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firtandat
The
ummj!rc ztl r liratude
INCLUDING
Railway St Industrial Section
Bankers' Convention Section
Bank Sz Quotation Section
Railway Earnings Section
Electric Railway Section
State and City Section
NO. 2649
SATURDAY, APRIL 1 1916
VOL. 102
he Thrankte.
Week ending March 25.
Clearings at
PUBLISHED WEEKLY.
1916.
1915.
Inc. or
Dec.
1914.
1913.
Terms of Subscription-Payable in Advance
$10 00
000
50
30
17
POT One Year
For Six Months
European Subscription (including postage)
European Subscription six months (including postage)
£2 14e.
Annual Subscription in London (including postage)
£1 118.
Six Months Subscription in London (including postage)
$11 50
Canadian Subscription (including postage)
Subscription includes following Supplementstimes yearly)
BANK AND QUOTATION (monthly) I RAILWAY AND INDUSTRIAL(8yearly)
ELECTRIC RAILWAY(3 times
(monthly)
EARNINGS
RAILWAY
STATE AND CITY (semi-annually) BA.,NEERS' CONVENTION (yearly)
Terms of Advertising-Per Inch Space
Transient matter per ineh space (14 agate lines)
(8 times)
Two Months
s
ei
ine
Rm
isths
/)V
10,
WIIKT
Standing Business Cards
Twelve Months(52 times)
CHICAGO OFFICE-39 South La Salle Street, Telephone Randolph 7396
LONDoN OFFICE-Edwards 41 Smith,1 Drapers' Gardens, E.0.
$420
22 00
29 00
50 00
87 00
WILLIAM B. DANA COMPANY,Publishers,
Front, Flue and Depoyster Sts., New York.
Published every Saturday morning by WILLIAM B. DANA COMPANY.
Jacob Seibert Jr., President and Treas.: George S. Dana and Arnold G. Dana,
Vice-Presidents; Arnold G. Dana, Sec. Addresses of all. Office of the Company.
CLEARING-HOUSE RETURNS.
The following table, made up by telegraph, &c., indicates that the total
bank clearings of all the clearing houses of the United States for the week
ending to-day have been $4,276,285,924, against $4,335,268,244 last week
and $3,245,004,550 the corresponding week last year.
Chicago
Cincinnati
Cleveland
Detroit
Milwaukee
Indianapolis _ _
Columbus
Toledo
Peoria
Grand Rapids_
Dayton
Evansville
Springfield, Ill_ _
Fort Wayne _ _ _
Lexington
Youngstown _ _ _
Rockford
Bloomington __ _
Quincy
Akron
Canton
Decatur
Smingtield, Ohio.
South Bend
Mansfield
Danville
Jackson
Jacksonville, Ill_
Lansing
Lima
Owensboro
Ann Arbor
Adrian
Tot. Mid.West
353,879,129
31,582,250
33,178,000
36,011,609
17,243,422
8,477,099
7,723,400
8,008,877
3,521,201
3,382,540
2,637,932
1,757,720
1,430,198
1,237,680
650,000
1,576,792
1,152,995
777,864
1,104,103
3,403,000
2,321,360
548,128
887,069
691,966
608,066
603,471
525,000
286,049
987,101
591,615
332,913
225,000
97,797
527,441,346
274,759,550
25,126,050
26,984,901
22,328,359
13,879,105
6,644,439
6,216,200
4,820,664
2,698,894
2,967,494
1,812,467
1,011,143
1,079,479
1,257,821
608,369
1,317,339
1,154,824
637,800
855,171
1,927,000
2,000,000
408,725
640,289
532,371
547,698
582,857
450,000
274,734
412,783
379,102
281,422
174,645
66,990
404,838,685
+28.8
+25.7
+23.0
+61.3
+24.2
+27.6
+24.2
+66.1
+30.5
+14.0
+45.5
+73.8
+32.5
-1.6
+6.8
+19.7
-0.2
+22.0
+29.1
+76.6
+16.0
+34.3
+38.6
+30.0
+11.0
+3.6
+16.7
+4.1
+139.2
+55.9
+18.1
+28.8
+46.0
+30.3
299,601,428
25,401,100
21,675,576
25,317,397
14,187,274
6,801,640
6,755,800
6,426,437
3,315,640
2,985,353
2,028,245
1,083,304
1,096,143
1,118,537
647,170
1,218,479
1,047,460
745,280
926,320
1,644,000
1,665,992
512,715
870,228
498,003
586,995
589,826
438,489
254,089
370,700
440,950
338,372
184,692
52.764
430,826,415
271,207,391
17,230,500
19,734,975
20,973,889
12,470,952
3,740,409
4,358,900
4,507,562
3,391,516
2,733,213
912,656
878,567
1,100,208
955,020
619,754
1,175,075
1,094,545
565,813
756,974
1,430,000
1,040,626
357,435
. 353,068
591,902
290,253
403,675
518,559
237,879
387,453
278,267
390,367
177,461
'38.838
374,853,752
43,527,359
San Francisco__ _
55,755,681
41,109,064
45,145,074 +23.3
20,591,939
Los Angeles
18,302,412 +21.9
22,311,487
20,943,638
11,031,397
Seattle
13,542,972
10,351,455 +30.8
11,626,490
10,381,081
Portland
10,669,242
12,972,659
10,945,053 -2.5
4,627,579
7,322,207
4,869,059
5,175,000 +41.5
$2,045,536,296 31,660,952,479 +23.1 Salt Lake City
New York
4,315,384
3,329,984 +25.6
4,181,727
3,656,501
138,657,247 +23.1 Spokane
170,644,704
Boston
2,352,016
2,385,922
1,991,545
1,873,960 +27.3
109,350,409 +56.5 Tacoma
171,107,114
Philadelphia
3,148,980
3,639,374
2,929,778 +24.2
3,046,869
21,455,028 +44.3 Oakland
30,959,306
Baltimore
1,796,273
1,445,335 +18.2
1,708,900
1,847,158
241,667,092 +17.1 Sacramento
282,965,727
Chicago
2,490,444
2,263,689
2,205,925
+5.0 San Diego
1,770,538 +27.8
69,610,704
73,074,915
St. Louis
653,714
689,271
729,451 +63.1
1,189,266
15,726,160 +38.6 Stockton
21,795,725
New, Orleans
896,494
889,329
1,018,861
805.433 +26.4
Fresno
529,013
+23.9
597,225
San
598,674
+19.4
Jose
501,274
•
$2,257,459,119
days
$2,796,083,877
Seven cities, five
377,088
478,698
386,000
525,413,274 +33.2 North Yakima
535,917 -10.6
699,987,641
Other cities, five days
935,010
973,179
1,024,792
950,509 +2.4
Pasadena
247,500
308,989
260,000 +18.7
250,000
33.496,071,518 $2,782,872,393 +25.6 Reno
Total all cities, five days
402,132,157 +68.8 Long Beach
549,724
511,560 +7.4
780,213,400
All cities, one day
...
103,105,525 107,941,271
• Total Pacific_ 123,898,592 105,562,733 +2/1 +31.8
$4,276,285,924 $3,245,004,550
Total all cities for week
_
47,243,971
49,172,974
76,380,733
63,437,163 +20.4
The full details for the week covered by the above will be given next Kansas City
23,154,296
19,680,454
25,712,633 --12.8
Saturday. We cannot furnish them to-day, clearings being made up by the Minneapolis _ _ _ _ *22,520,845
15,029,456
17,363,481
+39.5
17,200,000
24,000,000
Omaha
above
the
in
the
hence
and
day
last
Saturday,
clearing houses at noon on
11,721,804
10,368,730
13,819,279 +5.6
14,590,190
St. Paul
of the week has to be in all cases estimated, as we go to press Friday night.
8,465,147
8,845,623
7,531,462 +36.2
10,258,257
We present below detailed figures for the week ending with Saturday Denver
6,987,919
7,063,648
.
6,935,441
+32.6
9,194,295
Joseph
St.
years:
four
for
noon, March 25,
4,793,043
5,522,281
4,500,799 +34.1
6,034,266
Des Moines
3,195,936
3,431,947'
3,012,910 +48.6
4,477,469'
Sioux City
Week ending March 25.
2,985,140
3,273,672
3,183,857 +32.5
4,218,823
Wichita
Clearings a/
1,441,382
1,834,248
1,933,013 +40.9
2,723,145
Lincoln
Inc. or
1,653,611
1,601,551
+23.5
1,427,648
1,762,033
Davenport
Dec.
1916.
1915.
1914.
1913.
1,481,396
1,458,278
1,180,693 +46.1
1,724,984
_
_
Topeka
1,406,194
1,568,408
1,301,269 +47.6
1,920,404
Cedar Rapids- _ _
8
504,479
487,103
568,179 +32.0
750,345
Springs
2,651,819,063 1,655,914,460 +60.1 1,765,730,902 1,603,672,751 Colorado
New York
612,688
545,669
588,926 -34.8
383,147
Philadelphia _ _ 204,195,477 133,977,958 +59.9 142,424,338 154,303,379 Pueblo
452,227
376,854
1,312,769 +44.9
1,901,043
Fargo
57,393,144 Duluth
Pittsburgh
47,269,031 +31.4
62,097,864
52,957,411
3,003,294
2,751,491
3,523,115 +29.9
4,577,315
33,879,000 Waterloo
36,413,253
31,786,055 +14.6
24,906,692
Baltimore
1,627,482
1,557,382
2,025,102 +27.1
2,573,447
9,674,648
12,330,720
8,620,217 +43.0
Buffalo
9,387,373
1,301,206
018,130
875,533 +30.6
1,143,428
7,616,294 Helena
8,360,692
Washington
7,060,999 +18.4
7,235,778
265,400
367,515
301,189 +41.5
426,512
4,547,129
4,639,033 Fremont
5,605,954
5,472,278 --16.9
Albany
152,667
135,000
156,123 +70.5
266,148
Hastings
4,495,015
3,413,797
3,733,338 +20.4
3,716,172
Rochester
311,535
319,962
384,366 +78.2
684,897
Billings
2,544,072
2,990,012
2,961,311
3,426,393
+1.0
Scranton
370,350
458,907
463,207 +61.1
746,860
2,039,021
2,451,577 Aberdeen
2,536,104
2,286,964 +15.4
Syracuse
Tot. oth.West_ 190,258,585 161,574,676 +19.6 139,103,308 137,660,623
2.024,041
2,036,790
1,900,000
1,641,785 +23.3
Reading
1,638,726
2,646,987
1,596,445 +65.7
1,881,764
Wilmington
64,723,975
76,285,238
68,169,974 +31.3
89,521,726
1,544,507
1,466,541 St. Louis
1,397,882
+9.1
Wilkes-Barre_
1,415,131
18,246,295
16,911,705
18,220,032 +26.3
23,021,901
2,688,626
2,116,410
2,100,940 New Orleans___ _
Wheeling, W. Vs
1,751,970 +53.5
9,567,606
12,962,641
10,265,878 +65.3
16,971,390
1,699,215
1,757,590
Lancaster
1,572,579 +8.1
2,067,700 Louisville
8,759,517
8,000,000
7,784.413 +31.4
10,226,187
2,073,741
1,726,416
Trenton
1,630,580 Houston
1,782,098 +16.3
3,422,000
2,936,000
+8.7
4,035,522
4,385,721
Galveston
945,216
804,847
978,405
819,075 +15.4
York
7,079,533
7,534,824
8,587,737 +88.7
16,200,000
1,143,122
895,294 Richmond
948,176
851,867 +34.3
Erie
7,799,086
6,880,338
8,647,549
6,454,266 +33.9
724,700
535,400 Fort Worth
620,700
Binghamton
516,200 +40.3
7,098,450
7,613,834
8,510,677 -14.9
7,246,765
705,476
723,634
587,134 +20.1
712,711 Memphis
Greensburg
12,121,791
14,072,278
11,774,505 +32.1
15,553,454
876,153
604,724
505,526 +73.4
677,179 Atlanta
Chester
3,955,637
4,028,423
5,518,964
4,804,276 +14.9
550,984
547,322 Savannah
482,247 +14.3
516,379
Altoona
6,747,605
5,931,700
5,450,394 +28.4
7,000,000
328,396
324,659 +1.2
368,499 Nashville
Montclair
365,128
3,582,478
0,860,625
3,883,305 +13.9
4,421,754
Norfolk
3,104,457
3,174,594
1,933,902 +34.8
2,605,541
Total Middle__ 3,007,858,416 1,912,929,327 +57.2 2,043,290,773 1,895,266,610 Birmingham _ _ _
1,972,359
2,511,472
1,544,630 ---21.4
1,213,334
Augusta
3,541,932
3,188,715
3,064,927 +14.2
3,499,071
__
201,523,346 140,736,063 +43.2 146,724,007 150,794,870 Jacksonville
Boston
1,200,000
1,264,532
--,5.3
1,015,823
961,372
Mobile
6,416,900
+27.1
Providence
6,894,800
8,155,300
7,181,300
1,522,051
1,724,845
1,610,070 +26.8
2,042,899,
5,900,411 +22.4
4,361,902 Knoxville
4,470,636
Hartford
7,224,698
1,773,696
2,032,869
1,917,141 +26.2
2,419,844
3,081,330 +13.1
2,456,551
2,713,510 Little Rock
New Haven
3,484,582
2,214,173
2,073,442
+25.0
2,099,328
2,623,965.
_
2,962,632
2,635,938 +40.7
2,555,172 ChattanoogaSpringfield
3,709,142
1,578,281
2,060,947
2,450,990 -10.9
2,183,539
1,853,122
1,643,575 +25.2
1,676,689 Charleston
2,058,586
,Portland
1,433,843
1,562,200
2,147,480 +51.4
3,251,415
2,701,518
Worcester
2,489,428 +45.4
2,621,185 Oklahoma
3,618,560
3,092,301
3,669,963
2,t97,5211 +27.1
3,302,558.
1,116,672 Macon
1,250,246
Fall River
1,164,389 +54.4
1,797,519
2,007,697
3,331,501
4,016,505i +13.5
4,900,000,
1,299,870
1,056.978 Austin
New Bedford_ _
1,035,333 +28.1
1,326,314
246,927
243,836
184,113:
I
9
797,592
626,128 Vicksburg
Holyoke
686,993 +35.5
932,200
298,221
445,624
423,0821 +25.8
502,154
615,376
505,260 Jackson
Lowell
664,531 +28.0
850,033
869,774
1,835,778
1.403,081+114.3
3,007,723
388,782
454,501 Tulsa
Bangor
349,399 +56.7
547,648
710,991
881,730
572,666 +99.2
1,140,407,
Muskogee
Tot. New Eng_ 235,227,928 166,807,290 +41.0 172,701,632 175,377.667
Total Southern 242,583,376 185,221,561; +31.0 197,023,653 178,973,656
Note.-For Canadian clearings see "Commercial an 1 Miscellaneous News."
091 051 306 2 870.073,-573
14 335 268 244 2 936 934 272771-44.2
Total all
* Owing to the consolidation in the latter part of March 1915 of the First National
'
- - 3" '
2
-_
1'
Bank and the Security National under the name of the First & Security Dank.
Outside N. Y_ 1,683,449,181 1,281,018,812 +31.4 1,325,320,404 1,266,400,860
Minneapolis bank clearings are being materially reduced.
Clearings-Returns by Telegraph.
Week ending April 1.
1916:
1915.
Per
Cent.
1190
THE CHRONICLE
[VOL. 102.
ties would be measurably crippled, since such a large
THE FINANCIAL REVIEW.
extra burden is beyond their ability to assume, and
This year's number of this well known annual pub- the outcome for many of the weaker roads might easlication is now ready.
ily be bankruptcy.
Many new features have been added to the
Many New
Yet it is not the magnitude of the extra burdens
Features
current issue and the book has as a consethe railroads may be called upon to assume that
that
quence been materially increased in size.
furnishes occasion for deepest solicitude and anxiety.
Foreign
Daily record of foreign exchange rates on There is another aspect of the trainmen's action, of
Exchange Rates Paris, Berlin and all otherleading Continental exceedingly grave portent, and alongside of which
on Continental
cities from July 1 1914to Dec.31 1915,cover- all other considerations sink into insignificance. Even
Cities.
ing the most remarkable extremes of high and
low rates in the world's history. Also a monthly record of the several hundred million dollars a year increase in
quotations on the Continental centres for the whole of the expenses and partial or total insolvency does not hold
last three years.
the possibility of such calamitous consequences for
the future as to yield on the other point.presented in
Federal Reserve The weekly returns of the Federal Reserve the trainmen's proposition. We have reference
to
Bank of New York for each week of 1915
Banks.
are given; also the weekly returns of the the manner in which the demands are forced upon the
twelve Federal Reserve banks combined.
attention of the roads and the manner in which they
are asked to deal with Ahem. Seveyal different
Tables are given showing the weekly prices
Iron and
railway
men's organizations (the Brotherhood of
Steel Prices.
of all the leading products of iron and steel
for 1914 and 1915. Likewise daily prices Locomotive Engineers, the Order of Railway Conof copper, tin, lead and spelter.
ductors, the Brotherhood of Locomotive Firemen &
Enginemen and the Brotherhood of Railroad TrainBesides the usual weekly figures of the
Foreign Bank
men) have joined forces and they are making a simulBank of England, gives weekly returns of the
Statements.
Imperial Bank of Germany (Deutsche Reichs- taneous demand upon all the roads of the country
bank) for all of 1914 and 1915. Also weekly returns of from the Atlantic to the Pacific and from the CanaBank of France and of Bank of Russia.
dian border down to Mexico.
As was pointed out two months ago this is the first
Fluctuations on the Curb Market in 1915
Prices on the
were no less remarkable than on. the Stock country-wide demand by railroad workers for more
Curb Market.
Exchange. A monthly range of prices of wages. It is the first time, too, that several different
New York Curb securities is shown for 1915, and a yearly labor organizations have pooled issues and united
range for 1911, 1912, 1913, 1914 and 1915.
in a general demand for higher pay. It is estimated
All this is in addition to the customary fea- that 400,000 railway men are engaged in the moveUsual
tures, including a monthly narrative of for- ment.
Features
Continued.
eign and domestic events occupying nearly
And these bodies of railway men have combined,
60 pages. Likewise many articles and statistics showing
too,
for the sole purpose of better achieving their
Bank • Clearings, Stock Exchange Listings, Building Operations, Clearing House Bank Returns, Records of Mercantile ends. Up to the present time the different railroad
Failures, Money Rates, Crop Figures, Gold and Silver Pro- brotherhoods have confined their activities to terriduction, Iron Production, Anthracite Coal Output, Trade torial areas—the East, the West or the South.
of Great Britain, Figures of Foreign Commerce, elaborate
Railway Statistics, Prices of Government Bonds, State Never previously have the Brotherhood men of one
Securities, Stock and Bond Prices on the various Stock Ex- territory ventured to couple their demands with those
changes, &c., &c.
of the Brotherhood men in the other territories, nor
Price of Review, bound in Cloth, $2.25.
has it been the custom for one Brotherhood to act in
WILLIAM B. DANA COMPANY,
concert with the other Brotherhoods, though someFront, Pine and Depeyster Streets,
times the Firemen have acted with the Locomotive
New York City.
Engineers. Independent action of the different
Chicago Office,
London Office.
JOHN H. DAY,
ED1VARDS & SMITH,
Brotherhoods
has been the rule, each Brotherhood
39 South La Salle St.
1 Drapers Gardens,
London,E.C.,England. presenting its own demands in its own way and having them separately considered and treated. In
THE FINANCIAL SITUATION.
that way, too, the trainmen have been extraordinarIn dealing with the demands of the trainmen as ily successful in obtaining their desires. The railpresented on Thursday, the railroads of the United roads have been forced to yield because the alternaStates are called upon to grapple with a problem as tive was a strike upon all the roads in the particular
grave as any that has confronted them in their entire territory concerned,and that involved such a complete
history. The manner of solving the problem, too, tie-up of railroad facilities within large areas that railwill have an intimate bearing upon the future wel- road managers felt they would not be justified in takfare and security of the people of the United States. ing chances on the outcome and also that public senThis latter, we regret to say, is an aspect of the matter timent would not support them in such a step.
In the few cases where the questions at issue have
not generally recognized, and the disposition is to
been
referred to arbitration, the result almost invaripass it over rather lightly. Quite naturally, perhaps, and yet superficially so, attention is concen- ably has been a compromise in which the employees
trated upon the magnitude of the yearly addition to got at least a portion of what they had asked for.
the expenses of the roads that would result if the de- Previously the practice had been for each road to
mands of these train employees were granted. The deal with its own employees; and it must be evident
increase is estimated at $100,000,000 per annum. to all that the change to the plan whereby wage quesFrom a monetary standpoint, therefore, the contro- tions have been considered in territorial groups was
versy has a rjost. setious aspect,and should the rail- a distinct change for the worse as far as the roads are
roads be forced to concede any such sum their activi- concerned. Manifestly, it is not such a serious mat
APR. 1 1916.]
THE CHRONICLE
1191
ter to incur the risk of a strike on a particular road when the prospects of a strike will loom large,
or railroad system as it is to be threatened with the •occasioning great alarm. The alarm on the present
possibility of a general strike involving all the roads occasion will be so greatly intensified that it may
in that particul6x territory. So long as this practice assume the dimensions of a panic among business
prevailed, railroad and employee stood on a more men, inasmuch as the battleground is to be the
nearly even basis in wage ccntests, instead of the em- whole country instead of only some distinct geographical division of the same. We might expect
ployees invariably holding the advantage.
Yet the employees are not entirely satisfied. In also that the outcome would be the same as on former
one or two of the recent wage awards where the ques- occasions, namely reference of the issues to arbitration went to arbitration they got somewhat less than tion, except that very emphatic intimations have
they had confidently counted upon. This has made already been given that the employees will not again
them discontented with arbitration tribunals, and consent to arbitration.
there have been emphatic declarations by some of
Thus the possibility of a strike is greater than on
them that they would never again trust to the de- any previous occasion. It will be admitted by every
cisions of arbitration bodies. They have not been one that a more serious calamity than a complete
• slow, however, to perceive that a threat of a strike cessation of railway operations all over the United
where an important body of roads is concerned is a States could hardly occur. It will also be admitted,
most powerful weapon in the hands of the employee's we think, that it is the duty of railroad managers—
and to make it entirely effective it is only necessary a duty more serious and more imperative than any
to proceed one step further and, by co-operation and ever previously laid upon them—to see to it that the
combination, extend the area of the strike danger so probability of a strike is rendered for all time to come
as to inyolve not alone one large body of roads but a// as remote as can be. The danger can not be renthe roads. Therefore they have devised the present dered remote but will remain immediate so long as
movement, and it is for railroad managers to say the railroads persist in meeting the concerted dewhether in disregard of all possible consequences mands of their employees by joint action of their own.
to themselves and of extrme peril to the country at It is not difficult to see that joint action possesses
large they will agree to become a party to it.
certain advantages. Such advantages, however,
The nature and purpose of this great labor move- are more than counterbalanced by the disadvanment should not be misunderstood. It is a conspir- tages. It is also easy to perceive that the carriers
acy on a gigantic scale to compel compliance with the in falling in with the plans of the labor organizademands of the employees. Four different Brother- tions in consenting to territorial consideration
hoods, as we have seen, in three distinct geographical of wage problems were largely the victims of cirsections of the country—in effect twelve different cumstances, but obviously they cannot afford - to
bodies of railway employees—have combined with allow themselves to be the victims of circumstances
the idea that by making a simultaneous demand upon still further. When a point is reached where at the
all the railroads in the United States resistance on beck of a few leaders, the trainmen of all the roads in
the part of these roads will become practically im- the country may be induced to quit work, thereby
possible, since the alternative will be a strike and the bringing railroad operations and mercantile activities
tying up of the country's entire transportation fa- alike to a standstill, throughout the length and
cilities, an alternative the railroads cannot afford to breadth of the land, it is manifestly time to call a
face by.reason of the distress it would occasion and halt and to change policies and plans and practices
the industrial paralysis it would produce.
and rules so that this great menace shall be avoided.
That there may be no mistake as to the deliberate
In previous discussions of the subject we have indiand concerted nature of the movement it should be cated how the menace can be surely and unmistaknoted that in presenting their demands this week, ably avoided, namely by reverting to the practice
the Brotherhoods specifically ask that their pro- which prevailed up to less than a decade ago of each
posals be considered jointly by all the roads in the road determining labor questions for itself and in its
country and not by territorial sub-divisions. In own way, wholly without regard to the course of
other words, the railroads are "requested"—and
other roads or systems. In that way, whatever
request in this instance is tantamount to a command trouble or conflict may arise is necessarily confined
—to join with all other railroads in the United to that particular system. The roads made a grave
States and handle the proposition "through a joint mistake when they allowed the employees to force
committee representing all the railroads concerned." upon them territorial consideration of wages and other
The railroads, in turn, have so far yielded to this labor questions. The result has been that solvent
request for collective treatment of the proposition and insolvent carriers have been placed on the same
that they have submitted answers in identical form plane and the railroads have been rendered impotent
to the local branches of the different Brotherhood to resist even unjust demands because of the momenorganizations. In other words, a common reply tum possessed by any labor movement in which all
has been made in response to this common action. the employees in a large territorial area are engaged.
The reply, of course, is a refusal and the grounds of It would be a still graver mistake, a mistake almost
the refusal are the same and expressed in common criminal in character, for the roads to. become
language.
willing parties to this latest scheme of the employees
If past experience in the consideration of territorial under which not a single carrier is to be exempt
demands from single Brotherhoods is any guide to from the tremendous pressure to be applied to one
what is likely to happen in the present instance there and all alike.
will be proposals and counter-proposals, first by one
It is difficult to understand. why the managers
side and then by the other; and finally a deadlock of the roads should persist in the practice of letting
1192
THE CHRONICLE
[VOL. 102.
the employees present concerted propositions on stance—why they should be governed at all by any
an ever-widening scale, without protest and without course the Pennsylvania or the New York Central
attempt to disengage themselves from the throttling might deem it expedient to take. On the other
embrace. According to their own admissions, accord- hand, we are inclined to think that neither the courts
ing to the convincing statistics they have compiled, nor the directors will fail to remember that in fuland according to the literature they are circulating fillment of their obligations as conservators of the
for the purpose of making these statistics effective, properties in their custody, they are called upon to
they have fared very badly under the territorial be true to the public as well as to the owners,and that
consideration of labor matters, and could not pos- this duty to the public is paramount to all other
sibly fare worse under any other practice and least considerations. It is obvious that that public duty
of all under that proper and right method where will be violated if any plan is sanctioned or any
each large system determines wage matters and action tolerated which will tend to facilitate the
forced suspension of the operations of the roads.
other labor matters all for itself.
In the present instance there is additional reason Such suspension of operations, we have already seen,
for refusal to fall in with the schemes of the labor is likely if not inevitable if the railroads of the
organizations in the circumstance that the carriers United States undertake to act as a body instead of
cannot deliberately undertake to give sanction to each road settling the matter as a separate unit.
methods so plainly objectionable and illegal as those Quite possibly acting as separate units some of the
which the railway labor organizations are now en- roads may find themselves able to grant the degaged in carrying through. For twelve different mands of the men, where others will find it wholly
bodies of railroad employees to conspire together out of the question.
At all events, the combination of the employees
with a view to coercing all the railroads in the United
then be broken up. Negotiations will have to
other
will
make
and
States to grant advances in wages
up with each road separately. With each
be
taken
Anti-Trust
Federal
the
concessions is a violation of
to act for itself, it will be out of the
obliged
road
managers
Railroad
Law and positively forbidden.
small body of men, representing the
a
for
question
parties
become
they
if
will be conniving at a crime
with a similar small body of
conjunction
in
roads,
to the arrangement.
asunder the transportation
to
rend
employees,
wage
of
treatment
however,
In the last analysis,
And when the ementire
country.
the
of
facilities
duty
again
here
and
policy
of
questions is a matter
is
nothing
to be gained by
that
see
once
speaking,
ployees
Strictly
coincide.
and legal requirement
be abandoned.
also
will
these
demands,
simultaneous
to
up
charter
requirements
living
not
carriers
are
the
These railway employees are trying to reproduce
when they let questions of wages be settled in accordance with the views of a body of outsiders, no the condition of things unfortunately existing at
matter how capable or eminent and even though the present moment in Great Britain and which is
drawn from their own ranks. Where the roads act rendering that mighty country so impotent against
in unison to meet a concerted demand of the em- a foreign foe in the greatest war that has ever been
ployees, the whole controversy is in the end settled waged in human history. The British Government
by small committees representing respectively the in so abjectly in subjection to the labor unions that
roads and the employees, whereas under the pro- it cannot make a move without first consulting the
visions of the charters of the roads the duty of fixing leaders of these unions. Over and over again, it
wages rests with the boards of directors of the com- has had to make overtures to the unions in order
that it might carry out necessary steps of public
panies.
There are such large issues at stake in the present policy or put into effect measures essential to the
instance, and a wrong determination of the question prosecution of the war. On that point we may
involves such grave peril to the national welfare, that again recall that in the House of Commons on
it appears to us no railway executive, no railway man- September 16 last James Henry Thomas, a Laborite
agement, will be justified in taking upon itself the member and Assistant General Secretary of the
responsibility of reaching a right decision. Asthe em- Amalgamated Society of Railway Servants, deployees have made a simultaneous concerted demand clared in the course of a debate that every lodge
upon all the railroads of the country, so in turn every of the railway union had informed its executive
railroad in the country should call its board of direc- committee that on the introduction of a certain
tors together for the purpose of taking action in the measure by the Government the men would stop
matter. Where, as in the Southwest, the roads are work, bringing railway operations to a standstill of
largely operated by receivers, the advice of the courts course. And the measure referred to had no bearshould be asked. And it should be made plain that ing whatever on the question of wages or conditions
the point of most importance is whether the roads of labor or employment. It was simply that these
shall take up the matter strictly as a separate propo- railway work people objected to compulsory enlistsition, to be determined upon its merits, thus ful- ment in the army. They did not hesitate to go
filling charter requirements, or whether the managers outside the purposes of their organization. Having
and the directors shall let the question be determined the power they feel privileged to use it in any way they
by the action of other roads, perhaps wholly dif- choose.
Is it not the duty of the directors of our railways
ferently situated, acting through committees or deletake extra precautions so that through no mistake
to
gates in conference with committees or delegates reptheirs the employees are permitted to carry
of
resenting the employees.
present scheme to success and exercise at their
their
it
We imagine that the courts at least would find
the same evil power over the Government
pleasure
&
difficult to understand—in the Missouri Kansas
States? American troops are now in
United
the
of
infor
cases,
Texas and St. Louis & San Francisco
APR. 11916.]
THE CHRONICLE
Texas, hunting down a bandit and his followers,
These troops may at any moment need reinforcements, and they certainly will be in constant need
of supplies. Suppose now that every railroad in the
United States is obliged to suspend operations by
reason of the action of the railway employees who
have this week made a concerted demand for further
additions to their wages. Our Government would
then have to enter into negotiations with the railway
labor organizations with a view to escaping military
disaster,and perhaps the leaders might graciously let
a few of the strikers man enough trains to carry the
necessary troops and supplies to the Mexican border.
Samuel Gompers is not slow to see the chance of
augmenting his own power at such a time, for he
has issued an appeal to the labor organizations under
his control to support the trainmen in their demands.
At the proper moment he would expect to be on top
of the heap dictating terms—backed by the 2,000,000
members claimed for the American Federation of
Labor—to Congress and the President of the United
States.
All this cari be prevented if the railroads ref use to
act jointly in meeting the concerted demands of their
employees, thus rendering a general strike out of the
question. In effect, the movement in which these
train employees are engaged is a conspiracy against
the peace, the good order and the security of the country. Therefore it must at all hazards be defeated.
It should also be remembered that if the trainmen are
frustrated in their present endeavor, the menace will
be averted for all time.
1193
railways, mineral oils, wool manufactures, wood
and manufactures, fish, electrical machinery and
coal; there has also been a greater export of agricultural implements than last year, but much less
than two years ago. Cotton, on the other hand,
has gone out much less freely, but, due to better
prices secured, the value exceeds a year ago. The
breadstuffs outflow, especially of wheat, has thus
far been appreciably less than in 1914-15.
Total merchandise exports from the United States
for February 1916, as announced by the Bureau
of Foreign and Domestic Commerce last evening,
reached a value of no less than $409,836,525, a
total 50 million dollars greater than the high-water
mark set in December, notwithstanding the smaller
number of days covered. The total, it will be
observed, is on the basis of almost five billion dollars
a year. Comparison is with less than 300 millions
($299,805,869) in 1915 and only $173,920,145 in
1914. For the eight months since July 1 1915, the
aggregate records a gain of 954 million dollars over
the preceding year, contrast being between $2,586,301,570 and $1,634,466,017 and a gain of 866 millions over 1912-13,the previous record for the period.
Merchandise imports in February 1916 at $193,935,117 also constitute by a very considerable
amount a new high record for the period covered,
showing a gain of nearly 69 millions over 1915 and
46 millions over 1914. They are, in fact, the largest
of any one month in our history, exceeding the
January aggregate by 93' million dollars. For the
elapsed portion of the fiscal year 1915-16 the aggregate is $1,291,084,108, or 236 millions more than
for the similar period of 1914-15 and 45 millions
greater than the previous high-water mark of 191213. The increase over last year is shared in by many
important commodities with the gains most conspicuous in wool, hides and skins, precious stones (diamonds, &c.), India rubber, sugar, seeds, tin, cocoa,
coffee, chemicals, raw cotton, fibers and wheat.
Mentionable decreases are confined to meats, wool,
iron and steel and manufactures, glass and glassware, fiber manufactures, fertilizers, cotton manufactures and art works.
The net result of the foreign trade of February
this year was an export balance of $215,901,408,
this comparing with $174,682,478 a• year ago and
but $25,875,369 in 1914. For the two months of
the current calendar year the balance in our favor
in the merchandise movement reaches the large
total of $362,324,138, which compares with $320,413,474 in 1915, while for the eight months we have
built up a net credit of no less than $1,295,217,462,
against $578,834,390 a year ago and 480 millions
in 1914.
Gold exports in February were of somewhat
greater volume than in any recent month, reaching
$13,684,667, of which the greater part represented
the outflow through the port of New York to Great
Britain, the West Indies and South America. On
the other hand, imports were comparatively moderate, reaching $6,016,006. The net outflow for the
month was consequently $7,666,661, decreasing
to $280,312,817 the balance of imports for the eight
months; this contrasting with net exports of $94,119,700 for the period in 1914-15 and net imports
of $5,398,635 in 1913-14.
The foreign exports of the United States in February 1916 exceeded all previous monthly records.
This, of • co rse, finds its explanation primarily,
now as formerly, in the urgent and insatiable demand for war munitions and supplies from Great
Britain and France, but a gradual extension of our
trade in other directions is also to be noted, the
opportunities therefor afforded by the virtual exclusion of Germany and Austria from international
commerce having to some extent been availed of.
Higher prices, too, latterly, have in a measure
contributed to the result. Thus far in the fiscal
year 1915-16 there has been a very satisfactory
expansion of our exports to South America, the
volume of commodities sent to India, Australia and
Africa has appreciably increased, our trade with
Cuba shows a very large gain, reaching an unexampled total, and shipments to Canada moderately exceed the 1912-13 record. The European
total is, of course, of stupendous magnitude.
As regards the articles that have gone to swell
the export aggregates monthly since July 1 last
the increases in some instances have been nothing
less than phenomenal. Explosives alone have contributed a gain of close to 200 million dollars (much
higher prices for gunpowder assisting) and iron
and steel and manufactures thereof are to be credited
with practically a like amount. About 60 millions
will measure the augmentation in meats, over 40
millions in brass, some 60 millions in automobiles
and parts and tires, virtually 45 millions in chemicals,
drugs, &c., 35 millions in copper and manufactures,
a like amount in leather and manufactures, nearly
30 millions in cotton manufactures, and horses, and
A recrudescence of demands for increased wages in
smaller yet notable sums in sugar, mules, cars for the cotton-manufacturing industry of New
England
1194
THE CHRONICLE
FoL. 102.
1908 and Presiis indicated by advices from Fall River and New special envoy to the United States in
hed the
telegrap
Premier,
first
's
Shih-Kai
Yuan
dent
date
s
Monday'
Bedford this week. Reports of
him
urging
last
on
i
Sunday
Shangha
t
from
Presiden
the
of
ee
committ
e
executiv
state, in fact, that the
the
of
majority
large
the
Fall River Textile Council at a meeting that morn- to "accede to the wishes of
ent."
Governm
the
from
retire
ing discussed the advanced prices and prosperous people in China and
d the opinion
condition of the cotton goods trade and voted to Tang Shao Yi in an interview expresse
to restore a
plan
the
g
cancelin
the
mandate
that
report their findings to the individual associations
in an
resulted
has
ent
of
governm
form
cal
monarchi
no
While
of operatives comprising the council.
.
Shih-Kai
Yuan
against
feeling
of
popular
tion
accentua
is
it
report
the
recommendations were included in
unless
ruin
quite generally inferred that as a result of it the He said the country was headed toward
ed Li Yuen Heng,
associations will request a further advance in wages. the President manfully proclaim
Chief Executive.
the
as
ent,
It will likely be recalled that in the closing days of who is now Vice-Presid
the old year Fall River operatives made a request
On Monday and Tuesday of this week one of the
for a 10% advance, but the manufacturers,declaring
most
important conferences connected with the ecodata
d
their inability to stand such a raise, presente
and military operations of the war was held
nomic
opporhad
yet
as
showing that the mills had not
The conclusions not unnaturally have not
in
Paris.
goods.
for
prices
d
advance
the
tunity to benefit from
with the future
An advance of 5% was offered as a compromise, and been announced, as they have to do
less is every
neverthe
There
war.
the
of
while accepted (going into effect Jan. 24), was conduct
of the vaatives
represent
the
that
believe
to
reason
generally believed to be only temporary, pending
es in
themselv
found
ents
Governm
Entente
rious
would
which
developments in the goods market
the
push
to
ation
determin
the
in
accord
complete
The
profit.
for
chance
afford to the mills greater
t
statemen
action of the Council indicates their belief that the conflict to a finish. The only official
ns
adopted
of
resolutio
text
time has come for a concerted move by the operatives that was published was the
as follows:
and it appears reasonably sure, therefore, that it just before the adjournment,
will be voted to ask a further advance of 5%. FollowThe representatives of the allied Governments,
ing action at Fall River, it is expected that the New in conference at Paris March 27 and 28 1916, affirm
Bedford operatives who have been holding in abey- the complete community of views and solidarity of
taken to
the
ance their demand for a 10% advance will again the Allies. They confirm all ofmeasures
front.
unity
and
action
of
unity
realize
mill
owners.
the
of
n
bring the matter to the attentio
They understand by that, at the same time, unity
The greater activity in cotton goods and the higher of military action, assured by the entente concluded
prices current, of course, are matters that will have between the general staffs; unity of economic action,
a strong bearing on the attitude of the manufac- the organization of which the present conferences has
turers at Fall River, but it is intimated that a regulated, and unity of diplomatic action, which is
permanently higher range of prices for cotton goods guaranteed by their unshaken will to continue the
for the common cause.
is absolutely essential if wages are to be advanced struggle to victory
ents decide to put into pracGovernm
allied
The
further. The general situation in the cotton manu- tice in the economic domain their solidarity of views
facturing industry of the United States is admit- and interests. They charge the economic confertedly much better than it was a year ago, but even ence, which is to be held shortly at Paris, to propose
at that, there is not that measure of prosperity that for them appropriate measures for the realization
would seem to warrant much of a boost in wages. of this solidarity.
With a view to strengthen, co-ordinate and unify
We showed recently (on Feb. 19, page 640) that the
the diplomatic action to be exercised to prevent the
return in dividends to the shareholders of the Fall revictualing of the enemy, the conference has deRiver mills for the first quarter of 1916, while better cided to establish at Paris a permanent committee,
than for the like period of 1915, was much below in which all the Allies will be represented.
the average of earlier years, and now we have the
The conference has decided: First, to continue the
statement for New Bedford of practically identical organization, already begun at London, of an interto proimport. In neither case can it be claimed that national central bureau of freights; second,
to seek
delay,
briefest
the
with
and
,
in
common
ceed
their
on
return
fair
shareholders have received a
y
equitabl
n
apportio
to
employ
to
means
practical
investment. It is to be presumed, though, that among the allied nations the charges for maritime
later. quarters will make more favorable exhibits, transportation and check the rise in freight rates.
and it is doubtless upon that assumption that the
It will be observed that Great Britain has underrevival of requests for higher pay is based.
to aid her Allies by means of her wealth of shiptaken
in
front
the
The wage question has also come to
well as her wealth in other directions. She
as
ping
the
to
are
advices
Cable
Great Britain this week.
of transportation facilities availeffect that the Amalgamated Association of Oper- consents to a union
alike. This is something that
Allies
the
ative Cotton Spinners at its annual meeting on able for all
been insisting upon. The
have
Italy
and
France
Saturday decided to ask of the Federation of Master
the conference has laid
that
declares
"Matin"
Paris
in
Cotton Spinners' Association a 10% advance
however, does not
This,
of
on
peace.
foundati
the
e
profitabl
present
wages,basing their request on the
of
immediate developion
margin between cotton and yarn. Announcement seem to mean an expectat
.
has been made by the Federation that the request ments in that direction
ed.
will be consider
A new British Order-in-Council issued on Thursday
that "neither a vessel nor her cargo shall
provides
At a meeting of the State Council in Pekin on
from capture for a breach of blockade on
immune
be
and
d
Monday all monarchical legislation was rescinde
that she at the moment is on her
ground
sole
the
were
that
all the laws of the Chinese Republic
becoming effective
abolished by the monarchical movement were re- way to a non-blockaded port,"
to certain modistored. This action has not as yet measurably at once. It sets forth that, subject
ent has put
Governm
the
checked the revolution. Tang Shao Yi, China's fications and omissions,
APR. 1 1916.1
THE CHRONICLE
into force the Declaration of London respecting the
capture of. merchant craft during the war. Certain
doubts, (quoting press dispatches), have arisen concerning the right to effect "the capture of conditional
contraband on board a vessel bound for a neutral
port" which it is "expedient to put an end to," and
it has been decided no longer to adopt Article 19 of
the Declaration, which provides that "whatever may
be the ultimate destination of a vessel or her cargo,
she cannot be captured for breach of blockade if
at the moment she is on her way to a non-blockaded
port." It therefore has been.ordered that the provisions of the Declaration of London "shall not be
deemed to limit or to have limited in any way the
right of his Majesty in accordance with the law of
nations, to capture goods upon the ground that they
are conditional contraband, nor to affect or to have
affected the liability of conditional contraband to
capture, whether the carriage of the goods to their
destination be direct or entail trans-shipment or
subsequent transport by land." This provision is
made applicable also to absolute contraband. Another clause says that enemy destination "may be
presumed to exist if the goods are consigned to persons who during the present hostilities have forwarded imported contraband goods to territories
belonging to or occupied by the enemy." The
order further says: "It lies upon the owners of the
goods to prove that their destination was innocent."
The first prohibition of the importation of certain
luxuries was announced to the Department of Commerce by the American Consulate at London by
cable, as follows:
An Order-in-Council of March 21 1916, in effect
after March 27, prohibits the importation of the following articles into the United Kingdom, except
under license from the Board of Trade: Automobiles
and automobile chassis, motorcycles and parts and
accessories of automobiles and motor cycles other
than tires (with the exception of automobiles, chassis
and parts and accessories of automobiles which are
at present exempt from import duty),, musical instruments, including gramophones,. pianolas and
other similar instruments, and accessories, component
parts and records therefor; spirits and strong wafers
of all kinds, except brandy and rum.
As stated above, the prohibition does not apply to
articles imported under Board of Trade license.
Licenses will not in general be issued except upon
evidence that goods were en route for the United
Kingdom or were paid for on March 12 1916.
Advantage seems to lie intermittently with either
side in the military operations that are continuing
in full swing on the Verdun line. French troops
are reported to have evacuated all but the eastern
and southern outskirts of the village of Malancourt,
heavy German artillery pounding having made the
position untenable. But the village and highway
intersection are being swept by a fierce French artillery fire, preventing the Germans from occupying
the abandoned position. The latter on Thurdsay
launched another assault on the Avocourt wood position, which was recently taken by the French.
They were repulsed, it is stated, with heavy losses.
Quite active fighting is in progress between the British and Germans along the British end of the French
line, especially near St. Eloi, where German grenade
throwers have succeeded in reaching a portion of a
mine crater held by the British. Advices by way of
Berlin state that the big offensive movement of the
Russians in the region of Postavy has ceased and that
1195
the Russians also have given up their attacks around
Lake Narocz. Artillery duels, however, are going
on around Jacobstadt, and to the north of Vidzy.
Petrograd reports, however, that the Russian offensive maneuvers along the Dvinsk-Riga front, although apparently local in character, have already
rendered the carefully constructed positions of Field
Marshal von Hindenburg less secure and will, it is
thought, determine the course of the coming spring
campaign. Strong forces of Austrians and Italians
are facing each other in the Gorizia sector of the Austro-Italian front. On the heights of Seilz severe
fighting is in progress for the possession of trenches.
Significance is attached to the discovery by Entente
patrol ships of four hostile submarine bases among the
Greek Islands. The Russian War Minister, Gen.
Polivanoff, who has held office for the last nine
months, has been retired at his own request, being
succeeded by Gen. Shauvaieff. Lieut.-Gen. Ichinosuke Oka, Japanese Minister of War, has resigned
as a result of ill-health, and has been succeeded by
Lieut.-Gen. Ken-Ichi Oshima, previously Vice-Minister of War.
Diplomatic relations between Washington and
Berlin have again reached a stage of acute tension
as a result of disaster met with by a British Channel
steamer, the Sussex, on Saturday. The vessel had
on board 22 Americans, none of whom was killed so
far as is known. Unofficially, the Germans deny
responsibility for the accident and assert that the
vessel must have hit a British mine set adrift by the
storm. Latest advices seem to point directly to a
hostile submarine as the source of the disaster. In
that event there is no question as to the vessel being
torpedoed without warning and there can be no
contention that the vessel was armed, thus placing
the entire accident outside the scope of the conditions which Germany claims to justify attacks. In
addition there have been reported within the last
two weeks attacks on at least three other vessels
under similar circumstances, one being the Englishman, bound from Avonmouth to Portland, Me.; the
Fenay Bridge from Philadelphia to an English port,
and the Manchester Engineer from Galveston to
Edinburgh. It seems obvious that the German campaign of sea warfare has reached a position that it
will be found beyond German ingenuity to explain.
Meanwhile President Wilson is proceeding with deliberation to obtain proofs before taking the question
up in a final way with the German Foreign Office.
There appears no reason to doubt that the diplomatic
relations between our own country and Germany are
at a position of greater strain than has existed heretofore.
In Mexico there has been a formal clash between American troops and those of Villa, the bandit
chief The latter is still at large but is supposed to
be located at Guerrero, between Gen. Pershing on
the north and Gen. Dodd and his flying squadron on
the south. The location of Villa's camp is given in
dispatches to Gen. Funston as at the ranches San
Geronimo and De la Quemeda, on the Santa Maria
River north of Guerrero. Villa, it is reported, has
been shot in the leg. The clash with Villista troops
took place on Wednesday. Four American privates
were wounded, none seriously. col. Dodd's forces
struck Villa's command at Guerrero, said the War
Department message from the San Geronimo
1196
THE CHRONICLE
[VOL. 102.
per annum on the par value. The Treasury reserves the right to sell at any time on behalf of the
lenders, the securities thus deposited, or to take them
over at the then current market price plus 23'2%.
It is announced that the minimum amount of any
one security that will be accepted for deposit is
$5,000. The plan contemplates arrangements for
deposits of British-owned securities in America.
These may be delivered to J. P. Morgan & Co.,
representing the British Treasury in New York, and
will draw 3'2% additional interest from the date on
which they are accepted by the bankers in question.
The Treasury's circular states specifically that the
present arrangements for the outright purchase of
securities will continue, and says that "the Treasury regards purchase as the preferable alternative."
The transfer of securities to the Treasury under
the loan provision may be made through any broker
The London stock market has experienced a dis- or banker. The provision that the securities may be
appointing week, one reason being a remarkably deposited with J. P. Morgan & Co. apparently
severe blizzard which has interrupted communication enables (quoting a London press dispatch) any
by wire and mail. A degree of hesitancy has been American investor to obtain 32% annual bonus on
created in addition by apprehensions as to the taxation his bond investment by loaning them for a period of
plans to be announced by the British Chancellor two years to the British Government. Securities
on Tuesday next. No definite intimation as to the loaned through Morgan & Co. will remain in America
Budget proposals have appeared, the usual secrecy while securities loaned through British channels will
being observed in advance of formal announcement; be held presumably by the British Treasury until
but London operators appear to agree that the taxa- needed for use as collateral, providing there is no
tion will affect importations especially of luxuries, final determination to sell them. The list of apand will apply also to luxuries at home such as amuse- proved securities published in the "Official Gazette"
ments, &c. The revenue at the close of the fiscal includes, it is understood, virtually all the active
year March 31 is expected to indicate a surplus of high-class American bond issues.
about £40,000,000. It is chiefly on this favorable
The Paris Bourse still is maintaining a firm undershowing that hopes are entertained of the exemption
notwithstanding the adverse movement in the
tone
too,
is,
There
taxation.
additional
from
of incomes
keen interest as to the intention of the Chancellor foreign exchanges. Shares of the Bank of France
in further increasing the tax on war profits. The gained 250 francs on the Bourse last week. Suez
monthly comparison of the aggregate value of 387 Canal shares have been in demand of late, owing
securities dealt in on the London Stock Exchange to the belief that enemy attacks are improbable.
as compiled by the "Bankers' Magazine" registers The French Treasury is reported to have sold £1,a depreciation during March (from Feb. 20 to 000,000 bills on London for the purpose of improving
March 20) of £26,105,000, or 0.9%. These com- the Paris exchange position. Official announcement
parisons are, however, just now less significant than was made on Monday that maximum issue of notes
usual, since minimum prices are still in force in a of the Bank of France and its branches fixed pronumber of the departments of the London Ex- visionally by the decree of May 11 1915 at 15,000,change. The heaviest decline during the month 000,000 francs has been increased to 18,000,000,000
was indicated in foreign Government stocks, which francs. It is explained by a Paris correspondent that
fell 1.9%; British and India funds depreciated 1%; when the privilege of the Bank was renewed by law on
African mines 0.2%, and British railroad 1.7%. Dec. 29 1911 it was at that time very near the marOn the other hand, American railway stocks showed gin of its powers of emission as there was outstanding
an improvement of 0.3% in the comparisons. The 5,449,000,000 francs in notes while the law allowed
London capital emissions during the first quarter 5,800,000,000 francs. The right of emission. was
raised 1,000,000,000 francs, but it was seen that there
of 1916 reached a total of £145,724,000.
would have to be another increase regardless of the
accuracy
to
the
We expressed doubts last week as
of war. When, indeed, the war was dequestion
of
amount
a
that
considerable
current
then
of reports
the securities obtained under its mobilization plan clared the right of emission was increased to 12,by the British Treasury were merely loaned. Cabled 000,000,000 francs with powers of further increase
advices that since have been received from London conferred on the Government by an Order-in-Council.
confirm this view. The London "Official Gazette" It was in virtue of this power that the new increase
on Saturday last contained a list of upward of 600 is now made. Formerly it was the unwritten law,
must
American bond issues which will be accepted under says the correspondent, that the note issue
On
stock.
the
gold
times
three
than
more
be
not
in
other
or,
the
Treasury,
the plan of deposit with
so
francs,
words, loaned to the Treasury. Such deposits March 23 that stock was 5,011,277,000
three
of
excess
in
a
little
began for the first time on Monday last and bids the right of note issue is now
for common stocks were suspended on that day, times the gold stock. The commercial moratorium
thus leaving the field entirely clear to bonds and pre- has been extended to the end of June,but is not apferred stocks. The securities, in accordance with plicable to those who supply military goods. The
the new announcement, must be transferred to the mobilization of farmers for military purposes has
Treasury for a term of two years, lenders receiving resulted in a decrease this year in cultivation in
all the regular interest and dividends, plus M% France of 8,386,959 acres, according to a statement
dated March 30, and transmitted by Gen. Pershing,
via Gen. Funston's headquarters. The Villa forces
left thirty-one dead on the battlefield. Gen. Carranza, the head of the de facto Government, has
decided to permit the use of Mexican railways
"on a commercial basis" for the purpose of forwarding supplies to the American troops. Permission has not been given to have the supplies
guarded by our own troops. Carranza's co-operation is certainly lukewarm. With only one dissenting vote in the House, and not one in the
Senate, Congress on Tuesday adopted the Urgent
Deficiency bill, appropriating approximately $8,611,502 for expenses in connection with the army's
punitive expedition into Mexico, and the recruiting
of the additional 20,000 men to bring the regulars up
to maximum strength.
APR. 11916.1
THE CHRONICLE
by M. Jules Meline, Minister of Agriculture, to the
Chamber of Deputies on Tuesday. This deficit
must be remedied, said the Minister, speaking on
behalf of the Government bill providing for the tillage
of abandoned soil and the organization of farm laborers during the war. The number of soldiers placed
at the disposal of farmers, the Minister added, had
increased from 15,000 in 1915 to 80,000 in 1916, but
the great military operations have caused the authorities to change their decision to use these men
for agriculture.
Latest reports of the subscriptions entered on the
official record for the fourth German war loan claim
a total of 10,667,000,000 marks, including 7,106,000,000 marks as subscriptions to the general loan,
1,199,000,000 marks as subscriptions to the registered loan and 1,562,000,000 marks as subscriptions
to Treasury bonds. A dispatch cabled from Rio
Janiero states that it is announced that the German
Government "has declared its intention to assume
responsibility" for the payment of the money deposited in Berlin banks to the account of the State
of • Sao Paulo, amounting to about $30,000,000.
The Brazilian newspapers, while praising the quick
action of the Brazilian Chancellery, question whether
the Germans will be able to keep their promise,
which is certainly a highly involved one. It seems
evident that there was some real basis for the reports
that were current a fortnight ago claiming a decision
of the Brazilian Government to seize all German ships
interned in Brazilian ports as retaliation for withholding the funds in question. The $30,000,000,
it is understood, is the proceeds of coffee stored in
Antwerp and Hamburg and Bremen that was requisitioned by the German Government. This coffee
constituted collateral for Brazilian Treasury notes.
As to payment for the coffee thus requisitioned, the
contention has been that as the contract provided
for payment to Schroeder Sc Co.,London, such payment could not be made until the end of the war
under the prohibition contained in the "Trading
with the Enemy Act." The Portuguese and the
Italians have seized all ships of the Central Powers
interned in their respective ports.
Official bank rates at the leading European centres
still are quoted at 5% in London, Paris, Berlin,
Vienna and Copenhagen; 514% in Italy, Norway,
Sweden and Portugal; 6% in Russia and 432% in
Switzerland, Holland and Spain. In London the
private bank rate has been reduced to 49'8% for
sixty and 4% for ninety-day bills, against 53'%
for both maturities a week ago. Cables from Berlin
continue to quote 4% as the private bank rate at
that centre. No reports have been received by
cable of open market rates at other European centres,
so far as we have been able to learn. Money on
call in London remains at 4@4M%.
The Bank of England again reported an increase
in its gold item for the week, this time of £691,058.
Note circulation registered an increase of £673,000;
hence the reserve increased only £18,000, while the
proportion of reserve to liabilities is now 28.77%
against 28.37% last week and 18.26% at this date
a year ago. Public deposits increased for the week
£847,000, representing excess of revenues, including
proceeds of sales of securities over expenditures.
Other deposits show a contraction of £2,763,000.
1197
Loans (other securities) decreased £1,924,000. The
Bank's gold holdings now stand at £56,661,364,
against £53,868,251 the previous year and £39,014,628 in 1914, a pre-war period. Reserves are £41,535,000, which compares with £37,144,000 in 1915
and £27,969,023 the year preceding. The loan item
is £88,340,000, against £140,003,000 and £46,686,372
one and two years ago, respectively. The bank reports as of March 25 the amount of currency notes
outstanding as £98,433,273 against £97,492,793 the
week preceding. The amount of gold held for the
redemption of such notes remains at £28,500,000.
Our special correspondent furnishes the following
details of the gold movement into and out of the
Bank for the Bank week: Inflow, £1,906,000 (of
which £1,733,000 bar gold bought in the open market
and £173,000 net received from the interior of Great
Britain); outflow, £1,215,000 (of which £50,000
exported to the United States, £200,000 to Spain,
£25,000 to other Continent, £240,000 earmarked
Argentina, £100,000 to other South American and
£600,000 miscellaneous). We add a tabular statement comparing for the last five years the different
items in the Bank of England return:
RANK OF ENGLAND'S COMPARATIVE STATEMENT.
1916.
Mar. 29.
Circulation
33,576,000
Public deposits_ _ 57,063,000
Other deposits
87,363,000
Govt. securities_ -- _ 32,838,000
Other securities__ _ _ 88,340,000
Reserve notes dr coln141,535,003
Coln and bullion_ _ 56,661,364
Proportion of reserve
to liabilities
28.75%
Bank rate
5%
1915.
Mar. 31.
1014.
April 1.
1913.
April 2.
1912.
AprU 3.
35,173,465
113,690,199
89,713,596
44,60.5,782
140,003,581
37,144,786
53,868,251
29,495,605
27,668,062
39,818,947
11,151,189
46,686,372
27,969,023
39,014,628
29,025,020
21.088,938
40,373,009
13,032,727
41,092,134
25,728,959
36,303,979
29,558,165
22,162,425
40,502,460
14,281,566
41,856,537
24,889,274
35,997,439
18.26%
5%
41.43%
3%
41.85%
5%
39.71%
%
The Bank of France reports a further small decrease of 5,033,000 francs in its gold holdings for the
week. The silver item also decreased 1,546,000
francs, while there was an expansion of 104,962,000
francs in note circulation. General deposits increased 37,062,000 francs and bills discounted increased 28,404,000 francs. Treasury deposits, as
against a reduction during the previous week, registered an increase of 53,183,000 francs, although the
Bank's advances were reduced 3,268,000 francs.
The Bank now holds in gold 5,006,244,000 francs, as
compared with 4,250,975,000 in 1915 and 3,615,625,000 francs the year preceding. Silver on hand
aggregates 361,401,000 francs, against 378,000,000
francs and 626,800,000 francs in 1915 and 1914
respectively. Note circulation is 14,952,078,000
francs, bringing the amount so close to the maximum
of 15,000,000,000 authorized by the decree of May 11
1915 that a further increase to 18,000,000,000 was
on Monday authorized by the Government. In
1915 the total was 11,272,775,000 francs and 5,950,375,000 francs in 1914. General deposits are 2,288,818,000 francs, which compares with 2,379,975,000
francs one year ago and 618,725,000 francs in 1914.
Discounts aggregate 3,136,896,000 francs, against
906,850,000 francs in 1915 and 2,438,950,000 francs
the year preceding. Treasury deposits are 101,397,000 francs, comparing with 73,397,000 francs one
year ago and 158,550,000 in 1914.
The Imperial Bank of Germany in its statement
as of March 27 reports a further gain in its gold holdings of 1,099,000 marks and of 9,000,000 marks in
loans and discounts. Circulation registered a decrease of 94,000,000 marks, while deposits showed
the large expansion of 594,000,000 marks. The increase in the gold item brings the total of the precious
1198
[VOL. 102.
THE CHRONICLE
metal up to 2,458,000,000 marks, as compared with
2,329,888,000 marks the year preceding and 1,322,081,000 marks in 1914. Loans and discounts now
aggregate 5,897,000,000 marks. At this date in
1915 the amount totaled 4,911,212,000 and in 1914
927,137,000 marks. The Bank's note circulation
stands at 6,373,000,000 marks, against 4,944,067,000
marks in 1915 and 1,785,042,000 marks in 1914. The
gold reserve covering circulation and banking notes
increased during the week to 39.3% from 38.7%.
Money borrowed by loan banks on collateral this
week indicated an increase of 396,000,000 marks to
1,949,000,000 marks. At the annual meeting of the
Reichsbank on Thursday the report to shareholders
indicated that the total turnover during the year
increased 450,000,000,000 marks over 1914, and the
taxes paid totalled 199,719,000 marks. The dividend declared was 8.97%, against 8.43% last year.
Herr Bailin and Henry Nathan were elected members
of the Central Committee of the Reichsbank.
Referring to money rates in detail, call loans again
ranged this week at 1%@2%. On Monday the
high was 2%, with the low and renewal rates 1%,
at which figures the market has remained pegged on
each succeeding day of the week. Rates for time
money were quoted without charge at 23/2@2 %
for sixty days and 23/2@3%0 for ninety days,
comparing with 2%@3% on last Friday. Four,
five and six months' funds, however, continue at
a single rate of 3%. Last year sixty-day funds
were quoted at 23/2%, ninety days at 29.%, four
months at 2%@3% and five and six months at
3@33-%. Commercial paper rates showed little
change, remaining at 3@331% for sixty and ninety
days' endorsed bills receivable, and for six months'
names of choice character. Names not so well
known still require 332%. Bank and bankers'
acceptances continue at 2l,/2@2%.
There have been no changes this week reported by
the various Federal Reserve banks.
8
al
zi
' 1
1 v
I i
.4 t) ti
Commercial Paper1 to 10 dare maturity
"
1.1 to 30 '
"
31 to 60 "
"
51 to 90 "
Agricultural and
Lire-Stock Paper—
)1 days to 6 months maturity
5
5
Trade Acceptances1 to 10 days maturity
"
31 to 60
31 to 90 "
''
3
3
3
334 3
334 3
334 3
3 3
33.44
4 4
4 4
pi
3
4
4
4
334 ------33.4 3
4 4 4 4 4
4 4 4 4 4
4344 4 4344
434 5
5
5
5
5
g
— 334
4 4
4
4
4344
5
5
A
San Francisco.
i
, •
1 11
Kansas City.
•
CLASS
OF
REDISCOUNTS.
New York.
FEDERAL RESERVE BANK DISCOUNT RATES.
In local money circles there is little of moment to
note. While funds are not being forced on the market by lenders, the general tone is one of distinct ease.
The Canadian loan of $75,000,000 was subscribed
satisfactorily, as also was a bond issue of $10,000,000
by Sulzberger Sc Sons Co. Recently there has been
some release of funds in Stock Exchange circles due
to the liquidation, a number of commission houses
having paid off amounts which their bankers were not
disposed to increase. By this is not meant that the
accounts were considered top-heavy, being merely
the result of an unusual condition of affairs. That
is to say, the customers of these commission houses,
having purchased securities on liberal margins, were
not disposed to sell. This compelled the commissidn
houses in turn to arrange with their banks for carrying the securities. The banks and other lenders
are inclined to restrict their loans, rating various
firms with whom they do business with certain lines
of credit. But conditions recently current tended
to force requests for an increase in the credits available. Hence in some instances a rather uncomfortable position arose, which now happily has been
satisfactorily adjusted.
Nevertheless, New York funds are not by any
means as abundant as a few months ago. The weekly
statement of New York Clearing House banks, which
appears in fuller detail in another column of this
issue, showed last Saturday a further contraction
of $9,558,000 in the loan item and of $20,821,000 in
net demand deposits. Time deposits recorded an
increase of $4,047,000. Reserves in "own vaults"
decreased $14,500,000 to $474,025,000, of which
$400,782,000 was specie. Last year the total in own
vaults was only $395,541,000, including $321,972,000
in specie. The surplus in Federal Reserve banks
increased for the week $5,972,000 to $176,317,000,
as compared with $115,055,000 in 1915, while reserves in other depositaries were reduced .$1,533,000
to $59,719,000, against $32,694,000 a year ago. Note
circulation registered an expansion of $508,000.
Thus the aggregate reserve declined $10,061,000,
and now stands at $710,061,000, as compared with
$543,290,000 in 1915. The surplus reserve showed
the somewhat smaller reduction of $7,132,110,
owing to a decrease of $2,928,890 in reserve requirements based on reduced deposits, which brought the
total down to $126,262,670, against $149,875,760
at this date the year preceding.
-4
4
4
3
334
4
434
.
i
434 534
...._
...._
___ 334 334 3
3
3 334 334
__ 334 334 3
3 334 334 ___ 3
334 334 334 4 334
334 4 334
Commodity Paper334_..3___3 3 -__ 3 3 3 3 334
1 to 30 days maturity
...._ 3 3 -__ 3 3 3 3 4
334 ___
31 to 80
"
4%
"
51 to 90 "
_
_ -5_
--- -__
------ --01 days to 6 months maturity --------- ------ --4%.
to
2
bankers'
acceptances
of
discount
for
rate
Authorized
A rate of 334 to 4% on purchases of trade acceptances by the New Orleans branch
of the Atlanta Federal Reserve Bank In the open market, without the endorsement
of any bank, was approved Dee. 16.
In the case of the St. Louis Federal Reserve Bank, a rate of 2 to 4% for bills with
or without member-bank endorsement has been authorized.
Open market rates for purchases of bills of exchange: Atlanta,33-4 to 534%.
Dallas, 3% to 5%.
In sterling exchange circles there have been no
noteworthy changes in general conditions. Some
increase has been evident in the foreign sales of
American securities. These are attributed in some
quarters usually well informed as representing liquidation of securities accumulated by the British
Treasury under its mobilization plan. However,
the rates for demand bills on London have given no
evidence of the weakness that would seem to make
liquidation necessary. As we explained in a preceding paragraph, the British Treasury's plan
for borrowing bonds went into operation on Monday last. How enthusiastic has been the response
has not been reported by cable. The purpose of
borrowing these securities, it is understood, is to
utilize them whenever necessary as collateral for
securing funds to stabilize the sterling exchanges.
Exports of merchandise from New York for the
week ending last Saturday showed quite a reaction
from the large total of the week preceding, amounting to only $31,018,318 against $64,022,540. Meanwhile the imports for the week were $26,429,475
against $27,477,050 the week preceding. Since
Jan. 1 New York's exports of merchandise have
amounted to $569,082,371 against imports of only
$282,774,199. For the corresponding period last year
exportations were $326,490,724 and the importations
$218,295,996. The Canadian Bank of Commerce
received on Wednesday $2,500,000 gold from Australia, this amount having been transferred by the
APR. 1 1916.]
THE CHRONICLE
1199
New York:Sub-TreasurAfrom San Francisco. There tively, last Friday. Greek exchange continues at
recently has been a steady movement in a small way 5 1534 for sight bills. Copenhagen checks finished
of gold to China until the aggregate now is close to at 28.80 as compared with 28.65 the preceding week.
$8,000,000. Bankers here are at a loss to under- Checks on Norway are 29.00 against 28.83 and
stand this movement as no need from commercial checks on Sweden 28.95 against 28.85. Russian
or financial exigencies is believed to exist for the rubles are now at 31.54 against 31.70 last week.
movement of the metal.
Spanish pesetas, checks, closed at 19.20, against
As compared with Friday of last week, sterling 19.10 in the preceding week.
exchange on Saturday showed but slight changes;
The New York Clearing-House banks, in their
demand continued at 4 76 5-16@4 769/8, while cable
transfers ranged at 4 76 15-16@4 77 1-16 and sixty operations with interior banking institutions, have
days at 4 73@4 7334. On Monday trading attained gained $3,857,000 net in cash as a result of the curbut moderate proportions and rates ruled firm on a rency movements for the week ending March 31.
somewhat smaller supply of commercial bills than Their receipts from the interior have aggregated
anticipated; cable transfers were again qouted at $9,358,000, while the shipments have reached $5,4 76 15-16@4 77 1-16 and sixty days at 4 73@4 7334; 501,000. Adding the Sub-Treasury operations and
demand bills registered a range of only 4 7634@ the gold imports, which together occasioned a loss
4 769/8. Sterling rates were quiet but steady on of $3,738,000, the combined result of the flow of
Tuesday, recording a fractional gain for the day for money into and out of the New York banks for the
demand, which advanced to 4 76 5-16@4 76 7-16, week appears to have been a gain of $119,000, as
although cable transfers were not changed from follows:
4 76 15-16@4 77 1-1p and sixty days from 4 73©
Into
Out of
Net Change in
Week ending March 31.
Banks.
Banks.
Bank Holdings.
4 7334. On Wednesday exchange dealings were deinterior movement
89,358,000
$5,501,000 Gain $3,857,000
cidedly restricted in character; commercial offerings Banks'
Sub.-Treas. over. and gold imports_
16,099,000
19,837,000 Loss 3,738,000
continued light and the tone was firm; quotations, Total
$25,457,000 $25,338,000 Gain
8119,000
howeve-r, were still pegged at 4 769/8@4 76 7-16 for
The following table indicates the amount of bullion
demand, 4 77@4 77 1-16 for cable transfers and 4 73 in
the principal European banks:
@c4 7334 for sixty days. As had been the case on
March 30 1910.
Aprll 11915.
previous days of the week, extreme dulness marked Banks of
Gold.
Silver.
Total.
Gold.
Silver.
Total.
Thursday's transactions and rates moved within
2
2
narrow limits; demand held firm at 4 76 7-16@4 763/2, England.._ 56,661,36
56,661,36 53,868,251
53,868.251
France__ _ 200,251,96 14,456,61 214,708,600 169,949,280 15,094,920185,044,
200
cable transfers at 4 77@4 77 1-16 and- sixty days at Germany_
122,978, II 2,100,000 125,078,400 116,876,400 2,008,100118,884,500
162.410,
5,139,000167,549,000 156,771,000 5,417,000 162,188.000
4 73%@4 7334. On Friday the market ruled steady, Russia';...
Aus-Hunc 51,578,000 12,140,1
63,718,000 51,578,000 12,140,000 63,718,000
___ 37,343,000 30.405,1
67.748,0001 23,584,000 29,203,111 52,787,000
with demand at 4 76 7-16@4 763/2, cable transfers Spain_
Italy
41,568,oil 4.169,
45,737,000 51,000,000 2,847,011 53,847,000
Netheri'd 42,456,0
399,90 42,855,900 23,858,000
119,91i 23.977,900
at 4 77@4 77 1-16, and sixty. days at 4 7334@ Natmeigh 15,380,
600,
15,380,
15,380,000
600,111 15,980,000
Swits'land 10,106,811
10,106,8
9,632,700
9,632,700.
4 739/8. Closing quotations were 4 7334 for sixty Sweden
_ 8,936,
8,938,
6,289,000
6,289,000
Denmark. 6,659,
176,000 6,835,00
5,952,000
309,
6,261,000,
days, 4 763/2 for demand and 4 77 1-16 for cable Norway.... 4,011,
4,011,000 2,874,000
2,874,000Tot. week 760,339.52 69,585,540829,925,064,687,612,631 67,738,920755,351,551
transfers. Commercial on banks (sixty days) closed Prey,
wee 759,371,236 69,651,380529,022,616 690,308,508 67,511,2201757,819,725
at 4 7234, documents for payment finished at 4 723% • •The gold holdings of the Bank of Russia for both years in the above
statement
have been revised by eliminating the so-called gold balance held abroad.
and seven-day grain bills at 4 753/2@4 759/8. Cotton c July 30 1914 in both years. h Aug. 6 1914 in both years.
for payment closed at 4 7234@4 729/
8; grain for.payment at 4 7234@4 729/8.
THE QUESTION OF TRADE HOSTILITY AFTER
THE WAR.
In the Continental exchanges a somewhat firmer
The conference of responsible leaders of the Allied
tone has been evident, so far as the belligerent na- Governments, which convened
at Paris last Monday,
tions are concerned, in contrast with the pronounced is not of itself a novel expedient of
this war. It is, in
weakness ruling earlier in the month. There has fact, the third important
gathering of the sort. The
been a better inquiry for reichsmarks, sight bills first was held in the early months of
war,
the
advancing to 72 5-16 on Friday, although the final formal agreement was originally made thatwhen
none of
quotation was 723/8, against 713/2 last week. Bank- the Allied Powers would conclude
peace with the
ers' cables on Berlin closed at 72 3-16 as compared enemy, except with the assent of the others.
This
with 71 9-16. Francs also ruled firm in the opening was to preclude such incidents as occurred in
the
days of the week, chiefly on improved prospects for Napoleonic wars, when continental powers
such as
the placing of new loans; later, however, preparations Russia and Austria, which were originally
members
in connection with the payment of certain outstand- with England
of the coalition against Napoleon;
ing obligations caused some weakness. In Paris made separate peace more
than once with France,
the London check rate finished at 28.503/2, against and, in fact, for a time actually
engaged in war
28.50 the week preceding. In New York sight bills against their former allies.
on the French centre closed at 5 9734, unchanged
The next important conference of the Allies, during
from last Friday, and cable transfers at 5 963%, 1915, had to do chiefly with.mutual arrangements
,against 5 963/2. Austrian kronen, following an ad- first, for providing and distributing munitions of
vance of 12.48 on Tuesday, subsequently reacted war among the actively belligerent allies, but,second,
and closed at 12.41, against 12.43 last week. Swiss with arrangements for joint action regarding ecoexchange closed at 5 213/2 for bankers' sight and nomic problems. In all these conferences the finan5 2034 for cables as compared with 5 23 and 5 2234 cial aid of Great Britain to her continental allies
a week ago. Bankers' sight on Amsterdam finished was guaranteed; such advances, up to last Septemat 42 11-16, against 423/2; cables at 42%
3 against ber, having been stated by the British Premier as
429/s@423/2, and commercial sight at 42%, com- aggregating (including advances to the English coloparing with 429/
8. Italian lire are 6 52 for sight and nies) no less than $1,250,000,000. In partial return
6 5134 for cables, against 6 70 and 6 693/2, respec- for this the French and Russian conferees guaranteed
1200
THE CHRONICLE
[VOL. 102.
before the
remittances of gold when necessary from the French demonstrated in competitive foreign trade
operamilitary
in
displayed
war, as they have been
and Russian State banks to London.
competing
was
Germany
war.
the
during
In all these conferences the military situation was tions
markets;
discussed; but it is reasonable to suppose that such vigorously with England in the neutral export
Germanfact,
In
colonies.
own
in
England's
even
assurmutual
discussions had to do primarily with
in the
ances as to what forces each nation would agree to made goods were pushed with great success
certain
but
put upon the field, and where and when they would English market itself. Not only so,
conditions, have
be supplied. It is hardly to be supposed that the developments, arising from the war
had obenterprise
German
actual plan of campaign was mapped out—much less indicated how extensively
even
and
trading,
banking,
in
criticized and discussed—in conferences made up so tained a foothold
England,
in
located
s
undertaking
ing
largely of civilians. That is a matter for the respec- manufactur
tive general staffs and military commanders. There- France or Italy.
Undoubtedly, knowledge of these facts has played
fore, the, intimation that the spring campaign of the
an
important part in arousing the present controat
conference
week's
at
this
arranged
Allies was first
Paris is not convincing. Conclusions of high im- versy. It came to a head in a bitter speech of last
portance may, however, have been arrived at on December by Walter Runciman, President of the
questions concerning the present economic situation, British Board of Trade, who declared to Parliament
wish
and the economic policy for the future; questions that although, after the war, Germany "may
for
is
it
campaign,
economic
new
that
on
embark
to
eventudo
to
much
as
which, apparently, will have
does
she
that
peace,
making
when
it,
to
see
us
to
combatants
respective
the
of
ally with the attitude
had this
toward peace as will actual achievements on the not raise her head." Runciman's speech
German
the
to
retort
a
as
partial excuse: it was made
battlefield.
that
Reichstag
the
to
declaration
The names of the delegates to this week's confer- Finance Minister's
columns
the
on
letters
glowing
in
written
"are
ence indicate the responsible character of tne there
gathering. Among the active participants in the of the British Empire the same words as were
But
gathering were General Joffre, Earl Kitchener, Sir written on the walls of Belshazzar's palace."
equally
were
declarations
both
that
say
to
is
only
this
Sir
France,
in
Douglas Haig, the British commander
William Robertson, Chief of the British General .foolish. England's colonial empire is hardly desStaff, General Gilinski, the Russian Emperor's aide- tined for disintegration, and the war has apparently
de-camp, and Count Cadorna, the Italian General-in- foreshadowed the strengthening of the bonds beChief. But the larger number of delegates included tween the mother country and her colonies. But
such men as Premier Briand of France, Premier Runciman's idea that German trade must be ruined
Salandra of Italy, the Italian Foreign Minister,Baron in retaliation is even more emotional and amateurish
Sonnino, the Serbian Minister of Finance, the than Dr. Helfferich's Biblical prediction. It is so,
French Minister of Foreign Affairs, the Belgian not only because, even if the plan were conceivably
Foreign Minister, the French Secretary of Munitions, to be successful, it would punish individuals for the
Premier Asquith, Sir Edward Grey and Mr. Lloyd fault of government and thereby prolong the era of
ill-feeling, and not only because the total exclusion
George, the British Minister of Munitions.
an efficient commercial competitor would react to
of
of
Lloyd
The three last names, especially that
prejudice of the consuming public of England,
the
parthis
of
George, indicate one immediate purpose
allies and her colonies, but because it would
her
recurrent
of
a
matter
been
has
ticular conference. It
foreign
discussion in England, during the past few months, strike a blow at the future of England's own
what would be the policy of the Allies, after the war, trade.
In 1913, for example, the last full year of peace,
regarding trade relations with Germany. The idea,
suggested in some of these discussions, of continuing England imported £80,500,000from Germany,butshe
political and military hostility by means of financial also exported to Germany £40,695,000,nearly all of it
and commercial hostility on return of peace is by no England's produce. The excess of imports over
means new. There have probably been few long exports was much less than in the case of England's
and bitter wars in history when this result has not trade with the United States, for instance, and conformed to the usual balance of England's trade relabeen predicted as one sequel of the conflict.
We are not aware, however, that any such predic- tions with other important producing countries. But
tion has ever been fulfilled. Notably in the case of if England were not to import from Germany herethe United States and England after. the War of after, she could hardly count on exporting to her,
1812, and despite the embargoes previously placed since retaliatory legislation would be almost inevitby each nation against the trade of the other, an able. That would mean theoretically the loss of
enormous increase in mutual trade occurred immedia- more than $200,000,000 in England's annual export
ately after the war, to the great benefit of both trade. In the same year, 1913, France, which imparties. Reinstatement of commercial relations be- ported $214,000,000 of merchandise from Germany,
tween the North and South, after the Civil War, was also exported $174,000,000 to her.
One may imagine the opportunity open to the
delayed only because of the financial exhaustion
and impoverishment of the South. Even in the case United States, especially in a competition with Engof the Franco-Prussian War, there has lately been land for financial and commercial leadership, if all
recalled the statement of an English writer that this field of export to Germany were thrown into the
"French and German commercial travelers were hands of the present neutral countries. But the
waiting on the frontiers for the moment when peace proposition itself is too absurd to expect serious conshould be signed, and there was a great inrush for sideration. There is no reason to believe that sober
orders into both France and Germany, as soon as Englishmen will endorse the impulsive program set
forth by Mr. Runciman. Indeed, a much more inpeace was declared."
The present instance differs only in this regard— fluential English public man, Mr. Lloyd George,
that German aggressiveness and efficiency had been lately declared to the House of Commons, with an
APR. 11916.]
THE CHRONICLE
1201
unmistakable side-glance at Runciman's proposal, definite, can be imagined desirous of the passage
that "we must not subordinate the civilization of of this bill it can only be because the country would
mankind to any trade policy. When we consider like the politicians to hasten and do their worst
trade, the first thing to be done is to obliterate any and get it over. Instead of striking the blow,
idea of revenge."
relieve the country by ceasing to threaten blows.
Whether this war will be followed by a series of Mr. Wilson would, of course, reply that this bill is
joint preferential tariffs among the Allies and for helpful, not hurtful; but that is his opinion, from
their supposed mutual benefit, as against other which the business interests most concerned and
European States, is perhaps another question. The most competent to judge dissent, and in sticking
enormous expense of this war, and the huge annual to his notion- he shows once more how hard it is to
revenues which will be required after war to meet the get out of his mind anything which has once found
annual charge imposed by the war debts, may be lodgement there.
taken to foreshadow increase of duties on imports by
He is correct in saying that "the railways of the
belligerent countries already committed to protec- country are becoming more and more the key to its
tion, and probably to foreshadow also England's par- successful industry," but far less so in adding that
tial abandonment of her absolute free-trade policy. "a new groundwork of fact for the necessary future
In England's case this will not be done without regulation" is of capital importance. The long line
resistance; it may not be done at all.
of legislative investigations hitherto has added very
But steps have already been taken in last autumn's little groundwork of knowledge and has rarely
English budget which certainly smacked of a pro- produced anything but delay and expenditure of
tective tariff on certain articles, and our own ex- public funds, except that the investigators have
perience teaches how easily a tariff for revenue only had an enjoyable time and in some instances have
on highly competitive articles crosses the line into made occasion to be themselves investigated by
an actual protective tariff. This, however, will not others following their trail. We have now an Internecessarily, or probably, be connected with a policy State Commerce Commission, ostensibly to take
of retaliation. Even if adopted for revenue pur- care of the railroad problem and get the information
poses only, it would undoubtedly alter past trade needed for doing so; why set another body again
relations of many European States and might create interfering with it? Further, if Mr. Wilson is
for the whole world some new economic problems correct, as we hope, in his feeling of certainty that
from which the United States could not wholly "we all want to be absolutely fair to the railroads,"
escape. But the idea of trade discrimination as a it is not necessary to defer the fairness to next year;
punishment of nations is not likely to survive the begin that now by using the knowledge already at
excited and angry controversies of the war itself. hand; for example, take up the subject of payment
It is fortunate for the world's hope of restored and to the roads for mails-carrying and act honestly
peaceful relations between the great States of Europe upon it.
that this is so.
Another point is pertinent: is it quite hopeless
to seek realization of the fact that the Executive
PRESIDENT WILSON ON THE RAILWAYS oath of support for the Constitution is something
AND ON THE SHIPPING BILL.
more than formal? That document commands
Mr. Wilson has addressed a letter, notably brief, the President to give information to Congress "and
to Representative Claude Kitchin of North Carolina, recommend to their consideration such measures
Democratic floor leader, to hasten action on two as he shall judge necessary and expedient." It does
matters which seem to him of especial importance, not limit the frequency and emphasis of the recomthese being the shipping bill and the Newlands joint mending and does not, in terms, forbid his writing
resolution from the Senate providing for a joint bills and having them introduced; yet there can be
committee to investigate the railroad problem and no doubt of the spirit of the document as to the
report not later than January next. He did not distinctness of separation of governmental departinclude the latter in suggested legislation because ments, and in some of Mr. Wilson's historical
it seemed to him not so much legislation as laying writings of past years he pointed out how Congress
"a groundwork of actual fact" for future legisla- had gradually usurped all powers and functions of
tion.
the Government! This shipping bill is his; he
Chairman Alexander made another labored de- framed it; he introduced it, as truly as if he were
fense of the shipping bill, before an association of Congressman as well as President; he has been
exporters in this city, on Wednesday, without pushing it, even to the degree of publicly denouncing
being able to make any substantial point for it, Senators who were opposed to it; he has been rethe most he could say being that it is not as bad as peatedly said by Washington newsgatherers to be
in the last session because it does not, in express "determined" that this and a few other measures
terms, order Governmental operation, but gives shall be put through, and so on. It is no exaggediscretionary powers to a board that can do as it ration to say that he assumes and attempts to do
pleases. Mr. Wilson is largely correct in saying business at both ends of Pennsylvania Avenue.
that "it would seem as if the whole movement of
He is not responsible for what preceded him and
our trade and industry waited on satisfactory he found this bad habit of Executive interference
solutions of our problems of transportation," but and "policy" and domination already confirmed by
his next following remark that "that is the reason too-long sufferance. To say this is only justice to
why it seems to me that the shipping bill should be him; yet he is responsible for taking it as he found
pressed to an early passage" is a pat example of it and pushing it along with all the power which
non sequitur. That is a far better reason why the his political relations and the unhappy war have
bill should be speedily consigned to oblivion and combined to give him. To us it has seemed (and
the country relieved of menace from it; if "our trade we have not hesitated to say so) that he missed an
and industry," halting and waiting for something opportunity of great service and enduring fame by
THE CHRONICLE
1202
[vol.. 102.
play the part of the jackal and wait until the great
beasts are exhausted that it may run off with the
prey. Only excessive timidity can give a shadow
of justification for a neutral government to attempt
to suppress individual opinion, or to enact for its
own people any kind of gag law. As a government
it is bound to reach a decision, and then to denounce
THE PROBLEM OF HONEST NEUTRALITY. a recognized wrong doer, or, if equal guilt seems to
The evils of the war are now world-wide and men prevail, to refuse to give consideration to either
are bound to form judgment as to who are responsible combatant, however it may be demanded. Even
for it. The final decision will be with the future, the weakest neutral who goes on record secures
but we must pass judgment on known facts. Many not only his self-respect but his position in the world
wrongs have been committed by all. Europe is of to-day. Neutrality is a means to an end, and
responsible for the Turks. England is responsible that end is the prevention of the abnormal confor the Crimean war, putting her money on the dition created by belligerents breaking up unduly
wrong horse, as Lord Salisbury said; France is re- the normal life of the world. If it is used to cover,
sponsible for Napoleon, and both France and Ger- or to belittle, unrighteousness it should be repudimany for the Franco-Prussian war; Germany broke ated. The difficulty of the American position to-day
truce with Belgium, adopted the doctrine of Fred- or up to to-day, now that the Villa pursuit has begun,
erick the Great, that a nation will always interpret makes it difficult for us to find an answer to this
treaties as her interests demand, and has com- letter from a German diplomat to his friend in
mitted herself to the policy that though an act may America which has recently found its way into
be wrong, it may be justified as necessary, and has print; he says :
"You do not refer to the present Mexican question,
set out to establish the supremacy of material force
world.
upon
the
kultur
at which I am astonished. Don't you believe it
and her right to impose her
The problem how to maintain a vigorous and an would have been queer to get a protest about Belgium
unselfish neutrality in the face of such issues is from a government which had created a most extranot an easy one. We are bound to take such ordinary breach of international law by at first
a position as will secure all that has been gained in not recognizing a President of a neighboring country
the progress of humanity, that is, all that is covered with whom it seemed on good terms, then allowing
by international law and civil liberty. To this end arms to be sent to the revolutionaries in that country,
every State is under obligation to prevent disregard though not to recognize them as belligerents; then
of that law and destruction of that liberty. The to forbid this export of arms; then to allow it again;
law of nations was instituted to put an end to over- to occupy by force a port; to leave it again and to
bearing power. From the day of Grotius, 300 years wind up by leaving the country in question, which
ago, that law has been developed, formulated, and was supposed to benefit by all this—at least that is
come to be leaned upon by the civilized world for what we outsiders were told—with, I think, five
its guidance and its peace. Meanwhile, public Presidents fighting one another and ruining the
opinion has centred upon a conception of liberty country completely. I think the results for Mexico
regulated by law, of which the United States is the have been worse than our invasion of Belgium."
chief illustration, and to which all the world is looking This is an indictment difficult to answer, though
as the line of hope for its own future.
the cases are by no means analogous.
It must be recognized that war is abnormal.
It follows from this that a neutral is bound to
Therefore, the neutral States have always better create and maintain so much force as will secure
rights than belligerents; as the community has rights respect for its opinions and justify its protests. As
which no rioter in the street can sweep aside, or a party at interest in the peace of the world its
against which he can make individual claims, how- preservation of the common rights depends on the
ever hot his passion or grievous his conceived wrongs. performance of each neutral's individual duty.
The community is arrayed against him until he Adequate preparedness precedes assertion of privilege,
ceases to be belligerent, and only then can it hearken and it alone gives effect to protest. Neutral power
to his complaint. So the neutral States are bound in the aggregate, as well as in the individual case,
to be consistent, even though the possibility of war depends on having reserve force in form for emeris not regarded with favor. The ancient doctrine, gency.
Genuine neutrality is bound to resist every return
justified by Demosthenes, and re-asserted in the
days of Elizabeth by Lord Grenville, that any one to barbarity. Civilization has had a long struggle
"providing means of destruction" or "restoring his against barbarism, with frequent relapses. It is
sword" to an enemy becomes at once the recognized constantly returning to flout the modern world.
foe of him who contends with that enemy, has long The neutral hand of the world -should be held over
since been repudiated. The modern world rests belligerents without faltering. The immunity of
upon the established right of the neutral world to non-combatants is well established by the law of
proceed with its business, to sail and to trade where nations. Therefore "schrecklichkeit," and aeroit will, undisturbed by belligerents outside of their planes used for striking terror, and submarines
immediate territory. A strong neutral, as has been attacking merchant vessels, are nothing but aggressaid, can do more for peace by firm insistance on sive barbarity. War is no time for re-writing law,
the rights of the neutral world in a single case than and the cry of "Huns," and "no prisoners," is simply
by any amount of yielding to the claims of nations horrible, whether from the Germans or the Russians
or anybody else.
at war.
A nation, therefore, that means to be honestly
It is obviously the duty, therefore, of every neutral
promptly to decide upon his course and to act accord- neutral has a right to thelloyalfsupport of its own
ingly. Little can be said for the neutral who will citizens.1dThere,isinolroomiherelforidifferencelof
not calling a halt upon this degenerative habit on
his inauguration day and setting himself to accomplish the return of right distribution of powers and
responsibilities. Is it quite impossible for him,
although late, to get a clearer vision and take and
declare this stand now?
'1••••
APR, 1 1916.]
THE CHRONICLE
1203
opinion. There is only one kind of true neutrality. plant) pays $490. Specifications here are more
Before the war General Bernhardi wrote to his fellow rigid and wages are higher than in those countries;
leaders of Germany "We must rouse the people to yet, in order to preserve its investment in plant,
a unanimous wish for power." Above all, neutral the Bethlehem Company offers to take off $30 from
republics pre-eminently need this devotion, a unan- its present price of$425. Or it will go a step farther
imous wish for so much power as will repress the by allowing any well-reputed firm of public accountaggressions of the warlike. This great fight will ants or the Federal Trade Commission itself to make
not be over when the final victory is won. Tre- an inventory of its plant and estimate the costs of
mendous forces have been let loose. Destructive manufacturing armor plate; then it will agree to sit
ideas have come to possess many people. Many down with the Navy Department and meet any
of our American traditions need revision. We figure at which the Government can produce the
must foreswear all idea that effects can be had plate. Therefore the company submits that the
without adequate cause, and that either rooted proposed plan for a plant "is wasteful as an expenditraditions of the centuries can be swept aside out ture and unwise as a policy."
of hand, or that our cherished traditions of our allThis rejoinder may be called interested and selsufficiency, of our isolation, or our duty of permanent fish; allow it to stand upon its own statements as
escape from foreign entanglements, are sufficiently from a biased party and then the question of general
valid. Moral stamina is the need of the hour for public policy remains. The loudest advocate of
nations no less than for individuals, and that is governmental extension, and also the most oututterly absent when a strong neutral nation is tempted spoken Socialist, may be challenged to cite one work,
to permit the rights of its people to be trodden under one department, or one bureau, in which our Governfoot in defiance of established law, and the crushing ment approaches private business operations, either
of the weak to occur and be continued without in intelligence, economy, or efficiency. Some might
restraining protest.
unthinkingly cite the Post Office as an example,
We may well adopt the verdict of the European but private enterprise could beat that in every
diplomatist chosen by the Carnegie Foundation to particular and might undertake to do so, save for
write the recently published volume "Nationalism one factor: the interests of the country require the
and the Near East." "When peace has again been dissemination of intelligence (not necessarily the
established in Europe and the Balkans, and the time carrying of merchandise) to the boundaries of popucomes for civilized peoples to reconstruct their inter- lation at one uniform rate and this would be imnational friendships, it will be well for the world if practicable for private enterprise. The postal work
they have learnt one lesson—that national respon- is not profitable, even when the railroads are robbed
sibilities may not be neglected with impunity in in order to make a show of profit; it is a means to
any region, however insignificant, or by any citizen, an important end, not a self-supporting and businesshowever ignorant."
like business. It is bunglingly done and in this it
shares with all government work; waste, inefficiency,
EXTENDING GOVERNMENT OWNERSHIP OF lack of system and real accounting run through the
BUSINESS.
whole of it. This, alone, is a good, and should be
One Washington correspondent thinks he dis- a •sufficient, reason against adding a single governcovers a "renewed and increasing drift towards ment function or plant. What is or can be done in
government ownership or interference with industry." Europe is not conclusive; we have to speak of governIf he reads the surface indications correctly, he ment as it exists here.
surely uses the proper word in calling this a "drift,"
Mr. Hurley of the Federal Trade Commission
and then the only counteracting force is a more has been at it again, this week, trying to paint for
general and more emphatically-expressed opposition Bostonians and others the educational and helpful
from the country. He mentions the recent vote in possibilities of the Commission for business. He
the Senate for an armor-plate plant, and among repeats the tale of small corporations which do a
other schemes lurking in the background various small business, get no profit, are unable to find out
munition plants and a Government subscription to their own costs and do not know where they are or
the entire stock of proposed land-mortgage banks why they are. Grant it; shall the turtle teach the
for the "relief" of the farmers.
lark to fly? Mr. Hurley and his associates have a
The Bethlehem Steel Company has offered a very "job," and they are both natural and pardonable in
terse rejoinder to the Senate's bill. The company trying to hold it by magnifying it. They would
has made armor for the Government during 29 year, teach accounting and the analysis of producing
it says; and it has a duty to preserve, if possible, costs. Will they get their knowledge by studying
an investment of over seven millions, "made at the government work, unless to find horrible examples
behest of government" and valueless if government to hold up for avoidance? Will they employ experts
goes into that work. The only possible pleas for a for gratuitous teaching, as they have intimated?
government plant—that the private plants have not Can they get experts whom private business cannot
sufficient capacity and that a government plant get? Is the Government to attack success which
would beat them on price—the company flatly has resulted in size and also nurse incompetence at
controverts. The estimated needs of the navy for the public expense?
the next five years call for 24,000 tons a year,
against a present capacity of 32,000 tons in the SECRETARY McADOO IN DEFENSE OF THE CHANGED
three private plants. Upon the question of price,
TREASURY STATEMENT.
An answer to the criticisms against the changed form of
this country is now paying $425 per ton for armor
plate, substantially less than paid by Japan, Austria, the Treasury statement inaugurated last October by SecreEngland, France or Germany; England and Ger- tary of the Treasury W. G. McAdoo is made by the latter
in a lengthy letter which he has addressed to Claude Kitchin,
many pay respectively $503 and $490 to private majority leader of the House. Mr.
McAdoo's letter, written
plants, and Japan (which alone has a government under date of March 11 on board the U. S. steamer Ten
1204
THE CHRONICLE
[VOL. 102.
This magical increase was accomplished by the mere transfer of the
national bank redemption fund, amounting to $54,388,475 75, from the
liabilities on the ledger to the general fund balance. This amount was,
however, decreased that day by $6.470.503 18, being the net difference
between the excess of total disbursements over total receipts, thus making
the net increase in the.surplus fund of the Treasury July 26 1890 over
July 25 1890 $47,917.972 57. See daily statements of July 25 and 26 1890
attached as Exhibits "B" and "C."
Republican statesmanship achieved this extraordinary gain in the revenues of the Government "over night" by the simple expedient of transferring
by law a $54,388,475 75 liability into the general fund balance. This is
the first recorded instance in the Treasury Department of what our Republican opponents have been so generous in denouncing as "financial
legerdemain," "padding figures," "jugglery," &c., and those illustrious
Republican statesmen, Benjamin Harrison, John Sherman and William
Windom are our exemplars.
On the first of July 1913 I transferred this national bank redemption fund
from the general fund balance to the liabilities on the daily Treasury Statement upon the advice of an alleged expert accountant whom I had employed
to investigate the Treasurer's office and improve the daily Treasury statement. This was bad advice and my action was an error, because the law
gives the Secretary of the Treasury no discretion in this matter. It compels him to cover the national bank redemption fund into the Treasury
as a part of its general assets. The Government assumes the payment
Tennessee, March 11 1916.
On Board Ti.
redemption fund is deposited,
My Dear Mr. Kilchin:—There has been so much unfair criticism and of the national bank notes for which this
debt, and you will
partisan misrepresentation of the daily statement of the United States and charges the amount thereof as a part of the public
of the Treasury.
Treasury which was put into effect Oct. 1 1915 that, for the sake of truth find it regularly entered in the monthly debt statement
In order to correct this error and comply with the "Republican law" of
and fair play, I beg to present to you the actual facts, with the hope that
national bank redemption fund from the
they may be inserted in the "Congressional Record" and published to July 1890, I retransferred this
liability side of the daily Treasury statement to the general fund balance
•
the country.
am n until the law is changed.
Our Republican opponents complain bitterly because I have included as on the first of October 1915, where it will rem
It is amazing that the criticism of our Republican opponents should be
a part of the general fund of the Treasury the deposits made by nationa
is forced upon the Secretary
stated,
before
as
banks for the retirement of their circulating notes. One would suppose, directed at this action, which,
of the Republican Party. If this
from their violent denunciations, that I am guilty of a crime because I of the Treasury by virtue of legislation
bad morals, our Republican critics should
have done this, and yet I have merely obeyed a law passed July 14 1890 Is bad financing, bad practice or
are vulnerable and not we.
by a Congress controlled in both branches by the Republican Party and blame the Republican Party. They
Our opponents have also criticized the new form of daily Treasury stateapproved by a Republican Pre-ident, the late Benjamin Harrison. This
of disbursing officers are no longer
credit
tine
to
amounts
the
because
ment
law is mandatory. It directs the Secretary of the Treasury to do exactly
disbursed, but are included in the general fund
what I have done. I have no discretion in the premises. If I have com- charged as money actually
sta ement, however, that the full amount to the
mitted a wrong, the Republican Party is responsible for it, and if there is balance, with the express
included in such balance. To illustrate: The
virtue in my action the Republican Party is entitled to the credit of it. credit of disbursing officers is
fund as shown by the daily Treasury statement
The Act of July 14 1890, approved by President Harrison, provides as net balance in the general
of March 10 1916 is given as follows:
follows:
including $57,346.666 52 to credit of dis"That upon the passage of this Act the balances standing with the .Treas- "Net balance,
$116,092,977 98
bursing officers
for
urer of the United States to the respective credits of national banks
deposits made to redeem the circulating notes of such banks, and all de- This statement is the literal truth and cannot be successfully attacked
Treasury
the
into
covered
be
shall
purpose,
like
for
posits thereafter received
or criticized.
as a miscellaneous receipt, and the Treasurer of the United States shall
To understand this matter clearly, it should be borne in mind that the
redeem from the general cash in the Treasury the circulating notes of said
Treasurer of the United States is, from time to time, authorized by the
upon
and
redemption;
to
subject
possession
his
banks which may come into
the certificate of the Comptroller of the Currency that such notes have been Secretary of the Treasury to credit disbursing officers of the Government
received by him and that they have been destroyed and that no new notes with certain amounts against which such disbursing officers are permitted
will be issued in their place, reimbursement of their amount shall be made
upon the Treasurer. The actual moneys to cover these
to the Treasurer, under such regulations as the Secretary of the Treasury to draw checks
may prescribe, from an appropriation hereby created, to be known as credits are in the Treasury and are not withdrawn from the Tresaury
Act
this
of
provisions
the
but
national bank notes, redemption account;
sometimes for many months and sometimes for many years.
shall not apply to the deposits received under section three of the Act of
Under the law the Secretary of the Treasury controls the funds of the
June 20 1874, requiring every national bank to keep in lawful money with
States is the banker for the
the T easurer of the United States a sum equal to 5% of its circulation Government and the Treasurer of the United
to be held and used for the redo ptian of its circulating notes; and the bal- Secretary. The new form of Treasury statement accurately reflects the
month,
each
of
close
the
at
shall,
covered
by the books of his
so
deposits
disclosed
the
of
as
account,
remaining
ance
condition of the Secretary's
be reported on the mont ly public debt statement as debt of the United banker, the Treasurer. The old statement was made partly from the
States bearing no interest."
viewpoint of the Treasurer of the United States as the banker of the GovA distinguished Republican statesman, John Sherman, who had been ernment, and partly from the veiwpoInt of the Secretary of the Treasury
Secretary of the Treasury himself, introduced this bill, and you will find as a depositor for the Government. This led to endless confusion in the
in the "Congressional Record" of May 7 1890 the following statement public mind.
made by him in support of it:
During the term of Secretary MacVeagh disbursing officers of the Gov"Mr. President, under the existing law, as Senators no doubt are all ernment deposited their balances in designated national banks or in Subaware, when a national bank chooses to retire its circulation it may deposit Treasuries. One month before Secretary MacVeagh retired, viz., February
an equivalent amount of lawful money, or United States notes,in the Treasbalances to the credit
ury of the United States, and by the existing law those United States notes 1913, this practice was discontinued by him, and all
or other lawful money must be held in the Treasury to redeem the outstand- of disbursing officers in the United States were transferred from the narecent
of
account
on
so
It
happens,
in.
comes
it
as
circulation
ing bank
tional banks and the Sub-Treasuries to the books of the Treasurer of the
events which I need not recall, that the national banks are rapidly retiring United States at Washington, where they appear merely as book accounts.
their circulation, and the result has been that at one time there was over
one hundred million dollars lying idle in the Treasury to await redemption Checks of these disbursing officers are now drawn on the Treasurer of the
of national bank notes which were not presented in due course in one two, United States instead of, as formerly, on different national bank deposithree or four years, and at the present time there are about sixty-five or taries or Assistant Treasurers of the United States. The status of these
seventy million dollars lying in the Treasury held to redeem outstanding
Money is no longer transferred
bank notes which do not come in, thus to that extent contracting the cur- accounts is, therefore, materially changed.
rency of the country unduly and with great injury. The section I propose from the Treasury for the credit of these disbursing officers, but the money
as an amendment simply proposes to allow the money thus deposited for remains in the custody of the Treasurer of the United States—disbursing
the redemption of national bank notes to be paid out, and the Treasury officers being given merely a book credit for certain amounts against which
will as these bank notes come in pay them out of the funds in the Treasury
system every cont of this
composed of this money and other money in the Treasury. In other they are authorized to draw. Under this new
words, the effect will be to unlock about sixty-five or seventy million dol- money is in the custody of the Treasurer until the checks of disbursing
lars of circulation. I suppose there can be no objection to the amendment. officers are paid by him.
"Mr. Cockrell: It simply authorizes that to be paid out of the Treasury?
The amounts carried to the credit of disbursing officers on the books of
"Mr. Sherman: Yes.'
the Treasurer do not represent an equivalent amount of obligations which
I attach as Exhibit "A" extracts from the debate in the Senate in May disbursing officers are required to pay. They represent that part of the
1890 upon Senator S herman's measure.
appropriations previously made by Congress which the heads of the differThe effect of this law was to compel the Secretary of the Treasury to ent departments think it desirable that their disbursing officers should have
treat and actually use as a part of the available funds in his hands for the credited to them as checking accounts for the purpose of paying obligations.
general purposes of the Government all moneys deposited by national and are simply the maximum amount which disbursing officers are authorbanks for the retirement of their outstanding circulation, except the 5% ized to draw on the Treasury to pay bills of the Government.
redemption fund.
The laws of the United States require that no money shall be paid out
In order to get a clear understanding of this matter, it should be stated of the Treasury except on warrants signed by the Secretary of the Treasury
funds:
that there are two national bank redemption
and countersigned by the Comptroller of the Treasury. It is physically
First, what may be called the "100% redemption fund," which is a fund Impossible, and would greatly delay the Government's business even if
deposited by national banks that have failed or gone into liquidation, or possible, for the Secretary's office to attempt to issue warrants for every
desire to reduce their circulation. This fund is equal to the par value of disbursement, and, in order to facilitate the payment of the Government's
the outstanding national bank notes to be retired; and
bills, the Secretary, by a warrant, gives a credit to disbursing officers. This
Second, the "5% redemption fund," which is a fund deposited by going is purely a bookkeeping arrangement, and is necessary because of the vastnational banks for the purpose of taking care of the current redemptions ness of the Government's business.
of their outstanding circulation. This fund has always been treated as a
Disbursing officers' funds in the hands of the Treasurer of the United
trust fund and is not included in the general fund balance of the Treasury.
States are as much a part of the funds of the Government as is the balance
It is the "100% redemption fund" which the Act of July 14 1890 directs remaining in the Treasurer's hands subject to the check of the Secretary
to be covered into the Treasury as a part of the miscellaneous receipts, and of the Treasury. As the net balance should represent the funds in the
It is the identical redemption fund which every Secretary of the Treasury, Treasury available for paying the current obligations of the Government,
whether Republican or Democratic, has, for the twenty-six years since the the amount placed on the books to the credit of disbursing officers should
passage of that Act, treated as a part of the general fund of the Treasury be included therein.
except for the brief period from July 1 1913 to Sept. 30 1915, when, for
Furthermore, there can be no just ground for criticism because of the
reasons hereinafter stated, I included this fund in the liabilities on the inclusion of these credits in the general fund balance, as their exact amount
fund
general
the
Treasury statement and consequently eliminated it from
is clearly stated in every daily statement issued by the Treasury Debalance.
partment.
A Republican Secretary of the Treasury, William Windom, put this law
There are, of course, at all times checks Issued by these disbursing officers
Into operation on July 26 1890. The following was the effect produced:
which have not been paid, but these are a small proportion of the total
the
gold
amount placed to their credit. It is impossible to state the amount of
The general fund balance on July 25 1890, excluding
$83,439,678 12 these outstanding checks daily, but once a month, in "The Financial
reserve fund of $100,000,000, was
Statement of the United States Government," formerly known as "The
The next day. July 26 1890, the general fund balance in the
Public Debt Statement," these outstanding checks, together with all other
Treasury, excluding the gold reserve fund of $100,000,000,
fund balance, are
131,357.650 69 outstanding current obligations against the general
was
nessee while en route to South America, where Mr. McAdoo
is to attend the conference of the International High Commission, was made public on Monday of this week. In his
communication to Representative Kitchin Secretary McAdoo
undertakes to dispose of the several complaints lodged
against the new statement, and succeeds in justifying his
action in including as part of the general fund of the Treasury
the deposits made by the national banks for the retirement
of their circulating notes; he also replies to the criticism which
the new Treasury statement has suffered because the
amounts to the credit of disbursing officers are no longer
charged as money actually disbursed, but are treated as
part of the general fund balance; and to the strictures made
against the statement on the floor of the House because
there is included in the general fund balance, or among the
assets of the Treasury, "subsidiary silver and other minor
coin." We print what Mr. McAdoo has to say in full below:
APR. 1 1916.1
THE CHRONICLE
1205
specifically set forth, and the balance, with these deductions, accurately the case of the banks acting as depositaries for the payments
stated.
Our opponents argue from false premises when they try to draw conclu- made on the loans the calls were as follows:
sions that disbursing officers' balances are mortgaged by appropriations. Nov. 15 1915, 15% of the Oct. deposits. Jan. 4 1916, 15% of the Nov. deposits.
" 29 1915, 30%
do
do
do
do
" 31 1916, 10%
From that standpoint it would be proper to say that all the funds of the Dec.
13 1915,15%
do
do
do
Mar. 6 1916, 15%
do
Government, and much more, are always mortgaged by appropriations, Jan. 4 1916, 15%
do
Jan. 4 1916, 15% of the Dec. deposits.
do
and if that be true, then there has never been a balance in the general fund• " 31 1916, 10%
do
do
" 31 1916, 10%
do
do
do
do
Mar. 6 1916, 15%
do
do
of the Treasury. The purpose of the balance is to pay current obligations; Mar. 6 1916, 15%
Nov. 29 1915,45% of the Nov. deposits. Apr. 5 1916, 30%
do
do
it is not intended to cover all the money which Congress has appropriated Dec.
13 1915, 15%
do
do
time.
at any one
The amount involved in this week's call is approximately
Some of our opponents have criticised the Treasury statement on the
floor of the House because there is included in the general fund balance, $16,000,000, leaving a balance of $16,000,000 yet to be
or among the assets of the Treasury, "subsidiary silver and other minor
coin." I am at a loss to understand the basis of such captious and foolish called from the depositary banks.
The following statement with regard to the payment of
criticism. Every Republican and every Democratic Secretary of the Treasury has included subsidiary silver coin and minor coin, as well as silver bul- interest on the Anglo-French bonds was issued* on Wedneslion and fractional currency, as a part of the general fund balance in the
Treasury ever since the daily Treasury statement has been issued. How day:
The interest due on the $500,000,000 Anglo-French five-year 5% excould the Secretary do otherwise if he is to make a true statement of the
condition of the Treasury? Subsidiary silver coin and minor coin are just ternal loan gold bonds on April 15 1916, and the interest subsequently to
will be payable by J. P. Morgan & Co., as fiscal agents.
accrue,
as essential to our fiscal operations as large denominations of money and are,
No interest will be paid upon temporary bonds, which must first be exof course, an actual asset of the Treasury. Suppose,foe instance, that you
should be asked how much money you have in your pocket; that you have changed for a definitive coupon or full registered bonds by the Guaranty
$25, of which $5 consists of silver coin of the denominations of 50, 25 and Trust Co., as bond registrar, at its trust department.
The books for the transfer of full registered bonds will be closed at the
10-cent pieces and nickels, and the remainder currency. Would it be true
to say that you have only $20 in your pocket because that much is in cur- close of business April 8 and will be reopened on the morning of Apr. 15.
It has been arranged by the contracting Governments that hereafter
rency. and that the subsidiary silver coin is of no value and therefore should
not be counted? Suppose a bank excluded from its assets its subsidiary the fee charged upon the exchange of definitive coupon bonds for definitive
full
registered bonds and upon the exchange of definitive full registered bonds
silver coin and minor coin—counted it as nothing. Would the bank make
a true statement of its assets? Every bank in the United States and every for definitive coupon bonds and definitive coupon or registered bonds of
individual with common sense counts as a part of his assets and his money one denomination into definitive coupon or registered bonds of other desubsidiary silver coin such as 50, 25 and 10-cent pieces and nickels, if they nominations shall be 25 cents for each definitive full registered piece or
possess them, and they use such subsidiary silver coin in the payment of definitive coupon bond issued.
debts as well as for the purpose of making necessary exchanges. The inclusion of subsidiary silver coin in the Treasury statement as a part of the
REDEMPTION OF FRENCH BONDS ISSUED
general fund balance in the Treasury is, of course, necessary if its true
A YEAR AGO.
condition is to be reflected.
Permit me to add one more observation. Our opponents are constantly
J.
P.
Morgan
&
Co.
announced on March 28 that funds
harping on the daily net balance in the general fund of the Treasury, comparing it with the condition of the Treasury under the Payne-Aldrich Act had been deposited with them to pay off to-day (the first
and magnifying the alleged deficit in the Treasury by basing their conclu- inst.) the one-year 5% French Government Treasury bonds
sions wholly upon the excess of daily or monthly disbursements over daily
or monthly receipts. This is an utterly fallacious line of reasoning, be- offered to American investors a year ago by a banking syndicause the daily and monthly receipts of the Treasury as published since the cate. This, in addition to the Morgan firm, included the
passage of the Underwood-Simmons Tariff Act do not include the amount National City and the First National Bank. With the exwhich the Government is accumulating daily in the form of corporation
and personal income taxes, which taxes, as you know, are paid but once ception of the joint obligation with Great Britain, the paying
a year, namely in June of each year. As these taxes have, in the past. off of the Treasury bonds will leave the French Government
produced approximately 37,000,000 per month, the true condition of the with no further bonds or notes in this country outstanding.
Treasury of the United States to-day should include the amount of these
taxes earned to date but not payable until June next. For example: For
COMPARATIVE FIGURES OF CONDITION OF
the eight months which have elapsed from July 1 1915 to March 1 1916
corporation and personal income taxes have accrued in favor of the Govern- CANADIAN BANKS.
ment amounting to approximately $56,000,000. The Treasury statement
In the following we compare the condition of the Canadian
could very properly show that these taxes have been earned up to date and
that they are a tangible Treasury asset, although not payable into the banks, under the last two monthly statements, with the
Treasury until June 1916. If this were done the apparent excess of monthly
expenditures over monthly receipts would largely disappear. The situation return for June 30 1914:
ASSETS.
is exactly analogous to that of a man who owns bonds upon which the inFeb. 29 1916. Jan. 311916. June 30 1914.
terest is payable semi-annually, say on Jan. 1 and July 1 of each year. Be-- Gold and subsidiary coin—
$
$
tween the interest periods interest is accruing on his bonds and he is enIn Canada
46,279,064
46,131 124
28,948.841
Elsewhere
21,898,278
23,422,859. 17360,111
titled to consider the amount of such interest as a part of his available
assets, although he does not receive the payment until the following inTotal
68,177,342
69,553,883
46,108,952
terest period. I mention this merely for the purpose of directing your Dominion notes
153,431,005 151,950,407
92,114,482
attention to a popular fallacy in which many people indulge, consciously Deposit with Minis'r of Finance
for security of note circulation
6,751,846
6,777,700
6,667.568
or otherwise, when they discuss the condition of the United States Treasury
Deposit in central gold reserves 10,460,000
11,860,000
3.050,000
upon the basis of the daily Treasury statement. As an actual fact, there- Due
from banks
169,965,214 171,107,513 123,608,936
fore, the Treasury is to-day approximately $56,000,000 better off in the Loans and discounts
867,092,673 867,581,016 925,681,966
142,184,988 139.541,237 102,344.120
way of assets than the daily statement shows, because this represents Bonds, securities, &c
Call and short loans in Canada 81,949,125
82,584,659
67,401,484
approximately the amount of accrued corporation and personal income Call
and short loans elsewhere
taxes which have been earned by the Government during thq present fiscal
than in Canada
139,138,651 134,248,552 137,120,167
year, but are not payable into the Treasury until June 1916.
Other assets
76,173,674
75,528,992
71,209.738
In conclusion, permit me to say that when Secretary MacVeagh turned
Total
1,715,324,518 1,710,733.959 1,575,307.413
the Treasury Department over to me as his successor, there was included
LIABILITIES.
in the general fund balance and as a part of the assets of the Treasury on
March 5 1913 the sum of $22,671,628 50, which represented the total
Capital
authorized
188,866,666 188,866.660 192266,666
amount deposited in the Treasury on that date by national banks as a Capital subscribed
114,660,466 114,552,566 115.434,666
redemption fund for the retirement of their circulation.
Capital paid up
114,216,719 113.989,854 114,811,775
Reserve fund
112,457,333 112,457,333 113,368,898
Faithfully yours,
(Signed) W. G. McADOO.
Circulation
113,528,237 111,029,572
99,138,029
Hon. Claude Kitchin, House of Representatives, Washington, D. C.
Government deposits
72,340,010
88,809,094
44,453,738
Demand deposits
506,500,695 507,537,892 458,067,832
mansznimnowav=====
Time deposits
728,242,609 714,264,486 663,650,230
Due to banks
33,795,462
32,625,837
32,426,404
NEW GERMAN WAR LOAN.
Bills payable
4,910,943
3,456,204
20,096,365
13,682,065
13,064,486
Reuter's Amsterdam correspondent on March 25 quoted Other liabilities •
12,656.085
Dr. Karl Helfferich, Secretary of the Imperial Treasury, in
Total, not including capital
or reserve fund
1,473,000,021 1,470,787,571 1,330,488,683
referring to the fact that 10,600,000,000 marks ($2,650,000,Note.—Owing to the omission of the cents in the official reports, the
000) had been subscribed to the fourth new German war loan, footings in the above do not exactly agree with the totals given.
as saying further:
The financing of the war for another half-year is assured. Germany is
the only belligerent'Power which has covered her total war expenditure by
long term loans. That a nation of seventy millions, cut off from the outer
world by arbitrary acts in conflict with international law, should have
borne for twenty months the heavy burdens of the war, and should now
again be offering more than 10,000,000,000 marks to the Fatherland, is
proof of greatness beyond praise of words. It signifies our strength is
unbroken, our confidence in final victory unshaken and that the German
people stand united as one man.
ANGLO-FRENCH LOAN CALL.
A call for the fOurth deposit of the proceeds of the AngloFrench loan of $500,000,000 made with the depositary
banks on Dec. 14 1915, was issued this week by the AngloFrench Loan Commission. The amount called for30% of the December deposit, is payable April 5. The
banks and investment houses who acted as underwriters
of the syndicate completed their payments on the loans on
December 14, when the second 50% was paid in in cases
where previous payment had not been made in full. In
BRITISH TREASURY'S ANNOUNCEMENT CONCERNING AMERICAN SECURITIES.
On March 24 the British Treasury announced that it was
prepared to accept American dollar securities on loan c.f
deposit; "The Official Gazette" contained a list of upward
of 600 American bond issues, which would be accepted under
this plan. The securities must be transferred to the Treasury
for two years, and the lender will receive all dividends plus
half of 1% annually on the par value of the shares or bonds.
The Treasury is empowered to sell at any time such securities
on behalf of the lenders or to take them over at the current
9%. It • is announced that the minimum
price plus 23/
amount of any one security that will be accepted for deposit
is fixed at $5,000. It was further announced that approved
securities which are lodged in America may be delivered to
J. P. Morgan & Co., the Treasury agents in New York, and
will draw half of 1% bonus from the date on which they are
accepted by that firm.
1206
[VOL. 102.
THE CHRONICLE
The Treasury circular specifically states that the present
arrangements for the purchase of securities outright will
continue, and "the Treasury regards purchase as the preferable alternative." The transfer of securities to the Treasury under the loan provision may be made through any
broker or banker.
It is pointed out that the provision that securities may be
deposited with J. P. Morgan & Co. apparently enables any
American investor to obtain one-half of 1% annual bonus
on his bond investment by loaning them for a period of two
years to the British Government. Securities loaned through
J. P. Morgan & Co. will remain in America, while securities loaned through British channels will be held presumably
by the British Treasury. The list of approved securities,
published in "The Official Gazette," includes virtually all the
active high-class American bond issues.
BANKING IN ENGLAND IN 1915.
In a supplement to its issue of February 16 the London
"Financial Times" presented a review of the results in
banking in Great Britain under war conditions. The
record of the growth in deposits, the increase in investments
and the other information presented is most interesting, and
we reproduce the article herewith :
The following table shows the investment holdings individually of the
twelve leading English banks at the end of December for the past three
years:
Investments 31st December
1915.
1914.
1913.
Barclay & Co
Capital & Counties
Lloyds
London and Provincial
London & S. Western
London City & Midland
London County & Westminster
London Joint Stock
National Provincial
Parr's
Union
Williams Deacon's
*11,846,000
*5,840,000
10,456,000
5,058,000
3,492,000
7,824,000
8,913,000
6,260,000
12,975,000
6,822,000
6,295,000
2,464,000
13,098,000
*5,369,000
16,133,000
5,228,000
4,427,000
13,078,000
14,647,000
7,024,000
14,361,000
9,856,000
7,521,000
3,360,000
25,908,000
16,375,000
42,585,000
6,570,000
7,094,000
38,829,000
35,532,000
12,943,000
33,645,000
18,565,000
17,239,000
7,090,000
*30th June.
The big addition made to investment holdings has been accompanied by
a reduction in some of the more liquid assets, but not to any very great
extent. Taking the eleven principal banks that make up their accounts
to 31st December, the main items of the balance sheets as given at the
end of each of the past three years are summarized below:
31st December
1915.
1914.
1913.
579,068,000 686,322,000 752,344,000
Deposits
33,677,000 41,341,000
38,150,000
Acceptances
94,397,000 144,647,000 143,830,000
Cash in hand and at bank
59,842,000 45,882,000
Money at call and short notice_ __ _ 76,671,000
79,907,000 108,780.000 241,735,000
Investments
371,227,000 411,999,000 360,777,000
Discounts and advances
Cash in hand and at the Bank of England is down by loss than £1,been,
has
In spite of the severe financial crisis with which the country
000,000 from the total at the end of 1014, and compared with two years
and remains, faced, there is no gainsaying the fact that British banking ago it is 4934 millions larger, the latest ratio of 18M% comparing with
business in 1915 experienced great prosperity. Never before have the a pre-war average of between 16 and 17%. The drop In the items money
funds in the control of the banks been so large, while the net profits not at call and short notice and discounts and advances is explainable by
only rose substantially above those of 1914, but in some instances wont one or two reasons. To a large extent the repayment of pre-war advances
ahead of 1913, the year prior to the war and the one in which banking to the Stock Exchange accounts for the drop, and here it should be pointed
revenues as a whole touched high water mark. True it is that in conse- out that the bookkeeping methods of the banks differ, some including
quence of a fresh fall in security values the surplus earnings have not been these loans under money at call and others under advances. The manner
available for distribution among the shareholders, who have in some in which the loans outstanding to the Stock Exchange at the outbreak
cases had to put up with reduced dividends, but it is an achievement of war have been reduced has been most satisfactory. To date the banks
most gratifying that the banks in a year of such tremendous stress should In a number of cases have been repaid 70 to 80% of the total, and in a few
have been able to devote very large sums out of profits to meeting a shrink- cases we believe the percentage is higher still. That the drop in discounts
age in investments without trenching to more than a small degree upon and advances has been due to a policy of deliberate curtailment of facilities
the margin payable to their proprietors.
to the trading community is by no means the case. Apart from the re•
payment of Stock Exchange loans, it is duo first to a diminution in the
The Growth in Deposits.
secondly to the
The increase in the deposits held by the banks is common to them all. number of commercial bills offering for discount, and
themselves of being
This does not moan that the growth was equally large all over the country, happy conditions in which many traders have found
them with credit
for while the great activity prevailing in the industrial towns of the Mid- able to reduce overdrafts, or pay them off, and replace
this applies
lands and the North must have greatly swollen the deposits held in those balances. According to the experience of Lloyds Bank,
community.
the
of
section
agricultural
the
districts there were other places where either little or no growth occurred. especially to
Profits and Dividends.
However, our great joint stock banks through their size and widespread
A study of the profits of the banks is interesting, as the results afford
spheres of influence each cater for such largo and varied classes of the
community that the variations we have mentioned are not reflected in a valuable index to the general state of trade. Despite such serious
their total figures. In the following table we show the current and deposit obstacles as the shortage of and high cost of labor and transport, our
accounts of the thirteen principal London banks as appearing at the end traders and manufacturers last year were exceptionally busy, the vast
of each of the past three years:
spendings of the Government on war munitions giving rise to prosperity
- in many directions on a scale never before equaled. In the financing
-Current and Deposit Accounts
1915.
1914.
1913.
of this trade the banks have found plenty of employment for their funds
Bankat rates which while not onerous have been very remunerative and higher
60,805,753 67,425,433 73,342,190 than those prevailing in the previous year. Further, the arrangement
Barclay & Co
45,845,139
44,477,689
39,958,096
and
Counties
Capital
made in April last, under which the Bank of England began selling Treas91,511,991 118,173,859 130,017,379 ury bills of three months and upwards for any amount at pre-stated rates
Lloyds
93,833,580 125,732,736 147,750,702 afforded bankers a splendid medium for the employment of any surplus
London City & Midland
85,394.690 99,312,553 106,938,701 funds temporarily available. Below we show the profits and dividends
London County & Westminster
21,731,260 24,362,305 for the past two years of a dozen leading English banks:
20,246,006
London & Provincial
21,062,553 22,649,085 24,216,182
London & S. Western
37,583,237 40,600,378 43,612,138
London Joint Stock
Carry forward.
Dividend
Net Profit.
16,718,543
15,283,930
14,445,741
National
Bank.
1915. 1914.
1914.
1915.
1914.
81,589,600
74,916,017
67,885,422
1915.
National Provincial
43,203,673 52,125,852 54,091,219
Parr's
41,259,805 45,832,802 46,080,541 Barclay & Co
Union of London
72,600 70,600
a484,300 b891,000
19,855,853 Lloyds
13,349,551
17,188,008
Williams Deacon's
e1,259,200 e1,175,600 183i 18 h 107,000 104,600
26,000
40,300
10
19
f226,600
.000
Provincial...,
London &
55,600 72,300
17
634,378,555 746,611,145 814,420,492 London & S. Western_
Total deposits
263,000 17
290,100
18 113,600421,300
Lon. City & Midland_ _ 1,131,000 f1,070,100 18
21g 161,600 160,100
106,122,302 163,300,957 151,153,960 Lon.Co.& Westminst_ 1,103.900 1,083,800 18
Total cash in hand
70,300 88,800
11
453,200 10
543,500
London Joint Stock
18.55
21.87
23,500 24,500
16.72
10
207,500 10
Proportion
259,000
National
96,800 93,000
16
681,000 16
931,600
The total of the deposits as shown at the end of 1915-namely, £814,- National Provincial__ _
225,700
19
293,900
18
f543,700
f446,300
Parr's
easily
and
of
1913
the
end
at
420,000-compares with £634,378,000
11 147,800 201,600
Union of Lon.& Smiths g504,800 g533,600 10
establishes a new high record. The expansion in 1915 was not so great Williams Deacon's
143 12.700 74,700
221.500 14
238,000
as in 1914, but this is not to be regretted when the circumstances attending
the movements are taken into account. In the early months of the war
a For 6 months to 31st December. b For year to 30th June 1915.
the Government financed its disbursements in large measure by loans c Per annum for six months covered by report on "B" shares. d On "B"
contributions to Provifrom the Bank of England, which greatly increased bankers' deposits shares for year covered by report. e After making
Funds. f After writing down investments. g After
and also the cash balances. The issue of tho Four and a-Half per cent dent and Insuranceto
Account.
Premises
Bank
Pension Fund and
making allocations
War Loan last year enabled the Treasury to repay the greater part of its
The Capital & Counties figures are not included, as this bank still makes
floating debt to the Bank. In July £160,000,000 was repaid and Mr.
Asquith subsequently announced that a further £104,000,000 had been up its accounts annually to 30th Juno. Barclays, which formerly did the
repaid up to the beginning of November. Those repayments automatically same, has now come into line with the majority, and its latest results, as
general
reduced the deposits of the banks. The situation in this respect is now shown above, cover six months' working to 31st December. The
notified
normal, as lately the Government has not created any large credits other increase in net profit, which is struck except .where otherwise
or
£615,400,
is
than upon Treasury bills and Exchequer bonds. Hence the banks are before making provision for investment depreciation,
in a position to subscribe liberally to future war loans, knowing that the over 8%. Parr's still adheres to its habit of writing down investments
for depreciamoney so advanced to the Government will be quickly redisbursed and before showing its net profit. The amounts appropriated
tion are not disclosed, but it may bo taken for granted that it was somewill flow back in the form of deposits.
writing
shown
before
been
thing very substantial, and that had the profit
How Investments Have Increased.
down it would be higher than 1914. The Union & Smiths makes a pracwar
for
subscribing
in
taken
have
the
banks
The leading part which
tice of allocating sums to pension fund and premises fund before striking
loans with funds at their own command is strikingly exemplified in the its net profit and here, again, it is probable that this exceptional method
balance-sheets. Taking 29 English banks we find that whereas prior of showing its profit supplies the explanation of the published decrease
to the war their investments in Government and other stocks amounted in revenue. Changes in dividends have been few. There was an anticito .048,000.000, representing 15.2% of their total assets, the invest- pation at one time that the banks would reduce dividends generally,
ments at the end of last year were nearly £340,000,000, an increase of owing to the heavy fall in security values and the consequent need for
about £190,000,000, and the proportion of investments to total assets writing down, but it has been possible to devote substantial sums to
was 28.9%. How the investments have increased each half-year is shown depreciation without trenching seriously upon the margin available for
below:
the shareholders. The question of maintaining or reducing dividends
Per cent of
Investments.
has been a matter this time dependent upon directorial policy rather than
Total Assets.
profits. The County & Westminster, which hitherto has paid the highest
15.2
148,324,000
30th June 1914
rate of all the London banks, has reduced its dividend from 21M to 18%.
16.1
169,591.000
31st Dec. 1914
and the
and reductions of 1% have been made by the Joint Stock, l'arr's
17.9
204,715.000
30th June 1915
Union & Smiths. In the last two cases present rates are 2% lass than
28.9
331,695,000
31st Dec. 1915
dr )4
Ariz. 1 19164
THE CHRONICLE
those paid two years ago. Williams Deacon's have reduced their rate
%,as compared with 1914 and 1%,as compared with 1913. The other
banks included in the table above have maintained their dividends at the
rates paid for 1914, and with the exception of Barclays and the National
Provincial the latest dividends are up to the rates distributed for the prewar year 1913.
How Securities Have been Written Down.
We now come to the subject of the depreciation in banks' investment
holdings. For a decade prior to the war the steady fall in fixed interestbearing investments had taken heavy toll of banking profits. It had
been hoped that the further liberal provision made for writing down security values out of the 1913 revenues would be the last the banks would have
to make. But the war has, of course, upset all preconceived ideas regarding the standard value of money. The appended table shows the amounts
set aside by twelve leading banks for securities depreciation and also
appropriations for other special objects:
1207
that country to some thoughtful reflections on the part of financial
writers,
who express the fear of an impending money crisis from
sheer abundance of
idle capital. It must be remembered that Holland, under
normal conditions, invests large amounts of its surplus capital
in foreign securities.
Not only that there has practically come an end
to this process of investing
in foreign securities, owing to the European war,
but the Dutch, ever since
the war broke out -and even some years previous
to that calamity-have
divested themselves of large amounts of American
stocks and bonds, in
many cases at prices high enough to enable
them to recoup themselves
for some of the grievous losses suffered on the "Yankee
account" in recent
years. This fact, together with the influx of huge profits
derived by certain
neutral trade, especially shipping, has created that
abundance of idle capital, above referred to. This situation has further
been accentuated by a
feeling of uncertainty in regard to the use of this capital
as a basis for new
industrial enterprises, owing to the absolute dislocation
of normal international trade and the sudden shifts to which it may
be subject upon the
conclusion of the war.
Special allocaIt is interesting to see that the Dutch are now counselled by
some writers
tions other
Investment reserve
to return to their time-honored policy of investing in good foreign
than to investsecuriappropriations.
ties,
in order to counteract thereby not only the gold imports
ment reserve.
but at the
same time fortify and further consolidate the position of
Dutch trade in
Bank.
1915.
foreign countries.
1914.
It is in this connection worth while to give here a few data in
regard to
Ratio
Ratio
the investments already made in the past by Dutch capitalists,
1915. 1914.
to
to
in foreign
enterprises, for we believe that this subject deserves the thought
Amount book Amount book
of the
value.
value. American people at this important Juncture in the history
of the development
of
this
country.
We
will
confine
ourselves
£
to
E
a
summary
E •
only, and
%
E
Barclay & Co
a25,000 15,000 a250,000 1.02 500,000 p.48 compile our information from a record of Amsterdam Stock Exchange
Lloyds
60,000 60 000 410,000 ___ 260,000 1.54 quotations published by the firms of Arnold Gilissen
of
Rotterdam
London & Provincial_
and
nil
nil
b370,000 5.96
c50,000 0.96 Gilissen & Co. of Amsterdam and The
London & S. Western_
Hague.
nil
nil
130,000 1.83
60,000 1.35
Number of Government Securities Listed on the Amsterdam
London City & Midland_ 50,000 20 000 642,900 1.65
d
Stock
Exchange.
London County & West_
nil
nil
472,400 1.32 336,600 2.29 Belgium, 2; Bosnia, 3; Bulgaria, 4; Denmark, 3; Germany, 7; Finland,
London Joint Stock
1;
nil
nil
c265,000 2.04 c100000 1.42 France, 1; Hungary, 8; Italy, 2; Norway,
1; Austria, 8; Portugal, 5; RouNational
40,000 65.000 90,000 1.98
nil
National Provincial
nil
nil
447.800 1.44 200,000 159 mania,9; Russia, 53; Serbia, 1; Spain, 3; Turkey,8; Sweden,3; Switzerland,
Parr's
1; Egypt,2; Siberia, 1; China,4;Japan,6; Cuba,2; Louisiana,
nil
nil
d
d
1; Mexico,8;
Union of Lon. & Smiths_
d
d
250,000 1:88 150,000 2.19 Argentina, 3; Brazil, 25; Chile, 3; Colombia, 1; Santo
Domingo, 1; NicaWilliams Deacon's
nil
nil
125,000 0.91
d
ragua, 1; Uruguay, 2; Venezuela, 1.
Number of Municipal Bonds Listed.-Sofia, 1; Copenhage
n, 2; Munich,
a For half-year. totIncluding £250,000 taken from Reserve
Fund. Budapest, 2; Christiana, 1; Lemberg, 1; Vienna, 2; Baku, 1; Charkow, 2;
c In addition to undisclosed sum written off before
1;
striking net profit. Moscow, 3; Gothenburg,
d Not disclosed.
3; Stockholm, 3; Nagoya, Japan, 1; New York,3;
Buenos Aires, 2; Rosario, 1; Bello Horizonte, 1; Para, 1; Porto
Allegro, 1.
Amalgamations and New Developments.
Number of Foreign Banks of which Securities are Listed.-Argentin
The amalgamation policy in English banking has now been
a, 1;
carried so Germany (including stock of Deutsche
Reichsbank), 4; Belgium, 2; Denfar that there is not much scope left for its extension. Each year.
however, mark, 1; Austria-Hungary, 1; Russia, 1;
South Africa, 1.
sees some addition to the sway wielded by our great joint stock institution
s.
Number of Mortgage and Rural Credit Banks,&c.-Argentina,2; Mexico,
In 1914 we saw the absorption of the Metropolitan Bank by the
3;
London Austria-Hungary, 14; Sweden, 2; South
America, 2; Egypt, 2; Finland, 2;
City & Midland and the merging of the Wilts & Dorset into
Lloyds. Germany, 2; Norway, 2; Russia, 2;
Switzerland, 1; United States, 2.
Last year a union of considerable importance was that arranged between
The foregoing figures indicate the number of institution
Barclays and the United Counties, by which the former obtains strong
s of which one
or more than one security is listed on the Amsterdam
interests in the Midlands, the West Riding of Yorkshire and Liverpool.
Exchange. As it is,
The plans for a complete merger of these two banks wore delayed of fulfil- of some of these institutions several issues of securities are officially quoted,
ment owing to the action of the Treasury in placing an embargo upon the total of all listed securities of foreign mortgage banks being forty-seven.
the issue of now shares by Barclays necessary to bring it about. The One of the American companies whose bonds are listed is the Mortgage
Bond Co. of New York. In addition, there are listed
Treasury Committee, however, at the commencement of this year so
on the Amsterdam
far
modified its strange action as to allow of an exchange of shares to take Exchange about 50 securities of 24 Holland mortgage banks, whose exclusive
sphere of activity is in foreign countries, about a dozen
place that would permit the amalgamation to go through, though a further
of these
banks, doing an extensive business in our Middle Western
part of the scheme Involving the issue of shares for cash, has to remain
and Western
in States, and others operating in Canada,
South
abeyance. Minor absorptions have indluded the taking over
America, Asia and elsewhere.
by Parr's The amount placed on mortgage
in this country by these Dutch mortgage
Bank of the private banking house of Thomas Barnard
& Company of banks is in the neighborho
od of 100,000,000 guilders. There are also
Bedford, and the amalgamation with the Manchester & Liverpool
District listed on the Amsterdam Exchange
the securities of a number of other
Bank of the Bank of Whitehaven. Mention might also be made
here of
the extension of English banking business in France that was made jointly Dutch financial and industrial companies, whose operations verily reach
by the London & South Western and Messrs. Cox & Co. (the well-known out to all parts of the globe.
Number of Industrial Companies.-United States, 21; Germany, 3;
army bankers.) Under the auspices of those two institutions
Great
several
branches have been opened in French towns, and this development, which Britain, 1; Belgium, 1; Cuba, 1; Canada,2; Brazil, 1; Austria, 1. Of the 21
was called for by the war, has met a want and been doubtless rewarded American industrial companies, more than 30 different securities are listed,
among which may be named: American Beet Sugar Co.. common
accordingly.
and
preferred; American Can Co., common and preferred; American
Car &
Foundry Co., common and preferred; American Hide & Leather
Co.,
HOLLAND'S FINANCIAL POSITION AND ITS FOR- preferred (a recent effort to introduce the common stock of this company
was officially discountenanced); Bethlehem Steel Corporatio
common
n,
EIGN INVESTMENTS.
and refunding bonds; Chicago Lumber & Coal Co.. common; EmersonBrantingham Co., preferred; Gulf States Steel Co. stocks; Internation
Mr. Rudolph Diamant 'writes us:
al
Steam Pump Co. bonds; Phoenix Lumber Co., preferred and
bonds;
Some time ago there appeared in the German economic
magazine "Welt Standard Milling Co., common and preferred; Studebaker Corporatio
Wirtschaft" an interesting article from the pen of Geheimer
n,
Ober-Finanzrat common; Underwood Typewriter Co., preferred; United Cigar
ManuHugo Hartung of Berlin, in which it was attempted to give
an answer to facturers,common,and United States Steel Corporation,stock and
bonds.
the question as to what the future has in store in regard to the
investment
Number of Public Utility Companies.-United States, 14; Cuba, 2; Great
by the big European nations in foreign securities. Although we
do not Britain, I; Mexico, 2; Venezuela, 1. The American public utility securities
subscribe to all of its conclusions, the article had the merit of
pointing out listed on the Amsterdam Exchange, numbering 19. include
the several
the tremendous Importance for any country of possessing large
amounts issues of the American Telephone & Telegraph Co. and also one or more
of foreign securities, all or part of which in time of stress, when the
pur- securities of the American Water Works & Electric Co., Cities Service
chases of foreign goods cannot be paid for with home products, can be
sold Co.,further bonds of the Kansas City Railway & Light Co., Electric Bond
in the foreign markets. Hugo IIartung admitted that because Germany
& Share Co., Keystone Telephone Co. (Philadelphia), Middle West Utiliwas in a position to soil large quantities of its foreign securities, it
could ties Co., Mississippi River Power Co., New York Telephone Co., &c.
for a long time protect its exchange position. He rightly remarked
Number of Mining Companies.-United States, 8, including stocks
that
of
Great Britain is in a similar position, while France, although unable
to American Smelting & Refining Co., American Smelters Securities Co..
realize on its Russian investments, has sold largo amounts of its
American Pittsburgh Coal Co., Anaconda Copper Co., Consolidation Coal
Co. First
and Spanish and other securities to the countries where they
originally and Refunding, Sunday Creek Coal Co.5s, United Copper
came from.
Co.(of Heinze
fame) common; South Africa (diamond), 2; Australia (copper),
The United States has become the recipient of many
2; Belof its own securi- gium, 1; China (coal), 1.
ties, formerly held abroad, as a logical outcome of
the circumstances sot
Number of Petroleum Companies.-United States, 3, including California
forth by Mr. Hartung in his excellent article.
In addition we have received Petroleum Co.. preferred; Russia, 6; Germany,
1; Rumania, 3.
a huge sum in gold and have also subscribed
to somo of the loans conRubber Companies.-Mexico, 1.
tracted by the belligerents.
Steamship Companies.-United States (International Mercantile Marine
Other neutral countries, like Holland, Sweden and Denmark,
were not Co.), 1; Austria-Hungary, 1.
in the same position, inasmuch as no amounts of any consequenc
e of their
Number of Miscellaneous Companies.-United States, 14; Egypt, 1; South
home securities wore held in the belligerent countries. The
wherewithal of Africa, 2; Belgium, 1; Cuba, 1; Brazil, 1; Austria-Hungary,
4; Peru, I.
the purchases by the belligerents in the markets of these
neutrals, or in The securities of the 14 American companies include those of
the Associated
those of their colonial possessions, had to be provided
for through the Merchants' Co., Bush Terminal Co., May Department Stores,
Sears, Roeexport of gold if all other makeshifts of payment failed.
It is true that buck & Co., Stern Brothers, Sulzberger & Sons, Swift &
Co., Pacific Coast
certain amounts of the war loans of all the belligerents have
found their Co. and United Dry Goods Co.
way to Holland, and possibly also to other European neutrals,
but in view
Number of Street Railways.-United States, 2; Great Britain, 2; Mexico,
of the total not balance duo on the international trade account,
1:
these sub- Philippines, 1; Cuba, 1.
scriptions, except possibly in the case of the Dutch
takings of British
Railroads
-Number
of
Issues.
-Brazil,
4;
Colombia,
treasuries, have been a more drop In the bucket.
1; Costa Rica, 1;
Venezuela, 1; Germany, 1; Argentina, 1; Hungary, 1; Italy, 5; Austria,
It is peculiar that as an outcome of all this, these neutral
8;
countries are Portugal, 2; Russia, 35; Turkey, 1; Africa, 1; United
States, 160; Mexico,9;
now receiving more gold than they can profitably employ in their
financial Cuba, 2: Philippines, 1; Canada, 12.
and economic household. While the belligerents are doing their
utmost
We will not at this time enumerate the 160 issues of stocks and
to husband their gold supplie.s and to draw out from all
bonds
nooks and corners of American railroad companies which are
listed in Amsterdam. There
whatever gold is not doing its duty in seeing the war through
-and while are indeed few representative securities which
are not listed on the Am
these nations are, moreover, very reluctant to lot the metal go
-we now see sterdam Exchange, and although in some of
them dealings are far and
the neutral countries frown on the avalanche of gold that is
making its few between, in a great many of them active trading
takes place.
way to their centres. We learn, for instance, that the
Bank of Sweden has
How, up to the outbreak of the European war, the number of American
been relieved from its obligation to buy at coinage value any
gold bullion securities listed on the Amsterdam Exchange has increased,
will be seen
offered to it. In Holland a similar plethora of gold exists. It has led in
from the following table:
1208
THE CHRONICLE
1912. 1913. 1914.
Dec. 31-1906. 1907. 1908. 1909. 1910. 1911.
No. No. No.
United States— No. No. No. No. No. No.
1
1
1
1
1
1
1
1
1
State bonds
3
2
2
2
1
Municipal bonds_
2
2
2
2
2
2
1
1
1
Mortgage bonds_
24
23
21
20
18
15
8
7
6
Industrial stocks_
8
8
7
6
6
5
4
4
2
Industrial bonds_
19
15
12
8
7
7
5
5
5
Public utility bds.
Mining stocks and
9
9
8
8
7
7
5
4
3
bonds
3
3
3
3
3
3
3
3
3
Steamship bonds_
14
14
14
11
8
7
6
6
6
Miscel. securities
50
50
50
50
50
49
49
48
Railroad stocks.. _ 48
96 101 105 109 109 109 110
94
93
Railroad bonds
3
3
2
2
2
1
1
1
1
Street railways
169 174 179 198 210 222 231 239 246
Total
ion
It will be seen from this comparative summary that the introduct
y come to a
of our railroad securities in the Dutch market has practicall
we will have
standstill in recent years. A discussion of this phenomenon
known.
to forego at present. The general causes are, moreover, well
to demthan
This contribution was intended to serve no other purpose
number of
onstrate the fact that Dutch capital has been invested in a great
has macountries, scattered all over the world. This investment policy
has given it a
terially enlarged the scope of vision of the Dutch nation. It
to the
n
discussio
t
daily press devoting considerable space and intelligen
whose varied
affairs of the large number of home and foreign companies
of the world.
businesses are conducted in almost every civilized country
t of
The financial press of Holland is also very ably managed, its treatmen
current affairs standing on a high plane.
that this
It is in respect of this investment policy in foreign securities
do not belie
country has not yet fully made a beginning. But if the signs
.
direction
this
in
us, we are about to make an important step forward
militated
Granting the fact that certain economic considerations have must be
it
against such investment policy of the United States in the past,
d, and surely,
plain that just now some of these-factors have been eliminate
ts,
investmen
foreign
to
if little Holland made that splendid record in regard
will acas indicated in this review, there is no telling what this country
nt policy
complish when it seriously embarks upon a broader investme
than the one hitherto adhered to.
[VOL. 102.
purpose of our commanders to co-operate in every possible
way with the forces of General Carranza in removing this
cause of irritation to both Governments and retire from
Mexican territory so soon as that object is'accomplished."
The statement was issued on March 25 and is as follows:
was ordered
As has already been announced, the expedition into Mexico
for the single
under an agreement with the de facto Government of Mexico
actually invaded the
purpose of taking the bandit Villa, whose forces had
as an invasion
territory of the United States, and is in no sense intended
of that republic or as an infringement of its sovereignty.
enough to asI have therefore asked the several news services to be good
n constantly besist the Administration in keeping this view of the expeditio
people
sensitive
and
fore both the people of this country and the distressed
ns received from the
of Mexico, who are very susceptible indeed to impressio
that those impresAmerican press not only, but also very ready to believe
nt itself.
sions proceed from the views and objects of our Governme
the main, if
because
,
Such conclusions, it must be said, are not unnatural
sides of the borboth
on
people
the
for
on
not the only,source of informati
der, is the public press of the United States.
s impressions
In order to avoid the creation of erroneous and dangerou the utmost
use
in this way I have called upon the several news agencies to
n the color of war, to
care not to give news stories regarding this expeditio
ons which might
withhold stories of troop movements and military preparati
publishing unverified
be given that interpretation, and to refrain from
rumors of unrest in Mexico.
our own people and
I feel that it is most desirable to impress upon both
a necessary punithe people of Mexico the fact that the expedition is simply
s who raided
marauder
tive measure, aimed solely at the elimination of the
near the border which
Columbus, and who infest an unprotected district
and property of our
they use as a base in making attacks upon the lives
citizens within our own territory.
every possible way
in
e
It is the purpose of our commanders to co-operat
cause of irritation to
with the forces of Gen. Carranza in removing this
so soon as that
both Governments and to retire from Mexican territory
object is accomplished.
there are perthat
States
It is my duty to warn the people of the United
ng and giving as
sons along the border who are actively engaged in originati
al and disturbing
wide currency as they can to rumors of the most sensation
sort, which are wholly unjustified by the facts.
to create intolis
It
The object of this traffic in falsehood is obvious.
United States and the de
erable friction between the Government of the
about invervention
facto Government of Mexico for the purpose of bringing
properties.
in the interest of certain American owners of Mexian
e men are in
honorabl
and
This object cannot be attained so long as sane
s may be created.
control of this Government, but very serious condition
between the two reunnecessary bloodshed may result and the relations
publics may be very much embarrassed.
and unscrupusinister
The people of the United States should know the
against crediting
lous influences that are afoot and should be on their guard
disseminate the news
any story coming from the border; and those who
e to test the source
should make it a matter of patriotism and of conscienc
quarter.
that
and authenticity of every report they receive from
WOODROW WILSON.
DEVELOPMENTS IN THE MEXICAN SITUATION.
At a conference of Republicans of the Senate on March 26
held for the purpose of considering the advisability of action
on a resolution providing for the strengthening of the American forces in Mexico and on the border, it was decided to
withhold action for the present. While some of those in
the conference considered that the need existed for a more
adequate force the majority is understood to have disapproved of any hasty procedure which might embarrass the
Government. A statement issued at the conclusion of the
conference by Senator Gallinger, the Republican leader, PROPOSED PROTOCOL BETWEEN UNITED STATES
said:
AND MEXICO.
with the
Republican Senators fully recognize that the duty of dealing
not at any
, under which the American and
protocol
a
of
present Mexican crisis rests with the President and they have
drafting
The
nt
time had any purpose of interfering with the Executive or any departme
ate in the pursuit of Francisco
co-oper
may
troops
n
now very Mexica
of the Government in that matter, but they have been and are
danger of misunderstanding
proy
s
solicitous that the military expedition in Mexico shall be adequatel pro- Villa and his follower without
shall be
States by the de facto GovernUnited
the
to
tected and if necessary reinforced and that the border line
d
propose
was
occurred
to
vided with forces sufficient to prevent raids,similar to the one that
ment of Mexico on March 20th. The proposal, made
at Columbus.
they Acting Secretary of State Frank L.Polk by Eliseo Arredondo,
complete
While realizing that their information may not be fully
regulars
believe that upon the information which they do have all available
is said to result directly from the
from the the Mexican Ambassador,
should be sent to the border, to be reinforced by detachments
for permission to use the Mexican
States
Villa and request of the United
National Guard if circumstances demand it. Not only should
Casas Grandes for
his murderous band be captured and punished, but the lives and property Northern Railway between El Paso and
fully proan expeditionary
Americ
the
of United States citizens on both sides of the border should be
to
supplies
of
t
shipmen
the
nt.
acted, a thing which has not heretofore been done by our governme
the convention, it was stated, would
of
terms
The
forces.
ed
indicat
have
to
said
was
g
On March 25 General Pershin
be designed to meet all questions which may arise in the
that he needed no more troops at the front.
future, setting forth the rights of the American expeditionary
of
s
forces now in pursuit of the bandit chieftain and the nature
expense
the
pay
to
2
,611,50
A bill appropriating
the
of
ng
of the co-operation expected from the troops of the Carthe punitive expedition to Mexico and the recruiti
It was further stated that while the
army up to full strength was passed by the House and Senate ranza Government.
for all matters, such as the use
provide
would
ion
to
373
of
convent
a
vote
by
House
on March 28. The bill passed the
an troops, the specific reAmeric
by
s
railroad
n
of
of Mexica
1, the one dissenting vote being cast by Meyer London
ion to ship supplies from El Paso would be
permiss
for
us.
quest
unanimo
was
Senate
the
in
vote
The
t.
Socialis
New York,
ly. On March 21 at a further conference
The bill providesfor twenty-four aeroplanes,only eight of which disposedlofseparate
ry Polk and Ambassador Arredondo
Secreta
the
Acting
for
between
are to be obtained at once. It also makes provision
on the essential features of the
purchase for emergency use in Mexico of 112 high powered an agreement was reached
nt Wilson and his Cabinet on
Preside
and
l
d
protoco
y,
propose
artiller
for
,
2,500
cavalry
motor trucks, 5,000 horses for
l. A draft of the protocol
proposa
the
d
accepte
day
same
the
450 infantry horses and other equipment.
tely forwarded to
and
immedia
22nd,
was perfected on the
l.
ced
approva
introdu
was
for
a
Senate
the
Carranz
before
ons
Gen.
resoluti
the
of
One
provides for:
In its main points the protocol, it is stated,and
by Senator Sherman and calls for 50,000 volunteers to serve
extirmination
enemy
common
a
of
Villa,
capture
the
in
ion
Co-operat
s
in Mexico; similar measures have been offered by Senator of his band.
nt may send troops
McCumber and Cummins.
A reciprocal agreement by which either governme
PRESIDENT WILSON WARNS AGAINST FALSE RUMORS CONCERNING MEXICAN EXPEDITION.
The circulation of reports intended to create friction between the United States and the Mexican Government has
caused the issuance by President Wilson of a statement
warning the people of this country against these rumors "of
the most sensational and disturbing sort, which are wholly
unjustified by the facts." The President in his statement
points out that the expedition to Mexico "is simply a necessary punitive measure aimed solely at the elimination of the
marauders who raided Columbus * * * and it is the
the border, commit
across the other's border in pursuit of bandits that cross
depredations and return.
t of supplies
movemen
Common use of the railways of both countries for
to troops so engaged.
In addition the agreement is said to setforth the plan of cooperative action in the present campaign against Villa, the
limit that should be placed on the size of the expeditionary
d
force, the district in whihc the operations are to be confine
forces
an
Americ
the
time
of
length
mate
and the approxi
should remain in Mexico. Both the acting Secretary and
the Ambassador stated that it might be possible to dispose
n
of the request of the United States for use of the Mexica
Northwestern Railway before the protocol is signed. Ne-
APR. 1 1916.1
THE CHRONICLE
1209
gotiations for the use of the railroad are being conducted
Article 5.—The Chief of the force crossing the boundary line
in pursuit
direct with Carranza by Special Agent Rodgers at Queretaro. of Indians must, before crossing the frontier, advise,if possible, the military
chief or the immediate authority of the country whose territory
he
enters.
It is understood that many of the provisions entered into
Article 6.—Abuses committed by forces
pass into territory of the
between the two countries in 1882 regarding the pursuit other nationality will be punished accordingwhich
to the gravity of their offense
and in accordance with the laws of the country to
of outlaw Indian banks are included in the proposed as
which the forces belong
if committed on their
protocol. The United States is asked to agree not to occupy them to the frontier. own soil, their Government being obliged to retire
Article 7.—rMissing.1
any town, village or camp and not to penetrate Mexican
8.—This convention will remain in force for two years,
territory further than may be necessary for actual pursuit beArticle
but may
terminated by either Government by the giving of notice
four months in
of Villa. The agreement of 1882, which was signed by advance.
Article 9.—As the Senate of Mexico has authorized the
Secretary Frelinghuysen during the administration of PresiPresident of this
in conformity with Paragraph 2, Letter B, Section 3, Article
dent Arthur, and by Matias Romero during the adminis- Republic,
72.
of the Reformed Constitution of November 6 1874, to permit the
passage
tration of President Gonzales, limited expeditionary forces of Mexican troops to the United States and of troops of the
United States
to unpopulated regions near the frontier for the purpose to Mexico, and as the Constitution of the United States gives its President
right to order such passage without consent of the Senate, this
agreeof pursuit of savage Indians. It is believed that in the the
ment does not need ratification by the
of either country and will
present case the word bandits is substituted for Indians take effect twenty days after this date. Seante
In testimony whereof we sign this
and that the former agreement, with certain other amend- memorandum.
MATIAS ROMERO,
"
ments, is the basis of the new protocol.
FREDERICK FRELINGHUYSEN.
Gen. Carranza on March 24 was said to have agreed to
Article 21 of the treaty of peace between Mexico and the United
States is
follows:
the main features of the proposed protocol but to have sug- asIf
unfortunately at some future time there should arise a point
of
discord
gested a few changes in the draft. Following the renewal of between the Governments of the two republics,
either over any clause of
the request of the State Department for permission to use this treaty or any political or commercial matter, these same
Governments promise to try in the most sincere manner to
arrange such difficulties
the Mexican Northern Ry. in the pursuit of Villa, Gen. Car- as
may present themselves and to conserve the state
of
peace
and
amity
now
ranza on March 29 granted the request. The advices an- existing between the two countries by all proper means
and, accord does
nouncing the decision were received at Washington from not come by these means, not to begin reprisals, aggressions,ifor
hostilities
of any kind until they have considered the question
in a spirit of neighborJohn L. Rodgers, Special Agent of the United States at liness
or agreed to name an arbitration commission composed
of citizens of
Queretaro, who stated that the head of the de facto Govern- each Government or
of another friendly nation.
Reiterating distinguished consideration.
ment agreed to the commercial use of the lino. It was stated
JESUS ACUNA.
that although the army would proceed to use therailroad on
Minister of the Interior.
a commercial basis, the State Department would negotiate
further with Carranza to bring about a more complete un- TRAINMEN'S DEMANDS FOR AN EIGHT-HOUR DAY.
derstanding as to just what he has agreed to. On the 29th
The demands of the 400,000 train-service employees of
Secretary Baker of the War Department issued the following the railroads of the country for an eight-hour day and
timestatement:
and-a-half for overtime were presented simultaneously to all
We have directed General Funston to tender for railroad shipment car- the railroads on
March 30. The roads have been given
goes of supplies, either directly to our military men or to civilians in Mexico.
This does not involve any tender of munitions for such railroad transporta- until April 29 to answer the demands. The Conference
tion, nor does it involve the use of American military guards on any Mexf- Committee of Managers, Eastern Territory
, Elisha Lee,
can trains.
Chairman, issued a statement on Thursday stating that "the
Aside from the railroad problem, details of the protocol railroads
make no counter-proposals to their employees.
suggested by General Carranza remain to be worked out
What the railroads ask for is an open door. In such a fundathrough diplomatic channels. State Department officials mental
reconstruction of the wage basis as is proposed by
indicate, however, that there is no reason for haste and it is
the employees the railroads insist they have the right to
stated that the formal agreement may not be completed demand a frank
discussion as to the rules and regulations
until the expedition has accomplished its purpose and re- interwoven in the
present wage structure." We give Mr.
turned. It will serve, however, as the legal basis for the Lee's statemen
t
herewith
:
adjustment of all claims arising out of the use of American
The railroads, in response to the demand of the
train service employees
troops to pursue Villa. In Mexico the agreement is under- for a radical change in their wage schedule, have made
this answer:
"The
present
standards
of
rates
stood to have another object. General Carranza is said to largely fixed by mediation
and working conditions
been very
and arbitration, and this companyhave
feels that they
desire its perfection as a definite and binding understanding are adequate and even liberal to the employees. This company
has no
desire to change either the existing rates of pay
or the working rules, nor
with the United States, which he can show to his people to reduce the earning possibilities of the employees
under their existing
rules;
but
inasmuch
as
your
proposals
contemplate fundamental changes
in support of his statement that no sovereign right of his in operating methods and practices
on
the schedules have been built
up, this company hereby gives noticewhich
country has been surrendered or violated.
in conformity with the schedules
now in
A circular sent by telegraph to all Governors of States and
Territories in Mexico, advising them of the details of the
arrangements entered into between the American and Mexican
Governments with regard to the crossing of the frontier line
-by troops of the respective republics was made public at
Mexico City on March 20 by Senor Acuna, Minister of the
Interior. The message is as follows:
effect that in connection with and as part of the
consideration
and disposition of your proposals there shall aopen
for consideration and
disposition those provisions in the schedulesbe
practices thereunder governing compensation in the classes of serviceoraffected
or those in conflict with the following principles as by your proposals
they apply to such
classes:
"(a) No double compensation for the same time
service.
"(b) The same classifications for the purposes or
applied to all members of a train and engine crew.of compensation to be
"(c) Two or more differently paid classes of service performed
in the same
day or trip to be paid proportionate rates according
with not less than a minimum day for the combinedto the class of service
service."
The employees emphatically inform the railroads that
the only propositions they will discuss are those they have presented.
They close the
door on any real discussion by this statement made to every
railroad in the
country:
After having transmitted to the Government which is under your worthy
charge the note sent by the Government of the United States to the
Government of Mexico, through Mr. Ullman on March 12, and likewise
"In submitting this proposition we desire that
the
be understood that all
rates, rules and conditions in our agreements notitspecifically
answer given by the Citizen First Chief accepting the proposal for the
pur- these proposed amendment
affected by
s shall remain unchanged.
suit of the bandits growing out of the Columbus, N. M.. incident,
the
Also, in the last article of their proposals the men reserve
Citizen First Chief charges me to bring to your knowledge, as I have
the right to
the accept
honor hereby to do, the terms of the agreement celebrated in the
any part of any settlement that appears to them
advantageous,
their respective Governments by Citizen Mattes Romero, Envoyname of or reject any portion that does not so appear to them,
and also to combine
Extraordinary and Minister Plenipotentiary of the Mexican
now rates with old conditions or old rates with new
Government, and
conditions—that is,
Frederick Frelinghuysen, former Secretary of State for the
the cream off both crocks.
United States
The railroads make no counter-proposals to their
of America, authorizing the reciprocal passage of the boundary
employees. Wha
line
by
troops of their respective Governments in pursuit of savage
the railroads ask for is an open door. In such a fundamental
Indians, and
reconstruction
of the wage basis as is proposed by the employees the railroads
also Article 21, of the treaty of peace and friendship signed on Feb.
2 1848,
insist the
have the right to demand a frank discussion as to the rules and
which is still in force. These facts are communicated to you that
you may
regulations
interwoven in the present wage structure.
have full knowledge of the notes which have passed between the two
GovernMany rules and regulations that are fair and equitable on
ments, in the remote event of a rupture of relations.
the present
basis of pay manifestly would be unfair and inequitable
The terms of the agreement are as follows:
on any other basis
of pay. A full and fair discussion of these interwoven rules
Article 1.—It is agreed that regular Federal troops of the two
and regulations,
republics
as affected by the radical change in rates demanded by
may reciprocally pass the boundary line when they do so in pursuit
the employees, is
of a what
the railroads ask in the letter they have to-day
party of savage Indians, in accordance with the conditions expressed
addressed to the
in
brotherhood officials.
the following articles :
Article 2.—The reciprocal passage referred to in Article 1 can
only be
made in desert and unpopulated portions of the boundary lines.
The statement setting out the demands of the trainmen
For the
purpose of this agreement desert and unpopulated sections will
include says that nothing in the settlemen
t that may be reached "is
all those points at least two leagues distant from any camp or
town of
either country.
to be construed to deprive the employees on any railroad
Article 3.—The passage of troops from one to the other country
cannot from retaining their present rules and accepting any
take place from Capitan Leal, on the Mexican side of the Rio
rates
Grande, a that may be agreed
upon or retaining their present rates and
point twenty-two Mexican leagues, or fifty-two English miles,
up the
Piedras
from
river
Negras, to tho mouth of the Rio Grande.
accepting any rules that may be agreed upon. The demands
Article 4.—The pursuing force will retire to its own country as
soon as it are outlined as follows:
has defeated the pursued force or loses its track. In no case will the
forces
Article 1. (a) In all road service, 100 miles or less, eight
of either country establish themselves in foreign territory for a longer
hours or less
time will constitute a day, except in passenger service.
Miles in excess of 100
than is necessary for the pursuit of the party whom they follow.
will be paid for at the same rate per mile.
1210
THE CHRONICLE
at the expiration of
(b) On runs of 100 miles or less overtime will begin
eight hours.
when the time on
(c) On runs of over 100 miles, overtime will begin
hour.
duty exceeds the miles run divided by 123 miles per
and paid for at
(d) All overtime to be computed on the minute basis
time and one-half time the pro rata rate.
than they now
(e) No one shall receive less for eight hours, or 100 miles,
of engine used or for
receive for a minimum day or 100 miles for the class
service performed.
required for duty
(f) Time will be computed continuously from the time
day or run.
until released from duty and responsibility at end of
in all yard and
day
a
e
constitut
will
Article 2.—(a) Eight hours or less
r yards shall not
switching service. The minimum day's pay for eight-hou
Provided, that in
be less than the present day's pay for ten-hour yards.
the present day's pay
yards having a minimum day of more than ten hours,
r day.
as in effect Jan. 1 1916 will be continued with the eight-hou
for duty
(b) Time to be computed continuously from time required
All over
until released from duty and responsibility at end of day or run.
and paid
d
compute
be
to
eight hours within any twenty-four-hour period
for at the rate of time and one-half time.
(c) All overtime to be computed on the minute basis.
will constitute
Article 3.—(a) Eight hours or less at present ten hours pay
a day's work in hostling service.
for duty
(b) Time to be computed continuously from time required
run. All over
until released from duty and responsibility at end of day or
and paid
d
compute
be
to
eight hours within any twenty-four-hour period
for at the rate of time and one-half time.
(c) All overtime to be computed on the minute basis.
differentials
Article 4.—Any rates of pay, including mileage or arbitrary
ent contained in
that are higher, or any rules or conditions of employm
more favorable to the
individual schedules in effect Jan. 1 1916, that are
settlement reached in
employees, shall not be modified or affected by any
e representing the
connection with these proposals. The general committe
is
preferable and advise
employees on each railroad will determine which
the officers of their company.
submitted
Nothing in the settlement that may be reached in the above
any railroad from
articles is to be construed to deprive the employees on
be agreed
may
that
rates
retaining their present rules and accepting any
rules that may
upon or retaining their present rates and accepting any
be agreed upon.
[Vol, 102.
In a resolution adopted during the annual meeting of the
Chamber of Commerce of the United States held in Washington in February, the National Chamber, referring to
ds
"the grave differences" impending between the railroa
d,
adjuste
not
"if
which,
ees,"
employ
their
of
n
and "certai
may result in serious interruption to transportation," and
characterizing such interruption of traffic as a "national
calamity," declared that, in its opinion the parties "must
settle their differences without recourse to measures that
would impair public services." The resolution further
committed the National Chamber to the appointment of a
committee which shall "carefully and impartially" investi
gate and consider "such phases of this critical situation as
relate to the interests of commerce and the public" and report to the National Chamber board of directors.
JAMES J. HILL ON THE DEMANDS OF THE
TRAINMEN.
In pointing out that the present is a most inopportune
time for railroad employees to seek an advance in wages,
James J. Hill describes the extraordinary period of business
activity now being witnessed as a "feverish prosperity that
may vanish over-night." He declares that when the war is
over the question confronting American wage-earners will be
that of finding a market for their labor instead of fixing a
price for it. The instant peace is in sight, he notes, all the
flood of war orders will suddenly cease and the United States,
which has been profiting by Europe's war necessities, will
have to share her burden of the cost of war. Railroads, he
will no longer be blocked with merchandise bound for
s:
adds,
demand
above
the
with
ed
present
was
The following letter
have
railroad
the
d, or our harbors choked with freight waiting for
on
d
seaboar
the
employe
s
employee
This is to advise that
ood of Locomotive
Brotherh
the
of
es
committe
ed
authoriz
the
d
instructe
ships to carry it to Europe. The greatest factor making for
and Enginemen, the
Engineers, the Brotherhood of Locomotive Firemen
n
high prices, says Mr. Hill, is the wage rate. High wages
Trainme
Railroad
of
ood
Order of Railway Conductors and the Brotherh
s and high prices work in a circle. Every rise of one is reflecschedule
the
of
revision
a
as
on
propositi
attached
to present to you the
s in the classes
now in force and effect on our line governing employee
ted in a rise of the other. Somebody has to pay these
of service indicated therein.
accept
wages. In the end labor suffers when the business no longer
kindly
ts,
agreemen
present
our
of
In accordance with the terms
named our pays a profit and the pay-rolls cease entirely by the closing
extent
the
to
revise
to
desire
our
of
notice
official
this as the
y no longer profitable. His views are
present schedules or agreements.
ents in the United up of an industr
We request that you join with other railway managem
ent issued as follows on March 26:
statem
this
a
in
ed
handling
of
express
purpose
the
for
t
movemen
e
collectiv
enter into a
States and
e representing
proposition at one and the same time through a joint committe
you that the organiall railroads concerned, and we are instructed to advise
zations stand ready to do likewise.
the territory on the
This proposition is being presented to other roads in
is desired that answer
same date this request is made upon your line, and it
committee on or
ned
to our proposal be made in writing to the undersig
before April 29 1916.
understood that all
In submitting this proposition we desire that it be
specifically affected by
rates, rules and conditions in our agreements not
to changes in
subject
these proposed amendments shall remain unchanged,
es,as has been
thefuture by negotiating with proper officials and committe
the case in the past.
or controlled
It is our request that all lines or divisions of railway operated
any
Railroad shall be included in these negotiations and that
by the
of railway.
agreement reached shall apply alike to all such lines
s that may be
It is to be understood that any settlement of those question
become effective on
agreed upon by this co-operative movement will not
expiration
the
exist until
roads where agreements, or arbitration awards
of the period named therein.
to ask for
Railroad employees could not choose a more inopportune time
Europe is over
a general advance in wages. When the devastating war in
of finding a
the question confronitng American wage-earners will be that
market for their labor instead of fixing a price for it.
ht. The great
We have a feverish prosperity that may vanish over-nig
arises from the
bulk of the business now taxing the capacity of our railroads
getting in payment
war necessities of Europe. The money our people are
of the combined
for their products is being provided on the forced credit
of millions by piling
nations of Europe. They are raising these hundreds
thus building up a
up to enormous heights the debts of their Governments,
ns.
great financial burden that must be borne by future generatio soon this
how
tell
can
one
no
The instant that peace is in sight (and
ng lives and
may be, because Europe cannot go on much longer destroyi
for war materials
property at this unprecedented rate) all this flood of orders
slow and
the
begin
at high prices will suddenly cease. Europe will then
of the war.
painful process of recovering from the great losses
by Europe's war
Then the United States, which has been profiting
of the war. In these
necessities, will have to share her burden of the cost
enjoy prosperity
days of closely related markets one great nation cannot
finanif for any length of time while a large part of the rest of the world is in
distress.
cial
perwas
en
trainm
the
of
s
blocked with
The drawing up of the demand
With the war over, we will no longer see the railroads
with freight
of the thirty merchand
ise bound for the seaboard, or our harbors choked
fected at a meeting in this city on Wednesday
reckoning
be
the
will
severe
How
unions
it to Europe.
the
carry
of
to
boards
ships
for
ment
waiting
adjust
n
divisio
Chairmen of the
it must be
must pay can only be conjectured, but we all know
world
the
aorganiz
The
y.
Tuesda
concerned, who arrived hero on
paid.
as a
With such a situation confronting us, this can hardly be regarded paid
tions back of the demands are the Brotherhood of Locomotive
for railroad employees, and especially those highly
Brother
the
moment
tors,
happy
Conduc
y
Railwa
of
Order
Engineers, the
to ask for higher wages.
- employees in the train service,pay
the highest wages in the world, out of
hood of Locomotive Firemen & Enginemen and the Brotherof
American railroads to-day
to capital account
ion
Federat
the lowest rates in the world, after having set down
hood of Railroad Trainmen. The American
world. No
ng
capitalization per mile of all great countries of the
prepari
be
lowest
the
to
said
is
s,
member
00
2,000,0
in the country can match
Labor, with its
other occupation and no other employer of labor
organiwhose
men,
d
railroa
to support the demands of the
record.
of the railways.
nt this
The pay-roll now absorbs 45% of the gross earnings
zations are not affiliated with the Federation. Preside
ndingly.
to
business falls off it will be difficult to reduce wages correspo
appeal
When
an
issued
has
ion
Federat
the
of
have to be adhered to in
Samuel Gompers
The higher rate of wages established now would
to
demand
soon.
our
very
eight-h
come
period of severe financial readjustment which must
• all labor organizations making the
y, theThese 300,000 trainmen, loss than a fifth of the railroad workers, are
Tuesda
On
ations.
organiz
men's
d
railroa
the
support
conditions are most favorable. In
of the now highly paid, and their workingearn
two and three days' pay in one
J. H. Welch, Chairman of the adjustment board
what other occupation can workers
have
ds
railroa
in consequence?
day, and be able to spend many days at home
Order of Railway Conductors, said that the
be
bly, which is as it should be. The wage rate
would
comforta
live
all
they
men
not
or
These
r
whethe
ly
official
not yet indicated
families. Their consumption is
enables them to spend liberally for their
ent for other industries and
willing to arbitrate.
an important factor in creating employm
rhood
raising the general level of prosperity.
David B. Robertson, Vice-President of the Brothe
d working hours for the
decrease
and
by the
But continually increased pay
people must in
.of Railroad Trainmen, stated that the vote taken
means increased cost of transportation, and all the
employee
and
s,
demand
the
can pay out only what it
railroad men had been simply to submit
the end pay the bill in higher rates. A railway
to
the takes in. It takes in nothing except what the public pays it for service.
that the situation had not progressed far enough to cause
employees must in time be
n
unions
d
railroa
The logical conclusion, that every concessio to
the
said
He
one which they
taking of a general strike vote.
a rise in rates and paid for by the people, is
in
reflected
and
strikes
to
had proved frequently that they were opposed
too often overlook.
Everybody
rate.
a
The greatest factor making for high prices is the wage
that the unions would do everything possible to arrive at
is the principal item in all forms of industry. The
cost
labor
that
Stone,
knows
S.
Warren
Chief
Powerful forces are
satisfactory understanding. Grand
wage rate has been rising steadily in this country.
leader in the national movement of the unions for an eight- back of this movement. It has public sympathy. As the labor supply
rise still more.
hour day, said that never before had the railroad unions diminishes, wages
of one is reflected
High wages and high prices work in a circle. Every rise
been so generally in favor of making demands. He said in a rise of the other. But somebody has to pay these wages. They do
when the business no longer
that the unions were acting as one man.
not come out of the air. In the end labor suffers
FRASER
Digitized for
APR. 1 1916.]
THE CHRONICLE
pays a profit and the pay-rolls cease entirely by the closing up of an industry
no longer profitable.
But the railroads must go on. Capital once invested in the business
cannot be taken out. The railroads need hundreds of millions of
now
capital every year. How is this capital to be obtained unless investor
s are
convinced of the ability of the carriers to earn a fair return?
PRESIDENT GOMPERS ISSUES CALL FOR LABOR'S
WORLD PEACE CONFERENCE.
In furtherance of the resolution adopted by the American
Federation of Labor providing for the calling of a labor
congress at the same time and place "that the general peace
conference shall be held which will determine conditions of
peace at the close of the war," Samuel Gompers, President
of the Federation, this week sent out a call for the "Labor's
World Peace Congress." The Congress would be an assembly of workers to demand that peace delegates to the warring
nations determine nothing touching upon the lives of the
workers without taking counsel of them. In his call President
Gompers says:
1211
a vigorous speech urging team work by the majorit
y. He
presented to the caucus a memorandum from President
Wilson
recommending the following legislative program:
1. Appropriation bills, carrying the provisions
necessary
for the preparedness measures.
2. Revenue bills, with anti-dumping provision.
3. Bill for Tariff Commission.
4. Ship Purchase bill.
5. Rural credits.
6. Philippine bill.
7. The proposed legislation for Porto Rico.
8. The conservation measures.
9. The Mississippi River relief measure, which
should
provide, I suggest, that the work of levying and revelm
ent
be carried on under a continuing contract system until
completed, the annual appropriation for the work to be carried
in the sundry civil bill, as was done in providing for
the work
at Panama.
10. Corrupt Practices Act.
The Mississippi relief measures suggested by the
President
constituted the first formal announcement of the
results of
an investigation carried on at his directi
on by Secretaries
Lane, Houston and Redfield in response to
an appeal from
New Orleans civic organizations that steps
be taken to
control Mississippi floods.
We are not unmindful of the issues involved for which men are shedding
their blood and giving their lives. We, too, have been confront
ed by
national problems which have grown out of war conditions, and now
our
great concern is that out of the horrors, the suffering, the destruction of
war, there shall come greater opportunity,freedom and protection for
those
who do the world's work—the toilers of all countries.
Everywhere the wage-earners by service have proved their loyalty
to
concepts of honor, their patriotism, their value as men and women. In
the
past they have borne not only the burdens of fighting during the war,
but
have been weighted down by the war debts and readjustments
attending a
return to peace conditions.
In a letter this week to Claude Kitchin, Democr
The workers can refuse to be the victims of the blunders
atic leader
, the evil plans,
of the House, President Wilson urges in the
the ambitions of those responsible for this terrible war.
In their struggle
consideration
against oppression have been born yearnings for human
freedon, for better of the legislative program that the shipping bill and
the Newopportunities, for justice in life and work. During the
centuries they have lands bill for the
investigation of the conditions of railway
made progress—sometimes slow, it is true, but always
progress. It has
been a long fight from slavery to the present degree of freedom
transportation be pressed for early passage. In his
.
letter
There is great opportunity in the immediate future for
democracy and the President says:
freedom. A century ago the feudal system died in the
Napoleonic wars
The
White
House,
Washington, March 27 1916.
that convulsed Europe, and the third estate established
My Dear Mr. Kitchirv—In considering the program
their right to
freedom and participation in the affairs of Government and
of the session there
are two matters which seem to me to stand
society.
out more prominently than
Slowly but surely the workers have been making demands for
recognition the rest as matters in which time presses, even though
they should not be
of their rights as human beings, and as members of society,
and have deemed to take precedence in intrinsic importan
established many of them.
ce. It would seem as
if the whole movement of our trade
and
industry
Since the outbreak of war their economic importance, their
waited on satisfactory
political and solutions of our problems of transportation.
military power have been tacitly and often officially recogniz
That is the reason why it
ed. States- seems to me that the shipping bill should
be pressed to an early passage.
men have recognized that organizations of wage-earners are
an integral part and I write to-day to express the hope
that the Senate Joint Resolution
of organized society—part of the vitals of the nation.
No.60,for the investigation of the
conditions of transportation by railway,
In appreciation of their dignity and value it is the duty
of the wage- may find an early opening in the business of the
earners to make demands upon the world assemble
House for its consideration.
d in the next world
did not put this on the list of legislation which
congress that nothing touching the lives of the
I suggested because it did
workers shall be determined not in my mind fail under the head
of
legislati
on at all, but only of incidental
without taking counsel with them. Such a demand
made by the personal action for the purpose of laying the
representatives of the world's wage-earners
ground work for future legislation at
assembled in the same time another session of the Congress.
and at the same place as the world peace conference
The railways of the country are becomin
would have a tremeng more and more the key to its
dous effect upon the spirit of that congress.
successful industry, and it seems/o me
of capital importance that we should
Such a demand would set high standards of democra
cy and would give lay a new ground work of actual fact for
the
prominence to principles of human welfare that could
necessary future regulation.
I know that we all want to be
not be ignored.
absolutely fair to the railroads, and it seems
The labor movement is the groat humanizing, democratizing
influence in to me that the proposed investigation is the
first step toward the fulfillment
the affairs of nations, and it must have a place wherever the
welfare of wage of that desire.
earners is concerned. The problem is to have the fullest
and the best
I hope that you will agree with me
that this important matter can be
representation in the labor congress, and through it a voice and
influence in disposed of without putting any spoke in the
wheels that we are now trying
the world congress.
to make go around in the matter of legislati
on.
The report of the Executive Council to the thirty-fifth
annual ConCordiall
and
y
vention of the American Federation of Labor, held in San
sincerely yours,
ginning Nov. 8 1915, contained a plan for the holding Francisco, beWOODROW WILSON.
of the proposed
Hon. Claude, 1vitchin. House of Represent
labor's peace congress. The plan approved by the
atives.
American [Federation
of Labor contains the following general suggestions:
Let every national centre affiliated to the Internat
ional Federation of
Trade Unions send not more than two delegates to the
FREIGHT CONGESTION.
conference. The
labor movement of any country, oven though not affiliate
d, could send one
The efforts to remedy the congested freight
delegate. If there is no one general labor movement in a
conditions on
country, let the the Atlantic
representatives of the organizations of that country agree
Seaboard, which were referred to in these colto send one
delegate. Then it should also be understood that represen
tatives of this umns last Saturday, have continued during the current week.
Congress must be either officials or duly accredited
representatives of eco- The committee representing
the shippers, appointed at a
nomic organizations of wage-earners. The delegates to
the international meetin
conference, before leaving their home countries, should
g in the offices of the Merchants' Association on
make provisions for
March
publicity through the labor and reform press of their
countries for the 22 to cooperate with the rdilroads in relieving the
deliberations and the decisions of the labor conferen
situation,
ce so that the wage- drew up recommendati
ons on the 24th ult. designed to assist
earners of the whole world would be in possession of the
truth in regard to in
what transpires.
solving the congestion problem. J. C. Lincoln
, Manager
The plan of the American labor movement for this
labor's peace congress of the Traffic Bureau of the Merchants'
has to do solely with the organization of that
Association, is
cOngross. We do not offer Chairman of
the committee, the proposals of which were
any program or any theory as to what the members
of that labor's peace
congress shall do. It seems best to
leave representatives free and unham- outlined in the following statement:
pered to use whatever opportunity shall be
At
a meeting of this general committee to-day
available and to take advantage
the following recommendaof any opportunity to promote the interests
of the workers in accord with tions were adopted:
their best judgment.
1. That embargo notices should be issued
for account of all railroads
through your central committee and that
for a better understanding of said
embargoes, when modified, the supersed
ing
notice
shall embrace the exCONGRESSIONAL PROGRAM ADOPTED IN
isting embargoes in full as of date of issue,
CAUCUS. shall
so that each embargo notice
be complete in itself. That all embargo
A resolution outlining a plan for speeding up the
should be given the
Adminis- widest publicity and the publication thereofnotices
be arranged through the
tration legislative program was adopted at
a caucus of daily press.
2. That in order to obviate the holding out of
House Democrats on Friday night, March 24.
cars at "rail termini,"
The
awaiting disposition instructions, the carriers
was taken in accordance with the recommendation action existing
temporarily suspend their
rules providing for the receipt of freight
of Presiconsigned to New York
dent Wilson that the work of Congress be pushed with
Harbor "lighterage free." In the receivin
g of domestic freight for lighta view erage
delivery in New York Harbor, the shipper
to the adjournment before the national political conven
to
be required to indicate
tions in the bill of lading the pier or station to
which delivery is to be made.
in June. The Democrats in caucus pledged themse
lves to (This rule not to apply to freight on through billing
which is stopped in
co-operation in early daily meetings and to such
night ses- transit.)
3. That during the present congestion,
sions as may seem advisable. The plan is to handle
in order to relieve "rail termini,"
at
carriers be permitted to suspend the operatio
n of their rules permitting
sessions the business of all special days in the week night freight
which has been forwarded to New York on
except
domestic bills of lading
the so-called calendar Wednesday. It was also agreed
as "domestic shipments" to be diverted
"for
export."
That where shipthat
ments
arrive
at
New
York
on domestic bills of lading and bills of
the Tariff Commission bill should become part of
lading
the coming do not bear notation that shipmen
ts
are "for export," such shipments sha 11
general revenue measure. Before the resolution
embodying not receive the benefit of the rules applicable to export traffic.
the plan was adopted without dissent, Speaker Clark
4. That when shipments are tendered at point
of origin "for export," th e
made carrier shall require
the shipper to indicate the country to which
the freight
1212
THE CHRONICLE
[VOL. 102.
co-operation is, therefore, earnestly
by operation on the part of all. Your
of sailing of steamer, supported
ed.
Is destined, and approximate date
solicit
hip
steams
or
r
ment by such steame
bona fide evidence showing engage
reasonable time which will be reline, and that the carriers indicate the
Committee
from point of origin to New York,
freight
On March 25 Chairman Smith of the Executive
quired for the movement of export
their shipments accordingly.
bulletin to all railroads reprea
issued
oads
In order that exporters may regulate
Railr
rn
a
Easte
against
of
issued
be
oes should
Conference to
5. That as to domestic freight, embarg excess of his ability to handle
y in
sented in the Eastern Freight Accumulation
consignee who has cars awaiting deliver
fertilizing
and
izers
fertil
,
seeds
of
d.
ents
the effect that shipm
until such excess has been reduce
local
for the movement to destination of
6. That immediate steps be taken
also agricultural implements destined to
als,
materi
ing,and not
plant
g
cars now held en route.
sprin
be
for
es
used
faciliti
age
be
to
lighter
nd
ds'
Engla
railroa
New
in
the
of
points
7. That some plan of co-ordination
promptly. All
New York Harbor.
export, would be accepted and forwarded
obtained in the lighterage of freight in
in the delivery and re- for
Harbor
York
New
On the same
in
ons
y.
dingl
conditi
8. That the local
were modified accor
d stations, due to the congestion existing embargoes
Chamber of
t
moval of freight from piers and railroa
cticu
ng
Conne
trucki
the
the
of
that
ncy
efficie
nced
the
annou
ng
affecti
date it was
which prevails at such stations is
and stations
s shortpiers
nt
seriou
a
to
differe
the
tion
at
g
atten
existin
called
Commerce and others had
service, that these conditions
Investigation on the part of your
Hartford and
bury,
Water
en,
should be made the subject of a special
Merid
in
at
coal
found
be
acite
may
anthr
of
age
which
any defects
committee, with the view of rectifying
to be closed
the station forces and the insufficiency other points, and that their schools would have
administration and co-ordination of
ng of freight.
handli
and
g
ved. A bulletin was issued
recei
soon
not
were
ents
of labor for the prompt locatin
shipm
If
to
as
ation
be supplied with inform
That the Chairman of this committee
of anthractie coal now held
absorbing the station facilities to all lines to forward any cars
receivers of freight who are unnecessarily
d
railroa
or
pier
the
possible, the New Haven
as
from
early
freight
ng
as
removi
for such destinations
or who are negligent or dilatory in
points
stations on arrival.
g agreed to take the cars at proper junction
pier and railroad stations be kept RR. havin
That after due notice to the public that
stad
railroa
and
pier
and deliver.
the trucking from
open until 12 o'clock midnight for
tions of inbound freight.
tracks,
team
on
y
York Central
deliver
for
d
ordere
is
freight
A modification of embargoes on the New
That where carload package
such package freight shall be sent
RR. was anord
Hartf
&
n
Have
that with the expiration of the 72 hours
New
York
New
the
and
Embargoes
to public storage.
on
e
tho
n
mitte
betwee
sub-com
nation
the
by
co-ordi
day
greater
nounced on Thurs
9. That the carriers should arrange for
e of steamConcernissuanc
.
the
(a)
to
rence
Confe
respect
with
on
lines
rail carriers and steamship
of the Eastern Freight Accumulati
freight to vessels.
said:
ttee
commi
ship permits;(b) the movement of permit
the
al
Centr
York
New
the
ing
were submitted
to permit acceptance o
The above recommendations of the shippers
York Central embargoes are modified so as
l roads for destinations
rence of the rail- allNew
freight originating at points on New York Centra that road at Rotterto the Eastern Freight Accumulation Confe
er E. E. Clark on or via the Boston & Maine under direct delivery to , Rutland, Central
ssion
Commi
erce
Comm
e
-Stat
Inter
and
roads
on Boston & Albany
ittees of the dam Junction or Troy,and to points
ance of freight for export via
on the 24th ult. On the same day sub-comm
Vermont, Grafton and Upton roads. Accept
uinaug
for
ts
gemen
zation by General Agent George E.
arran
authori
t
t
to
Boston & Maine, subjec
railroads were seeking to perfec
t Agent
in the resolutions Dudley, Boston, and that via Boston & Albany by Foreign Freigh
rating on April 1 the new tariffs embodied
.
,
Boston
Peters
H.
L.
that
It is stated
York Central System roads
of the railroads adopted on the 23d ult.
Embargo on hay originating at points on New
favorably received to 33d St. or 36th St., New York City, for handling through 33d St. hay
the proposals of the shippers have been
ads, and a joint con- sheds, also raised.
March 30.
by the executive committee of the railro
All of the above effective midnight Thursday,
ng the railroads
t into the
ference between the committees representi
Under the modification of the embargo on freigh
is planned.
relief
, the
of
res
ittee
measu
-comm
s
sub
discus
the
to
by
ers
made
shipp
ory
and
territ
Freight Accumu- New Haven RR.
t which is now held ,by other
freigh
e
The executive committee of the Eastern
receiv
will
n
Have
New
E. Clark met on
nated in the orders as Eastern Massalation Conference and Commissioner E.
ittees. The roads for points desig
-comm
sub
the
of
ts
repor
the
der
consi
to
Tuesday
Rhode Island classifications. This does not
ts on conditions chusetts and
ss, but only to freight that is already held
sub-committee in charge of gathering repor
busine
new
to
regard to the work apply
t must be grouped and delivered
on the various roads reported progress in
.
nd dis- by other roads This freigh
Engla
New
the
ing
cover
been
have
that
of inspectors
where possible in solid trains for each clasHaven were re- in solid lots, and
s in the Eastern Massachusetts classifitrict. Several of the divisions of the New
point
All
tion.
ion in those di- sifica
ported in a normal condition, and the situat
treated as a single point in so far as grouping
d out in detail cation are to be
visions that are most congested is being worke
is concerned. The same principle applies
lots
solid
in
cars
The subject of
d classification. Under this ruling there
in co-operation with the railway officials.
Islan
e
Rhod
in detail and to the
loading cars to weight capacity was discussed
in these two territories to which freight
ttee of the are over 200 points
was referred to the General Managers' Commi that they that is now held by other roads may be shipped.
tion
ads to points
Trunk Line Association, with the recommenda
The embargo on spelter and copper in carlo
under normal
devise some system whereby the loading of cars ed in addi- in New Haven territory has been raised, as has also the emdecid
weight capacity may be prevented. It was
ry stock. It is expected that with the lifting
ers in order that bargo on nurse
tion to this to appeal directly to the shipp
on spelter and copper the situation in New
go
embar
of the
.
cured
be
may
ion
situat
this
be materially relieved.
ays in the coun- England will
It was voted to send telegrams to all railw
Eastern railways
of the Easttry asking them to return coal cars to the
On Thursday the sub-committee on embargoes
be available
may
they
that
order
in
le,
possib
nced the modias
annou
rence
as rapidly
Confe
on
ulati
Accum
ht
Freig
coming forward ern
to handle ore shipments that will soon be
goes on the New York Central
day (Tuesday) fication of further embar
by way of the Great Lakes. On the same
together with changes in the
addressed a let- and New Haven railways,
Mr. Lincoln of the Merchants' Association
go on grain on the Erie RR.
embar
The
.
ctions
restri
Erie
of 150 cars per day. An emter to the shippers as follows:
t
exten
the
California products, both for local has been raised to
for
New York City is a large market for
greater part of the bargo has been placed by the Erie against shipments
the
and
s,
jobber
our
by
ment
reship
consumption and for
emlatter
The
ports in connectoin with the
lines.
Gulf
the
h
ship
throug
steam
moves
wise
coast
traffic
this
volume of
transfer to the
accumulation of freight which
Morgan Line and the Mallory Line.
the movement of California pro- bargo is necessitated by the
By reason of embargoes placed against
nts, we have
at present unable to handle.
are
mercha
our
lines
of
ship
injury
the
steam
to
wise
York,
coast
New
the
ducts via these routes to
embargoes and we find that
these
of
the New York Central has
causes
on
the
gate
grain
t
investi
to
n
expor
had occasio
embargo in
ies are congested, very largely due The
agent
the piers of both these steamship compan
ees been raised, subject to the acceptance by desginated
consign
the
of
some
which
on
ts,
produc
nia
to the accumulation of Califor
gements
arran
of
proof
which on this Far
actory
time,"
of
"free
on
satisf
full
the
ntati
of
age
prese
advant
upon
taking
and
are apparently
oes are seriously interferWestern business is very liberal. These embarg the handling thereof by for vessel space.
products and
on pig
ing with the movement of California
On the New Haven the embargo has been raised
our merchants.
every receiver of such goods, namely, lead in carloads and petroleum and petroleum products in
upon
s
impres
to
desire
re
therefo
We
immediate steps be taken for the recanned goods, dried fruits, &c., that
in tank cars. The embargo has also been lifted
pier stations and a determined effort carloads
hing powder
moval of the freight now on hand at
of
d immediately upon notification
on tree spray, box shooks and box boards, bleac
made to have further arrivals remove
embargo issued
last
the
in
tion
excep
The
soda.
c
.
causti
and
arrival
such
nia products, being withheld
We are assured that as soon as these Califor
Haven, which read "feed for live stock," has
it will enable these carriers to modify by the New
poultry."
at pier stations, can be removed,
been changed to read "feed and food for animals and
g embargoes.
existin
carriers have repeatedly made the
Through the medium of the press the
of freight at New York pier and rail
charge that the present congestion
through the failure of consignees to
stations is occasioned in large part
or railroad station, and that such
promptly remove freight from the pier
limited space for storage purposes,
their
of
tion
occupa
the
by
ees,
consign
t of their business.
are interfering with the general conduc
at pier and railroad stations and
In our investigation of the congestion
the statement attributed to the cardelays to trucks, we have found that
to a greater or lesser extent for the
riers, that their facilities are being used
, which is occasioning congestion and
holding of inbound freight, is correct
delays to trucks on piers.
to do his part in relieving all freight
It is a duty of every receiver of freight
FRASER
lished by prompt and efficient cocongestion, and this can only be accomp
Digitized for
informaThe "Boston Advertiser," which presents a daily
the genout
g
settin
rs,
nd
shippe
Engla
New
for
e
tion servic
din
state
ms,
syste
on
ortati
transp
main
eral situation on the
e road no
its issue of March 29 that "on the Boston & Main
t for exembargoes are now imposed except against freigh
the
when
ted
exemp
are
ents
port, and even export shipm
ble to receive
availa
room
ship
show
can
gnee
consi
or
er
shipp
." It also
it promptly upon arrival at the end of its rail route
APR. 11916.]
THE CHRONICLE
1213
stated that "the Boston & Albany road has no embargoes REVISED TARIFF COMMISSION BILL INTRODUCED
except such as those in force on the New Haven system
IN HOUSE.
makes necessary on shipments to New Haven."
A revised bill for the creation of a tariff commission was
A request that Congress investigate the cause of freight introduced in the House on March 27 by Representative
congestion is embodied in a resolution as follows, adopted on Henry T. Rainey of the Ways and Means Committee. Mr.
March 25 by a committee representing the knit goods trade: Rainey's earlier tariff commission bill was presented to the
Whereas, the Pennsylvania RR. Co., the Philadelphia & Reading RR. House on Feb. 1 and was printed in these columns Feb. 12.
Co. and the New York New Haven & Hartford RR. Co. have placed em- The first bill provided for a commission of five members,
bargoes on inbound freight to New York City; and
each commissioner to receive a salary of $12,000; the newly
Whereas,the said embargoes have been continued in force for a long period
drafted measure calls for the appointment of a commission
with little or no relief; and
Whereas, the said embargoes have caused great suffering to the manu- of six members, each of whom would receive a salary
of
facturers of hosiery and underwear of Pennsylvania and the New England
$10,000. In a statement accompanying the revised bill, Mr.
States, as well as to the merchants and consumers of New York City; and
Whereas, we believe the railroads named are discriminating against the Rainey said:
manufacturers aforesaid; therefore be it
Resolved, That we request the appointment of a Congressional committee
to investigate the cause of the freight congestion that has caused said embargoes to be put into effect and to take such action as may be necessary
to afford relief; and be It further
Resolved, That a copy of this resolution be sent to the Hon. George W.
Loft, M.C., with the request that he introduce in Congress the proper resolution for the appointment of a Congressional committee for the purposes
set forth above.
This bill has been rewritten, and I have been authorized by the Democratic members of the Ways and Means Committee to reintroduce it in its
present form. It will be supported by all the Democratic members of the
committee. Later on it will be brought to the attention of the full committee, and it is hoped that it will also receive the support of the Republican
members of that committee.
The bill in its present form has the approval of the Administration, and
will be the Administration measure on this subject. It is not intended to
make it a party measure. In its present form the bill is nearly as nonThe committee, which is composed of Horace M. Graft, partisan as it is possible to make it. It is not the intention to submit it
to a party caucus, although to save time it will, in all probability, be added
B. J. Harder, N. A. Kommel and John H. Leich, is said to to the omnibus Revenue bill.
have been offered the co-operation of President A. H. Smith
The bill in its present form provides for a commission of six members with
of the New York Central as Chairman of the Executive salaries of $10,000 a year each, no more than three members of the commission to belong to the same political party. This would mean three
Committee of Eastern railroads. The embargo was Democrats and three Republicans, and from a
political standpoint the
lifted on March 24 on the Philadelphia & Reading, but the membership of the committee would be equally balanced between
the parties
which
favor
different
methods
of
imposing
tariffs.
committee stated on the 25th that it was replaced at the
The bill requires the Chairman and the Vice-Chairman to be selected biend of 24 hours.
ennially. This makes it impossible to install in these important offices for
long terms members who happen to belong to the political party in power
four
from
reduction
to two days in the free storage when the appointment was made. In the first instance members are apA
pointed for two, four, six, eight, ten and twelve years, respectively. As
time at Philadelphia on carload shipments of flour, feed, their
terms expire, however, their successors are appointed for twelve years.
hay, straw, grain and other commodities, was approved on
The bill confers upon the commission the very broadest powers of investigation
in this country and elsewhere in the world, but protects in the
Inter-State
the
Commerce Commission. The
March 30 by
possible way trade secrets and processes. Any member of the
ruling affects the Pennsylvania RR., the Philadelphia & strongest
commission, or any employee of the commission, or any officer of the
Reading and the Baltimore & Ohio. The railroads were Government, who divulges or makes known in any manner trade secrets
ordered, however, to allow consignees sufficient time in or processes is subject to the severest penalties, and may be punished by
a fine not exceeding $1,000, or by imprisonment not exceeding one year.
excess of the two days to unload shipments where deliveries or both in the
discretion of the Court. If there is any way of better proexcess
of
usual
bunched
the
in
daily
were
deliveries in the tecting trade secrets and processes than is adopted in this bill I cannot
imagine
what
it
is.
past.
It is intended to make this commission permanent. The President in
his speeches through the West recently declared for a permanent tariff
commission. We have, therefore, inserted a clause in the bill providing
DEMOCRATIC CAUCUS FAVORS GOVERNMENT
for a permanent annual appropriation of $300,000 each year hereafter.
OWNERSHIP OF ARMAMENT MANUFACTURE.
with which to meet the expenses of the very important work to be performed
The Democrats of the House, in a caucus on March 29, by this board.
The Taft Tariff Board was simply created by Executive order, and was
went on record as favoring Government manufacture of authorized by Executive
order to spend a certain sum of money each year.
armaments and ammunition. The caucus was primarily This bill creates a distinct, independent establishment of the Government,
with its duties well defined by law, and with its permanency absolutely
held for the purpose of committing the House to the bill assured.
passed by the Senate on March 21 appropriating $11,000,000
If there is any way of making the proposition more non-partisan than
the
for the purchase or construction of an armor-plato factory. methods suggested in this bill, I would like to know what it is. It, in my
judgment, insures in the future tariff stability, and whenever revisions ap.
Representative
resolution
offered
by
was
The
Garner of pear to be necessary it will make it
possible to make such revisions inTexas and is as follows:
telligently. The Democratic party is not now, never has been and never
Resolved, That is it the sense of this caucus that the Rules Committee will be, the enemy of successful business.
should report a rule making in order amendments to the Navy, Army,
The bill, if it is enacted into law, will come as near removing from
the
Fortifications and Sundry Civil bills, having for their purpose provisions tariff unfair and unreasonable partisan action, in my
judgment, as any
providing for the Government manufacture of armaments and ammunition. measure yet conceived.
In addition to the statement of the Bethlehem Steel Co.,
which we printed last week, in which they announced'their
willingness to make a concession in the charge to the Government rather than have their plant put out of existence,
the company has issued several further circulars on the subject this week. In one of these they state that there can be
only two possible reasons for an expenditure of $11,000,000
"of the public's money to build an armor plant"—first, that
existing private armor plants have insufficient capacity to
supply the needs of the country, or, second, that a Government plant would produce armor at a lower price than must
be paid to private manufacturers. The circular adds:
The Bethlehem Steel Co. maintains that neither of these reasons prevails: Because
First—Capacity. The three existing private armor plants, which are admittedly efficient, have a capacity of 32,000 tons a year. The estimated
needs of the navy for the next five years will call for only 24,000 tons a year
—not enough to absorb the possible output of existing plants.
Second—Price. The Bethlehem Steel Co. has offered to manufacture
one-third,or such additional quantity as may be awarded to it, of the armorplate required for the contemplated five-year naval program, at a price
of $395 for side armor, as compared with the price of $425 now obtaining.
The proposed price is lower than has been paid by the Government for more
than ten years.
If the foregoing price is not satisfactory, wo will agree to permit any wellknown firm of chartered public accountants or the Federal Trade Commission to inventory our plant and make careful estimates of the cost of
manufacture; with that data in hand we will meet with the Secretary of the
Navy and guarantee to manufacture armor at a price which will be itself
quite as low as the lowest price at which the Government could possibly
make it, taking into account all proper charges.
The Senate bill contemplates a plant to make 20,000 tons a year, leaving
only 4,000 tons above estimated needs to be made in private plants having
32,000 tons capacity and useless for any other purpose. The effect of
building a Government plant will be to kill the private industry; there would
not be enough work for both Government and private plants.
The bill calls upon the commission to investigate the administrative and fiscal effects of the customs laws of this
country, relations between the rates of duty on raw materials
and finished products, effects of ad valorem and of specific
duties, all questions relative to arrangement of schedules
and classification of articles in the law, and to put all information in its possession at the disposal of the President, the
House Ways and Means Committee and the Senate Committee on Finance. The bill would also give the:commission
full power to empel the attendance of witnesses and.'give them
access to and the right to copy any document of any individual
or business concerned in the production or sale of any article
under investigation. No person could be appointed to the
commission who has been elected or served either in the
House or Senate. All employees, except a Secretary to
the commission and a clerk to each commissioner, would be
placed in the classified service under the terms of the bill.
HOUSE PASSES IMMIGRATION BILL WITH
LITERACY TEST.
The Burnett immigration bill, with its literacy test and
Asiatic exclusion provisions, passed the House on March 30
by a vote of 308 to 87. A motion of Representative Sabath
of Illinois to recommit the bill with instructions to:eliminate
the test provision was rejected by a vote of 284 to 107.
The House, working in Committee of the Whole,onWarch 27
voted to sustain the test provision by a vote of225 to 82.
On the day of the passage of the bill by the House—the 30th
—an amendment was adopted modifying the:effect of the
Humphrey amendment, adopted Tuesday, which proposed
a retaliation upon British Columbia for its exclusion of
1214
THE CHRONICLE
[VOL. 102.
skilled and unskilled labor. It was discovered that the
amendment as drawn would operate against Russia, and the
new amendment, as adopted on the 30th, would limit its
application to British Columbia. The bill increases the head
tax on immigrants from $4 to , but it is provided that
children under sixteen years of age with a father or mother
shall be exempt. The present rate of $4 is applicable to
immigrants regardless of age. Under'the literacy test "all
aliens over 16 years of age physically capable of reading, who
cannot read the English language or some other language or
dialect, including Hebrew or Yiddish," would be excluded
from the United States.
Representative Burnett's immigration bill of last year,
which carried a like provision, was vetoed by President Wilson
on Jan. 28 1915, and a bill with a similar provision was
vetoed by President Taft.
EFFORTS OF TRADE COMMISSION TO CO-OPERATE
WITH BUSINESS.
"Trade Associations and Better Business Methods" was
the title under which Edward N. Hurley, Vice-Chairman of
the Federal Trade Commission, addressed the Boston Commercial Club on March 28. Mr. Hurley's remarks dealt
with the efforts of the Government to co-operate with business through the Trade Commission, in the same way as
other interests are benefited through other agencies—the
railroads and shippers through the Inter-State Commerce
Commission; the fruit growers, the farmers' co-operative
elevatorassociations, the dairy producers' associations, similarly receiving aid, advice and rulings on important questions
from the Department of Agriculture, and the bankers being
enabled to receive authoritative decisions as to their powers
and duties through the Federal Reserve Board. We quote
from Mr. Hurley's remarks on the subject, which are very
much along the lines of those in a previous address, as
DUTY ON SUGAR TO BE EXTENDED FOR FOURYEARS. follows:
Groups of business men are constantly coming before the Federal Trade
The Democratic members of the Senate in caucus on
asking for information as to how they can improve conditions.
March 27 voted to continue the present duty on sugar for Commission,
Manufacturers come to us protesting against overproduction or complaining
four years more, or until May 1 1920. This proposal is against their competitors, claiming unfair methods of competition and
competitors are selling goods below
embodied in a resolution recommended by the Democratic asking us for relief.theThey assertintheir
which they are engaged. For these
industry
cost and ruining
members of the Senate Finance Committpe and approved evils, often of many year's standing, they request relief.
The Federal Trade Commission has been in existence one year and after
by the caucus by a vote of 23 to 7. The resolution is a subthe field we found from a preliminary investigation that 200,000
stitute for the one passed by the House on March 16 re- surveying
corporations out of a total of 260,000 engaged in the manufacturing and
pealing the free sugar clause. The substitute was reported mercantile business of the United States were eking out an existence:
to the Senate on March 29. On March 23 Senator Hard- 100,000 of them did not earn a penny. Out of 60,000 successful corporadoing a business of 3100,000 a year, over 30,000 charged off no
wick offered a substitute to the House resolution calling for a tions
depreciation whatever. Only 10% of our manufacturers and merchants
the
tax of one cent a pound on the consumption of sugar in
know the actual cost to manufacture and sell their products: 40% estimate
United States, but admitting raw sugar free. The caucus what their costs are, and 50% have no method, but price their goods arbiMost of the manufacturers and merchants who do not know what
gave no consideration to this proposal. In the caucus pro- trarily.
their goods cost are bdsing their selling price on what their competitors
ceedings Senators Broussard and Ransdell of Louisiana sell for and with only this knowledge for a basis they are frequently cutting
industry in which they are engaged.
opposed the four-year extension of the sugar duty, being prices and demoralizing the
There were over 22,000 business failures in the United States last year:
opposed to any time limit. The caucus substitute was re- more than 20,000 of them were small concerns. We all know that a large
ported to the Senate on March 28.
percentage of business is run at loose ends, haphazard and without the
INDICTMENTSIN OHIO AGAINST STEEL COMPANIES
QUASHED.
The motion to quash the indictments recently returned
in• Youngstown, Ohio, against five steel companies, charging
them with conspiring to fix the price of labor and steel products, was granted on March 28 by Judge W. S. Anderson
in the Common Pleas Court at Youngstown. The indictments against the United States Steel Corporation and
E. H. Gary, head of the Corporation, still stand, as the
motion to quash did not include these two defendants, on
whom service has not been secured. Theattorneys for the steel
companies attacked the indictments as being too indefinite
and uncertain, depriving the defendants of their constitutional rights. The companies in whose behalf the motion
to.quash was made are the Republic Iron & Steel Co., the
Youngstown Sheet & Tube Co., the Youngstown Iron &
Steel Co., the Brier Hill Steel Company, and the Carnegie
Steel Co. The last is a subsidiary of the United States
Steel Corporation, and inasmuch as the indictments returned against the Corporation and Judge Gary are identical
in form and intent with those against the others, it is assumed by lawyers that the Gary and United States Steel
indictments will be dropped. The indictments were returned by the Mahoning County Grand Jury March 8.
It was charged that the defendants violated the Valentine
"Anti-Trust" law of Ohio in conspiring to fix the wages of
common labor in Mahoning County and the price of steel.
The offences charged were alleged to have been committed
during a strike of steel workers in Youngstown in January,
when a virtually simultaneous wage advance of 10% was
announced by the various defendant companies. In announcing his decision on the 28th, Judge Anderson held
that the wording of the indictments was too uncertain and
that there was an obvious conflict of State and Federal
authority in the Valentine law and the Clayton Anti-Trust
Law, a Federal statute. He is said to have stated that
the decision applied equally to the indictments returned
against the United States Steel Corporation and Judge Gary.
He said three other Judges at Youngstown supported his
opinion concerning the indictments. Prosecutor Henderson
intimated late on the 28th that he would carry the matter
to the State Supreme Court. Yesterday he was credited
with saying that he would take no further action in the
Gary case, if counsel for Judge Gary would file a motion to
quash. The indictment against him will fall with the
others.
proprietors really knowing at any time now they stand or whether they are
making a profit or a loss.
The Federal Trade Commission, no matter how anxious it is to be
helpful to those laboring under these industrial disadvantages, hi confronted
at the outset with a lack of adequate information regarding industry.
From the Government the railroads receive statistics giving theme broad
view of the transportation situation of the country. The farmer is told frequently the conditions of the crops so that he may know how and when
to dispose of his surplus products. The health of his stock is under the
jurisdiction of the Government. The banker is furnished details as to the
financial condition in the country by the Treasury Department. These
are helpful fields of Government activity and the people of the country are
heartily in accord with this work.
Manufacturers and merchants who are merchandizing the farmers' product, shipping their goods over the railroads, depositing their money in the
banks, and meeting the pay-roll of thousands of employees—these, too,
should be furnished with data and information regarding their respective
industries.
In order to co-operate intelligently with the manufacturers and merchants
of the country the Federal Trade Commission must have these facts. With
this thought in mind we recently mailed to every corporation in the United
States a form containing a few simple questions pertaining to their industries. This information embraces the products which they manufacture,
their annual sales, the capital invested, and other principal items such as
depreciation,&c. These data will be compiled by industries and a summary
of results sent to each company engaged in that particular lino. This
will give each and every man in the business an opportunity to know
whether or not the industry he is engaged in is in a healthy condition. If
an industry with large capital is showing no earning power, that industry
either is not well managed or the production exceeds the demand. Knowledge of existing conditions will prevent others from entering the business
or unprofitably investing additional capital where overproduction already
exists. The industry in which conditions are unsatisfactory will receive
particular attention and the real causes of the conditions will be ascertained.
These facts are not to be asked for in any inquisitorial spirit; and the
hearty co-operation which the Trado Commission has so far received from
the business men of the country indicates their appreciation of the need
of such definite facts.
During the past year business men appearing before the Federal Trade
Commission have presented many of their problems, and as a business
man it has been particularly gratifying to me not to have had a question
presented that did not show honesty of purpose and straightforwardness
in every way. From this experience I know that we will continue to
receive co-operation from the business world.
In the Federal Trade Commission's investigation on foreign trade most
of the information was supplied with unusual promptness from business
men, who spent a great deal of time in giving us facts and figures regarding
actual conditions existing in foreign markets and the difficulties experienced
In competing with our foreign neighbors. This report is on the press and
will be published in a few days and I hope it will be useful to the business
men of the country. It could not have been published without their hearty
co-operation.
Is this not evidence that Government and business have a better understanding and both recognize in order to do big things they must have the
same object in view and have confidence in each other? I believe these
conditions exist to-day, and if it continues the problems will be easy to
solve and will make the effort worth while.
Proper accounting for the smaller manufacturer is most essential. It is
necessary for its success that he know on what particular article he is
making a fair profit and on what he is making only a narrow margin of
profit or losing money. If he has this information he can concentrate on
the manufacture and sale of the product on which the profits are satisfactory.
Whole industries, in many instances, are suffering from a general lack
of intelligent knowledge of cost.
APR. 11916.]
THE CHRONICLE
1215
How can the Federal Trade Commission help to improve this situation? years ago those dividends have aggregated $290,000,000, and in addition
The Commission has no intention and no desire to use compulsory thereto, $169,000,000 in paid-up stock at par—a total in stock and
cash
methods. But it does hope to reach the desired end by encouraging im- dividends in the last five years, since the so-called dissolution, of $459,000,provements in accounting practice, by indorsing standard systems of 000 distributed to stockholders of the Standaid 011 Company.
bookkeeping and cost accounting, and by assisting in devising standard
I think we should not be backward in stating in this iesolutlon what
systems, either at the request of individual merchants and manufacturers, every trade paper states, and what is in the mouth of every
person—that
or through the association that represents the industry.
the high price of gasoline is due to the fact that a combination of the soThe question of giving to our workmen continuous employment so that called Standard 011 group is controlling the price by a monopoly
and dethey may average longer periods of prosperity can be solved through the riving enormous dividends as a result.
trade association. With itsknowledge of labor requirements in the whole
industry it can assist its members obtaining unemployed men from other
parts of the country.
Representative Howard of Georgia introduced a resolution
There should be a greater degree of organization and of mutual helpful- on March 29 to empower
the President to declare an embargo
ness in all lines of trade and industry, so that American business may be
welded into a commercial and industrial whole; the part of the Government on gasoline exports. Mr. Howard said he drafted his measbeing to co-operate with business men, on request, to bring about the ure after a conference with Secretary Redfield of the Departresults that will benefit business and hence promote our national welfare.
ment of Commerce, who, he said, had informed him that
If our business men are to be factors in the world's markets they must
producers were asking the Government not less than 40 cents
receive encouragement to do as our foreign rivals are doing.
We have reached the point under normal conditions where we must a gallon for gasoline that was bought lait year for
11 cents.
have foreign markets for our surplus manufactured product. The American
There has also been introduced in the House a resolution
people, including every day laborer, every clerk, every mechanic, every
farmer and every business man, large and small, is heartily in favor of the by Representative Randall of California proposing that the
Government giving immediate relief that will make it possible for us to ob- Federal Government take over the oil output
of the country
tain our share of foreign business so that our factories may run continuand operate wells and refineries. Another, offered by Repreously and keep our labor permanently employed.
With all that has been accomplished in this direction by collective effort, sentative Carter of California, calls for an investigation by
however, we have made only a beginning. In Germany every important the Bureau of Mines. The committee
has been assured that
industry is organized into trade associations and 85% of the manufacturers
the Bureau has the equipment necessray to make the invesengaged in those industries are represented in their respective trade associatigation. These resolutions are in the hands of a sub-comtions.
Germany's success as a commercial and industrial world power is due mittee which will examine documentary
evidence and also
very largely to the policy of organizing and co-operating, of the working
together of its captains of industry, of establishing communities of interest consider a report soon to be made by the Federal Trade
between the small and the big business men for the mutual purpose of Commission on the subject.
promoting trade at home and abroad. The old adage, "in unity there is
strength," is put into practice, and has proved to be the backbone of Germany's industrial and commercial achievements, efficiency and strength.
PREVENTING NEEDLESS LITIGATION.
More than 600 independent associations of manufacturers, producers and
The Arbitration Committee of the New York Chamber of
merchants exist in Germany to-day, and, besides, the entire industrial
system of that country is honeycombed with about 5,000 subsidiary business Commerce and the Committee
of the New York State Bar
organizations.
In foreign trade men think in terms of national competition. In China Association on Prevention of Unnecessary Ligitation have
and in South America the contest is not so much between individual cor- jointlyissued letters to the members of their respective ergani
porations as it is between national industries. For example, the contest in zations and to others,
calling their attention to the most
South America is not between two steel manufacturers in Germany or two
steel manufacturers in England, but it is between the German steel indus- fruitful sources of litigation and asking for suggestions that
try, the English steel industry, and the American steel industry.
may enable the committees to prepare a few simple rules for
In South America we don't hear of the actual or potential competition the guidance of
laymen for the prevention of unnecessary litiof European individual corporations or houses. We hear of German;
French, American or English competition. By means of cartels or trade gation: The committees have prepared a list of the major
associations the leading industries in those countries have organized, and subjects of such litigation in the order of
their volume as
when they move forward into foreign markets they move forward united determined
by an investigation of all reported cases in New
against competitors from other nations. Countries like England and
Germany have built up a permanent export market in the countries of the York. The persons to whom the letters have been sent and
world. This has come as the result of earnest co-operative efforts on the others interested are requested to communicate
with Charles
part of those interested in the particular industry in question.
T. Gwynne, Secretary of the Joint Committee, 65 Liberty
The Government can furnish information to business men as to conditions in this country as well as to conditions in foreign markets. Necessity Street, New York City, who will furnish an analysis of the
forced England and Germany to seek foreign markets; necessity will force subject or subjects in which the inquirer is
especially interesus to seek foreign markets. No matter what efforts the Government may
ted. Those who receive these analyses are asked to furnish
put forth, upon the business men of the country rest the responsibilities for
the committee with a concise statement of any particular
the ultimate success of American foreign trade.
SENATE PASSES RESOLUTION FOR INQUIRY INTO
GASOLINE PRICES.
An investigation by the Attorney-General to determine
whether the soaring prices of gasoline is in violation of the
laws of the United States is called for in a resolution adopted
by the Senate on March 30. A preamble to the resolution,
which declared that the oil market was controlled and the
price fixed by a trust, the Standard Oil Co., aroused vigorous
opposition, with the result that it went over without a
final vote. A motion to table the preamble was defeated,
35 to 23. Although actually adopted without opposition,
the resolution technically remained before the Senate awaiting disposition of the preamble. The resolution, introduced
by Senator Martine, is as follows:
points that they feel should be incorporated in the proposed
rules for the guidance of laymen in the prevention of unnecessary litigation at the source. The first subject, ranking
in volume of litigation, is "wills." The analysis of all the
reported cases covering wills in "Abbott's New York Digest"
makes a remarkable showing. Seventy-three per cent of the
litigation concerning wills arises from disputes as to their
ni.eaning and legal effect and 9% involves their execution,
revocation and alteration. These two items, taken together,
clearly show that 82% of all litigation relating to wills is of a
preventable nature.
The circular in the matter, issue jointly by Charles L.
Bernheimer, Chairman of the Committee on Arbitration of
the New York Chamber of Commerce, and Daniel S. Remsen, Chairman of the Committee on Prevention of Unnecessary Litigation of the New York State Bar Association, says:
Whereas,In strides of human progress and invention, gasoline has become
as much of a necessity to the thrift and welfare to the American people as
In general our plan involves the study of the more usual causes of dispute
a source of power and propulsion as is coal; and
relating to each subject with a view to.discovering the best ways and means
Whereas, The commercial cost of the same has been advanced from time of preventing their unnecessary recurrence. As it is certain,
however, that
to time until it has reached a most unreasonable figure, thereby imposing many causes of dispute will arise, we will also consider arbitration
and conan unjust burden on the people; and
dilation as a means of preventing unnecessary litigation. Indeed, the
Whereas. It is charged, and by many believed, that the high price
of New York State Bar Association has adopted the suggestion of the Chamber
gasoline is duo to the monopoly-control of the Standard 011 combination of Commerce and directed its committee to report to the
Association at its
and other interests; therefore be it
next annual meeting a plan for arbitration within the profession which
it
Resolved, That the Attorney-General of the United States be and
he is shall deem practicable for lawyers to recommend to their clients.
hereby directed to cause an investigation of the subject as to whether
A
list
of
this
twenty-five
major
subjects
in
the
order
of
their
phenomenal increase in price of the article is the result of any violation
of volume is presented
as follows in the circular issued by
'
the laws of the United States.
Senator Hitchcock is quoted in the "Times" as saying Messrs. Bernheimer and Remsen:
In the absence of statistical information, the approximate volume
during the debate on the resolution on Thursday:
of litigation concerning each
The high price of gasoline is duo to the fact that a combination
of the
so-called Standard 011 group is controlling the price by a monopoly
and deriving enormous dividends as a result. We need have no delicacy
here in
mentioning the Standard Oil Company. It seems to me the
evidence is
complete that a Standard 011 combination exists which controls
the price
of oil.
It controls the price that is paid for oil to producers as it is taken
out of
the ground, and controls the price when it is sold in its Iefined condition
to
the consumer. It holds an "umbrella" over the few independents
that
exist. Under it they follow the big company and quote the same
price; so,
in effect, the Standard 011 monopoly does fix the price for the whole country. The increase in gasoline prices is duo neither to an increased export
nor to a diminished production or supply in this country.
pm For the last three months of last year dividends on oil stocks amounted
ro7070-60,000—in cash. Since the so-called Standard Oil dissolution
five
subject is here indicated by the number of pages
given below occupied by each subject in Abbott's New York Digest
or All
Reported Cases, 22 volumes. Titles involving court procedure,
laws,
torts, Sm., are omitted:
Rank in Volume of Litigation Pages.
Rank in Volume of Litigation. Pages.
1. Wills
866 13. Negotiable instruments
289
2. Corporations
684 14. Principal and agent
240
3. Executors and administrators.673 15. Attorney and
client
215
4. Municipal corporations
653 16. Partnership
214
5. Master and Servant
529 17. Railroads
212
6. Contracts
504 18. Street railways
180
7. Insurance
466 19. Vendor and Purchaser of Real
8. Carriers of Goods and PassenEstate
173
gers
427 20. Husband and wife
165
9. Taxes
409 21. Mechanics liens
147
10. Landlord and Tenant
313 22. Consideration
141
11. Trusts
307 23. Banking
139
12. Sales of Personal Property.._298 24. Mortgages
135
25. Brokers
135
1216
THE CHRONICLE
INTERRUPTIONS IN PARCEL POST SERVICE.
A list of countries to which parcel post packages cannot be
sent is given in the "Bulletin" of the Merchants' Association
of March 6 as follows:
The Merchants' Association has asked for and received from Postmaster
Edward M. Morgan of New York a list of the countries to which parcel
post service has been temporarily suspended or interrupted on account
of the war.
The service with Belgium, Germany, Austria and Hungary has been suspended.
No parcel post mail is being sent from this country to the Netherlands at
present, but the service is now the subject of correspondence between the
United States and the Netherlands Postal Administrations. The announcement that arrangements have been completed for the resumption of the
service is expected at any time.
Parcel post mail for the following French Departments is at present being declined: Aisne, Ardennes, Aube,Haute-Marne,IIaute-Saonne, Marne,
Meurthe et Moselle, Meuse, Nord, Oise, Pas de Calais, Seine-et-Marne,
Somme and Vosges.
Postmaster Morgan says the present situation is likely to change on any
day.
RENEWED TENSION OVER SUBMARINE ISSUE WITH
ATTACKS ON VESSELS CARRYING AMERICANS.
The attacks during the past week upon three British vessels
carrying Americans—the Sussex, the Englishman and the
Manchester Engineer—supposedly by German submarines,
has resulted in the renewal of a tense situation between the
United States and Germany over the conduct,of submarine
warfare. Advices from London on March 24 announced
that the Channel steamer Sussex,plying between Folkestone,
England, and Dieppe, France, had been crippled in the
English Channel off Dieppe. On the same date—the 24th—
the Dominion Line steamer Englishman was reported sunk.
The Englishman was bound from Avonmouth for Portland,
Me., to obtain horses for the Entente countries. The Manchester Engineer, which left Philadelphia for Manchester
on March 11, was reported sunk on March 27. The Sussex
is owned by the French State Railway, but is managed by
the London, Brighton & South Coast Railway Co. The
latter on the 24th issued the following account of the accident:
The Sussex. sailing under a French flag in the Folkestone-Dieppe service,
met with a mishap somewhere off Dieppe on her passage to-day. There
were 386 passengers aboard and a crew of about 50, but it is impossible at
present to give further particulars, nor is the passenger list available. At
8:30 o'clock this evening the vessel was still afloat in charge of a tug. It is
assumed, therefore, that all the passengers were saved.
[VoL. 102.
Indications that all the Americans on the Sussex were saved
were furnished in a. cable from Ambassador Page on the
27th stating that they had all been accounted for. On the
same date Consul Armstrong at Bristol forwarded information to the effect that the only American lost on the Englishmen was P. Buckley.
At a meeting of President Wilson and his Cabinet on the
28th, it was decided to exhaust every possible means of placing responsibility for the attacks on the Sussex and the
Englishman before determining the course this Government
will take in support of the rights of American citizens on the
high seas.
At the conclusion of the meeting Secretary of State
Lansing cabled instructions to Ambassador Gerard at Berlin
to make informal inquiries as to whether the Sussex or the
Englishman were sunk by German submarines. The decision to have Ambassador Gerard inquire informally in Berlin
was reached after the Cabinet had analyzed the full reports
which had already been received from Ambassador Page and
Ambassador Sharp. These dispatches have not been made
public in full. The Administration had decided in the
present situation not to make public any statements of survivors concerning the probable cause of the explosions
until every available scrap of evidence was before the State
Department. In line with this policy the State Department
has deleted from Paris and London dispatches virtually all
statements made by survivors to the effect that they had
seen the wake of a torpedo. In following this course the
Administration is working on the theory that some of these
statements may have been inspired by excitement, and that
the purposes of this Government will be served best by
calmly collecting and reviewing all of the evidence before
prejudicing the case in the public mind by the publication
of fragmentary reports.
The concern over the attacks on the Sussex and Englishman was aggravated by the reports of the sinking of the
Manchester Engineer on March 27 with two Americans on
board. Information that that steamer had been torpedoed
came from United States Consul Wesley Frost at Queenstown, in the following cablegram to the State Department
on March 28:
The Manchester liner, the Manchester Engineer, was torpedoed without
warning off Waterport yesterday with two American citizens, negroes, on
board. No casualties.
An official statement issued by the Ministry of Marine at
On the 29th Ambassador Gerard was advised to direct his
Paris on March 25 declared the Sussex to have been torpealso to the sinking of the Manchester Engineer.
inquiries
saying:
statement
doed, this
board an American,
The British steamer Sussex, which carried about 380 passengers, was tor- Still another British steamer, having on
pedoed in the Channel on the 24th by an enemy submarine. The captain was reported torpedoed late in the week, a cablegram animmediately
and
side
observed a torpedo about 100 meters from the
nouncing the attack having been received by Consul Frost,
manoeuvred to avoid it, but the vessel was struck in the forward part,
at Queenstown, as follows:
which was destroyed.
The vessel, however, remained afloat. The fall of the mast destroyed
part of the antennae of the wireless. Moreover, when an aerial wire
was improvised, the operator, by an error, reported an incorrect position,
which misled the torpedo boats and patrol boats and as a result retarded
the arrival of help.
The patrol boat Marie Therese, nevertheless, managed to find the
distressed vessel, and brought back to Boulogne a majority of the passengers. Others were taken to England by British torpedo boat destroyers,
which had arrived at the scene of the disaster at about the same time as the
Marie Therese.
The Sussex was towed to Boulogne by a steamer from that port, and is
now there in security.
Unhappily, the explosion and the beginning of a panic among the passengers resulted in some victims. The exact number at this hour is not
known, but it is estimated to about fifty.
Queenstown, March 29.
Secretary of State.—British steamer Eagle Point torpedoed without
warning yesterday 100 miles from land. All saved. One American.
AMERICAN CONSUL.
State Department dispatches received on the 29th regarding the sinking of the steamer Englishman, said the vessel
was shelled and torpedoed. At first this information was
taken by officials to mean that the ship was trying to escape
when she was sunk. Later, however, it was made clear that
the vessel was shelled while trying to escape, but that when
torpedoed she had come to a stop. It was also stated on that
day that a cablegram had been received from Ambassador
Advices received at the State Department at Washington Page reporting that he had been informed by the British
from Consul Armstrong at Bristol, England,on the 25th inst. Admiralty that the Sussex carried no guns. The State Destated that the Englishman had been torpedoed. The dis- partment is furthermore said to have been advised that no
Channel passenger liner carries arms.
patch said:
Dominion Line steamer Englishman torpedoed; time and place unknown
Lieutenant Smith and Major Logan, the American Emhere. Survivors brought into northern British port thirty-three so far; bassy Attaches, returned to Paris on the 30th from Boulogne,
believed saved sixty; more reported as possibly rescued, leaving shortage
bringing pieces of the projectile which is reported to have
of eighteen.
Following Americans were on board: Peter McDonald, horse foreman, caused the Sussex disaster. Technical experts at the Em58 Cherry Street, Boston; P. Buckley and M. A. Burke, horsemen, adbassy are said to be saisfied that they are part of a German
adresses unknown here; George McDonald,trimmer,37 Common,Lawrence
torpedo, but for greater certainty the pieces have been sent
Mass. Their names are wit included in list of thirty-three so far rescued.
Englishman was bound for Portland, Me.; left Avonmouth 21st inst. to the French naval laboratory at the Toulon arsenal for
Transported horses to St. Nazaire, France, for Northwestern Trading Co.,
New York. Was not on Government business. No further particulars examination.
at present available Bristol.
The Sussex carried twenty-five Americans. The fact that
there were Americans on board of both the Sussex and the
Englishman at the time of the alleged attack, resulted in the
dispatch by the State Department of cables to Ambassador
Page at London and Ambassador Sharp at Paris for full particulars regarding the disasters. From Ambassador Sharp on
the 26th the State Department received the following message:
The following report was received from the Consular Agent at Dieppe:
"Cross Channel steamer Sussex coming to Dieppe was torpedoed at 4:31
this afternoon six maritime miles off Derck; 386 passengers and 55 crew.
Wireless help calls were received for ten minutes. Torpedo boat has
arrived on the scene."
Advices from London on the 30th stated that, according
to a wireless dispatch from Berlin, an agreement had been
reached by the Reichstag main committee that "Germany's
sea warfare should be carried through by all means most instrumental in securing a successful issue of the war."
The cables from London yesterday furnished the text of
the German Government's announcement to the Government of the Netherlands regarding submarine warfare, as
given out by the Dutch Ministry of Foreign Affairs, and forwarded by Reuter's correspondent at The Hague under
date of March 29, as follows:
APR. 1 1916.1
THE CHRONICLE
The principles laid down by the Imperial Government with regard to
submarine warfare, as communicated to neutral Governments, are in no
way altered, except that instructions respecting the treatment of armed
merchantmen have been more clearly defined. German naval forces still
have the strictest orders to refrain from attacks on neutral vessels, unles
they try to avoid or resist examination.
Reports came from Washington on the 25th to the effect
that all of the Entente Powers, through their embassies at
Washington, had handed to Secretary Lansing formal responses rejecting the proposal of the State Department that
they enter into a modus vivendi and disarm their merchant
ships, with the understanding that the United States Government would endeavor to obtain a pledge from Germany not
to attack any unarmed ships without warning. The nature
of their objections was indicated in the unofficial statements
of various officials when the American memorandum was
submitted, and it is understood that they have simply been
elaborated in the communications before the State Department.
No indication was given at the State Department of the
next step to be taken. The United States Government may
consider carrying out the idea advanced in the circular
memorandum of limiting access to American ports to vessels
which in the judgment of the United States Government
may be used offensively against an enemy.
APPAM LIBEL PROCEEDINGS—THE MOEWE RETURNS
TO HOME PORT.
April 18 has been fixed by Judge Edmund Waddill of the
U. S. District Court at Norfolk as the date for the hearing
of the libels against the British steamer Appam, which was
brought into Hampton Roads by a German prize crew on
Feb. 1 Libel proceedings on behalf of the British owners of
the vessel were filed at Norfolk on Feb. 16, and three days
later it was seized by U. S. Deputy Marshal J. E. West.
It was reported on March 2 that the State Departnient had
denied the protest made by Count von Bernstorff, the German Ambassador, against the libel proceedings, and at the
same time had informed him of the attitude of the Department regarding the status of the vessel; pending the decision
of the Norfolk Court in the libel proceedings the Department's ruling was not made public. The British owners of
the vessel, through Sir Cecil Spring-Rice, the British Ambassador, seek to have the ship turned over to the British
Consul under the terms of the Hague Convention. Count
von Bernstorff takes the position that the Appam was
brought into Hampton Roads under the Prussian treaties
which guarantees her to her captors. Germany contends
that the vessel is entitled under the Prussian treaties to remain indefinitely. It is reported that the State Department
is understood to have held that in view of the doubts existing
as to the application of the treaties it was advisable to have
the Court pass on the question. On March 4 an answer tb
the libel proceedings was filed on behalf of Lieut. Hans Berg,
in charge of the Appam, and L. M. von Shilling, German
Vice-Consul for the District of Norfolk. In part the answer said:
And, further answering, those respondents state that the said
steamer
Appam, while a British vessel, was captured on the high seas on Jan.
15
1916 during the existence of a state of war between Great Britain and the
German Empire by the Moewe, a man-of-war of the German Empire,
and
became a lawful prize of war of said Empire and was placed by the
commander of said captured vessel in charge of Hans Berg, a Lieutenant
in
the naval forces of said German Empire, and a prize crew composed of men
in the naval service of said Empire, and was brought into the
port of
Newport News, Va., and is now held by the said Hans Borg and his said
prize crow as a lawful prize of war belonging to and the property
of the
said German Empire.
And these respondents further aver that by the law of nations
the title
of said German Empire to the said prize cannot be inquired into
in those
proceedings, and that by the treaties now in force between the
said German
Empire and the United States of America and also by the said
law of nations, the said prize was entitled to enter the harbor of Newport
News,
and is exempt from any legal process of arrest, search or otherwise in
the
premises, and on behalf of and by authority of said German Empire
they
respectfully protest against any action of this Court and pray
that the said
libel be dismissed.
The jurisdiction of the Federal Court to decide the ownership of the steamer was denied by Ambassador von Bernstorff
through counsel on March 8. On that date the following
letter offered in Court by Count von Bernstorff regarding
the vessel was made public:
Washington, D. C., Feb. 22 1916.
Dear Mr. Secretary:—Lieut. Hans Borg of the German Imperial
Navy
and commander of II. M. S. Appam, now lying at anchor near
Newport
News, Va., has informed me that a libel was filed against said vessel
in the
United States District Court for the Eastern District of Virginia, at
Norfolk, on the 16th day of February 1016 by the British & African
Steam
Navigation Co., Ltd., and that under the authority of said Court
he has
been cited by the Marshal of the Eastern District of Virginia to
appear
before said Court on Friday, the 3d day of March 1916, to answer the said
libel.
1217
As the Appam was captured at sea by a',German-man-of-war and brought
to the Virginia port as a prize ship, according to the treaty existing between
our countries, you may well appreciate my surprise at the action which
has
been taken.
Article XIX of the Treaty of 1799 between Prussia and the United
States,
renewed in part by Article'XII of the Treaty of 1828, provides
that "the
vessels and effects taken from" the enemies of the contracting
parties may
be carried freely wheresoever they please and that such prizes
shall not be
"put under legal process, when they come to and enter
the ports ofthe
other party."
In view of the terms of the treaty, I am at a loss to understand
why such
action has been taken by a court of your country. It may
be argued that
it has been because of Article 21 of the Hague Convention
concerning the
rights and duties of neutral Powers in naval war is applicable.
This article
provides: "A prize may only be brought into a neutral port
on account
of unseaworthiness, stress of weather or want of fuel or provisions."
"It must leave as soon as the circumstances which justify
its entry are
at an end. If it does not the neutral Power must order it to
leave at once;
should it fail to obey the neutral Power must employ the means at its disposal to release it with its officers and crew and to intern the crew."
But as Great Britain has not ratified the Convention that article is
not
binding for the reason that Article 28 provides:
"The provisions of the present Convention do not apply except to the
contracting Powers, and then only if all the belligerents are parties to the
Convention."
Besides, the Appam flies the naval flag of and belongs to the German
Government, and therefore the possession of the captors is the possession
of their sovereign. The sovereign whose officers have captured the vessel
as a prize of war remains in possession of that vessel and has full power over
her. The neutral sovereign or its court can take no cognizance of the question of prize or no prize, and cannot wrest from the possession of the captor
a prize of war brought into its ports.
The position which I take is fully supported by an opinion of the AttorneyGeneral of the United States (7 Op., 122), the syllabus of which
recites
that "a foreign ship of war, or any prize of hers in command of a
public
officer, possesses in the ports of the United States the right of
extraterritoriality and is not subject to the local jurisdiction."
I would therefore most respectfully protest against the action of the
United States District Court and request that you may ask the AttorneyGeneral to instruct the United States District Attorney for the Eastern
District of Virginia to appear before the United States District Court and
take such steps as may be necessary and proper to secure the prompt dismissal of the libel. I am, my dear Mr. Lansing, very sincerely yours,
J. BERNSTORFF.
A libel against the Appam.'s cargo was filed by Capt. Harrison, British master of the steamer, on March 14; the previous libel concerns the possession of the steamer. An answer to the amended libel was filed on March 20, on which
date Judge Waddill fixed April 18 as the date for the hearing
of both libels. Counsel for the libellants in both cases asked
for a speedy trial, while counsel for the respondents sought
delay pending the outcome of the proceedings instituted
in a German Prize Court to determine the status of the
Appam.
Coincident with the report that the captor of the Appam,
the German raider Moewe, had reached Wilhelmshaven on
March 5, a statement was issued by the Naval General Staff
at Berlin announcing its arrival at "some home port" and
furnishing a list of the vessels which it had captured or
destroyed. The statement was as follows:
The Naval General Staff states that H. M. S. Moewe, Commanders
Captain 13urgrave Count von Dohna-Schlodien, after a successful cruise
lasting several months, arrived to-day at some home port with four British
officers, 29 British marines and sailors, 166 men of crews of enemy steamers,
among them 103 Indians, as prisoners, and 1,000,000 marks
($250,000)
in gold bars.
The vessel captured the following enemy steamers, the greater par.
, of
which were sunk and a small part of which were sent as prizes to neutral
ports:
The British steamers Corbridge. 3,687 tons; Author, 3,496 tons; Trader.
3,608 tons; Ariadne, 3,035 tons; Dromonby, 3,627 tons; Farringford. 3,146
tons; Clan MacTavish, 5,816 tons; Appam, 7,781 tons; Westburn, 3,300
tons; Horace, 3,335 tons; Flamenco, 4,629 tons; Saxon Prince, 3,471 tons;
the British sailing vessel Edinburgh, 1,473 tons; the French steamer
Maroni, 3,109 tons, and the Belgian steamer Luxembourg, 4,322 tons.
At several points on enemy coast the Moewe also laid out mines to which;
among others, the battleship King Edward VII. fell victim.
AMENDMENTS TO RESERVE ACT RECOMMENDED
BY ELLIOTT C. MC DOUGAL.
A letter embodying suggestions for the amendment of the
Federal Reserve Act has been addressed by Elliott!C.
McDougal, President of the Bank of Buffalo,of Buffalo,N.Y.,
to the Philadelphia "Ledger." Among other things Mr.
McDougal recommends that the law be changed so as to
eliminate the requirement for a reserve against deposits,
and leave the matter entirely to the discretion of the Federal
Reserve Board, or it should fix the reserve "at a good round
figure, say 50%, with a definitely determined, sharply
rising scale of taxation on every fractional drop below the
legal reserve, so that by the time the reserve had dropped
to 25% or 30% the rate of taxation on the deficit would
have risen to say 15%." Other changes are advocated in
Mr. McDougal's letter which we print below:
To the Editor of "Public Ledger:"
Sir—Were the Federal Reserve Board absolutely independent of politics,
no suggestion for amendments to our present Federal Reserve Law should
be seriously considered by Congress until it had met with the approval
of the Federal Reserve Board and the Advisory Council. Unfortunately,
one of the most necessary amendments has been entirely ignored by the
1218
THE CHRONICLE
[VOL. 102.
That amendFederal Reserve Board in its recommendations to Congress.
SENATE REPORTS BILL AMENDING INTERLOCKING
ex-officio positions
ment should provide for the absolute abolishment of the
PEO VISION OF CLAYTON ACT.
Currency
the
of
r
which the Secretary of the Treasury and the Comptrolle
are members the
bill, amending Section 8 of the Clayton
Kern's
Senator
hold on the Federal Reserve Board. So long as they
t that argusystem cannot be kept out of politics. This is so self-eviden
so as to permit officers or directors of banks
Act,
st
Anti-Tru
ment is unnecessary.
of Comptroller in the Federal Reserve system to be officers or directors of
Now that we have the Federal Reserve Board, the office
necessity for both.
of the Currency should be abolished. There is no
other banks, organized under State or national laws,
of authority, two
The maintenance of the office leads to unbusinesslike division
where such other banks are not in "substantial competition
with consequently inefficient administration.
the United with such member banks," was favorably reported by the
Abolish the office of Federal Reserve Agent. Whether
notes or not,
ee on Banking and Currency last week. The
States be relieved of its obligation upon the Federal Reserve
States in Senate Committ
in any event there is no real danger of damage to the United
paper and bill, as reported by the committee, is as follows:
allowing the Federal Reserve banks to keep the commercial
vaults. Make
A BILL
gold which cover the Federal Reserve notes in their own
them redeem- To amend Section 8 of an Act entitled "An Act to supplement existing laws
these notes redeemable in gold and in nothing else. Make
and nowhere
against unlawful restraints and monopolies, and for other purposes,"
able at the Federal Reserve banks and at their branches
the issuance
approved October 15 1914.
else. This would simplify the machinery in connection with
the United States
issue
of
elasticity
Be it enacted by the Senate and House of Representatives of
and redemption of notes. Even more important than
of an Act entitled "An
habit
the
in
educated
be
of America in Congress assembled, That Section 8
is elasticity of redemption. The public should
banks in- Act to supplement existing laws against unlawful restraints and monopolies
of sending these notes for redemption to the Federal Reserve
of our and for other purposes," approved October 15 1914, be, and the same is
stead of to Washington. The nearer the issuance and redemption
checks, hereby, amended by striking out the period at the end of the second clause
of
currency can approach to the automatic issuance and redemption
that they of said section, inserting in lieu thereof a colon, and adding to said clause
which have been brought to so high a perfection in this country
A Federal the following:
operate almost without notice, the less the danger of inflation.
officer.
as soon
"And provided further, That nothing in this Act shall prohibit any
Reserve note should be issued only when needed and redeemed
Federal
director or employeb of any member bank, or Class A director of a
as it has served the purpose for which it was issued.
all con- Reserve bank; who shall first procure the consent of the Federal Reserve
On some broad and comprehensive plan which shall be just to
gold cer- Board, which Board is hereby authorized, at its discretion, to grant, withflicting interests United States Treasury notes, United States
notes, Federal hold, or revoke such consent, from being an officer, director or employee
tificates, United States silver certificates, national bank
and Federal of two other banks, banking associations, or trust companies, whether
Reserve notes which are the obligations of.the United States
paper or col- organized under the laws of the United States or any State, if such other
Reserve notes secured by Government bonds, commercial
agent bank, banking association, or trust company is not in substantial competilateral of any name and nature deposited with a Federal Reserve
of tion with such member bank."
classes
two
by
only
replaced
be
should
They
abolished.
should be
credit and
notes: Those issued by a Federal Reserve bank solely upon its
vaults
own
in
its
alone
covered by commercial paper and gold or by gold
lien, and gold BILL AMENDING ACT WIT!? REGARD TO ISSUANCE
upon which cover the holders of these notes have no specific
for gold
dollar,
for
dollar
bank,
Reserve
OF GOLD CERTIFICATES.
Federal
a
by
certificates issued
have a specific
deposited upon which gold the holders of certificates shall
the Act of March 2 1911 authorizing the
amending
bill
A
gold.
for
lien, the certificates being practically warehouse receipts
any
without
to issue gold certificates against
tape,
red
Treasury
way,
without
the
-like
Secretary of
Done simply, in a business
possible concoin deposited in the Treasury
gold
endeavor to provide specifically and laboriously for many
foreign
and
bullion
gold
the
can, at
tingencies which never may arise, this momentous change
by Senator Owen. The pro15
March
on
ed
more
a
introduc
there
was
was
present time—and never in the history of this country
and almost posed legislation is designed to modify that part of the prespropitious time—be effected with practically no disturbance
upon
without notice. I am inclined to believe that the rate of taxation
s that "whenever and so long as the
the gold reserve ent law which stipulate
Federal Reserve credit notes should rise more sharply as
reserve fund in the Treasury for the
much
the
in
too
of
held
danger
gold bullion
drops than is at present provided. There is more
more paper
States notes and Treasury notes shall
United
of
on
redempti
currency than of too little. We now have in circulation
real danger
currency than this country needs. This condition may load to
,000, the authority to issue
suddenly fall and remain below $100,000
should the war in Europe suddenly cease and the balance of trade
shall be suspended." The
we
provided
caso
herein
that
as
In
certificates
be reversed before .we perfect our currency system.
there is
effect in the law as it now
would
bill
new
the
which
might be compelled to ship hundreds of millions in gold. Where
change
leaves the
an excess of circulating medium the best money always first
consist of the addition of a provision authorizing
would
stands
country.
then the Secretary of the Treasury to issue at the request of the
The present law provides for a certain reserve upon deposits and
requireprovides that the Federal Reserve Board may suspend the reserve
Federal Reserve Board or a Federal Reserve bank or Federal
ments in case of necessity and fix the tax upon the deficiency in reserves.
Federal
Reserve agent such certificates in denominations of $100,000,
the
In other words, the law handles half of the situation and leaves
for
provide
should
law
The
half.
payable to order, and providing that the certificates so issued
Reserve Board to handle the other
Federal
no reserves and leave the matter entirely to the discretion of the
not to be subject to the limitations as to suspension of
are
good round
Reserve Board, or it should fix the reserve against deposits at a
of
The law in its present form was printed in our issue
scale
rising
issue.
sharply
,
figure—say 50%—with a definitely determined
by the of Feb. 11 1911. We give below the bill just introduced,
taxation on every fractional drop below the legal reserve, so that
on the
time the reserve had dropped to 25% or 30%, the rate of taxation
boards showing in italics the new matter:
deficit would have risen to, say, 15%. Subject to such a law the
of value,
reserves
A bill to amend Section 6 of an Act to define and fix the standard
their
use
to
right
legal
of the Federal Reserve banks should have a
parity of all forms of money issued or coined by the
the
maintain
to
impossible.
be
would
inflation
system
a
such
as they pleased. Under
purposes,
ngly
United States, to refund the public debt, and for other
The automatic rise in the rate of taxation would result in a correspondi
approved March 14 1900, as amended by the Acts of March 4 1907
unerring
automatic check to expansion which would be more effective and
and March 2 1911.
than the combined wisdom of all the bankers in this country.
$100,000 GOLD ORDER CERTIFICATES.
The collection system of the Federal Reserve banks is not a success
par
it enacted by the Senate and House of Representatives of the United States
Be
at
to
remit
obliged
are
banks
member
until
success
a
be
and cannot
in Congress assembled, That Section 0 of an Act to define and
for checks upon themselves. Any amendment compelling this would be of America
issued
from fix the standard of value,to maintain the parity of all forms of money
a real hardship to very many country banks, to whom the revenue
to refund the public debt, and for other purStates,
United
the
by
large
a
coined
or
quite
forms
themselves
upon
remittance charges upon checks
1907
approved March 14 1900, as amended by the Acts of March 4
proportion of their yearly net returns. At the present time no practicable poses,
as follows:
and March 2 1911, is hereby further amended to read
solution of this question is in sight.
and
"Sec. 6. That the Secretary of the Treasury is hereby authorized
If necessary, allow Federal Reserve banks to lend money freely in the
of gold coin with the Treasurer or any Assistant
deposits
receive
to
the
directed
which
on
theory
the
with
open market. This is not in accordance
of the United States in sums of not less than $20, and to issue gold
Federal Reserve system was established and would be opposed by mem- Treasurer
therefor, in denominations of not less than $10, and the coin
ber banks with whom the Federal Reserve banks can become controlling certificates
deposited shall be retained in the Treasury and held for the payment
factors in the money market and effectively can regulate the exportation so
cercertificates on demand, and used for no other purpose. Such
and imporiation of gold simply by exercising their present powers. Before of such
shall be receivable for customs, taxes and all public dues, and when
tificates
should
powers
present
the
is
necessary
t
an
amendmen
such
that
deciding
may be reissued, and when held by any national banking assohave a fair trial in normal times. If experience shows that they are not so received
be counted as a part of its lawful reserve: Provided, That whensufficient, there should be no hesitation in giving Federal Reserve banks ciation may
long as the gold coin and bullion held in the reserve fund in the
so
and
ever
public.
the
to
loans
direct
making
by
market
open
in
the
deal
to
the right
for the redemption of United States notes and Treasury notes
There are some theoretical objections to the powers of the Federal Treasury
fall and remain below $100,000,000 the authority to issue certificates
Reserve Board which, in practice, have worked fairly well. The Federal shall
provided shall be suspended: And provided further, That whenever
Reserve Board has the power to remove any officer or director of a Federal as herein
cerso long as the aggregate amount of United States notes and silver
Reserve bank. It has been urged that, although two-thirds of the direc- and
0 the
in the general fund of the Treasury shall exceed $60,000,00
tors of each Federal Reserve bank are elected by the stockholders, and tificates
the
of
issue
the
suspend
of the Treasury may, in his discretion,
' although apparently the stockholding banks control, every director works Secretary
herein provided for: And provided further, That of the amount
certificates
end
other
the
chain,
a
is
attached
to
which
neck
his
around
with a collar
outstanding certificates one-fourth at least shall be in denominations
of which is in the hands of the Federal Reserve Board. Theoretically of such
or less: And provided further, That the Secretary of the Treasury
this is bad organization. Practically, because of the good sense of the of $50
may, in his discretion, ISSUO such certificates in denominations of $10,000.
Federal Reserve Board, it appears to have been harmless.
Treasury
payable to order: And provided further, That the Secretary of the
the
of
powers
ive
administrat
the
that
is
objection
theoretical
Another
New York
may, in his discretion, receive, with the Assistant Treasurer in
Federal Reserve banks appear to be divided between the Federal Reserve
gold coin
and the Assistant Treasurer in San Francisco, deposits of foreign
Board and the members of the Federal Reserve banks. Theoretically,
of not less than $1,000 in value and issue
amounts
in
value
bullion
their
at
well.
fairly
worked
has
this is bad organization. Practically, it
provided
gold certificates therefor of the description herein authorized: And
The Federal Reserve Board is every day becoming a better board as it
receive,
further, That the Secretary of the Treasury may, in his discretion,
gains in experience. Relieved of its ex-officio members and made an abdeposits
with the Treasurer or any Assistant Treasurer of the United States,
solutely independent board, it would be of still greater service to the
States,
United
the
of
mints
of gold bullion bearing the stamp of the coinage
banking system of this country. It would command the entire confidence
Assay Office in New York,certifying their weight, fineness and value,
the
or
politics
in
not
board
such
any
for
be
impossible
would
It
of the public.
amounts of not less than $1,000 in value, and issue gold certificates
to come in daily contact with the problems which face it without being in
gold
of the description heroin authorized. But the amount of
sobered by its responsibilities and without becoming so interested in its therefor
coin so held shall not at any time exceed one-third of
foreign
and
bullion
a
business
from
what
do
be
to
would
work that its natural impulse always
g: And prothe total amount of gold certificates at such time outstandin
standpoint was best.
or by any Federal
vided further, That if requested by the Federal Reserve Board,
ELLIOTT C. McDOUGAL,
may, in
Treasury
of the
Reserve bank, or Federal Reserve agent, the Secretary
President Bank of Buffalo.
issue such certificates in denominations of $100,000. payable
discretion,
Ms
Buffalo, N. Y., March 20.
APR. 11916.1
THE CHRONICLE
to order, and such latter certificates when issued payable to order shall not be
subject to the limitations as to suspension of issue, or as to the denominations
of outstanding certificates prescribed by this section. And Section 5193 of the
Revised Statutes of the United States is hereby repealed."
BILL ALLOWING NATIONAL BANKS TO INVEST IN
FOREIGN CORPORATIONS.
Authority to national banks having a capital and surplus
of over $1.000,000 to purchase and hold stock in foreign or
domestic corporations (other than national banks), authorized to do a foreign banking business exclusively, is granted
in a bill ordered favorably reported to the House on March 23
by the Banking and Currency- Committee. The bill, which
would add a. new section to the Federal Reserve Act, was
introduced by Carter Glass, Chairman of the committee.
Its provisions are similar to those carried in the bill introduced in the Senate containing the amendments proposed
by the Federal Reserve Board and which we gave in these
columns last week. We print below the House bill as reported by the committee:
A bill to amend the Act approved December 23 1913, known as the Federal
Reserve Act, by adding a new section.
lie it enacted by the Senate and house of Representatives of the United States
of America in Congress assembled, That the Act approved December 23
1913, known as the Federal Reserve Act, be amended by adding thereto
a new section, as follows:
"Sec. 25a. Any national bank possessing a capital and surplus of $1,000,000 or more may purchase and hold stock in foreign or domestic corporations
other than national banks, which are authorized by their charter to do a
banking business in foreign countries exclusively: Provided. however,
That the aggregate amount of stock so held by any one national bank shall
not exceed ten per centum of the capital and surplus of the bank: And
provided further. That before any such national bank shall purchase stock
in any such corporation It shall file with the Federal Reserve Board a copy
of the charter or articles of incorporation of such association and shall agree
to be bound by such regulations or restrictions regarding its business with,
and relations to. such corporations as may be prescribed by the Federal
Reserve Board, and the said Board is hereby empowered and directed to
make regulations for the conduct of such foreign business for each foreign
country where such business is to be conducted: And provided further,
That before any national bank shall he permitted to purchase stock in any
such corporation, the said corporation shall enter into an agreement or
undertaking with the Federal Reserve Board to restrict its operations or
conduct Its business in such manner or under such limitations and restrictions as the said Board may provide for the foreign country wherein such
business is to he conducted. If at any time the Federal Reserve Board
shall ascertain that the said restrictions or regulations prescribed by it are
not being complied with by such corporation or by any national bank holding stock therein, said board shall be authorized and shall have power to
institute an investigation of the matter and to send for persons and papers,
subpoena witnesses and administer oaths, in order to satisfy itselfas the
the actual nature of the transactions referred to. Should such investigation result in establishing the failure of the corporation in question, or of
the national bank or banks which may be stockholders therein, to comply
with the regulations laid down by the said Federal Reserve Board such
national banks may be required to dispose of stockholdings in the said corporation upon thirty days' notice, and in the event of their non-compliance
with such order the Federal Reserve Board may direct the Comptroller
of the Currency to institute proceedings for forfeliure of charter.
"Any national banking association located in a city or incorporated town
of more than one hundred thousand inhabitants and possessing a capital
and surplus of $1,000,000 or more may, under such rules and regulations
as the Federal Reserve Board may prescribe, establish branches within the
corporate limits of the city or town in which it is located."
1219
First. That of the three main divisions of our State banking system—
savings banks, trust companies. and State banks of discount—State banks
of discount are the only division not having an organization of its own.
Second. That the Savings Banks Association and the Trust Companies
Association have been conducted quietly, in a business-like way,
dealing
only with what might affect their own particular interests, and without
in
any way weakening the New York State Bankers' Association.
Third. That, because of the objection previously stated.it appears
to be
unwise to form a new association taking in all State banking
institutions
as individual members. The Sayings Banks Association
and the Trust
Companies Association being in existence, the nucleus exists
for an organization including them and a new association of State banks
of discount,
all three to be affiliated through a central council composed
of representatives from each division.
It is decided to form such an organization. Each of the three
main divisions is to have its own officers and executive committee, each
is to select
three men to represent it on a general council of nine. This council
is to
work in close co-operation with the Superintendent of Banks.
Notwithstanding the very clear necessity for such an organizatio
n, no
positive steps were taken until the Honorable Eugene Lamb
Richards,
Superintendent of Banks, who also had been seriously considering
the same
question, called a conference of representatives from savings
banks, trust
companies and State banks of discount and strongly
urged its formation.
He stated that he did not want an organization for defense
of the rights
of State institutions only, but one which would co-operate harmoniousl
y
with the State Banking Department in constructive work for the protection
and advancement of the interests of depositors as well as
of stockholders,
and for the gradual improvement and perfection of the banking system.of
the State of New York, which, among State systems, stands beyond
comparison, first in magnitude, and is second to none with
respect to integrity
and ability in management, and with respect to the
law under which it
operates.
The advantages of such an organization are apparent.
In the national
banking system there is discord between the Comptroller
of the Currency
and the banks under his control. Even were this not so. the
United States
is so large and the number of national banks is so great
that intelligent
co-operation between them and the Comptroller of the Currency
is hardly
feasible. Close and friendly co-operation between the Superintend
ent of
Banks and our State banks and trust companies is perfectly feasible.
In our State banking system there is complete harmony. If any
important legislation is proposed, the Superintendent and representati
ves of the
banks or trust companies affected discuss it. If the Superintend
ent of
Banks and the banking institutions of the State agree, it is unlikely
that the
Legislature will disregard their wishes. The co-operation of the
Superintendent of Banks and the proposed council will insure
the continuation
of these most desirable conditions.
In the past savings banks, trust companies and discount
banks have
worked independently. Each division has been compelled
to fight its own
battles without assistance from the other two
divisions. Under the new
council, if there is anything right that any
one of these divisions wants, or
anything wrong that it does not want, the full
weight of the influence of all
three divisions will be exerted in its behalf,
even though the other two
divisions have no material interest in the point
at issue.
Because the Legislature is in session and new bills
are coming up every
day, the central council has been formed. Its officers
and members are
as follows :
•
Chairman, Elliott C. McDougal of Buffalo,
President The Association of the State Banks of the State
of N. Y.
Vice-Chairman, James H. Manning of Albany.
President The Savings Banks Association of the State of New
York.
Secretary, Arthur W. Loasby of Syracuse,
President the Trust Companies Association of the State of New York.
Mortimer N. Buckner, President New York Trust Co.,
New York City.
Walter E. Frew, President The Corn Exchange Bank,
New York City.
John H. Gregory, President the Central Bank of Rochester,
Rochester.
Fred I. Kent, Vice-President Bankers Trust Company, New
York City.
Charles A. Miller, President Savings Bank of Utica, Utica.
John J. Pulleyn, Comptroller Emigrant Industrial Says. Bank,
N.Y. City.
The dues of the new organization range from $5 a year for
banks having a capital and surplus not exceeding $100,000,
to $75 for those having a capital and surplus of $5,000,000
PURPOSES OF NEW BANKING ASSOCIATION FORMED and over.
IN NEW YORK STATE.
A circular dealing with the purposes of the new Association SELLER OF CABLE TRANSFER OF MONEY NOT REof the State Banks of the State of New York has been issued
SPONSIBLE FOR DELAY.
by Elliott C. McDougal, President of the organization and
A decision growing out of a delay in the transmission of
President of the Bank of Buffalo, at Buffalo, N. Y. The a cable transfer of money and a drop
in the market price of
development of the plans for the creation of the new Associa- cable exchange between the date when
the transfer was
tion was referred to in our issue of March 11. As indicating sold and its actual payment was handed down
by the Appelthat the three classes of State institutions will be affiliated late Division of the New York Supreme Court
(First Departin the new organization, Mr. McDougal,in his letter, says:
ment) on March 17. The action was brought by the
The Savings Banks Association and the Trust Companies Association
Strohmeyer & Arpe Company, importers, against the
being in existence, the nucleus exists for an organization including them
and
a now association of State banks of discount, all three to be
affiliated Guaranty Trust Co. of New York, and grew out of the purthrough a central council composed of representatives from each division.
chase by the plaintiff of a cable transfer of money to Italy.
It is decided to form such an organization. Each of the three
main On October 23 1914 the importing concern
divisions is to have its own officers and executive committee, each
instructed the
is to
select three men to represent It on a general council of nine.
trust c9mpany to remit by cable to Tomaso Moro & Figli
Below we quote the circular in full:
of Genoa, 75,000 lire, paying to the defendant at the same
For years many of our State bankers have believed that an organizatio
n time the sum of $14,438 being the price of the value of a
composed of State banks of discount was not only desirable but a real
cable transfer of 75,000 lire at the current rate of exchange
necessity.
Two principal objections to such an organization were: First, The
com- on that day. On the same day the trust company demon desire that. nothing should be done to impair in any way the usefulness livered
to the French Telegraph Cable Co. a message inof the Now York State Bankers' Association. Second, A natural objection
structing the Credito Italiano at Genoa to pay Tomos°
to the multiplication of organizations, the present tendency toward
which is
all too prevalent.
Moro & Figli 75,000 lire for account of the Strohmeyer &
After carefully considering and giving full weight to every
known objec- Arpe Co. This message was transmitted to Europe
by the
tion, it appears perfectly clear that not only should such an organizatio
n cable company
on the day it was received (October 23) but
be formed, but that a much broader State organization is needed: one
that
would embrace savings banks, trust companies, incorporated banks
of dis- was never delivered to the Credito Italiano. On November
count, private banks of discount and all other institutions
which are 9 or 10 the trust company was advised by the
importing
properly classed as banking institutions doing business under our State laws.
house that it had received word from the Genoa firm that
Such an association having as individual members practically all of such
institutions is considered by many to be the ideal organization. The principal, the cable transfer had
not arrived. This was the first inand perhaps the only, objection to this particular form of organizatio
n is
that it would build up a rival to the present New York State Bankers' formation had by the defendant that the money had not
been promptly paid, and it at once cabled to the Credito
Association.
We find these fundamental conditions:
Italiano asking to be informed when payment was effected.
1220
THE CHRONICLE
This message was delivered to the Credito Italiano on November 11 1914 and the payment was at once made on that
day. The price paid by the plaintiff on October 23 for the
cable exchange was one dollar for each 5.20 Italian lire, or
$14,423 08; the market value of exchange in New York on
Nov. 11 1914 was one dollar for each 5.385 Italian lire, or
$13,929 54 for 75,000 lire. The plaintiff sought to rocover
$493 54—the difference in the market values of a cable
transfer of 75,000 lire on October 23 and Nov. 11 1914 and
in addition interest amounting to $20 42 claimed on the
mcney between the two dates. This interest the trust
company tendered to the plaintiff on June 14 1915, but the
firm refused to accept it. Except for the difference in exchange the plaintiff did not claim to have suffered any
damage (beyond interest) by reason of the delay in payment
to its Genoa correspondent. The Appellate Division in its
opinion says:
by
There is nothing in the stipulation to indicate nor is any claim made
any negliplaintiff that the delay or default in transmission was due to
question
gence or fault on the part of defendant, and the bare and concrete
is whether the defendant is legally bound to pay to plaintiff the difference
between the market price of a cable transfer on October 23 and the market
price on Nov. 11.
It will be observed at the outset that the defendant admittedly complied
with all the obligations imposed upon it by this definition. It is stipulated
was
that it had a sufficient balance at the point at which the payment
corordered and that on receipt of the cable directing tho payment its
cable
the
and
named,
respondent made such payment to the beneficiary
directing the transfer was delivered to the cable company upon the day of
purchase. The defendant, therefore, complied with all the obligations
for
implied in its sale of the cable transfer and is relieved from liability
damages arising from the delay in transmission by its special contract.
In its findings the Appellate Division reverses the ruling
of the Supreme Court, which had awarded the plaintiff
the damages of $493 54 claimed and interest of $20 42. The
conclusions of the Appellate Division, reversing this award,
are set out as follows :
[VOL. 102.
ing day by the Colorado members of the United Mine Workers of Anierica. Following the receipt of advices from a
number of the coal operators in Colorado in January 1915,
to the effect that there was no way in which the Commission could be of service to the coal mining industry of the
State, the belief being expressed by the operators that it
would be unwise for the Commission'to go to Colorado or to
attempt to raise new issues or revive those settled by the
termination of the strike, the Commission recommended
to President Wilson in March 1915 that its proposed trip
be postponed. The Commission in its findings just submitted to the President, suggests that the economic side of
the industry be referred for study to the Federal Trade Commission, on this point, saying:
Your Commission believes the economic side of the industry is worthy
respectof the consideration of the Federal Trade Commission, and we
to
fully suggest that the Federal Trade Commission be requested by you
legislasuggesting
to
make a careful study of the problem with reference
it
tion which will control the mining of coal in such a way as to conserve
to be
from waste on the one hand and on the other to permit the industry
conducted upon conditions that offer the maximum of safety and the maxito
mum of steady employment throughout the year. The evils attached
the present system, whatever may be its merits, are very great, and we believe it to be the part of wisdom that such a study should be entered upon
by the Federal Trade Commission at an early date.
"It is evident to your Commission," says the report,
"that out of the recent coal strike in Colorado two things
have emerged which have much more than local importance.
The first is the peculiar power granted by the State of Colorado to its Industrial Commission. The second is the plan
put into operation by the Colorado Fuel & Iron Co. for regulating by contract the relations between the corporation and
its employees." In its further reference to the several measures put into operation in the State for remedying conditions,
and to the instructions received by the Commission from
President Wilson, the report says:
The learned court from whose judgment this appeal is taken decided in
to
favor of the plaintiff upon the theory that what defendant contracted
transmit was the identical money paid to it by the plaintiff, likening the
transfor
trunks
ten
received
had
case to one in which a common carrier
mission and delivered only nine of them. He was,therefore, of the opinion
until
that the money paid to defendant remained the property of plaintiff
It or its equivalent had actually been paid over in Genoa, and that all
11,
Nov.
on
York
New
in
plaintiff was entitled to retain was the value
at the current rate of exchange for cable transfers, of 75,000 lire in Genoa.
We are of opinion that this decision rests upon an erroneous view of the
nature of a cable transfer, and that the supposed analogy of a common
carrier transmitting merchandise is not appropriate, for there was here
no failure to deliver in Genoa the 75,000 lire contracted for, but only a
delay in making such delivery. Technically speaking, there is a marked
distinction between issuing a draft or traveler's check, or transferring
money by cable and receiving money for actual transmission (Musco v.
United States Surety Co., 132 App. Div. 300). The very term "cable
transfer" precludes the idea that an actual transmission of money is contemplated. What the seller of a cable transfer does is to sell a sum of
money, or a credit for a sum of money, payable at the place indicated in
the contract. What the buyer does is to purchase a credit available at
such place.
In the present case the plaintiff bought 75,000 lire to be paid in Genoa.
The transaction was a completed one, and plaintiff or its correspondent
ultimately received precisely what defendant engaged should be received,
be
to wit, 75,000 lire in Genoa. The inequity of plaintiff's claim can
appreciated'by considering what would have been the rights of the parties
if the fluctuations of exchange had been such that on Nivember 11 the
value of $1 in Italian lire had been more than 5.20 instead of less, and
that, as in the present case, the delay in transmission had been due to no
fault of the defendant. In such a case it is evident that defendant, having
sold the transfer at 5.20 on October 23, would have had no valid claim
against plaintiff for the value of the transfer at the market rate on Nov. 11.
As we regard the transaction it was complete on October 23, when the
cable transfer was sold. The money paid for it became defendant's money,
against which plaintiff received defendant's obligation that payment
would be made in Genoa. For a failure to comply with this obligation
plaintiff might under some circumstances, although not under those in this
case, have an action for damages. The judgment appealed from must be
reduced to the sum of $20 42, with interest from Nov. 11 1914 to June 14
1915, and as so modified affirmed, with costs to the appellant in all courts.
Appropriate findings of fact and conclusions of law may be submitted upon
the settlement on notice of the order to be entered herein.
Since your letter of instructions was written, the State of Colorado
has passed tlime laws which have an important bearing upon the situation as it exists to-day: (1) A law,creating an Industrial Commission, with
large powers of mediation and investigation in relation to all industrial
disputes; (2) a workmen's compensation law; and (3) a law allowing the
formation of mutual insurance companies for the purpose of insuring under
the workmen's compensation Act. The Colorado mining laws provide
for checkweighmen to be selected and paid by the men mining coal. The
State Industrial Commission has been receiving the full co-operation of the
State Mine Inspector's office in investigating every complaint under this
head. The Industrial Commission not only investigates complaints as
to checkweighmen, but it goes to the bottom of every complaint as to the
short weighing of coal in any form whatever. "In most cases," the Commission says, "these complaints come from small mines, and upon investigation have, in almost every case, been found groundless." In one instance, however, scales upon being tested were found to be weighing light,
and this has resulted in an indictment on the part of the District Attorney.
The miners at every mine are entitled to have a checkweighman if they want
him, but they are not compelled to have one.
The State has equipped the Industrial Commission with the fullest
powers of investigation and with the right to summon witnesses and to
administer oaths. It would appear, therefore, that in the matter of checkweighmen, the laws of Colorado not only grant the right to the miners to
have checkweighmen if they desire, but also that the laws now provide amply for the enforcement of this right. At a number of the mines which
your Commission visited it found checkweighmen on duty. In only one
instance was a complaint upon the subject brought to their attention,
and this complaint was communicated to the State Industrial Commission,
which took action to investigate it without delay.
In regard to so much of your instructions as relate to a board of conciliation on which both the operators and the miners are to be represented,
and to the absence of discrimination on account of membership or nonmembership in any labor organization, your Commission would report
that the situation in Colorado, in this respect, is dominated by the plan
put into operation by the Colorado Fuel & Iron Co. about the 1st of October, 1915, for the regulation by contract of the relations between the company and its employees as provided by said plan. The other coal operators of Colorado are following the developments under this plan with undisguised interest. If the plan works successfully, your Commission believes it to be practically certain that the other large operators of Colorado
will move along corresponding lines. Whether the plan can be adopted by
the smaller operators is more open to doubt. No general plan covering
the whole of Colorado is practicable at the present time. The Colo& Iron Co.'s plan covers many of the points you have inquired
The opinion, written by Justice Francis M. Scott, was rado Fuel
about, so far as their own employees are concerned. In the other companunanimous, all the Justices—John Proctor Clarke, Frank ies the relation that exists remains as it was, that between the employer
C. Laughlin, Walter Lloyd Smith and Alfred R. Page— and the employees as individuals.
Your Commission became aware of only one disturbing element in the
concurring.
Industrial situation. About 400 indictments were found after the strike,
and all of these were of strikers. Some of the citizens of Colorado believe
many illegal acts were committed on the part of the operators, and
COLORADO STRIKE COMMISSION RECOMMENDS that
the justice which finds all the indictments on one side does not seem to
STUDY OF SITUATION BY TRADE COMMISSION.
them even-handed. Your Commission naturally expresses no opinion as
The report presented by the Colorado Coal Commission to the correctness of this belief. It simply calls attention to the existence
of this feeling.
to President Wilson was transmitted by the latter to the
Again, it is believed by some, even among the operators, that in many
named
was
which
n,
Commissio
of these cases the State has not sufficient evidence to 6onvict. In such
Senate on March 8. IThe
cases—and your Commission believes that there are such—the men afby the President in November 1914 to deal with the coal fected
are suffering from great injustice, in that they are either confined in
time,
that
at
State
in
the
prevailing
s
disturbance
mining
jails, unable to get bond, or if out on bond they are refused employment
Low,
Seth
23.
in Colorado, on account of the indictments against them, and are prevented
tendered its report to the President on Feb.
leaving Colorado or the jurisdiction of the Court by their bondsmen.
Chairman, Charles W. Mills and Patrick Gilday were the from
As long as this condition of affairs exists, the industrial health of Colorado
by
the
selected
it
was
and
n,
members of the Commissio
will be weakened by this fostering sore. It is not the business of your
and wrongs of the case, but we should fall
President to deal with the coal mining troubles after the re- Commission to weigh the rightscall
attention to this feature of the situation
of our duty if we did not
jection by the miners of his plan for the settlement of the short
and emphasize the importanc:. to the State of providing a prompt remedy.
terminated
declared
• • er, in tho long run, this situation should be
difficulties. The _strike was officially
Even in the interest of
on Dec. 9 1914, in accordance with action taken the preced- quickly ended.
APR. 1 1916.1
THE CHRONICLE
Colorado is the first of the States of the Union to grant to its Industrial
Commission the powers of compulsory investigation which are granted by
the Canadian Act as to all "industries affected with a public interest,"
but this power does not extend to compulsory arbitration. The provisions
contained in the Canadian Act, which forbid either a strike or a lockout
for 30 days while an investigation of the case is pending, but which leave
either party free to act as it pleases after investigation, are contained in
the Colorado Act; but the Colorado Act, as interpreted by the Industrial
Commission, goes even further; for it is held to make the same methods
applicable to all industrial disputes arising in any industry, thereby taking the advanced position that the public is vitally interested in every industry and its abrupt stoppage is a menace to public welfare. By reason
of these provisions of the law the Industrial Commission of Colorado has
been able already to avert a number of strikes and to bring about mutually
satisfactory settlements in a number of cases without any interruption to
industry from either side.
It must be pointed out, however, once more that the Colorado law does
not contemplate compulsory arbitration, either directly or indirectly.
When the investigation is completed by the State Industrial Commission
either party is free to accept or disregard at its pleasure the findings or
recommendations of the Industrial Commission; but the law does contemplate and provide a compulsory investigation by public authority before
industry can be interrupted.
Organized labor in the United States has not heretofore been friendly
to the adoption of this principle of compulsory investigation when associated with the necessity of giving notice of an intention to strike. Organized labor in the light of long experience looks upon the strike as its most
efficient weapon for giving weight so its demands; and up to the present
time it has always looked with distruct upon the provisions of the Canadian
law, because it has feared that with 30 days' notice an employer can make
such provision to defeat a strike as to make a strike impossible of success
or at least very much lessen its chances of success. It is interesting to
note that at the convention of the United Mine Workers, held in Indianapolis on Jan. 18 of this year, comprising 900,000 miners in the United States,
it was almost unanimously voted to continue at work while negotiations
were pending for a new wage agreement. Heretofore the sentiment has
usually been the reverse, namely, if a new contract were not executed to
commence upon the expiration of the old contract, that there should be a
cessation of work upon the day and hour the old contract terminated.
As against this view of organized labor, it is clear that the interest
of the public is very great in the prevention of the losses, and sometimes
the violence, incident to the arbitrary interruption of any industry by a
strike. The Industrial Commission of the State of Colorado, therefore,
is charged with a responsibility that far transcends the limits of the State,
for Colorado is the only State in the Union to-day which has an Industrial
Commission clothed with such powers; and if the Commission of tho State
of Colorado is able to administer the law in such a way as to overcome the
objections of organized labor to this system, by demonstrating that the
essential interests of organized labor can be safeguarded under it, the
Industrial Commission of the State of Colorado will have made a far-reaching contribution to the adjustment of industrial relations throughout the
United States.
The most serious drawback to the prosperity of the coal industry in
Colorado is the shortgage of industries within the State itself which might
consume the smaller sizes and the slack from the mines and which would
keep the mines in continuous operation throughout the year. The manufacturing industries of Colorado are few and far between, and on this account a large part of the coal mined has little, if any, value at the present
time, the domestic trade requiring lump coal for its use.
So far as the mining conditions are concerned, they are in many respects
as nearly ideal as it is possible to make them; but the coal is being mined
under the competitive system in Colorado, under conditions which can make
coal mining profitable only in the mines where the coal can be placed upon
the market most cheaply.
All of the operators maintain that they are employing union and nonunion men indifferently, without discrimination on account of the strike.
Broadly speaking, your Commission believes that this statement is correct,
though there are doubtless some individuals who are not employed, because,
as individuals, for one reason or another, they are not wanted, or else that
they are undesirable in that they can not be depended upon for continuous
service.
Your Commission is naturally unable to form an estimate of the number
of miners who have left Colorado as a result of the strike. It is clear, however, that the number of men now in Colorado who are discriminated
against on account of their participation in the strike is not very large.
One may hope that, as time softens the asperities of the past, the number
will be still smaller.
In tendering its resignation, the Commission says:
Whatever might have been said for the permanency of your Colorado
Coal Commission as things were at the time you appointed it, the creation
by the State of Colorado of an effective Industrial Commission, amply
equipped by law to deal with all phases of the problem, makes it evidently
unnecessary that a Presidential Commission should remain in being.
1221
a
the firm of H. A. Kahler & Co., with offices
member
at 135 Broadway, this city,
Charles A. Hinsch, President of the Fifth-Third National
Bank, Cincinnati, Ohio, has definitely decided to permit his
name to be presented for the office of the First Vice-President
of the American Bankers Association at Kansas Cty.
Mr. Hinsch has been an active member of the Executive
Council for the past three years, and one of his friends and
active advocates writes as follows:
As a matter of news, I wish to acquaint you with the fact that a number
of Mr. Hinsch's friends have been addressing him to ascertain his attitude
in coming out as a candidate. In letters to me pertaining to the same.
they refer to a recognition of the services he has rendered to the Association
for the past three years, and they feel that he should announce his candidacy.
1111He is now Chairman of the Federal Legislative Committee, which is one
of the most important committees in the Association, and is devoting a
good deal of his time and energies to the Association's welfare in the arduous duties connected with this committee.
Mr. Hinsch has told his friends that on assurances of their support he
will make the campaign.
In addition to the foregoing letter, the same and other
friends of Mr. Hinsch have explained that this is not the
first year his name has been proposed, but it is the first
year that he would agree to have his claims actively advanced,
this being his last year on the Executive Council.
A resolution endorsing E. G. McWilliam of the Security
Trust & Savings Bank and the Security National Bank of
Los Angeles as a candidate for the presidency of the American
Institute of Banking at the Cincinnati convention to be
held in September, was recently adopted by the Los Angeles
Chapter of the Institute. Mr. MeWilliam is Manager of
Publicity and New Business of the institutions indicated.
He was formerly Secretary of the Savings Bank Section of
the American Bankers' Association.
New York State Superintendent of Banks E. L. Richards
has promoted G. R. Jewett of White Plains from Third to
Second Deputy Superintendent of Banks to fill the vacancy
caused by the death of Edward J. Graham of Albany.
Superintendent Richards has also appointed Frank S. Kenyon of Adams, N. Y., as Third Deputy Superintendent of
Banks to fill the vacancy caused by the promotion of Mr.
Jewett.
Neal W. Remington and Charles A. Cornell have been
appointed Cashier and Assistant Cashier, respectively, of the
Gotham National Bank of New York. Mr. Remington
succeeds Thomas C. Fry, who becomes a Vice-President.
William C. Bradley has been elected an Assistant Treasurer and Edward S. Moore an Assistant Secretary of the
Guaranty Trust Co. of this city. Mr. Bradley for several
years has been associated with the bond department of the
company as sales manager, and Mr. Moore was formerly
manager of the discount department.
According to the statement issued by the Guaranty Trust
Company, in response to the call of the Superintendent of
Banks, the deposits of that institution on the 17th ult.
were $470,194,816 46. This represents a gain of more
than $210,000,000 in one year. In the same period the
total resources increased from $354,618,803 77 to $580,021,359 17.
BANKING, LEGISLATIVE AND FINANCIAL NEWS.
Gardner Wetherbee, one of the founders of the Fifth Ave.
Sales of bank stocks at the Stock Exchange this week Bank of this city and a director since its organization, died
aggregate 118 shares. No bank or trust company stocks on March 24. At a meeting on March 30 the board adopted
were sold at auction.
resolutions of regret expressing the sense of loss suffered
Shares. BANK—New York. Low. High. Close. Last previous sale.
his death. Mr. Wetherbee was a trustee of the Franklin
in
Mar. 1916-170
174
174
118 Nat. Bank of Commerce__ 168
Savings Bank and Treasurer and a director of the firm of
Hawk & Wetherbee.
Three New York Stock Exchange memberships were this
week posted for transfer,the consideration in each case being
Forrest F. Dryden, President of the Prudential Insurance
$63,000. The last previous sale was for $65,000.
Co. of America, has been elected a director of the National
Bank of Commerce in New York.
In referring last week to the proposed increase in the capital
Francis L. Leland, President of the New York County
of the Dallas Trust & Savings Bank of Dallas, Tex., we mentioned the fact that H. A. Kahler had been President of the National Bank of this city and Vice-President and Chairman
u!stitution from the date of its organization in 1903 to 1911, of the board of the West Side Bank, died on March 29 in his
when he resigned and became Vice-President. We also spoke seventy-seventh year. Mr. Leland was President and diof Mr. Kahler as being of the New York banking firm of rector of the Aguilar Corporation and a director of the New
O'Connor & Kahler. While the latter was the name of York Railways Co., Park & Tilford. and the U. S. Life Inthe concern at the time of his withdrawal from the Presidency surance Co. One of the most noteworthy deeds of Mr.
of the Texas institution, that firm is now no longer in exist- Leland's life was his gift to the Metropolitan Museum of Art
ence, and since November 1913 Mr. Koller has been a in 1912 of 1,200 shares of stock of the New York County
1222
THE CHRONICLE
[VOL. 102.
National Bank, worth over $1,000,000. Mr. Leland had creasing the capital from $1,000,000 to $1,250,000 and on
been President of the New York County National Bank changing the par value of the stock from $60 to $100 per
since 1885, having succeeded his father in the post.
share, and in the event that these proposals are favorably
voted, will vote upon authorizing "any and all acts conSamuel Ludlow Jr., President of the Union Trust Co. of venient in connection with said increase of capital stock or
Jersey City, N. J., since its organization in 1907, has re- change of par value of shares." The Second National has a
signed. In accepting the resignation on March 29, the di- capital of $200,000.
rectors of the institution adopted fitting resolutions of regret.
Mr. Ludlow came to Jersey City in 1906 upon his election
The Hartford Trust Co. of Hartford, Conn., the oldest
to the Presidency of the Second National Bank. The Union and one of the strongest trust companies in Connecticut, on
Trust Co. was organized in 1906 to continue the business of March 23 declared its one hundredth dividend. The cententhe Second National Bank with the additional feature of a nial distribution is in quarterly form at the rate of 12% per
trust business, and Mr. Ludlow was elected President of the annum on the $500,000 capital and is payable April 1. The
new institution. The Union Trust Co. started business in company was organized in 1868, dividends were declared
July 1907, the Second National Bank being placed in volun- irregularly until July 1 1880 when regular semi-annual divitary liquidation. Mr. Ludlow's resignation is occasioned by dends were started; on April 1 1912 the first quarterly divihis desire to engage in another line of work.
dend was paid, the disbursements thereafter being quarterly,
with occasional extra dividends. The company has enjoyed
Further details are at hand concerning the proceedings exceptional prosperity, gross deposits having increased over
involved in the surrender of the charter of the Second Na- $1,000,000 since August 1913, when the capital was raised
tional Bank of Utica, N. Y., and the transfer of the bank's from $300,000 to $500,000. Ralph W. Cutler, who has
business to a new organization—the Oneida County Trust been at the head of the company for over twenty-eight years,
Co. We have heretofore made mention of these plans and 'was President of the Trust Company Section of the Amerito the participation therein of the stockholders of the First can Bankers' Association in 1915.
National Bank of Utica. For several years the manageJudge Rathbun in the Superior Court at Providence on
ment of the First and Second National banks have been
closely identified. To quote from the circular issued to the March 28 sentenced Albert P. Miller Jr., the Providence
stockholders of the First National, the passage of the Clayton stockbroker, to fifteen years in pri on on three of the eleven
Anti-Trust Law, regulating interlocking directorates, has indictments against him charg ng the embezzlement of $95,made it necessary "either to entirely divorce the two insti- 555 from his clients. The time on each indictment is five
tutions or to bind them more closely in the manner provided years, the terms to run consecutively. Miller had been
by law." It adds: rInasmuch as it is apparently improb- arraigned the day before and entered a plea of not guilty,
able that national banks in this State will ever be per- but this was withdrawn on March 28 and pleas of nobo
mitted to exercise the functions of trust companies, the substituted. The adjudication of Miller as a bankrupt
directors of the two banks felt that one of the two should was referred to in our issue of Feb. 5.
•
ask for a trust company charter." The plans provide for
John Hopewell, a director of the First National Bank of
the creation of the new trust company with a capital of
$250,000 and for an addition of $250,000 to the capital of Boston, Mass., and a well-known merchant of that city,
the First National, raising it from $1,000,000 to $1,250,000. died on March 28; he was seventy-one years of ago.
The arrangements proposed are outlined to the stockholders
of the First National for ratification: as follows:
Reginald H. Jones, for more than forty years connected
The First National Bank of Utica is to increase its capital to the extent
Blake Brothers & Co., of Boston,
of $250,000, making its total capital $1,250,000. The increase of stock with the banking house of
shall be used to make the stockholders of the Oneida County. Trust Com- died in Concord, N. H., on March 23. Mr. Jones was for
pany stockholders of the First National Bank of Utica, and to provide many years at the head of the firm's bond department; he
the means of distributing the stock of the Oneida County Trust Co. among
the stockholders of the First National Bank of Utica. The par value of became a partner in 1905.
the stock of the First National Bank of Utica may remain as at present,
$60 per share, or may be increased to $100 per share, and the par value
of the stock of the Oneida County Trust Co. shall be $100 per share.
The surplus and undivided profitslof said First National Bank of Utica
shall be approximately $1,250,000 and the surplus and undivided profits
of the Oneida County Trust Co. shall be approximately $387,500. The
stock of the Oneida County Trust Co. shall be distributed among the stockholders of the First National Bank of Utica in the proportion of Five Dollars
par value of the First National Bank of Utica stock for One Dollar par value
of the Oneida County Trust Co. stock, such distribution of Trust Company
stock to be made in such form and upon such conditions that the ownership thereof can never be disassociated from its pro rata share of bank
stock until such disassociation shall have been formally agreed upon by a
vote of at least three-fourths of the total outstanding stock of said First
National Bank of Utica. When this agreement shall have been assented to
by three-fourths of the stock of this bank and of the Second National Bank
of. Utica, it shall be binding upon the persons signing this agreement,
whether or not it is assented to by the remaining one-fourth of said stock
of said banks. The method of preserving such joint ownership of stock shall
be by depositing it with the Northern New York Trust Co. of Watertown,
N.Y.,or its duly authorized agent in the city of Utica, N.Y., and receiving
therefor a certificate of ownership issued under such terms and conditions
as may be agreed to by a majority of the board of directors of the First
National Bank of Utica.
The stockholders of the Melrose Trust Co., of Melrose,
Mass., will meet in the near future to formally vote on increasing the capital from $100,000 to $200,000. The Melrose Trust Co. was formerly known as the Melrose National
Bank, the change to a trust company having been made
within the last few months. It was referred to in our issue
of Jan. 1.
At the recent annual election of officers of the Philadelphia Stock Exchange William D. Grange was re-elected
President and H. H. Lee Secretary and Treasurer. At the
organization meeting of the Governing Committee on March
21 William L. Elkins was re-elected Vice-President and
Roland L. Taylor, of William A. Read & Co., was elected
a Governor of the Exchange to succeed Morris L. Parrish,
who resigned because of ill-health.
President Charles B. Rogers of the First National Bank
Charles B. Dunn, President of the West End Trust Co.
in his letter to the stockholders notifying them of the pro- of Philadelphia, was last week elected a director of the Bank
posed changes and asking their approval, says in part:
of North America. Mr. Dunn was formerly a director of
It is now proposed to ask the stockholders of this bank to authorize
Northern Liberties, which was
an increa-se of its capital stock from $1.000,000 to $1,250,000, and to sur- the National Bank of the
render their rights to subscribe for their pro rata of such increase. If this merged with the Bank of North America in February. We
is granted, the additional stock authorized will be sold to those who are now noted last week the election to the board of the Bank of
stockholders of the Second National Bank, to the extent of five-sixths of
directors of
their holdings, at 255%, the book value of the First National Bank stock North America of seven others who had been
Jan. 1 1916, less the dividend paid Feb. 1. The First National Bank will the National Bank of the Northern Liberties.
then declare an extra dividend to all its stockholders, both old and new, of
$637,500, which they,through their attorneys, will use to purchase the stock
of the Oneida County Trust Co., at 255%; or, in effect, the stockholders
of the First National Bank will receive a dividend of stock in the Oneida
County Trust Co. of one share for every five shares held by them in the
First National Bank, equivalent to 20% on their holdings of First National
Bank stock after the increase. Assuming that the dividends of the two
institutions are continued at their present rate, namely 10%, stockholders
of this bank will receive 12% on their holdings. * * *
Since the foundation of the Bank of Utica in 1812,the predecessor of the
First National Bank,the par value of its shares has been $60. Stockholders
have made frequent complaint of the annoyance to them of this odd
amount. It has therefore been decided to ask authority at this time from
the stockholders to change the par value of the stock from $60 to $100.
Russell S. Hubbard, President of Harrison Bros. & Co.,
Inc., of Philadelphia, has been elected a director of the
Tradesmen's National Bank of that city.
Frederick W. Stumpf, for many years Cashier of the private banking firm of Newburger, Henderson & Loeb of
Philadelphia, died on March 28. Mr. Stumpf was a junior
officer in the old Mechanics' National Bank of Philadelphia
until the latter's merger with the Girard National Bank,
The stockholders of the First National Bank will hold a when he became Cashier of the private bank.
special meeting on April 21 to vote on the question of in
APR 1 1916.1
THE CHRONICLE
1223
The Pittsburgh Bank for Savings of Pittsburgh, which
James W.Bell, Manager of the Savings Department of the
suspended operations in December last, will pay a 50% divi- Mercantile Trust Co. of St.
Louis, has tendered his resignadend to depositors on April 15.
tion, effective Aug. 16, when he will be ninety years of age;
Mr. Bell will continue as a director of the company. The
Charles S. Crane, for nearly forty-four years associated board of directors in accepting the resignation adopted resowith the First National Bank of Pittston, ' a., has tendered lutions expressing appreciation of his services. Mr. Bell
his resignation as Cashier, effective April 1. The board of has been a director of the Mercantile Trust Co. since its
directors, in accepting the resignation, adopted fitting reso- organization in 1899. He was the founder, and for many
lutions expressing regret at his withdrawal and commending years President, of the St. Louis Safe Deposit & Savings Bank
his faithful and efficient service during the long term of his which was absorbed by the Mercantile Trust Co. in 1902,
connection with the institution. Mr. Crane is 72 years of when Mr. Bell joined the latter institution, taking charge
age. It is stated that George E. Langford, heretofore of the savings department.
Assistant Cashier, is to be advanced to the Cashiership.
Mr. Langford has been associated with the institution since
E. J. Mudd, manager of the discount department of the
1890 and advanced by successive steps to the Assistant Cash- National Bank of Commerce
of St. Louis, and A. W. Thias,
iership,:which office he has held for several years.
manager of the credit department, have been appointed
Assistant Cashiers; they will retain their former duties.
A new investment concern was incorporated and organJohn G.Lonsdale,President of the National Bank of Comized in Baltimore this week to be known as the Continental merce, in a recent address before the St. Louis Credit Men's
Company, with headquarters in the Continental Trust Association on "Credit Basis," declared that loose methods
Building in the offices formerly occupied by the old Maryland of bookkeeping and makeshift credits cause many business
National Bank. The new investment company will be failures. He further stated that bookkeeping was the greataffiliated with the Continental Trust Co. interests and it est safeguard of business and that the success of the Federal
will have an authorized capital of $500,000 seven per cent Reserve System depended upon good bookkeeping.
cumulative preferred stock and $100,000 common stock.
Gilbert B. Bogart, for many years connected with the
The vacancy in the Presidency of the Norfolk National
management of the bond department of Hodenpyl, Hardy
& Co. of New York, will be President; Walter S. Brink- Bank, of Norfolk, Va., caused by the resignation of Caldwell
mann, Vice-President; and George G. Thomas, Secretary Hardy, was filled by the election to that office last week of
and Treasurer. Mr. Brinkmann has been the Baltimore W. A. Godwin, heretofore Cashier. Mr. Godwin has been
and Philadelphia representative of William Salomon & Co., connected with the institution about thirty years, and.has
and Mr. Thomas has lately had charge of the statistical served in almost every position. Mr. Hardy, whom Mr.
department of E. W. Clark & Co. of Philadelphia, acting Godwin succeeds as President of the Norfolk National, has
in an advisory capacity in the purchase and sale of securities been appointed Federal Reserve Agent of the Richmond
for that firm. Prior to that he was Cashier of Redmond & Federal Reserve Bank, as we noted in our issue of March 11.
Co. and identified with the sales department. In addition Mr. Hardy severed his connection with the Norfolk National
to the officers named, the directors will include: John W. Bank on March 28.
Dickey, investment banker of Augusta, Ga.; W. J. Casey,
The officers and directors of the Canal Bank & Trust Co.
Vice-President and director of the Continental Trust Co.
of Baltimore and Sidney Lansburgh of the executive staff of New Orleans have issued a souvenir brochure in comof the Baltimore Bargain House, the largest mail order memoration of the eighty-iifth anniversary of the founding
house in the South, and a son-in-law of Jacob Epstein the of the institution. The booklet contains a brief sketch of the
history of the bank, and a fac-simile of the first statement
proprietor.
of the "Canal Bank," as the institution was originally known.
The directors of the Mercantile Trust & Deposit Co. of The Canal Bank was chartered in 1831 for the purpose of
Baltimore at a meeting on March 28 declared a quarterly financing the construction of a navigation canal connecting
dividend of 4% on the $1,500,000 capital. Dividends here- the'City of New Orleans, then Faubourg St. Mary, with
tofore have been declared semi-annually and at the rate of Lake Pontchartrain; it was the first of a series of banks at
12% per annum,although during the last five years the com- that time known as "improvement banks." When the
pany has paid extra dividends of from 1 o 4%. Joseph R. canal was completed the company continued its banking
Walker was elected a director to succeed Alonzo L. Potter business and has since fulfilled an important function in the
commercial and industrial growth of New Orleans. It is
of New York, who resigned.
claimed that the institution is the oldest in the Mississippi
The Illinois Trust & Savings Bank, Chicago, announces Valley and at the same time one of the most modern, it
the admission of Frank F. Winans to its bond department as having been reorganized in January 1914, when the Germansales manager. He was formerly with the Northern Trust American National Bank and the German-American Savings
Bank &Trust Co. were merged with it. The Canal Bank &
Co. in its bond and other departments.
Trust Co. has $2,000,000 capital; W.R. Irby is President.
The stockholders of the National Bank of La Crosse, of
La Crosse, Wis., on March 23 authorized a 100% stock diviRodney S. Durkee, formerly Comptroller of the Panamadend, payable out of surplus, on the institution's $250,000 Pacific International Exposition, has become associated
capital.
with the Bank of Italy of San Francisco as Executive Secretary, a newly, created position.
The American National Bank of Fort Smith, Ark., closed
its doors on March 25. An announcement, reported to have
George W. Bates, President of the Lumbermen's National
been issued by Comptroller .of the Currency Williams on Bank
of Portland, Ore., and President of the Portland
March 28, says:
Clearing-House Association, died on March 22; he was sixtyThe failure was precipitated by a defalcation of about $25,000 or more,
in which certain officers of the bank are reported to be implicated. Other four years of age. Mr. Bates's first banking connection was '
causes of the failure were large loans to officers and directors and an ac- with the old Albina Bank in 1893; the business was later incumulation of a large amount of non-liquid and doubtful loans. The bank
corporated as George W. Bates & Co., bankers. A branch
has been under observation and on the special list for some months past.
the banking firm, known as the West Side Bank of George
of
$200,000
capital
and
The bank has
deposits of over
W. Bates & Co., was consolidated with the Lumbermen's
$400,000.
National Bank in March 1913, and Mr. Bates was at that
R. S. Litchfield, a prominent financier and a wealthy time elected a director and Vice-President of the Lumberoil producer of Oklahoma and Kansas, died on March 21 in men's National; he was elected President of the institution
Independence, Kan„ at the age of fifty-two years. Mr. two months later. Mr. Bates had been President of the
Litchfield was President of the First National Bank of Inde- Clearing-House Association since January of this year.
pendence, Kan., Vice-President of the Commercial National
Bank of Nowata, Okla., and a director of the State National
The Standard Bank of Canada (head office, Toronto), has
Bank of Oklahoma City, in addition to being interested in a declared a dividend for the current quarter ending April 29
number of other financial institutions of Oklahoma and of 33.%, being at the rate of 13% per annum upon the paidKansas.
up capital. It will be payable on and after May 1 to shareholders of record as of April 21 1916.
ENGLISH FINANCIAL MARKETS-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Mar.25.Mar.27. Mar.28. Mar.29.Mar.30. Mar.31.
London,
Wed.
Thurs. Fri.
Tues.
Week ending Mar. 31.
Sat.
Mon.
28 7-16 28 11-16 28 13-16 28 15-16 28 15-16
Silver, per oz
d 28%
57%
57%
Consols, 23. per cents
57%
57/3s
573
573.
96%
96%
96%
96%
963(
British 43,6 per cents
963
63.25
63.25
63.25
63.25
63.25
French Rentes (in Paris)_fr_ 63.25
_
85%
85%
French War Loan,5%
85%
The price of silver in New York on the same days has been:
Silver in N.Y., per oz_ _ _cts_ 603/i
59'4
60%,
60%
6O%
607
TREASURY CASH AND CURRENT LIABILITIES.
The cash holdings of the Government as the items stood
Feb. 29 are set out in the following. The figures are taken
entirely from the daily statement of the U. S. Treasury for
Feb. 29.
AssetsGold coin
Gold bullion
[vol.,. 102.
THE CHRONICLE
1224
CURRENT ASSETS AND LIABILITIES.
GOLD.
5
LiabilitiesS
1,037,436,367 78 Gold ctfs. outstanding__ 1,494,663,659 00
152,979,023 21
661,303,189 93 Gold reserve
Available gold in gen.fd. 51,096,875 50
1,698,739,557 71
Total
1,698,739,557 71
Total
Note.-Reserved against $346,681,016 of U. S. notes and $2,146,621 of Treasury
notes of 1890 outstanding. Treasury notes are also secured by silver dollars in
the Treasury.
SILVER DOLLARS.
LiabilitiesAssetsSilver dollars
502,748,787 00 Silver ctfs. outstanding_ 482,021,751 00
Treasury notes of 1890
outstanding
2,146,621 00
Available silver dollars
18,580,415 00
in general fund
Total'
AssetsAvail. gold (see above)..
Available silver dollars
(See above)
United States notes_ _Federal Reserve notesNational bank notes
Cert. checks on banks_ _
Subsidiary silver coin_ _
Fractional currency...Minor coin
Silver bullion (available
for subsidiary coinage)
Unclassified (unsorted
currency, &e.)
Deposits in Federal
Reserve banks
Deposits in national
banks:
To credit of Treasurer
United States
To credit of other
Govemm't officers_
Deposits in Philippine
treasury:
To credit of Treasurer, United States
To credit of other
Govemm't officers_
Total
502,748,78700
502,748,787 00
GENERAL FUND.
Liabilities
$
51,096,875 50 Treasurer's checks outstanding
3,270,429 04
18,580,415 00 Deposits of Government
officers:
6,039,430 00
Post Office Dept...-. 11,784,378 41
3,823,845 00
Board of trustees,
24,696,194 96
Postal Savings Sys12,289 56
tem (5% reserve)._
3,873,525 17
21,754,343 12
Comptroller of the
50 00
Currency, agent for
1,103,193 86
creditors of insolvent banks
1,819,701 10
5,474,612 76
Postmasters, clerks of
16,454,012 38
courts, &c
620,902 81
Deposits for:
Redemption of Fed33,711,758 85
eral Reserve notes
(5% fund)
10,561,212 36
Redemption of Federal Reserve bank
32,414,77452
notes(5% fund)......
53,000 00
Redemption of na5,312,746 97
tional bank notes
(5% fund)
24,580,964 83
Retirement of additional
circulating
2,585,323 59
notes, Act May 30
11,841,645 00
1908
3,249,14404
Exchanges of cur9,066,816 94
rency, coin, &c....
93,305,68529
S Net balance, including
$56,065,335 98 to credit of disburs'g officers 117,170,215 25
Total_
210,475,900 54
Total
210,475,900 54
All reports from Treasury offices received before 11 a. m.are proved on the same
day. All reports from depositary banks are proved on the day of receipt or the day
following.
S The balance stated is the amount available to pay Treasury warrants, disbursing
officers' checks and matured public debt obligations. Included in such obligations
is $39,933,755 of outstanding national bank notes that have been assumed by the
United States on deposit of lawful money for their retirement (see Act of July 14
1890), which by law is part of the public debt of the United States and is included
in the public debt statement. Prior to July 1 1913 the amount of this fund was
included as a part of the public debt and not as a liability in the general fund. On
July 1 1913 the form of the daily statement was changed and the retirement fund was
removed from the general fund balance and set up as a general fund liability. The
Act of July 14 1890 provides, however, that this fund shall be included as a part of
the public debt. The above statement restores it to the balance and makes it a
part of the public debt as required by law.
DEBT ON WHICH INTEREST HAS CEASED SINCE MATURITY..
(Payable on presentation.)
Funded loan of 1891, continued at 2%,called for redemption May 18
$4,000 00
1900; interest ceased Aug. 18 1900
22,950 00
Funded loan of 1891, matured Sept. 2 1891
13,050 00
Loan of 1904, matured Feb. 2 1904
535,000 00
Funded loan of 1907, matured July 2 1907
12,190 00
Refunding certificates, matured July 1 1907
Old debt matured at various dates prior to Jan. 1 1861 and other
901,460 26
Items of debt matured at various dates subsequent to Jan. 1 1861_
$1.488,650 26
Total
INTEREST-BEARING DEBT.
(Payable on or after specified future dates.)
Outstanding February 29
Interest
Total.
Registered. Coupon.
Payable, Amt. Issued.
Title of Loan$
s
$
$
Q.-J. 646,250,150 643,389,050 2,861,100 646,250,150
25, Consols of 1930
Q.-F. a198,792,660 47,203,200 16,742,260 63,945,460
3s, Loan of 1908-18
Q.-F. 5162,315,400 101,295,600 17,194,300 118,489,900
4s, Loan of 1925
Panama Canal Loan:
10,460 54,631,980
Q.-F. 54,631,980 54,621,520
2s, Series 1906
262,480 30,000,000
Q.-F. 30,000,000 29,737,520
2s, Series 1908
Q.-M. 50,006,000 40,921,800 9,078,200 50,000,000
3s, Series 1911
778,760
7,307,100
7,307,100 6,528,340
2%s, Post.Say. bds.'11-15-T.-J.
938,000
938,000
855,900
82,100
23.s, Post. Say. bds. 1916.T.-J.
Aggregate ofint.-bearing debt 1,150,235,290 924,552.930 47,009,660 971,562,590
a Of this original amount Issued $132,449,900 have been refunded into the 2%
consols of 1930, and $2,396,800 have been purchased for the sinking fund and canceled, and $500 have otherwise been purchased and canceled.
S Of this original amount issued $43,825,500 have been purchased for the sinking
fund and canceled.
NET DEBT.
GROSS DEBT.
Debt bearing no interest $241,308,155 69 Gross debt (opposite).11,214,359,395 95
Deduct-Balance availDebt on which interest
able to pay maturing
1,488,650 26
has ceased
obligarns (see above) 104,135,180 74
971,562,590 00
Interest-bearing debt
$1,214,359,395 95
Aggregate
Net debt
New York City Banks and Trust Companies
Ask
Bid
Banks,
New York
America•_-- 530 535
212
Amer Exch. 207
180
175
Atlantic
165
Battery Park 145
Bowery
_ 390
Bronx Boro• 200
_
Bronx Nat__ 175
145
BryantPark* 135
105
95
Butch & Dr_
620
610
Chase
Chat & Phen 200 205
125
Cheelsea Ex.
Chemical... 390 400
183
CitizensCent 178
440 445
City
185
Coal & Iron_ 175
Colonial'... 450
335
. 325
Columbia'.
Commerce '1188 8174
325
Corn Exch*. 318
Cosmopol'n• 100
SO
70
East River_ _
165
Fidelity •__. 155
Fifth Avo*._ . 4400 4800
275
250
Fifth
915
First
216'185
Garfield _ _ _
145
Germ-Amer' 135
390
German Ex* 850
450
Germania •. 375
200
Gotham _ _ _
280
Greenwich•_ 265
630
620
Hanover
355
Harriman
345
505
Imp & Trad_ 495
187
192
Irving
Liberty _._ _ 720
750
Lincoln _
330
310
flanks.
Manhattan*
Mark & Fult
Meet]& Met
Merchants' _
Metropolis*.
Metropol'n •
Mutual _ _
New NetIs*.
New York Co
New York..
Pacific •___ _
Park
People's*.__
Prod Exch..
Public •___ _
Seaboard.
Second
Sherman
State •
23d Ward*.
Union Exch.
Unit States*
Wash H'ts•_
Weetch A v•
West Side..
Yorkville*.
Brooklyn
Coney isi'd•
First
Flatbush
Greenpoint
Hillside •__
Homestead •
Mechanics._
Montauk •_ _
Nassau__ _
Nation'i City
North Side'.
People's
hid
295
240
263
180
295
174
325
215
725
378
275
425
220
200
160
415
395
125
100
100
135
500
275
160
400
475
255
134
115
100
130
85
105
270
170
130
*Banks marked w th a (.1 are State banks.
change this week. y Ex-r1gbte.
Ask
305
250
270
185
305
180
Trust Co's.
Bid
New York
Ask
435
Astor
425
Bankers Tr_ 443
453
B'way Trust 146
150
CentreITrust 1150 1165
Columbia... 540
550
Commercial_ 110
225 Empire
290 300
455
825 Equitable Tr 445
385 Farm L & Tr 1275
210"
200
Fidelity -_
300
280
435 Fulton
427
235 Guaranty Tr 420
Hudson __
145
210
128
190 Law Tit & Tr 123
125
430 LincoinTrust 120
430
410 Metropolitan 420
Mut'l (West135
chester) _
125
125
N Y Life Ins
135
& Trust
990 1010
140
N Y Trust.. 590
690
387
_ Title Gu& Tr 378
155
175 Transatlan'c
380
450 Union Trust 370
405
550 USMtg&Tr 395
UnitedStates 1020 1040
Westchester 130
140
140
270
Brooklyn
142
130
520
115 BrooklynTr _ 510
260
254
90 Franklin
Hamilton__. 265
275
140
110 Kings Co___ 630 650
Manufacrrs
205
Citizens.. 140
145
280
287
280
185 People's
85
140 Queens Co__
tSale at auction or at Stook Ex-
Commercial andAltisctitanconslulus
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 Movement at New York.
FINANCIAL STATEMENT OF U. S. FEB. 29 1916.
(Formerly Issued as "Statement of the Public Debt.")
The following statements of the public debt and Treasury
cash holdings of the United States are as officially issued as
of Feb. 29 1916. For explanations of the changes in the statements, see issue of Nov. 27 1915, page 1781.
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
Settlement warrants,
Balance held by the
coupons and checks
outstanding:
States as per daily
Treasury warrants____ $1,583,202 98
Treasury statement for
Matured coupons__ _ _
r Fob. 29 1916
610,146 59
$117,170,215 25
Interest checks
Add-Net excess of re373,922 34
Disbursing officers'
ceipts over payments
12,639,375 13
In Feb. reports subchecks
104,135,180 74
sequently received
2,171,612 53 Balance
6.Treasurer of the United
$119,341,827 78
$119,341,827 78
PUBLIC DEBT BEARING NO INTEREST.
(Payable on presentation.)
Obligations required to be reissued when redeemed:
$346,681,016 00
United States notes
152,979,023 21
Less gold reserve
Revised balance
$193,701,992 79
Excess of notes over reserve
Obligations that will be retired on presentation:
Old demand notes
$53,152 50
National bank notes assumed by the United States on deposit of
lawful money for their retirement
40,703,950 50
Fractional currency
6,849,059 90
Total
$241,308,155 69
$1,110,224,215 21
Month.
Imports.
1915-16.
$
75,812,949
July
76,260,845
August
September 85,617,505
October _ _ 77,121,468
November 97,666,815
December 94,197,777
January.. 99.988.117
February_ 103,034,535
1914-15.
Customs Receipts
at New York.
Exports.
1915-16.
1914-15.
$
$
$
1
84,561,785 156,746,121 59,218,363
63,804,412144,117,486 33,559,424
78,118,541163,608,127 61,895,606
77,153,765173,667,700 88,199,144
73,767,970192,992,355 86,762,617
66,021,283 191,268,097 98,394,625
70.992,107175,656,877104,025,265
, ,
,' , ,940 113,203,172
1915-16.
1915-16.
$
11,112.048
10,873,044
11,030,703
12,035,880
13,708,875
11,924,418
11,668,270
14,019,504
$
15,914,374
12,803,086
12,143,093
11,622,465
12,426,479
10,977,254
12,028,863
10,888,461
Total __ 709,756,011583,436.7291422091703645,258,216 96,372,742 98,804,075
Imports and exports of gold and silver for the 8 months:
Gold Movement at New York.
Month.
Imports.
1915-16.
July
August
September
October _ _
November
December
January..
February.
5,301,292
2,281,541
8,992,572
28,000,374
49,836,918
36,371,277
13,025,093
4,258,059
Total _J148,067,126
1914-15.
Exports.
1915-16.
1914-15.
$
732,064 2,064,670 32,732,361
949,341
973,114 1,032,670
766,499
905,196 1,817,500
244,637
712,573 2,824,000
190,398
1,946,760 1,127,370
4,100
1,072,523 3,054,228
639,000
2,082,618 6,220,132
990,300
1,531,031 10,589,971
Silver-New York.
Imports.
Exports,
1915-16.
1915-16.
1,768,120
2,718,817
1.581.174
2,340,388
2,169,706
1,730,680
749,381
1,431,404
2,694,349
2,824,995
3,104,067
4,560,514
4,433,662
5,535,810
4,130,016
3,818,210
9,956,779 28,730,541 36,522,636 14,489,670 31,102,223
APR. 1 1916J
THE CHRONICLE
Canadian Bank Clearings.-The clearings for the week
ending Mar. 25 at Canadian cities, in comparison with the
same week in 1915, shows an increase in the aggregate of
39.8%.
Week ending March 25.
1916.
1915.
Inc. or
Dec.
1225
DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporations:
Dividends announced this week are printed in italics.
1914.
1913.
Per
When
Books Closed.
$
$
%
$
$
Name of Company.
Cent. Payable.
Days Inclusive.
66,156,951 43,529,861 +52.0 45,108,911 37,506,170
43,127,277 30,270,924 +42.5 36,609,971 35,872,060
Railroads
(Steam)
28,848,306 20,583,242 +40.1 20,544,111 19,278,676 Ashland
& Iron Ry.(quar.)
Mar.25
5,759,717 5,023,764 +14.7 9,882,263 9,104,388 Chicago Coal
May 1 Apr. 6 to May 1
3,692,200 3,090,320 +00.5 3,404,365 2,702,275 Chicago Great Western, preferred
& Western Indiana (guar.)
1% Mar. 31
2,928,144 2,276,446 +28.6 2,305,335 2,044,461 Delaware
Lackawanna & Western (quar.)_
234 Apr. 20 Holders of rec. Apr. 3
2,121,566 1,441,906 +47.2 1,643,866 1,266,699 Great
May 1 Holders of rec. Apr. 7a
3,303,167 2,331,364 +42.1 2,494,823 2,887,777 Joliet Northern (guar.)
& Chicago (guar.)
13( Apr. 3 Mar. 19 to Apr. 3
_
1,586,700 1,357,679 +16.9 1,373,572 1,094,577 Kansas
Apr. 15 Holders of rec. Mar.31a
2,046,042 1,447,119 +41.4 1,409,724 1,340,109 Lehigh City Southern, preferred (quar.). 1
Valley,
corn
dr
pref.
(quar.)
$1.25 Apr. 8 Holders of rec. Mar.250
3,778,595 2,796,015 +35.1 3,006,991 3,766,958 Minn.
St. Paul & 5.8. M.,corn.& pref_ _
354 April 15 Holders of rec. Mar.24a
1,298,000 1,583,519 -18.0 2,412,656 2,760,961 New York
Central RR. ((Mar.)
May 1 Holders of rec. Apr. 6a
1,907,619 2,017,336 -5.0 3,140,105 3,118,372 Norfolk
&
May 19 Holders of rec. Apr.d29a
1,529,900 1,069,096 +43.0 1,749,915 1,818,240 Northern Western, preferred (quar.)
Pacific
(quar.)
151
May
1 Holders of reo. Apr. 10a
472,521
458,338 +3.1
444,086
368,005 Philadelpnia & Trenton (guar.)
234 Apr. 10 Apr. 1 to Apr. 10
309,438 +50.1
464,722
430,458
430,295 Pitt,sb.
Apr. 4 Mar. 12 to Apr. 4
687,032 +30.7 1,086,421 1,407,848 ReadingFt. Wayne & Chic.,spec. gu.(qu.)
898,318
Company, common (quar.)-2
May 11 Holders of rec. Apr. 245
469,569 +25.3
588,597
538,865
460,367 Reading Company,second pref.
Apr. 13 Holders of roe. Mar.28a
(quar.)- 1
788,008 +3.3
814,758
783,996
929,439 United N.J. RR.& Canal Cos.(quar.)...
$2.50
Apr.
10 Mar. 21 to Mar.31
426,346 -17.6
351,070
538,850
567,744 Warren
334 Apr. 15 Holders of rec. Apr. 6a
261,590 -18.3
213,959
415,316
452,695
Street & Electric Railways.
368,638
212,655 +73.4
383,209
Boston Suburban Elec. Cos., pref. (quar.)_ _ $1
Apr. 15
403,511 -5.7
380,362
of rec. Apr. 31
Cin. Newp. & Coy. L. & Tr., corn. (qu.) 134 Apr. 15 Holders
Apr. 1 to Apr. 16
Preferred (guar.)
Apr. 15 Apr. 1 to Apr. 16
172,637,129 123,435,009 +39.8 139,707,809 128,725,421
Total Canada
134
Cities Service, common (monthly)
34 Aug. 1 Holders of reo. July 15a
Common
3r July 1 Holders
rec. June 15a
Auction Sales.-Among other securities, the following, Citizens
Trae.,(Oil City, Pa.) pref.(guar.)_ 75e. Apr, 1 Holders of
of rec. Mar.27
Columbia Ry., Gas & Elec., pref. (quar.)_ _
in at the Stock Exchange, were recently sold Duquesne
not usually
134 Apr. 1 Mar.28 to Apr. 2
Light,
pref.
(guar.)
(No.
5)..._
134 May 1 Holders of rec. Apr. 1
m New York,•Boston and Philadelphia:
at auction in
Greene & Coates Sta. Pass.,Phila.(guar.) $1.50
Apr. 7 Mar. 24 to Apr. 7
Manchester Trail., Light & Power (guar.) 2
By Messrs. Adrian H. Muller & Sons, New York:
Apr. 15 Holders of rec. Apr. la
Ottawa
Traction,
Ltd.,
pref.
(guar.)
1
Apr. 1 Holders of rec. Mar.314
Per cent. Shares. Stocks,
Shares. Stocks.
Per cent. Ottumwa Ry. & Light, pref. (quar.)
14 Apr. 15 Holders of rec. Mar.31
58 Amer. Mason Safety Tread
701 Chicago City & Connecting
Philadelphia Company,6% pref. (No. 7) 3
May 1 Holders
Co., $25 each
$127 lot
Rys. coll, tr. trustees' ctfs. of
rec. Apr. la
Phila.& Western Ry., pref. (qu.)(No. 1) 15( Apr. 15 Holders of
489 Central Iron & Steel Co
204
common participation
3
Puget Sound Tr.,L.&Pow..pf.(qu.)(No.15) 75c. Apr. 15 Holders of rec. Mar.31a
40 Pinelawn Cemetery ctf. of
37 U.S. Finishing Co. common_ 20
of rec. Mar.28a
Republic
Ry.
dr
Light,
pref.
(qu.)
(No.19)
134 Apr. 15 Holders of rec. Mar.31
dep
$1 per sh.
10 Sterling Securities Co
354 Springfield & Xenia Ry., pref. (quar.)___ _
100 Washington Water Pow. Co_ 754
154 Mar. 31 Holders of rec. Mar.25a
50 Midvale Steel Co.(old stock) 405
United
57 Pacific Fire Ins. Co.,$25 each150
170 J.Spencer Turner Co., Pref.- 35% VirginiaRys. & Elec., Bait., corn. (guar.) 600. Apr. 15 Holders of rec. Mar.290
Ry.
&
Power, common
246 Keystone Knitted Fabric Co.,
134 Apr. 20 Holders of rec. Apr. 3a
Bonds.
Per cent. West Penn Railways, preferred (guar.)._
May 1 Apr. 23 to May 1
Inc.; also an right, title & int.
$10,000 Acker, Merrell & Condit
West Penn Traction, preferred (quar.)_ _
154 Apr. 15 Apr. 2 to Apr. 16
in 4 shares same not in posCis 1923
66-68
Prof.
(on account of accumulated dive.)
session of certf
Apr. 15 Apr. 2 to Apr. 16
$1,010 lot $123 Detroit Tol. & I. Ry. Co.
Youngstown & Ohio River RR., pref.(quar.) 134 Mar. 31 Holders of recs.
1,168 Chicago City dr Connecting
cons. 44% bond scrip
Mar.25a
$7
Banks.
Rys. coll. tr. trustees Mts. of
9 Det. Tol. & I. Ry. Co. 2d1 lot. Fifth
National (quar.)(No. 163)
prefd. participation
3
April 1
174
pfd. ctf. of Dep. and $84 do scrip
First National, Brooklyn (guar.)
Apr.
1
234
Holders of rec. Mar.245
Metropolis, Bank of the (guar.)
By Messrs. R. L. Day & Co., Boston:
4
Apr. 1 Mar.28 to Mar.31
$ per sh. Shares. Stocks.
Shares. Stocks.
Exchange, New York (No. 62)
4
Apr. 15 Holders of rec. Apr. 10
$ per sh. Produce
Public (guar.)
3,
9 Merchants Nat. Bank_ _ _290-290‘
1 Nashua & Lowell RR
134 Apr. 1
178
Mar. 31
Miscellaneous.
11 Nat. Shawmut Bank, ex-div_ _197
53 Hood Rubber, prof
117
Ahmeek Mining (guar.)
266 Cambridge Gas Lt. Co. rights,
13 Nashua Mfg. Co., $500 each,
$3 Apr. 10 Holders of rec. Mar.15a
Alabama
Fuel
782-801
&
Iron
(quar.)
1
Apr. 1 Mar.22 to Mar.31
2j-2 13-16
Alliance Realty (quar.)
19 Bigelow-Hart. Carpet, pref_1114 18 American Glue, pref
154 Apr. 15 Holders of rec. Apr. 10
151
1294
3 Mass. Cotton Mills
5 Mystic Wharf & Stor., pref.__ _ 50c. Allis-Chalmers Mfg., pref. (guar.)
134 Apr. 15 Apr. 1 to Apr. 15
Allouez
Mining
44 Pepperell Mfg
138g
2 Plymouth Rubber, pref., ex-dIv110
$1.50 Apr. 5 Holders of rec. Mar. 15a
Amer. Agrio. Chem., corn.(qu.)(No. 18) 1
1 Bates Mfg
256(
5 Montpelier & B.Lt.& Pow., pf. 89
Apr. 15 Holders of rec. Mar.20a
Preferred (quar.) (No. 43)
1 Great Falls Mfg
193
4 Montpelier & B. Lt.& P.,com_ 84
134 Apr. 15 Holders of
Mar.20a
American
Beet
1 Hamilton Woolen
Sugar, common (quar.)---- 134h Apr. 29 Holders of rec.
83
51 Fisk Rubber, 1st pref_ 11534-115%
rec. Apr. 15
American Chide, pref. (quar.)
15 Farr Alpaca, ex-dlv
143
67 Sullivan Machinery_ _1324-133
134 Apr. 1 Holders of rec. Mar.24
Amer.
Gas
&
10 King Philip Mills, ex-city _ _ _ 136J(_
Elec.,
pref.
(guar.)
(No.
5 Plymouth Cordage
37).
134 May 1 Holders
195%
Amer.La France Fire Eng.Inc., pf. (guar.) 1M Apr. 1 Holders of rec. Apr. 18
1 Border City Mfg
115%
1 Plymouth Rubber,corn
110
Amer. Laundry Machinery, pref. (guar.) 134 Apr. 15 Holders of roe. Mar.245
1 Richard Borden Mfg., ex-dly_ _1624
2 Draper Co., corn., ex-div
2644 American
of rec. Apr. Sc
1 AlgOlaglIIII Printing
Locomotive,
pref.
(guar.)
201
20 Chemical Vapor Co., 2d pref._10
134 Apr. 21 Apr. 6 to Apr. 21
American Malt Corporation, pref. (quar.)
1 Flint Mills, ex-dlv
117x
500 May 12 Holders of rec. Apr. 13
Amer. Public Service, pref. (guar.)
1 Dartmouth Mfg., common_ _ _ _190
Bonds.
1M Apr. 1 Holders of rec. Mar.27
Per cent. American
Shipbuilding, pref. (quar.)_ _ _
1 City Mfg
116
15( Apr. 15 Holders of rec. Mar431a
$1,000 Cambridge, City, 4s, 1924_1004
16 Lawrence Duck
05
1,000 Malden, City, 4s, 1922_ _ _10034 Amer. Sugar Refg., corn. (qu.) (No. 98) 134 Apr. 3 Holders of reo. Mar. 1
Preferred (quar.) (No. 97)
10 Ludlow Mfg. Associated
131
1,000 Salem, City, 334s, 1921.... 973
134 Apr. 3 Holders of rec. Mar. la
American
Telep.
Teleg.
Lockwood
&
13
(quar.)
Co., Waterville, Me.1004 1,000 Springfield, City, 45, 1935_101%
2
Apr. 15 Holders of reo. Mar.31a
2 Holmes Mfg., prof
1,000 Newton, City, 4s, 1935_ _ __1014 American Type Founders, corn.(quar.)_
119
1
Apr. 15 Holders of rec. Apr. 10a
Preferred (quar.)
15 tlosnold Mills, prof
1,000 Newton, City, 48, 1927_ _ _ 100%
95
134 Apr. 15 Holders of rec. Apr. 10a
Amer.
IVindow
Glass Co., preferred
33 Androscoggin Mills
1,000 Newton, City, 4s, 1937_-.101%
180
16
Apr. 14 Holders of rec.lApr. 7
American Woolen. corn.(quar.)(No. 1).. 134 April 15 Mar.
18 Lancaster Mills
4,000 Copley Sq. Trust 1st 43s,
85
16 to Mar.29
Preferred (quar.)
2 Dwight Mfg., $500 each
1941
110734
134 Apr1115 Mar. 16 to Mar.29
98
Anaconda Copper Mining (guar.)
20 Hamilton Mfg
73
10,000 Seaboard Fisheries Co. 6s,
$1.50 May 29 Holders of rec. Apr. 22
Associated
10 Arlington Mills, ex-div
Gas
Elec.,
112
&
pref.
1925
(guar.)
134
Apr.
15 Holders of rec. Mar.31
60
Associated 011 (guar.)
5 Pacific Mills
1414 5,000 Int. & Gt. Nor. Ry, 5%
1
Apr. 15 Holders of rec. Mar.240
AtI.Gulf & W.I. SS. Lines, pref.(No. 1)_
5 Mass. Mills in Georgia
100%
note ctf. dep
1
Apr. 10 Holders of rec. Mar.31a
60 flat Atlantic
Steel
134 Apr. 10 Holders of rec. Apr. 1
By Messrs. Francis Honshaw & Co., Boston:
Barrett Company, preferred (guar.)
154 Apr. 15 Apr. 11 to Apr. 14
Shares. Stocks.
$ per sh. Shares. Stocks.
$ per sh. Bell Telephone of Canada (guar.)
2
Apr. 15 Holders of roe. Mar.31a
10 U. S. Worsted 1st pref
55
16 Cambridge Gas Lt. Co. rights_24-3 Bell Telephone of Pennsylvania (quar.)_
154 Apr. 15 Apr. 6 to Apr. 16
1 Nashua Mfg., $500 par
10 Quigley Furn. & Fdy., pref.__ 60
795
Bonbright(Wm.P.)& Co., Inc., 1st pf.(qu.). 134 Apr. 10 Holders
of reo. Mar.Si
1 Merrimack Mfg., pref
904
8 Plymouth Rubber, pref. ex-div.110
British Columbia Fishing & Packing_ _
2
May 21 Apr. 21 to May 20
5 Whitman Mills Corporation_ _.160
Bonds.
Per cent. Canada Steamship Lines, Ltd., pref
May
134
1
Holders
of
reo. Apr. 1
15 Pacific Mills
1414 $2,000 Amer. Can 15-yr. e.f.5s,1928 903.
Canadian Cottons, Ltd., pref. (quar.)_
154 Apr. 4 Mar. 28
to
Apr. 3
3 Cent. Miss. Valley Elec. Prop..
$1,000 Butte El.& P. let 5s, 1923._ 99% Can. Westinghouse, Ltd. (qu.) (No. 45)
134 Apr. 10 Holders of rec. Mar.31a
COM
12
$1,000 Northw. Gas L. & Coke 5s,
CelluloidCompany (extra)
10
Apr. 15 Holders of reo. Apr. 10a
20 Fall River Gas Works
265
1917
1004 Central Coal & Coke, preferred (guar.)._
Apr.
15
134
Apr. 1 to Apr. 15
27 Waltham Watch, pref._ _ _854-86g mow U.S. Smelt., R.& M.cony.
Central Leather, common
1
May 1 Holders of roe. Apr. 10a
1 Boston Real Est. Trust, $1,000
Os, 1926
1074 Central & South Amer. Teleg. (quar.)
134 Apr. 8 Holders of reo. Mar.31a
par
1,000 $3,000 Eastern States Real Estate
Chicago Pneumatic Tool(guar.)
1
Apr. 25 Holders of rec. Apr. 15
5 Merrimac Chemical, $50 each_14234
Cleveland & Sandusky Brew., pref.(qu.) 1
Trust 1st 5s, 1939
105
Apr. 15 Holders of rec. Mar.31a
Colorado Power, common (No. 1)
By Messrs. Barnes & Lofland, Philadelphia:
1
April 15 April 1 to April 15
ComputingTabulating-R
ecord.
(qu.)_..
lp April 10 Holders of reo. Mar.250
Shares. Stocks.
$ per sh. Shares. Stocks.
$
per
sh.
Corn Products Refining, pref. (guar.)._
48 Bergner & Engel Brow., corn.. 6
134 Apr. 15 Holders of reo. Apr. Sc
5 Tioga Trust Co., $50 each... 57
Cosden dr Co.,common (guar.)
10c, Apr. 10 Mar. 26 to Apr. 7
100 Schuylkill Ry. Co.,$50 each,
364 Camden Fire Ins, subscripCommon (extra)
25c. Apr. 10 Mar. 26 to Apr. 7
$68 lot
tion rights
20c.-55c. Cote Piano Mfg., prof. (guar.)
1% Apr. '1 Holders of rec. Mar.25
586 Bromo-Lithia Co.,. pref._ _$50 lot
Peoples Nat. Fire Ins., $25
29
Delaware Lackawanna & West. Coal (qu.).. 234 Apr. 15 Holders of
27 Standard Bitullthle Co., pref. 71
rec. Apr. la
each
17% Detroit Edison (guar.)
2
28 Standard Bltullthic Co., corn. 61
Apr. 15 Holders of rec. Mar.31a
Langhorne Elec. Lt. & Pow.,
10
Distilling Co. of America. pref. (quar.)_ _
34 Apr. 29 Holders of rec. Apr. 30
25 Enterprise Mfg. Co. v. t. c__ 64
$10 each
153
Dominion Textile, Ltd., pref. (quar.)_ _ _
1%
20 German Theatre Realty, $10
Apr.
15
Holders of rec. Mar.Si
6 Phila. Life Ins.,$10 each_ _ _ _ 11
duPont(E.I.)deNem.Co.deb.stk.(quar.) 134 April 25 Holders of
each
34-4
rec. April 10
9 Phil. German. & Norris., $50
duPont(E.I.)de Nemours Pow.,com.(qu) 134 May 1
60 Imperial Realty Co., $50
each
1424
Preferred
(guar.)
May
each
1 Apr. 22 to May 1
134
$21 lot
12 Mill Creek & M.H.Nay. RR.,
Eastman
Kodak,
common (extra)
5
May 1 Holders of rec. Apr. 10
4 Marconi W. Teleg. Co. of
525 each
52
Edison Elec. Ill., Boston (qv )(No. 103)... 3
May 1 Holders of rec. Mar. 31
Am., $5 each
$13 lot
2 13th & 15th Sts. Pass. Ry_ _ _236
ElectricalSecurities Corp , pref. (guar.)_
14 May 1 Holders at rec. Apr. 266
30 Bijou Theatre Co.,$10 each_S3 lot
1 Union Pass. Ry
190
Eureka Pipe Line (guar.)
6
May 1 Holders of rec. Apr. 15
25 The Girard Co., $10 each.. _$5 lot
5 2d & 3d Sts. Pass RY
240
General Electric (guar.)
2
Apr. 15 Holders of rec. Mar.15a
150 Auto S. S. Lamp Co., $10
10 Frank. & So'wark Pass. Ry.,
Globe-IVernicke, pref. (quar.)
134 Apr. 15 Holders of rec. Mar.31
each
$3 lot
3444-345
Goodrich (B. F.) Co., common (guar.)._
1
Niay 15 folders of
500 Portia Mining, $1 each
$1 lot
1 J. B.Stetson Co., corn
374
Granby Cons.Mln.,Sm.& Pow.,Ltd.(qu.) 14 May 1 Holders of rec. May 45
25 Aquacato Mines, $5 each _ _ _ $1 lot
2 American Dredging
rec. Apr. 140
100
Illinois Brick (guar.)
14 Apr. 15 Holders of rec. Apr. 4
1,000 Oregon King Gold Mg., $1
5 Keystone Watch Case
68
Illinois Northern Utilities, pref. (quar.)- -- 1% May 1 Holders of rec.
each
Apr. 20
2 H. K. Mulford, $50 each_
$1 lot
96
Indiana
Pipe
Line
(guar.)
$2 May 15 Holders of rec. Apr. 24
100 San Jacinto 011
$1 lot 300 Pratt Food Co.,$1 each
234 Indianap. Water Works Securities. pref.._
334 Apr. 1 Holders of rec. Mar.28a
100 Highlander Mill & Mg., $5
3 West End Trust Co.
165g Inspiration Consol. Copper (qua:
$1
May
25
1
each
Apr.
8 to Apr. 24
20 Robert Morris Trust Co_ _
$1 lot
65
Int. Harvester of N.J..com.(qu.)(No.25) 14 Apr. 15 Holders of rec. Mar.
5 Independence F. I. Security.
Bonds.
25a
Per cent. International Paper. pref. (quar.)
34 Apr. 15 Apr. 6
$25 each
to
Apr.26
$5,000 Phila., City, 3s, 1930
20
9034
Island
Coal,
Creek
common
(guar.)
50c.
May
10 Girard Life Ins., $10 each... 80
1 Holders of rec. Apr. 22
2,000 Wash. Alex. & Mt. V. Ry.
Kayser
(Julius)
& Co. 1st & 2d pf. (qu.) 1% May 1 Holders of rec. Apr. 210
193.3 Creston Hotel Realty, $10
1st 58, 1955
784 Kellogg Switchboard & Supply (guar.)._ 2
Apr. 29 Holders of rec. Apr. 27
each
$3 lot
200 Real Est. T. I. & T. Co. 45,
Kelsey Co., Inc., common(quer.)
14 Apr. 1 Holders of rec. Mar.25
10 Northern Nat. Bank
200
1918
973(
Preferred (quar.)
1% Apr. 1 Holders of rec. Mar.25
6 Fire Assoc. of Phil.,$50 each,
1,000 Springfield Wat. Co.5s,'26- 88
La Rose Consolidated Mines (quar.)_ _ _ _
1
Apr. 20 Apr. 1 to Apr. 18
345-3454 2,000 No.Spring. Wat. Co. be,'28 85
Laurentlde Co., Ltd. (guar.)
2
Apr. 3 Holders of rec. Mar.22
12 Bank of North America
26134
500 Amer. Pipe Mfg. coll. tr. 5s,
Lehign Valley Coal Sales (guar.)
$1.25
40 Franklin Nat. Bank
Apr.
15 Holders of roe. Apr. 6
475
1929
90
MacAndrews & Forbes, corn. (quar.)---- 234 Apr. 15 Holders of
4 Phila. Nat. Bank
477
rec. Mar.31a
18,000 Giant Elec. Lt., H.& P. 1st
Preferred (guar.)
134 Apr. 15 Holders of ree. Mar.31a
15 Mutual Trust Co., $50 each 30
5s, 1933, 1915 coupons on__ 4
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
St. John
London
Calgary
Victoria
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Brantford
Moose Jaw
Fort William
New Westminster
Medicine Hat
Peterborough
THE CHRONICLE
1226
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Apr. 15 Holders of rec. Mar. 31
Manufacturers L. & Heat, Pittsb. (quar.)_ _ 2
Massachusetts Gas Cos., corn. (quar.)_ _ _ $1.25 May 1 Holders of rec. Apr. 15
Massachusetts Ltg. Cos.,old corn.(quar.) $1.75 Apr. 15 Holders of rec. Mar.25
25c. Apr. 15 Holders of rec. Mar. 25
New common (quar.)
$1.50 Apr. 15 Holders of rec. Mar.25
New preferred (quar.)
234 Apr. 15 Holders of rec. Mar.31a
Mexican Telegraph (quar.)
Apr. 15 Holders of reo. Mar.31a
2
Montreal Telegraph (guar.)
Mountain Stales Telep. & Teleg. (quar.)
134 Apr. 15 Holders of rec. Mar.31
National Biscuit, corn. (guar.) (No. 71) 134 Apr. 15 Holders of reo. Mar.28a
April 15 Holders of reo. April 5a
2
National Carbon, common (quar.)
134 Apr. 3 Holders of reo. Mar. 6
National Sugar Refining (quar.)
134 Apr. 15 Holders of rec. Apr. 1
New England Power, preferred (quar.).. _ _ _
10
Apr. 10 Holders of rec. Apr. 1
New Jersey Zinc (extra)
Apr. 15 Holders of reo. Mar. 25
4
New York Transit (quar.)
Apr. 15 Holders of rec. Apr. 8
2
Niagara Falls Power (guar.)
Apr. 15 Holders of reo. Mar.24
2
NIpe Bay Co., common
250. Apr. 30 Apr. 1 to Apr. 17
NipissIng Mines (quar.)
1.34 Apr. 15 Holders of rec. Mar. 31
Northern States Power, pref. (guar.)
Apr. 15 Mar.22 to Mar.31
Nova Scotia Steel & Coal, Ltd., pf. (qu.) 2
2
Apr. 15 Apr. 1 to Apr. 14
Ohio Fuel Supply (quar.)
500. Apr. 24 Holders of rec. Apr. 14
Ohio Fuel Oil (quar.)
2
Apr. 10 Apr. 1 to Apr. 10
Osage & Oklahoma Co. (quar.)
$4 Apr. 29 Holders of reo. Mar. 31a
Osceola Consolidated Mining (quar.)_ _ _ _
Otis Elevator, common (quar.)
134 Apr. 15 Holders of rec. Mar. 31
134 Apr. 15 Holders of rec. Mar. 31
Preferred (quar.)
134 Apr. 15 Apr. 1 to Apr. 15
Pacific Telep. & Teleg., pref. (guar.)
1
Apr. 3 Holders of rec. Mar. 27
Penn Central Light & Power, pref. (quar.)_
1
May 15 Holders of reo. May 5a
Penmans, Limited,common (guar.)
Preferred (quay.)
134 May 1 Holders of reo. Apr. 20a
Apr. 15 Holders of rec. Mar. 31
2
Pennsylvania Salt Mfg. (quar.)
g Apr. 25 Holders of rec. Apr. 15a
Pittsburgh Coal, preferred (quar.)
Apr. 1 Holders of rec. Mar. 28
2
Pittsburgh Steel, common
PiUsb.Term.Warehouse & Transfer (Willy.) 250. Apr. 15 Holders of rec. Apr. 8
Apr. 29 Holders of reo. Mar. 31
3
Prairie 011 & Gas (guar.)
Apr. 29 Holders of rec. Mar. 31
2
Extra
5
Apr. 29 Holders of rec. Mar. 31
Prairie Pipe Line (quar.)
Apr. 29 Holders of rec. Mar. 31
5
Extra
Public Service of Nor.Ills., com. & pf.(qu.) 134 May 1 Holders of rec. Apr 12a
234 April 15 Holders of ree April la
Quaker Oats, common (quar.)
134 May 31 Holders of rec. May la
Preferred (quar.)
Renfrew Mfg.. Pref. (guar.)
134 Mar. 29 Holders of rec. Mar. 24
13.4 Apr. 1 Holders of rec. Mar. 27
Roanoke Gas Light. pref. (guar.)
34 Apr. 10 Apr. 1 to Apr. 9
St. L. Rocky Mt.& Pao.Co.,com.(No.8)
Shattuck-Arizona Cop. Co.(qu.)(No.15). 50c Apr. 20 Holders of rec. Mar. 31a
750 Apr. 20 Holders of reo. Mar.31a
Extra (No. 3)
134 Apr. 10 Holders of rec. Mar.31
Shawinigan Water dc Power (quar.)
May 1 Holders of reo. Apr. 15a
Sierra Pacific Elea. Co., pf.(qu.)(No.27) 1
Mar. 31 Holders of rec. Mar. 15
2
Singer Manufacturing (guar.)
Southern Calif. Edison, pf.(qu.)(No.27) 134 Apr. 15 Holders of rec. Mar. 31a
234 Apr. 15 Apr. 6 to Apr. 16
Standard Milling, preferred
May 15 Apr. 21
31
to May 1
Standard Motor Construction
Standard 011 (California) stock dividend_ 50e Apr. 15 Holders of rec. Mar. 4
Steel Co.of Canada,Ltd.,pref.(qu.)(No.19).. 134 May 1 Holders of rec. Apr. 15
Preferred (on aca. of deferred dividends) 334 May 1 Holders of rec. Apr 15
$1.50 Apr. 15 Holders of rec. Mar. 31
Submarine Boat Corporation (quar.)
Apr. 12 Holders of reo. Apr. 3
2
Temple Coal, preferred
750. Apr. 15 Apr. 4 to Apr. 27
Tennessee Copper (quar.)
Texas Power & Light, pref. (quar.)-See no le "k"
15c. Apr. 20 Apr. 1 to Apr. 7
Tonopah Mining of Nevada
234 Apr. 15 Holders of rec. Mar. 15
Union Natural Gas Corporation (quar.)_
Union Switch & Signal, corn. & pref.(qu.) $1.50 Apr. 15 Holders of reo. Mar. 31
2
Apr. 15 Holders of rec. Mar. 24a
United Fruit (quar.) (No. 67)
$1 Apr. 15 Holders of rec. Mar.310
United Gas Improvement (guar.)
United Shoe Machinery, common (quar.) 50o. Apr. 5 Holders of rec. Mar. 14
37340. Apr. 5 Holders of reo. Mar. 14
Preferred (quar.)
U. S. Industrial Alcohol, pf. (qu.)(No.38) 134 Apr. 15 Holders of rec. Apr. 7a
50o Apr. 10 Holders of rec. Mar. 29
Utah Consolidated Mining
250 Apr. 10 Holders of reo. Mar. 29
Extra
May 15 Holders of rec. May 1
3
Vacuum Oil
2
May 15 Holders of rec. May 1
Extra
Apr. 15 Holders of rec. Mar. 31a
Virginia-Caro. Chem., pf. (qu.)(No. 82) 2
13-10 Apr, 15 Holders of rec. Mar. 31
Western Power Co., preferred
Apr. 15 Holders of rec. Mar. 31
Western Power Corp., pref.(qu.)(No. 1) 1
134 Apr. 15 Holders of rec. Mar. 31
Western Stales Gas & Elec., pref. (quar.)_ _
Western Union Teleg. (quar.) (No. 188)- 13( Apr. 15 Mar. 21 to Apr. 12
$2
Apr. 21 Holders of rec. Mar. 31
Westinghouse Air Brake (quar.)
(VOL. 102.
Per
When
Cent. Payable.
Name of Company.
BookirClosed.
Days Inclusive.
Miscellaneous (Concluded).
Westinghouse Elec. & Mfg., corn. (quar.) 750. Apr. 29 Holders of rec. Mar. 31a
873•40. Apr. 15 Holders of rec. Mar. 31a
Preferred (quar.)
White Motor (No. 1)
1 134 Apr. 8 Holders of reo. Mar.25
h Declared 6%, payable in quarterly installments as follows: 134% Apr. 29 to
holders of record Apr. 15: 134% July 31 to holders of record July 15; 134% Oct. 31
to holders of record Oct. 14; 134% Jan. 31 1917 to holders of record Jan. 13 1917.
r Erroneously reported in previous Issues as payable March 25. k Dividend of lg%
on preferred stock of Texas Power & Light reported last week was an error. Next
dividend is not due until May 1. h Declared 6% payable in quarterly installments
as follows: 134% Apr. 29 to holders of record Apr. 15: 134% July 31 to holders of
record July 15: 134% Oct. 31 to holders of record Oct. 14; 134% Jan. 31 1917 to
% on preferred stock of Texas
holders of record Jan. 13 1917. k Dividend of
Power & Light reported last week was an error. Next dividend is not due until
May 1.
Imports and Exports for the Week.-The following are
the reported imports of merchandise at New York for the
week ending Mar.25 and since the first week of January:
FOREIGN IMPORTS AT NEW YORK.
For week ending Mar.25. I
1914. •
1915.
1916.
1913.
26,429,475 $22,917,103 219,593,976 $19,331,692
256.344,724 195,378,893 227,896,251 228,160,521
For the week
Previously reported
$282,774,199 $218,295,9961$247,490,227 2247,492,213
Total 12 weeks
EXPORTS FROM NEW
1916.
Week ending Mar. 25.
Ironic
1915.
I
I
1914.
For the week
Previously reported
31,018,318: $29,142,020, $20,571,289 321,648,051
538,064,0531 297,348,7041 228,574,816 214,927,032
Total 12 weeks
$569,082,3111$326,490,7244249,146,105 $236,575,083
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Week ending March 25.
Exports.
Since
Jan. 1.
Gold.
Week.
$5,774,998
Great Britain
.France
Germany
West Indies
Mexico
South America
All other countries
2342,800
50,000
6,555,991
100,000
6,341,576
2,064,592
$392,800 $20,837,157
167,700 2,493,700
60,000 18,335,854
•Total 1916
Total 1915
Total 1914
Silver.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
2794,571 $9,733,775
34,000
Week.
358,805
4,880
Since
Jan. 1.
$577,273 28,195,654
808
2,663
339,683
19,344
7,631,166
570,182
2,454,079
311,095
$938,963 $19,162,984
184,562 6,255,809
111,114 3,008,936
$40
534,293
$828,571 $10,631,753
224,811 9,347,185
1,047,507 9,769,732
Total 1916
Total 1915
Total 1914
Imports.
318,615
6,600
$8,003
2,376
19,206
2,428,689
1,504,964
270,013
2325,255 $4,233,251
415,601 1,401,203
322,959 2,793,657
Of the above exports for the week In 1916, $66,800 were American gold coin.
The Federal Reserve Banks.-Following is the weekly statement issued by the Federal Reserve Board on MARCH 25:
millions in their total cash reserves. The
The statement indicates gains of about 7.7 millions in the banks' combined gold reserves and 8.6 purchases
of United States bonds, show an
additional
earning assets of the banks, as the result of considerable investments in bankers' acceptances andgain
cash was accompanied by an almost equal
In
the
total
as
change,
little
.
but
increase for the week of 3.4 million dollars. The reserve situation shows
gain in deposits and a reduction by 3.6 millions in the amount of the "float.'
and member banks, and of substantial
New York reports a gain of almost 10 millions of gold on account of larger deposits carried by the Government
of 2.8 millions and over 1 million dollars to
transfers to its credit on the books of the Gold Settlement Fund. Chicago and Richmond report additions
as the result of heavy transfers on the
their gold reserves, as the result of larger credits in the Gold Settlement Fund and increased deposits. Boston,
of 2.8 million dollars of
books of the Gold Settlement Fund and the building up of credits with other Federal Reserve banks, reports a net withdrawal
gold.
banks more active in the discount
The amount of commercial paper in the hands of the banks shows a further decrease of about 0.3 million, all the
for the week of 3.1
field, except Kansas City, reporting smaller figures than at the end of the preceding week. Bankers' acceptances show an increase
millions, Philadelphia and Boston reporting the largest gains under this head.
Government bonds
of
amount
The
dollars.
million
0.9
about
by
bonds
States
United
of
holdings
aggregate
their
increased
banks
5
week
During the
show a decrease of about
purchased by the banks since Jan. 1 of the present year is in excess of 24 million dollars. Municipal warrants held by the banks
of this class of securities.
0.4 million, Philadelphia alone reporting increased holdings
29.4 per cent; warrants, 24.5 per
Of the total earning assets of 133.4 millions, United States bonds constitute at present 30.1 per cent; acceptances,
from 237 per cent shown the week before
cent; and discounts, 16 per cent. The ratio of total earning assets to paid-in capital has risen to 243 per cent
reporting a gain of about 1.2 millions under
bank
York
New
the
millions.
2.7
about
increased
deposits
Government
previous.
months
3
cent
and 152 per
deposits show an increase for the week of
this head. As the result of considerable gains reported by the New York and Boston banks,member banks'
5.6 millions.
United States of Government bonds now
the
of
Treasurer
the
with
deposit
the
by
secured
notes
bank
Reserve
Federal
circulating
of
The amount
outstanding by the Federal Reserve agents. Of this total
exceeds 1 million dollars. Federal Reserve notes totaling 190.9 million dollars are reportedAgainst
the total issued to the banks the agents hold 178.7
the banks held 27.1 millions, the remainder, 163.8 millions, being in actual circulation.
dollars.
millions of gold and 12.4 millions of paper. The banks' aggregate net liabilities on circulating reserve notes is at present less than 10 million
The figures of the consolidated statement for the system as a whole are given in the following table, and in addition
we present the results for each of the eight preceding weeks, thus furnishing a useful comparison. In the second table we
show the resources and liabilities separately for each of the twelve Federal Reserve banks. The statement of Federal Reserve
Agents' Accounts (the third table following) gives details regarding the transactions in Federal Reserve 'notes between the
Comptroller and the Reserve Agents and between the latter and the Federal Reserve banks.
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS MARCH 24 1916.
Mar.24 1916I Mar.171916.1Mar.10 1916. Mar,3 1916'1i Feb. 25 1916. Feb. 18 1916. Feb.111910. Feb. 4 1916. Jan.28 1916.
RESOURCES.
Gold coin and certificates in vault
Gold settlement fund
Gold redemption fund with U. S. Treasurer
Total gold reserve
Legal tender notes, silver, dte
Total reserve
Bills discounted and boughtMaturities within 10 days
Maturitiefi from 11 to 30 days
Maturities from 31 to 60 days
Maturities from 61 to 90 days
Maturities over 90 days
Total
*Acceptances (included in above)
Investments: U. S. bonds
Municipal warrants
Total earning assets
1
1
2255,469,000 $263,865,000
3260,866,0003253,880,000 $257,875,000 $261,822,000 $262,491,000 $255,369,000 3255,284,000
84,850,000
79,680,000 78,970,000 79,170,000 74,890,0001 76,435,000 81,648,000 83,038,000 85,368,000
1,146,000
1,167,000
1.120,000
1,300,000
1,512,000
1,538,000,
1,494,000
1,623,000,
1,578,000
$342,004,000 $349,861,000
$342,124,000 2334,473,000 $338,539,000 $338,250,000 $340,438,000 $338,317,000 $340,342,000
12,223,0001 11,304,000, 20,036,000 12,994,000, 17,678,000 18,274,000 15,248,000 14,637,000 15,496,000
$354,347,009 $345,777,000 1358,575,000 $351,244,000 $358,116,000 3356,591,000 1355,590,000 $356,641,000 $365,357,000
27,855,009
10,926,000
21,106,000
18,635,000
2,028,000
1
$6,773,000, $7,332,000
12,128,000; 12,636 000
20,511,000 18,113,000
16,272,000 13,964,000
2,433,000
2,016,0001
$6,786,000
13,365,000
18,115,000
11,911,000
2,321,000
$7,477,000
11,750,000
16,758,000
13,630,000
2,266,000
$5,987,000
13,115,000
18,224,000
13,060,000
2,428,000
$5,928,000
12,543,000
18,944,000
12,017,000
2,696,000
$6,002,000
11,353,000
20,740,000
10,391,000
2.837,000
$7,744,000
11,259,000
18,518,000
12,185,000
3,509,000
$53,215,000
$60,550,000 $57,700,000 $54,478,000 $52,498,000 $51,881,000 $52,814,000 $52.728,000 $51,323,000
$39,244,000 $36,092,0001, $32,949,000 $30,783,000 $29,054,000 $29,136,000 $28,074,000 226,279,000 $26,314,000
$24,341,000 $21,372,000
$40,152,000 339,213,0001 $34,141,000 $33,063,000 $29,632,000 $26,422,000 $25,304,000
32,669,000 33,034,000 32,755,000 30,539,000 25,403,000 24,964,000 25,577.000 20,856,000 20,602,000
2122 :171 non 5120047000 5121574000 211R_100 nee 2106.916.000 2104.200.000 3103.609.000 196.520.000 195.189.000
Arn. 11916.]
THE CHRONICLE
1227
Mar.24 1916 21far.171916. Mar.10 1916. Mar. 3 1916. Feb. 25 1916. Feb. 18 1916. Feb. 11 1918. Feb. 4 1916. Jan.231918.
RESOURCES (Concluded).
Brought forward (total reserve & earn'g assets) $487,718,000 $475,724,000 $479,949,000 $467,344,000 $465,032,000 $460,791,000 $459,199,000 $453,161,000 $460,546,000
$24,849,000 $24,608,000 $24,838,000 $25,567,000 $23,793,000 $28,576,000 $28,344,000 $33,710,000
$36,469,000
12,628,000 16,248,000 12,647,000 20,576,000 13,274,000 12,255,000 12,9134,000
15,223,000 10,761,000
4,803,000
5,028,000
5,213,000
5,969,000 11,401,000
7,929.000 12,889,000 11,903,000
9,994,000
3529,098,000 $521,608,000 $522,647,000 $519,456,000 $513,500,000 $509,551,000 $513,396,000
$513,997,000 $517.770,000
Federal Reserve notes-Net
Due from Federal Reserve banks-Net
All other resources
Total resources
LIABILITIES.
Capital paid in
Government deposits
Reserve deposits Net
Federal Iteserve notes-Net
Federal Reeerve bank notes in circulation
All other liabilities
Total liabilities
$54,910,000 $54,937,000 $54,944,000 $54,919,000 $54,897,000 $54,888,000 $54,890,000
$54,907,000 $54,892,000
35,088,000 32,380,000 30,639,000 36,043,000 32,501,000 28,946,000 26,881,000
428,816,000 423,259,000 426,322,000 418,718,000 416,566,000' 416.490,000 t421,907,000 29,850,000 27,760,000
419,137,001) 424,664,000
9,977,000 10,203,000 10,178,000
9,635,000
9,386,000
9,089,000 t9,577,000
9,966,000 10,313,000
_
1,053,000
681,000
419,000
154,000
145,000
148,000
141,000
150,000
140,000
141,000
137,000
141,000
$529,998,000 $521,608,000 $522,647,000 $519,456,000 5513,500,000 $509,551,000 $513,396,000 $513,997,000 $517,770,000
Gold reserve nest net dep. & note liabilities (a)
Cash reserve nest net dep. & note liabilities (a)
Cash reserve against net deposit liabilities after
setting aside 40% gold reserve against aggregate net liabilities on F. R. notes In
circulation (a)
74.2%
76.8%
74.4%
76.9%
74.5%
78.9%
76.2%
79.1%
76.5%
80.4%
76.5%
80.1%
76.4%
79.8%
77.1%
80.4%
77.4%
80.8%
81.8%
77.6%
77.8%
79.8%
80.0%
81.3%
81.5%
80.7%
81.3%
(a) Less Items in transit between Federal Reserve banks, viz
$12,628,000 $16,248,000 $12,647,000 $20,576,000 $13,274,000 512.255,000 $12,964,000 $15,223,000 $10,761,000
Federal Reserve NotesIssued to the banks
$190,903,000 $191,165,000 $191,678,000 $191,303,000 $196,992,000 $206,978,000 $211,881,000 $217,177,000 $218,045,000
In hands of banks
27,069,000 26,298,000 26,864,000 27,501,000 25,624,000 30.760,000 30,459,000 36,409,000 39,721,000
In circulation
$163,834,000 $164,867,000 $164,814,000 $163,802,000 $171
,368,000i$176.218.000 $181,202,000 $181,368,000 4179,224,000
Gold and lawful money with Agent
$178,706,000 $179,272,000 $179,474,000 $179,734,000 $185,775,000 $195,705,000;$199,989,0
00 $205,112,000 $205,380,000
Carried to net assets
24,849,000 24,608,000 24,838,000 25,567,000 23,793,000 28,576.0001 28,344,000
33,710,000 38,469,000
Carried to net liabilities
9,977,000 10,203,000 10,178,000
9,635,000
9.386,000
0,089,000T
9,557,000
9,966,000 10,313,000
Federal Reserve Notes (Agents' Accounts)Received from the Comptroller
$277,580,000 $277,580,000;$277,220,000 $275,420,000 $275,420,000 $275,420,000
Returned to the Comptroller
32,008,000 30,602,000 29,899,000 29,540,000 20,976,000 11,851,000 $275,420,000 $275,120,000 $275,420,000
7,526,000
2,246,000
1,756,000
Amount chargeable to Agent
$245,572,000 $246,978,000 $247,321,000 $245,880,000 $254,444,000 $263,569,000$287
,894,000 $273,174,000 $273.664,000
In hands of Agent
54,669,000 55,813,000 55,643,000 54,577,000 57,452,000 56,591,000 56,233,000
55,397,000 54,719,000
Issued to Federal Reserve banks_ _
$190,903,000 $191,165,000$191,678,000 $191,303,000 $196,992,000 $206,978,000 $211,661,000
$217,777,000 $218.945.000
How Secured1
BY gold coin and certificates
$121,122,000 $120,473,0005120
,122,000 $120,293,000 $121,628,000 S123,258,000 $127,700,000 $132,900,000 $144,040,000
By lawful money
By commercial paper
12,197,000 11,893,00011 12,204,000 11,569,000 11,217,000 11,273,000 11,672,000 12,665,000 13,56.5.000
Credit balances in gold redemption fund__
10,214,000 10,739,000; 10,612,000
9,871,000
9,847,000 17,097,000 16,919,000 16,532,000
2,840,000
Credit balances with Federal Reserve 13'd 47,370,000 48,060,0001 48,740,000 49,570,000 54,300,000 55,350,000
55,370,000 55,680,000 58,500,000
1
Total
$190,903,000 $191,165,000 $191,678,000 $191,303,000 $198,992,000 $206,978,000 $211,681,000 $217,777,000 $218,945,000
Commercial paper delivered to F. R. Agent
$12,373,000 $13,023,000. $13,027,000 $13,039,000 $13,140,000 $14.005,000 $13,819,000 $14,897,000
$14,790,000
*Including bankers' and trade acceptances bought in the open market. tAmended figures.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS
1
Boston.
New York. Philadera. Cleveland. Richmond. Atlanta.
Chicago.
RESOURCES.
$
,
$
$
$
$
S
$
Gott( coin & ars. In vault 10,844,000162,239,001) 6,210,000 11,538,000 4,754,000' 5,708,00036,431,0
00
Gold settlement fund- 3,443,000 10,587,003 6,440,000 9,975,000 12,012,000' 5,177,000 6,519,000
5,000;
Gold redemption fund__
250,000
50,000.
37,000 338,000
338,030
200,000
Total gold reserve ____ 14,292,000!173,076,000 12,700,000 21,550,000,17,104,000 11,223,00043,150,000
Legal-ten .notes,slly .,dte
53,000, 3,382,0001 3,281,000, 1,158,006
128,000
283,000 1,735,000
Total reserve
14,345,000 176,458,000115,981,00022,708,00017,232,0001 11,506,030 44,885,000
Bills:
1
1
Discounted-Members
98,000
279,000; 323,0001, 6,262,000 3,953,000 1,598,000
307,030
Bought In open mkt-- 12,236,000 14,725,000 5,141,000; 1,025,0001
66,001) 573,000 2,165,000
MAR. 24 MC
St. Louis. Minnecip./Can. City. Dallas. San Fran) Total.
1
$
$
;
$
$
$
$
1
5,077,03) 3,589,006 4,718,000 4,037,000 5,721,000260,866,000
2,647,000 4,598,006 3,878.00010,036.000 4,368,000 79,680,000
54,000
30,000,
74,000
192,000
10,000 1,578,000
7,778,000 8,217,000 8,870,000 14,265,000 10,099,000 342,124,000
716,000
474,000
159,000 845,000
9,000 12,223,000
8,494,003 8,691,000 8,829,00015,110,000 10,108,000354,347,000
650,000
843,003
776,000 2,010,000 4,536,000
514,000, 21,306,000
675,000
687,000
1,103,000' 39,244,000
Total bills on hand___ 12,334,003 15,032,000' 5 420 0001 1,348,000 6,328,000 4,526,000 3,763,000 1,493,000 1,451,000 2,697,000
4.536,000 1.622,0001 60,550,000
1
Investments: U. B. bds. 986,000 3,152,0001 4,206,000; 4,224,000' 1,676,000 1,370,000 6,677,000 3,339,000 2,214,000 7,978,000
1,295,000 3,035,0001 40,152,000
Municipal warrants__ 2,833,000 13,378,0001 3,344,000; 3,965,01)0
91,000
3,630,000 1,241,000 1,356,090
999,000
1,832,006 32,669,000
Total earning assota 16,153,000 31,562,000;12,970,0001 9,537,000 8,095,000 5,896,000,14,070,000 6,073,000 5,021,00011,674,0
30 5,831,000, 6,489,0001133,371,000
Fed. Res've notes-Net. 1,281,000 14,139,036 154 000 491000,
1 1,535,000 845.000 1,127,000
1 5,277,03/ 24,849,000
Due from other Federal
1
,
Reserve Banks-Net- 2,006,000;
1 2,507,006 779,000; 721,000
751,000,
4,768,000 2,376,000 3,054,000 1,418,000
360,009 1,272,006a12,628.000
395,000, 111,000
25,000
AU other resources
388,000
118,000,
1,193,000'
;
332,000
1,096,030
.,
127,030
499,01)0
334,000, 185,000; 4,803,000
1
1
133,810,000 222,554,00031,723,000133,903,006,26,166,003119,346,000
Total resources
65,590,003 18,884,000 18,020.000 22,420,000 21,635,000,23,331,000;529,998,000
,LIABILITIES.
1
I
5,155,000, 11,122,000 5,215,003 5,948,000 3,345,000
Capital paid In
2,416,0001 6,654,030 2,788,003 2,560,000 3,309,000 2,751,000' 3,944,000 54,910,000
b12,000 9,632,000 233,000
Government (iePoSit9
794,000 7,267,000 7,088,001) 902,000 1,376,000
380,000
804,000 5,419,000 1,200,000, 35,088,000
Reserve deposits-Net- 23,664,000,194,416,000 20,275,000 27,161,000 11,365,006 8,754,00058,029,00)14,720,
030 15,080,00016,446.001) 9,719,00018,137,000428,816,000
Fed. Res've notes-Net, 4,140,030
983,000
1,108,000 3,746,00)
9,977,000
F.R.bank notes in etre 1 n
1,053,000
1,053,000
7,384,00011
Due to F.R.banks-Net
All other liabilities
49,000, 105,00/
154,000
•
33,810,000.222,554,00631,723,000133,933,000 26,166,000 19,346,000'65,590,000
18,884,000 18,020,000 22,420,000 21,635,000,23,331,000 529,998,000
,
Federal Reserve Notes[
1
10,472,000 75,238,0011 7,322,000 10,725,000 11,907,000
Issued to banks
15,020,000 3,824,000 7,666,000 13,072,000 10,109.00014,700.0)0 10,848,000,190.903,000
1,281,000 14,139,000
154,000
In hands of banks
491,0001 830,00)
1,535,000 845,000 1,127,030
._
122,000, 236,000, 5,277,000; 27,069,000
1,032,0001
,
.
,
P.R. notes in circulation 9,191,000, 61,099,001) 7,163,000 10,234,900,11,077,00613,988,000, 2,289,000
6,821,000 11,945,000 9,987,000 14,464,000 5,571,000 163,834,000
1
Gold and lawful money
1
10,472,000, 75,238,0011 7,322,000 10,725,000, 6,937,000
•
with agent
13,005,000' 3,824,000 7,666,000 13,072,000 8,879,00610,718,000 10,848,000,178,706,000
Carried to net assets_.,_ 1,281,006 14,139,000
154,000
491,000
1 1,535,000
845,000 1,127,000
5,277,0001 24,849,000
Carried to net liabilities_
4,140,000
983,000
1,108,0001 3,746,006
1 0,977,000
a Items in transit, I. e., total amounts due from less total amounts duo to other Federal Reserve banks.
Total liabilities
I
I
STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS MAR.
24 1916.
_
Boston. New York. Philadel'a Cleveland, Richmond, Atlanta.
Chicago, St. Louis. Minneap . Kan.City. Dallas. San Fran.
Total.
*I
$
Federal Reserve NotesI
$
$
$
$
$
$
$
$
1
I
$
$
$
Rec'd from Comptrar 19,380,000109,240,000 15,480,000 13,360,000 17,000,000 20,400,000 9,380,003
9,600,00010,000,0
00 13,01)0,00020,380,00011360,000277.580,000
Returned to Compter 1,488,001 21,002,01 2,065,300 935,300 2,293,001 1,299,000
675,000
172,000
128,000 418,0001 1,021,000
512,0001 32,008,000
Chargeable to Agent. 17,892,000 88,233,000 13,415,000 12,425,000 14,707,000 19,101,033 8,705,006 9,428,000
1S.872.00312.582.000 19,359,030 10,848,006245,572,000
1
In hands of F.R.agent 7,420000 13,000,000 6,033,000 1,700,0001 2,800,000 4,081,000 4,881,006
1,762,000 5,800,000 2,473,030 4,659,001
54,669,000
;
Issued to F. R. bank.. 10,472,030 75,238,000 7,322,000 10,725,000 11,907,000 15,020,000 31824,030
7,666,000
13,072,000
14,730,000 10,848,011 190,903,0W
10,109,000
Held by F. R.agent
Gold coin & certfs- - 9,864,000 71,303,000 3,360,000 9,760,000
2,850,000 10,050,000 4,300,000 9,540,000
121,122,000
Credit balances:
1
1
In gold redemption f'd
482,000
608,000 3,840,000
065,030
407,000 1,055,000 414,000
376,003 672,000 479,00/ 638,009 278,000 10,214,000
With F. R. Board_
3,480,000
6,530,000 11,950,000 3,410,003 4,440,000 2,350,000 4,100,001 540,000 10,570,000 47,370,000
Notes secured by cornmercial paper
1
4,970,000 2015.000i
,
1,230,000, 3,982,000
12,197,000
Total
10,472,000 75,238,000 7,322,00 10,725,000 11,907,000 15,020,033 3,824,000, 7,666,000
13,072,00010,109,000,14,703,00010,848,000 190,903,000
Amount commer'l paper
1
delivered to F.R.agent
5.015.000 2.015.000
1
' 1.235.006 4.108.000!
12.373.000
[VOL. 102.
THE CHRONICLE
1228
Statement of New York City Clearing-House Banks and Trust Companies.-The following detailed statemen t
shows the condition of the New York City Clearing-House members for the week ending March 25. The figures for the
separate banks are the averages of the daily results. In the case of the totals, actual figures at the end of the week are also
given. In order to furnish a comparison, we have inserted the totals of actual condition for each of the three groups and
also the grand aggregates, for the three preceding weeks.
NEW YORK WEEKLY CLEARING-HOUSE RETURN.
CLEARING-HOUSE
CepUal.
MEMBERS.
'Week Ending
March 25 1916
(00s omitted.)
Loans.
Net
Profits. Discounts,
Investing:,
cts.
(Nat.Irks Deo.311
'State B'ks Deo.31f
Members of Federal
Reserve Bank.
Bank of N. Y.,N.B.A_
Merchants' Nat. Bank..
Mech.& Metals Nat___
National City BankChemical Nat. Bank_Atlantic National Bank
Nat.Butchers'& Drov_
Amer.Exch. Nat. Bank
National Bank of Coo_
Chatham &Phenix Nat
Hanover National Banh
Citizens' Central Nat__
Market & Fulton Nat__
Importers'& Traders'__
National Park Bank___
East River Nat. Bank..
Second National Bank
First National Bank..__
Irving National Bank__
N. Y.County Nat. Bk_
Chase National Bank__
Lincoln National Bank_
Garfield National Bank
Fifth National Bank__ _
Seaboard Nat. Bank__.
Liberty National Bank_
Coal & Iron Nat.Bank_
Union Exchange Nat..
Nassau Nat. Bank____
Broadway Trust Co....
Average.
s
2,000,0
2,000.0
6.000,0
25,000.0
3,000,0
1.000.0
300.0
5,000,0
25,000,0
3,500.0
3,000,0
2,550,0
1,000,0
1,500,0
5,000.0
250,0
1,000,0
10,000,0
4.000,0
500,0
5.000,0
1.000,0
1,000,0
250.0
1.000,0
1,000,0
1,000,0
1,000,0
1,000,0
1.500,0
s
$
4,779,1
2,324,6
9,335,0
39,074,5
8,011,2
779,0
83.7
5,257,7
18,211,6
2,210.8
15,558,3
2,512,8
1,992.8
7,687,7
15,679,9
76,3
3,323,1
22,754,3
3.953,8
1.215,3
10,282,0
1,910,5
1,272,0
417,6
2,863,9
3,340,4
706,3
1,056,3
1,113,9
902,5
35,565,0
30,456,0
127,080,0
406,270,0
36,970,0
12,221,0
2,253,0
87.966,0
234,288,0
58,916,0
122.854,0
27,935,0
9,264,0
33,803,0
147,320,0
2,317,0
17,642,0
166,314,0
69,045,0
10,102,0
192,501,0
19,268,0
9,702,0
5,076,0
38,951,0
56,357,0
8,762,0
11,175,0
9,5/.1,0
13,177,0
Gold.
Legal
Tenders.
Silver.
Nat.Bank Nat.Bank Federal
Reserve
Notes
Notes
bank
[Not
(Reserve
Notes
for State Counted
[Not
as
hutituLions]. Reserve]. Reserve].
Totals,actual condition
Totals, actual condition
Totals,actual condition
Totals, actual condition
eiti4
N
01
4100.41M..1.0,
M.1.1.00Mr..01.
,gle4C:1
aN,606.604W06
-,rsOVNQPM0004.
00.000N ,
Totals, avge. for week_ 15.450,0 3a,509,8
Totals,actual condition
Totals, actual condition
Totals. actual condition
Totals,actual condition
53,721,0
50,568,0
44,716,0
50,313,0
1,737,0
1,533,0
1.755,0
1,884,0
Average. Average. Average
p
$
$
796,0
31,653,0 1,719,0
1,837,0
29,896,0
140,387,0 2,576,0 4,958,0
474,458,0 1,478,0 1,799,0
450,0
31,296,0
183,0
125,0
13,090,0
49,0
1,838,0
89,842,0 3,426,0 4,546,0
155,0
345,0
239,475,0
57,822,0 5,188,0 1,776,0
130,0
146,183,0
25,765,0 1,145,0 1,055,0
214.0
10,192.0
50,0
30,137,0
149,090,0 1,656,0 3,558,0
50,0
2,390,0
700,0
14,804 0
125,0 4,973,0
162,385,0
1.9,0
640,0
76,315,0
199,0
10,331,0
450,0
222,434,0 4,727,0
899.0
41,0
19,431,0
399,0
9,653,0
248,0
105,0
5,085,0
24,0
46,294,0
500,0
66,021,0 1,694,0
413,0
200,0
8,556,0
398.0
10,336,9
139,0
9,057,0
88,0
19,561,0
2,156,247,0
2,153,180,0
2,149,745,0
2,171,380,0
24,880,0
24,356,0
21,341,0
20,781,0
1,000,0
201,0
276,0
239,0
826,0
844,0
258,0
1,000,0 2,522,0
447,0
1,485,0
52,808,0
32,375,0
11,795,0
5,093,0
2,396,0
12,265,0
96,920,0
3,569,0
6,173,0
17,545,0
4,592,0
6,503,0
14,059,0
4,712,0
14,402,0
24,434,0
1,417,0 176,317,0
1.433,0 170,345,0
1,463,0 168,734,0
1,353,0 169,644,0
Nations
Rant
Cecilia
lion
2,154,177,0 24,757,0 31,588.0
1,749,0 , 1,630,0 174,384,0
56,050,0
81,617,0
60,447,0
59,313,0
Net
Time
Deposits
'
31,629,0
31,890,0
34,552,0
34,700,0
.
.888§8g288888§8
.10
.1Nh.NNCIN
4:114/C.CoN
State Banks.
Not Member* of
Federal Reserve Bank.
Bank of Manhattan Co
Bank of America
Greenwich Bank
Pacific,Bank
People's Bank
Metropolitan Bank
Corn Exchange Bank__
Bowery Bank
German-American Bank
Fifth Avenue Bank__
German Exchange Bank
Germania Bank
Bank of Metropolis__
West Side Bank
N. Y.Produce Exch.Bk
State Bank
2,010,839,0 212,757,0
2,005,395,0218,339,0
1,989,051,0 238,143,0
2,004,867,0 236,797,0
25
18
11
4
Net
Demand
Deposits.
Average. Average. Average. Average. Average. Average. Average. Average
$
$
3
$
$
$ ,
$
$
2,0
1,0 2,359,0
343,0
2,257,0 1,038,0
6,0 2,146,0
33,0
839,0
1,501,0
928,0
30,0 10,017,0
120,0
18,446,0 2,322,0 4,718,0
738,0 38,978,0
129,0
84,222,0 6,384,0 6,359,0
2,575,0
39,0
451,0 1,459,0
1,224,0
31,0
28,0 1,066,0
589,0
225,0
854,0
138,0
6,0
160,0
67,0
40,0
57,0 9,268,0
168,0
7,298,0 1,197,0 1,788,0
32,0
9,0 18,874,0
16,411,0 7,081,0 4,113,0
165,0 4,549,0
288,0
3,024,0 1,433,0 1,853,0
25,0 12,114,0
22,0
19,902,0 4,833,0 4,880,0
28,0
8,0 2,447,0
912,0
284,0
1,235,0
974,0
128,0
13,0
357,0
1,764,0
842,0
32,0
2,280,0
719,0
1,111,0 1,374,0
84,0
69,0 11,277,0
7,994,0 2,118,0 6,058,0
208,0
8,0
235,0
101,0
27,0
53,0 1,005,0
55,0
485,0
1,038,0
223,0
12,938,0
59,0
15,637,0 1,355,0 2,645,0
49,0 5,782,0
21,0
6,046,0 1,021,0 2,839,0
12,0
786,0
123,0
313,0
368,0
4/3,0
36,0 17,346,0
87.0
13,808,0 11,422,0 9,606.0
189,0 1,379,0
31,0
133,0
350,0
1,771,0
24,0
64,0
738,0
756,0
218,0
715,0
3,0
5,0
353,0
279,0
127,0
168,0
21,0 4,281,0
67,0
2,281,0 1,842,0 2,653,0
6,807,0
13,0
2,409.0 3,959,0 2,625,0
732,0
21,0
3,0
142,0
113,0
626,0
23,0
792,0
17,0
715,0
071,0
166,0
23,0
3,0
633,0
618,0
(31,0
291,0
33,0 1,398,0
53,0
502,0
1,483,0
197,0
Totals, avge.for week 115,350.0 18.3,683,7 2,008,710,0 214,293,0 52,224,0 57,678.0
Mar.
Mar.
Mar.
Mar.
Addiecil
Reserve Deposits
with
with
Legal
Legal
Deposi- Depositarts,
Caries.
Mar.
Mar.
Mar.
Mar.
25
18
11
4
Trust Companies
Not Members of
federal Reserve Bank.
1,500.0 3,730,7
Brooklyn Trust Co_
. 10.000,0 14.694,1
Bankers Trust Co
U.S. Mtg.•6 Trust Co_ 2,000,0 4,241,6
1,260,0 1,541,1
Astor Trust Co
5,000.0 11,965,7
Title Guar.& Trust Co
Guaranty Trust Co__ _ _ 20.000,0 22,999,2
1,000,0 1,204,8
Fidelity Trust Co__ _
Lawyers Title & Trust. 4.000,0 5,386,1
Columbia Trust Co.__ 2,000,0 7,659,7
1.000,0 1,603,8
People's Trust Co
New York Trust Co._ 8,000,0 11,247,1
1,000,0 1,257,9
Franklin Trust Co
1,000,0
503,9
Lincoln Trust Co
2.000,0 6,087,3
Metropolitan Trust Co
3,278,0
838,0
1,382,0
1,138,0
489,0
92,0
102,0
773,0
4,271,0
67,0
173,0
1,044,0
105,0
149,0
547,0
113,0
328,0
457,0
83,0
59,0
315,0
132,0
3,0
50,0
595,0
43,0
9.0
29,0
69,0
110,0
45,0
31,0
117,0
152,0
285,853,0 28,522,0 11,492,0 11,210,0
1,842,0
53,0 13,513,0 10,000,0
309,641,0
1,067,0
43,200,0
33,525,0
11,074,0
5,820,0
2,460,0
13,768,0
84,084,0
3,965,0
5,985,0
16,789,0
4,737,0
6,458,0
14,575,0
4,751,0
12,643,0
22,019,0
4,521,0
1,318,0
208,0
580,0
77,0
850,0
1,431,0
46,0
105,0
844.0
35,0
107,0
221,0
246,0
291,0
612,0
7,486,0
4,050,0
860,0
223,0
150,0
886,0
6,173,0
307,0
668,0
1,558,0
482,0
669,0
1,012,0
'278,0
1,931,0
1,831,0
609,0
144,0
2,0
23,0
120,0
4.972,0 5,028,0
18,0
214,0
214,0
28,0
8,0
7,0
25,0
29,0
28,729,0
28,798,0
29,216,0
26,360,0
11,910,0
11,415,0
11,732,0
11,971,0
10,241,0
10,512,0
12,210.0
12,082,0
1,893,0
1,853,0
2.098,0
1,998,0
47,0 13,563,0 10,224,0
40,0 13,769,0 10,097,0
143,0 9,432,0 14,987,0
40,0 11,994,0 12,298,0
310,029,0
308,394,0
310,604,0
309,901,0
1,067,0
1,085,0
161,0
175,0
36,107,0 1,902,0
227,142,0 21,517,0
56,765,0 3,379,0
28,914,0 2,221,0
37,387,0 1,628,0
385,223,0 39,093,0
479,0
8,540,0
24,486,0 1,350,0
82,648,0 5,518,0
19,970,0 1,307,0
67,330,0 4,099,0
21,047,0 1,607,0
741,0
13,138,0
57,214,0 4,464,0
137,0
11,0
133,0
24,0
365,0
933,0
50,0
315,0
269,0
102,0
1,223,0
122,0
80,0
339,0
559,0
235,0
224,0
168,0
168,0
1,523,0
87,0
228,0
420,0
400,0
339,0
156,0
433,0
358,0
209,0
21,0
164,0
32,0
132,0
527,0
33,0
24,0
265.0
108,0
36,0
40,0
61,0
336,0
32,0 1,360,0 2,402,0
28,0 10,868,0 9,402,0
3,0 1,927,0 8,485,0
1,164,0 1,984,0
11,0 1,125,0 4,786,0
18,073,0 8,838,0
313,0 1,248,0
559,0
862,0
7,0
89,0 3,246,0 3,576,0
19,0
948,0 1,848,0
41,0 2.666.0 6,244,0
885,0 1,247,0
8,0
513,0
644,0
13,0
2,0 2.509,0 2,118,0
27,206,0
217,368,0
38,542,0
24,183,0
22,492,0
361,474.0
6,278,0
17,247,0
64,910,0
18,945,0
53,232,0
17,308,0
12,888,0
50,980,0
8,042,0
20,038,0
17,305,0
5,730,0
733,0
41,788,0
985,0
893.0
17,598,0
1,271,0
8,071,0
4,181,0
701,0
6,023,0
287,017,0
284,602,0
282,429,0
283,378,0
Totals. avge. for week. 54.750,0 94,123,0 1,065,909,0 89,205,0
4,103,0
5,298,0
1,988,0
251,0 48,570,0 53,248,0
933,059,0 133,357,0
86,156,0
93,051,0
81,195,0
86.142,0
3,727,0
5,025,0
5,083,0
5,730,0
6,849,0
5,357,0
9,757,0
5,220,0
1,992,0
1,990,0
2,036,0
1,867,0
255,0
219,0
261,0
235,0
46,156,0 56,259,0
47,483,0 47,835,0
45,196,0 42,486,0
47.047,059,079,0
923,085,0 134,607,0
949,508,0 131,086,0
936,255,0 134,180,0
941,919,0 131,086,0
67,819,0 74,181,0
+3,806,0-1,866.0
3,830,0
-203,0
1,749,0
+5,0
1,934,0 234,467.0 63.248,0 3,390,877,0 159,181,0 31,586,0
+110,0 +2,180,0 +98120 -11,758,0 +1,623,0 --551,0
69,358,0 73,140,0
+2,350,0 -4,346,0
3,885,0
+42,0
1,787,0
+254,0
1,719,0 236,036,0 66,483,0 3,390,261,0 160,554,0 31,629,0
-61,0
+27,0 +4,439,0 +85510 -20,821,0 +4,047,0
Grand Aggregate actual condition Mar. 18 3,366,524,0 340,188,0 67,008,0 77,486,0
Grand Aggregate actual condition Mar. 11 3,343,715,0 348,554,0 62,131,0 82,414,0
Grand Aggregate actual condition Mar. 4 3,362,179,0 349,299,0 68.014,0 76,615,0
3,843,0
4,134,0
3,865,0
1,533,0
1,755,0
1,884,0
1;692,0 231,597,0 67,932,0 3,411,082,0 156,507,0 31,690,0
1,867,0 223,362,0 57,473,0 3,396,604,0 155,882,0 34,552,0
1,628,0 228,685,0 71,377,0 3,423,206,0 152,022,0 34,700,0
•
Totals, actual condition
Totals, actual condition
Totals, actual condition
Totals, actual condition
Mar.
Mar.
Mar.
Mar.
25
18
11
4
1,059,110,0
1,076,527.0
1,072,235,0
1,073,934,0
Grand Aggregate,avge_ 185450,0 315,316,5 3.360,532,0 332,020,0
-4,104,0---8,503,0
Comparison prey, week
--Grand Aggregate,actual condition Mar. 25 3,356,966,0 327,642,0
-9,558,0 -12,546,0
Comparison prey. week
Includes capital set aside for Foreign Branches, $3,000,000.
STATEMENTS OF RESERVE POSITION.
Actual Figure..
Averages.
Total
Cash Reserve Reserve in
is Vault. Depositaries Reserve.
a Reserve
Required.
Inc. or Dec.'
Cash Reserve Reserve Is
from
Surplus
Reserve. PreviousWee Ca Vault. Depositaries
Total
Reserve.
b Reserve
Required.
Surplus
Reserve.
Inc. or Dee,
from
Previous Wed
$
$
$
$
$
$
$
I
$
Members Federal
$
Reserve Bank__ 324,190,000174.384,000408,574,000388.989,71 109,584,290 +3,262,960 322,528,000176,317,000498,845,000389,368,460109,470,540 --2,802,260
--467,300
53,068,000i 13,513,000 66,579,000 55,735,381 10,843,620 +2,137,980 52,773,000 13,583,000 66,336,000 55,987,220 10,368,780 --4,062,550
State Banks*
Trust Companies.... 100,594,000j 40,570,000147,164,000139,958,850 7,205,150 -8,602,500 , 98,724,000, 48,156,000 144,880,000138,462,750 6,417,250
--7,132,110
Total Mar.25
477,850,000234,467,000712,317,030584,683,94 127,633,080 -3,201,560,474,025,003236,038,000 710,061,000583,798,430 126,262,570
Total Mar.18.- 484,616,000232,307,000 716,923,000586,088,380 130,834,620 -2,908,210 488,525,000231,597,000720,122,000586,727,320 133,394,880 --2,832,200
--1,293,580
493,869,000226,050,000 719,919,000586,178,17 133,740,830 -977,110 497,233.000223,362,000720,595,000584,368,120 136,226,880
Total Mar.11
_ 496.005,000230,650,000 726,655,000591,937.060 134,717,940 -8,114,470 497,793,000228,885,000 726,478.000588.957.560 137,520.440 4-2.521,850
Total Mar. 4
*Not members of Federal Reserve Bank.
Banks
•This is the reserve required on Net Demand Deposits in the case of State Banks and Trust Companies, but in the ease of Members of the Federal Reserve
Mar.4,$1,015,000.
Includes also the amount of reserve required on Net Time Deposits.which was as follows: Mar.25,$1,237,850; Mar. 18, 31,207.750; Mar. 11, 31,057,450;
Dant.
Reserve
Federal
the
of
Members
of
case
the
In
but
Companies,
Trust
and
Banks
State
case
the
In
of
Deposits
Demand
b This is the reserve required on Net
includes also the amount of reserve required on Net Time Deposits.whIch was as follows: Mar.25, $1,244,000; Mar. 18, $1,217,800; Mar. 11, $1,067.050; Mar.4,$1,038,050,
APR. 11916.]
THE CHRONICLE
1229
The State Banking
showing the condition
In New York City not
shown in the following
Department reports weekly figures
In addition to the returns of "State banks and trust corn
of State banks and trust companies panics in New York City not in the Clearing House"
furnished
in the Clearing-House, and these are by the State
Banking Department, the Department also
table:
presents a statement covering all the institutions of this class
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER in the whole State. The figures
are compiled so as to distinNEW YORK, NOT INCLUDED IN CLEARING-HOUSE STATEMENT.
guish between the results for New York City (Greater New
(Figures Furnished by State Banking Department.) Differences from
March 25.
previous week.
York)and those for the rest of the Stat3, as per the following:
Loans and investments
$690,120,300 Dec. $1,989,900
For definitions and rules under which the various items
Gold
57,776,400 Inc.
54,800
Currency and bank notes..
8,968,500 Inc.
41,100
Total deposits
870,798,700 Inc. 11,382,900 are made up, see "Chronicle," V. 98, p. 1661.
Deposits, eliminating amounts due from reserve deThe provisions of the law governing the reserve requirepositaries and from other banks and trust companies in New York City, and exchanges
726,647,800 Inc.
647,203 ments of State banking institutions were published in
the
Reserve on deposits
207,079,200 Inc. 7,824,900
"Chronicle" March 28 1914 (V. 98, p. 968). Th3 regulaPercentage of reserve, 29.0%.
RESERVE.
tions relating to calculating the amount of deposits and what
Stale Banks
Trust CompaniesCash in vaults
$11,533,400 10.82%
555,211,500
9.10% deductions are permitted in the computation of the reserves
Deposits in baiks and trust cos__ __ 19,059,200 17.87%
121,275,100 19.95%
were given in the "Chronicle" April 4 1914 (V. 98, p. 1045).
Total
$30,592,600 28.69%
5176,486,600 29.05%
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 Now 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 ciphers in all these figures.
Week ended- Loans and
Investments
Dec. 31
Jan. 8
Jan. 15
Jan. 22
Jan. 29
Feb 5
Feb. 11
Feb. 18
Feb. 26
Mar. 4
Mar. 11
Mar. 18
Mar. 25
3,885,457,0
3,894,605.2
3,919,527,2
3,923.580,8
3,933,590,6
3,950,999,9
3,974,792,2
3,997,810,9
4,014,174,4
4,056,861,1
4,041,443,5
4,056,746,2
4,050,652,3
Demand
Deposits.
Other
Money.
Specie.
3,965,801,4
3,983,842,6
4,027,009,7
4,044,949,6
4,059,033,1
4,076,781,0
4,092,492,4
4,110,734,8
4,149,123,3
4,155,597,7
4,127,014,0
4,134,635,6
4,123,524,8
467,747,8 81.615,6
170,414,4 84,860,4
487,114,6 90,946,4
500,667,9 85,688,3
501,605,1 87 113 3
502,332,6 84,379,3
504,583,7 83,599,2
501,067,7 79,682,2
493,006,1 79,693,4
483,314,7 78,935,4
481,883,7 78,406,1
474,291,6 76,973,4
463,977,4 80,617,5
Total
Entire
Money Reserve on
Holdings. Deposits.
549,363,4
555,274,8
578,061,0
586,356,2
588,718,4
580,711.9
588,182,9
580,749,9
572,699,5
562,250,1
560,289,8
551,265,0
544,594,9
954,094,4
957,546,1
973,780,8
981,669,6
980,825,8
983,463,3
978,220,4
967,571,4
949,725,4
941,712,7
923,885,2
916,177,3
919,396,2
STATE BANKS AND TRUST COMPANIES.
Week ended March 25.
II
State Banks I Trust Cos.
State Banks
Trust Cos.
!
in
in
outside of
outside of
.Greater N. F. Greater N. F. Greater N. Y„Greater N. Y.
,
3
$
1
23,350,000
65,550,000
1
38,833,3001 163,857,800i
Capital as of Dec. 3E__ _
Surplus as of Dec. 31_ __ _
Loans and investments_ _
Change from last week_
$
11,613,000
$
14,050,000
14,966,300
12,887,000
370,060,2001,663,393,900! 150,625,800
A-1,087,200; -11,388,600, -1,037,000
219,335,500
+572,200
1
1
Gold
Change from last week_
43,642,4001
A-425,300i
Currency and bank notes_
Change from last week _
20,954,000. 14,006,800
+54,5001-14,120,900
144,065,590
A-3,361,600
Deposits
500,208,9001,980,214,200
Change from last week_ -10,609,600 --8,229,900
Reserve on deposit
Change from last week_
113,107,630
-213,200
397,290,700
+8,817,600
P. c. of reserve to deposits
Percentage last week
27.7%
28.0%
24.6%
24.1%
163,170,500
---679,800
234,055,500
-465,600
29,998,200
--648,000
L.;
,! 21.4%
21.7%
33,967,600
--723,500
17.7%
18.1%
+ Increase over last week. - Decrease from last week.
Non-Member Banks and Trust Companies.-Following is the report made to the Clearing-H
ouse by clearing nonmember institutions which are not included in the "Clearing-House return" on the preceding
page:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARIN
G-HOUSE.
CLEARING
Net
NON-MEMBERS. Capital.1 Profits.
Loans,
Discounts,
{Nat. b'ks Mar. 71 InvestState b'ks Dee. 31J ments, d:c.
Week Ending
March 20 1916.
Members of
Fed '1 Reserve Bank
Battery Park Nat_ _ _
First Nat., Brooklyn
National City, Bklyn
First Nat.. Jere. City
Hudson Co. N.,J.C.
First Nat., Hoboken
Second Nat..Ifobok.
Average.
200,000
182,100 3,322,000
300,000
672,300 5,043,000
300,000
613,200 5,303,000
400,000 1,268,200 4,881,000
250,000
750,700 4,165,030
220,000
631,209 5,688,000
125,000
299,300 4,524,000
Total
Legal
Tenders.
Gold.
Average. Average.
2
416,000
43,030
142,000
39,000
171,000
57,000
196,090 338,000
133,000
11,000
118,000
23,000
52,000
35,000
1,795,000 4,426,000 32,923,000 1,233,000
State Banks.
Not Members of the
Federal Reserve Bank.
Bank of Wash. lIgte. 100,000
400,000
Colonial Bank
Columbia Bank__ _ _ 300,000
200,000
Fidelity Bank
200,000
Mutual Bank
New Netherland_ _ _ _ 200,000
100,000
Yorkville Bank
Mechanics', Bklyn_ _ 1,600,000
North Side, Bklyn__ 200,000
393,600 2,049,000
813,500 8,569,000
645,100 7,719,000
184,900 1,345,000
460,300 6,032,000
243,700 3,865,000
552,900 5,727,000
772,400 16,594,000
193,700 3,226,000
104,000
436,000
623,000
99,000
623,000
249,000
341,000
789,000
177,000
3,300,000 4,260,100 55,126,000 3,441,000
Total
Trust Companies.
Not Members of the
Federal Reserve Bank.
HamiltonTrust,I3kln
Mechanics'.Bayonne
Total
500,000 1,085,900 7,453,000
200,000
279,000 4,375,000
461,000
85,000
546.090
11,000
127,000
37,000
9,000
82,000
28,000
115,000
149,00
48,000
Nat.Bank
Notes[Reserve for
Silver. State Institutions]
Nat Bank Federal
Reserve Additional
Notes[Not Reserve
with
Deposits
Counted
Bank
Legal with Legal
Net
as
Notes[Not DeposDeposDemand
Reserve]. Reserve]. itaries.
itaries.
Deposits.
Average. Average. Average. Average. Average. Average. Average.
$
52,000
4,000
10,000 433,000
251,000 3,607,000
98,003
8,000
5,000 574,000
132,000 4,656,030
116,030
11,000
13.000 649,000
104,090 5,329,000
84,000
37,000
1,000 461.050 4,379,000 3,841,000
71,000
110,000
5,000 339,030 1,174,100 3,329,000
50,000
13,000
6,000 338,000
546,000 2,467,000
116,000
4,000
285,000
455,000 2,376,000
587,000
187,000
40,000 3,189,000 7,041,000 25,605,000
57,000
518,000
248,000
31,000
166,000
118,000
202,000
855,000
128,000
21,000
45,000
114,000
11,000
41,000
52,000
86,000
83,000
22,000
606,000 2,323,000
475,000
13,000
26,000
15,000
66,000
42,000
37,000
17,000
247,000
264,000
96,000
234,000 1,606,000
545,000
523,000 9,082,000
496,000
269,000 8,264,000
74,000
50,000 1,226,000
440,000 1,218,000 6,116,000
2,000 232,000
156,000 3,889,000
366,000
551,030 6,100,000
1,140,000 2,377,000 19,006,000
202,000
561,000 3,364,000
Net
Time
Deposits.
National
Bank
Givenlation.
Average.
Average.
108,000
2,757,000
1,969,000
195,000
296,000
119.000
397,000
195,000
217,000
98.000
4,834,000 1,517,000
29,000
31,000 3,591,000 5,939,000 58.653,030
2,000
13,000
387,000
217,000
80,000
684.003
269,000 1,957,000 5,216,000 1,430,000
87,000
800,000 1,742,030 2,462,000
700,000 1,364,900 11,828,000
546,000
39,000
81,000
79,000
15,000 347,000 2,757,000 6,953,000 3,892,000
Grand aggregate-- 5,795,000 10,051,000 99,877,000 5a20,090 1,191,000 2,991,030
554,000
451,000
86,000
7,127,000 15,737,000 91,216,000 9,410,000
Comparison,prey wk
-982,000 +29,000 +68,000 --23,000
-42,000 -42,000 +35,000 +27,000 +777,000 +137,000 -27,000 1,517.000
Excess reserve, $32,950 Increase
+9,000
Grand eget() Mar18 5,795,000 9,044,700 100859000 5,191,001 1,123,300
51,000 7,100,000 14,969,003 91,079,000 9.437,003 1,508,000
Grand aggete Mar 11 5,795,000 9,944,700 100209000 5,181.000 1,194,000 3,014,091 596,000 493,000
3,063,000
705,000
440,000
44,000
7,129,000 14,751,00091,131,000 9,449,000 1.516,000
Grand aggete Mar 4 5,795,000 9,944,700 99,330,000 5,034,000
47,000 7,001,000 15,478,000 89,711,000 9,483,000 1,519.000
Grand aggeto Feb 265.795.000 10,038.3O098.962.000 5,052,000 1,219,000 2,938,000 690,000 395,000
52.000,7.027,000 15,352,000 89,870,000 9,517,000 1,512,000
(ieafy! aggrle Feb 19 5,795,000 10,038,)00i99,145,000 5,063,000 1,188,000 2,964,000 684,000 520,000
1,133,000 2,976,000 759,000 459,000
49,000)7,070,000 16,760,000 90,432,000 9,268,000 1,503,000
Philadelphia Banks.-Summary of weekly totals
Boston Clearing-House Banks.-We give below a
Clearing-House banks and trust companies of Philadelphia:of summary
showing the totals for all the items in the Boston
Clearing-House weekly statement for a series of weeks:
We omit two ciphers (00) in all these figures.
BOSTON CLEARING-HOUSE MEMBERS.
Capital
and
Surplus.
Jan. 15
Jan. 22
Jan. 29
Feb. 5
Feb.11
Feb. 19
Feb.26
Mar. 4
Mara'
hfar.18
Mar.25
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
103.684,3
103,684,3
103,684,3
103,684,3
103,684,3
Loans.
471,990,0
473,454,0
477,748,0
482,190,0
481,708,0
478,243,0
479,731,0
485,129,0
493,815,0
499,145,0
500,354,0
Reserve.
123,009,0
121,739,0
111,788,0
110,009,0
109,242,0
130,045,0
140,053,0
135,289,0
125,018,0
117,978,0
117,010,0
Deposits.
a
593,907,0
592,806,0
582,743,0
585,686,0
586,063,0
617,461,0
620,904,0
624 269 0
609,500,0
615,496,0
604,519,0
Circulation.
$
11,043,0
10,975,0
10,960,0
10,966,0
10,575,0
10,508,0
10,519,0
10,455,0
10,443,0
9,797,0
9,716,0
Clearings
232,667,7
222,977,1
207,825,7
239,873,4
195,426,3
290,161,8
200,789,1
254,334,0
211,721,5
227,728,7
214,195,5
a Includes Government deposits and the item "duo to other banks"
$179,870,000): also "Exchanges for Clearing-House" (March 25, (March 25,
$19,088,000)•
Due from banks March 25, $71,971,000.
March 25
1916.
Change from
previous week.
Circulation.
$8,158,000 Inc.
Loans, disc'ts St investments_ 411,756,000 Inc.
Individual deposits, incl.U.S. 344,569,000 Inc.
Due to banks
136,360,000 Dec.
Time deposits
25,214,000 Dec.
Exchanges for Clearing-11'se_ 17,402,000 Dec.
Due from other banks
37,811,0000 Dec.
Cash reserve
24,142,0001Dec.
Reserve in Fed. Res've Bank 17,229,0001Inc.
Reserve with other banks.._ _ 74,536.000iIn0.
Reserve excess in bank
1,190,00.3 Dec.
Excess with reserve agent.. _ _ 55,411,000 Inc.
Excess with Fed. Res've Bk.. 1.929,000 Inc.
March 18
1916.
March 11
1916.
$5,000 $8,153,000, $8,155,000
2,695,000 409,061,030,406,418,000
2,067,000 342,502,000,334,251,000
1,478,000 137,838,000 140,988,000
651,000 25,865,0031 18,549,000
2,179,000 19,581,000! 15,838,000
2,444,000 40,255,0001 36,138,000
1,003 24,143,000 24,282,000
982,000 16,247,000 16,931,000
446,000 74,090,000 71,096,000
291,000. 1,481,003 1,409,000
206,000 55,205,0001 52,036,000
793,000 1,139,0001 1,683.000
Imports and Exports for the Week.-See third page
preceding.
[VOL. 102.
THE CHRONICLE
1230
filattb,res'
azette,
Wall Street, Friday Night, March 31 1916.
The Money Market and Financial Situation.—The
influences affecting sentiment, not only in Wall Street but
in business circles throughout the country, have been of a,
character to foster a spirit of caution in the various departments of activity. German official indifference to the protests of our Government in the matter of attack upon unarmed merchant ships without warning now seems to have
been illustrated in the sinking of the steamship Sussex. If
the investigation now in progress should prove that these
protests have been ignored, it seems likely that the relations
existing between the two countries will become more strained
than at•any previous time, and this possibility has been one
of the influences referred to above. Attention has been
divided between this matter and the military expedition into
Mexico. The capture of so daring a brigand as Villa, under
conditions so largely in his favor, is proving a more serious
matter than was generally expected. The question is now
being asked, may he not elude his pursuers for a prolonged
and indefinite period, and if lie does, may not unforseen
complications arise. While such questions are being asked
and not answered, interest in ordinary everyday affairs is
quite sure to languish, as it has this week.
In addition to the above, the labor question, an oftrecurring and never-settled problem, is just now, as every
one knows, vexing railway owners and officials. The latter
are becoming very weary in their efforts to manage the transportation facilities of the country in a way to satisfy the
public and keep properties out of the hands of receivers
without being able to control either income or expenses. In
the last analysis, however, it is the actual owners of the railroads, those who have supplied the money with which to
build and equip them, who are being ground "between the
upper and the nether millstone," so to speak. Is it any
wonder,therefore, that again this week,as for some time past,
railway stocks of all classes have declined in all markets.
A favorable development of the week in the iron and steel
business has been a perceptible lessening of the eagerness
which recently existed to place orders, regardless of cost.
This is looked upon as foreshadowing more healthy conditions
in the iron and steel market.
Foreign Exchange.—The market for sterling exchange
ut
has ruled quiet but steady for sterling exchange througho
the week. The continental exchanges have been steadier
than last week.
To-day's (Friday's) actual rates for sterling exchange were
4 733@4 73% for sixty days, 4 76 7-16@4 763/ for cheques
and 4 77@,4 77 1-16 for cables. Commercial on banks
payment
(sixty days), 4 723@4 72%, and documents for 4
(sixty days),4 723@4 723/8. Cotton for payment 7634Q
4 76% and grain for payment 4 763@4 76%.
To-day's (Friday's) actual rates for Paris bankers' francs
were nominal for long and 5 98 for short. Germany bankers'
marks were nominal. Amsterdam bankers' guilders were
42% for short.
Exchange at Paris on London, 28.503' fr.; week's range,
28.463/2 fr. high and 28.503/i fr. low.
Exchange at Berlin on London not quotable.
The range for foreign exchange for the week follows:
Sixty Days.
Sterling, Actual—
High for the week-473%
Low for the week_ __ _4 73
Paris Bankers' Francs—
High for the week__ _ _ _ _
Low for the week..
k—
Germany Banker'
.
._ _ _ _ _
High for the week
Low for the week_
Amsterdam Bankers' Guilders—
High for the week_ __
Low for the week_ _ _
Railroad and Miscellaneous Stocks.—As noted above
railway stocks have declined throughout the week and 12
of a list of 20 most active industrial issues have moved in
the same direction.
There has been no noteworthy change in the tone of the
market from day to day and but little change in the volume
of business. To-day's transactions were, however, the
smallest of the week, 437,256 shares, and fluctuations were
correspondingly narrow.
A few of the industrial issues whose status is individual
rather than general, have advanced in spite of the trend of
the market, but this movement has been fully offset by the
decline of other stocks in the same group. As a result of
the week's operations 24 out of a list of 32 most active issues
are lower, and all which show a net gain are of the industrial
class. Bethlehem Steel has covered a range of 43 and
closes with a net loss.of only 1 point. Cuban Am. Sugar
shows a gain of 26 points, while Baldwin Locomotive is unchanged. Texas Company dropped 8 points and recovered
feebly. Other net changes are unimportant.
For daily volume of business see page 1239.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
Cables.
Checks.
4763%477 1-16
4 76 15-16
4 76%
.5 96%
5 98
5 96%
5 9734
72 r,-16
71 -16
72%
42 11-16
42
424. plus 1-16
71%
Domestic Exchange.—Chicagl,20c. per $1,000 discount.
and
Boston, par. St. Louis, 150. per $1,000 discount bid pre50. premium asked. San Francisco, 30c. per.$1,000
mium. Montreal, $3 75 per $1,000 premium Minneapolis, par. Cincinnati, par. Now Orleans, sight, 50c. per
$1,000 discount, and brokers, 50c. premium.
the
State and Railroad Bonds.—Sales of State bonds at
N. Y.
Board include $3,000 New York 43.'s at 114%,$20,000
receipts
Canal 43/2s at 1143/s, $1,000 Virginia 6s def. trust
at 513/2 and $22,000 Virginia fund. debt, 1991, at 86.
The market for railway and industrial bonds has been
ons
more active than for some time past, the daily transacti
averaging nearly $4,000,000 par value. Prices have held
relatively firm, although of the 25 most active issues 11 have
l,
declined. The lower quotations are, however, fractiona
Of the
while several issues have advanced a point or more. advance
latter, West. Maryland 4s are conspicuous for anRys. and
of substantially more than 2 points and New Yorklast week.
Rock Island ref. 4s are 1 to 13/2 points higher than
The new Canadian 5s, w. i., have been very heavily dealt
to
in above the issue price and the Anglo-French 58 continue
They close
lead the market both in activity and strength. Bonds
sold
at 953/2, which is near the highest of the year.($175,500)
as
under the "s-20-f." rule have been so limited
to suggest their dropping out of notice in the near future.
at
United States Bonds.—Sales of Government bondsFor
8.
the Board are limited to $5,500 3s, coup., at 1023/
to-day's prices of all the different issues and for week's range,
see third page following.
Sales
STOCKS.
Week ending March 31. for
Week.
Range for Week.
Lowest.
Highest.
Range since Jan. 1.
Lowest.
Highest.
Par Shares $ per share $ per share $ per shar $ per share
100 1,0 1423% Mar 30 145 Mar 28 1323% Ma 154% Jan
Adams Express
4 1253% Mar 28 126 Mar 28 1243% Ma 1403% Jan
_100
Express...
American
Jan 213% Mar
Am Writ Paper pref_10016,751 183% Mar 25 213% Mar 28 11
Jan
8
Ma
33' Mar 29 334 Mar 33 3
Assets Realization 100 3
Jan
Ja
77
25
62
Mar
68
30
Mar
66
5
100
Associated Oil
Jan
3%
Fe
2
25
23% Mar 27 23% Mar
Batopilas Mining_ _ _20 1,90
Jan
Ma 132
Bklyn Union Gas__ A00 100 129 Mar 31 129 Mar 31 129
Mar
57
Ja
5014
28
Mar
57
25
Mar
100 20 55
Brown Shoe
100 20 973% Mar 27 983% Mar 29 95% Ja 9934 Jan
Preferred
Jan
100 9)( Mar 29 93% Mar 29 934 Jan 14
Brunswick Terminal_100
Feb
Ja 121
220 116 Mar 30 116 Mar 30 96
100
Bush Terminal
Jan
100 300 29 Mar 27 293% Mar 25 29 Mar 31
Butterick
Fe 58% Jan
1 58 Mar 29 58 Mar 29 57
Canada Southern__ _100
Feb 88% Jan
85 Mar 27 85 Mar 27 85
1
100
Case (J I) pref
Jan
140
73 1353% Mar 291363% Mar 30 135
Cent dr So Am Teleg_100
Jan
115
206110 Mar 29 111 Mar 28 10834
ConsGasEL&P(Balt)100
Mar
58
200 55 Mar 31 58 Mar 27 55
Continental Insur__ _ _25
Ma 98% Feb
94%
31
Mar
95
29
Mar
305
100
943%
pref
Co
&
Deere
100' 257x132 Mar 31 133 Mar 25 130% Ma 141% Jan
Detroit Edison
4% Mar
71& 43% Mar 27 43% Mar 28 444 Ma
Rights
Jan
100105 Mar 31 10' Mar 31 1023% Ma 108
_1001
_
Diamond Match_ _
Jan
603% Mar 31 623% Mar 25 60% Ja 66
Electric Stor Battery 100 3
Mar
Ma
h Mar 33
% Mar 25
44,62
Erie rights
Jan
Ma
16%
203%
28
Mar
17
28
Mar
17
i0f
Interboro-Met v t o _100
Jan
73 Mar 29 75 Mar 25 68% Ma 78
Int Harvester Corp_100 4
109)4 Jan 1113% Feb
Int Nickel pref v t c_100 100 110 Mar 27 113 Mar 27
Mar
83%
Ma
67
31
Mar
25
Mar
833%
100 5,50 75
Jewel Tea
Ma 1103% Mar
100 1,52511093% Mar 30 1103% Mar 28 106
Preferred
Mar
Ma 64
Mar 29 00
K C Ft S & Mem pref106 69l 60 Mar 27 64 Mar
Jan
85
Ma
31
80)4
85
31
Mar
85
201
Kayser (Julius)& Co 100
Mar
Ma 29
1501 29 Mar 27 29 Mar 27 29
Keokuk & DesM pref100
Feb
131
Ma
31
128
Mar
130
30
Mar
129
145
L&P_100
Else
Kings Co
107% Feb
100
1001033% Mar 2 1033% Mar 2 103)4 Ma
Laclede Gas
Feb
Jan 91
40t 79 Mar 30 793% Mar 25 79
Mackay Companies_100
Ja
31
85%
Mar
683% Mar
683%
29
Mar
68
300
100
Preferred
Mar
Ja
110
109
2
Mar
110
28
100 110 Mar
Manhat Shirt pref 103
Jan
55 Mar 27 55 Mar 27 50% Jan 62
May Dept Stores__ _1001 2
Ma 813% Jan
Nat Cloak & Suit_ _ _100 1,1001 723% Mar 25 76 Mar 3 72% Ma 113
Feb
10011083% Mar 27 1083% Mar 27 10834
100
Preferred
Jan
30f 563% Mar 31 58 Mar 29 523% Feb 66
N Y C dc St L 2d pref 100
Jan
Ma 27
Mar 29 21
Mar 29 21
175 21
Norfolk Southern_ 100
Jan 11% Jan
100 11,200 83% Mar 31 93% Mar 25 6% Ma
Ontario Silver
92% Feb
90
27
Mar
90
27
Mar
90
1001
Pettibone-Mull 1st p1100
Jan
200 98 Mar 27 98 Mar 27 93% Fe 101
10
Pitts Steel pref
1,98 1153% Mar 291163% Mar 29 115% Ma 119% Jan
Sou Pacific tr ctfs
Mar
Ma
18%
27
Mar
153%
31
Mar
173%
15,65 163%
Texas Co rights
Fe. 713% Jan
110 63 Mar 29 63 Mar 29 63
United Dry Goods p11
Feb
100 4434 Mar 25 443% Mar 2 383% Fe. 49
U S Realty dr Impt_ _100
Jan 3% Jan
1%
27
Mar
2
31
Mar
200 134
U S Reduc dr Refg_ __I
Jan
4
Ja
106 106 2 Mar 27 2 Mar 27 1
Preferred
2 67% Ma 693% Mar
U S Smelt Ref dr M__118,293 673% Mar 27 683% Mar
Mar
53
Ma
2
Mar
52
513%
27
Mar
5031 513%
5
Preferred
Ma mg Feb
31 17
Utah Securities v t c_100i 25 1744 Mar 31 173% Mar 31 50
Feb 62)4 Jan
106 51 Mar 31 51 Mar
Virginia Iron C & C _100
Jan
3061273% Mar 3 1283% Mar 27 1243% Ma 135
Wells Fargo Express_100
Outside Market.—Trading on the,"curb" this week for
the most part was dull and uninteresting. Prices.fluctuated
irregularly and changes generall3ry, were within a narrow limit.
Cuba Cane Sugar was an exception, being actively dealt in,
the
and on reports of an offer for its entire unsold output for67
y,
year the coin. advanced over 6 points to 70%,reacted to de3 . Midvale Steel showed a large
and closed to-day at 67%
crease in trading, though the price held steady, fluctuations
ranging between 65 and 66 during the week and to-day movthe
ing up to 663.. Lynn Phonograph continues strong,
reported largo orders, coupled with its small capitalization,
having a favorable effect. It rose from 7% to 9%, reacted
to 73/8 and ends the week at 8. Tobacco Products corn.
and
gained about a point at first to 48, then dropped to 45
strong
was traded in finally at 46. Chevrolet Motor was a finally
feature, selling up some 9 points to 171 and closing
%. Kathodion Bronz pref. made another spurt ande
at 1693
gained 5 points to 25, closing to-day at 243/2. Submarin
was
Boat was off 2 points to 383/2, recovered to 393/2 and
traded in to-day down to 35%, ex-dividend. Zinc ConcenStandard
trating sold up from 43/8 to 6% and at64 finally.
from 233
Oil shares were exceptionally quiet. Ohio Oil sank Standard
to 226 and Prairie Oil & Gas from 234 to 222. oil shares
Oil (Calif.) lost 5% points to 250. Miscellaneous to
193/8
were active in spots. Cosden & Co. fell from 213/2
g & Refg.
and closed to-day at 19%. Oklahoma Producin63/2.
Vicranged between 6% and 6% and ends the week atGas was off
toria Oil gained a point to 2. Wayland Oil &Bonds active.
from 73/8 to 63/8 but recovered finally to 73/2.
to 97%. Chic.
Ches. & Ohio cony. 5s declined from 983. %
3
SulzMilw.& St. P.4s were traded in up from 94 to 953/8.
from
berger & Sons Co. 1st 6s appeared in the trading down
3 and up to 993/8. Mining stocks in good demand.
100 to 99%
Outside quotations will be found on page 1239.
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
occupyiNa TWO PAGES.
For record of sales during the week of stocks usually inactive.
1231
see preceding page.
PER SHARE.
PER SHARE.
HIGH AND LOW SALE PRICES-PER SHARE, NOTPERCENT.
Salesfor
STOCKS
Range Since Jan.1
Range for Prerious
NEW YORK STOCK
the
On lasts of 100-share Iota
Year 1915
lVednesday
Saturday
1 Thursday
Tuesday I
Monday
Friday
EXCHANGE
Week
March 25. March 27. March 28. March 29. March 30
March 31 Shares
Lowest
Highest
Lowest
Matta
---$ Per share $ per share $ per share $ per share $ per share $ per share
Railroads
Par $ per share
$ per share $ per share'S per 'air,
'
10314 10314 10318 10378 10312 10358 103 10358 103 103
10278 10312 6,700 Atch Topeka & Santa Fe..100 710178 Jan 31 103111 fan 4
9212 Feb 11114 Nov
101 101
10012 10038 10012 10012 10013 10013
•10034 101 *10014 101
1,010 Do prof
100 9878Jan 4 102 Feb 24
Jan 10218 Nov
96
*110 112 *____ 112 *110 112 *110 112 *110 112 *110 111
Atlantic Coast Line RR__ _100 109 Mar13 115 Ian 3
98 Mar 116 Nov
8818 8758 8814 8718 8734 8678 8714 5,319 Baltimore & Ohio
8814 88
8838 8858 88
100 85 Mar 1 96 Jan 4
6334 Feb 96 Dec
7612 7678 *76
7612 7614 7612 76
7618 7638 7633 7638 7638 1,550 Do
prof
100 7514 Feb 24 80 !Jan 15
7984 Nov
67 Feb
8518 8538 8518 8518 8514 8514 8518 8538 *85
700 Brooklyn Rapid Transit 1(10, 844 Feb 15 88 'Jan 17
85,2 *85
8512
8314 Aug 93 Apr
16734 168
167 168
16778 168
16658 168
16618 16634 16612 167
100146212 Mar 1 18334Jan 3 133 July 194 Nov
4,620 Canadian Pacific
*270 320 *270 320 *270 323 *270 320 *270 320 *265 320
Central of New Jersey__ 100 290 Jan 3 290 Jan 3 §250 Sep 325
Jan
6353 6418 6258 6314 6278 6358 6212 6318 6153 6212 6138 6134 8,300 Chesapeake & Ohio
100 6018Jan 31 6078 Jan 5
3558 July 6434 Nov
*1212 1312 13
13
13
13
13
13
1258 1234 *1213 13
1,200 Chicago Great Western
100 1218 Jan 26
1538Jan 3
1712 NOV
1014
Jan
37
38
3714 3712 3714 3712 3714 3734 3714 3712 37
3934 Jan 4
100 34 Jan 31
3712 2,900 Do pref
2513 May 4112 Nov
9458 9434 9418 9434 9438 9112 9334 9412 93
933.1 9258 9312 5,450 Chicago Milw & St Paul__100 9214 Mar 1 10212 Jan 3
7734 July 10118 Dec
12834 12834 *128 1291 *12812 12812 *12712 12812 12712 12734 *124 128
100 12712 Mar30 13618 Jan 5 12078 Sep 135 Dee
653 Do pref
12738 12738 12612 127
12612 127
126 12658 12478 125 1126 126
2,425 Chicago & Northwestern...100 12478 Mar30 13478 Jan 3 11812 July 13518 NOV
*170 175 *170 175 *170 175 *170 175 *170 175 §170 170
14 Do pref
100 174 Mar 8 175 Jan 11 163 July 1180 Nov
1738 18
1738 1712 1714 1712 1678 1712 1638 17
17
6,000 Chicago Rock 181 & Pac
100 1534 Mar 8 2058 Feb 7
17
1012 July
3833 Apr
*115 125 *115 125 *115 125 *115 125 *115 125 *115 125
Chic St Paul Minn & Om_ 100 120 Jan 19 120 Jan 19 §114
Apr 123 Nov
*130 150 *130 150 *130 150 *130 145 *130 150 *130 150
Do prof
100 1135 Jan 14 136 Jan 27 124
Sep 135 Dec
.41
4212 *41
*40
41
4212 *40
41
41
42
*38
41
100 Clev Cin Chic & St Louis_ _100 39 Feb 10 477 Jan 11 121
Jan 52
Oct
.72
77
*72
*72
77
77
77
*72
77
*72
Do
*72
prof
77
100 70 Feb 2 7678 Mar14
5313 Feb 77
Oct
•2712 30
*27
27
28
*2712 30
*27
2812 27
*2612 23
100 Colorado & Southern
100 26 Mar 3 3213 Jan
24 Mar 3812 Nov
*49
*49
52
53
*4912 54
52
*49
*49
52
*49
Do 1st pref
53
100 4712 Mar 7 55 Jan 13
45
Jan 60 Nov
*41
50
*41
50
50
*41
*11
50
*41
50
*41
Do 2c1 pref
50
100 40 Mar13 48 Jan 11i
Sep 52 Nov
35
•150 153 §151 151
150 15012 *149 151
15012 15012 *150 153
310 Delaware & Hudson
100 14914 Mar 1 15114 Jan 191 13812 Aug 15418 Nov
•215 219 *215 219 *215 219 *215 219 *215 219 *217 219
Delaware Lack & Western..50 216 Mar18 225 Jan 6 199% Jan 238 Nov
10
*8
*8
10
*8
10
*8
10
878 878
9
958
500 Denver & Rio Grande____100
878 Mar30
14 Jan 3
4
1612 Nov
Jan
18
1734 1734
•16
*16
18
*16
18
*16
18
1812 20
1,012 Do
prof
100 15 Mar 8 21 Jan 3
2938 Nov
612 Jan
.
36
3718 3712 3714 3734 3612 37I
3758 38
3614 363.1 25,450 Erie
100 35 Jan 31
4358 Jan 3
1978 Feb
4558 Nov
5138 5112 5112 5214 3,000 Do 1st prof
.5318 5318 5212 5234 5212 5234 5218 53
1918 Jan 3
100 50'4 Jan 31
5912 NOV
3214 Feb
45
*43
*4113 4512 *43
*44
45
45
45
*43
4412 4412
100 Do 2d pref
100 43 Mar 3 54'2 Jan 3
27 Feb
5414 Dec
12138 12214 12118 12112 121 12112 3,600 Great Northern prof
12118 12178 12134 122
122 122
100 119l Jan 21 12712 Jan 4 11234 Jan 12838 Nov
43
4334 4414 4358 44
4312 4318 4312 10,010 Iron Ore properties
44
4458 4318 44
73914 Mar 1
5034 Jan 3
2514 Jan 54
Oct
103 10312 103 103
10378 10378 103 10314 103 103
•103 104
1,520 Illinois Central
100 101 Mar 2 10912 Jan 3
99 July 113 Apr
17
1714
17
17
1678 17
17'4 1714
1634 17
1658 1634 3,400 Interboro Cons Corp. vto__
1534 Feb 15 2118Jan 3
1878 July
2512 Nov
7212 *72
4'7212 73
7214 7212 7212 723.1 *72
7214 7218 7218
900 Do pref
_100 71 Feb 15
3
70 July 82 Nov
26
2612 2534 26
*2612 2678 2558 26
2514 2534 2514 2534 2,150 Kansas City Southern__ _100 2412 Feb 28 7712Jan
3214 Jan 4
351 Nov
2058 Feb
*60
62
*60
62
*60
62
62
*60
*61
611.1 *60
Do pref
6614
100 60 Feb 17 8473 Jan 3
6512 Nov
5473 Feb
*10
*10
14
14
*10
14
*10
14
*10
14
*10
14
Lake Erie & Western
12 Jan 26 1612 Jan 3,
100
Jan
1638 Dec
5
*32
38
*32 ' 38
.32
38
*32
38
*32
38
*32
Do
36
pref
100 35 Feb 22 41 Jan 3
19 May 4112 Dee
7758 78
7712 7734 7712 7758 7714 7738 7634 7718 7612 7612 3,600 Lehigh Valley
50 7412 Jan 31 83 Jan 4
Feb
Nov
645
8314
8
*21
*2112 2312 *2012 24
23
*21
24
*2113 24
*2112 24
Long Island
50 20 Jan 31
2212 Jan 17
Jan
15
2758 Oct
.122 125 *____ 125 *122 125 *122 12412 *122 124 *122 124
Louisville & Nashville__ __100 12113 Mar 1 13058Jan 13 10412 July 13012 Nov
•128 13012 *128 131 *127 12734 *127 130 *127 130 *127 130
Manhattan Elevated
100 12912 Feb 15 13138Jan 28' 125 June 132 Dee
6
5
5
5
6
6
.434 5
578 6
*434 614
1,700 Minneapolis dr St Louls
4 Mar 1
100
1558Jan 4
1938 Feb
Sep
8
*1512 1812 *1512 1812 *1612 1812 18
*15
18
1812 1812 1812
300 Do pref
100 15 Mar17 3312Jan 6 J
Sep 49 Feb
24
*11612
120
119
119
12412
119 119 *11612 120 *11612 119
•116
366 Minn St Paul & 135 M_ _ _ _ 100 119 Mar 4 125 Jan 3 106
Jan 12612 Nov
•-__- 13718 *---- 137'8 *-- - - 137,8 *--__ 110
140 *__
140
Do
pref
135
Jan 13 137 Jan 15 123 June 136 Dee
100
*4
434 *4
434
378
418
4
4
378
Missouri Kansas & Texaa_100
333 Mar 8
714 Jan 13
1514 Apr
Sep
4
1014 1014 *10
1012 1012 *1012 1034
1034 1034
1034
10514
Do pref
4 10314
4
1612Jan 4
100 104 Mar31
1018 Sep 40 Apr
412 434
412 412
412 412
434
434
434
478
5
5
1,500
Missouri
Pacific
100
4 Jan 3
658Jan 17
1814 Apr
134 July
*412 5
*412 5
434 478 *412 5
412 478
434 _43
4 1,400 Trust co certifs of deposit_ _
4 Jan 3
0t2Jan 15
712 Nov
3 Dec
2338
2338 *___ 2338
_ 2338
•
2338
Nat Rya of Mex. 1st prof..100 23's Jan 21 24 Feb 18
1412 Aug 2812 Oct
612 634 *6,2 734 *614
`a34 734 *634 734
734 %ili4 23
718
200 Do 2d pref
914 Jan 12
612 Mar28
100
434 July
934 Oct
10514 10578 10514 1055g 10514 10618 10158 10618 10158 10514 10314 10514 23,950 N Y Central & Hud River.100
10134 Feb 28 11112Jan 19
8112 Mar 11012 Dec
.6534 67
65,2 6578 6538 6534 6478 6534 6458 6514 63
65
8,700 NYNH ar Hartford
100 63 Mar31 7778 Jan 10
43 Feb 89
Oct
*2712 2812 2734 2734 2712 28
2712 *2714 28
27
*2714 28
2624 Jan 31
- 800 N Y Ontario & Western
100
Jan
31
3
2134 Jan
35 Apr
*121
122
121
12178 12114 121% 12034 12114 12014 12034 6,220 Norfolk & Western
12134 12238
100 114 Mar 1 12458 Mar18
9912 Jan 12258 Dec
87
*86
90
*8612 89
*86
*86
90
*8612 8812 8818 89
200 Do adjustment prof_ A00 844 Feb 25 89 Mar31
8012 Sep 90 June
11314 11334 11334 11334 11314 11378 113 11312 11212 11318 2,500 Northern
114 114
Pacific
100 11133 Feb 28 11878Jan 4
9913 Feb 11838 Dec
567/4 5678 5634 5678 5634 57
5653 5678 5612 5634 5612 5658 15,700 Pennsylvania
50 5558Feb 4 5934 Jan 4 51% Feb 6112 Nov
80
*79
80
7978 7978 79
*79
79
*79
80
*79
82
300 Pitts Cln Chic & St Louis_.100 78 Feb 17 8212Jan 13
65 May 86 Nov
*8812 95
*8312 95
*8812 95
*8812 95
*8812 95
Do pref
*8812 95
100 83 Jan 26 9834 Jan 13
90 June 9812 June
8638 88
86
8718 8614 8718 8434 8638 3414 8514 84
14 79,700 Relaspngreferred
50 75'8 Jan 31 8958 Mar15
6938 May 8558 Nov
•43
454 *43
4514 *43
45
*43
45
*43
45
*43
4
50 4178 Feb 19 46 Feb 29
4038 Sep 45 June
*4434 4612 4612 4612 *4412 4512 *4414 4514 *4414 45
*4414 4412
1001 2d preferred
50 4114 Feb 21 48 Feb 29
40 Feb
Apr
44
12
12
12
*38
58
*12
12
58
*38
300'Rock Island Company_ _100
38
33 Jan 4
72 Feb 21
118 Apr
18 July
4.12
*12
34
%
*12
.12
3
4
5
8
*12
58
3.1
12Feb 1
14
100
78Jan
18
Apr
212
June
278
3
318
4
4
212 3
414
278
412
312
3
12,550 St Louis & San Francisco_ _100
212 Mar31
6 Jan 7
134 Mar
8 Nov
*518
5:58
558 558 *512 818
6
512 512
6
6
6
925 Do 1st preferred
5 Mar 7 10 Jan 7
100
1412 Nov
7 Aug
312 358
418
5
414
414
313 4
412 5
338 4
15,100 Do 2d preferred
Mar30
318
Jan
8
100
Nov
Jan
1034
7
3
*16
1834 *10
1834
1658 16%
1658 1658 1658 1658 *1612 1634
900 St Louis Southwestern... .100 1658 Mar28 19 Jan 17
Sep 23 Nov
11
•____ 44
41
44 *____ 44
44
44
Do pref
100 43 Mar18 45 Jan 14
4512 Dec
Sep
29
•1512 1614 *1512 1634 *1534 1578
1518 1514 *15
1512 1534
1512
600 Seaboard Air Line
100 1513 Mar30
2014 Nov
1118 July
1878 Jan 13
3512 3512 *32
3513 *3512 3634 3512 3522 *35
3512 3518 3518
200 Do pref
100 35 Feb 26 42 Jan 13
3014 July 4334 Nov
9778 9678 9738 16,900 Southern Pacific Co
98,2 994 93
9834 9838 985s 9678 0858 97
9618 Mar 1 1041s Jan 4
100
10413
Dee
Feb
8114
2012 208 2012 2034 3,800 Southern Railway
21
21
21
21
2058 21
2034 21
2418 Jan 4
100 1958 Mar 1
1212 July 26 Nov
59
5938 59
5814 59
5918 591,8
59
5938 *59
*58
59
1,400 Do pref
100 57 Feb 28 65 Jan 13
42 July 65 Nov
714
712
712
714
714
712
712
714
712 7,2 *714 8
2,600 Texas & Pacific
612Feb 14 10 Jan 3
100
1778 Apr
812 July
62
62
1 6,
62
62
*6112 6212 *6112 62
.‘61.
6.12 1,100 Third Avenue (New York).100 5912Jan 31 63 Mar21
Jan 6412 Oct
35
•412 7
*
*412 7
*5
7
*412 7
Toledo St Louis & West_ _ 100
612Jan 7
612Jan 7
878 Nov
Jan
1
*9
*8
*8
12
14
12
.8
*9
12
14
*9.
12
Do pref
100 10 Feb 15 1058Jan 8
1412 Nov
512 May
*94
9512 *9312 9512 194
94
9512 *94
*94
96
*94
22 Twin City Rapid Transit100 94 Mar24 9612Jan 11
96
90 July 100 Apr
13378 134
13314 13334 13312 13334 13214 13312 13134 133
13178 13212 14,800 Union Pacific
100 213014 Mar 1 14014 Jan 4 11534 Jan 14112 Nov
83
8234 83
*8234 83
83
8234 8234
810 Do
pref
Vg34 illi34
100 2'8112 Mar 1 84 Jan 28 z79 Mar 8418 Nov
1412 1412 1412 1412 *1412 1612 *1412 1512 71314
2 t3113
400 United Railways Invest100 1258Feb 24 2114 Jan 4
2712 Oct
8 Jan
*29
*29
30
2934 3018 3012 *29
30
2978 2978 *29
30
310 Do pref
2712 Mar 1 3934Jan 3
100
2114 Mar 4734 Oct
1538
1514
15
16
15
15,4 154
1534
1434 15
1458 1434 8,400 Wabash
100 1338 Mar 7 17 Jan 3
1712 Nov
1258 Oct
45
4538 4412 455s 4534 4738 4614 4712 4534 4614
453
4612
22,956
4
Do prof A
100 4112 Mar 1 4878 Jan 5
4378 Oct 4914 Nov
2734 28,4 2778 2838 2853 2918 2734 29
2734 28
2738 28
14,100 Do pref 13 do
2518
Mar
1
100
3212
Nov
15
Jan
3212
2512
Oct
3278
3312
32
3412
3273
32
31
3373 3112 3234 *3034 32
30,750 Western Maryland
100 2412Feb 28 3412 Mar27
914 Jan 3512 Oct
4712 4712 47
49
47
4858 "15
4734 48
49
*45
48
2,100 Do prof
40 Mar 7 49 Mar27
100
8
*212 3
Oct
505
Jan
25
*212 3
*2
37
18
2 4
27
*212 3
18
2
258
258
*212
234
200 Wheeling dc Lake Erie__ _100
258 Jan 20
424 Jan 5
614 Nov
12 July
*10
14
14
*10
*10
*10
14
15
Do lst preferred
100 11 Jan 19 15 Jan 8
2 Aug
1934 Nov
*312 412
*312 4
*312 4
:ii
j
1
:i2
Do 2d preferred
314Jan 18
101
478 Jan 17
818 Nov
58 Aug
*33
36
36
*33
3512 *33
*33
36
Wisconsin Central
100 35 Mar 2 38 Jan 15
28 July 45 Nov
Industrial & Miscellaneous
2058 2014 2053 2018 2014
20
2012 20
1912 20
1912 1958 7,800 Alaska Gold Mines
2114 Dec 4012 Apr
10 1713 Mar 6 2612Jan 7
938 912
932
93s 938
9,2
918 914
918 912
912 958 3,350 Alaska Juneau Gold Mining_
834 Mar 3 1014 Jan 7
1312 Nov
934 Dec
2814 2914 2834 3012 29
2978 30
2918 29
2914 2873 29
8,100'Ailla-Chaltners Mfg v t e__100 25 Jan 12 3378 Mar14
754 Jan 4912 Oct
7612 78
7612 7873 78,2 7812 77
79
*78
78
*75
77
4,000 Do
preferred v t o____100 7514 Mar 2 83 Jan 3
33 Feb 8578 Dec
*67
68
68
68
6814 68% *67
6814 67
67
*67
69
1,100
Amer
Agricultural Chem__100 65 Feb 28 7214 Jan 3
43 Jan
7412 Nov
97
96
97
*0514 9614 96
9638 9638 97
97
*96
400 Do prof
97
100 96 Mar23 9912Jan 5
90 Mar 10118 Nov
72
74
71
7112 70
73,2 72
7318 7178 73
1152 N13 31,200 American Beet Sugar
100 6154 Feb 1 74 Mar17
3314 Jan
7278 Dec
95
95
*94
*94
95
*9378 95
*94
95
*94
48 Do pref
100 94 Jan 4 9612 Feb 8
83 Feb 95 Nov
•____ 104
104
*95 104
*95 104 .100 104 *100 100
50 Amer Brake Sh & F ctts dee-- 10014 Mar 8 10312Jan 28
8714 Feb 10934 Aug
•___ _ 183
188
188 *- -__ 138
188
188
Do
pref Ws deposit
165 Feb 24 19514 Jan 3 13212 Mar 21934 Oct
6012 6158 6118 6234 6114 6212 6058
6134 62
5
61
100 5714 Mar 2 6538 Mar16
25 Feb 6313 Oct
11238 11238 11134 11134 *111 11212 6012 6114 31,700 American Can
11112 11112 111 111
Do pref
100 10012 Feb 15 11373 Jan 26
9112 Jan 11312 Nov
6712 69
6878 7012 6878 7014 6712 6812 *111 112
6878 69
6312 11,000 American Car & Foundry _100 6334 Jan 31
78 Jan 3
40 Feb 98
Oct
116 116 *11424 117 *116 117 *11414 11512 68
*116 117
*11414 117
100 Do
pref
100 116 Mar20 11912 Marll 11112 May 118 Aug
15914 15914 15812 15812 15858 15858 159 160
*15914 163
160 160
1,000 American Coal Products _100 15478Jan 11 17578 Jan 19
Jan 17012 July
82
•11612 118 §11612 11612 f,117 117 *11612 119 *11612 119 *11612 119
41
Do
pref
100 115 Jan 20 11612 Feb 15 105 Jan 120
Sep
56
*53
55
*5414 5538 *53
*53
54
5312 5312 54
200 American Cotton Oil
54
100 5114Jan 31
39 Jan 64
Oct
57k!Jan 17
.101 10212 101 101 *101 103 *101 10212 *101 10212 *101 102
100 Do
prof
91 June 10214 Nov
100 98 Jan 6 102 Mar15
1012 10,2 1014 1014 *1038 1078 *1013 1078 1014 1038 •10
1012
700
American
Hide
& Leather_100
938 Mar 1
12 Jan 3
438 Feb
1414 Oct
533.1 5318 5378 53
52
52
53
51
53
53
*5213 5312 4,400 Do
pro
57 Jan 18
100 45 Mar 1
1934 Jan
5913 Oct
2812 2812 2778 2812 2818 2818 28
2814
2814 2814 28
2838
1,900 American Ice Securities-100 25 Jan 20 3112 Feb 19
2058 Jan
Apr
35
2338 2378 2278 2418 2418 2134 2378 2412 2312 11_4 2378 24
24,900 American Linseed
251* Jan 26
100 20 Mar 1
3118 Oct
714 Jan
4412 4534 4414 47
4634 4734 4658 4714 45
63
4518 4578 13,200 Do
pref
4734 Mar28
100 3814 Mar 1
Jan
24
5012 Oct
7434 7512 7212 7434 7414 7812 7658 7834 7612 79
7818 7914 131,050 American Locomotive
4Jan
11
8334 Mar14
100 603
19 Mar 7434 Oct
*103 101
103 10318 103 103,4 101 104
10312 10312 *103 101
960 Do prof •
100 9914 Mar 2 104 Mar14
75 Mar 105 Nov
*712
*3
*8
9
9
814
9
814
*712 9
8
8
200 American Malt Corp
8 Mar16
378 Apr
838 Mar21
100
1318 Oct
.3412 3512 *3412 36
*31
3512 3412 3412 *34
*3112 36
100 Do
35
prof
2113 May 3712 Dec
100 z315 Jan 14 3612 Mar 9
•86
87 •86
86
87
86
87
*86
*85
87
*8613 87
200 Amer Smelters See pref B_100 8558 Jan 10 8714 Jan 25
Jan
78
May
8838
93
93
9314 9314 *93
9278 9278 93
93
94
9312 9312 1,030 Do prof Ser A stamped__
92 Jan 3 94 Mar16
Oct 92 Dec
86
10078 10112 9938 10134 10018 1003.1 10018 101
10038 102
10058 10118 31,450 Amer Smelting & Raining.100 9518 Mar 1 11338Jan 4
Jan 10878 Dec
56
11212 11258 11258 11234 *11213 11312 113 113 *11234 11334 11278 11278
720 Do
prof
100 11114 Mar13 11458Feb 3 100
Jan 113 Nov
•135 142 *135 145 .136 143
136 136
140 140 *135 143
310 American Snuff
100 130 Mar23 1487 Jan 10 144
Jan 165 Apr
•104 108
10714 10714 *107 103
•106 108
10812 1081
200 Do
prof
100 10612 Mar22 110 Jan 27 103 Jan 11038 Nov
5234 5234 5214 5212 5214 5214 5214 5212 5118 5118 5012 51
1,770 Amer Steel Foundry
100 4812 Mar 8 6124 Jan 4
2418 Mar 7412 Oct
11012 11012 11014 111
11012 111
10938 11012 10914 10912 10912 10978 4,060 American Sugar
0012 Feb 11978 Nov
Refining-100 10734 Mar 8 11612Jan 8
*11512 116
11558 11558 *11512 116
11512 11512 11514 11578 11578 11578
720
Do
pref
11514
Mar30
1183
100
4Jan
Feb 11912 Nov
109
4
13014 13038 13038 131
13012 13078 13012 13078 13014 13034 212734 12812 7,200 Amer Telephone &
Teleg _100 12614 Feb 1 131 Mar27 116
Jan 13014 Nov
•192 199 •194 193
19534 196
19512 190
19514 19638 19712 19778
1,600 American Tobacco
188 Feb 16 20014 Feb 3 19512 Dec 25212 Apr
100
10612 10612 10658 10658 *10512 107
10612 10612 106 10658 *106 106
1,025 Do
pref (hew)
100 10512 Feb 28 10813 Feb 8 10314 Jan 111 Nov
5158 52
5012 5114 5053 5034
51
5134 5012 5034 50
5012 3,900 Am Woolen certifs of deposit
42 Jan 11
Oct
5514 Mar14
46 Nov
56
09
9938 99
9938 9933 9934 9912 100
9978 10178 9934 9934 4,400 Do prof certifs of deposit. 92 Jan 10 102
Mar10
95 Dec 13,514 Nov
•Bid and asked pre ea: no gales on this day. I Ex-rights. § Lead than 100
shares. a Ex-div. and rights. I New stook. • Par $25 per share. e First installment
Ex-dividend.
Paid.
X
s Full-paid.
FRASER
378
1,23
58
j1 1,
.10,1 107
Digitized for
New York Stock Record --Concluded
1232
Salesfor
the
Week
Friday
March 31 Shares.
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
Saturday
March 25.
Monday
March 27.
Page 2
Por record of sales during the week of stocks usually inactive. see second page preceding.
1
Tuesday
March 28.
Wednesday
March 29.
Thursday
March 30
STOCKS
NEW YORK STOOK
EXCHANGE
PER SHARE.
Range Since Jan. 1
On basis of 100-share lots
Lowest
Highest
3 per share
Industrial&Misc.(Con). Par $ per share
share
$ Per share $ per share $ Per share $ Per share $ per share $ per 8812 31,100 Amer Zino Lead Oz S
25 6584 Jan 31 9118 Marl?
894 8712 8818 8778
8834 854 8734 8634 8834 88
87
50 8212 Jan 31 9238 Feb 14
Copper
Anaconda
76,600
8714
8618
87
8578
8618
87
8512
8712
86
8518 8818 845s
100 994 Mar 1 11858Jan 3
Locomotive
10334 10512 10234 10573 105 10714 10458 10653 10314 10512 1044 10518 71,900 Baldwinpref
100 10712 Jan 3 10913 Feb 23
Do
•10658 10834 *107 108 *107 109 *107 109 *107 109 *107 109
100 415 Jan 11 550 Mar14
Steel
Bethlehem
3,690
494
452
455
455
469
451
475
470
•462 495 1490 490
100 130 Jan 24 145 Jan 6
pref
Do
*132 145 *130 140 *13012 140 *13012 140 *13012 140 *13012 140
100 804 Mar14 87 Jan 3
Burns Brothers
84
*82
84
*82
84
8334 *82
*82
84
85 .4'82
*82
71 Jan 3 10514 Mar 9
.10
Copper...
Superior
&
Butte
15,700
9012
4
893
4
3
90
89
92
9012
8914 9112
90
9114 88
90
21 Mar 7 4258 Jan 3
vto_100
Petroleum.
2158 2212 2312 2312 2312 2334 2318 2418 2338 2312 2,800 California
2212 23
100 4834 Mar 8 8038Jan 3
pref
Do
1,000
5134
5134
52
4
511
54
4
*513
54
*51
51
50
*5158 64
31 5638 Mar20
5112Jan
100
Leather
Central
5,700
5334
8
535
5334
5318
6412 5438 5458
5314 5414 54
5418 55
100 10878Jan 3 1114 Mar 7
600 Do pref
110 110
•11014 11012 11014 11014 *109 11012 11014 11038 *1094 111
8913 Feb 28 9514 Marl()
100
Car
Motor
Chandler
500
92
*91
92
9178
92
92
93.
93
93
93
94
*93
25 2034 Mar27 2538Jan 5
2178 2218 7,600 Chile Copper
22
223s 2112 22
2134 2034 2138 2134 22
21
5 5184 Jan 31 80 Feb 19
5214 5312 5314 5334 5314 5358 5338 5434 5478, 5514 13,200 Chino Copper
5334 54
3958 Mar 1 53 Jan 4
100
Iron
&
Fuel
11,200
Colorado
45
4373
8
445
8
435
4514
• 4518 48
455s
4314 4534 4434 4534
13018 Mar 1 14434 Jan 8
Y)...100
(N
136 13678 13512 13512 13518 13512 13414 13512 13413 13418 1,733 Consolidated GAS
*136 137
100 7514 Jan 31 88 Mar10
2,000 Continental Can
85
8334 8514 8214 8314 *82
8334 85
82
82
84
.83
100 106 Feb 1 11012 Mar17
100 Do pref
*107 10914 *106 110 *107 10914 *107 10914 *107 10914 10914 10914
100 1914 Jan 8 2514Jan 25
2034 2014 2012 16,700 Corn Products Refining
2012 2078 2058 2034 20
2058 2158 2014 21
100 93 Jan 5 10112Jan 14
pref
Do
2,400
9534
*9414
4
943
8
945
96
.94
9412
9414
96
9612
0434
9812
8858 93 235,460 Crucible Steel of America_100 5234 Jan 12 9918 Mar16
90
8614 8858 8412 8834 8712 9134 8858 9112 88
100 10814 Jan 11 119 Mar16
525 Do pref
11533 11512 *115 116 *115 1154 11518 11512 11434 11434 111512 11512
1.200 Cuban-American Sugar-100 152 Jan 5 245 Mar28
240 244
237 245 *220 245 *221 250
225 229
*215 225
100 10434 Feb 1 10984 Feb 4
pref
Do
107
*102
*102
107
*103 108 *102 108 *102 108 *102 107
31 503 Feb5
4612 4712 4733 4812 4714 4818 4614 4738 4614 4738 13,000 Distillers' Securities Corp_100 4118Jan
4738 48
10 23 Feb 23 2912 Feb 8
Ltd
Mines,
Dome
750
25
2434
2434
*2412
25
4
*243
2154
*2114
25
.2413
4
2518
25
35 Jan 7
Mar31
15
Smelt___100
&
650
Mining
Fedaral
1712
15
*2612 2834 26
264 *__ 24
*2818 29
27
27
100 3634 Mar31 5712Jan 7
3,450 Do prof
4578 3634 40
39
4713 50
52
51 .50
*5012 5214 51
Mar18
350
1265
5
Jan
100
192
Chemical
General
§328
340
32112
132112
330
*320
320
1330 330 *325 330 1320
100 §113 Jan 5 116 Jan 27
200 Do pref
116 116 *115 117 *115 117
•1144 116 *11413 116 *11412 116
100 165 Mar 1 17812Jan 17
167 16712 166 16612 166 16614 166 10738 3.200 General Electric
16612 167
*16613 168
500 General Motors vot tr otfs_100 415 Jan 7 495 Jan 3
479 485 *445 485 *420 484 *450 485 *455 485 *455 480
100 11034 Feb 4 11613Jan 3
11612 11618 1,200 Do prat vot tr otfs
115 11614 116 116
11434 11434 11478 116
115 115
100 6734Jan 31 7733 Mar28
63,400
76
75
Goodrich Co(B F)
764
7518
7718
757
7738
8
4
753
7234 7338 7214 72
110 Jan 24 11634 Mar18
100
300
prof
Do
115
115
11478 11478 *1154 116 *11478 116 *11478 116
115 115
8834 8834 894 9058 1,700 Granby Cons M S & P__ _100 85 Jan 13 99 Feb 10
894 8912 *8818 8934 8912 00
89
89
44 Mar 2 5338 Mar 9
Copper...100
Cananea
5,200
4918
Greene
48
48
494
49
4614
46
4534
464 464 4558 46
2078 2078 2034 2034 2034 2034 2034 2034 1.600 Guggenheim Exploration___25 2034 Mar29 2418Jan 3
*2078 21
21
21
40,300 Inspiration Cons Copper__20 43 Jan 31 4914 Mar16
4758 4738 48
4712 4778 4638 4712 4738 4734 4738 4734 47
100 1812 Mar27 2978Jan 5
20
2012 *19
900 Internat Agrioul Corp
*1912 2012 *19
20
20
1912 1912 1812 20
100 5638 Mar25 74 Jan 5
4,000 Do pref
58
5914 5912 58
5934 60
5638 5718 5812 6012 6912 60
10812Jan 7 11233Feb 1
J_100
N
of
Harvester
2,800
11018
Intern
11012
1104
11018
8
1105
11058
11114
11012
11018
110
110
110
: 11912Jan 4
aa 29
100 1104
e:
Nsl
811412 Feb
*11534
118
118
4
prof
*1153
Do
*11534 119 *11534 110 *11534 119 *11514 119
133s Feb 15 2312Jan 18
30,600 Int Mere Marine otts of dep
, 1613 17
1658 17
1773 1653 17
1778 17
1634 1714 17
8514 Jan 17
dep
of
ctfs
152,995
Do
7012
pref
6812
704
6934
683
4
6714
7118
6818
7114
6818
72
7012
42 Mar 1 58% Jan 17
0
4734 28,320 Intern Nickel(The) v t 0-128
46
454 4634 4538 46
4614 4634 4334 4512 4478 46
1238 Mar20
1114 1114 *1114 1134 1,000 International Paper
1214 1112 1112 1118 1178 *1112 12
12
100 4212 Feb 1 5034Jan 3
4,100 Do pref
50
*48
49
4934 5058 4978 5014 4913 5018 4912 4978 *48
Mar20
7678
6918
Mar10
25
9,800 Kelly-Springfield Tire
76
7513 7412 74711 75
7434 7434 7414 7434 7473 7534 75
100 9618 Mar23 9718 Mar14
9713
Do prat
9718 *96
971z *98
9712 *96
9712 *96
971 *96
*96
5812
Mar31
1
Mar
52
Copper
153,025
Kennecott
5818
574
57
5653
5814
56
5578 5614 5513 5578 5558 66
100 7234 Mar 1 86 Jan 6
7778 7614 7773 7813 7734 10,600 Lackawanna Steel
7758 77
77
7534 77
7714 78
19
Feb
53
4818
1
Mar
Tire
&
Rubber
5218
17,450
4
513
8
Lee
523
8
515
3
517
4
4
513
503
8
527
4934 60
50
50
300
2
f yers Tobacco_100 24934 Mar 3 265 Jan 4
M
60 Liggo
,re
24978 24978 *248 250
250 250
D ett &
*244 24512 4'244 250 *244 252
100 118 Mar30 122 Mar 3
•118 11912'118 12112 *118 11912 11812 11812 118 118 *11714 11912
18
18
*16
*18
Loose-Wiles Disc tr co otfs_100 15 Mar 3 21 Jan 18
19
*16
19
1834 *16
•16
1834 .16
100 78 Mar16 9118Jan 13
100 Do 1st preferred
90
90
*79
*78
90
90 •78
*78
85
*77
78
78
*51 5810
Do 2d preferred 0 50 Mar 3 58 Jan 25
57
*51
58
*51
58
*51
59
59 .51
•51
9 19838 Mar 1
Jan 16
8jan
614
191
0 17
100
10
(P)
Co
Lorillard
900
189
190
189
190
190
4
1883
188
188
18712 18712.'187 190
120 Mar15
Do prof
11714 11714 *11518 120 *11512 120
*11714 12012 *11714 12012 *11714 120
7018 7138 68,100 Maxwell Motor Inc tr otfs_100 5714 Mar 3 7534 Jan 3
7412 7018 73
72
7138 7014 74
7012 67
69
1
Mar
93 Jan 3
82
ctfs_100
tr
8514
4,700
stk
prat
1st
85
4
Do
853
8434.
864
4
853
8612
8412 8512 8513
8513 86
17,350 Do 2d prof stk tr otfs_100 4214 Mar 2 5778 Mar29
5478 5434 5738 5512 5778 5334 5512 5314 55
52
544 55
100 934 Mar 1 12958Jan 3
10738 11038 1074 10834 144,600 Mexican Petroleum
10612 10812 10412 10814 10634 10812 10612 110
100 95 Mar 1 10558Jan 3
100 Do pref
*95
9912 *95 100
98 *-__ 100
98
99 •_-__ 99
•95
5 337s Mar 1 39 Jan 4
3 3618 3712 3712 3812 38,600 Miami Copper
3834 36713 384 3634 3014 3655 3838 367
1
6814 Mar 1 794 Mar28
100
2,400
79
Power
7818
*76
4
783
7878
Montana
7912
4
79
79
79
78
8
777
7778
109 Jan 3 11413 Feb 23
100
*11214
113
113
113
prat
*11214
*112
Do
•112 113 *112 114 *112 114
100 12018 Feb 28 12514 Mar20
400 National Biscuit
•124 125 *122 125 *12214 12312 1224 12212 12214 1224 12212 12218
100 125 Jan 3 129 Feb 8
100 Do pref
12612 12618 *125 128 *125 127 *125 127
*121 127 *126 130
100 2218 Feb 1 2934Jan 6
2478 2512 *2414 2512 2418 244 244 2412 1,800 Nat Enam'g & StamVg
234 25
28
•25
100 92 Jan 19 974 Feb 18
97
100 Do prof
*94
97
*93
99
9412 9412 *94
97
9712 *93
*95
8 7373 Jan 19
FebFe 29
6714
278b
14
0 16
100
10
6612
87
4,000
67
67
6618
Lead
National
6714
6612 6612 6613 6612 6633
115 Jan 22
37 Do Prof
*113 114 *113 114 *113 114 1113 113 §113 113 *113 11318
1713 Mar29
Jan 31
15
5
1738
30,115
1738
1712
1718
Copper
Como!
17
Nevada
8
167
1712
4
163
1878
1614
1673 1718
15312Jan 15
2
Mar
143
142
£13814
100
14212
2,100
Air
14212
Brake
New York
14234 14312 14334 14334
140 143
•140 145
100 68 Mar30 75 Jan 3
700 North American Co
6818 6818 684
70
68
6912 6912 6912 691 *68
*6918 70
5 1134 Jan 3 2958 Mar 2
24
1,400 pacific Mall
*22
*22
24
*244 2612 2412 2412 2414 2413 2214 24
100 34 Mar 2 44 Jan 15
36
*35
36
*35
100 Pacific Telep ex Teleg
36
3514 3514 *35
39
*35
39
*35
3
10153 10458 10414 10458 10433 10478 10414 1047s 10434 10434 1,500 people's 0 L dc 0(Chic)..100 10012 Feb 9 11178Jan
•104 105
4312 4,000 Philadelphia Co (Pittsb) _50 3934 Mar 1 48 Jan 17
4378 *43
43
4334 4218 4212 43
42
4212 4212 42
1 3634 Jan 17
ar28
Ma
511 m
200
00 :00
110000
1
1,900 puraburgn Coal
284 27
27
2712 2634 274 2613 27
29
*27
2712 28
11134Jan 13
900 Do pref
10312 10318 10212 10212 10212 10212 102 10212 *102 103
10312 104
100 4914 Mar 2 6518Jan 4
5213 2,420 Pressed Steel Car
534 5318 5312 5213 5314 52
53
53
53
54
154
Feb 9 10478Jan 4
450 Do pref
10214 10212 10214 10214 102 102
*102 103 *102 103 *102 103
100 public Serv Corp of N J-100 114 Jan 31 118 Mar 8
11614 11614 *116 119 *117 11858
•11713 119
mar22 17134Jan 17
138 Mar31
100 162
1,522 Pullman Company
16112 16112 161 161
1-611-2 i(12- 1-(Ci
16155 162
4.16118 162
634Jan 19
4
1,100 Quicksilver Mining
334 334 *3
34 334 *314 4
334 373
378 373
100
4
Mar22
834Jan 26
*5
513
512
5
300
pref
*414
Do
5
5
5
6
*518 54 *5
100 3778Jan 12 4414 Feb 11
404 3912 4034 3912 4012 3918 3918 3934 3934 2,600 Railway Steel Spring
39
40
40
100 954 Mar 9 100 Jan 4
*9534 96
196
98
325 Do prof
96
96
96
9714 96
*96
97
*96
Feb 21
2314 2334 2338 2358 2312 2334 2333 2311 2358 2438 16,200 Ray Consolidated Copper-_10 2234 Jan 31 26
2334 24
5034 5014 5034 11,400 Republic Iron & Steel__100 4814Jan 31 5514 Jan 3
5158 50
5112 51
5114 51
5034 5158 50
Mar14
112
21
Jan
103
100
10812
1083
10812
10812
4
1,300
1087
s
pref
Do
11)9
8
1087
4
1083
10918
109
10914
•109
1512 *1118 15
200 Ruraely Co(M)ars of deposit 11 Jan 24 1418 Mar22
14
14 .14
15
*11
•1418 15
24
24
30
*22
30
100 Do pref certifs of deposit_ 24 Jan 21 26 Jan 5
*22
30
*22
30
*22
100 16814 Mar 1 188 Jan 3
200 Bears, Roebuck 6c Co
176 176 •174 178 *17413 178 *172 17612 *172 17612 17512 1754
100 12538 Jan 8 12714 Mar 3
Do pref
•12513 126 *125 126 *12538 126 *125 ____ *1253s 12612 *125 126
10 33l Feb 9 4014 Feb 14
3578 3658 x3538 3614 35,200 Shattuck Arts Copper
3518 3658 3434 3578 3558 3638 3578 37
5314 Mar 3 63i4Jan 3
Ir__100
66
&
.54
Steel
58
5612
400
*56
ield
5612
Sloss-Sheff
56
56
58
.56
58
*56
146 Jan 29 205 Mar31
205
195
Sugar__100
195
19512
2,900 South Porto Rico
19418
*190
19212 197
185 190
•185 190
100 106 Feb 2 1134 Mar27
112 113
400 Do prof
111312 11318 11318 11312 *112 115 *112 115 *112 115
100 88 Mar10 97 Mar24
95
974 *91
240 Standard Milling
9718 9513 9518 *95
9638 9638 *95
97
197
100 8513 Mar 1 89 Mar28
200 Do pref
18812 8818 *8812 894 *8812 894
89
18912 8912 *8812 8912 89
1394 14114 33,950 Studebaker Corp (The)-100 133 Mar 1 167 Jan 3
13812 141
14014 14414 13834 14212 14114 14418 141 144
100 110 Jan 22 114 Mar14
111 111 .111 113
200 Do prof
1114 11118 *109 114 *110 112 *111 112
Mar27 8612Jan 5
5212 5218 5314 5338 5438 5234 5312 5318 5378 11,495 Tennessee Copper
534 51
52
23512Jan 3
5
190 19214 9,200 Texas Company(The)_ 100
25 1891
189 193
19278 19514 19412 19534 194 195
196 196
858 Mar17
884
Jan
7
712
31
7
74
100
5,550
Union Bag & Panel*
714 738
718 734
734 8
814 84
3113 3178 2,550 Do pref
3018 31
100 28 Jan 27 35 Mar18
3112 3073 31
3318 30
33
34
34
2
Mar20
64
Mar
594
100
8
617
62
6112
613
4
613
4
600
*6112
Mfrs
Uni
Cigar
United
6118
6113
63
6218 *59
62
100 108 Mar14 110 Jan 3
*10818 ____ *110 120
130 Do prat
*10818
10912 10978 *1084
*108 110
100 b9 Feb 9 510 Feb 19
95
944 95
95
94
6,000 United Cigar Stores
b914 93s b914 938 b914 _-94 95
11912 11912
180 billa Feb 10 b12 Mar10
200 Do prof
11912 11912 *115 121
*1173 12
*1178 12
•1178 12
100 13618Jan 31 15012 Feb 11
14473 14718 15,310 United Fruit
142 14378 14314 14612 14453 14512 1444 145
144 144
2118 2112 2113 2118
23
700 U S Cast I Pipe & Fdy__ _100 1518Jan 31 2612 Mar14
2412 2234 2234 2273 2278 *20
•23
52
*51
100 4823 Feb 5 5414 Mar20
54
200
*51
4
Do
513
54
prof
5134
*51
52
52
54
•51
50
100 45 Feb 16 4958 Mar29
4958 4812 4958 *46
900 U13 Express
4578 4578 46
46
*45
46
*45
12634 Jan 11 169 Jan 21
154
15213
154
15118
154
15212
Alcohol._100
17,000
Industrial
U
15512
El
8
1527
155
152
15258 15434
104 104
100 102 Mar 2 114 Jan 13
200 Do pref
0104 10512 105 105 *10412 106 *10418 106 *104 106
100 4734 Mar 1 5813 Jan 3
5034 5078 5114 5114 4,600 United States Rubber.
52
5134 6214 51
5238 5012 52
52
100 10618 Feb 5 111 Mar20
710 Do 1st preferred
*110 111 111014 11014 110 11014 11012 110,2 11012 11012 *10918 11034
100 £7934 Mar 1 89 Jan 3
84
854 8313 8414 8334 8458 174,785 United States Steel
8458 8518 8338 8412 8418 85
100 z1154Jan 31 11812Jan 25
11653 11634 11614 11658 11612 11634 4,600 Do Prof
11834 117
11678 117
*11658 117
31 8834 Feb 19
an 3
2 Jan
77
4
8234
3
813
8
815
8158
4
3
80
81
Copper
21,900 Utah
814 7934 8118 8013 81
81
51 Jan 17
4512 4338 4414 3,300 Virginia-Carolina Chem...100
10
46
4534 4534 44
4514 464 48
46
46
*107
29 112 Jan 3
Jan
110
11112
109
600
11113
4
100
1113
Do
prof
11114
10912
*109
8
1107
11078
•109 111
9014 9012 9014 9034 9038 9114 9114 9112 5,550 Western Union Telegraph _100 87 Mar 1 92 Jan 15
8978 904 8918 90
65514 x8438 6478 39,000 Westinghouse Eleo ..k Mfg...50 6058 Mar 1 7158 Mar15
6578 6612 6434 6534 6558 6613 854 664 65
79 Mar15
Jan
*74
*75
76
77
77
*75
77
Do 1st preferred
*75
77
7712 *75
*75
31 23918 Mario
31
7
223 229 •22012 227 *202 235
1,100 Willys-Overland (Thal__ __15
0 1995
00
227 227
224 227
230 230
103 103
1,200 Do pref Sub recta full pd _ 100 102 Mar 2 106 Feb 7
10412 10412 104 10112 10412 10412 10412 10412 103 104
122 1224 122 12234 1,900 Woolworth (P W)
100 118 Jan 5 12513 Feb 9
12112 12112 *12113 12138 12112 12212 12212 123
12418 12413 *124 125 *124 125
_100 12312Jan 4 12118 Feb 18
200 Do pref
•124 125 .12412 ____
•Bla and asked prices: no sales on this day.
3 Ex-stock dividends. z Ex-dividend.
i Leal than 100 shares.
Ex-rights:
PER SHARE.
Range for Precioste
Year 1915
Lowest
Highest
per share
6714 Dec
C2434 Feb
2658 Mar
92 Mar
4614 Jan
Jan
91
794 Dec
5618 Aug
8 July
30 July
3258 Feb
10038 Jan
Ilper share
7113 Dec
9158 Nov
15418 Oct
114 Sep
600 Oct
184 Oct
9438 Oct
7978 June
3858 Dee
81 Dec
6114 Nov
11018 Nov
233 Dec -16-3; Nov
3234 Jan 5738 Nov
2134 Jan 8618 Sep
11334 Jan 15018 Oct
4014 Jan 127 Oct
8813 Jan 10913 Dec
8 Jan 2112 Oct
85 Jan 9634 Dec
1824 May 10978 Sep
84 May 1124 Sep
38 Jan 177 Dec
93 Mar 110 Sep
54 Mar 504 Oct
116 June 3014 Deo
8 Mar 60 June
20 Mar 05 June
165 Jan 360 Oot
106 Mar 111812 Nov
138 Mar 18518 Oct
82 Jan 558 Dec
9058 Jan 138 Deo
2413 Jan 8014 Oct
95 Jan 11414 Oct
7914 Apr 91 June
37 Oct 5238 Dec
x22 Dec 83 Dec
1658 Jan 4718 Oct
512 Mar 2934 Nov
8 Mar 7134 Deo
90 May 114 June
110 July 120 Nov
18 Dec 204 Dec
554 Nov 7718 Dec
17934 Dec 22318 Oct
1278 Dee
8 Jan
33 Feb 5034 Dec
9434 Sep
28 Jan
-207 Jan
11334 Jan
16 Feb
86 Feb
55 Dec
1854 Jan
112 Sep
1514 Jan
4314 Jan
18 Jan
Jan
51
67 Jan
1714 Jan
42 Jan
99 Jan
116 Apr
119 May
94 Jan
79 Apr
44 Jan
10434 Jan
1134 Feb
5618 Feb
64 Jan
z814 Dec
2618 Feb
10618 Dec
3512 Apr
1514 Jan
8114 Jan
25 Mar
86 Mar
1004 Aug
1504 Mar
14 Mar
%)vfar
19 'Mar
87 Mar
1514 Jan
19 Feb
72 Jan
34 Nov
714 Oct
813134 Mar
12138 Jan
260 Dec
120 Dec
31 Jan
1054 Jan
67 Oct
189 Nov
118 Jan
92 Oct
10334 Deo
6818 Oct
12413 Dec
1044 Deo
3618 Dec
7934 Dec
120 Deo
132 Jan
12718 Deo
364 Oct
97 Dec
7034 May
115 Nov
17 Nov
18434 Sep
81 Apr
38 Aug
494 Oct
12314 Apr
49 Sep
424 Oct
114 Oct
7814 Oct
106 Oct
120 Dee
17014 Oct
554 Nov
878 Nov
54 Oct
102 Nov
2718 Nov
574 Dec
11258 Dec
1434 Deo
29 Nov
20918 Feb
126 Dec
24 Jan
40 Feb
8938 Feb
4312 Feb
66 Fob
3534 Jan
Jan
91
2512 Feb
120 May
438 Jan
2218 July
42 Jan
100 June
b9 Dec
bilis Oct
139 Nov
8 Jan
3213 Mar
4314 Dec
15 Jan
70 Jan
44 July
10138 Feb
33 Feb
z102 Feb
4813 Jan
15 Jan
80 Jan
57 Jan
32 Feb
5812 Mar
87 Feb
6678 Deo
164 Dec
110 Oct
93 Deo
85 Nov
195 Oct
11918 Oct
70 Sep
237 Dee
94 Dec
3113 Deo
6634 Oct
110 Oct
51013 Oct
51218 Nov
163 Nov
3178 Oct
5513 Nov
734 Mar
13134 Dec
107 Nov
7434 Apr
110 Apr
894 Dec
117 Oct
8134 Dec
52 Oct
11378 Dec
00 Nov
7478 Oct
85 Oct
268 Nov
-0514 "iii; 1201sDec
115
Jan 124
Aug
a Ex-aly. and rights. b On baste of $10 Dar value. o Par $25 per share.
New York Stock Exchange--Bond Record, Friday, Weekly and Yearly
1233
1909 the ggamaas method of quoting bonds was ebastaed. and prices ore now all-"and inlerest"--escept for Wows and defaulted bonds.
BONDS
N. Y. STOCK EXCHANGE
Week Ending March 31.
Price
Friday
March 31.
Week's
Range or
Last Sale
Range
Since
Jan, 1.
Ask Low
Bid
High No. Low High
O. 8. Government.
US 25 corm! registered_d1930 Q- I 9934 --- 9978 Jan '16
9978 097s
9714 Oct '15
d1930 Q - J
9954
U 11 25 non8o1 coupon
k1918 Q - F 10214 10234 10218 Mar'16
10218 fOis7i
U H Ho registered
5 10218 10278
k1918 Q - F 10278 Salo 10278
10278
U Eil He coupon
11118 Mar'16
1925 Ci - F 110
U H is registered...
10934 1111s
1025 Q F 11114
11213 Mar'16
U H Ile coupon
11014 11212
9814 Oct '15
U 11 Pan Canal 10.30-yr 2a.k1936 (3-F 99
F.1 S P n Canal 10-30-yr 2s._ 1938 Q -N
97 Jidy'15
2
Mil Q -M iE110318 Mar'16
11517ii Panama Canal 3s II8 1.031-4
'Us Philippine Island 4s:1914-34 (3-F 100 _-- 100 Feb '15
BONDS
N. Y. STOCK EXCHANGE.
Week Endlru; March 31.
t
Price
Friday
March 31.
Week's
Range or
Last Sale
13
oc)3
cO
Range
Since
Jan, 1,
Ohio Ban & Q (Con.)Bid
Ask Low
High No. Low HO/
40W& Div sink fund e1......1919 A - C. 027s - -- - t0278 Feb '16
10213 1027s
Sinking fund Ce-----1019
9938 9934 9934 Mar'16
9938 9934
Joint bonds. See Great North
Nebraska Extension 41_1927
9818 Salo 9818
9 9744 9958
9818
Registered
9634
96 Jan '16 ---- 96
1927
96
Southwestern Div 41
9912
_ 9918 June'I:,
_
1921
931s 9314 9318
General 48
26 -1524 -64-3;
1956
9314
2318 25
Ohio & E Ill ref & imp 45 g__1955
24 Mar'16
2513
24
10458 10512 10478
let coneol gold 6a
1934
1047s
104 105
General consol let 6,8
---- 7834 79 Mar16
1937
8258
79
Registered
76
79
71 Jut:e•h
1937
Foreign Government
!Jur money 18t coal 6e
_ 9714 Feb '12
1942
Anglo-French 5-yr 5s Eater loan_ A 9534 Sale 9518
9534 5931 9312 96
15
Ohio & Ind C Ry 1st 5e
21
24 Jan '16
1938
21
24
ArgentIne-Internal 54 of 1009_ _ 74. ri 9158 92
9012
9158 23 8934 9538 Ohio Great West let 4s
7214
Sale
7
7214
1959
7212
7134 74Obineso (Ilukuang Ry)-5s of '11 J -D
7412 7558 74
112 113 1.1318 Feb '16
7612 31 69
781i Chia Ind & Loulsv-Ref 88-1947
11112 11318
5 9614 10034
Cuba-External debt 59 of 1901_ M.
10014 Sale 10014
Refunding gold 51
10014
9734 10112 /(0 Feb '16
1947
100 100
11 9418 9612
Eater dl 50 of •14 ser A._ .1949 F - A
90
Refunding 43 Series C
9612 96
81
9614
9558 Apr '11
1917
- -15 8112 87
-;T,Frnal Ioan4
87
86 ____ 8614
Ind & Louise let au 49-1956
70 __ _ 55 Dec '15
_1949 Ii'Dominion of Canadagdswl 1921 A -0 9912 Sale 9913
9958 350 9912 9958 Ohio Ind & Sou 50-year 4s_1956
9038 9138 9038
1 90
9113
9038
449
9714
Do
Sale
9714
973
8
9714
do
9733 Chia ISA East lot 43ia -- -1969
9734 Sale 9734
2 9734 9734
1926 A -0
9734
795 9634 97
97
Do
Chicago Milwaukee & St Pauldo
1931 A -0 9678 Sale 9634
41 8214 13131s
3apautee 00v8-1: loan 4%0 1026 F A
86
86 Sale 85
92 Sale 92
(Isn'l gold 45 Series A
9234 29 9118 94
51989
14 7813 8518
85
Second series 41-,o
Registered
9258 Feb '16
1925 J - J 85 Sale 84
e1989
9258 9253
Do do"German stamp"_
7734 Sale 7673
7734 218 73
91 Sale 93
Gen 4c ref Ser A 4 1-is____a2014
7734
9438 93 93
9412
69 Mar'16
Sterling loan 44_
Gan ref cony eer 11 5s___a2014
63
10634 Sale 10658
70
.. 1031 1-3 t 6912 70
10634 57 10618 110
60 Feb '16
Metico-Etter loan 50 at 1699
60
80
60
Gong gold 31is Sir B... e1989
- J X__ _ - 56
81
8034 Mar'16
8012 8112
5() Feb '16
85
Gold debt 42 of 1901
50
50
103 Sale 10278
General 43-ft der 0
23 10212 104
1954 I D _
103
el989
9512 Jan '15
Pray of Alborta-deb 4 144 _1924 F - A
9158 0238 9212
25-year deben 45
9258 34 92
1034
9312
787s 118 74
Tokyo City-55 loan of 1912 .__ • S 777s Sale 7778
80
10018 Sale 10018
Convertible 434s
10038 99 1001s 10334
rtlese at+ prtr,s all ch. Oasis of 15mi
Ohio & L Sup Div g 6s
10358
____ 10378 Feb '16
10378 10373
193
1922
1
Stets and City Securities.
Ohio & Mo Itiv Div 58_1926
106 ____ 10578 Mar'16
10814 10573
31 101 103
103
N Y City-4IOhio & P W let g 5s1921
10358
_ 10378
1980 1W -fl 10258 Sale 10212
10418
10314 10418
8 101 10278
10278
131s Corporate oto-k
MAO
91 Sale 91
_196 1 /A- 9 10213 10234 10234
Puget8,1 let gu 43_1949
9114 51 9034 91.7s
10713
Sale
38
10712
1077
8
10016
108
-D
4.4e Corporate stock
Dubuque
1965
10658 -- 107
Div 151 e f 6a... 1920
1 107 1073s
107
3 10578 10758
10712
Fargo & Sou assurn g 63_ _1024
11118
4j-4s Corporate stook ._ 1983 IN- 8 10678 10712 10713
110 June'1:3
997E1 9978
52 0778 100
100
La Crosse & D 1st 55
4% Corporate stook
10213 10258 10234 Feb '16
1959 -N 99
1919
102s 10234
9934 9978 Mar'16
93
4% Corporate etook_ _1958 NI. P1
997s
&
Wis Minn Div g 5s
10378
192
920
1
- 10378
10378
10312 104
9958 0934 100
11 9758 1001,
10018
I% Corporate stook
Win Vail Div let Ss
10638 1071e 107
1957 M - N ---1 107 10714
107
9714 Jan '16
4% Corporate stock._ 1056 Ni- N 100 __
9714 9714
MII & No 1st eat 4%s.._1934
102 ____ 10013 Nov•15
1067
8
35
10714
107
N11073
8
Row Cis
N
10712
10534
1957
Cons extended 4 M1934
10134 -- 101 Feb '15
Rif New 45.40.
Cale& Nor West Eat 431836-1026
1917 Ni- N 100 10112 10138 Dee '15
9712
9638 Feb '16
9513 9732
43% Corporate etook
10738 34 106 10713
1957 TA -N 107 Sale 107
97
_ 9412 Nov'15
Registered
1886-1926
1007
8
101
1007
1
8
10078
13i% Assessment boodn loll ail - N
8112 Sale 8113
10078 10078
General gold 33-4s
23 -g1382
1987
8 84
8812 Mar'16
34% Corporate stook__ _1954 al- N 8914 90
8838 88:11
- - 8212 7813 Jan '14
Registered
..121997
• Y State-1s
-• li 105 _ -- 105 Mar'16
1961
10213 10558
9414 Sale 9414
General 4s
9412
9414 ig11987
2
.105
10514 Mar'16
Canal Improvement 4s.-1961 J
J
102 10514
_ 9412 94 Mar'16
Stamped 49
9314 96
10214 Jan '16
Canal Improvement 0_1962 - J
1.1.
( 11612 116 Mar'16
10214 10214
General 5s stamped_--_1987
11418
1163
4
Canal Improvement 45.__1960 J - J
10212 Jan '16
10212 10212
112
Sinking fund 6s___1879-1929
11212 Jan '16
11212 11212
4 10
15
,
5
:
4
8 11478
Canal Improvement 4 liq_1984 I - J * 4:311478 20 113 115
111
Registered
10513 Dec '13
1879-1929
Canal Improvement 41i3_1965 1 • J
10714 Feb '16
10434 ------ 10434 Mar'16
10613 1071 t
Sinking fund 5e
1879-1929
10.18
3
1431
4
Sale 11434
Highway Improv't 00_1963 NI- 5
3 11213 115
11434
1()A4 -- 101 Feb '18
Registered
1879-1929
101 104
Highway Improv't 4 146_1005 M • •
10912 107 Mar'16
10314 10312 10313 Mar'16
107 107
Debenture a
103 10313
rcrgInla funded debt 2-3e__ _1991 1 - J 86 Sale 86
19
80
Registered.------------ 1921
86
8838
-- 101 Dec '12
5112 Salo 5112
Sc deferred Brown Bros We _
1 5013 56
5112
16114 10.512 10478 Mar'16
Sinking fund deb Si
193:3
101 105
Hallman.
Registered_
10112 AlaY'15
63
6312
A an Arbor lot a
63
C 1995 Q
12114
From Elk & Mo V let 6s:19
6312 30 63
6531
117
Aug
'15
0
3
3
Ateb Top & S Fe gen g Al__ _1995 A • 0 941a Sale 9378
Man GRAN W 1st 3%t.1911
9138 373 9378 9518
-- 9012 Sep '09
RegIstered
0 9313 _ _ 9353 Mar'16
Milw & 13 L 1st go 34e_1941
1095
83_
93
9358
8658 8712 8658
Adlumtment gold 41...._11995 Nov
8634 -15 86% 88
Mil LB A Welt Iota 6s___1921
108 15i3s
Mar'1603
108 100
Registered
- 8613 8613Jan '18
_41995 Nov
Est & Imp 5 f gold 55_1929
1064 ---- 10713 Feb '16
8413 8612
10652 10712
Stamped
8638 8714 8658
26 8658 8814
11 995 M-N
87
11258 -- 11178 Dee '15
Ashland Div lot g 6s..._1925
Cony gold 4s__ _ -.... -1955 J -D
11218 _
103
7 103 10718
103
Mich Div let gold t1s___1924
11213 Feb '16
1121 1121;
Cone 4s !slue of1910___1080
8 Sale 10338
- I -D lE315 103 10734
Mil Spar dc N
10:334
917
9212
8
0178
it du 41_1947
9178
9113 94
10-year 61 _
_ _ _ .....1917 -D 10114 Sale 101
10358
Northw Union let 75 g..-1917
10112 27 101 10134
10738 May'14
East Okla Div lit g 4s _1928
1 96
at L Peo A N W let go 51_1918
107 Sale 107
96
- fl Oil _
96
9612
2 itiiN ids;
107
Rocky Mtn Div 1st 48_1985 J -J 80
Winona A St P 1st ext. 71_1910
§fi
102_ 10212 Dec '15
8612 Mar'16
89
86
Frans Con Short lot 45_1958 J - J 90
22 89
91
9118 Chicago Rock fel & Pao Se _i917
10218 Sale 10218
8312
90
10218 24 loll, 1027k
Cel-Arls 1s1 h ref 410 4"1962 as- 8 9753 Sale 9758
12 9712 99
102 10213 102
Registered
98
5 10112 102
la2
S Fe Pren & Pb let g ls._ _1942 M- 5 10318 105 10312 Sep '15
Xy general geld 4e
86 Sale 8534
40 8114 87
86
1988
19
In Coast L lot gold 43._ 11952 N/- 8 9253 Sale 9258
22 -1/134
8334 8414 8334
Registered
- 9438
93
5 88
833
1988
84
4
Gen unified 4125
5 9158 9218
6812 Sale (3714
RefundiLa gold 4e
0134
1904 J - D ---- 9134 9134
1934
6834 166 6334 6912
Ala Mid let gu gold 5s...._1928 Ni- N 10713 10773 10613 Feb '16
20-year debenture 55
10614 10738
4518 46
31 41 13 49
4518
4718
Bruns & W let gu gold 49.1938 ) J *9312
_ 9433 Mar'16
Coil trust Series P 4s
9334 95
9434 June'11
-N 8018
Charles at Say let gold 7e_1936
129/8 Aug '15
R I Ark & Louli 1st 4 41_1
J 13212
AI- 9 52 -58
53 Feb '16
119
93
314
82'1W
55
6513
10 86
L & N coil gold 415
86
Bur 0 R & N-lit g 51_1034 A 0 1/958 10038 9958 Mar'16
8712
o1952 111-N 86 flare 86
993
8
100
,
1 120 8122
28
04 S4
.1..1!.. 120
Say PA W lot gold 6s____1934 A - 0 1
120
CRIF&NWlstgu 58_1921 4-0 --- 99 100.8 Mar'14
105 July•15
1st gold 5s._
NC & St L lit gu g 7e
1934 A - 0
1927 J D 6E71;
3118p Ooa &0 gu g 4a._ _1918 1-i 99 .___ 9913 Feb '18
Oboe Okla & G gen g 5s_o11919
-6618 -6111-3
98'4 Jan '16
7 - I
"iirs
93
65 9214 9373
"alit & Ohba prior 113-is
91
Cmsol gold 58
1926 '-I 93 Sale 9214
9758 J uly I
N
9214
- 9214 Fob '16
Registered
Keok & Des Molnes 1st Se 1923
.41926 Q
58 Jan '16
952 A - 0 55
58
53
9113
Sale
9114
let 50-year gold 4e
9134 89 9114 9212
St Paul & K C Sh L lit 44641 F A
41048 1 o
- 71
13613 Mar'16
71
65
---- 90
91 Mar'16
Realstered
1948 Q
8913 9114 Ohio St P M & 0 con 6s
11833 Jan '18
118t, 118%
1930 .1 D 11814
50-yr cone 4145 ------- - 1033 - -- 9638 Sale 9614
9612 -5;1 9614 9454
90)4
Cone fie reduced to 33-4t._)930 J -D
873
4
Feb
'17
8734
873
4
1007a
Sale
Refund & gen 5s Series A.. _ 1995 J - D
10034
101
119' 10034 10112
Debenture be
10238 10212 Mar'16
1930 141 A
10212 103
_ 112 Jan '12
eltt5 Juno tat goIu as.__1922 -J 105 _
Oh St P & Minn let g 85 1 93
11813 Nisei()
19
8 10-N
11818
11814
9112 I/2 -38 0114 Feb '16
P Juno A M Div let g 31-15 1925 MN
118
North Wisconsin let 88_1930
91 -6173-4
1293 May'01
L E & %V Va'Os ref 4s._1941 11,1• 11 83 Salo 88
8812 56 88
St P & 8 City let g 6s..
90
1919 A -0 10515 ---- 105 Feb '16
ioi - 10538
9138 Sale 9133
Southw Div 18t gold 3541_1926
9112 28 911a 0212
Superior Short L let 5818.41930 M • e ____
Cent Ohio R 1st o g 4 i-is_1030
S
100 Apr '13
Ohio T It & So-east lit (Se
68
82
1960 J 85 Jan 'IA
Sale 10734
01 Lor & W con 1st g 51..1933 4-0
10734
10613 10718 10812
1071-4 i07r8 Chia & West Ind gen g 6e_41932 Q
10612
1061, 10718
Monon River let gu g 54._1919 F • A
101 Deo 'lb
70 Sale 79
Coneol 50-year 45
6 7812 8158
79
-D 11111801067153334844
10212 Oct '15
Oblo River RR lit g
01n II D 26 gold 4%i
85 __ 8812 Jan '16
8612 861.2
General gold 5s.
1937 4-0 10434 ---- 10514 Mar'16
74
tat
Et
refunding
i
11551
4
105ti
4a
19
995
359
72 1
1.1
j1
11312 Feb '12
Pitta Cloy & Tol 1st g 00._1922 4-0 106 _
lit guaranteed
7933
1959
Juueli
8814
'--3 9912
9912 Feb '16
Pitts A West lot g
30
_
-661-3 9612 Cin & 1st gu4aD g 5s
25 July'll
D --- 91 June'12
SW fel Ry let gu g 4143. _1943
()Find & Ft W let go 4s g_119
•N
N
88 Star'11
)•
94
23
- I
nollvla Ry let 6s.
1927
an & W let gu g -Is__ _1953 J - J
.I'ly 'Is
65
1095
-_---_-- lid- mrti
H5ffsio It & P gen-g 58.......1937 NI- S
:
i5
Day & Mich let cone 4148_1931 J - .)
-1071, 11(1 _9433 Doc '14
Consul 4B-is.
1937 111.N 10278 -- 103 Feb '16
--102 103
Ind Dec& W 1st g 5a
J'iy
85
9253
All & West let g 4s gu
9233 Mar'16
1998 A - 0
let guar gold 5s.
9258 9253
10712 Dec '0
.1
19
93
35
51
1 - :1
Clear At Mab 1st gu g Si._1913 • J 101
10318 Feb '16
78°4 Sale 7853
10318 10318 Cleve Cin C & St L gee 4s__ _ 1993 J -D
7814 72 77l St
4 10814 Feb '16
Rooll & Pitt3 let gold 8s._1921 F -A 10758 10738412 8612 8513
20-yr deb 43-ft
10758 10814
10 8513 87
8812
11014 11034 10734 Feb '16
Consol lot 0 Os
1922
82
Cairo Div 1st gold 4s____ 19
8334 8312
10734 11018
1 8312 67
1 1:
8312
93
39
Canada Sou eons gu A 68_1962 • 0 10134 Salf34 10434
10134
755
s
7712
Cln
WA NI Div lot g 4e .1991 J - J
103 10431
7634 Mar'16
7634 77
_ 10678 Apr '14
rtegiatereal..
_ _19412 4-0
82
At L Div Ist coil tr g 4e__ .1990 M- N 81
Mar'16
80
8412
79
Car Clinch & Ohio lit 35;yr 5s'38 I -D 92
9414 9312 Mar'16
Registered
---ii1-3 932
8214 Mar'14
N
.1990
Central of(la 1st gold 58.__v1946 F - A 10778
10778 8
1077
86
Syr
___
_ 85 Dec '16
& Col Div let g4a____1940 M10712 108
Consul gold 6s-_1916 Ni- N _
laC134 10034
10031
3 10014 102
W W Val Div let g 4a___ _1940 J - J
7612 8312 8434 Jan '18
8434 8434
Chatt Div pur money 'Cie 1951
g3.34
-D
83I3 Jan '16
I St L & C coned es__ _ _1920 M-N 105 10534 105
8312 831
105
105 105
10318 _--- 10134 Nov'15
Mao & Nor Div 1st as _1918 J
9218 --- 9113 Feb '16
let gold 4s._ _____
k193A Q-F
9118 9113
tid Ga & All Div Si
I - J 10134 -- 10014 Marl
0218 -- 8813 May'15
Reglstered
Mobile Div 1st g de._ ._1940 J - J 10312 __
10214 Jan '16
Cin S & CI con 1st g 51 1
10214 10214
(1.
10212 Mar'16
-FJ 10134
ioif, foil;
3J
20
_ 193
Gen RR A Hot Ga col g 5.- 95 Feb '16
9634
4 _1037 M - N 00
11414
CCC&Igen eon
95
97
19311
- - 10534 July'14
J
(Alit of N J gen'l gold
11734
J
•
1
_1987
Sale 11734
11734
10 116 11814
led Ii & W lot pref. 45_1940 A - 0 80 _- 91 July'08
_41987 Q J 11714 -- 11714 Mar'16
Registered
0
Ind
&
11514
1171
W
t
let prof 5s.....41938 Q
.1 10334 104 10334
Am Dock & Imp go 6(4_1921
10 10314 10331
10334
751-3 -H- 6712 Ma-t-'18
Pea & East let con 45_1910 A 680 70
102_ 100 June 13
Leh & Hod RR,geu gu g 50920 J - J.
.__ 25
Income Is
---25 Mar'16
i000
25
36
98 1.55 101,1 Jan '13
N Y & Long Br gen g 41. -1941 MCleve Short L let gu 4 4e_
101 -27 10014 10113
AA-prO 101 Sale 10012
.ant Vermont lot go g 45._81920 Q - F 80
8134 8012
83
-1:71 80
81s 814 812 Mar'16
Col Midland let g 4s____. 1947 I 83
8
10
J 96
.)boafs A 0 fund & impt 5a._1929
97
97 Mar'16
Trust Co cents of deposit
812
98
96
-.
814 Mar'16
7
9
let oonsol gold 55
1930 M -N 1057s 107 10578
10578
9133 Sale 9133
2 10513 10758 Colorado & Sou let g 4.
20 91
A
F
1929
92
9314
103
_
_
Registered
1939 - N
105 Dee '15
Refond & Est 4 148_ __1935 1W -N 8458 Sale 8413
8473 14 841a 87's
General gold 4 y4s__ ._ 1992 M.- 8 9214 Sale 917s
9238 23
105
10613
Ft W & Den C Ist g 63_1921
-D
10514 Mar'16 ---- 105 10534
Regletered
9013 Feb '16
1992 IN • S ____ 91
904 91
Conn & Pas Rive let g 4s__.1943 A 0 87
95
Convertible 4%s.
8614 86
1930 F - A 86
8614
21 8558 89
_
Cuba RR let 50 yr 53 g.._ _1952 J
04 Fet;-'16 ---- 94
94
Big Sandy let 45._ _ __1044 J -D 7812 8312 85 Feb '16
Del Lack A Western85
85
Coal River Ity let go 48_1945 J -D
8312 83 Mar'16
8431
8738 8712
Morris A Es lot an 3%s2000 I - D 87
83
8712 10 8614 8712
Craig Valley 1st g 5s
9634 9813 9634 Feb '16
1040 J -J ___9034 083l
N Y Lack & W let 6s_ _1921 J - J 10778 10834 109 Feb '16
10818 109
Potts Creek Br let 4s
84,4 Jan '13
J
1916
10378
Conatruction 5s
16334 Mar'16
10334 10412
& A Div let con g elo___1939 J • J
8512 Mar'16
8112 8-)51
08 - - Term & Improve 4s_ _ 1923 :N
9558 Sep '15
A
26 ooneol gold 4e
8318 Feb '16
1989 J J __ 83
84 _ _ 10218 Feb '03
82
Warren 1st ref gu g 3%t._2000 F - A
8318
Greenbrier IV let gu g 45_1940 N1- N
911 Apr 'IA
gd.
Del & liud let Pa Div 74_1917 Ni- S 10412 1047s
- 10438 Dce '15
Warm Springs V let g 56..1911 NI- s 9612
11314 Fob '15
i6412 10413
Registered
S
N110413 Feb '16
.D
71
1916
Ohlo A Alton RR ref g 3s.....1919 A - 0 59
5834
E614
5834
591
16 57
(5014 100.38 10014
10-yr cony deb Is
10014 loots
10014
Noilesay let lien 33-3s
4112 4118
4413 21 43
1960 J -I 41
47
1st lien equip g 4 %is
3 10912 102
23
2 Jm:*4.1 10158 102 10134
1,1
94
102
Ohio B & Q Denver Div As_1922 F -A 9934 9934 Mar'16
99 100
97
975s 97
1stref 44
0014 98
98
Illinois Div 348
86
8514
8558 21 85
1919 J - J 8534
87
20-year Cony 55
0 10634 Sale 10612
136 108 108
A:0
936
54
194
107
Illinois DIY 4s
19191 • .1 9134 9514 9473
951s
11 9413 96
8738 Sale 8714
Alb & Sus cony 33-15
2 8534 88
8733
Registered
974 Dee '15
1949.-S _
Rom; Anratosra let 7a
11214 ____ 113 Feb '18
1921
113 113
• No price Friday:latest this week.
Due April. •Due Mai. •Due June, 8 Due July, 8 Dos Aug •Dug Oat IP Due Nov.
e Duo Den, a Option sale.
9214 p2.4
New York Bond Record --Continued-Page 2
1234
BONDS
N. Y. STOCK EXCHANGE
Week Ending March 31.
-
`4.'• . ,3v
I 5
...'4
Price
Friday
March 31.
Week's
Range or
Last Sale
141
:4
Range
Since
Jan, 1.
-43.
BONDS
,.5
N. Y. STOCK EXCHANGE.
*a".
Week Ending March 31.
Price
Friday
March 31.
[VOL. 102.
Week's
Range or
Last Sale
o63
Range
Since
Jan. 1.
..,,s1,1,11
CIA'0
".0000,,
,
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ttttttttttttttttttttttt
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ZQAZ'OO,
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I
1
High No. Low Mob
Ask Low
Bid
High No.; Low Hig8
Ask Low
Bid
9038 ---- 89 Dec '15
7913 Leh & N Y let guar g 4a._._ 1945
91 76
7812
7838 Sale 7838
Deny it Rat let con g 48._.1936
------1945
11
Registered
8312
85
83
8313
85
83%
1936
Consol gold 44e
1 flies 10638
10534
.I.:- 10534
10534 44,, 78% 82% Long laid let cons gold 58..h1931
80
80 Sale 80
1928
Improvement gold 6s
8
e15
84 Oct8
39
4 .7:7
9914
8
let consol gold 4a ______ _61931
5734 86, 5513 5878
5734 Sale 5612
1955
let & refunding 54
90
86
Mar'16
1938
45
gold
General
---I
'12
Dec
109
-85 90
Rio Or Juno let gu g 5s 1939
9914 9914
9538 9934 9938 Mar'16
1922
Ferry gold 434e
3514 6113 Apr '11
33
1940
Rio Or So let gold 4s
_
____ ___ 9914 Oct '00
1932
4s.
Gold
Nov'15
35
35
1940
Guaranteed
857s
8512 89
858 13 8513 86
1949
Unified gold 4s
7634 75
75
7 7434 7813
754
1939
Rio Or West let g 48
97
97 Jan '16
96
1934
4 02 65
65
Debenture gold 5s
62 65 65
Mtge & col trust 45 A..1949
T1 87
97014
8934 9014 894
_-_9018
4s.._1949
gold
refunding
Guar
'14
--------90
Apr
Utah Cent let gu g 4a..a1917
'11
Jan
95
------1949
Registered
100 Mae15 _9913
1917
Dee Mol Un fly let g 5s
10111
rat;
10114 103 10313 Mae10
NYB&MBletcong58_1935
66'---90
'16
Jan
90
89
8312
Del & Mac_ let Hen g 4s_ _ _1995
103 10312 103 Feb '16 ---- 10213 103
N Y & ft B 1st gold 5s.....1927
85
85 Jan '16 ---- 85
80 84
1995
Gold 4s
2 102
0212
88 107
10138 ____ 102 Feb '16 -.
Nor Sh B let con g gu 5s_o1932
2 93 94
9334
--- 9312 9334
Det Riv Tun-Ter Tun 448_1961
8812
8813
95
88
_1927
g
1st
Ark
5s..,
&
Louisiana
---'15
Dec
104
1044
106
Dill Missabe & Nor gen 58._ 1941
2
1127
1113
1127
Sale
1127
8
11238
1930
10314
Loulav & Nashv gen 69
10214 ____ 10214 Feb '16 -- 10214
Dul & Iron Range let 518...,.1937
2 10838 1093
10934 _ _ 10934
10934
1937
Gold 58
106 el ar'08 -1937
Registered
9434 Sale- 9413
9434 29 9414 96
unified gold 4s
1910
9312 Mae16 --- 9312 9513
95
92
1937
Du So Shore at At g 58
June'14
94
---..
-_1949
Registered
10314 10414 194 Feb '16 ---, 103 104
1941
Elgin Jol & East let g 5s
105 105'S
10538 ---- 10514 Mar'16
Collateral trust gold 5s...1931
11014 1103s 11014
7 11014 111%
11014
1920
Erie let consol gold is
10712 ---- 10738 Dec '15
1919
0612. . 9713 June'14 ---E H dr Nash 1st g (is
N Y & Erie let ext g 48_1947
id614102
0218 ---- 102 Mae16
L Cin & Lex gold 448_ _ 1931
- id6
21 1017s Marla ----1 16178
10218 102
1919
2(1 ext gold 5e
11513 116
11618 ---- 11538 Feb '16
1930
19018 _
NO & M let gold (is
9813 June'15 ---1
' 1923
3d ext gold 44e
__-109
May'15
8
1097
1934
2d gold 1313
10218 Mar'16 ---... 1024
10218 1920
4th ext gold 55
8913 90
90 Mar'16
943 __ 94 Nov'15 ---Paducah & Mem Dlv 48_ _1948
1928
5th ext gold 48
1-6
1:is
2•
8
06
6
1 1-6
7
66
50
108 ---- 108
108 -St Louis DIV let gold 6e....1921
110 11012 11038 Feb '16 -,, 11038111
!N Y L E & W lst g fd 78_1920
6118 ..-- 6218 Feb '16
1980
8413 86t,
2d gold 3s
8512 Sale 85
8512 28 8413
Erie let con g 48 prior__..1996
8778
7 87% 90
877 Sale 8778
_1955
45__
Div
Cin
&
Knox
All
-'15
Oct
80
1996
Registered
10834 --_- Ill Ian '13
-- -All Knox & Nor 1st g 5s_1946
7534 23, 74% 77
2 Sale 7512
751let consol gen lien g 4e_ 1998
10638 .- - - 105 June'15
Render Bdge 191 e f g 0/9_ _1931
---- ..--- 7612 Jan '16 - ---1 7613 7612
1996
Registered
8812
---Mar'16
8918
4s_1987
Central
16,
gold
Kentucky
8912
90
4
8912
883
____
8912
1951
Penn coil tr g 4s
- gi
13
1-44 ;014
_
8
1014 10113
10134 - 4
Lex & Eaet 1st 60-yr 5s gu_ 1965
7034 Sale 7012
70% 39 7013 7212
1953
60-yr cony 46 A
9978 100%
10078 ___- 10038 Feb '16
LetNatM&MIstg4e1945
78
7714 78
7838 38 77/8 g4
1953
Elerfee B
do
3 80 82
7812 83 8014
8012
1952
4s_,
605
N-South
&
L
joint
M
8538
8638
8012
8
853
Sale
8
853
Gen cony 4s series D.__ _1952
. 95 Feb '05
11952
1 100 100
Registered
100
100 ____ 100
Buff N Y & Erie let 7(1_1918
g;
i fi
34
-11:4
6
-(
18
1064 ---- 10618 Mar'16
2 10534 10718
N Iota & S 1st go g 55,_,.,,1937
10718
10718 10814 107
Chic & Erie let gold 58. 1982
9712 _. 97 Dec '14
448_1916
g
gu
gen
Bdge
C
&
N
----IS
Foo
101
____
10334
Clay & Mahon Val g 58_1938
-10814
-Mar'16
10814
Pons it Atl let gu g 68._ _1921
12278 ---_ 1224 Marie -- 12113 12-21-3
1935
Long Dock consol g 68
10
312
4 108
212
051
108 Jan '16
108
3 & N Ala cons gu g 56... _1936
102 101 102 Mael()---- 102 102
Coal & RR let cur go 6e 1922
10214 10213 M111°16
102 ---Gen cons gu 50-year 58_1963
106 ___ 106 Mar'16 ---- 102% 106
Dock & Imp let ext Se,..1943
---8018
824
81
8213
---Mar'16
LA Jett Bdge Co gu g 48_ ..,1945
1004
__ 10313 Aim '12 --.
N Y & Green L gu g 58.....1946
----- ---- - -9812 Mar'16 ---- -681; 9813 Manila RR-Sou lines 4s...1936
97 ido
N Y Sus & W 1st ref 5*,..,1937
---- -. 77 Marl()
Mex Internet 1st cons g 48..1977
-__-_
- 10014 Dec '06 --1937
2d gold 44a
---- -. 79 Nov.10
1977
Stamped guaranteed
80 Mar'16 -- "iii 80
80 84
1940
General gold 58
-..--- 101 Det '09
Term-let 5 f 5s g_1928
10514 --- 102 Jan '14 ------ Midland
1943
Terminal 1st gold 55
115 115
112 ---- 115 Mar'16
Minn & St L let gold 7_,.1927
10418 --__ 11112 Marl'? -Mid of NJ let ext 58
1940
---- ---. 10278 Nov'15
1921
Pacific Ext 1st gold ea
90 89 Mae16 -- 86's 90
88
Wilk & Ea let gu g 58.___1942
984 90
8913
Mar'16
---89
1934
5a_
gold
consol
1st
-may'12
------- -106
1926
fey et Ind let con gu g ea
0112 62
6114
6134 12 5234 644
let & refunding gold 45.._ 1949
915g maeio
90 01
38
evens & T Ef let Conti 6s_ _1921
50
55 60 Feb '15
419_1935
go
let
Des
D
Ft
&
M
-'13
Deo
99
65
55
let general gold Se__ _ _1942
8 87 -66.1;
84
89
90 89
Iowa Central 1st gold 54_ _193e
-- ._ _ 108 Novl t ---Mt Vernon let gold (is__ ._ 1923
4 514 60
5712 577 5712
5838
1951
Refunding gold 4s
------ -98 June'12 ---,
Sull Co Branch 1st g Cis- -1930
93
93%
9218 927 93
937
9314
1.93s
lot
4e
g
con
gu
StIMe48M
M
92
2
9314
4
923
9314
9318
Florida E Coast let 448_1959
Juhe'12
9714
let Chic Terms f 48..._ _1941
------- 92 Aug '10
Fort St U D Co lot a 446.._ 1941
9712 53 "tiff's99
9738 971-2 9718
-tio"1-4 MSS& A let q 45 int gu.1926
63 6618 61% Mar'16 --Ft W & Rio Or let g 4e
1928
01
9312 9278 Mar'16
90 9278
Misiessippi Central 1st i _ _ 1949
Great Northern7218 Sale 7218
7314 106 7218 787s
9834 221 97% 99
Mo Kan & Tex It gold 49_1900
988 Sale 9813
1921
()B & Q toll trust 48
5012
4114 Sale 4118 • 4134 29 41
Q1990
13
9812
es
gold
2d
4
983
8
4
983
973
9812
1921
Registered 11
3 5014 5218
50 5034 5014
5012
194/
1st ext gold 58
1 99 10018
100
100 Sale 100
lit & refunding 4 45 ser A 1961
5312
1 51
5218
514 534 5218
let & refund 4e.
2001
____ 911 June'13 -1901
Registered
3 3814 4212
3814 Sale 3914
3814
Gen sinking fund 446-.193n
9818 ____ 9718 Fob '18 ---, "Oil;9738
St Paul M & Man 4s
1933
46
'15
Deo
51
51
St Louis Div Is ref g es ._2001
12112 122 12112 12112
I 12114 122
1933
let consol gold Os
Dal & Waco let gu g 514._ .1940
_
12112 Maell3 -- 12112 12112
1933_
-,- e - ---- 9934 Dec '13
Registered
-66 66
60 ---- 66 Mar'16
Kan CA Pao 1st g 46 _ _199(1
la; 1133-4 10338 Mae16 ---- 10138 10334
Reduced to gold 445_1933
82
82 8914
80 82
82
Mo K & E 1st gu g 56._ _ _1942
__ --__ 10934 Apr '15 ---Reglatered
12 55 66
55 Sale 55
58
1942
0638
St
K
M
58
guar
let
Ok
9638
965
-97
-9638
Mae16
1933Mont ext let gold 4a__.1937
7
48
8014
Sale
48
48
5012
58_1942
let
T
of
T
g
gu
*9712
.... _9613 Mar'16 -- 904 9613
M K&
1937
Registered
96 May'13
---- 74
Sher Sh & So let gu g 58_ _1942
911-a 854 Nov'15 ---89
---Pacific ext guar 4s E_ ___ 1940
1 49
03
__ 504 50
60
Okla
&
_1943
58_
Texas
g
gii
let
---June'15
8914
_
._
924
IC Minn Nor Div let g 4s 1948
---10014 101 10012
10012 10 100 101
Missouri Pao let cons g 68. 1921)
10918 ___ 109 Nov'15 --1922
Minn Union let g 6s
2 8914 92
9112 9312 92
92
Trust gold 58 stamped__ .a191.7
12412 --- 12014 Deo '15 ---Mont C let gu g 611
1937
-- ---- 82 Oct '15
a1917
Registered
1937.13014 May'06 -. Regletered
8 83's 89
8812 ---- 8813
8812
1920
ii63-4 1st collateral gold 58
1105s iii 11034 mar'10 -1937
let guar gold Se
-- --- -.- 1920
......
Registered
---1937
Registered
1 39 -1612
40 Sale 40
40
1945
gold
40
le.
loan
year
4
1093
111
'15
Deo
11038
Will & S Fist gold 15a _1938
1 40
4614
41 Sale 41
41
let& ref cony 5s.... ._ __ .1959
75 Jan '16 ...,, 74 "ig"
____ 80
Or 13 & W deb We''A"($100 par)
82
82
---- ---- 82 Jan '16
_1938
3d le extended at 1414
12
11
11 18
1114 30 11
Deben ctfe '13"($100 par)- - - --------100 Fee '13
Boonv St L & S let
5s go,1951
4%.84 8812 8414 Mar'16 --- 8414 85
Gulf & S I let ref & t g 53.._01952
"id" "id'
---- ---- 50 Mar'16
Cent Br Hy let go g 4s,..1919
81952
Registered
50 ---.. 774 Deo 'IS
9511
P
13
Br
Cent
.._
4s
g
let
_1948
"id
"Oil;
95
954
95
Hocking Val let cons g 4148_1999
---35
110
01
Mar'
Leroy & C V A L ist g 58.._1926
---- -..-- 9734 Jan '14 ---. 1999
Registered
2 89
90%
92
90
9014
0014
Pac Et of Mo let ext g 4s_ _1938
88 ---- 8718 Mar'16 ---- 874 874
Col & H V let ext g 4s
1948
10013 ___ 1004 Mar'16 ---- 100 10013
2d extended gold 55_ _ _ _ 1938
86 86
85 ---- 86 Feb '16 -1955
Col & Tol let eat 48
4
101
1024
102
4
1013
102
s
1017
St L Ir M & S gen con cr 5s 1931
___. ___ 9413 Feb '1 . ---,
Houston Belt & Term let 58_1937
- - - - 102 J'ly '14
Gen con stamp gu g 58_1931
8
2 -6611 -9759634
9612--- 96%
Illinois Central let gold :18..1951
2 74lj 81
'Ai gO 70
7912
Unified & ref gold 48...1929
___ -_ 92 Aug '15-1951
Registered
---- -- - 807s Oct '12
1929
Registered .
857 8534 Mar'16 -- 83 8638
85
let gold 348
1951
72 Sale 7112
72
Div
G
&
Itiv
let
-49-1933
g
Nov'15
83
--_834
1951
Registered
83 --- 87 Sep 18
Verdi V I & W 1st g 58...... 1926
8434 Feb '16 -- 84g 844
8434 9(1
Extended let gold 394s._1981
112 11438
11414 -,-- 11438 Mar'16
Mob & Ohio new gold Os__ _1927
1951
Registered
108
10912 109 Feb '16
_11927
_
_
fie_
gold
extension
let
iii-J'1;
ko
so _
let gold 3s sterling
1951
7513 ..--- 75 Mar'16
1938
General gold 4s..,,
1951
Registered
6
:2
09
7058 10
:
10
:
98 102 102 Feb '16
Montgom Div Istg 5s_ _ _1947
91's8
iii
Sale id
9
1952
Coll trust gold 48
9013 921e 89 Dec '15
1927
St Louis Div 53
. ___ 9514 Sep '12 ---,
1952
Registered
8812 -.-- 884 Feb '16
St I. & Cairo guar g 4s__ _ _ 1931
1 89
90
8978 904 90
1955
let refunding 45
-1
10
1
107 108 10334 Feb '10 ____
Nashville Ch & St L 1st 54..19281
_8238 83 Jan '16 --,, 83 83
1952._
Purchased lines 334e
11014 113 11014 Merle
Jasper Branch let g 68__ ._ 19231
ua 8514 8714
80
-8578 Sale 854
L N 0& Tex gold 48
1953
10133 .... 10112 Feb '16
1917
ea.__
MoM
let
Al
WA
M
____
-_
_
May'14
84
-1953
Registered
10138 • ,... 113 J'iy '04
TAP Branch let as... _ .19l7
9213
2 90
92
92 ____ 92
Cairo Bridge gold 48
1950
1 "ici" "5630 50
30
30
Nat Rye of Mex pr lien 448_1957
74 Feb '14 ---74
71
Litchfield Div let g 38_ ___1951
--------68 Oct '16
_1977
__
4s..
general
Guaranteed
8l
8154
1
4
813
4
813
8112
4
803
Loulsv Div & Term g 3411.1953
'13
Feb
907
•
,
---_1926
44a.
lien
k
- Nat of Mee prior
-- ---- 83 Aug '14 -1953
Registered
30 Aug '15
---- 79
-. 1951
1st consol 4s
1921........123 klay'9e --Middle Div reg 55
---- ---- 40 Mey'15
NO Mob & Chic let ref 58_1960
71
693 ---- 71 Jan '16 -. 71
Omaha Div 1st gold 38._ _1951
72
70
72 Dec '15
New Orleans Term let 48._ _1953
6813 Sep '15 --6812 75
St Louis Div & Term g 39_1951
11438 22 11213 1l77
11312 She 11313
8118 Jan '16 ...- 81's 8l's N Y Con ltR cony deb 68 __PIM
8134
Gold 3t.8
1951
8688 20 86
86%
86
Sale
80
A
series
48
Consol
1998
---Nov'15
81
82
1951
Registered
Sale
8
943
9418
755
9134 89 9418 9584
2013
Ref & imp 444 "A"
785
7834 -__ 7834 Jan '16 --Springf Div let g 348_ _ _ 1951
8238 32 8214 8338
8214 Sale 8214
884 -.. 8912 Feb '10 --- 8013 8913 N Y Central & EI ft g 3144_1997
Weetern lines let g 48_ __ _ 1951
2 8114 8212
8134 824 814
8134
1997
Registered
- • -1951
Registered
9234 Sale 9214
9234 78 9214 9314
1934
4044
Debenture gold 48
i174 May'10 ----Bailey & Car let 138
1923
1934-,,- „.--- 917 Dec '16
9413 Pie 'I? -Registered
86
Carb & Shaw let gold 48_1932
77 , 67 76
77 Sale 764
79'i
Lake Shore coil g 34s.... _1998
1081 1083 10812 Mar'16 --- lei" 109
Chic St L & N 0 gold 58._1961
78
7134 76 Mar'16 ____ 75
75
Registered ._ ._. . _1998
Feb *11 ----- ---- 14_ i
1951
Registered
8418 88
86
88
86 Mar'16
J P M & Co ette of doe • .- ___ ___ 90 Oct '09 ---1951
Gold 345
80%
77
101
---7812
4
783
7812
1998
4s
3
gold
Cent
Mich
coil
1951
Registered
77%
77
78
7734 Jan '16 --I 76
.1998
Reglatered
10112
_ _ _ Mfrs iOili
.1. 10112 io:114
------Joint 1st ref 68 series A.1963
- Battle Cr & Stur Let gu 31_1989
8812 ---- 81378 Deo '16 -Memph Div let g 48_1951
9018
96
9638
-9618
Mar'16
_1936
_
45
Beech Creek let gu g
1951
Registered
99 May'll
• - --• Registered .----------1936
9512 98 J ly 08 -.
90
St Louis Sou let gu g 4s.._1931
100 1041
-- .
..1936
24 guar gold 58
9012 934 9213 Jan '16 --- 90 9212
Ind III & Iowa 1st g 48
1950
-------------.
Registered _-... _1936
98
Int & Great Nor let g 68_ _ _1919
----9712 97 Mar'16 --- 97
--------1st
44-t1951
3
924
Est
9212
Cr
Beech
_-__
'16
Feb
924
9214
9112
James Fran & Clear let 4s. _1959
8812 Nov'15
8918 91
1981
Cart & Ad let gu g 414
71
6918 11 09
694 7078 694
Kansas City Sou let gold 38_1950
10438 ----- -- __
Gouv & Oswe let gu g 58_1942
63 Oct '00 _ . - - _....._ _
1960
Registered
"Oi 94
934 --.- 94 Mar'10
Mob & Mal let gu g 43_1991
9238 11 9113 94
Ref & Inset 58
; 92
921
92
Apr 1950
8914 8914
90 -- - 894 Feb '16
N J June R guar let 45_ _ _1936
8812 5I 8534 8918
88 8814 8734
Kansas City Term 1st 48_1960
85 -1,111015
86
81
N Y & Harlem g 34:L...2000
99 9912 Mar'16 --_. 98 100
92
Lake Erie & Weet let g 58_1937
Mar'16
10513
-.s
1053
1927
let
Northern
_
58_
g
&
_
_
_
83 834
N Y
83 Mar'16
85
80
1941
2d gold 5*
9013 914 0013 Mae16
N VA Pu let COOS gU e 4s-1993
__ 10038 98 Mar'14 .._.
North Ohio 1st guar g 58..1945
9 10038 ioi 103
Nor & Mont 1st gu g 58.....1916
10112 ___ 10114
Leh Vali N Y 1st gu g 448_1940
11514 _--- Hi mav.i
lows 1004 Pine Creek reg guar Os__ 1932
102 --__ 10012 Feb '16
1940
Registered
10413 _--- 10113
10412
it w de 0 con 1st ext 58...A1922
9214 Mae16 ___. 9018 9214
90 99
Lehigh Vail (Pa) eons g 4e..2003
101 --- 101 June'10
R W&OT R let gug 58_1918
102 --__ 10114 Jan '16 _--. 10114 10114
General cons 4 48
2003
813s --_- 8134 Deo '15
Rutland let con g 43-0_1941
Leh V Tenn Ry let gu g 54_1941
1118.___ 111 Marl()-. 110 111
... 74
75 Dec '16
Og & L Chain let gu 4s 91948
11012 - . _ 11118 Dec '11
Registered
. 1941
92 June'09
- 69
i(101;
Rut-Canada let gu g 44_1949
10512 103 10538 Mar'16 ---.
Leh Val Coal Co 1st gu g 68.1933
iii ---. 100 Oct '15
St Lawr & Adir let g 6e......1996
Registered
- - ---- 105 Oct '13 -1933,
100 _- 11913 Mar'12
1998
?d sold Si
.
le33I
let In, redeem 0, 48
iii
A Due Aug. is Due Oct.
a Due Jars 0 Due Feb 4 Due April • Due May. • Due June. 5 Due July
•No price Friday; latest bid and asked this week
sP Due Nov. s Option gale.
...-
----
----
...-
APR. 11916.1
BONDS
N. Y. STOCK EXCHANGE
Week Ending March 31.
New York Bond Record-Continued-Page 3
_
1
,
7
2
Price
Friday
ararch 31.
Week's
Range or
Last Sale
,.9c
Range
since
I Jan. 1,
BONDS
N. Y. STOCK EXCHANGE.
Week Ending March 31.
t
Price
Friday
March 31.
1235
Week's
Range or
Last Sale
Rano
since
Jan. 1.
Y Cen & H RR (Coo.)
Ask Low
Bid
High No.'Low High Pere Marquette Coma
Bid
Ask Low
High No. Low High
Utica & Ilik Riv gu g 4s.. _ _1922 .1 - J 99,4 ---- 9614 Nov•15
P M gold 64_1920 A - 0 101 105 101 Dec '15
Lake Shore gold 3!is
8512 8512
1997 J -D 84
1 -143-4 86
8512
let eonsol gold 5e... ._1939 M -N
76 _ _ _ _ 75 Feb '16
Registered
74
8134 Oct 'la
75
1997 J -D
Pt Huron Div 1st g 5e _ _1939 A -0 ____ 63
68 Jul y'15
Debenture gold 4e
9512 107 9412 9,04
1928 M. S 9512 Sale 954
Sag rue &
1st gu g 43 _1931 F - 4
M-N
9434 Sale 9414
25 year gold to
0434 43 94
9514 phme plue lay 1st 30 yr e f
1937
J
••
-Ed
:7_7
50
9112
Mar'16
Registered
50
9458 Feb '16
51
9311 M-N
. -1193
94
91,
8 Pitts Sh ALE 1st g 5s
194e 2
1
10714 ---- 105 Dee '15
K A&GR1stgUC55..t93S J - J 10212 ---lot cousol gold 5s
11314 Noy'll
J 10614
Mahon 0'1 RR let 5e
1934 J
_ _ 1.-64713
Readlne Co gee gold 48_19
943
4
J
1
3
J
7
99
Sale
9458
9478 134 941 -6
Pitts & L Erie 2(1 g 5e ..a192,A -0 102
.618
102 Mar'16
102 102 Registered
1997 J - J
9414 95 Mar'16
?Itte Nick & Y let Soft- -1932 J - J 11512
9234 95
13018 Jan '09
Jersey Central roll g 4e.__1951 A 0
9612
2 95
9612
9613
Id guaranteed Os__ ._1934 J - J 11312 ---- 12314 M ar'12
Atlantic
City
guar
g.-1951.
Is
.1
2
101 ._ _
McKeee & 11 V lets 6s _191S J St Joe & Gr 131 let g 43
61
59 Mar'16 -idichtgan Central 5e
59
1931 M- S 10512
10413 Dee '15
60
St Louis & San Fran gee 6s- 119171
11099641'2
9:31 3
11014 Mar'16 -- 109 11014
Registered
1931 Q-M 105 ____ 104 Dec '15
General gold 5i_.
10212 Sale 10218
10212 15 102 10334
45
904
1910 J - J
98 Apt '12
at L & F
cons g 4a_ _ 1199
71
1j
936
J
75
6834 Mar'16
- 6812 70
Registered
1940 -1-J
87 Feb '14
General 15-20-year 5s_ _197 M-N
47
5414 86 4534 5414
J LAS let gold 33,
58_1951 M_ -- 90 Jenem
Trust Co certife of
...... 54 Sale 4712
54
174
1st gold 31-3e_ _
46
1952 M - N
8212
54
83 Mar'16
-.1 83
85
do
deposit-_
Stamped_
45
60 4314 52
20-year debenture 4s_ .1929 A -0 8734 8912 8914
8914
11 884 9012
-letithw Dly let g 53_ 1947 A-89 Mar'16
N Y Chic & St L 1st g 4s 1937 A - 0 9438 9478 9458
89
89
95
10 93
9512
Refunding gold 4s
1195
951 J
6713
5 6714 7218
Registered
70
1937 A 9334 Mar'16
9334 9'334
Registered
8034 Mar'll
Debenture 43
8412 Sale 8412
- 89
-N
1931
89
8412 20' 83
8412
retist Co ctf3 of depsmEt.._ .
70
75
West Shore let 48 guar_2361 J -J
40 6234 75
9134 9212 9214
4! 9114 93
924
155
6
77:
:
0
9
025-14
Stamped__
27
:SSS-:
9.
3
1
3:0
306 6114 69
1111c
:
e::
:e 63
Registered
8012 Sale 8912
2361 J - J
3' 89
90
90
K
0
Ft
SA
71
cone
g
68_
_1928
110
4 10912 11034
11609
NYC Lines eq tr 58._1910-22 M• N 10012
102 Mar'16 ---- 102 102
110 Ft S AM Ity ref g 48.1936 A - 0 71334 Sale 75
Equip trust 4 ,1 3s_ _1917-1925 7534 53 75
10012 -- 98 Jay '14
77
K C & M It & B lit gu 58.19291 - 0
0112 Dec '15 ---N Y Connect lst gu 410 A-1953 F - A
9978 100
9934
9 9734 10(1
9934
St
L
S
W
let
g
43
bond ctfs 1989 M- N
7858 Sale 7812
NYNH & Hartford7858 10 7813 80
Id g 40 income bond etifs_p1989 I J
62
63
63 Mar'161--- - 62
Non cony ;leben 4s_ ._ 1947 1.18012 ____ 8012 Mar'16
64
8013 8114
Coniol gold Is.
1932 J - D
61
63
6662112
2
Non-cony deben 310._..1947 M • e
6
r2113'1_ 6114 6534
73 Feb '11
73
73
let terml & unit 5a.
64
6619
Non-cony deben 3 tie__ _1954 A - 0
Mar'16
- - 7158 72 Jan '19
65
70
72
72
Orayar Pt Ter let gu g 55_ _ 195
J D
J 100
42
7j
N n-cony dehen 45
9434 Jan '14 -- 1933 J ---- 8012 80 Mar'16
80
814 SA& A Pass 1St gU g 43_ _1943 1 •
6412 Sale 64
Nou-oonv deben 45
65
11 -617J
1956 M N 80
8012 80 Mar'16
8
-7
764
82
80
SFANPlitekftlg.53
10158
Cony debenture 3t43 _ .1956 I .
_ 10158 Feb '16 ---- lops 10152
7014 72
71
15 7034 73
72
Seaboard Air Line g 48
19
9.5
10
Cony debenture de _
9
0
.1
844 Mar'16 -- -- 8238 8413
1948 J - J 113 11512 11434
33 11412 116
11514
Gold
43
stamped.
1950 A - 0 8
53
113
Cons Ity non cony 48
2 -8
-2-179
8 8218
__
1930 F - A
8218
7 82
8314
---Registered
1950 A 0
Non-cony deb,u Is. .1954 1-3 804 -6113 Jan ;12
____
AdJust ment 5s
01949 F - A
Non- onv deben 43 ___1955 ▪ Sale 66
8018
-6634 95 -iE - 70
Refundin
g
4s.
Non-cony sleben 48. ___19.55 A 0
7034 7078
704
2 70
72
Birm 30 yr let g 18...e119)
93
5'
A CI
S
3 Si
86
Non-cony deben 43 _1956 J - J
0
86
034 s
_
ae
lo
ar:15
16
86
86
____--Car Cent 1st con g 1e ._19I9 I • I 1
176
0
13
-06
7
:
15718--8
Harlem R-Pt Ches 1st 48.1951 M -N 88 ---- 93 Mar'16
8514 Mar'15
92
Fla
93
Cent
&
Pen
let
g
58_
_1918 J BANY Air Line let 4e ._1955 If - A
•- - 9912 Juue'12
- - - -- _
1st land gr ext
.__ 1930 J • J
Cent New Eng 1st gu 43__1961 J
101 Dec '15 -81
8112 8112
8134
5 -ail; 83
Consol gold 5s----1943 J
17314 1
14
Hartford St Ely let 4s____1930 M1
-0
0
3
14 mr
-13
4.
e3116
.
1! 103 10-3-1-4
2
-4
Ga & Ala Ity let con 5.5._01945 J • J 10314 105
Housatonic R cone g 5s_ _ _193i fvf- N
1.0-51-3 M-a-Y-•15
103 10333
Ga Car & No 1st gu g 53_ _1929 J
J 10234 10334 103
Naugatuck lilt let 48 __1954 M - N
1 103 103
103
9134 ---- 87 J'iy '14
Sea
)A
,
Roa
1st
51___._
102
1926
____
I
•
9914 Aug '15
N Y l'rov & Boston 48_1942 AU ____
88 Aug •13
Southern
Pacific CoNYW'chosdeR 1st tier I 4 1-is '46 I - J
7812 80
7814
21
79
Gold 4s (Cent Pac colll_k1940 J 86
87
8658 Mar'16
1.1 & Derby cons ey 5s 191e 11.1• N 1004 ..--- 107 Aug '09
86
88
Registered._ ......_k1949 - D
8412 90 Feb '14
Boston Terminal 1st 43 _ 1931, A 20 year cony 4e
877
-Sale
8
873
4
8818 240 8634 8953
New England coos So
1945 J - J ioo
20
year
cony
10112
53
Sale
10412
Consol 4e
10478 127 10312 10778
J 9912 INfe.r-;11:-2
Cent Pac let ref
9014 Sale 90
--D
FMA
94 1
993
4
29
g 44.../9
Providence &our deb 1e -_1
73 90
91
70
50 Apr '15
75
U7• N
195
Registered_
_
Prov & Springfield let 5e.1922 • - J
8614 Mar
9'15
94
994 Dee '14
Mort
guar
gold
31ie__k1
A
F D
194
29 J
Providence Term let 48 _1956 MI- al
2 -8
8913
.
6
-if
14
834 Feb '14
Through St L 1st gu 48.1954 A - 0 _108_9_111_22 -8
-5-12 84
W & Con East 1st 4.1is....1945
9718
2 Mar'16
85 8478 8634
Gil &SAM&P let 53_1931 81-N 102 103 104 Dee
N YO&W ref let g 46_41992 74• S 8314 Sale 8314 -.
'15
8-3t:I
Gila
VGA
84
8O7
s
N
let gu g 56_1924 51-N 10013
Registered $5.000 only .,g19'32 tel 8
io61-4 1(161_ 9212 June'12
4
Roue E & W T 1st g 58
N
1933
General Is
1014
1 '
j
m
anaers
_1953 -D _ - 794 7812 Mar'16
10112 10214
76
let guar 5s red__ ._
7812
Norfolk Sou 1st & ref A 51961 F - A -- 83
1933 81N
10214 Mar'16
10312
79 Mar'16
1011
4
H
79
TO
&
80
let g is lot go,.,1937 1 - I 96
Noe & Sou let gold be
9612 19
50.12 101
532 F
06
Ne
la
br:1
97 Jan '16
16
6
1911 M- N
106 108
Gen gold Is (lit guar_ ..1921 A -0
97
97
Norf & West gen gold 6s__ _1931 M- A 11912 120 11934 Mar'16
9414 9533
Waco & N W
11912 120
1st g 6111930 - N
llo
Improvement & ext g 61..1934 F - A 12112
10912 Noy'15
_ 12112 Mar'16
ac N W Ist gu g 5e
12013 122
100 ._.-j103 Nov•15
New River let gold es. _ ..1932 A 11912 I2012 1204 Feb '16
_
Louisiana West 1st 6s_ _ _19
120 12014
103
N & W Ely let cons g 4s_ 1990 A .
_
9
211
1
109 Jime'14
0312 Sale 9312
9378 08 9318 91
Morgan's I.a At T let 78...1918 A - 0 10458 10534 10434
Registered
Feb
'16
1996 1-0 ---- -- 0314 Dee '15 ...„
1st gold 63_
.
J 10412 10512 105 Jan '16
DWI 1st lien & gen g 45_1944 J •
9012 904 9012
2 8978 01
9012
No of Cal guar g 511..
8 -0 108_ 105 Oct '15
20
193
10-25-year cony 4e
1932 I -D 119 122 12034
12078 14 11312 12378
Ore .Ac Cal 1st guar g 5s___1927 J 102 152.12
10-20-year cony 48
35
8
102
1932 M- S 119 122 114 Mar'to
So Pac of Cal--Cu g 55_ _.1937 M- N 10734 ____ 1015
114 11912
10-25-year cony 4 ci o
10112 Nov'13
19.3.5 88- S 118 121 12358 Mar'16
So Pac Coast let gu 4s g__1937
11512 124
92
locals C & C Joint 4s_ _1911 J
9112 Sep '12
90 Salo 90
23
9018
San
8914 9014
Fran Terrul 1st 43_1
O C & T let guar gold 5s_
85,
A
19
5,I
050
8 8512 85'4
1 -ig
- J 103 ____ 10311 Jan '16
8514
86
_1922
10313 10313
Tex & NO con gold 53_ _ _1943,J Solo V & N E let gu g 40_1989
96 Apr '14
9214 9:114 93
71- N
4 9178 94
93
So Pac
1st ref 4s
Nor Pacific prior lien g
9014 Sale 9018
208
9314
9318
131
-66 91
Q
Sale
933
90
3
8
11
1997
9234
9114 Southern-Ist eons g
4e.- 199-1!J
1023
J
8
R.egletered
Sale
10214
18
10213
923
9212
4
102
___
Feb
'16
1997 Q - J
1034
9212 9312
Regleyeeed
General lien gold 38
- J 100 10158 98
6614 02 6512 67
s 66
02017 Q F 6018 663Develop & gee 45 Ser A _ _19543 A -0 7038 Sale 7018 June•15
Registered
6412 Dee '13
7138 170 7018 7334
Q - F 6312 66
Mob & Ohio coil tr g 48_ __1938 IA-St Paul-Dulutla Div g 42....
7612
77
7614
3
904
Nov'15
9018
7614
J
_o
75
78
21991,7
;
Mem Div 1st g
5s__. _ 1996 J Dul Short Line 1st gu ae__a°
__-- 10212 10234 Mar'16 _--- 10234 104
1916 • S 10058 - - - 1001/ Jan '16
.11161-2
St Louis div 1st g 45
.1-i 8112 8212 83 Marla; ---- 8214
St P dcN P get gold 05_1923 FA 11012 113 11014 Mar'16
8412
110 11014
A.la Cen 1st g 69
•
103
19
95
1
--_8
1
Registered certificates 1923
10218
10912
Feb
(4
Oct
'16 ---- 1021s 10212
A
'15
,
Ala Cit Soil 1st cons A 55_ _1943• -D
98
St Paul & Duluth 1st .5e _
9958 9834 Mar'16 - 8 _ _ 107
107
10' 107 ioi
9834 99
1931 F F 1075.4t1 A Char A L let A 4 ,3s1944• ____ 95
Id 5s
A - 0 101 102 102 Dec '15
9514
9514
3; 9514 95
At!& Darn, let g 4s_ _ _ .1948 j 8412
1st Consol gold Is.. ...... 19901
.90
8512
845
_
3
854
J
905
-D
8 Mar'16
10 8518 8518
,87
90
9058
2d
Is
J
Wash Cent 1st gold 4e _ 1918
82
90
1948
Q -M
8112 Mar'16 ---- 7913 8112
01
0012 Feb '16
90
atl& Yad 1st g guar 4a
9012
Nor Pao Term Co 1st g as .193.1 .1 • .1 Ill Sale Ill
1949 A - 0 76
7912 7534 Dec '14
111
4 111 11112
Col & Greeny 1st 65
Oregon Waeh let & ref 45 _..1961 • J
1916 J - J
8613 Sale 8614
00
8612 29 851 1 88
E
T
Vs
10414
radii° Coen Co let g U.__
&
Ga Div g 5s
1936 J - J
1148
10 4 j.1Y10'1114
96
95
1916 J -I) 95
95
4
2' 93
96
Con let gold 5s
Pennsylvania RR lot g 4s...1923 at- N
M- N 10534 9812
10534
9814 Feb '16
10534
i
l6
0i
538
12 106
9814 9814
I.; Ten reor lieu g se.
i'onsol gold 53
19
95
_ 10318
36
8 (51- 11
S l03'
1919
10318
1 994 10113
10318
10318
Ga Midland 1st 3s
Consol gold 4s
. 60 199
1946 A - 0
9834
1943 81-N
6012 Feb
9938
1'
9916
2
9938
5 9812 9938
Ga
Poe
Ely
(Is
ousel 411.1191a NI- N
let
ii15913
g
1922
9938 90310738
4 99
994
10
57
74 10
69
758
9312 100
Knox A Ohio let g 65_ _ _ _ 1925 .1 , 3 10938 1093Consol 4 tie
1960 FA 10512 Sale 10538
4 10934 Marl& ---- 108 11012
10558 137 10.538 11063
Mob A [hr prior Ben g 58_1945• General 464s when framed 1956 J 1) 10218 Salo 102
10014 ____ 1110
0
077393
5
1:4
1‘
Nioavr:12
3
10218 71 10034 10278
Mortgage go 43.
8
Alleg Val get guar g 45._ 191= M.
J
964 0738 9612 Mar'16
J 68,2 -1945ld
924 9678
Rich & 1/an deb 5e stawd _1927 A D It RR &I3'go let gu Is g 1936
10314 ____
9518 _
- A
96 Jan '16
90
Rich & Meek 1st g 4e._ _1948 MN
96
Phi's halt & W 1st g 4s 1913
_
63
N
0914 Nov•15
So
_
Car
A
Cla
1st
Sothis Bay & Sou 1st g rej 2924 I
g as_ . _ 1919i - N 10158 Sale
102 Jan '03
J
7
81pa
l()
:1115682
Virginia Mid ser 01-58
Flunbury & Lewle let g 4s 1930
9234
10134 -- 10334 Nn v*
- J
Serlee E 58
U NJ RR & Canafen 4e, _ 1911 el- a
9914 ____ -6912 Feli..it-1
10214 ---- 102 Mar'16
9918
Series
9918
F 59_______ .. 1
Pennsylvania CoM-- S
IM
2611 1MSS 10458 - - 104 Misr 13
992
3
119
General 53...... _ . _ _1936
Guar 1st gold 4 Sig..... 1921 J - J 10134 102 10178
N 10458
105,2
10512
1 10312 10578
10218
41, 101
Vs & So'w'n let go 5s. _2003 J - J 103 _
Registered_
101
103 Feb '16 ---- 10212 103
101 Marl()-.- 101 10212
10118
1st cons 50-year 59_1958 A - 0 87
Guar 33i a coil truet reg A_ 1
854 ____ 8012 Jan 'la __-8912 8934 Feb •16 ---- 8912 9012
11912
37
1
W 0& W let cy gu 4s_ _ _1924 F - A
Gear 31,8 cod truet der 13.1911
91 _
8514 88,4 85 Jan '16;-.,., 8612 8613
A
93 Dec '15 ---85
Spokane Internet let g 5a_ __1955 J - J
85
Trust Co ctle gu g 3145_ _ _ 1916
90
- 93 Jan '16
9934 10
80
118 Jyt
no :1561._ 9934 10018 Tor A
93
93
of St LIst g I 538__ __1939 A - 0 gals 16618 10012 Mar'16
Guar 313s trust otfe C__ _ P312 %1" N 84
9812 10012
1st con gold 5s. _1894-1944 F- A 104 10518 10534 Mar'16
'Juar33s trust Ws 11_.__ 1944 J
--8514 _ _ _ 8518 Mar'16
10312
1064
/15
(Jon
Guar 15-25-year gold 43
refund
8518
s f g 48
951% Salo 954
1953 J - J 8658 Sale 865
1931 A '
8658
9558 25' 9112 9558
1 86
88
AO year guar 43 ctfo Ser E 1951
St L NI Bridge Ter go g 5s 1930 A -0 10012 10113 99 8
9358 _
M- N
:12' May'l
Nov'15
-Cin 1.eb de Nor gu 4s g _1912 71 N
rex & Pac let gold 5e
20001 -13 97 Sale 97
-- --9014 __
9712 25 95
90 Dee '15
9712
Cl & Mar let gu g 41.3s__ .1033 al N
24
gold
Inc 53.
Q2
103
35
90t11
Jr
- 40
09
35 Feb '16
9934 973, Aug '11 ____
35
3518
CIA P gen gu g 41ieser A 1912
La Div 13 L 1st g 55.
- - 88
• J 10438 _. 105/2 Feb '16
90
Jan '16
90
90
Series
W Min WANW let gu Sc 1930 F - A
_10&2 A -0 1044
93 20612 tgo 011
104 Dee '15 _
Tol & 0 C 1st g 5e___ .....1935 J - J i(333Int reduced to 31is.,1912 A 0 8.514
4
1034 Feb '16
91 14 Feb '12
idi 10314
Western Div let g 5a ____1935 A - 0 102 10212 10218
Series C 3tio
_1948 M- N
8538 _ _ _
Mar'16
102 10212
General gold .53._
Series D 3%ri
• _1950 F - A
._1935 J - D
93 100
854
93 Mar'16
8
93
938
4J
93
Oticntell i
93
Kan &
• de Pitts gu g 33-is B._1940 J •
1st gu g 4s
1990 A - 0 8234 8414 83 Mar'16 ---- 83
8713 ____ 8614 May'14_
84
2)
, 20-year 5s
8712
Series 0
1910 J • J
1927
J
J
96
9853
90,
8 Ply '12
1 9818 99
9853
Tol
PAW
1st
Jr R & I ex lt gu g 4.0._ 1941
gold 41
1917 J 9812 _ _ _ _ 9812 Feb '10
66 56 Feb '16.._-- 56
50
61
2937
____ -9E1
Tol St L & W pr lien g 353s_1925 J - J
Ohio Connect let gu
7914 81
_
7812 Mar'16
_ 1913 14- % 9214
93 May't I -784 83
.50-year gold 45.
Pitts V & Ash 1st cons
1950 A - 0 56
5634 5678
45_58 1927 M N 10414
109 alay'le
567
56
s
60
2
Coll
tr
-43
Tol W V & 0 gu 41is A 1931 J
g Set A
185a 1858
9813 Oct '1.5
1858
3 1858 1858
Tor Ham & Buff let g 4s_ ..5194
Series I% 43-4s
_ 8513 86 Mar'16
F D
A
6J
191.7
98,4 June'I
83
86
Ulster & Del let con g 55_1928 J -D .1564 101
Series C 4s.1 r12
93
98
1014 Mar'16 ---- 10034 1014
9312 Jan '10
_
9312
lot
9:112
refund
g 4e
P ; C & St L gu 414s A.
_1952 1-0 7512
4 Mar'15
-:191:; A -0 10158 10212 10212 Mar'16
7
.- 10138 10212 Union Pacific let g 44
Series Is guar
1947
97)
4
J
Sale
102
97)4
9712
10258 10212 Marl6 -___ 10138
1942 A 0
143 974 98'3
Regletered
10258
Series C guar
1947 J - J
95
967s 95 Mar'16 --_- 95
10158
9714 Jeiy 15 _9718
20-year cone In
Series D 4e gt ar____ _ 19
1927
93
J
Hale
J
93
9518
9314
9512
26
Jan
93
'16 _ 95
91125
944
02
let & ref 4s.
_ . _ _02008 M- S 9013 Sale 9012
Serlee E 33.111.Uar gold.1949 F • A
93 __ _ 92 Feb '10____ 92
904 113 8978 9112
Ore RR & Nov eon g 4s
92
,
erlee F gear 4e gold._ .1953 J - 0
1946 .1 -13 92
9212 92
92
22 9118 9212
9514 Jan •14
Ore
Short
Line
let
g
138
Sales 0 Is gut r_ _ _ ...1957 M- N
109
A
I
1084
J
46
F
2
02
9
1
10814
10812
94
5 10734 109
- -- 9258 Aug '15
_
let consol g 5s
0 It t. & P 1st na i53_1932 A 0 1004
10712 107711 107 Mar'16 __-- 106 10714
---- 104 Noy'15
____
Guar refund Is
Peoria A Pekin Un et g 68_1921 Q
1929 J - D 93 Sale 9278
931
- F _--59 9234 94
102 Nov•15 _.--!
Utah
dr
20 gold 410_
Nor
gold
5a
19211
103
102
J
102 Mar'16 ____ 102 102
01921 M- N
86 ---- 87 Mar'16
- 87 let exteeded 45......_1933,1 Perm
90 100
95 Mar'16 ____ 95
48____1955 I •
1112 lune 13
14
95
15
Vandalla cons g 4s Ser A__ 1955'F - A
Refunding guar 4s.
9114 -- 91 Mar'16_--- 91
15 Mar'16
1955,3 - J
91
-ig
Consol
Series B.
ChL3 & W. t M'eA 's__ ___1921 ,./
9114
86 Sep '15 ____ - _ _ _ _ 83 .--- 83 Feb '10
83
Vera Crus
83
P let gu 43.4e.193
54
.1
7 JN1- 1.4
gi 4212 Aug '15
'
,,--.ng.” ,.• Seg
4
lug ,Im
9819
"
12 Sale
qsag
•No Price Friday:latcwib10 and asked. a Due Jan 1
Due Feb. 4 Due May; p Due June, A Due July. it
SOption
Due Aug. •Due 001, 17 Due Nov. f Due Dee.
-.+
•-
•
t
[VOL. 102.
New York Bond Reoora-Oonclucled -Page 4
1236
Week's
Range or
Last Sale
Price
Fridau
March 31.
BONDS
N. Y. STOCK EXCHANGE.
Week Ending March 31.
BONDS
N. Y. STOCK EXCHANGE,
Week Ending March 31.
Range
Since
Jan, 1,
Price
Friday
March 31,
Week's
Range or
Last Sale
al t
Range
Since
Jan, 1.
H!s.
i
High No. Low
Ask Low
Bid
High NO. Low High
Ask Low
Bid
Trenton 0 & El lit g 5s....1949 M- S 10112 __ 10112 June'14
10414 Sale 10418 10434 19 10312 105
1939
Wabash let gold Si
---- 100 Sep '15
Elea Lt & P let g 5e__1932 M- S
Union
100
13
0914
98
98
99
98
A
F
1939
Id gold Si
89 Mar'15
Refunding Jr extenalon 5a-1933 M-N
90 June'12 -70 110
1939 J Debenture Seriea B
10214 Mar'15
8 Utica Elect Lt & P lit g 513.._1950 J - J
-661-8 -5619638 ____ 9612 Mar'16
lit lien equip a Id g 5a...1921 IN13
93 Aug '15
-j
J
Eleo
ref
&
5a____1957
Gas
Utica
---'15
Dec
65
____
foi
lit Hen 50-yr g term 45.__1959 J -J 70
Westchester Ltg gold 5s___ _1950• D 10438 1.05- 1044 Mar'16
22 Oct '15
1956 J - J
lit ref and eat g 48
Miscellaneous
102 Dec '1583 8518
Cent Tr otfs alit paid .....
9
6
8314
8312
84
83
M8
1948
In
Ex
48
g
coil
Adams
_
Nov'15
7
Do asst part paid •
15
9312 19
102
103 104 10234 10312
---_ _ _ Alaska Gold M deb Os A__ 1925
102.1;
9412 47
Cent Tr stpd ctf8 east paid _
Armour & Co lit real eat 4
'39 T-15 9414 Sale 94
Do asst part paid...
8612 89
8778
8812
Mar'16
8
875
A
1952
lit
48
Bush
Terminal
107 Jan '16
2
Drift Tr ctfa twat paid
904
0014
J - J 8812 91
Consol Si
4813 Jan '18 --- 4613 4612
9 87
91
Do asat part paid
2 92
7113
8814
884 Sale 8818
950
196
5 ABldgs Si guar tax ex
10414 Jan '16 ---- 10414 10414
13114
112
Eton Tr atpd otIs asst 141c1
12912 13514
13014
131
Sale
M
N
1923
7e
Chile Copper 10-year cony
454 Jan '16 _-- 4513 48
4 81
85
Do asst Dart paid
82
8112
J. J 8112 83
68_1941
f
a
Computing
Tab-Ree
11)3
10318
Mar'16
10318
10418
107
2
Det & Ch Ext lit g 5a____1941 3---i
- - - - GranbyCons M S&P con 65 A '28 M- N 105 10612 10612 10612 14
Des Moin Div lit g 4s____1939 J - J 704..- 80 Aug '12
107
107
101
Sale
1928
Stamped
7612 Dec '15
74
1941 A - 0 73
8
Om Div 1st g 3348
101
.- Great Falls Pow lit e f 58..1910 M.N 10018 Sale 10018
8612 84 Mar'16 -z 84 -8/
2
9111148
5
00°9
1119
Tol & Ch Div let g 4s_ _ 1941 M934311 1
74
0
1119°
us 414 Inspir Cons Cop lit cony 6s.. 1922 M- 8 175 192 191 Mar'16
7
234
24 234 218
Wab Pitts i erm lit g 4:1_ ..1954 .1 -D
174 196
Mar'16
195
190
•189
1919
5-year cony deb 88
334
5 1
112
114 112 114
Cent and Old Col Tr Co certa_ _ 984 71
1922 A -0 964 9812 9712
lot Mercan Marine 4;is
1
---34
Mar'16
4
13
3
118
°2
Columbia Tr Co certfs _______
95518 10
1
21
9812 505 9
984 Sale 974
Certificates of deposit
1
378
134 1 Feb '10 1
74
09
Col Tr Ws for Cent Tr (Ufa _
11348 9
95
14
78 Int Navigation lit e f 58..._1929 F - A 9212 9712 93 Marl() 43 0
14 Marla ---3:1
1959
ad gold 48
97
---1
34 Montana Power lit 5s A__ _1943 J - J 9634 9678 9634
1,
14
Mar'16
14
Trust Co earth)
924 16 923:3 93
9238
5 831z 8434 Morris .13 Co Isle f 43s_..l939 J - J 9238 Sale 83
8434
85 --__ 8434
Apr '14
Wash Terml let gu 3348___ _1945 F Mtge Bond(N Y)-laser 2_1966 A 914 Aug 't5
1945 F - A 9314
1-2
.
lot 40-yr guar 4s
94 -t/4
94 Feb '16
94
95
J
1932
5s
I
117
series
3
10-20-yr
75
8
725
Sale
1952 A -0 75
7512
Went Maryland 1st g 4a
74
75 Mar'16
1951 F - A 7212 75
N Y Dock 50-yr 1st g 4s
7
105
4 103
10438
7134'
5 10034 102
1937 J - J 10412 105 10412
Wear N Y & Pa 1st g 5s
102
1932 J -J 10158 ____ 102
84
8112
Nlag
Falls
lit
5s
---Pow
Marla
8
833
8412
8614
0
A
1943
Gen gold 4.
a1932 A -0 107
Ref & gen as
25 ___ _ 20 Deo '15 -61943 Nov
Income Si
9238 -6i5i
9238 Feb '16
16i- Niag Lock & 0Pow 1st 58_1954 M-N 94 Sale 94
9512
94
9414
Wheeling & L E lit g 5s____1926 A - 0 10012 102 101 Mar'16
F-A
_1943
F
Si
N
1st
9684
Ontario
Power
9914
Marl()
97
93
9512
86
Wheel Div lit gold 5a____1928 J - J
86
Mar'16
86
8614
M-N
55____1945
97
97
Ontario
Transmission
56
.9 1_8
:
_ 1930 - A 9612 97 97 Mar'16 ---_9
92
.3
4
3
Eaten & Impt gold 5s
9018
92
9
8
:
Sale
Pub Sens,Corp N J gen 58._ _1959 .A -0
72
7 69
70
1949 NI- S 6912 Sale 6912
127 Dec '15
ER lit conaol 4s
J - J
68._1921
Ray
cony
Cons
Cop
1st
-'14
Apr
90
1922 - J
'14
Feb
9214
30-year equip a f Si
F
A
Sierra & S F Power lit 5s_ _.1949
8611 Jan '16
8
11712
1161a
Winston-Salem S B lit 03...1960 J 111 Tennessee Cop lit cony 68__1925 M- N fir 11712
8678 12 -i
3:
7
86
81..13
3 -i
611-1
_
34 Jan '14
6
0
0738 10
We Cent 50-yr lit gen 48..„1949 3.', 8634 8714 8634 Mar'16
_-- 8812 90 a Wash Water Pow 1st 5s____1939 J - J 96
Sup & Dul div & term let 4s'36 M.151 88 89 88
Manufact..ring & Industrial
Street Railway
A - 0 10214 10238 1024 10212 20 102 103
1928
lit
o
As
Chem
Si
Am
8
10212
10214
1034
1023
5
Sale
10212
11
9918
Brooklyn Rapid Tran g 58..1945 A - 0
F - A 9918 Sale 9838
7978 81
Cony deben 55
1 9614 9734
2002 J -.181 7978 Feb '16 -9738
let refund cony gold 48
21 M-N
93
19
10118 39 10012 10118 Am Cot Oil debenture 5a
1
1918 I - j MT- Sale 101
104
104 10438 104
6-year secured notes 58
S
M1919
Am
&
6s_
1st
g
f
L
a
11Ide
8
10114
1017
1
10012
10114
2 18
s
Bk City lit con 158_1916-1941 .1 - J 10114 10178
85
4112
85
87,
°8
85
3 18
°538
A
_1925
Amer Ice &cur deb g
98 Apr '14 --48
0838
Elk Q Co & S con gu g 58_1941 111- N -..-- 94
778 118
10
111
10
110
11012
Sale
926 F - A
Am'
,melt Securities s f l
_
- - 101 May'13 ..._
9
9838 Sale 9838
Bklyn Q Co & S lit 5s._ 1941 .1 - J
8
983
J
IRd'
iiid.319
3
6
2
tr
Am
lit
4s.....
coil
14
2
Thread
78
102
8 Sale 1017
Dec '15
Bklyn Un El let g 4-15e ....1950 F - A 1111-710038 1024 Am Tobacco 40-year g Os.. _194 A - 0 118 ____ 1194
12_ 134 May'14
1950 F - A 10178 Sale 101
Stamped guar 4-be
1944 A --- 8312 8612
Registered
Hinge County El let g 48_1949 F - A 8412 87 86 Mar'16 ---_ 83
:834 -or 8334 Mar'16
8338 851k
F
A
2
80'
1105511
1951
4a_
Gold
1949 F - A 8412 8612 864 Mar'16 __-.. 75
98 June'14
Stamped guar 4e
F-A
7634
Registered
7514 46 852 7514
7514 Sale 74
Nassau Elect guar gold 46_1951 j.j 7614 761 764 Mar'16
J
J
1919
Am
Writ
181
f
a
Paver
St....
4
933
97
53
9814
105 106 105 Mar'16 -1927 F - A 9734 Sale 9734
Chicago Rys lit ha
'16 ---- 991z 9912 Baldw Loco Works lit 58._ _ 1940 M-N 1044 Sale 10378
185 ,'s8
10418 11 22 l04
Cam Ry & L let & ref g 43is 19M J - .1 1004 ---- 9912 Jan
1926 J J
Both Steel 1st ext sfSi
1951 J - J 9912 ____ 9614 June'14 ....
10112 Sale 10012 10112 52 10012 1031a
Stamped guar 43e
M
N
2
6
2
194
lit
&
ref
A
tsar
Si
58
-fl/
78
-iili
7778
54
4
102
Del United lit cons g 448_1932 j - j 771 78
1024
1013
102
10054
Sale
A
Jan '14 ----- Cent Leath 20-year g ta_ _1925
irs Smith Lt & Tr lit g 58...1936 SI- S ---- ----84
9734 Jan '15
1951 F - A ---- 00
Consol Tobacco g 4i.
7
1 - -__ 100 June'14 --Orlin(' Rapids Ry latai 5e.-.1916 .I -D
• N 9912 9978 997a Mar'16
94 Mar'16 ---- -if - -fii - Corn Prod Ref s f g 59
--1 -6.
08
98
98
flavana Elea coneol g Sc.. _1952 F - A 9212 ___
4
973
6:4 i136
96
99118-2
7514
341 M-N
93
19
1st 25-year f Si
7314 54 73
734 7312 73
10157 F - A
Karl & Manhat Si Ser A
10234 11 10112 10234
3114 Cuban-Am Sugar coil tr 6s_.1918 A- 0 10234 Sale 10213
3012 30 30
"_ 30 3014 30
7312 123 6938 7434
7212
727
8
1957
Adjuat Income Si
Sale
A
0
102
533_1927
Car
g
cony
lit
SOO
101
2
313
Mar'16
1932 1-A 101 ____ 101 Mar'16 --N Y & Jersey let be
10214 107
7612 E I du Pont Powder 430_ _1936 J -13 104 1074 105 Mar'16
7334 74 73
85
85
85
Laterboro-Metrop colt 448_1956 A -O 7314 7414 73
9912 203 0914 9934 General Baking let 25-yr 88_1936 J -D 8312 ____
4
laterboro Rap 'Fran lit 5s._1983 I - 1 9938 Sale 9938
P
A
42
119032
6 91
92
9234 Gen Electric deb g 330
27 10334 105
10
8
4Z1
84
83
3
'
tinnhat Ry (N Y)cons g 48.1990 A - 0 9134 9212 92
1718
alle 10
2
3 8 Sa
as- 13 10
Debenture Si
2 92 9314
9314
1
3314
914 Sale
82
9034
1990 A - 0 9212 9312 9314
858 9
70
Stamped tax-exempt
914 56 0
1940 A Ill Steel deb 4;is _ _ ____
20 10114
10212
103
Sale
1024
Metropolitan Street Ryra-N
1952
9814 10014 Indiana Steel lit 5s__
997s Mar'16
100 Oct '13
Bway & 7th Av let og 58_1943 j - a 97 100
100 100
lit Si
11935 3-3
Ingersoll-Rand
Mar'16
100
10012
100
S
M
10 777 79
78
Col & 9th Av lit gu g 5a._1993
"79" 78
Int Agrlcul Corp lit 20-yr 58_1932 M -N
1 9934 1131
100
7 102 10212
Lax Av & P F let gu 151.1993 M- S 100 10012 100
10214
5 F - A 10214 10234 1024
118
13
lot Paper Co ist con g W.-11
30 Mar'14
52 8
00
78,8
tlet W S El (Chic) lit g 4s 1938 F - A
90
1
75
- J 90 Sale 8912
J
4
i6115
g
f
cony
Consol
56
itii10214
Mar'16
:
:
4
31E
F-A
Mar'16
76
1611w Elan Ry & Lt eons g Si 1926 i
____
6314
S
Mlot
1929
_
lit
St
j
_
5s___
Pump
_ Elk 9258 Feb '15
7512
3 74
7512
2
707
1:
7512
9758
707
190
69711122
Refunding & eaten 4;28._1931
ideo", ioF4
Cents of deposit
100'8 15
SlInneap St lit cone g he_ _1919 .1 - J i5i7 ___. 10094 Mar'16
1923 AO 100 Salo 9978
Lackaw Steel 1st g 58
9438 57
4
9414
933
Sale
Montreal Tramways let & ref
ra
let con53 Series A
9378 Mar'16 --- 9378 95
1941 I - J 9214 94
50-year 58 See A
° A - 0 12614 12612 120 Mar'16 13 12434 127
944
s.. 195
Liggett & Myers Tobao 7.
80 80
80 Mar'16
85
10212
New On Ry & Lt gen 4158_1935 J - J 83
1951 F - A 101 102 102
5s
7712 -:2-22 7312 7834
7712 Sale 7538
_ 122
°14
°36:
38 12
71
Y Rys let R E & ref 4s._ 1942 J - J
11095441 A -0 12612 127 12612 Mar'16 14 1
634 653 55 634 Lorillard Co (P) 75
10114
10012 10214
80-year adj Inc 55
a1949 A -0 624 Sale 6112
F - A 101 Sale 101
Si
8812
4
853
---8312
Mar'16
8718
86
118 11514 Mar'16
128
11018
10653
14 Y State Rya lit cons 4368..19132 al- N
0
A
1921
A
Mexican
9413
Petrol Ltd con (la
94
514
28
612 10
05
312 11 10
18
Portland Ry lit & ref 58_ _ _1930 M- N 9334 9412 94 Mar'10 __....
lit lien & ref 68 series C...1921 A - 0 311312 Sale 11312 19
80 Sep '15 __...... ........ -....80
10
Portid Ry Lt & P let ref 58_1942 F - A
93
Nat Enam & Stpg let 5s
1029 J -D 9778 98
aday'15
June'15
83
____
8514
Portland Gen Eleo lit Is..1935 J - J -:--- _ - 100
-1
J
2
1951)
193
i :di" Nat Starch 20-Yr deb 5a
:
95 .
"-i "E
10138 31 id45" 10138
it Joe Ry, L. H & P lst g 58_1937 M- N -95- Sale 95
M-N 10138 Sale 10118
National Tube lit Si
4 iii
100 Sep '15 ..,5 73. 10378 10 1034 1054
Paul City Cab cons g ha_ _1937 1 - J
N Y Air Brake lit cony 68_1928 111-N 10314 10378 10378
5
83
4 §Ede 8214
1960 1 - J -g3Third Ave lit ref 4i.
8414 70 80 8434 Railway Steel Spring1 9934 1004
0512
0
100
0512
0514 100
0712 10
Adl Inc Si..al960 A 0 84 Sale 84
1921 1-1 10
Latrobe Plant 1st e f 5s
2 100 10718
10 9412 9578
1937 J .1 10813 10712 10612 10612
Third Ave By let gl5a
1931 A -0
Interocean P let i f 5a
10058 12 9834 10078
33
8
993
tr-City Ry & It lit s f Si. _1923 A -0 100 ____ 10058 rly
9534 9934
A
Repub I & S 10-30-yr 5851_1940
'14 ...-954
5
98
Undergr of London 41-ie.__ 1933 J - J -- 94
1930 M- N
69 Jan '16 --- -ii:- -fici - Standard Milling let 5s
__ 84
24
95
6
9
10
08
9578 19
4
8
4
1948
731'
9
54
Income Os_
1054
S
8
108989
J
e
le
a8l
9a
J
611_1931
The Texas Co cony deb
'08 ---2 8018 8214
8214
Union Elev (Chic) lit g 58..1949 A -0 ____ ____ 84 Oct
8214
93
0 3-, 82 84
30
'"fi- Union Bag & Paper let 58_ 10
---- -W.
74 Feb '1612
____ 914 Jan '13
82
United Rye Inv Si Pitts 189_1928 m-N --- 73
.1
I
Stamped
62
61
....-73
7214 27 "70
United Rye St L lit g 4i....1934 J - .1 --- 02 62 Marl()
597s U S Realty& 1 cony (long Si 1924 J - J 7134 Sale 7138
57 Feb '16 ...._ 57
23 Dec '15 -20
St Louis Transit gu 54_1924 A -O ---- 55
10
J
4218 41 4134 4634 U S Red & Refg lit g Os__ 1931 J
4218 42
29 1025s 1031,
103
10318
1023
103
4
United RRa San Fr a f 4i...1927 A -0 42
-D
J
S
U
92
10-yr
coll
65__1918
Rubber
tr
91 Mar'16 _--- 9014
05,4
3 10
1034
8 363 103
104,
Vi Ry & Pow let & ref Se.. _1934 J - J 9058 91
N 194 Sale 104
-ircegup -41963
SS
0_16C
U8
43yrrp5810
f tlee
a.
10438 10
Gas and Electric Light
d1963 NI- N 104-38 Sale 104
9912 14
Atlanta U L Co lit g Si....1947 -D 103 ,- -- 103 Sep '15 ---i. Ng- 16(14 Va-Car Chem lit 15-yr 5e_1923 J -D 9938 Sale 9838
1003a
102 Salo 102
3 481
02 10
'
99
10238 11 198'8
13klyn 17o Gas let cons g 58_1945 111-N 10638 Sale 1083a
ACony deb On
10212 15
Buffalo City Gas 1st g 5i _ _ 1947 A -0 ---_ --- 54 June'13 --1 J -J 10214 10238 10214
22
West Electric let Sc Deo__ _81992
97 Feb '15 ......31 12313 14113
132
130
130
Salo
Columbua Gas lit gold 5s _ _1932 j - J
J
J
M
E&
58-1931
..: i-i-6.-1--2 Westingh'se tr oonv
1224 10 ill
1:
°3
017388 10
Consol Gas cony deb 68 _1920 Q - F iii- 5;17 122
1°
10-year coil note.)5s.._ 1917 A -0 10138__,,. 10138 Mar'16
1 101 10212
10118
J 1014 102 10118
Detroit City Gas gold Si....1923 J - A
Coal & Iron
Kul .... 9812 Nov'15 ....-z iiii - iiii.;
.
July'14
9618
92
___
Detroit Gan Co cons lit g 58_1918 F--D
J
1932
Sung
Buff &
Iron a f Si
1
1034
98
90
Detroit Edison let coil tr 6,3_1933 .1 - J 11)334 ___ 10314
a1928 as- S 93 ___ 93 Feb '16
Debenture Si
9412
9234 95
9412
08
Kg OLN Y let cons g 59_ _ 1932 M- S ---- -- - - 10012 May'15 ---- ---- ---- Col F & I Co gen a f g 55._ _ 1943 F - A 94
'13
Fob
......
100
17 7418 77
7413 7518 75
75
Gas & Elan Berg Co c g 58_1049 J -D 10018 _
Mar'16 _--- iciii iiiiii Col Indus Lit & coll Si gu..1034 F - A
4
arA6
ma
_
73 M
-1-2 0
Hudson Co Gas lit g Si....1949 M -N 103 10334 10312
Cons Ind Coal Me lit 58._ 1935 J -D 18 _0_3
91
91 Jan '16 ...- 91
__
93
91
Kan City (Mo) Gas lit g Sc.1922 A - 0
-D
J
Coal
of
MS
Cons
58.1950
lst&ref
105
105
'14
Feb
994
1937 A - 0 104 10412 105 Feb '16 .....60
Kings Co El L & P g 5a
A
F
2 11478 1174 Continental Coal lit g Se...1952
11718
1907 A.4) 11712 sale 1174
-1/43-4 -143-4
Purchase money 6a
(Jr Riv Coal & C lit g 6s._h 1919 A.0 ---- 9434 9434 Mar'16
90 July'15
1922 M- S 125 _ _ _ 1224 Dee '12....Convertible deb Si
Kan&HC&CIstsfg 55_1951 J -.8 897 90
90
90
1925 ht- 8 126 130 126 Mar'16 _..-- ii6" fig- Pocah
89 -id Convertible deb 6s.
J
J
Con Collier lit if 58_1957
- 88 8834
___ 8812 Mar'16
8812
84
Ed El Ill Bkn let con g 48_1939 j _ j 88
8714 87 Mar'16
1 100
013878 102
0238 St L Rock Mt dr P 5s stmpd_1955 J - J 85
102 -3
10134
10112
'16
10338
Jan
101
10338
Lao Gas L of St L lit g 5a_e1919 Q - F 10134 102
10214
J
J
Tenn Coal gen 5a
10178
10173
102
1013s
1934 A -0 10178
10138
8
Ref and ext. "Si
1015
8
1917
Birrn Div 1st consol 6s-1
981 J - J 10112 1017
_
914 93
10134 102
Milwaukee Gas L lit 48..„ 1927 M-N 9258 93 93 Mar'16
3;1917 A- o 10158___ 10134 Mar'16
Tenn Div 1st g 6s
10358 10338
10358 Mar'16
1948 J - D 104
101 Dec '14
Newark Con Gas g Si
1053 3 - 0
Cab C M Co lit gu 8s....1922
ii
10413
10512
10512
105
Sale
105
D
J
3 Apr '14 -• _
70
0
1948
ITYGELH&Pg 5a
3-i
Si
f
s
Victor
lit
Fuel
87
85
-8634
17
"i61;
1949 F - A 8638 3612 8658
Purchase money g 4a
Vs Iron Coal&Coke let g 58_1949 al- 8 83 00
Ed El Ill lit cons g 53. _ _ 191)5 J - 1 10834 110 109 Mar'16 ..-- 108 109
Telegraph & Telephone
9134 88 001, 0213
0138
21Y&Q El L & P let con g 58.1930 F - A 10014 101 10114 Feb '16 __.- 10114 1014 Am Foley & "Fel coil tr 48
Sale
4
913
1929
3 100 10134
10238
Y & Rich Gas let g 5s____1921 M - N ......- ---- 9213 July'09 --- -- --- 100 ---- 10214
M13
Convertible 4s
10834 350 105% 10834
?acne0& El Co Cal 0& E
3 M- S 1084 Sale 10814
1936
20-yr convertible 4M s_
9958 29 9738 100
102 10238
Corp unifying & ref 5s.._ _1937 M- N 90 Sale 99
• - I) 10212 10314 1024 Mar'16
Cent Dist Tel let 30-yr 58_1943
Pao Pow & Lt lit & ref 20-yr
---- 7678 8814 June'14
93 9312 Commercial Cable lit g 48..2397 Q1930 F - A --- ---- 93 Feb '16
79 Apr '14 -84
Si Internet Series
Q
Registered
'15
--8 _-__ 9913 Oct
10038
2
99
10012
Pat db Passaic 0* El Si.__ 1949 M- 8 101110012
8
1003
4
993
J
J
7
9
33
19
Comb T & T 1st & gen &L.:2
115
95 Nov'la
98 .._
Poop Gas & C lot cons g fie_ .1943 A - 0 115 ____ 11434 Mar'16 ....... 11,13-4
10114 10218 Keystone Telephone 1st 5a_ _1935 J 1947 m- S 101% 10158 1013a Mar'16
10112 Nov'16
Refunding gold Si
10118
MN
1918
f
Tel
1st
Si
&Tel
Metropol
99 Sep '13 ---100 101
Mar'16
1947 M- S
Registered
Mich State Telep lit 58 _1924 F - A 100 101 101 June'15
-10112
Ch G-L & Cke lit gu g 59_1937 J . J i6i- ::::_ 10238 Feb '10
.
101 1011a N Y&NI Telephone 5a g__1920 li-N 10012
89 9838 "(WI;
99
9858
Con G Co of Chi 1st gu g 581936 J - D 101 ____ 10118 Feb '16
99
Sale
N
446_1939
&
if
lit
gen
N Y Telep
10034 29 100 10118
Ind Nat Gas& 01130-yr 6191938 M- N 93 ____ 93 Mar'12
3-i 10014 Sale 10014
1:
8l
14
6 34-4 Pao Tel & Tel lit Si
i(1
:
:
10118 46 9934 10118
Mu Fuel Gas lit gu g Si..1947 NI- N 10084 ____ 10034 Mar'16
37 .1 -J 10112 Sale 10012
$964 :9614 South Bell Tel & T 1st s f 58.11941
10118 25 101 1017a
_ _1910 F - A 9812 ___ 9614 Jan '16
101
Sale
101
Philadelphia Co cony
I
1938
9312 West Union coil tr cur
9212 10, 92
9211 Sale 9212
1922 M- N
9512 21 9458 964
9518
Cony deben gold Cs
953
8
4
953
Fd and real est a 448--1950 M -N
10112 18 9812 10112
104 June'll
Stand Gas & El cony e f 83-.1020 J - D 1014 Sale I.0014
102
100
-N
M
-1941
5e.
gu
Un
est
rel
Mut
9934 1001s
95
05
95
95
Syracuse Liehting let g 58-1961 1 -D 100 ..-_ 1004 Jan '16
95
__-J
..1934
Northwest Tel gu 434e g
- - - - ---Syracuse Cfght & Power Si.. 1954 J -5 34 _-__ 854 June'12
Option sale.
p Due June, i Due July. le Due Aug. •Due Oat •Due Nov. Due Dee. •
No price Friday: wort old and mixed a Due Jan, 4 Due Apr11. •Due May.
-WI; -EFL;
13
1
3
I
122,.
Ars.11916.]
BOSTON STOOK EXCHANGE-Stock Record s..V.P.M..
1237
SHARE PRICES-NOT PER CENTUM PRICES.
Saturday 1
Mar 25
Monday
Mar 27
Tuesday
Mar 28
Wednesday
Mar 29
Thursday
Mar 30
Friday
Mar 31
Saks
of the
Week
Shares
STOCKS
BOSTON STOCK
EXCHANGE
Range Since Jan. 1.
Lowest.
Highest.
Range for Previous
Year 1915.
Lowest.
Railroads
9234 Feb
1 Atch Topeka & Santa Fe_ _100 102 Mar 2 108 Jan 3
10353 103531*10314 104 *10314 104 *103 103% *103 10334 ____ ____
Last Sale 100 Mar'16
100 99 Jan 5 10114 Mar 9
97 Jan
Do pref
*100 10034 *100 10034 *10012 101 *10014 10034
100 190 Jan 3 198 Feb 16 170 Mar
195 19513
195 198
195 195
389 Boston & Albany
19414 195
194 194
194 194
100 76 Mar28 8812Jan 19
73 June
7712 7714 7712 7712 7712
77
962 Boston Elevated
77
7653 7812 78
7814 79
___
100 129 Jan 4 145 Feb 11 109 Feb
____
17 Boston & Lowell
13812 13812 13812 13812 *13812 140
*13812 145 *13812 145
100 35 Jan 28 52 Feb 14
45
45
5
45
441 -441
1
20 Feb
815 Boston & Maine
4418 45
4334 4334 44
_
-------------------- ---100 22712 Mar27 235 Mar 2 225 Jan
10 Boston & Providence
22712 22713 *__ 232
*22712 235
5 Jan 8
4'2 Feb 29
Boston Suburban Elea Cos___
5 Dec
Last Sale 412 Mar'16
412
412 *--__
412 *---41 *
•
40 Jan 18 4013 Feb 29
____ ____
40
40 Sep
40
10 Do pref
•____ 40 •__ 40 •__- 40 *____ 40
512 Jan 5
4 Mar18
Mar'16
Last Sale 4
Boston & Wore Electric Cos.._
5 Nov
*5 ---- *5 -___
42 Feb 28 44 Jan 18
Last Sale 44 Mar'16
39 Jan
Do pref
Last Sale 160 Sept'15
Chic Jana Ry & II 8 Y.._100
157 Feb
--- ---- ---I0412Jan 31 10712 Mar27 10112July
111 Do Pref
•iiii" 116" 1-05'.t 1671-2 10712 16712 10712 10712 *107 108 107 107
100 150 Jan 5 162 Feg 19 140 Feb
Connecticut River
Last Sale 158 Mar'16
*__ _ 156 •_-_ 180 *152 160 *150 157
100 76 Jan 4 87 Feb 14
77
77
77
7714 77
51 Feb
161 Fitchburg pref
7712 7712 7734 7734
77
7834 77
Georgia Ry & Elect 8tampd100 122 Jan 3 127 Mar17 114 Apr
Last Sate 12812Mar'16
*12512 12812 *12513 127 *12512 12634 *12512 12634
100 x86 Jan 10 8813 Mar 7
88
90
88
*88
7 Do pref
90
84 Aug
*88
*8712 90
90
*8712 90
.88
Mar20
102
100
Jan
17
100
92 Mar
115 Maine Central
•100 101 *10014- -- *10014 10012 10012 10012 100 10014 10014 10014
8 Feb 14
47 June
8 Feb 3
100
30 Mass Electric Coe
7---- --7
*7
7
8
.7
7
8
*7
-8
244 Do Pref stamped
35
3534 3534 35 -35
35
36
*35
33 July
35
35
36
3512
100 34 Jan 25 40 Feb 11
100 63 Mar31 7734Jan 3
1,314 N Y N II & Hartford
65
63
43 Feb
6434 65
8513 66
66
8513 66
65
*6612 67
Northern New Hampshire-100 97 Jan 3 105 Feb 14
Last Sale 10312Mar'18
___
89 Oct
__- __ _ *103
100 15014 Mar21 157 Feb 28 140 Aug
52 Old Colony
•Thi- --_-_- 151 151 151 151 151 1-52 *151 _ ____ ____
____ ___
100 23 Mar27 30 Jan 3
200 Rutland. pref
23 *____ 23 *____ -23
23
15 Mar
23
.0_ _ _ _ -25 - 23
•143 13152 Mar 6 13833Jan 6 11612Jan
1 Union Pacific
13414 13414 *13314 134 *13312 134 *13214 132% *132 13234
- -100 8172 Mar 1 8314 Jan 3
Last Sale 8213 -mario
7914 mar
Do pref
---- ---- ---- --__ --- --_- _--- ---Last Sale 120 Mar'16
Vermont& Massaohusetts-100 118 Jan 10 125 Mar 1 105 Feb
•___ 12518 *____ 12513 *120 124 *119 124
63
83
83
8234 83
468 West End Street
6314 8334 63
50 6234 Mar31 6712 Jan 19
61 May
64
6414 64
84
50 80 Jan 11 88 Feb 25
8212 83
83
8312
8212 83
177 Do pref
83
834 83
8312 83
•83
80 July
Miscellaneous
6818 6818 87
67 .88
68
171 Amer Agricul Chemica2-100 66 Feb 29 717 Feb 11
68
67
8712 *67
6712 69
48 Jan
984 9834 9612 97
9614 97
9512 97
799 Do pref
100 9512 Mar23 99 Jan 3
874 Mar
9513 96
9534 98
2/6 25
/
6
2if• 212
234 Mar22
2 Jan 18
50
585 Amer Pneumatic Service
114 Mar
*214 233 *214q 212 *2;4 238 *214 212
1412 144 1414
*14
15
*14
15
10 Do Wet
15 .14
*14
50 1312Jan 5 1412 Mar 4
15
13 Dec
*14
100 108 Mar 8 11812Jan 8 100 Feb
110 11053 110 11012 10912 1104 109 10934 109 10912 1.100 Amer Sugar Refining
110 110
11512 11573 11512 11534 11512 11558 115 11538 115 11514 11514 11512 1,847 Do pref
100 11412 Mar 1 118t2Jan 13 109 Feb
13012 131
13014 131
8,699 Amer Telep & Tales
100 12618Jan 31 131 Mar29 116 Jan
13014 13033 13012 13078 13058 13078 13034 131
51
5214 5214 *5013 51
*4434 5012
*5013 5113 *50
5 American Woolen tr Ws __ 43 Jan 11 55 Mar14
52
1612 Apr
*51
100 1014 *91 997
1487 Do preferred tr ale
92 Jan 11 10153 Mar14
9914 9913 9914 9913 9912 9934 9912 100
77 Feb
7012 70
70
70
7012 70
--- ----701 -70
484 Amoskeag Manufacturing-- 68 Jan 3 7013 Mar 8
70
591 Jan
70
101 101
9912Jan 20 10114 Feb 10
101 101
101 101 - -------181 Do post
101 101 *100 101
9712May
30
31
30
30
3073 31
31
3012 30
30
3018 1,150 Atl Gulf & W I S S Lines_100 27 Jan 14 3314 Mar17
31
4 Feb
494 49
Ion 42 Jan 15 5014 Mar17
49
49
4834 49
49
48
4812 49
48
49
973 Mar
720 Do pref
10 Jan 4 1338Jan 19
1012 *10
1014 1038 10%
1012 *10
1014 1014 1014 1014 *10
812
150 East Boston Land
Dec
101 242
24512 24858 245 246
245 248
Jan 14 250 Mar 7 230 May
245 246
24812 247
242 24212
746 Edison Electric Ilium
1001
167 16734 16612 187 *16512 186
167 167
167 168
168 168
300 General Electric
100 16534 Mar 2 178 Jan 17 13814 Feb
10134 10134 *101 10134 10134 102
10134 102
102 102
•101 102
9612 Aug
170 McElwain(W II) 1st pref_100 100 Jan 4 102 Feb 24
85
8473 85
85
8434 85
8414 8434 8414 85
8534 86
573 Massachusetts Gas Cos
78 Apr
100 8334 Mar17 8612 Jan 5
88
88
88
8713 88
8814 8814 8858 8833 8812 88
100 85 Jan 3 89 Feb 14
88
455 Do pref
84 Nov
163 164
*___ 165 *--:: 186
184 104 *180 165
____ ____
13 Mergenthaler Linotype_ 100 162 Feb 4 172 Jan 19 154 Feb
.134 2
*113 2
*134 2
*134 2
Mar'16
214Jan 15
Last Sale 1
1 Mar 8
Mexican Telephone
10
14 Apr
•_ 17 *_ __ _ 17 *--- 17 *_ 17
Last Sale 17 Feb'18
Mississippi River Power_100 15 Jan 18 18 Feb 3
10 June
--- -__
_ --- --- -- -Last Sale 44 Feb.16
Do pref
35 Feb
100 44 Feb 8 44 Feb 8
Last Sale 30 Jan'16
• *:::: 1712 *____ -2712 *---- -27 *____ 1712
New Eng Cotton Yarn
20 Apr
100 30 Jan 7 30 Jan 7
•
55 *____ .55 *---- 55
50
5_ _ __ 55---- _--50 '
5 Do post
.......too 50 Jan 24 53 Jan 7 25 July
445 New England Telephone-100 13114 Jan 11 140 Mar17 x12714 June
1372 13712 13714 13712 13714 13712 137 13714 137 13714 137 1-3714
147 150
149 149
150 152
149 149
150 * - 150
•
662 Nip° Bay Company
100 102l Jan 11 156 Mar20
16112 16112 18112 10134 16114 162
16114 16112
16112 16112 iiii 161
546 Pullman Company •
100 161 Mar23 171 Jan 17 150 Feb
16
1534 1534 1534 16
16
•1534 1572 1573 1572 1512 18
263 Reece Button-Hole
10 15 Feb 3 1614 Jan 12
15 Sep
13034 131
131 131
13034 131
13078 13112 13012 13133 13012 131
714 Swift & Co_
,.
100 125 Feb 5 134 Mar 6 10434Jan
4634 4634 48
4512 45
47
4878 48
25 35 Jan 14 497 Feb 14
481
44
4
4
618 Torrington
28 Mar
3112 •30
3112
*30
30
25 28 Jan 14 32 Mar 2
30
30
30 - -------- --130 Do pref
28 Mar
4,1
112 .31
.90 .90 *1
112
11
25
.90 Mar28
*1
2 Feb 23
22 Union Copper L & M
114 - -- - - -_,
.g5 Jan
142 14313 143 146
14413 1451 14414 145
100 13612Jan 31 1504 Feb 11 110 Feb
14312 144
14412 1473-4 3,767 United Fruit
5712 5814 5612 5712 58
59
5813 5873 58
5634 5813 5634 6,994 United Shoe Mach Corp
48 Aug
25 51 Jan 3 59 Mar27
2914 29
29
25 2812Jan 3 2934 Feb 11
29
2914 29
29
2914 2914 2938 2914 2914
731 Do pref
28 Mar
8414 85
8314 8414 844 85
8418 85
8338 844
412
35
699 U 8 Steel Corporation
I00 7934 Mar 1 8878 Jan 3
38 Feb
11612 11634 *11612 11714 11652 117
11612 11713 *11614 11634 ---- ----137 Do pref
100 11514 Feb 5 11812Jan 25 10214Jan
8 Feb 16 13 Jan 3
933 912
914 932
914 IN
914 914
9
912 -988 3,695 Ventura Consol Oil Fields_ 5
912
1053 Dec
Mining
134Feb 17 c378 Mar23
25
1 Jan
312 312
34 314
34 332
314 312 *312 334 1,023 Adventure Con
34 312
25 95 Jan 15 106 Mar10
98
9912 10012
98
542 Ahmeek
9812 9934 *98
99
99
9212 Dec
9913 0912 100
1938 1934 1,230 Alaska Gold
2012 20
2012 2012 20
2014 *20
1913 20
20
10 174 Mar 6 2612Jan 7
2112 Dec
25
.90 Feb 8
lls *1
114
1
135 Algomah Mining
173Jan 3
114
.45 Feb
114 *I if.1 114 *1
*1
1
1
69
88
69
815 Allouez
68
8814 8712 68
68
69
69
69
68
3512Jan
25 6478Jan 14 7412 Feb 21
8812 19,880 Amer Zinc, Lead & Smelt_ 25 68 Jan 31 92 Mar24
8714 88'2 8534 8752 8634 8834 8772 8933 8712 8813 88
168 Jan
858 834
812 914 4,650 Arizona Commercial
5 7% Mar27 10 Feb 14
314 jail
853 878 *812 834
7% 873
853
8
51 Feb 5
*312 334
37
37
334 373 *334 4
4
4
4
650 Butte-Balaklava Copper
3 Jan 15
2 Jan
4
10
8912 9012 90
9012 4,168 Butte & Sup Cop (Ltd)- 10 7112 Jan 3 10514 Mar 9
894 9112 0012 92
355g Jan
8812 90
91
90
7334 7413 7314 7334 7334 7412 4,976 Calumet & Arizona
7334 74
7314 7334 7318 74
5113 Feb
10 6712Jan 31 75 Feb 10
541 544 _ 543 555
543 545
25 541 Mar28 588 Feb 14 350 Jan
541 545
544 548
196 Calumet & Hecla
550 550
17
1634 1634 1612 1612 1634 1634
1714 17
1714 •17
•17
150 Centennial
Jan 6
16
1
25
Feb
15 Jan
19
534 *5314 535
53
5314 5458 558 5533
53
53
6 5134 Jan 31 80 Feb 19
54
54
129 Chino Copper
327g Jan
6112 Jan 31 6712 Feb 19
6412 8312 6412 8332 6334 8334 6434 6,007 Copper Range Cons Co
8412 84
83
6334 63
30
100
Jan
*314 334 *34 334 *314 312
314 312 *314 312
378 Mar17
145 Daly-West
314 314
212 Mar 1
20
17s Jan
1213 1234 1212 1212 1214 1234 3,483 East Butte Copper Min.__ 10 12 Mar27 1614 Jan 3
13
1234 12
12
1234 13
84 Jan
7
972 9
953 953
912 10
934 10
912 912
1034Jan 8
952 934
535 Franklin
9 Feb 1
413 Feb
25
*89
90
8834 89
8834 8934 8834 8834 89
•8914 90
91
1,085 Granby Consolidated
58 Jan
100 844Jan 11 9834 Feb 10
4512 4613 4834 49
4534 48
48
46
4834 4834 48
100 44 Mar 8 5213 Mar 9
4834
732 Greene Cananea
Feb
2314
1518 154 154 154 1514 1514 15
15
1512 15
*15
1534
400 Hancock Con3olidated
25 1412 Mar24 1912 Jan 4
11 Jan
•__ . 24 *---- 24 '. -. 24 *_ _ 24
Last Sale 24 Mar'16
Hedley Gold
2612 Oct
10 24 Mar 9 2718 Jan 26
4
i
4
412
*4
5
*4
4
4
25
4 Mar 9
4
6 Jan 3
65 Indiana Mining
*44 5
214 Jan
4512 4512 *4513 47
4712 *4513 47
*48
4412 46
1 4412 Mar30 4914 Jan 4
48
4812
195 Island Creek Coal
41 Mar
88
*8812 8912 8812 8812 88
884 89
89
8914 89
8914
157 Do pref
88 Jan 29 91 Jan 5
1
854Jan
27
27
27
2714 274 274 2713 274 27
28
28
27
25 2614 Jan 31 3134 Jan 6 • 1712Jan
1,170 Isle Royale Copper
44 44
414 44
433 432
418 414
414 414
414 414
5
312 Mar 4
448 Kerr Lake
434Jan 3
3 Aug
314 314
334 4
334 4
4
414 458
25
433 412 5,880 Keweenaw Copper
234 Feb 11
438
458 Mar30
112 Aug
*1612 17
1812 1834 1612 1613 1613 1612 1812 1812 1812 17
426 Lake Copper Co
1912 Feb 10
612Jan
16 Jan 31
25
452 452
412 452
413 412
412 453 *412 5
42 412
534Jan
3
306 La Salle Copper_
34 Jan
44 Feb 16
25
314 34
234 3
*234 3
3
3
*234 314 *3
6
212 Feb 23
414 Jan 4
330 Mason Valley Mine
314
I Mar
1212 1213 1213 1212 13
13
13
13
1312 1318 1334 1,205 Maas Consol
13
3 Jan
25 114 Feb 1 15 Feb 23
3
*314 334 *314 334
34 *3
312 *3
3
314
3
5 Feb 10
290 Mayflower
3 Aug
3 Mar31
25
*3612 37
3634 3634 3634 3634 3612 3714 3734 3812
•3612 37
845 Miami Copper
5 35 Jan 3 39 Jan 4
1834Jan
212 234
2fs 24
214 238
238 213
258 234
214
234 Mar28
233 3,435 Michigan
112Jan 5
.80 Mar
25
97
96
95
9834 98
97
96
9914 9712 9813 98
99
1,602 Mohawk
89 Jan 31 10312 Mar10
464 Jan
25
1612
17
164
1612 167 1712 171g 1714 1714 1714
1634 17
5 15 Jan 28 1712 Mar29
665 Nevada Consolidated
1153
Feb
712 8
712 758
734 734
734 734
714 734
712 734
714 Mar30 1014Jan 4
770 New Arcadian Copper__ 25
411 Feb
15
1614 15
1313 1414 *1412 15
15
15
15
1412 1412 1,193 New Idria Quicksliver--_ 5 1014Jan 3 2434Jan 19
4 July
712 784
712 734
713 712
714 752
713 734 37
6
8 Mar 1
773Jan 3
54 Aug
7,8 1,124 Nipissing Mines
2812 27 . 28
28
2814 29
2734 2818 2712 2814 2712 28
16 27 Mar28 32 Jan 3
2,089 North Butte
2214 Jan
138
138 *114 112 *114 112 *158
112 *112
112
112
112
412Jan 3
•90 Mar22
80 North Lake
25
1 Jan
2
*153 214
2
*153 2
2
24
2
2
.2
214 1,405 Ojibway Mining
114 Jan 15
234Jan 18
25
.50 Mar
*234 27
*234 3
*212 3
234 3
•258 3
213 213
175 Old Colony
4 Jan 3
212 Mar 9
25
214 Nov
67
684
6814
67
67
*6834
8612 6713 6614 8612 67
8814 1,300 Old Dominion Co
25 62 Jan 31 7334 Marl1
3813 Mar
9434
9612 9712 97
876 Osceola
9712 9712 97
94
98
9912 9713 98
25 82 Jan 20 10112 Mar14
84 Jan
14
14
14
1334 14
1414 1412 14
1324 134 1312 1313
335 Pond Creek Coal
10 114 Mar 7 1578Jan 3
12 Jan
92
9312 9212 94
93
*9314 9312 92
9213 9234 93
1,412 Quincy
95
25 87 Jan 20 9734 Feb 21
50 Jan
*2312 24
*2313 2334 2358 234 2312 2334 2312 2313 *24
2412
295 Ray Consolidated Copper_ 10 2312Jan 31 28 Feb 14
1534 Jan
7412 7514 74
75
72
75
72
73
72
3,311 St Mary's Mineral Land
74
75
74
25 6112Jan 31 7514 Mar28
28 Jan
234 3
*234 3
234 234
37 Jan 8
234 234
•234 __
234 234
880 Santa Fe Gold & Copper._ 10
234 Mar16
I Mar
g
It2
9
912
0
912
9
914
9
882 Shannon
.94
9
914
4 Jan
812Jan 5 1212 Feb 14
10
8612 3612 3438 3433 *3512 3614 *3534 3614 *38
20 Shattuck-Arizona
363* *3572 3614
10 3152Jan 31 4033 Feb 14
1834 Jan
714 714
713 712
714 714 *712 8
714 714
733 738
155 South Lake
812Jan 4
688 Mar 6
514 Nov
25
17
17
17
17
17
17
1712 1712 1812 17
640 Superior
1714 1714
2212 Jan
25 15 Mar18 2812Jan 3
314 338
34 314
3if4 332
3X, 314 1,810 Superior & Boeton Copper- 10
4 Feb 11
314 312
34 314
112J3n 13
I Mar
5212 *52
52
53
52
52
52
52
53
53
52
405 Tamarack
52
25 Jan
25 47 Feb 28 5614Jan 14
84 834• 84 838
84 812
812 84
812 9
814 8% 2,130 Trinity
812 Mar30 1234Jan 3
Vs Feb
25
.38 .38
.40 .40
.38 .45
.36 .40
.34 .35
1
.35 .35 12,815 Tuolumne Copper
.15 Jan 26
.50 Mar17
.20 Jan
6838 8734 6812 8712 6812 6712 6833 20,164 U El Smelt, Refin & Min
6712 6834 6714 6832 88
20 Feb
50 81's Jan 3 7153 Marl1
5114 5112 5134 5213 5112 52
60 49 Feb 1 5212 Mar28
5112 517
5114 52
5138 517s 1,122 Do pref
28 Jan
413 412
412 438
452 434
6 314Feb 11
412 434 8,200 Utah-Apex Mining
44 4%
44 453
473 Mar 4
2 Jan
1513 1412 1514 1414 15
15
1313 1373 2,398 Utah Consolidated
5 1212Jan 15 1534 Feb 11
1414 1332 14
213
914 Feb
8133 804 8014 807s 8072 81
8132 8132 814 8118
*81
81
220 Utah Copper Co
10 77 Jan 31 8834 Feb 21
48% Jan
1012 1034 1012 1053 1012 Ills 1053 114 1033 1053 1014 1058 11,879 Utah Metal & Tunnel
912 Mar 7 1112 Mar13
1
35s
*312
*312 334 *313 358
230 Victoria
473 Feb 14
234Jan 3
34 358
312 312
312 312
1 Feb
25
433 433
334 4
414
4
432
334 37
4
685 Winona
4 • 412
5 Jan 17
334 Mar27
25
114Jan
57
5734 53
57
58
5814 5714 58
57
57
5812
57
838 Wolverine
32 Jan
25 57 Mar27 671* Feb 10
2
2
134
134
ISA
134 •1a2 212 *134 212 *172 212
110 Wyandott
134Jan 3
25
.50 Mar
234 Feb 14
•Bid and asked PIM 433X4PrIdeild and rights. b Ex•etook dividend. c Amassment paid. 14 111a-alinta • Unstamped.
at Ha 1-paid
34 paid
Sighing.
10933 Nov
10113 Nov
198 Jan
96 Jan
13812 Oct
3712 Oct
240 June
10 Mar
58 Mar
9 Sep
47 July
180 Sep
110 Apr
165 Jan
76 Nov
120 Feb
88 Mar
10312 Nov
10 Sep
56 Jan
8714001
98 Apr
157 Apr
30 Nov
14133 Nov
817g Oct
125 Apr
7213 Jan
9312Fah
7334 elov
10113 Nov
44 Oct
1912 Jan
11912 Nov
119 Dec
13012 Nov
5714 Oct
9940ot
67 Apr
101 Feb
38 No
49 Nos
1314 Apr
260 Jan
184120ot
104 Mai
94 Aug
9213 Jan
200 Jan
3 Sep
1833 Dec
461k Jan
30 Nos
65 Dee
143 Jan
170 Oct
1814 Jan
128 No
3613 Dec
3014 Sep
114 Apr
183 Nos
65 Mai
30 Aug
8912 Dec
11714 Oct
1438 No
44 Apr
103 Aug
4014 Apr
434 Apr
86 Dee
7214 Nos
912 Apr
434 Apr
80 Juni
7834 Apr
830 Apr
25 Apr
57 No
85 Dec
514 Apr
1812 Dec
1414 Apr
9412 Apr
5233 Dee
2412 Apr
2984 Jan
1012 Apr
52 Aug
914 Apr
34 Apr
1512 Apr
413 Apr
19% Dee
9 Apr
5 Dee
17 Apr
8 Apt
384 Dec
3 Apr
98 Dec
17 Apr
1414 Juni
1312 Aug
87s NO1
3872 Apr
44 Apr
312 Apr
74 Apr
64 Dec
9313 Apr
19113Ang
95 Apr
2753 Nos
8512 Dec
5 Oct
1114 Apr
38 Nos
71g July
4113 Apr
44 Apr
5852 Aug
1512 Oct
.83 Apr
54 Dec
5012 Dec
533Juni
1658 Juni
8158 Dec
44 Apr
54 Mai
70 Apr
24 Ape
Outside Exchanges-Record Transactions
Boston Bond Record.-Transactions in bonds at Boston Stock Exchange Mar. 25 to Mar. 31, both inclusive:
Sales
Friday
Last Week's Range for
of Prices.
Week.
Sale.
Price. Low. High. Shares.
Bonds-
1924 98
Am Ag Chem 55
Am Tel & Tel coil tr 451929 91%
Convertible 441s_ _ _1933
Convertible 48
1936
Anglo-French 5-yr 5s
9511
Atch Top Sr S Fe 4s_ _1995
Atl G & W I SS I. 5s_ _1959 79%
Central Vermont 1st 4s '20
Gt Nor-C B & Q 4s..1921
K C Ft S Sr Mem 65_1928
K C Mem & Birm inc 55'34
1929 9634
Mass Gas 411s
1931 04
414s
N E Cotton Yarn 5s_ _1929
N E Telephone 5$_ .. _1932 102
Pond Creek Coal Os_ _1923 91
Seattle Electric 5s.1930
Swift & Co 1st 55.._ _ _1944 100
United Fruit 4415._ _1923 984
1925
4148
West End 45
1917
Western Electric 5s
Western Tel dr Tel 55_1932 1004
9844
91%
108%
102
9534
93%
7834
80
9841
109%
75
9641
93
8034
102
91
101
100
98
97%
9915
10244
100
9811
91%
108%
102
95%
9444
79%
80
9844
1094
7534
97
94
8041
10234
9244
101
10034
9834
9734
99%
1024
1004
$7,000
64,000
33,600
2,000
7,000
3,500
84,500
9,000
5,000
4,000
3,500
9,000
10,000
7,000
13,000
7,000
2,000
48,000
8,000
5,000
1,000
1,000
22,000
Range since Jan. 1.
Low.
97%
90;4
105%
10134
94
934
74
80
98%
109%
6714
9644
93
75
10141
87
100%
9834
97%
97
9934
1024
99
Jan
Jan
Mar
Mar
Mar
Mar
Jan
Mar
Jan
Mar
Feb
Mar
Mar
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Mar
Mar
Jan
High.
09
9241
10844
102
95%
954
7934
834
99
109%
7544
9914
96
8014
103
94
101
100%
98%
97%
9944
1024
100%
Mar
Feb
Mar
Mar
Jan
Feb
Mar
Jan
Feb
Mar
Mar
Jan
Jan
Mar
Mar
Jan
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Chicago Stock Exchange.-Complete record of transactions at Chicago Stock Exchange from Mar.25 to Mar.31,both
inclusive, compiled from the official sales lists, is as follows:
Stocks-
Friday
Sales
Last Week's Range for
Sale.
Week.
of Prices.
-Par. Price. Low. High. Shares,
American Radiator_ _ _ _130
Amer Shipbuilding__ IGO
Preferred
100
Booth Fisheries, corn.A00
100
Preferred
Chic City & CRy part share
common
Preferred
Chic Pneumatic Tool._100
Chic Rys part at"2"
Chic Rys part ctf "3"
Chicago Title & Trust_100
Com'wealth-Edison
_100
Diamond Match
100
Hart Shaf Sr Marx, pref 100
Illinois Brick
100
Kan City Ry & LtPref ctf
Lindsay Light
National Carbon
100
Preferred
100
Pacific Gas dr El Co..100
Peoples Gas Lt & Coke 100
Pub Ser of No Ill, corn_100
Preferred
100
100
Quaker Oats Co
100
Preferred
Sears-Roebuck, corn... _100
Preferred
100
Stew War Speed, corn._100
Swift & Co
100
Union Carbide Co
100
Ward, Montg'y & Co, pref
BondsArmour dz Co 4445_ _ _1939
Booth Fisheries s fd Os.'26
Chicago City Ry 55..1927
Ser "R"
Chic Rys 4s
Chic Ry Ad Inc 48.. _1927
Chicago Teleph 5s_ __ _1923
Com'wealth Edison 58 1943
Met W Side El 1st 48_1938
Morris & Co 444s_ _ _1939;
NW Elev RR 1st 50_19411
19451
Ogden Gas 58
I
Peoples Gas L & CMutual Fuel G 1st 5s'47
Pub Ser Co 1st ref g 58 1956
South Side El 4445_ _1924
Swift dr Co 1st g 5s_ _ _1944
395
395
46
46
90
90
3114
3144
73
3
73
16
3
17
70%
1544
3
226
14644 145%
104
z11644
8044
94
10434
11434
110
17544
12614
87
1314
17434
114
Range since Jan. 1.
Low.
397
48%
9134
32
75
37 385
1,335 33
374 75%
120 25
411 66
3
1741
74
16
3
226
14644
105
11614
82
77
150
1,231
1)1
250
30
301
303
10
840
59
57
944 934
180 180
12114 122
63% 6344
104% 104%
114% 115
103 104
325 330
110 110%
175% 17644
12644 12644
8644 88
131 13134
173 1744
113% 114
High.
Jan 400
Jan 4841
Jan 9134
Jan 33
Jan 75
Jan
Mar
Mar
Mar
Mar
3
17
63%
1544
3
222
142
102
11434
7644
Mar
Mar
Mar
Mar
Mar
Mar
Feb
Mar
Jan
Jan
3%
18%
79
1844
4
232
146%
108
117
83%
70 55
634
1,725
5 170
125 z12044
75 60
987 100%
592 107
153 101
55 309
200 107
401 100%
25 125
1,095 8634
355 126%
235 170
120 11234
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Mar
Jan
Mar
Jan
Feb
Jan
Feb
Feb
Feb
Mar
Jan
Jan
115%, Feb
Feb
104
Jan
363
110% Mar
Jan
188
Feb
127
90% Jan
134
Mar
Jan
179
Feb
116
Feb
Feb
Mar
Jan
Jan
Jan
Mar
Jan
Mar
Jan
60
1034
185
12244
6334
11214
94%
8334
99%
70
3814
102
102%
72
92%
8934
9634
944 $1,000 93% Jan 94%
Mar 86
8314 6,00(1 83
99% 6,000 9944 Jan 100
2,000 6934 Feb 75
"70
Feb 3834
3844 1,000 35
9,000 101% Jan 102%
102
102% 82,000 102% Mar 102%
Mar 7334
2,000 72
72
9214 64,000 8934 Jan 93
Mar 8934
8914 5,000 88
9645 2,000 95% Jan 97%
Feb
Jan
Feb
Jan
Mar
Feb
Jan
Jan
Feb
Mar
Mar
1004
9444
92%
99% 994
100% 3,000 100% Mar 1014
Jan 944
9434 11,000 94
9214 6,000 8814 Jan 9244
99% 12,000 9844 Jan 100
-
Jan
Feb
Mar
Feb
70
z Ex-dividend.
Philadelphia Stock Exchange.-The complete record
of transactions at the Philadelphia Stock Exchange from
Mar. 25 to Mar. 31, both inclusive, compiled from the
official sales lists, is given below. Prices for stocks are all
dollars per share, not per cent. For bonds the quotations
are per cent of par value.
Stocks-
[VOL. 102.
THE CHRONICLE
1238
Friday
Sales
Last Week's Range for
Sale.
Week.
of Prices.
Par. Price. Low. High. Shares.
American Gas of N J._10) 120
120
American Railways_ _ _ _50 35
J334
Preferred
100 9914 99%
103%
Baldwin Locomotive_ _100
Preferred
100
139
Buff & SUSQ Corp v t 0_100 43% 4134
Prot v t c
100 60
58
Cambria Iron
50 45
45
Cambria Steel
50 8141 80
Consol Tram of NJ.__ _100
71
Elee Stor Battery
100 62
613-4
General Asphalt
100
3694
Preferred
7134
100
Insurance Co of N A_ _ _ AO 25%
2534
J G Brill Co, pref
100 96
9534
Keystone Telephone_ _50
14
Preferred
50
6844
Lake Superior Corp__ _100
10
Lehigh Navigation
50 7594 75
Lehigh Valley
50 77
7634
Lehigh Val Transit
50 2244 2244
Preferred
50
43
Little Schuylkill
50
5434
Northern Central
50 88
8731
Penn Salt Mfg
50z101 z101
Pennsylvania
50 5634 5634
Pennsylvania Steel- _..100
80
Preferred
100 98
98
120
3534
9934
103%
109
47
6144
45
8131
71
6234
37
7234
26
96
1434
6844
10%
7534
7831
22%
4334
5441
88
102
5734
80
9834
Range since Jan. 1.
Low.
98 120
167 2844
55 933-4
100 100
1 108
1,008 38
1,481 54%
66 44
77 7034
135 70
1,100 6014
302 3234
258 70
99 25
10 9514
103 13
4 68
3,239
844
263 75
445 74%
900 18
140 38
20 54
71 8731
49 98%
2,646 553-4
1 60
1.048 7931
Mar
Jan
Feb
Mar
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Feb
Jan
Jan
Mar
Mar
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Mar
Jan
Feb
Jan
Feb
High.
123
3534
100
115%
10934
47
6234
47
8134
71
6644
38
7334
27
96
15
70
1294
7934
8234
2394
4434
5494
90
10244
59%
9034
9914
Feb
Mar
Mar
Feb
Mar
Mar
Jan
Feb
Mar
Jan
Feb
Mar
Mar
Jan
Mar
Mar
Feb
Feb
Jan
Jan
Mar
Mar
Mar
Jan
Feb
Jan
Feb
Jan
Sales
Friday
Last Week's Range for
Sale.
of Prices.
Week.
Stocks (Concl.)- Par. Price. Low. High. Shares.
Philadelphia Co (Pitts)_50
Pref (cumulative 6%)50
Philadelphia Electric_2244
Phila Rapid Transit _ _ _ _50
Voting trust rects____50
Philadelphia Traction__50
Reading
50
Tono-Belmont Devel_ _ _ _1
Tonopah Mining
1
Union Traction
50
United Gas Impt
50
U S Steel Corporation_100
Preferred
100
Warwick Iron Sr Steel__10
Western N Y & Pa
50
West Jer & Sea Shore_ _50
Westmoreland Coal_ _..50
Wm Cramp & Sons..._100
BondsAllegheny Vall gen 48_1942
Amer Gas dr Elee 55_ _2307
do
small
2007
Baldwin Locom 1st 5s 1940
Consol Trac N J lat 551932
Edison El stk tr ctf 58_1946
Elec & Peop tr ctf 45_ _1945
do
small
1945
Harrison Bros 1st 5s..1924
Harwood Electric 6s_ _1942
Inter-State Rys coil 451943
do
small
1943
Keystone Telep 1st 5s 1935
Lake Superior Corp 551924
1924
do
small
Lehigh Coal dr Nay1954
Consol 454s
Lehigh Valley2003
Gen consol 4s
Gen consol 444s. _ _ _2003
Lehigh Val Coal 1st 5s 1933
Lehigh Val Transit1960
Ref & impt 5s
Pennsylvania RRConsol 4s
1948
Consol 414s
1960
General 494s
1965
Pa & Md Steel cons 6s 1925
Philadelphia Co 1st 5s 1949
Cons & con tr 55..A951
Phila Elea tr °Us 5s_ _ _1948
1948
dd
small
1950
Trust ctfs 4$
1997
Reading gen 45
1951
J-C collat 4s
Spanish Am Iron 65_1927
Standard G & E 6s.„1926
Sun Hazle ez W-B 55_ _1928
United Rys gold tr ctf 4s'49
United Rys Invest 50_1926
Welsbach Co 50
1930
West N Y & Pa gen 481943
York Railways 1st 53_1937
43
42
434
x4244 z4234 44
2744 2744 2734
184 18%
19
18% 1934
77
77%
8494 844 87%
47
/
6
444 4%
z634
x63-4
634
43% 4334 44
z88% z8834 90
844 8344 85
11634 11644 116%
1094 1031
11
11
50
50'
67
67
67
8034 81
96%
9334
9344
105% 105%
102
105
8114 8134
82
82
96
10234
57%
58
98%
33
32
9394
9234
105%
107
10134
9344
10314
83%
94%
9634
10134
75
7114
9844
9534
Low.
High.
437 40
Mar 4544 Jan
447 4214 Mar 4414 Feb
2,763 27
Mar 28% Jan
Jan 21
Jan
15 18
3,515 1744 Jan 2134 Jan
413 77
Mar 7934 Jan
1,603 7544 Jan 8994 Mar
6,572
4
Mar
44 Mar
7
Jan
2,680
54 Mar
740 4134 Jan 45% Jan
975 8744 Jan 9231 Jan
13,885 79% Mar 88% Jan
9 11544 Feb 117% Jan
Feb 10% Feb
25 10
Mar 11
Mar
50 10
Jan
68 4944 Mar 51
Mar 69
Feb
59 67
Mar 87
Jan
52 70
96% $1,000 9634 Jan 97
9344 10,000 89% Jan 9334
800 8944 Jan 93%
93%
105% 9,000 10444 Jan 106
1,000 10144 Jan 102
102
1,000 105
Mar 105
105
8134 6,000 80% Jan 814
82
900 83
Feb 83
1,000 94
Jan 96
96
Jan 103
10244 5,000 101
574 3,030 5734 Jan 58
Mar 59
1,000 58
5831
Jan 100
9834 3,000 96
5,000 2934 Jan 35
33
32
500 2734 Feb 32
102% 103
9334
Range since Jan. 1.
Jan
Feb
Mar
Mar
Jan
Mar
Feb
Jan
Mar
Jan
Jan
Mar
Feb
Feb
Mar
7,000 101% Mar 103% Feb
Feb
22,000 9141 Jan 94
93
933-4 '
14,000 10134 Jan 103% Feb
103 103
Jan
Mar 100
105% 105% 5,000 105
9234 9234
9931
10534
102
107
10114
9334
103%
103
8334
94%
9644
102%
100%
1004
75
71
98%
8534
95%
9934
1054
10234
107
10134
9394
104
103%
8444
95
9614
10244
10114
10034
75
7144
9845
8544
954
6,000
9134
Jan
13,000
16,000
31,000
1,000
1,000
1,000
3,000
1,000
20,300
43,000
13,000
1,000
33,000
200
1,000
21,000
5,000
2,000
19,000
99
10514
100%
104
100%
90
10344
103
8244
9444
95
102
98%
10034
74
71
9441
8144
9234
Jan
Mar
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Feb
Jan
Mar
Jan
Jan
Jan
93
Feb
100
Jan
1063-4 Feb
103
Feb
1117
Mar
101% Feb
Feb
94
Tan
105
Jan
104
8431 Feb
964 Jan
963-4 Mar
102% Feb
10144 Jan
100% Mar
7544 Jan
7334 Jan
9845 Mar
85% Mar
9534 Mar
z Ex-dividend.
Pittsburgh Stock Exchange.-The complete record of
transactions at the Pittsburgh Stock Exchangefrom Mar.25
to Mar. 31, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par_ value.
Stocks-
saw
Friday
Last Week's Range for
Week,
of Prices.
Sale.
Par. Price. Low. High. Shares.
Range since Jan. 1.
Low.
100 1534
American Sewer Pipe_ _100
1631 16%
4714 54% 7,155 3444
Am Wind Glass Mach_100 50
100
145 154
1,585 132
Preferred
35 3814
25
Caney River Gas
3841 39
11,125 143's
1594 17
Columbia Gas dr Elec. _100 1644
16 343-4
Consolidated Ice, pref_ 50
35
35
50 7144
84
Harb-Walker Refrac.. _100
8414
133 100
102% 103
100
Preferred
837
24
241 3
3
Independent Brewing_ _50
214 1534
16
16
50
Preferred
50% 5334 2,280 50
La Belle Iron Works__ A00 53
128% 129
100
65 123
Preferred
100
120 90
Lone Star Gas
9094 92
50
51
5134
665 50%
Mfrs Light 4k Heat
844
595
9
Nat Fireproofing, corn._50
934
90 19
50 19%
19
19%
Preferred
190 1744
18
1844
1
Ohio Fuel 011
1834
760 38
40
25
Ohio Fuel Supply
4094
60 70
7144 7144
Oklahoma Natural Gas 100
444 434
235
Pittsb Brewing,com_ _50
434
17
20 1644
50
Preferred
175-4
120 2534
Pittsburgh Coal, corn _100
2734 2744
215 215
Pittsb dr Lake Erie RR .50
45 200
100
844
Pittsb 011 dr Gas
430
614
83-4 8%
Pittsburgh Plate Glass_100
125 115
1153,4 11644
Pure 011, common
5 1894
1894 184 2,510 18
River Side 011, common_ _ _
245 12
12%
1234 13
700 15o.
San Toy Mining
180. 180.
1
45 14294
Union Natural Gas_ _ _ A00
144 144
335 11394
Union Switch & Signal_50 z11314 z11334 11694
105 28
US Glass
2844 29
100
30 8034
US Steel Corp, corn.._100
8494 84%
294 134%
Westinghouse Air Brake 50 13914 13844 13934
948 6144
West'house El & Mfg_ _ _50 6494 64% 6644
78
78
15 76
50
Preferred
82 7314
749-4 7444
West Penn Rys, pref..100
18% 1834
12 17
West Penn Tr 3z W P _100
Bonds33% 3334 37,000 3344
Consolidated Gas 5s _1948
6,000 49
Independent Brew 6s_1955 50
50
50
4,000 64
65
65
Pittsb Brewing 65_ _1949
Mar
Jan
Jan
Feb
Mar
Jan
Jan
Jan
Mar
Mar
Jan
Jan
Feb
Feb
Mar
Mar
Mar
Feb
Jan
Mar
Feb
Mar
Jan
Mar
Jan
Mar
Mar
Mar
Feb
Mar
Mar
Jan
Feb
Mar
Feb
Feb
Jan
Mar
Mar
Mar
High.
174
64%
154
4234
17
35
84%
103
34
19
54
13034
93
51%
12
24%
19
4044
74
644
213-4
36%
215
944
11694
2114
13
25e.
145
126
3414
884
14014
7134
7994
744
1834
Jan
Mar
Mar
Jan
Mar
Jan
Mar
Mar
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Mar
Jan
Mar
Mar
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Mar
Mat
3344 Mar
Jar
60
67% Feb
Baltimore Stock Exchange.-Complete record of the
transactions at the Baltimore Stock Exchange from Mar.25
to Mar. 31, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.
Stocks-
Sales ,
Friday
Last Week's Range for I
of Prices.
Week.
Sale.
Par. Price. Low. High. Shares.;
38%
Arundel Sand dr Gravel 100
117
Baltimore Tube
100 119
100 9644 96
Preferred
109
Consol Gas E L dc Pow.100
19
5 20
Cosden & Co
39
11914
9614
11144
2194
Range since Jan. 1.
Low.
High.
Feb
310 3644 Jan 42
Jan 119H Mar
2,0951 63
353 823-1 Jan 9944 Mar
Mar 115% Jan
942 107
Feb
8,8241 1434 Jan 26
Stocks--
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Par. Price. Low. High. Shares.
834
5
-Cosden Gas
5
Preferred
434
Davison Chem_ no par 61
50
Elkhorn Coal
Elkhorn Fuel
109 18%
Houston Oil trust ctfs...100 16
Merch & Miners Trans-- 66%
Mt V-W'db'y Mills v t r100
100 51
Preferred v t r
50
Northern Central
Oklahoma Prod & Refg_ _5
Pennsyl Wat & Power 100
10
Robinson 011
5
Sapulpa Producing
5
Sapulpa Refining
.Symington (T H), pref..
50 27%
United Ry & Elec
5
7%
Wayland Oil & Gas
BondsAnacostia & Potomac 5s'49 98%
Bait Dry Dock & S B 6s_ _ _
Carolina Central 45.... _1949
Chicago Ry 1st 55._ _ _1927
City & Sub(Wa,sh)Ist 58'48
Cons Gas gen 434s_ _ _1954 92%
Con Gas L& P4145_1935
Consolida Coal ref 434s '34
1950 9234
Refunding 5s
119%
Cosden & Co Os
Elkhorn Corporation 65_ _ _ 97%
Elkhorn Fuel 55
1918
1918 10034
small
do
Fair & Clarks Trac 5s_1938
1945
Ga & Ala cons 5s
1945
Ga Sou & Fla 5s
G-B-S Brewing 1st 413,1951
Knoxville Traction 58_1938
Md Rice Ity 1st 5s_ _ _1931 98%
Merch & Min Trans Os_ _ _ _ -----Milw El Ry & Lt 434s 1931 93
Mt V-Wood M notes 68N
N O Mob & C 1st 5s_ .A900 5134
Norf & Ports Trac 53_1930
1949
Norf Ry & Lt 5s
United Ity & E is. _ _1949
1949 62
Income 4s
1936
Funding 5s
1936
small
do
Notes 6s
834
4%
61
18
1834
16
6034
10
51
87%
634
73
10
12%
12
90
27%
7
8%
4%
61%
18
19
17
66%
10
51
88
6%
74
10%
12%
13%
90
28
7%
3,271
6,520
246
110
146
20
10
73
14
18
8,550
340
4,395
50
585
6
1,002
950
9834
100%
8934
98
10234
92%
8834
93%
92
11734
97%
100%
10031
101
10334
103
22
104
98%
102
93
99M
5134
83%
95%
83%
61%
8634
86,4
9911
98%
100%
89%
98%
102%
92%
88%
93%
9234
12134
97%
10034
10034
101
103%
103
22
104
9831
102
93
99%
5131
83%
95%
84
62
8631
87
9931
$1,000
1,000
3,000
14,000
2,000
4,000
9,000
6,000
6,000
67,000
18,000
11,500
500
4,000
5,000
3,000
1,000
2,000
4,000
8,000
2,000
2,000
2,000
3,000
2,000
23,000
21,000
7,500
900
2,000
Range since Jan. 1.
Low.
•
High.
834 Mar 10%
4% Mar
6
59
Mar 71%
Mar 19
18
18
Jan 19%
16
Mar 23%
50% Feb 70
Mar 16%
10
Mar 54%
51
Mar 90
87
6 , Mar
634
72
77%
Ma
10
Ma
1034
3% Jan
18
9
Jan 16%
90
Mar 110
25% Jan 29
4% Jan
9%
96
100
89
97%
10234
92%
88
92%
91%
101%
1
97%
100
100
99%
10334
10234
22
104
96%
101
90%
98
51
8134
95
83%
603.1
84%
85
99
Jan
Jan
Jan
Jan
Jan
Mar
Mar
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Mar
Feb
Jan
Mar
Jan
Jan
Jan
Mar
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Feb
99
10034
8934
9934
102%
9434
90%
93%
93
138%
9834
100%
100%
101%
103%
103
'23
104
99
102
93
9934
52%
8334
.9634
85
6234
87%
8734
99%
Feb
Feb
Jan
Mar
Mar
Jan
Mar
Jan
Feb
Jan
Mar
Feb
Mar
Feb
Feb
Mar
Feb
Feb
Jan
Mar
Mar
Feb
Jan
Jan
Jan
Mar
Jan
Feb
Jan
Feb
Mar
Feb
Feb
Jan
Feb
Mar
Mar
Mar
Mar
Mar
Jan
Mar
Mar
Jan
Feb
Feb
Feb
Feb
Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Stocks.
Week ending
March 31 1916.
Shares. I Par Value.
232,6941
506,7415,.
509,9491
468,8961
488,470,
437,256,
Saturday
Monday
Tuesday
Wednesday
ThursdaY
Friday
319,447,900
45,370,125
47,322,400
42,960,100
42,679,500
37,553,925
Kailruad.
dec.,
Bonds,
State, Mun.
dt Foreign
U. S.
Bonds.
Bonds.
$1,159,000
2,452,500
2,664,500
2,212,000
2,119,500
2,140,500
$480,000
1,759,500'
547,500,
1,261,500
1,789,000'
2,455,000
$500
5,000
2,644,0103235,333,950 312,748,000 58,292,500
Total
Week ending March 31
Sales at
New York Stock
Exchange.
$5,500
Jan. 1 to March 31.
1916.
1915.
1915.
1916.
I
2,777,580
43,280,734
2,644,010
17,893,867
Stocks-No. shares_ _ _
$235,333,950 $249,441,025 $3,785,177,145 $1,546,186,500
Par value
$600
311,800,
$74,200
$86,900
Bank shares, par
Bonds.
35,500,
$4,000
$377,700
$377,50(1
Government bonds_ __
227,500
8,292,500'
59,706,500
State, mun.,&c.,bonds
5,528,500
12,748,0)01 15,805,500
224,933,503
RR. and misc. bonds_
161,871,500
$21,046,000: $16,037,000
Total bonds
3285,017,7001
$167,777,500
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
1Veek ending
March 311910.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Philadelphia.
Baltimore.
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales.
23,5011
45,070,
43,938'
37,013
34,875,
30,979,
215,376
Total
334,500
71,000
95,400
52,900
53,800
49,000
8,532
10,045
12,684
9,016
7
'
608
7,019
12:g38
3356,6001
54,901
3342,400
$22,800
33,200
37,300
87,000
6,736
6,673
4,396
5,212
7:3,4
9
$17,000
55,800
62,600
41,830
98,800
25,100
37,3551 $301,100
Inactive and Unlisted Securities
All bond prices are "and interest" except where marked "5."
Pe rdna,e
Ass
Par Bid
*1514 1534
El
new
Anglo-Amer 011
100 665 1875
Atlantic Refining
100 290 300
Borna-Scryinser Co
Buckeye Pipe Line Co._ _50 .100 103
Chesebrough Mfg Cone. 100 850 900
Colonial 011
100 160 180
Continental Oil
100 305 315
44
Crescent Pipe Line Co
.50 *41
65
Cumberland Pipe Line 10060
Eureka Pipe Line Co.. 100 212 218
Galena-Signal 011 oom.._100 150 152
Preferred
100 137 142
100 175 178
Illinois Pipe Line
Indiana Pipe Line Co-...60 •100 103
1212
Internal Petroleum
El •12
National Transit Co
19
25 *18
New York Transit Co._ _100 187 193
Northern Pipe Line Co...100 100 103
Ohio Oil Co.
25 *223 229
Pet n-Mex Fuel Co
62
26 *58
Standard 011 Stocks
1239
THE CHRONICLE
APR. 1 19164
Par
Pierce MCorp_
25
Prairie 011 & Gas
100
Prairie Pipe Line
100
Solar Refining
100
Southern Pipe Line Co 100
South Penn 011
100
Southwest Pa Pipe Lines_100
Standard 011 (California) 100
Standard 011 (Ind lana) 100
Standard 011 (Kansas) _100
Standard 011 (Kentucky) 100
Standard Oil (Nebraska).100
Standard 011 of New Jer.100
Standard 011 of New Y'rk100
Standard 011 (Ohio)
100
Swan & Finch
100
Union Tank Line Co___100
Vacuum 011
100
Washington 011
10
Bonds.
Pierce 011 Corn con 66.1924
Per share.
Bid. Ask.
1412
*14
415 420
220 223
285 295
200 205
350 355
106 109
250 253
545 550
450 460
355 365
355 365
512 515
207 209
540 545
135 140
81 83
230 235
•40 45
82
84
Tobacco Stocks-Per Ma
Par
American Cigar common100
Preferred
100
Amer Machine dt Fdry_ _100
British-Amer Tobao ord__ £1
£1
Ordinary, bearer
Conley Foil
100
88
Johnson Tin Foil & Met_1
MacAndrews & Forbes..100
Preferred
100
Porto Rican-Amer Tob_ _100
Reynolds
J) Tobacco-100
100
Preferred
Tobacco Products corn .100
United Cigar Stores corn 100
100
Preferred
100
Young (J 5) Co
Preferred
100
e
Bid a st
123 135
99 101
85 90
.15 1612
*15 1612
375
8
14
20
5 160
145 155
99 101
215 225
465 485
120 122
4512 46
93 98
115 125
150 170
105 110
Bid
Railroads-(Concl.)
West Pao lat 5e 1934_.-M-S I 26
AO
28
Par
Street RailwaysCom'w'ith Pow Ry & L._100 62
8512
Preferred
1
Federal Light & Traction 100 12
Preferred
100 47
Republic Ry & Light-- 100 28
Preferred
100 72
Tennessee Ry L & P oom 100 12
Preferred
100 51
United Lt & Rye oom
100 55
1st preferred
100 7512
Wash Ry & El Co
100 .84
Preferred
100 *8114
4s 1951
J-13 8034
63
8612
14
49
2912
74
1212
52
58
77
87
82
81
Elec. Gas & Power Co.-Ordnance Stocks-Per share.
50'0134 137
AetnaExploalves new(no par): 22 24 Am Gas& Eleo corn
Preferred
50 *50 51
Preferred
10
8 8
28
8 Am Lt& Trao common_ _100 395 397
Amer & British Mfg_ _ _ _1
1°°"
00 8
100 50 80
Preferred
'
100 114 115
Preferred
Atp
las
refP
erowder common .100 235 245 Amer Power & Lt com___100 65 66
100 102 105
100 86 87
Preferred
Preferred
Amer Public Utilities com100 44 46
Babcock & Wilcox__ _ _100 x120 123
100 75 77
Preferred
Bliss(E W)Co common....50*.t390 ,405
Cities Service Co cem-100 160
Preferred
100 80 82
Canada Fdys & Forgings100
7
70 5 2
1 8
00
5
Preferred
50 ;
Canadian Car & Fdry_ _100 63 1 68 Consumers Power (Minn)
100 82 88
Preferred
let & ref Se 1929___M&N 102 104
Canadian Explosives com100 300 330 Elea Bond & Share pref-100 102
Preferred
100 102 110 Great West Pow 15e 1946.J&J 85 "if100 85
Carbon Steel common__ .100 68 74 Indiana Lighting Co
1st preferred
1001 79 85
4s 1958 optional....F-Al 79 80
2d preferred
60 81
100
North'n States Pow oom.1
Colt's Patent Fire Arms
1
95 96
60 65
Preferred
Mfg
Pacific Gas & Elea coin--100 62 oa
10
35
8
Crocker-Wheeler Co com.1
100 92 93
Wzr2 8
100
let preferred
Dixon (Jos) Crucible_._-WO
100 94 96
2d pref (old pref)
77
7,_-- 142-- ,South Calif Edison com_100 92 93
D
d urp
igogns-Se
t mabr
I de
pl00 138
yO
Nrd
emC
oourre
! Preferred
100 103 1108
P
po
rowfe
drerredeern (new)._ _100 h340 350 Southwest Pow & L pref 100 9712100
100 105 108 Standard Gaa & El(Del). 50 .9 I 10
380
x260
! Preferred
100
Electric Boat
00 *3512 36
100 x3,10 .380 , United Gas & Elec Corp.100 18 20
Preferred
00 370 390 1 1st preferred
100 72 75
Heprrceuflees
rrePdowder coin_ _1'
116 120
2d preferred
100 19 21
Hopkins &Allen Arms.,.100 40 48 Western Power common_100 16 17
100, 78 88
100 6112 6212
Preferred
Preferred
' 17 20
International Arms
10
Lake Torpedo Boat com._10' *9
Industrial
Midvale Steel& Ordnance ._ :IT5 ,
,
66
0
Niles-Bement-Pond com_100 172 '''
and Miscellaneous
100 100 105
Preferred
'Adams
Exp
col Ur g 46'47 J-D /81 82
Scovill Mfg
100 540 553 Alliance
80
Realty
ox.36 38
Submarine Boat
4? 45
00 ,An,
iierref14,
rn
ek
d Note com.....128 *7
Winchester Repeat Arms 1002200 23
61
270 272
American Brass
Short Term Notes. Per Cent
,:
52 55
American Chicle corn .....1
10
050
0
0 *50
Amer Locotn 5s July 1916 J-3 10014 10024 lAmPrGefraerrvehdop
8212 86
5a, July 1917
113 116
hone
com.._1
1
30
81
11100011:11.0008:3811:
Am T & T Sub Cos 5s__1916
127
125
100
1001210034 ' Preferred
434t3 1918
American Hardware...-100 123 126
Anaconda Copper 5s '17 3.
:
.114
S
113
108
American
50
Surety
Bait & Ohio 434s 1917_J&D 100531007s
1031/4 Amer Typefounders oom_100 42 4312
431s, 1918
Jarl) 101,8 101 ! Preferred
98
10234
Canadian Pao 65 1924.M&82 100810138
290
Ches & Ohio 55 1919._ J7D 10114 101 Bond & Mtge Guar
1100
7
)( 1 2
189
153
1 11212
Chic Elev Ry 5s 1916._ _J-J 93 96 Borden's Cond Milk com 1
10812
Chic & West Ind 5.5 '17_ Til&S 100 10014 ; Preferred
11 11"15
18
1 112
Con5iim Pow 135 1917 M&N 10014 1001, Canada Copper
Co of
Erie RR 554s 1917 __. _A-0
58 Casualty
if
Celluloid Company
1
General Rubber 5s 1918 J&D 100341101
100 19 22
Hocking Valley so 1917_ M-N 10112'10134 City Investing Co
76
Preferred
Int Harv 5,3 Feb 15 '18_ F-A 10173102Is
1 83
Minn Gen El Os 1917_ J&D 101 10112 Cramp Ship & E Bldg__ _1101 78
New Eng Nay 6s 1917.51-N 100 1004 Cuba Cane Sugar(no par)..1 6712 6734
Pfd
NYN H& H 5a.May 11918 100 10014
20
17812 9734
N 8
Pub Ser Corp NJ 51t '19 5.1AS WO% 10034 !Emerson-Branch:wham -LO
80
Rem AmsU.M.C.53'19 FA4 A 99 9914 ! Preferred
8c. 770
55
110
88 .7
Schwarz dt Suizb (is '16_ _J-D 10014 10012 Goldfield Consol Mines--a
Havana Tobacco Co
100
1
Southern Ry 58 1917..M.82 10034 101
100
2
Preferred
Sulz&SonsCo8arne 1 '16M-8 1001410012
Jude
lot
g
5s
1
1922
J-D
/4812
52
10113101
Uno
ltoed
id
38 Houston 011 corn
100 16 11
Fru
notea
lthsrs alY9118.1.7.MM:NN 10118 101
Intercontinen Rub corn..-100. 1312 1 i
ntahSecurCorp Os'22 M -S15 0_
_7_ 2
_
87. Internal Banking Co
10
0
;160 1.1
Winches RepArms5s'18M&S uun"
40 41
- International Salt
1
New York City Notes1st
g
77
5s
1951
13
338
3J01
1
0
13
(is Sept 1918
1034,1
International
Silver
profA°
l00
'
1
9
75 100
8s Sept 1 1917
09
7 110
13 19
let 6s 1948
3
3
-4
Caned Ian Govt. Notes101
Deb 69 1933
55 Aug 11916
FAA 10012100% Lanston
7834
NfonotYPe
58 AIM 1 1917
FAA 1001:
u La Rose Congo! rillnes-_1..51
8° 7'
15s
Per Ct. Rust
454, Lawyers' Mortgage Co..100 168 175
Bid
RR. Equipments4.25 4 10 Lehigh Valley Coal Sales_501 *83 885,
Baltimore & Ohio 4
•33s 3
Buff Roch & Pittsburgh 4348 4.50 4.20 Marconi Wireless of Amer.5 •64
.1
4.50 4 20 Midwest Refining
Equipment 4.1
19
5
100 114 16
4.45 4.20 Mortgage Bond Co
Canadian Pacific 434s
100 218 223
4.62 4.40 National Surety
Caro ClInchf & Ohio 5e__.. _
N Y Mtge & Security___100 85 95
4.
4.4512
Central of Georgia 58
4.4a14.12 N Y Title Insurance Co-100 40 48
Equipment 434a
•744 78s
5.50 490
4.90 NIplasing Mines
5601
Chicago & Alton 4s
Otis Elevator oom
100 63 86
Chicago & Eastern Ill 5s_....
Preferred
91 93
100
4.90
5.601
Equipment 434a
4.751, 4.40 Realty Assoc (Brookiyn).lOOj 98 100
Chic Ind & Loulay 434s
44034.15 Remington TypewriterChic St L & N05s
Common
100 1312 1412
4 25 4 00
Chicago & NW 434,1
74
15t preferred7
39
2 42
6.25 4.80
Chicago R I & Pao 434s
2d preferred
4.82
Colorado & Southern So
•6
612
44:225
Riker
&
0
Hege'n(Corp
for
si
t)
4.50
Erie 5s
4.50 4.20 Royal Baking Powd corn.1001 140 146
Equipment 434s
Preferred
101 10184
ught.11
.
.
Equipment 4s
103 105
4.45 4.20 Safety Car Heat &
Hocking Valley 4s
.
5 .1214 1284
4.45 4.20 Sapulpa Refining__
Equipment 5s
220 e23
1
4.25 4.10 Singer Mfg Co
Illinois Central 55
2212 30
4.251 4.10 Standard Coupler corn. 1
434s
Preferred
103 108
1
4.50' 4.25
Kanawha & Michigan 4341
'Pa
Gum
Vs
Sterling
4
25
4.00
Louisville & Nashville 58......
150 --4.35 4.12 Texas & Pacific Coal...1
Minn St PASSM
5 *38s 414
Missouri Kansas & Texas So. 5.55 5.00 Triangle Film
1 *Ds De
8.00 5.00 United Profit Sharing
MissouriPacific 56
100 185' 200
4.82 4.38 U 8 Casualty
Mobile & Ohio 5a
140 145
4.62 4.38, U S Envelope corn
Equipment 434s
107 110
New York Central Lines 5s_. 4.40 4.10, Preferred
4.40 4.10, U S Finishing
Equipment 434a
50
18 5
18
212
N Y Ontario & West 430_ 4.45 4.25, Preferred
1st g 13a 1919
97
Norfolk & Western 434s....... 4.25 4.00
75 -"
17.6
Cons g 5s 1929
4.25 4.00
Equipment 4
60
50
S Title Gu & Indem....1
4.20 4.001
Pennsylvania RR 430
4.20 4.00 Westchester & Bronx Title
Equipment 4s
100 187 175
& Mortgage Guar
St Louis Iron Mt & Sou 5s._ 5.25 4.75
5 *114 188
St Louis & San Francisco 5s. 5.75 5 00, World Film
4.55 4.35 Worthington (H R) ComSeaboard Air Line 5s
pany
pref
107 110
1
4.55
4.35
Equipment 434s
*212 214
4.25 4.12 Yukon Gold
Southern Pacific Co 414s._
4.45; 4.20
Southern Railway 4358
Toledo & Ohio Central 4s__- 4.75' 4.40
Ame„„a74 _,_'is
38
•Per share. b Beals. a Purchaser also pays eseerueo (limping.
New stool.
1 Flat twice. h Ex special cash div. of 5% and 19% In Angio-Frenob bonds.
a Nominal s Ex-dividend. v Ex-rights.
THE CHRONICLE
1240
[VoL. 102.
lnuiestinent anti Aailiroad Intelligente.
RAILROAD GROSS EA R NI N GS
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last 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 brought together separately on a subsequent page.
Latest Gross Earnings.
July 1 to Latest Date.
ROADS.
July 1 to Latest Date.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
Current
Year.
Previous
Year.
$
Ala N 0 & Tex Pac$
$
$
N 0 & Nor East_ February__ 313,183 280,759 2,549,435 2,374,163
Ala & Vicksburg_ February-- 142,153 105,724 1,139,958 1,029,536
Vicks Shrev & P_ February.... 138,825
951,332
89,957 1,122,140
Ann Arbor
3d wk Mar
54,494
39,458 1,903,275 1,680,446
Atch Top & S Fe_
February _ 10644431 8,956,291 87,277,881 78,879,771
Atlanta iLliirm & At!2d wk Mar
64,059
56,035 2,184,066 1,888,901
Atlanta & West Pt_ February.... 112,543
95,225
905,734
793,464
Atlantic Coast Line February__ 3,348,307 2,681,611 21,831,358 20,332,310
Chariest & W Car January __ 153,783 140,153 1.059,683 1,035,092
Lou Bend & St L January __ 135,234 109,215
916,847
840,181
zBaltimore & Ohio_ February _ 8,325,177 6,469,049 72,809,768 60,093,755
B &0 Ch Ter RR February _ 139,674 116,289 1,137,066 1,055,205
Bangor & Aroostook January __ 323,587 335,908 2,003,187 2,039,789
Bessemer & L Erie_ February _ 471,820 202,979 7,429,822 5,660.085
Birmingham South.. February _
86,975
59,576
626,899
574,090
Boston & Maine..__ February.._ 4,023,019 3,210,802 33,863,286 31,186,221
Buff Roch & Pittsb_ 3d wk Mar 241,426 174,453 8,641,026 6,911,137
Buffalo & Susq RR_ February.... 153,703 115,391 1,167,815
998,181
Canadian Nor Syst_ 3d wk Mar 549,000 421,700
Canadian Pacific.._ 3d wk Mar 2,281,000 1,738,000 90,591,820 73,918,831
Central of Georgia_ February _ 1,006,964 964,228 8,610,461 8,300,639
Cent of New Jersey February__ 2,950,026 2,048,224 24,093,316 21,177,023
Dent New England.. January __ 349,515 339,302 2,825,608 2,226,329
Central Vermont__ January __ 362,113 271,369 2,440,884 2,259,621
Ches & Ohio Lines_ 3d wk Mar 875,353 705,266 34,278,306 27,626,347
Chicago & Alton_ _ _ February _ 1,344,563 1,015,923 10,762,624 9,671,582
Chic Burl & Quincy January __ 7,963,992 7,062,602 60,222,870 56,856,818
5 Chicago & East Ill January __ 1,435,053 1,208,983 10,024,074 8,803,859
;Chic Great West.. 3d wk Mar 364,076 283,335 11,086,507 10,342,105
Chic Ind & Loulsv_ 3d wk Mar 155,883 127,686 6,445,813 4,698.392
Chic Milw & St P_I February__ 7,699,230 6,472,696 69,747,012 61,958,881
Chic Mil & Pug S j
1Chic & North West February _ 7,612,006 6,408,128 62,252,748 57,677,800
___ February _ 144,617 114,630 1,167,628 1,119,882
Chic o
Chic Rock Is!& Pac January __ 5,565,150 5,420,469 42,500,411 42,069,160
Chic R I& Gulf.... January __ 260,768 285,252 1,911,335 1,871,118
clChic St PM & Om February _ 1,511,288 1,373,303 13,264,309 12,597,227
Chic Terre H & S E February _ 251,833 169,608 1,740,000 1,531.468
Cin Ham & Dayton January __ 700,034 672,515 6,567,044 5,842,929
Colorado Midland_ February _ 106,257 103,832 1,068,092 1,271,883
5Colorado & South.. 3d wk Mar
267,993 238,763 11,538,292 10,758,811
January __
20,819
10,078
Cornwall
94,356
76,882
39,232
22,814
259,758
179,031
Cornwall& Lebanon January __
January -- 691,480 544,891 3,231,779 2,551,350
Cuba Railroad
Delaware & Hudson February _ 2,125,265 1,435,522 17,217.616 14,941,806
Del Lack & Western February _ 3,873,898 2,890,450 32,503,627 28,585,788
Deny & Rio Grande 3d wk Mar 427,000 351,700 18,181,277 16,068,756
Western Pacific January __ 437,249 312,205 4,385,965 3,399,427
Denver & Salt Lake 3d wk Mar
30,600
18,564 1,446,396 1,229,708
Detroit To!& Iront January __ 173,427 122.702 1,264,046 1,196,390
23,671
19,815
810,910
775,183
Detroit & Mackinac 3d wk Mar
Dot & To! Shore L.. January __ 170,241 143,121
880,471
956,110
Dui & Iron Range January _87,667
86.748 3,960.855 2.817,610
Dul Sou Shore & Ati 3d wk Mar
57,710
52,415 2,447,375 2,120,187
Duluth Winn & Pac January __ 124,511 117.122
815.225
763,479
Elgin Joliet & East.. February _ 1,138,547 594,926 8.451,180 5,403,049
El Paso & Sou West February__ 880,496 557,752 6,680,923 4,996,041
Erie
February _ 5,760,055 4,384,694 48,294,327 40,176,693
Florida East Coast.. January -_ 654.409 512,507 3,183,743 2,622,128
Fonds Johns & Glov February _
71,420
57,712
617,141
578,838
Georgia Railroad... February__ 245,841 206,708 2,084,153 1,942,143
55,911 4,144,550 2,808,698
Grand Trunk Pac__ 1st wk Mar 104,333
Grand Trunk Syst_ 3d wk Mar 967,233 857,937 38,572,486 35,815,192
Grand Trunk Ry 1st wk Mar 784,368 678,127 28,509,963 27,329,218
Grand Trk West_ 1st wk Mar 150,496 130,295 5,799,124 4,899,968
Dot Gr H & Milw 1st wk Mar
43,701 2,172,555 1,793,547
57,128
Great North System February - 4,297,549 3,914,717 54,357,010 47.940,922
Gulf & Ship Island_ January.-- 164,294 122.757 1,142.605
958,868
Hocking Valley____ January __ 519,831 400,909 4,319.774 3.940,560
Illinois Central_ __ February _ 5,871,545 4,729,205 45,848,565 42,632,353
Internat & Grt lg'or February.... 748,945 728,627 6,314,258 6,403,721
Kanawha & Mich.._ February__ 300,964 200,256 2,405,933 1,987,105
Kansas City South.. February _ 809,583 736,477 6,916,879 6,813,404
Lehigh Valley
February 3,479,848 2,910,302 31,254,043 28,031,044
Lehigh & Hud Riv_ January __ 154,523 141,235 1,249,312 1,046,180
Lehigh & New Eng.. January _ 262.490 155,884 2,058,950 1,524,740
Louisiana & Arkan_ January __ 107,087 138,757 1,006.356 1,007,416
Louisiana Ry & Nav January __ 165,412 162,196 1,369,646 1,161,693
'Louisville & Nash./ 3d wk Mar 1,187,780 951,610 42,712,162 37,736,847
Macon & Birm'ham January __
11,628
10,196
88,617
87,682
Maine Central
February_
917,438 855,575 7,847,490 7,602,416
Maryland & Penna.. February _
32,821
32,981
314,836
345,782
Midland Valley____ January __ 146,596 120,604 1,065,488
880,775
Mineral Range_ __ _ 3d wk Mar
20,842
17,282
757,249
577,115
Minn & St Louis...... 3d wk Mar 242,587 237,355 7,985,109 7,591,053
Minn St P & S S _ 3d wk Mar 633,669 492,585 25,307,537 20,784,217
478,123
467,238
Mississippi Central.. January __
66,618
57.759
g Mo Kan & Texas_ 3d wk Mar 609,396 604,140 23,527,917 24,625,441
h Missouri Pacific__ January __ 4.942,530 4,496,739 37,461.981 35,724,905
Nashv Chatt & St L February ..1,028,827 849.618 8.350,260 7,361,415
f New York Central February.... 15231375 10925256 121802064 101353736
Boston & Albany February.... 1,563,382 1,124,695 12,727,259 10,801,674
is Lake Erie & W.. February... 559,932 443,617 4,556,761 3,797,897
Michigan Central February__ 3,350,067 2,431,294 26,604,851 22,200,309
Cleve C 0 & St L February.._ 3,640,765 2,597,324 27,445.483 24,181.737
Cincinnati North. February... 138,920 109.906 1,190,353 1,052,049
Pitts & Lake Erie February.... 1,821,843 935,644 14,725,318 9,430,170
N Y Chic & St L.. February.... 1,190,125 849,740 9,305,012 7,528,041
To!& Ohio Cent.. February.... 449,112 323.066 3,530,953 3,552,189
Tot all lines above February__ 27945521 19740542 222888056 183897801
Week or 1 Current
Month.
Year.
Previous
Year.
Current
Year.
Previous
Year.
$
13
$
$
274,883
Nevada-Cal-Oregon 3d wk Mar
263,669
5,580
5,257
New Or! Great Nor February.... 147,536 118,731 1,176,974 1,058,742
NO Mobile & Chic.. January __ 157.739 141,855 1,146,083 1,060,381
N Y N H & Hartf__ January __ 6,003,545 4,721,801 43,826,160 37,817,094
N Y Ont & Western February _ 678,143 545,854 6,154,742 6,119,878
N Y Susq & West__ February _ 394,515 302,130 2,893,212 2,542,789
Norfolk Southern._ February__ 371,447 298,580 2,950,931 2,551,318
Norfolk & Western_ January __ 4,538,356 3,038,250 32,700,885 24,519,571
Northern Pacific_ .. February _ 4,963,512,4,125,078 49,820,867 43,731,488
Northwestern Pac_ January __ 220,6861 203,144 2,606,902 2,250,273
Pacific Coast Co..__ January __ 497,643' 409.813 4,345,475 3,856.826
p Pennsylvania JUL February.... 17028693 12687673 143204095 121817754
872,052
Bait Ches & At!..... February__
54,971
59,984
782,108
Cumberland Vali. February.... 296,791 201,022 2,288,484 1,933,752
Long Island
February__ 900,233 755,355 9,369,381 8,850,594
656,797
620,918
Maryl'd Del & Va February__
47,180
48,772
NY Phila & Norf February.... 344,296 249,190 3,002,278 2,446,980
Phil Bait & Wash February- 1,783.615 1,380,913 15,194,462 13,356,830
W Jersey & Seash February__ 467,253 362,303 5,095,944 4,476,964
Pennsylvania Co
February.... 4,989,287 3,424,767 45,777,293 35,360,536
Grand Rap & Ind February.._ 431.985 376,328 3,726,464 3,612,830
Piti.9 00& St L.. February.... 3,810,226 2,734,491 30,736,895 25,621,688
Vandalia
February.... 1,050,1271 806.061 8,355,304 7,479,467
Total linesEast Pitts & Erie February__ 21188068 15966275 183239032 157912009
West Pitts & Erie February__ 10408682 7,449,914 89,728,253 73,078.291
All East & West.. February__ 31596750 23416189 272967286 230990300
Pere Marquette_ _ _ February.... 1,669,08111,326,871 13,877,418 12,085,670
Reading CoPhilo, & Reading_ February _ 4,804,679 3,263,742 38,002,542 31,034,286
Coal & Iron Co February _ 3,508,006 1,890,585 24,889,058 20,267,064
February _ 3,312,685 5,154,327 62,891,600 51,301,350
Total both
Rich Fred & Potom January _ 276,617; 219,688 1.698,466 1,567,420
551,793
613,405
76,010
71,887
Rio Grande Junc_IDecember
403,593
405,579
11,053, 10,105
Rio Grande South...13d wk Mar
!January _. 277.859 242,622 2,194,106 2,088,667
Rutland
95,140 1,191,134 1,048,283
St Jos & Grand Isl_IFebruary__ 154,423
Su L I3rownsv & M.. February__ 195.711 181,825 1,746,638, . ,
St L Iron Mtn & So January __ 2,629,137 2,409,019 19,226,893 18,218,364
St Louis & San Fran January -- 3,694,054 3,429,715 27,725,776 25,919,457
St Louis Southwest_ 3d wk Mar 236,000; 190,000 8,919,376 7,975,106
San Pod L A & S L.January __ 766,3051 687,211 6,300,953 5,360,300
Seaboard Air Line__ January___ 2,144,800 1.745,352 13,596,679 12,308,808
Southern Pacific..__ February__ 11186100 9,477,024 101121384 86,235,935
Southern Railway__ 3d wk Mar 1,359,038'1,166,091 49,664,606 45,504,694
Mobile & Ohio...._ 3d wk Mar 225,356 206,819 8,332,688 7,910,289
Cm N 0& Tex P.. 3d wk Mar 222,300 168,873 7,733,161 6,762,742
97,797
84,110 3,887,162 3,330,875
Ala Great South_ 3d wk Mar
51,114
42,523 1,793,868 1,653,535
Georgia So & Fla_ 3d wk Mar
36,198
30,677 1,411,529 1.340,200
Virginia & So W.3d wk Mar
Spok Port & Seattle January __ 300,936 288,513 2,968,538 2,820,723
2,144
1.110
69,969
Tenn Ala & Georgia 3d wk Mar
50,225
935,304
877,605
Tennessee Central_ January __ 119,437 110.872
Texas & Pacific........3d wk Mar 363,739 319,383 14,184,417 13.507,724
21,257
892,956
22,117
881,472
Toledo Peor & el 3d wk Mar
Toledo St L & West 3d wk Mar 116,051 104,403 4,044,736 3,380,929
73,182
75,502
Trinity & Brazos V.. February....
653,903
764,137
Union Pacific Syst_ February _ 8,012,375 5,571,389 69,436,425 60,492,888
February__ 747,035 439,6251 4,924,658 4,005,087
Virginian
February__ 2,833,995 2,186,334 22,571,151 19,690,750
Wabash
Western Maryland.. 3d wk Mar 198,029 168,386 7,675,851 5,956,416
879,566
836.570
97,826
Western By of Ala.. February.... 107,550
Wheel & Lake Erie.. February - 682,833 337,229 5,778,799 3,518,203
Yazoo & Miss Vail.. February _ 994,172 979,378 9,165,923 8,024,038
Current
Previous
Year.
Period.
Year.
Various Fiscal Years.
Buffalo & Susquehanna RR_ .._ .. Jan
Canadian Northern System......_ Jan
Jan
Delaware & Hudson
Jan
Erie
Jan
New York Central_j
Jan
Boston & Albany
Jan
Lake Erie & Western_n
Jan
Michigan Central
Cleve Cinc Chic & St Louis.... Jan
Jan
Cincinnati Northern
Jan
Pittsburgh & Lake Erie
New York Chicago & St Louis Jan
Jan
Toledo & Ohio Central
Jan
Total all lines
NY Susquehanna & Western...._ Jan
Jan
p Pennsylvania Railroad
Baltimore Chesap & Atlantic Jan
Jan
Cumberland Valley
Jan
Long Island
Maryland Delaw & Virginia.... Jan
N Y Philadelphia 3c Norfolk.. Jan
Phila Baltimore & Washing'n Jan
West Jersey & Seashore
Jan
Pennsylvania Company
Jan
Grand Rapids & Indiana
Jan
Pitts Cinc Chic & St Lo,ds
Jan
Jan
Vandalia
Total lines-East Pitts & Erie Jan
Jan
Erie
-West Pitts &
-All Lines E & W Jan
Dec
Rio Grande Junction
Jan
Rutland
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
Feb
Mar
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Dec
Jan
29 $309,479 $227,808
21 16,452,500 10,897,500
29 4,265,549 3,021,162
29 11,471,647 8,959,985
29 30,120,429 22,844,239
29 3,150,900 2,368,681
880,388
29 1,083,254
29 6,622,241 4,997,629
29 7,123,658 5,399,892
218,177
29
269,193
29 3,567,194 1,828,382
29 2,450,338 1,795,974
880,664
29
677,513
29 55,267,871 41,010,875
29
789,207
636,760
29 34,734,931 26,305,552
123,150
29
114,443
29
589,257
415,161
29 1,868,602 1,585,512
99,887
95,436
29
713,543
496,771
29
29 3,599.942 2,818,193
29
931,681
720,696
29 10,135,838 6,923,827
29
862,067
763.614
29 7.730,816 5,649,269
29 2,080,032 1,663,580
2943,201,04533,022,495
29 21,076,236 15,214,310
29 64,278,180 48,236,805
71,887
31
76,010
277.859
242,622
31
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.
Cur. Yr. Prev. Yr.
$
Mileage.
$
$
$
•
247.747 245.207 244.692,738 243.307,953
1,324.785 0.54
+1,830.898 18.97 May
240,219 235,828 248,849,716 247.535,879
1.313,837 0.53
+1,709,896 17.28 June
2,324,115 0.89
243.042 241.796 262.948.115 260.624,000
+3.401,965 24.23 July
5,272,843 1.93
+1,302,824 13.31 August
247,809 245.754 279,891,224 274,618,381
+1,354,960 13.05 September-245,132 243.463 294,241,340 276.458.199 +17.783.141 6.43
+37.087.941 13.57
+2,147,089 20.59 October -......248,072 247.009 311.179,375. ,
+4,616,246 38.93 November 240.910 245.358 306.733.317 240,422,695 -1-66,310,622 27.58
+1,883,109 19.32 December _248.437 247,673 295.202,018 232,763,070 +62,438,948 26.82
+2,033,951 20.53 January.. 247.620 246,838 267,043,635 220,203,595 +46,840.040 21.27
Rethiniarv
on AR7
RR R14 Rti_9.119_1:148 F5.293.451 +10,999,465 19.88
Rd weed/. Mar flA rnArictl
11 ORR 990
Q RA1 115 4-9 fIRA 11A 91 ni
a Includes Cleveland Lorain & Wheeling By. b Includes Evansville & Terre Haute and Evansville & Indiana RR. c Includes Mason City & For,
Dodge ang the Wisconsin Minnesota & Pacific. d Includes not only operating revenue, but also all other receipts. e Does not include earnings of Colorado Springs & Cripple Creek District Ry. f Includes Louisville & Atlantic and the Frankfort & Cincinnati. g Includes the Texas Central and the
Wichita Falls lines. h Includes the St. Louis iron Mountain & Southern. j Loclules the Like Shore & Michigau Southern liv , tic. la Bina as
Southern RR.and Dunkirk Allegheny Valley & Pittsbargh ii.R. n Includes the ISTOrtiliell Onlo R.E. o Includes the Northern Central • We 20
longer include the Mexican roads in any of our totals
2d
3d
4th
1st
2d
3d
4th
1st
2d
week Jan
week Jan
week Jan
week Feb
week Feb
week Feb
week Feb
week Mar
week Mar
(37 roadsi____
i36 roads ___
36 roads ____
37 roads)__..
37 roads)..___
(37 roads)_.._
(39 roads)......_
(37 roads)._
(36 roads)____
$
11.484,225
11,600,209
17,439,353
11,093,160
11,724,704
12459,605
16,473.038
11,561,299
11,941,678
$
9.653,327
9.890.313
14,037,388
9,790,336
10.369,744
10,412.516
11,856,792
9,678,190
9,907,727
1
APR. 1
1916.]
THE CHRONICLE
Latest Gross Earnings by Weeks.-In the table which
follows we'sum up seaparately the earnings for the third week
of March. The table covers 36 roads and shows 21.01%
increase in the aggregate over the same week last year.
1241
-Gross Earnings- -NetEarnings
Current
Precious
Current
Previous
Year.
Year.
Year.
Yea r.
$
$
N Y Ont & Western_a__Feb 678,143
545,854
159,441
p0,352
July 1 to Feb 29
6,154,742 6,119,878 1,779,731 1,469,373
N Y Susq & Western_a_Feb 394,515
302,130
119,676
82,497
Jan 1 to Feb 29
Increase. Decrease.
1916.
1915.
Third Week of March.
789,207
636,760
240,826
175,402
Northern Pacific_ b__Feb 4,963,512 4,125,078 1,886,200 1,731,194
$
$
July 1 to Feb 29
49,820,867 43,731,488 24,144,770 18.153,508
97,797
84,110
Alabama Great Southern
13,687
Pennsylvania RR _a
Feb 17,028,693 12,687,673 3,168,322 1,005,346
54,494
39,458
Ann Arbor
15,036
Jan 1 to Feb 29
34,734,931 26,305,552 7,038,179 2,180,418
241,426
Buffalo Rochester & Pittsburgh
174,453
66,973
Balto Chesap & Atl_a_Feb
54,971
59,984
549,000
Canadian Northern
421,700 127,300
def4,860
def7,633
Jan 1 to Feb 29
114,443
123,150
2,281,000 1,738,000 543,000
Canadian Pacific
def8,141 def16,836
Cumberland
Chesapeake & Ohio
875.353
705,266 170,087
Valley_a_Feb 296,791
201,022
145,993
54,404
Chicago Great Western
364,076
283,335
Jan 1 to Feb 29
80,741
589,257
415.161
278,811
117,822
Chicago Ind & Louisville
155,883
28,197
127,686
Long Island-a
Feb
900,233
755,355
73,799
def17,144
Cinc New On iSc Texas Pacific_
222,300
53,427
168,873
Jan 1 to Feb 29
1,868,602 1,585,512
182,511
5,144
Colorado & Southern
267,993
238,763
29,230
Maryland Del& Va_a_Feb
47,180
48,772
def 848
def4,548
Denver & Rio Grande
427,000
351,700
75,300
Jan
Feb
1
29
to
95,436
99.887
def3,755
def9,455
Denver & Salt Lake
30,600
12,036
18,564
N Y Phila. & Norf_a__Feb 344,296
Detroit & Mackinac
249,190
23,671
75,496
19,815
3,856
13,053
Jan 1 to Feb 29
Duluth South Shore & Atlantic
713,543
496,771
57,710
176,116
52,415
5,295
23,081
Georgia Southern & Florida.._ _
51,114
Phila Balto & Wash_a_Feb 1,783,615 1,380.913
8.591
42,523
306,307
46,610
Grand Trunk of Canada
Jan 1 to Feb 29
3,599,942 2,818,193
652,321
105,545
Grand Trunk Western
967,233
857,937 109,296
Phila & Cam Ferry_a_Feb
56,876
25,153
21,281
52,384
Detroit Or Hay & Milw
I
Jan 1 to Feb 29
119.177
118,600
54,536
55.313
Canada Atlantic
West Jersey & Seash a Feb 467,253
362,303
5,642 def62.256
Louisville & Nashville
1.187,780
951,610 236,170
Jan 1 to Feb 29
931,681
720,696 def10.995 def124,315
Mineral Range
20,842
17,282
3,560
Pennsylvania Co_a___Feb 4.989,287 3,424,767
Minneapolis dc St Louis
5,232
242.587
237,355
934,686
244,093
Jan 1 to Feb 29
Iowa Central
10.135,838 6,923,827 2.063,874
343,476
Minneapolis St Paul & S S M_ _
633,669
492,585 141,084
Grand Rap & Ind_a__Feb 431,985
376,328
47,801
20.552
Missouri Kansas & Texas
5,256
604,140
609,396
Jan 1 to Feb 29
862,067
763,614
, .
5
Mobile & Ohio
18,537
206,819
225,356
Pitts Cin Ch & St L_a_Feb 3,810,226 2,734,491
752,992
325,369
Nevada-California-Oregon
323
5,580
5,257
Jan
1
to
Feb
29
7,730,816
5,649,269
1,682,641
677,193
Rio Grande Southern
948
10,105
11,053
Vandalia_a
Feb 1,050,127
St Louis Southwestern
236,000
190,000
46,000
806,061
175,290
104,121
Jan 1 to Feb 29
1,359,038 1,166,091 192,947
2,086,032 1,663.580
Southern Railway
390,946
168,265
2,144
Georgia_
1.170
974
Tennessee Alabama &
Tot East Pitts & E_a_Feb 21,188,068 15.966,275 3,922,624 1,147,305
363,739
44,356
319,383
Texas & Pacific
Jan 1 to Feb 29
43,201,945 33.022,495 8,631,954 2.536,945
22,117
21,257
Toledo Peoria & Western
860
Tot West Pitts & E _ a _Feb 10,408,682 7,449,914 1.922,005
701,238
116,051
Toledo St Louis & Western_
11,648
104,403
Jan 1 to Feb 29
21.076.236
15,214,310 4,261.449 1,243,067
Virginia & Southwestern
36,198
5,521
30,677
Total all lines_a
Feb 31,596.750 23,416,189 5,844,629 1,848,542
Western Maryland
198,029
168,386
29,643
Jan 1 to Feb 29
64,278,180 48,236,805 12,893,403 3,780.013
Pere Marquette-a
Total (36 roads
Feb 1,669,081 1,326,871
11,936,229 9,851.118 2,085,111
365,234
401,207
July 1 to Feb 29
Net increase (21.01%)
13,877,418 12,085,670 4,117,061 2,971,640
Reading CompanyPhila & Reading_b___Feb 4,804,679 3,263,742 1,618,528
Net Earnings Monthly to Latest Dates.-The table
862,996
July 1 to Feb 29
38,002,542 31,034,286 14,470,888 9,320.790
following shows the gross and net earnings of STEAM
Coal & Iron Co_b__Feb 3,508,006 1,890,585
224,570
def156.531
railroads and industrial companies reported this week:
July 1 to Feb 29
24.889,058 20,267,064 1,348,456
405,271
. -Gross Earnings--Net Earnings
Total both cos_b____Feb 8,312,685 5,154,327 1,843,098
706,465
Current
Current
Previous
Previous
July 1 to Feb 29
62.891.600
51,301,350
15,819,344 9,726,061
Road
s.Ye
ar.
Year.
Year.
Year.
Reading Company..__Feb
557,896
557.533
July 1 to Feb 29
4,504,423 4,458,848
Atch Top & S F..b
Feb10,644,431 8,956,291 13,991,179 13,115,093
Total all cos_b
Feb
July 1 to Feb 29
2,400,994 1,263,998
87,277,881 78,879,771./32,612.936 j28,262,950
July 1 to Feb 29
20,323,767 14,184,909
Atlantic Coast Line_a__Feb 3,348,307 2,681,611 1,202,044
782,792
Southern
Railway_a__Feb
July 1 to Feb 29
5.627,162
4.617,407 1,581,181
719,165
21,831,358 20,332,310 5,735,339 3,890,077
July 1 to Feb 29
45,591,977 42,035.986 13,351,290 8,369,670
Baltimore & Ohio_b_-__Feb 8,325,177 6,469,049 1,936,638 1,851,317
Mobile & Ohlo_a_ ___Feb 886,334
July 1 to Feb 29
809,118
179,952
191,348
72,809,768 60,093,755 22,187,517 16,410,922
July 1 to Feb 29
7,680,059 7,289,587 1,730,049 1,618,742
Buff Roch & Pitts_b___Feb 951,794
657,570
277,047
170,037
Virginia & Southw_a_Feb 156,884
July 1 to Feb 29
126,758
7,888
7,923,606 6,387,778 2,231,001 1,686,800
38,268
July 1 to Feb 29
1,302,242 1,248.168
358,194
286,714
Buffalo & Susqueh_a___Feb 153,703
115,391.
46,800
11,141
Georgia South & Fle.a.Feb 218,757
Jan 1 to Feb 29
158,057
309,479
45,684
603
227.808
95,548
20,486
July 1 to Feb 29
1,645,128 1.525,967
354,615
Canadian Northern
164,648
Feb 2,089,200 1,602,200
129,400
322,900
Oct 1 to Feb 29
14,825,300 9,636,000 4,055,300 2.214,100 Tidewater AG Western_b_Feb
4,733
4,788
def949
def898
July 2 to Feb 29
55.783
53,626
Canadian Pacific_a
7,308
4,471
Feb 8.795,830 6,735,678 2,294,343 1,979,015
83,854,820 68,782,831 34,008,938 22,792,824 Toledo St L & Western.a.Feb 449,539
July 1 to Feb 29
406,180
135,090
114,748
to
July
1
Feb
29
3,703,523
3,075,765
1,143,428
643.110
Central of Georgia_b___Feb 1,006,964
964,228 c275,169 c250,547
8,510,461 8,300,639 c2 633,296 c2,142,551 Virginian a
Feb 747.035
July 1 to Feb 29
439,625
383,439
161,321
July 1 to Feb 29
4,924.658 4,005,087 2,234,830 1,570,260
Central of New Jersey b Feb 2,950,026 2,048.224 1.142,798
621,229
24,093,316 21,177,023 10,075,412 8,704,338 Western Maryland_b-__Feb 800,273
July 1 to Feb 29
594,213
255,798
121,069
July 1 to Feb 29
7,099,162 5,451,258 2,450,181 1.360,675
Ches & Ohio Lines_b___Feb 3,848,577 2,867,273 1,127,065
806,689
31,547,047 25,508,626 10.857,556 7,457,564 Yazoo & Miss Valley_a_Feb 994,172
July 1 to Feb 29
979,378
162,209
284,368
July
1
to
Feb
29
9,165,923 8,024,038 2,816,468 1.996.904
Feb 1,344,563 1,015.923 $348,519
Chicago & Alton_a
s61,004
10,762,624 9,671,582 s2,674,964 81,843,331
July 1 to Feb 29
INDUSTRIAL COMPANIES.
379,489
Chic Great Western_ bFeb 1,254,264 1,003,157
208,968
-Gross Earnings
10,064,030 9,531,403 2,893,932 2,446,861
--Net Earnings
July 1 to Feb 2
Current
Previous
Current
Previous
Chic Milw & St P_b__Feb 7,699,230 6,472,696 1,878.762 1,293,515
Companies.
Year.
Year.
Year.
Year.
69,747.012 61.958,881 15,622,258 19,380,958
July 1 to Feb 29
$
Chic & North West_a__Feb 7,612,006 6,408,128 2,376,073 1,761,458 Abington & Rockland
Elec
02,252,748 57,677,800 18,737,116 15,842,739
July 1 to Feb 29
Light & Power_a
Feb
12,081
14,796
3,955
2,668
Chic St P Minn & 0_a__Feb 1,511,288 1,373,303
344,332
Jan 1 to Feb 29
282,341
30,740
25,889
7,760
5,621
13,264,309 12,597,227 3,944,070 3,551,947
July 1 to Feb 29
Alabama Power_a
Feb 107,436
70,082
71,280
42,880
Delaware & Hudson _ bFeb 2,125,285 1,435,522
703,173
Jan 1 to Feb 29
276,215
216,658
140,572
142,958
86,790
4,265,549 3,021.162 1.483,891
Jan 1 to Fob 29
591,914 Atl Gulf& West Indies SS LinesDel Lack & West_b_--Feb 3,873,898 2,890,450 1,508,715
Subsidiary cos
Jan 2,008,169 1,528,083
876,232
489.823
336,079
32,503,627 28,585,788 13,296,153 10,403,232
July 1 to Feb 29
Balckstone Vali G & E a Feb 144,317
117,877
59,365
48,234
90,315
Detroit & Mackinac_a_ Job
80,576
Jan 1 to Feb 29
300,055
1395;266484
244,038
127,169
101,111
715,568
743,966
July 1 to Feb 29
10:28
Cleveland Elect I11 Co_a_Feb 442,995
393,162
223,661
216,595
557,752
El Paso & Southwest_ b._Feb 880,446
410,653
Jan 1 to Feb 29
905,909
184,966
810,721
469,143
439,364
6,680,924 4,996,041 2,739,983 1,933,770 Connect Power Co
July 1 to Feb 29
Feb
57,456
42,947
31,382
20,049
Erie RIt_a
Feb 5,760,055 4,384,694 1,328,891
Mar 1 to Feb 29
810,211
603,862
461,953
300,558
202,808
Jan 1 to Feb 29
11,471,647 8,959,985 2,524,062 1,611,641 Edison El Ill(Brockton)a Feb
54,191
46,900
21,825
21,096
Fairchild & Northeast.b.Feb
56
3,785
3,633
Jan 1 to Feb 29
1,325
97,465
113,397
46,334
42,618
July 1 to Feb 29
23,395
27,515
def1,651
1,691 Fall River Gas Works_a_Feb
39,575
37,984
10,324
12,051
Illinois Central_a
Feb 5,871,545 4,729,205 1,218,290
Jan 1 to Feb 29
84.222
798,565
85.634
27,536
28,029
July 1 to Feb 29
45,848,565 42,632,353 9,259,410 8,221,085 llaverhill Gas Light_a__Feb
20,996
21,907
4,944
5,979
Internet & Grt Nor_ b_ _ _Feb 748,945
728,627
163,897 ' 74,819
Jan 1 to Feb 29
48,545
44,746
13,470
13.312
July 1 to Feb 29
6,314,258 6,403,721 1,512,684 1,043,607 Houghton Co El Lt_a_ _ _Feb
33,114
28.156
16,126
11,653
Maine Central_b _
Feb 917,438
855,575
254,359
Jan 1 to Feb 29
70,217
60,638
246,181
35.722
27,136
July 1 to Feb 29
7,847,490 7,602,416 2,437,323 2,107,117 Huntington Dev & G_a_Feb
40,856
18,554
16,409
11,802
Minneap & St Louls_a_ _Feb 878,096
772,298 k227,437 k144,707
Jan 1 to Feb 29
83,602
38,556
35,927
25,768
July 1 to Feb 29
7,278,447 6,934,353 k2,267,594 k1,860,953 Lowell Elec Lt Corp_a__Feb
53,541
40,423
21,900
16.438
Minn St P & S S M_a__Feb 1,385,024 1,215,529
321,780
Jan 1 to Feb 29
112,818
300,575
84,658
48,298
33,258
July 1 to Feb 29
15.831,398 12,748,111 6,607,770 4,384,654
Miss River Power_a____Feb 146,887
131,752
115,199
103.134
Chicago Division_a__Feb 971,343
803,540
337,923
Jan 1 to Feb 29
286,376
212,763
268,835
225,240
212,597
July 1 to Feb 29
7,758,546 6,645,329 2,762,192 1,725,2E5 Montreal Lt Ht&Pow _
a _Feb 620,594
588,311
368,886
342,787
Nashville Chatt & St L.b.Feb 1,028,827
849,618
254,374
May 1 to Feb 29
5,709,100 5,534,477 3,302.305 3,104.616
130,821
8,350,260 7,361,415 2,198,084 1,217,924
July 1 to Feb 29
New York Dock Co_b__Feb 237,659
184,523
112,323
88,340
_Feb15,231,375
10,925,256
New York Central _ b_ __
July 1 to Feb 29
1.994,998 1,526.425
971,253
747,615
30,120,429 22,844,239
Jan 1 to Feb 29
Pacific Lt & Pow Corp_a Feb 244,473
218.014
163,932
143,115
Boston & Albany_b.._Feb 1,563,382 1,124,695
459,534
Jan 1 to Feb 29
232,426
510.639
456,686
341,142
301,074
3,150,900 2,368,681
Jan 1 to Feb 29
954,589
511,291 Pine Bluff Co_a
Feb
21,147
19,541
10,518
7,667
Lake Erie & West_ b__Feb 559,932
443,617
185,302
Jan 1 to Feb 29
88,821
41,823
44,088
22,858
18,642
Jan 1 to Feb 29
1,083,254
880,388
343,519
178,707 St L Rocky Mt & Pac_a_Feb 206,201
210,514
54,521
61.209
Michigan CentraLb__Feb 3,350,067 2,431,294 1,073,885
Jan 1 to Feb 29
359,664
120,591
444.792
478,165
144,733
Jan 1 to Feb 29
6.622,241 4,997,629 2,019,011
749,835 Sierra Pacific Elec_a____Feb
47,892
39,331
26,172
23,204
C C C & St Louis_b_Feb 3,640,765 2,597,324 1,212,646
Jan 1 to Feb 29
404,602
91,464
81,606
43,530
47,769
Jan 1 to Feb 29
5,399,892
7,123,658
2,206,574
887,654 Southern Cal Edison_ __ _Feb 411,981
374.162
227,769
199,329
Cincinnati Northern b Feb 138,920
109,906
38,190
Jan 1 to Feb 29
19,024
831.069
770,527
454,437
413,450
Jan 1 to Feb 29
218,177
269,193
77.950
20,210 Tennessee Power_a
Feb 109,273
59,827
Pittsb & Lake Erie_b_Feb 1,821,843
935,644
939,038 • 271,874
Jan 1 to Feb 29
221,082
118,433
Jan 1 to Feb 29
3,567,194 1,828,382 1,815,099
447,240
N Y Chic & St L_b__Feb 1,190,125
a Net earnings here given are after deducting taxes.
849,740
298,595
74,250
Jan 1 to Feb 29
b Net earnings here given are before deducting taxes.
2,450,338 1,705,974
626,021
177,161
c
After allowing for outside operations and taxes, operating inco me for
Tol & Ohio Central b Feb 449,112
323,066
103,854
19,698 Feb. 1916 was $222,399,
against $199,779; from July 1 to Feb. 29 was
Jan 1 to Feb 29
677,513
880,664
181,157
39,246 $2,201,291 in 1916, against
$1,766,416 last year.
Total all lines- b
Feb27,945,521 19,740,542 9,366,715 3,631,780
j For February taxes and uncollectible railway revenue amoun ted to
Jan 1 to Feb 29
55,267,871 41.010,875 18,270,257 7,905,961 $583,409, against $475.402 in 1915; after deducting
which, net for Feb
1:SIRA.2,161,421
8
Roads.
(Vol- 102.
THE CHRONICLE
1242
1916 was 83,413,770, against $2,639,691 last year. From July 1 to Fob. 29
taxes, &c., were $4,139,645 in 1916, against $3,622,328 in 1915. •
k After allowing for additional income for the month of Feb. 1916, total
net earnings were $190,436, against $114,649 last year, and for the period
from July 1 to Feb. 29 were $1,984,226 this year, against $1,617,978.
S After allowing for miscellaneous charges to income for the month of
Feb. 1916, total net earnings were $289,315, against $621 last year,
and for period from July 1 to Feb. 29 were $2,157,916 this year, against
$1,366,916 last year.
Interest Charges and Surplus.
Roads.
EXPRESS COMPANIES.
-Month of December- -July 1 to Dec. 31• 1914.
1914.
1915.
1915.
$
$
$
$
American Express Co.Total for transportation____ 5,356,727 4,108,479 28,152,933 23,977,785
Express privileges-Dr...... 2,710,505 2,143,986 14,205,428 12.038,405
Revenue from transprn___ 2,646,222 1,964,492 13,947,505 11,939,379
154,188 1,549,152 1,079,112
Operations other than transp. 363,265
Total operating revenues.. 3,009,488 2,118,618 15,496,657 13,018,491
2,462,499 2,124,016 13,327.436 12,869,482
Operating expenses
-Bat. of Net Earns.Net operating revenue........
-Int., Rentals,
Previous
Current
Previous
Uncollectible rev,from transp
Current
Year.
Year.
Year.
Year.
Express taxes
546,988
1,199.
43,763
-5,335 2,169,221
239
4,396
260,218
35,320
149,008
943213,111
502,025 def40,896 1,904,606 def65,045.
Operating income
x31,114
196,452 x184.978
July 1 to Dec. 31December
1,582,040 x1,276,728 x597,127
1914.
1915.
1914.
1915.
z16,303
x60,649
26,042
$
$
Co.
Exprsss
Canadian
x31,199
52,765 x128,317
2,028,424 1,710,161
271,132
342,643
transportation..
from
Total
def6,047 Express privileges-Dr
334,436
627,276
870,054
1,045,404
183,809
143,699
5,398,399 3,863,619 3,305,939
z29,841
840,107
787,344 x303,209
983,020
127,433
Revenue from transporta'n 158.833
31,428
6,300,225 z4,567,412 x1,507,292 Oper. other than transporta_
33,711
5,211
5,820
161,599 def11,586
220,554
871,535
132,645 1,016,731
Total operating revenues.. 164,654
1,736,203 1,124,235
710,658
812,634
832,521
137,385
143,184
851,023 1,571,819
910,435 Operating expenses
7,576,460 11,790,197 8,266,279
58,901
184,209
-4,740
operating
21,470
Net
234,381
120,132
47,960 Uncollec. rev, from
161
transp
revenue_17
1,915,293 1,930 .891 1.636,654 Express taxes
25,200
24,000
4,000
4,200
3,975,106 x2.161,914xdef696,040
158,848 • 34,901
17,253
-8,740
Operating income
8,157,890 x4,808,673xclef709,227
-Month of December- -July 1 to Dec. 31434,491
x9,652zdef179,931
1914.
1915.
1914.
1915.
x76,142zdef307,326
878,304
$
$
$
Globe Express Co.$
x96,448 zdef26,427
124,363
398.879
57,562
1,145
transportation..
from
Total
248,270 x161,110 zdef48,445
199,926
447
28,970
Express privileges-Dr
741,764 x327,243zdef285,050
1,457,352 x513,467zdef522.460
198,952
698
28.592
Revenue from transp'n_
5,113
6
887
786,030 x637,931zde1283,125 Operations other than transp.
1,532,275 x1,038,254zdef465,554
204.066
704
29,479
revenues..
operating
Total
x870
x19,873
19,865
178,854
5,628
28,413
641
x37,764 zdef11.476 Operating expenses
40,854
162,323 x751,372 z251,434
25,211
1,065
def4,924
def641
Net operating revenue_ _ _
305,280 x1,432,444 x365,874 Express
6,600
4,200
1,100
700
taxes
240,514 x135,601xdef154*281
483,644 x310,032 2283,666
18,611
def9,124
def34
def1,341
Operating income
x46,860 zdef87,753
150,718
-Month of December- -July 1 to Dec. 31x66,532.rdef197,618
1914.
288,930
1915.
1914.
1915.
$
$
Southern Express Co.35,808 def55,352
125,704
1,870,811 1,544,698 7,756,797 6,981,852
455,124 Total from transportation
1,014,249
811,594
783,872 3,934,036 3,556,020
937,634
1,088,101 x1,109,412 x989,695 Express.privileges-Dr
9,119,644x17,489,962x11.562,260
760,825 3,822,761 3,425,831
Revenue from transport'n_ 933,176
x864,495 Operations other than transp.
1,857,247 x2,707,971
172,039
158,406
28,655
36,575
3,698,527 x5,952,906 z1,883,797
789,481 3,994,800 3,584,237
21,077 xdef24,031 zdef26,549
Total operating revenues_ 969,752
594,178 3,226,481 3,210,416
664,323
42,604 xdef46,882 zdef54,519 Operating expenses
14,661 x138,704
x55,606
373,821
195,302
305,429
768,318
Net operating revenue.. _ _ _
29,492 x260,856 z112,060
230
60
49
361
Uncollectible rev,from trans.
345,548zdef220,498zdef310,765 Express
88,254
15,186
14,582
81,980
taxes
675,985zdet417,334zdef574.047
13,669 zdef13,913 zdef17,556
285.336
685.976
290,192
Operating income
180,659
28,179 zdef29,785 zdef36,216
Western Express Co.23,112
x48,326 zdef4,962 Total
749,814
616,284
105,442
from transportation.. _ _
139,700
44,433 x126,921 zdef9,807 Express
349,626
331,162
56,736
privileges-Dr
65,202
281,985 x139,860zdef113,847
556,508 x326,854zdef204,176
48,705
400,188
285,122
74,498
Revenue from transporta_
3,580
22,866
19,068
4,460
x24,376 Oper. other than transporta_
1,783
z29,637
z62,149
2,817
x63,753
78,958
52,286
423,054
304,191
Total operating revenues_
62,547 zdef45,208zdef109,819
59,470
55,278
332,087
325,216
120,521zdef111,855zdef214,677 Operating expenses
x46,421zdef565,792
1,352,130
-2,992
19,488
90,966 --21,025
Net operating revenue_ _ _ _
2,713,981 x1.605,939xdef780,477 Uncollec. rev, from trans.... _
52
1
27
3
6,184
1,253
527
6,611
48,208 xclef1,328 zdef24,392 Express taxes
119,767 xdef39,131 xdof70,332
84.327 --27.261
18,232
-3,522
Operating income
471,477 x283,054zdef105,273
944,607 x734,125zdef184,219
COMPANIES.
TRACTION
AND
RAILWAY
ELECTRIC
128,914
x40,207 zdef21,061
265,729 x117,041 xdef88.775
Jan. 1 to latest date.
Latest Gross Earnings.
1,240,667 1,165,077
23.331
Name of
9,925,334 10,436,434 4,259,575
Week or Current Previous Current
Previous
Road.
Year.
Year.
Year.
Year.
Month.
INDUSTRIAL COMPANIES.
-Bat. of Net Earns.-Int., Rentals,
American Rye CC, -- December 508,830 480,710 5.436,895 5,559.534
Current
Previous
Previous
Current
42,861
44,369
Year.
Atlantic Shore Ry.._ _ February - 21,081 20,961
Year.
Year.
Year.
Companies.
274.797
293,093
cAur Elgin & Chic Ry February _ 144,233 130,652
3
125,710
_
128,690
February
Electric
&
Ry
62,406
60,380
Bangor
Abington & Rockland Elec
34,977
29,539
17,150 13,906
1,997 Baton Rouge Elec Co February _
3,761
671
Feb
194
Light & Power
709.229
681,158
66.940 62.627
4,108 BeltLRyCorp (NYC) November
7,358
1,513
Jan 1 to Feb 29
402
72,072
70,363
Berkshire Street Ry_ January __ 72,072
Atl Gulf & West Indies SS LinesBrazilian Trac, L & P January __ 16430000 15996190 16,430,000 15,996,190
173,122 Brock
315,165
Subsidiary companies_Jan 174,658
162,957
6,226
15,357
7,281
13,687
& Plym St Ry_ February _
29,216 Bklyn Rap Tran Syst November 2238.674 2105,114 25,199,758 25,154,491
39,462
19,903
19,018
Blackstone Vail G & E.._Feb
62,689 Cape Breton Eiec Co February _ 28,638 23,439
38,422
87,396
Jan 1 to Feb 29
39,773
62,758
52,493
197,603
159,178
35,428
Cleveland Elect Ill Co....Feb
187,029
181,167 Chattanooga IV & Lt February _ 06,183 77.848
36,632
25,813
28,866
Jan 1 to Feb 29
70,855
396,173
368.509 Cleve Painesv & East January -- 28,866 25,813
72,970
93,315
103,305
Cleve Southw & Col_ January __ 103.305 93,315
10,695 Columbus
9,354
15,051
16,331
Connect Power Co
Feb
_
February
Co
El
(Ga)
116,544
64,622
136,569
55,777
107,066 Coium (0) By.P & L February _ 280,700
95,742
142.891
Mar 1 to Feb 29
157,667
523,348
578,117
248,596
18,162 g Com'w'th P Ry & L February.. _ 1362,995 1140,832 2,770,547 2,382,734
20,408
Edison El III (Brockton)_Feb
1,417
2,934
36,411 Connecticut Co
43.457
Jan 1 to Feb 29
6,207
2,877
701,506
604,463
January -- 701,506 604,463
8,773 Consum Pow (Mich) February _ 386,734 310,811
786,392
10,320
639,732
Fall River Gas Works_ _ _Feb
4
3,278
411,582
20,992 Cumb Co(Me)P& L February _ 198,398 182,301
27,529
Jan 1 to Feb 29
376,513
7
7,037
149,397
163,759
_
Dallas
336,891
February
Electric
_
_
Co..
328,751
4,941
5.976
3
Haverhill Gas Light___ _Feb
3
956,273
12.926
12,776 Detroit United Lines January -- 1171,585 956,273 1.171,585
544
536
Jan 1 to Feb 29
40.077
41,554
&
November
DDED
Bat
442,372
469.563
(Rec)
8,211 Duluth-Superior Trac February._ _ 105,151 90,591
12,692
3,442
Feb
3,434
Houghton Co El Lt
210,008
189,695
20.252 East
28,854
6,868
Jan 1 to Feb 29
6,884
Sc Louis & Sub_ February _ 227,472 187,792
393,954
456,840
13,009
9,363 Eastern Texas Elec February _ 64,175 48,408
2,439
3,400
Huntington Dev & Gas_Feb
101,935
130,269
29.127
20,723 gEl Paso Electric Co.. February _ 91,146 79,240
6,800
5,045
Jan 1 to Feb 29
171,642
196,429
16,438 42d St M & St N Ave November 164,776 158,058 1,789,025 1.714,440
21,631
Lowell Elec Lt Corp.._ _ _Feb
269
33,257 g Georgia Ry & Pow_ February - 558,895 518,512 1.155,412 1.078,817
47,861
1
Jan 1 to Feb 29
437
_ 145,763 148,940
302,202
310,939
def4,497 Galv-Hous Elec Co_ _ February
9,872
107,631
Miss River Power
Feb 105,327
nibruary _ 103,429 94,889
209,246
199,617
def3,415 Grand Rapids Ry Co January
13,234
216,012
Jan 1 to Feb 29
212,006
_ _ 86.317 79,373
Railways
86,317
79,373
Harrisburg
303,151 Havana El Ry L & P January
328,277
40,609
39,636
Montreal Lt, Ht & Pow_Feb
492.074
473,725
492,074 473,725
361,057 2,896,209 2,743,560 Honolulu R T & Land January _ _ 50,243 47,525
May 1 to Feb 29
406,097
50,243
47,525
33,305
4,166 Houghton Co Tr Co.. February _
84,174
Feb
49,002
79,018
38,781
24,166 18,765
New York Dock Co
328,926
106,410 b Hudson & Manhat_ January -- 495,560 473,192
642,327
641,205
495,560
473,192
July 1 to Feb 29
875,405
1,842,600
Traction
1002,662
_
2,036,603
February_
Illinois
x68,195
x43,145
111,951
Power
&
Lt
Corp_Feb
105,678
Pacific
221,622 z147,467 z104,384 Interboro Rap Tran_ February - 3036,983 2707,691 6,220,727 5,586,423
212,104
Jan 1 to Eeb 29
103,281
Jacksonville Trac Co February _ 50,136 48,521
103,183
Pine Bluff Co18,796 18,250
_ _ _ February _
38.733
39,521
14,795
10,896 Keokuk Electric_
7,746
8,063
Jan 1 to Feb 29
19,354
9,206
Electric.... February _
9,543
18,821
29,713 Key West
32,379
22,142
31,496
St L Rocky Mt & Pac_ _ _Feb
98,336
113,369
Shore
__
98,336
113,369
January
Elec
Ry
Lake
81,741 LehighValley Transit February _ 177,727 140,939
75,941
62,992
44,650
Jan 1 to Feb 29
363,303
291,659
18,870
x15,951 Lewist Aug & Watery February _ 50,574 45,960
Feb
7,302
7,629
Sierra Pacific Elec
103,457
95,487
x32,952 Long Island Electric_ November
15,569
29,088
14,442
Jan 1 to Feb 29
16.240 16,676
235,846
229,540
234,125 222,767
477,786
February_
466,158
80,936 z145,936 z121,741 Louisville Railway
85,436
Southern Cal Edison..__.,Feb
603,830
163,922 x291,497 x259,620 Milw El Ry & Lt Co_ January -- 603,830 536,479
536,479
Jan 1 to Feb 29
170.936
129.057
114,566
Milw Lt Ht & Tr Co.. January -- 129.057 114,566
az31,363
35,936
Tennessee Power
Feb
353,996
Nashville Ry & Light February _ 185,318 169,450
381,903
1$-,, x60,213
Jan 1 to Feb 29
73,194
637,959
608,396
59,144 56,145
N Y City Interboro November
384,577
32.247 33.313
397,230
N Y & Long Island_ November
x After allowing for other income received.
Buffalo Roch & Pitts__ _ Feb 196,457
1,584,662
July 1 to Feb 29
Feb
24,888
Buffalo & Susqueh
49,860
Jan 1 to Feb 29
Central of New Jersey.. Feb 808,362
6,211,793
July 1 to Feb 29
Feb 804,424
Ches & Ohio Lines
6,365,884
July 1 to Feb 29
Chicago Great Western_Feb 217,890
1,769,697
July 1 to Feb 29
Chicago & North West.._Feb 804,254
6,946,919
July 1 to Feb 29
Chic St Paul Minn & 0_ _Feb 224,200
2,013,179
July 1 to Feb 29
Feb 4,164,462
New York Central
8,184,792
Jan 1 to Feb 29
Feb 476,569
Boston & Albany
938,396
Jan 1 to Feb 29
98,295
Lake Erie & Western.._Feb
203,907
Jan 1 to Feb 29
Central....
_Feb
_
837,253
Michigan
1,600,396
Jan 1 to Feb 29
()ley Cin Chic & St L_Feb 714,039
1,439.080
Jan 1 to Feb 29
19,323
Cincinnati Northern_ _Feb
42,626
Jan 1 to Feb 29
Pitts & Lake Erie.... _ _Feb 285,364
Jan 1 to Feb 29
563,279
N Y Chic & St Louis_ _Feb 176,609
Jan 1 to Feb 29
367,958
Toledo & Ohio Cent._ _Feb 142,080
286,569
Jan 1 to Feb 29
N Y Ontario & Western_Feb 123,633
968,137
July 1 to Feb 29
Feb 1,112,070
Northern Pacific
9,018,317
July 1 to Feb 29
Feb 2,175,656
Pennsylvania RR
Jan 1 to Feb 29
4,566,381
21,293
Bait Ches & Atl
Feb
Jan 1 to Feb 29
42,560
28,367
Cumberland Valley.._ _Feb
54,353
Jan 1 to Feb 29
Long Island
Feb 345,822
Jan 1 to Feb 29
716,409
13,285
Maryland Del & Va.._Feb
26,481
Jan 1 to Feb 29
N Y Phila & Norfolk._ _Feb
31,594
Jan 1 to Feb 29
58,805
PhDs,Bait & Wash.... _ _Feb 293,927
Jan 1 to Feb 29
581,379
1,783
Phila & Camden Ferry Feb
Jan 1 to Feb 29
,
65,367
West Jersey & Seash_ _Feb
' 129,505
Jan 1 to Feb 29
Pennsylvania CampanyFeb 1,502,146
Jan 1 to Feb 29
3,003,227
52,951
Grand Rapids & Ind_ _Feb
Jan 1 to Feb 29
139,485
Pitts Cin Chic & St L_Feb 513,740
Jan 1 to Feb 29
1,044,871
Feb 138,788
Vandalia
Jan 1 to Feb 29
282,601
Feb 1,235,917
Reading (all cos)
July 1 to Feb 29
9,887,333
pH. 1 1916.]
THE CHRONICLE
Latest Gross Earnings.
Name of
Road.
1Veek or
Month.
Current Previous
Year.
Year
Jan. 1 to latest date.
Current
Year.
Previous
Year.
13,285 13,265
N Y & North Shore.._ November
153,435
153,582
N Y & Queens Co_ _ _ November 112,640 106,442 1,272,281 1.254,496
1121,437 1093.703 1,121,437 1,093,703
New York Railways.. January
N Y & Stamford Ry_ January -- 24,107 23,071
24,107
23,071
N Y Westches & Bos_ January _ _ 41,769 35,495
41,769
35,495
16,104 13,690
Northampton Tree_ _ December
180,400
183,624
Nor Ohio Trac & Lt_ February _ 359,403 260,451
726,545
541,289
North Texas Electric February _ 141,880 121,300
292,508
265,972
Northw Pennsyl By.. December _ 33.181 30,962
361,965
361.701
November
5,642
Ocean Electric (L
5,515
145,585
155,556
Paducah Tr & Lt Co.. February _ 25,618 23,986
53,071
50,059
Pensacola Electric Co February.. 21,833 19,989
45,769
40,221
Phila Rapid Transit.. February _ 2036,166 1833.778 4,190,086 3,832.173
Phila & Western By.. February _ 33,725 30,198
69,791
61,900
Port(Ore)Ry,L&PCo. February _ 409,331 437,854
864,319
927,567
gPuget Sd Tr, L & P_ January __ 669,593 670.885
669,593
670,885
g Republic Ry & Lt_ _ January.._ _ 318,315 249,363
318,315
249,363
Rhode Island
January __ 428,216 395,065
428.216
395,065
Richmond Lt & RR_ November
28,301 27,116
368,415
363,819
St Jos By L II & P00 February _ 116,446 106,351
239,722
223,625
Savannah Electric Co February _ 60,396 64,995
126,531
135,585
Second Avenue (Rec) November
68,420 68,773
849,632
809.110
Southern Boulevard.. November
18,828 17,686
210,374
206,371
Staten Isl Midland_ _ November
22,391 20,781
316,350
301,768
Tampa Electric Co February _ 90,544 82,890
177,249
168,250
Third Avenue
November 320.226 310,511 3,536,010 3,613,013
Toronto Street By.... December 501.958 497,424 5,610,291 8.034,508
Twin City Rap Tran_ 2d wk Mar 189,284 176,017 2,021,113 1,838,504
Union Ry Co ofNYC November 226,079 216,444 2,567,951 2,644,638
Virginia By & Power_ February _ 457,563 392,390
946.343
828,586
Wash Balt & Annap_ February.._ 57,376 51,506
115.866
107.447
Westchester Electric_ December
579,916
44,018 45,380
604,890
Westchester St RR January __ 18,088 17,394
18,088
17,394
Yonkers Rallroad..._ December
733.249
59,601 60,434
721.721
158,045
York Railways
77,805 61,877
February
128,387
25,148
Youngstown & Ohio.. January -- 25,148 22,530
22,530
14.085
Youngstown & South January -- 14,085 12,576
12,576
b Represents income from all sources. c These f gures are for consolidated company. f Earnings now given in milreis. g Includes constituent
companies.
Electric Railway Net Earnings.-The following table
gives the returns of ELECTRIC railway gross and net
earnings reported this week:
1243
Interest Charges and Surplus.
-Int., Rentals, &c.- -Bat. of Net Earns.Cferrent
Current
Previous
Previous
Year.
Year.
Year.
Year.
$
$
$
Bangor Ry & Elec
Feb
17,779
17,636
10,442
13,279
Jan 1 to Feb 29
35,496
35,151
30.252
24,361
Baton Rouge Elec
Feb
3,437
2,083
5.190
3,054
Jan 1 to Feb 29
6,934
4,263
10,318
6,310
Brockton & Plymouth.. Feb
1,095
1,128
def1,534
def2,117
Jan 1 to Feb 29
2,200
2,273
def2,108
def3,279
Cape Breton Elec
Feb
6,423
6,558
3,636
1,822
Jan 1 to Feb 29
12,980
13,280
12,010
6,372
Cent Miss Vail El Props_Feb
1,890
1,814
5,768
4.453
Jan 1 to Feb 29
3,817
3,653
13,564
10,032
Chattanooga By & Light Feb
28,570
28,941
7,849
def5,523
Jan 1 to Feb 29
57,425
58,290
17,103 def13.750
Columbus (Ga) Elec_ __..Feb
28,791
28,678
8,516
17
Jan 1 to Feb 29
57.366
57,583
21,030
5.121
Columbus(0)Ry P & Lt _ Feb
44,375
38.727
70,791
60,855
Jan 1 to Feb 29
85,497
77,446
154,167
132,710
Consumers Power(Mich)Feb
75,171
72,809
156,978
120,402
Jan 1 to Feb 29
151,318
146.413
330.039
252.797
Cumb'd Co(Me) P & L_Feb
65,761
62,494
4,552
12,010
Jan 1 to Feb 29
131,612
125,062
18,492
23,513
Dallas Elec Co
Feb
34,573
33,426
33,526
33,662
Jan 1 to Feb 29
69.386
66.842
70,226
74.580
Duluth-Superior Trac_ __Feb
13,586
13,574
x17.724
x3,289
Jan 1 to Feb 29
28,256
28,603
x28,219
x9,086
Eastern Texas Elec
Feb
8,939
8,908
20,892
9,184
Jan 1 to Feb 29
17,652
17,678
43,136
23,655
East St Louis & Sub _ _ _ _Feb
61,802
61,896
28,964
12,573
Jan 1 to Feb 29
123.655
125,181
58,497
31,771
El Paso Elec Co (and subsidiary cos)
Feb
4,722
4,197
40,840
32.778
Jan 1 to Feb 29
9,395
8,383
92.882
76,999
Galveston-Houston El_ _Feb
36,617
36,209
9,705
18,385
Jan 1 to Feb 29
73,208
72,418
23,451
42,164
Grand Rapids By
Feb
14,486
13,679
24,508
17,581
Jan 1 to Feb 29
29,020
27,419
51,128
41,555
Houghton Co Trac
Feb
5,522
5,599
2,566
def752
Jan 1 to Feb 29
11,044
11,204
4,839' def2,367
Jacksonville Trac
Feb
14,717
13,516
1,871
472
.
Jan 1 to Feb 29
29.452
26,964
3,827
4.282
Keokuk Elec Co
Feb
1,864
1,894
4,450
3,671
Jan 1 to Feb 29
3,753
3.803
10.555
8,390
Key West Elec
Feb
2,522
2,561
1,197
def127
Jan 1 to Feb 29
4,997
4,962
1,860
8
Lewiston Aug & Waterv_Feb
16,085
15,578
def4.803 def4,723
Jan 1 to Feb 29
32,048
31.156
def8,233
def9,382
Louisville Railway
Feb
76,812
73,249
x56.077
z46,272
Jan 1 to Feb 29
153,625
146,500 z113,784 x102.556
Nashville Ry & Light.... _Feb
42,897
41.712
32,773
26,012
Jan 1 to Feb 29
85,980
83.730
69,921
61,564
Nor Ohio Trac & Lt_ _ _ _Feb "1" 53,410
50.862
92,987
44,603
Jan 1 to Feb 29
g 106,991
101.113
194,943
93,212
Nor Texas Mee _____ _ _ _Feb .'28,725
27,204
24,646
18,819
Jan 1 to Feb 29
32 57,811
54,469
51,574
48,956
Paducah Trac & Lt
Feb
7.378
7,659
3,412
459
Jan 1 to Feb 29
14,852
15,454
6,777
2,013
Pensacola Elec
Feb
8,066
7,248
2.080
1,128
Jan 1 to Feb 29
15.817
14,630
4,493
742
Portl (Ore) By, L & P_ _Feb 181,166
182,551 def24.927
8,007
Jan 1 to Feb 29
362,928
364,912
def9,433
53,955
Republic Ry & Light and
Subsidiary Cos
Jan
67,287
55.390
x68,717
z38.551
Savannah Elec Co
Feb Jr, 23,022
22.956
def6.792
213
Jan 1 to Feb 29
,46.339
46,365
def7,900
651
Tampa Elec Co
Feb
4,394
4,427
41,694
38.942
Jan 1 to Feb 29
8,691
8,852
80,262
78,905
Third Avenue System.._ _Feb 219,963
215,030
z2,451 zdef8,306
July 1 to Feb 29
1,744,030 1,705,818 x594,818 x518,111
Wash Balt & Annap_ _ _ _Feb
25,499
24.399 zdef1,987 zdef5,791
Jan 1 to Feb 29
51,063
48,897 xder3,778 zdef8,903
x After allowing for other income received.
Roads.
-Gross Earnings
--Net Earnings
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
62,406
Bangor By & Elec.a_ _ _ _Feb
60,380
28,221
30,915
Jan 1. to Feb 29
128,690
125,710
59,857
65,403
Baton Rouge Elec-a- _Feb
17,150
13,906
8,627
5,137
Jan 1 to Feb 29
34,977 . 29,539
17,252
10,573
Brockton & Plymouth a Feb
7,281
6,226
def439
def989
Jan 1 to Feb 29
15,357
13,687
•
92 defl,006
Cape Breton Elec_a____Feb
28,638
23,439
10,059
8,380
Jan 1 to Feb 29
62,758
52,493
24,990
19,652
Cent MissVall El Propsa Feb
23,182
22,155
7,658
6,287
Jan 1 to Feb 29
48,812
46,899
17,381
13,685
Chattanooga By & Lt_a_Feb
96,183
77,848
36,419
23,418
Jan 1 to Feb 29
197,603
159,178
74,528
44,540
Columbus (Ga) Elec_a_ _ Feb
64,622
55,777
37,194
28,808
Jan 1 to Feb 29
136,569
116,544
78,396
62,704
Columbus(0) Ry,P&L.aFeb 280,700
248,596
115,166.
99,582
Jan 1 to Feb 29
578,117
523.348
239,664
210,156
Consumers Pow(Mich) a Feb 386,734
310,811
232,149
193,211
Jan 1 to Feb 29
786,392
639,732
481.357
399,210
Cumb Co(Me)P & Lt.a.Feb 198,398
182,301
70,313
74,504
411,582
Jan 1 to Feb 29
376,513
150,104
148,575
Dallas Bloc Co_a
Feb 163,759
68,099
149,397
67,088
139,612
Jan 1 to Feb 29
328,751
336,891
141,422
30,028
Duluth-Superior Trac_a_Feb 105,151
90,591
15,595
53,932
189,695
210,008
Jan 1 to Feb 29
35,149
48,408
29,831
64,175
Eastern Texas Elec_a_ _Feb
18,092
101,935
130,269
60,788
Jan 1 to Feb 29
41,333
187,792
90,766
E St Louis & Sub_a__ _Feb 227,472
74,4,69
393,954
456,840
182,152
Jan 1 to Feb 29
156,952
El Paso Elec Co (and sub91,146
79,240
Feb
sidiary cos)..a
45,562
36,975
196,429
171,642
Jan 1 to Feb 29
102,277
85,382
Galveston-Houston El a Feb 145,763
148,940
46,322
54,594
302,202
Jan 1 to Feb 29
310,939
96,659 • 114,582
Grand Rapids Ry_a_ _ _Feb 103,429
94,889
38,994
31,260
209,246
Jan 1 to Feb 29 •
199,617
80,148
68,974
Houghton Co Trac_a___Feb
24,166
18,765
8,088
49,002
Jan 1 to Feb 29
38,781
15,883
8
4,837
47
Feb 1,002,662
Illinois Traction _ a
875,405
412,380
349,462
Annual Reports.-The following is an index to all annual
2,036,603 1,842.600
Jan 1 to Feb 29
829,657
749,746
50,136
Jacksonville Trac_a___Feb
48,521
16,588
13,988 reports of steam railroads, street railways and miscellaneous
103,183
103,281
Jan 1 to Feb 29
33,279
31
55
:
526
46
Feb
companies which have been published since Feb._26.
18,796
18,250
Keokuk Elec Co_a
6,314
39,521
38,733
Jan 1 to Feb 29
14,308
12,193
This index, which is given monthly, does not include
9,543
Fob
9,206
Key West Elec_a
3,719
2,434
18,821
19,354
Jan 1 to Feb 29
6,857
4,970 reports in to-day's "Chronicle."
50,574
45.960
Lewist Aug & Watery _a_Feb
11,282
10.855
RailroadsElectric.,(Concluded)103.457
95.487
Jan 1 to Feb 29
23.815
Page.
21,774 Atlanta Birm. & Atlantic RR. (ear-Page. Railways
Company General, PhIla_. 886
Louisville Railway_ b_ _Feb 234,125
222,767
122,008
108,657
for 0 mos.)
797 Republic By.& Light Co., N.
ings
477,786
Y_ ---1001
466,158
Jan 1 to Feb 29
246,057
227,087 Delaware Lackawanna & West. RR_ 795 St. John (New Brunswick)
By
Nashville By & Light_ a_Feb 185,318
169,450
75,670
975 San Joaquin Light dr Power Corp__ _ 1061
67,724 Grand Trunk By
797
381,903
Jan 1 to Feb 29
353,996
155,901
Toronto Railway Co
145,294 Huntington & Broad Top Mountain
796
Nor Ohio Trac & Lt_a_..Feb 359.403
Railroad
&
Co
Coal
260,451
886 Twin City Rapid Transit Co.
146,397
95,465
726,545
Island RR
Jan 1 to Feb 29
541,289
1155 N.J.), Minneap., St. Paul,&c (of 796
301,934
194,325 Long
Louisville Railway
880 Underground Electric Rye. of Lond_1081
Feb 141,880
Nor Texas Elee-a
121,300
53.371
46,023 Louisville & Nashville RR
885 Union Traction Co. of Indiana_977,
292,508
Jan 1 to Feb 29
265,972
109,385
1157
103,425 Pennsylvania Railroad
892 United Gas & Electric Corp_ _1157. 1169
880,
Lt_a__Feb
Trac
25,618
&
Paducah
23,986
10,790
8,118 Peoria & Eastern By
776 United Railways of St. Louis_ __802, 988
53.071
Jan 1 to Feb 29
50,059
21,629
Baltimore
& Wash. RR
17,467 Phila.
1155 Wash. Bait.& Annapolis (Elec.) RR.1157
Feb
21,833
Pensacola Elec_a
19,989
1156 West Indies Electric Co., Jamaica...1164
10,146
8,376 West Jersey & Seashore RR
45,769
40,221
Jan 1 to Feb 29
887 Winnipeg Electric By
20.310
15,372 White Pass & Yukon By
1061
Porto Rico Railways, Ltd
437,854
Portl (Ore) By,L & P_a_Feb 409.331
156.239
190,558
1163
Elearics864,319
927,567
Jan 1 to Feb 29
353,495
418,867 Carolina Power & Light Co., Raleigh
Industrials-- •
Republic Ry & Light and
N C
1058 American Bank Note Co., N. Y.169,982
Jan 318,315
249,363
Subsidiary Cos_a
135,750
93,785 Chicago City Railway
1058, 1157 American Chicle Co
887
60,396
64,995
Savannah Elec Co_a_ __ _Feb
16,230
23,169 Cleveland Painesville & Eastern RR. 885 American Cigar Co
970
126,531
135,585
Jan 1 to Feb 29
38,439
47,016 Cleveland (Electric) Railways
800 American Cities Co
977, 1158
Power
Dominion
&
90,544
Tampa Elec Co-a
'Transmission
82,890
Feb
Co.
800 American Coal Co
46,088
43,369
887
Trac. Co. of Conn.. 660 American Coal Products Co
168,250
177,249
Jan 1 to Feb 29
88,953
87.757 Duluth-Superior
887
Georgia Ry. & Pow. Co., Atlanta.
Amer. Dist. Teieg. Co. of N. Y._ 887
769,838
Third Ave System_ a_ _ _ _Feb 817,342
208,437
199,669
975, 1157 American Graphophone Co
July 1 to Feb 29
7,354,272 7,244,314 2,250,223 2,169,385
803
Inter-State Railways, Philadelphia_ 976 Amer. Hardware Corp., New BritWash Bait & Annap_b_ _Feb
51,506
57,376
20,897
16,310 International Traction Co., Buffalo_ 886 ain, Conn
803
107,447
Jan 1 to Feb 29
115,866
42,055
35,161 Illinois Northern Utilities Co
1163 Amer. Radiator Co. Chicago .888, 970
Wisconsin Edison_a_ __ _Feb 827,103
698,665 c363,867 c260,127 Iowa Railway & Light Co
1163 Amer. Smelt. & Refln. Co., N. Y.._ _1159
1,456,250 c725.969 c573.683 Lake Shore Electric Railway
Jan 1 to Feb 29
1,683,556
American
800
Snuff Co.,Jersey City.888, 970
_
London, Ont. (Street), By
886 American Steel
Co
1160
Milwaukee Elec. By.& Light Co.800,969 American SugarFoundries
a Net earnings here given are after deducting taxes.
Refill, Co., N. Y..., 971
b Not earnings here given are before deducting taxes.
New Orleans By.& Light Co
886 Amer. (Bell) Tel. & Tel. Co_ _1 054, 1074
c The balance available for The Wisconsin Edison Co., Inc., and depre- Northern Ohio Tree.& Lt. Co.,Clev. 881 American Tobacco Co., N Y
970
ciation of subsidiary companies was $225,330 for Feb. 1915. against Omaha & Council Bluffs Street Ry.._1061 Amer. Water-Works
& Electric Co..
$120,574 in 1915, and for Inc period from Jan. 1 to Feb. 29 was $445,390. Phila. & Western (Electric) By
1163 N.Y.(6 mos. end. Dec. 31 1916)..1i64
against $295,149 last year.
Railway & Light Securities Co
1061 American Woolen Co., Boston,Maes. 97n
Roads.
ANNUAL REPORTS
THE CHRONICLE
1244
Page.
Industrials (Concluded)Page.
Industrials (Continued)-;
Arkansas Nat. Gas Co., Pittsburgh _1164 May Department Stores Co., N. Y_1160
Mich. Limestone dc Chem. Co.,N.Y_1166
Baldwin Co. (Pianos, Organs and
798 Mich. State (Bell) Telephone Co__ _1064
Player-Pianos), Cincinnati
1064
Bethlehem (Pa.) Steel Corporation_1158 Midwest Oil Co.(Denver)
1166
Belding-Paul-Corticelli, Ltd.(Can.). 888 Milliken Brothers
888 Milwaukee & Chicago Breweries,Ltd 1064
Bell Telephone Co. of Canada
_1064
Consolidated_
Co.,
Power
Montana
798
Bell Telephone Co. of Pennsylvania
890
(E. W.) Bliss Company, Brooklyn_ _1164 Montreal Cotton Co
970, 983 Miss. River Pow. Co., Keokuk. Ili_ _1166
Booth Fisheries Co
888 Mountain States T.& T.Co., Deny_ 884
Brandham-Henderson Co
804
888 Narragansett Elec. Ltg. Co.,Prov
Brooklyn Borough Gas Co
883
802 National Biscuit Co., N. Y
By-Products Coke Corporation
970, 986 National Carbon Co., Cleveland,0_ 797
California Petroleum Co
1062 National Enam. & Stamping Co__ _ 797
Calumet & Arizona Mining Co
1052 National Fireproofing Co., Pittsb_ _1056
Cambria Steel Co
1050
National Lead Co., New York
Canadian Western Natural Gas,
980
798 National Transit Co.,011 City,Pa
Light, Heat & Power Co., Ltd
980
Carriage Factories, Ltd., Montreal_ 802 North American Co
805
Northern California Power Co
(J. I.) Case Threshing Machine Co.,
1054, 1082 Northern States Power Co...._1166, 882
Racine, Wis
Central District Telephone Co_ _802, 884 Nova Scotia Coal & Steel Co., Ltd.,
882
New Glasgow, N S
790
Central Leather Co., N. Y
1166
1062 Ohio 011 Co., Findlay, Ohio
Central Maine Power Co
1064
Old Dominion Co. of Maine
Charcoal Iron Co., of America (6
1064
1165 Onomea Sugar Co., Honolulu
mos. ended Dec. 1915)
1161
972 Otis Elevator Co
Chevrolet Motor Co
Ctn. & Suburban Bell Tel .Co. 802, 884 Pacific Light & Power Co., Los Ang_1064
882 Pacific (Bell) Telep. & Teleg. Co___ 883
Commonwealth Edison Co
1064
Computing-Tabulating-Record. Co_1057 Penmans Limited, Montreal
Consolidated Ice Co., Pittsburgh__ _1062 Phelps, Dodge & Co., New York_ _ _1161
1055
Consolidation Coal Co., Baltimore_ _1062 Pittsburgh Coal Co. (of N. J.)
974
802 Pittsburgh Plate Glass Co
Consumers Co., Chicago
803 Pittsburgh & Allegheny Telep. Co_ _1064
Copper Range Co., of Michigan_
972 Provident Loan Society of New York 890
Corn Products Refining Co
979 Public Service Co.of North.Illinois_ 890
Crescent Pipe Line Co
810, 974
Crocker-Wheeler Co., Ampere, N.J.1165 Quaker Oats Co., Chicago
890, 974
Cumberland Tel. dc Tel. Co., Inc__ _1062 Railway Steel Spring Co
1054
(R. J.) Reynolds Tobacco Co
Davis-Daly Copper Co. (of Maine),
799 (Wm. A.) Rogers, Ltd., Toronto__ _1064
Butte and Boston
890
1057 St. Joseph Lead Co
Diamond Match Co
798 Shawinigan Water & Power Co.,
Dominion Bridge Co
884
Montreal & Shawinigan Falls_
1063
Dominion Canners Co
1064
Sloss-Sheffield Steel & Iron Co
(E. I.) du Pont de Nemours & Co..
1005
881 Solar Refining Co
Wilmington, Del
890
889,973 South Penn 011 Co
Electric Bond & Share Co
1065
889 Southern Bell Tel. & Tel. Co
Electric Properties Co
1063 Southern New England Telep. Co.,
Electric Storage Battery Co
884
New Haven, Conn
Emerson-Brantingham Co., Rock883 Spring Valley Water Co., San Fran_ 980
ford, Ill
973
975 Standard Chain Co
Fisk Rubber Co
979, 1057 Standard Gas & Elec. Co., Chicago_1167
Galena Signal Oil Co
890
883 Standard Oil Co., of Indiana
General Baking Co., N.Y
803 Stark-Tuscarawas, Breweries, Ohio- 810
Giant Portland Cement Co., Phila
Great Fails(Mont.)Pow. Co., N.Y.1063 Studebaker Corp., South Bend,Ind.
881, 894
803
Griffin Wheel Co., Chicago
972
803, 973 Sulzberger & Sons Co
Gulf States Steel Co
890
979, 1063 Texas Pacific Land Trust
Gulf Oil Corporation
1161
Corporation_890,
Products
Tobacco
889
Philadelphia_
Co.,
Electric
Harwood
891
971 Union Natural Gas Corporation_
Havana Tobacco Co
981
(Geo. W.) Heline (Snuff Mfrs.),N.Y. 970 Union Switch & Signal Co
981
Co.,
Phila.__
Improve't
Gas
United
N.Y.1057
Fr.&
Homestake Min. Co.,San
981
889 United Service Co., Scranton,Pa
Imperial Tobacco Co
797
1063 United States Envelope Co
Intercolonial Coal Mining Co
882 United States Gypsum Co., Chios__ _1168
International Paper Co., N Y
971
889. 973 United States Rubber Co., N. Y
International Silver Co
1054, 1066
884 United States Steel Corp
Kansas City Breweries Co
United States Worsted Co., Boston_1161
Kaufmann Dept. Stores, Inc., Pitts883 U.S. Industrial Alcohol Co., N.Y__ 883
burgh and New York
Kings Co. El. Lt.& P.Co., Brooklyn 969 Vulcan Detinning Co., New York_ _1065
891
883 Washington Oil Corporation
(S. S.) Kresge Co., Detroit
1065
(The) Laclede Gas Lt. Co., St.Louls. 797 Welsbach Company
1065
Chicago
Co.,
Electric
Western
985
969,
Co
Lackawanna Steel
883
796 Weyman-Bruton Co
Lehigh Coal & Nay. Co., Phil('
Liggett & Myers Tobacco Co., N.Y_1055 Wheeling (W. Va.) Steel & Iron Co_ 810
Ohlo_1056
Toledo,
Co.,
Willys-Overland
889
Loose-Wiles Biscuit Co
1065
1055 Wisconsin Edison Co
(P.) Lorillard Co
1161 Yale az Towne Manufacturing Co--.1065
McCall Corporation
974
Gold
Co
Yukon
Y_1057
McCrory Stores Corporation, N.
Public Service Corporation of New Jersey.
(Report for Fiscal Year ending Dec. 31 1915.)
The remarks of Pres. Thomas N. McCarter will be found
at length on subsequent pages, together with the income
account of the company and balance sheets of the company
and its subsidiaries, and numerous interesting statistical
tables coy ring a number of years. A map showing the
lines of the system will be found in the "Electric Railway"
Section of Jan. 29 1916, pages 80 and 81.
EARNINGS OF PUBLIC SERVICE CORPORATION OF NEW JERSEY
AND SUBSIDIARY COMPANIES FOR YEARS ENDING DEC. 31..
1912.
1913.
1914.
1915.
Gross earnings of leased
and controlled cos___337,471,228 $35,924,454 $34,592,474 $32,654,470
Oper. exp. and taxes__1322,094,6781$19,892,709 $18,844,608 $17,779,434
722,078
1,007,591
1 1,303,609
Amortiz ttion charges.'
$22,094,678 $21,196,318 $19.852,199.$18,501,512
TOO mews
$15,376,550 $14,728,136 $14,740,275 $14,152,958
Net earnings
377,972
351,162
419,073
Non-operating income
Pub.Serv. Corp. of N.J.
Income from securities
pledged and from mis1,939.339
2,308,874
2,484,645
cellaneous sources..._ 2,351,809
$18,147,432 $17,563,943 $17,427.121 316,092,297
Total
DeductFixed charges leased and
controlled companies...312,209,215 312,097,110 $11,911,316 $11,289,076
Fixed charges of Public
2,749,997
3,267,605
3,841,496
Service Corp. of N. J_ 3,966,965
$1,971,252 $1,625,337 $2,248,200 $2,053,224
Net income
$562,259
$42,248
$124,947
Deduc'ns from net Inc
Dividends paid__ _(6;( %)1,562,500(6)1,500,000 (6)1,500,000(6)1,500,000
$553,224
$ 185,941
$83,089
$283,805
Balance,surplus
Deductions from net income as above, $124,947 in 1915, include approexbusiness
new
priation accounts (1) of sub. cos., viz.: amortization of
penditures prior to Jan. 1 1911, $40,330, and adjustments (debit) of surplus
of
Corp.
Service
Public
of
accounts
account, $3,100. (2) Appropriation
N. J., exclusive of dividends, $81,518.
PUBLIC SERVICE CORPORATION BALANCE SHEET DECEMBER 31.
1914.
1915.
1914.
1915.
$
LiabilitiesAssets25,000,000
25,000,000
Stock
Perpet. interest864,485 Gen. M.5% bds. 50,000,000 47,500,000
864,485
bearing certifs
Other invest'ts_ 82,085,830 78,892,156 Perpet. interestbearing certifs 20,047,770 20,047,770
Gen.M.5s in tr'y 12,500,000 10,250,000
7,425,000 2-year 5% coll.
Adv.P.Ser.Ry_ 8,475,000
7,500,000
7,500,000
notes
1,059,455
325,130
Cash
385,176 Adv.from oth.cos.:
148,232
Accr.int.& rents
P.S. N.T.Ry. 1,000,000
40,279
50,534
Accts. receiv'le_
40
P.S. Elec.Co. 1,250,000
Suspense, &c__ _ • 102,754
250,000
P. S. Gas Co_
442,792
683,140
Sinking fund_ _ _
10,935
25,808
Aces. payable_
0th.spec. funds,
915,156
909,657
442,955 Accrued int.,&e.
294,209
&c
809,061
1,017,990
Reserves
Unamort. debt
2,402,473
4,383,057 Profit and loss_ 2,695,356
disc, and exp_ 4,167,268
109,696,582 104,185,395
Total
-V. 102, p. 1163, 977.
Total
109,696,582 104,185,395
[vol.. 102.
Erie Railroad.
(Advanced Report for Fiscal Year ending Dec. 31 1915.)
The following income account is taken from the proof of
the annual report. The report itself will be made public
within ten days.
12 Mos. to 6 Mos. to 12 Mo. end. 12 Mo. end.
Dec. 31 '15. Dec. 31 '14. June 30 '14. June 30 '13.
Total oper. revenues_ __$66,436,720 $31,216,708 $60,983,575 $62,647,359
Over. exp., taxes, &c___ 45,670,748 24,386,652 48,224,007 46,146,760
Operating income..._320,765,972
Divs., rents, &c., rec'd_ 2,464,215
6,830,056 $12,759,568 $16,500,599
6,133,812
2,852,654
1,257,326
$23,230,186 $ 8,087,382 $15,612,222 $22,634,411
Total income
$14,994,145 $ 7,315,881 $14,189,247 $14,528,736
Interest, rents, &c
765,519
760,709
403,950
836,068
Sinking, &c., funds....
657,588
502,742
751,765
1,383,754
Add'ns & betterments
Bal., sur. or deficit __sr.36,016,219def.3384,213sur .3159,523sr.36,682,568
In the balance as of Dec. 31 1915 cash increased from $5,412,874asof
Dec. 31 1914 to $9,665,484; securities issued or assumed, pledged bonds,
from $26,824,000 to $27,824,000; and mortgage boods from $166,110,900
to $180,510,900. Equipment obligations decreased from $16,496,965 to
$13.166,982, and collateral gold notes from $23,500,000 to $13,280,000.V. 102, p. 1163. 712.
Cities Service Company, New York.
(Sixth Annual Report-Year ending Dec. 31 1915.)
On subsequent pages will be found the remarks of President
Henry L. Doherty in addition to the 5-year comparative income account of Cities Service Co., the consolidated income
account, including all subsidiary companies for 1915, the
balance sheet of the Cities Service Co. as of Jan. 10 1916and
the consolidated balance sheet, including subsidiary companies as of Dec. 31 1915.
SUMMARY OF CAPITAL STOCK AND FUNDED DEBT SUBSIDIARY COS.
Corn. Stock. Pref. Stock. Bonds Out.
$62,832,346 $1,070,253 $12,601,100
Owned directly by Cities Service Co
241,000 16,870,400
24,024,092
Securities owned by sub-holding companies
9,915,199 10,185,772 58,647,396
Outstanding in hands of public
896,771,637 $11,947,025 388,118,896
Total
Note.-The ownership of Cities Service Co. in certain of the operating companies
companies, such as Toledo Traction.
sub-holding
in
ownership
its
by
Is represented
.Light dc Power Co., Empire Gas & Fuel Co. (Del.), Dominion Gas Co., &c. The
securities of operating companies which are owned by sub-holding companies are
referred to above as inter-company securities. ,
GENERAL STATISTICS DEC. 31 [Population Served, Over 2,000,0001.
1914.
1915.
Artificial Gas1915. 1914,
Electric Properties-_ 2,190,812 2,103,294
Kilowatt hours sold *...261,912 204,579 Sales in cu.
12,920
12,930
.ft.)*
ft.*.
K.w.installed capacity_166,654 125,579 24-hr. cap.(cu
71,621
72,714
K. ws. connected load_ _276,043 234,475 Customers
115,354 104,900 Mains (miles),3-in
Customers
1,240
1,261
basis
960,000 942,000
Population served
715,000
Population served. 727,000
Electric RailwaysNatural Gas104,942 108,684
Passengers*
375 Gas sold(cu.ft.) *_39,190,340 29,635,059
382
Miles of track
750,871
768 011 prod. (bbls3__ 859,621
772
Number of cars
2,413
1,778
525,000 518,000 Wells owned
Population served
2,906
2,974
Gas mines own(m)
752,000
Population served. 759.000
•(000) Three figures omitted.
COMBINED INCOME ACCOUNT OF ALL SUB. COS. FOR CALENDAR YEARS.
1914.
1915.
1914.
1915.
Gross earnings_..22,656,079 19,093,654 Interest charges__ 3,462,500 3,069,328
620,952
Op. exp.,taxes,dcc.13,182,553 11,577,582 Pref. dividends... 654,350
Net earnings... 9,473,520 7,516,072 Net for com.stk.x.. 5,356,676 3,825,792
z Includes proportion to stocks not owned by Cities Service Co.
BALANCE SHEET.
Jan. 10'15. Dec.31 '14
Jan. 10'15. Dec. 31'14
$
Liabilities$
$
$
AssetsPlant & invest't_a51,228,681 50,139,586 Common stock__ _20,000,000 20,000,000
26,168,426
_26,168,426
stock_
Preferred
1
1
Treasury stock...
Cony,coup. notes. 7,000,000 7,000,000
Securities due on
1 Pref.stock subscr_ 4,292,400
1
contracts
do warrants... 2,355,003
Earnings due from
do
___ 1,323,621
subsidiary cos__ 8,725,984 7,625,757 Corn.
15,002 3,393,002
Bills payable
Advances to subsid'y companies. 2,892,908 3,556,094 Adv.from sub.cos. 2,271,570 2,660,490
Bills & acc'ts reel() 3,059,203 3,059,204 Impt.bonds purch1,844,040
from sub.cos
241,422
44,916
Coupons receiv'le_
18,782
Interest pay'le,ace.
Interest and divi784,990
128,919 Accrued dividends
dencis receivable 371,777
296,344
Contingent fund__
Unamortized dis4,359,903 3,436,584
256,511 Surplus
count & expense 106,158
304,819
1,652,640
Cash
68,082,269 65,312,314
Total
68,082,269 65,312,314
Total
a Par value of securities owned: Bonds, $12,601,100; pref. stocks, $1,070,2531
common stocks, $62,832,347.
COMBINED BALANCE SHEET OF SUBSIDIARY COMPANIES DEC. 31.
1914.
1915.
1914.
1915.
$
$
$
Liabilities$
AssetsPlant& invest't.210,359,871 209,281,133 Common stock_c06,771,637 98,404,032
762,127
459,974 Preferred stock.d11,497,025 11,190,325
Securities owned
88,118,896 88,070,621
502,205
329,897 Bonds e
Sinking funds_
2,438,284
Stores & supp__ 1,391,972
1,376,646 Bills payable_ _ _ 2,482,190
1,396,800
Accounts pay'le. 1,327,368
Bills & accounts
297,260
250,888
receivable ___ 3,297,376
3,140,075 Customers'dep.
213,812
170,494
Salaries & wages
Impt.bonds sold
1,844,040 Adv.from Cities
to C. S. Co_
3,601,104
Service Co.__ 2,887,916
Adv. to Cities
2,760,908 Accr.int., taxes,
Service Co.__ 2,271,789
1,845,981
1,354,174
&c
Prepaid
bond
817,973
1,226,836
2,052,581 Accrued dim
discount, &c.. 2,381,747
2,077,304 Burp.& reserve_ 17,023,589 15,046,056
2,233,615
Cash
223,200,703 223,322,558
Total
223,200,703 223,322,558
Total
c Inter-company securities, being owned by sub-holding companies, $24,024,092.
d Inter-company,$241,000. e Inter-company,316,870,400.-V. 102, p. 1060,345.
The Duluth-Superior Traction Co. of Connecticut,
Duluth, Minn., and Superior, Wis.
(Report for Fiscal Year ending Dec. 311915.)
Pres..A.M.Robertson, New Haven,Jan. 26, wrote in sub.:
Results.-Our revenues were greatly reduced by the business devression
during the first half of the year, and the invasion of the "jitney bus,'which
started in Duluth and Superior in March. This reduction amounted to
nearly 207 during the period between April 1 and Sept. 30, which period
has heretofore been the most profitable during the year. It is believed
that the "jitney" will not be a serious competitor in the future.
Litigation.-Early in the year the Supreme Court of Minnesota handed
down its decision completely sustaining the decision of the District Court
of St. Louis County which had held that your company was operating in
Duluth under a "valid and subsisting franchise," thus finally settling in
favor of the company all questions as to the validity of this franchise.
The litigation growing out of the order of the State 111t, Commission
requiring the sale of six tickets for 25c. in the city of Superior is still pending.
APR. 1
1245
THE CHRONICLE
19161
Additions, &c,-The new plant of the U. S. Steel Corporation, located
about 3j miles beyond the western terminus of our lines in Duluth, was
put in partial operation about Nov. 1. This plant, and other manufacturing enterprises which will in time be drawn to this vicinity, should add
materially to the growth and business prosperity of both Duluth and
Superior, in which this company will share. An extension of our lines to
the steel plant is to be completed by June 1 1916.
Expenditures for additions, &c., aggregated $92,898. There was expended for renewals and charged against depreciation reserve account,
$35,016. The depreciation during the year, computed at $123,681, has
been charged against operating expense.
Power Plants.-It having been demonstrated by several years' experience
that the power supplied under contract by the Great Northern Power Co.
was reliable'and that the further holding of the steam plants in Duluth and
Superior for emergency use was unwarranted, the steam plants have been
dismantled and the machinery sold.
Dividends.-Regrular quarterly dividends of 1% have been paid upon
the pref. stock, but on March 4 1915 the directors concluded that it was
necessary to reduce the rate of dividend upon the common capital stock
from 4% to 2%, and on Dec. 6, on account of the loss in revenue during
the summer, it was voted to discontinue dividends upon the common stock
until the cash position had been strengthened (V. 100, p. 900, 1437).
Accounting.-The 1914 figures covering operations have been recast to
conform with the standard classification adopted in 1915. Under the new
classification depreciation is charged directly under the various headings in
the operating statements, and is not shown as a separate item as heretofore.
INCOME ACCOUNT FOR CALENDAR YEARS.
1914.
1912.
1913.
1915.
Revenue pass. carried__ _23,185,970 2r.,912,155 25,335,604 21,132,003
4,375,217
3,716,619
4,294,066
4,035,752
Transfers redeemed
RevenuesTransportation revenue_$1,154,906 $1,289,917 $1,260,061 $1,060,937
7,526
*23,853
*22,322
9,539
Other revenue
$1,164,445 $1,297,443 *$1,283,914 *$1,083,259
Total revenue
Expenses$131,433
$141,685
Way and structures
92,634
89,855
Equipment
901
$822,265
$700,301
254
Traffic
170,268
155,617
Power
304,531
308,481
Conducting transport'n
160,226
145,115
General, miscell's, &c__ _
Stockwell has been closed down, and that company now takes its electric
energy from the power house at Lots Road, Chelsea.
Shares, &c.. Owned Dec. 31 1915. Total Par £19,294,040, Carried at
£14,521,613.
Pledged
Free Assets
Ord. Stk. Pref. Stk. Deb.
Ord. Stk. Pref. Stk. Deb.
L
E
E
E
E
London Elec. Ry_7,900,023 450.466 463,000 1,062,830 200,247 218,427
Met. Dist. Ry___1,781,500 1,560,000 (190,00015 1st pref.)
15,000
Lond. Un. Tram..
323,590 75.101
76,885
Lon.& Sub. Trac_ 420,734
Lond. Gen. Omn _1,600,480
412,000
City & So. L. Ry_1,460,360
980
Union Const. Co_
2,420
Wimb.& Sut. By.
20,000
Metrop. Ry • Co
1,000,000 (3.6 def.inc.stk.)
Assoc. Equip. Co.
REVENUE ACCOUNT, YEAR ENDING DEC. 31
1915.
1914.
1913. •
£680,741
Income from investments,&c
£684,626
E629,817
£11,813
£10,796
E8,974
General expenses
95,252
Interest on bonds,&c
89,349
84,489
76,380
76,380
76,380
Int. on 1st cum. inc. deben. stock _
31,500
21,085
Interest on notes
26,931
37,031
26,830
Guarantee Central London Ry
438,731
411,543
390,970
Interest on income bonds (6%)
Total expenditures
Balance, surplus
£680,607
£134
£646,184
£38,442
£587,643
E42.17t
BALANCE SHEET DECEMBER 31.
Assets1913.
1915.
1914.
Stocks and shares
£14,521,613 /14,520,892*£13,593,696
Corn. & disc. on 5% prior lien bonds..
428,830
428,830
474,000
Loans and mortgages
541,500
y18,800
86,800
Interest and dividends receivable_
281,616
260,073
285,544
Sundry debtors and debit balances
92,665
60,542
321,292
Treasury bilis
28,815
Cash at bankers and on hand,&c.... _ _
107,227
220,696
165,787
Total
£16,002,267 £15,577,833 £14,859,119
Liabilities$700,301
$859,992
$822,265
£5,000,000 £5,000,000 £5,000,000
$382,958 Share capital issued
$437,451
$461,649
59,949
59,949
57,524
16,121 Incl. in gross earn. above "A" ordinary shares
4 % bonds of 1933
1,832,400
1,832,400
1,806.000
income
bonds
6,330,050
6%
6,330,050
6,136,050
income
$461,649
$382,958
$338,952
$453,572
Gross
1,273,000
1,273,000
1,273,000
$219,295 6% cum. debenture stock
$69,831
$66,5201 $246,063
Taxes
700,000
700,000
4%% 3-year secured notes (1917)172,698
177,3721
Interest charges '
Loan
390,000
60,000
60,000
60,000
60,000
Preferred dividends (4%)
Unclaimed int. and dividends
19,874
14,161
Common dividends.......(1%)35,000 (4)140,000(43.4,)148,750 (5)175,000 Sundry
creditors, credit balance
44,251
36,741
264,548
%
bonds,..._
49,229
Interest
payable
on
43i
45,469
43,152
Balance, sur. or clef _sur.31,422 sur.$9,680 sur.$6,836 def.$71,338
38,190
Interest payable on debenture stock_
38,190
38,190
income
payable
on
bonds_
_
_
z226,748
Interest
z209,431
195.485
and
is
slightly
1914
1915
with
inaccurate.
* Comparison
Credit revenue account
38,576
38,442
45,170
BALANCE SHEET DECEMBER 31.
£16,002,267 £15,577,833 £14,859,119
Total
1914.
1915.
1915.
1914.
LiabilitiesAssets*Includes other property. y Includes mortgages only. z Includes in3,500,000 3,500,000
Road equipment_ _ _ _9,030,780 9,104,136 Common stock
1,500,000 1,500,000 come tax in 1915 and 1914.-V. 102, p. 1061, 887.
Res've fund (Invest.) 273,493 273,493 Preferred stock
58,451 First M.5% bonds_2,500,000 2,500,000
57,808
Cash on hand
General
mtge.
6,960
bonds
772,000 792,000
5,818
receivable..
Accounts
Standard Gas & Electric Co.
95,845 Loans & notes pay'le 165,493 221,993
Material & supplies_ 93,334
Audited accounts,dic 46,543
61,518
2,077
Accts. to be adjusted
(Report
for Fiscal Year ending Dec. 31 1915.)
int.
&
Accrued
taxes.
81,535
79,673
2,627
1,597
-Prepaid insurancedic.
2,413 Deprec'n, &c., res've 508,181 424,231
2,413
Accrued interest
On subsequent pages will be found the remarks of President
Miscellaneous
24,412
19,352
Surplus
x339,156 445,158 H. M. Byllesby, the income account and profit and loss
Total expenses
Net earnings
Other income
Total
$841,008
$323,437
15,515
9,437,321 9,543,925
Total
9,437,321 9,543,925
x After adding $43,616 adjustment on account of Duluth & Superior
Bridge tolls and sundries, $3,790, and deducting $154,831 road and equipment retired.-V. 102, p• 1060.
Remington Typewriter Co., Ilion, N. Y.
(Report for Fiscal Year ending Dec. 311915.)
On subsequent pages will befound the remarksof President
Frank N. Kondolf, in addition to the certificate of Price,
Waterhouse & Co., accountants, the consolidated income and
surplus accounts for the year ending Dec. 31 1915 and the
consolidated balance sheet as of Dec. 31 1915. For further
par ieulars regarding the company, see bond offering by
William A. Read & Co. in V. 102, p. 158, 72.
Underground Electric Railways Co. of London, Ltd.
(Report for Fiscal Year ending Dec. 31 1915.)
Chairman.Lord George Hamilton, London, Feb. 24,wrote
in substance:
Results.-The income from investments, &c., amounted to £680,741, a
decrease of £3,884, or 0.57%.
London Electric Railway Companies' Facilities Act, 1915.-Under this Act,
which received the Royal Assent on July 29 1915, a perpetual agreement
has been entered into, effective as of Jan. 1 1915, between the City & South
London By. Co., the Central London By, Co., the London Electric By.
Co., the Metropolitan District By. Co. and the London General Omnibus
Co., Ltd., in all of which your company is very largely interested.
The agreement provides that the five companies are to afford each other
all reasonable facilities for through passenger traffic, and are to afford
through fares and through bookings and convenience for the exchange and
interchange of passengers, and without apportioning the through fares
amongst the five companies. In lieu of the apportionment or accounting
of through fares between the companies the revenue of each company is
received in part by means of payments into and out of a common fund.
Each of the five companies, after providing for its revenue liabilities, which
include working expenses, interest and dividends on prior stocks and shares
(except the 2d preference stock of the Metropolitan District Ry., which
may be included at a later date) and reserve, pays the balance of its takings
into a common fund. This fund is then apportioned between the companies
as specified in the agreement. Should the gross takings of any company
be insufficient to meet its revenue liabilities the deficiency becomes a first
charge on the common fund. The agreement therefore secures the payment of the working expenses, interest and dividends on all the prior stocks
and shares (except the 2d pref. stock of the Metropolitan District Ry.) and
a sum for reserve for each of the companies out of the aggregate gross
takings of the five companies (V. 102, p. 801).
Combined Gross Revenues.-The aggregate gross revenue of the five companies was £5,481,144 and the aggregate amount retained by them for
revenue liabilities, including reserves, was £5,029,778, leaving I451,365.
which was credited to the common fund and apportioned among the five
companies as follows: (a) City & South London Ry.. 2%; (b Central
London By., 20%; (c s London Electric By., 26%; (d) Metropolitan District By., 12%. and e) London General Omnibus Co., 40%.
Effects of War.-It not possible to publish the total number of passengers carried by the five companies, since the Metropolitan District By.,
being under Government control, the figures of that company were not
ascertainable. It is satisfactory to note that, notwithstanding the abnormal conditions resulting from the war, the aggregate income of your company from all sources was so well maintained.
The works at Walthamstow belonging to the Associated Equipment
Co., Ltd., and certain garages and workshops of the London General Omnibus Co., Ltd., have been declared to be "controlled establishments" under
the Munitions of War Act, 1915.
New Works and Improvements.-The London Electric Ry'.'s extension
from Paddington to Queen's Park has been opened for public traffic with
satisfactory results. The City & South London Ry.'s power station at
account for the year ending Dec. 31 1915 and the balance
sheet as of Dec. 31 1915; also the comparative gross and net
earnings of the subsidiary companies for five years, promissory notes and coupon notes and stocks owned by the
Standard Gas & Electric Co. bonds and coupons of subsidiary companies outstanding, none of which are owned
by the Standard Gas & Electric Co., &c.
INCOME AND PROFIT AND LOSS CALENDAR YEARS.
Earnings1915.
1914.
1913.
Interest on (owned):
Bonds
$549,430
$550,434
$565,408
Coupon notes
7,386
2,660
Notes and accounts receivable
57,845
72,840
86,935
Dividends on (owned):
222,677
Preferred stock
247,210
245,698
Common stock
751,615
601,120
606,702
Special on common stock
34,568
Total
General expenses and taxes
$1,588,953 $1,474,264 $1,539,311
43,026
39,610
36,507
Net earnings
Sale of securities, &a
$1,545,927 $1,434,654 $1,502,804
29,514
765
deb.274
Gross income
Bond interest
Interest on collateral trust notes
Interest on preferred stock scrip
Miscellaneous interest
$1,575,441 $1,435,419 $1,502,530
$588,211
$597,057
$615,670
119,730
148,998
79,419
88,024
53,622
5,892
37,098
15,778
50,043
Balance, surplus
Balance brought forward
Total surplus
Dividends paid in cash
In scrip
Accrued payable in scrip
Premium on bonds redeemed
Premium on coupon notes redeemed
$742,377
513,095
$619,964
679,245
$1,255,472 $1,299,209 $1,760,165
$314,265
$362,456
117,850
$746,380
471,398
39,283
39,283
78,566
150,000
451
18,500
Surplus as of Dec. 31
$784,074
$513,095
BALANCE SHEET DECEMBER 31
1915.
1914.
1915.
AssetsLiabilities$
Securities owned...34.097,783 33,888,497 Common stock_ __ 9,343,150
Treas, securities__ a563,900
Preferred stock_ _ _11,784,950
Sin.iing fund
51,594
52,371 Pref. stock diviCash with trustee
dend scrip
1,419,946
of convert. 6%
Convert. 6% s. 1.
sink. fd. bonds_
bonds
90,000
9,793,000
Sk fd. for redemp.
Collat. trust notes 1,775,100
of collat. notes20-year 6% notes 2,525,000
46,634
Install. subscripNotes payable_
Accounts payable_
tions to6% notes 247,292
Cash
577,5.37
83,845 Accrued Int., drc__
93,521
927,206 Accrued preferred
B11.9 & accts. rec.. 945,176
42,094
dividend
42,094
Organiz.expenses..
39,283
294,062 Surplus
Int., div., &e.,rec. 294,355
784,074
Unamort. debt,
310,608
discount, &e.... 519,360
17,761
33,248
Miscellaneous-Total
37,549,024 35,616,444
$751,506
1,008,659
Total
$679,245
1914.
$
9,343,150
11,784,950
1,296,345
9,906,000
2,197,000
300,000
168,589
68,032
69,243
513,095
37.549,024 35,616,444
•Includes $702,210, representing book value of $676,000. oar value, of Western
States Gas & Electric Co. and $106,000, par value, of Ottumwa Ry. & Light Co.
lit & Ref. sinking fund bonds sold but not delivered Dec. 31 1915. a Includes
$19,500 convertible 6% bonds,$6,700 notes due 1916,and $537,700 20-yr.6% notes.
Note.-Of the pref. stock,$750,000 par value has the right of exchange at any time
for $716,406 promissory notes due in 5 years with interest at 6% per annum.
1246
THE CHRONICLE
EARNINGS OF SUBSIDIARIES FOR CALENDAR YEARS.
Gross Earnings-Net Earnings
1915.
1914.
1913.
1915.
1914.
Arkansas Valley
$1,171,628 $1,156,851 $1,140,759 $505,824 $422,389
Enid
139,904
130,183
128,964
57,908
52,497
Everett
104,263
121,554
133,536
21,218
33,465
Fort Smith
454,664
492,397
572,959
122,896
170,968
Louisville_ x
2,236,406 2,043,245 2,230,704 1,278,385 1,047,465
Mobile
358,713
383,478
378,264
183,105
195,175
Muskogee-Sapulpa_
569,971
557,190
563,212
230,007
242,789
Northern Idaho
642,727
661,169
676,461
277,953
290,822
Northern States.x
5,121,827 4,492,747 4,045,642 2,866,634 2,419,491
Oklahoma-El Reno_ _ _ 1,291,188 1,198,372 1,171,156
445,726
427,597
Ottumwa
329,824
324,929
320,684
151,071
145,802
San Diego
1,542,654 1,377,011 1,325,675
739,395
669,271
Southwestern
94,145
71,819
103,631
40,690
47,196
Tacoma-Olympia
297,531
325,764
343,661
94,851
113,669
Western States
1,183,834 1,114,858 1,083,369
569,942
520,619
. [VOL. 102.
x For purposes of comparison the earnings of all the constituent companies of the
Louisville Gas & Electric Co. are given here for the full year and Northern States
figures include Sioux Falls for full years.
Standard Gas & Electric Co. Subsidiaries-Number of Consumers, &c.,
1915.
1914.
1913.
1912.
Electric consumers
188,623
160,412
149,225
130,946
Gas consumers
130,617
133,049
132,474
129,158
Water consumers
1,927
2,156
2,290
3,145
Steam consumers
1,007
973
883
826
Telephone subscribers...
2,979
2,778
2,660
2,473
Totals
325,153
287,532
308,368
266,548
Kilowatt hour output.._ 421,201,049 380,212,118 339,977,796 291,366,636
Motors
23,440
21,423
18,784
15,890
Horse power in motors...
201,369
183,681
160,856
133,328
16 candle-power equiv
3,423,933
3,108,410
2,727,970
2,441,758
City arcs
11,104
11,553
10,854
10,146
City incandescents
23,042
17,295
12,761
9,390
Gas output (cu. ft.)..__ _10,064,650,586 9,243,652,626 9,122,718,102 9,824,253,485
Street railway receipts_
$669,084
$767,907
$828,168
3801,903
-V. 102, p. 1167, 980.
vailed, but the company has also benefited largely by the improved and
diversified installations covered by the capital expenditures of the past
few years.
The directors regret that they are still obliged to report that the properties
in Mexico were, as a whole, during 1915, unprofitable and unproductive.
Additions, &c.-It was thought wise to make special charges to profit
and loss account for enlargement and extension of the business, for which
special appropriations have already been made for construction which
will be completed during the year 1916, $1,950,000.
The expenditures during the past year for the purchase of property and
mines, and in construction for the enlargement of the business, were nearly
$2,500,000. The board expects that such disbursements during 1916 will
amount to at least 52,500,000.
New property has been purchased and new plants erected during the year
at a cost of $2,162,134. Extension and enlargement of plants have called
for a further expenditure of $313,152. The property account was therefore
increased $2,475,286. By the usual depreciation charges of $924,410,
this increase in property account was reduced to $1,550,876. The usual expenditures for repairs, amounting to $778,254, were absorbed in oper. exp's.
The expansion of our copper smelting plants and the refineries has kept
pace with constantly increasing production of copper ores, caused by enlarged demand and correspondingly higher prices. The appropriations
made for enlargement and extension of the business during the coming year
will, it is hoped, add materially to our business and profits.
Inventory.-Notwithstanding the present high prices prevailing, the
directors have retained the same conservative inventory values as in previous years.
Cash.-This has continued to increase and amounted Dec. 31 to $9,710690. an increase for the year of $5,257,487.
Bonds and Pref. Stock.-The bonds held by the sinking fund and in the
treasury now amount to $2,279,500, an increase for the year of $630,500.
Of the series "A" pref. stock, there was drawn for redemption during
the year $180,200 par value.
CONSOL.INCOME AND PROFIT & LOSS, YEARS END.DEC.31.
1915.
1914.
1913.
Net earns, of smelt. & ref'g plants &
industries immediately dependent
thereon
$6.393,979 $4,353,914 $4,609,616
Net earnings from mining properties_ 1,841,927
966,953
1,081,236
Total net earns, of oper. properties $8,235,906 $5,320,867 $5,690,852
Int., rents, divs. reed, comm., &c
1,161,214
832,104
1,009,170
Interstate Electric Corporation.
(Report for Fiscal Year ending Dec. 31 1915.)
On subsequent pages will be found at length the report
for the year, including the remarks of President William
Howard Hoople, and list of subsidiaries and communities
served, the consolidated income account,including subsidiary
companies for the year ending Dec. 31 1915, and the consolidated balance sheet of Dec. 31 1915.
Gross income
$9,397,120 $6,152,971 $6,700,022
DeductionsAdministration expenses
$341,000
$396,394
$382,629
Research, Sm., expenses
8,207
Corporate taxes
155,780
88,110
108,434
Int. on debenture bonds outstanding
770,371
808,064
824,961
Interest in sinking fund, &c
75,039
Amortization of discount on bonds
50,000
50,000
50,000
Employees' bonus & welfare, &c.,res.
248,550
Depletion of ore reserves
173,915
Profit and loss charges
337,515
100,000
Depreciation and amortization
750,495
750,809
750,000
Total
$15,539,281 $14,451,567 $14,218,677 $7,585,603 $6,799,215
The officers and directors are:
Officers.-Pres., William Howard Hoople; Treas. W.0. Harty, Boston;
Sec., Robert W. Davidson, N. Y.: Asst. Secretaries, E. I. Johnson and
M. II. Jones, N. Y.; Comp., M. B. Webster. Counsel, Howard Taylor,
N. Y. Transfer agents for pref. stock, Guaranty Trust Co., N. Y.; for
corn. stock, A. I. Fitkin & Co., N. Y. Registrar for both stocks, New
York Trust Co.. N. Y.
Directors.-J. G. Jackson, A. E. Fitkin, W. H. Hoople, A. H. Soden,
W.0. Harty, R. W. Baker and M.B. Webster.-V. 102, p. 803, 613.
Western Union Telegraph Co., New York.
(Report for Fiscal Year ending Dec. 31 1915.)
The remarks of President Carlton will be found at length
on subsequent pages, also the income account for the year
ending Dec. 31 1915, and balance sheet as of Dec. 31 1915.
INCOME ACCOUNT FOR YEARS ENDING DEC. 31.
1915.
1914.
1913.
Revenues for year
551,171,795 546,264,777 $45,783,512
Oper. exp., incl. rent of leased lines,
reconstruction, repairs, taxes, &c_ 40,972,541 40,578,751 42.327,121
Balance
Income from investments, &c
$10,199,254 $5.686,026 $3,456,391
1,303,926
1.022,611
1,115,755
Net profits
DisbursementsFor interest on bonds
Cash dividends
311,503,180 $6,708,637 $4,572,146
$1,335,588 $1,337,242 $1,337,229
(5%)4,986,364 (4)3,988,886 (3)2,992,246
Total deductions
Net income for year
Dividends on preferred "A"(6%)
Dividends on preferred "B"(5%)
Dividends on common stock (4%)
$2,827,625 $2,193,368 $2,199,270
$6,569,495 $3,959,603 $4,500,752
1,001,844
1,017,450
1,020,000
1,500,000
1,500,000
1,500,000
1,200,000
1,200,000
1,200,000
Balance, surplus
32,867.651
3242.153
3780,752
The total surplus Dec. 31 1915, after deducting $1,950,000 reserve for
enlargement and extension, was 55.498,275.
CONSOLIDATED GENERAL BALANCE SHEET DEC. 31,
1914.
1915.
1915.
1914.
Assets-.
Liabilities$
$
$
$
Property account_76,503,857 74,952,981 Preferred stock:
Invest, in 0th. cos. 630,167 1,167,602 Series "A"
16,649,800 10,830,000
Metal stocks
x9,614,970 8,522,631 Series "B" • 30,000,000 30,000,000
Materials & supp_ 1,273,089 1,098,413 Common stock_ _ _30,000,000 30,000,000
Prepaid taxes, &c_
87,831
235,458 Deben. bonds_ _y12,720,500 13,351,000
Cash
9,710,690 4,453,203 Accts.&wages pay. 7,873,358 1,155,230
Demand loans sec'd
Int. unclaimed_ _ _
10,470
14,910
by cop. in process
Int. accrued
375,000
375,000
of refining
2,400,444 Divs. unclaimed__
6,909
5,401
Adv. to affil. cos_ 4,471,249 2,110,734 Divs. pay. after
Accts.& notes rec. 2,863,798 1,488,054 Dec. 31
488,676
485,160
Sinking funds,
Accrued taxes--_ 240,281
135,204
cash, &c
77,020 Res. for entarg.,&c. 1,950,000
595,817
Discount on bonds 504,167
554,167 Safety, &c., res...
75,000
Other reserves_ ___ 370,883
124,663
P. & L. surplus__ 5,498,275 4,580,624
Total
106,255,635 97,060,707 Total
106,255,635 97,060,707
56,321.953 $5,326,128 $4,329,475
x Ore, bullion and factory product on hand and in transit, $30,682,088;
$5,181,227 $1,382,509
$242,671 less approximate value of metals purchased and on hand, payment
of which
is to be made in refined metals and not in cash, $19,096,958, and unearned
BALANCE SHEET DEC. 31.
treatment charges, $1,970,160; balance, $9,614,970. y After deducting
1914.
1915.
1915.
1914.
$123,000 held in treasury and $2.156,500 held by sinking fund trustees.
Assets$
$
annual report of the American Smelting & Refining Co. in V. 102,
Telegraph lines &
Capital stock_ .._ _99,786,727 99,786,759 p.See
1159.-V. 101, p. 1093.
equipment, real
Sub. stocks not
•
owned (par)estate, &c____a143,709,324145,735,483
Tide Water Oil Co. (of N. J.), New York City.
Perpetual leases 3,354,545 3,432,725
Amount recoverStock ownership 439,600
able at expira445,450
311915.)
Dec.
Report-Year
ended
Annual
(27th
tion of lease_ -._ 1,180,000 1,180,000 Fund. debt ("Ry.
& Ind. Sec.")..b31,994,000 32,601,000
Stock of cos. leased
President R. D. Benson says in substance:
(not incl. securiAccounts payable_ 3,256,220 3,037,430
Tide Water Oil Co.-The year showed groat improvement in profits over
ties held aslessee) 6,106,792 5,866,789 Accrued taxes_ _ _ _ 752,384
607,694
Stock of companies
Int.& gu.divs.accr. 226,369
231,785 1914. Owing to the great production of the Cushing Pool in Oklahoma
the price of crude oil and its products continued low until August. This
not leased
5,078,613 4,942,609 Unpaid divs. (Inn.
Sinking fund
236,194
192,900 Jan. 15)
1,762,812 1,032,804 production reached its maximum in March, when it amounted to about
300.000 barrels per day; by Dec. 31 it had fallen to loss than 100,000 barrels.
Investments
13,607,245 4,048,858 Def. non-Int.-bearInventories of mahag liabilities_c_12,879,796 12,879,843 The net change in the prices of the several grades of crude in the fields in
tonal & supplies 2,005,458 1,926,900 Reserve for cables 2,936,569 2,928,778 which the company operates was as follows:
Bills & accts. rec.
Res for reconsten
Crude OilIllinois. Oklahoma.
Pennsylvania.
(less reserve)_ _ _ 7,616,439 10,409,557 of land lines_ _ _ _ 6,975,946 5,576,242 Price per barrel Dec. 31 1914
31.45
3.89
$ .55
Cash on special de.
Employ. ben. fund 1,000,000 1,000,000 Price per barrel Dec. 31 1915 •
1.47
2.25
1.20
posit
4,707,873 2,731,335 Surplus reservel
3,451,922
1
The prices of products, except burning oils, kept pace with the advancing
Surplus
J d 18,882,969110,079,909 price of crude. The market situation of burning oils became serious as the
year drew to a close, for central Europe was still closed to American oils,
184,247,937177,092,431
Total
Total
184,247,937177,092,431 and the great advance in ocean freight rates to other foreign markets
caused
to drop to so low a point that at one time it looked as though our
a Telegraph lines, equipment and real estate include properties controlled exports
N.J.] must close because there was no room to store
Bayonne,
refinery
[at
by stock ownership or held under perpetual leases and merged in the Western and no place to ship the burning oil which it is necessary to make in turning
Union system. b Funded debt includes bonds of sub. cos. assumed or guar- out other products. The advance in price of fuel and gas oils during the last
anteed by the W. U. Tel. Co., $6,500,000 lass held in treasury. $3,143,000. three months of the year enabled us to market through
this channel disc Deferred non-interest-bearing liabilities consist of proceeds of sales of se- tillates which in ordinary times would have been made into
burning oils.
curities and other properties hold under leases for terms expiring in 1981 and
During the year the refinery ran crude oil as follows: Pennsylvania,
W.
U.
which
Tel.
the
cos.
Co.
has
in
for
from
the
controllmost part a
2010
Illinois, 1,658.823 bbls.; Oklahoma. 697,288 bbls.; total,
bbls.;
1,297,285
ing interest, payable only on the termination of the leases. d After de- 3,653,398 bbls., an increase of 104,666 bbls. over 1914.
ducting adjustments of surplus (net), $169,820.-V. 102, p. 1168, 257.
Amts. Charged to New Construction & Replacements and Renewals Since 1908.
1915.
Total.
1908-14.
American Smelters Securities Co.
$1,953,250
$187,067 $2,140,317
Now construction
Replacements and renewals
990,645
1,044,125
53,480
(Report for 11th Fiscal Year, ended Dec. 311915.)
Controlled Companies.-The tidewater Pipe Co., Ltd.-The amount
Pres. Daniel Guggenheim, N. Y., wrote in substance:
expended on new construction during the year was 3584,394, of which
Results.-The earnings of the various properties of the company, after $425,378 was for seven new trunk-line stations. $70,188 for trunk-lino loops
deducting expenses, fixed charges and taxes, show an increase over the year and $88,828 for additional main line and local lines. Dividends of 31,125.1914 of $3,369,567 and an aggregate of $8,079,970. From this amount 000, amounting to 18%, were paid during the year. Tno Associated Prothere has been deducted the usual charge for depreciation and for depletion ducers Co. acquired no new property during the year. In June the capital
of ore reserves $924,410; appropriations for employees' bonuses and for stock was reduced from $1,200,000 to $900.000. During the year dividends
welfare work. $248,550, and revaluation of investment securities and other at the rate of 20% were paid, amounting to $195,000.
profit and loss charges, $337,515, leaving total earnings applicable to diviAssociated Producers Co.-Acreage and Wells Operated.
dends of $6,569,495. The preferred dividends amounted to 32.501.844,
Eagan Div. Illinois Div.
Total.
and the regular quarterly dividends on the common stock at 4% per an12,194
8,928
21,122
Acreage
num called for $1,200,000. The balance, $2,867,651, was carried to profit
1,913
1,450
463
Wells
and loss account.
During the year the Okla Oil Co. purchased 7,168 acres of developed
The increase in earnings is due, to a considerable extent, to the enlarged
field,
having 508.60 wells with a daily
production of mines, caused by the abnormally high prices which have pre- fee lands and leases in the Oklahoma
Total disbursements
Balance, surplus
Ai R. 1 1916.]
THE CHRONICLE
production of 3,899.13 bbis., together with five 55,000-bbl. steel tanks containing about 250.000 bbls. of oil. The properties cost 11,953,547.
Okla Oil Co.-Acreage and Wells Operated.
Total.
Leases.
Fee.
21,172
26,033
4,861
Acreage
949
149
1,099
Wells
The dividends from the Okla Oil Co.. which in previous reports have
Tide
Water
Oil
this
rethe
Co.,
are
in
of
earnings
the
with
included
been
port deducted from the earnings of the Tide Water 011 Co.,so that the earnings of each company are given separately.
[The Okla Oil Co. was organized in 1907, engaged in the business of producing oil and gas in Indian Territory (now Oklahoma), and purchased
all the properties in that field belonging to the Associated Producers Co.
Its capital stock is $1.000,000, of which $558,500 is issued and outstanding
and all the stock (except 635 shares) is owned by the Tide Water 011 Co.
(1914 report.'
PROFIT AND LOSS ACCOUNT FOR YEARS ENDING DEC. 31.
1914.
1915.
1915.
1914.
3
$
$
$
991,585 572,492
9,262,11010,718,371 Net profits
Gross sales*
Operating charges_ a8,070,898 9,951,881 Divs. from sub. cos_1,412,740 430,650
1247
St. Maurice Paper Co., Ltd. (V. 102. p. 72, 350). will be provided with
sufficient cash to develop the property and to give it earning power. As a
part of this transaction your company received a considerable amount of
cash which was applied to the payment of loans and rebuilding work, to
which we have Just referred.
Liabilities Reduced.-In our previous report we reported a reduction in
loans and obligations of various kinds, of $819,333. The year just ended
shows a further reduction of $603,000, a total reduction of interest-bearing
obligations for the two years of 11,422,333.
Rehabilitation.-In the previous year we expended upon the rehabilitation
of our plants $223,676, and last year $378,833. making a total expenditure
of $602,508.
New Bag Factory.-We have also had built for us at Chicago, under an
agreement providing for a 25-year lease with an option to purchase at any
time at cost, a modern bag factory building, which with the real estate,
represents an expenditure of $330,000. This factory, which is now in successful operation, has enabled us to close down the bag factoy at Ballston.
N. Y., which was antiquated and unsuited in location for proper service.
Future Plans, &c.-We plan to continue the work of reconstructing its
properties and improving the machinery. Our estimates call for an expenditure of approximately $100,000, and we feel that this amount will
practically complete the rehabilitation of the plants of your company.
The company is beginning to participate in the general improvement in
business prevailing throughout the country.
RESULTS FOR YEARS ENDING JANUARY 31.
U.B.&P.Co -Union B.& P.Co. and Sub. Cos.
1915-16.
1914-15.
1913-14.
1912-13.
Net earnings
$363,909
$833,305
1546,356
$554,251
Interest on bonds
1184,183
$191,468
3199.803
$200,217
Int. on pur. mon. oblig
24,950
27,670
30,493
53,532
Preferred dividends
(3)330,000
Depreciation, &c
1 239,256f
96,285
115,801
122,585
Sinking fund for bonds_ J
151,970
140,725
134,925
1.
2,404,325 1,003,142
Not income
766,490
63,021 Bal. carried forware1.1,241,020 2,157,878
.
94,094
3,645,345 3,161,020
Total
1,794,902 323,605 Dividends (8%)_ - _ _1,920,000 1,920,000
Total
460,416 156,599
Deduct-Deprec'n
Undivided profits
342,901 194,514
Fire losses, cke
1,725,345 1,241,020
Dec. 31
and exclusive of transfers between
&ripping
And
selling
• After cost of containers,
products
finished
and in process,
departments. a Includes in 1915 inventory
Jan. 1 1915, $1,418,298; cost of crude stocks used. S6,630,042, and manufacturing
1915,
31
$1,912,172;
bal.
$8,070,898.
Dec.
inventory
Surplus or deficit
def.$84,480sur.$365.912 sur.$59.534 def.$287,007
expense, $1,934,729; less
Note.-Extraordinary inventory losses,$71,192, have been deducted from
RESULTS FOR SUBSIDIARY COMPANIES FOR CALENDAR YEARS.
-Gross Profits- Depr.on Pl't Equip.-Net Profits- the net earnings, as noted above.
191.5.
1914.
1915.
1914.
1015. 1914.
BALANCE SHEET JANUARY 31.
$
$
$
$
$
$
[Incl. in 1916 Union Bag & P.Co.; in 1915, the parent Co
19.
1&
6.itssub1.
903
15.6.1
1,452,000 690,545 463,416 167,553 991,584 522,992
Tide Water Oil Co
1916.
1915.
•Tide Wat.Pipe Co.,Ltd_1,824,637 479,688 411,135 353,998 1,413,502 125,690
LiabilitiesAssets-$
Associated ProducersCO. 643,725 894,820 117,053 655,855 526,672 238,965 Cost of properties
Preferred stock_ _ _11,000,000 11,000,000
1,454,924 357,944 4,775 322,926 1,450,149 35,018
a Okla Oil Co
(incl. good-will,
Common stock__ _16,000,000 16,000,000
30,141,051 First mtge.5%
a27,418,946
&c.)
5,375,286 2,422,997 993,379 1,500,332 4,381,907 922,665 Invent.(appr.cost) b930,370 2,254,519 Oblig. for property 3,379,000 3,517,000
Total
The net profit for 1913 was $3,313,413, consisting of $934,695 Tide Water Oil Stock in St. Maur.
purchase, &c___ 190,000 e655,000
Co., $1,540,552 Tide Water Pipe Co., Ltd., $741,801 Associated Producers Co. and
Accounts payable_ 237,620
Paper Co., Ltd_ 3,212,120
235,921
$96,365 Okla Oil Co.
637,931 Interest aecrued__
19,454
Accts. & bills rec_ 573,928
30,154
gross
profits
of
the
Tide
Water
Pipe
shows
Co.,
Ltd.,
as
above
1014
report
for
The
Surplus
150,434
1,661,380
352,091
1,745,861
Cash
$479,688, after deducting $1,003,425 loss on crude carried in stock, due to decline
PI
el 4
in market price.
Total
,,32,487,455 33,183,936
32,487,455 33,183,936
Total
a After deducting $2,230,831 for extinguishment, depreciation and
DIVIDEND RECORD OF TIDE WATER OIL CO. dt SUBSIDIARIES, 1914 & 1915.
funds.
Rate Per Cl. -Amount Paid
- sinking
b Inventories include in 1916: Pulp wood in rivers and piles, $359,920;
1915. 1914.
1914.
1915.
8% 8% 11,920.000 41,920,00) supplies, stores, fuel, &c., $158,346; merchandise on hand and in process.
Tide Water 011 Co
$412,104.
18%
1,125,000
Tide Water Pipe Co., Ltd
Note.-Contingent liability as endorser for St. Maurice Paper Co., Ltd.,
20%
195,000
Associated Producers Co
(see text) 20% ----Not stated-- 155,000.-V. 102, p. 350, 72.
Okla Oil Co
CONDENSED BALANCE SHEET DEC. 31.
Assets Realization Co., New York.
1914.
1915.
1915.
1914.
(Report for Fisdal Year ending Dec. 311915.)
Liabilities$
AssetsProperty dr equip_ 6,644,453 6,904,531 Capital stock _ _ _ _24,000,000 24,000,000
Pres.Edwin A.Potter Jr.,N.Y.,Mar.15,wrote in subs.
Stocks owned..__ _13,482,579 13,787,103 Due to subsidiary
Liquidation.-The policy of realizing upon the salable assets and the plan
355,442
companies
Other investments 353,797
12,030
effective Aug. 3 1916 for the exchange of the company's assets for
declared
2,704,284 2,283,147 Notes & accounts
Inventories
its debts (V. 101, p. 450) have resulted during the year in a reduction
payable
Notes dc accts. rec. 1,175,602 1,971,582
2,935,639
615,378 of $2.505.476 in the company's debts, as shown by the following compara987,507
683,633
Accrued
Cash
taxes, &e.
15,200 tive statement, which does not include interest accrued and minor items!
17,600
Due from sub. cos. 3,387,500
Fire loss reserve
120,000
180,000
Dec.31'15 Dec.31'14
Dec,:_1.1'15 Dec.31'14
Def'd debit items_ 134,862
6,160 Undivided profits_ 1,725,345 1,241,020
$
pay'le sec. 191,115 196,954 Subordin. notes_ 179.535 179,534
Notes
Total
28,870,585 25,991,598
28,870,585 25,991,598 6% gold notes_ _1,029,820 2,869,124 Accts. payable__ 135,865 235,440
Total
Coll. gold notes_ 417,368 978,127
Total
1.953.703 4.459.179
CONSOLIDATED BALANCE SHEET DEC. 31 1915.
Gage Park Realty Trust.-The usual street improvements having been in(Tide Water Oil Co. and Subsidiaries.)
stalled, all of the remaining lots, approximately 1,800 in number, were sold
Assets (Total $33,010,736)at prices in excess of their scheduled valuations. The interest of the
Refining plant, $7,332,861; pipe lines, $13,283,409; oil-producing propcompany was thereupon placed in the form of participation shares, and
erties, $6,866,590; RR. and lighterage property, $348,223; timber
these
shares were sold for $1,250,000, notes of the company being taken for
depreciation,
54,750,990_623,257,612
properties, $177,518; total, $28,008,631; less
purchase price, which is believed to fairly represent the full value.
719;536 theUnited
Other investments
Slates Worsted Co.-A large portion of our interest in this company
2,288,945 (see
Cash, 4,090,851; accounts and notes, $1,198,094
report, V. 102, P. 1161) was sold for $800,000, partly in cash, and the
102,807 balance
Prepayments
in company notes. The net result was the cancellation of $800,000
Crude oil and products,$5,816,398; supplies and materials, $731,407_ _ _ _ 6,517,805 of
the obligations of our company. Our holdings included $873.000 1st
124,031 pref.,
Deterred debits
$158,106 2d pref. and $139,060 common stock and $352,384 sinking
Liabilities (Total $33,010,736)certificates.
Capital stock
• $24,000,000 fund
Simms
Magneto Co.-Our interest in this company, carried at $252,000,
Reserves for fire losses
339,632
for $276,285, payable in company notes.
Outside interests in subsidiary companies
273,329 has been soldValley
Irrigation Co.-This company, in which we have our
Bitter Root
Accts and notes. $3,939,113; accruals, $166,523
4,105,636 largest
investment,
has been hampered by serious litigation. Owing to its
Surplus
4,292,138 failure to pay the installment
of 1st M. bonds maturing on Jan. 1 1916,
-V. 132, p. 1065.
the company filed a voluntary petition in bankruptcy and a trustee was
thereunder. A plan is in preparation by which it is hoped a
American Ice Securities Co. (of N. J.), N. Y. City. appointed
substantial interest may be conserved for the Assets Realization Co. (V.
102, p. 347, 253.)
(Report for Fiscal Year ending Dec. 31 1915.)
United Copper Syndicate.-Inquiries have recently been received
FOR
YEAR ENDED DEC. 31 1915. reference to the purchase of the properties owned by the Syndicate, andwith
PROFIT AND LOSS ACCOUNT
it is
that progress can shortly be made in the liquidation of this asset.
hoped
Ice
Amer.
Co.,
$215,343;
from
misc.
rereceived,
divs.
Prof.
Art Metal Construction Co.-Our interest, represented by 7.607 shares of
ceipts, 11,817
1217,161
Deduct-Taxes, $5,000; expenses, $2,531; total
7,531 stock, par $25 each, is carried on out books at $236,829. Due to poor
Interest on bonds
178,069 earnings, this stock is nominally quoted at $10 to $12 per share. The
company has a new and progressive management, and with better condiNet profit for the year ending Dec. 31 1915
$31,560 tions in, the building trade, should improve in earnings (V. 99, p. 1301).
Monarch Lumber co.-A decision as to our title to this company's large
Add-Balance, Dec. ;31 1914. as per previous report
$906,296
saw-mill at Portland. Ore., will probably be rendered in the near future.
Proportion of surplus of American Ice Co. and its sub. cos., for
Trade conditions have been unfavorable during tho past few years, but are
year ended Oct. 31 1915, applicable to stock owned by Amer.
Ice Securities Co
205,000 now improving rapidly. It is believed that as soon as adequate maritime
transportation is available for saw-mill products,the property can be disSurplus, Dec. 31 1915
$1,142,856 posed of at a substantial price. We have recently received several inquiries
with reference to the property.
British & Foreign Trust, Ltd.-Owing to the war, we have been unable to
BALANCE SHEET DEC. 31.
obtain a satisfactory offer for our holdings, which have a par value of
1914.
1915.
1915.
1914.
Negotiations are in progress at the present time which, it is
£66,666.
AssetsLiabilities$
$
$
$
will result in a liquidation of our interest at a reasonable price.
Com.stk.Am.Ice119,047,280j 4,706,180 Capital stock_._ _19,047,300 19,046,900 hoped,
Coast ei Lakes Contracting Corporation.-We originally acquired 4,040
114,340,700 Deben. 6% bonds 2,972,650 3,000,000 shares
Pt. stk. Am. Ice'
of common stock. 1,110 shares of prof. stock and $45,000 notes.
15,500 Accounts payable_
Stk.pur.Am.Ice___
15,500
874
8,575 The notes have been sold at par and int., partly in cash and partly in
our
20 Accr. bond interest
Treas. stk. 1-5 sh.
44,591
44,718 obligations. While the past year's operations show a substantial
26,920 Surplus
Treas. bds.& scrip
1,142,856
906,296 the company is handicapped by lack of working capital, a largo partprofit,
of
its
4,121,000
3,916,000
Prop. of surp., &c.
funds being locked up in retained percentages, in connection with contract
24,491
1,169
Cash
work for the U. S. Government, and in the obligations of companies for
which it has undertaken to do construction work. The company has
23,208,271 23,006,489
Total
Total
23,208,271 23,006,489 excellent quarries and other sources of raw material and is provided with
Compare American Ice Co.(report, etc.) in-V. 102, p. 64, 977,
ample floating equipment. If "preparedness" results in largo contracts for
Government breakwater and harbor work, the company may thereby be
placed in a position to add materially to its earnings. Efforts are now
Union Bag & Paper Co., New York.
being made to provide working capital, and it is hoped that its stock will
(17th Annual Report-Year ended Jan. 31 1916.)
ultimately prove of substantial value, although at present we are unable
to obtain any reasonable offer for it. [See V. 101, P. 445, and Breakwater
Pres. John S. Riegel, March 20, wrote in substance:
Co. in V. 99, p. 1302; V. 98. 13• 1002.]
Results.-The year was not productive of profits, for we failed to earn
Morris Park Estates.-The assets comprise about 125 unsold lots in the
our fixed charges by $84,480, the price of bags never in the history of the Bronx, N. Y. City; also about $1,625,000 principal amount of purchasecompany having ruled so low. The average selling price received for paper money mortgages, against which there are loans of $1,210,000. The posibags was 12 cts. loss per 1,000 bags than in 1914-15. On our gross business tion of these loans has been greatly improved during the past year by the
this means that we made a profit of about $500,000 less than the preceding collection of nearly 1300,600 on the mortgages, reducing the loans from
year's prices would have netted us.
11,500,000 to thefigure above named. These mortgages are being liquidated
Unremunerative Properties, &c.-Efforts were made during the year to as rapidly as possible.
convert properties which were not remunerative into cash, and to reduce
New South Farm & Home Co.-The suit to foreclose has been settled and
inventories of materials in excess of the absolute minimum requirements for the entire property has been transferred to a new company, the Florida
operation, so as to furnish us with funds to still further reduce our obli- Farms & Homes,Inc. An energetic management has succeeded in reviving
gations, and also to provide for reconstruction work.
a large number of defaulted contracts for the purchase of land and has,
St. Maurice Paper Co.-In this connection we have merged our three sub- within recent weeks, begun an active campaign for selling the 130.000 acres
sidiary Canadian companies into a new company in which the Union Bag & of land. The condition of this investment is greatly improved. It should
Paper Co. holds a majority of the stock. This company, styled the need no further financing on our part (V. 99, p. 1303).
1,191,212
Gross profit
Add-Diva.0th. cos. 513,428
93,262
Interest, &c
1248
THE CHRONICLE
[VOL. 102.
Contingent Debts.-The contingent indebtedness has been definitely 000 are reserved to provide for the retirement of an equal amount of other
reduced within the year from $340,000 to about $250,000. The Gage Park bond issues of the company and its subsidiary companies, and which are innote issue (guaranteed) has been reduced to $650,000, against which the cluded in the above amount of outstanding bonds.
trustee holds about $475.000 cash, applicable to the same. There are also
Coal Mined by the Company and Its Subsidiaries, by Divisions.
32,000,0001ot real estate purchase-money contracts. In My opinion this
Maryland. W. Va. Penna. Mill Cr. Elkhorn. Total Gross Net Tons.
guarantee need no longer be considered as a liability.
1915 _2,020,841 4,648,285 1,717,399 537,522 1,542,367 10,466,414 11,722,383
Plan.-A circular has been mailed to the shareholders presenting a plan 1914 ____1,992,342 4,160,041 1,777,355 495,950 1,136,827 9,562,515 10,710,017
which need not be repeated here. [See a subsequent page Ed.]
1913 _2,127,131 4,656,640 1,743,536 459,202 973,302 9,959,811 11,154,989
1912 ____2,162,996 4,576,484 1,748,091 522,900 228,011 9,238,482 10,347,100
BALANCE SHEET DEC. 31.
The coal mined by lessees in the Maryland, West
and Pennsylvania
The statement of assets is not intended to be an expression of(minion as divisions aggregated 479,479 net tons, against 537,568 Virginia
in 1914.
to actual values but only to show the amounts as they appear on the books:
RESULTS FOR YEAR ENDING DEC. 31 (INCLUDING SUBSIDIARIES).
1914.
1915.
1915.
1914.
Liabilities-Assets1915.
1914.
1913.
1912.
Real estate
318,729
495,950 Capital stock
_10,000,000 10,000,000 ,Coal mined
10,466,414
9,562,515 9,959,811
9,238,482
Magnesia Prod.Co 110,000
110,000 6% gold notes____ 1,029.820 2,869,124 Coke manufactures
89,197
58,202
76,050
62,647
U.S. Worsted Co_
175,518 1,314,729 Collat. gold notes_ 417,368
978,127 Coal mined by lessees
428,108
479,971
480,242
536,401
Subordinated notes 179,535
Bitter Root Valley
179,534 Gross earnings, all sources
$15,617,968 $14,828,981 $15,443,246 $14,520,417
3,884,226 3,649,816 Notes pay'le secur. 191,115
196,954 Operating expenses, taxes, 8re...311,175,117 $11,022,090 $11,281,655 $10,430,735
Irrigation Co
Morris Park Est
394,763
394,763 Accounts payable_
135,865
235,440 Depreciation
438,053
414,245
334,888
342,792
Mtges.,contr.,&c.. 149,590
341,384 United Copper Co.
17,979
17,980
6,736
$11,613,170 $11,436,335 $11,616,543 $10,773,527
Stocks and bonds_a2,298,858 2,406,155 Magnesia Prod.Co
8,260
Total
Syndicates
365,012
399,426 Accrued interest_
199,740
Net earnings
$4,004,798 $3,392,646 $3,826,703 $3,746,898
*1,552,167 Income tax reserve
Bond interest
Gage Pk. Real. tr_
$1,208,020 $1,113,576 $1,085,894
$974,080
Miscellaneous__
1,528
319 Sink. fund Cons. Coal bonds__}
Ocala & Nor. Ry.
261,097f
167,633
174,120
162,953
purchase
45,658
Reserve for losses_ 398,211
532,487 Sink,fund sub. cos. bonds
1
131,704
106,960
106,492
34,279
150,128 Monarch Lum.Co.
Cash
8,382
Cash dividends (6%)
1,500,000
1,500,000 1,500,000 1,358,865
Notes & accts. rec. 598,126 1,011,301 Conting. liabilities
Claims, &c
154,731
286,404
($297,704)
Total deductions
$2,969,117 $2,882,913 $2,866,974 $2,602,398
20,911
Miscellaneous_
52,939
Balance, surplus
$1,035,681
$509,733
$959,729 $1,144,492
Deficit
4,236,079 2,853,048
COMBINED GENERAL BALANCE SHEET DECEMBER 31.
1915. • 1914.
Total
1915.
Total
12,586,281 15,018,207
12,588,281 15,018,207
1914.
AssetsLiabilities$
$
$
$
* Includes Gage Park Realty trust exclusive of bonds and accrued interest, $2,497,527, less bonds and accrued interest guaranteed by Assets Property acc't_a53,315,601 52,117,956 Capital stock...c39,190,500 31,190,500
1325,000,000 outstanding Dec. 1915.1
Realization Co., $945,360; balance, as above, $1,552,167. a Includes in Adv. payments on
coal land purch_ 2,012,545 1,797,075 Bonded debt
23,224,000 23,112,000
1915 stocks, $1,055,704; bonds, $1,162,456, and certificates, 380,498.
- Due
from 1st & ref.
7% cony. debs
7,000,000
Compare V.99, p. 1296; V. 102, p. 1061, 347.
mtge. trustee __ b159,140
89,685 Convertible Os___ 6,500,000 6,500,000
reserved for
Car trust bondsAmerican Coal Products Co. (Barrett Co.), New York. Stock
conversion
of
assumed by C.&
bOnds, 8rc____c14,190,300 6,190,500
P. RR
228,000
304,000
(Report for Fiscal Year ending Dec. 31 1915.)
Stocks allied cos_ _d3,906,888 d3,906,888 Purchase money
6,215
Pres. William Hamlin Childs, N. Y., Mar. 1,says in subst.: Other investments 331,007 306,007 obligations
2,615
Sinking
funds____
899,855
821,614
Bills
payable
2,200,000
Against the operations of 1915 we have written off a sufficient proportion Bonds in treasury_ 1,067,000
Accounts
708,000
payable_
553,560
582,633
capitalization
down to a peace
of the cast of our new plants to bring their
and coke_ _ _ _ 1,253,531
526,224 Pay-rolls
185,863
183,029
basis. We also instructed all of our subsidiary companies, in making their Coal
Materials,supplies
Royalties payable.
12,115
77,346
returns for the year, to charge off doubtful items.
&a
1,017,206
1,081,638
Int.
coup.
Sr
dive.
Upon our regular profit-sharing plans and special compensation to all
receivable.... 127,482
319,055
not presented for
of our wage-earners, we have provided out of the earnings of the year for Bills
Aco'ts receivable 6,086,521 5,636,397
payment
70,201
50,331
the distribution of approximately $550,000, partly in cash and partly in Cash
banks,&a. 4,224,186 1,155,228 Bond int. accrued. 392,036
395,246
stock. Every employee of the company has received some definite benefit Cash in
Sink. fds. accrued. 139,849
for bond int.
128,235
from its prosperity.
and divs. due__
50,331 Div. pay. Jan. 31_ 375,000
70,201
375,000
After deducting the above items the net profit for the year amounts to
Individuals & cos_ 634,802
deposits to
468,578
$2,902,236; deducting 7% cash dividends on pref. stock, $175,000, leaves Special
76,243 Profit and 1088..010,160,617 9,213,328
11,094
cover royalties_
$2,727,236. This has been apportioned as follows: Dividends on common
stock: In cash, 7%,$761,932; in common stock, 5%, $538,000; reserves,
Total
88,672,756 74,782,841
Total
88,672,756 74,782,841
$420,000; balance, surplus, for the year, $1,007,304.
The excess of current assets over current liabilities has increased during
a
account
($53,315,601)
includes:
Property
Coal lands and other real estate,
the year by $3,389,727, and now stands at $8,245,777.
The $2,000,000 of notes outstanding have been paid by an issue of ap- $35,639,648; less reserve for exhaustion, $3,433,174; balance, $32,206,474; mining
proximately the same amount of pref. stock. The company has now no plants and equipment, $20,679,243; less reserve for depreciation, $3,858,000; balobligations at any bank, and $900,000 in marketable securities in excess ance, 316,821,243; Cumberland & Penn. RR., $3,338,612; less sinking fund for redemption of bonds, $860,709; balance, $2,475,903; Cumberland & Penn. RR.
of ordinary needs.
The name of the American Coal Products Co. has been changed to "The equipment, $1,864,322; less reserve for depreciation, $724,973; balance, $1,139,348;
Barrett Company" with a similar amount of stock as the American Coal floating equipment, $1,129,932; less reserve for deprec., $457,300; bal.. $672,832.
b For 75% of cost of improvements, extensions, &o., $141,841, and for expendiProducts Co., and stock certificates are to be exchanged, share for share, in
tures on Northern Coal lands, $17,298; total, $159,140.
the immediate future.
c Includes $6,190,500 stone reserved for conversion of 6% secured bonds and
CONSOLIDATED INCOME ACCOUNT FOR CAL. YEARS(Incl. Sub.Cos.) $8,000,000 stook reserved for payment of principal and interest at maturity of the
two-year 7% debenture bonds due Feb. 1 1917 and for other corporate purposes.
1914.
1913.
1912.
1915.
d Stocks of other companies owned include 18,900 shares of common stock and
$16,160,536 $16,401,516 $15,748,362
Gross sales
Details
12,514,693 12,927,862 12,79661 5,400 shares Northwestern Fuel Co. pref. stock and 7,513 shares Metropolitan Coal
Cost of goods sold
Co. common stock. Of the above, 5,000 shares of M. C. Co. stock and 18,000 of
not shown
up in 1915 $3,645,843 $3,473,654 $2,951,751 the N. W. F. Co. common stock, together with $6,500,000 1st dr ref. M. bonds, are
Net from sales
report.
760,273
938,235
623,168 held by Equitable Trust Co. of New York, trustee, as collateral for convertible 6s.
Other income
e After deducting 388,392 adJustments for previous years.-V. 102, p. 1082.
Grossincome(all sources) $6,652,639 $4,406,116 $4,411,889 $3,574,919
Union Natural Gas Corp., Pittsburgh.
2,682,095
2,349,051
Admin., gen., &c., exp_ 3,531,455
2,021,318
$3,121,184 $1,724,021 $2.062.838 $1,553,601
Net income
Bond and other Interest $211,220
$210,781
$254,612
$171,100
175,000
175,000
175,000
167,708
Preferred dividend (7%)
761,932
750,869
744,751
737,751
Corn. (cash) div. (7%)_
538,000
Corn.(stock) divs.(5%)
470,371
420,000
220,000
58,911
Reserves
14,069
Prop.app.to minority tat
7,728
12,764
43,961
Total deductions_ _ _ _ $2,113,880
Balance, surplus
$1,007,304
$1,369,414
$354,607
$1,658,803
$404,035
$1,179,431
$374,170
CONSOLIDATED BALANCE SHEET DEC. 31 (Incl. Subsidiary Cos.).
1915.
1914.
1915.
1914.
Assets
-$
Plants & equIp't_10,823,722 9,755,025 Common stock__ _11,298,200 10,726,700
168,676
146,584 Preferred stock__ _ 2,500,000 2,500,000
Furniture & fixt's_
Subscr. to pfd.stk.*2,069,700
Contracts & good3,416,014 3,416,393 Am.C.P.ser. notes
2,000,000
will
will.
Cash & cash items 1,243,175 1,309,857 Bonds of sub. cos_ 2,640,000 2,670,000
813,147 Notes payable.... 147,000
147,000
Marketable securs. 901,544
Notes & accts. rec. 7,265,397 4,175,224 Acc'ts payable_ _ _ 4,403,977 1,789,651
3,630,992 3,031,468 Accr'd pref. divs__ 234,067
Inventories
224,176
Invest,in 0th.cos. 868,788
693,890 Minority interests
77,372
139,288
87,145
67,671 Reserves
1,606,202
Prep'd, &c., chgs_
590,833
Surplus
3,428,914 2,421,611
Total
Total
28,405,432 23,209,259
28,405,432 23,209,259
* Denotes subscriptions to pref. stock not yet Issued.-V.102,P.887,439.
Consolidation Coal Co., Baltimore.
(Report for Fiscal Year ending Dec. 31 1915.)
President J. H. Wheelwright, Mar. 15, wrote in substance:
New Mines.-Your company has opened in its Jenner field, Somerset
County, Pa., two new mines on a line which the Western Maryland RR.
has built into this field, and on Helen's Run,in the Fairmont, W. Va.,field,
your company has sunk four shafts over 500 ft. deep, and the Western
Maryland RR.has constructed a railroad up this run to these shafts, which
railroad will be in operation prior to June 1 1916. Your company having
been ready to begin shipments of coal last November, will commence shipments as soon as the railroad is completed. Up Bingamon Creek, in the
Fairmont, W. Va., region, your company is opening three mines, and prior
to the completion of the road that the Western Maryland RR. is building,
will have mines in operation and ready to ship coal as soon as the railroad
is completed.
The above new mines in Pennsylvania and in West Virginia are additional
development of coal lands that have been owned by your company for a
number of years, thus bringing into development these coal lands, and at
the same time giving your company the benefit of an entirely new transportation company which together with the new equipment the Western Maryland RR.is buying to take care of this development,should largely augment
the past tonnage from these fields.
Bonds, &c.-The aggregate outstanding bonded debt of the company is
$34,657,000,exclusive of $1,067,0005% First & Refunding Mortgage bonds
held in treasury and $1,000,000 of bonds of the Cumberland & Pennsylvania RR. Co., issued under its mortgage of April 1 1891. The securities
In the sinking fund of this mortgage, with the annual accretions, will provide ample funds for retirement of the bonds at their maturity. Included
in the above outstanding bonded debt are the $6,500,000 10-year 6%
Convertible Secured Gold bonds of 1913, due Feb. 11923, and the $7,000,000 2-year 7% (convertible] debenture bonds dated Feb. 1 1915. (V. 100.
p. 312, 477.) Of the authorized issue of $40,000,000 First & Refunding
Mortgage bonds, dated Dec. 1 1910, there have been issued: $11,403,000
which are included in the above amount of outstanding bonds and $9,754,-
(14th Annual Report-For Year ending Dec. 311915.)
The board of directors, Pittsburgh, Feb. 24, wrote:
Properties.-Your company, through its underlying companies, has acquired 96,317 acres of new oil and gas leases and surrendered 71,006 acres
that have proven unproductive, and now holds 415,774 acres. In addition,
the company owns a ono-half interest in 55,654 acres in West Virginia
through its ownership of stock in the Reserve Gas Co.
During the year we drilled 132 wells, of which 22 were oil wells, 77 were
gas wells and 33 were unproductive. In addition, 50 gas wells were purchased, making a total of 78 oil wells in Ohio and 885 gas wells in Ohio and
Pennsylvania, and through its ownership of stock in the Reserve Gas Co..
a one-half interest in 477 gas wells and 3 oil wells in West Virginia.
Total investment for the year, $450,806. There were laid in field line
77 miles; in extensions in cities and towns, 16 miles; a total of 93 miles of pipe.
A part of the investment was made necessary to reach new developments
in the Ashland-Lorain Field, Ohio, and in Elk and Jefferson Counties. Pa.,
also for the construction of a new gas compressing station at Iowa, Jefferson
County, Pa., of 3 units, 175 h. p.each, Duplex gas engine gas compressors
and the purchase of 50 wells and leases in Knox and Licking Counties, Ohio.
The operations of the Preston Oil Co. have been successfully continued
throughout the year, a not daily average of 569 bbls. having been maintained. This has been materially increased since the first of the year by
reason of the completion of new wells.
Number of Consumers.-Jan. 1 1915, 132,788; new, in Ohio, 3,724; in
Indiana. 2,256; total consumers Jan. 1 1916, 138,768, of whom domestic.
133,729; and special. 5,039.
OPERATIONS OF THE CORPORATION AND ITS AFFILIATED
COMPANIES FOR CALENDAR YEARS.
1913.
1914.
1915.
1912.
Gross earns.,gas,elec.,&c.$5,271,612 $5,647,141 $4,673,220 $4,431.310
Taxes, drilling, rentals,
royalties, &c
1,875,786
1,872,856
1,682,197
1,618,661
Gas & electricity purch'd.x1.364,124
1,454,926
1,166,198
865,130
$2,034,632 $2,316,429
Net earnings
Int., divs., &c., received- 460,772
Gross income
Interest on bonds, &c_
Dividend (10%)
Depreciation
Miscellaneous
$1,824,824
$1,947,519
$2,495,404 $2,316,429 $1,824,824 $1,947,519
$372,307
$364,685
$307,738
$252,237
1,000,000
1,000,000
950,000
900,000
793,178
745,372
550,700
600.030
54,407
Cr.2,202
Total deductions
$2,219,892 $2,107,855 $1,808,438 $1,752,267
Surplus
$275,512
$208,574
$16,386
$195,252
x Of the gas purchased, $1,074,002 (or 79%) from Reserve Gas Co.
BALANCE SHEET DECEMBER 31.
1914.
1915.
1915.
1914.
Assets$
Investment
a19,778,693 20,121,066 Capital stock____10,000,000 10,000,000
Warehouse mat'l_ 260,741
279,913 Bonds, "Union"... 4,291,000 4,291,000
Notes dracc'tsrec_ 1,100,074 1,110,366 AIM. co. bonds__ 839,300
995,300
Cash
557,740
685,561 Mat.bondsde coup.
77,482
Cash in escrow__ _
Notes payable.... 687,306
176,680
634,708
Acc'ts payable__ 1,166,355 1,701,495
Cash for bonds,&c.
77,482
Prepaid rents, royContingent earns_
182,125
alties, &e
85,007
83,836 Total surplus____b4,792,848 4,658,239
Total
22,036,417 22,280,742
Total
22,036,417 22,280,742
a After deducting $4,191,578 for depreciation in 1915 and $3,398,400 in
1914. b After deducting in 1915 $140,903 contingent earnings of prior
years.-V. 101, p. 452.
APR. 11916.]
GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
Algoma Central & Hudson Bay Ry.—Commiteee—Plan.
The following committee, representing this company's 1st M. 50-year
5% gold bonds, has issued a circular in opposition of the plan: J. B. Sainsbury, B. R. Glover, Albert Wilson, M.D., and John McLeod, with .T.
Watson Hughes as Secretary, Finsbury-Pavement House, London, E.C.
[This committee is in the course of formation.]
The Commons Railway Committee at Ottawa has ratified the agreement
between the company and the Algoma Central Terminals, Ltd., with the
bondholders, by which, under the new financial arrangements, the road
may be taken out of the hands of the receivers.—V. 102, p. 1058,885.
Auburn & Syracuse Electric RR.—Application.—
This company has applied to the upstate P. S. Commission for authority
to issue and sell $450,000 short-term notes.—V. 100, p. 1347.
Belt RR. & Stock Yards of Ind.—Extra Dividend.—
An extra dividend of 3% has been declared on the $1,500.000 common
stock, payable April 1.—V. 100, p. 1256.
California Arizona & Santa Fe Ry.—Purchase.
This company has been authorized by the Cal. RR. Commission to purchase for $1 the entire capital stock of the Laton & Western RR., which
extends 20 miles from Laton, Cal., northwesterly to connect with the main
line of the Atchison Topeka & Santa Fe. Ry. at Lanares. The Laton company has outstanding $300,000 capital stock, par $100, and 3200.000 30year 5% bonds dated Jan. 11911, of which $178,000 have been sold and
delivered to the A. T. & S. F. Ry., for construction expenses. Since
completion of the road it has been operated by the A. T. & S. F. Ry. and
it is understood the purchasing company will lease the property again to
the same company. The old lease expired Mar. 21 last.—V. 94, p. 67.
Chicago Indianapolis & Louisville Ry.—New Bonds.—
The stockholders will vote on April 24 on authorizing an issue
of $40,000,000 6% 50-year gold bonds dated April 24 1916,
issuable from time to time in lettered series, secured by a
mortgage upon all the property.—V. 101, p. 1090.
Chicago Railways Co.—Earnings—Jan. 31, Years.—
Joint Account with the City.
—Of which to
Balance
Int., 5%
Net (after
Jan. 31.
Divisible. City, 55%. Co. 457_0.
on Inv.
Taxes).
Year—
$6,262,822 34,230,975 $2,031,847 $1,117,516 $914,331
1915-16
1,685,002 1,378,638
3,063,640
7,180,402 4,116,762
1914-15
After adding (to the 45%, or the company's proportion, $914,331, in
1915-16) $4,230,975 interest allowed on valuation of property and $168,247
miscellaneous credits, total $5,313,553, and deducting interest accrued on
1st M. bonds, $2,650,242, on Consol. M. bonds, $1,809,394; accrued sinking fund reserves, $250,000; interest accrued on purchase money bonds,
$166,314, and miscellaneous deductions, 1107.031, the net income is $330,573. Interest on adjustment and dividends on series 1 and 2 participation
certificates amounted to $612,617, including interest on adjustment bonds,
$180,000, leaving a deficit for year $282,043. The total surplus as per
balance sheet Jan. 31 1916 was $286,952.
Full Income Interest.—
The directors have declared the full 4% interest on the $2,500,000 noncumulative adjustment income bonds, payable in one instalhnent on
May 1 for the fiscal year ended Jan. 31 1916.—V. 102, p. 344, 250.
Chicago Rock Island & Pacific Ry.—Status as to Interest Payments, &c.—Judge Carpenter in the U. S. District
Court at Chicago on Mar. 21 authorized Receiver Dickinson
to (a) issue $600,000 series B certificates, subordinate always
to First & Refunding 4% bonds. (b)Pay the April 1 interest
on First & Refunding 4s, which interest will accordingly be
paid to-day. (c) Issue $1,494,000 receiver's certificates to
pay the company's Choctaw Purchase gold bonds of 1902
maturing May 1 1916 these certificates, like the $1,494,000
' ahead of the First & Ref.4s. (d) To
issued last year, to rank
pay the interest ($15,000) due March 15 on $500,000 certificates of 1915,the principal thereof having been extended.
The payment of the Jan. 1916 interest on $20,000,000 debenture5s willcome up for consideration on or before April 15.
The maturing bank loans for $1,600,000 and $2,500,000
have been extended for some three monthsatsame rateinterest.
Counsel for the Peabody committee of holders of First &
Ref. 4s made vigorous protest against any action that might
be prejudicial to the security of those bonds and obtained
leave to submit on April 24 a petition for authority to file
a bill of foreclosure with right to impound the earnings to an
amount necessary to pay the interest as and when due on
the First & Ref. 4s. The committee represents some $23,221,000 (over 20%) of this issue.
Extracts from Letter of Receiver Dickinson to Judge Carpenter
Dated March 14 1916.
Yesterday I attended a meeting here of representatives of the debenture
protective committees and of the distockholders'
bondholders, the two
rectors. It was agreed unanimously that immediate steps be taken to
effect a reorganization, all of said committees working together to that end.
It was the general concensus of opinion that the interest on the First &
Refunding bonds should be paid on April 1. To this end Mr. Stone, of
Hayden, Stone & Co., and Mr. Speyer, representing the debenture committee, said that if the interest on the debenture bonds should not be paid
out of the means at hand, or to be in the hands of the receiver before
April 1, they would in equal parts guarantee to take from the receiver at
par,receiver's certificates in form and substance like those formerly issued,
and known as "Series B," in an amount sufficient to supplement the funds
available to the receiver to pay on April 1 the interest on the First & Refunding bonds. It was estimated that the amount so to be taken would
not exceed 2600,000.
Condensed Memoranda Presented by the Court (Judge Carpenter)
at Hearing March 21 1916.
Results for Year 1915-16.---The receiver's petition shows that for the fiscal
year ending June 30 1916, interest will have been earned upon the First &
Refunding bonds and upon the Twenty-Year Debentures. It shows that
because of the expenditures for additions and betterments amounting to
$2,281,491 (which under ordinary circumstances would have been fundable),
there will not be on hand sufficient available cash to meet the installment of
$500,000 debenture interest due Jan. 15 1916, upon which default shortly
becomes final; and the interest upon the First & Refunding bonds amounting
to $1,898,820, which is due April 1 1916, and upon which default would
become final Oct. 11916.
Demandfor Interest Payment.—At the hearing representatives of the stockholders and the debenture holders insisted upon the debenture interest being
paid—the debenture holders, because it is due and has been earned, and the
stockholders on the ground that if it be not paid default will become final
upon the $20,000,000 of debenture bonds, which, by the action of the bondholders, can be matured, and this fact, it is said, will be embarrassing and
probably very injurious to the stockholders in their attempt to re-finance
or reorganize the company. Since this memorandum was written arrangements have been made for an extension of the final default period
until April 15 next[the debenture committee having agreed to defer pressing
their claim till that date—Ed.]
Counsel for the Central Trust Co. argues that their mortgage is a first
lien upon the earnings, and that because the debentures have no such lien
their interest should not be paid. It is true that the deed of trust provides
1249
THE CHRONICLE
that under certain circumstances the income of the road should be applied
to the payment of the bonded debt. It is settled law, however, that the
conveyance of income gives the trustee and bondholders secured by the
trust deed no interest whatsoever in the income until entry is made for
default, or until a bill to foreclose has been filed, and in some manner the
interest has been impounded for the benefit of the holders under the conveyance which creates the lien on the income.
Improved Conditions.—The record shows that since the appointment of
receivers in this cause there has been a great improvement in the condition
of the property and also in its earnings. The net income for the six months
ending Dec. 31 1915 was $900,087, as compared with 3551.799 for the same
interval in 1914 under the old management, an increase of 63.1%. The
net income for the present fiscal year is estimated to be $175,000, as compared with a deficit for 1914-15 of $734,676, and this notwithstanding a loss
of about $1,000,000 during the summer of 1915 on account of unprecedented
war conditions and the making of a large amount of deferred maintenances
in addition to the ordinary repairs. It is estimated that the deferred maintenance on freight cars alone, made up during the last six months' period.
was $400,000. This amount was paid from earnings and represents an
actual betterment. There was also deducted from these earnings $326,000
for rail and tie arbitra les, which should have been charged against the
earnings of the prior fiscal year.
To Dec. 31 1915, in addition to the making up of deferred maintenance,
there has been expended by the receivers for additions and betterments
such as for bridges, heavy rails, the widening of banks, new ballast, the extension of block signalling and the improvement of equipment, as well as
repairs thereof, $2,281,481, all of which was expended upon property
subject to the lien of the First & Refunding Mortgage. There was also expended upon the Rock Isl. Ark. & La. RR.and the St. Paul & Kansas City
Short Line $267,131.
The receiver also has purchased 4,000 box cars, 15% of the purchase
price, or $580,833, being paid in cash, the balance secured by equipment
trust certificates, while his payments on account of maturing installments
of principal on equip. notes have aggregated up to Feb. 1 1916 $2,460,000.
The effect of all these additions and betterments was to strengthen the
defendant's securities. The total expenditure of capital account from the
appointment of receivers up to Dec. 31 1915, including the equipment trust
notes paid Jan. 1 and Feb. 1 1918, amounts to $9,993,703 [in addition to
the deferred maintenance made up], against which the capital liabilities
issued on account of the receivership amount to only $7,392,109.
Debenture Interest.—The payment of the January interest upon the
Twenty-Year Debentures presents a grave question. If that interest is
not paid by April 15 the debenture holders may declare due the principal
amount of $20,000,000. Such a declaration would constitute a serious obstacle in the way of reorganization by the stockholders and might seriously
impair the equity of the $75,000,000 capital stock.
Temporary Loans.—The receiver has in the past arranged for extensions
of certain loans made to the company. There will be due March 28 to
the Bankers Trust Co. $1.600,000; on March 30, to the Central Trust Co.,
$2,500,000; on Aug. 16 $7,500,000 for 2-year collateral gold notes. These
loans and the 2-year collateral gold notes are secured, among other things,
by $16,199,000 of the defendant's First & Ref. M. bonds. It must be apparent, therefore, that if default is made on April 1 1916 upon the First &
Ref. M.bonds, and especially if that default is continued for six months,the
value of the security for the loans will be materially diminished and the
possibility of renewing them practically extinguished.
Reorganization.—Different committees have been organized having different views as to reorganization. They have not until lately acted in
harmony. Stockholders have already suffered heavily, and should, so far
as the Court may do so without infringing on the legal rights of others, be
given an opportunity to save themselves, or be saved, perhaps from further
loss. If there were here no equity, or if the property were running down,if
the future were not hopeful, the Court could not legally seek to avert
the inevitable. All of the conditions now, however, seem favorable.
Between now and Oct. 1 are some of the best months of the railroad year.
and it is not unreasonable to hope that there will be an increase in business
during these months. The Court appreciates the difficulty of securing the
co-operation of such a large body of stockholders, widely scattered, and
whose holdings in many instances are comparatively small. A reasonable
time, therefore, should be given to them to prepare a plan for the protection
of what the Court believes to be their substantial equity.
The Court should so operate the road that no undue advantage will
result to any one interest, or class of interests. I realize that the Court
cannot postpone indefinitely the day of foreclosure. The Court, however,
would fail far in its duty if it sat by and permitted a situation to arise which
would enable bondholders to foreclose a very substantial equity of a solvent
railroad. After the bonded debt comes securities of the value, at present
prices on the N. Y. Stock Exchange, of upwards of $50,000,000.
The Court feels justified in directing its receiver to see to it that for the
present at least there is no default in the interest on the First & Refunding
bonds.—V. 102, p. 1163, 1059.
Cincinnati Indianapolis & Western RR.—Application.
This company has applied to the Ohio P. U. Commission for authority
to issue $650,000 5% trust certificates to be used in connection with the
purchase of new rolling stock. including 450 box cars, 50 stock cars, 40 flat
cars, 50 gondolas and 50 hopper cars, 20 cabooses and 6 coaches for passenger service.—V. 102. p. 521.
General Gas & Electric Co.(Me.).—Notes to Be Retired.—
The company will pay the 2585,000 6% coll. trust notes of 1913 at the
f .h
e loo2
r.
_offIic
9q
e.E
tp
itable Trust Co. Apr. 1 1916; $350.000 3-yr. notes of
9.
7u
1915, none of which were in the hands of the public, have been canceled.
Green Bay & Western RR.—Earnings.—
1915.
Cal. year—
Gross earnings___ $780,423
Net after taxes__ $271,718
81,400
Improvements ___
1915.
1914. I Dividends-0,000'
1 14
4
$776,3301Deb."A"(5%)--- $30,000
125,000
125,000
3239,1691Stock (5%)
28,000IDeb."B"
9°
,62
)525
I Balance, surplus
_ %)$8
4
!
3(5i%$3
50
43,778
—V. 102, p. 437.
Hilo RR., Honolulu.—Sold at Auction.—
Attorneys in behalf of the holders of the $1,000,000 1st M.6% bonds of
1901 and the $3,500,0006% Refunding & Extension bonds of 1909 on Mar. 1
purchased the property under foreclosure proceadings for 31,000,000. The
road, it is said, will be known hereafter as the Hawaii Consolidated Ry.,
Ltd. See plan of reorganization, V. 101, p. 1713, 2071.
Hueneme Malibu & Port Los Angeles Ry.—Sale.—
The Cal. RR. Commission has authorized this company to sell all its
property for 500 shares of capital stock at $100 par value to the Hueneme
Malibu & Southern Ry. The property is to be free of debt. The San
Francisco "News Bureau" of Mar. 21 says in substance: This road was
projected from Port Los Angeles to Hueneme, 55 miles, of which 40 miles
Is completed. The stockholders wish to proceed with the project, and the
turning over of the road to the new company is to remove any doubt upon
its titles by reason of its failure to build five miles of its road each year, as
required by law. The new company has 1750,000 stock of the selling co.
Hueneme Malibu & Southern RR,—Acquisition.—
See Hueneme Malibu & Port Los Angeles Ry. above.
Kansas City Mexico & Orient RR.—Committee.—The
committee named below has consented to act for the protection of the holders of the 2-year6% gold notes due Apr.30.
A protective agreement is proposed to be filed without delay
with the Central Trust Co. of N. Y. and the Commerce
Trust Co. of Kansas City, Mo. depositaries. The committee will endeavor to form a plan in which bondholders
as well as noteholders may participate.
Committee: Jozach Z. Miller, Governor of the Federal Reserve Bank of
Kansas City; Henry Sanderson of C. D. Barney & Co. of N. Y.• William
J. Gray, V.-Pres. of the First & Old National Bank of Detroit; derbert F.
Hall of the Hall-Baker Grain Co. of Kansas City, and Clifford Histed of
Harkless & Histed, lawyers, of Kansas City. Delbert J. Half of Kansas
City and Edward Cornell of N. Y. City, counsel, and C. M. Sigler, 54
Wall St., N. Y. City, Secretary.—V. 102. p. 251, 713.
Lancaster (Pa.) & York Furnace St. Ry.—To Be Sold.
The Court has ordered the sale of this property on April 15, subject to
the $150,000 1st M.gold bonds and $7,500 accrued interest. The road has
1250
THE CHRONICLE
been appraised at $59,484 for junk or $167,350 as an operating unit. John
H. Meyers and John M. Groff are receivers and have also been appointed
receivers for the Lancaster & Southern St. Ry., a subsidiary.-V102,p.153.
Laton & Western RR.-Proposed Sale to Atchison.See California Arizona & Santa Fe Ry. above.-V.94, p. 631.
Houston & Brazos Valley Ry.-Receiver's Certificates.Receiver George C. Morris has been authorized to issue
$100,000 6% receiver's certificates (denom. $1,000), in order
to build a bridge over the Brazos River connecting Velasco
and Freeport. Brazoria. County, it is will pay part of the
cost of the bridge.-V.96, p. 1089, 1021.
Maine Central RR.-Bonds Sold.-A syndicate headed
by Kidder, Peabody & Co., has sold, at 1003' and int., $6,000,000 1st M. 20-year 43's, "Series B," secured by the
consolidated mortgage made last year. The proceeds will
be used in connection with the payment of the $6,000,000
5% notes called for payment on May 1 at 1023.
Capital Stock Aggregating $3,309,800 Offered for Subscription
See Maine Railways below.
Bonds Called.The company gives notice that the entire issue of $6,000,000 5-year 5%
gold bonds due May 1 1919 will be redeemed on May 1 1916 at the Old
Colony Trust Co., Boston, at 10234 and int. See V. 102, p. 1163, 976.
Maine Railways.-Maine Central StockOffered.-The trustees are offering for subscription, at 100 flat (equivalent to
99 and div.), in lots of not less than one nor more than 100
shares to any one buyer,common stock of Maine Central,viz:
(a) 20,000 shares to the citizens of the State of Maine.
(b) 13,098 shares to the stockholders of Maine Central.
Subscriptions will open April 15 and close May 20, and allotments must
be paid for on or before May 31.-V. 102, p. 66.
Missouri Kansas & Texas Ry-Listing.-Notes.The New York Stock Exchange has been asked to list Central Trust Co.
of N. Y. certificates of deposit for 317.983,000 two-year 5% secured notes.
See also San Antonio Belt & Terminal By below,-V. 102, P. 1163, 1060.
[VOL. 102
Stockholders may deposit their stock, together with $5 per share, on or
before April 3 1918, either at Guaranty Trust Co., New York, or at Mississippi Valley Trust Co., St. Louis; and at the same time must elect
whether they subscribe for purchase warrants or full-paid subscription
certificates, as provided for in the plan.
Sale Ordered.-Judge Sanborn in the U. S. Circuit Court at
St. Louis on March 31 signed the decree for the sale of the
property under foreclosure. Upset price, $45,700,000.
The price named by the Court does not include property valued at
$600,000 pledged to the North American Co., on whose behalf the original
receivership proceedings were brought.
The minimum price named by the Court includes property as follows.
viz. $25,000,000 under 4,
7
0 Ref. M. of 1901 held by the Bankers Trust
Co. of N. Y. and Neil A. McMillan, trustees, $20,000,000 under 5%
General Lien of 1907 held by the Guaranty Trust Co. of N. Y. and $700,000, for property not covered by either mortgage. The two trust companies brought the foreclosure suits.-V. 102, p. 1061, 1164.
San Antonio Belt & Terminal Ry.-Notes.The company has applied to the Texas RR. Commission for authority
to issue $1,750.000 3-year notes. See report of Mistouri Kansas & Texas
By Co. In V. 101, p. 1816.
Tidewater Southern Ry.-Agreement.-An agreement providing for the joint operation of this company and the
Central California Traction Co. lines has been announced. While each
company is to preserve its identity, the agreement is said to be equivalent
to a merger so far as operations are concerned. The same ticket and freight
offices will be used and one dispatcher will handle all trains on both roads.
The Cal. RR. Commission, it is said, has fixed the reproduction cost,
less depreciation of the operative property, of the Tidewater Southern
Ry. Co. in California at 3623,377, and of the non-operative property at
$90,166.-V. 101, p. 1190.
Willamette Valley Southern Ry.-Capital Increased.The shareholders on March 16 voted to increase the capital stock from
$500,000 to $1,000,000 to consist of $250,000 6% cumulative 1st pref. and
$250,0006% cumulative 2d pref., the latter to have voting rights. Holders
of the original common stock were given the privilege of exchanging two
shares of common for one of now 2d pref. within 60 days.
INDUSTRIAL AND MISCELLANEOUS.
Abitibi Power & Paper Co., Ltd.-Preferred Stock Recommended.-Murray, Mather & Co., Toronto, are recommend-
ing by advertisement on another page a portion of the $2,Norfolk & Western-Ry.L.-New Director.David W.Flickwir succeeds Walter H.Taylor as director.-V.101, p.934.• 000,000 authorized 7% cum. pref. stock with a bonus of
common stock.-V.101, p. 2072.
Northern Central Ry.-State Not to Pledge Mortgage for
Loan to Meet Deficit.-
Alabama Power Co., Birmingham, Ala.-Bonds Offered.
See Maryland in "State & City" Dept.'ron subsequent page.-V.102, -Harris, Forbes & Co., New York and Boston, the Harris
Trust & Savings Bank, Chicago, and Perry, Coffin & Burr,
P. 1060, 609. ta
Boston,have offered at 9632 and int., to yield 53%,$4,000,Pacific Gas & Electric Co. (of California).-First Pref.; 000
1st M. 30-Year 5% gold bonds. These bonds, upon
Stock-Earnings.-In a circular regarding the company's completion
of the present financing, will cover as a first lien
first preferred 6% cumulative stock (dividends payable
the company's entire property, including a new 70,000 h. p.
Q.-F. 15), Vice-Pres. A. F. Hockenbeam.er summarizes the
hydro-electric plant now being increased to 90,000 h. p., a
principal features of this high-grade investment stock:
(1) Issued under authority of the Railroad Commission of the State of now 15,000 h. p. steam turbine and 675 miles of transmission
California by an old established property with a large, well-demonstrated lines, by which are served, directly and indirectly, the major
and increasing earning capacity.
(2) Net revenues of the company after interest and depreciation are part of the urban population of Northern Alabama, including the important manufacturing districts (iron, steel, &o.)
largely in excess of dividend requirements.
(3) Appraised value of physical property (excluding all intangible values) in and around Birmingham. Total population served estiback of this stock exceeds its par value. New stock also precedes $34,035,858 common stock having a present-day market value exceeding $21,000,- mated at over 325,000. The bankers report that the bonds
000. Annual sinking fund payments are increasing the equity back of this have all been sold. See advertisement on another page.
preferred stock by about $750.000 per annum.
Bonds dated Mar. 1 1916, due Mar. 1 1946. Int. M.& S. in N. Y. City.
(4) Stock issued as fully paid and with the express covenant of company Callable
at 195 and int. on any int. date after Sept. 1 1921. Denom.
that it shall not be subject to assessment for any purpose.
Mtge. & Trust Co., N. Y.
(5) Exempt from all taxation in California and the income derived there- $1,000, c*. Trustee, U. S.
from by individuals not subject to the normal Federal income tax.
Data from Letter of Pres. James Mitchell, Birmingham, Dated Mar.16
Organization.
&c.
-Incorporated
in 1906 in Ala. and (a) serves directly
StatisticsGross
Customers Served
and indirectly, the major part of the urban population of Northern Ala.,
Business GrowthEarnings.
Gas.
Electric. Water&SI'm. Total. including
the
so-called
"Birmingham
District," a total population of over
1907 calendar year_ ___$11,342,140 122,304
54,772
5,539
182,615 325,000;(b) does, directly, all the electric
light and power business in Annis1915
do
do ____ 18,944.180 227,586 '186,149
9,810
403,545 ton (population
Attalla (3,500), Talladega (6,000), Huntsville
Average annual increase
950,255
13.160
13,922
534
27,616 (9,867). Decatur 20,000),
and Now Decatur (17,000), and in other smaller places;
For the year 1915, after paying fixed charges and setting aside $1,380,000
for depreciation, the not revenues available for dividend payment were (c) all the street railway business in Anniston and Huntsville; (d) the gas
$4,376,168, as against $1,500,000 required to pay the full year's dividend business in Anniston, Decatur and New Decatur; (e) furnishes under contract all the current used by the Birmingham Ry.,Lt.& Power Co.in Greater
on both classes of pref. stock now outstanding.
Birmingham (197,134) and Bessemer (15,000), and all the current used
Income Account for Years ending Dec. 31.
by the local public service companies in Tuscaloosa (8,407) and in Gadsden
and
Alexander City; (f) servos under contract a number of largo indus1915.
1914.
1915.
1914.
Gross oper. rev.:
Net earnings
$
$7,944,708 $6,868,788 trial power consumers.
Electric dept.__ 9,924,482 8,759,449 Profits on merOutstanding Capitalization upon Completion of the Present Financing.
Gas department 7,560,185 7,015,408
chandlse sales &
[Involving retirement of 1st M.3-Year 6% bonds and two small issues of
Other depts____ 1,045,634 1,137,831
other income_ _ _ 413,879
307,816 divisional bonds.]
stock (owned by Ala. Trac., Lt. & Power Co.)
$18,751,000
Total gross_ _18,530,301 16,912,688
Total net Inc_ _$8,358,587 $7,306,582 Capital
Mortgage 5s, due Mar. 1 1946
4,000,000
Expense--Maint'e 970,886 1,052,434 Bond interest_ _ _ _$3,982,419 $3,890,341 First
In anticipation of the probable future requirements of the company, the
Oper. and general 7,157,262 6,905,440
authorized issue of 1st M. bonds has been made $100,000,000. These
Taxes
743,047
849,444
bonds will be secured by a first mortgage on the entire property of the comReserves:
pany and by pledge of the stocks of its various subsidiary companies"that
Casualties, deo
228,000
213,000
own the undeveloped water power possibilities. In addition to the $4,000,Depreciation__ _ 1,389,000 1,000,000
Balance
$4,376,168 $3,416,241 000 1st
M. 5s now outstanding, 34,400,000 1st M. bonds may be issued
Required for annual dividends on entire issue 1st pref.stock.. _ $900,000 $900,000
against the present property when the annual not earnings are twice the
Original preferred stock
600,000
600,000 interest on
the bonds outstanding, and those proposed. Remaining escrow
Seo description of 1st prof. stock in V. 101, p. 1587; V. 99, p. 1833; V. 98, bonds may be issued for only 80% of the cash
cost of extensions and addip. 1846.-V. 102, p. 1163. 886.
tions with the same requirements as to earnings.
Sinking and Improvement Fund.-The company is required to pay to the
Philadelphia,Baltimore & Washington RR.-Boats.- trustee
each year as a special fund,from Mar. 1 1920 to 1925 incl., amounts
The I. S. C. Commission at Washington on March 30 announced:
equal to
% of all 1st M. bonds outstanding; from Mar. 1 1926 to 1931.
"The Merchants and Manufacturers' Association, Baltimore, Md.. the 1%; and from Mar. 1 1932 to 1945, 1 %, either (1) to pay for additions
Baltimore Chamber of Commerce and the Board of Trade, Baltimore, Md., or extensions and improvements; or (2) if not so expended within a specified
having petitioned this Commission to postpone the effective date of its time, for retirement and cancellation of bonds.
order heretofore entered in the above entitled proceeding on July 30 1915, Earns. Yrs. end.Feb.29 & 28. 1916.
*1915. lAnn. Int.on $4,to take effect on April 1 1916, and other requests of like import having Gross earnings
$1,029,768 $684,545
000,000 1st 5s $200,000
been made, and the Merchants, Shippers and Receivers' Association of Net after taxes
$607,306 $362,605 Balance
$407,306
Baltimore City having on March 28 1916 filed a petition, concurred in by
*
The
plant
hydro-electric
70,000
h.
p.
operated only 10 mos. this period.
various parties therein referred to, both in Baltimore and at points on the
Business Field-Properties.-The company is the only general powerEastern shore of Maryland, asking that said proceeding be reopened for producing
and distributing company in Northern Ala.'and it servos the great
further hearing:
"It is ordered that the effective date of the order heretofore entered in this manufacturing and industrial territory centring around the widely-known
proceeding on July 30 1915 be, and the same is hereby postponed until "Birmingham District," in north central Alabama. Birmingham primarily
further order, pending consideration and disposition of the petition that owes its prominence to the rich mineral deposits found in the surrounding
territory, and estimates of the U. S. Geological Survey indicate that the
the said proceeding be reopened for further hearing." See V.102,p. 1155.
immense deposits of ore, coal and limestone assure the future of the iron and
steel industries in this section for many generations.
V" St. Louis & San Francisco RR.-Stockholders Approve
The company owns (a) the new "Lock 12" hydro-electric development
Plan-Meeting.--A meetirg of the stockholders was to 1 e on the Coosa River, 45 miles southeast of Birmingham, with a present
capacity of 70,000 h. p., now being increased to 90,000 h. P.,
held in the office of the receivers in St. Louis yesterday at the installed
total proposed, 110,000 h. p.;(b) a new steani turbine station of 15,000 h. p.
call of Samuel W. Fordyce and Albert T. Perkins, members at Gadsden,50 miles northeast of Birmingham, and is about to construct an
of the St. Louis shareholders' committee, to consider the additional steam plant designed for 30,000 h. p. on the Black Warrior River;
(c) a small hydro-electric development of 2,000 h. p. at Jackson Shoals,
reorganization plan (V. 102, p. 896), to which the committee about 40 miles east of Birmingham. These stations are or will be connected
with each other and with Birmingham and other markets by stool-tower
has given its assent. The committee say:
transmission lines, the lines now in operation aggregating 675 miles. The
This plan and agreement under which J. & W. Seligman & Co. and company also controls, largely through subsidiary companies,
hydro-elecSpeyer & Co. act as reorganization managers is the result of more than tric possibilities aggregating several hundred thousand
The
two years of conferences and compromises between the representatives ofthe duplication value of the property is materially in excesshorse-power.
many classes of security holders in which your committee has taken an M. bonds for which it may be made the basis of issue. of the total of 1st
active part.
The company has contracts to furnish power to public utilities, ore mines.
Considering the many conflicting interests involved, your committee steel mills, marble quarries, brick plants, cement
mills, &c.
believes the plan contains terms fair to all security holders and as advanFranchises.-The situation is satisfactory, the franchises being, with
tageous as obtainable for the stockholders.
minor exceptions, without time limit.
APR. 1 1916.1
THE CHRONICLE
1251
Management.-The Alabama Traction, Light & Power Co., Ltd., owns capitalization of the new company will be as follows: $2,000,000 pref. 7%
all of the stock of the company,excepting directors' shares, and is controlled cumulative stock and $2,500,000 common stock. The shares of common
by strong English and American interests who have a large investment in and pref. stock for which the stockholders of the Assets company are to have
prior rights of subscription have been purchased by Wm. Morris Imbrie
the property over and above that represented by the 1st M. bonds.
Earnings-Years ending Dec. 31- -Month of February-- & Co., bankers, of New York,and a syndicate has underwritten a portion of
the stock so purchased.
1915.
1914.
1915. 1916.
1914.
1913.
Gross
$325,608 $381,452 $619,809 $35,150 $70,082 $107,436 - The new company has acquired the aforesaid business of Potter, Duer &
13.567 42,880
Net
71,280 Griswold, paying therefor in its common shares. This business is profit135,591 307,463 638,606
able, the net earnings for 1915 having been approximately $85,000.
-V.102,p. 1061.
The officers of the new company will be
A. Potter Jr., Pres.;
E. R. Duer, V.-Pres.; J. A. Griswold, Treas., and W. S. Hood, Sec.
Alabama Traction, Light & Power Co.-Sub.Co.Bonds. (See
directors
in
V.
102,
p.
1063.)
See Alabama Power Co. above.-V. 102, p. 1061.
The advantages to the Assets company shareholders in this arrangement
are that to the extent of the value of their shares, they may become stockAmerican Beet Sugar Co.-Dividends Resumed.holders
in the new company without investing additional money; and that
A dividend of 6% has been declared on the $15,000,000 common stock, the value of the shares of the
new company so set apart for them will,
payable 1M % quarterly April 29, July and Oct. 31 1916 and Jan. 31 1917 before payment therefor, be enhanced
by the good-will which it is assumed
to holders of record April and July 15. Oct. 14 and Jan. 13, respectively. that the new company will establish and
all surplus profits which may
This is the first payment on the common since Nov. 15 1912, when 1%% be accumulated. The option to take up by
the shares prior to April 1 1918
was paid.-V. 100, p. 1834.
may also become a valuable privilege.
The debts of the Assets company have been reduced to approximately
American Chicle Co. Dividend.The remaining obligations have been extended until July 1
The directors at their meeting on March 25 declared a regular quarterly $2,000,000.
1916,
with the right to the creditors' committee to further extend them
dividend of 1 3 % on the $3,000,000 pref. stock, payable April 1 to holders until Jan.
1 1917. The shareholders can receive nothing until the debts
of record March 24, but took no action on the common dividend.
paid. To reduce the cost of the liquidation the new company has conThe last dividend paid on the common shares was 1M % in Jan. last. are
tracted to supervise the same upon a commission basis with a drawing
For 11 years ending 1913 18% was paid yearly; 1914, 20%; 1915, 113 %• account,
thus doing away with a large part of the expense of the large office
The last monthly dividend of 1% was paid in Sept. 1915. This was fol- and
force heretofore maintained at great cost. The conlowed in Jan. 1916 by 134% distribution above mentioned. Compare bal- tractadministrative
is terminable by the Assets company on 60 days' notice, but by the
ance sheets, V. 100, p. 1920.-V. 102, p. 887.
new company only after the expiration of one year.
The rights of stockholders who do not assign and deposit their shares
American Public Service Co., New York.-Convertible with
the new company are in no way affected by the proposed plan. WhenNotes.-N. W. Halsey & Co. are placing at 1003/
i and int. ever the debts are paid, or the company provides satisfactorily for the
payment
thereof, its future will be in the hands of the shareholders, who
Convertible
Gold
Notes,
dated
an issue of $300,000 6%
may then determine to continue its business, dissolve and wind it up, or
Mar. 1 1916 and due Mar. 1 1919.
ak e such other steps as they may deem proper.-V. 102, p. 1061.
Convertible at option of holder on any interest date into bonds and stock
as below stated. Callable as a whole or in part on any int, date at 101
Atlantic Steel Co.-Initial Dividend.upon thirty days' published notice. Interest payable!. & D. in N. Y.
An initial dividend of 1M% has been declared on the common stock,
without deduction of the normal Federal income tax. Denom. $1,000, payable Apr. 10 to holders of record Apr.
1.-V. 102,p. 69.
notes c*. Trustee, New York Trust Co.
Digest of Letter from Vice-Pres. A. V. Wainwright, N. Y., Mar. 23 1916.
Atlas
Powder
Co.
-New
Stock.
Notes.-A portion of the proceeds of these notes will be used in part payThe shareholders will vote on April 18 on increasing the 6% cumulative
ment for the public utility properties at Henryetta, Okla. (the earnings of preferred stock from $5,500,000 to $10,000,000
and the common stock from
and
for
the
cost
below),
of
improvements, extensions $5,000,000 to $10,000,000. The new
which are included
will be used to finance conand additions to the properties of the constituent companies, thereby struction work and to provide additionalstock
capital. The stockholders will, it
largely developing the business and reducing the costs of operation.
is understood, be
the right to subscribe to an issue of a part of the
These notes are convertible on any interest date upon 15 days' written stock about to be offered
voted upon.-V. 102, p. 802, 888.
notice, at the option of the noteholder, for each $1,000 principal, into
gold
bonds,
First
Lien
6%
$500
7%
cumulative pref. stock
either (a) $500
Baltimore Dry Docks & Shipbuilding Co.-Deal Off.and $100 common stock, or (b) $1,000 7% cumulative pref. stock and $200
President Thomas H. Bowles, in a letter addressed to Pres. Ingle of the
common stock. The notes precede $687,600 7% cum. pref. stock and $1,Baltimore
Trust Co., on March 8, wrote in substance: "On Dec. 31 1915
pref.
stock, which represents a large cash
585,400 common stock. The
investment in the properties over and above the bonded debt, has paid divi- your company sold to me, through its executive committee, 5,800 shares of'
pref.
and
com,
stock of the Baltimore Dry Docks & Shipbuilding Co. for
organization
in
since
7%
rate
of
1912.
The
dends at the
bonded debt
consists of $1,750,600 First Lien 6% gold bonds due in 1942 (V. 101, p. $420,500, with the agreement that $7,500 should be paid within 30 days
and that if no further payment be made the stock should revert to you.
1372).
The $7,500 was duly paid and the next payment of $100,000, falling due
Properties.-The electric light and power and ice properties are situated on
March 1, was
and paid on Feb. 21 1916. Since the last
in the cities of Abilene, Marshall, Cisco, Jefferson, Longview, Baird and payment an attackanticipated
been made upon the management of the Baltimore
Merkel, Texas, and Hugo, Henryetta, Okmuigeo and Morris, Oklahoma, Trust Co. by four ofhas
its stockholders, who are also stockholders in the Baltithe gas properties in Abilene and Cisco, the water works in Abilene and the more Dry Docks
Shipbuilding Co. and incidentally upon me as Chairelectric street railway system in Marshall. Aggregate population served, man of the Board&and
a trustee of the trust company, charging disloyalty
about 80,000, in eleven prosperous and rapidly growing communities in in the discharge of
our duty. I bought the property in good faith at a
Oklahoma and Texas [see map on page 141 of "Railway and Industrial price that seemed fair
and profitable to your company. However, I am
Section"-Ed.]
Power plants, total installed generating capacity 7,800 h. p.; power and unwilling to carry out the transaction under existing circumstances."light distributing pole lines, 165 miles; two gas properties serving their V. 101, p. 848.
respective localities with natural gas through 34 miles of mains and 1,165
Baltimore Gas Appliance & Manufacturing Co.meters; 430,000,000-gallon reservoir, from which water is pumped through
20.7 miles of mains; ice manufacturing capacity, 375 tons daily. The elec- Stock Offered.-Hambleton & Co., New York and Baltimore,
tric street railway system cars now in operation are of the pay-enter type. are offering at par and div., for 1 share pref.
and one-fifth
Official Statement of Earnings for 12 Months ended Jan. 31 1916
Gross earnings
$565,2651Int. on bonds outstanding__$105,036 share corn., $210,000 7% pref. stock, auth., $500,000, out-.
Net earns., after taxes__ _8201,6291 Balance
$96,593 standing, $360,000. A circular shows:
Annual int. on $300,0006%
cony, gold notes, $18,000.-V. 101, p. 1372.
The stock is redeemable at 110 and divs., par $100. Dividends have
been paid M. & S. since incorporation. Tax-free in Maryland. Total
American Shipbuilding Co.-Divs. Resumed-Director. assets
back of this issue will be over $600,000.
This company has declared a quarterly dividend of 13
%% on the $7,900,Data from Letter of Pres. H. W. Hunter, Dated March 14 1916.
000 outstanding 7% non-cum. pref. stock, payable Apr. 15 to holders of
Organization.-Incorporated in Marlyand April 1911, and began shiprecord Mar. 31. The last previous dividend on this stock was 14%, dements in Nov. of that year. The output is confined to the manufacture of
clared payable Jan. 15
D. Z. Norton and James
1914.E. Davidson succeed Robert R. Rhodes and gas ranges, gas heaters, &c. Has 500 customers in all parts of the U.S. and
Canada, notably Consolidated Gas Co., N. Y.; United Gas Impt., Public
A. A. Sprague as directors.
Legal action is proposed by H. A. Christy, formerly Chairman of the Service Corporation of New Jersey, &c.
against
certain
stockholders
Proposed Capitalizationdirectors
to
secure
other
Auth.
Issued.
board of directors, and
restitution of $1,500,000 to the company of unearned dividends alleged 7% preferred stock ($100 par)
$500,000 $360,000
Common stock ($100 par)
to have been paid.-V. 101, p. 1975.
500,000
276,000
The proceeds of sale of this $210,000 pref. stock are to purchase land
American Zinc, Lead & Smelt. Co.-Stock-Earnings.- and
buildings, now rented and to pay for additions made last year. Will
Tho shareholders will vote on April 12 on authorizing the issue of 100,000 own its land, building and equipment free from any mortgage or prior lien,
shares of 6% pref. stock. In this connection the following is pronounced and no mortgage or prior lien can be placed upon this property without the
to be correct: "This pref. stock will be entitled to $100 a share in case of consent of 75% of the pref. stock.
liquidation before the common stock receives anything. Stockholders will
From a manufacturing standpoint Baltimore is suitably located, being
probably be given one share of this new pref. stock for each two shares of within easy reach of the sources of supply of pig iron,
pipe and sheet steel,
stock now hold. On Dec. 31 the company had $3,500,000 of quick assets. thus minimizing the cost of raw material and labor.
Shipping facilities are
On April 1 it will have $6,000,000, and this pref. stock issue is simply a unexcelled.
capitalization of these quick assets, leaving the property conservatively
Earnings for 1913, 1914, 1915, and (Estimated) 1916.
valued at $7,500,000 and the earnings back of the 200,000 shares of com1916(est.)
Earnings1915.
1914.
1913.
mon stock.
Gross
$350,000
$269,372
$287,229
$257,697
1915.
1914. I
1915.
Net, after taxes
Cal. Year$60,000 a*$34,634
1914.
*$36,744
$26,074
$5,135,056 $186,1581To special fund_ _$2,642,378
25,200
Net profits
15,000
$12,000 Preferred dividends
9,500
9,000
iSurplus
158,822
$2,651,500
Other income
$65,692
$108,4661
Balance
Deduct Bond int.,&c
$34,800
$19,634
$27,244
$17,074
-V. 102, p. 1184, 89.
* Plus other income 1915, $405; 1914, $457. a Deduct $3.668 bond iut.
Art Metal Construction Co.-Status.Comparative Sales for Month1916.
1915.
1914.
1913.
January
$7,818 $18,401
See Assets Realization Co. under "Reports" above.-V.99, p. 1301.
$26,825
$3,381
February
29,461
12,674
18,877
7,504
Assets Realization Co., New York.-Report.---Estimated earnings for 1916 show preferred dividend requirements earned
See "Annual Reports" on a previous page.
over 23% times, and about 10% on the common stock after depreciation
charges. In 1915 a decline in gross business was due entirely to the unPlan.-The shareholders of this company were on March 11 settled
condition throughout the country, and it was not until late fall that
offered the prior option (a) of subscribing at par ($100 per normal business resumed. Sales for Jan. and Feb. 1916 were $56,286, as
share) on or before March 25 for $500,000 pref. stock of the compared with $20,492 in 1915, an increase of $35,794, or about 175%.
Property.-The plant, consisting of 9 buildings, approximately 96,842
(new) Finance & Trading Corporation, with 100% bonus sq.
ft. of floor space and 130,331 sq. ft. of land, is located at Bayard and
in common stock; or (b) depositing their present shares to Hamburg streets, Baltimore, and is equipped with modern machinery, with
100% greater output than thus far reached.
subscribe (pro rata in case of oversubscription) for $1,000,000 a capacity of approximately
Officers(and Directors).-II. W.Hunter (Pres.), D.C. Ammidon (V. Pr.
of the pref. stock of the new corporation (with 50% bonus & Tress.), Norman James (Sec.), E. S. Dickey, R. C. Hoffman Jr., GusW. Iglehart.
in common stock), subscriptions to be payable in cash in so tavus Ober Jr., I.
far as not covered prior to April 1 1919 by the sums paid
Barney & Smith Car Co., Dayton, 0.-BalanceSheet.Dec.15'15 Mar.3115
Dee.15'15Mar.31'15
on the old (deposited) shares as a result of the liquidation
AssetsLiabilities-$
of the Assets Realization Co.
8% cum. pref. stock.2,500,000 1,500,000
Real est., buildings,
machinery, &c_ _ _2,728,863 2,698,796 Common stock
Digest of Statement by President Edwin A. Potter Jr., March 11 1916.
2,000,000 2,000,000
Taken consecutively over a period of years, the records of your company Good-will, pat'ts,&c.3,029,169 575,093 6% gold notes
800,000
appear to show that purchases of assets aggregating approximately $6,500,- Investments
425,390 430,166 1st M.5% bonds_ _ _2,000,000 2,000,000
000 yielded, without taking into consideration overhead expenses, profits Cash
265,420 500,285 Prior to receivership:
of approximately $2,200,000. Having become convinced that an organi- Cash from sale of
UM).(since paid)- 668,465
zation equipped to carry on a conservative liquidation business presents
notes
Unclaimed wages..
2,691
564,000
large opportunities for profit, I considered the advisability of combining Accounts receivable_ 362,014 751,125 Accts. pay. (receiv's) 289,106
42,353
with it the firm of Potter, Duer & Griswold, of which I am a member, a Notes receivable_ - 60,245
57,573 Accr.Int., taxes, &c_ 120,297
51,066
Adv,acct. contracts. 208,932
firm engaged principally in the allied business of making commercial investi- Material & orders In
process
809,340 571,308 Flood reserve acc't_
gations and reports for banks, financial houses and others. Having ob10,825
tained the hearty approval of your directors with a number of a.ssociates, Unexpired Insurance.
5,439
9,072
I have organized the Finance & TradinA Corporation, and have determined Disc. on 3-year notes 36,000
to proceed with the plan herein set forth.
Depreciation
*114,437
While the corporate powers of the new company are broad,It is proposed,
for the present, to confine its operations to the purchase of assets, the liquiTotal
Total
8,400.316 5,593,418
8,409,316 5,593,418
dation of estates, the making of investigations, audits and reports and
business of a similar character. Such business as the Assets company
* Depreciation-60% of the cost of machinery for munition contracts
proved to be hazardous or unprofitable will be carefully avoided. The to be charged to cost of orders.-V. 102, p. 70.
1252
THE CHRONICLE
[VOL. 102.
the power company alleging that a Federal question was involved since
the city was about to deprive it of its property rights. Judge Day at Cleveland declared no Federal question was involved. Judge Killits took the
same view of the matter. Then came the appeal to the Supreme Court.
which, by its ruling, holds that a Federal question is involved.
[The power company bases its case on an allegation that it had prior
-Status.
Co.
Irrigation
Valley
Bitter Root
by virtue of a grant from the States, and that what it wants is not a
rights
See Assets Realization Co. under "Reports" above.-V.102, p. 347, 253: payment by way of damages, but the physical possession of the water power
it may be able to build and operate a plant or plants for the purpose
that
so
Breakwater Co.-Status.of supplying hydro-electric power in Cleveland, etc.]-V. 101, p.373.
See Assets Realization Co. under "Reports" above.-V.99, p. 1302.
Beatrice Creamery Co.-Earnings for Years end. Feb. 29.
The net earnings for the year ending Feb. 29 1916 were $468,000, against
$479,000 in 1914-15, a decrease of $11,000. The surplus and undivided
profits Feb. 29 1916 were $1,552,073.-V. 101, p. 126.
Canada Paper Co.-Dividend Plan.-
The "Montreal Gazette" on Mar. 15 said in subst.: Although 90% of
the stock has voted in favor of the offer made a couple of years ago for a
cash payment that would clear the company's books of arrears on the crunu.
lative preferred shares, the plan has not yet been put into effect, as the minority stock has so far blocked the way. The company owes 42% in accumulated dividends and has offered to pay 28% if the shareholders will
give it full discharge of obligations with respect to the balance.
The company reported a fairly satisfactory year at the annual meeting
held here yesterday, but, as usual, no financial statement was issued.
J. Kilgour is President and Sir Montagu Allan Vice-Pres.-V. 86, p. 1227.
Canadian General Electric Co.-Earnings.1914.
1915.
1914. I
1915.
Cal. Year31,219,5141 $914,5271Pref. dive. (7%).._ $140,000 $140,000
Gross profits
556,741
I Com.divs.(8%)__ 558,022
$416,223(
Depreciation
326,830
$66,357
38,912 $190,956 I Bal., surplus
Interest charges_ _
Total surplus Dec.311915,$707,119; total reserve, $3,000,000.-V. 101, p. 284.
Canton Co., Baltimore.-New Bonds.-
This company has approved a plan for the sale to Alexander Brown &
Sons, Baltimore, of $1,500,000 10-year gold debenture 5% bonds to be
dated Apr. 1, the proceeds to be used in connection with further development of the property, such as new piers, warehouse construction and reclamation of waterfront acreage.-V. 101, p. 2147.
Chesebrough Mfg. Co.-Stock Increase.The stockholders will vote May 4 on increasing the capital stock from
$500,000 to $1,500,000, to be distributed as a stock dividend. Shareholders
will receive 2 shares for every 1 share now held.-V. 98, p. 1462.
Chicago Telephone Co.-Stock.-
Stockholders of record May 1 will be offered the right to subscribe at par,
pro rata, for $3,000,000 new stock. Payments to be made 50% July and
Oct. 1. The right to subscribe expires June 1. Compare V. 102, p.
611, 709, 1165.
Cincinnati Gas & Electric Co.-Plan Ratified.The shareholders on Mar. 27 ratified the modified agreement with the
Union Gas & Electric Co.. including the authorization of a bond issue of
$15,000,000, of which $4,500,000 will be presently sold, the proceeds to be
used in connection with the construction of a new central generating station
at Cincinnati. Of a total of 350,533 shares, about 275,000 voted in favor
of the plan. A petition for approval of thess bonds has been filed with
the Ohio P. U. Commission. See plan, &c.. V. 102, p. 978.
Davison Chemical Corporation.-Syndicate Dissolved.-
The syndicate which underwrote the company's capital stock has been
dissolved. The "Baltimore Sun" on March 24 says: The unsold balance
of the stock has been taken over by strong banking interests here and in
New York. Members of the first syndicate were invited to come into a
second syndicate to take care of this unsold portion. The entire issue of
stock, which is without a par value, was 150,000 shares, of which 40,000
shares were used in exchange for the stock of the old Davison Chemical Co.
See V. 102, p. 156, 70.
Dow Chemical Co., Cleveland.-40% Dividend.-
0 each on the
The directors have declared two special cash dividends of 207
outstanding $1,500,000 common stock, payable Apr. and May 15 to holders
of record Apr. and May 5, respectively.-V. 102, p. 979, 70.
Federal Mining & Smelting Co., N. Y.-Earnings.1915. 4.
1915.191
1914.
Cal. Year(4%)$479,444(5)5599,300
Total val. of prod_ 52,782,859 32.200,7781 Pref. diva
$48,908
_ $169,077
3808,602 5891,558 I Balance,
Total income
31,219,537 31,388,814
3310,387 $552,306 Total surplus
Net income
-V. 101, p. 1555.
Florida Farms & Home Co., Inc.-New Company.See Assets Realization Co. under "Reports" above.
General Petroleum Co.-Reorganization.-The San Francisco News Bureau of March 20 says:
On March 10 there had been deposited under the plan of reorganization
$7.884,200 interim certificates and 33,242,600 bonds, a total of 311,126,800
out of an outstanding issue of $13,200,000. Of the $2,000,000 undeposited
securities less than half is represented by certificates. Of the $865,000
undegosited certificates about 3775.000 are held in Europe and about
$90,000 in this country. Of those held in Europe about $500,000 have
been or will be deposited, for they are known to be in the hands of those
who are committed to the plan.
[The plan makes no provision for the stock of the General Petroleum Co.,
and, therefore, no assents were asked from the stockholders of that company. See plan, V. 102, p. 889, 1165].-V. 102, p. 1165, 889.
Grace Steamship Co.-Bonds Offered.-Kissol, Kinnicutt
& Co. having sold substantially all, are offering at prices to
yield 532% for average maturities, the balance of $1,600,000
1st M.5% gold bonds maturing serially 1917 to 1928, inclusive.
Citizens' Gas Co. of Indianapolis.-Earnings.The control and management of the company will be entirely in the hands
1914.
1915.
1914. 1
of W. R. Grace & Co., who have chartered to 1928 the steamships covered
1915.
Cal. Year$220,577
$388,973
earnings
Net
I
by this lion, paying as rental an amount in excess of interest and amortiGross earnings_ _ _32,870,783 $2,575,028
90,798 zation charges.-V. 102, 1). 079.
Expenses & taxes_32,128,291 $1,989,259 Bond,dm., int.. _ _ 107,289
365,190 Balance, surplus._ $281,704 $129,779
Rent on op. prop_ 373,499
Grant Motor Car Corp.-February Business.Dividends of 7% were paid yearly. Capital stock outstanding Dec. 31 1915,
Andrews & Co., who recently offered this company's $1,000,000 7% cum$1,250,000. First and Ref. sinking fund bonds outstanding Dec. 311915, $2,044,pref. stock, are informed that the company made net profits in February
000.-V. 102, p. 802.
of $45,935 and shipped 777 cars, and it is expected that they will ship more
cars this month. See offering V. 102, p. 1063, 1165.
Coast & Lakes Contracting Corp.-Status.-See Assets Realization Co. under "Reports" above., also in V. 101, p. 445.
Great Lakes Transit Co.-Incorporated.This company was incorporated under the laws of New York on or about
Connecticut Mills Co., Mass.-Stock Offered.-Blake Mar.
23. See V. 102. p. 803.
Bros. & Co. New York and Boston, are offering at 105 and
div., to yield 6%7
0 (see adv. in "Chronicle" March 18),
the company's 7% cumulative pref. stock. Callable all or
part for the sinking fund at 115 and divs. Dividends Q.-F.
Data from Letter of Pres. & Treas. Tracy S. Lewis Dated Mar. 16 1916.
Organization, &c.-Incorp. in Mass.[Mar. 15 1916and has acquired the
entire business and assets of Connecticut Mills Co., Inc., one of the largest
tire fabric manufacturers in this country. Originally established in 1911;
incorp. in N. Y.in 1913 because of expanding business and now in Mass.
This issue of pref. stock is to retire the pref. stocks of the old company
and increase working capital. Of the capital stock of the new company,
3500,000 pref. has now been issued, and additional pref. stock may be issued under proper conditions. Auth. corn. $500,000,all issued. Par $100.
Preferred Stock Provisions.-Has prior right to 115 and dividends in liquidation, voluntary or involuntary, but no voting power except in certain
contingencies. No bonds and no mortgage can be placed on present property unless 75% of the outstanding pref. consents.
No more preferred can be issued without the consent of 75% of the preferred stock,except that it may be increased up to $1,500,000 if(a)all pref.
dividends aro paid; (b) sinking fund and reserve from earnings is kept up:
(c) the average net earnings for the preceding two years are twice the dividend on the pref. stock, both existing and then to be issued; and (d) the net
quick assets are 115% of all preferred outstanding.
Sinking Fund.-Each year 20% of the surplus net earnings after paying
the preferred dividend is to be sot aside as a reserve not available for common dividends unless net quick assets equal 115% of the outstanding pref.;
and another 20% (but not exceeding 3% of outstanding pref.) as a sinking
fund to retire pref. stock.
Earnings.-The annual net earnings for the past four years have averaged
nearly three times the full dividends on the pref. stock then outstanding,
and with the orders on hand for which the raw material is already bought,
should for the coming year be over three times the pref. dividend on the
stock to be issued.
• Plant and Product.-Operates at Danielson, Conn., two modern factories,
fully equipped, including a sprinkling system; holds leases with options to
purchase at an advantageous price. Produces standard fabrics for automobile tires. The mills are running 22 hours a day, with sufficient orders
on hand to keep busy at this rate through 1916. Sales for the year ending
Jan. 10 1915, $1,850,000; year ending Jan. 10 1916 over 32,650,000.
General Balance Sheet (Total Each Side $1,264,930).
$
Prt,mach'y,&c.(appraised)_$302,646 Capital stock, prof
0
00
0,00
500
Goods, raw, in process, dm_ 157,477 Capital stock, common.._
177,430
247,723 Surplus
Cash
87,500
57,084 Notes payable
Accounts receivable
500,000
Good-will
Directors (and Officers).-Tracy S Lewis (Pres. & Treas.), Robert J.
Caldwell (V.-Pres.), N. Y.; Harry L. Burrage, Boston; J. A. Lowell Blake,
of Blake Bros. & Co.; R. L. Fisher, Obadiah Butler, Sec. and Factory Mgr.
Pres. and Treas. Lewis and V.-Pres. Caldwell have been connected with
this plant from its first operation. Messrs. Lewis and Fisher arc officers
of the Beacon Falls Rubber Shoe Co.-V. 102, p. 1062.
Great South Bay Water Co.-Preferred Stock Increase.-
The shareholders will vote Apr. 5 on authorizing the increase in capital
stock from $400,000,consistingof $200,000 each class,to 359),033 to include
common, $200,000, pref., 3300,000.-V. 92, p. 1112.
Gulf States Steel Co.-Listing.-
The New York Stock Exchange has been asked to list trust certificates
for the following stocks: $3,000.000 1st pref., $4,990,000 2d pref and
$12,497,600 common.-V. 102, p. 1165, 973.
Hawaiian Commercial & Sugar Co.-Extra Dividend.-
In addition to the regular monthly dividend of 25 eta. (1%) on the
$10,000,000 stock (par $25) an extra payment of 50 cts. (2%) has been
declared, payable Apr. 5. Similar extra payments were made in III ec.. Oct.,
Aug. and May 1915,bringing the total dividends for the year up to 20%.
-V. 101, p. 1717, 1555
Home Telep. & Teleg. Co., Los Angeles.-Consolidation.
Pres. A. B. Cass in a statement put out March 23 says in substance:
"The directors have authorized the management to endeavor, in conjunction with that of the Pacific Telephone & Telegraph Co., to work out a
plan for consolidation that will meet the demand of tho public and the approval of the public authorities. The management of the Pacific company
has signified its readiness to assist, and as the plan is formulated it will be
submitted to the public authorities. It is quite probable that the problem
may be best solved by the organization of a new local company to take over
the two systems in Los Angeles city, payment being made for the properties
in the securities of the now company."-V. 101, p. 849.
Hupp Motor Car Corporation, N. Y.-February Profits.
The net profits for Feb. were $55,096, an increase of $44,418 over Feb
1915 and 330.708 over Jan. 1916.
It is officially reported that thus far this year orders for cars have been
largely in excess of the factory output for the period.-V. 101, p. 2074.
Illinois Brick Co.-Quarterly Dividend.% has been declared on the stock, payable
A quarterly dividend of
Apr. 15 to holders of record Apr. 4. Previous payments were 3% semi-annually.-V. 102, p. 711. 525.
Illinois Pipe Line Co., Findlay, 0.-Bat. Sheet Dec. 31.
Liabilities (Total $23,516,542)Assets (Total 523,516,542)$20,000,000
$18,905,254 Capital stock
Pipe line property
181,715
Cash and acc'ts receivable......4,481,301 Accounts payable
3,000,000
149,987 Unmatured dividead
Material and supplies
Surplus
334,827
-V. 101, p. 2075.
International Nickel Co.-I,icense.-Pres. Monnellsays:
By Order-in-Council passed recently, the Dominion Government, in the
effort to control the export of nickel ore and nickel from Canada, has placed
an embargo on the export of these materials to other points than the British Empire, except upon license granted by the Dominion Government
for permission to export to other places. The International Nickel Co. is
advised by the Canadian authorities that such license will be issued to them,,
and that there is nothing in this Order-in-Council that will affect their operCuba Cane Sugar Corporation.-Distribution.J. & W. Seligman, as syndicate managers, have distributed profits of ations as now conducted.-V. 102, p. 714, 434.
20% to the subscribers to the underwriting for stock who did not exercise
Kansas Natural Gas Co.-To Pay Interest.the privilege of withdrawing their stock from the syndicate. About oneH. P. Taylor & Co., New York, Pittsburgh and Buffalo, report that the
third of the shares were so withdrawn. Compare V. 102, p. 1062, 979.
receivers are making preparation to pay the 1915 interest on the 2d M.
bonds. According to the recent adjustment, the 1st M. bonds have been
Cuyahoga River Power Co.-Litigation.A press dispatch from Washington, D. C., on March 20 said :The U. S. reduced in par value by payment of cash installments to $268, and it is
probable that this amount will be soon paid off in full, leaving the
dismissin
very
Ohio
of
Court
Supreme Court to-day reversed the U. S. District
ing the suit of the company against Akron (0.), seeking to prevent the city 2d M. bonds in possession of the property, subject to certain amounts of
from diverting waters of the Cuyahoga River for use in a municipal water Kansas City Pipe Line Co. bonds, which are being reduced; also Marnet
plant, to which waters the power company claimed it was legally entitled. Mining Co. bonds, which, under the terms of the stipulation dated Dec. 17
The case was appealed to the Supreme Court solely on jurisdictional ques- 1914, are to be liquidated in full before the company's 2d M. bonds become
tions. The Supreme Court ordered the District Court of Ohio to go fully first lien.
According to the stipulation, the 2d M. bonds are to be reduced to $750
into the merits of the whole water power controversy between the company
par by agreement of bondholders receiving interest at the rate of6% thereon
and the city.
Jan. 11915. Unpaid coupons dated from July 11912. totaling $150,
exclude
to
from
sought
The "Beacon-Journal" of Akron says: The company
the city and the New Orleans Traction & Light Co.from using the water in will be taken care of by a 6% interest certificate, which will be redeemable
the river, alleging prior property rights. It lost both cases in Ohio courts. at its face value after all of the 1st M. bonds of the company, the Kansas
The matter went to the Federal Court at Cleveland for trial two years ago, City Pipe Line Co. and the Marnet Mining Co. have been redeemed.
THE CHRONICLE
APR. 1 19161
1253
Holders of the 2d M. bonds, who have not signed the agreement to the of the Owens company and partly in cash. To make these payments it
stipulation issued under date of Dec. 17 1914, should sign acceptance will be necessary to increase the authorized capital stock of the Owens
thereof and if they will communicate with H. P. Taylor & Co. full particu- company and to presently dispose of $7,000,000 of the new Owens pref.
lars of the affairs of this company will be furnished and proper blank fur- stock and $1,500,060 of the new Owens common stock. To meet possible
nished for the necessary acceptances. The 2d M. bonds mentioned were future financial requirements, your directors recommend that the auoffered in Feb. 1906 to the Kansas Natural Gas Co. stockholders of record thorized capital stock of the Owens company shall now be increased to
Mar. 1 1906 in proportion of their stockholdings on a basis of $750 for $50,000,000, of which $20.000,000 shall be preferred cumulative 7% and
each $1,000 bond, payable $250 each Mar. 15, April 20 and May 15 1906, $30,000.000 common stock.
Pres.Edward D. Libbey is quoted as saying that sales during the firstfive
said price being the amount of par value under the agreement mentioned.
months of the present fiscal year were 200% greater than during the same
-V. 102, p. 526, 803.
period of the previous fiscal year,and that the shipments were 150% greater.
Kentucky Public Service Co.-Bonds Called.-
Pref. Stock Sold.-William Salomon & Co., N. Y., and
Secor & Bell, Toledo, have offered and sold at 105 and div.
(see adv. on another page) $7,000,000 new 7% cumulative
Magnolia Petroleum Co.,Dallas,Tex.-Bal.SheetDec.31.- pref. stock, preferred as to both assets and earnings. Par
1914.
1914.
1915.
1915.
$100 a share. Dividend period Q.-J. Redeemable at op$
$
AssetsLiabilities$
$
Real est.,b1dg.,&c.13,135,550 10,673,588 Capital stock ____*9,800,000 5,022,500 tion of company on 90 days' notice at 115 and accrued diviMaterial & mdse. 8,161,044 3,424,635 First mtge. bonds_ 9,890,000 7,250,000 dends. A circular shows:
Miscellaneous_ ___ 125,921
42,977 Notes & acc'ts pay 4,481,139 3,765,503
All ($681,000) outstanding 1st & Ref. M.6% gold bonds of 1912 have
been called for 'payment at 10234 and int. on or before Aug. 1 at Fidelity
Trust Co., Philadelphia, trustee.-V. 102, p. 1065.
Due to subscrib. of
Taxes, int., &c.,
capital stock..__ 2,054,301
accrued
Notes & accts. rec. 1,816,133 2,352,760 Dividends declared
Cash
1,070,112 1,316,362 Surplus
379,366
90,839
852,000
238,569
960,558 1,442,911
Total
Total
26,363,062 17,810,322
26,363,062 17,810,322
* Total stock outstanding, $20,000,000; amount issued, $7,744,900; unissued subscribed and not paid for, $2,054,301, and unissued subscribed
and paid for, $799; total as above, $9,800,000.
Note.-Tho company has obligated itself to acquire as of Jan. 1 1916 the
properties of the Magnolia Pipe Line Co. and the Corsicana Petroleum Co.
for a consideration of $7,437,500, _payable in the capital stock of the Magnolia Petroleum Co. at par.-V. 102, p. 157.
Marconi Wireless Tel. Co. of America.-Earnings.1915.
Cal. Year-Gross earnings_ _ _ $704,537
$184,062
Net earnings
_ _ 104,933
Other
256.
-V.102,p.
income_..
1914. I
$753,145!Depreciation
$121,6151Reserves, &c
150,2741 Balance, surplus
1915.
$54,178
57,500
$177,317
1914.
$59,511
62,500
$149,877
Mason-Seaman Transportation Co.-Receiver.Judge Hough in the U. S. District Court, N. Y., on Mar. 31 appointed
Allan Lexow and A. Leo Everett receivers for the company in an equity
suit brought by the Michelin Tire Co.-V. 100, p. 1596.
Merchants Coal Co. Pittsburgh, Pa.-Sale.-
In an opinion filed in the U. S. District Court at Pittsburgh on Mar. 17
an order for a decree of sale of three pieces of this property in West Virginia
was entered to satisfy a mortgage of $2,714,000 5% sinking fund bonds of
1909, held by the Farmers' Loan & Trust Co. of N. Y.-V.100, p. 2089.
Mexican Petroleum Co., Ltd.-Pref. and Common Stock.
See Pan-Amer. Petroleum & Transport Co. below.-V. 102, p. 715, 1064.
Mohawk Mining Co. (of Mich.), New York.-Earnings.
1915.
Cal. year- •
1914. I
1915.
Gross receipts_ _ _ _S2,700,843 $1,383,3301 Dividends
$600,900
$1,511,575 $431,053 I Balance, surplus_ _ $911,575
Net profits
1914.
$100,000
$331,053
National-Acme Mfg. Co., Cleveland.-Stock Dividend.
An official circular dated March 15 says: At our January meeting all
stockholders were advised either personally or by letter as to the attitude
of the directors towards the company's surplus. Agreeably, a common
stock dividend of 100%, by unanimous vote of the full board, has this day
been declared payable to stockholders of record at the close of business
March 15." The board has also declared a regular 134% dividend on the
pref. stock, payable on or before April 1 to holders of record March 28.
The company manufactures automatic screw machines. Sec., A. W.Henn.
-V. 102, p. 526, 441.
Amount now To be presently
CapitalizationAuthorized. Outstanding.
7% cum. pref. stock (par $100)
$20,000,000
$7,000,000
Common stock (par $ 5)
30,000,000
9,000,000
The$500,000 old pref. stock will be called for redemption on Sept.30 1916.
Summary of Letter Signed by Pres. E. D. Libbey, March 14.
The present issue of $7,000,000 preferred and $1,500,000 common stock
is being made principally to acquire practically all the stock of the American Bottle Co. and to provide over $1,000,000 additional working capital.
The company (upon the acquisition of the American Bottle Co.) will be
the largest manufacturer of bottles in the United States; the combined
output in the fLscal year 1915 was 303,535,584 bottles.
This company owns the exclusive United States rights to use and license
the Owens bottle machine, the only wholly automatic bottle machine in
the world. Its advantages include large saving in labor cost, high quality
of product and great rapidity of production.
Combined Net Profits of the Two Companies after Depreciation.
Annual avge. for period of about 5 yrs. 3 mos. end. Dec. 31 '1542,567,336
Thedividends on this $7,000,000 7% pref. stock call for
490,000
Combined net profits for fiscal years 1915. 1914 and 1913, respectively,
$2.077,705, $3,407,790 and $3.160,931. Combined sales for the 4 mos. up
to Jan. 31 1916`increased 50% over the corresponding months of the preceding year. and were substantially in excess of those in the like period of
any previous year; based on this showing, combined net profits for current
fiscal year ending Sept. 30 1916 promise to compare very favorably with the
net profits in the fiscal years 1914 and 1913, which were respectively
$3,407,790 and $3,160,931.
The combined net assets Dec. 31 1915, together with additional
working capital, without allowance for royalty license contracts, patents, good-will, &c., which are of very great
value, aggregate
$13,478,065
The royalty license contracts alone provided $603,846 revenues from
outside companies in the fiscal year 1915.
A cumulative sinking fund for the purchase or redemption of the pref.
stock at not exceeding 115 and accrued dividends is to be created by setting
aside on Nov. 1 annually, commencing with 1916, from surplus profits, a
sum equal to 3% of the aggregate par value of the pref. stock issued
whether or not outstanding.
This company may not, without the vote of at least 75% of the outstanding pref. stock, create or authorize any other corporation, a majority of the
voting stock of which is then owned by it. to create any mortgage or other
lien to secure an issue of bonds or otherwise, or issue or authorize any such
other corporation to issue any additional bonds under any present mortgage or any evidence of indebtedness maturing later than one year after
the issuance thereof.
Application will be made to list both the pref. and common stock on the
New York Stock Exchange.-V. 101, p. 2076.
Ozan-Graysonia Lumber Co.-Bond Offering.-James
D. Lacey Timber Co., Chicago, are offering at par and int.
$675,000 1st and Ref. 6% gold serial bonds. The bankers
National Steel Car Co., Ltd., Montreal.-Dividend.- report in substance:
press report from
A
Toronto on Mar. 26 said:
Dated Jan. 3 1916. due $35,000 each J. & J. 3 from July 3 1916 to July 3
The directors at their meeting decided to pay the dividend of 7% for the 1925; $100,000 Jan. 3 1926. Interest J. & J. 3 at Mississippi Valley Trust
current year and to leave the matter of deferred dividends in abeyance for Co., St. Louis, Corn Exchange Bank. Chicago, and Michigan Trust Co*
the time. It was stated after the meeting that the company required all Grand Rapids. Red. at 10134 and int. Denom. $1,000, $500 and $100
of its surplus earnings to finance its operations, which are at present very (c*). Trustees, Mississippi Valley Trust Co. and Michigan Trust Co.
large, but that the directors felt that the shareholders should be assured of .Authorized issue, $900,000, but the last $225,000 may only be issued for the
a return this year. The dividend for the whole year was declared, there- purchase of additional timber or timber lands at $2 25 per 1,000 ft., with
fore, and payment for the first quarter will be made on April 1.
approval of James D. Lacey Timber Co. Principal and interest will be
The plan to pay off the 21% accrued dividends, 14% in the form of new paid so far as lawful without deduction for Federal income or other taxes.
preferred shares and 7% in cash during 1916, was apparently abandoned,
These bonds are secured on: (a) 67,391 acres of virgin timber lands in
loecause it appeared that the consent of every shareholder would have to be Clark, Pine, Howard and Montgomery counties, Arkansas (61,052 acres
obtained. See V. 102, p. 349.
owned in fee, 6,338 acres timber only), estimated to carry 292,997,000 feet
of Arkansas short leaf yellow pine and 6,850,000 feet of white and red oak
New South Farm & Home Co.-Reorganization.timber. (b) Sawmill, planing mill, &c., at Graysonia, Ark., capacity
See Assets Realization Co. under "Reports" above.-V.99, p. 1303.
125,000 feet per 10-hour day. (c) Sawmill, planing mill, &c., at Prescott,
Ark., capacity 100,000 feet per 10-hour day. Valuing the timber at $5
Nipissing Mines Co.-Earnings.--For years end. Dec. 31: per
1,000, the total value of assets under the mortgage is about three times
1914. I
1915.
Cal. year1915.
1914.
the entire bond issue.
'Total expenses__ - $41,163
Divs. from Nipis.
$35,628
This
loan is to provide funds to retire all prior claims which were alien on
$1,220,000 $1,235,000 Dividends (20%). 1,200,000 1,200,000 a portion
Mining Co
of the property when it was acquired, and enable the new company
691 Balance,
142
- $21,021
Other income__ _ _
$559 to commence business as a going concern with a large stock of lumber and
Net income of the Nipissing Mining Co.for the year 1915 was $2,222,256 supplies on hand, and with quick assets of approximately 254 times the
(against $2,516,065 in 1914); other income, $34,176 (against $42,668); total current liabilities. Sinking fund of $3 per 1,000 feet for all timebr cut or
income, $2,256,432. From this was deducted the cost of mining and all removed must be paid prior to cutting and should retire all the bonds
other expenses, $852,947 (against $980,016), and dividends, $1,220,000 when only 75% of the timber has been cut.
(against $1,235,000), leaving a balance, surplus, of $183,485 (against
All the capital stock ($1,250,000 auth.,81,000,000 issued) has been placed
$343,715). The total surplus Dec. 31 1915, as per balance sheet, was In a voting trust during the life of these bonds. There is also outstanding
$1,786,261.-V. 101, p. 1017.
$25,000 debentures due Jan. 11926.
The company is a consolidation of the Ozan Lumber Co. of Prescott,
Northern States Power Co.-Underly'g Secur's Called. Ark.,
and the Graysonia-Nashville Lumber Co. of Graysonia, Ark. The
The company has called for payment May 1 1916 at 105 and int. the average net return of both mills from operations for the past five years ex0 bonds of the Consumers' Power Co. of Minnesota, ceeds $6 50 per 1,000. Total annual capacity (day run only) is about
$7,210,000 1st M. 517
due Nov. 1 1929,and for payment May 1 at par and interest the $1,434,5C0 55,000,000 feet. Both mills operated to full capacity during the recent
6% Coll. Lien notes of Consumers' Power Co. of Minn.; and for payment lumber depression of 1914 and 1915.
June 1 1916 at 101 and interest the $5,000,000 6% Coll. Lien notes of
Directors.-W. N. Bemis. Prescott, Ark., Pres. and Gen. Mgr.; W. E.
Northern States Power Co. due June 1 1917 and for payment on June 1 at Grayson,
Vice-Pres.; Henry S. Priest. J. W. Bemis and Wm. Grayson, all
101 and interest the $3,000,000 Minneapolis General Electric Co. 3-year of St. Louis;
Geo. H. Grarson, Graysonia. Ark.; Duncan McRae, Prescott,
67
0 Coll. trust notes duo June 1 1917.
The calling of these securities is in line with the policy for consolidating Ark. Hiram Grayson is Sec.-Treas.
the funded debts of Northern States Power Co. and its subsidiaries, and the
Paint Creek(W. Va.) Collieries Co.-Sold.financial and corporate reorganization of these companies in order to simCol. J. A. Watress of Scranton, Pa., Chairman of the bondholders' complify their financing and operation.-V. 102, p. 1166, 1064.
mittee for the $3,000,000 1st M.5s, has purchasel 10 of the 13 leaseholds of
the company for $200.000. Two other leaseholds were sold to T. C. PeurY
Northwestern Yeast Co., Chicago.-Extra Dividend.- of
Charleston for $15,000, one remaining unsold. Compare V. 102. p. 890.
An extra dividend of 3% was paid Mar. 15 on the stock along with the
Pan-American Petroleum & Transport Co.-Stock Of%
.-V
. 94, p. 1060.
regular quarterly 3
I
fered.-A syndicate headed by Wm. Salomon & Co., New
York,is offering at 1023/i and divs. a block of the $10,000,000
7% cumulative convertible preferred stack, preferred as to
Nymo Zinc & Lead Co.-Stock Offered.-Douglas Fen- assets and earnings. Dividends Q.-J.
The stock is redeemable, all or part, up to Jan. 1 1936, at 115 and divi:
wick & Co. are offering the unsold portion of 10,000 shares dends
on 90 days' notice.
CapitalizationAuthorized. Outstanding.
of the common stock at par, $5 per share. The stock has
cumulative
cony. pref. stock (par $100)
7%
$25,000,000 $10,000,000
basis,
the
dividend
been placed on a 12%
initial dividend of Common stock (par
$a0)
125,000,000 30,494.750
The above preferred and common stock was issued for the acquisition of
1% having been declared to stockholders of record on Mar.25.
securities below described and to provide $3,750,000 cash working capital.
See further particulars in advertisement on another page.
Data from Letter of E. L. Doheny, Dated Mar. 22 1916.
Organization.-Incorporated in Del. [Feb. 4 19161 and has acquired the
Owens Bottle Machine Co., Toledo.-New Stk.-Purch. following
securities of companies engaged in the production, transportation
Nova Scotia Steel & Coal Co., Ltd.-Stock Inc.-
Press reports state that the company has increased its auth. common stk.
from $7,500,000 to $15.000,000.-V. 102, p. 1064, 980.
The shareholders on Mar. 23 voted to increase the authorized capital
stock from $8,000,000 to $50,000,000 by raising from $7,500,000 to $30,000,000 the authorized common stock, and from $500,000 to $20,000,000
the 7% cumulative preferred.
Official Statement Regarding increase of Stock.
The directors have elected to purchase practically all of the stock of
the American Bottle Co., one of your company's licensees, and the largest
manufacturer of its lines of production in the United States, thus adding to
the investments of your company in manufacturing plants and to its earning capacity. The stock so purchased is to be paid for partly in pref. stock
and sale of petroleum and its by-products, the per cent of the total 'outstanding issue in each case being also as here shown:
Par Value.
Securities Acquired.
% of Total.
$17,500,000 Common stock, Mexican Petroleum Co., Ltd. (V.
101, p. 446; V. 102, p. 1064), about
44.637
9,035,000 Preferred stock (8% non-cum.) Mex.Pet. Co., Ltd_ _ _ 75.29
2,900,000 Capital stock, Petroleum Transport Co
96.66 o
505,200 Common stock, The Caloric Co
58.60%
262,300 Preferred stock, The Caloric Co
65.57 7
10,000 Capital stock, Buena Fe Petroleum Co
100.004,
THE CHRONICLE
1254
[Vol, 102.
Separated from its pipe line earnings, the company showed a profit and loss surThe company thus holds a majority (about 51%) of the capital stock plus
of $34,592,379, against $57,857,632 as of Dec. 31 1914, when pipe line earnings
outstanding, of the Mexican Petroleum Co., Ltd., controlling what I be- were
included.-V. 102, p. 1064.
lieve to be the largest and richest area of proven oil territory in the world
under one ownership, embracing approximately 600,000 acres. The propService Co. of Northern Illinois.-Bonds Offered.
Public
also
It
$294,000,000.
over
erties owned and controlled are appraised at
-Russell, Brewster & Co., Lee, Higholds substantially all the stock of the Petroleum Transport Co., which -N. W. Halsey & Co.,
provides marine transportation facilities for the Mexican Petroleum Co., ginson & Co. and the Illinois Trust & Savings Bank, Chicago,
distributing
owns
and
Ltd. The Caloric Co. markets oil in South America
offering at or about 94M and int. $1,705,000 1st & Restations at Rio de Janeiro and Bahia. The Buena Fe Petroleum Co. owns are
220 acres of oil lands in fee in the Midway fields of California, equipped funding M.5% gold bonds. Dated Oct. 1 1911, due Oct. 1
Buena
with 53 producing wells and producing 50,000 bbls. monthly. The
Red., all or part, on Oct. 1 1921 or on any int. date
Fe Petroleum Co. controls leases on upwards of 20,000 acres of lands in 1956.
at 110 and int. upon 60 days' notice. Int. A.& 0.
thereafter
Texas, now being drilled.
Object.-The Pan-American company is formed to acquire further oil 1 in Chicago, without deduction for normal Federal income
operand
acquired
be
could
130
as
many
as
which
of
California,
in
holdings
& Savated as a single property,saving about 10c. per bbl. on the 18,000,000 bbls. tax. Denom. $1,000, c*. Trustee, Illinois Trust
produced annually, and to develop new oil fields in Central and South ings Bank, Chicago. A circular shows:
subsidithrough
or
directly
oil
deliver
to
position
a
in
it
America, placing
Organized in Ill. in 1911 and now owns all properties formerly belonging
aries to the Pacific and Atlantic seaboards of both Americas, in addition to
to the North Shore Electric Co., Economy Light & Power Co., Chicago
participating in the world-wide market for maritime fuel.
Light & Power Co., Illinois Valley Gas & Electric Co., Kankakee
for
Suburban
available
earnings
net
the
years
Earnings.-The following shows by
Light & Water Co. and the Northwestern Gas
the dividends of the two principal subsidiaries and the proportion applicable Gas & Electric Co., Pontiac
Co., which latter was acquired by consolidation in July 1913.
Coke
&
above:
Light
shown
percentages
the
of
basis
the
on
Company
Pan-American
to the
Outstanding.
Consolidated Funded Debt StatementApplicable to Pan-American
Mexican Petrol. Petroleum
Year ended
Underlying divisional bonds, secured by mortgages on portions
Companr.
Transp. Co.
Co., Ltd.
Dec. 31deposited
bonds
underlying
$3,430
of the property, excluding
er
$2,497,636 Aver.
x$305,366
*34,275,369
1913
$15,178,800
under the First & Ref. M., as stated below
1,959,473 3 yrs. 32,171,667
446,866
2,763,055
1914
12 ,137,000
First & Refunding 5% bonds, due 1956
2,057,894 about
570,867
1915 (Dec. est.).. 2,715,000 •
3-year 6% collateral gold notes. Secured by deposit of $4,375,4,192,923
916,600
6,750,000
1916 (est.)
notes,
[These
above.
included
not
bonds
M.
Ref.
&
$700,000
First
000
stock_
Annual dividend requirement on present $10,000,000 pref
3,500,000
it is stated, are to be paid off at maturity.) _
* Excludes $907,395 special profit on sale of property.
$30,815,800
debt
funded
Total
x Operated only part of 1913.
March 7 1916.
Sub. Co. Earnings.-The Petroleum Transport Co. earned in the calendar Data from President Samuel Insull, Chicago, Dated
Security.-These bonds are secured by a mortgage covering as a direct
year 1915 (with six ships) $570,867. and it is estimated to earn in 1916
(with three ships to be added) $916,600. These steamers, which are es- lien all fixed property now owned or hereafter acquired, being, (1) a first
sential to the operations of the Mex. Pet. Co., Ltd., are chartered to that lien on important parts of the property, including the property formerly
company or its subsidiaries for a period of years at fixed rates, not more belonging to the III. Valley Gas & Elec. Co. and the Chicago Suburban Lt.
than 60% of current rates. The Pan-American Company, therefore, & Power Co.; (2) a direct lien, subject to $18,608,800 prior liens, on the
may count upon an income from its holdings of the Petroleum Transport balance of the property; and (3) further secured by deposit with the trustee
Co. alone well in excess of the annual preferred dividend charge. Upon of $3,430,000 underlying bonds, or 18%, of the total underlying bonds, as
the delivery in 1917 of tank steamers now building, the Transport company follows: $2,109,500 North Shore Electric•Co. 1st & Ref. 5s, $396,000 North
will have an annual earning capacity, based on present charter rates, of Shore Elec. Co. 1st M. 5s, $421,000 Economy Lt. & Power Co. 1st M.5s,
over $1,500,000, which alone will provide more than twice the annual $408,000 Kankakee Gas & Electric Co. 1st & lief. 5s, $90,500 Citizens' Gas
preferred dividend. The fleet in commission and building, comprises 16 Co. 1st M. 5s and $5,000 La Grange Water, Light & Power Co. bonds.
tank vessels of a total capacity of 950,000 bbls.(excluding five vessels owned This issue, therefore, in addition to being secured by a mortgage lien on all
or chartered by the Mex.Pet. Co., Ltd.,of a total capacity of 250,000 bbls.) fixed property, shares in the lien represented by the deposited underlying
The earnings of the Buena Fe Petroleum Co. are estimated at $200,000 bonds, thus adding materially to the security of the bonds.
Mortgage Provisions.-A sufficient amount of bonds is reserved with the
for 1916, based on present production and current prices. Earnings of
The Caloric Co. for the same period applicable to the Pan-American com- trustee to retire the underlying mortgage lions now outstanding. As to
pany are estimated at $200,000, based on past earnings and new facilities.
property hereafter acquired, bonds may be issued to the par amount of
The accumulated surplus of the Mex. Pet. Co., Ltd., on Dec. 311914. 75% of expenditures therefor, and if mortgage liens exist thereon, additional
was $8,372,707. Net for the year 1915, applicable to dividends (Dec. esti- bonds may be issued to the par amount of such liens to refund them.
mated), was $2,715,000; and the net for 1916, based on oil already sold,
Annually after Dec. 31 1917 a depreciation reserve, to be maintained out
is estimated at $6,750,000. The regular 8% preferred dividend now being of earnings, is established, amounting to 2%, of all bonds outstanding for
paid on the Mex. Pet. Co. stock amounts to $722,800, or more than suf- the previous six months which are not issued to refund underlying bonds
ficient to pay the full dividend on the Pan-American company's pref. stock. protected by sinking fund or depreciation reserve provisions in the mortThus the proportion of the total not earnings for 1916 applicable to divi- gages securing them.
dends should amount to approximately $4,593,000. or over 6 Yi times the
Property and Territory.-Operates in 13 counties in the northeastern part
annual preferred dividend; or, after payment thereof, to about 12 X % on of Illinois, surrounding Chicago, and having a combined population, acthe $30,494,750 common stock.
cording to the 1910 U.S. Census, of 759,655, excluding the City of Chicago.
Convertible Feature.-The preferred stock is convertible at any time up to The service rendered includes the supplying of electricity, gas, heating and
Jan. 1 1936 into common at 115% (at the rate of $115 par value pref. for water.
Earningsfor Fiscal Year ended Dec. 311915.
$100 par value common). If any preferred stock be called for redemption
during the conversion preiod, the right to convert is to extend up to 30 Gross earnings
$6,903,2281Int. on bonds and notes_ _$1,492,280
days prior to the redemption date; see above.
$1,661,578
$3,153,8581 Balance
taxes
after
Net
conPrincipal Preferred Stock Provisions.-The company may not, without
$7,672.000 outstanding preferred stock
bonds
precede
Equity.
-These
sent of at least 2-3 of the outstanding preferred stock, create any mortgage and $10,062,500 common, having a present market value of more than
or lien upon its properties, real or personal. The preferred stockholders $18,000,000. For directors, &c.. see "Railway and Industrial" Section,
may not vote for any purposes except as above stated, unless the preferred p. 179. Additional data regarding organization, properties, franchises.
dividend is unpaid for one full year, when, and until all dividends are paid, &c.,
see V. 97, p. 180. 1269; V. 102, p.890.
the preferred stock shall vote ratably with the common. The remainder
of the authorized preferred stock not issued shall not be issued except for
Sheffield Coal & Iron Co.-Readjustment Plan Dated
cash (i. e., at par).
Management.-Directors will include: E. L. Doheny, Pres. Mexican March 24 1916.-The protective committee, which reprePetroleum Co.; H. G. Wylie, V.-Pres. and Gen. Mgr., and directors, o. D.
notes and capital stock,
Bennett, Norman Bridge, J. M. Danziger, E. L. Doheny Jr., C. E. Har- sents practically all the bonds, trust
wood, T. A. O'Donnell, all of the Mexican Petroleum Co.; Thomas Coch- has issued a plan of readjustment, under which Dominick
ran, Pres. Liberty National Bank, N. Y.; G. G. Henry and ElLsha Walker,
Broadway, N. Y., will act as fiscal agents.
William Salomon & Co.; Eugene Meyer Jr., Eugene Meyer Jr. & Co.; & Dominick, 115
Committee: James Gayiey, Chairman; August Hockscher. Alfred ClifS. Spaulding, Los Angeles, Cal., and E. R. Tinker Jr., V.-Pres. Chase
ford, Randal Morgan and W. R. Walker, with J. R. Floyd as Secretary,
National Bank, N. Y.
Application will be made to list both preferred and common stocks on 71 Broadway, N. Y., and White & Case, counsel.
a
The property has been able to meet current expenses, but to make it
the New York Stock Exchange.-V. 102, p. 715, 1166.
byprofitable enterprise the committee find that it is necessary to install new
open
plant,
the
to
improvements
and
:epairs
make
ovens,
product coke
Peerless Truck & Motor Co.-Earnings Cal. Year 1915.
$1,224,204 ore mines and provide working capital. This will require approximately
Net profits
$2,555,7731Total surplus
money by authorizing
257,3351General Vehicle Co. surplus__ 900,000 $1,000,000. The committee proposes to raise thispresent
Preferred dividends
time $1,100,000,
600,000 an issue of 31,500,0006% bonds, and issuing at the
$2,298,4381Contingent reserve
Surplus
thereto at 95% and int.,
1.074,2341Total surplus and reserves- - _$2,724,204 allowing the present security holders to subscribe
Previous deficit
stock. It is
the
pref.
present
retiring
and
stock
common
of
bonus
a
with
-V. 102, p. 716. 614.
believed that with the richer ore containing from 50% to 527 iron which
,000 tons at
produced, the earnings should. be: 100°
regularly
be
now
can
Philadelphia Electric Co.-Rate Reduction.$11 70 per ton (present price is $15), $1,170,000; cost at $8 por ton, $800.Beginning April 1, this company will make a general reduction in rates 000; profit, $370,000; interest on $1,100,000 new bonds at 6%. $66,000;
both to the city and other consumers, aggregating $1,000.000, based on the balance for dividends, &c., not earnings, $304,000.
earnings for 1915. A compromise was effected March 9 between the
The new capitalization is to consist of $1,100,000 1st M.sinking fund 6s,
company and the city at a hearing before the P. S. Commission terminating callable at 105 and int. (annual sinking fund, up to $110,000 out of net
a suit instituted by Morris L. Cooke. The petition asking the Commis- profits); and $2,800,000 common stock. These are to be issued as follows:
sion to investigate the rates was originally filed in 1914, and the case was Bonds, with July 1 1916 coupons attached, to be sold (with
opened Nov. 17 of that year. As a result of the compromise, the company
50% bonus in stock) to underwriters at 95 and int. from
will refund the city the difference between the rates in force since Jan. 1
$1,100,000
Jan. 1 1916
1915, and the new schedule, which specified that rates finally determined Common
Stock-Total,$2,800,000, issuableupon should apply as regards public lighting for 1915.-V. 101, p. 452.
$550,000
new
bonds
aforesaid
with
bonus
As 50%
Holders of present 1st M.5% gold bonds and notes (together
Pittsburgh Coal Co. (of N. J.)-Plan Opposed.-The
aggregating $696,420)to receive par and interest in new stock 900,560
317,581
pref. shareholders' committee named below is opposing the
Old pref. stockholders to receive 50% of present holdings__ _
625,000
Old common stockholders to receive 25% of present holdings_
plan of readjustment. See adv. on another page. In cirBankers'commission,$100,000; protective committee,$100,000 200,000
206,859
cular dated March 27 the committee says in part:
Reserved for futuro allotment to executives. dept. heads, &c_
The advantages under the proposed plan are in favor of the common stock -V. 95, D. 1212, 893.
per
$44
of
58
dividends
unpaid
for
and against the preferred. Our claim
Singer Mfg. Co.-Transfer Agent.share is a cash claim, and if we are asked to take stock in lieu of this cash
The Registrar & Transfer Co., 15 Exchange Place, Jersey City, has been
claim-which is a concession on our part-we ought to get at least a 7%
transfer agent of the stock, effective April 1.-V.99, p. 987.
appointed
pref.
stock,
7%
of
pref. stock for this $44 58 and still hold our old share
making for each share of our present holdings 1 and 44 58-100 shares of 7%
Standard Oil of Kansas.-Balance Sheet Dec. 31.- 1914.
pref. stock. But the proposed plan, instead of doing this, offers us 1 1-3
1915.
1914.
Liabilities-1915.
Assetsshares of 6% pref. stock. And as the total issue of the proposed now pref.
$2,000,000 $2,000,000
stock is one-third greater than our present issue of prof. stock, 1 1-3 shares Real est. dr plant_ _31,489,292 $1,394,010 Capital stock
and
862
accounts
Bills
742
company's
the
in
interest
same
the
property_
of hew stock represents practically
Personal
376,745
38,720
374,339 payable
689,419
property and assets as one share of our old prof. stock.
Merchandise
536,794
533,020 Undivided profits_ 1,4138,370 1,144,422
Committee: Otto J. Korb,New York; Charles E.Ellicott and W.Graham Cash
and
Korb
&
Warner
390,495
Stocks, bonds,&e. 621,234
Boyce, agent for Laura E. Buck, Baltimore, with
490,418
Lemmon & Buck as counsel. See plan, &c.-V.102, p. 804, 1055, 1166. Bills & acc'ts ree'le 507,634
$3,845,115 $3,183.142
$3,845,115 33,183,142 Total
Total
Pittsburgh Steel Co.-Dividends Resumed-Notes.----y. 100, p. 1263.
A dividend of 2% has been declared on the $7,000,000 common stock,
payable April 1 to holders of record March 28. This is the first payment
Steel Co. of Canada.-Dividends-Status.since Sept. 1913.
A dividend of 3Yi% has been declared on the $6,496,300 prof. stock, on
The company has called for payment on May 1 $850,000 6% notes,
duo Jan. 11919, and it recently purchased an additional $150,000, leaving account of accumulations, along with the regular 1X %,both payable May 1
to holders of record Apr. 15
$2,500,000 outstanding. See V. 162, p. 716, 349.
Prairie Oil & Gas Co.-Balance Sheet Dec. 31.-
Robert H. McMaster, a director, is quoted as saying:
"We expect a record year without a doubt. Our mills arc working at
overtaxed capacity and both the domestic and export demand is exceedingly good. The only difficulty we have experienced so far as the export
end of the business is concerned is that of moving out the goods, due to the
congestion of freight. Most of our business is being done in South Africa,
New Zealand. Australia and Great Britain, while very little business is being done with the United States. Wo manufacture all our own steel, and
92,716,050
is proving highly profitable, as the price to-day Is about double that of
72,591,784
this
Total
72,591,784 92,716,050
Total
The loss of $20,769,859 in personal property Is due to the relinquishing of the com- a year ago. The main departure of the manufacturing end of our business
is making steel for shells and forgings for the finished shell."
pany's pipe lines to the Prairie Pipe Line Co.
1915.
Assets$1,390,725
Real estate
Personal property_15,305,739
28,490,473
Merchandise
Cash on hand_ _ 2,35.5,395
Acc'ts receivable_ _25,049,452
1914.
$1,490,944
36,095,693
34,850,442
5,992,433
14,286,536
1914.
1915.
LiabilitiesCapital stock paid
$18,000,000$18,000,000
up
4,030,000 9,000,000
Bonded debt
Aco'ts payable..._15,999,405 7,858,419
34,592,379 57,857,631
Surplus
APR. 119164
THE CHRONICLE
(The company has outstanding $11,500,000 common and $6,496,300 prof.
stocks, 68.350.000 First M. & Collateral Trust bonds of 1910, due 1940,
and $1,200,000 6% notes maturing $400,000 July 1 1915, 1916, 1917, but
extended to July 11918, 1919, 1920.
N. B. Stark & Co., Montreal,recently offered a block of the 6% notes.)
V. 102. p. 72.
•
Sulzberger & Sons Co. (Meat Packers), New York.Sale of Bonds.-Hallgarten & Co. and William Salomon &
Co. and the Illinois Trust & Savings Bank and the Continental & Commercial Trust & Savings Bank, as managers of
the syndicate which purchased the $15,000,000 Sulzberger
& Sons Co. 6% 25-Year First Mortgage Sinking Fund Gold
Bonds, announce that all the bonds have been sold. The
bonds were offered at 100 & int. See adv. on another page.
The bonds arelffirst mortgage 6% 25-yr. Sinking Fund
Gold Bonds dated Apr. 1 1916 and due Apr. 1 1941, but subject to redemption in whole or in part on any interest date
at 1073' and int. upon eight week's notice. Interest A.& 0.
in New York City.
Authorized, $25,000,000; presently issuable, $15,000,000. Denom.,
$1,000, r* $1,000, $5,000 and multiples. Annual sinking fund beginning 1917 of 1% of bonds outstanding to be used for purchase or redemption
of bonds which are to be kept alive in sinking fund. Trustee, Guaranty
Trust Co., Now York.
Digest of Letter of V.-Pres. Jas. A. Howard, New York, Mar. 22 1916.
Purposes of Issue.-The proceeds of $12,500,000 of these bonds will be
used to retire the outstanding $8,099,000 6% debentures which mature
June 1 1916, and for additional working capital. Of the remaining bonds,
$2,500,000 will be issuable for general purposes and $10,000,000 will
be reserved to be issued only for expenditures for betterments, extensions,
improvements, additional properties, &c. (including stocks and securities
of subsidiary and other companias), but only to the extent of 75% of such
expenditures, and for the payment of prior liens on the properties at the
time subject to the mortgage or of lions upon the properties of subsidiary
companies a majority of the stock in which is at the time pledged under the
mortgage.
Security.-These bonds will be (1) a first mortgage (subject as hereinafter
stated) upon all the manufacturing plants, equipment, branch house properties (owned in fee) and practically all other real estate (except certain unimportant parcels not used in the business) of Sulzberger & Sons Co. and
its auxiliary companies, Sulzberger & Sons Co. of Oklahoma, Pacific Coast
Beef & Provision Co. and The Sulzberger & Sons Co. of America. (2) A.
collateral lien on the company's entire holdings (except directors' qualifying shares) of the stocks of its important subsidiary companies,including the
above-mentioned auxiliary, companies.
The mortgage will forbid (a) the creation of liens upon the plants and real
property of subsidiary companies whose capital stocks are so pledged; and
)the declaration of any dividend by the company,upon its common stock
(1,
unless the aggregate quick assets (as defined in the mortgage) of the company and its subsidiaries equal their total indebtedness, including the new
bonds but excluding inter-company indebtedness.
Properties.-The properties to be mortgaged consist of packing houses in,
New York, Chicago, Kansas City, Oklahoma City and Los Angeles, together with glue, curled hair, oleomargarine and other factories and refrigerator plants. The packing plants have a combined capacity of 187,000
cattle, calves, sheep and hogs per week. The company, either directly,
or through subsidiaries whose capital stocks will be pledged, has 120 distributing branches and over 1,900 railroad cars, of which 1.565 are refrigerator cars, by, moans of which the products are distributed to most of the
Important cities and towns in the 'United States. Also has an important
export business, having branch houses and agencies in Great Britain and
Europe.
Total Valuation of 625,249,457 for Property Owned and Investments.
Real estate, plants, &c., at Now York, Chicago, Kansas City,
Oklahoma City, Los Angeles, &c.(recent appraisal)
$21,011,807
Horses, trucks and stable equipment (recent appraisal)
467,876
Refrigerator cars and other rolling stock (recent appraisal)
1,899,375
Miscellaneous properties not appraised, and cost of additions
since appraisal
220,399
Company's interest in properties of affiliated cos. not wholly
owned, on basis of recent appraisal
1,650,000
The properties of the company and of its subsidiaries whose capital stocks
will be pledged are free of mortgage except miscellaneous mortgage obligations aggregating $323,500 and equipment bonds amounting to 670,852,
all of the latter maturing prior to Feb. 1 1918.
Business.-The company is one of the four largest packing companies
in the United States. In addition to the distribution of beef, lamb, veal
and pork, it directly or through subsidiaries manufactures lard, oleomargarine, bone,,horn, beef extract, soap, glue, hides, curled hair, fertilizers,
&c., and sells butter, eggs, poultry and other produce. Business was established in 1853; a continuous and steady growth. Originally a
plant having about 300 operatives; now includes five principal plantssingle
with
a total floor area of 97.5 acres and a cold storage floor area of 41.2 acres,
• and employing over 6,500 men, in addition to about 4,000 traders, clerks,
traveling and branch house salesmen. The gross sales have increased from
approximately $91,000.000 in 1911 to $122,000,000 in 1915. The products
are staple and are rarely subject to wide or sudden fluctuations in value.
The present extraordinary condition of affairs in Europe, however, has
afforded an unusual opportunity for an extension of the foreign business
of the packers.
Earnings of the Company and Its Subsidiary Companies.
[After providing for depreciation and interest charges, other than interest
on the loans to be met out of proceeds of these $12,500,000 bonds.]
$2,163,3121As against the $750,000
For the year ended Dec. 26 1914
Dec. 25 1915
do
do
2,609,881J interest on those bonds.
Assets.-The total net assets of the company and subsidiaries as of Dec.
25 1915, exclusive of good-will, patents, trade-marks, &c., and after giving
effect to (but without deducting) those 612,500,000 bonds, aggregate over
$36,000,000, while the net current assets alone of the company and of subsidiaries wholly owned as of Doc. 5 1915, after giving effect to the present
financing, were over $11.000,000. The current assets consist principally
of cash, bills and accounts receivable and merchandise readily convertible
into cash.
Sinking Fund to Retire Bonds.-Annually beginning Dec. 1 1917 an amount
in cash equal to 1% of- the bonds outstanding at date of
such payment.
The bonds so purchased or redeemed are to be kept alive in the
sinking
fund and the interest thereon is to be added to the sinking fund.
Capital Stock.-Amounts outstanding: $9,678,200 7% cumulative pref.
stock and $20,000,000 common. Regular quarterly dividends on the prof.
stock have boon paid since its issue.-V. 102, p. 442.
C5
Tamarack Mining Co.-Earnings.1914.
1915.
Cal. year1915.
1914.
Mine receipts_ _-- 6742,796 $137,601 Interest paid
$3,851
337
312,509 Balance
Total expenses.._ 659,957
sur.$78,988deI3174,945
882,83910881174908 Total surplus
Net earnings
$1,204,993 $895,993
The total surplus, $1,204,993, Deo. 311915 was after adding $230,000 sale of
mill.
Pine copper produced, 3,888,150 lbs. (all sold) in 1915, against 1,074,808 lbs.
(all sold), in 1914. Average price received, 19.10o. in 1915, against 12.80c. In 1914.
-V. 100, p. 1263.
1255
N. J.. on N. Y. Harbor, and also the $625,000 stock of the Tide Water
Pipe Co. The latter company has a pipe lino from Western Pennsylvania
to the refineries at Bayonne. With the exception of the Standard, this
is the only pipe line reaching New York Harbor. The Standard owns 31%
of the stock of the Tide Water Oil Co. and in 1884 made a contract with
the Tide Water to divide all the business of transporting, manufacturing
and selling petroleum in the United States, whereby the Tide Water Co.
was to have 11%% of certain business in N. Y. and Penn. and the Standard
8834%. This contract was in existence until Mar.9 1891, when it was canceled as of Jan. 1 1890.
On May 13 1890 another agreement was made with the National Transit
Co., one of the Standard companies. This agreement was still in force in
1910. By it the Tide Water Co. procured the right to purchase from the
Standard at the Western terminus of the trunk lines from 2,000 to 3.000
bbls. of oil per day, and Pres. Benson testified that during all the years
since 1890 his company had purchased about the same amount of oil, and
this, with the amount procured through its own local gathering pipe lines,
had been sufficient to occupy its trunk pipe line and run its refineries at
about the same capacity as In 1883. This had never quite equaled the
11M %,and in 1910, by reason of the extension of the Standard's business,
was much less than that. It appears that approximately 95% of the refined oil of the Tide Water Co. was in 1910 being exported, and of this
amount the Standard handled 77%, being all that was shipped in bulk to
European countries. The balance, or 214,, was sold in South America,
Africa and the West Indies].-V. 102, p. 1065.
United Cigar Mfrs. Co., N. Y.-Acquisition.-
This company, it is announced, has acquired controlling interest in the
stock of the Best and Russell tobacco companies through purchase of the
holdings of Pres. Wm. Best Sr. These companies are incorporated in
Illinois, Missouri and Tennessee, at $200,000. $150,000 and $125,000,
respectively, and are large distributors in those sections.-V.102.
p. 717.
United Cigar Stores Co. of America.-Earnings.ronm.
ings.-
Cat.
Cal. year1915.
I
1914.
Rec'ts. less chges_$2,404,470 82,241.7841 Corn. dive_ _(634)31,765.530(6)31629,
720
Pref. diva.(7%)_ 3316,890 $316,890 I Balance surplus__
3322,050 $295,174
-V. 102, p. 891, 615.
.
United Drug Co. (Massachusetts).-Chartered.--
This company has taken out a charter under Maasachusetts laws, with
$52,500,000 capital stock, succeeding the recently dissolved New
York
corporation of the same name. The new authorized capital stock consists
of $7,500,000 1st pref.. par $50, $10,000,000 2d pref. and $35.000.000 corn.
stock, par $100, of which amount will now be issued, full-paid and nonassessable in consideration of transfer of all property, assets, &c., of the
New York company.$5,086,350 1st pref., $9,109,000 2d pref. and $20.050,000 corn. stock. Officers and directors are: Louis K. Liggett,
Pres.;
James C. McCormick, Treas.; and A. W. Murray, Clerk; Louis I. Schreiner, Charles E. Muran, J. N. Staples Jr., H. L. Simpson, J. A. Galvin.
L. W. Retzel, C. H. Zimmerman, M. E. Mahon, George Hall, R. E. Hadley. W. W. Haddon and P. 0. Wood.-V. 102, p. 1167.
United Gas & Electric Corporation, New York.-Dividend Increased.-This company has declared a dividend of
13
4% on the $9,453,000 issued first preferred stock, payable
April 1 to holders of record Mar. 23, this being an increase
of 34 of 1% quarterly. Since Apr. 1 1915 the stock has been
cumulative at the rate of 7%, but up to this time semiannual dividends of 3% only have been paid. It is announced that future dividends on this stock will be paid
quarterly, beginning Apr. 1. The annual report for the late
fiscal year was published at length in last week's "Chronicle," p. 1169. The results for the controlled companies
are shown above under heading "Reports" above-V. 102,,
p. 1164, 801.
United States Steel Corp.-Director.-
Judge William H. Moore rosignel as a director some ten months ago,
although this did not become known publicly until within the last week.
He became a director of the corporation at its formation in 1901. He was
succeeded at the time by Thomas Murray, Asst. Sec. of the corporation.
-V. 102, p. 1066. 1051.
United States Worsted Co.-Sale of Stock.-
See Assets Realization Co. under "Reports" above.-V.102,p. 1161,981.
U. S. Light & Heating Corporation.-New Directors.-
The six new directors recently elected are Joseph Huber,John E. Roberts,
who was one of the co-receivers, John E. Miffling, William C. Wilson,
William B. Gower and Otto Pressprich.-V. 102, p. 257.
Utah Consolidated Mining Co.-Earns.-For cal.19year.
r.
Cal. Year- 1915.
1914.
Cal. Year- 1915.
Total profits_62,298.657 $1,663,016 Divs. (40%)- $600,000
Net profits__ _$1,128,122 $565,665 Deprec'n, &c_
30,881
Prey. surplus_
632,174
772,096
Total
61,760,296 $1,337,761
Total surp_61,129,415
-V. 100, p. 1749.
$600,000
105,587
$632,174
Vacuum Oil Co., Rochester,.N. Y.-Extra Dividend.-
An extra dividend of 2% has been declared on the $15.000,000 stock,
along with the regular 3%,both payable May 15 to holders of record May 1.
This is the same declaration as was made at this time last year. Since the
segregation from the Standard Oil Co.6% per annum has been paid-from
1912 to 1915, both inclusive-with 27 extra May 1915 and 1916.
The not profits for 1915 were $6,861,913, against $2,075,644 in 1914, an
Increase of $4,786,269.-V. 100, p. 1173.
Wappler Electric Co., Inc.-Stock Offering.-J.S.Stubbs
& Co., Inc., N.Y.,are offering $250,0007% cum.pref.stock.
The company is the largest manufacturer of electro-medical apparatus
in the U. S. This company produces the well-known Wappler X-ray machines.
Whittaker-Glessner Steel Co., Wheeling, W. Va.Bonds Purchased.-Lee, Higginson & Co. have purchased
and will offer a new issue of $3,000,000 1st & Ref. M. 5%
25-year sinking fund gold bonds, subject to ratification by
stockholders of the company. Proceeds of the issue will
pay off $1,300,000 existing bonds and supply over $1,500,000
for plant additions.-V.97, p. 181.
Willys-Overland Co.-Exchange of Subscription Receipts.
Full-paid subscription receipts for the 7% cony. pref. stock may now be
exchanged for the definitive certificates at the Bankers Trust Co.-V. 102.
p. 1168, 1056.
Winnipeg Electric Ry.-Dividend Omitted.-
The following official statement has been issued in connection with the
omission of the dividend by Secretary F. Morton Morse.
At a meeting of the board it was decided that, owing to the financial
Tide Water Oil Co., N. Y.-Option to Subscribe at Par for situation, the practice of declaring a quarterly dividend has been discontinued for the present. In this connection I would say that the business
20% of New Stock.of the company is showing an improvement and for the current quarter
Stockholders of record Apr. 10 1916 are offered the right to subscribe the net earnings have been sufficient to provide for
accrued fixed charges
at par ($100 a share) at the company's office, 11 Broadway, until 3 p. m. and also a sum that would have been sufficient toall
enable the company to
June 15, for 48,000 shares of new capital stock to the amount of one share declare a moderate dividend for this quarter. Directors
feel that at this
for each five shares of their respective holdings. Subscriptions must be time, in order to conserve the company's interests, a dividend
should not be
paid before July 6 and the new stock certificates will be issued as soon after declared payable for the present quarter, and that the
matter
of further
July 6 1016 as possible, but will participate only in dividends paid after dividends for the year will be considered and dealt with at a later
date.that date.
V. 102, p. 1061, 155.
Report.-See "Annual Reports" on a preceding page.
Yale & Towne Manufacturing
Co.-Bond Call.(The following information was published in 1911 in connection with the
$1,000,000 outstanding 1st M.5% bonds of 1900 have been called
suit of the Government that resulted in the dissolution of the Standard Oil forThe
redemption at 105 and interest on July 1 at the Bankers Trust Co..
combination: The Tide Water Oil Corporation owns refineries at Bayonne, trustee.-V. 102, p. 1065.
[vol.. 103.
THE CHRONICLE
1256
geporis anti Dom-nods.
STANDARD GAS AND ELECTRIC COMPANY
ANNUAL REPORT—FOR THE YEAR ENDED DECEMBER 311915.
1 1923. T'a e issue of
Office of Standard Gas & Ele3tric C3., be. 1 Olt, a1 mi,turin; D339-nh9r
these bonds on January 1 1913 had reached $10,300,000
208 South La Salle Street,
par value. On March 15 1916 the outstanding issue was
$8,952,000, representing a reduction, within the period, of
Chicago, Ill., March 211916.
$1,348,000. From January 1 1915 to March 15 1916,
To the Stockholders of Standard Gas & Electric Company:
$954,000 00 par value were redeemed.
Your directors submit herewith report setting forth the
TWENTY-YEAR SIX PER CENT GOLD NOTES.
financial condition of your company on December 31 1915,
together with earnings statement for the year as audited
Of these gold notes there was outstanding March 15 1916
by Messrs. Haskins & Sells, based upon audits of the sub00 sold for cash. There has
sidiary companies either by themselves, Messrs. Arthur a total par value of $2,329,850
been subscribed a total par value of $178,550 00 payable in
Young & Company, or the Audit Company of Illinois.
installments, under the terms of the offering to the shareAlso there are submitted statements of the holdings of your
and
statistical
holders. There has been sold, in addition, to bankers a
,
statements
earnings
ve
comparati
company,
par value of $350,000 00, to be taken up and paid for as the
called.
is
attention
your
which
to
n
informatio
other
demand. In addition, as of
In addition to the reports submitted herewith the company requirements of the company
outstanding $524,750 00 par value
were
the
there
of
15
1916,
,
March
tabulation
tal
supplemen
a
n
distributio
for
ready
has
which were issued in acquirement of dividend
detailed earnings statements, balance sheets and physical of these notescompany.
properties of all its subsidiary companies, which will be sent scrip of your
The total of the foregoing, including the notes which were
to any shareholders upon request at the company's office.
for cash, those which have been subYour company has shown continued improvement during sold and delivered being
paid for on partial-payment plan,
1915. The earnings of the subisidary companies for years scribed for and arehave been
purchased, by bankers, to be
which
those
and
follows:
as
compare
31st
December
ended
future time, and those issued in
a
at
for
paid
and
delivered
1913.
1914.
1915.
$3,383,150 00.
$15,539,281 24 $14,354,689 07 $12,926,287 52 acquirement of scrip, aggregates
Gross
7,585,602 72
Net
Balance of earnings retained
In Surplus or allocated to
1.322,792 22
Depreciation Reserve
6.741,233 07
5,816,659 75
864,535 08
578,440 50
DIVIDEND POLICY.
Attention is directed to the increasing amount of "Balance
of earnings retained in Surplus or allocated to Depreciation
Reserve," as exemplifying the course followed by the subsidiary companies upon the subject of depreciation.
Your company's earnings for years ended December 31st
compare as follows:
Gross
Net
Balance for Dividends
Dividends
Surplus
Deficit
1913.
1914.
1915.
$1.618,467 47 $1,475,029 01 $1.539,310 96
1,502,804 44
1,435,418 96
1,575,441 36
751,506 47
619,964 30
742,377 13
(4%)471,398 00(6 2-3)78566333 (8)912,420 45
270,979 13
160,913 98
165,699 03
Your company does not own all of the securities representing the equity of the subsidiary companies, nor is it
interested in equal proportion in the securities of each subsidiary. In order, however, to give a measure of this interest, it can be stated that if the subsidiary companies had
distributed in dividends their "balance of earnings retained
in Surplus or allocated to Depreciation Reserves," your
company's surplus for years ended December 31st would
have been increased by the following amounts:
1915.
$605,590 81
1914.
$465.039 02
1913.
$394,312 95
The amounts retained by some of the subsidiary companies
for surplus purposes are proportionately greater than need
be in coming years and it is therefore reasonable to expect
at an early date an increase in your company's collectible
income from that source.
In general, the past twelve months' operations have
demonstrated that the income of Standard Gas & Electric
Company will steadily improve, and we are firmly of the
belief that the returns for the year 1916 will be largely in
excess of those for 1915, which were gratifying under the
existing circumstances. With the increased earnings indicated, we have no hesitancy in repeating the statement
made in the last report that the income of your company
will, in time, rise to a point which will be far more than
sufficient to provide for the normal eight per cent dividend
in cash upon the preferred stock.
Your attention is called to the excellent financial condition
of practically all of the subsidiary companies, which is fully
disclosed in the accompanying sheets.
FINANCES.
earnings statement given in this
and
sheet
The balance
report in detail fully set forth the condition of the company.
We desire, however, to call your attention to the excellent
financial condition reflected in a freedom from floating debt
of every description and to the fact that your company has,
in the form of cash on hand and deferred payments on sales
of twenty-year gold notes, ample funds to retire the remaining balance of its collateral trust notes, which mature June 1
1916, and, in addition, to provide a substantial working
balance.
Your attention is also called to the reduction in the six
per cent convertible sinking fund gold bonds, dated Decem-
Upon the success of the financing of your company by
twenty-year six per cent gold notes, and in accordance with
the promise made in the circular to shareholders, cash dividends at the rate of one per cent per quarter were commenced December 15 1915. The policy of your company
will be to maintain the present rate for some months, but
with the expected increase in earnings it is hoped that the
dividend rate will be increased from time to time until the
preferred stock reaches its full eight per cent.
DIRECTORS.
last report your board of directors
the
of
Since the date
has been increased to fifteen members, and the following
new members have been elected: Messrs. B. E. Sunny,
S. W. Childs, Donald McDonald, John H. Roemer and
Elmer Dover.
DEPRECIATION.
This subject has been referred to in previous reports. All
of the subsidiary companies are fully maintained at highest
efficiency. In addition, all, with two exceptions, have
depreciation reserves, but at one of these a depreciation
reserve account has been inaugurated, beginning with
January 1 1916.
Furthermore, all of the subsidiary companies, with two
exceptions, namely the Mississippi Valley Gas & Electric
Company, a holding corporation, and the Northern Idaho &
Montana Power Company, a non-controlled company, have
surplus reserves which have not been distributed and which,
together with the depreciation reserve accounts, have been
re-invested in the plants of the respective companies. s
The subject of depreciation is receiving the continuou
attention of your officers and directors and policies are
being formulated in this regard 'which, it is believed, will
prove ample.
SUBSIDIARY COMPANIES.
With the exception of the properties located in the Pacific
Northwest (Tacoma, Everett and the Northern Idaho &
Montana Power Company properties), the Fort Smith Light
the
& Traction Company and the .Mobile Electric gompany,
subsidiaries have shown improvement in earnings and in
general business conditions in tne territories which they
serve. This has been particularly true in the returns from
Northern States Power Company, Louisville Gas & Electric)
Company, Arkansas Valley Railway, Light & Power Company and Western States Gas & Electric Company.M -11
The Fort Smith Light 8z Traction Company, for the first
time in two years, had an increase in both gross and net
earnings for the month of January 1916, and it is believed
that conditions will continue to improve at this property.
The Mobile Electric Company, until the year 1915, was
one of the most consistent of the subsidiaries in showing
increased earnings. During that year the cotton situation
brought about by the war had a serious effect. However,
recent reports indicate that business conditions, on account
of the revival of the lumber industry, which was a very large
THE CHRONICLE
APR. 1 1916.1
one in this section, have materially improved, and we anticipate resumption of steadily increased earnings.
Conditions at the Northern Idaho & Montana Power
Company properties and at Tacoma and Everett are still
depressed, and we are unable to foresee betterment in the
immediate future.
In the latter part of January and the early part of February
1916 serious floods occurred at, and in the vicinity of, San
Diego, entailing a loss of $55,000.to the San Diego Consolidated Gas & Electric Company. This company in past
years had set aside from earnings a depreciation fund of
$502,484 05, so that it is in excellent position to take care
of this relatively small loss.
1257
PREFERRED STOCK DIVIDEND SCRIP,BEARING 6% INTEREST
Maturing
September 1 1923
Outstanding
December 31 1914_ _$1,296,344 50
September 15 1915_ _ 1,607,719 00
December 31 1915.. 1,410,946 00
March
15 1916_ _ 1,088,871 50
The issuance of scrip was discontinued with the quarter
ended September 1 1915, cash dividends having been resumed
for the following quarter ended December 1 1915. Prior to
September 15 1915 the company purchased in the open market scrip of a face value of $42,174 00 at a total cost of $32,612 67. During November and December 1915 the company
purchased $196,773 00 face value of scrip, paying for it in
$184,500 face value of 6% Twenty-Year 'Notes maturing
October 1 1935. During the period from January 1 1916 to
March 15 1916 the face value of scrip purchased amounts to
$322,074 50; in payment for which there were issued
$340,250 face value of 6% Twenty-Year Notes maturing
October 1 1935. All scrip purchased, $42,174 00 prior to
September 15 1915, and $518,847 50 after November 15
1915, aggregating a face value of $561,021 50, was canceled.
FRANCHISE SITUATION AND RELATIONS WITH
THE PUBLIC.
The relations of the subsidiaries of the Standard Gas &
Electric Company with the communities served are excellent.
The franchise situation of the subsidiary companies is satisfactory. The only case of competition, as stated in the previous report, is in the city of St. Paul, a subsidiary of Northern States Power Company. The competition mentioned in
CONTINGENT LIABILITY.
previous reports with the city of Eugene, Oregon, where a
Mississippi Valley Gas & Electric Company has outstandsubsidiary of the Northern Idaho & Montana Power Company
operates, has been disposed of by the sale of the distributing ing $5,000,000 Collateral Trust 5% bonds, dated May 1 1912,
system to the city and a contract whereby the company will maturing May 1 1922, specifically secured by its treasury
holdings of preferred and common stocks of the Louisville
supply electrical energy to the city on a wholesale basis.
Gas & Electric Company of Delaware, aggregating a par
CONDITION OF PROPERTIES.
value of $7,000,000.
Standard Gas & Electric Company owns all the capital
The subsidiary properties of Standard Gas & Electric Company are maintained at highest efficiency. They are sub- stock, except directors' qualifying shares, of the Mississippi
stantially built and are adequate for the service required. Valley Gas & Electric Company, and has guaranteed the
The officers of Standard Gas & Electric Company desire payment of principal and interest of these $5,000,000 bonds.
to state that the resident management of Standard's subsidi- This is the only contingent liability of Standard Gas & Elecary companies is of the best.. The public relations of the tric Company.
companies are good, and the directors take pleasure in makCOLLECTIBLE INCOME OF STANDARD GAS 8c,
ing this acknowledgment.
ELECTRIC COMPANY FOR YEAR ENDED
DECEMBER 31 1915.
CAPITALIZATION.
From the bond and other interest of its subsidiary companies.
&
Gas
Electric
Standard
Company
was
The
incorporated
Standard Gas & Electric Company received or accrued
under the laws of the State of Delaware in 1910.
(against receipt at maturity)
$608,622 56
PREFERRED STOCK, 8% ACCUMULATIVE.
Authorized
$30,000,000
Outstanding
$11,784,950
COMMON STOCK.
Authorized
Outstanding
$15,000,000
$9,343,150
Par value of shares, both preferred and common,$50 00.
There has been no alteration in the issued capital stock of
your company since June 4 1913.
2,093
Total number of Preferred Stockholders
1,158
Total number of Common Stockholders
CONVERTIBLE 6% SINKING FUND GOLD BONDS.
From dividends paid by its subsidiaries, Standard Gas &
Electric Company received or accrued (against receipt at
respective dividend dates)
From interest on bank balances
From profits on sales of securities
From financial services rendered to a subsidiary company in
connection with assistance given in selling its bonds
From special common dividend of a subsidiary company paid
from its accumulated surplus
929.669 65
6,038 35
16,599 71
12,915 00
44,622 20
Making the total income of Standard Gas & Electric Company received or accrued (against receipt at maturity or
dividend dates) from its subsidiaries in the form of interest
and dividends on securities and stocks owned and other
income for the year
$1,618,467 47
Deduct operating expenses and taxes of Standard Gas &
Electric Company for the year
43,026 11
Maturing December 1 1926
Dated December 1 1911.
Outstanding
Authorized
1 1913, $10,300,000
On January
$30,000,000
Balance
$1.575,441 36
On December 311913, 10,136,000
23 1914, 9,969,500 INTEREST CHARGES OF STANDARD GAS &
On March
ELECOn December 31 1914, 9,9C6,000
TRIC COMPANY FOR YEAR ENDED
On March
15 1915, 9,848,000
DECEMBER 31 1915.
On December 31 1915, 9,793,000
on Convertible 6% Sinking Fund Gold Bonds
$588,211 33
On March
15 1916, 8,952,000 Interest
Interest on Collateral Trust 6% Serial Notes
119,730 22
This shows a total reduction of $1,348,000 in the face Interest on Twenty-Year 6% Notes
11,214 67
amount of bonds originally issued January 1 1913, and the Interest on Dividend Scrip
88,023 86
amount outstanding March 15 1916. These $1,348,000 have General Interest
25,884 15
been redeemed and canceled as follows:
Through operation of the sinking fund
$278,500
20,500
From treasury cash
From the proceeds.of sale of underlying collateral of a face value
1,049,000
of $1,164,000
Total -- - --r -----------------------------------$1,348,000
Average redemption- price, 97.54.
The face amount of bonds redeemed from March 15 1915,
the date of the previous report, to March 15 1916,is $896,000.
TWENTY-YEAR 6% NOTES.
Total Interest Charges
$833.064 23
Leaving a balance of actual income for the stock of Standard
Gas & Electric Company of
742,377 13
Which is equivalent to 6.3% on outstanding preferred stock.
DIVIDENDS PAID BY STANDARD GAS & ELECTRIC
COMPANY.
During the year 1915 there have been paid or accrued on
the preferred stock of the company dividends at the rate of
4% per annum as follows:
Maturing October 1 1935 In Scrip
Dated October 1 1915.
$314,265 34
Sold
Authorized
In Cash
117.849 50
As of December 31 1915, $1,987,300 Accrued for December 1915 against payment
$15,000,000
March 15 1916
As of March
15 1916, 3,383,150
39,283 16 471,398 00
On December 31 1915 there were $2,125,750 notes sold,
Balance
carried
to
Surplus
$270,979 13
,but $138,450 of these were delivered subsequent to that date.
Inasmuch as the preferred stock dividend is cumulative at
Note.-All of the $3,383,150 par value of notes will not
be outstanding until shareholders have paid the full amounts the rate of 8%, there is left unpaid for the year 1915 an
accumulation of $471,398 00. (The unpaid accumulation
on the partial-payment plan.
prior to January 1 1916 amounted to $157,132 67, making
COLLATERAL TRUST 6% SERIAL NOTES.
the total to December 31 1915, inclusive, $628,530 67).
Matured June 1 1914, $500,000
As shown above, on the basis of actual income, dividend
Dated June 1 1913
Matured June 1 1915,
500,000 disbursements(4% on the preferred stock)for the year 1915
Maturing June 1 1916, 2,000,000 leave a surplus of $270,979 13, however, if the interest of
Standard Gas & Electric Company in the undistributed
Outstanding
Authorized
December 31 1915
$1,768,400 balance of earnings of its subsidiary companies, which inter$3,000,000
est amounts to $605,590 81 (as shown in the following
Deduct cash held by
trustee
46,634 table) is considered, these figures are changed to a surplus
of 76,569 94; offsetting this amount by $471,398 00, the
$1,503,600 unpaid dividend accumulation on the preferred stock for
On March 1 1916
Note.-Sales of twenty-year notes have provided for retire- the year, would leave a balance of $405,171 94, or 4.33%, on
the common stock; or considering the entire preferred diviment of all these notes at their due date.
THE CHRONICLE
1258
dend accumulation to December 31 1915, amounting to
$628,530 67, would leave a balance of $248,039 27, or 2.66%,
on the common stock.
APPLICABLE INCOME OF STANDARD GAS & ELECTRIC COMPANY.
[VOL. 102.
companies of Standard Gas & Electric Company in the year 1915 earned in
excess of their interest disbursements, except only the Tacoma Gas Company,the Everett Gas Company,the Fort Smith Light& Traction Company
and the Northern Idaho & Montana Power Company. These four companies jointly earned $150,902 79 less their interest disbursements. All of
the subsidiary companies earned in that year substantially in excess of their
dividend disbursements, except a special common dividend of Western
States Gas & Electric Co. of Delaware paid from accumulated surplus.
Standard Gas & Electric Company's proportion of the interest
disbursements, the dividends on preferred stocks and the
dividends on common stocks of subsidiary companies given
above during the year ended December 31 1915, and which
proportion represents the revenue actually received or accrued, against receipt at maturity, by Standard Gas &
Electric Company on its treasury holdings of stocks, bonds,
notes and other securities of its subsidiaries and miscellane$1,618,467 47
ous revenue, amounted to
Since December 31 1915 a largo part of this accrued revenue
has been received by Standard Gas & Electric Company
and the balance will be received at the respective due dates.
No accrued income has been considered which will not be
paid when due.
In addition to which, the interest of Standard Gas & Electric
Company in the undistribuetd balance of earnings of
31.322,792 22 of its subsidiaries for the year ended Decem605,590 81
ber 31 1915 amounted to
The aggregate results for the year 1915 of all companies
other than those named have left them with a remaining
balance from earnings for that year of $1,322,792 22.
POLICY PURSUED AS TO UNDISTRIBUTED BALANCE OF EARNINGS OF SUBSIDIARIES.
Instead, however, of declaring in dividends all of the
before-mentioned undistributed balance of earnings of the
subsidiary companies (Standard's proportion of which, as
shown above, amounted to $605,590 81), the directors of
those companies have allocated such undistributed balance
on the books of the respective subsidiary companies as follows:
Making for the year ended December 31 1915 what is commonly designated as the APPLICABLE INCOME of
$2,224,058 28
Standard Gas & Electric Company
Deducting from this sumStandard Gas & Electric Company$43,026 11
Operating expenses and taxes
833,064 23
Interest charges
n the properties of the respective subsidiary companies. In
consequence of this, the collectible income of the Standard
Gas & Electric Company, as shown on the preceding pages,
has been $605,590 81 (Standard Gas & Electric Company's
interest in the $1,322,792 22) less than its so-called applicable income.
DEPRECIATION RESERVES AND UNDISTRIBUTED
SURPLUS OF SUBSIDAIRY COMPANIES.
876,090 34
Total
Leaves from the APPLICABLE INCOME of Standard Gas
$1,347,967 94
& Electric Company the sum of
On the basis of APPLICABLE INCOME, Standard Gas &
31
Electric Company shows for the year ended December
1915. as follows:
Required for 8% dividends on the preferred stock outstanding 942,796 00
$405,171 94
Leaving a balance of
Or the equivalent of 4.33% on the common stock outstanding during the
year.
The amount of dividends actually paid, in scrip or cash, during the year
was $471,398 00, instead of the amount deducted above of 3942,796 00.
A comparative statement of the earnings of Standard Gas
Electric Company, on the basis of this APPLICABLE INCOME, is as follows:
1915.
For Years ended Dec. 31Aggregate Gross Undistributed
Surplus and Depreciation Reserves of the Subsidiary com$1,322,792 22
panies
1914.
$864,535 08
Of which the proportion represented by Standard Gas &
Electric Company's holdings
to the total outstanding se3605,590 81 3465,039 02
curities, is
Add the Actual Collectible Income of Standard Gas & Electric Company (none of which
is included in the above fig1,618,467 47 1,475,029 01
ures)
1913.
$578,440 50
5394,312 95
1,539,310 96
$1,347,967 94 $1,085,003 32 $1,145,819 42
Required for 8% dividend on
preferred stock outstanding
912,420 45
942,796 00
942,796 00
during the respective years
$142,207 32
$233,398 97
1.53%
2.5%
EARNINGS AND OPERATING EXPENSES OF SUBSIDIARIES.
The combined income of all of the subsidiary companies of
Standard Gas & Electric Company for the year ended
$15,539.281 24
December 31 1915 was
Operating expenses (including taxes and maintenance
7,953,678 52
charges)
$7,585,602 72
Net earnings
Included in the above operating expenses of $7,953,678 52 are:
$1,031,550 43
Taxes
878,309 38
Maintenance expenditures
were
distributed
72
The above not earnings of $7,585.602
as follows:
$4.127,305 90
Interest on funded indebtedness
72,571 96
Interest on floating indebtedness
Total interest disbursements
Dividends on preferred stocks
Dividends on common stocks
$4,199,877 86
$1,476,306 75
712,094 72
$2,188,401 47
Total dividend disbursements
25,433 96.,
Amortization bond discounts
Total foregoing interest, dividend disbursements and amor6,413,713 29
tization
$1,171,889 43
Leaving a balance of
Note.-The balance of $1,171,889 43 is the result of merging in the foregoing statement the operations of all companies. All of the subsidiary
and have retained the entire amount of
$1,322,792 22
During the year 1915 the subsidiary companies have sot aside
from their current earnings for additional depreciation
$258,000 00
reserve
During the year these companies have re-invested in extensions and enlargements to the properties their surplus re1,064,792 22
serve for that year of
22
$1,322,792
of
1915
for
the
year
Or a total
And also a further amount credited to depreciation reserve
15,966 00
through current operating accounts of
$1,338,752 22
A final total for the year 1915 of
Two of the subsidiary companies have increased
their depreciation reserve by transfer from previously accumulated surplus, an aggregate
$530,000 00
amount of
And one of the subsidiary companies has transferred from surplus to amortize bond discounts,
$60,000 00
an amount of
ON DECEMBER 31 1915
The total depreciation reserves of the subsidiary companies
$3,028,562 64
amounted to
And the total undistributed surplus of the subsidiary com1,671,516 24
panies_
$4,700,078 88
Or a total aggregate of
which has been invested in extensions and enlargements of the properties.
MAINTENANCE CHARGES.
$2,224,058 28 $1,940,068 03 $1,933,623 91
Makes totals of
Deduct Actual Operating Expenses, Taxes and Interest
Charges of Standard Gas &
787,804 49
855,064 71
876,090 34
Electric Company of
$405,171 94
Leaving a balance of
Equal to a per cent on the com4.33%
mon stock outstanding of......
$258,000 00
1,064,792 22
Depreciation reserve
Undistributed surplus
In addition to the amounts shown as Depreciation Reserves
and in addition to Undistributed Surplus, all subsidiary
companies have been maintained at highest efficiency and
- the cost of this maintenance is included in the operating
expenses of the various companies. The amount so spent
for maintenance and charged to operation for the year
$878,309 38
ended December 31 1915 is
There were also made during the year replacements out of the
359,498 72
previous depreciation reserves aggregating
$1,237,808 10
Total
EXPENDITURES FOR IMPROVEMENTS.
During the year ended December 31 1915 there were expended
for additions,improvements and betterments to the properties of the subsidiary companies controlled by Standard Gas
$1,340,223 71
& Electric Company, ammounts aggregating
During the same period and for the same purpose there were
Power
Northern
States
the
of
properties
expended on the
Company, including the Northern Mississippi River Power
2,359.084 23
Company, amounts aggregating
And on the properties of the Northern Idaho & Montana
38.009 93
aggregating
amounts
Power Company,
$3,738,217 87
Making total expenditures for above purposes
TAXATION.
The total taxes of the subsidiary companies charged through
$1,031,550 43
operation in the year 1915 were
Equal to 13.6% of the aggregate not earnings of the companies.
60,946 68
Being an increase over the previous year of
Increase in taxes
Year 1915 over
Year 1914 over
Year 1913 over
Year 1912 over
charged through operation:
1914
1913
1912
1911
Increase in four years
$60,946 68
83,973 91
102,211 67
174,669 79
$421,802 05
FINANCIAL CONDITION OF SUBSIDIARIES.
The combined excess of current liabilities over current assets
of all CONTROLLED companies (excluding the amounts
•
certain of the sub.ildiaries owe directly to Standard Gas &
Electric Company) as of Docembor 311015 amounted to... $655,291 74
Of this amount the Louisville Gas & Electric Company had
298,999 88
excess current liabilities of
$356,291 86
eaving a balance for the other controlled companies of
APR. 1 1916.]
THE CHRONICLE
1259
The current liabilities of all of the companies include ac- Watertown
HASKINS & SELLS
St. Louis
Baltimore
Certified Public Accountants
Atlanta
counts accrued, but not due, such as interest, taxes, preferred Pittsburgh
30 Broad Street
Denver
common
and
dividends; and in the assets there are not in- Cleveland
New York
San Francisco
Cable Address. "IIasksells"
London,B.C.
cluded such items as supplies, prepaid items, etc., which Chicago
assets in themselves alone amount to over $500,000 00.
GENERAL BALANCE SHEET-DECEMBER 31 1915
The Louisville Gas & Electric Company since December31 SUMMARY OF INCOME ANDand
PROFIT AND LOSS-FOR THE
1915 has issued its securities for additional construction exYEAR ENDED DECEMBER 31 1915
and
penditures, as well as for retiring the item of excess current
CERTIFICATE.
liabilities of $298,999 88 shown above.
We have made an audit of the books and accounts of the
And the balance of $356,291 86 for the other controlled
companies is really negligible considering the gross earnings Standard Gas & Electric Company, Chicago, Illinois, for
and financing ability of the companies; for instance, the the year ended December 31 1915, and
WE HEREBY CERTIFY that the accompanying SumArkansas Valley Railway, Light & Power Company had
excess current liabilities of $174,744 25, which since Decem- mary of Income and Profit and Loss for the year ended
ber 31 1915, have been financed through the sale of its securi- December 31 1915, and General Balance Sheet December 31
ties, thereby bringing the total of $356,291 86 down to 1915, are correct.
HASKINS & SELLS,
$181,547 61.
Certified Public Accountants.
As of the date of this report the amount of combined exChicago, February 14 1916.
cess current liabilities of the controlled subsidiary companies
has been reduced to $27,827 54 of excess current assets.
SUMMARY OF INCOME AND PROFIT AND LOSS
FOR THE YEAR ENDED DECEMBER 31 1915.
COMPANIES CONTROLLED.
Earnings:
Standard Gas & Electric Company owns a controlling in- Interest
on Bonds Owned
$549,429 64
Interest on Coupon Notes Owned
terest in:
7.385 84
Dividends
on Preferred Stock Owned
Company,
222,676 91
Louisville Gas & Electric
Dividends on Common Stock Owned
751,614
94
operating in Louisville, Ky., and suburbs. Control of Interest on Notes and Accounts Receivable
57,845 43
this company is owned through Standard Gas & Electric
Total
*1.588,952 76
Company's own holdings and its ownership of the stock General Expenses and Taxes
43,026 11
of the Mississippi Valley Gas & Electric Company,
Net Earnings
$1,545,926
65
Arkansas Valley Railway, Light & Power Company,
Other Income:
Profit on Sale of Securities
operating in Pueblo, Victor, Goldfield, Cripple Creek,
$16,599 71
Financial Services Rendered
12,915 00
Canon City, Rocky Ford, La Junta, Anaconda and Independence, Colorado, and surrounding territory.
Total
29,514 71
Tacoma Gas Company,
Gross Income
$1,575,441 36
operating in Tacoma, Olympia and Puyallup, WashingDeductions from Income:
Interest on Bonds
$588,211 33
ton.
Interesto on Collateral Trust Notes
119,730 22
Everett Gas Company,
Interest on 20-Year Gold Notes
11,652 51
operating in Everett, Monroe and Snohomish, Washing- Interest on Preferred Stock Scrip
88.023 86
Miscellaneous Interest
25,446 31
ton.
833,064 23
Western States Gas & Electric Company,
Net Income
$742,377
13
operating in Stockton, Richmond and Eureka, Califor- Profit
& Loss Surplus at Beginning of Period
513,094 83
nia, and a number of smaller communities.
Profit
&
Loss
Gross Surplus
$1,255,471 96
San Diego Consolidated Gas & Electric Company,
Profit & Loss Charges:
operating in San Diego, California, and surrounding Dividends on Preferred
Capital Stock:
Paid
in
Scrip
$314,265 34
territory.
Paid in Cash
117,849 50
Mobile Electric Company,
Accrued
39,283 16
operating in Mobile and Whistler, Alabama.
471.39800
Fort Smith Light & Traction Company,
Profit & Loss Surplus-December 31 1915
$784,073 96
operating in Fort Smith and Van Buren, Arkansas.
Southwestern General Gas Company,
GENERAL BALANCE SHEET DECEMBER 31 1915.
owning and operating natural gas fields and pipe lines
ASSETS.
Securities
Owned*
to Fort Smith and Van Buren, Arkansas.
Cash on Deposit with Trustee of the Convertible, 6% Sink-4;34,097,783 20
Oklahoma Gas & Electric Company,
ing Fund Gold Bonds
90,000 00
Sinking Fund for Redemption of 6% Bonds
operating in Oklahoma City and El Reno, Oklahoma.
51,593 75
Sinking Fund for Redemption.of Collateral Notes
46,634 33
Enid Electric & Gas Company,
Treasury Securities_a
563,900 00
Installment Subscriptions to Twenty-Year, 6% Gold Note
operating in Enid, Oklahoma.
247,291 69
Current
Assets:
Muskogee Gas & Electric Company,
Cash
$577,586 67
operating in Muskogee, Fort Gibson and Sapulpa, OklaAccounts Receivable-From Subsidiary Companies
763,873 68
homa.
Notes Receivable-From Subsidiary ComOttumwa Railway & Light Company,
panies
175,919 34
Note and Accounts Receivable
operating in Ottumwa, Iowa.
45,382 75
Preferred Stock Dividends Receivable
47,689 41
Mississippi Valley Gas & Electric Company,Common Stock Dividends Receivable
129,228 53
H. M. Byllesby & Company
a holding company incorporated for the purpose of assist20,247 75
Accrued Accounts:
ing in financing the acquisition of the Louisville, KenInterest on Bonds Owned
115,3
4
30
40
98
0
tucky, properties, and now owning a portion of the
Intert
es on Coupon Notes Owned
Interest on Notes Receivable
capital stock of the Louisville Gas & Electric Company.
2,062 31
Total Current Assets
1,877,365 42
Office Furniture and Fixtures '
COMPANIES NOT CONTROLLED.
1 00
Deferred Charges:
Organization
Expense
The Company owns a large, but not a controlling,interest
$42,094 15
Unamortized Debt Discount and
in:
Expense '
$567,418 39
Less-Discount on Preferred Stock
Northern States Power Company,
Dividend Scrip redeemed
48,058 26
operating in Wisconsin, Minnesota, North Dakota,
519,360 13
Sundry Items
South Dakota and Northern Illinois.
13,000 00
Northern Idaho & Montana Power Company,
Total Deferred Charges
574.454;3
operating in Montana, Idaho, Washington and Oregon.
Total
$37.549,023 67
POPULATION SERVED.
LIABILITIES.
The total population served by the companies in which Standard
Gas & Electric Company owns a controlling interest is estimated at the present thne at
The population served by the Northern States Power Company 919,078
Is estimated at
The population served by the Northern Idaho & Montana Power 829,383
Company is estimated at
59,760
Making a total estimated population of
1,808,221
The total consumers of all classes served by the controlled companie3 of Standard Gas & Electric Company were on December 31 1915
226,859
Total consumers Northern States Power Company
81,322
Total consumers Northern Idaho & Montana Power Company16,972
Total Consumers---------------------------------------- 325,153
Following the body of this report are given certified earnings statement of Standard Gas & Electric Company for the
twelve months ended December 311915,and certified balance
sheet as of December 31 1915; also table showing holdings
of the company and the securities of its subsidiary companies,
comparative earning statements of the subsidiary companies
for the past five years, and other relative information.
By order of the Board of Directors.
H. M. BYLLESBY, President.
Attest:
M. A. MORRISON, Secretary.
Preferred Capital Stock
S11.784,950 00
Common Capital Stock
9,343,150 00
Bonded Debt:
Convertible,6% Sinking Fund Gold Bonds_$9.793,000 00
Collateral Trust Notes. Due June 1 1916_ _ _ 1,775,100 00
Twenty-Year,6% Gold Notes
2,525,000 00
Total Bonded Debt
Preferred Stock Dividend Scrip
Current Liabilities:
Accrued Accounts:
Taxes
Interest on Bonds
Interest on Collateral Trust Notes
Interest on 20-Year, 6% Gold Notes_ _ _ _
Interest on Preferred Stock Dividend Scrip
14,093,100 00
1,410,946 00
13,720 00
48,867 50
8,841 25
25,037 08
7,054 72
Total Current Liabilities
Dividend on Preferred Capital Stock-Accrued
Profit & Loss Surplus-Per Accompanying Summary
Total
93,520 55
39,283 16
784,073 96
$37,549,023 67
* Includes $702,210 00 representing the book value of $676,000 00 par
value of Western States Gas & Electric Company and $106,000 00 par
value
of Ottumwa Railway & Light Company First and Refunding Sinking
Fund
Bonds Sold but not delivered December 31 1915.
a Includes $19,500 Convertible 6% Bonds, $6,700 Notes due 1916 and
$537,700 twenty-year 6% Notes.
Note.-$750.000 00 par value preferred stock has the right
exchange
at any time for $716.406 33 promissory notes, due in five of
years with
interest at the rate of 6% per annum.
[VOL. 102.
THE CHRONICLE
1260
STOCK OWNED DECEMBER 31 1915.
BONDS AND COUPON NOTES OWNED DEC. 311915. PREFERRED
Total
Outstanding
Bonds
Owned. of this Issue.
Description.
CompanyArkansas Valley By., Lt.
1st & Ref. S. F.5s 1931 $3,665,000 $3,665,000
& Pr. Co
7,210,000
1,924,500
1st 5s 1929
Consumers'Power Co
1,434.500
4,000
6% Coupon Notes 1917
Consumers'Power Co
620,000
20,000
1920
1st 6s
Enid Electric & Gas Co
762,000
433,000
1st bs 1940
Everett Gas Co
Trac&
Light
Ft. Smith
2,638,500
150,000
1st 5s S F. 1936
tion Co
Ft. Smith Light Sr Trac300,000
300,000
Deb 6s 1918
tion Co
1,805,000
228,000
1st 5s 1946
Mobile Electric Co
,000
1
,043
196,000
bs
1926..Ref.
&
st
tricCo.l
Gas&Elec
Muskogee
Mississippi Valley Gas &
10,000 5,000,000
1st 5s 1922
Elec. Co
Nor. Idaho & Mont. Power
1.476,500 4,631,500
1st 6s 1949
Co
120,000
70,000
Olympia Gas Company_ _ _1st 5s 1945
Gas
Southwestern General
499,000
499,000
1st & Ref. S.F.6s 1931
Co
1,559,000
685.000
Tacoma Gas Light Co.._ _ _Ref. 5s 1926
$9,661,000 $31,287,500
Total
PROMISSORY NOTES OWNED DECEMBER 31 1915.
Description.
Company.
Owned.
Total
Outstanding.
Owned.
Company-
Total
Outstanding
$726,000
$206,000
Arkansas Valley Railway, Light & Power Co
439,300
439,300
Enid Electric & Gas Company
310,000
253,900
Everett Gas Company
798,700 1,410,000
Fort Smith Light & Traction Co
00
*10,903,9
1.840,000
Co
Louisville Gas & Electric
1,300,000 1,300,000
Mississippi Valley Gas & Electric Co
852,500
,b00
277
Co
Electric
Mobile
658,500 1,543,600
Muskogee Gas & Electric Co
81,600 2,500,000
Northern Idaho & Montana Power Co
498,200 8,386,700
Co
Power
Northern States
449,900
234,500
Ottumwa Railway & Light Co
25,000
25,000
South astern General Gas Company
750,000
407,800
Tacoma Gas Company
237,500 2,125,000
Western States Gas & Electric Co., Delaware_ __ _
$7,258,500 $31,721,900
Total
*$4,500,000 owned by Mississippi Valley Gas & Electric Co.
BONDS AND COUPON NOTES OF SUBSIDIARY COMPANIES OUTSTANDING, NONE OF WHICH ARE
OWNED BY STANDARD GAS & ELECTRIC COMPANY DECEMBER 31 1915.
$65,000 00
Amount.
7% Due 5-1-16 $65,000 00
Description.
Enid Electric & Gas Co
Company50,919 34
Demand__ 35,919 34
Everett Gas Co
60,000 00
60,000 00
Co.
P.
Southwestern General Gas Co 7 Demand__
&
Lt.
55,000 00 Arkansas Valley Ry.,
15,000 00
$1,897,000
1922
7% Demand.._
Tacoma Gas Co
Pueblo & Sub. Trac. & Ltg. Co.. 1st S. F bs 1921
*140,880 00
None
1,010,000
Western States G.& El.Co.(Cal.)
Pueblo Traction & Lighting Co.. 1st S. F. 5s
60,000 00
Arkansas Val. Ry., L.& P. Co_
Co.:
Electric
310,000 00 Louisville Gas & &
8,500,000
1st & Ref. 6s 1918
Louisville Gas & Electric Co
Louisville Gas Electric Co
00
44,800
3,119,000
1st 58 1953
Mobile Electric Company
Louisville Lighting Co
405,719 58
750,000
6% Gold Notes 1918.._-Nor.Idaho & Montana Pow. Co.
Louisville Gas & Electric Co
10,000 00
Co.:
Ottumwa Railway & Light Co_
Electric
..
&
Gas
Muskogee
37,500 00
309,500
5s
1924
Deb.
1st
Co
Gas
&
San Diego Cons. Gas & Elec.Co_
Electric
Muskogee
20,000
1st 6s Serial
Muskogee Gas Co
$175,919 34 $1,239,818 92
Northern Idaho & Montana Pow.Co.
693,000
1930
58
1st
Willamette Valley Co
of Northern States Power Co.:
200,000
* Includes $60,880 due to Western States Gas & Electric Company
1st 5s 1925
Company.
Fargo & Moorhead St. By. Co
100,000
Delaware, and in turn carried by the Srandard Gas & Electric
2d 6s 1925
Fargo & Moorhead St. By. Co
302,000
1925
Grand Forks Gas & Electric Co.... _ Ref. bs1932
594.000
6s
1st
Co
Power
&
Interstate Light
50,000
COMMON STOCK OWNED DECEMBER 31 1915.
Mankato Gas & Electric Light Co. Cons. Ref. 5s 1935
200,000
1st 58 1920
Mankato Gas & Electric Co
31,000
6s
1926
Genl.
Co
Minot Light & Telephone
PerCent
Total
44,000
1st 6s 1925
Minot Light & Telephone Co
7,702,000
Owned. Outstanding Owned.
1934
58
1st
Co_
Electric
General
is
CompanyMinneapol
3,000,000
1917..
Notes
Coupon
Co.._
6%
Minneapolis General Electric
800,000
$3,499,400 $3,500,000 99.982
1920
Arkansas Valley By., Lt. & Pr. Co
Northern Heating & Electric Co.. 1st bsLien
500,000 99.9
499,500
6% Notes 1917 5,000,000
Coll.
Enid Electric & Gas Co
Northern States Power Co
72.95
2,203,000
1,000,000
729,500
Pow. Co.. 1st 58 1938
River
i
Mississipp
Everett Gas Co
North.
99.989
950,000
225.000
949,900
1931
Fort Smith Light & Traction Co
Sioux Falls Light & Power Co...... Gen. bs1926
710,000
1,090,000 *6,574,600 16.578
1st 6s
Louisville Gas & Electric Co
Sioux Falls Light & Power
100,000
1,248,500 1,250,000 99.88
Pow. Co.. 1st 58 1926
&
Light
Elec.
Mississippi Valley Gas & Electric Co
Falls
Sioux
950,000 90.968
469,000
864,200
1st 58 1932
Mobile Electric Co
Union Light, Heat & Power Co_
99.934
765,500
765,000
Co
&
Electric
Co.:
Gas
a Muskogee
Gas & Electric
2,563,000
1,385,800 4,000,000 34.645 Oklahoma
1st 58 1929
Northern Idaho & Montana Power Co
Oklahoma Gas & Electric Co
228,500
957,100 5,975,000 16.018
Deb. 6s 1922
Northern States Power Co
Oklahoma Gas & Electric Co
99.969
2,600,000
2.599,200
Co
&
Electric
Co.:
Gas
Railway & Light
b Oklahoma
650,000 96.953 O ttumwa
630,200
1,063,000
lab & Ref. 5s 1924
Co
Light
&
Railway
Ottumwa Railway & Light Co
Ottumwa
278,000
2,955,000 2,955,000 100.
San Diego Consol. Gas & Elec Co
Ottumwa Traction & Light Co_. 1st 5s 1921
1.000,000 1,001,000 99.9
Southwestern General Gas Co
San Diego Cons. Gas & Elec. Co.:
4,266,000
1,097,100 1,550,000 70.78
Co_ _ 1st bs 1939
Elec.
&
Gas
Cons.
c Tacoma Gas Co
Diego
San
356,000
Deb. 6s 1922
Western States Gas & Elec. Co., Delaware 3,187.300 3,503,0001 90.987
San Diego Cons. Gas & Elec
136,000
1st 6s 1934
Electric Company
$23,457,700 $37.724,1001 62.182 Sapulpa
IL Total
Tacoma Gas Company:
416,000
1926
58
1st
Co..
Light
Electric
Tacoma Gas &
Real Estate Mortgage
Tacoma Gas Company
Co., making a
Serial-32,500 00
* $2,500.000 owned by Mississippi Valley Gas & Electric
105,000
Semi-annually
54,604.
total percentage owned
under lease by Western States Gas & Electric Co.:
382,000
a Owns physical property at Sapulpa (Okla.) operated
55
1933
F
S.
1st
Co
Electric
River
American
Sapulpa (Okla.) Electric Co.
4,665,000
1941
Western States Gas & Electric Co_ 1st & Ref. bsNotes
621,500
1917_
b Owns physical property at El Reno (Okla.) operated under lease by
Western States Gas & Electric Co.. 6% Coupon
El Reno (Okla.) Gas & Electric Co.
g
353,108,500
Total
c Owns all the stock of Olympia (Wash.) Gas Co., except qualifyin
shares of Directors.
44
i t
64
14
t.
EARNINGS OF SUBSIDIARIES FOR YEARS
COMPARATIVE STATEMENT OF GROSS AND NETBER
31ST.
ENDED DECEM
GROSS EARNINGS.
Company.
Arkansas Valley
Enid
Everett
Ft. Smith
Louisville
Mobile
Muskogee and Sapulpa
Northern Idaho
Northern States
Oklahoma and El Reno
Ottumwa
San Diego
Southwestern
Tacoma and Olympia
Western States
Total
1911.
1915.
1914.
1913.
1912.
$1,171,628 34
139,904 20
104,263 47
454,664 45
2,236,406 33
358,713 04
569,971 05
642,726 57
5,121,826 95
1,291.188 36
329,824 10
1,542.653 97
94,144 79
297,531 59
1,183,834 03
$1,156,851 26
130,182 48
121,553 98
492,397 24
2,043,244 89
383,478 35
557,190 14
661,169 35
4,492.746 95
1,198.371 43
324,928 86
1,377.011 36
71,818 67
325,764 26
1,114,858 08
$1,140,758 69
128,963 55
133,536 02
572.958 87
2,230,703 78
378,263 66
563,211 54
676,460 92
4,045,642 44
1,171,156 37
320,684 53
1,325,674 89
103,630 69
343,661 31
1.083.369 27
$1,103,588 81
136,083 65
126,143 37
616,993 77
2,106,430 36
379,842 10
575,045 29
632,161 77
3,695,985 61
1,234,005 43
299,942 66
1,019.470 84
118,338 72
310,126 09
978,861 62
$1,052,598 09
145,826 92
114,035 71
550,613 59
2,048,834 60
346,171 82
514,209 45
564,155 74
3,208.286 61
1,161.674 31
284,781 33
753,820 15
145,186 33
293,975 29
866,398 95
$15,539,281 24
314,451,567 30
314.218,676 53
$13,333,020 09
$12,050,568 89
I
NET EARNINGS.
Company.
Arkansas Valley
Enid
Everett
Ft. Smith
Louisville
Mobile
Muskogee and Sapulpa
Northern Idaho
Northern States
Oklahoma and El Reno
Ottumwa
San Diego
Southwestern
Tacoma and Olympia
Western States
Tntal
1915.
$505,823 81
57,907 75
21,217 68
122,895 69
1,278,384 77
183,104 64
230,007 10
277,952 62
2.866,634 10
445.725 71
151,070 81
739,394 50
40,690 39
94,851 35
569,941 80
S7.fiR5.R112 72
1914.
$422,389 38
52,497 28
33,465 62
170,967 42
1,047,465.12
195,174 93
242.789 28
290,821 86
2,419,491 04
427,597 36
145.802 27
669,271 17
47,196 19
113,669 11
520,619 22
111_7410_217 9t
1913.
1911.
1912.
$468,861 93
50,996 95
34,301 66
200,818 92
1,031,747 68
181,831 71
234,084 25
293,080 87
2,043,035 72
399,678 46
145,512 50
624,175 45
74,951 84
132,985 49
486,486 34
$520,064 29
57,126 92
32,114 16
231,987 25
937,622 23
175,861 52
223,052 07
310,243 98
1,860,968 60
409,541 04
130,777 27
511,767 01
85,035 99
103,894 28
515,785 94
$473,852 68
64,895 59
50,502 63
236,558 34
• 999,482 66
166,425 86
214,376 03
299,008 20
1.583,027 96
449,419 89
131,466 57
387,713 90
102,918 49
108,051 09
498,067 03
ISR.4(12.R40 77
SRA OR.R42 M
SR 711., 7RR 09
now comprised in the subsidiary companies are given for full years.
For purposes of comparison the earnings of all the properties
APR. 1
THE CHRONICLE
.1016.]
1261
COMPARATIVE STATISTICAL SUMMARY OF THE SUBSIDIARY COMPANIES AS OF DECEMBER 31.
1915.
Electric Consumers
Gas Consumers
Water Consumers
Steam Consumers
Telephone Subscribers
1914.
188,623
130,617
1,927
1,007
2,979
• Totals
Kilowatt Hour Output
Motors
Horse Power in Motors
1641 P. Equivalents
City Arcs
City Incandescents
Gas Output (Cu. ft.)
Street Railway Receipts
1913.
169,412
133,049
2,156
973
2,788
1912.
149,225
132.474
2,290
883
2.660
1911.
130,946
129,158
3,145
826
2.473
1910.
110,166
120,897
2,702
835
2,138
88,582
106,534
1,626
755
2,385
325,153
308,378
287,532
266,548
236.738
199,882
421,201,049
23,440
201,369
3,423,933
11,104
23,042
10,064.650,586
3669.083 89
380,212,118
21,423
183,681
3.108,410
11,553
17,295
9,243.652,626
8767.907 04
339,977,796
18,784
160,856
2,727,970
10,854
12,761
9,122,718,102
$828,168 25
291,366,636
15,890
133,328
2,441,758
10,146
9,390
9.824,253,465
$801,963 25
251,728,523
13.069
108,793
2,082,932
9,529
6,996
9,316,453,927
$757,204 50
210,841,243
9,758
84.254
1.658,576
- 8,816
5,478
8,108,788,459
$704,639 01
CONNECTED LOAD SUMMARY SHOWING EXTENT ELECTRICAL STATISTICS SUBSIDIARY COMPANOF ELECTRIC BUSINESS SERVED BY STANDARD
IES OF STANDARD GAS & ELECTRIC COMPANY
GAS & ELECTRIC COMPANY'S SUBSIDIARIES AS
AS OF DECEMBER 31 1915.
OF DECEMBER 311915.
Company.
Arkansas Valley
Pueblo
Mountain Div
Valley Div
No. of
City
Consumers. Arcs.
6,697
3,735
2,137
Total Arkansas Valley.. 12,569
2,061
Enid
Everett Gas Co.:
Snohomish
647
Monroe
387
Total Everett
Fort Smith:
Van Buren
Fort Smith
8,701 3,655
4.895 15,105
2,333 1,217
471 11,931
300 16,523
3,246
551 15.929 19,977
139 2,294
881
771 31,700
52 3,007
421
76
54
0
31
25
350
482
274
117
1,034
56
1,032
391
556
2,486
46
204
394
3,494
135
2,157
26
210
521
5,294
250 3,888 2,292
3,213 30,487 24,389
555 8,984 4,703
236
0
0
5,815
44,779
12,516
420
118
4,366
968
3,181
695
190
0
6,940
1.485
4,133
538
5,334
3,876
190
8,425
2,066
1,826
1,335
6,332
95
1.618
1,838
1,309
6,831
1,047
1,392
561
5,824
0
199 11.596
8,824
Total Fort Smith
3,042
Louisville
27,518
Mobile
6,920
Muskogee & Sapulpa.._ _ _
Muskogee
3,408
Sapulpa
725
Total Muskogee & Sapulpa
Northern Idaho:
Coos Bay
Kalispell
Sandpoint
Willamette
Total H. P. Average Total
Kw. Motors Kw.
Kw.
ConConLip.
Ry.
Load. nected. Load. nected.
Total Northern Idaho.. 11,559
Northern States:
Fargo
4,337
Faribault
4,308
Grand Forks
2,454
Interstate
1,658
Mankato
2,672
Minneapolis
38,693
Minot
2,006
6,312
St. Paul
Sioux Falls
3,363
Stillwater
2,503
Total Northern States_ 68.306
Oklahoma & El Reno:
1.393
El Reno
10,902
Oklahoma City
71
33
754
574
1,328
2.403
2,883
1,741
147 11,368
147 18,395
135 4,390 2,557
102 4,529 3,954
6 2,607
805
109 1,362 7,517
171 2,645 1,681
2,877 58,973 48,888
5 1,923
807
5 9,019 11,546
233 4,035 4,392
43 2,461 1,324
6.434
7,478
50 3,268
0 6,834
50 4,006
.96.565
2,569
21,703
130 7,473
0 3,477
3,686 91,953 83.471
342 159,807
130 2,092
429 11,258
112
768
8,447
0 2,668
0 17,593
-
559 13,350 9,215
183 3,532 2,158
130 21,420 17,089
4,112 2,264
3,619 4,686
9,517 17,153
0 20,261
356 5,517
0 34,237
•
0 5,924
0 7,047
1,300 23,682
1,045 17,248 24,103
188,623 11,104 227,047 201.369
3,394 386,440
Total Oklahoma & El
12,295
Reno
2,785
Ottumwa
19,028
San Diego
Western States:
4,542
Eureka
Richmond
3,248
Stockton
9,583
219
184
642
Total Western States_ _ 17,373
1,300 36,653
No. of
HydroElectric
Stalions.
Arkansas Valley
Pueblo Div
Mountain Div
Valley Div
Enid
Everett Gas Co.
Snohomish
Monroe
Ft. Smith Lt. & Tr. Co.
Ft. Smith, Ark
Van Buren, Ark
Louisville
Mobile
Muskogee
Sapulpa
N.Idaho & Mon.Pr.Co.
Coos Bay Div
Kalispell Div
Sandpoint Div
Willamette Vail. Div.
Nor. States Power Co.:
Fargo Div
Faribault Div
Grand Forks Div.._ __
Interstate Div
Mankato Div
Minneapolis Div_ _ _ _
Minot Div
St. Paul Div
Stillwater Div
Sioux Falls Div
Oklahoma
El Reno
Ottumwa
San Diego
Western States:
Eureka Div
Richmond Div
Stockton Div
1
Normal
Hydro- No. of
Electric Steam
H. P. Stations.
Installed.
Normal
Steam
Electric
H.P.
Installed.
1
1
2
1
6.387
4.000
272
1,875
3.000
Miles Miles of
H. T.
Local
Trans- Distribmission uting
Pole
Pole
Line
Line
System. System.
70.8
114.
28.5
107.6
102.6
54.
40.6
10.36
10.73
1
1
2,820
1
760
2
1
1,925
350
1 2.200
3 39,100
2
1
1.900
2,675
4,062
2 33.750
1 8,281
1 5,000
1
937
14.
14.10
1
1
1
3
48.09
51.18
92.71
700
312
1,125
4,920
1 6,170
1
775
2 3.120
1 9,810
1
940
1 36.000
1
990
2 10,954
1 1,000
1 4,713
1 7,062
1
720
1 2,000
1 15.587
1
2,700
2
3,062
1
8,100
1
3.000
118.76
12.92
479.3
127.66
70.91
29.22
27.59
35.05
37.73
148.3
52.85
104.27
36.2
133.18
33.92
39.5
28.93
131.1
569.82
35.
8.
28.77 129.47
26.
73.69
10.5
47.46
195.7
6.5
23.5
67.61
476.33
212.27
99.54
202.
108.15
63.64
355.93
Total
In 65.530
36 177.524 1.330.74 3.815.60
Total number hydro-electric and steam plants
51
Total electric H. P. installed-hydro and steam
243,054
Total miles pole line-transmission and distribution
5,146.54
Underground Systems:
Total Duct Feet.
Port Smith
7,200
Louisville
1,024.486
Minneapolis
1,771,378
Mobile
92,913
San Diego
331,809
Stockton
218,168
St. Paul
*210,613
Total
3,656,567
* The underground system in St. Paul also includes 12,700 ft. of tunnel,
occupied by steam-heating mains.
CONNECTED LOAD SUMMARY SHOWING EXTENT
OF GAS BUSINESS SERVED BY STANDARD GAS
& ELECTRIC COMPANY'S SUBSIDIARIES AS OF
GAS STATISTICS SUBSIDIARY COMPANIES OF
ELECTRIC
STANDARD GAS &
DECEMBER 311915.
COMPANY DECEMBER 311915.
Combined Total
Company-
/01V.
Holder
Capacity
per 29 Hrs Capacity
Cubic Feet Cubic Feet
Enid Electric & Gas Co
70,000
600,000
Everett Gas Company:
Everett, Snohomish and
Monroe
290,000
750,000
Ft. Smith Light & Trac. Co.:
Fort Smith, Ark
Nat. Gas
Van Buren, Ark
Nat. Gas
Louisville Gas & Electric Co.{ 8,800,000 5,000,000
Nat. Gas
Muskogee Gas & Electric Co. Nat. Gas
North. Idaho & Mont. P.co.:
280.000
Coos Bay Div
30,000
500,000
Willamette Valley Div_ _ _ _
170,C00
Northern States Power Co.:
360,000
Fargo
500,000
150,000
Faribault
66,000
320,000
Grand Forks
280,000
200,000
Mankato
250,000
200,000
Stillwater
200.000
Hudson
15,000
Northfield
20,000
Oklahoma Gas & Electric Co_ Nat. Gas
El Reno Gas & Electric Co__
150,000
50,000
San Diego Cons. Gas &EI.Co. 5,250,000 2,750,000
Tacoma Gas Company:
Tacoma and Puyallup.._ _ _ 2.350,000 1,617,000
Olympia Gas Co
25,000
100,000
Western States Gas & El. Co.:
Eureka
120.000
500,000
Stockton
998,000
1.600,000
Also
Nat. Gas
Total
22,110.000 12,451,000
Total Miles of mains-local and interurban
Miles
Interurban
Mains.
Miles
Local
Mains.
33.16
20.69
210.
57.53
62.33
9.19
492.05
108.89
•
4.08
17.35
33.40
6.30
.58
15.66
41.55
26.45
24.2
22.18
27.38
6.57
14.
172.3
17.57
432.
11.5
40.08
202.61
18.77
26.03
108.16
308.89
1,953.67
2,202.56
Company-
No. of
Other
ConArcs. Ranges. Hot
Water Heaters Applisumers.
Plates. Heaters
ances.
Enid
1,519 ' 15 1,353
Everett
Snohomish__ _ _
3,230 1,030 2,981
Monroe
Fort Smith._ _ _ _
5,487
603 5,026
Van Buren.._ _ _
Louisville
46,023 3,272 35,696
Muskogee
5.710
128 5,248
Northern Idaho:
Coos Bay _ _ _ _
507
75
356
Eugene
1,602
178 1.247
Total
Northern States:
Fargo
Faribault
Grand Foric
Mankato
Stillwater _ _ _ _
Hudson
108
367
126
96
911
1,175
772
1,184
304
4.437
426
352
3,269
400
141
259
2,369 10,653 12.444
2,289 7,639 1,474
129
317
123
50
94
682
2,109
253
1.603
400
446
173
776
3,354
1,645
2.067
2,086
1,302
275
107
15
209
74
11
7
2,989
1,322
1,883
1,783
1.056
211
1,131
398
577
382
184
60
675
93
408
211
118
61
148
53
86
33
76
9
1,136
139
229
157
98
14
Total
10,729
Oklahoma & El
Reno:
El Reno
899
OklahomaCity 12,720
423
9,244
2,732
1,566
405
1,773
9
733
202 11.801
96
999
244
31
5,199 15.659
131
2,958
1.095 5,443 15,690
7,805 10,403 1,763
3,089
1.131
2,524
Total
San Diego
Tacoma
Olympia
Western States:
Eureka
Stockton
13,619
21.462
211 12,534
225 18.291
12,291
3,647 10,098
932
7,506
23
206
455
4,614
5.009
2,260
2,410
534.
219
3,504 2,634
120
558
208
235
Total
8.438
229 5,069 4,038 2.853
678
443
Combined Total. 130.617 10.036 107.143 23.634 32.224 44,596 25,246
[vol.. 102.
THE CHRONICLE
1262
PUBLIC SERVICE CORPORATION OF NEW JERSEY
SEVENTH ANNUAL REPORT—FOR YEAR ENDING DECEMBER 31 1915.
To the Shareholders:
The combined results of operations of Public Service Corporation of New Jersey and subsidiary companies for the
twelve months ending December 31 1915 were as follows:
$37,471,228 24
Operating Revenue of Subsidiary Companies
Operating Expenses, including Amortization Charges and
22,094,677 92
Taxes
$15,376,550 32
Operating Income
419,072 76
Non-operating Income
$15,795,623 08
Income Deductions of Subsidiary Companies (Bond Inter12,209,215 17
est, Rentals and Miscellaneous Interest Charges)
$3,586,407 91
Public Service Corporation of New Jersey Income from Securities Pledged (exclusive of
dividends on stocks of operating companies)
$2,437,874 08
and from Miscellaneous Sources
86,064 66 2,351,809 42
Less Expenses and Taxes
$5,938,217 33
Public Service Corporation of New Jersey
Income Deductions:
$3,474.134 82
Interest Charges
Amortization of Debt Discount and Expense 248,288 69
Sinking Fund for. Public Service General
209,500 00
Mortgage 5% Bonds
35,041 43 3,966,964 94
Other Contractual Deductions from Income
$1,971,252 39
Net Income
Appropriation Accounts of Subsidiary Companies:
Amortization of New Business Expenditures
$40,330 24
prior to January 1 1911
43,429 95
3,099 71
Adjustments of Surplus Account
of the State Board of Public Utility Commissioners. The
outstanding stock of Public Service Electric Company now
amounts to $22,000,000, at par, every share of which,except
directors' shares, belongs to the Corporation. The outstanding stock of Public Service Gas Company now amounts
to $11,600,000, at par, every share of which, except directors'
shares, belongs to the Corporation. The capital stock of
Public Service Railway Company now amounts to $37,981,600, at par, of which all but twenty-five shares belong
to the Corporation.
MAINTENANCE OF PROPERTIES.
The properties owned by the Corporation have been main- .
tabled throughout the year at the Corporation's high standard of efficiency. The amount, exclusive of ordinary maintenance, set aside for amortization, was $2,219,129 09.
Adding to this the amount set aside for the sinking fund,
under the terms of the mortgage securing the issue of the
General Mortgage Bonds of the Corporation, makes a grand
total set aside during the year for amortization of properties
and redemption of securities of $2,428,629 09.
THE RAILWAY COMPANY.
Work on the new terminal has progressed steadily throughout the year. The contract for the subway to the terminal
and for the foundations of the terminal itself, was completed
about the first of July, on schedule time. The corner-stone
of the building proper was laid, with appropriate ceremonies,
on the twentieth day of July. It is expected that the terfor railway pur$1.927,822 44 minal will be completed and in full use, both
poses and .as an office building, by the first of July of the
Appropriation Accounts of Public Service Corporation of
79
81,517
New Jersey (exclusive of dividends)
year 1916.
$1,846,304 65
The Roosevelt spur, running from Roosevelt Junction,
Net Increase in Surplus
main line of Public Service Railroad, to a populous
Dividends at the rate of six per cent per annum for the on thein
centre the Borough of Roosevelt, was constructed and put
first three quarters of the year and at the rate of seven per in
operation during the year. This spur reaches a populacent per annum for the last quarter, aggregating $1,562,500,
served only by the Sound Shore Railroad,
were paid during the year upon the capital stock of tho Cor- tion heretofore
a branch of the Central Railroad of New Jersey—service on.
poration, which amounts to $25,000,000 at par.
infrequent. This little spur fills a subThe Corporation had a good year. During the early part which was quite
and has been successful from the day of its
of 1915 the increases in the revenues of the subsidiary com- stantial want,
both in the amount of travel passing Over it and in
panies were all small, due to the continued business depres- opening,
as a feeder to Public Service Railroad.
function
its
s
properties
sion and the European war. The Corporation'
During the year a new ferryboat—the "Fort Lee"—was
quickly responded, however, to the returning tide of pros- built
and launched, and on October 23d put into service
perity, and the increases in the latter part of the year were
ferry owned by the Corporation, running from 130th
the
on
net
earnings
in
increase
healthy. In view of the substantial
in Manhattan, to Edgewater, in Bergen County. It
Street,
for
amortiset
aside
and the very large additional amount
modern boat, designed especially for the service
beautiful
a
is
in
meeting
at
the
zation, the directors felt amply justified,
perform, and to contend with the ice that is
to
have
will
it
basis.
cent
per
seven
a
December, in placing the stock upon
that portion of the Hudson River in the
in
factor
a
such
substanvery
to
grown
has
The business of the Corporation
months.
winter
comits
of
subsidiary
tial proportions, the operating revenue
With the approach of the warm.spring weather of 1915,
panies having reached a total of $37,471,228 24, being an and
duplicating conditions which originated in certain Westcent.
per
five
or
increase for the year of $1,781,395 34,
jitneys appeared in the territory served by the
cities,
ern
and
subsidiaries
major
The operating revenues for the three
rst in Camden and later in Newark,
Company—fi
Railway
amount
the
with
1915,
their affiliated companies for the year
A few jitneys were tried in other
City.
Jersey
and
Hoboken
inof
the
percentage
and
of increase over the previous year
Company, but they were inRailway
the
by
served
cities
crease for the year, are as follows:
*Amount of Percentage considerable in number or were withdrawn after a short term.
of
Increase Over
Operating
the cities where they are still operating they are doing so
Previous Year. Increase. In
Revenue.
in diminished numbers—many operators finding the industry
1.59
Public Service Railway Company$16,569,443 28 $259,187 72
12.18
Public Service Electric Company 10,425,851 78 1,132,190 28
unprofitable. The jitney movement, however, has caused a
3.87
390,017 34
Public Service Gas Company..___ 10,475,933 18
substantial loss of revenue to the Railway Company. Va*The increases here shown are based on a reclassification of 1914 accounts rious efforts have been made, in the interests of the public,
to compare with 1915 figures, a change in classification having become to regulate this new means of transportation, but as yet
effective January 1 1915 by order of the Board of Public Utility Commisnothing tangible has come of it. The public does not seem
sioners.
disposed to put upon this new user of the highway any poris
the
tabulation
above
the
enorin
fact
The significant
of the innumerable burdens which it imposes upon the
tion
the
Company,
the
Electric
of
the
business
mous increase in
Company, with which the jitneys compete. It is
Railway
nearly
equaled
time,
first
the
for
has,
which
of
gross business
however, that within a reasonable time there will
believed,
Company.
Gas
the
of
business
the gross
regulation of these vehicles. Public self-interest
proper
be
during
the
Corporation
the
of
operations
financial
The
it, as many. of the jitneys are now operated by
year were as follows: Bonds of Public Service Newark Ter- will demand
d, and irresponsible individuals, to the
minal Railway Company—the company which was formed reckless, inexperienceof
the public welfare. The so-called
for the construction of the new terminal in Newark—to the manifest detriment
continue to have a value for certain
amount of $5,000,000 were sold, and part of the proceeds jitney will probably
certain localities, but it is difficult to
were used to reimburse the Corporation for temporary out- kinds of service in
any such hybrid industry as the jitney movelays for the purchase of the property for terminal use. Bonds believe thatthe
present time, will be allowed indefinitely to
of the Plainfield Gas& Electric LightCompany,to the amount ment is at uneven
tenor of its way, without reasonable
of $40,000, were issued and sold to retire 0,000 of the Citi- pursue theand
without assuming some fair portion of the
zens Electric Company's bonds which matured November 1st regulation
•
1915. Bonds, known as the Weehawken Extension Bonds, public burden.
Effective January 1st 1916, under a temporary injunction
of the North Hudson County Railway Company, to the
United States District Court for the District of
amount of $100,000, were purchased at their maturity, granted by the
the rate of fare on the Port Richmond and Bergen
February 1st 1915, and extended for thirty years, and are New Jersey,was
raised from three to five cents for adults, and
in the possession of the Corporation unsold. Bonds of the Point Ferry
three cents for children between the ages of five
Riverside Traction Company, to the amount of $70,000, from two to thus
restoring the fare in effect prior to July 8th
and twelve,
were issued June 18th 1915, and sold.
under the mandate of the Board of
Following its general plan, the Corporation has purchased 1914, which was reduced
of Hudson County. This temporary
at par stock of Public Service Electric Company, amounting Chosen Freeholders
granted upon the showing made by the comto $3,000,000 issued December8,1915;stock of Public Service injunction was
after a year's trial at the lower rate of fare, the
Gas Company, amounting to $850,000, issued December pany that,operated
at a loss.
8th 1915;stock of Public Service Railroad Company,amount- ferry was
New rolling stock added to the equipment during the year
ing to $180,000, issued November 15th 1915, and stock of
cars, and twenty single-end
Public Service Newark Terminal Railway Company,amount- includes thirty closed passengerwhich have sixteen benches,
ing to $1,250,000, issued June 2d 1915. Public Service double-truck open car bodies,
persons per car. The
Newark Terminal Railway Company has now been merged with a seating capacity of ninety-six extensions during the
into Public Service Railway Company, with the approval company built 7.248 miles of track
APR. 1 1916.]
THE CHRONICLE
year; 16.590 miles of track were reconstructed with the same
rail and 25.628 miles were reconstructed with new rail. The
total railway mileage is now 882.266 miles.
Revenue from transportation decreased from 30.763c. per
car mile to 30.540c. per car mile.
The total amount spent by the Railway Claim Department, including its own expenses, for the year, was $540,074 42, or 3.41 per cent of the gross passenger receipts. It
is interesting to note the improvement in this department
over a period of years. In 1906, when the receipts of the
Railway Company were much smaller than they are now,
the expenditures were 51,282 92, or 8.64 per cent of the
gross passenger receipts.
THE ELECTRIC COMPANY.
The Essex Station, photographs of which appear as the
frontispiece of this report, and referred to in the last annual
report as having been commenced, was completed and put
into successful operation. The initial trial of this station
was made on September 29th, being eignt months and eight
days after the completion of the boiler-house foundation,
which is believed to establish a new record for work of this
character.
A largo gantry crane, for handling coal—the largest in the
State—was installed at the Marion Station, in the Hudson
Division. A large new generating unit was added to the
Burlington Station, in the Southern Division. A new substation, known as the Nixon sub-station, was built in the
Central Division, and work was started on other sub-stations
located in Athenia, in the Passaic Division, and Bloomfield,
in the Essex Division.
The increase in kilowatt hours commercially sold by the
company was 38,034,933, or 23.91%. The revenue from
commercial power sales is now double the revenue from street
lighting. The gain in horse-power connected with the lines
of the company during.the year, was 32,940 h.p., as against
a gain of 23,491 h.p. in 1914. The revenue from electric
sales averaged 5.16c. per kilowatt hour sold, as against
5.71e. during the previous year.
THE GAS COMPANY.
The mains of the Gas Company were extended into the
Borough of South River, in the Central Division, this year,
a portion of the company's territory which had not been
previously supplied, but in which the demand for gas warranted the company in following its custom of extending its
mains wherever commercially possible.
The Brunswick Avenue Gas Works, at Trenton, were
practically rebuilt and made available for up-to-date production. Substantial extensions of 16-inch pumping mains,
in Jersey City and Bayonne, were laid for the improvement
of the service.
All of the generating stations of the Gas Company are now
operating on eight-hour shifts, as against ten and twelve
hours in 1914.
The total sales of the Gas Company, in cubic feet, for the
year amounted to 11,231,827,750, being an increase of 324,286,310, or a percentage of increase of 2.97.
In the latter part of the year a contract was entered into
with the II. Koppers Company, a concern dealing largely in
the construction and operation of coke ovens,for the purchase
from that company of a very considerable quantity of gas,to
be manufactured at a plant to be built by the Koppers Company.in the Town of Kearny. This supply should be available in about a year and will result, it is hoped,in some saving
in operating cost to the Gas Company, and also in deferring
for some years the construction of a new gas plant in this
part of the State, which otherwise would have been immediately necessary.
TAXES.
Taxes for the year 1915 amounted to $2,316,965 91, an
increase of $114,411. As stated in the last annual report, this
Corporation has no inclination to avoid its fair proportion of
the public burden, but there is a limit beyond which taxes
cannot go, whether assessed against individuals or corporations, unless there be a commensurate increase in revenue.
INSURANCE.
Fire Insurance,carried as of December 31st 1915,amounted
to $30,219,679, an increase of $1,209,855 over the corresponding period of 1914. Premiums for the year 1915 amounted to
$102,700 50, a decrease, as compared with the previous year;
of $108 45. The average rate of insurance for the year was
34.0c. per one hundred dollars of insurance, as against an
average rate of 35.4c. for the year 1914.
OFFICE BUILDINGS.
Anew office for the North Hudson District of the Hudson
Division,located in the Town of West New York, was finished
and opened, and gives the Corporation an admirable facility
in that rapidly growing locality. Sites for office buildings
were purchased in Rod Bank and Summit.
WELFARE WORK.
The total expenditures of the Welfare Department for
insurance, sick benefits, pensions and expenses, for the year
1915, were as follows:
1263
deaths occurred among the employees of the Corporation
this year, as against sixty-seven for the year 1914. Illness
among the employees was less than that of last year by one
hundred and one cases, there being eleven hundred and
sixty-five cases, this year, as against twelve hundred and
sixty-six cases in 1914. The cost per case averaged $20 67,
as against $21 83 for the year before. To the pension roll
twelve names were added and four were removed on account
of death, leaving the number on the roll, as of December
31st, 1915, at seventy-six.
The cost of accidents arising under the Workmen's Compensation Act, including expenses, was $59,486 95, divided
as follows:
Total payments as required by Act
Additional payments over and above those required by Act
Expenses of department
Total
$41,790 55
7,223 51
10,472 89
$59,486 95
PUBLIC UTILITY COMMISSION.
It is again a pleasure to record that the relations of the
subsidiary companies of the Corporation with the State Board
of Public Utility Commissioners have, as heretofore, been
cordial.
THE GAS CASE.
The last report brought the history of the Passaic Gas Case
down to the point where the Court of Errors and Appeals of
this State, having decided the case in the company's favor,
had, upon motion of the Utility Commission and the municipalities interested, allowed a re-hearing in the case. This reargument took place at the March term of the Court of
Errors and Appeals before ten judges. It will be remembered
that on the previous hearing of the case the decision was by a
vote of six to four, in favor of the company. On the rehearing, two of the six judges, who voted for the company,
did not again sit. Two other judges, one of whom sat on
the previous hearing but did not participate in the decision,
and one new judge, subsequently appointed, sat. Thus,
the number sitting upon the re-hearing was the same as the
number voting on the original hearing, with the personnel of
judges changed to the extent indicated. On this reharng
the court reversed its former decision and, by a vote of six
to four, decided the case against the company. Every judge
who sat in the case at the former argument voted as he dad
before. The change in the decision was due to the change
in the personnel of the court as above indicated. The case
has been appealed by the Company to the Supreme Court
of the United States, where, it is thought, it will be reached
for argument in the early part of 1917. It is difficult to
comment upon the treatment the company has received in
this litigation. Perhaps it is not too much to say that
nothing has ever before happened in New Jersey to encourage so much the principle of the recall of judicial decisions, and that it furnishes a precedent which will arise
from time to time to annoy and embarrass the judicial and
administrative bodies of the State.
FINANCIAL STATEMENT AND STATISTICAL INFORMATION.
I call attention to the balance sheets and statement of
earnings and expenses of the Corporation and its subsidiary
companies, which have been verified by the Stone & Webster
Management Association, and to the usual statistical information and other statements herewith submitted.
THOMAS N. McCARTER, President.
COMBINED RESULTS OF OPERATIONS PUBLIC SERVICE
CORPORATION OF NEW JERSEY AND SUBSIDIARY COMPANIES.
FOR TIIE TWELVE MONTHS ENDING DECEMBER 31
1915.
Operating Revenue of Subsidiary Companies
Operating Expenses, including Amortization Charges and$37,471,228 24
Taxes
22,094,677 92
Operating Income
$15,376,550
32
Non-operating Income
419.072 76
Income Deductions of Subsidiary Companies (Bond Inter-$15.795,623 08
est, Rentals and Miscellaneous Interest Charges)
12,209,215 17
$3.586,407 91
Public Service Corporation of New Jersey Income from Securities Pledged (exclusive of
dividends on stocks of operating companies)
and from Miscellaneous Sources
$2,437,874 08
Less Expenses and Taxes
86,064 66 2,351,809 42
$5,938,217 33
Public Service Corporation of New Jersey
Income Deductions—
Interest on Perpetual Interest-Bearing
Certificates
$1
Interest on Public Service General Mort- .202,866 20
gage 5% Bonds
1,874.409 72
Interest on Two-Year 5% Collateral Notes.. 375,000 00
Interest on Miscellaneous Obligations
21,858 90
• Amortization ofDebt Discount and Expense 248,288
69
Sinking Fund for Public Service General
Mortgage 5% Bonds
209,500
00
Other Contractual Deductions from Income
35,041 43 3.966.964 94
Net Income
$1.971,252 39
Appropriation Accounts of Subsidiary Companies—
Amortization of New Business Expenditures prior to January 1 1911
$40.330 24
Adjustments of Surplus Account
3,099 71
43,429 95
Appropriation Accounts of Public Service Corporation of $1.927.822 44
New Jersey (exclusive of Dividends)
'
81,517 79
$16,183 31
Net Increase in Surplus
24,077 00
$1,846,304
We have examined the general books of Public Service Corporation 65
25,053 08
of
10,791 57 New Jersey and its subsidiary operating companies and certify that the
foregoing income statement is RO prepared as to present a fair and
correct
Total
$76,104 96 statement of the combinedresults of operation of these companies for the
a decrease, for the year, of $3,688 88. The decrease in twelve months ending December 311915.
STONE & WEBSTER MANAGEMENT ASSOCIATION,
insurance is accounted for by the fact that only fifty-six
By A. R.PATTERSON. Auditor.
Insurance
Sick Benefits
Pensions
Expenses
[VOL. 102.
THE CHRONICLE
1264
PUBLIC SERVICE RAILWAY COMPANY, PUBLIC SERVICE
NEWARK TERMINAL RAILWAY COMPANY AND PUBLIC
SERVICE RAILROAD COMPANY.
CONSOLIDATED BALANCE SHEET DECEMBER 31 1915.
LiabilitiesAssets$46,713,000 00
Funded debt
Fixed capital Installed
234,049 56
prior to January 1 1911.181,194,388 78 Taxes accrued
276,850 10
Interest accrued
Fixed capital installed
264,691 26
since December 31 1910 13,227,042 36 Other accrued liabilities
Advances from other corFixed capital in other dePorations22,129 58
partments
363,835 37 Public Service CorporaMaterials and supplies
tion of New Jersey to
431,108 42
Cash
Public Service Ry. Co.. 8,475,000 00
750 00
Bills receivable
984,708 95
90,319 43 Other accounts payable
Accounts receivable
278,435 00
Other unfunded debt
Interest and dividends
2,373 83 Otner permanent reserves 1,824,750 29
receivable
38,125 00 Accrued amortization of
Other current assets
299,280 86
capital
008,282 34
Other special deposits_ _
Unamortized premium on
Investments10,836 21
debt
Advances to
Casualty and insurance
other cor112,330 89
reserve
porations
39,535,000 00
Capital stock
-P.Serv.
67,551 50
Newark
Corporate surplus
Terminal
Ry.Co. to
P.S.Corp.
of N. J...$1,000,000 00
Other investments:
Pub. Buy.
Ry. Co- 354,487 85
1,354,487 85
352,620 23
Other special funds
162,491 07
Prepayments
Unamortized debt dis765,098 20
count and expense
160,080 00
Property abandoned
3,352 11
Other suspense
$99,076,484 62
599,076,484 62
PUBLIC SERVICE GAS COMPANY.
BALANCE SHEET DECEMBER 31 1915.
AssetsFixed capital installed
prior to January 1 1913 $7,256,266 02
Fixed capital installed
since December 31 1912 3,521,612 86
Fixed capital in other de54,725 17
partments
745,228 81
Materials and supplies__ _
138,020 61
Cash
946 00
Bills receivable
Accounts receivableCustomers $1,267,308 26
60,646 80
Miscellan's
1,327,955 06
Interest and dividends
891 25
receivable
5,775 00
Other current assets
3,000 00
Other special deposits__ _ _
InvestmentsAdvances to
Pub. Serv.
Corporation
of N. J___ _$250,000 00
Other investments
283,206 71
533,206 71
43 04
Sinking funds
39,71932
Other special funds
94,66555
Prepayments
Unamortized debt dis78 57
count and expense
137,992 60
Other suspense
Liabtlates$32,083 01
Taxes accrued
1,646 94
Interest accrued
460,348 55
Other accrued liabilities
674,699 83
Consumers' deposits
531,362 97
Other accounts payable
257,800 68
Other unfunded debt
13,199 20
Other permanent reserves
Accrued amortization of
129,930 64
capital
9,543 63
Other required reserves_
Casualty and insurance
44,988 22
reserve
1,431 44
Other optional reserves
11,600,000 00
Capital stock
103,091 46
Corporate surplus
$13,860,126 57
$13,860,126 57
PUBLIC SERVICE CORPORATION OF NEW JERSEY.
BALANCE SHEET DECEMBER 311915.
LiabilitiesAssets$325,129 99 General Mortgage 5%
Cash
Sinking Fund 50-Year
50,533 76
Accounts receivable
$50,000,000 00
Gold Bonds
Interest and dividends re148,231 73 Perpetual Interest-Bearceivable
20,047,770 00
ing Certificates
Investments5% Two-Year Collateral
Advancesto
7,500,000 00
Gold Notes
Pub. Buy.
22,548 02
Taxes accrued
Ry. Co__$8,475,000 00
704,227 70
Interest accrued
Perpetual
02,880 92
Other accrued liabilities
InterestAdvances from other corBearing
porations-Certificates 864,485 00
Pub. Serv.
Other inNewark
vestments82,085,829 85
Terminal
91,425,314 85
Ry. Co_ _$1,000,000 00
General Mortgage 5%
Pub. Serv.
Sinking Fund 50-Year
Elec. Co_ 1,250,000 00
Gold Bonds in Treas'yPub. Serv.
Pledged as
250,000 00
Gas Co._
collat'l to
2,500,000 00
5% Two..
25,808 72
Other accounts payable
Year Col948,584 41
Contractual reserves
lat'l Gold
69,406 39
Other required reserves
Notes__ _810,000,000 00
25,009,000 00
Capital stock
Unpledged 2,500,000 00
2,695,356 31
12,500,000 00 Corporate surplus
Sinking Fund of General
Mortgage 5% Sinking
Fund 50-Year Gold
683,139 95
Bonds
294,209 38
Other special funds
498 65
Prepayments
Unamortized debt discount and expense
4,167,268 59
102,25557
Other suspense
3109,696,582 47
$109,696,58247
PUBLIC SERVICE ELECTRIC COMPANY.
BALANCE SHEET DECEMBER 31 1915.
LiabilitiesAssets$40,264 23
Taxes accrued
Fixed capital installed
2,582 37
prior to January 1 1913 $9,720,661 93 Interest accrued
256,547 73
Other accrued liabilities....
Fixed capital installed
312,357 78
since December 31 1912 11,125,779 60 Consumers deposits
771,643 29
802,947 99 Other accounts payable....
Materials and supplies...._
212,161 47
181,692 69 Other unfunded debt__
Cash
350,568 11
36 80 Other permanent reserves
Bills receivable
Accrued amortization of
Accounts receivable021,836 65
capital
Customers $1,313,892 59
Casualty and insurance
304,928 53
Miscellan's
68,529 32
reserve
1,618,821 12
5,861 71
Other optional reserves
Interest and dividends
22,000,000 00
8,727 09 Capital stock
receivable
210,770 68
54,700 00 Corporate surplus
Other current assets
InvestmentsAdvances to
Pub.Serv.
Corporat'n
of N. J__$1,250,000 00
Other in99,955 11
vestments
1,349,955 11
43 06
Sinking funds
Other special funds
30,305 55
Prepayments
161,171 99
Unamortized debt dis218 25
count and expense
08,062 16
Other suspense
$25,153,123 34
525,153,123 34
We have examined the general books of Public Service Corporation of
that the
certify
and
companies
operating
its
subsidiary
and
Jersey
Now
balance sheets, as of December 31 1915, appearing on pages 14 to 17 [pamphlet report], are, in our opinion, properly drawn up and show the true
financial condition of the Corporation and its subsidiary operating companies as of that date.
STONE & WEBSTER MANAGEMENT ASSOCIATION,
By A. R. PATTERSON, Auditor.
PUBLIC SERVICE CORPORATION OF NEW JERSEY AND SUBSIDIARY COMPANIES.
STATEMENT OF FUNDED DEBT DECEMBER 31 1915.
Authorized.Authorized.
Outstanding.
Amount
Owned by the
Corporation.
Amount
in the Hands
of Public.
Public Service Corporation of New JerseyPublic Service Corporation of New Jersey 5% General Mortgage. Due October 11959.
00
Fidelity Trust Company (Newark), Trustee. Interest Payable April and October.... $50,000,000 00 $50,000,000 00 $12,500,000 00 *$37,500,000
Perpetual Interest Bearing Certificates of Public Service Corporation of New Jersey.
Fidelity Trust Company (Newark), Trustee. Rate 6%. Interest Payable May,
19,183,285 00
864,485 00
' 20,200.000 00 20,047,770 00
and November
Public Service Corporation of New Jersey 5% Two-Year Collateral Gold Notes. Due
March 1 1916. Fidelity Trust Co. (Philadelphia), Trustee. Interest Payable
7,500,000
7,500,000 00
7.500,000 00
March and September
564,183,285 00
00
00
577,547.770
813,364.485
•
00
Public Service Gas Company.
Public Service Electric Company.
Companies Leased by Public Service Gas CompanyNewark Consolidated Gas Company 5% Consolidated Mortgage. Due December 1
1948. Fidelity Trust Co. (Newark), Trustee. Interest Payable June and De810,000.000 00
cember
Newark Gas Company 6% First Mortgage. Due April 1 1944. J. William Clark,
Marcus L. Ward, John 0. II. Pitney, Trustees. Interest Payable July. October,
4.000.000 00
January, April
Hudson County Gas Company 5% First Mortgage. Due November 1 1949. New
Jersey Title Guarantee & Trust Co.. Trustee. Interest Payable May and No10,500.000 00
vember
New Brunswick Light. Heat & Power Company 4% First Mortgage. Due Decemcomber 15 1939. Fidelity Trust Co. (Newark), Trustee. Interest Payable June
500,000 00
and December
Ridgewood Gas Company 5% First Mortgage. Due June 1 1925. Equitable Trust
•
Co., Trustee. Interest Payable Juno and December
Ridgewood Gas Company 5% Second Mortgage. Duo April 11925. Fidelity Trust
100.000 00
Co. (Newark), Trustee. Interest Payable April and October
100.000 00
Companies Leased by Public Service Electric Co.
United Electric Company of Now Jersey 4% First Mortgage. Due June 1 1949.
New Jersey Title Guarantee & Trust Co., Trustee. Interest Payable Juno and
December
Consumers' Light, Heat & Power Company 5% First Mortgage. Due June 1 1938.
New Jersey Title Guarantee & Trust Co.. Trustee. Interest Payable June and
December
North Hudson Light, Heat & Power Company 5% First Mortgage. Due October 1
1938. New Jersey Title Guarantee & Trust Co., Trustee. Interest Payable
April and October
Middlesex Electric Light & Power Company 5% First Mortgage. Due January 1
195.5. Fidelity Trust Co.(Newark). Trustee. Interest Payable July and January
Weehawken Contracting Company 6% First Mortgage. Due February 20 1928.
Weehawken Trust Co., Trustee. Interest Payable August and February
Companies Leased by Public Service Gas Co.and Public Service Electric Co.
Paterson & Passaic Gas & Electric Company 5% Consolidated Mortgage. DUO
March 1 1949. The Paterson Safe Deposit & Trust Co.. Trustee. Interest Payahlp ginntcynhcr and March
* Includes $758,000 purchased by the Sinking Fund.
56.000,000 00
86,000,000 00
3.999.700 00
3,999,700 00
10,500,000 00
10,500,000 00
500,000 00
500,000 00
100,000 00
100,000 00
85,000 00
85,000 00
20.000.000 00
•
18,617,500 00
1,000,000 00
308.000 00
2.000,000 00
367,000 00
200,00000
181,000 00
30.000 00
30,000 00
30.000 0(
5.000.000 00
4.0.19.000 00
4,049,000 01
683,000 00
17.934,500 00
308,000 0(
367,000 0(
21,000 00
160,000 0(
APR. 1 1916.1
THE CHRONICLE
Authorized.
1265
Outstanding.
Amount
Owned by the
Corporation.
Amount
In the Hands
of Public.
Brought forward
344,737,200 00
$704,000 00 $44,033,200 00
Edison Electric Illuminating Company of Paterson 5% First Mortgage. Due July 1
1925. The Paterson Safe Deposit & Trust Co., Trustee. Interest Payable January and July
$600,000 00
585,000 00
585.000 00
Passaic Gas Light Company 6% First Mortgage. Due June 1 1922. The Paterson
Savings Institution, Trustee. Interest Payable June and December
50,000 00
50.000 00
50,000 00
Passaic Lighting Company 5% Consolidated Mortgage. Due May 1 1925. Guaranty Trust Co., Trustee. Interest Payable May and November
450,000 00
316,000 00
316,000 00
South Jersey Gas, Electric & Traction Company 5% First Mortgage. Due March 1
1953. Fidelity Trust Co. (Newark). Trustee. Interest Payable September and
March
15,000,000 00 12.892.000 00
3,507,000 00
9.385.000 00
Burlington Gas Light Company 5% First Mortgage. Due May 11921. Burlington
City Loan & Trust Co., Trustee. Interest Payable May and November
100,000 00
1.00.000 00
100.000 00
Trenton Gas & Electric Company 5% First Mortgage. Due March
11949. Equitable Trust Co., Trustee. Tintorest Payable March and September
2.000.000 00
2.000,000 00
2,000.000 00
Somerset Union & Middlesex Lighting Company 4% First Mortgage. Due December 1 1943. Fidelity Trust Co. (Newark), Trustee. Interest Payable June and
December
2.750.000 00
1,974.371 87
573,181 70
1.401.190 17
Central Electric Company 5% Consolidated Mortgage. Due July 11940. Fidelity
Trust Co. (Newark), Trustee. Interest Payable January and
750,000 00
700.000 00
20,200 00
679.890 00
Edison Electric Illuminating Company of New Brunswick 6% FirstJuly
Mortgage.
Due
June 1 1918. Beni. F. Howell, Theo. E. Townsend, Trustees. Interest Payable
June and December
50,000 00
50.000 00
50.000 00
Plainfield Gas & Electric Light Company 5% General Mortgage. Due April 11940.
Guaranty Trust Co., Trustee. Interest Payable April and October
500,000
00
500,000
00
500,000 00
Somerset Lighting Company 5% First Mortgage. Due February 1 1939. Fidelity
Trust Co. (Newark), Trustee. Interest Payable February and August
150,000 00
150,000 00
21,000 00
129,000 00
The Gas & Electric Company of Bergen County 5% General Mortgage No. 2. Due
November 1 1954.
(ewark), Trustee. Interest Payble
Trust
li
May and November
5.000.000 00
2.071.000 00
455,000 00
1.616,000 00
The Gas & Electric Company
General Mortgage No. f. Due
November 1 1954. Equitable Trust Co., Trustee. Interest Payable May
and
November
5.000.000 00
38,000 00
38,000 00
The Gas & Electric
Bergen County 5% Consolidated- Vforigage. -Due
June 1 1949. Fidelity Trust Co. (Newark), Trustee. Interest Payable June and
December _
------ - ---------------------------1.500.000 00
1,440.000 00
1.440.000 00
Hackensack Gas -Li-ett- Company; 5% First Mortgage. Due July -- ---------- OF.- W.
Conklin, D. W. Chamberlain, Trustees. Interest I'ayable July and January at
Fidelity Trust Co.(Newark)
42,000 00
24.000 00
24,000 00
Hackensack Gas & Electric Company 5% First Mortgage. Due July 11935. G. W.
Conklin, E. A. Pearce, Trustees. Interest Payable January and July at Fidelity
Trust Co. (Newark)
40,000 00
10.000 00
Hackensack Gas & Electric Company 6% Debenture Bonds. Due January 11917.
10,000 00
Interest Payable January and July
50,000 00
3,000 00
3,000 00
Englewood Gas & Electric Company 5% First Mortgage. Due January 1
1939.
Geo. W.Conklin, David St. John, Trustees. Interest Payable January and July
200,000 00
23,000 00
23.000 00
Princeton Light, Heat & Power Company 5% 30-year Sinking Fund Mortgage.
February 1 1939. Equitable Trust Co., Trustee. Interest Payable February Due
--- -- and
- August - _ --- _ -------- _ 250,000 00
162,800 00
162,800 00
First Mortgage. -Due April ------- Fidelity
Shore Lighting Company 5
T-rust
Co. (Newark), Trustee. Interest Payable April and October
400,000 00
400.000 00
400,000 00
Total Public Service Gas Company and Public Service Electric
368,226,371 87 $5,280,381 70 362.945,990 17
Company
Public Service Railway Company
North Jersey Street Railway Company 4% First Mortgage. Due May
1 1948.
Bankers Trust Co., Trustee. Interest Payable May and
$15,000,000 00 $15.000,000 00 37.230,000 00 37.770.000 00
Jersey City Hoboken & Paterson Street Railway Company 4%November
First Mortgage. Due
November 1 1949. New Jersey Title Guarantee & Trust Co.,
Trustee. Interest
Payable May and November
20,000,000 00 14.061,000 00
1.498.000 00 12,563,000 00
North Hudson County Railway Company 5% Consolidated Mortgage. Due July
1
1928. E. A. Stevens, S. B. Dodd, Trustees. Interest Payable January
and July
at First National Bank, Hoboken
3.000,000 00
2,998,000 00
2,998,000 00
North Hudson County Railway Company 5% Improvement Mortgage. Duo
May 1
1924. Fidelity Trust Co. (Newark), Trustee. Interest Payable
May and November
1.500,000 00
1,291.000 00
1.291.00000
North Hudson County Railway Company 5% Weehawken Extension
Mortgage.
Due February 1 1945. Central Trust Co.. Trustee, Interest
Payable February
and August
100.000 00
100.000 00
100,000 00
Paterson Railway Company 6% Consolidated Mortgage. Due June 1 1931. Columbia Trust Co., Trustee. Interest Payable June and December
1,250,000 00
1.250,000 00
1.250.000 00
Paterson Railway Company 5% 2nd General
Mortgage. Due October 1 1944. Fidelity Trust Company (Newark), Trustee. Interest Payable
April and October
300,000 00
300,000 00
300,000 00
Elizabeth Plainfield & Central Jersey Railway Company 5% First Mortgage.
Due
December 1 1950. Fidelity Trust Co. (Newark), Trustee. Interest Payable
June and December
2.500,000
00
2.400.000 00
154,000 00
2,246.000 00
Plainfield Street Railway Company 5% First Mortgage. Due July 11922. Fidelity
Trust Co. (Newark), Trustee. Interest Payable January and July
100.000 00
100,000 00
100,000 00
Elizabeth & Raritan River Street Railway Company 5% General Mortgage. Due
May 1 1954. Fidelity Trust Co. (Newark), Trustee. Interest Payable
and
November -- -- ---------------------- - --- - - 3.500,000 00
1.500.000 00
- - - --274,000 00
1.226,000 00
Brunswick TractionCompani 5% First Mortgage. Due
July 1 1926. Fideqty
Trust
Co. (Newark), Trustee. Interest Payable January and July
500,000 00
500.000 00
500,000 00
East Jersey Street Railway Company 5% First Mortgage. Due May 1 19,
14,
Perth
Amboy Trust Co., Trustee. Interest Payable May and November
500,000 00
500,000 00
500,000 00
Middlesex & Somerset Traction Company 5% First Mortgage. Due January 11950.
Fidelity Trust Co. (Newark), Trustee. Interest Payable January and July
1,500,000 00
1,000,000 00
1,000,000 00
Total Public Service Railway Company
341.000.000 00 $9,256,000 00 331,744,000 00
Companies Controlled by Public Service Railway Company
Consolidated Traction Company 5% First Mortgage. Duo
June 1 1933. Bankers
Trust Co., Trustee. Interest Payable December and June
315.000,000 00
Jersey City & Bergen Railroad Company 4%% First Mortgage. Due January 11923. 315,000,000 00 $15,000,000 00
Edmund Smith, Trustee. Interest Payable January and July at Bankers Trust
Co. or First National Bank, Jersey City
1,000,000 00
258,000 00
258,000 00
Newark Passenger Railway Company 5% First Mortgage. Due July 1 1930. New
Jersey Title Guarantee & Trust Co., Trustee. Interest Payable January and July
6.000,000 00
6,000,000 00
6,000,000 00
Passaic & Newark Electric Traction Company 5% First Mortgage. Due Juno 11937.
New Jersey Title Guarantee & Trust Co., Trustee. Interest Payable June and
December _--------- - - - --------- --- _ - _ - _ _
1,000,000 00
550,000 00
550.000 00
Rapid Transit Street Railway Company 5% First Mortgage. Due April- -------Fidelity Trust Co. (Newark), Trustee. Interest Payable April and October
500,000 00
500.000 00
500.000 00
Orange & Passaic Valley Railway Company 5% First Mortgage. Due December 1
1938. Now Jersey Title Guarantee & Trust Co., Trustee. Interest Payable
June and December
---------------------------------1,000,000 00
833.000 00
83,000 00
750.000 00
Camden & Suburban fir;
-Company 5% First Mortgage. Due
- - ----------Jersey Trust & Safe Deposit Co.(Camden), Trustee. Interest July
3,000,000 00
1,940,000 00
Jan. & July
1,940,000 00
Bergen Turnpike Comoany 5% First Mortgage. Due July 1 Payable
1951. New Jersey
Title Guarantee & Trust Co., Trustee. Interest Payable January
1,000,000 00
and July_
1,000,000 00
1,000,000 00
People's Elevating Company 5% First Mortgage. Due October
1939. Now Jersey
Title Guarantee & Trust Co.. Trustee. Interest Payable April1and
175.000 00
250,000 00
October_ _
175,000 00
Paterson & State Line Traction Company 5% First Mortgage.
Due June 1 -1664.
Fidelity Trust Co. (Newark), Trustee. Interest Payable June and
300,000 00
December__
150.000 00
150.000 00
New Jersey & Hudson River Railway & Ferry Company 4% 50-year Mortgage.
Due
March 1 1950. United States Mortgage & Trust Co., Trustee. Interest Payable March and September
5,000,000
00
4,011,000
00
4,011.000 00
Hudson River Traction Company 5% First Mortgage. Due March 11950. United
Trustee. Interest Payable March and September.._
States Mortgage & Trust
1,000,000 00
631,000 00
*564,000 00
5% First Mortgage. Duo June 1 1960.
Co..
Riverside Traction Company
West End
Trust Co., Philadelphia, Trustee. Interest Payable December and June
1,500,000 00
1.500,000 00
1,500,000 00
Total Companies Controlled by P. S. RY. Co.
$32,548,000 00
$83.000 00 32,398,000 00
Total Public Service Railway Co. and Subsidiary Companies.
373,548,000 00 39,339,000 00 364,142.000 00
Companies Controlled by Public Service Railroad Co.Elizabeth & Trenton Railroad Co. 5% First Mortgage. Duo April 1 1962. Logan
Trust Co., Philadelphia, Trustee. Interest Payable April and October
Total Companies Controlled by Public Service Railroad Co
Public Service Newark Terminal Railway Co.
Public Service Newark Terminal Railway Co.5% First Mortgage. Due June 1 1955.
Fidelity Trust Co. (Newark), Trustee. Interest Payable June and Decomber____
Total Public Service Newark Terminal Railway Co
TOTAL FUNDED DEBT
$1,200,000 00
5,000,000 00
$990,000 00
$990,000 00'
3990.000 00
$.990.000 00
5,000,000 00
5,000,000 00
5.000,000 00
5.000,000 00
$225,312,141 87 $27,983,866 70 $197.261,275 17
* $67,000 Hudson River Traction Company bonds owned by Now Jersey & IIudson River Railway & Ferry Company.
'
(Vol.. 102.
THE CHRONICLE
1266
Authorized.
MISCELLANEOUS OBLIGATIONS.
Public Service Railway CompanyPublic Service Series"A" Equipment Trust 67,7 Certificates. $40,000 due each January 1 and July 1. Fidelity Trust Co. (Philadelphia), Trustee. Interest Payable
January and July
Public Service Series "B" Equipment Trust 5% Certificates, $22,000 due each January 1st, $23,000 due each July 1st. Fidelity Trust Co. (Philadelphia), Trustee.
Interest Payable January and July
Public Service Series "C' Equipment Trust 5% Certificates. $25,000 due each
March 1st and September 1st. The Pennsylvania Company for Insurances on Lives
and Granting Annuities, Trustee. Interest Payable March and September__
Real Estate Mortgages
Outstanding.
(7
Amount '-i
in the Hands
of Public.
•
$160,000 00
$800,000 00
$160,000 00
450,000 00
203,000 00
203,000 00
500,000 00
350.000 00
278,435 00
350,000 00
278,435 00
225,333 33
225,333 33
Public Service Gas CompanyEstate Mortgages
eal'
R
Public Service Electric CompanyReal Estate Mortgages
'
Total Miscellaneous Obligations
Amount
Owned by the
Corporation,
67
202,866
202,866 67
$1.419,635 00
$1.419.635 01
BY SUBSIDIARY OPERATING COMPANIES OF PUBLIC SERVICE
LIST OF STOCKS OF COMPANIES OPERATED UNDER LEASE
GUARANTEED FROM RENTALS.
CORPORATION OF NEW JERSEY, WITH THE RATES OF DIVIDEND PAYMENTS
RENTALS
Amount
Amount
Term
Owned by in Hands of Equivalent Per Cent on
of
Stock.
Capital
Public,
Corporation
Capital
COMPANY
Lease,
Date
Including
and Pledged
Stock
Years.
Lease.
Maximum
Outstanding Under Gen. Directors' Ann.Rate
Rate.
Shares. 12-31-15.
Mortgage.
46
4- 1-14
1-57
1-5
$50,000
$50,000
900
5- 1-11
500 12.82% 12.82%
$17,050
17,550
999
1-96
424
24°!
250,000
250,000
5- 1-04
999
4
47
3,000.000
3,000,000
46
4- 1-14
20,000
20,000
999
6-15-10
225
41,175
41,400
999
6- 1-98
4°!.
4
15,000,000
15,000,000
999
9- 1-09
6',
6
25
60,000
t59.975
5 o
180,300
5%
180,300
999
4' (1917)) 4- 1-12
2°!
811,350
811,350
900
6- 1-03
8',
87
6,500.000
6,500,000
900
1- 2-05
5'
5
400,000
400,000
999
1- 1-05
5',
5
2,000,000
2,000,000
900
1-03
6,
8'
8
10,500,000
10,500,000
999
5- 1-08
5',
5
500
174,500
175,000
999
1-10
75',
5
350
367,150
367,500
999
12- 1-98
5',
5
6,000,000
6,000,000
6',
6
:743,867
4,633
750,000
900
1-11
56',
6%
1
53,650
2,446,350
2,500,000
999
5- 1-08
10'0
10%
250
24,750
25,000
900
11- 1-03
• 76,500 1 4-5% 1 4-5
*923,500
1,000,000
900
' 6- 1-03
5
5%
269,700 4,730,300
5,000,000
900
5- 1-11
2%
2%
6,650
115,850
122,500
999
1-93
6,
,
1
1
11
111
504,000
504,000
999
1-10
7100,000
100,000
5
5
266,500
266,500
999
2.7 (1918)) 4- 1-12
747,150 2.3
747,150
900
5- 1-11
5
5
7,100
104,900
112,000
900
1- 1-04
4
4
627,600
422,400
1,050,000
900
1-03
68
8
6,000,000
6,000,000
10- 1-03 Perpetual
2 2-3
225,000 2 2-3
225,000
999
71-07
5
405,500
5%
*19,594.500
20,000,000
999
1- 1-10
6
6%
41.050
41,050
---;
550
69,450
70,000
152 888.3nn 904 RIR 082 S50.267.817
Now Jersey Perpetual Interest-Bearing Certificates.
*Pledged under agreement securing Public Service Corporation ofHudson
Gas Company and Newark Consolidated Gas Company.
by Essex &
t All of this stock except directors' shares is ownedcompanies.
t $1,500 reserved to retire stock of consolidated
Bordentown Electric Co
Burlington Electric Light & Power Co
The Camden Horse Railroad Co
The Camden & Suburban Railway Co
Cinnaminson Electric Light, Power & Heating Co
Citizens' Electric Light, Heat & Power Co
Consolidated Traction Co
The East Newark Gas Light Co
Elizabeth & Trenton Railroad Co., Preferred
Elizabeth & Trenton Railroad Co., Common
Essex & Hudson Gas Co
The Gas Light Co. of the City of New Brunswick
The Gas & Electric Company of Bergen County
Hudson County Gas Co
Middlesex Electric Light & Power Co
The Morristown Gas Light Company
Newark Consolidated Gas Co
New Jersey & Hudson River fly. & Ferry Co., Preferred
New Jersey & Hudson River R.& Ferry Co., Common
The Nichols Electric Light & Power Co. of Nutley, N. J
Orange & Passaic Valley Railway Co
The Paterson & Passaic Gas & Electric Co
Princeton Light, Heat & Power Co
Rapid Transit Street fly. Co. of the City of Newark
Gas Company
The Ridgewood G
Riverside Traction Co., Preferred
Riverside Traction Co., Common
Shore Lighting Co
Somerset Union & Middlesex Lighting Co
South Jersey Gas, Electric & Traction Co
The South Orange & Maplewood Traction Co
*United Electric Company of New Jersey
Weehawken Contracting Co., Preferred
Weehawken Contracting Co., Common
f80
LIST OF STOCKS OF SUBSIDIARY OPERATING COMPANIES OF
PUBLIC SERVICE CORPORATION OF NEW JERSEY.
Amount in Hands
Amount
Owned by
of the Public
Capital
(Incl. Directors'
P. S. C.
Stock
Shares).
of N. J.
Outstanding.
$1.000
Public Service Electric Co__$22,000,000 a$21,999,000
1,100
11,600,000 al1,598,900
Public Service Gas Co
d21,000
Public Service Railway Co 1)38,000,000 c37,979,000
Public Service Newark Ter300
a1,249,700
1,250,000
minal Railway Co
900
a284,100
285,000
Public Service Railroad Co
$73,135,000
$73,110.700
a Pledged under Public Service Corporation of New Jersey General
Mortgage.
b Of this amount $18,400 00 is reserved to retire outstanding stock of
consolidated companies.
of New
c Pledged under agreement securing Public Service Corporation
Jersey Perpetual Interest Bearing Certificates.
d Includes stock of merged companies.
ON.
SUMMARY OF SECURITIES OWNED BY THE CORPORATI
Par Value.
$27,983,866 70
Bonds
24,616,983 00
Stocks of Leased Companies
73,110,700 00
Stocks of Subsidiary Operating Companies
$24.300
Total
$125,711,549 70
SUBSIDIARY COMPANIES AND MISCELLANEOUS INCOME OF PUBLIC
OPERATING REVENUE AND NON-OPERATING INCOME OFON
OF NEW JERSEY.
SERVICE CORPORATI
P. S. C. MiscelRailway
Gas
Electric
Total.
laneous Income.
Properties.
Properties.
Properties.
YEAR.
26
$9,462,199
74
$187,403
37
$4,471,214
50
$3,026,993
$1.776,557 65
17,759,781 09
463,249 75
1903 (Seven Months)
8,415,278 79
5,378,440 63
3,502,811 92
19,909,842 60
640,405 91
1904
9,488,358 45
6,059,446 58
68
3,721,631
21,498,826 08
723,658 34
1905
10,086,933 92
6.526,316 01
4,161,917 81
2:3,628,043 89
1906
1,023,951 44
10,70.5,392 77
7,251,480 50
4,647,219 18
21,267,687 29
36
1907
1,246,721
43
11,086,353
23
7,349,930
27
4,584,682
10
26,560,451
1908
29
19
1,457,432
12,114,412
7,870,878 58
5,117,728 04
•
29,186,899 88
1909
1,532,347 57
13,290,431 99
8,491,882 46
86
5,872,237
98
32,016,020
1910
55
1,890,512
44
14,450,088
42
8,985,688
6,689,731 57
34,593,808 47
1911
1,939,338 57
15,262,426 49
9,809,669 83
7,582,373 58
37,279,319 60
1912
2,308,873 59
16,201,932 56
10,222,608 39
8,545.845 06
38.760,260 35
82
1913*
2,484,644
53
16,379,309
53
10.555,556
9,340,749 47
08
08
40,328,175
1914
2.437.874
73
16.638.141
10.764.877 94
10.487.281 23
1015*
*Chinge in classification of accounts effective Jan. 1.
EXPENDITURES CHARGED TO FIXED CAPITAL ACCOUNTS BY
SUBSIDIARY COMPANIES OF PUBLIC SERVICE CORPORATION OF NEW JERSEY, YEAR 1915.
GasLand Devoted to Gas Operations
General Structures
General Equipment
Works and Station Structures
Holders
Furnaces, Boilers and Accessories
Steam Engines
Water Gas Sets and Accessories
Purification Apparatus
Accessory Equipment at Works
Trunk Lines and Mains
Gas Services
Gas Meters
Gas Meter Installation
Municipal Street Lighting Fixtures
Gas Engines and Appliances
Gas Tools and Implements
Other Tangible Gas Capital
Engineering and Superintendence
Fixed Capital in Other Departments
Fixed capital installed. during year
Less property written off during year
$122,428 65
265,957 02
48,370 68
• 33,385 16
347 38
22,664 86
11,570 28'
45,382 13
8,997 90
22,721 54
300,712 73
185,012 90
135,640 14
25,004 75
8,315 61
260 21
48 13
1,650 00
3,263 78
16,789 83
ElectricLand Devoted to Electric Operations
General Structures
General Equipment
Power Plant Buildings
Furnaces, Boilers and Accessories
Steam Engines
Electric Generators
Accessory Electric Power Equipment
Miscellaneous Power Plant Equipment
Substation Buildings
Substation Equipment
Poles and Fixtures
Underground Conduits
Transmission System
Overhead Distribution System
Edison Tube System
Other Underground Distribution System
Line Transformers and Devices
Electric Services
Electric Meters
Electric Meter Installation
Municipal Street Lighting System
Commercial Arc Lamps
Other Lighting Fixtures
Electric Laboratory Equipment
Other Tangible Electric Capital
Engineering and Superintendence
Fixed capital installed during year
Less property written off during year
$1,258,523 68
443,857 52
$814,666 16
$14,788 16
56,075 86
54,608 12
663,877 03
582,070 33
372,315 42
60,300 42
489,629 54
21,701 28
25,421 03
192,565 31
165,432 34
267,395 48
188,126 77
165,923 59
102 89
76,727 34
157,521 64
239,231 45
120,150 42
12,805 07
116,310 36
251 21
184 90
6,422 1()
1,675 55
77,762 15
$4,129,375 76
1,248,176 48
$2,881,199 28
APR. 1 1916.)
THE CHRONICLE
Railway*Engineering and Superintendence
$112,714 27
Right of Way
233,971 85
Other Land Used in Electric Railway Operations 1.451,194 25
Grading
12,658 56
Ballast
28,990 63
Ties
85.610 53
Rails, Rail Fastenings and Joints
217,532 13
Special Work
63,558 44
Paving
246,107 69
Track Laying and Surfacing
153,572 48
Tunnels
241,243 67
Roadway Tools
3,416 34
Elevated Structures and Foundations
5,265 14
Bridges, Trestles and Culverts
14,163 50
Crossings, Fences, Cattle Guards and Signs
19,781 88
Interlocking and Other Signal Apparatus
3,438 51
Telegraph and Telephone Lines
1,255 72
Poles and Fixtures
11,374 98
Underground Conduits
1,848 08
Distribution System
46,378 36
General Office Buildings
1,537,414 03
Shops and Carhouses
5,314 42'
Stations, Waiting Rooms and Miscellaneous
Buildings
•
9,937 94
Shop Equipment
644 00
Park and Resort Property
2,648 98
Cars
145,801 53
Electric Equipment of Cars
71,558 20
Other Rail. Equipment
4,068 66
Miscellaneous Equipment
11,164 09
Interest During Construction
307,213 72
Injuries and Damages During Construction_
10 35
Taxes During Construction
42,118 35
Miscellaneous Construction Expenditures
10,886 30
Organization
2,004 48
Ferry Slips and Buildings
238 54
Ferry Boats
197,221 34
Fixed capital installed during year
Less property written off during year
1267
ELECTRIC DISTRIBUTION SYSTEM STATISTICS.
Number of Poles
45,059
145,545
Miles of Wire
4,244
16,108
Number of Transformers
5,336
20,449
Number of Meters
124,433
16,000
Total Commercial Load Connected (in 50 W.
equivalent)
5,420,222
710,000
ELECTRIC LIGHTING AND POWER STATISTICS.
Kilowatt ' No.of Street Arc No.of Street In- Total Connected
Hours
Lamps Supplied candesc't Lamps Load in K. W.
Sold.
December 31. Supplied Dec.31
December 31.
Year.
1903.
1904.-1905..__
1906..-1907..__
1908._ _
1909..__
1910.1911.1912..__
1913.1914-_1045 _
48.894.308
56.666,749
65.472.561
69,274.132
78.911,840
89.742,689
103.144.595
122.543.747
141.936.243
159,044.648
197.079.A81
7,745
8,121
8,681
9,150
9,671
10,397
10,863
11,441
11,726
12.297
12.787
13.334
13.878
5,733
8,538
12,351
13.168
13,821
14,352
15,175
16,640
18,906
20,347
22,339
24,067
24.R03
45,380
5.5,748
68.33181.873
92.143
102,104
118,138
137.058
156,202
180.942
209.1335
239,719
277.652
The increases shown above are somewhat, but not very
materially, affected by properties acquired between June 1
1903 and January 1 1916.
$5,302,321 94
696,966 64
$4,605,355 30
$8,301,220 74
* Railway includes all expenditures on Newark Terminal to date, expenditures prior to January 1 1915, not having been included in previous reports.
ELECTRIC STATIONS-RAILWAY AND LIGHTING.
June 11903. Dec.311915.
Number of Generating Stations
14
22
Number of Boilers
113
157
Number of Generators
156
156
Capacity of Generators in Kilowatts
40,075
227,813
Number of Substations
9
61
NUmber of Rotaries
12
110
Capacity of Rotaries in Kilowatts
5.400
84,500
Kilowatt Hours Produced (years 1903 and 1915)_129,614,180
472,330,488
ELECTRIC CONDUITS AND TRANSMISSION LINES-RAILWAY
AND LIGHTING COMBINED.
Length of Transmission Lines (in miles)
47
685
Length of Conduits (in street miles)
25
139
MILEAGE-DECEMBER 31 1915.
First main track
Second main track and turnouts
Connections, crossovers, wyes and loops
Carhouse and yard tracks
535.228 miles
289.856 "
12.317 "
44.86.5 "
Total
882.266 "
Total number of passenger cars available for operation:
Closed
Open
1.654
435
Number of new passenger cars since 1903:
.Closed
Open
972
150
Track reconstructed with new rail during 1915
25.628 miles
Track reconstructed with same rail during 1915
16.590 "
Extensions built during 1915
7.248 "
MUNICIPALITIES SERVED BY SUBSIDIARY COMPANIES OF
PUBLIC) SERVICE CORPORATION OF NEW JERSEY.
Municipalities
Population
Served.
(1915 Census).
185
2,192,861
159
2,027,990
145
2.130,599
216
2.292,305
Electric
Gas
Railway
Total Number
GAS STATISTICS.
)as Sold-M.Cubic Feet
Mies of Mains in use Dec.31
VIeters in Service Dec. 31
lervices Run
[tangos Sold
hVater Heaters Sold
lot Plates Sold
leating Stoves Sold
3as Arcs Installed
ffelsbach Lamps Sold
ganties Sold
3omestic Appliances Installed
danufacturing Appliances Installed
louse Piping Orders
las Fixtures Installed
kggregate Burners
qo. of Gas Engines Installed
Torso Power of Gas Engines
•
1906.
1907.
1908.
1909.
1910.
1911.
1912.
1913.
1914.
1915.
6,473,835 7,003,793 7,162,588 7,676.574 8,404,760 8,894,571 9,637,555 10,221,097 10,907.541 11,231,828
1,987
2,060
2.241
2,119
2,456
2,637
2.741
2,844
2,906
2,977
269,881 290,768 305,044 331,034 360,101 388,606 410,649
435.383 454,389
473,644
16,031
14,277
10,711
15,218
15,232
15,327
14.154
13,192
10,787
11,452
19,391
15,964
9,409
13,864
18,152
20,608
20,855
23,437
23.296
23,071
3,302
2,529
2,084
3,268
4,690
5,971
6,753
8,792
9,587
9,963
4,433
4,214
2,849
3,106
3.912
3,606
3,135
3,044
2.421
1,945
6,099
3,267
1,799
1,951
2,949
2,423
3,403
3,703
7,477
8.383
1,623
2,196
895
1,830
3,952
4,505
4,787
3,815
5,222
4,921
24,597
21,592
12,765
18,264
21,689
80,986
46,096
49,805
33,634
68,908
117,605 116,684
81,361
75,954
82,489 146,894 123,977
136,367 121,254
185,285
371
432
602
1,674
4,029
9.431
24,011
22,608
16.731
15,335
420
344
364
572
621
686
682
927
1,134
1.175
9,416
5,469
1,095
3,050
3,469
3,942
3,487
3,43P
2,962
2,560
61,795
43,652
20,409
28,383
32,689
32,179
30,208
27,419
20,008
15,817
86,891
60,966
30,391
40,429
44,485
42,667
40,893
36,254
26,434
20,886
82
89
29
38
63
39
36
32
40
29
777t
96114
34614
49514
6844
33314
30014
26814
5054
2923i
RAILWAY TRAFFIC STATISTICS.
YEAR.
1904
190.5
1906
1907
1908
1909
1910
1911
1912
1913
1914
1915
Revenue
Passengers.
Transfers
and
Passes.
Total
Passengers.
165,400,000 50,000,000 215,400,000
180,000;197 55,079,789 235,079,986
198,326,467 62,986,021 261,312,488
911,025,386 71,638,588 282,663,974
219,421,974 74,688,628 294,110,602
238,171,257 81,548,978 319,720,235
258,746,130 82,652,558 341,398,688
277,730,238 84,820,157 362,550,395
293,085,287 90,018,960 383,104,247
308,985,240 95,42.5,86.5404.411,105
310,308,660 96.969,254 407,277,914
212.023.292 100.498.677 414.422.040
Percentage' of Average
Passengers
Fare
Using
Per
Car
Transfers. Passenger. Mileage.
21.8
21.2
22.1
23.2
23.0
23.0
22.1
21.4
21.2
21.1
21.2
21.5
CURRENT NOTICE.
-All of the $7.000.000 Owens Bottle Machine Co. 7% cumulative
preferred stock having been disposed of, William Salomon & Co. of
New York
and Chicago, and Secor & Bell of Toledo, are publishing the
advertisement
in our columns to-day as a permanent record only.
Full particulars appear
in the advertisement.
-For April investment Messrs. Redmond
& Co. are offering, subject to
sale, a list of corporation bonds at prices to yield from 3.75% to 5.30%; also
an attractive list of municipal bonds yielding from 3.75% to 4.38%. For
further details see advertisement on page opposite clearing-house returns.
-Rudolph Guenther, President of tho Rudolph Guenther, Inc.. Advertising Agency, 25 Broad St., N. Y. City, has issued a pamphlet setting
forth the advantages of advertising for public utility securities by way of
awakening the public to their values as investments.
-The New York Stock Exchange firm of Simpson, Pearce & Co. has
been dissolved by mutual consent. R. II. Simpson and Ricardo Cristiani
have formed a new firm under the name of R. H. Simpson & Co., with
offices at 61 Broadway, N. Y.
-Millett, Roe & IIagen, 52 William St., this city, announce the admission of' Howard Hackett to membership in the firm from April 1. Mr.
Hackett has been connected with the Boston office of Millett, Roe & Hagen
for nine years.
-Messrs. Williams, Troth & Coleman, 60 Wall Street, New York,
recommend for permanent investment Citie-s Service Co. 6%
Preferred
Stock. For further particulars regarding this offering, see this
firm's
advertisement on another page.
3.83c,
3.83c.
3.76c.
3.70c.
3.70c.
3.72c.
3.78c.
3.82c.
3.82c.
3.82c.
3.83c.
3.82c.
Car
Hours.
Passengers Per
Day.
32,168.888 4,-003,614 588,525
35,068.223 4,228,344 644,055
37,462,804 4,464,162 715,925
39,178,277 4,671,246 774,422
39,519,972 4,598,714 803,581
40,890.3604,747.729 875,946
42,632.760 4.961,608 951,721
,44.561.141 5.159,073 993.289
47,355,292 5.465,926 1,046.733
49,853.40$ 5,896,066 1,107,976
50,792.889 5.665,119 1,115,830
51.873.660 5.572117n 1.125.403
Passenger
Receipts
Per Car
Mile.
Passenger
Receipts
Per Car
Hour.
25.59c.
25.73c.
26.29e.
26.75c.
27.56e.
29.08c.
30.29c.
31.07c.
30.87c.
30.97c.
30.72c.
30.49c.
$2.06
2.13
2.21
2.24
2.37
2.50
2.60
2.68
2.67
2.71
2.75
2.84
-Clement, Curtis & Co., Chicago, have moved into their new quarters
on the banking floor of the Rookery Building, occupying a part of the
space formerly used by the Corn Exchange National Bank and subsequently
by the LaSalle Street National Bank. The brokerage concern has had the
office rearranged and fitted up to meet their needs, and to the south it
overlooks Quincy Street. while to the north it overlooks the rotunda of the
Rookery, extending the full length of the rotunda.
-All the bonds having been sold. Hallgarten & Co. and William Salomon
& Co. of this city, with Illinois Trust & Savings Bank and the Continental &
Commercial Trust & Savings Bank of Chicago are to-day publishing as a
matter of record advertisement of Sulzberger & Sons Co. first mtge. 6%
25-year sinking fund bonds, of which.$15,000,000 are presently issuable.
Price, 100 and accrued interest. The investment features of this offering
are fully described in the record advertisement.
-Douglas Fenwick & Co., 36 Wall St., this city, are offering a part of
10,000 shares of the common stock of the Nymo Zinc & Lead Co., incorporated under the laws of the State of New York. at its par value of $5 per
share. The stock, is is stated, has been placed on a 12% dividend basis,
the initial dividend of 1% having been declared to stockholders of record
on March 25. The advertisement appears elsewhere in this issue with
complete details of the investment.
•
-Harris, Forbes & Co. of this city, jointly with Harris, Forbes & Co.,
Inc., Boston, and the Harris Trust & Savings- Bank. Chicago, are to-day
advertising in this issue of the "Chronicle" $4,000,000 Alabama Power Co.
first mortgage 30-year 5% bonds, due March 1 1946, at 96% and interest.
Having sold all of these bonds, the advertisement appears as a matte ,
of record. See the advertisement for full particulars.
IVoi. 102.
THE CHRONICLE
1268
CITIES SERVICE COMPANY
BER 311915.
ANNUAL REPORT TO STOCKHOLDERS—FOR YEAR ENDED DECEM
Your board of Directors submits herewith the Sixth Annual
Report of Cities Service Company, including, as heretofore,
earnings statement and balance sheet of the holding company,
and a combined earnings statement and combined balance
sheet of the subsidiary properties.
FINANCING.
The most important development during the year in the
matter of improving the Company's financial condition was
the sale of stock of Cities Service Company for the sum of
$5,000,000 in cash, which transaction was announced to the
stockholders by a special letter last November. The proceeds of this sale not only eliminated a floating indebtedness
originally incurred in the purchase of properties, but also
supplied the Company with ample cash working capital.
A good bond market during the latter portion of the year
has also enabled the subsidiary companies to put themselves
in excellent financial condition. An example is the consummation of a plan for the retirement of The Denver Gas &
Electric Light Co.6% Collateral Trust Notes, amounting to
$3,500,000, which, although not due until April 1 1917, the
Denver Company expects to call for redemption on October 1
1916. These notes will be paid from the proceeds of the sale
of The Denver Gas & Electric Light Co. First and Refunding 5% Bonds, due 1951. This arrangement is in conformity
with a definite policy of funding all short-term securities by
the sale of long-term bonds.
The improvement in the investment market has made it
possible t& provide the necessary capital for extensions and
betterments to the subsidiary properties by the sale of securities. The holding company, no longer being under the
necessity of using all its earnings for capital purposes, was in
a position to announce a dividend policy late in the year.
Accumulated preferred dividends were paid by the distribution of securities on January 1 1916, since which time
the preferred stock has been on a cash dividend basis. Dividends on the common stock have been declared in securities
to July 1 1916 at the rate of 6%, and the Board has taken
action to resume cash dividends after that date.
The conservative policy of the Company with respect to
dividends, as outlined to you in the last annual report, has
been more than justified. The financial condition of the
Company and the steady increase in the earning capacity
of its subsidiaries show that the funds of the stockholders
were very advantageously employed.
The revenue received in the past from the sale of oil has
had only a small bearing upon the earnings. The oil earnings for last year are shown separately, and you will note that
Comthey represent less than 5% of the total earnings of thesuch
a,
pany. The development of these oil fields is now at to instage that the earnings from this source are expected
crease very largely.
It must be borne in mind, however, that no matter what
these oil earnings may amount to in the future, your Company
is essentially a public utility company, with all the stability
expectaof investment that these words imply, and that thehave
been
tions of earningsfrom these public utility properties assures
fully realized and have now reached a point whichearnings
for the Company a splendid future aside from the
from the production of oil.
CONDITIONS IN THE PROPERTIES.
The reports of generally prosperous conditions in all parts
of the country are confirmed in the development of the subsidiary properties of your Company.
The Ohio properties have made striking increases in their
of
growth. The Massillon property doubled the capacity
its generating station in 1914 and again doubled it in 1915.
The Alliance Company added a 2,000 kilowatt turbine to its,
generating equipment,the Warren Company 4,000 kilowatts
the
the Elyria and Lorain companies 4,000 kilowatts, and
Toledo Company 20,000 kilowatts since the previous annual
report was prepared.
gains.
The Southwestern properties have also shown large
Electric
District
Empire
the
of
business
the
of
growth
The
l
Company made necessary the installation of an additiona
Addi10,000 kilowatt turbine in the generating station. added;
tional generating capacity has already been either
the
contracted for, or is under consideration to provide forMo.,
growth of business of the companies at St. Joseph,
Salina, Kan., Hutchinson, Kan., Sedalia, Mo., and Amarillo, Tex.
Galveston, because of voluntary reductions in rates and
some unsettlement of business due to the storm, has reported
of the
slightly decreased earnings during the latter portion
and
year; but present commercial conditions indicate early
steady gains.
While an improvement has been realized in the Spokane
property and continued progress is being made, the extent
ons.
of this improvement has not yet equaled our expectati
conditions in the South
business
general
in
ment
Improve
S.
EARNING
became marked toward the end of the year. Additional
Again it is a pleasure to call your attention to the rate of electric generating capacity is being planned for the Cumbergrowth of the Company's earnings, and in particular to land, Durham and Athens Companies. Hattiesburg and
the progress made during the last year. The amount of Meridian, however, have not yet reflected much change.
earnings which were net to stock during the last calendar
While we cannot report a settlement of the Toledo street
year amounted to $3,816,944, as compared with $3,397,545 railway franchise, we believe the situation is better underfor the preceding year, and the balance of net to common, stood by the community and that a mutually satisfactory
after providing for preferred stock dividend requirements, settlement will be reached.
amounted to $2,246,939, as compared with $1,761,551.
As predicted in the previous annual report, "Jitney Bus"
The natural gas fields of the country have from year to operation has produced no serious results among your Comyear generally increased in production and the area of these pany's few street railways.
both
fields has been extending. New fields and new pools have
A vigorous campaign to induce a larger use of fuel gas,
been constantly opening up.
producing very satisfactory results.
is
natural,
and
artificial
Manufactured gas companies have been compelled to ac- The Company has a corps of technical experts devoted to this
cept natural gas as a substitute for artificial gas until now subject, and we expect later to advise you of important demore than half of all the cities and towns in the United States velopmen ts
which use gas are supplied with natural gas.
With regard to the outlook for conditions in the coming
Prior to the formation of the Cities Service Company, year, your Board feels sure that the Company's past records
Henry L. Doherty & Company were conducting a scientific in the matter of increasing earnings 'will be more than equaled
study of the natural gas resources of the country, together and its financial condition will be further strengthened durwith a study of the area, life and content of the existing fields. ing the year 1916.
This study has been, and is still being, diligently pursued.
All of which is respectfully submitted.
A study of natural gas means necessarily a study of oil,
the
in
exist
generally
and
d
THE BOARD OF DIRECTORS,
as the two are so closely associate
same field. In producing natural gas your Company has
By HENRY L. DOHERTY,President.
necessarily become a producelof oil.
CITIES SERVICE COMPANY—EARNINGS STATEME.iT.
Total Gross Earnings
Expenses
Net Earnings
Interest on Notes
Net to Stock
Dividends Preferred Stock Paid and Accrued
Net to Common Stock
Dividends Common Stock
Ending 12MonthsEnding
12 Months Ending 12 Months Ending 12 Months Ending 12 Months31
1912. December311911*
December 311915. December 311914. December 311913. December
$965,876 II
80
1,190,766
11
$2,172.411
37
$3,934,453
$4,479,800 44
43,843 52
19
77,034
85,347 95
116,908 29
172,856 15
59
$922,032
61
$1,113,732
16
$2,087,063
$3.817,545 08
$4,306,944 29
123,062 27
420,000 00
490,000 00
$922,032 59
$1,113,732 61
$1,964,000 89
$3,397,545 08
$3,816,944 29
521,387 09
605,875 79
908,777 60
1,635,993 50
1,570,005 00
50
$400,645
82
$507,856
$1,055,223 29
$1,761,551 58
$2,246,939 29
146,859 51
218,260 07
466,426 21
471,047 68
$253,785 99
$289,596 75
$588,797 08
31,290,503 90
$2,246,939 29
Net to Surplus
Per cent of "Not to Stock" to Preferred Dividends Paid
243.12
and Accrued
Per cent of Earnings on Average Amount of Common
15.27
Stock Outstanding
1915.
Note.—
$4,266,012 60
Gross Earnings from Utilities
213,787 84
Gross Earnings from 011
Total
$4,479,800 44
207.67
216.11
183.82
176.80
11.28
10.71
9.29
8.23
THE CHRONICLE
APR. 1 1916.)
CITIES SERVICE COMPANY.
BALANCE SHEET JANUARY 10 1916.
ASSETS.
$51,228,680 78
Plant and Investment
Par Value of Securities Owned:
$12,601,100 00
Bonds '
1,070,253 27
Preferred Stocks
62,832,346 33
Common Stocks
$76,503,699 60
1 00
Treasury Stockf12,000 shares preferred stock1
152,816.2 shares common stock'
1 00
Undelivered Securities due on Contract
8,725,984 36
Surplus Earnings due from Subsidiary Companies
2,892,907 90
Advances to Subsidiaries
3,059,203 48
Bills Receivable
44,915 57
Coupons Receivable
154,018 71
Preferred Dividends Receivable
217,758 01
Interest Receivable
106,158 52
Unamortized Discount and Expense
1.652,639 68
Cash
Total Assets
$68,082,269 01
LIABILITIES.
Capital Stock—Conunonf 147,183.8 shares outstanding l __$20,000,000 00
1 52,816.2 shares in treasury'
26,168,426 00
Capital Stock—Preferred
7,000,000 00
Five-Year 7% Convertible Coupon Gold Notes
4,292,400 00
Preferred Stock Subscriptions
2,355,003 00
Preferred Stock Warrants
1.323,621 00
Common Stock Warrants
Bills Payable
15,002 00
2,271,570 23
Advances from Subsidiaries
296,344 16
Contingent Fund
Surplus Earnings:
$539,781 68
Surplus Reserve
3,820.120 94
Surplus
4,359,902 62
$68,082,269 01
Total Liabilities
COMBINED STATEMENT OF EARNINGS OF ALL
SUBSIDIARY COMPANIES.
YEAR ENDING DECEMBER 31 1915.
$22,656,079 00
Gross Earnings
Operating Expenses, Maintenance and Taxes
13,182,553 31
Net Earnings
Interest Charges
$9,473,525 69
3,462,499 90
Net to Stock
Preferred Stock Dividends
$6,011,025 79
654,349 50
Net to Common Stocks (Includes proportion to stocks
not owned by Cities Service Co.)
$5,356,676 29
1269
COMBINED STATEMENT OF ASSETS AND LIABILITIES OF ALL SUBSIDIARY COMPANIES.
DECEMBER 31 1915.
ASSETS.
Plant and Investment
'$207,445,573 93
Additions to Physical Property (1915)
2,914,297 34
$210,359,871 27
Securities Owned
762,126 57
Sinking Fund
502,205 52
Stores and Supplies
1,391,972 41
Current Accounts Receivable
2,131,116 34
General Ledger Accounts Receivable
916,575 00
Bills Receivable
249,685 12
Advances to Parent Company
2,271,788 83
Payments made in advance (Bond Discount, Insurance,
Rentals, &c.)
2,381,747 27
Cash In banks of local communities
$1.397,154 20
In out-of-town depositories
836,460 57
2,233,614 77
Total Assets
$223,200,703 10
LIABILITIES.
Capital Stock and Funded Debt:
Common Stock
(*Inter-company $24,024.092 00)... $96,771,637 00
Preferred Stock
(*Inter-company
241,000 00)... 11,497.025 00
Bonds Outstanding (*Inter-company 16,870,400 00)___ 88.118,896 23
Bills Payable
2,482,189 81
Current Accounts Payable
1.131,13849
General Ledger Accounts Payable
196,229 61
Customers' Deposits
297,259 74
Salaries and Wages
213,812 27
Advances from Parent Company
2,887,915 26
Interest Accrued
960,452 45
Taxes Accrued
342,362 86
Miscellaneous Accrued Accounts
51,359 45
Dividends Accrued
1,226,836 05
Surplus Earnings and Reserves
17,023,588 88
Total Liabilities
$223,200.703 10
* See explanation of "Inter-company" on accompanying sheet.
Bonds Outstanding:
Owned directly by Cities Service Company
$12,601,100 00
*Intercompany, being securities owned by sub-holding companies
16,870,400 00
Public
hands
of
the
Outstanding in
58,647,396 23
$88,118,896 23
* The ownership of Cities Service Company in certain of the operating
companies is represented by its ownership in sub-holding companies, such
as Toledo Traction, Light & Power Company,Empire Gas & Fuel Company
(Del.), Dominion Gas Company. &c. The securities of operating companies which are owned by sub-holding companies are referred to above as
inter-company securities.
CITIES SERVICE COMPANY.
SUMMARY.
CAPITAL STOCK AND FUNDED DEBTS SUBSIDIARY
COMPANIES.
Common Stocks:
$62,832,346 33
Owned directly by Cities Service Company
*Intercompany, being securities owned by sub-holding com24,024,092 00
panies
9,915,198 67
Outstanding in hands of the Public
$96,771,637 00
Preferred Stocks:
$1.070,253 27
Owned directly by Cities Service Company
*Inter-company, being securities owned by sub-holding com241,000 00
panies
10,185,771 73
Outstanding in hands of the Public
$11,497,025 00
CAPITAL STATEMENT DECEMBER 311915.
Authorized. Outstanding. Par Val.
Preferred Stock,6% Cumulative____$40,000,000
$26,168.426
$100
Common Stock
25,000,600
14,718,380
100
Seven Per Cent Convertible Notes_
10,000,000
7.000,000
_-- _
The Company sold additional stocks to finance capital
requirements, as explained in a letter to stockholders last
November. Dividends paid in convertible debenture bonds
on January 1 1916 will Ilso increase the amount of stocks
outstanding. The total amount of stocks outstanding, assuming the conversion of all these debentures, will be $34,847,751 preferred stock and $18,138,211 common stock.
CITIES SERVICE COMPANY, SUBSIDIARIES AND COMMUNITIES SERVED.
Alliance Gas & Power Co.
Alliance, Ohio
Denver Gas & Electric Light Co.
Denver, Colo., and 6 other communities.
Dominion Gas Co.
Amarillo Street Railway Co.
Amarillo, Texas
Arkansas Valley Gas Co.
Arkansas City, Kansas
Athens Railway & Electric Co.
Athens, Ga.
Bartlesville Gas & Oil Co.
Bartlesville, Okla.
Bartlesville Interurban Railway Co.
Bartlesville and Dewey, Oklahoma
Bristol Gas & Electric Co.
Bristol, Va.—Tenn.
Brush Electric Co.
Galveston, Texas
Central Ohio Gas & Electric Co.
Buckeye State Gas & Fuel Co.
Pipe Line and Field Company in Ohio
Columbus Natural Gas Co.
Sells wholesale to Columbus, 0., has local
franchise at l'ataskala and Reynoldsburg.
Coshocton Gas Co.
Coshocton, 0.
Mansfield Gas Light Co,
Mansfield, 0.
Mansfield Electric Light & Power Co.
Mansfield, O.
Medina Gas & Fuel Co.
Local franchises at Medina and 9 other communities; and sells wholesale to 12 additional
communities in Ohio.
Citizens Gas Electric & Heating Co.
Mt. Vernon, Ill.
City Light & Traction Co.
City Light & Water Co.
Sedalia, Mo.
Amarillo, Texas
Continental Oil & Gas Co.
Beaver Oil & Gas Co., Ltd.
Brantford Gas Co.
*Dominion Natural Gas Co., Ltd.
Ingersoll Gas Light Co.
Thorold Natural Gas Co., Ltd.
United Gas Cos., Ltd.
Woodstock Gas Light CO.
Hamilton, Brantford, Galt, St. Catherines,
Woodstock and 45 other communities in
Ontario.
Durham Traction Company
Durham, N. C.
Empire District Electric Co.
Carthage Gas Co.
Webb City & Carterville Gas Co.
Joplin, Webb City, Carterville, Carthage,
Missouri, and 10 other communities in Missouri and Kansas.
Sells wholesale to communities in Oklahoma
and Missouri.
Reserve Gas Co.
Field Company in Oklahoma
St. Joseph Ry. Light Heat & Power Co.
St. Joseph & Savannah Interurban Ry. Co.
St. Joseph and Savannah, Mo.
Salina Light Power & Gas Co.
Salina, Kansas
Southern Ontario Gas Co., Ltd.
Pipe Line Company, but also has local franchises in Aldborough, Dunwich, Harwich and
Raleigh, Ontatio.
Southwestern Oklahoma Gas & Fuel Co.
Pipe Line Company in Oklahoma.
Spokane Gas & Fuel Co.a
Spokane, Wash.
Toledo Traction Light & Power Co.
Empire Gas & Fuel Co..(Del.)
Toledo Railways & Light Co.
Toledo Ottawa Beach & Nor. Ry. Co.
Toledo & Western Railroad Co.
Maumee Valley Rys. & Light Co.
Adrian Street Railway Co.
Toledo Beach Co.
Toledo Casino Co.
Population served includes Toledo, O., and
11 other communities in Ohio and Michigan.
Empire Gas & Fuel Co. (Calif.)
59 Osage Oil Co.
Indian Territory Ill. Oil Co.
Keesage Oil Co.
Lewis Oil Co.
Midland 011 Co.
Midland 011 & Gas Co.
• Penn Oil Co.
Pilgrim 011 Co.
Plymouth 011 Co.
Puritan Oil Co.
Steyner Oil Co.
Trumbull Public Service Co.
Glenwood Natural Gas Co., Ltd.
Field Company in Ontario
Warren and Niles, 0., and 5 other communities.
United Water Gas & Ele3tric Co.
Hutchinson and Nickerson, Kansas.
Knoxville Gas Co.
Washita Gas & Fuel Co.
Field Company in Oklahoma.
Knoxville and Park, Tenn.
Lorain County Electric Co.
Watauga Power Co.
Elyria, 0.
Manufacturers Natural Gas Co., Ltd.
Pipe Line Company in Ontario
Massillon Electric & Gas Co.
Field Company in Kansas for oil and gas
Massillon, 0., and 4 other communities.
Cumberland, Md., and 7 other communities.
Meridian and Hattiesburg, Miss.
Light & Railway Co.
Cumberland & Westernport Elec.Ry.Co. Meridian
Hattiesburg Traction Company
Danbury & Bethel Gas & Elec. Lt. Co. Neosho Electric Light Co.
Danbury, Brookfield and Bethel, Conn.
Quapaw Gas Co.
Hydro-elec. generating Company in Tenn.
Western Distributing Co.
Twenty communities in Kansas.
Western Oklahoma Gas & Fuel Co.
Duncan, Lawton and Marlow. Okla.
Wichita Natural Gas Co.
Sells wholesale to Wichita, Newton, Winfield
and Wellington, Kansas.
Wichita Pipe Line Co.
Neosho,Mo.
Cherryvale and Iola, Kansas.
*The Enterprise Gas Co., Ltd.; Norfolk Gas Co., Ltd.; Pt. Rowan Natural Gas Co., Ltd.; Producers Natural Gas Co., Ltd., and Waines & Root
Gas Co., Ltd., were merged into the Dominion Natural Gas Co., Ltd.
a Cities Service Company has a contract to acquire all of the common stock.
THE CHRONICLE
1270
[VOL. 102.
INTERSTATE ELECTRIC CORPORATION
ANNUAL REPORT TO STOCKHOLDERS FOR YEAR ENDED DEC. 31 1915.
New York, Feb. 21 1916.
To the Stockholders:
Your Board of Directors herewith respectfully submit their
Annual Report covering the operations of the Corporation
for the year ended December 311915,also certain information
which they consider will be of particular interest to those
who have investments in the various securities of the Company.
During the past year your Directors have submitted from
time to time earnings statements, statistical and other information concerning the affairs of the Corporation which is
embodied in tne report herewith submitted. The volume
of business handled by the Corporation during the year has
been largely in excess of any previous year, notwithstanding
the many adverse conditions that have existed. It is entirely
possible for your Directors to declare a dividend on your
Common shares, but this was deemed inadvisable, at least
for the present. Your Directors are more concerned with
ensuring the permanency of a fair return on your investment
and the enhancement of its value than creating a temporary
enthusiasm by the distribution of the earnings at this time.
At a special meeting of the stockholders, your Directors
were authorized to issue $1,000,000 Preferred Stock, the
proceeds to be devoted to the acquisition of further properties, the completion of certain extensions and improvements
and other corporate purposes.
There has been added during the past year to the list of
the subsidiary companies owned the following:*
Palestine Water Works Co
Palestine Ice Co
Consumers Ice & Fuel Co
Trenton Ice & Refrigeration Co
Palestine, Texas
Palestine, Texas
Laredo, Texas
Trenton, Mo.
*On Feb. 1 1916 the purchase of the Ballinger (Tox.) Electric Light &
Power Co. was consummated.
These properties, including Ballinger, have a total replacement value of $724,388. The acquisition of these properties
has added considerably to the strength of your Company
both as to its earning capacity and possible economies
through consolidation.
All of the properties of your Company are being fully
maintained and placed in the highest condition of efficiency.
The policy of your Directors is that each subsidiary shall
always keep its properties up to the demand of its business
and the equipment and apparatus of the best type.
Your Directors have appropriated from time to time during
the past year liberal sums to be devoted to improvements,
extensions and increased efficiency. This sum in the aggregate has amounted to $198,905 54.
Messrs. Arthur Young & Co., Certified Accountants of
Chicago, have been employed as usual in connection with all
financial investigations of properties acquired and have made
the usual annual audit of the books of each of the subsidiary
companies.
PENNSYLVANIA PROPERTIES.
The PENNSYLVANIA high-tension transmission line
extending from Erie, Pa., to Waterford, Union City, Elgin
and Corry, referred to in the previous report as being undertaken, has been completed and placed in operation. An
extensive campaign has been inaugurated for the purpose
of placing on the lines the large industries located at Union
City and Corry. The Standard Chair Company and other
manufacturing concerns have been recently connected, and
the indications are that other important manufacturers Will
at an early date also use our service.
MISSOURI PROPERTIES.
At the present time the Corporation is erecting a hightension transmission line from Trenton to Laredo, Mo., in
connection with which it has received from the Laredo
Electric Light Company a ten-year contract, affording the
Company a guaranteed return on the investment.
At Trenton your Directors are erecting a new raw water
ice plant with motor-driven compressor to be operated in
conjunction with the electric-light plant and in order to make
proper provision for this and available power business, as
well as more efficient central station operation, two BuschSulzer Diesel Oil engines with General Electric Generators
have been installed in a modern fireproof central station
building especially designed for this equipment.
At Chillicothe five miles of new gas mains have recently
been completed, but the maximum results will not be realized
until the spring, at which time there will doubtless be a very
substantial increase in the company's output.
The plant is entirely modern and the opportunity for new
business is unusually great, as the previous owners were not
aggressive. According to the report of Edward G. Pratt
of Chicago, as a result of the completion of the recently laid
five miles of gas mains, the company's annual sales should
amount to 22,000,000 cubic feet, producing a gross revenue
of $31,680.
At the present time 21 gas ranges are in use at the Girls'
High School, where regular courses are given in cooking.
This is considered not only as a source of profit but an effective advertising medium.
KANSAS PROPERTIES.
The Corporation sustained a loss at Great Bend resulting
from a severe tornado which wrought great havoc in the city,
but this loss, partially covered by insurance, caused little
embarrassment due to the fact that your Directors had previously authorized the purchase of modern and efficient
units to replace those in use. The continuous operation of
the water and electric service was interrupted for a brief
period only; the electric service was resumed within ten days,
the water service .within seventy-two hours. The earnings
for that month were $4,107 13 as compared with the previous
month of $4,626 71, showing almost an imperceptible loss.
On the recommendation of engineers an expenditure of
$42,240 has been made on central station changes which, it
is stated, will result in a net saving per annum from k.w.h.
produced of $11,483. Upon the completion of these changes
the Great Bend plant will be in a position to make aggressive
effort to take on power business available, amounting to
3,000,000 k.w.h. per annum. The Directors have taken an
option on two electric properties in this immediate vicinity
and in the event of successful negotiations it is contemplated
to sqrve the same from Great Bend by a high-voltage transmission line.
HOISINGTON.
While the results in connection with the electric-light and
power business in this city have been satisfactory, there has
been a feeling of disappointment in connection with the
Company's output of ice. Negotiations are now being carried on with the American Refrigerator Transit Company
and the Missouri Pacific Railway which has established a reicing station here, looking forward to a ten-year contract
dalling for a guaranteed minimum output of 4,000 tons per
annum. If these negotiations are successful, the Corporation will be justified in making important improvements and
extensions that will materially reduce its manufacturing
cost and substantially increase the net revenue.
TEXAS PROPERTIES.
At San Angelo many substantial and important central
station changes have been made resulting in a pronounced
saving in labor and a marked increase in efficiency which is
being reflected in the Company's net earnings. Further
economies have been recommended and will be undertaken.
Through the acquisition of the Ballinger Electric Light &
Power Company and the erection of a high-tension transmission line extending from San Angelo to Ballinger and
Winters, the San Angelo Company will, for the first time,
derive the maximum efficiency from the large steam units
installed, due to an improved load factor.
Right of way privileges have been obtained over all highways in both Tom Green and Runnels County, and the construction of this line will be commenced at the earliest
possible moment.
A new ten-year municipal contract has been made by the
Water Company, the terms of which your Directors consider
favorable and in which the City agrees to install immediately
twenty-seven new fire hydrants.
BALLINGER.
The most recent acquisition to the list of properties owned
is the Ballinger Electric Light & Power Company, and,
while the purchase of this property is not, properly speaking,
the business of the year 1915, in view of the fact investigations pertaining to the same were carried on during that
period and the transaction actually consummated February 1st, it seems appropriate to take notice of tho same in
this report.
Ballinger, the County Seat of Runnels County, is the
trading point for about 500 square miles of country extending
up and down the Colorado River Valley and is served by
two railroads.
Runnels County supports a population of about 27,000
and the character of the soil is admirably adapted for the
raising of oats, cotton, maize, corn, wheat, fruit and melons.
The County produced 60,000 bales of cotton last year. The
compress at Ballinger concentrated nearly 100,000 bales.
Your Directors propose to erect a high-tension transmission
line extending from San Angelo to Ballinger and Winters,
which will include the towns of Miles, Rowena and Hatchell.
Profitable power business will immediately be realized from
this investment as the territory served affords many opportunities for a substantial business.
LAREDO.
Through the acquisition of the Consumers Ice & Fuel
Company and the consolidation of this Company with the
Laredo Water Company, already owned, substantial operating economies will be immediately obtained and some
very creditable savings instituted. The new 1,500-ton ice
storage house costing approximately $34,000, including
refrigerating and pre-cooling rooms, is completed. This
additional storage will add considerably to the profits of the
Company, as is now being demonstrated.
In the month of January 1916 the Company's net earnings
showed an increase of $2,726 56 over the same month in 1915.
A
APR. 1 1916.1
THE CHRONICLE
1271
This was entirely due to the increased volume of business
YourlDirectors have abundant faith in Texas and its
and the fact that this year we were equipped for the business prosperity is certain to be reflected in continued increases in
which previously was refused.
your subsidiary companies' earning power.
Very favorable contracts with the Wells-Fargo Express
Respectfully submitted,
Company, the International & Great Northern Railway and
American Refrigerator Transit Company have been received
WILLIAM HOWARD HOOPLE,
and insure the Company a ready market for its total output.
. President.
The Laredo Water Company installed in the year 1915
five hundred and seventy-six meters, an increase of approxi- INTERSTATE ELECTRIC CORPORATION SUBSIDIARIES
AND
mately 90 per cent over 1914, and at the present time about
COMMUNITIES SERVED.
twenty meters are being installed daily.
CompanyCommunities Served.
PALESTINE.
Through the acquisition of the Palestine Ice Company
and the Palestine 'Water Works Company your Directors
feel that, very valuable properties have been added to your
holdings in Texas. Profitable contracts have been obtained
from Swift & Company, the American Refrigerator Transit
Company, the International & Great Northern Railway and
retail dealers in neighboring communities, and these, with
the local demands, guarantee a market for the entire output
of your plant.
The Mayor and the municipal authorities of :the City have
agreed to give to the Water Company a "minimum rate"
which will add approximately $4,000 to the revenues of the
Company, based on the business now on the Company's
mains. Five hundred and fifty meters have been ordered
for immediate installation and the resident manager advises
that meter requirements for the next three months will
amount to an additional five hundred.
In Texas, as in most Southern States, the manufacture
of ice is practically regarded as a utility, the same as electricity, gas or water, and there is a very uniform demand for
the same on account of the climatic conditions throughout
the year. The consolidation of the clerical forces of the
Water Works and Ice Company at both Laredo and Palestine
has already been effected and the proposed central station
changes will be put into effect as soon as tile necessary machinery arrives. The saving resulting from these changes
will be most satisfactory.
Corry City Electric Light Company
Union City Electric Light Company
The Concord Township Power Company
Wayne Township Power Company
Home Power Company
Great Bend Water & Electric Company
Hoisington Electric & Ice Company
Trenton Gas & Electric Company
Trenton Ice & Refrigeration Company
Peoples Gas & Electric Company
San Angelo Water, Light & Power Company
Ballinger Electric Light & Power Company
Laredo Water Company
Consumers Ice & Fuel Company
Palestine Water Works Company
Palestine Ice Company
Corry, Pa.
Union City, Pa.
Concord Township, Pa.
Wayne Township. Pa.
Union Township, Pa.
Great Bend, Ran.
Hoisington, Ran.
Trenton, Mo.
Trenton, Mo.
Chillicothe, Mo.
San Angelo, Tex.
Ballinger, Tex.
Laredo, Tex.
Laredo, Tex.
Palestine, Tex.
Palestine, Tex.
STATEMENT OF EARNINGS OF THE SUBSIDIARY COMPANIES
OF THE INTERSTATE ELECTRIC CORPORATION FOR
THE YEAR ENDED DECEMBER 31st 1915.
Companies Texas Companies
owned during acquired in
the period. Dec. 1915.
Total.
Gross Earnings
$376,370 74 $153,189 38 $529,560 12
Operating Expenses (including Taxes
and AdminWrative)
227,171 07 86,239 29 313,410 36
Net Earnings
$149,199 67 $66,950 09 $216,149 76
Interest on Underlying Bonds not
owned
5,520 00 50,847 60
45,327 60
Electric$103,872 07 $61,430 09 $165,302 16
Total Interest on Interstate
Corporation outstanding Bonds
51,214 60
51,214 60
*Net Income
$52,657 47 $61,430 09 $114,087 56
GENERAL.
*As the preferred
was not issued until the middle of December 1915,
All of the franchises under which your Companies operate the small amount ofstock
accrued dividend has not been considered in this stateare satisfactory. There are no controversies or litigations ment.
First Nine Months' figures are based on the reports of Arthur Young &
relative to either franchises or rates, and there are no com- Co.,
Certified Public Accountants. The last three months are based on
petitive conditions existing in the territory served. The figures submitted by the Corporation's auditors.
business of your Company is expanding generally and we do
not feel that the high point of saturation has in any instance INTERSTATE ELECTRIC CORPORATION AND SUBSIDIARY
been reached, but that there is an unusually good opportunity
COMPANIES CONSOLIDATED BALANCE SHEET
DECEMBER 31 1915.
for. profitable development, and it is probable that during
the next year further enlargements and extensions to the
ASSETS.
Plant,
Property and Investment Account
generating plants and distribution systems of your Company
$3,325,149 33
in
Bonds
Treasury
15,000 00
will be undertaken in order to serve the business available.
Current Assets:
Cash
Your Directors feel that you are to be congratulated on
$83,737 79
Notes Receivable and City Warrants
9,643 52
the personnel of the management of the subsidiary companies,
Accounts Receivable
228,281 18
which we believe to bo of the best. They are technical,
Special Deposits
2,624 42
Inventories of Merchandise and Supplies _ 30,530 22
thoroughly commercial, industrious, economical.and not
354,817 13
communities
they
Deferred Charges:
only cordial in their relations with the
Unexpired Insurance
$1,416 95
serve, but we believe are also considered a local asset in conAccrued Interest
183 63
nection with the city's affairs, and your Directors take pleasSuspense
100 00
ure in making this aclmowledgment.
1,70058
Your Company has been able to provide for all its financial
$3,696,66704
requirements through the sale of its twenty-year bonds and
LIABILITIES.
preferred stock. It has not been necessary to resort to any
Stock:
short-time financing or tne issuance of notes creating large Capital
PreferredAuthorized
$1,000,000 00
fixed charges. All surplus earnings have been devoted to
improvements and extension. Your attention is called to
Issued
$500,000 00
the substantial gains in earnings, and from the business in 'Common
Authorized and Issued
1,000,000 00
hand and the prospects before us we are confident that the
Underlying Stock
25,500 00
further growth in earnings will be even more satisfactory.
$1,525,500 00
Debt:
The average key rate in connection with the subsidiary Funded
First Lien 6% Gold Bonds
$1,141.000 00
Underlying Bonds
companies' fire insurance during the year 1915 was $1.568.
852,110 00
1,993,110 00
On account of central station changes and improvements Current Liabilities:
Notes Payable
your Directors have been able to secure an average rate for
$20,000 00
Accounts Payable
29,760 77
the year 1916 of $1.15.
Customers' Deposits
1,937 34
We particularly call to your notice the several photographs
51.698 11
Items:
included in this report, especially those referring to Texas, Accrued
Taxes
$9,651 30
where your Corporation has a substantial investment. The
Interest on Securities
37,623 80
Dividends on Preferred Stock
State abounds in natural resources and is fast being devel2,512 10
49.787 20 oped. The Washington Census Bureau estimated the Texas Surplus
76.571 73
population as showing an increase of 330,000 since the Cen$33,696,667 04
sus of 1910.
CURRENT NOTICE.
-A noteworthy indication of the tendency of large investment houses to
give more attention to the investor of moderate means is given in the latest
booklet published by the municipal bond house of William R. Compton Co.,
14 Wail St.. this city, entitled "Buying Bonds on Partial Payment."
This is the first time, it is claimed, that the partial payment plan has been
applied to municipal bonds. Under the plan the small as well as the largo
Investor is enabled to buy good municipal obligations by making a small
initial payment and systematic payments thereafter until the full amount
has been paid in. A unique feature is that William R. Compton Co. make
provision to refund all money paid in, with interest, on ten days' notice, if
for any reason the purchaser finds it impossible to complete the payments.
As interest at the rate of 4% is allowed on all payments,the plan has all the
advantages offered by a savings bank and at the same time gives the investor an opportunity to buy municipal bonds in either $100, $500 or$1,000
denominations.
-To-day (April 1) Cyrus S. Eaton will become a member of the banking
firm of Otis & Co. Mr. Eaton is President of the Continental Gas &
Electric Corporation and Is a director of more than a score of public utility
companies in the United States and Canada. He is also identified with
leading banking and industrial institutions of Cleveland. His addition to
the firm of Otis & Co. makes it consist of the following members: Charles
A. Otis, William A. Otis, George W. York, N. C. Harvey and Cyrus S.
Eaton. The firm was established in 1895 with headquarters at Cleveland,
and since that time has had steady growth. It now has branches at
Denver, Colorado Springs, Colordao; Columbus, Youngstown and Akron,
Ohio.
-Messrs. Gartenlaub & Co.,5 Nassau St., N. Y.,own and offer, subject.
to prior sale, $500,000 Baltimore & Ohio RR. Co., Southwestern Division,
1st Mtge. 33i% Gold Bonds, due July 1 1925. Price, on application, to
yield 4.60%. These bonds are legal investments for savings banks in
Connecticut, Massachusetts and New Hampshire. See advertising pages
for further particulars.
-Messrs. C. E. Denison & Co., Boston, and Cleveland, have issued
their April circular, offering an attractive list of municipal bonds which
are eligible security for postal savings deposits yielding from 4.10% to
4.60%; also a list of corporation securities. They will be glad to send a
copy of their circular on request.
1272
THE CHRONICLE
[VOL. 102.
REMINGTON TYPEWRITER COMPANY
ANNUAL REPORT—FOR THE YEAR ENDING DECEMBER 31 1915.
Ilion, N. Y., March 16 1916.
To the Stockholders of the Remington Typewriter Company:
The inventories of raw materials, supplies and parts have.
been valued at approximate cost, and finished machines, of
both foreign and domestic coinpanies, have been valued at
or below cost. All second-hand machines throughout the
world are carried at conservative valuations.
Due provision has been made for bad and doubtful accounts receivable and for all ascertainable liabilities.
We have verified the investments by actual inspection or
by certificates from the depositaries.
The assets (other than finished machines already referred
to), liabilities and operations of the foreign companies have
been incorporated in the Balance Sheet and relative Income.
Account at normal rates of exchange,and we certify that upon
this basis the annexed Balance Sheet and Income and Surplus
Accounts correctly state the financial condition of the Remington Typewriter Company and its subsidiary companies at
December 31 1915, and the results of their operations for the
year ending at that date.
Your Board of Directors has approved for submission to
you the accompanying consolidated statements of Income
Account, Surplus Account and the Balance Sheet of the
Company and its subsidiaries for the year ending December 311915, certified to by Price, Waterhouse & Company,
whose certificate is attached.
The first eight months of the year 1915 showed improvement over the corresponding period of the year 1914, and
during the last four months of 1915 there was a very material
improvement, which has continued to date.
During the latter part of the year the Company's Plants
were appraised by the American Appraisal Company, whose
report showed values materially larger than the figures at
which these accounts were carried upon the books of the
Company. Your Directors, however, deem it conservative
not to increase the values of the plants as carried upon
PRICE, WATERFIOUSE & COMPANY.
the books of the Company.
In preparing the annual statement your Directors, Officers
and the Auditors have been very conservative. Liberal CONSOLIDATED BALANCE SHEET DECEMBER 31
1915.
amounts for depreciation of plants, machinery, etc., have
ASSETS.
been written off, and, after careful scrutiny of the accounts
Property Account—
and inventories of materials on hand, including our product
Real Estate, Buildings, Machinery, Tools,
$5,024,856 27
Furniture, Fixtures, &c
of all kinds at factories and at our selling offices the world
1,250,484 19
Reserve for Depreciation
over, the reserves have been materially increased for various Less
$3,774,372 08
13,177,048 26
contingencies, uncollectible accounts, and the entire expense Goodwill, Patents, Etc
Current Assets—
and discount of the serial bond issue of January 1 1916.
Inventories of Machines, Materials, SupThe outstanding short-term notes of the Company have
$4,627,537 90
plies, etc., at or below cost
3,899,227 68
Accounts Receivable
been retired, and in their place long-term serial bonds,
Corporations
7.838 93
Stocks and Bonds of other
amounting to $5,500,000, have been issued as of date JanuCash on hand and in banks, in United
States, Canada and in Foreign Countries
ary 1 1916, in accordance with the Plan which was approved
1,765,236 19
at normal rates of exchange
by the Stockholders during the month of November last.
10,299.840 70
124,117 45
Under the terms of this Plan the future interests of the Charges Paid in Advance
Company are securely safeguarded and the value of the
$27,375,378 49
securities as an investment greatly enhanced. It is a pleasLIABILITIES.
ure to report that in connection with this financing, new inCapital Stock—
terests have become identified with the Company, and will
$4,000,000 00
First Preferred
6,000,000 00
Second Preferred
aid it by their influence, support, and active representation
10,000,000 00
Common
upon the Board of Directors.
$20,000,000 00
As a result of this new financing and the increased earnings,
Held in Treasury:
the financial accounts of the Company at the present time Less,
$2,000 00
First Preferred
show largely increased cash resources and net working capital
1.006,000 00
Second Preferred
4,000 00
Common
over the figures shown on the reports herewith submitted.
1,012,000 00
$18,988,000 00
We are maintaining the excellent physical condition of our.
not
held by the
Subsidiary
Companies
and Bonds of
various manufacturing plants, and, as a result of efficient Stocks
60,373 29
Remington Typewriter Company (par value)
management and organization, material reductions in cost Current Liabilities—
$4,300,000 00
Short-Term Notes, due Jan. 15 1916
have been effected.
967,474 01
Accounts Payable
• The business so far this year has been excellent; our fac94,050 01
Accrued Charges
5,361,524 02
tories are many thousand machines behind in orders; and
1,174,049 94
Reserves
all indications point to a continuance of the present favorable Sundry
24
1,790,831
statement
annexed
per
Surplus, as
conditions.
$27,375,378 49
By order of the Board of Directors.
FRANK N. KONDOLF, President.
New York, March 16 1916.
To the President and Board of Directors, Remington Typewriter
Company, 327 Broadway, New York City:
We have examined the books and accounts of the Remington Typewriter Company and its subsidiary companies in
America, and have been furnished with balance sheets of the
foreign subsidiary companies, which, in the case of the
English Companies comprising the more important subsidiaries, are certified by their respective auditors, and we find
that the annexed Consolidated Balance Sheet, Income and
Surplus Accounts are in accord therewith.
We have satisfied ourselves that the property accounts are
correctly stated, and that proper provision has been made for
depreciation of plants.
INCOME ACCOUNT FOR THE YEAR ENDING DECEMBER 31 1915.
Net Earnings
Deduct, Depreciation of Plants
$1,127,667 46
324.797 30
$802,870 16
273,761 48
Deduct, Interest (less interest received)
$529,108 68
Net Income for Year Carried to Surplus
SURPLUS ACCOUNT.
Balance as per Balance Sheet December 31 1914
Add, Net Income for Year 1915
$2,200,219 80
529,108 68
$2,729,328 48
Deduct, Readjustments in Inventories, Accounts, Special
Charges, etc., Reserves, Discount and Exponsolof Serial
Bond Issue
Surplus as per Balance Sheet
938,497 24
$1,790,831 24
APR. 1 1916.1
THE CHRONICLE
123
THE WESTERN UNION TELEGRAPH COMPANY
(INCORPORATED.)
ANNUAL REPORT FOR THE YEAR ENDED DECEMBER 31 1915.
APPROVED BY THE EXECUTIVE COMMITTEE AND ORDERED TO BE SUBMITTED.
•To Stockholders:
Herewith are presented the Company's accounts for the fiscal year ended December 31 1915, prepared in the
-usual form, with a report upon the more important events occurring since the last report.
-
BALANCE SHEET DECEMBER 31 1915.
-
ASSETS.
Property Account—
Plant, Equipment and Real Estate, including properties controlled by stock ownership or held under perpetual leases and
merged in the Western Union System_ ..$143,709,323 54
Amount recoverable on the expiration of
long term lease in respect of obligations
assumed thereunder
1,180,000 00
$144,889,323 54
Other Securities Owned—
Stock of Telegraph, Cable and Other Allied
Companies operated under term leases
(not including securities held as Lessee)_ $6,106,791 59
Stock of Telegraph, Cable and Other Allied
5,078,612 56
Companies not leased
13,607,244 85
Investments
24,792,649 00
Inventories of Material and Supplies
2,005,458 11
Current Assets—
Bills and Accounts Receivable, including
Managers' and Superintendents' balances, &c., (less Reserve for Doubtful
Accounts)
$7,616,439 30
Treasurer's balances, including Cash at
Banks at New York and outside deposi4,707,873 36
tories and in transit
12,324,312 66
Sinking and Insurance Fund (Cash and Securities)
236,193 74
Total---------------------------------------------$184,247,
937 05
LIABILITIES.
Capital Stock Issued
Less—Held in Treasury
$99,817,100 00
30,373 34
$99.786,726 66
Capital Stock of Subsidiary Companies not
owned by the Western Union Telegraph
Company (par value):
Companies controlled by perpetual
leases
Companies controlled by Stock owner- $3,354,545 00
ip
439,600 00— 3,794,145 00
Funded Debt—
Bonds of the Western Union Telegraph
Co. 43/i % Funding and Real Estate
Mortgage 50-Year Gold Bonds, 1950_ _ $20,000,000 00
Collateral 5% Trust Bonds
1938
$8,745,000 0.0
Less—Held in Treasury..
108,000 00— 8,637,000 00
Bonds of Subsidiary CoraCompanies assumed or
guaranteed by the Western Union Telegraph Co_$6,500.000 00
Less—Held in Treasury
3.143.000 00— 3,357,000 00-31,994,000 00
Total Capital Liabilities
$135,574,871 66
Current Liabilities—
Audited Vouchers and Miscellaneous
Acounts Payable
$3,256,220 45
Accrued Taxes (estimated)
752,384 03
Interest and Guaranteed Dividends accrued on Bonds and Stocks
226,369 45
Unpaid Dividends (including Dividend
of $1,745,308 25, payable January 15
1916)
1,762,812 46— 5,997,786 39
Deferred Non-Interest Bearing Liabilities, in respect of proceeds of sales of securities and other properties held
under leases for terms expiring in 1981 and 2010 from
companies in which the Western Union Telegraph Company has, for the most part, a controlling interest, payable only on the termination of the leases
12,379,795 59
Reserves—
For Maintenance of Cables
$2,936,569 33
For Depreciation of Land Lines
6,975,945 55
For Employees' Benefit Fund
1,000,000 00-10,912,514 88
Surplus (as per Annexed Account)
18,882,968 53
Total
$184,247,937 05
INCOME AND SURPLUS ACCOUNTS—THE YEAR the "Lord
Kelvin," to take the place of the "Minia," will
ENDED DECEMBER 31 1915.
shortly be ready for use.
INCOME ACCOUNT.
Investments to the extent of $240,002 were made this
Gross Operating Revenues
$51,171,795 47 year in the shares
Deduct—
of telegraph, cable, and other
Operating Expenses, including Repairs. Reserved f Decompanies operated under leases, but whose plantsallied
42or
predation, R
are
Rent for Lee
as of Plants, Taxes, &c
40,972,541
not merged in the Western Union Property
Account.
Balance
$10,199,254 05 Capital liabilities were reduced by the retirement
of the
Add—
$500,000 Gold & Stock Telegraph Company 4
Income from Loans and Investments
1,303,925 77
debenture bonds, due May 1 1915, the purchase of $84,030
of
311,503,179 82 securities of merged companies
, and the purchase of $107,000
Deduct—
Interest on Bonds of The Western Union Telegraph ComWestern Union collateral 5% trust bonds, due 1938, a total
pany
1,335,588 19 of $691,030.
• Balance transferred to Surplus Account
Shares of telegraph, cable and other allied companies
$10,167,591 63
not leased were acquired during the year at a cost of $136,004,
SURPLUS ACCOUNT.
returning 7.6% annually on investment on the basis of
Surplus at December 31 1914
$13,531,921 16 present
dividends. The purchase money notes for $2,Balance from Income Account for year ended
000,000, shown in last year's accounts, were met on maturDecember 31 1915
$10,167,591 63
Adjustment of Surplus (Net)
ity, September 15 1915. Investments of $13,607,245 consist
169,819 99
10,337,411 62 of current securities for the most part of short maturity.
The annual physical inventory of material and supplies,
$23,869,332 78
.
Deduct—
taken at cost prices, less allowances for adequate depreciaDividends paid and declared
4,986,364 25 tion, amounts to $2,005,45
8. Bills and accounts receivable,
Surplus at December 311915, as per Balance Sheet
$18,882,968 53 less the reserve for doubtful accounts, show an increase of
$206,883, which is not disproportionate to the increase in
The total book value of Property Account on December
of business.
31 1915, amounting to $144,889,324, shows a decrease, in volume
The Treasurer's balances are greater this year by $1,comparison with December 31 1914, of $2,026,159, repre- 916,538.
The Treasurer's accounts, both in this country
sented by:
and abroad, were carefully audited and the actual balances
Sales of real estate and buildings in New York City
$4,940,333
on
deposit
Amortization of patent rights
verified by certificates obtained from depositories.
11,600
Unpaid dividends, including .the dividend paid January
15
1916,
$4,951,933
increased
Less—
$730,009 over the corresponding
Net additions and betterments to plant and equipment
of last year. This is accounted for by the increase amount
2,925,774
in dividend.
$2,026,159
The
unexpend
ed
balances of reserves for maintenance
Real estate and the new building at Broadway and
of cables and depreciation of land lines have increased durStreet were sold to the 195 Broadway Corporation,Dey
in
ing
the
year
$7,791
and
$1,399,703, respectively, and
which your company has a 30% interest. The appraised
two reserves together now amount to $9,912,515. these
value of the land at the corner of Broadway and Dey
The
Street
reserve
for
employees
'
benefit
fund stands at $1,000,000, in
was deposited in cash with the trustees under the
Company'
s
conformit
y
with
the
published
plan.
real estate mortgage, and this amount is included
in PropGross operating revenues have increased over last year
erty Account in substitution for the real estate
sold.
by
$4,907,01
9.
The
transmiss
ion of the increased volume
At the close of the year, the Company had
209,854 of business with a comparatively small increase
miles of pole line, 933,603 miles of iron wire, 649,990
in expense
miles
is
generally
to
be
attribute
d to refinements in organization,
of copper wire and 2,965 miles of land line cables. There
improvem
ents
in
plant
and methods, reductions in fixed
were 25,142 offices under operation, a decrease of
since the last report, it having been found 642 offices charges, and the ability of the organization to handle a
economica
l
greater
volume
of
work
without material increase in numto change small offices to agencies, which are
not classed bers.
as Western Union operated offices.
Income
derived
from
loans and investments has increased
Over $550,000 was expended during the year in
increas- $281,314, or 27
and net income,
ing the efficiency of cable transmission. A new cable
paying diviship, dends, shows an increase of $4,796,197, orbefore
89.3% over 1914.
1274
THE CHRONICLE
The credit adjustments to surplus of $169,820 relate
to amounts assignable to income of prior fiscal periods
and are made up, for the most part, of interest and rental
adjustments in connection with the transfer of New York
City real estate, previously mentioned.
The total expenditures in the year for benefits to employees in this country and abroad, in connection with the
domestic and foreign employees' benefit plans, were $560,148. There were 505 pensioners on the roll December 311915.
At the close of the fiscal year, the Company had 18,616
stockholders, an increase over last year of 3,087, or 19.87%.
The shares are well distributed; of the total number of
stockholders, 12,083 held 25 shares or less, and 16,510
held 100 shares or less.
The quality of the service to the public has been materially improved with the result that claims for damages
and legal expenses incident thereto were substantially decreased. On March 1 1915 the plan of stating the filing
time in plain figures on messages was inaugurated, thus
enabling patrons to determine the time taken for the transmission of messages, the theory of the management being
that patrons are entitled to know the speed with which
messages are transmitted and that by this information slow
or indifferent service can be more readily corrected.
The automatic printing telegraph system, referred to in
the 1914 report as being under development and known
as the Multiplex, was installed on a number of the principal trunk line routes during 1915, and furher installations are in progress. Wherever installed this system
operates satisfactorily, its capacity for the accurate handling of messages over long distances being greater than
that of any other known system.
Notwithstanding the • depression in business at the beginning of 1915, the work of improving and strengthening
the outside and inside plant, particularly the trunk lines
and the important operating offices, was diligently continued. In the larger cities and towns the work of providing more permanent plant in the form of underground
or aerial cable in place of open wire construction has been
continued. In the installation of new operating offices,
the safety of employees and equipment from a fire hazard
standpoint was provided for, and in all cases sanitary
working conditions received special consideration. The
rapidly rising prices during the latter part of the year of
materials has led to economy in the use of such materials
and toward the development of substitutes.
As indicated by the balance sheet, the Company is in
a strong financial position, having available assets of $19,933,771, exclusive of materials and supplies on hand and
the value of leased and allied companies' securities owned,
viz.:
$6,326,527
13,607,244
Excess of current assets over current liabilities
Investments in miscellaneous marketable securities
$19,933,771
•
Surplus at December 31 1915, amounted to $18,882,969,
having increased since December 31 1910 by $9,799,145.
It is interesting to note the changes in the Company's
financial position in the last five years, illustrated in the
following table summarizing a comparison between the
balance sheets at December 31 1910 and December 31 1915:
CHANGES IN FINANCIAL POSITION, FIVE YEARS
ENDED DECEMBER 31 1915.
Increases InProperty Account
Excess of Current Assets over Current Liabilities
Sinking and Insurance Fund
$6,498,480
3,863,412
203,134
$10,565,026
Less$2,903,116
Decrease in Other Securities Owned
368,840
Decrease in inventories of material and supplies_ _ _ _
496,894
Increase in deferred non-interest bearing liabilities_
3,768.850
Net increase in assets
To which may be AddedCapital liabilities retired
Notes payable liquidated
$6.796,176
$8,689,572
3,500,000
12,189,572
$18,985,748
Total improvement in Company's financial position
As reflected by$9,799,145
Increase in surplus
Increases in unexpended balances of reserves for
maintenance of cables, depreciation of land lines,
9,186,603
and employees' benefit fund
$18,985,748
No small part of this result is due to the zeal and cooperative spirit of the efficient employees both here and
abroad.
During these past five years the Company has established better working conditions, liberal sickness and accident benefits, pensions, life insurance, and vacations
with pay, all of which have helped to foster the spirit of the
organization. Important as these are to the employee and
the Company the management has never considered them
a substitute for adequate rates of pay-hence rates of pay
are being constantly studied and increases have been and
will continue to be made, based on individual performance,
rather than a uniform increase which favors the less efficient
to the detriment of the more efficient.
During this same period, the average annual dividend
paid stockholders was 3.6 per cent.
Respectfully submitted.
NEWCOMB CARLTON, President.
[VoL. 102.
hr Tounntaxal.
TinteS.
COMMERCIAL EPITOME
Friday Night, March 311916.
Trade continues active, so much so that manufacturers
in not a few cases, are obliged to decline for the time being
to make further contracts. The transportation lines find
it hard or impossible to handle the traffic offered with
their usual celerity. European Governments are again
buying wheat in this country. Copper is in better demand
for export. Sales of cotton goods are still very large. Retail trade has been stimulated by more seasonable weather.
Domestic consumption has reached remarkable proportions.
It might be larger than it is but for railroad difficulties.
On the other hand, it is more generally recognized that the
recent meteoric rise in steel prices was not for the permanent
wellbeing of that branch of business, and efforts are now
being made to keep transactions within more conservative
bounds. The same need of greater conservatism seems to
apply to the textile trades. Buyers are beginning to balk
at high prices in both lines of business. Meanwhile, 458
railroads are confronted with a demand of 400,000 railroad
employees for an eight-hour day and time and a half for
overtime. Moreover, the dispute with Germany over the
question of the Sussex and other vessels is by no means
settled and is fraught with disturbing possibilities. Also
the Mexican muddle seems to be worse, if anything, than
ever. Ocean freights remain abnormally high and cotton
exports make a poor showing. Scarcity of raw materials
hampers trade, and so do labor disputes. Yet American
trade is, on the whole, promising, provided there are proper
checks on over-extension.
LARD in good demand and higher; prime Western 11.750.;
refined to the Continent 12.60e.; South America 12.75c.;
Brazil 13.75e. Futures have been irregular, latterly weakening with grain prices and a decline in hogs. To-day prices
declined on long liquidation and lower prices for hogs.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Fri.
Wed. Thurs.
Tues.
Mon.
Sat.
11.15
11.573i 11.3734 1i.37J
11.50
cts_11.52
11.40
11.60
11.82% 11.57M
11.77i 11.75
May delivery
July delivery
PORK in moderate demand and higher; mess $24()$24 50,
clear $22@$25. Beef, mess, $18 50@J$19 50; extra India
mess, $31 50@$32 50. Cut meats in good demand; pickled
hams, 10 to 20 lbs., 153/
2@)17c.; pickled bellies, 133/2@
143
4e. Butter, creamery, 30Q373'c. Cheese, State, 14@
18 Mc. Eggs, fresh, 200.23c.
COFFEE in moderate demand and steady; No. 7 Rio
93'c.; No. 4 Sa,ntos 10%@10%c.; fair to good Cucuta
(2Mc. Futures have advanced somewhat in response
12
to stronger prices in Rio and reports of a large business in.
Santos coffee here, one lot of 25,000 bags being sold. Receipts at Brazilian points, too, have been small. But speculation has been light. Ocean tonnage is more plentiful in
Brazilian ports, but Holland and Scandinavia recently put
an embargo on shipments of coffee thither. To-day prices
closed 8 to 10 points lower, with sales of 7,500 bags.
Closing quotations follow:
March _...cts.8.55 8.57 July_ April
8.02@8.05 August
May
1:Ig
cte-8.20 8.21 November038.3708.38
8.25@8.26 December__ _8.4008.41
3.24 itzillti!Aa.
tI
SUGAR in good demand and higher; centrifugal, 96degrees test, 6.02c.; molasses, 89-degrees test, 5.25c.; granulated, 7c. Futures have risen in sympathy with spot prices
for raw and refined. Refiners have bought more freely.
The Cuban situation is considered strong, despite large receipts of late. Wall Street has bought. Last week 24,000
tons of granulated were bought by Europe. To-day prices
ended unchanged to 5 points lower, with sales of 1,900 tons.
Prices were as follows:
November cts4.68 4.70
December...._4.53 4.55
January __ -.4.35 4.45
February ......4.25©4.30
March _ _ _cts.4.2514.30
4.85 4.87
April
4.88 4.90
May
4.87 4.89
June _
July ____ cts _4.87 4.89
4.89@4.91
August
September __4.90©4.92
October
4.85®4.87
Pennsylvania dark $2 60
2 12
Cabell
2 10
Mercer black
2 10
New Castle
Corning2 10
1 90
Wooster
$1 73 Illinois, above 30
North Lima
$1 80
__$1
degrees-----1 73
South Lima
1 58 Kansas and OklaIndiana
1 55
homa
1 80
Princeton
1 55
Somerset.32 deg-- 1 95 Caddo La,light
90c.
Ragland
OILS.-Linseed in moderate demand and firm; city raw,
American seed, 76(380c.; city boiled, American, 77@81c.;
Calcutta 900. Lard, prime, 95@97o. Cocoanut, Cochin,
18@19c.; Ceylon 16@17e. Corn 10e. Palm, Lagos, 19@
20e. Cod,.domestic, 63©64e. Cottonseed, winter, 11 ©
11.50c.; summer white, 11@11.50e. Spirits of turpentine
553/
2e. Strained rosin, common to good, $5 20.
PETROLEUM in good demand and firm; refined, in barrels, 90@$9 90; bulk $5 25@$6 25, cases $11 25@$12 25.
Naphtha,73 to 76-degrees test, in 100-gallon cases and over,
2e. Gasoline, gas machine steel, 37c.; 73 to 76-degrees,
413/
steel and wood, 32@35c.; 68 to 70-degrees, 29©32c.
Closing quotations were as follows:
TOBACCO has been quiet but firm. At the Sumatra
inscriptions prices were high and the purchases for America
rather small, as the quality offered was none too good.
Domestic tobacco is being bought only from hand to mouth.
One great trouble is the comparative poorness of the quality.
Certainly supplies of the better grades are anything but
plentiful. At the same time exporters and stemmers find
that stocks of low grades are also far from large. Otherwise
APR. 1 1916.]
THE CHRONICLE
1275
considerable business might be done, as Europe wants the Receipts at- 1916.
1915.
1914.
1913.
1912.
1911.
tobacco. The scarcity of ocean tonnage, however, is an- Galveston
_
40,142
80,185
29,748
34,229
40,828
15,523
activity
other bar to anything like
in business with foreign TexasCity,&c.
_2,049
18,542
1,517
20,081
10,036
markets. Cuban quiet but firm. Cienfuegos advices in New Orleans_ 28,899 49,043 24,230 18,803 23,419
9,881
Mobile
3,973
3;050
5,666
1,676
5,531
697
United States "Commerce Reports" state: "An American Savannah
9,973
26,977
17,548
12,085
29,375
4,041
tobacco planter of this vicinity who has just returned from Brunswick_
2,000
4,500
900
3,100
4,000
744
Oharleston,&c
1,000
10,251
1,153
1,937
4,971
1,262
an extended trip through the tobacco zone of the Province of Wilmington_
3,820
_
10,700
2,31,
2,629
598
6,528
Santa Clara reports exceedingly dry weather since Novem- Norfolk
13,751
19,185
7,296
5,180
14,992
3.344
N.,&c.
1.013
7,616
9,574
3,348
2,410
ber in the Manicaragua district, where the current crop is N'port
3,343
12,180
9,049
7,405
9.363
1,773
estimated at 30% that of normal years. A 50% yield is All others_
expected in the district that embraces Boca del Toro, Goner, Total this wk. 109,963 242,229 108,998 110,473 151,453 37,853
Minas Ricas, Minas Bajas, Bagad, Tomento, &c., which has Since Aug. 1_ 5.799.443 9.037.785 9.709.833 8.943.820 11014948 8.062.934
had no rain since October; and in the Cabaijuan and Sancti
The exports for the week ending this evening reach a total
Spiritus district, the largest tobacco-growing centre in Cuba,
only half a crop is looked for. The body of the tobacco will of 134,882 bales, of which 59,860 were to Great Britain,
37,315 to France and 37,707 to the rest of the Continent.
be heavy, requiring a longer time in which to cure."
COPPER in good demand and firm; Lake here on the Exports for the week and since Aug. 1 1915 are as follows:
spot, 283'c.; electrolytic, 28Mc.; for future delivery, 27@
Week ending March 31 1916. From Aug. 1 1915 to March 31 1016.
27Mc. London has advanced sharply. France has bought
Exported to-,
Exported toExports
10,000 tons in.this country for delivery in May, June and
Great
ContiGreat
ContiJuly. Domestic consumers are more anxious to buy for the from- Britain.
France.tientitc Total. Britain. France. nent &c.1 Total.
same deliveries, fearing that the market may be cleared by a
Galveston...I 19,591 13,386 12,290 45,267 779,069 142,267 357,5791,1,278.915
bix export demand. The London market has been so wild Texas
City_
170,252 60,981
7,502' 238,735
that some think the British Government may try to regulate Pt. Arthur_
43,142
I 43,142
Ar.Pass,&c.
13,873
9,722 23,595
it. Tin quiet and lower on the spot at 49c. Supplies have NewOrlean
19,568 8,154 225 27,947 391,040 141,182
231,867 764,089
increased both on the spot and for nearby delivery. A cargo Mobile _ _ __ 9,544
9,544 37,545
37,545
Pensacola
35,507 7,000 1,33s, 43,845
of 775 tons is due here on April 15 by the steamer Tuscan Savannah__
4,684 8.450 6,800 19,914 154,873 65,556
135,465 355,894
Prince. Arrivals here in March were 4,038 tons. Spelter Brunswick
51,916 4,800
56,716
54,055
20,325 74.380
has been lower and dull on the spot at 18c., closing firm with Charleston
Wilm'ton
52,226 67,912 120,138
/0.; June, 163e. Norfolk__ _ -1 150
a better demand. April, 173'c.; May, 163
150 12,693
12,693
NIA News
742
Lead easier on the spot at 7%c.; later advanced to 8c. A New
742
York_ 3,735 7,325 6,740 17,802 84,877
99,595
277.518
441,770
leading concern has advanced its price lately $10 a ton, and it Boston
_ _ _ _ 526
175 701 31,144
5,495
36,639
is expected to resume selling on the spo . It quotes at Baltimore._ 1,593
1,593 86,261 26,109
500, 112,870
Phlladel _ _ _ 489
489 11,426
3,3001 14,726
7Mc., whereas outsiders ask Sc. on the spot. London has PortI'd
925
925
latterly declined on the spot and advanced for future deliv- San Fran
4,279 4,279
115,2271 115,227
Seattle
143,6011 143,601
ery. Pig iron in brisk demand and strong. No. 2 Phila- Tacoma
7,19
7,198
83,8271 83,827
delphia $20@$20 50; No. 2 Southern, $15@16, Birming- Los Angeles
250'
250
ham. Steel continues in unprecedented demand. Some Pembina
1,7611 1,761
buyers pay little attention to prices. But some railroads
Total -- 59,880 37,31 37,707134,8821,925,2671 613,5691,463,1894,002,025
either balk at the high prices or find it impossible to get Total
'14-15, 94,715 13,4 150,825,258,940 2,900,692 487,2253,198,920 6,586,837
early deliveries and are therefore repairing rolling stock of Total
'13-141 42,228 27,384 39,800,109,392 3,027,542,1,002,327,
3,813,640 7.843.506
various kinds. High carbon bars are in sharp demand and
Note.-New York exports since Aug. 1 include 1,048 bales Peruvian and 285
quoted at 2.50c. to 3c. Sheet bars are hard to get. Ohio West
Indian to Liverpool and 1,010 bales Peruvian to Genoa.
sheet mills, therefore, have had to reduce their output.
In addition to above exports, our telegrams to-night also
Trade is also restricted by the scarcity of soft steel bars.
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. We add similar figures for
New York.
COTTON
On Shipboard, Not Cleared forFriday Night, Mar. 31 1916.
Great
GerOther CoastLeaving
THE MOVEMENT OF THE CROP, as indicated by our March31 at- Britain.
France. many. Cont't. wise
Total.
Stock.
telegrams from the South to-night, is given below. For the
Orleans__
New
4,696
16,367
19,707
40,770 312,797
week ending this evening the total receipts have reached Galveston ____ 31,888 1,500
30,091 16,500 79,979 213,278
109,963 bales, against 101,806 bales last week and 91,252 Savannah
1,100 1,100 147,664
Charleston
65,504
bales the previous week, making the total receipts since Mobile
516
100
1,791 2,407
12.379
Aug. 1 1915 5,799,443 bales, against 9,037,785 bales for the Norfolk
2,680 2,680 110,806
New
York..
800
2,000
4,300 276,766
same period of 1914-15, showing a decrease since Aug. 1 1915 Other ports___ 2,800 1,500
1,500
4,300 104,927
of 3,238,342 bales.
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
Galveston
5,230 4,180 10,844 5,129 7,066 7,693
Texas City
Port Arthur
Aransas Pass,&c.
--------------------2,049
New Orleans_ __ _
3,772 3,004 5,411 4,034 4,825 7,853
Mobile
592
843
364
371 1,372
431
Pensacola
-------___
____
Jacksonville
50
Savannah
1,293 1,576 2,091
'754
L'752 2,507
Brunswick
Charleston
mil - 4'-i
-58;
Georgetown
Wilmington
779
822
321
689
622
617
Norfolk
1,94'7 3,119 1,496 1,635 3,141 2,413
Newp't News,&c
1,013
New-York
______
Boston
":1
-HO --AO 1,465
53
418
Baltimore675
Philadelphia_ __ _
Total.
40,142
Total 1916__ 40,700 19,367
100 53,298 22,071 135,536 1,244,121
Total 1915__ 102,272 28,011
100 74,857 31,257236.947
Total 1914__ 28,361 6.313 43.622 31.582 19.016 128.894 1,232,078
608.006
Speculation in cotton for future delivery has been very
dull at irregular prices within narrow limits. Latterly they
2,049 have sagged a little. This was due partly to May liquida28,899
,3,973 tion and partly to some weakness in Liverpool, with Some
idea that possibly there might be a break in diplomatic rela50
9,973 tions with Germany growing out of the recent submarine
activity. The Mexican situation, moreover, has seemed to
.be more complicated. Exports have continued small.
3,820 Liverpool's spot sales have been as a rule only five or six
13,751 thousand bales a day, and on Thursday
prices there closed
1,013
weak, partly, it was supposed, because at the recent confer2,42 ence of the Allied nations at Paris it was determined to check
675
the rise in ocean freights. This might conceivably result in
Totals this week_ 14,131 13.815 20.854 14.215 10.187 977R1 Inu nnq larger importations of cotton at Liverpool. Also, there is a
widespread and deep-seated conviction that the acreage at
The following shows the week's total receipts, the
the South is going to be increased materially. The guesses
since Aug. 1 1915 and the stocks to-night, compared total
with range anywhere from 10 to 20% and even higher. One estilast year:
mate put out by a local bureau this week was 6.2%,or 1,969,000 acres,.but this 'is a smaller increase than is commonly
1915-16.
1914-15.
Stock.
expected. Following the loss of British steamers of late,
This Since Aug This Since Aug
transatlantic war risk rates have been advanced from M to
Week. 1 1915.
Week
1 1914.
%
3 of 1%. And, while Texas has continued for the most part
1916. 1 1915.
dry, especially in the western section, it is considered only
Galveston
40.142 2,033,698 80,185 3,550,155 293,257:
406,253
274.91/ 9,978 483,652
Texas City
19.940, 61,998 a question of time when ample rains will in all likelihood visit
__
Port Arthur
53,584 8,439
48,159
I
all parts of that State. In fact, in some sections the drought
Aran. Pass, &c
2,1549
75,269
125
48,244
1,6711
2,994 has
New Orleans
1,102,816
28,899
49,043 1,531,731 353,5671 363,434
recently been in part at least relieved. On the other
Mobile
95,032 3,050 147,786
3,973
14,786!
41,516 hand, however, spot markets as a rule have been firm, and
Pensacola
43,169 8,015
65,194
Jacksonville
38,479
50
29,102
2,502!
516 some New Orleans and Dallas dispatches have reported the
Savannah
9,073 800,041 26,977 1,588,727 148,764 163,742 highest basis of the season.
The firmness of spot cotton
Brunswick
90,200 4,500 177,808
2,000
10,800
34,000 and the continued
Charleston
drought in Texas have been the sustaining
1,000 220,550 10,145 373,655
65,504' 86,811
Georgetown
106
1,473
728
factors
of the week. Now and then, too, there has been
Wilmington
3,820 162,596 10,700 237,388
56,8661
51,941 more or less peace talk. It is
Norfolk
very generally considered ab13,751 511,987 19,185 493,561 113,486
81,000
N'port News.&c_
1,013
74,763 7,616 125,125
surd,
but for all that it has not been without its influence.
I
New York
50
16,580 281,0661 154,012 More
278
25,915
stress, however, has been laid on the demand for the
Boston
2,568
48,811
61,803 2,514
10,6141
12,409
Baltimore
675
67,689
41,354 1,373
4,500;
4,474 actual cotton than on anything else. At New York there
Philadelphia _ __-1,945
2,542
2,3251
3,475 has been a steady "spot" business with prices now and then
Totals
109,963 5.799.443 242.229 9.037.785 1.379.657 1.488.575 marked up. Owing to congestion of freight on Southern railIn order that comparison may be made with other years, roads, New England mills have been forced to buy considerable cotton in the last week or ten days in Boston, Fall River,
we give below the totals at leading ports for six seasons:
New Bedford and New York. The stock of cotton here is
-i..§
L'eacreicirl3r.
-iig
"V 1:883
mostly of excellent grade. Quite a large proportion of it is
strict middling and middling. Another factor of importance
is the enormous business in cotton goods. It furnishes new
confirmation, if that were needed, of the fact that the American consumption this year will far exceed anything ever before
known. The more radical bulls put it at 7,500,000 bales,
against 6,002,187 bales last year,including linters, and 5,934,753 bales the year before. Of late, too, there have been intimations that ocean freights are becoming rather easier.
If they are borne out by the event, it would naturally point
to some increase in the American exports of cotton. It is
estimated in some quarters that the decrease in the use of
fertilizers this year will amount to 16%. To-day prices declined slightly. Some rain fell in Texas, Liverpool was dull
and the dispute with Germany over the submarine question
caused some nervousness. Also, the world's spinners'
takings for the week again showed a decrease. Spot cotton
closed at 12.10c. for middling upland, an advance for the
week of 5 points.
The following averages of the differences between grades,as
figured from the March 30 quotations of the eleven markets,
designated by the Secretary of Agriculture, are the differences established for deliveries in the New York market on
April 6.
0.99 on Strict good mid."yellow" tinged_0.25 on
0.70 on Good middling "yellow" tinged_0.01 off
0.48 on Strict middling "yellow" Unged_0.24 off
0.40 off
0.24 on Middling "yellow" tinged
0.32 off Strict low mid. "yellow- tinged.0.85 off
0.76 off Low middling "yellow" tinged _1.27 off
1.01 off
1.20 off Middling "yellow" stained
1.19 off
1.77 off Middling "blue" stained
Middling fair
Strict good middling
Good middling
Strict middling
Strfet low middling
Low middling
Strict good ordinary
Good ordinary
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Sat. Mon. Tues. Wed. Thurs. Fri.
12.05 12.03 12.10 12.15 12.10 12.10
March 25 to March 31Middling uplands
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
Mar. 31 for each of the past 32 years have been as follows:
12.10
9.80
13.50
12.60
10.90
14.40
15.10
9.85
1916_c
1915
1914
1913
1912
1911
1910
1909
10.50
10.95
11.70
8.15
15.35
9.95
9.00
8.19
1908.c
1907
1906
1905
1904
1903
1902
1901
1900_c
1899
1898
1897
1896
1895
1894
1893
9.62
6.31
6.19
7.31
7.94
6.44
7.75
8.62
6.69
9.00
11.44
10.19
9.94
10.56
9.12
11.12
1892_c
1891
1890
1889
1888
1887
1886
1885
MARKET AND SALES AT NEW YORK.
Futures
Market
Closed.
Spot Market
Closed.
Saturday_ _ _ Steady
Monday ___
Tuesday ___
Wednesday_
Thursday __
Friday
[VOL. 102
THE CHRONICLE
1276
Steady
Steady, 5 pts. adv__
Steady, 5 pts. adv.. _
Quiet, 5 pts. dec___
Quiet
SALES.
Spot. Contect Total.
1,400
200
950
400
42
Steady
Steady
Steady
Steady
Steady
Steady
____
300
1,300
1,100
2,000
1,400
500
2,250
1,500
2,042
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks,
as well as the afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
March 31Stock at Liverpool
Stock at London
Stock at Manchester
1913.
1914.
1915.
1916.
bales_ 884,000 1,459,000 1,241,000 1,281,000
6,000
5,000
24,000
55.000
86,000
88,000
89,000 112,000
Total Great Britain stock
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Marseilles
Stock , t Barcelona
Stock at Genoa
Stock at Trieste
Total Continental stocks
1,028,000 1,595,000 1,334,000 1,373,000
14,000
17,000
*1,000 *30,000
*1,000 *522,000 548,000 498,000
318,000 248,000 390,000 381.000
2,000
3,000
16,000
9,000
33,000
32,000
40,000
53,000
24,000
30,000
113,000 537,000
28,000
44,000
*1,000
*5,000
496,000 1,398,000 1,064,000
980,000
1,524,000 2,993,000 2,398.000 2,353,000
Total European stocks
72,000
77,000 150,000 198,000
India cotton afloat for Europe_ _ _
919,559 414,645 263,659
Amer. cotton afloat for Europe._ 351,561
50,000 . 37,000
64,000
Egypt,Brazil,&c.,afloat for Eur'pe 17,000
115,000 247,000 288,000 232,000
Stock in Alexandria, Egypt
Stock in Bombay, India__ _ _ _ _ 1.073.000 703,000 1,005,000 889,000
1,379,657 1,468,575 736,090 691,206
Stock in U. S. ports
Stock in U. S. Interior towns..,._999,409 926,606 608,687 568,341
20,721
16,346
27,805
21,984
U.S.exports to-day
5,558.611 7,499,545 5,715.578 5,126,927
Total visible supply
Of the above, totals of American and other descriptions are as follows:
Americanbales_ 660,000 1,159,000 1,014,000 1,099,000
Liverpool stock
56,000
59,000
83,000
66,000
Manchester stock
*413,000*1,248,000 980,000 952,000
Continental stock
351,561 919,559 414,645 263,659
American afloat for Europe
1,379,657 1,468,575 736,900 691,206
U.S. ports stocks
999,409 926,606 608,687 568,341
U.S.interior stocks
20,721
16,346
27,805
21,984
U.S.exports to-day
Total American
East Indian, Brazil, etc.Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria. Egypt
Stock in Bombay, India
Total East India, &c
Total American
3,891,611 5,832,545 3,829.578 3,650,927
224,000 300,000 227,000
5,000
24,000
55,000
29,000
29,000
23,000
84,000
*83,000 *150,000
77,000 150,000 198,000
50,000
64,000
17.000
115,000 247.000 288,000
1,073,000 s 703,000 1,005,000
182,000
6,000
30,000
28,000
72,000
37,000
232,000
889,000
1,667,000 1,667,000 1,886,000 1,476,000
3,891,611 5,832,545 3,829,578 3,650,927
5,558.611 7,499,545 5,715,578 5,126,927
Total visible supply
6.96d.
7.26d.
5.63d.
7.77d.
Middling Upland, Liverpool
12.60c.
13.40c.
9.80c.
12.10c.
Middling Upland, New York_
10.55d.
9.70d.
8.60d.
Egypt, Good Brown, Liverpool.... 11.24d.
9.90d.
9.00d.
9.15d.
Peruvian, Rough Good,Liverpool 12.75d.
634d.
6 Xd.
5.255.
7.50d.
Broach, Fine, Liverpool
6%d.
5.38d. 6 5-16d.
Tinnevelly, Good, Liverpool...... 7.62d.
*Estimated.
Continental imports for past week have been 76,000 bales.
The above figures for 1916 show a decrease from last week
of 45,299 bales,a loss of 1,940,934 bales from 1915,a decrease
of 156,967 bales from 1914 and a gain of 431,684 bales over
2.992 4,700 7,692
Total..___
1913.
FUTURES.-The highest, lowest and closing prices at
AT THE INTERIOR TOWNS the movement-that is,
New York for the past week have been as follows:
the receipts for the week and since Aug. 1,the shipments for
the week and the stocks to-night, and the same items for the
, Friday,
Saturday, Monday, Tuesday, Wed'day, Thursd'y.
Mar. 25. Mar. 27. Mar. 28. Mar. 29. Mar. 30. Mar. 31. Week.
corresponding period of the previous year-is set out in detail below.
APritRange
Closing_
MayRange
Closing._
JuneRange
Closing
July-
11.87 -11.92 -11.93 -11.95 -11.93 -11.39-.91--11.85-.91 11.87-.96 11.04-.02 11.93-.01 11.93-.98 11.92-.98 11.85-.02
11.90-.91 11.95-.96 11.96-.97 11.99-.00 11.96-.97 11.96 ----
11.30 -12.05 - 12.05 -12.09 -12.04 -12.03 ----
Movement to Mar. 31 1916.
Towns.
Ala., Eufaula_ _
Montgomery.
Selma
Arx., He.ena_ _
August
Little Rock_
12.10-.11 Ga.,
12.11
12.10
Range
Albany._ _
Closing__ 12.09-.1112.14-.1612.14 .1612.19 .2012.15-.1712.13-.15--Athens
SeptemberAtlanta
12.08
12.08
Range
Augusta
Closing_ __ 12.08..1012.15-.1712.13-.1512.18-.2012.13-:1512.10-.12 --Columbus_ _
OctoberMacon
12.08-.14 12.09-.20 12.15-.26 12.13-.23 12.12-.19 12.12-.18 12.08-.26
Range
Rome
Closing._... 12.12-.13 12.19-.20 12.17-.18 12.22-.23 12.17-.18 12.14-.15--- La., Shreveport,
NovemberMiss.,Co'umbus!
12.20 ---- -- 12.20 Range
Greenville _ _ _
12.17-.19 12.24 -12.23 -12.27 -12.22 -12.18 ---Closing
Greenwood
DecemberMeridian _ _ _ _
12.23-.28 12.25-.35 12.32-.41 12.28-.38 12.30-.34 12.29-.34 12.23-.41
Range
Natchez,
12.27-.29 12.34-.35 12.32-.33 12.36-.37 12.33-.34 12.31-.32--Closing..
Vicksburg_ _ _ _
JanuaryCity
Yazoo
12.31-.34 12.28-.39 12.36-.44 12.33-.42 12.34-.39 12.33-.39 12.28-.44 Mo.,St. Louis_
Range
Closing_ _- 12.33-.34 12.39-.40 12.37-.38 12.41-.42 12.38-.39 12.36-.37--- N.C., Raleigh_
FebruaryCincinnati_
12.40 - 0.,
12.40
Range
Okla., Hugo_ _ _
Closing- ___ 12.35-.37 12.41-.43 12.39-.41 12.43-.45 12.40-.42 12.38-.40--- S.C., Greenw'd
Tenn.,Memphi
__
QUOTATIONS FOR MIDDLING COTTON AT OTHER Nashville
Tex.,,Brenham
middling
of
MARKETS.-Below are the closing quotations
Clarksville
cotton at Southern and other principal cotton markets for Dallas
Honey,Grove.
each day of the week.
Houston
Paris
Range
Closing_
11.97-.02 11.97-.09 12.04-.14 12.03-.12 12.04-.09 12.02-.09 11.97- 14
12.01-.02 12.07-.09 12.07-.08 12.11-.12 12.08-.09 12.06-.97-- -
Closing QuotatioJs for Middling Cotton onWeek ending
March 31.
Galveston
New Orleans_ _ _
Mobile
Savannah
Charleston _ _ _ _
Wilmington_ _
Norfolk
Baltimore
Philadelphia _ _ _
Augusta
Memphis
St. Louis
Houston
Little Rock_ --
Saturday. Monday. Tuesday. Wed•day. Thursd'y. Friday.
12.25
11.88
11.69
12
11%
11%
11.75
12
12.30
11.82
12.00
12
12.20
12.06
12.25
11.88
11.75
12
11'/@
113i
11.69
12
12.30
11.75
12.00
12
12.25
12.06
12.30
11.88
11.75
12
11% ©
11%
11.69
12
12.35
11.75
12.00
12
12.25
12.06
12.30
11.88
11.75
12
11%
11%
11.63
12
12.40
11.75
12.00
12
12.35
12.06
12.30
11.88
11.75
12
11%
11%
11.69
12
12.35
11.75
12.00
12
12.35
12.06
12.30
11.88
11.75
12
11%
11%
11.69
12
12.35
11.75
12.00
12
12.06
I Ship- Stocks
mesas. Mar.
Week. I Season. I Week. 31.
Receipts.
16,691
109,135
55,954
51,068
152,883
20,550
107,241
117,458
354,207
60,724
42,444
58,685
115,692
15,926
61,523
98,924
42,998
23,598
25,598
353 30,558
7,629 569,931
11,18
270
9,782 202,489
12,613
3
18,810
17,276 860,983
113
6.68
19,382
21
27,30
391
1,799
86,95
28,52
336
31,838 1,877,83
89,97'
2,457
139
1,382
555
225
4,557.
2
951i
8.194
2,554'
277;
254:
1,4201
1,281
84!
119'
4031
1,1981
131
107
286 11,727
2,060 66,037
851 27,145
1,316 12,921
4,407 39,402
428 6,005
1,500 29,513
171 63,716
820127,981
2,128 49,989
285 9,719
782 19,022
3,039 30,936
394 5,127
330 6,641
459 16,944
1,824 17,368
31 9,600
260
57
293 10,038
7,496 19,519
370
275
6,166 18,608
418
135
10,010
26,577240,683
1,837
247 3,271
341 5,250
1,820 10,063
356 1,780
38,608 121,61
2,158 5,
Movement to Apr. 2 1915.
Receipts.
Week. I Season.
495,
2,071
1,493
259
1,742
60
1,245
2,607
6,617
1,125
64
918
2,006
989
301
1,176
936
247
300
611
13.5711
550
8,260
I Ship- Stocks
ments. Apr.
2.
Week.
I
24,105;
192,85S
127,2051
60,886;
195,4701
31,6981
113,219
173,054
421,513
95,359
36,895
61,446
146,846
30,697
71,788
130,550
44,612
21,201
37,071
39,376
545,363
10,731
233,773
10,354
-i65 22,464
19,992 952,011
6,041
742
17,81
405
45,05
207
2,179 114,75
24,241
22
59,2873,147,820
919 114,920
299 9,009
3,715 66,470
3,458 25,096
1,992 11,052
3,625 40,632
2011 12,350
21,924
1,
3,2871 16,862
5,813132,858
1,553 42,227
1,227 9,959
1,013 8,878
4,134 46,112
837 5,702
1,414 10,430
2,881 14,282
2,131 16,275
540 7,407
649 9,032
824 8,815
11,908 38,733
466
525
10,139 18,935
"lino 7-,695
28,781193,117
367 1,865
502 1,981
1,010 1,168
2,779 2,911
385
148
65,603142,171
1,735, 2,302
Total,33 towns 96,2975,374,434 105,640999,409 131,2407,301,828165,887020,806
The above totals show that the interior stocks have decreased during the week 9,343 bales and are to-nlight 72,803
bales more than at the same time last year. The receipts at
all towns have been 34,949 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:
APR. 1 1916.1
THE CHRONICLE
-1915-16Since
Week. Aug. 1.
7,496 580,796
2,809 292,474
130
6,731
4,538 109,385
4,664 103,363
1,987 107,747
19,241 407.798
1277
-1914-15Since
Week. Aug. 1.
11,908 502,357
7,959 253,678
390
3,840
5,741 122,250
3,150
88,752
3,813 156,248
17,518 305,094
Shreveport, La.-It has rained on one day of the week,
March 31Shippedthe precipitation being one inch and thirty-five hundred
ths.
Vfa St. Louis
Lowest thermometer 40, highest 83.
Via Cairo
Via Rock Island
Vicksburg, Miss.-We have had rain on one day the past
Via Louisville
week, the rainfall being one inch and seventy-three
Via Cincinnati
hunVia Virginia points
dredths.
Minimum thermometer 43, maximum 81, mean 60.
Via other routes, &c
Mobile, Ala.-Farming work is well advanced. Shipments
Total gross overland
40,865 1,608,294
50,485 1,432,219 of fertilizers are greater than last year.
We have had rain
Deduct ShipmentsOverland to N.Y., Boston, &c
3,293 131,614
4,165 135,025 on three days of the past week, the rainfall being one inch
Between interior towns
3,287 130,015
9,172 154,492 and thirty-nine hundredths. Average thermom
eter 64, highInland,&c.,from South
8,191 216,579
4,141 102.143 est 77,
lowest 44.
Total to be deducted
14,771 478,208
17,478 391,660
Selma, Ala.-There has been rain on two days the past
Leaving total net overland*_ --26,094 1,130,086
33,007 1,040,559 week, to the extent of two inches and thirty-five hundredths.
The thermometer has averaged 52, ranging from 40 to 84.
* Including movement by rail to Canada.
Madison, Fla.-It has rained on one day of the week, the
The foregoing shows the week's net overland movement
has been 26,094 bales, against 33,007 bales for the week last precipitation being twenty-eight hundredths of an inch.
year, and that for the season to date the aggregate net over- Average thermometer 62, highest 82 and lowest 48.
Savannah, Ga.-There has been no rain the past week.
land exhibits an increase over a year ago of 89,527 bales.
-1915-16-1914-15
- The thermometer has averaged 63, ranging from 45 to 81.
In Sight and Spinners
Since
Since
Charleston, S. C.-Rainfall for the week, one hundredth
Takings.
Week.
Week.
Aug. 1.
Aug. 1.
of
Receipts at ports to March 31_ __-109,963 5,799,443 242,229 9,037,785 an inch, on one day. The thermom
eter has ranged from 46
Net overland to March 31
26,094 1.130,086 33,007 1,040,559
South'n consumption to Mar. 31_ 87.000 2.530.000 60,000 2,070,000 to 74, averaging 60.
Charlotte, N. C.-Week's rainfall twenty-five hundred
Total marketed
223,057 9,459,529 335,236 12,148,344 of an inch.
Average thermometer 53, highest 77, lowestths
Interior stocks i excess
*9,343
553,447 *34.441
806,467
39.
Memphis
, Tenn.-There has been rain on two days of the
Came into sight during week.. 213,714
300,795
week,
to the extent of one inch and one hundredth.
Total in sight Mar. 31
10,012,976
12,954,811
The
thermometer has ranged from 41 to 72, averagi
North'n spinn's takings to Mar.31 48,546 2,432,206 80,744 2,339,602
ng 55.
•
WORLD
'S
SUPPL
Y
AND
TAKINGS OF COTTON.
* Decrease during week.
The following brief but comprehensive stateme
nt indicates
Movement into sight in previous years:
at
glance
a
the
world's
supply
of cotton for the week and
WeekBales. Since Sept. 1Bales.
since Aug. 1 for the last two seasons, from all sources
1914-April 3
146,292 1913-14-April 3
13,333,813
from
1913-April 4
142,186 1912-13-April 4
12,422,724 which statistics are obtainable; also the takings, or amounts
1912-April 5
195,785 1911-12-April 5
14,295,389 gone out of sight, for the like period.
NEW ORLEANS CONTRACT MARKET.-The highest, lowest and closing quotations for leading contracts in the
Cotton Takings.
1915-16.
1914-15.
Week and Season.
New Orleans cotton market for the past week have been as
Week.
Season.
Week.
Season.
follows:
Saturday, Monday, Tuesday, Wed'day, Thursd'y, Friday
Mar. 25. Mar. 27. Mar. 28. Mar. 29. Mar. 30. Mar. 31.
illilCrsfn
eg
MayRange
Closing
Julys/Arc
Chi
Closing
SeptemberRange
OctoberRange
DecemberRange
Closing
JanuaryRange
Closing
ToneSpot
C)ntions
11.70-.72 11.75 -11.75 -11.78 -11.73 -11.71 -.11.68-.74 11.67-.80 11.78-.87 11.74-.84 11.76-.80 11.75-.78
11.73-.74 11.79-.80 11.79-.80 11.83-.84 11.78-.80 11.76-.77
11.86-.91 11.86-.97 11.95-.03 11.92-.02 11.83-.99 11.94-.98
1i.86-.91
11.91-.92 11.90-.97 11.97-.98 12.01-.02 11.97-.98 11.94-.96
12.00-.03
11.95-.96 11.99-.01 11.98-.00 12.04-.05 12.00-.03 11.97-.99
12.09-.10
11.95-.97 11.99-.01 12.04-.05 12.08-.09 12.04-.05 12.01-.03
11.82-.92 11.88-.98 11.96-.04 11.86-.02 11.94-.98 11.93-.07
11.91-.92 11.98-.99 11.98-.99 12.01-.02 11.97-.98 11.94-.95
12.00-.05 12.00-.09 12.10-.16 12.06-.13 12.06-.08 12.06-.09
12.03-.04 12.11-.12 12.10-.11 12.13-.14 12.09-.11 12.06-.08
--12.20 ----12.14-.22 12.13-.15 12.14-.16
12.12 -12.20-.21 12.18-.20 12.21.-22 12.17-.18 12.14-.15
Steady. Quiet. Steady. Steady. Steady. Quiet.
Steady. Steady. Steady. Steady. Steady. Steady.
WEATHER REPORTS BY TELEGRAPH.-Telegraphic
advices to us this evening from the South indicate that the
drought in Texas has been partially broken during the week,
but additional moisture is needed throughout the State.
There has been a fair rainfall in portions of the Gulf States,
but along the Atlantic • the precipitation has been light.
Farming is stated to be well advanced in many localities, and
Alabama reports an increase over last year in fertilizer shipments.
Galveston, Tex.-The drought in Texas has been partially
broken in different sections, but additional moisture is
needed throughout the State. Freight rates from this port
have decreased somewhat, Liverpool being quoted at $2
25
for standard and $2 for high density bales. Havre is quoted
at $2 for high density bales only. We have had no rain
the
past week. Minimum thermometer 56, maximum 72, mean,
64.
Abilene, Tex.-There has been no rain the past week.
The
thermometer has ranged from 50 to 88, averaging
69.
Dallas,
4s rained on two days of the week, the
precipitation being eighty hundredths of an inch. Average
thermometer 66, highest 84 and lowest 48.
Fort Worth, Tex.-We have had rain on two days during
the week, to the extent of one inch and thirty-six hundredths.
Average thermometer 67, highest 86, lowest 48.
Palestine, Tex.-Rain has fallen on one day during the
week, the rainfall reaching forty-six hundredths of an inch.
The thermometer has ranged from 48 to 82, averaging 65.
San Antonio, Tex.-We have had light rain on one
during the week, the rainfall reaching two hundredths ofday
an
inch. The thermometer has averaged 72, ranging from
50 to 94.
Taylor, Tex.-We have had rain on one day the past week,
the rainfall being twelve hundredths of an inch. Minimu
m
thermometer 44.
New Orleans, La.-We have had no rain the past week.
Average thermometer 65.
Visible supply Mar. 24
5,603,910
7,547,765
Visible supply Aug. 1
4,633,210
3.176,816
American in sight to Mar.31_ _ - 213,714 10,012,97
6 300.795 12,954,811
Bombay receipts to Mar.30_
2,474,000
90,000 1,520,000
Other India ship'ts to Mar.30.... 5135,000
b8,000
190,000
11,000
223,000
Alexandria receipts to Mar. 29.. b14,000
622,000
14,000
778,000
Other supply to Mar. 29 *
b15,000
117.000
13,000
111,000
Total supply
5,989,624 17,949,186 7,976,560 18,763,627
DeductVisible supply Mar. 31
5.558,611 5,558,611 7,489,050 7,489.050
Total takings to Mar.31 a
431,013 12,390,575 487,510 11,274,577
Of which American
279,013 9,344,575 418,510 8,812,577
Of which other
152,000 3,046,000
69,000 2.462.000
* Embraces receipts in Europe from Brazil, Smyrna,
West
Indies, &c.
a This total embraces the estimated consumption by
Southern mills,
2,630,000 bales in 1915-16 and 2,070,000
bales in 1914-15-takings not
being available-and the aggregate amounts taken
by Northern and foreign
spinners, 9,860,575 bales in 1915-16 and 9,204,577
which 6,814,575 bales and 6,742.577 bales American.bales in 1914-15, of
b Estimated.
JAPANESE COTTON MILLS.-Through the courtesy
of
Messrs. Mitsiu & Co., Limited, we have obtaine
of operations of the cotton mills in Japan for d the details
1914-15
, and
give them below in conjunction with the revised
results for
the three preceding years:
Years ending June 30- 1914-15.
1913-14.
1912-13.
1911-12.
Establishments
_ No.
42
43
44
34
Spindles
...- " 2.772,982 2,577,342 2,287,264
d$
2,169.796
Looms
28,387
25,325
23,783
Hands employ'd,male "
22,289
22,351
19,167
17,531
'
1
female "
92.182
94.765
88.227
76,361
ConsumptionAmerican
lbs. 172,465,904 189,896,286 209.957,569 182,620,0
83
Indian
" 548,701.784 502,993,375
42 324.184.116
Egyptian
" 13.32-.291 16,817.062 392,008,8
12,711,098 13,676.600
16
Japanese
117,322
501,377
54,508
-2,425
Chinese
" 20,455.548 38,809,439 50,863,320
Other
" • 8,270,727 11,773,495 10,258,927 62,632.554
95.614,488
Total
" 763,338,576
34 675,854,264 678,730.266
Equal'g 500-1b. net bales 1,526,677 760,791,0
1.521.582 1.351,709 1,357.460
Yarn produced
lbs. 661,923,289 660,952,087 590,588,156 451,706,8
00
Piece goods produced,yds 474,556,603 439,971,601 381.909.8
45 289.039.671
CONSPIRACY CHARGE.FOUND UNWARRANTED.
-It is reported from Washington that the Departm
Justice at Washington has finished its investigation of ent of
charges
by Representative Heflin of Alabama that a conspiracy
exists
to depress the price of cotton on the New York Cotton
Exchange. The investigation, it is stated, has failed
that such a conspiracy existed, and the Departm to show
ent has
announced that it will drop the matter unless
Representative
Heflin can present some new evidence.
DOMESTIC EXPORTS OF COTTON MANUF
ACTURES.-We give below a statement showing
the exports
of domestic cotton manufactures for January and
seven months ended Jan. 31 1916, and, for purpose for the
parison, like figures for the corresponding periodss of comof previous year are also presented:
Manufactures
of
Cotton Exported.
Month ending Jan.31.7 Mos. ending Jan. 31.
1916.
1915.
1915-10.
1914-15.
Piece goods
yards 45,431,316,42,672,917 308,625,674 184,783,16
Piece goods
value S3,999,564
0 $24,767,666 $13,640,1258
Wearing apparel, knit goods_value 1,857,588'$2,923,10
1,695,051 10,959,005 6,997,056
Wearing apparel, all other. value 993,565 1,840,439
6,636,333
Waste cotton, dm
value
304.239 299,724 2,351,639 5,890,100
2,290,509
Yarn
value
404,796
115,840 2,687,286
653,834
All other
value 1,837,160 041,139 11,622,228 4,007,825
Total manufactures of
value $9,393,912 $7,515,293 09,024,157 $33.285,509
Hol- -Oth.Europe-Vlad.,
Great French
&c. Japan.
Britain. Ports. land. North. South.
802
5,938
New York_ _ _ 3,735 7.325
____
12,290
13,386
_19,591
_
_
Galveston
225
New Orleans_19,568 8,154
____
-_-_-_-_
! -------22
---___ _
9.544
Mobile
,
6800
--4,664 8,450 ---Savannah
__
150
Norfolk
175 ------------_ _ _526
Boston
____
Baltimore _ _ _ 1.593
Philadelphia. 489 ---200 4,079
_
San Francisco
1,805 4,393
Tacoma
225 25,028 3,982 8,472
____
59,860 37.315
Total
INDIA COTTON MOVEMENT FROM ALL PORTS.
j
1915.16.
Mar. 9.
Receipts at-
I Since
Week. I Aug. 1.
1913-14.
1914-15.
Week.
Since
Aug. 1.
Week.
Since
Aug. 1.
132,000 2,060,000' 89,000 1,221,000644,000 2.155.000
Bombay
Exports
from-
For the Week.
,
Great
1 Great ' Conti- Japan !
!Britain., nen:. &China Total. Britain.
Bombay1915-16_,
1914-15_ _'
1913-14_ _.
Calcutta- !
1915-10 t
1914-15 '
1913-14 !
Madras- t
1915-16.. t
1914-15...'
1913-14_ '
All others-.
1915-10_ 1
1914-15..1
1913-14_ _;
[VoL. 102.
THE CHRONICLE
1278
4,000
1,000,
1,000
,I
,
,
24,000 89,000117,000
18,000 36,000 55,000
26,000 45,000 72,000
I
Looa
1,000
11,000 11,000
t
1
1
' 2,000
2,000
: 5,000 1,000 6,000
1,000 9,000, 1,000, 11,000
t 26,000
1,000: 25,000
Total all- t
1015-16__ , 4,000, 29,000, 90,000 123,000.
1914-15__I 2,000, 28,000' 37,000 67,000
1913-14._ 2,000 53,000' 56,000111,000
Since August 1.
Conti- ' Japan
neat. l& China.I Total.
Rotterdam;
Liverpool. 3.00c.; Manchester, 3.000.•, Havre, 3.50c.-10%;
Leghorn, 3.25c. asked.
3.00c.; Genoa. 3.25c. asked; Naples, 3.25c. asked;nom.;
3.00c.
Shanghai,
3.0()c.
Japan,
3.00c.;
'Marseilles,
Lisbon, 2.50c.;
nom,
nom.; Bombay,3.00c. nom.; Vladivostok, 5.00c. nom.; Archangel,$40
for past week:
LIVERPOOL.-Sales, stocks, &c.,
Mar. 17. Mar. 24. Mar. 31.
50,000 130,000
10.000 139,000
21,000 224,000
42,000 257,000,1,012,000 1,311,000
79,000 280,000; 03,0001,022,000
52,000 808,000 756,0001,616,000
ALEXANDRIA RECEIPTS AND SHIPMENTS.
1915-16.
Alexandria, Egypt.
March 8.
Receipts (cantars)This week
Since Aug. 1
90,860
4,317,012
I,
1914-15.
1913-14.
135,000
5,502,156
95,000
7,206,177
This Since
This Since
Week. Aug. 1. 1Veek. Aug. 1.
Exports (bales)-
Total exports
Note.-A cantor is 99 bs.
Sales of the week
Of which speculators took
Of which exporters took
Sales, American
Actual export
Forwarded
Total stock
Of which American
Total imports of the week
Of which American
Amount afloat
Of which American
Mar. 10.
33,000
2,000
4,000
24,000
6,000
91,000
926,000
680,000
163,000
128,000
328,000
261,000
43,000
2,000
5,000
34,000
18,000
88,000
932,000
692,000
112,000
91,000
269,000
210,000
36,000
3,000
4,000
26,000
16,000
121,000
910,000
679,000
114,000
89,000
183,000
134,000
8,000
74,000
884,000
660.000
57,000
44,000
' The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
This Since
Week. Aug. 1.
174,425 7,900 148,882 4,000,172,211
____ 118,912 8,2501173,869
.4,559 114,660
5,103 127,399 19,600 196,686 15,000 321.650
4,567 167,618 7,500 103,743 3,5001_47,843
,
14.229 584.1021 35.000 568.223 30.75&715.573
To Liverpool
To Manchester
To Contin't & India
To America
134,882
The exports to Japan since Aug. 1 have been 277,869 bales
from Pacific ports, and 12,848 bales front Galveston.
COTTON FREIGHTS.-Current rates for cotton from
New York are as follows, quotations being in cents per pound:
25,000 187,000 958,0001,150,000
34,030 184,000 616,000 834,000
21,000 584,000 663,000 1,268,000
I
1
4,000 21,000
2,000 15,000
8.000. 37,000 46,000
1,000
2,000 14,000 70,000 86,000
I 10,000
9,000.I
1,000
3,000
3,000,
33,000
2,000
31,000
5,000
14,000 66,000,
44,000 85,0001
24,000 179,000I
Total.
17,800
45,267
27,947
27.947
9;544 .
19,914
150
701
1,593
489
4,279
7,198
Egyptian bales weigh about 750 bs.
Spot.
Market, 1
12:15
P.M. 1
Mid.Upi'ds
Sales
Spec.&exp.
Saturday.1 Monday.
Quiet.
Dull.
Tuesday. Wednesday. Thursday. I
Dull.
Quiet and
unchanged.
Quiet.
'Friday.
Quiet.
7.69
7.70
7.82
7.82
7.83
7.77
3,000
500
6,00)
1,000
5,000
1,500
6,000
1,000
0,000
1,000
0,000
1,500
Quiet, unQuiet,
Quiet,
Steady,
203 pts. 13502 Ms. 102 pts. changed to
decline. 34 pt. adv.
decline.
advance.
Quiet,
Easy,
Steady,
Steady,
Steady,
Quiet,
Market, 1
3(44 pts. 8% points 33505% 2(43 pts. 034(59 pts. 3.441 pt.
4
advance.
decline.
decline. advance. advance. advance.
P.M.
Quiet,
Easy,
Futures.
Market i 1(53 pts. 2(43 pts.
f decline. advance.
opened
The statement shows that the receipts for the week ending Mar. 8 were 90,860 cantars and the foreign shipments were 14,229 bales.
The prices of futures at Liverpool for each day are given
MANCHESTER MARKET.-Our report received by below. Prices are on the basis of upland, good ordinary
cable to-night from Manchester states that yarns are
clause, unless otherwise stated.
easier. Principal cloths are depressed but in miscellaneous
The prices are given in pence and 100ths. Thus: 7 51 means 7 51-100d,
fancies a moderate trade has been done. We give prices
for to-day below and leave those for previous weeks of Mar. 25 Saturday. Monday. Tuesday. Wed'day. Thursday. Friday.
to
this and last year for comparison:
4 1234 4
4 1234 4
1915.
1916.
32s Cop
Twist.
Feb 0.
11 12%
18 12%
25 12%
Mar
3 1234
10 12%
17 12%
24 12%
31 1234
SU lbs. Shirt-- Coen
1,1gs. COMTIOn Mid
Upi's
to finest.
s.
0. s.d
0 13% 7 3 (49 534
0 13% 7 1%09 3
C§ 13% 7 134e9 3
to
0
0
(4
Co
1334 7
13% 7
13% 7
13% 7
13 7
1 34'..; 9
1%09
1340:9
134(49
0 09
3
3
3
3
2
0. d.
8.08
7.82
7.72
7.84
7.81
7.87 8%
7.73 834
7.77 8%
323 Cop
Twist.
834 lbs. Shirt- Cora
ings, common Mid.
Upl's
to finest.
d. 8.6.
No quo tations
No quo tatlons
No quo tatlons
No quo tations
No quo tattoos
() (47
(4 8%
0 9 6 3 07
931 6 3 07
s. d. 0.
5 07
5.01
4.97
6
4.99
5.17
5.27
5.48
5.62
1234
Mar. 31. 1234 1234 123.41 4 1234
p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m.
d.
d. I d. d. d. d. d. d. d. d.
d.
d.
March_ _ ____ 7 51 5234 5934 64 64' 6334 67 65 58 59 58
7 5034 52 59 6334 6234 63 66 64 5734
Mar.-Apr.
7 4934 5134 58 62 62 613464 62 56 5834 5634
May-Juno
7 45 46345334 57 57 5634 59 57 51 5334 52
July-Aug..
7 223-4 2334 31 35 3634 36 39 37 3234 34 33
Oct.-Nov.
1414 1534.23 2634 28 2734 31 2834 243.6 263.6 2514
7
-__
Jan.-Feb.
•
BREADSTUFFS
Friday Night, March 311916.
Flour has been stronger, partly in response to an advance
in wheat. But, on the other hand, trade has not been
SHIPPING NEWS.-As shown on a previous page, the active. Some buyers, it is true, have had to stock up after
exports of cotton from tne United States the pats week have having allowed their supplies to get rather low. But taking
reached 134.882 bales. The shipments in detail, as made it as a whole, buyers still pursue the policy of purchasing
from hand to mouth. They are skeptical as to the permanup from mail and telegraphic returns, are as follows:
Total bales.
ence of a rise in prices at this time. Railroad congestion
24
NEW YORK-To Liverpool-Mar. 23-Orduna„ 1,600._ _ _Mar.
3,735
continues, however. Some large concerns are notifying
608
-Adriatic.
29
_Mar.
1,527__
-Celtic,
To Havre-Mar. 25-Alston, 1,126; Ardgowan, 2,721; Han- 6,226 bakers, grocers and exporters that they may have flour in
nington Court, 2,379
1,099 large or small quantities on short notice. There are those
To Bordeaux-Mar. 24-Strathleven, 1,099
200 who think that if the present railroad congestion continues
To Cadiz-Mar. 24-Dicto, 200
To Genoa-Mar. 24-Caserta, 2,938Mar. 25-Regina 5,738 much longer, there may be a premium on "spot" supplies of
d'Italia, 2,800
800 flour. At Minneapolis prices have advanced ten cents within
To Brazil-Mar. 24-11olbein, 800
2
To Venezuela-Mar. 29-Maracaibo, 2
the last few days. The total output last week at Minneap19,591
19,591
-Indian,
28
GALVESTON-To Liverpool-Mar.
13,380 olis, Duluth and Milwaukee was 427,865 bbls., against
To Havre-Mar. 29-0. A. Knudsen, 13,386
12,290
To Genoa-Mar. 30-Moncenisio, 12,290
446,930 in the previous week and 277,800 bbls. last year.
_
NEW ORLEANS-To Liverpool-Mar. 25-Merchant, 4,853.._ 12,309
Total since Sept. 1, 14,166,000 bbls., against 11,279,000 bbls.
Mar. 27-Nestorian, 7,456
5,279
To Manchester-Mar. 28-Ernesto, 5,279
during the same period of 1914-15.
1,980
1,980
To Belfast-Mar. 28-Howth Head.
8,154
Wheat has advanced on reports of damage to the crop and
To Havre-Mar. 25-St. Laurent, 8,154
225
foreign markets. Also the submarine dispute with
To Christiania-Nov. 25-Haugastoel, 225
strong
9,544
9,544
,
MOBILE-To Liverpool--Mar. 30-Nicosian
4,664 Germany, and the possibility of a rupture of diplomatic relaSAVANNAH-To Liverpool-Mar. 24-Mary Baird, 4,664
8,450
more or less effect. In the main, however, it has
To Havre-Mar. 27'-Vigilancia, 8,450
500 tions had
at
To Barcelona-Mar. 27-Joaquin Mumbro, 500
3,850 been simply reports of damage in the soft wheat States
To Oporto-Mar.27-Joaquin Mumbro,3,850
2,450 the West, rather than anything else which has at times
To Genoa-Mar. 27-Joaquin Mumbro, 2,450
150
,
that not a few fields are
NORFOLK-To Liverpool-Mar. 28-Annapolis 150
526 caused sharp advances. It is said
BOSTON-To Liverpool-Mar. 27-Quebra, 526
175 being plowed up on account of winter killing. To show how
To Yarmouth-Mar. 24-Prince George, 175 e, 1,593
1,593
BALTIMORE-To Liverpool-Mar. 27-Vedamor
radical some of the reports ore, it has been asserted that the
PHILADELPHIA-To Manchester-Mar. 10-Manchester Engi489 yield of Illinois, Indiana, Ohio, Michigan and parts of Monneer,489 (sunk)
_ 4,079
half an average crop. Recent
SAN FRANCISCO-To Japan-Mar. 28-Tenyo Maru, 4,079.._
200 tana may amount to only
To China-Mar. 28-Tenvo Marti, 200
it is insisted, have failed to remedy the damrains,
copious
TACOMA-To Japan-Mar. 1-Seiko Marti, 435 (additional)
4,393
Illinois. English and other European
Mar. 24-Mexico Maru, 3,958
500 age, especially in
To China-Mar. 24-Mexico Maru. 500
bought to some extent, owing to the recent subTo Vladivostok-Mar. 21-Seiko Maru, 505 (additional).... 2,305 buyers have
importaMar. 27-11onolulan, 1,800
marine activity and the possibility that England's
advance in
134,882 tions of wheat may be interfered with. Also an
Total
has been taken into account. It is said, moreThe particulars of the foregoing shipments for the week, war risks
the seeded acreage of spring wheat in both the
that
over,
as
are
follows:
form,
ti8ual
our
in
arranged
APR. 11916.1
THE CHRONICLE
1279
American and Canadian Northwest has been considerably
Oats have advanced with other grain. The receipts have
reduced. In the spring-wheat belt of late the weather has been small and at Chicago there has been some demand from
been bad. In the United Kingdom, too, the weather has the seaboard. The Eastern demand there has been fair.
been unfavorable for seeding. It has been too cold and wet, On the other hand, however, Chicago labors under the disadand this has delayed sowing. In France reserves are moder- vantage of a scarcity of cars, and stocks are, therefore,
not
ate and arrivals have fallen off. Private reports contradict decreasing as fast as had been expected. In fact, there was
official Russian statements that the outlook for winter wheat a net increase last week in the American available
supply
is good, even where snow is lacking. In Italy the crop pros- of 48,000 bushels, against a decrease in the same week last
pects are only fair. Advicos from Sweden state that stocks year of 478,000 bushel. As things stand, the available
of wheat at home, afloat and already purchased are very supply of American is 39,729,000 bushels, or 3,400,000 more
inadequate. They will not last three months. Arrange- than at this time last year. Seeding of oats is in progress
in
ments are, therefore, being made for additional purchases. Nebraska and Illinois. It is expected to become general
In Russia it is said that railways are blocked with shipments within a week if the weather is favorable.
Of late the
of munitions. .This will naturally prevent the movement of country movement has increased somewhat,
it is
grain. With light stocks.at Russian ports it is supposed still far from large. But covering of shorts, andthough
within a day
that early spring exports in Russia will be small. On the or two,some reports of a delay in seeding have had
a more or
other hand, however, some crop reports from the West have less strengthening effect on prices, not to mention the
natural
latterly been more cheerful. Nebraska advices, in par- response to the rise in other grain.
Argentine reports said.
ticular, are more optimistic. Missouri and Illinois have that oats are in urgent demand from
exporters, that the
also reported better conditions. Kansas, it is stated, will weather is fine. The prospective Argentine
of ocean
have a yield of 100,000,000 bushels, against 176,300,000 in freights is larger. To-day prices declined supply
a little. Sea1914 and 86,515,000 in 1913. Chicago reports that there board exporters are said to be buying Canadian
oats. Seedhave been big shipments of wheat from Canada to be stored, ing is making rapid progress. No export business
in Ameriin warehouses in this country. This caused selling, in Chi- can oats was reported, but exporters
took 30,000 bushels of
cago after an advance of 6 cents a bushel. It is stated barley.
that 1,000 cars of Canadian wheat wore headed for. Duluth
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat.
Mon.
for storage there. Prices in Argentina have at times de- Standards
Tues.
Wed.
Thurs.
Fri.
cts _ 49%-50 493%-51) 50-5034 50-5044
Nom.
51-513%
clined, owing to the difficulty of moving the crop as well as a No. 2 white
504-51 503%-51 51-513% 51-513% 52-5214
Nom.
rapid accumulation of stocks and an exhaustion of storage
DAILY CLOSING PRICES OF OATS FUTURES IN
CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
capacity in that country. Exporters, too,have lowered May delivery in elevator
cts_ 423% 433% 433% 44
443% 443%
their bids for Argentine wheat. In Australia the scarcity July delivery in elevator
413% 423% 423% 423% 433% 423%
of ocean freights has stopped the forwarding of wheat from
The following are closing quotations:
farms, as practically all the storage facilities have been
GRAIN.
exhausted. It is said that it is a very serious problem how Wheat, per bushel-f. o. b.
urn, per bushelN. Spring, No. 1. new____31 37
the exportable surplus of Australian wheat, estimated at
No. 2 mixed
f o. b. nom.
N. Spring. No.2
No. 2 yellow_
e. I. f. 893%
116,000,000 bushels, is to be gotten to the consuming
Red winter. No. 2, new
1 28
No. 2 yellow Kiln dried ....
85
markets of the world. The weather in France is said to be
Hard winter. No.2
1 27
Argentina in bags.
per bushel. newcts. Rye, per bushelfavorable. The winter-wheat crops there are .reported to Oats,
Standard
Nom.
New York__ c. I. f.$1 02
be looking well and spring sowing is making rapid progress.
No. 2, white.
Western____ C. i. f.$1 02
Nom.
No. 3. white
50
i51
Malt
The crop outlook is said to be excellent in Rumania, with
87(4)90c.
No. 4. white
483%(493%
an increased acreage and plenty of snow protection. The
FLOUR.
weather in India has been favorable for the crop movement Winter. low grades____$4 70( $5 10 Kansas straights.sacks_$5 60035 75
Winter patents
6 2:)i 6 40 Kansas clears. sacks___ 5 20
and late harvesting. The crop looks well in Spain and North Winter
5 50
straights
5 708k 5 90 City patents
7 30
Africa. In the United Kingdom the arrivals are liberal, Winter clears
5 604 5 80 Rye flour
5 00® 5 50
Spring
patents
6 10@ 5 40 Buckwheat flour
stocks are increasing, and offerings of native wheat are rela- Spring
straights _____ _ 6 000 6 30 Graham flour_
4 6084 4 80
tively large. Liverpool advices state that reports of damage Spring clears
5 304 5 50
to the American crop have latterly had no material effect,
The statement of the movement of breadstuffs to market
as reserves both of Canada and America are excessive and the indicated below are prepared by us from
figures collected by
receipts at Canadian and American markets continue large. the New York Produce
The receipts at Western
To-day prices were irregular, advancing at one time, but lake and river ports forExchange.
the week ending last Saturday and
ending lower. .Export sales were reported of 1,200,000 since Aug. 1 for each of the
last three years have been:
bushels. A Chicago house stated the condition of winter^
wheat at 79 against 87.7 last December and 81.7 a year Receipts at- Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
ago. The area abandoned or likely to be is estimated at
bbls.1061bs. bush.60 lbs.1bush. 56 Os.Ibush. 32 lbs. bush.48lbs.bush.56lbs.
4,318,000 acres, or 11.7%. The rise in May since last Chicago
227,000 2,540,000; 1,428,006 1,818,000
749,000
97,000
Minneapolis
Monday amounted at one time to-day to nearly 8 cents.
2,860,0001
89,000,
699,000 1.083.000
94,000
Duluth
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK. Milwaukee _
Toledo
Sat. Mon. Tues. Wed. Thurs. Fri.
Detroit
No. 2 red
cts_ nom. 1233% 1263% 12631 1283% 128
Cleveland __ _
May delivery in elevator
1163% 1179i 121% 1203 1223% 122
St. Louls
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO. Peoria
Mon.
Sat.
Tues. Wed. Thurs. Fri.
Kansas City_
cts_108% 109% 1133% 1123 1143% 114
May delivery in elevator
Omaha
July delivery In elevator
i073% 11O3 110X 1123% 112%
Total wk. '16
Indian corn has advanced, partly owing to bad weather Same
wk. '15
Wrest, which has interfered with the movement of the Same wk.
at the W
'14
I
13,000;
'
7,000
40,000
106,000
59,000
1063
452,000
2'37,000
395,000
53,000
33,000
4870001
85:000
257,000,
514,000
333,
85,006,
73,000'
36,000
50,000;
94,000
31,000
74,000
26,000
532,000
391,000.
194,000
21,000f
54,000
875,000
122,000
45,00
735,000
810,000,
54.000
338,000:
634,000,
164,000
1
7,825,000 4,725,006, 3,711,000 2,314,
4,044,000 3,165,000, 5,715,000 1,268,000,
3,573,000; 4,745,0001 3,029,000 1,267,006
10,000
34,000
9,000,
21,000
23,000
279,000
154,000
199,000
crop. Also Chicago has reported a better domestic demand Since Aug.
1
for cash corn. The movement to market has been very 1915-16_ 1_ 14,289,000 410,623,0001 164,334,000 138,096,000,90,163,000,118,869,000
14,022,000327,174,000 188,884,000 213,865,00072,719,000,17,838,000
small. Meanwhile manufacturing industries in some cases 191445.._
are said to be grinding 100,000 bushels per day at their va- 1913-14_ _ _ _ 14,322,000232,553,000 169,185,000 163,040,000 72,139,000119,955,000
Total receipts of flour and grain at the seaboard ports for
rious plants. Kansas City early in the week reported 400,000 bushels of No. 3 mixed corn sold for export. Chicago the week ended March 25 1916 follow:
also had some export business. The available American
Wheat.
Corn.
Oats.
stocks are some 7,300,000 bushels smaller than a year ago. Receipts at- I Flour.
Barley. I
Rye.
Nevertheless some think the price is too high and are inclined
Barrels.
Bushels.
Bushels.
Bushels. I Bushels. I Bushels
New York___
161,000 1,574,000
65,000,
to sell on bulges. No. 2 yellow is about 7 cents higher than Boston
333,000, 237,000,
30,000
161,000
48,006
36,000
2,000'
a year ago. The available stock in this country increased Portland,
Me.,
2,000 1,279,000
I 148,006
1
last week 1,421,000 bushels, as against a decrease in the same Philadelphia _1 45,000 965,000 115,000
87,000, 112,000
Baltimore
_
56,000
996,000
795,000
'
873,0001 142,000 276,000
tune last year of 2,556,000 bushels. Not a few believe with N'port News_
1
50,000
447,000
980,000;
better weather the movement will increase materially. Mobile
1,000
23,000:
40,000!
27,000,
Orleans*
New
55,000
335;000
500,006
34,000
They also believe that such an increase would have a de- Galveston _
617,000,
23,006
1,000
1,000
pressing effect on prices. Chicago has large stocks on hand Montreal_
16,000
159,000
2,00e,
209,006
26,000
1,000
14,000
556,006
and operators there have been selling on the idea that there St. John
61,000
1
1
will be a considerable increase in the near future, while cars Total wk. '16 452,000 7,090,000 1.588,000, 2.579,0001 729,0001, 278,000
for eastbound traffic are still scarce. Argentina reports the Since Jan.1'16 6,871,000 85,845,006 14,656,006 31,043,000
8,058,000 3,502,000
,
market dull. Liverpool of late has reported the same thing. Week 1915_ _ _ 526.0001 4,694,006, 2,373,000 4,330,000;1 69,000' 229,000
Since
Jan.1'15.
consumption
7,122,000,
the
75,631,009 23,840,000 29,181,000! 4,254,006 4,421,000
at
moment is moderate. Still
The English
it is well enough to bear in mind that tie American available
* Receipts do not include grain passing through New Orleans for foreign
ports on
supply is only 31,475,000 bushels, against 38,795,000 a year through
bills of lading.
war
and
ago,
that if wheat advances on
t
@FedFRASER