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The.
INCLUDING
Railway & Industrial Section
Bank & Quotation Section
Bankers' Convention Section
Railway Earnings Section
SATURDAY, SEPTEMBER 19 1914.
VOL. 99
Electric Railway Section
State and City Section
NO. 2569Week ending Sept. 12.
Tixe Tixrrnxicte.
Clearings at
1914.
PUBLISHED WEEKLY.
1913.
Inc. Or
Dec.
1913.
1911.
$
$
5
%
i
c Icagoer
232,811,780 304,521,725 --23.6 293,094,872 275,427,081
$10 00
T One Year
28.539,100
26,950,750
--21.0
Cincinnati
25,588.250
20.209.800
6 00
Tor Six Months
20,093,938
24,485.129
Cleveland
24,584,397 -27.5
17.833.242
500
3 0
7
1
European Subscription (including postage)
20.857.045
23,038,437
Detroit
21,931,227
24,941,888 --12.1
European Subscription six months (including postage)
14,860,921
5,105,287
Milwaukee
--1.1
15,824.992
15,566,472
£2 14S.
Annual Subscription in London (including p. stage)
9.802.924
Indi
8.294.992
anapolis
7,052.438
8,180.290 --13.8
£1 11 s. Columbus
Six Months Subscription in London (including postage)
5,543,800
82,200
8,894.000 --20.5
6,
5.314.800
50
$11
Canadian Subscription (including postage) .
5,179.481
Toledo
6,257,462
5,370,551 --11.2
4.788,001
3.340,485
Peoria
3.795,548
2.805.011
4,130.531 --38.9
Subscription includes following Supplements2,888,115
Grand Rapids_ _ _
3,040,663
2,756,064
3,185,483
--12.9
BANK AND QUOTATioN(monthly) 1 RAILWAY AND INDUSTRIAL(3 times yearly) Dayton
2,281.149
2,200,351
--48.8
3,070,791
1,838.790
ELECTRIC RAILWAY(3 tames yearly)
RAILWAY EARsiaos(monthly)
1,207,277
Evansville
1,225,444
1,284.248 -10.4
1,150.308
STATE AND CITY (semi.annually) BANKERS'CoNVENTIoi(yearly)
698,707
708,295
Kalamazoo
727.728 --33.9
480.952
1,102,732
SPrInglield, III
--10.7
1,177.000
1,232.149
1,100,000
Terms of Advertisind-Per Inch Space
1,507.000
Akron
1,420,000
1,575,882 -25.6
1.172,000
0 Fort Wayne__
00
22
4
1,007.347
1,134,944
1,367,122 --3.8
1,315,478
Transient matter per inch space(14 agate Imes)
881.445
Two Mouths
(.4 times
Rockford
718.935
834,222 4.0.5
838.771
747.850
29 00 Lexington
Months
times
Three
(13
876,786
-0.1
642,473
641,608
Business Cards
50 00 South Bend
807,877
Six Months
(26 times)
614.000
41-7.2
600.515
843,881
1,575,328
1,532.488
Twelve Months(62 times)
Youngstown __ ...
1.588,253 --17.8
1,318,381
887,871
787,040
781.068 --22.0
808.955
87 ® BloomingtonCancan° OFFIcs-Geo.M.Shepherd,513 Monadnock Bic ktTeLHarriaon401E
1,100.380
1.295.459
1,650.000 --18.1
1.385,079
!LONDON OFFICE-Edwards &Smith,1 Drapers' Gardens.
657.422
746.850
CantonQuincy
841.878 --17.8
891.885
532.538
694,358
Springfield,
808,751 +34.7
sture
01,086,878
WILLIAM B. DANA COMPANY, Publishers,
458.358
883.548
Decatur..
576,266 --28.8
411.798
New York.
P.O.Box 955. Front. Fine and Depeyster Ste.,
464,138
473.557
524,024 -14.0
450.898
485.057
550.000
Jackson
558.000 -5.4
528.175
Published every iaturday morning by WILLIAM B DANA COMPANY
394,756
432,337
4.19.1
Danville
445,25
453.808
Dana
G.
Jacob Seibert Jr.. President and Treas.: George S. Dana and Arnold
395,195
506.676
Lima
--3.1
463.674
478,42
Vice-Presidents: Arnold G. Dana, Sec. Addresses of all. Office Of the Company
350.000
850.277
Lansing
485,34
--4.5
444,455
208.508
324,716
Jacksonville, Ill
226.379
355,584 --58.3
324.547
435.210
394,241
Owensboro
396.01
--0.4
141.856
Ann Arbor
158.174
CLEARING-HOUSE RETURNS.
161,156
4-5.8
170.195
33,092
Adrian_
52.349
57,92
total
41,251
the
--28.8
that
indicates
dzc.,
telegraph.
by
up
made
table,
The following
the week
Tot. Mid.Wes
344.700.265 444,020.20 --21.5 430.472.630 401.898.882
bank clearings of all the clearing houses of the United States for last
week
31,949,867,334
against
12,347,423.942,
been
have
to-day
ending
San Francisco__
59,535.211
38,058.239
52.418.219
48.980.54 --22.3
and $3,276,297.262 the corresponding week last year.
21.988,487
1.os Angeles
21,505.275
22,256,36 --22.3
17.179.962
12,028,872
12,332.383
12,641,023
Seattle
14,586,32 -13.3
12,282.896
Portland
13,743.903
13,416,17 --18.4
10,949.875
Per
Clearings--Returns by Telegraph.
4.885,832
--18.2
Spokane
4,380,211
4,447,22
3,726,883
Cent.
1913.
1914.
d:eek ending Sept. 19.
8.715.192
5,865.994
6,203,43 --18.9
5,027.904
Salt Lake City..
3,275,085
3,048,454
--5.7
2,681,55
2,528.283
Tacoma
8936,744,145 81,535,124,429 -39.0 Oakland
3.925.508
3.362.107
--9.6
New York
3.210.30
2,902.171
115,278,935 -15.0
97,937,891
1.775.024
1,585,553
2,205.60 --28.8
Boston
1,576.278
Sacramento
132,799.599 -15.0
112,839,426
2.887.415
1.750.000
1,871.456
2,484.12 -24.7
Philadelphia
Diego
San
32,390.733 -0.02
32,385,148
1,117,223
854.778
1,055,01 -15.7
889,249
Baltimore
Fresno
-8.3
268,547,817
246,244,436
1.018.024
1,338.500
974.90 --19.2
/87.575
Chicago
-9.2 Stockton
66,140.860
60,036,189
789,790
680,893
--3.1
750.000
727.565
St. Louis
+5.3 San Jose
14,505,641
15,267,428
1,158,279
843,323
883,25 --24.3
668,832
New Orleans
Pasadena
394,053
432.978
--9.7
492,82
444,449
Yakima_
North
$1,501,454,663 52,184.788.014 -30.6 Reno
389.384
815,998
--9.7
322,90
291.711
Seven cities, five days
570,276.419 -22.2
443,627,811
476,002 Not included in total
Other cities, five days
Long Beach
Total Pacific.. . 100,289.835 124,950.557 --19.8 126,540.571 132.315.853
51,945,042,474 $2,735,064,433 -28.9
Total all cities, five days
51,922,094
55,482.400
541,232.829 -25.7 Kansas City.......
58.858.827 41-1.8
57.898.482
402,341,468
All cities, one day
22.108.972
25.848,188
30,608,882 -4.7
29.183.489
Minneapolis ---.
15.709.251
17,044.928
18,134,413 -6.1
$2.347,423,942 51,276,297,262 -28.4 Omaha..
. 17.033,065
Total all cities for week
10.293,298
9.813.157
-9.9
9,8.9,75
8,902,856
Paul
St.
The full details for the week covered by the above will be given next
9,792,319
10,588.718
--9.1
8,703,53
7,910.859
Saturday. We cannot furnish them to-day,clearings being made up by the Denver
8,938,152
8.173.017
7.443.884 --31.2
5,119.425
_
Joseph
St.
clearing houses at noon on Saturday. and hence in the above the last day
3,802.168
4,346,593
--15.7
5,390,98
4.544.319
of the week has to be in all cases estimated, as we go to press Friday night. Des Moines___ 2,329,366
3,104.889
3.339.308 --17.4
2.758.508
_
We present below detailed figures for the week ending with Saturday Sioux City
4,988.837
5,349.915
--27.3
8,104.79
5,895,866
Duluth
noon. Sept. 12, for four years:
3.342.639
3.542.174
-7.4
3.887.41
3,415,638
Wichita
1.788,682
1.757.881
-I-9.8
1,949.74
2.139.763
Lincoln
1.450.849
--7.9
1,427.039
1.854,21
1,523,025
Topeka
Week ending Sept. 12.
1,354,801
1.499.908
1,425.000 --14.5
Clearings at__
1,217.785
Davenport
1,287,958
1.163.876
1,8.32.821--20.1
1,443.271
Cedar Rapids Inc.or
930.404
451.464
+132.7
1914.
542.181
1,181.299
1911.
1912.
1913.
Dec.
Fargo- _- _ - _
813,121
702.50
823.759
707,577 --11.9
Colorado Springs
856,187
870.844
--1.8
$
Pueblo
690,526
879.128
6
2
$
%
315.288
323,090
New York
856,624,692 1,623,922.960 -47.3 1,769.925.459 1,717.779.579 Fremont
_
418.677 +1.0
422,730
1,301.338
Philadelphia_...._ 109,702,892 142,125,884 -22.8 143,211.274 135,680,150 Waterloo
1,838.169
1.832.348 -22.4
1,228.368
Pittsburgh
1.097,289
41,809,180
1,115.511
53,358,796
52.904,583 -21.0
46,765.243 Helena
1,113,025
1,292,885 --13.8
.
512.255
24,5411,715
Baltimore
34,225.364
411,125 +92.1491.416
31,687.766 -22.5
33.143.006 Aberdeen
785.999
_
9,600.641
Buffalo
187.167
210.415
10.851.969
11,080.957 -13.4
10,413.251 Hastings
499.044
210.433 +137.1
.
4,448.485
328,719
418.077
Albany
5,588,130
6.444.699 -31.0
4.219.647 BillIngs
448.058
--9.7
402.811
6,066.116
Washington
6,561.978
7,023,627 -13.6
6,240.470
142.848,830
Tot.
.155,938,318
oth.W
4
185.185,170
--5.8
155.881,290
3,496,896
4,514.101
Rochester
4,653,086
4,470.677 -21.8
2,509.098
3.026.694 -17.1
2.592.643 St. Louis
Scranton
2,400.000
75,270.778
76.587.305
_
78,928,837 --23.1
80.886.747
2.620.138
8.052,714 -14.2
Syracuse
2.233.099 New Orleans . 14,094,334
2.541.684
18,099.550
18.656.819
18.086.42 --21.1
1.803.517
1.803,275 +0.0
Reading. __
1.651.434 Louisville
1,815.612
12.106,092
12.505.900
4-1.2
12,284,495
12,434.020
1,352.638
1,702.034 -20.6
1.597.935
1.530.747 Houston
Wilmington
_
--43.6
11,860,302
8.886.580
1,376.533
1.804,291 -14.2
Wilkes-Barre
1,411.390
1.405.907 Galveston
3.477.000
-3:51-1660
2.633.977
4,820.000 --43.0
1,618.061
2,288,802 -29.3
1,883.679
1.733.560 Richmond
Wheeling
7.418.090
7,505.066
_
7.946.980 --9.3
7,209.461
1,810.323
1,985.346 -8.8
1,438,212 Fort Worth_ . _
Trenton
1,727.576
7,331.431
6.125.208
--18.4
'
5.91
7.243.758
.937
750.000
828,174 -9.4
845.681 Savannah
869.048
York.
8.810,189
4,607.502
_
7,189.604 --58.5
3,126.048
939,037
955,730 -1.7
984.038
980.539 Atlanta
Erie
11,361,923
12,425,89/
11.850.357 --19.6
9,524.848
500,000 +19.7
598.710
512,371
459.080 Nashville
Greensburg
8.363.443
4.772.430
--18.7
8.489,533
5.380,722
545,878
802,805 -9.5
516,422
563,824 Memphis
Altoona
5,914.640
4,473.483
5,877,813 --19.3
4,744,287
604.100
718,555 -15.9
643,400
619,000 Norfolk
Binghamton
3,202.397
3,112.898
--13.3
3.333.881
2.890,729
669,121 -17.9
499.490 Binning tam_ _ _
549.504
651,777
Chester
2.384,774
2.803.393 -20.8
2,288.048
9
2,219,4
1,447.432
1,544.740 -8.0
1,481.438
949.083 Augusta
Lancaster
1,815.648
2.460.381
2.062.868 --40.9
1,218,743
332,548
-21.5
397.034
311,856
Montclair
1,789.891
1,831.710
_
1,690,123 --8.8
1,544.339
Knoxville
2.969.021
3.119,381 -22.7
2,761,312
2,411.823
Jacksonville
_
Total Middle_ 1,075,146,448 1,901.340,348 -43.5 2,046.874.988 1.978.258.728 Chattanooga
2,658,843
2,029,881
1,906,845
_
2,393.760 --20.3
Charleston
1,289.383
_
1,868.524 --39.9
1,123.217
1.583.801
91.840.118 138.350.089 -33.6 153.981,936 145,492.865 little Rock
Boston2,272,021 -16.0
1,932.844
1,761.459
_
1,864.901
7.234.500 Mobile
7.502.500
5,453,100
7,451,000 -26.8
Providence
925,000
_
t
1,284.64
1,210.324
--28.0
1.357.354
8,924.045
4.390,815
3.531,479
Hartford
4,236,059 -16.6
1.528,119 +31.0
2,001.000
1,522.267
1.586.141
2,769,959 Oklahoma
2,806,585
2,761.918
3,254,951 -15.1
New Haven
_
2,422.716
5,124,136
--22.5
Macon
3,283.488
3.974.261
2,007.667
1,716,811
2.340.837
Portland
2,146.451 -20.0
_
1,800.000
2,165,229 -16.9
2,178.645
1.718.081
2,164,139 Austin
1,979,899
Springfield
2,430,990
2,332,408 -15.1
_
204.819
259,412 -21.0
258.968
208.301
2,865,641 Vicksburg
2,035.874
2.611.769
2,366,341 -14.4
Worcester
385,325
428.368 -10.0
466.778
385,291
1,058.531 Jackson
1,175,417
912.141
1.101.527 -17.2
Fall River
246.394
296.899 -17.0
822,651
220.001
1,032.885 Meridian
821,497
1.118,134
1,114.401 -26.3
New Bedford
_
1.178.983
1,088,37
+8.3
850.187
821,931
619.829 Tulsa
859.019
821,887
Holyoke
644.432 -3.5
1.009.400 --40.8
599.298
764,41
756.1a
603.658 Muskogee
618,084
615.936
472,936 +30.9
Lowell
Total South n 157.430,523 191,226,101 --17.7 183,301,948 181,496,67
451,852
346,185
527.516
409.893 -15.4
Bangor
Total all _ ._ 1.949,887.334 2,990,581,9511 -34.813121.972 8891 005 012 71
_
__
_
- -_ I
oo .942.6
()Maid(' N.
2 986 68141191 --20(11 /K2.047.410 1.287,132,137
Note.-For Canadian clearings see "Commercial and miscellaneous News.
Terms of Subscription-Payable in Advance
etanding
ma
mDern
1
772
THE CHRONICLE
OUR RAILWAY EARNINGS ISSUE.
We send to our subscribers to-day the September
number of our "Railway Earnings" Section. In this
publication we give the figures of earnings and expenses for the latest month of every operating steam
railroad in the United States required to file monthly
returns with the Inter-State Commerce Commission
at Washington.
This Earnings Supplement also contains the companies' own statement where these differ from the
Commerce returns or give fixed charges in addition
to earnings, or where they have a fiscal year different
from the June 30 year, as is the case with the New
York Central Lines, the Pennsylvania RR. and
others.
[VOL. xcix.
condition of our New York City institutions has
changed very little for the better. The fact that the
Clearing-House institutions are, week after week,
showing a large deficiency in the required reserves is
being ignored or thought of very little consequence.
The idea appears to have taken root that, now that
we have facilities for the issuance of unlimited
amounts of emergency currency, we need not bother
about reserves. No more dangerous fallacy ever
gained a foothold.
Last Saturday's Clearing-House return still showed
a deficit of $35,065,000 below the required reserves.
This, too, is after counting $76,585,000 of greenbacks
as legal reserves. That these Government issues of
paper money are a proper reserve is a declaration
of the law but finds no support in economics. On
the basis of gold holdings alone the deficiency last
Saturday would have been no less than $111,650,000.
It is interesting to contrast the course of the gold
holdings of the New York City institutions with the
bullion holdings of the Bank of England in more
recent weeks, and we accordingly present the following table:
THE FINANCIAL SITUATION.
There is not the same objection to shipments of
gold to Canada in moderate amounts and in the
careful way in which the movement is now being
conducted by the bankers who are carrying out the
New York City new loan negotiations,and providing
for the City's maturing obligations abroad, that
Specie Holdings of
there was to the huge outflow promoted with so
Bank of England
N. Y. Clearing-House
much unconcern during the month of July. It
Gold Holdings.
Banks & Trust Cos.
remains true, nevertheless, that we have no gold to June 4__M5,992,318 or $179,961,590 June 6__$441,715,000
11__ 36,935,487 or 184,677,435
13__ 439,002,000
spare and that it is absolutely essential that further
18.._ 38,681,596 or 193,407,980
20__ 427,631,000
shipments hence to Canada be kept within the small25__ 39,928,263 or 199,641,315
27__ 419,848,000
est possible compass. The bankers who are so July 2__ 40,082,797 or 200,413,985 July 3__ 403,885,000
skilfully financing New York City's needs are, of
9__ 39,599,970 or 197,999,850
11__ 380,545,000
course, aware of this fact, and our admonition is
16__ 40,054,654 or 200,273,270
18__ 375,520,000
23__ 40,164,341 or 200,821,705
meant for those critics who in a vain-glorious spirit
25__ 385,072,000
30__ 38,131,544 or 190,657,720 Aug. 1__ 363,380,000
make boastful assertions of national superiority
8__ 311,580,000
and would have the world believe that we have un- Aug. 6__ 27,622,069 or 138,110,345
13._ 33,014,629 or 165,073,145
15__ 308,928,000
limited supplies of the metal and can safely part
20__ 37,959,849 or 189,799,245
22__ 312,361,000
with large amounts of it—this, forsooth, at the mo27.. 43,473,412 or 217,367,060
29__ 317,937,000
ment when all the rest of the world is keeping a tight Sept.3__ 47,772,712 or 238,863,560 Sept.5__ 316,088,000
10__ 47,508,429 or 237,542,145
grip on its own gold reserves.
12__ 320,838,000
17__ 48,720,492 or 243,602,460
The export demand for the metal will fall mainly,
if not entirely, upon the New York City banks, no
Thus while the Bank of England from the low
matter what efforts may be made to induce the banks point on Aug.6 has in the six weeks since then added
of the rest of the country to assume a portion of the no less than $105,000,000 to its bullion holdings
burden. Therefore, so long as the New York City (raising the total from $138,110,345 to $243,602,460),
banks continue to show a deficiency below the re- the New York Clearing-House banks and trust comquired reserve, the situation will be such as to make panies find themselves as badly impoverish
ed in
imperative the exercise of the utmost prudence and gold at the end of the six-week period
as at the becaution. With all the leading countries of Europe ginning. For the five weeks to last
Saturday they
engaged in a gigantic conflict, threatening not only had added just a few millions, increasing
their stock
their physical ruin, but also financial destruction, of the metal from $311,580,000 to $320,838,0
00, but
the United States cannot afford to make a misstep the return to be issued to-day is likely to
show a
of any kind lest we also become involved in the up- good part of even this trifling gain lost because of
heaval. We need not be squeamish about holding outflow of the metal to Canada.
on to our supplies of the metal at a time when all
The fact that the Bank of England has so quickly
the other countries of the world have stopped meeting succeeded in replenishing its gold stock, while we
their obligations to us and to every one else, the are still floundering in the mire, illustrates the difpayment of debts having in practically all of them ferences in methods and policies in the two counbeen legally deferred through the promulgation of tries. In England when gold reserves become immoratoria. We are not oblivious to the fact that paired the authorities at once recognize the seriousit is urged we will damage our credit unless we cancel ness of the situation and begin active work to reevery debt owing by us with payment in actual gold, move the defect. In this country we do nothing, or
but is there not something incongruous about such rather we talk "big." We refer to the supposed
talk at a time when all the European countries are huge stocks of the metal held somewhere else m
taking shelter behind their moratoria?
the country and speak of the duty of helping the
It is rather significant that while the Bank of European banks, which appear to be perfectly capaEngland has added enormously to its gold holdings ble of taking care of themselves. It is idle to prate
since the outbreak of war and began fortifying long of the gold held elsewhere in the, country, which
before—this with a view to strengthening its position cannot be reached, when the demand is invariso as to be able to cope with the extraordinary situ- ably upon this centre and must be met by the New
ation which has arisen in the world's affairs—the York institutions.
SEPT. 19 1914.]
THE CHRONICLE
Actually the Bank of England has added much
more to its gold holdings during the last six weeks
than the above figures indicate, since the total is
given after setting aside 0,000,000 last week and
£500,000 this week, making £3,500,000 together,
or $17,500,000, for the purpose of creating a currency fund. This again shows the difference between the methods here and abroad. In Great Britain, when a special fund is created, the gold is no
longer counted or considered available. Here in
the United States during the past ten days we have
been seriously discussing whether there was not some
way in which we could countthe gold destined for Canada after we had parted with it to the Dominion banks.
Allowing for the gold "ear-marked", the Bank of
England has actually obtained 123 million dollars of
new gold during the last six weeks. Even without
the "ear-marked" metal, the Bank now has $243,602,460 of gold against only $179,961,590 on June 4
last, while the New York institutions hold only
$320,838,000, against $441,715,000 last June. What
the Bank of England has gained, our banks have lost.
Does it look, under these circumstances, as if the
New York institutions could spare another trifle of
$100,000,000 to support the demands of a gold pool?
The foreign trade figures for the United States for
the month of August 1914, issued this week, show
as expected, a very decided contraction as compared
with the corresponding period a year ago, another
one of the baneful results of the conflict now in progress in Continental Europe. The effect has been
greatest upon the export side of the account. The
reason for this is, of course, obvious. When the
war broke out at the close of July considerable imports of goods were already on the way, and these
arrived in August. Merchandise exports, however,
were at once checked. In fact, they practically
ceased for a time, and, except to Great Britain, have
been of very restricted volume, being below the
normal even to South America, owing to lack of
shipping facilities.
The figures for the port of New York, where the
bulk of the country's foreign trade is done, aptly
illustrate the situation. They show a diminution
in the aggregate (imports and exports combined) of
no less than 58 million dollars, and of this over 43
millions was in the value of shipments. The exports to Germany dropped from $9,539,286 in August
1913 to $19,514 in the month this year; to France
from 53/b millions to 13/ millions; to Belgium from
3 millions to one-quarter of a million; to the Netherlands from near 5 millions to under 2 millions; to
Italy from 2% millions to less than a third of a million,
and relatively large declines to other countries of
Europe, except Great Britain, to which the shipments
were quite well maintained after traffic was resumed.
Trade with South America (especially with Argentina,
Brazil and Chili) was also affected, the exports declining from upwards of 10 millions dollars to barely
millions, and the shipments to more distant
points (Asia, Oceania and Africa) were but one-third
of those of a year ago.
The import side of the account, as already stated,
was much less seriously affected, owing to the considerable volume of goods en route for this country
when the conflict came. But from Europe as a
whole the receipts of merchandise at New York in
August totaled a value of only $31,097,557, against
$49,387,893 a year ago, France, Germany and
773
Belgium contributing less than half the aggregate
of a year ago and Great Britain dropping from 123'
millions to 83/ millions. From South America, on
the other hand, the inflow was appreciably greater
than a year ago. It is to be expected that the September grand total of imports will register a much
more decided contraction.
The August exports from the whole country this
year reached an aggregate of only $110,337,545,
the smallest for any month since August 1909, and
contrasting with $187,909,020 for August last
year and $167,844,871 in 1912. Naturally, almost
all classes of goods shared in the falling off, which in
some cases was truly radical. Thus in August 1913
we sent out 257,168 bales of cotton of a value of
$16,518,569; this year the shipments were only
21,210 bales, representing but $1,306,117. Breadstuffs showed a slight increase, due to higher prices,
but provisions fell off 3 1-3 millions, and mineral oils
43/ millions. In fact, the decline in the various
articles for which advance statements are issued—
including, in addition to the above, cattle, sheep
and hogs and cottonseed oil—is 223 millions, leaving 5534 millions as the measure of the diminution
in manufactures, &c. For the eight months since
Jan. 1 1914 shipments of merchandise were well
below the record set last year, the aggregate at $1,311,319,707 comparing with $1,515,182,157 in 1913
and $1,416,346,429 in 1912.
The month's merchandise imports at $129,399,496
were some 8W
1 million dollars less than in August
last year, 25 millions smaller than in 1912, and,
furthermore, the leanest monthly aggregate since
November 1911. The result for the eight months,
however, is a high-water mark for the period, the
total of $1,269,992,869 contrasting with $1,156,300,228 a year ago and the previous record of $1,188,075,234 in 1912. The net result of our foreign trade
for August was a balance of imports of $19,061,951—
an abnormal showing for the season of the year and
only possible under some such extraordinary situation as now exists. Last year the August return
showed an excess of merchandise exports of $50,257,467. For the eight months the favorable balance is only $41,326,838, against $358,881,929 last
year and $228,271,195 two years ago.
The gold movement of the month was very largely
in one direction—outward—netting a loss of $15,090,793, and even that represents only a modicum
of the drain to which our stock of gold would have been
subjected had not various measures been taken to
restrain its outflow. Exports were $18,125,617,
almost wholly to Great Britain, and imports $3,034,824. For the eight months our net loss of the
metal reached $98,599,615, this following an export balance of $32,010,382 in 1913 and $8,570,861
in 1912. In 1911 the flow was inward to the extent
of $20,938,029 net.
Our compilation of building construction operations for which contracts were arranged in 158
cities of the United States in August 1914 indicate a let-up in activity, as would naturally
be expected in view of the European war.
Nevertheless, the building industry did fairly
well on the whole in the latest month,the permits
issued calling for an expenditure only very little less
than in the month of 1913. At a number of important trade centres large gains are reported,
notably at Baltimore, Buffalo, Newark, Jersey City,
774
THE CHRONICLE
[Vol. xc
Boston, Cincinnati, New Haven, Norfolk, Toledo,
British Parliament was prorogued yesterday.
Columbus, Springfield„ Mass., Worcester, Salt Before adjournment the Royal Commissioners anLake City, Seattle and Fort Worth, and at many nounced in the House of Lords that the King had
points where there are noteworthy losses they follow signed the Home Rule Bill and also the Welsh Disconspicuous activity in the more or less recent past. establishment Act and at the same time the accomIn this category may be named Los Angeles, Mil- panying Act which suspends the operation of both
waukee, Minneapolis, Cleveland, Bridgeport, Kansas these measures during the progress of the war. In
City, Philadelphia, San Francisco and Syracuse.
the House of Commons,in a speech proroguing ParliaThe compilation for August, as already intimated, ment, King George devoted his attention solely to
covers 158 municipalities and furnishes a total of the war. "We are fighting for a worthy purpose,"
operations planned in the month of 1914 calling for he said, "and we will not lay down our arms until
the outlay of approximately $65,433,877, against this purpose is achieved. Every endeavor was
$68,724,581 in 1913. Compared with 1912 the exerted by the British Government to maintain the
falling off is much more pronounced. For Greater peace of Europe. Great Britain went to war for
New York the result is better than a year ago, the protection of public law in Europe and because
the contrast being between $10,831,353 and $9,- treaties had been set at naught."
721,210, due entirely to an important increase in
The speech of the King may be regarded as having
the Borough of Brooklyn. Exclusive of Greater a particular bearing upon the persistent rumors that
New York, the contemplated expenditures aggre- have been current during the week that Germany is
gate $54,602,524 for 1914, against $59,003,371 for setting in motion negotiations for peace. The
1913 and $64,793,365 in 1912, with the exhibit most rumors are, however, not unnaturally disavowed
favorable in the New England and Middle sections.
by Berlin in the sense that they emanated from the
For the eight months this year operations in Kaiser or the instigation of the latter. Germany is
Greater New York have been the smallest of recent still presenting a bold front. Its retreat from Paris
years, and at $105,237,260 compare with $112,- is described as a strategic move and the tone is that
641,816 in 1913 and $161,976,481 in 1912, with the of a victor in all official and semi-official announcedecrease in each case most largely in Manhattan. ments. Nevertheless, the fact is clear that the
Outside of this city the decline from a year ago is first campaign, which was to overwhelm France
virtually 18 million dollars ($494,261,245, against before the French military organization could be
$512,099,444). On the Pacific Slope and at the placed upon a footing in which it could present its
South the decreases from last year are large and maximum power of resistance, has failed. Its
slight losses are recorded in New England and the battle against time has been lost and every day
Middle West; but the Middle division and the Far makes the Allied armies stronger. No one will
West show satisfactory gains. Activity thus far in claim that Germany is exhausted. Its magnificent
1914 is to be especially noted at Albany, Baltimore, army will unquestionably still give an excellent
Cleveland, Kansas City, Minneapolis, St. Paul and account of itself, but the odds against it are increasing
Seattle and lack of it at Birmingham, Dallas, Duluth, daily. This is a condition that undoubtedly is
Jacksonville, Jersey City, Houston, Los Angeles, appealing to the Kaiser and his advisers,and suggests
Milwaukee, Newark, New 0-leans, Oakland, Port- the reasonableness of the belief that it is time to
land, Ore., St. Louis, San Diego, Spokane, Tacoma set in motion the machinery necessary for peace.
On the other hand, the Allies are appreciating the
and Utica.
in the tide and they will undoubtedly, unless
turn
Canadian building operations make a distinctly
subjected
to important reverses, seek compensation
unexpectedly
so,
not
but
August,
poor showing for
when it is considered that the Dominion, although in one form or another for the loss of life and wealth.
far removed from the European war zone is, as a It was Germany that forced the war, not the Allies.
colony of Great Britain, vitally involved in the The German Ambassador at Washington, Count
conflict. In some sections of Canada the situation Johann von Bernstorff, in an interview furnished
in the building industry is said to be very acute, for publication made the following significant stateas for instance in Montreal, where at a meeting of ment: "I have no information 'yet as to whether
contractors held recently, it was intimated that my country has replied to President Wilson's offer
either the cost of work will have to be reduced or it of mediation, but I can say,and I do say,that until
will stop entirely. Referring to the subject in its this talk of crushing Germany is stopped and until
issue of September 12, the "Financial Post"(Toronto) Germany is insured that not one inch of her terrisays: "It is evident from the numerous opinions tory will be taken from her, she will fight". It is
expressed that unless some immediate means of also a significant fact that Germany has informally
improving the conditions attributed to the war are asked the United States to find out for her what
devised, the building business will come to a stand- terms the Allies will make for the restoration of peace.
still within a month or so, or as soon as present con- The suggestion was made to Ambassador Gerard
tracts are finished. Two features stood out in the at Berlin by the Imperial Chancellor. The Chandiscussion (of the contractors) the difficulty of cellor's statement, as cabled by Ambassador Gerard,
getting money from the banks and the necessity of to President Wilson, is:
securing cheaper labor."
"Germany was appreciative of the American GovFor the month of August returns from 49 Canadian ernment's interest and offer of services in trying to
cities furnish an aggregate of prospective outlay for make peace. Germany did not want war, but had it
buildings of only $5,660,459, against $12,704,651 forced on her. Even if she defeats France,she must
likewise vanquish both
in 1913. The eight months' total for the same 49 all three have made an Great Britain and Russia, as
agreement not to make peace
cities (31 in the East and 18 in the West) reaches except by common consent.
but $79,166,697, or 26 million dollars less than last
"Similarly England has announced through Preyear, with 15 millions of the decrease at the West.
mier Asquith and her diplomats and newspapers that
she intended to fight to the limit of her endurance.
SEPT. 19 1914.]
THE CHRONICLE
In view of that determination on the part of Great
Britain, the United States ought to get proposals of
peace from the Allies. Germany could accept only
a lasting peace, one that would make her people
secure against future attacks. To accept mediation
now would be interpreted by the Allies as a sign of
weakness on the part of Germany and would be misunderstood by the German people, who, having made
great sacrifices, had the right to demand guaranties
of security."
Press Association reports state that there is high
authority for believing that the three prerequisites
to Germany's consideration of peace negotiations are
as follows:
.First. There must be something more substantial
in President Wilson's offer than the mere tender of.
good offices of the United States; assurances must be
given that the Allies also wish peace and that England
must forego her demands for war to a finish and for
completely crushing Germany.
Second. Guaranty must be given that Germany
in Europe will not be dismembered.
Third. Assurance must be forthcoming that Germany will not be subjected to hostile commercial
encroachments of the nations which surround her in
the future.
President Wilson's inquiry through Ambassador
Gerard was taken after Oscar Straus had gained the
impression through a conversation with Count von
Bernstorff,the German Ambassador, that there was
a likelihood that Germany would be willing to talk
peace, though the Count made it plain that he expressed his personal opinion and not the views of the
German Government. President Wilson has intimated that he does not regard the reply from the
German Imperial Chancellor as absolutely closing the
door of peace discussion as the result of the peace
overtures. The belief in Administration circles is
that the Kaiser, if he really is inclined toward peace,
may yet avail himself of the opportunity to send a
• communication to the President in response to the
inquiry.
775
to the River Meuse north of Verdun, a distance,
including the irregular formations, of about 150
miles. The Germans have fortified themselves
on the mountains north of the River Aisne, through
the plains of Champagne, and in the Argonne
Mountains, through which the Meuse flows. The
German troops have essayed some counter-attacks
against the Allied troops, which have been
trying to prevent the work of German entrenchment.
According to English and French official reports,these
attacks have been repulsed and the Germans compelled to give way at certain points; but the German
General Staff claims just the opposite results. Field
Marshal Kitchener, British Secretary of State for
War, speaking in the House of Commons on Thursday, with a full knowledge of the situation at the
front, declared: "The tide has turned." The Secretary, however, sought to impress upon his hearers
his belief that the war will still be a long one.
In the East the Russian operations in Austria are
still apparently progressing favorably, although the
opposition is apparently becoming more effective.
In a statement issued on Tuesday the Russian Minister of War declared that the Russian army is going to
capture Berlin, which is the task that has been
assigned to it by the Allies in the present war. He
added that Russia had been compelled to remove
the Austrians as a source of danger, but that they
have not planned any general invasion of Hungary
or any effort to take either Budapest or Vienna. The
Russians are administering the conquered territory in
Austria but have made no attempt to annex it. The
Russians report that they have put out of commission
60% of the Austrian fighting force, and that they
have taken 250,000 prisoners. They estimate that
another 10% of Austria's fighting force has been destroyed by the Servians. The Servians and Montenegrins, according to a news dispatch from Rome,
have joined forces and are now advancing along the
entire frontier. The Servians are said to have
men in Hungary and a large army is besieging
As to the week's military operations in the theatre 150,000
in Austria. The Russian General Staff
Vishnegrad
of war, it may be accepted that one of the mighiest
denies German reports of reverses. It
Petrograd
at
battles in history has been in progress for six days,
Russian forces are still before Konigsthe
that
states
known as the Battle of the Aisne, and it is not
German army has been driven back
the
that
and
berg
probable that a decisive result will be achieved for
The Austrian-German army is
frontier.
the
across
several days. The German force engaged, according
to French advices, is placed at 1,100,000 men; the now in the angle between the rivers San and Vistula,
Allies are credited with 1,500,000. The latest state- where the Russians expect to make their next attack.
ment furnished by the French War Office is merely The Germans are said to have concentrated in East
Prussia a force of 750,000 men. This is believed to
a report of progress, reading:
"The battle continued during the day of Septem- be a larger force than is necessary for the defense of
ber 17 along the front from the River Oise to the the Province, and may be used for the invasion of
Woevre, without important changes in the situation Russian Poland and the capture of Warsaw. Two
at any point.
of the Austrian armies retreating before the
"First. On our left wing, on the heights to the Russians in Galicia are said to have succeeded
north of the River Aisne, we have made slight pro- in joining forces at Rzeszow, 32 miles north
gress against certain points. Three offensive coun- of the
fortress of Przemysl. Advices from Ruster-attacks undertaken by the Germans against the
sian
official
sources published by the British Official
English army failed. From Craonne to Rheims we
ourselves repulsed some very violent counter-attacks Bureau say that since the taking of Lemberg the
executed during the night. The enemy tried in vain Austrians have lost 250,000 killed and wounded,
to take the offensive against Rheims.
100,000 prisoners and 400 guns. Turkey has once
"Second. On the centre, from Rheims to the again declared its neutrality. A note has been preArgonne, the enemy has reinforced himself by con- sented to the Turkish Grand Vizier by the ambassastructing important fortifications, and has adopted
dors at Constantinople of some of the Powers, proa purely defensive attitude. To the east of the
testing
against the decree abrogating the rights of
Argonne, in the Woevre district, the situation is
foreigners
in the Ottoman Empire. Secretary Bryan
the
and
unchanged. On our right wing, in Lorraine
Vosges, the enemy occupies positions organized on a cabled the American Ambassador at Constantinople
defensive basis in the vicinity of the frontier."
on Tuesday to register with the Ottoman GovernThe line of battle extends from the region ment vigorous objections of the United States Govof Noyon on the River Oise northwest of Paris ernment to the decree. The United States, by taking
776
THE CHRONICLE
[VOL. xc
this action, is now aligned with Great Britain, the Kaiser's troops have been forced to retrace a
France, Italy and Russia, which have already pro- part, but as yet not all, of their original advance.
tested to Turkey.
The explanation of the great significance attributed
to the retreat is the fact that the plan for overChina has been notified by the German Charge whelming France before it could prepare for a
d'Affaires that Germany reserves the right to deal sustained defense has been unsuccessful, the boast
with the Chinese Republic as she seesfit because of the and belief of the German troops that they were
breach of neutrality in allowing Japanese troops to invincible has received a severe shock, and the war
land on Chinese territory. Japanese forces have from now on promises to simmer down more into
captured Chi-mo, ten miles out of Kiao-Chau for- the character of a steady test of numbers, of military
tifications. The vanguard of the Japanese army skill and financial resources. With the German
has reached Kiao-Chau city.
rush checked, financial interests find inducement to
look at the horrifying butchery as less of a personal
President Wilson's reply to the Kaiser's message, and more of a general influence than has heretofore
to which we referred in last week's "Chronicle," ac- been the attitude. Hence, there is evidence of a
cusing English and French troops of using dum-dum tendency to proceed with business. How soon a
bullets, declared that it would be "unwise, premature, definite start can be made it is difficult to say.
even inconsistent, for a neutral Government like Dispatches from London are not specific on this point,
this to pass judgment now." The nations of Europe, though suggestions that business in some form will
the President said, would, after the conflict, deter- be resumed within thirty days seem to be becoming
mine a settlement.
more or less general in usually well-informed circles.
One step that has been taken appears significant:
President Wilson on Tuesday ordered the with- On Tuesday evening the London Stock Exchange
drawal of the United States troops from Vera Cruz, Committee issued a long list of official quotations
Mexico. The President's statement announcing the for high-grade securities in which trustees under
fact follows: "The troops have been ordered with- English law may invest. The promulgation of the
drawn from Vera Cruz. This action is taken in view list was accompanied by a resolution prohibiting
of the entire removal of the circumstances that were members of the Exchange from selling the securities
thought to justify the occupation. The further in question below the official prices. These prices
presence of the troops is deemed unnecessary." The do not differ materially from those current at the
President's decision is based, it is understood, on a final session of the Exchange in July. The resolureport from Paul Fuller, the New York lawyer who tional also prohibiteclitransactions in options and time
succeeded John Lind as special agent of the President transactions, such as sales or purchases for future
in Mexico, and who left for the United States last delivery. Another important step was taken by
week after several days of conference with General the Exchange Committee on Thursday, when it gave
Carranza at Mexico City. Mr. Fuller's report was notice that in the near future it would name a date
that the withdrawal would greatly facilitate the after which American stocks standing in the name
efforts of Carranza to establish a stable government of alien enemies would cease to be a good delivery
in Mexico. Consul John R. Silliman reports from on the London Stock Exchange. The members of
Mexico City that the Constitutionalists have taken the Exchange holding such certificates were advised
possession of the National Railways of Mexico and by the Committee to at once have the certificates
re-named them the Constitutionalist Railways of registered in their own names. One effect of this
Mexico. It is officially announced, however, that action presumably will be to encourage or force
the semi-annual general meeting of the stockholders German or Austrian holders of American securities
of the National Railways will be held on Oct. 7, new who wished to sell them to send them direct to the
directors will be chosen and the lines formally turned New York market for that purpose. Still further,it
back by the Constitutionalists to the company. is a precaution against the delivery of securities
Under the merger terms, the Government has the held in the names of persons killed in battle. A
right to control the board of directors. Directors particularly encouraging feature so far as the
will be chosen who are in full sympathy with the British home investment is concerned is the announceConstitutionalists. The publication on Wednesday ment that has been made that the Government, in
of an alleged interview with Sir Lionel Carden, until view of its necessity of interfering with the business of
recently British Minister to Mexico, and now Minis- the railroads, has decided to guarantee the current
ter to Brazil, in which he is quoted in terms of severe dividends on the railroad shares. It is announced that
ctiticism of President Wilson's policy in Mexico, was the Edinburgh and Glasgow Stock Exchanges are to
the basis of an apology by the British Ambassador at co-operate with the London Exchange in arranging
Washington on Thursday. Sir Cecil Spring-Rice remaining commitments at the prices at the close of
formally expressed his regret at the publication of the business on July 30, or contangoing at 8 to 10%
interview, which, he said, was contrary to diplomatic with funds supplied by a representative body of
usage in general and to the regulations of the British leading members. The Stock Exchange at Sydney,
N. S. W., will reopen for business on Monday.
Government, and was therefore unauthorized.
Press cables state that the attendance in Throghave
been
week
not
this
morton
London
Street is increasing, and that American seAccounts from
early
the
reexpect
curities
are being traded in on the basis of about
to
encouragement
without
centre—
that
4
at
for
Exchange
United States Steel, 1113/ for Union Pacific,
Stock
83/i
opening of the
the
of
success
for
The
basis.
Amalgamated Copper and 158@1593/ for
restricted
483/i
possibly on a
Allied armies in forcing back from Paris the German Canadian Pacific. Quotations for British consols
advance is, it would seem, being interpreted at the have ranged between 683/ and 70. The London
British centre as a Idevelopment of greater import- capital market also is presenting a better appearance than would be suggested by the mere fact that ance. On Wednesday a third installment of British
SEPT. 19 1914.
THE CHRONICLE
Treasury bills issued for war purposes was offered
and was quite as successful as the earlier issues. The
amount offered was £15,000,000, equally divided
between six months and twelve months bills. But
the subscriptions for the former amounted to £24,561,000 and for the latter £22,487,000. The six
months' bills were placed at an average rate of
2 15-16% and the year bills at 3 13-32%. The
French Government is selling 5% Treasury bills in
London, the Rothschilds having placed 50,000,000
francs at the British centre. An offering on Monday
of £100,000 Metropolitan Water Board six months'
bills was subscribed five fold at an average discount
of 3.15%.
The chief problem before the London Stock Exchange Committee appears to be the necessity of
making some arrangement for extending the loans
made to Stock Exchange firms by London banks.
These loans, it is estimated, are not far from £80,000,000 in the aggregate. Some effort has been
made to induce the British Government to guarantee
these loans, the banks in their turn agreeing to extend
maturities of the same for a year. This plan,
however, does not seem to promise to be successful.
Another plan that is under consideration is one
whereby unpaid speculative differences may be
made payable in installments.
On Thursday London bankers engaged in the foreign exchange business resumed their semi-weekly
meeting on the Royal Exchange for the purposes of
fixing foreign exchange rates. It will take time, of
course, for a return to normal conditions, although
the committee report an improved situation in financial arrangements with France, Belgium, Italy and
Scandinavia; the New York situation still remains
a source of trouble owing—to quote a cable from one
financial correspondent—to "refusal by New York
to ship gold."
777
No direct financial advices have been received
from Berlin. A dispatch via Copenhagen, however,
states that a war loan of 1,000,000,000 marks has
been offered, for which the subscriptions have
amounted to only 300,000,000 marks. We stated
last week that the 1,000,000,000-mark offering
was to be issued in five separate installments to
bear 5% and be offered at 9732. It seems probable, therefore, that the subscriptions in question
were for the first installment only and hence the
loan is not a failure such as is claimed by cable
advices from London. The directors of the Berlin
Bourse have decided to postpone the settlement
one month from the end of September. The
directors also have fixed the rate of interest on
outstanding obligations at 63
4%. It was reported
that efforts on behalf of Germany were made to
place a part of the German War loan in this country.
In view of the action taken by the Administration
at Washington in connection with the French loan
foreign bankers here were not disposed to offer the
loan in New York. A number of these bankers,
whose names were without authority mentioned
in connection with the proposed transact on, openly
deny any intention of aiding the German Government in this way. It is reported that the Krupp
firm and members of the Krupp family were subscribers to the extent of 30,000,000 marks to the
war loan.
Official foreign bank discounts have not been
changed this week. Rates for bills in Lombard
Street are, however, quoted at 3%, while some business has, it is reported, been accomplished at 2%%.
Day-to-day funds in London are quoted at 13/2 to
No reports of private bank discounts are
available from other European centres. The official bank rates at the leading foreign centres are:
London, 5%; Paris, 5%; Berlin, 6%; Vienna, 8%;
It is reported by the way of London that at the re- Brussels, 7%, and Amsterdam, 5%.
quest of M.Ribot, the French Minister of Finance,
The Bank of England continues to make steady
the brokers at Bordeaux,the temporary French capprogress.
In its current return it reports an increase
Paris
ital, have associated and decided to reopen the
in bullion and in the total reserve of
£1,212,063
of
confirmation
of
this
report
Bourse in that city. No
has been received from Paris, although the news £1,811,000. The proportion of reserves to liabilities
does not appear altogether improbable when it is has increased to 21.17%, from 19.81% last week,
considered that the Bourse and the Government and compares with the low point of 14.60% on
are so closely associated in French financial opera- August 7. At this date one year ago the proportion
tions. Another report that likewise lacks direct was 60.75% and two years ago 50.64%. There
confirmation is that the funds of the Bank of France was a decrease in public deposits noted this week of
have been transferred to England and are now on £5,763,000, but an increase of £4,337,000 in other
deposit in the vaults of the Bank of England. The deposits. A still further reduction in loans (other
directors of the Bank of France (quoting the report securities) of £3,130,000 was reported, while note
in question) were unable to provide in Bordeaux circulation showed a contraction of £599,000. The
sufficiently strong vaults to warrant the holding of Bank now holds a larger amount of gold than at any
such an enormous sum of cash, hence the transfer corresponding date in recent years. The total is
to England was reported to have been decided upon. £48,720,482, which compares with £42,007,766 one
President Poincare on Sunday last signed a decree year ago and £41,632,435 two years ago. On the
authorizing the issue of Treasury bonds redeemable other hand, its loan item shows the enormous total
from three months to one year, bearing 5%. The of £113,792,000, against only £26,308,517 in 1913
bonds are to be called "national defense bonds," and £35,597,638 in 1912. Deposits (non-public)
and the holders will have preference in the allotment naturally make a corresponding comparison. They
of future loans. The total amount of the issue aggregate £135,041,000, comparing with but £42,authorized has not been received by cable, but the 630,196 in 1913 at this date and £46,355,339 in 1912.
bonds will be in denominations of 100, 500 and 1,000 The Bank's reserve stands at £32,943,000, against
francs. As we have already stated, a block of £31,761,426 one year ago and £31,534,460 in 1912.
50,000,000 francs of these securities has been placed The Bank holds £25,669,000 in Government securiin London. Yesterday's advices from Bordeaux quote ties, a decrease of £78,000 for the week. One year
3 %. ago the total was £12,453,405 and two years ago
3% rentes there at 73.65 francs, ex-interest of 4
£13,367,655. Our special correspondent furnishes
778
THE CHRONICLE
the following details by cable of the gold movement
into and out of the Bank for the Bank week: Imports,
£1,722,000 (consisting of £1,183,000 bar gold and
£539,000 American gold coin bought in the open
market); exports of £500,000 "ear-marked" currency
note redemption, and exports of £10,000 net to the
interior of Great Britain. We add a tabular statement comparing for the last five years the different
items in the Bank of England return.
BANK OF ENGLAND COMPARATIVE STATEMENT
1914.
1913.
1912.
1911.
1910.
Sept. 16.
Sept. 17.
Sept. 18.
Sept. 20.
Sept. 21.
Circulation
34,622,000
Publid deposlts
18.643,000
Other deposits
135,042,000
Gov't securitie2
25,669,000
Other securities
113,792,000
Reserve notes& coin 32,547,000
Coin and bullion
48,720,000
Prop. res. to Habil_
2131
, %
Bank rate of disc't_
5%
28,696,340 28,547,975
9,629.267 15,884,550
42,630,196 46,355,339
12,453,405 13,367,655
26,308,517 35,597,638
31,761,426 31,534,460
42,007,766 41,632,435
6031%
5031%
%
4%
28,955,915
11,001,074
45,554,393
14,097.524
29,080,887
32,572,834
43,078,749
563.1%
4%
27,635,995
12,485,785
43,535,619
15,265,770
29,111.810
29,905.229
39,091.224
5334%
3%
Last week we were able to give the return of the
Imperial Bank of Germany dated August 22, as
received by mail. We have not yet received the
return of one week later, which is rather unfortunate,
since the cables have brought details of the showing
as of September 7 merely in the form of increases
or decreases from the August 29 figures. However,
the September 7 statement shows that bullion, bank
certificates and bank notes decreased 5,078,000
marks; gold increased 23,649,000 marks; loans increased 3,883,000 marks; discounts and treasury
certificates decreased 70,298,000 marks; commercial
paper decreased 46,621,000 marks; notes in circulation decreased 96,807,000 marks and deposits decreased 22,395,000 marks.
VOL.[
acrx.
held as security for call loans because of omission to
pay such loans, and that four-fifths of the banks
have refrained from calling since the closing of the
Exchange any of the outstanding loans, although
requiring customers to furnish additional collateral
where it was needed." The Comptroller's statement
in full is given on a subsequent page.
Last Saturday's Clearing-House statement of
averages of the associated banks and trust companies
showed an increase in the loan item of $26,030,000,
of $17,906,000 in deposits and of $10,154,000 in circulation (presumably emergency notes). The cash
reserve increased $6,419,000, but as the increased
deposits require $4,354,700 additional reserve, this
left only $2,064,300 to be deducted from the deficit
of cash below requirement, which now stands at
$35,065,000. At the corresponding date a year ago
there was a surplus above requirements of $4,596,750 and two years ago there was a surplus of $1,671,800. The cash in bank vaults increased $4,575,000,
cash in trust companies' vaults increased $1,844,000
and trust companies' cash in banks increased $46,000.
Referring to money rates in detail, it may be repeated that quotations of call loans have each day
this week covered a range of 6@8%,the lower figure
continuing the ruling rate. Time money quotations
remain at 6@8% for all periods, and mercantile
paper is moving rather more freely. Quotations for
choice names are 63/2@7% for sixty and ninety-day
endorsed bills receivable and for four to six months'
single names, though less favorably known require
7m@8%.
In local money circles there has been an appreIn sterling exchange circles still further progress
ciable easing up in conditions, although money rates has been made toward a more general resumption of
for time maturities must still be quoted at 6@8% for business. Demand bills have sold as low as 4 92%,
all dates. Probably 7% may be considered the most which compares with 4 98%@4 98% at the close
representative rate, and we learn that quite a con- on Friday of last week, while cable transfers have
siderable business at that figure has taken place on declined as low as 4 93%,which compares with 4 993
the six months' maturity. There has likewise been @4 99%, the quotations of a week ago. At the
some movement of six months' commercial paper, extreme close, however, substantial recoveries folchiefly at 7%. Call money has remained pegged at lowed the sudden entrance of uptown importers
6@8%. Thus it is evident that the easier feeling to into the market as buyers. Meanwhile a subwhich we have referred is more in the matter of sen- stantial amount of business in seven-day grain
timent than in actual rates. The banks are showing bills has taken place at as low as 4 92, comparing
less independence in talking business to the lenders. with 4 96@4 963/i on Friday a week ago. Thus it
There is still a steady pressure to encourage payment is evident that steady improvement has taken place.
of loans that have matured and of which securities One influence of importance in this direction has been
furnish the collateral. This is not by any means the removal of the New York City obligations mataking the form of pressure that is either offensive turing in London as a factor in the situation. The
or unnecessarily harsh, but the situation is one that first call has been made upon the syndicate. of New
requires adjustment. We mentioned a short time York banks, bankers and trust companies which are
ago that Mr. Williams, the Comptroller of the underwriting the New York City $100,000,000 6%
Currency, had requested certain data from the New note loans. This installment amounted to $8,York banks as a result of complaints made to him 250,000. Part of this payment was made in sterling
that New York banks had been acting harshly in the exchange, namely $1,600,000, while $6,150,000 was
matter of loans secured by stocks and bonds. Mr. in gold. On Monday J. P. Morgan & Co. forwarded
Williams received replies from all the banks which, $4,650,000 to Ottawa for account of the Bank of
to quote his official statement, "show that although England, representing the total required to meet
the complaints received had been well founded, and New York City's maturities in Europe between
while some hardship had been inflicted by discrimin- Sept. 14 and Sept. 28. Altogether $7,748,000 in
ation by some few banks, the New York City banks gold has gone to Canada this week, of which $6,650,.as a rule have handled the situation with skill, ability 000 was in connection with the city's London obliand with marked consideration and forebearance to gations, the remainder being chiefly on account
.creditors and customers. The inquiry developed the of the United States Government's tourist relief
gratifying fact that since the closing of the New York plans. Another satisfactory development has been
Stock Exchange not a single national bank of New the appearance of a substantial supply of cotton bills,
York City had, according to the sworn statements of while grain bills also have been moving with greater
the banks, either sold or ordered sold the collateral freedom. Advices have been received that suggest
SEPT. 191914.]
THE CHRONICLE
779
quite a demand for the New York City notes in Lon- of uptown importers as buyers of bills caused a
don, which will, of course, mean, for practical pur- sharp advance before the close and final figures were:
poses, the extension of the obligations and to that 4 953©4 953 for demand and 4 963'@4 963/ for
extent reduce the demand for remittances. There cable transfers. Sixty days 4 92. Commercial on
has also been this week an inauguration of business banks nominal; documents for payment nominal.
in a limited way with Germany (via Copenhagen), Seven-day grain bills 4 92@4 93. Cotton for payFrance, Switzerland and Italy. French cables were ment nominal; grain for payment nominal.
quoted at 5 10 yesterday and checks at 5 11, while
The New York Clearing-House banks, in their
mark cables were 963 and mark checks 95ki.
The Federal Reserve Board on Saturday last de- operations with interior banking institutions, have
cided to delay further consideration of the proposed gained $9,746,000 net in cash as a result of the cur$150,000,000 gold pool until the effect of the New rency movements for the week ending Sept. 18.
York City loan arrangement had become apparent. Their receipts from the interior have aggregated
Therefore they will now again give the matter con- $14,874,000, while the shipments have reached
sideration. Alfred H. Wiggin, President of the $5,128,000. Adding the Sub-Treasury operations
Chase National Bank and Chairman of the Clearing- and the gold exports, which together occasioned a
House Committee, and Benjamin Strong of the loss of $8,818,000, the combined result of the flow
Bankers Trust Co., left for Washington on Thurs- of money into and out of the New York banks for
day night to confer with the Reserve Board. They the week appears to have been a gain of $928,000,
were accompanied by James B. Forgan, President as follows:
of the First National Bank of Chicago, and Chairman
Na Change in
Out of
Into
Bank Holdings.
Banks.
Banks'.
Week ending Sept. 18.
of the committee which has suggested the establish$5,128,000 Gain 59,746.000
$14,874,000
Banks' Interior movement
ment of the gold pool as a means of assuring foreign Sub-Trees.
26,097.000 Loss 8,818,000
17,279.000
oper. and gold exports__.
creditors that obligations will be met. The board, Total
5928,000
532,153,000 $31,225,000 Gabs
after hearing the arguments, virtually decided to
The following table indicates the amount of bullion
favor the raising of a $100,000,000 gold fund by the
in
the principal European banks.
being
banks, only a first installment of $25,000,000
that
hope
immediately called, however, with the
Sept. 18 1913.
Sept. 17 1914.
Total.
Silver.
Gold.
Total.
that will prove sufficient. Formal action by the Banks of Gold.
Silver.
Board on these lines is expected to-day or Monday.
42,007,766
48,720,492 42,007,766
England__ 48,720,492
France
1 190,666,960137,918.320 25,571,560 163,489,840
165,653,680 25.013
Our own opinion is that the situation is clearing so Germanyb
81,571,450 58.519.550 13,734,000 72.253.550
77,671,450 3.900,
___ 172,433,000 5,866,000178,299,000 162,801,000 7,296.000170.097,000
rapidly that there is even less occasion than a week Russia
Aus.-Iluna 51,578,000 12,140,000 63,718,000 50.709,000 10.729,009 61.438,000
precious
The
gold.
of
exportations
pain
____
21,818,000 27,436,000 49,254,000 18,598.000 29,665.000 48,263.000
arbitrary
for
ago
Italy
44,546,000 3.000.000 47,546,000 45,962,000 3,200,000 49.162,000
656,200 12,932,200
945,400 14,462,400 12.276,000
13,517,
metal should, as a matter of policy, be kept at home, Nethereds
5,326,667 15,980,000 8.303.333 4,151,667 12,455.000
Nat.Belg 10,653,33
5.703,000
5,736,000 5,703,000
I
5,736.il.
and shipments of cotton, of grain and of foodstuffs Sweden
6,783,000
8,674,600 6.183.111
Switzer'd. 8,674,61
2.467,000
III
should
2,467,000
3,118.000
3,118,
Norway_.
generally, which are the equivalent of gold,
647.051,356
95,003,387
83,627,347
707.746.3021552,047,969
week
Total
624,118,955
be used to liquidate our indebtedness.
Prey. week 622,489,642 96,466,897 718,956,539 549.194,51 I 95,206,513644,401.023
a Data for 191411 for July 30. b For Sept.7
Compared with Friday of last week, demand
sterling and cable transfers on Saturday were
GERMAN ARMY'S RETREAT AND THE
slightly higher, being quoted at 4 98,4 99 and THE
IMPOSSIBLE PEACE PROPOSALS.
4,respectively, seven-day grain bills
4 993A@4 993
Out of the confused and contradictory reports of
were also firmer at 4 963/2@4 97; quotations were
along the 100-mile front,
little more than nominal, as trading was very light. the engagements in France
the closing days of last
and
On Monday an easier tendency was evident; demand between September 1
field of grand strategy
the
in
bills declined to 4 98@4 98 and cable transfers week, the actual results
the German
Briefly,
emerged.
to 4 99; grain bills receded to 4 953/2; the disposition have this week
gates of
very
the
to
Belgium
from
advance
was still a waiting one, though further successes Army's
conmovement,
irresistible
seemingly
a
in
Paris,
of the Allied Armies had a favorable effect on market
sentiment and the outlook for increased exports tinued from August 23, when the French retreat
continues to improve. Sterling ruled firm on Tues- began, to the end of the month. On August 26
day; demand bills remained unchanged at 4 98@ came the culminating movement of the German plan
4 983/b and cable transfers at 4 99; grain bills, how- of campaign, in an effort to outflank the Angloever, advanced to 4 96@4 963; actual transactions French forces on the left of the Allied army. Had
were small. On Wednesday increased offerings that been done, had the French left been crushed and
here, together with a lowering of English discounts, the French line broken at the centre, there would
brought about a decline to 4 973/2 for demand bills have remained the possibility of another Sedan,
and 4 983@4 983/ for cable transfers, with quota- with Paris as the prize of victory.
The German plan failed at the critical moment,
tions for grain bills ranged between 4 95%(4)4 96.
A further sharp recession took place on Thursday, chiefly because of the steady resistance of the
when demand sold as low as 4 95%@,4 96—a drop English on the Allied left. Failing in these recents—and cable transfers to 4 963/@,4 963; peated efforts to outflank the Allied left, the German
of
large Army engaged in that operation suddenly altered
seven-day grain declined to 4 94@4 94
supplies with a very light demand were mainly its plan, adopting a program of action whose results
responsible for the decline, while general improve- were disastrous, and the reasons for which have not
ment resulted from the successful financing of New yet been clearly explained. Withdrawing from his
York City's foreign debts. On Friday the market attack on the French left flank near Paris, General
showed distinct weakness early in the day, demand von Kluck turned southeast, marching his army
4 and cable transfers 4 939, across the Allied front, apparently with a view to
bills touching 4 923
but as we have already noted, the sudden appearance co-operating in an attack in force on the Allied
780
THE CHRONICLE
XCIX.
centre. One of the maxims of war recognizes the mined in the matter, first, by the fact that the
extreme danger of changing front in the face of the German Army's presence in Belgium was admittedly
enemy, and we have had a new demonstration of its in violation of treaty pledges,and,second that, nottruth. General von Kluck's army, by its turning withstanding this fact, a campaign of the utmost
operation, exposed its right flank to the English severity was carried on against the Belgians,including
force on the French left, and at that very moment enormous cash requisitions on captured cities—
a fresh French army of defense, larger than had something not witnessed at such a stage of military
been supposed, advanced on the rear of the Germans. operations since Napoleon's first campaign in Italy,
The German general's position,when thus enveloped, conducted under the free and easy principles of the
was one of extreme danger, and for three days, French Revolution. Nevertheless, President Wilson
between September 7 and September 10, he was was absolutely correct in refusing to pass judgment
fighting to extricate himself. The magnitude of on the allegations, either of the Belgians or of the
that task is indicated by the frank recognition, on Kaiser. He took the proper course in expressing
the part of the Allies, of General von Kluck's achieve- abundant sympathy, but in leaving adjustment of all
ment in retiring to a safe distance without disaster, such grievances to the conference of Powers which
though with exceedingly heavy losses. His retreat, must follow termination of the war, and the passing
however, compelled the retirement of the whole of judgment on them to the Hague Tribunal.
German line, which has now retraced, so far as
Unhappily, there is little reason to suppose that
concerns its right and centre, half of the one hundred the efforts of the United States Government in behalf
and twenty-five miles traversed in the August of peace can at this time be effective. It was wholly
campaign of invasion.
improbable that the German Government would
As was to be expected, when the Germans had formally entertain such a proposition, since that
withdrawn in order and without general disaster, would inevitably mean a confession of weakness for
their rear guard actions have been stubborn and they its own military position. To our Ambassador at
have themselves made repeated stands for offensive Berlin the German Imperial Chancellor on Thursday
action against the pursuing Allies. This resistance answered that Germany can accept no mediation in
is naturally increasing, the nearer the Germans default of proposals from the Allied Governments;
approach their own real base of supplies. The that her acceptance of mediation now would be misnext move in the campaign is for that reason ob- understood, and that while "Germany did not want
scure—not less so from the fact that the original war, but had it forced on her," she could in any
plan of campaign of both armies has now necessarily case "accept only a lasting peace." But in view
been replaced by wholly altered purposes. If the of the attitude publicly taken by the Allies, to the
Allies are able to maintain a constantly increasing effect that no terms of peace will be considered which
force, and to handle them effectively over the terri- are not based on absolute German defeat, the infertory now twice traversed by hostile armies, the ence would seem to be that the conflict must still
Germans may be crowded back upon their own be fought out.
frontier. But this assumes several doubtful quesUnofficially, reports cabled from -London have
tions.
cited probable demands by the Allies which would
It is quite impossible, for one thing, to say what necessarily be inadmissible, unless imposed on an
military resources the Allies now possess in Belgium. utterly crushed and helpless enemy. These intimaIf the resistance at that point is weak, the German tions suggested not only a demand for the return of
armies might easily maintain their position where Alsace-Lorraine to France but cession of new Rhine
they originally entered France. If, on the other territory to Belgium, of Germany's northeastern
hand, the troops in Belgium are numerous and provinces to Denmark, of Poland to Russia and of
powerful enough—and it is certain that some re- Trieste to Italy. No negotiations could possibly be
enforcements have been sent there—the German opened at this time on any such basis. But there is
retreat might be gravely threatened at that point, more than that to say of them. All territorial transand their whole 100-mile line compelled to withdraw fer, as a result of war, is fraught with the highest
through Luxembourg and the passes further south; danger, as has clearly been shown in the history of
a very difficult manoeuvre. But now, as heretofore, Germany's own acquisitions in Alsace-Lorraine durthe Allies have to face a wonderfully organized ing 1871. It is most apt to create the basis of a
military machine, which may possibly turn out to future war. For moderating excessive demands of
operate as effectively on the retreat as on the ad- the Allies in such directions—especially when the
vance.
wishes of the people in the transferred territory are
This military situation throws interest on two other not consulted—the civilized world will look to
questions of the moment—the appeal of the Belgians England, under the agreement requiring consent of
to President Wilson, with the Kaiser's counter- all allied combatants to any terms of peace.
The further stipulation, ascribed in the dispatches
representation regarding the conduct of the Belgians,
and the fate of our Government's offer at mediation. to England itself, that Germany's sea power shall be
The presence of the Belgian Commission at the reduced, is capable of two interpretations. If it
White House last Wednesday, and its dignified refer- means that Germany alone should be heavily restricence to the findings of the judicial inquiry into the ted in that direction, while all the others Powers
alleged outrages of the German Army, was an un- continue to expand at will, such a stipulation would
doubtedly dramatic incident of the war. Much be decidedly against the interest and future welfare
allowance will be made, by all careful readers of that of the world at large. It is possible, however, that
document, for exaggerations in testimony collated these vague intimations may refer to a purpose on the
under such circumstances, and for the ascribing to British Government's part of enforcing, as terms of
set design of actions which were among the inevitable peace, such international agreement, mutually limitbarbarities of war. There can be little doubt that ing the annual expenditure offall Powers on armapopular sympathy in this country is already deter- ments, as has already been proposed in time of peace
SEPT. 19 1914.]
THE CHRONICLE
by England and rejected by Germany. An arrangement on such lines, approved of and enforced by
all Powers, applied to the armaments of them all,
and extended, perhaps, to the land armament as
well, would at least have the high merit of achieving,
through war,results of paramount benefit to humanity. Such terms of peace, effectively laid down,
would solve the problem of the enormous burden of
military expenditure—concerning the solution of
which European statesmen as a whole had despaired
while the storm cloud was overhanging which has
now burst with full devastating force on the world.
781
been accustomed to having it; his ways may not be
the best, but only time and gentle suggestion can
persuade him to change them. An Englishman who
is here on business connected with exporting is reported as telling hardware men that this country
now has an opportunity to supply a considerable
part of some 40 million tons of building hardware
to other countries, a large part of this having come
from Germany, but he laid stress upon abandoning
what he called the dogmatic or insistent AngloSaxon attitude when dealing with foreigners. There
has been considerable complaint that the American
manufacturer does not give careful study to the
customs and climatic conditions and limitations of
A RAILWAY FOREIGN TRADE SPECIAL.
the foreigner. Goods which are wanted, and are
A notable variation from the educational cam- offered on trading terms which can be accepted, will
paign which a number of the leading railroads have find their way abroad; neither any lack of ships nor
been conducting during the last few years, although any war perils can long prevent.
with the same practical object of promoting trade
for themselves as public carriers, is now undertaken
by the Lehigh Valley, which will send out next week,
THE READING COMPANY REPORT.
a "Foreign Trade Special." The educational trains
As the monthly returns of the company had made
heretofore have been used for education on more evident would be the case, the Reading report for
intensive and better-rewarded agricultural labor; this the fiscal year ending June 30 1914 makes a much less
one will carry speakers who will descant practically favorable exhibit than did the annual report for
on trade conditions in South America with respect to the fiscal year preceding. In this preceding year all
exports, while a representative of the National City the conditions were highly encouraging and the
Bank will speak of finances. One of the speakers results obtained corresponded to this auspicious situabout trade has lived in South America for years, ation. On the other hand, in the period of twelve
accompanied Elihu Root, then Secretary of State, months which we are now reviewing, nearly every
on his visit to Latin America, and has been connected element was adverse, and this necessarily meant
with the Foreign Trade Bureau in the Department of diminished traffic and revenues, and also diminished
Commerce. The train will stop first at Easton, then sales, for it must not be forgotten that the Reading
at the other principal cities on the line to Buffalo, Co., through its shareholdings in the Philadelphia &
the moving consideration of the venture being the Reading Coal & Iron Co., is interested in the mining
fact that the section traversed produces, in variety, and selling of anthracite.
The most conspicuous adverse influence of the year
75% of the goods required by South America, and
the effort will be to interest and inform manufac- was, of course, the depression in generaltrade. This
turers as to what that great continent wants, how it became steadily more pronounced as the year prodesires its wants filled in respect to times and manner gressed and was particularly marked in the iron and
of sending, and upon what terms of payment it wishes steel industry. As the Reading lines run through
to trade.
the mineral districts of Pennsylvania, the effect
The time to take advantage of opportunity is cer- both on the merchandise traffic and the coal traffic
tainly here. The demand and opening in South of the Philadelphia & Reading Railway Co. (the
Americafor railway materialsis especially emphasized. organization through which the railroad operations
In these,far the smallest part taken by Argentina and are conducted) was necessarily marked. The shipBrazil has come from this country, the United King- ments of anthracite were also reduced through
dom leading in the supply, with Germany taking in another circumstance, namely that the demand for
general the second place. This is the more important hard coal was curtailed by the mild winter weather
because a clear need of South America is of larger and by the fact that the shipments of anthracite
means of internal transportation, and importations the previous year had been of unusual proportions;
of railway material show some increase in this year because of the enforced restriction of output the year
over 1913.
before, owing to the suspension of mining at that
Advocates of schemes for bringing our own Gov- time on account of the controversies regarding
miners'
ernment directly into the shipping business may try wages. As has often been pointed out in these colto use the comparatively small figure this country umns, the company is no longer so exclusively decuts in South American trade as proof that the lack pendent upon the anthracite traffic as was once the
of American shipping is the defect; but this does not case (the efforts of the management having been
follow. The existence of ships does not necessarily directed with great success in recent years towards
produce cargoes, but the existence of cargoes to be securing a diversification of the traffic of the system),
carried will always draw ships for carrying them. and yet the anthracite movement still constitutes a
One fundamental condition of exports is imports; very important item in the company's affairs.
goods must in the long run and on the large scale pay
Altogether the company had to encounter during
for goods, and unless South America can exchange in the late year losses in all directions, and the fact is
this country what she produces for what she lacks and reflected in the results. The receipts of the Philaneeds, she must deal elsewhere. Another condition delphia & Reading Railway Co. fell from $50,562,717
is that the producer for export must furnish what the in 1913 to $47,123,370 in 1914; unfortunately, too,
customer wants and must conform to his preferences this was attended by an actual augmentation of
134
and habits in respect to packing and otherwise. The million dollars in expenses. This last discloses anSouth American wants,what he.1,wants and he has other unfavorable feature of the year, namely
the
782
THE CHRONICLE
rising costlofEoperationsaiThepugmentation in
expenses followed because of increased wages paid
trainmen and increased cost of materials purchased,
the experience of the Reading Railway in that regard
being like that of most other railroad systemsthroughout the United States. As a consequence of the
diminution in receipts and the rise in expenses, the
net income from rail operations was cut down over
4% million dollars, falling to $15,330,161 from
$20,015,376 in the year preceding.
The loss in gross revenues extended to all the different items of traffic, the revenue from the coal
traffic having decreased from $22,060,057 to $20,925,696; the revenue from the merchandise traffic
from $18,973,407 to $16,964,074; the revenue from
the passenger traffic from $7,101,752 to $7,011,548;
that from the express traffic from $737,908 to $678,592, &c., &c. The falling off, however, should be
considered in the light of the antecedent growth,
which was exceedingly noteworthy. In analyzing
the report for the preceding year, we called attention
to the fact that the merchandise revenue in five years
had risen from $13,502,925 to $18,973,407, from
which there has now been a decline to $16,964,074.
The passenger revenues in the five years had increased
from $6,211,933 to $7,101,752, with a decrease now
only to $7,011,548. The coal revenue in the five
years advanced from $18,577,272 to $22,060,057,
and has now receded to $20,925,696. The truth is
that, notwithstanding the late year's shrinkage, total
gross revenues were the best on record with the exception only of the year 1913.
In respect to the coal revenues, it must be borne
in mind that this covers both the anthracite tonnage
and the bituminous tonnage, and prodigious growth
in the latter has been established in recent years as
part of the policy of the management to diversify
and develop all avenues of traffic. It is quite remarkable that in the late year a further increase in
the bituminous coal traffic was secured in face of
the unfavorable conditions prevailing. The merchandise traffic decreased from 26,550,439 tons to
23,042,126 tons, a loss of 3,508,313 tons, or 13.21%,
and the anthracite coal tonnage fell from 12,860,092
tons to 11,091,290 tons, a loss of 1,768,801 tons, or
13.76%, but the bituminous coal tonnage moved up
from 16,115,417 tons to 16,735,104 tons,a gain of
619,687 tons, or 3.85%. It will be noted that the
bituminous tonnage now far exceeds the anthracite
tonnage. It was four years ago that the bituminous
traffic in volume for the first time surpassed the
anthracite. Since then there has been a further
addition with each succeeding year until, as we have
seen, in 1914 the system transported 16,735,104
tons. At the time of the reorganization of the Readn property, the quantity of bituminous coal moved
was small, the soft-coal traffic in 1896-97 having
aggregated no more than 1,690,228 tons. The jump
from that figure to 16,735,104 tons obviously represents a tremendous advance.
The income account of the Reading Company (the
holding company) does not reflect the shrinkage in
traffic and revenues, owing to the fact that the
subsidiary Philadelphia & Reading Railway Co.
paid even larger dividends on the stock held by the
Reading Company than in the previous year, drawing
on accumulated surplus for the purpose. Furthermore, the 1914 income includes amount received
from Temple Iron Co. on account of distribution of
assets. Thus it happens that the Reading Company
[VOL. xc
had $16,919,118 receipts in the latest year from
interest, dividends and rents, against $15,997,121
in the year preceding, and the surplus income after
the payment of fixed charges was $11,322,062,
against $10,633,930. As against this surplus of
$11,322,062, the call for the 8% dividends on the
common stock and the 4% on the two classes of
preferred stock, together with the contribution of
$499,320 required under the general mortgage sinking
fund, aggregated altogether $8,899,320, leaving,
therefore, a favorable balance in amount of $2,422,742. Had, however, the distribution in dividends by the Philadelphia & Reading Railway Co.
been based on earnings instead of coming in part
out of accumulated surplus, the result would have
been quite different. The Philadelphia & Reading
Railway Co., after allowing $2,024,783 for additions
and betterments (against $2,391,562 in the year
preceding) had net corporate income of only $5,401,838, while the amount paid in dividends was
$8,496,340, leaving a deficiency of $3,094,502.
Taking this into consideration, the Reading Company may be said to have fallen a little short of having
earned the 8% dividends on the common shares,
taking the results for 1914 by themselves; on the
other hand, however, the year's surplus on the
Coal & Iron Company was $715,390, more than
wiping out any adverse balance on that account.
A distinguishing feature in the affairs of the
Reading property in recent years has been that little
or nothing has been added to outstanding debt while
large amounts have been spent for betterments and
for additions to equipment. This feature is again in
evidence. During 1913-14 the funded indebtedness
of the Reading Company was actually decreased by
$954,828. The Philadelphia & Reading Railway
Co. on its part increased its funded indebtedness
slightly (by $46,000) but this increase was entirely
on account of the Philadelphia Subway, while the
funded indebtedness of the Coal & Iron Company
was reduced by $30,000.
RAILROAD GROSS AND NET EARNINGS FOR
JULY.
Our compilation of the gross and net earnings of
United States railroads for July, the first month of
the new fiscal year, shows a continuation of the conditions to which we have long become accustomed.
In other words, there is a falling off in both gross and
net earnings. The only particular in which any comfort is to be derived from the statement is that the
losses are not so large as in some past months, but
that is a qualification itself subject to qualification,
inasmuch as the losses are smaller simply because
we have reached the period where comparison is with
poor or indifferent returns in the year preceding. It
is to be remembered, too, that as the figures are for
the month of July,they do not cover the extraordinary
conditions that have developed since the close of
that month as a result of the outbreak of war in
Europe. Therefore it is not well to felicitate ourselves even upon the diminution in the amount of
the shrinkage, since subsequent months may have
a different story to tell. In brief, our tables for
July show $9,571,763 decrease in gross and $998,911
loss in net.
July (449 roads)—
Mlles of road
Gross earnings
Operating expenses
Net earnings
Inc.(÷) or Dec.(—).
1914.
Amount.
1913.
%
+3,788 1.63
235,407
231,839
$252,231,248 $261,803,011 —$9,571,783 8.67
185,444,634 --8,572.852 4.57
176,871,782
$75,359,466
$76,358,377
--$998,911
1.31
8RPT.
191914.]
THE CHRONICLE
The fact to be borne in mind with reference to
this year's July decrease in net is that it follows a
decrease in the same month of last year. Our statement at that time showed only a moderate gain in
the gross, namely $12,036,238, or 5.38%, and this
was attended by an augmentation in expenses of
$15,302,025, or 9.79%,leaving, therefore, a loss in
net of $3,265,787, or 4.83%. The rising tendency
of expenses has been a feature for many years past.
In July 1912 there was substantial improvement in
both gross and net, but while the addition to gross
was $23,007,660, the gain in net was no more than
$8,890,588. In July 1911 the changes were relatively slight, there being a loss in gross then of
$1,555,652, or less than 1%, with a trifling gain in
net, namely $31,411. In July 1910 the rising
course of expenses was decidedly in evidence, the
figures registering $12,812,422 increase in gross
but $4,485,758 decrease in net. In July 1909 the
statement was favorable, there having been $24,719,084 gain in gross and $11,083,420 gain in net.
But the additions then were deprived of much of
their significance by the fact that they succeeded
tremendous losses in July 1908, when, according
to the figures prepared by the Inter-State Commerce
Commission, there was a shrinkage of no less than
$33,426,116 in gross and of $8,485,484 in net. In
the following we furnish the July comparisons back
to 1897. For 1910, 1909 and 1908 we use the InterState Commerce totals, but for preceding years we
give the results just as registered by our own tables
each year-a portion of the railroad mileage of the
country being always unrepresented in the totals,
owing to the refusal of some of the roads in those
days to furnish monthly figures for publication.
Net Earnings.
Gross Earnings.
Year.
Year
Given.
Increase (-I-)
Year
Preceding. or Dec. (-).
Year
Given.
Year
Increase (±)
Predaing. or Dec. (-).
8
$
+60,705
+242,245 15,556,978 15,496,273
1896
51,132.768 50,890,523
1897-- 58,183,393 54,228.118 A-3,955,275 19,091,236 16,530,293 +2.560,943
-723,324
+833,264 19,971,051 20,694,375
1898 --- 63,172,974 62,339,710
72,204,314 61.434,246 4-10,770,068 24,377,447 19,672,510 +4,704,937
1899 _
+697,282
83,343,882 77,671,358 4-5,672,524 26,687,209 25,989,927
1900..
99,334,538 86,920,80 4-12,413,732 34,925,716 27,680,809 +7,244,847
1901__
-189.987
1902 ___ 102,960,249 97,691,960 +5,268,289 33,634,610 33,824,597
1903__ 115,601,747 97.856,175 4-17,835,572 38,296,851 31,846,698 +6,450,153
1904 ___ 106,955,490 113,678,56 ---6,723,074 34,398,740 37,353.409 -2,954,669
1905 _ 118,404,552 107,325,22 +11,079,330 43,594.553 40,256,131 +3.338,422
1906
129,386,440 114,556,36 +14,830,073 42,808,250 36,718,416 +6,089,834
1907 _ _ 137,212,522 118,666,09 +18,546,430 41,891,837 39,448.771 +2.443,066
1908_ 195,246.134 228,672.250-33,426,116 67,194,321 75,679,805 -8.485,484
1909 _ _ 219,964,739 195,245,655 +24,719,084 78,350,772 67,267,352 +11,083.420
1010..... 230,615,776 217,803,354 +12.812,422 73,157,547 77,643,305 -4,485,7.58
19i1_._ 224,751,083 226.306,73 -1,555,652 72.423,469 72,392,058
+31,411
1912.._ 245.595,532 222,587,87 +23,007,660 79,427,565 70,536,977 +8,890,588
1913
235,849,764 223,813,52 +12,036,238 64.354,370 67,620,157 -3,265,787
1914... 252,231,248 261,803,01 -9,571,763 75,359,466 76,358,377
-998,911
Note.-In 1896 the number of roads included for the month to July was 130; in
1897, 127; In 1898, 123; in 1809, 114; in 1900, 117; in 1901, 108; in 1902, 103: in
1903, 106; in 1004. 98: in 1905, 94; in 1906, 90:10 1907. 82: in 1908 the returns were
based on 231,836 miles of road; In 1909, 234.500: in 1910, 238.169; In 1911. 230,076;
In 1912,230,712;1n 1913,206,084; In 1914. 235,407. We no longer Include the Mexican roads or the coal-mining operations of the anthracite coal roads in our totals.
In the case of the separate roads decreases in both
gross and net are the rule, but there are a few roads
distinguished for improved results and some instances where, through savings in the expense accounts, losses in gross have been converted into gains
in the net. Southwestern roads are conspicuous in
the second-mentioned category,owing doubtless to the
abundance of the present season's winter-wheat harvest. At all events, the Atchison has added $699,624
to gross and $530,841 to net, the Rock Island $196,868 to gross and $54,267 to net and the Missouri
Pacific $97,597 to gross and $156,722 to net. On
the other hand, the St. Louis & San Francisco has
lost $113,448 in gross and $275,770 in net and the
St. Louis Southwestern also falls behind in both
gross and net.
The Louisville & Nashville in the South is one of
those:which have changed a loss in gross into a gain
783
in net, the company reporting $141,399 decrease in
gross and $94,396 increase in net. Contrariwise,
the Southern Ry. has $191,906 increase in gross with
$38,155 decrease in net. The Chesapeake & Ohio
on its part has $340,313 gain in gross and $58,898
gain in net. Among the Eastern trunk lines the New
York Central is exceptional in being able to show
$165,662 improvement in net on a loss of $935,282
in gross. This is a reversal of the results for the
previous year, when $838,904 gain in gross brought
$147,773 loss in net. These figures relate to the
New York Central proper. Including the various
auxiliary and controlled roads, the whole going to
form the New York Central System, the result is a
loss of $2,341,849 in gross with a gain of $632,922
in net, this contrasting with $2,348,994 increase in
gross and $841,025 decrease in net in July of last
year. The Pennsylvania RR. on the lines directly
operated east and west of Pittsburgh falls $1,808,129
behind in gross and $313,990 in net. In July last
year the Pennsylvania lines had $1,697,335 increase
in gross with $403,999 decrease in net.
In the Western half of the country there are some
very heavy losses in both gross and net, the Great
Northern being a type, with $854,365 decrease in
gross and $252,748 decrease in net. The Chicago
& North Western, on the other hand, has turned a
decrease of $113,086 in gross into an increase of
$240,784 in net and the Milwaukee & St. Paul a
decrease of $95,848 in gross into an increase of $217,339 in net, while the St. Paul & Omaha has an increase in both gross and net. In the following we
show all changes for the separate roads for amounts
in excess of $100,000, whether increases or decreases,
and in both gross and net.
PRINCIPAL CHANGES IN GROSS EARNINGS IN JULY.
Increases,
Decreases.
Atch Topeka dr Santa Fe.. 5699,624 Wheeling & Lake Erie_ - $246.832
Chesapeake & Ohio
340.313 Pittsburgh & Lake Erie__
242,827
Rock Island
196,868 Minn St Paul & S S M__- 208.018.
Southern Railway
191,906 Buffalo Roch & Pittsb193,337
150,352 Michigan Central
Central of Georgia
186.099
Chicago St Paul Minn 8z 0 114.264 Cleve Cin Chic & St Louis 155,738
Central ofNew Jersey_
144,689'
Louisville & Nashville._.. 141.399.
Representing 6 roads in
$1,693,327 Southern Pacific
6128.091
our compilation
Decreases. Chicago Great Western
121,462
051,808,129 Erie
118,642
Pennsylvania
117.622
N Y Central & Bud River b935,282 Boston & Maine
878.933 Norfolk & Western
114.950
Baltimore & Ohio
113,632
854,365 Lehigh Valley
Great Northern
Lake Shore & Mich South 529,977 St Louis & San Francisco.. 113,448
Northern Pacific
480.910 Chicago & North Western 113,086
Duluth Missabe & North.. 423,776 St Louis Southwestern_ _ _ 6111,204
110.802
Duluth & Iron Range_ _ _ _
361,186 Union (Pennsylvania)_
Elgin Joliet & Eastern- _ _
300.926 Delaware Inek & Western 101.126
Philadelphia & Reading
293.037
Toledo & Ohio Central
271.573
Union Pacific
6263,373
Representing 32 roads in
Hocking Valley
'252.601
our compilation_ _ _ _510.437,072
Note.-All the figures in the above are on the basis of the returns filed
with the Inter-State Commerce Commission. Where, however, these
returns do not show the total for any system, we have combined the
separate roads so as to make the results conform as nearly as possible to
those given in the statements furnished by the companies themselves.
a This is the result for the Pennsylvania RR.. together with the Pennsylvania Company, and the Pittsburgh Cincinnati Chicago & St. Louis, the
Pennsylvania RR.reporting $383,347 decrease, the Pennsylvania Company
51,083.206 loss and the P. C. C.& St. L. $341.577 loss. Including all lines
owned and controlled which make monthly returns to the Inter-State Commerce Commission, the result is a loss of 51,890,745.
as
b These figures cover merely the operations of the New York Central
itself. Including the various auxiliary and controlled roads, like the
Michigan Central, the Lake Shore, the "Big Four," the "Nickel Plate,"
&c., the whole going to form the New York Central System, theresult is
a loss of $2,341,849.
c These figures are furnished by the company.
PRINCIPAL CHANGES IN NET EARNINGS IN JULY.
Increases.
Decreases.
Cleve Cin Chic & St Louis $638,427 Baltimore & Ohio
$377.060
Atch Topeka & Santa Fe._
530.841 Duluth Missabe & North_
318,654
Chicago & North Western 240,784 Pennsylvania
a313.990
Chicago Milw & St Paul__
217,339 Duluth & Iron Range....
288.874
N Y Central & Bud River 5165,662 St Louis & San Francisco.. 275.770
Pere Marquette
164,501 Great Northern
252.748
Chicago Burl & Quincy.. 160,548 Boston & Maine
242.828
Missouri Pacific
156,722 Lake Shore & Mich South 240,724
Michigan Central
142,261 Philadelphia dr Reading
217,693
Central of Georgia
141,425 Erie
186,309
Chicago St Paul Minn &0 140.256 Pittsburgh & Lake Erie
179,224
Phila Balt & Washington128.063 Internat & Great North... 174.870
Chicago & Eastern Illinois 121.375 Central of New Jersey...... 138.674
NY Chicago & St Louis
114.296 Hocking Valley
136.2C6
Toledo & Ohio Central...._
Union (Pennsylvania)_ _ _ - 123,260
113,234
Chicago Great Western
108,855
Elgin Joliet & Eastern.._ 100.095
Representing 14 roads in
Representing 18 roads in
our compilation
$3,062.500
our compilation
$3,789,868
a This is the result for the Pennsylvania RR.,together with
vania Company, and the Pittsburgh Cincinnati Chicago & the PennsylSt. Louis, the
Pennsylvania RR. reporting $281.324 decrease, the
Pennsylvania Company
$254,203 loss and the P. C. C. & St. L.$221,537 gain.
Including all lines
784
THE CHRONICLE
owned and controlled which make monthly returns to the Inter-State Corn
mission, the result is a loss of $142,697.
b These figures merely cover the operations of the New York Central
Itself. Including the various auxiliary and controlled roads, like the
Milligan Central, the Lake Shore, the "Big Four," the "Nickel Plate,"
&c., the whole going to form the New York Central System, the result is
aifialn of $632,922.
[VOL. xcEC.
as operating cost has advanced. The experience
of the Milwaukee & St. Paul in this respect has been
like that of all other large systems.
As pointed out by us on previous occasions, the
Arranging the roads in groups or geographical Puget Sound line may be said to be justifying its
divisions, we find that two of the groups or divisions existence. From the very first it was able to show
have gains in gross and three of the divisions gains considerable traffic and earnings, quite in contrast
in net. Our summary by groups is as follows:
with the results for the Western Pacific and new
SUMMARY BY GROUPS.
lines generally. The explanation is found in the
--Gross Earnings
circumstance that the Puget Sound line, though a
1914.
Section or Group.
1913.
Inc.(+)orDec.(—)
July—
$
$
$
%
road, did not run through a new and unopened
new
England
roads),
New
12,282,803 12,569,609 —286,806 2.28
Group 1 (18
Group 2(83 roads), East & Middle_ __ _ 63,8,51,021 67,420,376 —3,569,355 5.31
34,881,980 38,371,167 —3,489.187 9.09 section of country, on which development of busiGroup 3(64 roads), Middle West
32,762,012 32,142,200 +619,812 1.93
Groups 4 & 5(89 roads), Southern
Groups6& 7(69 roads), Northwest_ _._ 54,930,773 57,840.033 —2,909,260 5.04 ness is necessarily slow, but in its course touches
Groups8&9(81 roads), Southwest_ ___ 36,943,675 36,330,609 +813,066 1.70
16,578,984 17,129,017 —550,033 3.21 old and long-established trade centres built up
Group 10(45 roads), Pacific Coast
Total (449 roads)
252,231,248 261,803,011 —9,571,763 3.67 through railroad facilities furnished by the older
—Mileage-Net Earnings
transcontinental lines. In other words, the Mil1914.
1913.
1914.
Ine•(-F)orDec.(—)
1913.
S
$
waukee & St. Paul did not have to create business
$
1
7,771
3,231,801
Group No.
7,878
3,424,387 —192,586 512
28.382 25,736
Group No. 2
18,769,844 20,068,634 —1,298.790 6.46 for its Coast extension, but tapped in great measure
24,914 24,887
Group No. 3
9,931,385 9,480,300 +451,085 4.76
8,397,359
Groups Nos.4 &.5... 41,559 41,041
8,205,606 +191,753 2.34 business already in existence.
To be more precise,
Groups Nos- 6 & 7.. 64.238 63,138
18,758,736 19,109,997 —351,261 1.84
GroupsNos.8 &
52,505 51,162
9,971,928
9,578,101
+393,827 4.16 in thus obtaining an outlet to the Pacific Northwest
18,038 17,797
6,298,413 6,491,352 —192,939 2.99
Group No. 10
effect was to compel existing roads to share
235,407 231,639
75,359,466 76,358,377 —998,911 1.31 the
business with the newcomer.
their
NOTE.--Group I. Includes all of the New England States.
Group II. Includes all of New York and Pennsylvania except that portion west
In the year under review there was some loss in
of Pittsburgh and Buffalo; also all of New Jersey, Delaware and Maryland. and
the extreme northern portion of West Virginia.
in revenues from the year preceding, but
Group III. Includes all of Ohio and Indiana; all of Michigan except the northern traffic and
peninsula, and that portion of New York and Pennsylvania west of Buffalo and
much
as might have been deemed likely
as
hardly
Pittsburgh.
Groups IV. and V. combined include the Southern States south of the Ohio and
the
of
conditions
view
prevailing. Last season's
in
east of the Mississippi River.
Groups VI. and VII. combined Include the northern peninsula of Michigan, all of
-wheat
crop
in
the
spring
territory
traversed by the
South
Illinois;
all
of
and
Minnesota. Wisconsin, Iowa
Dakota and North Dakota
and Missouri north of St. Louis and Kansas City; also all of Montana, Wyoming
and Nebraska, together with Colorado north of a line parallel to the State line lines of the system was not as good as that of the
passing through Denver.
Groups VIII. and IX. combined include all of Kansas, Oklahoma, Arkansas and previous season and the situation as regards that
Indian Territory, Missouri south of St. Louis and Kansas City; Colorado south
of Denver the whole of Texas and the bulk of Louisiana; and that portion of crop always plays an important part in affecting
New Mm leo north of a line running from the northwest corner of the State
through Santa Fe and east of a line running from Santa Fe to El Paso.
the prosperity of the communities served. It should
Group X. Includes all of Washington, Oregon, Idaho, California, Nevada. Utah
And Arizona and the western part of New Mexico.
also be borne in mind that the traffic and revenues
of the previous fiscal year had been of exceptional
proportions. Nor should sight be lost of the reTHE MILWAUKEE & ST. PAUL REPORT.
action in trade and business all over the country.
The annual report of the Chicago Milwaukee & To be sure, in the agricultural sections trade deSt. Paul Ry. Co. for the year ended June 30 1914 pression is not such a serious matter as it is with
shows quite satisfactory operating results, especially the large systems in this part of the country, there
in view of the conditions which prevailed, and were being comparatively few manufacturing industries
it not for the increase in funded indebtedness (with of consequence. And yet, in the case of a big system
a corresponding increase in fixed charges) growing like the Milwaukee & St. Paul, with lines stretching
out of the policy of providing feeders and branches all across the western half of the continent, business
so as properly to develop the business of the Puget depression is bound to have an influence to some
Sound extension, nearly the same amount would extent. As a matter of fact, though the total
have been earned for the common shares as in the falling off in freight traffic of the Milwaukee & St.
year preceding. As it is, the full 5% paid on the Paul was relatively small, the loss was entirely in
common shares was earned, with a substantial the items of traffic which are more or less dependent
amount of income left over.
upon the state of trade. Thus,the tonnage in manuThe position of this prominent railroad property is factures declined from 6,515,217 tons to 5,776,169
well known. It built a 1,500-mile extension to the tons and the shipments of minerals from 9,074,802
Pacific Coast, and the work, as it happened, had to tons to 8,262,152 tons. In the general merchandise
be carried through during poor times in the railway traffic there was a slight increase, this rising from
and financial world. As one consequence, the divi- 3,932,508 tons to 3,970,134 tons. The agricultural
dends on the common shares were reduced from tonnage and the tonnage dependent upon the out7%, at which figure they had been maintained for come of the crops was but slightly reduced, notmany years, to 5%, and in the fiscal year ending withstanding the smaller agricultural yield. Stated
June 30 1912 the company fell far short of earning briefly, 7,291,131 tons of agricultural products were
even this reduced rate, the actual amount earned carried in 1913 and 7,162,250 tons in 1914, the
for the shares in that year having been only 13/2%. explanation of this relatively small falling off being
Fortunately this Pacific Coast line was well planned, that while there was considerable shrinkage in the
enabling the company quickly to retrieve lost ground, wheat shipments,this was offset by gains in the corn
though there has been no return of the old-time shipments and in some of the other items. Animal
prosperity any more than in the case of the other products likewise were well maintained, being 1,railroads of the United States, the reason being 805,844 tons for 1913 and 1,798,904 tons for 1914.
found in the conditions common to the whole rail- The passenger traffic slightly increased, showing
road mileage of the country, namely repeated ad- continued growth and development of the tributary
vances in wages and higher prices for nearly every- sections.
thing else entering into the operating accounts of
In total revenues the falling off was comparatively
the railroads, together with the inability to get slight, especially having regard to the antecedent
better rates for the transportation services rendered growth. Aggregate gross earnings rose from $79,
Sturm 191914.]
THE CHRONICLE
'785
Chairman and Gentlemen:
255,355 in the fiscal year 1912 to $94,084,054 Mr.
I had intended to discuss with you the market for American railroad
bonds
during the past few years, the difficulties experienced by many of
decline
a
in 1913; from this there has now been
our prominent railroad corporations in making satisfactory sales of longcomthe
earnings
term issues and the various expedients resorted to, to meet maturing oblito $91,782,690. In the net
gations and provide funds for new construction and improvements,and then
parison with last year is yet more favorable, the to
consider the outlook for future financing.
Any value that might have existed in such a general consideration of
total having been reduced only from $31,200,087 this
subject has been destroyed by the outbreak of a war such as civilizato $30,452,629 in 1914. The reduction in expenses, tion has never before experienced.
The
normal factors governing the prices of securities are to a large exit will be seen, was $1,553,906. There was some tent rendered
ineffective by the present war and the consequent interdecrease in the maintenance expenditures, but in national financial situation, and any discussion of the trend of prices of
American railroad securities involves a consideration of the economic
the main the lower expenses followed from a reduc- effects of the conflict. In the effort to determine what this effect will be.
it is natural to refer back to other occurrences of similar nature and endeavor
tion in the transportation expenditures.
to forecast from them something of the future.
items
other
Upon careful analysis we find that no war in history is comparable in its
many
and
As wages were higher
effect upon financial transactions with the present upheaval.
likewise
were
accounts
operating
entering into the
The Balkan wars involved no nation of importance in commerce or
and the theatre of war was strictly localized. Neither Russia nor
higher, the decrease in transportation costs reflects finance
Japan was a large factor in international business and their operations
growing efficiency of operations. Evidence of this were confined to the Far East. The war between Russia and Turkey in
1876-77 was of similar nature. The Boer war was carried on entirely in
is found in the increase in train load and the increase South Africa and had no large immediate effect on international
business
relations,
while our conflict with Spain scarcely caused a ripple in the waters
mile
per
trains
in the average earnings of the freight
of finance. During all these conflicts communication between the great
run. Taking the record for the last three years the capitals of the world remained open and international trade was not disIt must not be understood, however, that these wars did not
train load of revenue freight was raised from 307 turbed.
have their effect on the finances of every civilized country. Such a detons in 1912 to 356 tons in 1913 and was further struction of capital as was involved in even the least of these conflicts has
a deep underlying effect on the finances of the world that may take years
raised to 379 tons in 1914, while the total train load to overcome, even though no immediate change is apparent.
Not since 1870 have two nations which might be ranked as among the
has been increased nearly 100 tons in two years, the leaders
in commerce and finance been engaged in war, and for this reason
and
it is natural to review the effect of the Franco-Prussian war upon internaaverage rising first from 355 tons to 415 tons
tional finance in general and American finance in particular.
now to 454 tons. The trains were able to earn $3 06 War was declared by France on July 15 1870. Prior to and after the
declaration there was a rapid fall in prices of securities on the London Stock
the
latest
in
the
year,
against
$2
83
per mile run in
Exchange,such American stocks as were listed there sharing in the decline,
only
$2
61
two
years
ago.
and
year
while in our market there was no great excitement and only a moderate fall.
previous
This was followed here by a considerable rise during the progress of hostilities
slightly
with
net
stated,
earnings
so
already
As
and immediately thereafter. During this period our money market remained undisturbed, except for a seasonal stringency at the end of the year,
diminished, the amount earned for the common due
to internal causes, while foreign exchange with the leading capitals
shares might have been nearly as good as in 1913 of Europe continued normal, except with Paris during the siege of that city.
The
amount of our securities sold to us by Europe was inconsiderable,
except for the increase in interest charges. These and it was
not necessary to resort to any extreme expedients, such as the
$13,254,822,
1914
aggregated
closing of the Stock Exchange.
interest charges for
It may'seem strange that any such upheaval involving as it did, some
against only $11,438,141 in the year preceding. As 1.700,000 men engaged in warfare,and costing over $2,500.000,000, should
have such a limited effect on our markets, in comparison with the effect
a consequence, the amount left for the common and of
the present struggle, and yet the reason is not hard to find.
against
$18,was
only
$15,476,285,
stocks
During the calendar year 1869 our total imports were valued at $463.preferred
our exports at $394,731,999, a total foreign coramerc3 of $858,424.421
140,745 for the previous year. The call for the 156.420.and
while for the year 1913 our imports were $1.892,168,000 and our
making a total of $4.530.761,000, or an increase
dividends at the rate of 7% on the preferred stock exports $2,838.593.000.
of about 500% over 1869. The interchange of credits involved in transacand 5% on the common stock amounted to $13,- tions of such magnitude is enormous, and this interchange has through the
of financial systems been seriously deranged in some cases
928,976, leaving, therefore, surplus income of $1,- disturbance
and entirely stopped in others. With Germany alone our foreign commerce
last
amounted
to the stupendous total of $520,647,283, which is now
in 1913
547,309 on the operations for the year. This
at an absolute standstill, while our commercial relations with other counamount
1-3%
on
the
outstanding
is equal to about 1
tries are heavily restricted.
1870 our country was Just emerging from the chaos of the civil war,
of common stock and therefore it may be said that ourIncurrency
was depreciated to the extent of over 10% and we had pracyear.
in
the
late
this
stock
earned
on
tically
no stock of gold in our banks. On June 9 1870 our national banks
6 1-3% was
reported liabilities subject to reserve of $406.140.873. against which there
In the previous year the amount earned for the was held in reserve specie to the extent of only $2,912,275. or less than 1%.
On June 30 1914 our national banks reported gold or gold certificates In
common shares was 83/2%, but 1912, as already their
reserve of S626.000.000.
stated, showed only 13/2% earned.
These facts demonstrate that whereas in 1870 we were financially weak
unimportant,
and
we are now among the leaders in international finance.
The company's construction outlays are very large, In the Middle Ages
the merchant trader sent out his ships with gold in
having aggregated in the year under review no less their strong boxes or domestic products in their holds and they returned
from their voyages laden with the products of foreign countries. From
than $34,434,951. There has been a corresponding this primitive method of barter commerce has progressed until the present
system of international credits has been established, a system far
addition in the funded debt. The total of the funded complex
more intricate than that in existence even in 1870, and it is evident that no
debt increased from $455,849,966 to $486,881,154, consideration of the effects of that conflict can be of value at the present
We have, therefore, in the past no safe guide to point the way to
while at the same time the treasury holdings were time.
the solution of the problems which have arisen and will arise on account
crisis.
the
of
reduced from $156,295,211 to $153,572,500, making,
A study of the probable effects of the war leads naturally to a division
therefore, a net addition to the outstanding amount of these into two classes, namely those of a temporary or artificial nature
of a permanent or basic nature.
of debt of $33,753,900. Cash in the treasury was andWethose
have already experienced most of the immediate results. We have
of international credit relations disrupted at the first blow.
the
system
seen
June
30
than
on
30
1914
only a little smaller on June
Morworla have been generally declared throughout Europe. and payments
$16,745,787
between
comparison
being
1913, the
due us are held up while we, as a neutral country, are expected to meet our
obligations at maturity. American securities held abroad have been
and $17,361,249.
dumped into our markets in such volume that self-preservation com-
EFFECT OF THE WAR ON PRICES OF AMERICAN
RAILROAD BONDS.
An address under the above title was delivered on the 16th
inst, before the Society of Railway Financial Officers at their
annual meeting in Lenox, Mass., by Lewis B. Franklin,
Vice-President of the Guaranty Trust Co. of this city. It
is his view that "no war in history is comparable in its effects
upon financial transactions with the present upheaval."
Mr. Franklin is inclined, too, to regard the prospects with
much misgiving. "If," he says, "disarmament can be accomplished, the outlook is indeed bright, but under no other
conditions can I feel that there is anything to look forward
to except a long period of retrenchment, lack of capital,
high interest rates and general business depression in which
Europe will be the principal sufferer, but in which America
is bound to share." We reproduce the address herewith:
pelled us to call a halt by the closing of our principal Stock Exchange
and the cessation, by agreement, of the sale of all unlisted securities. Our
enormous exports of gold and the consequent strain of our banking facilities have forced us to resort to the expedients of Clearing-House certificates and emergency currency.
Our foreign commerce, except In foodstuffs, is almost at a standstill.
The Bureau of Agriculture in its recent report gives promise of one of the
largest cotton crops in the history of the country. Normally, we export
approximately 60% of this crop, and at the present time, through the shut.
ting down of foreign mills on account of scarcity of labor, lack of demand
for the finished product or inability to finance, hardly a bale of export cotton
is moving and extreme measures are being taken to care for the surplus
which is sure to exist.
Despite the fact that the stringent measures already adopted have
prevented panic and to some extent opened the channels of trade, we have
still to face the problem of meeting the wave of foreign liquidation which Is
likely to break upon us upon the reopening of our markets. It has
been estimated that American securities to the extent of from four to seven
billion dollars are held in Europe, and while it is evident that a large part
of these are not for sale at any price, it is quite certain that the drain on the
resources of the belligerent nations wM be so tremendous as to necessitate
enormous liquidation. Their own securities are due to suffer more than
78(
THE CHRONICLE
ours and our markets are therefore likely to be the most available. This
problem must wait until our international credit and commercial relations
have been placed on a more normal footing. We cannot buy securities
unless we can sell commodities.
If we are unable to take care of our securities now offered for sale by
Europe how can we expect to find a market for the additional securities
which corporations are so anxious to sell to provide for maturing obligations
and necessary improvements and extensions? The prospect is indeed not
a favorable one. There is no market for bonds now and it is hard to say
when there will be one and what prices bonds will command when the market
opens. In any event, our railroads on the average have now an overproportion of bonded debt compared with the investment represented by
capital stock, and it should be by additional issues of stock that present
necessities should be financed. How this can be done under present
business conditions and the public prejudice against railroad securities
is a difficult problem.
Against such an array of unfavorable factors as the immediate result of
war, what have we that may be of benefit? In a few lines of business,
increased activity is indeed noted on the expectation of increased exports
of goods to neutral countries heretofore supplied by belligerents. But
here again we are confronted with the difficulty of financing any such shipmen,ts and the lack of neutral ships to act as carriers. In one respect only
is there an immediate benefit and that is in the larger demand at increasing
prices for our food supplies, and despite the difficulty of transportation
and payment, such shipments are being made in quantity.
It is probable that this abnormal demand for foodstuffs will continue
long after the war has ceased. The farmer of Europe has been turned into
and while his place has been taken to some extent by the women
soldier,
a
and children, it is evident that the output of the agricultural districts will
be greatly reduced both this year and next.
In this emergency,our executives, legislators and business men have been
co-operating with a single purpose, to solve some of the intricate problems
now presented, and I am hopeful that this close relationship may lead to
a better understanding on the part of each and be productive of a more
liberal attitude on the part of the Government toward our great railroad
and industrial corporations.
Having discussed in a very general way the immediate effects of the conflict, let us delve deeper into the situation and see if we can determine the
basic factors and the permanent results upon our economic condition.
The first and foremost factor of an unfavorable nature is the enormous
destruction of fixed capital which is occurring and the consequent expectation of higher rates for its use, as there will be an enormous demand to make
good the ravages of war. Just lot us consider for a moment the difference
between fixed and liquid capital. To reduce this to the simplest distinction, fixed capital is wealth represented by permanent plant, such as
factories, rails, cars, steamers,&c., while liquid capital is wealth represented
by cash, bank balances,loans and other readily convertible items.
Much has already been written on the cost of the present war and its
effects on money rates and the supply of capital, but the mistake has frequently been made of confounding currency with capital and expenditures
with waste. From an economic standpoint, the waste of capital Incident
to war is not the total expenses of the nations involved, but is made up
chiefly of the destruction of productive property, such as merchant ships,
factories, houses and harvests and the temporary less in the productive
capacity of the nations engaged through the enlistment of such a largo proportion of their producing population and the permanent loss in productive
capacity by death and mutilation.
In a recent article Mr. Roger W. Babson points out that the destruction
of battleships and fortifictaions is not in itself a destruction of capital, as
such property is not productive.
The destruction of capital in this case took place when the fortifications
and battleships were built. It is usual to allude to the tremendous loss
which will take place if super-dreadnought. costing upwards of $10.000.000,
is destroyed. The loss has taken place, but not then. The date of the
loss from an economic standpoint was the date on which her builders
turned her over a completed engine of destruction. She has never produced or helped to produce a single dollar of wealth, she has been a constant drain on the resources of her owner to keep her running and her destruction is a gain rather than a loss to mankind in general. Another loss
will occur when she is replaced, but to this I will refer later.
Neither is the feeding and clothing of an army a waste of capital, as
these men must be fed and clothed even in times of peace. The enormous
0a9 in capital which is taking place comes from neglected harvest fields,
die factories, deserted mines and wasted towns and villages, and in the
killing and maiming of hundreds of thousands of citizens who have heretofore been producers, and many of whom. through wounds and Illness, are
destined to become charges upon the commonwealth. In the aggregate,
this actual consumption of capital is enormous, but we must not be deceived
by some of the figures now being published. Prof. Charles Richet, of the
University of Paris, in discussing the possibility of a war such as is being
carried on to-day, estimated that it would cost $50,000,000 a day, but of
this amount $25,050,000 is made up of the items of food, pay to soldiers
and workmen, and the support of helpless poor, none of which can be considered as capital destruction. The item of transportation, amounting
to $6.300,000 per day, should probably be divided as being a partial economic waste, while he estimates an actual expenditure for munitions of war
of $11,000,000 per day, which is an actual waste of capital, in so far as
such munitions are being replaced. In all, his estimate shows a capital
oss of over $20,000,000 per day. No attempt, however, to make an exact
estimate of either the expenses of the conflict or the amount of the economic
waste is of any great value to us, but we may rest assured that the whole
world is sure to feel the effects for a long while to come. Capital, which
for the past few years has been difficult to obtain, will ho in still greater
demand to make good the losses of war, and it is reasonable to look forward
to a long period of higher interest rates on fixed investments, a small supply
of new capital and lower prices for investment securities unless we can discover off-setting factors of a sufficiently favorable nature.
Let us look then and see what we have on the other side of the picture.
Possibly there may be a ray of sunshine somewhere.
One of the first results of a condition of affairs such as we are now experiencing is increasing economy on the part of practically every class of
society.
I believe that the generally prosperous condition of this country during
the last twenty years has led to a gradual reduction in the proportionate
amount of savings, which has in the last few years contributed to our higher
cost of living and our higher cost of capital. It is generally conceded that
the maximum of saving does not take place in periods of great prosperity,
and an upheaval such as the present crisis is often the signal for a return to
a simpler scale of living and an increased proportion of saving. It will not
take a very large increase of savings per capita to make a radical increase
in the amount of capital available yearly. In this connection it is interesting to note that our people in general are far behind those of other countries in the habit of saving. It has recently been stated that the ten leading nations of Europe boast of 373 savings bank depositors per thousand
xcix
of population, while in the United States the proportion is only 99 to the
thousand. Here is room for improvement. The increase or decrease in
the wealth of a person or a nation is the difference between income and
expenditure.
I have already referred to increased activity in certain lines of business as
one of the immediate results of the war and there are likely to be permanent
results of a similar nature.
Efforts are already being made looking to the restoration of our merchant
marine to its former place of prominence in the commerce of the world,
which, if successful, will result in many millions of dollars per annum
formerly paid to foreign carriers remaining in this country. (Is this an
economic gain in itself?)
Our imports of drugs, dyes, chemicals, toys, gloves, clothing, &c., from
Germany have been stopped and supplies of these articles are diminishing
and prices rising. American ingenuity is already at work In an effort to
manufacture in this country much that we have heretofore imported. If
this effort is crowned with success, our productive capacity will be permanently increased and our trade balance benefitted.
Markets heretofore held by belligerents, principally Germany, whose
foreign trade Is now at a standstill, are now open to our manufacturers,
and if our opportunities in this respect are not neglected our export business should be permanently benefitted.
The favorable factors just mentioned redound to our benefit as a neutral
nation,and although of importance,can scarcely offset the effect which the
general destruction of capital will have on the civilized world and in which
we must suffer with the rest. Is there any result of the conflict which may
in any way counteract the evil influences upon the general economic condition? I believe there is, but to discover what it is we must consider carefully the underlying causes which led to the outbreak of the war.
It is generally conceded that the massacre of Archduke Francis Ferdinand of Austria and the consequent ultimatum from Austria to Servia was
the pretext for the war and not its cause. It has been held by some that
Germany's ambition to extend her influence through the Balkans to the
Aegean Sea, to control Dutch and Belgian harbors, and to further extend
her colonial possessions was at the bottom of the trouble. Russia,of course.
has always had a jealous eye on the Balkans, and hope for the ultimate
possession of Constantinople and apparently it was the probable increase.
of German and Austrian influence in Southeastern Europe in case of the
overthrow of Servia that lead the Czar into the present struggle. France
was bound by treaty obligations to support Russia and her people saw an
opportunity of regaining the beloved territory lost in 1870. England and
Belgium stepped in upon the violation of the latter's neutrality. With
the prospect of an absolute upsetting of the balance of power, self-preservation demanded that Great Britain take a hand in the struggle.
The immediate cause of the general outburst seems to have been the
support offered by Germany to Austria in her demands upon Servia, and
Russia's protest against this action, but we must look below the surface
and see if we can discover a motive for this radical move on the part of the
German statesmen.
Germany's appropriation for the year ended April 1 1913 for the maintenance of her army and navy amounted to the equivalent of $285,000,000.
an increase of approximately $85,000,000 over 1911. This is equal to
about $7 32 per capita on the entire population. This enormous sum and
a still greater amount proposed for the year 1914 could only be met by the
imposition of an onerous direct tax amounting in some cases to as much
as 1.ii% in other words, to one-third of an average income. This rapid
increase In military appropriations was apparently forced upon Germany
by the action of Russia, who increased her military budget from $336,555,000 in 1911 to $463,660,000 in 1913. Both Germany and France have
also recently increased the term of compulsory military service.
Such a competition in expenditures and in military service could not
continue indefinitely. Germany, in addition to the protests against the
heavy taxes, was confronted with an overgrowing wave of Socialism. The
Socialist has always been arrayed against war and in favor of peace, and
this movement was of sufficient strength to threaten even the established
form of monarchical government. Something had to be done to stop or
Justify the mad competition of military expenditures to quiet the socialistic
element, and to re-establish the "divine right of kings." Germany was
ready; her enemies not so ready as they would be in a few years. War was
the only solution and a pretext was not hard to find. In other words, I
believe that Germany's action was inspired by causes internal rather than
external.
Granting if you will that this hypothesis is correct, what bearing has it
upon the subject of capital and interest rates?
There seems to me to be three possible terminations to the struggle:
1. Mediation before complete victory by either side.
2. Complete victory for Germany and Austria.
3. Complete victory for the Allies.
In case the war is settled before a decisive victory, it seems to me that
while there may be important adjustments in the map of Europe, no
radical changes of an economic nature will result. Europe will continue
to be an armed camp, and it is not unlikely that the struggle would be renewed some years later. Military equipment, battleships, forts and guns
destroyed in the conflict would have to be replaced and military appropriations would continue on an even heavier scale. In this connection it
must be remembered that Europe is even now staggering under a load of
national debt approximating, for the live principal nations only. $20.000,000,000, demanding at 33i% $700,000,000 per annum for interest.
alone. The world, already suffering under its present load of debtand
useless expenditure, and with the ravages of war to be paid would indeed
be in a bad way, while the condition of Europe from a financial standpoint
would be appalling.
Under such circumstances, what can we expect the effect to be upon
our securities and upon the future financing of our great corporations?
Europe until recently has been a constant and heavy purchaser of our stocks
and bonds and has been of immense assistance in developing the natural
resources of the country, but if her burdens are to be Increased to the extent
that I have outlined, we need look for no more help from that quarter
and would indeed be compelled to repurchase many of our securities now
held abroad. With such a prospect before us we cannot but anticipate
higher interest rates for fixed investments, greater difficulty in selling
securities and a consequent period of retrenchment.
In case of a complete victory for Germany and Austria, the result is also
easy to forecast. Germany has been created, enlarged and solidified by
the "blood and iron" policy enunciated by Bismarck in 1863. Her military
organization again justified by victory, is it reasonable to suppose that she
would agree to abandon the sword which has brought her into power?
And if Germany retains her army and navy in undiminished strength,can
others afford to adopt a different policy? We think not.
The third possible outcome presents a different aspect. In case of complete victory for the Allies, it seems evident that England will have a predominant position in the making of terms. She wants little or nothing
in the way of territory and desires chiefly the prosperity of her people
and the peace of Europe. England only a short time before the war is
SEPT. 19 1914.]
THE CHRONICLE
reported to have made, without result, a suggestion to Germany for a
mutual reduction of the naval program. This indicates that England.
despite her small standing army, has felt the strain of military epxenditures
even in times of peace, and the attitude of her diplomats prior to the outbreak clearly demonstrated her desire to prevent the conflict. France,
with an her war-like history, is a peaceful nation at heart, while Belgium
desires only reparation for damages and an effective guaranty of neutrality.
Servia and Japan cannot be considered as important factors in the making
of terms of peace. Every nation involved has felt the enormous strain
of military expenditures and in the event of an ultimate victory for the
Allies, is it a wild dream to expect that as the only remedy the practical
disarmament of Europe, nay, of the whole world, may be the outcome?
Germany, beaten, with its military organization unjustified, would hardly
be in a position to protest or even to persuade her own people to rebuild
the organization, if such a thing were to be allowed under the terms of
settlement.
Russia, with her monarchical government, seems to be the key to the
problem, yet it must not be forgotten that whatever his motives, it was
from the present Czar, even then disturbed by the growth of military
expenditure, that there came in the year 1898 the first tentative proposition for universal disarmament. If this could be accomplished, what
would it mean to Europe and to the world?
During the last fiscal year for which figures are available the estimated
expenditures of the principal nations of Europe for military purposes
amounted to the huge total of $2.000,000,000. Imagine, if you can, what
it would mean if this sum were to be diverted from the support of the
destructive forces and used in the development of the natural resources of
the world. Such a sum added to the present amount available annually
for investment would mean an abundance of capital for industrial development. both here and abroad, lower interest rates and probably lower cost
of living. Add to this the transfer of some 4.500.000 men which make
up the standing armies of Europe on a peace footing,from a life of economic
wast to productive pursuits, and it is not hard to believe that Europe would
require very few years to recover from the ravages of war and enter upon a
long period of prosperity from which we would be one of the greatest beneficiaries. Under such conditions, capital would accumulate with surprising
rapidity, and Europe would soon be a heavy buyer of our securities, and we
would witness in the country an era of expansion and prosperity such as
we have never before experienced. If disarmament can be accomplished,
the outlook is indeed bright, but under no other conditions can I feel that
there Is anything to look forward to except a long period of retrenchment.
lack of capital, high interest rates and general business depression in which
Europe will be the principal sufferer, but in which America is bound to
share.
The United States, as the greatest neutral nation, with nothing at stake,
except the progress of humanity is in a position to exert her strongest
influence with her friends on the other side of the water that permanent
good may result from this awful catastrophe.
Under such circumstances. is it not the patriotic duty of every American.
regardless of his present sympathies, to work unceasingly to the end that
public opinion both here and abroad may be so united and strengthened
in the resolve for complete disarmament that it can be disregarded by
neither Congress. nor Parliament, Czar nor Emperor?
In making these suggestions as to the possible outcome, I do not want
to be understood as taking a partisan attitude or violating the injunction
of our President as to strict neutrality, in thought, word and deed. Itis
surely not partisan, but Christian, to hope that the outcome may be such
as to relieve the world of its burdens of militarism and usherin an abiding
era of peace, prosperity and happiness.
THE SITUATION REGARDING RAILROAD RATES—
NEW APPEALS.
Following the presentation before President Wilson last
week of the conditions confronting the railroads, a petition
asking for a re-hearing of the 5% freight rate advance case
was filed with the Inter-State Commerce Commission on
the 15th inst., on behalf of the railroads in Official Classification Territory. Informal notification was given the Commission on the 14th inst. of the intention of the roads to
seek a re-opening of the case by Daniel Willard, President
of the Baltimore & Ohio RR., and Chairman of the Presidents' Committee of Eastern railroad men. The petition
contends that the roads face an "extremely serious" emergency resulting from diminishing revenues and aggravated
by the European war. The petitioners state that they
are "proceeding as rapidly as possible to put into effect the
increase in freight rates in Central Freight Association
Territory authorized by the report of the Commission, and
are giving earnest attention to the other recommendations
and suggestions of the Commission with respect to other
rates and practices." They add,however,that"it is believed
that additional revenue which may be secured by the adoption of means other than a general advance in freight rates
cannot be obtained in the near future, and when secured
will be inadequate to meet the needs of the carriers for increased revenue in the present situation." Accordingly, the
Commission is asked to modify its order of July 29 "so as to
permit the carriers to make effective the rates specified in
the tariffs which were by said order directed to be canceled,
except so far as they have been or may be superseded by
advances filed in accordance with the report of the Commission, and that your petitioners may have such other and such
further relief in the premises as to the Commission may seem
proper." We give the petition in full below:
To the Honorable, the Inter-State Commerce Commission.'
Your petitioners. 112 railroad companies, comprising the thirty-five
railroad systems in Official Classification Territory, respectfully petition
the Commission for such a modification of the order of July 29 1914 as
will permit the carriers to make effective the rates specified in the tariffs
which were by said order directed to be canceled. Since the filing of the
report and entry of the order by the Commission in these cases, facts and
787
circumstances have arisen which,taken in connection with the facts already
before your Commission, your petitioners believe will justify the relief
herein prayed for. These facts and circumstances are briefly as follows:
First. During the month of October 1913 your petitioners published and
filed with this Commission the tariffs involved in these proceedings. At
the time of the filing of the report of the Commission,there were available
for the information of the Commission the annual reports of your petitioners
for the year ended June 30 1913, as well as the monthly reports of your
petitioners up to and including May 1914. Since that time the complete
Income accounts of your petitioners for the fiscal year ended June 30 1914
have become available.
The reports of your petitioners for the year ended June 30 1914. as compared with the year ended June 30 1913. show a decrease in total operating
revenues of approximately 344.700,000, while during that same period
operating expenses increased about $23,300.000. After deductions of taxes
and deficit in outside operations there was a decrease in operating income
of approximately 373.710,000, notwithstanding an increased property investment. Thus the tendency toward a diminishing operating income.
found by the Commission in its report,is emphasized by the figures covering
the complete year to June 30 1914, while the reports for July and such
figures as are available for August 1914 show a continuance of this declining
tendency, notwithstanding the extraordinary efforts that have been made
to reduce expenses.
Second.—The unforeseen European war has brought about an unparalleled
destruction of wealth and dislocation of credit throughout the civilized
world. It is certain that the competition for capital will be keener and interest rates higher for some years to come than in any corresponding period
within living memory. The emergency thus resulting Is extremely serious.
It is conservatively estimated that the railroad companies of the United
States have obligations maturing in the next fifteen months amounting to
well over five hundred millions of dollars, and it is imperative in the public
interest that these obligations shall be duly met. A large part of this
sum is owed by your petitioners, and they will further need, from time to
time in the next few years, large amounts of money to provide for improvements which will be necessary in the public interest to prevent a serious
deterioration in the standard of transportation service. In order to compete effectively for this new capital,they must have a material increase in
revenues.
Third.—The Commission in its report made certain tentative suggestions
as to measures which might be taken by the carriers to secure additional
revenue. Your petitioners are proceeding as rapidly as possible to put into
effect the increase in freight rates in Central Freight Association territory
authorized by the report of the Commission, and are giving earnest attention to the other recommendations and suggestions of the Commission with
respect to other rates and practices.
It is believed, however, that the additional revenue which may be
secured by the adoption of means other than a general advance in freight
rates cannot be obtained in the near future, and when secured will be inadequate to meet the needs of the carriers for increased revenue in the present
situation.
Wherefore your petitioners ask that the Commission modify the order
aforesaid so as to permit the carriers to make effective the rates specified in
the tariffs which were by said order directed to be canceled, except so far
as they have been or may be superseded by advances filed in accordance
with the report of the Commission, and that your petitioners may have
such other and such further relief in the premises as to the Commission
may seem proper.
DANIEL WILLARD, Chairman Presidents' Committee on behalf of
the railroad companies in Official Classification Territory; HUGH L.
BOND JR., GEORGE F. BROWNELL,J. L. MINNIS,0.E.BUTTERFIELD, GEORGE STUART PATTERSON. Counsel.
September 15 1914.
A statement indicating that an answer to the petition of
the roads would be forthcoming to-day (the 19th) was issued
by the Commission on the 17th inst.; it said:
The Commission has taken up for consideration the petition of the carriers
for rehearing in the increased rate case which was filed on the 15th inst.,
and it is also advised of protest on the part of shippers against reopening
the case. The commission expects to announce its conclusions on Saturday the 19th.
In discussing the petition and its brief nature, Mr. Willard
on the 15th inst. said:
There was no need of reciting many particulars, as the Commission Is
as fully aware of the unprecedented conditions as the railroad men are.
The request for a reopening of the rate case is specifically provided for in
the Inter-State Commerce Act. A section of this statute states that, after
a decision has been rendered by the Commission, the case may on reopened when a new set of facts and circumstances are found to have arisen.
When the Commission handed down its recent ruling,the present situation
was altogether unforseen. Hence we feel justified in availing ourselves of
the provision which authorizes us to ask a reopening of the matter. We
hope that the Commission will accept our request and consider the rate
problem again; we hope that it will act favorably upon our application for
more revenue. More than this nothing can be said until the Commission
has acted upon the brief filed to-day.
Frank Trumbull, Chairman of the Board of the Chesapeake & Ohio Ry.and the Missouri Kansas & Texas RR.,who
acted as spokesman for the railroads at last week's conference in Washington, was quoted to the following effect in the
"Times" of the 12th inst.:
We told the President in our conference that the question now Is much
bigger than the reopening of the Eastern roads' case. Our problem now
extends far beyond the jurisdiction of the Inter-State Commerce Commission. It involves the whole country, which means that we must have
relief from forty-eight State commissions.
The time has come, we told the President, to look at the situation througk
a telescope, and not through a microscope. We are subject to orders from
the State commissions and legislatures on all of these matters: safety appliances, hours of service, boiler inspection, employers' liability, employees' compensation, full-crew laws, use of electric headlights, grade
separation, crossings, track-elevation, maintenance of shops,
establishment of legal offices in different States, construction of stations,
valuation, accounts and statistics, damage claims, issuance of stock and
bonds,
fees and reduction in passenger and freight rates. In addition,
we are
subject to Congress in the matter of railway mail pay, which is
very important. That is why we put our case before the President rather
than before the Commission. Later we conferred with the four
members of the
Commission who were in Washington, where we repeated our
statement.
788
THE CHRONICLE
VOL.
xclx.
will be heeded by legislative and regulatory bodies and that
Anticipating the request for the reopening of the freight tional expense
railway employees will refrain from pressing at this time demands which
rate case, George M. Shriver, Chairman of the Committee if granted or awarded would result in higher labor cost.
of Accounts of the Bureau of Railway Economics at Washington, sent out the following notice to the various railroads
The Philadelphia "Press" of the 12th inst. in announcing
concerned:
the proposed launching of a comprehensive movement by
In view of the possibility of early further consideration in the matter of
the railroads of the United States for the increase of revenues
the 5% rate case, it is important to have as promptly as possible statements
for the year ended June 30 1914 of income and expense accounts, and sup- in all branches of their service, said:
First intimation of the movement was contained in an announcement by
plemental statistics in identical form with ten-year statements heretofore
filed. Will you at the earliest possible date please forward such statements the Pennsylvania Railroad of an increase of 125.6% in the rates of mileage
for your company to the Bureau of Railway Economics, Washington; books. The second step looking to a decrease in operating expenses, so
also stating what, if any, obligations your company has maturing in the as to increase net revenues, was the announcement by the Pennsylvania
years ending June 30 1915. 1916 and 1917, showing the amount, character that,beginning on Tuesday next,68trains would be dropped on the divisions
entering Philadelphia. This same plan of economy is also being worked
of securities and the present rate of interest.
out on the Pennsylvania lines west of Pittsburgh and Erie.
Steps which are to follow as quickly as they can be worked out are:
A general increase in passenger rates wherever practical.
In a statement issued at Chicago on the 16th inst., the
Appeals to the legislatures of the various States to repeal the full-crew
general executive committee of the Railway Business Asso- laws.
Elimination of all free services and the making of charges for services
ciation expresses itself as profoundly appreciative of the
appeal made by President Wilson on behalf of the railways, rendered.
Sale of properties not used or needed in transportation purposes.
and is moved thereby "to say that the logical sequence of the
To contest in the Federal courts the right of State commissions to
President's appeal is for business men to plead that the Inter- compel the carriers to make allowances to the so-called tap or termina
which allowances are characterized as "rebates" by the Inter-State
State Commerce Commission may find a way to grant inume- lines,
Commerce Commission, and which virtually are directed to be abolished
diate relief in response to the petition which the Eastern by that body.
The repeal of the New Jersey grade-crossing law—which would cost the
railways have now filed." The following is its statement:
Pennsylvania Railroad alone more than $5.000,000 if it were carried out.
The Railway Business Association commends the spirit in which the railRestriction of free passenger transportation.
way presidents recently conferred with the President of the United States
The repeal of the two-cent fare laws in those States where such legislaupon the grave conditions confronting the railways, aggrevated by the Eution is still in force. On this point the Inter-State Commerce Commission
ropean war, and is profoundly appreciative of the appeal made by President
in the 5% freight rate case said: "The need of additionsl revenues is greatWilson on behalf of the railways. We are moved thereby to say that the
est in Central Freight Association Territory, and existing statutes in Ohio.
logical sequence of the President's appeal is for business men to plead that Indiana, Illinois and
Michigan may be obstacles to the raising of passenger
the Inter-State Commerce Commission find a way to grant immediate relief fares in those States. But we are confident that if these statutory fares
in response to the petition which the Eastern railways have now filed. are clearly shown to be unduly burdensome to the carriers, the people of
This association has always observed an atittude of respect for the Com- those great States will cheerfully acquiesce, as the people of New England
mission and has by its utterances ever voiced our appreciation of the burhave done, in reasonable advance increases, and that the necessary legisladens imposed upon it and of the perplexities involved in the issues presented
tive authority will be promptly given."
for its adjudication. Our appeal to the Commission now is made with a
The repeal of other legislation which railroad officials regard as perfriendly desire that it cope, as the exigency demands, with a portentous emptory laws and which are not regarded as necessary as other legislation.
situation, the factors of which have never before existed in their deliberation.
The President in his conference with the railway executives manifested
It was stated on the 16th inst. that the railroads which
earnest sympathy with them, and showed great familiarity with the facts
received
a 5% increase in freight rates through the recent
that
the
certifying
in
President
The
statement
presented.
as
made to him
by the railways was a "statement of plain truth" called the attention of the decision of the Inter-State Commerce Commission, are
country "to the imperative need that railway credit be sustained," and in threatened with greater delay in the application of the inurging co-operative effort to that end included "the action, wherever feasibusiness. The roads in the
ble, of Governmental agencies." It was unnecessary to specify the Inter- creased rates to intra-State
State Commerce Commission, which is the only tribunal possessing infor- Central Freight Association have been notified by the Public
mation, facilities and authority to afford the immediate relief required.
Utilities commissions of Ohio, Pennsylvania and Indiana
The substitute methods of increasing income pointed out in the decision
may be questioned where
of July 29 were volunteered by the Commission to meet what it considered that the reasonableness of the rates
to be then existing conditions. It seems to us that it would be entirely they refer to intra-State transportation. According to traffic
proper, as it is surely important, for that body now to volunteer a solution
officials at Chicago, the Ohio Commission has asserted that
.to meet the unlooked-for emergency. The previous investigation was so
recently concluded that the data already at hand is ample. Legally, the it will take the matter through the courts before the advance
tariffs suspended in that case have now been withdrawn, but_physically is permitted. The new rate sheets covering the inter-State
they exist. The Commission has already given exhaustive consideration advance will be ready for publication about Oct. 1, but the
to the details of the decree which would have been issued had it been decided
delays. The railroads
to grant an advance to the trunk lines and to New England. In any event, State issues may cause unexpected
upon return of normal conditions the Commission can at any time readjust have requested the various State commissions to allow the
rates if revenue is regarded as too large.
rates to become effective within ten days after publication
Out of the war has arisen an emergency affecting the railways which has
that has been approved by the State commissions affected.
and
demands
which
and
extraordinary
parallel
no
measures. Reports of earnings and expenses for the year ended June 30 1914, which were not yet avail- In Pennsylvania the Commission agreed as to the date
able when the Commission decided the 5% case, have now been laid bewhen the rates should become effective, but reserved the
fore the Commission and show a serious decline of operating income in
face of increased property investment. The war has influenced and is right to review any intra-State rates. According to Thomas
inflicting still further losses in gross earnings. It was evidently the Com- Duncan, Chairman of the Indiana Commission, the rates
mission's expectation that current earnings would be sufficient to tide the
not become effective in that State until after hearings
roads over until the new sources of revenue should materialize into money. will
The war has put an end to that hope. The roads are now vigorously tak- on the subject. The intra-State business affected is about
•ing steps to follow the recommendations of the Commission as to passenger 30% of the total traffic.
rates, unremunerative freight rates, free services and other matters. It
is, however, a work exceedingly intricate and of large volume and considThe railroads in the Southeastern Territory have been,
erable time must necessarily elapse before any of these resources can be
made to yield income. Neither the roads nor the country can afford to granted an extension of time by the Inter-State Commerce
wait. Immediate relief is required in the interest of all concerned.
Commission within which to compile the new freight rates
It would be difficult to over-estimate the value and the importance of
As explained in the
the stand taken by President Wilson in counting the problem of railway on the long-and-short-haul order.
credit as among the imperative measures for national protection against the "Journal of Commerce," in the South the
freight rates are
evils of the war.
"This is a time," says the President, "for all to stand together in united made on basic points, which are for the most part junction
effort to comprehend every interest and serve and sustain it in every legiti- points of two or more railroads. In many instances the
•
mate way."
rates to these junction points were very low and the roads
The price level and strength of railway securities have a potent influence
upon the financial transactions of all other corporations. If railways fell into the practice of charging a "back-haul" rate to the
cannot renew their notes or refund maturing bonds, this fact severely im- intermediate points. The matter coming up before the
pairs the confidence which lenders feel in other companies. Current prices Commission under the long-and-short-haul clause, it was defor old issues cannot decline far without destroying the market for renewals and refundings, not to mention new securities, of which no one at cided to give the roads permission to charge no higher rates
this moment thinks. Outbreak of hostilities caused the wholesale return to the intermediate points than to the basic point in most
to this country of American railway securities held abroad. Prices slumped
cases, whereas in some instances the roads were permitted
violently. This sacrifice was temporarily suspended by the closing of the
European and American stock exchanges. The Government canno to charge a proportionately higher rate to the intermediate
by legislation provide volume of tonnage: but impairment of credit may be points.
mitigated to some extent by an advance in freight rates. This would stay
While this did not necessarily involve any material rethe downward tendency of income somewhat and the sanction itself would
the
be invaluable as making good in substantial fashion the declared purpose duction in the rates, it necessitated re-writing practically
of the Commission "to aid so far as we legally may in the solution of the whole freight tariffs in the Southeast. A committee repreproblem as to the course that carriers may pursue to meet the situation."
Southern railroads has been in Washington some
We would respectfully urge upon Congress that in consideration of rail- senting the
way mail pay the recommendation of the Congressional joint committee time past at work on this matter. In view of the fact that
points a way whereby the railways may be dealt with in a spirit of greater the roads were commanded to correct so many of the tariffs
liberality than is provided in the House bill now under consideration in
was found impossible to have the tariffs prepared
the Senate. This is surely a time when the Government should be actuated by Oct.1,it
• by a desire to pay adequately for an important public service rather than by that time. The Commission was petitioned to postpone
to drive a hard bargain with the carriers because it has the power to do so.
the order directing the changes for a year. A compromise
We earnestly hope that the prayer of the railway executives that the roads
whereby some of the corrections are to
be relieved as far as possible of further immediate burdens involving addi- was finally reached
SEPT. 19 1914
THE CHRONICLE
be made on Oct. 1, while the others will not go into effect
until April 1 1915.
789
commission paid to London for this service has been entirely a proper charge.
The United States should not go into this business of providing direct
dollar exchange with any idea of rivaling London, but rather with the
idea of supplementing the service performed by London by giving the
merchants of the United States an opportunity to broaden their trade relations with their sister continent.
The sterling exchange will undoubtedly continue for a great many years
to hold its prestige in the world's trade. In our own trade we shall undoubtedly be obliged to use sterling exchange, as triangular transactions
will undoubtedly prove desirable and profitable at times.
Application for an increase in passenger rates to 3 cents
a mile on main lines and 4 cents on branch lines was filed
with the Missouri Public Service Commission on the 16th
inst. by the trunk line railroads. The railroads also asked
freight rate increases. The 2-cent passenger rate and many
freight rates were fixed by statute and upheld by the Federal Supreme Court, but the State Supreme Court since has
held that the Missouri Public Service Commission has au- URGING BANKERS TO ASSIST IN DEVELOPING
FOREIGN TRADE.
thority to fix rates.
Discussing the opportunities presented by the European
war to those engaged in business in the United States, George
ADVOCATING EXCHANGE RATES IN DOLLARS TO Woodruff, President of the First National Bank of Joliet,
PROMOTE SOUTH AMERICAN TRADE.
Ill., in an address before the Nebraska Bankers' Association
Direct exchange on New York and quotations in dollars on the 17th pointed out that"the bankers of America,through
is advocated by John E. Gardin, Vice-President of the the advancement of our foreign trade, now have an opportunNational City Bank of New York, to remove the handicaps ity to help to develop our industrial life, and it is possible for
on our trade with South America. One of the reasons cited a 'banker-foreign trade' movement to give a new impetus
by Mr. Gardin as to why the trade of the United States to our international interests." We take the following from
with South America, as compared with the trade of other his remarks:
countries with that continent, has been small, is that the
The deplorable war in Europe, affecting as it will, directly or indirectly,
South American merchant has in many instances found it practically every civilized person in the world, brings with it distinct and
peculiar duties and opportunities to those who are engaged in business in
difficult to do business with the United States because of the
United States. Great sections of the world are in absolute need of food,
his inability to translate the prices of United States articles, clothes and manufactured articles, which it is possible for us to supply.
and
the duty which devolves upon us to act in the capacity of big brother
in
given
dollars,
into
of
his
own
are
the
currency
which
to the world carries with it also the advantages which will accrue from a
country, with any assurance that he will be able to purchase large
expansion of our foreign trade.
exchange on the United States at a figure which will square
During the past few years bankers have done much to develop our rural
life
and
with his calculations. In submitting his views with regard ests. the "banker-farmer" movement has enlivened our domestic interThe bankers of America, through the advancement of our foreign
to the adoption of a direct exchange to remedy the handicaps, trade,now have an opportunity
to help to develop our industrial life and it
is possible for a "banker-foreign trade" movement to give a new impetus
Mr. Gardin says:
There are two factors which will enter into the establishment of a system
of direct exchange in dollars between the United States and South America,
namely the establishment of branches of national banks, such as are permitted by the Federal Reserve Act, also the increase of trade with South
America. These two factors will tend to bring about the removal of the
handicap which the merchant of the United States has labored under in
his endeavor to secure trade with South America. It has been estimated
that this handicap amounts to one and one-half to two per cent each way
on account of the expense incident to making payment through London.
That handicap has worked out specifically in this way. There has been
so little direct exchange in New York in the South American countries that
there has been practically no organized market. That is US say, there has
not been enough of a supply to establish anything like a fairly uniform
price. The result has been that a merchant desiring to make settlement for
goods bought from the United States would find, on going to his banker,
that the latter would be unable to accommodate him. After considerable
shopping around, the merchant would, perhaps, find a banker with sufficient balance in New York to meet his requirements.
The banker, however, with the ability to meet the merchant's needs.
would naturally feel that he must receive a high price for a draft on New
York, as the limited demand for this New York exchange would have made
It an expensive asset for the banker to carry. That fact has naturally
militated against direct exchange on New York because it has increased
the cost. This has naturally made it easier for payments to New York
to be made through London, and this fact has added another element to
the cost of doing business with New York, as payment through London
Involved a three-cornered transaction, which is, of course, more expensive
than direct payment.
In this connection consideration must also be given to the fact that the
trade of the United States with South America, as compared with the trade
of other countries with that continent, has been small. One of the reasons
given for this is that the South American merchant has in many instances
found it difficult to do business with the United States because of his inability to translate the prices of United States articles, which are given in
dollars. into the currency of his own country, with any assurance that he
will be able to purchase exchange on the United States at a figure which
will square with his calculatioes. Hence, the South American merchant
must go to the trouble of translating United States dollars into, say, pesos,
and then into pounds sterling, before he can arrive at a definite idea of the
cost of an article to him.
Direct exchange on New York and quotations in dollars will tend to
remove those specific handicaps on our trade. Our merchants can then
figure that quotations in dollars will be readily translated into the currency
of the particular South American country with which they purpose doing
business, and, therefore, a direct stimulus will be given to their business
with South America.
It is quite within the possibilities that it will take some time before, in
the working out of direct exchange in New York, the disparity between the
direct exchange and sterling exchange will disappear. It is necessary in
order to bring about a considerable market—a market big enough to make
the workings of exchange smooth—to have a good-sized increase in trade
with South America. Even were our present trade all handled in direct
exchange, it is not to be expected that sterling exchange as applied to trade
between the Americas would entirely disappear. The three-cornered
transactions will still be used.
It is to be expected that, even with dollar exchange in general use, some
disparity between it and sterling exchange will from time to time appear.
At such times the manager of a branch of a national bank of the United
States will naturally go into the market and purchase bills, either in dollars
or pounds sterling, which will make it possible for him to sell exchange
either on New York or London, as the comparative profits between the
two transactions may dictate. As a matte: of fact such activities on the
part of the United States branch manager will in themselves have a tendency to cut down the disparity between dollar and sterling exchange.
This possibility was evidenced a short time since by the fact that in
Buenos Aires the peso was worth 34 cent more in dollars than it was in
pounds. In other words, a man who wished to buy exchange on New
York was obliged to pay therefor ee cent more than if he purchased for
payment in New York exchange drawn on London.
• We must, of course, always bear in mind the service that has been performed by London in furnishing a means whereby payments due anywhere
from anywhere might be made. The tax on commerce inherent in the
to our international interests.
In order that we may take prompt steps to meet our obligations and take
advantage of our opportunities, bankers' associations should appoint
"Foreign Trade Committees" which should familiarize themselves with
foreign trade matters, act in concert with other committees to bring about
changes in present conditions and furnish information to all bankers and
through them to their customers. In this way the entire industrial organization of the country would be reached as well as the rural interests, which
have heretofore in a number of cases opposed much-needed legislation
looking toward the advancement of our foreign trade.
Although the war will greatly deplete the purchasing power of the whole
world, nevertheless practically all neutral countries are looking to us for
some degree of assistance and we can therefore push our trade in all directions. However, we find that the two particularly attractive areas open
to our commerce are China and South America, and, while both of these
parts of the world deserve our best attention, yet I have found during recent
visits which I have made to China and Manchuria and also to all of the
countries of South America that as to exports in general—and not particular articles needed in China—we should put forth our first and hardest
efforts on the continent to the south. The countries of South America are
nearer to our shores than China and lie within our own sphere of political
influence, while China is under so many conflicting political influences that
we cannot expect our business interests to be as well protected there as in
South America. Furthermore, the Panama Canal will materially increase
American prestige in this part of the world. There is also the most linportant factor of all to be considered—the character of the people. In
China there is a people whose ideas are entirely alien to ours, and it is necessary to first create a demand for most of our goods. On the other hand,
we find in South America the civilization of Europe combined with American ideas, and there already exists a pressing demand for the necessities
and luxuries of life and the United States is the logical country to take care
of this demand.
The strongest possible efforts should be put forth toward providing
adequate shipping and mail service to all principal countries in the world
and particularly to South America. The shipping accommodations to the
south have always been poor,sailing's very infrequent and the time consumed
en route out of all proportion to the distance traversed. Furthermore, the
mail service has been abominable. Thus,if an American salesman received
an order in Buenos Aires and advised his firm by letter and the goods were
promptly packed and shipped, it would take from ten to twelve weeks to
make delivery. American representatives are therefore compelled to use
the cable service, which is a very expensive and unsatisfactory method of'
transacting business. Any action that will build up an adequate American
merchant marine will not only reflect credit on those who help to bring it.
about, but will prove to be of the greatest possible advantage to American
industrial interests which ship manufactured goods abroad, and to American rural interests, which should maintain at all times a safe and sure foreign
market for grain and foodstuffs.
The next most important matter is the establishment of proper American
banking facilities throughout the world, and it is gratfiying to note that
American bankers have already taken steps to establish branches in South
America. In the past the banking business in connection with our foreign
trade has been handled entirely on European lines, and in most countries
it has been difficult to purchase bills on New York except through foreign
banks at high rates, and bills against New York have not often been looked
upon as good payment, but have been sold at disadvantageous rates, and
payments made by means of bills on London. Furthermore, as was to
be expected, the influence of the great European banking institutions in
foreign countries has been exerted entirely on the side of the European
manufacturer, and the American not only has had no bank to influence
business or handle his remittances, but he has had no American channel
through which he could obtain credit information. Branches of our new
Federal reserve banks will doubtless be established in foreign countries,
but in addition to these branches American manufacturers should also
have the advantage of the services of foreign branches of our large commercial banks, for American commercial interests can be best advanced,
particularly in South America, by the extension of long-time credits and by
the activities of our commercial bankers in helping to finance various types
of improvement and endeavor in these foreign countries. Financing by
Americans will in every case lead to the use of American supplies, and this
will be found to be one of the greatest factors in building up our
international trade.
790
THE CHRONICLE
[VOL. xcEC.
Our bankers can also help to do away with one of the chief reasons for any of the outstanding loans,
although requiring customers
our comparatively small trade with South America and the Orient by impressing upon manufacturers the need of a more thorough knowledge of to furnish additional collateral where this was needed."
geography. A large number of our business men do not know the differ- The inquiries made of the banks in the matter
were published
ence between Buenos Aires and Rio de Janeiro, and could not tell which is in our issue of August 29, page
570. We print below in full
In the Argentine and which is in Brazil. What we need is to have the "boss"
himself carefully look over the field. He will then realize that the pur- Mr. Williams' statement bearing on his investigation: "
The Comptroller of the Currency said that statements had been
eh.sers In other countries are just as particular about the goods they buy
received
as are the people of the United States, and he will stop sending out the from all of the national banks of New York City in reply to the recent insecond-class articles that he now frequently ships for the use of those he quiry addressed to them in connection with the throwing out of collateral
by
New York banks,calling of loans,&c.,showing that,although the
terms "the natives."
complaints
Another change that should be made concerns the salesmen who are sent received had been well founded, and while some hardships had been inflicted
to foreign countries. At the present time the average manufacturer by discrimination by some few banks, the New York banks as a rule have
picks out the salesman who is not good enough to sell goods at home and handled the situation with skill, ability and with marked consideration and
ships him to foreign lands with a box of samples. This salesman, without forbearance to creditors and customers. The inquiry developed the
any knowledge of the local language and without any insight into the wants gratifying fact that since the closing of the New York Stock Exchange not
of the people, breezes into an establishment, spreads his samples all over a single national bank of New York City had, according to the sworn
the place, and, through a poor interpreter, in the hustling American way, statements of the banks, either sold or ordered sold the collateral held as
tries to sell a bill of goods on the spot. If the prospecitve customer insists security for any call loan because of omission to paysuch loan,land that fourthat he cannot sell soap unless it is very highly scented because his people fifths of the banks have refrained from calling, since the closing of the
like it that way,the salesman generally tells him that he does not know what Exchange, any of the outstanding loans, although requiring customers
he is talking about, and proceeds to inform him as to how many million to furnish additional collateral where this was needed. A summary of the
bars of that soap were sold In Missouri last year. Now,the American mer- statements received shows that twenty-nine of the thirty-three national
chant will have to change his tactics. Instead of picking out the poorest banks report that they have not discriminated against securities by requiring
salesman he has,he must pick out the best man he can obtain in America, the withdrawal of any of the collateral held on their loans. Three banks
a man of the utmost tact, patience and common sense, and a man who can report that customers were requested to withdraw from loans certain collatspeak the language and who will study the customs, manners and peculi- eral which was regarded as unsatisfactory. One bank submitted a list
arities of the people and go to a foreign country and temporarily become a of twenty-one stocks, about one-half of which were dividend payers, which
foreigner. After the right salesman is selected, he should be given suffi- they had requested customers to withdraw from loans and to substitute
cient money to advertise the goods he is trying to push, and, furthermore other securities for those withdrawn. Twenty-nine banks reported that
the firm at home should not forget all about him, but should do all in its they held no loans upon which they are requiring customers to maintain
power to help get the goods before the foreign consumer.
margin of more than twenty-five percent. Four banks explained that they
A complaint that is as old as the American trade itself is in connection were requiring customers to maintain additional margins where certain
pack
our
goods.
which
We
we
are
accustomed to employ classes of securities were held as collateral for loans. Twenty-seven banks
with the way In
inexpert men to do our packing and the crates have oftentimes been made stated that they had called no loans since the closing of the New York Stock
of flimsy material. Ifthehead ofthehouse would go out into the world and Exchange. The aggregate of the loans which the other six banks reported
see his goods hauled out of the hold ofa shlp bya derrick swung over theside that they had paid was about two and a half million dollars. Of the loans
and then dropped in a lighter as it rose on the crest of a great swell, he called about fifty per cent were paid.
Thirty-one banks reported that they had called no loans which they
would feel like going home and having his shipping crates made of steel.
Furthermore, he would learn by contact with foreign people that goods had placed for account of their correspondents. Two banks reported
should be packed and measured according to foreign systems,for In many about two million dollars of loans called for account of correspondents,
countries these systems differ from our own.
about three-quarters of which loans were taken over by the banks which
The difficulties, real and fancied, in the way of entering foreign markets had loaned this money for their correspondents.
Eight banks reported no new call loans made since the closing of the
have led most American firms to place their goods in the hands of large
commission merchants located on the ground. This method would doubt- New York Stock Exchange. The remaining twenty-five banks reported
ess prove fairly satisfactory were It not for the fact that many of these new call loans since Aug. 1 aggregating $51,700,000, but how far these
commission houses do not honestly represent their clients. It has been represented maturing time loans transferred to call was not disclosed. The
Pointed out that some houses in South America represent two hundred or amount of call loans paid voluntarily was not stated by the banks.
more American firms but do not actually push more than ten or twelve
On the 14th inst. the Comptroller made known the results
lines. They sign up with the rest In order to keep them out of the field,
of a similar inquiry addressed to the national
and because only an occasional order Is received,the American manufacturer as follows
gets the idea that trade in his line does not exist. As a matter of fact, banks of Chicago and St. Louis:
most of these commission houses are of European nationality, and while
The Comptroller of the Currency to-day reported the result of the inquiry
sending most of the desirable business to their own countrymen, they sell addressed to the national banks of Chicago and St. Louis as to the extent
just enough of our goods to keep us off the map,and as the head of the con- to which securities had been thrown out of loans and loans called for paycern never visits his foreign agents, he never learns the truth.
ment since the closing of the Stock Exchange.
Our manufacturers should be informed as to the condition of business
The national banks of Chicago all report that they have not required the
morals, particularly in those South American countries where the standard withdrawal of collateral of any class from the loans since the closing of the
Is not high. Many contracts are based largely on graft, and dishonesty New York Stock Exchange and that upon none of their loans are they
among individuals Is rather common. This disadvantage, however, can requiring a margin of more than 25%•
be largely overcome by familiarity with the people and customs, as in our
They also report that they have called none of their loans since the
own country, where such things are certainly not unknown, we are able to Stock Exchange closed.
amount of loans called for account of correspondents was $3,600,000,
The
keep them from entering seriously into our business affairs by knowing
how to avoid them.
of which they report that $3,500.000 was paid. Of the loans which they
Our bankers' associations can also help to improve conditions Inside of had placed for correspondents they report having taken over $710,000.
New call loans made since July 31st on bonds and stocks,and now outour own country. A solid foundation for our future world trade is vital.
and in this connection much good would come from the establishment of a standing, amount to $2,193.000.
New time loans made on bonds and stocks since the closing of the New
national school of diplomacy, the further extension of the principles of
civil service in our consular organization and the teaching of Spanish In York Stock Exchange, $1,021,000.
Time loans on bonds and stocks renewed since Aug. 1 1914, $5,122,000.
all of our public schools. Then, too, special credit facilities could be proAll national banks of Chicago report that they have neither sold nor
vided for manufacturing for the foreign trade, favorable railroad rates
could be advocated on goods shipped for export,and many other measures ordered sold any bonds or stocks held as collateral for loans because of omisaffecting international commerce could be helped along by the men who are sion of borrowers to pay for same.
The maximum rate of interest charged by the banks of Chicago during
engaged in the banking business.
Although American foreign trade prospects are now brighter than those the month of August was reported at 7%.
Of the national banks of St. Louis,only one bank reports the elimination
of any other country, nevertheless we should not lose sight of the fact that
permanent and lasting trade success is always a matter of slow growth, of any particular collateral from its loans.
They
report that they are not requiring more than 25% margin on
and results only from able and persistent endeavor and the opportunity
any
which our duty to the world now opens to us should but mark the begin- of their loans secured by stocks and bonds, and that they have called no
ning of a new foreign trade era which will eventually lead up to the time loans for payment since the closing of the New York Stock Exchange.
The amount of call loans called for account of correspondents
when the words "Made in the U. S. A." will be more often seen than the
was placed
at $269,000, of which $211,000 was paid.
like phrase of any other nation.
Call loans placed for correspondents taken over by the St. Louis
banks,
$10,000.
New call loans made since Aug. 1 was reported as $410,000.
THE BANKS NOT CALLING LOANS.
New time loans on bonds and stocks collateral made since
Aug. I,
A statement was issued on the 12th inst. by Comptroller $635,000.
Time loans on bonds and stocks renewed since Aug. 1, $2,800.000.
of the Currency, John Skelton Williams, with regard to the
Only one bank in St. Louis reports selling out collateral because of omisinquiry addressed by him to the New York banks following sion of borrowers to pay call loans.
The maximum rate of interest charged by the St. Louis banks in the
the complaints made to his office that the national institu- month
of August was 8%, this rate having
charged by three banks.
tions were imposing unnecessary and unreasonable hard- The maximum of one bank was 7%,.and ofbeen
the remaining three national
banks,
six
per
cent.
whose
borrowers
obligations are secured by
ships upon
collateral, and that certain banks in some cases were throwing
out loans of high class on approved interest or dividendpaying securities. Comptroller Williams states that although the complaints received had been well founded, and
while some hardships had been inflicted as a result of discrimination by some few banks, the New York banks as a
rule have handled the situation with skill, ability and
marked consideration and forbearance. In his statement
he says: "The inquiry developed the gratifying fact that
since the closing of the New York Stock Exchange not a
single national bank of New York City had, according to the
sworn statements of the banks, either sold or ordered sold
the collateral held as security for any call loan because of
omission to pay such loan, and that four-fifths of the banks
ave refrained from calling, since the closing of the Exchange,
A MODEL BLUE-SKY LAW PROPOSED.
The Investment Bankers' Association of America, after
defeating the "blue-sky" statutes of Iowa and Michigan in
the courts, has returned to its original purpose of co-operating
with the State officials in the effort to obtain a reasonable
and effective "blue-sky" law. The decisions on the Michigan
and Iowa laws apply to the laws of all the other States, with
perhaps two or three exceptions.
The Investment Bankers' Association has now prepared
a proposed new form of "blue-sky" act, and has succeeded
in obtaining the co-operation of the National Association of
State Bank Supervisors. Robert R. Reed, of counsel for
the Investment Bankers' Association, was invited to discuss "blue-sky" legislation at the national convention of
SEPT. 19 1914.1
THE CHRONICLE
the National Association of State Bank Supervisors at
Atlantic City, on July 7. This Association appointed a
committee on "blue sky" legislation, of which Eugene Lamb
Richards of New York was designated as Chairman. The
Investment Bankers' Association's proposed "blue-sky" law,
which has been drafted by its counsel, was submitted to
Mr. Richards, who suggested several changes which were
accepted by the Association. The Board of Governors of
the Investment Bankers' Association at their Boston meeting, Aug. 7, endorsed the proposed law as prepared by its
counsel, with the additions suggested by Mr. Richards, representing the National Association of State Bank Supervisors.
This proposed Act is intended to bear down heavily on socalled "get-rich-quick" concerns. It is based, primarily,
on a penal prohibition against fraud and misrepresentation.
It requires the filing with the State official of detailed information as to all speculative offerings. It also requires
notification to be given to the State official of all offerings,
and gives him power to subject any offering that he deems
dangerous to the provisions of the law relative to speculative
securities. All securities sold to yield over 10% per annum,
or with the representation that they will double in value,
are declared to be speculative, and are subjected absolutely
to the requirements of the Act. There is no power in the
State official to prohibit the sale of any security, but if he
finds that the promotion involves a violation of the law, he is
required to notify the promoter and also the district attorney
of the county in which he is doing business, and the promoter
is then required to advise the district attorney of any further
steps taken by him in the promotion of the security.
The purpose of the law is to put suspected offerings directly up to the prosecuting official, giving broad powers of
investigation to uncover fraud. The following is a copy of
the Act, Section 8 of which was added by Mr. Richards on
behalf of the National Association of State Bank Supervisors:
TENTATIVE DRAFT OF PROPOSED ACT.
Section 1. If any person, including a corporation or association and the
officers or agents thereof, alone or in common with others, having devised
or intending to devise any scheme or artifice to defraud by the issuance, sale.
promotion, negotiation or distribution of any stocks, bonds, notes or other
securities, shall, in or for executing such scheme or artifice or in attempttog so to do, commit any overt act within the State. such person shall.
or
upon conviction, be punishable by a fine of not more than
years, or by both such punby imprisonment for not more than
shiments, at the discretion of the Court. (Adapted from Federal Postal
Laws, R.S., Section 5480.)
Section 2. Any dealer in securities or other person,including a corporation
or association selling its own securities, and any officer or agent thereof,
and any promoter or other person acting with or for it, who, as principal
or agent, shall promote by advertisement or by general or public offering,
or through agents, the sale of any securities and shall knowingly make any
representation of the existence of a fact tending to enhance the value of
such securities or to induce the purchase thereof, without having knowledge
or information sufficient to justify a belief in such fact,or, having knowledge
of any fact adversely and materially affecting the value of any speculative
securities so promoted, shall frauduelntly conceal such fact in any prospectus of such securities or from any purchaser of such securities, for the purpose of inducing the purchase thereof, shall be liable in damages for the
amount of any loss resulting from any such securities induced by such representation or concealment, and shall be guilty of a misdemeanor, and upon
conviction thereof be punishable by a fine of not more than
or
by imprisonment for not more than
months,or by both such punishments, at the discretion of the Court.
Section 3. No person, partnership, corporation or association,
hereinafter
called the promoter, shall, as principal, or agent, promote by advertise
ment, circular, prospectus or by any other form of public or general
offer:
Mg,or through agents,the sale of any speculative securities in this State. except to banks, bankers, trust companies, dealers or brokers in
securities.
corporations, associations or partnerships, unless prior thereto there shall
have been filed with the (designated State official or board):
(1) A copy of the securities so to be promoted.
(2) A statement in substantial detail of the assets and liabilities of the
person or company issuing such securities and of any person or
company
guaranteeing the same,including specifically the total amount ofsuch
securities and of any securities prior thereto in interest or lien, authorized or
issued by any such person or company.
(3) If such securities are secured by mortgage or other lien, a copy ofsuch
mortgage or of the instrument creating such lien, and a competent appraisal
or valuation of the property covered thereby, with a specific statement of
all prior liens thereon, if any.
(4) A full statement of facts showing the gross and net earnings, actual
or estimated, of any person or company issuing or guaranteeing such securities, or of any property covered by any such mortgage or lien.
(5) All knowledge or information in the possession of such promoter relative to the character or value of such securities, or of the property or earning power of the person or company issuing or guaranteeing the same. including a statement that such promoter has fully investigated the same and
believes the knowledge or information so stated to be reliable and true,
with such exceptions, if any, as may be stated.
(6) A copy of any prospectus or advertising matter which is to be used
In connection with such promotion, and no such prospectus or advertising
matter shall be used unless the same has been filed hereunder.
(7) The names, addresses and selling territory in this State of any agents
by or through whom any such securities are to be sold, and no such agents
shall be employed unless such statement with respect to them has been filed
hereunder.
(8) The name and address of such promoter, including the names and
addresses of all partners, if the promoter be a partnership, and the names
an T1 addresses of the directors or trustees (and of any person owning ten
791
per centum. or more, of the capital stock) if the promoter be a corporation
or association.
(9) If such promoter be a non-resident of the State, a designation in
writing of an attorney having an office in the State, upon whom service may
be made in any action or proceeding against such promoter growing out
of the sale of any such securities in this State.
(10) A filing fee of $10.
Section 4. The term "speculative securities," as used in the preceding
sections, shall include any stocks, bonds, notes or other securities which.
according to the terms thereof, yield or promise to yield more than ten per
centum per annum on the price at which they are offered or sold, or which
are offered or sold with any representation or inducement that they will
Yield more than such per centum, or that they are or will be worth twice or
more than twice the price at which they are offered or sold.
Section 5. Every person, firm, corporation or association, hereinafter
called the dealer, who shall, as principal or agent, promote by advertisement, circular, prospectus or by any other form of public or general offering
or through agents, the sale of any securities in this State, not within the
terms of Section 4 (except to banks, bankers, trust companies, dealers
or brokers in securities), shall, prior to or at the time of making such promotion, notify the (official or board) of such fact, describing such securities,
and file from time to time any and all prospectuses and circulars, if any,
used or to be used in such promotion, and such (official or board) maymake
such investigation thereof and require such information or proof with
respect thereto as (he) may deem necessary to determine the characterof such securities and of such promotions. If (he) shall at any time determine that the element of risk and speculative profit or possible loss through
fraud or otherwise predominate over the elements of safety and investment in such securities and in such promotion. (he) shall notify the dealer
that such securities are speculative securities under Sections 2 and 3 of
this Act, and thereafter such dealer shall be subject as a promoter to the
provisions of said sections with respect to such securities. If any such
dealer shall mall, postpaid and properly addressed to the (official or board).
a prospectus or circular containing the offering of any such securities, with
the name and address of such dealer, the same shall be deemed a notification under this section of the promotion thereof as aforesaid.
Section 6. The provisions of Sections 2. 3 and 5 relative to speculative
securities shall not apply to the offering or sale of any securities on any
recognized exchange in this State nor to the advertisement or sale thereof
at public auction or pursuant to the order of any court. The listing and
necessary description of any such securities, with the price thereof, in any
sales list distributed or advertised by any dealer in securities shall not be
deemed a prospectus thereof under Section 2, or a promotion thereof under
Section 3. but the same shall be subject to the provisions of Section 5, and
may by the notification of the (official or board) under said.section be mad
subject to Section 3.
Section 7. The (official or board) shall immediately examine the papers
filed under Section 3,and,if the same conform to such section, shall, within
ten days after the receipt thereof, acknowledge the same,and such acknowledgment shall, as long as it remains unrevoked, be conclusive evidence
of compliance with Section 3: provided, that, as to any of the papers requked to be filed under sub-paragraphs (2). (3) and (4) of Section 3, the
(official or board) may waive the same, or any part thereof, if (he) has on
file sufficient information believed by (him) to be reliable with reference
thereto, or if the promoter certifies that he is unable to obtain the same
and the (official or board) finds that such information is not essential to a
determination of the character of such security or of such promotion.
(He) shall notify the promoter of such waiver and the reason therefor.
The (official or board) shall also examine the papers file as aforesaid, to
ascertain whether or not such promotion constitutes or would constitute
a violation of Section 1 or Section 2 of this Act, and (he) may at any time
require such promoter to file any additional information or proof with reference to such securities or such promotion. If from the examination of such
papers or of any such additional information or proof, or by reason of the
failure to file any information or proof required as aforesaid, the (official
or board) shall at any time determine that the promotion or sale of such
securities constitutes or would constitute a violation of this Act,(he) shall
notify such promoter. and any person or agent acting for or with such promoter, of such determination. (He) shall also send a copy of such notification to the district attorney of the proper county or:counties, and such
notification shall state that a copy thereof is being sent to such district
attorney or attorneys. Such promoter or other person shall not thereafter
promote or sell any of such securities, or commit any overt act in connection
therewith, unless prior thereto or at the time thereof he shall notify the
(official or board) and any such district attorney of such fact, and of the
name and address of every person or agent making or attempting to make
any sale and of every person to whom any sale is made, or attempted to
be made.
Section 8. Such official or board may also make such special investigation as may be deemed necessary, in connection with the promotion of
any securities under this Act, to determine whether the same constitutes
or would constitute a violation of this Act by any individual, corporation
or association, and such (official or board) shall have the power to issue
subpoenas and process compelling the attendance of any person and the
production of any papers and books for the purposes of such investigation
and examination, and shall have power to administer an oath to any person
whose testimony may be required on such examination or investigation.
Section 9. It shall be the duty of any such district attorney or attorneys
to prosecute any violation of this Act in his county, and upon request of the
(official or board) the Attorney-General shall direct and control un
prosecution.
Section 10. Any person who shall knowingly make or file or caust
be made or filed any statement required hereunder [which is] materia,
false, shall, upon conviction, be subject to the punishment provided
Section 1. Any person who shall negligently make or file or cause to
made or filed any such statement which is materially false, or who, as pat.cipal or agent. shall in any other respect violate this Act, if no other
vision be made therefor, shall be guilty of a misdemeanor, punishable
provided in Section 2.
EXPLANATION OF SECTIONS.
Section 1, as stated, is adapted from the Federal Postal Law. It is the
basis of the whole Act. Under its sweeping provisions any form of fraud
may be punished certainly and effectively. It applies to every conceivable
transaction and device, and the fact of fraud is for the court and
jury. a An
"overt act" is a legal term meaning an act susceptible of proof.
Section 2 is, In a sense, cumulative, and covers specificany'a
minor
degree of wrong, in some cases short of intentional fraud, which
the common law and thelpolicy-i of many countries have deemed to
be actionable in civil cases. A positive representation knowingly
made
knowledge or information sufficient to justify it is actionable without
in many
States, but the decisions have not been uniform, and in some
cam s where
they have been adverse, as in England,the law has been settled
A concealment of a material fact, where there is a duty to by!statute
disclose it is
fraudulent and actionable. The duty to disclose arises from
the clrcumn-
792
THE CHRONICLE
stances of the sale. It does not ordinarily exist in the sale of standard
articles, which are sold in an ordinary or customary manner of trade,
as is the case, generally speaking, with investment securities. Of course,
a deliberate concealment with intent to defraud would in any event fall
under Section 1. The only purpose of this additional provision is to make
It clear that this duty is absolute with respect to speculative securities,
and also to subject the actionable wrong to prosecution and to the powers
of investigation given by the Act.
Section 3, with Section 5, is designed to furnish the publicity of the
•11 ... law, which will prevent nine-tenths of the real frauds. It is intended to compel the disclosure of all material facts relative to the security, to be checked up with the prospectus or advertising matter and
other available information respecting the promotion and sale. Any one
familiar with the fraudulent exploitations of the past will realize that the
jight of day thus cast upon them in their inception would have been fatal.
Instead of highly colored testimonials and alluring prospects for the inexperienced investor, the cold, hard facts are spread in black and white
before the eyes of the State investigator, and must appear in the public
prospectus which he also examines.
Section 4 is designed to bring clearly within Section 3 all securities which
as speculative,
by legislative definition can be characterized absolutely
narrowing to as small a field as possible the "twilight zone" to be dealt
5.
Section
with by the Commissioner under
Section 5 is designed, first, to impose publicity in all cases not plainly
covered by Section 3, by requiring all dealers to advise the Commissioner
of the fact that they are selling a particular security. It is designed,
second, to enable him to investigate the character of the security and of
the promotion, as a basis for action under Section 3 and Section 7. He
the purposes of
may classify the security as a speculative security for
Sections 2 and 3, but a legislative rule is stated by which such classification
it seems neceswhen
security,
every
that
noted
be
may be guided. It will
element of risk,
sary, i. e.. when invsetigation discloses a predominating
to examination as a specu.or creates a suspicion of fraud, may be subjected
to
the suggestions
lative security. This important section has been recast meet
of State Bank SuperAssociation
National
the
of
of Mr. Richards on behalf
visors.
Section 6 contains exemptions which will, we believe, seem just and
necessary to every one.
Section 7 presents what seems to be the democratic and constitutional
remedy to accomplish the purpose of the Kansas type of law. The Commissioner is charged with the administration of the law, with the duty of
supervision and power of investigation deemed necessary to uncover fraud.
Having discovered a fraud, his obvious duty, under our system of government, is to put before the District Attorney the evidence on which to
prosecute it. This practical assurance of prosecution of actual fraud
makes the proposed Act, we believe, much more effective and prohibitive
against such fraud than the specific prohibition of the Kansas law. Assuming that no overt act has been committed, the determination of the
Commissioner has the effect, not of prohibiting the promotion, but of
requiring the promoter to advise the Commissioner and District Attorney of any such act, with the result, if fraud is attempted, of inviting
and compelling immediate prosecution under the effective provisions of
Sections 1 and 2.
Section 8. This valuable addition is the suggestion of Mr. Richards,
Superintendent of Banks of New York, and Chairman of the Committee
on Blue Sky Legislation appointed by the National Association of State
Bank Supervisors at its Atlantic City convention. It is cumulative in
effect to Sections 3, 5 and 7, but it suggests the inquiry whether one section based on Section 8, giving complete power to require information
and make an investigation would not suffice, be more simple than and equally
effective with the law as now proposed. Our idea would be that the present
law is better, as tending to uniformity in the practice of the different
States, but that the shorter and simpler form would be more desirable as
a basis for a Federal law, by supplementing the prohibitions against fraud
In the present postal laws with a section providing for the investigation of
all suspected offerings.
Section 9. In order that there may be no mistake about Its prosecution, if a fraud exists, the Attorney-General may be given control of the
prosecution.
Section 10 provides the penalty for violations not covered by Sections
1 and 2.
LOAN OFFERED AT PUBLIC SUBSCRIPTION.
On Thursday (Sept. 17) J. P. Morgan & Co. and Kuhn,
Loeb & Co., managers of the syndicate of banks and trust
companies which purchased the new $100,000,000 6% city
loan, offered at public subscription at par and accrued
interest, the cost price to the syndicate, that part of the loan
not withdrawn from sale by the subscribing banks and trust
companies. The exact amount to be offered is not known
but it will be at least $50,000,000, as the syndicate participants are not permitted to hold for their own use more than
50% of the amount allotted to them. The loan consists
of $57,000,000 6% corporate stock notes due September 1
1915, $18,000,000 6% revenue bonds due September 1 1916
and $25,000,0006% revenue bonds due September 1 1917.
A full description of the securities offered will be found
among the advertisements on a preceding page.
The syndicate comprises all the national banks, State
banks and trust companies in the entire city, except four.
The aggregate of these four allotments was divided between
the syndicate managers-J. P. Morgan & Co. and Kuhn,
Loeb & Co.
This made up the quota of $100,000,000, to which was
added $166,666 66 for interest for ten days, the notes being
dated Sept. 1 and the payments having been made on Sept.11.
When the transaction was completed,each subscribing
bank delivered its check at the office of J. P. Morgan & Co.,
to the City Chamberlain, who indorsed it and deposited it in
the bank by which it was drawn. The money thus remains
on deposit with each of the subscribing banks until it is
needed by the city. In the meantime the city will receive
2% interest on its balances.
• CITY
[VoL. xc
On Wednesday (September 16) the participating banks
paid in to J. P. Morgan & Co. approximately $8,250,000,
the initial payment to meet the City's obligations abroad.
All except $1,600,000 of this total was in gold or gold certificates, the balance being in exchange on London. This
sum will provide for all of the city's obligations maturing in
London up to September 28. As other maturities approach
the members of the syndicate will be called upon to furnish
additional funds.
J.P.Morgan & Co.on Monday(Sept. 14) shipped $4,650,000 gold to Ottawa as an advance on the payments made
Wednesday (Sept. 16) to the banking firm. This amount,
held in the Dominion to the credit of London, was increased
Sept. 16 by $2,000,000, the gold being drawn from the Sub-.
Treasury and expressed to Canada.
Below we print a list of banks and trust companies that
participated in the $100,000,000 loan to the city,together
with the amount of their subscriptions. These subscriptions were allotted according to the respective deposits of the
institutions. In the list the amounts given include the ten
days' interest in the case of each subscriber.
National City Bank
$7,800,980 00
Guaranty Trust Co
5,625, 60 00
National Bank of Commerce
4,689,803 33
Chase National
4,579,620 00
First National
4,232,041 67
Bankers Trust
4,076,783 33
3.902.49333
Farmers' Loan dc Trust
3,627,035 00
National Park Bank
3,514,848 33
Hanover National
Mechanics'& Metals Nat.- 3,399,656 67
3,014,015 00
Corn Exchange
2,997,988 33
Central Trust
2,655,418 33
Equitable Trust
2.323,86867
United States Trust
2.064,43500
Union Trust
Manufacturers-Citizens'
Trust Co., Brooklyn__ _ $418,696 66
Franklin Trust Co
299,498 33
Century Bank
259,431 67
State Bank
958,595 00
National City Bank,Brooklyn
180,300 00
East River National Bank_
70,116 67
Bank of Long Island
231,385 00
Columbia Bank
288,476 67
Bowery Bank
135,225 00
Metropolitan Trust Co_.- _
812,351 67
German-American Bank
166,276 67
Citizens' Central Nat.Bank 867,443 33
Home Trust Co
116,193 33
First Nat. Bank of Corona
21,03500
Harriman National Bank
459,765 00
„
Irving National
1,903,166 87 National Bank of Far RockAmerican Exchange Nat
15,025 00
away
1,664,770 00
Bank of Manhattan Co
1,537,558 33 Mechanics' Bank, Brooklyn 608,011 67
Columbia Trust
138,230 00
1,174,955 00 German Exchange Bank_._
New York Trust
9,015 00
1,162,935 00 Bayside National Bank_ _ _
Seaboard National
1,119,863 33 Importers & Traders NaU.S. Mortgage & Trust_
956,591 67
tional Bank
1,060,765 00
Liberty National
1,053,753 33 Merchants' National Bank 841,400 00
Bank of America
98.163 33
82,136 67 Hudson Trust Co
Transatlantic Trust Co
201,335 00
Bank
Nat.
277,461 67 Yorkville Bank
Iron
Coal &
617,026 67
58,098 67 Lincoln National Bank_ _ .._
International Bank
92,153 33
40,066 67 People's Bank
Fidelity Bank
Twenty-third Ward Bank_
68,113 33
National Butchers & Drov86,143 33 Commercial National Bank
ers Bank
17,028 33
Long Island City
73,121 67
Battery Park Nat. Bank
346,576 67
142,236 67 Mutual Alliance Trust Co_
New Netherland Bank_
382.603 33
42,070 00 N.Y. County Nat. Bank
Bryant Park Bank
85,141 67
821,366 67 Sherman National Bank- _ _
Bank of New York
79,131 67
506,843 33 Queens County Trust Co
Security Bank
Market & Fulton Nat.Bank 367,611 67
Chatham & Phenix Na868,445 00 First National Park, Ozone
tional Bank
19,031 67
Park
23.038 33
Westchester Avenue Bank_
168,280 00
460,766 67 Fifth National Bank
Metropolitan Bank
340,566 67 Union Exchange Nat. Bank 402,670 00
Fulton Trust Co
50,083 33
507,845 00 Bank of Washington Mts..
Bank of the Metropolis
3,005 00
18.030Tottenville National Bank_
Hillside Bank
501,835 00 Mariners Harbor National
Second National Bank_ _
5.008 33
Bank
344,573 33
Lincoln Trust Co
985,640 00
19.031 67 Chemical National Bank
Homestead Bank
9.5,158 33 Merchants' Exchange Nat.
Gotham National Bank__ _
352,586 67
Bank
N. Y. Produce Exch. Bank 428,713 33
572,953 33
218,363 33 Fifth Avenue Bank
Mutual Bank
53,088 33
280,466 67 People's Nat. Bank, Bklyn
Colonial Bank
24,040 00
Jamaica
of
Bank
Nat.
First
33
380,633
Bank
Garfield National
33,055 00
234,390 00 Bank of Flatbush
Fidelity Trust Co
553,921 67
234,396 67 Broadway Trust Co
Hamilton Trust Co
39,065 00
221,368 33 Bronx National Bank
Germania Bank
Kings County Trust Co_ _ - 618.023 33 Richmond Borough Na12,020 00
Bank
Lionel
21,00500
Island
Bank of Coney
693.153 33
90.15000 Empire Trust Co
Chelsea Exchange Bank- _ _
132,220 00
North Side Bank, Brooklyn 105,175 00 First Nat. Bank of Bklyn
33.05500
Greenpoint National Bank_
People's Trust Co., Brook78,130 00
602,001 67 Bronx Borough Bank
lyn
67
Bank_
43,071
National
Ridgewood
620,031
67
Co
Trust
Astor
24,040 00
Montauk Bank
Lawyers' Title Insurance &
30,050 00
472,786 67 Port Richmond Nat. Bank
Trust Co
21,035 00
429,715 00 Stapleton National Bank
Greenwich Bank
356,593 33
Public Bank
Nassau National Bank,
267,445 00 First Nat. Bank of WhiteBrooklyn
7,011 67
826,375 00
stone
Brooklyn Trust Co
129,215 00
189,315 00 Commercial Trust Co
West Side Bank
00
694,155
17,028 33 J. P. Morgan & Co
Broadway Central Bank_ _
694,155 00
898,378 33 Kuhn, Loeb & Co
Title Guaranty & Trust__ _
77,128 33
Bank of United States.. _ _
$100,166,666 66
Total
195,328 67
Pacific Bank _______ - - -
THE PRESIDENT'S VETO OF THE POSTAL SAVINGS
BANK BILL.
In the interest of the mutual savings banks the reconsideration of that section of the bill amending the Postal Savings
Bank Act which occasioned its veto last week, is urged upon
President Wilson by E. G. McWilliam, Secretary of the
Savings Bank Section of the American Bankers' Association.
"no
Under -the Federal Reserve Act it is provided that
savpublic funds of the Philippine Islands, or of the postal
the
in
deposited
be
shall
funds,
Government
ings, or any
continental United States in any bank not belonging to the
system established by this Act." The section in the vetoed
bill to which President Wilson indicated his objection, would
have permitted the deposit of postal savings funds in banks
organized under either national or State laws, and whether
member banks or not of a Reserve bank created under the
Federal Reserve Act. In asking for the further considerathe
tion of this provision, Mr. McWilliams, in his letter to
follows:
as
writes
President,
SEPT. 19
1914.1
THE CHRONICLE
SAVINGS BANK SECTION.
AMERICAN BANKERS' ASSOCIATION.
New York, September 12 1911.
Sir.—May I venture to bring to your attention a phase of that portion
of the bill amending the Postal Savings Act which occasioned your veto
of said bill, which phase may not have previously been brought to your
attention?
The theory of the Postal Savings Act is that in times of stress or financial
panic,should people be impelled to withdraw their savings from the savings
banks of a community to place same with the postal banks, as it has recently
been demonstrated will be done, the Government will immediately redeposit said funds with the banks, thereby maintaining their strength.
The Federal Reserve Act provides, and for the very excellent reasons
you have stated, that the Government may not re-deposit postal savings
with banks not members of the Federal Reserve Association.
It is impossible for mutual savings banks, which operate entirely without
profit and care for nearly four billions of dollars of the people s money, or
aarly two-thirds of the entire savings of the country in banks, to become
members of the Federal Reserve Association, because these banks have no
capital stock and cannot use any part of their surplus for such a purpose.
Hence the Government would be powerless to help a bank of this class in
event of panic, and such a bank would be forced to call mortgage loans,
sell securities and seek aid from already harassed commercial banks, all of
which would tend to aggravate the general situation and cause hardship in its
community.
There are small stock savings banks throughout the West which cannot
afford to enter the Federal Reserve Association, possibly for some Years
at least. In a town where there is but one bank, and that of this class, it is
conceivable, should panic come, that the bank would be wiped out and the
Government powerless to assist.
It is this phase of the matter I beg to present for your further consideration, not only because of the loss of deposits to small banks, serious as that
may be, but in the interests of depositors especially in mutual savings
banks, and to urge that in view of the above statement some way may
yet be found to make this amendment to the Postal Savings Act as passed
by Congress acceptable to you.
Trusting that you will appreciate the spirit in which this is offered,
which Is one not of criticism but of heir.fulness. I am,
Very respectfully,
(Signed) E. G. McWILLIAM,
Secretary.
C.
D.
Washington,
President,
The
793
THE PEACE TREATIES.
Peace treaties between the United States and Great Britain, France, Spain and China were signed at Washington on
the 15th inst. by Secretary of State Bryan and J. J. Jusserand, the French Ambassador- Sir Cecil Arthur SpringRice, the British Ambassador, Senor Don Juan Riano, the
Spanish Ambassador, and Kai fu Shah, the Chinese
Minister. The treaties provide that all disputes which
cannot be settled by diplomacy shall be submitted to a
permanent commission for investigation for one year. Immediately after the conventions were signed, Secretary Bryan
dispatched telegrams to the American embassies and legations in Germany, Russia, Austria and Belgium, notifying
them of what had occurred and expressing the desire of the
United States to sign similar treaties with those countries,
all of which have indorsed the principle of the peace plan.
After the signing of the treaties, Secretary Bryan issued
the following statement:
The signing of the four treaties to-day with Great Britain, France, Spain
and China bring under treaty obligations more than 900,000,000 people.
These, when added to the population of the United States and the population of the 22 countries with which similar treaties have heretofore been
signed, brings under the influence of these treaties considerably more than
two-thirds of the inhabitants of the globe.
As these treaties all provide for investigation of all matters in dispute before any declaration of war or commencement of hostilities, it is believed
that they will make armed conflict between the contracting nations almost,
if not entirely, impossible. This Government is gratified to take this
long stop in the direction of peace and is not only willing, but anxious, to
make similar treaties with all other nations, large and small.
A statement:of Secretary Bryan's relative to the treaties
already signed, and the status of the pending treaties, was
published in these columns July 25.
The President's veto message, which we quoted in part last
SECRETARY BRYAN LOOKS FOR UNIVERSAL PEACE.
week, is printed in full herewith:
To the House of Representatives:
Secretary of State William J. Bryan, in antaddress in
I return herewith House Bill No. 7967, entitled "An Act to amend the
Baltimore
on the 12th inst., heralded the end of the war era
without
a
authorizing
postal
system,"
savings
1910,
Act approved June 25
in foreign lands, and with its close the passing of militarism.
my approval.
With most of the provisions of the bill I am in hearty accord. They are Mr. Bryan's remarks were made at the centennial celebraadmirably conceived and the changes of law which they propose would
undoubtedly be very beneficial to the postal savings system; but a portion tion at Fort McHenry of the "Star Bangled Banner," by
of Section II seeks to make a change in the Federal Reserve Act of last Francis Scott Key, the Secretary of State having been
December which I venture to regard as unwise.
present at the exercises as the representativerof President
When the Federal Reserve Act was passed it was thought wise to make
the inducements to State banks to enter the Federal Reserve System as Wilson. Mr. Bryan took as the subject of his address
many and as strong as possible. It was, therefore, provided in that Act "The Flag", his text being found in the line/with which
that Government funds should be deposited only in banks which were the poet closed each stanza of the National Anthem—"O'er
members of the Federal Reserve System. The principle of such a provision
is sound and indisputable. The moneys under the control of the Govern- the land of the free and the home of the brave." In part
ment ought to be placed only in those banks which aremost directly under he said:
the supervision and regulation of the Congress itself. It was recognized
also that the scattering of Government deposits in small amounts among
too large a number of banks would in time of stress be of decided disadvantage to the Federal Reserve System, which seeks as much as possible to
mobilize the financial resources of the country under one control. The
bill which I now return repeals that provision so far as it might apply
to funds accumulated in the hands of the Government under the postal
savings system. It is with this provision of the bill that I find myself
unable to concur.
It is my clear conviction, very respectfully urged and submitted, that as a
matter of principle, as well as of policy, we should strengthen and safeguard
the now banking system very jealously with a view to the ultimate unification of the entire banking system of the country under the supervision
of the Federal Reserve Board. It would, in my judgment, be a grave
mistake to take away any of the benefits or advantages held out by the
present law to member banks to enter the System, and take them away just
as the System is about to be put into operation and the promises of the Act
of last December made good to the banks that have entered.
I am not insensible of the inconvenience which some banks might suffer if
the postal savings funds were withdrawn at this particular time, though
the law itself, of course, conveyed notice of that removal fully nine months
ago. I am not sure that the Federal Reserve Board would not be justified
under the terms of the law as it now stands in exercising a certain liberal
discretion in determining the time and the rates at which deposits should
be withdrawn from banks not within the System. But, assuming that
there has not been notice enough and that the withdrawal would of necessity
be rapid or immediate, I venture to suggest that the otherwise admirable
bill which I now return might be amended, and might, because of the financial circumstances now temporarily existing, be very advantageously
amended, to extend for another twelve months the period within which
banks not members of the Federal Reserve System must surrender the deposits of the Government. May I take the liberty of suggesting that this
be done? It would remove from this bill tee only feature which seems to
me incompatible with sound public policy.
WOODROW WILSON.
The White House, September 11 1914.
Advices to Third Assistant Postmaster-General A. M.
Dockery from the post offices of the principal cities throughout the country are said to indicate marked increases during
the past few weeks in postal savings deposits. E. M. Morgan, Postmaster at New York, reports that during the
thirty-three worldng days prior to Sept. 9 the New York
postal bank received new deposits aggregating $1,209,962 02.
Mr. Morgan is quoted as stating that—
"The Binds are coming in so fast that some of the banks apparently
cannot furnish securities fast enough to cover the deposits this office would
like to make with them. At the present time (Sept. 9) there is on deposit
at the Sub-Treasuty awaiting distribution among the banks the sum of
$130.615 38."
"Our starry banner, beautiful as it is to the eye—andIthere is none more
beautiful—derives its real splendor from the fact that it floats 'o'er the land
of the free and the home of the brave. The words describe a political state
and the virtues of a people.
"The world has longed for freedom throughout the ages—the world, made
up not of the privileged few but of the countless multitude. Some of the
people have at all times had freedom—often more than they have wisely
used. A few in every age have not only had undisputed control of themselves and of their resources, but have profited by thegimitatiens which they
have imposed upon those who were unable to successfully resist them.
Having a monopoly of political rights, they added to it a monopoly of
physical happiness and intellectual progress. TheyIevenlfettered the conscience of man and prescribed the forms through which he might satisfy
the universal longing for communion with the infinite. This freedom,
resting not upon respect for human rights but upon the power of might,
degraded those who exercised it while it wronged those to whom it was
denied.
"The masses have gradually won their way to a freer air and to a larger
liberty, but every inch of ground has been contested."s, Long before Columbus began his voyage in search of the Northwest Passage,substantial progress had been made, but it was reserved for our forefathers:to lay upon the
soil of a new continent the foundation of institutions dedicated to the
doctrine that all men are created equal; that they are endowed by their
Creator with inalienable rights; that governments/are:constituted among
men to secure these rights,and derive their just powers from the consent
of the people.
"Our Constitution has become the pattern copied by other na,ions. and
the success of our experiment in self-government has answered all the
arguments formerly advanced in oehalf of arbitrary power. The triumphant democracy of the New World has stimulated the friends of liberty in
the old to new advances, until we see everywhere increasing limitations
placed upon monarchical authority—everywhere the waning_of hereditary
power.
"Accompanying the development of freedomThas-come a change in the
type of courage which man has manifested. There has been a constant
growth in the spirit of brotherhood—an increasing tendency among men to
unite their efforts in defense of common rights and the advancement of the
common good. It is in this period that our people have lived, since our
nation, born in the revolutionary struggle, entered upon its superb career.
During these years the flag has been 'gallantly streaming,'sometimes in 'the
rocket's red glare.' and son has imitated sire in willingness to maintain,
with his life if necessary, that authority for which it stands.
"But the war era has ended in the United States:and is drawing toward its
close in foreign lands; the convulsions through:which Europe is now passing
are but the death throes of militarism. We are entering upon a new age, in
which freedom will be given new interpretations and bravery find new
forms of expression. The doctrine of the divine rig it of kings has been
discarded to no purpose if the divine right of man does not lead to man's
elevation. He has become his own master, not that he may be brutish
or brutal, bit, that he may be free to develop the best that is in him and to
aspire to all the heights that the Heavenly Father has put within his reach.
And no matter how high he rises or Upon how lofty:a plane he plant his life,
the flag will still wave above him.
794
THE CHRONICLE
"The theoretical anarchist deludes himself with the belief that man
will have no need of government when he becomes a 'law unto himself,' but
he comprehends but a part of the problem. The coercive part of government will diminish as civilization advances—even now a large proportion
of the people have no need of the'Thou shalt nots'of the criminal law. But
while the restraints of the statutes may be expected to fall into disuse
because unnecessary, the co-operative part of the Government is ever increasing. The people find it economical to do together, through the instrumentalities of organized government, what they could not do so cheaply, if
at all, by individual effort. This union of effort is impossible without
mutual confidence, and confidence is impossible without breadth of sympathy. The freedom of the future, therefore, will bring the substantial
satisfaction that comes from voluntary acts of helpfulness—the joy that is
to be found in the willing bearing of the joint burdens.
"Let no one think that the texture of our manhood will be of a lower
quality when its strength is no longer tested by the stress of war. We could
not worship God as we do if we were convinced that each generation must
be exercised in blood-letting in order to prevent stagnation. There is as
much inspiration in a noble life as in a heroic death. With peaceful progress
the avenues of usefulness are being multiplied; instead of seeking to extend
our territory by the sword, we are enlarging it by intelligent cultivation
of the soil; instead of measuring our merit by the numbers we can overcome, we estimate greatness by the service rendered.
"Let us address ourselves, then, to the unfinished work which preceding
generations have bequeathed to us, determined to be worthy of the inheritance which we enjoy. Our nation is the heir of the ages—all the garnered
riches of past experience is ours—we will be false to every obligation if we
falter or fall short in the performance of the duties that descend to us."
WAR TAX MEASURES.
The plans for meeting the losses in customs receipts
pccasioned by the European war have undergone a complete
change during the week, the proposal to levy a tax of 3%
on freight shipments having encountered such strong opposition from some of the House Democrats as to result in its
abandonment. As stated last week, the Democratic members of the House Ways and Means Committee, in addition
to agreeing on the freight tax as a means for raising the
$100,000,000 additional revenue asked for in President
Wilson's message of the 4th inst., also decided 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. A bill carrying out
the proposed legislation was to have been introduced in the
House on the 11th, but a revolt in the Democratic ranks was
sufficient to hold up its introduction. After a conference
on the 12th inst. between Chairman Underwood and other
Democrats, with Secretary of the Treasury McAdoo and
Postmaster General Burleson, it was decided to stay the
proceedings on the bill until the return of the President from
New Hampshire, where he had gone for a few days' rest on
the 12th. The determination to delay further action pending President Wilson's return developed through the insistence of the Democratic leaders that the President should
openly approve the proposed freight tax so that full responsibility for it might not rest upon the Committee in the
face of the opposition from many Democratic members of
the House. The insurgent Democrats on the 14th inst.
succeeded in securing sufficient signatures to a petition for
a caucus which was held on Tuesday night. At this caucus
the freight tax was abandoned,as a result of the White House
conference on the same day, and a war revenue measure
was agreed on embodying the Spanish War stamp tax on
commercial and legal papers, the Spanish War taxes on
bankers, brokers, theaters, and other amusement places,
a tax of two cents a gallon on gasoline, a special tax on
tobacco manufacturers and dealers, domestic wines and
beers. The caucus adopted a resolution directing the Ways
and Means Committee to draft a bill along these lines,
President Wilson having approved the plan at a conference
with Majority Leader Underwood and Senator Simmons,
Chairman of the Senate Finance Committee. The committee was also given authority to revise the details of the
Spanish War tax in its discretion. Chairman Underwood
announced that the proposed bill would yield an estimated
revenue of $105,000,000; the stamp tax to yield $35,000,000;
special taxes on bankers and brokers, $5,800,000; special
tax on tobacco dealers, $4,000,000; beer, on which the tax
would be increased from $1 to $1 50 a barrel, $32,500,000;
gasoline, $20,000,000; dry wines at 12 cents a gallon and
sweet wines at 20 cents a gallon„000,000. Yesterday the
majority members of the Committee decided to increase the
tax on dry wines to 14 cents a gallon. The Spanish War
special taxes proposed by the Committee were as follows:
Banks with capital and surplus not exceeding $25,000,
to pay a tax of $50 and $2 additional for each additional
$1,000 of capital; stock and bond brokers, $50; pawnbrokers, $20; commercial brokers, $20; Custom House
brokers, $10; proprietors of theaters, museums and concert
halls, in cities of more than 25,000 population,$100;circuses,
$100 in each State where performances are given; all other
public amusement places, $10; bowling alleys and billiard
halls, 5 a table or alley. The tax on tobacco dealers and
[VOL. xc .
manufacturers ranges from $6 to dealers in leaf tobacco
doing an annual business not exceeding $50,000 to $24 on
cigar dealers doing a business in excess of $200,000 a year.
The stamp taxes proposed, subject to probable revision
by the committee, are in detail are as follows:
Bank checks, 2 cents; drafts or bills of exchange, inland,
2 cents for each $100; certificates of deposit, 2 cents; promissory notes, 2 cents for each $100; money orders, 2 cents per
$100; express receipts, 1 cent; freight receipts or domestic
bills of lading, 1 cent; telephone messages costing 15 cents
or more, 1 cent; bonds, 50 cents; certificates of deposit, 2
cents per $100; certificates of damage, 25 cents; certificates
not otherwise specified, 10 cents; charters, $3 to $10; brokers
contract, 10 cents; conveyances, 50 cents for each $500;
telegraph messages, 1 cent; life insurance policies, 8 cents
on each $100; marine, inland, fire, casualty, fidelity and
guaranty, one-half of one per cent; leases, 25 cents to $1;
mortgages or conveyance in trust, 25 cents for each $1,500;
power of attorney to vote, 10 cents; power of attorney to
sell, 25 cents; protests,25 cents; warehouse receipts,25 cents.
A strong disapproval of the freight tax was shown in the
Senate as well as the House, and the sentiment toward war
tax revenue crystalized among the Republican Senators on
the 15th inst., when it was decided to make an organized
fight against any legislation proposing a war tax, in whatever form it should be presented. At the conference a
resolution was adopted directing Senator Gallinger, the
Republican leader, to send word to all absent Republican
Senators who have not campaigns on for re-election to
return to Washington and take part in the discussion of the
war tax bill. Another resolution authorized the appointment
of a committee cot five Senators to give careful consideration
to the war tax measure and to make such recommendations
thereon as they deemed best. This committee consists of
Senators Smoot, Utah; McCumber, North Dakota; Smith,
Michigan; Weeks, Massachusetts; Sterling, South Dakota.
A letter protesting against the proposed restoration by
Congress of the tax of 2 cents per $100 face value on transfers
of stock was addressed by President De Aguero of the Consolidated Exchange to Chairman Underwood on Wednesday.
Mr. De Aguero points out that inasmuch as legislation of
this sort was made a part of the tax law of New York State
in 1905 enactment of similar legislation now by Congress
would mean double taxation. His letter is as follows:
Hon. Oscar W. Underwood, Chairman Ways and Means Committee, House
of Representatives, Washington, D. C.
Dear Sir.—It is reported in the daily press that the Congress is about
to pass a bill restoring the war revenue taxes as imposed in 1898 and repealed from time to time thereafter.
I beg to call your attention to the fact that the war revenue act imposing
a stamp tax of 2 cents per $100 face value on transfers or sales, or agreements to sell, of stocks imposed in 1898 and repealed in 1902 on the realization by the Congress of the inequitable and onerous character of the tax.,
especially as regards its workings when applied to the operations of the
floor or room traders on the stock exchanges, was in 1905 made a part of
the tax law of New York State and has since that time played a large
part in the decline in the business of trading in stocks in New York;so great
has been this loss of business that the revenue derived from this source
has declined from $6,500,000 in 1906 to less than $3,000,000 in 1913.
If the Congress should now restore the revenue laws of 1898 and impose
an additional tax of 2 cents per $100 face value on transfers and sales of
stock it would mean double taxation and the result would be most disastrous to the business of New York City.
I am inclosing copies of two arguments laid before committees of the
New York Legislature when arguing for the repeal or modification of the
law in this State.
I am also inclosing a suggestion for an occupation tax to be imposed upon
e767-3, person engaged in business for their own account. This moderate
tax would be so widespread that it would be burdensome to none; it would
produce more revenue than the stamp tax on stocks and could not be
designated as class legislation through the invidious selection of certain
occupations for onerous taxation on sales and the absolute freedom of all
ther occupations from any such tax.
If your honorable committee will give a committee representing this
Exchange a hearing we will be pleased to appear and lay facts and figures
before you.
Yours respectfully,
M.E. DE AGUERO,President.
E. Clarence Miller, formerly President of the Philadelphia
Stock Exchange, speaking on the influence of the proposed
war revenue bill upon bankers and brokers pointed out that
brokers are already taxed from three sources exclusive of
the tax on incomes. He cited the mercantile tax, private
bankers' tax and 'the four-mills tax by the State of Pennsylvania. "The new tax," he said,"would add just another
burden, another harrassment; yet, we are told by the
Government, we are in a nefarious business. No, I don't
think an additional tax on brokers or upon customers would
restrict business. It's already dead. Municipal, State
and Federal governments seem to be trying to legislate
bankers and brokers out of business, and this move will
make it all the harder to transact business."
SEPT. 19 1914.]
THE CHRONICLE
795
respecting "commerce," &c., remain substantially as in section 4 of the
House bill. The provision of section 9. paragraph 1, of the House bill requiring annual reports from all corporations engaged in commerce having
a capital of over $5,000,000 has been changed to meet the Senate provision
leaving the classes of corporations to make such reports to the discretion
of the Commission. In view of the large number of corporations with a
capital of over $5,000,000 which are not necessarily engaged in any commerce potential for combination or monopoly this seemed a desirable
change. The Commission is required to make the investigations relating
to alleged violations of the anti-trust Acts as provided in section 10 of the
House bill, except that the expression "direction of the Attorney-General"
is eliminated. He is the head of an executive department and the direction
of the President is deemed sufficient. The reports of such,investigations
"The Federal Reserve Board at its meeting to-day renewed consideration
do not include, at the discretion of the Commission, recommendation.s
of the report of the committee in favor of establishing a fund of $150,000,000 for readjustments
of business, so that the corporations investigated may
in gold for protection of the foreign exchange situation. In view of the operate lawfully,
but a new sub-section is added, section 6. paragraph (e),
announcement that New York City has completed arrangements for pay- requiring the Commission to make
recommendations of this character on
ment of her maturing obligations and for providing for the necessary gold the application of the
Attorney-General. The powers conferred upon the
remittances to Europe, the Board felt that it may not be necessary to create Commission in sections 12 and
13 of the House bill to assist the Departthe proposed fund of $150,000,000 in gold, and decided to await develop- ment of Justice, upon direction of
the courts, in solving the difficult ecoments before giving the matter further consideration, holding itself in nomic problems connected with trust
dissolutions under the anti-trust law,
readiness to consider any additional suggestions which may be submitted and upon the initiative of the Commission
itself to supervise the compliance
by the bankers' committee to meet the altered situation."
with decrees of dissolutions are retained in the conference bill in
section 6.
Following a conference this week between bankers of New Paragraph (c), and in section 7. The conference bill contains a provision.
section
(it),
6,
paragraph
authorizing
the
Commission to make investigaYork and James B. Forgan of Chicago, Chairman of the tions respecting
practices which may effect the foreign trade of the United
committee which proposed the plan, Benjamin Strong Jr., States. This was in the Senate
bill substantially as it now appears. The
President of the Bankers Trust Co.of New York,and Albert publicity of the facts which ought to be the common property of the Ameribusiness man provided for practically as in the House bill,
H. Wiggin, President of the Chase National Bank, in com- can
and the
administrative processes for conducting investigations, summoning
witpany with Mr. Forgan, went to Washington for a further nesses, and punishing violations
is substantially as In the House bill. Secconference yesterday with the members of the Federal tion 5 declares unfair methods of competition to be unlawful and empowers
the Commission, after hearing, to order the discontinuance of the use of
Reserve Board, with regard to the formation of the gold pool. such
methods. It is now generally recognized that the only effective means
There were suggestions at this conference that a beginning of establishing and maintaining monopoly,
where there is no control of a
natural
resource as of transportation, is the use of unfair competition. The
be
made
might
with the immediate raising of $25,000,000, in
most certain way to stop monopoly at the threshold is to prevent unfair
the belief that this would prove sufficient. Formal action competition. This
can be best accomplished through the action of an adby the Board on these lines is expected to-day or next week.
ministrative body of practical men thoroughly informed in regard to business, who will be able to apply the rule enacted by Congress to particular
business sitations, so as to eradicate evils with the least risk of interfering
with legitimate business operations. It is impossible to frame definitions
THE TRADE AND TRUST BILLS.
which
all unfair practices. There is no limit to human inventiveThe President is expected to affix his signature to the Fed- ness inembrace
this field. Even if all known unfair practices were specifically
eral Trade Commission Bill, already agreed to by the House defined and prohibited, it would be at once necessary to begin over again.
and Senate, and the Clayton Omnibus Anti-Trust Bill, which If Congress were to adopt the method of definition, it would undertake
an endless task. It is also practically
to define unfair practices
the conferees now have about in shape for submission to Con- so that the definition will fit businessimpossible
of every sort in every part of this
gress, at the same time. We print below the report of the country. Whether competition is unfair or not generally depends upon
conference committee in the case of the Trade Commission the surrounding circumstances of the particular case. What is harmful
under certain circumstances may be beneficial under different circumBill; this conference report was accepted, as indicated stances. The orders of the Commission
will be enforceable only through
last week, by the Senate on the 8th and by the House on the the courts. In order to obtain the speediest settlement of disputed questions,
it
is
provided
that
the
Commission
shall apply for the enforcement
10th. In our reference to the Trade Commission Bill last
of its orders directly to the Circuit Court of Appeals. The findings of the
Saturday, we undertook to show some of the differences be Commission as to the facts
are to be conclusive. The court's function is
tween the Senate bill and that agreed to by the conferees with restricted to passing on questions of law. The court will determine such
questions on the record in the proceeding before the Commission. No
regard to the provision dealing with unfair competition. new evidence may be adduced
on the hearing in court except upon good
Our comparison,instead of being with the bill as it had passed cause shown;and if the court permits the introduction
of additional evidence
such
evidence
will
be
taken
by
the Commission and then filed in court
the Senate, was with the bill as it originally came from the
with its new or modified findings based thereom. The judgment of the
Senate Committee on Inter-State Commerce. In the bill Court of Appeals will be final, subject only to
review by the Supreme
adopted by the Senate the provision in question had read Court upon writ of certiorari. This section is entirely new to the House
somewhat
appeared
in a
bill, but it
similar form in the Senate bill, and the
as follows:
managers on the part of the House believed it wise to accept the provision
That unfair competition in commerce is hereby declared unlawful.
appears.
which
now
the
in
it
form
in
The Commission shall have authority to prevent such unfair competition
in commerce in the manner following, to wit:
Whenever it shall have reason to believe that any person, partnership or
FEDERAL RESERVE MATTERS.
corporation is violating the provisions of this section. It shall issue and serve
H. Parker Willis of New York, monetary expert to the
upon the defendant a complaint stating its charges in that Ibehall' and at
the same time a notice of hearing upon a day and at a place)therein fixed. House Committee on Banking and Currency, at the time of
The person, partnership or corporation so complained of shall have the right
the drafting of the Federal Reserve Act, was appointed
to appear at the place and time so fixed and show cause why an
order should
not be entered by the Commission requiring such
person, partnership or Secretary of the Federal Reserve Board on the 14th inst.
corporation to cease and desist from the violation of the law
so charged Sherman Allen of Vermont, formerly Assistant Secretary of
in said complaint.
• THE $150,000,000 GOLD FUND PROPOSAL.
Announcement was made on the 11th inst. by the Federal
Reserve Board that consideration of the proposal to create
a gold fund of $150,000,000 for the purpose of re-establishing
and re-opening the foreign exchange market had been abandoned for the present, in view of the arrangements made by
New York City for the payment of its maturing obligations
and for providing for the necessary gold remittances abroad.
The statement of the Board is as follows:
the Treasury, has been made Assistant Secretary of the
In the bill perfected by the conferees and accepted
by the Board. According to information imparted to the House
two branches of Congress, the wording of the above has
been Banking and Currency Committee on the 17th inst. by
changed as follows:
Paul M. Warburg of the Federal Reserve Board, it
That unfair methods of competition in
commerce are hereby declared
unlawful.
is planned to have the Federal Reserve system in opThe Commission is hereby empowered and
directed to prevent persons, eration some time during the latter part of October.
partnerships or corporations except banks and
common carriers subject to
Under a bill passed by the Senate on the 11th inst.
the Acts to regulate commerce, from using unfair
methods of competition
in commerce.
national banks are authorized to issue emergency curWhenever the Commission shall have reason
to believe that any such rency notes on commercial paper up to 75% of their unperson, partnership or corporation has been or is using
any unfair method of impaired
capital and surplus, instead of to the extent of
competition in commerce, and if it shall appear to the
Commission that a
proceeding by it in respect thereof would be to the interest
of the public, it only 30% as at present. The Senate added several amendshall issue and serve upon such person, partnership or corporation a
com- ments to this bill. One amendment adopted by a vote of
plaint 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 32 to 19 provides for the issue of emergency currency through
service of said complaint.
State banks and trust companies to insure wider distribution
The following is the conference report on the Trade Com- of the relief extended. This extends the provisions and
mission Bill:
benefits of the Aldrich-Vreeland Act, and its amendments,
The amended bill as agreed to in conference changes the name of the
to all State banks and trust companies having a capital of
proposed Trade Commission from "Inter-State Trade Commission" to
"Federal Trade Commission." This is desirable to prevent confusion of not less than $25,000 and a surplus of 20%. The amendname with the Inter-State Commerce Commission. Because of certain ment exempts those State institutions which may avail
themadministrative work not contemplated by the House bill, the number of
selves of the privileges thus afforded them from the 10%
Commissioners has been changed from three to five. In all other respects
the organization of the Commission is as provided in sections 1 and 2 of tax on State banks imposed by the Act of 1875. They
the House bill.
will be subject, however, to the graduated tax of 3% and
The Bureau of Corporations is abolished, as in the House bill, and its upward on
emergency notes provided by the Aldrich-Vreepowers are conferred on the Commission. Instead of transferring them
by reference to the original Act creating the bureau, as in section 3 of the and Act. The Senate voted down, 38 to 10, a proposal
House bill, they are explicitly set out in section 6, paragraph (a), of the that cotton producers should be given
preference in the loanbill as agreed to be the conferees. This has been done because the bill now ing
of emergency currency in cotton States and that the ingives to the Commission certain powers which so continuously and directly
concern the business interests of the country that it is desirable tolhave terest charged should not exceed 6%. Senator Overman,
the law show on its face its exact extent and application. The definitions proposing the amendment, declared that the
purpose of
796
THE CHRONICLE
[VOL. xcix.
this strike has thus far imposed and the additional sacrifice which will
emergency currency in the South was to relieve the cotton • which
be made if it continuos.
to
relief
the
amendment
his
cotton
by
said
and
situation,
Feeling keenly, therefore, our responsibilities, as the representatives of
your proposed basis of settlement of the Coloproducer would be assured. On the 16th the Senate Banking our organization, we accept
strike, subject, of course, to the approval of the miners of Colorado.
Committee, in conference with Governor Hamlin of the Fed- rado
A convention of the representatives of the miners of Colorado will be held
eral Reserve Board, revised several other pending amend- at Trinidad, Colo., Tuesday, Sept. 15, at which time action will be taken
ments to the banking laws, and all but two of the proposed thereon.
sincerely appreciate the personal concern which you have manifested
changes were tentatively eliminated. Those retained would in We
the Colorado strike. Speaking as you do in the name of all the people
allowing
more
in
board
the
liberal
of
broaden the powers
of our great nation, we feel it our duty to respond to your earnest wish.
We do so, therefore, as we trust in the true spirit of American citizenship.
conditions in shifting reserves from present centres to the new
Following the action taken at Wednesday's convention
reserve banks,and would authorize the Secretary of the Treasthe mine workers, a telegram as follows was sent to Presiby
of
as
banks
agents
redemption for
ury to designate reserve
of the union:
national bank currency. These amendments as finally dent Wilson by the officers
The Colorado mine workers in convention assembled have carefully conthe
by
Senate
yesterday
passed
as
and
are
upon
agreed
sidered your proposal for a settlement of the coal strike, and after calm and
fellows:
deliberate thought, we have this day decided to accept the proposition you
That section 11 of the Federal Reserve Act is hereby amended by adding submit. The delegates to this convention convey to you their abiding faith
in your integrity and your earnest and patriotic desire to be helpful in the
at the end thereof the following paragraph:
The Federal Reserve Board shall have power to permit member banks present strike situation.
Upon notice of the acceptance of your proposition by the coal operators,
to carry in the Federal reserve banks of their respective districts any portion of their reserves now required by section 19 of the amendment to be we immediately will terminate the strike and return to work.
vaults.
own
their
in
held
That Section 16 of the Federal Reserve Act is hereby amended by
The acceptance of certain features of President Wilson's
adding at the end thereof the following paragraph:
The Secretary of the Treasury is hereby authorized to devise and put proposal for the settlement of the strike was announced on
into operation a system of clearances of national bank notes between the
Welborn, President of the Colorado
Treasury, the Federal reserve banks and the member banks, and for that the 17th inst. by J. F.
purpose to designate Federal reserve banks as agents of the United States.
Fuel & Iron Co. At the same time, at the instance of some
The opposition of the Federal Reserve Board to the bill
which passed the Senate on the 11th permitting the issue of
emergency currency by State banks upon terms of equality
with the national banks was made evident by Secretary of
the Treasury McAdoo, Comptroller of the Currency Williams, Paul M. Warburg and Governor Hamlin of the Reserve Board, when they appeared before the House Committee on Banking and Currency on the 17th inst. during the
hearings on the Senate amendments. Mr. Warburg declared that the issuance of additional emergency currency
as proposed by the Senate bill was unnecessary, and would
tend toward inflation. He pointed out that there is an
abundance of currency in the country, but that through lack
of confidence or faith it is being hoarded by banks and
individuals. "This hoarding," he added, "always takes
place in times of distress. In my opinion, an abundance of
currency to meet all demands will be immediately forthcoming when the new Federal reserve system is inaugurated."
• THE COLORADO COAL STRIKE SITUATION.
Announcement of the acceptance by the United Mine
Workers of America of President Wilson's proposal for the
settlement of the coal miners' strike in Colorado was made on
the 15th inst. by the officials of the organization. The decision was subject to the approval of the mine workers, and
the latter, in convention at Trinidad on Wednesday, the
16th inst. (after ,a two-days' session), also voted to accept
the proposition. The plan for the adjustment of the
differences which was drawn up by the Commission of
Conciliation was printed in our issue of Saturday last,
page 714. It provides for the establishment of a threeyear 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 a current scale of wages and rules; the appointment of a grievance committee by the employees, &c.
President Wilson was advised of the acceptance of the plan
by the officers of the United Mine Workers of America in
the following letter, addressed to him by John P. White,
-President, Frank J. Hayes, Vice-President, and William
Green, Secretary and Treasurer:
With feelings of personal esteem we reply to your favor of Sept. 5.
We have weighed well and thoughtfully both the sentiments expressed in
_your personal letter and the proposed tentative basis for the adjustment of
the coal mining strike in Colorado, the acceptance of which you urge with
very deep earnestness.
We are profoundly impressed with what you say and fully conscious of
the fact that in submitting this basis of settlement you are actuated only
by feelings of public concern and Inspired by motives both lofty and
patriotic.
The organization which we have the honor to represznt stands for industrial peace. We favor the establishment of right relations between employers and employees to the end that strikes may be rendered unnecessary.
'Having proper regard for these aims, we sought in the begininng to avoid
• an industrial conflict in Colorado.
We repeatedly asked for a meeting with the mine owners with the object
in view of entering into contractual relations with them, so that peace
might prevail. Had this been done, we are confident that the awful industrial struggle which has been going on in Colorado could have been
avoided; instead of bloodshed, bitterness, industrial strife and economic
waste, there could have been established throughout the coal fields peace,
prosperity and harmonious co-operation. It is our judgment that employers and employees,through their chosen representatives, ought to meet
and settle their differences by mutual agreement. A direct wet i ing agreemen t. entered into In a friendly spirit makes for abiding, permanent Industrial peace. This, we believe, ought to be done by the miners and operators of Colorado. However, we are mindful of the suffering and waste
of the operators, a conference with President Wilson was
asked for to discuss those provisions which they are not
prepared to accept. Mr. Welborn said:
"The coal operators will make individual replies by letter to the President's proposal. Certain features of the plan will be accepted. In addition a conference with the President has been asked by several of the
operators in order to discuss with him certain practical difficulties in
applying the proposed plan to local conditions."
President Wilson has consented to give a hearing to the
representatives of the operators on Wednesday next.
INCIDENTS OF THE SITUATION.
The Peruvian Government, which proclaimed a moratorium for 30 days last week announced on the 14th inst.
that payments will now be resumed.
An extension of the moratorium. for three months was
approved on the 14th inst. by the Brazilian Senate.
It was announced on the 16th inst. that the directors of
the Berlin Bourse had decided to postpone the settlement
from the last of September until the last of October. The
4%,
rate of interest on outstanding obligations was fixed at 63
Count von Bernstoff, the German Ambassador to the
United States, gave out on the 16th inst. the following as
the text of a message he had received from the German
Foreign Office :
London reports German moratorium extended to end of September.
Moratorium could not be extended because Germany never ordered one.
All banks and business going on as usual.
The facts regarding debt payments in Germany were
correctly stated in our issue of September 5. There is no
general moratorium in Germany, but the maturity of foreign
drafts accepted in Germany before the 1st of August has
been postponed until November 1st on account of the difficulty of drawers in securing their remittances and the delays
occasioned thereby, as well as the interruption in the usual
transportation of the mails.
From the Manchester (Eng.) "Guardian" of the 5th inst.
we take the following:
The breakdown of the foreign exchanges has caused and is still causing
very great inconvenience to traders throughout the country, and strong
representations have been made to the Chancellor of the Exchequer upon
the subject. It has been pointed out to him that the dislocation of exchange is exercising an extremely prejudicial influence upon trade generally, and especially upon the foreign trade of the country, and that in the
absence of the usual exchange facilities, goods can neither be imported
nor exported in any appreciable quantity. To ascertain the causes and
to find a remedy for the difficulties in obtaining international exchange,the
Chancellor of the Exchequer consulted a large number of leading members
of accepting houses and bankers.
of the
After a series of conferences at the Treasury, the Chancellor
arrived
Exchequer now wishes to announce that an arrangement has been
of
feattliCS
main
at which is designed to remove the difficulties. The
the arrangement may be summarized as follows:
acceptors with
1. The Bank of England will provide, where required,
at maturity.
the funds necessary to pay all approved pre-moratorium bills
from their
bills
such
of
This course will release the drawers and endorsers
agreement
liabilities as parties to these bills, but their liability under any
with the acceptors for payment or cover will be retained.
their clients
2. The acceptors will be under obligation to collect from
apply those funds to
all the funds due to them as soon as possible, and to
will
repayment of the advances made by the Bank of England. Interest
Bank rate.
be charged upon these advances at 2% above the ruling
any
of
repayment
3. The Bank of England undertakes not to claim
period of
amounts not recovered by the acceptors from their clients for a
SEPT. 19 1914.)
THE CHRONICLE
one year after the close of the war. Until the end of this period the Bank
of England's claim will rank after claims in respect of post-moratorium
transactions.
4. In order to facilitate fresh business and the movement of produce and
merchandise from and to all parts of the world, the joint-stock banks have
arranged, with the co-operation, if necessary, 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. The acceptor would have to
satisfy the joint-stock banks or the Bank of England both as to the nature
of the transaction and as to the reason why the money is not forthcoming
from the client. These advances would be on the same terms as regards
interest as the pre-moratorium bill advances.
The Government is now negotiating with a view to assisting the restoration of exchange between the United States of America and this country.
`I97
from any person resident in enemy territory. Such dividends or interest
should be paid into a separate account at a bank, to be disposed of after the
conclusion of the war.
(2) No transfer of any shares or debentures from any person resident in,
enemy territory should be registered during the war.
From the New York Times" of the 12th inst. we take
the following:
London. Sept. 11.—The Board of Trade summarizes the result of its
inquiry as to the effect of the war on employment as follows:
"The general conclusion is that there is at the moment a contraction of
employment. This has been met to a very marked extent by a reduction
of hours instead of a reduction of staffs. Ninety-three per cent of the
working people engaged in production are still wholly or partially employed.
"The returns show that, of the contraction of 7% in the number employed,
at least two-thirds represent men who have left for military service. Thus
the percentage of working people wholly unemployed, including women,
has been increased by the war little more than 2%.
The two industries most affected are the cotton industry and the construction of vehicles.
To set at rest any existing doubt as to the precise effect
of the proclamation issued in England on the 1st inst. with
reference to certain bills of exchange, another proclamation
was issued on the 4th inst. in respect of the postponement
of payments dated,respectively, Aug.2,Aug.6 and Aug. 12,
The second moratorium of the Italian Government is
and revoking the proclamation dated Sept. 1 1914. The
published
as follows in the "Journal of Commerce" of the
latest proclamation says:
If, on the presentation for payment of a bill of exchange which has be- 15th inst.:
fore Sept. 4 1914 been re-accepted under the terms of our said proclamation
dated Aug. 2 1914, the bill is not paid, then the said proclamation shall in
Its application to that oill have effect as if the period of two calendar
months had been in the proclamation substituted for the period of one calendar in )1th,aadthe sum mentioned in the form of re-acceptance under the
said proclamation shall be deemed to be increased by the amount of interest on the original amount of the bill for one calendar month calculated at
the Bank of England rate current on the date when the bill is so presented
for payment as aforesaid.
Our said proclamation dated Aug. 6 1914, as extended by our said proclamation dated Aug. 12 1914, shall apply to payments which become due
and payable on or after Sept. 4 and before Oct. 4 1914—whether they become so due and payable by virtue of the said proclamation or otherwise—
in like manner as it applies to payments which became due and payable after
the date of the said first-mentioned proclamation, and before the beginning of Sept.4 1914. Nothing in this proclamation shall affect the payment
of interest under the proclamation extended thereby or prevent payments
being made before the expiration of the period for which they are postponed.
The payment for all bills for which the due date has been postponed
under the moratorium, Aug.4 1914, and for those due before Sept. 30 1914.
is postponed at the option of the drawee for a period of
40 days. provided
that at due date not less than 15% of the amount of the bill; and interest
at the rate of 6% per annum (for the period of the prolongation), has been
paid. Of such payments a special receipt will be given, and a note signed
by the person receiving the payment will be put on the bill with the indication of the new duo date and of the amount still due. The bill will remain
with the bearer.
Of such payments notice will be given to the endorser within four days
In accordance with Article 317, Laws of Commerce.
The moratorium cannot be applied to bills created on or after Aug. 4
1914 (not being renewals) and due within Sept. 30 1914.
For the extension no further stamp duty will have to be paid.
The question of the moratorium is extended to all endorsors of the bills
on the same terms as to the acceptor.
The "Journal of Commerce" also gives as follows the text
The London Stock Exchange announces the following rules of the French moratorium regulations, as published in the
Officiel" on the 30th ult.:
in consequence of the Moratorium Proclamations of Aug. 6 "Journal
Art. 1. A now period of thirty clear days is granted for the payments of
and Sept. 1:
all negotiable securities falling due between 31st July and 1st October 1914.
In consequence of the Royal Proclamations of Aug.6 and Sept. 1 1914
the Resolutions of the Committee for General Purposes of July 31 and Aug.
12 1914 have been duly modified as shown below:
(1) That under the provisions of Rule 20, the strict enforcement of
Rules 89, 119 and 150 be dispensed with as follows:
(a) That the Resolutions of the Committee of June 2, July 6 and Aug. 4,
fixing the Consols Account Days for August, September and October, and
the Ordinary Accounts for August and September, be rescinded.
(b) That Bargains open for the August Consols Account be settled on
Oct. 14 and those for the September and October Consols Accounts on
Nov. 5.
(c) That Bargains open for the Ordinary Mid-August Account be settled on Oct. 14, and those for the End August Account on Oct.29, and the
Accounts fixed for Sept. 10 and 25 be postponed to Oct. 14 and 29. respectively.
(d) That Bargains open for the Special Settlements:fixed for Aug. 7 and
13 be settled on Oct. 14.
(2) The Committee have also confirmed the following Resolution: "That
nothing in the above shall suspend or postpone the legal obligations of
Alien Enemies to fulfill Bargains mado by them before the war."
(3) The Committee have further Resolved:
(a) Continuation Rates for the extended periods are fixed by Proclamation at 6%•
(b) Payment for securities undelivered on the End July Account is
postponed by Proclamation until Oct. 4, but the Committee trust that all
members will.notwithstanding,make every endeavor to settle all outstanding Bargains.
(c) The Secretary's office and the Official Assignee's office shall remain
open.
(d) Options declarable while the House is closed must be declared on
the due dates.
(e) Bargains done before Aug. 4 for special dates up to Oct. 3, inclusive,
must be completed within two calendar months from such special dates.
On the 15th inst. the London Stock Exchange Committee
fixed prices for nearly a thousand British, Indian and Colonial
gilt-edged securities and other trustee securities. Sales
below the established prices are forbidden. Transactions
must be for cash. Options and time bargains will not be
allowed in the securities for which the quotations have been
fixed officially. Dealers were ordered to clear sales from
brokers to buyers before selling from their own books. The
committee urges members to make up stock wherever possible, the making up prices being a matter of agreement.
According to an announcement of the 17th inst., the
London Stock Exchange Committee will shortly fix a
date after which American stocks in the name of alien
enemies will cease to be good for delivery. The members of
the Exchange holding such certificates have been advised to
take steps for their registration.
It is announced that the British Board of Trade has warned
all joint-stock companies and their officers that:
(1) No dividends or interest declared or becoming due after the outbreak
of war should be paid during the war to, or in accordance with, instructions
Inclusive, on condition that they were signed previously to the 4th August
last. Under the term "negoti sccur" are included bills of exchange, bills
to order or bearer, cheques except those drawn in favor of the drawer
himself, postal orders and warrants. Securities of the Public Treasury
are not included.
Art. 2. A fresh period of thirty clear days is granted for payment on
account of goods supplied, between dealers, previously to 4th August last.
This does not apply to Bourse transactions, which are subject to special
regulations. It does apply to the closing of credits opened to 4th August
last, and the fresh period of 30 days granted runs from the data when notice
of closing the credit was given.
Art. 3. The grant under Art. 1 is applicable to all stuns due, with or
without a fixed date of maturity, on account of all advances made prior
to 1st August 1914 as an overdraft or for carrying over, as well as on account
of, all advances prior to that date, with securities or goods as collateral.
Art. 4. A new period of 30 days, dating from 1st September 1914. is
granted for the withdrawal, against withdrawer's receipt, cheque or letter
of credit, of deposits, specie or credit balances of current accounts in banks
and credit or deposit establishments.
The application of this last article is subject to the very considerable reserves in favor of the bank's creditors, which we have already 'published.
It should be noted that those taking advantage of the moratorium are
liable to pay interest at the rate of 5% on all suma falling under Articles
1 and 2 and of 3% on the sumsfalling under Article4:that is,on the deposits
&c., retained by the banks. As to the sums failing under Art. 3. the
interest rate is the same as that charged by the Banque de France for advances on security at the time the moratorium was granted.
-
American bankers who have discounted drafts on French
and other European houses are asked in the present situation
to exercise such indulgence as circumstances require, in a
communication addressed to Seth Low, President of the
Chamber of Commerce of New York by the American Cham—
ber of Commerce in Paris. The letter, which is signed by'
Acting President C. Peixotto, was made public on the 12th
inst., as follows :
The war has created a financial situation in France which should be
brought to the attention of American bankers. On August 3d themoratorium
was decreed. This means that ordinary business payments are postponed. It has practically put an end to banking accommodation. Similar
conditions prevail in all belligerent countries. In Franco, outside of
money to pay workmen and clerks, a depositor may draw out only 250
francs and 5% of his remaining deposit, until further notice. Within a
few days it has become possible to draw out an additional
•
American houses have, in the regular order of business, recently drawn
against French companies, either their own branch or a house with which
they have long had relations. These drafts, which were accepted by the
French houses, are coming due, and those since August 3 fall under the
effects of the moratorium. AS collections are practically impossible for
the time being. French concerns, oven those having large deposits here,
cannot pay these maturing drafts because of the restrictions of the moratorium. This virtual suspension of business payments will probably be
further prolonged by another decree of the French Government, but the
conditions will be somewhat modified.
Financial conditions, particularly in France, have shown some improvement within a few days. You no doubt have learned from the
newspapers
that cable transfers are becoming more nearly normal.
Actual transactions are being made either through the deposit of funds
the
by
buyer at
New York,or by the payment of the buyer here in exchange for
documents
We, therefore, urge that you give the fullest publicity to
the situation n
798
THE CHRONICLE
Europe, and point out that American bankers who have discounted drafts
such indulgence as
on French and other European houses should exercise
circumstances require, and should not create a hardship by calling upon
immediate
for
reimbursements.
the drawers in America of such drafts
Secretary of the Treasury McAdoo gave notice on the
13th inst. that the Treasury Department would no longer
receive deposits of money to be transmitted abroad for the
use of Americans, inasmuch as such transmissions may now
be made through the regular channels of banking. We quote
his statement below:
[VOL. xcix.
This resolution grows out of the peculiar and extraordinary situa
tion existing at the present time. The war Lin Europe has made
practically impossible the transfer of funds by the; ordinary means of business. Appeals have been made to the Department of State on behalf of
some of the foreign embassies in this country for an advance or transfer
of funds in order to enable to take care of their ordinary needs and necessities here. Other applications have been made on the part of belligerent
or neutral nations that this Government advance to the nationals of such
belligerents or neutral nations moneys which those Governments are
willing to deposit but cannot transmit to their nationals because of the
conditions in the war zone. The United States has become practically a
great international exchange for the Governments of the world, and their
nationals in the war zone of Europe. There is neither authority In the
State Department to act on many of these requests nor is there money available for such purpose. This money is to be advnaced to the Department
and repaid, either by advance payments or repayments by the Governments at whose request the money shall be disbursed. The Committee
were unanimously of opinion that it was highly Important that the Department of State should be in a position where requests of the character now
being made could be honored.
"In view of the fact that it is again possible to transmit money to Europe
through the regular channels of banking, it is no longer necessary for the
Treasury Department to undertake to make such transfers, and it has been
determined, therefore, that the Treasury Department will not receive further deposits of money to be transmitted to Europe for the use of Aniericans
abroad. The relief work that has been carried on in Europe for the purpose
of assisting Americans who are without means will be continued, and where
The resolution as approved by the President is as follows:
deposits have already been made in the United States for the benefit of
Resolved, &c., That to enable the United States to fulfill the obligations
relatives and friends abroad, payments will be made as heretofore, whenever devolving upon it in connection with or growing out of its representation
the beneficiaries can be found. So rapidly has the relief work progressed the interests of foreign Governments and their nationals, and to extend
that It is expected that the representatives of the Treasury Department temporary assistance to other Governments and their nationals, made neceswill be required to remain in Europe but a few weeks."
sary by hostilities in Europe and elsewhere, by transferring or advancing
lug funds for diplomatic and consular expenses and for the care or benefit of
citizens or subjects offoreign nations,there is appropriated out ofany money
According to advices from Secretary of the Treasury Mc- in the Treasury not otherwise appropriated, the sum of $1,000,000, to be
Adoo to Edwin Warfield, President of the Fidelity & Deposit available during the fiscal year 1915, and to be disbursed under the direcand in the discretion of the Secretary of State: Provided, That payments
Company of Baltimore, a reasonable investment in cotton tion
made by foreign Governments or their citizens or subjects shall be credited
available
asset
by
the Treasury to this appropriation and be available for the purpose herein specified:
would be recognized as an
final reimDepartment in the case of surety companies which qualify Provided further, That all sums received by the United States in
bursements of amounts paid by it out of the $1,000,000 herein appropriated
Mr.
Government.
Warfield
Federal
the
sought shall be paid into the Treasury of the United States as "miscellaneous
on bonds to
an opinion in the matter in the following communication receipts."
The Secretary of State shall submit to Congress at the next session or as
addressed to Secretary McAdoo on the 15th inst.:
soon thereafter as may be practicable, a report of the amount repaid to
Hon. William G. McAdoo,Secretary of the Treasury, Washington:
upon the subject as may
Following up my talk with you this afternoon. I respectfully ask, if this the United States, with such further information
public interest.
company should see fit to purchase cotton,would your Department, which be, in his Judgment, consistent with the
quarterly passes upon the assets of all surety companies qualifying on bonds
to the Federal Government, approve at the current or at a fixed price such
We reprint below the bill, signed by President Wilson, on
an investment by this company? Should you decide to approve such
Investment I am sure that many other surety companies would gladly September 2, creating a Bureau of War Risk Insurance in
co-operate in aiding the South at this time of its great financial need.
the Treasury Department. We printed its text in our issue
EDWIN WARFIELD,
of September 5 (page 652) as it was reported to have been
President Fidelity & Deposit Company of Maryland.
Secretary McAdoo's answer was conveyed in a telegram enacted, but the first paragraph of the bill as therein published, does not conform to the bill as it actually became a
as follows:
Hon. Edwin Warfield, President Fidelity & Deposit Company, Baltimore:
law, hence we republish it, as follows:
Your telegram received. If the list of your assets of your company
submitted to this Department should show the investment of your funds
to a reasonable extent in cotton, properly warehoused and insured, this
Department would recognize it as an available asset at its fair market
value in determining and passing upon your available resources.
W. G. McADOO, Secretary.
A suggestion that a conference of Governors of cottongrowing States be held at Montgomery, Ala., on the 24th
and 25th inst. has been made by Governor O'Neal of Alabama. His suggestion was contained in a telegram sent to
Governors Stuart of Virginia, Craig of North Carolina,
Blease of South Carolina, Slaton of Georgia, Trammell of
Florida, Brewer of Mississippi, Hall of Louisiana, Colquitt
of Texas, Hays of Arkansas, Cruce of Oklahoma, Hooper
of Tennessee, and Major of Missouri. The purposes of the
conference are indicated in his message as follows:
"The South, confronted by the problem of a maximum yield, attended
by a minimum demand for its chief agricultural product and asset, must
take immediate, decisive and concerted action to prevent its ruinous sacrifice. If effective State action is taken to relieve the situation in cottongrowing States,it must be along uniform lines In each State to accomplish
maximum benefit. The agreement of the Governors of cotton States upon
than any other agency to
a definite program and joint action will do more
now existing.
re-assure the public and relieve the chaotic conditions
"I therefore suggest a conference of the Governors of the cotton-growing
consider
the entire cotton
States at Montgomery September 24 and 25, to
problem, and determine what measures may be taken to meet conditions,
in extraordinary session to
the advisability of convening the legislatures
legal
provide emergency warehouses, and protect warehouse receipts by
safeguards, making them negotiable paper under certain conditions,
gradua
for
emergency,
methods
the
during
relieving them from taxation
market
marketing of the crop, the best plan for securing financial aid to
discussion of measures to restrict the production
the present crop, and the
year, are among the important questions to be
of cotton the ensuing
considered.
of both State and national banks suppleco-operation
"We must have the
may deem necessary, and I therefore suggest
mentary to any legislation we
ten bankers from his State to accompany
that each Governor will appointSecretary of the Treasury, the Secretary
him to this conference. The
the Secretary of Agriculture will be invited
of Commerce and Labor and
If a majority of the Southern Governors
to participate in this conference.
immediately. Please, therefore, wire
can be present the call will be issued
Immediate acceptance.
"EMMET O'NEAL, Governor."
of Secretary of State
A resolution embodying the request
to meet extra
Bryan for an appropriation of $1,000,000
growing
services
consular
and
expenses of the diplomatic
Presiby
signed
was
out of existing hostilities in Europe
the House
by
passed
was
it
inst.;
11th
the
dent Wilson on
explanaon the 8th inst. and by the Senate on the 9th. In
Fitztion of the purpose of the resolution Representative
said:
inst.,
8th
the
on
House,
gerald, in addressing the
An Act to authorize the establishment of a Bureau of War Risk Insurance in the Treasury Department.
Whereas, The foreign commerce of the United States is now greatly
impeded and endangered through the absence of adequate facilities for the
Insurance of American vessels and their cargoes against the risks of war; and
Whereas. It is deemed necessary and expedient that the United States
shall temporarily provide for the export shipping trade of the United States
adequate facilities for the insurance of its commerce against the risks of
war; Therefore
Be it enacted by the Senate and House of Representatives of the United States
of America, in Congress assembled. That there is established in the Treasury
Department a bureau to be known as the Bureau of War Risk Insurance,
the director of which shall be entitled to a salary at the rate of $5,000 per
annum.
Sec. 2. That the said Bureau of War Risk Insurance, subject to the
general direction of the Secretary of the Treasury, shall, as soon as practicable, make provisions for the insurance by the United States of American
vessels, their freight and passage moneys, and cargoes shipped or to be
shipped therein, against loss or damage by the risks of war, whenever it
shall appear to the Secretary that American vessels, shippers, or importers
In American vessels are unable in any trade to secure adequate war risk
insurance on reasonable terms.
Sec. 3. That the Bureau of War Risk Insurance, with the approval
of the Secretary of the Treasury, is hereby authorized to adopt and publish
a form of war risk policy, and to fix reasonable rates of premium for the
insurance of American vessels, their freight and passage moneys and cargoes against war risks, which rates shall be subject to such change, to each
port and for each class, as the Secretary shall find may be required by the
circumstances. The proceeds of the aforesaid premiums when received
shall be covered into the Treasury of the United States.
Sec. 4. That the Bureau of War Risk Insurance, with the approval of
the Secretary of the Treasury, shall have power to make any and all rules
and regulations necessary for carrying out the purposes of this Act.
Sec. 5. That the Secretary of the Treasury is authorized to establish
an advisory board, to consist of three members skilled in the practices of
war risk insurance, for the purpose of assisting the Bureau of War Risk
Insurance in fixing rates of premium and in adjustment of claims for losses.
and generally in carrying out the purposes of this Act; the compensation of
the members of said board to be determined by the Secretary of the Treasury, but not to exceed $25 a day each, while actually employed. In the
event of disagreement as to the claim for losses, or amount thereof, between
the said bureau and the parties to such contract of insurance, an action on
the claim may be brought against the United States in the District Court of
the United States, sitting in admiralty in the district in which the claimant
or his agent may reside.
Sec. II That the Director of the Bureau of War Risk Insurance, upon
the adjustment of any claims for losses in respect of which no action shall
have been begun, shall, on approval of the Secretary of the Treasury,
promptly pay such claim for losses to the party in interest; and the Secretary of the Treasury is directed to make provision for the speedy adjustment
of claims for losses and also for the prompt notification of parties in interest of the decisions of the bureau on their claims.
Sec. 7. That for the purpose of paying losses accruing under the provisions of this Act there is hereby appropriated, out of any money in the
Treasury of the United States not otherwise appropriated, the sum of
$5,000,000.
Sec. 8. That there is hereby appropriated, for the purpose of defraying
the expenses of the establishment and maintenance of the Bureau of War
Risk Insurance, including the payment of salaries herein authorized and
other personal services in the District of Columbia, out of any money in
the Treasury of the United States not otherwise appropriated, the sum of
$100,000.
SEPT. 19 1914.1
THE CHRONICLE
Sec. 9. That the President is authorized whenever in his judgment the
necessity of further war insurance by the United States shall have ceased
to exist, to suspend the operations of this Act in so far as it authorizes insurance by the United States against loss or damage by risks of war, which
suspension shall be made, at any event, within two years after the passage
of this Act, but shall not affect any insurance outstanding at the time or any
claims pending adjustment. For the purpose of the final adjustment of any
such outstanding insurance or claims, the Bureau of War Risk Insurance
may,in the discretion of the President, be continued in existence a further
period not exceeding one year.
Sec. 10. That a detailed statement of all expenditures under this Act
and of all receipts hereunder shall be submitted to Congress at the beginning
of each regular session.
Sec. 11. That this Act shall take effect from and after its passage.
Approved, Sept. 2 1914.
The Special Committee of Five of the New York Stock
Exchange has made the following ruling:
20.
September 18.
The special committee of five rules that whenever a borrower of stock, the
rate on which is less than 8%,gives one day's notice of his desire to return
it and the lender declines to receive it, the interest thereon shall be %•
The Boston Stock Exchange Committee of Five makes
the following ruling:
"In view of the action taken by the committees in New York, your
Committee of Five hereby modifies its rulings of Aug. 12 relating to transactions in securities as follows: 'Members desiring to buy bonds listed on
the Boston Stock Exchange, or desiring to sell the same when conditions
require relief, may submit their orders with prices to the Committee, which
will give the same consideration.' Referring to said ruling of Aug. 12 that
no orders to buy or sell would be considered at limits less than the closing
prices of July 30, it is, in the opinion of the Committee, proper to use the
closing bids to determine the closing prices, and orders may be submitted
on that basis. The amount of the dividend may be deducted from the
closing prices of any stocks selling ex-dividend since July 30.!'
The Special Committee of Five of the Philadelphia Stock
Exchange, appointed Aug. 3 to decide all questions relating
to the business of the Exchange during the present period
of closing, and composed of the following: Isaac T. Starr,
Chairman, James D, Winsor Jr., Charles H. Bean, Horace
H. Lee and William D. Grange, has issued the following
notice:
"Sept. 10 1914.—In order to facilitate its work, the Special Committee
ruled that on and after Tuesday, Sept. 15 1914, orders for the purchase
and sale of stocks and bonds be filed on separate sheets—one sheet to
contain list of stocks wanted and for sale, and another for bonds.
799
prevent the selling of securities with a view of re-investing in European
securities or for the purpose of obtaining gold.
The effect of the war on the United States in general is very complicated.
It is certain to help the food-producing sections and will hurt the cottonraising sections, at least temporarily. The lack of certain ingredients
which have hitherto been imported is interfering with many manufacturers.
and the lack of a market for other products which have been shipped to
Europe handicaps others.
There are many lines in which the export business will grow rapidly as
sequence of the war, and many articles hitherto purchased abroad will be
manufactured at home, not only temporarily but permanently, thus giving
great expansion to our own manufacturing and internal commerce, which
probably exceeds our exports business a hundred times.
The high prices for our big crops are certain to be very beneficial, and
on the whole the growth of additional capital in the United States during the
next twelve months is likely to be very large. In the meanwhile, no new
securities are likely to be created, and there is, therefore, bound to be a substantial market for existing investments. In fact, we, as well as other investment houses, have already found many people looking for bargains.
There are many cross currents and new elements in the situation:
The creation of paper money in all countries.
The new Federal Reserve Bank in the United States.
The falling off of business in all new countries.
The cessation of all new construction at home, &c.
While we do not know whether the interest rates will be higher or lower.
we can see that the effect of these various factors may overcome the great
monetary needs of the countries now at war, and it would not be astonishing if, when the Stock Exchange reopens, the prices of securities would be
higher than the closing prices of July 30.
An expression of opinion with regard to the reopening
of the exchanges is also offered by Wollenberger & Co. of
Chicago in the following:
The financial situation is gradually righting itself. Ordinary business
needs are being taken care of by the banks, the moving of our bounteous
crop of cereals is being financed, ways and means are being earnestly considered to take care of the cotton crop, the foreign exchange situation is
well in hand, and plans are ripening for the settlement of our European
debt.
Then, the next important step will be the reopening of our Stock Exchanges, and as a preliminary thereto, we understand, a most powerful
syndicate will be formed to take over privately what American securities
must be sold by foreign holders, in order to completely remove pressure
from that quarter. It is an open question how large or how small such
foreign selling will be,and good judges incline to the opinion that the foreign
selling will be much smaller than generally surmised for the reason that
only extreme necessity will make foreign holders part with American
securities, which they know and we know, are the best to hold of all socurties in the world in times like these, when nearly the whole world is involved
or affected by the World's War, with the exception of the great United
States and the sister republics of the Southern Hemisphere.
Will not the capitalists of the world seek refuge for their money in
America, and, upon second thought, become buyers rather than sellers of
our securities? Will not the paralysis of European trade and industry
leave us a clear road to leadership in the world's trade, and will not the
financial centre of the world shift from Europe to America? Is it, therefore, not perfectly reasonable to conclude that we will work into a period
of great expansion and prosperity and will not our securities anticipate
these conditions by a tremendous rise in value?
The Committee has also requested James Crosby Brown,
of Brown Bros. & Co.; Philemon Dickson, of Charles D.
Barney & Co.; George W. Kendrick 3d, of E. W. Clark &
Co.; R. E. Norton, representing Drexel & Co.; Henry P
Vaux, of Graham & Co., to act as a committee to supervise
transactions in unlisted securities, subject to their approval.
Further additions to the already large list of corporations
This committee, which will be known as the "Committee for
have omitted or reduced dividends on account of
which
Unlisted Securities," has decided that for the present it is
to the best interest of all dealers to abide but he following the European war are announced this week. Chief among
these is the International Harvester Corporation, which
regulations in handling unlisted securities:
Until further notice, no transactions of any character shall be consum- decided to defer its common stock dividend, and in explainmated in unlisted securities without the approval of the Committee, and for ing this action states that "as a result of the European war,
the present there shall be no solicitation of business. All transactions must
be made for cash and no trade based on exchange of securities will be sanc- the business of this corporation in the combatant countries
tioned.
is almost at a standstill," &c. The Crucible Steel Co., which
Commencing Sept. 14, this Committee will meet daily, except Saturdays,
at the office of E. W,Clark & Co., at noon, at which time the Committee deferred action this week on its regular quarterly dividend
will be prepared to approve or disapprove transactions proposed by dealers of 14% on preferred stock, states that "in view of the presat the prices fixed by the Committee. At this time, also, any bids for, or
ent unsettled industrial conditions throughout the world,
offers of unlisted securities, at approximately the closing prices on July 30
brought about with such startling rapidity by the general
1914, may be submitted.
All bids and offers so made shall be for specific amounts, and in writing, European war . . . we have decided that the only
and shall be considered good until 3 o clock p. m that day, and settlement
proper policy to pursue at this time is to conserve in every
of such transactions as are approved must be made by 2:30 p. m. of the
way possible the working capital and cash resources of the
following day.
company." The Republic Iron & Steel Co. in deferring
The special committee of five of the Baltimore Stock Ex- action on its quarterly dividend on the preferred stock
change, which has been aiding in directing the affairs of that usually paid Oct. 1, says that this course was deemed best
Exchange since July 31, has decided to permit trading in because of the unprecedented condition of business as a
result of the European war. The Nova Scotia Steel & Coal
securities for cash after Monday, Sept. 21, as follows:
The special committee of five has arranged that on and after Monday. Co. also suspended dividends on both the common and preSept. 21 1914, members of the Exchange will be permitted to file with the ferred stocks which were due Oct. 15.
committee orders to buy for cash for their private customers securities at
Among street railways which have been affected by the
prices not less than the last quotations of July 30 1914.
prevalent business depression is the Augusta-Aiken Ry. &
Electric Corporation, which has decided to suspend the usual
A circular issued this week by F. J. Lisman & Co. deals quarterly dividend of 1M% on the preferred stock due Sept.
with the effect of the war on prices of American securities. 30. The Capital Traction of Washington, D. C., declared
A discussion as to the re-opening of the Stock Exchange is a quarterly dividend of 13.4%, payable Oct. 1, as against
also entered into; in part the circular says:
13% paid July 1 last.
We do not believe that the Exchange can be reopened as long as there is
danger of Europe's endeavoring to sell millions of securities in exchange for
gold. To discriminate between foreign and domestic sellers is impossible
for many reasons, one of which is that probably securities owned by orsigners to the extent of a billion dollars are held in New York City by banks
or trust companies or in safe deposit boxes ready for delivery.
In other words, we do not believe that the Stock Exchange can be reopened as long as there is danger of foreigners converting their securities
into American gold.
Some way may possibly be evolved by which the exchanges of this country could be opened with the provision that the proceeds of securities may
nstead of into currency. This would
only be converted into bank cred
satablish a credit for the foreig
ich to buy grain, &c., and would
BANKING, FINANCIAL AND LEGISLATIVE NEWS.
The Judiciary Committee of the House approved on the
4th inst. the report of its sub-committee, which decided that
the acts of Judge Emory Speer of the United States Court for
the Southern District of Georgia, investigated by it, were outside the pale of impeachment, and held that the case warranted no further proceedings. The investigation was directed under a resolution passed by the House on Aug.
27
800
THE CHRONICLE
I VoL. xc nc.
Those companies signing the statement follow: Anaconda
-1913, and the inquiry was begun at Macon, Ga., on Jan. 19
1014. The report of the investigation -was filed with the Copper Mining Co., North Butte Mining Co., Butte & SuJudiciary Committee on June 23. Reference to it was made perior Mining Co., Butte Balaklava Copper Co., Elm Orlu
Mining Co., Timber Butte Milling Co., Butte Alexander
in these columns July 4th.
Scott Copper Co., Pilot Butte Mining Co., Tuolumne CopIn a letter addressed to the Clearing-House banks of this per Mining Co., the East Butte Copper Mining Co., Raincity on the 8th inst. by Albert H. Wiggin, Chairman of the bow Development Co., Butte Duluth Mining Co.
Clearing-House Committee, the member banks are asked
An answer to the statement of the mining companies was
to collect all items drawn on the Treasurer of the United drawn up by the executive committee of the Butte Mine
States or the Assistant Treasurer through the Clearing Workers' Union on the 10th inst. The declaration of the
House. The purpose of this, it is understood, is to effect companies that they were not in any way responsible for the
the discontinuance of the practice indulged in by some of disputes between the two organizations of miners is denied,
the New York banks of presenting drafts on the Treasury and the assertion is made that the companies' influence on
direct at the local sub-Treasury and drawing gold, thus the old miners' union was one of the contributing causes to
building up their own gold reserves at the expense of the the disruption.
Treasury. In his notice Mr. Wiggin says:
.•
NEW YORK CLEARING HOUSE,
Action to vacate the charter of the National Jewelers'
77-83 Cedar Street.
Board of Trade unless it shall by Oct.1 cease from acting as
New York, September 8 1914.
Hear Sir:—The Clearing-House Committee requests that members collect a collecting agency and from furnishing attorneys and counsel
all items drawn on the Treasurer of the United States or the Assistant to members or non-members, is directed under an order
Treasurer through the Clearing House.
signed by Attorney-General Carmody of New
This request is made In compliance with the wishes of the Treasury which was
Department, and it is understood that, for the present, settlements with York State on Aug. 25. The Board, which has offices in
the Assistant Treasurer as a member of the Clearing-House Association this city, has a membership of 1,100, comprising about 50%
may be made in the same kind of money as the settlements with other
of the United States and about 90%
members. No Clearing-House certificates of any kind can be used with of the wholesale jewelers
of the jewelry business. Mr. Carmody's order was issued
the Assistant Treasurer.
As it Is necessary that deposits for account of the 5% redemption fund on complaint of Charles L. Apfel, an attorney of this city,
be made in the kind of money provided for under the law, members are
who complained that one of his clients, Jacob Schoen,
requested to make such payments direct to the Assistant Treasurer,
It Is understood that, through the co-operation of the Treasury Depart- had been expelled from membership in the organization bement, requests from out of town banks for such deposits will be much cause he had failed to delegate the collection of a debt to
reduced.
attorneys designated by the Board of Trade, as required
By order,
ALBERT H. WIGGIN,
under the by-laws. The Attorney-General's action was
Chairman Clearing-House Committee.
upon the report in the matter made by Deputy Atbased
WILLIAM SHERER, Manager.
torney-General Kellogg; this report is quoted in part as follows in the "Journal of Commerce":
Under the reports of condition of national banks called for
The wholesale Jewelry trade Is one peculiarly susceptible to fraudulent
the
state—
Currency,
the
of
Comptroller
the
secretion of assets. It is so very easy to secrete great values in precious
by
week
This
and to thus withdraw them from assets available to creditors in
ments are required to show the Clearing-House loan certifi- stones,
cases of insolvency, that concerted action to punish criminal attempts
cate holdings. The bonds, &c., deposited with the Treasury along this lino was felt necessary in order to discourage attemptg to pursue
and strength
for collateral behind the emergency circulation are also such nefarious practices. This organization, by Its activity
and by the wide Influence which it exerts, has along this line undoubtedly
required to be separately shown, being deducted from the accomplished
most beneficial results. In its general protection of the trade.
item heretofore designated as "bonds, securities, &c." however, It had added another activity. Asserting it to be necessary in
Clearing
the
of
Chairman
order to obtain that reliable and accurate information necessary for prompt
Anent the call, Albert H.Wiggin,
and proper action, it has established a bureau or department for the collecHouse Committee, sent the following noitce to the national tion
of claims. It solicits claims for collection not only for its members,
banks in the Clearing House advising them that the net but of non-members, and in cases of failure and bankruptcy it practically
be placed in its hands in order that it may act for
amount only of Clearing-House loan certificates .is called demands that all claims
as large a portion of the creditors of the bankrupt as possible, and thus
folas
is
Wiggins
Mr.
of
letter
This
reports.
their
for in
control the proceeding in the selection of receiver, trustee, their attorneys,
lows:
and otherwise.
Dear Sir: The Comptroller of the Currency has called for a report of condition at the close of business Sept. 12 1914, and requests that on the face
of the report the Clearing House banks in reporting the holding of or outstanding of Clearing-House loan certificates .report the net amount only.
Please use the Wording: "Clearing-House account net balance," whether
the item aPpear in resources or in liabilities.
On the back of the report in schedule of "loam; and discounts" show the
total amount of Clearing-House loan certificates taken out by the reporting
bank and the total amount on hand. Respectfully,
ALBERT H. WIGGIN, Chairman Clearing-House Committee.
•
The mining companies operating in the Butte, Mont.,
district decided on the 8th inst. no longer to recognize the
jurisdiction of the mine workers' organization or to permit
it to interfere with their operations. The statement signed
by the companies says in part:
, The attitude of the mine workers' organization 'toward the employer, as
expressed in their published notices and in the constitution adopted by it,
put that organization beyond the possibility of being recognized or dealt
with in any way, and so far as that organization is concerned, the undersigned companies will not now, or at any time in the future, recognize its
jurisdiction or permit it to interfere in any way with operations conducted
by any of them.
So far as the local union of the Western Federation of Miners is concerned.
It became apparent immediately after the dissension of June 13 that the
vast body of men employed in the Butte mines were openly in revolt
against that organization, and that they would not, under any circumstances, rejoin or be longer identified with it. During the intervening period of nearly three months that organization has demonstrated its inability
to assert its jurisdiction or assume control over the underground workers
of Butte. Indeed, so impotent had it become that it was unable to protect
Its property from destruction or to offer Its members the slightest protection when organized mobs acting under the leadership of the officers of the
Butte Mine Workers' Union, undertook to, and did, deprive such members of employment and drive them by force from the community.
These mining companies had entered into contracts which, inferentially
at least, gave the Butte Miners'Union, Western Federation of Miners,jurisdiction over their respective employees until June 1 1915. The earnest
desire of these companies has been,and always will be, to live up to and
perform fully and completely every contractual obligation, but It is a universal principle of law and reason that when one party to a contract is
wholly incapable of carrying out its part of the contract, the other party
to the contract is released. There can be no question that the circumstances
above recited, as well as many others, absolutely absolve the mining corn- panics from any obligation in regard to contracts with the Butte Miners'
:Union as of any further binding. To longer recognize the jurisdiction of
the Butte Miners' Union would be equivalent to endeavoring to compel the
employees of the companies against their will and wish to belong to a
labor union which a great majority of them have most emphatically re.
pudlated.
In the prosecution of those collections, both with and without suit, the
corporation furnishes attorneys, of whom it has a list in various localities,
who charge a fee fixed by the corporation, usually dependent upon the
amount collected, of which a certain percentage is retained by the attorney
and one-third of such fee is turned into the treasury of the corporation.
A somewhat slight change was lately made under pressure of criticism in
this practice, So that the one-third paid into the treasury of the defendant
and the two-thirds ultimately received by the attorney were separated as
two distinct items of charge, but this does not, in my judgment, affect the
status or the legal effect of the transaction in the slightest degree. The fee
is collected by virtue of the ability and success of the attorney based to
some extent upon information and aid furnished by the corporation, but
the corporation retains a certain definite fixed proportion of the sum made
available by reason of a legal proceeding or the activity of a trained and
licensed lawyer.
The elementary prInclnie underlying this controversy and leading to its
solution is that a corporation must exercise only those powers for which
it is permitted by law to be organized and such other powers as are properly
Identical thereto. * * * I am convinced,and accordingly report, that
a membership corporation organized under the present statute or under
statutes predecessor thereto cannot for pecuniary gain conduct a collection
agency. I believe that such an enterprise Is entirely foreign to the purpose
of the law authorizing the organization of boards of trade, is not incidental
to the proper exercise of powers of such corporations, and can only be Pursued In corporate form pursuant to the provisions and under the limitations
of power prescribed by the Business Corporations Law.
I believe we have here, therefore, a corporation exercising powers not
conferred upon it by law, and, to that extent at least, It has exercised Privof
ileges and franchises not conferred upon it by law. Even if the business
the collection of claims were limited to the membership of the corporation
Itself, I believe it is beyond its powers, and I know of no principle of
law which authorizes the performance by a membership corporation
expressly
for its members, or for their benefit, of acts beyond the powers
such
conferred by law or necessarily exercised in the performance of
within the
Powers expressly conferred. It has brought itself, therefore, believe is
provisions of Article VII. of the General Corporation Law, and I
possible
subject to the action prescribed by that article. * * * It is
agency for
and perhaps probable that the conducting of a simple collection
recommendation
pecuniary gain would not itself be sufficient to warrant
in this Instance a
of the institution of the action applied for, but we have
to an
pursuit of a business of collecting claims to an extent which amounts
illegal practice of law. * * *
intended to
The gentlemen who are in control of this organization have not
that they intend
violate the law, and there is every indication In the record
as to
opinion
of
to comply therewith. There may be an honest difference conclusion here
how far their methods have been in violation of law, but the
must be based.
arrived at is the one upon which future action in this matter
corporate powers.
This corporation has undoubtedly not only exceeded its
acts, and
criminal
of
performance
but exceeded its corporate powers in the
reasonable opportunity.
such methods must no longer be permitted. A
good it does
however, should be given this defendant. In view of the great
SEPT.
19 1914.]
THE CHRONICLE
801
vided the sum sent by any one bank shall not exceed $2,000 of any one
country bank. Remittances from country banks to be reported before they
are finally received.
"3. That exchanges shall continue to be made every morning as usual
and interest at the rate of 7% per annum shall be charged on the balance
An injunction restraining Earl W. Hodges, Secretary of appearing due after the exchange from one bank to another, and not to be
State of Arkansas, from submitting the petition on the pro- varied until the next morning's exchange. Interest to commence on the
1st of September.
posed bank deposit guaranty law for action at the next
"4. That any debt which shall so become due from one bank to another
general election was granted by Chancellor J. E. Martineau shall be considered as entitled to be discharged after three months' notice,
specie, or in what the General Committee shall consider as equivalent,
in the Pulaski County Chancery Court at Little Rock on in
and in preference to any other debt due by the institution; any bank shall
Aug. 11. The Chancellor, it is stated, held that the peti- be at liberty at any time to discharge the debt, or a part of it, by a paytions initiating the Guaranty Act should be rejected because ment in specie.
"5. That, in the opinion of this meeting, the necessity of payments in
the evidence showed that they were fraudulent in character, 1 specie
formed a salutary and a principal check against an inordinate emisthat they were not properly verified and that they did not sion of notes and that check, being by the unfortunate situation of affairs
have the names of the signers written on the back of the for the present removed, it has become highly expedient to guard as much
possible against the evil by other means; therefore it is agreed that the
petition. Judge Martineau is said to have found that there as
banks pledge themselves, to each other and to the public, that no bank shall
were approximately 5,000 illegal signers on the petition. increase its present amount of loans without the consent of the: General
and its present loans
His decision is reported as killing the proposed State Mining Committee unless it is upon the Whole d creditor bank,
do not amount to 50% above Its capital paid, in which case it may increase
Board Act, which is being contested on the same grounds as Its
loans to that amount.
that on which the Bank Guaranty Act was attacked.
"That any bank which is upon the whole a debtor bank shall be bound
to reduce its loans upon a requisition from the General Committee. Provided, nevertheless, that these restrictions shall not extend to the amount
The Appellate Division, Third Department,of the Supreme which any bank is now obliged by law to lend to the State, nor to the sums
of
action
inst.
10th
the
rporation for the de.
upheld
which it may be thought necessary to lend to the co
Court at Albany on the
Supreme Court Justice Hasbrouck at Kingston in denying fense of the city.
"6. The Cashiers of the several banks shall on Tuesday in every week
last February a motion for a rehearing in the matter of the • make reports to each other of the gross amount of hills and notes disGovernor
counted, of loans and of all debts bearing interest, stating separately the
issuance of a pardon to Joseph G. Robin by former
balances duo by banks in this city and of the amount of specie and availSulzer of New York. An application for a certificate of able
means on hand—such communications to be reported, in strict confireasonable doubt on behalf of Robin was denied in October dence, to the General Committee, but in no case to the boards of directors
1913 by Justice Hasbrouck, who had previously decided that at large.
That a general meeting shall be held on Wednesday in every week at
the issuance of a pardon to Robin on Aug. 30 1913 by ex- ' 12"7.
o'clock—that all votes shall be by banks, and that five banks shall be
he
province,
not
was
Sulzer,
within
Mr. Sulzer's
Governor
considered a majority.
"8. That these resolutions shall be reported to the several boards of
being under impeachment at the time. The application for
directors, and if approved and sanctioned by them shall be considered as
a re-argument followed, and its denial in February by Justice binding upon
the institutions for three months, or till twenty days' notice
Hasbrouck brought the case to the Appellate Division; the shall be given by any one bank to the contrary; or unless seven banks shall
forthwith."
question of the legality of the official acts of Mr. Sulzer after at any time resolve to dissolve this association the
Manhattan Company
At a meeting of the directors of the Bank of
the adoption of the articles of impeachment and during the on Oct. 3 1814—
"The board agreed to load the Corporation of the City of New Yetis
time thereafter that he assumed to act as Governor was
money being wanted by the Corporation for the defense of the
brought up and the decision shows that the Appellate Di- $50.000,
city."
vision holds that he was not Governor when he pardoned
The bank had already assisted the Federal Government. At a meeting
Robin Aug. 30 1913. Presiding Justice Smith alone dis- of the directors on March 12 in the previous year the following letter to
the Secretary of the Treasury was authorized:
sented.
"Sin—You will see by the return of the subscription to the loan .for
$16,000,000 that the Manhattan Company have subscribed $400,000.
The Bank of Manhattan Company of this city has just which with the $600,000 subscribed to the loan of last year is half their
This will circumscribe their banking operations, but you may
issued a pamphlet of real historic importance in banking capital.
be assured, sir, that the company have hazarded this for the purpose sOlely
annals under the caption of "History Repeats Itself: Curious of aiding Government in the present situation of public affairs."
along many lines, to so reorganize Itself, If possible, as to refrain from performing the ultra virus acts, the practice of which In the past has been
shown.
Financial Coincidences September 1814-September 1914."
The pamphlet states that the minutes of its board of directors during August and Septemlier 1814 record a business
and financial condition so similar to that which now prevails,
exactly 100 years later, that the bank thought certain portions of these minutes were of sufficient public interest to
reprint them at the present time, as follows:
The Broadway Trust Co. of this city is distributing
to its friends and prospective customers a war map of Enrolie
The map is issued in pocket size and published by the RandMcNally Co. On the back of this map there appears much
valuable data regarding the European conflict and the eonditions which brought it about, and tables showing the
fighting strength and resources of the contending nations.
We believe our readers can obtain a complimentary copy
upon request to the company's main office in the Woolworth
Building.
In 1814 the United States passed through the most serious phase of the
War of 1812 with England, which began In that year and lasted until February 1815. On Monday. Aug. 22 1814, committees from all the banks of
New York City attended the first general conference ever held by a group
of American banks to meet a crisis caused by war. They met at the office
of the Bank of the Manhattan Company, then, as now, at No. 40 Wall
Street. and organized. They met again at the same place on Aug. 25, while
the city of Washington was still burning after being invested by the British,
Jesse I. Straus of R. 11. Macy & Co. was this Week elcietea
and considered the following resolution of"a meeting of merchants and tradof the Lincoln Trust 'Co. of this city.
director
a
ers of the City of New York":
"Resolved, That a committee of seven pesrons be appointed to wait on
the directors of the respective banks of this city, and request of them that
Edward J. Hall, a Vice-President of the American Telethey will suspend their payments of specie on the 25th, and that this meetphone & Telegraph Co., died on Thursday last at Watkins,
ing pledge themselves to receive bank paper in payment as usual."
In reply the General Committee of Banks passed the following resolutions: N. Y., at the age of sixty-one. Mr. Hall was a pioneer in
"Resolved unanimously, That in the opinion of this meeting there does the telephone field, being principally interested in the longnot exist any necessity for a suspension of payments in specie.
"Resolved. That it is the duty of the banks to make every effort and distance service. He was a direCtor in many corporations,
every necessary sacrifice to continue their payments in specie, and that, Among which was the Market & Fulton National Bank, in
with a continuance of the public confidence, it is the unanimous opinion which institution he took an active interest, having been
of this meeting that there is no doubt they will be able to do so."
At the next meeting of the General Committee, on Aug. 27, the spirit elected to the board in January 1891.
of co-operation among American bankers was evidenced in the following
resolution:
Herbert A. Scheftel, floor member of the Stock Exchange
"Resolved, That if any bank shall be called upon for a payment of specie
beyond its present ability to pay, every aid shall be given by the other insti- firm of J. S. Bache & Co., died Sept. 12 at his Summer home
tutions consistent with their own satoty."
in East Williston, L. I. Mr. Scheftel was also a member of
At this same meeting the General Committee also prepared regulations the Chamber
of Cerninerce. He was in his fortieth year.
between
balances
banks to become effective Sept. 1
tor the settlement of
evidently
had
strain
financial
in
and
increased,
spite
The
the
of
1814.
strong effort to maintain specie payments, they had been suspended. The
The Peoples Trust Co. of Brooklyn, N. Y., opened its
regulations are especially interesting. They make it evident that exactly fourth branch on Monday, the_ 14th. The new branch,
the
and
Napoleonic
100 years ago, during our own war with Great Britain
wars in Europe, the New York banks found it necessary to work out an which is under the management of J. D. T. Cornwell, is loemergency system for settling their daily balances. This, without doubt, cated in the Pioneer Warehouse Building at Fitbush
was the precursor of the system of Clearing-llouse loan certificates, which,
Avenue opposite Livingston Street.
since the formation of the New York Clearing House In 1853, has been
used in several crises, and is in effect at the present moment.
The regulations were as follows:
The new statement of the•Firsi National Bank of Brooklyn
"1. That the banks in the City of New York will continue to receive on Sept. 12 reported deposits of
$4,390,595, as against
each other's notes in payment of all bills and in deposits.
,043,853 June 30 1914. Aggregate resources now total
"2. That they will continue to receive in payment from the public and
from each other, as they have heretofore done, the notes of all banks out $5,678,288. Joseph Huber is President and William S.
of the city, for the redemption of which adequate funds shall be placed Irish, Vice-President and 'Cashier.
In a bank in the city, and that a credit in a bank in thecity shall be considered
as constituting such a fund. Provided the exchange is made daily, and pro.
802
THE CHRONICLE
[VOL. xcix.
The Second National Bank of Paterson, N. J., according
to its new statement under date of Sept. 12, shows deposits
of $3,906,539 and aggregate resources of $4,440,911. This
institution, of which William D. Blauvelt is President and
Edwin N. Hopson, Cashier, has a capital of $200,000 and
surplus and undivided profits of $280,172.
restrained from selling the assets of the Bankers Trust.
Twelve other stockholders in the company later filed an
intervening petition asking that they be made plaintiffs
with Mr. Leming. On the 3d inst. State Bank Commissioner J. T. Mitchell made application in the Supreme Court
for a writ of prohibition against Circuit Court Judge McQuillin to restrain the latter from ordering an accounting
In its new statement under the Comptroller's call for or appointing a receiver for the trust company. CommisSept. 12 1914,the Essex County National Bank, Newark, sioner Mitchell asserted that Judge McQuillen is wholly
N. J., reports deposits of $9,127,766, while its resources without jurisdiction and that under the law the Bank Comstand at $13,184,729. This bank has paid in dividends missioner alone has authority to handle the affairs of the
since its organization as a national bank $3,548,000. It company. On behalf of Mr. Leming a brief was filed in
has a capital of $1,000,000 and surplus and profits of $1,654,- opposition alleging that the company had never done a
432. Charles L. Farrell is President and A. F. R. Martin, banking business, had never receive.d deposits, but had been
Cashier.
engaged only in the buying and selling of real estate, stocks,
bonds, notes and the construction of a railroad. In issuing
At the annual meeting of the American Industrial Bank & a writ of prohibition restraining the Circuit Court from
Trust Co. of Hartford, Conn., held Sept. 8, George W.King, taking any further action in naming a receiver Justice
son of Joseph H. King, President of the institution, was Woodson of the Supreme Court upholds the contention that
elected Assistant Treasurer, and Herbert W. Huber was a receiver for an institution of that kind can
be appointed
elected Secretary. The other officers are Joseph H. King, only on the Commissioner's application.
Commissioner
President; George Ulrich, Vice-President, and H. H. Ler- Mitchell has appointed
L. S. Parker, a director of the inkum, Treasurer, were re-elected by the directors. G. W. stitution, as special agent for the
State to examine the books
King has been discount clerk and Mr. Huber has been and accounts of the company to determine
upon the advise,institution
opened in September 1913.
teller since the
bility of its continuance. The Bankers Trust Co. was originally formed in 1906 as the Western Bankers' Trust Co., with
• On Sept. 1 the Charles River Trust Co. of Cambridge, $500,000 capital;' the amount was subsequently increased
Mass., succeeded to the business of the Charles River Na- to $2,500,000. The stock of the company, which sold as
tional Bank of that city. The new trust company was high as $189 50 on April 29 last, suffered a severe decline
chartered several months ago; it has $200,000 capital and following the passing of the dividend on that date, and on
a like amount of surplus. The bank, which is placed in vol- July 21 went as low as $32 per share. The company has
untary liquidation, had a capital of $100,000. The trust never been a member of the St. Louis Clearing-House
company is under the guidance of those who conducted the Association, and, as indicated above, has not accepted deaffairs of the bank,James F.Pennekbeing President; George posits. According to Bank Commissioner Mitchell its diffiH. Holmes, Treasurer; Edmund H. Norris, Secretary and culties have grown out of the financing of the San Antonio
Assistant Treasurer, and William H. Sprague, Assistant Uvalde & Gulf RR. The Bankers' Trust holds $2,800,000
Treasurer.
of the bonds of this road. All of the assets of the Bankers'
Trust, it is stated, are in the hands of the National Bank
The CentraljNational Bank of Buffalo, of which Clifford of Commerce and the receivership proceedings allege that
Hubbell is President, continues to show a marked increase in it lays claim to them as surety for its claim against
the trust
its business. The bank, which began business on Sept. 5 company for $750,000. The total assets of the company are
1905, had resources on Sept. 12 1906 of $1,885,000; on Sept. fixed at $4,450,000. This includes $700,000 in bank stocks
12 1908 of $2,068,000; on Sept. 12 1910 of $2,247,000; on of 200 institutions of Missouri and Arkansas banks, bills
Sept. 12 1912 of $3,605,000, and now, for Sept. 12 1914, of receivable of the value of $1,500,000 and the first mortgage
$4,617,000. The institution has a capital of $200,000 and bonds of the San Antonio Uvalde & Gulf RR.
surplus and profits (earned) of $240,681
At the annual meeting of the directors of the State Bank
The National7Bank of Johnstown, Pa., has received a of Omaha, Neb., held Sept. 8, F. N. High, who has been
charter from the Comptroller of the Currency. The capi- acting as Cashier since J. L. Svoboda:resigned in Sept. 1913,
tal is to be $200,000. This bank succeeds the DollarDeposit was elected Cashier.
Bank of Johnstown.
The Memphis State Bank & Trust Co. of Memphis, Tenn.,
Charles C.rHomer,rPresident of the Second National Bank is reported to have been taken over by the People's
Savings
of Baltimore, Md., died in Bremen Sept. 14. Mr. Homer Bank & Trust Co. of that city. The capital of
the
latter
first became connected with the Second National as a director is 850,000; that of the former was $25,000.
in 1878. In 1882 he became Vice-President and since 1889
had been its President. He was chosen President of the BalOn Sept. 2 State Bank Examiner W. E. Hanson approved
timore ClearindHouserin 1887 and served in that capacity the amended articles of incorporation
of the American Saveleven years. He_was also Vice-President of the Savings ings Bank & Trust Co. of Seattle,
Wash.,
whereby it is
Baltimore,
and
was
formerly Vice-President of the to increase the capital stock from
Bank of
$200,000 to $600,000 and
Safe Deposit & Trust Co. of Baltimore.
also to create six additional directors, making fifteen directors instead of nine. It is reported ,that the $400,000
Arrangements havelbeen made for the merger of the additional capital
has all been subscribed by the stockPeople's Savings Bank, the Commercial Bank and the Old holders.
Second National Bank,all of Bay City, under the name of the
People's Commercial,,& Savings Bank, with a capital and
E. J. Whitty, note teller of thelUnion Savings &
Trust
surplus of $500,000. The officers of the new institution Co. of Seattle, Wash., has
beenrpromoted
position
tolthe
of
Davidson,
President
of the Old Second Assistant Cashier.
will be Jas. E.
National Bank,President; Frederick Mohr,President of the
People's SavingsrBank, and C. R. Hawley, President of the
Samuel F. Rathbun, former City Treasurer,and Cashier
Commercial Bank, Vice-Presidents; J. R. Watrous, Cashier of the Dexter-Horton Trust &
Savings Bank of Seattle,
of the Commercial Bank, Cashier, and M. M. .Andrews, Wash., for four years, has resigned thecashiership. Mr.
OldiSecond
National Bank, and C. H. Cook, Rathbun has been connected,with
Cashier of the
financial institutions of
Assistant Cashiers.
Seattle for the past twelve years.
A writ of prohibition,rpreventing Judge Eugene J. McQuillin of the Circuit1Court of St. Louis from appointing a
receiver for the Bankers' Trust Co. of St. Louis, was issued
by Acting Chief Justice A. M. Woodson of the Missouri
Supreme Court onIthOthrinst. Suit for the appointment of
a receiver for thernstitution was filed in the Circuit Court
on Aug. 21 by M. E. Leming, First Vice-President of the
S an Antonio Uvalder&Gulf RR., the stock and bonds of
which are owned_by,the trust company. The petition also
ed that the NationalBank of Commerce of St. Louis be
The Spokane & Eastern Trust Co. of Spokane, Wash.,
recently increased its capital from $500,000 to $1,000,000.
The additional $500,000 was takeq by the former stockholders of the Traders' National gank of Spokane. The
Spokane & Eastern Trust and the Traders' National.were
merged in June under the name of the former. Earlier in
the year the Northwest Loan & Trust Co. was merged with
the Spokane & Eastern Trust Co.,!the capital having then
been increased from $300,000 to $500,000.
SEPT. 19 1914.1
THE CHRONICLE
The address delivered by Edgar H.- Sensenich, Cashier of
the Northwestern National Bank, Portland, Ore., at the
recent convention of the Montana State Bankers' Association
at Butte, on "Convertible Assets, the Secret of the Strong
Bank," has been published in booklet form and no doubt
can be had upon application. The address argues strongly
in favor of commercial paper as secondary reserve, particularly under the new Federal Reserve System.
The First Trust & Savings Bank of Oakland, Cal., has
changed its name to the First Savings Bank of Oakland.
803
DEBT ON WHICH INTEREST HAS CEASED SINCE MATURITY.
July 31.
Aug. 31.
Funded loan of 1891. continued at 2%,called May 18
1900, interest ceased Aug. 18 1900
$4,000 00
34,000 00
Funded loan of 1891, matured Sept. 2 1918
23,650 00
23,650 00
Loan of 1904, matured Feb. 2 1904
13,050 00
13,050 00
Funded loan of 1907. matured July 2 1907
590,800 00
587,450 00
Refunding certificates, matured July 1 1907
13,290 00
13,240 00
Old debt matured at various dates prior to Jan. 1 1861
and other items of debt matured at various dates
subsequent to Jan. 1 1861
903,650 26
903,630 26
Aggregate debt on which interest has ceased since
maturity
31,548,440 26 31.545,020 26
DEBT BEARING NO INTEREST.
July 31.
Aug. 31.
United States notes
$346,681,016 00 $346,681,016 00
Old demand notes
53,152 50
53,152 50
National bank notes, redemption fund
15.684,170 50
15,447,088 00
Fractional currency. lees 38,375,934 estimated as
lost or destroyed
6,852,067 90
6,852,472 90
BOOK NOTICE.
Aggregate debt bearing no Interest
3369,270,811 90 3369,033,324 40
LEGAL INVESTMENTS FOR TRUST FUNDS: Published by
RECAPITULATION.
Trust Companies Magazine, 1 Liberty Street, New
Increase (+)or
Aug.31 1914.
July 31 1914.
Decrease (-).
York City.
Interest-bearing debt
3968,825,550 00 8968,825,550 00
Debt
ceased
1.545,02026
-33,42000
1,548,440 26
This volume furnishes a comprehensive survey of the laws Debt interest
bearing no interest
369,033.324 40
-237.48750
369,270,811 90
and decisions of the various States governing the investment
Total gross debt
81.339.403,89466 31,339,644,802 16
-3240,90750
of trust funds and legal investments for savings banks. It Cash balance in
Treasury*._ 286.947,488 27
309,460,971 36 -22.513,48309
contains a discussion of the principles of the law of trusteeTotal net debt
31.052.456,406 39 31,030,183.830 80 +322.272.57559
ship, the obligations and responsibilities assumed by trustees •Includes
$150,000,000 reserve fund.
a Under the new form of statement
in making investments, and furnishes a valuable guide to
by the United States Treasury on
July 1, the item "national bank notesadopted
redemption fund" is not only included in
investment firms, banks, trust companies, trustees and sav- the
"debt bearing no interest," but appears as a current liability in the Treasury
statement of "cash assets and liabilities." In arriving at the total net debt, thereings banks. There also appears a typical list of investments fore,
and to avoid duplication, the amount is eliminated as a current liability,
which are legal for trust funds and savings banks in various Increasing to that extent the cash balance in the
Treasury.
States.
The foregoing figures show a gross debt on Aug. 31 of
The book is edited by Frank C. McKinney, Legal Editor $1,339,403,894 66 and a net debt (gross debt less net cash
of "Trust Companies Magazine." It is attractively bound in the Treasury) of $1,052,456,406 39.
in buckram and consists of 324 pages. Price, $3 00.
TREASURY CURRENCY HOLDINGS.-The following
compilation, based on official Government statements, shows
the currency holdings of the Treasury at the beginning of
THE ENGLISH GOLD AND SILVER MARKETS.
business
on the first of June, July, August and Sept. 1914.
following
from the weekly circular of
We reprint the
June 1 1914. July 1 1914. Aug. 1 1914. Sept. 1 1914.
Samuel Montagu & Co. of London, written under date of
Holdings in Sub-7'reasuries--$
$
$
$
Net gold coin and bullion
210,156,910
240.902,501 280.551.354 272,875.755
Sept. 3 1914:
Net sliver coin and bullion
32.117.723 18,911,496 24,578,363 17,432,104
GOLD.
The rush of gold into the Bank of England has somewhat abated. Refollows:
announced
as
ceipts were
Aug. _31 £55,000 in bar gold.
Aug. 27./838,000 in bar gold.
" 31 103,000 " U. S. gold goin.
" 27 61,000 " U. S. gold coin.
Sept. 1 11.000 " U. S. gold coin.
" 28 25.000 " bar gold.
" 28 116.000 " U.S. gold coin.
"
2 23.000 " bar gold.
bar gold.
" 29 15.000
2 126,000 " U. S. gold coin.
"
withdrawal
of /23.000 in sovereigns for Gibraltar on
As there was only a
the 27th ult., the net influx was £1,350.000.
The West African output for last month-1151,923-constitutes a record
for any one month and compares with £147,289 for June 1914 and £132,936
for July 1913.
SILVER.
The week commenced Inauspiciously by a fall of 1 1-16d. on the 28th ult.
There is evidently little support in reserve to absorb any sudden addition
to the daily supply-an event which is likely to occur now that business is
so confined to silver for immediate delivery and that steamers from New
York are less frequent.
The character of the market is unchanged, except that few "bear" sales
now remain open. Practically all the buying at the present time is confined
to coinage orders.
The United States of America has commenced giving support to its important mining interests by purchasing 200,000 ozs. for its San Francisco
Mint.
The stock In Bombay,as cabled yesterday, namely,6.000 bars, compares
with 5.200 bars cabled on the 28th of July last.
Throughout the whole of August no quotations were fixed for forward deivory. Statistics for that month are appended:
Highest price
27.75
Lowest price
23.875
Average price
25.979
No shipment has been made from San Francisco
to Hong Kong during
the week. The quotation to
for cash delivery is one penny below
that fixed a week ago.
.
Quotations for bar silvell per ounce standard:
Aug.28_
23 15-16 cash
No
Bank rate
5%
" 29
23,
" quotation Bar gold per ounce standard__ _.77s. 9d.
" 31
243j
fixed
French gold coin per ounce
Nominal
24
Sept. 1
for
German gold coin per ounce_ _ _Nominal
24
2
"
forward U. S. gold coin per ounce
Nominal
24
•
3
delivery.
Average for the week
24.010 cash
DEBT STATEMENT OF AUGUST 31 1914.
The following statements of the public debt and Treasury
cash holdings of the United States are made up from official
figures issued Aug. 311914. For statement of July 31 1914,
see issue of Aug. 15 1914, page 456; that of Aug. 31 1913,
see issue of Sept. 13 1913, page 706.
INTEREST-BEARING DATE AUG. 31 1914.
Amount
Amount Outstanding
InterestIssued.
Registered. Coupon.
Total.
Title of LoanPayable.
$
8
28, Consols 01 1930
Q.-J. 646,250,150 642,958.200 3,291,950 646,250,150
38, Loan of 1908-18
Q.-F. *198,792,660 46,402,640 17,542,820 63,945,460
ds Loan of 1925
Q -F. z162,315.400 101,250.050 17,239,850 118,489,900
28. Pan. Canal Loan 1906./1.-F. 54,631,980 54,609.080
22.900 54,631,980
28, Pan. Canal Loan 1908.Q.-F. 30,000,000 29.678,920
321,080 30.000,000
38, Pan. Canal Loan 1911.Q.-8. 50,000.000 40,035,100 9,964.900 50,000,000
2H s,Post.Say.bds.'11-'13.J.-J.
4,635.820 4,002.380
633,440 4.635,820
2s. Post. Say. bds. 1914_J.-J.
872,240
872,240
107,860
764.380
Aggregate int.-bearing debt_1,147,498,250 919,700,750 49,124,800 968,825.550
*Of this original amount issued, 3132.449.900 has been refunded into the 20
Consols of 1930 and $2,397,300 has been purchased for the sinking fund and canceled. z Of this original amount issued. $43,825,500_bas_been_ purchased for the
sinking fund and canceled.
Net United States Treas. notes
Net legal-tender notes
Net national bank notes
Net subsidiary silver
Minor coin, dtc
11,942
9,195
12,981
12,576
6,688,925 7,841.373 9,677317 7,427,272
31.820,091 32,586.262 34,393.205 25.437,944
21,571,234 22,052,188 22,318,627 21,924,920
2.553.716 2,546,294 2,620,344
2,349,267
Total cash in Sub-Treasuriee__304,917,794z324.852.056z374.151,991x347,459,838
Less gold reserve fund
150,000.000 150.000.000 150,000,000 150,000,000
Casn balance in Sub-Treasuries_ _154.917.794 174,852,056
224,151,991 197,459,838
Cash in national banksTo credit Treasurer of U. S__ 54,906,266 93,388,666 55,172,212 68,455,577
To credit disbursing officers
6,099,882 6,566,059 6,985,352 6,360.756
Total
61,006,148 99,954,725 62,157,564 74,816.333
Cash in Philippine Islands
4,782,622 5,935,182 4,375,159
3,831,870
Net cash In banks, Sub-Treas_220,706.564 280,741,963 290.684.714 276,108,041
Deduct current llabllities_a
130,424.330 119.763.572 131.223,743 139,160,553
Balance
90.282.234 160,978,391 159.460,971 136,947,488
National bank redemption fund- 16,131,221 15,142,889 15.684,170 15,447,088
Available cash balance
74,151,013 145,835,502 143.776,801 121,500.400
a Chiefly disbursing officers' balances. z Includes $3,798,100 48 silver bullion
and $2,349,267 22 minor coin. Ate., not included in statement "Stock of Money."
TREASURY CASH AND DEMAND LIABILITIES.The cash holdings of the Government as the items stood
Aug. 31 are set out in the following:
ASSETS.
Trust Fund Holdings:
Trust Fund Liabilities:
Gold coin and bullion__.. 989.314,86900 Gold certificates
989,314.869 00
Silver dollars
493,532.000 00 Silver certificates
493,532,000 00
Silver dollars of 1890___
2,415,000 00 Treasury notes
2,415,000 00
Total trust fund
1,485,261,869 00
Total trust liabilities_1,485,261,869 00
Oen'I Fund Holdings:
Gent Fund Liabilities:
n Treasury officesIn Treasury officesGold coin
78.183,43652
Disburs. officers' bals. 65,470,659 76
Gold certificates
44,692,318 00
Outstanding warrants
1,284,845 24
Standard silver dollars
1,507.178 00
Outat's Treas. checks.
2,102,698 72
Silver certificates_ _ _ _
12.126,82600
Outstand's Int. checks
365.020 28
United States notes
7,427,272 00
P.O. Dept. balances_ , 7,048,816 73
Treas. notes of 1890
12,570 00
Postal savings bals _ _
1,7/5,06403
Cert. checks on banks
115,387 76
Judicial officers' balNational bank notes
25,437,944 17
ances, Ac
11,665,408 57
Subsidiary silver coin_ 21.924.919 63
National bank notes:
Fractional currency
105 05
Redemption
15,447,088
fund00
Minor coin
2,233.774 41
Nat. bank 5% fund
32.624,92821
Silver bullion
3,798,100 48
Assets of failed national banks
1,789,976 37
Tot. in Sub"Preasles_ 197,459,838 02
Misc.(exchanges,&c.)
4.137,77099
In Nat. Bank Depositories:
Credit Treas. of U. S., 68,455.576 72
Total
143,712,276 90
Cred. U.S.dls. officers
6,360,756 29 Subtract: Checks not
cleared
1,392,036 12
Total in banks_ _
74,816,333 01
In Treas. Philippine Islands:
142,320,240 78
Credit Treasurer U.S_
2,022,402 02 In Nat. Bank Depos.:
Cred. U.S.dhr. officers
1,809,467 98
Judicial officers' balances, dm
6.360,75629
Total in Philippines3.831,87000
Outstanding warrants
1,046,310 21
Total in banks
7.407,06650
In Treas. PhilippinesDisburs. officers' Nils.
1,809,467 98
Outstanding warrants
3,070,865 50
Total
4,880,333 48
Total liabil, against cash 154,607,640 76
Cash Bal. & ReserveTotal cash reserve
271.500,400 27
Made up ofAvailable 121.500,40027
and
Reserve Fund:
Reserve Fund Holdings:
Gold and
Gold coin and bullion_ 150,000,000 00
bull_ A50,000,000 00
Grand total
1,911,369,910 03
Grand total
1,911,369,910 03
[VOL. xcrx.
THE CHRONICLE
804
grannxercial.a ix(LIUisceliaucous4.enis
STOCK OF MONEY IN THE COUNTRY.-The following table shows the general stock of money in the country as
well as the holdings by the Treasury, and the amount in
circulation, on the dates given:
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
TO
NATIONAL BANKS AUG. 25 TO SEPT. 1.
CHARTERS ISSUED
10,603-The First National Bank of Kiester, Minn. Capital. $30.000.
Ralph 0. Olson. Pres.; L. H. Haeger, Cashier. (Conversion
of The State Bank of Kiester. Minn.)
10,604-The Merchants' National Bank of Mandan. N. D. Capital,
$50.000. F. S. Graham, Pres.; J. H. Oakes. Cashier. (Succeeds
-Stock of Money Sept. 1'14- -Money in CirculationThe Farmers' & Merchants' Bank of Mandan, N. D.)
Held In Treas.a Sept. 1 1914. Sept. 1 1913,
In U. S.
National Bank of Laurens, S. C. Capital, $100,000.
-Enterprise
10,605
$
$
$
$
N. B. Dial. Pres.: Chas. H. Roper. Cashier. (Conversion of
1,844,602,682 228,183,437 627,104,376 605,566,895
Gold coin and bullion
Enterprise Bank, Laurens, S. C.)
44,692,318
944,622,551
1,006,019,229
Bank of Wyaluslng. Pa. Capital, $50,000. E. A.
Gold certificates_b
70,819,085
1,507,178
72,519,758 10,606-The National Martin R. Stalford, Cashier. (Succeeds Bank of
Standard silver dollars_ _ __ 565,858,263
Strong, Pres.;
12,126,826 481,405,174 471.796,173
Silver certificates_b
Wyalusing, Pa.)
160,894,101
21,924,920
156,152,678
182,819.021
Subsidiary silver
VOLUNTARY LIQUIDATION.
2,402,424
12,576
2,625,805
2.415,000
Treasury notes of 1890_ .
•
7,427,272 339,253,744 339,244,859
346,681,016
United States notes
Bank of Diller, Neb.,July 27 1914. To be sucNational
First
-The
,355
d877,540,281 25,437,944 d852,102,337 711,930,378
National bank notes
ceeded by a State bank. Liquidating agent, Thomas P. Price,
Diller. Neb.
3,478,603,792
341,312,471
819,916.263
3,365,855,775
3
Total
8,564-The Commercial National Bank of Covington, Ky., July 20 1914.
Liquidating agent, II. W. Percival, Covington, Ky. ConsoliPopulation of continental United States Sept. 1 1914 estimated at 99,309,000;
dated with the German National Bank of Covington.
circulation per capita, $35 03.
as assets of the Government does
Treasury
the
in
held
money
of
statement
Traders' National Bank of Spokane, Wash., Aug. 5 1914.
-The
This
3,400
a
bank
to
national
depositaries
the
credit
In
money
public
Liquidating agent, A. It. Truax. Spokane, Wash. Absorbed by
not Include deposits of
amounting to 568,455,576 72.
The Spokane & Eastern Trust Co.. Spokane, Wash.
of the Treasurer of the United States,
an exact equivalent in amount of
For redemption of outstanding certificates
5,776-The Maryland National Bank of Baltimore. Md., June 30 1914.
the Treasury, and Is not Included in the
Liquidating committee, W. J. Chapman, Thornton, Rollins and
the appropriate kinds of money is held In
F. C. Seeman. Absorbed by The National Bank of Commerce,
account of money held as assets of the Government.
Act
under
of
of
authority
issued
May
30
notes
circulating
additional
Baltimore, Md.
d Includes
1908, as amended by Acts of Dec. 23 1913 and Aug. 4 1914.
1.443-The Manufacturers' National Bank of Brooklyn, N. Y., Aug. 12
1914. Absorbed by The Citizens' Trust Co. of Brooklyn, which
GOVERNMENT REVENUE AND EXPENDITURES.
is to change its title to the "Manufacturers-Citizens' Trust Co."
-Through the courtesy of the Secretary of the Treasury, we
Chairman liquidating committee, Mr. Andrew D. Baird, care of
Williamsburgh Savings Bank, 175 Broadway,Brooklyn, N.Y.
are enabled to place before our readers to-day the details of
731-The Charles River National Bank of Cambridge, Mass.Sept. 1
Government receipts and disbursements for August 1914 and
1914. Succeeded by the Charles River Trust Co. of Cambridge,
which is to act as liquidating agent.
and for the two months of the fiscal years 1914-15 and
1913
1913-14.
2
Months 1914. 2Months 1913,
Aug. 1913.
Aug. 1914.
$
$
$
$
Receipts19,431,362 52 30.934,95244 42,419.827 56 58,741,606 98
Customs
Internal Revenue- -27,468.917 60 26,192,448 42 52.287,19828 51.913,298 55
Ordinary
7.608.89608
2,142,026 03
288,727 15
Corp.and income tax 475,255 48
9,034,791 72
3,697,362 72 4,184,069 15 21.981.14993
Miscellaneous
51,072,898 30 61,600,197 16
Total
DisbursementsPay IVarrants Drawn28
Legislative establish't. 1,342,121 14 1,101,790
44,726 35
1,700,125 80
Executive office
466,864 61
548,045 94
State Department. _
Treasury DepartmentExcl. public build'gs. 3,950,539 27 3,330,712 43
2,074,403 09 1,114,454 18
Public buildings._
War Department13,501,614 75 11,500,986 43
Military
165,317 06
190.909 80
Civilian
Rivers and harbors_ _ 5,130,834 19 5,605,357 80
441.996 30
Department of Justice_ 1.215,24202
Post-Office Department279,884 05
Earl. postal service. 154,329 93
Postal deficiencies_
Navy Department11,201,875 00 10,292.958 82
•
Naval
76,654 71
78,257 47
Civilian
Interior DepartmentExcluding pensions
2,561,255 97 1,415,788 74
and Indians
15,674,876 81 17.268,12385
Pensions
94 2,702,265 13
0.672,963
Indians
2,279,814 07 1,986,523 17
Dept. of Agriculture
Dept. of Commerce.. 959,462 91 1,209,593 14
245,979 88
377,149,46
Department of Labor_
Independent offices and
220,981 29
339,978 94
commissions
645,221 54
1,104.843 50
District of Columbia
Interest on public debt 1,895,098 40 1.985,30880
124,297,071 85 121,831.721 28
2,561,044 79
1,754,313 04
854.286 70
2,342,308 76
90,444 04
1,031.627 07
8,985,570 78
3,714,222 42
7,586,056 88
2,814,407 40
31,552,623 54 26,369,850 43
382,978 61
395,405 08
9,485,988 41 10.234,68453
1,931.081 52
1,792.979 70
344,421 44
474,257 96
23,454,272 50 22,616,112 48
155,004 65
148,963 04
6,129,725 90
7,237,937 88
27,687,518 21 31,716,867 75
4,027,418 83 3,708,939 62
5,462,947 30 4,845,492 64
2.098,12960
2,126,800 64
595,796 25
703,614 29
746,799 80
2.638.080 33
5,227,119 32
.53.5,95112
3,157,692 83
5.206,353 59
Total pay warrants
68,053,742 40 62,101.486 56 141,034,045 00 133,892,053 67
drawn
Public Debt-Bonds,
7,88500
7,94500
2,54000
3,82500
notes & certs. retired
Panama Canal- Pay
7,665,46522
9,042,98804
07
4,452.104
88
4,107,459
warrants Issued
Total Public Debt &
Pan.Canal disbla. 4,111,284 88 4,454,644 07
9,050.931 04
7,673,350 22
140.045,80929
Grand total of disbls_73,343,661 86 66,618,355 86 148,987,804 39
Net excess of all disb'ts 22,270,763 56 5,018.15870 24.690.732 54 17.097.20801
FOREIGN TRADE OF NEW YORK-MONTHLY
STATEMENT.-In addition to the other tables given in
this department, made up from weekly returns, we give the
following figures for the full months, also issued by our
New York Custom House:
Merchandise Movenemt to New York.
Month.
1914.
Customs Receipts
at New York.
Exports.
Imports.
1914.
1913.
1913.
I
1914.
1913.
$
i
S
$
$
$
$
January__ 82,330,513 92,638,634 72,872,302 83,086,109 16,643,013 18,769,817
17,158,304
64,934,639
13,023,068
74,536,674
86,490.086
85,328,968
February_
March... 101,655.994 89,456,045 72,798,453, 84,214,736 17.964,690 17,476,298
93,600,199 82,562,176 66,338,880' 77,483,831 14,713,576 14,646,212
April
87,518,551 73,910.220 67,909.905 79,803,347 13,224.913 12,455,024
May
81336,584 75,062.918 62,630,190. 68,108,228 14,889,990 15,498,990
June
84.561,785 79.578,905 59,218.363, 68,009,103 15,914.374 18,501,705
July
August.._ _ 63,801,112 78,811,081 33,559,421 77,577.210 12,803,2861 19,864,108
I,
-880,137,006 658,543,065'500,262,156 612,819,238 119,176,910134,370,458
r Toth! __
Imports and exports of gold and silver for the8 months:
Silver-New York.
Gold Movement at New York.
odh.
Imports.
1914.
Jan ary..
Feb nary _
Mar lb ___
AprilI
May
June
July
Aug ist
Tcdal
8
1,301,532
659,423
1,254,366
575,917
822,149
806,392
732,964
973,114
Exports.
I
Imports.
Exports.
1914.
1913.
1914,
1913.
1914.
s
$
$
s
2,431,377 6,784,486
1,215,237 8,982,204
2,080,332 2,582,056
. 60,250
1,567,157
1,399,020 16,700,846
1,942.672 47,593.306
2,627,049 32,732,361
949,341
2,645,0/37
17,154,217
12.242.965
17,548,897
477,246
13,032,393
395,592
8,510,514
47,500
7.125.857 18.3118.1431 116.3118.350 69.449.324
1,145,935
779,437
1,450,164
1,045.908
888,394
769,451
492,132
1.266.034
$
3,468,643
3,137,258
.3,755•700
3,543,309
4,355,424
3,936,024
3,239,331
3.322,930
7.837.455 28.758.628
Canadian Bank Clearings.-The clearings for the week
ending Sept. 12 at Canadian cities, in comparison with the
same week of 1913, shows a decrease in the aggregate
of 25.0%.
Week ending September 12.
Clearings at1914.
1913.
Inc. or
Dec.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
St. John
Calgary
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon _ ._
'‘foose Jaw
Brantford
Fort William_ _ _ _
Sew Westminster
Wedicine Hat__ _
Peterborough
$
39,642,394
31,506,650
21.490,984
6,745,184
3,964,803
3,361,230
1,623,153
1,301,364
2,996,561
1,814,434
1,404,053
2,207,546
1,771,925
405,646
387,626
899,440
657.102
4,098,823
629,987
310,047
360.700
338,816
%
$
55,091,935 -28.0
41,331,215 -23.8
23,357,533 -8.0
12,210,324 -45.6
3,679,795 +7.7
3,422,484 -1.8
2,190.575 -25.9
3,311,471 -28.1
1.535,826 -15.2
4,533.581 _33.0
3.110,537 -41.7
1.598,473 -12.1
4,280.205 -48.4
2,219,594 -20.2
567,965 -28.5
702.375 -44.9
1,479,754 -39.2
881,556 -25.4
623,478 -34.3
861.444 -26.9
567,111 -45.3
723,369 -50.2
Not Included In total
pcosd nsoada_
126.271.489
168.281.380 -25.0
2.380,797
1912.
1911.
$
56,847,893
26.938,935
27,003,487
13,767,555
3,361,186
3,480,924
2.382.387
3,008,628
1,648,146
5,034,767
3,694,837
1,518,704
4,147,509
2,537.035
553,738
623,009
2.839,805
1,175.690
498,211
741,431
8
42,986,428
33,108,691
19.183,020
11,371,242
3,530,066
2,320,034
1,492.086
2,398,872
1,315.6.36
4,686,530
2,465,780
1.296,361
2,348,080
1,514.113
460,646
524,545
1,350.230
715.571
424,686
171,847.877
122 mr1 nil
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 Of
Company.
Per
IVhen
Cent. Payable.
That: Closed,
Days Inclusive.
Railroads (Steam).
1
Sept. 25
Ashland Coal .8 Iron fly. (guar.)
1
Oct. 1 Holders of rec. Sept. 23a
Beech Creek (guar.)
2
Sept. 30 Holders of rec. Aug. 31a
Boston & Albany (qunn)._
164
Oct.
1 Holders of rec. Sept. 15a
it
Revere
Lynn
Beach
(guar-)
Boston
Canadian Pacific, corn (qu.)(No. 73)... 2. Oct. 1 Aug. 22 to Oct. 14
2
Oct. 1 Aug. 22 to Oct. 14
Preferred
Sept.25 Holders of rec. Sept. 196
Chicago Burlington er Quincy (guar.).-- 2
Chicago & North Western, corn (guar.). 15( Oct. 1 Holders of rec. Sept. la
2
Oct. 1 Holders of rec. Sept. le
Preferred (guar.)
26 Sept. 21,Holders of rec. Aug. 28a
Delaware & Hudson Co. (gear.)
2
Oct. 311
Grand Trunk, guaranteed
4 Nov. 2 Holders of rec. Oct. 15a
13
Great Vorthern (guar.)
2% Oct. 1 Sept. 15 to Sept. 23
Interborough Rapid Transit (guar.)
1
Oct. 15 Holders of rec. Sept. 306
Kansas City Southern, preferred (quar.)_
1
Oct. 1 Holders of rec. Sept. 9a
Lackawanna RR. of New Jersey (quar.)_
61.25 Oct. 1 0Holders of rec. Sept.26
Lehigh Valley, corn. it pref. (guar.)
1% Oct. 1 Holders of rec. Sept. 160
Maine Central (guar.)
164 Oct. 1 Holders of rec. Sept. 15a
Manhattan Railway (gaal%)
2
Oct. 1 Holders of rue. Sept. 15a
Meadville Conneaut Lake &
M.SIP.& 8.8. M..corn.. ic pt.(No.-23) 3% Oct. 15 Holders of rec. Sept. 2I0
Oct. 1 Holders of rec. Sept. 22a
3
Bloomfield
Newark &
1% Oct. 15 Holders of rec. Sept. 21a
New York Central & Bud. River (guar.)Oct. 1 Holders of rec. Sept. 22a
2
New York & Harlem,corn.& pref
164 Oct. 1 Holders of rec. Sept. 160
New York Lackaw. di Western (guar.)._
31a
Norfolk & Western, common (guar.).- 13.4 Sept. 19 Holders of rec. Aug. 31a
Nov. 19 Holders of rec. Oct.
1
Norfolk & Western, adj. pref. (guar.)
13.4 Oct. 1 Holders of rec. Sept. 70
Northern RR. of New Hampshire (guar.)_ _
Oct. 11Sept. 17 to Sept. 30
2
Norwich ,t IVoreester, preferred (guar.)._ _
to Oct. 11
234 Oct. moo. 1
Philadelphia & Trenton (par.)
of rec. Sept. 15
Pittsburgh Bessemer & L. Erie, common., 13.4 Oct. 1 Holders
to Oct. 1
16
Sept.
1
Oct.
(qu.)_
134
Pittsb. Ft. W.& Chic., spec. guar.
13.4 Oct. 6 Sept. 13 to Oct. 6
Regular guaranteed (quer.)
rec. Oct. 270
of
Holders
12
Nov.
2
(guar.)
common
Reading Company,
Oct. 8 Holders of rec. Sept. 220
1
Second preferred (guar.)
13.4 Sept.30 Sept. 20 to Sept. 29
St. 1..R. Mt.& P.Co., pf. (tut.)(No. 9).
St. Louis /s San Francisco1
Oct. 1 Sept. 17 to Oct. 1
K. C. Ft. S.& Mem.. pt. tr. ctts. (qu.) 114 Oct. 1 Holders of rec. Sept. la
Southern Piscine (guar.)(No. 32)
1 Holders of rec. Sept. 156
Oct.
2
_
eertts_
trust
Southern Ry., M.& 0.stk,
Oct. 1 Holders of rec. Sept. la
2
Union Pacific, common (quar.)
Oct. 1 Holders of rec. Sept. la
2
Preferred
2% Oct. 10 Sept. 20 to Sept.30
(gu.)_
United N. J. RR. & Canal Cos., pu.
314 Oct. 16 Holders of rec. Oct. 86
Warren
$1.25
Oct. 1 Holders of rec. Sept. 156
Seashore
B'e.st Jersey &
Street and Electric Railways.
134 Oct.. 1 Holders of roe. Sept. 196
Asheville Power & Lt., pf.(qt,.)(No. 10). 13,1 Oct. 1 Holders of rec. Sept. 21
BangorRy. Elec., pref.(qu.)(No. 12)
Oct. 1 Holders of rue. Sept. 24
(qu.)
BrarUlan Trac., Lt. .8 P., Ltd., pref.
114 Oct. 1 Holders of rec. Sept. 96
Brooklyn Rapid Transit (guar.)
11(
Oct. 1 Holders of roc. Sept. 126
pref.
(quar.)
prior
Calm sty. & Power,
1
Name of Company.
805
THE CHRONICLE
SEPT. 19 1914.1
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Street and Electric Rya.(Concluded).
Sept. 30 Holders of rec. Aug. 313
a
Galena-Signal ()II, comnton (quar.)
Capital Traction, Washington, D.C.(qu.). 13( Oct. 1 Sept. 15 to Sept. 30
Sept.30 Holders of rec. Aug. 3Ia
2
Preferred (quar.)
Carolina Pow.& It.. pf. (qu.)(No. 22)._
131 Oct. 1 Holders of rec. Sept. 19a
General Baking, Pref. (guar.) (No. 11) _ _
Oct. 1 Holders of rec. Sept. 19
1
Chicago City RI,(quar.)
2% Sept. 29 Sept.20 to Sept. 27
134 Oct. 1 Holders of ree. Sept. 173
General Chemical, preferred (guar.)
Oct. 1
CM.& Ham. Tract., com.(par.)
1
144 Oct. 1 Holders of rec. Sept. 190
General Chemical of Cal., lot pref. (quar.)_
Preferred (guar.)
131 Oct. 1
Oct. lb Holders of rec. Aug. 29a
General Electric (quar.)
2
Cie eland Railway (quar.)
134 Oct. 1 Holders of rec. Sept. 15
13( Oct. 1 Holders of rec. Sept- 20
General Fireproofing. common (guar-)--.
Columbus Ry., Pow. it Lt.. pref. A (guar-) 1% Oct. 1 Holders of rec. Sept. 15
14 Oct. 1 130Iders of rec. Sept. 20
Preferred lunar.) (No. 30)
Oct. I Holders of rec. Sept. 15a
Duluth-Superior Trac., com.& pf.(Am). 1
334 Nov. 1 Holders of rec. Oct. 15
Elmira Water. Lt.& RR.. let pref. (qu.)_
13 Oct. 1 Holders of rm. Sept.15a General Motors, pref. (guar.)
134 Oct. 1 Holders of rec. Sept. 180
Second preferred (quar.)
134 Oct. 1 Holders of rec. Sept. 15a Goodrich (IL F.) Co.. preferred (uuar.)
1 4 Oct. I Sept. 20 to
Frank!. & Southwark Pass., Phila.(quar.) $4.50 Oct. 1 Holders of rec. Sept. la Goodyear Tire dr Rubber, prof.(quar.)
5
Oct.
to
Lakes
Great
16
Sept.
Oct. 1 Sept. 16 to Oct. 1
134
prof.
6
Oct.
Towing,
(Tsar.)
Gernumtown Passenger By., Phila. (quar.)S 1.31%
Guggenheim Exploration (qu.) (No. 47). 87Si0. Oct. I Sept. 19 to Sept. 23
Sept.30 Sept. 27 to Sept.30
Honolulu Rapid Transit & Land (qufm.).. 2
19a
Sept.
rec.
of
Holders
Sept.30 Holders of rec. Sept. 19a
it
Hale
1
it
first
Kilburn,
Oct.
second
f
pre
(gu.)34
1
3
13)
(No.
pref.
Tract.,
Co.
Houiliton
Sept. 30 Holders of rem Sept.193
134 Oct. 1 Holders of rec. Sept. 15a Hart. Schaffner h Marx, pref. (qear.)_
Illinois Traction, preferred (guar.)
14 Oct. 1 Holders of rec. Sept. 19a lielme (George W.) Co., common (quar.) 234 Oct. I Holders of rec. Sept. 12a
Lake Shore Elec. Sty.. 1st pref. (qua!'.). _
15
Sept.
to
Sept.
it
I
Oct. 1 Holders of,rec. Sept. 12a
144
Preferred
(quar.)
Oct.
(quar.)_..
Louisville Traction, common
Hercules Powder, common (quar.)
11.4 Sept. 25 Sept. 16 to Sept. 25
234 Oct. I Sept. 11 to Sept. 15
Preferred
13( Oct. 1 Holders of rec. Sept. 18a Homestake Mining (monthly)(No.478)- 65c. Sept.25 Holders of rec. Sept. I9a
Manila El. RR.& Ltg. Corp.(quar.)-- -Houghton Co. El. Lt.. com.(No. 19)
Sept.30 Sept. 20 to Sept.30
6254e Nov, 2 Holders of rec. Oct. 16a
New Orleans By. & Light, pref. (quar.)_ _ _
Preferred (No.24)
1 Howlers of rec. Sept. 22
Oct
750. Nov. 2 Holders of rec. Oct. 16a
New York State flys., corn.(guar.)
1st Oct 1 Holdersof rec. Sept. 22 Internat. Harvester Co. of N. J., com.(qu.) 1% Oct. 15 Holders of rec. Sept. 280
Preferred (guar.)
I
15a
Sept.
rec.
Holders
1
of
International Nickel,common (guar.)
114 Oct.
214 Dec. 1 Nov. 1.5 to Dec. 3
Nor. Ohio Trac.& Id.. pref. (quar.)
Preferred (guar.)
114 Nov. 2 Oct. 15 to Nov.
Omaha it Council Bluffs St., corm. itp.f.(gu.) 134 Oct 1 Sept. 20 to Sept. 30
23
30
Oct.
Sept.
rec.
to
of
13
Sept.
1
Holders
Oct
Island
2
Creek
common
Coal,
Nov.
(quar.)
50c.
$2
Traction
Philadelphia
Preferred (quar.)
134 Sept.30 Holders of rec. Sept. 25a
$1.50 Oct. 1 Holders of rec. Sept.23
Public Service Corp. of New Jersey (guar.)_
International Silver, preferred (quar.)--- 14 Oct. 1 Sept. 18 to Oct. 1
Republic l4. it Light. pref. (qu.)(No. 13). 1% Oct. 15 Holders of rec. Sept.30
la
Sept.
rec.
of
Holders
Oct
Int.
(quar.)
Smokeless
&
$3
Pow.
Phila.
34 Oct. 1 Holders of rec. Sept. 19a
Ch.,
Pass.,
Sts.
com.(quar.)
Second & Third
Preferred
4
Nov. 16 Holders of rec. Nov. 50
3•1 Oct
Stark Electric RR.(guar.)
Holders of rec. Sept. 15a Kaufmann Dept. Stores, Inc., pref.(m.) 14 Oct. 1 Holders of rec. Sept. 19
Oct
2
Toronto By. (guar.)
14a
Sept.
rec.
of
Holders
Oct.
com.(qu.)
Kayser (Julius) & Co., corn. (guar )
1% Oct. I Holders of rec. Sept.210
14
Twin City Rap. Tram, Minn.,
Holders of rec. Sept. 14a
134 Oct
First and second Prof. (guar,)
Preferred (quar.)
134 Nov. d2 Holders of rec. Oct. 21a
Holders of rec. Sept. 15
Kelly-Springfield Tire, 6% pref. (quar.). 14 Oct. 11 Holders of rec. Sept. 151
United Light & Rys., 1st pf (qii.)(No.16) 1% Oct.
Holders of rm. Sept. 15
Holders of rec. Sept. 153
14 Oct.
34 Oct
Second preferred (quar.)(No. 7)
7% second preferred (guar.)
Sept. It to Sept- 13
Kolb Bakery, pref. (guar.)(No. 11)
134 Oct. 1 Holders of rec. Sept. 19
United Trac. & Elm., Providence (quar.) 14 Oct
19a
Sept.
rec.
of
Holders of rec. Sept. 160
Holders
(qu.)
pref.
Sept.30
114
1
RR.,
Kresge
Elec.
Ann.
S.)
&
Oct.
(S.
Balt.
Co.,
131
Wash.
preferred (quar.)--La Belle Iron Works, preferred WIsr.)Washington Water Pow., Spokane (quar.). 1% Oct 1 Holders of rec. Sept. 12
Sept.30 Sept. 22 to Sept. 1,
2
La Rose Consolidated Mines (gwsr.)
214 Oct. 20 Oct. 1 to Oct. 18
West End Street Sty., Boston. common._ $1.75 Oct. 1 Sept. 22 to Oct. 1
Oct. 1 Holders of rec. Sept. 23
Laurentlde Co., Ltd.(guar.)
2
IVest India Electric Co.. Let.(qu.)(No. 27) 134 Oct 1 Sept. 24 to Oct. 1
Banks.
Lawyers' Mortgage (guar.) (No. 52)
Oct. 1 Holders of rec. Sept. 22
3
Oct. 1 Sept. 23 to Sept. 29
2
Liggett & Myers Tobacco, pref.(quar.),Chatham it Phenix National (guar.)
134 Oct. 1 Holders of rec. Sept. 15a
Oct. 1 Holders of rec. Sept. 24
2
Loose Wiles Biscuit, let pf.(qu.)(No. 10) 14 Oct. 1 Sept. 19 to Oct. 1
Citizens' Central National (guar.)
Second preferred (quar.)(No. 10)
1% Oct. 1 Holders of rec. Sept. 9
154 Nov. 2 Oct. 16 to Nov. 1
Coal & Iron National (quar.)
5 Oct. 1 Sept. 20 to Sept.30 Lorillard (P.) Co., common (quar.)
214 Oct. 1 Holders of rec. Sept. 150
Hanover National (guar.)
Oct. 1 Sept. 20 to Sept.30
2
134 Oct. 1 Holders of rec. Sept. 154
Metropolitan (guar.)
Preferred (quar.)
234 Oct. 15 Holders of rec. Sept. 300
Trust Companies.
MacAndrews St Fortns, corn. (guar.)
Oct. 1
134 Oct. 15 Holders of rec. Sept. 300
Preferred (quar.)
Bankers' (guar.)
Oct. 1 Holders of rec. Sept. 18
5
,Companies,corn.(Otter.)(N0.37) 114 Oct. 1 Holders of rec. Sept. tla
Macke)
Brooklyn (quar.)
Sept. 30 Holders of rec. Sept. 23a
Oct. 1 Holders of rec. Sept. 9a
5
I
Preferred (quar.)(No. 43)
Columbia (guar.)
234 Sept. 30115olders of rec. Sept. 26
Minh-titian Shirt. Preferred (attar.)
154 Oct. 1 Holders of lee. Sept.21
Empire (guar.)
Sept.30 Holders of rec. Sept. 21a Massachusetts Lighting, old com.(gu.)__ _ $1.75 Oct. 15 Holders of roe. Sept. 25
6
Equitable (quar.)
Sept.30 Holders of rec. Sept.23
New contmon (guar.)
25c. Oct 15 Holders of rec. Sept.25
6
Guaranty (quar.)
Oct. I Sept. 16 to Oct. 1
New preferred (guar.)
$1.50 Oct. 15 Holders of rec. Sept. 25
Lawyers' Tit. Ins. fir Tr.(qu.)(No.54).. 2
Sept.30 Sept. 19 to Sept.30
6
May Department Stores, pref.(guar.)
14 Oct. 1 Holders of req. Sept. 15a
Metropolitan (guar.)(No. 71)
134 Oct. 1 Sept. 26 to Sept. 30
134 Oct. 1 Sept. _26 to Sept.30
McCall Corporation, 1st pref. (guar.). Mutual Alliance (quar.)
Sept.30 Sept. 20 to Sept.30
8
24 Sept.30 Holders of rec. Sept. 54
Mergenthaler Linotype (quar.)
New York (guar.)
22
Sept.
rec.
of
Holders
30
Sept.
(guar.)
4 Sept.30 Holders of rec. Sept. 50
Extra
5
Trust
Title Guarantee et
Miscellaneous
134 Oct. 1 Itoideri of rec. Sept. 15a
Michigan Light, pref. (guar.)
14 Oct. 1 Holders of rec. Sept. 15a
4 Oct. 1 Holders of rec. Sept. 15a
Montana Power,common (guar.)
American Bank Note, preferred (guar.)._
Preferred (qmar.)
14 Oct. 1 Holders of rec. Sept. 15a
Amer. Beet Sugar, pref. (quar.)(No.61). 14 Oct. 1 Holders of rec. Sept. 16a
14 Oct. I Sept. 20 to Oct. 1
Amer. Brake Shoe & Fdy., COM.(quar.)... 134 Sept.30 Holders of req. Sept. 19a Montgomery, Ward & Co., pref. (quitr.)_
Sept.30 Holders of rec. Sept. 190 lifortgage-Bond Co.(guar.)
13( Oct. 1 Holders of rec. Sept. 23
2Preferred (guar.)
14 Oct. 15 Holders of rec. Sept. 283
134 Oct. 1 Holders of rm.Sept. 16a National Biscuit, corn.(quar.)(No.65)-American Can, preferred (guar.)
4 Oct. I Holders of rm. Sept. 1 la Nat.Gas, Elec. L. & Pow.,corn.(guar.)_ _ _
Oct. 1 Sept. 25 to Sept.30
1
Amer. Car & Fdy.,com.(quar.)(No.48)
la
1
Sept.
rec.
of
Holders
1
(guar.)
Oct. 1 Sept. 25 to Sept.30
Oct.
134
Preferred
131
62)
(No.
Preferred (guar.)
Sept. 19 Holders of rec. Sept. 14a National Lead, common (mum.)
1
34 Rept. 30 Rept. 12 to Sent. 16
American Chi-le, common (monthly)
Sept. 19 Holders of rec. Sept. 14a National Licorice, pref. (quar.)(No. 49). 14 Sept.30 Holders of rec. Sept.25
1
Conimon (extra)
2
14 Oct. 1 Holders of rec. Sept. 15a National Refining, preferred (quar.)_
Oct. 1 Holders of rem Sept. 15a
American Cigar, preferred (quar.)
134 Oct. 2 Holders of rec. Sept. /2a
National Sugar Refining. pref.(quar.)
14 Oct. 1 Sept. 25 to Sept.30
Amer. Coal Products, common (guar.)._
14
Oct.
to
11
Oct.
Oct. 1 Sept.20 to Sept.30
3
(guar.)
15
Surety
National
Oct.
134
Preferred (quar.)
1)4 Oct. 1 Holders of rec. Sept. 23
$1 Oct. 1 Holders of rec. Sept. 19a New England Power, pref. (guar.)
American Express (einr.)
14 sem 30 Holders of rec. Sept. 16
Oct. I Holders of rec. Sept. 21
NPID England Tetra. & Tided. (guar.)
2
Amer. Gas it El.,corn.(im)(No.18)
1% Sept. 25 Holders of tee. Sept. 3a
New York Air Brake (guar.)
14 Nov. 2 Holders of rec. Oct. 21
Preferred (guar.) (NO. 31)
Oct. 1
3
1% Oct. 1 Holders of rec. Sept. 190 N. F. Mortgage .fe Security (Var.)
Am. Iron & Steel Mfg.,com.& pr.(qu.)2
21
Oct.
6
Oct. 15 Holders Of rec. Sept. 24
(quar.)
to
22
Sept.
21
Transit
Oct.
York
New
(quar.).
134
American Locomotive. preferred
Oct. 20 Oct. 1 to Oct. 18
.5
Nipissing Mines Co. (guar.)
14 Oct. 1 Sept. 16 to Sept.30
American Manufacturing, corn. (quer.)
Hoidens of rec. Sept. 15a
Oct
134
42)...
Sept.30
(No.
(qmar.)
to
Co.
American
16
Sept.
North
1
Oct.
14
Preferred (quar.)
Holders of rec. Sept. 18
Oct.
2
(guar.)
18
Sept.
common
Mills,
to
Ogilvie Flour
e1.75 Sept.30 Sept. 13
American Pneumatic Service, first pref
Holders of rec. Sept. 15
134 Oct.
Ohio Cities Gas, preferred (quar.)
75c. Sept.30 Sept. 13 to Sept. 18
Second preferred
Aug. 26 to Sept. 7
2
Rept.
24
,1
25
.
1
Sept.
('peer.)51
rec.
of
Holders
1
((mar.)
Ohio Oil
144 Oct.
Am.Pow. it Lt., pref.(qu.)(No.20)
Holders of rec. Sept- 24
Oct.
Old Colons Gas, Pref.
_
134 Oct. 1 Holders of rec. Sept. 23
American Public Service, pref. (quar.)
Holders of rec. Sept. 22e
Oct.
Sept.30
1
3)
(No.
(oI.)
to
22
Pow.
&
Sept.
30
Sept.
Water
Pennsylvania
American 'Radiator, common (quar.)- - 2%
Oct,
Holders of rec. Sept. 17a
I
134
4 Oct. 1 Sept. 20 to Oct.
Pettibone, Mulliken&Co-let & 2dpf.(q
American Sewer Pipe
_
234 Sept. 30 Holders of rec. Sept. 18a
Phelps, Bedeck Co., Inc. (quar.)__
Amer. Smelters Sec., p1. A (qu.)(No. 39) 134 Oct. I Sept. 19 to Sept. 27
17 to Oct. 1
1,Sept.
Oct.
%
1
2
_
27
Sept.
(quar.)
to
common
19
Sept.
14 Oct. 1
Pittsburgh Plate Glam.
Preferred B (guar.)(No. 38)
Oct. 15 Sept. 27 to Oct. 15
Oct. 1 Holders of rec. Sept. 12a Procter St Gamble, pref. (guar.)
American Snuff, common
Oct. 15 flold era of rec. Oct. In
44 Oct. 1 Holders of rec. Sept. 120 Quaker Oats. common (quar.)
.Preferred (quar.)
1 % Nov. 30 Holders of rec. Nov. ?ri
4 Sept.30 Holders of rec. Sept. 12a
American Steel Foundries (quar.)
Preferred (guar.)
to Sted 21
134 Sept. 21 gel t
Amer. Sugar Rote., com & pref.(quar.). I% Oct. 2 Holders of rec. Sept. la Railway Steel-Spring. preferred (quar.)..
Oct. I Holders of rec. Sept. In
Sept.30
14
_
(quar.)
to
17
American Surety (guar.)(No. 101)
pref.
Sept.
244 Sept.30
Remington Typewriter, lot
Oct. 1 Holders of rec. Sept. 19
2
Amertmn Telephone & Telegraph (quar.)_ _
OM. 15 Holders of rec. Sept. 30,0
Second preferred (quar.)
2
American Tobacco, preferred (quar.)___ _
13.4 Oct. 1 Holders of rec. Sept. I5a Reynolds(R. J.) Tobacco Co.(quar.)-- - 30 Oct. 1 Holders of rec. Sept. le
Amer. Type Founders,common (gum.)_ _
2
Oct. 1 Holders of rec. Sent. 17a
Oct. 15 Holders of rec. Oct. 100 &Hely Car Heating & Lighting (ytear.)_ _
1
Preferred (guar.)
134 Oct. .1 Holders of roe. Sent. 150
134 Oct. 15 Holders of rec. Oct. lOs Sears. Roebuck st Co.. Preferred (quer.).
American Window Glass, preferred
Oct. 10 Holders of rec. Oct. -1
(guar.)
Sept. 29 Holders of rec. Sept. 22
Power
7
it
Water
134
Shawininvan
American Woolen, pref.(guar.)(No.62)_
14 Oct. 1 Holders of rec. Sept. I7a
154 Oct. 15 Sept. 19 to Sept.30
91ose SheMeld Steel & Iron, Prof. (quar.)
Armco Company (quar.)
234 Oct. 11Sept. 19 to Sept.30
144 Oct. 1 Holders of roc. Sept. 186
Southern Utilities, ore!. (guar.)
Associated Oil (qtusr.)
Oct. 1 Holders of rec. Sept. 12a
154 Oct. 15 Holders of rec. Oct. la South Porte Rico Sugar, common (quar.) 1
Bell Telephone of Canada (quar.)
Oct. 15 Holders of rec. Sept. 25
Oct. 1 Holders of rec. Sept. 12a
2
2
Preferred (quar.)
Bethlehem Steel, preferred (quar.)
Oct. 1 Holders of rec. Sept. 15
South West Pennsylv. Pipe Lines (quar.) 3
134 Oct. 1 Holders of rec. Sept. 15
Booth Fisheries, first preferred (quar.)_ _ _
Oct. 1 Sept. 18 to Oct. 1
4
134 Oct. I Sept. 22 to Oct. I
Standard Oil (Kentucky) (quar.)
Borne, Scrymser Co.(annual)
Oct. 1 sent. 5 to Sept. 23
Oct. 15 Sept. 19 to Oct. 14
3
Standard Oil (Ohio) (quar.)
$20
British-American Tobacco, ord.(Interim)- /244 Sept.30
See note (m)
Oct. I "eat. 5 to Sent. 23
3
Extra
Brooklyn Union Gas (quar.)
14 Oct. 1 Sept. 13 to Sept. 30
Oct. 1 Sept. 16 to Sept.30
Sulzberger & Sons Co.. pref. (quar.)___ _
131
Brun.swick Halite Collender, pref. (guar.) 14 Oct. 1 Holders of ree.Sept.d201 Swift & Co. (quar.)(No. 112)
134 Oct. I TIoldera of rec. Sept. lea
Buffalo General Elmtrlo (quar.)(No. 80) 134 Sept.30 Holders of rec. Sept. 19
4
Oct. 1 Sent. 25 to Sept.30
Taylor-Wharton Iron it Steel, corn
California Electric Generating. prer.(qu.) 134 Oct. 1 Holders of rec. Sept. 190 Tennessee Copper (guar.)
75c. Oct. 1 Holders of rec. Sept. 216
California Petroleum Corp., pref. (quar.) 134 Oct. 1 Holders of rec. Sept. 153 Texas Company (guar.)
234 Sept.30 Holders of rec. Sept.24
Cambria Iron
Oct. 1 Holders of rec. Sept. 15a Tobacco Products, pref.(guar.)(No. 7). 2
134 Oct. 1 Holders of rm. Sept. 21
Canadian Gen. Elec., corn.(qu.)(No.61) ln Oct. 1 Holders of rec. Sept. 15
Oct. 1 Holders of rec. Sept. 210
I
Underwood Typewriter,common (quar.)
Preferred (No. :37)
314 Oct. I Holders of rec. Sept. 15
134 Oct. I Holders of rec. Sept. 2I0
Preferred (guar.)
Canadian West'house, Ltd.(qu.)(No.39) 134 Oct. 10 Holders of rec. Sept. 30a Union Carbide (quar.)
Oct. 1 Sept. 20 to Sept.30
2
Came (J. I.) Threshing Mach., pref. (e111.) 14 Oct. 1 Holders of rec. Sept. 140 Union Tank 1.1ne_
214 Sept. 25 Holders of rec. Sept- 4
Celluloid Company (quar.)
114 Sept.30 Holders of rec. Sept. 15
Oct. 15 Holders of rec. Sept.26a
2
United Freit (quar.)(No. 61)
14 Oct. 15 Oct. 1 to Oct. 15
Central Coal dr Coke, pref.(quar.)
scot. 21 sent it) to Sept. 21
2
United Fuel Supply (quar.)
134 Oct. 1 Holders of rec. Sept. 100 United Gas Improvement (quar.)
Central T.eather, preferred (quar.)
$1 Oct. 15 Holders of rec. Sept.30a
Central States El. Corp., PL (ou.)(No.9) 14 Oct. 1 Holders of rec. Sept. 10
Oct. 5 Holders of rm. Sept. 15
50c.
(quar.)
common
United Shoe Machinery,
Sept. 21 Sept. 9 to Sept. 21
Chesebrougb Mfg. Consolidated (quar.). 6
3734e. Oct. 5 Holders of rec. Sept. 15
Preferred (guar.)
Sept. 21 Sept. 9 to Sept. 21
4
114 Sept.30 Sept. 18 to Sept. 30
Extra
U. S. Gypsum, preferred (guar.)
September 30
Sept. 30
2
Chicago Telephone (quar.)
134 Sept. 29 Sept. 2 to Sept. 10
U,S. Steel Corporation, corn. (quar.)___
500. Sept.30 Sept. 17 to Sept. 20
Chino Copper (quar.)
144 Oct. 1 Sept. 20 to Oct. 1
United Utilities. pref. (guar.)(No. 15)_ _ _ _
Cincinnati & Suburban Pell Telephone (qu.) 234 Oct. 1 Sept.23 to Sept.30
75c. Sept.30 Sent. 17 to Sept. 20
Copper Co.(qaar.)(No. 25)
Utah
Oct. 1 Sept. 22 to
1
Oct. 31 Holders of rm. Oct. 15
Cleveland Stone (guar.)
3
Vacuum Oil
2
Sept.30 Holders of rec. Sept. 234
Cluett.Peabody&Co-Ine..M.(an.)(No.7) 134 Oct. 1 Holders of rec. Sept. 19a Western Electric Co. (quar.)
1
134 Oct. 1 Holders of rec. Sept. 15
1(12).
Oct. 15 Holders of rec. Sept. 196
Columbus Gas & Fuel, preferred (quar.)_
(No.
Un.
Western
Telegraph (nu.)
Cons. Gas, El. L.& P., Balt., com.(qu.) 14 Oct. 1 Holders of rec. Sept. 19, Westmoreland Coal
334 Oct. I Sept. 16 to Oct. 1
Oct. I Holders of rec. Sept. ler
3
Oct. 1 Holders of MC. Sent. 12a
Preferred
Co., common (quar.)- 3
Weyman-Bruton
1% Oct. 1 Holders of rec. Sept. 18e
Consumers' Power (Mich.), pref. (quar.)_ _
141 Oct. 1 Holders of rec. Sept. 12a
Preferred (quar.)
134 Oct. 1 Holders of rec. Sept. 204 Woolworth (F. W.)Co.. Prof.(quar.)...
Continental Can, preferred (quar.)
134 Oct. 1 Holders of rec. Sept. 100
Cuban-American Sugar, pref. (quar.)... 14 Oct. 1 Holders of req. Sept. I.
134 Oct. 1 Holders of rec. Sent. 22a
Willvs-Orerland. pref. (guar.)
134 Oct. 15 Holders of rec. Sept. 30
Detroit Edison (quar.)
71.4r. Sept.30 Sept 12 to Sept. 16
Yukon Gold Co.(quit)(No. 21)
114 Oct. 1 Holders of rec. Sept. 1
Dominion Textile, ltd. (quar.)
Dominion Textile, Ltd., pref. (guar.)
a Transfer books not closed for this dividend. b Lens HMI sh Income tax. d Cor134 Oct. 15 Holders of rec. Sept. 30a
du Pont(E. I.) de Hem.Pow.. Pref.(qu.) 134 Oct. 28 Oct. 16 to Oct. 26
rection. e Payable in stock. / Pavable in common stock. g Payable in scrip.
134 Oct. I Holders of rec. Sept. 19a h On account of accumnlated dividends. I Payment of dividend anticinated, stockdu Pont Internat. Powder, pref.(quar.)
24 Oct. 1 Holders of rec. Aug. 310 holders receiving checks Sept. 17. 1 Free of British income tax. m Transfers reEastman Kodak, common (quar.)
234 Oct. 1 Holders of rec. Aug. 3I0 ceived in order at London on or before Sept 17 will be in time to be passed for
Common (extra)
I'.4 Oct. 1 Holders of rec. Aug. 31a Payment of dividend to transferee. n In lien of the usual cash dividend on common
Preferred (mew.)
Oct. 1 Holders of rec. Sept. 28a Mock there will be distributed pm rata to the corn, stockholders of the Amer. Snuff
2
Electrical Securities Corp., com. (quar.)
t, 27 to Nov. 11
.144 (qv. ..t
prefeued.(POO- Co. 2.425 shares of P. Lorillard pref. and 3.440 shares of Liggett & Myers
Oct. 1 &leis 5riec. Sept. 2fa Tobacco pref.
Electric Storage Battery,com. it pref. (qu.). 1
V
THE CHRONICLE
806
[Vol, xcrx.
STATE BANKS AND TRUST COMPANIES.
Statement of New York City Clearing-House Banks
State Banks
Trust Cos,
State Banks
and Trust Companies.-The New York Clearing House Week ended Sept. 12.
Trust Cos.
in
in
outside of
outside of
Greater
N. Y. Greater N. Y. Greater N. 3'. Greater N. Y
present
discontinued
for
the
issuing
its
detailed statehas
ment showing the weekly averages of condition of the sep$
s
s
$
23,850,000
Capital as of June 30____
67.300.000
10,758.000
11,300.000
arate banks and trust companies, both the member and the Surplus
38.502.800 155.158,200
as of June 30_,..._
13,894,100
11,702,800
"non-member" institutions. The reserve items "Cash re.. Loans and investments__ 331,331,700 1,115,465,400 133,466,100 189,715:700
Change from last week_ +1,538,900 +3,564.200
-482,500
+62,900
serve in vault" and "Trust companies' reserve with C. H. Gold
49,946,100
87,090,500
Change from last week_ +1,007.600
members carrying 25% cash reserve" are separately stated
+810,100
and bank notes
31,261.800
23.601000
as to banks and trust companies in the summarized state- Currency
Change from last week_ +1,269.400 +1,167,600
ment furnished by the Clearing House; but with these ex- Deposits
396,973,100 1,176,344,600 137,935,500 197,336,800
Change from last week_ +4,914,700 +4,305,700
-978.400
-184,200
ceptions the figures are for banks and trust companies to- Reserve
on deposits
98,224,800 225,816,000
23,955,000
25,826,200
-58.900
gether and are not apportioned between the two classes of Change from last week_ +2,861,400 +1,073.900
+60,200
27.5%
C. reserve to deposits_
19.2%
24.0%
15.5%
institutions. The publication of the statement in the usual P.Percentage
last week
23.9%
26.9%
15.2%
19.0%
form, it is stated, will not be resumed until all outstanding + Increase over last week. -Decrease from last week.
Clearing-House loan certificates are retired. The last
Boston and Philadelphia Banks.-Below is a summary
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
also
and
House and
Specie. Legals. Deposits. Circu- Clearings.
print the totals reported by the State Bank- Banks.
Loans.
Surplus.
a
lation.
ing Department for the State banks and trust companies
Roston.
$
York
not in the Clearing House. In addition July 25. 45,396,0 242,421,0 27,149,0 5,588.0 290,077,0 9,551,0 183.112.0
in Greater New
Aug. 1. 45,396,0 243,582,0 28,564,0 4,941,0 285,713,0 9.317,0 159,674,9
we combine,as has been our custom,each corresponding item Aug.
8_ No state ment Issu ed
137,775,8
Aug.
15. No state ment issu ed.
statements,
109.652,7
thus
affording an aggregate for the
In the two
Aug. 22_ No state merit Issu ed.
100,922,0
whole of the banks and trust companies in Greater New Aug. 20. No state ment Issu ed.
06,427,2
Sept. 5_ No state ment tau ed.
106,788,1
York.
Sept. 12. No state ment issu ed.
91,840,1
NEW YORK CITY BANKS AND TRUST COMPANIES.
Week ended Sept. 12.
Clear.-House Clear.-House Stale Banks & Total of all
Members
Members
Trust Cos. not Banks & Tr.
Average.
Actual Figs.
in C.-H., Av. Cos.. Aver.
Capital as of June 30.... 8175.300.000 8175,300,000
Surplus as Of June 30.... 296,930,800 296,930,800
328,950,000 3204,250.000
70.887,900
367,818.700
Loan!and InventmentsChange from last week
2,162,994.000
+26,030,000
572,547,500 2.735,541,500
+2,522.600 +28,552.600
Deposits
Change from last week
1,920,294,000
+17,906.000
a564,807,800 2.485.101,800
+5,467,100 +23,373,100
Specie
Change from last week
320,838,000
+4,750.000
541,547,300
-265,900
362,385,300
+4,484,100
Legal-tenders
ACTUAL
Change from last week FIGURES
NOT
Banks: Cash In vault.... GIVEN.
Ratio to deposits
76,585,000
+1,669,000
e13,185,900
+880,200
89.770,900
+2,549,200
328,648,000
Not given.
12,837,200
13.51%
341,433,200
Trust Cos.: cash In vault_
68,777,000
41,896,000
110,673.000
Aggete money holdings__
Change from last week
397,423,000
+6,419,000
54,733,200
+614,300
452,156.200
+7,033,300
Money on deposit with
other bks, dr trust cos_
Change from last week
51,120,000
+46,000
Total reserve
Change from last week
448,543,000
+6,465,000
Surplus CASH reserveBanks (above
Trust cos.(above
25%)-157)
71,148,700 122,268,700
-1,440,500 -1,394.500
125,881,900
-826,200
574,424.000
+5,638,800
Not given
Not given
Total
Change from last week
Total
Not given
Not given
10.00%
14.20%
Not given
24.20%
The averages of the New York City Clearing-House banks
and trust companies, combined with those for the State banks
and trust companies in Greater New York City outside of the
Clearing House,compare as follows for a series of weeks past:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
We omit two ciphers in all these figures.
July
July
July
Aug.
Aug.
Aug.
Aug.
Aug.
%pt.
iept.
IL__
18....
25____
1_
8__-_
15_
22___.
29____
5....
12_-__
$
2,678,283,6
2,648,964,3
2,631,527,5
2,627,002,4
2,654.887,9
2,694,560,3
2,701,000,3
2,697,812.8
2,706,988,9
2.735,541,5
Deposits.
Specie.
$
$
2,560,240 7 424,266,6
2,529,964.8 418,781,3
2,530,917,6 427,809,1
2,503,437,3 406,912.1
2,472,122,6 355.460,5
2,477,574,6 352,248,9
2,474,555,6 354,200,1
2,461,563,5 359,257,6
2,481,728,7 357,901,2
2.485.101.8 362.385.3
Legals.
$
83,062,8
89,974,5
91,313,7
90.805,7
85,556,5
85,578,9
87,089,5
88.792,6
87,221,7
89.770.9
TotMoney Entire Res
Holdings onDeposil
FOREIGN IMPORTS AT NEW YORK.
1912.
1913.
1914.
Dry goods
General merchandise
Total
Since Jan. 1.
Dry goods
General merchandise
Total 37 weeks
32,201,269
14.730,879
83,483.164
12,808,947
$3,335,201
12,317.281
1911.
$3,055,415
14,857,270
516.932,148 816,292,111 815,652.462 $17,912,685
$124,948,65/ 6108.431,772 $105.157,894 $99,814,534
582,554,370 586,805,436 606.322,920 515,173,142
3707,503,027 $695,237,208 $711,480.814 8614,987m6
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. 12 and from Jan. 1 to date:
EXPORTS FROM NEW YORK.
1912.
1913.
1914.
1911.
$13,906,351 815,393,386 S13,643,824 816,823,768
588,907,033 617,305,117 566,183,248 529.015.168
8602,813,384 8632,698,503 1582,827,072 8546,738,936
The following table shows the exports and imports o
specie at the port of New York for the week ending Sept.12
and since Jan. 1 1914, and for the corresponding periods in
1913 and 1912:
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
Total 1914
Total 1913
Total 1912
Silver.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
$37,621,460
85,540,015
1,018,913
935,049
1,105,120
$70,500
893,487
100,000
338,900
$38,484
54,309
6,350
$17,386
109,830
3,602
1,560,043
864,063
2,563,554
1,384,922
3170.500 $127452944
68.768,196
120,100 32,636,348
$99,123 86,503,380
821,716 14.967,929
480,015 16,416,728
$982,171 $25,262,961
3,204,408
$9,305
11,251
18,267
41.086
3,436,797
2,151,638
1,082,868
$121
202,895
132,402
91,346
4,891 1,142,942
250
$
$
583,537
507,329,4 665,677,5
508,755,8 656,680,2
Total 1914
$987,062 $30,488,089 8132.773 86,751,212
519,122,8 687,378,3
Total 1913
1.139.874 35,301,811
246,762 7,248,865
497,717,8 642,550,9
Total 1612
70,833 6,784.029
1,152.358 30,009,282
441.017,0 563.381,5 •
437,827,8 558.181,6
Of the above imports for the week in 1914, $37,570 were
441,269,8 568,329,9
448,050,2 577.765,6 American gold coin and $533 American silver coin.
445,122,9568,786,1
452.158.2 574.424.9
We add herewith the weekly returns furnished by the StatBanking Department of the State banks and trust compani
under its charge. These returns cover all the institutio
of this class in the whole State, but the figures are compile
so as to distinguish between the results for New York City,
(Greater New York) and those for the rest of the State, as
per the following:
For definitions and rules under which the various items
are made up, see "Chronicle," V. 98, p. 1661
For Week.
Total 37 weeks
+ Increase over last week. - Decrease from last week.
a These are the deposits after elimlnatIng 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 $634,215,600, an increase of 85,018,700
over last week. In the cave of the Clearing-House members, the deposits are "legal
net deposits" both for the average and the actual figures. b Gold. c Currency
and bank notes.
Loans and
Week Ended- Investments
Imports and Exports for the Week.-The following are
the imports at New York for the week ending Sept. 12; also
totals since the beginning of the first week in January:
For the week
Previously reported
def35,065,000
+2.064,000
% of cash reserves of trust conCash in vault
Cash on cep, with bks_
Philo
09,750,0
July 25- 103,684,3 306,444,0
*446,449,0 11,573,0 138.919,8
Aug. 1. 103,684,3 396,872.0
95,906,0
.444,461,0 11,484,0 154,138.8
Aug. 8_ 103,684.3 400.172,0
87,213,0
*423,473,0 11,613,0 140.810,9
Aug. 15 103,684.3 401,553,0
85,902,0
.424,113.0 12,525,0 119,368,7
Aug. 22_ 103,684,3 399.898,0
85.451,0
*421.292,0 13,179,0 131.601,2
Aug. 29_ 103,684,3 399.830,0
84,017.0
*418.421.0 13.441,0 125.425,7
Sept. 5_ 103,684,3 400,601,0
85,651.0
*422,326,0 13,723.0 146.756,1
Sept. 12_ 103,684,3 401.833,0 _ 86,457,0
*422,596.0 14.084,0 109,702,9
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 12 as $10.489,000.
For General Distribution
Circular No. 616 describing Conservative Bonds
Circular No. 617 describing Convertible Bonds
Circular No. 618 describing Listed Stocks
Spencer Trask & Co.
43 EXCHANGE PLACE NEW YORK
Boston
Chicago
Albany
inbers New York and Chicago Stock Exchanges
SEPT. 19 1914.1
THE CHRONICLE
807
Vanhtre Gazette.
holdings and the percentage of reserve to liabilities was
Wall Street, Friday Night, Sept. 18 1914.
21.18,
against 19.81 the week before. The rate of discount
Situation.—AttenThe Money Market and Financial
remains
unchanged at 5%, as fixed Aug. 13. The Bank of
refunding
tion has been directed largely this week to the
of New York City's maturing obligations and to the prowess France issued no statement.
In the following table the totals for all the Clearing-House
being made towards normal conditions in the international
financial situation, both of which have developed satis- members, both banks and trust companies, are compared
with corresponding dates in 1913 and 1912.
factorily.
Applications thus far received for the new one, two and
NEW YORK CLEARING-ROUSE BANKS AND TRUST COMPANIES.
three-year 6% New York City notes indicate that they will
which
during
be oversubscribed before the time has expired
1912.
1913.
1914.
Averages for Averages for
such application may be made and a substantial proportion
Differences
Averages for
week ending week ending
from
week ending
of these applications is from abroad. The latter fact,
Sept. 14.
Sept. 13.
previous week.
Sept. 12.
taken in conjunction with the shipment of gold to Canada,
$
$
$
$
amounting to $7,748,000 for the week, accounts, in part Capital (June
179,900,000 174.275,000
175,300,000
30)
at least, for a further decline in foreign exchange rates. Surplus (June 30)
305,550.500 296.533.500
296,930,800
1,953,207.000 2,010,803.000
With this record before us and the large grain exports, it Loans and investments 2,162,994,000 Inc. 26,030,000
45,i56.00046,088,000
124,516,000 Inc. 10,154,000
seems reasonable to expect ere long our financial relations Circulation
Deposits
1,920,294,000 Inc. 17,906,0001,792,707,000 1,852,868.000
intercommercial
free
Specie
with Europe will be such as to restore
320,838,000 Inc. 4,750,000 331,020,000 333,484,000
82,974,000
78,716,000
76,585,000 Inc. 1,669,000
course and an unrestricted market for whatever we have to Legal-tenders
sell that Europe needs.
Cash reserve held
397,423,000 Inc. 6,419.000 409,736.000 416.458,000
432,488,000 Inc. 4.354,700 415,139,250 414,786.200
When this is accomplished a plan should be formulated Cash reserve required
for opening the New York Stock Exchange, this being, as
1,671,800
4.596.750
Surplus
det35,065,000 Inc. 2,064,300
every one knows,a matter of vital importance. The subject
other
among
and
week,
this
again
has been freely discussed
Foreign Exchange.—The market for sterling exchange
schemes suggested is an appeal to the Government for aid. has
made active progress toward more normal conditions.
also
and
unnecessary
as
it
regard
plan
Opponents of this
unwise. Unnecessary because Wall Street is undoubtedly At the extreme close there was a moderate reaction from the
able to finance the matter itself and unwise because it might low figures of the week,due to the decreased offerings of bills.
establish a precedent and open the way for other and more
To-day's (Friday's) actual rates for sterling exchange were 4 92
objectionable demands upon the Federal Treasury. Twice for sixy days, 4 92%04 95% for cheques and 4 93@4 963 for cables.
on banks, nominal, and documents for payment nominal.
successCommercial
been
have
interests
Wall
Street
years
in very recent
Cotton for payment nominal and grain for payment nominal.
fully appealed to to save the Governmentfrom an embarrassInternational bankers did not quote posted rates for sterling exchange
week.
ing situation, both of which we believe required more nerve this
To-day's (Friday's) actual rates for Paris bankers francs were nominal.
and more skill than does the present emergency.
Germany bankers marks were nominal for long and nominal for short.
Exchange at Paris on London, not quoted.
The wheat market has been extremely erratic this week.
Exchange at Berlin on London not quoted.
Prices moved up and down alternately over a wide range,
The range for foreign exchange for the week follows:
Cables.
Cheques.
Sterling, Actual—
Sixty Days.
reflecting a sentiment created in part by unofficial reports
gil for the week __4 92
4993
499
of a willingness on the part of some of the European bel- Low for the
493i
week __ _4 92
492'%
Paris Bankers Francs—
ligerents to consider terms of peace. The latter seem
505
High for the week_
510
premature, however, and "altogether too good to be true."
515
Low for the week
511
Exchange
Stock
call
for
the
rates
on
loans
Germany Bankers Marks—
The open market
ranged
High
973
have
for
the
97
week_
eollaterals
bond
and
stock
on
during the week
Low for the week ___ ____
96%
95%
from 6% to 8%. Friday's rates on call were 698%.
Amsterdam Bankers Guilders—
High for the week_
40%
Commercial paper closed at 697 % for sixty to nmety- Low
for the week
40%
day endorsements and prime four to six months' single
Domestic Exchange.—Chicago, no market. Boston, par. St. Louis,
names and 73/298% for good single names.
5c. per $1,000 premium bid and 15c. premium asked. San Francisco, 40c.
The Bank of England weekly statement on Thursday per 81,000 premium. Montreal, 54 ® 1% discount. Minneapolis, par.
showed an increase of £1,212,063 in gold coin and bullion Cincinnati, 15c. per 31,000 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
SOS
[VOL. xc rx.
inuestnient and Cattroad intelligence.
RAILROAD GROSS EARNINGS.
shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
can be obtained. 'I he first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from July 1 to and including the latest week or month. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period. The returns of the electric railways are brangifit together separately on a subsequent page.
The following table
Latest Gross Earnings.
Week or
Month.
ROADS.
Current
Year.
Previous
Year.
July 1 to Latest Date.
Current
Year.
Previous
Year.
Ala N O& Tex PacN 0 & Nor East_. August _ _ 317,245 355.916
650.881
717.475
Ala & Vicksburg.. August _ _ 138.626 152,953
272,842
301.768
Vicks Shrev&Pac. August _ _ _ 135,767 153,084
271,374
300.404
Ann Arbor
4th wk Aug
70.161
71.101
403.169
410.119
Atch Top & S Fe
July.
9.609.24219.142.986 9.609.242 9.142,986
Atlanta Birm & AU July
260,671 261.966
260,671
261,966
Atlantic Coast Line July
2,538.140 2,457,152 2.538.140 2,457,152
Chariest & W Car July
413,662 146,460
143,062
146,4110
Lou Hend & St L July
124.709 109,438
124,709
1119,438
g Baltimore& Ohio.. July
8.146.6889.020,621 8,146.688 9.020.621
& 0 Ch Ter RR July
138,661 159,476
138.661
159.476
Bangor & Aroostook July
242,344 214.474
242,344
214,474
Bessemer & L Erie_ July
1,118,462 1.093,207 1.118,462 1,093,207
Birmingham South_ July
90.657 118,791
90.657
118.791
Boston & Maine_ _ _ July
4.222,986 4.340.608 4,222.986
Buff Roch & Pitts 2d wk Sept 218.730 258.834 2.386,077 4.340.608
2,738,741
Buffalo & Smut__
July
115,585 153,124
115,585
153,124
Canadian Northern. 1st wk Sep 320,000 382,400 3,282,000 4,136,000
Canadian Pacific 2d wk Sept 2,496.000 2,462.00024,619,472 28,013,062
Central of Georgia_ July
1,166,371 1,012,670 1,166,371 1.012,670
Cent of New Jersey May
2.542.865 2.535,218 28.644.601 29.344.696
Cent New England_ July
276.993 276.704
276.993
276,704
Central Vermont July
336,100 374,145
336,100
374,145
Ches & Ohio Lines_ 2d wk Sept 807,081 764,328 8.243,194 7.626,433
Chicago & Alton_ _ _ 1st wk Sept 2.51.645 287,411 2,846,288 3,110,418
Chic Burl & Quincy July
7.861.573 7.823,061 7,861,573 7,823.061
!Chic SL East III_... July
1.315.453 1,374.720 1,315.453 1.374,720
p Chic Great West_ 1st wk Sept 275,165 290,949 2.643.097 2.811,669
Chic Ind & Louisv_ 2d wk Sept 143,660 154,829 1,517.614 1,532,327
Chic Milw & St l'- July
7,824.986 7,920.834 7.824.986 7.920.831
Chic M II & Pug Sf
oChic & North West July
7,362.811 7.596,020 7,362,811 7.596.020
°Chic St P M & Om July
1,580,989 1,469,778 1.580.989 1,469,778
Chic Terre II & S E July
190,313 150,244
190.313
150.244
Cin Ham & Dayton July
938,738 882.593
938.738
882,593
Colorado Midland_ July
135.024 129,372
135.024
129.372
b Colorado & South 2d wk Sept 272,563 305.912 2,775.855 3,172,960
Cornwall
July
12.454
12,454
31,.
17.637
Cornwall& Lebanon July
26.490
510
26,490
31,510
July
382.544 324.187
382,544
324,187
Delaware & Hudson June
1,965.163 1.953.503 23.090.060 23,999.532
Del Lack & West._ July
3,752,005 3,853.131 3,752.005 3,833.131
Deny & Rio Grande 2d wk Sept 507,900 572,500 5,118,830 5.494,703
Western Pacific 2d wk Sept 135,600 136,600 1,376,738 1,528.057
Denver & Salt Lake lstwk Sept
37.911
31.987
359.763
324,907
Detroit Tol & Iront August
193,360 146,240
344,950
282,193
Detroit & Mackinac 1st wk Sept
19,864
23,141
222,025
250,264
Dul & Iron Range_. July
812,254 1,173.440
812,254
1.173,440
Duluth So Sh & Atl 1st wk Sept
66,337
73,155
655,294
747,397
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
704,396
Erie
July
5,419.581 5,538,223 5,419,581 5,538,223
Florida East Coast_ July
291.866; 269,170
291,866
289.170
Fonda Johns & Glov July
90,23 '
90,236
98.888
Georgia Railroad July
255,426 220,57
255,426
229,057
Grand Trunk Pac 3e1 wk Aug 111.859 107,769
734,722
865,606
-Grand Trk System_ 26 wk Sept 1,096,942 1.144,856
12,440,431
Grand Trunk Ry 1st wk Sept 899,310 910.444 11,762,812
8.732,268
Grand Trk West_ 1st wk Sept 135,396 138,121 1,427,453 9,421,986
1,401,146
Bet Gr It & Milw 1st wk Sept
53,371
50.655
472,027
505.608
Great North System August
6,790.640 7.221,330 13.631.067 14.916.142
Gulf & Ship Island_ July
149.680 181.506
149.680
181 506
Hocking Valley_ _ _ _ July
704,015
451,414 704.015
451.414
Illinois Central_ _ _ _ August
5,759,390 5,697,121 11,155.512 11,055,029
Internet & Grt Nor July
763,509
a Interoceanic Mex_ 1st wk Aug 738.937
91h:778
474
25:.
42.403 181.276
2.
Kanawha'& Mich July
303.773
279.393
279,393 303.773
Kansas Cltv South. July
811.506
945.266
945.266 811.506
137.246
233,342
Lehigh & gew Eng.. July
233.342 137.246
Lehith Valley
July
3.562.081 3,895,712 3.362.041 3.695.712
143,543
155.777
Louisiana & Arkan_ July
155.777 143.543
s Louisv & Nashv
lst wk Sept 1.070,110 1.187.865 10,578,204 11.244,992
22,650
27.367
13.039
12.320
Macon & firm ham August ._ _
July
1.014,868 1.026.857 1.014.868 1.026,857
Maine Central
44.180
44.180
40.343
Maryland Sr Penna. July
40.343
a Mexican Railways1 1st wk Sept 120.700 196,700 1,769,000 1.939.500
166,165
14,194
Mineral Range_ __ _ Ist wk Sept
4.435
87.797
Minn & St Louis_ _1 1st wk Sep 229.383 224,343 1.912,723 1,785.337
Iowa Central_ _
Minn St P & S S M _ jstwkSepti 579,336 653.197 5.438.925 5,866.037
Mississippi Central_ June _
80.4511
86.672 1.027.097 1.034.566
u Mo Kan & Texas_ 1st wk Sept 571.700 614,018 5,976.655 6,205,196
x Missouri Pacific._ 2d wk Sept 1,133,000 1.220,000 12,826.191 13,035,819
1.071,780 1.027.198 1.071,780 1,027,198
Nashv Chatt & St L July
a Nat Rye of Mex_i 1st wk Aug 208.408 603.778 1.583.461 3.327.255
Navada-Cal-Oregon 1st wk Sept
9,065
7,777
84,860
83.021
155,069 166.185
New Orl Great Nor.. July
155.069
166,185
8.073.280 8.932,016 8.073.280 8,932.016
eN Y 0 & Mid Riv July
1,470.180 1.546.725 1,470,160 1.546.725
Boston & Albany July
;4,592.240 5,122.218 4.592.240 5,122,218
Lake Shore & MS July
nLake Erie & W.. July
1 507.956 495.638
507.956
495.638
I 331.754 323.625
Chic Ind & South July
331,754
323.1125
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
Cloy C C & St Li July
Peoria & Eastern J
130.220 112.967
Cincinnati North. July
130.220
112.967
1,503.661 1,746,488 1,503.661 1.746.488
Pitts & Lake Erie July
920.658 958.447
NY Chic & St L.. July
920,658
958,447
316.407 587,980
Tol & Ohio Cent.. July
316.407
587.980
23831845 26153431 23.831.845 26,153.431
Tot all lines above July
I
Latest Gross Earnings.
ROADS.
Week or
Month.
N 0 Mobile & Chic.. July
NYNH& Hartf__ July
N Y Ont & West...... July
N Y Susq as West__ July
Norfolk Southern july
Norfolk & Western_ July
Northern Pacific_
July
Northwestern Pac_ July
Pacific Coast Co_
July
zPennsylvania RR._ July
Bait Ches & Atl__ July
Cumberland Vail. July
July
Long Island
Maryl'd Del Ss Va July
N Y Phila & Norf July
PhilaBalt & Wash July
W Jersey & Seash July
Pennsylvania Co
July
Grand Rap & lnd July
Pitts C C & St L. July
Vandalia
July
Total linesEast Pitts & Erie July
West Pitts & Erie July
All East & West_ July
P
iteeraediN
nl
ga=ette__ _ July
Current Previous
Year. I Year.
July 1 to Latest Date.
Current
Year.
Previous
Year.
S.
$
$
181,592' 185.804
181.592
185.804
5,755,633 5.843.935 5.755,633 5,843.935
992.561 1,008.297
992.561 1,008.297
289,632 291.268
289.632
291.268
365,997 338.435
338,435
365.997
3,743.588 3.858,538 3,743.588 3,858.538
5.792,063 6,272.973 5,792.063 6.272.973
428.799; 423,537
428,799
423.537
589,470, 728,593
589,470
728,593
16068587; 16451934 16.068,587 16.451,934
174.7641 159,649
159,649
174,764
240,254f 288.406
240.251
288,406
1,519.806 1.549,407 1,519.806 1.549.40T
112.1051 112.500
112.105
112,500
442,619 412,562
442.619
412.562
1,852,017.1,786.011 1,852.017 1,786.011
831,305 851.311
831,305
851.311
5,198,494 6,281.699 5,198,494 6,281,699
489,579 502.245
502.245
489.579
3,476.210 3,817.787 3.476.210 3.817.787
956,462, 980,883
980.883
956.462
1
21811583 23423241 1,811,583 23.423,241
10246136 11719781 10,246.136 11,719.781
32057719,35143022 32,057,719 35,143,022
1,378,927,1,405,041 1,378.927 1.405,041
Phila & Reading_ July
3.821.8004,211,407 3.821,800 4.211.407
Coal & Iron Co July
1,822,951 2.062.207 1.822,951 2,062.207
Total both Cos_ July
5,614,751 6,273,614 5.644.751 6,273,614
Rich Fred & Potom July
234.346
257.913 231.396
257.913
Rio Grande June
June
73,980
73.312 1,012.649 1,097.532
Rio Grande South__ 1st wk Sept
121.393
10,866
12.134
106.370
Rock Island Lines__ July
6,036,141 5.838,891 6.038.141 5.838.891
Rutland
July
347.792
306,908 347,792
306.908
JoR
s&
ocG
icy
ram
rul
t 4,
1s1r.
..._ July
S:L
175,158
196,108
.1
175,1.
St L Iron Mt & Sou July
2,735,067 2,679.162 2,735,067 2.679,162
188.787
July
218.380
218.380 186,787
St Louis & San Fran July
3,815.950 3,929,398 3.815,450 3.929,398
St Louis Southwest.. 2d wk Sept 202,000 254.000 2.284,342 2.671,546
884.419
San PadL A de S L_ July
878 791
878.791 884.419
Seaboard Air Lino.... 1st wk Sept 407.080 484.924 3,890,755 4,097.868
11,761.010
Southern Pacific.._ _ July
11.632.914
1761010
11632919 1
Southern Railway.... 1st wk Sept 1,267,200 1,348.895 12,596.260 12,619,289
Mobile & Ohio_ _ _ 1st wk Sept 216.308 215.217 2.363,469 2,339.6t
Cm N 0& Tex P_ 1st svk Sept 177,392 186,544 1.850,300 1.851,314
965,107
Ala Great Sou __ - 1st wk Sept
933,000
84,614
82,356
435,791
Georgia Sou & Fla 1st vrk Sept
450,591
50.193
45,353
476,782
Spok Portl & Seattle July
470,694
470,694 476,782
Tenn Ala & Georgia 1st wk Sept
18.952
1,339
1.5,901
1,866
Tennessee Central.. July
148,398
151.153 148.398
154,153
Texas & Pacific_ _ _ _ 2d wk Sept 308,712 349,027 3,520,195 3,588,565
Tidewater & West.. July
7,604
7.541
7,541
7.604
Toledo Poor & West 1st wk Sept
260,544
22.664
19,578
253,564
Toledo St L & West 1st wk Sept
90,665
921,152
84,6112
885,920
Union Pacific Syst_ July
7,559.237 7.822.609 7,559.237 7.822.609
Virginia & Sou West July
154.642
169,302 154.642
169.302
Virginian
July
497,394
469.511 497,394
469,511
Wabash
August
2.734.303 2.876.761 5,383,756 5,614.577
Western Maryland.. July
712.429 740,658
740,658
712.429
Wheel & Lake Erie_ July
531.094 777.926
531.094
777.926
Wrightsv & Tennille July18.618
18,565
18,618
16,565
Miss
Vail_ August
Yazoo &
860,397 890.380 1,713.588 1.698.209
.
Various Fiscal Years.
Period.
Delaware & Hudson
Jan
NY Central & Hudson River_ e_ Jan
Boston & Albany
Jan
Lake Shore & Michigan South Jan
Lake Erie & Western_n
Jan
Chicago Indiana & Southern_ Jan
Michigan Central
Jan
Cleve Cin Chic 8z St Louis
Jan
Cincinnati Northern
Jan
Pittsburgh & Lake Erie
Jan
New Yolk Chicago & St Louis Jan
Toledo & Ohio Central
Jan
Total all lines
Jan
zPennsylvania Railroad
Jan
Baltimore Che-sap & Atlantic_ Jan
Cumberland Valley
Jan
Jan
Long Island •
Maryland Del & Virginia_ _ _ Jan
N Y Philadelphia & Norfolk.. Jan
Pinta Baltimore & Washing n Jan
West Jersey & Seashore
Jan
Pennsylvania Company
Jan
Jan
Grand Rani& & Indiana
l'itts CM 0hic & St Louis...... Jan
Vandalia
Jan
Total lines-East Pitts St Erie Jan
-WestPitts & Erie Jan
-All lines E & W. Jan
Rio Grando Junction
Dec
Rutland
Jan
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
Current
Year.
Previous
Year.
to June 30 10,685,318 11.691,472
to July 31 53.995.323 58,782,098
to July 31 9,528.628 9.993.325
to July 31 29.572.970 34.763,499
to July 31 3.193.217 3.371.894
to July 31 2.405,950 2,530.737
to July 31 19.100.63021,032.640
to July 31 19.730.992 21.094,651
to July 31
767.820
727,997
to July 31 9.499.238 11.716,814
to. July 31 6.483.559 7.105.854
to July 31 2.372.357 3.323.425
to July 41 156650681 174442934
to July 31 101788107 108798805
to July 31
676,106
654.917
to July 31 1.948,715 2.059.087
to July 31 7.475,059 7,563,124
to July 31
594.481)
501.399
to July 31 2.235.681 2,324,016
to July 31 11.670,943 12,112,288
to July 31 3.517.635 3.579.610
to July 31 31.660,454 37.822,068
to July 31 3,028,248 3,086,113
to July 31 22.510.452 24.994.478
to July 31 6,087,170 6,256.289
to July 31 138426766 148283640
to July 31 64.161.355 73.049.584
to July 31 202588121 221333224
to June 30
484.981
525,497
to July 31 1.980,668 2.059,538
AGGREGATES OF GROSS EARNINGS-Weekly and Monthly
*Weekly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
*Monthly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
%
X
Mileage.
Cur. Yr. Prey. Yr.
$
$
S
-764.640 4.37
week June (38 roads)____ 16.716.590 17.181.23(1
N oeem I wr.._ 213,745 211.452 269.220.882 278,364.173 -9.143.593 3.35
week July (38 roads)____ 12.323.697 12.867.446
-513.749 4.39
December _243.322 241.180 '154.218.891 266.224.678 -12.005.787 4.51
week July (37 roads)........ 12.692.460 13.393.790
-701.330 5.24
January ...__24:3.732 241,460 233.073.834 249.958.641 -16.884.807 6.75
week July (37 roads)____ 12.891.583 13.810.667
-919.084 6.57
February _ _ _241.925 242.928 209.233.095 233,056.113 -23.823.138 10.22
week July (39 roads)____ 19.122.365 19.809.127
-886.762 3.47
March ..____245.200 243,184 250.174.257 249.514.091
+660.166 0.27
week Aug (36 roads)____ 12.937.673 13.778.005
-840.332 6.10
April
943.513 241.547 136.331.600 245 0413.870 -8.517.270 :3.48
week Aug (37 roads)___ 12.911.396 14.002,634-1.001.238 7.79
Kay
246.070 243.954 239.427.102 265.435.022 -26.007,920 9.73
week Aug (36 roads)_ _ 13,037,906 11,031.147
-996.241 7.09
222.001 219,691 230.751.8511 241.107,727 -10.355.877 4.30
June
week Aug (36 roads)____ 17.581.257 19.019,926 -1.438,669 7.56
235.407 231,639 252.231,248 261,803,011 -9,571,763 3.67
July
week Sept (37 roads)____ 12,517.613 13,573.362 -1,055,749 7.78
o9 left
On c70 73 Ann RAR 78.645.832 -4.955.470 6.37
-a Mexican currency. b Deem not include earnings of Colorado Springs & Cripple Creek District Ry.from Nov. 1 1911. e Includes the New York &
Ottawa. the St. Lawrence & Adirondack and the Ottawa & New York Ry., the latter of which, belng a Canadian road, does not make returns to the.
Commission.
I
Commerce
Includes
Evansville & Terre Haute and Evansville & Indiana RR. g Includes the Cleveland Lorain & Wheeling
Inter-State
Ry. in both years. n Includes the Northern Ohio RR. p Includes earnings of Mason City & Fort Dodge and Wisconsin Minnesota & Pacific. s Includes Louisville & Atlantic and the Frankfort & Cincinnati. I Includes the Mexican International. u Includes the Texas Central and the Wichita
Falls Lines. v Includes not only operating revenues, but also all other receipts. z Includes St. Louis Iron Mountain & Southern. z Includes the Norhern Central beginning July 1 1914. * We no longer include the Mexican roads in any of our totals.
4th
1st
24
3d
9th
1st
2d
3d
4th
1st
Latest Gross Earnings by Weeks.—In the table which follows we sum up separately the earnings for the first week of
September. The table covers 37 roads and shows 7.78%
decrease in the aggregate under the same week last year.
First Week of September.
I
1914.
82.356
Alabama Great Southern
187.843
Buffalo Rochester & Pittsburgh
320,000
Canadian Northern
0,110.000
Canadian Pacific
692,743
Chesapeake & Ohio
251,645
Chicago & Alton
275,165
Chicago Great Western
145,877
Chicago Indianapolis & Louisv_
177.392
Gin New Orleans & Texas Pac_
242.328
Colorado & Southern
528,700
Denver & Rio Grande
135,000
Western Pacific
37,911
Denver & Salt Lake
19.864
Detroit & Mackinac
66,537
Duluth South Shore Sz Atlantic
45,353
Georgia Southern & Florida_
Grand Trunk of Canada
1,088,113
Grand Trunk Western
Detroit Grand Hay & Milw_
Canada Atlantic
1,070,110
Louisville & Nashville
14,198
Mineral Range
229,383
}
Minneapolis & St Louis
Iowa Central
579.330
_
Minneapolis St Paul & S S M.
571.700
Missouri Kansas & Texas
1,109,000
Missouri Pacific
216,308
Mobile & Ohio
9,065
Nevada-California-Oregon
10,866
Rio Grande Southern
210,000
St Louis Southwestern
407,080
Seaboard Air Line
1,267,200
Southern Railway
1,339
Tennessee Alabama Sr Georgia_
310.961
Texas & Pacific
19,578
Toledo Peoria & Western
84,662
Toledo St Louis & Western
Total (37 roads)
Net decrease (7.78%)
1913.
84,644
258.834
382.400
2,496.000
624,749
287,411
290,949
144,872
186.544
291.058
523,700
116,600
31,987
25,141
73.155
50.193
Increase. Decrease.
$
2,288
70.991
62,400
386,000
67.994
1,005
5.000
18,400
5,924
653.497
619,018
1,147,000
215,247
7,777
12.134
257,000
484.924
1,348,895
1.866
328,016
22,664
90,665
12,517.613 13,573.362
9.152
48.730
5.277
6.618
4.840
11.146
1,099,259
1,187,885
4.935
224,343
35.766
15.784
117,775
9,263
5,040
74,161
47,318
38,000
1,061
1,288
1,268
47,000
77.844
81.695
527
17.055
3.086
6.003
114,975 1.170,724
1.055.749
Net Earnings Monthly to Latest Dates.—/n our
"Railway Earnings Section" or Supplement, which accompanies
to-day's issue of the "Chronicle," we give the July figures of
earnings of all steam railroads which make it a practice to
issue monthly returns or are required to do so by the Inter-State
Commerce Commission. The reader is referred to that Supplement for MI details regarding the July results for all the separate companies.
in
In the following We give all statements that have come
from
the present week covering a later or a different period
that to Which the issue of the "Railway Earnings Section"
is devoted.' We also add the returns of the industrial companies received this week.
Roads.
—Cross Earnings— —NetEarnings—
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
25,211
123,581
Tol Peoria & West_b_ _ _Aug 117,221
42.801
237,880
231.792
July 1 to Aug 31
INDUSTRIAL COMPANIES.
27,585
70,389
76.790
Kansas Gas & Elec_a__Aug
403,025
976,308
1,119,006
Sept 1 to Aug 31
62.289
112,843
Pacific Power & Lt_s___Aug 123,457
697,555
1,343.236 1,269,333
Sept 1 to Aug 31
49.426
92,525
97,070
Portland Gas & Coke_a_Aug
666,666
1.293.398 1,253.865
Sept 1 to Aug 31
90.864
149,014
180,875
Cos.Aug
Sub
Utah P & Land
2,026,234 1,674,429 1,120,170
Sep 1 to Aug 31
13,875
21,856
I
26,809
344.974
57.904
600,044
46,166
626,157
86.229
954,160
Interest Charges and Surplus.
—Int., Rentals, &c.— —Bat. of Net Earns.—
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
$
Ai
$
$
x2,952 xdef4.988
Tol Peoria & Western__ _Aug
24.716
25.260
48.404 zdef3.104 zdef14,014
July 1 to Aug 31
50.590
Roads.
12.288
174.389
25,534
274,426
22.934
387,025
Week or
Month.
Current Previous
Year.
Year.
Jan. 1 to latest date.
Current
Year.
Previous
Year.
$
$
$
$
American Rys Co__ _ August ___ 492,894 506,832 3,604.960 3,437,526
195,427
49.184 49,743
204.780
Atlantic Shore Ry_ _ _ July
938,710
186,770 184.786
905.236
cAur Elgin & Chic Ry Juno
436.491
67.805 72.090
421,910
Bangor Ry & Electric July
101.893
14.742 13,774
88,118
Baton Rouge Elec Co July
296.740
67.092 65.721
308.601
Belt LItyCorp(NYC) May
550.782
97,654 103,680
565.966
Berkshire Street Ry_ July
2072.261 2033.211 13,863.616 13,586,098
Brazilian Trac L & P _ July
50,794
53,466
11,458 12.102
Brock & Plym St Ry June
2482.243 2,356634 10,734.655 10,298.201
Bklyn Rap Tran Syst May
198,787
207,169
31.466 32,543
Cape Breton Elec Co July
644.810
690.529
92.698 95,521
Chattanooga Ry & Lt July
242,988
234.541
46,695 46,001
Cleve Painesv & East July
714,512
695,716
117,666 120.557
Cleve Southw & Col_ July
337.408
380.228
53.827 48,875
Columbus(Ga) El Co July
222.347 205,169 1,718.006 al.122.835
Comwth Pow Ry & L July
798,767 834.033 4,601.832 4.704,937
July
Connecticut Co
258,356 233,677 1,938,981 1,771.936
Consum Pow (Mich) July
258.004 235.247 1.395.590 1,280.227
Cumb Co(Me)P & L July
179,131 175.352 1,293.106 1,203,554
Dallas Electric Co_ _ _ July
Detroit United Lines 2d wk Aug 235.328 258,860 7,451.340 7.937.668
248.877
212.260
44.205 53,001
Bat
DDEB&
(Kee) May
717,197
759.660
122.025 121.089
Dultith-Sonerlor Tear Judy
Week or
Month.
Jan. 1 to latest date.
Current
Year.
Current Previous
Year.
Year.
S
I
$
Previous
Year.
,..m$il 481.$ 54
lug
%lost
I 11128
di9:28
215131
Raa 4.tilliti
ISA1,11t
Electric Railway Net Earnings.—The following table
gives the returns of ELECTRIC railway gross and net
earnings reported this week:
—
:
—Gross Earning— —Net Earnings
Current
Previous
Previous
Current
Year.
sar.
Year.
Ye
Yesar.
$
$
Carolina Power & Light and
43,277
46.576
93,411
controlled compames_July 107,978
498,282
592,321
1,226,798 1,040,608
Aug 1 to July 31
22,261
23.870
46,001
46,695
Cleve Painesv & East_ a_July
104.205
112,434
234,541
242.988
Jan 1 to July 31
75,345
72,778
154,483
Lake Shore El Ry Sys.a.July 151,999
298.953
299,238
788,183
810,105
Jan 1 to July 31
814,073
801.953
_ __Aug 1,912,970 1,970,032
Phila Rapid
3,864,236 3,966,644 1.615,517 1,618,155
Aug 31
TransitJuly 1 to
Republic Ry & Light (includ101.224
105,583
261,648
ing subsidiary cos.).a.Aug 256,524
719.840
813,744
2,013.294 1,942,441
Jan 1 to Aug 31
12,595
12,354
53.139
53,519
Wisconsin Gas & Elec_a_July
104,501
114.283
418.016
444.593
Jan 1 to July 31
taxes.
deducting
after
are
given
here
a Net earnings
b Net earnings here given are before deducting taxes.
Roads.
Interest Charges and Surplus.
Roads.
ELECTRIC RAILWAY AND TRACTION COMPANIES.
Latest Gross Earnings.
Latest Gross Earnings.
218,659 224,352
East St Louis & Sub_ July
5
83,640 65.551
El Paso Electric Co__ July
737
170,715 166,869
42d St M & St N Ave May
226,664 228,910 1,422111 1,UVA
Galv-Flous Elec Co__ July
743,675
736.775
115,756 118.261
Grand Rapids Ry Co July
564.031
576.148
91.478 96,044
Harrisburg Railways. July
Havana El Ay,L& P
Railway Dept____ Wk Sept 13 53,706 56,655 1,975,164 1,997,841
180.392
168.461
28,309 31.757
Houghton Co Tr Co_ July
b Hudson & Manhat_ July
438.820 418.040 3,279,931 3,189.600
656.019 626.882 4.694.647 4.415,930
Illinois Traction ____;July
4
:0
2714.667 2591.271 17.515,941 16,788
Interboro Rap Tran _June
3
440.121
57,442 57.130
Jacksonville Trac Co July
79.405
77.417
11.732 10,570
Key West Electric_ __ July
810,105
Lake Shore Elec Ry_ July
151.999 154,483
Lehigh Valley Transit July
172.089 162,401 1,033,172 9
376,485
75,102
72,565
Lewis Aug & Watery_ July
85,065
23,452 21,160
Long island Electric_ 11%.lay
263,063 268.413 1.860,607 1,853.290
Louisville Railway _,July
Milw El Ry & Lt 5o_ July
487,590 478.743 3,511,261 3,444.084
797.434
861.826
Milw Lt. Ht & Tr Co July
57 150,541
79
4;8
50
19
49471
78.737
Monongahela Val Tr.. June
.98 _
262.
N y City Interboro__ May
61,662 54.233
151.451
145,822
N Y & Long Island__ May
38.658 37.057
N Y & North Shore June
15,799 15.504
5/U12
N Y & Queens Co
133.647 128.681
May
78 5.0..gm
New York Railways_ May
1199.849 1232,152 5.588:8
2
N Y Westches & Bos_ July
37,199 33,331
21122
N Y & Stamford Ry_ July
49,667 51,359
16,014 13,723
Northampton Trac _ June
Nor Ohio Trac & Lt.. July
351.659 319,132 2,073.359 18.
North Texas Elec Lt_ July
188,715 180.931 1,227.501 1.190.225
2215,3
201.298
Northw Pennsylv Ry July
38.899 41,151
35.592
Ocean Electric (L I)_ May
9,919
12.217
162.814
174,507
Paducah Tr & Lt Co_ July
24.250 23.988
163,111
162.877
Pensacola Electric Co July
24,405 24.545
Phila Rap Transit Co August
1912,970 1970,032 15,880,506 15,967,696
3.861,894
3.782.664
Port(Ore)Ry,L&PC0 July
1:00
1116
5
557 568.371
120,011 .5 '"
Portland (Me) RR_ July
PugetSound Tr,L& P June
888,255 8,957 4 2
Republic Ry & Light August
6,524 261.648
1111,11b
Rhode Island Co_ __ July
535,578 550,628
133.047
135.405
Richmond Lt Sr It-It_ May
36,345 32,753
StJoseph(Mo)Ry.Lt.
814.724
856.984
Heat & Power Co_ August
113.454 10.5.091
264.034
271.360
Santiago El Lt & Tr_ July
41.18.5 39.149
474,120
497.021
73.627 71,126
Savannah Electric Co July
410.942
349.645
Second Avenue (Rec) May
86.127 92.230
76.539
85.423
20,778 19.359
Southern Boulevard_ May
97,617
102.843
Staten Iski Midland_ May
29.868 26.110
467.106
568.003
83.683 71,406
Tamna Electric Co_ _ July
351,298 354.363 1,619,115 1.642.213
Third Avenue
May
507.912 538,322 4.059.097 3.932.186
Toronto Street Ry..__ August
Twin City Rap Tran_ let wk Sept 185,293 218,422 6.316,918 5.992,323
Underground Mee Ry of London —
London Elec Ry__ Wk July 25 £12.425 E12.550 £420.515 £419.075
Metropolitan Dist_ Wk July 25 E12.583 £12.757 £393,909 £393.719
London Gen Bus__ Wk July 25 £73.731 £68.381 £1.910.406 £1.849062
Union RA,Co of NYC May
261,552 246.884 1,061.730 1,048,503
United Rys of St L__ July
1050.552 1065,928 7.363.333 7,287.650
443,816 439.688 2,980,747 2,858,083
Virginia Ry & Power July
472,482
452,728
Wash Bait & Annap_ July
70,780 72.171
212.176
220.483
Westchester Electric_ May
55.818 50.450
140,294
142,375
Westchester St RR __ July
27,198 26,080
Western Rys & Light June
210.221 204,436 1.263,524 1.206,239
418.016
444.593
Wisconsin Gas & Elec July
53,519 58,139
261,794
280.454
Yonkers Railroad_ _ _ May
67.206 66,898
432.256
455,440
York Railways
July
66,348 67,193
138,909
145.460
24.320 23,233
Youngstown & Ohio_ July
78,867
82.972
& South June
16.849 15.176
Youngstown
—
'ci-includes earnings on the addlt onal stock acquired May 11913. b Represents Income from a 1 sources. c These figures are for consolidated co.
given are after deducting taxes.
b Net earnings here given are before deducting taxes.
INDUSTRIAL COMPANIES.
Kansas Gas & Electric_ _Aug
12.306
15,279
14,521
Sept 1 to Aug 31
224,361
170,585
178.664
Pacific Power & Light__Aug
29.144
33,145
32.370
Sept 1 to Aug 31
331.407
325,618
366.148
Portland Gas & Coke___Aug
26,574
22,852
23.232
Sept 1 to Aug 31
398,328
239.132
268,338
z After allowing for other income received.
I
Name of
Road.
a Net earnings here
Name of
Road.
809
THE CHRONICLE
SEPT. 19 1914.]
—Int.. Rentals, &c.— —Bal. of Net Earns.—
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
3
Carolina Power & Light and
13,615
31,273
controlled companies_July
32,961
208.070
345,759
Aug 1 to July 31
384,251
12,775
10,396
Cleve Painesv & East__July
11.095
35,406
72,941
Jan 1 to July 31
77.028
37,010
Lake Shore El Ry Syst_ _July
35,396
35,768
51,749
245.681
Jan 1 to July 31
247.489
def6.811
799.954
Phila. Rapid Transit_ __ _Aug 808,764
1,618.129 1,597.645 def2,612
July 1 to Aug 31
Republic Ry & Light (includ47,811
60,125
57.772
ing subsidiary cos.)— _Aug
357,359
465.987
456.486
Jan 1 to Aug 31
8,899
z6,214
8,131
Wisconsin Gas Sz Elec_ _July
62.340
x55.775
64.280
Jan 1 to July 31
x After allowing for other income received.
EXPRESS COMPANIES.
— Month of May
-—July 1 to
1914.
1913.
1913-14.
Canadian Express Co.—
297.875 3,013,017
Gross receipts from operation 282,776
126,917 1,380.318
126,930
Express privileges—Dr
12.004
152,523
11,865
31,264
39.949
53,271
14,119
20,510
41,099
253,853
x4.058
x46.615
May 31.1912-13.
S.
3,062.470
1,395.537
170,953 1.632.699 1,666,932
133,345 1,530,443 1,448,651
Total operating revenues..
Total operating expenses_
155,846
130,933
Net operating revenue_ _ _ _
One-twelfth of annual taxes_
24.913
3.000
37,612
3,000
102,256
31,700
218,281
31,500
21,913
34,612
70,556
186.781
Operating income
THE CHRONICLE
810
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 our issue
of Aug. 29. The next will appear in that of Sept. 26.
Reading Company.
(Report for Fiscal Year ending June 30 1914.)
The remarks of President Edward T. Stotesbury, together
with various tables showing the company's earnings, the
balance sheets, &c., will be found on subsequent pages, while
in the editorial columns is given an article reviewing the
results for the year covered by the report. The remarks of
President Theodore Voorhees of the Philadelphia & Reading
Ry. and of President W. J. Richards of the Philadelphia &
Reading Coal & Iron Co., together with tables from the
reports of those companies, are also given.
Below are the comparative statistics for four years:
PHILADELPHIA & READING RY.-OPERATIONS. EARNINGS. &C.
1913-14.
1912-13.
1911-12.
1910-11.
Miles operated June 301,020
1.020
1,015
1.014
EquipmentLocomotives
1,005
987
989
1,026
Pass. equipment cars._
921
855
861
852
Freight equipment cars40,730
42,651
40,210
41.912
1,013
Service cars
1.000
947
938
Floating equipment_ __ _
137
135
127
128
Oper. (excl. of Co.'s material)Passengers carried
26.834.967 27.620,457 26.987.719 28,812,798
Pass. carried one mile_ _406,744,512 410,785.112 398.657.408 410,710.083
Rate per pass. per mile_ 1.724 cts. 1.729 cts. 1.733 cts. 1.703 cts.
Coal(anth.)carried. tons 11.091,290 12,860.092 11,224,945 11.675,405
Coal (bit.) carried. tons_ 16,735,104 16,115,417 14.806,222 13.848,189
Coal carried 1 mile, tons *3,354,344 *3,466.115 *3,079.324 *3,017.524
Mdse. carried, tons_ _-- 23,042.126 26,550,439 22.711.791 22,284,179
do one mile, tons- _ _ *1,748,391 *1,994,401 *1,713,417 *1.647,365
Rate per ton per mile
0.970 cts. 0.951 cts. 0.958 cts. 0.974 eta.
Earningsfrom$
$
$
S
20,925.697 22,060,057 19,123,328 19,326.005
Coal
Merchandise
16,964,074 18,973,407 16.417.899 16,054,942
Passengers
7.011.549 7.101,752 6.908,760 6,995.801
Miscellaneous
2.083.403 2.308,391
1,907.770 1,870,416
Mails
138.647
119,110
117,064
118.278
Total earnings
47,123,370 50.562,717 44.474,821 44.365,442
Operating ExpensesMaintenance ofway,&c. 5,324,868 4,687,899 4.161.751 4,072,261
Maintenance of equip't- 8,720.246 8,432.953 8.308.642 8.095.783
Transportation expenses 16,440,045 16.199.895 14,753.302 14,181.314
492,481
519,859
Traffic expenses
493.719
511.252
General734,113
799.464
815,232
2.024:783 2,391.562 2,629,740 3.353,559
Improvements
33.817,992 32.938,903 31,146.618 31.029.401
Total expenses
13,305.378 17,623,814 13,328,203 13,336.041
Net earnings
369.967
Outside operations (net)
411,431
305,161
325.794
13,675.345 18,035.245 13,633,364
Not
Taxes
1.267,504
1.300,478
949,776
stated.
Balance
12,407.841 16.734,767 12,683,588
Other income
a1,387,845
1,240.745 1,045,733
Comparison
Total
13,795,686 17,975,512 13,729.321
of items
Deductchanged.
Rentals leased lines..
2,860,224 2.857.668 2,857.881
Terminal trackage
425,000
425,000
425.000
Rent of equipment
2,825,853 2.707.541
2,676.422
Bond interest
1,939.980 1,939,980
1,939.980
Other rents, int., &c- _ _
342,791
346.716
321,200
Surplus
5,401.838 9,698.607 5.508.838 4.330,409
•000s omitted. a Other income in 1913-14 is derived as follows: Rent
of Property, 5129,389; hire of equipment,$1,052,650; income from securities,interest,&c..$30,597; and miscellaneous,$175,209; total,$1.387.845.
PHILA. & READING COAL & IRON CO. INCOME ACCOUNT.
1913-14.
1912-13.
1911-12.
1910-11.
Earnings$
$
5
30,946.265 39,078.083 34.021.026 32.45,271
Anthracite coal
1,206,692
Bituminous coal
1,277.608
1.186,203 1,152.915
551,025
627,372
Coal rents & miscell's
526.424
541.944
[VOL. xc
Chicago & North Western Railway.
(Report for Fiscal Year ending June 30 1914.)
The report of the President, Mr. William A. Gardner, will
be found on subsequent pages.
Comparative tables, compiled for the "Chronicle," follow:
OPERATIONS AND FISCAL RESULTS.
1913-14.
1912-13.
1911-12.
1910-11.
EquipmentLocomotives
1,830
1,722
1,670
1.644
Passenger cars
1,918
1,796
1,520
1,515
Freight cars
65.950
61,263
59,342
60,971
Work cars,&c
3,579
2,831
2,172
2,025
OperationsPassengers (No.)
33,389,428 32.441,450 31,526,803 30,330,900
Passenger mileage
1173435,140 1113831,351 1080580,440 1054572,455
Rate per pass. per mile1.84 cts.
1.85 cts.
1.81 eta.
1.81 eta.
Freight (tons)
43,309,643 44.839.071 37,265,642 36,733,526
Freight (tons) mileage_6229944,17 6282916,222 5146634,307 5433696.684
Rate per ton per mile
0.87 cis.
0.87 cts.
0.91 cts.
0.90 eta.
Av. tr. load, rev.(tonal_
347.61
347.97298.94
276.54
Earns. per fgt. train mile
$3.03
$3.01
$2.71
32.50
Earns, per pass. train m.
111.23
$1.26
$1.17
$1.20
Oper. revenues per mile_
510,413
510.368
$9.378
$9,706
Average miles operated..
8,071
7.974
7,859
7,719
EARNINGS,EXPENSES. CHARGES,&C.
Operating Revenues- 1913-14.
1912-13.
1911-12.
1910-11.
Freight revenue
353.989.476 354,661,588 346,691,540 349.024,958
Passenger revenue
21.540,543 20,557,623 19.555,567 19.118,884
Other transPor'n rev...... 7,028,438 7.092,311
6,775,256 6.311,375
Non-transportation rev.. 1,118,594
724.398
676,228
462,969
Total oper. revenues-383,677.051 $83,035,921 $73,698,591 $74,918,186
ExpensesMaint. of way & struc--$12.179,690 $11,501,186 $9,368,721 310,002.232
Transportation
31,941,194 32,241,258 30.924.938 30,856.864
General
1.739,491
1.592.858
1,498,245
1.614,402
Maint. of equipment.._.. 12,187,123 11,568,496 9,569,853 9,307,196
Traffic
1,357,643
1,348.982
1,340,086
1,232,016
Total
359,405,141 358.252,780 $52,701,843 353,012.710
Net oper. revenue
$24,271,910 $24,783,141 $20,996,748 $21,905,476
Outside opers.-net rev- dr.14.150
11,296
dr.33,038
dr.53,677
Total net revenue___$24.257,760 $24,794,437 $20,963,710 $21,851,799
Taxes accrued
4.252,791
3,597,160 3,422,838 3,116,034
Operating income__ --$20.004,969 $21,197,277 $17.540,872 $18,735,765
Other IncomeRents-credits
$198,542
$191,209 *$168,884 *5152,581
Divs. on stocks owned
1,579.236
1,836,922 1,844,722 *1,711,222
Int. on funded debt......5,650
53.433
5,025
4,087
Lat. on oth. sec., l'ns, &c. 1.137.333
1.381,928
1,363,263
1.165,576
Total other income__ 32.920.761 $3,463,492 $3.381,894 *53.033.466
822,925,730 $24,660,769 320,922,766*321.769.231
Gross income
Deductions31,265,867 $1,194.268 81,194.791 $1,200,023
Rents-debits
Int. accr. on funded debt 9,239,007 8,529,266. 7,872.007 *7,726,146
114,713
Other deductions
62,221
*14,962
131,428
Sinking funds
200,473
199,991
257,209
*225,000
Total deductions- -310,820,060 $9,985,746 $9,455,435 *39.166,131
Balance
312,105,670 314,675,023 311.467,331 $12,603,100
Divs,on corn,stock. 7% $9,108,015 $9,108.015 $9,108,015 $9,108,015
Divs. On pref.stock,8% 1,791,600
1,791,600 1.791,600
1,791.600
Balance,surplus.......... 31.206.055 $3.775,408
$567.716 $1,703,485
*Comparison of items marked thus has been somewhat changed in late
Years, but the general results remain unchanged.
GENERAL BALANCE SHEET JUNE 30.
1914.
1913.
1914.
1913.
Assets$
$
Road & equip---359,528,602 336655,248 Stock,common _132,45.5,531 132455,531
Elecurs. of prop.,
Stock, preferred...22,398.054 22,398.954
&c., cos., unpl_ 1.451.013 1,402,013 Prem, on cap.stk_
29,658
29,658
Other invest's_ ...13,135,367 18,770,547 Bonded debt_ _ _ _219.052,000 200778,000
0th. sec. owned.b18,420,728 21,766,728 Int., diva., &c.,
Co.'s stk. In tress_ 2.342,337 2,342,337
unpaid
3,372,802 3,101,005
Agts.& conduc•rs_ 2,747,720 3,106,837 Vouch. & wages._ 3,924,446 5,244,791
569,251 Misc. accounts...... 357,187
Bills receivable_ _ 769.251
412,705
Mater'l & suPpl's- 5.463,708 6,014,828 Accr'd Int., &c_ _ _ 2,039.351 1,990,784
19,458,670 9,647,252 Traffic, &e., bids_ 1,424,635 1,661,243
Cash
Sinking funds
3,994,063 3,976,922 Def. credit items_ 6,347.442 5,101,383
Misc. accounts._ 2,464,313 2,742,021 Approp. surplus 3,993,046 3,976,049
Advances
299,011 4,598,413 Profit and loss.._...35,998,883 36,438,744
Def, debit Items.... 1,319,152 1,906,450
Total
431,393,935413,588,847 Total
431,393,935413,588,847
a Other Investments In 1914 Include advances to proprietary, affiliated and controlled companies for construction, equipment and betterments, $11,667,031, and
miscellaneous, 51,463,337.
b Other securities owned in 1914 Include M. L. S. & NV. ext. &!wt.
on
hand,829,000; C. dr N. W.gen. M.of 1897 due from trustee, $140,000; C.bonds
&N. W.
sinking fund debentures of 1933, held in treasury. 34.000: C.& N. W.equip,
trust
certificates of 1913, series D, held in treasury. $4.003.000, and $14,920,000 stock of
Ch. St. P. M.& 0., valued at 810,337,152; $4,171,500 Union Pao. RR. pref.
stock,
valued at $3,910,576.
c After adding amount transferred from appropriated surplus on account of re.
Moment of Madison extension and Menominee extension 151 M.sinking
fund bonds.
$180,678, and adjustments In sundry accounts, &c., 593,588; and deducting
397 for depreciation accrued prior to July 1 1907 on equipment retired or $1,013,from one class to another during 1913-14, 862,288 for net loss on propertychanged
sold or
abandoned and not replaced, and $841,497 debt discount extinguished through
surplus.-V.99, p. 404.
32,703.982 40,983,063 35,733,653 34,390,130
Total
ExpensesFixed charges and taxes_
86.248
85.455
94,650
86,598
Mining coal and repairs- 20.627.193 23,046.334 18,382.202 18.194.578
372,467 1.308,665
1,618.059
Coal purchased (anth.)1,906,678
1.100,315 1,070.566
Coal purchased (bitum.) 1,118,875 1,136.729
Royalty leased collieries
485,614
458.523
601,326
510,687
Transp'il of coal by rail.. 6.555,641
8.758,817 6,704,904 7,114,995
do do by water...... 1,212,596 1,334,985
995,791 1.140,540
Handling coal at depots,
taxes on coal lands.
impts.,repairs & misci x336,573
51.490 4,513.002 2,895,524
Colliery improvements- 1,193,385 1.241,071
839,742 1,139,041
Int.on Reading Co.loan
2,269,405
864.084
375,573
Int. on Trern.C.Co.bds.
matured-amt. adv..
58,667
Chicago St. Paul Minneapolis & Omaha Ry.
Total expenses
31,988.592 39.843,471 35.562,077 34,493,447
Balance, sur. or def
sur.715.390 sr.1,139,592 sur.171,576 def.103,317
(Report for Fiscal Year ending June 30 1914.)
x After deducting $1.840,416 coal added to stock in 1913-14 and in
The report of President William A. Gardner will be found
1912-13, $2,550,236.
READING CO., PHIL. & READING RY. CO. AND PHIL. & READING on subsequent pages.
COAL & IRON CO.-CONSOLIDATED INCOME ACCOUNT.
Comparative tables, compiled for the "Chronicle," follow:
1912-13.
1913-14.
1911-12.
1910-11.
OPERATIONS AND FISCAL RESULTS.
$
Net Phila.& Read. Ry.. 15.063,190 19,275,992 14,679,097 714,634,260
1913-14.
1912-13.
1911-12.
191041.
Balance,Coal & Iron Co.
1.234,242
801.638
257,031 def. 16,718 Average miles operated..
1,748
1,747
1,743
1,745
Reading Co.income_ - 8,522,778 9,624,866 8.085.063 8,677,841
OperationsPassengers carried
4,419,017
4,881,961
4,263,640
4,500,947
Total
24,387,606 30,135,100 23,021.191 723,295,383 Passenger mileage
266,685,999 234.545,623 220.979,696 233,136.695
DeductRate per pass. per mile.. 2.031 eta. 2.125 cis. 2.060 cts. 1.920 cts.
Reading Co. expenses
102,149
104,860
110.887
102,643 *Freight (tons) carried_ 8,466,632 8,205,947 6.946,804 7,422,027
Read. Co. chgs. taxes &
*Freight (tons) mileage-1294143.291 1262998,028 1092173,586 1171703,024
gen
5.994,227 5.760,525 6,080,788 5,326,236 Av.rate per ton per mile 0.88 cts.
0.86 cts.
0.87 cts. 0.902 eta.
r&atreidi.lik.fuind:,
Av. tons fr't per tr. mile
276
307
274
249
9.661,351 9,577,385 9.170,259 110,303,851 Av.earn. per pass. tr. m.
$1.31
$1.39
$1.21
$1.23
-Pl
ax
a.esie &
Lad. C. & I.
$2.37
$2.71
Av.earn. per let tr. m$2.47
$2.16
Co.charges and taxes_
86,248
94.650
86.598
85.455
• Revenue freight only.
Total
15,843,975 15,537,420 15,447,389 715.819.328
INCOME ACCOUNT.
Surplus
10,567,716 14,597,680 7,573.802 7,476,055
4% diva. on lst pref..- 1,120,000
1,120,000 1.120,000 1,120,000
1912-13.
1913-14.
1911-12.
1910-11.
4% diva on 2d pref
1,680.000 1,680.000
1.680.000 1,680.000
$
Earnings$
$
$
Dividends on common_(8)5600.000(7)4.900.000(6)4.200.000(6)4,200,000 Freight revenue
11,427,563 10.857,207 9.478.792 10,50,204
5.415.710 4.984.595 4,551.594 4,475,419
Passenger revenue
Total dividends
8.400,000 7.700,000 7,000.000 7.000.000 All other transport. rev_ 1,036,610
1.056.864
1,009.223
951,030
Surplus,all companies
143,631
573.802
6.897.680
476,055 Other than transport'n112,488
94.339
95,817
103,198
y Comparison of these items is somewhat changed in later years, but
general results remain unchanged.-V.98, p. 1768.
Total oper. revenue__ 17,992,371 16.993,005 15.135.426 16,092.851
SEPT. 19 1914.1
THE CHRONICLE
1913-14.
Operating Expenses$
Maint. way & structures 2,612,610
Maint. of equipment_ __ 2,283,926
Traffic expenses
353,956
Transportation
6,939.604
General expenses
442,475
1912-13.
$
2.208.294
2,188.946
348,515
6,746,792
394.915
1911-12.
1910-11.
1.614.728
1,796,694
320,889
6.283,268
380.637
1.45,393
1,863.984
285.537
6,155,616
385,523
Total oper. expenses_ 12,632,571 11,887,462 10,466,216 10,656,053
Net operating revenue
5,359,800 5.105,543 4.669,210 5,436,798
Outside oper.-net
def.4,733 def.12,538
sur.16,166
def.4.812
Total net revenue
4,664.477 5,424,260
5,375.966 5,100.731
730,808
Taxes accrued
782,846
832.263
973,282
4,402,684
134,922
58,411
40.072
4,268.468
136,257
58.251
41.295
3,881.631
145.106
53.856
41,711
4,693.452
79.834
53,702
6,232
Gross corp.income
4,636.089
Deductions515,184
Hire of equip.-balance-1
Joint fad!., & c., rental
Int. acer'd on fund. debt 2,052,902
32,736
Int. accr'd on unfund. d't
13,652
Other int, and miscell_
787.976
Divs, on pref. stk.(7%)
Divs. on corn. stk.(7%) 1,298,934
4,504.271
4,122,304
4,833.220
387,159
1,826.264
1 66.043
1294,310
1.649,029
80,771
289.693
1,631.590
11,915
787,976
1,298.934
28.319
787,976
1,298,934
14.780
787.976
1,298,934
Operating income_..,,Rents-credit
Divs.&int.on sec. owned
Miscellaneous
811
OPER. FOR FISCAL YEAR 1913-14 OF COS. INDEPENDENTLY OPER.
Big
Total
Tacoma Bell'm & Milw. Gallatin
Val.Ry. Bk.Fk.Ry. All Cos.
Nor.Ry. Ter. RyEast.R
Revenues
Expenses
581,266 331,205 92,733 107,377 63.212 1,175.793
442.704 196,009 86,699 83,795 43.381 852.588
Net revenue
Taxes
138.562 135,196
39.473 25,881
Operating income_ 99,089
Rents received (net)- 18.174
Hire of equipment__ 27,858
Total
145,121
DeductInt.paidC.M.ScSt.P_109,363
Accr. int. on bonds-_ 44,200
Hire of equipment_ -Rents paid
1.219
Miscellaneous
1,717
Sinking fund
6,034 23.582 19,831
1,525
8,956 9,923
323,205
85,758
109.315 def2,922 13,659 18,306
25 1.812
50
3,298
237.447
23,359
27,858
18,356
288,664
33.064 54,621 20,166
30,304
.3
33
210 10,439 14.86
5,307
565 1,041
780
18,220
217,214
74,504
25.550
8,132
2,497
18,220
112,613 def2.897 15,471
Total
156,499 49,902 34,315 65,060 40.341 346.117
Balance
dfl1.378 sr62,711df37,212df49,589df21,985 dl. 57.453
The gross revenues of the Tacoma Eastern RR.for the year ending June
30 1914 were $581,266, against $669.998 in 1912-13. and the deficit after
charges, $11,378, against surplus, $40,901 in 1911-12. Total of all above
companies in 1912-13 (excluding Big Blackfoot By., not then included)
4,103,745 was $1,246,647 and surplus after charges, $44,514. The entire capital
4,701,384 4,312.248 4.124,611
Total deductions....
sur.729.475
stock of these cos. is owned.
def.2.307
def.65,295 sur.192,023
Balance for year
GENERAL BALANCE SHEET JUNE 30.
BALANCE SHEET JUNE 30.
1913.
1914.
1913.
1914.
1914.
1913.
1914.
1913.
Liabilities$
AssetsAssetsLiabilitiesRoad & equipm1_74,182,654 72,085,443 Cora.stk.& scrlp_21,403,293 21,403,293 Road & equip_ _ _546,844,555 513158,573 Common stock....116.850.100 115946,000
Pref. stk. & scrip_12,646,833 12,646,833 Securs. (unprg'd)_14,513,502 10,120,895 Preferred stock_ .115,845,800 115931,900
Stock of prop., &c.,
206,200 Funded debt
39,387,634 37,598,046 Other
cos. unpledged_ 210,200
36,184
32,505,249 29,957,064 Prem. on cap. stk_
189,509 Vouchers & wages 1,388,526 2,181,467 Cash invest
Other investm'ts_ 200,563
350,489 Traffic, &c., bats..16,745,788 17,361,249 Funded debt_ _ _ _333,400,054 299554,754
Co.'s stk.In treas_.4,231,128 4'4,231,128 Traffic, &c., bats_ 312,970
Bills
5,030,250
456,649
16,704
payable
159,044
313,046 Miseell. accounts_ 134,402
Bonds on hand_ b_ 366,634
Agents & conduc's 2,036,092 3,338,976 Traffic, &c., bats.. 516,327
149,285
1,016,097 2,413,443 Unmatur'd Int.,&c. 1,420,751 1,392,197 Mat'ls
Cash
& supplies_ 7,723.038 11,154.580 Pay rolls& vouch_ 7,592,103 8,857,116
80,228 Miscellaneous_
Materials & suppl's 1,389,932 1,629,295 Int.& diva. unpaid 102,770
90.120
115,994
3,431,216
Coup,
not
present.
3,485,996
542,122 Unmatured Int_ _ _ 282,329
1,856
1,956 Taxes
611,057
Bills receivable_ _
84,391 Miscellaneous...._.. 968,345 1,202,450
95,909 Def, credit items.c1,885,549 1,643,392 Secur.
Traffic. &c., bale_ 184,323
in ins. fund 2,806,600 2,806,600 Accr. bd.int., &c.. 5,001,099 4.502,191
448,434
527,103
4,592,020
Profit and loss.... _d4,097.428
Agents. &c. (net)..
Sinking fund
412,089
310,144 French Gov't tax,
407,228
MIscell. accounts_ 634,593
Taxes prepaid_ _ _ _ 857,182
532,086 European loan_ 928,459 1,308,399
508,871
Def. debit items__ 624,797
Other def, debit
Ina. res've fund 2,771,117 2,763.614
Items
415.150
2,148,703 2,132,057 Oth.def.ered.items 417,965
Total assets_ _ _ _83,391.211 8.2,589,131 Total liabilities-83,391,211 82,589,131
Sinking fund
430,269
319.234
a Company's stock in treasury Inc udes $2,844,206 corn, and $1,386,922
Surplus
40,860,896 43,417,093
pref. bonds on hand in 1914 include: S. S. M.& S. W. By. $50.000;
Total
Minn. Eastern By.. $125,000, and Minn. Transfer By., $191,000; miscell..
630,762,992 594457.315 Total
630,762,992 594457,315
$634. c Deferred credit items include in 1914 reserve for accrued depreciaFor full details of balance sheet of June 30 1914, see page 831.-V.99,p.466.
tion, $1,574,173: unextinguished premium on funded debt sold, $115,474,
depreciaand miscell.. $195,902. d After deducting in 1914 $284.500 for
Maine Central Railroad Co.
tion accrued prior to July 1 1907 on equipment retired during the year
ending June 30 1914. Net loss on property sold or abandoned and not re(Statement for Fiscal Year ending June 30 1914.)
placed, $90,288: refunds made account Minnesota Rate Case decision,
1910-11.
$54,486; and sundry adjustments, $25.-V. 98, p• 999.
1912-13.
1911-12.
1913-14.
Average miles operated..
931
1,192
1,207
1,205
Gross
$9,948,267
earnings
$10,643,051
$11,331.406
$11,685,968
Milwaukee
&
St.
Paul
Ry.
Chicago
Operating expenses7.204.686
8.487,420 8,246,998 7.690,846
(Report for Fiscal Year ending June 30 1914.)
Net earnings
$3,198.548 $3.084,408 $2,952.205 $2,743,581
operations
Dr.50,166 Dr.40,393
Cr.627
Cr.19.821
On subsequent pages will be found the remarks of President Outside
Total net revenue
$3,148,382
$3,044.015 $2,952,832 $2,763,402
balance
sheet,
general
length,
together
with
the
Earling at
Taxes accrued
611.495
548.622
481.861
530.223
income account and profit and loss account.
Operating income__ _ $2,536,887 $2,495.393 $2,422,609 $2,281.541
Other
income
compiled
for
tables
428,588
the
usual
286.864
give
comparative
160.188
403.379
Below we
Gross corporate income$2,965,475 $2,782.257 $2,582,797 $2,684,920
the "Chronicle." The gross and net earnings for the last two
Deduct41
Puget
Sd.
Milw.
&
Chicago
years include the results for the
Hire of equipment
$41,772
$29.924
and discounts
$362.549
$515,703
$934,687 $1,150,676
as do also the operating statistics, and the report for Interest
Rentals. &c
1 1,254,865 11.127.575
1.065.880
1,065,930
the year 1912-13 contains comparative results for the pre- Sinking
fund
20,435
1
13.440
13.440
(61.491,797 (6)1.010.277 (6)441.897 (8)398.152
ceding year covering the combined properties. To this we Dividends paid
deductions
Total
_
$3,109,211
$2,673,990
$2,497,726
on
the
$2,658.072
have added the figures for the year 1910-11 based
Balance, sur. or deficit_def$143,736 sur$108,267 sur$85,071 sur$26.848
separate reports of the two companies, thus affording a -V. 99, p. 609,197.
four-year comparison.
COMPARATIVE RESULT'S OF OPERATIONS.
1910-11.
1911-12.
1912-13.
1913-14.
9,429
9,570
9,613
9,684
Miles operated, average..
Equipment (a)1,642
1,812
1,952
1,969
Locomotives
1,451
1.479
1,559
1,570
Passenger equipment.._..
58,454
62.010
67,490
Freight & miscell. cars
68,627
OperationsPassengers carried
16,426,016 16.123,475 14,889,937 15,045.509
Pass. carried one mile._912,375.815 862.229,683 791,153,002 744.101,744
Rate per pass. per mile. 2.078 cts. 2.141 cts. 2.094 cts.
-----c Freight (tons) carried_ 33.007,277 34,805.491 29.286,115 29,245.818
C Fgt.(tons) carr. 1 mile b8,079,690 b8,570,061 1)6.576,227 b6.628.439
Rate per ton per mile_ _ _ 0.8078 cts. 0.7930 cts. 0.8485 cts.
Av. rev. tr.-load (tons)_
308
357
Earns, per pass, train m. 99.05 380
cts. 96.54 cts. 90.47 cts.
Earns. per fgt. train m__
$3.0678
$2.6117
$2.8308
Earns, per mile of road_
$9,478
$8,282
$9.787
a Includes narrow-gauge equipment. b Three ciphers (000) omitted.
C Revenue freight only.
OPERATIONS AND FISCAL RESULTS.
1913-14.
1912-13.
1911-12.
1910-11.
Operating Revenues$
$
$
$
Passenger
18,961,225 18.457,136 16.568,864 15,681.353
Freight
65.266.420 67,964.161 55,796,065 57,278,412
Mail, express, &c
7,555.046 7.662.758 6.890.426
6,532.596
Total oper. revenue_ 91,782,691 94.084.055 79,255,355 79.492.361
ExpensesMaint. of way & struc
10,704.519 10.648.785 10.007,206 8,830,333
Maint. of equipment-- _ 13,112,978 13,871.986 11,475,529 10,341,728
Traffic expenses
1,799,610
1.894,343
1.818.642
1.628,098
Transportation expenses 33,960.581 35,065.842 32.564,968 33,244,804
General expenses
1.752,373
1,403,012
1,388,839
1.298.877
Total expenses
61,330,061 62,883.968 57.255.184 55,343,840
(66.82)
P.c. oper. exp. to earns..
(66.84)
(72.24)
(69.06)
Net operating revenue- 30.452,630 31,200,087 22,000,171 24.148.514
Outside operations, net.. a260.483
174,748
133,582
209.476
Total net revenue
30,713,113 31,374,835 22,133,753 24,357,990
4,106.558 3.823.833 3,921,964 3.191,541
Taxes
Operating income- 26,606,555 27,551.002 18,211,789 21.166,449
INCOME ACCOUNT.
1913-14.
1912-13.
1913-14. 1912-13.
$
$
$
$
Oper. income-26,606.555 27.551,002 Total net Inc_30,081.656 31.523.541
Accrued bond
Int. on bonds
interest-_- .13,254,823 11,438.141
owned
234,842
154,814
Hire of equipDivs. on stock
755.304
owned
ment
51,143
58,107
Int.onoth.sec.
Rents paid.-- 765,363
709,404
479,947
loans&accts. 2,065.328 1,886.818 Miscellaneous
585,184
Rents received 402,547
363.008 Pf. diva.(7%) 8.109.206 8.112.219
Com.div.(5%) 5,842,505 5.797.168
Hire of equip_ 272,636
Miscellaneous
448,605 1,509,702
Tot. deduc_28,557,081 27,292.183
Total net inc_30,081,656 31,523,541 Balance, surp. 1,524,575 4,231,358
a Outside operations, net-sleeping and dining cars, elevators, hotels and
restaurants in 1913-14 include gross, $1,803,429; expenses, $1,542,946;
net, as above, $260,483
Interborough-Metropolitan Co., New York.
(Report for Fiscal Year ending June 30 1914.)
The company, under date of Sept. 1, says in substance:
Refunding, &c.-The $2,039,520 outstanding six months 6% registered
notes, dated Jan. 1 1913, were extended and reduced during the year to
$1,936,942, and the funds necessary for the retirement of the full amount
thereof on July 1 1914 were on deposit at the close of the fiscal year. The
Two-Year 6% Secured Gold Notes dated Dec. 22 1911, amounting on
June 30 1913 to $1,817,000, was reduced to $1,500,000, and arrangements
have been made whereby it will be further reduced to $500,000 as of July 1
1914. thus reducing the funded debt from $7,856.520 to $4,500,000. Consideration is being given to a plan for refunding this latter amount.
Operations.-The surplus from operations of the Interborough Rapid
Transit Co. for the year ended June 30 1914 (see V. 99, p. 744. 757) was
$8,024,580. an increase of $1.487,512 over the previous year. There has
been a continued increase in the earnings of this property, the net corporate
Income for the year 1914 being equivalent to 22.92% on the capital stock
of the company, as against 16.68% for the preceding year, 16.07% for 1912
and 14.68% for 1911. The capital stock of the Interborough Rapid Transit
Co. is 350,000 shares, all outstanding,of which your company owns 339,128
91.
shares.
The net corporate income of the New York Railways Co. has not yet been
sufficient to enable the company to pay the full interest on its 5% Adjustment Bonds (compare V. 99, p. 675) The earnings during the year were
adversely affected by the severe weather conditions and heavy snowstorms
of February and March and by the lower temperatures which prevailed
from April to June of this year Added to this was the general business
depression and the many inteimptIons to the service caused by the city's
construction of the new subways. The property, however,is being brought
to a high standard of efficiency, expenditures for maintenance of way and
structures, power plant and equipment during the year having been
$2,447,395, an increase of $336.071 over the previous year (V. 97, p. 725).
Litigation.-The litigation in the Federal Court, involving the distribution of a cash fund in excess of $7.000,000, has not yet been brought to a
final conclusion, but,considering the many complications involved, is_proceeding very satisfactorily (V. 95, p. 747: V. 97, p. 801; also New York
Railways, V'. 95, p. 677)•
_.
INCOME AND DISBURSEMENTS.
Receipts191243.
1913-14.
1911-12.
1910-11.
Div. on 339,128 shares of
Interb. R. T. Co.stk_ $5,086.920 $4,069,536 $5,426.048 $3,052,152
Per cent
15%
12%
16%
LA,. 9%
Int. on bank bals.,loans,
r;P
advances.&c
375.982
359.702
327,783
324.293
Total receipts
$5,462,902 $4,429,238 $5,753,831 33.376,445
Disbursementsri••
s1 ,
,
Int. on $67,825,000 Inerbor.-Met,4lV collateral trust bonds
$3,052,125 $3.052,125 $3,052.125 $3,052,125
Expense account
55,801
84,321
94,996
83.528
Taxes
40,085
32,887
29,873
32.692
Int. on notes and loans454,126
471,391
451,530
400,901
Total disbursements- $3,602,137 $3,640,724 $3,628.524
$3,569,246
Balance
sur.$1,860,765sur.$788,514sr.$2,125,307def.$192,801
Includes
extra div. of 1%. $339.128. paid Oct. 2 1911 out of
x
the:earnings for the year ending June 30 1911.
812
THE CHRONICLE
BALANCE SHEET JUNE 30.
1914.
1913.
1912.
3
$
Assets$
Interb. Rap. Tr. Co. stock at cost..
104,563,042
N.Y. Railways stock at cost cost)*210.766,698*210.766,698{ 70,512,140
28,329,695
Metropol. &curs. Co. stock at
Met. Sec. Co. loans secured by 3-yr.
5% haiprov. notes, stocks & bonds
of -subsidiary cos. as collateral_ _ _ - 4,284.169
5.900.522
5,704,883
b60,417
Miscellaneous securities
49,108
Advanced agst. the 25% unpaid subscription to stock of Met. Sec. Co_
7,348,000
36,773
Metrop. Securities Co.stock,full paid
36.773
36,773
Office furniture and fixtures
6.902
6,902
6,902
Engineering in suspense (additional
250,152
subways)
250.152
250.152
Coll. tr. 43-is for sinking fund
632,555
566,260
364,677
Redemption acct. 6 mos. reg. 6%
notes (contra)
1,965,196
Cash and accounts receivable
2,495,954
1.543,861
1,205.908
Total
LiabilitiesCommon stock
Preferred stock
Collateral trust 41-6% bonds
Notes payable
Accounts Payable
Interest account
Income account
Total
220,498,816 219,120.276 218.322,172
93,262,192 93,262,192 93.262.192
45.740,000 45,740,000 45,740,000
67,825,000 67.825.000 67.825,000
a7,436,943 7.856.520
7,856,520
15.564
78.212
4,710
763.031
763.031
826,942
5.456.086
3,595,321
2.806,807
220,498,816 219.120.276 218,322.172
* Includes also cost of property in previous years.
a Includes 31.936,943 6% registered notes, dated Jan. 1 1914. $4.000,000 5-year 6% notes. dated July 1 1910, and 51.500.000 other notes.
b "Miscellaneous securities' include N. Y. Transportation Co. stock,
325,278; 42d St. & Grand St. Ferry RR. capital stock. 329.347, and N. Y.
Rys.stock and bonds acquired by reason of non-participation in reorganization by holders of $43,400 Metropol. St. Ry. cap. stock, 55,792.-V.
98, P. 1993.
American Railways, Philadelphia.
(15th Annual Report-Year ended June 30 1914.)
President J. J. Sullivan says in substance:
Results -The total number of passengers carried was 106,825,683. an
increase of 6,482,632, or 6.46%. The grass receipts of the subsidiary companies were 55.563,289, showing a gain of $399,281, or 7.73%. Of this
sum, the gross receipts of the lighting companies amounted to $766,075, an
increase of $72,741. or 10.49% •
After payment of all operating expenses, interest and taxes, our net income was $593,829. Dividends were paid amounting to 5542,798 (6% on
common.7% pref.), an increase over last year of $50.910, leaving a balance
of $51,040. This, together with the net balance of $42,797, as below, from
profits on the sale of Jehnstown Passenger By. Co.. makes a total of $93,837. which makes the surplus as of June 30 1914. stand 8742.273.
We have spent on maintenance of track, roadway and equipment (including depreciation) 19.45 of gross receipts, and charged out of earnings
payments to sinking fund $26.769.
Purchase.-During the year the Johnstown Traction Co. exercised its
option to purchase the Johnstown Passenger Ry. Co. at a net profit to this
company of 5548,469. (V. 97, P. 1823; V.98. p. 155. 1823.) Out of this
profit 5500.000 was set aside as a special depreciation fund, to be apportioned among the different properties; $5,485 was set asido to cover the
contingency of this profit, being subject to the Federal income tax and
$187 in adjustment of interest, leaving 542,797 to be added to surplus.
' Taxes.-During the year we paid taxes to the States and the U. S. Govt.
amounting to 8239,752, more than 4.3% of our gross receipts.
- Reserves.-We have a credit in the insurance and contingencies reserve
investment fund amounting to 5167.364. The reserve for accident hind
Is now 882,242, showing an increase of $8.636. We have an investment of
810,127 to the credit of employees' pension fund and 5826,343 to depreciation reserve.
improvements-We expended $832,995 of new canital for sundry improvements needed to care for the growing business of$6.220
-Boyd County Electric Co___542,101 I Ironton Electric Co
22.482 Limchburg Trac. & Lt. Co_ _ 203.479
Bridgeton Electric Co
Bridgeton & Millyille Tr. Co. 15,06510hio Valley Elec, By. Co_ __1(13,266
21,066
Chicago Sr Joliet El. Ey. Co_ 41,525 Peakland Corporation
& Pow. Co_ 20,6o1 Roanoke By. & Elec. Co_ _ 63,305
Consol. J.t.,
5.217 Roanoke Trac. & Lt. Co_ _ _ _ 5,327
Deliwood Park Co
Co
114.426
21,980[Scranton Railway
Franklin Real Estate Co..
77,148
Home Elec. Lt.Sr St. Fltg.-Co 9,786[Springfield Ry. Co
Altoona & Logan Valley Electric Ry. Co.-Gross receipts increased $17.185.
We are now operating cars over the new 7th St.Bridge over the Pennsylvania RR. for delivery of passengers direct into the business centre of the
city, with a shorter haul and better accommodation. We have built 8.100
ft. of new track, also installed Doles and trolley wires, and rebuilt 10,196
ft. of track and Installed now rails, of which we paved 8.496 ft. Extensive
repairs were made to Grazierville Bridge. &c.
Brido-ion (N. J.) Electric Co.-We gained 125 new customers for light
and 120 1'.n. of motors. A number of extensions to reach new customers,
and other improvements, have been made.
Bridget° P& Mit/ride Tractl'on Co.-7.155 new ties were used as replacements and various improvements were made. Four cars were replaced.
During the coming year we expect to operate our cars over the new bridge
across the Maurice River to the Pennsylvania RR. station in Millville.
Chicago & Joliet Ry. Co.-The receipts increased $25,010. On the whole,
the business has kept fairly well. We have continued to spend considerably
money on this pronerty for second track, new turn-outs, paving, Ace., and
other additions and imnrovements, feeling that with the continued growth
of the population the future business will Justify the outlay. There were
renewed 7,000 ties on the Chicago and other divisions, 2.500 joints on Chicago and Lockport divisions. cross-overs and turn-outs on the Chicago
division. We installed 3,600 ft. of new trolley and bonding north of Lockport. 22,000 ft. of bonding in Joliet. 2.444 ft. new trolley on Chicago St.
and renewed span wires on 25 miles of track from Summit to Lockport.
Ten new steel cars were bought and 11 double-truck cars have been changed
to prepayment type. We bought 26 General Electric No. 201 motors and
three nair of maximum traction trucics.,,Eire extinguishers have been installed on go ram aluminum cell-lightning arresters were nlaeed on 43 cars.
Home Electric Lioht & Steam Heating Co.. Tyrone, Pa.-Gross business
increased $9,366. The number of customers increased from 1.770 to 1,992.
made. The outlook for the sale
or 12.54%. Many improvements werequite
promising.
of current for power and lighting looks
Lynchburg (Va.) Traction ,4; Light Co.-The growth of all branches of the
Railway.
business shows a gross gain of $37.855. or R%,divided as follows:
$15,005; gas. $6,526. We gained 542
$16.324; electric light and power.20%.
in
and
233
motors
or 13%•
h.p.,
or
Power,
customers for light and
appliances.
There was an increase of 34% in sale of electrical
section
and
Rivermont
Peakto
the
in
construction
track
expensive
The
we also installed on
land, about 15,000 ft. of track, has been comoleted;
5.583 ft.. making 20,543 ft. of
14th St.. Buchanan St. and Park Ave.
reconstructed 25,224
additional track and overhead work with feeders. Wek.w.
terbo-generator
ft. of track. In addition, we installed a new 1.000
-volt
transformers were
10,000
500-k.vt.
three
station;
water-power
in the
also added.
increased more than
- Ohio Valley Electric AV. Co.-The grass business
company gained $38,900 and
$58,000 (or nearly 12%). of which the railway
the lighting companies over$29,000.
Ky.,
During Sept. 1913 we bought the lighting company at&Catlettsburg,
Power Co. The
and had it taken over by the Ashland Electric Light County
Elec. Co.
name of the latter company was then changed to Boydand take care
of new
The expense to consolidate and improve the plant
is growing and we
business has been quite large. The city of Huntington
expending
now
there.
are
we
capital
and
labor
the
of
fruits
the
gather
hope to
at Four Pole Creek,
A new A'io-foot donbieetraelc steel trestle was builtBridge,
both replacing
also an 85-foot steel scan anproach to 12 Pole Creek
k
wooden structures. We bought two 30-ton freight cars and
r
u1
08
4.2
.in
own shops one 35-ton freight car. There has been built new track,
ft.. 4,762 ft. of new paving laid, 3.262 ft. of track rebuilt.
People's Ry. Co. of Dayton, 0.-The business increased 561.606. This
increase took place in the first ten months; during the last part of the year
iVoL. xe rx
the receipts fell off,owing to many industrial plants not being fully employed.
Many improvements w ere made, notably new special work and crossings
installed and general repairs made to track and paving, 950 ft. of track on
Valley St. rebuilt, 8,800 ft. of new trolley wire erected on Wayne Ave.
Roanoke (Va.) R/7. c% E,ectric Co.-The earnings increased $59,464, of
which tht lighting and power business shows a gain of 14%. At the end of
the year we had 5,667 customers, an increase of 1,300, and 4,874 h. p. in
motors, an increase of 357 h.p. over last year. Improvements include
double tracking 3.300 ft., completed tracks in car barn and yards, installed
guard rails, tie p.ates and rail joints on Salem-Vinton division and rebuilding
1.050 ft. of track on Commonwealth Ave. Lighting transmission and distribution lines have been extended to meet growing requirements. Steel
uoles are being installed in the principal business streets. We rebuilt
13 cars to pay-within type.
Scranton (Pa.) Ry. Co.-The property has shown a satisfactory increase.
A largo amount of reconstruction work was done because of county road
building. Much work was done in and around Scranton in renewals and
additions to track and new special work; total, 4.791 ft. of now track and
paving. We rebuilt over 11 miles.or 57.336 ft.,of track and installed new
paving on various streets. We rebuilt track and replaced old paving
on 10,569 feet of track in South Main Ave., Robinson, Mulberry,Wyoming
Ave. and other streets. We rebuilt 645 ft. of track on Elm St. with 100
lb. T rail with concrete between ties,stone ballast and vitrified brick paving.
We bought 5 new all-steel cars and have placed an order for 10 additional
ad-steel cars and motor equipments, to be delivered this fail. The
service has been improved by reason of double-tracking and extra sidings.
Springfield (O.) Ry. Co.-The business has shown a satisfactory increase.
On East High St. we are building 5,800 ft. of track, with 100-1b. T
welded Joints, steel ties and concrete base, replacing 60-lb. rail on wood
ties. This adds 2,900 ft. to the present track. Similar construction is
being used for 3,638 ft. on Pleasant St., 3,210 ft. on Belmont Ave. and
240 ft. on North Limestone St. There are 12,700 ft. of street paving on
above work. We are also building a new car barn with steel frame and
sprinkler system. New trolley wire to the amount of 13,000 ft has been
installed. Ten new all-steel ears with complete motor equipment have
been bought and put in service.
STATEMENT FOR FISCAL YEAR ENDING JUNE 30.
.
1 1
191 -1 .
$805.93
.'
$851,893
5984.015
Income from subsid. cos. 5981.943
4.451
12.482
9,427
54,418
Miscellaneous income__
5810,414
$864,375
$993,442
$1,036,361
Gross income
$5.526
58.325
59.592
520.493
Gen. exp., legal exp., &c.
12.600
15,000
15,060
15.000
Taxes
370,400
377,750
407,039
442,452
Interest on funded debt_
1,462
Int on pref. stock meta
381,787
392,289
402,789
402,789
Common diva. (6%).._ _
(7%) 140.000 (5)1)89,060
Preferred diva
$769,713
5793,364
$960,355
Total deductions_ _ _ _ ,$985,321
540,701
$71,011
$33.087
Balance,surplus for year "'i $51,040
BALANCE SHEET JUNE 30.
1913.
1914.
1913.
1914.
5
Liabilities-2
3
Assetss
Common stock_ 6,713,150 6,713,150
Stocks and bonds
16.195,525 17.586,699 Preferred stock_ 2,000,000 2,000,000
owned..
Coll, trust bondsCoil. tr. cony. ref.
Cony. to, 1931_ 2,500,000 3,000.000
500,000
5s, 1931,1n trees
5% bonds, 1917 2,500,000 2,500.000
Bills de accts. re1,500,000
coll..
Johnstown
2,977,777 3,818,316
celvable, &c
Ohio Vail. coil__ 2,000,000 2,000,000
6,178
6.037
Furn. & fixtures
987,500
Lynchb.&Roan. 987,500
Engineering dept.
6,282
5,706 Car trust certfs___ 150,000
Instruments.. _ _
262,080 Trustee Scranton
Fire Insurance, Arc. 262,105
1:12:000
0
Ry. pref. stk. 5s 1,499.0(10
funds'Invest's_ _
51,916 Rills payable
78,592
Int. & divs. acced
Vouchers,Arc ,pay. 119,160
130.368
Employees' pens'n
59,622
42,176
5,812 Accident ins. fund
9,532
fund Investm'ts
}Reinsurance timd 167,361
166,839
Fidelity Trust Co..
Employees' pens'n
trustee Ohio Val.
fund
10,127
6,694
El. Ry. Collat.
146,136
23.868 Taxes.Intedreeace 1.58,899
23,868
trust 58
Profit At loss, stir_ 742,273
648,436
Disct. on fund. dl. 287,521
6185,352
Cast of cars
179,724
199,504
Cash on hand
Total
20,232,095 22,440,299
20,232,095 22.440,299
Total
a See list in "Electric Railway' Section.
1765.
b Pledged under car trust agreentent.-V. 98, p.
General Motors Co., Detroit.
(Report for the Year ending July 31 1914.)
The text of the report and other data will be given another
week. Below are the comparative income account and balance sheets:
INCOME ACCOUNT FOR YEARS ENDING JULY 31.
1913-14.
1912-13.
1911-12.
Net profits (after depr., taxes, &c.)-- $7,947,413 58,284,139 54,838,448
8,184,052
Gen. Motors Co.'s proportion ---- 7,819,969
4,746,756
Deduct5570,235
Interest on 1st lien notes
$724,581
$850,463
1,048,679
Preferred dividends (7%)
1.048,534
1,040,210
Balance, surplus
$6,201,055 56,410,937 $2.856,083
BALANCE SHEET JULY 31 (INCLUDING SUBSIDIARIES).
1914.
1913.
1914.
1913.
AssetsIS
$
Preferred stock _14,985,200 14,985,200
Real est., plants,
equip., Ace
15,432,917 16,845,949 Common stock_ _ _16,501,783 16,476,783
let Ilen 6% notes.. 7,852,000 10,935,000
Patents, agree471,200 1,508,672 Cap.stk. sub. cos_ 573,000
ments, Ate
578,000
367.063 Surp. of sub. Coo. 431.142
Mlscel. investmls 352,735
409,252
Cash
13,452,663 6.236,251 Accounts payable_ 3,772,123 4,821,744
Notes /k accts. rec. 3,358,790 3,449,336 Notes payable_
300,000
11,642,370 18,170,907 Int.. tax., &c., ace 1,000,247 1,048.971
Inventories
Prepaid expenses_ 387.578
412.756 Reserve for div__
262,526
262,211
Good-will
7,934,198 7,934,198 Res. for routing.. 965,288 2,162,277
Profit and IWO-. 6,689,427 2,045,379
d2
Total
53,032,451 54,925,132
tO4, p15a4n,
Total
In the above balance sheet the valuation of "real estate, plants
q for depree uipment" is shown as a net amount, after deducting reserve
ciation, whereas in previous annual reports this reserve account was not so
dedueted, but was included with other reserves as a liability. This explains the difference between the balance sheet shown above for July 31
1913 and that published in the annual report for that year.-V.99, p. 346.
American Locomotive Co., New York.
(13th Annual Report-Year ending June 30 1914.)
Pres. W. H. Marshall, N. Y. Sept. 8, wrote in substance:
[against
Results.-The gross earnings for the year were $29,987,438
554.868.175 in year 1912-131. The profits available for dividends, after a
charge for depreciation of 51.049,316. were $2,076,127, out of which the
7% cumulative dividend on the pref. stock, amounting to 51,750.000. was
paid, leaving a surplus of $326,127.
The total of new locomotive orders received during the entire year was
capacity.
514.454,831, equivalent to only about 255' of the company's
orders on the
At the beginning of the year there were unfilled locomotive
the year.
of
close
the
at
$4.162,356
books of 517,156.388, as compared with
were
As is usual in a period of extreme depression, prices of locomotives
taken
were
year
the
during
secured
were
as
seriously affected. Such orders
an
in
cast.
practically
at a very small margin of profit, in some cases at
effort to keep the plants running.
of
.
rerage
a
")
'
;
4
t
l
a
'
teTeZtecr
.f
plants
During the first half of the year the
operated at only
about 67% of their capacity. In the last six months they
ur
at
plant
e
t
r
Rogers
the
year
the
in
Early
29% of their capacity.
h
y
N. J was shut down, as were also later in the year
Manchester plants.
SEPT. 19 1914.]
THE CHRONICLE
S 13
CONSOLIDATED INCOME ACCOUNT.
constant
During the year there has been made with gratifying results a
-Six Months ending
falling off in
effort to reduce expenses in every direction to meet the largebeen
June 30'14. June 30'13. June 30'12.
taken in
the business. As a part of such reductions drastic action hasto reduce the
$6,866,432
I
26,509.769
Not
plants)
allied
&
refin.
&
smelt.
of
possible
Earn.
respect to the salaried forces. Although it is not
1.106,702
in the volume Ordinary repairs and replacements....,) stated 1 1,309,056
expense of such forces in exact proportion to the reduction
extent of econo25,462,094 85,200.713 $5,759,730
of productive work without complete disorganization, the
executed
promptly
1,422,069
867.007
614,727
mies made In this direction has been greater and more has experienced. Earnings from mining properties
406.144
603.892
705.433
&c
than in any previous period of depression this company
of cash Int.,rents, divs. rec'd,commiss'ns.
$6,671,612 $7,587.943
Surplus Cash.-There was on hand June 30 1914 $8,411,467
$6,782.254
to
income
subject
Gross
deposits
assets [against $1,562,474 June 30 19131. including banklarge
Deductincrease in the
$63,420
$54,578
$74,329
check, deposits on time and municipal securities. The
capital which is Taxes
399,688
434,984
cash resources represents, for the most part, workingthe
470,925
business, but Administrative expenses
46.060
44,955
ordinarily engaged in the productive transactions of and has accumu- Research and examination expenses_ _
30.390
1,209.817
588.200
764,918
because of the extreme depression has become unemployed
property
of
amortiz'n
&
released
Deprec'n
been
has
475,000
475.000
475,000
lated in the treasury. In addition to this, however,there
deb
6%
Co.
Secur.
the
Int.
on
& disc.
liquidation of
510.000
510,000
cash capital of about $1,250,000, realized to date from the
Am.Smelt. Sec. Co. pref. A divs. V) 510,000
750,000
750,000
assets of the automobile business.
o) 750,000
the accumulation of cash Am.Smelt. Sec. Co. pf. B divs.(2 0)1.750,000
1,750,000
1,750,000
During the year, as it became apparent that
purchase was made Am.Smelt. & Ref.Co.pf.divs.(3%
1,000,000
1,000,000
1,000.000
was far in excess of the immediate needs of the business,
divs.(2%)
com.
Co.
&
deposits
Ref.
Am.
Smelt.
time
on
placed
were
115,657
46,000
of municipal securities, and substantial sums
Misc, profit and loss adjustments_
short-term maturity.
with banks and trust companies, all of
25,825,562 85.653,717 86,319.642
to take advantage of the
Total deductions
Redemption of Notes.-T he company sought also
81,268,301
31,017,895
outstanding
2956,692
of
the $2,000,000
Surplus
surplus cash on hand by the redemption of
not found possible, however,
CONSOLIDATED GENERAL BALANCE SHEET.
gold notes which fall due Oct. 11914. It was but a total of $742.000 was
June 30'14. Dec. 31 '13.
to obtain all of this issue at reasonable prices,
paid
be
will
June 30'14. Dee. 31 '13.
which
of $1.258,000.
LiabilitiesPurchased. leaving a balance outstanding
Assetsopportunity does not offer for an
50,000,000 50.000,000
coin_
Co.
at maturity Oct. 1 1914, if favorable
Smelt.
140,906,799
2584,000
(met_
_141,013,772
Property
year
the
during
also purchased
earlier redemption. There wasbelow.
Investments ___ 1,182,902 1,183,653 do pref _ _ 50,000,000 50.000,000
as
K.
to
I
Series
notes,
17.000.000 17.000.000
gold
A.
of
Sec. Co. pref.
301914. Bal. disc. on Sec.
do pref. B__ 30,000,000 30,000,000
Amounts Retired during year. Left Outstanding June
604,187
Co. debs ____
579,167
1 1914
Oct.
due
$1.258,000
2742,000
13,467,500 13,534,500
Os.
11914.
deb.
Oct.
Co.
Due
Sec.
Series H
228,705
228,705
cost)
1,431,000 due July 1 1915 Ins. Id. (at
321,874
224,880
Due July 1 1915, 169.000
250,892 Accrued taxes_
Series I
fund__
248,925
1,406,000 due July 1 1916 Pension
375.000
375,000
int__
Due July 1 1916. 194.000
bond
Acer.
26,481,003
Series J
__
Metal
stocks_
27,018,480
1917
1
July
due
1,379,000
2,005.000
221,000
1917,
1
1.883.814
July
payable__
Due
Series K
Material & supp. 2,943,944 3,017.682 Divs.
569,751 Accts. & wages_ 5,609,320 6,427,881
Prepaid expen__
521,377
Notice has been given of our intention to pay off all of the outstanding
Nov. 14 Accts. & notes
Deferred payin't
Rogers Locomotive Works 1st M. 5% gold bonds. $205,000. on
330,000
275,000
receivable ___ 6.770,506 5,851,432 on min's prop.
1914, at par and interest.
betand
additions
for
the
year
for
Int.on deb. bds.
expended
was
trus-There
Cash
with
&c.
• Additions,
5,100
Mon5,985
the
of
the
enlargement
accrued
includes
40
500
tee of sink.fd.
terments the sum of $597.152, which
40.897
Expended for Loans to affil.cos
45,418
180,426 Divs. unclaimed
213,874
treal plant, referred to in last year's report. There was also
amount
total
the
ben2342,110,
Employees'
worn-out
property
and
obsolete
Dem.
of
loans
(sec.
replacements
510,394
510,868
efit funds_ _ _ _
by copper in
ofT which has been charged to the reserve for depreciation.
349,197
358,897
Insurance fund_
•
proc. of smelt.
Retirement from Automobile Business.-All the assets of the automobile
448,197
and
land
412,892
_
factory
the
Miscellaneous_
cash,
excepting
into
and refining) _ 3,395,125 5,058,167
department have been liquidated
Building, Foreign
Profit and loss_ _ 19,452,634 18,495,943
bills of
buildings at Providence, R. I., the Long Island City Service
to Alco
service
efficient
and
for
prompt
parts
adequate
1,457.400
exch.,
repair
&e.,Inv
of
a stock
necessary to Cash
5,542,681 4,043,666
vehicle users, and a small amount of machine tool equipment
In
manufacture such additional repair parts as may be needed currently.
there has
.189.659,958 189,843,783
department,
Total
automobile
of
the
liquidation
the
Total
with
183,659,958 189,843,783
connection
in
purpose
that
-V.99,p. 51..
been charged against the fund of $2,300,000, set aside for
which is
the preceding year. $1,237,355, leaving a balance of $1.062,645,
the disDistillers Securities Corporation.
more than ample to provide for such losses as may be incurred in
position of the remaining assets.
year
the
during
reduction
radical
and
Report Fiscal Year ended June 30 1914.)
Annual
(12th
general
the
to
.-Owing
Inventory
it was found
in the market values of materials throughout the country,
Secretary T. H. Wentworth, Sept. 9, wrote in substance:
and supplies by a
necessary to write down the book values of materialthe
took active
year's income.
On Oct. 15 1913 the new president was elected and promptly
substantial amount, which has been charged against
the
of the business of the subsidiary companies and inaugurated
Equipment Notes.-The balance sheet includes a charge ofin2464,094.
advance charge
e and business policy of those comadministrativ
the
in
promised
changes
representing equipment trust notes discounted by this company
The
liabilities
floating
liability.
total
with
contingent
a
as
shown
also
confronted
is
panies. The new management was
of maturity; a like amount
heavy interest
amount ofsuch notes outstanding has steadily decreased since June 30 1909, as of June 30 1913 of $11.729,032, and the consequent
effected
account, a menace to the credit of the companies. The reduction
at which time they aggregated 22,407,604.
was
1914.
management
16
Feb.
dated
present
in the current liabilities, in the seven months of the
[A digest of report of Investigating Committee,
amounts to $5,806,722, as follows:
In V. 98, p. 994.1
Current Liabilities Reducedfrom $11,729.032 to $5,922,309.
RESULTS FOR FISCAL YEAR ENDING JUNE 30.
1910-11.
1911-12.
1912-13.
June 30'13. June 30'14. Decrease.
1913-14.
$40,649,385
8373.006
2270.098
$643,104
Current trade accounts
229.987.438 254,868,175 $30,449,451
Gross earnings
Inc.6
205.585
205,579
bond
interest
Accrued
admin.
and
maint.
Mfg..
36,526,515
44.007
2,486,676
28,117,547
_
_
2,530,677
companies_
Loans from associated
27,425,187 48,041,691
expenses & deprec'n
2,518,260
2,959.950
5.478,215
Bills payable-secured
2,871,455
2.871,457
Unsecured
$2,562,251 $6.826,484 $2,331,904 24,122.870
Net earnings
any sacriInt, on bonds of constit.
This decrease of 25,806,722 in liabilities was effected without
557.308
464,350
the
641,178
constituting
working
486,124
net
assets,
The
merchandise.
of
cos.,coupon notes,&c.
the
sale
fice in
increased from 210,178.706 June 30 1913 to $10.477.106
$3,565.562 capital, have been
of $298.400. In the cost of administration, a
increase
an
1914,
Available for dividend $2,076,127 $6,185,306 $1,867,554
30
June
1.750,000
1,750,000
1,750,000
reduction has been made amounting to an annual saving of $134,532.
Div. on pref. stock(7%) 1,750,000
in administrative expenses and corporate taxes are
21,815,562 Further economies
of the subsidiary
$117,554
$4,435,306
$326,127
Surplus
expected to result from the contemplated merging of some
interest
into one. There will also be substantial saving in the towards
Extraordinary additions
300,000 companies
accomplished
liabilities;
the
of
600,000
reduction
the
of
because
and betterment fund..
account
of the fiscal year.
y unimportant subsidiary
$117,554 $1,515,562 the close
2326,127 $3,835,306
Balance
It was deemed wise to dispose of a comparativel
a character not approbusiness was local and unprofitable, andaof
whose
30.
JUNE
SHEET
ation of the assets
BALANCE
re-valu
that sale,
CONDENSED
priate to our new policy. In makingother
1913.
made entailing a book
was
19)4.
items
some
of
also
and
1913.
1914.
of that subsidiary,
surplus.
from
deducted
of $332,853. which has been
Assets-25,000,000 reduction year
were 8701,864; for the
ended June 30 1914 the net profits
Cost of property. 52,609,080 52,023,220 Common stock. 25,000,000 25,000.000
For the
did not take
were $359,567. The present management
0128,072 .793,357 Preferred stock_ _ _25.000,000
they
Securities owned
1912-13
year
results obCush & cash assetsy8,411.467 z1,582,471 Bonds constit. cos.*2.255.000 2,280,000 hold until about five months of the year had elapsed. The
are,
Acc'ts receivable__ 5,114,531 13,326.031 Geld coupon notes 5.471,000 8,745,000 tained by your President in the face of unfavorable market conditions,
ability.
and
4,464,109
energy
1,022,136
untiring
Bills receivable_ _ _ 1,857,416
996,240 Accounts payable_
opinion of the Board, solely due to this and commercial difficulties
79,179 in the account
Accrued Interest._ 150,638
financial
d
Materials and supunprecedente
the
of
On
235
1,843
not undertake to express
plies
2,707,505 5,749,234 Unelaimed int.,&c.
from the European war, the Board does
437.500 arising
for the current year, although
Accrued interest
1,770 Pref. div.pay.July. 437,500
68,533
a definite opinion as to the present outlook favorable.
Contract work._ _ 974,851 3,975,022 Reserve loss liduld
be
would
In,
indulged
expression if
Steam shovels.&c. 280,454 1.298,256
auto business __ 1,062,645 2,300,000 such an
EARNINGS, EXPENSES, CHARGES, &C.
525,357
Sundry deferred
Deprec. res've,&e. 694,858
1910-11.
1911-12.
1912-13.
charges
1913-14.
113,258
218,155 Extraord. Improv.
502,488
327.071
Notes discounted
fund.
& better't
$3.032,209 $3,046,165 22,641,780 23,043,279
702,378 Gross profits
(per Contra).....464,094
702,378 Endorsements__ 464,094
Deduct$340,696
Profit and loss_ _ _ _11,535,858 11,209,531 Int.
2338,897
$729,834
on notes and loans- 2684,459
144.710
158.111
187.317
155,068
Total
73,425,241 81,240,137 Taxes
79.295
73,425,241 81,246,137
Total
74,527
133,084
69.286
Rentals
115,667
132.711
225,446
205.039
Note.-This balance sheet is "prepared solely for Information and to Insurance
296.086
287.992
307,693
_
247,995
and
maint_
show the combined assets and liabilities of the AmericanLocomotiveCo. Additions
316.409
329,314
310.128
175.596
Administration.&c.,exP.
and the Montreal Locomotive Works, Ltd."
Total
81.537,443 51,893.502 $1,321,552 $1.292,863
x Securities owned include Richmond Locomotive & Machine Works Co.
81,750,416
51,494.766 $1.152,663 81.320.228
bonds. $118,000 in each year; sundry securities, 2708,072 in 1914, against Net earnings
792,902
Interest on bonds
$675,375 in 1913.
354:169
35.131
y Includes in 1914 time deposits in banks and trust companies, $3,950,- *Dividends
to
subject
certifideposits
City
bank
stock
Y.
check, $3,434,996; N.
Total int. and divs_ _ _
000;
$828,033 $1.146.265 $1.480,821 81.480.690
.726
cates. 2510,471; City of Newark revenue bonds, $500,000, and N. Y. City Balance
sr.$666 733 sur.$6,398def.$160,593sur.$269
of conbonds, 216.000. See above.
•Includes in 1913-14 only dividends paid on unconverted stocks
pref.
Corp.
• z All cash.
stituent companies in 1912-13, 1% on Distillers Securities
*Bonds of constituent companies in 1914 include $550,000 Richmond stock, and
in 1911-12 and 1910-11. 2%•
Locomotive & Machine Works, $205.000 Rogers Locomotive Works and
BALANCE SHEET JUNE 30.
$1.500,000 Montreal Locomotive Works. Ltd.-V.99. p. 676, 271.
1913.
1914.
1914.
1913.
$
$
AssetsLiabilities3
$
American Smelting & Refining Co., New York.
Property account_44,189.798 44,187,852 Capital stocka Investment _ _4,222,532 4,220,307
Dist. Sec. Corp _30,818,281 30,815,281
(Report for Six Months' Period ended June 30 1914.)
American Spirite
Constituent cos. 3.779,152 3.810,402
15,633.236 15,635,711
Mfg. sink. fund
President Daniel Guggenheim says in substance:
85,779 Bonded debt
8081
62,959,950 8.349.873
_
fund
_
_
IBMs
Insurance
payable
163,538)
Income Account.-The difficulties under which the company has operated Accounts and bills
843,104
Trade accounts.. _ 270,098
first half
205,579
Its business in Mexico during the revolution continued during the
receivable
4,926.615 6,196,582 Accrued bond Int_ 205,586
a statement
of the year 1914. Early in the year your President made
maassociMerchandise,
from
Loans
(V.98. p. 1318) to the effect that he not only believed that the pref. dividend
2,486.676 2,530.678
terials& supplles.6.430.902 9,705,636
ated cos
9,049
would be earned, but that he also believed the common dividend would be Cash
10,693
655.829 1,785,213 Unpaid dividends_
275,218
earned, even if no earnings should accrue from the operations in Mexico.
185,790
Reserves
This statement has been more than substantiated, as the incomeaccount
.4.240,558 3.905.678
Surplus
and
common
preferred
both
for the period shows surplus earnings over
d60,590,020466.181,369
dividends to be $956,692. The gross earnings for the six months amounted
Total
Total
d60,590,020466,181,369
of
to $6,782.254. which is an increase over the same six months of last year
* At cost. a Investments as above Include common stocks of U. S.
off for
$110,642. It seemed wise to your directors, however, to charge
Inventoried value:
their
Industrial Alcohol Co. and Cuba Distilling Co. at
depreciation, $764,918. an increase over the first six months of last year of and
payable (all
miscellaneous stocks at cost. b Include in 1914 bills
$176,718. Therefore, the net income for the six months, after this charge, secured).
$2,871.457 unseand
secured
$2.959.950. against 25,478,216
was $61.202 less than the same period of last year.
&c.. 2332.inventories,
account, cured in 1913. c After deducting re-valuation of
Property Account.-The property, through renewals and repairs
report.
past, and in addition 853-see remarks above. d Totals differ from those in company's
cos.
has been kept in the same efficient condition as in thefacilities.
associated
from
loans
Due to the The current trade accounts, accrued bond int..
approximately $900,000 has been spent for increased
liabilities; in the report they are
bills
are
payable
and
under
shown
six
above
the
for
increase
net
the
depreciation,
amount credited the account for
deducted from current assets and omitted under liabilities.-V.98. p. 1159.
months is $106,973.
MIR
THE CHRONICLE
814
Lake Superior Corp., Toronto & Sault Ste. Marie, Out.
(Tenth Annual Report-Year ending June 30 1914.)
Pres. J. Frater Taylor, Sault Ste. Marie, Ont., August
1914 wrote in substance:
[VOL. xcrx
BALANCE SHEET JUNE 30.
1914.
1913.
1914.
1913.
Assets
-a
3
Liabitities-3
s
Invest. & seeur. of
Capital stock_ _ _40,000,000 40,000,000
subsidiary cos__48,446,238 48,615,875 First mtge. bonds_ 5,739,000 5,800,000
164,588
Real estate
179,887 Income bonds._ _ _ 3,000,000 3,000,000
24,375
Cash for coupons_
22,800Temporary loan__
75,000
Due from sub. cos. 808,280 1,309,050 Mort's& def. pay's
Temporary loans_ 100,000
on real estate._
14,475
58,108
Proc.of sale of Inv. 132,625
Bali. due sub. cos_ 429.393
712,258
Cash
284,081
344,598 Accrued interest__
23,913
24,167
2.220
Office turn. & Mt.
3,000 Couponsdue(con.)
25,950
22,800
Mineral lands, &c.
88,840
Inc. bd. lot. DaY150,000
Suspense account.
7,974
Reserve account_ _ 734,808
700,000
Miscellaneous _ _
11,627
7,639 Suspense account.
19,311
Accr. Int. on Algo.
Voluntary relief fd.
5,625
4,875
24,167
Steel Corp. bds_
24,167 Miscellaneous _ _ _ 4,130
Income account._
23,410
34,808
50,095,015 50,507,016
Total
Total
50,095,015 50,507,016
The company had (as of June 30 1914) contingent liabilities on its guaranty of principal and interest of $10,080,000 Algoma Central & Hudson
Bay By., 92,500,000 Algoma Eastern By., $2.432,500 Algoma Steel Corp.,
Ltd., 3-year notes: $14,000,000 Algoma Steel Corp., Ltd., 1st & ref. bonds
and $4,380.000 Algoma Central Terminals, Ltd., bonds.-V.98, p. 1540.
Operations.-From the operations of the subsidiary companies there is
net income for the year of $2,511,346 (as against 82,514,221 for the year
ended June 30 1913]. From this there was deducted interest on bonds of
subsidiary companies and bank and other advances, &c., $1,542,323,and
sinking fund payments. $154.726 [these amounts contrasting with $1,101,825 and $102,511 in the previous year], and also the following items [being
a total of $560.338, for which there were no corresponding deductions in
the preceding year], viz.: Written off in respect of discount and expenses
of securities sold, $62,428; doubtful debts and losses of previous years,
$137,009; and appropriations for reserves for depreciation, renewals, &c.,
$360.903. The amount paid to the Lake Superior Corporation by subsidiary companies as interest on bonds and advances, and as dividends on
stocks held by it was $437.881 [as against $793,148 in the year 1913-141, and
there remained a balance to be carried forward by the subsidiary companies
of $25,547[and by the parent company of $23,410, these items contrasting
with $516,735 and $419,180, respectively, in year 19121131.
Outlook-Income Interest Not Declared.-While the volume of business
has been fully maintained, and the earnings compare favorably with those
of the previous year, the outlook is somewhat uncertain. The demand for
steel products has fallen off and money stringency, owing to the European
situation, is operating as an adverse factor. In view of the continuing
necessity for outlay upon the older plants and properties of the Steel Co.
and its consequent inability to provide the Lake Superior Corporation with
GENERAL INVESTMENT NEWS.
sufficient revenue, your directors regret that this year they will be unable
to pay any interest on the ($3,000.0001 income bonds. [First dividend on
incomes was 5% Oct. 1 1906; 1907 to 1909, none; 1910. 23%; 1911,
RAILROADS, INCLUDING ELECTRIC ROADS.
234%; 1912 and 1913, each 5%.1
Algoma Central 85 Hudson Bay Ry.-Status.Algoma Steel Corporation.-The mills have been in continuous operation
throughout the year, the output comparing (in tons) as follows:
See Lake Superior Corporation under "Annual Reports" above.-V.97.
Pig Iron.
Steel Rails. Merch. Mill. p. 666.
1912-13
326,073
289,343
26,295
Algoma Eastern Railway.-Stalus.1913-14
311,904
325,680
15.576
See Lake Superior Corp. under "Annual Reports" above.-V.95. p. 1206.
Pig iron production has been well maintained, and the rail mill output
Arkansas Southern RR.-Abandonment.-Press dishas exceeded that of any previous year, but on account of the smaller demand,the output from the merchant mills is less than for the previous year. patches report that the tracks of the company
are to be taken
The water-power department continues to show good results. The
International Joint Commission has given its decision on the respective up and sold for scrap iron.
water-power rights and it is expected that outstanding questions as to rights
The Federal Court in June last ordered the receivers to discontinue runwill be speedily settled, so as to enable progress with the enlargement of ning trains on the road, as there was no way of taking care of the deficit
the power canal.
from operation.-V. 81, p. 1549.
The company's mines in the Michipicoten District are operating to full
Ashland Coal 8; Iron Ry.-Dividends.-A quarterly
capacity, and are producing ore of a satisfactory grade, part of which is
being used in the blast furnaces, the remainder being sold in the open dividend of 1% (50e. per share) has been
declared on the
market. Magpie mine commenced shipments of ore in May. [As to
offering of £500,000 of Steel Company's 6% 3-year collateral notes in Feb. $773,500 stock, payable Sept. 25, being, it is stated, the first
1914, see V. 98,
764.1
payment since Dec. 25 1913. In 1911 to 1913 1% was paid
Algoma Centralp*et Hudson Bay Ry.-Your directors regret that on this
occasion they are not able to announce Increased earnings. The railway quarterly.-V. 77, p. 1532.
has been finished to its junction with the Canadian Northern By., and
Atchison Topeka 86 Santa Fe Ry.-Line Almost Cootcompletion of the remaining 50 miles to its terminus at Hearst on the
National Trans-continental Ry. is expected early next month. As the pleted.-The Minkler Southern RR. which is controlled by
Canadian Northern and the National Trans-continental (Grand Trunk the company, recently filed amended articles of incorporaPacific) railroads are not yet in operation, there has been practically no
traffic north of the Canadian Pacific By., and in addition, owing to delay tion necessitated by some small changes in the line. AuthIn the development of the mines of the Algoma Steel Corporation to their orized stock, $2,000,000. President E. P. Ripley says:
full capacity, the railway has not obtained its expected ore traffic. This
The construction of
line is practically completed. It runs from
particular traffic must necessarily be the most important part of its business Minkler to Exeter, Cal..the
40 miles, Exeter to Lindsay. 7 miles, with a branch
for some time to come.
to Cutler of 114 miles and branch from Woodlake Junction to Woodiake
The steamer Leafleld, which was lost last November, was fully covered by of 2 miles. The company was
incorporated by the Atchison company
insurance, and has been replaced by the J. A. McKee.
In addition the
railway has secured on advantageous terms the steamship E. D. Carter May 22 1913.-V. 99, p. 406. 195.
(10.000 tons). The railway now owns or controls seven modern steamAugusta-Aiken Ry. 85 Electric Corp.-Preferred Diviships, all of which are profitably employed.
The work of equipping the railway with proper terminals has been rapidly dends Suspended.-The directors have decided to suspend for
progressed with, and the coal bridge and dock are now operating at Sault the present the payment of dividends on the $1,500,000 pref.
Ste. Marie. The dock has a storage capacity of 125,0130 tons. [As to
stock, which has been entitled to cumulative dividends at
bonds see V. 97, p. 666; V.56, p.486: V. 92, p. 1635; V.91, p. 93.1
Algoma Eastern Ry.-Your directors have pleasure in reporting increased 6% yearly since Jan. 1 1912. Quarterly payments of 1M%
earnings. Traffic has been heavier than for the previous year. The entire
construction of this railway, including the terminals at Little Current, has were made from Dec. 30 1911 to June 30 1914, both incl.
been completed, and the coal bridge and dock at Turner are now in opera- Statement by Sec.-Treas. D.H. Thomas, Augusta,Ga.,Sept.9 1914.
tion. Considerable tonnage has been booked for unloading at Turner.
During the first six months of the current year the earnings
a surand the revenue and traffic to be derived therefrom should considerably plus of 861.170. this being an increase of $10,008. or 19.7%,showed
over the corassist the earnings. [V. 93. p. 227; V. 94. p. 1382; V. 95, ip. 748. 1206.1
responding period of 1913. Careful estimates for the last six months of 1914
International Transit Co.-Trans St. Mary's Traction Co.-These com- indicate a surplus of $25.000. The total surplus for the year, therefore, is
panies continue to maintain their earnings. An extension of the franchises expected to be about 990,000, which is the amount of the annual dividend on
of the former is under discussion.
the preferred stock.
Tagona Water & Light Co.-As intimated in last report (V. 95, p. 748),
It is estimated that the net earnings for the last six months of 1914 will be
your interests in the water and light franchises of Sault Ste. Marie cease more by approximately $38,000 than for the corresponding period of 1913,
as from Oct. 1, from which date the city takes over the water-suply and but the surplus will show a decrease of about $40.000. This decrease is
lighting systems,and revenue from the Tagona Water & Light Co. will cease. caused by additional taxes and fixed charges of $78,612. due to the taking
General.-Throughout the year capital expenditure has been curtailed over the new hydro-electric plant of the Georgia-Carolina Power Co. on
as far as possible. Unforeseen expenditure occurred through the collapse the Savannah River at Stevens Creek. on July 1 1914, under contracts
of part of the ore dock at the Sault and the consequent loss of an ore bridge, made in 1911 (V. 98. p. 692. 1159). These additional charges are made up
last winter. The existing battery of open-hearth furnaces is being added as follows: Taxes. $7.106: interest on bonds of Georgia-Carolina Power Co.
to by the construction of two additional furnaces, bringing the capacity (V. 07. IS• 119, 179), $68.750; miscellaneous inetrest, $2.756: total, $78,612.
of this plant up to 20,000 tons of steel ingots per month.
At the time this hydro-electric development was projected some three
years ago, your company was confronted with the necessity of providing
OPERATIONS OF SUBSIDIARY COS. FOR YEARS END. JUNE 30. additional
power to supply its Increasing business and for expected
growth, but the business depression prevalent in this country for future
1913-14.
1912-13.
1911-12.
many
months past has led owners of cotton mills and other industries to postpone
Surp. for year from oper. of all ofsub.
cos., subj. to deprec. & other chgs- $2,511,346 $2,514,221 91,579,378 the equipment of their mills and factories for operation by electric power.
Therefore our revenue from sale of power will, for the current year
Add-Unappropriated profits from
at
sa
isntiic
nois
least,
pt
ahs
tedo
.f this
years prior to 1913
$114,5191
During
as
e first
than
he iteh
year, your company has expended for
Land grant earns of Algoma Cent.
*223.226
revenue-producing extensions and betterments the sum of $51,404,
94,951)
& Hud. Bay By. of prey. years_
further expenditures for the same purpose will be necessary during the and
$2,720,816 $2,514,221 $1,802,604 six
last
of this year. Ordinarily these expenditures would be in large
Amts. written off in resp. of disc., &c.
62,428
76.334 partmonths
financed by the sale of bonds, but financial conditions render this
im$2,658,388 $2.514,221 $1.726,270 possible at present.
Deduct Clips., Dies., &c., Paid by Sub. Cos.For these reasons, and because of the general disorganization occasioned
Int. on bds. of Algoma Cent. & ilud.
by the unexpected outbreak of war in Europe, your directors consider
it
Bay By., Algoma East. By., Lake
necessary to conserve all available cash resources, and therefore deem it
Sup. Iron & Steel CO., Ltd. (now
best to suspend payments of pref. dividends until conditions are
that
Algoma Steel Corp., Ltd.), Canthese payments can be resumed without weakening your cash such
position.
nelton Coal & Coke Co. and other
The earnings have steadily improved,and in the judgment of your directors
subsidiary companies
91,542,323 $1.101,825
$578.308 the expected development of your property is only deferred. Attention
Amounts set aside for redemption of
fact
that the pref. dividends are cumulative at the rate of
is called to the
capital of the Helen mine, sink. fd.
6% per annum. Compare V. 98, p. 1310.
154,726
payments and sundry renewals, &c.
191.262
102.512
Baltimore
Ohio RR.-New Director.-Felix M. War&
Appropriations for depreen reserve..
360.903
Reserved for doubtful debts and for
burg, of Kuhn, Loeb & Co., as been elected a director to
previous
137,009
years
losses of
15,505
succeed his brother, Paul
Warburg, who resigned to
Paid to Lake Sup. Corp. by sub. cos.
437,880
695,970 become a member of the Federal Reserve Board.
asint.on bds,notes,&c.,and asdivs.
793.148
-V. 99,
_ $2,632,841 $1,997.485 $1,481,051 p. 185, 118.
Total
$245,219
Balance carried forward by sub. cos $516.736
$25,547
Birmingham Ensley 85 Bessemer RR.-Protective Corn* Consists of earnings brought forward from 1910-11, including earnings
of Lake Superior Iron 8c Steel Co., Ltd., now released from sinking fund mittee.-In view of the default in payment of the
interest
by refunding of notes.
due Sept. 1 1914 on the 1st M.5s ($2,650,000 outstanding),
JUNE 30.
INCOME FOR FISCAL YEAR
the following protective committees have been formed:
191041.
1913-14.
1912-13.
1911-12.
(1) Charles H. Zehnder, Chairman. Samuel B. Vrooman, J. D. KirkInt. and dIv. on securipatrick and Frederick H. Hack, with D. F. Sherman,
Secy., 42 Broadway.
$429,140 H. Y. City. This committee urges
ties of subsidiary cos_ $437,880
$793,148
$695,976
the deposit of the bonds
with the
189,430 Empire Trust Co., 42 Broadway, N. Y.
Other income
124.449
10.174
12,514
City, depositary under agreement
Total
9448,054
9805,662
9820,425
9618,570 dated Sept. 15. In case the committee adopts any plan of reorganization,
Int. and general exp_ _
424,644
386,482
653,007
532,592 the depositors are to be allowed three weeks in which to withdraw, on payment of their pro rata share of the expenses of the committee (but not
Bal.,cred. prof. & loss
$85,978 exceeding
$419.180
$167,418
$23,410
2J4% per bond); if not so with drawing, they will be bound by
Balance, preceding years
3,368
4,346
the plan. If such plan calls for the issuing of mortgage bonds, the deposiTotal
$89,346 tors shall receive thereof not less than $700 for each 81,000
$419.180
$171,764
$23,410
bond deposited.
Transferred to res. fund
$234.372
$21,764
$10,000
(2) S. H. Cunningham. investment banker, 311 Shawmut Bank Bldg.,
Balance carried forward
34.808
Boston; Oscar Dare, bond broker. 420 Stock Exchange Bldg., Philadelphia;
Int. on income bonds
(5)150.000 (5)150,000 (234)75,000 Boyd McDowell, Corporation Counsel for city of Elmira,
N. V.: J. N. H.
Total surplus as per
Campbell. of 11.4K. Taylor & Co., investment bankers, IIartford, Conn.;
balance sheet
$23.410
$4,346 Geo. T. Wood. of Wood eztJohnson,tinvestment bankers, Louisville, By..
AI.
ENDING
SEPT. 19 1914.]
THE CHRONICLE
815
The circular favors the elimination of the holding companies and the diswith Joseph R. Donaldson as Secretary, 53 Congress St., Boston. This
committee requests that the bondholders take no action with regard to the tribution of the shares of the Railway Company that are pledged as collateral for the bonds among the individual bondholders, without the sale
deposit of bonds until hearing further from this independent committee.
of said stock in one block [how can this be accomplished in the face of
Digest of Circular Sent Out by Cunningham Committee Sept. 12 1914. the
provisions in the mortgage does not appear.-Ed.l. Mr. Amster is.
A meeting of large bondholders and others interested in the road was held
moreover, disturbed by the statement which was published at the time the
In New York on Sept. 11. The events affecting the railroad since Sept. 1 tentative
reorganization plan failed (V. 99, p. 269), that the operating
were discussed and the correspondence between the Boston bondholders and
property's necessities had been provided for up to Jan. 1, and "that a
the receiver and Morris Bros. was reviewed. It was unanimuosly voted to receivership
of that company need not be expected before that time, at
approve the action of Mr. Cunningham in the employment of Stone &
Webster to make a thorough examination of the books and accounts of the least."-V.99. p. 747,673.
company with special reference to the disposition of the proceeds of the
Chicago
Rock Island & Pacific Ry.-Controlled Co.bond and stock issues and also the relations between the company, the
See Chicago Rock Island & Pacific RR. above.
Tidewater Construction Co. and Morris Brothers. The examination will
Cincinnati Hamilton & Dayton Ry.-Receivers' Certs.begin Sept. 14. It was further voted to organize this independent bondascerto
endeavor
holders' committee to examine into the road's finances,
tain the causes of this receivership, employ counsel to obtain reparation for The application to issue $3,000,000 will be heard by Judge
any injuries done the property and such other steps as may be advisable to Sater in the U.S. District Court at Columbus,0.,on Sept.28.
protect the rights of the Owners.-V. 99, p. 747.
The certificates are, it is said, to be issued solely for equipment and are
to have a lien on the equipment ahead of any of the eixsting mortgages.
Boston & Worcester Electric Companies.-Report.It is reported that a part, if not all, of the 43,000.000 receivers' certificate
which the receivers desire to issue are to be taken by the equipment comBoston & Worcester Electric Companies.
Balance panies receiving orders for the new rolling stock. The order for cars and
Dividends
Interest,
Net
June 30.
Total
locomotives has been divided between two or more equipment companies,
&c.
Earnings.
YearIncome.
subject to the approval of the issue by the Court.
d72
$67
Pa,
i8
$1,714
$71,037
1913-14
422
The receivers desire to purchase 1,000 box cars, 1.000 hopper cars, 12
67,872
1,389
69.683
1912-13
steel passenger cars, 8 steel passenger and baggage cars, 5 steel baggage •
Boston & Worcester Street Railway.
54,977 cars, 4 steel baggage and mail cars,5 passenger locomotives, 30 freight loco4167,363
579.519
$251,859
$716,935
1913-14
4.565 motives, a dining car, a wrecking crane and a locomotive crane. Bids re74.312
172,214
251.091
668,937
1912-13
ceived for supplying the equipment indicate that the aggregate outlay for
-V.97. p. 884.
it would be $2,853,000. It is also proposed to construct 105 caboose cars
In
the company s own shops at an estimated cost of $89,250, making the
-Dividend
Capital Traction Co., Washington, D. C.
declared total outlay 42,942,250.-V. 99. p• 747, 342.
Reduced.-A quarterly dividend of 1 X% has been
on the $12,000,000 stock, payable Oct. 1, comparing with
13/% quarterly from April 1905 to July 1914, inclusive. A
notice to the stockholders says:
years.
As has been shown in the annual reports during the past several
extensions
Cleveland (0.) Ry.-Stock Increase.-The Ohio P. U.
Commission advanced the date of hearing the application
for permission to issue $1,068,500 additional stock from
Sept. 24 to Sept. 15, owing to the pressing need of money
for improvements.. Compare V. 99, p. 747, 674.
Columbus (0.) Railway, Power & Light Co.-Dividends.-The directors on Sept. 10 declared the regular quarterly dividend of 13/2% on the pref. stock, series A, payable
Oct. 1. "Ohio State Journal" says:
there has been a large increase in fixed charges by compulsory
and complete new equipment of cars, which, while giving added and proper
comfort and convenience to the public, brought no commensurate increase
In receipts.
During the present year the passenger receipts, instead of showing the
expected normal increase, show a decrease. This is due in large measure
to the general business depression, which we confidently believe will be
of temporary duration.
It is understood that no action was taken on the financing plans of the
A full and careful consideration of all the conditions forced the directors company,
which in all probability will be postponed until a more favorable
unanimously to the conclusion that to serve the best interests of the stock- time.
and improvement at present ahead of the company
'
physical condition and financial stability of the com- involvesConstruction
holders, the excellent
a
problem, however, which can hardly be met by postpany and the present irgh standard of service now maintained, should be ponement, serious
although such a course has been considered. It is very likely
continued, even at the cost of a reduction in the rate of dividend. With the that a
considerable portion of the present earnings may have to be diverted
Improvements in general conditions now expected and foreshadowed, the from dividends
to this financing. In the event such a policy should be
return to a 6% basis may be confidently expected.
adopted, the common dividend would have to be suspended. A number
Previous Dividend Record (Per Cent).
of preferred stockholders have expressed the opinion that this policyshould
1901.
1902.
1903.
1904.
1914.
1900.
1905.
1906-13.
1899.
1898.
be pursued as a protection to their holdings. The last earnings report in44 .5
4
5% 6 yly.
4
3%
3
135
dicated that the common dividend was barely being earned and that little
On Aug. 20 1902 an extra dividend of $4 per share was paid from pro- or nothing was left for renewals and depreciation. Disbursements that do
old
power
house.
sale
of
the
-V.98, p. 757.
ceeds of
not allow for depreciation and renewals are at the expense of capital.
Business In the light and power departments is said to be showing very
Carolina Power & Light Co.-Earnings.satisfactory results. The reduction in earnings has been largely due to
(Including the Yadkin River Power Co. and Asheville Power & Light Co.)
Balance, railway operation where the low fare is a handicap.-V.99, p. 406, 48.
Net
Interest,
Gross
July 31
Surplus.
Expenses.
Earnings. Divs. &c.
Year- Earnings.
Eastern Railway & Lumber Co., Centralia, Wash.
$592,321
$46(;,863
$128,458
5
4,477
1913-14_41,226,798
498,282
425,349
72,933 Bonds.-The Luniberrnen's Trust Co., Portland, Ore., re542,326
1912-13_ 1.040,608
cently offered at par and int. a further amount of 1st M.6%
-v. 98, 13.
- 838.
Chicago Rock Island & Pacific RR.-Deposits-Plan
Expected Next Week.-The committee of the holders of collateral trust bonds of 2002, James N.Wallace, Chairman,announces by adv. on another page that there have been deposited (or agreed to be deposited) under the agreement of
Feb. 26 1914 substantially $18,000,000 bonds, and that approximately $7,000,000 bonds have been deposited in Holland
with a committee formed there and with which the Wallace
committee is in communication. See adv. on another page.
The trustee has declared the principal of the bonds to be
due and has brought an action, which is now pending, to
foreclose the trust agreement and for the sale of the pledged
stock. As it is impossible under existing conditions to carry
through a plan making adequate provision for the future financial needs of the Railway Company, the committee is
preparing, and expects next week to make public, a plan for
the purchase of the pledged stock at foreclosure sale, without dealing in any way with the financial requirements of the
Railway Company. The committee as of Sept. 17 says:
The trust agreement provides, in case of default,for a sale of the pledged
stock, and, in the absence of directions to the contrary. by 60% in amount
of the bonds [571.353.500 outstanding], that at any sale at public auction,
whether made by the trustee or in pursuance of judicial decree, the pledged
stock shall be sold in one block or parcel. No distribution of the pledged
stock to bondholders is possible except through purchase under foreclosure.
The committee desires to make It perfectly plain to the bondholders
that such a plan will require for its successful carrying out the concurrence of practically all the bondholders who•on the acquisition and distribution, pursuant to the plan, of the pledged stock, will, as stockholders,
be entitled to full voting rights and to take action as they may deem best
for future financing. [Committee: James N. Wallace, Chairman; James
Brown, Bernard M. Baruch, Henry Evans and Frederick Strauss, with
Joline, Larkin & Rathbone and Cravath & Henderson as counsel and
0. E. Sigler, Secretary, 54 Wall Street.
Denied.-Judge Mayer in U.S. District Court in this city
on Sept. 16 denied the motion made by A. Bell Malcomson,
attorney. for holders of collateral trust 4% bonds, for permission to intervene in the foreclosure suit brought on Sept. 4
last by the Central Trust Company as trustee.
It was requested that time be allowed to the individual bondholders for
the filing of a formal petition of intervenor in order to permit a sale of the
stock held as collateral by the trustee so it may be purchased by or apportioned pro rata to the bondholders. It was stated that if the deposited stock
Is sold in one block or parcel, no ordinary holders of the bonds will be able
to bid a sum sufficient to buy them in, and that, consequently, such an
order or decree would simply put in the hands of the parties who issued the
bonds the power to buy in the collateral at a sacrifice.
Circular.-N. L. Amster, 67 Milk St., Boston, in a preliminary circular urges the bondholders to unite with a view
to independent measures for protecting their interests.
serial bonds, dated Mar. 1 1914, being part of the present
issue of $120,000 due $10,000 semi-annually from Mar.1 1915
to Sept. 1 1920, both incl. Total issue, $250,000, of which
$120,000 is to be sold at present.
Resources as shown by balance sheet of July 1 1914 before completion
of present bond issue of $120,000: Timber and real estate, $853,222; real
estate in Centralia, $75,000; saw-mill plant, $239,948; logging railroad,
$165,000; logging machinery, 450,000; office, building and fixtures, $11,437;
mfg. stock, accounts, bills rec. and cash, $181,090; stocks and bonds,
49,700; total. $585.397. Deduct accts. and notes payable, $213,481; balance, net worth represented by capital stock and surplus, $1,371,916.
The entire $200,000 capital stock of the logging railroad, the Tacoma
Olympia & Chehalis Valley RR. Co.. is owned by Eastern Ry.5t Lumber
Co., and the transfer of the property to the latter company was to be accomplished as rapidly as possible in accordance with vote of shareholders
on May 20 1914. See further particulars in V. 99, P. 608, 201.
Elmira (N. Y.) Water, Light & Railroad Co.-Sale of
Bonds.-Bertron, Griscom & Co. have purchased and sold
$284,000 5-year 6% collateral trust bonds, secured by 3355,000 Consol. Mortgage 5s due 1956. The proceeds of this
issue and $85,000 of 1st 7% pref. stock (of the $425,000 below mentioned) will be used chiefly to pay off the $355,000
West Side RR. 1st 5s due Oct. 1 1914,
New Stock.-All stockholders of record Sept. 15 1914 are
offered the right to subscribe at par MOO a share) on or
before Sept. 24 at co.'s office, 61 Broadway, N. Y., for
$425,000 additional first pref. stock, to be issued Oct. 1.
While the first and second pref. shareholders have in the order named
a prior right to subscribe, the aggregate amount allotted to each class will
be so allotted that no suoscriber of that class will be deprived of at least
such a proportion thereof as the stock of that class held by him shall bear
to the total outstanding stock of that class.
Data from Official Circular Dated at N. Y., Sept. 17 1914.
The company has recently completed a new steam turbine station with a
present capacity of 10,500 k.w. and space for future installation of an equal
amount. To provide for part payment of the West Side RR. bonds due
Oct. 1 1914 and to reimburse the company for the balance due on the
power house and for general capital expenditures, the directors have
authorized the issue of this $425,000 7% cum.first pref. stock [additional to
4850,000 1st pref.. $1.000.000 2d 'pref. and 41.000,000 already outstanding].
Since the company has derived the benefit from the new powerhouse. which
began its operation in the spring of 1914. the increases in earnings have been
very marked and clearly indicate the results that can be confidently expected from this time on.
Earningsfor Year end. July 31 1914 and 4 Mos. end. July 31 1914 and 1913
1914-4 Mos.-1913. %Inc
1913-14.
Gross earnings
12.71
51,074.223 $363,651 $322,630
Net earnings after taxes
14.43
4434,504 $135,645 5118.541
Fixed charges (for year as of Oct.1) 250.000
84,589
89.008
Balance
First preferred dividend
Y$184,504
[not shown]
551,056
19,833
529,533
x19.833
72.88
Surplus
531,223
$9,700 221.65
x First pref. stock not outstanding but shown for purpose of comparison.
y Equal to 14% on 1st pref. outstanding and that now to be issued.
The circular emphasizes the importance of the railway co.'s system and
Absorption.-The up-State P.S.Comm.has auth.the West
its long record as a dividend payer. It describes the property as one of the
leading granger roads extending from St. Paul, Chicago. Memphis, &c.. Side RR.Co. to transfer all its property,rights
and franchises
to Denver and Pueblo and to the Gulf of Mexico, and also, via EfPaso and
connecting lines. to Mexico and the Pacific Coast. (See maps on pages 110 to the Elmira Water, Light & RR. Co. for the consideration
and 111 of "Ry. & Indus. Sec.") The company's export grain traffic, it of one dollar and the acceptance of the mortgage bonds
now
Is pointed out, is assuming large proportions, and increased business, it
Is thought, is promised by t'he excellent crop conditions in its territory, the existing on the property.
cessation of hostilities in Mexico and the opening of the Panama Canal.
The Elmira Water,Light & RR.Co.at present
all the capital stock
Mr. Amster claims that, as the result of large expenditures in recent of the West Side RR. Co. and holds the propertyowns
under lease.-V. 98. p.
years, both road and equipment were never in tretter condition, and says 1459, 1392; V. 99, p. 608.
requisite
now
is
a
material
number
of
increase
in
the
freight
chief
the
that
Erie RR.-Proposed New Mortgage.-The stockholders
cars. The July requirements, aggregating $20,000.000. for interest and
maturities were safely met, and the company, it is asserted, is in no im- will vote
on Oct. 13 on making a new Refunding and Imperative need of large sums of cash. (V. 98, p. 1536.)
816
THE CHRONICLE
(VOL.
Ice Ix.
J. R. Harrigan, General Manager of the company, is, it is reported, neprovement mortgage covering the railroad, properties, rights gotiating
with the Grand Island company for its passenger business from
St. Joseph south to Kansas City and from Southern points and Kansas City.
and franchises of the company.
The electric road is running limited cars, with only two stops between KanOption to Exchange Notes.—The company has authorized sas City and St. Joesph, and is planning to increase the service 4 cars each
day each way between the two cities. The electric line is 10 miles shorter
J. P. Morgan & Co. to offer to the holders of the company's than
any of the 5 steam roads and the fare is 20 cents cheaper than by steam
$4,550,000 5% notes maturing Oct. 1 1914 the privilege of and the
running time somewhat less. . The electric line reaches the Union
Joseph. Mr. Harrigan thinks that an opportunity exists
exchanging these notes at maturity for new 5% notes matur- Depot in St.traffic
previously handled by the steam roads. The electric
to
get
much
ing one year from date, the maturing notes to be taken at road, it is reported, carried 19,967 passengers
between Kansas City and
par and mt. and the new notes to be issued in exchange St. Joseph in July, against about 1,500 for the steam roads.—V. 99, p. 196.
The new notes will be limited in amount to the
at 97
Kansas City & Memphis Ry.—Deposits.—The "Phila.
$4,550,000 now outstanding, and will be secured by $7,000,- News Bureau" on Sept. 16 said: "Nearly all holders of the
000 1st M. bonds on essential parts of the through line of 1st M.6s of the Arkansas Oklahoma & Western RR. Co., on
the Erie System between Chicago and New York.
which semi-annual interest was defaulted July 1, have joined
Noteholders who accept the company's offer of exchange should forward
bondholders' protective committee and deposited
their notes to J. P. Morgan & Co. not later than Sept. 26, receiving in ex- with the
change temporary receipts for new notes of a par value equal to that of their bonds with the Real Estate Trust Co., the depositary.
the notes deposited. The new notes, together with $25 for each note The nominal time limit for depositing the bonds expired
deposited for exchange, will be ready for delivery on Oct. 1.
Digest of Letter from Pres. F. D. Underwood, New York,Sept. 15 1914. yesterday, but officers of the committee expect to receive the
The $7.000,000 bonds to be deposited as collateral for the new notes small outstanding remainder."
comprise 84,000,000 Erie & Jersey RR. Co. 1st M. 4% gold bonds and
$3,000,000 Genesee River RR. Co. 1st M.4% gold bonds.
The Erie & Jersey RR. Co. owns 38.6 miles of double-track railroad extending from Highland Mills to Graham, N. Y., on which it has outstanding $7.400.000 1st M. bonds, of which $4,000,000 are to be pledged as part
collateral to secure the new notes. The road was constructed in order to
handle heavy through business at a low cost. The road forms an indispensable part of our through line and without it the operating cost of the system would be substantially higher and the earnings considerably less.
The Genesee River RR. Co. owns 32.6 miles of railroad, extending from
Hunts to Cuba, N. Y., on which there are outstanding 86,000,000 1st M.
bonds, of which $3,000.000 are to be pledged as part collateral for these
notes. The Genesee River RR. was also built to avoid heavy grades on
the main line. Practically all the east and west-bound through rail freight
traffic of the Erie moves over this line.
The traffic density on the Erie & Jersey for 1913 was approximately
7.900,000 ton-miles and on the Genesee River line approximately 5,550,000
ton-miles, compared with an average of about 3.400,000 ton-miles for the
system as a whole. On the basis of 5.74 mills, the average ton-mile rate
for the Erie System, the gross earnings were on the Erie & Jersey about
845,000 per mile and on the Genesee River about 831,000 per mile, as contrasted with an average earning power of the Erie system of $26,342 per
mile. No operating accounts are kept for these two roads, since they are
operated as part of our through main line under agreements by which the
Erie. as part consideration, pays the Interest on the Erie & Jersey RR. Co.
and the Genesee River RR. Co. bonds. However, using the average
ton-mile rate and the average operating ratio of the Erie system as a basis,
the net earnings of each road suostantially exceeded the interest on its
bonded debt. As a matter of fact, each of the two roads operated on a
ratio materially lower than that for the entire Erie system.—V. 99. 14•
748, 406.
Erie & Jersey RR.—Bonds Pledged.—
In case the committee shall adopt a plan of reorganization or shall have
opportunity to sell the deposited bonds at a satisfactory price, notice
thereof must, within 30 days, be sent to the depositors, who shall thereupon
for 10 days have the option of withdrawing their bonds; but if not so withdrawing, they will be held to have assented. Withdrawal of the deposited
bonds, however, is conditioned upon the payment by the owner of his pro
rata share of the expenses of the committee (not to exceed 3% of the face
of his bonds) and such further sums as may have been borrowed thereon
and as may be necessary to obtain the cancellation of such pledge, the committee also not being responsible for the return of the bonds in case such
bonds shall have been sold by the pledgee. See V. 99. p. 467, 538. 608.
Kansas City Railways.—Officers.--Robert J. Dunham,
Vice-President of Armour & Co. has been elected President;
Ford Harvey of Kansas City has been made Vice-President
and E. E. Ball of Kansas City Secretary and Treasurer.
While thg new company has been organized under the terms of the recent
franchise ordinance (V. 98, p. 1845; V. 99, p. 196). the completion of the
reorganization remains in abeyance pending a final settlement as to the
valuation of the properties and the return of more favorable monetary conditions. The plan, it is understood, will at the proper time be brought
out by the committee of holders of Kansas City Railway & Light Co.
6% notes (V. 99, P. 609; V. 95, p. 618), John B. Dennis, of Blair & Co.,
Chairman, with the co-operation of interests representing the bondholders,
and probably assisted by Lee, Higginson & Co. and Kidder, Peabody & Co.
Good progress, it is said, has been made with the formulating of the plan.
though its terms are still under consideration. Within the next month
a statement bearing on the situation will, it is expected, be sent to the
holders of the 6% notes. The terms of the franchise (V. 99, p. 196) in
effect require the refunding of the existing funded debt on the railways.
Valuation of Lighting Property.—The following figures are
Fitchburg RR.—New Bonds.—The shareholders will pronounced correct in accordance with the published report
be asked to vote on Sept. 30 on authorizing an issue of expert P. J. Kealy:
of $2,550,000 bonds to reimburse the Boston & Maine for
The valuation of the Kansas City Electric Light Co., one of the subsidithe fair market value of
aries of Kansas City Railway & Light Co.. shows$9,000,000,
about $1,180,000 expended last year on Fitchburg better- the
and that 8%
property,exclusive of franchise values, to be
the company is not
ments and to provide for refunding $1,359,000 20-year 4% would
be a fir return on this investment, inasmuch as cost
of
Estimated
reproduction
a monopoly and is exposed to competition.
bonds due March 1 1915.—V. 98, p. 1392.
business, 31,056.738;
of physical property. $7.265,271; cost of attaching
$8,84'7,922.
Actual
investtotal,
8525,913;
expenses,
-development
(Tex.)
Galveston
Wharf Co.—Dividend Omitted.—The plant
total, $9.322,621.
ment in property, $7.471,130; accrued loss, $1,851,491;
directors have decided to omit the dividend on the $2,626,600 so
that the fair market value, exclusive of franchises, is placed at $9.stock. The city owns $660,000 of the stock. For the years 000.000.—V. 99, p. 269, 196.
ending June 30 1910 to 1913 53.%, it is reported, was paid
Kansas City Railway & Light.—Reorganization.—
yearly and in the preceding year 4%%.—V. 95, p. 483.
See Kansas City Railways above.—V• 99. 14• 609. 342•
Lake Shore & Michigan Southern Ry.—Refunding
Genesee River RR.—Bonds Pledged.—
See Erie RR. above.—V. 84, p. 1366.
Notes.—An English financial authority says:
Sept. 6 1914 may be presented for
The (£420,000) sterling notes due
Grand Trunk Ry. of Canada.—Dividends.—The com- payment
Co., 22 Old Broad St., E. C.,
at the off ces of Morgan, Grenfell &due
Sept. 5 1915, plus 644%,
notes
sterling
pany recently declared the usual full semi-annual dividend or
new
for
exchanged
be
may
payable
in advance—Ed.]. The
year
one
in cash ins interest for
of 2% on the 4% guaranteed stock, payable Oct. 1. No payable
notes rrovidc for nayment at maturity in sterling in London or at
new
distributions have, however, been declared on the first and optign of the holder in U. S. currency in New York, at $4 90 to tl. Thug,
renew their notes will receive in exchange for each existing
second preference stocks as in previous years at this time holders wishingatonew
note for like amount payable Sept. 5 1915, in sterling
note of £1,000
out of earnings for the 6 months ending June 30.
of holder $4.900 in New York funds), together with
option
in London (or at
See Erie RR. above.—V. 84, p. 1366.
The directors announced that, in pursuance of the Dominion Act passed
some time since, the accounts of the company will in future be made up to
Dec.31 of each year instead of half-yearly as heretofore. The Act empowers
the directors to declare an interim dividend for the first half of the year,
following the practice of other roads, and the full half-year's dividend has
accordingly been declared on the 4% guaranteed stock.—V. 99, p• 406, 48.
of the notes, it is said,
an immediate cash payment of r65. [About 75%
were thus refunded:I—Compare V. 99, 0.748. 674.
Maine Central RR.—Report.—See "Annual Reports".
Directors.—William Skinner, who had "interlocked" from
New Haven board, has retired as a director of the cornHocking Valley RR.—Dividend Not Declared.—No divi- the
pany.—V. 99, p. 609, 197.
dend has been declared on the $11,000,000 stock, although
Metropolitan St. Ry. of Kansas City.—Reorganization,
the quarterly dividend usually paid on Sept. 30 would norSee Kansas City Railways above.—V. 97. p. 729.
mally have been announced several weeks since. From
Minneapolis St. Paul & Sault Ste. Marie RR.—AuthorSept. 1913 to June 1914 2% quarterly was paid.
ized.—The stockholders on Sept. 15 ratified the proposed inPrevious Dividend Record (Per Cent).
1914.
crease in the authorized stock from $42,000,000 to $63,000,1901. 190210 1906. 1907. 190810 1910. 1911. 1912. 1913.
7
744
12 2, 2,
3%
4 yearly
3 yearly
134
000, consisting of $42,000,000 common and $21,000,000
In June 1913 an extra disbursement of 434% was paid to make an averpreferred stock (V. 98,p. 1993).
age of 7% from Jan. 1910.—V. 99, p. 674, 467.
New Director.-0. C. Wyman, President of Wyman,
Holyoke (Mass.) Street Ry.—New President.—
Louis D. Pellisier, formerly V.-Pres. & Gen. Mgr.. has been elected Partridge & Co., Minneapolis, has been elected a director to
1840.
Loomis,
deceased.—V.
96,
p.
President to succeed Wm. S.
succeed the late C. H. Petit.
Houghton(Mich.) County Traction Co.—No Common
Earnings for Fiscal Year ending June 30.—
Dividend.—The directors have decided to omit the semiMinneapolis St. Paul & Sault Ste. Marie Ry.
Gross
Oper.
Net
lainf
s.
e
Income.Other
ci, foBrap
T
C
ahrges
annual dividend on the $750,000 common stock usually paid June 30. Income.
Expenses. Earns.
e.
on Oct. 1. From April 1910 to April 1914 2% was paid Year.
1913-14_18,71/7,689 12,209.228 6,508,461 1.083
3,502
S,244 4,731,203 2.853
semi-annually and in Oct. 1909, 2%.—V. 94, p. 1763.
1912-13_21.410,672 12,096,215 9,314.457 871,051 4.658,093 5.527,415
Hudson & Manhattan RR.—Authorized.—The N. J.
Wisconsin Central Railway.
7.145.031 3.443,502
46,709 2.972,515 517,696
Board of P. U. Commissioners has authorized the company 1913-14_10.588,533
_10.893.990 7.208.299 3,685,691
49,039 2,641,380 1,093,350
to issue $202,500 first lien and refunding M. bonds previ- 1912-13_
Dividends on Minneapolis St. Paul & Sault Ste. Marie pref. stock (7%)
99,
(V.
call for 8882,238 yearly and 7% on common stock for 81,764,476, leaving a
ously authorized by the N. Y. P. S. Commission
balance, surplus. of 8206.788 in 1913-14, against 32,880,701 In 1912-13.
p. 406).—V. 99, p. 674, 406.
—V. 98, p. 1993.
Idaho Railway, Light & Power Co.—Payment.—The
National Railways of Mexico.—Attitude of Mexican
company or interests affiliated with the company on Aug. 1, Government.—Press reports from Mexico within the past
installfirst
the
behalf
of
its
payment
on
it is reported, made
fortnight have caused some uneasiness regarding the position
ment of $100,000 due under the contract for the purchase of likely to be assumed by the new Carranza Government re73.
p.
98,
Co.—V.
Light
Power
&
the stock of the Idaho
specting the railroads in that country. This week there was
Kansas City Clay County & St. Joseph (Electric) Ry. a rumor that the National Railways of Mexico, in which the
—Operations.—Owing to the competition of thee ompany,the Government owns a 52% interest in the stock, had been
St. Joseph & Grand Island Railway on Sept. 1 discontinued taken over bodily by the Constitutionalists and renamed
freight service between St. Joseph and Kansas City, having the Constitutionalist Railways of Mexico. The following
previously given up its passenger business between the denial of this report was published yesterday as having been
two cities.
given out at Washington "by a person who enjoys the full
The St. Joseph & Grand Island Ry. had been using the tracks of the Santa confidence of General Carranza, particularly with questions
Paul
St.
&
Pe,Quincy,Omaha & Kansas City and the Chicago Milwaukee
railroads between the two cities, and those contracts have been terminated. regarding the Mexican National Railways":
SEPT
19 1914.1
THE CHRONICLE
The statement published this morning that the National Railways of
Mexico had been confiscated by toe Carranza Government is absolutely
false in every respect and is calculated to mislead the public in respect
to the policy of that Government.
The truth of the matter is that the Mexican Government owns about
52% of the controlling interest in the Railways, a corporation charered
by the Mexican Government. With its majority interest the Government
has the right, in accordance with the by-laws, to remove the directors
and officials of the company and to dictate its policy.
The roads have long been in the hands of the Cientificos, who have mismanaged the property, and when Gen. Carranza took over the reins of
government he decided that it would be wise to remove from office these
employees of the old regime and to substitute those of his own choice.
Having made these appointments, the new officials a few days ago took
possession of the offices of the National Railways and proceeded to operate
the lines in keeping with what was believed to be for the best interests
of all concerned.
While the roads have for a long time been used for military purposes in
connection with ordinary traffic, there has been no confiscation whatsoever, and it is the purpose of the new Government to restore the property
to the corporation after the annual meeting of the shareholders, which takes
place on Oct. 7 next, at which time a new board of directors will be named.
It is the aim of Gen. Carranza to provide a management which will give
will con'confidence to the security holders and the bankers, and which Hereafter
centrate its efforts for the payment of outstanding liabilities.
the railway will be operated for the benefit of the shareholders and not for
the personal benefit of the group that has so long controlled its destinies.
81
This zone requires yearly about 200,000,000 kilowatt hours of electricity.
It is planned to use the New York Edison currant for the New York end
of the zone and the company's Cos Cob station power between Port Chester and Stamford. The company has spent about $16.000,000 on electrification, but this includes credits that will reduce the primary investment
greatly, it says.
Valuation—Economies.—It was reported to the board that
the Inter-State Commerce Commission hoped to begin the
valuation work of the road on April 1 next. The company
has the data ready and preparations made so that the Commission will be able to proceed promptly with the work.
No protests have. it is stated, been received from the public against the
reduced passenger-train service. The train mileage has been cut down
7,500 miles a day since Jan. 1 last. After the meeting of the directors on
Thursday, President Elliott announced, among other things, that a repon
was presented outlining the further efforts that are being made by the management to overcome the decreases in current gross earnings. rt is understood that these efforts have to do with plans for a further reduction in
passenger-train mileage in connection with the autumn schedules, which will
De out shortly.—V. 99, p. 675, 604.
Pacific Gas & Electric Co.—Authorized.—The Cal. RR.
Commission on Sept. 10 authorized the company to issue
$1,000,000 general and refunding mortgage bonds.
Press dispatches also recently reported that the CarThe company purposes to pledge the bonds to secure its sureties on two
which it must file in the Federal Court in connection with suits
ranza Government had thought of declining to recog- bonds
brought
to enjoin the enforcement of the gas and electric rates fixed by the
secure
pledged
to
nize the Mexican Govt. bonds that were
Board of Supervisors of San Francisco for the year ended June 30 last.—
the notes given by the National Railways of Mexico in pay- V. 99, p. 609. 538.
ment of certain of its Jan. 1914 and subsequent coupons.
Pere Marquette Ry.—Resignation.—Frank W. Blair has
A special cable dispatch to the New York "Sun" dated at tendered to Judge Tuttle of the U. S. District Court his
said:
Sept.
16
Mexico City
resignation as one of the receivers, owing to pressure of other
A commission offive members of the old board,including Senores Cabrera
and Pani, is studying a way of arranging the payment of interest and other business.—V. 99, p. 539, 467.
indebtedness, amounting to several millions of pesos. This interest was
Philadelphia Rapid Transit Co.—Bonds Out.—
paid on Jan. 1 and April 1 by an issuance of the company's promissory
notes guaranteed by [I e., secured by pledge of] the Huerta Government's
bonds for a foreign loan of two hundred million pesos. The Constitutionalists, however, do not recognize these bonds, and therefore the company
must arrange a new mode of satisfying the creditors. It must also arrange
to pay the interest, amounting to over $1,000,000, that is due on Oct. 1."
It is expected that both foreign and American banking
houses will appeal to the authorities at Washington in the
interest of the bondholders.—V. 99, p. 675, 674.
New York New Haven & Hartford RR.—Official Statement.—The following comments accompany the statement of
July earnings which is given on another page:
The increase in net income, $76,061, on the New Haven, was duo to
careful work in curtailing and eliminating non-remunerative trains, there
being a reduction of 216,242 miles run by trains during the month as compared with July 1913. Under the head of transportation expenses there
was a saving in fuel of 875,296. The total saving in expenses was all in
transportation, general and miscellaneous expenses, maintenance expenses
being $19,193 more than last year. [By "net income is meant the amount
which, after meeting operating expenses and fixed charges,remains available
for payment of floating debt, additions, linprovements, &c.—Ed.]
"The results on the Central New England are less satisfactory because of
an increase in maintenance expenses of $42,091 and in transportation,
traffic and general expenses of 820,275. There are also 26.89 miles more
road operated than a year ago, and maintenance work is further advanced;
In addition heavy repairs are being made to the Poughkeepsie bridge.
Transportation expenses increased chiefly because of the inclusion in July
accounts of certain readjustments under the arbitration of trainmen's pay
taking up the difference in past months, and because of an increase of
23,572 train miles on account of greater road mileage operated.
The New Yoti Ontario tf: Western results are practically the same as last
year, the decrease in gross being met by a like decrease in expenses.
The Steamer Lines suffered in gross because of weather conditions in July
that did not attract the usual travel to the water lines. There is not the
same opportunity to reduce expenses on the boat lines that there is on the
rail lines by reducing service, although every effort was made to curtail in
every way consistent with safety. It is gratifying to know that the Government inspector reports as follows: "From my personal examination 1 am
of the opinion that this entire fleet of vessels is as well, if not better, equipped than the general run of vessels of their class. Wooden construction
must always be considered a dangerous combustible on shipboard. It is,
however,a serious danger only when discipline becomes lax. The consensus
of opinion of naval architects is that this type of construction is the only
serviceable one on these night lines, and, this being a fact, danger is at a
minimum with constructions similar to that incorporated in the steamships
Commonwealth and Plymouth of this line, viz.: thermostats, sprinkler
systems and fire-walls, with the fire retardent carried out even in a more
general way, and with cargo spaces properly sheathed with non-combustible
material. This office is, therefore, of the opinion, in view of the nature
of the safeguards placed upon these vessels and the excellent discipline that
prevails, that danger from fire is a minimum, and that a menace to the lives
of the patrons of these lines does not exist."
The oxpenses on the New Bedford Martha's Vineyard & Nantucket line
show an increase because in the interest of good service one more boat was
run this year than last, and there were also heavier repairs. An interesting
incident in New England comnierce is the discovery of a very large deposit
of clams between Martha's Vineyard and Nantucket. These are being
moved in large quantities, principally to the New York market, and the
deposit appears to be large enough to last for several years at least.
in common with all transportation companies, the revenues of the
electric roads owned by the New Haven show decreases during this summer,
partly because of lass desirable weather for the seaside resorts, which reduced the volume of pleasure travel. There was also an increase in the
cost or operating all of the electric roads, due to heavy charges for maintenance of way, occasioned by large improvements undertaken by all
municipalities in the territory served by these lines for permanent pavements, requiring renewal of rails and contribution to such permanent
pavement on the part of the traction companies. In all cases the cost of
conducting transportation shows satisfactory decreases.
The New York Tfestch,,ster & Boston deficit (not counting the interest
on its bonds and notes) was reduced from $21.678 to 811,175. and the
business of this company is showing a steady increase, with every indication
that during this fiscal year It will earn its expenses and taxes.
The earnings of the Housatonic Power Co. decreased in July 1914 because
of a reduction in the amount of power sold to the trolley companies. The
expenses increased because of heavy charges for maintenance, due to the
reconstruction of one of the distribution lines. Compare V. 99, p. 604.—
V. 99, p. 675.
Electric Operation.—The directors on Sept. 18 authorized
the officers to take power from the New York Edison Co,
which, with the power now obtained from the New York
Central and the Cos Cob power plant, will increase the
amount of trains to be handled electrically between New
York and New Haven from 37% to 70%. To have 100%
operation will require the purchase of additional electrical
equipment and the purchase of additional power in the eastern
section of the present electric zone between New York and
New Haven. This cannot be undertaken under present
financial conditions.
Although track and overhead work has been intact for some time, the
company has been able to run by electricity only 36 trains a day in and out
of New Haven. This, it is indicated, was not due to any lack of electrical
capacity at Cos Cob station, but to the fact that the local water company,
which supplies the station, found it necessary to reduce the amount supplied to the boilers of the station. With the full supply of water expected
Oct. 1, the output will be doubled.
See Union Traction Co.. Philadelphia, below.—V. 99, p. 266.
Quebec Railway, Light, Heat & Power Co.—
A statement dated at the Montreal office of the "Monetary Times"
on Sept.9says: -Theshareholders will be pleased to hear that matters have
not been growing any worse with the company since the present exceptional
conditions developed. While the breaking out of the war has affected
earnings in the majority of cases in an adverse sense, it seems not unlikely
that the opposite will be the effect in the case of the Quebec Ry. Lt. Ht. &
Power Co. The Valcartier Camp is within a short distance of Quebec,
and as 20,000 to 25,000 troops are in camp, the earnings of the company
will be augmented, both through the larger number of passengers carried
In Quebec, and through the company's,contracts both for lighting and
pumping water for the camp. Moreover Quebec will not be as much affected from the falling off in industrial activity as many other Canadian
cities. becuase of the fact that it never has been a great industrial centre.'
—v.99. p. 748.
Rapid Transit in New York City.—Contracts.—
The P. S. Commission on Sept. 15 authorized the advertising for bids
for the construction of Section No. 1 of Route No. 48, the Park Place.
William and Clark St. subway, to be operated by the Interborough Rapid
Transit Co. The line diverges from the Seventh Ave. subway In West
Broadway between Park Place and Murray St. and extends from a point
under Park Place 117 feet east of West Broadway and under Park Place,
the U. S. Post Office Bldg. and Beekman St. to a point about 62 feet west
of William St.
Bids were opened for the construction of Section 2 of Route 48, the
William St. part of the Park Place, William and Clark Sts. subway, to
be operated by the Interborough Company. This involves the underpinning of many important downtown skyscrapers and the running of a 2-track
line through an unusually narrow street. According to the unofficial figures, the lowest bidder was Smith, Hauser & McIsaac, Inc., at $2.254.860. The award may be made next Tuesday.
The Brooklyn Rapid Transit Co. has let a contract to the Empire Construction Co., the lowest bidder, for 8115,988 for the installation of the
tracks and line equipment of the Liberty Ave. extension and elevated connection between the Lutheran Cemetery line and the Myrtle Ave. elevated
railroad.
The fifth and last section of the tunnel under the Harlem River. 200 ft.
long, which is to be a part of the Lexington Ave.subway, was sunk by the
contractors on Sept. 16. The tunnel is being built in a way similar to the
Michigan Central tunnel under the Detroit River. This section is the one
nearest to the mainland of Manhattan. The other four sections are 220 ft.
long. The sections are constructed on dry land, each having four tubes.
and bulkheads are then put in at the end of the tubes and the whole structure is floated into the river by its own buoyancy. Water is then let into
the tubes, which are gradually sunk into place, two large floats being used
to support the tubes as they are being lowered. After being put Into place
the bulkheads are knocked out and the Interior lined with cement, but
before that a heavy bed of cement is put around the outside of the entire
section. The contract for the section of the subway including the tunnel
was awarded in July 1912. 40 months being allowed for the completion
of the work.—Y. 99. p. 749. 675.
Rates.—Re-opening Asked of Application for Increase in
Official Classification Territory.—See article in editorial
columns on a previous page.—V. 99, p. 675, 539.
Rock Island Company.—Reorganization Measures.—
See Chicago Rock Island & Pacific RR. above.—V. 99, p. 271.
Rutland RR.—Application.—The P. S. Commission has
authorized the issuance of $266,000 certificates under the
Rutland R.equipment trust of 1913, which was approved
by the Commission last year.
These certificates are to be sold at not less than 92. to net not less than
$244,720. The proceeds will be used to purchase 9 first-class passenger
coaches, 2 second-class coaches for smokers. 3 combination mail and
smoking cars, 3 straight baggage cars, one mail car, 8 milk cars and one
switching locomotive.—V. 98. n. 1388.
St. Joseph & Grand Island Ry.—Service Discontinued.—
See Kan. City Clay Co.& St. Joseph (Elec.) Ry. above.—V.98, p. 1994.
St. Louis Iron Mountain & Southern Ry.—Ratified.—
The stockholders on Sept. 8 authorized the joint guaranty of
bonds of the Trans-Mississippi Terminal Co. with Texas &
Pacific Co. and other proposals mentioned under caption of
Texas & Pacific Ry. V. 99, p. 50.—V. 99, p. 675, 121.
St. Louis Southwestern Ry.—Arbitration.—TheliFederal Board of Mediation on Sept. 16 accepted the proposal
of the directors to act in the matter of the dispute with the
engineers, firemen, brakemen and conductors who recently •
voted to strike because of the dismissal of a conductor on
May 16 1913 on the charge of intoxication.
• Judge Kinsey in the Circuit Court at St. Louis on Sept. 16, on anplication
of five conductors, issued a temporary restraining order enjoining the
strike committee, composed of five vice-presidents of railway employees
unions, from carrying into execution an ultimatum given to the company
a few hours earlier. The committee representing the confederated board of
employees notified the company that a sufficient number of the employees
voted to strike to make it effective.—V. 99. p. 463. 122.
Salt Lake & Utah (Electric) RR.—Opening.—The
mal opening of the road between Salt Lake City and Pro
818
THE CHRONICLE
[VOL.
Utah, 483/i miles, took place the last week of August, al-.
though trains were placed in operation between the two
cities on July 24.
It is proposed to have 820,000,000 of the issue in British pounds
sterling,
and the remainder in dollars. The company has,
it is reported, from
875.000,000 to 885,000,000 cash on hand, chiefly as the result
of the sale
of Southern Pacific Co. stock.—V. 99, p. 749, 675.
The road will be extended southward from Provo to Payson, Utah, 20
miles. Connections are made at Salt Lake City with the Salt Lake &
Ogden RR., thus giving electric service from Provo to Brigham City,
Utah, a distance of almost 100 miles. A joint terminal building will be
erected at Salt Lake City. Compare V. 99, p. 468.
Union Traction Co., Philadelphia.—Bonds.—The report presented by President Jeremiah J. Sullivan at the
annual meeting Sept. 16 says in part:
San Antonio Uvalde & Gulf Ry.—Receivers' Certificates.
The receivers recently applied for permission to issue $100,000
receiver's certificates.
Although track has been laid between Odem and Corpus Christi, Tex.,the
road has not been ballasted. and it is for this purpose that the issue is
proposed.—V. 99, p. 468. 408.
On June 1 your board granted this company's consent to the
immediate
certification and issue of $2,000,000 more of the bonds secured
by the deed
of trust of Mar. 1 1912 made by and between the Phila.
Transit
Co., the Union Traction Co. and the Commercial Trust Co., Rapid
trustee. This
makes a total of $8,000,000 of bonds issued under this deed of
During the year the Rapid Transit Co. has largely added to the trust.
stock
used in the street railway system, as well as to the equipmentrolling
for
furnishpower.—V.
ing motive
98, p. 1921.
United Railroads of San
San Francisco-Oakland Terminal Railways.—New The Cal. RR. Commission has Francisco.—Earnings,
under consideration the appliPresident.—George K. Weeks, manager of the San Francisco cation of the company to pay the semi-annual
dividend on
branch of N. W. Halsey & Co., has been elected President, the $5,000,0007% cum.1st pref. stock usually paid
on Aug.1.
succeeding William A. Bissel. This leaves the control of the
Earnings.—For years ending June 30:
property in the hands of bankers who hold the $2,500,000 June 30
Gross
Net
Other Fixed Chas., Bal.for.
Earnings. Income. Rents.,&c, Divs., &c
Earnings.
Year—
Oakland Railways Co.6s of 1912, originally due in June 1913,
88.506.725 $3,280.188 $180,907 82,561.790 8899.305
but extended to Sept. 14, and further extension of which,it is 1913-14
3,427,019
8,586,048
236,857
2,625,818 1,038.058
19Dividends on the 1st pref. stock call for $350.000 yearly. As stated
reported, has been refused. Compare V. 99, p. 749, 50.
above, however,the payment for the half-year ending June 30 1914 (calling
for 8175,000), due Aug. 1, has not yet been declared.—V. 99. p. 676. 408.
Sherbrooke (Que.) Ry. & Power Co.—Earnings.-Net
Bond
Other Written
Office,
June 30. Total
Balance,
Other—Eairnnt.
Co.—Earns.—Year
s,
eapreend.
Virginia Ry. & Power Co.
p d..Juneia3nO
Int.
Int.
Off. &c.,Exp. Surplus. June 30— Gross,
Year— Income. Revenue.
.Taxes,
Balance,
1913-14_8141,990 854,021 848,265 $2,642 $1,478 $3,695 def.$2,059
&c.
Year— Earnings. Earnings. Income.
alien.
927
758 3.094
1912-13_ 126.646 51,928 46.274
sur.875
Total profit and loss surplus June 30 1914, 81.157.—V. 97, p. 1824.
Surplus.
1913-14_45,156,048 82,690,140 $80,910 81.615,460 8100,000 81,055,590
1912-13__ 4,864.107 2,547.119 86,704 1,500,502 100.000 1,033,321
—v. 99, P. 540.
Southern Railway.—Annual Meeting.—Touching the
Washington Water Power Co.—Dividend Reduced.—A
annual meeting of stockholders to be held in Richmond on
4% has been declared on the $14,Oct. 13, President Fairfax Harrison in a circular letter says: quarterly dividend of 13
An effort will be made to make of this meeting more than the conventional 081,900 stock, payable Oct. 1 to holders of record Sept. 12,
routine, and the co-operation of the stockholders is necessary to that end. comparing with 2% from April 1911 to July 1914, inclusive.
The Principal officers will be in attendance to answer questions directed to
Previous Dividend Record (Per Cent).
the management or to any detail of its business, and the report a opera- 1900. 1901. 1902. 1903-04. 1905 to 1910. 17
91
m1. 8
19123.
tions during the past year will be before stockholders for discussion. [The
voting trust having expired, the Individual shareholders will now for the
first time be entitled to vote at this meeting.[—V. 99. p. 749, 610.
Texas & Pacific Ry.—Report.—The report for the fiscal
year ending June 30 last will, it is stated, be ready in a week
or ten days. The figures showing the general results of operation were given in the "Chronicle" of Aug.15 last, on page
463.—V. 99, p. 463, 408.
Tidewater Southern (Electric) Ry. (of Calif.).—Bonds
Offered.—L. N. Rosenbaum, 80 Wall St., is offering at 85
and int, the unsold portion of $750,000 1st M. 30-year 5%
sinking fund gold bonds dated 1912 and due April 15 1942,
but red. at any int. date at 103 and interest.
The road is projected from Stockton via Ceres, Merced, &c.. to Fresno,
with branches; total system, 227 miles, of which in May 1914 33 miles,from
Stockton to Atlanta, Escalon and Modesto, were completed and in operation. Has 10-year contract with Sierra-San Francisco Power Co. for electricity. Capital stock auth. 85,000,000; outstanding May 1 1914, 85,000.000: 1st M.bonds auth..i4,000,000; outstanding May 11914,8271,000.
The initial 8750,000 bonds are to be used to complete and equip. the 50
miles of road from Stockton to Turlock. Revenue for April 1914. gross,
89,079; net for interest, &c., $3.785. Pres., Byron A. Beare°, Stockton.
V.97, p. 1505.
Toledo (0.) Railways & Light Co.—Schreiber Ordinance
Held Illegal.—Judge Killits in the U. S. District Court on
Sept. 12 held that the Schreiber ordinance providing for
3-cent fares which went into effect on March 27 last is unfair
and confiscatory, and granted a temporary injunction restraining its enforcement. The temporary schedule, which
was agreed upon with the former administration, was put
into operation on Sept. 15, when the injunction went into
effect, and will remain in force for the present, pending further franchise negotiations, viz., 3 cents from 5:30 to 7:30
a. m. and 4:30 to 6:30 p. m., with six tickets for 25 cents at
other hours.
5
. 6 yearly
p. 109
—V.
3 98,4
7 yearly
yearly 2. 21
.
92
1,
41 U
INDUSTRIAL, GAS AND MISCELLANEOUS.
Alabama Traction, Light & Power Co., Ltd.—Interest
Payment Deferred.—The company announced in London on
or about Aug.31 that, prior to the outbreak of hostilities in
Europe,followed by the closure of stock exchanges and declaration of moratoriums in various financial centres, arrangements had been made for the payment of interest which fell
due Sept. 1 on the 1st M.5% bonds [of which $10,914,000 is
said to be outstanding. Under the existing conditions
these arangements cannot be carried out, and the board,
therefore, finds itself obliged to defer this interest payment.
The company now has its hydro-electric plant in reguar operation, and
the directors confidently believed that the power contracts already'obtained,
will be sufficient in conjunction with the earnings from the public utility
enterprises to take care of both bond interest and operating expenses, although only about half the generating capacity is yet sold. Some weeks
will be required for several of these contracts to become fully productive,
and further expenditures are necessary to carry the distribution circuits to
the consumers premises in some instances. Consequently the board feels
that the funds on hand should be reserved for this purpose,and it is believed
that they will be adequate. The board feels warranted in assuring the
bondholders that the step now taken Is only temporary, and is dictated by
the necessity for most carefully conserving its cash resources in such abnormal times. As soon as the general situation permits the formation of definite plans for the payment of the interest now deferred, the bondholders will
statement
ment reports: "The transmission line from the big
Yn
al s
ottaified
be[A
lmin
n unofficial
hydro-electric plant at Lock 12 on the Coosa River to Tuscaloosa is being
pushed to completion as rapidly as possible and all plans are being carried
out as outlined some time ago. The transmission line to Leeds is practically
finished and construction work at the new power-station at Lock 12 has
been completed. The Birmingham Railway, Light & Power Co. is taking
a partial load for its properties and will increase this as soon as machinery
for the transforming plant is all in place, the delivery of this having been
held up by the strike last summer at the
plant.") Compare
V. 99. p. 340.
Algoma Steel Corporation.—Status.—
See Lake Superior Corp. under "Annual Reports" above.—V.98,a. 764.
Extract from Opinion of Judge Killits.
The city solicotor, after struggling against the inevitable as long as
American Express Co.—Dividend Reduced.—
possible, finally, and commendably, confessed that it was impossible either
A semi-annual dividend of 1% has been declared, out of earnings
to get any other evidence than that before the Court or to draw any con- operations,
on the 180,000 shares, payable Oct. 1 to holders of from
clusion from the testimony, which he could not dispute, than that the
record
% in April last. On July 1
Sept. 19, comparing with
rate of 3 cents, the company's revenue, would do more than barely pay from
13% was paid
investment
and in Jan. 2%. The payments
running expenses.leaving nothing for a return upon the investment. There year ending June income
for the fiscal
30 1914 aggregate 8%, against the
12%
are some lines in the city on which a fare under 3 cents would pay operating each from investments
and earnings, paid quarterly) in annual rate 3%
expenses; there are lines on which 6 cents and even 7 cents would not pay
effect fro
1906 to Oct. 1913. inclusive. The company owns $5,132,
expenses•
n40
80sN
, N.
penV
dein
dN.crtn*
RR.
Hartford
stock,
on which distributions have been
&
revenue
does
whose
not
meet
line
one-third
of
its
expenses,
one
is
There
•
Fr•
45,000
the
shares
of
1913
July
Wells,
Fargo & Co. stock owned (on
and others whose returns are but one-half to two-thirds of their outlays. the company had been receiving
.
which
10% annually) were distributed
Averaging all the lines together, if the public insists upon the present dividend. Compare V.
as a257
97,
p.
sums
in
simple
1665,
arithmetic
can
capable
of
doing
see
that
1428,
routing, any man
178.—V. 98. p. 1921.
°
an average rate of 3 cents is too low. It is demonstrated from the record
American Locomotive Co.—See "Annual
that if every person who has ridden on the cars since March 27 last, whether
Reports."
New
3
cents,
the
income
of
the
company
would
Directors.—S. L. Sehoonmaker and A. W. Mellon
he had paid or not, had paid
barely have paid its expenses, and the months since March are the months have been elected directors to succeed
Pliny Fisk, of Harvey
of a year when traffic is the heaviest and expenses the lightest.
Fisk
&
Co.
(who resigned on account of the pressure
[President Coates in an affidavit stated that from April 1 to Aug.1 1914
of other
and
$606,435
42
the
actual
receipts
expenses
were
$471.operating
duties),
the
and James MeNaughton, who also resigned.
had been the same as during the same period
Mr.
797 79, and that if the fare
receipts from pay passengers would have been Schoonmaker was made Chairman of the Board, a new posiof 1913, the estimatedestimate
on a 6% increase of the number of passen- tion. Mr. McNaughton
8663,498. Basing the
remains
Vice-President.—V. 99,
1 and Aug. 1 1913. at the average income of p. 676,
gers carried between April
271.
company should, it is stated, have
3.9334 cents per pay passenger, the
during the period named.
carried 16,868,314 Pa3' passengers
American
Malting
Co.,
N. Y.—Plan to Extend $2,402,000
carried was not used in the computation.
The actual number of passengersonly
Existing 1st M. 6s Till June 1 1917, Holders
rode because the riding was free.
owing to the fact that thousands
to Receive $40
carried, it Is said, 7,968,735 free per Bond for
From April 1 to Aug. 1 the company
Assenting.
--Holders of the $2,402,000 6% gold
has continued since.
Passengers, and the same proportionCourt's
bonds
are
remarks
has
ordered
to
been
requested
to present their bonds prior to Sept. 30
A labor leader who criticised the
contempt.]
1914 to the Guaranty Trust Co., 140 Broadway,
show cause why he should not be adjudged guilty of
N. Y. to
Mayor Carl H. Keller issued a proclamation as follows:
holding that the Schreiber
"In view of the decision of Judge Mints, faith, and because the time
ordinance is confiscatory and not passed in gooddecision
and the date of its
Intervening between the handing down of the
day-to-day agreement
taking effect being too brief to enter into any definite
the time being to
for
Toledo
with the company, I request the people of 27 last, which is 3 cents from
to March
Pay the rate of fare prevailing
six tickets for
and
m.,
p.
6:30
in.
to
:30 p.
5:30 a. m. to 7:30 a. m. an
fare. Compare V.
25 cents during the balance of the day, or 5 cents cash
99, p. 540. 408.
Union Pacific RR.—New Bonds.—None of the additional
first lien bonds, to issue which authority has been asked,
is, it is said, to be sold at present, the issue being made
merely to cover general expenditures from 1910 and improvements in hand, so as to place the company in a position to
dispose of the bonds when desired.
be stamped as assenting to an agreement to extend the
same to June 11917, under the existing mortgage
modified
by the agreement of extension, which providesas(1)
That
upon presentation of the bonds at the trust
company for
stamping the holder shall receive a due-bill for $40 on each
$1,000 lbond, which bill shall become payable on declaration that the agreement is operative. (2) That the
netquick assets in excess of current liabilities shall not,
during the period of such extension, fall below $3,000,000.
(3) In lieu of present sinking fund there shall be paid to the
Trust Co. on Aug. 1 1915 and again on Aug. 1 1916, $200,000 for the retirement of the bonds, which will henceforth
be callable, all or any part, at par and hit., instead of at
105 and interest, as at present]
SEPT. 19 1914.1
THE CHRONICLE
Data from Circular Dated at New York, Sept. 9 1914.
'The original issue of 1st M. bonds of 1899 was $4,000,000. Of these
bonds there are now outstanding in the hands of the public, due Dec. 1
1914. $2.400,000, 32.000 are in the treasury and $1,598,000 have been
canceled by the sinking fund.
Under existing monetary conditions, precipitated by the European war.
all corporations find it necessary to extend maturing obligations rather than
to undertake the sale of new securities. In these circumstances, it is Proposed to extend the $2,402,000 outstanding bonds for a period of 2J4 Years
from Dec. 11914,and to deal directly with the bondholders in the matter.
While the amount of bonds to be extended is $1,600,000 less than the origipower are
nal issue, the value of the manufacturing plants and their earningthan
they
greater to-day than in 1899. The net quick assets also are larger
were in 1899, after the sale of the 94,000,000 of bonds.
Out).
Value of Properties and Net Cash Assets 310,950,000 (4)4 Times Bonds
The plants and real estate at present owned are appraised at _ --$6,000.000
Value of the net free quick assets (in excess of current liabilities).
4,950.000
July 31 1914, was over
The company has no notes payable outstanding.
Taxes.
and
Maintenance
Deprec.,
Exp.,
Oper.
Net Earnings After Deducting
6 Yrs. end.
7 Yrs. end.
Aug. 31 1907. Aug. 31 1913
$801,077
$444.764
Average annual net earnings
at6% $144.120.
Maximum interest charge on the $2,402,000 extended bondsas
stated.
below
fund
sinking
This interest charge will be reduced by the
shall
The extension agreement provides (a) that the-mortgage trustee
and certify
nominate certified public accountants to audit the accounts
year;
and
fiscal
each
of
the
end
sheet
at
balance
to the correctness of the
that any time, at the request of holders of 25% of the bonds outstanding,
the books
the trustees shall nominate such accountants, who shall examine
to ascertain whether or not the net quick assets are less than $3,000.000.
(b) That in lieu of the existing contingent sinking fund,there shall on Aug. 1
1915 and on Aug. 1 1916, respectively, be paid to the Guaranty Trust Co.,
as depositary, the sum of $200,000, to be applied forthwith to the purchase
of the bonds at or below par and int., and if the bonds cannot be thus purchased, the depositary shall select by lot so many thereof as the sinking
fund shall suffice to redeem at par with int., and call the same for payment.
The company is about to enter upon the activities of the new fiscal year,
beginning on Sept. 1, and as the demand on the part of Europe for food supplies will be unusually large, and result in continued high prices for barley
and other coarse grains, it will be seen that the cash assets of the company
-large though they are-will be fully employed in financing the current
business of the company. For this reason we are taking this matter up at
this early.date in order that the extension may be assured and the company
be left free to finance its current business.-V.99,p. 271.
Ainiacan Pipe-& Construction Co.-Bonds Called.-
Fifty ($50,000) 5% collateral trust certificates, series "A," due Oct. 1
1927 and issued under former name The American Pipe Mfg. Co.. for payment at 102A and int. on Oct. 1 at Girard Trust Co.,Phila.-V. 99, p.676.
AmericanPublic Utilities Co., Grand Rapids.-Report.-Preferred Balance,
Net
Other
Total
Gross
June 30
Year. Earnings. Earnings. Income. Deduc'ns. Dividend. Surplus.
1913-14--$2,319,595 9980,879 945,303 $650,795 $234.840 9140,547
228.733
909,699 64,628
203.640
541.954
1912-13-- 1.981,321
the general
While the company could not escape some of the effects of satisfactory
be
in
a
depression, the affairs of the corporation are stated to
condition, and cause for congratulation is found in the improvement of
creation of situaphysical properties, more efficient organization and the conditions,
should
of normal business
tions which, with the resumption
Gross
increased
8.14% and
earnings
for
the
year
earnings.
affect
favorably
of subsidiaty companies increased 1.59%. The
net earnings from operationoperating
expense amounted to approximately
increase (of 13.59%) in
$60,000. and, it is stated, it due entirely to abnormal expenditures at
Indianapolis and La Crosse, following the acquisition of these properties.
of new business
and to the expenditure of about 920,000 for the acquisition
and 3,174 electric
in these two localities. The report says that 3,017 gasbeen
at Red
new consumers are being served, and contracts have watermade
supply, while
Wing, Minn., and Jackson, Miss.,for pumping the city
plant.
Lake City, Minn., has abandoned the operation of its municipal
The expenditures during the fiscal year for extensions and additions to
'subsidiary companies aggregated $794,079,against which bonds of subsidiary companies have been issued and sold amounting to 8567,000.-V. 98,
John II. Blodgett and W. J. Ripley of Grand Rapids have been elected
directors to succeed II. L. Nason and W. H. Snow.-V.98. p. 1995. 612.
819
"The business ofthe company is good, although no abnormal demand for
wine such as has been predicted has taken place. The total importations
of wine do not exceed 4.000,000 gallons. and they are fine products with
which the output of the California Association, except in small volume,does
not compete. The officials do not look for largely increased exportations
on account of the war. Finally, 100,000 wine-drinkers have left this country to join the European armies." Compare V. 99, 13.• 750.
Calumet & Arizona Mining Co.-Dividend Omitted.The directors have,it is reported, decided to omit the quarterly payment
on the $6,167,580 stock (par $10). From 1913 to June 1914 91 25 was
paid quarterly.
Previous Dividend Record (Dollars Per Share.)
1903. 1904. 1905. 1906. 1907. 1908-11. 1912. 1913.
1914.
$2 00 $6 50 $8 50 $13 $1660 $4 yrly. $4 25 53 75 Mch.& J'ne,S1 25
-V. 98. p. 1247.
Canadian Locomotive Co., Ltd., Kingston, Ont.-
Bond Depr.,&c. Pf.Divs. Bal.,
Total
Other
Net
June 30
Int. Writ. Off. (7%). Sum.
Inc.
Inc.
Earns.
Year1913-14_ -$334.114 37,942 5342,056 $90,000 $54,167 $105,000 392,889
1912-13___ 377,043 19,842 396,885 90,000 87.623 105,000 114,262
-V.97, p. 1114.
Caribou Oil Mining Co., San Francisco.-Div. Reduced.
A monthly dividend of 1 cent per share (par Si) was paid on Sept. 15 on
the $807,030 stock, comparing with previous disbursements of 2 cents
per share. Authorized stock, $1,000.000.
Central Coal & Coke Co., Kansas City.-Cireular.A circular referring to the omission to pay the usual quarterly
dividend on Oct. 15 on the $5,125,000 common stock (compare V.99, p. 760) says:
The directors have considered it wise not to pay the regular dividend o
134% on the common stock for the quarter ending Sept. 30, mainly on
account of the unsatisfactory conditions existing in the lumber market,
prices of which have declined 30% on account of a slight over-production:
last year, and the money conditions caused by the European war have
largely curtailed the consumption of lumber. Your directors therefore
feel that the decision as to the common stock dividend is conservative and
wise, and in keeping with the general endeavor of the business interests to
conserve their financial conditions for the present.-V.99, p. 750, 51.
Central Petroleum Co.-Bonds Called.One hundred and thirteen 1st M. 6% collateral gold bonds of $1,000
each and 70 of $100 each, for payment at par and hit. on Oct.1 at Bankers
Trust Co., 16 Wall St., N. Y. City.-V.97, p. 1118.
Cleveland Stone -Co.-Dividend Again Reduced.-
A quarterly dividend of 1% has been declared on the 33,600.000 stock,
payable Oct. 1, comparing with 1)4% on July 1 last and 1%% from April
1912 to April 1914, inclusive, and 1347 previously for 13 years. Compare V. 94. p. 701, 829.-V. 98. p. 1922.
Colorado Fuel & Iron Co.-Settlement of Strike.-
See article in editorial columns.-V.99, p. 470.
Crucible Steel Co.-Preferred Dividend Deferred.-
The directors on Wednesday deferred action on the quarterly dividend
on the $25.000.000 7% cum. pref, stock usually paid on Sept. 30. because
of trade conditions brought about by the European war.
Dividend Record of Preferred Stock (Per Cent?.
1900. 1901-02. '03. '04. '05. '06. '07. '08. '09. 1910. '11 to 13
1914.
1)4 7 yrly. 5X 0 1 6 544 0 534 Below 7 yrly. MIN
In 1910 %% and 10% in 39 int.-bearing scrip account of accumulated
dividends, payable annually and redeemable at any time up to June 30 1920.
leaving 16% overdue. V. 90, p. 1616. No further payments to be made
on account of overdue divs. until improvements under way in Sept. 1912
are paid for and outstanding scrip redemeed (V. 95, p. 820, 892).
An official statement says: "The Chairman stated that in view of the
present unsettled industrial conditions throughout the world. brought
about with such startling rapidity by the general European war, and to the
uncertainty as to the continuance of these conditions, the Board decided
that the only proper policy to pursue at this time is to conserve in every
way possible the working capital and cash resources of the company and to
protect its credits until the effect of the war is more clearly determined.
during the past year have suffered much from the depression and
--.. Earnings
..ineules•
in general business at home, and from the recent complete
stagnation
American Window Glass Co., Pittsburgh.-Dividend.
cessation of export shipments and payments abroad; but it is reasonable to
A dividend of 7% has been declared on the 94,000,000 77 cumulative assume that, with improved conditions due to excellent crops at home,a
pref. stock, payable Sept. 29 to holders of record Sept. 22. In June 20% restoration of normal conditions ,will undoubtedly be followed by the
was paid, making 27% thus paid for 1914. In Nov. 19137% was disbursed, payment of the deferred dividend.'-V.98, p. 307.
this having been the first payment since March 1903. when 3)4% was paid;
Cudahy Packing Co., Chicago.-New President.7% was paid in each of the years 1900 to 1912 incl. The arrears now amount
President Edward A. Cudahy will, it is stated, resign on Oct. 1 and be
it is said, to about 46M %.-V.98. p. 1610.
succeeded
by his nephew, Joseph A. Cudahy. Edward A. Cudahy will
Ames-Holden-McCready Co., Ltd., Montreal.-Divi- retain his place on the board of directors, but will devote most of his attenaffairs of the Puritan Food Products Co.,of which he is President
the
to
tion
dend Deferred.owner, and to other interests. The gross business of the
The directors have, it is reported, deferred the payment of the quarterly and principal
reported to heat the rate of about $110,000,000 a year for 1914.
company
is
general
stock,
due
Oct.
1.
If
the
pref.
cum.
7%
dividend on 32,500.000
earnings
for 1913 were given at 81.329,000.-Y. 97, p. 1581.
situation improves and the conditions warrant, the dividend may, it is The net
stated, be included with the next quarterly payment, which falls due about
Dayton (0.) Power & Light Co.-Option to Exchange
the end of the year. The plants are busy on a second Canadian Government order for shoes for the soldiers at Valcartier,but the sales have been Bonds.-The directors have submitted a plan which has been
light during the first six months of the year. The largest movement nor
mally comes around the autumn and continues to the spring.-V.99, p. 51 approved by the P. U. Commission of Ohio, to exchange
Austin (Tex.) Gas Light Co.-Annual Earnings.Earnings for Year ending June 30 1914.
Gross earnings
96,700
9117,584'Int. on underlying bonds_ _
Net (after taxes)
$47,494 Int. for period on ref. 6s_ _ _ _917.833
Balance, surplus, on above basis
922,961
These results are reported by E. T. Ronsberg & Co., Chicago. Compare
V. 93. p. 529; V. 97, p. 730.
Blake & Knowles Steam Pump Works, N. Y.-Dividend
Not Paid-Pref. Stockholders' Committee.-The committee
named below, owning and representing a large majority
of the $485,000 pref. stock, invite the deposit of this stock
with the Bankers Trust Co. on or before Sept. 25 for mutual
protection.
The committee says that this action is necessary owing (a) to the omission
of the preference dividend for the first time in upwards of 20 years; (b) to
the appointment of receivers of the International Steam Pump Co., which
owns the common stock,and thus controls the company, and (c) to the assertion by the International Co. of a large debt agianst the company.
Committee: George F. Blake, Adolph G. Hupfel, Alfred Nathan,
Eben B.Symonds and Francis F. White. with SamuerUntermyer as counsel
and Harry Hoffman, Secretary,37 Wall St., N.Y. Compare V.68, p.723.
Borne Scrymser & Co.-Dividend.--'?
The regular annual dividend of 20% has been declared on the $200,000
stock. payable Oct. 15 to holders of record Sept. 19. being the same amount
as disbursed in Oct. 1913 and Dec. 20 1912.-V.97, p. 730.
California Petroleum Corporation.-Output.-
The August production, we are informed, aggregated about 660,000 bbls.,
as against 479,000 bbls. in August 1913. The earnings, it is understood,
have held up remarkably well, notwithtsanding the lower prices that have
been made effective.-V.99. p. 345.
California Wine Association.-Dividends.-
Referring to the omission of the quarterly dividend on Sept. 15,the "San
Francisco Chronicle" says: The passing of the dividend is not due in any
measure to earnings, and it is quite likely, although the directors have not
committed themselves to such a policy, that the dividend will be paid at a
future date. This is the season of vintage for the company and large sums
of money are required to carry wine in storage. Not only is it impossible
to sell the company's commercial paper at favorable rates, but it is exceed"Tifgly difficult to obtain extensions of maturing paper. On account of the
high rate that would have to be paid for money, the directors deem it imprudent at this time to authorize disbursements to stockholders.
the outstanding $2,579,000 Dayton Lighting Co. Firsti&
Ref. M.5% bonds due 1937, $ for $, for Dayton Power &
Light Co. First & Ref. M.5% gold bonds, due June 1 1941.
Pres. F. M. Tait in a circular Aug. 17 says in substance:
There are outstanding as of Aug. 17 1914 $3,684,000 bonds. viz.: Dayton Electric Light Co. 5s, due 1921. $380,000; Dayton Lighting Co. 5$.
due 1937, 92,579,000; Dayton Poweil& Light Co. 5$. due 1941.$725,000.
The plan is to have the holders of the Dayton Lighting Co. bonds present
them on or about Sept. 1 1914 with coupons of Mar. 1 1915 attached, at
the Columbia Trust Co., 60 Broadway, N. Y. City, which will give in
exchange Dayton Power & Light Co. bonds, par for par, with June 1 1915
coupons attached, and will also give, providing the exchange is made prior
to Dec. 1 1914, a negotiable warrant for three months' bond interest at
5% per year from Sept. 1 1914 to Dec. 1 1914 (as adjustment of interest).
The Dayton Power & Light Co. bonds (see V.94, p. 281,282) are secured
by a mortgage having very strict requirements, and except for the purpose
of retiring the underlying bonds of the Dayton Electric Light Co. and said
bonds of the Dayton Lighting Co., no bonds can be taken down unless our
company can show that the new issue is approved by the Ohio P. U. Commission, and that the annual net earnings are twice the total bond interest
charges of the Dayton Co., including the new bonds proposed to be taken
down. All of the rapid electrical development made in recent years in the
territory served by our company,and now being made, has been and is being accomplished by the Dayton Power & Light Co.
Earninas for the Seven Months and also for the Twelve Months Ended Aug. 1
-7 Mos.end. Aug. 1- 12 Mos.end. Aug. 1.
1914.
1913.
1914.
1913.
Gross earnings
$529,996 9377,545 9887,221 $674.063
Net earns. (after oper. exp.)
$229.017 $141,902 5377.843 5281,562
Non-operating revenue
5,719
11,355
12.785
21,662
Total income
$234.736 9153,257 8390,628 8303,224
Deduct-Interest on bonds
$104,968 3104,366 $179.426 $179.335
Other fixed charges
15.029
8.980
24.980
8,980
Net income
3114,739
339.911 3186,222 5114.909
For the cal. year 1914 the gross earnings will exceed $1.000,000, with net
earnings exceeding $450.000, which is in excess of 25‘ times the interest
charges on the total 83,684,000 Dayton bonds outstanding Aug. 17 1914.
Thus far (to Aug. 17) more than 55% of the Dayton Lighting Co. bonds
outstanding have agreed to the above arrangement, which win unify
the
bonded debt and thus make a stronger and better market for all.
In March last the Ohio P. U. Commission authorized the company
to
issue an additional $271,500 6% pref. stock at not less than 80,on
of repairs and betterments made necessary by the flood damage last
spring
unt
,
on condition that $200,000 outstanding common stock be
canceled. A
block of $297,000 preferred was authorized Feb. 17 on condition
that the
THE CHRONICLE
820
company cancel $250.000 outstanding common. The original request
In Feb. 1914 was for 5604,650 pref. increase. (Early in the year also the
company was reported to have purchased the Wilmington (0.) Water &
Light Co. The purchase of Miami Light Ht. & Power Co. in Oct. 1912,
It is understood, was on basis of $150,000 pref. stock for that co's. $150.000
pref. and $30 a share in cash for the $150.000 common.1-V. 99, p. 541.
Delaware County Electric Co., Phila.-Capital Stock.
Electric Co.. in JanuF The company, now controlled by the Philadelphia
$500,000 to
$1,500,000; 51.250,000
ary last increased its capital stock from
common, $250,000 pref. now outstanding; $750,000 common and all the
pref.; par 3100. Pres., A. It. Granger; Vice-Pres., W.C. L. Eglin; Sec. &
Asst. Treas.. A. V. R. Cde: Treas.. H. C. Lucas.-V.92. D. 1035.
East Canada Power & Pulp Co.-Meeting Adjourned.-
The affairs of the company were placed before the meeting of bondholders
early this month, which was adjourned until Oct. 1 without any definite
action as to the future policy of the company. This was necessary because
no information had been received from France as to whether or not the
notices calling the meeting had been published there, and as a result of the
war and interrupted communications, bondholders were not certain as to
whether or not the meeting was legal.-V.96, p. 205.
Fe' Edison Elec. Illuminating Co. of Boston.-Earnings.Other.
Net (after
Interest .6e, Dividends Balance,
Yr.ena. Gross
Taxes).
Income.
Miscell.
June 30. Earnings.
Surplus.
1913-14.57,008,288 $3,018,797 def.$57.134 5456,951 52,252.319
(12%). $252,393
1912-13. 6,365.874 2,807,153 sur.103,957 537,994 1.950,333 422,783
-V. 97. p. 1665.
General Motors Co.-Report.-See "Annual Reports."
Preferred Dividend.-The usual semi-annual dividend of
3M% has been declared on the preferred stock, payable Nov.
1 to holders of record Oct. 15. The company gives notice
that checks for the dividends on the preferred stock trust
certificates, when received, will be mailed to holders of certificates of record at the close of business Oct. 15.-V. 99,
p. 346.
Idaho Power & Light Co.-Sale.See Idaho Ry., Lt. & Power Co. under "Railroads."-V.98, p. 1848.
International Harvester Corporation.-No Common
Dividend.-The directors on Thursday voted not to pay the
quarterly dividend on the $40,000,000 common stock usually
paid on Oct. 15. From April 15 1913 to July 1914 1 % was
disbursed quarterly.
The International Harvester Co. of New Jersey, which early in 1913 sold
its foreign plants and "new lines" to the International Harvester Co., has
declared the regular quarterly dividend of 13,4% on its 540,000,000 common stock. payable Oct. 15.
The following statement was issued:
[VOL. xcix.
New York Edison Co.-Contract.See N. Y. N. H. & Hartford RR. under "Railroads" above.-V.99. P.
411.
Nipe Bay Co.-Earnings.-For year ending June 30:
Net
Interest& Preferred
DepreBalance,
Earns. Discount. Dividends. dation. Sur. or D'.
Period CoveredYear end. June 30'14$750,079 $418,097
$304,106 sur.$27,876
Year end. June 30'13- 374.017 420,038 (2)340.000
def. 86.021
9 mos. end. June 30'12 646,594 320,172 (3)60,000
sur.266,422
Year end. Sept. 30 '11 470,063 405.456 (1)20.000
stir. 44,607
The company's sugar mill produced 147,732,480 lbs. of sugar and 6.168.952 gallons of molasses during the year ending June 30 1914, against
118,330,812 lbs. of sugar and 2,847,021 gallons of molasses during year
ending June 30 1913. and 81,386,568 lbs. of sugar and 1.408,932 gallons of
molasses during the 9 months ending June 30 1912.-V. 97, p. 441.
Nova Scotia Steel & Coal Co.-Dividends Omitted.-
President R. E. Hains announces that the quarterly dividends on the
51,030,000 8% cumulative pref. and $6.000.000common,usually payable
on Oct. 15. will not be declared. A circular says: "For some months past
there has been great depression in the steel trade of Canada. Since the
war began, that depression has been emphasized, and we have been compelled to close down a portion of our plant awaiting developments. It is
impossible to predict what the effect of the war on the steel industry may
be, but in view of the situation as it exists to-day, your directors have with
regret reached the conclusion that it would not be prudent to make further
payments of dividends on the stocks of the company until the business situation improves."
Dividend Record of Common Stock (Per Cent).
Year__ '01. '02. '03. '04. '05-'06. '07. '08. '09. '10. '11-'13.
1914.
6 1% 1 43,5 6 i'lY 134,1%.13,5,0
Percent 4 53,5 6 3 None
__Ar. 98, P. 910.
Ohio Copper Mining Co.-Receivership.Judge Mayer in the U. S. District Court at N. Y. City on Sept. 10 appointed Morris J. Hirsch and George C.Austin receivers of the company,
successor to the Ohio Copper Co.. in bankruptcy proceedings brought by
Salt Lake City creditors whose claims are: Gallagher Machinery Co.. $792;
Pembrook Company, $26, and Shand Smith. $200. Reported capitalization, &c.: Outstanding capital stock. $3,900,000 c$250,000 additional in
treasury); 1st M. bonds. $1,760,000; other debts,'probably" $100,000.
Default on First Mtge. Bonds.-Committee Asks Deposits.-
Default having occurred Sept. 1 in the payment of Interest on the 51,760,000 1st M. 10-year 6% convertible bonds, dated Sept. 11907, the committee named below' urges the bondholders immediately to deposit their
bonds with the Mutual Alliance Trust Co. as depositary, 35 Wall St.,
certificates of deposit, under
N. Y. City, in exchange for transferable '
terms of a deposit agreement dated Sept. 11 1914. The committee, which
hopes at an early date to prepare a plan of reorganization or readjustment;
consists of Frank V. Baldwin, Chairman; Charles A. Marshall and Gilbert
Ellett, with Charles J. Juster as Secretary, 35 Wall St., and Davits, Auerbach & Cornell,34 Nassau St., as counsel.-V.98, p. 1611.
Ohio State Telephone Co.-Initial Pref. Dividend.-
An initial dividend has been declared on the 54.850.000 7% cum. pref.
As a result of the European war, the business of the corporation in the
the period from
combatant countries is almost at a standstill. Thus far no report of any stock, payable Oct. 1 to holders of record Sept. 25,covering
damage to the plant properties has been received. From recent advices July 23 to Sept. 30 1914. Future distributions will be made on Jan..
Oct.
1.
Compare
April,
July
and
V.
99,
p.
346.
countries
at
in
the
war
will be less than
we believe the corporation's losses
we at first feared they would be, but the situation in Europe makes It pracOld Dominion Co. of Maine.-Dividend Reduced.tically impossible to collect at the present time large portions of the moneys
A quarterly dividend of 25 cents a share (1%) has been declared, payadue us there. The volume of business secured to date would, under normal
conditions, provide profits in excess of all the usual dividend requirement ble Oct. 7 to holders of record Sept. 24, comparing with $1 (4%) in July
for the year, but in view of the existing European conditions, the directors and April last and 51 25 (5%) quarterly from Oct. 1912 to Jan. 1914.
feel it would be unwise now to declare a dividend on the common stock of $1 (4%) in July 1912, 75 cents (3%) in April 1912 and 50 cents and 50
cents extra in Jan. 1912 and with 50 cents (without any extra) in July and
the corporation.-V.98. p. 1842. 1852.
1911. The payments in 1911 aggregated $225 per share.
International Steam Pump Co., N. Y.-Stockholders' Oct.
The Old Dominion Copper Mining & Smelting Co. has declared a dividend
of 52 25 per share on the 54.050,000 stock (par $25), payable Oct. 7
of
-In
view
the
Committee.
appointment of receivers and the
holders of record Sept. 24. Payments in recent years were: 1913. 55;
commencement of suits to foreclose the First Lien Mortgage to
1912, 84 50; 1909 to 1911, $3; 1912, $4 50; 1913, 35.-V. 98. p. 1923.1
on account of the default on interest due Sept. 1, the committee named below requests the deposit of both preferred
and common stock with the Columbia Trust Co., 0 Broadway, as depositary, or Old Colony Trust Co., Zmes Bldg.,
Boston, as its agent, under agreement of Sept. 15 1914. A
circular dated Sept. 15 says:
A committee representing the holders of the First Lien bonds is. it is
understood. formulating a plan for the reorganization of the company and
the issue of new securities (V. 99. p. 611). It is therefore of the utmost
importance that we should represent as large an amount of stock as possible.
[If the stockholders' committee shall adopt any plan of reorganization,
the depositors shall be allowed 30 days after due notice, in which to withdraw on payment of their share of the "obligations, expenses and compenbe bound by plan.]
sations" of the committee, unless so withdrawing they
[Committee: Lewis L. Clarke of N. Y., Pres. Amer. Exchange Nat.
Bank, Chairman; Willard V. King of N. Y., Pres. Columbia Trust Co.:
Albert N. Perlin of Boston and Otto Marx of
L. T. liaggin of N. Y., George
E. Warren as Secretary, 60 Broadway,
Birmingham. Ala., with
and Alexander & Green as counsel, 165 Broadway, N. y.)
Committe for Pref. Stock of Blake & Knowles.-
See that company above. Compare V. 99, p. 541, 611, 677.
Kansas City Electric Light Co.-Valuation.-
See Kansas City Railways under "Railroads" above.-V.77, p. 952.
Kelly-Springfield Tire Co.-Payment Anticipated.-
the payment of the regular quarterly payThe company has anticipated
% on the 6% pref. and 1U% on the 7% 2d pref. stock duo
ments of
been
mailed early this week.-V.98, p. 1922.
Oct. 1,checks therefor having
Toronto.-No Income IreI.
Lake Superior Corporation,
a dividend on the $3,000,000
The directors have decided not to declare
the earnings of the year ending June 30
non-cum. 57 income bonds from the
dividend
of 5% was paid. The
full
1912
and
1913
1914. On dct. 1
23% each in Oct. 1910 and 1911 and 5%
only previous distributions were
1540.
report.
-V.
98.
P.
annual
Compare
1906.
Oct.
Lake Superior Paper Co.-Default.-
the Spanish River Pulp & Paper Co., is
This company, controlled by promptly
the interest due Sept. 1 on its
reported to have failed to paybonds,
owing to the necessity for conserving
$5,000.000 1st M.6% 30-yearthrough
critical
period. (Compare V. 92.
a
them
carry
available funds to
153.)-V. 99. p. 273.
P. 798; V. 97, p. 240; V. 98. p.
Marconi's Wireless Telegraph Co., Ltd., London.Dividend Warrants Postponed.that, owing to the present impossi-
The directors inform shareholders
on short-term
bility of obtaining repayment of money lent by the company
they are compelled to
loan against securities prior to the moratorium,
have been
otherwise
would
which
warrants,
dividend
the
posting
postpone
issued Aug. 31.-V. 95, D. 1334.
Oil Co. Los Angeles, Cal.-Div. Omitted.-
Mascot
on the
The company has omitted the monthly dividend for August
distributions
$500.000 stock (par $1). Beginning Feb. 25 1914 monthly
made.
share
were
per
of 60 cts.
Mohawk Mining Co.-New Officers.-
John R. Stanton has been elected President of the company and of the
Wolverine Copper Mining Co., to succeed Joseph E. Gay, who resigned as
President and director of both companies. Frank M. Stanton succeeds
John R. Stanton as Treasurer of both companies. George W. Drucker,
who has been connected with the Stanton offices for 12 years, has been
made Secretary of the two companies. James S. Dunstan succeeds Mr.
Gay on the Mohawk board. The vacancy in the Wolverine board has not
been filled.-V.98. p. 391.
National Carbon Co.-Listed.The Chicago Stock Exchange has listed $500,000 additional common
stock, making the total 59,965,000.-V. 98, p. 1849.
Old Dominion Copper Mining & Smelt. Co.-Dividends.
See Old Dominion Co. of Maine above.-V.99. p. 53.
Onomea Sugar Co., Hawaii.-Dividends.
A dividend of 75 cents has been declared on the $1,500,000 stock (par
$20),payable Sept.20. in 1913 dividends were riaid at the!rates of 30 cents
a month for the first 4 months and at the rate of 15 cents for the remaining
8 months, or at the annual rate of 12%. Payments were discontinued at
the beginning of 1914. but were resumed in June at the rate of 40 cents a
quarter. It is announced that dividends will be paid on the 20th days of
Sept., Oct. and Nov. next, the books closing each month on the 15th. No
announcement is made beyond November.
Recent Dividend Record (Per Cent).
1911-12.
1906. 1907. 1908. 1909. 1910.
1914.
27
34
28
1913'
12
See above
27
28
2135
Philadelphia Electric Co.-Stock of Controlled Co.See Delaware County Electric Co. above.-V.99, p. 473.
Pierce, Butler & Pierce Mfg. Co.-Sale Again Postponed.
The sale of the property, which was originally advertised to take place
on July 23 and adjourned to Sept. 16, has been further postponed till
Sept. 22 because of the unsettled financial conditions.--V. 99,P. 473, 411.
Plymouth Cordage Co.-Extra Dividend.-
An extra dividend of 2% was paid Sept. 15. The regular quarterly Payment of 2% will be made next month. An extra payment
of the same
amount was made in 1913 and 1912. 3% each in 1909 and 1910. 2%
in
1908. 4% in 1907, 3% in 1905 and 6% each in 1903 and 1904. Although
the rope sales have fallen off somewhat during the past year.due partly to
price-cutting, the loss of profits in this department was more than offset
by the favorable results obtained In,the binder-twine business.-V.97,p.669
Republic Iron & Steel Co.-Dividend Deferred.-The
directors have decided to defer action on the quarterly dividend on the $25,000,000 7% cum. pref. stock usually paid
on Oct. 1. Chairman Topping says in substance:
Owing to the European war and the unprecedented state of business and
finance,the directors nave decided to defer action on the quarterly dividend.
The earnings, partly estimated, show some improvement for the quarter ending Oct. 1 1914, as compared with the net profits for the quarter
ended June 30 1914, current earnings being at the rateof approximately
% per annum on the preferred stock, but it has been thought best to
conserve cash under existing circumstances, as raw material stocks at this
season of the year are at their maximum,owing to the necessity for accumulating a full season's supply of iron ores. Other stocks of raw materials,
also bills and accounts receivable, are above normal as a result of present
business conditions, and these excess stocks and book accounts cannot be
made immediately available.
All construction obligations have been completed and paid for, there having been expended during the present fiscal year approximately $1,000,000
for construction purposes. Cash provision has been made for the retirement of the outstanding balance of 1st M.bonds maturing Oct. 1,amounting
to $653,000, there remaining sufficient working capital to fully satisfy all
operating requirements.
Previous Dividend Record of Preferred Stock Since 1904.
'05. '06. '07. '08. '09. '10. '11. '12. '13.
1914.
Ui 7 7 3% 3;,i 7 7
7
Regular
1
1
On accum'ns_ _- 7%6 -- 1
1 1
1909
declared a dividend of h' of 1%, payable in Julyi
The directors in
on account of the accumulations, and voted to discharge all the remaining
dividends then accumulated by annual payments on Oct. 1-y,% in 1909
and 1% yearly 1910 to 1915. In 1912 further payments accumulated
amounting to 53i%.
-V.99,D.339.
Spanish River Pulp & Paper Co.-Default.-
See Lake Superior Paper Co. above.-V.98. p. 153.
For Other Investment News, see page 834.
SEPT. 19 1914.)
THE CHRONICLE
821
PportspuantlSLISPIED jlocuments.
US
READING COMPANY
SEVENTEENTH ANNUAL REPORT—FOR THE FISCAL YEAR ENDED JUNE 30 1914.
Reading Company, General Office,
Philadelphia, October 12 1914.
To the Stockholders of Reading Company:
The Directors submit herewith their report for the fiscal
year ended June 30 1914.
READING COMPANY.
Income for year ended June 30 1914 and comparison with
• similar period of previous year:
Receipts
Expenses
1912-13.
1913-14.
516.919.118 34 115,997.121 08
104.859 91
102.149 36
Interest, Taxes, &c
516.816.968 98 115.892.261 17
5.258.331 03
5.494,906 88
Surplus for year
511.322.062 10 110.633,930 14
The General Mortgage bonds in the treasury of the Company on June 30 1914 amounted to $5,140,000, as compared
with $5,677,000 on June 30 1913, a decrease of $537,000.
This decrease resulted entirely from the sale of a similar
amount of bonds to the General Mortgage Sinking Fund
during the year.
The amount of General Mortgage bonds outstanding
was reduced $537,000 during the year through the operation
of the General Mortgage Sinking Fund, leaving the total
amount of bonds of that issue outstanding on June 30 1914,
$98,857,000, as shown by the balance sheet of Reading
Company.
A total of $6,926,000 General Mortgage bonds has been
purchased for the Sinking Fund and canceled to June 301914.
THE CHESTER & DELAWARE RIVER
RAILROAD COMPANY.
Delaware River Railroad Company, whose
&
Chester
The
Surplus to June 30 1913
124.836.461 80
entire capital stock is owned by Reading Company,increased
Le6S-Dividends paid during fiscal year ended
its outstanding shares from $40,000 to $250,000 on DecemJune 30 1914. as follows:
ber 3 1913. The $210,000 additional shares were purchased
First Preferred Stock, 4%..$1.120,000 00
Second Preferred Stock,4% 1,680.000 00
by Reading Company at par and pledged with the
Common Stock,8%
5.600,000 00
Trustee of the General Mortgage of Reading Company and
General Mortgage Sinking
The Philadelphia & Reading Coal & Iron Company, dated
Fund
499,320 21
$8.899.320 21
1897, under the terms of that indenture. The
S15,937.141 59 January 5
Surplus for year ended June 30 1914
11.322.062 10 proceeds of the sale of the above shares were used by the
Chester & Delaware River Railroad Company in the pay827,259,203 69
Total surplus June 30 1914
ment and satisfaction of $208,431 84 bonds and mortgages
In connection with the surplus of Reading Company, the and ground rents secured upon its property, while the
Board of Directors has taken the following action:
balance of $1,568 16 was applied toward the cost of the conOn the First Preferred Stock a quarterly dividend of struction of sidings and other permanent additions to its
one per cent was declared, payable September 10 1914, and property.
the sum of $840,000 was set apart to make provision for furREADING IRON COMPANY.
ther quarterly dividends upon that stock as follows: One
The
balance
of the Reading Iron Company, as of
per cent, payable December 10 1914; one per cent, payable June 30 1914, sheet
shows assets amounting to $17,187,464 15,
March 11 1915; one per cent, payable June 10 1915.
after
for the payment to Reading Company, the
As to the Second Preferred Stock, a quarterly dividend of ownerproviding
of all its capital stock,of an extra dividend of $500,000.
one per cent was declared, payable July 9 1914, and the sum
The
mortgage obligations, after deducting
of $1,260,000 was set apart to make provision for the fol- Sinkingoutstanding
securities deposited with the Trustee of the
lowing additional quarterly dividends upon that stock: One Reading Fund
Iron Works Mortgage, amount to $181,720 41,
per cent,payable October 81914; one percent,payable Janu- and the current
liabilities, with accrued interest and diviary 14 1915; one per cent, payable April 8 1915.
dends, amount to $821,618 83.
On the Common Stock a quarterly dividend of two per
cent was declared, payable August 13 1914,
EQUITY PROCEEDINGS BY UNITED STATES
GOVERNMENT.
DIVIDENDS.
In September 1913 the United States, by bill in equity,
The following dividends were paid upon the First Preferred, Second Preferred and Common Stock of Reading instituted proceedings in the District Court of the United
Company during the fiscal year ended June 30 1914,from the States for the Eastern District of Pennsylvania against the
Reading Company, Philadelphia & Reading Railway Comearnings of the previous fiscal year ended June 30 1913:
pany, The Philadelphia & Reading Coal & Iron Company,
PREFERRED
FIRST
STOCK.
the Central Railroad Company of New Jersey, the Lehigh
Date of
Date of Payment
Rate per cent
& Wilkes-Barre Coal Company, the Lehigh Coal & NavigaDeclaratum.
to Stockholders.
of Dividend.
June 18 1913
1
September 11 1913 tion Company, Wilmington & Northern Railroad ComOctober 15 1913
1
December 11 1913 pany, Lehigh & 'Hudson
River Railway Company,
January 21 1914
1
March 12 19H
April 15 1914
Lehigh & New England Railroad Company, and the sev1
June 11 1914
eral individuals who, at that time, were either President
SECOND PREFERRED STOCK.
or Directors of Reading Company.
June 18 1913
1
July 10 1913
September 17 1913
Answers were duly filed by the several defendants, volumi1
October 9 1913
November 19 1913
1
January
8 1914
nous testimony was taken in behalf of complainants and reFebruary 18 1914
1
April 9 1914
spondents and argument thereon before three judges of
COMMON STOCK.
the Court was duly had early in June 1914. No decision
June 18 1913
2
August
14
1913
September 17 1913
2
November 14 1913 has yet been handed down by the Court.
December 17 1913
2
February 13 1914
As far as concerns Reading Company, and those deMarch 18 1914
2
May 14 1914
fendants whose capital stocks it wholly or partly owns, the
Prior to the payment of the dividend of one per cent upon objects of these proceedings, as indicated
the prayers
the Second Preferred Stock on Janunary 8 1914, Reading for relief against these defendants stated in by
concluding
Company paid to the Trustee of the General Mortgage portion of the United States Government'sthe
petition, are
$499,320 21, being the amount required for the Sinking Fund, substantially as follows:
which represented five cents per ton on all anthracite coal To have it judicially declared and ordered:
mined during the calendar year of 1913 from lands owned
1. That the following several ownerships constitute, sevand controlled by The Philadelphia & Reading Coal & Iron erally, combinations in restraint of inter-State and foreign
Company and pledged under the General Mortgage. This trade and commerce and attempts to monopolize and a mosum of $499,320 21 was also paid out of surplus earnings nopolization of a part of the same in violation of the antiand was applied by the Trustee to the purchase of the $537,- trust Act of July 2 1890; and that such several ownerships
000 General Mortgage bonds hereinafter referred to.
be ended by a disposition of such owned capital stocks to
The funded indebtedness of Reading Company was de- persons not stockholders or agents of the present owners
creased by $954,827 79 during the past fiscal year, and is nor otherwise under such owner's control or influence.
accounted for as follows:
(a) Reading Company's ownership of a controlling interReduction of General Mortgage Bonds outstanding
$537.000 00 est in the capital stocks of The Phila. & Reading Coal &
Railroad Equipment Trust Certificates, Series E.canceled
530.000 00 Iron Co. and Phila. & Reading Railway Company.
(b) Reading Company's ownership of a controlling inter11:067.000 00
Increase in mortgages and ground rents on real estate
112,172 21 est in the capital stock of the Schuylkill Navigation
Company.
(q) Reading Company's ownership of a controlling
inter_
$954,827 79
eat in the capital stock of Wilmington & Northern
Railroad
No additional mortgages or ground rents on real estate Company,and the lease by the latter to the
Phila.& Reading
were created by Reading Company, but the above increase Railway Company.
of $112,172 21 in that item resulted from the purchase by
(d) Reading Company's ownership of a controlling
interReading Company during the past year of additional real est in the capital stock of the
Central Railroad Company
estate, subject to the lien of certain encumbrances.
of New Jersey.
The accumulated surplus of Reading Company on June 30
1914 was as follows:
THE CHRONICLE
822
(e) The ownership of controlling interests in the capital
stocks of Lehigh & Hudson River Railway Company and
Lehigh & New England Railroad Company by the Lehigh
Coal & Navigation Company and the Central Railroad
Company of New Jersey whilst themselves joined in a
community of interest.
2. That the Reading Company constitutes in and of itself
a combination in restraint of inter-State.and foreign trade
and commerce and an attempt to monopohze and a monopolization of a part of the same, in violation of the anti-trust
Act of July 2 1890.
3. That certain described purchases by The Phila. &
Reading Coal & Iron Company of the output of other producers of anthracite were and are in furtherance of these
combinations, and of these attempts to monopolize and
monopolization of inter-State and foreign trade and commerce, in violation of said Act of July 2 1890, and that such
purchases in the future be enjoined.
4. That the agreements of February 1 1892, between the
Lehigh Coal & Navigation Company, the Central Railroad
Company of New Jersey and the Lehigh & Wilkes-Barre
Coal Company was and is in restraint of trade and that it
be canceled.
5. That the agreements between the Central Railroad
Company of New Jersey and the Lehigh Coal & Navigation
Company for the lease to the former of the Lehigh & Susquehanna Railroad, embodied in the three writings dated March
31 1871, May 29 1883 and June 2 1887, are in restraint of
trade and that they be canceled, unless modified:
(a) By making the rental a fixed sum.
(b) By striking out the covenenats requiring the Navigation Company to ship the greater proportion of its output,
and the Lehigh & Wilkes-Barre its entire output, over the
leased and other railroads of the Lessee; and
(c) By striking out the provision that the rates between
points common to the canal operated by the Navigation
Company and the railroads operated by the Central Company shall be arranged by mutual agreement.
6. That the following several transportations are in violation of the Commodities Clause of the Act to Regulate
Commerce and that the said several railroad companies
be enjoined from further engaging in such transportation:
(a) The transportation by Phila.& Reading Railway Company in inter-State commerce under the circumstances in
the petition stated of anthracite mined or purchased, and at
the time of transportation owned, by The Philadelphia &
Reading Coal & Iron Company.
(b) The transportation by the Central Railroad Company
of New Jersey in inter-State commerce of anthracite mined
[Vol. xerx.
or purchased, and at the time of transportation owned, by
the Lehigh & Wilkes-Barre Coal Company.
(c) The transportation, in inter-State commerce, over the
Lehigh & Susquehanna Railroad of anthracite mined or
purchased, and at the time of transportation owned, by the
Lehigh Coal & Navigation Company.
Colonel Henry A. duPont, who had been a Director of
Reading Company since June 1 1897, presented his resignation, which was duly accepted on December 17 1913,
with great regret. Mr. Charles C. Harrison was thereupon
elected a member of the Board to fill the vacancy.
On April 26 1914 the Company lost by death its President,
Mr. George F. Baer, who had held that office since April 3
1901. Mr. Baer had first become associated with the
Reading System through his appointment as counsel for
the Philadelphia & Reading Railroad Company in the City
of Reading in the year 1870 and continued this association
until the hour of his death, either in the capacity of counsel
or as a Director until his election to the Presidency of Reading Company in 1901. He had constantly been called upon
as an adviser of the management of the Philadelphia &
Reading Railroad Company during the three Receiverships
beginning in 1880, 1884 and 1893, and personally formulated the plan for the reorganization of the Reading properties in 1896. Through the efficiency of this reorganization,
and his wonderful business acumen, Mr. Baer soon succeeded
in bringing the Reading properties into the best physical
condition and the highest state of prosperity they had ever
reached.
The value of his services to the Reading System was inestimable. The rehabilitation of this vast property is his
imperishable monument. Mere words fail to express the
sense of personal loss and profound feeling of regret which
the sudden decease of Mr. Baer brought to all those associated with him in the management of the affairs of the
Reading System.
Mr. Edward T. Stotesbury, a Director of Reading Company, was elected President of the Company on May 8 1914
to fill the vacancy in the office of President. Mr. Isaac
Hiester was elected a Director of the Company on June 2
1914, in the place of Mr. Baer.
The Board hereby acknowledges its appreciation of the
loyalty of its officers and employees and the efficiency with
which they have performed their respective duties during
the past year.
By order of the Board of Directors.
EDWARD T. STOTESBURY,
President.
INCOME FOR YEAR ENDED JUNE 301914 AND COMPARISON WITH SIMILAR PERIOD PREVIOUS YEAR.
1912-1913.
1913-1914.
Receipts—
Interest and Dividend Receipts
Rent of Equipment
Rent of Delaware River Wharves and other Property
Expenses—
Contingent
*$13.792.158 35
2,825,853 20
301,106 79
$12,990,974 89
2,707,541 24
298.604 95
$16,919,118 34
$15,997,121 08
102,149 36
Deductions from Income—
Interest on Funded Debt
Interest on Reading Co. J. C. Bonds
Interest on Wilmington & Northern Stock Tr. Ctfs
Interest on R.E. Bonds
Taxes
104,85991
$3.760,590 00
920,000 00
51,800 00
103,039 65
422,901 38
$3,759,930 00
920,000 00
51.800 00
103,708 44
659.468 44
Surplus
$15,892,261 17
$16,816,968 98
5,494.906 88
5,258,331 03
$11.322.062 10
$10,633,930 14
* Includes amount received from Temple Iron Company account distribution of assets.
BALANCE SHEET JUNE 30 1914.
Amount.
Railroad Equipment—
Locomotive Engines and Cars
Floating Equipment—
Sea Tugs, Barges, &c
Real Estate
Leased Equipment
New Equipment
Uncompleted Equipment
Mortgages and Ground Rents
Bonds—
Philadelphia & Reading Railway Company's Bonds
Bonds of sundry companies
Stocks—
Philadelphia Si Reading Railway Company's Stock
The Philadelphia & Reading Coal Si
Iron Company's Stock
Stocks of sundry companies
$41,314,601 99
4,050.647 47
$45.365,249 46
16,563,707 43
5,997,796 19
421,957 32
39,787 84
40.716 48
20,000,000 00
25.383,373 31
45.383,37331
42,481.700 00
8.000,000 00
53.290,264 89
The Philadelphia & Reading Coal & Iron Co..
Sundry Railroads. &c
Current Assets—
$2,347,259 11
Cash
135,000 00
Notes Receivable
15,414 94
Central Trust Co. of New York, Trustee
374.881 26
Accrued Income
1,392,105 10
Current Business
Philadelphia & Reading Railway Com1.152,84 88
pany
Amount,
Total.
103,771,96489
72,472.767 37
4,832,232 54
5,417.50929
$300,307,062 12
Total.
General Mortgage Loan, 1897-1997, total
issued
$105,783,090 00
Less General Mortgage
Bonds purchased and
canceled for Sinking
Fund
6,926,000 00
$98,857,000 00
Mortgages and Ground Rents
1.136.830 77
Delaware River Terminal Bonds
500,000 00
Delaware River Terminal Extension Bonds
809,000 00
Wilmington & Northern RR. Co. Stock
Trust Certificates
1,295,000 00
Reading Company—Jersey Central Collateral Gold Bonds
23,000,000 00
Railroad Equipment Trust Certificates
"Series E"
1,560,000 00
Bonds—Mortgage New Locomotive and
Machine Shops, Reading
1,200,000 00
$128,357,830177
First Preferred Stock
$28,000,000 00
Second Preferred Stock
42.000.000 00
Common Stock
70,000,000 00
140.000,000:00
Contingent Account (for Unadjusted Mat-,
ters in Connection with Foreclosure
1,539,296:58
Sale. &c.)
Current Liabilities—
115,969 82
Current Business
Accnted Interest, Taxes,&c.(Estimated) 3,031.641 71
3,147,611f53
'
336_75
Sinking Fund General Mortgage Loan_
Pim
New Equipment to be Purchased, account
Equipment Dismantled
2,782'80
27,259,203.69
Profit and Loss
$300,307,062.12
WIN
WILLIAM H. WHITE, Comptroller.
823
THE CHRONICLE
SEPT. 19 1914.1
PHILADELPHIA & READING RAILWAY COMPANY
SEVENTEENTH ANNUAL REPORT—FOR THE FISCAL YEAR ENDED JUNE 30 1914.
445 54 on account of similar construction on the Richmond
Branch, exclusive of the sums expended by the city of Philadelphia under the agreement for the abolition of aiese grade
crossings.
The elevation of the tracks on Ninth Street and the Richmond Branch, Philadelphia, is now practically completed,
with the exception of a small amount of street paving under
contracts awarded by the city of Philadelphia in the Richmond Branch district.
The Richmond Branch tracks on the elevated level were
1912-13.
1913-14.
of the
$47,123,370 13 $50,562,717 31 put in service immediately after the completion
Receipts
31.793,208 66 30,547,340 66 bridges at Kensington and Aramingo Avenues on January 1
Expenses
1914. By the end of January 1914 all the contracts awarded
515.330,161 47 20,015,376 65 by the Railway Company for the Richmond Branch elevaNet Income from Rail Operations
411.431 63
36g,96697
Outside Operations, Net
ton had been completed.
$294,554 10 on account of shops, shop machinery and
$15,700,128 44 $20,426,808 2$
Net Income from all Operations
1,300,478 43 tools, engine houses
1,267.503 48
Taxes
and turn tables. This expenditure was
$14,432,624 96 $19,126,329 85 principally for new engine house, turn table and car-repair
Operating Income
1,240,745 11 shops at St. Clair; new turn table at Bridgeport; extension to
1,387.844 70
Other Income
engine house and ash pits at Rutherford, and new shop ma$15,820,469 66 $20,367,074 96 chinery and tools at St. Clair and Reading.
Gross Corporate Income
8,276.905 29
8,393,848 13
Deductions from Income
$174,456 01 on account of sidings and spur tracks. This
$7,426,621 53 $12,090,169 67 item covers new passing sidings between Connor and Mt.
2,391,562 36 Carbon, White Hill and Riverton,south of West Milton,and
Additions and Betterments
2,024.783 36
St.
$5.401,838 17 $9,698.607 31 at Saegers; new yard tracks account car repair shops at
Net Corporate Income
Claw, and new sidings and other track facilities at numerous
The accumulated surplus of the Philadelphia & Reading points in the territory served by the Company necessitated
Railway Company on June 30 1914 was as follows:
by the expansion of old industries and the location of new
Philadelphia & Reading Railway Company, General Office.
Philadelphia, October 12 1914.
The Board of Directors of the Philadelphia & Reading
Railway Company submits herewith its report for the fiscal
year ended June 30 1914.
PHILADELPHIA. & READING RAILWAY CO.
Income for year ended June 30 1914 and comparison with
similar period of previous year:
$11,560,085 52
Surplus June 30 1913
LABS-$8.496,340 00
Dividend
41.651 27
Property abandoned
Miscellaneous adjustments (Profit and
2,245 68
Loss), credit
8,535.745 59
Surplus year ended June 30 1914
Total surplus to June 30 1914
$3,024,339 93
5.401,838 17
$8,426.178 10
During the fiscal year ended June 30 1914 the Philadelphia & Reading Railway Company charged to income the
sum of $2,024,783 36 expended in additions and betterments to its property. During the previous fiscal year the
sum so expended and charged amounted to $2,391,562 36,
or a decrease in the past fiscal year of $366,779 00.
ADDITIONS AND BETTERMENTS.
Widening cuts and fills, grade revisions and changes of lines
and improvement of over and under grade crossings
Elimination of grade crossings
Bridges, trestles and culverts
Additional main tracks
Sidings and spur tracks
Terminal yards
Interlocking, block and other signal apparatus
Station buildings and fixtures
Shops, shop machinery and tools, engine houses and turn
tables
Water and fuel stations
Dock and wharf property
Increased weight of rails
Track fastenings and appurtenances, and improved frogs and
switches
Electric light and power plants
Other additions and betterments
Less credit:
Right of way,station grounds and real estate
1126,456 21
350,071 73
64.995 37
431,516 10
174,456 01
57,598 72
117,915 83
157,023 89
294,554 10
125,827 52
90.350 81
120.560 48
25,369 74
30,995 11
9,502 97
$2.077.194 59
52.411 23
52,024.783 36
The principal expenditures made during the past fiscal
year on account of additions and betterments charged to income were as follows:
$431,516 10 on account of additional main tracks. This
item covers principally construction of new east and westbound slow-running tracks between Hopewell and Skillman; additional track between Skillman and Belle Mead;
new west-bound slow-running track between Woodbourne
and Yardley, and additional tracks on the Philadelphia &
Reading Terminal Railroad between Spring Garden and
Wood Streets, Philadelphia.
$350,071 73 on account of elimination of grade crossings.
This sum was expended almost wholly in the elevation of
tracks on Ninth Street and on the Richmond Branch, Philadelphia. This Company expended to June 30 1914 $5,462,668 20 on account of the Ninth Street elevation and $1,461,-
Ones.
$157,023 89 on account of station buildings and fixtures.
This item includes new passenger stations at Philmont,
Minersville, Hatfield, Tuscarora and Spring Garden Street,
Philadelphia; new freight stations and other station facilities at Doylestown and Schuylkill Haven, and additional station facilities at various points along the line.
The item of $125,827 52 on account of water and fuel stations was expended mainly in the construction of new reservoir, track tanks and pump house at Yardley; new water
tank east of Palmyra and pipe line and column at Lebanon
Valley Junction.
Increased weight of rail caused an expenditure of $120,560 48 during the past fiscal year, or an increase over the
previous fiscal year of $67,981 73. The greater proportion
of this heavy rail was laid on the Reading Division, although
each division received some portion of it.
$117,915 83 was expended during the past fiscal year on
account of interlocking, block and other signal apparatus.
This item covered new interlocking plant at Mill Creek Junction under construction; new interlocking plants south of
Montgomery, and in east-bound classification yard at Rutherford; new block signals between Mill Creek Junction and
Tamaqua,Tamaqua and Mahanoy Tunnel,and Port Clinton
and Tamaqua, as well as additions to existing signals and
interlocking plants and new crossing alarms at various
points along the line of railroad.
The $90,350 81 expended for dock and wharf property
was almost entirely on account of the extension of Pier 18,
referred to in the previous Annual Report, and the installation of a new pipe line for fire protection on Piers A, B, C
and D,Port Richmond, Philadelphia.
EQUIPMENT.
The Philadelphia & Reading Railway Company owns no
rolling or floating equipment, but leases from Reading company all the equipment which it finds necessary to satisfactorily operate its railroad. Under its leases, the Philadelphia & Reading Railway Company is required to maintain
the leased equipment in good order and repair and to make
replacements from time to time of such equipment as may
become unfit for use or which may be destroyed. All replacements are made for rolling equipment on the basis.of
tractive power or carrying capacity, and for floating equipment on basis of gross registered tonnage. During the past
fiscal year the Company has complied with all its obligations under its equipment leases, and the cost has been included in the general operating expenses of the Company
under the head of Maintenance of Equipment.
The rolling and floating equipment in service on June 30
1914, as compared with June 30 1913, was as follows:
June 30 1914.
Locomotive Engines and Tenders
Revenue, Freight Cars
Passenger Cars
Work Cars
Capacity, Lbs.
Valuation.
No.
Capacity, Lbs.
Valuation.
1,005
40,730
921
1,013
30.122,463
3.117,350,000
59,865.055 97
32,914.202 00
4,549,675 00
524,924 00
987
42,651
855
1.000
28,925,218
3,222,910.000
59.355,987 65
34.080,484 49
3,621,482 00
490,407 51
Total Rolling Equipment
Sea Tugs, &c
Sea Barges. &c
Total Floating Equipment
June 30 1913.
No.
16,558.400
$47,853,856 97
23
114
Gross Reg. Ton
8,312.20
83,050.49
$1,410,883 00
2,520,263 00
91.362.69
13.931.146 00
547.548,361 65
23
112
Gross Reg. Ton
8,312.20
80,307.49
$1,410,883 00
2.403,801 00
88,619.69
53.814,68400
824
THE CHRONICLE
PENSION SYSTEM.
The sum of $112,573 24 was paid out in pensions during the
fiscal year ended June 30 1914, under the Company's pension system.
The number of pensioners on the roll on June 30 1914 was
as follows:
Retired under resolution of December 11 1901 (fifty year service
employees)
Retired at age seventy upon completion of thirty or more years continuous service
259
Retired at age sixty-five to sixty-nine years, upon incapacity after
thirty or more years continuous service
Retired (irrespective of age and length of service) account incapacity 60
resulting from injuries, &c.,received while in performance of duty_
17
5
341
The number of pensioners who died between July 1 1913
and June 30 1914 was 39.
In addition to the amount paid out in pensions, the sum of
$31,698 44 was contributed by the Philadelphia & Reading
Railway Company towards the support and maintenance of
the Philadelphia & Reading Relief Association, the membership of which is composed of employees of the Reading System.
NEW EXPRESS CONTRACTS.
The United States Express Company, which had handled
the express business over the lines of this Company for many
years, notified the Company that it had determined to cease
doing business and desired to terminate its contract as of
June 30 1914.
A satisfactory contract was thereupon entered into with
the American Express Company for handling express matter
over the entire system from July 1 1914, while a further contract was made with Wells, Fargo & Company for the handling of the overhead express business of that Company between New York and the Baltimore 8s Ohio Railroad at
Philadelphia.
[VoL. xelx.
of labor and for increases of pay, to which subject reference
was made in the previous report of this Company, was, by
agreement dated July 26 1913 between the parties at issue,
submitted to arbitration under the provisions of the Act of
Congress of July 15 1913. The arbitrators on Nov. 10 1913
submitted their award and recommendations, which were
accepted by all the interested parties. Under this award the
sum of $175,023 72 was paid by the Philadelphia & Reading
Railway Company to its conductors and trainmen for the
eight months from Oct. 1 1913 to May 31 1914 in extra wages
over and above their previous regular compensations. This
sum was included in the operating expenses for June 1914.
INSURANCE FUND.
The balance to the credit of this Fund on June 30 1913 was-41.052,246 92
During the past fiscal year the income from investments in the Fund amounted to
$48,395 73
Amount received from claims adjusted, &c
276 43
48,672 16
Total
S1,100,919 08
From which payments were made for premiums on insurance
carried in outside companies and for losses from fire or
marine disaster
119,196 08
Balance to credit of Fund June 30 1914
$981,723 00
The Insurance Fund now consists of securities valued at
$1,035,490 75, and cash amounting to $14,881 82, which is
on deposit separate and apart from the other funds of the
Company. The difference of $68,649 57 between the aggregate of the securities and cash in the Insurance Fund, viz.,
$1,050,372 57, and the balance above shown, viz., $981,723,
represents amount advanced by Philadelphia & Reading
Railway Company,adjusted in July account.
The income from investments in the Insurance Fund increased $649 55 in the past fiscal year as compared with the
previous fiscal year, while the payments made out of the
Fund increased $76,720 17, the fire and other losses during
the past fiscal year being considerably greater than those of
ARBITRATION OF DEMANDS OF CONDUCTORS the previous year.
AND TRAINMEN.
PHILADELPHIA & READING RAILWAY COMPANY.
The demands made by the conductors and trainmen emThe receipts of the Railway Company from the several
ployed upon the fifty-two important railroads operating in classes of business
for the last six years(the period in each case
the Eastern States for certain adjustments in their conditions being the twelve months
ending June 30) were as follows:
YEAR ENDED JUNE 30.
1913-1914.
1908-1909.
1911-1912.
1909-1910.
1910-1911.
Coal Revenue
$20,925,696 67 $22,060,057 32 $19,123,327 74 819,326,004 93518,737.217 84 $17,698,227 06
Merchandise Revenue
16,964,074 52 18,973.407 20 16,417.899 041 16,054,942 46 16,523,710 601 13,546,726 95
Passenger Revenue
7,011,548 87 7,101,752 42 6,90 .759
6,095,801 3
7,059.476 94 6,182,421
Excess Baggage Revenue
32,296 91
33.800 54
33,199 311
27,936 01
30.441 29
28,786 041
Express Revenue
678,592 32
662.675 981
730,908 44
668,591 811
559,873 98
589.421 201
Milk Revenue (on passenger trains)
339.230 93
313.673 141
346.898 23
294,435 871
200,629 70
262,611 18
Other Passenger Train Revenue
126.687 15
119,188 44
120.449 41
97,414 63
86,394 74
88,701 161
Switching Revenue
372,975 36
462,296 93
356,449 821
415,529 921
257,313 94
395.190 951
Special Service Train Revenue
14,980 53
39.929 52
14.463 27
30,308 30
14,678 491
35.043 55
Miscellaneous Transportation Revenue
12,785 67
5,042 97
4.629 011
13.220 51
51,222 40
46,247 Sli
Revenue from Operations Other than Transportation_ --505,853 98
570,325 74
402,230 31
320,473 51
295,932 26
350.736 0
Mail
138,647
22
119.109
117,064
56
50
118,277
75
118.136
118,511
60
61
Other Income
1,387.844 70 1,240,745 11 1,045,732 791
972,424 65
883,208 4
770,715 52
Total P. & R. Ry
$48.511.214 83 $51,803.462 42 $45,520,553 91 $45,337,866 99545,098,123 31!$39,830,949 17
Outside Operations, Net Earnings
411,431 63
305,160 751
369,966 97
325,793 98
329.960 151
436.312 30
Tntsil
!AO ocr. 10/ on 4'50 CIA 120d AS eaig .R95 715 ARISAA ARq ARA 07tdc .19R Mg satAn 9A7 9R1 57
Othe,r income for years prior to 1911-1912 are net, while
subsequently gross figures are shown.
There was an increase of $1,245,868 in the operating expenses, due to increased wages paid trainmen, 8sc., and increased cost of materials purchased.
The tonnage of Anthracite coal carried decreased from
12,860,092.03 tons in 1912-1913 to 11,091,290.16 tons in
1913-1914, a loss of 1,768,801.07, or 13.76 per cent, and the
tonnage of Bituminous coal increased from 16,115,417.10
tons to 16,735,104.17 tons, a gain of 619,687.07 tons, or
3.85 per cent. The revenue from coal traffic decreased from
$22,060,057.32 to $20,925,696.67, a loss of $1,134,360.65,
or 5.14 per cent.
Ps Merchandise traffic decreased from 26,550,439 tons to
23,042,126 tons, a loss of 3,508,313 tons, or 13.21 per cent,
and the revenue decreased from $18,973,407.20 to $16,964,074.52, a loss of $2,009,332 68, or 10.59 per cent.
The number of passengers carried decreased from 27,620,457 to 26,834,967, a loss of 785,490, or 2.84 per cent, and
the passenger revenue decreased from $7,101,752 42 to
$7,011,548 87, a loss of $90,203 55, or 1.27 per cent.
FUNDED INDEBTEDNESS UPON THE PROPERTY
OF THE PHILADELPHIA & READING
RAILWAY CO.
The funded indebtedness upon the property of this Company was increased $46,000 during the past fiscal year.
This increase was entirely on account of the Philadelphia
Subway,and represents the interest which has been paid during the year by this Company on the loan issued by the City
of Philadelphia in the construction of the Subway on Pennsylvania Avenue. This amount has been capitalized by the
issue of an equal amount of Philadelphia & Reading Railway
Company Subway Mortgage Bonds under the provisions
of the mortgage dated Feb. 1 1907. The additional amount
of $150,000 Philadelphia & Reading Railway Company Subway Mortgage Loan bonds, which appears upon the balance
sheet, was issued during the 1:1,st year under the said mortgage to represent the $150,000 installment of the principal of
the said loan which matured during the year and was paid,
1912-1913. I
and which was, therefore, deducted from the City of Philadelphia Subway Loan, as shown in the balance sheet. The
Philadelphia & Reading Railway Company Subway Mortgage Loan bonds issued during the year are, together with
those previously issued aggregating $1,716,000, in the treasury of the Company.
NEW LOW-GRADE FREIGHT LINE AT WAYNE
JUNCTION.
Work upon the low-grade freight tracks in the vicinity of
Wayne Junction has progressed satisfactorily during the past
year and it is anticipated that these tracks will be in condition for operation by the spring of 1915. There was expended
on this work to June 30 1914 the sum of $1,119,233.12.
This amount, together with the balance required to complete
the work, will be charged to capital account.
GENERAL REMARKS.
On Dec. 17 1913 the Board of Directors accepted with
regret the resignation of Colonel Henry A. du Pont, who had
been a member of the Board since April 20 1898. Mr.
Charles C. Harrison was thereupon elected a Director of the
Company to fill the vacancy.
Mr. George F. Baer, who had been President of this Company since April 3 1901, died on April 26 1914 after only a few
hours' illness. Mr. Baer had been continuously connected
with the Philadelphia & Reading Railway Company since
its organization on Nov. 17 1896, as a Director and also as
Counsel for the Company at Reading, Pa., until his election
to the Presidency thereof. Prior to the creation of the Philadelphia & Reading Railway Company, Mr. Baer had been
associated with its predecessor, the Philadelphia & Reading
Railroad Company,from the year 1870, as Counsel, and, at
a later period, as a member of its Board of Managers for a
number of years.
His advice and counsel were constantly sought by the management during the many years of his connection with the
Philadelphia & Reading Railroad Company, and this was
particularly true during the receiverships of 1880, 1884 and
1893, and in the final foreclosure proceedings in 1896. Mr.
Baer was also greatly interested in the preparation of the
SEPT. 19 1914.]
THE CHRONICLE
plan under -which the Reading properties were finally reorganized in the fall of 1896.
Through his long familiarity with the property and keen
perception of its possibilities, combined with his comprehensive constructive ability, strong personal character and
resolute purpose to protect the property entrusted .to his
care, he was enabled m a remarkably short period of time.to
bring the Philadelphia & Reading Railway Company to its
present high state of prosperity and efficiency.
From the standpoint of business welfare, the death of Mr.
Baer appears to his associates as an irreparable loss; while
from the personal point of view, his associates realize they
have lost an honored friend in whom reposed their greatest
respect and highest esteem.
825
At a special meeting of the Board of Directors held on
May 8 1914,the office of Chairman of the Board was created
and Mr. Edward T. Stotesbury, a member of the Board, was
elected to fill that position. Mr. Theodore Voorhees, the
Vice-President, was elected President of the Company on
the same date to succeed Mr. George F. Baer, deceased, and
on May 20 1914 the title of Mr. John F. Auch was changed
from. Vice-President and Freight Traffic Manager to VicePresident and Traffic Manager.
.The Board hereby acknowledges its appreciation of the
faithful and efficient services of its officers and employees.
By order of the Board of Directors,
THEODORE VOORHEES,
President.
INCOME ACCOUNT FOR THE YEAR ENDED JUNE 30 1914 AND COMPARISON WITH YEAR
ENDED JUNE 30 1913.
1913-1914.
RAIL OPERATIONS.
Revenue.
Coal freight revenue
Merchandise freight revenue
Passenger revenue
Mail revenue
Excess baggage revenue
Exress revenue
Milk revenue (on passenger trains)
Other passenger train revenue
Switchin revenue
Special service train revenue
Miscellaneous transportation revenue
Revenue from operations other than transportation
Expenses.
Maintenance of way and structures
Maintenance of equipment
Traffic expenses
Transportation expenses
General expenses
$20,925,696 67
16.964.074 52
7.011.548 87
138,647 22
32.296 91
678.592 32
339,230 93
126,687 15
372.975 36
14.980 53
12,785 67
505.853 98
$5.324.868 44
8,720.245 67
519,858 46
16,440,044 80
788,191 29
Net income from rail operations
Outside Operations (net)
Net income from all operations
Taxes
Operating Income
Other Income.
Income from lease of roads
Hire of equipment (balance)
Joint facility rent income
Miscellaneous rent income
- Net profit from miscellaneous physical property
Net Income from unfunded securities and accounts
Miscellaneous income
1912-1913.
$47.123,370 13
$22.060,057 32
18.973.407 20
7,101,752 42
119,109 56
33,800 54
730,908 44
346,898 23
119,188 44
462,296 93
39.929 52
5.042 97
570,325 74
31,793,208 66
$4.687,898 64
8.432,952 63
492.481 52
16.199,894 62
734.113 25
Gross Corporate Income
Deductions from Gross Income.
Rent of leased lines
Terminal trackage
Rent of equiment
Interest on funded debt
Interest on unfunded debt
Interest on subway loan (City of Philadelphia)
Joint facility rent deductIons
Miscellaneous rent deductions
Miscellaneous tax accruals
$20.015.376 65
411,431 63
$15,700,128 44
1,267,503 48
$20,426,808 28
1.300.47843
$19,126,329 85
1,387,844 70
$119,452 53
859,108 40
59.385 99
100,060 66
12,478 82
87,510 09
2,748 62
$15.820,469 66
$2,860,224 34
425,000 00
2,825,853 20
1,939,980 00
9,289 22
46,147 50
147,508 12
127,084 73
12,761 02
Additions and betterments
Net Corporate Income
30.547.340 66
$15,330,161 47
369,966 97
$14,432,624 96
$129,389 17
1,052,649 78
56.840 74
107,325 20
10,186 74
30,596 57
856 50
850.562.717 31
8.393.848 13
1.240,745 11
$20,367,074 96
$2.857,667 81
425,000 00
2.707,541 24
1,939,980 00
8,092 83
51.397 50
152.781 34
123,300 20
11,144 37
8,276.905 29
$7,426,621 53
2,024,783 36
$12,090,169 67
2,391,562 36
ss ant SRA 17
IA ASIR gm 21
BALANCE SHEET JUNE 30 1914.
ASSETS.
Amount.
Total.
Property InvestmentRoad and Equipment to June 30 1907:
Railroad
$92.534,078 79
New Locomotive Shops.
Reading1,881,716 15
Real Estate
309.179 0894724974
02
Road and Equipment since June 30 1907:
Railroad
16,772,787 79
Other Investments:
Advances to Proprietary,
Affiliated and Controlled
Companies for Betterm'ts
19
Miscellaneous Investments $626,634
836,159 58
1,462,793 77
$112.960.555 58
Working AssetsCash
$1,422,042 27
Marketable Securities
1.948.600 00
Loans and Bills Receivable
17.867 70
Traffic, Car Service and Miscellaneous Accounts Due by Other Companies
4,500,411 90
Net Balances Due from Agents
2.082,214 22
Materials and Supplies
3,666,180 40
13,637,316 49
Deferred Debit ItemsAdvances
Insurance Premiums Paid in Advance
Cash and Securities in Insurance Fund
Other Deferred Debit Items
LIABILITIES.
StockCapital Stock
Amount.
Total,
$42.481,700 00
Mortgage, Bonded and Secured DebtFunded Debt:
Prior Mtge. Loan, 1868-1893-1933-_ $2,606,000 00
Improvrn't Mtge. Loan, 1873-1897-1947_ 9.363.000 00
Consolidated Mtge. Loan.1882-1922-1937,
First Series
5,766,717 00
Consolidated Mtge. Loan, 1883-1933, Second Series
535 00
Debenture Loan. 1891-1941
8,500.000 00
Purchase Money Mtge., 1896
20,000,000 00
City of Philadelphia Subway Loan. 1913 to
1922
1,243.500 00
Philadelphia & Reading Railway Company
Subway Mtge. Loan
1,716.000 00
Mortgages and Ground Rents on Real Estate 131,060 61
49.416,812 61
Working LiabilitiesTraffic Car Service and Miscellaneous Accounts Due Other Companies
4,686,643 43
Audited Vouchers and Wages Unpaid
3,597.247 13
Matured Interest Unpaid
33,810 00
Matured Rent Unpaid
280.531 50
8,595,252 06
$23,584 24
3,217 26
1,050.372 57
32,977 83
1.110,151 90
Accrued Liabilities Not DueUnmatured Interest, Dividends and Rents
Payable
666,118 54
Taxes Accrued
1,134,430 97
Deferred Credit ItemsOperating Reserves
Other Deferred Credit Items
Insurance Fund
1,800,549 51
601.468 51
187,673 35
981,723 00
1.770,864 86
Appropriated SurplusExpenditures on Property Through Income Since June 30
1907 and charged as an asset
15,213,686 83
Profit and Loss
8.426,178 10
$127.708,023 97
8127,708.023 97
WILLIAM H. WHITE, Comptroller.
[VoL. xc rx.
THE CHRONICLE
26
THE PHILADELPHIA & READING COAL & IRON COMPANY
SEVENTEENTH ANNUAL REPORT-FOR THE FISCAL YEAR ENDED JUNE30 1914.
The Philadelphia & Reading Coal & Iron Co.,
General Office, Philadelphia, October 12 1914.
To the Stockholders:
The Board of Directors submits herewith the annual report of the operations of the Company for the fiscal year
ended June 30 1914.
The total production of anthracite coal from the lands
owned,leased and controlled by The Philadelphia & Reading
Coal & Iron Company for the year ended June 30 1914 was
10,271,669.04 tons, as compared with 12,807,996.06 tons
mined during the previous year, a decrease of 2,536,327.02
tons, or 19.8 per cent.
During the year the Company mined 8,992,494.04 tons,
a decrease of 2,097,248.12 tons, or 18.91 per cent; purchased
218,957.08 .tons and sold 8,747,643.19 tons, a decrease of
2,000,959.01 tons, or 18.62 per cent, as compared with the
previous year.
The percentage of sizes above pea produced from the
mining operations was 59.35 per cent as compared with 59.92
per cent the previous year.
The decrease of receipts from the sale of anthracite as
compared with last year was $8,131,818.30, this decrease
resulting almost entirely from the fact that we sold 2,000,959.01 tons less in 1914; the decrease in receipts from sale
of bituminous and from other sources was $147,262 66, the
bituminous sales falling off 31,991.05 tons and $70,915 96,
and other sources $76,346 70, making a total decrease in
gross receipts of $8,279,080 96 as compared with previous
year.
The decrease in expenses, excluding the amount expended
for improvements, was $5,292,844 31, resulting from the
decreased production of 2,097,248.12 tons.
Cost of transportation of coal by rail and water during
the year was $7,768,236 60, as compared with $10,093,802 65 for the previous year, owing to the falling off in our
sales of 2,000,959.01 tons.
The cost of Maintenance and Repairs decreased $370,098 95 and the cost of Mining decreased $2,049,042 30 as
compared with the previous year.
The total sum expended for Improvements during the year
and charged to expenses was $1,193,385 43, as against $1,241,070 64 the previous year.
Thirty-one collieries were operated a total of 72313 days
during the year ended June 30 1914,as compared with a total
of 8,770 days during the previous year. None of the washeries was in operation during the year. The collieries have
a capacity in excess of the maximum amount that they may
be called on to produce.
The funded indebtedness of the Coal & Iron Company
has been reduced by the following payment: Philadelphia
& Reading Collateral Sinking Fund. Loan, $30,000. This
Company has been reimbursed by Reading Company for
the payment of these bonds; the amount of this loan now outstanding is $1,050,000.
On June 27 1913 the Commonwealth of Pennsylvania
passed an Act laying a tax on anthracite coal of 23/i per cent
of the value thereof when prepared for market, the law taking
effect on June 28 1913. The tax due by this Company for
the period from June 28 to December 31 1913 amounted to
about $320,000.
It is with feelings of profound regret that the Board records the sudden death on April 26 1914 of Mr. George F.
Baer, President of the Company.
At a Special Meeting of the Board of Directors, held on
May 8 1914, the office of Chairman of the Board was created, and Mr. Edward T. Stotesbury, a member of Board,
was elected to fill that position.
Mr. W. J. Richards, Vice-President and General Manager, was elected President of the Company to fill the vacancy, caused by Mr. Baer's death.
By order of the Board of Directors.
W. J. RICHARDS, President.
INCOME ACCOUNT FOR THE YEAR ENDED JUNE 30 1914, COMPARED WITH THE YEAR 1913.
1913-1912.
1914-1913.
RECEIPTS.
I
Amount.
Total.
Total.
A7noUnt.
$39,078,082 93
1,277,607 62
302,713 60
135,339 44
109,377 15
79,942 29
Coal. Sales (Anthracite)
Coe Sales (Bituminous)
Coa I rents
House and Land rents
Inte rest and Dividends
Mis :ellaneous
$30,946,264 63
1,206,691 66
276,157 24
,
138.975 50
I
108,037 96
I
27,855 08
Total receipts
EXPENSES.
Min ng coal and repairs
Imp •ovements at collieries, etc
Coal purchased (Anthracite)
Coal purchased (Bituminous)
Roy alty of leased collieries
Tra .sportation of' coal by rail
Traiisportation of' coal by water
Han fling coal at depots
Tax a on coal lands and improvements
Imp •ovements and repairs of houses
Darnages account coal dirt
All ,ther expenses
$20,627,192 70
1,193,385 43
372,467 41
1,118,875 32
485,614 01
6.555,640 50
' 1,212,596 10
406,451 87
488,195 49
113,997 89
655 85
1,120,958 62
$23,046,333 95
1,241,070 64
1,308,665 45
1.136,729 46
601,325 76
8,758,817 16
1,334,985 49
458,379 15
512,300 00
142,435 68
3.769 69
1,201,568 49
Less coal added to stock
$33,606,031 19
1,840,416 02
$39,746,380 92
2,550,236 23
Total Expenses
$40.983.083 03
$32,703,982 07
31,855,615 17
•
Profit in Operating
PixecI charges and taxes
Intereat on Reading Company Loan
Inter'eat on Reading Company Commercial Loan
Aba [cloned Storage Yard and Jig House
Addi bional wages awarded employees on account of sliding-scale percentage
37.196.144 69
848,366 90
94,649 51
2,269,405 15
86,248 18
3,786,918 34
46,728 80
132,976 98
176,784 37
106,486 90
2,647,325 93
Profit
Profit of previous years
Baiaxice to Credit of Profit and Loss Account
715,380 92
2,599,286 55
1,139.592 41
1,459,694 14
3.314,676 47
2,599,286 55
Tonn
nied (Anthracite)
,urchased
"
lold
"
)n hand
8,992.494 04
218,957 08
8,747,643 19
1.592,421 19
11,089,742 18
524,574 05
10,748,603 00
1,120.574 06
BALANCE SHEET JUNE 30 1914.
Total.
Capital AccountsAmount.
$1,050.000 00
P.& R. Collateral Sinking Fund Loan. 1892-1932
8,000,000 00
Capital Stock
72,472,767 37
Reading Company
Current LiabilitiesPay-Rolls and Vouchers
$1.062,744 29
30,622 90
Due for Coal Purchased
Due for Royalty on Coal Mined
114,621 80
17.523 12
Freight and Tolls Due Foreign Roads
382,438 59
Companies and Individuals
120 00
Interest Due and Uncollected
497,717 94
Interest and Taxes Accrued
2.105.786 84
31,851 29
$78,748,445 25 Miners' Beneficial Fund
1,166,18894
P. & R. Railway Company Current Account
$2.599,286 55
Profit and Loss to June 30 1913
$369,511 18
715,38992
Profit and Loss July 1 1913 to June 30 19146,989 69
3,098,297 27
3,314.876 47
51,795 13
980,541 56
5,401.478 91
1.433.010 48
Amount..
Capital Accounts$48,368,137 77
Coal Lands
841.690 64
Timber Lands
839,539 70
New York and Eastern Depots
15
1,824,284
Depots
and
Yards
Western
553,137 67
Miners'and Other Houses
Pottsville Shops, Real Estate and _Improve417.939 87
ments
675.107 78
Storage Yards and Washeries
403.468 59
Other Real Estate
Improvements and Equipments at Collieries 12,959.224 33
Stocks and Bonds of and Loans to Com9,863,914 75
panies Controlled
Inn
Current AssetsCash on hand
Bills Receivable
Coal Accounts
Rent Accounts
Companies and Individuals
Coal on hand
Supplies and Materials on hand
Stocks, Bonds and Mortgages
Total.
11.341,62422
53,201 24
$88,141.270 71
$88.141,27071
W. G. BROWN, Secretary.
SEPT. 19 1914.]
THE CHRONICLE
827
CHICAGO & NORTH WESTERN RAILWAY COMPANY
FIFTY-FIFTH ANNUAL REPORT-FOR THE FISCAL YEAR ENDING JUNE 30 1914.
To the Stockholders of the Chicago & North Western Railway
FREIGHT TRAFFIC.
Company:
The details of Freight Traffic for the year ending June 30
The Board of Directors submit herewith their report of the 1914, compared
with the preceding year, were as follows:
operations and affairs of the Chicago & North Western
-DecreaseRailway Company for the fiscal year ending June 30 1914:
Amount. P.Ct.
1913.
1914.
Average number of miles operated
Operating Revenues:
Freight Revenue
Passenger Revenue
Other Transportation Revenue
Non-transportation Revenue
8,070.61
$53.989,475 43
21,540.542 79
7,028.438 19
1,118.594 38
Total Operating Revenues
Operating Expenses (70.99% of Operating Revenues)
$83.677,050 79
59,405.141 53
Net Revenue-Rail Operations
Outside Operations-Net Deficit
$24,271,909 26
14.149 85
Net Railway Operating Revenue
Railway Tax Accruals (5.08% of Operating Revenues)
$24,257,759 41
4,252.790 29
Railway Operating Income
$20,004,969 12
Other Income:
Rental Income
$198.540 63
Dividend Income
1,579.236 39
Income from Funded Securities
5.65000
Income from Unfunded Securities and Accounts and Other Items
1,137,333 77
Total Other Income
Gross Income
Deductions from Gross Income:
Rental Payments
Interest Deductions for Funded Debt
Other Deductions
2.920,760 79
$22,925,729 91
$1,265.866 98
9,239,007 59
114.713 13
Total Deductions
10,619,587 70
Net Income
Disition of N'et Income:
Sinking Funds
Dividends8% on Preferred Stock
7% on Common Stock
$12.306,142 21
$200.472 61
1,791,600 00
9,108,015 00
Total
11.100.087 61
Balance Income for the year
$1,206,054 60
The results as compared with the preceding fiscal year
were as follows:
Passenger Revenue increased
Non-transportation Revenue increased
$982,919 54
394.196 19
Freight Revenue decreased
Other Transportation Revenue decreased-
$672,112 80
63,873 22
$1,377,115 73
735.98602
Total Operating Revenues increased
Operating Expenses increased
Railway Tax Accrualsincreased
$641,12971
$1,152.361 31
655.630 49
Operating Expenses and Railway Tax
Accruals increased
$1,807,991 80
Net deficitfrom Outside Operations increased
25,446 20
Railway Operating Income decreased
1,833,438 00
$1,192,308 29
Of the Operating Expenses for the current fiscal year,
$33,871,483 08, or 57.02 per cent, was paid employees for
Labor, as compared with $32,911,995 31, or 56.50 per cent,
paid during the preceding fiscal year. The increase of $959,487 77 in the amount paid is accounted for as follows:
Increase account higher rates of compensation
Increase account more time worked
$534,506 41
424,981 36
$959,487 77
MILES OF RAILROAD.
The total number of miles of railroad owned June 30 1914
was
In addition to which the company operated:
7,945.50 miles
Through Ownership of Entire Capital StockWolf River Valley Railway (Junction east
of Elton to
Van Ostrand, Wis.)
Under LeaseDe Pue Ladd & Eastern Railroad (Ladd to
Seatonville. III.)
Belle Fourche Valley Railway (Belle Fourche 3.25 miles
to Newell, S. D.)
James River Valley & North Western Railway23.52 "
(Blunt to Gettysburg, S. D.)
Macoupin County Extension Railway (Benld39.55 "
to Staunton, Ill.)
4.36 "
Under Trackage Rights&
Pekin
Peoria
Union Railway (In the city of
Peoria, Ill.)
Chicago Indiana & Southern Railroad (Church- 2.02
44
ill to Ladd, Ill.)
Union Pacific Railroad (Broadway Station, 2.80
Council Bluffs,Iowa,to South Omaha. Neb.) 8.73 .6
Missouri Valley & Blair Railway & Bridge
Company's track
3.36 .6
Chicago St. Paul Minneapolis St Omaha Ry.:
Blair to Omaha, Neb
24.70 .6
Elroy to WyevIlle, Wig
22.79 6.
In Sioux City, Iowa
2.28
Illinois Central Railroad (Sioux City to Wren.
Iowa)
10.10 .4
1.98 "
70.68 "
76.78 "
Total miles of railroad operated June 30 1914
8,094.94 "
The above mileage is located as follows:
In Illinois
In Wisconsin
In Michigan
In Minnesota
In Iowa
In North Dakota
In South Dakota
In Nebraska
In Wyoming
Total
824.53 miles
2,170.03 "
519.88 "
650.30 "
1,620.26 "
14.28 "
1,063.15 "
1,102.05 "
130.46 "
8,094.94 "
Freight Revenue
$54,661,588 23 $53.989,475 43 $672,112 80 1.23
Percentage of
1913.
1914. Inc.orDec.
Tons of Freight Carried
43.309.643 -3.41
44.839.071
Tons of Freight Carried One Mile_ _ _6,282.916.222
6,229,944,171 -.84
Average Revenue Received Per Ton_
+2.46
$1 25
$1 22
Average Revenue Received per Ton
per Mile
.87 of a cent .87 of a cent
Average Distance Each Ton was
Hauled
140.12 miles
143.85 miles +2.66
Mileage of Revenue Freight and
Mixed Trains
18.055,815
17,922.137 -.74
Average Number of Tonsof Revenue
Freight Carried per Train Mile:
East of Missouri River
+.60
375.38
377.64
West of Missouri River
152.26 +2.41
148.68
Whole Road
347.61 -.10
347.97
Average Number of Tons of Revenue
Freight Carried per Loaded Car
Mile
18.38
18.44
+.33
Average Freight Revenue per Train
Mile
$301 -.66
$303
PASSENGER TRAFFIC.
The details of Passenger Traffic for the year ending June 30
1914, compared with the preceding year, were as follows:
----Increase----Amount. P.Ct.
1913.
1914.
$20.557,623 25 $21,540.542 79 $982.919 54 4.78
Percentage of
1913.
1914. Inc.orDec.
Passengers Carried
32.441,450
33.389.428 +2.92
Passengers Carried One Mile
1,113,831.352 1,173.435.140 +5.35
Average Fare Paid per Passenger__ _
63 cents
65 cents +3.17
Average Rate Paid per Passenger
per Mile
1.85 cents
1.84 cents -.54
Average Distance Traveled per Passenger
35.14 miles +2.36
34.33 miles
Mileage of Revenue Passenger and
Mixed Trains
21,378,704
+.74
21,537,781
Average Passenger-Train Revenue
per Train Mile
$1 23
$1 26 +2.44
Passenger Revenue
MAINTENANCE OF WAY AND STRUCTURES.
The total Operating Expenses of the Company for the
year ending June 30 1914 were $59,405,141 53; of this
amount $12,179,689 85 was for charges fertaining to the
Maintenance of Way and Structures. Included in these
charges is a large part of the cost of 82,741 tons of steel rails,
the greater portion of which was laid in replacement of rails
of lighter weight in 600.62 miles of track; also the cost of
3,041,197 new ties.
The charges for Maintenance of Way and Structures also
include a portion of the cost of ballasting 89.51 miles of track
with crushed stone, 343.75 miles with gravel and 16.92 miles
with cinders; the erection, in place of wooden structures, of
42 new steel bridges on masonry aggregating 3,846 feet in
length and containing 3,858 tons of bridge metal; and the
replacement of other wooden structures with masonry arch
and box culverts and cast-iron pipes, the openings being
filled with earth. The wooden structures replaced by permanent work aggregate 11,396 feet in length.
The charges on account of Maintenance of Way and
Structures for the year ending June 30 1914, compared with
the preceding year, were as follows:
Cost of Rails:
New steel rails
Usable and re-roiled rails
Inc. or Dec.
1913.
1914.
$1.608,212 85 $1,212.258 90 -$395,953 95
589.407 15
996.460 61 +407.053 46
32,197.620 00 32,208.719 51
Less value of old rails and
other items
1,582,238 40 1,484,363 53
+311.09951
-97.87487
Net charge for rails
$615.381 60 $724,355 98 +$108.974 38
Cost of Ties
1,398.359 45 1,762.313 18 +363,953 73
Cost of Ballast
+33.411 79
227.056 25
193.644 46
Cost of Other Track Material_ 525.805 53
+13.31280
539.118 33
Roadway and Track Labor and
Other Expenses
4.949,338 52 5,073,539 12 +124.200 60
Total Charges for Roadway
and Track
$7,682,529 56 $8,326,382 86 +3643.853 30
Other Charges Account Maintenof Way and Structures were as
follows:
Bridges,Trestles and Culverts.. $854,794 52 $945.128 70 +390,334 18
Road, Crossings, Fences. &c
331.200 62
325,226 84
+5.973 78
Signals and Interlocking Plants 444.175 32
451,960 43
+7,785 11
Buildings, Fixtures & Grounds_ 1,175,886 10 1,229,244 45
+53.35835
Docks and Wharves
53.975 41 +160.97509
214.950 50
Superintendence
489,352 50
483,468 65
+5,883 85
Roadway. Tools and Supplies _
139.863 67
150,540 57
+10,676 90
Sundry Miscellaneous Charges_
180,291 27
201,904 31
+21,61304
Total
Charges
Account
Maintenance of Way and
Structures
$11.501.186 43312.179.689 85 +3678,503 42
The above charges for Maintenance of Way and &ruetures for the current year amount to 20.50 per cent of the
total Operating Expenses, as compared with 19.74 per cent
for the preceding fiscal year.
MAINTENANCE OF EQUIPMENT.
The charges on account of Maintenance of Equipment for
the year ending June 30 1914, compared with the preceding
year, were as follows:
828
THE CHRONICLE
[VOL. xcix.
1914.
Inc. or Dec. Company's Bonds in its Treasury and due from Trustee was $7,519,000 00
1913.
54.688,207 05 54.831.466 36 +5143.259 31
Locomotives
The above amount has been increased during
1,088,442 20 1,079,046 73
—9,395 47
Passenger-train Cars
5,016,122 00 5,445,489 09 +429,367 09 the year ending June 30 1914 as follows:
Freight-Train Cars
143,446 64
132.975 41
+10.471 23 C.& N. W.By.5% Sinking Fund Debentures
Work Equipment
229.921 15
229.505 27
+415 88
Shop Machinery and Tools.._
$4,000 00
of 1933, Purchased
358.660 57
+23.554 08
335.106 49
Superintendence
% Equipment Trust Cer& N. W. By.
99.092 63
78,137 67
+20,954 96 C.tificates
Sundry Miscell. Charges__ _
of 1913, Series D. Issued
4,000,000 00
C.& N. W.By. General Mortgage Gold Bonds
Total Charges Account
of 1987. Due from Trustee in Exchange
Maintenance of Equipfor Bonds Retired, viz:
511,568,496 09 $12,187,123 17 +5618.627 08
ment
C. & N. W. By. Sinking Fund of
$41.000 00
1879.6%
The above charges for Maintenance of Equipment for the
C. & N. W. By. Sinking Fund of
current year amount to 20.52 per cent of the total Operating
94.000 00
1879. 5%
M. L. S. & W. Extension and
Expenses, as compared with 19.86 per cent for the preceding
Improvement Sinking Fund
fiscal year.
11.000 00
Mortgage, 5%
146,00000
Gold Bonds
Mortgage
General
By.
W.
N.
&
C.
RESERVE FOR ACCRUED DEPRECIATION
of 1987. Due from Trustee on Account of
ON EQUIPMENT.
Construction Expenditures Made During
1,000,000 00
the Year
5,150.000 00
At the close of the preceding fiscal year there was a balance
$4,665,712 28
to the credit of the Equipment Reserve Accounts of
512.669.000 00
During the year ending June 30 1914 there was credited to the
The Bonds on hand and due from Trustee
Equipment Reserve Accounts on account of charges to Operating Expenses and Profit and Loss, and for salvage
3,336,032 63 have been decreased during the year as follows:
Mortgage Gold Bonds
C.& N.W.By.General
$8,001,744 91
of 1987, 4%, sold to Reimburse the ComMade for ConExpenditures
Past
for
pany
And there were charged during the year against
struction and in Redeeming Matured Bonds-$8,054.000 00
the above amount the original cost of Equipment
Southern Iowa Ry. First Mortgage 33%
431,000 00
Bonds, Canceled
retired and other items, as follows:
M. L. S. & W. Ry. Extension and Improve5148,486 01
17 Locomotives
ment Sinking Fund Mortgage 5% Bonds
7 Passenger-Train Cars
11.000 00
28,610 67
Retired
8.496.000 00
1,360.288 60
2,467 Freight-Train Cars
31,141 18
172 Work Equipment Cars
Trustee,
from
due
and
Other Items
Treasury
343,979 08
the
in
Bonds
Total
54.173,000 00
1.912,505 54
June 30 1914
Treasury
the
in
Bonds
the
the
in
to
of
credit
balance
Equipment
year
the
a
Reserve
during
Leaving
Net Decrease
53,346,000 00
Accounts on June 30 1914 of
$6.089,239 37
and due from Trustee
CONSTRUCTION.
TRANSPORTATION EXPENSES.
The construction charges for the year ending June 30 1914
The Transportation Expenses of the Company for the year were as follows:
ending June 30 1914 were $31,941,194 36, or 53.77 per cent On Account of Elevating Tracks, vie.:
5124.384 93
In River Forest, Illinois
of the total Operating Expenses. Of this amount $19,61.161 83
Greenfield Avenue North, Milwaukee, Wis.
$185,546 76
862,352 33, or 62.18 per cent, was charged for labor; $6,905,727 12, or 21.62 per cent, was charged for fuel for loco- Sundry Construction:
and Additional Depot and
Way
of
Right
5184.532 21
motives, and $5,173,114 91, or 16.20 per cent, was charged
Yard Grounds
1,069.551 05
Buildings and Fixtures
for supplies and miscellaneous items. The decrease in the
137.992 00
Tools
and
Machinery
Shop
Transportation Expenses for the year ending June 30 1914,
823.210 81
Bridges, Trestles and Culverts
as compared with the preceding fiscal year, was $300,063 32, Interlocking, Block and Other Signal Ap- 481.452
paratus
or .93 per cent, distributed as follows:
102.321 98
Improvement of Grade Crossings
Increase in amount charged for labor
$236.274 32
Decrease in amount charged for fuel for locomotives
1,020.161 01
Increase in amount charged for supplies and miscellaneous items 483.823 37
$300,063 32
CAPITAL STOCK.
There was no change during the year in the Capital Stock
and Scrip of the Company.
The Company's authorized Capital Stock is Two Hundred
Million Dollars ($200,000,000 00), of which the following has
been issued to June 30 1914:
Common Stock and Scrip held by the
Public
130,117,028 82
Common Stock and Scrip owned by the
2,338,502 15
Company
$132,455,530 97
Total Common Stock and Scrip
Preferred Stock and Scrip held by the
522.395,120 00
Public
Preferred Stock and Scrip owned by the
3,834 56
Company
Total Preferred Stock and Scrip
Total Capital Stock and Scrip June 30 1914
22,398,954 56
Reduction of Grade between Nelson and
69.629 21
Peoria. Ill
1.073.570 59
Betterment of Roadway and Track
Miscellaneous Construction, including Ter196,281 44
minal Yards, Docks and other items„—
4,138.541 53
Equipment:
30 Locomotives, 66 Steel Passenger-Train
Cars, 1,000 Freight-Train Cars and 4
$2.088,737 07
Work Equipment Cars
397.860 75
Improvement of Equipment
added
1912
or
Equipment
Trust
4 Locomotives and 4.005 Freight-Train
4,005,925 04
Cars
Trust Equipment of 1913 added71 Locomotives.67 Steel Passenger-Train
Cars and 2.035 Freight-Train Cars_ _ _ _ 4.007,414 31
Less Equipment retired
510.499.937 17
1,912,505 54
8,587.431 63
512,911.519 92
60.604 91
Account Cost of Milwaukee Sparta & North Western Railway
4,483 50
Account Cost of Des Plaines Valley RallwaY
Account Cost of St. Louis Peoria & North Western Railway- 9.896,745 59
$22,873,353 92
TRACK ELEVATION.
The elevation of the Company's six main tracks on the
FUNDED DEBT.
Galena Division in the Village of River Forest, Illinois, from
At the close of the preceding fiscal year the amount of the overhead crossing of the Minneapolis St. Paul & Sault
Railway to the Des Plaines River, a distance of
Bonds held by the Public and in Sinking Funds was$193,259,000 00 Ste. Marie
0.6 miles, and the construction of an elevated yard with a
The above amount has been decreased during
capacity for 300 cars,are in progress, and it is expected will
the year ending June 30 1914 as follows:
be completed during the present calendar year.
Bonds Purchased:
At Milwaukee, Wisconsin, the Company has undertaken
5% Sinking Fund Deben$4,000 00
tures of 1933
the elevation of the mam tracks and certain yard tracks of its
Equipment Trust Certifkates Redeemed:
Wisconsin Division, from the Kinnickinic River to the Mil% Equipment Trust
C. & N. W. By.
300,000 00
Certificates of 1912. Series B
waukee River, a distance of 1.04 miles, and also the elevaBonds Redeemed with Sinking Fund Payments:
tion of the main tracks and certain yard tracks of its Madison
0. & N. W. Ry. Sinking Fund
337.000 00
Division from Kinnickinic Avenue north to a connection
of 1879.6%
Fund
Sinking
By.
C. & N. W.
with the Wisconsin Division, near Mineral Street, a distance
93.000 00
of 1879.5%
of 0.77 miles. In connection with the elevation of the exist130,000 00
tracks, provision has been made for the construction of
434,000 00 ing
Total Bonds Purchased or Redeemed
two additional tracks on the Wisconsin Division. This
5192.825,000 00 work includes the ponstruction of subways on the Wisconsin
Division at Washington Street and National Avenue, and
And the above amount has been increased
on the Madison Division at Greenfield Avenue and Washingby Bonds and Equipment Trust Certificates
ton Street. The total miles of main, yard and side tracks
sold and assumed during the year as follows:
to be elevated are equivalent to 14.81 miles of single-track
C. & N. W. By. General Mortgage Gold
Bonds of 1987. 4%, sold to reimburse the
railway.
for
made
expenditures
Company for past
construction and in redeeming matured
SUNDRY ADDITIONS AND BETTERMENTS.
58.054.000 00
bonds
% Equipment Trust
Among the more important sundry additions and betterC. & N. W. By.
4,000.000 00
Certificates of 1912, Series C. sold
ments to the property of the Company during the fiscal year
St. Louis Peoria & North Western By. 5%
10.000.000 00
First Mortgage Bonds assumed
are the following:
22,054,000 00
Modern brick passenger stations have been completed, or
are nearing completion, at Rochelle, Barrington, WoodTotal Bonds held by the Public and in Sinking Funds,
5214879.00000
June 30 1914
stock, Des Plaines and Crystal Lake, Illinois; De Pere and
Net Increase during the year in Bonds held by the
521,620,000 00 Jefferson, Wisconsin, Iron River, Michigan, and at Rapid
Public and in Sinking Funds
City, Sturgis and Redfield, South Dakota.
BONDS IN THE TREASURY AND DUE FROM
At Huron, South Dakota, a commodious brick passenger
station, two-story brick freight house 40 feet x 212 feet, and
TRUSTEE.
At the close of the preceding fiscal year the amount of the six additional parallel yard tracks have been constructed.
$154,854,485 53
THE CHRONICLE
SEPT. 19 1914.]
At Green Bay, Wisonsin, a brick freight house 40 feet x
250 feet with two-story office portion 40 feet ic 50 feet; at
Manitowoc, Wisconsin, a brick freight house with two-story
office portion 40 feet x 180 feet; and at Ironwood, Michigan,
a brick freight house 41 feet x 131 feet with office portion at
one end, are nearing completion.
At South Pekin, Illinois, and at Norfolk Nebraska a twostory brick office buildings are being constructed.
At Chicago Shops the following additions to the plant have
been completed:
Enlargement of Wisconsin Division engine house.
Brick extension to locomotive tank shop 30 feet x 324 feet.
Enclosing of space 66 feet x 300 feet between Car Shops
1 and 2.
Brick extension to coach paint shop 14 feet x 300 feet.
Installation of two 70-foot electric transfer tables for
coaches, and one 38-foot electric transfer table for locomotives.
Also at Chicago shops a considerable expenditure has been
made for the installation of a sprinkler system, the erection
of fire walls and the re-arrangement and enlargement of the
facilities for supplying water,in order to provide for additional
fire protection and thereby reduce the cost of insurance.
At Green Bay, Wisconsin, the improvements consisting of
a 40-stall brick engine house, power house, machine shop,
store.and oil house, ice house, coal and water facilities,and
additional trackage, to which reference was made in the last
annual report, have been completed.
At Clinton, Iowa, the machine shops, power house and
store and office buildings under construction at the close
of the previous fiscal year have been completed. The
installation at this station of a car repair yard with suitable
shop and other buildings is in progress.
At Escanaba, Michigan, the Company's coal dock has
been extended 300 feet,and two bridges, each consisting of
one truss span 163 feet long, and connected with present
towers, have been installed.
Between Nelson and Peoria. Illinois, important revisions
of grade, to permit a material increase in the train tonnage
on this line, are in progress.
Reference was made in the last annual report to the stockholders to an agreement with the City of Milwaukee, Wisconsin, by which this Company acquired the Fight to fill
in and occupy with additional tracks approximately ten
acres of submerged lands east of its present holdings on the
shore of Lake Michigan in that city. During the year covered by this report substantial progress has been made in
the filling and a protection crib has been completed.
The installation of automatic block signals has been completed during the year, or is nearing completion, as follows:
Evansville to Madison. Wisconsin
Baraboo to Elroy, Wisconsin
Fond du Lac to Duck Creek, Wisconsin
Missouri Valley to Sioux City. Iowa
Ames to Des Moines, Iowa
22.5 miles
37.3 "
69.0 "
74.7 "
34.0 "
829
Between Clybourn and Mayfair, Illinois, and between
Elmhurst and West Chicago, Illinois, new upper quadrant
semaphore signals are being installed in place of disc signals.
Upon completion of the work now in progress, 1,135 miles of
the Company's railway will be protected by automatic
signals.
NEW RAILWAYS.
The St. Louis Peoria & North Western Railway Company, organized in the interest of this Company and owning
a railroad from near Peoria to the Company's coal fields in
Macoupin County, Illinois, a distance of 114.64 miles, conveyed its entire property to the Chicago & North Western
Railway Company on December 15 1913,subject to an indebtedness consisting of $10,000,000 First Mortgage 5% Gold
Bonds, payable July 1 1948, which were assumed by the
Chicago & North Western Railway Company.
The Macoupin County Extension Railway Company,
organized in the interest of this Company to construct a
railway from a connection with the Macoupin County Railway near Benld, in a general southerly direction for a distance of about 9 miles, to reach certain coal fields under
development in Macoupin and Madison counties. Illinois,
has been completed during the year from Benld to Staunton,
a distance of 4.36 miles. This railway was leased to the
Chicago & North Western Railway Company for a term of
twenty-five years beginning January 1 1914.
The Iowa Southern Railway Company, organized in the
interest of this Company, to construct a railway from a
connection with this Company's railway in Monroe County,
Iowa, in a general southwesterly direction in that county,
for a distance of about 25 miles, has been practically completed during the year from a connection with the Chicago
& North Western Railway at Miami, Iowa, to the Company's coal fields in Monroe County, a distance of 12.25
miles. This railway was leased to the Chicago & North
Western Railway Company for a term of twenty-five years
beginning July 1 1914.
LANDS.
During the year ending June 30 1914 8,809.93 acres and
88 town lots of the Company's Land Grant lands were sold
for the total consideration of $245,862 52. The number
of acres remaining in the several Grants June 30 1914
amounted to 330,434.65 acres, of which 18,030.19 acres were
under contract for sale, leaving unsold 312,404.46 acres.
Appended hereto [pamphlet report] may be found statements, accounts and statistics relating to the business of the
fiscal year, and the condition of the Company's affairs on
June 30 1914.
By order of the Board of Directors.
WILLIAM A. GARDNER,President.
[On a preceding page are given comparative tables of income.
disbursements, balance sheet. &c.]
CHICAGO SAINT PAUL MINNEAPOLIS & OMAHA RAILWAY COMPANY
THIRTY-THIRD ANNUAL REPORT-FOR THE FISCAL YEAR ENDING ,TUNE 301914.
To the Stockholders of the Chicago Saint PaulMinneapolis ct
Omaha Railway Company:
The Board of Directors submit herewith their report of
the operations and affairs of the Chicago St. Paul Minneapolis & Omaha Railway Company for the fiscal year ending
June 30 1914.
Average number of miles operated, 1,748.39.
Operating Revenues:
Freight revenue
811,427.56324
Passenger revenue
5,415.710 19
Other transportation revenue
1,036,609 69
Non-transportation revenue
112.48747
Total operating revenue
$17,992,370 59
Operating Expenses (70.21 % of operating revenues)
12,632,570 52
Net revenue-Rail Operations
$5,359.800
07
Outside Operations (net revenue)
16,166 40
Net railway operating revenue
$5,375,966 47
Railway Tax Accruals (5.41% of operating revenue)
973,282 83
Railway operating income
$4,402,683 64
Other IncomeRental income
$134.921 94
Dividend income
46.351 00
Income from funded
fu
securities
es
12,060 00
Income from unfunded securities and accounts, and other items
40.072 08
Total other income
233,40502
Gross income
$4.636.088
66
Deductions from Gross Income:
Rental payments
$515,184 10
Interest deductions for funded debt
2.052,901 43
Interest deductions for unfunded debt
32.735 53
Other deductions
13.652 25
Total deductions
2,614,473 31
Net income
Disposition of Net Income:
Dividends:
7% on preferred stock
6 7% on common stock
82.021,615 35
8570.356 31
431.114 88
18.149 03
81,019.620 22
20.254 31
Other transportation revenue decreased
Total operating revenue increased
Operating expenses increased
Railway tax accruals increased
$745,109 24
141.019 56
Operating expenses and railway tax accruals increased
Net revenue from outside operations increased
$866,128 80
20.978 02
$999.365 91
Railway operating income increased
865,150 78
$134.215 13
The operating expenses for the current fiscal year include
$6,895,806 12 paid employees for labor, as compared with
$6,720,074 48 paid during the preceding fiscal year, being an
increase of $175,731 64, accounted for as follows:
Increase account higher rates of compensation
Increase account more time worked
Total increase
$51,924 14
123.807 50
$175.731 64
MILES OF RAILROAD.
The total number of miles ofrailroad owned June 30 1914 was 1,683.22 miles
In addition to which the company operated:
Under Trackage RightsNorthern Pacific Railway (Superior, Wis., to
1.59 miles
Rice's Point, Minn.)
Great Northern Railway (St. Paul to Minneap11.40 "
olis. Minn.)
Minneapolis dc St. Louis Railroad (Minneap27.00 "
olis to Merriam. Minn.)
Illinois Central Railroad (LeMars to Sioux
25.20 "
City, Iowa)
Sioux City Bridge Company (bridge across
Missouri River and tracks at Sioux City. Ia.) 3.90 "
Chicago St North Western Railway(Sioux City
.50 "
69.59
to Sioux City Bridge Company's track)
$787,97600
1.298,93400
is Total dividends
MT Net deficit for the Year
VAs compared with t eipreviouslyear,
follows :
Freight revenue increased
Passenger revenue increased
Non-transportation revenue increased
Total miles of railroad operated June 30 1914
1,752.81
The above mileage is located as follows.
In Wisconsin
781.14
2.086.910 00 In Minnesota
473.04
In Iowa ______________________________________________ 102.04
$65,294 65 In South Dakota
88.20
he
‘
308.39
results_were_as In Nebraska
L Total
1 752.81
miles
"
..
"
"
"
[VOL. xclx.
THE CHRONICLE
830
In addition to the foregoing, the company owned and RESERVE
operated 183.03 miles of second track, located as follows:
157.09 miles
24.23 "
In Wisconsin
In Minnesota
In Nebraska
183.03 "
Total
FOR
ACCRUED DEPRECIATION
EQUIPMENT.
ON
At the close of the preceding fiscal year there was a balance
to the credit of the equipment reserve accounts of
$1,321.312 99
During the year ending June 30 1914 there was credited to the
equipment reserve accounts on account of charges to OperProfit
and
Loss, and for Salvage
ating Expenses and
757.580 72
$2.078,893 71
There was charged during the year against the above amount
the original cost of equipment retired as follows:
9 Locomotives
$85.500 00
7 Passenger-train cars
39.792 00
661 Freight-train cars
379.428 89
Increase
504.72089
Amount.
%
1914.
1913.
810,857,20693 $11.427.563 24 *570.35631 5.25 Leaving a balance to the credit of the equipment reserve acFreight revenue
of
1914
Percentage
counts on June 30
$1,574.172 8es
of Inc. or
Dec.
1914.
TRANSPORTATION EXPENSES.
1913.
8,466.632 3.18 Inc.
8.205.947
Tons of freight carried
The transportation expenses for the year were $6,939,2.47 Inc.
Tons of freight carried one mile 1.262,998.028 1,294,143,291
$1.35 2.27 Inc. 604 01, or 54.93 per cent of the total operating expenses.
$1.32
Average revenue received per ton
Average revenue received per ton
.86 of a cent .98 of a cent 2.33 Inc. Of this amount $3,825,879 76, or 55.13 per cent, was for
per mile
labor; $2,044,091 93, or 29.46 per cent was for fuel for locoAverage distance each ton was
.69 Dec.
153.91 miles 152.85 miles
hauled
motives; and $1,069,632 22, or 15.41 per cent, was for
Mileage of revenue freight and
4,212,289 7.95 Dec. supplies and other items.
4,575.954
mixed trains
Average number of tons of reveThe total increase in the charges as compared with the
307.23 11.31 Inc.
276.01
nue freight carr. per train mile
previous year was $192,812 47, distributed as follows:
Average number of tons of rev.
freight carried per loaded car
in amount charged for labor
$31.645 45
19.23 1.26 Inc. Increase
18.99
mile
Increase in amount charged for fuel for locomotives
17.659 88
$2.71 14.35 Inc. Increase
$2.37
Aver,freight rev. per train mile.
in amount charged for supplies and other items
143,507 14
FREIGHT TRAFFIC.
The details of freight traffic for the year ending June 30
1914, compared with the preceding year, were as follows:
PASSENGER TRAFFIC.
The details of passenger traffic for the year ending June 30
1914, compared with the preceding year, were as follows:
Amount.
1914.
%
1913.
$4.984,595 31 $5.415,710 19 $431,114 88 8.65
Percentage
of Inc.
1913.
1914.
or Dec.
4,500,947
4,881,961
8.47 Inc.
Passengers carried
234.545.623 266.685.999 13.70 Inc.
Passengers carried one mile
.16 Inc.
Average fare paid per passenger_ _ --110.75cents 110.93cents
2.125 cents 2.031 cents 4.42 Dec.
mile
per
pass.
per
paid
rate
Average
Average distance traveled per pass 52.11 miles 54.63 miles 4.84 Inc.
Mileage of revenue passenger and
4.489.183
4.510.639
.48 Inc.
mixed trains
$1.32
$1.39 6.11 Inc.
Aver. pass. train rev. per train mile..
Passenger revenue
MAINTENANCE OF WAY AND STRUCTURES.
The total operating expenses of the company for the year
ending June 30 1914 were $12,632,.570 52; of this amount
$2,612,609 99 was for charges pertaining to maintenance of
way and structures. Included in these charges are $168,965 84 for rails, $525,024 76 for ties,. and the cost of reballasting 70 miles with gravel and cinders; also part cost
of replacing 1,514 feet of wooden bridging with permanent
work.
During the year 12,395 tons of new steel rails and 6,188
tons of usable and re-rolled steel rails were laid in track, a
greater portion of which replaced rails of lighter weight;
843,544 ties.of all descriptions were laid in renewals.
The details of the charges to maintenance of way and
structures for the year, compared with the previous year,
were as follows:
Cost of Rails:
New steel rail
Usable and re-rolled
1913.
$398.243 49
_ 279,678 91
$677.922 40
Less value of old rails and
474.185 06
other items
$203,737 34
Net charge for rails
326,294 47
Cost of Ties
34,448 52
Cost of Ballast
99,577 84
Cost of Other Track Material..
and
Labor
Track
and
Roadway
788,989 71
Other Expenses
Total increase
$192,812 47
CAPITAL STOCK.
No stock was issued or sold during the year. The company's authorized capital stock is fifty million dollars ($50,000,000), of which the following has been issued to June 30
1914:
Common stock and scrip held by the pnblic..$18.559,086 69
2,844,206 64
Common stock and scrip in treasury
$21,403,293 33
Preferred stock and scrip held by the public_-$11,259.911 63
1,388,921 66
Preferred stock and scrip in treasury
12,646,833 29
Total
$34,050.128 62
FUNDED DEBT.
At the close of the preceding fiscal year the amount of
bonds held by the public was
$37,547,000 00
The above amount has been increased by
bonds sold during the year ending June 30
1914 as follows:
Chicago Saint Paul Minneapolis & Omaha
Railway Consolidated Mortgage Bonds of
$90,000 00
1880. 6%
1.700,000 00
Debenture Gold Bonds of 1930. 5%
1,790,000 00
June 30 1914
$39,337,000 00
In addition to the foregoing, Chicago Saint
Paul Minneapolis& Omaha Railway Consolidated
Mortgage 6% Bonds of 1880 were issued for a
like amount of the following underlying bonds
retired:
Total bonds held by the Public
Chicago Saint Paul & Minneapolis Railway First
Increase (-1-) or
Mortgage of 1878. 6%
$55,000 00
1914.
Decrease (-). North Wisconsin Railway First Mortgage of 1880,
$392,057 11 -$6,186 38
9,000 00
6%
143.572 52 -136,106 39
$64,000 00
$535,629 63 -$142,292 77
368.663 79 -107,521 27
$168.965 84 -$34,771 50
525,024 76 +198.730 29
51,996 80
+17.54828
89,442 67 -10,135 17
860,749 04
+71.75933
Total charges for Roadway
$1,453,047 88 $1,696,179 11 +8243,131 23
and Track
Other Expenses Account of
Maintenance of Way and
Structures were as follows:
S89,095 57 U08,713 97 +$19.618 40
Superintendence
+67,51647
295,994 49
Bridges, Trestles and Culverts_ 228.478 02
+15,383 77
54.627 14
70,010 91
&c
Fences,
Crossings,
Road
20,629 17
+9.659 04
30,288 21
Signals and Interlocking Plants
243.322 68
+3,855 08
Buildings, Fixtures & Grounds.. 239.467 58
85
38
2.63623
1,043
+1,592
Wharves
Docks and
--04
23,742 77
23.742 73
Roadway, Tools and Supplies_
62
68
98.161
141,721
+43.56006
ChargesMiscellaneous
Sundry
Total charges account of
Maintenance of Way and
52,208.293 60 $2.612,609 99 +8404.316 39
Structures
BONDS IN THE TREASURY.
On June 30 1913 the amount of the company's bonds
$51,046 02
and scrip in the treasury was
The amount of bonds and scrip was increased
during the year as follows:
Chicago Saint Paul Minneapolis & Omaha Railway Consolidated Mortgage Bonds of 1880. issued at the rate of $15,000
per mile on the extension of the line from Kaiser to l'ark Falls,
Wis.,a distance of5 5135-5280 miles
89,588 07
Total
$140,634 09
The above amount was decreased by bonds
sold during the year as follows:
Chicago Saint Paul Minneapolis & Omaha Railway Consolidated Mortgage 6% Bonds of 1880
90,000 00
Total bonds and scrip in treasury June 30 1914
550,634 09
CONSTRUCTION.
The construction charges for the year ending June 30 1914
were as follows :
Balance cost ofsecond track Truax to Northline, Wig
n
$360,360 teO
Account of extension of line Kaiser to Park Falls, Wls
208,903.9
Sundry ConstructionAccount cost of terminal improvements at
Minneapolis. Minn
$178,058 43
Balance cost of terminal improvements at
Altoona, Wis
98.434 10
Balance cost of Earl St. viaduct. St. Paul,
Minn
34,294 07
Account Nicholas Street viaduct.
Omaha,Neb11,913 37
Automatic block signals
111.160 72
Permanent bridges (cost of new over old)
101,758 06
Betterments of roadway and track
145,132 33
Sidings and spur tracks
76,019 60
Decrease(-).
1914.
1913.
Terminal yards
29,725 27
16
+$22,652
73
$897,790 57 $920,442
Buildings
36
41,559
Locomotives
.
273,
263,636 58
Machinery and tools
75,076 72
Passenger-train cars
+53.150 54
924.113 26
870.962 72
Miscellaneous
charges
14
35.578
Freight-train cars
-581 98
33.067 42
33,649 40
938,710 17
Work equipment
+3,850 69 Equipment33,788 02
29,937 33
Shop machinery and tools_
+3.17296
62.988 77
Equipment acquired (22 locomotives, 1 steel
59.815 81
Superintendence
+2,475 98
35,629 63
dining. 2 combination mall and baggage,
33,153 65
Sundry miscellaneous charges.
6 baggage, 14 steel first class,5steel second
class and 15 caboose cars)
$1.058,108 45
Total charges account of
Improvements to equipment
35,849 16
Maintenance of Equip't_ _$2,188,946 06 S2,283.926 21 +$94,980 15
The foregoing expenditures for maintenance of way and
structures for the current year amount to 20.68 per cent of
the total operating.expenses, as compared with 18.58 per
cent for the preceding fiscal year.
MAINTENANCE OF EQUIPMENT.
for
The charges on account of maintenance of equipment
the year ending June 30 1914, compared with the preceding
year, were as follows:
Increase(+)or
The above charges for maintenance of equipment for the
current year amount to 18.08 per cent of the total operating
expenses, as compared with 18.41 per cent for the preceding
fiscal year.
Loss equipment retired
Total
$1,093,957 61
Cr.504,720 89
589.238 72
$2.097,211 68
THE CHRONICLE
SEPT. 19 1914.1
831
souri Pacific and Omaha Bridge & Terminal Railway ComEXTENSION OF LINE.
The line was extended from Kaiser to Park Falls, Wis., a panies, which will be completed in the fall of 1914.
The additional yards at Hazel Park and Minneapolis,
distance of 5.99 miles, and placed in operation April 1 1914.
Minn., mentioned in the previous report, were completed
during the year and a 100-ton Howe track scale is now being
SECOND MAIN TRACK.
The work on the second track between Truax and North- installed at Hazel Park. The filling has been completed for
line, Wis., mentioned in the two previous years' reports, a new coach yard at Minneapolis. A new yard for the
was completed, and the final portion placed in operation interchange of traffic between the Eastern and Northern
divisions was constructed at Northline, Wis., containing
on October 30 1913.
2.98 miles of track.
The net increase in sidetracks and yards was 12.01 miles.
SUNDRY ADDITIONS AND BETTERMENTS.
Electric headlights were applied to 184 locomotives to
New frame passenger depots were constructed at Woodville and Solon Springs, Wis., and a brick passenger depot comply with State regulations.
The length of wooden bridging was decreased 1,514 feet
at Wayne, Neb., replacing structures now used exclusively
as freight houses. Passenger and freight depots were con- as follows:
construction of permanent bridges
1.076 feet
structed at Nicols and Wilder, Minn., to replace similar By
By construction of iron pipe culverts
49 feet
By construction of concrete pipe culverts
structures destroyed by fire.
343 feet
46 teat
Wooden water tanks on steel towers were erected at By filling
Altoona, Wis., Adrian, Minn., and Craig and Omaha, Neb.,
Total
1.514 feet
those at Adrian and Craig replacing tanks worn out.
LAND DEPARTMENT.
The improvements in the engine-house facilities at Altoona,
Wis., mentioned in the previous report, were completed.
The net receipts from all grants were $834 03.
Work is in progress on an 8-stall brick enginehouse, water
3,500.06 arces were disposed of, leaving 75,390.50 acres
tank, sand house, cinder pit and turntable at Sioux Falls, unsold June 30 1914.
S. D. A 4-stall brick enginehouse was built at Duluth,
Minn., to replace one destroyed by fire, and the old engineAppended hereto [pamphlet report] may be found statehouse at Minneapolis was abandoned and torn down.
ments, accounts and statistics relating to the business of the
There was constructed at Park Falls, Wis., a frame passen- fiscal year and the condition of the company's affairs on
ger and freight depot, coal house, water tank, pump house, June 30 1914.
bricklined enginehouse, wye and cinder pit.
An electric interlocking plant, joint with the C.& N.W.
By order of the Board of Directors,
Ry., was constructed at Wyeville, Wis.
WILLIAM A. GARDNER,
The viaduct at Earl Street, St. Paul, mentioned in the last
President.
report, has been completed and work has been started on a
[On a Preceding vase are given comparative tables of income, disviaduct at Nicholas Street, Omaha, Neb., joint with Mis- bursements,
balance sheet, &c.]
CHICAGO MILWAUKEE & ST. PAUL RAILWAY COMPANY
FIFTIETH ANNUAL REPORT-FOR THE FISCAL YEAR ENDING JUNE 30 1914.
The Directors submit to the Stockholders the following
report of the operations of the Company for the year ending
June 30 1914 and of the condition of its property and finances
at the close of that year.
The operations for the year show the following results:
Operating Revenues
Operating Expenses
$91,782,690 74
61.330.061 17
Net Operating Revenue
Net Revenue-Outside Operations
$30,452,629 57
260,483 24
Total Net Revenue
Taxes Accrued
$30,713,112 81
4,106.557 41
$26,606,555 40
Operating Income
Other Income$234,841 80
Interest on Bonds
51,143 00
Dividends on Stocks
Interest on Other Securities, Loans and Acc'ts 2,065,327 68
402,547 04
Rents-Received
272,635 87
Hire of Equipment
448,605 43
Miscellaneous
3.475,100 82
Gross Corporate Income
DeductionsInterest Accrued on Funded Debt
Rents-Paid
Miscellaneous
$30,081,656 22
$13,254,822 89
765,362 80
585,184 62
14.605,37031
Net Corporate Income
$15,476,285 91
MILES OF TRACK JUNE 301914.
Owned solely by this Company:
Main track
Second main track
Third main track
Fourth main track
Connection tracks
Yard tracks,sidings and spur tracks
miles
9,578.48
024.95
21.72
13.11
45.13
3,083.07
13,666.46
Owned jointly with other Companies:
Main track
Second main track
Third main track
Fourth main track
Connection tracks
Yard tracks,sidings and spur tracks
102.90
5.59
1.94
1.93
4.98
165.67
283.01
305.92
64.81
1.14
14,321.34
Average miles of main track in operation during the year:
Owned solely
Owned jointly
Used under contracts
Total average miles operated
Total length of main track owned solely and jointly
9,681.38 miles
EQUIPMENT.
During the year thirty-three locomotives and two thousand
eight hundred and thirty-one cars of various lasses have
been purchased or built as follows:
33 Locomotives
3 Dining Cars
10 Postal Cars
2 Office Cars
10 Mail and Baggage Cars
2,732 Box Cars
69 Cinder Dump Cars
2 Pile Drivers
1 Track Scale Test Cars
2 Bridge Derrick Cars
During the year sixteen locomotives and one thousand six
hundred and eighty-three cars of various classes were destroyed by wreck, or fire, sold or taken down on account of
small capacity, as follows:
16 Locomotives
3 Passenger Cars
1 Dining Car
1 Baggage Car
7 Mail and Express Cars
1,257 Box Cars
69 Stock Cars
183 Flat and Coal Cars
32 Ore Cars
32 Refrigerator Cars
9 Vegetable Cars
15 Ballast Cars
18 Caboose Cars
15 Cinder Dump Cars
41 Work Train Cars
The original cost of the equipment retired has been credited
to Property Investment-Road and Equipment.
PROPERTY INVESTMENT-ROAD AND
EQUIPMENT.
Equipment
New Branch Lines and Extensions
Construction of Second Main Track
Reducing Grade and Improving Line
Yard Improvements
Shop Improvements
Other Additions and Betterments
$2.978.916 21
9.228.615 60
10,573.229 72
1,336.633 08
762.778 97
544,540 79
9,776.549 35
$35,201.263 72
766,311 90
Total, as shown by detailed statement on page 35 (pamphlet
report)
$34.434,951 82
IMPROVEMENTS AUTHORIZED.
371.87
Total miles of track
1,805.34 mile
415.04 "
1,867.17 "
1,233.39 "
379.93 "
1,794.87 "
140.27 6$
179.97
1.051.86 66
197.59
615.95
Credit-Property retired or converted
Used by this Company under contracts:
Main track
Second main track
Third main track
Wisconsin
Illinois
Iowa
Minnesota
North Dakota
South Dakota
Missouri
Michigan
Montana
Idaho
Washington
9,279.24 miles
102.90 "
301.81 "
9,683.95 miles
EQUIPMENT.
Authority has been given for the purchase or building of
additional equipment as follows:
5 Locomotives, 10 Passenger Coaches, 16 Sleeping Cars,
1 Dining Car, 4 Parlor Cars, 2 Observation Parlor Cars,
2 Cafe Observation Cars, 2 Passenger and Baggage Cars,
and 2 Mail and Baggage Cars.
ADDITIONAL MAIN TRACKS.
Construction work has been in active progress during the
The lines of road of this Company are located in the fol- year on the second main track and grade reduction work on
the Chicago and Council Bluffs Division in Iowa, and on the
lowing States:
THE CHRONICLE
832
Hastings and Dakota Division. Between October 1st 1913
and July 1st 1914 the unfavorable financial conditions caused
a suspension of a large part of the work on the Hastings and
Dakota Division and a portion of that on the Chicago and
Council Bluffs Division in Iowa. Since July 1st 1914 track
laying has been resumed, and it is expected to have the
Chicago and Council Bluffs Division in operation before
winter between Green Island and Manilla, Iowa, a distance
of 270 miles.
On June 30th 1914 the following new sections of second
main track were completed and are now in operation:
Chicago and Council Bluffs Division in Iowa—
Green Island to one mile east of Delmar Junction
Lost Nation to Elberon
Capron to Coon Rapids
Total
Hastings and Dakota Division—
Hennepin Ave., Minneapolis, to Hopkins
Cologne to Glencoe
Hector to Bird Island
Wegdahl to Montevideo
Milbank to Aberdeen
Total
19.42 miles
80.31 "
86.02 "
185.75 miles
6.17 miles
18.88 "
8.79 "
5.12 "
99.98 "
138.94 miles
AUTOMATIC BLOCK SIGNALS.
Authority was given for the installation of automatic block
signals on the line between Chicago and Minneapolis, and a
portion of the line between Minneapolis and Aberdeen, also
on the line between Chicago and Manila, Iowa, on the Chicago & Council Bluffs Divisions in Illinois and Iowa. About
60% of this work was completed during the fiscal year. It
is expected that the balance will be completed by the close of
the calendar year.
The installation of block signals heretofore authorized on
the Puget Sound line and as set forth in the annual report of
1913 was completed and placed in operation during the year.
ELIMINATION OF GRADE CROSSINGS.
[VoL. xcix.
ELECTRIFICATION.
The work on the electrification of the Puget
Line
was started in April 1914, and on June 30th 1914 Sound
thirty
of poles were set and ready for wiring. It is expected miles
that
the work of stringing the wires from Three Forks to Deer
Lodge will be completed by July 1st 1915.
RESERVE FOR ACCRUED DEPRECIATION.
At the close of the fiscal year, ending June 30th 1913, there
was at the credit of Reserve for Accrued Depreciation the
sum of $5,649,820 07.
A certain percentage of the total cost of equipment, aggregating $961,233 64, has been credited to this Reserve
for
accrued depreciation of locomotives, passenger train cars,
freight train cars and work train cars.
There has been charged to this Reserve an amount of
$212,263 81, representing the accrued depreciation, previously credited, on locomotives and cars destroyed, sold
or taken down.
The balance of this Reserve June 30th 1914, as shown on
a subsequent page, is $6,398789 90, which represents the
estimated depreciation of rolling stock subsequent to June
30th 1907.
FUNDED DEBT.
At the close of the last fiscal year the Funded Debt of the
Company was $455,849,966 30.
It has been increased during this fiscal year by $154.,489,500 General and Refunding Mortgage Bonds, issued in
exchange for a like amount of Chicago Milwaukee & Puget
Sound Railway Company 4% Bonds, and by the issue of the
following bonds for the acquisition of additional lines of
railway and for additions and improvements to property:
$16,424,000 General and Refunding Mortgage Bonds;
,138,988 36 Chicago Milwaukee & Puget Sound Ry. Co.
4% Bonds; $1,149,200 Convertible 4
Gold Bonds,
and $5,319,000 Twenty-five Year 4% Gold Bonds.
It has been decreased during this fiscal year by $154,489,500 Chicago Milwaukee & Puget Sound Railway Co.
4% Bonds exchanged for a like amount of General and
Refunding Mortgage Bonds.
The amount of bonds at the close of the year is $486,881,154 66, of which $153,572,500 are in the Treasury of the
Company and $333,308,654 66 are outstanding.
TREASURY BONDS.
At the close of the last fiscal year the amount of the Company's bonds in its treasury was $156,295,211 64.
This has been increased during the year as follows:
Refunding Mortgage bonds issued in
General
The depression of tracks, for a distance of about three
miles along the Hastings and Dakota Division, in the City of
Minneapolis, extending from Hiawatha Avenue to Hennepin
Avenue, contemplates the elimination of thirty-seven grade
crossings. The work is now in progress, and is about 35%
completed. It is expected to be entirely completed early in
1916.
The elevation of the tracks along the Bloomingdale Road,
in the city of Chicago, a distance of about 2.4 miles, is progressing satisfactorily. When completed it will eliminate
thirty-five grade crossings.
Elevation of tracks in the City of Milwaukee is in progress.
This work, which extends from Kinnickinnick Avenue to
exchange
and
Fowler Street, and from Clinton Street to First Avenue, a
for a like amount of Chicago Milwaukee & Puget Sound
distance of 1.4 miles, is about 15% completed, and will be
By. Co.4 per cent bonds
$154A89.500 00
continued over a period of two years. When completed, fourBonds issued for acguisition of additional lines of railway
teen grade crossings will be eliminated.
and for additions and improvements to property as follows:
The elevation of tracks on the Chicago and Evanston Divi- General and Refunding Mortgage bonds
sion, from Montrose Avenue to Howard Avenue, Chicago, Chicago Milwaukee & Puget Sound Ry. Company 4 per $16,424,000 00
cent bonds
8,138.988 36
the northern city limits, a distance of about 4.4 miles, was Convertible
Gold 45i Per cent bonds
1.149.200 00
begun in February of this year and is now about 15% comTotal increase
8180.201.688.36
pleted. This work will extend over a period of three years,
It has been decreased as follows:
and will eliminate thirty-six grade crossings.
NEW LINES AND EXTENSIONS.
Chicago Milwaukee & Puget Sound Ry. Company 4 per
cent bonds exchanged for a like amount of General and
Refunding Mortgage Bonds
$154.489.500 00
General and Refunding Mortgage4% bonds sold
17.500.000 00
General Mortgage 4.5i per cent bonds sold
9,741.000 00
Convertible Gold 4J. per cent bonds sold
1,193.900 00
The work on the extension from Crystal Falls to Iron
River, Michigan, is practically completed. The main line
and connections with the various iron mines have been completed, and are in operation.
Total decrease
$182,924.400 00
The line from Lewistown to Great Falls, Montana, a disNet decrease
$2.722,711 64
tance of 137 miles, is practically completed, and will be
opened for train service early in September.
At the close of this fiscal year, June 30th 1914, bonds
in
Construction of the Choteau Line, extending from Great the treasury amount to
$153,572,500 as follows:
Falls to Agawam, Montana, a distance of 70 miles, has been General and Refunding Mortgage
8153,413.500
00
temporarily suspended, and will not be completed before General Mortgage 4 per cent
159.000 00
next season.
8153.572,500 00
The lines from Huger to Roy, Montana; from Roy Junction to Winifred, Montana; from Lewistown to Grass Range,
INSURANCE DEPARTMENT.
Montana, and from Colorado Junction to Cliff Junction,
INSURANCE RESERVE ACCOUNT.
Income-Montana, have been completed and are in operation.
Premium
Received—
The line into Spokane, Washington, has been completed,
For Insurance of Railway Properties
$83.74402
and is in operation, this company having entire ownership
Less—Reinsurance paid
77,310 40
of the line from Plummer,Idaho, to Bell, Washington, a disNet Premium Income
36.433.62
tance of 21 miles, and joint use with Oregon-Washington Other Income—
Interest and Dividends on Securities owned
Railroad & Navigation Co. of that Company's line from Bell
118.606 00
to Spokane, Washington. In the City of Spokane the terGross Income to Reserve Account
62
8125,039
minal tracks and buildings and freight house are completed Disbursements—
Fire Losses—Net
144.625 35
and in operation.
Net Deficit for Period
Work on the Newwood River Line, a logging road extend$19,585 73
2,846.459 36
ing 17 miles northwesterly from Merrill, Wisconsin, was com- Insurance Reserve—July 1st 1913
Insurance
menced in October 1913. On June 30th 1914 the grading was
Reserve—June 30th 1914
$2.826.873 62
Reinsurance effected applying subsequent to June 30th
completed for about 8 miles and the track laid for about 4 Less
1914
55.757 04
miles.
TERMINAL YARDS.
All of the improvements on the terminals and yards mentioned in last year's report were completed during the past
year, and are now in operation.
TUNNELS.
The construction of the Snoqualmie Tunnel, at the summit
of the Cascade Mountains, is nearing completion, the work
being carried on from both portals. At the present rate of
progress the tunnel should be open for traffic shortly after
the close of the calendar year. When completed, the line
will be shortened 3.6 miles, practically all trouble caused by
snow slides on the Coast Division will be avoided, and heavy
grades will be eliminated.
http://fraser.stlouisfed.org/
Federal
Reserve Bank of St. Louis
V.
Insurance Reserve as per General Balance Sheet
$2,771,116 58
ASSETS AND LIABILITIES.
Assets—
Funded—
$2,806.600 00
Securities shown below
Unfunded—
34.116 72
Interest. Accrued on securities Owned
Defered Debits—
Reinsurance effected applying subsequent to
55,757 04 1 r4i
June 30th 1914
$2.896,473 76
Total Assets
Liabilities—
Insurance Reserve
C. M.& St. P. Ry. Co
Total Liabilities
$2,826.873 62
69.600 14
$2.896,473 76
SEPT. 19 1914.]
THE CHRONICLE
833
INVESTMENTS—SECURITIES.
SUBSIDIARY COMPANIES.
The Insurance Reserve June 30th 1914 amounts to $2,The operations for the fiscal year ending June 30th 1914
826,873 62, of which $2,806,600 is invested in securities at of the Subsidiary Companies named below—all of the Capital
par, as shown in the following statement:
Stock of which is owned by this Company—show the following results:
Chicago Milwaukee & St. Paul By. Co. Stock—
Preferred Stock
$86,100 00
These Companies are operated independently and their
Common Stock
5.300 00
Revenues and Expenses are not included in the statement of
Chicago Milwaukee & St. Paul By. Co. Bonds—
General Mortgage 4%
600.000 00 the Chicago Milwaukee & St. Paul Railway Company,
Twenty-five Year Gold 4%
83.000 00 shown
on page 7 of this report.
La Crosse & Davenport Division 5%
4.000 00
Chicago 8: Pacific Western Division 5%
Convertible Gold 4%
Bonds of Subsidiary Companies—
Chicago Milwaukee & Puget Sound By. Co.4%
Dakota & Great Southern By. Co. 5%
Fargo & Southern ity. Co. 6%
Milwaukee & Northern RR. Co. First 415
Milwaukee & Northern RR. Co. Cons. 43 /o
Tacoma Eastern RR. Co. 5%
6.00000
19.200 00
1.000.000 00
6,000 00
2,000 00
38,000 00
20.00000
37,000 00
$1.906,60000
Bonds of other Companies—
Atchison Topeka Is Santa Fe By. Co. 4%
Baltimore & Ohio RR.. Co. 35i%
Chicago Burlington & Quincy RR. Co. 4%
Chicago & Western Indiana RR. Co. 4%
City of New York 4%
Kansas City Belt fly. 00.6%
Lake Shore & Michigan Southern By. Co. 4%
Northern Pacific By. Co. 4%
Pennsylvania RR. Co. 4%
Union Pacific RR. Co. 4%
Total
5100.000 00
50,000 00
50.000 00
125,000 00
75.000 00
150.000 00
100.000 00
100.000 00
100,000 00
50.000 00
$2,806.600 00
OPERATING REVENUES.
The Operating Revenues for the year were $91,782,690 74
—a decrease of $2,301,363 95 compared with the previous
year.
The revenue from freight traffic was $65,266,420 1871.11% of total revenue—a decrease of $2,697,740 92, or
3.97%.
The number of tons of freight carried was 33,007,277—a
decrease of 1,798,214 tons, or 5.17%.
The following classes of commodities show a decrease compared with the previous year: Products of Agriculture, 128,881 tons; Products of Animals,6,940 tons; Products of Mines,
812,650 tons; Products of Forests, 148,321 tons, and Manufactures, 739,048 tons. There was an increase in Commodities Not Specified of 37,626 tons.
The number of tons of all agricultural products carried
during the year was 7,162,250 tons—a decrease compared
with the previous year of 1.77%. Agricultural products
comprised 21.70% of the total tonnage carried, compared
with 20.95% of the total tonnage last year.
The number of tons of commodities other than agricultural
products carried during the year was 25,845,027 tons—a decrease compared with the previous year of 1,669,333 tons.
,or
6.07%—the per cent of the total being 78.30%, against
79.05% last year.
The number of tons of revenue freight carried one mile was
8,079.689,505—a decrease of 490,371,906, or 5.72%. The
revenue per ton per mile was .8078 cent—an increase of
.0148 cent, or 1.87%. The average miles each ton of revenue freight was carried was 244.79 miles—a deciease of
1.44 miles, or .58%.
The number of tons of revenue freight carried per loaded
car was 16.498,against 16.776 last year—a decrease of 1.66%.
The number of tons of revenue freight per freight and mixed
train mile was 379.78, against 356.95 last year—an increase
of 6.40%. The revenue from freight per freight and mixed
train mile was $3.0678, as against $2.8308 last year—an
increase of 8.37%.
The revenue from passenger traffic during the year was
$18,961,224 58-20.66% of the total revenue—an increase
of $504,089 07 compared with the previous year, or 2.73%.
The number of passengers earned was 16,426,016, an increase of 302,541, or 1.88%. The number of passengers
carried one mile was 912,375,815—an increase of 50,146,132,
or 5.82%.
The revenue per passenger mile was 2.078 cents—a decrease
of .063 cent, or 2.94%. The average miles each passenger
was carried was 55.54 miles—an increase of 2.06 miles, or
3.85%.
OPERATING EXPENSES.
The Operating Expenses for the year were $61,330,061 17,
a decrease of $1,553,906 43 compared with the previous year.
The expenses of Maintenance of Way and Structures were
$10;704,519 01; Maintenance of Equipment,$13,112,977 98;
Traffic Expenses, $1,799,609 65; Transportation Expenses,
$33,960,581 52, and General Expenses, $1,752,373 01.
There was an increase in Maintenance of Way and Structures of $55,733 95 and in General Expenses of $349,361 09.
There was a decrease in Maintenance of Equipment of
$759,007 49, in Traffic Expenses of $94,733 49 and in
Transportation Expenses of $1,105,260 49.
During the year 43 steel bridges aggregating 4,009 feet in
length, and 6 masonry bridges aggregating 676 feet in
length, were built—replacing 3,430 feet of wooden bridges,
1,013 feet of iron bridges and 242 feet of embankment; and
13,568 feet of wooden culverts were replaced with iron and
concrete pipe. About 3.9.miles of pile bridges were filled
with earth, 90 bridges havmg been completely filled and 70
reduced in length by filling.
TACOMA EASTERN RAILROAD COMPANY.
Operating Revenues
1581.265 64
Operating Expenses
442.703 72
Net Operating Revenue
$138.561 92
Taxes Accrued
39,473 10
Operating Income
599.088 82
Rents Received
518.174 02
Hire of Equipment
27.858 13
46.032 15
Gross Corporate Income
$145,120 97
Deductions—
Interest Accrued on Funded Debt
$44,200 00
Interest paid Chicago Milwaukee & St. Paul By.Co-109,363
48
Rents Paid
1,218 75
Miscellaneous
1.717 22
156.499 45
Net Corporate Deficit
$11.378 48
BELLINGHAM & NORTHERN RAILWAY COMPANY.
Operating Revenues
$331.205 22
Operating Expenses
196.009 44
Net Operating Revenue
5135.195
78
Taxes Accrued
25.880 75
Operating Income
$109.315 03
Rents Received
3,297 90
Gross Corporate Income
$112,612 93
Deductions—
Interest Accrued on Funded Debt
$30.303 87
Sinking Fund
18.220 00
Hire of Equipment
32 97
Rents Paid
565 00
Miscellaneous
780 00
49.901 84
Net Corporate Surplus
$62.711 09
GALLATIN VALLEY RAILWAY COMPANY.
Operating Revenues
$107.376 64
Operating Expenses
83.795 10
Net Operating Revenue
123.581 54
Outside Operations—Net
1,812 32
$25.393 86
9.92247
Gross Corporate Income
$15.471
39
Deductions—
Interest paid Chicago Milwaukee & St. Paul Ry.00454,621
41
Hire of Equipment
10.439 11
65.060 52
Net Corporate Deficit
$49.589 13
Taxes Accrued
MILWAUKEE TERMINAL RAILWAY COMPANY.
Operating Revenues
592.733 28
Operating Expenses
86.699 36
Net Operating Revenue
16.033 92
Taxes Accrued
8.95622
Operating Deficit
$2.922 30
Rents Received
25 00
Gross Corporate Deficit
52.897 30
Deductions—
Interest paid Chicago Milwaukee & St. Paul By.Co-$33.064 36
Rents Paid
1,040 56
Hire of Equipment
210 00
34.314 92
Net Corporate Deficit
537.212 22
BIG BLACKFOOT RAILWAY COMPANY.
Operating Revenues
Operating Expenses
563.211 81
43.380 85
Net Operating Revenue
Taxes Accrued
$19.830 46
1.525 00
Operating Income
Income from Non-Operating Property
$18,305 48
50 00
Gross Corporate Income
$18.355 46
Deductions—
Interest paid Chicago Milwaukee & St. Paul By.00420,166 24
Hire of Equipment
14.867 84
Rents Paid
5,30654
40.340 62
Net Corporate Deficit
$21,985 16
IDAHO 8: WASHINGTON NORTHERN RAILROAD.
During the year this Company acquired approximately
83% of the capital stock and all of the outstanding bonds and
notes of the Idaho & Washington Northern Railroad, with
the exception of sixty thousnad dollars of first mortgage
bonds, in exchange for its four per cent bonds.
The railroad of that company extends from a
with this Company's Coeur d'Alene branch atconnection
McGuire,
Idaho,to Metalme Falls, Washington,a distance of 106
with a branch extending from Coleman to Clagstone miles,
Junction, a distance of about 7 miles. Its
consists
of 13 locomotives, 9 passenger cars andequipment
448 freight cars.
Its railroad, shops and equipment were built
1907, 1908 and 1909, and are all of modern during the years
construction.
For details of operation, reference is made
to the statements of the General Auditor, in pamphlet
report.
By order of the_Board of Directors.
A. J. EARLING, President.
August 1914.
834
THE CHRONICLE
GENERAL BALANCE SHEET JUNE 30 1914.
ASSETS:
Property Investment:
Road and Equipment
Reserve for Accrued Depreclation—Cr
LIABILITIES:
$553.243.345 05
6.398.789 90
$546.844,555 15
Securities—
Securities of Controlled Companies—
Unpledged:
Stocks
Funded Debt
$9.033.502 34
5.480.000 00
Total Capital Assets
Working Assets:
Cash
Traffic and Car-Service Balances
Due from Agents and Conductors
Miscellaneous Accounts Receivable
Materials and Supplies
Other Working Assets
Preferred Stock:
In Hands of Public
Held by Company
$116,850,100 00
5.300 00
5116,855,400 00
$115,845.800 00
429,100 00
Premiums Realized on Capital Stock
14,513,502 34
Other Investments:
Advances to Controlled Companies for
Construction. Equipment and Better$31,971.333 27
ments
Miscellaneous Investments:
482.833 18
Physical Property
51,082 05
Investment Securities--Unpledged
Capital Stock:
Common Stock:
In Hands of Public
Held by Company'
32,505,248 50
Total Capital Stock
Funded Debt:
Mortgage Bonds:
In Hands of Public
Held by Company
Debenture Bonds:
In Hands of Public
Held by Company
116.274,90000
36.183 87
5233.166.48387
$199,784,00000
155,551,500 00
55335.500 00
$131,443,454 66
102,200 00
$593.863,305 99
131.645,65466
Total Funded Debt
$16,745.787 97
456.649 11
2.036.091 85
3.071.118 13
7,723.038 00
360,098 18
30.392.783 24
Accrued Income Not Due:
Unmatured Interest
282,328 67
Deferred Debit Items:
$217.844 37
Working Funds
55,258 98
Special Deposits
Taxes Paid applicable to period subsequent
857,181 94
to June 30th 1914
412.089 02
Cash and Securities in Sinking Funds
2,806.600 00
Securities In Insurance Fund
1.875.599 92
Other Deferred Debit Items
6,224,574 23
$486,881.154 66
$720,047,638 53
Total Capital Stock and Funded Debt
Less Stock and Bonds unsold, held in the Treasury of the 153.915,500 00
Company
$566,132.138 53
Total Capital Liabilities
Working Liabilities:
$5.030,280 20
Bills Payable
516.327 13
Traffic and Car-Service Balances
7,592,102 61
Pay-Rolls and Vouchers
72
340.973
Payable
Miscellaneous Accounts
4.415 50
Unclaimed Dividends
115.994 14
Interest Coupons Not Presented
5.000 00
Matured Funded Debt
615.955 47
Other Working Liabilities
14,221,048 77
Accrued Liabilities Not Due:
$5.001,099 23
Interest Accrued on Funded Debt
French Government Tax—European Loan
928.459 10
of 1910
5,929.558 33
Deferred Credit Items:
Insurance Department Fund—Reserve_ _ _ _ $2,771.116 58
417,96472
Other Deferred Credit Items
3.189.081 80
Appropriated Surplus:
Reserves from Income or Surplus:
430,269 02
Invested in Sinking Funds
$589.902.095 95
Profit and Loss—Balance:
Surplus
5630.762.992 13
STATEMENT OF INCOME ACCOUNT YEAR ENDING
JUNE 30TH 1914.
40,860.896 18
$630,762,992 13
PROFIT AND LOSS ACCOUNT JUNE 30TH 1914.
DEBIT.
Dubuque Division and Wisconsin Valley Division Sinking
$92,270 00
Funds
591,782,690 74
61.330.061 17 Extinguishment of book value of equipment wrecked, sold
520.810 14
or taken down during the year
288,991 43
530,452,629 57 Net Loss on Property sold or abandoned and not replaced
Net Operating Revenue
Discount on General Mortgage and General and Refunding
Outside Operations—
898.646 46
Mortgage Bonds
$1.803,428 90
Revenues
Miscellaneous Delayed Income Debits accruing prior to
1,642,94566
Expenses
1.039,823 26
July 1st 1913
43,752 98
260.483 24 Miscellaneous Debits
Net Revenue—Outside Operations
Adjustment by reason of the acquisition of the property and
accounts of the Chicago Milwaukee St Puget Sound Rail81
530.713,112
Total Net Revenue
1.143,684 74
way Co
4,106,557 41
297,094 45
Minnesota Rate Case Refunds
Taxes Accrued
40 Dividend declared July 31st 1913: Stock
526,606.555
4,054.603 00
Operating Income
% on 5115,845.800 Preferred
Stock
2,898,517 60
on $115.940.700 Common
Other Income—
5234.841 80
Dividend declared January 29th 1914:
Interest Accrued on Bonds Owned
51.143 00
4,054.603 00
on $115,845.800 Preferred Stock
Dividends on Stocks Owned
33
and
Loans
Securities,
2,921.252 50
23 % on 5116.850,100 Common Stock
Interest on Other
2.065.327 68
carried to General Balance
30th
1914,
June
Credit,
Accounts
Balance
402.547 04
40,860,896 18
Rents—Received
Sheet
272.635 87
Hire of Equipment
448,605 43
559.114.94564
Miscellaneous
CREDIT.
3,475,100 82
Total Other Income
Balance June 30th 1913
543,417,093 08
$30,081,656 22 Miscellaneous Delayed Income Credits accruing prior to
Gross Corporate Income
181,66628
July 1st 1913
Deductions from Gross Corporate Income—
$13.254,822 89
Miscellaneous Credits
39.900 37
Interest Accrued on Funded Debt
Balance for year brought forward from Income Account_
765.362 80
15.476,285 91
Rents—Paid
585.184 62
Miscellaneous
559.114,945 64
14,605,370 31
Total Deductions from Gross Corporate Income
[The comparative figures for several years of the income, disburseof
Net Corporate Income for Year Carried Forward to Credit 515.476,285 91 ments, balance sheets, ecc., are given on a preceding page.]
Profit and Loss
Operating Income—
Rail Operations—
Operating Revenues
Operating Expenses
United Metal Products Co.—Successor Co.—
See United States Metal Products Co. below.
U. S. Metal Products Co., Boston.—Time Limit.—
the stockholders may
The directors have limited tho time within whichnow
company, per plan
exercise the rights to acquire stock and bonds of the
Denominations of
1914.
1
Oct.
including
and
to
275.
124,
In V. 99, p.
Stock deposited
$1,000.
and
$500
new 1st M.6% gold bonds. $25, $100.
at least until the pendcompany,
new
the
by
alive
kept
be
to
is
exchange
for
"but the new
are
determined;
officers
and
directors
ing lawsuits against
becoming operative, will take over
company, immediately upon the plan
will operate
and
lawsuits,
such
except
company,
old
the
all the property of
The new comof the old company.
the plant and carry on the businessProducts
been found imhas
it
as
Co.,
Metal
United
named
be
pany will
Co. Reorganization manpracticable to use the name the Metal Products
St., Boston.
agers. Turner, Tucker .4 Co., Inc., 24 Milkhave
been deposited, while the
shares
pref.
Over 11,000 of the 20,000
few large interests, who have
common,it is stated,is mostly in the hands of a
that the plan will be
thought
is
It
subscribe.
to
intention
signified their
declared operative soon after Oct. 1.—V. 99. p. 275, 193. 124.
regular preference dividend under normal conditions, but in view of world
conditions (tart from the impossibility of obtaining sterling transfers
except at pribitive rates) it is inadvisable to make any distribution of
the dividend on the preference shares which fell duo on July 31 and that
the payment of the same is postponed. There is $500,000 pref. stock outstanding, entitled to 7% cumulative dividends and to further participation in profits to the extent of 1% when 1()% has been paid on the common.
2% when 12% is paid on the common and 3% when the common receives
16%. Dividends were paid semi-ann. on the preferred at the rate of 8%
per annum from March 1912 to March 1913 inclusive. On the $500.000
common. 7% was paid in 1910 and from March 1 1912 to March 1 1913
semi-ann. at the rate of 10% per annum. No payments have been made.on
the latter since.
Wolverine Copper Mining Co.—New Officers.—
See Mohawk Mining Co. above.—V. 99, p. 758.
—J. E. Patrick, who recently resigned as Vice-President
and Manager of the Bond Department of the Davis-Struve
Bond Co., Seattle, has opened offices in the Hoge Build'
Affirmed.—
in that city, and will specialize in municipal securities an
United States Worsted Co.—Decision
Emanin the suit of
mortgages on improved real estate. Mr. Patrick
The full bench of the Mass. Supreme Judicial Court
has high-grade
els.,
et
Co.,
Trust
Colony
Old
the
against
uel Dreyfus of New York
the preferred stock of has had twenty years' experience in the bond business, and is
decided that the plaintiff is entitled to 323 shares of
recover
entitled to
recognized as an authority, particularly on bonds and mortthe U. S. Worsted Co. of Mass., and that he is also
to deliver the
damages against the individual defendants for their refusal U.
S. Worsted gages of the Pacific North West.
the
stock to him. The suit grew out of the consolidation ofWorsted
Mills, Inc.
—William B. King, senior partner in the well-known firm
Co. of Maine, the Lawrence Dye Works and the Silesia
of damages
The Old Colony Trust Co. was the depo.itary. On the question
that the of William B. Kmg & Co., Houston, Texas, died very sudbut
liable,
not
Is
Co.
Trust
Colony
Old
the
that
says
Court
the
to be deter- denly at his home in that city on the 9th inst. Mr. King had
members of the committee are. The amount of damages is542.
mined by an auditor. Compare V,98, p. 309.—V. 99. p.
been actively engaged 'in the stock and bond business in
Ltd.—No Div.— Houston for the past twenty years and was also a member
Winnipeg (Man.) Paint & Glass Co.,this
year to date had
A circular dated Aug. 5 stated that the business
the Houston Cotton Exchange.
been very satisfactory and the earnings would fully justify payment of the of
•
SEPT. 19 1914.]
THE CHRONICLE
835
Thi Toututertial
heavily enough already, and hopes that it
now, or not taxed much more than it is.will be let alone
, as
regards the crop adviees, they have not beenMeantime
on the whole
very favorable. In fact, in some cases they have
COMMERCIAL EPITOME.
been poor,
as to both quantity and quality, despite some admitted
Friday Night, September 18 1914.
provement at the West recently from beneficial rains. imConservatism, not untinged with a certain amount of of domestic
Sales
tobacco are moderate at steady prices. There
is
pessimism, is still noticeable. Conditions of money and an export demand for
light colored tobacco. Dark is rather
credit are not conducive to an expansion of trade, though it slow of sale.
is true the foreign exchange market shows improvement.
COPPER has been dull, weak and unsettled; Lake 123e.
Also the big grain crops are making themselves felt to some and electrolytic 12o. Speculation seems to be absent. Tin
extent. Export sales of wheat and oats are very large. dropped to 31Mo. on the spot here, although there has been
somewhat more inquiry for future delivery. Lead
The export shipments of wheat thus far this season are now 3.85c.
here
and steady with a fair demand; spelter here 5.40c.,
nearly 20,000,000 bushels ahead of those for the same period showing some weakness,
the demand being only moderate.
last year. Cotton prices at the South have advanced. The Pig iron has been comparatively quiet, with No. 2
Foundry
popular "Buy-a-Bale" movement in the cotton belt has had Eastern 13.75c. and No.2Southern Birmingham $10©$10.25.
New
sales of finished iron and steel have decreased, reflectsome sentimental effect. Trade in cotton and woolen goods
existing financial conditions, the passing of
haJi increased, the latter on a demand from foreign govern- ing
by some companies, &c. Rolled steel products aredividends
dull and
ments taking blankets, uniforms, cloths and duck for the lower. The first half of
September has been the dullest of
armies. Woolen mills are running night and day. Commer- the year in the general steel business.
There is
cial paper is in somewhat better demand, but not up to the inquiry, but by comparison with the country'ssome foreign
e
normal. The weather has been favorable for the retail capacity it is of little account. Some inquiriesproductiv
for small
trade, but the big Exchanges are still closed. Earnest quantities have come from England, Spain and Russia.
efforts are being made to bring about an early opening of England wants iron rods, Spain also wants rods and Russia
the New York Cotton Exchange, however. Most of the barb wire, which is contraband of war. American prices
great industries are quiet. The list of failures does not make of sheet bars, England complains, are too high; also those for
pleasant reading. The problem of financing the cotton crop low phosphorus pig iron.
is still to be faced. Much depends on the duration of the
great European war. An early peace, it is believed, would
be the signal for the beginning of a widespread improvement,
COTTON.
commercial, financial and industrial.
Friday Night, Sept. 18 1914.
LARD has declined; prime Western 9.75e., refined to the
THE MOVEMENT OF THE CROP,as indicated by our
Continent 10.700., South American 11.35c., Brazil 12.35c.
Lard futures were easier early in the week, with a good deal telegrams from the South to-night, is given below. For the
of liquidation, but later came something of a rally with the week ending this evening the total receipts have reached
grain market. On the bulges, however, packers have been 67,936 bales, against 49,127 bales last week
and 33,430
sellers. To-day prices were higher after an early slight set- bales the previous week, making
the total receipts since
back. Packers were buying.
Aug. 1 1914 184,752 bales, against 949,195 bales
for the
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
same period of 1913, showing a decrease since
Sat.
Mon. Tues.
Wed.
Thurs. Fri.
Aug. 1
9.07
cts_ 9.05
9.20
Sept. delivery
9.40
9.37
9.50
1914 of 764,443 bales.
0.15
9.15
9.27
October delivery
9.47
9.45
9.52
January delivery
9.82
9.82
9.92
10.10
10.03
10.07
Sat.
Mon. Tues. I Wed. Thurs. Fri.
PORK firm; mess $24 50@$24 75, clear $23@$25, family
Total.
$26 50(0)$28. Beef steady; mess $23@$24, packer $24® Galveston
3.348 4.123 7,332 7.196 5,181 6.606
33,786
Texas City
375
$25, family $29@$30, extra India mess $40@$45. Cut Pt.
375
Arthur
meats lower; pickled hams, 10 to 20 lbs., 153/2 ®10.4c.; Aransas Pass.&c -----------400
-------684
New Orleans
684
§
8gg
el§ -582 -627
pickled bellies, 6 to 12 lbs. 16M(0)180. Butter, creamery Gulfport
537 S.114
extras, 32@323'c. Cheese,'
State, whole milk, colored spec- Mobile
186
614 1.333
102
282
362
Pensacola
2.879
1514(0)15
%c.
Eggs,
fresh-gathered extras, 29(31c.
ials,
___
Jacksonville
1.027 1.027
COFFEE has declined,with trading light; No.7 Rio 6Mc.; Savannah ,&c_ 2.,./8 2F.181 2F,88i 2.607
2.81118 2,878 15.151
325
---No. 4 Santos 11c.; fair to good Cucuta 113.4 ®12c. The Brunswick
- .,.,
--100
425
402
300
527
834 1,541
165 3.469
Exchange has remained closed and it is uncertain when it Charleston
Wilmington
178
154
will reopen; therefore trading in futures is absent. The
157
242
215
545 1.491
101
529
583
389
3
149 2.082
Voluntary Committee looking to the liquidation of out- Norfolk
N'port News.&c
--------------------2
.853
2.853
standing contracts here has had little of late to do. In New York
H -Boston
36
63
Brazil there is some discussion of measures to finance the Baltimore
-66
101
101
crop with Government funds. Brazilian receipts have been Philadelphia_
reported light. A fair business is said to have been done Totals thLq week_ 6.782 9.230 13.5271 11.515 10.875
16.007 67.026
on a cost and freight basis at 9c. for No.4 Santos, with some
The following shows the week's total receipts, the total
business also reported at as low as 83.c. for No.4 Santos.
SUGAR has declined with less active buying in spite since Aug. 1 1914 and the stocks to-night, compared with
of the fact that the recent war news has seemingly pointed last year:
to a prolonging of the struggle. It is understood that
distributers are pretty well supplied for the time being.
1914.
1913.
Stock.
Receipts to
England has recently bought heavily of refined
and
raw.
Sept. 18.
This
Since
Aug
This
Since Aug
The European demand of late has been much
Week.
1914.
1
Week. 1 1913.
less urgent
1914.
1913.
and the market has, therefore, had a much
less interesting Galveston
33,786
98,200 128.684 541.025
66.445 180.134
appearance. Centrifugal, 96-degrees
Texas
City
375
1,858 9.053
test, 5.77c.; molasses, Port Arthur
15,325
2.898
11.031
89-degrees test, 5.12e. Refined has been
900
400
steady at 7.25c. Aransas Pass,&c_
684
2.033 6.120
for granulated.
37.812
2,68
5,512
New Orleans_ __ _
3,114
12,367 16.290
34,657
48.80
33.811
OILS.-Linseed steady; city, raw,
Gulfport
American
seed,
60c.•
Mobile
boiled 610.; Calcutta 70e. Cocoanut
2,879
5.650 8.801
19,238
5.85
17.558
lower; Cochin 4d Pensacola
1.099
1.099
16c.; Ceylon 133
%(0)14c. Olive $1@$1 10. Castor153
Jacksonville, &c_
1.027
1,602
485
1.631
91
380
83.©
Savannah
8e. Palm lower at 10(0)11o. for.Lagos.
15.151
36.438 77.432 173.892
23.326
76.562
Cod,
Brunswick
425
1.048 30.050
40.992
24
16.497
35@36c. Cottonseed oil steady; winter 6.05(0)8c.;domestic,
Charleston
3.469
6.432 28,256
44.767
summer
6.70
40.060
white 6.25(0)7.50c. Corn lower
5.95 ®6.10c. Spirits of Georgetown
Wilmington
1,491
2,625 16,970
turpentine 47@48c. Common toat
21.466
12.637
8.96
Norfolk
good
2,082
5,652 3.758
14.127
11,034
4.993
PETROLtUM steady; refined in strained rosin $3 80. Nevrp't News.&c. 2,853
7,757 1,008
2.116
barrels
8.25@9.2
5o.;
York
New
4.75
50
bulk
®5.75c.; cases 10.75(0)11.75c.
22
11.285
74
87.
Boston
99
1.255
2.978
42
3.818
622
degrees, in 100-gallon drums, 234o.; Naphtha,73 to 76 Baltimore
101
1,335
948
3,43
3.445
2.033
drums $8 50 extra. Philadelphia ----Gasoline, 86 degrees, 26c.; 74 to 76
---50
1.401
1.885
degrees,
degrees, 22c. Crude prices are as follows: 25c.; 67 to 70
Trnals
67.936 184.752 329.0181 949.195 274.962 378.196
Pennsylvania dark $1 45 Corning
85c. Somerset.32 deg-- 8.5c.
Second sand
1 45 Wooster
In order that comparison may be made with other years,
$1 23 Ragland
Tiona
1 45 North Lima
1 01 Illinois. above 30
Cabell
1 05 South Lima
65e. we give below the totals at leading ports for six seasons:
96c.
degrees
Mercer black
New Castle
1 02 Indiana
1 02 Princeton
1 01 Kansas and Okla-Si 02
1 02
homa
650.
TOBACCO.-Fall inscriptions of Sumatra
have been indefinitely postponed. This hasleaf in Holland
trade here. The demand for Sumatra, is much woke up the
sharper than
it was. About 40,000 bales would have been
the Holland inscriptions but for the outbreak offered at
war. What the manufacturers are to do now is of the great
the question.
Naturally they hope for an early peace, as
everybody knows
American buyers take quite a notable
proportio
ferings at the Holland inscriptions. Furtherm n of the ofore, there is
the question of a possible increase in taxation by
the United
States Government. The tobacco trade thinks
it is taxed
Receipts at-
1913. 1
1912.
1911.
1910.
1909.
Galveston --TexasCity,&c
New Orleans_
Mobile
Savannah
Brunswick _ _ _
C harleston,&c
Wilmington_ _
Norfolk
N'port N.,&c.
All others_ _-
33,786
1,459
3,114
2.879
15.151
425
3.469
1.491
2.082
2.853
1.227
128.684
15.173
16,290
8,801
77.432
30,050
28,256
16.970
3,758
1,008
2.596
143.933
15.592
10.434
6,205
34,408
17.000
11.194
9.368
9,160
644
515
139.471
862
14.863
7.437
94.952
11.325
22,199
19.369
16.758
123.567
897
10,758
6.311
59.404
3.558
11.711
16.636
8.902
78
736
123.567
1.526
18,985
7,452
84.380
14,600
16.048
23.981
14.776
278
619
Total this wk.
67.936
329.018
258.4531 327.633
242.558
278.584
Since Aug. 1-
184.752
949.195
797.5701,027.444
708.0211 818,247
1914.
707
THE CHRONICLE
836
[VOL.
xcix.
mitted to the Treasury Department by such institutions
should show the investments of funds to a resaonable extent
in cotton properly warehoused and insured. Finally, spot
cotton markets at the South have latterly advanced half a
cent or more, and at some points the trading has increased
1 1914 to Sept. 18 1914. somewhat. But what the cotton belt needs most, in the
IVeek ending Sept. 18 1914. From Aug. Exported
toExported tojudgment of many, is the reopening of the New York Cotton
Exports
ContiGreat
Exchange at the earliest possible moment, so that the South
ContiGreat
fromTotal.
Britain. France. nent. Total. Britain. France. neat.
can hedge, the banks can lend money with their eyes open
10,414 17,347 and the spinner make contracts for the sale of goods with some
6,933
5,859
Galveston._ 5,859
204
204
204
204
he is doing. Balloting on the New York- --Texas City_
400 notion of what
400
400
400
Port Arthur _ _ _
2,926
4,479
7,405 Liverpool straddle has resulted in the sale here during the
1,700 1,700
NewOrleans - -1,426
1,257
2,683 week of 700 bales, first at 9.90c. for December and latterly
Savannah_ _
800
800
-SOO
-Soo
d that 600 bales more were
Brunswick _
2,701
4,011
6,717 at 9.50c. To-day it is understoo
1.256
New York_ 1,256
66
66 sold to straddles on the New York-Liverpool account, but
Boston _
130
130
until Monday, Sept. 20.
Philadel'a_ _
4,672
4,672 details, will not be announced
1.906 1,906
San
1,250
1,250 Advances of Hi to 1 Mc. were announced at Memphis, Savan1,250 1,250
Pt.Towns'd
with increasing sales
5 24,059 41,674 nah, Norfolk, Galveston and Houston,
5,460 13,375 17,610
Gotal _._ 7,915
in Texas. Liverpool did the largest day's business since the
Total 1913_ 69,183 37,263 105,325 214,771 185,082 67,888 310,917 563.887 exchanges closed, the total quantity sold and called reachbales, including 5,800 bales of American, with
Note.-New York exports since Aug. I include I, 66 bales Peruvian, 25 bales ing 6,600
January-February still 5.50d. and middling uplands 5.80d.
West Indian to Liverpool; 5 bales West Indian to Havre.
syndicate is understood to be hard at work here with a
In addition to above exports, our telegrams to-night also A
of financing the open "long" accounts at New York,
view
on
,
cotton
of
not
shipboard
amounts
following
give us the
it is further understood, having agreed to help
banks,
the
add
similar
We
figures
for
named.
ports
the
cleared, at
get the New York Cotton Exchange reopened.
to
order
in
New York.
Business will be resumed on the basis, it is believed, of the new contract, and a committee of the New York Exchange
On Shipboard, Not Cleared forleft
for Washington to-day seeking a ruling on some obscure
Other CoastI GerLeaving
Great
of the Lever Act in the work of formulating the necespoints
wise.
Total.
Foreign
Stock.
many.
France.'
Britain.
Sept. 1801sary new rules for the Exchange here.
1911 3,131
847
531
45,671
930
632
New Orleans__
The rates on and off middling, as established Sept. 9 1914
7.000 3,550 12,942
53,503
Galveston ____ 2,392
700
by the Revision Committee, at which grades other than
Savannah _
-„-1
6.708 middling may be delivered on contract, are as follows:
Charleston ___ i
-22
360
338
5.494
The exports for the week ending this evening reach a total
to Great Britain,
of 13,375 bales, of which 7,915 were of
the Continent.
to France and 5,460 to the rest
Below are the exports for the week and since Aug. 1 1914.
Mobile
Norfolk
New YorkOther ports- _ Total 1914
Total 1913_
Total 1912
766
500
-Ma
300
10,900 10,900
1,500
800
3,227
85,500
21.900
869 8,947 15,363 30.333 244,629
930
4,224
57,477 7.776 61,517 19.564 11,464 157.798 220.398
55.663 14,416 42.863 22.044 16,270 151.193 324.552
e Basis Good mid. tinged.° Even
e 070 on Middling
Fair
0 63 on Strictlow middling_0.50 off Strict mid. tinged_ _0.20 off
Strict mid fair
1 25 off Middling United__ _0.40 off
0.56 on Low middling
MIddlin:fair
off
0.42 on Strict good ord_ _ _ _2.00 off Strict low mid. ting.1.25 off
Strict good mid
tinged_ _3.00
Good middling_......0.28 on Good ordinary_ ___3.00.off Low mid.stained_
off
_1.25
Middling
on
tIng.0.14
mid.
g'd
Strict
on
-0.14
middling-Strict
The official quotation for middling upland cotton in the
been:
New York market each day for the past week has
has
delivery
future
for
for
remained
cotton
in
on
Thurs. Fri.
Speculati
Sat. Mon. Tues. Wed.
Sept. 12 to Sept. 18_
fact
to
the
that
owing
the
ex,
abeyance
in
Middling uplands
the most part
changes have still been closed. Some unofficial trading in
from
at
to
8.400.
reported
8.60c.,
FUTURES.-There have been no transactions in cotton
been
has
here
December
any
at
higher
than
8.55e.
Refigure.
at
future delivery on the New York Cotton Exchange this
for
more
being
latterly
of
at
and
talk
have
peace
Allies
the
times
by
week.
victories
ports of
had a tendency to increase informal trading here, though it
THE VISIBLE SUPPLY OF COTTON to-night, as made
has never reached large.proportions, in fact being confined
Foreign stocks,
by cable and telegraph, is as follows.
up
has
there
been
where
ant
quantities
anything
insignific
to
this week's returns,and consequently
are
afloat,
the
as
well
as
there
New
unhas
been
also
Orleans
some
At
all..
at
done
are brought down to Thursday evening.
official trading in January at 8,61c. According to Bremen all foreign figures
total the complete figures for to-night
the
make
to
But
has
per
at
sold
there
7.15d.
recently
middling
advices,
mail
item of exports from the United States,
the
add
we
(Friday),
to
New
The
in
equal
American
14.30c.
money.
or
pound,
it the exports of Friday only.
in
including
to
5.50d.
l
been
has
basis
straddle
reduced
-Liverpoo
1911.
York
1912.
1913.
1914.
September 18bales. 855.000 451.000 516,000 274.000
for January-February in Liverpool and 9.50c. for Stock
at Liverpool
6,000
5,000
8.000
14,000
of
40
in
money.
our
points
a
reduction
London
here,
at
Stock
December
22,000
63.000
22,000
64.000
It is hoped that on the reduced basis there will be more Stock at Manchester
933,000 478.000 585.000 304,000
Total Great Britain
rapid liquidation of this account. At the same time there
9.000
14.000
17.000
*29.000
at Hamburg
27.000
69,000 158,000
*190,000
seems to be an impression that some further reduction may Stock
Bremen
at
Stock
42,000
100,000
45.000
cleared
are
finally
226.000
ons
transacti
straddle
the
before
Stock at Havre
be made
2,000
2,000
2.000
3,000
looking to the liqui- Stock at Marseilles
14.000
14,000
12,000
32,000
off. Meantime efforts are under way
Stock at Barcelona
the
10.000
7.000
accounts
from
aside
5,000
long
the
of
.
31,000
financing
Stock at Genoa
dation or
6,000
7,000
14,000
*20,000
straddles by a syndicate here, which, if successful, would, Stock at Trieste
New
the
of
early
an
reopening
for
way
299,000
the
164.000
113,000
pave
531,000
it is believed,
Total Continental stocks
a growYork Cotton Exchange. There.is m many quarters
1,464,000 642,000 885,000 417,000
Total European stocks
the
at
here
Exchange
the
reopening
of
favor
in
69,000
sentiment
114,000 109,000
29,000
ing
India cotton afloat for Europe
South
at
the
ly
felt
30,706 389,511 306.954 431,097
increasing
Europe_
for
is
It
afloat
cotton
Amer.
moment.
possible
earliest
15,000
36,000
24,000
Europe
25.000
r
Egypt,Brazil,&c.,aflt.fo
than
needed
more
never
were
exchanges
75.000
that cotton
49,000
*80,000
34,000
Stock in Alexandria, Egypt
hedged,
be
cannot
crop
the
627,000
464.000
them
India
402,000
373,000
Bombay.
Without
in
Stock
they are now.
274,962 378,196 475.745 414,319
ports
S.
U.
lend
in
to
which
Stock
on
price
proper
the
to
as
loss
a
the bank is at
191,548 192.635 184.619 217,461
in U. S.interior towns
the making Stock
19,156
2,558
50,128
24,329
U. S exports to-day
on cotton, and the spinner is equally at a lossisinfelt
many
by
it
Also
delivery.
future
for
of sales of goods
1,960,033
2.799,774
2,336,470
2,419,647
supply
visible
Total
Of the above, totals of American and other descriptions are as follows:
that there should be a delay of six months or a year in enAmericanforcing the so-called Lever Act, which will otherwise go into Liverpool
bales- 560,000 281,000 362.000 132,000
stock
Liverthe
of
tives
representa
Two
14,000
46,000
10,000
44,000
effect in February 1915.
Manchester stock
66.000
re
Agricultu
of
Secretary
*410.000 123,000 266.000
the
Continental stock
pool trade have consulted with
306,954 434glii
Europe
389,511
30,706
for
afloat
American
new
the
,
under
Liverpool
as
at Washington on this point,
274.962 378,196 475,745 414,319
U. S. pert stocks
191,548 192,635 181:ES 21Ijus
law, in dealing with America will have to adopt American U. S. interior stocks
2
2.558
50.128
S.
exports
of
U.
to-daY
tagging
the
grades requiring a certain length of staple,
1,513,774 1,424,470 1,665.647 1,294,033
Total American
each individual bale showing its grade, the adoption of AmeriEast Indian. Brazil, &c.
can differences between grades, and the issuance of notices
295,000 170,000 154,000 142,000
stock
8,000
be Liverpool
will
point
ns
on
this
6,000
concessio
that
5,000
hoped
is
14,000
It
stock
delivery.
London
of
8,000
17,000
12,000
in
20.000
facility
e
stock
reasonabl
every
Manchester
extending
of
47,000
view
a
33,000
made with
41,000
*121,000
Continental stock
29,000
storm
unusual
of
time
69,000
a
at
crop
the
109,000
of
g
114.000
India afloat for Europe
the marketin
25,000
24.000
36,000
15.000
Egypt, Brazil, &c., afloat
34,000
49,000
and stress. In the general judgment the cottonoftrade
75,000
*80,000
Stock in Alexandria, Egypt
373,000
any
ns
restrictio
by
hampered
402,000
464.000
needlessly
627.000
should not be
Stock in Bombay, India
666,000
kind, or at any rate by restrictions not imperatively neces1.286,000 912.000 754,000 1.294.033
India, &c
East
Total
to
said
is
South
the
at
t
movemen
1.513.774 1,424,470 1.665,647
sary. The "buy a bale"
Total American
that
reports
come
points
some
1,960,033
be rapidly spreading. From
2,199.774 2,336.470 2,419.647
6.80d.
Total visible supply
6.79d.
7.57d.
5.80d.
a good deal of cotton may be taken in this way. It is said Middling
Upland, Liverpool
11.00c
11.85c.
13.40c.
interests.
al1.00c.
Louis
St.
by
taken
Middling Upland, New York
10d.
that 25,000 bales will be thus
Yid.
10
10.60d.
8.60d.
Liverpool
Brown,
manner
10.40d.
Good
this
Egypt,
in
absorbed
10.000.
8.900.
In the end enough cotton may be
6d.
Peruvian, Rough Good. Liverpool 8.75d.
6iid.
5.15d. 6 11-164.
to ease the pressure of distressed holdings. At the same Broach. Fine. Liverpool
Old. 6 3-16d. 6 75.35d.
Liverpool
the
Good.
ut
througho
s
Tinnevelly.
time the movement to build warehouse
17.
August
a
*Estimated.
20,000 bales.
South in connection with the McAdoo plan is reported
Continental imports for past week have beenover
last week
to be very general. The European war will have done
increase
an
show
1914
for
The above figures
excess
an
1913,
the South a lasting benefit in this respect at least.
over
bales
463,304
of
gain
a
bales,
Also Secretary of the Treasury McAdoo has agreed to of 22,828 bales over 1912 and a gain of 839,741 bales over
allow. purchases of cotton by surety companies under of 380,127
certain conditions-that is, if the list of assets sub- 1911.
1
SEPT. 19 1914.1
THE CHRONICLE
AT THE INTERIOR TOWNS the movement-that is,
the receipts for the week since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year-is set out in
detail below.
Movement to Sept. 18 1914.
Towns.
Receipts.
Week. Season.
Movement to Sept. 19 1913.
Receipts.
Ship- Stocks
menu. Sept.
Week,
18.
Week. Season.
Ship- Stocks
ments. Sept.
Week.
19.
Al ., Eufaula__ 1,245
3,623
4,718 1,175 2,536
261 2.812 1,689
Montgomery. 9,234
17,674
24,505 7,337 9,722
____ 18,450 9,978
Selma
5,788
12,325
903 10,985 8,370
20,659 6,992 5,580
Ark., Helena
717
519
1.046
484
156 1,757
12
274
Little Rock
479
2,261
769
451 4,155
117 5.156 1,33'
Ga.. Albany.__ 2,181
8,943 2,473 2,500
5,795
--__ 6,120 3,000
Athens
1,239
175 2,029 1.790
894
414 1,681
2,038
Atlanta
3,788
652 2,604
780
191
993 2,974
509
39,173 14,188 17,738
27,970 4,734 24,008 19,050
Augusta
12,000
2,600
4,625 2,225 4,706
6,542
Columbus
750 4,527 2,925
3,061
47 2,577 1.561
1,621
2,488 1,84#
Macon
373
939 1,668
2,452 1,017 2,361
838 2,328
606
Rome
95 7,509 6,008
4,567
11,509 4,002 6.610
La.,Shreveport 3,257
645
____
733
831
1,636
Miss.,Columb's
333
481 1,034
1,554
27 2,057
1,071
873
Greenville
1,699
____ 1,659
1,834
190 4,716
956
1,805
2,356
___
Greenwood.-- 1,234
132 1,947
833
868
389
Meridian
2,035
410 2,554
910
26 1,820
Natchez
53'
696
642
66 1,085
254
Vicksburg
369
928
242
5
432
25 1,083
818
1.199
Yazoo City
-___ 2.018
416
849
92 2,531
6,210
488
Mo.,St. Louis_
659 13,738 1,501
9,313 3,451 3,587
41
18
_ __
26
N.C.. Raleigh_
69
1.221
511
267
463
6,062
990 4,832
0., Cincinnati_
895
7,796 2,353 19,028
200
240
Okla., Hugo__ _
____
240
500
550
200
350
S.C.,Greenw'cl.
314
175
7141
33
114
1,119
86
392
4,744
9,654 1,169 17,7971 3,822
Tenn.,Memphi
11,125 1,572 13,105
Nashville
146
175
____
164
991
2,631
265 2,651
Tex., 13renham
971
12,377 1,465 1,384
1,4 $ i
Clarksville_ ...
700
200 1,100 1,05$
2,728
362 1.588
1,587
2,778 1,567
Dallas
761 2,981
8,03
1,590 4,485
1.800
400 1,30
Honey Grove- 1,000
2,000
3,177
900 1,539
44,064 134,633 39,524 42,508 118.490 512.912 108,781 70,327
Houston
4,711
3,000
700 3,800 4,500
Paris
3,5'' 3,022
8.25
...,...,.$ 2/ tnornn 103.358 264.036 55.644191.548 203.000 715.521 168.802 192.635
I
1
The above totals show that the interior stocks have increased during the week 47,712 bales and are to-night 1,087
bales less than at the same time last year. The receipts at
all towns have been 99,644 bales less than the same week
last year.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.-We give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for the
week and since Aug. 1 in the last two years are as follows:
-----1914----SInce
Week.
Aug. 1.
659
17,597
215
2,716
Sept. 18Shipped-
Via St. Louis
Via Cairo
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes, &c
-----1913----Smce
Aug. 1.
3,451
17.771
1,427
4.539
55
1,213
4144
0
672
3,267
1.328
5.360
4.367
8.294
Week.
670
228
348
1.937
2.765
700
3.308
2,936
4,057
30,022
12,513
44,315
Overland to N.Y.,Boston,Sm.__ 200
Between interior towns
2,674
Inland, &c., from South
620
2,690
7,845
14,572
1,012
585
1,599
3,906
4,036
14,581
Total gross overland
Deduct Shipments-
Total to be deducted
3,494
25.107
3,196
22.523
563
4,915
9,317
21,792
Leaving total net overland *
* Including movement by rail to Canada.
The foregoing shows the week's net overland movement
has been 563 bales, against 9,317 bales for the week last
year, and that for the season to date the aggregate
overland exhibits a decrease from a year ago of 16,877 net
bales.
1914
In Sight and Spinners'
Takings.
Week.
Receipts at ports to Sept.
Net overland to Sept. 18 18____ 67,936
563
Southern consumption to Sept.18_ 60.000
Total marketed
128,499
Interior stocks in excess
47.712
Came into sight during week..176,21i
Total in sight Sept. 18
____
Nor,spinners' takings to Sept. 18_ 31.579
1913
SinceSince
Aug. 1.
Week.
Aug. 1.
184,752 329,018
4.915 . 9,317
390.000 60,000
949,195
21.792
426.000
579.667 398.335
71,409 34.398
1.396,987
49,177
651.076
124,818
432,733
1,446,164
30.285
187.551
QUOTATIONS FOR MIDDLING COTTON
AT
OTHER MARKETS.-Below are the closing prices of middling cotton at such Southern markets as are quoting:
Week ending
Sept. 18.
Savannah
Charleston
Norfolk
Augusta
Memphis
Closing Qoutations for Middling Cotton onSarday. Monday. Tuesday. Wed'day. Thursdy.
Friday.
8
8
7i
8
8
8
731
83I
8
831
8
8
834
8
83.1
El
874
874
8,8
874
NEW ORLEANS CONTRACT MARKET.-There have
been no dealings at New Orleans this past week.
WEATHER REPORTS BY TELEGRAPH.-Telegraphic
advices to us this evening from the South denote that the
weather has continued favorable as a rule during the week.
Picking has progressed well, but the movement of the crop
is comparatively meagre.
837
Galveston, Tex.-Weather conditions continue favorable
and picking is progressing rapidly in all sections.. "Buy-abale" movement is making a new level and is of much
benefit to farmers. Rain has fallen lightly on two days
during the week, and the precipitation has been three hundredths of an inch. Average thermometer 83, highest 90,
and lowest 76.
Abilene, Tex.-We have had a trace of rain on one day
the past week. Minimum thermometer 64.
Brenham, Tex.-It has rained on one day during the week,
the precipitation reaching forty-six hundredths of an inch.
The thermometer has averaged 80, ranging from 66 to 94.
Cuero, Tex.-We have had no rain during the week. The
thermometer has ranged from 68 to 98, averaging 83.
Dallas, Tex.-There has been no rain the past week. Average thermometer 84, highest 96, lowest 72.
Henrietta, Tex.-We have had no rain the past week. The
thermometer has averaged 83, highest being 96 and lowest 70.
Huntsville, Tex.-Dry all the week. The thermometer has
averaged 75, ranging from 56 to 94.
Kerrville, Tex.-We have had no rain during the week.
The thermometer has ranged from 64 to 94, averaging 79.
Lampasas, Tex.-Dry all the week. Average thermometer
79, highest 94, lowest 64.
Longview, Tex.-There has been rain on two days during
the week,the rainfall being sixty-eight hundredths of an inch.
The thermometer has averaged 80, the highest being 94 and
the lowest 66.
Luling, Tex.-It has been dry all the week. The thermometer has averaged 82, ranging from 68 to 96.
Nacogdoches, Tex.-Dry all the week.
thermometer
has ranged from 58 to 92, averaging 75. The
Palestine, Tex.-Rain has fallen lightly on one day of the
week, the rainfall being six hundredths of an inch. Average
thermometer 81, highest 94, lowest 68.
Paris, Tex.-We have had no rain the past week. The
thermometer has averaged 83, the highest being 98 and the
lowest 68.
San Antonio, Tex.-There has been rain on one day the
past week, the rainfall reaching thirty-two hundredths
an
inch. The thermometer has averaged 84, ranging of
from
72 to 96.
Taylor, Tex.-Rain has fallen on one day of the week, the
rainfall being thirty-eight hundredths of an inch. Minimum
thermometer 66.
Weatherford, Tex.-We have had no rain during the week.
Average thermometer 80, highest 92, lowest
68.
Ardmore, Okla.-There has been no rain the
past week.
The thermometer has averaged 84, the highest being
97 and
the lowest 70.
Marlow, Okla.-There has been rain on one day of the
week, the precipitation reaching twenty-five hundredths of
an inch. The thermometer has averaged 82, ranging from
67 to 98.
Holdenville, Okla.-We have had no rain during the week.
The thermometer has ranged from 72 to 95, averaging 83.
New Orleans, La.-Rain has fallen on three days of the
week, the rainfall being two inches and eleven hundredths.
Average thermometer 80, highest 90, lowest 70.
Shreveport, La.-Dry all the week. The thermometer has
averaged 81, the highest being 96 and the lowest 66.
Columbus, Miss.-We have had rain on one day during
the week, to the extent of eighty hundredths of an inch. The
thermometer has averaged 73, ranging from 56 to 90.
Greenwood, Miss.-We have had rain on two days during
the week, the rainfall being one inch and two hundredths.
The thermometer has ranged from 55 to 89, averaging 72.
Eldorado, Ark.-The week's rainfall has been one inch and
twenty hundredths, on three days. Average thermometer
76, highest 96, lowest 57.
Fort Smith, Ark.-We have had rain on two days of the
past week, the rainfall reaching one inch and forty-three hundredths. The thermometer has averaged 80, the highest
being 92 and the lowest 67.
Little Rock, Ark.-It has rained on three days during the
week, the precipitation reaching one inch and
thirty-seve
hundredths. The thermometer has averaged 79, rangingn
from 67 to 90.
Alexandria, La.-We have hid no rain during the
The thermometer has ranged from 56 to 95, averaging week.
76.
Vicksburg, Miss.-We have nud rain on two days during
the week, the rainfall being one inch and sixty-eight hundredths. Average thermometer 70, highest 90, lowest 50.
Livingston, Ala.-The week's rainfall has been ten hundredths of an inch, on one day. The thermomet
averaged 74, the highest being 92 and the lowest 56. er has
Mobile, Ala.-Picking and ginning are
steadily, but the movement of cotton is slow. progressing
nappy and
low grade reported. It has rained on threeMuch
days
during
the
week, the precipitation reaching one inch and
nine hundredths. The thermometer has averaged 78,
ranging
from
64 to 89.
Montgomery, Ala.-Rain has fallen on two days
week, the rainfall being seventy hundredths of an during the
inch. The
thermometer has ranged from 59 to 85, averaging
72.
Selma, Ala.-This week's rainfall has been
one inch and
ninety-three hundredths, on three days.
Average thermometer 71, highest 84 and lowest 59.
THE CHRONICLE
838
Madison, Fla.-There has been rain on one day of the
week, to the extent of eighty hundredths of an inch. The
thermometer has averaged 74, the highest being 83 and the
lowest 64.
Tallahassee, Fla.-It has rained on two days during the
week, the precipitation reaching seventy-two hundredths of
an inch. The thermometer has averaged 76, ranging from
62 to 90.
Augusta, Ga.-We have had rain on three days during the
week, the rainfall being fifty-eight hundredths of an inch.
The thermometer has ranged from 58 to 78, averaging 68.
Dyersburg, Tenn.-There has been rain on two days during
the week, the rainfall being one inch and three hundredths.
The thermometer has ranged from 60 to 87, averaging 73.
Milan, Tenn.-Dry all the week. Average thermometer
70, highest 86, lowest 54.
Memphis, Tenn.-We have had rain on one day the past
week,the rainfall being twenty-four hundredths of an inch.
Thermometer has averaged 75,highest being 88 and lowest 61.
Albany, Ga.-This week's rainfall has been one inch and
five hundredths, on three days. Average thermometer 77,
highest 93 and lowest 61.
Savannah, Ga.-There has been rain on two days of the
week, to the extent of one inch and seventy hundredths.
The thermometer has averaged 71, the highest being 82 and
the lowest 59.
Charleston, S. C.-It has rained on two days during the
week, the precipitation reaching two inches and six hundredths. The thermometer has averaged 70, ranging from
60 to 80.
Greenville, S. C.-We have had rain on three days during
the week, the precipitation reaching sixty-one hundredths
of an inch. The thermometer has ranged from 53 to 83,
averaging 68.
Spartanburg, S. C.-We have had rain on three days during
the week, the rainfall being sixty hundredths of an inch.
The thermometer hits ranged from 52 to 81, averaging 67.
Charlotte, N. C.-The week's rainfall has been thirty-seven
hundredths of an inch, on two days. Average thermometer
63, highest 75, lowest 51.
Goldsboro, N. C.-We have had rain on four days of the
past week, the rainfall reaching one inch and forty-nine hundredths. The thermometer has averaged 67, the highest
being 81 and the lowest 53.
Weldon, N. C.-We have had rain on four days during the
week, to the extent of one inch and thirty hundredths. The
thermometer has averaged 63, ranging from 50 to 76.
The following statement we have also received by telegraph, showing the height of the rivers at the points named
at 8 a. m. of the dates given:
[VOL. xcnt.
NEW YORK COTTON EXCHANGE.-Undoing of
Straddles with Liverpool.-The Chairman of the conference
committee appointed to adjust the New York-Liverpool
straddle interest issued on Wednesday the following notice:
The committee has received notification of a price of 5.594. for January
February (Liverpool). effective Thursday. Sept. 17. The committee WI!
on Thursday, Sept. 17, adJust the price of December at 9.50c. Margins
due Liverpool need not be deposited until Tuesday, Sept. 22, and checks
for margins due from members to each other are not callable until Monday, Sept. 21. It will be understood by the committee that members
having orders to sell at 9.90c. in the ballot wish these same orders executed
at 9.50c., and the committee will so assume unless notified to the contrary
On Thursday the following further notice was issued:
Members who effect sales of January-February through the ballot in
Liverpool are required to buy an amount equivalent to such sales in the
New York market through the committee, or else furnish the committee
with a letter in one of the two following forms:
"Our sale of
January-February in Liverpool to-day is in
liquidation of long cotton unhedged by sales of any nature whatsoever."
"Our sale of
January-February in Liverpool to-day is in
liquidation of purchase made to cover sales of cotton for delivery to spinners
and (or) merchants, and we agree immediately to purchase such cotton in
fulfillment of such engagements in amounts equivalent to our sale in Liverpool."
NEW YORK QUOTATION FOR 32 YEARS.
The quotation for middling upland at New York on
Sept. 18 for each of the past 32 years have been as follows:
9.75
1914_c___-511.00 1906_c
13.40 1905
10.75
1913
10.90
11.90 1904
1912
11.75
11.65 1903
1911
9.00
13.90 1902
1910
8.31
12.85 1901
1909
10.88
9.50 1900
1908
6.38
12.25 1899
1907
* August 17. _...., ,..1_.: - Ku ,,,
_
1898..c
1897
1896
1895
1894
1893
1892
1891
5.62
6.88
8.50
8.19
6.75
8.38
7.19
8.38
1890_c
1889
1888
1887
1886
1885
1884
1883
10.56
11.31
10.50
9.81
9.31
10.06
10.44
hallille
WORLD'S SUPPLY AND TAKINGS OF COTTON.=
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons, from all sources from
which statistics are obtainable; also the takings, or amounts
gone out of sight, for the like period.
Cotton Takings.
Week and Season.
1914.
Week.
1913.
Season.
Week.
Season.
2,776,946
2,147.108
Visible supply Sept. 11
3,176,816
i.-5-81,88i
Visible supply Aug. 1
651,076 432,733 1,446,164
American in sight to Sept. 18.... 176,211
53,000
87,000
12,000
55,000
Sept. 18 1914. Sept. 19 1913. Bombayreceipts to Sept. 17-..153,000
b6,000
5.000
Feet.
55,000
Feet.
Other India ship'ts to Sept. 17_ _
18,000
17,000
27,600
4.8
4.5
Alexandria receipts to Sept. 16.. b11.000
Above zero of gauge.
New Orleans
24.000
3,000
7,000
5.9
42,000
Othersupply to Sept. 16 *
10.1
Above zero of gauge..
Memphis
6.7
8.0
Above zero of gauge..
Nashville
2,980,157 4.075,892 2.620,841 4,207,315
Total supply
4.0
0.9
Above zero of gauge.
Shreveport
Deduct3.6
8.0
Above zero of gaugeVicksburg
2,799,774 2,799,774 2,336.470 2,336,470
Visible supply Sept. 18
RECEIPTS FROM THE PLANTATIONS.-The follow- Total takings to Sept. 18 a
180,383 1,276,118 284.371 1,870.845
817.118 210.371 1,355.245
131.383
Of which Ameirca
ing table indicates the actual movement each week from the
459.000
49,000
74.000
other
which
515.600
Of
plantations. The figures do not include overland receipts
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, km.
nor Southern consumption; they are simply a statement of
b Estimated.
a This total embraces the total estimated consumption by Southern mills,
the weekly movement from the plantations of that part of the
390,000 bales in 1914 and 426,000 bales in I913-takings not being available
orop which finally reaches the market through the outports.
-and the aggregate amounts taken by Northern and foreign spinners,
and 1.444,845 bales In 1913. of which 427,118 bales
Stock at Interior Towns. Receipts from Plantations 886.118 bales In 1914
Receipts at Ports.
and 929,245 balesAmerican.
Area
ending. 1914. 1913. 1912. 1914. 1913. 1912. 1914. 1913. 1912.
MANCHESTER MARKET.-Our report received by
cable to-night from Manchester states that the market is
quiet and unchanged for both yarns and shirtings. Buying
has been abandoned until the position becomes clear.
A
SHIPPING NEWS.-As shown on a previous page, the
exports
of cotton from the United States the past week have
receipts
total
-That
the
The above statement shows: 1.
13,375 bales. The shipments in detail, as made
reached
bales;
256,161
1
1914
are
Aug.
since
plantations
the
from
from
mail and telegraphic returns, are as follows:
up
receipts
In 1913 were 998,372 bales. 2.-That although the
Total bales.
actual
the
67,936
bales,
were
week
past
the
outports
at the
NEW YORK-To Liverpool-Sept. 16-Celtic, 1,256
1,256
movement from plantations was 115,648 bales, the balance GALVESTON-To Liverpool-Sept,16-Asian.3,601_ __Sept. 172.258
5,859
going to increase stocks at interior towns. Last year receipts PORT Halizones.
ARTHUR-To Denmark-Sept, 11-Camperdown. 400_ _ 400
for
bales
and
363,416
we're
week
the
for
plantations
the
from
TEXAS CITY-To Mexico-Sept. 15, 204
204
NEW ORLEANS-To Gothenburg-Sept, 12-Mexicano,900
1912 they were 300,330 bales.
900
To
Rotterdam-Sept.
17-MaartensdiJk, 300
300
MARKET AND SALES AT NEW YORK.
To Mexico-Sept. 17-Mexico.500
__
800
the
day
during
each
BRUNSWICK
spot
-To
Manchester-Sept.
the
on
12-Memphian. 800
800
The total sales of cotton
following statement. SAN FRANCISCO-To Japan-Sept. 12-Chiyo Meru, 1,906
1,906
week at New York are indicated in the
PORT TOWNSEND-To Japan-Sept. 15-Tacoma Meru,1,250 1,250
columns which
For the convenience of the reader we also add
Total
13.375
futures closed
and
spot
for
market
the
show at a glance how
The particulars of the foregoing shipments for the week,
arranged in our usual form, are as follows:
on same days.
July 31 16.354 14,527 8,277 120,139 143,458 98,904 6,764
998 4,193 5,507
Aug 7 5,891 16,639 9,579 115,246 131,012 94.832
" 14 8.197 24,915 21.959 113.751 123,129 93.172 6,702 17,112 20,299
68.319
" 21 4.795 66.011 71,598 113,419 116,292 89,893 4,463 59,174 122,698
134,217
" 28 14.338 141.281 118.710 116.469 109.328 93,881 17.388 168,345
145.476
33.430 153,476 121,123 125.619 124,197 118,234 42.580
Sept.
49.127 217,200 194,505 143,836 158,237 142.742 67,344 251,240 219.013
" 18 67.938 329,018 258,453 191,548 192,635 184,619 115.648 363.416 300,330
Spot Market
Closed.
Saturday..__ Nominal
Monday
Tuesday......
Wednesday..
Thursday _ _
Friday
Total
Futures.
Market
Closed.
SALES.
Spot. Canted Total.
New York
Galveston
Great French Ger- -Oth.Eurpoe- Mex..
Britain. Ports. many. North. South. &c. Japan. Total.
1,256
150
90
New Orleans_ __
500 Brunswick
150 Sao Francisco_
90 Port Townsend_
740
740
-866
______
____
900
300
500 ......
1,906
- 1 ,256
1.700
1.906
1.250
1,300
300 704 3,156 13,375
Total _____
7.915 ---Exports since Aug. 1 include 5,922 bales to Japan from Pacific ports.
SEPT. 19 1914.]
THE CHRONICLE
839
LIVERPOOL.—By cable from Liverpool we have the ever, that a good deal of this wheat has been sold. Also,
following statement of the week's sales, stocks, &c., at that it is maintained that the grain crops of the world are very
much smaller for the current year than for any of the five
port:
years past; that the United States is the only country that
Aug. 28. Sept. 4. Sept. 11. Sept. 18.
Sale:3.
this year has anything more than a normal wheat crop; that
'0f theweek
13,000
13,000
11.000
Of which speculators took
200
the Southern Hemisphere has very little wheat for shipment
Of which exporters took
1.000
700
2.000
to Europe this season, whereas in former years Europe drew
Sales, American
11.000
11.000
11.000
Actual export
3,000 large supplies from that quarter. The European wheat crop
4,000
1,000
8,000
Forwarded
26.000
30.000
24,000
31.000
Total stock
890.000 881.000 867.000 855,000 is estimated to be 330,000,000 bushels short, while the
nor which American
602,000 600.000 577.000 560,000 Southern Hemisphere is estimated at 150,000,000 bushels beTotal imports of the week
20,000 low normal,
20.000
16,000
19.000
making a total shortage this year of 480,000,000
311Of which American
9,000
3.000
6,000
Amount afloat
bushels from these two sources of supply. Also, the Canadian
21,000
37,000
31.000
kik Of which American
5,000
13,000
12,000
crop is short and the spring-wheat yield in this country is not
PO Dealings in spot cotton during the week have been as so large as was at one time expected. Canada's crop is
officially estimated at 160,000,000 bushels, or 72,030,000
follows:
bushels less than last year and 45,000,000 less than the
average for four years past. The wheat shipments to Europe
Saturday. Monday. Tuesday. Wednesday. Thursday. Friday.
Spot.
from Argentina during the current calendar year are some
Market,Moderate
75,000,000 bushels smaller than during the same time in 1913.
Fair
Good
12:15 .1
Quiet.
Better
demand.
Good
P.M.
demand. demand. Inquiry.
demand.
The shipments from India and Australia to Europe in the
PX.
meantime show a decrease of 100,030,030 bushels. And all
Mid.UpPda
6.00
6.00
6.00
6.00
5.80
5.80
ma
this happens in a year when Europe is more urgently in need
Sales
6,500
3,700
4,600
6,600
3,900
of wheat than for some forty years past. To-day prices adAm.rlean _
6,000
3,000
3,400
5,800
3,000
II
vanced, with further export sales reported of 503,000 bushels
Imnorta___
3.626
1.099
7.950
5.567
2.074
or more. Farmers offered sparingly. Clearances were
liberal. The war news was not regarded as pointing to an
early peace. Northwestern stocks have gained 4,000,000
bushels during the week, including 2,150,003 bushels at
BREADSTUFFS.
Minneapolis.
Friday Night, Sept. 18 1914.
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK.
Flour has been more or less depressed, owing to a sharp
Sat. Mon. Tues. Wed. Thurs. Fri.
2 red
cts_122
113
116
1213 119% 121
decline in wheat and a decrease in the foreign demand. But No.
September delivery in elevator____120
111
113% 117
116 Si 117%
later on, with a rally in wheat, the tone became firmer, with December delivery in elevator____123% 114 116% 120% 118% 1203
a somewhat better inquiry from foreign Powers for forward DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues, Wed. Thurs. Fri.
delivery. Recently, it is understood, some 50,000 barrels September delivery in elevator_cts.10801
102
104% 109
107W
December delivery in elevator_....ii2W 105
107% Ill% 110
112
weretaken by foreign governments. It is said that equally May
delivery in elevator
120
111% 114% 118% 11854 11854
large orders aro now in the market awaiting execution.
Indian corn declined early in the week in sympathy partly
Meantime the home trade is of very moderate volume as a with a fall in wheat. The Eastern demand at Chicago at
rule, although in the Southwest recent transactions have that time was also small. Rains were said to be improving
been liberal. Some of the mills in that secton are said to the crop prospects. Pastures were in good condition. But
later came a rally in company with wheat. Export bids
be'practically sold up for two to three months to come and at the seaboard were reported. Country
offerings of late
are not now seeking further business. Some export business have been small and sample prices at Chicago have risen
has been"done on the basis of demand or three days sight sharply. The Iowa crop was estimated at 320,000,000
drafts on London, but, more generally, payment in New bushels, or 45,000,000 bushels less than the Government's
September figures,
some 18,000,000 bushels less than the
York has been required—that is, reimbursement terms have crop in that Stateand
last year. It was said at Chicago that
been made, the miller receiving his money before the flour sufficient vessel room had been chartered to take away all
leaves the United States. The future of prices is felt to the stock of contract corn there. On the other hand, one
hinge upon the duration of the European war. The total crop estimate put the total yield in the United States at
2,800,000,000 bushels, or some 200,000,000 bushels larger
production at Minneapolis, Duluth and Milwaukee last week than the Government's
September estimate. Also, Liverwas 402,505 barrels, including 370,805 at Minneapolis, pool has reported liberal offerings from the River Plate and
against 464,965 barrels in the previous week, including Danubian countries and stocks at Liverpool are steadily
421,365 at Minneapolis and 423,620 in the same week last increasing. September, however, has been especially strong
at Chicago, owing to the small receipts there. In fact, the
year, with 381,970 barrels at Minneapolis.
small arrivals at primary points have had a very noticeable
Wheat early in the week had a violent decline, owing to effect on the market. To-day prices advanced in sympathy
reported successes of the Allies and the belief that they with wheat. Country offerings were small. It was rumored
foreshadowed an early peace. Butlater on the newsfrom the that a cargo had been sold for export to Norway. Recently,
battlefields of France seemed to presage a longer struggle from by the way, 200,000 bushels of rye were sold for export.
the firm stand taken by the German army,and prices thereOats weakened early in the week and rallied later. The
upon rallied. Export buying, moreover, has increased. great feature has been the large demand for export. Last
Reports of a good export demand for wheat and
at Monday Baltimore reported that 1,000,000 bushels had just
the seaboard and at Southwestern markets, in fact,flour
were
a been sold there for export. On Tuesday 1,000,000 bushels
noteworthy feature. From Russia come reports that the
were reported sold to Europe at the seaboard. Later in the
yield will be very small and of inferior quality. In Australia, week there were further reports of 2,000,000 bushels sold at
owing to drought,the crop outlook is unfavorable. Last Mon- Chicago and New York to Europe. Some Chicago dispatches
day, charters were made for more than 1,500,000 bushels of stated that it was more a case of getting the oats than of
grain at the seaboard and on the same day at Chicago room getting the buyer. The demand is seemingly almost insawas taken for 240,000 bushels for shipment to Buffalo.
tiable for export to Europe to supply the armies, especially
try offerings at Chicago have latterly been small, Counof England and France, Germany, of course, being shut
partly
owing to wet weather over much of the winter and spring- out. Meantime, the country is offering very sparingly.
wheat belt, which has delayed the movement of the
The receipts at Chicago have dropped to so low a point as to
American offerings in Liverpool have latterly fallencrop.
excite remark. The news of late which has, rightly or
off,
there
has been a better demand there from millers. wrongly,created the impression that the European war would
and
Liverpool advices state that, although supplies there
not end in the near future,has had much to do with the big
ample, the fact that there will be large requirements are
foreign demand and the firmness of quotations. During
by
countries
other
tends to strengthen the distant months. the week the American supply increased 2,246,000 bushels,
In fact, there is more or less uneasiness in Liverpool on the against 1,546,000 during
time last year. Grass
question of supplies and future quotations. Liverpool also and forage crops at the the same good,
but from present
believes that shipments from America will soon decrease. appearances there is to West are
be a good market for all the oats
Also it is considered clear enough that the food supply in that this country can spare.
The American available supGermany and Austria is rapidly decreasing. Of course ply is 29,498,000 bushels, against
40,260,000 a year ago and
Germany and Austria are shut off from American, Rus- 10,730,000 at tins time in
although sup1912.
other
and
sian
supplies from which they have been ac- plies are smaller than year ago andMoreover,
the demand much larger
customed to draw m times of peace. This factor cuts than then, prices are a
only 3 or 4 cents higher here for No.2
both ways, however, for many believe that starva- white than they were at this
time in 1913. To-day prices
semi-sta
tion or
rvation will hasten the ending of the war, were somewhat higher after an
early reaction. The cash
which
the recent phenomenal advance in prices has been demand partly for export continued
on
good and the sales were
based. Moreover, there is talk now to the effect that reported at 350,000 bushels. Country
offerings at the
the winter-wheat acreage under the spur of recent prices West were small.
and the prostration of agriculture on the Continent of Eu- DAILY CLOSING PRICES
OF NO.2 MIXED CORN IN NEW YORK.
rope will be increased in this country fully 10%. Moreover,
urm
s.
43486u
h5
Wed. T8
8ues.
on. T
as_ SAL M
86
86
of late receipts at the Northwest have been heavy. The total No. 2 mixed
DAILY
CLOSING
FUTURES
IN
PRICES
CHICAGO.
OF CORN
on three days of this week at interior markets reached the
76
Frs.
on. Tune. Wed. Thurs.
75
noteworthy aggregate of 10,629,000 bushels,against 6,630,- September delivery in elevator_cts_ Satn 54 M
7654
Decembe delivery in elevator_ _ _ _ 73
r
70% 72
7254 7054 71%
000 bushels for the same days last year. It is supposed, how- May
delivery in elevator
7334 7354
7554 725 7454 75
THE CHRONICLE
840
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Wed. Thurs.
Fri.
Mon. Tues.
Sat.
cts_54-543 5215-53 4915-50 53-5315 53-5334 5235-5334
Standards
53-54
5415-55 53-5334 50-5015 5315-54 5315-54
No. 2 white
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
4515 473% 4614 467i
September delivery in elevator_cts_ 4715 44
4614 4814 5035 4914 4934
December delivery in elevator_ _ _ _ 51
5434 4934 5134 5334 5234 5234
114tty delivery in elevator
The following are closing quotations:
FLOUR.
$4 900E5 20
Winter, low grades__--$4 00@$4 25 Spring clears
Kansas straights,sacks_ 525@ 5 50
560Winterpas
4 9086 5 15 Kansas clears, sacks
Winter straights
5 25 City patents
5 05
7 3()
Winter clears
55086575 Rye flour
52510 600
Spring patents
5 65 Graham flour
5 150 5 40
5 50
Spring straights
GRAIN.
Corn,per bushelcis.
Wheat,per bushel-f.o.b.
No. 2 mixed
$1 2354
86
N.Spring,No. 1_
No. 2 yellow
86
N.Spring, No.2
No. 3 yellow
1 21
8.5fi
Red winter, No. 2
Argentina in bags
80
Hard winter,No.2,arrive 1 2034
Rye, per bushelcts
Oats, per bushel. newNew York
Standard
521405314
Western
530554
99-3i
No. 2, white
52055234 Barley-Malting
6507
No. 3. white
WEATHER BULLETIN FOR WEEK ENDING SEPT.
14.-The general summary of the weather bulletin issued by
the Department of Agriculture for the week ending Sept. 14
is as follows:
A continuation of cool weather over northern and western districts,
and of warm weather over the South, with further rains in the western
winter-wheat States, were the more important fetaures of the weather
during the week just ended.
In the corn belt cool and cloudy weather delayed ripening of corn to some
extent, but the bulk of the crop is now apparently safe from frost and
cutting is becoming quite general.
In the winter-wheat sections the soil continues in good condition in nearly
all portions, and plowing and seeding are progressing satisfactorily,with
assurance of sufficient moisture for germination, and some early sown wheat
is already up. Pastures and late crops are in good condition, but the cool
weather is delaying the ripening of tobacco except in moresoutherly districts.
In the spring-wheat belt threshing operations were somewhat delayed by
showery weather in nearly all portions, and frost caused slight damage in
northern districts, and continued cold retarded the ripening of late crops.
B. In the cotton region warm and dry weather over the greater part of the
belt favored the opening and picking of cotton which is reported as progressing favorably in nearly all portions. In Texas, especially, the crop
continues to improve under the favorable weather, with prospects of a good
top crop in addition.
Rains in Florida were beneficial to the citrus and other crops, but in
some portions of the Southern trucking districts rain is now needed.
Over the Atlantic Coast States from Virginia northward the week was
cold and unfavorable with some damage to late corn and other crops in the
more northern districts, and the weather delayed ripening of corn and
tobacco in others. Drought continues in Virginia and it is too dry for
plowing and seeding in some sections. Corn is being cut and preparation
for seeding is progressing satisfactorily in most districts.
Over the great range country of the Southwest the weather was favorable,
and other forage crops continue good, and cattle are reported as in
condltion. Over the northern mountain districts of the West cool
weather with more or less frost caused some injury to vegetation and delayed ripening, but the weather was most favorable for gathering the crops,
though threshing was delayed somewhat by showers.
Over the Pacific Coast States rain in Washington, Oregon and Idaho
extinguished the forest fires and benefited late crops, and the picking of
hops and fruits progressed satisfactorily, while in California the weather
continued favorable for raisin and other fruit drying and the outlook for
citrus fruits and olives is staisfactorY.
gr
EXPORTS OF BREADSTUFFS, PROVISIONS, COTTON AND PETROLEUM.-The exports of these articles
during the month of August, and the eight months, for the
past three years have been as follows:
1914.
Exports
from
United States. August. 8 Months.
1912.
1913.
August.
8 Months.
August.
8 Months.
XCEC.
Total receipts of flour and grain at the seaboard ports for
the week ended Sept. 12 1914 follow:
Receipts atNew York
Boston
Philadelphia ---Baltimore
New Orleans
Newport News
Norfolk
Galveston
Moblle
Montreal
Wheat,
Flour,
bush,
bbls.
67,000
365,000
37,000
257.000
38,000
384,000
34,000
129,000 1,158,000
128,000
14,000
6,000
750,000
2,000
111,000 1,216,000
Corn,
Oats,
bush,
bush.
902.000
915,000
1,000
71,000
72,000
256,000
80,000 2.144,000
75,000
89,000
58,000
Rye,
bush.
1,000
Barley,
bush.
58,000
1,000
105,000
12,000
311,000
7,000
Total week 1914_ 438,000 4,258,000 1,188,000 3,798,000 65,000 107,000
Since Jan. 1 W14 15,007,000 152107,000 18,692,000 33,123,000 8675,000 2617,000
194,000
952,000 101,000 90,000
442,000 2,132,000
Week 1913
Since Jan. 1 1913 15,392,000 13,079,000 43,912,000 40.293,000 15671000 2404,000
*Receipts do not include grain passing through New Orleans for foreign ports on
through bills of lading.
The exports from the several seaboard ports for the week
ending Sept. 12 are shown in the annexed statement:
Peas,
bush.
105
Rye, Barley,
Oats,
hush.
bush, bush,
35,436
392,691
100 17,143 29,950
Wheat,
bush,
ExportsfromNew York
643,622
134,187
Boston
Philadelphia ____ 438,000
Baltimore
585,714
New Orleans_ __ 740,000
Newport News__ 128,000
Galveston
1,573,000
Mobile
Montreal
2,458,000
Norfolk
Corn, Flour,
bush.
bbls.
13,755 69,333
3,030
11,000
6,000
20,000 62,000
14,000
13,000
58,000 2,000
73,000
6,060
Total week _
Week 1913
105
91,775 259,423 1,404,704 102,857 99,386
122,030 12,045
22,056 260,501 243,862
6,709,523
3,445,926
839,833 85,714
2,100
12,000
34,000
158,000
The destination of these exports for the week and since
July 1 1914 is as below:
Corn
Flour-----Wheat
Since
Since
July 1
July 1
Week
Week
1914.
Exportsfor week and Sept. 12. 1914. Sept. 12.
bush.
bbls.
bbls.
bush.
since July 1 toUnited Kingdom_ _151,913 1,017,602 3,404.509 34,910,506
50,747 470,220 3,291,614 34,413,800
Continent
13,400 1,124, 719
So. & Cent. Amer 25,727 392,349
17,328
30,430 367,420
West Indies
22.334
606
Brit. No. Am. Cols_
24,448
49,870
Other countries________
32.000
59,775
461,457
548,830
4,132
7,650
91,775 1,024.319
22,056 1,368,961
259,423 2,319,795 6,709,523 70,490,801
260,501 2,203,707 3,445,926 49,481,823
Total
Total 1913
Since
July 1
1914.
bush.
2,250
Week
Sept. 12.
bush.
The world's shipments of wheat and corn for the week
ending Sept.12 1914 and since July 1 1914 and 1913 are shown
in the following:
Wheat.
Coin.
1914.
Exports.
Since
July 1.
Week
Sept. 12.
1914.
1913.
Since
July 1.
Bushels. Bushels.
North Amer. 8,25!,000 88,199,000
11,922,000
Russia
•
2,304,000
Danube
128,000 3.114,000
Argentina
Australia_ _ _ 340.000 6,058,000
728,000 8,544,000
India
Oth.countr's 520,000 1,258,000
Week
Sept. 12. I
1913.
Since
July 1.
Since
July 1
Bushels.
Bushels. Bushels. Bushels.
38,000
373,000
623,000
64,106,000
*
1,531,000 4,516,000
25,436,000
•
8,355.000 4,235,000
4,044,000
7,660,000 3,120,000 30,284,000 68,613,000
8,000,000
18,320,000
1,330,000
Total ___ 9,969,000 121.399,000 128,696,000 3,158,000 40,543,000 77,987,000
Quantities.
Wheat _ bush. 24,079.966 79,894,059 24,332,554 70,404,511 5,785,143 11,998,077
Flour ___bbls. 701,188 6,757,605 881,287 7,383,003 688,183 6,189,178
Wheat *bush. 27,235,312110,303,281 28,298,345 103,628.024 8,881,966 39,849,378
Corn_ _ _ bush. 487,283 6,268,385 708.512 42,549,983 514,896 24,087,022
Total hush. 27,722.595 116,571,666 29,006,857 146,178,007 9,396,862 63,936,400
Values.
Wheat & flour 27,057,635 107,669,598 27,446,360 102,798,466 9,058,179 41,142,188
608,253 25,348,864 554,933 18,781,181
Corn & meal_
51,811 3,118,975 307,073 1,168,979
Oats & meal_
469,169
6,548,488 311,621
491,232
Barley
1,620
208
. 1,220,476
88,948
Rye
61,563,143
139,035.26910,232,014
28,686,604
29,539,131120,633,277
Breadstuffs
Provisions.-- 8.527,559 80,338.082 11,889.947 93.804,54310,080,862 86,141,998
573,908 149,709 3,351,330
51,413
687,507
58,334
Cattle a & h_
1,306.117236,401.930 16,518,569 216,690,224 12,754,235 287,486,191
Cotton
Petroleum.&c 7,837,291 94,319.458 12,390.878 93,547,244 11,448.478 79,180,960
Cottonseed oil 404,296 8,877,044 428,803 13,074,120 887,988 14,807,881
* Not available since Aug. 1.
The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Wheat.
Corn.
United
Kingdom. Continent.
Total.
Total.
Bushels, Bushels. 1Bushels, !Bushels. '
31,768,000
13,183.000
30,322,000
11,137,000
13,352,000 22,848,000 36,200,000 13,252,000 20,587,000 33,839,000
16,432,000 21,784,000 38,216,000 10.217,000 24,548,000 34,765,000
Bushels.
Sept. 12 1914_
Sept. 5 1914_
Sept. 13 1913_
Sept. 14 1912_
United
Kingdom.1Continend
Bushels.
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Sept. 12 1914 was as follows:
The statements of the movement of breadstuffs to market
UNITED STATES GRAIN STOCKS.
Indicated below are prepared by us from figures collected by
Amer. Bonded Amer. Amer. Bonded Amer. Amer. Bonded
the New York Produce Exchange. The receipts at Western
Wheat. Wheat. Corn. Oats. Oats. Rye. Barley. Barlett.
bush, bush, bush, bush, bush, bush, bush. bush.
lake and river ports for the week ending last Saturday and
In Thousands1,182
9
156 1,244
New York
15
66
50
since August 1 for each of the last three years have been:
190 ____
47,672,728 541,257,298 69,966,214 556,725,308 45,553,286 532,531,503
Total
•Including flour reduced to bushels.
Receipts at-
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
bbls.196 .bush.60 lbs. bush. 56185. bush. 32 lbs. bush.481bs. bu.56 lbs.
56,000
219 0 2,059,000 2,433,000 4,346,000
535,000
Chicago ___
316,000
73, CO
456,000 1,005,000
Milwaukee _
495,000 142,000
2,601,000
99,000 655,000 111.000
Duluth
5,932,000
124,000 1,082,000 1,240,000 326,000
Minneapolis
242,000
2,000
52,000
128,000
Toledo
7,000
89,000
14,000
57,000
Detroit
23,000
20,000
24,000
122,000
Cleveland
773,000
222,000
20,000
80,000
680,000
46,000
St. Louis
62,000
243,000
46,000
352,000
78.000
23,000
Peoria
2,952,000
152,000
215,000
Kansas City
• 466,000
145,000
578,000
Omaha
Total wk.'14
Same wk.'13
Same wk.'12
445,000 15,515,000 3.865.000
423,000 10,240,000 6.170.000
348,255 11,671,373_ 4,897,015
8,664,000 3,049,000 680,000
6,937.000 3,061,000 633,000
3,940.111 2.075,882 780,348
Since Aug. 1
2,551,000 62.802,000 27,305.000 54,004,000 9,060,000 3,093,000
1914
2.314,000 57,264,000 22,003,000 42,717.000 9,2A1.000 2,585.000
1913
.1 ass i911 54.646.586 19.580.058 34.163.830 6.883.380 2.803.718
Boston
Philadelphia
Baltimore
New Orleans
Galveston
Buffalo
Toledo
Detroit
Chicago
Milwaukee
Duluth
Minneapolis
St. Louis
Kansas City
Peoria
Indianapolis
Omaha
On Lakes
On Canal and River-
921
1,451
3,147
2,279
1,195
1,252
324
3,844
537
276
2,407
1,284
3,048
5,358
3
777
697
1,578
Total Sept. 12 1914_31,774
Total Sept. 5 1914-30.019
Total Sept. 13 1913_ _46,505
Total Sept. 14 1912.26,079
7
____
164
301
____
220 1,554
____
113
202
____
230
____
750 2:142
-_
112
785
__
78
219
__ - - 2,364 10,567
41
1
____
-18
I
__ _ _
____
_
--85 -i85
2
15
47
--ii
____
115 -iii-3 ::i
--iit
-iio
88 - ___
164
-6
59 1,248
-40 1,506 ___
157
337
____
102
333
_
2
____
171
390 :-__
20 ____
___
105 1,295
____
353
351
___
286 1,429 ____6 -12
___
287
455 _
-------7124
257 ____
24
97
85
236
418
5,653
5,008
5,301
1,768
23,764
21,455
28,636
6,837
25
22
458
02
665 2,574
427 1,714
965
347
706 1,460
9
19
21
SEPT. 10 1914.]
THE CHRONICLE
CANADIAN GRAIN STOCKS.
Canadian Bonded
Canadian Bonded
Wheat. Wheat. Corn. Oats. Oats.
In Thousandsbush. bush. bush, bush. bush.
Montreal
168
3,122
108
Ft. William & Pt. Arthur 3,737
336 -- Other Canadian
228 1,390
Total Sept. 12 1914__
Total Sept. 5 1914__
Total Sept. 13 1913__
Total Sept. 14 1912__
8,249
6,696
3,185
3,342
732
108
854
146
1 5,349
1,522
Canadian Bonded
Rye. Barley. Barley.
bush. bush. bush.
"jai
47
74
419
15
SUMMARY.
Bonded
Bonded
Bonded
Rye. Barley. Barley.
Wheat. Wheat. Corn. Oats. Oats.
bush.
bush.
bush,
bush.
bush.
bush.
bush. bush.
9
665 2,574
25
97 5,653 23,764
31,774
47
732
108
8,249
9
665 2,621
25
97 5,761 24,496
Total Sept. 12 1914 40,023
9
427 1,788
22
85 5,154 22,309
Total Sept. 5 1914 36,715
19
3,896
1,071
458
236 5,302 33,985
Total Sept. 13 1913 49,690
21
706 1,475
62
418 1.768 8.359
Total Sept. 14 1912 30,021
In ThousandsAmerican
Canadian _
THE DRY GOODS TRADE.
New York, Friday Night, Sept. 18 1914..
There have been no new developments of importance in
the dry goods trade during the past week, and only a quiet
demand for seasonable goods is reported in most quarters.
With the exception of staple cotton goods, prices are generally firm and advancing. Woolens and worsteds are held
at high levels, but cotton goods are being scaled down to a
parity with the cost of raw material. Manufacturers generally have little to say regarding the situation, but are thought
to
-be in a fairly strong position. They have kept production
down close to requirements and have very little goods
accumulated, which is fortunate, considering the break in
the price of the staple. The outlook is very encouraging,
as they will unquestionably be called upon to meet a very
heavy export demand in the near future. It is generally
believed that the decline in the price of cotton is over and
that the staple is at present as low as it will go. The "buya-bale-of-cotton" movement is expected to take about a million bales of cotton off the market, and its effect is already
sentimentally shown in spinners having taken a firmer stand
on yarns.
Jobbing houses are fairly busy filling retailers' fall requirements. They state that retailers are still operating on a
"hand to mouth" basis, but that they will be compelled to
considerably enlarge their purchases before their requirements for fall and winter are fully covered. In the woolen
and worsted trade, business is active and prices show a
strong upward tendency. Clothing and garment manufacturers are booking good fall and winter orders, and are compelled to duplicate earlier orders for piece goods. The export
trade is in a state of unsettlement,resulting from the confusion
caused by the rush in all quarters to become established in
the new markets which have been opened up by the war.
Heavy inquiries are reported from abroad for army duck,
but no business has as yet been placed. These inquiries,
as well as those for underwear, blankets and other materials
which will be needed by the various armies in a long campaign are not coming from the governments and are consequently treated very conservatively. Manufacturers state
that they are in a position to furnish large supplies but are
not risking increasing their output on the mere strength of
war inquiries, which in most cases are of speculative origin
and may never materialize. Shipments at present are confined to old orders, no new business of importance being reported. The decline in cotton goods values, however, is
expected to bring out new business for the Far East in the
near future.
841
Staple cotton goods are in fair demand at receding prices.
Brown and bleached goods are being bought quite liberally
wherever recessions can be obtained, but buyers are still
of the opinion that prices will go much lower. The unsettled cotton situation is encouraging them to wait, in the
meantime purchasing such goods as they need for immediate
distribution only. Even colored goods, which have so far
escaped any cut in prices, are now regarded as being too
high, buyers contending that the talk of a shortage of dyestuffs has been greatly overdone. In a few instances business is reported as having been put through covering shipments up to next January, but it is understood that the terms
of these contracts were exceptionally favorable to buyers.
In most cases manufacturers are only accepting forward
orders subject to prices at the date of shipment. Retailers
are confining purchases to immediate fall requirements, but
are reported to be in need of considerable goods. Gray
goods, 38-inch standard, are quoted Yo. higher at 43ic.
WOOLEN GOODS.-In the dress goods trade some concerns are opening new spring lines at fall price levels, while
others have marked values up from one to ten cents above
those ruling during the fall season. The lines which have
been put out at fall prices have met with a very good response and a heavy initial business is being booked. Broadcloths and serges are coming in for the largest share of attention, but worsted cloths and so-called beach cloths are also
well received. Fall demand for lines of coatings and dress
fabrics is good, garment manufacturers having booked more
business than they expected. In men's wear prices are
firm and demand active. Cutters-up and clothiers who had
booked business on imported fabrics are taking no chances
on not getting the goods, and are covering their requirements
to a large extent with domestic goods.
FOREIGN DRY GOODS.-Representatives of English
and Scotch mills continue to assure the trade that they will
be in a position to furnish goods regardless of the war, but
are not securing much business. The market for Continental fabrics is confined to the distribution of such goods
as are on hand and no new business is being sought. Linen
goods continue to advance in price, with demand increasing.
All classes of housekeeping lines have been advanced sharply
and are expected to go higher. Importers are placing some
additional business with foreign mills but with no assurance
as to when they will receive deliveries. Burlap markets
continue quiet and without special feature. A good illustration of the dulness is the report that the Quaker Oats Co.
has placed an order for 1,000,000 cotton bags for shipment
of products which have previously been packed in jute bags.
bags. Light-weights are quoted 7.25c. to 7.75c. and heavyweights at 8.25e. to 8.50e.
Importations & Warehouse Withdrawals of Dry Goods.
The importations and warehouse withdrawals of dry goods
at this port for the week ending Sept. 12 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
Since Jan. 1 1914.
Sept. 12 1914.
Pkgs.
Pkgs.
Value.
Value.
Manufactures ofWool
19.221,063
1,017
303,933 68,235
Cotton
1,273
424,771 118,757 31,645.731
Silk
997
454,075 51,760 24.671.446
Flax
1.034
331.178 51.681 12.638.454
Miscellaneous
2.541
146,499 100,966 9,469,790
6,862 1.660.456 391,399 97.647.484
6.928 2,199.435 324.974 79,930.741
Warehouse Withdraw s
rown Upon the Market.
DOMESTIC COTTON GOODS.-The exports of cotton Manufactures of118,397 31.803 8,639.670
Wool
451
goods from this port for the week ending Sept. 12 were 2,626
185,129 28,590 7,922,726
Cotton
594
packages, valued at $235,350, their destination being to the
121.575 10,627 4.558.984
278
Bilk
20,222 5,207.257
123.002
434
Flax
points specified in the table below:
66.336 71.071 4.403,395
382
Miscellaneous
-19141913
614,439 162.313 30.732.032
2.139
Total withdrawals
Since
Since
6,862 1,660.456 391.399 97,647.484
New York to Sept. 12Week. Jan. 1.
Week. Jan. 1. Entered for consumption
Great Britain
2
2,716
2
1,390
9,001 2.274.895 553,712 128,379.516
Other Europe
1,889
Total marketed 1914
3
846
10.543 3.042,495 464,538 102,408,331
China
49,633
55,107
Total marketed 1913
India
_
15,093
625
10,578
Imports Entered for Warehouse During Same Period.
Arabia
,_.
26.317
Africa
15
6.070
9,412-7 20,054 Manufactures of
118.464 24.418 7.254,142
337
Wool
West Indies
1.447 33.384
772 26,356
131,155 25.439 7.325,963
362
Mexico
Cotton
13
401
14
1,758
117,506
9,993 4.314,132
291
Central America
339 16,063
438 11.610
Silk
19,216 4,747,036
435
120,925
South America
670 40.134
909 37,044
Flax
Other countries
52.763
49,243
140 47.336
258 45.951
2,558
3.659,900
Miscellaneous
Total
2,626 222,131
3,024 237,011
4,283
540,813 128,309 27,301,173
Total
6,862 1,660,456 391,399 97,647.484
for consumption
The value of these New York exports since Jan. 1 has been Entered
11,145 2,201.269 519.708 124.948,657
Total imports 1914
11,604 3,483,164 504.597 108,431.772
$16,019,482 in 1914, against $18,372,456 in 1913.
Total imports 1913
Total 1914
Total 1913
842
eTATE
THE CHRONICLE
CITY DEPPATIVrENT.
/*ID
News Items.
Eugene, Lane County, Ore.-Bonds Declared Valid.The State Supreme Court has held valid the $25,000 armorybuilding bonds awarded on June 8 to R. M. Grant & Co. of
Chicago (V. 98, p. 1933.)
Hawaii (Territory of).-Bond Offering.-Attention is
called to the official advertisement elsewhere in this department of the offering on Oct. 1 of the $750,000 4% coup.
public-improvement bonds. For details and terms of sale
see V. 99, p. 686.
Hood River County (P. 0. Hood River), Ore.-Bonds
Declared Valid.-The $75,000 5% Columbia River highwayimprovement bonds awarded on Aug. 17 to S. Benson or
Portland (V. 99, p. 623) have, it is stated, been declared
valid by the Oregon Supreme Court.
New York City.-$100,000,000 Loan Offered at Public
Subscription.-Subscriptions books were opened Thursday
(Sept. 17) by J. P. Morgan & Co. and Kuhn Loeb & Co.
for a part of the now $100,000,000 6% city loan at par and
accrued interest. The official notice of this offering will be
found among the advertisements on a preceding page. The
firms mentioned are acting on behalf of the syndicate of
banks and trust companies referred to this week in our editorial columns, and the bonds offered to the public are those
not withdrawn from sale by these institutions. The price
at which the offering is made represents the cost price to the
syndicate. The maturity of the loan is as follows: $57,000,000 6% Corporate Stock Notes due Sept. 1 1915; $18,000,000 6% Revenue Bonds due Sept. 1 1916; $25,000,000
6% Revenue Bonds due Sept. 1 1917. These three issues
are direct obligations of the city and are exempt from the
Federal Income Tax and from all taxation in New York
State except for State purposes. Interest payable semiannually on March 1 and Sept. 1. Principal and interest
payable in gold at the City Comptroller's office. The firms
offering these bonds and notes for sale are advised that they
are available for the following purposes: 1. As part collateral
for circulation under the Aldrich-Vreeland Act of May 30
1908. 2. As security under the Workmen's Compensation
Law of New York State. 3. As an investment for savings
banks and trustees in New York State and elsewhere.
Porto Rico.-Bond Offering Withdrawn.-It was announced on Sept. 14 that the War Department had decided
to withdraw the offering of $2,400,000 4% bonds, bids for
which were to be opened Sept. 15. See V. 99, p. 554.
South Bethlehem, Pa.-City Charter Annulled.-It is
reported in the press that the election last September, in
which voters by a majority of 241 decided to change the
form of government from a borough to that of a third class
city, was declared void Sept. 16 in a decision handed down
by Judge Laird H. Barber of Carbon County, who presided
at the proceedings instituted in the Northampton County
Court to determine the validity of the city charter. The
opinion sets aside the charter and ousts Mayor Mitchell
Walter, City Council and all other city officials from office.
• Judge Barber holds that the voting should have been at
a municipal and not a special election.
The suit was brought by Thomas W. Scott and other
borough councilmen, who were ousted from their offices by
reason of the change of government.
Bond Calls and Redemptions.
Spokane, Wash.-Bond Call.-Tho following specialimprovement bonds are called for payment at the office of
the City Treasurer on Oct. 1 :
Name.
GradeCotta Ave
15th Ave
14th Ave
1st Ave
Greene St
Hollis Ave
Hatch St
Nevada St
Post St
7th Ave
13th Ave
Wall St'
Walton St
Walk'Conklin St
Crown Ave
Perry St
3rd Ave
Paving8-9-and Maple
Bonds called
up to and
Dist. No. incl.
37
581
667
603
644
683
947
696
460
422
612
68
647
10
23
8
27
8
8
6
3
66
17
8
21
9
430
1016
404
436
4
2
3
10
614
14
Bonds called
up to and
Name.
Dist. No. incl.
Paving5th Ave
33
596
Grand Boulevard..__ 519
82
Monroe St
245
123
Sprague Ave
31
76
Sprague Ave
46
974
6th Ave
702
18
6th Ave
703
4
25th Ave
1004
2
SewerAlley
857
16
Alley
1022
3
Cotta Ave
8
686
1st Ward
5
46
1st Ward
17
52
5th Ave
3
689
5th Ward
734
10
Sharp Ave
585
9
8
698
7th Ave
11
681
16th Ave
630
8
13th Ave
4
700
12th Ave
Denver, Colo.-Bond Call.-The following bonds are
called for payment on Sept. 30:
Storm Sewer Bonds.
Sub. Dist. No. 2 Capitol Hill Storm Sewer Dist. No. 1 Bonds Nos. 11
inclusive.
to 20
Part of Sub. Dist. No. 2 South Capitol Hill Storm Sewer Dist., No. 2
Bonds Nos. 7 to 15 inclusive.
Waragnfiton Park Storm Sewer Dist., Bond No. 133.
Sanitary Sewer Borg's.
Part "A" Sub. Dist. No. 15 West and South Side Sanitary Sewer Dist.
Bond No. 3.
Improvement Bonds.
Capitol Hill Improvement Dist. No. 6 Bond No. 34.
East Denver Improvement Dist, No. 6 Bond No. 18.
East Side Improvement Dist. No.8 Bonds Nos. 20 to 22 inclusive.
f VOL. xcix.
North Side Improvement Dist. No. 12 Bond
13.
North Side Improvement Dist. No. 13 Bond No.
Bo. 40.
North Side Improvement Dist. No. 15 Bond No.
19.
North Side Improvement Dist. No. 17 Bonds Nos.
9 to 16 inclusive.
Seventh Ave. Parkway Improvement Dist. Bonds
1 to 4 inclusive.
South Denver Improvement Dist. No. 4 Bond No.Nos.
62.
Paring Bonds.
Alley Paving Dist. No.6 Bonds Nos. 1 to 7 inclusive.
Alley Paving Dist, No. 24 Bond No. 14.
Alley Paving Dist. No. 30 Bonds Nos. 1 to 5 inclusive.
Montclair Parkway Suburban Paving Dist. Bond No. 47.
Park Bonds.
Highland Park Dist. Bonds Nos. 301 to 304 inclusive.
Upon the request of the holders of any of the above bonds received
days before the expiration of this call, the Treasurer will arrange for ten
their
payment at the Bankers Trust Co., N. Y. City, but not otherwise.
Bond Proposals and Negotiations this week
have been as follows:
ALDEN UNION SCHOOL DISTRICT NO. 10 (P. 0. Alden), Erie
County, N. Y.-BOND OFFERING.-Proposals will be received until
8 p. m. Sept. 24 by Wallace R. Patrell, District Clerk, for $24,500 5%
serial school bonds. These bonds were advertised to be sold on July 31
but that offering was called off (V. 99, p• 422)•
ALVORD, Lyon County, Iowa.-BOND SALE.-The 33,500 555%
electric-light bonds voted July 6 (V. 99, p. 212) have been sold
to Schanke
& Co. of Mason City.
ANTELOPE VALLEY IRRIGATION DISTRICT, Colfax
County,
New Mex.-BONDS VOTED.-The question of issuing $400,000 irrigation
bonds carried. It is stated, at the election held Aug. 20.
APACHE COUNTY (P. 0. St. John), Ariz.-BONDS VOTED.
Local newspaper reports state that this county at a recent election
voted
in favor of the issuance of $125.000 good-roads bonds.
ARLINGTON HEIGHTS SCHOOL DISTRICT (P. 0. Arlington
Heights), Cook County, Ills.-BONDS VOTED.-By a vote of 605 to
571 this district at a recent election voted in favor of the issuance of agricultural high-school bonds, it is stated.
ASHTABULA, Ashtabula County, Ohio.-BOND OFFERING.
Further details are at hand relative to the offering on Oct. 1 of the following
5% coupon bonds (V. 99, IL 687):
$11,000 Kingsville Ave. paving bonds. Denom. $550. Duo $1,100
yearly on Oct. 1 from 1914 to 1923 incl.
12,600 public dock bonds. Due $630 yearly on Oct. 1 from 1915 to 1934
incl.
37,000 South-Ridge and Jefferson road paving bonds. Due $3,700 yearly
on Oct. 1 from 1915 to 1924 incl.
9,000 So -Ridge and Jefferson road (city's portion) bonds. Duo $900
yearly on Oct. 1 from 1915 to 1924 incl.
Proposals for these bonds will be received until 12 in. on that day by
Frank W. Wagner,City Aud. Int. A.& 0.at office of City Trans. Cert.
check (or cash) on an Ashtabula bank for $500, payable to City Treas.,
required. Purchaser to pay accrued interest. Bids must be unconditional.
AVOVA DRAINAGE DISTRICT, St. Mary's Parish, La.-BONDS
REGISTERED.-An issue of $200.000 5% 40-yr. drainage bonds was registered by the Secretary of State on Sept. 7, it is stated.
BASSETT TOWNSHIP (P. 0. Fairbanks), St. Louis County, Minn.
-BOND SALE.-On Sept. 5 the $1,500 6% 1-5-yr. (ser.) town-hall bonds
(V.99, p. 488) were awarded to Sthanke & Co. of Mason City.
BATH, Steuben County, N. Y.-BOND SALE.-On Sept. 15 the
$10.000 of an issue of $50,000 coup. or reg. tax-free electric-light-system
bonds (V. 99 p. 766) were awarded to H. B. Sutfin of Wellsville at par
for 5s. The bath Nat. Bank of Bath also bid par for 5s.
BATTLE CREEK SCHOOL DISTRICT (P. 0. Battle Creek), Calhoun County, Mich.-BONDS DEFEATED.-The question of issuing
$100.000 bldg. bonds failed to carry at the election held Sept. 7,
BELLEVILLE SCHOOL DISTRICT (P. 0. Belleville), Essex County,
N. J.-BOND OFFERING.-Reports state that the Board of Education
will sell on Oct. 6 an issue of $120,000 455% site-purchase and building
bonds.
BEREA, Cuyahoga County, Ohio.-BOND OFFERING.-Pposals
ro
will be received until 12 m. Oct. 10 by J. M.Patton, Vii. Clerk, for $5,500
455% coupon general street-improvement bonds. Denom. $500. Date
Oct. 11914. Int. A.& 0.at office of Vii. Treas. Due $1,000 Oct. 1 1918
and $500 each six months from April 1 1920 to April 1 1925 incl. Cert.
check for 10% of bonds bid for, payable to Vil. Treas., required. Bonds
to be delivered and paid for within 10 days from time of award. Purchaser
to pay accrued interest.
BERKELEY, Alameda County, Calif.-RESULT OF BOND ELECTION.-Reports state that the question of issuing the $500,000 school
bonds carried by a vote of 6,235 to 2,466 at the election held Sept. 12(V.93,
p. 359), while the propositions to issue the $500,000 harbor and $175,000
civic-centre bonds were defeated by a vote of 3,671 "for" to 4,620"against."
and 3.803 "for" to 4,568 "against," respectively.
BIEBER SCHOOL DISTRICT, Lassen County, Calif.-BOND SALE
NOT CONSUMMATED.-The sale of $2,500 6% 555-yr. (aver.) bldg.
bonds to P. J. Gonmaz of Susanville on July 6 at par was not consummated. The bonds will be re-advertised.
BILLINGS COUNTY (P. 0. Medora), No. Dak.-BONDS
Local papers state that C. 0. Kalman & Co. of St. Paul haveREFUSED.
refused to
accept the $15.000 10-year funding bonds awarded to them on July
17 at
100.50 and int. for 5s.
BLACKFORD COUNTY (P. 0. Hartford City),
AWARDED IN PART.-On Sept. 10 the $6,400 455%Ind.-BONDS
555-yr. (ay.)
Roberts gravel-road bonds were awarded, it is stated,
Breed, Elliott &
Harrison of Indianapolis at par and int. These bonds,to
together
with issues
of $60,000 Monroe St. and $39,000 Franklin St. road bonds, were
offered
without success on Sept. 7 (V. 99, p. 766)•
BRENHAM, Washington County, Tex.-BONDS NOT YET ISSUED.
-According to local newspaper reports, the $15,000
water-works and
$15,000 sewerage-system bonds voted July 21 (V.
99. p. 359) have not yet
been issued.
BREWSTER, Stark County, Ohio.
NOT SOLD.-No offers
were submitted for the $21,000 1-21-yr.-BONDS
(serial) water-works and $16,000
1-16-yr. (serial) sewerage 555% coupon bonds
advertised to be sold Sept. 12.
(V. 99, p. 555.)
BUCHANAN COUNTY (P. 0. St.
Mo.-BOND ELECTION
PROPOSED.-According to reports, an Joseph),
election will be held in the near future to vote on the question of issuing $150.000
county-farm bldg -construe
Lion bonds.
BUCKLAND,Auglaize County, Ohio.-BOND SALE.-On Sept. 12
the $1.400 6% 755-year (average) coupon-taxable building bonds (V. 99.
p. 621) were awarded to the First National
and
interest. There were no other bidders. Bank of Wapakoneta at par
BUFFALO, N. Y.-BONDS AUTHORIZED.-An ordinance has been
adopted providing for the issuance of $1,350,000
20-year school
building and equipment bonds. Date Nov. 2 1914.44%
M.& N. at the
City Comptroller's office or at the Hanover National Int.
Bank
of New York.
as purchaser may elect.
BYRAM CONSOLIDATED SCHOOL DISTRICT, Hinds County,
Miss.-BOND OFFERING.-Proposals will be received until Oct. 5 by
NV. W. Downing, Clerk of Co. Bd. of Supers., for the
$8,000 6% coup. taxfree school bonds mentioned in V. 99, p. 489. Date
Oct. 1 1914. Int.
semi-ann. Due within 20 years. Cert, check for 5% of bid.
Payable to
Hinds County, required.
CALEXICO, Imperial County, Cal.-BOND SALE.-Duke M. Farson & Co. of Chicago have purchased 317,000 6% 5-21-yr. (son.) waterworks-ext. bonds at par. Denom.$1,000..- Date Jan. 151914. Int. J.&J.
CAMDEN, Camden County, N. J.-BID REJECTED.-A bid of Par
received for the $300,000 30-yr. funding and $70,000 20-yr. fire-apparatus
43,5% coup. or reg. tax-free bonds offered on Sept. 14 (V. 99. P. 423)
was rejected.
SEPT. 19 1914.]
THE CHRONICLE
843
CARROLL, Carroll County, Iowa.-730NDS VOTED.-At the elecDOUGLAS COUNTY SCHOOL DISTRICT NO. 53 (P. 0.
tion held Sept. 4 the question of issuing $25,000 water-mains-ext•
Omaha),
bonds Neb.-BONDS NOT SOLD.-No sale was made on Sept. 9 of the
carried by a vote of 527 to 46.
5% 20-year coup. bldg. bonds offered on that day (V. 99, p. 622). $67,000
CARROLL COUNTY (P. 0. Delphi), Ind.-BOND OFFERING.DUNDEE (P. 0. Omaha), Douglas County Neb.-BOND
Reports state that proposals will be received until 2 p. m. Sept. 22 by Wm. Burns,
SALE.& Co. of Omaha recently purchased $30.000 6%
H. Lesh, Co. Treas., for five issues of 44% road bonds aggregating paving Brinker
15-year
bonds at 101.
$41.000.
EAST FORK IRRIGATION DISTRICT (P. 0. Hood River),
Hood
CENTER SCHOOL TOWNSHIP (P. 0. Evansville), Vanderburgh River County,
-BOND OFFERING.-According to reports,proposal
County, Ind.-WARRANT OFFERING.-Reports state that bids will be will be received Ore.
until 1:30 p. m. Oct. 6 by C. R. Bone. District President,s
received until 2 p. m. Oct. 6 by John Friday, Twp. Trustee (P. 0. Evans- for $25.000
6%
irrigation
bonds.
Interest
semi-annual. Certified check
ville R. F. D. No.4). for 58.0005% 8-year school warrants. A like amount for 2% required.
of bonds was reported sold to the above Trustee in V.99, p.687.
EAST MOLINE SCHOOL DISTRICT (P. 0. East Moline), Rock
CHARLOTTESVILLE, Albemarle County, Va.-BOND OFFERING. County, Ills.-BONDS DEFEATED.-The question of
issuing the $40.000
-proposals will be received until 12 m. Oct. Shy A. V. Conway. Business building
bonds
99. p. 688) was defeated at the election held Sept. 12
Manager. it is reported, for $59,500 sewer, 518.500 school and 511.500 (not Sept. 5 as(V.
first reported.)
street 5% 20-year bonds. Certilied check for 1% required.
ELGIN, Kane County, Ms.-BOND ELECTION PROPOSED.
CHESANING SCHOOL DISTRICT (P. 0. Chesaning), Saginaw According to
petitions are being circulated calling for an election
County, Mich.-BONDS DEFEATED.-The question of issuing $20,000 to vote on thereports,
question of issuing 5125,000 507 municipal electric
light'.
building bonds failed to carry at the election recently held, it is stated. plant bonds. Denoms. (100))
$100 and (51) MO. Date Int. ann. jan.
The vote was 101 "for" to 186 "against."
1. Due $8,000 yearly Jan. 1 from 1916 to 1930, incl., and $5,000
CHESTER, Delaware County, Pa.-BOND SALE.-Reports state Jan. 1. 1931.
that E. J. Coleman of Philadelphia has been awarded an issue of 575.000
ELKHART COUNTY (P. 0. Goshen), Ind.-BONDS AWARDED
paving bonds at par and interest.
IN PART.-The Salem Bank of Goshen has been awarded 543.000
4Si%
CHESTER TOWNSHIP SCHOOL DISTRICT, Clinton County, 5I4-year (aver.) East Market Road bonds at par. These bonds, together
Ohio.-BONDS VOTED.-Reports state that the question of issuing the with three other issues aggregating $59,000, were offered without success
$25,000 site-purcha.se-construction and equipment bonds (V. 99. p. 423) on Sept. 7 (V. 99. p. 767)•
carried at the election held Aug. 11.
EL PASO SCHOOL DISTRICT (P. 0. El Paso), El Paso
CHEVIOT (P. 0. Cincinnati), Hamilton County, Ohio.-BOND Tex.-BOND SALE.-It is stated that the First Nat. Bank of El County,
Paso has
SALE.-On Sept. 9 the Sinking Fund Trustees of the School District were purchased at private sale $200,000 school bonds.
awarded the $30,000 5% 30-yr. coup. main and branch drain bonds(V.99.
ELSINORE SCHOOL DISTRICT, Riverside County, Calif.-BOND
p. 423).
SALE.-Wm.R. Staats Co. of Los Angeles was awarded on July 8 an issue
CHINOOK, Blaine County, Mont.-BONDS VOTED.-The pro- of $8,800 6% 3-12-year (ser.) school bonds at 101.93. Denom,
$880.
position to issue $8.200 6% 20-year water-works bonds carried at the elec- Date June 17 1914. Interest J. & D.
tion held Sept. 10 by a vote of 24 to 9.
ENCINITES SCHOOL DISTRICT, San Diego County, Calif.CINCINNATI, Ohio.-BOND OFFERING.-Wm.Leimann,City Aud., BOND SALE.-On Sept. 10 54.000 6% building
were awarded to
will receive bids until 12 m. Oct. 2 for an issue of $100.000 4 % 20-year the Bank of Commerce & Trust Co. of San Diego bonds
at par. Denom.
hospital bonds. Auth. Secs. 3939 and 3943. Gen. Code. Denom.
Date Aug. 51914. Int. F.& A. Due $500 yearly from 1915 to 1922.$500.
$500.
ind.
Date June 21914. Int. J.& J. Cert. check for 5% of bonds bid for, payaETOWAH COUNTY (P. 0.
Ala.-BOND ELECTION.ble to City Aud., required. Purchaser to pay accrued int. Bids must be The
questions of issuing $200.000Gadsden)'
road and 525,000 hospital-constr. bonds
made on forms furnished by the City Aud.
will, reports state, be submitted to a vote on Nov. 3.
CLAIBORNE COUNTY (P. 0. Port Gibson), Miss.-BONDS REFERGUS COUNTY (P. 0. Lewistown), Mont.-BOND OFFERING.
FUSED.-According to reports, Powell, Garard & Co.
of Chicago have -Reports state that bids will be received until 2 p. m. Oct. 24 by F. R.
declined to take the $40.000 5% 20-year funding bonds awarded
Cunningham, Co. Clerk, for 5225.000 5% 10-20-Yr. (opt.) refunding bonds.
to
them
on May 4 (V. 08, p. 1864.)
Int. semi-ann. Cert. check for 5% required.
.1
CLARKE COUNTY (P. 0. Vancouver), Wash.-BONDS NOT
FERRY COUNTY SCHOOL DISTRICT NO. 10, Wash.-BOND
-No bids were received for the $500.000 10-20-yr. (opt.) ColumbiaSOLD.
River SALE.-On Sept. 10 the State of Washington was awarded an Issue of
bridge-constr. bonds at not exceeding 6% int, offered on Sept.
14 (V. 99. $1.200 building bonds at par for 534s. Date Sept. 15 1914. Int. M.& S.
p. 360).
Due Sept. 151934.subject to call anytime. There were no other bidders. 4
CLAY COUNTY (P. 0. Brazil), Ind.-BOND OFFERING.-Proposals
FLOYD COUNTY (P. 0. New Albany), Ind.-BONDS NOT SOLD.
will be received until 10:30 a. m. Sept. 26 by McClean Johnson, County No bids were
received, reports state, for the
issues of 44% highway
Treasurer, for $12,000
% James E. Crouse et al highway-improvement bonds, aggregating $62,280, offered on Sept.four
14 (V. 99, p• 7674
bonds in Posey Township. Denom.$600. Date Sept.8 1914. Int. M.&
N. Due $600 each six monthsfrom May 15 1916 to Nov. 151925,inclusive.
FORREST HILL CONSOLIDATED SCHOOL DISTRICT, Hinds
County, Miss.-BOND OFFERIN-;.-Proposals will be received until
CLEARCREEK TOWNSHIP (P. 0. Savannah), Ashland County, Oct.
5 by W. W. Downing, Clerk Bd. of Supers., for the 58,000 6% coup.
Ohio.-BOND OFFERING.-Proposals will be received until
m. Oct. 10 tax-free school bonds mentioned in V
p. 490. Date Oct. 11914. Int.
by the Township Trustees, L. 0. Hartman, Twp. Clerk, for 12
$6,000
semi-ann.
534
%
Due within 20 years. Cert. check for 5% of bid required. .4
township-hall-impt. bonds. Auth. Sec. 3396, Gen. Code. Denom. $500.
Date Sept. 11914. Int. M.& S. Due $500 each six months from Mar. 1
FORSYTH, Rosebud County, Mont.-BOND OFFERING.-Pro1915 to Sept. 1 1920 incl. Cert. check or draft, payable at sight to Twp. posals will be received until 8 p. m. Sept. 26 by B. D.Tull, City Clerk, for
Clerk, for $100 required. Bonds to be delivered and paid for within 10 $15,000 (denom. $1.000) and 55.000 (denom. $500) 6% 10-20-year
(opt.
days from time of award. Purchaser to pay accrued int. These
jail-fiend bonds. Date July 1 1914. Int. J. & J. In Forsythe. Chicago
bonds or
were offered without success on Sept. 5(V. 99, p. 767).
N. Y. Bidders to furnish bond forms. Certified chock for $250, payable
to
City
Clerk,
required
with
each
issue. Bonded debt (incl. these
CLYDE, Sandusky County, Ohio.-BONDS NOT SOLD.-No bids
Issues), $80,000; no floating debt. Assess. val. 1914. $931,000.
were received on Sept. 14 for the 53.000 5% 53.6-year (aver.) State St.- issues
Similar
of bonds were offered on Aug. 22-see V. 99, p. 490.
improvement (assess.) bonds offered on that day (V. 99. p. 621). it
is
stated.
FREDERICK COUNTY (P. 0. Frederick), Md.-BOND SALE.-The
% 15-30-year (opt.) coup. school-building bonds offered
COAHOMA COUNTY (P. 0. Claricsdale), Miss.-BONDS REFUSED. $36,000
-Reports state that John Nuveen & Co. of Chicago have refused to accept Sept. 1 (V. 99, p. 490) have been awarded to the Central Trust Co. on
of
the 5100.000 5% 30-year road and bridge bonds awarded them at 101.20 Frederick at par and interest.
1+4
GALESBURG, Knox County, Ills.-BONDS DEFEATED.-The
on July 6 (V. 99. p. 139.)
COLUMBIANA COUNTY (P. 0. Lisbon), Ohio.-BOND SALE.
- proposition to issue the $100,000 434% coup. water-works-system-impt.
Local papers state that the 551.000 5% 1-10-year (ser.) inter-county high- bonds (V. 99. p. 490) was defeated, reports state, at the election held Sept.
way-impt. No. 86 impt. bonds offered on Sept. 8(V. 99. p. 556) have been 15.
purchased by the State Liability Board of Awards.
GENEVA SCHOOL DISTRICT (P. 0. Geneva), Kane county, Ms.
COLUMBUS, Platte County, Neb.-BONDS NOT SOLD.-No sale -BOND ELECTION PROPOSED.-According to reports an election will
be
held in the near future to vote on the question of issuing 00,000 building
been
has
made of the $34.500 5% 5-20-yr. (opt.) sewer bonds offered on
bonds.
Sept. 4(V.99. p. 622).
GEORGETOWN
,Copiah County,Miss.-BONDS NOT YET SOLD.
CONNEAI7T, Ashtabula County, Ohio.-BOND SALE.-On Sept. 11
the $4,051 65 5% 5-yr. (aver.) Nickel Plate Ave. impt. bonds (V. 99, The City Clerk advises us under date of Sept. 5 that up to that day no sale
had
of
made
the
been
$7,500 coupon water-works bonds at not exceeding
p. 556) were awarded to I. It. Lamport at par and int. There were no
6% Int,for which proposals were asked at any time(V.98. p. 629).
other bidders.
GIRARD, Trumbull County, Ohio.-BONDS TO BE OFFERED
COOPERSTOWN, Griggs County, No. Dak.-BOND SALE.-The
oT
H
.O9R
.
57)
9,
A
TL
.ccording to reports,
p.Y5
rts. this city will shortly offer for sale the
$2,500 6% public-gymnasium-site bonds (V. 99, p• 64) were awarded on S
of $15.000 6% fire-department-improvement bonds recently voted.
July 6, $1,250 to the First Nat. Bank of Cooperstown and $1,250 to the
State Bank of Cooperstown. Int. ann. In July. Due $625 yearly from
-4
1 to 4 years incl.; subject to call any time after first year.
GLENDORA, Los Angeles County, Calif.-BONDS VOTED.-AcCORPUS CHRISTI, Nueces County, Tex.-VOTE.-We are advised cording to reports, the question of issuing $37.500 water-system-improvement bonds carried at the election held Sept. 10.
that the vote cast at the election held Sept. 3, which resulted
in favor of the
issuance of the 8300.0005%
GOODNOE HILLS IRRIGATION DISTRICT (P.O. Goodnoe Hills),
20-year water-works-system ext. bonds (V.99.
p.767). was 474 to 135.
Klickitat County, Wash.-BONDS NOT YET SOLD.-The Secretary
advises us that no sale has yet been made of the 520.000 6% 11-20-year
CUYAHOGA COUNTY (P. 0.
Cleveland),
Ohlo.-BOND OFFER- (ser.) bonds offered without success on March 24 (V.
ING.-Proposals will be received
98. p. 1183). Denom.
until 10 a. m. Sept. 26 by E. G. Krause, not less
Clerk Board of County Commissioners,
than $100 nor more than $500. Date Jan. 1 1914. Int. J. & J.
for the following 5% coup. FrontFactory Rt. Improvement
bonds:
GRANT COUNTY SCHOOL DISTRICT NO. 119, Wash.-BOND
$4,777 assess. portion bonds.
Denom. (1) 5277. (9) $500. Due $277 OFFERING.-Proposals will be received until 2 p. m. Sept. 26 by C. T.
Oct. 1 1915 and $500 yearly
on Oct. 1 from 1916 to 1924 incl.
Sanders, County Treasurer (P. 0. Ephrata). for 55,400 school bonds at
9.553 county's portion bonds.
Denom.
(1) $553. (9) 51.000. Due $553 not exceeding 6% interest, payable annually. Due in 20 years, subject
Oct. I 1915. $2,000 yearly on Oct.
1 from 1916 to 1919 incl. and to call any interest-paving date after five years. Bidder to state price
$1.000 Oct. 1 1920.
at which he will furnish blank bonds.
Date Oct. 1 1914. Int. A. & 0. at
tional cert. check on a bank other than office of Co. Treas. An uncondiGREENCASTLE SCHOOL CITY (P. 0. Greencastle), Putnam
the one making the bid, for 1% of County,
bonds bid for, payable to County Treasurer,
Ind.-BONDS DECLARED ILLEGAL.-The $44,000 434% highrequired. Bonds to be de- school building
livered and paid for within 10 days from
awarded on July 3 to Breed, Elliott & Harrison of
of award. Purchaser to pay Indianapolis(V.bonds
accrued interest. Separate bids must betime
99, p. 214) have been declared illegal.
made for each issue.
GRESHAM
SCHOOL
DAVIESS COUNTY (P. 0. Washington), Ind.
DISTRICT (P. 0. Gresham), Multnomah
-BONDS AWARDED County, Ore.-BOND ELECTION
PROPOSED.-Reports state that the
IN PART.-On Sept. 12 two issues of 4Ii%
54-year (aver.) coupon question of issuing building bonds will be submitted
Washington Twp. highway-improvement bonds,
to the voters in Noaggregating
vember.
55.300
(V. 99, p. 687) were awarded as follows:
$3,100 Bert Streeter et al road bonds to Jesse Goshern of
HAMILTON COUNTY (P. 0. Cincinnati), Ohio.-BOND SALES
Washington at OVER COUNTER.-Local papers
par and int.
state that of the $8800.000 454% 30-year
2,200 Ernest Osmon et al road bonds to John H. Spencer of Washington flood-emergency bonds being offered "over the counter,' (V.
99, p. 622),
for 82.205 (100.227) and interest.
$232.000 had been disposed of up to Sept. 17.
made
was
of the $7,200 4I4
No sale
5,I4-year (aver.) coupon T. J.
HANCOCK,
Washington County, Md.-BOND OFFERING.-ProFisher et al Barr Twp. road bonds also offer on Sept. 12.(V.
99.P.687)•
posals will be received until 11 a. m. Sept. 19 by the Town Burgess
for
DAWSON COUNTY SCHOOL DISTRICT NO. 114, Mont.
$10.000 of the $30.000 5% coup. tax-free water-works-construction
bonds
-BOND
voted
Sept.
-On
SALE.
5 the $1,200 5-10-year (opt.) building bonds
5 (V. 99. p. 557). Denom. $500. Int. J. & J. at office of
99, p. Town Aug.
Treasurer.
423) were awarded to the State of Montana at par for 6s. Int.(V.
Due
51.000
yearly
on
July
1
from
1920
to 1949 Incl.
annual.
No bonded or floating debt. Assessed valuation 1914. 5450,000.
DAYTON, Ohio.-BOND ELECTION PROPOSED.-According
to
HAPEVILLE, Fulton County, Ga.-BONDS VOTED.-The questions
reports, the question of issuing 5500,000 municipal-electric-light plant
of issuing the $29,000 water and $14,000 sewer
bonds will probably be submitted to the voters on Nov. 3.
99. p. 688) carried, it is stated, at the election held Sept. 7 by bonds
a vote(V.
of 94 to 5.
DEFIANCE, Defiance County, Ohio.-CERTIFICATE SALE.
HARRISON, Hamilton County, Ohlo.-BOND
Reports state that local banks have purchased 315.000 6% certificates of
OFFERING.
-In
indebtedness.
addition to the 51.095 15 6% 1-10-year (ser.) John St.
-improvement
(assess.) bonds to be offered on Oct. 5 (V. 99,
DELAWARE COUNTY (P. 0. Muncie), Ind.-BOND OFFERING.
p. 767), 51.341 865% John
- St.-improvement (village's portion) bonds
Proposals will be received until 10 a. m. Sept. 25 by G. G.
will
also
be
offered. Auth.
Williamson, Sec. 3821 Gen. Code. Denom.(1) $341
County Treasurer, for $2.000 4Ii_% 0. It. Lambert et al highway
86. (2) 5500. Date Oct. 1 1914.
improvement bonds in Harrison Twp. Denom. $100. Date Aug. 15 1914. Int. Int. ann. Due $341 86 Oct. 1 1927 and $500 on Oct. 1 1928 and 1929.
Cert.
check
for
10%
of
bonds
bid
for,
Duo
M.& N.
5100 each six months from May 15 1915 to Nov. 15 1924. Bonds to
payable to VII. Treas., required.
be delivered and paid for
inclusive.
Purchaser to pay accrued interest. within 10 days from time of award
DE SOTO COUNTY (P. 0. Arcadia), Fla.-BOND OFFERING.-ProHIGHLAND PARK, Wayne County, Mich.
posals will be received until 2 D. m. Oct. 6 by A. L. Durrance, Clerk
-BOND SALE.-On
of Aug. 31 5116.400434% 20-year sewer
Circuit Court,for 5350,0006% 30-year coup,road and bridge
bonds were awarded to the
district No.5 Park State
Highland
Bank at par and
bonds. Denom. $500. Date Oct. 11914. Int. A. & 0., payable
at Ar- Sept. 15 1914. Int. M. &S.int. Denom. (116) $1,000. (1) 5400. Date
cadia. Cert. check for 2%..of bid required.
These bonds were offered without
on June 1 (V. 98, p. 1789.)
success
844
THE CHRONICLE
[VOL.
lion to issue $67,000 refunding bonds. Due $10,000 in 1920. $44,000
HIRAM TOWNSHIP SCHOOL DISTRICT (P.0.Ravenna),Portage
until yearly from 1921 to 1933 incl. and $5,000 in 1934.
County, Ohio.-BOND OFFERING.-Proposals will be received
5% building-'
$5,000
for
Clerk,
Twp.
Green,
L.
Perry
by
3
Oct.
12 m.
MARBLE FALLS, Burnett County, Tex.-BONDS DEFEATED.
Gen. Code. Denom.
completion bonds. Auth. Secs. 7625 to 7627 incl.
of issuing 545.000 water and light bonds failed to carryatthe
Due $500 yearly on April 1 from The questionSept.
"against."
76
to
"for"
57
of
$500. Date Oct. 3 1914. Int. A.& 0. payable
vote
a
by
5
to Dist. Treas., required. election held
1924 to 1933 incl. Cert. check for $200.
MASSILLON, Stark County, Ohio.-BOND SALE.-On Sept. 14 the
Bonds to be delivered within 10 days from date of sale. Purchaser to pay
city's portion
accrued interest.
820,000 5% 5 2-3-yr. (aver.) viaduct-bridge-construction,
of Massillon
HODGENVILLE, Larue County, Ky.-BOND OFFERING.-Pro- bonds (V. 99, p. 558), were awarded to the First Nat. Bank
for
M.
City
Clerk,
Will
Graham,
interest.
icov
and
26
par
at
Sept.
until
received
be
will
posals
Int.
Due
semi-ann.
$14.000 5% water-works bonds. Denom. $1,000.
MAUMEE, Lucas County, Ohio.-BONDS NOT SOLD.-According
$2,000 in 5 years, $3,000 in 10 years, $4,000 in 15 years and $5,000 in to reports,no bids were received for the $56.000 5% 10-year water-works
20 years.
offered on Sept. 14 (V. 99, p. 491).
bonds
HOUSTON, Harris County, Texas.-BOND ELECTION PROPOSED.
County,
MAUSTON SCHOOL DISTRICT (P. 0. Mauston), Juneau
-Reports state that this cityis contemplating calling an ejection to submit
the Bd. of Ed. advises us that an issue
to the voters the question of issuing $250,000 city-parks-improvement Wisc.-BOND SALE.-The Sec. of
sold.
been
has
bonds
school
0(815,000 434%
bonds.
HUMESTON,Wayne County,Iowa.-BOND ELECTION PROPOSED
MEDINA SCHOOL DISTRICT (P. 0. Medina), Stutsman County,
-Reports state that an election will be held in the near future to submit No. Dak.-BONDS VOTED.-The proposition to issue the 318.000 4%
to a vote the question of issuing 810.000 water-works-system-completion building. bonds (V. 99, p. 558) carried at the election held Sept. 8 by a
bonds.
vote of 103 to 73. Due in 20 years, subject to call one-fourth every 5 years.
IDAGROVE SCHOOL DISTRICT (P. 0. Idagrove), Ida County,
that
this
has
MIDDLEPORT VILLAGE SCHOOL DISTRICT (P. 0. Middleport),
state
district
voted in
Iowa.-BONDS VOTED.-Reports
Meigs County, Ohio.-BOND SALE.-On Sept. 12 the 85,0005% 6-yr.
favor of the issuance of natatorium bonds.
coupon site-purchase bonds (V. 99, p. 623) were awarded to the
(aver.)
IPSWICH, Edmunds County, So. Dak.-BOND SALE.-An issue of Citizens' Nat. Bank of Middleport at par and int.
t. bonds was awarded to the
84,500 5% 10-year (aver.) water-works-ex
on
July
par
7.
Fund
at
Denom. $500.
State of South Dakoat School
MINNEAPOLIS, Minn.-BOND OFFERING.-Attention is called to the
Interest J. & J.
official advertisement elsewhere in this Department of the offering on
- Sept. 24 of the 9 issues of special street-improvement bonds, aggregating
JASPER COUNTY (P. 0. Rensselaer), Ind.-BOND OFFERING.
According to reports bids will be received until 1 p. m. Sept. 28 by A. A. 577,208 98, at not exceeding 6% int. For details and terms of offering see
Fell. Co. Treas.,for 811,600 and $12.600434% highway-impt. bonds. Due V. 99. p. 768.
part each six months for 10 years.
MINNESOTA.-BOND SALES.-During the month of August the folJAY COUNTY (P. 0. Portland), Ind.-BOND SALE.-On Sept. 16 lowing fifty issues of 4% bonds, aggregating $201.650, were purchased by
bonds (V. 99. the State at par:
the $5,400 434% 534-year (average) highway-improvement
par
and interest.
Date.
Purpose.
p. 768) were awarded to Chas. E. Schwartz at
PlaceAmount.
Municipal Aug. 6 1914
JEFFERSON COUNTY (P. 0. Madison), Ind.-BOND OFFERING.- $13,000 Adrian, Nobles County
Aug. 21 1914
3,000 Aitkin County School 'District No. 66_ School
Proposals will be received until 1 p. m.Sept. 21 by Edw.Jeffries, Co. Treas.
Municipal Aug. 6 1914
et al highway-improvement
3.000 Arbo Township,Itasca County
for $5,325 4)6% coupon James E. Crozier
Aug. 6 1914
400 Beltrami County School Dist. No. 116.. School
bonds. Denom. $266 25. Date July 7 1914. Int. M. & N. Due
Aug. 6 1914
do
Dist.
No.
120_
School
to
Nov.
15
County
1915
1924
incl.
Beitrami
15
Bids
fron
May
months
1,000
six
each
$266 25
do
Aug. 21 1914
34.
No.
District
School
County
Benton
3,000
must be for all or none.
do
Aug. 21 1914
County School District No.81
Brown
1,450
Tex.
-BONDS
Beaumont),
0.
VOTED.
(P.
COUNTY
JEFFERSON
Aug. 6 1914
do
19..
No.
District
School
County
Carlton
3,000
According to local newspaper reports, the voters of Saratoga, Batson and
Aug. 24 1914
Municipal
County
Roseau
River,
2,000 Clear
Dearborn Districts have voted in favor at the issuance of $125,000 roadAug. 6 1914
School Dist. No.23_ School
County
Clearwater
2,400
improvement bonds.
Aug. 6 1914
do
1,200 Clearwater County School Dist. No.31_
Aug. 21 1914
do
JENNINGS COUNTY (P. 0. Vernon), Ind.-BOND OFFERING.
1,500 Clearwater County School Dist. No.62.
Municipal Aug. 6 1914
Columbia Heights, Anoka County
Further details are at hand relative to the offering on Sept. 21 of the $10.800
5,000
vement bonds in Campbell
Aug. 21 1914
3,000 Dodge County School District No. 1.. _ _ School
456% Jesse H. Grinstead et al. highway-impro
bonds will be received until
Municipal Aug. 21 1914
Twp. (V. 99. p. 768). Proposals for these
5.000 Excelsior, Hennepin County
Aug. 21 1914
Denom.$540.
Faribault County School Dist. No.46_ _ School
2,500
11 a. m. on that day by Henry Ilarman, County Treasurer.
Municipal Aug. 27 1914
Date Sept. 151914. Int. M.& N. Due $540 each six monthsfrom May 15
7,000 Halsted, Norman County
Aug. 21 1914
School
Dist. No. 13_
1915 to Nov. 15 1924 inclusive.
9,000 Mason County School
Aug. 21 1914
do
2....
Dist.
No.
Sch.
Ind.
County
Lesueur
184,
NO.
Wash.-BOND
8.000
KING COUNTY SCHOOL DISTRICT
Aug. 6 1914
do
Lesueur County Ind. Sch. Dist. No.91_
coup,
(opt.)
and
4.000
construction
-year
1-20
82,000
the
9
Sept.
-On
SALE.
Aug. 6 1914
do
96_
No.
District
School
County
State
of
Lyon
the
to
awarded
Washington
were
2,000
688)
equipment bonds (V. 99, p.
Aug. 6 1914
do
2_
2,500 Marshall County Ind. Sch. Dist. No.
Aug. 6 1914
at its bid of par for 5345. There were no other bidders.
do
2,000 Marshall County School Dist. No.61-Reports state
Aug. 6 1914
do
126..
No.
Dist.
School
LAREDO, Webb County, Tex.-BOND OFFERING.
County
Marshall
3,500
McComb,
for
Mayor.
by
3
Robert
Oct.
the
Aug. 6 1914
do
until
received
151..
be
wilt
No.
Dist.
School
bids
that
1,900 Marshall County
Aug. 21 1914
do
$24,000 sewerage and 88,000 paving 5% 20-40-year (opt.) bonds voted
Marshall County School Dist. No. 154..
1,200
Aug 6 1914
Aug.
do
33
No.
District
Aug. 27 (V. 99, p.688).
School
County
Martin
1,800
. 24 1914
-BONDS
Ms.
County
VOTED.
-According
LA SALLE, La Salle County,
1,000 Miliaca, Mille Lacs Sch. Dist. No.40_ _ School
ug
Aug
AA
. 2,6
g..
1 1999
6
1119111
4
1444
815,000 city-well-construction bonds
Nobles County Ind.
to reports, the question of issuing
6,000
do
56No.
Dist.
School
held
election
27.
the
at
County
Aug.
8
to
104
of
Tail
vote
carried by a
2,800 Otter
Aug..
do
Dist. No. 167
1,300 Otter Tail County School
LEAVENWORTH, Leavenworth County, Kans.-BOND SALE.
do
No.47---2,000 Pine County School District
do
Aug.
On Aug. 25 $10,120 5% 1-10-yr. (serial) city-improvement bonds were
District No.92_ .
2 000 Pine County School
awarded to the Wulfekuhler State Bank of Leavenworth at about 101 and
do
1911y
4
District No. 257_
hool
S
Count
c
Polk
3:000
A.
&
F.
Int.
1914.
1
int. Date Aug.
do
21 1914
No.
58
District
School
County
6,000 Pope
do
228_
Aug.
21
No.
1914
Dist.
LEECHBURG, Armstrong County, Pa.-BOND SALE.-On Sept. 12
Lake County School
Red
400
Aug.
u
doo
21
Dist. No.89_ _ _
an issue of $15.000 5% tax-free improvement bonds was awarded to the
7,000 Renville County School
Aug. 6 1914
District No. 4
First National Bank of Leechburg at par. Denom. 51.000. Date Sept. 1
10,000 Rice County School District
do
73_
Aug. 6 1914
1914. Int. M.& S. Due $5.000 in 1919. 1924 and 1929.
1,800 Rice County School DistrictNo.
do
Aug. 6 1914
No. 66_
LEECHBURG SCHOOL DISTRICT (P. 0. Leechburg), Armstrong
1,500 Rock County School
Ditch
66 1914
Dist. NO.2-hpal AAAAuuuugggg.... 6
5,600 Rock County Jud. Ditch
County, Pa.-BONDS TO BE OFFERED NEXT YEAR.-We are advised
County
Brown
Eye,
butlding
Walker,
$8,000
Secy.
of
the
Board
Sleepy
that
Education,
B.
A.
35,000
by
.
g
u
A
School
_
201_
No.
Dist.
School
County
sold
Stearns
be
before June 1 1915.
1,500
bonds will not
do
District No. 62 _
1,800 Swift County
ci
do
LELAND, La Salle County, M.-BOND SALE.-On Sept. 14 the
6 11991144
No. 98_ _
2,200 Swift County School District
do
26
1 19
32
914
No.
$7,000 5% water-works-improvement bonds (V. 99, p. 689) were awarded
Dist.
Sch.
Ind.
County
7,000 Traverse
_munpal
Aug. 6 1914
to local banks at par. Denom. $500. Date Julay 1 1914. Interest
ARM!'County
Elk,
White
2,000
1.
do
Aug. 6 1914
annual on July
County
Martin
Triumph,
4,300
Aug.
A
g. 6 1914
No. 36_ School
4
LEWIS COUNTY (P. 0. Vanceburg), Ky.-BOND SALE.-On
3,100 Wadina County School District
do
bonds (V. 99,
Sept. 17 the $25,000 5% 5-year public road-improvement
1,000 Yellow Medicine County S. D.No.52- _
par.
at
is
it
stated,
Vanceburg,
to
the
of
awarded
Bank
Citizens'
were
768)
p.
(P. 0. Monrovia), Los Angeles
MONROVIA SCHOOL DISTRICT
LOUISVILLE, Winston County, Miss.-BOND SALE.-On Sept. 1 County,
to reports, the question
Cal.-BONDS DEFEATED.-According
tax-free school-building bonds
district building bonds (V. gg, p.
Avenue
the $4,000 1134-year (average) coupon
Orange
840,000
the
Issuing
of
6s.
par
at
for
a vote of 400 "for"to
by
4
(v. gg. p. 623) were awarded to A. C. Schryver
Sept.
held
election
the
at
carry
858) failed to
LOWNDES COUNTY (P. 0. Haynesville), Ala.-BONDS REFUSED. 265 "against." A two-thirds majority was necessary to carry,
accept
-Reports state that Steiner Bros. of Birmingham have refused to
Siskiyou
DISTRICT,
County, Cal,
MONTAGUE SCHOOL
bonds awarded
bids were received on
the $150,000 5% 30-year coupon tax-free road-improvement
BONDS NOT SOLD-NEW OFFERING.-No
on
that
bonds
offered
school
day
558).
99,
to them on July 13 (V.99. p. 558).
(V.
512.0006%
P.
Sept. 1 for the
-BOND OFFERING.-Pro- Denom. $1,000. Int. annually. Due $1,000 yearly on Aug. 3 from 1915
LUCAS COUNTY (P. 0. Toledo), Ohio.
10 a. m. Oct. 6 by Chas. J. Sanzenbacher, to 1926.inclusive. New bids are asked for these bonds until 10 a. tn. Oct.6.
posals will be received until
bonds:
5%
following
the
County Auditor, for
MORGAN COUNTY(P.O. Martinsville), Ind.-BOND OFFERING.
No.8 bonds in Sub-District No. 2. Denom.
$18,754 79 main sanitary sewer$1,000. Due 81.754 79 in 1 year. $2.000 Proposals will be received until 12 in. Sept. 23 by W. W. Rosenbalm, Co.
Roscoe Farmer et al road bonds of Brown Twp.
(1) 3754 79, (18)
434%
for
86,000
Treas.,
years.
9
in
31,000
and
incl.
yearly from 2 to 8 years
$300. Date Sept. 13 1914. Int. M. & N. Due $300 each six
a heating, lighting and power plant at the Denom.from
May 15 1915 to Nov. 15 1924 incl.
15.000 00 bonds to construct
Due $2,000 in 2 years months
Children's Home. Denom. $1,000. incl.
years
15
MONTGOMERY COUNTY (P. 0. Rockville), Md.-BOND SALE
and $1,000 yearly from 3 to
No.60 bonds. Denom.(1)$484 52, POSTPONED -We are advised that the sale of the two issues of 5% bonds,
7.984 52 Lockwood Ave. road-impt.
52 in 1 year. 31,000 yearly from 2 to 6 aggregating 866.000, which was to have taken place on Sept. 15 (V. 99.
(15) $500. Due $984 yearly
postponed.
e
from 7 to 10 years incl.
PLEASANT,has be
89)
p• 6T
years inel. and $1.000
office of County Treas. Cert. check
NORTH CASTLE AND GREENBURGH SCHOOL
MT.
Date Oct. 16 1914. Int. A.& 0.at
with
(P. 0. Valhalla), N. Y.-BOND SALE-The $1,200
bank for 8500 with first two issues and for 8300certi5
NO.
DISTRICT
(or cash) on a Toledo Bonds
Oct. 16. A complete
delivered
be
to
offered
without success on Aug. 31 (V. 99, p. 689) have
bonds
6%
building
required.
last issue
evidencing the regularity and validity of been awarded to Jennie Adams at par. Due Sept. 15 1917.
fied transcript of all proceedings
will be furnished successful bidder. Official
bonds
said
of
Knox
issuance
VERNON,
County, Ohio.-BOND ELECTION PROPOSED.
MT.
the
has never been any default in the payment
reports state that an election will shortly be held to submit
advertisement states that thereitem
was inadvertently reported under the -Newspaperquestion
This
interest.
of
or
issuing
the
principal
vote
a
to
850.000 municipal lighting-plant-construcof
"Chronicle," page 769.
tion bonds.
head of Toledo in last week's
Texas.-BONDS VOTED.-According
MOUNTAIN VIEW SCHOOL DISTRICT, Santa Clara County,
LUFKIN, Angelina County,
$25,000
-improvement,
street
840.000
the
to issue
Cal.-BOND SALE.-On Sept. 8 the $5,000 6% 1-5-yr. (ser.) coup
to reports the propositions
fire-department-improvement 5% bonds school
bonds (V. 99. p. 558) were awarded, it is stated, to the First Nat.
water-extension and 810,000
the election Sept. 10.
Bank of San Jose at 101.02.
(V. 99, P. 558) carried at
Bailey,
OFFERING.-E. D.
-BOND
Y.
N.
County,
MURPHYSBORO SCHOOL DISTRICT (P. 0. Murphysboro),
LYONS, Wayne
of $25,000
until 12 in. Sept. 22 for an issue
Ill.-BONDS NOT SOLD.-No sale has been made of
Village Clerk, will receive bids
Due within 30 years. Certi- Jackson County,
the 815.000 6% 2-year (average) school bonds offered on Aug. 10 (V. 99,
water bonds. Denom. to suit purchaser.
.04
p.
425).
fied check for 2% of bid required.
(P. 0. McLaurin) Forrest,
MUSKINGUM COUNTY (P. 0. Zanesville), Ohio.-BONDS NOT
of
McLAURIN SCHOOL DISTRICT
-According to reports, the question
VOTED.
that
no
advised
bids
-BONDS
are
-We
were
5%
Miss.
SOLD.
8200,000
for
recent
received
the
County,
by a vote 0(33 to 16 at a
1234-Yr.(aver.) coupon flood-emergency bonds offered on Sept. 14. (V.99.
issuing 810.000 building bonds carried
p.558). These bonds will now be sold at private sale in small lots•
election.
NO. 3, Ills.-BIDS REMUSKEGON HEIGHTS, Muskegon County, Mich.-BOND ELECMACON COUNTY SCHOOL DISTRICT
bonds
bldg.
tax-free
-An election will be held Oct.5, reports state, to submit to a vote
JECTED.-All bids received for the $22,000 5% coup.
Bids are now being con- TION.
offered on Sept. 14 (V. 99. p. 623) were rejected.
the question of issuing $25,000 water-system-improvement bonds.
sidered at private sale.
NAMPA-MERIDIAN IRRIGATION DISTRICT (P. 0. Nampa),
-BOND OFFERMASONING COUNTY (P. 0. Youngstown), Ohio.Frank H. VoBan. Idaho.-BOND ELECTION.-An election will be held Oct. 10, reports
ING.-Proposals will be received until 12 in. Oct. 17 by 5% inter-county
to vote on the question of issuing $3,304.500 improvement bonds.
state,
$10,000
for
Clerk of Board of County Commissioners,
NEWARK, N. J.-TEMPORARY LOAN-Local papers state tharrern1222 and 1223. Gen.
highway No. 86 improvement bonds. Auth. Secs.
S. at County porary loan bonds aggregating $2.050.000 were recently disposed of at 6%
Code. Denom. $1.000. Date Oct. 15 1914. Int. M. &
8800,000
incl. Certiasfollows: 81.000,000 to the Chase National Bank, N
Treasury. Due $1,000 yearly on Sept. 1 from 1915 to 1924Bonds to be interest
$50,000 to the Commercial Casualty Insurance
to H. Lee Anstey of N. Y.;Bond
fied cheek for $500, payable to County Treasurer, required. Bids
the Bank
to
&
be
825.030
N.
of
Y.;
must
5170.00010
Goodwin
Newark;
interest.
accrued
Co.,
delivered on Oct. in. Putchaser to pay
N. Y.
Ott .•-Xl of Huntington, Long Island, and 85.000 to the Irving National Bank,
unconditional. Purchaser to pay accrued interest.
to
There have been several small individual issues ranging from $25.000
MANKATO, Blue Earth County, Minn.-BOND ELECTION.-An $70,000.
of
to_banks
on_behalf
customers.
mostly
election will be held Oct. 1. reports state, to submit to a vote the proposl-
SEPT. 19 1914.]
THE CHRONICLE
NEBRASKA.-BONDS PURCHASED BY STATE.-During the month
of August the following bonds, aggregating $50,900, were purchased by the
State of Nebraska:
$5.000 5% water bonds of Elgin at par. Date June 1 1913. Due June 1
1933, opt. June 1 1923.
900 5% school-house bonds of Holt County School District No.4 at par.
Date July 28 1914. Due Dec. 1 1933.
10.000 5% school-house bonds of Madison School District on a 4%% basis.
Date May 1 1914. Due May 1 1934, opt. May 1 1924.
*7.000 6% water bonds of North Loup on a 5% basis. Date April 1 1914.
Due April 11934, opt. April 1 1919.
*13.000 6% light bonds of North Loup on a 5% basis. Date April 1 1914
Due April 1 1934, opt. April 1 1919.
10,000 5% water bonds of Potter at par. Date Aug. 1 1914. Due Aug. 1
1934. opt. Aug. 1 1919.
5,000 5% light bonds of Potter at par. Date Aug. 1 1914. Due Aug. 1
1934, opt. Aug. 1 1919.
*The sale of these bonds was previously reported in the "Chronicle."
NEWARK SCHOOL DISTRICT, Alameda County, Cal.-BOND
SALE.-On Sept. 8 the $25,000 5% 113,1-year (average) gold site-purchase
and construction bonds were awarded to the Bank of Alameda County of
Alameda at 100.6-a basis of about 4.93%. Denom. $1,000. Date
Sept. 1 1914. Int. M. & S. Due $1,000 yearly on Sept. 1 from 1915 to
1929,inclusive, and $2,000 yearly on Sept. 1 from 1930 to 1934,inclusive.
NEW BOSTON (P. 0. Portsmouth), Scioto County, Ohio.
BONDS NOT YET SOLD.-We are advised that up to Sept. 10 no sale had
been made of the two issues of 5% coupon bonds, aggregating $92,000,
offered but not sold on Aug. 3 (V. 99, p. 426)•
NEW BREMEN, Anglaise County, Ohio.-BOND OFFERING.
Proposals will be received until 12 m. Oct.9 by E. R. Haines, Village Clerk,
for $7,5005% coup. refund. bonds. Auth.Sec.3916,Gen.Code. Denom.
$500. Date Oct. 11914. Int. A.& 0. at Treasurer's office. Due $500
each six months from Oct. 1 1919 to Oct. 1 1926, inclus. Cert. check for
2% of bonds bid for, payable to Village Treasurer, required. Bonds to be
delivered and paid for within ten days from time of award. Purchaser to
pay accrued interest.
NEW LEXINGTON VILLAGE SCHOOL DISTRICT (P. 0. New
Lexington), Perry County, Ohio.BOND OFFERING.-Proposals
will be received until 12 m. Sept. 26 by J. H. Cookson, Clerk Bd. of Ed.,
for $4,000 5% public school laroperty-impt. bonds. Auth. Sec. 7629.
Gen. Code. Denom. $1,000. Date Sept. 26 1914. Int. M. & S. Due
$1.000 yrly. on Sept. 26 from 1920 to 1923 incl. Cert. check for 5% of bonds
bid for, payable to the Treas. Bd. of Ed.,required. Bonds to be delivered
and paid for within 10 days from time of award. A similar issue of bonds
was awarded to Stacy & Braun of Toledo on July 18 (V. 99. p. 286).
NEW PHILADELPHIA SCHOOL DISTRICT (P. 0. New Philadelphia), Tuscarawas County, Ohio.-BOND OFFERING.-Proposals will
be received until 12 m. Oct. 1 by A. A.Stermer, Clerk Board of Education,
for $20,000 6% school bonds. Authority Sec. 7629, Gen. Code. Denom.
$500. Interest semi-annual. Due $500 each six months from April 1 1916
to Oct. 11921. inclusive. and $1,000 each six months from April 1 1922 to
Oct. 1 1928, inclusive. Certified check for 1% of bonds bid for required.
These bonds were offered without success as 55 on Aug. 15 (V. 99, p. 558).
NEW STRAITSVILLE, Perry County, Ohio.-BOND OFFERING.
Proposals will be received until 12 m. Oct. 12 by Harry Webb. VII. Clerk,
for $3,000 53 % 1-10-year (ser.) Railroad St.-improvement (village's portion) bonds. Denom. $300. Date Oct. 1 1914. Int. A. & 0. Cert.
check for 5% of bonds bid for, payable to VII. Treas., required. Bonds to
be delivered and paid for within 10 days from time of award. Purchaser
to pay accrued interest.
NILES, Trumbull County, Ohio.-BONDS NOT SOLD.-It is reported that no bids were received on Sept. 14 for the five issues of5% paving
laonds, aggregating 650,453 70, offered on that day (V. 99. p. 558).
NORTHAMPTON, Hampshire County, Mass.-BOND OFFERING.
Proposals will be received until 12 m. Sept. 24 by Geo. W. Clark, City
Treasurer, for the following 4)4% coupon tax-free bonds:
$110.000 school-loan bonds. Denom. (100) $1,000. (20) $500. Due
$5,500 yearly on Sept. 1 from 1915 to 1934. inclusive.
25,000 Main St. permanent paving bonds authorized on June 18 by the
City Courtrai (V. 98. p. 2012). Denom. (20) $1,000, (10) $500.
Due $2.500 yearly on Sept. 1 from 1915 to 1924. inclusive.
12.000 Mt. Tom highway bonds authorized by the City Council on
June 18 (V. 98. p. 2012). Denom. $1,000. Due $3.000 Sept. 1
1915 and 1916 and $2,000 on Sept. 11917. 1918 and 1919.
Date Sept. 11914. Int. M.& S. at Hampshire County National Bank.
Northampton. These bonds will be certified as to genuineness by the Old
Colony Trust Co. and their validity approved by Ropes, Gray, Boyden
& Perkins of Boston, whose opinion will be furnished without charge to
the purchaser.
NORWOOD, Hamilton County, Ohio.-BOND SALE.-On Sept. 8
the $25.000 Series 3 and $15,000 Series 4 5% 20-year coupon debt-extension
bonds(V.99. p. 492) were awarded to Chas. Maish of Cincinnati at 100.168
and interest-a basis of about 4.987%. Tillotson & Wolcott Co. of Cincinnati bid $25,029.
OAKDALE IRRIGATION DISTRICT (P. 0. Oakdale), Startislaus
County. Calif.-BOND ELECTION.-The election to vote on the question of issuing the $400.000 irrigation-system-completion bonds (V. 99
P. 492) will be'held Oct. 5. It is stated.
OCALA, Marion County, Fla.-BOND ELECTIONS.-The question
of issuing $100.000 sewerage
sewerage, $100,000 street-paving $50.000 park and
public bldgs. and $55
000
municipal Iceplant-constr. bonds will be submitted to a vote on Oct.'and
27, it is stated.
An election will be held Oct. 28,
reports state, to vote on the proposition
to issue $75,000 water-works-impt.
bonds.
OKTIBBEHA COUNTY (P. 0. Starkville), Miss.-BOND
ELECTION.-The question of issuing
$130.000
good roads bonds in Beat 1 will.
reports state, be submitted to a
vote on Sept. 25.
OLEAN, Cattaragus County, N. Y.
-BOND SALE.-On Sept. 10 thr
eleven issues of 4%% coup.
or
tax-free street-impt. bonds aggregating $59,613 (V. 99, p. 559), werereg.
awarded
to the Exchange Nat.* Bank and
the First Nat. Dank of Olean.
OSHKOSH, Winnebagn County, Wisc.-BONDS
VOTED.-The
questions of issuing the $16a.000 high-school-constr.
and $20,000 cemetery
bonds (V. 99, p. 426) carried, at the election
2,709 to 1,512 and 2.383 to 1,198, respectively.held Sept. 1 by a vote of
PALATKA SCHOOL DISTRICT (P. 0. Palatka),
Putnam County,
Fla.-BONDS DEFEATED.-According to reports,
the question of issuing
the $100,000 school-building bonds (V. 99,,,p. 689) failed to carry
at the
election held Sept. 8 by a vote of 107 "for to 131 "against."
PASADENA. Los Angeles County, Calif.-BOND ELECTION
PROPOSED.-According to reports, this city is contemplating
calling an election to vote on the question of issuing $289,000 water-impt. bonds.
PHILLIPSBURG, Warren County N. J.-BOND
Proposals will be received by H. R. Britton, Director of OFFERING.Finance, until
7 p. m. Sept. 23, it is stated, for $13,000 4% 23-year renewal bonds.
Interest semi-annual.
PHILLIPSBURG, Montgomery County, Ohio.-BOND OFFERING.
-Proposals will be received until 12 m• Oct. 10 by Clarence Seluvel,
Village
Clerk, for $2.500 6% Main St. improvement bonds. Auth. Sec. 3939,
Gen. Code. Denom. $100. Date Oct. 10 1914. Int. A.& 0. Due $500
yearly from one to five years, inclusive. Certified check for 25% of bonds
bid for, payable to Village Treasurer, required. Bonds to be delivered
and paid for within ten days from time of award. Purchaser to Pay
accrued interest.
PLAINS TOWNSHIP SCHOOL DISTRICT (P. 0. Wilkes-Barre),
Luzerne County, Pa.-BONDS PROPOSED -According to newspaper
dispatches, this district is contemplating the issuance of $30,000bullding
bonds.
PLEASANT RIDGE SCHOOL DISTRICT (P. 0. Laurel), Jones
County, Miss.-BONDS PROPOSED.-According to reports,
the voters
of this district have indorsed the proposition to issue $2,000 building bonds.
PORTLAND, Ore.-BOND OFFERING.-It is stated that bids will be
received by C. A. Bigelow, Commissioner of Finance, until Sept. 22 for
3300,000 improvement bonds. Certified check for 5% required.
BONDS NOT SOLD.-No bids were received on Sept. 14 for the $150,000 4)570 30-year gold dock bonds, series "E,'. offered on that day (V.
90, p. 624).
845
QUITMAN, Brooks County, Gz.-VOTE.-Local papers state that the
vote cast at the election held Sept. 7, which resulted in favor of the issuance
of $75.000 bonds (V. 99, p. 769) was as
follows:
$40,000 water and light-plant-impt. bonds,
360 "for" and 8 "against."
35,000 paving and additional sidewalk bonds, 242 "for" and 26 "against."
RANDOLPH COUNTY P. 0. Winchester), Ind.-BOND OFFERING.-Proposals will be received until 11 a. m. Sept. 21 by H. D. Good,
County Treasurer, for the following 43
highway-improvement bonds:
636,800 R.0. Fraze et al road bonds of' Franklin Twp. Denom. $920.
11.500 Rosco Harris et al road bonds of Wayne Twp. Denom. $575.
Date Sept. 7 1914. Int. M. & N. Due part each six months.
READING, Berks County, Pa.-BOND SALE.-Local papers state
that the $50,000 4% 13-year (average) coupon or registered
filter-unit,
Series M,bonds offered "over the counter" (V. 99, p. 624) have been
oversubscribed.
ROCHESTER, N. Y.-NOTE OFFERING.-Proposals will be received
until 2 p. m. Sept. 23 by E. S. Osborne, City Comptroller, for $100,000
water-works-improvement notes, payable three months from Sept. 28 1914.
They will be drawn with interest and made payable
at the Union Trust
Y. Bidder to designate rate of interest, denomination
Co.N
and to whom (not bearer) notes shall be made payable. of notes desire
ROME UNION FREE SCHOOL DISTRICT (P. 0. Rome), Oneida
County, N. Y.-BONDS NOT SOLD.-No sale was made of the $25,000
4
0
%
.%
99,rp
e.
g.69
b0
u.
)
ildr-equipment-improvement bonds offered on Sept. 15.
-?
ROSEAU COUNTY (P. 0. Roseau), Minn.-BONDS AUTHORIZED.
-An ordinance has been passed providing for the issuance
of $14,000 5%%
coupon public drainage ditch bonds. Denom.$1,000. Date
Aug. 11914.
Int. F. & A. at First Nat. Bank, St. Paul. Due
$1,000 yearly on Aug. 1
from 1921 to 1934, inclusive.
ROSEVILLE SCHOOL DISTRICT, Placer County, Calif.-BONDS
NOT SOLD.-No sale was made on
8 of the $20,000 5% 1-20-year
(ser.) bldg. bonds offered on that daySept.
(V. 99. P. 625)• •
ROSS TOWNSHIP (P. 0. Ross), Mountrail County, No. Dak.BOND SALE.-The $3,000 7% 10-year town-hall-erection bonds offered
on Aug. 31 have been awarded, it is stated,
to Farmers' Loan & Trust Co.
of Winona. Denom. $500. Interest annually.
4 :s
ROYALTON, Niagara County, N. Y.-BOND OFFERING.-Ed. F.
Lahey, Town Sup., will offer for sale at public auction at 2 p. m. Oct. 1
$15,000 highway bonds at the office of Seaman & McCollum,55 Main Stj
Lockport. Denom. $3,000. Due $3,000 yearly on March from 1916 to
1
1920 nclusive.
ST. PAUL, Minn.-BONDS AUTHORIZED.-The City Council on
Sept. 11 authorized the issuance of $100,000 4%
30-year water-plantimprovement bonds, it is stated.
BONDS NOT SOLD.-No bids were received for the $300,000 4% 20-year
coupon permanent improvement revolving fund bonds offered on
Sept. 16
(V. 99. p. 769).
SALEM, Essex County, Mass.-BIDS.-The follwoing are the other
bids received for the $40.000 416%
-year (aver.) coup. Loan Acta
of 1914 bonds awarded on Sept. 11 to 203,
the Salem Say. Bank at 100.69 and
int.-a basis of about 4.449% (V.99,P. 769):
Merchants' National Bank, Salem
$40.228
First National Bank, Boston
40.120
SANDUSKY, Erie County, Ohio.-BOND ELECTION.-Reports
state that the election to vote on the question of issuing the
$200,000
municipal lighting-plant bonds (V. 99, p. 690) will be held Nov. 3.
BONDS NOT SOLD.-Reports state that on Sept. 8 Well, Roth & Co.
of Cincinnati surrendered an option taken Sept.
1 on the two issues of
43 % improvement bonds, aggregating $70,000 (V. 99.
p. 690). The "
option was to have expired Sept. 12.
SANDUSKY COUNTY (P. 0. Fremont), Ohio.-BONDS NOT SOLD.
-According to reports, no bids were received on Sept. 15 for
the $20,000
Tindall bridge-construction bonds offered on that day.
SCOTT BLUFF SCHOOL DISTRICT (P. 0. Scott Bluff),
Scotts
Bluff County Neb.-BONDS VOTED.-The question of
issuing $18,000
6% 20-year site-purchase and constr. bonds carried, by a
vote of 108 to 5
at the election held Sept. 8.
SEATTLE SCHOOL DISTRICT NO. 1,Wash.-BOND OFFERING.
Proposals will be received until 1 p. m. Sept. 30 by Will H. Hanna,
County
Treasurer (P. 0. Seattle), for $323,000 coupon site-purchase,constr
uction
and equipment bonds at not exceeding 6% interest. Denom. $1,000.
Date April 11914. Int. A.& 0. at office o County Treasurer or at fiscal
agency of State of Washington in N. Y. City. Due $17,000 yearly on
April 1 from 1916 to 1934, inclusive. Certllied check or certificate of deposit for 1% of bonds bid for required with all bids except from the
of Washington. Bonded debt,not including this issue). $4.904.000. State
Assessed value 1913, $218.046,6'71. These bonds are part of an issue of
$684.000, $361,000 of which was sold to the Harris Trust & Savings Bank
of Chicago on Feb. 20 (V. 98. P. 709)•
SHELBY COUNTY (P. 0. Shelbyville), Ind.-BOND SALE.-No
bids were received on Sept. 12, for the $4,480 4)4% highway-improvement
bonds offered on that day. V. 99, p. 690. Due part each six months for
10 years.
BOND OFFERING.-Proposals will be received until 10 a. m. Sept. 26
by W. A. McDonald, County Treasurer, for $6,100 43,4% Edgar Wood
et al highway improvement bonds in Van Buren Township. Denom.$305.
Date Sept. 151914. Int. M.& N. Due $305 each six monthsfrom May 16
1915 to Nov. 15 1924, inclusive. Certified check for 2% of bonds required.
These bonds were subsequently sold on Sept. 15 to the Shelbyville Trust
Co. of Shelbyville at par and interest, it is reported.
SIOUX RAPIDS CONSOLIDATED SCHOOL DISTRICT (P. 0.
Sioux Rapids), Buena Vista County, Iowa.-BONDS NOT SOLD.-No
offers were submitted for the $60,000 5% school-building bonds advertised
to be sold Sept. 10 (V. 99, P. 625)•
SPRINGFIELD CITY SCHOOL DISTRICT (P. 0. Springfield),
Clark County, Ohio.-BONDS AWARDED IN PART.-Reports state
that of the $35,000 5% school bonds offered without success on Sept. 1
(V. 99, p. 690). $12,000 was sold on Sept. 15 as follows: $10,000 to the
American Warming & Ventilating Co. and $2,000 to C. E. Ridenour & Co.
STARKE COUNTY (P. 0. Knox), Ind.-BOND OFFERING.-Frank
Joseph, County Treasurer, will sell on or after Oct. 30 an issue of 35,000
4%70 Wm. F. Lemke et al road bonds in Jackson and Wayne Townships.
Int. M.& N. Due beginning May 15 1915.
STEILACOOM, Pierce County, Wash.-BOND SALE.-An issue of
$10.000 6% electric-light-transmission bonds has been awarded to Anton
Ruth of Tacoma at par. It is stated.
STEVENS COUNTY SCHOOL DISTRICT NO. 159, Wash.-BOND
SALE.-On Sept. 5 the State of Washington was awarded $10,000 1-15-year
(opt.) building laonds at par for 534s. Denom. $1,000. Interest annually
In September.
SUNFLOWER COUNTY (P. 0. Indianola), Miss.-BONDS NOT
SOLD.-No bids were received for the $5,000 Road District No. l_bonds
offered on Sept. 14 (V. 99, p. 493).
SUPERIOR, Douglas County, Wis.-BOND OFFERING.-Proposals
will be received until 12 m. Sept. 21 by R.E. McReague, City
Clerk, it is
stated, for $23,500 5% 10-year gold coupon main-sewer-construction
(city's portion) bonds. Denom. $500. Date July 1 1914. Int. J.
& J.
Cert. check for 5% required.
TECUMCULA UNION SCHOOL DISTRICT (P. 0.
Tecumcula),
Riverside County, Calif.-BONDS TO BE OFFERED
SHORTLY.-This
district will offer for sale in about 30 days the $10,000 67
building and site-purchase bonds authorized by a vote or° 1-21-yr. (ser.)
68 to 16 at the
election held Aug. 27. (V. 99, p. 493.)
TIPPECANOE COUNTY (P. 0. Lafayette), Ind.
-BOND SALE.
On Sept. 11 the $4,800 4%% Andy Howerton
et al. highway bonds (V. 99„
p. 560) were awarded to Floyd Garrett at par and
int.
TIPTON COUNTY (P. 0. Tipton), Ind.
OFFERING.-Proposals will be received until 10 a. m. Sept. 21-BOND
from day to nay thereafter until sold) by Henry C. Haskett, County(and
Treasurer, for the following
414% highway-improvement bonds:
54,900 Sanford Clark et al gravel-road bonds in
Madison Twp. Denom.
D2.
40.
4,300 $
5. Hobbs Sr. et al gravel-road bonds in
Cicero Twp. Denom.
Date$25
Sept. 151914. Int. M.dr N.
months from May 15 1915 to Nov. 15Due one bond of each issue each six
1924, Inclusive.
THE CHRONICLE
846
[Vot. xcrx
TEXAS.-BONDS REGISTERED.-The following
bonds were regisTUSKEGEE, Macon County, Ala.-BOND OFFERING.-Proposals
tered by the State Comptroller during the week end ng ept. 5:
will be received until 8p. m. Nov. 10, it is stated, by E. W. Tnompson,
% 20-year street-improvement bonds authorized
Place and PurposeAmount.
Due. Option. Mayor,for the $15,000
$600-8mith County Common S. D. No. 1
5-20 years by a vote of 118 to 7 at the election held Aug. 31 (V. 99, p. 364) (not
reported).
Interest semi-annual. Certified check for
first
Aug.
24
as
25,000 .Smith County Common S. D.No.3
5-40 years
5,000_ _City Cooper school-house
20-40 years $500 required.
10.000-Grayson Couny Common S. D. No. 72
5-40 years
UNION COUNTY (P. 0. Marysville), Ohio.-BONDS NOT SOLD.
25,000_ _McGregor Independent School District
10-40 years Reports state that no bids were received for the $6,700 5%
Vansant &
30.000- _Denison water-works-extension
$1,500 each yr. Beaver road-impt.
bonds offered on Sept. 15.(V. 99, p. 769).
25.000- _Denison street-improvement
$1.250 each yr.
15,000_ _Collin County Common S. D. No. 4
20-40 years
BOND OFFERING.-Proposals will be received until 1 p.m.Sept.25 by
125.000_ _Collin County Road District No. 7
20-40 years Chas. A. Morelock, Aud. for $11,300 5% Highland and Croy road-imp.
3,700__Collin County Common S. D.No. 116
20-40 years bonds. Auth. See. 6956-15, Gen. Code. Denom. (22) $500. (1) $300.
136,405_ _Burleson County Improvement Dist. No. 1
10-40 years Date Sept. 1 1914. Int. M. & S. at office of County Treasurer. Due
3.000- _Anderson County Common S. D. No. 2
10-20 Years $1,000 March 1 1915, 1916 and 1917, and on March 1 and Sept. 1 1918 and
1,500-Anderson County Common S. D. No. 35
10-20 years 1919; $1,300 Sept. 1 1915 and $1,500 Sept. 1 1916 and 1917. Certified
500-_Anderson County Common S. D.No.38
10-20 years check (or cash) for 5% of bid required. The Board of Commissioners will
3,000-_Lockhart bridge bonds
10-40 years furnish purchaser a certified transcript of proceedings of said boardwith
1,200_ _San Saba County Common S. D.No.7
5-20 years reference to issuance of said bonds. These bonds were offered without
2,000_ _Lubbock County Common S. D. No.5
20yrs.None success on Sept. 1 (V. 99, P. 690)•
4,000_ _Dickens County Common S. D.. No.6
10-20 years
URBANA SCHOOL DISTRICT (P. 0. Urbana), Champaign Coun5,000__Cunningham Independent School District
10-20 years
6,000_ _Cherokee County Common S. D. No.8
10-40 years ty, Ill.-BOND ELECTION -According to reports, the question of issuing
12,500_ _Josephine Independent School District
10-40 years $25,000 5% school bonds will be submitted to a vote on Sept. 19. Denom.
1,000_ _McCulloch County Common S. D. No. 10
10-20 years $1.000. Date July 1 1914. Interest annual. Due $3,000 yearly on
7,000 McCulloch County Common S. D. No. 11
10-20 years July 1 from 1918 to 1924, inclusive, and $4,000 July 1 1925.
1.000-Hamilton County Common S. D. No. 39
5-20 years
VALLEY SCHOOL DISTRICT (P. 0. Masontown), Preston County,
TOPPENISH, Yakima County, Wash.-BOND SALE.-On Sept. 7 W. Va.-BOND OFFERING.-Proposals will be received until 12 m.
Sept.
24 by H. M. Martin, Secy. Board of Education, for $25,000 5%
the $30.000 6% coup. water revenue bonds (V. 99. P. 560) were awarded
to the C. H. Green Co. of Spokane at par. There were two other offers 10-20-year (opt.) coupon building bonds. Auth. Chap. 70. Acts 1911.
Denom.
$100. Date Sept. 1 1914. Interest annually on Sept. 1 at office
submitted.
par
at
of Sheriff, Kingwood, or Farmers' Sr Merchants' Bank, Reidsville. CertiTOWN CREEK TOWNSHIP, Brunswick County, No. Caro.- fied check for 10%,payable to above Secretary,required. No bonded debt.
BOND OFFERING.-Proposals will be received until 12 m. Oct. 12 by Floating debt, $200. Assessed value 1914, $2,700,000.
Geo. H. Gray, Reg. of Deeds(P.O. Southport), for the $10,000 5% 20-yr.
VERMILLION COUNTY (P. 0. Newport), Ind.-BOND OFFERING.
coup, tax-free road-constr. bonds voted Aug. 18 (V. 99, p. 560). Denom. -proposals
will be received until 10 a. m. Sept. 28 by A. J. Huxford,
$500. Date "time of issue." Int. payable In N Y. C. Cert, check for County Treasurer,
for $8,500 43i% Sam Darnall et al highway-improve$500. payable to Chairman Board of County Oommissioners, required. ment bonds in Vermillion
Township. Denom. $425. Date Sept. 7- 1914.
Bonded debt (not incl. this issue). $15,000; no floating debt. Assess. Int. M.
& N. Due $425 each six months from May 15 1915 to Nov. 15
val. 1913. *785.000.
1924, inclusive.
TRUMB17LL COUNTY (P. 0. Warren), Ohio.-BOND OFFERING._
VIGO COUNTY (P. 0. Terre Haute), Lad.-BOND SALE.-On Sept.
Proposals will be received until 1 p. m. Oct.5 by W.R. Harrington, County 15 the $50.000 6% levee and ditch bonds (V. 99, p. 770) were awarded to
Auditor. for $9,000 5% coupon Youngstown-Conneaut road inter-county Breed. Elliott & Harrison of Indianapolis at 101.01. Denom.$500. Date
highway No. 13 bonds. Denom. $500. Date July 11914. Int. A. & 0. Sept. 15 1914.
at office of County Treasurer. Due $1,000 each six months from April 1
WALDO TOWNSHIP (P. 0. Waldo), Marion County, Ohio.1915 to Oct. 1 1918, inclusive, and $500 on April 1 and Oct. 11919. These
are assessment Vernon Township and county's portion bonds. Certified BONDS VOTED.-The question of issuing $30,000 school bonds carried,
reports state, at the election held Sept. 11 by a vote of 129 to 110.
check for 2% of bonds bid for, payable to County Treasurer, required.
Bonds to be delivered and paid for within ten days from time of award.
WARREN CITY SCHOOL DISTRICT (P. 0. Warren), Trumbull
Purchaser to pay accrued interest. This Issue, with another issue of $63.000, County, Ohio.-BOND OFFERING.-Proposals will be received until
was offered without success on Aug. 3(V. 99. p. 427).
12 m. Oct. 3 by the Board of Ed., Ruth E. Dillon, Clerk, for $110,000
public-school-hnpt. bonds. Auth. Secs. 7625 to 7627. incl., Gen.
TUNICA, Tunica County, Miss.-BOND OFFERING.-Proposals will 5%
Code. Denom. (88) $1.000, (44) $500. Date Oct. 3 1914. Int. J. & J.
be received until 11 a. m. Sept. 25 (not Sept. 20 as first reported) by M.
J.
Union Says.& Tr. Co.. Warren. Due $2.500 each six months from Jan. 1
Alexander, Town Clerk,for $12,0006% 20-year gold coupon tax-free water- at
1916 to July 1 1937 incl. Cert. check for $1,500 required. Total bonded
works bonds. (V. 99, p. 769). Denom. $500. Date Oct. 6 1914. Int. debt
(not incl. this issue), $108,500. Assess. val. 1914, 820.500.000.
J. & J. at place to suit jsurchaser. Cert. check for $250, payable to above
Real val. (est.), $26,000.000. An issue of *160.000 school bonds was voted
Clerk, required. Bonded debt (incl. this issue), $22,000. Outstanding Aug.
11
(V.99,is. 493). These bonds were advertised to be sold on Sept. 16
warrants, $4,200. Assess. val.. $280,355.
but because of an error in advertising bonds had to be re-advertised.
NEW LOANS
NEW LOANS.
MISCELLANEOUS.
$750,000
$77,208.98
TERRITORY OF HAWAII CITY OF MINNEAPOLIS H. M. Byllesby & Co.
Incorporated
4%PUBLIC
IMPROVEMENT BONDS
Sealed proposals will be received by the undersigned for the purchase of all or any part of an issue
of $750,000 Four Per Cent Public Improvement
Coupon Bonds of the Territory of Hawaii. The
bonds will he of the denomination of *1.000, $500
and $100, to suit purchaser, will be dated September 15, 1914, will mature September 15, 1944,
and reserve an option of redemption on and after
September 15th, 1934. Interest will be payable
semi-annually in New York City or Honolulu.
Under the Acts of Congress providing for these
bonds, the approval of the President of the United
States is required, and this approval has been
obtained and is on file in the office of the Secretary of the Interior at Washington, D. C.
The United States Treasury Department authorizes the statement that the bonds will be accepted as security for public deposits at market
value not exceeding par when further deposits
are made. These bonds are also available as
security for Postal Savings Banks deposits at
market value not exceeding par.
Hawaiian bonds are legal investment for the
Savings Banks of New York, also in Michigan.
New Hampshire and Rhode Island, and for Trust
Funds In New York. Bonds of the Territory
of Hawaii are exempt from taxation under the
Federal Income Tax Law and by a recent decision of the United States Supreme Court are exempt from taxation by any State in the United
States or any Municipal or Political Sub-division
of any such State, the same as bonds or other
obligations of the United States.
The opinion of Messrs. Dillon,Thomson & Clay
of New York City as to the legality of these bonds
will be supplied to purchaser.
Bids will 130 received by D. L. Conkling, Treasurer Territory of Hawaii, at the office of the
U. S. Mortgage & Trust Company. 55 Cedar
Street, New York City, until two o'clock of the
afternoon of OCTOBER. 1. 1914. Full information and terms of sale will be furnished on
application to him.
Special Street Improvement Bonds
Notice is hereby given that the Committee on
Ways and Means ofthe City Council of the City
of Minneapolis. Minnesota, will on THURSDAY, SEPTEMBER 24T1-1, 1914, AT TWO
O'CLOCK, P. M., at the office of the undersigned, receive bids for the whole or any part of
$77,208 98 Special Street Improvement Bonds.
The Special Street Improvement Bonds being
offered on that date consist of nine issues, as follows: One issue amounting to $10,381 00: one of
$6.276 21: one of $5.449 88; one of $5,029 80:
one of $21,376 04; one of $9,916 00; one of
$7.009 00: one of $3,100 05; and one of $8.'671 00.
All to be dated October 1st. 1914, and each issue
to become due and payable one-twentieth thereof
one year after the date thereof and one-twentieth
thereof each and every year thereafter to and including the first day of October, 1934.
No 'aids will be entertained for any of these
bonds for a sum less than the par value ofsame and
accrued interest to date of delivery, and the rate
of interest must be bid by the purchaser and must
not be in excess of Five(5%) per cent per annum,
payable annually or semi-annually, at the option
of the purchaser.
The right to reject any or all bids is hereby
reserved.
A certified check for Two (2%) per cent of the
par value of the Bonds bid for, made to C. A.
Bloomquist, City Treasurer, must accompany
each bid.
Circular containing full particulars will be
mailed on application.
DAN C. BROWN,
City Comptroller.
Minneapolis, Minnesota.
BLODGET 8c CO.
CH ICAO()
TACOMA
NEW YORK
Trinity Bldg. Cont.& Comm. Washington
Bldg.
Bank
Purchase, Finance, Construct and
Operate Electric Light, Gas, Street
Railway and Water Power Properties.
Examinations and Reports
Utility Securities Bought and Sold
MUNICIPAL AND RAILROAD
BONDS
LIST ON APPLICATION
SEASONGOOD & MAYER
Ingalls Building
CINCINNATI
Hand-Book of Securities
BONDS
Adrian H. Muller & SOki
60 STATE STREET, BOSTON
AUCTIONEERS
30 PINE STREET, NEW YORK
Office, No. 56 WILLIAM STREET
Corner Pine Street
STATE, CITY & RAILROAD BONDS
Regular Weekly Sales
OF
Bolger, Mosser & Willaman
STOCKS and BONDS
MUNICIPAL BONDS
Legal for Savings Banks.
EVERY WEDNESDAY
At the Exchange Sales Rooms
14-16 Vesey Street
Postal Savings and Trust Funds.
SEND FOR LIST.
29 South La Salle St., CHICAGO
•
192 Pages
Income-Prices-Dividends
• for a series of years
to July 1
$1 00
Price
75 •
To Chronicle Subscribers
Commercial & Financial Lhronicle
LiFront. Pine and Deoeyster Si.
NEW YORK
SzPT. 19 1914.]
THE CHRONICLE
WARREN COUNTY DRAINAGE DISTRICT NO. 1, Iowa.
DESCRIPTION OF BONDS.-The $42.131 10 drainage bonds awarded in
June to the Iowa Loan & Trust Co. of Des Moines (V. 98, p• 2014) bear
interest at the rate of 534% and are free of all State taxes in Iowa. Int.
M.& N. at the Iowa Loan & Trust Co. Due $6.131 10 in 1918 and $6,000
yearly from 1919 to 1924. inclusive.
WEBSTER COUNTY (P. 0. Walthall), Miss.-BOND OFFERING.
Proposals will be received until 2 p. m. Sept. 28 by T. C. Hays. County
Treasurer, for the $40,000 5% 20-year coupon and registered court-house
bonds authorized by a vote of 719 to 592 at the election held Aug. 11.
Denom. $1,000. Date Nov. 1 1914. Interest at county depositary,
Eupora. Certified check for $2,500, payable to N. M.Stallings, President
Board of Supervisors, required. Bonded debt, this issue; floating debt.
$5,000. Assessed valuation 1914. $2.400.000•
WELLS SCHOOL TOWNSHIP (P. 0. Laporte), Laporte County,
Ind.-WARRANT OFFERING-Reports state that bids will be received
until 11 a. m. Oct. 3 by J. F. Carr, Township Trustee, for $2,000 6%
3-year school warrants.
WEST BATON ROUGE PARISH (P. 0. Port Allen), La.-BONDS
VOTED.-Local newspaper reports state that the question of issuing the
$75,000 Port Allen-Addis Road district bonds (V. 99. p. 494) received a
favorable vote at the election held Sept. 10.
WEST UNION, Adams County, Ohio.-BOND OFFERING-Proposals will be received until 12 m. Sept. 21 by H. M. Wickerham, VII.
Clerk, for $2,000 6% refunding bonds. Auth. Sec. 3916. Gen. Code.
Denom. $100. Date Sept. 1 1914. Int. M. & S. Due $100 yearly on
Sept. 1 from 1915 to 1934 incl. Purchaser to pay accrued interest.
WETZEL COUNTY, W. Va.-BOND OFFERING-Proposals will be
received until 1.30 p.m. Oct. 1 by L. E. Lantz. Secy.(care of Bank of Jacksonburg, Jacksonburg). for $50,000 6% 10-30-year (opt.) Grant District
road bonds. Denom. $100. $500 and $1,000. Date Dec. 1 1913. Int.
J. & D. at orrice of County Clerk. Certified check for 5% of bid. payable
to C. M. Stone, County Sheriff, required. No bonded or floating debt.
Assessed value of district 1912, $11,354.010. Official circular states that
there is no controversy or litigation pending or threatened affecting the
corporate existence or boundaries of said district or the validity of these
bonds. These bonds are part of an issue of $150,000, $50,000 of which
was reported sold in V. 98, p. 709.
WEISMAN SCHOOL DISTRICT, Santa Clara County, Cal.BOND SALE.-On Sept. 8 the $10,000 6% 1-10-yr. (ser.) coup, school
bonds (V. 99, p. 560) were awarded, reports state, to the First Nat. Bank
of San Jose at 101.018.
WHITE PLAINS, Westchester County, N. Y.-BOND SALE.-On
Sept. 15 the $53.982 5% 16-year (aver.) reg. highway bonds (V. 99, P•
691) were disposed of.
WILMINGTON, New Castle County, Del.-BOND SALE.-The
$50.000 4%% water-meter-purchase and installation bonds offered without
success on Sept. 10 (V. 99. p. 770) have been sold over the counter at par.
Denoms. $50 or multiples thereof. Date Sept. 1 1914. Int. A. & 0.
Duo Oct. 1 1937.
INVESTMENTS.
817
YOUNGSTOWN, Ohio.-BONDS AWARDED IN PART.-According
to local newspaper reports,thiscity has sold to local banks at par the$30,000
5% 7%-year (aver.) city-hall-building bonds. Date Sept. 1 1914. These
bonds, together with 11 other issues aggregating $84.050. were offered
without success on Aug. 24. (V. 99. p. 626)•
YUMA UNION HIGH SCHOOL DISTRICT (P. 0. Yuma), Turns
County, Ariz.-BONDS VOTED.-The question of issuing $12,000 building bonds carried, it is stated, at a recent election by a vote of 56 to 1.
Canada. its Provinces and Municipalities.
ARTHUR TOWNSHIP, Ont.-DEBENTU
AUTHORIZED.-The
Municipal Council on Aug. 28 authorized theRES
issuance of $30,000 drainconstruction debentures, it is reported.
CASEY TOWNSHIP, Ont.-DEBENTURE ELECTION.-An election
will be held Sept. 26. reports state, to vote
on the proposition to issue
$1,500 bridge-construction nad $600 ditching-machine debentures.
CHIPPAWA, Ont.-DEBENTURES PROPOSED.-Reports state that
this place is contemplating the issuance of $3,000 sidewalk debentures.
GODERICH, Out.-LOAN VOTED.
the election held Sept. 12 the
question of issuing the 225,000 5% 20-At
-year debentures to be granted OH
a loan to the Goderich Furniture
Co.(V. 99, P. 691) carried by a vote of
557 to 58.
GROUARD, Alta.-DEBENTURES
-This place according to reports, has authorized theAUTHORIZED.
issuance of $50.000 municipalimprovement debentures.
HALIFAX, N. S.-DEBENTURE OFFERING-Bids will be received
until Sept. 21 for $55,000 43 % 30-year
debentures, reports state.
MINTO TOWNSHIP (P. 0. Harriston), Ont.-DEBENTURES NOT
SOLD.-No sale was made on Sept. 14 of the $9,421 17 5%
20-year drainage debentures offered on that day.(V. 99.
P. 770)•
PORT ALBERNI, B. C.-DEBENTURE OFFERINO.-This city is
offering for sale through its fiscal agents. the Canadian Financiers' Trust
CO. of Vancouver, $10,000 10-year
$10,000 20-year electric-light,
$7,500 20-year city-hall and 26.000 street,
10-year bridge 6% coup. debentures.
Denom. $1,000. Date July 2 1914. Int. J. & J. at place designated by
purchaser. Debenture debt (including these issues), $255,500. Floating
debt. $12,000. Assessed valuation 1914. $3,495.702.
SAANICH, B. C.-DEBENTURE ELECTION PROPOSED.-According
to reports, an election will be held in the
near future to submit to the voters
the question of issuing municipal-Improvement
debentures.
SWIFT CURRENT SCHOOL DISTRICT NO. 167 (P. 0. Swift Current), Sack.-DEBENTURE OFFERING-Proposals will be received
until Sept. 30. by J. T. Dodds. Secretary-Treasurer, for
$60,000 6% 30year school debentures. Interest annual.
WEST VANCOUVER, B. C.-DEBENTURES PROPOSED.-It is
stated that an issue of $2,000 road debentures is being considered.
INSURANCE
ATLANTIC MUTUAL INSURANCE COMPANY.
Public Utilities
in growing communities bought
and financed.
fgTheir securities offered
to investors.
New York, January 22d, 1914,
The Trustees, to conformity with the Charter of the Company.
submit the following statement of its affairs on he
of December, 1913.
The Company's business has been31si
confined to marine and iniand transporiaricm insurance.
Premium!! on such risks from the 1st January. 1918, to the list December, 1913
$3,600,334 89
Premiums on
on ist January. 1913
Total Premiums
8.5 77
4 6. 7.-3Premiums marked off from January 1st, 1913, to December 31st. 1918
53,712,60251
Interest on the investments of the Company received during the year--$308,419 46
Interest on Deposits in Banks and Trust Companies. etc
39,877 94
Beet received less Taxes and Expenses
130,212 32 478,509 72
Losses paid during the year
51.790,888 32
Less Salvages
$293,482 06
Re-insurances
320,813 71
Discount
47 58 554,343 35
51.236,54497
Returns of Premiums
Expenses, Including officers' salaries and clerks' compensation, stationery, advertise- 8105,033 85
ments,etc
650,942 08
Middle West
Utilities Co.
112 West Adam St.
CHICAGO, ILLINOIS
Investment Problems
This Is a time to scrutinize your
investments
carefully and seek the best advice
in connection
therewith.
have
NOTHING TO BELL, but are interWe
ested only in what will best meet the
special
requirements of each individual customer.
Closing prices of all securities furnished on
request.
Send for our pamphlet SHIFTING OF INVESTMENTS.
SCHMIDT St6A1.11.ATIlid
Members of the New York Stock Exchange
III Broadway, New York
CHRONICLE VOLUMES
FOR SALE
Second-hand volumes in good condition toy
Years prio? to 1908.
COMMERCIAL & FINANCIAL CHRONICLE
138 Frolit St., New York
A dividend of interest of Six per cent on the outstanding certificates of profits will be paid to the holders
thereof, or their legal representatives, on and after Tuesday the third of February
The outstanding certificates of the Issue of 1908 will be redeemed and paid tonext.
the holders thereof, or their
legal representatives, on and after Tuesday the third of February next, from
which date all Interest thereon
will cease The certificates to be produced at the time of payment and canceled,
A dividend of Forty per cent is declared on the earned premiums of the Company for the year ending 81s6
December. 1913 which are entitled to participate in dividend, for which, upon application, certificates Will he
Issued on and after Tuesday the fifth of May next.
By order of the Board,
O. STANTON FLOYD-JONES, Secretary,
TRUSTEES
JOHN N. BEACH,
SAMUEL T. HUBBARD,
CHARLES M. PRATT.]
ERNEST C. BLISS,
THOMAS B. HUBBARD.
DALLAS B. PRATT,
WALDRON P. BRowN:
LEWIS CASS LEDYARD_,
ANTON A. RAYEF,
JOHN CLAFLIN
WILLIAM H.LEFFERTS,
JOHN J. RIKER,
GEORGE C. CLARK.
CHARLES D. LEYERICH,
DOUGLAS ROBINSON.'
CLEVELAND H. DODGEI
GEORGE H. MACY,
WILLIAM .1. SCEHEFFELIlf
CORNELIUS ELDERT.
NICHOLAS F PALMER;
WILLIAM SLOANE,
RICHARD H. EWA&I
HENRY PARISH,
STERN,
LOUIS
effiLir A S FIIAWELINI
ADOLF PATIoSTEDT,
WILLIAM A. STREETL
HERBERT L. 0111005.
JAMES H. POET.
GEORGE E. TURNU
,_RE
AMON W. HARD.
RICHARD H. WILLLAIES,
A. A. RAVEN, President.
B,NBLIUB ELBERT, Vice-President.
ALTER WOOD PARSONS, 2d Vice-President
CHARLES E. FAY. 3d Vice-President,
ASSETS.
LIABILITIES.
United States and State of New York
Estimated Losses and Losses Unsettled
Bonds
In process of Adjustment
51,800,024 00
New York City and New York Trust 2670.000 00 Premiums
654.783 28
on
Unterminated
Risks
Companies and Bank Stocks
1.783 700 00 Certificates of Profits and Interest
204,136 25
UnStocks and Bonds of Railroads
2,737 412 00 paid
Other Securities
282,520 00 Return Premiums Unpaid
108,788 90
Special Deposits in Banks and Trust
Reserve
28,905 88
for
Taxes
Companies
221,485 06
Real Estate cor. Wall and William Streets 1,000,000 00 Re-insurance Premiums
and Exchange Place. containing offices 4,299.428 04 Claims not Settled, including Compensation. etc
70.799 43
Rea/ Sainte on Staten Island (held under
Certificates of Profits Ordered Redeemed,
provhdons of Chapter 481,Laws of 1887)
75,000 00
Withheld for Unpaid Premiums
Premium Notes
22,556 09
475
727
45
Certificate/ -..Pro2ta Outstanding
7.240,320 00
B is Receivable
COM in hands of European Bankers to 605,891 79
my losses under policies payable in
ferolan countries
177,881 39
cash le Bank
626.465 49
Temporary Investments (payable lanuary and February, 1914)
505.000 00
Los'.
10.000 00
F13
.259.024
510,117.7988?
Thus leaving a balance of. ....___ ___
Acerud Intereat on the alit day of ________
____ ----1913, iTr -------------------------------518
581
1.
:
8
4ii 2
.3.6
2,
:
218
Rents due and aocrued on the 31st day
of December, amountedto
1918. amounted to
Re-h.urance due or accrued, In oompanies
authorized
in New York. on the 31st day Of December.
1913. awounter1 to -------158.1310 00
Unexpired re-iesursace Premiums on Um 51st day
---------------------- amounted to-------------55.903 22
Note: The insersume Department has estimated the
Wailers streets and Excleamee Piece in crows value of the Reel Bete corner Wall and
of
Use
Book
4
6
530:7
Value
500
73 00
above,
96
given
at
tee
And
joa-sperty at (Staten Intand In moose of Use Beek
Value, at
e4se Market Value Of Stooks, Bonds mar. ether Securities
on tee list day of December, 1913,exceeded the Compway's valuation by
1.268,075 10
the basis of thole increased valuations the Pak ace would be
$4,926,338 01)
W
THE CHRONICLE
848
[VOL. xcIx.
wrust Tampa:rats.
ffinanctal
CHARTERED 1853
United States Trust Company of New York
45-47 WALL STREET
Capital, .
Surplus and Undivided Profits
• $2,000,000.00
- $14,151,944.23
This Company acts as Executor, Administrator, Guardian, Trustee, Court
Depositary and in other recognized trust capacities.
It allows interest at current rates on deposits.
It holds, manages and invests money, securities and other property, real or
personal, for estates, corporations and individuals.
EDWARD W. SHELDON, President.
WILLIAM M. KINGSLEY, Vice-President
WILFRED J. WORCESTER, Secretary.
WILLIAMSON PELL, Asst. Secretary
CHARLES A. EDWARDS, 2d Asst. SecYJOHN
WILLIAM ROCKEFELLER
WILLIAM D.SLOANE
FRANK LYMAN
JAMES STILLMAN
JOHN J. PHELPS
LEWIS CASS LE DYARD
LY1VIAN J. GAGE
TRUSTEES
A. STEWART Chairman of the Board
PAYNE WHITNEY
OGDEN MILLS
EDWARD W. SHELDON
EGERTON L. WINTHROP
CHAUNCEY KEEP
CORNELIUS N. BLISS JR.
GEORGE L. RIVES
HEMRY W. de FOREST
ARTHUR CURTISS JAMES ROBERT I. GAMMELL
WILLIAM M. KINGSLEY
WILLIAM VINCENT ASTOR
WILLIAM STEWART TOD
CHARLES FRED. HOFFMAN
September
INVESTMENTS at this time should be
limited to obligations of well-known
municipalities, and high-grade issues of
corporations which have stood the test of
time and established an earning power
which is not jeopardized by developments
In foreign lands.
NATURAL growth m population and communities must continue, gradually increasing a demand for service of standard
quality.
THEREFORE, the shrewd investor, with
the sane optimism characteristic of the
true American, is now choosing the securities of municipalities, corporations or
industries serving the people of this Continent. as channels for the placing of idle
funds.
BOND DEPARTMENT
Illinois Trust&
SavingsBank
Capital, Surplus and Undivided Profits, $15,500,000
The Union Trust Company of New York has renewed for a
term of years its lease of the quarters occupied as a Branch Office
at the corner of Fifth Avenue and 38th Street. This gives the Company two permanent and well-equipped branches for its uptown
business—the 38th Street Branch in the heart of the busy Fifth
Avenue Shopping district, and the Plaza Branch at Fifth Avenue
and 60th Street, just opposite the entrance to Central Park.
The facilities of all the offices of the Company are offered to
depositors of either Branch or of the Main Office at 80 Broadway.
The Union Trust Safe Deposit Company, entirely owned by
the Union Trust Company, conducts modern safe-deposit vaults
at both Branches.
Mellon National Bank
PITTSBURGH, PA.
8-26
3%
La Salle and Jackson Streets
CHICAGO
tiquibation
NOTICE.
-----
Notice is hereby given that the Charles River
National Bank, located at Cambridge in the Commonwealth of Massachusetts. is closing up its
affairs. All note holders and others, creditors
of said Association, aro hereby notified to present
their notes and other claims against the Association for payment.
GEORGE H. FIOLMES. Cashier.
Dated at Cambridge, Mass., August 22,1914.
NOT ICE.—The Traders' National Bank of
Spokane, located at the City of Spokane, in the
State of Washington, is closing its affairs. All
note-holders and other creditors of the association aro therefore hereby notified to present the
notes and other claims for payment.
A. F. McCLAINE. President.
August 6th. 1914.
The Olean National Bank, located at Olean,
in the State of New York. is closing its affairs.
All note-holders and other creditors of the association are therefore hereby notified to present
the notes and other claims for payment.
C. A. KEENER, Cashier.
September 15th, 1914.
entneens
on RESERVE ACCOUNTS
is paid by this bank
Correspondence is invited
THE J. G. WHITE COMPANIES
Resources over - $65,000,000
ENGINEERS - MANAGERS
FINANCIERS
43 Exchange P!ace. - NEW YORK
Acts as
Executor,
Trustee,
Administrator,
Guardian,
Receiver,
Registrar and
Transfer Agent.
Interest allowed
on deposits.
Girard Trust Company
London
San Francisco
Manila, Para, Buenos Aires, Santiago, Chili
Chicago
PHILADELPHIA
Chartered 1836
---------
CAPITAL and SURPLUS, $10,000,000
E. B. Morris, President.
ARM S. Miller
Alex. C. Humphreys
HUMPHREYS& MILLER,Inc
ENGINEERS
Power—Light—Gas
engineers;
Charles D. Robison
C. G. YOUNG
FORSTALL AND ROBISON
Engineering and Construction
Alfred E. Forstall
ENGINEERS
Investigations and Appraisals of Gas and
Electric Properties for Owners or Financial
Institutions.
NEW YORK CITY
84 William St.,
Plans, Methods, Examinations
Public Utilities and Industrials
REPORTS FOR FINANCING
Bankers Trust Bldg., New York
165 BROADWAY
NEW YORK
intim; engineers;
H. M. CHANCE & CO.
Mining Engineers and Geologists
COAL AND MINERAL PROPERTIES
Examined, Managed, Appraised
Drexel Bldg.
PHILADELPHIA
@FedFRASER