction
future to vote on the question of issuing court-house and jail
bonds.
DONALDSONVILLE SCHOOL DISTRICT (P. 0. Donaldsonville),
Decatur County, Ga.-BOND OFFERING.-Bids will be received until
and
12 m.Nov. 18 by J. F. Brown,Sec.-Treas.,for the $15,000 6% building
Date
equipment bonds voted Aug. 19 (V. 99, p. 688). Denom. $1.000.
1944.
to
1930
from
Jan. 1 1915. Int. J.& J. Due $1,000 yearly on Jan. 1
inclusive. Certified check for 10% of bonds required. No bonded debt:
value of taxable property. 51,074.038.
DOVER,Morris County, N. J.-BOND SALE.-On Oct. 26 the $15,000
99. P. 1081)
5% 5-15-year (opt.) gold coupon tax-free fire-house bonds (V.
and
were awarded to the Citizens' National Bank of Netcong at 102.125
were:
bids
interest-a basis of about 4.522%. Other
Leonora Rhoda of Hibernia-101 for $4,545.
Morris County Savings Bank, Mcrristovrn-100.40 for 515,000.
National Union Bank. Dover-par for $7,500.
Dover Trust Co., Dover-par for $7,500.
OFFERING.-Proposals
ELMORE, Ottawa County, Ohio.-BOND
Village Clerk, for
will be received until 12 m. Nov. 23 by Wm. Haley,
bonds. Denom.
portion)
(village's
$13,300 5% 10-year paving and sewer
Certified
annual.
1914. Interest
(20) $500. (10) $330. Date Sept. 15Treasurer,
Bonds to be
required.
check for $100. payable to Village
to
Purchaser
award.
aivecrcedrued
andpaidfor within ten days from time of
p
delivered
interest.
-On
SALE.
-BOND
ELMWOOD PLACE, Hamilton County, Ohio.
p. 1160) were
Oct. 19 the $10,000 5% 19)4-year refunding bonds (V. 99, interest
and
awarded to the First Nat. Bank of Elmwood Place at par,
were
bids
Other
bonds.
blank
$10,051
Brighton German Bank, Cincinnati
10,025
A. E. Aub & Co. Cincinnati
Co.. Cincinnati
Davies, Bertram '
1
ENTERPRISE SCHOOL DISTRICT (P. 0. Enterprise), Dickinson
buildCounty, Kan.-BONDS VOTED.-The proposition to issue 18,000
ing bonds carried, it Is stated, at the election held Oct. 24.
FARIBAULT SCHOOL DISTRICT (P. 0. Faribault), Rice County,
20-yr
Minn.-BONDS VOTED,-The question of issuing 558.000 4%election
refunding bonds carried, it is stated, by a vote of 84 to 11 at an
held Oct. 17. The bonds will be sold to the State of Minnesota.
-On
FERGUS COUNTY (P. 0. Lewistown), Mont.-BOND SALE.
refunding
Oct. 24 the $225,000 5% 10-20-year (opt.) gold coupon tax-free
Ferris
par.
at
Montana
of
State
the
to
awarded
were
915)
p.
bonds(V.99.
& Hardgrove bid 96.07 for local payment and 96.57 for Eastern payment.
County,
Jennings
SCIPIO),
0.
(P.
DISTRICT
SCHOOL
GENEVA
6% bldg. bonds (V. 99,
Ind.-BOND SALE.-On Oct. 24 the $2,300 43,
p. 1240), were awarded to George W. McConnell of Scipio, for $2,304.55,
semi-ann.
Int.
1100.
Denom.
equal to 100.195.
GIRARD SCHOOL DISTRICT (P. 0. GIRARD), Crawford County,
Kans.-BONDS VOTED-At an election held Oct. 20 this district voted
in favor of the issuance of 555.000 bldg. bonds, it is stated.
GLENDALE, Los Angeles County, Calif.-BONDS AWARDED IN
PART.-Of the $248.000 5% municipal water-works-system bonds voted
April 21, $114,000 was disposed of on Oct. 8 to L. C. Brand at par and interest. Denom.51,000. Date Sept. 11914. Int. M.& S. Due part yearly
from 1920 to 1950 inclusive.
GLENDALE, Hamilton CountyOhio.-BOND OFFERING.-Blds
will be received until 12 m. Nov. 30 by J. G. Cutting, VII. Clerk, for the
following 5% coupon street-improvement (assess.) bonds
$1.018 60 Washington Ave.-Improvement bonds. Denom. 5101,86. Due
5101 86 yearly on Jan. 1 from 1916 to 1925 incl.
750 00 Lincoln Ave.-improvement bonds. Denom. $75. Due $75
yearly on Jan. 1 from 1916 to 1925 incl.
Auth. Sec. 3914 Gen. Code, Date Nov. 11014. Int. ann. on Jan. 1.
Cert. check for 5% of bid, payable to Vii. Treas., required. Bonds to be
delivered and paid for within 10 days from time of award. Purchaser to
pay accrued interest.
GLOUCESTER, Athens County, Ohio.-BONDS NOT SOLD.No bids were received, it is stated, for the 54,000 5% 2-9-yr. (see.) electriclight and water-works bonds offered on Oct. 26.-(V. 99, p. 1160.)
GOGEBIC COUNTY (P. 0. Bessemer) Mich.-BOND SALE NOT
CONSUMMATED.-The sale of the $65,000 43. % 7-yr. (aver.) courthouse impt. bonds on June 8 to Kissel. Kinnicutt & Co., of Chicago(V.99,
p. 1865) has not yet been consummated.
GREENVILLE, Mercer County, Pa.-BOND ELECTION PROPOSED.-An election will be held in the near future to vote on the question
of issuing 540.000 sewerage-disposal-plant bonds, it is reported.
HARRISON, Boone County, Ohio.-BOND ELECTION.-According
to reports, an election will beheld Dec. 22 to vote on the question of issuing
$90,000 sewer and water-system bonds.
HAYWARD, Sawyer County, Wis.-BOND ELECTION.-The question of issuing the 812.000 6% coup. water works bonds (V. 99, p. 1160)
Denom. $1,000. Int. ann.
will be submitted to the voters on 'Nov. 7.
at First Nat. Bank, Hayward, Due $2,000 yrly. on Mar. 15 from 1915
N
lnpcil.
,E
NON
92
toR1E
COUNTY (P. 0. Minneapolis), Minn.-BOND OFFERING.-Bids will be received until 11 a. m., Nov. 2 by Al. P. Erickson, Co.
Judicial Ditch No. 20 bonds. Denom. (1) $600, (9)
$9,600
Aud_,for
81.000. Due $600 Jan. 1 1916 and $1,000 yrly. on Jan. 1 from 1917 to
LOSA BEACH,Los Angeles County, Calif.-BONDS VOTED.
neM
2 EiR
H
195
hall and $5,000 fire 554% bonds
The questions of issuing the $10,000 city
carried at the election held Oct. 21 by a vote of 196 to 73 and 212 to
59. respectively. Due partyrly. for 15 yrs.
HUDSON COUNTY (P. 0. Jersey City), N. J.-BIDS.-The following
% 30-year coupon or rett,...
ered,
are the bids received for the $150,000
boulevard-repair bonds offered on Oct. 23.4(V. 99, p. 1161):
OCT. 31 1914.1
THE CHRONICLE
1315
A. B. Leach & Co.. N. Y_ 3150,1501James J. Ahearn
$150,000 refused by it because of a technical flaw in the proceedings of
the first bond
R. T. Rokeby
150,1001
election.
All bids provided for payment of accrued interest. The Board of Chosen
MULTNOMAH COUNTY (P. 0. Portland), Ore.-BOND OFFERFreeholders rejected the two lower bids and held that of Leach & Co. under
ING.-Further details are at hand relative to the offering
advisement until the next meeting, which will be held about Nov. 12.
Nov. 9 of the
$250,000 5% coupon inter-State bridge bonds (V. 99, p. on
1242). Bids for
HUMBOLDT, Richardson County, Neb.-BOND OFFERING.
- these bonds will be received
until 11 a. m. on that day by John B. Coffey.
Dispatches state that the City Clerk will receive sealed bids until 6 p. m. County Clerk. Denom.
$100, $500 and $1.000. Date July 1 1914. Int.
Nov. 10 for $10,000 ann. 6% 10-yr. ref. bonds. A certified cheek for J. & J. at office of County
Treasurer or at fiscal agency of State of Oregon
$250 is required.
In New York. Due $10,000
yearly on July 1 from 1918 to 1942, inclusive.
Certified
Va.-BIDS
HUNTINGTON, Cabell County, W.
check for 5% of bonds bid for, payable
REJECTED.-The
to County Clerk, required.
following bids received for the five issues of 5% 30-yr. gold coup. tax-free Bids must be made on forms furnished by Clerk
of Bonding Committee.
bonds, aggregating $195,000 offered on Oct. 28 (V. 99, p. 1081)were re- Purchaser will be furnished with an opinion of Storey,
Thorndike, Palmer
jected Breed, Elliott & Harriscn, Cincinnati, bid 96.75; Ancient Order & Dodge of Boston, approving the legality of the issue. These bonds are
part of an issue of 31,250,000. $625,000
of United Workmen, Wheeling, bid for $10,000.
which
of
was
offered without
success
as
4Iis on Aug. 25 (V. 99, p. 624).
HURON, Erie County, Ohio.-BOND SALE.-We are advised that
MUSCATINE SCHOOL DISTRICT (P. 0.
the bid of par and int. submitted by the Berlin Heights Banking Co. of
Muscatine),
Muscatine
Huron for the $1,100 514% 4-yr. Huron & Mill Sts. sewer bonds offered County, Iowa.-BOND SALE.-An issue of $34,000 5% 10-year
refunding
bonds was awarded to Geo. M. Bechtel
Oct. 1 (V. 99, p. 1082) has been accepted.
& Co. of Davenport at par on
Sept.
4.
Denom. $1,000. Date Oct. 1 1914. Int. A. & 0.
JACKSON SCHOOL TOWNSHIP (P. 0. Flint), Steuben County,
Merriett,
Twp.
MUSSELSHE
Trustee,
-Harley
OFFERING.
LL
will
receive
Ind.-BOND
COUNTY (P. 0. Roundup), Mont.-BOND ELECbids until 1 p.m. Nov. 18 for $4,500 4;4% school, refunding bonds. De- TION PROPOSED.-Reports state that an election will be held in the
near
nom. $100. Date day of sale. Int. ann. Due $1,000 in 1, 2, 3 and 4 future to vote on the questions of issuing $200,000 roads and $75,000
bridge
bonds.
yrs. and $500 in 5 yrs.
NEOGA, Cumberland County, Ill.
KENMORE, Summit County, Ohio.-BOND SALE.-On Oct. 24.
-BONDS VOTED.-According
the two issues of 6% coup. Delaware Ave. impt. bonds aggregating $2,72$ to reports, this village has voted in favor of the issuance of $9,000
wateror, gg, p. 1161) were awarded to J. C. Mayer & Co. of Cincinnati for supply bonds.
int.
$2.733 (100.293) and
NEW ORLEANS, La.-BOND ELECTION.
-Reports state that an
election
KLAMATH FALLS, Klamath County, Ore.-BOND OFFERING.
will
be
held
Nov. 7 to submit to the voters the question of issuing
According to reports, bids will be received until Nov. 12 by A. L. Leavipp, $2,000.000 bonds for educational purposes.
Vii. Clerk, for 325.021 6% 10-yr. impt. bonds. Int. semi-ann. Cert.
NILES, Trumbull County, Ohio.-BOND
OFFERING.-Proposals
check for 5% required.
will be received until 2 p. in. Nov.
16 (not Nov. 6 as first reported) by
KNOX COUNTY (P. 0. Vincennes), Ind.-BONDS AWARDED IN Homer Thomas, City Aud., for
the
$100,000
414%
McKinley Memorial
PART.-No sale was made on Oct. 22 of the three issues of 4;4% highway park bonds voted Sept. 5 (V. 99, p.
Denom. $500. Date Nov. 2
impt. bonds aggregating 320,950 offered on that day (V. 99. p. 1161).
1914. Int. M. & N. Due 810.000 1242).
yearly on Nov. 2 from 1951 to 1960
Inclusive.
Cert. check for 1% or bonds bid for,
Reports state that the $8,700 Thos. B. Thorne et al. road and $6.250
payable to City Treas..
Chas. Ruby et al. road issues were subsequently sold to .1. C. Smith of required. Bonds to be delivered and paid for within 10 days
from time
of award. Purchaser to pay accrued
Vincennes at par and int.
interest.
LAKE COUNTY (P. 0. Crown Point(, Ind.-BOND OFFERING.
NORTHAMPTON HEIGHTS (P. 0.
Northampton
), Northampton
A. J. Swanson. Co. Treas. will offer for sale at 10 a. m. Nov. 5(and there- County, Pa.-BOND SALE.-Reports
after until sold) 822.000 John A. Gavit road and $22,000 W. B. Van Horne Harry A. Cyphers an issue of $30,000 state that this borough sold to
street-impt. bonds.
No. 2 road 4% highway impt. bonds in North Twp. Denom. $550.
ORD, Valley County, Neb.-NO
ACTION YET TAKEN.-No action
Int. M. & N. Due $550 of each issue each six months from May 15,1916 has yet been taken
the offering of the $18,000 water and $5,000
to Nov. 15. 1925 incl. A transcript and the approved opinion of Matson, electric-light bonds towards
voted in May (V. 99, p. 217).
Gates & Ross will accompany the bonds.
OSHKOSH, Winnebago County,
LAWRENCEBURG, Dearborn County, Ind.-BOND SALE.
Wisc.-BOND SALE.-Reports
- state the $20,000 4 % coup. cemetery
bonds (recently authorized by the
Reports state that the People's Nat. Bank of Lawrenceburg has been Council. V.
99, 1162), have been
awarded 33,000 6% 4-yr. street paving bonds at par.
of to local investors. Denom.
(100) $100,(2() $500. Date Oct.disposed
1 1914.
A. & 0. at office of City
LEWIS AND CLARK COUNTY SCHOOL DISTRICT NO. 31, (P.O. Treas. Due $5,000 on Oct. 1 1916, 1917, Int.
1919 and 1920.
Gilman), Mont.-BOND SALE.-On Oct. 17, 85,000 6% 5-10-yr. (opt.)
OWENSBORO, Daviess County, Ky.-BOND
ELECTION.-Reports
bldg. and equip. bonds were awarded to the Union Bank dr Tr. Co. of state that the question of issuing
the $60.000 (not $50,000, as first reHelena at par. Denom. $500 . Date Nov. 1 1914. Int. M. & N. Bids ported) city-hall-construction
bonds (V. 99, p. 1242) will be submitted to
were also received from Reeler Bros..nd Jas. N. Wright dr Co. of Denver. the voters at the November election.
LITTLE FALLS TOWNSHIP (P. 0. Little Falls), Passaic County,
PAINESVILLE, Lake
Ohio.-BOND OFFERING.-Proposals
will be received until 12 County,
N. J.-BOND OFFERING.-Proposals will be received until 8 p. m. Nov
m. Nov. 23 by Frank L. Kelly, City
Clerk, for
9, it is stated, by B. S. Briggs, Twp. Clerk, for $15,000 5% 3-17-yr. (ser.) $10,000 5% 20-yr. coup. water-purification
municipal bldg. bonds. Int. semi-ann. Cert. check for 2% required.
$500. Date Oct. 1 1914. Int. A.& 0.at works constr. bonds. Denom.
City Treas. office. Cert. check
LONE STAR SCHOOL DISTRICT, Imperial County, Calif.-BOND on a bank other than the one making the bid for 5% of bonds bid
for, payOFFERING.-Proposals will be received until 2 p. in. Nov. 4 by M. S. able to City Treas., required. Bonds to be delivered and paid for
within
Cook, Clerk, Bd. of Co. Supers.. (P. 0. El Centro),for 33.500 6% bldg. 10 days from time of award. Purchaser to pay accrued int.
PARK COUNTY SCHOOL
and equip. bonds. Denom. $500 .Date Oct. 6 1914. Int. A. & O.
DISTRICT
NO.
4,
Mont.
-BOND
at County Treasury. Due $500 yrly. on Oct. 6. from 1924 to 1930 incl. OFFERING.-Bids will be received until 8 p. in.
Cert. or cashier's check for 5% of bonds, payable to chairman of said Nov. 2) by the Board of Trustees, E. M.Sybert, Dec. 16 (postponed from
Clerk (P. O. Livingston),
Board, required. Purchaser to pay accrued interest. No bonded debt, for $10,000 5% 10-20-year (opt.) site-pur
chase
and
construction
bonds
(V. 99, p. 1242). Denom. $1,000. Date
est. val. (equ.) $61,520.
Jan. 16 1915. Int.
& J. at
LYONS, Wayne County, Ohio.-BOND OFFERING.-Bids will be office of County Treasurer or at some bank in New York City. J.
Certified
received until 12 m. Nov. 4 by Ed. D. Bailey, VII. Clerk, for $45,000 check for $300, payable to above Clerk, required. Assessed valuation.
water-system bonds, at not exceeding 5% int. Due in ann. installments 33,833,175.
beginning 3 years. after date. Cert. check for 2% of bid,
PASADENA SCHOOL DISTRICT (P. 0. Pasadena)
required.
Los Angeles
McARTHUR, Vinton County, Ohio.-BOND SALE.-On Oct. 23 County, Calif.-BONDS VOTED.-The question
of issuing the $24,000
teachers' salary deficiency bonds (V. 99, p. 999) carried,
the $9,000% 27-yr. (aver.) coup. street-impt. bonds (V. 99 p
reports state, at
998) the election held Oct. 20 by a
were awarded to Terry, Briggs & Slayton of Toledo at par and int. Siitzer,
vote of 2690 to 1260.
Rorick & Co. of Toledo also bid par and int.
PAYETTE OREGON SLOPE IRRIGATION DISTRICT, Malheur
MADISON COUNTY DRAINAGE DISTRICT NO. 3, Tenn.-BOND County, Ore.-BOND SALE.-The $15,000 6% coupon
irrigation bonds
OFFERING.-Bids will be considered until 11 a. m. Nov. 12
on July 15 (V. 98, p. 2012) have been sold to the Snow-Moody
by A. W. offered
Stovall, County Judge (P. 0. Jackson), for 375.000 6% drainage
Development Co. of Salt Lake City at 90.
bonds.
Denom. $500. Interest annual. Due serially after 5 years.
PHILADELPHIA, Pa.-BONDS TO BE OFFERED
-Local
papers state that $825,000 4% 30-year bonds will be SHORTLY.
MARIANNA, Jackson County, Fla-RESULT OF BOND
advertised for sale
-At the Election held Oct. 20 the questions of issuing $35,000 ELECTION.
about
the middle of next month.
water-works
and $3,000 street bonds carried, while the proposition to issue 818.000
PONTIAC, Oakland County, Mich.-BOND ELECTION.-Reports
sewerage bonds was defeated.
state that the question of issuing $7,500 garbage
ant constr.
MARION COUNTY (P. 0. Indianapolis), Ind.-BOND OFFERING. bonds will be submitted to the voters on Nov.-reduction-pl
3.
-Proposals will be received until 2 p. m. Dec. 10 (date changed from
PORTLAND, Ore.-BOND SALE.-On Oct. 22 the
$162,917.95
6%
Dec. 7) by Wm. T. Patten, County Auditor, for the following 434% 1-10-yr. (opt.) improvement
bonds (V. 99, p. 1163) were awarded as folbridge bonds (V. 99. p. 1241)
lows:
$300,000 West Washington St bridge bonds. Denom.(150) $1.000,(300)
Antount
Price
Amount
Price
$500. Due $25,000 yearly from 8 to 19 years, inclusive.
PurchaserPurchased, Paid.
PurchaserPurchased. Paid.
150,000 New York St. bridge bonds. Denom. (70) 31.000, (160) $500. S.F.Siferd
96.000 00 102
W.F.White
1310,500 00 102.01
Due $7,000 in odd years and $8,000 in even years from I to 20 L. E. Wang
1,50000
102
1 2,00000 101.75
years, inclusive.
The Rep Growers'
Oregon Life InsurDate Dec. 10 1914. Int. J. & D. Certified check on a Marion County
Fire Relief Assn.
ance Co
bank for 3% of bonds bid for, payable to Board of Commissioner
10,000 00 101.76
of Butteville
s, required.
6,500
00
102
United States Nat.
Salo of bonds must be consummated on or before Dec. 15. Bids must be Fred. Schreeck
1,00000 102
Bank
made on forms furnished by the County Auditor and must be accompanied Mary I. Norton
60,000 00 101.56
500 00 102
Michael McNamara_ 4,000 00 102
with affidavits of non-collusion, as provided by law.
5,00000 101.60 John Murphy
1.50000 102.10
MAZOMANIE, Dane County, Wis.-BOND ELECTION.-The ques5.00000
tion of issuing 39,000 5% 1-18-yr. (ser.) electric transmission line constr. Scandinavian-Amer- 5,000 00 101.65 Laura A. Flanders_ _ _ 7,00000 101.75
101.70 Wm. Adams, City
bonds will be submitted to a vote on Nov. 3. Denom. $100. Due $500
lean Bank
5,00000 101.80
Treasurer Sinking
yrly. from 1 to 18 yrs. incl.
5,000 00 101.90
Fund
22,417 95 100
MECHANICVILLE, Saratoga County, N. Y.-BOND OFFERING.
5,000 00 102
Proposals will be received until 8 p. m. Nov. 2 by C. F. Green, Vii. Clerk,
PORTSMOUTH, Scioto County Ohio.-BOND SALE.-On Oct.
27
for $5,000 village hall and jail bonds at not exceeding 5% int. Denom.
the $78.000 5% 5 1-3-year (average
coupon street-improvement (assess$1,000. Date Nov. 2 1914. Int. ann. on Nov. 2 at office of Vii. Treas. ment) bonds (V. 99, p. 999), were awarded
jointly to the First National
Due $1,000 yrly. from 1 to 5 years, 1110., after date. Cert. check for
Bank,
the
Central
National Bank and the Securities Savings Bank &
$250 Trust
payable to Cromer Hoffman, VII. Treas., required. Bids
Co. of Portsmouth at par. There were no other bids.
•iitional. Bonded debt (not incl. water bonds) 8166,587.must be unconPOSTVILLE, Allamakee County, Iowa.-BONDS VOTED.-It is
MEDICINE BOW, Carbon County, Wyo.-BOND
- stated that the question of issuing the $25,000 sewer-system bonds (V. 99.
Proposals will be received until 2 p.m. Nov. 2 by Geo. E. OFFERING.
Umber, Town p. 917) carried by a vote of 170 to 47 at the election held Oct. 12.
Clerk, for $3,800 6% 10-20 yr-.(opt.) sewer bonds. Denom.
POTEAU, Le Flora County, Okla.-BOND SALE.-We are advised
(7)
3500
(1) 300. Date Jan. 11915. Int. ann. on Jan 1, at office of Town Treas. that
& Dow of Fort Smith have been awarded
$10,000 bonds
or at Hanover Nat. Bank, N.Y. Cert. check for $200,payable to "Town votedSpeer
June 30 to be used as bonuses to encourage road the
Bow."
Medicine
required.
Bonds to be delivered on or about
of
building. (V. 99.
Dec. p. 142.)
24. These bonds with an issue of $8,200 water bonds was reported
sold
PULASKI COUNTY (P. 0. Winamac),
in June.-(V. 98. P. 1867.)
-BOND OFFERING.
Bids will be considered until 3 p. m. Nov. 14Ind.
MIAMI COUNTY (P. 0. Troy), Ohio.-BIDS REJECTED.
J. J. Lowry, Co. Treas.,
for
$4,700 434% Miles Y. Royer highway-imptby
-The
bids
Cleveland,
of
Co.
, bonds in Van Buren Twp.
Tillotson & Wolcott Co. of Cleveland
of Otis &
Denom.
$235.
and
Date
Oct. 6 1914. Int. M. & N. Due $235 each six
Hoehler, Cummings & Prudden of Toledo.who each bid par and int. for months from May
15 1915 to Nov. 15 1924 incl.
the $40,000 5% coupon flood-emergency bonds offered on Oct. 23 (V. 99.
PUTNAM COUNTY (P. 0. Greencastle), Ind.-BOND OFFERING.
p. 1082), were rejected because they were conditional.
MODESTO IRRIGATION DISTRICT (P. 0. Modesto), Stanislaus -II. H. Runyan, County Treasurer, will receive bids until 11 a. m. Nov.7
$7,180 434% W. T. Harmless et al road bonds in Monroe Township.
County, Calif.-BONDS AWARDED IN PART.-On Oct. 26 the State for
Denom, $359. Date Nov. 2 1914.
Int. M. & N. Due $359 each six
Bd. of Education purchased at par and int. $25,000 of the $500,000 main months from
May 15 1916 to Nov. 15 1925, inclusive.
canal enlargement and $110,000 canal impt. 6% bonds, offered on that
QUINCY, Norfolk County, Mass.-TEMPORARY
day.-(V. 99, p. 1242.)
LOAN.-Reports
state on Oct. 20 the loan of $75,000 maturing March
1915 and issued in
MONTGOMERY COUNTY (P. 0. Dayton), Ohio.-BOND OFFER- anticipation
of taxes (V. 99, p. 1162) was negotiated 31
with the Old Colony
ING.-Proposals will be received until 10 a. in. Nov. 10. by W.H.Ageing, Trust Co. of Boston at 5.34
% discount.
Sec. of Co. Commrs., for $1,100 5% coup. Kuhnle ditch-inapt. bonds.
RACINE, Racine County, Wis.-BOND SALE.-On
Auth. Sec. 6489, Gen. Code. Denom. $220. Date Nov. 10 1914. Int. 5%
Oct. 23 $135,000
bonds were awarded to First Nat. Bank of Racine
M. & N. at office of Co. Treas. Due $220 yrly. on Nov. 10, from 1915 and sewer
for $135,900
int., equal
100.665. Curtis & Sanger of Boston bid
to 1919 incl. Cert. check on a solvent bank or trust company for $50, Denom. $1.000. toDate
$135.875.
Oct. 1 1914. Int. A. & 0. at the City
payable to Co. And., required. Bonds to be delivered on Nov. 10. Bids office. Due
Treas.
on Oct. 1 as follows: $5,000
from 1915 to 1919, incl.;
must be unconditional.
$6,000, 1920. 1921 and 1922: $7,000 yrly.yrly.
MORNINGSIDE SCHOOL DISTRICT (P. 0. San Fernando), Los $8,000 yrly. from 1927 to 1934, incl. Totalfrom 1923 to 1926, incl. and
bonded debt, including these
Angeles County, Calif.-BOND ELECTION PROPOSED.-Rep.00
o
orts bonds, $976,000. Assess. val. $913. $50,986,553.
state that an election will be held to vote on the question of issuing u5
RANDOLPH
COUNTY
(P.
0.
Winchester)
building bonds. These bonds, if voted, will take the place of the $50.00
On Oct. 21 the $33.250 4% 5 1-3-year (aver.), Ind.-BOND SALE.
Orlando Marshall et al
issue purchased by Win. R. Staats Co. of Los Angeles, but subsequentl
road-improvement bonds (V. 99, p. 1083)
were awarded to Stephen
E.
1316
THE CHRONICLE
Clayton of Mazy!lie for $3.260, equal to 100.307-a basis of about
4.935%. White,Jessup & Co. bid par.
BONDS NOT SOLD.-No sale was made on Oct. 24 of the two issues of
454% highway-impt. bonds aggregating $11.340, offered on that day (V.
99, p. 1243).
RED LODGE, Carbon County, Mont.-BONDS REFUSED.-Accordlog to reports.‘Vhite, Grubbs & Co. of St. Paul have refused to accept the
$30.000 5% 10-20-year (opt.) coupon water-works bonds awarded them at
101.05 and int. on April 14 (V. 99. P• 1339).
REDONDO BEACH SCHOOL DISTRICT, Los Angeles County,
Cal.-BOND OFFERING.-Despatchzs state that H. J. Lelande, Clerk
Board of County Supervisors. will receive sealed bids until 2 p. m. Nov. 9
for $75,000 semi-annual 5% grammar-school bonds voted July 20 (V. 99.
p. 363). A certified check for 3% is required.
RICHLAND COUNTY SCHOOL DISTRICT NO. 116 (P. 0. Enid),
Mont.-BONDS NOT YET SOLD.-No sale has yet been made of the
$1.500 6% 3-5-year (opt.) building bonds offered without success on
July 25 (V. 99, p. 492).
RICHMOND, Contra Costa County, Calif.-BOND SALE.-We
are advised that E. H. Rollins & Sons of San Francisco had exercised their
option which expired Oct. 1 for the purchase at par of $580,000 5% tunnel,
highway and harbor-improvement bonds. These bonds are the remaining
portion of an issue of $1,170.000, $300,000 of which was sold Feb.10 1913
and $290,000 on March 8 1914. See V. 98. p. 1106. Denom. $1.000.
Date Jan. 1 1913. Int. J. & J. Due $30.000 yearly from 1914 to 1952,
Inclusive.
RIVER FALLS, Pierce County, Wis.-BONDS TO BE SOLD LOCALLY.-We are advised that this city will sell to local investors an issue
of electric-light plant bonds.
ROCHESTER, N. Y.-NOTE OFFERING.-Proposals will be received
until 2 p. m. Nov. 10 by E. S. Osborne, City Comptroller, for $200.000
water-works-impt. notes, payable four months from Oct. 27 1914. They
will be drawn with interest and made payable at the Union Trust Co.,
N. Y. Bidder to designate rate of interest. denom. of notes desired and
to whom (not bearer) notes shall be made payable.
ROSEAU, Roseau County, Minn.-BOND ELECTION.-The question to decide whether or not this village shall issue $15,000 20-year funding
bonds will be submitted to a vote Nov. 3. Denom. $1,000. Date Dec. 6
1914. Int. (rate not to exceed 6%)payable J. & D.
ROUNDUP, Musselshell County, Mont.-BOND OFFERING.-F. A.
Appleman, City Clerk, will offer for sale at public auction at 8 p m.
Dec. 7 (date changed from Oct. 5) the $20,000 6% 15-20-year (opt.) 'gold
sewer-system-construction bonds voted Aug. 4 (V. 99, p. 625). Denom.
$1,000. Date Aug. 1 1914. Int. semi-annual on such dates as the purchaser shall desire, payable at the office of the City Treasurer, or at the
option of the holder at some bank in N.Y. City,or at some bank in Chicago,
such bank to be designated by the City Treasurer. Cert. check for $2,500,
payable to the City Clerk, required.
SACRAMENTO COUNTY (P. 0. Sacramento), Calif.-BONDS
DEFEATED.-Reports state that the question of issuing the $2,425,000'
5% road bonds (V. 99. p. 999) failed to carry at the election held Oct. 16.
ST. CHARLES, St. Charles County, Mo.-BOND OFFERING.
Bids will be received until 7:30 p. m. Nov. 2, it is stated, by Chas. H
Ransteiner, City Clerk, for the $90,000 5% taxable park bonds voted
July 23 (V. 99, p. 1163). Denom. $1.000. Date Oct. 15 1914. Int.
A. & 0. at National Bank of Commerce, N. Y. Due $30,000 in October
1919. 1924 and 1929.
ST. CLAIR COUNTY (P. 0. Belleville), Ill.-BOND ELECTION.
-The question of issuing $14,000 road bonds will be submitted to the
voters on Nov. 3, it it stated.
ST. JOSEPH COUNTY (P. 0. South Bend), Ind.-BOND OFFERING.-Proposals will be received until 10 a. m.Nov.9 by Fred. W.Martin,
County Treasurer, for $9,400 454% Geo. W. Schweinfurt et al highwayImprovement bonds of Lincoln Twp. Dencm. $470. Date Oct. 1 1914.
Int. M.& N. Due $470 each six months from May 15 1916 to Nov. 15
1926, inclusive.
ST. PAUL, Minn.-BOND OFFERING.-According to reports, bids
will be received until 12 m. Nov. 4 by W. C. Handy, City Compt., for the
$300.000 20-yr. coup, permanent impt. bonds offered without success
on Sept. 16.-(V. 99, p. 845.)
SAGINAW, Saginaw County, Mich.-BOND ELECTION.-The
questions of issuing $750,000 municipal light plant and $540,000 distributing
system bonds will be submitted to a vote on Nov. 3, it is stated.
SAN BERNARDINO COUNTY (P. 0. San Bernardino), Cal.BONDS VOTED -Reports state that the questions ofIssuing the $1.750.000
highway and $150,000 hospital bonds (V. 419, p. 917) carried at the election
held Oct. 20.
SAN DIEGO, San Diego County, Calif.-BONDS AWARDED IN
PART.-Of the 8400,000 5% 2054 yr. (aver.) harbor inapt. bonds offered
without success on Aug. 3 (V. 99, p. 426) $100,000 has been purchased
by the City Treasurer.
SANDUSKY, Erie County, Ohio.-BOND ELECTION RESCINDED.
-According to reports,the election to vote on the question of issuing the
$200,000 municipal lighting plant bonds which was to be held Nov. 3
(V. 99, p. 845) has been rescinded.
SAVAGE SCHOOL DISTRICT (P. 0. Savage), Florence County,
So. Car.-BOND SALE.-On Oct. 8 $3,800 (not $3,500 as first reported)
6% 20-yr. school bonds (V. 99. p. 1243) were awarded to the First Nat.
Bank of Florence at par. Denom.$200. Date May 11913. Int. M.&N.
SEWARD TOWNSHIP, Nobles County, Minn.-BOND OFFERING.
-Proposals will be received by Chas. West, Town Clerk (P. 0. Fulda),
until 2 p. m. Nov. 24 for the $3,000 5% coupon bridge bonds (V. 99. P.
1000). Denom. $500. Date Jan. 1 1915. Interest annually on Jan. 1.
Due $500 on Jan. 1 from 1917 to 1919, inclusive. Certified check for 5%
of bld, payable to "Town of Seward,' required. These bonds are tax-free
If held in State of Minnesota. No bonded or floating debt. Assessed
value. $198.000.
SHELBY COUNTY (P. 0. Shelbyville), Ind.-BOND SALE.-Reports state that C. C. Shipp & Co. of Indianapolis have been awarded at
par and interest the $9,960 454% 5 1-3-year (average) W. G. Bush roadimprovement bonds offered without success on Oct. 21 (V. 99. p. 1243).
SIOUX FALLS, Minnehaha County, So. Dak.-BONDS DEFEATED.
-The election held Oct. 20 resulted in the defeat of the question of issuing
the $135.000 municipal water-system-extension and improvement bonds
(V. 99, p. 1083). The vote was 1.251 "for" and 350 "against." The
proposition requires a vote of 1,879 votes to pass it, as the State law provides It must receive a majority of all the votes cast for mayor at the last
election.
SOUTH FERN SCHOOL DISTRICT, Imperial County, Calif.BOND OFFERING.-Proposals will be received until 2 p. rn. Nov. 4,
by M.S. Cook, Clerk Bd. of Co. Supers. (P. 0. El Centro) for $3,000 6%
site purchase constr. and equip bonds. Denom. $500. Date Oct. 6 1914.
Int. A. & 0. at Co. Treasury .Due $1.000 on Oct. 6 1919, 1920 and 1921.
Cert. or cashier's check for 5% of bonds, payable to chairman of said Board.
required. Purchaser to pay accrued interest. No bonded debt., est.
val. (equ.) $109,583.
SOUTH INTERNATIONAL FALLS (P. 0. International Falls),
Koochiching County, Minn.-BOND OFFERING.-Bids will be received
funding
until Nov. 14 by Frank Watson, VII. Clerk, for $12,000 6% 15-yr.
bonds.
STEUBENVILLE, Jefferson County, Ohio.-BOND SALE.-On
street-Improvement
Oct. 23 the $65,0006% filtration-plant and $18,000 5%
to the First Trust &
(city's portion) bonds (V. 99, p. 1000) were awarded
were:
bids
Other
interest.
and
par
at
Chicago
of
Bauk
Say.
Hayden, Miller & Co. Cleveland, ($65,000 issue) $65,088.
Hoehler, Cummings & Prudden, Toledo ($18,000 issue), 100.10. less $360
for preparing bonds.
and ill premium
Spitzer, Rorick & Co., Tcledo ($83.000). par and int.
provided that suitable arrangements as to delivery can be arranged.
THERESA, Jefferson County, N. Y.-BONDS NOT SOLD-NEW
OFFERING.-No sale was made on Oct. 27 for the $4,000 coup. or reg.
street-impt. bonds at not exceeding 5% int. offered on that day (V. 99.
6.
p. 1243). New bids will be received until 7 p. m. Nov.
TIFFIN, Seneca County, Ohio.-BOND SALE.-An issue of $17,500
Champe of Toledo
5% street-Improvement bonds has been awarded to Geo.
at par and intemt. it Is stated. Due from 1915 to 1925.
[VOL. xca.
TRENTON, Wayne County, Mich.-BONDS DEFEATED.-The quesby a vote
tion of issuing $5,000 town-hall bonds was defeated. it is stated,two-thirds
of 63 "for" to .53 "against" at the election held Oct. 26. A
authorize.
to
necessary
majority was
TULARE COUNTY (P. 0. Visalia), Cal.-BOND ELECTION PROPOSED.-An election will be held in the near future, it is stated, to vote on
the question of issuing $1,488,555 road bonds.
VISALIA, Tulare County, Cal.-BOND ELECTION PROPOSED.
$12,000 fire department bonds
The questions of issuing $168,000 sewer and future,
it is stated.
will be submitted to the voters in the near
-BOND OFFERWAPPINGERS FALLS, Dutchess County, N. Y.
8 p. m. Nov. 4 by Ed.
ING.-It is stated that bids will be received until
Drake, VII. Pres., for $75,000 water, $75,000 sewer and $19,000 highway
bonds. Cert. check for 2% required.
WARREN, Trumbull County, Ohio.-BOND AND CERTIFICATE
OFFERING.-Bids will be received until 12 m. Nov. 21 by Geo. T. Hecklinger, City Aud.,for the following 5% bonds and certificate:
bonds. Denom. $500.
$2.500 West South St. impt. (city s portion) 1918
and $1,500 Oct. 1
19a1t9
D
e. Oct. 1. 1914. 'Due $1,000 Oct. 1,
Date Oct. I, 1914.
$500.
Denom.
bonds.
Impt.
7,500 West South St.
Due $1,500 yearly on Oct. 1 from 1916 to 1920 incl.Denom. $400.
22,000 storm water sewer constr. and bridge ext. bonds. from
1916 to
Date Oct. 1, 1914. Due $4,400 yearly on Oct. 1
1920 incl.
1, 1914.
Oct.
Date
$600.
Denom.
bonds.
impt.
27,000 East Atlantic St.
Due $5,400 yearly on Oct. 1, from 1916 to 1920 incl.
$500.
8,000 West Market St. storm-water sewer constr. bonds. Denom.
Date Oct. 1, 1914. Due $2,000 yearly on Oct. 1, from 1920 to
1923 incl.
Date
$6.000 Niles Ave. sanitary sewer constr. bonds. Denom. $600.
Sept 1. 1914. Due $1,500 yearly on Sept. 1,from 1916 to 1919 incl.
of
800 Niles Ave. sanitary sewer constr. (city's portion) certificates
Indebtedness. Denom. $400. Date Nov. 21, 1914. Due $400.
In 1 and 2 years.
Int. semi-annually. Cert. check for $500,payable to city Treas., required. Bonds to be delivered and paid for within 5 days from time of
award. Purchaser to pay accrued int. Total bonded debt (not including
this issue). $257,668.
WATERLOO, Seneca County, N. Y.-BOND ELECTION.-The
question of issuing $47.000 5% 30-yr. paving bonds will be submitted to
the voters to-day (Oct. 31).
WAYNE COUNTY (P. 0. Wooster), Ohio.-BOND SALE.-On
Oct. 26. the $5,890 554% 33-Yr. (aver.) Killbuck Creek Ditch No. 213
bonds (V. 99, p. 1084) were awarded to Otis & Co. of Cleveland for $5,893
(100.0509) and int. There were no other bidders.
WEBSTER COUNTY (P. 0. Preston), Ga.-BONDS PROPOSED.
According to reports, this county is contemplating the issuance of courthouse-constr. bonds.
WEBSTER TOWNSHIP (P. 0. Bowling Green), Wood County,
Ohio.-BOND ELECTION.-The question of issuing $20,000 school'.
construction bonds will be submitted to the voters on Nov. 3, it is reported.
WENDEN SCHOOL DISTRICT No. 19, Yuma County, Ariz.-BOND
OFFERING.-Proposals will be received until 2 p. m. Nov. 16 by Roy
6%
Hansberger, Clerk Bd. of County Supers. (P. 0. Yuma), for $4,500
Title XI., Revised
20-yr. gold school grounds impt. bonds. Auth. election
24.
July
held
an
at
0
to
13
of
vote
also
1913,
Arizona,
of
Statutes
office.
Denom. $500. Date Oct. 11914. Int. J. & D. at the Co. Treas.
Cert. check on a national bank for 10% of bid, payable to the Chairman
Bd.of Co.Supers. required. Bonded debt, this issue; actual assess. ya1.1914.
states
$840,000: actual val. (est.) 1914, $1,000,000. Official circular
affecting
that there is no controversy or litigation pending or threateningits
present
of
title
or
district
said
a
boundaries
the corporate existence or the
officials to their offices or the validity of these bonds.
WESTFIELD, Hampden County, Mass.-BOND SALE.-On Oct.
23 $24.000 454% school bonds were awarded to Tifft Bros. of Springfield,
at 102.16,a basis of about 4.209%. Denom. $1,000. Date Nov. 11914.
Int. M. &. N. Due $2,000 yrly. from 1915 to 1918 incl. and $1,000
yrly from 1919 to 1934 incl. Other bidders were:
Parkinson & Burr, Boston--101.901 F. S. Mosely & Co., Boston_101.38
Jackson & Curtis. Boston101.81 Curtis & Sanger, Boston_ ___101.29
Paine, Webber & Co., Bost_101.744 Old Colony Tr. Co., Boston_101.26
101.18
Estabrook & Co., Boston_ -.101.71 Blodget & Co., Boston
E. H. Rollins & Sons, Bost_101.689 R. L. Day & Co., Boston 101.099
Merrill, Oldham & Co., Bost.101.579 Winchendon Say. Bank---100.93
N. W. Harris & Co., Boston,101.56 A. B. Leach & Co., Boston 100.867
100.12
G. A. Fernald & Co., Bost...101.463 Learoyd, Foster Co
WEST PALM BEACH,Palm Beach County, Fla.-BONDS VOTED.
The question of issuing the $100.000 sewer, street-improvement and sea99,
(V.
election
recent
a
at
wall-improvement bonds (V. 99, p. 625) carried
P. 625).
Haven), New Haven
WESTVILLE SCHOOL DISTRICT (P. 0. New
the annual meeting of
County, Conn.-BONDS AUTHORIZED.-At
authority to Issue
granted
was
Education
this district on Oct. 5, the Bd. of
and fire-house erection bonds.
$80,000 sewer and $12.000 site-purchase
of these bonds.
offering
the
toward
taken
been
had
action
Up to Oct.26 no
-The following are the
WEYMOUTH,Norfolk County, Mass.-BIDS.
water refunding and $13,000
bids received for the $98,000 10 1-3-yr. (aver.)
on Oct.23:
3j-yr. (aver.) water 4% coup. tax-free bonds sold $98,000 $13,000
loan.
loan.
100.37
*102.25
Jackson & Curtis, Boston
102.048 100.348
E. H. Rollins & Sons, Boston
102.04
100.19
Curtis & Sanger, Boston
101.84
100.13
Perry, Coffin & Burr, Boston
100.28
101.73
N. W. Harris & Co., Inc., Boston
100.20
Boston
101.51
Co.,
&
Bros.
Blake
100.27
101.39
Old Colony Trust Co, Boston
101.359 100.03
R. I,. Day & Co.. Boston
100.09
101.23
E. M. Farnsworth & CO., Boston
100.20
100.64
Blodget & Co.. Boston
---100.56
Adams & Co., Boston
*100.769
A Private Investor
101.45 for all
F. S. Mosely & Co., Boston
101.79 for all
National Shawmut Bank, Boston
*Successful bids. Using newspaper reports we stated in last week's
"Chronicle" that both issues were awarded to Jackson & Curtis. The
price of the $13,000 was also reported as 100.37.
WHITE PLAINS (Village), Westchester County, N. Y.-BOND
SALE.-On Oct. 26 the $20.000 6% 45,4-yr. reg. tax-deficiency bonds
(V. 99, p. 1164) were awarded to Curtis & Sanger of N. Y. at 102.513
a basis of about 5.365% int.
WINFIELD, Cowley County, Kans.-BOND OFFERING.-Blds
will be received until 10 a. m. Nov. 2 by W. C. Hail. City Clerk, for the
5% tax-free city impt. bonds mentioned in V. 99, p. 1244, in the denom.
of $120, $600, $700 and $900. Int. semi-ann. Bids must be made on
blanks furnished by the City Clerk.
WINTERS SCHOOL DISTRICT (P. 0. Winters), Yolo County,
Calif.-BONDS PROPOSED.-Reports state that this district Is contemplating the issuance of $60.000 school bldg. bonds.
WORTHINGTON SCHOOL DISTRICT (P. 0. Worthington),
Franklin County, Ohio.-BOND ELECTION.-An election will be held
Nov. 3 to submit to the voters the proposition to issue 640,000 high-schoolconstruction and equipment bonds.
YALE, Payne County, Okla.-BOND ELECTION PROPOSED.Local papers state that an election will be held in the near future to submit to the voters the question of issuing electric-light plant installation bonds.
YPSILANTI, Washtenaw County, Mich.-BONDS AWARDED IJV
PART.-Ileports state that up to Oct. 23 $118,300 of the $130,000 6%
first mortgage gold coup. bonds issued by the city for the purpose of purchasing the plant and property of the Ypsilanti Gas Co. which this city
has been offering for sale (V. 99, p. 1001) has been disposed of.
YUMA UNION HIGH SCHOOL DISTRICT, Yuma County, Ariz.BOND OFFERING.-Proposals will be received until 2 p. m. Nov. 16
by Roy Hansberger, Clerk Bd. of County Supers. (P. 0. Yuma), for
$12.000 6% 20-yr. gold, bldg. equip. and school ground impt. bonds.
Auth. Title XI, Revised Statutes of Arizona, 1913; also vote of 56 to 1
OcT.31 1914.1
THE CHRONICLE
1317
at an election held Aug. 22. Denom. $500. Date Oct. 1 1914. Int.
Cert. check on a national
J. & D. at the Co. Treas. office.
bank for 10% of bid, payable to the Chairman Bd. of County
Supers., required. Bonded debt, including this issue, $72,000. No
floating debt. Actual ass s. val. 1914. $11,073,511: actual val.
(est.) 1914, 514.000,000. Official circular states that previous issues
of bonds have never been contested, and that principal and interset of all
bonds previously issued have always been paid at maturity: also that there
is no controversy or litigation pending or threatening affecting the corporate existence of the bounderies of said district, title to its present officials
to their offices, or the validity of these bonds.
investors $60,000 5% 30-yr. debentures. Date July 1 1914. Net debenture debt 214,412, water works (add'1.) $119,000, electric light(add 1)
560.000, assess, taxable real estate $1,171,045.
ST. JOHNS, N. B.-DEBENTURE SALE.-According to reports, this
city has sold to local investors an issue $124,000 5% debentures.
ST. THOMAS, Ont.-DEBENTURES PROPOSED.-Local dispatches
state that this municipality is contemplating the issuance of $36,000 514%
gas-plant-impt. debentures.
SCARBOROUGH TOWNSHIP, Ont.-DEBENTURES VOTED.On Oct. 19 the proposition to Issue $565,714 debentures for the constr.,
equip. and operation of an electric-railway carried, according to reports.
STOUFFVILLE, Ont.-DEBENTURES VOTED.-On Oct. 19 the question of issuing 175,281 debentures for the constr., equip. and operation of
held an electric railway carried,
BENITO, Man.-DEBENTURE ELECTION.-An election will be
it is stated.
school$3,000
issuing
of
Nov. 16, It is stated, to vote on the question
SUDBURY, Ont.-DEBENTURE ELECTION.-The questions of
completion and equipment debentures.
issuing 210,000 sewerage system, 313,000 trunk-sewer-completion and
BURFORD,Ont.-DEBENTURES VOTED.-It is stated in local papers $12.500 sewer, water, light and fire-hail debentures will be submitted to
that on Oct. 9 the question of issuing $5,000 hydro-power-installation a vote on Nov. 2, It is stated.
debentures carried.
DEBENTURES AUTHORIZED.-Newspaper reports state that the
- City Council on Oct. 13 passed a by-law authorizing the Issuance of $2,200
DURBAN SCHOOL DISTRICT, Man.-DEBENTURE ELECTION.
school-equipment and fire-engine-purchase debentures.
It is stated that the proposition to issue 22,100
TORONTO, 01It.-DEBE1V TUBE SALE.-Local papers state that on
completion debentures will-be voted upon at an election to be held Nov. 2.
HALIFAX, N. S.-DEBENTURES PROPOSED.-According to news- Oct. 27 52.000.000 534% 1-3-yr. (serial) local improvement debentures
erreports this city is contemplating the issuance of $40,000 school were awarded to local financial institutions.
gagt
UXBRIDGE, Ont.-DEBENTURES VOTED.-According to reports,
LONDON, Ont.-DEBENTURE SALE.-It is stated that Wood, the question of issuing $204,665 debentures for constr., equip. and operaGundy & Co. of Toronto have purchased $10,000 hospital debentures at tion of an electric railway carried at the election held Oct. 19.
a price to net 514% interest.
UXBRIDGE TOWNSHIP, Ont.-DEBENTURES DEFEATED.
According to newspaper dispatches, the question of issuing $578,115 debenMARKHAM, Ont.-DEBENTURES VOTED.-The question of issuing
the $48,762 debentures (V. 99.p. 1084) for the construction, equipment and tures for the operation, equip, and constr, of an electric railway carried
operation of an electric railway carried, reports state, at the election held at the election held Oct. 19.
Oct. 19.
WAINWRIGHT, Alta.-DEBENTURES DEFEATED.-It is stated
NEWMARKET, Ont.-DEBENTURES DEFEATED.-The question that the question of issuing $10,000 hospital debentures failed to carry
of issuing the $266,986 debentures for the construction, equipment and at the election held Oct. 7.
operation of an electric railway (V. 99, p. 1084) failed to carry, reports
WHITBY, Ont.-DEBENTURES VOTED.
state that the
state, at the election held Oct. 19.
proposition to issue $183.774 debentures for the-Reports
constr., equip. and operaOTTAWA, Ont.-DEBENTURES AUTHORIZED.-The City Council tion of an electric railway and $3,000 school debentures carried at the elecon Oct. 5 authorized the Issuance of $5,207 55 Duhamel StAmprovertient tion held Oct. 19.
debentures. it is reported.
WHITBY TOWNSHIP, Ont.-DEBENTURES VOTED.-For the
- constr., equip. and operation of an electric railway this township on Oct. 19
PEMBROKE, Ont.-DEBENTURES TO BE SOLD LOCALLY.
Reports state that the Town Council proposes to sell to local investors voted in favor of the issuance of $554.619 debentures, it is stated.
about 525.000 6% debentures.
WHITCHURCH TOWNSHIP, Ont.-DEBENTURES VOTED.-At
PORT PERRY, Ont.-DEBENTURES VOTED.-Reports state that the election held Oct. 19 the proposition to issue $488,152 debentures for
the question of issuing $113,308 electric-railway-construction, equipment the constr., equip. and operation of an electric railway carried, it is reported.
and improvement debentures carried at the election held Oct. 19.
WILLIAMSBURG, Ont.-DEBENTURES VOTED.-Newspaper reST. AGATHE Des MONTS, Que.-DEBENTURES OFFERED BY ports state that on Oct. 19 the proposition to issue $2,750 electric-power
BANKERS.-It is stated that Hanson Bros. of Montreal are offering to debentures carried by a vote of 43 to 0.
Canada. its Provinces and Municipalities.
NEW LOANS.
$25,000
Town of Baker, Montana,
6% WATERWORKS BONDS
State of Montana,
County of Fallon.}88.:
Town of Baker.
Pursuant to the authority of Ordinance No. 40
unty, Montana,
of the town of Baker, of Fallon
passed and approved October 6th. A. D. 1914.
authorizing and directing the advertisement and
sale of certain bonds of said town, namely:
Water-Works bonds aggregating the principal
sum of Twenty-five thousand dollars ($25,000).
comprised of 25 bonds, numbered consecutively
from 1 to 25, inclusive, of the denomination of
51.000 each, dated July 1,A. D. 1914. due July 1.
A. D. 1934, redeemable at the pleasure of said
town after July 1, A. D. 1924. bearing interest
from their date until paid at the rate of six (6)
per centum per annum, payable semi-annually on.
the first days of January and July, respectively, in
each year, both principal thereof and interest
thereon payable in gold coin of the United States
of America, of or equal to the present standard
of weight and fineness, at the National Bank of
Commerce, In the city and State of New York.
U. S. A.,
PUBLIC NOTICE IS HEREBY GIVEN
that the bonds aforesaid will at the office of
Messrs. Booth & Dousman. In said town, on
MONDAY, to wit. THE 29D DAY OF NOVEMBER, A. D. 191.4 at the hour of 10 o'clock
A. M., at public auction, be sold to the bidder
offering the highest price therefor.
At said public auction the successful bidder will
be required to deposit with the undersigned clerk
a certified check payable to his order in the sum
of $5,000, which check shall be held by the town
and forfeited to it should the purchaser fail to
take up and pay for said bonds when presented to
him.
By order of the Council of the Town of Baker,
of Fallon County. Montana, made this 6th day
of October, A. D. 1914.
Meal.]
HORACE W. SPARKS, Mayor.
Attest:
CHARLES J. DOUSMAN,Clerk.
$35,000
Borough of Avalon, N. J.,
SEWAGE-DISPOSAL BONDS
Sealed proposals will be received by the Common Council- of the Borough of Avalon, New
Jersey, at 8 P. M.,on MONDAY. THE SECOND
DAY OF NOVEMBER, NINETEEN HUNDRED
AND FOURTEEN, at the Council Chamber,
for the purchase of sewage-disposal bonds to
the amount of Thirty-Five Thousand (535.000)
Dollars, of the denomination of Five Hundred
($500) Dollars each.
The bonds will bear interest at the rate of five
per cent, payable semi-annually. Said bonds shall
be payable at the First National Bank of Ocean
City.
Each bid must be accompanied with a certified
check for $500, payable to the order of the Borough Treasurer.
E. 0. HOWELL Jr.,
Borough Clerk,
INSURANCE
ATLANTIC MUTUAL INSURANCE COMPANY.
New York, January 22d, 1914.
The Trustees, in conformity with the Charter of the Company. submit the following
statement 0/ its affairs on f/Is
31st of December 1913,
The Company's business has been confined to marine and inland transportation insurance.
Premiums on such risks from the 1st January, 1913, to the 31st December, 1913
$3,600,334 83
Premiums on Policies not marked off 1st January, 1913
767.050 94
Total Premiums
$4,387,38577
Premiums marked off from January 1st, 1913, to December 31st, 1913
Interest on the investments of the Company received during the year....,..5.308.419 48
Interest on Deposits in Banks and Trust Companies, etc
39.877 94
Read received less Taxes and Expenses
130,212 32
Losses paid during the year
Less Salvages
Re-insurances
Discount
$3,712,602 51
478,609 72
$1,790,888 32
5233,482 06
320,813 71
47 58 554,343 85
51.238.544 97
Returns of Premiums
Expenses, including officers' salaries and clerks' compensation, stationery, advertise- $105,033 85
ments,etc
650.942 08
A dividend of Interest of Six per cent on the outstanding certificates of profits will be paid
to the holders
thereof, or their legal representatives, on and after Tuesday the third of February
The outstanding certificates of the Issue of 1908 will be redeemed and paid tonest.
the holders thereof, or theta
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 8111
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.
By order of the Board,
G. STANTON FLOYD-JONES, Secretary.
TRUSTEES
JOHN N. BEACH,
SAMUEL T.HUBBARD,
CHARLES M. PRATT.]
ERNEST C. BLISS,
THOMAS II. HUBBAR.
D
DALLAS B. PRATT,
WALDRON P. BROWN;
LEWIS CABS LEDYARD.
ANTON A. RAVES;
JOHN CLAFLIN
WILLIAM H.LEFFERTS,
JOHN J. RIKER,
GEORGE C. CLARK,
CHARLES D. LEVERICH;
DOUGLAS ROBINSON,
CLEVELAND H. DODGE)
GEORGE H. MACY,
WILLIAM J. SCHIEFFELIN
CORNELIUS ELDERT,
NICHOLAS F. PALSIZRJ
WILLIAM SLOANE.
RICHARD H. EWART,
HENRY PARISH,
LOU1S STERN.
PHILIF A. 8 FRANKLIN/
ADOLF PAVENSTEDT;
WILLIAM A. STREET'
HERBERT L. GRIGGS,
JAMES H. POST.
GEORGE H. TURNUR.
ANSON W. HARD,
RICHARD H.WILLIAMIL
A. A. RAVEN, President.
CORNELIUS ELDERT, Vice.Prestdent.
WALTER WOOD PARSONS, 2d Vies-President
CHARLES E. FAY, ad Vice-President.
ASSETS.
United States and State of New York
Bonds
9670.000 00
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 Place, containing offices 4,299,426 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 ils Receivable
Bankers
to
European
hands
of
Cash In
pay losses under policies payable In
177,881 39
foreign countries
836,465 49
Cash In Bank
Temporary Investments (payable Janu505.000
1914)
00
ary and February,
10.000 00
Low
'
,
113.259.024 16
LIABILITIES.
Estimated Losses and Losses Unsettled
in process of Adjustment
51,806,024 00
Premiums on Unterminated Risks
654,783 26
Certificates of Profits and Interest Un264,138 25
paid
Return Premiums Unpaid
108,786 90
Reserve for Taxes
28,905 88
Re-Insurance Premiums
221,485 08
Claims not Settled. including Compensation, etc
70,799 43
Certificates of Profits Ordered Redeemed:
Withheld for Unpaid Premiums
22,556 09
Certificates -'' Profits Outstanding
7.240,320 00
115,q17.796 87
Thus leaving a balance of
20,841.227 29
Accrued Interest on the 31st day of December, 1913, amounted to
$51.65; Z6
Rents due and accrued on the 31st day of December, 1913, amounted to
28,378 243
Keinurace due or accrued, In companies authorized in New York, on the 31st day of
December,
1913, amounted to _________________________________________
168.1130 00
Unexpired re-insurance premiums on the 31st day of December, 1013 amounted to
55,903 22
Note: The Insurance Department has estimated the value of the Real Estate corner
Wall and
William Streets and Exchange Place in excess of the Book Value given
above, at
450,573 96
And tne property at Staten Island in excess of the Book Value,
at
83,700 00
the Market Value of Stocks, Bonds and other Securities on the 31st day of December,
1918. exunclad the Compaay's valuation by
1.258,075 10
the basis of those Increased valuation& the [mince would be
24,928,338 00
THE CHRONICLE
1318
[VOL. xcrx.
engineers
wrlast Tourpantes.
CHARTERED 1853
United States Trust Company of New York
THE J. G. WHITE COMPANIES
45-47 WALL STREET
ENGINEERS - MANAGERS
FINANCIERS
.
Capital,
Surplus and Undivided Profits
• $2,000,000.00
• $14,151,944.23
This Company acts as Executor, Administrator, Guardian, Trustee, Court
Depositary and in other recognized trust capacities.
It allows interest at current rates on deposits.
It holds, manages and invests money, securities and other property, real or
personal, for estates, corporations and individuals.
43 Exchange Place, - NEW YORK
Chicago
San Francisco
London
Manila, Para, Buenos Aires, Santiago, Chill
EDWARD W. SHELDON. President.
WILFRED .1. WORCESTER. Secretary.
WILLIAM M. KINOSLEY. Vice-President
WILLIAMSON PELL. Asst. Secretary
CHARLES A. EDWARDS. 2d Asst. Secy.
JOHN
WILLIAM ROCKEFELLER
WILLIAM D.SLOANE
FRAN E LYMAN
JAMES STILLMAN
JOHN J. PHELPS
LEWIS CASS LEDYARD
LYMAN J. GAGE
Alex. C. Humphreys
Alten S. Miller
TRUSTEES
A. STEWART Chairman of the Board
PAYNE WHITNEY
OGDEN MILLS
ENGINEERS
EGERTON L. WINTHROP
EDWARD W. SHELDON
CHAUNCEY KEEP
CORNELIUS N. BLISS JR.
GEORGE L. RIVES
HEM RY W. de FOREST
ARTHUR CURTISS JAMES ROBERT I. GAMMELL
WILLIAM M. KINGSLEY
WILLIAM VINCENT ASTOR 165 BROADWAY
NEW YORK
WILLIAM STEWART TOD
CHARLES FRED. HOFFMAN
HUMPHREYS& MILLER,Inc
Power—Light—Gas
The Union Trust Company of New York offers a special service
to individual trustees who desire to have the clerical and routine
administration of their trusts carried on at a low expense by an
expert organization.
The Union Trust Company will care for the trust property, assist
in making investments and in selling securities, collect the income
and pay it over as directed, and will render accounts in the form in
which a trustee is required by the Court to state his accounts. A
trustee will avoid expense and trouble by having his accounts kept
in proper form.
Correspondence and Interviews are solicited.
UNION TRUST CO. OF NEW YORK, 80 Broadway
$8,300,000
Capital and Surplus
C. G. YOUNG
Engineering and Construction
Plans, Methods, Examinations
Public Utilities and Industrials
REPORTS FOR FINANCING
Bankers Trust Bldg., New York
Charles D. Robison
Alfred E. Forstall
FORSTALL AND ROBISON
ENGINEERS
Investigations and Appraisals of Gas and
Electric Properties for Owners or Financial
Institutions.
84 William St.,
CITY
NEW YORK
IllinoisTrust&SavhigsBank
Alining engineers
CHICAGO
H. M. CHANCE & CO.
Mining Engineers and Geologists
Capital, Surplus and Undivided Profits
$15,500,000
-
COAL AND MINERAL PROPERTIES
Examined, Managed, Appraised
PHILADELPHIA
Drexel Bldg.
Pays interest on Time
Has on hand at all times a variety of exDeposits, Current and Reserve
cellent Secutities. Buys and sells
Accounts. Deals in Foreign ExGovernment, Municipal and
change. Transacts a General Trust Business.
Corporation Bonds.
Barnes & Lofland
147 So. 4th St., Philadelphia, Pa.
MELLON NATIONAL BANK
Stocks and Bonds
PITTSBURGH
AT
Statement of September 12th, 1914
RESOURCES.
Loans and Investment Securities
.
Overdrafts
.
.
Due from Banks .
Cash
.
LIABILITIES.
.
.
.
.
Capital .
Surplus and Undivided Profits .
Circulating Notes
Deposits
• $45,015,018 39
19 97
5,702,441 76
7,267,540 98
$57,985,021 10
•
$6,000,000 00
2,515,296 99
5,986,697 50
43,483,026 61
$57,985,021 10
AUCTION
EVERY WEDNESDAY
Salesroom 201 Philadelphia Bourse
Hand-Book of Securities
•
192 Pages
•
Income—Prices—Dividends
Girard Trust Company
Acts as
Executor,
Trustee,
Administrator,
Guardian,
Receiver,
Registrar and
Transfer Agent.
CAPITAL and SURPLUS, $10,000,000
Interest allowed
on deposits.
E. B. Morris, President.
for a series of years
to July 1
PHILADELPHIA
Chartered 1836
Price
$1. 00
To Chronicle Subscribers
75
Commercial & Financial Chroniclt
Proof. Ma and Dem,' u
NEW YOR
@FedFRASER