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financial
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TO,
'1111nurctztly
INCLUDING
Bank Er Quotation Section
Railway Earnings Section
VOL. 99
bronide
Railway & Industrial Section
Bankers' Convention Section
Electric Railway Section
State and City Sectiov
SATURDAY, SEPTEMBER 12 1914.
The Thronicle.
PUBLISHED WEEKLY.
Ca'arina
NO. 2568
eek ending September 5.
at-1914.
1913.
Inc.or
Dec.
1912.
1911.
3
Chicago
273.900.811 273,225.444 +0.3
262,102,562 235.261,689
Cincinnati
22,675,450
21,286,400 +6.5
26,088,400
Cleveland
22,982.000
25,454,007
22,430,167 +13.5
20,094,0,9
Detroit
17,793,867
22,006,471
21,7923354 +1.0
17,967,577
Milwaukee
15,829,786
15,912,303
14,131,420
+12.6
12,385,870
Indianapolis
12,395.702
8,200,0110
7,772,131
+5.5
6,756,075
Columbus
8.004,260
6,184,700
6.155,700 +0.5
5,764,800
Toledo
4,930,800
5.851,357
5,919,900 -1.1
4,111,671
Peoria
3,672,838
2,871,492
3,773,133 -23.9
3.458,478
Grand Rapids_ _ _
2.721,581
3.303,513
2,951.672
+11.9
3,082,622
2,229,033
Dayton
2,392,812
2,758,446 -13.3
2,435,518
1,784,271
Evansville
1,225.840
1,199,333 +2.2
1,001,048
1,009,962
Kalamazoo
504,891
585.031 -13.7
Terms of Advertising-Per Inch Space
553,057
659,794
Springfield, Ill
825,000
823,469 +0.2
1,087,484
1,278,438
Youngstown _
Transient matter per inch space(14 agate lines)
1,307.556
1,707,339 -23.4
$4 20 Fort Wayne_ _
1,233,008
1,006,937
-1.286.004
Two Months
(8 times)
1,228,666
+4.7
22 00 Akron
1,104.310
884,432
1,702,000
1,393,000 +22.2
Standing Business Cards / Three Months (13 times)
29 00 Rockford
1,363,000
1,108,000
816,742
x M onths
752,477 +8.5
(26 times)
50 00 Lexington
651,800
646,129
Twelve Months(52 times)
781.592
612,194
+27.6
87 00 Springfield, 0_
765.247
620.686
915,383
706,189 +29.6
L IIICA00 OFFMR-Geo. M.Shepherd,513 Monadnock Ble k;Tel.Harriso
607,420
562,569
n 4012, Canton
1,943,654
1,275,000 +52.4
..ONDON Orrice-Edwards 43, Smith,1 Drapers' Gardens,
1,368,150
884,326
Bloomington__
E- C.
813,850
818,741 -0.6
739.783
682,611
South
Bend
559,161
WILLIAITI 11. DANA COMPANY, Publishers,
570,041 -2.1
750,000
521.693
Quincy
786,225
751,807 +4.7
857,155
P.O. Dog9. Front, Pine and Depeyster Ste.,
861.737
Decatur
New York,
441,977
488,570 -9.6
538,388
429,204
Mansfield
543,272
510,541
+5.2
417.152
390,575
Published every isturday morning by WILLIAM it. DANA COMPANY
Lima
586,320
533,827 +9.8
489.784
393,795
Jacob Seibert Jr.. President and Treas.: George S. Dana and Arnold G. Dana
Jackson
413,780
550,000 -24.8
560,000
442,983
Vice-Presidents: Arnold G. Dana. Sec. Addresses of all, Oflice of the Company
Danville
430,090
454,593 -5.4
411,822
399,864
Jacksonville, III_
259,821
349,059 -25.6
346,539
348,306
Lansing
410,000
389,240 +6.9
399,294
CLEARING-HOU
315,000
USE RETURNS.
Owensboro
414,725
365,561
+13.4
368,032
306,360
The following table, made up by telegraph, As.,indicate3 that the total bank clear- Ann Arbor
200,438
188,378 +6.4
150,951
128,991
Adrian
ings of all the clearing houses of the (Jolted States for the week ending to-day have
50.000
41,364 +20.9
40.556
23,841
been $1,856,255,222, against $2,334,805,051 List week awl 52,991,035,816, the corTot, 1111d.West 406,037,153 398,498,387
+1.9 380,052,532 341.512,060
responding week last year. Comparison is between 5 days in 1914 and 6 days In 1913.
San Francisco
50,748,841
47,699,575 +6.4
46,673,271
34.197,062
Los Angeles
21,000,0011
20,838,602 +0.8
19,397,338
13,384,820
Seattle
Clearings-Raurns Si, Telegraph.
12,025,210
12,371,400 -2.8
Per
10,73,5,139
10,343,239
Portland
Wed t flans Sept. 12.
11,016,097
1914.
1913.
9,629,732 +14.4
Cent.
12,201,914
10,471,968
Sokane
3,479.347
3,455,412 +0.7
3,832,834
3,906,181
New York
5,145.242
3674,279.091 $1,339,830,110 -49.7 Salt Lake City
4,798,129 +7.2
4,864.389
5.357.746
Boston
2,174,915
71,909,923
2,1118,634 -0.6
114,402,165 -27.1 Tacoma
2,513,168
2,904.657
Oakland
Phltadelphia
3,396.415
3,388,640 +0.2
86,670,1185
118,589,996 -26.9
3.454,755
3,026,829
Sacramento
Baltimore
1,884,024
1,896.789 -0.7
21.546,713
22,672,011
+8.3 San Diego
1,496,5181
1,302,658
Chicago
1,769,998
180,457,657
2,200,000 -19.5
257,975,636 -30.0 Stockton
2,340.609
1,350,000
St. Louis
970,500
703,800
48,157,298
+37.9
65,487,905 -26.5 Pasadena
727,983
9.58.443
New Orleans
745,518
712,349 +4.7
*15,000,000
15,316,111
-2.1 Fresno
921,005
601,452
1,035.295
849,880 +21.9
780,625
835,000
San
Jose
Seven ell les, 5 days
610,000
627,855 -2.8
31.101,021,367 51,934,273,904 -43.1
656.20s
500,000
Other cities, 5 days
457.809
380,785 +20.3
408.962.473
545,178,693 -25.0 North Yakima_
- 404,999
421,726
Reno
-19.3
315,000
290,860
Beach
Long
540,332 Not incl. In to al.
Total all cities, 5 days
$1,509,983,840 32.479,452.657 -39.1
All cities. 1 day
Total Pacific_ _ 116,677,415 112,011,962 +4.2 111,316,439
346,271,382
511,583.159 -32.3
89.852.641
Kansas
'City..
59,945,093
52,269,560 +14.7
Total all cities for week
51,393,049
44,908,574
81,856.255,222 32.991,035.810 -37.9 Minneapolis
26,510,000
25,997,440
+2.0
21.110,328
19,193,456
'Partly estimated.
Omaha
16,500,
„0
+1.9
15.964,024
13,096,010
The full details for the week covered by the above will be given next St. Paul
9,617,6211
9,456,786 +1.7
9,016,763
8,995,344
Saturday. We cannot furnish them to-day, clearings being made up by the Denver
8,644,464
83720,195 -0.9
7.946,503
clearing houses at noon on Saturday, and hence In the above
8.159,917
the last day St. Joseph
5,499,911
6.810,937
of the week has to be in all eases estimated,
6,762,325
6,337,9:33
as we go to press Friday night. Des Moines
5,284,3111
5,333,041 -1.8
We present below detailed figures for the
4,610,714
3,710,560
week
ending
Sioux
with
City
Saturday
3,151.302
3.176,072 -0.8
noon, Sept. 5. for four years:
2,817,632
2,215,944
Wichita
3.635.548
3,514,284 +3.4
3.188,914
2,964,096
Duluth
5,525,621
3,833,065 +44.1
3,418,583
3,260,938
Topeka
1,368,732
1,405.351 -26.3
1,256,538
Week ending Sept. 5.
1,3023179
Clearings at
Lincoln
2,102,188
1,9311,207 +8.5
1 781,623
1,439,608
Ihtvenport
13136,177
1.563,007 -14.5
1,625,900
1,361,659
Inc.or
Cedar.
Rapids_
1,615,738
1914.
1,510,219 +7.0
1913.
1.149,624
1,121,812
Dec.
1912.
1911.
Fargo
1,005,269
407,004 +146.9
356,44:1
856.258
Colorado Springs
$
649,777
692,111 -6.1
734,411
676,162
New York
1,083,407,986
Pueblo
560,028
595,289 -5.9
553.051
578,619
Philadelphia _ _ _ _ 146,75(3,149 1,724,626,481 -37.2 1,561,504,448 1,252,668.249 Fremont
499,556
359,025 +39.1
147,954,873 -0.8 133,852,781 110,597,898
344.468
355,818
Pittsburgh
Waterloo
48.306.137
1,161,834
1,375,852 -15.6
44.150,145 +9.4
1.583.758
1.143,887
46.445,004
Baltimore
37,345,430 Helena
33.860,813
1,117.373
31,734,911
1,078,162 +8.8
1.010.8sr
888.615
+6.7
32,928,451
Buffalo
27,994,29'7 Aberdeen
10,903,483
9,365,483 +16.4
425,700
374.216 +13.6
447.85(
303,932
8,987,580
7,893,192 Hastings
Albany
6,085,470
291,611
5,342,212 +13.9
206.823 +41.0
287,672
194,289
4,608,389
Washington
4,967,641 1)lungs
7,406,371
6,735,322 +10.0
432,275
358.139 +20.7
443,34:1
279,543
6,20:1,042
Rochester
5,729,253
4.818,328
4.917,930 -2.0
Tot.
0th.
West
156,879.484
4,160,794
Scranton
147,215.950
6
16
3,726,933
+.
137,815.7T1
123,334,303
3,615,980
3,408,427 +6.1
2,200,000
Syracuse
2,092,364
3,252,5119
3,007,928 +8.1
62,449,268
2,743.458
75,026,858 -16.8
2,183,331 St. Louis
Reading
80,358,328
74,591,195
1,800,000
1,622.185 +11.0
Orleans_
New
_
_
_
14,856,399
1,573,049
17,061,260
-12.9
16,289,166
1,605,998
Wiltnington
14,891,618
1,476,743
1,954,190 -24.5
11,972,034
1,387,517
Wilkes-Barre__
11,7713,637 +1.6
1,3:17,540 Louisville
12,829,055
1,667,178
10,185,129
1,269,406 +31.4
1,197,910
6,1100,001
10,197,366 -35.3
1,355,263 Ilou ton
Wheeling. W.Va.
1,758,633
2.002,765 -12.2
Galveston
3,157,172
1,919,529
3,650,000
-13.5
1,401,990
3,864,000
Trenton
1,741,408
3.558.000
1,027,132 -9.7
7,369,867
1,435.927
6,172,205 +5.7
1,195.270 Richmond
7,022,063
6.029.424
York
70,431
802,839 -4.1
3,055,583
861,001
5,720,359 -46.6
722,969 Savannah
4,141,226
0,586,955
Erie
975,110
042,534 +3.5
Fort
5,0
Worth
o
,po
854,096
I
6,520,425
-2:1.3
743,607
5,788,967
Greensburg
5,023,503
766,643
620,000 +23.7
544,580
9,785,80 i
10,197,534 -4.0
9,673,025
600,000 Atlanta
Ilingharnton
9,197,437
639,600
570.700 +12.1
509,600
5,012,113
5,295,284 -4.8
592,900 Memphis
6,020,335
Chester
4,098,301
620,408
604,180 +2.7
Nashville
5,721,830
625,566
5.214.182
493,350
5.245,753
+9.7
4,220.213
AltOona
619,204
581,172
+6.5
423,861
3,103.3811
3,300,359
397,0:17 Norfolk
2,77:1.795
Lancaster
2,748,237
1,599,141
1,476,809 +8.3
1,382,230
2,427,074 ,
2,612,843 -7.1
850,960 Birmingham._._
2,505,056
2,035,266
Montclair
312,738
270,942 +13.0
Augusta
331.490
1,106,588
1,665,308-33.6
1,411.181
1,579,346
Jacksonville
2,600,000
2,713,927 -4.2
2,400,000
2,517,768
Total Middle_ 1,363,159,472 1,995,894,536 -31.7,1,816,740,312
2,041,193;
1,714,583 +19.1
1,466,500,072 Chattanooga_ _ _
2,079,267
1,752,370
Knoxville
1,868,7911
1,763,390
+6.0
1,914,342
1,636,429
Boston
106,788,102 118,801,147 -10.1 142,439,227
1,250,000
1,284,647 -2.7
117,399,353 Mobile
1,107,605
L18
93:
Providence
0
1:83
150
5
6,207,600
.5,740,100
+8.1
2,318,200
6,012,000
5,102,800 Oklahoma
1,160,101 +98.3
1 575,361
Hartford
1,467,427
4,474,461
4,233,965 +5.7
Charleston
1,267,702.
3,935.252
3,442,321
1,009.494 +18.5:
1,142,142
New Haven
3,275,217
Llttle
2,706,728 +17.1
Rock
2,445,339
1,846,449
2,130,155
1,710,497 +8.0
1,741,241
springfield
1,326.958
2,188,689
2,216,866 -1.3
1.581,580
2,061,157
13106,678 Austin
2,115,206 -25.2
2,707,379
Portland
1,9
2,076,723
26
25
6000
889
2,195,650 -5.4
2,200,962
2,494.2761
1,724,229 Macon
2,056.780 +21.3
2,111,432
1Vorcester
,.
3215947
2,092,690
Vicksburg
1,981,927 +5.6
153,2241
2,012.388
1,630,2113
270,237,
-43.3
245,743
Fall River
32:m1900066
912,420
Meridian
869,901
+4.9
300,000
860,055
803,013
312,195'
-3.9
291,300
New 11cdford_ _
864,629
892,893 -3.1
116,497,
785.578
708,975 Jackson
300,264 -61.2
331,659
Lowell
615,048
361,318 +73.1
1,147,245'
460,816
396,586 Tulsa
944,118 +21.5
'
. ,
Holyoke
664,558
658,537
Muskogee
577,396 +15.1
,
581,514
479.012
665,343 +15.6
617,703
489,636
Bangor
653,785
462,763
540,238
+5.8
419.823
Total Southern 161,401-.724 183,30:1,402 -12.0
176.738,744743.24_75
130,040,773 141,133,654 -7.4 164.364.526
,
Tot. Now Enc.
Total all
2,334,805,051 2.978,6T791 =2E6 2,787,028,
135,843,208
-30i 2,320.28-1
,-,8
S9
Note.-For Canadian shortage SOO "Commercial and Miscellaneous News.
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694
THE CHRONICLE
[VOL. xcrx
the criminal courts, so that the guilty may be punished after fair trial. Most of the practices aimed:at
THE FINANCIAL SITUATION.
are wrong morally and their perThe great conflict being waged in Europe, so com- by this legislation
brought to book on that account.
be
should
pletely overshadows everything else that little at- petrators
methods and such practices
such
that
fact
the
But
tention is being paid to the progress of trade and
with affords no justification
met
occasionally
still
are
this
legislation
trust legislation in Congress. Yet
of his functions and reindividual
the
depriving
for
approaching
completion,
is now surely and rapidly
the
in
same
politician. The result
the
of
care
posing
on
the
placed
statute
when
and the new measures,
but to invite and procrime,
remove
to
not
be
must
in
important
changes
necessary
books, will make
graft and favoritism
system,
the methods under which business is conducted in mote it. Under such a
dominate everyand
flourish
this country. Both the Federal Trade Commission will sooner or later
else.
Bill and the Clayton Omnibus Anti-Trust Bill have thing
Even if the Federal Trade Commission Bill were
now passed both Houses of Congress. Indeed, the
unobjectionable, which it is not, we should
otherwise
the
through
confirst mentioned has already gone
creation of such a Commission because it is
the
oppose
the
President's
only
signaneeds
ference stages and
simply the entering wedge—sure to be
be
to
sure
of
the
while
conferees
law,
two
a
it
ture to make
Houses have the Clayton bill in charge and are try- followed by larger and still larger control of business
ing to adjust the differences between the two bodies. enterprises as the years go on. We have often exThere is little reason to think that the measure will pressed the fear that the creation of a Trade Commisbe modified for the better and it is quite possible sion, such as provided in the present bill, would mean
the ultimate domination by that body of all the indusit may be changed for the worse in conference.
most
unfortunate
legisla- trial activities of the country in the same way that
Both measures constitute
and
hamper
busi- the Inter-State Commerce Commission now exercises
restrict
to
tive efforts, calculated
supreme control over the railroads. We had not
on
the
founded
proposition
are
They
ness freedom.
expected, however, to find sanction for the supposiof
state
a
reached
business
has
country
this
that
degeneracy where men can no longer be trusted to tion in statements from the adherents of the measure,
carry on 'industrial operations in accordance with but here comes the "Springfield Republican," and,in
ethical principles, but must be kept under the surveil- the article already referred to, makes a flat-footed
lance of the public authorities, and that it is neces- declaration to that effect as follows:
The real significance of the Trade Commission bill
sary that a Government policeman should always be
is
that it establishes a Federal machinery capable
him.
fear
into
instill
and
elbow
at the business man's
on of a development that would make Government
later
the
innocently,
even
err,
perchance,
Should he,
and control of great industrial corporations
regulation
him.
So
let
upon
down
swoop
will
Government
as complete as is Government regulation and control
him beware!
of railroads to-day. * * * What will ultimately
These measures are also founded on the theory happen is now clear. With the Federal Trade Comthat public office-holders are endowed with superior mission established, the country will doubtless see
wisdom and are more competent to handle business from time to time the powers of that Commission
matters of the most complex :character than the so enlarged that it may regulate and control any
industrial corporation that cannot be restrained
business man himself. They are further objection- great monopolistic practices by the Anti-Trust Law.
its
in
able in that they contain provisions truckling to the Assuming the policy to be carried out in tlrs, future,
labor vote and exempting labor organizations and the country now enters a period of experimental refarmers' alliances from the provisions of the anti-trust straint of industrial monopoly, with such changes of
law and modifying the injunctive process in the particular industries from the regime of competicourts for the benefit of the laboring element. In tion to the regime of regulation as experience may
these respects they constitute class legislation of a require in the public interest.
peculiarly reprehensible kind.
What a prospect this opens up for the business
The "Springfield Republican", which is, perhaps, world! There looms ahead of us "Government
the staunchest adherent the President has in the regulation and control of great industrial corporations
newspaper world, in an editorial in its issue of Sep- as complete as is Government regulation and control
tember 4 is frank enough to make the following of railroads." Through such "Government regulaassertion: "In a general way it is to be admitted that tion and control," the railroads have been brought to
this legislation must bear more heavily upon capital a point where their income is no longer sufficient for
monopolistically inclined than labor monopolistic- their needs, where their credit has become impaired.
ally inclined. But that is doubtless the will of the where they find it impossible to obtain new supplies
people at the present time." Has it come to this, of capital for their extension and development
that right or wrong is no longer to determine; that except at onerous rates of interest, and where to-day
the guiding principle in legislation must be to please they are forced to plead for their very existence. If
the masses, that the laws of ethics and of economics we are now entering upon a course of legislation
may both be violated if only the public be satisfied— where all the vast industrial interests of the country
that national welfare and national greatness may be are to be subjected to the same treatment and to be
sacrificed in recognition of the soundness of the reduced to the same pitiable condition, then the
death-knell of our commercial supremacy might as
maxim, vox populi, vox Dei?
not
are
Many of the provisions of the measures
well be sounded in advance.
only unsound but they are undemocratic and unRobert R. Reed, of Caldwell, Masslich & Reed,
American. They sacrifice individual freedom and
set up the public functionary in supreme control. makes the following caustic remarks with reference
We are not arguing that there is no crime in the to one of the changes made in the Federal Trade
business world. But we are contending that if there Commission Bill while in conference. "The Trade
is, it should be dealt with the same as crime every- Commission Bill adopted by the Conference Commitwhere else, by setting in motion the machinery of tee is much more extreme and more objectionable
SEPT. 12 1914.)
THE CHRONICLE
than either the original House bill or the Senate bill.
It is paternalistic and centralizing to the last degree.
It prohibits 'unfair methods of competition' by any
one engaged in inter-State commerce, if and when the
Commission deems it to be 'to the interest of the
public' to prohibit them. The Senate bill prohibited
'unfair competition,' and it was urged that this
term was recognized by the courts and in effect covered
only unfair acts tending to the destruction of competition—acts, that is, which could be committed only
in the effort to establish a monopoly. 'Unfair
methods of competition' is susceptible of no such
construction. It is a club which can and will be
used against the independents struggling to establish
or maintain competition, a club also that is not likely
to be used against a trust established in power and
'good' enough or subservient enough to enjoy the
friendship of the Commission.
"The Senate bill in terms made it the duty of the
Commission to enforce its prohibition. The Conference bill vests the Commission with discretion to
enforce it only when it appears to it to be to the interest of the public to do so. Similar language in the
Australian law has been held by the English Privy
Council not to prohibit a combination which maintains reasonable prices. It presents an unlimited
executive control of private business which would not
have been thought possible six months ago, and which
would not be possible now if the matter could be
fairly presented and discussed by Congress or by the
press. The Prussian war in Europe has, in a sense,
made it possible to establish a Prussian Government
in the United States. It should be unnecessary to
combat the proposal itself. We are told, however,
that it is simply useless to combat it, and that the
only difficulty is to get enough Senators in Washington to register the will of the White House which has
decreed its adoption.
"The President has in effect commanded Congress
to delegate to his nominees all or more than all its
powers over commerce. This Congress seems only
too willing to do, violating every canon of democracy
and of republican government, both in the legislation
adopted and in the methods by which its adoption is
secured. It is hardly worth while to say more on
the subject. As a Democrat, one cannot say less.
As a lawyer, I may add that in the respects which I
have noted, the bill seems to me to be plainly unconstitutional as a delegation of autocratic power over
private business to an executive board."
Our cotton crop review for the season of 1913-14,
covering the marketing, distribution and manufacture of the staple, is given in considerable detail on
subsequent pages to-day, and will, we believe, be
found worthy of carefulstudy and analysis,and especially so at this time, when the unfortunate situation
prevailing over most of Europe presages a smaller demand for cotton from that quarter in the immediate
future and a concurrent augmentation of consumption here. These reviews, issued continuously by
us each year since the close of the Civil War, are in
greatest part devoted to presentation of data relating to production and manufacture in the United
States, but no other country in which cotton is
either raised or consumed, and from which reliable
information can be obtained, is neglected. Consequently, with our sources of information extended and
perfected as the years pass, and new features added
from time to time, these reports furnish, in the space
695
devoted thereto, as comprehensive a history of the
world's cotton crops as is possible of presentation so
soon after the close of the season. That an immense
amount of work is entailed in their preparation is
evidenced by the fact that a virtual census of the
cotton-manufacturing establishments at the South
is taken, involving the handling and compiling of
some 1,200 returns.
The crop of 1913-14 has turned out to be second
only to that of 1911-12 in size. It reached 14,609,968 bales, or nearly half a million bales in excess of
1912-13, but 13/ million bales less than the high-water
mark of 1911-12. The financial return from the
latest crop surpasses all records as a result of a
higher basis of values, exceeding 1912-13 by close
to one hundred million dollars.
Consumption of cotton, both North and South,
was of greater magnitude than in the previous year,
the latter having reached a total of over 3,100,000
bales, or almost double the amount turned into goods
in 1899-00; during the like period Northern consumption increased barely 300,000 bales. Our exports of
cotton goods showed a moderate contraction during the fiscal year ended June 30 1914, having been
only $51,467,233, against $53,743,977 for 1912-13
and $50,769,511 in 1911-12.
The world's aggregate crops of cotton in 1913-14
were the heaviest on record, due especially to a large
increase in the East Indian yield, and, exceeding
consumptive requirements, further fortified the
previously existing surplus supply. The spinning
capacity of the world's mills was augmented to a
moderate extent in 1913-14, with the gain over 191213 most largely in the Southern section of the United
States. The total of the world's spindles, as we
compile it, was on Aug. 31 this year 143,782,389,
against 142,586,670 spindles a year earlier and 141,210,654 spindles in 1912.
The week's developments in the European war
situation have been a turn in the tide of battle
against the German forces in the invasion of Belgium
and France and the increased resistance against the
Russian movement through Austria-Hungary. Thus
far the threat that Turkey is to join forces with the
Germans has not been fulfilled. However,Rustem Bey,
the Turkish Ambassador at Washington, announced
on Thursday that he had received word that Turkey
has abrogated all conventions or capitulations, as
they are known diplomatically, with the Powers,
which confer special privileges or restrict the sovereignty of the Porte. The announcement refers to
the treaties under which Christian nations enjoy the
privileges in Turkey of having their subjects tried
in consular courts, and also other extraordinary
rights. It is understood that some of the rights included the liberty of residence of Christians in Turkey, the inviolability of domicile, the freedom of
commerce and of religion and also immunity from
local judicial processes except under certain safety
guaranties. Most of these rights have been established in Turkey through a long series of precedents and practices. Italy has not yet entered the
European struggle, although there seems reason to
believe that ultimately it may be found co-operating
with the Allies.
The extent of the German reverses on the West
is
indicated by the official statement issued
by the
French War Office yesterday. It will be
recalled
that a week ago German troops were
within 25
696
THE CHRONICLE
miles of Paris, that the seat of Government had been
transferred to Bordeaux and that Paris itself was
preparing in a serious way for a long siege. The
French War Office yesterday announced that in the
four days' battle the Allies have pushed back the
Germans sixty kilometers (thirty-seven miles) and
taken many prisoners and machine guns. On the
left wing the British and French troops have crossed
the Marne between La Ferte-sous-Jouarre, Charly
and Chateau Thierry, pursuing the enemy, who is
in retreat. During the course of this advance the
British forces took a number of prisoners and guns."
The French Embassy at Washington received from
Bordeaux the following dispatch dated Sept. 11,
but presumably written on Thursday night:
"To-day at 18 o'clock (6 p. m.), from indications
given by the war department, marked advances
against the German right wing have been gained by
our troops. To the north of La Ferte-sous-Jouarre
the first German army was obliged to recross the
Marne. Yesterday night, below a line formed by
the River Ladhins and Mezy and Fere en Tardenois,
the Marne Valley was free from German :troops,
according to reports by the British aviation corps.
"Our troops at Champaign were forced by the
Third German army to retire to Gourgancon and
Salons, but part of what we lost was regained.
"The Fifth German army before Vassincourt in
the Argonne was attacked by our troops. We progressed slightly.
"The Fort Genicourt in the Meuse was attacked
by the Germans.
'Slight progress on the road to Chateau Salins in
Lorraine was made by the Sixth German army in the
forest of Champenoix. Part of that advance was
lost.
"As for Maubeuge, we have no official confirmation of its having been taken. The garrison was not
half what the German agencies say."
The reports that are coming forward must be
judged as to accuracy by their source. It is not unnatural that conscious or unconscious bias should
enter into the accounts. Most of the German news
is now being received through Amsterdam and
Copenhagen. A dispatch from the former city yesterday gave Gen. von Stein as authority for an official
statement made in Berlin that the German army
which advanced across the Marne to the east of
Paris was heavily attacked between Paris, Meaux
and Montmirail. After fighting for two days, according to this source of information, the Germans
checked the enemy and advanced. Stronger columns came to the assistance of the Allies and
obliged the Germans to retire. Gen. von Stein admits that 50 German guns were captured and several thousand men made prisoners.
The recapture of Muelhausen, Alsace, by the
French is reported from London. German troops
are said to be withdrawing rapidly from Alsace for
the purpose of strengthening the columns fighting
in France. A dispatch from Ostend to the Exchange Telegraph Co. states that Belgians have
again assumed the offensive, the Belgian army at
Antwerp having attacked the Germans in that
vicinity and driven them back to the environs of
Louvain.
The Austrians and Russians are still battling
fiercely in Galicia and although Russian official
circles are silent, reports from Rome, which seem to
have been accurate in the past, coming as they do
through German or Roumanian sources, indicate
that the Russians are making progress against
[VOL. xcix.
Gen. Auffenberg's army, which is being supported
by Germans. Some doubt is now expressed as to
whether the Russian enveloping movement from the
south of Lemberg can be developed quickly enough
to cut off the Austrians should they be defeated by
the Russians advancing from the north Along the
entire line of the Bug and Vistula the Austrians,
according to reports from Petrograd (St. Petersburg) have been forced back by the Russian advance.
So far the Russians claim to have taken 82,000 Austrian prisoners. Petrograd also reports that the
Germans have withdrawn from Southwestern Poland
and that in Galicia the Russians have captured
Micolaioff, a strongly fortified point about twnety
miles south of Lemberg. The former White Star
Line steamer Oceanic, which had been converted
into an English cruiser, has been wrceked off the
coast of Scotland as a result of faulty navigation.
It is officially denied that the Austrian Emperor
Francis Joseph is either dead or that he is seriously
Reports are reiterated that a great Russian force
has gone to join the Allies in France, but there is probably considerable misapprehension on this point, and
it is believed that the report has grown out of the fact
that Russian reservists from England, the United
States and other countries who could not reach their
own country have at the request of the Czar joined
the French army. The British Admiralty has announced that the cruiser Pathfinder was destroyed
by a German submarine, not by a mine, as was at
first supposed. Nevertheless, there is a probability
that England may close the North Sea, blockading
it completely, if the trouble with floating mines
continues. The British Government's position is
that the shipping of neutral nations is in great
danger because of German mines. England has repeatedly stated that she will not resort to the use
of mines.
A feature of the week has been the persistent report that peace negotiations are in prospect for the
near future. The basis for the reports, which it
may be remarked incidentally have been a factor
in the wheat markets of the world, is a message from
the Kaiser to President Wilson informing him that
dum-dum bullets which had been manufactured in
special works by the French Government were being
used by the Allies. The Kaiser solemnly protests
"to you against the way in which this war is being
waged by our opponents, whose methods are making
it one of the most barbarous in history." The
French Government has issued a formal denial of the
charge made by the Kaiser and says that the message
is only a manoeuver to justify the employment of
dum-dum bullets by German troops and mitigate the
impression created in America by the reports of
German atrocities in France and Belgium. In other
circles the message is regarded as a pretext and as the
first step in the direction of setting in motion peace
negotiations. The Emperor's message concludes
as follows :
"The cruelties practised in this guerilla warfare,
even by women and priests, toward wounded and
doctors and hospital nurses were such that eventually
my generals were compelled to adopt the strongest
measures to punish the guilty and frighten the bloodthirsty population from continuing their shameful
deeds.
"Some villages and even the old town of Louvain,
with the exception of its beautiful town hall, had to
be destroyed for the protection of my troops.
SIPT. 12 1914.]
THE CHRONICLE
"My heart bleeds when I see such measures inevitable and when I think of the many innocent people
who have lost their houses and property as a result
of the misdeeds of the guilty."
The British losses so far reported officially aggregate 14,068 men, including 108 officers and 250 men
among the killed. Among the wounded and missing
are 460 officers and 13,250 men.
England, France and Russia have signed an agreement that they will not make peace separately but
will fight to the end. This bars individual treaties
with Germany.
697
after the close of the war. Until the end of this
period the Bank's claim will rank below other claims
in respect of post-moratorium transactions. Still
another constructive influence has been action taken
by the London joint-stock banks. In order to facilitate fresh business and the movement of produce
and merchandise from and to all parts of the world,
these banks have on their pa t arranged, with the cooperation of the Bank of England and the Government, to advance to clients the amounts necessary
to pay their acceptances at maturity where the funds
have not been provided in due time by the clients
of the acceptors.
Great Britain, France, Spain and China have
These two developments have, not unnaturally,
agreed to sign peace commission treaties with the relieved the monetary pressure and have
checked
United States. One effect of the new conventions he rush to the Bank for discounts, a proof
of which
would be to prevent the United States being drawn is the reduction reported last week of
no less than
suddenly into the current conflict. Germany, Rus- £4,898,000 in the Bank's loan item (other
securities).
sia and Japan hare signified their acceptance of the Lombard Street is now declared to be
flooded with
principle of these treaties, though negotiations have cheap money. The joint-stock banks, which
had
not yet advanced to the point of drafting conventions. recently been discounting their bills in Threadn
eedle
Similar agreements with Turkey and Greece are Street at 5(4),532%, are now lending the p
oceeds to
understood to be about ready for signatures.
bill brokers at 3%. With the easier situation prevailing in their own market,London bankers are not
calling
so loudly for the payment of American balThe basis for the recent assertions in Washington
ances
by
the shipment of gold. Prospects, in fact,
that Carranza and Villa would co-operate in restoring
are
much
brighter for the settlement of the foreignconstitutional government in Mexico is the fact that
exchang
e
situatio
n between London and New York
Obregon
General
, personal representative of General
Carranza, has signed the proposals of General Villa by the ordinary method of exchang of bankers'
for an electoral program. The program mapped out credits based on the present and prospective movement of balances than by any arbitrary exportation
by Villa is as follows:
of gold. In this we are not losing sight of the proThat a convention of the delegates of the army be posal by American bankers, to which we refer
more
called to arrange the date of the election for Congress, in detail in a subsequent column,
to accumulate a
President and Vice-President.
large gold fund, to be available for shipment to
That no military man be a candidate for President
Ottawa on account of the Bank of England. It will
or Vice-President, or Governor of any State.
probabl
y be found that London bankers, knowing
That a civilian take charge of the Provisional
that they can obtain the gold, will, in view of the
Government to hold elections.
That a general amnesty be declared, except as to very decided relief and abundance of funds in their
those who committed the crime or participated in the own markets, not desire to force unnecessary shipassassination of Madero and Suarez.
ments of the precious metal from our shores. Great
That the officers of the old Federal Army who can Britain needs
not so much our gold as our food
show clean records shall be taken into the new
supplies
and
;
it
is the prerogative of banking to see
national army.
That all reforms shall be put through in an ener- that American exports shall be of such articles as
getic manner, but on a legal and constitutional basis. are needed abroad and not those that are not needed.
General Carranza already has complied with the The completion of the arrangements referred to in
first proposal by calling a general convention for last week's "Chronicle" for a loan of $100,000,000 to
New York City by American banks and bankers to
October 1 to select a Provisional President.
enable the city to pay upwards of $80,000,000 in
With much better accounts as regards the opera- finance bills maturing in London between Sept. 14
and the end of the year has been a further favorable
tions of the allied armies in France, London has
shown influence of the increasing ease in the London
distinct improvement this week. An added
influ- situation. As a result of the• introduction of a new
ence in this
has been the important an- Bills of Exchang
e Act which protects bill holders from
nouncement in
m the House of Commons on Friday
loss
from
delays
resulting from the war in presenting
evening of last week by David Lloyd George, Chanbills for payment, London bankers will resume their
cellor of the Exchequer, that an arrangement had
bi-weekly meetings at the Royal Exchange next
been completed that would remove the difficulties
week. They purpose to fix foreign exchange rates.
caused by the break-down of the foreign exchanges.
Quite brisk dealings outside the Exchange are
As explained by the Chancellor, the Bank of England reported by London
press dispatches. British Conunder the new arrangement,would provide acceptors sols are quoted
in these dealings at about 683(,Canawith the funds necessary to pay at maturity all bills dian Pacific at 157,
Union Pacific at 111 and De Beers
contracted before the moratorium was declared. at 113
4. These prices may be said in a general way
Acceptors will be under obligation to collect from to be representative
of the declines that have taken
their clients the funds due them as soon as possible place in the general market.
On the day the London
and apply those funds to the advance made by the Exchange closed (Thursday,
July 30), Consols were
Bank,for which interest will be charged at 2% above quoted at 693/2,
Canadian Pacific 165, Union Pacific
the ruling Bank rate: The Bank undertakes not to 117 and De Beers at 131
4. It is reported that the
claim re-payment of any amount not recovered by Government proposes
to peg the price of Consols
acceptors from their clients for a period of one year by establishing
a minimum quotation for future
re
698
THE CHRONICLE
[VOL. xc
demption purposes without fixing a minimum deal- are ours and will remain ours. We shall get not
only our own trade, except with European countries,
ing price.
but a good deal of the enemy's trade too." The
that the war is beginning to have upon English
no
has
aroused
effect
little
that
London
A suggestion in
is indicated by the monthly return of the
who
are
trade
brokers
of
themselves
part
the
on
opposition
Board of Trade, which was published on
from
Exchange
British
doing
the
of
closure
the
by
precluded
business, is that periodical auction sales of gilt-edged Tuesday. According to the summary, as cabled to
securities be held. This suggestion, however, is re- this side, the imports of the United Kingdom in
ported to be very actively welcomed by the public. August decreased £13,613,704 and the exports
Among London Stock Exchang s members a great decreased £19,899,729, compared with the corresamount of apprehension exists as to what may hap- ponding month of last year. The imports of sugar
pen if the Exchange is thrown open; therefore they decreased more than £1,500,000, of which £800,000
prefer to let it remain closed. The London Exchange loss fell on Germany alone. Manufactured articles
Committee has secured the data to which we eferred in the imports showed a reduction of £8,500,000.
last week indicating the total loans from banks to Following is an official summary of the British trade
members of the Exchange; also,to a rough extent,the return for the month of August and since the beginopen speculative account. The former item, it is ning of the calendar year :
1913.
1914.
reported, shows a total of less than £80,000,000,
£55,975,704
£42,362,000
Imports
There
ns.
have
expectatio
been
which is much below
41,110,729
24,211,000
Exports
no reports, either official or unofficial, as to the ex£11,864,975
£18,151,000
tent of the open speculative account. The Sub- Excess of imports
From Jan. 1 to Aug. 31—
Committee of the Exchange appointed for the pur£477,656,201 £468,174,976
Imports
pose of considering ways and means to rehabilitate Exports
323,072,635
311,410,134
the Stock Exchange appears overwhelmed by the
£154,583,566 £156,764,842
Excess of imports
variety of minor matters requiring consideration.
readily
cause
might
These if they were overlooked
The removal of the French seat of Government
serious fresh trouble when the Exchange re-opens.
Paris to Bordeaux seems to have been the
from
Usually conservative correspondents take the ground
for the complete suspension of business, both
signal
that it will require a period of sustained good news
and private, at the French centre. The
public
before the Committee will decide to take up in
exchange, as well as the Bourse, has
grain
Paris
definite form the question of the desirability of
down indefinitely. Many banks have reclosed
re-opening.
moved their headquarters to Bordeaux, but American
bankers are remaining at Paris. The Bank of
That England is de-ending upon its financial suFrance is refusing to take deposits in Paris in small
premacy as the vital feature of the war is indicated silver, but at last accounts was accepting with reby a speech of Lloyd-George on Tuesday last in strictions notes, on the ground that notes could be
receiving a deputation from the municipalities with burned immediately. The Bank has successfully
reference to loans for the relief of local distress. The transported to safety all its bullion reserves. The
policy of the British Treasury is, obviously, to con- gold, according to Paris press dispatches, weighed
tinue to keep the financial situation in an easy posi- 1,322 tons and the silver 3,000 tons. It was transtion throughout the war. In part the Chancellor ported in barrels of eighty pounds each, which filled
said: "Finance is going to play a very great part in 132 railway cars, divided into seven trains. They
the struggle. We must, therefore, husband our re- reached their destination without a hitch. A
sources. We must relieve distress, but we must not dispatch cabled from Bordeaux states that the
spend a penny on this work which is not absolutely Chamber of Commerce at Bourges, France, has
essential. In my judgment the last few hundred
requested the French Ministry of Finance to armillions may win this war. The first hundred
range with the Bank of France for loans upon
millions our enemies can stand just as well as we can;
with which the manufacturers of Bourges
security,
thank
but the last hundred millions they cannot,
be
enabled to resume work. Alexandre
would
count
to
going
God. Therefore, I think that cash is
the
Minister of Finance, replied that the
Ribot,
more than, possibly, we imagine at the present time.
French
Government could not order this, but
We are only at the beginning now. I,' we have great
Bank of France would extend to the inthe
that
victories, all right; but they may not come yet. We
of
Bourges as large credits as possible.
dustries
may have fluctuations. Things may last a long
time. We are fighting a very tough enemy who is
From the other European financial centres there
well prepared. He will probably fight to the very has been very
little of a definite character. A press
end before he will accept the only conditions upon
via
dispatch
London from Amsterdam quotes
which we can possibly make peace. That is where
Berlin
announcing that the Imperial Bank
as
papers
our resources wi I come in, not m rely of men but of
will publish the terms of the first
of
soon
Germany
cash. We have won with silver bullets before. We
German war loan, which will be for 1,000,000,000
financed Europe in the greatest war ever fought and
marks, consisting of 5% treasury bonds and Governthat is what won. British tenacity and courage of
ment notes, both to be issued at 973/2. The bonds
course counted, as it always will, but let us remember
.and notes will be divided into five equal parts, rethat British cash told, too. When others are absodeemable at intervals of six months beginning Octolutely exhausted we are getting our second breath
ber 1 1918. International bankers on this side in
and third and fourth, and we shall have to spend touch with the German situation believe that there
our last before we are beaten."
will be no participation of American bankers in the
owing, for one reason, to the position taken
The British Chancellor also remarked that Britain loan,
Administration at Washington in respect
was not losing its trade and added) "The seas by the
SEPT. 12 1914
THE CHRONICLE
to the French loan which was proposed to be furnished through J. P. Morgan •Sc Co. A dispatch
from Copenhagen states that in a countermove
against England's attempt to starve Germany, the
German Government will take control of every Belgium bank and all branches of English, Russian and
French banks. It is unofficially reported that the
Imperial Bank account for August 31 showed an
increase of 21,600,000 marks in gold. The Lombard loan was reduced by 45,000,000 marks. The
total note circulation was stated to be 3,397,200,000
marks.
The return of the Imperial Bank of Germany dated
Aug. 22 is now available by mail. It indicates a
total of 1,529,775,000 marks in gold coin and bullion,
representing an increase of 21,247,000 marks from
the Aug. 15 statement. The silver stock is 66,354,000
marks, which is a decrease of 15,339,000 marks for
the week. Treasury notes aggregated 118,583,000
marks, a decrease of 8,170,000 marks. Notes on
other banks were 39,516,000 marks, or an increase
of 7,680,000 marks. Bills discounted were 4,616,010,000 marks, an increase of 190,026,000 marks.
Advances aggregate 162,775,000 marks, a decrease
of 18,209,000 marks. Investments total 209,412,000 marks, an increase of 8,791,000 marks. Other
securities aggregate 228,685,000 marks, an increase
of 6,654,000 marks. Note circulation had reached
the enormous total of 3,999,962,000 marks, an increase of 118,021,000 marks. Deposits are 2,618,763,000 marks, an increase of 68,009,000 marks.
Other liabilities are 96,906,000 marks, an increase
of 6,641,000 marks. A year ago the total cash holdings of the Bank, including gold, were 1,460,267,000 marks and loans and discounts aggregated 984,234,000 marks. The outstanding note circulation
at that time was 1,810,789,000 marks.
699
off being due to the setting aside, or "ear-marking,"
of £3,000,000 of the metal for currency note redemption against the new note issues of the Bank. The
reserve increased £198,000, while the proportion
of reserve to liabilities is now 19.81%,against 19.04%
last week and 60.54% at this date last year. The
other items in the report were all decreases, amounting to £206,000 in notes reserved, £66,000 in note
circulation, £4,270,000 in public deposits, £3,114,000
in other deposits, £2,276,000 in Government securities and £4,898,000 in loans (other securities). The
week's reduction brings the bullion holdings of the
Bank down to £47,508,000, which compares with
£42,434,493 at this date one year ago and £42,169,101
in 1912. The reserve now aggregates £30,736,000,
against £31,835,238 in 1913 and £31,659,826 in 1912.
It is in the "other securities" (loans) that the greatest
difference is shown with comparisons of recent years.
These loans, of course, represent the bills that have
been re-discounted in large measure,and now aggregate £116,922,000, and compare with only £26,522,749 one year ago and £36,088,331 in 1912. The
deposits (non-public) of course reflect the loan item,
and aggregate £130,704,000, which compares with
£43,554,786 in 1913 and £47,355,484 in 1912. The
public deposits are £24,406,000, against £9,008,592 in
1913 and £15,513,133 in 1912. Our special correspondent furnishes the following details by cable of the
gold movement into and out of the Bank for the
Bank week: Imports, £1,191,000 (consisting of
£816,000 bar gold and £375,000 American gold coin
bought in the open market); exports of £3,000,000
"ear-marked" currency note redemption, and receipts
of £1,545,000 net from the interior of Great
Britain.
In local money circles the situation may be best
described as a "waiting" one. Funds are available
• Other war loans that have been announced during for legitimate trade purposes of all kinds. The
the week include an appropriation of 53,000,000 asking rate is 8%. In some instances loans have been
yen (about $26,500,000) by the Japanese Diet. reported at 6% to customers of banks able to furThe vote was unanimous. The Swiss Government nish exceptionally attractive security or who otherhas established a war loan bank. Its purpose is to wise are in a position to minimize any risk on the
buy bonds and other securities from Swiss citizens transaction. Thus time money for all periods must
who formerly sold them in foreign countries.
be quoted at 6@8%. The lower figure is also the
lowest quotable discount for commercial paper. As
Dispatches received early in the week from London has been the case for several weeks, call money has
predicted that a reduction would be announced in been pegged at 6@8% each day with renewals at the
the minimum discount rate by the Bank of England lower figure. The policy of the banks is to afford
on Thursday. The dispatches proved to be at least freely every facility possible to merchants and manupremature, as the expected reduction did not take facturers for the proper conduct of enterprise. But
place, the failure to lower its rate being attributed steady pressure is being exercised to reduce or
to the ear-marking on Wednesday of £3,000,000 gold strengthen outstanding loans for which the collateral
to redeem notes, which consequently reduces the is securities. While the Stock Exchange remains
Bank's reserve. Rates for bills in Lonbard Street closed, there is of course no agency available to
are quoted at 3Yi@3%%. Bankers renewed stock- arbitrarilyforce the payment or strengthening of such
brokers' fortnightly loans at 5%, which, it may loans by the sale of the securities. But as customers
be remarked, is 1% under the formal morator- always desire to stand well with their banks, the intiium charge and suggests a disposition to help the mations that loans should be reduced not unnaturally
Stock Exchange situation. No returns of private becomes a spur to definite action. Last Saturday's
bank discounts are available from other European statement of averages by the New York Clearing
countries. The official bank rates at the leading House indicated an increase of $9,297,000 in the loans
foreign centres are London 5%; Paris 5%; Berlin6%; of the associated banks and trust companies. There
Brussels 7%; Amsterdam 5%; Vienna 8%•
was a further increase of $11,205,000 in note circulation, presumably emergency notes, while the cash
The Bank of England for the first time since the reserve decreased $3,176,000 and the cash deficit
war reported a loss in its gold item in this week's below requirements increased $3,272,300. The latter
return. The amount of. the reduction was £264,283. now stands at a total of $37,129,300. A year
ago
It is important to note, however, that there was no at this time a surplus of $4,023,300 was
reported
real loss in the gold holdings, the apparent falling and two years ago there was a surplus of
$3,890,950.
700.THE CHRONICLE
[VOL.
xc
report the proposition in full on a subsequent
page.
The proposal, if utilized at all, will necessarily have
to be materially modified, since it was prepared,
apparently, in advance of the announcement of the
preparations by New York bankers to finance the
$80,000,000 of New York City obligations maturing
abroad between now and Jan. 1. The arrangements
for this large amount of exchange necessarily relieves the situation to an equal extent. Furthermore,
Washington advices state that, so far as can be
learned, the Bank of England has as yet made no
reply to a direct question propounded some time ago
through the State Department asking whether,
if American bankers pay balances in gold at the
present time, will the Bank of England likewise
pay American bankers in gold when the balance of
trade is turned. It is quite evident that the subject is a two-sided one. In our opinion the question is one that can be worked out by bankers in a
In sterling exchange, while some progress has un- scientific way and that we should not further
doubtedly been made in the direction of increased weaken our gold reserve. The crisis is not one
facilities for business, the situation has nevertheless created by American bankers, and there is no oblibeen considerably complicated by the proposal for gation to take such heroic measures as are proposed
a $150,000,000 gold pool designed by bankers when there is such a clear prospect of matters workto place foreign exchange immediately in an easy ing out in the ordinary course of banking negotiations.
position. There, not unnaturally, has been a dis- The handling of the $80,000,000 of New York City's
position on the part of all interests to defer action indebtedness due abroad removes a factor that had
awaiting the result of the new move. The plan in been made the source of spectacular complaint.
question was prepared by the bankers' committee Even this item is one that as a broad proposition
appointed on Friday of last week at a conference has not yet matured; it becomes due gradually beof representatives of all clearing-house associations tween now and the new year. Meanwhile the Bank
with the Treasury Department for meeting the foreign- of England and the Government have so greatly
exchange problem. As made public by the Federal relieved the money tension in London that it is only
Reserve Board, the plan calls for a pool of $150,000,- a question of time when a renewal of banking co000 in gold to be contributed by the banks of the operation will take place between the two centres.
country. This pool is to be handled by a committee London bankers know that conditions on this side
to be appointed by the New York Clearing House. are completely sound. They know, too, that we
Of the proposed fund, $25,000,000 is to be paid in have supplies of foodstuffs that their country needs,
immediately and deposited for the account of the and that foreign consumers will be compelled to pay
Bank of England at Ottawa. The remaining high prices for the same.
J. P. Morgan Sz Co. and Kuhn, Loeb Sr Co. an$125,000,000 is to be subject to call by the New York
that the subscriptions to the $100,000,000
nounce
charged
with
the
be
duty
of
to
committee, which is
City of New York, to which we referred
the
foreign
to
loan
which
exchange
shall
be
at
price
fixing the
"Chronicle", and out of which the
week's
last
committees
Local
in
subordinate
sold.
and
bought
the City's foreign debt
representing
the
if
are,
committee
plan
$80,000,000
York
becomes
New
the
to
operative, to be appointed by clearing-house asso- will be paid, has been completed. The syndicate
ciations whose banks contribute to the gold fund includes practically all the banks and trust companies
and are to supervise the shipments and withdrawals in this city. The $100,000,000 which the City is
of gold from their respective localities. The plan to obtain will be provided by the sale of $57,000,000
was drawn by a committee of five, consisting of of one-year corporate stock notes, $18,000,000
James B. Forgan, Chairman, of Chicago, Solomon of two-year revenue warrants and $25,000,000 of
Wexler of New ( rleans, L. L. Rue and Benjamin three-year revenue warrants, all bearing interest at
Strong Jr. of New York, and Thomas P. Beal of the rate of 6%. This will provide not only for the
Boston. At first it was proposed that the gold fund City's obligations now outstanding abroad, but also
be created in New York City, subject to the draft for short-time obligations that are held in New York.
of the British Ambassador, so that the gold balances The plan contemplates that each bank and trust
being held within the confines of the United States company in the City shall take its
pro rata share of
could be lawfully counted in as a reserve asset for this $100,000,000 of new
obligations.
The bankers
the bank. It is reported that the Bank of England agree to sell the
the
City
entire
the sterling
of
amount
through the State Department gave notice that it
exchange
at
needed
a
stipulated
price,
it is probut
arrangement
and would
would not favor any such
vided
that
the
be
should
exchange
obtained
at a
debt
any
of
through a
not recognize the payment
in
named
that
the
with
than
rate
lesser
arrangement
of
borders
the
the
United
deposit of gold within
the
of
profit
the
in
transparticipants
the
City,
the
altered,
was
suggesting
the
plan
States. Then the
accumulation of such part of the gold as was neces- action is to be limited to 2%. If a greater profit
sary at Ottawa. The scheme has necessarily many than that is realized the entire amount of the excess
technicalities, and it is understood that the Federal over 2% will be paid back to the City. Gold shipReserve Board will look very carefully into all phases ments to the amount of $1,250,000 were arranged
of the question before giving endorsement. We for Canada this week.
Cash in bank vaults decreased $2,611,000 and cash
in vaults of trust companies decreased $565,000,
while trust companies' cash in banks decreased
$2,233,000.
Referring to money rates in detail it may be
repeated that quotations of call loans have each day
of the week covered a range of 6@8%, the lower
figure continuing the ruling rate. Time money
quotations are also 6@8% for all periods, which is
without change for the week, except in the instance
of six months' funds, which were quoted a week ago
at 7@8%. However, the market is on virtually
an 8% basis and the lower figures are not generally
available. Mercantile paper remains in very moderate demand and equally moderate supply. Quotations for choice names are 6@7% for sixty and ninetyday endorsed bills receivable and for four to six
months' single names. Those less favorably known
require at least 73/2%.
THE CHRONICLE,
SEPT. 12 1914.]
Compared with Friday of last week, demand sterling and cable transfers declined to the lowest point
since August 18th,namely 4 99 and 5 00,respectively;
seven-day grain bills also receded to 4 9732@4 99;
increased offerings were in evidence and the foreign
exchange outlook showed considerable improvement.
Monday was a holiday. On Tuesday the downward
movement continued without abatement during the
initial transactions; demand bills dropped to 4 963
and cable transfers to 4 973 at one time, though
later a partial recovery took place, with the close
4 97%@4 98 for demand and 4 983/2@4 99 for
cables; for the first time since the commencement of
hostilities, a quotation of bankers' sixty day bills
was available, some business being done at 4 923.;
grain bills sold down to 4 94; predictions were freely
made in responsible quarters that a return to normal
conditions might be expected shortly. Heavy buying
by a syndicate of bankers induced firmness on Wednesday and cable transfers again rose to 5 00 and
demand bills to 4 99; before the close, however, the
market reacted partly and the final range was 4 983/2
@4 984 for demand and 4 993'@4 9932 for cable
transfers; sixty day bills were not quoted; seven-day
grain advanced to 4 941A@4 95. The successes
of the Allied Armies,coupled with persistent rumors
of impending peace negotiations, had a sentimental
influence upon sterling quotations on Thursday;
the tone was decidedly easier, with demand ranging
between 4 98@4 98 and cable transfers at 4 9914,
@4 99%, although seven-day grain ruled firm at
2; there was a disposition to await fur4 96@4 963/
ther developments. On Friday the market ruled
4 for
dull. Closing quotations were 4 9834@4 983
demand bills, 4 993(@,4 99% for cable transfers,
sixty days nominal, commercial on banks nominal,
documents for payment nominal, seven-day grain
bills 4 96@4 963/2. Cotton for payment nominal,
grain for payment nominal.
The New York Clearing-House banks, in their
operations with interior banking institutions, have
gained $7,847,000 net in cash as a result of the currency movements for the, week ending Sept. 11.
Their receipts from the interior have aggregated
$12,298,000, while the shipments have reached
$4,451,000. Adding the Sub-Treasury operations
and the gold exports, which together occasioned a
loss of $2,659,000, the combined result of the flow
of money into and out of the New York banks for
the week appears to have been a gain of $5,188,000,
as follows:
Week ending Sept. 11.
Banks' Interior movement
Sub'Treasury oper. and gold exports_
Total
Into
Hants.
Out of
Banks.
Net Change in
Bank Holdings.
812,298,000
13,159,000
$4,451,000 Gain $7,847,000
15,818,000 Loss 2,659.000
$25,457,000
220.269.000 Gain s5 ism Ana
The following table indicates the amount of bullion
in the principal European banks.
Sept. 10 1914.
Sept. 11 1913.
Banks •
Gold.
Sneer.
Total.
Gold.
Total.
England__ 47,508.42
47,508,429 42,434,493
42,434,493
25,013,280190,666,960 137.622,200 25,259,28 162,881.480
France _ 165,653,
16,727,0501 93.227,050 56,565,150 13,575,200 70,140,350
Germany 76.500
172.323,
Russia
6,042.000178,365,000 161,807,000 7,720,000 169.527.000
Aus.-11uns 51,578.000 12,140,000 63.718,000 50,631,000 10,658,000 61,289,000
Spain21,014,
49,277,000 18,571,000 29,913,000 48,484,000
. .
45.456,
2,000,
48,456,000 45,958.000 3,250.''' 49,208,000
Italy
754,900 14,2 6.900 12,359,000
Netbert'ds 13,512,
666,700 13,025,700
5,326.66 15,980,000 8,328,667 4,184,333 12,493,000
Nat. elg. 10.653,33
5,727,000 5,703,000
5,703,000
Sweden _ _ 5,727,
8,601.2
6.748,000
8,601,200 6,748,000
Switzer'd.
2,467.000
3,163,000 2,467.
Norway --8,163,
Tots week 622,489,64
Prey. week 611.380,84
es 466.897 718,956,539549,194,510 95.206.513644,401,023
97,280,130 700 669,972 550,606,301 96.062,083 46,668.384
a Data for 1914 IS for July 30. b For Aug.26.
701
QUESTIONS OF WAR AND OF PEACE.
In the military sense, the important development
of the past week in the European war has been the
obvious change in character of the campaign in
France. The German army, when within less than
twenty-five miles of Paris, turned suddenly southward, following the Anglo-French army; whereupon
that army ceased its movement of withdrawal, and
engaged the enemy on ground apparently chosen for
defensive operations. On the lines thus fixed, a
continuous four days' battle has been waged, evidently of a sanguinary nature, conducted with great
obstinacy on both sides, and with no evidence of
decisive results. The fact, however, that the Allies
were making a firm stand, the news of various minor
successes against the Germans, and the absence of an
attack on Paris, seem to have caused marked revulsion of feeling in France.
Yet it is not possible to say that the German invasion has been positively checked; much less that
the German army has been defeated. It was never
probable that the Germans would undertake a siege
of Paris while the hostile army was intact in the
field. All military commanders know that the ,
enemy's army, not the enemy's capital, is the prime
objective. A siege of Paris would have withdrawn large
German forces from active operation in the field; so,in
only a slightly less degree, would even the occupation
of the city after surrender have done. Paris was
besieged in 1870 only after the main French army
had been surrendered and the second army tied up
helplessly in Metz.
In the present instance the Germans are holding
their line in France, and are this week reported to
have captured the important fortress of Maubeuge,
near the Belgian frontier. Nevertheless, out of the
confusion of details and contradictory headquarters
reports, this much may reasonably be deduced—that
the sweeping Russian victories over the Austrians in,
Galicia, which have foreshadowed release of the
Russian army in that province, to help in pushing
on the campaign in Eastern Prussia, must have necessitated heavy drafts on German military resources,
The strengthening of the German line on the Russian
frontier would certainly interfere with the sending
of further reinforcements to the German army in
France, and it may possibly have necessitated with.
drawal of part of the German forces from France and
Belgium, to use against the Russians. If so, the
slackening of the German initiative in France would
thereby largely be explained. Meantime, also, the
French and English armies are being reinforced.
Detachments of Colonial volunteers are now nearly
due in England; new English recruits in great numbers are being trained, and Indian native troops are
reported as coming forward for the European campaign. Indeed, one of the most remarkable incidents
of the week has been the evidence of enthusiastic
loyalty among the Indian native princes, reported by
the Indian Secretary to Parliament, and expressed in
gifts both of money and of men. The point of view
of the Allied Governments is shown by Mr. Asquith's
speech of September 4 at Guildhall, in which he made
the declaration that "we are at the present time
watching the fluctuations of fortune in the earlystages of what is going to be a protracted struggle."
All this clearly indicates a new phase of the contest, and it therefore lends particular interest to the
agreement signed last Saturday between the three
702
THE CHRONICLE
[VOL. XCD.
Allies—England, France and Russia. That docu- tracted fighting, is a wholly premature conjecture.
The question would depend, among other things, on
ment reads as follows:
military situation of the moment, whether in
the
"The undersigned, duly authorized thereto by
or on the Austro-German east frontier. But
France
their respective governments, hereby declare as
follows: The British, French and Russian govern- in the meantime it is highly important to observe
ments mutually engage not to conclude peace separ- the wording of the agreement between England,
ately during the present war. The three govern- France and Russia, already cited. The attention
ments agree that when the terms of peace come to be of those who read this document is first and naturally
discussed, no one of the Allies will demand conditions directed to the first part of the compact, wherein
of peace without the previous agreement of each of it is declared that none of the three allied governthe other Allies."
ments will make peace without the concurrence of
It was signed in triplicate by Sir Edward Grey, the others. That disposed of the notion of a surBritish Minister of Foreign Affairs, and by Paul render and separate peace by France—conceivably
Cambon and Count Benckendorff, respectively to save Paris. But it is the second part of the agreeambassadors of France and Russia to Great Britain. ment which will have paramount importance whenThis week Japan has joined in the agreement.
ever peace negotiations actually begin.
It was natural that this document should have
That provision is that "no one of the Allies will
occasioned discussion as to the general question of demand conditions of peace without the previous
how peace may eventually be secured. Rumors of agreement of each of the other Allies." The wordnegotiations for that purpose have been widely cir- ing of this sentence is carefully chosen. It clearly
culated during the present week, and it is not impos- indicates that no single Power among the three Allies
sible that they may have had their origin with will be able to dictate its own terms of peace, even
preliminary efforts of our own Government to ascer- if at the time it should hold Austria or Germany at
tain the attitude of the belligerent Powers upon the its mercy. The importance of this fact may be requestion. If so, the result would seem to be assur- alized when one reflects not only on the territorial
ance that the time for such negotiations has not yet exactions after other previous wars but on the pearrived. The British Foreign Office is reported as culiar circumstances of the present conflict. The
having intimated, first that reparation by Germany integrity of the Austrian Empire may be threatened
to Belgium must precede all other matters in such at the end of the war;indeed, its disintegration might
discussion,but, second, that peace could not be dis- be insisted upon by Russia, if that Power alone were
cussed at all by England until after a decisive Ger- to dictate terms of peace. What France might
man defeat.
insist on getting, in the way of European territory,
This, on the whole, was the inevitable attitude; if framing exactions on its own account alone, is an
for none of the combatants is exhausted, neither side equally interesting question. There remains also
has yet gained a commanding advantage in the con- the whole problem of the colonial possessions of the
flict, and a treaty of peace under such conditions various Powers.
could hardly fail to leave all parties in an absolutely
No greater historic blunder could be committed
unsatisfactory position, with a strong probability than to repeat the episode of Alsace-Lorraine in
that the rankling enmities stirred up would cause, 1871. Russia by itself, for instance, might, in an
within a short space of time, another war. Rumors hour of victory, do exactly that. But the wellwhich have also circulated, that Germany was known fact that the individual interests of the three
sounding our Government with a view to mediation, allied Powers, in any post-bellum situation, would
have had nothing to supportthem. Ostensibly,these by no means be the same, ensures careful and statesreports were based on the Kaiser's message to Presi- manlike dealing with the whole question when the
dent Wilson—which, however, on its face showed time arises. What Russia might wish to dictate as
nothing of the kind; being merely a protest against its minimum terms of peace, England might easily
the alleged actions of the English troops and the be unwilling to ratify. So with the possible demands
Belgian people, designed, apparently, to offset the of the two other Powers. The stipulation, therefore,
effect of the protest of Belgium to the neutral Powers as contained in last Saturday's agreement between
regarding the episodes at Louvain and elsewhere.
the three Allies—that all must concur on any terms
Yet it is not impossible that some move looking of peace—is as complete a guaranty as could at
toward armistice or peace will presently be made. this time be obtained that the grave political errors
As matters stand, the situation of the hostile armies which have marked in the past the terms imposed
in France creates a military deadlock; involving on ending war will not this time be repeated.
immense and daily slaughter with no definite result.
Meantime, not only is this enormous destruction
of lives in progress, but industry and commerce in THE PLEA OF THE RAILROADS AND THE
ANSWER.
most of the belligerent States has reached an all
The
brief
which
the
statement
natmust
heads of six important railbut desperate condition. This
way
and
the President on Wednesday
systems
Germany
before
laid
to
emphasis
urally apply with special
is
chiefly
of the direction which ne
blockaded.
because
notable
been
has
commerce
Austria, whose ocean
cessity
has
take,
to
it
forced
inasmuch as the statesuch
that
appear
certainly
would
it
Sooner or later,
in
themselves
ments
not strictly new matare
made
measures
diplomatic
necessitate
would
conditions
pointing, successfully or not, to peace. Any such ter, except in the bearing which the war has given
negotiations would naturally be conducted through them within the past month. Figures of decreased
the President of the United States, whose early earnings and increased expenses have been presented
proffer of mediation in behalf of any combatant again and again, and their tendency and lesson are
now as during a year or more past. The net operstill stands.
What the terms of peace would be on which this ating income of the 250,000 miles of road represented
contest could be ended, now or after further pro- was about 15% less ($120,000,000) in the last than
SEPT. 12 1914.]
THE CHRONICLE
in the previous fiscal year; the gross earnings declined
44 millions in that fiscal year and the expenses increased 76 millions. The new capital required to
maintain efficiency of service has normally been more
than 400 millions a year—so much has been stated
and published before, and repeatedly, only the precise figures changing from time to time.
It is elementary—and this also has been over and
over pointed out—that railway credit alone is the
basis of ability to keep up existing efficiency, and
that maintenance of this credit depends upon ability
to increase net earnings. Notwithstanding all declamation against railroads and all prohibitory or
even mandatory statutes which ingenuity can frame
and concessions to popular emotions can enact, the
alternative is immovable: not an owner of savings,
large or small, will lend a dollar to railroads unlessin
the expectation of getting a reasonable interest and
a safe investment.
Now the railway executives tell the country,
through the President, that railroad securities held
abroad are estimated at three to five billions of dollars
and that obligations maturing before the close of
1915 aggregate over 520 millions,. For a long time
to come Europe will certainly not be a lender here; on
the contrary, Europe must realize on its American
securities, at whatever prices are obtainable; "the
United States is in a condition of financial isolation;"
and if the Stock Exchange (which has never before
been so long closed and must open some day) were
opened,the greatest selling pressure would be against
railway securities; with their fall, others would fall
even more seriously.
So much is new, in so far as it grows out of the war
situation; otherwise, it is no truer, and no more
momentous, than is was six months ago.
The new and notable feature of this presentation is
that it is practically an appeal to the American people
from a political commission which was set up to
regulate railroads and keep them within restraint as
to their pubilc service, but has followed such a line
of hostility as has, in connection with other conditions, well-nigh paralyzed that service. The six
transportation representatives ask the President "to
call the attention of the country" to this condition
as to railway credit and to urge "a practical recognition of the fact that an emergency is upon the
roads which requires, in the public interest," more
revenue. This is an appeal to the court of last
resort—the people.
We might add that regular, prompt, careful,
abundant transportation service, as to both passengers and freight, is expected of railroads. No act
of supererogation on their part is conceived to be
possible; are they not common carriers? Therefore
they are held, before public opinion, to a high and
an increasing scale of efficiency; service is their duty,
for which alone they exist. It is theirs not to reason
why or make excuses; it is theirs to do. If employees
threaten to strike, it is theirs to somehow or other
dissuade the men from striking; any interruption
of service is not to be considered for a moment, and
how to prevent interruption is for the roads to discover. We are sometimes half tempted to wish it
were possible for all the roads in the country to simultaneously cease operations for a few days, because
the inconvenience and suffering thus produced would
have a compensation in teaching a greatly-needed
public lesson as to our dependence upon these public
servants. We are so accustomed to them that they
703
are regarded as things of course, like sunshine and
rain. We expect everything at their hands, and, yet
are indifferently consenting to let their hands be
tied more and more tightly.
It has long been time the public estimation of
them were changed. Officially the President is
without power to change it; practically he has very
considerable power; and this almost unprecedented
appeal, direct through its very indirectness, ought
at least to be effective towards relief. That it will
be is not, however, quite free from doubt. For while
the President has promptly acknowledged the force
of the plea and the emergency, pronouncing the
brief "a lucid statement of .plain truth," he uses
generalities rather than direct emphasis towards a
specific mark, saying that he cannot "entertain any
deep anxiety about the matter" because the interest
of "the whole public in the proper maintenance and
complete efficiency of our railroads is too manifest."
Not too manifest, but not manifest enough, would
be a more exact statement; or, if this indispensableness is manifest it is too much as the sun is manifest
in the sky—so very obvious and common that it is
not appreciated.
This is the plea of the railroads and the response
of the President. Note now the answer from another
direction. In casting about in the familiar political
endeavor to raise revenue by taxation without anybody's knowing it, the House Ways and Means
Committee is proposing some taxes which may be
criticized for other reasons but especially as to their
untimeliness with respect to the railroads. Nobody
rises to urge restoring the equilibrium between receipts and expenditures by cutting down the swollen
mass of the latter; for example, to suspend all except
the clearly public and necessary items of what is
suggestively called "the pork bill," the river and
harbor appropriation, now put at 53 millions, with
a possible trimming for appearances' sake. Instead
107 millions of new revenue is to be raised and
$65,000,000 of this is to be provided by imposing a
tax of 3% on freight revenues to be collected by the
railroads but paid by the shippers. This would be
open to objections at any time, and is now especially
inappropriate. For, even admitting (what is open
to question) that the proposed commission of 1%,
amounting to only $650,000, would suffice to pay the
roads for the enforced collecting, it is perfectly certain that this tax would arouse shippers to another
protest, appearing to them or treated by them as if
it were an additional freight charge imposed by the
roads for their own benefit, and that it would inject
trouble and indirect resistance into the granting of
relief for which the roads have made this appeal
to the country.
To state the situation in a nutshell, the Eastern
railroads asked for an increase of 5% in freight rates
and were refused by the Commission. Now comes
the Government and proposes to compel the shipper
to stand a 3% increase, but turn the extra amount
over to itself. What chance is there for the railroads
to get better rates when the Government steps in
and pre-empts the ground for itself? This is the
most serious objection just at present, although
another one is that, even if'this would be an indirect
tax and would be widely distributed so as to fall upon
consumers, it would give intermediary, handlers of
goods before reaching consumers an opportunity
to take a commission for themselves by further
swelling of retail prices.
704
THE CHRONICLE
AMERICA'S CONTRIBUTION TO WORLD
POLITICS.
A good many ideas, political and otherwise,
prevalent everywhere and dominant in various
European countries, are going to be revised as a
result of the war. The greater European States
have moved along certain definite lines, while the
smaller States have looked on with anxiety or have
put forth every effort to follow them. The ineffectiveness of those efforts is abundantly apparent
to-day.
But ideas are not to be swept aside or rendered
invalid by defeat. They need to be replaced by
other ideas. That furnishes the opportunity for
the new world of the Western Hemisphere. For
more than a century both North and South America have been working on lines of their own, which
have steadily developed and which have made such
advance, especially of late, that they come now into
prominence and are sure to have large place in that
reorganization of Europe, if not of the world, which
will inevitably follow the war.
We say this of South as well as of North America,
for it was early in the nineteenth century that the
South American States began that struggle for freedom from autocratic monarchical government which,
•despite their troubled history, has not only resulted
in establishing the republican form of government
substantially throughout the Southern Hemisphere,
but has, at least in the three chief States, led to a
stability, a strength, an intelligence and a consciousness of power in concerted action which has chalenged attention, and wrought so effectively in the
Niagara Conference, an event which already is
recognized as having consequences far beyond the
occasion that called it into being. The South
American republics, notably the A B C States,
take their place to-day alongside the United States
and Canada in presenting the political ideas which,
illustrated and enforced by a hundred years of independent history, demand large recognition.
Among these ideas are the following:
First, the equality of States in their relation one to
another without regard to their relative strength or
size. This was made initial and fundamental in
the Constitution of the United States. That agreement went far beyond the Declaration of Independence, with its proclamation of the rights of the
individual, in that it was the act of thirteen independent colonies acting with a full sense of their
rights as States and preserving those rights and
the rights of those who in the future were to be associated with them. After • a century and a third
the forty-eight States of the American Union -stand
in identically the same relation of mutual regard and
individual self respect that distinguished the original
group. In a different form but with equal definiteness, the same relation has grown up and become distinctive of the South American Republics.
They Rot only respect one another, but on more than
one occasion they have come to the support of one
another, and to-day the close and active co-operation that exists between the three greater States is
a pledge of the independence of the samller States,
a pledge not expressed in terms, but the more valid
because characteristic of the spirit dominant in all.
Alongside this may be placed the idea of combination to prevent external invasion. The Monroe
Doctrine, within which for nearly a century the
[VoL. xcrx.
United States has stood alone, asserting, without
waiting for the assent of others, that it would regard
the attempt of a foreign Power to establish itself on
the American continent as an act hostile to itself,
may to-day be regarded as having passed into a new
stage. The smaller and less settled southern republics have ceased to fear absorption under cover of
it, and the stronger States no longer protest against
suggested "patronage." On the contrary, the PanAmerican conferences already bear testimony that
the doctrine is not only ineradicable in the heatts
of the people of the United States, but it is accepted
in South America as the guaranty of individual
protection which, if need be, all are prepared to
support.
A third idea is that of a concert of interests and of
action, which relieves from the necessity of great
armaments. The Western Hemisphere knows nothing of "Alliances," or "Ententes," or "Balance of
Power." This has long been the relation existing
between the United States and Canada, until a different relationship is inconceivable. Quietly, steadily, but inevitably, a similar state of things, under
the lead especially of Argentina, Brazil and Chili,
has grown up in the South. It has had something
to contend with. There have been fierce conflicts
and some shifting of territory, but, as sometimes between individuals, whose present affection is sealed
by differences which have been fought through, no
American State to-day dreams of arming itself
against its neighbor; even though there are those who
persist in thinking otherwise of the United States.
Once more, it is not too much to say that treaties
with foreign Powers as made in both South and
North America are conceived in a generous spirit,
are always intended to avoid conflict, to promote
mutual intercourse and commercial benefit, and are
intended to be strictly and honestly kept. We at
the North have been charged with a different spirit,
especially with regard to our Asiatic neighbors and
the Panama Canal. The one accusation, thanks
to President Wilson, we have effectually silenced;
the grave difficulties of the other we are earnestly
seeking light upon. Meanwhlie, such treaties with
other Powers as have been made by the South American republics are characterized, so far as known,
by generosity and high intelligence.
To all this may be added the important fact that
the relationship which has grown up between the
American republics and is now characteristic of
them opens the way to international jurisprudence.
This is the goal toward which all civilization points,
and the one final possible relief for which, under the
weight of the awful European war, the world is
crying. For the hour, all that was gained by the
Hague conferences and the peace movements seems
utterly swept away. When the ruin is complete,
and the ideas of dominance through self-interest
and the might of great navies and armies have to
be abandoned, other voices will be heard and other
ideas will come to the front. There will be place
for laws and courts of international validity, because
backed by the consent and therefore the strength
of all.
Then it will be found that the republics of the
West are in possession of ideas confirmed by instructive experience which in practice secure not
only peace but prosperity, good-will and ample
room for all needed growth and individual development. They will be found to have grown them-
SEPT. 12 1914.1
THE CHRONICLE
705
selves, and their example will be of value to others traffic, as already indicated, rendering any other
because it has not been achieved without effort and rate out of the question; but nevertheless the tendency of this average has continued steadily downcost.
ward. For the late year it was only 4.15 mills (at
which figure it is necessary to carry nearly 2 tons
NORFOLK cf^ WESTERN'S CONTINUED
of freight one mile in order to earn a single cent gross),
PROSPERITY.
against 4.24 mills in 1913 and 4.60 mills as recently
The Norfolk & Western is a thriving little system as five years ago. In a word, in five years the averthat has been able in recent years to make a fine age rate has declined nearly 10%.
With this decline in rate, however, a prodigious
record of prosperity in good times and bad times
alike. It comprises only a little over 2,000 miles of addition has been made to the traffic of the system.
road, but has built up an enormous volume oftonnage; We have already pointed out that for the late year
this it moves at extremely low rates; in fact the traffic no less than 9,155,506,727 tons of freight were
is of such a character, being composed mainly of carried one mile. As recently as 1908-09 the traffic
coal and other minerals, that it would not move at movement one mile was only 5,377,021,000 tonall except at very small rates. Enormous sums of miles, showing that in five years there has been an
money have been spent upon the property to enable addition of over 70%.
it to transport this freight tonnage at figures which
The gain in traffic has been one of the factors that
but a few years ago would have been deemed for- has served to overcome the loss in rate. Another
bidding,and yet to make a profit out of the business. very potent factor has been the growing efficiency of
All of the characteristics noted—the enormous operations. This latter is reflected in a constant envolume of traffic handled, the low rates obtained, the largement of the train-load. In the late year alone
constant and large additions to the new capital over 38 tons was added to the average load, bringing
outlays, the growing efficiency attained (and im- the lading of the trains up to 802 tons. We need
posed by the necessity of earning a return on steadily hardly say that this is a very high average, not duplienlarging capitalization) and the fact that with it cated on any of the large systems of the day and
all the company's record of prosperity has been excelled by very few roads in the country and only
maintained unimpaired—these characteristics be- in the case of such as possess special advantages in
come with each succeeding year more pronounced the way either of traffic or of grade, or of both
and more noteworthy, stamping this little system as combined. With the further increase in train-load,
the freight earnings per train-mile were brought up
a unique unit among railroad organizations.
It will be recognized that the year under review in 1914 to $3.3324, which compares with only $2.83
(that is, the twelve months ending June 30 1914) per mile run as recently as 1906-07.
was not a period of altogether favorable trade condiThe company's gross earnings have risen with the
tions. Yet there was a further, though small, addi- growth in traffic. The further addition in the late
tion to gross revenue, and a very substantial addition year was only $730,698, but had the effect of raising
was made to the traffic of the system on top of the total gross earnings to,roughly,44 million dollars—
tremendous previous growth. The number of tons of $44,470,618. Going back only five years to 1908-09,
revenue freight carried increased not quite 4% (in we find that the total gross then was no more than
exact figures only 3.97%) but this increase repre- $29,327,101. This is an expansion in the five years
sented an addition of 1,298,829 tons. The number in aggregate gross of considerably over 50%.
The new capital additions to provide for the growof revenue tons carried one mile increased 3.38%,
ing
traffic of the system and to permit due efficiency
the
of
magnitude
and it will give an idea of the
of
ratio
moderate
operations
have been of equally huge magnitude.
relatively
system's tonnage that this
of growth represented almost 300 million ton-miles, For illustration we may refer to the fact that during
or, to be precise, 299,436,346 ton-miles. With this the late year the outstanding amount of stock was
further increase the aggregate number of tons of increased $7,627,200, due to the exchange of convertifreight moved one mile was brought appreciably ble bonds into stock, but notwithstanding this convernear ten thousand millions. In other words, the sion of bonds,the aggregate of bonds outstanding was
Norfolk & Western handled altogether 34,000,572 increased $10,725,800, while $8,700,000 of new
tons of freight,and this was moved the equivalent of equipment trust obligations were also created, mak9,155,506,727 tons one mile. We may compare ing a total addition to capital account of over 27
this, for the benefit of the reader and to indicate million dollars, a large part of this being on subthe magnitude of the railroad transportation service scriptions made at the close of the preceding year.
rendered, with the corresponding item of some large All this money, however, has not been spent. With
and predominant railroad system, say the Chicago the development of an unfavorable trade and
Burlington & Quincy. This latter operates in excess financial outlook, the management have begun to
of 9,000 miles of road, or about 4 times the curtail expenditures for additions and betterments by
2,036 miles operated by the Norfolk & Western, and postponing the less urgent and reducing the rate of
yet in the fiscal year ending June 30 1913 (the figures progress upon the more important improvements
for 1914 are not yet available) had a freight traffic contemplated—so the report tells us. The effect has
smaller than that of the Norfolk & Western, or been the accumulation of a large amount of cash in
8,791,435,597 ton-miles.
the treasury, which has been in part invested, as is
But the Norfolk & Western is able to realize an aver- pointed out by President L. E. Johnson, in the purage only a little in excess of 4 mills per ton per mile, chase of well-secured short-term obligations. The
while the Burlington & Quincy in the fiscal year 1913 balance sheet for June 30 1914 shows $8,009,653
realized 7 mills per ton per mile. The difference in of cash on hand and $12,352,771 of short-term inrates also illustrates the difference in the character vestments.
of the traffic. The average on the Norfolk & WestDuring the twelve months under review the total
ern has from the first been low, the nature of the additions to cost of road and equipment aggregated
THE CHRONICLE
$2,225,398 gain, or a little over 3%. In prior years,
with the exception of the great contraction in 1908,
the record of earnings in August was one of accumulating gains. In August 1910 our preliminary compilation showed an addition of $5,600,104, or 9.90%.
In 1909,also,there was a gain, this being $6,102,600,
or 11.77%. These two, though, only a little more
than sufficed to make good the $10,691,980 loss experienced in 1908. Preceding 1908 there were increases in each and every year back to 1986, as will
appear from the following summary of the monthly
totals drawn from our early compilations each year.
Gross Earnings.
Mileage.
August.
InYear
Year
Given. Preced. cr'se.
Roads
120
118
121
112
105
96
76
76
67
1905 __ __
56
1906 __-_
68
1907 _ _ - _
87
1608....... 52
1909 -_. _
49
1910 ....... 46
1911..___
50
1912..... 47
1913_ ._ _
46
1914 _ _ _ _
47
Jan. 1 10 Aug
1896....-_ 116
1897....... 114
1898....... 121
1899..- _ 110
1900....... 105
1901 -...... 92
1902...._
76
1903...... 76
1904 ____
67
1905...... 55
1906....... 66
1907....... 67
1908....... 51
1909____
49
1910...... 45
1911 ____
50
1912....... 47
48
1913._ _ _
1914
47
Year.
1896_....
1897 ____
1898....._
1899.......
1900...._
1901 - --1902.......
1903 ____
Miles.
89.991
93,108
94,185
95,798
96,376
99,951
90,102
98,126
83,160
81,055
92,788
93,683
82.513
78,484
81,879
89,799
89,691
90,217
92,136
3188,742
92,379
94,185
95,484
96,376
96,056
90,102
98,126
83,160
80.798
92,507
93,683
82,091
78,484
81,421
89,799
89,691
90,217
02.136
Miles.
89,225
91,625
93,792
94,771
93,157
97,750
88,620
96,047
81,248
79,192
90,455
92,898
81,261
77,217
78,874
87,984
88,135
88.201
90,579
88.000
90,896
93,792
94,455
93.157
93,855
88,620
96,047
81,248
78,935
90,174
92,898
80,891
77,217
78,432
87,984
88,135
88,201
90.579
Year
Given.
1
Increase(+)
1
Year
Preceding. or Decrease (-)•
I
$
$
$
38,801,525 40,010,1441 -1,208,619
43,190,342 38,526,399 +4,663,943
46,632,848 44,446,940 +2,185,908
54,751,100 48,325.106 +6,425,994
57,143,176 53,731,004 +3,412,172
65,155,714 57,439,471 +7.716,243
58,887,908 56,213,712 +2,674,196
72,505,067 66,411,069 +6,093,998
59,445,529 57,494,231 +1.951,298
58,859,481 55,955,430 +2.904,051
+9,245,499
79,344,748„
86,377,190 79,029,051 +7,348,139
59,649,837 70,341,817-10.691,980
57,953,811 51,851,211 +6,102,600
62,005,137 56,405.033 +5.600,104
71,282.467, 69,057,069 +2,225,398
77,638,413 71.361,692 +6,276,721
77,975,309 77,903,639
+71,670
73,090.351 78,645.332 -4,955,479
287,248,002 272,698,995 +14,551,007
298,238,929 291,932,827 +6,306,102
337.683.518304.008,624 +33,674,894
378.241.765 348,511,473 +29,730,292
417,335,014 371.773,610 +45,561,404
417,198,174 376,726,858 +40,471,313
429,366,197 397.306,062 +32,080,135
536,623,682 475,299,340 +61,324,342
419,174,339 423,955.840 -4,781,501
421,764.129393,742.645 +28,021,484
575,472,692 498,726,455 +76,746,237
636,734,664575.891,850 +60,842,814
422,122,512 507,168.353 -85,045,841
409,593,132 367,711,841+41,881,291
452,534.443 391.216,649+61,317,794
511,926,161 504.172,5091 +7,753,652
549,470,466509,252,663 +40,217,803
90,383,040 544,877.398 +45,505,644
53.417.408 589,445,391 -36,027.983
MONM.O.Mt.-ONNMt...W0.
0"
0..N
02..040NC.C....M.0!..VORMOM
MC4,-.CONOWN..Nao00:b4.r.w
RAILROAD GROSS EARNINGS FOR AUGUST.
In view of the disturbed condition of trade growing
out of the European war, every one of course is
_prepared for a falling-off in the gross earnings of
United States railroads, and figures furnishing evidence of the falling-off cause, therefore, no surprise.
In saying this we have reference to the early, or
preliminary, statements of gross earnings which we
_present to-day for the month of August. This
shows a decrease of ,955,479 from the earnings of
last year, the compilation, however, covering only
'92,136 miles of road, including the usual three Canadian systems, namely the Canadian Pacific, the
_Canadian Northern and the Grand Trunk Railway
of Canada. In ratio the loss is 6.37%.
While the shrinkage in gross revenues is thus seen
to be quite moderate, additional significance attaches to the loss by reason of the fact that the graincarrying roads (which, along with the Southern
cotton-carrying roads, are the lines chiefly represented
in our table) had the advantage of a much heavier
'grain movement, and by reason of the further fact
that we have arrived at the period where comparison
is with poor or indifferent returns in 1913. Our
early statement for August last year recorded only a
nominal amount of gain and a number of the roads
actually had decreases, to which the present year's
decreases, of course, are additional. Stated in brief,
our early statement for last year showed only $71,670
increase, or less than one-tenth of one per cent. In
the years immediately preceding, however, comparison in August was with fairly good earnings. Thus in
August 1912 our early statement registered an increase of $6,276,721, or 8.79%, the roads included
being substantially the same as those now represented. In August 1911,likewise, the showing was
not unfavorable, our early statement then showing
xcIx.
NNNM ,
OM.tb-0,0000t..01NO40,.
pOORONMVh.m..,om.NONt..0M
CONVMOMVCOMOMWOOD
$15,333,648, this including $8,069,180 for trust
equipment. It appears that from the commencement of operations on Oct. 1 1896 to June 30 1914,
the company's iiroperty account has been increased
no less than $116,779,354, besides which direct
charges to income for additions and betterments,
aggregating $15,473,521, were made, making $132,252,875 together. Of this large sum the company's
revenues have provided no less than $40,103,298,
this including the $15,473,521 directly charged to
income, as already noted. By means of these expenditures the company has added to its road 452
miles of main line and branches, 437 miles of second
track,3 miles of third track and 791 miles of sidings,
and to its equipment 651 locomotives, 210 passengertrain cars, 31,756 freight-train cars and 910 worktrain cars.
The fortunate and encouraging feature is that the
company has been able to make all these large new
capital outlays reproductive, thereby keeping its
prosperity unimpaired. The income statement for
the late fiscal year is the evidence of this fact. The
$730,698 addition to gross revenues was attended by
an augmentation in expenses of $1,370,028, leaving a
decrease in net of $639,330. Nevertheless the company was able to pay the regular 4% on the preferred
shares and also 6% on the common shares, and,
besides making an appropriation out of income for
additions and improvements of $2,093,918, was able
to carry forward a balance to the credit of profit
and loss of $1,141,984.
[VOL.
• -1
.00.p.mcnt.ob-s&o.www3 b0c-4.41*.00mcnowtow
706
Note.-Neither the earnings of the Mexican roads nor the mining operations of the
anthracite coal roads are included in this table.
With reference to the expansion in the Western
grain movement, this was of decided proportions;
and the circumstance is the more noteworthy as last
year's grain receipts at the West had also shown a
considerable increase, so that for two successive years
the movement has been expanding. The increase,
moreover, has extended to all three of the chief
cereals, that is, wheat, corn and oats, a fact which
must be ascribed to the tremendous rise in prices
occasioned by the outbreak of war in Europe. For
the four weeks ending Aug. 29 the present year, the
corn receipts at the Western primary markets aggregated 17,650,000 bushels, against only 10,958,000
bushels in the corresponding four weeks of 1913 and
10,370,645 bushels in the same four weeks of 1912.
The wheat receipts for the four weeks this year were
no less than 44,314,000 bushels (and in wheat, of
course, the rise in values has been particularly
marked), against 35,324,000 bushels last year and
31,542,396 bushels two years ago. The oats receipts this year were 37,337,000 bushels, against
28,925,000 bushels in 1913 and 22,881,536 bushels
in 1912. Adding barley and rye, aggregate receipts
for the five weeks this year for the five cereals combined were 104,594,000 bushels, against only 80,763,000 bushels in 1913 and only 69,432,574 bushels
in 1912. The details of the Western grain movement
in our usual form are shown in the following:
Four weeks
end.Aug.29Chilago1914_ __ _
1913_ .__
Milwaukee1914_ .._ _
1913_ __ _
St. Louis1914_ _..
1913.....
WESTERN FLOUR AND GRAIN RECEIPTS.
Flour.
Wheat.
Corn.
Oats.
Barley.
(bush,
(bush.)
(bbls.
(bush.)
(bush.)
734,000
775,000
18,400,000
13,048,000
274,000
231,000
1,446,000
618,000
1,813,000
278,000
343,000
283,000
3,736.000
3,788,000
1,408,000
1,380,000
9,053,000 21,996,000
4,055,000 13,338,000
Rye.
(bush.)
788,000
1,135,000
265,000
230,000
3,584,000
1,197,000
674,000
396,000
162,000
154,000
2.210,000
2.854,000
55,000
34,000
89.000
103,000
SOPT. 12 1914.]
Four eelc•
Flour.
end. Aug. 29. (bbls.)
Toledo1914_
1913_
Detroil1914_ _ __
36,000
1913_ ___
32,000
Cleveland1914_ _ _ _
71,000
1913____
28,000
Peoria1914_ _ _ _
164,000
1913____
165,000
Duluth1914_
1913_
Minneapolis1914_
1913_
Kansas City1914_ ...
1913_--Omaha1914____
1913- -
THE CHRONICLE
Wheat.
(bush.)
Corn.
(bush.)
Oats.
(bush.)
Barley.
(bush.)
Rye.
(bush .)
693,000
1,108,000
233,000
160,000
1,280,000
1,504,000
3,000
9,000
24,000
411,000
197,000
188,000
99,000
688,000
536,000
176,000
60,000
166,000
135,000
702,000
518,000
1,000
1,000
1,000
253,000
199,000
1,555,000
917,000
2,116.000
1,630,600
132,000
86,000
12,000
32,000
105,000
7/6,000
434,000
749,000
161,000
307,000
2,124,000 1,875,000
2,816,000 1,726,000
632,000
578,000
1,736,000
1,100,000
7,636,000
5,449,000
518,000
357,000
10,019,000
6,215,000
874,000
1,372,000
943,000
1,697,000
1,808.000
3,542,000
1,842,000
2,205,000
1,589.000
2,059,000
Total of All
1914_ __ 1,642,000 44,314,000
1913_ _. _ 1,514,000 35,324,000
Flour.
Jan. 1 to
(bbls.)
Ans. 29.
Chicago1914____ 6,105,000
1913._ 6,260,000
Milwaukee1914....... 1,931,000
1913_ _
1,367,000
St. Louis1914___ _ 2,156,000
1913..._2,049.000
Toledo1914_
1913Detroit294,000
1914_ __ _
1913......261,000
Cleveland457,000
1914... _ _
310,000
1913._ __
Peoria1914 _ _ 1,396,000
1913.... 1,638,000
Duluth-1914_
128,000
1913..... _
Minneapolis1914....
1913..
Kansas City1914._
1913_
Omaha-1914____
1913_
Wheat.
(bush.)
1.000
With reference to the separate roads, all but nine
of the 47 companies contributing returns are obliged
to report diminished earnings. The Canadian Pacific heads the list with $1,530,000 loss, and here the
decrease follows a decrease in the preceding year.
Among American roads the Great Northern has
30,690 decrease. Southern and Southwestern roads
this time likewise quite generally fall behind in the
present year. In the following we show all changes
for the separate roads for amounts in excess of $30,000,
whether increases or decreases.
PRINCIPAL CHANGES IN GROSS EARNINGS IN AUGUST.
17,650,000 37,337,000 3,962,000 1,331.000
10,958,000 28,925,000 4.127,000 1,429,000
Barley.
(bush.
Oats.
(bush.)
Corn.
(bush.)
Rye.
(bush.)
54,481,000 55,693,000 79,154,000 12,745,000 1,891,000
39,748,000 91,511,000 88,506,000 19,656,000 1,740.000
4,442,000
4,712,000
19,556,000
22,419,000
9.787,000
7,521,000
14,080,000 8,980,000 1,373,000
8,985,000 10,770,000 1,616,000
12,462,000 16,765,000 1,063,000
16,795,000 15,383,000
782,000
207,000
587,000
3,749,000
2,696,000
3,164,000
2,764,000
2,344,0013
3,530,000
28,000
2,000
34,000
40,000
1,092.000
556,000
1,923,000
1,767,000
2,695,000
2,473,000
68,000
11,000
705,000
626,000
2,674,000
2,738,000
3,168,000
3,317,000
23,000
46,000
32,000
5,000
1,698,000
1,488,000
10,578,000
12,401.000
9,330.000
7,726,000
1,757,000
1,974,000
187,000
376,000
12,632,000
23,010.000
780,000
447,000
1,577,000 1,959,000
6,442,000 5,003,000
568,000
978,000
51,256,000
58,045,000
6,795,000
4,106,000
27,453,000
26,604.000
20,484,000
11,266,000
6,993,000
6,040,000
9,384,000 23,928,000
15,492,000 14,623,000
9,363,000
8,992,000
9,718,000 11,159,000 2,290,000
11,832,000 16,983,000 2,584,000
There were also some minor local advantages in
the case of particular roads-advantages resulting
from the absence of disturbing conditions which had
been present in 1913. We have in mind more particularly that a year ago a strike prevailed in the
Lake Superior copper regions, which has since been settled. The effect of this is seen in the case of the
Mineral Range RR., which last year in August saw
its earnings reduced from $74,883 to $24,642, and
now sees them back again to $73,696. In Colorado,
of course, there was no relief from the coal miners'
strike which has been in progress so long.
In the South the cotton-carrying roads had a diminished movement to contend against, though as
August is the beginning of the crop-moving season,
the movement is never very large at this time.
Still, there was a substantial falling-off. The aggregate of the receipts at the Southern outports for
the even month in 1914 were only 48,262 bales,
against 312,688 bales in August 1913 and 247,637
bales in 1912. The bulk of the loss is found at Galveston and other Texas points and at Savannah.
The overland movement was small the whole three
years, having been 21,950 bales in 1914, against
22,067 bales in 1913 and 12,103 bales in 1912.
RECEIPTS OF COTTON AT SOUTHERN PORTS IN AUGUST AND FROM
JANUARY 1 TO AUGUST 31 1914, 1913 AND 1912.
I
Since January 1.
Ports.
1914.
Galveston
Texas City, &c
New Orleans
Mobile
Pensacola, &c
Savannah
Brunswick
Charleston
Georgetown
Wilmington
Norfolk
Newport News,&c
Total
1913.
1912.
1914.
1913.
1912.
bales_ 27,930 229,226 218,740 1,291,637 1,177,820 1,471,861
638 26,072
432 218,607 293,615 329,244
6,162 6,838 9,693 852,768 489,068 806,986
74,481 153,243
545 3,027 2,544 131,060
41,918 179,580
57,796
141
492
275
5,494 23,707 10,421 436,204 325,713 820,508
67,900
54,884 162,089
14
750
42,621
54,390 116,615
842 3,709 2,076
389
110
48,265 189,929
70.658
50
635
312
291,112
230,246
219,163
2,043 17,922 2,660
28,842
63,248
3,698
633
866 110,185
48,262 312,r83
Decreases.
Increases.
182,836
$234.638!Missouri Pacific
$177,000
80,449 St Louis Southwest
164,933
62.269 IMinneap St P & S S
-143,893
49,054: Seaboard Air Line
142,458
47.1,20 Wabash
133,240
Southern Railway
Representing 5 roads in
106,600
Western Pacific
our compilation
a94.927
Chicago & Alton
79.489
Decreases. Texas & Pacific
Canadian Pacific
57.993
$1,530,000 Duluth South Shore & Atl
Canadian Northern
48.232
457,100 Buffalo Rochester & Pitts_
Great Northern
38.671
430,690 New Orl & Northeast _ _ _
Louisville & Nashville.31,325
407,610 Chicago Greet Western__
Grand Trunk
a31,278
300.473 Grand Trunk Pacific
Missouri Kansas & Texas_
264,864
Colorado & Southern_ __ _
235,164
Representing 22 roads in
Denver & Rio Grande__
$5.278.576
219,800
our compilation
Chesapeake & Ohio
Minneapolis & St Louis__
Illinois Central
Mineral Range
Detroit Toledo& Ironton
a These figures are for three weeks only.
To complete our analysis we annex the following
six-year comparisons of the earnings of leading roads,
arranged in groups.
EARNINGS OF SOUTHERN GROUP.
August,
1914.
1913.
1912.
1911.
1910.
1909.
$
437,027
$
448,174
$
418.24'
5
364,144
$
386,658
$
305,425
317,215
138,626
135,767
3,479,273
841,409
4,704,455
1,048,555
1,650,505
5,623,941
860,397
355,916
152,953
153,084
3,244,635
847,302
5,112,065
1,067,392
1,794,398
5,757.181
890,380
318,390
151,265
144,087
3,214,299
832,707
4,892.953
1,008,002
1,775,625
5,641,370
758,829
280,743
131,065
116,746
3.019,132
804,189
4,593,083
897,201
1,677,579
5,265.620
810,490
301,427
149,938
132,438
2,949,328
834.04
4,567,267
920,322
1,544,978
5,041,457
719,924
263,041
130,944
110,350
2,642,595
661,114
4,061,442
821.856
1,379,820
4,640,736
742,968
1,000
• Total of All1914.......12,339,000 186,448,000 148,268,000 155,187,000 37,714,000 6,583,000
1913____12,013,000 195,396,000 165,939.000 163,226,000 55,284,000 7,937,000
August.
707
3" 3,498,190 2,853,750 4,550.588
Alabama Gt Sou_
AlaNO&TP
New Orl & N E.
Ala & Vicksb
Vicks Shrev &
Ches dv Ohio_c__
One NO & T P.
Loulsv & Nash_b
Mobile & Ohio__
Seaboard Air Line
Southern Ry_--Yazoo & Miss Val
Total
19.237.200 19.823.480 19.151.717 17.000 00217 045 141 IA IAA 2A1
b Includes the Louisville & Atlantic and the Frankfort & Cincinnati.
C Includes Chesapeake & Ohio of Indiana beginning July 1 1910.
EARNINGS OF SOUTHWESTERN GROUP.
1914.
August.
$
1,136,469
2,078,400
0894,346
2,665,305
5,329,974
946,001
1,427,320
Colo & Southern_
Deny & Rio Gde_
Internat & Gt No
Mo Kan & Tex_a
Missouri Pacific_
St Louis&South
Texas & Pacific__
Total
1913.
1912.
$
1,371,633
2,298,200
894,346
2,930,169
5,512,815
1,123,000
1,506,809
$
1,223,248
2,215,460
925.850
2,691,722
5,612,882
1,076,373
1,353.369
1911.
$
1,296,137
2,188,086
746,213
2,381,034
4,760,371
934,7201
1,304,160
1910.
1909.
$
1,483,650
2,200,422
714,955
2,297,49Q
4,723,542
960.178
1,294,383
$
1,372,058
2,046,674
618,952
2,179,360
4,574,924
854,155
1,174,208
14,477,814 15.636.96715.098.904 13.610.721 13.674.62012.820.331
a Includes Texas Central in 1914, 1913, 1912, 1911 and 1910 and Wichita Falls
n6from Nov. 11912.
b Month this year not yet reported: taken same as last year.
EARNINGS OF NORTHWESTERN AND NORTH PACIFIC GROUP.
August.
Canadian Pacific
Chic Gt West._ _
Dul So Sh & AU_
Great Northern_
Minneap & St Li
Iowa Central_ f
Minn StP&SSM
Total
1914.
1913.
1912.
1911.
1909.
1910.
$
$
$
$
$
9,532,00011,062,00012.251.71610,421,904 9,255,331
1.285,374 1,316,699 1,239,869 1,144,321 1.102,227
336,479
295.400
353,393
313,881
304,602
6,790,64 7,221,330 6,876,076 6,000,950, 5,875,56
822,549
692.4051 433,301
898.6561 818.207
1 302,174
I
2.374,087 2,539,021 2,404,807 2,136,619 1,998,743
$
7,426,985
1,014,144
308,440
5,557.213
375,730
270,860
1.785,030
21.176.15723.310.64923.908.89820.700.801 19.303.823 16.739.102
•Includes Mason City & Fort Dodge and the Wisconsin Minnesota & Pacific.
EARNINGS OF MIDDLE AND MIDDLE WESTERN GROUP.
August.
1914.
$
1,098,050
Buff Roch &Pit
Chicago & Alton_ al.386,453
Chic Ind & Lou__
634,690
Grand Trunk_ _
GrandTrkWest 4,853,741
Del Gr H & M
Canada Atl_ _ _
Illinois Central_ 5,759,390
117,221
Tot Peo & West_
398,699
Tol St L & West_
Wabash
2,734,303
Total
1913.
1912.
1911.
1910.
1
1909.
$
S
$
$
$
1,146,282 1,047,435
866,779
888,775
815,208
1.473,369 1,403,259 1,402,455 1,460,644 1,265,060
650.737
631,591
616,293
613,737
531,300
5,154.213 4,966,415 4,502,674 3,885,049 3.879,409
5,697,121 5,586,528 5,551,55565,328,014 4,870,027
123,581
120,003
117,692
124,623
107,372
426,503
370,815
375,797
364,744
343,025
2,876,761 2,937,189 2,700,640 2,756,976 2,624,167
16.982,546 17,548,567 17,063,235 16,133.885 15.422.56214.42s kas
a Fourth week not yet reported; taken same as last year.
b No longer includes receipts for hire of equipment, rentals and other
items.
C Includes earnings of Indianapolis Southern beginning with July
1910.
70S
THE CHRONIC1 E
[VOL. xcrx.
We now add our detailed statement for the month
of August, comprising all the roads from which it has
THE GRAIN-CROP SITUATION.
been possible to procure returns for that period up
As a result of unfavorable weather in important
to the present time. We give a second table showing sections of the corn and spring-wheat
-growing terthe comparative earnings for the same roads for the ritory of the country during August,
the grain-crop
period since Jan. 1.
outlook of the United States on Sept. 1 was moderately
less favorable than a month earlier. This
GROSS EARNINGS AND MILEAGE IN AUGUST.
is the conclusion the Department of Agriculture
Gross Earnings.
Mileage.
reaches in its official report for Sept. 1, issued on
Nome of Road.
Inc.(+)or
1914.
1913.
Dec. (—). 1914. 1913. Tuesday, and it is confirmatory of private advices
-that had come to hand periodically during the month.
$
$
$
Ala Great Southern__
437,027
448,174
—11,147
309
309 But while the situation
Ala New Orl & Tex Pis not as good as a month
Northeas
Orl
&
New
317,245
355,916
—38.671
202
202
Alabama & Vicksb_
138,626
152.953
earlier,
it
is
—14,327
not
really
unsatisfactor
142
y. It is true, of
142
Vicks Shreve & Pac
135.767
153.084
—17,317
171
171
Ann Arbor
2146,065
y144,729
+1.336
291
291 course, that, as the Department construes its reBuffalo Roch & Pitts_
1.098,050 1,146,282
—48,232
586
576
Canadian Northern.... 1,367,700 1,824.800
—457.100 4,670 4,316 turns, the promise of yield as regards corn was on
Canadian Pacific_ _
9,532,000 11,062,000 —1,530,000 12,227
11,605
Chesapeake & Ohio
3.479,273 3,244.635
+234,638 2,367 2,340 Sept. 1 some 36 million bushels below Aug. 1. But
Chicago & Alton
5908,009 y1.002,936
—94,927 1.026 1,026
Chicago Great West
1,285,374 1.316,699
—31,325 1,496 1,496 the outlook for corn at this time is better
Chicago Ind & Louisv
than a year
634,690
650,737
—16,047
616
616
Cinc New On & Tex P
841,409
847,302
—5,893
336
336 ago. Deterioration during August apparently cost
Colorado & Southern- 1,136,469 1,371,633
—235.164 1,867 1,871
Denver & Rio Grand.: 2,078.400 2,298,200
—219.800 2.585 2,560 spring
Western Pacific_ ..- wheat about 15 million bushels, but the new
544,900
651,500
—106,600
942
933
Denver & Salt Lake_ 170.773
164,012
+6,761
255
214 supply of wheat (winter and
Detroit & Mackinac
98.503
113.820
spring combined) for
—15.317
411
411
Detroit Tol & Ironton
193.360
146.240
+47.120
441
441 the year will, it is anticipated,
Duluth Sou Sh & Atl295.400
353,393
—57,903
exceed last year's
627
626
Georgia Sou & Florida
187,987
182.494
+5,493
395
395 (the record) by
Grand Trunk of Cal
133,000,000
bushels
and,after meeting
Grand Trunk West
4,853.740 5,154,213
—300,473 4,549 4.548
Del Gr Hay & Mil
home requirements, leave some 250 to 300 million
Canada Atlantic_ _J
Grand Trunk Pacific_
2310.278
y341,556
—31,278 1,104 1,104 bushels available for shipment abroad. Oats also
Great Northern
6,790,640 7,221,330
—430,690 7,802 7.752
Illinois Central_ ___ _ _ 5,759,390 5,697,121
+62,269 4,753 4,763 felt the adverse influence of dry weather, inducing a
Louisville & Nashville 4,704,455 5.112.065
—407,610 5,034 4.923
Mineral Range
73,696
24,642
+49.054
121
122 reduction of the official estimate to the extent of 37
Minneap & St Louis_ I
898,656
818,207
+80,449 1,585 1,585
Iowa Central
1
million bushels, but the indications as regards
Minn St Paul & 88 M 2,374,087 2,539,020
—164.933 4,101 3,976
Missouri Nan & Tex a 2,665,305 2,930,169
—264.864 3,865 3,817 barley, rye, buckwheat and rice were practically
Missouri Pacific
the
5,329,974 5,512,810
—182,936 7,284 7,283
Mobile & Ohio
1,048,555 1,067,399
—18,837 1,122 1.122 same as a month earlier and for
Nevada-Cal-Oregon.. _
quite
full
crops
37,151
34,023
+3,128
237
237
Rio Grande South__ _ _
51,433
54.560
—3,127
1141
ISO
St Louis Southwest_ _ _
946,000 1,123,000
—177,000 1,753 1.608 withal. Combining these various grain crops, the
Seaboard Air Line
1,650.505 1,794,398
—143.893 3,098 3.082
Southern Railway_ _ -.. 5,623,941 5,757.181
—133.240 7.010 7.037 Department's estimates of Sept. 1 give a total proTenn Ala & Georgia
7,580
8,572
—992
97
94
Texas & Pacific
1.427,320 1,506,809
—79.459 1,885 1,885 duction of 4,894 million bushels in 1914, against
Toledo Peoria & West
117,221
123,581
—6,360
247
247 4,591 millions, the final result
Toledo St L & West
398.699
426,503
for 1913, and the high—27,804
451
451
Wabash
2,734,303 2,876,761
—142,459 2,514 2,514
Yazoo & Miss Valley_
860,397
890.380
—29,953 1.372 1,372 water mark of 5,576 millions in 1912.
Total (47 roads)
73.690,353 78.645,832 —4,955,479 92.136
Corn suffered deterioration in August as a result
90,579
Net decrease (6.37%).
Mexican roads(not inc.I. in total):
of
the drought, the rains in the latter part of the
Mexican Railway_ _ .. _
y604,100
2603,600
+500
395
361
month having come too late to be of benefit to the
a Includes Texas Central in both years.
cereal in the large producing States. In Kansas, in
y These figures are for three weeks only.
fact, condition dropped from 74 on Aug. 1 to 53 on
GROSS EARNINGS FROM JANUARY 1 TO
AUGUST 31.
Sept. 1, in Iowa from 91 to 81, in Missouri from 68
57 and in Nebraska from 82 to 65. But in all of
Name of Road.
to
1914.
1913.
Increase. Decrease.
localities the status this year was much better
these
$
$
$
$
Alabama Great Southern__ 3.404,824
3,494,419
89,595 than on Sept. 11913, and this is especially true of
Ala New On & Tex Pac—
New Orleans & Northeas 2,591,703 2.740 217
157.514 Kansas, where a virtual crop failure was recorded last
Alabama & Vicksburg__
1,142,085 1.233,629'
91.544
Vicks Shrev & Pacific..__
1,131.889 1144120
12.240 year. In more northerly sections some
Ann Arbor
51,351,296
benefit
79.063
Buffalo Rochester & Pittsb 6,589,285 y1,430.359
7,512,719
923.434 accrued from the rains, as also in those
Canadian Northern
12,297,700 14,403,500
sections
of
2,195.800
Canadian Pacific
74,542,632 58.924.569
Chesapeake & Ohio
24.821.258 23.289.065 1.532,193 14.381.937 the South where an increased acreage of late corn had
Chicago & Alton
y8,476.139 59,423.688
947.549
Chicago Great Western___ 9,078,899 9,240.548
161.649 been planted. The general condition of corn in the
Chicago Inaianap & Loulsv 4,487.686 4,552.379
64,693
Cin New Orl & Texas Pac__
7.084,043 6,939.61)9
United States on Sept. 1 is stated by the Department
144,434
Colorado & Southern
8,170,938 9.629,688
1,458,750
Denver & Rio Grande
14,084,009 15.267.566
Agriculture at 71.7, against 74.8 a month earlier,
1183,557
of
Western Pacific
3,638,641 4,102.610 -------- -463.969
Denver & Salt Lake
899.990
774.132
125,858
a year ago and a ten-year average of 79.4. On
65.1
Detroit & Mackinac
791.971
833.363
41.392
Detroit Tol & Tronton__ 1,048,340 1.035.152
13,188 -- ______ the basis of condition percentages, an
approximate
Duluth Sou Shore & Atlan_ 2,167.254 2.363.352
196,098
Georgia Southern & Florida 1.652.613 1.685.711
33,098 average yield of 24.9 bushels per acre
is arrived at,
Grand Trunk of Canada.._
Grand Trunk Western_ 34,541,840 37,334,509
2,792,669 a product somewhat below
the average of recent
Det Grand Ray & Milw
Canada Atlantic
years. The indicated crop is 2,598,000,000 bushels,
Grand Trunk Pacific
y.3,220,446 y3,523.367
302.921
3reat Northern
44,080.931 49,460,005
5,379.074 or about 151
million bushels more than harvested
Illinois Central
42.871,406 42,427,800
443.696
Louisville & Nashville __ 37.496.035 39.596.490
2,100,455 last year
but 527 million bushels less than the record
Wineral Range
493,803
497,917
4,014
1Iinneapolis & St Louis__ } 6,279,254 6,116.969
162,285
crop of 1912. Harvesting of prematurely ripened
Iowa Central
Ainneap St Paul & S S M_ 17,499.081 19,987,945
1,488,864
Vlissouri Kansas & Texas_a 19,604,169 20,308,150
was reported as quite general toward the close
corn
703,981
Vlissouri Pacific
38.263,520 39,974.323
1,710,803
11obile & Ohio
August and in Illinois and Iowa the new crop was
8,450,491 8,368,093
of
82,398
Cevada-California-Oregon_
229,064
239,291
10.227
3lo Grande Southern
364.892
425.455
60,56.3 already being used as fodder.
n Louis Southwestern..___ 7,691,422 8,374.500
683.078
leaboard Air Line
16.495.760 16,485,337
10.423
The average condition of spring wheat on Sept. 1
1outhern Railway
44,497,501 44,549,865 ____
52.364
Tennessee Ala & Georgia
56,717
85.536
28,819
officially
announced as 68, or 7.7 points lower than
is
Texas & Pacific
11.450,503 11,093.236
367,267
Toledo Peoria & Western__
813,114
906.027
92.913
Aug.
on
1,
all the leading producing States showing
Toledo St Louis & Western 2,954,507 3,052.057
98,450
Nabash
19.097,285
1.406,634 more or less deterioration. It is also to be noted
fazoo & Mississippi Valley 7,512,382 20.503.919
7,024,396
487,986
Total (47 roads)
553,417,408 589.445,391 3,369.728 30.397.711 that harvesting was delayed late in the month by
let decrease (6.13%)
36,027,983 wet weather. The condition as given above compares
3VIexican Roads (not includ ed in total) —
dexican Railway
time of harvest last year, 90.8 in 1912
55,812,800 56.311,900
499.100 with 75.3 at
average of 76.6. As worked out by
ten-year
a
and
s
v Incee
luedr
es thes
e Texas Centotraltheinenrehf
d week
in
Department
an average yield of 12.2 bushels per
the third
years. the
SSPT. 121914.1
THE CHRONICLE
acre is indicated, or a total product of 221 million
bushels, against 240 millions last year, 330 millions
in 1912—the high record—and 290% in 1909. Combining the predicated spring-wheat yield with the
official preliminary winter-wheat total of 675,000,000
bushels, we have an aggregate of 896 million bushels
for 1914, which is the largest production of the cereal
in the history of the country, showing, as it does, an
increase of 133 million bushels over 1913, and assuring, as already intimated, a very large exportable
surplus, for which, under the conditions now prevailing in Europe, very full values can be obtained.
In fact, since the close of July wheat has advanced
some 30 cents per bushel at New York and now
ranges from $1.233" to $1.25%, according to grade.
Oats, likewise, stood somewhat lower in condition on Sept. 1 than a month earlier, but a little
above a year ago. The condition when harvested is
given at 75.8, against 79.4 Aug. 1 this year, 74
Sept. 1 1913 and 92.3 in 1912, with the ten-year
average 79.1. It follows, therefore, that this crop
is also expected to give a product per acre below
most recent years. This, furthermore, is indicated
by the fact that the Department at this time calculates the yield per acre as 29.1 bushels, against an
average of 30.6 for the previous five years, and arrives
at an aggregate production of 1,116,000,000 bushels,
as contrasted with 1,122 million bushels last year and
1,418 million bushels in 1912—our largest oats crop.
The estimated product of barley at 200 million bushels
is but slightly under the approximation of a month
ago and exhibits a gain of 22 million bushels over
last year, and of rye the yield, it is expected, will
exceed by a little the record set in 1912. Buckwheat promises an aggregate 3 millions greater than
in 1913, but in rice a decrease of some 2 million
bushels is predicted.
Aside from grains there is a universal food crop
that calls for passing notice. We refer to the
white potato. There may be limits in the use of
other food crops but none in this, and the importance
of a sufficiency of supply cannot, therefore, be
gainsaid. There is apparently no expectation of
a record potato crop, but the Department anticipates
a yield per acre of 98 bushels, or a little above the
average of recent years, and promising an aggregate
harvest of 371,000,000 bushels, this being 39 million
bushels better than the outturn of a year ago. •
REPELLING FOREIGN CAPITAL.
To the Editor of the "Commercial & Financial Chronicle":
Sir—In your issue of Aug. 1st you say:"With all the leading countries.of Europe engaged in a gigantic struggle for
existence, the United States will be the only safe financial
haven. Capital and savings accumulations will come here
for shelter and ought to find a welcome harbor."
This would be true but for the suicidal policy adopted
towards your railways, &c., a policy against which you have
for long protested editorially.
For instance, on July 25 you state [in speaking of the report of the Inter-State Commerce Commission regarding the
New York New Haven & Hartford RR. and the action of
the Federal Government in filing a suit against the same road
under the Sherman Anti-Trust Law]:
"Everything is being done everywhere to find damaging
facts, and American railroad securities and American business enterprises are being discredited in the eyes of the
whole world."
According to yesterday's London "Times" your analysis
of the net earnings of 489 railroads for the first half-year
shows a decrease of 12.82%.
Why should foreigners, when again able to purchase, buy
the securities of companies which are being so obviously
pressed towards bankruptcy?
709
Until your corporations are given a chance to earn a living
wage their stocks and bonds cannot be attractive.
Many fields abroad will again be open for the safe and
remunerative employment of capital.
America is surely missing her great opportunity.
I am, sir, your obedient servant,
A Foreign Investor.
September 1st 1914.
NEW YORK CITY'S NEW LOAN AND THE
CONDITIONS CONNECTED THEREWITH.
The new gold loan of $100,000,000, bearing 6% interest,
and which was arranged for at the close of last week by a
syndicate headed by J. P. Morgan & Co. and Kuhn, Loeb &
Co., was approved by the Board of Estimate and Apportionment at its meeting yesterday (Sept. 11) after slight
modification from the original plan. Of the total,
$57,000,000 are to be issued under Sec. 189 of the City
Charter and are to be payable one year from date; $43,000,000 are to be issued under See. 187 of the City Charter, in
anticipation of the revenue of the city, and are to be payable,
$18,000,000 in two years and $25,000,000 in three years
from date. It is announced by the bankers mentioned
above that the loan has] been completed by the participation of 1413 banks and trust companies.
In connection with the matter, Comptroller Prendergast
issued the following statement:
Sept. 5, 1914.
"It is with the very greatest gratification,as the city's financial officer,that I am giving to you the proposal from Messrs.
J. P. Morgan & Co. and Messrs. Kuhn, Loeb & Co. This
proposal represents the successful completion of four weeks
of unremitting effort to secure for the city the necessary
financial assurances to enable it to discharge its very large
foreign obligations. From the very beginning the foreign
debts have, of course, proved our greatest problem.
"Four weeks ago I called on Messrs.J.P.Morgan & Co.
and explained the city's exact condition. I found Mr.
Morgan not only sympathetic but willing in the most emphatic way to help all he could,and one of his first statements
to me.was that in anything he might undertake his firm did
not wish to make any money out of the city. In fact when it
was at one time.proposed that the city had a perfect right
to pay a commission of 34% for services in securing its
accommodations, Mr. Morgan rejected the idea.
"It will be obs3rved that the proposed agreement does not
contemplate any profit for actual services rendered as syndicate managers to either Messrs. J. P. Morgan & Co. or
Messrs. Kuhn, Loeb & Co., and I am certain the people
of the city will, as they should, appreciate the fine spirit
of civic interest in which these gentlemen have undertaken
this tremendous task.
"One thing in regard to the proposed agreement which it
seems to me is most impressive is the democratic nature
of the undertaking. Every bank in the City of New York is
to be invited to participate in aiding the city to discharge its
financial obligations. It is not to be the work of any coterie
or faction but the undivided work of all the banks of the city.
"No one must imagine because New York City is about to
secure the funds it will require to discharge its obligationsfor
the balance of the year, that we are in any position to
depart from the policy of reasonable economy and retrenchment already under way. In harmony with this policy it is
proposed to abolish the practice of issuing long-term bongs.for
any improvements, except those that are self-sustaining.
The work now under way and that which is already under
contract, with the exception of transit, docks .and water
supply (which are in the self-sustaining class), it is designed
to finally pay for in the form of fifteen-year serial bonds.
The effect of this will be in the first years to put a somewhat
.e
larger amount in the budget than if fifty-year bonds wer
issued, but the gross outlay, principal and interest, under this
system, will be many millions less than if long-term bonds
were issued.
"The people of the city should bear in mind that s, fiftyyear bond, before it is canceled, means that the city has
disbursed three times the amount of the original outlay."
Below we print in full the letter addressed by J. P. Morgan
& Co. and Kuhn, Loeb & Co. to Comptroller Prendergast
outlining the arrangement and explaining its scope and
character:
Wall Street, corner Broad.
52 William Street.
New York, September 4 1914.
The Hon. William A. Prendergast,
Comptroller of the City of New York—
Dear Sir—At your express request, after conference with yourself and
Acting Mayor McAneny, in behalf of the city, and with a view to its relief
under the present extraordinary conditions involving the possibility of
great financial peril to the city and to the public, we are arranging to
form a syndicate to provide $100,000,000 for the payment of outstanding
obligations of the city upon substantially the following terms, to wit.:
THE CHRONICLE
vot. xcix.
The foregoing sub-divisions I, 2 and 3 shall not be applicable in respect
First—J. P. Morgan & Co. and Kuhn, Loeb & Co., hereinafter referred
ca (of of bonds issued or issuable for self-sustaining works; that is, for rapid tranto as the "syndicate managers", will endeavor to form the syndicate
which they may themselves become members), comprising banks and sit, docks or water supply.
Yours very truly,
trust companies in the city of New York,and such other participants as
(Signed) J. P. MORGAN & CO.
may be agreed upon. The several provisions of this letter, to the extent
(Signed) KUHN, LOEB & CO.
deemed necessary by counsel,shall be included in a formal contract to be
The plan as set forth in the above letter provided, as will
made between the city and the syndicate managers. Such contract shall
become effective and operative from the time that it shall be so notified be noted, that until after the year 1917 no new obligations
managers.
Thence
and
thereafter
the
syndicate
to you by the syndicate
subscribers severally and respectively shall be responsible to the City for (other than revenue bills, bonds or notes in anticipation of
the amount of their several subscriptions, the syndicate managers, how- taxes) were to be sold by the city for any work now under
ever, without compensation to themselves as such, to manage and con- contract, other than rapid transit, docks or water supply,
duct the transaction involved in the contract on behalf of the syndicate.
A copy of the syndicate agreement shall be furnished to and be filed with but that all such work should be paid for out of taxes. Obthe Comptroller and no subscription thereto shall be received to which jection to this was made by the Mayor on the ground that
he shall object.
cause a postponement of many needed and contemSecond—The city will agree to sell, and the syndicate will agree to pur- it would
chase, at par plus any accrued interest, $100,000,000 principal amount plated improvements, or result in an advance in the tax rate.
of city notes or revenue bonds, principal and interest being payable in A conference was then held between the bankers and city
gold coin of the present standard of weight and fineness, and bearing inadopted providing that improvements
terest at the rate of six per cent per annum, payable semi-annually, of officials, and a plan
authorized by the city during 1915 and the rest of 1914,
which—
(I) $57,000,000 are to be issued under Sec. 189 of the city charter and which are not self-sustaining, are to be paid for,one-quarter
are to be payable one year from the date thereof.
three-quarters by the issue of fifteen-year
(2) $43,000,000 are to be issued under Sec. 187 of the city charter, in from taxes and
anticipation of the revenuesof the city,and are to be payable, $18,000,000 corporate stock. The improvements authorized during 1916
two years from the date thereof, and 825,000,000 three years from the
will be paid for,one-half from the tax budget of the following
date thereof.
(3) All or any of the city obligations so to be issued shall be designated year and one-half by the sale of corporate stock. In 1917
severally as notes, bonds or bills, as hereafter may be requested by the they will be taken care of by the payment of three-quarters
Syndicate managers.
of serial
Third.—The proceeds of the $100,000,000 notes to be purchased as from the budget and one-quarter by the issuance
All improvements made in 1918 will be met
above provided, are to be deposited at interest at the rate of 2% per bonds.
annum in the several banks and trust companies of the City of from taxes. No other changes have been made in the terms
New York, which shall become members of the Syndicate, to
in the original plan.
an extent equal to their several subscriptions, and to that end the agreed upon
fiscal authorities of the City of New York will designate such banks and
The new resolution adopted by the Board of Estimate yestrust companies as city depositaries. If any such Syndicate member shall terday follows:
be a bank or trust company which shall decline to pay such interest, the
Resolved, That the Board of Estimate and Apportionment hereby dedeposit otherwise to be made with such bank or trust company shall be
clares that it will pursue the following plan in financing public improvemade with some other approved city depositary or depositaries to be nomiments:
nated by the syndicate managers. To the extent that the subscribers to
(1) The cost of all improvements of the revenue-producing class, such
the syndicate are not banks or trust companies, the proceeds of the notes
rapid transit, docks, railway and water terminals and water supas
purchased shall be so deposited in such designated city depositaries as the
ply, shall be defrayed by the issue of 50-year corporate stock, as heretofore.
syndicate managers shall nominate.
(2) The cost of all permanent improvements other than those of the
Fourth.—Of the total proceeds of the notes to be purchased by the synrevenue-producing class, hereafter authorized by this Board, shall be
dicate, $80,243,940 47 shall be reserved and shall be used solely for pay- financed as follows:
ment of the obligations of the city now outstanding and payable in London
(a) Those authorized subsequent to the passage of this resolution and
and in Paris prior to Jan. 1 1915, to the extent of £13,494,327 I6s., and of
the year 1915 shall be paid for, three-quarters by the issue of fifduring
syndicate
is
to
arrange
for such payment in due
francs 61,500,000. The
teen-year corporate stock. The corporate stock so issued shall mature
course in consideration of the payment to the syndicate managers for the
more than fifteen years, amortized as provided by law, or
account of the syndicate of the aggregate sum of $80,243,940 47 above men- either in not
installments, during a period of not more than fifteen years.
tioned. The city from time to time, when and as requested by the syndi- in equal annual
of the cost of such improvements shall be paid
cate managers, will furnish to them,out of the proceeds of such new notes The remaining one-quarter
one-year bond payable from the next annual tax
to be purchased by the syndicate, such sum or sums as they shall require through the medium of a
in ample time to make proper provision for taking up (at or prior to matur- budget.
(b) Those authorized in the year 1916 shall be paid for, one-half by the
ity at the option of the syndicate managers) all notes payable by their
aforesaid. The remaining one-half
terms in London or in Paris, at the rate of 5.033 for each pound sterling of issue of corporate stock maturing as
be paid through the medium of a
all notes payable by their terms in London, and 20 cents for each franc of the cost of such Improvements shall
tax budget.
next
annual
payable
from
the
one-year
bond
of all notes payable by their terms in Paris.
(c) Those authorized in the year 1917 shall be paid for, one-quarter by
Inasmuch as the arrangement indicated in this article Fourth, and to be
the issue of corporate stock as aforesaid. The remaining three-quarters
stated in the proposed formal contract embracing the same, is negotiated
such improvements shall be paid through the medium of a
under conditions unprecedented and unforeseeable in their outcome, both of the cost of
one-year bond payable from the next annual tax budget.
Great Britain and France being at war and Paris actually in a state of siege,
(d) The foregoing statements of policy contemplate the financing of imit is expressly understood that in the event that ocean passage between New
provements authorized during the year 1918 and subsequent years through
York and England or New York and France shall not continue open to
inclusion of the entire cost thereof in the annual budget of the city,
substantially the same extent as prevails at this date, and the shipment of the
excepting the revenue-producing improvements as heretofore defined.
gold or of grain or other American products from New York to England or
(3) In so far as corporate stock notes issued by the City of New York
to France shall be materially impeded, or if by reason of any superior force
as a part of the proposed loan of $100,000,000 shall be retired by issues of
further proceedings shall become impracticable, then and in that event the corporate stock, the corporate stock so issued shall mature as provided in
provisions stated in this article to the extent not theretofore performed shall
clauses (a),(b) and (c) of paragraph two of these resolutions.
become and shall be terminable at the election of the syndicate managers.
(4) The cost of public works already authorized, whether under contract
In the event of any such termination by the syndicate managers, the synissued, is to be financed
or not, but in respect of which new bonds are to be
dicate shall be discharged and relieved from the provisions
indicated in this In the same manner as above provided, with the exception of the cost of
be
embodied
in
the proposed contract, to the extent that
article, and to
revenue-Producing improvements, as hereinbefore mentioned.
the same shall not have been performed prior to such determination.
Nothing herein contained shall be deemed to affect either corporate stock
Nevertheless, the syndicate shall continue under obligation to take and pay
or assessment bonds issued to replenish the street-improvement fund or the
for said $100,000,000 of the notes of the city as aforesaid.
fund for street and park openings.
Fifth.—The syndicate managers are to act as managers of the syndicate
compensation.
They
any
may
without
beomce members of the syndicate,
The following is a summary of revenue bills and corporate
and as such they may share in the profits or the losses of the syndicate. stock notes payable in London and Paris:
For its services in effecting the payment of such notes now outstanding and
Pounds Sterling.
Francs,
Payable in Month of—
payable in London or in Paris, the syndicate shall be entitled to retain out
1914
2,170,000
7.000,000
of the said sum of $80,243,940 47 to be received from the city, the net profits September
1914
2,310,000
10,450,000
if any (over and above all expenses incurred or to be incurred by the syndi- October
November 1914
6,225,000 •
35,550,000
cate), which may be realized by it in effecting such payment at a cost to
1914
2,605,000
December
8,500,000
It of less than $80,243.940 47 (if in the fluctuation of exchange or other100,000
January 1915
wise any such saving shall be made), but in no event shall the net profit
so retained by the syndicate exceed 2% upon said $80,243,940 47, and any
61500,000
13,410,000
saving in excess of such 2% shall be accounted for and be paid to the city.
If, however, by reason of an advance in exchange, a loss shall result, then
such loss shall be borne exclusively by the syndicate.
PROPOSAL TO FORM A GOLD FUND TO MEET OUR
Sizth.—You have advised us that the Corporation Counsel has furnished
FOREIGN OBLIGATIONS.
you with his official opinion that the proposed arrangement between the
city and the syndicate managers will be valid and enforceable, and that the
As a means toward promptly meeting the foreign obliganotes or revenue bonds to be Issued will be valid obligations of the city.
tions of United States banking and commercial interests, and
Seventh.—A resolution is to be passed by the Board of Estimate and Apmaintaining the credit of this country, a plan has been
portionment covering the following points:
(1) In so far as the corporate stock notes purchased under the proposed offered this week calling for the contribution by the banks
contract shall be retired by issues of corporate stock, the corporate stock
so issued shall mature in equal annual installments during a period of not of this country to a gold fund of $150,000,000, of which onemore than 15 years. The maturing installments of such corporate stock sixth is to be immediately paid into the Canadian depositary
shall be paid off by including the amount thereof in the annual budget for of the Bank of England. The plan is embodied in a report
each year during the life of such corporate stock.
(2) So far as legally may be agreed, the works already under contract prepared by a committee appointed at the conference held in
but in respect of which new bonds are to be issued, are to be financed in the Washington on the 4th inst. between the Federal Reserve
same method as above provided, by the issuance of serial bonds payable in
equal annual installments during a period not exceeding 15 years, and pro- Board and representatives of the clearing-house associations
vision in the annual budgets shall be made for each such installment so in the Federal Reserve cities and certain other reserve
maturing.
cities which deal in foreign exchange.
(3) Until after the year 1917 no new obligations (other than revenue
At the conference the decision was reached to name a combills, bonds or notes in anticipation of taxes) are to be issued in respect of
any work heretofore authorized, for which no contract has actually been mittee to consider foreign
and domestic exchange and to
made, nor for any work hereafter authorized, but all such work shall be
formulate a plan by which American obligations to Europe
paid for out of taxes.
SEM 12 1914.I
THE CHRONICLE
11.11••••••
7
could be adjusted without taking gold out of the county.
We learn from the "Journal of Commerce and Commercial
The following statement regarding the conference was issued Bulletin" that it was
at first suggested that the fund provided
at its close on the 4th inst.:
for above be created in New York City, so that the gold bal"The conference this morning was very largely attended, the whole
country being represented. Reports were made as to commercial and credit ances being held within the confines of the United States
conditions in different sections of the United States and discussed at some could be lawfully counted in as a reserve asset.
It is underlength. A spirit of optimism prevailed throughout the whole meeting. stood, the
"Bulletin" adds, that the Bank of England,
The Secretary announced the intention of the Federal Reserve Board to
organize and open the reserve banks at the earliest possible moment. through the State Department, gave notice that it would
Representatives of the banks extended to the Secretary assurance of thel r not favor any such arrangement and
would not recognize
most complete co-operation. The Secretary also assured the representatives the
payment of any debt through a deposit of gold within the
present that every effort would be made by the Board to facilitate and ease
borders of the United States. In return the Bank of England
up the transition from the old to the new system of banking.
"A careful inquiry was made as to commercial debits and credits of the held that only by the deposit of
gold in Ottawa could a
United States with other nations.
transfer of funds be recognized. In view of the stand taken
"The conference, after further discussion, chose Mr. J. B. Forgan of
Chicago as Chairman,and authorized him to appoint a committee, of which by the Bank of England the plan of the New York instituhe was to be a mamber, to consider further and exhaustively the foreign tions was abandoned, and in its stead
it was suggested toand domestic exchange situation and to formulate a plan and submit it accumula
te the gold fund at Ottawa. This in turn has raised
with recommendations to the Federal Reserve Board. The following is the
committee: J.B.Forgan, President of the First National Bank of Chicago the technicality as to what item the national banks in the
Chairman; B.F.Strong Jr.,President ofthe Bankers Trust Co.of New York; United States
would be allowed to charge off any balances
L. L. Rue, President of the Philadelphia National Bank of Philadelphia;
S. Wexler, President of the Whitney-Central National Bank of New owned in Ottawa.
Orleans: T. B. Beal. President of the Second National Bank of Boston.
"The following were the Clearing-House Associations represented:
"Atlanta, John K. Ottley; Baltimore, C. C. Homer Jr.: Boston, D. G.
Wing and Thomas P. Beal; Chicago, George M. Reynolds, E. D. Hulburt
and James B. Forgan; Cincinnati, W. S. Rowe; Cleveland, John Sherman
and J. J. Sullivan; Dallas, J. Howard Ardrey and Nathan Adams; Denver,
Charles S. Haughwout and Theodore G. Smith; Kansas City, George S.
Hovey, J. Z. Miller, E. F. Swinney and J. W. Perry; Minneapolis, E. W.
Decker, F. M. Prince and F. A. Chamberlain; New Orleans, Solomon
Wexler; New York, Albert H. Wiggin and Benjamin Strong: Omaha,
Luther Drake: Philadelphia, L. L. Rue and E. B. Morris; Pittsburgh,
Charles McKnight; Portland, Ore., A. L. Mills and J. C. Ainsworth:
Richmond,John Miller and Thomas B. McAdams; St. Louis, F.0.
Watts:
Savannah. W. F. McCauley."
The committee submitted its plan to Comptroller of the
Currency Williams on the 5th inst., and it was laid before the
Federal Reserve Board on the 8th.
The plan was the subject of a conference in Washington
on Thursday of this week between Secretary McAdoo and
other members of the Federal Reserve Board and J. P.
Morgan, Jacob H. Schiff and Benjamin Strong Jr. At this
meeting the New York bankers advised the Board that the
proposed fund of $150,000,000 includes the
0,000,000
maturing obligations of New York City held by European
creditors, and that a syndicate of banking houses headed
by J. P. Morgan & Co. and Kuhn, Loeb & Co. is prepared
to underwrite this
0,000,000. As to this conference
Secretary McAdoo gave out the following statement on
Thursday:
At the meeting of the Federal Reserve Board to-day Messrs. Jacob H
Schiff, J. P. Morgan and Benjamin Strong Jr., of New York, were present
for the purpose of discussing with the Board various questions arising in
connection with the foreign exchange situation, and particularly those
aspects of It which were treated in the report made by the committee appointed at the bankers' conference held at the Treasury Department on
Friday last, the 9th inst., in which it was recommended that a fund of
$150,000,000 be raised by the banks of the country for the purpose of reestablishing and re-opening the foreign exchange market. As a part of
the discussion, certain indebtedness of the city of New York, maturing
within the next four months and which is payable in Europe, was considered. The Board has not yet taken any action in the matter
but has
the whole situation under advisement.
The following is the committee's report setting out its suggestions as submitted to the Federal Board:
RAILROAD MANAGERS PLEAD WITH THE
PRESIDENT.
A recognition of the emergency which confronts
the
roads of the country and the support of President railWilson
in their quest for additional revenue,
was sought in the conference had with the President on Wednesday by
a delegation of railroad presidents. The pressing
needs of the
roads were laid before President Wilson by a committe raile consisting of Frank Trumbull, Chairman of the board
of the
Chesapeake & Ohio Ry. and the Missouri Kansas & Texas;
Samuel Rea, President of the Pennsylvania RR.; Daniel
Willard, President of the Baltimore & Ohio RR.; Fairfax
Harrison, President of the Southern Ry.; E. P. Ripley,
President of the Atchison Topeka & Santa Fe Ry.; Hale
Holden, President of the Chicago Brulington & Quincy,
and
A. J. Earling, President of the Chicago
Milwaukee & St.
Paul Ry. The railroad men were hopeful after
the conference that President Wilson, through a public
letter or otherwise, might show that he believed the railroads
titled to relief, and their expectations were realized were enon
day as indicated below. They also believed they Thurshad laid
the groundwork for the consideration of specific
requests
to be made later. These requests were understood to
include a postponement of consideration of the Railway Securities bill, now pending in Congress, legislation allowing
the Inter-State Commerce Commission to take general conditions into consideration in passing on petitions for rate increases and the re-opening of the recently decided advance
freight rate cases. After their conference with the
Presjdent, the railroad executives met Commissioners
Clements, McChord, Clark and Daniels of the Inter-State
Commerce Commisison, and laid before them a copy of
their address to the President. A statement concerning this
meeting with the Commissioners was issued as follows:
The committee of railroad executives after their call upon the President
this morning met in informal conference those members of the Inter-State
Commerce Commission in town this afternoon. The committee presented
a copy of their address to the President to the members of the Commission
and explained the general situation, especially as altered by events since
the outbreak of hostilities in Europe. They proffered themselves as ready
at any time to advise with the Commission as to any practicable means of
affording relief to which the carriers may be entitled and which the
Commission can lawfully grant.
Washington, Sept. 4 1914.
To the Secretary of the Treasury and
the Federal Reserve Board:
Sirs.—Tho committee appointed by
the conference of bankers appreciates
the desirability of relieving the present internationa
l exchange situation and
particularly of regulating the outflow
of gold. The committee at the same
time realizes the necessity of promptly
corporations and individuals to Europe,meeting the obligations of banks,
the responsibility of maintaining
the credit of this country and demonstrating
its ability to most Its obligaThe following formal statement was given out by the
tions.
For this purpose, and with this object in view,
railroad executives with regard to their meeting with the
this
committee
recommends to the Federal Reserve Board the following
President:
plan:
That the banks of this country, especially those
located in reserve and
The purpose of this conference is to lay before the President in
central reserve cities, be requested to contribute
brief terms
to a gold fund of $150,- the present situation of the
railroads of the United States-250,000 miles
000.000, of which $25,000,000 is to be immediately
paid into the depository of great national highways. That
the case of the railroads deserves symof the Bank of England in Canada. for which a participation
deposit receipt pathetic treatment arises from the fact that,
will be furnished to each contributing bank. The
although privately owned
remainder of the contheir property is devoted to public service. The industrial health
tributed amounts to be subject to call by the New York
of the
committee through country depends upon an adequate railroad
service: such service cannot be
the local committees of the respective cities and to be paid for in
New
York
rendered
and
proper
response
to
public
needs
exchange.
cannot be made unless the
financial soundness of the railroads is maintained.
Said New York committee to be appointed by the New York
ClearingThe credit of the railroads, seriously impaired, as we believe,
House Association, and said local committees to be appointed
before the
by the war started, is now confronted by an emergency of
a magnitude without
clearing-house associations of the respective contributing cities.
The
parallel
in
history.
To
understand
the
full
import
of the existing crisis it is
committee appointed by the New York Clearing-House Association
to be necessary to consider briefly the antecedent conditions.
charged with the duty of handling the said fund, of fixing the price
at which
The purpose here is not to complain, but to point out the
foreign exchange is to be bought and sold, and is to make requisition from
one paramount
fact, that by reason of legislation and regulation by the
Federal Governtime to time upon the respective contributing cities through the local comment, and the forty-eight States, acting independent
ly of each other, as
mittees thereof. Said local committees shall have supervision in the
well as through the action of a strong public opinion,
respective cities of the shipments and general withdrawals of gold.
railroad expenses in
recent years have vastly increased. No criticism is
here made of the
This committee recommends that the Federal Reserve Board take steps general
theory
of
Government
al regulation, but, on the other
to aicertain the amount of gold that will be contributed by the banks in the Ingenuity
hand, no
can
relieve
the
carriers
of
the
burden
of expense created thereby.
tespective cities, and that it use its influence to have the said banks conHowever desirable may have been the expenditure
s
which have been forced
tribute their proper pro rata.
upon the railroads, no adequate provision has
been made to pay the bill.
Respectfully,
This great increase in expenses now coincides
with
seriously depleted
JAMES B. FORGAN,
revenues, with no corresponding ability of
the railroads to reduce
S. WEXLER,
their
costs in proportion. Governments can
proceed with expenditures of
L. L. RUE,
all
kinds by taxation but railroads cannot.
While the effect of the
BENS. STRONG JR.
European
war upon railroad earnings may vary in
different sections, it is painfully
THOMAS P. BEAL.
evident that there will be serious decreases
in the total because of
the un-
712
THE CHRONICLE
cotton, the great decrease in
precedented difficulties in the marketing of
and industry.
Imports and the general dislocation of trade
Even prior to the existing emergency and to meet the antecedent situareduced to absolute fleecebeen
tion. railroad expenditures generally had
is enhanced by existing wage
fifties. The difficulty of further contraction
agreements, and, in so far as the Western railroads are concerned, by
to which they have
the possibilities involved in the arbitration proceedings
recently agreed.
the
of
States for the
United
railroads
the
of
income
The net operating
than for the previous year,
year ending June 30 1914 was $120,000,000 less
were $44,000,000 less than
or about 15%. The gross earnings for the year
for 1913, and expenses and taxes were $76,000.000 more.
(and the credit of the railrailroads
the
of
credit
The maintenance of the
roads establishes the standard for all industrial enterprises) depends upon
The railroads may have the
their ability to increase their net earnings.
most perfectly appointed plants in the world, but if the net earnings are
attracted.
be
cannot
not adequate, new capital
Inter-State Commerce CommisIn the important Eastern rate case, the
in the richest section of the counsion unanimously found that the railroads
based upon the situation prior
was
finding
try needed more revenue. That
upon conditions of a year previous.
to the first of July this year; indeed,
the new railroad capital which
No emphasis need at this time be put upon
has heretofore been required to provide for normal development, but this
per annum, and railroads
has been from $400,000,000 to $500.000,000
should not only be able to keep abreast of the times, but should even in
the demands of an expanding
this emergency be in a position to anticipate
commerce.
credit
Simultaneously with the great impairment of earnings, general
conditions have broken down, and the absolute and immediate necessities
of both public and private borrowers of money here and abroad have already
increased interest rates to a level unthought-of a few months ago—rates
much higher than present net earnings return upon the railroad property
of the United States.
This emergency was not contemplated when the Inter-State Commerce
Commission rendered Its decision in the Eastern rate case, yet the problems
now sonfronting the railroads greatly transcend the seriousness of those
which existed then. The menace is now not only to railroad credit but to
the transportation service itself, and efficient transportation is inseparately
connected with the welfare of our people.
Securities of United States railroads held abroad are computed at from
three to five billion dollars. It is a certainty that bond and note obligaof next year aggregate over
tions of the railroads maturing before the end
$500.000,000. In the highest public interest it is imperative that these obligations shall be met. Yet it is evident that for a long time Europe will
not be a lender of money to America. On the contrary, the war will creare such enormous debts and involve such a general dislocation of industry
and commerce that Europe must realize largely on its holdings of American
securities, regardless of the price obtainable.
The New York Stock Exchange has now been closed for a longer period
than at any other time in its history. There is no present market for railroad securities either old or new. The United States is in a condition of
financial isolation. If the Stock Exchange were to open (and it must open
some time), the pressure of selling would inevitably be greatestagainst
railroad securities. If they go down industrial issues will fall still more seriously. The public necessity to stem this tide of selling and to reduce to the
utmost its destructive effect Is one that calls for the exercise of every resource of statesmanship.
Our respectful requests are:
First.—That the President will call the attention of the country to the
pressing necessity for support of railroad credit by the co-operative and
sympathetic effort of the public and of all Governmental authorities, and
that the railroads be relieved as far as possible of further immediate burdens involving additional expenses: and
Second.—That the President will urge a practical recognition of the fact
that an emergency is upon the railroads which requires, in the public interest, that they have additional revenue and that the appropriate Governmental agencies seek a way by which such additional revenue may be properly and promptly provided.
In response to the petition of the railroad executives,
President Wilson on the 10th, in a letter to Mr. Trumbull,
not only admitted as "very real" the need "that railway
credits be sustained and the railroads helped in every possible way," but expressed himself as confident "that there will
be active and earnest co-operation in this matter, perhaps
the one common interest of our whole industrial life." The
letter in full is as follows:
September 10 1914.
Dear Mr. Trumbull:
Since you read it to me yesterday, I have read again the statement you
made on behalf of the Committee of Railroad Presidents, whom I had
the pleasure of meeting and conferring with at my office. It is a lucid statement of plain truths.
You asked me to call the attention of the country to the imperative need
that railway credits be sustained and the railroads helped in every possible way, whether by private co-operative effort or by the action, wherever
feasible, of Governmental agencies: and I am glad to do so, because I
think the need very real.
I cannot say that I entertain any deep anxiety about the matter except,
of course, the general anxiety caused by the unprecedented situation of the
money markets of the world: because the interest of the producer, the shipper, the merchant, the investor, the financier, and the whole public in the
proper maintenance and complete efficiency of the railways is too manifest. They are Indispensable to our whole economic life and railway securiae's are at the very heart of most investments, large and small, public
and private, by individuals and by institutions.
I am confident that there will be active and earnest co-operation in this
matter, perhaps the one common interest of our whole industrial life.
Undoubtedly, men, both in and out of official position, will appreciate what
Is involved and will lend their aid heartily wherever it is possible for them
to lend it.
But the emergency is in fact extraordinary, and where there is manifest common interest we ought all of us to speak out in its behalf and
I am glad to join you in calling attention to it. This is a time for all
to stand together in united effort to comprehend every interest and serve
and sustain it in every legitimate way.
The laws must speak plainly and effectively against whatever is wrong ,
or against the public interest, and those laws must be observed: for the
refit, and within the sphere of legitimate enterprise, we must all stand as
one to see justice done and all fair assistance rendered, and rendered ungrudgingly.
Cordially and sincerely yours.
WOODROW WILSON.
W0L. xcix.
On the 9th inst. the Inter-State' Commerce Commission
granted to the Southeastern railroads an extension of time
until April 1 1915 to meet its order for readjustment of
class and commodity rates from Eastern cities, Ohio River
points and New Orleans to South Atlantic and Gulf ports.
Under an order issued by the Inter-State Commerce Commission on the 10th inst., the railroads in the Central Freight
Association territory are authorized to make effective, upon
ten days' notice, the increased freight rates allowed in the
recent rate decision, excepting those on grain and its products, which must be preceded by the regular thirty days'
notice. The date of the Inter-State Commerce Commission's
orders in the so-called inter-mountain rate case was also
postponed on the 10th from Oct. 1 to Nov. 15, to give the
railroads more time to adjust their tariffs.
The Inter-State Commerce Commission on the 1st inst.
suspended until March 5 the spotting tariffs of eastern
railroads, proposing to cancel the through rates in connection
with small lines in official classification territory and to
impose a switching charge. The tariffs were previously
suspended by the Commission last June until September 5.
The Commission announced that it would not have time
within the first suspension date to complete its investigation into the reasonableness of the new tariffs. These
tariffs were filed by the roads while the so-called 5% rate
advance case was under consideration by the Commission.
The suspension ordered issued this week affects practically
all the Eastern roads involved in the 5% rate case and covers
the whole of official classification territory.
All Chicago railroads, with the exception of the Wabash,
recently announced that, effective after October 1, they
would no longer absorb switching and lighterage charges,
and filed their new tariffs with the Inter-State Commerce
Commission at Washington. The State Public Utilities
Commission has suspended these cancellations of joint rates
and it is expected
as far as intra-State traffic is concerned,
n will order them
Commissio
Commerce
-State
Inter
the
that
the
question. The
of
on
investigati
full
a
pending
suspended
action of the railroads is in line with the Inter-State Commerce Commission's recent suggestion that they abolish
all free services to shippers.
The Illinois Manufacturers' Association, through its
Secretary, John M. Glenn, has sent to its members a circular
concerning the movement for a reconsideration of the freight
rate question in which it says:
Manufacturers' Association are writing
Many members of the Illinois
Representatives in the Lower House. urging
letters to their Senators and
joint resolution directing the Inter-State Commerce
the adoption of a
decision in the recent application
Commission to review and revise its
for a 5% advance in freight rates.
of the Eastern railroads
is under a severe pressure
situation
financial
It is contended that our
unloading of railroad securities held by
because it is threatened by the
temporarily halted by the close of the
Europe, and that break is only
the small advance which the Interpublic markets. It is claimed that
has
given the carriers will have no effect in
State Commerce Commission
of the large investor and the
confidence
the
establishing
restoring and
holders of American securities abroad, which It is maintained will be sent
over as soon as it is possible to do so to draw our gold or its equivalent.
The Inter-State Commerce Commission will have a his opportunity to
take a big view of a big question if Congress will take the action requested,
and it will take it if enough people appeal to it to act.
THE PRESIDENT AND CONGRESS.
of President Wilson to refrain from taking
intention
The
e
an active part in the approaching campaign, in furtherancal
internation
for
unlooked
present
the
in
that
views
of his
situation every patriotic man ought "to 'stay on his job'
week.
until the crisis is passed," was made known this
adletter
a
in
conveyed
been
has
The President's decision
the National
dressed to Frank E. Doremus, Chairman of date of the
under
Democratic Congressional Committee,
The letter is
inst.
6th
the
on
4th inst. and made public
duty and also
of
sense
President's
interesting as showing the accomplishments of his Adminislegislative
his idea of the
follows:
tration. The letter is as
White House, Sept. 4 1914.
Doremus:
My Dear Mr.
keen appreciation of its imletter of September 1 with a
I have read your
leader of the party now in power with
the
as
me
to
appeals
portance. It
persuasiveness. The close of a very extraordinary
its peculiar force and
hand, which has. I venture to say, been more
session of Congress is at
legislation of permanent usefulness to the country
rultful in important
public
of Congress within the memory of the active
than any other session
great constructive program has been carried
men of our generation. A
country has long waited, and has been carried
through for which the
support of judicious men of all partieW
throughswith the approval and
SEPT. 12 1914.]
THE CHRONICLE
and we have abundant reason to congratulate ourselves upon the record
that has been made during the busy seventeen months we have devoted
to our great legislative task. Certainly in ordinary circumstances, if we
were free to disengage ourselves for the purpose, we would be warranted
in now directing our energies to a great campaign in support of an appea
to the country to give us the encouragement of its endorsement at the
autumn elections.
We could go to the country with a very sincere appeal in which there
need be no pretense or boast of any kind, but a plain statement of things
actually accomplished which ought to be and I think would be entirely
convincing. It is a record which shows us at peace with all the world; the
questions which plagued business with doubt and uncertainty and irresponsible criticism out of the way, thoughtfully settled and disposed of; the
apparent antagonism between Government and business cleared away
path
and brought to an end with the plain reckoning accomplished; the
to come
for sure-footed adjustment clear ahead of us; prosperity certain
by moans which all can approve and applaud.
which it
Moreover, there is a program of another kind ahead of us to
debate except as to
is inspiriting to look forward—a program free from
questions
great
The
desire.
all
what
accomplish
the best means by which to
marine with
immediately ahead of us are the building up of our merchant
diversification of our foreign
all that that means in the development and
of our nause
economic
commerce and the systematic conservation and
Here
tional resources—subjects much talked about but little acted upon.
to which
are other great pieces of constructive legislation waiting to be done
to
the best
we could turn without any controversy except, as I have said, as
ways of doing them.
I believe that ways can be found to do these things readily enough if the
country will give us its generous support and trust us to do them; and it
would have been a genuine pleasure to me to ask to be given again colleagues such as I have had in the two houses of Congress during the present memorable session. I trust that there will be many occasions upon
which I may have the privilege of calling the attention of my fellowcountrymen to the fine and unselfish service which has been rendered them
by their present representatives, ready at all times to respond to any appeal
which spoke convincingly of the public welfare.
But, in view of the unlooked-for international situation, our duty has
taken on an unexpected aspect. Every patriotic man ought now to "stay
on his job" until the crisis Is passed, and ought to stay where his Job can
best be done. We must do whatever is necessary and forego whatever is
necessary to keep In close and active concert in order to relieve in every
possible way the stress and strain put upon our people during the continuance of the present extraordinary conditions. My Job. I now know, can
be done best only if I devote my whole thought and attention to it, and
think of nothing but the duties of the hour. I am not at liberty, and shall
not be,so far as I can now see, to turn away from those duties to undertake
any kind of political canvass.
In the present emergency I am keenly aware of the twofold responsibility I called upon to discharge; the responsibility which devolves upon me
as President of the United States and the responsibility under which I
am laid as leader of a great political party. Of course, the whole country
will expect of me and my own conscience will exact of me that I think
first of my duties as President, responsible for exercising so far as I have
the ability a constant guidance in the affairs of the country, both domestic
and foreign. The labors of Congress have a natural and customary limit:
the work of both houses can be and will be finished; Congress can adjourn.
But the President cannot, especially in times like these, turn away from his
official work even for a little while. Too much depends upon his keeping
all the threads of what Is occurring in his hands.
I have, therefore, reached the conclusion that I cannot in any ordinary
sense take an active part in the approaching campaign; that I must remain here to attend to the serious work sure to fill the months immediately
before us—months that will carry with them obligations, no doubt, of
the most tremendous sort. I know that you will feel similarly about your
own obligations; that members of Congress, too, without distinction as
to party affiliations, will feel that they must remain to do their work of
necessary and pressing service and bring it to a successful conclusion.
I shall, no doubt, take occasion as opportunity offers to state and perhaps re-state to the country in the clearest and most convincing terms I
can command the things which the Democratic Party has attempted to do
In the settlement of great questions which have for many a long year
pressed for solution, and I earnestly hope that they will generously open
their minds to what I may have to say: but I shall not allow my eagerness
to win their approval,or my earnest desire to be granted by their suffrage
the support of another Congress,to interfere with the daily performance
of my official duties or distract my mind from them.
The record men make speaks for itself. The country cannot be deceived concerning it and will assess it justly. What it chiefly expects and
demands and what it will certainly be most surely won by is the performance
of duty without fear or favor and without regard to personal consequences.
And certainly this is a time when America expects every man to do his
duty without thought of profit or advantage to himself. America is greater
than any party. America cannot properly be served by any man who for
a moment measures his interest against her advantage. The time has
come for great things. These are days big with destiny for the United
States, as for the other nations of the world. A little wisdom, a little courage, a little self-forgetful devotion, may under God turn that destiny this
way or that.
Great hearts, great natures will respond. Even little men will rejoice to
be stimulated and guided and set an heroic example. Parties will fare well
enough without nursing if the moo who make them up and the men who
lead them forget themselves to servo a cause, and set a great people forward
on the path of liberty and peace.
Cordially and sincerely yours.
WOODROW WILSON.
713
Whereas, It is the especial wish and longing of the people of the United
States, in prayer and counsel and all friendliness, to serve the cause of peace;'
Therefore, I, Woodrow Wilson. President of the United States of America,
do designate Sunday, the fourth day of October next, a day of prayer and
supplication and do request all God-fearing persons to repair on that day
to their places of worsnip, there to unite their petitions to Almighty God
that, overruling the counsel of men, setting straight the things they cannot
govern or alter, taking pity on the nations now in the throes of confict,
in His mercy and goodness showing a way where men can see none, lie vouch
safe His children healing peace again and restore once more that concordamong men and nations without which there can be neither happiness nor
true friendship, nor any wholesome fruit of toil or thought in the world;
praying also to this end that He forgive us our sins, our Ignorance of His
holy will, our willfulness and many errors, and lead us in the paths of obedience to places of vision and to thoughts and counsels that purge and
make wise.
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 this eighth day of September 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.
WOODROW WILSON.
By the President:
WILLIAM JENNINGS BRYAN, Secretary of State.
WAR TAX MEASURES.
The methods and means of raising the $100,000,000 additional revenue asked for in President Wilson's message of
last week to offset the losses in customs receipts due to the
European war were agreed upon by the Democratic members
of the House Ways and Means Committee on the 10th inst.
It has been decided to impose a tax of 3% on freight transportation bills, including railroad, steamship and express
freight; to increase the tax on beer from $1 to $1 50 a barrel,
and to levy a tax of 20 cents a gallon on domestic wines,
which now pay various taxes. The bill embodying this
legislation, which was introduced in the House yesterday, contemplates an annual revenue estimated at $107,000,000. It is figured that the net revenue from the
freight tax will be $65,000,000; from beer $33,000,000, and
from domestic wines $9,000,000. The latter will be assessed
against wines "hereafter manufactured and sold or hereafter
removed for sale," and will not affect wines manufactured
for home consumption. As an additional relief for war conditions, Senate leaders announced on the 10th inst. the determination to prune the River and Harbor appropriation bill
from $53,000,000 to approximately $30,000,000. One of
the plans advanced by the Democrats of the Ways and Means
Committee, but which was abandoned because of the opposition made thereto by President Wilson, called for amendments to the income tax law which would reduce the exempted
amount of income from $3,000 to $2,000 in the case of single
persons and from $4,000 to $3,000 in case of married persons,
and in addition raise the rate of taxation from 1 to 1 %%.
These changes, it was stated, would have yielded $35,000,000
of the desired $100,000,000. It had also been contemplated
to increase the tax on whiskey, but the opposing forces in the
committee were successful in defeating this project. Following the announcement of the completion of the plans for
making up the deficit in revenues, Chairman Underwood of
the Ways and Means Committee said:
The need for writing a tax bill at once was to relieve the Government
of
the necessity of withdrawing funds from the banks. Realizing the
financial
situation in the country, the President thought It advisable not to
disturb
the public funds at this time and to pass a bill Immediately that
ultimate'
must have been passed by reason of the falling off of customs revenue
because of war conditions in Europe.
It must be apparent to all that. if Congress has determined to take
this
action immediately to relieve the situation in the banks. it would not write a
revenue bill that would cause a large amount of withdrawals of deposits from
the financial centres of the country. It must be equally apparent to everyone that, if a tax is levied on whiskey, between the time the bill was introduced in the House and passed by the Senate the owners or whiskey in bond
would pay tax on as many gallons as possible and avoid the necessity of
paying the additional tax.
Last year there was in the neighborhood of $150,000.000 in taxes paid on
whiskey. If an effort was made to tax a considerable portion of the whiskey
now In bond before the bill became a law, it would make a serious drain on
the banks of the country.
It should be remembered that the banks can only carry as deposits
$250.000 of Government taxes before it must go to the Sub-Treasury under
the law. And of necessity the withdrawal of deposits from banks to pay
THE PRESIDENT ASKS THE PEOPLE TO PRAY FOR whiskey taxes and their re-deposit in the Government treasury would bring
about the very result that the Administration is trying to avoid.
PEACE.
As an illustration of the operation of the freight tax, a man who does a
President Wilson on the 8th inst. issued a proclamation business aggregating $10,000 in freight bills, would pay a revenue tax of
$300. A freight bill of that size would indicate an actual business of a
calling upon the people of the United States to pray for peace million or a million and a half dollars. A
3300 tax
over that amount
in Europe, and setting aside Sunday, Oct. 4, as a day of of business would be infinitesimal and could have spread
little or almost no effect
on retail prices.
prayer for that purpose. The proclamation is as follows:
If a man has a freight bill of $1 he will only have to pay 3 cents
By the President of the United States of America.
tax and
I think the Justice of this can be seen. Of course, the public will
have to
A PROCLAMATION.
subscribe this $100.000,000, but It is their own Government which
must
Whereas. Great nations of the world have taken up arms against one an- be maintained, and
the tax will fall equitably on all. In 1893
the Reother and war now draws millions of men into battle whom the counsel of publicans
taxed each bill of lading 2 cents, which meant that
statesmen has not been able to save from the terrible sacrifice; and
the man
whose bill was $10,000 paid no more than the man whose bill
was 50 cents.
Whereas, In this, as in all things, it is our privilege and duty to seek
Our tax is graded Justly. The plan Is that the shipper
shall pay the tax
counsel and succor of Almighty God, humbling ourselves before
Him, to the railroad. the amount being based upon the
freight bill itself. The
confessing our weakness and our lack of any wisdom equal to these
things; railroad will retain 1% of the total amount
collected for administrative
and
expenses. There will be no stamps,
714
THE CHRONICLE
[VOL. xeIX.
As you know. Federal troops have been in the State for the purpose of
maintaining order now for a long time. I have been hoping every day
THE TRADE COMMISSION BILL.
during that time that some light would come out of the perplexities of the
report
on
the
Trade
Commission
conference
Bill
was
situation,
some indication that the mine operators and the miners who
The
now on strike were willing to consider proposals of accommodation
agreed to by the Senate on the 8th inst. by a vote of 43 to 5, are settlement,
but no such indication has reached me,and I am now obliged
and
and was accepted by the House on the 10th inst. An agree- to determine whether I am justified in using the army of the United States
reached
by
the
purposes.
measure
conferees
for
police
was
on the indefinitely
ment on the
Many things may come out of this situation if it is not handled with
3d inst. The Commission is to be known under the title public
spirit and with a sincere desire to safeguard the public, as well
given it in the Senate bill—the Federal Trade Commission as all others concerned; perhaps the most serious of them all is the feelconsist
of
five members, as provided under the ing which is being generated and the impression of the public that no one
—:and is to
willing to act, no one willing to yield anything, no one willing even to
Senate draft. The House bill had proposed an Inter-State Is
consider terms of accommodation.
Trade Commission of three members. The Federal Trade
As you know, two representatives of the Government of the United
Commission will absorb, with enlarged powers, the functions States have been actively engaged in investigating the whole situation and
in
to reach a dispassionate conclusion as to what it is possible to do.
of the Bureau of Corporations, which the bill abolishes. nottrying
only in Justice to both sides, but also in the interest of the public. The
the
assist
Department
of
Justice,
upon
will
It
direction of result of their investigations and of their very thoughtful consideration in
the courts, in matters connected with the anti-trust laws, the matter has been the drafting of the enclosed "tentative basis for the
adjustment" of the strike. I recommend it to you for your most serious
and will supervise compliance of corporations with decrees consideration.
I hope that you will consider it as if you were acting for
dissolution.
The
Commission
has
authority to investigate the whole country. and I beg that you will regard it as urged upon your acif
practices which may affect foreign trade and to provide ceptance by myself with very deep earnestness. This is a time. I am
you will feel, when everything should be done that it is possible for
publicity for "facts which ought to be the common property sure
men to do to see that all untoward and threatening circumstances of every
of American business men." It will have the right of sum- sort are taken out of the life of the people of the United States.
Sincerely yours,
moning witnesses and requiring testimony,and its orders will
WOODROW WILSON.
be enforced by the circuit courts of appeals, which, however,
The following is the proposed plan of adjustment as prepass only on questions of law, the Commission's findings as
by the President:
to facts being conclusive. Judgments of the courts of ap- sented
Whereas, The industrial conflict in the coal-mining fields of Colorado has
be
final,
are
to
subject
only
to
review
by
peal
the supreme disrupted the peace of those sections of the State to the extent that a state
court on writs of certiorari. The salary of each Commis- of war has practically existed for some time; and,
A temporary peace is maintained by the presence of the Fedsioner is to be $10,000 a year. The provision in the Senate eralWhereas,
troops,
bill stipulating that "unfair competition in commerce is
Therefore, there should be established a three-year truce, subject to:
1. The enforcement of mining and labor laws of the State.
hereby declared unlawful" has been changed so as to read:
That all striking miners who have not been found guilty of violation of
"That unfair methods of competition in commerce are hereby the2.law shall be given employment
by the employer they formerly worked
declared unlawful." Where in the Senate bill the Commission for, and wnere the place of the employee has been filled, he shall be given
at
miner
the
as
a
same
or other mines of the company.
"was empowered and directed to prevent corporations from employment
2. Intimidation of union or non-union men strictly prohibited.
of
competition
in
using unfair methods
commerce." The bill
4. Current scale of wages, rules and regulations for each mine to be
as agreed to in conference empowers and directs the Commis- printed and posted.
5. Each mine to have a grievance committee to be selected by masion "to prevent persons, partnerships, or corporations, ex- jority
ballot at a meeting called for the purpose in which all employees
cept banks and common carriers subject to the Acts to regu- (except officials of the company)have the right to participate. Members of
be employed at least six months at the individual
late commerce, from using unfair methods of competition said committee must
before being eligible. Married men to be in the majority on each comin commerce." There is still another change in the section mine
mittee.
dealing with unfair competition (Section 5). This change
Grievances to be first taken up individually with the proper officer of
can refer to their local grievance
consists in the insertion in the following paragraph of the the company. Failing adjustment, they
committee for further consideration with the mine officials. Still failing
words printed in italics:
adjustment, the matter shall be suomitted to a commission composed of
Whenever the Commission shall have reason to believe that any such person, partnership or corporation has been or is using any unfair method of
competition in commerce, and if it shall appear to the Commission that a
poceeding by it in respect thereof would be to the interest of the public, it shall
issue and serve upon such person, partnership or corporation a complaint
stating its charges in that respect and containing a notice of a hearing upon
a day and at a place therein fixed at least thirty days after the service of
said complaint.
PRESIDENT WILSON'S PROPOSAL FOR ADJUSTMENT
OF COLORADO COAr. STRIKE.
The draft of a tentative basis for the adjustment of the
coal miners' strike in Colorado was submitted by President
Wilson, under date of the 5th inst., to the President of the
Colorado Fuel & Iron Co., the Chairman of the VictorAmerican Fuel Co., the President of the Rocky Mountain
Fuel Co., and to the officers of the United Mine Workers
of America. The plan was drawn up by the Commission
of Conciliation appointed by Secretary W. B. Wilson of the
Department of Labor. The basis of agreement offered by
the President includes the establishment of a three-year
truce, subject to the enforcement of the mining and labor
laws of Colorado; the return to work of miners who have
not been convicted of law violations; the prohibition of intimidation of union or non-union men; the publication of
current scale of wages and rules, and the appointment of a
grievance -committee by the employees. The agreement
provides that in cases where the officers of the company or
the grievance committees cannot settle differences,a commission of three men named by the President shall step in
and act as the final referee of all disputes. Under the agreement the claim for contractural relations would be waived,
no mine guards would be employed, the Federal troops now
on duty in the strike district would be withdrawn, picketing,
parading, colonizing or mass campaigning by the miners
would be stopped, and the suspension of work would be prohibited pending a decision by the commission. The expense
of the commission would be divided between the employers
and employees.
In submitting the plan to the interests addressed, President Wilson wrote as follows:
The White House, Sept. 5 1914.
My Dear Sir*
I feel justified in addressing you with regard to the present strike situation in Colorado, because it has lasted so long, has gone through so many
serious stages, and is fraught with so many possibilities that It has become
of national importance.
three men to be appointed by the President of the United States and which
shall be representative of each side, with the third member to act as umpire whenever necessary. This commission shall, during the three-years
of truce, serve as adjusters or referees in all disputes (whether individual
or collective) affecting wages, working and social conditions. Said commission shall devote primarily all the noces.sary time to the consideration
and adjustment of such disputes.
6. It is understood as a condition of the creation of said commission that
foe on
Thehe life of the
during(o)t
truce:otractual relations is to be wiaved, but this shall
voluntary agreement between any employer and their
the
prevent
not
employees during the life of this truce.
(b) No mine guards to he employed, but this does not preclude the employment of necessary watchmen.
(c) In the establishment of the truce the presence of the Federal or State
troops should become unnecessary.
(d) There shall be no picketing, parading, colonizing, or mass campaigning by representatives of labor organizations of miners that are parties to
this truce which will interfere with the working operations of any mine during the said period of three years.
(e) During said truce the decisions of the commission in cases submitted
shall be final and binding on employers and employees.
(1) There shall be no suspension of work pending the investigation and
otvee.
cis
oion
osi00nof
an
aymdliosepu
a sdoesp
Tghe
hin
rea
(c
g)
r six consecutive days by the
company
authorized
for
cause
satisfactory to the commission, but not
may be
any
lIft, dispute.
violatnspedg
Willful
of any of these conditions will be subject to such
penalties as may be imposed by the commission.
On account of the mutual benefits derived from the truce, the employers
and employees should each pay one-half of the expenses of the commission.
Respectfully submitted,
COMMISSIONERS OF CONCILIATION.
On Aug. 25 the findings of the court-martial which tried
twenty-two officers and men of the National Guard on charges growing out of the burning on April 20 of the strikers'
tent colony at Ludlow, Colo., were made public. All the
defendants were acquitted. The militiamen were charged
with murder, manslaughter, arson and larceny. Lieut. K.E.
Linderfelt was charged with assaulting Louis Tikas, leader
of the Greek strikers, who was killed in the Ludlow disturbances. The court-martial found that Linderfelt struck Tikas
on the head with a rifle, but that the assault was justified.
Before the verdicts of the court-martial were made public,
they were submitted by Adjutant-General John Chase to
Governor E. H. Ammons for his approval.
Troubles among mining interests in Colorado again reached
an acute stage recently, and on the 1st inst. it became necessary for Governor Samuel V. Stewart to issue a proclamation
declaring Butte under martial law. The nature of the
SEPT. 12 1914.1
THE CHRONICLE
present dispute is indicated in the following statement issued
by M. W. White, a leading hotel man of the city:
The disturbances in Butte are a result of trouble between the Western
Federation of Miners' Union and a new organization, the Butte Mine Workers. As long as the dispute existed between these two bodies, the citizens
of Butte did not appeal for outside aid. The fight assumed larger proportions, however, property was endangered through the struggle, people became alarmed, and the Governor, when informed of conditions, acted
promptly,and I believe with the coming of the militia,conditions will right
themselves under this discipline.
The copper mines of Butte have curtailed their output about 50%. owing
to the European war, which has demoralized the export business. Butte.
however, was not suffering from an economic or business depression as a
result of this. The labor dispute did not arise from laying off of miners,
but had its root further back in the rivalry of the two miners' organizations.
715
"So far as the inquiry of this office has proceeded, it has developed that
when food prices are highest there are unreasonable quantities of foodstuffs in storage. Naturally, the high prices would force this food out into
the market, but this isnot the case. The law of supply and demand doe
not figure, as far as my investigators have been able to discover. The fact
that at least one or two dealers do not take advantage of the higher prices
In times like these and unburden themselves of the larger quantities stored
away, indicates to me that there is an agreement between the cold-storage
plants. I propose to press this investigation to the point where the true
facts will be brought to light. There Is ample power for this in the laws
of this State."
Mr. Parsons, who as deputy to Mr. Carmody handled the
food investigation, points out that at one time during his investigation he came upon a flagrant example of the price
manipulation. His investigators brought to him information
that when eggs were selling at 45 cents a dozen in New York
City there were approximately 335,000 cases in storage; when
butter was at its highest price there were 8,000,000 pounds in
storage; when poultry was selling at its highest 3,000,000
pounds were stored away; when fresh meats were highest
there were 3,000,000 pounds in storage; when salt meats
were soaring in price 2,000,000 pounds were held in storage.
In support of his contention Attorney-General Parsons made
public on the 6th inst. figures showing the approximate increase in the quantities of food in storage since May 1 to the
present time. The recent rise in prices dates back to the
time when the storing process was begun. These figures
show the following increases in stored goods between May 1
and the present: eggs, 14,000,000 dozen increase; butter,
9,000,000 pounds increase; fresh meats, 4,000,000 pounds increase; salted, pickled and smoked meats, 1,000,000 pounds
increase. A possible solution of the difficulty of effectively
dissolving the food combination may be found, it is stated, in
legislation. Attorney-General Parsons proposes to urge
legislation which will limit the time for which foodstuffs may
be stored. This would constantly force on the market large
quantities of co-called perishable foods. The Brennan coldstorage law allows the storage of butter for twelve months
and other perishable foods for ten months. In many instances, it is stated, the intent of this law is violated by
careful manipulation of the storage process. Re-storage is
another means of violating the letter of this law
THE RISE IN PRICES.
Indictments under the Sherman Anti-Trust Law charging
the fixing of food prices were handed down on the 4th inst.
by the Federal Grand Jury at Washington, D. C., against
thirty-one food dealers. The Federal investigation into the
advance in commodity prices was begun by the Department
of Justice at the instance of President Wilson a month ago.
All the men indicted by the Washington Grand Jury are local
produce dealers or commission merchants. The Grand Jury
found, it is alleged, that the indicted men had not acted merely as commission agents, but had by agreement fixed from
day to day arbitrary prices for the purchase and sale of farm
products. It was found that in order to maintain this agreement and to eliminate competition either in the purchase of
goods from the farmer or its re-sale to the dealers and consumers, the commission agents on the morning of each market day employed a common agent for collecting verbal or
written "suggestions" and "ballots" indicating the prices
the defendants would pay for produce. The indictment, it is
stated, also declares that these commission agents maintained
a combination in the distribution of the farm products sold
on this market—that they agreed among themselves just
what they would charge the dealers and consumers far the
produce, and each of them sold at the fixed price. In other
words, the Grand Jury charges a double combination. One
existed to fix an arbitrary price at which the farmer may
dispose of his produce and the other to charge a noncompetitive price to those who distribute or consume this
produce. The Department of Justice, in a statement on the
4th inst., says that Government agents working in many WHAT IS NEEDED TO DEVELOP SOUTH
AMERICAN
States for evidence are expected to make reports soon which
TRADE.
officials hoped would be the basis of other indictments. The
In the hope of correcting prevalent misconceptions regardAttorney-General says:
ing
the trade of the United States with South America and
existing
throughout
the
world,
capitalization
"Under conditions now
of misfortune and oppression of our own people by the arbitrary increase opportunities for its extension, the National Foreign Trade
of the prices of foodstuffs are so peculiarly reprehensible that whenever Council issued on the 7th inst. a statement calling attention
convictions can be obtained the Government will insist upon sentences
to certain fundamental conditions.surrounding that trade,
of imprisonment—no fine or no civil remedy will be deemed adequate.
"United States attorneys are being instructed promptly to ask for indict- which must be improved in order to accommodate existing
ments whenever the facts will permit, to push these to early trial, and, upon trade, to say nothing of future business. The Chairman of
convictions, to insist upon prison sentences. It must, of course, be remem- the Council is James
A. Farrell, President of the United
bered that, without the District of Columbia, only those agreements and
combinations which affect directly inter-State or foreign commerce can be States Steel Corporation, and it consists of 35 nationally
reached. As to other matters, State statutes must be relied upon."
representative manufacturers; merchants,railroad and steamship men and bankers, representing all sections of the counThe recent rise in the price of food in New York State is try and collectively standing for the general interest of all
attributed by State Attorney-General James A. Parsons to elements engaged in foreign trade.
the existence of a gigantic conspiracy among those identified
At the outbreak of the war, a standing committee of New
with a number of cold-storage and refrigerating plants of the
York members was appointed to consider foreign trade probState. The State investigation into the matter was begun
lems as they arose. As a result of the committee's observaat the time the Federal probe was undertaken. Mr. Parsons' charges are based on the evidence gathered by expert tions, the following statement is issued:
Under the influence of glowing generalities as to the "wonderful opporinvestigators whose inquiry was made under the direction
for extension- of United States trade with South America, the
of Thomas Carmody, who has just resigned as State Attorney- tunities"
public should not lose sight of certain fundamental conditions surrounding
General. According to Mr. Parsons, the reports of the in- that trade which must be improved before existing trade can be handled,
vestigators show that at least one food exchange and a num- to say nothing of greater business in the future. Exports to and imports
South America have been halted by the confusion Into which the war
ber of cold-storage plants in New York City co-operated in from
threw European shipping and European banking, on which the expeditious
a scheme to manipulate prices; that the prices of foodstuffs transaction of our South American trade long has depended.
'I he United Stases and the ten republics of South America, by reason of
are higher when larger quantities are stored in the waretheir natural products and industry, occupy towards each other a naturally
houses; that the recent rise in prices was due to the manip- reciprocal
position. Properly cultivated,a very large and mutually profulation of the combination, and not to the war in Europe. itable trade can be developed. It will be necessary, however, to build from
the
ground
up. The prizes of Latin-American trade will not fall gratuiof
this
support
assertion it is stated that during the last tously
In
into our hands. Every nation now enjoying a large per
two months millions of pounds of foodstuffs have been foreign trade has attained it only by systematic effort and sacrifice. capita
The South American trade problem can not be appreciated without analyhoarded in the warehouses, which, if unloaded on the marof Its fundamental character.
kets, would have sent the prices downward. It is charged sisThe
normal elements of South America's foreign trade have been:
that the rule for the last few years has been to store quantities
1. Agricultural, forest and mineral exports, constituting raw materials
orfOod fax in excess of the current demand and then to regu- necessary to the life and industry of Europe and the United States.
2. Imports of manufactures.
late the output in a manner which would apparently justify
3. European investments in South America, creating a market for Eurothe soaring tendency of prices. Attorney-General. Parsons pean
manufactures.
intends to make the parties to the alleged combination de4. European banking, providing these investments and handliag South
America's
trade with the United States, as well as with Europe.
fendants in court proceedings for conspiracy. He asserts
5. European- steamship lines, trading houses and sales
organizations,
that the way is clear, under the law,for the dissolution of the serving a part of the United States'
as well as Europe's South American
alleged food combine and the criminal prosecution of those trade.
6. A4ImIted number of the United States' ships, trading houses
who are parties to the conspiracy to elevate prices. The organizations.
and sales
Attorney-General says:
The effect of the war upon this commerce has been:
716
THE CHRONICLE
[VOL. xclx.
1. Curtailment of the foreign market for South American products, as well as by the absence of
established American banks in South
due either to diminished purchasing power of the warring nations, or to their financial centres. The new
American
banking law, fortunately,
Inaccessibility, as in the case of Germany.
lishment of foreign branches of national banks. The permits the estabNational City Bank
2. Curtailment of South America's source of supply of manufactures, as has availed itself of this authority,
but the authorization of
In Germany.
national banks
to deal in acceptances of foreign paper is not yet
effective. So long as it is
3. Shrinkage of South American purchasing power through curtailment not in operation a serious difficulty
confronts the establishment here
of European investment in South America, entailing suspension of trans- International discount market strong
of an
enough to support direct
exchange with
portation, industrial, agricultural and mining projects, which normally the neutral markets of South America
and the Far East.
consume foreign manufactures.
The war has demonstrated that foreign trade is a vital
element in our do4. Dislocation of London exchange, the universal currency of South mestic prosperity. The war has disclosed a
American foreign trade, and declaration of moratoria, rendering either im- foreign trade's dependence upon European fundamental weakness of our
banking.
Although
neutral,
possible or expensive payments or collections in London bills of exchange.
our commerce has suffered, through this dependence, the
5. Interruption of steamship communication, due to German marine's
With the gradual resumption of ocean transportation rigors of war.
and the control of
disappearance from the sea, and,for a time, prohibitive war risks.
the
England,
equilibrium of London
the sea by
As a primary fact, Souti America's purchasing power is thus seen to restored. Nothing is more fallacious, however, exchange may again be
than to await this
restoradwindle toward the point represented by the value of her exportable pro- tion as the sole remedy of the disruption of oversee
commerce.
ducts. A certain proportion of these must be utilized to meet her obligaWhat the war has in store is uncertain. Blind dependence
upon the
tions of interest on European loans.
banking mediation of any belligerent is hazardous. Our
greatest opporAlthough the United States in the year ended June 30 1914 purchased tunity lies in the establishment of those direct
financial relations and the
from South America merchandise to the value of $222,677,075 and sold In American steamship connections necessary to
assure the economic indereturn only to the value of $124,539,909, an adverse trade balance of $98,- pendence of the trade we already have and of that
which
037,066, our southern neighbors may naturally seek expansion of their ex- with increased banking and steamship facilities of our we hope to gain
own, it should be
ports In this direction. The future alone can determine whether this is possible to pay for the greater proportion of our imports
in merchandise of
possible. It Is noteworthy that one commodity, coffee, during the last our own production and to retain in the United
States a greater proporfiscal year constituted in value one-third of our total imports from South tion of the funds due for imports.
America. And this was a decline from the coffee import figures of 1912 and
1913.
How great an opportunity has the United States to sell South America
At a conference in Washington on the 10th inst. of diplomerchandise hitherto bought In Europe? Any answer must take into consideration the already proven fact that European war diminishes South mats from South and Central America and representatives
America's purchasing power because it reduces European investment. of United States banking and export houses,
industrial and
Whether the curtailment of European supply of manufactures exceeds the
financial problems in Latin-America due to the war in Eucurtailment of this purchasing power will largely determine the extent of
After members of the diplomatic and
our opportunity to increase exports to Argentina, Brazil, Chile and other rope were outlined.
States.
consular corps of the distressed countries had set forth their
Germany as a source of supply of manufactures is now cut off, but this
needs, the conference, organized under the auspices of the
by no means delivers German trade into our hands. The United Kingdom.
although at war,impressively keeps open and traveled its world trade routes, Departments of State and Commerce authorized Secretary
and with banking and shipping resources that we utterly lack, appreciates Redfield to name a committee to determine upon
concrete
all opportunities for the capture of German trade.
recommendations and decide whether another general conNor is European trade easily uprooted even by the shock of war. British
commerce with South America is well grounded on vast investments In rail- ference will be necessary. New markets must be found for
ways, industrial, agricultural and mining enterprises, and Government the products of the South American countries,
the conference
loans, an estimated total on Jan. 1 1913 of $3,376,495,837, yielding about
was told, and a system of exchange established that would
$160,000,000 in annual interest.
Trade naturally follows investment, but British, French and German in- produce revenues for crop-moving and development purvestors have not rested content with the natural outworking of this eco- poses. The opportunity for the growth of
American trade
nomic law. In recent years they have systematically fortified their South
American trade by stipulating that materials from the country providing on the Southern Continent was urged as an incentive for
the funds be preferred in the resultant construction and equipment con- immediate action.
tracts. Thus British-financed railroads often use exclusively British rails.
The conference committee will consist of representatives of
rolling stock, &c.. power plants built with German capital are equipped
only with German electrical machinery,&c. The practice closed many com- the National Foreign Trade Council, already at work on the
mercial doors to the United States.
problem with a consular delegation in New York, and agents
Will they remain closed? This depends upon whether European capital
continues almost exclusively to supply the funds for continuance of these of American commercial organizations and the Pan-American
projects. Snould the burdens of war decrease Europe's investing ability, Union. The Trade Council's board consists of its Chairman,
or even regardless of that contingency, the investors of the United States James A. Farrell; E. P. Thomas, President of
the United
may well conclude that judicious investment in South American railways,
industries, plantations and mines, not only offers adequate profits but will States Steel Products Co.; Willard Straight of the American
open and protect new markets for manufactures and certain natural pro- Asiatic Association; William Bayne, President of the New
ducts, such as oil, coal and lumber. A great part of the funds thus loaned York Coffee Exchange, and representatives
of exporting
need never leave the country but will be expended here for American manuand commercial firms.
factures.
Preparatory to the conference, John Barrett, DirectorWhile the American public is not educated to foreign investments, and
the country is still a borrower in the world's financial market, it should be General of the Pan-American Union, issued the
following
rememoered that the new tariff has precipitated many American industries
portraying the statistics of LatinInto world competition. Our domestic prosperity, the welfare of millions of statement (on the 7th),
workers. increasing.y depends upon the success of export trade. With our American commerce:
commercial operations thus forced to encircle the globe, capital will scarcely
The 20 Latin-American countries of Central and South America conremain cloistered within our own borders.
ducted in 1913 a foreign commerce valued at approximately $3,000,000,000.
Not only does our future in South America depend upon improvement of The exact total was $2,870,188.575. Of this total, the imports were
our banking facilities, but the transaction of business already obtained has valued at $1,304,261,763 and the exports at $1,565,916,812. This gives
been halted by the disruption of London exchange. For years London Latin-America a favorable balance of $261.655,049.
has been South America's banker, and ninety-day bills on London the
Of the principal sources of origin of Latin-America imports, Great
medium of settlement of export and import business not only with Europe Britain furnishes products valued at $322,036,347; United
States, $317.but the United States as well.
323.294; Germany,$216,010,418; France,$103,220.223;
Having so long depended upon London banking mediation, which in- Belgium, $48,747.164; Austria-Hungary. $9.025,478; Italy. $55,494,413;
cludes not only British, but German and French branch banks at I.ondon, 293.859; Switzerland. $6,189,050: all other countries. Netherlands, $8,$217,290,517.
exporters and importers here and in South America have great difficulty
Although the United States ranks second, the possibilities for
in
building up
establishing direct banking relations.
its trade are shown by the fact that the total of Latin-America imports,
We owe South America far more than South America owes us. The aside from those coming from the United States,
amount
to
$986.938.469.
trade balance Is heavily adverse to the United States. Since South AmeriThe exports of Latin-America, the European market for which is now
can interests owe heavily at London. they naturally desire that the United greatly lessened by the war, amounted in
1913 approximately to $1,566,States pay at London for its heavy imports of coffee, rubber, nitrates, &c. 000,000. Of this total, the United States
was the greatest purchaser.
Importers, therefore, are obliged to transfer funds to London, a
valued
at
products
difficult taking
$504,378,212. Then came other countries as
and expensive process at the prevailing high rates of exchange. Of course, follows:
this money is not shipped on from London to South America. London
Great Britain, $316,419,914; Germany. $192,394,702;
France. $120.discharges the obligation in British manufactures, thus effectively
alien- 907.415; Belgium, $62,557,566; Netherlands, $43,277,631;
Italy, $27.ating to the United Kingdom the selling power which we should derive
from 964.001; Austria-Hungary. $23,294,991; all other countries, $247,722,380.
purchases
South
of
American merchandise. In a healthful trade,
heavy
Although, therefore, it will be seen that Latin-America sells in large quantithe United States should more largely discharge its indebtedness to South
ties to North America. she exports to other countries the majority of which
America by increased exports. Obligations for Imports payable at
Lon- are engaged in war products valued at $1,061,538.600.
don not only prevent this, but siphon gold from our banks to Europe.
The most conspicuous evidence of our disadvantage is seen in the trade
with Brazil. During the last fiscal year American imports from Brasil
At a meeting in this city on Tuesday representatives in
were valued at $101,329,073. but we sold to Brazil in return merchandso
valued at only $29,963,914. Vessels have delivered coffee, rubber and the United States of Latin-American countries formed the
other Brazilian products in the United States and loaded with cotton and Latin-American Consular Association. The purpose of the
grain, which they have transported to Great Britain, loading in British organization is to
promote trade between the United States
ports with British manufactured goods which were carried to South Amerand the South American countries. Consul-General Manica. thus completing the triangle.
While we are willing and able to pay for South American products, uel Z.;Gonzales of Costa Rica presided as temporary Chairour manufacturers and trading houses are reluctant to ship goods to the
man and Brown Willis of Costa Rica acted as Secretary.
sister republics, many of whom have declared moratoria. Manufacturers
and exporters declare they do not know where their money is coming from. It was resolved to continue the temporary officers until the
As a matter of fact, the exporter's money ought to come from his next- next meeting, which is to be held on Monday the 14th inst.
door neighbor, the importer of South American merchandise.
We are certainly at a disadvantage if our indebtedness is used to pay for At a preliminary meeting on the 3d inst., a statement was
British manufactures exported to South America. while our own manufac- issued by the Consuls-General, which was given in part in
tures remain congested on our docks for lack of sound credits. The neces- the New York "Times" as follows:
sity is apparent of machinery to bring together the importer of South
These Spanish-American countries now naturally turn to the United
American products and the exporter of our manufactures. Toward this States as a base of supply and also as a distributing centre, but they find
goal, various banks are seeking to work, but the field is new. The task is themselves absolutely devoid of a means to accomplish the purpose. First.
complicated by the lack of co-operation between exporters and importers, having had no prior _commercial intercourse with the United States in a
SEPT.12 1914.1
THE CHRONICLE
general way, the American manufacturer is completely unprepared to meet
the sudden demand now forced upon him, and, on the other hand, the
American manufacturer,ignorant of trade conditions in the South American
countries, is unable to extend facilities and credits on any kind of safe
basis, even if he were able to supply the demand for his wares. Second,
the failure of European countries to absorb their usual quota of South
American products cannot be offset by diverting these same products to
the United States. The United States will continue to consume their
regular share of South American goods and maybe a trifle more, but it
cannot very well be expected that the United States should absorb the
total Spanish-American output. Therefore, it readily will become apparent to everybody that the Spanish-American situation as now confronting these countries is indeed a gloomy one.
At to-day's meeting the Consular representatives present exchanged
views as to the situation prevailing in their respective countries, and unanimously agreed that the opportunities now offering the United States to
engage in the South American trade were extremely attractive for American
manufacturers and exporters, even though the question of ability to meet
the immediate demand be such as to make it somewhat difficult to cope
with at first.
A proposal designed to promote trade with the Latin-American countries calls for the organization of a clearing-house for
American and South American merchants. The plan, suggested by William E. Peck, a member of a sub-committee
appointed by President Farrell of the National Foreign
Trade Council,to work out means for accelerating trade with
the South American countries, provides for co-operation
between banks and exporters and importers trading with
South America, to the end that a merchant who wishes to
pay a certain amount of money for coffee ordered in Brazil,
for instance, can go to this clearing house with his cash.
There he can be put in touch with another exporter or merchant who has an order from Brazil for flour, for instance,
but is unwilling to ship until he is sure of his cash. By an
exchange of credits the payments of both bills can be made
without the necessity of the transportation of gold between
the countries. Mr. Peck proposes to solicit the aid of the
National City Bank, which has already undertaken to
establish credits with several countries in South America,
in seeking the co-operation of other banks in the movement.
The Merchants' Association of New York in its Bulletin
of Monday last calls attention to the opportunity now presented to American manufacturers to win a portion of the
foreign trade of South America. It points out that with the
German, English, French and Belgian factories, which have
so largely supplied these countries, now practically closed,
South America is forced to turn to the United States for
relief. Although the interest of American manufacturers
and merchants in the possibility of securing this trade is
increasing, there is a lack of specific information to guide
prospective exporters. The Merchants' Association, in expressing its belief that this Latin-American trade should be
sought and that it should be sought with the intention of
continued development and future possibilities, states that
it is equipped to aid persons who are interested in the trade
opportunities offered. The facts that stand out prominently
to-day, the Association says, are as follows:
These countries must have our goods: the American manufacturer or
merchant going after this trade at once will meet little opposition from
European competitors; and finally the opportunity to lay the foundation for
a permanent and enduring trade with these countries was never so bright
as at present. Immediate large returns are not assured nor are they as
desirable as obtaining a permanent foothold here for future development.
717
Federal Reserve Board, however. the National City Bank of New York
plans to open branches in Argentina and Brazil within a short time. In
fact this bank has already established credit with the largest bank in
Buenos Aires. In addition to doing a general banking business, the National City Bank expects to furnish up-to-date credit ratings of all the
leading houses in the districts which the bank serves, and,furthermore, to
disseminate suggestive general and trade information for the guidance of
American exporters. It is planned that all these branches of service will be
in operation within six months. The establishment of these branch banks
and the awakened appreciation on the part of the banking public of the advantage of going after this class of business should develop further banking
accommodations between the two countries in the near future and place
American manufactureres in a position to offer terms comparing favorably
with those of their European rivals. In fact the present disorganized condition of European capital would seem to indicate that European banks
could not soon return to their former liberal policy.
Some observations made by 0. P. Austin of the National
City Bank on the opportunities offered for trading with
South America were printed in the New York "Sun" of Aug.
29. Mr. Austin was for fifteen years chief statistician of
the Department of Commerce. He speaks from personal
knowledge of the subject he discusses, since he has visited
more than twenty countries, studying the trade situation
with the aim of promoting commerce with this country.
In part he said:
No doubt there is a golden opportunity for us to enlarge our trade greatly
with South America. Our trade has increased with remarkable rapidity
in recent years, having Jumped from $41,000,000 in 1903 to 3146.000,000
in 1913. Eventheiarger figure is only 15% of the imports of South American countries, which amounted last year to more than $1.000.000,000.
Most of the imports came from Europe and were of a class of materials
which we are able to supply and which we want to sell.
The total imports of South American countries in 1912 from the united
Kingdom amounted to $275,000,000, from Germany 3177.000.000, from
the United States 3153,000.000. Though the figures of imports from the
United States are in excess of the exports from those countries to the United
States, the excess amounts only to the carrying charges and the fact that
the valuations at the South American customs houses are somewhat
arbitrary.
Curiously, as I have said, very many of the articles shipped to South
America from Europe are things that we manufacture and which we would
like to sell abroad. Take cotton goods. Europe sells cotton goods amounting to $100,000,000 to those countries. We are the world's greatest producer of cotton in the raw and in manufactured materials. Furthermore,
we have the best machinery for turning out cotton goods and the most
skilful workmen in the world. In spite of that fact, however,our shipment
of cotton to South America was about $3.800,000. We supply practically
all the raw cotton from which Europe makes the goods that are sold in South
America. European workmen and manufacturers get the profit in turning
out these goods, a profit within reach of the manufacturers and workmen
of this country.
I note from a recent despatch from our Consul-General in France that the
cotton mills of that country are now producing only one-third of their
capacity. That output will be required for the army. We may assume
that the same general conditions apply in other countries which furnished
goods to South America and which are now at war.
The imports of cotton goods to Argentina in 1912 amounted to about
334,000.000. Of that amount the United Kingdom furnished goods worth
$16.000,000: Germany, $5,000.000: France, $2,000.000, and the United
States, $500,000. In the case of Brazil the imports of cotton goods
amounted to $17,000.000 and the proportion ofshipments from the different
European countries was about the same. The United States sent 3200.000
worth of goods.
Similar conditions prevail in all the tropical countries in South America.
The inhabitants of those countries must have cottons made to suit their
requirements. One of the chief reasons for the failure of American manufacturers to make sales of cotton goods in South America is their unwillingness to make goods to suit the habits, the needs and the conditions of the
people. The bulk of the goods shipped from the United States are made for
people living in the temperate zone and are from the stock which we maimfacture for the people of this country. They are a heavier class of goods
than are required in the tropical climate, but our manufacturers have
declined to make goods for the people of the warm climates.
Interests which are contemplating the invasion of the
A series of articles dealing with specific opportunities in South American field are exhorted to proceed with the greatdifferent. countries and the grades of goods demanded in est caution in a statement issued by the American Manufacvarious lines, such as electrical goods, machinery, furniture, turers' Export Association, which says:
textiles, &c., will be published in forthcoming numbers of
Much publicity has been given recently through the newspapers and oththe Association's Bulletin, "Greater New York." An inter- erwise to the opportunity offered to American exporters by reason of the
present European war, and a general impression seems to have been creview had by a representative of the Industrial Bureau of the ated
that American manufacturers and business interests should ImmeAssociation with a person in close touch with trade conditions diately proceed to Invade foreign—and particularly South American—
markets
in order to properly avail themselves of such opportunity.
Am
erica
South
is
in
quoted in this week's Bulletin, and we
The American Manufacturers Export Association, representing a large
take from it the following extract:
number of the principal exporting interests of the United States. deems It
Suggestions to be heeded in entering these markets fall
chiefly into three advisable at this time to issue a word of caution to those who may be degeneral groups:
ceived and perhaps led into serious financial expenditures by such an1. Only thoroughgoing and continued methods of investment
have any nouncements as the above.
hope of permanent success in these fields. In other words, fliers
It Is perhaps true that the ultimate result of the present crisis will be a
seldom
succeed.
very large increase and expansion of the foreign trade of the United States;
2. Goods must be supplied in the grades and patterns which the buying It would be strange were it otherwise. But at this time, with few excepcountry demands.
tions, the conditions in foreign markets throughout the world are so un3. Business procedure must be adapted to the customs of the country in satisfactory in some instances—even exclusive of the European
countries
which the goods are sold.
directly involved in the present struggle at arms—that it behooves American
The very best thing which could possibly be done would be for manu- exporters to exert the greatest caution in making shipments or endeavoring
facturers and dealers in similar, non-competitive lines to unite in sending to seek new business to-day. As is generally known, many countries
have
an experienced agent to observe and report upon the trade openings which proclaimed a moratorium which may be extended indefinitely:
exchange
he found. Such an agent could further establish selling agencies for each facilities are practically non-existent, and, while shipping facilities to alline of goods which he represented, distribute samples,&c. Thisform of co- most all parts of the world have now been established from New
York,
operation will certainly not be illegal, its advantages will be increasingly exporters should understand exactly what they are about before
undertaking
apparent as time passes, and they will continue after European peace is to fill foreign orders at the present time.
A great deal of evidence is at hand to show that, because of
delared.
the false imWith regard to the need of branch banks in South America pression created by much that has appeared in print within the last month,
Individuals and firms, who often lack even the rudimentary
Ideas of the
the Bulletin quotes the person interviewed as saying:
requirements for successfully conducting business with
foreign countries
,South American branches of European banks have for a long time af- are now bestirring themselves
under the impression that it is a
case of
forded an advantage to our foreign competitors in this respect. Under the "first come, first served."
THE CHRONICLE
r 718
More than ever, the present occasion demands an accurate and complete
knowledge of conditions and requirements essential to the successful conduct of foreign trade, and it is perhaps unnecessary to state that a largo
proportion of the "syndicates" and schemes in this respect now being
exploited before the public are quite unable to bear a close scrutiny.
On the 2d inst. the Senate passed unanimously a resolution directing the Secretary of Commerce to express his
opinion on the feasibility of sending six vessels under the
auspices of the United States Government to South American ports to carry samples of American goods and American
representatives of them, with a view to stimulating trade with
the United States. The Secretary is also directed to estimate
what the cost of such a commercial armada would be and
to report to the Senate.
(Vox, ECIX.
creased at the average rate of about 7% per annum, or an average of about
$13,000.000 a year during the 10-year period from 1903 to 1913. This
necessarily means a corresponding increase in the volume of mail. No
reasonable man can expect that the Government can increase its postal
revenues at an average rate of $13,000,000 per year without increasing its
expenses in practically all departments of the service, though perhaps at
a smaller ratio. In this connection it is pertinent to remark that although
the postal revenues doubled in that 10-year period.railway-mall compensation increased only 20%.
All members of the committee join in the report so far as
it relates to findings of fact and construction of the bill, but
Senators Bankhead and Weeks and Congressmen Lloyd and
Tuttle dissent from the Chairman's criticisms of the Post
Office Department.
In approving in the main the proposal of the Joint Congressional Committee on Railway Mail Pay, the Committee
on Railway Mail Pay representing 218 railroads issues
a statement through its Chairman Ralph Peters, which says:
RAILWAY MAIL PAY.
The enactment of a bill increasing the annual mail comIt is most gratifying that the Joint Congressional Committee fully and
pensation of the railroads about $3,000,000 is recom- unanimously sustains our main contention that the railroads are now
materially
underpaid for carrying the mails.
mended in the final report of the joint Congressional Comcommittee proposes a plan of payment which will give the railroads
mittee on Railway Mail Pay submitted to Congress on anThe
increase of $3,000,000 a year, and completely supports the companies
_Aug. 31. The bill recommends payment on a space basis. in the other leading principles which they have urged. namely:
That
the railroads are entitled to a fair commercial profit for carrying
'The eommittee appointed under the Post-Office Appropriathe mails; that apartments in cars fitted up as traveling post offices should
tion Bill of 1912 consists of Senators Jonathan Bourne Jr., be paid
for; that the railroads should be paid for the terminal messenger
(Chairman), Harry A. Richardson and John H. Bankhead; service they now perform, and that the system of weighing the mails only
once
in
four years is unjust and unbusinesslike.
Representatives James T. Lloyd, William E. Tuttle Jr.,
While the Congressional Committee does not see eye-to-eye with the
And John W. Weeks; Senators Bourne and Richardson, who railroads as to the total compensation
due the companies for their mall
are not now members of Congress,have continued to serve service, the railroad committee has expressed its willingness to accept the
views
of
the
Bourne
Committee upon this main question of fact.
as members of the Committee without pay since their ConWe firmly believe that the Congressional Committee has canvassed
gressional terms expired in March 1913. M. 0. Lorenz, a whole subject most carefully and that its findings of fact embody the
the
statistician for the Inter-State Commerce Commission, sound Judgment of an unusually able and impartial committee.
The specific plan proposed by the Bourne Committee for hereafter
assisted the Committee in its labors. The Committee meeting the under-payment due the companies is open to question. The
expresses the opinion that the railroads should receive feeling of the railroad managers is that the present system of payment.
based on the weight of the mall and the distances over which it Is carried,
for mail transportation a rate that will yield them a is
scientific, and, that if fairly administered, it
be satisfactory. It
the
same
as
approximately
received
from actually measures and provides payment for theshould
car-mile revenue
actual service performed.
passenger service, as the mail service is coincident with the The proposed plan does not.
That, however, is a technical matter. The Bourne Committee has
pmsenger in speed, regularity, frequency and safety, and, established
the doctrine that the railroads should be compensated on a
therefore, the cost of mail service is approximately the same commercial basis for the services they render. The railroad committee is
per car-mile as the cost of passenger transportation. The now prepared to co-operate with Congress in establishing detailed standards
of payment which should place this purely commercial relation of the
rates recommended by the committee would yield, it is Government
and the railways upon a sound business basis.
stated, 24.22 cents per 60-foot car per mile, while the
average return from passenger traffic is slightly more than
THE MEASURES OF RELIEF ADOPTED FOR HELPING
26 .ante per car-mile. The proposed rates are as follows:
AMERICANS ABROAD.
Joint Committee Rates on 60-Ft. Car Basis.
The methods adopted for the relief and means for the
Average rate on 604t. car basis.
return to the United States of its citizens marooned abroad
Term'le% line combined
Rate per unit
at the outbreak of the European war are detailed in a statement issued under date of Aug. 29 by the Federal Relief
For
For
Terminal
Terminal
For
(round
Average (single
100 1,000 Board at Washington, from which we quote the following:
average
trip)
Line distance trip)
Cents Miles
60-ft. It. P.0-S8 50 21.00 301.0 $425
60-ft. storage__ 850 21.00 556.0 425
30-ft. apartm't_ 5 50 11.00 185.0
5 50
15-ft. apartm't_ 400 6.00 80.5 8 00
3.001 345( 4 29
7-ft. pouch____ 1 00
2-ft. pouch____
50
1.501
1 500
Line
Cents
21.0
21.0
22.0
24.0
25.7
30.0
dal.
Miles
22.41
21.76
24.97
33.91
38.13
44.49
mites.
Cents
25.25
25.25
27.50
32.00
29.99
35.00
miles
Cents
21.42
21.42
22.55
24.80
26.13
30.50
Without the slightest warning this country was confronted with a situation which was without precedent, was entirely unique, and for which it
neither had nor could have had any pre-arranged machinery. From the
time of the declaration of war by Austria, which was followed some few
days afterward by numerous other similar declarations, every accustomed
method of business was utterly dislocated. Financial agencies, transportation systems on land and sea, and cable and interior lines of communication in Europe were all thrown into utter confusion.
Although no record is kept of the average annual tourists from America
all units___
-----21.82 24.69
to Europe, we were informed initially that there were about 150,000 such.
The bill provides that after the new plan has been in force They were scattered over the wholeContinent of Europe and in the British
two years, either the Postmaster-General or railroads oper- Islands. Cables to some of the countries were rendered useless. The
ating not less than 25% of the total mail-carrying mileage existing cables were so over-burdened that messages were delayed for very
long
may have the justness and reasonableness of the rates
gy pre
ea
rt
ds
n of the mobilization going forward in practically every Eurotested before the Inter-State Commerce Commission. The pean country where Americans were traveling, all the customary and normai ways of life were disarranged. International credits at first entirely
bill submitted by the Joint Congressional Committee differs ceased.
It was thought at that time that only the actual physical
gold at
from all the bills recommended by the Post Office Depart- any place involved in the war area would be useful to Americans;
and for a
and
express
bankers
all
companies
who ordinarily pay travelers'
ment. The report condemns what it calls "greed for power," time
of credit and travelers' checks ceased doing so.
and cites instances of abuse of such power as in the order letters
It goes without saying, of course, that the Government was not charged
of the Department which sent some magazines by freight by law with responsibility with respect to the financial condition and transwhile rival magazines were transported by mail. In part portation facilities available to its citizens who were touring the countries
In question. However, it was never suggested that this should affect the
the report says:
attitude of the Government in the matter. No red tape or circumlocuWe are convinced that space should be substituted for weight as the tion or suggested freedom from the responsibility on behalf of the Governbasis for compensation: that the rates should be such as will yield a car- ment was allowed to stand in the way for a moment.
mile revenue approximating the car-mile revenue derived from passenger
Congress immediately appropriated $2,750.000 for the relief, protection
service; that legislation on this subject should be drawn as specifically and and transportation of the Americans who were marooned abroad. The
comprehensively as possible, and that as little as need be shall be left to President immediately turned over to the departments which could most
the discretion of the Post Office Department.
readily handle the situation the execution of the details. These departIt has been our view that it is not our duty to endeavor to make out a ments were the State, Treasury, War and Navy.
case that is favorable or unfavorable to either the Government or the railFor every person thus marooned there were numerous persons in this
roads, but to ascertain with as great accuracy as possible what is a reason- country interested in his whereabouts and welfare. The departments were
believe
We
that
paid.
the
be
to
Government should lterally swamped with inquiries. Machinery had to be devised in each of
able compensation
deal justly with its citizens, for if it expects them to deal justly with one the departments involved to handle the situation confided to its manageanother arid with the Government. the Government must set the example ment. It was realized that the first and most important thing was to place
by dealing justly with them. To what extent the rates we suggest will at the disposal of the Americans in Europe the necessary money with which
increase the total amount of compensation is largely problematical for the to support themselves until they could obtain transportation home.
reason that it cannot be known in advance exactly what space the Post
The next most important thing was to get information concerning the
Office Department will authorize for the transportation of mail. we whereabouts of Americans and their needs. This,it will be readily perceived,
firmly believe, however. on the showing made in the Lorenz table that the was no slight undertaking. Traveling Americans do not, as a rule, carry
enactment and operation of our suggested bill will not result in increased passports and are not, therefore, registered.
postal expenditures of more than $3,000,000 over the actual appropriaThe next most important thing was to secure the opportunity for their retions carried in the last Post Office Appropriation 13111 for railway-mail turn to this country. Initially It was supposed that this would have to be
pay, including inland transportation by railroads, postal pay for freight done wholly by transportation sent from this country. At that time the
German liners had stopped; the French liners were not sailing, and all of the
ce expressage and railway post office car service.
That there should be an increase in railway-mail pay need not be sur- larger ships customarily sailing between this country and English ports
volume
of
The
expected.
postal
be
suspended their mailings.
must
it
fact,
revenue
had
prising; In
in-
SEPT. 121914.1
THE CHRONICLE
719
There were only six ships, all told, owned by an American company and
about providing transportation, to be prepared in this country and sent
sailing under the American flag, in trans-Atlantic service. The only other
abroad for such Americans as could not obtain other means of traesPertapassenger ships under the American flag capable of transporting passengers non.
across the Atlantic were ships then engaged in the coastwise trade. These
The facts have been stated above about the available ships. It was
were small in size, almost wholly devoted to carrying cargoes, and with
thought best to utilize the army transports and the chartered coastwise
passenger accommodations of the most meagre description. This was the boats
which had been utilized between Galveston and Vera Cruz. It was
only source from which the Government had to draw.
necessary, however, to greatly expand their passenger-carrying capacity,
So soon as it was possible to do so, two ships of the navy were made and to
alter it for the better to the extent that it was possible to do so.
ready to sail for the other side. Army officers, to the number of twentyOur
five or more, headed by the Assistant Secretary of War, were detailed to go Great present information is that the ordinary avenues of travel teem
Britain and Europe have opened up to such an extent that it is only
upon these vessels, so that they might personally lend their aid wherever a matter
of a few weeks until all our fellow-countrymen can return home.
necessary when they reached the other side.
In the meantime, their friends can communicate
with them and tend mono,'
An arrangement was made with the bankers of this country whose clients to them, and
they can be assured of passage to a seaport, and thence home.
were traveling in Europe with letters of credit from them to be cashed at In cases
where there is either temporary financial embarrassment oractual
their agencies in Europe, to transport some $5,000,000 in gold to be placed destitution, the
Government will deal therewith as the occasion requires.
with their foreign correspondents to meet the drafts aforesaid. Some of
They are in no danger from the perils of war,
and by the use of common
this was not only money of banks but of express companies which had issued sense can obtain
relief from all other consequences of the war. We feel
travelers' checks payable in Europe.
sure that the unavoidable discomforts and inconveniences
which they may
With the same expedition was sent $1,500,000 of gold belonging to the have to suffer will be
borne with the proper patience and courage which the
Government,so that if the situation then existing continued,there would be occasion demands.
that sum in physical value present wherever needed in Europe to relieve
We do not feel that this statement
should close without an expression of
the situation of the Americans there.
our profound gratitude to the different
governments, all of which hare
The friends in America of those marooned in Europe were naturally so shown to our
apprehensive about the financial condition of the latter that they began de- sible courtesyGovermnent and to our people in their boundaries even,Posand consideration, and have thereby
positing money in the State Department almost immediately, with requests cilitated our
greatly aided sad fa"
labors.
that it be transferred in some way. More than $315,000 in actual currency
was taken in by the State Department within the first three days, and almost
$500,000 was taken in during the first week.
INCIDENTS OF THE SITUATION.
The Treasury Department, as soon as it was possible to do so, established
Comptroller of the Currency John Skelton Williams rea system by which deposits could be made directly with it of sums to be
transferred to the marooned Americans in Europe, and more than $1,800,- ported on the 10th
inst. that up to the close of business on
000 was thus deposited. To some extent this was accomplished by customary banking methods, and in some instances extraordinary ways had to Sept. 8 applications had been received and approved for
be devised. A credit of $500,000 was obtained at the Bank of England by additional currency, as provided for by the
Aldrich-Vreeland
sending that sum in gold by our Treasury Department to a designated Act and the Act
of Aug. 4 1914, to a total of $256,170,000.
English bank in Ottawa. Canada.
"When it is realized that these deposits in the State and Treasury Depart- Of hte entire amount issued, $154,253,000 was sent to the
ments ranged from a few dollars upward, some idea will be given of the Eastern States, including New York
City; $18,649,000 to
tremendous work involved in this work. Extraordinary means had to be the New
England States, including Boston; $25,163,000 o
taken to identify the payee, to ascertain as nearly as possible his whereabouts, and to determine the method of giving him the benefit of the the Southern States; $50,765,000 to the Middle States, inmoney deposited here for him.
cluding Chicago; $1,652,000 to the Western States. and
"The Tennessee and the North Carolina, the ships of the navy above $5,688,000
to the Pacific States.
alluded to, landed at Falmouth, England, and the money sent by the
bankers was so disposed of that their correspondents in Europe immediately
began cashing the drafts of the Americans through their accustomed
The proclamation extending until Oct. 4 the moratorium
agencies. The express companies likewise began paying travelers' checks.
declared
in England is printed as follows in the Manehaster
thousands
of names could be cabled to Europe and distributed
"As soon as
to the various consulates there, those for whom money had been deposited "Guardian":
1. Our said proclamation, dated 2nd August 1914. shall have effect as
In the State Department and in the Treasury Department began to receive
the sums deposited for them. The officers, under the direction of the if the period of two calendar months were substituted therein for the period
Assistant Secretary of War, who reached England on the naval ships. of one calendar month,and the sum mentioned in any form of re-acceptance
were immediately dispatched to every capital in Europe with sufficient thereupon shall be deemed to be varied accordingly without the necessity
sums of money to take care of those Americans who could not otherwise of further re-acceptance.
be provided for, those who had exhausted their ready money and had
2. Our said proclamation, dated the 6th August 1914, as extended by
no letters of credit or travelers' checks. So soon as conditions made it our said proclamation dated the 12th August, shall have effect as
if the
possible to do so, funds for similar uses were placed with each embassy 4th October were substituted therein for the 4th September where that
and consul.
date occurs, and as if two calendar months were substituted therein for
"In the meantime the ambassadors and consuls were in constant com- one calendar month.
munication with the Government here and were constantly giving informa3. Nothing in this proclamation shall affect the payment of interest
tion and receiving directions. As a result order was brought out of chaos under the proclamations extended thereby or prevent payments being made
and it was ascertained where the Americans were, in which directions they before the expiration of the period for which they are postponed.
could be moved, and where transportation would be available and when.
Many of the trans-Atlantic transportation companies, which for the first
Advices from London on the 4th inst. reported the anweek or so suspended their railings, resumed operations, among them the
French liners and the lines running from England and some of those from nouncement by Chancellor of the Exchequer David LloydSouthern ports. In consequence the problem then immediately pressing
George of an arrangement which had been arrived at to
was to got the Americans from those countries where transportation to this
remove the difficulties caused by the breakdown of foreign
country was not available to ports where it was available.
"Since that time there has been a steady flow of Americans from all in- exchange. Under this arrangement the Bank of England
'
terior congested points on the Continent to seaports. where It is a mere
matter of a comparatively short time before they can secure transportation will provide acceptors with the funds necessary to pay at
home. Wherever it was evident that there would not be a resumption maturity all bills contracted before the moratorium was deof regular settings sufficient to take care of
the Americans, the consular clared. Acceptors will be under obligation to collect from
agencies were directed to secure ships for this purpose.
their clients the funds due them as soon as possible, and
Up to the present time ten or more ships
have been thus secured at places
where the existing transportation facilities
were insufficient, and thousands apply those funds to the advance made by the Bank, for
of Americans will be brought back on
those boats. Those who were able to which interest will be charged at 2%
above the ruling Bank
pay for their accommodations did so; those who
were not presently able, but
who would be when they reached this
country, had their passage money rate. The Bank undertakes not to claim re-payment of any
guaranteed by the Government, and
those who were actually destitute were amount not recovered by acceptors from their clients for a
takedisconncacerrteingof in
ynt
ih
denG
Staemnb
too;vaerni
nm
ere
ent.
period of one year after the war. Until the end of this
It is not, of course, suggested that under
these extraordinary &cumstances there were not unfortunate delays, mistakes madeandannoyin
gand period the Bank's claim will rank after claims in respect of
of the evisting conditionscarries post-moratorium transcations. In order to facilitate. fresh
with it the conclusion that this would be inevitable;
but, on the otherhand,
a consideration of the existing conditions demonstrates that no provision business and the movement of produce and merchandise from
was possible in this case, that the situation had to
be accepted and dealt and to all parts of the world the joint-stock banks have
with as it was found, and that all was done that could be done under the
arranged, with the co-operation of the Bank of England and
circumstances.
It illumines the situation to know that at least 50,000 inquiries have the Government to advance to clients the amounts necessary
been made at the State Department concerning 30.000 Americans in to pay their acceptances at maturity where the funds have
Europa. With respect to each one of these 30,000
Americans in Europe
there has had to be a separate card prepared and placed in a card index. Of not been provided in due time by the clients of the acceptors.
these 30,000 people about 10,000 have been communicated with—thatis,
located in Europe, and their condition ascertained and the information
In its issue of Aug. 31 the Manchester "Guardian" had
conveyed to the inquirers.
We were fortunate in being able to locate so many, because the Americans the following:
The Bank of England announces a new regulation in reference to the prewere constantly moving from place to place in their endeavor to reach a point
of embarkation, and their friends and relatives here were able to give us moratorium bills which it will discount under the guaranty of the Government.
It has dealt with bills amounting to many millions of pounds. and
only the vaguest sort of clew to their whereabouts. The forces available to
the Ambassadors and consuls for going out hunting up Americans were ex- In the pressure of the work has probably been taken advantage of to some
tremely limited, since from the beginning their offices have been literally extent. In future, therefore,this business will only be done on the condition
that in the event of any bill which has been accepted for discount being
swamped by the work cast upon them by the war.
They were not only burdened by the extraordinary conditions affecting unpaid and refused acceptance, such bills must, as heretofore, be taken
American interests and American citizens abroad, but were called upon to up by the discounter. No bills will be accepted for discount upon which
represent in the different capitals practically all other foreign nations who , any endorsement_has been erased.
customarily have representatives there. The military attaches and some
forty or more officers attending foreign military exercises and schools 1
It was announced on the 4th inst. that the Government
were utilized in relief work in addition to those who accompanied the I
Assistant Secretary of War on the Tennessee.
of Norway had decided to terminate the moratorium
to
relative
Our most recent imformation is that there will be at least forty saillngs to internal
payments as from date Sept. 6. The moratorium
from British ports within the next six weeks, and many from French. ,
Dutch Italian and Spanish ports. At the time when it appeared that an affecting foreign payments is being partly continued.
the customary lines 01 steamers were to suspend Failings, the board set
720
THE CHRONICLE
[VoL. xcix
On the 1st inst. the attention of collectors of customs was
Italy is reported to have extended for forty days the moratorium on all bills due before Sept. 30 at the option of the called by Assistant Secretary of the Treasury Andrew J.
drawee, provided not less than 15% of the amount of the Peters to the following regulations of the Department of
bill and 6% interest for the period of prolongation are paid. Commerce concerning the measurement of foreign vessels:
Department of Commerce, Bureau of Navigation.
The moratorium is not applicable to bills created after Aug.4.
On the 9th inst. the Peruvian Congress was said to have
authorized the prolongation of the present moratorium for a
period of -thirty days, with obligatory payments of 10%.
With regard to the French moratorium, the "Journal of
Commerce" printed the following this week:
Paris, Aug.22.—A further decree in connection with the moratorium has
been promulgated to the effect that during the period of mobilization and
until a date to be hereafter fixed, no petition in bankruptcy can be laid
against any person serving with the colors nor can any legal action be
taken against him. In the case of other persons who have been unable
to meet their engagements since July 31, and until such date as may
by fixed, while coming under the ordinary code, they will not be declared
bankrupt unless the Tribunal of Commerce finds good reason for refusing
their propositions. They will be granted a Judicial liquidation, and the
usual periods fer the declaration ofsuch commercial difficulties, viz.: fifteen
days. Is extended, as well as the time limits for calling meetings of creditors. &c.
A bill authorizing the Secretary of the Treasury to purchase not to exceed 15,000,000 pounds of copper bullion,
was introduced by Senator Ashurst on the 8th inst. and referred to the Committee on Mines and Mining. It provides:
Be it enacted. dm,That the Secretary of the Treasury Is hereby authorized to purchase for the use of the united States copper bullion to an amount
In the aggregate not exceeding 15,000.000 pounds, such purchases to be of
the product of smelting works located within the United States, and to
be made from time to time in his discretion, but limited to the period of six
months from and after the pass.ge of this Act; Provided, That the price
paid for such bullion shall not in any instance exceed the average price of
cuPPer bullion in the New York market for the six months beginning with
the month of January 1914 and ending with the month of June 1914.
We take the following from the financial column of the
New York "Herald" of Sept. 10: "Much admiration was
expressed in financial circles for Mr. Macdonald, of Michigan, who introduced a bill in the House of Representatives in
Washington empowering the Government to buy copper to
the value of $15,000,000 to support the market for that
metal. It is expected the Government soon will be asked to
extend similar aid to the market for old uniforms of the
civil war armies, which also must be in a bad way."
An executive order was issued on the 5th inst. suspending
for two years the provisions of the navigation law requiring
the survey, inspection and measurement by officers of the
United States of foreign-built ships admitted to American
registry under the Act (published in our issue of Aug. 22)
passed by Congress last month and signed by President
Wilson on Aug. 18. The order also provides that watch
officers of foreign birth on ships applying for American
registry may continue to serve for seven years; any vacancy
occurring among the watch officers within two years may
be filled without regard to citizenship, but any vacancies
thereafter are to be filled by one who is a citizen of the
United States. The order was issued as follows:
"In pursuance of the authority conferred upon the President of
the
United States by Section 2 of the Act approved Aug. 18 1914. entitled 'An
Act to provide for the admission of foreign-built ships to American registry
for the foreign trade, and for other purposes,' it is hereby ordered:
"1. That the provisions of the law prescribing that the watch officers
of vessels of the United States registered for foreign trade shall be
citizens
of the United States are hereby suspended so far and for such length of time
aslis herein provided,namely: All foreign-built ships which shall be admitted
to United States registry under said Act may retain the watch officers employed thereon, without regard to citizenship, for seven years from this
date, and such watch officers shall be eligible for promotion. Any vacancy
occurring among such watch officers within two years from this date may
be filled without regard to citizenship, but any vacancies which may occur
thereafter shall be filled by a watch officer who is a citizen of the United
States.
"2. That the provisions of law requiring survey, inspection and measurement, by officers of the United States, of foreign-built ships admitted to
United States registry under said Act, are hereby suspended for two
years from this date."
In a statement concerning the new regulations, Edwin F.
Sweet, Acting Secretary of the Department of Commerce,
on the 5th inst. said:
"The Ship Registry Act and the executive order do not deprive even
one licensed man of a job he now holds. On the contrary, it will open
Many chances of employment hereafter for such men. Furthermore, it
will enable thousands of Americans, who were in some risk of losing their
work on account of the war's effect on foreign commerce, industry and
agriculture,to keep employed. These men range from stevedores, who load
ships at the docks, through the railroad employees, who move the freights,
back to those employed at centres of production throughout the country.
The application for American registry which collectors of customs are
beginning to receive indicate that within a fortnight or three weeks about
forty steamers will take out American registry for trade with South America
and Central America and more for trade with other parts of the world.
Applications for registers for ten large cargo steamers for South American
trade were to be filed in New York this morning."
Washington, August 25 1914.
To Collectors of Customs:
"Merchant vessels of Great Britain. Belgium, Denmark, AustriaHungary, the German Empire, Italy, Sweden, Norway, Spain. the Netherlands, Russia, Finland, Portugal, Japan and France will be deemed to
be of the tonnage denoted in their certificates of register or other national
papers. and it shall not be necessary for such vessels to be remeasured at
any ports of the United States, the measurement laws of those countries
being substantially similar to the laws of the United States (Act of Aug. 5
1882)•
"This regulation supersedes the Department's regulations included in
Article 85, Customs Regulations.1908. and so much of Article 87 as may
conflict with this order."
E.T. CHAMBERLAIN, Commissioner.
Approved:
Secretary.
Acting
E. F. SWEET,
The United Fruit Co. on the 9th inst. instituted proceedings for bringing the greater part of its fleet under the
American flag, through the incorporation at Albany of
twenty-five transportation companies, each bearing the name
of one of the boats owned by it. Each of the twenty-five
vessels will shortly be registered and become part of the
American merchant marine. The boats have been owned
by a British subsidiary of the United Fruit Co. and fly the
flag of Great Britain. The United States Steel Corporation, through the Steel Products Co., its export subsidiary,
at the same time applied to have ten vessels flying the
British flag transferred to American registry. The Steel
Corporation vessels, which have been carrying the products
of the company all over the world, but mainly to South
American ports, have been registered as belonging to two
two different British companies.
The Alexander bill, providing for the creation of a Government-controlled corporation which is to own and operate
ocean steamers, was favorably reported to the House on the
8th inst. The bill as presented to the House embodies the
views principally of the House Merchant Marine Committee,
of which Representative Alexander is Chairman, and carries
some of the suggestions of the House Naval Affairs Committee.
Under one of its provisions ships bought by the Government
company would be available as naval auxiliaries. Vessels at
present in the navy and under the control of the Panama RR.
Co. which might be available for the merchant trade would
be turned over to the new shipping company. As heretofore indicated, the bill provides for the incorporation of a
$10,000,000 company, the Government to subscribe for not
less than 51% of the capital by an appropriation. In his
report on the bill, Representative Alexander said:
If this bill is enacted into law it will serve at least a twofold purpose in
the trade in which the Government-controlled vessels are employed.
First, those lines will be projected to ports in Central and South America
and elsewhere to increase our mail facilities and to meet the growing demends of our foreign commerce.
Second, the corporation or corporations organized to operate these lines
will be controlled by the Government through the President and the
Shipping Board and they will have the power to regulate rates for carrying
the mails and for passenger and freight service. It will not be necessary
for the Government to furnish vessels to handle all the traffic, nor Is it
desirable.
Why should the Government not purchase or construct merchant vessels
and operate them through a corporation controlled by the Government
and operated for the benefk of the great agricultural and commercial
interests of our country?
The war in Europe has not only demoralized commerce, but credits as
well, and however much enterprising citizens and corporations may wish
to meet the demands in the present emergency without Government aid.
they seem to be powerless to do so.
If private capital is willing to take over this business, if the Government
will furnish the ships, why would it not be better for our great commercial
and manufacturing centres to take 49% of the capital stock in the corporation that may be organized under this bill and accomplish the same
purpose?
We are in accord with those who feel that it is better, whenever Practicable, for the Government to avoid engaging in any business that can be
conducted as a private enterprise, but, as stated, private enterprise has
failed to respond to the demands of our over-seas commerce. How much
longer must we wait?
Fears are expressed that we will involve ourselves in complications with
Great Britain and France if we buy German ships. That may be. The
bill does not direct the Shipping Board to buy ships of the subjects of any
particular nation. They have the widest discretion in the purchase or
construction of vessels. The President will have the State Department
to advise him. The belligerents have their diplomatic representatives in
Washington, through whom objections to any proposed purchase may be
will
made, and we should assume that the President and Shipping Board
avail themselves of all sources of information before acting.
The proposal of the United States Government to purchase and operate a line of ocean-going ships is criticised
in an editorial appearing in the official organ of the National
Association of Manufacturers, "American Industries." In
condemning the proposition, the editorial says:
SEPT. 12 1914.1
THE CHRONICLE
Nothing could be a greater mistake than for the United States Government to buy and operate ocean-going ships. At the present time.
when the greatest opportunity of centuries is presented to the American
people to build up a mercantile marine,Governmental interference threatens
to destroy the opportunity.
The Government is essentially a monopolist in everything it undertakes.
With the tremendous power of taxation behind it,a Federal enterprise does
not admit of private competition in the same field or on the same seas.
If the Government engages in the ocean-carrying trade private capital is
forever forbidden to own and operate American ships. The reasons for
this are obvious. The Government cannot operate ships as cheaply as
private individuals, but the Government can by drawing on the Treasury,
make rates so low that private competition is impossible. This has been
the history of Government trading enterprises the world over.
There are difficulties enough in the way of upbuilding an American merchant marine without adding another to the list. There is a tremendous
lot of wordy enthusiasm about the "Stars and Stripes on the Seven Seas."
Which is all well enough in its place. But enthusiasm will not build ships.
Ship-building and operating is a business proposition, cold as the proverbial
iceberg. If there is ever to be any such thing as an American merchant
marine, ship owners must be assured that American ships can be operated
at a profit.
The first thing that Congress should do is to repeal the onerous navigation laws. The labor cost of operating an American ship is from 40 to 60%
higher than the cost of operating a foreign ship. It costs an American
line $160 to $200 for a captain, where it costs a German line $60 to $75 for
the same officer. This is proportionately true of the entire ship's crew. If
our foolish navigation laws were repealed,the cost of operating American
ships would be greatly reduced, but it would still be so high that in competition with foreign ships a fair return could not be earned on the capital
invested in an American-built ship. For this reason Government aid of
some sort should be granted. Americans would then be able to profitably
compete with American-built, owned and registered ships against the rest
of the world. But as long as the legislators at Washington are obsessed
with the fear that somebody may turn our present opportunity to a commercial advantage,and make a profit from the shipping business,there will
be no American registered ships that amount to anything.
If the United States is to become a great maritime power we must have
something more than merely ships. We must have shipyards to build
ships. We must have the art as well as the article. Does not the present
European war offer convincing enough argument of the ultimate fallacy of
buying abroad? Turkey follows this policy. She ordered two battleships
built in English shipyards, and as soon as they were finished England, quite
justly, appropriated them to her own uses. In the present emergency it Is
well enough to admit foreign-built ships to American registry, if they are
actually American owned, but in the long run such a policy will not pay.
We ask no odds for American ship-owners, but it is the duty of Congress
to guarantee them an equal footing with the rest of the world, and not to
make matters worse by establishing a line of Government-owned ships.
Out-and-out Socialism has no place in our national life.
Arguments and discussions regarding the resumption of
business on the Exchange, at least in a limited way, seem to
be crystalizing into the opinion that this may not be long
delayed. One hopeful sign is the decision of the committee
of investment bankers to resume trading in bonds with restrictions,a circular letter to this effect having been issued;
a copy of this is reprinted below. The first meeting of the
Board of Governors of the Exchange after the summer recess
was held on Wednesday,but lasted only a short time. It was
said that merely routine matters were considered, no time
being given to the discussion of an early resumption of business. The sub-committee of five has addressed the following communication to members of the Exchange:
September 5 1914.
To Members of the Exchange:
Members desiring to buy or sell, loan or borrow, securities in conformity
with the rules are requested to confirm before 12 o'clock noon, Tuesday,
Sept.8 1914, all orders with the Clearing House. If not confirmed by that
time they will be considered canceled.
721
The committee has considered questions of maturing obligations of cities
and corporations, and believes that the present situation does not warrant
any attempt to issue long-time bonds, but that such refunding should be
accomplished through short-time financing.
The Clearing-House Committee and the Stock Exchange Committee
have expressed appreciation of the co-operation shown by the dealers in
listed and unlisted securities, and if all will endeavor to live up to the spirit
of the policy thus far adhered to,we are sure there will be no cause for criticisms on the part of the banks or the Stock Exchange Committee.
Your Committee of Seven will continue to meet in the directors' room of
the Chase National Bank daily from 11 a. m. to 12 in. for advice on any
cases where we can be of any assistance whatever.
Yours truly,
BROWN BROTHERS & CO., KISSEL, KINNICUTT & CO..
GUARANTY TRUST CO.,
wm. A. READ & CO.,
HARRIS, FORBES & CO..
REMICK, HODGES & CO.,
WHITE, WELD & CO.
In clearing up any misunderstanding that may be had
with reference to the foregoing letter, the following is from
the "Evening Sun":
It was said that the circular letter sent
out by this committee applied
to unlisted bonds and that the idea in
mind was to clear the way for new
bond issues, where it could be shown that such new
issues were urgent.
In no case, however, is the permission
to do restricted trading to be interpreted as a permission to send salesmen in the field
to solicit business. The
only transactions which will be sanctioned by
the committee, it is stated
on competent authority, are sales of
bonds to regular customers and at
prices approximating those at the close of
the market on July 30 last. The
most careful scrutiny will be made of any new
bond issues and only those
which can show immediate need, in a municipality for example, with the
best of security basis behind it, will be considered.
Bond houses have had but few inquiries from those desiring
to sell bonds
held by them, but they have received numerous
applications for bonds,
many from persons seeking bargains. But bargain hunting of this nature
is exactly what the committee wants to
avoid and that sort of business will
be discouraged as much as possible.
It is pointed out that the committee has
no power to compel any of the
New York institutions to abide by its rulings, as the
committee is merely
a voluntary body organized for the purpose of easing
the investment situOen. It can enforce its rulings only by moral force, a sort of "gentlemen's
agreement," which, by the way, has been very effective to date. It is said
that a number of investment houses have placed their transactions before
the committee for its approval.
No attempt will be made for the present to resume active trading
without consulting the Clearing-House Committee. It is regarded
as sufficient
for the easing of the city bond market.
The Consolidated Stock Exchange of New York, by vote
of its Board of Governors, has decided to reopen the petroleum
department, and dealings will be had in the pipe-line certificates of the different companies. At a meeting of the Governors, held Thursday, the whole matter was referred to a
committee, consisting of A. de Cordova, M. Heim, C. R.
West, W. E. Valentine and L. N. Morris, with M. E.
de Aguero, President of the Exchange, added, who were
instructed to gather all the data and report to the board a
date for the opening of the department. Transactions will
be cleared through the Clearing House and,owing to the system adopted, the ultimate receiver and ultimate deliverer
will be brought together without tying up large sums as
margins to protect the intermediate transactions. Quotations
and sales will be reported upon the regular tape of the Consolidated Stock Exchange.
Regarding the establishment of an oil exchange at PittsA further statement issued yesterday afternoon by the
burgh, mention of which was made in this column last week,
New York Stock Exchange is as follows:
reports are current to the effect that strong influences are
In view of the action taken by the
committee of seven of the bond dealers
as desired in their circular dated Sept.9 1914,the
at work to head off the organization of a separate body for
special committee of five
rules that so much of Rule No. 13 as
applies to dealings in bonds is hereby the dealing of oil certificates. John B. Barbour Jr., Chairmodified as follows: Members not
dealing through the committee of bond man of the security or
listing committee of the Pittsburgh
dealers and desiring to buy bonds or
short-term notes, either listed or unlisted, or desiring to sell the same where
conditions require relief, must send Stock Exchange, is quoted as saying with regard to the plan
list to the Committee on Clearing House of
theNew York Stock Exchange. to revive an oil exchange:
giving a description of the security,
desire to buy or sell.
the amount and the price at which they
Our present Exchange was chartered as the Pittsburgh Stock& Oil Exchange,and still has the facilities for handling oil certificates in any amount
offered. I emphatically say that a new exchange is absolutely unnecessary.
It would take years to rebuild a speculating interest in a new exchange.
It makes no difference how large the volume of business in oil certificates
would grow, the present Exchange can handle it, even if it is necessary to
provide a new room and a new clearing house.
The first move toward the resumption of trading in securities was taken this week,when the committee of seven, representative of investment banking houses, which has been
considering the matter, addressed the following letter to
bond dealers generally sanctioning limited operations in the
Additional announcements of dividend reductions and
placing of bonds:
omissions continue to be a forcible reminder of the present
New York, September 9 1914.
Dear Sirs:—Your committee is pleased to report that New York City's unfortunate situation in the business world. The copper
financial needs have been taken care of satisfactorily, thereby considerably companies are the latest to feel
the loss of the market in
clearing the foreign exchange situation which existed when our communiEurope occasioned by the war, the Nevada Consolidated
cation of September 3rd was sent out.
The committee is therefore of the opinion that the placing of securities Copper and Ray Consolidated Copper companies this week
owned by dealers with their private customers should be approved where deferring their dividends until a
later date. President
the securities can be sold without disturbing the collateral loan situation,
and your committee will be glad to continue to advise whenever such op- Eccles of the Nevada Consolidated Copper Co.,in a letter to
portunities arise. Anything tending toward public quotations or the stockholders, says:
creating of the impression of an active or even semi-active market would
unquestionably seriously disturb the loan situation.
Transactions with bargain hunters should not be countenanced, and your
committee will not approve the closing of transactions coming under this
head. Prices should conform to the spirit which has prevailed during the
past few weeks.
Recognizing the support which banks and other lenders of money have
given to dealers in securities, it should be the policy of such dealers when
securities are sold to apply the proceeds towards the liquidation of loans.
Under normal conditions about 50% of the copper
produced in the
United States is marketed abroad,and with the declaration of
war this outlet for the copper has become closed. When this condition
became apparent your directors determined to curtail operatiorus,and
yourmines,mill and
smelter are now operating on only 50% capacity.
The letter to the stockholders of the Ray
Consolidated
Copper Co., signed by Sherwood Aldrich, President, is
stantially the same, but with the encouraging remorks subthat—
'722
THE CHRONICLE
[VOL. xcrx.
"this derangement of market, transportation and financial facilities is
probably only temporary and there are already some indications of improving conditions." and that "this most exceptional condition comes Just
at the time when your company has more than fulfilled all original estimates
as to production and costs,and all operating conditions are excellent. The
temporary depression which it suffers in common with all other enterprises
therefore should not be regarded as cause for apprehension, as there can be
no better asset than a fully developed and equipped copper property such
as your company owns."
Under the authority of the Federal Reserve Board, the
territory of the National Currency Association of Philadelphia has been extended to cover all the banks in the
Philadelphia Federal Reserve District,except the counties
of Lackawanna, Luzerne, Wayne, Wyoming and Susquehanna. The banks of these counties are to be included in
the National Currency Association of Northeastern PennThe Chino Copper Co. declared a quarterly dividend of sylvania, with headquarters at Scranton.
50 cents a share as against 75 cents paid June 30 last. President MacNeil, in his report to the stockholders, states
At the suggestion of the Comptroller of the Currency,the
that "your directors have considered it wise to make this scope of the National Currency Association of Dallas has
temporary reduction in view of the unprecedented situation been extended to include the entire Federal Reserve District
which has arisen from the general European war."
No. 11 (of which Dallas is the headquarters) with the
The Calumet & Hecla Mining Co., in passing its dividend exception of the State of Louisiana.
last week, stated that "in view of the unsettled condition
of the copper market in this country and the interruption
According to the Houston (Tex.) "Post" the first applicaof the company's business with its foreign customers, the tion for an allotment of emergency currency funds to banks
directors hav;ii decided not to declare a dividend at the
affiliated with the National Currency Association of Houston
present time." Phelps, Dodge & Co., Inc., in declaring the
was approved by Secretary of the Treasury McAdoo on
usual quarterly dividend of 23/2%, omitted the customary
August 27. The application was for currency to the amount
extra distribution.
of about $2,500,000, representing about 30% of the comThe already considerable list of Standard Oil companies bined
capital and surplus of the ten original charter member
which have either reduced or omitted dividends is further banks in the
Association.
swelled by the Southwest Pennsylvania Pipe Lines Co.,
which declared a dividend of only $3, as against $5 paid last
July. The Standard Oil co. (Kentucky) dropped the usual BANKING, FINANCIAL AND LEGISLATIVE NEWS.
The House on the 8th inst. passed the bill, referred to in
extra quarterly payment of $1, making the dividend to be
paid Oct. 1 just the regular quarterly distribution of $4. our issue of Aug. 8, which extends the thanks of Congress
The New York Transit Co. makes its dividend to be paid to officers of the army and navy, who, as members of the
in July last.
Isthmian Canal Commission, rendered distinguished service
Oct. 15 only $6, as against
The American Snuff Co.states that "in view of the condi- in constructing the Panama Canal. The officers whose
tions brought about by the European war, it is the judgment services are thus recognized are Col. George W. Goethals,
of the directors that the cash of the company should be con- Chairman and Chief Engineer; Brig.-Gen. William C.
served and that the usual cash dividend on the common Gorges, sanitary expert; Col. H. F. Hodges, Lieut.-Col.
stock should not be paid." The Central Coal & Coke Co., William L. Sibert and Commander H. H. Rousseau. The
which does a large lumber business, passed its quarterly bill also provides for the promotion of Col. Goethals to the
dividend on the common stock, the report stating that the rank of Major-General in the line of the army and the adwar had produced a temporary stagnation in the lumber vancement of Brig.-Gen. Gorges to the rank of Majortrade. A director of the Lanston Monotype Machine Co. is General in the Medical Corps of the army. The bill also
reported as stating that the passing of the dividend this week directs the President to promote Col. Hodges, Lieut. Sibert
was due to the fact that the company had a large amount of and Commander Rousseau.
money due it in England through its London subsidiary, the
Lanston Monotype Corporation, Ltd., and that its debtors
An Act amending the law governing the postal savings
system was vetoed by President Wilson yesterday (Sept. 11).
in London failed to meet their bills.
The directors of the New York Motion Picture Corpora- The proposed law would have raised the amount which might
tion decided that it would not be wise at the present moment be deposited in the postal savings bank by any one person to
to declare a dividend in view of the unsettled condition of $1,000. The amount is limited to $500.
The President objected to the bill because it contained a
the European film market. The United Drug Co., in view
of the unsettled conditions of the world's money market, provision repealing a section of the new bank law which propaid its common stock dividend in scrip instead of cash.
vides that Federal funds must be deposited only with members of the Federal Reserve system. In vetoing the measure
the President said:
With most of the provisions of the bill I am in hearty accord. They are
FEDERAL RESERVE MATTERS.
admirably conceived and the changes of law which they propose would unA proposal to reduce the tax on emergency currency notes doubtedly be very beneficial to the postal savings system, but a portion
issued under the Aldrich-Vreeland Law was defeated by the seeks to make a change in the Federal Reserve Act of last December which
regard as unwise.
Senate on the 10th inst. by a vote of 34 to 16. Under I venture toFederal
Reserve Act was passed it was thought wise to make the
When the
Section 27 of the Federal Reserve Law the Aldrich-Vreeland inducements to State banks to enter the Federal reserve system as many and
possible.
It was, therefore, provided in that Act that GovernAct was amended so as to provide that national banking as strong as
funds should be deposited only in banks which were members of the
associations having circulating notes secured otherwise than emnt
Federal Reserve System. The principle of such a provision is sound and inby bonds of the United States shall pay for the first three disputable. The moneys under the control of the Government ought to
months a tax at the rate of three per centum upon the aver- be placed only in those banks which are most directly under the superregulation of the Congress itself.
age amount of such of their notes in circulation as are based vision and
It is my clear conviction, very respectfully urged and submitted, that as
upon the deposits of such securities, and afterward an ad- a matter of principle as well as of policy, we should strengthen and safeditional tax rate of one-half of one per centum per annum guard the new banking system very Jealously with a view to the ultimate
of the entire banking system of the country under the superfor each month until a tax of six per centum per annum is unification
vision of the Federal Reserve Board.
reached, and thereafter such tax of six per centum per anI venture to suggest that the otherwise admirable bill which I now return might be amended and might, because of the financial circumstances
num upon the average amount of such notes.
now temporarily existing, be very advantageously amended, to extend for
Senator Overman originally proposed to have the tax another
twelve months the period within which banks not members of the
reduced from 3% for the first three months to 1% for the Federal reserve system must surrender the deposits of the Government.
first three months and afterward an additional tax of oneLast December the House passed a bill placing no limit on
half of one per cent until a tax of 6% was reached, the tax deposits, but fixing $1,000 as the maximum upon which interthereafter remaining at 6%; his proposal was subsequently est would be paid; the Senate Committee on Post Offices and
changed so as to make the tax 2% instead of 3%, but the Post Roads decided to increase the maximum deposit to $2,proposition was defeated by the vote stated above.
000; the Senate passed a bill making the limit on the amount
which could be deposited $1,000,and reducing the limit on the
amount
to receive interest to $500; under the conference reThe Senate yesterday (the 11th) passed an amendment to
the Federal Reserve Act lowering the minimum capital of port, accepted by the Senate and House on Aug. 28, interest
State banks entitled to the privileges of the Aldrich-Vree- is to be paid on $500, and the trustees are authorized in their
discretion to accept $500 more from a single depositor withland Currency Act.
out interest. In discussing the new legislation before the
the
The Treasury Department is reported to have promul- House on the 28th ult., Representative Moon submitted
savings
postal
on
the
growth
the
information
of
following
gated a ruling changing the amount of municipal securities
acceptab e as collateral for emergency currency notes from system: now on deposit—and I give round figures as of date July M—
There are
90 to 85% of the market value of the securities.
ahout $45.000,000 which has been gathered up and placed in the postal
savings bank, upon which the Government is paying 2% interest andloan-
SEPT. 12 19144
THE CHRONICLE
723
The most surprising lesson is furnished by the spectacle of the complete
Ins the money under the provisions of that law at 25i%• There are
vaunted English currency and discount system, which
397,000 of these postal savings depositors in the United States. The postal breakdown of the
conservative economists of the gold-standard school.
sayings fund deposits are at the present time in 3.600 national banks and was the model for the
It went down like a house of cards at the first strain to which it was sub3.100 State banks, savings banks and trust companies. The State banks
savings banks and trust companies hold about $17.000.000 of these de- jected.
In order to appreciate the extent of the collapse, let us examine into whit
posits. The balance is in national banks. The average deposit in all
instantly through hoarding. It was imposrdbanks is about $109. Five hundred and eighty thousand dollars of postal happened. Gold disappeared
request ble to use a five-pound note even at the Government offices. You could
savings bonds have been redeemed by the Board of Trustees at the
commu- not even buy anything with it if it had to be changed. No one would make
of the owners. The department is of the opinion from the various
United the change even for the sake of effecting a sale. This necessitated the Rime
the
of
postmasters
the
from
nications that have been received
will be in large quantities of one-pound notes, which have no gold reserve behind
States who have charge of these depositaries that these deposits
to the
in this conference them. But that, after all, was a mere minor inconvenience, due
very greatly enlarged if the limit is taken off as provided
fact, long recognized, of the insufficiency of the fractional currency for the
report.
were
crisis
the
by
current needs. The chief and fatal defects disclosed
found in the unlimited bill discount and acceptance market and in the
bank system.
The Bureau of Labor Statistics in the Department of branch
The finances of Great Britain are conducted more by the use of credit
Labor, in presenting a monthly record of retail prices of food and with less currency than in any part of the world. The banks are
with permitted to lend their credit in the form of acceptances without reference
for the first half of 1914, makes the following remarks
to their capital, surplus or deposits, and without any limit or restriction
reference to the comparisons with the previous year: food in whatever,
and are not required to keep any reserves against these obligaarticles of
principal
the
of
prices
retail
the
showing
A bulletin
business in active competiUnited States has just been tions. 'I he private bankers conduct this class of
each of 42 important industrial cities of the
tion
with the incorporated banks, and have at all times stupendous liabiliof
Department
S.
U.
Statistics.
Labor
sent to the printer by the Bureau of
of their entire
January to June 1913 and ties of this character outstanding, frequently far in excess
accepted is
Labor. This bulletin shows actual prices for
prices for the period from resources, regardless of their other obligations. The paper thus
January to June 1914, and also summarizes retail
supposed to be mainly genuine commercial Dills, drawn by the seller of
1907 to Juno 1914, inclusive.
In pelts
purchaser.
merchandise,
the
of
on
behalf
and accepted by or
been prepared
Pending the printing of the above bulletin, a statement has
including July 15 1914. of fact there is no way of determining whether they are commercial or
and
to
1914
15
Jan.
from
prices
relative
showing
finance bills or mere accommodation paper.
completed.
August prices will be issued as soon as computations can be
This paper comes to London from every corner of the globe. As soon as
1913.
Comparing prices on July 15 1914 with prices on the same date in
were higher and 6 were war became imminent the drawers of these bills were unable to remit either
9 of the 15 articles for which quotations are given
because
their customers would not or could not pay them or because they
4.8%; round
lower in price. Potatoes had advanced 35.3%; corn meal,
eggs, could not get exchange, or for other reasons, and the result was that the
steak, 4.2%; rib roast and pork chops, each 3%;sirloin steak, 2.4%;
banks and bankers were called upon to make good their acceptances, wnich
1.2%; hens, 1%, and milk. 0.7%. Sugar had declined 4.8%; lard, 3.2%; they were, of course, unable to do. The Bank of England promptly raised
bacon and butter, each 2.1%;flour. 1.1%, and ham. 1%.
the discount rate to 10%, which meant that it would not or could not
The following table shows relative prices of the principal articles of food rediscount. and the acceptance blanks and banking houses were face CO face
In the United States from January to July 1914 by anklet:
with bankruptcy on a scale that would have meant the most complete finittfiz
1914
cial wreck In the world's history and would have involved a number ot our
Jan.15. Feb. 15. Mar.15. Apr. 15. May 15. J'ne 15. July 15. leading American banking houaes with European connections.
Article106.3
103.4
101.7
100.0
99.6
09.5
Sirloin steak_ - _ _ 99.3
108.3
The crash was averted only by the prompt enactment by Parliament of
105.2
103.7
102.5
102.3
102.4
Round steak_ _ 101.9
105.4 what is known as the tnirty-day moratorium, which was nothing less than
103.4
102.5
101.0
101.7
101.1
100.3
Rib roast
106.3
102.9
106.1
99.7
103.2
100.1
98.5
Pork chops
authorized repudiation of debts for that period of time. With us such a
an
101.4
99.9
99.2
98.4
99.1
98.2
Bacon, smoked_ 98.0
103.3 means of relief would have been impossible as violative of the Constitu100.4
99.2
98.6
98.8
98.5
Hem,smoked__ _ 98.1
97.6 tional prohibition against laws impairing the obligation of contract. It
97.6
98.4
98.9
98.7
99.4
99.6
Lard, pure
103.0 was, of course, a mere temporary expedient to allow time for maturing a
103.1
106.4
105.2
108.0
103.8
99.8
Hens
99.8
100.3
100.2
100.2
100.2
99.6
98.8
Flour, wheat
103.2 plan by which the funds could be found to enable the English banks and
103.4
103.1
103.0
103.0
103.2
104.2
Corn meal
87.5 bankers to meet these acceptances. This plan has now been announced.
81.6
105.9
89.5
74.1
77.5
Rggs,st'lyfresh_125'8
89.1 It is to be worked out through the Bank of England, which will rediscount
87.6
85.3
91.5
85.9
93.5
Buttery,cream'y104.0
154.5 approved bills and will be guaranteed against loss by the Government.
131.3
114.7
109.9
105.2
103.4
Potatoes, Irish_ _111.1
93.3
95.0
90.9
93.0
91.2
94.1
Sugar, granuTed 051
Truly a most extraordinary and resourceful plan that will tide over the
99.5
99.5
99.6
101.0
100.3
101.7
101.
Milk, fresh
grave crisis provided the credit of the Bank of England can stand the
to
January
from
the
period
seven
during
months'
prices
The highest
strain. But how is the Bank to find the funds with which to carry this
July 1914 were reached in July for 7 of the 15 articles-sirloin steak, round tremendous load? And what is to be the basis of this Government guaransteak, rib roast, pork chops, bacon, ham and potatoes. The price of sugar tee? The Bank will have to issue notes in payment of the bills thus rewas higher in January and in July than at any other time during the seven discounted. Back of these notes will be the credit of the Government.but
months' period, but even then was 5% below the average price for 1913. there will be no gold reserve to secure the notes. Instead of the note issue
Lard,corn meal,eggs, butter and milk were at the highest point in January, of the Bank being secured, dollar for dollar, as has been the boast of alwinter
but for three of these articles the price is normally higher during the
these years, there will hereafter be a moderate percentage of gold reserve,
months. The highest point was reached for hens in April and for flour in quite as substantial as in other countries and ample for the purpose, but the
June.
"dollar-for-dollar" fiction must be abandoned, at least for the present.
From June 15 to July 15 1914 10 of the 15 articles advanced in price, the
It was inevitable. It was only because of its extensive check and credit
percentage of increase varying from 17.7% for potatoes to 1.5% for bacon. system that the thing was ever possible, and that is now seen to have been
arti3
only
and
change,
In 2 of the 15 articles, lard and milk, there was no
perilous. The business was SO largely done on credit that the actual
cles, hens, flour and corn meal, declined in price, the percentage of decrease money in circulation was pitifully inadequate to the current needs upon
1%.
than
less
being
in each case
the slightest interruption of credit.
This latest experience should find us congratulating ourselves that in the
construction of our Currency Bill we have builded better than we knewGeige
Jugde
first, in refusing to permit the banks to accept bills except to an amount
The Federal Grand Jury at Chicago before
to one-half of their capital and surplus: second,in turning a deaf ear
in the U. S. District Court on Aug. 7 found indictments limited
to the plea for branch banks, which prevails in England, and which would
against seven firms or corporations and 28 individuals have bankrupted the country but for the moratorium, to which our Conon the charge of being members of the national "melon stitution would not have permitted us to resort, and, third, in placing
our rediscounted bills, besides the credit of the rediscounting
trust" in violation of the Sherman Anti-Trust Act. The behind
bank, the entire credit and resources of the regional bank.
corporations or firms include: Western Cantaloupe ExIn discussing our then pending bill with eminent English bankers in the
change of Chicago and Brawley, Cal.; Lyon Brothers Co. summer of 1913. the feature that they most severely condemned was the
of paper for the
and Miller-Cummings Co., New York; Lyon-Coggins Co. issue of currency by the Government on the rediscount
banks, although the issue was accompanied by a 407 gold reserve
and M. 0. Coggins Co., Pittsburgh; Mutual Distributing regional
obligations of the
and
the
paper
in addition to the security of the discounted
Co. and United Marketing Co., Los Angeles. Of the 28 original bank and of the regional oank, which rendered the position of the
The English bankerS
individuals, 8 are from Chicago, 5 from Pittsburgh, 3 from Government absolutely secure and unassailable.
that the Government should have no obligation or concern with
San Francisco, 4 from Los Angeles, 2 from Brawley, Cal., contended
the issue of currency. 'I hey Joined with our American banker experts in
2 from Cincinnati and one each from Philadelphia, Buffalo, the plea that it was part of the business of banking, which was the sole
stoutly Insisted
Boston and New York. The Government contends that the province of the bankers, while we amateurs and novicesa as
the expansion and contraction of the currency of nation was essenWestern Cantaloupe Exchange, which was organized in that
to private
intrusted
tially a Government function, which should never be
Chicago on Aug. 15 1911 by the men indicted, practically hands. And now, upon the very threshold of the launching of our new
that the experts were in the wrong.
controls three-fourths of the cantaloupe business of the coun- experiment, we find that we were right,
and that ours is the most conservative of all existing systems.
try and has not only regulated the shipment of melons but
allowed the fruit to drop on the vines in order to hold prices
up. The indictments contain eight counts, the first three
relating to the organization of the Exchange and the fourth
to agreements between shippers and commission houses.
The fifth and sixth charge conspiracy in restraint of trade,
and the last two monopoly. James Stapleton Crutchfield
of Pittsburgh, Pa., one of the indicted men, is President of
the Exchange.
Besides discussing the closing of the New York Stock
Exchange, in remarks which we published in our issue of
Saturday last, Mr.Samuel Untermyer,on his return from Europe, also had something to say with reference to the English
currency and discount system. This he contrasts unfavorably with our new Federal Reserve System, which, however, has not yet begun operations. We quote as follows
from his statement:
One of the most delightful features of the Richmond Convention of the Ammican Bankers' Association, Oct. 12-17,
will be a trip down the historic James River and a visit to
Jamestown, the site of the landing of the first English settlers
in America. Three steamboats have been chartered for
this occasion and arrangements made to anticipate in every
possible way the comfort and pleasure of all who take the
trip. An interesting musical event, among others, which is
being arranged for the entertainment of the delegates to the
Richmond convention, is a musicale to be given at the City
Auditorium Wednesday night. The following artists have
been engaged: Alma Gluck, soprano; Antonio Seotti, baritone; Zimbalist, violinist, together with a celebrated accompanist. These world-famous artists will give a concert program especially arranged for the occasion and Mme. Gluck
will probably contribute a series of Southern melodies, in
724
THE CHRONICLE
costume, which will add greatly to the pleasure of the evening's entertainment. The "Governor's ball," as it is already
being referred to, will be the/crowning social event of the
Richmond convention. It:is to be given on Tuesday night,
Oet. 13, in one of the:large armories, possibly that of the
Riehmond Light Infantry Blues, the second oldest command
of its kind in the United States, and Henry Stuart, Governor
of Virginia, will head the receiving line. An attractive exhibit of Richmond-made-goods is permanently housed in
three floors of the Chamber of Commerce Building, and will
be one of the points of especial interest which will appeal to
delegates and guests to the convention. This exhibit shows
the diversity and magnitude of the manufacturing interests of
Richmond and is maintained permanently by the city and
those manufacturers having displays in the building. The
Idea is modern,educational; and Richmond is one of a very
few cities which have adopted the plan. Reservation of
rooms are being rapidly made by delegates and guests who
will attend the Richmond meeting. For the benefit of any
who may desire to correspond with the local committees in
advance, the following list of Chairmen is printed:
John B. Purcell, general committee; John M. Miller Jr., finance; Henry
R. Litchford, administrative; Julian H. Hill, entertainment; Thos. B. McAdams, hotel and registration; John Kerr Branch, reception; Waller
Holladay, publicity; W. H. Slaughter, treasurer; W. T. Dabney, Secretary.
[VOL. xcrx.
cargoes of cotton, hides and other products of Southern
Texas came out ofiGalveston and the Rio Grande, but more
hides than cotton were shipped. The firm was at that time
better known in "The Swamp" than in the cotton trade.
By 1871 the firm became prominent as cotton merchants,
and it was about this time that Mr. Woodward, than a
Baltimore man, entered theIfirm. James Stillman attended
to the finances and Mr. Woodward looked after the outside
matters. The concern handled cotton on consignments,
dealt in future contracts:and:sold:to American spinners. In
1873 the firm name was changed from Smith & Dunning to
Woodward & Stillman. James Stillman retired from active
business in 1909 and became a special partner, his interest
being placed at $1,000,000. Joseph T. Brennan and George
W. Frost, with Charles/Stillman, were active members.
During the fifty business years of:existence, the firm changed
offices three times—first from South Street to the old Seamen's Bank at Wall and Pearl streets; from there to the
Post Building on Beaver Street, and finally to its latest
quarters in the Farmers' Loan & Trust Co. Building, 16-22
William Street, opposite the New York Cotton Exchange.
During recent years Woodward & Stillman have been one of
the largest handlers of spot cotton in the United States,
selling the product exclusively to American spinners.
State Superintendent of Banks Eugene Lamb Richards
"The Evolution of an Old Landmark" was the title
on the 3d inst. made the following statement concerning
Citizens' Trust Co. of Utica, N. Y., issued
the affairs of AdolffMandel, East Side private banker, whose under which the
business was taken over by the State Banking Department a folder during the "Old Home" week celebration of that
city last month. The landmark in question was the edifice
last month:
built by the Universalist Society of Utica in 1851; it served
Although the New York State BankinglDepartment is not as yet
prepared to propose a final plan for the liquidation and adjustment of the as their house of worship until 1908, when a new church
affairs of Adolf Mandel, it nevertheless deems it desirable to make to
erected in a more desirable district, and the old
the home was
depositors a statement of the present situation of affairs.
church property was acquired by the Citizens' Trust Co. A
An examination of/the:books, papers and property of Mandel has Just
been completed. It shows that, according to their book values, the conspicuous feature of the church building was its tower,
assets amount to $3.113.000. There is due,to depositors
$2,001,000; an evergreen tree growing from its parapet; this tower, it is
the outstanding mortgages which are open on the real property and for stated, fixed Utica in the minds of many travelers more
which bonds of Mandel exist, amount to$894,000; other liabilities.
$37.000. firmly than any other of the sights of the city. With its
Total liabilities, $2,932.000.
There is thus an apparent excess of assets, according to their
book acquisition by the trust company in 1908 the property was
vame, over liabilities.
remodeled into a commodious bank and the officers felt that
But, unfortunately, the assets arercarried upon the books at
excessive
valuations. The Banking Department has
caused an appraisal of them they had provided ample space to accommodate the business
to be made by real estate experts designated by it. According to
their of the institution for years to come, only to find that in six
report, a fair valuation, under present conditions, of the assets
thus far year the imperative demand for more space must be heeded.
disclosed, will not exceed $1,874,000,or about $1.250,000 less than is
foldersays:
by Mandel to be their value. It is possible that under more claimed The
adjoining
this
T meet
conditions than now exist a higher figure will be realized. Itfavorable
property was secured, and in May 1914
demand
is to be
among
that
the
however,
assets
noted,
are real properties which,
by the
Department's experts, are valued at $1.361,000. These
properties are
subject to first mortgages to the extent of $894.000. The equity
in this
real estate,though considerable,would,in tho judgment of the
Department,
disappear if the properties were now to be sold.
It is therefore important for the depositors that-the estate
shall be so
administered as to prevent if possible the sacrifice which would be
upon a forced sale in the usual course of administration. To attendant
accomplish
that result the Department has conferred with the committee
of which
Or. J. L. Mognes is the Chairman, and with others who are
In protecting the interests of the creditors, and various plans interested
have been
under discussion the effect of which, if approved by the
proper court
which will eventually be called upon to pass on any
disposition of the estate, would be to enable the creditors to secure the benefit of
any eventual
Increase in market values, and to dispose of the assets to
better advantage
than is now possible. It may become necessary to organize
a corporation
to hold the unliquidated assets for the benefit of the
creditors, giving to
them participation certificates in accordance with their
respective
interests, the liquidation of the assets to be in charge of
competent trustees
who enjoy the confidence of' the public. Other plans under
involve a possible composition by Mandel with his creditorsconsideration
looking to a
present distribution of the cash assets and the participation
of the depositors in the proceeds of the other assets when realized by
means of a corporation conducted by trustees acting in the interests of
the depositors.
all buildings, including the remodeled church edifice, occupying a plot
75 feet on Seneca Street and 95 feet on Columbia Street, were completely
razed and work on the new building now in course of construction was begun. This building will be one of the most beautiful bank buildings in this
State. The front will be in the Italian Renaissance period. The predominating feature as one passes it will be the large windows, which will
be covered with heavy bronze grill work. The building will be devoted
exclusively to the business of the Citizens' Trust Co. This building was
planned after the officials had made a most careful study of the best banking houses of the United States, and no effort has been spared to embody
their most desirable features. The fittings throughout the building will
be of Italian marble, bronze and mahogany, while the entire arrangement
of the interior of the new building is designed to make it convenient for the
use of customers. The building will be equipped with one of the largest
safe-deposit vaults in Central New York. The erection of this magnificent
new building with its superb equipment is the result of the growth of the
Citizens' Trust Co., which growth is briefly shown by the fact that while
In 1908 its capital and surplus were $343.000 and its resources $2,094,724,
its capital and surplus this year amount to $679,000 and resources 86,751.173 74. This company does a national business in banking by mail. It
receives deposits from 52 cities and from 20 States—from hundreds of postoffices scattered all over the country as far west as California. It numbers
over 14,000 depositors.
W.I. Taber is President of the company; the other officers
W. T. Dunmore, E. B. Odell, Vice-Presidents; F. H.
are
The Broadway Trust Co. of this city recently
completed Doolittle, Secretary; D. G. Jones, Auditor; G. Lynn Mararrangements for direct banking connections with Japan
and riott, Assistant Treasurer, and S. B. French, Assistant to
the Far East and is already doing a:foreign exchange business
the President.
in those countries. Most of this business has
heretofore
been transacted through London, but it is now likely
that
Edmund H. Sears, Vice-President of the American Felt
New York will become a credit discount centre for the Far
Eastern countries if the banking institutions here make the Co. of Boston, has been elected a director of the National
most of their opportunity to developloreign exchange during Shawmut Bank of Boston to fill the vacancy caused by the
the present war times. C. F. Koth is the Manager in charge death of his father, Francis B. Sears, on Aug. 26.
of the new department.
A.Francis Hayden and Chester B.Pierce have been elected
The first of September witnessed the passing away of the Assistant Treasurers of the International Trust Co.of Boston.
old-time cotton firm of Woodward & Stillman, the firm hav- For the past fifteen years Mr. Hayden has been Assistant
ing dissolved. James Stillman, Chairman of the Board of Secretary. Mr. Pierce has been in the company's employ
Directors of the National City Bank of this city, was once the for eight years.
active head of this well-known Cotton Exchange house.
The partnership agreement expired by limitation on Aug. 31
Edward S. Bradford, former Mayor of Springfield, Mass.,
and it was stated that the decision to discontinue business State Senator and State Treasurer, and also identified with
was largely because Charles Stillman, brother of the banker, the banking interests of Springfield, died on Sept. 1 at the
is in poor health. The firm dates back to the Civil War, age of 72. Mr. Bradford had likewise formerly been promwhen it began business on South Street. In thoskearly days inently connected with the woolen manufacturing business
Si.12 1914.]
THE CHRONICLE
and had for a time served as Treasurer of the Hampden
Cotton Mills of Holyoke. He was Mayor of Springfield
hi 1889, in 1890 and 1891 and in 1894 was elected to the
House of Representatives. He served as Senator during
1895-1896-1897. In 1900 he was elected State Treasurer
and in 1905 was elected President of the reorganized Hampden Trust Co. When the Hampden Trust consolidated with
the Union Trust in 1909, Mr. Bradford was chosen VicePresident and continued in that capacity until his death.
725
A careful inquiry into the financial standing of the stockholders convinces
me that considerable will be realized from the several liabilities of the stockholders imposed by statute. A stock assessment, however, would not
produce sufficient funds to put the bank in sound condition.
William G. Wetterer, Comptroller of the City of Louisville, Ky., has resigned as Secretary of the Louisville Trust
Co., in furtherance of his desires to lessen his responsibilities.
Mr. Wetterer had been connected with the institution for
twenty-seven years. He continues as a director of the
company. A.G.Stith,Assistant Secretary,is performing the
The plan to liquidate the Germantown Avenue Bank of duties of the office pending the election of Mr. Wetterer's
Philadelphia through the Northern National Bank of Phila- successor.
delphia has fallen through, and instead it has been voted to
Frederick K. Struve has been elected President of the
establish a trusteeship for the liquidation: George J. Crumbie, a director of the Germantown Avenue Bank, has been Seattle National Bank of Seattle, Wash., succeeding the
named as liquidating trustee. The rejection of the earlier late E. W. Andrews. Mr. Struve, who had been Viceplan, which was referred to in our issue of Saturday last, is President of the bank, is forty-three years of age, and a
said to have resulted from the character of the bond called son-in-law of the late Jacob Furth, Chairman of the board
for by the Northern National Bank to protect it against any of the Seattle National, who died in June. The vacancy
further shrinkage in the assets of the Germantown Avenue in the chairmanship of the board was filled at the time of
the election of Mr. Struve as head of the bank, Daniel KelBank, which were to have been taken over.
leher being chosen as Mr. Furth's successor. Other changes
Two receivers for the Federal National Bank of Pittsburgh in the personnel of the managerial staff are the election of
were appointed by Judge Charles P. Orr, of the U.S. District R. V. Ankeny, Cashier, as a Vice-President, to serve with
Court of Pittsburgh on August 27: they are Samuel P. J. W. Spangler and E. G. Ames; William S. Peachy, heretoBailey Jr., President of the Commercial National Bank of fore Assistant Cashier, has become Cashier, and Joseph
Pittsburgh and Harry M. Loos, formerly Assistant Cashier Newberger has been made an Assistant Cashier. In adof the Federal National, which has been in process of volun- dition to having served as Vice-President of the Seattle
tary liquidation since December 17 1913; its assets and National, Mr. Struve is President of the Davis & Struve
deposit accounts were taken over by the Mellen National Bond Co.
Bank. The receivers were appointed in response to a
Controlling interest in the American Savings Bank &
petition filed on behalf of George V. Brown of Cleveland and
other stockholders who maintained that a receivership was Trust Company of Seattle, Wash., was taken over on Aug. 19
necessary to conserve the assets of the institution; the direc- by a syndicate composed of John Howard Hark of Portland,
tors, while denying charges of laxity in the management of Martin Woldson of Spokane, John A. Campbell, Dr. Rufus
the bank, joined with the petitioning shareholders in asking H. Smith and W. J. Johnston, owner of the Plymouth Shoe
Co., of Seattle. The American Savings Bank & Trust has a
for the appointment of a receiver.
capital of $200,000; the interest acquired by the new owners
consists of the holdings of Michael Earles, Vice-President,
Wade H. Cooper, President of the United States Savings and
Edward Hickey (President of the State Savings Bank
Bank of Washington, D. C., recently purchased a branch of of
Butte), comprising 1,173 shares, besides the interest of
Fourteenth
Trust
Co.
of
that
at
Munsey
city
located
the
some of the smaller stockholders. It is stated that approxiand "U" sts. This bank will be consolidated with the mately $400,000 was
involved in the transaction,the stock
United States Savings Bank within the next thirty days.
changing hands at $300 per share. James A. Murray, who
was President of the institution from the time of its organizaHale Holden, who has been elected to succeed the late tion in 1901 until January 1913, when he was succeeded
Darius Miller as President of the Chicago Burlington & by Frank M. Sullivan, has again been installed in the presiQuincy RR., has been elected to the vacancy on the board dency, and James P. Gleason, one of the original organizers
of the Continental & Commercial National Bank of Chicago, of the bank, enters it as Vice-President. They will be ascreated through Mr. Miller's death.
sociated with J. K. Bush as Vice-President; George F. Russell as Secretary and J. Malloy Jr. as Cashier; the last named
The death of John Karel, President of the American State replaces George K. Betts, resigned.
Bank of Chicago, has been announced. Mr. Karel has been
President of the institution since its organization in April
THE ENGLISH GOLD AND SILVER MARKETS.
1911.
We reprint the following from the weekly circular of
F.D. Willims,first assistant in the office of H.S. Magraw, Samuel Montagu & Co. of London, written under date of
State Bank Examiner of Montana, has been appointed re- Aug. 27 1914:
GOLD.
ceiver for the State Savings Bank of Butte, which closed its
Very large
of gold bars and coin have been reported by the Bank
doors on Aug. 5. With regard to the suspension of the of England. receipts
A large portion of the bar gold consists doubtless of gold
in South Africa under the new arrangements made by the Bank.
institution, Mr. Magraw issued a statement on the 21st ult. acquired
Details are appended:
saying:
Aug. 20_£1,030,000 in bar gold.
Aug. 24_ £54,000 in soya. from Brazll:
In justice to the present officials of the bank, I wish to say that all of
the examinations and called reports of the bank under their administration
have shown an improvement up to the first of June, and the possibility of
putting the bank upon a paying basis appeared favorable. The disturbed
local conditions prevailing since June 13 have caused a heavy and continuous demand upon their resources, which was greatly augmented by the
declaration of war by the European Powers, which caused a
still greater
demand on the bank, and which they were unable to meet.
On the same date there was also made public a letter in
the matter, addressed by Examiner Magraw to Gov. Stewart
on Aug. 13, as follows:
In arriving at the probable realizable values of the assets of
the bank.
the properties and securities, "particularly mining stock of a purely speculative character, were not considered, as they had no present market value
and any possible value is dependent upon the uncertain conditions attending mining enterprises."
It will be observed from an inspection of said summary that the estimated values of the assets, together with the estimated value of the stockholders' liabilities, might possibly leave a loss to the depositors of $416,440. However. it must be understood that this is merely an estimate and
must be considered in the light of the fact that there is a great mass of securities which we have estimated as of only nominal value, which may or
may not be collected, and the proceeds of which will accordingly affect the
estimates wade. It is, therefore, impossible to do
more than to make an
estimate ar, rather, offer an opinion based upon the possibilities of collections.
It is trey fair to the present officials to say that
they have made a long.
hard fight and have partially succeeded, a large portion of the losses
being due to the inability of the bank to realize upon the assets left in the
bank at the time it reopened after a temporary suspension in 1907-08.
" 20_ 278,000 " U.S.A. gold coin.
25.. 125,000 " bar gold.
" 21.. 224,000 " bar gold.
163,000 " U.S.A. gold loin.
" 25_
" 21_
10,000 " U.S.A. gold coin. " 25_
36,000 " sovs. from Brazil.
" 22_
20.000 " bar gold.
50,000 " " Uruguay.
" 22_
5,000 " U.S.A. gold coin. " 25_
100,000 " " Argentina.
" 24_ 1,589,000 " bar gold.
38,000 " bar gold.
" 26_
" 24_ 433,000 " U.S.A. gold coin. " 26- 179,000" U.S.A. gold coin.
The only withdrawals were £25,000 in sovereigns for Malta on the 21st
inst. and /12,500 set aside for the Straits Settlements note reserve on the
24th inst., making a total net influx of £4.296,500.
The Rhodesian output for July constituted a record for any one month.
being £320,670, as against £306,421 for June 1914 and £249,401 for July
1913.
The Bank of British West Africa has arranged to make advances against
West African gold deposited in its vaults, and shipments of the output from
that quarter to this country for the present need not be anticipated.
SILVER.
Prices have ruled lower during the past week.
fairly plentiful,
Supplies, derived principally from America, have been
and the market has labored under the disadvantage of a restriction of general business.
countries is shown, but the
A certain amount of demand from neutral
in the present condition of financial
difficulty of making cash payments
buyers.
hindrance
to
affairs is naturally a
of sundry foreign
Meanwhile, orders for coinage purposes on the part
contracts falling due, constitute the bulk
mints, and the covering of sold
time.
present
the
at
of the purchases made
No shipment has been made from San Francisco to Hongkong during
the week.
The quotation to-day for cash delivery is one penny below that fixed a
week ago.
• Quotations for bar silver per ounce, standard:
Average for the week ____25.385 cash
No
cash
Aug, 21 26
Bank rate
ins%
"
quotation
" 22 251
fixed
Bar
gold, per oz.,standard
"
9-16
I 77s49d
" 24 25
for
French gold coin, per oz.stand._Nominal
" 25...244
"
forward
German gold coin per oz. stand_Nomina
" 26. _25
"
delivery.
U.S. A. gold coin per oz. stand_Nominal
" 2725
[VoL. xc Tx.
THE CHRONICLE
726
COTTON MOVEMENT AND CROP OF 1913-14.
Takings for ConsumptionNorth
South
1913-14. 1912-13.
Bales,
Bales.
2,717,860 2,650,433
3,105,231 2.979,878
1911-12.
Bales.
2,781,613
2,736,21!
Total takings for consumption
5,823,091 5.630.311
5,517.831
Our statement of the cotton crop of the United States for
Exportsexcept Canada by rail
8,883,170 8,659,776 10.547,181
the year ending Sept. 1 1914 will be found below. It will Total.
142.861
To Canada by rail
135,897
148.903
be seen that the total crop this year reaches 14,609,968 bales,
exports
Total
9,026,031
8,79
5.673 10,696,084
bales
9,026,031
and
the
spinners' Burnt during year
while the exports are
11,757
143
5,533
takings are 5,823,091 bales, leaving a stock on hand at the
14,860,879 14,426.127 16,219,446
Total distributed
close of the year of 234,480 bales. The whole movement
Deduct
250,911
297.225
176,136
for the twelve months is given in. the following pages, with Cotton imported,minus stock decrease
14,609,968 14.128,902 16.043,316
Total crop
such suggestions and explanations as the peculiar features
in the above are given the takings for consumption. The
of the year appear to require. The first table indicates the
stock at each port Sept. 1 1914 and 1913, the receipts at the actual consum ption for two years has been
1912-13.
1913-14.
ports for each of the past two years and the export movement
Bales.
Bales.
602,413
532,433
for the past year (1913-14) in detail, and the totals for Northern mills' stocks Sept. 1
5,630,311
a
5,823.091
Takings
1912-13 and 1911-12.
Receipts Year end.
Facts of
Sept. 1
1914.
Sept. 1
1913.
Exports Year ending Sept. 1 1914.
Great
ContiBritain. France. nent,ctc.
Texas ___ 3,961.0784,990,912 1450,20.
Louisiana_ 1,890.7581,436,959 900,788
Georgia _ _ 2,113,8061.550,987 318,97.
Alabama _ 431,918 230.699 145.819
Florida__ _ 195,233 141,604 52,694
176
Mississipp
So.Caro _ 423,920 310.403 118.94
No. Caro. 485,598 455,559 73,024
Virginia _ _ 658,167 609.911 48,741
a6,732 a15.326 138,558
New York
Boston. _ a21,677 a46,222 85,367
Baltimore a98,513 a79,878 57.862
a8.326 43,302
a2,049
Phlia ._ _
Portland,
31
Det., Ac._
San Fran_
Seattle,Ta
coma,&c.
TotalsThis year_ 10289625
Last year..
Pray. year
Total.
342,8561580,613 3,373,675
187,142 618,1301,706,060
263,944 930,221 1,513,141
73,997 151,865 371,681
48,947 62,483 164,124
6,031 181,434
102,434 177,815
88,208
19,157 218,801
9.138
15,322 99.983
15.604
Stocks.
143,174
179,255
76,198
76,198
3434,593 1058,8294532,6099,026,031 234,481
9,876,8523628,133 1008,975 4153.565 8.795,673
11778836,4290,771 1197,7295207,584 10696084
216,561
282.253
a These lgures are only the portion of the receipts at these ports which arrived
by rail overland from Tennessee, .fcc. d Shipments by rail to Canada.
Note.-The total exports for 1913-14 include 17,469 bales foreign cotton, largely
Peruvian, most of which was snipped from New York and almost wholly to Liverpool.
The foregoing shows that the total receipts at the Atlantic
and Gulf shipping ports this year have been 10,289,625 bales,
against 9,876,852 bales last year and 11,778,836 bales in
1911-12, and that the exports have been 9,026,031 bales,
against 8,795,673 bales last season and 10,696,084 bales the
previous season, Great Britain getting out of this crop
3,434,593 bales. If now we add the shipments from Tennessee and elsewhere direct to manufacturers, and Southern
consumption, we have the following as the crop statement
for the three years:
1913-14. 1912-13. 1 1911-12.
Year ending September 1.
bales10,289,625 9.876.85211,778,836
bales_
Receipts at ports
Shipments from Tennessee, &c.„ -direct
1.215,112 1.272.172 1.528.263
to mills
11,504,737 11,149.024 13,307.099
Total
Manufactured South, not included above 3,105,231 2,979,878 2,736,217
Total cotton crop for the year..
14.609,968 14.123,902 16.043,816
The result of these figures is a total crop of 14,609,968
bales (weighing 7,515,792,345 pounds) for the year ending
August 31 1914, against a crop of 14,128,902 bales (weighing
7,327,100,905 pounds)for the year ending August 31 1913.
NORTHERN AND SOUTHERN SPINNERS' takings
In 1913-14 have been as given below.
bales-14,609.968
Total crop f the United States, as before stated
Stock on hand at commencement of year (Sept. 1 1913)25,552
At Northern ports
At Southern ports191.009- 216.561
21,067- 237.628
At Northern interior markets
14,847,596
Total supply during the year ending Sept. 1 1914
Of this supply there has been exported
a8,883.170
to foreign ports during the yearAmeriLess foreign cotton imported and bales_ 259,972-8.623,198
can cotton returned_b
142,861
Sent to Canada direct from West
11.757
Burnt North and South_c
Stock on hand end of year (Sept. 1 1914)-96.838
At Northern ports
137.642- 231,480
At Southern ports
12,209- 9,024.505
At Northern interior markets
ending
by spinners in the United States for year
Total takings
Sept. 1 19145.823.091
3.105.231
Taken by Southern spinners (included in above total)
2.717.860
Total taken by Northern spinners
American
bales
of
1,663
Includes
a Not including Canada by rail. b
Egyptian and Peruvian.
cotton returned and 279,424 bales foreign, largelyBurnt Includes not only
equaling 258.309 bales of American weights. c
Southern outports,
and
what has been thus destroyed at the Northern
but also all burnt on Northern railroads and in Northern factories.
These figures show that the total takings by spinners
North and South during 1913-14 have reached 5,823,091
bales, of which the Northern mills have taken 2,717,860
bales and the Southem mills 3,105,231 bales.
Distribution of the above three crops has been as follows:
6.355,524
2,735,4181
3,105,23115,840.649
6,232,726
2,720,4181
2,979,87815.700,296
Sept. 1 Sept. 1
532,433
Northern mills' stock end of year
514.875
1914. 1913.
-a Takings and consumption include 1,663 bales American cotton returned
51,165 125.280 and 258,309 bales foreign cotton (Egyptian. Peruvian, 6.e.) in 1913-14
49,531 17.640 and 232.917 bales foreign and returned American cotton in 1912-13.
11,107 27,640
1,917 4,120
Consumption in the United States and Europe.
224 1,135
305,407 1,26: 3,079
353,273 7,763 4,744
136,949 14,06
7,371
376,516 90,171 18.940
94,505 3,24
4,132
173,167 2,14: 1,805
58.906 1,27
675
d142,861
179,255
Total
Consumption a-North
South
UNITED STATES.-The season of 1913-14 in the cottonmanufacturing industry of the United States furnishes nothing of an especially satisfactory nature to record. It is true,
of course, that consumption of the raw material and, inferentially, the output of goods, both North and South, was
greater than in the previous season, establishing in each
case a new high-water mark; but practically no progress was
made in extending trade in our products with the outside
world. It is to be said, however, that hopes are entertained
that steps to be taken by leading exporters working in conjunction with Government officials, more particularly commercial agents well acquainted with the habits and desires
of the people to be reached, will result in a marked broadening of the demand for American cottons in South America,
Africa and the Fax East. And the unfortunate situation in
Europe which the war has brought makes increasingly
possible expectations of augmenting our cotton goods trade
with South America, if only proper endeavor be made to
cater to the tastes of those whose custom it is the desire to
secure. During the calendar year 1912 the imports of cotton
goods into Argentina, Brazil and Chili aggregated in round
figures a value of 70 million dollars and not one-tenth of
that total was from the U. S. Only quite recently Commercial Agent W. A. Graham Clark returned from an investigation of foreign markets for cotton, goods and later conferred with American manufacturers, &o., regarding those
markets imparting much information that should work for
expansion in our exports.
Labor troubles have been a negligible quantity in the season
lately closed, such as have occurred having involved a very
limited number of hands and being quickly settled. Even
the move for an increase in wages at Fall River proved a
flash in the pan, the operatives quickly receding from their
demands when the attitude of the manufacturers became
known. In fact, the principal difficulty the labor situation
has presented has been the same as in 1912-13--inability
in some localities to secure a sufficient force to keep all machinery in motion. At Fall River,for instance, curtailment of
operations has been necessary all along,owing to the scarcity
of weavers. A supply of cotton from the various producing
countries a little in excess of the aggregate of 1911-12 has been
secured,but consumptive requirements were greater than ever
before, so that not near as great a portion of the year's yield
as then has gone to fortify previously existing stocks.
A level of prices for American cotton insuring to the planter
a remunerative return for his crop was maintained throughout the season, but manufacturers have not fared as well as
in most recent earlier years. Finally, manufacturing facilities have been further extended, mainly at the South, the
starting up of new mills and enlargement of the capacity of
old establishments having increased the spindleage there
upwards of 525,000 spindles during the season. Not uninteresting items in the cotton history of the season were the
further increase in the supply from the Imperial Valley of
California, the success attained in the growing of Egyptian
varieties in the Salt River Valley of Arizona, experiments
made in the raising of cotton in Panama by farmers from
North Carolina, and the Agricultural Department's tests of
the tensile strength of various grades of cotton. Thus are
tersely summarized the leading features of 1913-14.
As regards the size of the crop, at no time was there reason
to doubt that the yield was in excess of 1912-13. Efforts
SEPT. 121914.1
THE CHRONICLE
were made, however, to inculcate a contrary idea, Congressman Heflin of Alabama going so far as to stamp the estimate
ef the Department of Agriculture issued in December as
too high. But it was not long before Mr. Heflin was proven
decidedly in error. The Department's estimate made the
yield 13,677,000 bales of 500 lbs. gross weight each (not including linters), or about half a million bales under the commercial crop of 1912-13. But later on (in March) the final
ginners' report issued by the Census Bureau showed a production of 13,964,981 running bales, also not including
linters, this total being increased to 13,982,811 bales in a subsequent report. As the running bales were of an average
gross weight of 505.8 lbs. they were equivalent to 14,156,486
bales of 500 lbs. gross each, a total nearly half a million bales
greater than the Department's estimate that was criticized
as too high. These results, it is understood, refer to the
amount of cotton ginned as distinguished from the aggregate we give in this report, which represents the commercial
crop-the total cotton and linters marketed between Sept. 1
1913 and Aug. 31 1914. Therefore, to make any proper
comparison linters (which are now excluded in the Census
Bureau reports) should be included in the Government
figures. Taking linters into account, then, we have as the
Census Bureau total approximately 14,613,964 bales. This
aggregate, it will be observed, is only 3,996 bales more than
the commercial crop as we compile it, notwithstanding the
fact that 238,746 bales of the 1913 yield were marketed before Aug. 31 1913 and were counted,therefore, in the 1912-13
commercial crop, whereas only a nominal portion of the 1914
crop has come forward to Aug. 31 and is counted in the year
under review.
In the manufacturing branches of the cotton goods trade
.the season has really in no sense been a satisfactory one,
as, owing to the high cost of the raw material in its relation
to the selling prices for goods, the margin of profit in practically all lines has been less than in most earlier years. As
regards the operating of the mills, labor troubles have been
conspicuous by their absence. In fact, the real labor trouble in some parts of the country-Fall River, for instancehas been inability to secure a large enough working force to
operate the mills at full capacity, and as a result all through
the season there has been more or less curtailment of production. Early in November demand was made by the
Fall River operatives for a 121i% increase in wages, the new
scale to go into effect on Dec. 8, and more or less vague
rumors were current that in event of refusal, a strike would be
instituted. But when the manufacturers declined, for very
good reason, to accede to the demands, the latter were quite
promptly dropped. The actual labor troubles of the season
have been confined to strikes of very limited extent and very
short duration at two or three points in Massachusetts and
Rhode Island. The new tariff has without doubt had some
adverse effect upon the cotton-manufacturing industry, but
adjustment to the changed condition the revised rates have
necessitated has largely been accomplished.
Nothing has been done since 1912 in the way of changing
the compensation of operatives at Fall River, but as a matter
of interest we append a compilation showing the course of
wages there during the past thirty-eight calendar years,
omitting years in which no changes were made. The changes
made in recent years can be summarized as follows:
April 7
1902 an advance from 19.80c. per cut-the price that
had
been in force since October 1899-to 21.78c.
Nov. 23
1903, reduction to 19.80c. and a further drop
to 17.32c. on
July 14 1904. A restoration of the rate to 18.00c. on
Oct. 8
to21 6iby
d,
a followed
a
l9
n05
n2 awnasadvaanncedt,osin2 8
wro.
a
hticeih
ntNaorve
w dropped26 1906,
further ee:ease to 23.96c. on May 23
1907. Just
about a year later (May 25 1908) te
lh.
ee7
to
19.66c., and there was no change until April 1 1912, when an
advance
there hits been
no officially reported rate. The rates given for earlier years
merely note the changes from some previously existing rate
and do not, necessarily, cover the whole year named.
727
thereafter demand, although not really active, was greater
than could be supplied from current restricted production.
In November, demand became lighter and prices tended
downward, a decline to 37
4c. occurring on the 28th, followed by a further drop to 334,c. on Dec. 27, which served to
stimulate demand,and a good business was done in January
and well on into February. Again the price was marked
down an 38c. on Feb. 28-to 3%c.; and this brought more
business during March, but April and May were rather
quiet. The last-named quotations ruled until June 4, when
there was an advance to 33
/0.; from which there was a decline to 35Ac. Aug. 8, and a week later to 33/2c., that level
being maintained to the close of the season. The production
of cloth during the season approximated 80% of normal
capacity, and this was quite fully absorbed, leaving stocks
of goods in first hands about as they were twelve months
earlier and small withal. As indicating the financial return
from operations, we append a compilation showing the dividends declared by the Fall River mills for two seasons:
Dividends 1913-4. Dfotdends1912-3 inc. 14.)
or
Amount. Dec.(
Amount.
-1 •
Sept. Ito Aug. 31.
Amelican Linen Co
Ancona Mills
Arkwright Mills
Barnard Mfg. Co
liarnaby Mfg. Co
Border City Mfg. Co__
Bourne Mills
Chace Mills
Conanicut Mills
Cornell Mills
1)aV1S Mills
Davol Mills
Flint Mills
Granite Mills
Hargraves Mills
Ring Philip Mills
Laurel Lake Mills
Lincoln Mfg. Co
Luther Mfg. Co
Mechanics' Mills
Merchants' Mfg. Co__ ._
Narragansett Mills
Osborn Mills
Parker Mills
Pocasset Mfg. Co
Pilgrim Mills
Richard Borden Mfg. Co_
Bagamore Mfg. Co
Beaconnet Mills
Shove Mills
Stafford Mills
Stevens Mfg. Co
Tecumseh Mills
Troy Cotton Jr Woolen
Mfg. Co
Union Cotton Mfg. Co__
Wampanoag Mills
Weetamoe Mills
S
800.000 1
300.000
450.000
No
495.000
No
350,000
No
1,000,000 4
1,000,000 6
1.200.000 6
251,670 414
400,000 8
1,250.000 6
800.000 6
1,160,000 6
1,000,000 2
800,000
No
1,500,000 6
600.000 454
1,250.000
No
525,000 6
750.000 4
1,200,000 4
400,000 4
750,000 6
800.000
No
1,200.000 54
1,050.000 56
1,000,000 8
1,200.000 8
600,000 3
550.000 41(
1.000.000 3
700.000 6
750.000 6
300.000
1,200,000
750.000
500.000
8
6
4
514
8.000
6,000
dividend
dividend
dividend
40,000
60,000
72.000
11.325
32,000.
75,000
30,000
69.600
20.000
dividend
90,000,
27.000
dividend
28,875,
30,000,
48.000
16,000
45,000
dividend I
66,000
21.000
80.000
96.000
18.000
26.125
80.000
42.000
45.000
I
24,000
72,000
30,000
27,500
2
*6
No
No
No
4
6
514
6
8
6
6
514
314
No
6
6
6
6
4
4
4
6
No
555
545.5
6
8
4
4
4
15
6
4
6
$
16.000
6,000
dividend
dividend
dividend
40.000
60.000
66,000
15.100
32,000
75.000
30.000
63.800
35,000
dividend
90.000
36.000
69,500
21,000
30.000
48.000
16.000
45.000
dividend
66.000
15.750
60,000
96.000
24,000
22,000
40,000
42.000
45.000
-8,000
4-6,000
--3.770
4-5.800
-15,000
-9.000
-514600
+7,875
4-5.250
4-20.000
-6.000
+4.135
-10.000
24.000
72.000
30.010 ----30.000 -2.800'
Total
29,531,670 4.36 1.286,425 4.60 1.350,150 -44.735.
• On $100,000 preferred stock. a On capital of $700,000.
On 63.53,400.
preferred stock.
The aggregate disbursed, it will be observed, was somewhat less than in the preceding season, and it is to be noted,
in fact, was smaller than in all but one of the seven previous
years. The truth of the matter is that were the dividends
merely such as were warranted by the year's earnings,the
exhibit would be a sorry one indeed. As we have often remarked, a number of the corporations maintain a fixed rate
of distribution without regard to earnings, drawing, as in
this case, upon existing surplus to meet any deficiency. The
figures as they stand show that the 37 corporations named,
with a capitalization of 829,531,670, paid out to stockholders
during the year ending Aug. 31 1913 a total of $1,286,425,
or an average of 4.36% on their investment, while in the previous period the amount distributed was $1,350,150,or4.60%.
This is hardly an encouraging exhibit.
As regards our trade in cotton manufactures with foreign
countries, a slight check in the expansion that had been
continuous from 1908 to 1913 inclusive is to be noted in the
fiscal year ended June 30 1914. Shipments to China exhibited a moderaIe increase over the previous year, but were
less than in 1911-12, and the outflow to that quarter seemed
almost nominal as compared with the totals for 1904-05
and 1905-06. South America absorbed only 41,616,023
yards of our goods the past season,against 54,163,558 yards
in 1912-13 and the shipments to Arabia were but 17,739,572
Wage
Wage
Wage
Wage yards, against 24,690,495 yards. Exports to the West InYear.
per Cut. Year.
per Cut. Year.
per Cut. Year.
per Cut.
1877
19 00c. 1888
19.00c. 1898
16.00c. 1905
18.00c. dies and Central America rose to 111,395,208 yards,from
1878
18.00c. 1892_
_ 119.63c. 1899_-__ 18.00c. 1906_ -__ .21.78c.
21.00c.
1880
121.00c.
19.80c. 1907
23.96c. 101,434,609 last year, but takings by the Philippines, after
1884
18.500. 1893
18.00c. 1902
21.78c. 1908
I9.66c. having increased quite considerably
in the previous three or
1885
16.50c. 1894
16.00c. 1903
19.80c. 1912
21.62c.
18.15c. 1895
1886
18.00c. 1904
17.32c.
Note.-The roc, gnIzed standard length of a 28-Inch, 64z64, cut of print four seasons, fell off in 1913-14, and the same is true of CanCloth is 4714 yards. woven in an ordinary 32-inch loom or less.
ada. In the aggregate for all countries, the exports of goods
The printing cloth situation at Fall River the past season as reported quantitatively in 1913-14 reached only
414,can be summed up in a few words. On Aug. 31 1913 the 860,013 yards and in the previous year 444,729,241
yards,
ruling quotation for 28-inch 64x64 was 35Ac., but on Sept. 2 there being a decline,therefore,of 63
4% this year. The total
there was an advance to 3%c., a further rise on the 22d to I value of the cotton goods shipments for
1913-14 records a
43. and on Oct. 4 to 40., this proving to be the high point decrease of $2,276,744 from last year,
37
smaller takings of
of the season. During this period and for a short time wearing apparel and miscellaneous articles
from here s.43-.
THE CHRONICLE
728
• counting for a part of the decline; compared with 1911-12
there is a slight gain.
The spinning capacity of the mills of the United States
has been augmented to a moderate extent the past year,
notwithstanding the somewhat inauspicious conditions that
have prevailed. But development has been mainly, if not
wholly, at the South,and has as a rule been merely the
carrying to completion of projects launched two or three
years back. Our latest investigations into the status of the
Southern mills, the result of which will be found tabulated
on a subsequent page, disclose clearly where expansion in
that locality has taken place and the extent of it. The increased capacity, however,is not fully reflected in the volume
of consumption, as some of the new mills have been in operation only a part of the season. The usual statement of spindles in the United States as compiled by us is as follows:
SpirullesNorth
South
Total spindles
1913-14.
18,900,000
12,940,240
1912-13.
18,800,000
12,416,592
1911-12.
18,700,000
11,976,929
1910-11.
18,300 000
11,503:253
31.840,240
31,216,592
30,676,929
29,803,253
SOUTHERN cotton mills recorded further growth in
1913-14, both in spinning capacity and in volume of consumption, but, owing to a scarcity of efficient labor, full
operation of machinery was not possible. This fact is indicated by our replies, which denote that the establishments
operated on full time quite generally until tbe close of June,
but that in some cases a portion of the spindles and looms
remained idle for want of hands. During July and August,
however, there was moderate curtailment of the output of
hard yarns. Although this has tended to hold down consumption, a very satisfactory gain over 1912-13 is shown. More
,or less important additions to spindles in all the leading
.cotton-manufacturing centres of the South are noted, with
he Carolinas and Georgias, of course, exhibiting the greattst progress. A number of new mills have begun operations,
others are nearing completion, and on still others work is
yet in the initial stages. Following the plan inaugurated by
us some thirty years ago, and very successfully pursued
each year since, we have within the past few weeks seeured
quite full detailed information bearing upon the operation
and development of Southern mills. With continued expansion in progress, it follows that considerable more time
and labor are required from year to year in gathering and
compiling the data;but work is fully compensated for by the
spirit in which our inquiries are met by the mill officials. The
information given by each mill covers not only current operations, but projected future developments, and is very
complete. It gives the number of spindles and looms active or idle during the season,including new mills started and
additions to old plants; also the actual consumption of cotton
for the year, stated in bales and pounds, the average count
of yarn spun, and extensive details as to new mills, whether
already under construction or merely projected, and contemplated expansion in existing factories-in fact, all the
information that is really essential to an intelligent and comprehensive review of the cotton-manufacturing industry of
the South. The aggregates of our detailed returns, arranged
by States, is as follows. Establishments that have been idle
all the season and are not likely to resume operations are
excluded from the compilation.
Number of
Southern
States- Mills.
Alive.
Virginia..
No. Car5o. CarGeorgia _
Florida__
Alabama
Mississ'i
Louisiana
Texas_ _ _
Arkansas
Tenn ___
Missouri
Kent'cky
Okla_ ___
14
305
154
141
___
61
18
4
14
2
28
3
7
1
Consumption.
Aterage
Looms NO.
Running. Run. Yarn.
Spindles.
421,436 410,431;11,4
3,851,087 3,706,149 58,30
4.627,202 4,426,i21103,84
2,156,653 2,103,762 41,443
1,013,676
184,510
79,183
117,502
12,700
327,339
41,480
101,760
5,712
997,404 19,702
130,388 3,127
79,183 2,314
107,978 2,853
6,000
142
306,631 5,635
41,480
988
93,644 1,325
5,712
20
22
27
21
Bates.
Avge.
Net
Weigel
Pounds.
96,155483.11
46,453,904
966,828466.16 450,69.3,008
816,158474.92 387,606,013
665.655479,17 318,963,610
ia
302,885490.72 148,633,550
23
34,646492.03
17,046,927
11
17,342498.52
8,645,366
1231 59,573510.88 30,434,514
3,917494.21
9
1.935,804
18
87,614 487.02 42,670,026
12
21,015489.27
10,282,159
15
25,930487.03
12,634,751
s
7,513494.72
3,717,264
Totals.
1913-1,-4 752 12,940,24012,414,884251,113
22
1912-13 763 12,416,992 11,906,152244,833
22
2,979,878478.011.424.761,883
1911-12 750 11,976,929 11.467,283232.027
22
2,736,217479.14 1,311,028,120
1910-11 740 11,503,253 10,644,544220,462
21
2,369,827475.69 1,127,312,371
1909-10 731 11,236,430 10.435.083212,272
20342,391,933473.96 1,133,678,983
3,105,231 476.531,479,721,896
1908-09 727 10,780,30810,370,333214,716
2034 2,573.524 478.75 1,232,077,174
/907-08 717 10,451,910 9.864.198205,478
20
1902-03 594
7,039,639 6,714,589153,746
1934 2,049,902479.85 983,649,984
1897-98. 391
3.670,291:1 3,574,7541 91,82C, 1834 1.227,939470.04 577,186.180
2,234,395477.55 1,067,010,962
iVoie.-Much new machinery has been put In operation within the past few
months, ncrea.sIng the number of spindles appreciably without affecting consump-
tion to a material extent. These returns include consumption of foreign cotton
by the mills.
[VOL. xca.
It will be noted that the above returns indicate an increase
in the volume of cotton consumed in almost every State, with
the gain over 1912-13 greatest in North Carolina, which
continues to be the leading State in amount of the raw material used if not in number of spindles. The net result for
the season in the aggregate for the Southern States is a gain
in consumption of 125,353 bales, or 54,960,013 pounds,
leaving the 1913-14 total 3,105,231 bales, which compares with approximately 2,735,418'bales at the North, or
an excess for the newer field of 369,813 bales. The reports at hand from the South,when gone over in detail,denote that 8 old mills, with 20,216 spindles, have ceased
operations permanently, and 7 mills, containing 147,488
spindles, have become active factors, making a net loss of
1 mill, but a gain of 127,272 spindles, during the season.
The full extension of capacity in 1913-14, however, is not
expressed by that total, for the equipment of old mills was
increased to the extent of 396,376 spindles. The aggregate
net gain for the season was, therefore, 523,648 spindles.
Further extension of the cotton-manufacturing industry
in the Southern States has naturally been held in check by
conditions recently prevailing, but our replies denote that
in the near future some expansion should be witnessed. As
the situation now stands,it is expected that 2 mills, equipped
with 30,280 spindles, will start up during the fall and early
winter,and that by the close of August next year 3other mills,
containing 21,000 spindles, will begin operations. Contemplated additions to old mills, moreover, cover about 126,864
spindles, so that altogether the prospective augmentation in
capacity within the next twelve months will reach approximately 180,000 spindles, or a total quite a little less than
the addition in 1913-14.
EUROPE.-Speaking generally, the cotton industry
throughout Europe during the past twelve months has not
been so .profitable as in 1912-13. Owing to various causes,
the demand has not been so healthy. This falling off in
business has been chiefly the result of over-trading in the
past and the accumulation of stocks in the markets of the
world. Raw cotton prices have been on a rather high level,
but a favorable feature has been that quotations have been
fairly steady. The industry has kept quite free of labor disturbances, but of course the outstanding item of interest
of the season has been the outbreak of war, which came
towards the close, and has involved all the leading countries of Europe. What the end of all the trouble will be
no one can foretell, and at the time of writing the situation is
very harassing to all engaged in trade.
In connection with the work of the International Cotton
Federation, Mr. Arno Schmidt, the Secretary, has made an
extensive tour of India, leaving this country last autumn and
returning this spring. He has issued a valuable and interesting report on the question of cotton-growing in the British
dependency. The Federation this year has not held a Congress, but the General Committee met at Paris in June,
when many matters of interest were under discussion.
Great Britain.-A review of the cotton industry of
Great Britain for the past season cannot begin without reference to the serious effects of the European war which broke
out at the beginning of August. All other matters during
the year have been overshadowed by this calamity. All
departments of the industry have been thoroughly disorganized and no living person has previously passed through
such a crisis. At the time of writing, the production in both
spinning and weaving has been reduced to about one-half,
and since the war began practically no business has been
done. Some attempts are now being made to send goods
forward to the Eastern and Far Eastern markets, but there is
difficulty in getting ships and the high cost of freight and
insurance is a serious matter. Financial questions have received special consideration and various arrangements have
been made by the Government to surmount the difficulties. A month's moratorium was decided upon on Aug.4,
and this was on Aug. 31 extended for another month, or
until Oct. 4. There is a fear sooner or later of financial
difficulties. There are hopes in due course of increasing our
trade at the expense of Germany.
General trading conditions throughout the year have not
been very satisfactory. The profits of both spinners and
manufacturers have shown a tendency to decline. After a
healthy business for two or three years, most of our outlets
abroad have become over-supplied and the usual falling off
in demand has taken place. In piece goods our shipments
abroad are not so large as in the previous twelve months.
India, although taking large quantities, has not done quite
SEPT. 12 1914.]
THE CHRONICLE
o well. Undoubtedly, heavy-stocks are held in the bazaars
of Calcutta, Bombay and!Madras. So, far this season the
monsoon has done well,and,apart from other matters,it was
expected that a revival of demand would come round in
the autumn. We have shipped:rather more freely to China,
but it can scarcelyibe/said that the:conditions on the other
side have been very favorable. It is:evident that that great
market has not yet fully recovered from the disturbances of
the last few years, and to some extent the price of silver has
been against trade. The near Fiastern outlets have. done
fairly well, but there hasIbeen some restriction of credit and
merchants have been afraid of over trading with that part
of the world. The South American outlets have done badly.
1:eriroh less cloth has been sent than in the previous twelve
months. Many things have hampered business, exchange
not being at all favorable. During the last few months
employment for the workpeople in the weaving districts has
got worse. In the spring Burnley manufacturers decided to
work short-time to the extent of stopping one month in
four. This decision affected the owners of about 90,000
looms. In other towns no organized curtailment of production has been arranged, but the output throughout the summer has not been anything like at full stretch, and in many
instances the usual holidays have been extended. Most
makers of shirtings have done fairly well, and so have producers of light fabrics, such as mulls, dhooties and jaconettes. A slack state of affairs, however, has shown itself
in printing cloths. The home trade has had a moderate
season, but with the rather reduced purchasing power of the
public, the returns have not been quite so healthy as in
1912-13. The following table gives particulars of our foreign
trade in yarn and cloth for the twelve months ending July 31:
Exports—
1913-14.
1912-13.
1911-12.
Yarns
Piece goods
pounds- 220,426,800
yards_6.948,826,900
241,607,300
221,753,900
7.222.665.300 6,779,373,900
729
or the trades unions. It shouldibe:said:that the:employers
throughout the industry have agreed to extend the usual
annual holidays by two days.
It can scarcely be affirmed that any particular development has occurred during the year in;connection with the
growing of raw cotton in our colonies. The Government has
authorized a loan of three million pounds for cotton-growing
in the Sudan. Various private schemes are also being
floated. Many difficulties are also being met with and it
looks as though it will be a long time before planters in the
United States need be afraid of Lancashire manufacturers
getting their supplies from other parts of the world. The
number of spindles in Great Britain is estimated at 56,900,000.
The European Continent.—The reports generally from
cotton spinners and manufacturers in European countries
have not been at all healthy throughout the past year and
the experience of employers has tended to get/worse. The
increased cost of production in some instances has been a
serious matter and the demand for various reasons has not
been maintained.
In Germany the conditions have been generally unsatisfactory and some cases of short time have been-mentioned.
In June an attempt was made to organize curtailment of
production, but the necessary support:was not forthcoming.
Manufacturers of cloth,if anything,have done rather worse
than spinners of yarn. During the past month, as a result
of the war, the export trade has been brought to a standstill.
The spindles are estimated at 11,500,000.
Spinners and manufacturers in France have had a moderate
year. Many difficulties have been met with, but recently
a little improvement has shown itself. Efforts during the
year were made to introduce short-time and a good deal of
individual action has been taken. Matters atIthe moment
are very upset and the future is very uncertain. The
spindles are estimated at 7,500,000.
It has been a poor year for both the masters/and/the workpeople throughout Russia, but,"owing to the large area over
which the industry is spread, adequate reports are not
easily secured. On the whole, the prospectsrare a little
more hopeful, but of course the war is bound to have a
serious effect upon the industry. Throughout the twelve
months both spinners and manufacturers have had to work
at a very small margin of profit. The spindles are estimated
at 9,000,000.
The industry throughout Austria has continued in a poor
way. Restriction of output to the extent of about 10%
has been carried on. The foreign trade in yarn has been
seriously affected by the Balkan war and now the crisis
prevents any idea being given of the future course of trade.
The spindles are estimated at 5,000,000.
It has been an unsatisfactory year in Belgium'and organized
short-time was arranged at the beginning of July to extend
up to the end of October. The country is now in the throes
of warfare and trade is paralyzed in all/departments,and the
outlook is not at all bright. The spindles are estimated
at 1,500,000.
Poor advices relating to the industry have come from Italy.
A considerable amount of short-time has been worked, and
as a result of this action supplies have beenlkept/down, and
although business at the moment is not at all profitable,
serious losses are being prevented. The spindles are estimated at 4,700,000.
An unfavorable twelve months has been experienced in
Spain. Serious labor troubles have taken place and the
industry in all departments has been very disturbed. The
outlook is not at all bright,and,owing to the uncertainty as
to production, some trade has been lost which very probably
will never be regained. The spindles are estimated at
2,250,000.
It will be seen from the reports above that the cotton industry throughout Europe has not hadra good year by any
means. Most countries have suffered, owing to overproduction; and short-time either, on an organized scale or
by individual action,has had to be resorted to. There is now
likelihood of lower values in raw cotton, but nothing can
be said as to the prospects,in view of theIwarIwhich is now
raging in Europe. Some people seem to think that a boom in
trade will be experienced when hostilities/cease, but matters
at the moment are in the melting pot and no one can forecast what will happen during the coming year.
In the spinning section of our industry trade has not been
very encouraging. Month by month the margin of profit has
got less satisfactory, until recently prices have been of such
a character that losses have been entailed. At the end of
1913 the question of short-time in American spinning was
discussed, but the proposal did not come to anything. In
March a ballot of the members of the Master Spinners'
Federation was taken as to closing mills engaged on American
cotton for a week at Easter, but the necessary votes were not
obtained and the proposal fell to the ground. At the beginning of July the state of trade was again discussed and it
was decided to recommend spinners to curtail production
to the extent of 1663 hours before the end of September.
Ultimately, this recommendation was agreed upon by the
members. Apart from the European war crisis, ordinary
qualities of American yarns at the time of writing show no
profit at all. Our export trade in yarn has:recently shown
some improvement, and as will be seen from the table given
above, the total figures are much the same as last year. In
Bolton spinnings made from Egyptian cotton most concerns
have done well. The production has been well absorbed
and there has been no suggestion of curtailment of output
owing to bad trade. A good deal of money has been made by
producers of the finer numbers and specialties. It is of
interest to note that since the beginning of 1914 it has been
decided to build twelve new mills and these will contain
about 1,200,000 spindles.
Twelve months ago the bad spinning question in Lancashire was very acute and it looked as though serious labor
troubles might arise. At the end of September
a definite
attempt was made to bring the strikes at twenty
mills to an
end, but just previous to the agreement being signed, serious
difficulties arose at a factory at Bolton, the operatives
employed taking strong objection to the methods adopted by
a particular overlooker. Owing to their being unable to
obtain any redress, the workpeople came out on strike. The
masters decided to take strong action and threatened to lock
out the whole of the workpeople in the spinning trade unless
the dispute was at once brought to an end. Negotiations
took place and ultimately the men returned to work and a
settlement of the bad spinning disputes was then arranged.
Other complaints have since arisen and the masters and the
trades union representatives have not yet arranged any
proper agreement to deal with this matter. No general
change of wages has occurred in the spinning section and the
five years' agreement does not come to an end until July
next year. When the last advance in wages to weavers
was decided upon, it was arranged that no further application for a rise or a reduction should take place until after
We are indebted to a special andiwell-informed
European
the end of 1913. There is no suggestion at the moment of correspondent for the'foregoing review/of
theopinning inanything being done in that regard either by the employers dustrylin,Great Britainland;onithe
Continent in 1913-14.
ta
Taken in conjunction with our remarks on the situation in
the United States, presented further above, it covers quite
fully the countries of the world that take chief important
rank in cotton-manufacturing.
We should fail to comprehensively trace the world's progress in cotton production and manufacture if we did not
make some reference to a number of other countries that are
growing factors in the industry, although of lesser importance
as spinners or manufacturers of goods. We use official information in those cases so far and for as late periods as it can
be obtained, and present below the results reached, giving
(1) the cotton consumption of each manufacturing- country
for a period of four years and also the total annual and
average weekly consumption; (2) the world's production of
cotton (commercial crops) for the same years and (3) the
spindles in all manufacturing countries from which we can
obtain reliable information as they stand to-day compared
with like results in former years.
In India, the country next in importance to Europe and
the United States, according to the data at hand there has
apparently been a moderate gain in cotton consumption.
Japan, also, so far as we can gather from recent advices,
has used more cotton in the season just closed. Its takings
from the United States have been moderately smaller than
in the previous season, but the deficit has been very much
more than made up by increased imports from India. For
Mexico and Canada we are forced to adopt the imports
into each country as a measure of consumption; in the
case of the former no recent statistics covering home yield
or mill operations have been obtainable and Canada has
no source of supply other than through imports. No statistics of value can be secured from China or Brazil. "Other
Countries" consequently include exports of cotton from
the United States and Europe to localities other than
those specifically mentioned in the table; also the cotton
burned or lost at sea. The compilation appended, therefore,
embraces substantially the entire distribution or consumption (expressed in bales of 500 pounds net weight each) of
the commercial cotton crops of the world, and the portion
taken by each country.
THE WORLD'S ANNUAL COTTON CONSUMPTION.
1913-14.
1912-13.
1911-12.
1910-11.
Bales.
CountriesBales.
Bales.
Bales.
Great Britain
4.300.000
3,776,000
4,400,000
4,160.000
Continent
6.000.000 6.000,000
5.720.000
5,460.000
Total Europe
10.300.000 10,400.000
United States-North.,., 2.689.437
2,681,804
2,849.524
South
2.959.443
9.880.000
2,587,858
2.622.056
9,236,000
2.230.419
2.254.625
Total United States
East Indies
Japan
Canada
Mexico
5.648,880
1.730.000
1.601.000
147 581
28.476
5,531,328
1,642.287
1,500.000
144.693
25.990
5,209.914
1.607.280
1,357.460
155,085
15.369
4,485.044
1.494,217
1,087,184
138.579
4.060
Total India, &c
Other Countries, &c
3.506.057
450,000
3.312.970
398.000
3.135.194
340.624
2.724,040
305,400
19.904 937
382.787
19,642.298
377.736
Total world
Average. weekly
[voL. xcix.
THE CHRONICLE
730
18,565.732 16.750 444
322.126
357.033
tralia. As a result of the important excess in yield in India
the general new supply of cotton has been quite a little
greater than current consumption and consequently the
surplus supply was augmented and continues of comparatively large proportions. It will be noted that, as
a result principally of the large increase in the India crop
this year, the supply contributed by miscellaneous sources
is considerably greater than in 1912-13. The fact
is that while the current year shows a fair measure of augmentation over 1912-13 in the volume of supplies from
newer sources (India excluded), it is hardly sufficient to
encourage belief that in the near future the amount of cotton
so secured will bear more than an insignificant relation to
the total supply.
The augmentation of the spinning capacity of the mills of
the world has been only moderate the past season. The most
important addition has been in the Southern part of the
United States, spindles there now numbering nearly thirteen
million, or a gain over last year of 523,648 spindles. Our
compilation for the world is as follows:
NUMBER OF SPINDLES IN THE WORLD.
1910.
1911.
1912.
1913.
1914.
56,900,000 56,800,000 56,750,000 56.500,000 50,000.000
43,200,000 43,000,000 42,500,000 42,000.000 40,000.000
Great Britain
Continent
Total Europe
United StatesNorth
South
100.100,000 99,400.000 99,250,000 98,500,000 911,000,000
18,900.040 18.800.000
12.940.240 12,416,5 2
18,700,000
11.976,929
18,300.000
11,503,253
17,700,000
11.236.430
31,840.240 31,216.592 30.676,929 29,803,253 28,936,430
6,195,671
6,3.57.460
6.463.929
6,596,862
6.700,000
East Indies
2,004,968
2,099,764
2,169,796
2.400,000
2,300.000
Japan
850.000
950.000
960.000
950,000
China and Egypt-. 1.015.000
Total U. S
Total India, ace
Canada
Mexico
9,846,862
961.067
762.149
10,115,000
965.000
762.14)
9,593.725
940,000
750.000
9.407.224
920.000
750,000
9,050,639
900,000
750.000
1.650,000
1,670.000
1,690.000
1,723,216
1.727.149
143,782,349 142.586.670 141.210,654 139.340.477 135.637,069
Total other
Total world
In the above we use estimates for.Great Britain and the
Continent that we believe to be approximately correct. The
results for the United States are, of course, our own figures,
and those for India are taken from the official reports of the
Bombay Mill Owners' Association, except that the latest total
is an approximation. Japan's aggregates are officially communicated, China's figures are compiled from consular reports and for Canada and Mexico the totals are in part
estimated.
Great Britain's trade in cotton goods with foreign countries, as indicated by the volume of exports, fell off largely
during the year, mainly as a result of smaller shipments to
India and South America. The statement of exports (reduced to pounds)by quarters for the last two seasons is subjoined. These years end with Sept. 30, and consequently
the last month of the fourth quarter of the current
season is estimated on the basis of the August movement..
Three ciphers are omitted.
GREAT BRITAIN'S COTTON GOODS EXPORTS FOR TWO YEARS.
a Yarns. PirceGoods. Total.
Pounds.
(000s omitted).
let quar.-Oct.-Dec____ 60.674
2d quar.-Jan.-Mar ___ 62,367
3c1 quar.-Apr.-June __ 61,220
4th guar.-July-Sept b 39.0 0
1112 13-a Yarns. lleeeCoods. Total.
Pound,. Pounds.
Yards.
1,734,279 304.097 64,607
1,461,932 418,554 51,463
1,603,327 370.73 58.667
1,250.000 240,000 53,111
Yards.
Pounds,
1,789,501 411,649
From the foregoing table it weuld appear that the world's
1,773,424 403 474
1,803 365 407027
total consumption for 1913-14 records an increase over the ag1,767:490 394,946
gregate for a year ago of 262,639 bales and is 1,339,205 bales
223,261 6,449,534 1.463.444 234,843 7,139,780 1,617,496
Total
in
record
high
greater than the result for 1911-12. A new
a including thread. b Estimated for the wiener on the July movement.
consumption has, therefore, again been established. The
The totals in pounds in the above compilation are as comsources from which cotton has been drawn in each of the puted by us, but are believed to be
approximately correct.
last five years are stated in the subjoined table of the world's They indicate that the export
movement this season has
commercial crops, in bales of 500 pounds net each:
fallen off considerably, in large measure on account of the
WORLD'S PRODUCTION OF COTTON.
war, having been 1,463,444,000 pounds, or 154,052,000
1909-10.
1910-11.
1911-12.
1913-14. 1912-13.
Bales,
pounds less than the high record total of the previous season,
Bales.
Bales.
Bales.
Bales.
Countries14.259,290 13,943,220 15,683,945 11,804,749 10,224.923
United States
5,010,000 3,418.407 3,107,660 3,235,748 3,788,613 and 142,537,000 pounds smaller than in 1911-12, when the
East Indles_a
938,001 outward movement of cotton
1,435.060 1,416,352 1,396,474 1.415,711
Egypt
goods was 1,605,981,000'
341,836
406,529
294,991
370.000
390.000
Brazil, &c.ci
pounds.
21.094.290 19,197,979 20,529,915 16,862,737 15.246,528
Total
Consumption, 52 weeks 19,904,937 19,642,298 18,565,732 16,750.484 10.188,563
To complete the year's history of the cotton goods trade in
112,253 *912,035
Great Britain we append data as to prices, the statement
Surplus from year's crop_ 1,189,353 k444,319 1,964,183
Visible and Invisible stock:
Sept, 1 beginning year 6,364.608 6,808,927 • 4,844,744 4,732.491 5,676.526 covering the last three years:
Sept. 1 ending year__ _ 7,553,961 6,364,603 6,808,927 4,844.744 4,732,491
a Includes India's exports to Europe, America and Japan and mill consumption
In India. Increased or decreased by excess or loss of stock at Bombay.
d Receipts Into Europe from Brazil. Smyrna, Peru, West Indies, ,kc.. and Japan
and China cotton used In Japanese mills.
k Deficiency In the year's new supply.
The above compilation indicates, in terse form, the world's
supply of cotton (exclusive of that raised in Russia) in each
of the five years, the amount consumed and also the extent
to which visible and invisible stocks were augmented or
diminished. It will be observed that the India crop increased largely, reaching a total quite a little greater
than ever before raised in that country. A slight augmentation in the Egyptian yield is also to be noted, as well as a
gain in the amount secured from miscellaneous sources.
Experiments are now being made with cotton in North Aus
1913-14.
1912-13.
1911-12.
es
Liverpool.
a
P.4
c
,
S.
g2
a4
C4
ck, •
4
.
1
•
t
fen,
d.
d.
d.
s. d. d.
9 IN 6.59 10
30__ 7.85113j
8 114 6.50 10
Oct. 31._ 7.63 11
4 7.06 1024
Nov. 30__ 7.28 10 15-168
107.4
7.11 Inq
Dec. 31__
Jan. 31__ 7.05 101-16 8 7% 6.84 10
Feb. 28-_ 7.07 103-16 8 74 6.89 10
8 7% 6.99 10
Mar. 31-.. 7.21 10%
8 8q 6.59 10.
Apr. 30.... 7.35 10%
8 10 6.61 10
ION
7.70
May 35__
8 10 6.76 10
June 30__ 7.64 1034
8 6 6.53 10
July31-- 6.66 104
Atm. 31__ 6.21 Nom. Nom. 700 10
s. d. d.
d.
rj)Sept.
88 5.86
97
8
5.12 934
9 104 5.13 934
8 104 5.01 R7
8 104 5.57 9 3-16
8 104 5.88 9
8 104 6.20 9
934 6.11 10
8 934 6.36 104
S Oh 6.8 1051
1054
8
Q
41 40 104
14
tt
0304
S. d.
83
7 1034
7 1Sti
80
84
87
88
8 851
87
8 10%
74
SEPT. 12 1914.1
THE CHRONICLE
We now add a brief summary by months of the course of
the Manchester goods market during the season closing with
Aug. 31 1914, and also of the Liverpool cotton market in
the same form for the same period. These summaries have
been prepared for this occasion with great care, and the
details will, we think, prove an interesting and serviceable
record for reference.
SEPTEMBER.—Manchester.—The high prices ruling for
goods in September served to check demand, and as a result
the volume of trading was of only comparatively moderate
proportions. In fact, manufacturers as a whole who were
barely selling their production before the advance had to face
the alternatives of selling at a loss or stopping machinery;
either these or making to stock. Many of them, however, were
still supplied with orders, assuring full work for several
months. Generally sellers and buyers were stubbornly apart.
There was some talk of the approach of short time; but apparently matters would have had to be much worse before any
concerted action in that direction could be taken,for the market, though irregular, was by no means weak. Some twenty
mills had been stopped, however, through bad-spinning disputes, and their production as an addition to the establishments at work would have had a weakening effect. The
general conditions in India were good; the monsoon had been
a favorable one, and it was but reasonable to anticipate a
large consumption of British textiles. China news continued
to improve, but the market was still severely handicapped,
high prices preventing any important volume of buying.
The markets of Eastern Europe showed only slight recovery,
fresh troubles delayed any marked improvement, Egypt was
disappointing and the Continental markets, which likely were
in need of supplies, were not willing to buy at the current
high rates. Some of the South American markets gave signs
of improvement, but the home trade, although but slightly
provided with goods, was unwilling to pay advances. The
salient events of the month included the conferences between
employers and operatives on the bad-spinning disputes, and
on Sept. 9 a temporary agreement was made which was expected to prevent any extension of the disputes for three
months; a more permanent arrangement and the settlement
of the particular disputes were hoped for; but a difficulty at
a Bolton mill had grown into a serious menace, and a general
lockout in the spinning industry was suggested. Some apprehension was likewise caused by an announcement on the part
of the Card & Blowing Room Association to the effect that
drastic measures were to be taken in order to compel all
operatives in that department of the cotton industry to join
the union; some 80% were stated to be members already,
and it was proposed that they refuse to work with nonunionists. The Clarke amendment to the U. S. tariff bill
was a subject of considerable discussion until its elimination
from the bill. Exports of yarns and goods from Great Britain
(all reduced to pounds) aggregated 123,269,000 lbs., against
131,290,000 lbs. in September 1912. Liverpool.—The trend
of the market for the raw material in September was decidedly upward and higher prices than at any time since June 1911
were reached. The official report of the condition of the
crop in the United States on Sept. 25, made public Oct. 2,
and which showed marked deterioration during the month
ended with that day, was the inciting cause. Middling uplands started off at 7.03d., a gain of 6 points over the final
August quotation, and moved up to 7.60d. by the 9th without any important setback. The following week
witnessed
a net drop of 15 points, which was quickly recovered, and
the market continued to advance until 7.95d.
reached
on the 24th. A decline of 10 points occurred was
on the 25th
and 26th, but a rise of 11 points on the 27th and
29th carried the price to a new high level-7.96d. The final
quotation of the month was 7.85d.
OCTOBER.—Manchester.—On the whole the market for
cotton goods was rather quiet during the
month,
prices having tended to restrict demand from
manythe
quarters.
itdg
In fact, the Master Cotton Spinners'
the probability of an early resort to Federation indicated
in
the American section. Settlement organizedshort-time
of the dispute
.
at the
Beehive Mill was reached about the middled
inrht11,
and thus was avoided what might have beenofa
foe
disturbance in the industry. This settlement implied
the ee
turn to work of twenty or more mills, chiefly
can cotton, and this would, it seemed certain spinnin Amerit
siderable effect on the question of short time.have sogme conspinning trade was far from satisfactory, it had Although
not sucl weak
places as were manifesting themselves among manufacturers.
Both sections lost ground during the month, but
did
quite so badly as was being reported. At the neither
same time
weakness had become more apparent in some sections
and
it was feared would increase. Reports were current of goods
being ready before time and of delivery offered which had
73
previously been declared to be impossible. In the case of
India cancellation of orders VMS quite disconcerting. The
partial failure of the September rams in Northern and Central India, the financial disturbances at Bombay and Karachi and the general pressure of stocks all tended to reduce
demand, and naturally buyers were anxious to defer, as far
as possible, commitments to goods at a higher level of values.
China did not do a great deal, though conditions there were
greatly improved. Lack of money or credit hampered the
Turkish and Balkan markets, and accounts of Egypt were
still unsatisfactory. South and Central American markets
took comparatively small supplies. Exports of yarns and
goods in October reached 143,381,000 lbs., against 153,343,000 lbs. for the same period of 1912. Liverpool.—The market for the raw material was without any very definite tendency during the month, but changes in prices were of almost
daily occurrence. The initial quotation for middling upland
was 7.71d., a drop of 14 points from the September close.
The first few days the prices held up well, advancing to 7.89d.
on the 2d, but thereafter to the 15th, when the official quotation was 7.36d., the trend was quite steadily downward.
Between the last-named date and the 23d there was an advance to 7.84d., but later the market sagged and closed
at 7.63d.
NOVEMBER.—Manchester.—The market for cotton
goods developed no features of an encouraging nature during
November and only considerable revival of demand, it was
believed, could check the curtailment in production which
had already started. The Federation had informally invited
members of the spinning section to consider the possibility
of organized short-time, but as most of them were not doing
by any means so badly as they had on some previous occasions, when curtailment had been adopted, it was hardly
probable that any action in the matter would be taken in
1913. Spinners, in fact, were better situated at the close of
November than manufacturers. In Nelson, Burnley and
Colne many looms had stopped already and it was feared that
the movement would extend to other weaving towns, as
Blackburn, which only a few months ago previously was
reported to be extraordinarily well engaged, had several
sheds stopped at the end of the month. Reports from Continental centres of the cotton industry pointed to considerable slackness of production in various European countries.
Cloth exports continued large, though contracts were dwindling, and in some cases it was evident that stocks were held
ID England in order to prevent the appearance of glut abroad.
In the home trade there was a good deal of grumbling at the
unsatisfactory autumn demand. The Indian trade was extremely .dull and, with failures in Bombay City and the
general tightness of money, the prospects were not encouraging. The state of credit militated against a regular trade
with China, and the fall in silver, too, discouraged buyers.
The Near Eastern markets would have bought more if credit
kept pace with demand and in South American markets
there was talk of failures and consequent discouragement.
On the whole, it was difficult to find a section of manufacture
that was doing well; some good engagements, however, were
yet in hand among those who sold heavily some few months
earlier. Yarns and goods exports for the month from Great
Britain totaled 128,850,000 lbs., against 130,521,000 lbs. in
1912. Liverpool.—The course of prices for the raw material
was downward on the whole, although at first there was no
definite tendency. Opening at 7.65d., middling uplands
moved down to 7.59d. by the 5th, was back to 7.63d. the
following day, fell to 7.40d. by the 12th and advanced to
7.54d. by the 15th. After that date the tendency was quite
steadily downward, with the quotation 7.20d. on the 27th
and closed at 7.28d.
DECEMBER.—Manchester.—The prinicpal feature of the
cotton goods market in December was the smallness of the
business transacted. For no quarter was there more than a
moderate demand, and in some cases trading was almost of
negligible volume. In part contributing to this result was
the uncertainty with regard to the prices for cotton, the
tendency to increase estimates of the American crop inculcating a belief that, sooner or later, there would be a more or
less important drop in quotations. Under the circumstances
buyers were not disposed to place orders for distant delivery
with any degree of freedom. With orders restricted, therefore, there was a further resort to curtailment of production,
and at the close of the month short-time or complete stoppage
was reported from most of the weaving districts. At the
beginning of the month trade for India was irregular: later
on some fair business was put through for Calcutta, but for
the country as a whole operations were not at all active.
Very little was done for China at any time and the same was
in large measure true of South America. A healthier and
improving demand was reported from Egypt and the Levant
and other Near Eastern markets did better. Transactions
for the home trade were slow. The feeling in manufacturing
circles as the month closed was hopeful as.to the outlook for
the new year. With.large orders on their books, spinners
firmly maintained prices in the carper part of the month,
but later, and partly in sympathy with the decline in cotton,
yarns eased off moderately. The month's yarns and goods
exports from Great Britain were 121,866,000 lbs., against
127,795,000 lbs. in December 1912. Liverpool.—A
moderate
net decline in the value of cotton occurred in December
day-to-day fluctuations. Middling uplands opened after
the
month at 7.27d. and,after rising to 7.34d. on the 3d
dropped
732
THE CHRONICLE
[Vol, xc
and, though there was some
to 7.23d. by the 6th. From that level there was a rise to scarcity of good grade cotton,
by speculative holders, it was feared
7.33d. by the 13th, a drop to 7.22d. the following day, and suggestion of hoarding
the market continued its downward course until 6.91d. was that supplies would be very far depleted before the end of the
reached on the 23d. Thereafter the trend was upward to season. In this connection it was noted that a good deal of
interest has been taken in the United States in the possithe close, which was at 7.14d.
bilities of low-grade cotton, and both Government experiJANUARY.—Manchester.—The general demand through- ment and investigation seemed to indicate a much greater
out the month for cotton goods was disappointing. Some value for the lower grades in use than the prices paid for them
fair contracts were entered at the beginning for Cal- This brought up the suggestion that if German spinners can
cutta, but later thedemand fell off considerably, and use low-grade cotton to advantage, why cannot Lancashire?
most of the transactions, which were for small parcels, As regards the bad spinning question,the annual report of
were for Bombay and Madras. Some large sales were the Operative Spinner?' Amalgamation referred to the
arranged for China toward the close, with deliveries increasing number of dispute?, and though the temporary
running to September. With the passing of the Chinese agreement seemed to be working well,it was recognized that
New Year celebration (in the.last week of the month),it was some permanent arrangement was necessary. At the quaranticipated that more business would be done. Many terly meeting of the Amalgamation, held on March 28,
manufacturers of dyed goods, with new orders booked, were it was decided, therefore,that the Execuive Council should
fairly well sold. The Near Eastern outlets, hampered finan- continue negotiations with the Federation "on the undercially, did less business than if matters were more favorably standing that no permanent agreement should be entered into
situated. Curtailment of production continued on a con- without being previously submitted to the general body of
siderable scale in the weaving districts. A little improve- members." Cloth was dull at the beginning of the month,
ment was reported in home-trade circles. Demand for yarns and, although demand was much better towards the close,
was rather poor and spinners lost ground, the margin of manufacturers generally were not in satisfactory condition.
profit having been less than for a Jong time back. There Home trade seemed aboutnormal, but in several sections little
seem to be small prospects of organized short-time being in- had been done for some time, and prices were distinctly low
stituted by the Masters' Federation, but already certain in relation to cotton. Curtailment continued to be a feature
mills were curtailing output, as it was found that stocks are of the situation,and many offers were received for summer
beginning to accumulate. Exports of yarns and goods from and autumn delivery; but manufacturers who were willing to
Great Britain for the month were 150,430,000 lbs.,comparing accept low prices to keep looms running were not inclined to
with 147,271,000 lbs. in January 1913. Liverpool.—The engage far forward with unprofitable work. India bought
market for the raw material, after the decline of the previous more freely at times and China took somewhat larger suptwo months, was without any definite tendency. Fluctua- plies. Egypt, on the other hand, was unsatisfactory, the
tions were frequent and resulted in a net decline for the Balkan and Levant markets irregular and handicapped by
month of nine points. Middling uplands opened at 7.05d. financial difficulties, and South America a distinct disapbut had declined to 6.91d. by the 9th. An almost steady
' pointment. Spinners of American yarns were generally
rise then occurred until 7.24(1. was reached on the 21st, but working at a loss and many of them had taken extremely
the price reacted to 7.10d. by the 24th, recovering to 7.17d. low prices to obtain temporary relief from insufficient orders.
the following day. Dropping again to 7.10d. on the 28th, Exports of yarns and goods from Great Britain for the month
the market eased off another five points and closed the were 136,079,000 lbs., comparing with 128,091,000 lbs. in
month at 7.05(1.
March 1913. Liverpool.—The market for the raw material
FEBRUARY.—Manchefter.—Transactionsin cotton goods made a moderate net advance during the month. Fluctuawere of not more than strictly moderate proportions during tions were frequent and at first the tendency was downward,
the month and were on the whole upon a lower basis of val- the net decline to the 9th having been 14 points, the quotaues. At the same time there was no important further cur- tion then standing at 6.93d. By the 16th, however, the
tailment of production. Burnley led the way in organizing price was up to 7.08d. and a further rise of 13 points made
short-time, and the manufacturers there agreed to stop four the close 7.21d.
weeks before June 6. There were, however, no indications
APRIL.—Manchester.--A somewhat marked change for
of other towns following example, but no other town had the better in the cotton goods trade occurred in April and a
been hit quite so hard as Burnley. During the month, too, further improvement was looked for. The buying for India
there were reports of the rejection of organized short-time was on a large scale throughout and rather more was done for
by the French, German and Belgian spinners or manufac- some of the other markets. With the more satisfactory deturers. The curtailment in Lancashire was mainly in the mand for cloth, moreover, there was more activity apparent
manufacturing section. In the circumstances it was re- in the yarn market. Spinners were doing so poorly in March
markable that spinners held out so well. The quarterly re- that a general stoppage at Easter was expected, but a moveport of the Burnley Weavers' Association contained a plea ment in that direction failed through not receiving the necesfor a 48-hour week, the contention being that this would be sary favorable percentage of the members of the Federation:
rather an equal distribution of working hours than a re- in April it was hoped that the industry would get along withduction of them. Another event of public interest was the out any organized short-time. The improvement noted, it
discussion of the questions of fines and steaming. It was is said, had not up to the close of the month been sufficient
intimated that a bill would be introduced to deal with the to put prices of the regular staples in American yarns on a
matter of fines, but no hopes of the total prohibition of steam- profitable basis. There was a stoppage for a week at Easter
ing was held out. A great deal was heard about offers for in some districts, but in the least profitable section of the
cloth during the month, but few manufacturers sold produc- industry at the time. With all looms and spindles at work,
tion, and in most sections there were growing complaints. it was anticipated that yarn would soon become scarce and
Calcutta was dull and the markets of the western side of spinners' margins ample. Fewer difficulties were experiIndia relatively better, though there was little new business enced over bad spinning during the month, making it easier
altogether. China bought with. some freedom early in the for the two parties to make permanent arrangements for dealmonth and a little was done with the smaller Far Eastern ing with complaints. The most important event outside the
markets. Little of a favorable nature was to be said of cotton trade, but in connection with it, was the rupture beEgypt and the Levant, and the South American markets tween the United States and Mexico. Manufacturers were
were still very much depressed. Colonial and home trade in a much better position at the end of April than at the close
pursued a fairly even way,but the expectation of lower prices of March. Many of them, having sold, advanced prices, and
discouraged buying, and there wassome complaint at the buyers, who had satisfied pressing needs, were reluctant to
slowness with which orders for delivery "as required" were go further. A very large business as stated was done with
taken up. The settlement of the Blackburn strike found India. The China market was the chief disappointment of
some manufacturers unwilling to return to lull time. Ship- the month, the demand having been extraordinarily small.
ments of yarns and goods from Great Britain were 132,045,- Egypt was still somewhat depressed, and though there was
000 lbs., against 128,513,000 lbs. in February 1913. Liver- a fair amount.of buying for Near Eastern markets their
pool.—The market for the raw material was without special general financial position was not very strong. South
feature during the month, although fluctuations were fre- American markets remained disappointing and little imquent, the net changes in prices between open and close being provement in the near future was anticipated. A moderate
slight. Middling uplands opened at 7.08d.,or 3 points higher demand from Continental, colonial and home trade markets
than the January close, dropped to 6.95d. by the 11th, ad- was reported. A large business was done in both American
vanced again to 7.06d. by the 16th, but eased off, and on the and Egyptian yarns. Yarns and goods exports for the
19th the quotation was down to 7.02d. From that level month from Great Britain totaled 123,403,000 lbs., against
there was a rally to 7.09d. on the 20th, a drop to 7.05d. on 133,623,000 lbs. in 1913. Liverpool.—The trend of prices
the 25th, a rise to 7.08d. on the 27th and the close was at for the raw material was upward on the whole, but only to a
moderate extent. Opening at 7.22d., middling uplands
7.07d.
moved up to 7.38d. on the 8th, was down to 7.27d. on the
MARCH—Manchester.—With the cotton goods trade 15th
and back to 7.35d. on the 18th. After that date the
rather slow during most of March, the spinners of American changes were slight, with the close at 7.35d.
cotton were contemplating towards the middle of the month
MAY.—Manchester.—The improved demand for cotton
a restriction in output, but the closing days witnessed some
encouraging developments and an improvement in demand, goods experienced in April continued to only a moderate exthe
with the result that the ballot of the federated spinners went tent in May for, while India was a considerable buyer,
heavy
against the organization of a stoppage for a week at Easter. volume of orders for that quarter was not sufficiently
The better demand at first had very much the appearance to offset the indifferent mquiry from many of the markets.
no
of a covering of short interests that had accumulated during But despite many complaints of poor trade, there was exthe
the comparative weakness of cotton, but later there was evi- extensive curtailment of production. In fact, with-time
redence of a re-awakening of demand in some markets, espe- ception of Burnley, there was no organized short
cially in India. A serious handicap to the trade was the ported. During Whitsuntide, however, many stoppages
SEPT. 12 1914.]
THE CHRONICLE
733
ta
14
t4
_ _ _ _
162
1:412-r.21.21.212. 1.2
oo
ce .2.
ob300000OD
in both the spinning and weaving sections were expected and an average, and China was very disappointing. Early in the
unless an improvement in trade occurred they would almost month the depression there was accentuated by a boycott
inevitably be extended. The Bleachers' Association, and of the auctions by native dealers, who took this
means to
the Fine Spinners' Association as well, issued favorable re- protest against the increased levy of likin dues. The great
ports on the year's working. A joint conference on the decline in silver told against business here. The long-conbad-spinning question was held on May 11 and adjourned. tinued depression in South America is not considered to be
As already noted, the principal cloth business of the month at an end, the Near East before recoveringfrom one war was
was with India, but it was on a restricted scale by comparison threatened with another, Egypt was not yet in good shape
with that of the previous month. Manufacturers did not and Continental and home trade markets were small buyers.
continue to improve their position, for, although some sec- The reduction in output of yarn which preceded the decision
tions were well engaged others were badly off for orders. as to organized short-time did something to strengthen
China did little and the various other markets were on the spinners, but they had a very bad month. It was recognized
whole rather unsatisfactory. As regards yarns, the large that an improvement in the cloth trade must come before
business done during April in both American and Egyp- any great demand for yarn. Yarns and goods exports for
tian varieties was not repeated and margins that had begun the month from Great Britain totaled 143,189,000 lbs.,
to improve again fell off. The month's yarns and goods against 142,520,000 lbs. in July 1913. Liverpool.-The
exports from Great Britain were 132,157,000 lbs., against market for the raw material tended quite steadily downward
136,294,000 lbs. in May 1913. Liverpool.-A further net during the month, the decline being accentuated toward the
advance in the value of cotton occurred in May after day-to- close by the political complications in Continental Europe.
day fluctuations. Middling uplands opened the month at The initial quotation for middling upland was 7.60d., from
7.26d., was down to 7.25d. the following day, advanced to which level there was a drop to 7.33d. by the 10th. Be7.32d. on the 5th and was back to 7.27d. on the 7th. From tween the last-named date and the 14th there was a net
that level the rise was quite steady to the 22d, when the quo- change in price of only 7 points-an advance-but thereafter
tation stood at 7.59d. The 23d witnessed a loss of 5 points, the market fell quite steadily
and closed at 6.66d.
but by the 28th the quotation was up to 7.75d. and the close
AUGUST.-Manchester.-As a result of the war (Great
was 5 points lower at 7.70d.
Britain being drawn
the conflict), the cotton goods
JUNE.-Manchester.-The course of the cotton goods trade was thoroughlyinto
disorganized during August. Very
market in June was in every respect unsatisfactory and as a little business was done
in any quarter, and quotations
result of the very slack trade manufacturers lost much for both goods and yarns were
quite nominal. Most attenground and reduction of output was begun in some instances. tion was paid to deliveries,
and m the last half of the period
There was no organized curtailment but a good many looms the movement of goods from
stopped and spinners were inclined to follow the example of of.fairly good volume under manufacturers to shippers was
conditions. Numerous
the manufacturers. Stocks of manufactured goods were spinning and weaving mills existing
were compelled to shut down.
heavy, and manufacturers found some of their customers The exports of cotton cloth from
Great Britain for the month
unwilling to take in what they had ordered. The meeting reached 313,074,000 yards, against
579,546,500 yards in Augof the International Federation held at Paris about the ust 1913. Liverpool.-The market for the raw material
middle of the month was characterized by a very gloomy of course, very greatly affected by the war. In fact, thewas,
Exreport on the immediate prospects of the cotton trade by change was closed all the month and sales of cotton were very
Sir Charles Macam. Furthermore, a scheme for cotton- small at practically nominal quotations. These were 6.
growing in the Punjab was introduced. The International for middling uplands from Aug. 1 to Aug. 17, inclusive, and
Congress of Tropical Agriculture was held in London on the 6.20d. thereafter. The close at 6.20d. compares with 6.97d.
last days of the month, and some interesi ing papers were at the end of the previous season, or a loss for the year
read, including one by Lord Kitchener on cotton-growing in of 0.77d.
Egypt. There was also talk about increased labor costs in
We now
a compilation which covers the figures of
cotton-growing, and it was maintained that the cost of pro- consumptiongive
in detail for each of the principal countries
duction was already so high as to make it doubtful whether embraced in the
statement of the world's annual consumpthe current prices were profitable enough to stimulate much tion already presented,
and the total of all. These figures
increase of acreage. Some progress toward an agreement was are not
takings of the mills, but the actual consumption,
reported made. Most of the sales of cloth made during and are the
in all cases expressed in bales of 500 pounds. The
the month were very unsatisfactory. The Indian markets figures in the table cover
the years from 1884-85 to 1913-14
were very quiet after considerable buying, and little more inclusive, and are given in
thousands of bales.
business was looked for until the character of the monsoon
has declared itself. Stocks, especially at Bombay and
Europe.
Untied States.
Karachi, were pretty heavy. Trade for China was disap500-0.bales
§
.:
pointing and little was done for other markets. The boycott 000s
•i
t
omitted
i
i rad.
I.
S
of Christians in Asia Minor and the unsettled state of Albania contributed to an unsatisfactory state of things in.the
Near East. West African markets were very slow, and little
2,746 2,604 5,350 1,286
241 1,527
467
1 00
7,444
improvement was to be seen in South America. Home trade 1884-85...
1885-88... 2,902 2,772 5.674 1,512
310 1.822
504
120
8,120
was quiet. American yarns lost in margins and staple 1886-87 -.- 2,955 2,912 5,867 1,578 361 1,939
569
130
8.506
1887-88
3,073
3,037
--6,110
1,624
400
2,024
617
counts could only be sold at prices which represented heavy 1888-89 ___ 3,016 3,256 6,272
140
8,891
1,704
444 2,148
697
1 50
9.267
losses. Even at that buyers were not eager. The exports 1889-90._
3,227 3,432 6,659 1.682
503 2,18.5
791
1 60
9,795
of yarns and goods from Great Britain were 115,231,000
Av.6 y'
2,986 3,002 5,988 1,564
377 1,941
607
1 34
lbs., against 137,109,000 lbs. for the same month in 1913.
8,870
Liv?Too/.-The market for the raw material displayed no 1890-91 _- 3,384 3,631 7,015 1,810 557 2,367 924
99
106 10,511
1891-92 -- • 3,181 3,619 6,800 1,944
632 2,576
decided tendency during June, though the net result for 1892-93
914
150
125 10.565
-- . 2,866 3,661 6,527 1,872
679 2,551
918
200
195 10,291
the month was a very moderate decline. Opening at 7.86d. i893-94 .._
. 3,233 3,827 7,060 1,593
2,264
959
192
105 10.580
for middling uplands, a rise of 16 points from the May close, 1894-95 . 3,250 4,030 7.280 1,940 671
803 2,743 1,074
286
160 11,543
the quotation fell off to 7.73d. by the 8th, but had advanced 1895-96 --. 3,276 4.160 7,436 1,711 861 2572 1,105 363 129 11.605
to 7.87d. by the 11th. From that level there was a farily
Av.67' 3 3,198 3,821 7,019 1,812
700 2.512
983
215
120 10,849
steady downward trend to the 22d, when the quotation was
. 3,224 4,368 7,592 1.776
962 2,738 1,004
414
132 11,880
7.50d.; an advance then set in that carried the price to 7.64d. 1896-97.1897-98 __. 3,432 4.628 8,060 1,808 1.154 2,962 1,141
534
191 12,888
1898-99__. 3,519 4,784 8,303 2.244 1,309 3,553 1,314
at the close.
703
142 14,015
1899-00 __. 3,334 4,576 7,910 2,355 1,501 3,856 1,139
711
157 13,773
JULY.
-Manchester.-Dulness and depression charac- 1900-01 . 3,269 4,576 7,845 2,150 1.577 3,727 1,060 632 152
13.416
1901-02 __ _ 3,253 4,836 8,089 2,207 1,830 4,037 1,384
726
179 14,415
terized the cotton goods market during July
and
at
the
close
much perplexity and anxiety existed as a result
a 3,339 4,628 7.967 2,089 1.389 3,478 1.174
159 13,398
620
of the war
situation on the Continent and the possibility
1902-03 _-. 3,185 5,148 8,333 2,048 1,967 4,015 1,364
that
Great
567
199
14,478
Britain would become involved in hostilities. There
1903-04 --. 3,017 5,148 8,165 2,001 1,907 3,908 1.368
693
176 14.310
1904-05 _ _. 3,620 5,148 8,768 2,194 2,116 4,310 1,474
been a good deal of irregular reduction of output, bothhad
755
305 15,612
in 1905-06 _ _. 3,774 5,252 9,026 2,440 2,286 4.726 1,586 874 223 16.435
cloth and yarn, and the conditions in the spinning industry
1906-07 _ _. 3,892 5,460 9,352 2.575 2,375 4,950 1,552
907
238 16.999
1907-08__ _ 3,690 5,720 9.410 2,093 2.134 4,227 1,561
becameso unsatisfactorythat at a meeting called by
891
192 16,281
the
Federation early in the month it was determined to take a
Av.67' s 3,529 5,313 8,642
2,131 4,356 1,484
781
223 15,686
ballot of the members spinning American cotton on the 1908-09 -. 3.720 5,720 9.440
2,464 4,912 1,653
881
278 17,164
subject of short time. It was recommended that between
1909-10... 3,175 5,460 8,635
2,267 4,533 1,517 1,055
449 16.189
1910-11 __. 3.776 5,460 9,236
the date of the meeting and the end of September every firm 1911-12_
2,255 4,485 1,494 1,087
448 16,750
4,160 5,720 9,880
2,620 5.210 1,607 1,357
512 18,566
should close for the equivalent of three weeks-166% hours. 1912-13* _.
. 4.400 6,000 10,400
2,849 5,531 1,643 1.500
568 19.642
The matter was balloted upon and it was announced on the 1913-14. _. 4,300 6.000 10,300
2,959 5,649 1,730 1,600
626 19.905
31st that the consent of the 80% of the members necessary
Av.6 y' 3 3.922 5,727 9,649 2.484 2,569 5,053 1,6071 1,2471
480
18.036
to make the proposal operative had been obtained. Many • Figures of European consumption for
1912-13 and 1913-14 are subject to corlooms had already stopped, and hardly a weaving town rection.
had for some little time been working in full, though some
Another general table which we have compiled of late
years
were better off than others. The month opened extremely is needed in connection with
the foregoing to furnish a comquiet in the cloth market, and at the end of it trade had prehensive idea of the extent
and
the
expansion
of
been practically brought to a standstill by the interna- industry. It
this
the world's cotton supply
tional situation; notwithstanding a good deal of short- sources of it. discloses
the
The special points we have sought and
to illustime and stoppage of looms in the weaving trade, stocks in trate by the statements are,
first,
the
relative
some cases had accumulated. The monsoon in India pursued to the world's raw material
contribution
by the United States
and by
a normal course, and it was reasonable to believe that from other sources, and, second, to
follow
its
that quarter there would soon be a good inquiry. During the ginning with 1896-97,
distribution. Bethe
figures
of
visible supply include
month the various Indian markets did considerably less than Alexandria and
Bombay stocks.
WORLD'S SUPPLY AND DISTRIBUTION OF COTTON.
500-1b.
bales.
Visible
and
Invisible
SupPle
Beginnine of
Year.
1884-85.. _ 1,550,000
1885-86.. _ 1.343.000
1886-87- _ _ 1.441,000
1887-88.... 1.473.000
1888-89... 1,291,000
1889-90_ .. 1.119,000
Average
6 years_
Crops.
United
States.
All I
Others. I
I
Total
Actual
Consumplion.
Total.
5,136,001 2.101.0001 7,237,001 7,444,000
5,984,0002,234,00 8,218,00 8,120,000
5.960,0002,577,00 8,537,000 8,505,000,
6,400,000 2,309,00 , 8,709,000, 8,891,0001
6,463,0002,632,0001 9,095,0001 9.267,1,,
6.820,0002,933,000! 9.753.000 9.795,1 i 1
6,127.0002,464,00
1890-91_ _.1,077,000
1891-92_ _.1,742.000
1892-93._.2,818.000
1892-94... 2,258,000
1894-95_ _ _ 2,128,000
1895-96_ _ _ 3,203,000
Average
6 years
8.591,00
Balance of Supply
End of Year,
Visible.
Invisible.
984,001
968,111
999,00
772.000
682,0001
846,000
359,000
473,000
474,000
519,000
437.000
231.000
8.670,00
8,137,000 3,039,000111,176.000 10.511,0041,315,0
427,000
11.641,000 10,565.00012,310,000 508,000
8,640,000 3,001,
, . 1,00(1.903,0001 355,000
6,435,000 3,296,001 9.731
7,136,000 3.314.000l10,450,000 10.580,0001.792,0001,
9,640,000 2,978,000112,618,000 11,543.000 2.185,000 1,018,mo
10,333.000 11,605.000 1,231
6.912,000 3,421
700,000
7,817,000 3,175,00010,992,00010.849.00oI
1690-97... 1,931,000 8,435,8683,438,000 11,873,888 11,880.332 1,295,636 62F1A0
1897-98._ _ 1,923,636 10,890,000 3,316.290 14,206.290 12,888,768 1.905.158 1.336,000
1898-09_ _ 3,241.158 11,078,000 3,694,934 14.772,934 14,014 7282.371,3641,628,000
1899-00... 3.999.364 9,137,0003,092,89712.229,897 13.772.772 1.071,489 1.385.000
1900-01._ _ 2,458.48910,218,0003,414,454 13,632,454 13.415.916 1.549.027 1,124.000
1901-02._ _ 2,673,027 10,380,380 4,033,569 14,413,949 14.414,908 1,306,068 1,366.000
Average
10,023,207 3.498,35g 13.521.565 13.397,911
6 years_
1902-03._ _ 2,672,068 10,511.0204.215,667 14,726,687 14.477.694 1,177,677 1.743,384
1903-04. _ _ 2,921,061 9,841.671 4,317,67 14,159.341 14.310.158 1.085.237 1.735.007
17,884.056 15,611,6672,501,469 2,541.164
1904-05._ 2.770.244 13.420,056.4,464,
1905-06_ 5.042.63321.002,004 4,568,629 15,571.533 16,435.228 1.702,4852376,453
1906-07. _ 4,178.938 13,306.846 5,205,837 18,512,683 16,998,898 2,215.497 3,477,226
1907-08_ 5.692,723 11,257,538 4,186,104 5,443.842 16.281,272 1,600,104 3.254,989
Average
11.556.672 4.492,985 16.049.657 15.685.819
6 years
04
1908-09. _ 4.855.09313,496,751 4,489,16917,98.5,920 17,164,4871,875,1403,801,386
1909-10.... 5,676,526 10.224,915.021.605 15,246,528 16.188,563 1,367.624 3,464,867
1910-11....L1.732,491 11,804,74 5,057.988 16,862.737 16,750,484 1.537.2493.307,495
j15.683,945 4,845,97020,529,915 18,565,7322,095,478 4,713,449
1911-12_ _ _ 4,844.744
1912-13-- 6,80)3,927 13,943.22015,254,759119,197,979 19,642,298 2,015,21114,349,397
1913-14._ _ 6.364,60 14,259,2900,835,00021,094,290 I9.904,9372.728,0004,825,961
Average
i
' n""'
'
'
"'s""'A"""'
•'• '''''' """
'
To illustrate the preceding, take the last season, 1913-14, and the results would
be as follows:
bale/3_6,364,608
Supply-Visible and invisible stock beginning of year
21,094,290
Total crop during year
Total supply-bales of 500 lbs
Distribution-Total consumption, dm
Leaving visible stock
Leaving invisible stock
27,458,898
19,904,937
2 728.000
4,825,961
Total visible and Invisible stock at end of year
7,553,981
Overland and Crop Movement.
OVERLAND.-:With the frequent and improved water
transportation facilities of recent years, coupled with the
fact that the large users of cotton at the North are adjacent
to the seaboard, the relation that portion of the crop moved
by the overland routes bears to the total yield has dwindled
in importance. In 1883-84 close to one-fifth of the crop was
so moved, but ten years later the proportion had shrunk to
165
4%, by 1903-04 had fallen to 11%, but in 1913-14 had
advanced to 12%. There is also from year to year a considerable variation in the amounts carried by the various
routes. In the season just closed, for example, some important roads failed to share at all in the increased amount
moved. The movement via Rock Island was less than onethird of that of 1912-13 and the Cincinnati New Orleans &
Texas Pacific Ry. carried some 14,000 bales less. The
Illinois Central and Louisville & Nashville roads, in fact,
seem to have most largely gained in cotton traffic, the movement over the former having been 37% and over the latter
26% greater than in the previous season. The smaller
movement over "Other Routes" reflects, of course, the decrease in takings by Japan of American cotton, which
most largely moves via the Pacific seaboard, to which
it is carried by the various transcontinental lines. It
does not follow, however, that all the several roads have
suffered loss of traffic; on the contrary, the Chicago Rock
Island & Pacific and the Northern Pacific lines made more
or less important gains in the volume of cotton handled to the
Coast. To indicate the relation the gross oveland bears to
the total yield in each of the last twenty years, we append
the following:
Increase or Decrease.
Total Yield.
Gross
Overland.
Bales.
Bales.
Per Cent.
Per Cent.
14.609,968
14,128.902
16.043.316
12.132.332
10.650.961
13,828.846
11,581,329
13.550.760
11.319.860
13,556,841
10,125,176
10.758.326
10,701.453
10.425,141
9.439.559
11,235.383
11.180,960
8.714.011
7,162,473
9.892,766
1.748,517
1,678.983
1,931,496
1,314,745
1,154,642
1,626,387
1.177,931
1.705,152
1,234,641
1,569,870
1.120,993
1,438,268
1,675,042
1,767,646
1,790,238
2,057,024
1,896,011
1,282,211
1,190,299
1,867.104
Increase 3.39
Decrease 11.94
Increase 32.24
Increase 13.90
Decrease 22.98
Increase 19.40
Decrease 14.53
Increase 20.41
Decrease 16.51
Increase 33.89
Decrease 6.07
Increase 0.53
Increase 2.64
Increase 10.44
Decrease 15.99
Increase 0.48
Increase 28.31
Increase 21.66
Decrease 27.60
Increase 31.43
Increase 4.11
Decrease 13.10
Increase 46.93
Increase 13.86
Decrease 29.03
Increase 38.07
Decrease 30.96
Increase 38.11
Decrease 21.35
Increase 40.07
Decrease 22.06
Decrease 14.19
Decrease 5.49
Decrease 1.28
Decrease 12.98
Increase 7.83
Increase 47.90
Increase 7.72
Decrease 36.25
Increase 48.64
Change from season of'94-'95 to '13-'14_
Increase 47.68
Decrease 6.43
Crop of-
1913-14
1912-13
11111-12
1910 11
1909 10
1908 09
1907 08
1906 07
1905-06
1904-05
1903-04
1902-03
1901-02
1900-01
1899-00
1898-99
1897-98
1896-97
1895-96
1894-95
xcrx.
THE CHRONICLE
734
Of Crop.
Of Overland.
in determining this year the proportion of the crop forwarded by the different overland routes, we have followed
our usual methods
First-Of counting each bale of cotton at the Southern
outport where it first appears.
Second-Of deducting from gross overland all cotton
shipped by rail from Southern outports to the North.
Third-Of deducting also from overland any amounts
taken from Southern outports for Southern consumption.
Fourth-Of deducting likewise arrivals by railroads at
New York. Boston, Baltimore and Philadelphia, all of
which have been counted in the receipts from week to week
during the year.
With these explanations, nothing further is needed to
make plain the following statement of the movement overland for the year ending Aug.311914.
1913-14. 1912-13. 1911-12.
Amount shippedVia St. Louis
Via Cairo
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes
bales_
580.591
410.245
6.748
121.945
118.300
167.614
343.074
594.216
298.868
21.822
109.026
131.669
160.144
363.238
668.030
289.382
8.458
173,553
126.428
187.880
477.765
1 748,517 1.678.983 1,931,496
Total gross overland
Deduct shipments128.971 149.752 195.369
Overland to New York. Boston. &c
*205.398 *137.509 *107.313
Between interior towns, &c
21.967
18.484
20.395
Galveston. Inland and local mills
23.692
38.646
118.310
New Orleans, inland and local mills
9.699
11.787
11.591
mills
local
Mobile. inland and
31.608
34.505
15.910
Savannah. inland and local mills
2.061
319
4.300
Charleston. inland and local mills
4,228
2.038
12.301
North Carolina ports, inland & local mills
7.296
13.771
16.229
Virginia ports. Inland and local mills.,.,,,
533.405 406.811 403.233
Totalto be deducted
Leaving total net overland_a
1,215.112 1.272,172 1.528.263
a This total includes shipments to Canada by rail, which during 1913-14
amounted to 142.861 bales, and are deducted in the statement of consumption. •Includes foreign cotton consumed at the South.
CROP DETAILS.-We now proceed to give the details
of the entire crop for two years:
LOUISIANA.
912-13-1913-14-Exported from New Orleans:
1,350.327
1,706,060
To foreign ports
85,162
106,642
To coastwise ports
To Southern ports, &c., by
23,089
98.140
river and rail *
15,557
20.170
Manufactured *
292
Burnt
17,640-1,491.775
49.531-1,980,835
Stock at close of year
Deduct29,071
34,927
Received from Mobile
2,160
18,336
Received from Galveston
57
33
Received from N. Y.. &c
17,660
Received from Mexico
Received from other foreign
116
1,275
ports
23.412- 54,316
17,640- 90,077
Stock beginning of year._ _ _
1,436.959
1,890,758
Total movement for year..
Items.
two
these
deducted
have
we
overland
•In
TEXAS.
1912 13
1913 14
&c.:
Galveston,
from
Exported
(except
To foreign ports
4,039.954
3,354,907
Mexico)
To Mexico from Galveston. 18,768
15,373
Texas City, &c
923,421
678,139
To coastwise ports *
11,461
Burnt
125,280-5.104.028
51,165-4.114,440
Stock at close of year
Deduct&c.,
Galveston,
Received at
11,605
from Texas City, &c_ 28,082
101,511- 113,116
125.280- 153.362
Stock at beginning of year
3,961,078
4,990,912
Total movement for year__
•Includes 20,395 bales shipped inland for consumption, &c., deducted
in overland movement.
GEORGIA.
1913-14
1912-13-----Exported from Savannah:
830,661
To foreign ports-Upland_ _1,234.426
5,526
To foreign ports-SeaIsland 10,674
To coastwise ports557.070
441,245
Upland *
36,247
24.413
Sea Island *
Exported from Brunswick:
268,041
211,819
To foreign ports
24,268
31,435
To coastwise ports
Stock at close of year13,923
0,031
Upland
13,717-1,572.739
2,676-2,142.433
Sea Island
Deduct1,393
987
Reed from Charleston, &c_
Stock hi:ginning of year15,281
13,923
Upland
5,078- 21,752
13,717- 28,627
Sea Island
Total movement for year_
_
2.113,806
1,550.987
* The amounts shipped inland and taken for consumption (15,910 bales)
are deducted In overland.
outports
There were no receipts at Savannah by water from the Florida at Sathis season; but 11,300 bales from the interior of Florida arrived
vannakby_rail.
ALABAMA.
912-13
1913 14
*
from!Mobile:
Exported
143.148
371,681
To foreign ports
85,734
65,113
To coastwise ports*
8
4
Burnt
4.120- 233,010
1,917- 488.716
Stock at close of year
Deduct
670
2,677
Beets from New Orrns,&c2.311
1.6416,797
4.120Stock beginning of year
230,699
431,918
year.
Total movement for
coastwise shipments from Mobile are included 5,293
• Under the head of
by rail for consumption,&c., which, with consumption
bales shipped inland
in the overland movement.
deducted
(6,298 bales) are
SEPT 12 1914.j
THE CHRONICLE
FLORIDA.
1913-14--
1912-13Exported from Pensacola,&c.:•
To foreign ports
164.124
125,099
To coastwise ports
32,120
15,570
Stock at close of year
224- 196,468
1,135-- 141.804
DeductReceived from Mobile
100
200
Stock beginning of year......
200
_
1,1351.235
Total movement for year.
141,604
195,233
* These figures represent this year, as heretofore, only the shipments
from the Florida outports. Florida cotton has also gone inland to Savannah.
&c., but we have followed our usual custom of counting that cotton at the
ouiports where it first appears.
SOUTH CAROLINA.
1913-14------ ------1912-13
Exported from Charleston:
To foreign ports-Upland- 305.114
228,467
To foreign ports-Sea Island
11
293
To coastwise portsUpland*
74.940
109,771
Sea Island*
6,897
10.553
Exported coastwiseFrom Georgetown, &c
110
Stock at close of yearUpland
1,231
1.157
Sea Island
37- 426,999
1,922- 313,504
DeductStock beginning of yearUpland
1,157
2,646
Sea Island
3,101
1,9223,079
455Total movement for year...
310,403
423,920
* Included in this item are 4,300 bales, the amount taken by local mills
nd shipped to interior, all of which is deducted in overland.
NORTH CAROLINA.
------1913-14
1912-13-----Exported from Wilmington:
To foreign ports
353,273
317.831
To coastwise ports*
41,215
19.273
Coastwise from lillashington,&c. 86.575
112,606
Manufactured
1.516
1.183
Stock at close of year
7.763
490.342
4,744- 455,637
DeductStock beginning of year.....
-4,74478
4,744
78-Total movement for year
455.559
485,598
735
as many pounds been put into each bale as during the
previous season, the crop would have aggregated 14,492,744
bales. The relation of the gross weights this year to previous
years may be seen from the following comparison:
Crop.
Season of
No. of Bales.
1913-14
1912-13
1911-12
1910-11
1909-10
1908-09
1907-08
1906-07.,
1905-06
1904-05
1903-04
1902-03
1901-02
1900-01
1899-00
1898-99
1897-98
1896-97
1895-96
1894-95
1893-94
1892-93
1891-92
1890-91
1889-90
1888-89
1887-88
1886-87
1885-86
1884-85
1883-84
1882-83
1881-82
1880-81
1879-80
1878-79
1877-78
14.609.968
14.128.902
16.043.316
12.132.332
10.650.961
13,828.846
11.581.829
13.550.760
11.319.860
13.556.841
10.123.686
10.758.326
10.701.453
10.425.141
9.439.559
11.235.383
11.180,960
8,714.011
7,162,473
9.892.766
7.527.211
6.717.142
9.038.707
8.655,518
7.313.726
6.935.082
7,017.707
6.513.623
6.550.215
5.669.021
5.714.052
6.992,234
5.435.845
6.589.329
5.757.397
5.073.531
4.811.265
Average
Weight,
Weight. Pounds. per bale.
7.15.79 34,
7.327.100.905
8.260.752.953
6.217.382.145
5.400.008.818
7,115.746.869
5.907.070.895
6.984.842.670
5.788.728.073
6.996.731.233
5.141.417.938
5.471.143.917
5.403.210.514
5.319.314.434
4.754.629.038
5.765.320.339
5.667.372.051
4.383.819.971
3.595.775.534
5.019.439.687
3.748.422.352
3.357.588.631
4.508.324.405
4.326.400.045
3.628.520.834
3.437.408.499
3.406.068.167
3.165.745.081
3.179.456.091
2.727.967,317
2.759.047.941
3,430.546.794
2.585.686.378
3,201.546,730
2.772.448.480
2.400.205.525
2.309.908.907
514.43
518.52
514.80
512.46
507.00
514.56
510.03
515.40
511.37
516.10
507.86
508.55
504.90
510.25
503.69
513.1
506.
503.
502.
507.38
497.98
499.85
498.78
499.84
496.13
495.66
485.35
486.02
485.40
481.21
482-86
490.60
475.62
485.88
481.55
473.08
480.15
Export Movement of Cotton Goods from United States.
We give below a table compiled from the returns of exports of cotton goods from the United States as reported
by the Bureau of Statistics. These figures are for the last
three fiscal years and are presented in a form which enables
the reader to see at a glance the variations from year to year
in the volume of goods sent to the various quarters of the
globe. It will be observed that the 1914 total, reaching
$51,467,233, is less than that for 1913 by $2,276,744 and is
only $697,722 larger than in 1912.
• Of these shipments, 10,785 bales went inland by rail from Wilmington,
and, with local consumption, are deducted in overland.
VIRGINIA.
1913-14-1912-13
Exported from Norfolk:
136.380
To foreign ports
72.692
456,871
To coastwise ports*
543,799
Exp.from Newport News,&c.:
569
To foreign ports
291
142,146
To coastwise ports
114.685
15,503
Taken for manufacture
9,302
14,067- 765,536
Stock end of year, Norfolk
7,371-- 748,140
EXPORTS OF COTTON MANUFACTURES.
DeductYears endRec'd from Wilmington.&c. 13,423
13,756
1914
1913
1912
(no June 30
Reed from North Carolina_
86.575
Total value.
112,606
Total value.
Total value.
o-Received at Newport News
Yards.
Yards.
Yards.
$
Arabia
17,739,572 1,018,876 24.690.495 1,433,940 37,139,185 2,026,394
from Norfolk
128
Stock beginning of year
7.371- 107.369
11.673- 138,163 Canada __ 20,979,629 1,973,147 27,121.528 2,507,341 19,291,434 1,721.704
Cent. Am_ 36,415,841 2,217.031 34,047,620 2,181,036 45,861,572 2.661,860
Total movement for year......
658,167
609,977 W.Indies_ 74,779.367 5,121,792 67,386,989 4,639,400 86,231.545 5.517.297
Bo. Amer.. 41,616,023 2,704,448 54,163,558 3,368,028 53,037,292 3,236.623
* Includes 726 bales shipped to the Interior, which, with 15,503 bales China.... 89356,450 6,096,408 80,461,847 5,584,985 108,415.469 7,371.958
ASIadrOla. 97,611,286 6,666,832 109,862.169 7,274,409 83.948,474 5,433.875
takes for manufacture, are deducted in overland.
EastIndies 14,890,899 1,063,798 14,466,062 1.228,856 13,055,990 1,015,789
MISSISSIPPI.
All
others_ 21,470,946d24.514,901 32.528,973d25.525,982 29,797,534d21.784,011
1913-14
1912-13
Exported from Gulfport:
Total _414,860,013 51,467,233 444,729,241 53,743,977 476,778.499 50,769,511
To foreign ports
To coastwise ports
176
d Includes values of exports of clothing, yarn, waste. ,te
Stock at close of year
176
DeductNew Crop and Its Marketing.
Stock at beginning of year _
Total movement for year _ _ _
176
TENNESSEE, &c.
Shipment,------1913-14-----1912-13
To manufacturers direct-net
overland
1,215,112
1,272.172
To New York. Boston, &c•,
by rail
128.971
149,752
Total marketed from Tennessee, &c.*
1,344.083
1.421,924
*Except 151.386 bales deducted in overland, previously counted.
Total product detailed in the foregoing by States for the
year
ending September 1 1914
bales_11,504,737
Consumed in the South, not included
3.105,231
Total crop of the U. S. for year ending Sept.
1 1914_ ___ bales_14.609,968
Below we give the total crop each year since 1881:
Bales.
Years.
Years.
1913-14
1912-13..
1911-12
1910-11
19Q9-10
1908-09
1907-08
1906-07
1905-06
1904-05
1903-04
14,601,96S
14.128.902
16.043.316
12.132.332
10.650,961
13.828.846
11.581.829
13.550,760
11.319.860
13.556.841
10,123.686
1902-03
1901-02
1900-01
1899-00
1898-99
1897-98
1896-97
1895-96
1894-95
1893-94
1892-93
Bales,
10,75,4,396
10.701.453
10,425.141
9.439,559
11,235.383
11,180.960
8.714.011
7.162.473
9.892.766
7.527.211
6.717.142
Years.
180 i -0"
1890-91
1889-90
1888-89
1887-88
1886-87
1885-86
1884-85
1883-84
1882-83
1881-82
Bales.
9,038,707
8.655.518
7.313,726
6.935.082
7.017.707
6.513,623
6.550.215
5.669.021
5.714.052
6.992.234
5.435.845
Weight of Bales.
The average weight of bales and the gross weight of the
crop we have made up as follows for this year, and give last
year for comparison.
Movement
Through-
Year ending September 1 1914.
Number
of Bales.
Weight in
Pounds.
Year ending September 1 1913.
Avge. Number
Wght. of Bales.
Weight in
Arge.
Pounds.
Wght.
Texas
3,961.078 2,104,520,741 531.30 4,990.912 2.684,012,655 537.78
Louisiana
1,890.758 995,389,549 526.45 1,436,959 755,078,846 525.47
Alabama _a
432,094 226,918,485 525.16
230,699 122,526,546 531.11
Georgia_ b
2,309.039 1,170,590,411 506.96 1,692,591 860,733,301 508.53
South Carolina
423.920 210,488,240 497.00
310,403 154,270,291 497.00
Virginia
658.167 325,700,522 494.86
609.977 299,736,598 491.39
North Carolina__
485.598 239,997,100 494.23
455,559 224,399,252 492.58
Tennessee. Ate___ 4,449,314 2,242,187,297 503.94 4,401,802 2,226,343,416 505.78
Total erop____ 14,609.968 7,515,792,345 514.43 14,128.902 7,327,100,905 518.59
•Including MtalsslppI. b Including Florida.
According to the foregoing, the average gross weight per
hale this season was 514.43 lbs., against 518.59 lbs. in
1912-13, or 4.16 lbs. less than last year. Had, therefore,
While it is not possible of course to forecast with any
degree of certainty the precise extent of the cotton crop now
maturing, the general condition of the plant at this date is
such that, barring unusually adverse weather later on, the
promise seems to be that, with killing frost about the average date, the production of 1911-12 will be equaled or
exceeded. With this the outlook, there is naturally no
cause to doubt the adequacy of supplies the coming season
to fully meet consumptive requirements; on the contrary,
with the deplorable situation now prevailing in Europe, the
demand for cotton from that quarter will be very matenally
restricted, and consequently the carry-over at the end of the
season should very largely swell the surplus or reserve stocks
of the staple in the world.
As regards the developments in the crop situation since
we issued our "Acreage Report" in June,there is not a great
deal to be said. We then indicated that the crop was
(June 24) a late one, but that cultivation had been well
attended to, area had been moderately increased and that
condition was quite promising, if not fully up to the average
of recent preceding seasons. During July the conditions
that prevailed in the cotton belt were not wholly favorable,
and as a result the official report issued by the Department
of Agriculture for July 25 showed a moderate deterioration
on the average. In the Atlantic States the weather had
been satisfactory on the whole and the condition percentages
of a month earlier were improved upon as a rule. In the
remainder of the belt, however, drought prevailed quite
generally, varying in intensity according to locality, and
deterioration resulted, the status of the plant on the date
to which the report was made up having been 3.6 points
under the ten-year average, almost as much below 1913
and about on a par with 1912.
Shortly after the opening of August the fall of moisture
began in the Southwest, a few sections benefitting at first;
but gradually the rain area extended and by the middle of
the month the drought had been effectually broken everywhere and the plant was reported to be doing better. In
fact, our reports from Texas and some points in other States
spoke of.a. great improvement in condition and this
latest official report-that for August 25-quite fully, the
confirms the general condition of cotton, having been given
as
78, or 1.6 points better than a month earlier, 9.8
points
[VOL. xcix.
THE CHRONICLE
736
agree in all essential particulars with our
higher than a year ago and 4.8 points above 1911-the now given belowIt
will be noticed that the crop of 1913-14
big-crop year. This last is accepted as reflecting the true running count.
shows a large increase over that of 1912-13.
situation.
FLORIDA.
The data given below, considered in conjunction with the
1913-14
1912-13
remaiks above, should enable each reader to formulate for
9,000
at Savannah_bales_ 7,312
himself some idea as to the crop promise, making due allow- Receipts
11,780
Receipts at Jacksonville_ _ _ _26,683
as
they
developments
may
for
ance as the season progresses
20,780
occur. The compilation shows at a glance the area for a Total Sea Isl'd crop ofFlorida GEORGIA. 33,995
series of years, aggregate yield and product per acre, as
1913-14-----1912-13
38,578
made up by us, and the condition percentages August 25 Receipts at Savannah_bales_35,880
1,907
358
Receipts at Brunswick
as reported by the Department of Agriculture.
7
11,004-47,242
Yield,
Bale:.
Area,
Acres.
39.475,567
38,573,441
37,377,276
37,581,022
35.379.358
33,862,406
33,512.112
33.079.425
31.557.242
28,808,415
32,363,690
28.995,784
27.300.371
1914-15
1913-14
1912-13
1911-12
1910-11
1909-10
1908-09
1907-08
1906-07
1905-06
1904-05
1903-04
1902-03_
14,609,968
14,128.902
16,043.316
12,132,332
10.650,961
13.828,846
11.681.829
13.550.760
11,319,860
13,556,841
10,123,686
10,758,326
Product
per Acre. Condition
Pounds. Aug. 25,
78.0
No
68.2
74.8
186
209
723
72.1
168
153
63.7
203
76.1
170
72.7
211
77.3
192
72.1
207
84.1
170
81.2
192
64.0
As to the marketing of the crop, there is very little to be
said at this time. Under ordinary circumstances there is
a quite fair volume of new cotton marketed in August and
as a rule the extent of the movement is taken as indicative
of forwardness or backwardness in maturity. This August,
however, on account of the situation abroad and the lack of
shipping facilities, very little new cotton has come forward
thus far. Steps are being taken, however, with Government
assistance, to relieve the situation, and these, it is believed,
will before long become effective.
We now give our usual statement of the dates of arrival of
first bales. This year the earliest receipt was at Houston,
Texas, on July 3. Last year the first bale arrived at
Houston on July 10 and in 1912 the same city received the
earliest bale on June 24. In fact, for many years past the
first bales have invariably been of Texas growth.
Date of Receipt of First Bale.
1908.
1909.
1910.
1911.
1912.
1913.
1914.
VirginiaAug. 7 Aug. 17 Aug. 25 Aug. 12 Aug. 20 Aug. 14
Norfolk
Nor. Car.
Aug. 18
Aug. 28 Aug. 19
Charlotte - --_ Aug. 15 Aug. 28
So. Car.Charlenton ___ Aug. 8 Aug. 9 Aug. 11 Aug. 1 Aug. 14 Aug. 14 Aug. 15
Georgiaug.-Aug. 11 Aug. 11 Aug. 2 Aug. 5 Aug. 1 July 20
Augusta
SavannahFrom Ga.... uly 18 July 27 Aug. 4 July 26 July 31 July 29 July 17
Aug. 1 Aug. 7 Aug. 12 Aug. 16 Aug. 12 Aug. 15 Aug. 12
From Fla
Aug. 4
Aug. 9 Aug. 2 Aug. 22 July 25
Columbus_
AlabamaMontgomery.. ug. 3 Aug. 7 Aug. 10 Aug. 6 Aug. 7 Aug. 1 July 22
Aug. 3 Aug. 16 Aug. 14 July 31 Aug. 14 Aug. 10 July 18
Mobile
Aug. 11 Aug. 12 Aug. 15 Aug. 4 Aug. 16 Aug. 5 July 30
Selma
LouisianaNewOrloansAug. 8 Aug. 8 July 31 July 15 July 12 July 9
From M.Val
Aug. 5 Aug. 19 Aug. 8 Aug. 10
Shreveport_ _ _ Aug. 7 Aug. 12
Mississippi14
Vicksburg-- Aug. 22 Aug. 19 Aug. 25 Aug. 10 Aug. 22 Aug. 22 Aug.
Columbus_ ...- Aug. 24 Aug. 24 Aug. 23 Aug. 19 Aug. 28 Aug 11 Aug. 10
Greenville ___ Aug. 21 Aug. 18 Aug. 25 Aug. 31 Aug. 20 Aug. 13 Aug. 4
Arkansas
Aug. 19
Little Rock__ Aug. 19 Aug. 18 Aug. 18 Aug. 27
Aug. 31
Aug. 19 Aug. 24
Helena
TennesseeAug. 3
Memphis ____ Aug. 14 Aug. 19 Aug. 25 Aug. 19 Aug. 22 Aug. 13
Texas12 July 30
Day ton._.... June 19 June 28 July 10 June 24 July 12 July
June 21 June 27 June 23 June 11 July 2 July 10 July 3
Houston
pp OklahomaA,,.',1 A
A
T..,,a 91 An&
Am,
it
The aggregate arrivals of new cotton to September 1
have been the smallest in many years, due to conditions already referred to. The heaviest movement of new cotton
this year has been, as is usual, to Galveston (22,892 bales),
and Savannah has received 4,133 bales. The total receipts
at the points included in the subjoined compilation were
only 36,333 bales, against 243,194 bales in the previous
year, 220,352 bales two years ago, 277,914 (the heaviest
total on record) in 1911, 134,019 bales in 1910, 74,970 bales
In 1909, 110,878 bales in 1908 and 31,381 bales in 1907.
ARRIVALS OF NEW COTTON TO SEPTEMBER I.
1908.
1909.
1910.
1911.
1912.
1913.
1914.
2
8
3
Charlotte, N.0_
Wilm'ton, N.0220
497
4
1,433
30
415
22
Charleston. S. C.
a300 2,330
265
329 4.578
Augusta, Ga_--- a1,000 3,036
Savannah, Ga..- 14,174 23,792 2,234 33,412 2.372 16,653 4.133
100
239 1,196
a50 1,541
355
a200
Columbus, Ga....
175 2,500 1,140 4,500 2,234
270
Montgomery,Ala 2,250
491
898
73
550
97
98
773
Mobile. Ala.._ _ _
al00 4,000 2,070
90 1,600
400
1.139
Selma, Ala
250
al00
a200
a50
al00
300
a200
Eufaula, Ala_
239
320 4,954 23.609 1,663 2,031
New Orleans,La. 1.443
55
--------412
21
aloe
150
Shreveport, La..2
1
1
2
1
5
30
Vicksburg, Miss..
20
138
2
1
1
2
20
Columbus, Miss_
12
37
10
10
2
Little Rock,Ark.
80
14
3
4
4
13
30
Memphis, Tenn_
1a1veston. Tex_ 89,441 45.425 125,923 208,448 214,379 213,673 22,892
Total all ports
110.575 74.970 134.019 277.914 220.352 243.194 36.333
to Sent. 1
a Estimated: no returns received. I Athens. Ga.
Sea Island Crop and Consumption.
We have continued throughout the season of 1913-14 the
compilation of a weekly record of the Sea Island crop; but
on aocount of the pressure of other matters upon our columns
have been unable to publish the statement. The results as
,568-48,053
Sent interior mills *
Deduct7,312
Receipts from Florida
Receipts from Charieston,&c. 1,347- 8,659
9,000
45- 9.045
38,583
Total Sea Island crop of Georgia
SOUTH CAROLINA.
--1913-14-----8.961
Receipts at Charleston
730- 9,691
Receipts at Savannah
DeductReceipts from Savannah__
39,008
1912-13--8,375
8,375
8,375
9,691
Total Sea Island crop of S.Car.
LOUISIANA.
1913-14------Received at Savannah
1912 13
68,163
82,277
Total Sea Island crop of U.S..
•From special investigations we find that Southern mills have consumed
13,633 bales of Sea Island cotton this season, of which 2,629 bates were
received from Savannah.
The distribution of the crop has been as follows:
Of which
Exported to- Total
For'gn
ErStock Leav'g
Stock 1
Sept. 1! Net Total Sept. 1 fordis- Great Havre, ports.
1913.1 Crop. supply 1914. trib'n. Brit'n. &c.
Supply Year Ending
Sept. 1 1914.
Ports of-
How
Distributed.
293
293
37 11.576
South Carolina_ _ _ 1,922 9,691 11,613
13,717 38,583 52,300 2.676 49,624 7,539 2,465 10.004
Georgia
33,995
33,995 33,995
Florida
8
8
8
Louisiana
1,216 1,785 3,001
New York
995
995
Boston
108 1.905
1,797
Baltimore
926
926
Philadelphia, Stc..
17,124
5,284
11,840
2.71395,203
15.63982.27797.916
Total
From the foregoing we see that the total growth of Sea
Island this year is 82,277 bales. and with the stook at the
beginning of the year (15,639 bales) we have the following as
the total supply and distribution:
bales_ 82.277
15.639
This year's crop
Stock September 1 1913
bales_97.916
Total year's supply
Distributed as followsExported to foreign ports
Stock end of year
bales_17.124
2,713-19.837
78,079
Leaving for consumption in United States
We thus reach the conclusion that our spinners have taken
of Sea Island cotton this year 78,079 bales, or 33,217
bales more than in the previous year.
The following useful table shows the crops and movement
of Sea Island for the seasons 1900-01 to 1913-14 in detail:
Foreign Exports.
Crop.
Season.
South
Floe- 'Georgia CaroUna.
feta.
Texas
&e.
Total.
Great CondBrflain. nen:.
8 82,277 11,840 5,284
33,995 38,583 9,691
68,163 8,528 4,667
20,780 39,008 8,375
122,866 19,667 7,816
60,902 56,824 5,140
89,601 16,505 6,420
35,190 41,073 13,338
96,539 24,744 4,684
39,2611 42,781 14,497
102,469 18,241 7,567
42,126 45,171 15,172
85.191 22,748 9,635
41,863, 30,590 12,738
56,108 15,200 5,289
23,411; 24,653 8,044
116,962
30,034 9,228
13,712
72,872
30,378
99,663 30,832 7,570
37,873 49,696 12,094
76,709 24,188 7,132
28,005 39,345 9,359
102,634 44,354 9,728
27,686 62,451 12,497
78,621 25,423 6,450
21,323 48,588 8,760
86,115 26,453 5,535
24,793 52,953 8,369
•The column of "American Consumption" includes burnt in the
1913-14
1912-13
1911-12
1910-11
1909-10
1908-09
1907-08
1906-07
1905-08
1904-05
1903-04
1902-03
1901-02
1900-01
Total
EsPorts.
17,124
13,195
27,483
22,925
29,428
25,808
32,383
20,489
39,262
38,402
31,320
54,082
31,873
31,988
Analcan
ConlumpSims!
78,079
44,862
95,588
62,825
67,562
77,544
50,300
36,101
78,923
62,556
43,578
50,524
43,650
55,422
United Staten.
Prices of Cotton and Cotton Goods.
To complete the record we subjoin compilations covering
the prices of printing cloths and raw cotton for a series of
years. We begin by showing the highest and lowest quotations for 64 squares 28-inch printing cloths at Fall River
in each of the last twenty-six seasons-1888-89 to 1913-14,
inclusive. Data for earlier years will be found in previous
issues of this report.
1913-14
1912-13
1911-12
1910-11
1909-10
1908-09
1907-08
1906-07
1905-06
1904-05
1903-04
1902-03
1901-02
High.
Cis.
4.00
4.06
4.00
3.88
4.25
3.62
5.25
5.25
3.81
3.50
4.12
3 37
3.25
Low.
Cts.
3.50
3.62
3.12
3.50
3.62
3.00
3.00
3.38
3.37
2.62
3.00
3.00
2.37
High.
Cts.
1900-01
1899-00
1898-99
1897-98
1896-97
1895-96
1894-95
1893-94
1892-93
1891-92
1890-91
1889-90
1888-89
112)
2 75
2.62
2.62
3.06
2 88
3.00
4.06
3.50
3.31
3.75
4.06
Low.
Cts.
5
i:97
1.94
1.94
2.44
2.44
2.50
2.61
2.87
2.75
2.88
3.25
3.75
It will be noted that printing cloths have averaged a
than in 1912-13, notwithstanding the
little lower
greater cost of the raw material. Consequently the margin
of profit to the manufacturer of goods was less in this latest
season.
The raw material opened the season at a higher level
thanfla.t the beginning ofithe previous cotton year and later
SHPT. 121914.1
THE CHRONICLE
737
developments caused a somewhat further material advance,
Movement of Cotton at Interior Ports.
so that on the whole the general basis of values was quite
Below we give the total receipts and shipments of cotton
a little better than for 1912-13. The leading factor in the
situation was the belief fostered by the estimate of the at the interior ports and the stock on the first of Septem
ber
Department of Agriculture that, with consumption increas- of each year.
ing,the crop promised to be not very much in excess of the
previous season and noticeably less than in 1911-12. MoreYear ending Sept. 1 1914.
Year ending Sept. 1 1913.
Towns.
over, at time of planting persistent reports of bad weather
Receipts. Shipm'ts. Stock. Receipts. S7ripm'ts. Stock.
and consequent modifications in ideas as regards the yield
Alabama
22,778
22,967 1,037
served to strengthen the market. At New York the open- Eufaula,
22,097
21,114 1,228
Montgomery, Alabama_ 158.836 158,914
4,527
163,013 160,354 4,605
Alabama
ing quotation for middling uplands was 13c., and under the Selma,
130,424 130,928 2,339
123,024 120,539 2,843
Helena, Arkansas
65,817
64,911
1,008
influence of the Department of Agriculture's report on con- Little Rock, Arkansas
41,643
41,875
102
190.054 188,034 5.467
181,821 181,241 3,447
dition, which showed considerable deterioration during Albany, Georgia
28,462
27,629 1,919
26,342
26,029 1,088
Athens, Ga
119,142 118,492
August,supplemented by private reports of damage to grow- Atlanta, Georgia
980
106,782 107,337
330
232,571 232,088
772
165,493 165.787
289
ing cotton, there was an advance to 14.30c. by Sept. 27, Augusta, Georgia
376,903 373,356 9,497 341,648 350,333 5.950
Columbus
,
Georgia
84.762
from which level there was a recession of only 10 pomts to Macon, Georgia
86,213 1,869
75,501
72,766 3.320
51,646
51,959
427
36.851
37,070
740
the end of the month. Prices continued at a high level Rome,Georgia
58,580
57,659 2,680
52,212
50,973
1,759
Shrevepor
Louisiana
196,636 195,111 3,235
during October. At first the tendency was downward, an Columbus,t,Mississ
141,844 141,221 1,710
,ppl
38,171
38,209
124
27,841
27,726
162
official crop report better than expected assisting, and there Greenville. Mississippi
85.247
84,780
630
49,438
49,358
163
was a drop to 13.50e. by the 14th; but there was an imr9ediate Greenwood, Mississippi_ 142,902 143,566 3,473
107,869 104,436 4.137
Meridian, MississIPPI
34,139
34,330 1,395
59,127
59,467 1.586
recovery in which the averting of a strike in Lapcashlre was Natchez, Mississippi__
19,851
19,632 1,064
18,485
18,396
845
Vicksburg, Mississippi
a factor, the advance culminating on the 22d with middling Yazoo
34,364
34,512
598
29,392
28,941
748
City, Mississippi_
40,963
41.780 1,091
uplands at 14.500. Part of the advance was lost later, the St. Louis, Missouri
22,506
20,921 1,908
588,514
580,591
14,121
596,477 594,216 6,198
close being at 14.10c. Improvement in crop accounts and Raleigh, North Carolina_ 14,973 15.000
2
11,766
11,743
29
Cincinnati, Ohio
256,021 264,879 12,209
some unfavorable cotton goods trade reports were instru- Ilugo,
250,515 249,031 21,067
Oklahoma
37.135
37,135
30,200
30,290
mental in bringing about a decline in November, the opening Greenwood, So. Carolina 24,979
25,333
300
19,308
20,136
654
Memphis,Tennessee_ _ _ _ 1,129,553
prices (14.10c) having been the highest of the month and the Nashville,
1,125,765 14,850 821,077 814,358 11,062
Tennesse
11,329
11,820
8,861
8,372
final quotation (13.400.) only 10 points up from the lowest. Brenham, Texas
491
25,314
26,112
416
27,414
26,814 1.214
Clarksville, Texas
The Department of Agriculture's estimate of the crop, Dallas,
49.702
49,702
43,835
43,837
Texas
100,520
329
134,856 131,959 3,025
apparently pointing to a yield not much greater than in the Honey Grove, Texas_ _ _ _ 33,202 103,216
33.202
45,137
45,192
Houston, Texas
previous season, had been fully discounted, and therefore was Paris,
2,810,856 2,813,309 31,579 3,324,150 3,324,150 34,032
Texas
114,944 114,944
151,138 151,141
of negligible influence, but the large crop movement later was a.
Total. 33 towns
taken as stamping the estimate as too small and a deoline oc7.309,288 7,308,078 117.938 7,257,463 7,239,771 114,728
curred that carried the quotation steadily downward from
13.50e. at the opening of the month to 12.50e. on the 22d. A
In the following we present a stateme
nt of the year's exrecovery to 12.60c. was witnessed on the 23d and the market ports from
each port, showing direction shipments have
so closed the month. The year 1914 began with middling taken. Similar stateme
nts
hay
been
given in all previous
uplands quoted at 12.50c., dropping to 12.30e. by Jan. 5 reviews, and a
comparison as to the extent of the total moveand advancing to 13.05e. by the 21st, largely on small gin- ment at each port can be
made
with
back
years.
ning returns. The close was at 12.75e. The trend of prices
in February was towards a slightly higher price level. After
a
d
New
WOh
New
k
Galveston. Savannah Orleans. mingPn Norfolk York. Oth.Ports.
opening at 12.75e. there was a drop to 12.55c. by the 10th,
Total.
but subsequently the.advance was steady to the close, which Liverpool. 1,216,563 224,425 761,912 73,024 43,722 117,479
485,9612,903,086
Manche*? 233,643
was at 13.05e. During March, too, the tendency of values Belfast__
80,722
94.051
17,765
36,684 462,865
54,794
was upward, the range being between 13 and 13.750., with London_
54,794
$1
1,64 1
5,019 2,529
1,051
10,698
13.050. and 13.500., respectively, the opening and closing Hull
785
4i *
1,185
Glasgow
1.760
prices. April witnessed a moderate net decline; the first Havre ..._ 341,056 263,309 182.85710
205
1,965
2,434
18.864 143,1961.051.716
quotation was 13.30c., with 13.50e. (on the 4th) the highest Dunkirk _
1,8'1
635
4,030
100
111
6,665
Marseill
255
of the month and the final quotation-13c.-the lowest. Bremen__
193
448
966,672
268,993 139,271 78,993 52,725 460,04 2.583,481
May was a month of frequent fluctuations and a considerable Hamburg. 56,593 616.780
93,293
47,125
431 7,944 4,117
10,928 220,431
Warburg_
1,225
advance was scored on bad weather reports. Opening at Rotterd'm
1,225
11.324
3,460
11,536
1,271 1,33:
7,91
36,834
13o., middling uplands fell back to 12.90e. on the 5th and Antwerp _ 27,5:: 20,172
50,688
16,005
5.31: 119,771
___
63,481
19,645
9,435
then moved upward without any material setback until Ghent
92.561
Mon
450
450
14.50e. was reached on the 28th, but eased off to 13.75e. at Stockh'Im
600
600
Christiana
1,1 i i
200
the close. Crop advices were an important factor in the GothenWg
1,300
14,456
2,139
5,41
1$
22,111
June price movement, the favorable official and private Karlsha.m
300
300
Varberg_
650
weather reports inducing a movement towards a lower level Bergen__
650
1
31
$
of value. Opening at 13.75c., middling uplands dropped Huelva _
350
65
65
Malmo _
300
to 13.65O. on the 3d and recovered to 13.70e. on the 11th. Revel___
4,094
4,384
9,221
22,901
832
32,954
From that level the tendency was steadily downward to the Riga ____
5$0
1,440
404
2,344
3,649
1,915
19th, when 13.25c. was reached, and at that quotation the St.P'sb
687
6,251
Norrk'p'g
2,050
month closed. The report on acreage and condition issued Narva
2.050
___
551
550
by the Department of Agriculture on July 1 was in no sense Oporto
1,300
950
2,250
Leixoes
_
900
a factor in the spot market. In fact, no quotable change in Barcelona 138,104
900
62,748
37.165 6,356
17.775
6,9;
269,111
price occurred until July 27, when there was a drop of 25 Ferrol _
400
400
188,352
points, followed by similar declines on the 28th and 30th, Genoa......
17,278 139,919 19,322
73,878
6,561
445.310
Naples_ __
250
850
20.396
the quotation on the last named having been 12.50e. That, Venice...
21,496
1,843
2,:1 $
20,851
9,626
351
35,469
moreover, :was the final price of the month,
Leghorn _
22(
11
450
on account Trieste__
675
_
43,552
20,50
19,457
of the serious developments in Continentalas,
5,075
6.4.'
95,034
Flum
Europe
e..1,600
, the
3,801
700
6,101
business of the New York Cotton Exchange was
Piraeus
suspended Japan .__ 32,671 34,3.1
1.6 0
1,650
before noon on the 31st until the followi
3,
5.27. 261,.' 336.799
ng Tuesday. The China ___
1,941
3,067
2,911
Agricultural Department's report
7,918
Philip
'nes
for
July
25, issued on the Mexico __
110
351
450
31st, although not as favorable as
18,768
9,370
28,138
anticipated, was under Pt.Banlas
910
the circumstances ineffective as a market
910
Venezuela
factor. With the
419
419
exchanges at New York and
other leading centres closed CapeTo'n
106
106
W. Indies
throughout the month of August
41
40
,
on
account
Canada_
of the unsettled
42 149,31. 149.361
conditions brought about by the war
.
11
Europe, business in Gene
500
cotton was practically at a standstillinand
OxeLsund_
100
100
such quotations Nykoping
311
300
as were announced were wholly nominal. Omittin
500
500
g August, Uddevalle
therefore, the low for middlin
g uplands at New York
Total__ 3,373,675 1,513,141 1.706,060353.273 136,949376,516 1,566,41 9.026.031
during the season was 12.30c. (Jan. 5
to 8
e) and the
high 14.50e. (Oct. 22 to 28, inclusive), inclusiv
with
the
a Includes from Port Arthur to Liverpool, 2,006 bales; to Bremen, 30,802.
average
13.31o., or 1.01o. higher than that for
From
and 2.48c. Texas City to Liverpool, 349,059 bales; to Havre, 26.888; to Bremen, 67,017; to
above 1911-12. To indicate how the 1912-13
Antwerp, 2,832; to Mexico. 11,178. From Aransas Pass to Liverpool, 30,154
prices
for
1913-14
baled;
compare with those for earlier years, we have compile
Bremen, 7,599 bales. From Corpus Christi to Mexico, 62 bales. From
Port
from to
Nogales to Mexico, 298 bales; d Includes from Brunswick to
our records the.following, which shows the highest, dlowest
Liverpool. 86.859
bales; to Manchester, 2,249; to London, 500; to Havre, 22,954; to Bremen,
155,229;
and average prices of middling uplands in the New York to
Hamburg, 200; to Antwerp. 50. h Includes from Newport
News to Hamburg,
market for each season:
369 bales; to Rotterdam, 200. k "Other ports" Include from Pensacola
1913-14
1912-13
1911-12
1910-11
1909-10
1908-09
1907-08
1906-07
1905-06
1904-05
1903-04
1902-03
1901-02
1900-01
1899-00
1898-99
High.
Low.
C.
C.
14.50
12.30
13.40
10.75
13.40
9.20
16.15
11.60
19.75
12.40
13.15
9.00
13.55
9.50
13.55
9.60
12.60
9.85
11.50
6.85
17.25
9.50
13.50
8.30
97
7%
12 ' ; 8
1014 ''''.. 64
630
1 5%
Average.
C.
13.31 1897-98
12.30 1898-97
10.83 1895-96
14.55 1891-95
14.97 1893-94
10.42 1892-93
11.28 1891-92
11.48 1890-91
11.20 1889-90
9.13 1888-89
12.58 1887-88
10.26 1886-87
9% 1885-86
914
1884-85
fps
1883-84
6'%'s 1882-83
High.
C.
7%
87
93
8%
8%
10
8%
11
1284
114
1188
11%
1014
1111
11%
his
Low.
C.
534
7%
71X
5!4
678
7%
6%
7%
1014
91s
9%
94
8%
934
104
10
to Liverpool, 52,694 bales; to Havre, 48.847; to Dunkirk, 100; to Bremen,
Average.
60,718: to Rotterdam, 100: to Antwerp. 300: to Huelva, 65; to Genoa, 300: to
C.
Venice, 350; to Barcelona.
50:
to Trieste, 600. From Mobile to Liverpool, 131,093 bales;
6%
to Manchester,
14.726; to Havre, 73,987: to Bremen, 136,340; to Hamburg,
7%
4,625; to Rotterdam,
84
300; to Antwerp, 50; to Japan. 10,550. From Charleston
to
Liverpool, 118,484;
6%
bales; to Manchester, 459; to Havre, 5,030; to Bremen,
166,184; to Rotterdam, 700;
7%
to Barcelona, 6,800; to Trieste, 5,600; to Genoa, 2,150.
From Boston to Liverpool.
8%
77,492
bales; to Manchester, 7,270: to Glasgow, 205: to Hull,
734
400: to Genoa, 1,781;
to Hamburg, 2.024; to St. John, &c., 5,220; to Barcelona
918
, 113. From Baltimore to
Liverpool, 57,862 bales; to Havre, 15,322; to
114
Bremen, 96,805; to Hamburg,
3,178.
10%
From Philadelphia to Liverpool, 28,023 bales; to
Manchester, 14,229; to London,
IQ%
1,050: to Hamburg. 1,101; to Rotterdam, 6,805; to
Antwerp, 4,968: to Gothenburg,
10
100; to Genoa, 2,330; to Bergen, 50; to 'Trieste,
9%
250. From Detroit to Liverpool
,
313 bales. From San Francisco to Japan, 176,044
10%
bales: to China, 2,861; to
Manila,
350. From Port Townsend to Japan, 74,910
11
bales; to China, 50; to Canada,
1034
From Port Huron, Detroit,&c., to Canada,
1.238;
142,861 bales.
IMPORTS AND EXPORTS FOR JULY.
of Statistics at Washington has issued the
Bureau
The
country's foreign trade for July, and
the
of
nt
stateme
s statements we have prepared the
previou
and
from it
es:
summari
ing
interest
following
OF THE UNITED STATES.
FOREIGN TRADE MOVEMENT
ciphers (000) are In all cases omitted.)
the following tables three
MERCHANDISE.
Imports
ElPens
1912.
1913.
1914.
1912.
1913.
1914
063 8143,586
8163
$154,743
8202,446
8227,033
204,087
JaikuarY
149.914
134,188
148,045
198.844
193.997
173,920
February
155,446
157,577
182.555
203.412
187.427
187,499
March
148,194
162,571
173.762
179.300
199.813
162,553
April
133,724
164.282
155.698
175.380
194.607
161.733
May
131.246
157,529
131,031
138.234
163,405
157.072
June
139.062
160,178
148,667
148.885
160.991
164,082
July
137.852
154,757
167.845
187.909
August
171,086
144.820
199.678
218.240
September_
132.949
177.988
254.834
271.861
October .
148,238
153,095
278,244
245.639
Novembe_r.
184.0213
154.095
250.316
233.198
December _
Tots
,
Januar)
February
March
April
May
June
July
August
September._
October
November __
December
82.484,018 $2,399,218
GOLD.
Exports
1912.
1913.
1914,
81.915
617,238
$8,914
10.589
12,373
9,079
7.454
18.077
2.632
1,817
3,010
407
4,451
12,467
16.1335
7,171
569
48,107
7.266
8.654
33,669
2.498
1,195
568
496
330
484
2.710
8.663
657
10.573
$91.799
.Total
January
February
March
April
May
June
July
August
September._
October
Nbirember December
Total
January
February _
Marcb_
April
May
June
July
August.
September
October
November
December.
1914.
$10,442
3,209
7.842
3.460
1.973
3.817
3,392
.
1912.
86.028
5,122
5.806
4.941
6,726
5,046
6.501
6,077
6.011
6.172
5.834
7,60111
Imports
1913
66,210
5.357
4,381
4.014
4.561
3,347
7.1359
5.804
4,627
5.391
7,041
5.073
1914
$2,316
1,914
2.567
2.214
L755
1,822
1.238
Tons
Aug. 31 1914...4,213,331
July 31 1914__4,158.589
June 30 1914_4.032,8.57
May 31 1914_3.998.180
Apr, 30 1914_4,277.068
Mar. 31 1914...4.65:3.8'25
Feb 28 1914._ .5,026.440
Jan. 31 1914_4.613,680
Dec. 31 1913_4.242,108
Nov. 30 1913_.4.396.347
Oct. 31 1913...4.513.767
Sept. 30 1913_ _ .5,003.785
Aug 31 1913_5.223.468
July 31 1913_5.399.356
June 30 1913_5,807.317
May 31 1913._ .6,324.322
Apill 30 1913...8,978,782
1912.
$5,141
2,937
4,336
3.893
3,347
6,811
3.748
5,577
4,201
11.897
4,474
11,397
886.549
863.708
847.425
SILVER
Exports
1913.
$8,438
5.315
5.537
5.972
5,329
4,732
4,934
4.908
5.856
4.874
4.423
4,438
1914.
54.010
3.592
3,892
4.543
4,845
4,639
3,953
UNFILLED ORDERS OF STEEL CORPORATION.
The United States Steel Corporation on Thursday, Sept. 10,
issued its regular monthly statement showing the unfilled
orders on the books of the subsidiary corporations at the
the
close of August. From this statement it appears thattons,
aggregate of unfilled orders on Aug. 31 was 4,213,331 when
recording an increase of 54,742 tons over last month,
In
the amount of orders outstanding was 4,158,589 tons.
with previous months:
the following we give the comparisons
Ton,.
Ton.
$1.792,596 81.818.073
1912
64,358
3,781
3.712
4,139
4,345
4,880
3.438
3,952
3.649
4.684
3.417
1 .998
-E35.867
349.40
June 30
Mar. 31
Dec. 31
Sept. 30
June 30
Mar. 31
Dec. 31
Sept. 30
June 30
Mar 31
Dec. 31
Sept. 30
Siker
1913
1914.
+81.692 8+2,235
+.1.873 +2.5134
+1,314 +2.353
+2,329 +3,164
+3,0n0 +2 236
+2.917 +2.347
+2,715 +2.317
+1.507
+2,758
+2.336
+1.334
+1,64.•
8+28.094
+826.900
Totals for merchandise. gold and silver for seven months
Merchandise.
losports.
Esports.
Excess
of I EsExports ports.
8
$
I
$
$
11114._ 1.200.9251,141,094 59.831117,644
1913._ _ 1.327,2731,018.649308,624 72.388
1912... 1.248.502.1,033.318215,184 40,661
1911_ 1,115,518 881,800233,718 15,430
1910... 919.387 916.740 2.617 .50,345
1909___ 897,310 830,486 66.824 80,496
•Excess of imports.
Gold.
Silver
Excess
Erof
Insports. Exports ports.
Excess
of
lotports. Exports
8
$
34,135 83,309
35,769 36,419
29.012 11,649
36,368.20,938
29.671 20,674
23,405 57,091
S
29.463
38,258
40,260
39,7181
32,1781
34.409
$
13.828
20,931
28,700
25,883
25.606
26.788
Mar. 31 1913_7.488.958
Yet. 24 1913_7,656.714
tan 31 19l3....1.827.368
Dee 81 1912 _ 7.932.164
Nov. 30 1912...7.852,483
Oct. 31 1912_7,594.381
dept. 30 1912_6,551,507
Aug. 31 1912_6.163.375
July 31 1912...6.957,079
June 30 1912_5.807,346
0,983
_
May 31 19125,75
April 30 1912_5.684.885
Mar. 31 1912_6,304.84!
Feb 29 1912_5.454,200
Jan. 31 1912_5.379.721
Dec. 31 1911...5,084.761
Nov 30 1911_._4.141,955
Oct. 31 1911-3,694,328
11411
Sept
3.611.31y
Aug 31 1911.. .3M95,98,6
July 31 1911.. 3.584.085
June 30 1911._ .3.361.058
May 31 1911_3.113.187
A pril 30 1911...3,218.744
Mar 31 1911_ .3.447.301
Feb 28 1911. .3,400.50
Jan 31 1911...3.110.919
Dec 31 1910. 2,674.740
2,760,413
Nov 30 1910
Oct 31 1910_ .2.871.949
Sept 30 1910. .3,158,106
Aug 31 1910.. 3.537.128
July 311 1010_ 3,970,931
were issued
Prior to July 311910, reports of unfilled orderstotals
at the
the
show
we
ng
followi
the
In
ly.
quarter
only
were made
figures
the
which
for
period
or
quarter
each
of
end
Steel Company.
public, back to the organization of the
Tons.
imports
1913
84.201
2.481
3.184
2,808
3.093
2.365
2,799
3,401
3,008
2,538
3.089
2,810
$71.962
362.778
EXCESS OF EXPORTS OR IMPORTS.
an)rt
s
Merchandi
1913
1914
1912.
1913
1914.
13,528+1311,028
+858,860
+863.970
+849.324
+23.875 +44.083 +64.656 +5.879 +7,018
+4,944 +31,981 +47.835 -5,219 +13.694
-11,2119 +53.619 +18,729 -3,053 -1.004
-2,549 +60,883 +19,682 +14.962 +7,908
+7.203 +44.290 -2,818
-457 +32.159
+795
+218 +30,278
-6,096 +21,929
-4,609
-4,131
+47.155 +31.858
-4.907
+138,912 +76,646
-378
+97.303 +125,149
+5,500
+49,170 +96,221
+8691,422+8581.145
Total_..
+ Exports. -Imports
&ten
IfIS,
,
(001)
onto.t)
xc
THE CHRONICLE
738
$
15,635
17,327
11,560
13,835
6,482
7,621
i-e
794
1910_4,2577
1910_5,402.514
1909_5.927.031
1909...4,796.833
1909_ _4,057,939
1909_3,542,595
1908_3,803.527
1908...3.421,977
1908_3,313.876
1908_3,765.343
1907...4,624,553
1907...8.425,008
June 30
Mar. 31
Dec. 31
Sept. 30
June 30
Mar. 31
Dec. 31
Sept. 30
June 30
Mar 31
Dec. 31
Sept. 30
1907...7,803,878
1907...8,043,858
1906...8.489.718
1906...n.936,884
1906...6,809,589
1908...7,018,712
1905_•7,606,086
1905...5.865,377
1905_ 114,829.655
1905...5,597,560
1904...4.698,203
1904...3.027.436
June 30
Mar 31
Dec. 31
Sept 30
June 30
Mar 31
Dee. 31
Sept. 30
June 30
Dec. 31
Nov 1
141114 .03.192.2T,
1904...4,136,901
1903 ..3.215,128
1903..*3,728.742
1903 ..4.666,578
1903...5.410.719
1902 ..5.347,2813
1902 ..4.843,007
1902 *4.791,993
1901 .4,497,749
1901..02.831,60
Under the present
old basis
•The figures prior to Dec. 31 1907 are on theof the company's own in
method only orders received from Sources outside
tons. tlis
3,027.436
as
shown above
are shown The amount as of Sept 30 1904.tons
..loved
on (ha' now en.
former basis, would. it Is stated. be 2.434.736
MPTION.
COPPER PRODUCTION AND CONSU
y copper stateThe Copper Producers' Association's monthl
issued until
ment for August was not issued and will not be
further notice, as was stated last month.
ENTS.-The
LAKE SUPERIOR IRON ORE SHIPM August 1914
shipments of Lake Superior iron ore during of 1,814,808
aggregated 5,869,477 tons, which is a decreaseIn the followtons under the corresponding month last year.
ports in
ing we compare the shipments from the various
31:
August 1914, 1913, 1912 and for the season to Aug.
Season to Aug. 31
August
1912,
1913.
1914.
1912.
1913.
1914.
Port (tons)3,623,632 3,240,011
2,485,692
761,717
724.951 964,288
Escanaba
2,001,400
368,430 598.861 570,586 1,049,791 2,155,363 2,865.397
Marquette
682,951 809,597 761,539 2,079,776 3,073,628 9,086,190
Ashland
1,886,418 1,519,199 2,397,535 7,576.831 8,592,522 6,076.452
Superior
1,203,081 1,057.2391,690,850 4,182,367 7,891,903
Duluth
3,953,650 6.678,708 5.801,702
Two Harbors _1,023,648 1.835,191 1,578,221
21,278,107 32,013,746 29,051,152
7,760,248
7,684.285
869,477
5
Total
gorwarcercial nudThlisceliancons niews
sold at
Auction Sales.-The following securities were
w & Co.,
auction on Sept. 8 by Messrs. Francis Hensha
Boston:
Per cent.
Bonds.
80 & int.
Electric Co. 1st ref. 5s. 1939
837.000 United Water, Gas &
80 & int.
eons. ref. 55, 1935
22.000 Water. Light & Gas Co.
80 & int.
1922
5s.
1st
Co.
Power
&
Heat
5,000 Niagara Light.
Power Co. cons. ref. 5s, 1925_... _80 & int.
25.000 Niagara Light, Heat & 6s. 1932
80 & int.
1st
Co.
Sty.
Falls
Twin
30.000
80 & int.
1st 5s, 1947
6.000 Rock Island Southern Ry. Co.
80 & int.
1st 4s, 1928
500 Hutchinson Water, Light & Power Co.
This was the first auction sale of securities held in either
Similar totals for the month of July for six years make Boston, New York or Philadelphia since the closing of the
the following exhibit:
Stock Exchanges on July 30.
Merchandise.
&se
Month
(000,
Omitted)
ErPorts.
Excess
Esof
&Weis ports.
Ins(10715
Gold.
Miser.
Excess
Erof
EmPorts. Exports Ports
Importa
8
3,391 30,279
1014_ 154,082 160.178 .6,096 33,669 7,859
794
1813... 160.991 139,052 21,929 8,653 3,749 3,517
218 7,265
1912_ 148,881 148,667
2.596
•417
2,178
9,643
118,054
1911... 127,697
820 10,28* *9,454
2,688
1910... 114.628 117,316 .
3.151 16,662 3,270 13.392
1909.... 109,337 112.488 .
2,949 1,896
4,845
86,436 16,764
1908_ __ 103,200
•Excess of imports.
,
3,959
4,936
6,591
5,275
5,124
5.049
4,931
1,238
2,790
3,436
3,921
3,795
3,916
3,039
Excess
of
Exports
2,715
2.137
3,155
1,354
1,329
1.133
1,892
0.1",111•1•1.11•13•1•1112101Manr
TRADE AND TRAFFIC MOVEMENTS.
ANTHRACITE COAL PRODUCTION.-The anthracite coal shipments to tidewater during August 1914 aggregated 5,483,743 tons, an increase of 114,843 tons over
August 1913. In the following we show the shipments by
the various carriers for the months of August 1914 and 1913
and for the period Jan. 1 to Aug. 31:
-Jan 1 to Aug. 31August
1913.3.
1914.
Readstons. 904.843 855,343 7,768,256 8.816,490
Philadelphia & Reading
I 079,172 1,035.934 8,260,472 8,640,052
Lehigh Valley
637.467 656.154 5,735,445 6,007,368
Central RR. of New Jersey
810.848 862,602 6,245,125 6,623,639
Delaware Lackawanna & Western
619.062 603,878 4,706,619 4,698,004
Delaware & Hudson
497,579 469.875 4.121.427 4,076,893
Pennsylvania
734.350 686.983 5,441.578 5,449,938
Erie
191.622 199,131 1,542,467 1,697,222
Ontario & Western
Total
5483,743 4.389,900 43,821,389 45,709,606
Canadian Bank Clearings.-The clearings for the week
ending Sept. 5 at Canadian cities, in comparison with the
same week of 1913, shows a decrease in the aggregate of
6.7%.
Week ending Sep umber 5.
Clearings at1914.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
St. John
Hamilton
Calgary
Victoria
London
Edmonton
Regina
13randon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fon t William
New Westmins er
Medicine Hat
Peterboro
Total
1913.
Inc. or
Dec.
$
43,997,879 43,035.481
31,636,433 35,473,333
19.517,669 19,890,062
8,913,657 10,960.176
4,639,120 3,337.206
3,267,176 2,906,301
1,764,236 2,184.993
1,602.877 1,380,411
2.940.388 2.992.156
3,302,225 4,188,157
2.865.930 3,437,994
1,443,289 1,330,603
2,517.382 3,455,155
1.488,634 1,684.504
423,422
382.005
388.015
364,280
1,290,981
844,051
827,478
737.884
520,760
432,227
800,262
600.007
478,022
371,888
469,980
268,853
462.142 Not Incl. In
133,804.020143,435.072
--2.3
-10.8
--I.9
---18.7
4-39.0
1-12.4
--18.5
+8.8
---1.4
---21.2
--18.8
+8.5
--27.1
---11.8
--9.7
---8.2
--34.8
--10.9
--16.9
--25.5
--22.4
--42 8
1912.
1
1911.
60,126.140 30,217,256
38.843,495 28.111.158
21,525.238 17,318,883
11,960.168 9,604,916
3,169,089 3,194,769
2,935,343 2.532.574
1,752,887 1,354,222
1,610.944 1,317,693
2,854.832 1,913,684
4,269.314 3.466,970
3,390,029 2.049.487
1,418,758 1.205,862
3.572.208 2.312,804
2,221.228 1,734,269
491,421
483,440
404,773
654,014
1.757.756 1,041,649
687,603
1,115,517
418,432
453,568
533,241
total.
---03.7 154,002.726 115,578,423
SEPT. 121914.
THE CHRONICLE
DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporations.
Dividends announced this week are printed in italics.
Name ot Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
739
Per
When
I Cent. Payable.
Books Closed.
Days In.:knife.
Miscellaneous (Concluded).
Consolidated Gas (guar.)
134 Sept. 15 Holders of rec. Aug. 1.24
Cons. Gas, El. L.& P., Halt., corn. (qu.) 114 Oct. 1 Holders of rec. Sept. 19
Preferred
3
Oct. I Holders of rec. Sept./9
Continental Can, preferred (guar.)
Oct. 1 Holders of rec. Sept. 20.
Continental Oil (quar.)
3
Sept. 16 Aug. 28 to Sept. 16
Crescent Pipe Line (guar.)
$1 Sept. 15 Aug. 21 to Sept. 15
Cuban-American Sugar. prof. (guar.).- 134 (bit. 1 Holders of rec. Sept. 164
Detroit Edison (guar.)
114 Oct. 15 Holders or rec. Sept.$0.
Diamond Match (guar.)
134 Sept. 15 Holders of roe. Aug. 31a
Dominion Textile, Ltd. (guar.)
134 Oct. I Holders of rec. Sept. 150
du Pont (E.I.)de Nem. Pow., corn. (gu.) 2
Sept. 15 Sept. 6 to Sept. 15
Preferred (guar.)
134 Oct. 26 Oct. 16 to Oct. 26
du Pont Internat. Powder, pref.(guar.) 14 Oct. I Holders of rec. Sept. lila
Eastern Steel, first preferred (quar.)lig Sept. 15 Holders of rec. Sept. i
Eastman Kodak, common (guar.)
234 Oct. 1 Holders of rec. Aug. 316
Common (extra)
214 Oct. 1 Holders of rec. Aug. 31a
Preferred (guar.)
134 Oct. 1 Holders of rec. Aug. 31.
Federal Mining Az Smelting. prof. (guar.) 1
Sept. 15 Holders of rec. Aug. 224
Galena-Signal Oil,common (guar.)
3
Sept.30 Holders of rec. Aug. 31a
Preferred (guar.)
2
Sept.30 Holders of rec. Aug. Sin
General Chemical, preferred (guar.)
Holders of rec. Sept. 171
134 Oct.
General Electric (guar.)
2
Oct. 1 Holders of roe. Aug. 294
General Fireproofing,common (gliar.)
Holders of rec. Sept.20
154 Oct.
Preferred (guar.) (No. 30)
154 Oct.
Holders of rec. Sept. 211
Globe Soap, 1st, 2c1 & spec. pref. (quar.)_
134 Sept. 1 Sept. I
to Sept. 15
Goodrich (B. F.) Co., preferred (guar.).Oct.
Holders of rec. Sept. 184
Goodoect• Tire & Rubber, pref.(guar.)
13.4 Oct.
Rept. 20 to
Great Lakes Towing, We/erred(guar.
1g Oct.
)
Guggenheim Ezploratton (guar.)(No.
.
47)._
Se1
4.19 to Sept. 23
Hart, Schaffner dt Mars, preferred (guar.).
"
I
Sept.30 Holders of rec. Sept. 19a
Heinle (George W.) Co.,common (guar.) 214 Oct.
Holders of rec. Sept. 126
Preferred (guar.)
134 Oct.
Holders of rec. Sept. 121
Hercules Powder, common (guar.)
1)4 Sept.2 Sept. 16 to Sept. 25
Homestake Mining (monthly)(No. 478). 65e. Sept.2 Holders of rec. Sept. 19a
Independent Brewing, preferred (guar.).
154 Aug. 3 Aug. 20 to Aug. 30
Island Creek Coal, common (quar.)
Holders of rec. Oct. 28
60c. NOV.
Preferred (quar.)
Holders of rec. Sept.23
$1.50 Oct.
International Silver, preferred (guar.).1.14 Oct.
Sept. 18 to Oct. 1
Int. Smokeless Pow. Av Ch., corn. (guar.)
g Oct.
Holders of rec. Sept. 19a
Preferred
4
Nov. 1 Holders of rec. Nov. 5.
Kaufmann Dept. Stores, Inc., pf. (qu.)....
Holders of rec. Sept. 11I
114 Oct.
Kayser (Julius) & Co., corn. (guar.)
134 Oct.
First and second 'ore. (guar.)
111
, Nov.
Kelly-Springfield Tire,6% pref.(guar.)
.
Holders of rec. Sept.15a
- lg Oct.
7% second preferred (guar.)
114 Oct.
Holders of rec. Sept. 15.
Kresge (El. 8.) Co., preferred (quar.)_.-Holders of rec. Sept. 16a
154 Oct.
La Belle Iron Works, preferred (guar.)- 2
Sept.3 Sept. 22 to Sept.80
Laclede Gas Light, common (guar.)
111 Sept. 1 Sept. 2 to Sept. 15
Liggett & Myers Tobacco, pref.(guar.)1.34 Oct.
Holders of rec. Sept. 16.
Loose-Wiles Biscuit, let pf. (qu.) (No. 10) 114 Oct.
Holders of rec. Sept.18
Second preferred (guar.) (No. 10)
Holders of rec. Ost. 16
114 Nov.
Lorillard (P.) Co., common (guar.)
23.4 Oct.
Holders of rec. Sept. 15.
Preferred (guar.)
Holders of rec. Sept. 15.
• 1)4 Oct.
Mackay Companies. corn.(guar.)(No.37) 134 Oct.
Holders of rec. Sept. 96
Preferred (quar.)(No. 43)
Holders of rec. Sept. 9a
Oct.
1
Manhattan Shirt, Preferred
Holders of rec. Sept. 21
114 Oct.
(guar-)
May Department Stores, preferred
Holders of rec. Sept. 15a
(qua?.).. 114 Oct.
McCall Corporation, let pf. (qu.)
Holders of rec. Sept. 25
1.34 Oct.
Mergenthaler Linotype (guar.)
214 Sept.3 Holders of rec. Sept. 51
Extra
34 Sept.3 Holders of rec. Sept. 66
Montana Power. common (guar.)
4 Oct.
Holders of rec. Sept.15a
Preferred (guar.)
lig Oct.
Holders of rec. Sept. 15.
Montgomery, Ward & Co.. pref. (qUar.)111 Oct.
Sept. 20 to Oct. 1
Montreal Cottons, Ltd., common (guar.) 1
Sept.I Holders of rec. Sept. 5a
Preferred (guar.)
134 Sept. I Holders of rec. Sept. 5a
Muskogee Gas & Electric, pref. (quar.).... 114 Sept. 1 Holders of rec. Aug.31
National Biscuit, corn. (guar.)(No.65)....
114 Oct. 1 Holders of rec. Sept. 286
NationalLead, common (guar.)
ag Sept.3 Sept. 12 to Sent. 16
Preferred (guar.)
134 Sept. 1 Aug. 22 to
Ang. 25
National Licorice, pref. (guar.) (No. 49)._
134 Sept.3 Holders of rec. Sept. 25
National Refining, preferred (guar.)
2
Oct.
Holders of rec. Sept. 15
National Sugar Refining, pref. (guar.)._ _
131 Oct.
Holders of rec. Sept. 12a
National Surety (guar.)
3
Oct.
Sept. 20 to Sept.30
National Transit (guar.)
75e. Sept. 1 Holders of rec. Aug. $1
New York Air Brake (guar.)
134 Sept.2 Holders of rec. Sent. Sa
New York Transit (guar.)
6
Oct. I Holders of rec. Sept. 24
North American Co. (guar.) (No. 42)
Holders of rec. Sept. 156
1)4 Oct.
Ohio Cities Gas, preferred (guar.)
Holders of rec. Sept. 15
134 Oct.
Ohio Oil (guar.)
21.25 Sept.2 Aug. 26 to Sept.
Pabst Brewin.g, preferred (guar.)
114 Sept. I Sept. 6 to Sept. 15
Packard Motor Car, pref.(qu.)(No.20)Sept. 1 Sept. 6 to Sept. 15
Pennsylvania Water & Pow.(qu.)(No.3) 1
Oct.
Holders of rec. Sept.226
Pettibone. 51 ulliken&Co-Ist & 2dpf.(qu.)
Holders of rec. Sept. 17a
1)4 Oct.
Phelps, Dodge & Co., Inc. (guar.)
231 Sept.3 Holders of rec. Sept. 184
Phfladelnida Electric (quar.l.
3914e. Sept. 1 Holders of rec. Aug. 20.
Pittsburgh Plate Glass, common (guar.).
11.1 Oct.
Sept. 17 to Oct. 1
Pittsb. Term., Whse. & Transf. (mthly.) 21g Sept. 1 Holders of rec. Sept. 8
Quaker Oats, common (guar.)
234 Oct. I Holders of rec. Oct. la
Preferred (guar.)
134 Nov.3 Holders of rec. Nov. 2a
Railway Steel-Spring. preferred (guar.)
134 Sept.2 Sett. 5 to Sept. 21
ReminitrOn Typewriter, 1st pref. (quar.)
Holders of rec. Sept. 15
154 Oct.
Second preferred (guar.)
2
Oct.
Holders of rec. Sept. 19
Reynolds (R. J.) Tobacco Co.(guar.)
Holders of rec. Sept. 19
30 Oct.
Rubber Goods Mfg.,common (guar.)
2
Sept. 1 Holders of rec. Sept. 12
Preferred (guar.)(No. 62)
134 Sept. 1 Holders of rec. Sept. 12
Sears. Roebuck & Co., preferred (guar.)Holder's of rec. Sept. 15a
114 Oct.
Sloss-Sheffield Steel & Iron,
(qu.) _ _
Holders of rec. Sept. 174
Oct.
South Porte Rico Sugar, common (guar.)
Oct.
Holders of rec. Sept. 12a
Preferred (guar.)
Holders of rec. Sept. 12a
2
Oct.
South West Pennsylv. Pipe Lines ((IMO
Holders of rec. Sept. 15
Oct.
3
Standard Gas & Electric (quar.)--2g
Sept. 1 Holders of rec. Aug. 39.
Standard 011 (California)(guar.)
214 Sept. I Holders of rec. Aug. 29
Standard 011 (Kentucky)((War)
Oct.
Sept. 16 to Oct. 1
4
Standard 011 of New Jersey (guar.)
5
Sept. 1 Holders of rec. Aug. 206
Standard 011 of New York (guar./
Sept. I Holders of rec. Aug. 23a
2
Standard 011 (Ohio)(guar.)
3
Oct.
Sept. 5 to Sept. 23
Extra
Ii
Oct.
Sept. 5 to Sept. 23
Subway Realty (guar.)
Holders of rec. Sept. I44
134 Oct.
Sul.berger & Sons Co., preferred (qua?.)
Sept. 16 to Sept.30
114 Oct.
Swift & Co. (guar.)(No. 112)
Holders of rec. Sept. 10a
Oct.
Tennessee Copper(Tam)
Holders of rec. Sept. 21.
75c.
Oct.
Underwood Typewriter,common (quar.)Holders of rec. Sept. 21.
1
Oct.
Preferred (guar.)
Holders of rec. Sept. 21a
134 Oct.
Union Carbide (guar.)
Sept. 20 to Sept.30
Oct.
2
Union Tank Line
254 Sept.2 Holders of rec. Sept. 4
17n. cigar Stores of Am., pf.(cm.)(No.8) 134 Sept. 1. Sept 1
to Sent. 15
United Fruit (guar.) (No. 61)
Oct. 1 Holders of rec. Sept.211
2
United Fuel Supply (quar.)
2
Sept.2 Sept.10d to Sent.21
United Gas Improrement (guar.)
$1 Oct. 1 Holders of rec. Sept.30.
United Shoe Machinery, common (quar.)
60c. Oct.
Holders of rec. Sept. 15
Preferred (quay.)
37340. Oct.
Holders of rec. Sept. 15
U. S. Gypsum, preferred (quar)
1)4 Sept.3 Sept. 16 to Sept.30
U. S. Steel Corporation. corn. (quar.)
14 Sept. 2 Sept. 2 to Sept. 10
Utah Copper Co.(guar.)(No.25)
76e. Sept.30 Sept. 17 to Sent. 20
Western Electric Co.(guar.)
2
Sept.30 Holders of rec. Sept. 234
Western Union Telegraph (guar.)(No.182) 1
Oct. 15 Holdersof rec. Sept. 19a
Weyman-Bruton Co., common (quar.)
3
Oct. 1 Holders of rec. Sept. 12a
Preferred (guar.)
Oct. 1 Holders of rec. Sept. 12,
Woolworth (F. W.) Co., pref.(quar.)
114 Oct. I Holders of rec. Sept. be
Yukon Gold Co.(quar.)(No. 21)
pie Sept.30 Sept. 12 to Sept. 16
1)4
Railroads (Steam).
Alabama & Vicksburg
Sept. 4 Holders of rec. Sept. 40
7
Boston & Albany (guar.)
Sept.30 Holders of rec. Aug. 31a
2
Canadian Pacific. corn (go.)(No.73).._
21 Oct. 1 Aug. 22 to Oct. 14
Preferred
Oct. 1 Aug. 22 to Oct. 14
2
Chicago Burlington & Quincy, (guar.) ___ - 2
Sept.25 Holders of rec. Sept. 196
Chicago & North Western, corn (quar.). lig Oct. I Holders of rec. Sept. la
Preferred (guar.)
Oct. 1 Holders of rec. Sept. la
2
Delaware & Iludson Co. (quar.)
23,1 Sept. 21 Holders of roe. Aug. 282
Fonda Johnstown & Gloversville, pref. (su.) lg Sept. 15 Holders of rec. Sept. 100
2)4 Oct. 1 Sept. 15 to Sept. 23
Interborough Rapid Transit (guar.)
Oct. 15 Holders of rec. Sept. 300
1
Kansas City Southern, preferred (041%)
Oct. 1 Holders of rec. Sept. 96
Lackawanna RR. of New Jersey (qua?.)... 1
1)4 Oct. 1 Holders of rec. Sept. 15a
Manhattan Railway (guar.)
M.St. P.& S.8 M.,corn.& pf.(No. 23) 314 Oct. 15 Holders of rec. Sept. 210
Oct. 1 Holders of rec. Sept.220
3
Newark & Bloomfield
Sept. 4 Holders of rec. Sept. 4a
1
New Orleans & Northeastern
New York Central & Hudson River (quar.). 1g Oct. 15 Holders of rec. Sept. 21a
Oct. 1 Holders of rec. Sept.220
2
New York & Harlem, corn. & pre,
1)4 Oct. 1 Holders of rec. Sept. 15a
New York Lackawanna zi/ Western (quar.)
Norfolk & western, common (guar.) _ _ _
134 Sept. 19 Holners of rec. Aug. 31a
1
Nov. 19 Holders of rec. Oct. 310
Norfolk & Western. ads. pref. (guar.)-Pittsburgh Bessemer & Lake Erie, common131 Oca. 1 Holders of rec. Sept. 15
Pittsb. Ft.1Vayne & Chic., spec. guar.(qu.) 154 Oct. 1 Sept. 16 to Oct. 1
131 Oct. 6 Sept. 13 to Oct. 6
Regular guaranteed (guar.)
St. Joseph South Bend & Southern, corn. I
Sept. 15 Sept. 11 to Sept. 15
Preferred
234 Sept. 15 Sept. 11 to Sept. 15
Si. L. Rocky Mt. & P. CO.,Pf WO (No.9) 1)4 Sept.30 Sept. 20 to Sept. 29
St. Louts & San FranciscoOct. 1 Sept. 37 to Oct. 1
K.C.Pt. Scott & Mesa., pf. tr. afs.(qu.) 1
Southern Pacific (guar.)(No. 32)
Ili Oct. 1 Holders of rec. Sept. la
Southern Ry., M & O.stock trust certifs.. 2
Oct. 1 Holders of rec. Sept. 15a
Union Pacific, common (guar.)
2
Oct. 1 Holders of rec. Sept. la
Preferred
2
Oct. I Holders of rec. Sept. la
Vicksburg Shreveport & Pacific, Preferred
5
Sept. 4 Holders of rec. Sept. 40
Warren
3g Oct. 15 Holders of rec. Oct. 6a
Street and Electric Railways.
American Railways, common (guar.).75c. Sept. 15 Holders of rec. Aug. 27a
Arkansas Valley Ry., Lt.& P., pf.(qu.). I11 Sept. 15 Holders of rec. Aug. 31
Asheville Power & Light, Pl.(fu.)(No. 10) 114 Oct. 1 Holders of rec. Sept. 19a
Brockton & Plymouth St. Ry pf.(No.11) 3
Sept. 15 Holders of rec. Sept. 5a
134 Oct. I Holders of rec. Sept. 90
13rookiyn Rapid Transit (guar.)
Californfa Ry. & Power, prior pref. (guar.) lag Oct. 1 Holders of rec Sept. 120
Carolina Power & Light, pr.(gu.)(No. 22) 1)4 Oct. 1 Holders of rec. Sept. 196
214 Sept.29 Sept.20 to Sept.27
Chicago Oily Ru. (guar.)
1
Oct. I Holders of rec. Sept. 15a
Duluth-Superior Tree., corn. & p1. (qu.)_
Eastern Power & Light Corp.. pref. (qu.) 134 Sept. 15 Holders of rec. Aug. 310
(gu.)
111 Oct. 1 Holders of rec. Sept. 15
Elmira !Voter, Light & RR.,first pref.
131 Oct. I Holders of rec. Sept. 15
Second preferred (guar.)
El Paso Electric Co., corn.(qu.)(No. 13) 234 Sept. 15 Holders of rec. Sept. 50
Frankf.& Southwark Pass.. Phila.(guar.) $4.50 Oct. 1 Holders of rec. Sept. la
Galveston-Hous. Elec. Co.. corn.(No. 11) 314 Sept. 15 Holders of rec. Sept. 5a
3
Preferred (No. 15)
Sept. 15 Holders of roe. Sept. 56
Honolulu Rapid Transit & Land (guar.). 2
Sept.30 Sept. 27 to Sept.30
134 Oct. 1 Holders of rec. Sept. 190
Lake Shore Elec. By.,first pref. (guar.)_ _ _
1
LoulsvIlie TracUon, common (guar.).
Oct. 1 Sept. 11 to Sept. 15
Preferred
214 Oct. 1 Sept. 11 to Sept. 15
Manila Elec. RR. & Llg. Corp.(guar.)___ _
1)4 Oct. 1 Holders of rec. Sept. 18a
Northern Ohio Trac. & Light, corn. (qu.) 104 Sept. 15 Holders of rec. Aug. 31a
Northern Ohio 77ac. & Light, pref. (guar.) 11i Oct. 1 Holders of rec. Sept. 15a
Oct. I Holders of rec. Sept. la
Second & Third Sts. Pass.. Phila. (quar.) $3
Twin City Rap. Tran., Minn., com.(qu.) 134 Oct. 1 Holders of rec. Sept. 140
134 Oct. 1 Holders of rec. Sept 140
Preferred (quar.)
United Light & Rut.. 151 pf.(gu.)(NO. 16) 134 Oct. 1 Holders of rec. Sept. 15
Second preferred (guar.)(No. 7)
34 Oct. 1 Holders of rec. Sept. 15
United 'rrac. & Elec., Providence (guar.)
1)4 Oct. 1 Sept. 9 to Sept. 13
Wash. Bait. & Ann. Elec. RR., pf. (qu.)... 134 Sept.30 Holders of rec. Sept. 196
West End Street Ry., Boston, common
91.76 Oct. 1 Sept. 22 to Oct. 1
Banks.
Coat & Iron National (guar.)
1)4 Oct. 1 Holders of rec. Sept. 9
Trust Companies.
Guaranty (guar.)
6
Sept.30 Holders of rec. Sept. 23
Lawyers' Title Ins. & Trust (qu.)(NO.84). 2
Oct. 1 Sept. 16 to Oct. 1
MutualAlliance (guar.)
111 Oct. 1 Holders of rec. Sept.30
Miscellaneous
American Bank Note, preferred (guar.)._
134 Oct. 1 Holders of rec. Sept. 150
Amer. licet Sugar, pref. (guar.)(No.61). 1g Oct. 1 Holders of rec. Sept. 166
Amer. Brake Shoe & Foundry, corn. (guar.) 1)4 Sept.30 Holders of rec. Sept. 190
Preferred (guar.)
Sept.30 Holders of rec. Sept. 19a
2
American Can, preferred (guar.)
1)4 Oct. I Holders of rec. Sept. I6a
Amer. Car & Fdy., corn.(guar.)(No.48)
34 Oct. 1 Holders of rec. Sept. ha
Preferred (guar.) (No. 62)
134 Oct. 1 Holders of rec. Sept. ha
American Cigar, preferred (guar.)
Ili Oct. 1 Holders of rec. Sept. 15a
Amer. Coal Products, common (guar.).1)4 Oct. 1 Sept. 25 to Sept.30
Pre,ferred (guar.)
1.3.1 Oct. 15 Oct. 11 to Oct. 14
Amer. icon 4- Steel Mfg., coin. & p). (qu.) 134 Oct. 1 Holders of rec. Sept. 190
American Locomotive. preferred (guar.)1 14' Oct. 21 Sept. 22 to Oct. 21
American Manufacturing, common (quar.) 134 Oct. 1 Sept. 16 to Sept.30
Preferred (quar.)
1)4 Oct. 1 Sept. 16 to Sept.30
American imeumatic Service, first
$1.75 Sept. 30 Sept. 13 to Sept. 18
Prof
Second preferred
75e. Sept.3 Sept. 13 to Sept. 18
American Radiator, common
234 Sept.3 Sept. 22 to Sept.30
American Sewer Pipe
(quar.)...Sept. 20 to Oct. 1
Amer. Smelt. Az Ref.. com•(lu.)(No. 44) Ig Oct.
1 Aug. 29 to Sept. 7
Amer. Smelters Sec., pt. A (qu.)(No. 39) 134 Sept.
Oct.
Sept.
19 to Sept. 27
Preferred 13 (guar.)(No. 38)
Ili Oct.
Sept. 19 to Sept. 27
American Snuff, common
(n) Oct.
Holders
of rec. Sept. 12a
Preferred (guar.)
134 Oct.
Holders of rec. Sept. 12a
American Steel Foundries (guar.)
14
8 Holders of rec. Sept. 126
Amer. Sugar Rem., corn Az pref. (guar.). 1g Sept.
Oct.
Holders of rec. Sept. la
American Surety (guar.)(No. 101)
234 Sept.3 Sept. 17 to Sept.30
American Tobacco, preferred (quar.)
134 Oct.
Holders of rec. Sept. 156
American Woolen, Pref. (guar.)(No.62).. 114 Oct. 1 Sept. 19
to Sept.30
Ansco Company (guar.)
214 Oct. 1 Sept. 19 to Sept.30
Associated Oil (guar.)
134 Oct. 15 Holders of rec. Oct. la
Bell Telephone of Canada (guar.)
2
Oct. 15 Holders of rec. Sept. 25
Bethlehem Steel, preferred (guar.)
131 Oct. I Holders of rec. Sept. 15
Borden's Cond. Milk. pref.(qu.)(No.51) 134 Sept. 15 Sept. 6 to
Sept. 15
Borne, Scrymser Co. (annual)
320
Oct. 15 Sept. 19 to Oct. 14
Booth Fisheries, first preferred (guar.)._
114 Oct. 1 Holders of rec. Sept. 21
meriran
Tobacco,
itish-A
ord
(interim)
_ 1214 Sept.30
Br
See note
Brooklyn Union Gas (guar.)
1)4 Oct. 1 Sept. 13 to (m)
Sept.30
Bruuswick-Balke-Collender, pref. (guar.)_. 1)4 Oct. 1 Holders of rec. Sept. 100
Pipe
Buckeye
Line (guar.)
53 Sept. 15 Holders of rec. Aug. 25
Buffalo General Electric (guar.) (No. 80)
134 Sept.30 Holders of rec. Sept. 19
California Electric Generating, pref. (quar.) 1)4 Oct. 1 Holders of rec. Sept. likt
California Petroleum Corp., pref. (quar.).
154 Oct. 1 Holders of roe. Sept. 150
Cambria Iron
2
Oct. 1 Holders of rec. Sept.
:an Gen. Elec., coin. (su.) (No. 61)_
Cana
104 Oct. 1 Holders of rec. Sept. 15a
,
15
pr,f,red (No. 37).
314 Oct. 1 Holders of rec. Sept. 15
Canadian Westinghouse,Ltd.(qu.)(No.39) 134 Oct. 10 Holders of rec. Sept.300
Case (J. I.) Threshing Mach., pref. (qu.) 1)4 Oct. 1 Holders of rec. Sept. 14a
Celluloid Company (guar.)
Sept.30 Holders of rec. Sept. 15
1
Central Coal & Coke, preferred (guar.)
1)4 Oct.
Central Leaner. preferred (guar.)
1)4 Oct. 1 Holders of rec. Sept. 10a
a Trawler books not closed for this dividend. b Leas British
Central States El. Corp., Pf.(qu.)(NO.9) 1)4 Oct. 1 Holders of rec. Sept. 10
Income tax. A CorEbesehrough Mfg. Consolidated (quar.).
rection, e Payable in stock. fPayable in common stock. g Payable
Sept. 21 Sept. 9 to Sept. 21
in scrip.
Extra
Sept.
Sept.
21
9
to
Sept.
21
4
It
On
account
Of
accumulated
dividends.
l
Free
of
British
Income tax. m TransChicago Telephone (guar.)
September 30
2
Sept. 30
ient received In Order at London on or before Rep. 17 will be
Ching Copper (guar.)
500. Sept.30 Sept. 17 to Sept. 20
In time to be passed
Cleve A s eideskk itreeing, Pref.
1
Sept. 15 Holders of roe. Aug. 310 for payment of dividend to transferee. n In lieu of the usual
cash dividend on corn.
Chien,l'eabody &Co.,Inc.,p1.(qu.)(No.7) 114 Oct. 1 Holders of rec. Sept. 19
stock there will be distributed pro rata to the corn.
Colorado Power, preferred (guar.)
stockholders Of the Amer. Snuff
1)4 Sept. 15 Holders of roe. Aug. 31
CO. 2.425 shares of P. Lorillard pref. and 3,440
COlutabtia Gas Az Fuel, preferred (quar.)_
134 Oct. 1 Holders of rec. Sept.15
shares of Liggett & Myers
Tobacco pref.
134
134
134
154
134
THE CHRONICLE
740
STATE BANKS AND TRUST COMPANIES.
Statement of New York City Clearing-House Banks
State Banks
Trust Cos.
State Banks
Trust Cos.
York
Clearing
New
Companies.
-The
House
Trust
in
in
and
outside of
Week ended Sept. 5.
outside of
N.
Greater
Greater
F.
N.
F.
Greater
N. F. Greater N. y.
has discontinued for the present issuing its detailed state$
$
$
$
ment showing the weekly averages of condition of the sop- Capital as of June 30____ 23,850,000
67,300,000
10,758,000
11,300.000
arate banks and trust companies, both the member and the Surplus as of June 30____ 38,502,800 155,158.200 13,894,100 11,702,800
1,111,901,200 133,948,600 189,6.52,800
"non-member" institutions. The reserve items "Cash re- Loans and Investments__ 329,792,800
+4,400
-47,100
Change from last week_
+79,400
-18,300
serve in vault" and "Trust companies' reserve with C. H. Gold
86,280,400
48,938,500
-520.400 +1,576,600
Change from last week_
members carrying 25% cash reserve" are separately stated
29,992,400
22,434,000
Currency and bank notes
-604,500 -1,068,700
Change from last week_
as to banks and trust companies in the summarized state392,058,400 1,172,038,900 138,913,900 197,521,000
ment furnished by the Clearing House; but with these ex- Deposits
+516,600
+597,000
+586,300
Change from last week_ +4,197,600
ceptions the figures are for banks and trust companies to- Reserve on deposits
95,363,400 224,742.100
24,031,900
25,766,000
-855,300
-5,624,800
+287,300
from last week_
+247.600
gether and are not apportioned between the two classes of P.Change
23.9%
26.9%
19.0%
15.2%
C. reserve to deposits_
24.4%
18.8%
27.2%
15.1%
Percentage last week
institutions. The publication of the statement in the usual
+ Increase over last week. -Decrease from last week.
form, it is stated, will not be resumed until all outstanding
Boston and Philadelphia Banks.-Below is a summary
Clearing-House loan certificates are retired. The last
complete statement issued, that for August 1 1914, will be of the weekly totals of the Clearing-House banks of Boston
and Philadelphia:
found in the "Chronicle" of August 8 on page 398.
We omit two ciphers (00) in all these figures.
We show below the figures as given out by the Clearing
Capita
Circu- Clearings.
Specie. Legals. Deposits.
Loans.
and
Banks.
House and also print the totals reported by the State Banklation.
a
Surplus.
banks
and
State
trust
Department
for
the
companies
ing
$
$
$
Boston.
$
240,798,0 25,445,0 5,464,0 287,490,0 9,750,0 159,099,5
In Greater New York not in the Clearing House. In addition July 18_ 45,396,0 242,421,0
27,149,0 5.588,0 290,077,0 9,551,0 163,112,0
July 25_ 45,396,0
custom,
each
been
our
as
has
corresponding
4,941,0
combine,
285,713,0 9,317,0 159,874,9
item Aug. 1. 45,396,0 243.562,0 26,564,0
we
137,775,3
8. No state ment issu ed
In the two statements, thus affording an aggregate for the Aug.
109.852,7
Aug. 15. No state ment issu ed.
No state ment issu ed.
22_
109,922,0
Aug.
trust
companies
in
banks
and
Greater
whole of the
New Aug. 29_ No state ment issu ed.
96,427,2
106,788,1
Sept. 5- No state ment Mau ed.
York.
Phila.
NEW YORK CITY BANKS AND TRUST COMPANIES.
Week ended Sept. 5.
Clear.-House Clear.-House Slate Banks & Total of all
Members
Trust Cos. not Banks ct Tr.
Members
Average.
in C.-H., Av. Cos., Aver.
Actual Figs.
Capital as of June 30__-- $175,300,000 $175,300,000
$28,950,000 $204,250,000
Surplus as of June 30..._
rr r
Loans and investments__
riChange from last week
296.930,800 296.930,800
2,136,964,000
+9.297,000
570,024,900 2,706,988,900
-120,900 +9,176,100
Deposits
Change from last week
1,902,388,000
-316,000
0559,340,700 2,461,728.700
+481,200
+165,200
Specie
Change from last week
316,088,000
-1,849,000
I
ACTUAL
Legal-tenders
Change from last week FIGURES
NOT
Banks: Cash in vault
GIVEN.
Ratio to deposits
r
Trust Cos.: cash In vault_
Aggete money holdings
I Change from last w
Money on deposit with
Other bks. & trust cos_
Change from last week
Total reserve
Change from last week
10
Surplus CASH reserv
Banks (above 25%)- Trust cos.(above 15%
.
0)
70,887,900
841.813,200
+492,600
367,818,700
% of cash reserves of trust cosCash in vault
Cash on dep. with bka_
ie 1 1
Total
357,901,200
-1,356,400
74,916,000
-1,327,000
c12,305,700
87,221,700
-243,900 -1,570,900
324,071,000
Not given.
12,370,300
13.17%
336,441,300
66,933,000
41,748,600
108,681,600
391,004,000
-3,176,000
54,118,900
+248,700
445,122,900
--2,927,300
61,074,000
--2,233,000
72,589,200
--3,819,200
123.663,200
--6,052,200
442,078,000
--5,409,000
126,708,100
---3,570,500
568,786,100
--8.979.500
Dry Goods
General Merchandise
Total
Since Jan. 1.
Dry Goods
General Merchandise
Total 36 weeks
1913.
1914.
82,488,545
12,723,457
83,214,639
16,986,895
Total 36 weeks
9.97%
14.58%
Not given.
24.55%
$15,212,002 $20,201,534 $24,386,530 $16,139,599
$122,747,388 $104,948,608 $101.822,693 $96,759,119
567,823,491 573,996,489 594,005,659 500,315,872
$690,570,879 $678,045,097 8695,828,352 8597,074.991
a
$
81,769,4
83,062,8
89,974,5
91,313,7
90,805,7
85,556,5
85,578,9
87,069,5
88,792,6
87,221,7
$
528,807,7
507,329,4
508,755,8
519,122,8
497,717,8
441,017,0
437,827,8
441,269,6
448,050,2
445,122.9
710,565,9
665,677,5
656,680,2
667,378,3
642,550,9
563,381,5
558,181,6
568,329,9
577,765,6
568.786.1
i—,:45D050b2
00
"w=r0D-01;4.W'COW
Legals.
TNNIDIPIOVNIDCA
TotMoney Entire Ret
Holdings onDeposil
Specie.
WWWWWoPiPari.ola
OC,, CR C7.410h25—,NrA.
8
2,598,481,3
2,560,240 7
2,529,964,8
2,530,917,6
2,503,437,3
2,472,122,6
2,477,574,6
2,474,555,6
2,461,563,5
2,461,728,7
We add herewith the weekly returns furnished by the State
Banking Department of the State banks and trust companies
under its charge. These returns cover all the institutions
of this class in the whole State, but the figures are compiled
so as to distinguish between the results for New York City
(Greater New York) and those for the rest of the State, as
per the following:
For definitions and rules under which the various items
are made up, see "Chronicle," V. 98, p. 1661,
1913.
1912.
1911.
$12,210,989 $14,866,148 S15,667,790 $13,059,904
576,696,044 602,438,969 550,515,458 516,8.55,264
8588,907.033 $617,305,117 5586,183,248 8529,915,168
The following table shows the exports and imports of
specie at the port of New York for the week ending Sept.5
and since Jan. 1 1914, and for the corresponding periods in
1913 and 1912:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
We omit two ciphers in all these figures.
Deposits.
1911.
38,237,887
12,901.712
EXPORTS FROM NEW YORK.
Idf.37,129.300
-3,272,300
Not given.
Not given.
1912.
$3,510,124
20,876,406
The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending Sept. 5 and from Jan. 1 to date:
For the week
Previously reported
The averages of the New York City Clearing-House banks
and trust companies, combined with those for the State banks
and trust companies in Greater New York City outside of the
Clearing House,compare as follows for a series of weeks past:
5
3____ 2,695,191,2
11_ _ _. 2,678,283,6
18.__ 2,648,964,3
25____ 2,631,527,5
1____ 2,627,002,4
8____ 2,654,887,9
3S__ 2,694,560,3
22____ 2,701,090.3
29_ _ _. 2,697,812,8
5_ _ __ 2,706,988,9
FOREIGN IMPORTS AT NEW YORK.
For Week.
Not given.
Not given.
+ Increase over last week. - Decrease from last week.
O 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 5629,196,900, a decrease of $2,620.000
from last week. In the case of the Clearing-House members, Ithe deposits are "legal
net deposits" both for the average and the actual figures. b Gold. c Currency
and bank notes.
July
July
July
July
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
Imports and Exports for the Week.-The following are
the imports at New York for the week ending Sept. 5; also
totals since the beginning of the first week in January:
1914.
Total
Change from last week
Loans and
Week Ended- Investments
100,652,0
*454,701,0 11,605,0 162,321,9
July 18_ 103,684,3 398,408,0
99,750,0
*446,449,0 11,573,0 138,919,8
July 25. 103,684,3 396.444,0
95,906,0
*444,461,0 11,464,0 154,138,8
Aug. 1_ 103,684,3 396,872,0
87,213,0
*423,473,0 11,613,0 140,810,9
Aug. 8. 103,684,3 400,172,0
85,902,0
*424,113,0 12,525,0 119,368,7
Aug. 15_ 103,684,3 401.553,0
85,451,0
Aug. 22_ 103,684,3 399,898,0
*421,292,0 13,179,0 131,601.2
84,017,0
Aug. 29_ 103,684,3 399,830,0
*418 421 0 13.441,0 125,425,7
85,651,0
*422,326,0 13,723,0 146,756,1
Sept. 5- 103,684,3 400,601,0
a Includes Government deposits and the item 'due to other banks."
* "Deposits" now include the item "Exchanges for Clearing House," which
were reported on September 5 as $12,933,000
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Exports.
Imports
Gold.
Week. Since Jan.1
Week. Since Jan. 1
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
T,otal 1914
Total 1913
Total 1912
Silver.
Great Britain
France
Germany
West Indies
Meil1co
South America
All other countries
Total 1914
Total 1913
Total 1912
$5,000 $37,621,460
85,540,015
1,018,913
935,049
1,105,120
119,495
822.987
238,900
$301,250
55,619
10,955
$17,366
109,830
3,602
1,521,579
864,063
2,509,245
1,378,572
8124,495 5127282444
25,000 68,768,196
7,4151 32,516,148
8367,824 56.404,257
851,652 14,346,223
324,3621 15,950,713
8837,379 524,280,790
3,204,408
$8,305
11,251
18,267
40,965
3,304,395
2,151,388
1,082,8811
1,000
199,478
$901
112,702
62.279
6,411
202,895
91,346
1,138,051
583,537
$1,037,857 529,501,027
1,041,054 34,159,937
1,253,743 38,756,924
5182,2931 86,618,439
263,519 7,000.103
146,850 6,694,096
Of the above imports for the week in 1914, $300,760 were
American gold coin and $550 American silver coin.
For General Distribution
Circular No. 616 describing Conservative Bond
Circular No. 617 describing Convertible Bonds
Circular No. 618 describing Listed Stocks
Spencer Trask & Co.
43 EXCHANGE PLACE NEW YORK
Boston
Chicago
Albany
Members New York and Chicago Stock Exchanges
SEPT% 12 1914.]
THE CHRONICLE
741
Vaniters' Gazette.
Wall Street, Friday Night, Sept. 11 1914.
The Money Market and Financial Situation.—Our
International trade relations show further improvement this
week and while such progress has been slow, it seems to have
been substantial in both quality and quantity. Sterling
exchange has sold at $4 963, a decline of 10 points from the
highest, and, although this rate has not been maintained,
the next swing of the pendulum is more than likely to take
it lower. As noted last week, the supply of bills shows
greater variety and the market is now more active. An
important step in the progress noted has been the arrangements made for paying off our obligations known to be
maturing soon in London, and with these out of the way it
seems reasonable to hope that before very long an equilibrium
will be established by means of the increasing balance of
trade in our favor. We refer somewhat at length to this
matter because it undoubtedly is the most important factor
in the present Wall Street situation.
Reports show that the output of iron and steel in August
Increased an average of 1,213 tons per day and that orders
booked were an average of more than 2,000 per day larger
than in July. Orders for exports are, however, disappointing. The number of idle freight cars diminished 8,800 during
the last half of August, as against an increase during the
corresponding period last year. The difference is doubtless
due largely, if not wholly, to the current movement of grain
to the seaboard. It is to be remembered, however, that the
total number of idle gars now is very much larger than then.
While no attempt is being made so far as known, to effect
an opening of the Stock Exchange, the restricted operations
reported at the Exchange Clearing House and trading on
the street seem to be steadily increasing. Little authentic
information is available in regard to the matter but the
New York News Bureau of to-day says:
each during the latter period, of all stocks and bonds dealt
in on the New York Stock Exchange.
The open market rates for call loans on the Stock Exchange
during the week on stock and bond collaterals have ranged
from 6% to 8%. Friday's rates on call were 698%.
Commercial paper closed at 697% for sixty to ninetyday endorsements and prime four to six months' single
names and 7IA% for good single names.
The Bank of England weekly statement on Thursday
showed a decrease of £264,283 in gold coin and bullion
holdings and the percentage of reserve to liabilities was
19.81, against 19.03 the week before. The rate of discount
remains unchanged at 5%, as fixed Aug. 13. The Bank of
France issued no statement.
In the following table the totals for all the Clearing-House
members, both banks and trust companies, are compared
with corresponding dates in 1913 and 1912.
NEW YORK CLEARING-HOUSE BANKS AND TRUST COMPANIES.
1914.
Averages for
week ending
Sept. 5.
Differences
from
previous wwek.
1913.
Averages for
week ending
Sept. 6.
1912.
Averagesfor)
week ending
Sept. 7.
$
$
$
$
Capital (June 30)
175,300,000
179,900,000 174,275,000
Surplus (June 30)
296,930,800
Loans and investments 2,136.964,000 Inc. 9,297,000 305,5.50,500 293,808,000
1,968,16.5,000 1,034,052,000
Circulation
114.362,000 Inc. 11,205,000
44,955,000
45.917.000
Deposits
1,902,388.000 Dec.
316,000 1,814,885,000 1,888,837,000
Specie
316,088,000 Dec. 1,849,000 335,526,000 343,188.000
Legal-tenders
74,916,000 Dec. 1,327,000
78,943,000
83,330,000
Cash reserve held
391,004,000 Dec. 3,176,000 414,469.000 426.518,000
Cash reserve required
428,133,300 Inc.
96,300 410,445,650 422,627,050
Surplus
de137,129,300 Dec. 3,272,300
4.023.350
3.890.950
Foreign Exchange.—The market for sterling exchange,
while it has shown some improvement, became dull late in
the week, the plan reported from Washington to raise a
$150,000,000 gold pool having to some extent at least delayed
efforts to proceed on independent lines.
Although the drift of current reports all is to the effect that there is an
excess of selling orders on the memoranda submitted under Clearing-House
To-day's (Friday's) actual rates for sterling exchange were nominal for
regulations, there have been many transactions between members of the
% for cheques and 4 993((9)4 993i for cables.
Stock Exchange at better prices than prevailed on July 30. People's Gas sixty days, 4 983j@4 983
Commercial on banks, nominal, and documents for payment,
sold yesterday at 105%, which, after allowing for the dividend, shows a Cotton
for payment, nominal, and grain for payment, nominal.nominal.
net gain of 1%. Recent transactions in small lots have been made in
There were no quotations for posted rates by leading bankers this
Atlantic Coast Line at 3 points above the price at the New York Stock
week.
To-day's (Friday's) actual rates for Paris bankers' francs
It:change on July 30.
were nominal
for long and nominal for short. Germany bankers' marks
were nominal.
r' "There has probably been more business in'Brooklyn Rapid Transit Amsterdam
bankers' guilders were nominal.
than in any other stock in the trading through the Clearing House, with
Exchange at Paris on London, not quotable. Exchange at
sales of 500 shares at a time at 7936, and the supply at around that price London,
Berlin on
not quotable.
has been practically absorbed. The sales at 7936, while apparently at the
The range for foreign exchange for the week follows:
same price at which the stock closed,showed an actual gain of % as the last
Sterling.
Actual—
Sixty
Days.
sale on the Stock Exchange was really made at 79.
Cheques.
Cables.
"Distillers' Securities was not offered at around the July 30 final figures, High for the week_ _ _4 9236
4 99
5 00
4 9631
although there has been, both through the Clearing House and in the Low for the week___4 9236
4 9731
Paris
Francs—
Bankers'
outside trading centres, a good demand for this stock.
High
for the week_
505
5 15
"All the stocks In the sugar group ranged materially higher, with most of
Low for the week_
5 10
the business in these issues transacted in American Beet Sugar."
5 15
Germany Bankers' Marks—
High for the week_
07
9736
rs
"Whileirthese conditions obtain, we cannot, of course, Low
for the week..
9636
97
Amsterdam Bankers' Guilders—
resume'publishing quotations, but we issued last week for
High for the week_
the benefit of our subscribers our usual Bank and Quota- Low
for the week_
tion"k Supplement, showing prices for July (including, of
Domestic Exchange.—Chicago, no market. Boston, par. St. Louis,
Sc.
per
$1.000 discount bid and Sc. premium asked. San Francisco, par.
course, closing prices July 30, the day the Exchange closed) and Montreal,
%c. per $1,000 discount. Minneapolis, 10c. per $1,000 premfor the year to August 1st, also the volume of business in ium. Cincinnati. 20c. per $1,000 discount.
Owing to the fact that the New York Stock Exchange has
remained closed since the afternoon of July 30, that business is
also suspended at the Stock Exchanges at Boston, Philadelphia,
Baltimore, Pittsburgh, Chicago, and nearly everywhere else in the
United States, and that security dealings have by common consent
been discontinued, it having been decided to omit even the customary auction sales of securities at New York, Boston and Philadelphia so long as the Stock Exchanges are closed, we are compelled to omit the 10 pages of stock and bond prices ordinarily
appearing in this department.
THE CHRONICLE
742
.
i llUkE
Is
1
[VoL.xcnc.
,1
RAILRkJAD GROSS EARNINGS.
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
can be obtained '1 he first two columns of figures give the gross earnings for the latest week or month, and the last two
solumns the earnings for the period from July 1 to and including the latest week or month. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period. The returns of the electric railways are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Latest Gross Earnings.
July 1 to Latest Date.
Previous
Year.
Current
Year.
Previous
Year.
11
3
$
Ala N 0& Tex Pac$
650.881
N 0 & Nor East.. August --- 317,245 355,916
717,475
272,842
Ala & Vicksburg_ August ___ 138.626 152.953
301.768
153.084
135,767
August
--Shrev&Pac.
271,374
Vicks
300.404
50.719
48.778
3d wk Aug
333,008
Ann Arbor
339.018
9.609,242 9.142.986 9.609.242 9.142.986
Atch Top & S Fe- July
260.671 261,966
260.671
Atlanta Birm & AV July
261,966
2,538.140 2,457.152 2.538.140 2,457.152
Atlantic Coast Line July
138.995 132.674 2.095,812 1.895.999
Chariest & W Car June
123.957 103.506 1,371.798 1,231,482
Lou fiend & St L June
8,146.688 9.020,621 8.146.688 9,020.621
g Baltimore & Ohio_ July
..... 138,661 159,476
B & 0 Ch Ter RR July
138.661
159.476
242.344 214.474
Bangor & Aroostook July
242.344
214,474
1,118,462 1.093.207 1,118,462 1,093,207
Bessemer & L Erie.. July
Birmingham South_ July
90,657 118.701
90,657
118.791
4,222,986 4,340.608 4,222,986 4.340,608
Boston & Maine
July
Buff Roch & Pittsb_ 1st wk Sep 187,843 258,834 2.167.347 2,479,907
115,585 153,124
Buffalo & susq
July
115,585
153.124
Canadian Northern. 1st wk Sep 320.000 382.400 3,282.000 4,136.000
Canadian Pacific 4th wk Aug 2,980,000 3 345.000 20,013.972 23.055.062
1,166.371 1,012,67 01.166,371 1,012,670
Central of Georgia_ July
2.542.865 2.535.218 28.644.601 29.344.696
Cent of New Jersey May
Cent New England.. July
276,093 276,704
276.993
276,704
May
336.216 355 935 3.679.247 2.824.953
Central Vermont
Ohm & Ohio Lines_ 1st wk Sep 692.743 624,749 7,436,113 6,862.105
3d wk Aug 310.721 346.532 2.201,958 2.341,179
Chicago & Alton
7,861.573 7,823,061 7,861,573 7.823,061
Chic Burl & Quincy July
June
1,126,621 1,345.482 15.544.286 16.214,972
fChic & East III
p Chic Great West.. 4th wk Aug 385,496 403,042 2,367.932 2.520.719
Chic Ind & Loulsv_ 1st wk Sep 145.877 144.872 1,373,954 1.377,498
7,824.986 7,920.834 7.824,986 7,920,834
Chic Milw & St 1'_1 July
ChicMil& Pug8(
7,362.811 7.596.020 7,362,811 7,596,020
oChic & North West July
1,580,989 1,469.778 1,580.989 1,469,778
Katie St P M & Om July
190,313 150.244
190.313
Chic Terre 11 & S E July
150,244
938,738 882.593
Cin Hain & Dayton July
938.738
882.593
135.024 129.372
Colorado Midland_ July
135,024
129.372
b Colorado & South. 1st wk Sep 242,328 291.058 2,503,292 2.867,048
12,454
17,637
July
Cornwall
12,454
17,637
31.510
26.490
Cornwall& Lebanon July
26,490
31.510
382.544 324.187
Cuba Railroad_ _ _ _ July
382,5441 324,187
1.965.163 1.953.503 23,090,06023.999,532
Delaware & Hudson June
Del Lack & West.. July
3,752.005 3,853,131 3,752.005 3,853,131
Deny & Rio Grande 1st wk Sep 528,700 523,700 4,610,730 4,922,203
"Western Pacific 1st wit Sep 135,000 116,600 1.241,138 1,391,257
Denver & Salt Lake 4th wk Aug
50,353
51,700
321,852
293,610
Detroit Tol & front August_ 193,360 146.240
344.950
282.193
Detroit & Mackinac 4th wk Aug
30,553
36,599
2912.161
225,123
Dui & Iron Range_ . July
812,254 1,173.440
812.254 1.173,440
Duluth So Sh & Atl 4th wk Aug 101,275 117,108
588,757
674,242
Elgin Joliet & East_ July
800,348 1,101,274
800.348 1.101,274
El Paso & Sou West July
740,159 704.396
740.159
Erie
July
5,419,58115,538,223 5,419.581 5.538:223
Florida East Coast_ July
291.8661 289.170
259.170
291.556
90,2361 98.888
Fonda Johns& Gloy July
90,236
98,888
Georgia Railroad_ June
238,157 221,804 2,327,444 3.117.765
Grand Trunk Pac_ 3d wk Aug 114.859 107,769
739,722
865.606
Grand Trk System.. 4th wk Aug 1.581.731 1.710,015 9,577,757 10,196.316
Grand Trk West_ 3d wk Aug 153.894 137,898 1.062.996 1.056.861
Det Gr H & Milw 3d wk Aug
52,196
377.424
353,756
48.527
Great North System August
6,790,640 7,221.330 13,631.087 14,916,142
Gulf & Ship Island_ July
181,506
149.680
149.680 181.506
Hocking Valley_ __ _ July
704.015
451.414
451.414 704,015
Illinois Central..
August
5,759.390 5,697,121 11,155.512 11,055,029
Internet & Grt Nor 1st wk Aug 158.000 158.000
920,000
876.000
a Interoceanie Mex_ 1st wk Aug
910.778
225.474
42.403 181.276
Kanawha & Mich.._ July
279,393 803.773
303.773
279.393
Kansas City South_ July
945.266 811.506
945,266
811,506
Lehigh & New Eng.. July
233.342 137,246
137.246
233,342
LehiM Valley
July
3,582,081 3,695.712 3,552.081 3,695,712
Louisiana & Arkan_ July
155.777 143,543
155.777
143.543
s Louisy & Nashy 4th wk Aug 1.448.950 1,651,300 9,508,098 10,057.107
Macon & Birm'ham July
14.337
10.330
14.337
10.330
Maine Central
July
1,014.868 1,026.857 1,014.868 1,026,857
Maryland & Penna. July
40,343
44.180
40.343
44.180
a Mexican Railways 3d wk Aug 153,100 199,900 1,359.500 1,487,600
Mineral Range_.... 4th wk Aug
21.977
151,967
7,450
82.862
Minn & St Louis_.1 1st wit Sep 229.383 224.343 1,912,723 1.785,337
Iowa Central_ J
,
Minn St P & S S 'M._ 4th wk Aug 715,338 718,928 4.859,589, 5,232,540
80.45
Mississippi Central_ June
86,672 1.027.0971 1.054.566
U Mo Kan & Texas.. 4th wk Aug 843.289 994.889 5.359.125 5.586,178
z Missouri Pacific 1st wk Sep 1,109.000 1,147.000 11,692,393 11,814.504
1,071,780 1.027.198 1,071,780 1,027,198
Nashv Chatt & St L July
a Nat Rys of Mex_t 1st wk Aug 208,408 603.778 1.583.461 3,327.255
13,342
9,857
Nevada-Cal-Oregon 4th wk Aug
75,795
75,244
155.069 166.185
New Orl Great Nor_ July
155,069
166.185
8.073.280 8.932.016 8,073,280 8.032.016
eN Y C & Bud Ely July
1,470.180 1.546.725 1.470.180 1.546,725
Boston & Albany July
4,592.240 5322.218 4,592.240 5,122,218
Lake Shore & MS July
607.956 495.638
nLake Erie & W_ July
507,956, 495.638
331.7541
331,754 323.625
Chic Ind & South July
323.625
2,838.342 3,024,441 2.838,342 3,024.441
Michigan Central July
3,147,147 3,302.886 3,147.147 3,302.886
Clev C C & St Li July
Peoria & Eastern
130,220 112.967
130.220
112,967
Cincinnati North. July
1,503.661 1.746.488 1.503,661 1.746,488
Pitts & Lake Erie July
958.447
920,658
920,658
958.447
July
L.
&
St
N Y Chic
316,407
316.407 587.980
587.980
Tol & Ohio Cent_ July
23831845 26153431 23.831,845 26,153.431
Tot all lines above July
ROADS.
Week or
Month.
Current
Year.
July 1 to Latest Date.
Previous
Year.
Current
Year.
Previous
Year.
3
$
181,592
45.804
18,592 185804.
NO Mobile & Chic.. July
5,755.633 5,843,935 5.755.633 5.543,935
N Y N H & Hartf__ July
992.561 1.008.297
992,561 1,008.297
N Y Ont & West__ July
291.268
289,632
289,632 291,268
NY Susq & West__ July
291,530
322.142
322,142 294.530
Norfolk Southern__ July
3,743,588 3,858.538 3,743.588 3.858.538
Norfolk & Western_ July
5,792,063 6,272,973 5.792.063 6.272.973
Northern Pacific..... July
423,537
428.799
428,799 423,537
Northwestern Pac_ July
528.662 709,765 7,063.649 7.945,931
Pacific Coast Co..... June
16068587 16451934 16,068.587 16.451.934
zPennsylvania RR__ July
159,649
174.764
Bait Ches& Atl_ _ July
175,764 159.649
288.406
240,254
Cumberland Vall. July
240.254 288.406
July
Long Island
1.519.806 1,549,407 1.519.806 1.549.407
112.500
112.105
112.500
Maryi'd Del & Va July.
412,562
442.619
N Y Phila & Neuf July
442,619 412.562
PhilaBalt & Wash July
1,852.01711.786.011 1.852.017 1.786.011
851.311
W Jersey & Seash July
831.305
831,305 851,311
Pennsylvania Co... July
5,198.494 6,281,699 5.198.494 6.281,699
502.245
489.1)79
Grand Rap & Ind July
489.579 502.245
Pitts C C & St L.. July
3.476.210 3,817.787 3.476.210 3.817,787
980.883
956.462
July
Vandalia
956,4621 980.883
Total lines!
East Pitts & Erie July
21811583 23423241 21.811.583 23.423,241
West Pitts & Erie July
10246136 11719781 10,246.136 11,719,781
All East & West_ July
32057719 35143022 32,057.719 35,143,022
June
Pere Marquette
1,242.86711,309.768 16,431.939 17.406 755
Reading Co3,821,8006,211,407 3.821.800 4,211.407
Phila & Reading._ July
1,822,9512.062.207 1.822,951 2.062,207
Coal & Iron Co.._ July
5,644,7516,273,614 5.644,751 6.273,614
Total both Cos.._ July
234.396
257.913
257,913 234,396
Rich Fred & Potom July
73.312 1.012.649 1.097.532
73.980
Rio Grande June_ _ _ June
05,504
112.259
16.470
16,682
Rio Grande South 4th wk Aug
6,036,141 5,838,891 6.036.141 5,838.891
Rock Island Lines- July
347.792
July
306.908
306.908 347.792
Rutland
126.426 121.425 1.610.060 1.553.465
St Jos & Grand Isl.. June
2,735,067 2,679,162 2,735,067 2,679.162
St L Iron Mt & Sou,July
186.787
218.380
218.380 186.787
St L Rocky Mt & P.. July
3,815.950 3,929,398 3.815,950 3.929.398
St Louis & San Fran July
St Louis Southwest_ 1st wk Sep 210.000 257,000 2.082,342 2.417.546
884,419
878.791
878.791 884.419
San Pad LA & S L., July
Seaboard Air Line__ 4th wk Aug 449,456 491,058 3.453.675 3,612,744
11632919 1 1761010 11.632,919 11.761.010
Southern Pacific__ _ July
1,793,352 11,329.060 11.270,394
Southern Railway__ 4th wit Aug 1,769,625
Mobile& Ohio_ _ _ 4th NV Aug 325,275 364,025 2.147,161 2,124.411
1.672.908 1,667,770
Gin NO & Tex P. 4th wk Aug 269.457 272.865
850.644
880,463
Ala Great South_ 4th wk Aug 157,160 160,317
59,878
63,232
405.238
385.598
Georgia Sou & Fla 4th wk Aug
415.928 458.910 4.901.740 5.341.466
Spot Port'& Seattle June
2,683
2.344
14,562
17.086
Tenn Ala & Georgia 4th wk Aug
148.398
154.153
154.153
148,398
Tennessee Central_ July
3,211,483 3,239,538
Texas & Pacific.... 1st wk Sep 310,961 328,016
7,604
7,541
7.541
7,604
Tidewater & West.. July
54.515
233,956
43.920
237,880
Toledo Peor & West 4th wk Aug
111,513
801.25$3
830,487
Toledo St L & West 4th wk Aug 101,986
7,559.237 7,822.609 7.559.237 7,822,609
Union Pacific Syst_ July
169.302
169.302 154.642
154.642
Virginia & Sou West July
519.337 499.553 6.680.903 6.189.760
June
Virginian
2,734,303 2.876.761 5,383.756 5,614.577
August
Wabash
712.429
712,429 740.658
740,658
Western Maryland.. July
531.094
531.094 777.926
777.926
Wheel & Lake Erie_ July
18,618
16.565
16.565
18,618
Wrightsv & Tennille July
p60,397 890.380 1,713.588 1.698,209
Yazoo & Miss Vail_ August
Various Fiscal Years.
Current
Year.
Period.
Jan 1
Delaware & Hudson
NY Central & Hudson River_ e_ Jan 1
Tan 1
Boston & Albany
Lake Shore & Michigan South Jan 1
Jan 1
Lake Erie & Western _n
Chicago Indiana & Southern.. Jan 1
Jan 1
Michigan Central
Jan 1
Cleve ('In Chic & St Louis
Jan 1
Cincinnati Northern
Jan 1
Pittsburgh & Lake Erie
New York Chicago & St Louis Jan 1
Jan 1
Toledo & Ohio Central
Jan 1
Total all lines
Jan 1
sPennsylvania Railroad
Baltimore Chesap & Atlantic.. Jan 1
Cutnberiand Valley
Jan 1
Jan 1
Long Island
Maryland Del & Virginia...... Jan '1
N Y Philadelphia & Norfolk_ Jan 1
Phila Baltimore & Washing n Jan 1
West Jersey & Seashore
Jan I
Pennsylvania Company
Jan 1
Grand Rapids & Indiana_ _ _ _ Jan 1
Pitts Cin Chic & St Louis..... Jan 1
Vandalla
Jan 1
Total lines-East Pitts & Erie Jan 1
-WestPitts & Erie Jan 1
-All lines E &
Jan 1
Rio Grande Junction
Dec 1
Rutland
Jan I
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
June
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
June
July
Previous
Year.
$
30 10.685.315 11.691,472
31 53.995.323 58.782.098
31 9.528.628 9.993,326
31 29.572.970 34.763.499
31 3.193.217 3.371,894
31 2.405.950 2.530,737
31 19.100,6302l,032.540
3119.730.09221.004.651
31
767,820
727,997
31 9.499.238 11.716,814
31 6.483.559 7.105.854
31 2.372.357 3,323,425
31 156650684 174442934
31 101788107 108798805
31
654,917
676.106
31 1.948.7151 2,059.087
31 7.475.059' 7.563.124
31
504.180 501.399
31 2.235.681 2.324.016
31 11.670.94312.112,288
31 3.547435 3.579,610
31 31.660,45437.822,068
31 3,028,2451 3.086.113
31 22.510.452 24.994.478
31 6.087.17016.256,289
31 138426766 145283640
31 64.161.35573.049.584
31 202588121 221333224
525,497
30
484.981
31 1,980.668 2,059,538
AGGREGATES OF GROSS EARNINGS-Weekly ani Aonthly
•Weekly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
%
*Monthly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
%
Mileage.
$
Cur. Yr. Prey. Yr.
S
$
S
$
$
-1.037.405
8.03
November-243
745
13,534.675
241.45"
12,447,270
269.220.882
278.364.475 -9.143.593 3.35
3d week June (39 roads)____
-764.640 4.37
December __243.322 241 180 254.218.891 266.224.67>- -12.005.787 4.51
4th week June (38 road s)_ .. _ _ 16.716.590 17.481.230
-543.749 4.39
January ___243.732 241.469 233.073,834 249.958.641 -16.884.807 6.75
1st week July (38 roads)._ 12.323.697 12.867.446
5.24
-701.330
February___241.925
247.028
.209,233,005 233.050.143 -23.823.138 10.22
2d week July (37 roads)........ 12,692.460 13.393.790
March
-919.084 6.57
245.200 243.184 250.174.257 249.514.091
+660.166 0.27
3d week July (37 roads)-.... 12.891.583 13,810.667
April
-686.762 3.47
243.513 241 547 236.531.600 245 048.870 -8.517.270 3.48
4th week July (39 roads)........ 19.122.365 19.809.127
Ivray
246.070 243.964 239.427.102 265.435.022 -26 007.920 9.79
-840.332 6.10
1st week Aug (36 roads)--__ 12.937.673 13.778.005
June
222.001 219.691 230.751.850 241.107.727 -10.3.05.877 4.30
2d week Aug (37 roads)---- 12.911.396 14.002.634 -1.091.238 7.79
July
92.909
01.304 73.420.804 77.481.552 -4.081.045 5.22
3d week Aug (38 roads)_ __ _ 13.037.906 11.031•147
-906
'
241 7
'
09
August .......92,136
90.579 73.690.353 75 645 529 -el ass 470 ti.37
4th week Auir (Ss roads)
17.581.257 19.019,926 -1.438,669 7.56
a Mexican currency. b Does not include earnings of Colorado Springs & Cripple Creek District Ry.from Nov. 11911. e Includes the New York &
Ottawa. the St. Lawrence & Adirondack and the Ottawa & New York Ry., the latter of which, being a Canadian road, does not make returns to the
Inter-state commerce commission. f Includes Evansville & Terre Haute and Evansville & Indiana RR. g Includes the Cleveland Lorain & Wheeling
Ry. In both years. n Includes the Northern Ohio RR. p includes earnings of Mason City & Fort Dodge and Wisconsin Minnesota & Pacific. $ Includes Louisville & Atlantic and the Frankfort & Cincinnati. t includes the Mexican International. u Includes the Texas Central and the Wichita
Falls Lines. v Includes not only operating revenues, but also all other recelpts. x includes St. Louis Iron Mountain & Southern. a Includes the Northern Central beginning July 1 1914. * We no longer include the Mexican roads in any of our totals.
SEPT. 12 1914.]
THE CHRONICLE
743
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the fourth week ELECTRIC RAILWAY AND TRACTION COMPANIES.
of August. The table covers 36 roads and shows 7.56%
Latest Gross Earnings.
Jan. 1 to latest date.
decrease in the aggregate under the same week last year.
Name o
Road.
Fourth week of August.
1914.
1913.
Increase. Decrease.
1Veek or
Month.
Currenti Previous
Year.
Year.
Current
Year.
Previous
Year.
$
American Rys Co_
July
509.215 496.101 3,112.066 2.930,694
Atlantic Shore Ry___ July
49.154 49,743
195.427
201.780
cAur Elgin & Chic Ry Jone
180,770 184.786
938.710
905.236
Bangor Ry & Electric July
67.805
72.090
436.491
421.910
Baton Rouge Elec Co July
14.742 13.7741
101.893
88,118
Belt I-RyCorp(NYC) May
126,273
67.092 65.7211 296.740 13,3
91
8
60
5:
0
5 .0
17.546 Berkshire Street Ry_ June
85,975
91.904
462.288
453.128
13.111 Brazilian Trac L & P. Iuly
2072,261
2033.211 13.863.616
3.408 Brock & Plym St Ry June
11.458 12.102
50.794 10,29
466
1
580
3:2
86,082 Bklyn Rap 'Fran Syst 7.lay
2482.243 2,3566.34 10.734.655
71.600 Cape Breton Elec Co J uly
31.466 32.543
198.787
:620
189
6
2
07
00
Chattanoo
35.600
ga Ry & Lt July
92.696 95,521
644,810
1.347 Cleve Painesv & East Jtine
42,596 40.989
196.293
188.54,0
6,046 Cleve Southw & Col_ July
117.666
120.557
714.512
380,228
6
39
35.716
15.833 Columbus(Ga) El Co July
53.827 48.875
Comwth Pow Ry & L 3uly
3,354
222.347 205,169 31
1..,7
06ta3
2...=
1,.
93803
18.7
87
20
1.,
Connecticut Co
tine
738.224 696.514
1,581,731 1,710.015
128,284 Consum Pow (Mich) July
258,356 233.677
1
Climb Co (Me)P & L J
258,004 235,247 1.395.590 1.280.227
Dallas Electric Co __ 1 nly
179.131 17.5.352 1.293.106 1 203 554
1,448,950 1.651.300
202,350 Detroit United Lines 2d wk Aug 235.328 258,860
1..340
7.4
25
12
260 7.937.668
21,977
14,527
DDEB& Bat(Ree) Nlay
7,450
44,205 53.001
248.877
276.838
Duluth-Superior Trac .1uly
228,910
47,928
122.925 121.089
East St Louts & Sub_ July
218,659 224,352 1.7
55
49
17
4815
97
4
9.6
560
51 1,7
715,338
718,928
3.590 El Paso Electric Co_ JtilY
83,640 65.551
7:6
244
7
53
72 504.562
99
843,289
994.889
151.600 42d St M & St N Ave May
170,715 166.869
771.491
1,808,000 1,861,000
53.000 Galv-Hous Elec Co July
226.664 228.910 1.422.595 1,341 758
325,275
364,025
38.750 Grand Rapids Ry Co July
115.756 118.261
736,775
743,675
13,342
9.857
3,485
Harrisburg Railways..July
91,478 96,044
576.148
564.031
16.682
16,470
Havana El Ry,L & P
212
288,000
364,000
Railway Dept_ __ _ Wk Sept 6
76,000
53.068 54.537 1.921.458 1,941.186
449,456
491,058
41,602 HAughton Co Tr Co_ July
28.309 31.757
180.392
168.461
1,769,625 1,793.352
23.727 b Hudson & Manhat_ July
438.820
418.040 3.279.931 3.189.600
2,344
2.683
339 Illinois Traction
- July
656,0191 626.882 4.694.647 4,415.930
497,065
533,180
36.115 interboro Rap Tran_ June
2714.667 2591.271 17.515,941 16. .701
43,920
54,515
10,59.5 Jacksonville Trac Co July
57.442 57.130
440,121
3S8,628
101,986
111,513
9.527 Key West Electric_ _ July
11.73
10.570
79.405
77.417
Lake
Shore
Elec Ry. June
127,203 129.354
Total (36 roads)
658.10e
633.700
17,581,257 19.019,926 195,779 1.634.448 LehighValley Transit
July
172.089
162.401 1.033.17
I OW RAO Lewis Aug &
956.864
Watery_ July
72.565 75.102
378.485
376.854
Long Island Electric_ May
23,452 21.16e
85.06
83.406
Net Earnings Monthly to Latest Dates.-The table Louisville Railway,July
268,063 268,413 1,860,60 1.853.290
Milw
El
Rv
&
Lt Co_ July
following shows the gross and net earnings of STEAM Milw
487,590
478,743
3.444.084
Lt. Ill & Tr Co July
154.797 150.541 3.511.2626861.5
797.434
railroads and industrial companies reported this week:
Monongahela Val Tr_ June
61..
494.717
442.066
N Y City Interboro_ _ May
-Gross Earnings- -Net Earnings
662, 54.233
262.984
238.686
- N Y & Long
Island_
Current
May
_
Previous
38.658
37.057
Current
145.822
151.451
Previous
N V & North Shore_ _
Roads.
Year.
15.799 15,504
Year.
76.740
Year.
5.090
Year.
NY tic Queens Co... June
May
133.647 128.681
3
523.732
537.650
New
York
Railways_
Bangor & Aroostook_b-July 242,344
May
1199.849
1232.152 5.509.710 5,878.534
214.474
49.245
36.747 N Y Westehes &
Boa. June
36.136 37.191
195.670
July 4,222.986 4,340.608
Boston & Maine_b
169.741
842.145 1.084.973 N Y & Stamford Ry_ June
36.953 37.737
161.329
164.262
July 1,279.437 1.337.056 5294,917 s309.979 Northampton Tree.. May
Chicago & Alton_a
17.783 16.124
72.258
69.510
Nor
Ohio Trac & Lt July
Ohio Burl & Quincy_b_ _July 7.861.573 7.823.061 2,751.719 2,591.171
351.659 319.132 2.073.359 1,816.369
NorthTexas Flee Lt_ July
188.715 180.931 1,227 501 1.190.225
Chic Great Western_b_July 1.082.558 1.204,020
213,140
321,895 Northw Pennsylv Ry July
38,899 41,151
201.298
203,251
Dela Lack & Western-b-JalY 3.752.005 c3,853,131 1,312.222 c1,292.982 Ocean Electric (L I)_ May
12.217
9.919
35,592
30,547
Paducah Tr & Lt Co_ July
Denver & Rio Grande24.250 23,988
174.507
162.814
Pensacola
Electric
Co July
Western Pacific_b
24.405 24.545
July 561.238
162.877
623.157
124,461
163.111
181,349 Phila Rap Transit Co
July
19.51.266
1996.612
Duluth So Sh & Atl_b_ _July 293,357
320,849
61,455
73.739 Port(Ore)Ry.L&PCo July
511.005 568.371 3.782.664 3.861.894
Portland (Me) RR _ July
Grand Trunk of Canada116.551 120.011
584.472
577.575
PugetSound Tr,L& P June
Grand Trunk Ry (inci
668.255 653.957 4.236.645 4.148.286
Republic
Ry
&
Light
Can Ad)
July
July 3,891.740 4,202,466 1,035.104
252.949 255.301 1.756.770 1.650.793
964.297 Rhode Island
Co_ _ - _ June
Jan 1 to July 31
24,226.897 26,582.039 6,164.882 6,187.511
487.725
502,319
2.545.477
2.555.087
Richmond Lt & RR_ May
36.345 32.753
Grand Trunk West_ --July 610,259
135.405
133.047
StJoseph(Mo)Ry.Lt.
Jan 1 to July 31
4,060.839 4,317.058 def19,224
337.491
Heat & Power Co_ August
113,454
105,091
856,954
. 514,724
Det Gr Hay & Milw__July 221,912
Santiago
El
Lt
&
July
Tr_
207.313
2.433
18.979
41.185 39.149
271.360
264,034
Jan 1 to July 31
1,398,388 1,365.297 def208.042 def173,976 Savannah Electric Co July
73,627 71,126
497.021
474.120
Second Avenue (Rec) May
86,127 92,230
Hocking Valley_b
349.645
July 451.414
704,015
410.942
108.486
244.692 Southern Boulevard_ May
20.778 10,359
85.423
76,539
Mineral Range_b
July
78.271
58.220
10.004 Staten Isid Midland_ May
25,925
29.868 26.110
102.843
97.617
Missouri Pacific_a
July 5,252.971 5,153.374 h1,408,896 h1,273,201 Tampa Electric Co_ _ July
83.683 71,406
568.00
467.106
Third
Avenue
May
351.298 354.363 1,619.115 1.642.213
Norfolk & Western_b July 3,743,588 3.858.538 1.228,166 1,285.562 Toronto
Street Ry_ _ August
507.912 535,322 4,050,007
Rock Island Lines_b
July 6,036.141 5.838,891 1,250,376 1,196.358 Twin City Ran Tran _ 4th wk Aug 252.781 255.557 6.131,625 3,039,186
5.773.901
St L Iron Mt & Sou_a_ _July 2,735,067 2,679.162 P77.069 1.758,491 Underground Elec Ry of London
London Elec Ry-_ Wk July 25 £12,425 £12.550 1420.515 1419.075
St Louis Southwest_a_July 926.342 1.037.546
157,315
175.367
Metropolitan That.. Wk July 25 £12.583 £12.757 £393,909
Southern RailwayLondonGen Bus__ Wk July 25 E73.731 £68.381 11,910.406 11£393719
849062
Clue N 0 & Tex P_b_July 831,499
827.100
221.022
261,552 216 S-84 1.051.730 1.048.503
246.621 Union Ry Co of NYC May
United Rys of St L. July
Alabama Gt Sou_b_ _July 413.816
1050.552 1065.928 7.363.333 7,287.650
435.651
100,907
96.123 Virginia Ry & Power_ July
443.816 439.688 2,980.747 2.858.083
Texas & PacIfic_b
July 1,473.202 1.404.713
323.233
267.116 Wash Bait & Annap_ July
70,780 72,171
452.728
472.482
Toledo St L & West a_ July 402,559
.55.818 50.450
403.984
220.455
105.932
124.686 Westchester Electric_ May
212.176
Westchester St RR_ _ June
Wabash_b
23.607
23.358
July 2.649.453 2,737.816
115.177
114.214
739,804
696,242 Western Rys & Light June
210.221
204.436 1.263.524 1.206,239
INDUSTRIAL COMPANIES.
Wisconsin Oas & Elec June
59.298 58.167
391.074
359.877
Adiron'k El Pow Corp_ a July
Yonkers Railroad_ _ _ May
67,206 66.898280.454
92.148
96,679
241.794
21.467
17.628 York
Jan 1 to July 31
Railways
July
710.269
66.348 67.193
671,430
455.440
238.610
432.256
168.521 Youngsto
Detroit Edison_a
wn & Ohio_ July
24.320 23.223
145.460
138.909
406,377
168.366
137,904
Jan 1 to Aug 31 Aug 459.580
16.849 15.176
82.972
78.867
4.080,516 3,506,792 1.692,732 1.443.233 Youngstown & South June
Great Western Power_July
216,936
a Includes earnings on the addlt onal stock acquired May 11913. b Rep222.348
167.015
161,357
Aug 1 to July 31
2.684.035 2,581.324 1.917.643 1.705,464
resents income from all sources. c These figures are for consolidat
ed co.
Keystone Telephone_ a_Aug
112,546
105,267
58,938
Jan 1 to Aug 31
52,056
880.262
837.106
446.810
Electric Railway Net Earnings.-The following table
412,615
Net earnings here given are after
deducting taxes.
b Net earnings here given are
gives the returns of ELECTRIC railway gross and net
deducting taxes.
c Owing to the new classificatbefore
ions effective July
1 1914, we have com- earnings reported this week.
bined the figures for the rail operations
tions in order to make the comparisonand the results of the outside opera-Gross Earnings- -Net Earnings
fAfter allowing for additional income as nearly correct as possible.
Current
Previous
Current
Previous
for the month of July 1914, total
Companies
net earnings were $841.771. against
Year.
Year.
Year.
$823,475
Year.
last
year.
h Includes St. Louis Iron Mountain & Southern.
$
$
$
After allowing for other Atlantic
income, total income was 31,497,557 In
Shore Ry_b__ _July
July 1914. against $1,359,136.
49,164
49.743
S
a 36
20.800
s After allowing for miscellaneous charges
Jan 1 to July 31
to
195,427
income
204.780
for
35,248
the
44.808
month of
July 1914, total net earnings were $244.774.
Brazilian
Tr
Lt & Pow__July 2.072.261 2.033.211 1,193.813 1,052.556
against $265,494 last year.
Jan 1 to July 31
13.863.616 13,586.098 7,936,243 7,230.347
Interest Charges and Surplus.
Commonwealth Pow Ry & Lt
-nit., Rentals. &c.- -Bal. of Net
System
(all
cos).
a_
_
__July
1,201.963 1.156.553
517,399
Earns.
472.128
Current
Aug 1 to July 31
Previous
14,616.878 13,744.593 6.271,294 5.856.713
Current
Previous
Roads.
Year.
Year.
N Y State Railways_bYear.
Year.
Apr
1 to June 30
$
1,944.933 1,966.299
Bangor & Aroostook_ __July 109,452
812.072
729,513
111.674 zdet38.116zdef47,077
Jan 1 to June 30
3.784.856 3,778.926 1.436.079 1.378.393
Duluth So Sh & AtI____July
July 1 to June 30
96.006
102,782 zdef31.371 zdef27,506
7,802,158 7.701.079 3,005,501 2.970.090
Hocking Valley
July 120.273
133,409 zdef30.612 z150,182 Northwestern Penne a_July
38.899
41,151
15.357
17.353
Jan 1 to July 31
Mineral Range
201,298
July
203,251
13,556
42.758
12.528
x12,683 zdef2,240 St Jos
51.343
Ry L H & Pow_a Aug 113,454
Norfolk & Western_
July 539,667
105,091
499,846 x790.938 z829.261
48.220
43,142
Jan 1 to Aug 31
856,984
814.724
St Louis Southwestern_July 264,443
364,325
347.896
242.971 zdef23.525
z22,233
a Net earnings here given are after deducting taxes.
INDUSTRIAL COMPANIES.
b Net earnings here given are before deducting
AdIrond'k El Pow Corp-July
taxes.
20.863
21,220
604
def3,592
Jan 1 to July 31
146.975
149.111
91.634
19.409
Detroit Edison
Interes
t
Aug
Charges
and
77,350
57,034
Surplus.
91,016
80,870
Jan 1 to Aug 31
560,982
453.957 1,131,750
989.276
-Int.. Rentals. &c.
Great Western Power_ July 113.473
--Sal. of Net Earns.108.316
53.041
53.542
Current
Previous
Aug 1 to July 31
Current
1.337.855 1,265.877
Previous
Roads.
579,788
439.587
Year.
Year.
Year.
Keystone Telephone.._ _Aug
Year.
26,037
25,517
S
32.901
26,539 Commonwealth Pow
S
Jan 1 to Aug 31
$
By
&
$
207.853
Lt
202,782
238.957
209,833
System (all cos)
z After allowing for other income received.
July 358,812
321,683
158.587
Aug 1 to July 31
150.443
4.055.815 3,726,694 2.215,479
2.130,109
Alabama Great Southern
BuffalJ Rochester & Pittsburgh
Canadian Northern
Canadian Pacific
Chesapeake & Ohio
Chicago Great Western
Chicago Ind & Louisville
Cinc New On & Texas Pacific
Colorado & Southern
Denver & Rio Grande
Western Pacific
Denver & Salt Lake
Detroit & Mackinac
Duluth South Shore & Attantic
Georgia Southern & Florida
Grand Trunk of Canada
Grand Trunk Western
Detroit Gr Hay & Milw
Canada Atlantic
Louisville & Nashville
Mineral Range
Minneapolis & St Louis
}
Iowa Central
Minneapolis St P & S S M_ _ _
Missouri Kansas & Texas
Missouri Pacific
Mobile & Ohio
Neyadl-California-Oregon
Rio Grande Southern
St Louis Southwestern
Seaboard Air Line
Southern Railway
Tennessee Alabama & Georgia_
Texas & Pacific
Toledo Peoria & Western
Toledo St Louis & Western
$
$
157.160
160.317
316,329
369,788
385,200
573,000
2,980.000 3.345,000
1,193,694 1,072,421
403,042
385,496
202.669
215,750
269.457
272,865
371,021
457,103
675.800
747.400
189.-'l
224,800
50,353
51,700
36.599
30.553
101,275
117,108
59.878
63.232
$
$
3,157
53,439
186.800
365,000
[VoL. xc xx.
THE CHRONICLE
744
-Int.. Rentals. &c.- -Bat. of Net Earns.
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
$
$
$
$
Roads.
N Y State Railways429,051 x386,164 x335,876
459,566
Apr 1 to June 30
852.258 x598,437 x608.265
917,571
Jan 1 to June 30
1,808,732 1,674,869 x1,364,668 51.465,252
July 1 to June 30
27,387
20,133
20,833
23,008
St Jos Ry L H & Pow__Aug
199.356
160.729
164.968
187,165
Jan 1 to Aug 31
After allowing for other income received.
ANNUAL REPORTS.
Annual Reports.-An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month will be
given on the last Saturday of each month. This index will
not include reports in the issue of the "Chronicle" in which
it is published. The latest index will be found in the issue
of Aug. 29. The next will appear in that of Sept. 26.
Norfolk & Western Railway.
(Report for Fiscal Year ending June 30 1914.)
On subsequent pages will be found the report of President
L. E. Johnson and also the comparative balance sheet for
three years. Below we publish comparative tables and statistics for several years:
OPERATIONS, EARNINGS, &c.
1912-13.
1911-12.
1913-14.
2,035
2,018
2,037
Miles operated June 30_
EquipmentLocomotives
Passenger cars
Freight cars
Maintenance-of-way cars
Barges
1,057
452
47,929
1,067
10
1,044
413
43,161
1,072
10
1,010
401
42,523
1,050
10
1910-11.
2,004
991
402
41.597
1,058
10
Interborough Rapid Transit Co.
(Reportfor the Fiscal Year ending June 30 1914.)
On subsequent pages will be found an abstract of the report
of President Shonts and also the general balance sheet.
Below we give the usual comparative tables forseveral years.
1912-13.
Year ending June 30- 1913-14.
1911-12.
1910-11.
Gross oper. revenue-533,515,396 $32,497,871 $31,246,392 $29.767,352
Operating expenses_ _ _ _ 12,902,054 13,260,743 13,047,802 12.368,982
Net open revenue-520,613,342 519,237,128 318,198.590 317,398,370
2,081,948 2,116,880
1,979,431
Taxes
1.925,090
Income from °per-418,531,394 517,120,248 $16,219,159 315,473,280
487,490
612,852
*1,305,200
Non-operating income__
339,915
$19,144,246 $17,607,738 517,524,359 515,813.195
Gross income
Total income deductions 11,119,666 11,070,669 11,000.593 10,673,158
Net corporate income 58.024,580 56.537,069 56.523.766 55,140.037
Dividends
(15%)5,250,000(12)4200,000(15)5250,000(10)3500.000
32.774,580 52,337,069 51,273,766 31,640,037
Surplus
41.55%
38.49%
40.80%
41.76%
Per cent exp. to earns
651,886,671 634,316,516 607,244,697 578,154,088
Passengers carried
* Includes first dividend, 15% (3900,000), on capital stock of Rapid
Transit Subways Construction Co.
STATEMENT OF OPERATIONS BY DIVISIONS FOR YEARS ENDED
JUNE 30 1914 AND 1913.
1912-13-------1913-14-------Manhattan
Subway
Manhattan
Subway
Ry. Div.
Division.
RV. Div.
Division.
$
3
Operating Revenue$
..
$
15,594,075 17,003.496 15,365,1n4 16,358,675
Transportation
360.763
557,062
324,752
449,280
0th. street ry. op. rev
Gross oper. revenue- 15,954.838 17.560.558 15,689,916 16,807,955
Operating expenses906,377
906,064
800.633
791,581
Malnt. of way, &c
1,234,310
1,022,230
1,781,057
Maint. of equipment--- 1,090,001
36
277
103
175
Traffic
3,384,063 4,045,763 3,364,179
Transportation expenses 4,142,751
591,317
752,776
641.691
707,413
General expenses
Total oper. expenses_ 6,730,236 6,171,818 6,616.338 6,644,405
Net operating revenue 9,224,602 11,388,740 9,073.578 10,163,550
1,727,475
1,695,759
386,188
389,405
Taxes
Income from operation 7,528,843 11,002,552 7,346,103 9,774,145
59,713
553,139
47,444
440,046
Non-operating income--
6,269,087 5,990.694 5,517,563 5,165,754
Passengers carried
Pass. carried 1 mile--229,755,250 219.996,123 202.710.820 193,756.054
Rate per pass. per mile_ 2.136 cts. 2.143 eta. 2.142 2 2.160 cts.
Tons freight carried_ _ _ _ 34,000,572 32,701,743 29,335.583 25.828,267
Tons fr't carried 1 mile_ *9,155.507 *8.856.070 *8,030,301 *6,797.365
Rate per ton per mile__ _ 0.415 cts. 0.424 cts. 0.424 Cta. 0.443 eta.
Gross income
764
692
802
643
Av.rev, train load (tons)
Deduct$3.2760
52.9664
$3.3697
52.8766
Earns, per frt. tr. mile_ _
and s. f. on city bds.
51.3388
Int.
51.2505
31.3613
mile
tr.
pass.
$1.2348
per
Earns,
$21.623
519.766
521,843
$18,030 Int. on 1st & ref. M.5%
Gross earnings per mile..
gold bonds
Int.on5% 45-yr.g.M.bds.
* Three ciphers (000) omitted.
Sink.fd. Inter. R.T.5%
INCOME ACCOUNT.
45-year bonds
Int. on Man. Ry. con1913-14.
1912-13.
1911-12.
1910-11
sol. M.4% bonds_ _ _ _
$
$
$
$
Earnings4,908.679 4,715,294 4,342,452 4,184,246 Int. on N.Y.EI.Ry.5%
Passenger
debenture bonds
38,038,622 37,588.024 34,022,572 30,115.483
Freight
(organ.)
389,245
352,722
343.254
Mall
339.705 Man. Ry.rentalon
571,079
552,907
530,318
Express
503,402 7% guar. div.stockManhattan Ry.
496,641
562,994
530,974
Miscellaneous
414,686
Amort.of debt,disc.&exp.
44,470,619 43,739,921 39,735,237 35,557,522 Int. on unfunded debt..
Total
Other rent deductions
Expenses4,998.612 5,542,960 4.816,378 4.328,717
Maint. of way & struc
Total income deduc's7,676.464 6,638,842
9,214,008 8.336.631
Maint. of equipment
14,068,577 13,192,922 11,771,800 10,672,624
Transportation
Net corporate income
764,852
731,381
801,742
916,955
General
639.936
586.716 Divs. on I. R. T.stock
691,558
737,690
Traffic
7,588,556 11,555,691
7,393,547 10.214,191
2,361,065
2,339,483
2,238,233
482,650
162.587
1,692,061
336,291
113,197
1,591.080
1,591,080
50,000
35,000
50,000
17,500
4,200,000
4,200,000
6,577
3,565
37,500
800
6,577
5,882,657
5,237,010
5,865,157
1,705,899 6.318.681
(15)5250,000
31,758
643,333
5,205,513
1,528,390 5,008.678
(12)4200,000
1,068,681
1.528,390
1,705,899
808,678
Surplus
29,935.842 28,565,813 25,669,430 22.958,280
Total
C. exp. to earnings14,534,777 15.174.108 14,065,807 12.599,242 P.Excluding
Net earnings
42.17%
35.14%
39.53
taxes
42.18%
9,980
20,409
7,608
19,874
Outside oper.-net clef_
37.34%
53.18%
41.85
52.81%
Including taxes
1.320,000
1,410,000
1,452,000
1,620,000
Taxes
311.473,568 340,413,1 3 306,845, 6 327,471,51
Passengers carried
932.639
853,352
840,671
897,182
carried
Operating income...,., 12,894,903 13.714,500 12,635.398 11,269,262 Daily ay. pass.
394.343
260,784
544.795
775.549
BALANCE SHEET JUNE 30.
Div. and interest acct
858,424
1,174,006 1,063,362
1,168.810
Hire of equip. balance
1914.
1913.
1914.
1913.
49,681
39,095
45.681
53.031
Miscellaneous income
Liabilities8
8
8
AssetsStock
50,508,233
35,000,000
66,364,606
35,000,000
capital
Fixed
14.892,293 15,478.982 13.998.639 12,571,710 Investments
Total
7,000 29,559,000
23,806,122 21,112,866 45-yr. M.5% bda_
Deductcos 2,442,852 13,893,535 lst& ref. M.5&..98,658,000 37,027,176
4,315.762 4,039,537 4,107,460 4,435,200 Adv. to sub.
Interest on bonds
Manhatlease acct 377,323
377,323
276.377
206,030
357,667 Material dr suppl's 1,351,641 . .
248,372
Interest on car trusts
931,992 Acc't amor.of cap- 1,812,042 1,561,462
904,871
108.053
169,213 Pre-payments_
94.174
701
Separately op. prop ties
1,249,069
Associated
5,779,803
cos_
Cash
919.668
919.668
919,668
35,648
919,668
Preferred dive. (4%)_-24,081 Wages
&c
47.707
234,524
203,812
Dividends on common(6)6,240,150(6)5,759.521(5,)4668437(5)3,499,137 For bonds,
8,120 2,506,120 Other acc'ts pay
770,918
1,372,065 2,597,109 Bills receivable
1,553,088
450,553
2,093,918
Betterment fund
&
Int.
5,633,412
5,588,989
receivable_
rents
Accla
accr 1,265,007 1,467,568
89,620
10,591
32,090
Miscell. deduc s (net) Cr.127,581
Divs. July 1Coupons not pre16.293
Miscellaneous
Manhattan Ry. 1,050,000 1,050,000 sented, &e _
30.325
6,660
32,598
19,457
43.025
18,005
1/11scell. rents (balance)..
875,000 Div. July 1 ManInterboro R. T. 2,625,000
2,466,450
925,679 hattan By - 1,050.000 1,050,000
13,750,308 12,636,707 11,572,005 11,995,245 Int,July 1
Total
equip't
br
Constr.
Int. July 1 on let
576,465
1,141,985 2,842,274 2.426,634
Surplus for year
cash funds_ _ _b38,324,071 14,844,232 & ref. M. 58 .2,468,450
925,879
GENERAL BALANCE SHEET JUNE 30.
S. Id. on 45-yr. 5a_
1,009,280 Div.July 1,I.R.T. 2,625,000
875,000
Int. dr dim rec.__ 333,752
175,281 Taxes accrued__._ 614,630
607,061
(For full details of balance sheet of June 30 1914, see page 756.
Items await. ells__ 170,226 1,565,845 Unamort. premium
1913.
1912.
1914.
fund..
58,843
Volun. relief
58,843 on debt
118,140
$
$
$
AssetsDeposited with city
1,000,200 Sink, fund res've_
1,235.673
240,191,710 226,449,608 217,079.334 Taxes
Road and equipment
protested__ 535,743
535,743 Prof. & loss sur__c15,214,403 13,072,958
66.853
137,320
2
Securities of prop., affil., &c., cos_ _ _
228.496
231,935
220.383 Unamort. Items__ 8,213,535 4,240,950
Adv.to prop., &c.,cos. for constr.,&c.
1,966,1521,959,166
1,390.567
Miscellaneous investments
Total assets_ _ _160,114,754123584,856 Total ilabllities160,114,754123534,856
8,576.467
8,009,654
7,372,199
Cash
1,781,900
393,200
158,300
Securities held in treasury
b Includes subway contribution, cash, $32,255,177; Manhattan third12,478,605 8,829,890 3,228,945 tracking
Marketable securities
cash, $2,231,429; elevated extension cash, $2,282,922; and Man500.000 3,502,574 hattan power-house
1,500
Loans and bills receivable
cash, $1,554,543.
1,744.491
1,372,906
1,371,894
Traffic and car service balances
After
c
crediting $23,059 tax refunds and other credits, including int.
1.218,199
1,066,707
670,890 on advances
Agents and conductors
to
trustees
RR. in 1913 and debiting
4,290,664 6,017,640 4,116,798 5656,193 taxes for prior of N. Y. & Long Island
Ma•crials and supplies
years, amortization, capital retirements and other
913,445
919,351
914,191 charges.-V.99, p.
Miscellaneous accounts
119.
404,
4,057,288 4,855,034 2,207,597
Temporary advances,&c
117.849
73.538
87,968
Cash & securs. In sink., &c., funds....
356,788 5,579.610
613,798
Other deferred debit items
Union Oil Company of California.
276,859,645 267,526,321 243,401,958
Total assets
Liabilities23,000.000 23.000,000 23,000,000
stock
preferred
Adjustment
107.760,500 100,133.300 85,653,000
Common stock
Bonds, debentures and notes (see
98,745,000 88.019,200 89,199,500
"Ry.& Ind.'Section)
12.900,000 4,200,000 5,900.000
Equipment trust obligations
17,139.300 13,029,600
Subscriptions for convertible bonds_
2,680,820
Liab. under pending equip. trusts_
2,780,320 3,884,097 3,167,125
Vouchers, pay-rolls, &c
531.853
520.307
542,968
Matured int., div. and rents unpaid_
280.249
231,933
245,030
Miscellaneous accounts
1.092,852
1,129,259
1,273,147
Interest, dive. & rents accrued
676,521
671,892
700.537
Taxes accrued
1,073,934
457,848
884,706
Deferred credit items
15,485.007 13,391.089 11,838,001
Appropriated surplus
12,565,091 11.423,106 8.580,832
Profit and loss
Total liabilities
-V. 99, p. 483.
(Special Report for Six Months ended June 30 1914.)
Treasurer John Garrigues, Los Angeles, Aug. 25, wrote
in substance:(see also news items on a subsequent page-Ed)
and deducSales-Profit and Loss Account.-After all charges, allowances
carried to surplus
tions for depreciation. &c., the resultant net profit
with net
contrasted
as
account for the six months amounted to 81,327,429,
entire year 1913.
profit, after deduction, of $2,526,230 for theover
for the
period
same
the
increase
an
show
months
Sales for the six
to note that the gross sales for July 1914 were
Year 1913. It is interesting
52,000,000.
under
just
being
company,
the
of
history
the
in
largest
the
than were obMoreover, while selling prices of refined products are lower
show a healthy advance in prices, average retained in 1913, fuel oil sales
approximately 7c.
of
advance
an
representing
oil
fuel
of
sales
from
turns
obtained in 1913.
per barrel over the prices
adopted, maintenance Is charged direct, and
In line with the policy
was
depreciation and exhaustion; $580.000
for
made
provisions
ample
include
off for the six months for depreciation. &c. This does not
276.859.645 267,526,321 243,401,958 charged
depreciation allowances made in controlled companies.
Sim. 12 1914.]
THE CHRONICLE
745
Balance Sheet.-The items under head of"other
properties.$22,278,822." The company still has
have been increased since Dec. 31 1913 by
unissued and available for use as from time to time
the following investment expen- required for extension
ditures: Oil wells and development,
s and betterments $250,000 in bonds. Previous
tools, &c. $475,000; pipe lines last year the item
to
and storage system, including eightdrilling
of depreciation, in addition to having been taken
55,000-bbl. steel tanks (12 additional by the various
care of
ordered). $115,000; steamships and
charges to reconstruction throughout the years, was handled
cars (chiefly $240.000 paid on at the end of each
account of single screw tank steamshiptank
particula
r
year
by a reduction of the fixed
of about 66,000-bbl. capacity, to be counts from
accompleted early in 1915).$260,000; refinerie
year's net earnings. Under the present systemcapital
s andsompressor plant. $178.- for depreciatthe
a reserve
ion is being established out of expense
000; marketing stations,$232.000. Total actual
by a monthly charge.
additions, $1,258,954.
[In Sept. 1914 the Mich.State
The stocks of controlled companies ($9,897,242)
RR. Commission sanctioned the issue of
represent an increased an additional
investment of approximately $650.000
$100,000 1st M.6s of 1913,for extensions,etc. Total
, largely in increased ownership of
auth..
, V. 97. p. 53.)
shares of the California Industria
l Co., whose name has been changed to $750,000
The
United
Southern California Iron & Steel Co., and in the purchase
Home
e Co., in which this company is interested.
of additional has recently secured aTelephon
shares of stock in the Producers Transpor
new
franchise
in
the
city
of
Muskmo
tation Co., Newlove Oil Co. and rates of $36 for
n, providing for
International Oil Co.
business and $24 for residence, individual line
service, and
Current assets ($10.021,180) represents an increase in assets of over plans are under way looking toward the installation of new equipme
nt there.
$1.700,000sinceDec.31 1913, due to the following: Reserve
RESULT
S FOR FISCAL YEARS ENDING JUNE
stocks of crude
30.
oil increased about $1,030,000; refined stocks increased $300,000
materials
;
1913-14.
and supplies. $75.000; bills receivable, $25,000; accounts receivabl
1912-13.
1911-12.
e in- No. of telephones
32,604
31,831
creased approximately $260,000; cash decreased approximately $25,000. Earnings-Grand Rapids revenue..
$333,965
$304,3781 $600,018
Whereas at Dec.31 1913 the total current assets amounted,in round figures.
Outside exchange revenue
357,483
320,606I
to $8,290.000, and the total current liabilities, in round figures. to $4,422.Toll-line revenue
147,115
149,910
000. the figures of June30 1914 show an increase of approximately
149,264
Interest income
23,6201
000 in current assets and a decrease of approximately $655,000 in$1,700.28,438
18,086
Other income
current
7,479J
liabilities, the current assets being now about $3 to $1 of current liabilities.
Under the terms of our contract with Andrew Weir and R.Tilden Smith.
Total income
$869,662
$803,332
$767,368
acting on behalf of the British Union Oil Co., Ltd., advances were made to Operating and
nce
$348.116
$436,623
the Union Oil Co. of California to June 30 1914 of$1,920,000. Acceptances Depreciation ofmaintena
$441.758
plant, &c
154,377
were granted for these advances, as it was not possible at once to deliver General expenses, taxes,
&c
95,827
our new capital stock. These acceptances will be renewable until (the Bond,&c., interest
60,937
30.022
25,993
$15,000,000 new) capital stock is finally delivered, according to the terms Amortization of fund.
debt expense
3,301
of the contract. Since June 30 1914 a further advance of the same nature Dividends paid
231,121
has been received in amount of $480,000 (V. 99, p. 542).
286.744
295.588
Funded Debt.-Since Dec. 31 1913 sinking fund provisions of the various
Total deductio
$858,735
bond issues of the Union Oil Co. of California and its various subsidiaries Balance, surplus ns
$784,304
$767,368
have been met,either with cash or with bonds owned by the Union 011 Co.
$10.927
$19,028
Includes in 1913-14
Rapids operating and maintenance. $122e104,
of California, or purchased from time to time by it in anticipation of sinking
less repairs charged toGrand
reserve, $12,198, $110,206; outside exchange
fund requirements, as follows: Union Oil Co. of California, $611,000 514, less $16,068
, $201.repairs,$185.446; and toll line, $62,691. less $10,227
(V. 93, p. 109); Union Transportation Co.,$150,000 (V. 89, p. 48);
reUnion pairs; $52,464; total, $348,493.
SS. Co.. $50,000 (V. 83, p. 102); Producers Transportation Co.. 3350.000
.
Provision has been made for all sinking fund requirements up to
BALANCE SHEET JUNE 30.
May1915
.
The total bonded debt of the Union Oil Co. of California and its
1914.
owned
1913.
companies outstanding in the hands of the public, as at June
1914.
1913.
Assets30 1914, was Cr.
$
$
Liabilities-$8,348,000. contrasted with $8,409,000 on Dec. 31 1913 (includi
$
$
Rap. Exch. Inv_1,515,208 1,440,696
ng
June
30
3 851,735 3,851.735
$5,903,000 Union Oil Co. 1st lien 54, $1,878,000 Union Transpor
Outside Exch.invest 1,739,522 1,716,244 Capital stock
tation
Funded debt
427,500
1st M. 5s, $417.000 Mission Transportation & Refining 1st M. 5s and Toll line system
175,000
690,664 691,734 Bills payable
$150.000 Union SS. Co. 1st M.54). Besides its own direct obligatio
12,500 169,481
ns, Just Constr. work in prog. 28,071
Accounts payable...
mentioned, the Union Oil Co. of California was guarantor,
6,020
18,481
at June30 1914. Stock of other cos_
124,351 120,201 Div. paid July 20
of $1,696.000 bonds of the Producers Transportation Co. in the
57,776
Bonds
57,661
of
other cos
hands of the
50,100
43,500 Accrued bond Int_
public on that date, as contrasted with $1,924,000 in the hands of
10,688
Sub-companies_ _ _ _ 309,103
the
public
288.858
Labor accrued
13,491
on Dec. 31 1913-a decrease of $228,000 (V. 89, p. 48; V. 96. p.
Bills & accts. reedy_ 47,633
13,536
1301)•
49,865 Adv. rentals, tolls,
Collateral trust serial gold notes of 1913, which
Dec. 31 1913 were Cash
9,046
24,343
coupons,&c
outstanding to the amount of $2.306,000,increased toat
Pre-payments._
8,503
8,653
$3,095,0
00
33,790
June30
on
28,249 Depreciation reserve. 136,500
1914. The total authorized issue of these collatera trust notes
38,619
was unam.debt disc.,&c. 32,711
Surplus
$4,000,000. At this date, all of these have been issued,lwith
55.486
70,524
the
exceptio
n
of $450,000, which are under contract to be taken by the underwriters
Total
-4,580,199 4,403.690
Total
4 580,199
prior to Nov. 1 1914; $400,000 of these collateral trust notes matured
Directors.-Chas.
Young,Pres.; Robert D.Graham, V.-Pres.;4_,___403.690
were paid May 11914,and an additional $450,000 will mature and be and Stuart, Treas.; Chas.F.
Wm.J.
E.Tarte. Gen. Mgr.; Cyrus E. Perkins,
payE. B. nether.
able Nov. 1 1914. The remainder mature in amounts of $450,000 at inter- Gains W.Perkins, John
Martin. P. B. Garvey, Van A. Wallin and Wm.
vals of six months to May 1 1918(V.96p.1368; V.97,p.449; V.98,p.1321). J. Clark, The SecretarB.
y
is
Arthur
E.
Wells.
Outlook.-It is probable that operations for the last half of the year
Charles F. Rood was President
1914
from June 23 1897 until his death June 22
will be more or less seriously interfered with, particularly in the export
of 1914.-V. 99. p. 470.
fuel oil, and it appears probable at this time that it will be necessary to
curtail production and development work correspondingly. The company's
Laurentide Company, Limited.
own production of oil for the first six months of the year was 400,000 bbls.
(Report for Fiscal Year ending June 30 1914.)
greater than for the same period of 1913.
Pres. W.C. Van Horne
GENERAL PROFIT & LOSS ACCOUNT 6 MOS. END, JUNE
30 1914.
The profits for the year after says in substance:
Revenue-Profit on crude and refined oils, steamships pipe
providing for interest and other charges.
including $57,366 for betterments,
lines, &c., $1,983,568; Union Oil Co. of Cal. proportion of
favorable general business conditions were 8730,774. In view of the unprofits of controlled cos., $644,186; misc. rec., $2,498; total--$2.630,
result is most satisfactory.
In
252
addition to the $57,366 taken this
Deduct-General expense, $276.248; taxes, $140,000; total
from the earnings
Bond interest, $212.731; interest on collateral trust notes. $89.- 416,248 there was expended during the year on capital account for betterments.
for the new power
developm
ent, $1,645,300; for the enlargement
117; miscellaneous interest, $4,727; total
and improvement of the
306,575 pulp and paper plant, $161,267
Provision for depreciation of properties & exhaustion of oil lands_
. and for additions to real estate,
580.000 The work on the new power
$93.581.
development has proceeded as rapidly
originally planned and its cost
Profit for the 6 mos. carried to consolidated balance sheet_ _ _$1,327,
up to this time is within the estimateas was
The last issue of capital stock
429
s.
was
made for the purpose of
portion of the funds necessary
ga
BALANCE SHEET AS OF JUNE 30 1914 AND DEC. 31
the construction of your newprovidin
1913.
increased paper plant, and we for
power and
now
propose
to
June30'14.Dec.31 '13.
provide
the balance of the
June30'14. Dec.31 '13. funds required by the issue of bonds.
AssetsTo this end it is proposed to create
$
a new issue of 34,000,0
bonds, which will provide for the
011 lands, rights
Capital stock__ _31,312,900 31,292,800 maturity of the existing00
redemption at
issue as well as funds for the completi
and leases
22,831,758 22,833,756 Subscription to
on of the new
work, and leave a considerable sum in the
011 wells, gas and
treasury
Un. 011 stock- 1,920,000
21,526 requirements. It is intended to dispose of the new for any possible future
water lines, &ca22,278,822 21,019,868 Capital stock not
issue
of bonds only.as
and when required for the above purposes.
(V. 99, p. 612).
Investments
368,105
592,708
held by U.O.Co.
300
Inv. in contr. cos_13,213,180 12,528,159 Bonded debt
INCOME ACCOUNT YEAR ENDING
8,348,000 8,409,000
JUNE 30.
Inventories
6,404,289 4,932,332 Notes
3,095,000 2,308,000
Bills & accts. rec. 2,906,803 2,623,156 Purchase money.
1912-13.
Mill nets from ground wood,sulphite 1913-14.
1911-12.
Taxes,ins.,&c.,prep. 113,573
131,037
&c., obligations 1,143,215 1,204.164
pulp, paper, 8cc
$829,904
Cash
$911,998
710,088
735,357 Contr.or Mill. cos. 995,607
758,540 Profitsfrom lumber and miscellaneous
$910,84E;
115,055
Miscellaneous.- 126,603
104,760
38,660 Bills & accts. pay.. 3,465,540 4,117,570
98,706
Accrued interest._
101,202
104,806
Total
$944,959 $1,016,758 $1,009.5
616,448,741 16,143.855 Deduct-Bond int. and other charges_
Reserves
52
$156,818
$129,973
Profit and loss._2,123,0l6 *1,076,473
Betterments to plant
$152.099
57,367
128,701
Dividends
103,880
Total
(8)576
,000
68,953,221 65,435,034
(8)576,000(7).)540,000
Total
68,953,221 65,435,034
Depreciation reserve
20,000
20,000
20,000
a 011 wells, gas and water lines,
&c., June30 1914, include oil wells and
Total deductions
development, drilling tools, gas
$810,185
and water lines. &c.,$8,006,521; pipe lines Balance, surplus
$8854,674
and storage system.
$815,979
$134,774
$4.338,722: steamships and tank cars, $3,159,731;
$162,084
refineries and compress
$193,573
or plant. $2,639,336; marketing stations.
BALANCE SHEET JUNE 30.
382, and other propertie
$3.617.s, $517,130.
* Profit and loss surplus
1914.
1913.
1914.
($2.123.
016
1913.
AssetsJune
30
1914)
was. after deducting
$174,880 first lien bond issue
LialAlittes-and collateral trust notes issue discount and
$
$
Mllls,b1dgs.,p11,,kc.5,033,914 5,344,375 Stock
expense written off and
$106,005 appropriated to general reserve account.
9,600,000
7.200.000
Timber lands
b Reserves ($16,448,741
2,152,058 2,152,058 Bonds
June 30 1914) include general reserve
b798,192 839,899,
Real estate (work$10,000.000, and reserve for
account.
Bond
int.
(due
July) 36,000
36,000.
men's houses, &c.) 437,307 343,726 Com.
Note.-The company also depreciation and exhaustion, $6.448,741.
div. and Int.
tion Co. bonds. There was guarantees $1,696.000 Producers Transporta- Sidings& rolling stk_ 50,000
50,000
(due July)
175,567 144,000,
able on specified dates beforealso outstanding June30 1914, $475,000, Pay- Power development.2,117,028
Wages
15 1915 to the
14,652
contract for the construction Nov.
8.046
Iron Works under Logs, mdse., &a...81,405,631 1,358,372 Bank loans
of a tank steamship.Union
304,266 929,921
-V. 99. p. 542, 474.
Accounts receivablei 640,658f 593,153 Accounts
payable..
269,984 328,101
Bills receivable
I
11,546
Contingent account_
Citizens Telephone Co. of
16,528
2,985
Cash In hand,
18,896
35,732 Depreciation reserve
Grand Rapids, Mich.
270,000
Investments
153,632 195,500 Sundry reserves__ 290,000
(Report for Fiscal Year ending June
79,453
24,026
Miscellan
eous
65,940
54,174 Surplus
30 1914.)
490,432 355,658
General Manager Chas. E. Tarte, says
Total
in substance:
12,075,07410,138,636
The year just closed has been
Total
12,075,07410,138.636
a quiet and uneventful
one. The develop
ment has been in territory already
a Includes in 1914 logs and supplies. $766,904;
and the principal
merchandise, $344,343,
number of subscribers has been asserved,
in the and mill supplies,
follows: Lansing, 128; growth
. b After deducting sinking fund investme
Lowell, 35; Cedar Springs, 21; Portland
Hastings 36; $401.808.-V. 99, $294,384
nt,
, 16; Caledonia, 14; Nashvill
p. 612, 541.
e,
The Grand Rapids exchange had a net gain
13.
telephones in service in Grand Rapids Juneof 534, making the number of
Ontari
o
Steel
30
Produc
1914 13,008. The Grand
ts Co., Ltd., Gananoque, Ont.
Rapids exchange investment increased $92.903.
were 1,660 telephones connected with the Lansing On May 1 1909 there
(Report for Fiscal Year ending June 30 1914.)
exchange; on July 1 1914
there were 3,092, an increase of 86% in five years.
Pres. W. Wallace Jones, Aug. 11, wrote in
The company is the owner of a system that embraces
a large protion of
substance:
The company shared in the generally unfavora
Western Michigan, included in which are 80 exchange
ble conditions which
s with Traverse City isted during
exthe past 12 months, and consequently all
on the north, Lansing on the east, Athens on the south and Holland
the plants were not
on the run to their full capacity. Furthermore,
west. It owns 4,800 miles of metallic circuit toll lines, mostly
a disastrous fire at our
Gananoque
also connects with the lines and exchanges of other independ copper, and spring and axle plant seriously interfered with our operatio
ns,at a most inconvenient time; and while the direct loss was
by means of which long-distance service is given to practicalent companies the
fully covered by
every point
disorganized conditions that obtained
in the State. Our subscribers can reach Petoskey, Traverse ly
during our rebuildin insurance.
City, Luding- seriously affected our profits from
too,.muskegon, Sturgis, Adrian, Ann Arbor,
operations
these works. This fire, gwhich
Detroit, Saginaw, Bay City. pletely gutted the spring
comworks'and damaged the axle works
at Gananoque,
occurred on Oct. 1 1913. Rebuilding
Digest of Statement by Secretary A. E.
operatio
Wells.
ns
were
Oct. 15 and manufacturing operations were
The year Just closed marks the first complete
commenc
ed
on
resumed
year of operation under building, which is larger
than the one destroyed, is on Jan. 2. The new
the uniform system of accounting as prescribed for telephon
e companies struction, and our insurance rate
strictly fireproof
by the 1.-S. C. Commission. However, as regards net earnings
conhas
been
substanti
, the re- sequence. Large extensions and
ally reduced in consults under the systems as in effect now and previousl
ments at the shovel
y are the game.
been satisfactorily completed, butimprove
plant have
The company has a total of $427,500
owing to trade conditio
bonds outstanding, of which operated at present.
ns are not being
$400,000 was mentioned in the last reportof
and
the
additiona
l $27,500 was
In view of the development in the
available for sale after depositing the necessar
auto-spring business,
y bonds with the Michigan recently purchased
your
Trust Co. as collateral security to the guarante
at a reasonable price the
ed bonds of the Citizens' Malleable Range
propety of the directors
Telephone Co. of Jackson and the Citizens' Telephon
conveniently situated
Canadian
e Co. of Battle Creek. purchased a pieceCo.,
of land which later on willat Chatham. We also have
be used for an
extension to
THE CHRONICLE
716
adjoining the spring and axle
your shovel plant. The McNee property,
purchased at a very reasonable price
warehouse at Gananoque, has been
springs and axles. We aave
for
capacity
storage
and will give us additional proceed with the suggested factory at Windsor
not deemed it prudent to
lines of goods have been
new
several
year
the
During
time.
present
at the
put on the market.
all our organization expenses this, our first, year;
We have written off substantial
reserve for future bad debts.
and have also set up a
INCOME ACCOUNT FOR YEAR ENDING JUNE 30 1914.
1909-10. 1910-11. 1911-12. 1912-13. 1913-14.
$92.347 $105,442 $101,937 $118.988 3106.437
Net after deprec'n, &c88,500
pref. dividends(7%).352.500: total_
$36.1140:
int.,
Deduct-Bond
•
$17,937
Balance,surplus for year ending June 30 1914
CONSOLIDATED BALANCE SHEET JUNE 30.
1914.
1913.
1913.
1914.
3
Liabilities$
ssetsCommon stock
750,000 750,000
Reed est.. plant.Pew.
stock
Preferred
750,000
1,770.544
750,000
,952
good-wi1l_1,78.5
rights &
600,000 600,000
42.159 Funded debt
3.352
Cash
Bills & accts. pay'le_ 72,907
Bins &accts. receiv. 96,4511 117.315 Bond
July
2
due
int.
18,000 161,053
256,366
346,108
Inventories
Pref.div. pay.Aug.15 13,125
Securities (at market
14,882
Miscellaneous
138.862
26.144
price)
14,883
2,362 Depreen,Re., res've 22,839
2.175
Deferred items
Surplus
17,937
51,672
Total-
2,259.690 2,327,608
Total
2 259,690 2,327,608
Chicoutimi Pulp Co., Chicoutimi, Que., Can.
(Report for Fiscal Year ending Dec. 31 1913.)
President N. Garneau says:
During the year we put into operation the largest part of mill No. 1 as
enlarged. The improvements are completed and the mill can produce
is in excellent order and can
daily 140 tons of pulp. dry weight. Mill No. 2The
two mills are perfectly
produce daily 120 tons of pulp, dry weight.
improved
obtainable to-day. The
most
equipped and the machinery is the
years at a price slightly in
total production of our mills has been sold for ten
excess of that of the last few years. No notice has been taken of depreciation, the considerable sum of 371.497 for maintenance and renewals having been charged to the revenue account.
PROFIT AND LOSS ACCOUNT FOR CALENDAR YEAR 1913.
Jan. 1 $195 867
Net profit for year 1913,$160,280; balance carried forward
1913, $95,587. loss diva, paid in 1912 (6%).$60,000: total_
Deduct-Bond interest, $58,900; int. on advances, &c., $37,434- $96,334
27:084
Sink. fd.. $23,267; directors' fees. $3,500; bad debts,$317.-$72.449
Total surplus carried to balance sheet
BALANCE SHEET DEC. 31 1913 (Total Each Side 34.723,384).
Assets-Water power, real est., bldgs., plant and machinery, per
appraisals dated May 24 1913. 32,725.367; real est.. undeveloped water power, unappralsed. $909.940; additions (net), to
33,834,653
date, $199.346: total
150,000
Controlling int. in La Corn. Gen.du Port de Chicoutimi
Pulpwood and advances on operations. $109.747; pulp at wharf
(net contract price), $116,938; supplies, stores, &c. (at cost
275.062
or below), $48,377; total
288,211
Acc'ts receivable, trade. $244,716; othcr, $43,495; total
Amounts paid: Chicoutimi Freehold Estates Co., Ltd.. with
E.
A. Dubuc,
interest, $32,203; J. E. A. Dubuc.$29,844; J.
balance of Alexandria Paper Co. loan (per contra). $85.000:
147,677
cash, $630; total
27,781
Life assurance Policy, $8,525: miscellaneous. $19,256: total_ _ _
Liabilities-Common stock, $1,150,000; 1st M. 5% gold bonds,
$2,305,000
3227.000; 1st M. ref. bonds, $928,000: total
Accounts payable, $308,249; bills payable. $283,098; total- _ - _
591,347
Banks, for overdrafts and advances secured over pulp, pulp524,207
wood and other floating assets
Alexandria Paper Co., balance of loan (per contra), $85.000*
balance of dividend for 1912,$15,564: total
100,564
Capital surplus arising from re-valuation of capital assets at
May 24 1913. after adjustment and under deduction of dis1,030,968
count on and expenses of issue of mortgage bonds, &c
171,299
Sinking fund reserve, $98.850: profit and loss. $72.449
Note.-There is also a contingent liability on bills under discount amounting to $298,898.
Common stock authorized, 35,000,000: participating 7% cumulative
preferred stock. $2.500,000: issued Dec. 31 1913. $1,150,000: 1st M. gold
5s auth. and issued, $400,000, less bonds redeemed. $173,000; outstanding, $227.000. 1st M. refunding gold 5s. auth. issue, $1,200,000; less
bonds redeemed. $22,000. and held by Royal Trust Co. in escrow to redeem bonds of old issue outstanding, $250,000; balance, as per balance
sheet, 3928,000. (See also Chicoutimi Freehold Estates, Ltd., in V. 99.
p.469.1-V.98. p. 1848.
Caney River Gas Co., Pittsburgh, Pa.
(Eighth Annual Report-Year ending June 30 1914.)
President G. T. Braden says in substance:
[VoL. xcTX.
United Fuel Supply Co., Pittsburgh, Pa.
(Third Annual Report-Year ending June 30 1914.)
Pres. G. T. Braden says in substance:
During the past 12 months we have drilled 18 new wells,5 being producing
the
oil wells on a new lease, 5 being producing8wells on an old lease, in which We
wells being unproductive.
company owns a one-half interest, and
own
now
and
we
had
producing,
ceased
which
wells,
gas
abandoned 21 old
production is as follows:
45 oil wells and 30 gas wells. Our present oil
Three small leases in township 26 producing about 60 bbls. a day; two
a
farms east of Tulsa. Okla.. with 6 wells producing 150 bbls. a day, and
ono-half interest in three leases in the Adair l'ool with 33 producing wells
progives
daily
the
a
company
This
total
day.
a
bbls.
making about 200
duction of 310 bbls.
past year, and our
We have not drilled in any new gas wells during the
contracts for the purold wells have. of course, declined; but we have
the present time.
chase of gas which are ample for our needs at
The indebtedness has been reduced nearly 360.000 during the year. and
we now have a net indebtedness of only $442,000.
RESULTS FOR FISCAL YEARS ENDING JUNE 30.
1912-13.
1911-12.
1913-14.
$198,718
3262.853
3349,794
Gas earnings
5.426
97,851
102,560
Oil earnings
137
434
534
Miscellaneous
3204,281
3361.138
3452,888
Total gross earnings
15,150
24,656
194,666
Gas purchased
$189,131
$335,482
$258.222
41,625
139.225
130.809
*Operating expenses, &c
$147,506
$197,257
$127.413
Not earnings
1.903
1,199
Profit and loss suspense items
$147,506
$199,160
$128,612
Net from operation
30,000
35,000
40.000
Dividends
Reserve for line rent25,000
96,521
75,000
27.190(
1
Reserve for depreciation
$20,985
364,160
361,422
surplus
Net to
* Includes drilling wells, rentals, taxes, bad accounts charged off, junk.
allowances, &c.
The net surplus has gone into investment accounts, which increased
$29,384. less depreciation, $27.190; net, $2,191.
BALANCE SHEET JUNE 30.
1913.
1914.
Liabilities1913.
1914.
Assets$688,752 $686,558 Capital stock__ _3500,000 $500,000
Investment
45,280 Accounts payable. 203,801 220,058
58.688
Cash
85,145
146.557
73,3651Surpius
Accts. receivable_ 102.928
$850,368 $805,203
Total
3850.363 3805.203
Total
Directors.-G. T. Braden (Pres. & Gen. Mgr.), R. H. Bartlett (V.-P. &
p
99.
412.
-V.
Davis.
W.
Treas.) and II.
The Vulcan Detinning Co., New York.
(Report for Half-Year ending June 30 1914.)
Pres. W.J-. Buttfield, N. Y., Aug. 28, wrote in substance:
administration, general office
Apart from overhead charges (including the
company's operations and
$16,251,
and legal expenses) amounting to
six months of $8,136. In
the
for
loss
a
show
inventories
adjustment of
and manufacturing companies, the
common with the majority of mercantile
detinning industry has shared in the prevailing business depression, which
made profitable results impossible.
are governed by the market for
Returns obtainable for detinned steel
have been depressed to the lowest
heavy melting scrap, prices for which
the fall of the year 1912 was
in
which
Tin,
level known to the trade.
at the end of 1913 at 40c., reached the
selling at over 50e. per lb., and
June
last. Atthislow level the inin
lb.
per
30e.
about
of
level
extreme low
statement, was taken.
ventory, of June 30 last, used in the accompanying
against all detinning companies has
A factor which has seriously operated
plate which has of late
tin
the
of
coating
the
in
off
been the sharp falling
tin-plate mills. This paring down has
been delivered by a number of the
at
which contracts for tin
quotations
low
the
by
induced
been
undoubtedly
policy must effect its own
plate were taken last fall. Such short-sighted
coating of tin It will prove valueless
cure,for unless tin plate has a reasonable
its use will be fraught with dangers
for the purposes to which it is put and
for a standard of quality, the necessity
that must quickly create a demandsight
of.
lost
been
have
to
seems
which
for
past 30 days an advance in the
We are pleased to note that during the
been secured, going far in offsetting
sale prices of tin products on hand hasabove
named.
period
the
for
expenses
and
the losses
30 1914.
PROFIT et LOSS ACCOUNT FOR 3 AND 6 MOS. END. JUNE
3 Mos.end. -6 Mos.end. June 301913.
June 30 1914. 1914.
$398.894
3209.779
3319.420
Sales
Inc. or dec. in inventories of fin. prod's_dec.6,998 inc.29.262 inc.24.157
3202,781
3428.156
3343.577
Total production
$436.983
3460.777
scrap used, mat.& supp..&c.*3241.100
During the past year the company has drilled 20 wells, 5 being gas wells, Cost of tin
9.822
16.251
fees,
&c
14.842
directors'
exp.,
office
11
General
wells, making
4 oil wells and 11 unproductive; in addition we purchased
We abana total of 16 gas wells and 4 oil wells acquired during the year.
348,141
$132.042
$25.078
(loss)
Net
gas
total
of
a
50
us
present
wells,
which
leaves
gas
doned, however, 10 old
253
691
339
30 miles of pipe line Miscellaneous income
wells and 6 oil wells. We have laid and built about
2h miles of 6-inch and 103i miles
this year as follows: 17 miles of 8-inch,an
$131.703
$447.888
$24.387
deficit
Balance.
Haskell
the
new
from
extension
o 4-inch and smaller. The 8-inch was main
trunk line to Muskogee. We
meld directly east, connecting with our
* Includes cost of tin scrap, &c., used, operating expenses, repairs
line. Our consumers, in
now-have in our entire system 172 miles of pipepresent
(exclusive of depreciation), and adjustment of inventories.
total of 7,981.
all towns. increased 254 for the year, making a
BALANCE SHEET JUNE 30.
RESULTS FOR FISCAL YEARS ENDING JUNE 30.
1911-12.
1912-13.
1913-14.
1913.
1914.
1914.
1913.
Earnings$262,194
$252,627
,
3
$236,510
$
$
Liabilities-AssetsCities and towns
137,243 Plant and equipment 578,738 570,038 Preferred stook
59.936
12.543
1,500,000 1,500.000
Hogshooter (wholesale)
4,949
17,773
2 000.000 2,000.000
Patents' proe's, arc...3,200,000 3,200,000 Common stock
OiI
1,368 Cash
31,859
138,818
13.206 Accts. & notes pay'le 105.165 141,106
29,484
Other fields
30.000
613 Accounts receivable.. 24,278
405
757
1.994
21,056 Reserves
Miscellaneous
390.494 289,780
165,153 156,586 Surplus
Inventory
$401.418
$349,776
$406,401
Total gross earnings
14,317
37,105
3,997,653 3,960,886
67,486
Total
3 997.653 3,960,886
Total
Gas purchased
-V. 98. p. 1465.
$387,101
$312.671
3338.915
119,116
147,095
155,773
Canada Bread Company, Ltd., Toronto.
* Operating expenses, &c
Net earnings
Bond interest
$183,142
14,455
$165,576
17,778
$267,985
21,167
Net from operation
Dividends
Reserve for depreciation
3168.687
380,000
46,466
$147,798
380.000
61.738
$246,818
320,000
108,327
$42,221
$6.060
$118,491
Net to surplus
* Includes drilling wells, rentals, taxes, bad accounts charged off, junk
allowances, &c.
The net, surplus has gone into investment accounts, which increased
3127',900, less depreciation, $46.466: net. 381,434.
BALANCE SHEET JUNE 30.
1913.
1914.
1913.
1914.
$
8
LiabilitiesAssetsS.
S.
Investment _ _ _ _1,791,841 1,710,407 Capital stock_1,000,000 1.000,000
58;422 Bond account _. 24,500 281,000
Cash
49.547
30,454 Accounts pay'le_ 31.361 22.1,805
Amts., receivable 49,647
355.699 293,478
Surplus
525
Unexpired insur_
1,891,560 1,799,283
Total
T0tal1,891.560 1.799,283
DIrectors:-.G.'r: Braden (Pres. & Gen. Mgr.), R. H. Bartlett (V.-P. &
Treas.) and It. E. Alexander (Asst. See. It Asst. Gen. Mgr.)-V.99,p. 540.
Report for Fiscal Year ending June 30 1914.)
General Manager Mark Bredin, Aug. 5, wrote in subst.:
St. factory, but are again
In Montreal we have reconstructed our Rivard traveling
oven and autoa
forced to make extensions and are installing
us to take care of a good
enabling
output,
matic plant which will double our
Winnipeg our
In
come.
to
increase in Montreal business for some time
In Toronto our business has shown
growth continues very satisfactory.have
of a
manufacture
the
here
added
good growth at both factories; we 10. which has given us a very nice in"health biscuit," starting on June
equipment.
in
cost
small
crease to our trade at
considerably to our output. but also through
Not only have we added are able to show a much improved not return
purchases and economies we
also, in the short term of three years. made
have
we
on our operations, andmean "best bread.'
bread'
"Canada
corner Soho and
our
bakery and stable properties.
of vacant land on PortWe still have on hand the
also a frontage of 205 rt. those
at presproperties
Phoebe streets. Toronto;
for
sale
no
is
there
and, white
age Ave.. Winnipeg.
3260.000. The Soho and Phoebe
to realize thereon aboutOn
1914 we had 3429,955
30
ent,we still expect
June
tenant.
good
a
to
account and $244.607 capital
St. property is rented
made up of $185,348 current
which we are holdcash on deposit, when
we realize on the above properties,
account.so that
the purchase of now business
for
$500.000
about
ing for sale, we shall have
or extensions.
SRPT. 12 1914.1
THE CHRONICLE
The outlook for the coming year is good, notwithstanding the general
recession that has taken place in most industries. A little earlier we had
looked forward to a very bountiful harvest in our Western provinces but
now I regret to say that this is in doubt.
INCOME ACCOUNT FOR FISCAL YEARS ENDING JUNE 30.
1913-14.
1912-13.
1911-12.
Manufacturing profits
$254.096
$142,500
$139.411
Bank interest earned
11.3301
19.093
26,328
Bonds, discount and interest
1,4891
Total
$161,593
$266.915
$165,739
Bond interest
$73,431
$74,268
$68,750
Preferred dividends (7%)
87.500
87.500
87.500
Depreciation reserve
50,000
Miscellaneous
2,000
8.123
Balance, surplus or deficit
sur.$53.984
def.$175 sur.$1,366
BALANCE SHEET JUNE 30.
1914.
1914.
1913.
1913.
AssetsLiabilities-8
$
$
$
Land, bldp., goodPreferred stock_ __1,250,000 1,250,000
4,715,569 4,595,574 Common stock
will, Ste _
2 500,000 2,500,000
Cash for extension
198,325 260,731 Funded debt
1,222,700 1,236,700
Cash with mtge.trus. 46,282 101,959 Int., Ja., accrued_
39,4971
Cash (current acct.). 185,348 162,768 Misc. current Habil% 102,8151 141,889
Accounts receivable_ 62,554
62,992 Preferred dividend
21.875
87,500
Materials & supplies 31,328
27,654 Depreciation reserve 50,000
Taxes, &c., prepaid_
3,601 Surplus
1,929
55,174
1,190
Miscellaneous._
726
2,000
Total
5,242,061 5.217,279
Total
5,242,061 5,217,279
Directors.-Cawthra Mulock, Pres.: Mark Bredin, V.-Pres.; Geo. Weston, II. C. Tomlin, W. J. Boyd, Alfred Johnston and E. H. Laschinger.
Compare V. 93, p. 471: V. 98. p. 1159.
747
as counsel Whipple, Sears & Ogden in Boston and Henry Upson Sims of
Birmingham, and appeared before the Federal Court
emphasize the
Importance of determining the question as to the proper to
application of the
monoy heretofore paid into the treasury. The Court appointed W.
I.
Ross. formerly superintendent of the road, receiver, with every possible
guaranty that the widest latitude should be afforded to the security-holders to investigate the former financial administration of the road. We provise immediately to make a complete investigation of all the accounts ,properties. transactions and contracts. Meantime,
we are engaged in the organization of a bondholders' protective committee.
IA meeting to organize the committee was to be held yesterlay.-Ed.1-V.
99. p. 673.
Boston Elevated Ry.-Award.-The contract was
awarded on Aug. 12 by the Bostbn Transit Commission for
the construction of Section D of the Dorchester tunnel
to Hugh Nawn Contracting Co. of Roxbury, the lowest
bidder, at $673,780.-V. 99, p. 341.
Boston Suburban Electric Companies.-Earnings.June 30.
Inc.from
Exp.&
Net
DirtBalance.
YearSecurities.
Interest.
Income.
Surplus
1913-14
$177,840
$49,897
$127,943
,610
13
1
27
$d
1912-13_
181,246
48,401
132,845
Charles W. Leonard has been elected
trustee to succeed
9,5
a4n8k A.3
12Fr
132a937,
deceased. President Claflin stated thatathe
petition of Middlesex & Boston
Street Ry. Co. for increased fares, if granted
tional revenue of about $100,000 annually. in full, would mean an addiThe new Boylston Street subway, which will be opened for travel shortly,
will it is stated, reduce the
running time of the Middlesex
Boston St. Ry. about 10 minutes between
Boston and Newton.-V. 97.&
p. 49.
Canadian Northern Ry.-Bonds-Construc
ss
reports say that the company has word from tion.-Pre
London
syndicate that underwrote the first $15,000,000the
of the new
$45,000,000 bonds, guaranteed by the Canadian GovernAmerican Cyanimid Co., Nashville, Tenn.
ment,that it has arranged to obtain a considerabl
e portion
(Report for Fiscal Year ending June 30 1914.)
of the funds which it agreed to provide. The company,
Pres. Frank S. Washburn, Nashville, July 1914, wrote: therefore, proposes to proceed with the original plan for the
Construction.-There were placed in operation at the beginning of the completion of the main line. Compare V. 99, p. 269,
past fiscal year extensions which increased the annual capacity of Unit 341, 536.-V. 99, p. 608.
No. 1 at Niagara Falls from 12,000 to a total of about 30,000 net tons per
annum. Immediately following the decision in our favor of the controCanadian Pacific Ry.-Through Ocean and Rail Rate
versy with the Ontario Power Co. (V. 97. p. 664), the construction of Canceled.-A
circular letter dated Aug. 25 says:
Unit No.2 was undertaken. This unit began preliminary operations during
Owing to the war conditions,
April 1914. and regular operations In May. but prior to June 30 has not
been operated to its full capacity. Notwithstanding this the production
of the two units as a whole has practically equaled the anticipated capacity,
namely 60,000 tons per annum.
Manufacturing Costs.-While sufficient time has not elapsed for thorough
standardizing of the costs of manufacture under the enlarged operations.
yet the results attained Up to this time have been gratifying, and costs not
greater than the lowest limit anticipated.
Sales and shipments -Saks for the year amounted to 37.586 tons, as
compared with 22,943 tons for the year 1912-13, while shipments amounted
to 32,000 tons, as compared with a total of 14.645 tons for 1912-13. The
unfilled contracts as of June 30 1914 amounted to 14,755 tons-sufficient
to cover not only the manufactured stock on hand that date, but approximately all that can be produced, at the present rate of production, for the
ensuing two months.
Financial.-The consolidated balance sheet shows an increase in fixed
assets of $912,052. The net manufacturing profits were $332,263, based
upon the production of approximately 30.000 tons, whereas for practically
the entire period the investment in fixed assets has been sufficient for a
production of approximately 60,000 tons. After making due provision for
all bad or doubtful debts, and the'discharge of dividends upon the pref.
stock, there was carried to surplus $134,894. an amount equivalent to
$.39%. upon the outstanding common stock.
Derivatives of Cyanamid.-It has been the unceasing effort of investigators
to discover means of transforming the nitrogen in Cyanamid into other
nitrogenous materials, notably nitric acid and ammonium nitrate, for use
In explosives and in the arts: crude cyanide, for treatment of metalliferous
ores; and ammonium phosphate,a new and exceptionally valuable fertilizer.
All these processes have been brought to a state of commercial applicability
during the past fiscal year, and the company has the assurance of a large
and profitable business from their application, notably in the case of ammonium phosphate,rights for the use of which in the United States are guaranteed to it. These three outlets should make a far greater return to the
Cyanamid Co. than the fertilizer field in which the company at present
furnishes only cyanamid.
License Rights.-The company has, during the year, added to its present
license rights the sole rights for the manufacture, sale and use of cyanamid
and all derivatives thereof applicable to fertilizers or fertilizer purposes for
Canada, Newfoundland, the Maritime Provinces, Cuba and Central
America. together with the assignment of all Canadian and Cuban patents
bearing on cyanamid.
Ferttiteer Market Conditions.-The fertilizer season of 1913-14 was the
largest in point of volume of business in the history of the
industry, but the
financial status of the planters generally, coupled with the
favorable crop
prospects throughout the country, justifies the belief that the
coming fertilizer season will even surpass
it in volume of business.
INCOME ACCOUNT FOR YEAR ENDING JUNE
30.
1913-14. 1912-13.
1913-14. 1912-13.
Net mfg. profits
$332,262 $189,109 Balance, surplus
$134,893 $44,744
Misc. net charges__ __
7,673
Previous surplus
44,888
144
Pref. dive.. 6%
189,696 144,365
Balance, Surplus.. _5134,893 $44,744
Total surplus
$179,781 $44,888
BALANCE SHEET JUNE 30.
1914.
1913.
1914.
1913.
Assets$
Liabilities$
$
Lands, buildings,dtc_2,218,347 1,306,295 Corn.
stock (auth.
Bills & accts. receiv_
19,263
13,085 $4,000,000)
2,500,000 2,500,000
Cash
75,218 159,233 Preferred stock....__.3,2
58,600 2,670,800
Manufactured stock. 309,225 182,936 Scrip
certificates_ _442
542
Sundry supplies__
141,290
88,823 Accounts payable__ -_ 107,692
27,943
License, patents, Occ.3,569,578 3.344,340 Bills payable
419,987
Ont. Pow. Co. claim
350,000 Ont. Pow. Co. claim
350,000
Found'ii & propogan. 230,589 227,927 Pref. div. July 1_
_ __ 97,008
78,467
Surplus
179,781
44,888
Total
6 563,510 5,672,639
Total
6,563,510 5,672,639
a Prof. stock authorized,$4.000,000; deduct treasury stock unsubscribed,
$704,700, and treasury stock subscribed. $36,700: balance.
83.258,600.V. 99, p. 610.
GENERAL INVESTMENT NEWS.
the
of getting ocean space
and the high cost of hull insurance,all impossibility
through import rates to this country.
as covered by lake and rail tariff E1982
and
all-rail
train' E2013, applying
to Western Canada points, and tariffs E139 and
E405, applying to British
Columbia points, will be canceled, effective
September 8. Until further
notice, all ocean rates (which have been increased
50%), plus local rates
from seaboards, will apply.
It is hoped that with the gradual settlement of trade
through war conditions the cargo market may drop sufficiently
admit of usual rates
applying, and 'perhaps to the re-establishment ofto
through rates.-V. 99,
p. 532. 543, 463, 466.
Central California Traction Co.-New
Officers.Secretary A. W. Baldwin has been made
to succeed W. Arnstein. G. A. Starkweather has been elected aTreasurer
director
to
succeed
the latter.
-V.95, p. 1744.
Central Ry. Co. of Canada.-Mortgage.-Notice
is
given that the company on May 5 1914 deposited
Secretary of State of Canada a mortgage upon thewith the
undertaking and assets of the company to the City Safe Deposit
& Agency Co., Ltd., of London, as trustees for the
bondholders. Compare V. 98, p. 1692, 1315.
Chicago Elevated Rys.-Official Statement.-In connection with the deferring of the quarterly dividend of 13/
% due
Sept. 1 on the $160,000 6% cumulative preferred 2shares,
Henry A. Blair says:
We could only expect that a European war would affect the
for
manufactured goods, and in view of the extent of the conflict Idemand
think Chicago conditions generally are satisfactory. The manufacturing district
been
hit
has
heavily by the war. This conclusion is reached by reports
from our investigators,who find that most of the losses in traffic of the company have occurred In the factory district. A good part of this loss, however, may be caused by the fact that a large number of foreigners eligible
to bear arms for their native countries have come to the Atlantic seaboard
with the expectation of getting back home. For about ten years we have
been showing an average increase In receipts of from 7% to 8%. Since the
depression in business occurred, that is in the past three weeks, our receipts
have shown a falling off and the rate of increase over the corresponding
period of last year has dropped to approximately 1%. This shows that
even with poor business prevailing we are still able to keep our receipts
above those of last year.-V.99, p. 608. 195.
Chicago Rock Island & Pacific RR.-New Committee.N. L. Amster of Boston has issued a circular to the collateral bondholders in which he states that a new committee
is being formed to represent New York and Boston
bondholders.
l'Aiding the completion of the committee, bondholders and
of
Chicago R. I. & Pac. By. stock are requested not to deposit holders
the same.
Mr. Amster says: "It is hoped that if a large number of collateral
holders Join in the movement, the trustee, as well as the directors,bondmay
permit an immediate distribution of the collateral.
sooner the collateral bondholders succeed in getting a distribution of The
stock in exchange
for their defaulted bonds, the more certain are they ofthe
eventually receiving
100 cents on the dollar with interest."
Suit.-Mrs. Clara S. McNeill of Columbus, Kan., as
owner of $30,000 bonds, on Aug. 29 brought suit in the Polk
County Dist. Court asking for the appointment of a receiver
of the company and the recovery of the par value of the bonds
owned, with interest.
Charges of mismanagement are made against certain of the directors,
and it is req uested that an action be authorized to be brought against
to recover the loss in the value of the outstanding securities alkged to them
have
eon caused thereby.-V.99. p.673, 269.
Cincinnati Hamilton & Dayton Ry.-Proposed Receiver's Certificates.-The receivers on Thursday applied to
the U. S. District Court for permission to issue $3,000,000
receivers' certificates for improvements and equipment.
It is understood that the recent orders of 1,000 box cars from the Mt.
RAILROADS, INCLUDING ELECTRIC ROADS.
Birmingham Ensley & Bessemer RR.-Receivership- Vernon Car Mfg. Co. and of 35 locomotives from the Lima Locomotive
been held up pending authorization of the receivers' c
Circular to Bondholders.-The investment house of S. H. Works have
99, p. 342. 119.
Cunningham, 55 Congress St., Boston, on Sept. 4 sent out
Cleveland (Electric) Ry.-Stock Increase.-The
Ohio
a circular letter saying in substance:
P. U. Commission has set Sept. 24 as the date for
Some days since It was called to our attention that the property in Birthe application to issue $1,068,500 additional stock.hearing
mingham as at present constructed did not appear to
justify the securities
ssued again it it. Inasmuch as our office is largely
in these securities, we wrote the management asking the total interested
amount
of bonds outstanding, the dates and amounts of the successive issues, the
names of
purchasers, the net amounts realized and the specific purposes for
which
these proceeds were expended. These questions have never been answered.
In the meantime, we had received a printed communication from the
office of the President advising us that the bond interest due Sept. 1 1914
would be defaulted and that a receivership was imminent. We retained
Seer° .ry I )avies is quoted as saying that
stock. hid i part of the
$1,460.000 first offering under the terms ofthe
which only about $400,000 was taken by the the Taylor grant in 1910 (of
stockholders)
will not be again
offered to the stockholders. hut -111 be sold in the onen
market at a premium
or retained In the treasury for use as a basis for
The one-cent charge for transfers in additioncollateral loans.
to
the regul r 3-cent fare,
with no rebate on surrender, went into effect
on Sept. I. This is a restoration of the first rate that obtained under
1910 to June 11911, since which the fare the Tayler grant from March 1
has been 3 cents Eat.
THE CHRONICLE
748
to President Stanley for a
The men on Sept. 1 renewed their application
8-hour day. The executive
restoration of the 1906 schedule and a minimum
its position and stating that the
board of the union drafted a letter outlining
conceded. President
union will ask for arbitration unless the demands are
Davies of the local union says that the contention of the company that the
men cannot arbitrate anything except the differences over the 5 and 8-hour
minimum, is not correct.—V. 99. p. 674, 608.
Columbus (0.) Railway & Light Co.—Bonds Purchased.
[VOL. xcix.
New Orleans & Northeastern RR.—Dividend Reduced.—
An annual dividend of 1% was paid on Sept. 4 on the $6,000,000 stock, comparing with 5% in 1912 and 1913.
Dividend Record (Per Cent.)
1914
1903 1904 1905 1906 1907 1908 1909 1910 1911 1912 1913
1
5
634 634 5
5
4
6
334 5
3
3
—V.97, p. 1500.
New York Central & Hudson River RR.—Injunction
udge Grubb in the U. S. District Court in this
Denied.—J
Ry.—
&
Western
(Electric)
Urbana
Columbus
8, in the suit filed on Aug. 7 by Annie L. De
Sept.
on
city
on
6
Sept.
Journal"
State
said:
he
"Ohio
New Control.—T
of Chicago, as trustees under the
Judge E. B. Kinkead yesterday granted permission to Receiver L. P. Koven and Cecil Barnes
Stevens to file his final account and to terminate the receivership. Mr. will of John De Koven (who own 500 shares of Lake Shore
Stevens states in his application that the 13438.0001 outstanding bonds of
Michigan Southern Ry.stock) in behalf of themselves and
the company are held by the Columbus Railway & Light Co. [The prop- &
erty. which embraces 7% miles of track connecting Columbus, Marble other minority stockholders, refused to grant a preliminary
Cliff and Fishinger s Bridge, went into receiver's hands early in 1912.1 injunction restraining the proposed merger into the New
.—v. 98. p. 386.
York Central. Compare V. 99, p. 467, 538.
Death Valley RR.—Authorized.—The California RR. The Court says that the evil consequences resulting to the minority
are "too conjectural to justify the InterCommission on Sept. 2 authorized the company to issue 204 stockholders of the Lake Shore roadconsolidation
, at least at this stage of
position of the Court to stay the
5% bonds of a par value of E100 sterling each, payable over the
proceedings."
are sufficient to put in
bill
the
of
averments
"The
says:
a period of ten years from March 11914.
Grubb
Judge
consolidation
$ee Columbus Urbana & Western Ry. below.—V. 98. p. 1459.
The proceeds are to be used in completing the company's line from a
point on the Tonopah & Tidewater RR. to the Biddy McCarty borax
mines.—V. 99, p. 269; V. 98. p. 911.
Erie RR.—Lease.—The stockholders will vote Oct.13on—
Approving an agreement modifying and supplementing the lease of
June 11898. and the supplemental lease of Sept. 11899. covering the Lockport Branch, with respect to express matter.—V.99. p.406, 48.
Florida East Coast Ry.-234% Interest on Incomes.—
The directors have declared interest at the rate of 23%,
payable Nov. 1 1914, for the fiscal year ended June 30, on
the $25,000,000 General Mtge. Income 5% 50-year gold
bonds. This is the same amount as declared in 1913 and
1912, but compares with 4% and 33/2%, respectively, in
1911 and 1910, the first distribution.—V. 99, p. 406.
Hampden RR. Corporation.—Suit.—The suit against
the Boston & Maine for damages on account of failure to
accept the lease was entered in the Superior Court of Massachusetts on Sept. 9.
The complaint alleges that on Sept. 5 1911 the B. & M. agreed to lease
the road to be constructed by the plaintiff, but that it has since refused to
accept the lease. The plaintiff, it is stated, expended $3,798,000 in the
location and construction of the road, the defendant having full knowledge
that this expenditure was made in reliance upon its promise regarding the
lease. The suit is brought on contract, the amount demanded being
$3,798,000, with interest. Compare V. 99. p. 48.—V. 99, p. 537, 48.
Kansas City Mexico & Orient RR.—Mortgage Filed.—
The company has filed its deed of trust to the Columbia
Trust Co. of N. Y., as trustee, to secure an issue of $6,000,000 2-year 6% gold notes.—V. 99, p. 538, 196.
Kingston (N. Y.) Consolidated (Electric) RR.—Divi
dends.—A dividend of 3% was paid on Sept. 1 on the $200,000 4% cumulative pref. stock, being the first distribution
since Jan. 11911, when 4% was paid. The full rate of 4%
per annum was paid from the consolidation with the Colonial
City Traction Co. in Dec. 1901 to Aug. 1908.—V. 90, p.
303.
Lake Shore & Michigan Southern Ry.—Approved.—
The stockholders on Sept. 11 approved the proposed merger
of the company with the New York Central & Hudson River
RR. Co. No dissenting votes, it is reported, were cast.
See New York Central & Hudson River RR. below.
Notes.—J. P. Morgan & Co. announced that up to the
ers
close of business on Sept. 5 holders of about three-quart
in London
of the £420,000 one-year sterling notes maturing
reSept. 6 had elected to take new one-year notes giving a
turn of 65,W0 rather than to receive payment at maturity.
—V. 99, p. 674, 342.
Middlesex & Boston Street Ry.—Earnings.—
Dividends. Bal.,
Gross
June 30.
Earnings.
Year—
$991.720
1913-14
941,235
1912-13
—V. 99, p. 343.
Net (after
Taxes).
$243,700
243,269
Interest
Paid.
$163,405
163,343
issue, as a matter of pleading, the illegality of the proposed
and complicated
under the Sherman Act. It is clear that so important
upon final hearing, and
an issue cannot be satisfactorily determined except
was the comGovernment
would be best determined in a suit in which the
the United States
plaining party, since a decision in a suit instituted by
free "to seek
left
are
compalinants
The
would be binding on all parties."
the United
redress in the interim. if entitled to any on this line, through
cause."
this
of
hearing
final
upon
or
it,
by
States in a suit brought
Notes.—The company has, it is reported, renewed for one
year at 7% the $5,000,000 one-year 5% notes maturing
Sept. 15.—V.99, p. 538, 467.
Ocean Shore RR., California.—Withdrawn.—The company on Aug.29 withdrew the application made last March
to the Cal. RR. Commission for permission to issue $200,000
bonds to provide for the electrification of the road between
San Francisco and Halfmoon Bay.—V.98, p. 1460, 611, 237.
Ogden (Utah) Rapid Transit Co.—Extensions.—The
"Electric Railway Journal" on Sept. 5 said:
City via CollinsThis company has selected the route through BrighamPreston
extension,
ton and over the divide into Cache County for its OgdenA moderately
work on which is now said to be under way in Cache County.
The
survey
route.
proposed
the
along
been
established
low grade has
Cold/18ton, taking
practically parallels the Oregon short Line from Ogden to
a point Just beyond
At
way.
of
right
Line's
Short
the
of
east
just
course
a
the Bear River
Collinston the survey runs over the divide, eliminating
of Wellsville and Hyrum
Canyon.and the proposed road will enter the towns
Construction from this end
divide.
the
of
end
eastern
the
of
south
just
said.—V. 99. p. 675.
will probably not commence until next spring, it is
Quebec Railway, Light, Heat & Power Co.—Coupons.
2, said:
—The "Montreal Gazette," Sept.
bonds payment of which fell due on
Some coupons of Quebec Railway
was stated that arrangements
June 1 last were still unpaid yesterday, but it
to-day. It is understood that the comhad been made for their payment
recent payment dates—that
on
as
policy
same
pany is following the
three months of grace folIs. paying the coupons at intervals through the
611.
p.
98.
date.—V.
due
the
lowing
.—Work, it
Paducah & Illinois RR.—Work Suspended
owing to the imis reported, has been indefinitely suspended,
possibility of floating bonds at this time.—V.99, p. 609,343.
Pennsylvania RR.—Curtailment.—in pursuance of its
retrenchment policy inaugurated earlier in the year, the
company on Sept. 9 announced that 68 trains would be discontinued on the lines east of Pittsburgh and Erie, beginning
Sept. 15, and the service further curtailed.
in
the usual reductions
the
This annulment of 68 trains is in addition to
seashore schedules made in the fall. The changes in the general schedules
are usually made in November. were annulled and some weeks previously
On April 1 118 passenger trains
the total number of trains canceled
26 trains were discontinued,amaking
number of trains were discontinued on the
this year 212. In addition
service in the vicinity of Pittsburgh.
suburban
the
in
as
well
as
lines
western
The West Chester branch service will be reduced from 15 round trips
improving rush hour
week days to 6 round trips, being compensated by
service between West Chester and Philadelphia via the Media division.
has operated an average of 2.280
In the last six years the Pennsylvania
trains daily on its eastern lines, so the cancellation of 212 trains as announced this year, means a considerable curtailment In service.
In addition to the trains abandoned, service on some trains will be disto offset the reduction in
(4%). Surplus. continued between certain points, but in order
$815 train service and so accommodate passengers as much as possible the runs
$79,480
extended
their
beyond
been
have
regular
stopping'points to
trains
some
of
446
79,480
make up for trains annulled.—V. 99. p. 675. 609.
Piedmont & Northern (Electric) Ry.—Finaneing by
Missouri Pacific Ry.—Investment Loss Written Off.—The Issue of $8,500,000 1st M. Collateral Notes.—Thi
s important
company on June 30 last wrote down its investment in stocks electric railway system has arranged to finance its present
that date.
to the prices prevailing on
of the Wabash RR.
System of about $2,500,000. construction and equipment requirements by the creation
This represents a loss to the Missouri Pacific Pacific
proper, which owns
5
$1.733.000 being sustained by the Missouri
and selling at $3.50 of an issue of $8,500,000 -year 5% Secured Gold Notes,
31.978.715
costing
stock,
preferred
Wabash
$7.000,000
Iron Mountain & dated July 1 1914, secured bypledge of $10,000,000 new
Louis
St.
The
per share at the close of the fiscal year.
common
and $2,826,000
first mortgage 5% bonds, its only issued bonded debt. A
Southern holds $2.826.200 Wabash RR. preferred
the company also holds
stock, Its loss being, therefore, $777.000, while 4%
bonds which are car- large majority of these notes is outstanding, having been
$2,913,200 Wabash first refunding and extension
The value of these bonds was not taken privately by the subscribers to the road.
ried on Its books at a cost of $1,879,044.
case with the stock.—V. 99.
adjusted at the close of the year, as was the
p. 674. 538.
'Ibis company was Incorporated on Feb. 24 1911 under the laws of the
State of South Carolina. and on or about July 1 1914 took over the proper& Anderson
s ties of the Piedmont Traction Co. and Greenville Spartanburg 310,000.000
Mobile & Ohio RR.—New Bonds.—The shareholder
Ry. Co. Its authorized capital stock is 515.000,000, of which
not
secure
to
mentioned
mortgage
par
of
above
The
new
3100.
first
shares,
mortgage
outstanding;
a
is
voted on Sept. 25 to authorize
is made to the Farmers' Loan & Trust Co. of N. Y., as trustee, to secure
exceeding $50,000,000 50-year gold bonds.—V. 99, p. 343.
not exceeding 550,000.000 of 1st M. 40-year coupon geld bonds, to bear
—The Interest not exceeding 5% and dated July 1 1914. The bonds are in deMontreal Central Terminal Co.—New Mortgage.
nomination of $1,000 (c*&r), interest J. & J.: principal and interest payable
Secrethe
of
office
the
in
deposited
1914
2
Sept.
in gold coin at the office of trustee; principal subject to call at option of
company on
g
undertakin
in whole or in part on any interest date at 105 and int. The
the
company
upon
mortgage
a
Canada
tary of State of
company pays all taxes except the Federal income tax. Of the bonds.
Agency
&
Deposit
Safe
City
the
to
company
$10.000,000 are issued and pledged to secure the aforesaid $8,500,000 5-year
and assets of the
Came, 5%
secured coupon gold notes dated July 1 1914.
Co., Ltd., as trustees for the bondholders. F. E.
These $10,000.000 bonds were issuable forthwith, the company covenMontreal, is Secretary.—See V. 98, p. 1845.
anting to apply the proceeds to the purchase price of the mortgaged propto
erty and to the liquidation of other indebtedness of the company andcan
Newark & Bloomfield RR.—New Stock.—Stockholders
, extensions or equipment. The remaining 310.000.000
30, improvements
cost to
be issued only from time to time for not exceeding 85% of the cashand
were offered, pursuant to vote of the directors on June
4th
stock which the company of future extensions, properties purchased, 2d, 3c1additional
the right to subscribe for the $1,496,150 new
main track, tunnels, bridges and reduction of grades. purchase ofthe restricers equipment,
terminals, improvements, &c., in accordance with
was authorized by the N. J. Board of RR. Commission
15 tions of the mortgage. None of the bonds can be issued for the acquisition
in Nov. 1910 at $60 per share (par $50), at the rate ofthe
per mile of
of any railroad line the purchase price of which exceeds $30.000
equipped, with
shares of new stock for each old share. This will bring
single and 345.000 per mile for double track completed and
bonds
underlying
the
if
and
sidings
nor
for
terminals;
a reasonable value
amount outstanding up to $1,600,000.
this issue to a total
RR. thereon shall increase the total prior liens underlying
of the
sufficient
Of the $103,850 old stock, the Delaware Lackawanna & Western
reserved
at
be
all
must
There
times
37,500.000.
exceeding
owned $97,950 and in order to equalize the amount to which stockholders
bonds issued or iasuable. on lines
new bonds to retire, S for S. any underlying
were offered the right to subscribe, the D. L. & W. relinquished Its right acquired.
The bonds are now an absolute first lien. $100, though not
to subscribe for a portion of the new stock. At the close of subscriptions
$1,000 and
of
s
in
denomination
The notes are issued
de Trust
on Sept. 10 it was stated that most of the stockholders had availed them- interchangeab
le; interest J.& J. at office of trustee, Farmers' Loan
selves of the privllege.—V. 91. p. 1630.
SEPT. 12 1914.]
THE CHRONICLE
749
Co.. N. Y. Subject to call, as an entire issue only, on any interest date at cars 30-ton capacity, 24 steel tank cars and 25 steel underframe cars, viz.:
100% of the principal thereof, payable in cash or in bonds, as the company 10 caboose, 6 passenger cars, 5 mail and baggage cars and 4 baggage cars.
may elect, with accrued interest, after three weeks' notice.
Total cost, $1,070,500, of which the receiver has paid before delivery
Description of Property in May 1914 (Digest from "Manufac. Rec.") $270,500 in cash, or a margin of 33% over the total Issue of notes.
This electric railroad in North Carolina and South Carolina is not only
The General Manager at the time the notes were issued expressed the
a carrier of passenger traffic on familiar interurban lines -but it is built belief that the purchase of the above new equipment "will very materially
and equipped for heavy freight traffic. Electric engines, able to pull reduce the present hire of equipment charge, which, conservatively estim1.000 tons, or a train of 30 to 40 loaded cars. are at work, and although the mated, should result in an immediate increase of net income of $135.000
lines in operation are only a portion of the full system to be built, the per annum, and, in addition, place us in position to better accommodate
the freight and passenger traffic on these lines."
operations are on a very robust commercial scale.
Ultimately the system will be about 320 miles long, and will extend from
Income Account-St. Louis Brownsville & Mexico Lines.Durham,N. C.,to Greenwood,S. C. At present(May 1914) It is operated
In two sections: (a) 2314 miles, extending from Charlotte to Gastonia
10 Mos. ended 1913-14. 1912-13.
10 Mos. ended 1913-14. 1912-13.
the Piedmont Traction Co.; (b) Spartanburg to Greenwood. S. C..
April 30$
S
April 30$
$
93.5 miles, with a branch from Belton to Anderson of 10.5 miles, the Oper. revenue_ _2,259.500 2,442,096
Hire of equip't__ 192,499 171,506
Greenville Spartanburg & Anderson By. After July 1 these companies Net (after taxes) 429,358 484,096 Rentals
79.357
74,999
above
(a)
[Under
Ry.
Northern
will consolidate, forming the Piedmont &
Other income _
7.784
5,763 Int.on eq. notes.
1,360
2,160
is included 3.92 miles of Charlotte Street By.Co. held under 999-year lease
do rec. certs.
8,951
dated April 1 1914.1
Total income_ 437,142 489.859
traffic
opened
for
The first section, from Charlotte to Gastonia. was
Balance, after aforesaid charges
154,975 241.194
NoJuly 3 1912; the next section, Greenwood to Belton and Anderson, In and
Annual int. on the new equip. notes calls for 548,000.-V. 99, p. 271.
completed
vember 1912. The line from Belton to Greenville was
SparGreenville
to
San Francisco-Oakland'TeThiinal Railways.-Control
opened for traffic a month later, and the extension from
and
tanburg was opened up March 23 1914. The gap between Gastonia
While Changes.-The war in Europe having interfered with the
Spartanburg Is 54 miles From Charlotte to Durham is 148 miles.gap
and
plans of the Moore interests (V. 98, p. 306,611)for financing
no definite plans for the construction of the Gastonia-Spartanburg
put out by the comthe Durham extension have been announced, the maps completion
is mani- the purchase of this property (the July installment of the
pany indicate these as projected lines, and their early
festly inevitable. They are needed to unify the system.equipment some purchase price, it is stated, is in default), a possibly temThere have been spent in construction, terminals and
porary change in the management took place on Aug. 31.
$10,000,000. It will probably require on towards an additional $10,000,000
The full particulars are not made public, but it is known
to build the remaining 200 odd miles to complete the system and $2,600,000
adopted
was
construction
Standard
extensions.
these
equipment
of
for the
that George C. Moore then retired from the board and
throughout, and the road was built to a maximum of 1% grade. with 80-an.
rails, rock-ballasted, and protected by the latest development of telephone, ! Halsey & Co. and the F. M.Smith trustees (Jas. K. Moffitt,
steel,
trestles
and
bridges
are
a
All
the
devices.
automatic
semaphore and
Vanderlyn Stow and Wm. A. Bissell, V. 96, p. 1425) came
built to Southern By. specifications. A striking feature are the terminals
In the larger cities extensive sites have been secured in the very into virtual control. W. R. Alberger resumed the position
provided
adopted
building
has
been
handsome
type
of
very
heart of the city, and a
of Gen. Mgr. and Angus Clark was temporarily made Secreof buff brick with red tile roofs for freight offices, freight depots and the tary,
succeeding Robert Morrison Jr. The Moore interests
extensive warehouses that form a part of each terminal equipment. The
terminals
at
it is understood, still hope to carry out the deal when genland and buildings of the Charlotte terminals cost $500.000, the
Greenville and Spartanburg practically the same amount, and those at eral
conditions are more propitious.
Anderson about $400.000. At Greenwood the company has a joint arrangement for terminals with the Seaboard Air Line. The main shops Statement Ascribed to Attorney Gavin McNab.San Francisco. Sept.l.
The war suspended all financial operations, both here and abroad. The
at Greenville cost for building and land $150,000; equipment. $250,000.
There is another shop at Pinoca, near Charlotte. which cost about $150.000. Moore contract was suspended like everything else.
In the meantime Halsey & Co., who have the large note issue-about to
The freight equipment consists of 12 freight-carrying electric locomotives.
standard- become due
-in the interests of their clients are virtually in control of
8 box-type locomotives and a freight-car equipment of all-steel
type cars, such as steam railroads use. Six big new locomotives built road. [The notes in question are $2.500.000 Oakland Railways Co.the
es
by the General Electric Co. have just been put in use. weighing 63A tons of 1912, originally due June 1913 but extended to Sept. 14 1914; V. 98,
trolley
now
consists
of
23
motor-driven
equipment
passenger
p. 764, 1768: V. 97, p. 1204. 1116; V. 95. p. 420. 5444
each. The
miles
When the arrangements were made for the Moore contract, as one of the
cars. 65 ft. long, of highest standard construction, speed capacity 60There
methods of bringing it about the United Properties trustees conveyed the
an hour. but operated In service at a maximum of 48 miles an hour.
have been ordered, delivery to begin in June, 10 new all-steel passenger railroad stock to the Realty Syndicate, in trust, for the purpose of carrying
cars and two steel parlor cars, with observation end, to be used as trailers. out the Moore contract, as it was contended that this was the only way In
which all parties could be brought together: and the Moore contract proAll the passenger cars are electric-lighted and heated.
Power for the road is bought from the Southern Power Co., which has vided large consideration to go to the certificate holders of the United Propdevelopments of over 100.000 h.p. on the Catawba, Broad River and Sa- erties Co. This, of course, was a trust for this specific purpose.
Co.'s develIf anything could happen to the Moore contract. the United Properties
luda. and also buys 10.000 h.p. from the Georgia Ry. & Power
mills, however Co. would
opment at Tallulah Falls. Ga. "Oneofthe(many)big cotton
be entitled to the return of its stock for the benefit of its certifiwhich receive their power from the Southern Power Co., will use a good cate holders. And as the Smith trustees are honorable men, there would,
declared.
.(See
it
Is
V.
95.
entire
electric
line."
the
of course, be no trouble in having this done. So the certificate holders
deal more power than
p. 1625: V. 97, 13. 1219.)
are_protected. [See also Realty Syndicate under "Industrials" below.]
Arrangements have been made with connecting railroads for the inter[The application to the State RR. Commission for authority to issue
change of business at steam-road rates, and the Piedmont & Northern $1 .000.000 new bonds is still pending.
usual rates.
can thus bill freight anywhere that steam railroads goat the from
Mr. Moore was quoted last June as saying in Court: "Under the TevisPorts- Hanford
Local daily package cars have been put on for service to and
contract. Messrs.Tevis and Hanford havethe opjion, up to Dec. 1
mouth and Richmond and all points on the electric road. These cars 1915. to purchase 20% of the pref. stock of the San Francisco-Oakland
carry Eastern freight, from steamers and railroads, with an average time Terminal Railways at the same price as I paid-334 50. I also have with
four
days.
of
this
line
points
on
Eastern
points
to
from New York and
them an agreement of acontingent character whereby I am to
32.410,000
It is Interesting to note that along the lines of the road as now operated of the common stock in an effort to enlist capital to finance use
the
land
there are 84 cotton mills, with 2,202.506 spindles and 49,667 looms; alto- holdings obtained by Tevis and Hanford in Alameda County. large
My conthey
make
print
and
gether their capital stock aggregates $51,000,000.
tract with Mr. Tevis and Mr. Hanford provides that the bond certificates
cloths, sheeting and drills to the amount of 199,000,000 lbs. annually, with of the United Properties Corporation are to be taken care of by them and
the all liens removed. Messrs. Tevis and Hanford originally
a value of $52,000,000. Cotton products will be the largest item inoutobtained control
outbound traffic of the electric road. but in the aggregate of in and
of the Alameda land holdings for the purposes of the United Properties
bound shipments general merchandise will take the lead. The population Corporation, the railroad companies and the water companies. Many of
figured
but
it
is
the bond certificates outstanding were exchanged for equities in these lands.
in the towns and cities along the line Is computed at 240.000,
that the entire territory which is tributary to the lines now in operation Mr. Tevis assured me that if these lands could be properly financed they
would result in enough money to care for all the outstanding bond certifithere are about 380.000.
be cates. From investigation I believe this to
The earnings of the road, both freight and passenger, are stated to by
be correct.
"In the event, however, that I should not succeed In financing these
very satisfactory for a new road. There were 7.000 people handledand
20,
May
properties, Mr. Tevis and Mr. Hanford were to have the use of the $2,the 23ji-mile North Carolina division on Mecklenburg Day.
the road handles an average of 3.000 every day. Beginning May 31, a 410,000 common stock for the benefit of the certificate holders of the United
sleeping-car service will be inaugurated between Spartanburg and Atlanta Properties Corporation-that is to say. to aid them in paying them off.
They were also to have any profits on the 20% of pref. stock. Besides
via the Seaboard Air Line at Greenwood.
this, there was a special agreement covering the $1.000.000 of B pref.
The road Is due to the enterprise of J. B. Duke, who also is responsible
and stock of the San Francisco-Oakland
for the Southern Power Co.. with its network of transmission lines
Terminal Railways, which was issued
While on the consolidation for the purpose of
numerous hydro-electric developments In the Piedmont section. stockequalizing certain rights on the part
the Dukes and associates were always heaally interested, there are
of the East Shore and Suburban. It was considered equitable that this
holders In every town on the road in both North and South Carolina, and should be used for the benefit of the original holders of the stock of the
even people outside of America voluntarily took stock. Officers are to be: East Shore & Suburban,and it was agreed that this should be done if legally
J. B. Duke. President, New York; W. S. Lee, Vice-President; E. Thoma- possible."[-V.99, p. 50.
son, Treasurer and General Manager; W. A. Cocke. Secretary; T. L. Black.
Auditor; all these of Charlotte. The directors, in addition to the officers
Seattle Renton & Southern Ry.-Favorable Decision.
named, are all local men. The general offices are at Charlotte, N. 0.The U. S. District Court on Aug. 25 in the suit brought by
V. 99. p. 199.
Portland (Ore.) Railway, Light & Power Co.-Listed. the city to restrain the city from revoking the company's
-The New York Stock Exchange has listed $1,064,000 franchises under resolution passed by the City Council on
additional First and Refunding Sinking Fund M.convertible Dec. 23 1910, held that the franchises were valid.
6 Judges Neterer and Cushman heard the case. The Court holds that the
5% bonds, series "A," due 1942, making the total amount '
collection of taxes by the city and the expenditure of money by the comlisted $17,064,000.
pany for street improvements without interference by the city constitutes
a waiver of the forfeiture privilege. It is also held that the city was inPurposes for which the $1,064.000 Bonds Listed Have Been Issued.
consistent in revoking the franchise when action to compel its enforcement
To refund Willamette Bridge By. 1st M.6% bonds, due Mar. 1,
was pending in the courts.-V.98. p. 74.
which have been canceled and the mortgage satisfied
To reimburse the company at not over 80% of cost of betterments,
MiSecond Avenue RR., New York.-Claims Allowed.
additions and improvements (aggregate $1.205 304 being $1.315.098 less $109794 for sales and removal of 'property
, and cost
Judge Lacombe in the U. S. District Court on Sept. 10 signed
of paving for which municipal bonds have been or will be issued) 964,000
The latter include extension and reconstruction of tracks $290,066; an order allowing claims for $594,727 against the New
extension of overhead lines and feeders and line transformers'
. $102.731; York City Ry.
car houses and other buildings and machinery. $390,151: electric car trucks
Of
3275.391 is due for special franchise taxes for the years 1902 to
and motors. $131.603: power plants and sub-stations, electric. $148.470, 1906. this.
with interest to Sept. 24 1907. which, it is stated, should have been
and miscellaneous items aggregating $252,078.
paid by the New York City Ry. as lessee of the Second Avenue line. and
for damages because of the failure of the lessee to keep the propEarnings.-For6 mos.end.June 30 1914 and cal. year 1913: $319,335
erty in good condition between April 1902 and October 1907. The order
GrossNet
Charges
Dividends
modifies
the
report of Special Master William L. Turner In the respect_menPeriodEarnings. Earnings.
& Taxes.
Paid.
Surplus.
Balance'
97. p. 952.
_
6 mos. 1914- --33.271,659 31,855.515 $1,328,291 $500,000 52.224 tioned, which is otherwise confirmed.-V.
Cal. year 1913,.. 6.723.742
3,866,761
2.449.931 1,187.500 229.330 I'
Deferred.
-The
Action
directors
Ry.-Dividend
Southern
-V. 99. p. 605. 609.
decided yesterday afternoon, while the full dividend on the
Raid Transit in New York City.-Bids Asked.The''. S. Commission on Sept. 11 adopted a resolution providing for an preferred stock ($60,000,000 5% non-cum.) had been earned
advertisement for bids on Oct. 6 for the construction of section 1 of route 43 m the fiscal year ending June 30, to postpone for a month
and section 1 of route 26, being the connection and the diagonal station
semi-annual dividend which has usubetween the Lexington Ave. and the existing subways at the Grand Central consideration of the
station. Compare V. 99. p. 468.-V. 99. P. GM. 539.
ally been declared at this time, in view of the general situaSt. Louis Brownsville & Mexico Ry.-Equipment Notes. tion in the South brought about by the disturbance of the
-The 8.800,000 equipment trust 6% notes recently issued by cotton market due to the European war. In April last the
the receiver are dated June 1 1914 and will mature in ten full 2% was paid.
Dividend Record (Per Cent).
annual installments of 0,000 each on June 1 of each year 1899 1900 1904 '02 toPreferred
Apr.'07 Oct.'07 '080 10 1911
2
1
49
3i
12 1913 1914x
5 yearly
ea
1 J-4
from 1915 to 1924, inclusive, but callable at 100 and int. on 2 3 4
any interest date on 4 weeks' notice. Denom. $1,000 c*. _Nt. 99. p. 610. 344.
-Application.-The company
Union Pacific RR.
Int..T.& D.in N. Y. Guaranty Trust Co. of N.Y. trustee.
has
These notes were issued under authority of the U. S. District Court for applied to the Kansas P. U. Commission for authority to
the Southern District of Texas, and upon the termination of the receiver- issue $31,848,900 additional first lien
and
ref.
M.
4%
ship are to be assumed by the Railway Co. or its successor. They were
bonds
Issued for the purchase of 20 Consolidation locomotives,800 steel frame box for construction and improvement work done between Jan.
1
750
THE CHRONICLE
1910 and May 31 1914. There are now $65,085,640 bonds
outstanding.-V. 99, p. 675, 540.
Union Station Co. of Chicago.-Extension.-The City
Council has granted an extension of 90 days for the acceptance of the ordinances providing for the construction of the
station on account of the impossibility of financing the project
at this time. The ordinances were to be accepted by Sept.
23.-V. 99, p. 540, 200.
United Light & Railways, Grand Rapids, Mich.-No
Common Dividend.-The directors have declared the usual
3 of 1%
quarterly dividends of 13/j% on the first pref. and %
on the second pref. stock, both payable Oct. 1 to holders of
record Sept. 15. No action was, however, taken on the
common stock dividend usually declared at this time. From
April 1913 to July 1914 1% was paid quarterly,1% additional
being paid in stock in April 1914.
President Hulswit says:
"We have earned sufficient to pay it (the common dividend) and we have
the cash, but prefer to take the conservative course now and cannot say
when next common dividend will be declared -V. 99, p. 468.
United Properties Co. of California, San Francisco.-
See San Francisco-Oakland Terminal Rys. above and United Light &
Power Co. under "Industrials" below.-V.98, p. 612.
Vicksburg Shreveport it Pacific Ry.-No Common
Dividend.-The regular dividend of 5% has been declared
on the $2,142,800 5% non-cum. pref. stock, payable Sept. 4
from the earnings of the year ending June 30. No declaration
hits, however, been made on the $2,856,500 common stock.
On Nov. 28 1913 2% was paid.
[VOL.
xc nc.
ing then paid, and also on June 15 1914. Dividends of 60 cents per month
(7.2% yearly) were originally paid, and thereafter up to the time of the
earthquake in April 1906 42 cents monthly (5.04% yearly), being then discontinued. From April 1907 to Apr. 1908 1%% was distributed quarterly, payments being suspended until March 1914 as above stated.-V.98,
p. 1690, 692.
Canadian Collieries (Dunsmuir).-Bond Int. Deferred.-
The directors have announced that, owing to the difficulties caused by
the present financial crisis and the necessity of conserving all resources,
they have decided not to pay for the present the coupon due Sept. 11914.
V. 98. P. 1318.
Canadian Western Natural Gas, Light, Heat & P. Co.
While during May and June earnings, it is stated, fell off, the gross returns were very large in the previous 7 months of the fiscal year which ends
on Sept. 30. The income from October to June was $829,313, an increase
of 5329,843 over the previous 9 months. An initial interim dividend of 1%
was paid on Aug. 31. Compare V. 99, p. 610.
Central Coal & Coke Co.-Common Div. Omitted-Fine.
Of the 24 companies which the Missouri Supreme Court held on Dec. 24
last constituted the "Yellow Pine Trust," 15 had,it is reported, on Sept. 3
paid their fines, aggregating $228,000. Including the Central Coal & Coke
Co., whose payment was 530,000. The time of the remaining 9 expired on
Sept. 4. Some of the delinquents, whose fines aggregated 5130,001, have
removed from the State. Attorney-General Barker claims that under the
doctrine of State comity, he can bring proceedings against the latter for the
collection of the fines.
The directors have, owing to temporary stagnation in the lumber trade
due to the European war, decided to omit the usual quarterly dividend paid
on Oct. 15 on the $5,125,000 common stock. From July 1902 to July 1914
134% was disbursed quarterly and from Jan. 1901 to April 1902 1%. The
regular quarterly payment of i% has, however, been declared on the
$1,875.000 5% cumulative preferred stock, this amount having been paid
continuously since Oct. 1898.-V. 99, p. 51.
Chino Copper Co.-Dividend Reduced.-
A quarterly dividend of 50c. a share (par $5) has been declared on the
54.337.200 stock. payable Sept. 30 to holders of record Sept. 16. From
June 1913 to June 1914 75c. quarterly was disbursed. Pres. MacNelll
in a circular says: "The directors have considered it wise to make this
Previous Dividend Record (Per Cent).
1902. 1903. 1904. 1905. 1906. 1907. 1908. 1909101912. 1913, temporary reduction in view of the unprecedented situation which has
None
arisen from the general European war. Under normal conditions, about
2
3
2)
Common _ 0
2
0
50% of the copper production of the country finds a market in Europe,
5 yearly
-5 yearly
Preferred_
where for the time being the demands for the metal are practically sus1499.
p.
-V. 97,
pended. The company has been placed on an operating basis of about
Western Pacific Ry.-Request.-Holders of about $4,- one-half, which will continue until the situation warrants a change. All
operating conditions at the mines are excellent and the financial position
000 000 1st M. bonds have communicated with E. H. Rol- of
the company is strong.'-V. 99. p. 470.
lins & Sons under the invitation recently sent out. The
bankers are said to be in touch with holders of another
$500,000. The two amounts, it is reported, represent about
50% of the bonds held on the Pacific Coast.-V.99, p. 409.
West Penn Traction & Water Power Co.-Improvements.-The following has been revised for the "Chronicle".
has begun the work
West Penn Traction Co., the operating subsidiary,
for which the company in
of improvements and extensions to provide
April last sold $6,000,000 of notes (V. 98, p. 1317). The new work now
under way includes the erection of a new generating station for the Wheeling
Traction Co., to be located above high water mark, also improvements to
plants at Washington and Creighton, Pa. The cost of carrying out the
improvement program for 1914 and 1915 will be not less than $4.000,000,
out of income and the balance from
of which about $700,000 will be provided
the proceeds of the note issue. The notes are secured by pledge of $1,250
in addition to certain other
issued,
note
$1,000
each
for
bonds
1st M. 5%
collateral. Of the let M. bonds there are $5,465,500 outstanding, secured
railway,
133 miles of single circuit
electric
of
miles
38.89
on
lien
first
a
by
and 26 miles of double circuit transmission lines, 13 sub-stations, 5 steampower-generating stations and on other property. Compare V. 98, p.
683, 914, 1318. 1921.
INDUSTRIAL, GAS AND MISCELLANEOUS.
American Steel Foundries.-Earnings.-
Total
Other
Net
3 Mos. ending
Earnings. Income. Income.
June 30$243.210 324,534 5267,744
1914
551.846
18,642
533,204
1913
Six Months- .
$242,162 $42,683 $284,845
1914
28,734 1,232,496
1,203,762
1913
-V. 98, p. 1462.
Int., S.F.,
Depr.,&c.
$292,448
296,206
Balance
Surplus:
def$24 704
4 0
sur255,6
$472,902 deft188 057
589,984
sur642:512
American Sugar Refining Co.-Louisiana Suit.-
A press dispatch states that the State of Louisiana on Sept. 10 brought
suit in the State Civil District Court to oust the company from the State.
constitution forbidding any perThe suit is based on an article of the State
the price of any agriculson or corporation from conspiring to force down
is that the company articharges
principal
the
of
One
product.
tural
icially depresses the price of raw sugar to the detriment of the planter
while advancing the price of refined sugar.-V. 99, p. 610, 469.
Auglaize Power Co., Toledo, O.-Pref. Stock.The shareholders voted on Aug. 15 to amend the articles of incorporation
shall be $1,000,000 divided into
so that the capital Mock of the corporation
pref. stock (pref. p. &d.)
5666,600 (6,666 shares) of 6% non-cum. voting
(3,334 shares) ofcommon stock
5333,400
and
share
a
$100
of
value
par
of the
V.
Compare
p. 610.
99,
share.
of the par value of $100 a
Bache-Denman Coal Co.-Suit Against Union.-
U. S. Dist. Court at Fort
The company on Sept. 4 brought a suit in the against
the United Mine
Smith. Ark., for 11,287,462 (triple) damagesdestruction
on July 17 to 20
Workers of America and others, because of the
district by stri ..Wng minlast of the company's plants in the Prairie Creek
White,
P.
John
including
President,
65,
number
ers. The defendants
Green, Secretary, of the inFrank J. Hayes, Vice-President, and Williamof
district
the
organization,
officers
the
of
all
organization,
ternational
Arkansas. Oklahoma and Texas, and also of the local unions.
Bigelow Carpet Corporation.-Proposed Merger.-
See Hartford Carpet Corporation below -V.99, p. 344. 272.
Bigelow-Hartford Carpet Corporation.-Consolidation.
See Hartford Carpet Corporation below.-V. 98, p. 1848.
Bituminous Coal Companies.-Ohio Mines Closed.-
Coal operators and miners of the No. 8 Ohio field on Sept. 8 adjourned
the joint conference at Wheeling, W. Va., sine die. Many of the largest
coal mines in Belmont, Jefferson and Harrison counties will be completely
closed, a large number having previously been all but dismantled. Many
others have kept caretakers working. The coal operators say that no
settlement will be reached in the near future, and that it will be cheaper
to pump out the mines after a contract has been made with the miners
than to contine the small overhead expense to keep the mines in condition
to be operated at once. This will increase the number of idle men in the
three counties by several hundred. About 15,000 miners in the district
have been idle since April 1.
The scale committee reported that all the propositions presented by both
sides had been discussed without an understanding being reached. The
Operators informed the business men of the three counties that they stood
ready to pay either the Pennsylvania scale of 44.61 cts. a ton for machinemined mine run coal: or 58 cts. a ton for lump coal and 22 cts. a ton for
slack; but the miners would consider neither proposition and insisted upon
47 cts. a ton for machine-mined coal.-V.99, p. 469. 345.
California Wine Association.-Dividend Omitted.-
The directors have decided to omit the quarterly payment on the $4.754,200 common stock. On Mar. 15 1914 payments were resumed, 1J4% be-
Cincinnati (O.) Gas & Electric Co.-Company's Reply.
The management in a circular mailed June 30 last replied to the criticisms of stockholders' protective committee as submitted to the annual meeting on May 4 in part as follows:
"We deny that the artificial gashouses are in very poor condition and
practically abandoned. Were there occasion to use the gashouses to-day,
the same, in the opinion of the board, could soon be put in working order.
"We admit that capital stock was issued to the lessee company in payment of extensions. additions, &c., made by the lessee company, and for
which it was to be paid under the terms of the lease. The board did what
at the time or times appeared imperative, otherwise natural gas would have
been brought to Cincinnati by the owners of the natural gas fields, and a
large part of your company's property would have been rendered practically worthless, with little or no earning capacity. The board in the fall
of 1913 notified the lessee company that thereafter payment for such extensions, &c., would be made at the termination of the lease.
"As to the guaranty fund, the board at all times acted in accordance with
its best Judgment, in the interest of the company and Its stockholders.
Regarding the suggestions for a depreciation fund,the board begs to state
that it will give the same proper consideration.
"All statements regarding a new electric lighting plant are uncalled for;
no action having been taken by the board pertaining to the same.
"It always has been the board's earnest desire to use its best efforts for
the promotion of the company's interests, and for the maintenance of increased dividends (increased from 4 Xi' to 5% since lease was made)."
Signed by directors: Louis J. Hauck, Edward H. Ernst, H. L. Brenneman, J. T. Carew. George D. Eustis, Charles D. Jones, M. E. Mech,
A. Clifford Shinkle and Charles F. Windisch. Samuel Assur, who was
attorney for the protective committee, elected a director on May 4
1914, did not concur in the reply of the board. [Compare V. 96. p. 1704.1
-V. 98 p. 1462, 1318.
Continental Gas & ElectricCorporati on,Cleveland.Purchase.-The following is officially pronounced correct:
purchased the Nebraska
The Continental Gas & Electric Corporation hasCo.,
Electric
both of which were
Gas & Electric Co. and the Iowa Gas &
or
on
Dela.
about July 30 1914:
in
(Incorporated
organized.
recently
authorized amounts of capital stock, $1,000,000 and $500.000, res)octtively.-Ed .1 The transaction involves $1,250,000, and that amount has
been raised through the sale of securities of the Continental Gas & Electric
Corporation to the Continental & Commercial National Bank and the
National City Bank of Chicago. The two companies lust acquired supply
gas and electric service in 12 towns and cities, namely, Norfolk, Meadow
Grove. Tilden, Battle Creek, Beatrice, Ifolmesville, Wimoro, Blue Springs
and Blair, all in Nebraska, and Missouri Valley, Logan and Magnolia,
Iowa. The sum of $250,000 is to be appropriated to extend and enlarge
the facilities of the two companies. [The transaction, it is said, involved
the exchange of $500,000 bonds, covering the properties purchased, for
the bonds of the Continental company, and also the sale of $150,000 additional of the latter's bonds for improvements. The banks took the additional bonds. The properties in question were all owned by the IowaNebraska Public Service Co. (V. 3 p. 1468) and were sold at receiver's
9.
sale late in August 1914 (V. 97, p.
1206).
Previous Status, July 1914.-Otis & Co. Cleveland,
when offering in July last at 93 and int. $200,000 First Lien
Coll. 5s of 1912, due Nov. 1 1927 (V. 96, p. 138), reported:
CapitalizationIssmd.
Authorized,
Common stock
$5,000,000 $1,266,000
303,700
Preferred stock
5.000,000
First Lien Coll. Tr. (incl. this $200,000 issued)
802,500
5.000,000
Properties Controlled.-Gage County Gas Light & Power Co., Beatrice,
Neb.; York Gas & Electric Co., York, Neb.: Nebraska Lighting Co., Plattemouth, Neb.; People's Gas Co., Shenandoah, Ia.; Shenandoah Artificial
Ice,Power, deat & Light Co.: Red Oak (la.) Electric Co.; Red Oak Gas Co.,'
Cass County Light & Power Co.; Griswold & Elliott, Ia.: Malvern Light &
Power Co.. Malvern,and Tabor, Ia.; McCool Light Co., McCool Jct., Neb.
Capitalization of Sub-Cos. Aggregating 51,980.412, of which $1,848,912
Deposited to Secure These Bonds.
Outstanding. Deposited.
5617,000
5738.500
Bonds of sub-companies
1,106.200
1,116,200
Common stock of sub-companies
125,712
125.712
Preferred stock of sub-companies
The Oakland Electric Co., Just acquired, valued at 335,000, will be absorbed by the Red Oak Electric Co., which company will issue $35,000
additional stock. This will also be deposited with the trustee. No addifor
tional bonds of Continental Gas & Electric Corporation will be issued
total
thia purpose. The laws of Nebraska and Iowa provide that the
capitalization of public utility companies shall not exceed the real value of
the properties and that the bonded debt must not exceed 40% of this value.
In the fall of 1912 the physical properties of the first seven companies listed
above were appraised by Ford. Bacon & Davis and Warren Bicknell at
$1,183,890: present value, including properties acquired and betterments
and extensions made since that date, 51.638,890. The various companies
serve 27 cities, towns and villages in the fine agricultural country of Western Iowa and Eastern Nebraska, with a total population in excess of 65,000.
Customers Jan, 1 1914: Electric light, 5,792; gas, 3,762: steam, 180: ice.
600; total, 10,344. Franchises equitable, without onerous restrictions
and either without time limit or extending well beyond 1927, with one
exception.
SEPT. 12 1914.]
THE CHRONICLE
751
Combined Earnings for 12 Months' Periods (Not Including Some $40.000 claimed to have
been advanced, which would leave a balance of $110.000
Gross from Residual, &c.).
to be returned to the railway company, provided the latter
can prove the
12 Months endingMar. 31 '14. Dec. 31 '13. Dec. 31 '12. entire amount was paid in and that it was applied to beneficial use.
Gross earnings of sub-companies__ -- $327.514
The
work at the Ox-Bow has been completed and is expected to be put
$264,708
$316,940
Net earnings
$107,473 in operation this week. The Priest committee owns or controls all of the
$133,397
$139,342
Int. on outstanding bonds of sub-cos_
5,790 $200.000 of receiver's certificates and 80% of the 1st M. bonds. The
5,790
5,790
position of the bondholders has been greatly improved and you are under
$101,683 lasting obligations to the Priest committee for the excellent work it has done.
$128.607
$133,552
Int.on outst. bds.of Cont.G.&E.Cor.
v.f9
u9
l1 cpo
.py
d76
o.
f the Court's decision will be mailed you in a few days.$35.750 A
$37,125
$10,125
The revenues from considerable new money spoent in the past 12 months
will not be realized until the ensuing year. C. S. Eaton is President of
Indiana & Michigan Electric Co.-Stock Increase, &c.Continental Gas & Electric Corp. See also V. 98, p. 692.
The company has surrendered to the Indiana P. S. Commission
franchises
(W. R.) Grace & Co., N. Y.-Stock Increase.received from South Bend, Mishawaka. Elkhart and Town River,
and will
This Connecticut corporation on May 20 1914 filed a certificate of in- receive indeterminate permits therefor. The Commission recently
made
crease of capital stock from $12.000,000 to $14.000.000 by the issue of an order permitting the company to issue $150,000 additional stock
to
20.000 shares of common stock at 3100. Joseph P. Grace is Pres. and pay for extensions and improvements and at the same time rescinding its
previous order authorizing the company to issue $500.000 bonds.
J. Louis Schaifer Treas. N. Y. office, 1 Hanover Square.
This
will, it is reported, increase the outstanding stock to about
$3.450.000.V. 98, p. 1540.
Great Lakes Dredge & Dock Co., Chicago.-Stock.Treasurer II. C. Wild on Sept. 9 wrote: "The increase in the authorized
Internation
al Agricultural Chemical Co.-Large Supcapital stock from $5,000,000 to $6,000,000 mentioned in your letter of
Aug. 28 was authorized by the stockholders on April 3 1914. Part of the ply of Potash-Profits.-The following is pronounced correct:
now stock was issued for the acquisition of the entire marine plant of C. H.
The present stage of the European war finds the International
AgriculStarke Dredge & Dock Co., Milwaukee, Wis.• the balance remains in the tural Chemical Co. the only large potash consumer in the
States
treasury unissued. We have but one issue of stock, of which $5,408.500 that has more than a three or four months' supply of pqtash onUnited
hand. The
has been issued and is outstanding, and no bonded debt."-V. 99. p. 676. other companies may cut their potash content and reduce the price, but
if
the demand is strong enough the price level will disregard any price-cutting
on fertilizers with less than normal potash content. There will then be
Hartford Carpet Corporation.-Merger Plan.A circular signed by President Perkins has been sent to the shareholders. several hundred thousand dollars' not profits to the International from this
recommending the consolidation of the company with the Bigelow Carpet potash situation.
Corporation. The last-named company (V. 99. p. 344) has outstanding
It is understood that the forthcoming annual statement
show net
$3,000,000 of its $5.500,000 6% cum. pref. stock and $3,550,000 of its profits of about $1,000.000. or 80% to 90% better thanwill
a year ago.
$8.050,000 common stock,and it is proposed shall change its name to Bige- -V. 99, p. 677.
low Hartford Co. and take over all of the property and assets of the HartInternational Typesetting Machine Co.-New Suit.ford Carpet Corporation, subject to the outstanding liabilities. For this
See Mergenthaler Linotype Co. beiow.-V. 97. p. 668.
purpose it will use the 82.500.000 unissued pref. stock and $4,500,000 unissued common stock. Assenting stockholders of the Hartford Carpet
Iowa Gas & Electric Co., Washington, Ia.-Status.Corporation will, therefore, if the consolidation is effected, receive in exThis company, incorp. in Iowa in 1905 with $200,000 auth. capital,
change for each share of their pref. stock (total outstanding $2,000,000) 1 Yi
shares of the pref. stock of the par value of $100 each of the Bigelow Carpet and doing the gas and electric business of Washington, Iowa County,
Corp. and for each share of their common stock (total issued $3.000.000) should not be confounded with the company of the same name mentioned
1% shares of common stock of the par value of $100 each of the Bigelow above under caption of Continental Gas 5: Electric Corporation. The
Washington company has outstanding capital stock of $158,000, also
Carpet Corporation.-V.98. rt. 1848.
$97,000 1st M. of an authorized $100.000.
July 1 1911 due serially
• (The) Holtzer-Cabot Electric Co. of Brookline, Mass. July 1 1912 to 1931, but subject to call atdated
105 and int. on'
July 1 1916.
Officers: G. S. Carson, Pres. and Treas., Iowa City; T. B. Carson,
Vice-Pref. Stock, &c.-Curtis & Sanger placed early in the year Pres.
and Sec., Davenport,
H. Darbyshire, local manager, Washingat par and int. $300,000 6% cumulative pref. (p. & d.) stock, ton. Iowa. See also V. 99, p.
Is.•.
346.
redeemable at 105 and divs. from sinking fund to be accumulated for that purpose. Divs. J. & J. Par, $100 a share.
Digest of Letter from Pres. Charles W. Holtzer. Brookline, Dec. 31 '13.
Organization.-Capital: $300,000 6% cum. pref. stock, to be presently
issued; $250,000 common stock, already issued. No funded debt and no
mortgage. Incorporated in 1889 in Mass. Business as established in 1875,
by myself,consisted chiefly of manufacturing annunciators, bells, batteries.
&c. Later we developed a large variety of power and other apparatus for
independent telephone companies. Also turns out a large number of alternating and direct current motors annually, for use with coffee-grinders,
meat choppers, cream separators, washing machines, vacuum cleaners,
adding machines. automatic musical instruments, &c. Likewise manufactures dynamos for lighting, electro-plating, motors for grinding and polishing, driving printing presses and machinery, special apparatus for wireless
work. &c. The majority of the U. S. battleships are equipped with the
Holtzer-Cabot system of gun-fire control and intercommunication. Products include also school and factory fire-alarm systems,gas-engine igniters,
tachometers, carburetors and electric horns for automobiles. Owns a
large number of valuable patents.
This pref. stock provides for building a factory on well located land
(5 acres) already acquired in Roxbury. The new factory will admit of
consolidating the Brookline plant and both Boston factories and thus
effect a large saving and increased efficiency. .
Sales for Cal. Years 1908 to 1912 and 11 Mos.end. Nov.30 1913-Net Profits.
1908.
1909.
1910.
1911.
1912. Average. 1913(11 Mos.).
$450,616 $681,650 $784,194 $894,001 8843,110 $730,714
$790,557
Net profits being 30 and 35% resp, on this pf. stk_ $92,533
$106.141
Dividends were begun in 1889 and with two exceptions have been paid
every year since then, beginning 1905. 8% per annum.
Balance Sheet as of Nov. 30 1913 (Total each side, $918,813).
Current and working assets$687.0081 Current and seer. liabilities- $62,505
Charges deferred
6,9041 Reserves
189,470
U. S. Telephone Co.stock-700 Capital stock
250,000
Fixed assets
224.201 Surplus
416,838
Adding to the net assets of $ 66.838 above all liabilities and reserves the eiroceeds of this $300,000 pref. stock, say $300.000, makes total
assets of $966,838, or over three times the pref. stock. Net quick assets.
$523,137, or nearly twice the pref. stock. Fire insurance in force Nov. 30
1913, $710.000.
Cumulative annual sinking fund of $25.000 should in about 12
suffice to retire all the pref. stock. No dividends while this fund Years
is in
arrears, nor unless the net quick assets are 1% times the total pref. stock
then outstanding. Pref. stock purchased for the
fund, whether
called or not, shall be held in the treasury or may besinking
retired upon a vote of
a majority of the common stock outstanding.
So long as any pref. stock of
this issue shall be outstanding,
pref. stock so held in the treasury shall not
be sold, and, if retired, shall not
be reissued. The company cannot, without favorable vote of three-fourths
of the outstanding pref. stock, (1) increase the authorized amount
to or on a parity with same. of the pref. stock, or create any stock prior
Create any lien upon any of the property
or make any guaranty, issue (2)
any notes or incur any obligations, having
more than one year to run. (3)
Sell or dispose of the real estate or main
plant. Except as aforesaid,
the common stock will have the pref. stock has no voting powers; but
voting powers and the pref. stock will have
full voting powers during anyno
time when (1)two semi-annual pref. dividends
remain unpaid: (2) there shall
have been paid into sinking fund less than
$25.000 for each complete cal. year
assets are less than 1%% times theafter Jan. 1 1915: or (3) the net quick
total of pref. stock then outstanding'
of
the
any
(4)
provisions of this agreement shall
have been violated.
Upon any increase of the common
no right shall accrue to the holders of pref. stock to subscribe to any stock
part of such increase.
Huntington Land & Improvement Co.-Bond
Sale.E. H. Rollins & Sons and Torrance, Marshall
purchased $939,000 6% bonds due 1915, 1916& Co. have
and 1918,
the proceeds of which will be used to pay a similar
amount
of 6% notes due Sept. 2. "San Francisco Chronicle"
says:
About a year ago the
company put out $4,000.000 6% notes,
maturing
at the rate of $1,000,000 annually (V. 97.
p. 525). Later the company
authorized $14,000,000 6% bonds, of which
$10.000,000 were sold to the
bankers (V. 98, p. 527) and $4.000.000 were reserved
to take up the notes
at maturity. Of the first year's maturities,
was paid in cash and
the remainder have been cared for through $61,000
the sale of S939.000 bonds.
Some of the new bends have already been sold.
They are being offered in
California at prices to yield 7%,namely, 1915 maturity
at 983; 1916, 98;
1918, 963-i. Compare V. 98, p. 527. 1922.
Idaho-Oregon Light & Power Co.-Circular as to
cision.-G. S. Speer, First Nat. Bank Bldg.., Chicago,Deferring to the recent decision of Judge Dietrich at Boise,rein
circular letter of Sept. 3 1914 addressed to the holders of
First and Ref. M. bonds, says:
Iowa-Nebraska Public Service Co.-Sold.-
See Continental Gas & Electric Corporation above.-V.
97. Fl• 1206.
(S. S.) Kresge & Co.-Sales.-
1914-August-I913.
81v2.
24
9,
9
7,
61p 8
612
..
026.009
Increase.' 1914-8 Mos.-1913.
8198.752 I $9,350,598 87,584.184
Increase
$1,766,444
Langton Monotype Machine Co., Phila.-Div. Omitted.
The directors have decided to omit the usual quarterly dividend on the
$6.000,000 stock paid on Sept. 30.
Dividend Record (Per Cent).
1906.
1907.
1909.
1910 to June 1914.
4 (A. & 0.) 2 (April)
None.
134 (Dec.)
6 (134 Q.-M.)
President J. Maury Dove says that the export business of the company
has been reduced by one-third as a result of the European war.
gross
business of the company for the first half of the year, up to Aug.The
31, was,
however, it is stated, well ahead of the corresponding
period
last
Year.
President Dove says: "We passed our dividend more because it was
deemed best to conserve cash assets for
financial reasons than because of
falling off in earnings, though our export
trade has naturally been hard hit.
It is impossible to collect a dollar on our
foreign
because of the
moratoria in effect in many countries, and we havebusiness
to carry our customers
along. This requires considerable capital. The bulk
our foreign trade
was in England, Germany, France and Russia. We of
had a considerable
trade with South America, handled through our London
subsidiary. Inquiries from South America are now beginning to increase considerably.
Our domestic business is holding up well."-V. 98. p. 1604.
Mail Remuneration.-Joint Congressional Report.-
See "Banking. Legislative and Financial News."-V.98, p. 1694.
Mergenthaler Linotype Co.-New Suit.-
Notice is given by advertisement that the company has instituted a
third action in the U. S. District Court for the Eastern District of New
York against the International Typesetting Machine Co. (manufacturers
of the Intertype) for infringement of U. S. letters patent, as follows;
W. S. Coe, No. 619.393; Isaiah Hall. Nos. 665.212 and 665.326: J. R.
Rogers, Nos. 740.470. 792.851 and 945.608; J. M. Cooney and H. L.
Totten, No. 759,501; P. T. Dodge. Nos. 761.289 and 797.412' H. A.
Agricola Jr.. No. 789.646: T. S. Homans, No. 825,054 and D. S. Kennedy,
Nos. 888,176 and 1,104.512. The company recently announced a first
and second action.now pending in the U.S. District Court for the Southern
District of New York, brought against the International Co. for infringement of the 28 U. S. letters patent, the numbers of which are given in the
advertisement (V. 97, p. 668).-V. 97, p. 1202.
Mississippi.-Anti-Trust Suit Settled.-
Press dispatches state that the suits brought by the State of Mississippi
against the the Standard Oil companies of Now Jersey, Louisiana and
Kentucky and the Galena Signal Oil Co.. to recover penalties for violation
of the State anti-trust law, amounting, it is reported, to about $6.000.000.
were compromised on Aug. 17. Under the agreement the Kentucky company pays $55.000. the Galena Signal Oil Co. 55,000 and the suits against
the other two defendants are dismissed without costs. The penalties
which it was requested should be imposed were based on the number of
days it was claimed the law had been violated. Tae State Supreme Court
ipnarJoun
vo log,
sa. tp
o.ve
I92
rri1.3l.
ed the demurrers interposed by the defendants. Com-
National Brick Co. of Laprairie, Ltd.-Circular.-
A circular to the shareholders says: "Owing to the present unsettled
conditions, it has been decided to defer the payment of the dividend on
the common stock, thereby conserving the interests of the shareholders.
When the payment for the preceding quarter was declared in May. the
Prospects were bright, and there was promise that the brick business would
have an active and profitable season. The outlook has been entirely
r,o
buildingne
theofo
of the financial disturbance
being
a cessation ian
ngedbythew
operations."
era
fks
titons
res
.
The Delson Junction plant is still
Laprairie plant
operation,
in
Is closed for the present. Compare V. 99, p. 677.but the
Natoma.s Consolidate
California.-Bonds Called.
d of
One hundred (8100,000)
M.6% gold bonds, dated 1906, of the Netoms Development Co., for1st
payment at par and int. on Oct. 1 at Mercantile Trust Co.. San Francisco.
Deposits Under Plan
It was announced in San of Reorganization.
Francisco on Sept. 1 that deposits under the
plan aggregated 812.731.000
1st
837.000
in excess of 90% of
M.
bonds,
or
the issue of $14.105,000:
82,450.000 of the $2.500,000 2d M. bonds, and
147.700 of the 163.390 shares
of stock, with the promise of a further 5,000
shares unavoidably
delayed. On Sept. 2 it was stated that Albert Reitlinger of London had
deposited his $900.000 bonds, bringing the total of
deposited bonds up to 813.700,000,
issue. Of the
remaining 403 bonds, a large part or more than 97% of the
is held by persons in Europe. trustees
vnduu
a
othpersd1w2h
,o47
wIll probably be given a reasonable time to Participate
.-
This is a complete vindication of the position
by me in April 1913
Nevada Consolidate Copper Co.-Div. Omitted.and later assumed by the Priest committee, as taken
well as a complete moral
The directors have decided d
victory for the bondholders. It reduces the amount
to omit the quarterly dividend on the $9.of
1st M. bonds out- 996,970 stock, the
standing from 83319,000 to 82.494.000, or approximately
part of which is owned by the Utah Copper Co.
25%. The rail- From Dec. 1909 togreater
way company claims to have advanced $250,000 to the power
June 1914 37% cents (734%) was paid quarterly and
company
on
In
Dec.
1912
and 1913 50 cents (10%) extra. A circular says in substance:
account of the contract which is hereby canceled. But at the time
this con"Since the last quarterly
-tract was entered into there was a balance of $140,000
report was issued on July 27 the general Eurostill due to the power pean war has precipitated
company from bankers, which amount is to be deducted
a condition which has led to the derangement of
from the 8250.000 markets, transportation and
financial facilities in the copper industry.
752
THE CHRONICLE
(VOL. xcix.
The real estate in Feb. 1914 included properties in the counties of Alaof the copper produced in the country
'Hader normal conditions about 50%declaration
of war this outlet for the meda. Contra Costa and Madera. California. and rights and equities thereis marketed abroad and with thethis condition became apparent the direc- in. In addition to the traction pref, shares referred to above, there were
copper has become closed. When
transfer to the new company shares of 12th St. Realty
and the mines. mill and smelter are embraced in theCo.
and East Bay Realty Co.,$200,000, and the following
tors determined to curtail operations
Co., Idora Park
now operating on only 50% capacity.
securities, viz.: Borax Consol., Ltd.. 7,400 shares; The Pacific Coast
Borax
pay
to
extra
past
the
dividends
in
directors
the
a
policy
the
"It has been
821), 4,099 shares, valued at $85 per sh., and Pacific
p.
95,
(V.
Co.
Borax
on
hand
funds
permitted,
whenever
valued at $170 per sh. Part of the Borax
in addition to the regular dividendshave
during the last two years paid ex- Coast Borax Co.,4,715 shares,
and in pursuance of that policy they $2.000.000.
shares were sold in July 1914. See V. 97, p. 1901: V. 98, p.
Consolidated
They
feel
purthey
are
of
sum
the
P. W. Morehouse, Sec. Office, SynPresident;
tra dividends aggregating
is
Drum
S.
John
272.
time in deferring payment of the
suing the same wise policy at the present
dicate Bldg., Oakland.-V. 98, p. 274.
dividend for the quarter ending Sept. 30. return as suddenly as the unmay
.
"It is hoped that normal conditions
Sawyer-Massey Co., Toronto.-Circular
industry appeared, and
foreseen troubles which now confront the copper
have concluded that, owing
directors will take such action as may
A circular says in substance: "The directors
as soon as conditions do change,the interests
financial
existing at
and
conditions
commercial
disturbed
greatly
of the shareholders.-V. 99. to the
at that time seem to be to the best
the resources of
present, it is in the best interest of the shareholders that
p. 410.
and strengthened, and have, therefore,
the company should be conserved
dividend on the preferred stock
to defer payment of the quarterly
Norwood Canton & Sharon Street Ry. Mass.-A ppli- decided
being cumulative, will accrue to the
until further notice. The dividends, time
as the directors feel that condication.-The company has applied to the Mass. P. S. Com- benefit
of the shareholders until such
such that they can be resumed and paid. Attention is called to
mission for permission to issue $300,000 1st M.5% 20-year tions arethat
no business in any of the countries engaged in
has
company
the
fact
the
bonds to retire an equal amount of capital stock.
the present war.-V. 99, p. 677.
Oahu Sugar Co.-Dividends Resumed.-
The company will on Oct. 15 resume its regular monthly dividends at
the rate of 10 cents a share (par $20). Payments at that rate were made
in Jan. to May 1913, when they were discontinued.
Recent Dividend Rate (Per Cent).
1913.
1912.
1911.
1910.
1909.
1008.
1907.
1906.
18
18
14.49
2135
194
24
12
814
Also stock dividend paid Apr. 1 1912. increasing Stock to $5.000,000.
T.94. p. 830).-V. 99. p.411.
(Pa.) Electric Co.-Bonds Called.-
Scranton
Light Co.,
Forty-four bonds dated Oct. 1 1904 of the Suburban Electric
Trust Co., $16
for payment at 51.050 per bond on Oct. 1 at Scranton
1903.
P.
97,
Spruce St., Scranton, Pa.-V.
Cement Co.-Suit Against Director.
Seaboard Portland
suit in the New York
Receiver William F. Allen on Aug. 31 brought51,000.000
for damages.
Supreme Court against Edwin C. Willets to recover neglect of his duty as a
through
which, it is alleged, he permitted to occur
director of the company.-V.93, p. 309.
Ontario Steel Products Co., Ltd. Gananoque, Ont.Sloss-Sheffield Steel & Iron Co.-Operations.-The
Merger-Bonds.-Molson & Robin, Montreal, recently ofof
bonus
25%
common
published data have been confirmed: to about 58,000
with
int.
stock,
and
95
following
at
fered
During August the company's sales of iron amountedmonths
$40,000 (unsold balance of $600,000) 1st M.6% gold sink. tons,
previous.
or more than has been sold in any two or three
is now
fund bonds dated July 2 1913. Circular shows:
The price ranged from $10 to $10 25 for No.2foundry. The market
Due July 2 1943, but red. at 110 and int. on any interest date. Interest
J. & J.2 at Bank of Toronto; sink. fund 2% per ann. beginning July 2 1916.
Par $100. $500 and 01.000(0). Trustee, Royal Trust Co., Montreal.
Incornorated in Canada in 1913 with $1.500,000 issued capital stock
4750,000 being 7% pref.), and acquired the assets of the following longestablished concerns: D. F. Jones Mfg. Co., Ltd., and Gananoque Spring
& Axle Co., Ltd., both of Gananoque Ont., and Dowsley Spring & Axle
Co. Ltd.. of Chatham, Ont., including land, plant, machinery, waterpower rights, stock-in-trade, accounts receivable, cash and quick assets.
Net assets (exclusive of good-will) July 11914: Real estate, plant, machinery and water-power rights appraised at $858,332; surplus liquid assets,
$353,149; total security for the $600.000 bonds. 31.211.481. Net
earnings (after deducting depreciation) for years ending June30: 1909-10,
$82347: 1910-11. $95,443; 1911-12. 891.938; 1912-13. $113.820; 1913-14
$106.437. Annual bond interest. $36,000.
Directors: W. Wallace Jones, Toronto. Pres.: W. M. Byers, D. Ford
Jones and W. T. Sampson. Gananoque; F. P. Jones, Kenneth Molson and
Fred Bacon, Montreal; J. T. Richardson and Newbold C. Jones, Toronto.
[Richardson & Co., Montreal, made an offering of the bonds in June 1913.]
[See also "Annual Reports' on a preceding page.]
Pacific Telephone & Telegraph Co.-Ratified.--
The Cal. RR. Commission on Sept. 4 ratified the agreement with the
city of Berkeley allowing the company to take over the franchise of the
Home Telephone Co. on payment of 2% of earnings from the present time.
The Commission states that the company will not be allowed to include as
expenses, in their applications for fixing rates, the cost of the old company
and alterations following the acquisition.-V.99, p. 473.
Phelps, Dodge & Co.-No Extra Distribution.A regular quarterly dividend of 24% has been declared on the $45.000,000 stock (this being the rate maintained since March 1909), payable
Sept. 30 to holders of record Sept. 18. An extra dividend of 14% was paid
In March and June 1914. 24% in Dec. and 2% in Sept. and June 1913.
Extra Dividends (Additional to 10% per Annum)(2)4% Q.-M.)
19141913.
1912.
1911.
1910.
1909.
March and June,14
64
5
2
2
2
-V.99, p. 473, 411.
Ray Consolidated Copper Co.-Dividend Omitted.-
The directors have decided to omit the usual quarterly distribution on
the $14.544.040 capital stock. From June 1913 to June 1914 374 cents
a share (par $10) was paid quarterly. A circular says: production of the
"Under normal conditions about 50% of the copper
of war abruptly ended,
country finds a market in Europe. The declaration
consequently
for the time being,the ability to make deliveries in Europe.and
suspended. The
the demands of that market for the metal were practically
conditions
business
all
unsettled
and
same causes have disturbed credits
and financial
in this country. This derangement of market, transportation some indicafacilities Is probably only temporary and there are already
tions of improving conditions.
of the metal under
"It Is manifestly unwise to continue a full production
mills of the company
prevailing conditions and consequently the mines and
capacity, which
one-half
about
of
basis
operating
have been placed on an
warrants.
will be promptly Increased whenever the situation
the time when the com"This most exceptional condition comes just at
as to production and costs
pany has more than filled all original estimatesThe
temporary depression
and all operating conditions are excellent.
therefore.should not
enterprises.
other
all
with
common
in
suffers
which it
no better asset than
be
can
there
as
be regarded as cause for apprehension,property.such
as the company owns.
copper
equipped
and
developed
a fully
-V.99, p. 405. 411.
Realty Syndicate, Oakland.-Trolley Stock.-
above.
See San Fran.-Oakland Term. Rys. under "Railroads"
Decision.-Federal Judge Dooling at San Francisco on
Sept. 1 dismissed the petition of the Crescent Investment Co.,
H. D. W. Gibson and C. W. Gibson, all of Oakland, to have
the Realty Syndicate declared bankrupt.
ultimately
firmer and conditions abroad, Pres. Maben believes, should
98.
bring about an active European demand and higher prices.-V.
p. 1166. 1151.
Southern California Edison Co.-City Bonds Held Valid.
See Los Angeles in "State and City" Department.-V.99, p. 203. 124;
.•••=•11
V. 98, p. 1541. 1618.
Southern Counties Gas Co. Los Angeles.-New Bonds.
A new mortgage has been made to the Central Trust Co. of Illinois and
32.600.William T. Abbott of Chicago, as trustees, to secure not exceeding take
up
to
000 bonds, of which sufficient will presumably be reserved
auth.: 5589,500
at or before maturity the existing 1st M. bonds ($1.000.000
notes
$240,000
of
issue
An
754).
p•
(V.
95,
outstanding,
accounts
last
at
was recently authorized. See V. 99, p. 347.
Southern Power Co., N. C.-Trolley Ally.-
97. p. 1219.
See Piedmont & Northern Ry. under "Railroads" above.-V
Standard Roller Bearing Co., Philadelphia.-Reorganization.-"Philadelphia News Bureau" on Sept. 1 said:
taken toward the reorganization
Plans have been completed and first stepswent
into the hands of receivers
Co., which
of the Standard Roller Bearing Eveland
resigned about five years
(having
S.
Samuel
on Oct. 22 1913.
had been made for
arrangements
ago.-Ed "Chronicle"] stated to-day that
the liquidation of all claims
for
and
capital
working
new
$500,000
obtaining
years.
four
possibly
and
by creditors within five years
to the creditors' committee
A first payment has already been made Girard National Bank. Acthrough Joseph Wayne Jr., Vice-President
the company's plant at 48th
at
work
at
countants and appraisers are now
will receive for the balance of their
St. and Lancaster Ave. The creditors
each year. Stockholders
20%
about
payable
notes,
6%
claims collateral
for 40% a their stock to New York
have been asked to give an option
pending the payment of these
bankers who are financing the reorganization,
of the snareholders and creditors
notes. Mr. Eveland stated that 97.7,,
Creditors' committee: Joseph Wayne
have already agreed to these terms.
Dupuy and Charles T.Taylor.
Herbert
Lee,
E.
James
Potter,
C.
Henry
Jr..
trade outlook is improved, and with the additMr. Eveland said: "The
work out of our difficulties
should
we
tional cash put into the company,
to be assured, with the backing of
rapidly. The reorganization seemswe
to find out the true state
trying
are
now
Just
interests.
strong banking
assets. The statement made on Oct. 21 last
of affairs as to the company's
appraisers named the next
while
56.000,000.
over
of
assets
showed
year
the latter as far
day figured the total at only $1.811,000. We regard
below the facts."
St.,
Philadelphia,
Sept. 5
Market
2324
is
address
whose
Eveland.
[Mr.
is being made to re1914. wrote to the "Chronicle": "An earnest effort in
advance has been
organize along the lines referred to, and a payment
made as evidence of good faith. At the present time Lybrand, Ross Bros.
& Montgomery are auditing the accounts and the Manufacturers'Appralsal
Co. is making an appraisal of the entire plant and equipment. A final
decision regarding the plan proposed will be reached after the completion of
their report, which we expect very shortly. Up to five years ago, when I
resigned as President, the company had been very successful and paid large
dividends. Since then 3100.000 in cash has been provided for new machinery and equipment and for working capital, but notwithstanding this, on
Oct. 22 last, S. Lawrence Bodine and President It. S. Woodward Jr. were
made receivers."-V.97. D. 1220.
(J.) Stevens Arms & Tool Co., Chicopee Falls, Mass.-
The letter of June 1 1914 from President Page (see V.91), p.613)shows:
Established in 1864, the company has grown from a single factory employing about 50 workmen and manufacturing a single line of pistols to a
corporation employing 1,000 men and manufacturing the most complete
line of sporting arms of any gun factory in the world, including doublebarreled, single-barreled and repeating shotguns, single-shot and repeating
rifles, target pistols and rifle telescopes. More world's records are held
by these arms than by any other.
Bal. Sh. as of May 311914,Except Changes in Book Inven. since Dec. 31 1913.
Real estate, plant and maPreferred stock
--6
000
0,0
$673,160 Common
stock---------0
350
0
hi
42,668 Notes payable, --------Cash
ercivabl
ise
11,307
less paid since June 11914,
Notes
d sup
36
17440:036300
13
3,268
Accounts
erehe receivable plies_ _ _7
$208,650
,057 Accounts payable
Merchandise aand
12,331 Reserve for depreciation_ _-_224,668
Prepaid insurance
125,688
Surplus
Profit 5 mos. end. May 31 '14 43,872
Total each side of this balance sheet, 01.608,792. See also V. 99. p. 613.
was transferred to
On Feb. 26 1914 the property of the Realty Syndicate
6s
the Realty Syndicate Co., subject only to (a) $100,000 1st M. buildingand
Aug. 11920;
$100,000
and
of 1910, due $50,000 yearly 1914 to 1919
or partly by mortgages or
(b) certain undisturbed claims secured wholly
notes secured by "Syndicate"
liens. The petitioners, as owners of $14.635new
company was made to
6s. alleged that the conveyance to the
motion to dismiss the peti"The
says:
Dooling
Judge
defraud creditors.
purpose of the transfer
and
character
tion is granted, and, in view of the
to amend."
assailed, the petitioners will not be granted leave
Co. Is owned
Syndicate
Realty
the
of
stock
The entire $9,000.000 capital
the same (see plan
Superior (Wis.) Water, Light & Power Co.-Stock.
by the Realty Syndicate, which in May last pledged
May 1
dated
bonds
6%
$7,000.000
of
issue
The Wisconsin RR. Comm. has, it is said, authorized the company to
an
secure
in V. 98, p. 767) to
at Mercantile Trust Issue $100.000 additional stock on account of extens. Sc impts.-V.93. p.350.
1914 (callable at 102), with interest payable Q.-F.
are series A.
Co. of San Francisco, trustee. Of the new bonds, $2,250,000
for cash and $2,000.Temple Iron Co.-Reduction of Stock.due May 11917; $250.000 of these were issuable those
secured by pledge
The shareholders voted on Sept. 9 to decrease the authorized stock
000 were used to liquidate certain loans, including
Co. or
Traction
Oakland
(or
Rys.
Terminal
from
$2,500,000 to 0250,000 and to organize a company to operate the
of San Francisco Oakland
class A pref. shares. blast furnaces. See V. 95, p. 1688.-V. 99, p. 204.
San Francisco Oakland & San Jose Con. Ry.).07,185.100
Moore at
estimated upon basis of contract as then existing with Geo. G.
Tennessee Copper Co.-Regular Dividend Declared.$2,592,550 (see aforesaid item as to the trolley company).
B, due May 1
The directors yesterday declared a dividend of 75C. (3%) on the
The remaining $4,750,000 of the new bonds are Series
$4,000.000 old $5.000,000
the
of
retirement
the
stock. payable Oct. 1 to holders of record Sept. 21. Distrito
chiefly
1920, and were applicable
been turned butions of like amounts were also made quarterly from June 1913to
Realty Syndicate 6s, of which on June 12 1914 $3,700,000 had
June 1914. In Jan. 1913 6% was disbursed.
is for exchange (V.83. p. 162; V.96. p. 1560).
Previous Dividend Record (Per Cent).
Balance Sheet of Realty Syndicate Company May 31 1914.
$9,000,000
1914.
$3.100.846 Capital stock out
.1006.1007.1008.1009.1910.1911.1912.1013.
Real estate-acreage
400,000 1903.1004.1005
10
5
0
6
13
10
15 3.3,3,__
5
5
Subdivided, not impr-- 1,700,016 Real. SYnd• bldg. bds - 1,161.794
5
5
of the company from its acid plant, it is stated, are espeearnings
The
Improved property__ 1,610,053 Mtge. and contracts
395,245
which enabled the company to declate the dividend.
2.413.134 Bills payable
Stocks and bonds
30,305 cially satisfactory,
568,206 Accounts payable
Mortgage
, -V. 98. P. 707.
723,239
surplus
1,202.096
of
Deeds
trust
Bills and aec'ts receivable_ 1.108,1101
For other investment News see page 758.
$11.710,628)
Missa$1..S12.946(less $4,779) 8,1671(Total each side
1
SEPT. 121914.1
THE CHRONICLE
753
71144:tortsana Pacumtixts.
PURL SHED AS ADVERT RGRIENTS.
NORFOLK & WESTERN RAILWAY COMPANY
EIGHTEENTH ANNUAL REPORT-FOR THE FISCAL
YEAR ENDING JUNE 30 1914.
Roanoke, Va., September 3 1914.
To the Stockholders of the Norfolk & Western Railway Company:
Your Board of Directors submits the following report for
the year ending June 30 1914:
MILES OF ROAD AND TRACK IN OPERATION.
Main Line
BranchescOperated as 2nd track
(Other branches
Total miles
Operated under trackage rights_
June 30 1914.
June 30 1913. Increase.
Miles.
Miles.
Miles.
1,542.98
1,542.98
90.36
90.36
389.53
387.46
479.89
477.82
2.07
2,022.87
13.98
2,020.80
13.98
2.07
Total miles of road in operation_
Second Track
Third Track
Sidings and Yard Tracks
2,036.85
490.74
3.20
1,229.88
2,034.78
444.90
3.20
1.150.88
2.07
45.84
Total miles of all tracks in oper_
3,760.67
3,633.76 126.91
Average miles of road operated_
Average miles of track operated
2,035.91
3,645.33
2.022.85
3,550.02
79.00
13.06
95.31
The increase in miles of road in operation is as follows:
BranchesNorfolk, Va.. Terminal Passenger Station Connection
Southern Railway Connection, Riverton, Va
King Branch
Briar Mountain Branch
Miles.
.20
.05
1.73
.11
PROFIT AND LOSS STATEMENT.
Increase(+)or
1913-14.
1912-13.
Decrease (-). Per
Credits$
Cent.
Balance July 1st
Credit Balance from In-11,423,106 35 8.580,831 99 +2,842,274 36_ 33.12
come Account for
the Year
Miscellaneous Credits: 9,348,471 69 10,186,973 41 -838,501 72 1.311
Proportionate part
of Premium on
Convertible Bonds 182,872 50
+182,872 50
Other
45.875 69
11,707 64
+34.168 05 291.84
Total credits
21,000,326 23 18,779,513 04 +2.220,813 19 11.33
ChargesDividends on Common
stock
Dividend Adjustment 6.240,15000 5,759,521 50 +480.628_50 1.34
on Common stock
issued in exchange
for Convertible Bds_
20,773 50
27,274 50
-6.501 00 23.34
Appropriations of Surplus for Additions
and Betterments_ _ _ 2,093,91
8
00
1,553,088 00 +540.830 00 34.82
Miscellaneous Debits_
15.863 82
16,522 69
--658 87 3.99
Debt Discount
Extinguished through
Surplus
64,530 00
+64,53000
Total charges
8,435,235 32 7,356,406 69 +1,078,828 63 16.47
Credit balance June 30 12,565,090
91 11.423,106.35. +1,141,984 56 16.60
The Dividends were as follows:
Adjustment Preferred StockPer Outstanding
Amount of
No.
Payable.
Stock of Record.
2.09 41 Nov.
Stock.
Dividend.
Less Branches removed19 1913__ -_Oct. 31 1913___. Cent.
1
$22,991,700
$229,917 00
42
Feb. 19 1914____Jan. 31 1914_--- 1
Lynchburg Low-Grade Line Connection Y,at Kinney, Va
22,991,7
00
229,91700
.02 43 May 19 1914_ --April 30 1914-_-22,991,700
229,917 00
44 Aug. 19 1914____July 31 1914__-_ 1
Nei Increase
1
22,991,700
229.917 00
2.07
4
1919.66800
Common Stock33 Sept. 19 1913____Aug. 30 1913_
--- i3 $100,257,400 81.503,861 00
INCOME STATEMENT.
34 Dec. 19 1913--_Nov. 29 1913---- 114 103,557,200
1.553.35800
35 Mar. 19 1914---Feb.
28 1914---- 114 104,636,
1,560.547 50
FOR THE YEAR ENDING JUNE 30 1914 AND COMPARISON WITH 36 June 19 1914----May 29 1914........_ 134 107,558,500
900
1.613,383 50
PRECEDING YEAR.
6
$6,240,1
50 00
Dividend
adjustme
nt
on
1913-14.
1912-13. Inc. (-I-) or Dec.(-)•
for Convertible BondsCommon Stock issued in exchange
Railway Oper. income- $
$
$
20.773 SO
%
Rail Operations-Revenues:
Freight
38.038,621 63 37,588,023 87 +450,597 76
$6,260,923 50
1.20
Passenger
4,908,679 22 4,715,293 85 +193,385 37 4.10
The increase in the amount of dividends on
Mail
Commo
389,245 42
352.722 20
+36.523
22
10.35
is
due to the issue of additional shares in exchang n Stock
Express
571,078 57
552.906 88
+18,17169 3.29
e for ConOther transportation 295,749 09
286,464 56
+9.284 53 3.24 vertible Bonds surrendered.
Total TransportaCAPITAL STOCK.
tion revenue__ A4,203,373 93 43,495,411 36 +707,962 57
1.63
Revenue from operThe amounts of Adjustment Preferred and Commo
ations other than
Capital Stock authorized and issued are now as follows n
Transportation - 267,244 86
244,509 16
:
+22,735 70 9.30
Issued
Total oper.revenues 44,470,618 79 43,739,920 52 +730,698 27
Authorize
d.
Par
Valve.
1.67 Adjustment Preferred Stock
Shares.I
$23,000,000 $23,000,000
230.000
Common Stock
150,000,000 107,760,500 1,077.605
Rail oper.-Expenses:
Maintenance of Way
Total
June
30
1914
$173,000,000 $130,760,500 1,307,605
and Structures
4,998,612 25 5,542.960
-544,347 79 9.82
Total June 30 1913
Maintenance of equip.. 9,214,007 34 8,336,631 04
173,000,000 123,133,300 1,231,333
12 +877,376 22 10.52
Traffic
737,690 26
691,557 95
+46.132
31
6.67
Increase (all Common Stock)Transportation
37.627,200
14,068,577 31 13,192,921 89 +875.65542 6.64
76,272
General
916,954 43
801.741 96 +115,21247 14.37
The additional 76,272 shares of Common Stock outstandTotal oper. expenses 29,935,841 59 28,565,8
ing
were
issued
exchang
in
e
for
$190,000 Convertible 10-2512 96 +1,370,028 63 4.80
year 4 per cent Gold Bonds of 1907, $122,400 Convert
Ratio of Expenses to Toible
10
-20-year
4
per
tal Oper. Revenues___
cent
Gold
Bonds of 1912 and $7,314,800
67.32%
65.31%
Convert
ible
-25-yea
10
r
4
per cent Gold Bonds of 1913,
Net Rev.-Rail Oper.__14.534,777
20 15.174,107 56 -639,330 36 4.21 surrendered for conversion.
Auxiliary OperationsThere
Balance, deficit_ _ _ are
the
in
Treasur
y 83 shares ( ,300 of Adjust19,874 34
7,608 09
+12,266 25 161.23 ment Preferred Stock
and 16 shares ($1,600) of Common
Net Railway Operating
Stock.
Revenue
14,514,902 86 15,166,999 47 -051,50
Of the $42,239,500 authorized but unissued Common
661
4.30
Railway Tax Accruals- 1,620,000 00
1,452,000 00 +168,000 00 11.57 Stock, $15,461,500 is
reserved for the conversion at pax of
Railway Oper. Income_12,894,902 86
the outstanding Convertible Bonds.
13,714,49947 -819.596 61
5.98
Other Income-Hire of
FUNDED DEBT.
Equipment-credit
balance
The aggregate Funded Debt outstanding is as follows
1,168.810 15 1,174.005 71
:
-5.195 56
Dividend and inter.44
June 30 1914. June 30 1913. Increase.
est income
775.548 81
544,794 97 +230,753 84 42.36 Mortgage Bonds
$83,283,
Miscellaneous income
500
$83,283,1
.00
53,031 59
Convertible Bonds
45,680 91
+7.350 68 16.09 Equipme
15,461,500
4,735,700 $10,725,800
nt Trust Obligations
12,900,000
Total other income_ 1,997,390 55 1,764,481 59
4.200,000
8.700.000
+232,908 96 13.20
$111,645
,000 192,219.200 119.425.800
Cross Income
14.892,293 41 15.478,981 06 -586.68
7 65 3.79
The net increase of $10,725,800 in the amount of
ConDeductionsfrom Gross
vertible Bonds outstanding is the result of the
issue of $18,Income:
353,000
of
Convert
ible
Miscellaneous rent de10-25-year 434 per cent Gold Bonds
ductions-debit bal.
of 1913 described in the preceding annual report
43,024 85
32.598 45
+10.426 40 31.98
and the
Separately operated
convers
ion
into
Commo
n
Stock of $7,627,200 of Convertible
properties
700 85
94.173 54
-93,472 69 99.26 Bonds as described above under
Interest deductions for
the
head of "Capita
Funded Debt:
The increase in the amount of Equipment Trust l Stock."
Mortgage bonds_ _ _ _ 3,622,380 00
Obligations
0 00
is
the
result
of
the
Convertible bonds.._ 693.382 49 3,622,38
issue
of
$10,000
,000 Equipment Trust
417,157 33 +276.225 16 66.22
Equip. obligations
Certific
ates,
248,372 31
Series
of
1914,
206,030
and
33
the
+42,341 98 20.55
payment of $1,300,000
Miscellaneous deduc'ns
16,293 22
of matured certificates of earlier series hereinaf
+16.293 22
There are in the Treasury $13,000 First ter described.
Total deductions
4.624,153 72 4,372,339 65 +251,81407
5.76
Consolidated
Mortgage 4 per cent Bonds,$269,000 Convertible
Net Income
10,268,139 69 11,106,641 41 --838,501 72
10-20-year
7.55 4 per cent Gold Bonds of 1912, and
Dividends on Adjust$1,213,000 Convertible
ment Preferred stock 919,668 00
10-25-year 434 per cent
919,668 00
• Income BalanceTransferred to Profit
end Loss
9.348,471 69 10.186.973 41
-838,501 72
8.23
Gold Bonds
There is still an unissued remainderofof1913.
,431,000 of tha
Convertible Bonds authorized by the
stockholders Ostober 11th 1906.
754
THE CHRONICLE
VOL.
xc rx.
Chutes were erected at Rileyville, Va., and Stoneville
and Walkertown, N. C.
85-foot turntables were installed at Shenandoah and
Bristol, Va., and a 75-foot turntable at Pulaski, Va.
150-ton scales were installed at Lamberts Point, Petersburg, Crewe and East Roanoke, Va.
200-ton automatic scales were installed: two at Lamberts
Point Pier No. 4; two at East Bluefield Yard, and one at
West Bluefield Yard, W. Va.
Crossing gates were erected at Norfolk and Dublin, Va.,
and crossing bells were installed at Blackstone, Roanoke,
Graham and Tazewell, Va., and Bramwell, W. Va.
A scale storehouse 40x52 feet was erected at Roanoke
Shop Yard and master scales were installed.
Automatic signals were installed between West of Suffolk,
and Poe,
Va., and Dwight, Va.; between Disputanta, Va.,
, Va.; and between
Va.; between Hebron, Va., and NottowayCompany
now has
Elam, Va., and Evergreen, Va. Your
track
101 miles of single track and 484.9 miles of double
protected with automatic signals.
Interlocking and signal apparatus was installed at Phoebe,
Dry Branch, Eggleston and Pembroke, Va., and interlocking tower and apparatus at Columbus, 0.
High steel tanks, 200,000-gallons capacity, were erected
From the commencement of operations, October 1st 1896,
Glade Spring, Va., and at Crum, Glenhayes and Prichat
to June 30th 1914, your Company's Property InvestW. Va.
ard,
increased
4
56
Equipment
and
$116,779,35
Road
in
ment
at
Standard 50,000-gallons water tanks were erected
There were also direct charges to Income for additions and
15,473,521 16
betterments, aggregating
Norfolk, Portlock, Zuni, Disputanta, Crewe, St. James,
Wilsondale,
$132,252,875 72 MP 47 and Goode, Va. Farm, Mohawk,
Total road and equipment expenditures
Wayne, W. Va., and Portsmouth, Columbus
and
Watts
Of the total road and equipment expenditures, your and Sardinia, 0.
Company's revenues provided the following amounts:
Water-softening plants were installed at Lamberts Point,
S15,473.521 16 Portlock and Glade Spring, Va., Crum, Glenhayes and
Direct charges to Income as above
an
for
depreciaequipment
expenses
Charges to operating
, 0., was
9,144,770 51 Prichard, W. Va., and the plant at Columbus
tion reserve
Appropriations from Surplus Income for additions and
enlarged.
15,485,006 98
betterments
Filter plants were installed at Fort Gay, W. Va., and at
$40,103,298 65 East Portsmouth, 0., the latter for drinking water. •
Total
A coaling station, 750-ton capacity, was erected at Farm,
By means of these expenditures your Company has added W.Va.
n,
to its road 452.58 miles of main line and branches, 436.72
Electric drive ash hoists were installed at Williamso
miles of second track and 3.20 miles of third track and 791.49 W. Va., and East Radford, Va.
at Lamberts Point.
miles of sidings, and to its equipment 651 locomotives,
A car shed and paint shop were erected
foundations has been
210 passenger train cars, 31,756 freight train cars and 910
A new steel coal pier on concreteLamberts Point. This
work-train cars.
completed and placed in operation at
90 feet high above
The increases in tractive power and capacity are very pier is 1,200 feet long, 71 feet wide andoperated
machinery
much greater than in the number of locomotives and cars, water, is equipped with all electrically
elevators
as is shown in the following table, comparing the equipment in duplicate, consisting of double car dumpers and
and will handle 600 cars per
of October 1st, 1896, with that of June 30th 1914:
for hoisting cars to top of pier,
has been constructed,
Locomotives—Increase in number, 160%; in tractive power, 449%.
day of 10 hours. A brick sub-station
controlling the electric power.
Freight cars.—Increase in number, 199%; in ton capacity, 436%.
48x57 feet, for converting and tracks, 30 cars each, has been
The double track reported as in progress in the preceding A hump yard, with 12 gravity
so that all cars pass
annual report has been completed.
provided to supply this pier arranged
weights
Double track work is in progress as follows: West of over duplicate 200-ton automatic scales to secure
Suffolk, Va., 1.60 miles and between Zuni and Disputanta, before dumping.
Va., was enlarged and its
Va., 26.60 miles. This will be completed by January 1915.
The roundhouse at Crewe,
Your Company will then have in operation between Lam- capacity increased to 25 stalls.
boiler house at Roanoke shops,
berts Point and Columbus 636.98 miles of double track
An extension was made to
feet, steel frame, brick
main line (including as second track the low-grade lines 70x108 feet, with lean-to 18x108
coal-handling plant in
around Petersburg, Va., and Lynchburg, Va., and the Big walls and steel trusses, together withstokers.
Sandy Line) and 67.13 miles of single track. The single connection with feeding automatic
engine-erecting shop at Roanoke
track is between Jack, Va., and Wilson, Va., 17.08 miles;
An extension was built to
trusses, brick walls and
between Burkeville, Va., and Elam, Va., 31.37 miles; Shops, 85x110 feet, steel frame and
between Radford, Va. and Coaldale, W. Va., in sections, slate roof.
manufacture of freight cars at
of Wharncliffe, W. Va., 2.22 miles.
16.46 miles and East '
In connection with the
a car-erecting shop and
The new equipment received during the year was as follows: Roanoke, Va. there have been built axle
shop 101x150 feet,
10 passenger locomotives,
shed 60;c900 feet; a wheel and
paint
16 freight locomotives,
82x151 feet, all with steel frame and trusses,
and a truck shoproof
35 all-steel passenger cars,
and sides; also lavatory 14x36 feet; a
galvanized iron
5 all-steel passenger and baggage cars,
1 all-steel officers' car,
shop 42x46 feet with steel trusses, brick walls,
g
lacquerin
flat
cars,
steel
underframe
250
100,000 pounds capacity,
galvanized iron roof and a dry lumber storage building,
4,327 all-steel hopper coal cars, 115,000 pounds capacity,
1 all-steel drop-bottom gondola car, 180,000 pounds capacity,
feet, steel frame and trusses, iron roof and sides.
51x60
748 all-steel flat-bottom gondola cars, 180,000 pounds capacity,
feet of brick was added to the
A shed extension 20x501
500 steel underframe box cars, 80,000 pounds capacity
500 steel underframe stock cars, 80,000 pounds capacity,
shop at Roanoke, Va.
smith
4 locomotive cranes.
Tunnel
A ventilating.plant has been installed at Pepper
Of the new equipment, 10 passenger locomotives, 2,463 on Radford Division.
all-steel hopper coal cars, 748 all-steel flat-bottom gondola
The Farmville High Bridge, which consisted of 21 spans,
cars, and 1 all-steel drop bottom gondola car, were built at 112 feet long, resting on brick piers, built in 1853, has been
your Roanoke Shops.
rebuilt as a double track steel viaduct, alongside and 20 feet
structure.
ADDITIONS AND BETTERMENTS TO WAY AND north of the original
127 feet of iron bridges were replaced by masonry culverts
STRUCTURES.
fills.
73.35 miles of main track were laid with 100-pound rails. and
9,413 feet of iron bridges were replaced by new standard
10.94 miles of re-sawed 85-pound rails were laid: 7.52 steel structures and 3,227 lineal feet of iron bridges were
miles on Widemouth Branch, 1.42 miles on Kenova District replaced by fit iron bridges doubled.
and 2 miles on Cincinnati District.
Two bridges, 580 lineal feet, were completed in connec301,075 cubic yards of stone and 57,880 cubic yards of tion with double track at Hatfield tunnel; 1,750 lineal feet
gravel were used in standard ballasting on main line.
bridges were built to increase water-way in West Virginia
Passenger stations and freight depots were built or en- of
Ohio.
and
larged at Boyce, Galax, Wilson and Evergreen, Va., Wil14 grade crossings were eliminated; three by undergrade
lardsville, N. C., Roderfield, W. Va., and Waverly, Ohio.
crossings of steel, six by undergrade crossings of masonry,
Shelter sheds were erected at Addison, Poole, Dooms and four by overhead bridges of steel and one by overhead bridge
Yancey, Va., Kenova, W. Va. Evanston and Youngs, 0.
timber.
at Kilby, Kidds and Hebron, of double-track tunnel 1,257 feet in length was built at
Block offices were erected '
A
Va. and Webb, W. Va.
Glen Alum, W. Va.
' section houses were erected.
Nine
A twin tunnel, 1,000 feet in length, for second track, was
and
Tool houses were erected at Crewe, Lynchburg
d at Hatfield, W. Va.
complete
Shenandoah, Va.
623 lineal feet of Dingess Tunnel were lined with brick.
Two storage houses were erected at Roanoke, Va., and
235,2421inealfeet(44.55 m.)ofstandardfencing wereerected.
high,
two at Bluefield, W. Va.
A retaining wall of stone, 1,654 feet long and 16 feetCreek.
Stock pens were erected at Norfolk and Appomattox, Va.,
at North Fork, W. Va., along Elkhorn
d
complete
was
and Waverly, 0.
to the
Reference was made in the preceding annual report
t to the aplease from the Virginia Company of equipmen
proximate value of $11,000,000, and of the execution of a
temporary agreement of lease therefor. Under date of
February 2d 1914 this temporary agreement was replaced by
1914—with the
an Equipment Trust Agreement—Series ofhia
as Trustee,
Commercial Trust Company of Philadelp
under which certificates to the amount of $10,000,000 were
issued and sold. These certificates are payable in twenty
semi-annual installments of $500,000 each, from February 1st 1915 to August 1st 1924, inclusive. The equipment securing this issue is described on page 30 of this
[pamphlet] report.
ROAD AND EQUIPMENT.
The total additions to cost of road and equipment shown
in detail on page 22 of pamphlet report, were $15,333,648 02.
Of this sum ,069,179 99 was for trust equipment received
from the Virginia Company. The remainder,$7,264,468 03,
includes additions and betterments aggregating $2,093,918, which were necessary to maintain the earning capacity
and preserve the value of the Company's property and
which have, therefore, been covered by an appropriation
of Surplus.
SEPT. 12 1914.]
THE CHRONICLE
755
Between Kenova and Columbus there were used on slopes
The work of unifying the Company's properties, completin flood protection 189,549 cubic yards stone and slag and ing its titles and surveying, monumenting and mapping
its
72,290 square feet of concrete slab.
lands has made further substantial progress. Your Company
has
Pocahontas
advanced
the
to
Coal
&
Coke
Company
MAINTENANCE EXPENDITURES.
for these purposes the further sum of $99,000, making a
The expenses for Maintenance of Way and Structures total to date of $1,391,000
charged in your Company's
and comparison with the preceding year are as follows:
accounts as advances to that Company for property exDecrease.
P. Ct. penditures.
1913-14.
1912-13.
Total Expenses
$4,998,612 25 $5,542.960 04 Dec. 5544,347 79 9.82
Average per mile of
TUG RIVER & KENTUCKY RAILROAD COMPANY.
road operated
284 9510.40
2,455 22
2,740 17 Dec.
Average per mile of
The Tug River & Kentucky Railroad Company was ortrack operated_ --190 16 12.18 ganized Jan.23 1914 under the laws of the State of Kentucky,
1,371 23
1,561 39 Dec.
The expenses of Maintenance of Equipment and compari- to construct a railroad about 17 miles in length in Pike
County, Ky., and Mingo County, West Virginia, to reach
son with the preceding year are as follows:
important coal deposits. The road has been located from
P. Ct.
Inc. or Dec.
1912-13.
1913-14.
a point in Pike County, Kentucky, at or near the mouth
Total Maintenance of
Equip't Expenses_ .59,214,00734 $8.336,631 12 Inc. $877,376 22 10.53 of Poplar Creek, extending up the valley of Poplar Creek,
are
In which
included:
the valley of Peters Creek and the valley of Blackberry
Locomotives: Repairs.
Renewals and DeCreek and down the valley of Tug River. The estimated
preciation
3,298,700 94 3,005.099 68 Inc. 293,601 26 9.77 cost is $900,000. One and one-half
miles of this railroad,
Average per Locomotive
2,933 95 Inc.
3,119 84
185 89 6.34 including a bridge over Tug River, is under construction,
Average per 100
and
be
should
ready
for
traffic
by
June 30 1915, the estimiles run
12 40
11 36 Inc.
1 04 9.15
mated cost being $200,000.
.Passenger Train Cars:
Repairs, Renewals
The
capital
of
stock
the
Company
is $50,000, of which all
and Depreciation
384,576.43
398,337 29 Dec. 13,760 86 13.25
but 50 shares owned by the Directors is owned by your ComAverage per Passenger Car
870 42
993 56 Dec.
123 14 12.39 pany.
Average per 100
VIRGINIA-CAROLINA RAILWAY.
miles run
1 55
1 63 Dec.
08 4.91
Freight Train Cars:
Work on the North Carolina Division has progressed
Repairs, Renewals
4,998,963 33 4,413,952 90 Inc. 585,010 43 13.25 satisfactorily,though impeded by the
and Depreciation
rigorous weather of
Average per Freight
Car
107 76
102 69 Inc.
507 4.93 last winter, which caused heavy slides in the new cuts. On
Average per 100
June 30 1914 grading was completed on 21 miles and was
miles run
1 01
92 Inc.
09 9.78
approaching completion on 28 miles; bridge work was well
Work Equipm't Cars:
Repairs, Renewals
advanced; 8.8 miles of track were laid and surfaced, and a
.and Depreciation
80,357 31
85,286 48 Dec.
5.78
4,929 17
number of station buildings and other structures were
There were in the shops undergoing and awaiting repairs erected.
The cost of the North Carolina Division to that date was
at the close of the year 216 locomotives, or 20.4 per cent
(83 needing only light repairs), 27 passenger cars, or 6.0 per $766,235 66. It is expected that the work will be completed
cent, and 2,814 freight and work equipment cars, or 5.7 per early in the year 1915 at a total cost of about $1,250,000.
cent.
NEW RIVER HOLSTON & WESTERN RAILROAD.
Additions to and replacement of shop machinery have been
The extension from Rocky Gap to Suitor's in Bland
made at a cost approximately as follows:
Roanoke Shops
$77,757 County, Virginia, about 14 miles, has made satisfactory
Portsmouth Shops
31.276 progress, notwithstanding unfavorable weather conditions.
Bluefield Shops
14,285 On June 30
1914 the grading was practically finished and
Williamson Shops
1,959
Outlying Shops
20,428 8.1 miles of track were laid.
The cost of the extension to that date was $209,002 11.
Total
$145,705
It is expected that the work will be completed in September
1914 and that the total cost will approximate $250,000.
TRAFFIC AND REVENUE COMPARISONS.
_
Comparison of traffic and revenue figures with those of
FLOOD DAMAGE IN MARCH 1913.
the previous year shows the following interesting changes:
Reference was made in the preceding annual report to the
Number of passengers
increased 278,393
4.65%
Average haul of passengers
decreased
0.07 miles 0.19% serious damage to your road in Ohio from the extraordinary
Revenue from passenger fares
increased $193,385 37
4.10% floods of March 1913. The restoration of the line has been
Average rate per passenger per mile_ _decreased
0.007 cents 0.33% completed and the sum of
$671,190 80 on account thereof
Revenue freight carried
increased 1,298,829
tons 3.97%
Average haul of freight
decreased
1.53 miles 0.56% has been charged to Operating Expenses to June 30 1914.
Revenue from freight transportation_increased - 3450,597 76
1.207
0 Additional expenditures were required to guard against simiAverage rate per ton per mile
decreased
0.009 cents 2.12%
lar damage in the future, the estimated amount being $748,Average tons of revenue freight per
train mile
increased
38.22 tons 5.00% 500, of which $487,378 27 had been charged to Property InShipments of coal
increased 2,060,133
tons 9.73%
Shipments of lumber
decreased 222,528
tons 10.987 vestment (Road) to June 30 1914. This work is progressing
Shipments of coke
rapidly and should be completed by December 1914.
decreased 230,705
tons 14.43
Shipments of ore
decreased 146,453
tons 15.69
Shipments of pig and iron bloom_ _ _ _decreased 210,045
tons 25.25
ELECTRIFICATION.
The work of electrifying the line between Bluefield,
COLUMBUS CONNECTING & TERMINAL RAILROAD
The stockholders at their annual meeting held October 10th W. Va. and Vivian, W. Va., a distance of about 30 miles,
1912 authorized the acquisition of the railroad, property described in the preceding annual report, has made satisfacand franchises of The Columbus Connecting & Terminal tory progress. It is expected that this work will be comRailroad Company, which was organized in 1892 for the pur- pleted for operation in January 1915.
pose of acquiring freight terminal facilities for your system
PHYSICAL VALUATION.
in the city of Columbus, Ohio. This has been accomphshed,
The Valuation Committee described in the preceding
and by deed dated December 16th 1913 The Columbus
Connecting & Terminal Railroad Company conveyed its annual report has effectively performed its work of devising
plans and gathering data for the physical valuation of your
railroad, property and franchises to the Norfolk & WestCompany's properties. In co-operation with other comern Railway Company.
panies, and with the Engineering Board of the Inter-State
DRY FORK BRANCH AND CONNECTIONS.
Commerce Commission, uniform methods of procedure have
The connection between the main line at Iaeger,
Va., been formulated and are now in use by this Company. The
and the Clinch Valley District at Cedar Bluff, Va., W.
via
Dry work has reached such a stage that the Valuation Committee
Fork, Beech Creek and Indian Creek branches, reported
in has been dissolved and the further work of valuation has been
operation as of April 13th 1913, has now been fully complaced in charge of Charles S. Churchill, former Chief Enincluding
pleted,
the concrete and brick arching of Summit gineer and now Assistant to the President.
Tunnel at a cost to June 30th 1914 of $2,773,828 10.
In prosecuting this work, much historical, financial and
engineering information has been collected and should prove
KING BRANCH.
of permanent value. The Durham District has been reKing Branch was completed to the operations of the King surveyed and mapped.
Similar work is now in progress on
Coal & Coke Co. and the Middle States Coal & Coke Co., the Shenandoah
Division and will be done elsewhere when
a distance of 1.73 miles.
necessary to complete the Company's records.
POCAHONTAS COAL & COKE COMPANY.
APPLICATION FOR RATE INCREASES.
The sinking fund provided for in the Pocahontas Coal &
Your Company and the other railroads in Official ClassiCoke Company's Purchase Money First Mortgage, dated fication Territory, consisting of the New England
Freight
Dec. 2 1901, amounted for the calendar year 1913 to $273,- Association Territory, the Trunk Line Association
156 10. Through this and other sums received by the Trus- tory and the Central Freight Association Territory, Terrijoined
tee, under the terms of the mortgage bonds aggregating in an application to the Inter-State Commerce
Commis$302,000 were purchased and canceled. From the begin- sion for an average increase of five per cent
on freight tariffs.
ning of its operation in 1906 to date the sinking fund has Your Company filed with the Inter-State
Commerce Comreceived from royalties on coal mined the sum of $1,698,- mission a complete set of its proposed
tariffs at an expensefor
954 81 and from sales of lands the sum of $125,305.02, printing alone of $30,000. The tariffs were
filed Oct. 15
a total of $1,824,259 83, by means of which there have been 1913, and were to take effect thirty days
thereafter. They
purchased and retired bonds to the aggregate amount of were, however,suspended from time
$2,018,000, reducing the outstanding bonds to $17,982,000, sion, pending an investigation and to time by the Commishearings. The preparaand leaving a cash balance of 77 62 in the Sinking Fund.
tion of data and the presentation of the information
to the
THE CHRONICLE
756
Commission involved great labor and expense. The decision of the Commission was promulgated July 291914.
No rate increases were approved in New England and Trunk
Line Association territories, but, subject to certain limitations, an increase in class rates and many commodity rates
in Central Freight Association territory was approved.
Only your Company's lines in Ohio, comprising about oneeighth of its total mileage, are included in that territory.
The extent to which the Company can avail itself of the
increases permitted is yet undetermined, but will be very
small. Estimated upon the present total gross earnings, it
will not exceed one-eighth of one per cent, or about 855,000
per annum.
Believing that the Company's application for an increase
was right and reasonable, the decision was a disappointment.
FINANCIAL.
The final installment upon the subscriptions for 817,• 138,500 Convertible 10-25-year 4M per cent bonds described
in the preceding annual report was due Sept. 1 1913 and has
been paid.
The urgency of the requirements for additional facilities
to be met by that issue of convertible bonds was set forth in
the circular dated Jan. 30 1913 to the stockholders. Early
in the year, however, the unfavorable outlook led to the curtailment of expenditures for additions and betterments by
postponing the less urgent and reducing the rate of progress
upon the more important. This left temporarily in the
treasury a considerable balance of funds raised for such expenditures. In order to securea greater revenue therefrom
than was obtainable from ordinary deposits (suitable authority having been given by your Board), these funds have
been utilized from time to time to purchase well-secured
[Vox,. xorx.
short-term obligations, maturing in conformity with the
Company's cash requirements. A substantial addition to
the Company's dividend and interest income has thus been
made.
The securities on hand June 30 1914 are shown in supplementary statements.
CHANGES IN ORGANIZATION.
I. W. Booth, Chief Clerk in the Secretary's office, was
appointed Assistant Secretary to fill the vacancy created by
the death of Mr. Griffith, effective Feb. 11914.
Effective March 1 1914, the organization of the Valuation Committee was dissolved for reasons already stated.
Charles S. Churchill, Chairman of that committee, was appointed Assistant to the President with immediate charge of
all physical valuation of the Company's properties under the
Federal law; W. S. Battle Jr. resumed his duties as General
Claim Agent, and J. M. Rodgers resumed his duties as
Statistician. As of the same date, J. E. Crawford was appointed Chief Engineer. J. B. Baskerville was appointed
Assistant General Claim Agent and W. B. Moss was appointed Assistant Statistician.
The certificate of Price, Waterhouse & Co., the independent auditors elected by the stockholders to audit the books
and accounts of the Company, is attached to the Balance
Sheet. [In pamphlet.]
The Board expresses its acknowledgement to the officers
and employees for the faithful discharge of their duties during the year.
By order of the Board of Directors,
L. E. JOHNSON,
President.
CONDENSED GENERAL BALANCE SHEET JUNE 30 1914.
ASSETS.
PROPERTY INVESTMENT—
Road and Equipment—
Investment to June 30 1907:
Road -----------------------------------------------------------3151.520.660 80
Equipment
_________________________________________ 24.383.021 25
$175,903,682 05
Investment since June 30 1907:
07
$41,526.935
Road
31,880.492 92
Equipment
25,370 55
General Expenditures
73.432.798 54
Comparison with
June 30 1913.
+379.914 53
+6,531,49053
+8,800.357 74
+1.79375
$249.336,48059
9,144.77051
Deduct Credit Reserve for Accrued Depreciation (of Equipment)
$240,191,710 08
Securities—
Securities of Proprietary, Affiliated and Controlled Companies—Pledged. Stocks
Unpledged. Stocks
Funded Debt
Other Investments—
EquipAdvances to Proprietary, Affiliated and Controlled Companies for Construction,
ment and Betterments:
Guyandot & Tug River Railroad Co
Miscellaneous Investments—
Physical Property __ _
Securities—Unpledged
1.00000
56.853 33
9,000 00
WORKING ASSETS—
Cash
Securities issued or assumed—Held in Treasury
Marketable Securities—Stocks
Bonds and Notes
Short-Term Investments
Loans and Bills Receivable
Traffic and Car Service Balances due from Other Companies
Net Balance due from Agents and Conductors
Miscellaneous Accounts Receivable
Material and Supplies
Other Working Assets
$8.009.653 60
1,781.900 00
4.008 00
121.825 63
12.352.771 67
1.50000
1,372,905 89
1.066.707 06
912.882 71
4.290,664 37
561 87
DEFERRED DEBIT ITEMS—
Temporary Advances to Proprietary. Affiliated and Controlled Companies
Advances for Working Funds
Rents and Insurance paid in Advance
Cash and Securities in Sinking and Redemption Funds
Other Deferred Debit Items
34.041.902 41
15.385 83
47,062 04
73,537 37
309,726 13
1.966.152 07
—566,813 03
+1.388.700 00
—192.08000
+3,840.794 95
—498.60000
—371.584 66
—151.49156
—6.006 20
—1.726,975 43
+99 50
29.915.380 80
—798.00433
+25890
—2.12096
—44.312 05
5,220,701 38
4.487.613 78
$23,000,000 00
107.760.500 00
ACCRUED LIABILITIES NOT DUE—
Unmatured Interest, Dividends and Rents Payable
Taxes
DEFERRED CREDIT ITEMS—
Unextinguished Premiums on Outstanding Funded Debt
Operating Reserves
Other Deferred Credit Items
$83,283,500 00
15,461,500 00
12,900,000 00
3113.291 01
1,363,489 47
1.303,538 95
+10,725,800 00
+8.700.000 00
111,645.000 00
—17.139,300 00
—2,680.820 01
+16,531 04
—825.550 24
—294,758 57
52.780.319 43
209.565 61
520.306 65
6.000 00
29,464 56
$1,273.147 15
700,537 28
—44,141 83
—11.545 85
+8,923 29
3,545.656 25
+180,295 15
+24,016 46
1.973,684 43
--182.572 50
--79,843 07
+73.487 42
3245,610 00
115.216 11
523,88000
APPROPRIATED SURPLUS—
Income:
Additions to Property since June 30, 1907 through
0
28
52 7
55
413:4
14
2:3
_________________________________________________ 313
Road
Equipment ___________________________________________________________________
PROFIT AND LOSS—
Credit Balance______________________________________________________________________
+37,627,200 00
3130.760,500 00
FUNDED DEBT—
Mortgage Bonds
Plain Bonds, Debentures and Notes
Equipment Trust Obligations
Miscellaneous Accounts Payable
Matured Interest, Dividends and Rents Unpaid
Matured Mortgage Bonded and Secured Debt Unpaid
Other Working Liabilities
+39,333,323 85
LIABILITIES.
Adjustment Preferred
Common
Subscriptions for Convertible 10-25-Year 04% Gold Bonds
Liability under pending Equipment Trust
WORKING LIABILITIES—
Traffic and Car Service Balances due to Other Companies
Audited Vouchers Unpaid
Audited Wages Unpaid
+3.43840
+9.95838
—2.972 25
3276.859,644 68
orrocIC—
—79,466 80
+9.00000
65,853 33
231,934 62
564,53580
1.401.616 27
+1,671.46023
884.706 11
+2,093.918 09
15,485,006 98
12.565.090 91
+1.141,984 56
3276,859.644 68
+$9,333,023 81
SEPT. 12 19141
THE CHRONICLE
757
INTERBOROUGH RAPID TRANSIT COMPANY
ABSTRACT FROM ANNUAL REPORT—FOR FISCAL YEAR ENDED JUNE 30 1914.
No. 165 Broadway, New York, September 1 1914.
To the Stockholders:
Your Board of Directors submits herewith its report of the
operations of the Interborough Rapid Transit Company for
the fiscal year ended June 30 1914.
The comparative income account for the years ended
June 30 1914 and 1913 is:
COMPARATIVE STATEMENT OF INCOME ACCOUNT
Increase (-I-) or
Decrease (—).
1913.
1914.
Years ended June 30—
+1,017.52497
Revenue____33,515.39
32.497.870
72
5
69
Operating
Gross
12.902.053 36 13.260.743 14 —358.689 78
Operating Expenses
Net Operating Revenue__ - _20.613.342 33 19,237.127 58 +1,376,21475
—34.931 84
2.081.94843 2.116.880 27
Taxes
Income from Operation___ -18,531.393 90 17,120.247 31 +1.411.146 59
612.852 55
487.490 29 +125.362 26
Non-Operating Income
Gross Income
Income Deductions
19,144.246 45 17.607.737 60 +1.536.50885
11,119,666 19 11.070.669 46
+48.996 73
Net Corporate Income for
the Year
8,024.580 26 6.537,068 14 +1,487,512 12
Add—
Surplus June 30 1913 and
June 30 1912
13,072.955 98 8,531,260 85 +4.541,695 13
Tax Refundsand Other Credits,
Including Interest on Advances to Trustees of New
York & Long Island Rail23.059 32 2,326.542 76—*2,303.483 44
road Company in 1913
That this stability of earning power attaches to new rapid
transit lines as well, the new mileage creating a corresponding
increase in travel commensurate with the additional facilities
furnished, is evidenced by the number of passengers earned
per annum at the end of each ten-year period since the opening of the Elevated Lines for operation. In 1874 the Manhattan Elevated Railway carried 796,072 passengers, in 1884
it carried 96,702,620 passengers, in 1894 it carried196;159,323 passengers, in 1904 it carried 286,634,195 passengers,
while in 1914 the Elevated and Subway lines carried 651,886,671 passengers, an increase of approximately 100,000,000
passengers for each of the ten-year periods during which the
facihties were not appreciably increased, and an increase of
395,000,000 passengers during the period of Subway operation. The increase in mileage during this last ten-year period
by reason of the construction of the Subway was approximately 70%, while the increase in the number of passengers
carried was 127%. Thus the new mileage not only created
new traffic equivalent, per mile of road, to the old, but the
increase in the number of passengers carried on the combined
mileage was greater per mile of road than during any previous
ten-year period. This illustrates as nothing else can that,
:while the increase in population bears its due relation to the
aicrease in traffic, the number of rides per capita per annum
increases in proportion as the facilities for travel multiply.
Your Company's agreement with J. P. Morgan & Company, bankers, for the purchase of not exceeding $170,000,000 of its 5% bonds, the proceeds to be used for refunding
the Company's obligations and making its contribution
toward the construction and equipment of new Subways
and Elevated extensions, has been modified by a reduction
of the Company's actual requirements. For the calendar
year 1913 the requirements of your Company amounted to
15,214.403 12 13,072,955 98 +2.141.447 14
Profit and Loss. Surplus
only $68,658,000 instead of $78,000,000, as mentioned in
last year's report. This reduces the total number of bonds
*The "Tax Refunds and Other Credits" for the year 1914 show a falling
off of $2.303.483 44 for the reason that during the year ended June 30th to be sold for the purposes above mentioned by $9,342,000,
into
carried
Profit
was
and
there
Loss Account the interest from making a reduction in your Company's estimated capital
1913
July 1st 1909 to March 19th 1913, viz.: $2.057,033 15 upon the advances obligations
to that extent. In addition to the above remade by this Company to the Trustees of the New York & Long Island
provide
order
to
means for the construction of the Belmont duction your Company has the option ofstill further reducing
Railroad, in
Tunnel.
the total amount of bonds to be sold by such amounts as may
The gross operating revenue for the year was $33,515,- be found available to the Company from other sources for
the
discharge of its obligations under Contract No.3 and the
395 69, an increase of $1,017,524 97. The net corporate
income was $8,024,580 26, equivalent to 22.92% on the Manhattan and Interborough Certificates.
capital stock of the Company, as against 18.68% for the
Under the terms of Contract No. 3 the City, through the
preceding year, 16.07% for 1912 and 14.68% for 1911. After
the payment of all charges and dividends aggregating ten Public Service Commission, has engaged to construct the
per centum upon capital stock, the net surplus from opera- new subway lines and lease them to your Company for
tions for the year was $4,524,580 26, an increase of $1,487,- operation. In awarding the contracts for this construction,
the City's aim has been to place the trunk lines and tunnels
512 12 over the previous year.
under contract in advance of the outlying extensions, so that
entire system may be completed, as nearly as possible,
STATEMENT OF OPERATIONS FOR THE YEAR the
at substantially the same time.
ENDED JUNE 30 1914.
The Lexington Avenue line from 42nd Street to 152nd
$33.515,395 69
Gross Operating Revenue
12,902.053 36 Street is entirely under contract and the construction work
Operating Expenses
well advanced. The plans and contract for the short diagE20.613.342 33 onal connection
Net Operating Revenue
with the present subway at 42nd Street are
Taxes
2.081,948 43
about completed and the work will be advertised at an early
Income from Operation
$18,531,393 90 date. The Seventh Avenue
line extending from 42nd Street
Non-Operating Income
612.852 55
to South Ferry is completely under contract, and the work
Gross Income
Interest and Sinking Fund on City Bonds .$2,36i.064 88$19.144.24645 on most of the sections is well under way. The new BrookInterest on Interborough Rapid Transit Comlyn extension branching from the Seventh Avenue line at
pany First Mortgage 5% Forty-five Year
Park Place and extending under the Post Office, William
Gold Bonds
482,650
00
Sinking Fund on Interborough Rapid Transit
Street and the East River to the Borough Hall Station in
Company First Mortgage 5% Forty-five
Brooklyn, is partially contracted for. The contract for the
Year Gold Bonds
113.196
66
Interest on Interborough Rapid Transit Comtunnel under the East River has been awarded and the work
pany First and Refunding Mortgage
5%
is now under way,and the contract for the extension from
Gold Bonds
2.238,232
77
Interest on Manhattan Railway Consolidated
Clark Street under Fulton Street to the Borough Hall StaMortgage 4% Bonds
tion of the existing Subway is now being advertised. Plans
Interest on New York Elevated Railroad 5% 1,591.080 00
Debenture Bonds
and contracts for the sections under the Post Office and Wil50.000 00
Manhattan Railway Rental (Organization)_
35.000 00
liam Street, though somewhat retarded by the protracted
Guaranteed Dividend-7% on Manhattan
Railway Company Capital Stock
negotiations between the City and the Federal authorities
Amortization of Debt Discount and Expense 4.200.000 00
for the right to pass under the Post Office Building, have
3.565 37
Interest on Unfunded Debt
37,500 00
Other Rent Deductions
now been completed and the contracts are about to.be ad7.376 51
vertised. As soon as these two sections and the diagonal
Total Income Deductions
11.119,666 19 connection at 42nd Street are awarded, the two principal
Net Corporate Income
trunk lines in the Borough of Manhattan and the extension
Dividends on Interborough Rapid Transit Company Stock $8.024,580 26
to Brooklyn will be completely contracted for.
(10%-5% extra)
5.250.000 00
The work on the extension in the Bronx is also well adSurplus
$2.774.58026 vanced. The Jerome Avenue Line extending from 157th
Street to Woodlawn Road is under contract, and all of the
Per Cent Expenses to Earnings
38.49
Passengers Carried
651.886.671 sections of the White Plains Road Line from Bronx Street
to 241st Street have been awarded and the work is well under
GENERAL REMARKS.
way. The Southern Boulevard Line branching from
the
The increase in the net corporate income of your property Lexington Avenue Line at 138th Street has also been
placed
for the fiscal year ended June 30 1914 is greater than during under contract as far as Bancroft Street.
the previous year, notwithstanding the gene/al depression
The contract for the reconstruction of the Belmont Tunin business conditions, which has resulted in almost universal nel has been awarded and the work is nearing
completion.
decreases in railroad earnings throughout the country. As soon as completed the tunnel will be available
While a small part of this increase resulted from interference porary operation, as contemplated under Contractfor tern..
No. 3.
to surface line traffie by snowstorms during the winter, the The extension from Van Alst Avenue to
Bridge
net result nevertheless establishes in no uncert in degree the is also under contract, as well as the lines Queensboro
to
Astoria
and Costability of the earning power of the Rapid Transit Lines rona.
in Greater New York, and furnishes an excellont barometer
The extension of the present Subway from Atlantic
Aveof the basio value of their securities.
nue, Brooklyn, up Flatbush Avenue to the Park
Plaza has
21,120,595 56 17.394,871 75 +3,725.723 81
Totals
Appropriated for—
Taxes Prior Years. Amortization. Capital Retirements
656.192 44
and Other Charges
121.915 77 +534.27667
5,250.000 00 4,200,000 00 +1.050.00000
Dividends
5.906.192 44 4,321.915 77 +1.584.27667
Total Appropriations
xclx.
THE CHRONICLE
758
been placed under contract and the work commenced, but
none of the other Brooklyn lines has yet been awarded.
It is anticipated, however, that the work on the outlying
extensions will be rapid and will be completed in approximately the same time as the principal trunk lines.
All of the additional third tracks authorized by the certificate to Manhattan Railway Company have been fully
legalized by the orders of the Appellate Division in lieu of
property owners' consents, and a general contract covering
the work has been made by the Interborough Company with
Terry & Tench, Snare & Triest and T. A. Gillespie companies. The construction work under this contract has the
direct supervision of the Interborough Company and is
progressing rapidly at various points.
Progress has also been made in the preliminary work on
the Elevated extensions and connections.
Acknowledgment is made of the efficient services rendered
to the Company and its patrons by the officers and employees
during the past year.
Respectfully submitted, by order of the Board of Directors.
THEODORE P. SHONTS,
President.
GENERAL BALANCE SHEET JUNE 30 1914.
ASSETS.
FIXED CAPITAL
$66,364,605 53
INVESTMENTS
23.806,121 62
ADVANCES TO ASSOCIATED COMPANIES
2,442.852 04
CURRENT ASSETS
19,293.885 51
Cash
$5,779,803 33
Accounts Receivable
5.633,412 21
Bills Receivable
6.120 00
Interest and Dividends Receivable
333,752 43
Material and Supplies
1.351,640 89
Special DepositsTo meet Coupons due not presented.. _ _
19,346 40
To meet uncollected Dividends on Manhattan Railway Company Capital
Stock
110 25
To meet Dividend due July 1st 1914 on
Manhattan Railway Company Capital Stock
1.050,000 00
To meet Dividends due July 1st 1914 on
Interborough Rapid Transit Company Capital Stock
2.625.000 00
To meet Interest due July 1st 1914 on
First and Refunding Mortgage 5%
2,466.450 00
Gold Bonds
To meet 45-Year Gold Mortgage Bonds
7,350 00
called November 1st 1913
Cash Deposit with State Workmen's
20,900 00
Compensation Commission
LIABILITIES.
$35.000,000 00
CAPITAL STOCK
98.665,000 00FUNDED DEBT
(called
45-Year Gold Mortgage 5% Bonds
37,000 00
November 1st 1913)
First and Refunding Mortgage 5% Gold
98,658,000 00
Bonds
MANHATTAN RAILWAY COMPANY, LEASE ACCOUNT
CURRENT LIABILITIES
Interest and Rentals Accrued, not due--- $1,265,007 26
Coupons due, not presented
19,346 40
Dividends April 1st 1909 to April 1st 1914.
inclusive, on Manhattan Railway Company Capital Stock, unpaid
110 25
Dividends due July 1st 1914 on Manhattan Railway Company Capital Stock
1.050,000 00
Dividends due July 1st 1914 on Interborough Rapid Transit Company Capital
Stock
2,625,000 00
Interest due July 1st 1914 on First and
Refunding Mortgage 5% Gold Bonds
2,466.450 00
Due for Wages
234,524 48
Accounts Payable
770,917 80
Taxes Accrued
614.630 46
ACCRUED AMORTIZATION OF CAPITAL PROFIT AND LOSS SURPLUS
CONSTRUCTION AND EQUIPMENT CASH FUNDS- 38,324,071 07
$32,255,176 69
Subway Contribution Cash
2,231,4290
Manhattan Third Tracking Cash
2.282.922 40
Elevated Extension Cash
1.554,54289
Manhattan Power House Cash
PREPAYMENTS
Insurance
Taxes
Rents
1,812,041 85
15,214.403 12
904.870 70
$148.138 52
746.552 06
10,180 12
-CONTINGENT ASSETS-STATE TAXES PAID UN•
535,743 09
DER PROTEST
ITEMS AWAITING DISTRIBUTION
170.226 57
SECURITIES IN TRUST FOR VOLUNTARY RELIEF
FUND
58,842 76
DEFERRED CHARGES
8,213,535 46
Unamortized Debt Discount and Expense
TOTAL
$160,114,754 35
Union Oil Co. of California, Los Angeles.-ReportSee semi-annual report on a preceding page.
Profits, &c.-Substantially the following particulars regarding the affairs of this company appear in the prospectus of
the British Union Oil Co., Ltd., now at hand, offering in
London in July last £1,500,000 of the latter's authorized issue
of £5,000,000 6% preference shares (V. 99, p. 409).
Operations of Union Oil Co. and Its Subsidiaries (Including Oil Handled
for Other Producers)-Calendar Years.
1913.
1912.
1911.
1910.
Crude oil, sold bbls_ - 16,442,816 14,538,951 13,648,497
9,162.604
To co's refill's, bbis_ _ 6,387,799
6,370,265
6,487,513
4.334,639
Sales of crude oil and
refined products
$20,230,620 $17,219,821 $14,800,224 $10,813,072
Trading profits after
oper. exp. & taxes, &
incl. co's proportion of
net earns, ofsub. cos_
/945,507
£947,980
£761,726
£883,340
Deduct Int. paid and proportion of disct. & exp.
of bond Sz note issues_
150,034
138,000
75,187
65,340
Depr.. incl. co's proportion of depr. pro293,116
vided by sub. co's_
268,572
255,527
215,902
Net avail,for distrib'n £502,357
.C541,408
£431,012
£602,098
The profits for the last six years aggregate £3,138,151, out of which
£2,085,058 was paid away in dividends on the stock of the Union Oil Co. of
Cal., or an average rate of 6% per annum, leaving undistributed a balance
of E1.053,093, which on the average capital for the period works out at an
additional 3% per annum. (Compare ann. report for 1913 in V.98, p.1153.)
During the six years £1,365.472 has been provided for depreciation and no
account has been taken of the enhancement of the oil properties.
Digest of Letter from President Lyman Stewart. Los Angeles, Ayr. 23.
The company owns and controls, either directly or through its subsidiary
companies, the oil rights of upwards of 200,000 acres of land distributed
over all the known oil areas n California; its principal operations being at
present in the fields known as Ventura, Santa Maria, Fullerton, Midway
and Coalinga. It owns and controls several hundred fully equipped producing wells and has 25 wells drilling; it also handles the production of
other companies, thereby enabling it to hold its vast resources largely
in reserve. The total receipts of crude oil from all sources for the year
1913 were over 20% of the whole output of California. Further,it owns and
controls some 650 miles of pipe lines, with a capacity of from 60,000 to
75.000 barrels a day, including lines from the various fields to tide water
at the ports of Ventura. San Pedro and Port Harford. Also has a pipe
line across the Isthmus of Panama.
Owns, controls and operates four refineries, notably (a) Oleum refinery,
storage capacity 594,600 barrels of crude oil, on San Francisco Bay, with
excellent deep water and railroad transport facilities; (b) Avila refinery,
capacity of 12,000 barrels of crude oil daily at Port San Luis. Here the
lighter products are separated out to render the residue more suitable
for fuel purposes. (c) Bakersfield refinery, principally devoted to the
production of asphaltum, for which the company's refineries have a total
capacity of 66,000 tons per annum. Extensions which are at present being
made will increase the capacity to over 100,000 tons per annum, or approximately one-fifth of the present total consumption of the United States.
About one-third of the gross volume of our business is refined products
and about two-thirds of the sales of crude oil for fuel purposes, the latter
being practically all based upon contracts for definite periods at fixed
brims to concerns of the highest responsibility. We have large contracts
with the U. S. Government, Canadian Pacific, Northern Pacific and other
railway, gas, steamship, mining and nitrate companies, sugar plantations,
&c. We own and control storage tanks of an aggregate capacity of over
13,000,000 barrels. Fully equipped stations and distributing plants are
maintained at all important cities and towns on the Pacific Coast from San
Diego to Seattle and Vancouver. There are also fully-equipped stations
377,322 73
9,045.986 65
TOTAL
3160,114.754 35
at all the Important nitrate ports in Chile and at Panama and also in the
Hawaiian Islands, and stations as far eastward as Nevada and Arizona,
and extensive docks, wharves and warehouse properties at San Pedro (the
port of Los Angeles). Our 17 steamers, 2 sailing vessels and 2 tank barges
either belong to or are controlled by the company, except 8 of the steamers,
which are chartered, with a capacity of 900,000 barrels, which ply up and
down the Pacific Coast. An additional steamer of 65,000-barrel capacity
for coastwise traffic is under construction. Total employees about 3.000.
The sale by the Union Oil Co. of the $15,000,000 treasury stock, which
is to be acquired by the British Union Oil Co., Ltd. (by April 1 1915, see
V. 99, p. 542), will provide the Union Oil Co. with additional working
capital,which will enable it to extend its operations, enlarge and add to its
refineries and thus considerably increase its profit-earning capacity. This,
coupled with the opening of the Panama Canal, will enable the Union Oil
Co. to reach markets which it has heretofore left untouched.
I am satisfied that the additional working capital now being provided
by the British Union Oil Co., Ltd.. will afford such an increased profit as
should enable a substantial distribution to be made to the preference shareholders of the British company in excess of the fixed cumulative rate of6%.
[The vendors to the British Union Oil Co., Ltd., are as follows: (a)
Union Oil Co. of Cal. sells $15,000,000 new stock for the same amount of
cash. (b) The following exchange these amounts of stock of United
Petroleum Co. (aggregating 34,444,650. representing an equal par value of
stock of Union Oil Co. of Cal. or its equivalent in Union Provident Co.stk.)
for preference shares of this company at par: Milton Stewart of Titusville,
Pa., $396,500; William B. Stewart of Uplands, Cal., $200,000; Lydia
Stewart Price of Los Angeles, $96,250; Alfred C. Stewart of Los Angeles,
$223,400: May Stewart Martin of Cynwyd, Pa., $223,300; Giles Kellogg
of Los Angeles, $2,200,000; Lyman Stewart of Los Angeles, $831,900;
W. L. Stewart of Lamanda Park, Cal.. $273,300. (c) Union Provident
Co. of Los Angeles agrees to exchange 39.401,829 of their unissued stock
for a similar amount of stock of the Union Oil Co. of Cal., part of the above
$15,000,000,as and when acquired by this company, the object of the exchange being solely to provide for security of control of the 'Union Oil Co.
The interests of the directors are as follows: Managing Director Andrew
Weir is a member of Alliance Debenture Corporation, Ltd., holding £250,000 shares therein out of a total issued capital of £700,000. The abovementioned acceptances of the Union Oil Co. for a total of $2,000,000 are
also drawn by him and dated May 7 and June 9 1914. Lyman Stewart
holds $181,520 stock in the Union Oil Co., $181,520 stock in the Union
Provident Co. and 31.622.125 stock in the United Petroleum Co.1V. 99, p. 542, 474.
United Light & Power Co. (of N. J.), Cal.-Default.--
The interest due June 1 1914 on the 3-year 6% collateral trust notes of
1911 (V. 94, p. 357) is still in default, though the 90 days' grace has expired.
The Dec. 1913 coupon was paid. Total auth. issue. $3.000,000, offered for
sale in Dec. 1912, $2,150,000. For noteholders' committee, see V. 97, P.
180; V. 98, p. 309.
Western States Gas & Electric Co.-Application.-
The company has applied to the California RR.Commission for authority
to issue $1,500,000 6% 3-year notes to be secured by a trust deed on all
of the company's properties. The lien of the trust deed will be subsequent to those of the bond issues of the American River Electric Co. dated
July 1 1903 and of the Western States Gas & Elec. Co. dated June 11911.
Of the notes it is proposed to issue $1,050.000 at once.-V.98, p. 1541.
Wolverine Copper Mining Co.-Dividends Resumed.A dividend of $2 per share has been declared, payable Oct. 2 to holders of
record Sept. 12. The last previous distribution was$5 a share in April 1913.
The stock consists of 60,000 shares of $25 each, of which $13 has been paid
in. Previous dividend record (3,per share):
Year '98. '99. '00-'02. '03. '04. 05. '06. '07. '08. '09. '10. '11. '12. 1913.
%_ _ 1 334 4 y'ly 55,6 75.5 11 17 173.5 10 10 10 9 105(Apr.
_v. 99, p. 412.
(F. W.) Woolworth Co.-Earnings.-
1914-Julv---1913.
Increased 1914-Bight Mos.--1913. Increase.
6.58%
$5,353,243
338.618,338
1.52% 1141,161,533
$5.434,023
-V. 99, P• 412. 124.
SEPT. 121914.
THE CHRONICLE
759
export demand for pig iron and steel products, but sales
have not been large. Export business thus far this month
has not been enough to offset the decrease in new business
for home account. England is inquiring for prices on billets,
COMMERCIAL. EPTTOME.
sheet bars, wire rods and skelp,but sales are not large. Europe
has been inquiring, however, for 20,000 tons of low phosFriday Night, Sept. 11 1914.
The great war is still an incubus on American trade. Ir- phorus iron to replace English and Scotch hematite.
regularity, conservatism and dulness are very noticeable.
Foreign exchange is in Somewhat better shape,but the rates
are still high. In the South trade is particularly dull. The
COTTON.
difficulty in marketing the cotton crop is one of the perplexFriday Night, &pt. 11 1914.
ing problems of the times. Meantime, the cotton crop itTHE MOVEMENT OF THE CROP,as indicated by our
self promises to be far larger than was at one time expected.
Trade makes the best showing at the West, but even there telegrams from the South to-night, is given below. For the
caution is beginning to be very noticeable. A ratifying week ending, this evening the total receipts have reached
feature was the success of the New York City note issue, and 49,127 bales against 33,430 bales last week and 14,338
wheat exports are again large, though they show some falling bales the previous week, making the total receipts since
off from the remarkable total of last week. There is some Aug. 1 1914 116,816 bales, against 620,177
bales for the
foreign demand for woolen goods and for coal, but European same
period of 1913, showing a decrease since Aug. 1
buying of iron and steel, contrary to expectations, is by no
means large. Wheat has declined on some apparently un- 1914 of 503,361 bales.
founded talk of the possibility of early peace negotiations in
Mon. Tues.
Sat.
Wed. Thurs. Fri.
Europe, and some decrease in the European buying in
Tow.
American markets. Europe, however, has latterly bought Galveston
3.011 4,351 6.743 4.928 4,310 3.346 26,689
Texas City
129
large quantities of oats. The cotton exchanges of the coun- Port
____
208
__
337
Arthur
try still remain closed, much to the embarrassment of the Aransas
Pass.it-c.
--------------------951
981
cotton trade at the South, which suffers from a lack of uni- New Orleans
143
139
92
325
613
715 2,527
formity of prices and the inability to hedge transactions on Mobile
795
.
-516
-208
192
-it-i -IS§ 1-;828
the exchanges. Money continues high and collections are Pensac
ola__ Jacksonville, Arc_
_r
____
__,
__
__
_ __
slow almost everywhere throughout the country.
200
200
Savannah
1,416 1.358 2,794 2,133 1,473 11.468
2,327
LARD has been in light demand; prime Western 10.65c.; Brunswick__
623
623
373
ii3
51
.
3r711
i
488 1,649
refined for the Continent 11.10c.; South America 11.600.; Charleston
Georgetown
Brazil 12.60c. Lard futures have been irregular, following Wilmington
110
227
4i
49
252
112
811
____
267
99
266
362
65 1.059
the fluctuations at times of grain, with some tendency Norfolk
____
____
813
813
towards lower prices. To-day prices were stronger, in sym- eelvvrctoNr ws,drc. ____ ____ ____
Boston
-- - -----47
54
39
-_ --- 140
pathy with grain markets. Considerable covering was done. Baltimore
____
____
Witt (Commercial
Tint.
g
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Sat.
Mon.
Tues.
Wed.
Thurs. Fri.
cts_10.073,5 HoltSept. delivery
9.95
Holt9.17
9.20
10.20
October delivery
day. 10.05
day.
9.30
9.32
January delivery
10.97M
10.77
10.15
10.00
____
Totals this wool,
a 492
7355
8.915
9.095
8.329
35
35
0.010 49.127
The following shows the week's total receipts, the total
PORK steady; mess $24 50@$24 75; clear $23@$25; since Aug. 1 1914 and the stocks to-night, compared with
family $26 50(029. Beef steady; mess $23 ®324; packet last year:
$24@$25; family $29@$30; extra India mess $40@$45.
Cut meats unchanged; pickled hams, 10 to 20 lbs., 16@17c.;
1914.
1913.
Stock.
Receipts to
pickled bellies, 6 to 12 lbs., 16% ®18 Mc. Butter, creamery
Sept. 11.
This SOWS Aug This Since Aug
extras, 32®32%c. Cheese, State whole milk, colored speWeek. 1 1914. Week. 11914.
1914.
1913.
cials, 15%
3 @the. Eggs, fresh gathered extras,
30@32e.
Galveston
26,689
64,414 115.677 412,341
51,574
127,635
COFFEE has declined; No. 7 Rio 73/
City
337
1,483 3.978
6.272
2,623
8 ®7W.; No. 4 TexasArthur
2.735
Santos 113/I ®12c.; fair to good Cucuth also 11% ®12c. Port
Aransas Pass,&c_
951
1,349 6.980
31,692
1,908
11,480
Coffee futures have been dull as the Exchange has remained New Orleans..__ _ 2,527
9.253 8,352
18,367
48,639
23,182
closed. The tone in the trade has been depressed by lower Gulfport
Mobile
1,825
2,771 4.685
10.437
3.601
9,833
offerings from Brazil, as receipts have increased in that Pensacola
&c
200
575
397
1,146
145
380
country. But trade is hampered by the inability tb hedge, Jacksonville,
Savannah
11,468
21,287 50,702
96.460
19,350
44,894
so that cost and freight business has been reduced to a Brunswick
623
623 8.400
10.942
623
3,937
Charleston
1.649
2.963 12.875
16.511
3,239
minimum. The closing of the exchanges, of course, puts a Georgetown
17,240
stop to hedging. This practically checks business.
Wilmington
811
1,134 3.494
4,496
8.074
7,928
Norfolk
1,059
3,570 1.028
7.276
13.347
5.101
SUGAR has been higher; centrifugal, 96-degrees test, N'port
News, Arc_
813
4,904
1,108
50
6.270.; molasses, 89-degrees test, 5.62c. Receipts for the New York
26
52
84,780
21,312
Boston
140
1.156
11
580
3,108
3,538
week at the six principal Cuban ports were 1,000 tons; stocks Baltimore
1,234
35
595
2,497
3,086
2,916
158,000 tons, against 144,000 tons last year. The receipts Philadelphia
50
1,370
4,451
for the entire island for the week were 6,000 tons, against
Totals
49,127 116,816217.200 620,177 245,467 286,564
12,000 tons last week and 8,000 tons last year. Stocks in the
In order that comparison may be made with other years
United States and Cuba are 569,600 tons, against 588,856
tons last week and 443,684 tons last year. Refined higher we give below the totals at leading ports for six seasons:
at 7.25 ®7.50c.for granulated.
1913.
1912. 1 1911. 1 1910. 1 1609.
OILS.-Linseed firm; city, raw, American seed, 60c.• Receipts at-- 1914.
boiled 61c., Calcutta 706. Cocoanut steady; Cochin 16@ Galveston __ _ 26,689 115,677 133.972 126,684 114.155 77.068
ICity.drc
1,288
10,958
163./Io., Ceylon 14 ®14%c. Olive is in fair demand at $1@ Texas
6.477
278
794
586
New Orleans_
2,527
8,352
3,812
6,165
4.209
12.872
$1 10. Castor steady at 83..I ®8%c. Palm firm at 12c.
for Mobile
1,825
4,685
2,224
4,096
2,2911
6,842
Lagos. Cod, domestic, unchanged at 35 ®36c. Cotton- Savannah _
11,468
50,702
26,038
68,462
39,9671
74.331
Brunsmdck.. _ _
623
8,400
5,500
2,700
24,500
950
seed oil lower; winter 6.50@8c., summer
white 6.25@8c. Charleston.&c
1.649
12.875
4,804
9,479
3.575
16,278
Corn steady at 6.05 ®6.10c. Spirits of turpentine
Wilmington
' 811
3,494
5,782
6,512
2.147
16,328
44@45c. Norfolk
1,059
1,028
3,937
Common to good strained rosin $3 75.
5.641[
1.202
9,962
N'port N.,Scc.
913
483
1
PETROLEUM unchanged;refined in barrels 8.25@9.25c., All others_ _._
275
1,029
1,476
1,512
602
304
bulk 4.75@5.75c., cases 10.75 ®11.75c. Naphtha, 73 to 76 Total this wk. 49,127 217,200 194,505
231,529 169,892 239.071
degrees, in 100-gallon drums, 23%c.; drums
50 extra. Since Aug. 1_ 116.816 620.177 539.1171 629.811 465.463
Gasoline, 86-degrees, 26c.; 74 to 76-degrees, 25c.; 67 to
539.663
70degrees, 22c. Crude prices are unchanged as follows:
The exports for the week ending this evening reach a total
Pennsylvania dark Si 45 Corning
85c. Somerset,32 deg__ 854. of 7,419 bales, of which 2,056 were to Great Britain,
Second sand
1 45 Wooster
1 28 Ragland
65c.
to France and 5,363 to the rest of the Continent.
Ilona
1 45 North Lima
1 061 Illinois. above 30
Cabell
1 05 South Lima
Below are the exports for the week and since Aug. 1 1914.
1 011 degrees
Mercer blAck
1 02 Indiana
1 011Kansas and
New Castle
1 02 Princeton
1 021
home
Okla-51 02
75c.
Week ending Sept. 11 1914.
From Aug. 1 1914 to Sept. 11 1914.
TOBACCO has been quiet. The war affects consumption
Exported toExported toExports
to some extent. Still, prices are steady. The supply
remGreat
ContiGreat
Contiwrapper will not be excessive-far from it. Crop advices
Britain.France. nent. Total. Britain. France.
neva.
Total.
from Wisconsin are favorable. But from some other sec_
1,074
10,414
tions of the tobacco country the recent news has not been Galveston_
11.488
NewOrleans -555
812 1,555
4,479
1,226
5,705
altogether favorable. Sumatra is in fair demand. Cuban Savannah__
100
100
1,257
1,426
2,683
New
York
_
1,400
1;iio
3,170
2,748
leaf has beenquiet. Many people are awaiting with not a Boston _ _
2,701
5.454
15
15
66
66
little interest the action of the Government in regard to new Baltimore_
1,500
1,500
Philadelphia
taxation. Late rains have helped tobacco in the West.
130
130
San Fran..
2,766 2,755
2,766
2,766
COPPER has been dull;-Lake 12.40c.; electrolytic 1234c.
Total _ 2,056
5,363 7,419
9,688
The suspension of business in Europe is a bad blow to the
20,099 29.792
copper trade. Tin has been dull and lower, with spot quo- Total 101.1.. 25.127
72.014 03,041 115,1199 30,625 202,59?
349,116
tations down to 33c. Consumers have bought very sparingIn addition to above exports our telegrams to
-night also
ly. Lead here 3.85c. and spelter 5.85c., with business quiet. give us the following
Pig iron has been quiet, with No. 2 Eastern $13.75c.; No. 2 cleared, at the ports amounts of gotton on shipboard, not
named. We add similar figures for
Southern, Birmingham,$10@$10 25. There has been some 'New York.
•
7C0'
THE CHRONICLE
xclx.
a like period of 1913. The total of cloths, however, is
4,408,028,400 yards, against 4,801,306,400 in the same time
last year. To-day Liverpool's spot sales showed an increase.
The total sold and called amounted to 4,450 bales, including
4,300 American at unchanged prices. Under the new differences at Liverpool, ordinary is 3.92d., good ordinary
4.56d., low middling 5.52d., middling 6d. good middling
6.56d., fully good middling 6.72d. and middling fair 7.04d.
Although there has been very little business in spot cotton
here it is understood that the tone is stronger at the close.
An effort is being made to have Congress modify the Lever
Bill as a measure which tends to delay the reopening of the
exchanges.
19 1913*
* Estimated.
The rates on and off middling,as established Nov.
other than
still
has
been
delivery
for
future
cotton
in
Speculation
by the Revision Committee, at which grades
as follows:
suspended, owing to the fact that the exchanges have re- middling may be delivered on contract, are
o Basis Good mid. tinged.° Even
c 1 7500 Middling
mained closed. Southern spot prices have declined re- Fair
mid. Unged_0.20 off
Strict
off
0
middling.0.5
mid. fair____1.50 on Strict low
Middling tinged_._0.40 off
cently, but within a few days have shown more steadiness. Strict
1.30 on Low middling____1.25 off Strict
Middling fair
mid. ting.1.25 off
low
off
at
and
Augusta
firm
ord____2.00
at
been
higher
have
good
they
Strict
h
At Savanna
Strict good mid 0.90 on
mid. tinged._3.00 off
0.65 on Good ordinary-- -3.00 off Low
Good middling
stained .1.25 off
Middling
on
ting.0.45
40. Liverpool, on the other hand, has reduced its quota- Strict
mid.
73
g'd
Strict
on
0.32
middlIng
tions to 5.70d. for Jan.-Feb. and 6d. for middling on the
'Reaffirmed Feb.4 1914.
spot. Most firms with open contracts are understood to
in the
The official quotation for middling upland cotton
have agreed to the plan recently formulated for a gradual
been:
has
week
past
the
for
New
and
York
day
Liverbetween
each
straddle
the
of
on
liquidati
New York market
Sat. Mon. Tues. Wed. Thurs. Fri.
Sept. 5 to Sept. 11pool, an interest which amounted to some 347,000 bales.
Middling uplands
are
to
plan
this
od
to
;?,greed
have
understo
which
The
FOR 32 YEARS.
NEW YORK QUOTATION
10.69
have put up margin within a few days on the new basis of 1914_c__
5.81 1890-c
9.80 1898_c
1906-c
--*11.00
11.38
l
and
for
9.90c.
here.
in
Dec.
Liverpoo
-Feb.
7.50 1889
10.75 1897
5.70d. for Jan.
13.15 1905
1913
10.44
1888
8.75
1896
10.90
l
1904
the
to
Liverpoo
have
straddle
parties
11.65
1912
10.12
The New Orleans
1887
8.31
1895
12.00
11.80 1903
1911
9.25
6.88 1886
refused to agree to the terms recently announced. Thus 1910
8.88 1894
14.00 1902
10.06
1885
8.25
1893
8.50
bales-has
only
1901
1,000
been
12.65
1909
not much actual business10.75
1884
7.12
1892
10.62
9.40 1900
10.12
8.75 1883
done in settling up these straddle transactions between 1908
6.43 1891
12.90 1899
1907
New York and Liverpool. But a small beginning was made
* Aug. 17.
about a week ago, as was announced by a dispatch from
MARKET AND SALES AT NEW YORK.
Liverpool on Wednesday, and it is hoped in the near future
that more rapid progress will be made. Here in New York
SA&ES.
Futures.
Market
Spot Market
the stock is steadily decreasing. The reduction since
Spot. Contr'cl Total.
Closed.
Closed.
it
stated
was
Aug. 1 is nearly 20,000 bales. The other day
172
172
that some 5,000 bales had been booked within a week for Saturday___ Nominal
Nominal
a shipment to Liverpool, Barcelona and Genoa. Canadian Monday -__
___ Nominal
mills have also been buying cotton here on a very fair scale. Tuesday
Wednesday_ Nominal
Nominal
No small proportion, in fact, of the recent shipments from Thursday __ Nominal
25
25
New York has gone to Canada, where the mills are Friday
197
197
it
In
a
has
week
time.
full
said to be running on
Total_
.
become increasingly apparent that the movement to provide
FUTURES.-There have been no transactions in cotton
take
e
of
to
South
advantag
the
ut
warehouses througho
future delivery on the New York Cotton Exchange this
the. McAdoo plan is spreading rapidly. Another factor for
which, though at the first glance it may not seem to amount
made
TtE VISIBLE SUPPLY OF COTTON to-night, as
to much, may in.the end prove of greater importance than wee
telegraph, is as follows. Foreign stocks,
and
cable
,
by
up
of
the
"buy-aso-called
the
spread
is
most people imagine,
afloat, are this week's returns, and consequently
b.a.le" movement at the South. It received something ofa as well as the
are brought down to Thursday evening.
figures
foreign
all
ago
days
a
few
t
Wilson
flip from the fact that Presiden
total the complete figures for to-night
the
make
to
But
or
per
pound,
cents
10
bought a bale, paying like the others
item of exports from the United States,
the
add
we
,
(Friday)
by
Senator
d
being
negotiate
$50 a bale, the transaction
exports of Friday only.
the
it
in
including
t
looks
a
movemen
such
Hoke Smith of Georgia. Of course,
1911.
1912.
1913.
1914.
September 11bales. 867.000 496.000 634,000 281,000
like a very poor substitute for the reopening of the exchanges, Stock at Liverpool
9.000
5.000
5.000
5.000
a
London
of
care
take
to
Stock at
but it may turn out that it will be able
26,000
68,000
25,000
66,000
Manchester
certain amount of "distress cotton" at the South. If we can Stock at
938.000 526,000 607.000 316,000
Total Great Britain
14.000
do that it will not be altogether useless. Meantime it
9.000
17.000
*29,000
Stock at Hamburg
28.000
78.000 179,000
*210,000
is hoped and believed that within a few weeks the New Stock
at Bremen
36.000
73.000
55.000
*220.000
is
underIt
.
reopened
Havre
Stock at
York Cotton Exchange will be
2.000
2.000
3,000
3.000
at Marseilles
16.000
13.000
13.000
31,000
stood that rules are now being formulated, or soon will Stock
Stock at Barcelona
7.000
8.000
5.000
31,000
A
law.
Lever
new
the
under
be, to regulate trading
Stock at Genoa
6.000
7,000
14.000
*20,000
definite plan has been adopted for the settlement of straddles Stock at Trieste
544.000 185,000 290,000 110.000
between New York and Liverpool. Just how the Southern
Total Continental stocks
hedges are to be handled when the Exchange reopens is
711.000 897.000 426.000
1.482.000
stocks
European
Total
84.000
130.000 105,000
33.000
not so clear. There is some talk, too, about a good many India
cotton afloat for Europe
29,943 280,935 211.235 345,046
Europe_
for
afloat
here,
on
the
up
margins
to
put
cotton
refused
having
Amer.
customers
88,000
37,000
12,000
24.000
Europe
for
1,&c.,afit.
Egypt,BrazI
65,000
*85.000
45,000
35.000
ground that there interest ended when the Exchange closed. Stock in Alexandria, Egypt
499,000
647,000
408,000
384,000
India
questions
be
will
knotty
all
these
that
Bombay.
however,
Stock in
It is hoped,
245.467 286,564 404.903 310.099
in U. S. ports
143.836 158.237 142.742 155.833
solved somehow within a couple of weeks and that business Stock
Stock in U. S.interior towns
4,372
never
to
g
as
1.700
realize
11,037
is
beginnin
10,348
South
-day
The
to
U. S. exports
will be resumed.
other
day
The
s.
the
exchange
cotton
of
before the value
2,776,946 2,147,108 2.241,917 1.723,326
supply
visible
Total
e, according to a
Of the above, totals of American and other descriptions are as follows:
San Antonio, Tex., Chamber of Commercfor
its object the
Americandespatch, "launched a campaign having
__bales- 577,000 319,000 387,000 138,000
Liverpool stock
46,000
61,000
11,000
16.000
opening of all cotton exchanges in the United States." As Mane ester stock
*425.000 142,000 257,000
61,000
for
stock
s
of
cotton
opening
exchange
l
e
Continenta
immediat
it believes "that
345.046
Europe
29.943
280.935
for
211.235
afloat
American
and
a
market
secure
establish
to
necessary
is
245,467 286,564 494,903 310,099
new business
S. port stocks
"cotton is selling U.
143.836 158,237 142.742 155.833
U. S. interior stocks
uniform prices." The resolution added:
10,348
1,700
4,372
11.037
u, S. exports to-day
less
much
think
the
than
we
which
cents,
6
in places as low as
is
prices
of
cause
knowledg
1.036.326
of
lack
American
1,468,946
1,464,917
1,202,106
The
Total
market would be.
East Indian, Brazil,
small merchants." If this
stock
290.000 177,0011 147.006 143.000
ing heavy loss to farmers and
cotton trade of this country by Liverpoolstock
9.000
5.000
5,000
5,000
great blow brought upon the brought to the South a realiza- London
10.000
stock
17.000
14.000
20,000
Manchester
have
33,000 49.000
43.006
*119.000
the European war shall cotton exchanges, it will be at least Continental stock
33,000
84,000
130.000 105,000
India afloat for Europe
tion of the value of the
24.000
38,000
37,000
12,000
rs are also taking up Egypt Brazil, &c., afloat
35,000
one compensation. Texas newspape
45.000
*85.000
65.000
Stock in Alexandria. Egypt
are
anxpeople
Memphis
that
647,000 499,000 408.000 384.000
Stock in Bombay, India
the matter. It is understood
reopened. On Monday
ious to have the New York Exchange the quotation of spot
1.308.000 945.000 777,000 687.000
Total East India, &c
resume
will
e
Exchang
1,468.946 1.202,108 1,464,917 1.036.326
Total American
Memphis
the
1
Sept.
to
prior
ginning
cotton. The Census report on the a sharp.decrease. The
Total visible2.776.946 2,147 108 2.241,917 1.723,326
•
•
U_pland, Piverpool
• • •
•
•
•
this year not unexpectedly showed
in the same time Middling
a11.00c. 13.15c. 11.90c, 11.80c.
Middling Upland. New York_
total was only 475,455 bales, against 799,099
10 Wd.
104d.
8.604.
10.604.
Brown,
Liverpool
in
Good
353,011
Egypt.
and
1911
11.75d. 10.00d. 10.404.
Rough Good,Liverpool 8.754.
last year, 730,884 in 1912, 771,297 in
.turn out Peruvian
WI. 6 7-164.
5.35d. 6 9-164.
Broach, Fine, Liverpool
1910. British exports of yarns in August
6144.
680. 6 3-164.
Liverpool
Good,
5.354.
,
19,Tinnevelly
against
pounds,
0
8,000,00
only
been
have
17.
to
*Estimated. a August
last
August
in
00
15,998,1
and
bales.
July
in
866,300
Continental imports for past week have been 15,000
this
week
year. The total exports of cloths in August
The above figures for 1914 show a decrease from lastexcess
July
in
100
628,770,
against
yards,
000
313,000,
an
were
1913,
year
over
of
gain
bales
a
629,838
bales,
34,279
of
yarns
bales over
and 579,546,500 in August last year. The total ofthat
of of 535,029 bales over 1912 and a gain of 1,053,620
thus far this year is nevertheless a little ahead of
1911.
last year, i. e., 141,280,000 pounds, against 139,027,300 in
On Shipboard, Not Cleared forLeaving
Other CoastI GerGreat
Stock.
wise. Total.
Sept.11 at- Britain. France.I many. !Foreign
200 7.200
41.439
500 1,000
500 5,000
New Orleans&
40,841
3.701 5.613 10.633
Galveston ____ 1,319
19,350
Savannah
3.239
Charleston
338
3,263
338
Mobile
11,000 11.000
2.347
Norfolk
1.500
83.280
1.000
500
York
New
20,937
Other ports
838 5,701 16,813 30.671 214.796
Total I914__ 2.319 5.000
7.744 123.944 162,620
Total 1913_ _ 43.958 21.605 30,285 20.352 12.907
126.040 278.863
Total 1912_ _ 47,897 20.774 27,965 16.497
SEPT. 12 1914.]
THE CHRONICLE
- 761
AT THE INTERIOR TOWNS the movement-that is,
Dallas, Tex.-We have had no rain during the week.
the receipts for the week since Aug. 1, the shipments for Averag
e thermometer 84, highest 96, lowest 72.
the week and the stocks to-night, and the same items for the
Henrietta, Tex.-Dry all the week. The thermometer has
corresponding period of the previous year-is set out in average
d 82, the highest being 94 and the lowest 70.
detail below.
Huntsville, Tex.-It has been dry all the week. The thermometer has averaged 79, ranging from 66 to 92.
Movement to September 11 1914.
Movement to September 12 1913.
Kerrville, Tex.-We have had
rain during the week.
TOM?.
Receipts.
The thermometer has ranged fromno
Ship- Stocks
Receipts.
I Ship- Stocks
66 to 94, averaging 80.
meats. Sept.
' meats. Sept.
Lampas
as,
Tex.-We have had no rain during the week.
Illeek. Season. Week.
Week. Season. I Week.
11.
12.
Average thermometer 80, highest 94,.
lowest 66. •
Ala.,Eufaula__ 1,319
2,378
477 1,828
1,620
2.522
698 2,022
Longvie
w,
Tex.-We have had no ram the past week. The
Montgomery. 4,627
8,440 1,252 9,216 8,295
16.634 5,936 7,081
Selma
thermo
meter
3,858
has averaged 82, the highest being 96 and the
6,537
13,289 5,448 4,202
948 6,100 6,523
Ark., Helena
290
329
____ 1,196
190
35
190.
257 lowest 68.
Little Rock
69
290
79 4,794
154 3,276
533,
945
Luling,
Ga.,Albany
Tex.
-It has been dry all the week. The ther1,500
4,668 1,758 1,973
3,614
500 3,939 2.6311
Athens
290
345
248
____ 1,310
100
150
305 mometer has averaged 82,
ranging from 70 to 94.
Atlanta
158
271
331
814
675
178
330
282
Nacogdo
ches,
Augusta
Tex.-It has been dry all the week. The
9,504
15,970 3,926 16,742 12.312
20,777 6,737 12,876
Columbus
2,475
3,942 1,750 2,677 1,180
1,700 1,125 4,006 thermometer has ranged from
64 to 92, averaging 78.
Macon
1,094
1,440
427 1,003
723
934
516
652
Palestine, Tex.-Dry all the week.
Rome
65
232
409
50 2,661
785
200 1,710
Average thermometer
La.,Shreveport 1,186
1,310
179 4,347 3,734
5.611 2,009 4,604 81, highest 94 and lowest 68.
M ss.,Columb's
221
312
8
620
400
805
234
684
Paris,
Tex.
-Ther
e has been no rain the past week. The
Greenville
470
540:
483
8 1.013
835
_786
Greenwood
500
301 3,672
600
700,
849
149, 1,400 thermometer has averaged 83, the highest
being 98 and the
Meridian
444
249
5 1,690
5211
1,180
521 2,096 lowest 68.
Natchez
125
214
38 1,150
96
96
____
621
San
Vicksburg
Antonio
84
,
115
8
679,
122
Tex.
191
321
866
-There has been very light rain on one
Yazoo City
100
181
42 1,200
298,
433
82 2,207 day the past week, the
rainfall reaching one hundredth of an
Mo.,St. Louis_ 1,08
5,722 1,164 13,909
793
8,033 1.115 5.537
inch.
The
1
N.C., Raleigh_
23
10
thermometer has averaged 82, ranging from
8
190
559
150
70
70
5,599 7,129 5,359
0., Cincinnati_
62i
708
6,974 1.163 20,486 to 94.
Okla.,Hugo_
4
40
-___
40
50
50
-- __I
so
Taylor, Tex.-Dry all the week.
S.C.,Greenw d.
115
139
110
572
518,
1,005
595:
364
Minim
um
thermo
meter
Tenn.,Memphis 2,111
4,910 2,574 14,222 1,713
7,343 1,596. 10,855 68.
Nashville .
13,
29
541
18
Weatherford, Tex.-Dry all the week.
66
1,640
Tex., Brenham
43 1,925 3,2211 11.506 3,218 1,878
Averag
e therClarksville_ _ _
4t 1
7''
100
600 1,000,
1,678
705
900 mometer 80, highest 90, lowest 70.
1,19
Dallas
1,191
778
741
1,954
4.837 1,890, 3,094
Ardmore, Okla.-It has been dry
611
Honey Grove_
8''
100
700
oaf
1,177
all
700
439
the
week.
The
29,24.
Houston
90,569 24,380 37,968 117,977. 412.032100.274 60,618 thermometer has averaged
81, the highest being 95 and the
1.2''
1,700
Paris
200 1.5001 2,000
3.756 1,500 2,022 lowest 68.
..._.-. ned........ am AQ1 ,en Am A7964142
Holdenville, Okla.-There has been no
WIA 179 KOK 599455175AKA1KR277
rain the past week.
The above totals show that the interior stocks have in- The thermometer has averaged 79, ranging from 66 to 93.
Marlow
,
Okla.-It has been dry all the week.
creased during the week 18,217 bales and are to-night 14,401
bales less than at the same time last year. The receipts at mometer has ranged from 68 to 93, averaging 80.The therEldorad
o,
Ark.-Rain has fallen on one day of
all towns have been 107,114 bales less than the same week
the week,
the rainfall being one hundredth of an inch.
last year.
Average thermometer 79, highest 94, lowest 64.
OVERLAND MOVEMENT FOR THE WEEK AND
Fort Smith, Ark.-Dry all the week. The
thermometer
SINCE AUG. 1.-We give below a statement showing the has averaged 82, the highest
being 94 and the lowest 70.
overland movement for the week and since Aug. 1, as made
Little Rock, Ark.-We have had rain on one
day
during the
up from telegraphic reports Friday night. The results for the week, to the extent of forty-two
hundredths of an inch. The
week and since Aug. 1 in the last two years are as follows:
thermometer has averaged. 80, ranging from
67
-----1914
-1913
Alexandria, La.-Dry all the week. The to 94.
Sept. 11Since
Since
thermometer
ShippedWeek.
Aug. 1.
Week.
Aug. 1. has ranged from 64 to 94, averaging 79.
Via St. Louis
1.164
16,938
1.115
New Orleans, La.-Rain has fallen on
14,320
Via Cairo
one
365
day
2.501
of the week,
1,182
3,112 the
rainfall being ten hundredths of an inch.
Via Rock Island
23
55
Average therVia Louisville
525
2.095
1,028
3,761 mometer 84, highest 94, lowest 74.
Via Cincinnati
22
472
403
2,595
Shreveport, La.-We have had a trace of rain
Via Virginia points
168
2.960
1.043
4,032
on one day
Via other routes, &c
350
999
624
3,927 the past week. The thermometer has average
d 82, the highest being 93 and the lowest 71.
Total gross overland
2,594
25.965
5,418
31,802
Deduct shipmentsColumbus, Miss.-There has been no rain the past
Overland to N. Y., Boston, &c....
week.
175
2.490
632
2,894 The thermometer has averaged 79,
ranging from
Between interior towns
858
5,171
217
3,451
Greenwood, Miss.-Dry all the week. The 61 to 97.
Inland, &c., from South
688
13.952
1,141
12,982
thermo
meter
has ranged from 61 to 95, avefaging 83.
Total to be deducted
1,721
21,613
1,990
19,327
Vicksburg, Miss.-Dry all the week. Average
thermomLeaving total net overland *
873
4.352
3,428
12,475 eter 80, highest 92, lowest 68.
•Including movement by rail to Canada.
Livingston, Ala.-It has been dry all the week. The therThe foregoing shows the week's net overland movement mometer has averaged 75,the highest being 92 and
the lowest
has been 873 bales, against 3,428 bales for the week last 58.
year, and that for the season to date the aggregate net overMobile, Ala.-With fine weather cotton picking is proland exhibits a decrease from a year ago of 8,123 bales.
gressing rapidly, but the staple is being shipped very slowly.
1914
It has rained on one day during the week, the precipitation
1913
In Sight and Spinners'
Since
Since reachin
Takings.
g three hundrdeths of an inch. The thermometer
Week.
Aug. 1.
Week.
Aug. 1.
Receipts at ports to Sept. 11
49.127
116.816 217,200
620,177 has averaged 81, ranging from 67 to 95.
Net overland to Sept. 11
873
4,352
3.428
12.475
Southern consumption to
Montgomery, Ala.-We have had no rain during the week.
Sept.11- 60,000
330.000
60,000
366,000
The thermometer has ranged from 65 to 93, averaging 79.
Total marketed
110,000
451.168
280,628
998,652
Interior stocks in excess
Selma, Ala.-We have had a trace of rain on one day during
18.217
23.697
34.040
14,779
the week. Average thermometer 75.5, highest 90,lowest 62
Came into sight during week..
-128.217
314.668
Total in sight Sept. 11
Madison, Fla.-We have had rain on one day of the past
474.865
1.013.491
week, the rainfall reaching fifteen hundredths of an
Nor'n spinners' takings to Sept. 11
41.040
inch.
93.239
22.293
571.266 The thermometer
has averaged 79, the highest being 92 and
QUOTATIONS FOR MIDDLING
COTTO
the
lowest
N
61.
AT
OTHER MARKETS.-The markets being
Tallahassee, Fla.-There has been rain on one day the
lly all
closed, no quotations are obtainable, exceptpractica
past
for
August
a, week, the rainfall reaching twelve hundredths of an
%c., and savannah, 843. But official quotations
73
inch.
The
of
thermo
the
meter has averaged 79, ranging from 62 to 95.
Memphis market will be resumed Monday
Albany, Ga.-We have had no rain during
the week. The
NEW ORLEANS CONTRACT MARKET.-There have thermometer has ranged from 62 to 96, averagi
ng 79.
Augusta, Ga.-We gave had no rain during
been no dealings at New Orleans this past week.
the week.
Averag
e
thermom
eter 75, highest 95, lowest 54.
WEATHER REPORTS BY TELEGRAPH.-Our
teleSavannah, Ga.-There has been no rain the
past week.
graphic advices this evening from the South are of a very The thermometer
has averaged 78, the highest being 94 and
favorable tenor. Dry weather has prevailed quite generally, the lowest 62.
Charleston,. S. C.-There has been rain on one day the
and in consequence picking has made rapid progress. The
past
movement to market, however, is upon a very restricted week, the rainfall reaching one hundredth of an inch. The
thermo
meter
has
average
d
77,
ranging from 62 to 92.
scale.
Greenville, S. C.-It has rained on one day of the
week, the
Galveston, Tex.-Very little or no rain fell in Texas during precipitation
reachin
g
thirtyone hundredths of an inch
the week just past. Cotton has greatly improved and is The thermometer has ranged from
56
to 91, averaging 74.
opening rapidly. Dry here all the week. Average therSpartanburg, S. C.-We have had no rain during
the week.
mometer 84, highest 88, lowest 80.
Average thermometer 76, highest 97, lowest
Abilene, Tex.-There has been no rain the past week.
Charlotte, N. C.-The week's rainfall has55.
been eleven
Minimum thermometer 68.
hundredths of an inch. on one day. The
thermometer has
Brenham, Tex.-It has been dry all the week. The ther- averaged 72, the
highest
being
92 and the
mometer has averaged 82, ranging from 72 to 92.
Goldsboro, N. C.-It has rained on onelowest 52.
day during
Cuero, Tex.-We have had rain on one day during the week, the precipitation
reachin
g eighty-one hundredths ofthe
week, the precipitation reaching two hundredths of an inch. inch. The thermometer
an
has averaged 71, ranging
The thermometer has ranged from 70 to 96, averaging 83.
from
48 to 94.
[VOL. xclx.
THE CHRONICLE
762
Weldon, N. C.-Rain has fallen on one day during the
week, the rainfall being ten hundredths of an inch. The
thermometer has ranged from 45 to 95, averaging 70.
Dyersburg, Tenn.-This week's rainfall has been one inch
and fifty-two hundredths on three days. Average thermometer 75, highest 91, and lowest 58.
Milan, Tenn.-We have had rain on two days the past
week, to the extent of fifty-nine hundredths of an inch. The
thermometer has averaged 74, the highest being 90 and the
lowest 57. •
Memphis, Tenn.-It has rained one day during the week
the precipitation reaching fifty-five hundredths of an inch.
The thermometer has averaged 77, ranging from 63 to 92.
COTTON CROP REPORT.-In our editorial columns
will be found to-day our annual Review of the Cotton Crop.
The report has been prepared in circular form, and the circulars may be had in quantities with business card printed
tltereon.
Special business cards of the following representative
cotton commission and brokerage houses of New York and
other cities will be found in the advertising columns of this
issue of the "Chronicle":
GEO. H. McFADDEN & BRO..
HENRY HENTZ & CO.,
HOPKINS. DWIGHT & CO.,
W. R. CRAIG & CO..
WILLIAM RAY & CO..
EUGEN C. ANDRES CO..
MORE.HANEMANN & CO.,
H. & B. BEER,
GWATHMEY & CO.,
LEHMAN BROS.,
HEINEKEN & VOGELSANG,
R. H. HOOPER & CO.,
HOOPER & CO.
VAN LEER & CO.
FLE1TTMAN &
GRINNELL WILLIS & CO.,
CATLIN & CO..
L. F. DOMMERICH & CO.,
BLISS, FABYAN & CO..
H. A. CAESAR & CO.,
LAWRENCE & CO.,
WILLIAM ISELIN & CO..
J. SPENCER TURNER CO.
NEW YORK COTTON EXCHANGE.-Undoing of
Also the cards of a number of the leading dry goods comStraddles with Liverpool.-The Chairman of the conference mission merchants, mill selling agents and mercantile bankcommittee appointed to adjust the New York -Liverpool ers in the country. Those represented are:
& VOGEL
WOODWARD,BALDWIN & CO., SCHEFER.SCHRAMM
straddle interest issued on Tuesday the following notice:
J. P. STEVENS & CO.,
CO.,
The committee under paragraph 5 of their circular of Sept. 4 1914 desigNew York, the National City
nate the National Bank of Commerce in
and trust company in which
Bank and the Guaranty Trust Co.as the banks
margins are to be deposited for account of Liverpool firms.
once
of
of 5.70d. for Januarynotification
received
has
The committee
February (Liverpool) effective yesterday. The committee has adjusted
the price of December at 9.90c.
The committee is ready to proceed with the balance. Under the committee rules 1 and 2,all members must pay margins to 9.90c. to each other
by check and not deposit in trust companies as heretofore. The committee
rules that all trust margins must be paid by 2:30 p. m. on the date of call.
Calls must be in by noon;otherwise calls not payable until the following day
at 2:30 p. m.
CENSUS BUREAU REPORT ON COTTON GINNING
TO SEPT. 1.-The Census Bureau issued on Sept. 8 its
report on the amount of cotton ginned up to Sept. 1 from
the growth of 1914 as follows, round bales counted as half
bales, comparison being made with the returns for the like
period of 1913, 1912 and 1911:
1914.
46,754
514
5.223
136.079
3,743
2,693
970
356
14,864
31
264.200
28
StatesAlabama
Arkansas
Florida
Georgia
Louisiana
Mississippi
North Carolina
Oklahoma
South Carolina
Tennessee
Texas
All other States
1913.
44.562
1,293
2,960
72,352
7.449
2,052
177
5.106
7.264
9
655,871
4
1912.
12,824
81
1,832
34.526
1,724
442
674
272
4.260
674,249
1911.
40,501
170
3,796
134,431
8,120
1,865
1,245
4,255
19,364
5
557,544
1
475,455 799.099 730.884 771,297
United States
The 1914 figures of the report are subject to slight corrections when
checked against the individual returns of the ginners transmitted by mail.
The number of round bales included this year is 356, compared with
7,610 for 1913, 7,434 for 1912 and 7,709 for 1911. The number of Sea
Island bales Included is 1,758 for 1914; 463 for 1913; 232 for 1912 and 546
for 1911. The distribution of the Sea Island cotton for 1914 by States is
Florida,612 bales, Georgia, 1,146 bales and South Carolina, none.
AMOUNT IN SIGHT.-Supplementary to our Annual
Cotton Crop Report, and in response to various requests,
we give below a table showing the amount of cotton which
came into sight during each month of the cotton season
1913-14. For purposes of comparison, similar results for
the preceding three years are appended.
_
Months.
bales_
September
October
November
December
January
February
March
April
May
June
July
August
Deductions*
1913-14.
1912-13.
1911-12.
1910-11.
1,673,998
2,890,122
2,718,299
2,153,458
1,560,781
965.508
769,882
528.283
434,571
391.519
268.017
291,648
36,118
1.494,261
2,875,678
2,874.719
2.106,454
1,121,009
755,628
658,229
590,248
448,627
307,053
302,338
552,724
441,934
1.596,680
2.693,803
2.690,696
2,416,813
1.731,783
1.493.311
1,069.705
718,977
429,907
323.174
259.718
505.778
k112,971
1,181,451
2,390,210
2.451.159
2,185,301
1,170,175
762,427
458,285
330,631
343,548
231,379
201,992
445,357
28,583
14,609,968 14.128.902 16.043.31Ru 1 9 1f59 332
Total crop
* "Deductions" include all corrections in port receipts and overland made
at the close of the season, as well as the excess in Southern consumption,
as shown by the actual results. This total is increased or decreased by
interior town stocks. k Additions.
NEW YORK COTTON EXCHANGE.-Grade Difference Changes.-The Revision Committee of the New York
Cotton Exchange at a meeting on Wednesday, Sept. 9, made
the following changes in the scale of differences in the values
of the various grades of cotton in relation to middling.
New
Differenc
Cents.
0.70 on
0.63 on
0.56 on
0.42 on
0.35 on
0.28 on
0.21 on
0.1400
0.07 on
0.14 on
Old
Difference.
Cents.
1.75 on
1.50 on
1.30 on
0.90 on
0.78 on
0.65 on
0.48 on
0.32 on
0.16 on
0 45 on
GradeFair
Strict middling fair
Middling fair
Strict good middling
Fully good middling
Good middling
Barely good middling
Strict middling
Fully middling
tinged
Strict good middlingunchanged.
All other grades
WORLD'S SUPPLY AND TAKINGS OF COTTON.
Cotton Takings.
Week and Season.
1913.
1914.
Week.
Season.
I
IVeek.
I
Season.
12,053.017
2,811,225
Visible supply Sept.4
2,581,551
3,176,816
Visible supply Aug. 1
474,865, 314,668 1.013,431
11.._ 128,217
American in sight to Sept.10
7,000
43,000
46,0001
b8,000
Sept.
to
Bombayreceipts
10,000
50.000
147.000
b7,000
10.._
Other India ship'ts to Sept.
7.0001
5,000
10,600
b3,000
_
9_
Sept.
to
receipts
Alexandria
21,000
3,000
35,000
4,000
*
9
Other supply to Sept.
2.961,442 3.872,681 2,392.685 3,733,582
Total supply
Deduct2.776,946 2.776,946 1 2.147,108 2,147,108
11
Sept.
supply
Visible
184,496 1.095,7351 245,577 1,586,474
Total takings to Sept. Il_a____ 131.496
685.7351 201,577 1.144,874
Of which American
44,000
410.000
441,600
53.000
Of which other
Brazil. Smyrna, West Indies, &c.
from
Europe
in
receipts
• Embraces
since Aug. 1 the total estimated consumption by
a This total embraces
in 1914 and 366,000 bales in 1913-takings
Southern mills 330.000 bales
the aggregate amounts taken by Northern and
-and
not being available
in 1914 and 1,220,474 bales in 1913. of which
foreign spinners 765.735 bales
bales American.
355,735 bales and 778,874
MANCHESTER MARKET.-Our report received by
r states that the market is
cable to-night from Mancheste
yarns and shirtings. The mills
quiet and nominal for both
time.
are practically on half
SHIPPING NEWS.-As shown on a previous page, file
the past week have
exports of cotton from the United Statesin
detail, as made
reached 7,419 bales. The shipments
c returns, are as follows:
up from mail and telegraphi
Total bales.
1,400
-To Liverpool-Sept. 10-Cedric, 1,400
NEW YORK
10-Hellig Olav, 300
300
To Copenhagen-Sept.
t,300; Ruby,720_ __Sept.9-Montserra
5
BarcelonaTo
1,470
Infanta Isabel.
Liverpool-Sept. 7-Matador,492
NEW ORLEANS-To
64
7-Ninian, 64
To Manchester-Sept.
812
7-La Sicilia, 812
To Genoa-Sept.
100
7-_
_Eagle
Manchester-Sept.
100
Point.
-To
SAVANNAH
15
,
15
BOSTON-To Yarmouth-Sept.
2,766
SAN FRANCISCO-To Japan-Sept. 5-Siberia, 2,766
7,419
Total
PRODUCTION OF COTTON IN 1913-14 APPORTIONED TO STATES.-The subjoined statement of the
yield of cotton in each producing State in 1913-14 is based
upon investigations made by us since the close of the season.
The particulars of the foregoing shipments for the week,
The commercial crop reached a total of 481,066 bales more arranged in our usual form, are as follows:
French Ger- -Oth.Eurpoe-- Mex..
Great
than in 1912-13, but was 1,433,348 bales less than the yield
Britain. Ports. many. North. South. &c. Japan. Total.
for 1911-12. The average yield of lint per acre was 186 lbs.
3,170
I
470 -------1.400
York
1,368
the past season, or practically the same as in 1912-13. The New
556 --------------812 __ - ---New Orleans_ _ _
100
100
the
last
as
for
five
States
been
seasons has
Savannah
production by
15
Boston
2,766
follows:
PRODUCTION BY STATES.
1913-14.
Bales.
North Carolina_ South Carolina_ _ _
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
Tennessee
Oklahoma
Missouri,&C
Virginia
Total
Av
on nor
n
1912-13.
Bales.
1911-12.
Bales.
1910-11.
Bales.
1909-10.
Bales.
7.419
15 2.766
300 2,282
____
2.056
Total
ports.
Exports since Aug. 1 include 2,766 bales to Japan from Pacific
LIVERPOOL.-By cable from Liverpool we have the
660,000
statement of the week's sales, stocks, &c., at that
1.188,000 following
1,932,000 port:
Aug. 21. Aug. 28. Sept. 4. Sept. 11.
64,000
13.000
11,000
4,000
1,088.000 Sales of the week
200
200
took_
speculators
1,137,000
which
Of
700
2,000
300
took
286,000
Of which exporters
11.000
11,000
3,000
2,653,000 Sales, American
4,000
1,000
8,000
2,000
728,000 Actual export
26,000
24,000
31,000
14,000
253,000 Forwarded
867,000
910,000 890,000 881,000 577,000
587,000 Total stock
618,000 602,000 600,000
62,000
Of which American
20,000
19,000
17,000
13,000 Total imports of the week
--3,000
6.000
4,000
-----Of which American
31,000
37,000
33.000
14,610,000 14,129,000 16,043,000 12,132,000 10,651,000 Amount afloat
13,000
12,000
152 is..
IRS lha
2.000
209 lbs.
186 lbs.
1 as lbs.
Of which American
871,0001
1,463,000
2.460.000
69,000
1,538.000
1,310.000
457,000
3,946,000
1,078,000
402,000
882.000
108,000
26,000
935,000
1,260.000
1,909,000
60.000
1,383,000
1,050,000
395,000
4,880,000
805,000
290.000
1,065,000
72.000
25.000
1.165.000
1,725,000
2,820,000
95,000
1,730,000
1,225,000
400,000
4,268,000
945,000
455,000
1,060,000
125,000
30,000
777,000
1.244,000
1.881,000
68,000
1.230,000
1,271,000
274,000
3.135,000
838.000
340,000
978,000
80,000
16,000
ST.12 1914.]
THE CHRONICLE
763
Dealings in spot eotton during the week have been as rapidly. Sales for export were stated at 560,000 bushels,
follows:
mostly winter to arrive. The crop estimates on the Canadian
yield were reduced and this had no small effect. The three
Spot.
Saturday. Monday. I Tuesday. Wednesday. Thursday. Friday.
Northwestern Canadian Provinces are now estimated at
148,000,000 bushels, against 182,000,000 last year. The
Nild.1:191'ds
6.20
6.20
6.00
6.00
6.00
6.00
movement to Northwestern American markets was large,
Sales
4,450
2,600
3,100
3,000
2,700
but there was a sharp demand. Favorable reports about the
American
2,400
2,700
4,300
2,300
2,400
flour trade at the Northwest had some effect.
BREADSTUFFS
Friday Night, Sept. 11 1914.
Flour has been quiet and some depression in wheat has
not been without its effects. European Governments have
shown less readiness to purchase. The successes of the
Allies and rumors at times that the Emperor of Germany
would not be disinclined to enter into negotiations for peace
through the United States Government as mediator, have
had more or less effect. In any case the export demand has
shown less snap and holders have exhibited less confidence.
The total production last week was 464,965 barrels, against
501,410 in the previous week and 344,610 barrels last year.
Minneapolis output was 421,365 barrels, against 446,575
in the previous week and 313,315 last year; Duluth's 23,600
barrels, against 35,835 in the previous week and 19,200 last
year; Milwaukee's 20,000, against 19,000 in the previous
week and 12,095 last year. To-day there were reports from
Chicago that the Northwest was offering flour very sparingly
and that the Minneapolis mills were doing some business
for export.
Wheat got a severe setback from heavy liquidation on
peace talk. Such talk was in the main regarded as premature, but nevertheless had a certain effect. Also, a good
many deemed it advisable to even up just before the announcement of the Government report, which was issued on
Sept. 8. It gave the condition of spring wheat as 68% on
Sept. 1, against 75.5 on Aug. 1 and 75.3 on Sept. 1 last year.
This pointed to a crop of only 221,000,000 bushels of spring
wheat, against 239,819,000 last year and 330,348,000 in
1912 and 190,682,000 in 1911. That would make a total
crop considerably less than was at one time expected. There
was a time when everybody looked for a total yield of spring
and winter wheat of 936,000,000 bushels or more. The
Government now puts the total at 896,000,000 This, how
ever, is still far the largest crop ever raised in this country.
Last year the total was 763,380,000 bu. and in 1912
it was 730,267,000, while in 1911 it was only 621,338,000
bushels. Speculation has still been active and fluctuations
of prices have been wide. For instance, last Tuesday, after
the market broke 6%C., there was a rally of over 3 cents at
Chicago, owing to the covering of shorts. It is believed that
Canadian mills have large quantities of flour sold to Europe.
In Paris spot wheat has been quoted at $1 46k, with flour
$6 64 per barrel. At Antwerp spot wheat was officially
quoted at $I 094. In France the weather has been dry
and hot and men not eligible for military service are in the
fields and harvesting and gathering is now going on with
comparatively little interruption. Some correspondents
say wheat is rotting in the fields in parts of France. The
French crop is believed to be smaller than that of last year. In
England offerings of native wheat are small. In Russia the
rains during August hindered harvesting and threshing. Moreover the Russian uield is light, prices are high and there are no
offerings for export. In India the reserve stocks are small. On
the other hand, Liverpool prices have at times shown the
effects of recent large exports from America
and increased
arrivals at Liverpool. The English trade looks
for a large
crop in this country and liberal American exports, and
inclined to believe that present recent quotations have is
counted the effects of the war. Of last week's American disshipment of wheat amounting, according to one statement,
to
9,375,000 bushels, nearly 3,000,000 bushels were
shipped to
the United Kingdom and 3,795,000 to France. The European visible supply is 63,344,000 bushels, an increase in a
week of 4,280,000 bushels. Moreover, the export trading
in this country has fallen off somewhat, although there has
been a pretty good business. Exporters, however, have
been less anxious, as receipts at the Northwestern markets
have been large and prices there have shown the effects
of hedging sales. In the Canadian Northwest the receipts have been much larger than were expected. The
magnitude of the movement m this country may be gathered
from the fact that on a single day the receipts, despite
election holidays in Chicago, Toledo, Detroit and Peoria
were 2,420,000 bushels, or over 800,000 more than on the
same day last week and last year. The world's visible
supply, moreover, increased last week close to 7,000,000
bushels, or double the increase in the corresponding week last
year. The announcement that a resolution had been introduced in Congress providing for the suspension of the
American import duty of 10 cents on wheat, which would,
it is believed, lead to big shipments of Canadian wheat into
the United States, caused much selling and a sharp decline
after there had been something of a rally, due to wet weather
at the Northwest and the denial of peace rumors. To-day
prices declined for a time and then turned and ran up
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK.
Sat. Mon. Tues. Wed. Then. Fri.
No. 2 rag
cts_13254 Holl- 128 426
125 12354
September delivery in elevator..___ i30
day. 12434 12434 123 120
December delivery in elevator__ .132%
126% 126% 125
125
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
Sept. delivery in elevator
cts_11934 Holl- 114
Holl- 1113( 111
December delivery in elevator__ _ _122% day. 11634
day. 1143( 11431
May delivery in elevator
12954
12454
12254 122 Si
Indian corn has sympathized more or less with the fluctuations in wheat, alternately declining and rallying, with
prices for that cereal. The Eastern demand at Chicago, too,
has been rather small and consignment notices from the
country have increased. .Also, it is believed that harvesting
this year will be much earlier than usual, owing to the rapidity with which much of the crop has matured, although it is
a fact that in the northern part of the belt rains and cool
weather have delayed ripening. Most of the crop is now
nearing maturity, however, and harvesting is very general
in the central and southern portions of the belt. The Government report stated the condition on Sept. 1 as 71.7%,
against 74.8 on Aug. 1 and 65.1 on Sept. 1 last year. The
indicated crop is put at 2,598,000,000 bushels, against an
indicated yield on Aug. 1 of 2,634,000,000 bushels. The
crop actually harvested last year was 2,446,988,000 bushels.
Some regarded the crop report as rather better than expected.
Besides, the receipts of late at Western points have been
increasing. To-day prices declined early, but rallied later
on covering of shorts and a good deal of buying by commission houses. Also the offerings were small at Chicago. The
wet weather has cut down the country movement. The primary receipts were a little under half a million bushels against
953.000 bushels on the same day last year.
DAILY CLOSING PRICES OF NO. 2 MIXED CORN IN NEW
YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 mixed
eta_
_
Hol.------863( 8631
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
Sept. delivery in elevator
cts_ 8131
7854 Roll- 77
7651
December delivery in elevator_ _ _ 7631 Holiday. 7431 day. 7254 7231
May delivery in elevator
7831
7734
755d 7534
Oats have not been unaffected by the depression noticeable from time to time in other grain. Many of those
who
recently bought for an advance have been selling. Country
consignments have increased. The Government report
stated the condition at 75.8%, against 79.4 on Aug. 14 and
74% on Sept. 1 last year. The crop is stated at 1,116,000,000 bushels, against 1,121,769,000 last year, 1,418,337,000
in 1912 and 922,298,000 in 1911. The seaboard demand at
the West has fallen off very noticeably, although exporters
have continued to buy to some extent. Of late wet weather
has caused some decrease on the receipts. To-day prices
declined and then rallied with rumors of a very large export
business, amounting, it is said, to some 1,800,000 bushels in
all positions. The country offerings at Chicago were small,
and there was heavy buying of futures on waiting orders.
The speculative transactions were again large. The denial
of the rumors looking to an early peace and the resumption
of large export business tended to infuse more snap into the
market.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat.
Mon.
Tues.
Wed. Thurs.
Fri.
Standards
cts_S754-58 Holl- 5754-58 57-5754 56-5634 54-1434
No. 2 white
58-5834 day. 58-5854 5754-58 5634-57 5434-55
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
Sept. delivery in elevator
cts_ 5134 HoltHolt- 4754 4734
December delivery in elevator_ ___ 5454 day. 4934
5254 day. 50% 8034
May delivery in elevator
5734
5554
5331 54
The following are closing quotations:
FLOUR.
Winter. low grades_ —34 004E4 25 Spring clears
85 00045 50
Winter patents
560(8 590 Kansas straights. sacks. 5 504 575
Winter straights
53O( 560 Kansas clears. sacks ___ 478(8 S00
Winter clears
City patents
7 500 7 05
Spring patents
590(8 650 Rye flour
525(5 600
Spring straights
5 50© 5 75 Graham flour
5 00E3) 525
GRAIN.
Wheat.per bushel—f.o. b.
Corn,per bushel—
eta.
N.Snring. No.1
No. 2 mixed
$12534
8534
N.Spring No.2
No. 2 yellow
$651
Red winter. No. 2
No. 3 yellow
1 2334
$6
'Hard winter, No.2.arrive 1 2354
Argentina in bags
$5
Oats, per bushel, new—
eta
Rye, per bushel—
Standard
New York
5404544
No. 2, white
514055
Western
99%
No. 3. white
5354@54 Barley—Malting
74082
WEATHER BULLETIN FOR THE WEEK ENDING
SEPT. 7.—The general summary of the weather bulletin
issued by the Department of Agriculture for the week ending Sept. 7 is as follows:
Continued cool weather over the north-central districts and in
California, with favorable rains in portions of the winter-wheat belt,
warm weather in the cotton belt, were the marked features of theand dry,
weather
during the past week. In the corn belt cool weather and
rain over the northern portions delayed ripening, and someconsiderable
damage by
frost occurred in the more exposed localities. The principal
crop, however, is now nearing maturity and cutting is very part of the
the southern and central portions of the belt. The ground isgeneral over
generally in
good condition for plowing in the winter-wheat
and preparations
for seeding an increased acreage are progressingdistricts
satisfactorily, some seeding having already begun in the northern portions.
Pastures and all late
crops are reported in good condition. In the spring
-wheat belt damp
weather delayed threshing in the eastern portion,
but
it proceeded in
the western districts without material interruption.
Other fans work
THE CHRONICLE
764
progressed satisfactorily and late crops made the usual groath, except for
The statements of the movement of breadstuffs to market
slight damage locally from frost. In the Southern States a arm and dry
weather favored the further improvement of the cotton crop and it is now indicated below are prepared by us from figures collected by
sections.
The
practically
all
bolls
are openreported in good condition in
ing in nearly all districts and picking is progressing in the central and south- the New York Produce Exchange. The receipts at Western
Some further local damage by weevil and shedding is reern portions.
week ending last Saturday and
ported. Late crops in this district continue promising, but rain is needed lake and river ports for the
in some of the more eastern sections. Over the Atlantic Coast districts since August 1 for each of the last three years have been:
prevailed
ideal
weather
and
northward
late
Virginia
crops made
from
good progress, except in Virginia, where continued lack of rain caused all
vegetation to remain at a standstill. Plowing is progressing, corn and to- Receipts at- Flour.
Oats.
Corn.
Wheat. I
Barley.
Aye.
for
seeding,
with the soil in good
bacco are being cut and preparations made
condition, except in the southern portion. In the Mountain and Plateau
bbls.1961bs. bush. 60 lbs. bush.56 lbs. bush. 32 lbs. bush.481bs. bu.56 lbs.
districts the ranges continue good in the south and the maturing and har- Chicago_ _ - 324,000 115,000
215.000 1,609,000 3,324,000 4,409,000
vesting of the several crops made the usual progress. In the northern Milwaukee__
990,000
900,000
122,000 414,000
236,000
70,000
portions the ranges continue to deteriorate on account of the dry weather, Duluth
57,000
540,000 161,000
1,481,000
and
for
threshing,
cutting
were
favorable
for
conditions
alfalfa
and other Minneapolis.
976,000 328,000
665,000
but
130,000
3,484,000
142,000
forage crops. Over the Pacific Coast States, rather general rains in Wash- Toledo
71,000
6,000
204,000
ington and Oregon as the week closed partially terminated the severe Detroit
93,000
71,000
76,000
9,000
drought in those States, and will benefit late crops, but fruit and other pro- Cleveland
170,000
60,000
26,000
29,000
56,000
552,000
ducts were in some csaes badly injured by the long drought. In Califor- St. Louis__ 24,000
344,000
604,000
86,000
34,000
31,000
nia and Oregon the weather, though cool, was favorable for drying raisins Peoria
291,000
379,000
40,000
55,000
181,000
and prunes, and heavy shipments of the other fruits continue.
175,000
2,003.000
Kansas City.
453,000
336,000
317,000
Omaha
AGRICULTURAL DEPARTMENT'S REPORT ON
CEREAL CROPS, &C., TO SEPT. 1.-The Agricultural
Department issued on the 8th inst. its report on the cereal
crops for the month of August as follows:
8,003,000 2,049.000 1,082,000
6,855,000 2,093,000 523,000
7.342,183 1,474,235 518,609
5,790,000
4,875,000
4,312,388
464,000 9,980.000
377,000 7,981,000
307,118 11,423.817
To al wk.'14
Same wk.'13
Sam wk.'12
The Crop Reporting Board of the Bureau of Statistics of the United
States Department of Agriculture estimates, from the reports of the
correspondents and agents of the Bureau, as follows:
Since Aug. 1
1914
2,106,000 54,294 000 23,440,000 45,340 000 6,011,000 2,413,000
1,891,000 47,024,000 15,833.000 35,780,000 6,220,000 1,952,000
1913
1912
1.499.874 42.975.213 14.683.043 30,223.719 4,807,498 1,823,433
FOR THE UNITED STATES.
--Condition- -Acreage,1914-Sept. 1 Sept. 1 Sept. 1 Aug. 1 % of
1914. 1913. 10-yr-av. 1914. 19
Total receipts of flour and grain at the seaboard ports for
the week ended Sept. 5 1914 follow:
CropWinter wheat
Spring wheat
All wheat
Corn
Oats
Barley
Rye
Buckwheat
White potatoes
Sweet potatoes
Tobacco
Flax
Rice
Hay(tame)
Cotton
Apples
111.d
*75.3
*76.6
71.7
-6-5:1
*75.8 *74.o
*82.4 *73.4
*80.2
85.3
75.4
69.9
81.4
74.5
74.9
88.0
85.4
78.0
85.2
80.6
80.4
88.7
88.8
79.0
75.5
66.5
82.1
to
078.0 a68.2
47.7
61.9
a73.4
53.6
a76.4
61.3
*68.0
87.1
75.8
81.8
71.4
72.7
88.9
75.5
97.3
106.4
381787:000
17.990,000
77"4 11 183:8 IEEE
*79.1
100.4
99.1
98.9
101.1
94.9
94.6
84.1
ta.2
.9
98.7
7.528.000
2,533,000
796.000
3,708.000
593,000
1,151.000
1,927,000
704,800
48,400,000
36,960,000
* Condition at time of harvest. a Condition 25th of preceding month.
The estimated yields indicated by the condition of crops on Sept. 1 1914
and final yields in preceding years, for comparison, follow:
Yield per Acre -Total Production-Millions of Bush1909- a1914
19091913. Sept.
1913 -Price Sep.1a1914. Argo. Fore- 1913. Avge. 1914. 1913.
Bush. Bush. cast. Final. Final. Cts.
CropCts.
*19.1
15.6 *675
523
Winter wheat
441
---__12.2
13.3
Spring wheat
221
240
245
16.8
14.7
896
763
All wheat
686
93.5 7771.1
Corn
24.9
25.9 2,598 2.447 2,708
81.5
75.4
Oats
29.1
30.6 1,116 1,122 1.131
42.3
39.3
Barley
26.3
24.3
200
178
182
52.5
55.2
Rye
*16.8
16.1
*43
41
35
75.4
63.0
Buckwheat
21.5
20.5
17
14
17
79.8
70.0
White potatoes
98.0
97.1
371
332
357
74.9
75.3
Sweet potatoes
93.0
92.7
55
59
58
92.7
Tobacco,lbs
729.0 815.1
862
954
996
Flax
8.0
7.8
15
18
20 139.3 127.8
Rice
34.5
33.3
24
26
24
_ -Hay (tame) tons
-9
*1.42
1.34 *69
64
66 $11:91 $1-1.
Apples
75.2
145
176
68.6
220
a Interpreted from condition reports. *Preliminary estimate.
Details for important crops in principal States follow:
United States_ _75.8 79.4
Minnesota __ --56
North Dakota-70
South Dakota_65
Washington - _ _87
63
81
69
89
79.1
SPRING
80
72
74
80
United States_ _68.0 75.5 76.6
Pennsylvania _91
73
Virginia
North Carolina.85
83
Georgia
Ohio
81
Indiana
69
Illinois
64
85
Michigan
Wisconsin
87
Minnesota _..89
Iowa
81
57
Missouri
South Dakota_76
Nebraska
65
Kansas
53
Kentucky
74
Tennessee
79
Alabama
76
Mississippi_ _ _ -75
Louisiana
74
Texas
66
Oklahoma
42
65
Arkansas
90
82
83
78
80
67
65
86
92
89
91
68
78
82
74
62
70
69
69
72
64
42
58
84
85
85
87
83
85
82
80
84
85
82
76
83
74
64
84
84
86
83
82
73
65
80
United States_ _71.7
74.8
79.4
•Thousands of bushels.
1,116.000
Price
Per
Per
Final
bush.
5-yr. ay. Sept.1
1913.
1909-13. 1914.
* Bushels. * Bushels. ca.
42,712
39,681 56
35.774
34,464 50
54.360
65.129 43
36,380
54.666 43
104,125
144.625 42
47,021 42
45,000
83.038
74.644 44
96.426 38
112.644
166.676 39
168.360
26,500
29.307 42
57.063 34
57.825
42.135
37.027 37
54.828 38
59.625
39,612 40
34.320
WHEAT.
67.230
40.600
81.600
78.855
35.900
33,075
20,900
22.500
1,131,175
221,000
239,819
245,479
CORN.
65.200
42,900
54,000
59,100
142.400
153.700
288,000
59.700
62,900
90,600
365,200
156.600
75,000
172.100
107,500
92,400
80.700
49.600
55.000
38,000
123.200
53.900
41.400
57,057
51,480
55.282
63.023
146.250
176,400
282,150
56.112
66.825
96.000
338.300
129.062
67.320
114.150
23.424
74.825
68.675
55,360
63.000
41.800
163.200
52.250
47.025
56,524
46,959
47.884
53,482
154.651
186.900
366.883
54.829
56.346
76.584
352.236
200,859
60.509
164.878
129.700
92,543
80.767
49,107
51,103
35,131
120,286
75.412
48,439
2,598,000
2.446.988
89
95
102
103
81
79
78
77
71
68
72
82
65
70
79
91
93
101
93
83
85
77
90
2,708.334 81.5
67,000
41,000
The exports from the several seaboard ports for the week
ending Sept. 5 are shown in the annexed statement:
Wheat,
bush,
Exportsfrom602,279
York
New
133,000
Boston
317,000
Philadelphia __
1,683,000
Baltimore
New Orleans_ _ _ _1,784,000
1,799,000
Galveston
1,000
Mobile
1,476,000
Montreal
Norfolk. Va
204,000
Port Arthur
Total week____7,999.279
2,737,966
Week 1913
Corn, Flour.
bush. i bbls,
6,021 132,003
200 3,982
15,000
27,555
87,000 38,120
Rye, Barley.
bush,
bush.
----
Oats,
bush.
327,69
Peas,
bush.
2,289
468,068
2,000
9,000
42,000
2,000
18,000
67,000
30,000
162.221 269,660
66,638 213,070
882,767
135,440
30,000
204.852
69,000
2,289
437
The destination of these exports for the week and since
July 1 1914 is as below:
Week
Exportsfor week and Sept. 5.
bids.
since July 110United Kingdom_ _111,971
53,178
Continent
Sou. & Cent. Amer_ 63,754
27,419
West Indies
Brit. Nor. Am.Cols 2,847
10,491
Other Countries
Since
July 1
1914.
865.689
419,473
366,622
336,990
21,728
49,870
Wheal
Rises
Week
July 1
Week
1914. Sept. 5.
Sept. 5.
bush,
bush.
bush,
2,136,884 31,505,997
5,228,415 31,122,186
83,075
609,000 1,111,310
1,000
17,328
78,460
200
23,980
24,448
486
269,660 2,060,372 7.999,279 63.781,278
213,070 1,943,206 2,737,966 46,035,897
Total
Total 1913
Since
July 1
1914.
bush.
2,250
429,457
489,055
4,132
7,650
162,221
932,544
66,638 1,346,905
The world's shipments of wheat and corn for the week
ending Sept.5 1914 and since July 1 1914 and 1913 are shown
in the following:
Wheat.
1914.
Corn.
1913.
42.3
102
98
92
80
18,000
281,000
1,000
*Receipts do not include grain passing through New Orleans for foreign ports on
through bills of lading.
Since
Week ,
Sept. 5. ' July 1.
59.859
90,231
38.768
22.227
69,000
Bye,
bush.
6,000
1,000
Barley,
bush.
510,000 6,282,000
694,000 2,896,000 42,000 77 000
Total week 1 14
SinceJan. 1 1914 14,569,000 147,849000 17,504,000 29,325,000 8610,000 2510,000
207,000 1,226,000 134,000 22,000
454,000 2,217 000
Week 1913
SinceJan. 1 1913 14,950,000 128,659000 43,718 000 39.341,000 15570000 2314,000
Exports.
1,121,768
040,
Cons,
bush.
bush.
149,000 1.076.000
110,000
2,000
75,000
117,000
206,000 1,158,000
151,000
208,000
Flour,
Wheat,
bush.
bbls.
439,000
199,000
36,000
22,000
34,000
319.000
21,000
402,000
124,000 1,437,000
2,000
924,000
9,000
1,000
85,000 2,534,000
204,000
Flour
OATS.
-ConditionFrom
Sept. 1
Sept. 1
Septa Aug.1 10-yr. Condition.
1914. 1914. Avge. *Bushels.
State-83
89
86
37,300
New York
31,900
Pennsylvania _ _82
83
86
73
74
81
51.300
Ohio
63
64
77
40.100
Indiana
122,200
68
70
77
Illinois
80
86
91
50.800
Michigan
84
64,800
69
83
Wisconsin
82
75
84.800
Minnesota __ _ _ 68
157,600
84
83
82
Iowa
72
23,600
58
Missouri
55
65,100
77
84
North Dakota_77
41,000
78
74
South Dakota-.72
69.000
71
86
86
Nebraska
55.700
87
64
85
Kansas
Receipts atNew York
Boston
Philadelphia
Baltimore
New Orleans *___
Norfolk
Galveston
Mobile
Montreal_
Port Arthur
Since
July 1.
1914.
Week
Sept. 5.
1913.
Since
July 1.
Since
July 1.
Bushels.
Bushels.
Bushels.
Bushels. Bushels.
Bushels.
North Amer. 9,375,000 79,946.000 59,282,000
623,000
335,000
26,000
Russia
11,922,000 19,676,000
1,531,000 4,074.000
Danube__ 2,304,000 3,636.000 al70.000 6,355,000 4,082,000
Argentina - 272%000 2,986,000 6,540,000 1,260,000 27,164,000 62,510,000
Australia__
5,718,000 7,592,000
India
256,000 7,816,000 17,504,000
0th. countr s 160,000
738,000, 1,135,000
Total ____ 10119000 111,730,000 115,368,000 1,456,000 37,385,000 71,289,000
•Not available since Aug. 1. a Partial.
The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Cars.
Wheat.
United I
Kingdom. Continent. i
Sept 5 1914._
Aug.29 1914..
Sept. 6 1913._
Sept. 7 1912__
Total.
OntioS
Kingdom. I Continent.
Total.
Bushels.
Bushels. I Bushels.
Bushels. I Bushels. I Bushels.
11,137,000
30,322 000
12,513.000
129,552,000
15,208,000 20,864,000 36,072.000 12,954,000 21,582.000134,536,000
18,152,000 18,960,000 37,112,000 9,231,000 23.834,000133.065,000
The visible supply of grain, comprising the stooks in
granary at principal points of accumulation at lake and
seaboard ports Sept. 5 1914 was as follows:
SEPT. 12 19141
THE CHRONICLE
UNITED STATES GRAIN STOCKS.
Amer. Bonded Amer. Amer. Bonded Amer. Amer. Bonded
Wheat. Wheat. Corn. Oats. Oats.
Rye. Barley. Barley.
In Thousands—
bush, bush, bush, bush. bush. bush. bush. bush.
New York
1,227
19
103
735
12
21
59
Boston
368
4
1
5
6
Philadelphia
1,007 ____
134
218
Baltimore
1,286 ---224 1,540
2
55
New Orleans
2,862
134
184
Galveston
2,790
____
207
Buffalo
1,012
152
17
537 1.156
Toledo
1,167
3
_--106
765
Detroit
282
____
14
276
86
Chicago
4,442
13
1,321 10,211
53
Milwaukee
324 ____
145
13
326
61
Duluth
902
70
1,593
159
10
66
Minneapolis
57
869
168
30 1,089
St. Louis
1
3,147
259
86
Kansas City
4,884
170
362
Peoria
95 1,261
3
Indianapolis
783
---- -____
403
76
Omaha
22
363 1,163
793 ---On Lakes
621
250
1,139 ---- 1,070
On Canal and River
184
8 ---41---Total Sept. 5 1914_30.019
85
Total Aug. 29 1914_31,535
222
Total Sept. 6 1913_45,074
255
491
Total Sept. 7 1912_22,691
CANADIAN
Canadian Bonded
Wheat. Wheat.
Thimsdands—
bush. bush.
Montreal
3,735
Ft.WilliamdiPt.Arthur 1,404
1,557
Other Canadian
427 1,714
5,008 21,455
22
7
.923 20.12427
290 1,193
3,210 27,542
459
805 2,172
1,184
1,453 5,538
607
61
GRAIN STOCKS.
Canadina Bonded
Canadian Bonded
Corn, Oats. Oats.
Rye. Barley. Barley
bush, bush. bush. bush. bush. bush.
74
146
358
N
-------
Total Sept. 5 1914__
Total Aug. 29 1914_
Total Sept. 6 1913__
Total Sept. 7 1912__
In Thousands—
American
Canadian
6,696
146
5,897
95
2,520
3,729 ____
1
SUMMARY.
Bonded
Wheat. Wheat. Corn.
bush, bush, bush,
30,019
85 5,008
6,696 -_-_
146
Total Sept. 5 1914-36,715
Total Aug. 29 1914..37,432
Total Sept. 6 1913_47,594
Total Sept. 7 1912..26,420
85
222
255
491
5,154
4,018
3,210
1,454
854
1,106
5,037
5,726
Oafs,
bush.
21,455
854
22,309
21,230
32,579
11,264
23
28
___
91
469
41
_---
Bonded
Bonded
Oats.
Rye. Barley. Barley.
bush. bush. bush. bush,
22
427 1,714
9
22
27
459
61
427
313
833
607
1,788
1,284
2,641
1,225
36
21
THE DRY GOODS TRADE.
New York, Friday Night, Sept. 11 1914.
Dry goods markets have turned quieter, with strong
pressure being brought to bear on the part of buyers for
lower prices. This is particularly true in cottons, where the
weakness in yarns and low-priced staple is causing buyers
to withhold their purchases until there is a revision of prices
on finished goods. With manufacturers, business is quiet
but the outlook is encouraging. Mills have not been turning
out any surplus supplies and now that the price of raw material has slumped they are not caught with much goods to
be disposed of at a loss. On the other hand, the prospect
of cheap cotton for some time to come is a favorable factor
as it will enable them to turn out cheaper goods for the
domestic and export trade, and also to manufacture goods
which can be stored and sold at a substantial profit after
the war is over and normal conditions restored. Jobbers
are doing a fair business both through. the mails and over
the counter, but claim that purchases are in most cases
against immediate requirements. They are anxious to
dispose of whatever stocks of staple goods they have before
the sharp reduction in prices, which everyone is expecting,
takes place. Already many reductions have been made
but no pronounced increase in sales has resulted. Retailers
are becoming a little more active in covering their fall requirements, though confining their purchases to well defined
needs. Jobbers are warning retailers that stocks of heavyweight goods are falling rapidly and that goods which will
be badly needed later on may be hard to obtain. They
are also calling retailers' attention to the fact that a heavy
export demand for American goods may arise in the near
future, as a result of the war, in which event a large percentage of the output of the mills will be directed out of the
country. . Export circles are quiet, with moderate shipments being made against old orders but little new business
is coming to hand. Numerous inquiries are received from
strange quarters for large amounts of staple goods, and
exporters are busy making arrangements to secure this
business. The shipping facilities are at hand and the only
difficulty is in arranging for payment, particularly in South
America, where American bankers have very poor connections. Exporters also have little or no means of ascertaining
the financial standing of these South American firms, who
are making inquiries for goods. The outlook for further
business with India, China and the Far East is said to be
brightening.
DOMESTIC COTTON OODS.—The exports of cotton
goods from this port for the week ending Sept. 5 were 2,260
packages, valued at $177,597, their destination being to the
points specified in the table below:
New York to Sept. 5—
Great Britain
Other Europe
China
India
Arabia
Africa
West Indies
Mexico
Central America
South America
Other countries
Total
765
—1914-Since
Week. Jan. 1.
1
2.714
1.889
49,633
15,093
9,412
6.055
433
31,937
17
388
613
15,724
906
39,464
236
47,196
—1913
Since
Week. Jan. 1.
121
1.388
843
74
55.107
1.914
9,953
3
26.317
2,707
20.047
848
25.584
730
28
1,744
11.174
95
36.135
395
2.493 45.695
2,260 219,505
9.408 233,987
The value of these New York exports since Jan. 1 has been
$15,784,132 in 1914, against $18,161,781 in 1913.
Large distributors and users of domestic staple cottons are
confining purchases to immediate and nearby requirements
and prices are tending lower. Many reductions have been
named on standard goods, but buyers have not been induced
to increase their purchases, and expect to cover their needs
at much lower levels later on. Buyers contend that prices
on many lines are being held on a parity with last year, when
cotton was selling above 13 cents a pound, while now
sales
of cotton are reported in the South as low as
71
/
2 cents a
pound. The fact that many of the goods now offered
were
made before the war and when raw material
prices were
equal to those of last year,cannot be expected
to
influence
buyers, and many of these goods will have to be sold
at a
loss. In print cloths, prices are steadily
easing
and
are cautious in placing forward business. The same buyers
is true
as regards bleached and unbleached sheetings,
these are in more urgent demand. Gray goods,although
38-inch
standard, are quoted at 4c.
WOOLEN GOODS.—The fall season is now fully
under
way in the dress goods trade and orders from
retailers for
dress fabrics are very good. Owing to the uncertaint
y of
obtaining suitable supplies of dye-stuffs many are confining
their attention to the staple blue, black-and-white goods,
knowing that highly colored goods will be hard
match
later in the season. Selling agents state that thetorush
serges and broadcloths is heavier than they expected for
view of the heavy early business done in these, and in
that
there will probably be a shortage of supplies before
the
season is over. Recent advances in prices have
not restrained buying and there are indications that values
may
go higher later in the season. Men's wear factors
port a good demand for fall lines from all sectionsalso reof the
country.
FOREIGN DRY GOODS.—As regards imported lines
the situation is little changed. Stocks are rapidly disappearing and while English and Scotch representatives continue to book business on a small scale in the belief that
they will be in a position to deliver the goods, handlers of
Continental cloths are out of the market. In the linen
trade, advancing prices are the feature, while jobbers and
retailers are covering their requirements as far as possible.
Much anxiety is felt over the future supply from abroad and
leading distributors are warning their customers that supplies of household and fancy linens will not be obtainable in
another few months at any price. The fact that foreign
manufacturers are conserving their supply of flax by manufacturing only light yarns is threatening a shortage in dress
linens for the spring of 1915, and many houses are laying
in stocks of summer dress goods to be carried over the winter.
Nothing of special feature has developed in the market for
burlaps, which continues quiet. Light-weights are quoted
at 7.75c. to 80. and heavy-weights at 8.75e. to 9e.
Importations & Warehouse Withdrawals of Dry Goods.
The importations and warehouse withdrawals of dry goods
at this port for the week ending Sept. 5 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
Sept. 5 1914.
Since Jan. 1 1914.
Pkgs.
Value.
Pkgs.
Value.
Manufactures of—
$
$
Wool
1.457
355,950
67.218 18,917.130
Cotton
1.644
450,685 117,484 31.220.960
Silk
691
306,441
50.763 24.217.371
Flax
1,735
523.244
50.647 12.308.276
Miscellaneous
783
136.033 98,425
9.323,291
Total 1914
6.310 1.772.353 384.537 95.987.028
Total 1913
7.271 2,532.051 318,046 77.731,306
Warehouse Withdrawals Thrown upon the Market:
Manufactures of—
Wool
465
149.824
31.352
8.521,273
Cotton
729
212.105
27.996
7.737.597
Silk
306
122.129
10.349
4.437,409
Flax
570
159,524
19,788
5.084,255
Miscellaneous
882
100.107
70.689
4,337,059
Total withdrawals
2,952
743.689
160.174 30.117,593
Entered for consumption
6.310 1.772.353 384,537 95.987,028
Total marketed 1914
9.262 2.516,042 544.711 126.104.621
Total marketed 1913
10.470 3,312,819 453.995 99.365,836
Imports Entered for Warehouse During Same
Period.
Manufactures of—
Wool
561
186,446
24.081
7.135.678
Cotton
551
197.343
25.077
7,194.808
Silk
214
109,752
9.702
4.196.626
Flax
566
167.177
18.781
4,626.111
Miscellaneous
175
55,474
46,385
3.607,137
Total
2.067
716,192
124.026
Entered for consumption
6,310 1,772,353 384.537 26.760.360
95.987,028
Total imports 1914
8,377 2,488.545 508.563
Total Imports 1913
13,681 3,214,639 492.993 122.747.388
104,948.60$
766
THE CHRONICLE
PATE MID CITY DEP/111114En
News Items.
Los Angeles, Calif.-Court Upholds Validity of Power
Rends.-In the Superior Court on Aug. 31 Judge Leslie
R. Hewitt upheld the validity of the $6,500,000 power bonds
authorized by the voters at an election held May 8 (V. 98,
p. 1554). Of the total issue, $1,250,000 is to be used for
the completion of power project works now under construction and $5,250,000 for the ."construction or acquisition"
of a distributing system. Suit was brought by a local contractor to have the election declared invalid on the ground
that, while two questions were involved, the voters were
forced either to accept or reject both as one. It was also
contended by the complainant that when bonds were voted
to "construct or acquire" a power plant, the money voted
could not be used to complete a plant already begun. According to the Los Angeles "Herald," Judge Hewitt in answer to these two objections briefly said:
Where matters are so closely related as power plants and distributing
systems and the power has been granted to the City Council to submit
questions to vote of the people, it is valid and legal for the propositions
to be placed upon the ballot as one question. The different purposes
for which the money is to be used are itemized. This has been several
times decided by the Supreme Court.
As to the other question, it seems to me it would be taking too narrow
and technical a view of the language and purposes of the bond Act to say
where a city as here is seeking to establish an electrical power and lighting
system which these proceedings show on their face to be their one act and
only purpose that in the construction or acquisition of such a system it
cannot vote money and use part of it to furnish or enlarge a thing that is or
may be used therein unless the ordinance providing for the election expressly says that a part of the money is to be used to ocmplete the thing.
1 think the nerds are broad enough to include "complete."
Montreal, Que.-Bank of Montreal Now Fiscal Agent
for City.-Dispatches state that the Board of Control on
Sept. 3 appointed the Bank of Montreal the city's sole financial agent for the ensuing five years, with authority to float
all municipal loans, either in New York or London. The
bank further agrees to advance the pity temporary loans to
tide it over the present financial stringency.
New York City.-New $100,000,000 Loan.-In our editorial columns on preceding pages of this publication we present all of the facts connected with the new $100,000,000 6%
gold loan arranged for last week with a syndicate headed by
J. P. Morgan & Co. and Kuhn, Loeb & Co. of this city.
Announcement has been made by these bankers that the
subscription to the loan has been completed. The Board of
Estimate and Apportionment approved the terms of the loan,
after certain modifications had been made, at a special
meeting held yesterday (Sept. 11).
South Carolina.-Special Session of Legislature.-The
Legislature of this State will convene in special session on
Oct. 6 to oonsider, it is stated, conditions in the cotton
market growing out of the European war.
Bond Proposals and Negotiations this week
have been as follows:
ALLEN COUNTY (P. 0. Fort Wayne), Ind.-BOND SALE.-On
July 15 the following 4 issues of 4%% gravel-road bonds, aggregating
$93.200, were awarded to the Fletcher-American Nat. Bank of Indianapolis
for $94,029 60 (100.89) and int.:
$20.320 1-20-yr. (serial bonds. Denom.$508. Date July 24 1914.
14,320 1-10-yr. (serial) bonds. Denom.$716. Date Aug. 1 1914.
33,280 1-20-yr. (serial) bonds. Denom. 3832. Date July 24 1914.
25.280 1-10-yr. (serial) bonds. Denom.$1,264. Date July 24 1914.
Interest M. & N.
BONDS NOT SOLD.-No sale was made, reports state, of the six issues
of 434% 1034-year (aver.) gravel road bonds, aggregating $112,800.
offered on Sept. 1.
ALLIANCE, Stark County, Ohio.-BOND OFFERING.-Proposals
$34.000
will be received until 12 m. Oct.5 by Chas.0.Silver, City Aud.,forA.
& 0.
1914. Int.
5% water bonds. Denom. $1,000. Date Oct. 15 and
1936 and $14,000
at office of City Treas. Due $10,000 Oct. 15 1935
bid
bonds
of
3%
for
bank
State
or
national
a
on
check
Cert.
1937.
Oct. 15
for, payable to City Treas.. required. Successful bidder to furnish at
own expense the necessary blank bonds. Bids must be made on blanks
furnished by the City And. The City reserves the right to issue a lesser
amount than herein advertised, based upon the contractor's bid.
AMHERST, Lorain County, Ohio.-BOND OFFERING.-Proposals
will be red:Wed until 12 m. Sept. 21 by C. G. Aschenbach, VII. Clerk, for
the following 5% coupon refunding bonds:
$076 00 Forrest St. sewer bonds. Denom. (1) $76. (5) $100, (4) $25.
Due $76 Mar. 15 1915, $100 each six months from Sept. 15 1915
to Sept. 15 1917 incl. and $25 on Mar. 15 and Sept. 15 1918 and
1919.
2,576 00 Elyria road sewer bonds. Denom. (1) 3325. (9) $250. Due
$325 Mar. 15 1915 and $250 each six months from Sept. 15 1915
to Sept. 15 1919 incl.
$150.
1.35066 Jackson St. sewer bonds. Denom.(1) $50 66,(1) $100,(8)
Due $5066 Mar. 15 1915, $100 Sept. 15 1915 and $150 each six
months from Mar. 15 1916 to Sept. 15 1919 incl.
Due
685 00 West St. sewer bonds. Denom.(1) $85, (6) $100, (3) $25.
to
$85 Mar. 15 1915, $100 each six months from Sept. 15 1915
Mar. 15 1918 incl. and $25 each six months from Sept. 15 1918
to Sept. 15 1919 incl.
Due
554 04 Middle St. sewer bonds. Denom. (1) $104 04, (9) $50.
$104 04 Mar. 15 1915 and $50 each six months from Sept. 15 1915
to Sept. 15 1919 incl.
$25.
337 50 Cross St. sewer bonds. Denom. (1) $12 50, (4) $50, (5)
Duo $12 50 Mar. 15 1915. $50 each six months from Sept. 15 1915
to Mar. 15 1917 incl. and $25 each six months from Sept. 15 1917
to Sat. 15 1919 incl.
17,337 08 Cleveland St.-paving bonds. Denom. (1) $337 68. (15) $1,000,
six months
(4) $500. Due $337 68 Mar. 15 1915. $1.000 each on
Mar. 15
from Sept. 15 1915 to Sept. 15 1922 incl., and $500
and Sept. 15 1923 and 1924.
Due
$100.
(4)
$150,
(16)
2,800 00 Tanny St.-paving bonds. Denom.
Welt
$150 oach six months from Mar. 15 1915 to Sept. 15 1922
incl.
and $100 each six months from Mar. 15 1922 to Sept. 15 1924$325,
6.03700 paving (village's portion) bonds. Denom. (1) $62, (11) from
(8) $300. Due $62 Mar. 15 1915, 3325 each six months
Sept. 15 1915 to Sept. 15 1920 incl. and $300 each six months
from Mar. 15 1921 to Sept. 15 1924 incl.
Date Sept. 15 1914. Int. M.& S. at Amherst. Cert. check on a Lorain
County bank or any national bank for 5% of bonds bid for, payable to Vil.
Clerk, r- eliced. Bonds to be delivered and paid for within 10 days from
time of sword. Bidders to have bonds printed at their own expense.
[VOL. xcix.
ANDERSON SCHOOL TOWNSHIP (P. 0. Milroy), Rush County,
Ind.-BOND SALE.-Reports state that the bid of S4.607 75 (100.188)
and int. (a basis of about 4.466%)submitted by the People's Loan & Trust
Co. of Rushville for the $4,600
% 6-year (aver.) school bonds offered
on Sept. 1 (V. 99, p. 687) was accepted.
ARCANUM, Darke County, Ohio.-BOND SALE.-The Farmers
Nat. Bank of Arcanum purchased during August, it is stated. $4.500 5%
5-year (aver.) street bonds at 100.388-a basis of about 4.912%.
AUBURN SCHOOL DISTRICT, Placer County, Calif.-BONDS
REFUSED.-Local newspaper reports state that Torrance, Marshall& Co.
of San Francisco have refused to accept the $47.000 5% bldg. bonds
awarded them on July 13(V.99, p. 282) because of irregular proceedings.
AUBURNDALE SPECIAL TAX SCHOOL DISTRICT NO. 6, Polk
County, Fla.-BONDS TO BE OFFERED SHORTLY -We are advised
by the County Supt. of Public Instruction that the $15.000 5% site-purchase and construction bonds offered but not sold on Feb. 10 (V. 98. P.
406) will shortly be re-offered for sale.
AUDUBON, Audubon County, Iowa.-BOND OFFERING.-Bids
will be received at any time for the $8,000 10-20-year (opt.) water bonds
authorized by a vote of 35 to 1 at the election held Sept. 7.
AURORA TOWNSHIP SCHOOL DISTRICT (P. 0. Aurora), Portage County, Ohio.-BONDS NOT SOLD.-No bids were received on
Sept. 1 for the 56.000 5% 2111-ye. (aver.) coup. school-completion bonds
offered on that day (V. C9. p. 621). They will be sold at private sale.
This item was erroneously reported under the held of Aurora Twp. Sch.
Dist., Ills., in last week's "Chronicle," page 687.
BAKER SCHOOL DISTRICT, Santa Rosa County, Fla.-BONDS
NOT SOLD.-No sale was made of the $5,000 6% school bonds offered
on Aug. 3.
BANDON, Coos County, Ore.-BOND SALE.-According to reports,
the $48.5006% 20-year coup. water bonds offered on Aug. 19(V.99.P. 212)
have been awarded to Heeler Bros. & Co. of Denver for $49,250-equal to
101.546-a basis of about 5.86%.
BANGOR SCHOOL DISTRICT, Butte County, Calif.-BOND
ELECTION.-An election will be held Sept. 26 to vote on the question of
issuing 31.600 6% 1-8-year (ser.) school bonds, it is stated. Denom.$200.
BATH, Steuben County, N. Y.-BOND OFIER1NG.-Proposals will
be received until 7 p. m. Sept. 15 by John W. Taggart, Village Clerk, for
$10,000 of the $50.000 coupon or registered tax-free electric-light-system
bonds voted March 3 (V. 98, p. 1787). Denom. $100 or $500, to suit
purchaser. Date Sept. 1 1914. Int. (rate to be named in bid) J. & J. at
Farmers' & Mechanics'. Bank. Bath. Due $2,000 yearly on July 1 from
1919 to 1923 inclusive. Certified check on an incorporated bank or trust
company for 5% of bonds bid for (but not for less than $25). 'payable to
0. J. Heineman, Village Treasurer, required. Bonds to be paid for on or
before Sept. 25. Bonded debt (not including this issue). $26,000. Assessed
value 1914: real, $1.742,550: personal, $125.700, and special franchise.
$80,000. Those bonds were reported sold to Isaac W.Sherrill Co. of Poughkeepsie on July 28 (V.99, p. 488).
BAUDETTE TOWNSHIP (P. 0. Baudette), Beltrami County,
Minn.-BONDS VOTED.-According to reports, the question of issuing
$7,000 road and bridge bonds carried at the election hold Aug. 25.
BEAUfdONT, Tex.-BOND OFFERING.-Proposals will be received
until 100. m. Sept. 15 by J. G. Sutton, City Sec.. for the $175.000 5% 2040-year (opt.) gold wharf and dock bonds voted May 18 (V. 98. p. 1707).
Denom. $1.000. Date July 1 1914. Int. J. & J. at office of City Treas.
or at Chase Nat. Bank, N. Y. C. Cert. or cashier's check on a Beaumont
bank for 1% of bonds required. Bids must be made on forms furnished
by the city. The legality of these bonds has been approved by the State
Attorney-General and Wood & Oakley of Chicago, whose opinion will be
delivered to the purchaser. These bonds were offered on Sept. 1 (V. 99.
p. 488), but no sale was made on that day.
BENTON COUNTY (P. 0. Fowler), Ind.-BONDS NOT ,SOLD.-No
bids were received for the $9.300 434% 534-year (aver.) Harrington roadimprovement bonds offered on Sept. 3(V. 99, p. 621).
BENTON TOWNSHIP, Elkhart County, In4.-WARRANT OFFERING.-Accordlne to reports, this will be received until 2 p. m. Oct. 1 by
Wm. H. Culp, Twp. Trustee (care of State Bank, Millersburg), for $4,500
544% warrants.
BESSEMER, Jefferson County, Ala.-BONDS NOT SOLD.-No sale
has yet been made of the $30.000 5% 30-year school bonds voted May 11
(V. 98, p. 1707).
BLACKFORD COUNTY (P. 0. Hartford City), Ind.-BONDS NOT
SOLD.-Reports state that no bids were received for the three issues of
4)4% highway-Improvement bonds, aggregating $105,400, offered on Sept.
7 (V. 99. p. 621).
BLANCHESTER, Clinton County, Ohio.-BONDS AWARDED IN
PART.-Of the $5.000 5-4(% 614-yr. (aver.) electric-system purchase and
improvement bonds offered on Sept. 7 (V. 99. p. 555) 54.000 nes awarded
to Eisen Perrin, a farmer of Wilmington at 102.775, it is stated. The
balance will be disposed of at private sale.
BLOOMFIELD,Knox County, Neb.-BOND SALE.-An issue ef $10,000 5% city-hall bonds has been purchased by E. H. Mason, Cashier of the
Citizens' State Bank of Bloomfield, at par. Date Apr. 30 1914. Int.
ann. Due 20 years, sub. to call $1.000 on any int. date.
E
aLth
Green
BOITILL, Latah County, Idaho.-BOND SA
the $12,000
f
,0010
.8G%r n-20Spokane. Wash., has been awarded at par $11
yr. (opt.) coup. water bonds offered on Aug. 25.
BROOKSTON, St. Louis County, Minn.-BOND ELECTION.-An
election will be held Sept. 15, reports state, to vote on the question of Issuing $6,000 water-works and electric-light-plant-constr. bonds.
BUFFALO, N. Y.-BOND SALES.-During the month of August the
following five issues a 4% bonds, aggregating 3112.505 80, were purchased
at par by the City Comptroller for the various sinking funds:
$12.750 00 voting machine.
2.500 00 refunding water.
3.000 00 Department of Law.
66,401 68 subway Elmwood Ave. and Buffalo River improvement.
27,854 00 garbage-disposal and water-front improvement.
Date Aug. 11914. Due (refund. water) Aug. 11939, remainisg issues
July 1 1915.
BUHL, St. Louis County, Minn.-BOND OFFERING.-ProPosals
will be received until 8 p. m. Sept. 23 (not Sept. 30 as first reported) by
F. J. Demel, Vil. Recorder, for 855,000 water, light and heat bonds at
not exceeding 6% int. (V. 99, p. 687). Denom. $1,000. Date Sept. 1
1914. Int. M. & S. Due $5,000 yearly, beginning in 3 years. Cert.
check on a State or national bank for $1,000, payable to VII. Treas., remitred. Bids must be unconditional.
BONDS VOTED.-At the election held Sept. 1, the proposition to issue
$50.000 paving and 'mot. bonds carried, it is stated.
BURNS, Harney County, Ore.-BONDS VOTED.-The question of
issuing $100.000 water and sewer-system bonds carried, it is stated, by a
vote of 172 to 37 at the election held Sept. 1.
CAMBRIDGE, Guernsey County, Ohio.-BOND OFFERING.
Further details are at hand relative to the offering on Sept. 22 of the $12,956
coup.
5%
(assess.)
street
street
$40,250
and
general
general street. $11,105
taxable bonds (V. 99. p. 687). Proposals for these bonds will be received
until 12 m. on that day by M. W. Stiles, City Auditor. Denom. $500.
six
$647 80 and $555 25. Int. M. & S. at City Treas. Due part each
months. Certified check for 1% of amount bid for, payable to City
Treasurer, required. Bonded debt (incl. these Issues). $588.441; floating
debt, $15,000. Assessed valuation 1914. 812,901.375.
CASCADE COUNTY SCHOOL DISTRICT NO, 71, Mont.-BOND
Wm.
OFFERING.-Proposals will be received until 3 p. M. Oct. 10 byschool
Crouch. Dist. Clerk (P. 0. Vaughn), for $1.000 6-10-yr. (opt.)
Denom.
12.
bonds at not exceeding 6% int. Auth. election held Aug.
$200. Date Oct. 15 1914. Int. ann. at office of County Treas. or at place
to suit purchaser.
CASEY SCHOOL DISTRICT (P. 0. Casey), Guthrie County,Iowa.
more
-BONDS VOTED.-By a vote of 227 to 68,the question of issuing not
Sept. 8
than 335,000 school-building bonds carried at the election held
(v. 99. p. 687)•
Hancock
CENTRE SCHOOL TOWNSHIP (P. 0. Greenfield),
he received until 2
County, Ind.-BOND OFFERING.-Proposals will 347,000
414 bldg.
p. m. Sept. 25 by Abram W. Frost, Twp. Trustee, for
SEPT. 121914.1
THE CHRONICLE
767
bonds in Dist. No. 13. Denom. (15) $133 34, (90) 3500. Date Apr. 22 Jos. Hamilton, Clerk Bd. of Co. Commrs., for the $25,000 6% 4J(-yr.
1914. Int. semi-ann. Due $3,133 34 yearly. Cert. check (or cash) for (aver.) road and bridge bonds voted during August (V. 99. p. 622)•
5% of bid required. Bids must be made on forms furnished by the Twp.
FERGUS COUNTY SCHOOL DISTRICT NO. 1, Mont.-BOND
Trustee. Successful bidder to have bonds printed ready for signature of
H. B.
trustee. These bonds were offered without success on Aug. 29 (V. 99. OFFERING.-Proposals will be received until 4 p. m. Oct. 10 by 18
Cutler,
Clerk Board of Trustees (P. 0. Lewistown), for $7,500 5% -20P. 365).
year (opt.) coup. building and improvement bonds. Denom. (7) $1.000.
CHAGRIN FALLS VILLAGE SCHOOL DISTRICT (P. 0. Chagrin
$500. Date Sept. 1 1914. Int. M.& S. at office of County Treasurer.
Falls), Cuyahoga County, Ohio.-BOND SALE.-On Sept. 5 the $12.- Certified check for at least 5% of bonds, payable to above Clerk, required.
000 5% 73i-year (aver.) coup. bldg. bonds (V. 99, p. 556) were awarded Total bonded debt (not incl. this issue) $97,000. Assess, vat. 1914 (equ.).
to the Chagrin Falls Banking Co., Chagrin Falls, for $12,001 (100.008) $3,774,488. Official circular states that no previous bond issues have been
and int. There were no other bidders.
contested, that the interest and principal of all bonds previously issued
CHAP51AN SCHOOL DISTRICT (P.O. Chapman), Merrick County, have been promptly paid, and that there are no existing controversies
Neb.-BONDS VOTED.-The question of issuing 318.000 5% building affecting this school district. These bonds were authorized by a vote of
bonds carried at the election held Aug.17 by a vote of 58 to 28. Due $1.000 7 to nothing at an election held Aug. 20 and take the place of the 36,500
issue advertised to be sold June 30 but subsequently withdrawn from market
Yearly.
CITRA SPECIAL SCHOOL DISTRICT NO. 10, Marion County, (V. 99, p. 214).
FINDLAY, Hancock County, Ohio.-BONDS AUTHORIZED.-An
Fla.-BOND SALE.-On Sept. 1 the $8.000 5% 20-year school bonds
(V. 99, p. 360) were awarded at 95 to the State of Florida as an investment ordinance was passed on Aug. 10 providing for the issuance of $25.13545%
Hagerman Run impt. bonds. Denom.(1) $635,(49) $500. Date Oct. 15
for the State School Fund.
1914. Int. A.& 0. Due $2,635 Oct. 15 1915 and $2.500 yrly. on.Oct. 15
CLANTON, Chilton County, Ala.-BOND SALE.-We are advised from 1916 to 1924 incl.
that the J. B. McCrary Co. of Atlanta were awarded the 325.0005% 30-3r.
FLOYD COUNTY (P. 0. New Albany), Ind.-BOND OFFERING.
water-works bonds offered for sale in March (V. 98, p. 851).
Proposals will be received until 10 a. m. Sept. 14 by Claude A. Sittason.
CLARKE COUNTY SCHOOL DISTRICT NO. 84, Wash.-BOND Co. Treas., for the following 4/4% semi-ann. highway-impt. bonds: nape
OFFERING.-Reports state that bids will be received until Sept. 19 by $9,320 Louis C. Miller, John Jacobi, Cyrus Brown et al. road bonds in
the County Treasurer (P. 0. Vancouver) for 36.000 2-12-year (opt.)
New Albany Twp. Denom. $233. Date Aug. 29 1914.
building bonds at not exceeding 6% interest.
17,560 Newton A. Greene. Peter J. Losson, Ilenry A. Bielerr et at. road
bonds in New Albany Twp. Denom. $439. Date Aug. 22 1914.
CLEAR CREEK TOWNSHIP (P. 0. Savannah). Ashland County,
Ohlo.-BONDS NOT SOLD.-We learn that no award was made on 14,400 Ed. C. Kerr et al. road bonds in Georgetown Twp. Denoin. $360.
Date Aug. 22 1914.
Sept. 5 of the $6,000 5'4% 334-yese (aver.) township-hall impt. bonds
21,000 Martin L. Belvue, J. F. Richey, W.J. Trinler et at. highway bonds
offered on that day (V. 99, p• 489)•
in
Now Albany Twp. Denom. $525. Date Aug. 22 1914,
be
received
-Proposals
will
OFFERING.
CLEVELAND, Ohio.-BOND
FORT BENTON, Chouteau County, Mont.-BONDS NOT SOLD.until 12 m. Oct. 13 by Thos. Coughlin. Director of Finance, for $100.000
4)4% coupon or reg. Cuyahoga River purification bonds. Denom.$1,000. No sale was made on Aug. 27 of the 833.0005)4% 12-20-year (opt.)sewerInt. semi-ann. at Amer. Exch. Nat. Bank. N.Y. Due Feb. 1 1943. Cert. system-construction bonds offered on that day (V. 99, p. 284).
er cashier's chock on a bank other than the one making the bid, for 5% of
FORT 51EADE, Polk County, Fla.-BOND SALE.-We are advised
bonds bid for, payable to City Treas. required. Bids must be made on by the Mayor that the $19.000 .5% 15-30-yr. (ser.) water-works
bonds
blank forms furnished by the above director.
otTered on Dec. 17 1913 (V. 97, p. 1763) have been disposed of.
BONDS NOT SOLD.-No offers were submitted, for the four issues of
FRANKLIN
0.
Ohio.
-BOND
COUNTY
(P.
Columbus),
OFFER4)4% coup. or reg. bonds, aggregating $280.000. advertised to be sold ING.-Proposals will be received until 10 a. m. Sept. 22 by John Scott.
Sept. 8 (V. 99, p. 489). Reports state that a portion of these securities Clerk of Board of Education, for the following 5% road-impt. bonds:
will be taken up by the City Sinking Fund Commission.
320,000 State St. Worthington Road improvement bonds. Due 82.000
COCHISE COUNTY SCHOOL DISTRICT NO. 55, Aris.-BOND
yearly on Sept. 1 from 1915 to 1924 incl.
SALE.-An issue of $3,500 6% 20-year school bonds was awarded to L. C.
7,500 East Fifth St. road-improvement bonds. Due $1.500 every other
Shattuck of Bisbee for $3.550. equal to 101.428-a basis of about 5.86%.
year on Sept. 1 from 1916 to 1924 incl.
Denom. $500. Date Aug. 3 1914. Interest F. & A.
30,000 Georgesville Road improvement bonds. Due ULM yearly on
Sept. 1 from 1915 to 1919 incl.
COLDWATER, Mercer County, Ohio.-BONDS VOTED.-The quesDenom. $500. Date Sept. 1 1914. Int. M.& S. at County Treasury.
tion of issuing $40,000 water-works-installation bonds carried, reports
Certified check (or cash) on a solvent bank or trust company for 1% of
state, by a vote of 211 $o59 at the election recently held.
bonds bid upon, payable to Board of County Commissioners. required.
COLORADO SPRINGS, El Paso County, Colo.-BONDS AWARDED Bonds
will be
for delivery on day of sale. A complete transcript of
IN PART.-Of the $150,000 4% 15-20-year (opt.) water-refunding bonds all proceedingsready
in each of said road improvements will be furnished
offered without success on Feb. 26 (V. 98, lio• 780). $11,500 was disposed of successful bidderhad
at time of award and a reasonable length of time will be
up till Sept. 3 to local investors at par.
allowed purchaser for examination of same.
CONWAY, Faulkner County, Ark.-BONDS OFFERED BY BANKBONDS NOT SOLD.-No bids were received, it is stated, for the two
ERS.-An issue of $23,400 6% Street Improvement District No. 1 paving issues of 5% inter-county highway-inapt. bonds, aggregating 848.000.
bonds is being offered to investors by the Hanchett Bond Co. of Chicago. offered on Sept. 10 (V. 99, la 557).
Denom. $500 and $100. Date June 11914. Int. J. & J. at the Chicago
FRAN -LIN SCHOOL DISTRICT, Sutter County. Cal.-BOND
Title & Trust Co. of Chicago. Due on Jan. 1 as follows: $900. 1915: SALE.
-On Air. 97 the $2,500 6% school bonds (V. 99, p. 490) were
$1,000 1916 and 1917; $1.100 1918: $1.200 1919: $1,300 1920 and 1921; awarded,
reports state, to the First Nat. Bank of Yuba City at 101.4.
$1,400 1922: $1,500 1923: $1,600 1924: $1,700 1925: $1,800 1926 and 1927:
FRESNO SCHOOL DISTRICT, Fresno County, Calif.-BOND OF81,900 1928 and 1929 and $2,000 1930. Net debt $63,400. Assess. val.
FERING.-Proposals will be received until 2 p. in. Oct.8 by D. M. Barn$750.000: total val, of property (est.) $2,090m00.
COOK COUNTY (P. 0. Chicago), Ills.-BOND ELECTION PRO- well, Clerk of Board of County Supervisors (P.0. Fresno), for the $250.000
POSED.-According to reports,this county is contemplating submitting 5% gold school bonds (V. 99, p. 622). Denom. $1,000. Date April 15
to the voters at the November election the proposition to issue $2,000.000 1914. Int. A. 8z 0. at office of County Treausrer. Due $5,000 in 22
years, $15.000 in 23, 24 and 25 years and $20,000 yearly from 26 to 35 years
road bonds.
inclusive. Certified check for 5% of bid, payable to Chris Jorgensen.
CORPUS CHRISTI, Nueces County, Tex.-BONDS VOTED.-Ac- Chairman
of Boari of supnrvisore required. Bonds to he delivered
cording to local newspaper reports, the question of issuing the $300,000 and paid for within 15 days
after notice that bonds are ready for delivery.
waterworks bonds (V. 99, P. 489) carried at the election held Sept. 3.
Purchaser to Day accrued interest.
COTULLA, Tex.-BONDS VOTED.-The proposition to issue the $14,"
FULTON COUNTY (P 0. Wauseon), Ohio.-BONDS AWARDED
waterpurpose
of
drilling
in
a
the
an
artesian
well
and
putting
for
bonds
000
IN PART.-It is reported that of the four issues of 5% inter-county highworks system (V. 99, p. 213) carried, reports state, by a vote of 51 to 0 way-improvement bonds, aggregating 325,000, offered on Sept. 8 (V.
99.
at the election held Aug. 8.
p. 557) the 312.000 Toledo-Wauseon road bonds were awarded to Seller
CREST SCHOOL DISTRICT, San Bernardino County, Calif.- & Drum at par and int. No bids were received for the remaining issues.
ELECTION.
-An
vote
election
will
to
a
be
held
Sept.
26
to
submit
BOND
GIBSON COUNTY (P. 0. Princeton), Ind.-BOND SALE.-We are
the question of issuing $2,500 5% bldg. and equip. bonds. Denom. $500.
advised by the County Treasurer that 31.025 44 5% bonds offered without
Due $500 yearly from 5 to 9 years inclusive.
success some time ago, have been disposed of at par.
CUMBERLAND, Allegany County, Md.-BONDS TO BE SOLD
GRAHAM SCHOOL TOWNSHIP(P.O. Deputy), Jefferson County,
LOCALLY.-The $150,000 434% 534-year (aver.) coup. street-paving
bonds offered without success on Aug. 24 (V. 99, p. 622) will be offered, Ind.-BOND SALE.-On Sept. 5 the 89,900434% 1034-yr. (aver.) coup.
school bonds (V. 99. p. 557) were awarded to the Jefferson County Bank
reports state, to local people in denominations of $100. $500 and $1,000.
of Deputy at par. The following bidders also offered par: Madison Safe
CUT BANK, Teton County, Mont.-BOND SALE.-On Aug. 24 the Deposit & Trust Co., Madison; Fletcher American Nat. Bank, Indianap$29,000 6% 10-20-year (opt.) water bonds(V. 99. p. 423) were awarded to olis: Breed, Elliott & Harrison. Indianapolis.
C. II. Green, Spokane, Wash., at par and int.
GRANT COUNTY (P. 0. Marion), Ind.-BONDS NOT SOLD.
DALLAS, Polk County, Ore.-BOND SALE.-On Aug. 15 an issue of According
to reports no sale was made on Sept. 8 of the 83.600
% mad$5,000 6% park and fair-grounds bonds was awarded to the Dallas City improvement
bonds offered on that day (V. 99. p. 638.)
Bank of Dallas at par. Denom. $1,000. Duo part yearly for 10 years,
subject to call.
GRANVILLE, Washington County, N. Y.-BOND SALE.--On
DARBY SCHOOL DISTRICT (P. 0. Darby), Delaware County, Sept. 5 the $18,000 1-30-year (ser.) reg. paving bonds (V.99, p. 622) were
Pa.-BONDS AUTHORIZED.-According to newspaper reports, this dis- awarded to the Granville Nat. Bank for $18,250 (101.388) and int. as Fritrict has authorized the issuance of $65,000 school bonds.
a basis of about 4.875%. There were three other bidders.
DAVIESS COUNTY (P. 0. Washington), Ind.-BOND SALE.-On
GREENE COUNTY (P. 0. Bloomfield), Ind.-BONDS AWARDED
Aug. 1 the three'issues of 434% 5 2-3-yr. (aver.) highway-improvement IN PART.-Reports state that of the six issues of 434% road bonds. aggrebonds, aggregating $20,300 (V. 99, p.
283/. were awarded, it is stated, as gating 852.300 offered on Sept. 8 (V. 99, p. 688) the $6.000 Geo. Woolen'
follows: 317.300 (2 iss.) to the Washington Nat. Bank, Washington at par road bonds were awarded to Richard W. Yoho of Bloomfield and John
and the $30,200 Lemuel P. Mize et al road bonds to Willard A. Keith of Wikerd of Swits City. No bids were received for Mae ether five issues.
Washington at 101.094-a basis of about 4.274% •
Ir. kr MOM
GREENVILLE SCHOOL DISTRICT (P. 0. Greenville), Clay
DAYTONA, Volusia County, Fla.-BOND SALE.-We are advised County, Iowa.-BOND OFFERING.-Bids will be received for an issue
that the 5125.000 5% 40-year gold coupon sewerage and drainage bonds of 52.000 5% 10-year school bonds authorized by a vote of 24 to 12 at the
offered, but not sold, on May 5(V. 98, p. 1182) were sold to Sidney Spitzer election held Aug. 26. W. J. Skinis is Secretary of Board of Education.
& Co. of Toledo at private sale.
HARRIMAN UNION FREE SCHOOL DISTRICT (P. 0. Harriman),
DECATUR COUNTY (P. 0.
Ind.-BOND SALE Orange County, N. Y.-BONDS VOTED.-The electors of thisdistriet
POSTPONED.-We are advised that Greensburg),
the sale of the 32.660 434% 5/4-year voted on Aug. 31 in favor of the proposition to issue 878.000 building
(aver.) Jesso B. Armstrong et al road bonds in Clay Twp., which was to and improvement bonds, it is stated.
have taken place on Sept. 5 (V.99, p. 622). has been postponed on account
HARRISON, Hamilton County, Ohio.-BOND OFFERING.--Proof a mistake in advertising.
posals will be received until 12 in. Oct. 5 by L. A. Cook, VII. Clerk, for
DOUGHERTY COUNTY (P. 0. Albany), Ga.-BONDS DEFEATED. $1,095 15 6% 1-10-year (ser.) John St. impt. (assails.) bonds. Auth. Sec.
-The questions of issuing the $20,000 bridge-impt. and $30,000 road 5% 3914, Gen. Code. Denom. $109 52. Date Oct. 1 1914. Int. ann.
30-year gold bonds (V. 99, P. 423), failed to carry at the election held Cert. check for 10% of bonds bid for, payable to VII. Treas.. required.
Bonds to be delivered and paid for within 10 days from time of award.
August 19.
EABLVILLE, Delaware County, Iowa.-BOND SALE.-The $8,500' Purchaser to pay accrued int. The village reserves the right to reduce the
5% coupon light bonds offered without success on July 15 (V. 99, p. 284) amount of bonds and the denominations.
HARTWELL, Hart County, Ga.-BONDS VOTED.-The questions
were awarded on July 18 to Geo. M. Bechtel & Co. of Davenport at par.
Denom. $500. Date Aug. 1 1914. Int. M. & N. Due $500 yearly of issuing the $33,000 water-works and $13.000 sewer 5% bonds (V. 99. p.
557) carried at the election held Sept. 2 by a vote of 211 to 9. Due Dec. 1
May 1 from 1916 to 1928 incl. and $1,000 May 1 1929 and 1930..
These bonds will be offered for sale about Dec. 1 1914.
ELKHART COUNTY (P. 0. Goshen), Ind.-BONDS NOT7S
.
51.= 1940.
HICKORY SCHOOL DISTRICT (P. 0. Hickory), Newton County,
There were no bidders. It is stated, for the four issues of 435% 53,4-year
(aver.) road-Improvement bonds, aggregating 3102,000, offered on Sept. 7 Miss.-BONDS NOT YET ISSUED.-The Mayor advises us that the
$10.000 6% 20-year school bonds mentioned in V. 98, p. 1336. have not
(V• 99. p. 622).
yet been issued. Denom. $500. Date May 11914. Int. M.& N.
ELK POINT, Union County, So. Dak.-BOND SALE.-The Harris
Fulton County, Ga.-BONDS VOTED.-The questions
Tr. Co. of Chicago were awarded on May 1 an issue of 525,000 10-20-year of HOPEVILLE,
issuing the $29,000 water and $14.000 sewer bonds(V.99. p.688) carried
electric-light
bonds
as
5s.
Date
May
11914.
Int.
(opt.)
Denom. $500.
at the election held Sept. 7 by a vote of 94 to 5.
annual in May.
HOUSTON, Harris County, Tex.-BOND ELECTION PROPOSED.
ELLSWORTH TOWNSHIP (P. 0. Ellsworth), Mahoning County,
are being circulated asking that an eleedes
Ohio.-BOND OFFERING.-Proposals will be received until 1:30 p. m. According to reports, petitions
question
of
be
held
to
vote
on
the
issuing
$300,000
bay*.
inapt.
bonds.
Oct. 1 by Hugh M. Bowman. Township Clerk, for $25,000 5% 8 2-3-year
HURON, Erie County, Ohio.-BOND OFFERING.-Proposals will be
(aver.) road-improvement bonds. Audi. Secs. 6976 to 7018 incl., Gen.
Code. Denom.$500. Date Oct. 1 1914. Int. A.& 0.at office of Town- received until 12 m. Oct. 1 by F. R. Toomey,Village Clerk,for 81,100 534%
ship Treasurer. Due $1,500 yearly on Oct. 1 from 1916 to 1923 incl., 4-year Huron and Mill streets sewer bonds. Denom. (3) $300, (1) $200.
$3.000 On Oct. 11924, 1925 and 1926 and $4.000 Oct. 1 1927. Certified Date Oct. 11914. Int. annual. Certified check for 1% of bonds bid for.
check on a Malioning County bank for $500. payable to David A. Allen, payable to Village Treasurer, required. Bonds to be delivered and paid
Township Treasurer, required. Purchaser to take bonds not later than for within 10 days from time of award. Purchaser to pay accrued interest.
Oct. 15.
JACKSON SCHOOL TOWNSHIP
Odell) Ti
ESMERALDA COUNTY (P. 0. Goldfield), Nev.-BOND OFFERING. County,Ind.-BOND SALE.-On Aug. 14 the $13,000.eicanol
434* 5-f'?
-Reports state that proposals will be received until 10 a. m. Sept. 17 by bldg. bonds (V. 99, p. 285) were awarded to local investors
at 100.3.
768
THE CHRONICLE
WoL. xc
JACKSON TOWNSHIP SCHOOL DISTRICT (P. 0. Crandall)'
MASON COUNTY (P. 0. Maysville), KY.-BOND ELECTION.-The
Harrison County, Ind.-BOND SALE.-On Sept. 5 the $3.000 434% question of issuing 3200.000 road-impt. bonds will, reports state, be sub 15-year school bonds(V.99, p. 623) were awarded to the Fletcher-American mitted to the voters on Nov. 3.
Nat. Bank of Indianapolis for $3,001 75-equal to 100.058. Denom.3200.
MAVERICK COUNTY (P. 0. Eagle Pass), Tex.-BOND OFFERING.
Interest J. & D.
-Ben V. King, County Judge, will receive proposals until 10 a. m.Sept. 23
JAY COUNTY (P. 0. Portland), Ind.-BOND OFFERING.-Pro- for $25,000 5% 10-40-year (opt.)(county's portion) road
bridge bonds.
posals will be received until 10 a. m. Sept. 16 by John B. Ropy, Co. Treas., Denom. $500. Date Feb. 12 1914. Int. annually at anti
State Treasurer's
for $5,400 434% Chas. A. Hanlin et al. highway-impt. bonds in Wayne office in Austin or at County Treasurer's office. Bonded
debt (including
Twp. Denom. $270. Date Aug. 15 1914. Int. M. & N. Due $270 this issue) $64,602. Assess. valuation (equalized)
1914 $6,378,077.
each six months from May 15 1915 to Nov. 15 1924 incl.
Actual valuation (estimated) 39,567.115.
JENNINGS COUNTY (P. 0. Vernon), Ind.-BOND OFFERING.
MELVILLE, St. Landry Parish, La.-BONDS NOT SOLD.-No sale
Reports state that proposals will be received until 11 a. m. Sept. 21 by has been made of the $15,000 5% 1-20-yr. (ser.) coup. electric-light bonds
Henry Harman. County Treas., for $10,800 44% highway-impt. bonds. which this place has been offering for sale (V. 99, p. 285).
Due part each six months for 10 years.
MESABA, St. Louis County, Minn.-BONDS VOTED.-Reports
JOHNSON COUNTY DRAINAGE DISTRICT NO. 1 (P. 0. Tecum- state that the proposition to issue $14,000 water-works
and village-hallseh), Neb.-BONDS NOT SOLD.-It is reported that no bids were re- constr. bonds carried at a recent election.
ceived on Aug. 29 for the $19,662 89 6% drainage bonds offered on that
(P.
0.
COUNTY
Troy),
MIAMI
Ohio.
-BONDS
NOT
SOLD.-No
day (V. 99. p. 557).
bids were received for the $14,000 5% 3-yr. (aver.) Shook Road impt.
KANSAS CITY, Kan.-BONDS TO BE SOLD LOCALLY.-Reports (assess.) bonds offered on Sept. 4 (V. 99, p. 558).
state that the following 4 % tax-free bonds voted Aug. 25 (V. 99, p. 688)
DESCRIPTION OF BONDS.-The following is a description of the
will be offered at par to local people:
$24,300 5% ditch and levee impt. bonds recently awarded to the People's
$202,500 of an issue of $450,000 municipal electric-light-plant bonds. Bldg. & Loan Co. of Troy at par and int. (V. 99, p. 623):
Denom. $100. $200 and $500. Due 1 to 9 years.
$400 tax-extension ditch bonds. Due $100 July 1 1915 and 1916 and
200,000 1-5-year (ser.) water-plant-ext. bonds. Denom. $1,000.
$200 July 11917.
KAUKAUNA, Outagamie County, Wisc.-BIDS.-The following are.
1,400 Clawson ditch bonds. Due $700 July 1 1915 and 1916.
the bids received for the 310.000,
800 Rudy Joint ditch bonds. Due $300 July 1 1915 and 1916 and
U,5% coup. park bonds offered on Sept. 1
$200 July 11917.
.(V. 99. p. 5i7):
Par!Josephine Edgell, for $500
J. E. Jaheriss, for $1,000
Par 12,000 Morgan ditch bonds. Due $4,000 July 1 1915, 1910 and 1917.
1,000 Hoke ditch bonds. Due $500 July 1 1915 and 1916.
KEEWATIN, Itasca County, Minn.-BONDS VOTED.-AccordIng
600 Beedle reconstruction ditch bonds. Duo $300 July 1 1915 and 1910.
to reports the proposition to issue $150,000 street and sewer-improvement
500 Pierce ditch bonds. Due $200 July 1 1915 and 1916 and $100
bonds carried by a vote of 84 to 2 at a recent election.
July 11917.
KING COUNTY (P. 0. Seattle), Wash.-BOND ELECTION PRO900 Hathaway ditch bonds. Due $300 July 11915. 1916 and 1917.
POSED.-Reports state that the question ofissuing $350,000
20-year court3,000 Schmidlapp ditch bonds. Due $1,000 July 1 1915 and 1916 and
house-impt. bonds at not exceeding 5% int. will be submitted to the voters
3500 July 1 1917 and 1918.
at the November election.
1,300 Scheik ditch bonds. Due $500 July 1 1915 and 1916 and $300
LAFAYETTE COUNTY (P. 0. Oxford), Miss.-BOND SALE.-Thls
July 11917.
county has disposed of the 310.000 Agricultural High School impt. bonds
1,500 Jaques ditch bonds. Due $300 yrly. July 1 from 1915 to 1919 incl.
mentioned in V. 97. p. 1764.
900 Lytle Levee bonds. Due $500 July 1 1915 and $400 July 11916.
Date July 1 1914. Int. J. dr J.
LAKE ARTHUR, Chaves County, New Mex.-BOND SALE.-The
33.000 6% 10-20-year (opt.) gold coup. taxable water-system bonds offered
MICHIGAN CITY SCHOOL CITY (P. 0. Michigan City), Lawithout success on May 30(V. 98. p. 1934) have been purchased by
Sweet. porte County, Ind.-BIDS.-The following are the bids received, it
Causey, Foster & Co. of Denver at par less $290 commission.
Is stated, for the $35.000 5% 20-year school bonds offered on Sept .3
LAKE COUNTY (P. 0. Crown Point), Ind.-BONDS
(V. 99. p. 558):
AWARDED
$36,907 00
IN PART.-Of the four issues of
% highway-improvement bonds, E. M. Campbell, Sons & Co., Indianapolis
aggregating $35.400, offered on Sept. 3 (V. 99, p. 623). the $9.400 Simon Fletcher-Aerican
rn
National Bank, Indianapolis
Koplin Road No. 2 bonds in West Creek Twp. were awarded to the
Meyer-Kiser Bank, Indianapolis
State
Nat. Bank of Lowell, at par and int. There were no other bidders.
05-0°
MILLELACS COUNTY SCHOOL DISTRICT NO. 40, 33Minn.LAKE PARK, Dickinson County, Iowa.-BOND
VOTED.-According to a local newspaper, this district recently
OFFERING.- BONDS
Bids are being considered for the issue of 310.000 electric
voted
in
bonds.
favor
of
the
proposition
building
to
issue
$2,000
authorized by a vote of 142 to 1 at the election held Sept. 4. -light bonds
MINGO COUNTY(P.O. Williamson), W. Va.-BONDS DEFEATED.
,
to carry.
LA SALLE, La Salle County, Ills.-BOND OFFERING.
-Proposals -The question of issuing $1,000,000 road-constr. bonds failed
will be received by John B. Lawniczak, City Clerk,
until 8 p. m. Sept. 15 reports state, at the recent election by a vote of 92 "for" to 1,489 "against.
for the $10,000 5% sewer bonds voted April 21 (V. 98, p. 2010).
MINNEAPOLIS, Minn.-BOND OFFERING.-Proposals will be re$500. Date Nov. 11914. Int. M. & N. Due $4,000 yearly on Denom.
Nov. 1 ceived unt112 p. m.Sept. 24 by the Ways and Means Committee of the City
from 1919 to 1928 incl.
Council,
Dan C. Brown, City Compt., for $77,208 98 special street-impt.
LEWIS COUNTY (P. 0. Vanceburg), Ky.-BOND OFFERING.
semi-ann. at option of
Proposals will be received until 1 p. m. Sept. 17 by Geo. T.
winha, Co. bonds at not exceeding 6% Int., payable ann. or
Treas., for $25,000 of the $150.000 5% 5-year public-road-impt. bonds purchaser. These bonds consist of 9 separate issues as follows: $10,381.
voted July 11 V. 99, p. 285). Denom. $100. $500 and $1.000.
Date 36,276 21, 35,449 88. 35.029 80. 321,37604. $9,916. 37.009. 33.100 05
Nov. 11914. Int. M.& N.
and $8,671. Date Oct. 1 1914. Due one-twentieth yearly on Oct. 1 from
LILLY, Dooly County, Ga.-BONDS DEFEATED.
-The election 1914 to 1934 incl. Cert. check for 2% of bonds bid for, payable to C. A.
held 5.-pt..2 resulted in the defeat of the question of issuing $5,000
beads.
Bloomquist, City Treas., required.
LINCOLN, Logan County, Ills.-BONDS
-The propoThe official notice of this bond offering will appear next week among the
sition to issue the 368.000 5% sewer bonds (V.DEFEATED.
99. p. .558) failed to carry advertisements
elsewhere in this Department.
at the election held Sept. 1 by a vote of 152 "for"
to 771 "against."
MOLINE, Rock Island County, Ill.-BONDS OFFERED BY BANKLINCOLN COUNTY (P. 0. Toledo), Ore.-BOND
ELECTION
PROHanchett
Bond Co. of Chicago Is offering to investors $29,900
-The
ERS.
POSED.-According to reports this county is contemplating the
issuance of an issue of 365.700 5% Paving District bonds. Denom. 3500. $200 and
of road-construction bonds.
10 and Aug. 10 1914. Int. ann. Feb. 10 at the CRY
July
Dated
$100.
LIVE OAK COUNTY (P. 0. Oakville), Tex.
Due on Feb. 10 as follows: $100 1916, $3,000 1918, $3,300
-BOND ELECTION.
- Treasury. and
According to reports, an election will be held
1921, 34.300 1922. $7,300 1923 and $5,300 1924. Total
1919, 1920
the question of issuing $100,000 road bonds. Sept. 26 to submit to a vote bonded
debt $292,000. Assessed valuation, 36.937,852; value of property
(estimated), 321.000,000.
LIVE OAK SCHOOL DISTRICT, Sutter County, Cal.
-BOND SALE
-on Aug. 27 the $5,000 school bonds voted as
MONTGOMERY COUNTY (P. 0. Rockville), Md.-BOND OFFERmentioned in V. 99, p. 424
were awarded, it is stated, to the First Nat. Bank
ING.-Proposals will be received until 12 m. Sept. 29 by the County
of Yuba City at 101.1.
LORAIN, Lorain County, Ohio.-BOND OFFERING.-Proposals will Commissioners. Berry E. Clark, Clerk, for the following 5% coup. bonds:
315.000 road-construction bonds. Due $1,000 yearly from 1 to 15 years
be received until 12 m. Sept. 30 by Geo. N. Damon, City
Auditor,for $20,inclusive.
000 5% coup. cemetery-Improvement bonds.
Date
Denom.
$1,000.
11,000 road-construction bonds. Due $1,000 yearly from 1 to 11 years,
Aug. 1 1911. Int. M.& S. Due $2,000 yearly on Sept.
15 1917 to 1926
inclusive.
incl. Certified check on a Lorain bank or any national
bank for 31.000.
Denom. $500. Int. F. & A. at the Farmers' Banking & Trust Co. of
payable to City Treasurer, required. Bonds to be delivered
and paid for Montgomery County, Rockville. Cert. check for $200. payable to the
within 10 days from time of award. Purchaser to pay
accrued interest. County Commissioners, required. These bonds were awarded to Alex.
A complete transcript of the above bonds
will be furnished successful Brown & Sons of Baltimore on July 28(V. 99, p• 362)•
bidder on day of sale.
Proposals will be received until 12 m. Sept. 28 (date changed from
MONROE SCHOOL DISTRICT, Sonoma County, Calif.-BONDS
Sept. 10) by Geo. N.Damon,City Auditor,for
DEFEATED.-The question of issuing the $3.900 6% building bonds
the
bds.:
following
coup.
59
$10.000 00 playgrounds and park-system bonds.
at the election held Aug. 2.5.
Denom. $500. Date failed to carry
July 15 1914. Due Sept. 15 1934.
MORGAN COUNTY (P. 0. Wartburg), Tenn.-BOND OFFERING.
12,821 14 paving refunding bonds. Denom.
(25) 3500. (1) $321 14. According to local newspaper reports. bids will be received until 11 a. m.
Date Aug. 15 1914. Due 3321 14 Sept.
Finance
Committee.
for
of
Secy.
$270,000
Kimbell,
5%
T.
S.
15
by
1
191.5. $1,500 yearly Oct.
on Sept. 1 from 1916 to 1922 incl. and
$1.000 Sept. 15 1923 32-year (aver.) road bonds. Cert. check for 1% required.
and 1924.
MOUNT PLEASANT, Titus County, Tex.-BOND OFFERING.
Int. M. & S. at office of Sinking Fund Trustees.
check for Proposals will be received until Oct. 13 for the $16.000 5% 40-yr. street$300 on a Lorain bank or any national bank, payable Certified
required. Bonds to be delivered and paid for within 10to City Treasurer. impt. bonds voted Juno 11 (V. 98. p. 2011). Int. semi-ann. B. B. Peterdays from time of
award. A complete transcript of proceedings had
relative to the issuance man
Of the above bonds will be Furnished
crA
etlagreyr.County, Mich.-BONDS DEFEATED.-Tho quese,
itIYNSG
IS
1:11sN0
bidder on day of sale and a
sample copy or the printed refunding successful
bond will also be furnished.
tion of Issuing 323.000 funding bonds failed to receive a majority, reports
730ND SALE -During the month of
August the Sinking Fund purchased state, at the election recently held. The vote was 213 "for" to 146 "agst."
322.663 5% 5%-year (aver.) refunding bonds at par.
NAPOLEON, Henry County, Ohio.-BONDS AUTHORIZED.-AcLOS ANGELES HIGH SCHOOL DISTRICT (P.
Council has approved an issue of 311.300 534% 100. Los Angeles), cording to reports, theds
Cal.-BOND SALE.-According to local newspaper
.
on
nr„
t.Nbv
t-iz
mpapE
eR
treB
yea
NrEsvir
of
Bd.
reports,
the
Education has decided to accept the offer of the Bd. of
AGE SCHOOL DISTRICT (P. O. New Bremen),
dental College of Los Angeles to sell the old college Trustees of Occisite and bldgs. for Auglaize County, Ohio.-BOND SALE.-We are advised
$150,090 and to purchase this amount of
that the only
high-school bonds at par.
bid received for the $2,000 53 % 3-year (aver.) school bonds offered on
LUDLOW, Kenton County, Ky.-BOND
was
Sept,
from
5
558)
(v
.
99,
p.
the
New
First
or
Bremen.
City
Bank
quesELECTION.
-The
tions of issuing the $30,000 high-school-constr. and
$10.000 viaduct 05% which 1)1(1 31.015 (100.75). It is reported that this bid was accepted.
10-year bonds (V. 99, p. 623)
will be submitted to a
vote
it
is
on
3,
Nov.
HAVEN,
New
Haven
NEW
AUTHORIZED.
County, Conn.-BONDS
stated.
-The Mayor on Sept. 2 approved an order authorizing the issuance of
McHINNVILLE, Yamhill County, Ore.-BOND
SALE.-On Sept. 1 3100,000 meadow-land purchase bonds, it is stated.
327,000 6% 1-10-year (opt.) street-Improvement
were awarded to
Montague O'Reilly Co. of Portland at par. Therebonds
NEWPORT BEACH, Orange County, Calif.-BONDS TO 13E OFwere no other bidders.
Dencen. $500. Date Oct. 1 1914. Interest A. & 0.
FERED SHORTLY.-The $25,000 6% 1-25-year (ser.) municipal-streetlIghting-system-construction
bonds offered without success on Mar. 30
MANATEE COUNTY (P. 0. Bradentown), Fla.
-BONDS DEwill be re-advertised for sale about Sept. 15.
FEATED.-Wo have Just been advised
that the question of issuing the (V. 98, IL 1338)
$550.000 road bonds (V. 98, p. 707) failed to carry
RICHMOND,
Clermont County, Ohio.-BONDS AWARDED
NEW
at the election held
March 15.
IN PART.-We learn that of the two Issues of coupon bonds, aggroating 34.000 offered on Sept. 7 (V. 99. p. 624) the 32.000 514%
MANSFIELD WATER SUPPLY DISTRICT (P. 0.
aver.) sidewalk bonds was awarded to Richard Hawkins at 102.5 and int.
Mansfield), Mass.
-BOND SA LE.-The $65,000 4% 61-6-year (aver.) coup,
water bonds oft is reported that the $2,000 5% street-improvement bonds will be sold
fered without success on June 30 (V. 99. 0. 67) were
on July 1 to at private sale.
N. W. Harris & Co., Inc., of Boston at 101-a basisawarded
of about 3.825%•
NILES, Trumbull County, Ohio.-BONDS VOTED.-According to
MARION, Marion County, Ohio.-BOND
OFFERING.-Proposals reports, the question of issuing the $100,000
will be received until 12 m. Sept. 29 by Harry E. Mason,
McKinley memorial siteCity Auditor,for purchase bonds (V. 99. p. 689) carried at the election
the mowing 5% bonds authorized by the City
held Sept. 5.
Council on Aug. 24 (V.
BOND SALE.-Reports state that the $70,000 5% 55i-year (aver.)
99, p. 689):
coup. street-impt. bonds offered without success on Aug. 25 (V. 99. P.
550.600 refunding bonds. Denom. (1) 3600, (100)
$500. Due $4,000 689) have been taken by local banks.
11Iar. 11015, 33.500 each six months from Sept.
1919 incl. and 31.500 each six months from Mar. 1 1915 to Sept. 1
NORMAL, McLean County, Ill.-BONDS NOT SOLD.-No bids were
1924 incl. Certified check for 32.530 required. 1 1920 to Sept. 1 received for the $18.000 5% 5 1-6-year (aver.) general municipal bonds
12,500 street-Improvement (city's portion) bonds. Denom. $100. Due offered on Sept. 7(V. 99, p. 624). These bonds will now be sold at private
31.000 each six months from Mar. 1 1915 10 Sept. 1 1919
incl and sale.
3.500 each six months from Mar. 1 1920 to Mar. 1 1924
OAK HARBOR, Ottawa County, Ohio.-BONDS NOT SOLD.
incl.
Certified check for $625 required.
According to reports, no bids were received on Sept. 2 for the $40,000 5%
Date Snot. 1 1914. Interest M.':& S.
5
(aver.) Locust St. impt. bonds offered on that day (V. 99, p. 416)•
MARSEILLES, La Salle County, Ills.-noNn ELECTION.-The They will be sold at private sale.
question of issuing $6,000 bonds to sink a well will be submitted to the
OAK HILL. .Tactrson County, Ohio.-BOND OFFERING.-Proposals
voters at the election to be held Sept. 15, it is stated.
will be received until 12 m. Oct. 5 by D. Spurage Parry. VII. Clerk, for
l
SEPT. 121914.1
THE CHRONICLE
769
18,000 5% Main St. improvement and municipal-bldg.-site-purchase and
On Aug. 17 the $50.000 10-20-yr. (opt.) coupon tax-free sanitaryconstruction bonds. Auth. Sec. 3939 Gen. Code. Denom. $500. Data
ext. bonds (V. 99. p• 427) were awarded to A. O. Ryas,of
Sept. 10 1914. Int. M.& 8. Due $500 in 1. 2. 4, 6, Sand 10 years and sewer-systemSheridan at par for 5s.
$1.000 in 3. 5, 7. 9 and 11 years. Purchaser to
accrued
interest.
pay
SHILLINGT
ON, Berks County, Pa.-BOND SALE.-Behm & Rick
OMAHA, Neb.-BOND ELECTION.-According to local newspaper of
Reading purchased on July 24 $2,500
reports, the proposition to issue $100,000 city jail bonds
% 5-30-year (ser.) generalwill
submitted
be
impt.
bonds.
Denom.
$500. Date July 1 1914. Int. J. & J.
to the voters at the November election.
1111.17ERTON SCHOOL DISTRICT (P.O. Silverton), Marion County,
ORANGE, Orange County, Calif.-BOND AWARD DEFERRED.- Ore.
-BOND SALE.-The 115.000 5%% 10-20-yr. (opt.) building bonds
The bids received for the $10.000 5% 1-20-yr. (ser.) gold bridge bonds voted
July 14 (V. 99, p. 364) were awarded to Sweet, Causey, Foster &
offered on Aug. 31 (V. 99. p. 624) have been taken under advisement.
Co.of Denver on Aug.3. Denom.
$500. Date Aug. 11914. Int. F.& A.
OSCEOLA TOWNSHIP SCHOOL DISTRICT (P. 0. Calumet),
SPRINGFIE
LD, Hampden County, Mass.-TEMPORARY LOAN.
Houghton County, Mich.-BOND SALE.-On Sept. 1 the $75.000 5% Reports
8-year (aver.) coupon Dollar Bay high-school-bldg. bonds dated Oct. 1 In two state that this city has negotiated a loan of $150,000 maturing
months with the Massachusetts Mutual Life Ins. Co. at 5% int.
1914 (V.00, p. 559) were awarded to A. J. Hood & Co. of Detroit at 98.016.
SPRINGFIELD TOWNSHIP (P. 0. Mongo), La Grange Count,/
Purchaser to furnish the bonds and pay attorney's fees. The Calumet
Ind.-WARRANT OFFERING.-Proposals
State Bank of Calumet bid 96.
win be received until Sept. 2.
by Om
OWASSO, Shiawassee County, Mich.-BONDS TO BE OFFERED stated. Notestein, Twp. Trustee, for 13.500 5% 15-year warrants, it IS
SHORTLY.-Local papers state that the Commissioner of Public Finances
STIGLER, Haskell
has been authorized to sell $4,500 bonds for the purpose of helping erect
Okla.-BOND SALE.-Geo. I. Gilbert
of Oklahoma City was County,
a county armory.
awarded on Jan. 27 $12.000 6% 25-year waterworks-extension bonds for $12,091
(100.758) and int.-a basis of about
PANAMA CITY SCHOOL DISTRICT (P. 0. Panama City), Wash- 5.93%.
Denom. 51,000. Date Jan. 20 1914.
ington County, Fla.-BOND SALE.-On Aug. 12 the 130.000 5% 30-yr.
STRUTHERS, Mahoning County, Ohio.-BOND OFFERING.
school bonds voted (as reported in V.98. p.1478) were awarded to the State
Proposals will be received until 12 m.Sept. 16
of Florida at 95 and lat. Denom. $1,000. Int. annual in March.
(not Sept. 15 as first reported)
by Jonah Richards, VII. Clerk,for the
following 6% Park Ave. storm-water
PARDEEVILLF, Columbia County, Wis.-BONDS DEFEATED.
- and sanitary-sewer-constr.
bonds:
The question of issuing the $5.000 (not $6,000 as first reported) Main St.- 52.427 50 assess, portion
bonds.
$485 50. Due $485 50 yearly
paving bonds (V. 99. p. 624)failed to carry at the election held Sept. 1.
on Sept. 1 from 1915 to Denom.
704 75 village's portion bonds. 1919 incl.
PEARL RIVER COUNTY INDUSTRIAL CONSOLIDATED
Denom. $140 95. Due $140 95 yearly
SCHOOL DISTRICT, Miss.-BOND SALE.-The $5,000 6% school
on Sept. I from 1915 to 1919
incl.
Date Sept. 1 1914. Int. M.& S.
bonds mentioned in V. 98. p• 409. were awarded on Feb. 2 to Chas. S.
Cert. check for $200, payable to VII.
Kidder & Co., Chicago, at par. Denom. $500. Date Feb. 2 1914. Int. Treas.. required. Bonds to be delivered
and paid for within 10 days from
time of award. Purchaser to pay
ann. in Feb. Due from Feb. 1 1916 to Feb. 11925.
will be furnished to bidders by theaccrued int. No abstract of proceedings
PITTSFIELD, Berkshire County, Mass.-BONDS AUTHORIZED.
Village.
According to reports, ordinances have been passed authorizing the issuance
SUNSET HILL
NT SCHOOL DISTRICT (P.O.Dallas),
of $35.000 sewers, $50,000 water and 15.000 sewage-disposal-works bonds. Dallas County, INDEPENDE
Tex.-BOND ELECTION PROPOSED.
newsPREU SCHOOL DISTRICT, Ventura County., Calif.-BONDS NOT paper dispatches state that an election will shortly be held-Local
to vote on the
YET SOLD.-No sale has yet been made of the $4,000 school bonds re- question of issuing building bonds.
cently offered without success.
TALLMADGE TOWNSHIP RURAL SCHOOL DISTRICT (P. 0.
PUTNAM COUNTY (P. 0. Greencastle), Ind.-BONDS NOT SOLD. Akron), Summit County, Ohio.-BONDS NOT SOLD.-There were
ne.b9
19
d.
d eprs5f6
-No bids were received on Sept. 7 for the three issues of 4%:% highway- (i
o0
r)the $5,000 5% 1-10-year building bonds offered on Sept. 5.
improvement bonds.aggregating $32.750,offered on that day(V.99. p.690.)
TAYLOR SEPARATE SCHOOL DISTRICT
QUITMAN. Brooks County, Ga.-BONDS VOTED.-The question of
(P. 0. Oxford), LafayIssuing the $75.000 water and light bonds (V. 99, p. 69) carried, reports ette County, Miss.-BOND SALE.-The 11. M.
Noel Co. of St. Louis
were awarded at par during March
state, at the election held Sept. 7.
the
$2,500
6%
coupon tax-free building
RACINE, Racine County, Wis.-BONDS NOT SOLD.-No bids were bonds offered but not sold during December 1913 (V. 98. P. 410)•
TEHAMA COUNTY (P. 0. Red Bluff), Calif.-BONDS DEFEATED.
received on Aug. 31 for the $75,000 4%% sewer bonds offered on that day.
-The question of issuing the 5200.000
(V. 99. P. 624.)
road and bridge-construction bonds
RACINE SCHOOL DISTRICT (P.0. Racine), Racine County, Wis. (1/• 99.p• 364) was defeated at the election held Aug.25.
-BONDSPROPOSED.-According to reports, this district is contemplating
TE XARKANA SCHOOL DISTRICT
(P. 0. Texarkana), Bowie
County, Tex.-BIDS REJECTED.-It is stated
the issuance of 350.000 school bonds.
that all bide received for
RANCHESTETt, Sheridan County, Wyo.-BOND SALE.-A. C. the $20.000 bonds issued to pay a deficiency in the public
school fund
Evans of Sheridan has purchased an issue of 113.0006% water bonds at par. (V. 99. p. 142) were rejected.
READING, Hamilton County, Ohio.-BOND OFFERING.-ProTIPPECANOE COUNTY(P.O.Lafayette),Ind.-BOND OFFERING.
posals will be received until 12 m. Oct. 5 by Wm.F. Klopmeyer, VII. clerk. -Proposals will be received until 2 p. en. Oct. 9 by Harry G. Leslie. Co.
for $1,500 5% 1-10-year (ser.) electric-light and water-works bonds. Auth. Treas.. for $9,800 43 % D. E. Harrington et al highway-impt. bonds.
Sec. 3939 Gen. Code. Date Sept. 15 1914. Int. M. & S. at Reading Denom. $490. Int. M. & N. Due $490 each six months from May 15
1915 to Nov. 15 1924 incl. These bonds are issued pursuant to an order
Bank, Reading. Purchaser to pay accrued interest.
n tA
he
ugB
.oa
18
rd of Commissioners of Benton and Tippecanoe counting made
ROARING SPRINGS INDEPENDENT SCHOOL DISTRICT, Mot- of
ley County, Tex.-BOND OFFERING.-Proposals will be received until
TOLEDO, Lucas County, Ohio.-BOND OFFERING.-Proposals
3 p. m. Sept. 15 by G.E. Hamilton, Attorney (P.0. Matador),for $17,000
5% 3-40-yr. (opt.) coup. taxable bldg. bonds. Auth. Articles 2857 et seq., will be received until 10 a. m. Oct. 6 by Chas. J. Sanzenbacher. County
Rev. Stets. 1911. Denom. $1,000. Date July 1 1914. Int. J. & J. at And.,for the following 5% bonds:
State Treasury or at Roaring Springs.
Cert. check for $500, payable to $18.754 79 main sanitary sewer No.8 bonds in sub-district No. 2. Denom.
H. R. Black, Pres. of Trustees, required. Bonded debt, this issue. No
(1) $754 79, (18) $1.000. Due $1,754 79 in 1 year. 12.000
floating debt. Assess. ml., $577,886,
yearly from 2 to 8 years, incl., and $1,000 in years.
9
15,000 00 bonds to construct a heating, lighting
ROCHESTER, N. Y.-NOTE SALE.-On Sept. 8 the $30.000 city
and
plant at the
Children's Home. Denom. $1.000. Due power
garage and $87,000 overdue tax notes, due three months from Sept. 14
12.000 in 2 years
and
$1.000
yearly
from 3 to 15 years incl.
1914 (v. 99, p. 690) were awarded to the Lincoln Nat'l Bank of Rochester
7.984
52 Lockwood Ave. road-impt. No.60 bonds. Denom.
at 6% int. and a premium of $5.
$484 52,
(15) $500. Due $984 52 in 1 year, $1.000 yearly (1)
ROCKINGHAM, Vt.-BOND SALE.-The $37,000 4% 3-17-yr. serial
years hid. and $1,000 yearly from 7 to 10 years incl.from 2 to 6
refunding bonds offered without success on June 25 (V. 99, p. 69) were
Date Oct. 16 1914. Int. A.& 0.at office of County Treas.
Cert.check
awarded about July 1 to the Bellows Falls Say. Institution of Bellows Falls (or cash) on a Toledo bank for $500
with first two issues and for $300 with
for $36.600 (98.927)-a basis of about 4.125%. Denom. $500. Date last issue required. Bonds to be delivered
on Oct. 16. A complete certiJuly I 1914. Int. J. & J.
fied transcript of all proceedings evidencing the regularity and
validity of
ROSEVILLE SCHOOL DISTRICT, Placer County, Calif.-BONDS the issuance of said bonds will be furnished successful bidder. Official
REFUSED -Reports state that Torrance. Marshall & Co. of San Fran- advertisement states that there has never been any default in the payment
cisco have refused to accept the 145.000 5% high-school bonds awarded of principal or interest.
them on July 13(V.99, p.426) because of irregular proceedings.
TRIADELPHIA SCHOOL DISTRICT (P. 0. Triadelphia), Ohio.RUSH TOWNSHIP, Scioto County, Ohio.-BOND SALE.-The County, W. Va.-BOND ELECTION.-We are advised that the reports
First Nat. Bank of Portsmouth purchased during August $1,000 5% 2%-yr. were erroneous that stated that an election would be held on Sept. 5 to vote
(aver.) road bonds, it is stated, at par.
on the question of issuing $40.000 building bonds.
ST. LOUIS, Mo.-BOND ELECTION PROPOSED.-Reports state that
TUNICA, Tunica County, Miss.-BOND OFFERING.-AccordIng to
It is proposed to submit to the voters at the election in November the pro- reports, bids will be considered by M. J. Alexander,
Town Clerk. until 11
position to issue 12.750.100 bridge bonds.
a. m.Sept. 20 for an issue of 112.0006% 20-year water-works bonds. Int.
ST. MARY'S, Anglaise County, Ohio.-BONDS NOT SOLD.-No semi-annual. Cert. check for $250 required.
bids were received on Sept. 5 for the two issues of 5% bonds,
aggregating
TUNICA COUNTY (P. 0. Tunica), Miss.-BOND SALE.-Terry.
$3,200. offnrcd on that day (V.99,P• 559)•
Briggs & Slayton of Toledo have been awarded the 120.000 554% 5-20-yr.
ST. MARTS, Pleasant County, W. Va.-BONDS AWARDED
(opt.) agricultural high-school bonds(V.98,p. 411). Denota.$500. Date
IN
PART.-AccordIng to reports the First Nat. Bank of St. Marys has pur- May 1 1914. Int. ann. in May.
chased at par $4,000 of the 112.000
5% 10-34-yr. (opt.) water-works-impt.
bonds offered without success on Aug.
TURLOCK, Stanislaw County, Calif.-BONDS VOTED.-The
12(V• 99, P• 559.)
question of issuing
ST. PAUL, Minn.-BOND OFFERING.
$16,000 park bonds carried, it is stated, by•vete
-Proposals will be received of 413 to 188 at the the
until 12 m. Sept. 16 by W. C. Handy.
election held Sept. 1.(V.99. p. 364).
City Compt.. for the $300,000 4%
20-year coupon permasent-ixnpt. revolving
BONDS REFUSED.-0. G. Blymyer & Co. of San Francisco have refund bonds. (V. 99. p. 690).
Denom. $500. or SLOW Date Sept. 1
1914. Int. M.& S. Cert. check fused to accept the $15,000 6% 1-40-yr. (ser.) coupon fire-apparatus bonds
(or cash) for 2% of bid required.
Official circular states that the city awarded them on Aug. 18 (V. 99. p. 625). The firm gives as Its reason
has never defaulted ea any: of Its
and its principal and interest the opinion of its attorneys that the bonds are invalid owing to a discrepon its bonds previously issued haveobligations
always been paid promptly at maturity. ancy between the ordinances calling the election and the subsequent ordinance providing for the sale of the bonds.
SALEM, Essex County, Mass.-BOND
4)4% 203 -year (aver.) coup. loan acts of SALE.-On Sept. 11 $40.000
UHRICHSV1LLE, Tuscarawas County, Ohio.-BONDS REFUSED.
1914 bonds were awarded, it is
stated, to the Salem Says. Bank
100.69-a basis of about 5.449%• -Local ruiners state that the First Nat. Bank of Cleveland has refused to
Denom. 11.000. Data Aug. 1 1914.at Int.
F.& A. at the Merchants' Nat. accept the $20,0005% 5.14-yr. (aver.) coupon street and alley-paving bonds
Bank of Boston. Due $1,0100 yearly
awarded it on Aug. 1 (V.99. p. 427) because of an irregularity In proceedure.
Aug. 1 from 1915 to 1954 incl.
SALISBURY TOWNSHIP SCHOOL
ES AUTHORIZED.-A resolution authorizing the issuance
DISTRICT (P. 0. Allentown), of CERTIFICAT
Pa.-BOND OFFERING.-This
certificates of indebtedness in anticipation of the sale of the above
township
is offering for sale the unsold was
bonds
Portion of an issue of $33.000 4% school bonds.
passed. it is stated, by the City Council on Sept. 1.
B.
Scharles
is
Secretary
Education.
Board of
UNION COUNTY (P. 0. Marysville), Ohio.-BOND OFFERING.
SAN BERNARD/NO COUNTY (P. 0. San
Proposals wil be received until 1 p. en. Sept. 15 by Chas. A. Morelock.
BOND ELECTION PROPOSED.-According to Bernardino), Calif.- Co. Aud., for $6,700
5% Vansant and Beaver road-impt. bonds. Auth.
election will Sec.
probably be held October 20 to submit to the reports.an
6956-15 Gen. Code. Denom. (13) 3500. (1) $200. Date Sept. 15
voters the question of
Issuing 31,750.000 good-road bonds.
1914. Int. M & S. at office of Co.
Treas. Due $700 Mar. 15 1916.
$500 each six months from Sept. 15 1916 to Mar. 15 1918 incl.. 11.000
SANTA CRUZ COUNTY SCHOOL DISTRICT,
on
Calif.
-BOND
SALE.
Sept. 15 1918 and 1919.$500 on Mar. 15 1919 and 1920 and 11.000
_An issue of 13,000 5% serial building bonds was
Sept. 15
awarded
the Bank of Los Gatos of Los Gatos at par. Delmont. $1,000. on Aug. 5 to 1920. The Bd. of Commrs. will furnish purchaser a certified transcript
Date
Sept.
1
of
proceedings
of
said
1914. Int. M.& B.
board with reference to the issuance of said bonds.
SCHLEISINGERVILLE, Washington
UNION (TOWN) (P. 0. Weehawken), Hudson County,
Wis.-BOND OFN. J.FERING.-Proposals will he received until County,
Sept. 15 for the $6,000 5% BOND OFFERING.-Further details are at hand relative to the offering
electric-light-plant bonds (V. 99, p. 493). Auth, vote of 107 to
on Sept. 14 of the $15,000 5% coupon or reg. fire-dept. building-site12 at the chase
election held Sept. 3. Duo part yearly for 12 years.
and construction bonds (V. 99, p. 690). Proposals for these 1nmbonds
will be received until 8 14. m. on that day by Emil Deutz. Jr.,
SHEBOYGAN,Sheboygan County, Wis.-BONDS
Town Clerk,
AUTHORIZE
D.
Denom
$500. Date Oct. 15 1914. Int. A. & 0. Due 33.000 yrly.
Reports state that the Common Council on Sept. 1 passed
on
an
ordinance
Oct. 14 from 1916 to 1920 incl. Bonds to be delivered at office
providing for the issuanee of $40,000 water-works and sewer
of Town
-construction Clerk. Purchaser to pay accrued interest.
bonds.
UNION TOWNSHIP (P. 0. Ripley), Brown
SHELBY COUNTY (P. 0. Shelbyville), Ind.-BOND SALE.
Ohio.-BOND
-On OFFERING.-Proposals will be received until 12County,
Sept. 5 the $2,660 4%% 5
m. Sept. 26 by E. R.
r. (aver.) Jesse B. Armstrong et al Noble Young, Twp. Clerk, for $2,000 5% 5-year
highway-impt
coupon road impt. bonds
Twp.
. bonds . 99. p. 625) were awarded. it is stated, to Auth. Sec.
Code.
Gen.
3295
Denom. $400.
Charles McDaniel and William Fox of Blue Ridge. Ind., at par
and int. -M. & S. at Ripley Nat. Bank, Ripley. Cert.Date Sept. I 1914. Int.
It was inadvertently reported in the "Chronicle" that these
bonds would Twp. Tress., required. Bonded debt, this check for 10%. payable to
be sold Sept. 11.
Issue. no floating debt.
Assess. val. 1914. 51.700.000.
SHERIDAN, Sheridan County, Wyo.-BOND SALES.-The Warren
UPLAND, San Bernardino County, Calif.-BOND
Construction Co. of Portland was awarded on Aug. 3 an Issue
ELECTION.
of $267.000 The election to vote on the question of issuing
6% 6%-yr. (aver.) Paving Dist. No. 3 bonds, at par and Int. Date city-hall-cons
the $40,000 street-1min.
truction and fire-equipment-purchase
Oct. 1 1914.
bonds (V. 99. p. 2inj
will be held Sept. 15, it ls stated.
[VoL. xc
THE CHRONICLE
770
Champaign Coun1511BANA SCHOOL DISTRICT (P. 0. Urbana),
PROPOSED.-Reports state that an electy. Ohio.-BOND ELECTION
near future to vote on the question of issuing
tion will probably be held in the
$15.000 school-improvement bonds.
VALLEY COUNTY SCHOOL DISTRICT NO. 15, Mont.-BONDS
VOTED.-The proposition to issue the $3.200 site-purchase, constr, and
equipment bonds(V.99,p.493)carried at the election held Aug.22. These
bonds will be purchased by the State of Montana.
VERMILLION COUNTY (P. 0. Newport), Ind.-BOND SALE.
(aver.) highway-impt. bonds (V. 99.
On Aug. 24 the $9.640 434% 534-yr.
Meyer-Kiser
Bank
the
of
to
stated,
Indianapolis
is
it
awarded,
were
493)
p.
at par.
VERONA, Essex County, N. J.-BOND ELECTION PROPOSED.
This town proposos to hold an election to vote on the question of issuing
$50,000 sewerage bonds.
VIGO COUNTY (P. 0. Terre Haute), Ind.-BOND OFFERING.Proposals will be received until 10 a. m. Sept. 15, it is stated, by Thos. J.
Dailey, Co. Treas., for $50,000 6% 10-year levee and ditch bonds.
BOND SALE.-On Sept. 1 an issue of 812.800 434% 1034-yr. (aver.)
highway-construction bonds was awarded, it is stated, to Fred. B. Smith
at par and interest.
WARREN CITY SCHOOL DISTRICT (P. 0. Warren), Trumbull
County. Ohio.-BOND OFFERING.-Proposals will be received until
Ruth E. Dillon, Clerk, for IT110.000
12 m. Sept. 16 by the Board of Ed.,
5% public-school-improvement bonds. Auth. Secs. 7625 to 7627 incl.
8500. Date Sept. 16 1914. Int.
(44)
$1.000,
Denom.
(88)
Code.
Gen.
3. & J. at Union Saws. & Tr. Co., Warren. Due $2.500 each six months
from Jan. 1 19/6 to July 1 1937 incl. Cert. check for $1,500, payable to
C. B. Tastier. Treas., required. Total bonded debt (not incl. this Issue).
$108.500. ASM^fri. val. 1914 $20,500,000. Real (est.) 326.000.000. An
issue of $160,000 school bonds was voted Aug. 11 (V. 99, p• 493.)
WASHINGTON COUNTY (P. 0. Salem), Ohio.-BOND OFFERING.
-Reports state that proposals will be considered by R. W. puriee, Co.
Treas., until 1:30 p. m. Sept. 24 for 84,840 434% highway-improvement
bonds. Due part each six months for 10 years.
WATERTOWN, Jefferson County, Wisc.-BONDS PROPOSED.
An ordinance providing for the issuance of 84.000 4% coup. bridge-impt.
bonds will be brought before the Common Council on Sept. 15. Denom.
$500. Date Oct. 20 1914. Int. A. & 0. at office of City Treas. Due
$1,000 yearly on Oct. 20 from 1915 to 1918 incl.
WAYNE SCHOOL TOWNSHIP (P. 0. Indianapolis), Marion
County, Ind.-BOND SALE.-The $7,500 5% 4-yr. (ser.) bldg. bonds
(T. 93, IT. 2014) were awarded on July 10 to the deyer-Kiser Bank of
Indianapolis for $7.625-equal to 101.66.
WELLS. Faribault County, Minn.-BONDS AUTHORIZED.-A
resolution has been passedproviding for the issuance of519,000 4% refunding bonds. Demons. '12)81.500.(1) 81.000. Due 31,500 yearly on July 1
front 1920 to 1931 incl. and $1.000 July 11932.
WEST HOBOKEN. Hudson County, N. T.-BONDS NOT SOLD.
INTEREST RATE INCREASED.-We are advised that owing to the
25I4-year (aver.) coupon or
failure to receive bids, the 8205.000 414%
were not sold (V. 99. p. 690). A
reg. high-school bonds offered on Sept. 9the
meeting of the Town Council
resolution was passed, reports state, at
increasing the Interest rate on the issue to 5% and another attempt will be
made to dispose of the bonds.
WHITE COUNTY (P. 0. Monitcello), Ind.-BONDS NOT SOLD.
Reports state that no bids were received on Aug. 29 for the four issues of 5%
99,
(V.
day
that
p.
on
offered
428)•
67,
$38,950
ditch bonds. aggregating
WHITESSURG SCHOOL DISTRICT (P. 0. Whitesburg), Letcher
County.Ky.-BOND SALE.-We are advised that the 812,000 high-schoolcompletion bonds voted Feb. 25 (V. 98. p. 856) have been disposed of.
WHITTIER CITY SCHOOL DISTRICT, Los Angeles County, Calif.
-BOND OFFERING.-Reports state that H. J. Lelande, County Clerk
(F. O. Los Angeles), will receive bids until 2 p. m. Sept. 21 for 815.000
534% school bonds. Denom. $1,000. A similarissue ofbonds was offered on
Aug. 24 (V. 99. p. 494).
WILLOUGHBY TOWNSHIP SCHOOL DISTRICT (P. 0. Willoughby), Lake County, Ohio.-BOND OFFERING.-Proposals will be received until 12 m. Oct. 1 by C. C. Jenkins, Clerk Bd. of Ed., for $40,000
5% site-purchase and construction bonds In sub-district No. 8. Denom.
$500. Date Oct. 1 1914. Int. A. & 0. Due $500 each six months from
April 1 1916 to Oct. 1 1955 Incl. Cert. check for 10% of bonds bid for.
Payable to Trans. of Bd. of Ed., required. Bonds to be delivered and paid
for within 10 days from time of award. l'urchsaer to pay accrued interest.
WILMINGTON, New Castle County, Del.-BONDS NOT SOLD.
According to reports, no bids were received on Sept. 10 for the $50,000
4343' 23-year water bonds offered on that day (V.99, p• 691)• They will
be sold over the counter.
WINTERHAVEN SCHOOL DISTRICT (P. 0. Winterhaven), Polk
County, Fla.-BONDS VOTED.-According to local newspaper reports,
this district recently voted in favor of the issuance of 840,000 building bonds.
YAKIMA COUNTY SCHOOL DISTRICT NO. 94, Wash.-BOND
SALE.-On Sept. 5 the $1,500 10-20-yr. (opt.) coupon site-purchase and
construction bonds(V.99. p. 560) were awarded to the State of Washington
at par for 534s. There were no other bidders.
YOUNGSTOWN, Ohio.-BONDS AWARDED IN PART.-On Aug. 29
the $3,4405% 4-yr. (aver.) Blaine Ave.-paving bonds were awarded, it is
stated, to Martin Hall of New Castle, Pa., at par and interest. These
bonds, together with eleven other issues, aggregating $110,610, were
offered without success on August 24. (V. 99. n. 626.)
Canada. its Provinces and Municipalities.
BRACEBRID GE, Ont.-DEBENTURE ELECTION.-An election
will be held Sept. 21, it is stated, to submit to the voters the question of
issuing $4,000 pumps. $2,700 mains-ext., and $3.300 water-works'-impt.
debentures.
CARDSTON, Alta.-DEBENTURES NOT SOLD.-No bids were
received on Sept. 2 for the $11.000 6% 20-year debentures offered on that
day. (V. 99, p. 495).
MINTO TOWNSHIP, Ont.-DEBENTURE OFFERING.-According
to reports proposals will be received until Sept. 14 by W. D. McLellan.
Twp. Clerk (P.0. Harriston),for $9,421 175% 20-yrs. drainage debentures.
NANTON, Alta.-DEBENTURES VOTED.-Local newspaper reports
state that the proposition to issue the 84,000 linprovemont debentures
(V. 99, p. 429) carried at the election held Aug. 12.
POINT AUX TREMBLES, QUO.-DEBENTURES NOT SOLD.
According to local newspaper reports,no sale has yet been made of the $150.000 6% 40-year college-construction and site-purchase debentures offered
but not sold on July 8(V.99, p• 73.)
RED DEER, Alta.-DEBENTURE ELECTION RESCINDED.-The
election which was to have been held Aug. 24 to vote on tho question of
issuing $2.000 exhibition-grounds, $1,400 discount. S12,000 skating-rink
and $3.000 boulevard debentures (V. 99, p. 561) was called off.
SALMON ARM, B. C.-DEBENTURES VOTED.-The questions of
issuing 837,250 water-works-system-completion; $22,000 electric-lightsystem-ext., and $2,500 fire-hall and equipment debentures carried, reports
state, at the election held Aug. 20.
VILLAGE DU BASSIN DE CHAMBLY, Que.-DEBENTURE
ELECTION.-An election will be hold Sept. 22 to vote on the question of
issuing $20,000 road debentures.
The proposition to issue $100,000 6% 25-year coupon funding, sewerr
construction and improvement debentures will also be submitted to the
voters on the above date. Denom. 131.000. Date Oct. 1 1914. Int. A. &
0. at Hochelaga Bank, Montreal, or at any bank to be designated by the
Council.
VIRDEN, Man.-DEBENTURES NOT .SOLD.-According to reports,
no bids were received on Aug. 7 for the two issues of 5% municipal debentures, aggregating $17,000, offered on that day (T. 99, p. 366).
WATERLOO, Ont.-DEBENTURES DEFEATED.-The question of
99, p. 561) failed to
issuing the S18,000 King 81.-hunt. debentures (T. fort
to 457 "against.'
carry at the election held Aug. 28 by a vote of s2
TRUST COMPANIES
MISCELLANEOUS.
CHARTERED 1853.
BLODGET & CO.
United States Trust Company of New York
60 STATE STREET, BOSTON
30 PINE STREET. NEW YORK
45-47 WALL STREET
Capital,
•
•
Surplus and Undivided Profits
BONDS
• $2,000,009.00
• $14,151,944.23
STATE, CITY & RAILROAD BONDS
Bolger, Mosser & Willaman
MUNICIPAL
BONDS
This Company acts as Executor, Administrator, Guardian, Trustee, Court
Legal for Savings Banks,
Depositary and in other recognized trust capacities.
Postal Savings and Trust Fund,.
It allows interest at current rates on deposits.
SEND FOR LIST.
It holds, manages and invests money, securities and other property, real or 29 South La Salle St., CHICAGO
personal, for estates, corporations and individuals.
MUNICIPAL AND RAILROAD
EDWARD W.SHELDON. President.
WILLIAM M. KINGSLEY. Vice-President
WILLIAMSON PELL. Asst. Secretary
WILFRED J. WORCESTER. Secretary.
CHARLES A. EDWARDS. 2d Asst. secy.
TRUSTEES
JOHN A. STEWART Chairman of the Board
PAYNE WHITNEY
WILLIAM ROCKEFELLER
OGDEN MILLS
WILLIAM D.SLOANE
EDWARD W. SHELDON
EGERTON L. WINTHROP
FRANK LYMAN
CHAUNCEY KEEP
CORNE1.IUS N. BLISS JR.
GEORGE L. RIVES
JAMES STILLMAN
HEMRY W. de FOREST
JOHN J. PHELPS
ARTHUR CURTISS JAMES ROBERT T. GAMMELL
WILLIAM M. KINGSLEY
LEWIS CASS LEDYARD
WILLIAM VINCENT ASTOR
LYMAN J. GAGE
WILLIAM STEWART TOD
CHARLES FRED. HOFFMAN
Acts as
Executor,
Trustee,
Administrator,
Guardian,
Receiver,
Registrar and
Transfer Agent.
SEASONGOOD & MAYER
Ingalls Building
CINCINNATI
Adrian H. Muller & Sou
AUCTIONEERS
Girard Trust Company
Office, No. 55 WILLIAM STREET
Corner Pine Street
PHILADELPHIA
Regular Weekly Sales
Chartered
1336
CAPITAL and SURPLUS, $10,000,000
Interest allowed
on deposits.
111•M•1=3.1•331111........
BONDS
LIST ON APPLICATION
E. B. Morris, President.
OP
STOCKS and BONDS
EVERY WEDNESDAY
At the Exchange Sales ROOMS
14-16 Vesey Street
@FedFRASER