Full text of Commercial and Financial Chronicle : April 29, 1916, Vol. 102, No. 2653

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Finattrtal

w

antmenrifl
I N C L U D I N G
B ank

&

Q u o ta tio n

S e c tio n

R a ilw a y &

E a r n in g s

S e c tio n

B a n k e rs ’ C o n v e n tio n

R a ilw a y

VOL. 102

In d u s tr ia l S e c tio n

S u b s c r ip t io n in c lu d e s f o l l o w i n g S u p p le m e n t s —

B ank and Quotation (monthly) I R ailway and I ndustrial (3 times yearly)
R ailway E arsixos (monthly) ! Electric R ailway (3 times yearly)
S tate and City (semi-annually) |Bankers’ Convention (yearly)
T e rm s o f A d v e r tis in g — P e r In c h S p a c e
Transient matter per inch space (14 agato linos)...................................
( Two Months
(s times)..........................
Months (13 times)..........................
Standing Business Cards )) Three
S ix M on th s
(2(5 t im e s )...............................
(. T w
...........................
reive
Months (52 times j ..........................
C h ic a g o O f f ic e — 39 South La Sallo Street, Telepliono Randolph7396.
L o n d o n O f f ic e — Edwards & Smith, 1 Drapers’ Gardens, E. C.

$4 20
22 00
29 00
50 00

87
.........
66

W I L L I A M B . D A N A C O M P A N Y , P u b lis h e r s ,
_____________ F ron t, F ine nml Depoyator S ts ., N ew Y o r k ._____________

Published every Saturday morning by WILLIAM B. DANA COMPANY.
Jacob Seibert Jr., President and Treas.: George S. Dana and Arnold O. Dana,
Vice-Presidents; Arnold G. Dana. Sec. Addresses of all. Office of the Company.
C L E A R IN G -H O U S E R E T U R N S.
Tho following table, made up by telegraph, &c., indicates that the total
bank clearings o f all tho clearing houses of tho United States for tho week
ending to-day havo been $4,508,508,230, against $4,450,259,979 last week
and $3,392,449,470 tho corresponding week last yoar.
Per
Cent.

1910.

1915.

New Y ork ________________________
B o s t o n ____________________ ______
P h iladelphia______________________
Baltimore.............................................
C h ic a g o ...............................................
St. Louis..............................................
New O rlea n s............. ............ ..........

$2,248,881,073
100,691,591
207,489,675
36,458,980
315,636,183
74,547,064
19,812,777

$1,013,006,755
129,045,742
123,075,028
26,147,562
241,144,838
63,734,986
16,838,620

+
+
+
+
+
+
+

Seven cities, 5 days____________
Other cities, 5 days..........................

$3,063,517,943
689,748,923

$2,213,593,537
530,492,364

+ 38.4
+ 30.0

Total alt cities, 5 days__________
All cities, 1 d a y ____________ _____

$3,753,286,866
755,241,304

$2,744,085,901
048,363,509

+ 30.8
+ 16.5

Total all cities for week--------------

$4,508,508,230

$3,392,449,470

39.4
24.5
67.8
39.4
30.9
17.0
17.7

+ 32.9

Tho full dotails for tho week covered by tho abovo will bo given next
Saturday. Wo cannot furnish them to-day, clearings being mado up by tho
clearing houses at noon on Saturday, and honco in tho above tho last day
of tho wook has to bo in all cases estimated, as wo go to press Friday night
Wo present below detailed figures for tho week ending with Saturday
noon, April 22, for four years:
W
eek ending April

22.

Clearings at—■
1910.

1915.

I

New Y ork ......... .. 2 073,135,585 2 ,107,454,671
153,594,820
Philadelphia____ 1 221,135,220
50,449,114
Pittsburgh______ 1 83,181,775
B a ltim ore............ !
31,722,7771
30,730,008!
B u ff a lo _________ 1 15,107,241
11,405,811
W a sh in g ton ____ I
7,648,394
8,008,002
A lbany..................
4,822,191
5,439,280
R o ch es ter______
5,408,900
4,403,310
S cra n ton ..............
2,992,509
3,055,771!
S yra cu se..............
3,327,704
2,931,540
R eading................
2,092,709
1,713,9481
W ilm ington.........
2,210,779
2,107,599
W llk es-B a rro___
1,851,884
1,709,871
W heeling.............
2,703,545
2,062,115
987,601
Y o r k ...................1,043,200
1,932,430
T ren ton ................
1,749,854
1,534,248
L a n ca ster......... 1,509,842
1,153,122
Erie ........... ..........
923,655
826,800
B ingh am ton ____
040,100,'
750.000
G rcensburg.........
031,460
934.020
C h e s te r________
578,517;
025.000
A lto o n a ________
575,000
351,620
M o n tc la ir ......... J
398,430
Total M iddle . 3,052,463,739 2,399,869,891
B oston ..................1 188 .280 .887
,384 ,500
P rov id en ce _____
181 ,036
H a rtford ........... ,941 231
Now H aven.......... '
,218 ,188
S p rin g field .......... !
,998 789
P o r tla n d ........... ..
772 888
W orcester_______I
Fall lliv c r .........
,900 836
New Bedford __ J
,307 ,712
L o w e ll..................
906 402
H olyoke________
900 000
Bangor__________
650 603
225,503,192

154,815,705
7,339,600
6,204,893
3,454,256
2,538,774
1,708,858
2,454,409
1,263,651
999,747
807,099
636,132
342,156

Inc. or
Dec.

+
+
+
+
+

1914.

%

1913.

S

26.9 1,993,530,993 1 ,793,365,934
44.0
150,400,292
153,840,994
11.9
57,745,993
66,721,800
15.8
34,770,379
35,217,897
31.8
10,849,079
11,419,070
+ 12,6
7,214,095
7,207,024
0,062,690
— 11.3
5,712,343
4,085,327
+ 24.2
4,181,503
3,152,418
— 20.0
2,432,250
2,680,783
+ 13.5
•3,100,600
1,846,999
+ 22.1
1,808,015
2,088,346
+ 2.0
1,583,371
1,517,157
+ 8.3
1,517,441
2,323.824
+ 31.1
1,988,340
863,497
— 5.4
1,005,997
1,672,757
+ 10
2,052,519
1,541,620
+ 1.0
1,389,949
+ 24.9
982,428
1,039,720
672,500
+ 29.2
689,700
+ 18.9
604,71.
525,211
+ 61.5
654,015
665,582
+ 8.
585,885
639,565
— 11.8
359,345
357,325
+ 27.2 2,286,870,143 2,098,528,830
+ 21.0
+ 41.5
+ 15.7
+ 14.1
+ 60.2
+ 13.0
+ 5 3 .7
+ 50.4
+ 30.8
+ 19.7
+ 41.5
+ 9.0

S e c tio n

NO. 2653

1915.

For Ono Year ............ .............................................................. ............ $10 00
For Six Mouths......................................................................................... 0 00
European Subscription (including postage)......................................... 13 00
European Subscription six months (including postage)...................... 7 50
Annual Subscription in London (including postage)..........................£ 2 14s.
Six Months Subscription in London (including postage).................... £1 l i e .
Canadian Subscription (including p ostage!............ ............................ $11 50

Clearings— Returns by Telegraph
Week ending A p r il 29.

C ity

22.

Clearings al-

PUBLISHED WEEKLY.

154,898.371
8,083,200
4,774,486
2,697,637
2,401,904
1,749,206
2,444,627
1.187,004
1,033,976
664,321
088,629
374,650

105,041,111
6,981,000
4,473,769
2,608,148
2,870,311
2,003,103
3,089,959
1,147,659
1,057,797
588,927
760,320
490,586

182,625,880' + 2 3 .5 1 180,997,97ll

191,778,690

For Canadian clearings see "Com m ercial and Miscellaneous N ew s."




and

Werk ending April

© Ir r o m tlje .

T erm s o f Su bscription — Payable in A d v a n ce

Note.—

S ta te

SATURDAY, APRIL 29 1916

3 P *

Total N ewEng.

E le c tr ic R a ilw a y S e c tio n

S e c tio n

C h icago. - ...........
Cincinnati_____
C levelan d_____
D e t r o i t .............
M ilw au k ee____
Indianapolis___
C olum bus_____
T o le d o ________
P e o r ia ________
Grand Rapids__
D a y t o n _____
Evansville___
Springfield, I II..
Fort W a y n e ____
R o ck fo rd ____
Youngstown .
L exin gton __
A k r o n ...........
C a n t o n _____
Bloom ington____
Q uincy...........
Springfield, O . . .
D eca tu r_____
M a n s fie ld ___
Jackson _____
South B e n d ..
D a n v ille ____
Jacksonville, 111.
L im a __________
L ansing________
O w e n sb o ro____
Ann Arbor...........
A d rian .................
T o t.M id .West

385,023,523
30,877,100.
39,580,11 +
44,037,85+
17,800,000
10,460,617;
9,722,900
8,934,874!
4,200,000
4,503,408
3,344,834'
1,581,14 +
1,572,427!
1,360,889
1,150,348'
3,396,120
7S5.0C0’
4,396,000|
2,501,336
776,818'
865,08+
928,103;
671,056
760,803!
927,210
831,802
506,049
302,225
760,064
650,000
340,799
250,000;
119,080

San Francisco__
Los Angeles_____
Seattle______
P o r tla n d ____
Salt Lake C it y ..
Spokane_______
T a co m a .............
Oakland.............
Sacram ento____
San D iego_____
Pasadena......... ..
Stockton ______
F re sn o________
North Yakim a.
San Jose.............
R e n o __________
Long Beach____
Total Paclflc.

149,434.476

Kansas C ity ____
M in n eapolis____
O m a h a ____
St. Paul________
D e n v e r ......... ..
St. Joseph...........
Dos M oines____
Sioux C ity...........
D uluth..................
W icld ta _______
L in c o ln ................
D a v e n p o r t_____
T o p e k a ................
Cedar Rapids__
Colorado Springs
P u e b lo ........... „ _
F a rgo......... .......
W a terloo.............
H elena..................
A berdeen_______
I1r e m o n t _______
H a stin g s__ ____
B illin g s................
Total oth.W est

84,261,790
20,667,301
19,905,799
13,465,017
11.747,600
8,715,129
6,5S7,205
3,967,569
4,055,722
4,258,386
2,507,446
2,144,035
1,703,354
1,795,248
862,337
4S1.693
1,755,228
2,518,700
1,491,537
747,546
390,000
227,465
650,000
195,506,107

St. Louis.............
New Orleans____
L o u is v ille ______
H o u s t o n ........... ..
G a lv e sto n ______
R ich m on d ______
Fort W o r t li ____
A tla n ta ________
M em phis.............
Savannah ______
Nashville........... ..
N o r fo lk ........... ..
Birm ingham ____
Jackson v ille____
Chattanooga____
K n o x v ille ......... _
Little R o ck .........
M o b ile _________
Augusta...............
c h a r le s to n _____
O klahom a______
M a c o n ............... ..
Austin . _______
V ick sbu rg...........
M u sk ogee...........
T u ls a ___________
Jackson ................

96,551,088
18,025,790
18,828,319
9,257,5771
3,368,543!
15,100,000!
7,864,432
17,283,252'
0,507,6721
4,385,832!
7,048,685!
4,890,880
2,621,121|
3,643 708;
2,996,956,
2,291,975
2,384,287,
1,033,183
2,105,0151
2,029,179'
3,614,336
3,205,875|
2 .100,000;
208,894
1,163,432
3,768,830!
550,029,

$

316,224
24,116
27,726
27,268
13,944
7,385
6,280
6,280
2,983
3,209
1,994
1,259

Inc. or
Dec.

%
+ 21.8

577,615
890,845
625,983
429,700
459,216
603,695
579,970
698,769
239,393
444,718
511,620
382,685
180,617
82,469
449,359,496

287,026,209
23,656,300
2+194.S65
22,449,872
13,804,551
7,173,562
6,020,500
5,010,400
3,110,153
3.004.942
1,700,000
1,148,145
987,114
1,292,180
1,040,379
1,592,283
614,234
1 932 000
1.280.919
592,722
881,989
579,480
446,565
452,278
515,000
625,538
439,869
258,778
420,214
442,512
465,793
132,733
75,851
410,357,624

47,100,821
23,501,165
12,595,841
11,602,064
6,172,670
4,090,313
1,884,122
3,309,612
1,909,593
2,160,429
848,055
776,885
860,130
319,597
540,000
299,329

49,981,461
23,897,513
11,934,420
10,919,195
5.786.920
4,238,734
2,759,339
3.792.943
1,836,020
2,593,418
1,079,210
890,815
1,074,700
356,585
544,964
256,146

117,969,626

121,942,373

+ 15.4
51,411,100
+ 6.9
20,206,342
+ 16.8
15,085,195
+ 29.7
10,760,830
+ 34.5
9,085,959
+ 35.2
6,468,388
+ 26.0
5,187,128
+ 37.8 1
3,206,691
+ 6.4
3,739,381
+ 13.7
3,317,877
+ 19.3
1,663,472
+ 67.2
1,650,761
+ 3.7
1,593,877
+ 21.4
1,873,422
+ 25.8
560,739
+ 40.6
568,056
+ 32.7
1,123,192
+ 22.7
1,738,572
+ 54.1
1,058,017
+ 19.3
400,000
+ 21.1
211,076
— 9.8
132,975
+ 44.4
344,480
+ 18.7
141,387,530

56,453,243
20,459,467
15,509,628
9,272,740
8,361,481
7,592,425
5,053,622
2,764,872
3,706,160
3,545,656
1,582,129
1,921,414
1,620,053
1,402,990
597,008
581,733
435,099
1,836,027
871,182
368,929
235,010
178,873
343,800
144,693,541

+ 28.0
+ 42.8
+ 61.5
+ 27.7
+ 41.7
+ 54.8
+ 43.9
+ 40.8
+ 40.3
+ 67.7
+ 25.0
1,200,
+ 30.3
1,260,,616
+ 7.9
1,051,,386, + 9.4
1,288,
+ 16.3
692,
+ 13.3
2,044,
+ 115.1
2,200,
+ 13.7

775,,03 +
794,,662' + 8 .9
69+ ,753 + 3 4 .3
456 ,042 + 4 7 .1
553 ,356 + 3 7 .5
615 ,000 + 50.7
625 .291 + 3 3 .0
484 ,618
+ 4 .6
201 ,034 + 5 0 .2
4.36 ,970 + 7 4 .2
525 ,000 + 2 3 .8
332 ,242: +2.6
189 ,253 + 3 2 .3
_ 58 ,271 + 10 4 .3
455 157 ,218 + 2 8 .2

+ 30.4
73,023,389
19,328,136
17,049,866
10,381,793
8,736,807
6,440,198
5,228,540
2,881,636
4,374,100
3,744,663
2,102,411
1,282,983
1,643,598
1,478,186
685,447
342,968
1,322,704
2,052,871
967,837
626,906
322,562
252,067
450,000
164,719,677

1913.
$
313,046,980
24,509,050
23,379,269
29,722,282
13,499,963
6,808,505
6,342,000
6,220,746
3,344,993
3,479,291
2,290,148
1,145,708
1,213,224
1,211,765
1,056,073
1,294,791
502,006
2,277,300
1,308,107

80,048,948 + 20.6
17,444,703
+ 3.3
10,185,967 + 84.8
7,186,011 + 28.8
3,401,712
+ 1.0
9,883,600 + 52.8
6,585,247 + 19.4
12,514,547i + 38.1
6,409,060
+ 1.5
4,301,767
+ 2 .0
5,723,677 + 23.2
4,126,854' + 10.1
2,183,525' + 20.1
2,790,147; + 30.6
2,476,533 + 21.0
1,568,146, + 46.1
1,950,176! + 22.3
l,028,147i
+ 0.5
2,200,075,' — 4.3
2,049,4511 + 28.3
2,203,033 + 64.0
2,584,592 + 24.0
1,556,292 + 35.0
234,114 — 10.8
575,410 + 102.1
1,463,881 + 157.4
405,519, + 35.6

78,550.717
15,732,157
12,765,497
7,000 000
3,391,500
7,688,613!
7,140,097
14,141,714’
0,194,634'
3,287,762!
6,800,000!
4,182,823;
3,176,894
3,291,563
2,317,616
1,697,6521
2,353,642;
1,260,087|
2,286,606!
2,010,070
2,198,343;
4,874,1191
1,850,122
269,435!
836,594'
1,688,0721
377,956|

77,410,718
15,927,421
13,080,466
7,024,179
3,222,000
7,701,146
7,603,272
9,288,440
6,712,494
3,336,117
6,564,877
3,796,669
2,545,320
3,054,735
2,258,603
1,671,448
2,063,996
1,395,000
1,950,904
1,597,916
1,584,089
3,000,000
1,112,224
161,156
627,666
1,071,192
301,158

Total Southern 243,424,896, _193,081,134 + 26.1
197,364,285| 186,061,206
Total a ll.......... 4,450,259,979 5,510,049,624 “ + 2 6 .8 3,373,949,051 5.153,3027276
Outside N . y J 1,777.124,394 1,402,594.953 + 26.8 1,381,018^058 1,359,990,342

1564

THE CHRONICLE

[Vol . 102.

001 tons of unfilled orders on the books of its sub­
sidiary corporations, as against only 3,836,643 tons
THE FINANCIAL SITUATION.
The quarterly return issued the present week by on Jan. 1 1915—for a full year, the total of the net
the United States Steel Corporation for the three for the twelve months would be over $272,000,000,
months ending March 31st, with its phenomenal or equal to twice the net in the very best year ever
showing of profits, illustrates at once the strength previously experienced.
Nor does the Steel Corporation stand alone in its
and the weakness of the present industrial situation.
phenomenal
showing of profits. The Pittsburgh
Many manufacturing concerns, more particularly
Steel
Co.
has
also issued a statement of earnings the
those in the iron and steel trade as well as all estab­
present
week
for
the period up to March 31st. For
lishments engaged directly or indirectly in the
the
nine
months
ending with that date in 1916 the
manufacture of munitions of war and other military
net
profits
were
$3,185,149,
or more than ten times
supplies for the belligerent countries of Europe, are
the
profits
for
the
nine
months
of the preceding year,
for the moment prosperous beyond all precedent
in the history of this or any other country. Profits which were only $291,484.
Turning now to the prevailing range of prices for
are huge and wholly without parallel, being the
double result of an extraordinary volume of business iron and steel products we discern the inherently
weak element in the situation, entirely apart from
and an equally extraordinary level of values.
The weak point in the situation is that this pros­ the fact that the business which has given rise to
perity, these huge profits and the high level of values these prices and made possible the extraordinary
do not, in the nature of things, rest upon an enduring profits being earned is itself in great part so wholly
condition. One and all, the elements in this excep­ exceptional and abnormal, as already indicated.
tional combination grow out of the dire necessities Steel billets at Pittsburgh are quoted at $45 a ton,
of the war. The war itself is a blot upon civilization against only $20 twelve months ago; steel bars at
and a disgrace to humanity, but at the moment we Pittsburgh are 3 cents a pound, against only 1.20
are not discussing ethical principles. The considera­ cents; tank plates at Pittsburgh 3.75 cents, against
tion upon which we would lay emphasis and which 1.15 cents; beams at 2.60 cents, against 1.20 cents;
must be obvious to all persons who look beyond the steel hoops 3 cents, against 1.25 cents; galvanized
surface of things is that the war with all its attend­ sheets 5 cents, against 3.25 cents; wire nails 2.40
ant evil results must sooner or later come to an end, cents, against 1.55 cents, &c., &c. No one would
and when that time arrives, there will be a return to venture to predict with any degree of confidence
the normal status. And it is this certain prospect of a what will be the economic situation of the warring
return to the normal, with a fading away of the whole countries of Europe, with the return of peace.
structure of artificial prosperity, that makes men Upon the point whether they will attempt, or be
anxious and is producing a timid, cautious feeling able, to flood our markets with their products at
low prices, one man's opinion is as good as another’s,
on the part of leaders in affairs.
What we are witnessing are developments growing but at least one thing is certain: the existing level of
out of the abnormal but wholly evanescent state of values cannot be maintained.
With the passing of the war will pass also the
prosperity just described. How abnormal the pros­
present
extremely high level of values. It may be
perity and how prodigious the profits it is yielding
that
domestic
orders will replace foreign orders and,
will appear from a most cursory examination of the
indeed,
that
is already taking place under the
income return referred to of the United States Steel
present
rising
tide of prosperity; hence it may
Corporation. These profits for the three months
happen
that
unusual
activity will be maintained
of 1916 reach no less than $60,713,624, as against
for
a
considerable
time
after the close of the war,
only $12,457,809 in the corresponding three months
but
the
new
orders
taken
when the war is over will
of 1915 and $17,994,381 in the same three months
be
on
a
totally
different
and
a much lower basis of
of 1914. Even in such a good period as the first
three months of 1913 the profits were but little more values.
As a matter of fact the present unusual prices
than half those now recorded, being $34,426,801.
reflect
a panic-stricken state of mind on the part
As a matter of fact at $60,713,624 the profits for
of
consumers,
who have been placing orders at
these three months of 1916 are but little less than the
almost
any
figure
out of a fear that if they delayed
total for the full twelve months of some poor years in
the past— 1914 for instance, when the net for the they might not be able to get their orders booked
whole year was no more than $71,663,615. More­ at all, or have to place them at still higher figures.
over, these profits are still on a rising scale, each It is a question whether this has not led to extensive
month recording a larger total than its immediate over-buying, thereby introducing a new element
predecessor. In January the net was $18,794,912; of danger in the situation. If there has been such
over-buying the result might be complete withdrawal
in February $19,196,396 and in March $22,722,316.
This steady expansion in the monthly yield of net of consumers from the market for a time with the
income has been a continuous feature ever since close of the war and a drop in prices. The weakness
January of last year, when the amount of the net in the industrial list of shares on the Stock Exchange,
for that month was only $1,687,150; the total at so palpably in evidence for many weeks, is not to
$22,722,316 for March 1916 is almost fifteen times be ascribed alone to the possibility of serious trouble
this exceptionally poor result fourteen months before. with Germany, but reflects anxiety on the point in
Should the $22,722,316 net for March 1916 be main­ question.
These facts are arresting the attention of thought­
tained— and there seems no immediate likelihood
of any falling off, since the Steel Corporation March ful students, and we notice that President Vanderlip
31 reported the record-breaking aggregate of 9,331,- of the National City Bank laid emphasis on them in



A pr . 29 1916.]

THE CHRONICLE

1565

an address delivered on Wednesday of the present ent week at a time when the industrial properties
week before the National Association of Cotton ha\e been weak. Even as it is, however, ruling
Manufacturers in Boston. Mr. Vanderlip declared quotations for railroad shares have not yet fully
that “if our people do not recognize the temporary responded to the wonderful transformation in the
character of our presept prosperity, conserve its prospects of the rail carriers that has occurred during
benefits to strengthen us in the future, and adapt the last seven months, or since September 1915.
ourselves readily to changing conditions, we shall be Doubtless the nation-wide demand of the locomotive
in a weaker condition after the war than we were engineers, firemen, conductors and other trainmen
before, for we shall be upon an artificial level of costs, for a prodigious advance in wages has served to limit
a level above the rest of the world.” To Mr. Van­ investment and to repress speculative enthusiasm,
derlip it seems “an extraordinary state of affairs v hilo the extensive liquidation in this country in
when wages in the steel industry are advanced twice, foreign-owned American securities has acted in the
ten per cent each time, within three months, with same direction.
advances in the textile mills and other industries
The wage controversy takes on a still more serious
almost as great.”
character, now that the roads have put themselves
The labor situation certainly furnishes much food completely in the power of the employees by agreeing
for reflection, and Mr. Vanderlip is right in saying to consider wage matters on a countrywide basis
that the general wage advances “signify that all in­ instead ot territorially or separately, thereby enabling
dustry is on a shifting base, that we arc riding on a a lev union leaders at any moment and for any cause
tidal wave, and that we cannot tell where we will be to tie up completely the whole transportation system
when normal conditions are restored.”
ol the country. Liquidation of American securities
The one saving feature in the situation is the greatly however on European account, it would appear, has
improved outlook for the railroads. They are hand­
pi ogressed so far that it would not be surprising if it
ling a larger volume of tonnage than ever before in
should play a very much less important part in affairs
their history, and their revenue returns continue to hereafter.
show marvelous gains as compared with the depressed
period twelve months ago. For the month of Feb­
Ihe threatened crisis in the cotton-manufacturing
ruary (which is the latest month for which complete industry of Fall River and New Bedford has been
returns are available) our extensive tabulation pub­ definitely settled, it is believed, by the action taken
lished April 15 showed $58,005,851 gain in gross, or by the manufacturers’ associations of the two cities.
27.68%, and $28,886,343 gain in net, or 56.59%. It will be recalled that the Fall River Textile Council
For January the gain was $46,840,040 in the gross, representing the various organizations of operatives,
or 21.27%, and $27,347,413 in net, or 53.05%. For voted unanimously on April 17 to make a request
the current weeks of April the ratios of gain in gross for a 10% advance in wages to begin May 1. After
are running much the same as in preceding weeks, the due deliberation and a study of underlying condi­
increase for the third week of the month, for instance, tions, present and prospective, the manufacturers
being 22.58%.
’ decided that the best they could do at this time
would be to restore the wage scale to the high point
The effect of this great betterment of the railroac
of 1907 (23.96 cents per cut of 473^ yards of 28-inch
situation is, on the one hand, to induce the placing
64x64 printing cloths), an advance of nearly 6%,
of orders for materials and supplies on a very liberal
and so advised the operatives. In their turn the
scale, and that circumstance, in turn, will serve to
operatives, at a meeting on Tuesday night of the
keep mills and factories busy when orders from other
current week, voted to insist upon the 10% advance,
sources shall become scarce. On the other hand, the and, failing to receive it, to go on strike at once.
effect is to improve the credit of the railroads, and But all danger of trouble in the industry was averted
this later on, when investment conditions shall be on Thursday afternoon by the manufacturers’ asso­
favorable, should induce them to indulge in con­ ciations agreeing under protest to grant the 10%
siderable new capital flotations with the view to raise, a decision in which the Fall River Iron Works
building new branches and feeders and provide addi­ Co. (the Borden Mills) and the Charlton Mills, out­
tional facilities for their steadily growing volume of side organizations, concurred. In acceding to the
tonnage, this also will serve to prolong the period request it is stated that it is not done from a belief in
of industrial activity.
the justice of the demand, but solely to preserve the
Hie prosperity the roads are enjoying will have one peace, good will and prosperity of the community.
As a result of the advance now granted, the wage
othei stimulating influence. It will lead to increased
dividend distributions. The Norfolk & Western scale in Fall River is the highest in the history of the
has made a beginning in that direction, having the cotton-manufacturing industry there, and the same is
present week raised the quarterly payment on com­ tiue of New Bedford, where a like increase, effective
mon from V/2% to 1%%, and having at the same on May 1, was also accorded to the operatives on
time declared 1% extra. Other increases and divi­ Thursday. Following the course of the Fall River
dend resumptions will follow, and it seems reason­ wage scale for the last 41 years, we find that the
ably safe to say that unless there shall be highest point reached between 1875 and 1907 was
21 cents per cut, and the lowest 16 cents—the latter
a financial and commercial revulsion incident to
in 1894 and 1898. Fluctuating between 17.32 cents
or growing out of the conflict in Europe or out of
and 21.78 cents 1902 to May 30 1907, an advance
its conclusion, the year 1916 will be marked by
to 23.96 cents was granted on the date named.
dividend resumptions and dividend increases on more
Under
an agreement made with the operatives, a
than an ordinary scale.
reduction to 19.66 cents was made on May 25 1908,
that is the secret of the strength of the railroad and that rate remained in force until the spring of
shares in recent weeks and the rise in them the pres­ 1912, when a rate of 21.63 cents was established.



1566

THE CHRONICLE

Recently, or to be more specific, on Jan. 24, an ad­
vance of 5% was granted, raising the scale to 22.71
cents, and the further 10% now accorded means
that the basis upon which wages will be calculated is
24.98 cents per cut of
yards of 28-inch64x64
printing cloths.

[Vol . 102.

instructions from her Government, directing her to
adopt offensive measures against the battle vessels of
an enemy, loses her classification as a peaceful mer­
chant ship and can be sunk without warning. Amer­
ican citizens who are passengers or employed on
ships armed for offensive purposes are warned that
they can expect no greater protection from their own
Government than would be the case were they actu­
ally on board a warship. The supposed real object
of the publication of this memorandum is to avoid
the necessity of correspondence on this very point,
which could be used by the German Foreign Office
for purposes of delay.

The National Association of Cotton Manufacturers'
convention, held at Boston on Wednesday and Thurs­
day of the current week, furnished opportunity for
an interesting presentation of various subjects in
which the textile industries of the country, cotton
lines in particular, are vitally concerned. Of these
the dyestuffs situation is doubtless the most impor­
What seems to be a growing complication from the
tant at the moment, and it was discussed in consid­
standpoint
of the Allies in the European war is a
erable detail by Edward S. Chapin and Leonard W.
Cronkhite of Boston and Mr. Herman A. Metz of serious revolt that has occurred in Ireland. The
New York. Characterizing as thoroughly sound and British Government has found it necessary to pro­
desirable the proposition that a comprehensive coal­ claim martial law throughout the island. Latest
tar colors industry be established in this country, official statements announce that the situation is
insuring forever against another such calamitous hap­ under control, but as such a strict censorship is in
pening as the present, Mr. Chapin argued that force that it prevents the receipt of definite news,
extra protection is needed to tempt capital to initiate it is possible that the official announcement may be
the gigantic task. The natural dyestuff manufac­ somewhat over-optimistic. The revolt started soon
turers, he intimated, have already increased their after the discovery of a plot to land arms from a Ger­
man ship. On this ship was Sir Roger Casement,
facilities to the limits of financial sagacity and cannot
be expected to go further unless the textile manufac­ who has been in Germany since soon after the com­
turers will share in the hazard. A definite guaranty mencement of the war. Sir Roger is leader of the
to safeguard the dyestuffs manufacturers, he sug separatist faction in Ireland. He was conveyed
gested, could be by co-operation in the form ot con across Ireland last Saturday by a strong escort and
tracts for supplies covering a period of years. Fi­ arrived in London without incident, being imme­
nally, as a means of immediate relief, Mr. Chapin diately lodged in the Metropolitan prison. Sii
advanced the idea that a conference be held at which Roger Casement has made a partial confession of his
the dyestuffs needs of the country should be consid­ part in the conspiracy. He declares that the Ger­
ered and that the conferees should seek to reduce mans counted first on harrassing England by a series
styles and requirements to conform to the smallest of air and sea raids during Holy Week. While these
possible range of dyestuffs. As a part of this dis­ raids were in progress, he was to be landed in Ireland
cussion, Mr. Herman A. Metz, President of the with a picked force, which would gather recruits and
Farbwerke-Hoechst Co. of New York, remarked that would march eastward toward Dublin. Weathei
difficulties still remain in the way of the importation conditions spoiled the German plans, he surmised,
of the 15,000 tons of dyestuffs Germany has agreed on learning that the Zeppelins had failed to strike at
to allow to be sent here. Frank A. Vanderlip’s in­ England last week. The fact that the prisoner was
teresting discourse on “Foreign Commerce in Ameri­ taken to England to stand trial and was detained in
can Textiles” is printed at length on subsequent military custody leads to the assumption that he will
be tried on the charge of high treason, a charge that
pages.
has been preferred less than half a dozen times in
No reply, formal or informal, has been received England in the last century. The latest instance
from the German Foreign Office to the American was during the Boer War, resulting in the conviction
note forwarded last week by our State Department, of Arthur Lynch in 1903. Mr. Lynch, who now is a
demanding an immediate change in the methods of member of the House of Commons, was sentenced to
submarine warfare. Nevertheless greater confidence death, but the sentence was commuted and a year
seems to be entertained that the current crisis will be later a pardon was granted. Gen. Sir. John Maxwell,
passed without a break in diplomatic relations be­ hero of the Egyptian war of 1882, arrived in Ireland
tween the two countries. A favoring interpreta­ yesterday and assumed immediate command of the
tion seems to be given the fact that the Kaiser had troops which will suppress the rebellion.
invited Mr. Gerard, our Ambassador at Berlin, to
meet him at army headquarters for a conference. It
is understood that this conference was held last even­
ing, though official confirmation is not available.
The American colony in Berlin, according to advices
via The Hague, received word on Thursday after­
noon that there is no prospect of at least an early
break. Meanwhile, the determination of the Wash­
ington Administration to refuse further discussion of
the submarine question is indicated by the publica­
tion of a declaration of principles on Wednesday,
showing the attitude of our own Government in re­
gard to arming merchant ships. In this memo
randum it is declared that a merchant ship armed for
offense or a merchant ship which carries mandatory



As to the military operations in the Verdun district
the week has witnessed a series of violent artillery
duels without important progress by either side.
Latest developments suggest that it is not the plan
of the Germans to press the Verdun offensive, though
by no means to retire from it. Greater activity at
various points along the British front seems to indi­
cate a strike by the Germans in that direction. At
Frelingsein Germans entered the British trenches
but were driven out on Thursday. Similar attacks
on the British defenses on Hill 60 and at St. Eloi
were repulsed. The German guns seem to be
keeping up their heavy bombardment of the Russian
positions at the Ikskull bridgehead. Farther south

APR. 29 1916.]

THE CHRONICLE

the Teutons launched an artillery attack near
Baranovichi, but were repulsed by the Russians; still
farther south the Russians have captured the village
of Chroniakoua along the Rovno-Kovel Railway and
repulsed a counter-attack which sought to regain the
village. With the return of good weather heavy
artillery action and infantry attacks at various points
are again in progress along the Austro-Italian line,
but no important changes in positions have taken
place. A massed Austrian attack in the Carso-Selz
zone was put down with heavy losses, according to
advices from Rome. In Asia Minor to the south of
Bitlis the Russians have dislodged the Turks from
all their positions in the mountains, according to the
Russian War Office.
Both Lowestoft and Yarmouth, England, were
bombarded by a German cruiser squadron which
attacked the eastern coast of England on Tuesday.
Four persons were killed and twelve wounded in the
attack and considerable material damage was done.
Berlin reports that in this raid the steamer King
Stephen was sunk and her crew captured, and also
that a destroyer and a scout boat were sunk and a
cruiser set on fire. The Germans suffered no losses.
Great Britain has acknowledged that two cruisers and
a destroyer were hit but says no vessel was sunk. A
report from Berlin also says that there was another
engagement between British and German war craft
off the coast of Flanders on Tuesday, in which a
British destroyer was damaged and an auxiliary
steamer sunk, the crew of the latter being made
prisoners. London, Colchester, Black water and
Ramsgate and other English towns and the large
British supply depot at Etaples, France, were at­
tacked by Zeppelins Tuesday night, according to
Berlin. London asserts that 100 bombs were
dropped in this raid, but that no casualties have been
reported and that the damage was slight. The
British in German East Africa are continuing their
forward movement against the Germans, having now
occupied the town of Kondoa in the Irangi region.
In the Kut-el-Amara region of Mesopotamia, despite
their recent check, the British are keeping up their
effort to relieve the siege of Kut-el-Amara. The
British battleship Russell has been sunk by a mine
in the Mediterranean; about 125 men are missing,
though Admiral Fremantle, commander, 24 officers
and G76 men were saved. Advices from Marseilles
state that a third detachment of Russian troops
reached that port yesterday, the number, however,
not being announced. The Germans have closed
the Swiss frontier and flight of a German aero­
plane over Swiss territory has provoked strong in­
dignation. This is reflected in all sections of the
Swiss press.

1507

keeping the world generally ignorant of actual con­
ditions in Greece.
Affairs in Mexico so far as the American punitive
expedition is concerned, are at a complete stand,
awaiting, apparently, the results of a conference that
has been arranged to take place near the border
between the Mexican Secretary of War General
Obregon and the United States Generals Scott and
I'unston. A ceremonial session of the conferees
will, it is expected, be held in the Juarez Custom
House to-day, but the military representatives are
not expected to get down to real business before
Monday. Although Obregon has announced his
desire to secure the prompt withdrawal of the United
States expedition, Carranza officials are said to
privately favor the continued presence of American
troops on Mexican soil, owing to the critical internal
situation facing the de facto Government.
Un­
official reports are current of a formidable movement
by the adherents of Diaz, both in Oaxaca and Vera
Cruz, which may test all the ability of Carranza to
put it down.

Confidence in the ability of the new Chinese Cabi­
net to restore peace in the Celestial Empire was ex­
pressed on Monday to an Associated Press representa­
tive by Tuan Chi-Jui, who on Saturday accepted the
Premiership. The first task of the Cabinet, he said,
would be to restore tranquility. “Yunnan [inwhich
the uprising started] and Kweichow provinces un­
doubtedly will fall in line with the reorganized Gov­
ernment,” said Tuan Chi-Jui. “Tsai-Ao [the rebel
leader] is very reasonable. Feng Kwo-Chang [com­
mander of the Imperial forces in the Yang-tse-kiang
region] is now settling the difficulties in the Yangtse-kiang provinces, and doubtless will succeed in his
efforts. Kwang-tung is the only province in which
fighting is now going on. Some of the demands made
in the southern provinces are unreasonable, but I
believe everything will soon be adjusted.”
In reply to a question regarding the respective
powers of the President and the new Cabinet, the
Premier said: “China now has a responsible Cabinet
and Premier. Full power lies in their hands, not in
those of the President. The Cabinet will move out­
side the palace grounds and only matters of the great­
est importance will be referred to the President for
discussion. The military hereafter will be under the
Minister of War. It has been found that it was not
good for the country to have the army solely under
the President. In the event of a declaration of war,
the President will act upon the advice of the Cabinet.
The State Council has been dissolved, and the Cabi­
net will direct a Parliamentary election, to be held
within three months. The new Parliament will pro­
Advices from Athens by way of Rome and Paris mulgate a constitution.”
indicate “an amazing spread of sentiment in favor
of Venizelos the former Premier.” The recent
The London Stock Exchange opened after the
efforts of the Government to suppress the demon­ Easter holidays on Tuesday. London correspon­
strations and meetings of the Venizelos adherents dents agree that the week on the Stock Exchange in
is said to have awakened deep resentment among the that centre has been one of inaction. For one thing,
people and there is declared to be a growing deter­ the Irish uprising has exercised a restraining influ­
mination to oust the present Government, even if it ence, while a more or less general tendency has de­
bejnecessary to resort to arms. Recent talks with veloped among financial interests to extend Easter
King Constantine have convinced the Associated holidays. No weakness , however, has been indi­
Press correspondent that the monarch is honestly cated by the price level in any direction, and the only
of .he opinion that a policy of inaction is approved influence of the Irish revolt, to quote one usually wellby x majority of the Greek people. A most rigid informed London authority, has been to delay the
censorship of all press telegrams is understood to be issue of the new war loan. Even this may not be



1568

stated as a definite fact, since thus far there has been
nothing of an official nature to indicate that the issue
of such a loan has been imminent. The British
Treasury continues to sell freely its Treasury bills
and five-year Exchequer bonds. In this way it
is more or less independent in the matter of choosing
the date for the formal issue. A rise in Dutch ex­
change has aided the gilt-edged section of the market,
indicating preparations at Amsterdam to pay for
£7,000,000 British Treasury bills recently purchased.
Last week's revenue of the United Kingdom was of­
ficially reported at £5,663,000 and the expenditures
at £25,236,000; the week’s sales of Exchequer bonds
were £5,956,000. The British Treasury has an­
nounced that it will publish daily a list of the quo­
tations it will pay for American securities under the
mobilization plan.
In Paris, too, the markets on the Bourse reopened
on Tuesday after the Easter holidays. They have
since remained steady. Copper shares and French
rails have ruled firm. A better market for exchange
on London has been reported, which has undoubtedly
been due to heavy shipments of gold from Paris to
London, as the Bank of France for the week lost
95,851,000 francs in its precious metal, while the
Bank of England gained £959,404. The inter-par­
liamentary conference, representing France, England
and Italy, met in the Senate Chamber in Paris on
Thursday. In advance of the meeting M. Aristide
Briand explained in the Chamber of Deputies that
there is to be nothing official in its nature, being only
an assembly such as was held many times before the
war to discuss questions of interest to the members of
the conference. Resolutions to be adopted at the
conference, he said, must not be considered as bind­
ing on the Governments of the countries concerned.
It is significant that the leader of the Italian delegates
to the conference himself started in 1887 an economic
war against France, and, quoting a press dispatch,
“it is interesting to see him calling now for an eco­
nomic entente.” He says this time he is coming to
propose an international bank. Before the war this
plan was tried by Italy, Austria and Germany, and
the Italian proposition is to reconstruct this institu­
tion into one for Italy, France and England. But
the great question is how the liquidation of the pres­
ent bank can be carried out in the midst of war.
President Poincare, before the formal session of the
conference, received the members of the Allied com­
mercial conference at the Elysee Palace. After the
reception the conference met in the Senate Chamber.
The President, Deputy Chaumet, opened the pro­
ceedings. M. Chaumet defined the objects of the
conference as being “to crush Prussian militarism
and what may be called German commercial mili­
tarism.” “We must remain, after as during the
A v a r , indissolubly united and loyally and cordially
cemented together,” he said.
A semi-official German news agency cabled under
date of April 25 from Berlin details of an interview re­
garding German finances that was recently given by
Dr. August Lentze, Prussian Minister of Finance. Ac­
cording to this authority, Dr. Lentze emphasized in
his statement to the “Lokal-Anzeiger” the necessity
for strengthening the finances of the State, pointing
out that each of the Federal States has its historic
individuality and its particular tasks, as for instance
the system of public instruction. The financial



[Vol . 102.

THE CHRONICLE

problems of these States after the war will be diffi­
cult, but the States will be equal to them if their for­
mer source of revenue— direct taxation— is left un­
touched by the Federal Government. Dr. Lentze
pointed out that up to the time of the war it was an
unwritten law that the imposition of direct taxation
should be reserved to the States. “The most im­
portant tasks of the State after the war,” he contin­
ued, “will be the consolidation of the floating debts
contracted during the war. Moreover, it will be
necessary to meet new expenses, for such items as
public buildings and extension of railroads, on account
of the policy of strict economy during the war.”
Dr. Lentze said that after the war current expenses
must be covered by current income. Of the income
of the Prussian State, 40% was derived from the rail­
roads, forests and other property and 60% from direct
taxation, which must be left untouched by the Fed­
eral authorities. Dr. Lentze said the present organ­
ization of industry and finance would enable Germany
to stand the strain of war for an indefinite period, as
virtually no payments for war purposes are made to
foreign countries.
A b ill h as b e e n in t r o d u c e d in th e R u s s ia n D u m a t o
p u t in t o fu ll o p e r a tio n th e G o v e r n m e n t ’ s p r o m is e
th a t th e w a r p r o h ib it io n o n a lc o h o lic
c o n tin u e in fo r c e a fte r th e w a r .

d rin k s

sh a ll

T h e G o v e rn m e n t’s

p o s it io n in th is m a t te r Avas o u tlin e d b y M . B a r k ,
M in is te r o f F in a n c e , in h is
fo llo w in g w o r d s :

b u d g e t s p e e c h in th e

“ A m o n g th e fa c t o r s w h ic h h a v e

h e lp e d t o k e e p o u r b u d g e t b a la n c e , it is im p o s s ib le
t o o v e r -e s t im a te th e neAV fa c t o r in th e e c o n o m ic life
o f o u r c o u n t r y — th e t o t a l a b s tin e n c e fr o m a lc o h o lic
d r in k s .

T h e su cce s s o f th is m e a s u re , Avhich c a n n o t

b e c o m p le t e ly re a liz e d , is s u c h t h a t I a m b o u n d t o
s ta te m o s t e m p h a tic a lly t h a t th e p r o h ib it io n is n o t
t o b e a b o lis h e d a fte r th e Avar.”
T h e G ov ern m en t’s
b ill as s u m m a riz e d b y a
P e trog ra d
n ew spaper
p r o v id e s :

“It is forbidden to produce alcohol for the purposes
of manufacture of vodka. Equally prohibited is the
import of alcohol from foreign countries and from
the Grand Duchy of Finland. The production of
alcohol by private institutions and persons, either
for sale or for their OAvn consumption or for household
p u r p o s e s , is also p r o h ib it e d .
“The production of alcohol for technical or medical
purposes is to be carried on by the Government
directly or through contractors. The Government
has the sole right to sell spirits for these purposes.
“The sale of light Avines is only alloAved in toAvns.
In provinces and districts which grow grapes the sale
of Avine— not on draught— is allowed. The limit of
alcohol for different kinds of Avine is to be fixed by
the Government.
.
“The sale of beer is alloAved only in towns. The
Government is also to fix for beer the limit of alcohol.
ToAvn councils have the right to issue regulations
limiting or prohibiting altogether the sale of beer
and light Avines.”
Official Bank rates at the leading European centres
are still quoted at 5% at London, Paris, Berlin, Vi­
enna and Copenhagen; 53^% in Italy, Nonvay, Swe­
den and Portugal; 6% in Russia and 4 ^ % in Switz­
erland, Holland and Spain. In London the private
bank rate remains at 4Jyg% for sixty and 4% yb
ninety-day bills. Cables from Berlin still indicate
4/4 % 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 av c have

A pr . 29 1916.]

THE CHRONICLE

1569

been able to discover. Money on call in London francs in 1915 and 2,391,800,000 francs in 1914.
continues to be quoted at 4 @ 4 ^ % .
Treasury deposits are 25,198,000 francs. Last year
they aggregated 43,050,000 francs and in the pre­
The Bank of England this week reports the large ceding year 123,500,000 francs.
increase of £959,404 in its gold item, reflecting, un­
doubtedly, a continued heavy movement of the pre­
The Imperial Bank of Germany in its statement
cious metal from the Bank of France. Note circu­ issued on April 28, showing its condition as of April 22,
lation registered an expansion of £71,000, hence the again reported an increase in the gold item of 400,000
total reserve was increased £888,000. The propor­ marks. Loans and discounts, however, were re­
tion of reserves to liabilities moved up to 29.40%, duced by the large sum of 508,000,000 marks. Note
as compared with 29.10% a week ago and 17.88% circulation also decreased (54,000,000 marks), and
at the corresponding date last year. Public deposits deposits registered the large reduction of 208,000,000
also showed a substantial increase of £2,543,000, marks. The Bank’s holdings of gold stand at 2,461,­
though Government securities were not changed; 400,000 marks, against 2,361,761,000 marks in 1915
other deposits, however, decreased £1,174,000. and 1,353,461,000 marks the year preceding. Loans,
Loans (other securities) were increased £491,000. discounts and Treasury bills, combined, total 4,717,­
The Bank’s gold holdings now stand at £58,924,183, 000,000 marks, which compares with 3,453,085,000
against £55,314,389 a year ago and £36,765,422 in marks a year ago and 924,364,000 in 1914. The
the pre-war period of 1914. Reserves total £43,­ Bank’s note circulation aggregates 6,479,000,000
272,000, compared with £39,078,829 in 1915 and marks. One year ago the amount was 5,055,021,000
£26,338,387 the year preceding. Loans aggregate marks and 1,915,240,000 marks in 1914. The gold
£88,396,000, as against £146,693,662 and £42,463,­ reserve covering circulation and banking notes in­
243 one and two years ago, respectively. The Bank creased to 38% from 37.7%. Money borrowed by
reports as of April 22 the amount of currency notes loan banks on collateral for all war loans increased
outstanding at £106,551,805, against £104,379,438 171,000,000 marks to 2,200,000,000 marks.
last week. The amount of gold held for the redemp­
tion of such notes remains at £28,500,000. Our spe­
Banks and other lenders have shown a disposition
cial correspondent furnishes the following details to maintain firmly recent rates for money, especially
of the gold movement into and out of the Bank for for the more distant maturities. This attitude may
the Bank week: Inflow, £1,895,000, bar gold wholly be expected to continue as long as the diplomatic
bought in the open market; outflow, £936,000 (of situation remains in its current position of strain.
which £40,000 exported to the United States, £210,­ Should, however, the new crisis with Germany be
000 to Spain, £50,000 to South America and £636,000 successfully adjusted and the Mexican unpleasant­
net sent to the interior of Great Britain). We add ness finally be arranged, there seems slight likelihood
a tabular statement comparing for the last five years of the present independent attitude of holders of
the different items in the Bank of England return: loanable funds continuing for a protracted period.
BANK OF ENGLAND’S COMPARATIVE STATEMENT.
On the other hand, with such intense industrial ac­
1916.
1916.
1914.
1913.
1912.
A p r i l 26.
A p r i l 28.
A p r i l 29.
A p r i l 30.
M ay 1
tivity as is suggested by the quarterly statement of
£
£
£
£
£
Circulation.............. 34,101,000 34,685,560 28,877,035 28,986,520 29,059,600 the United States Steel Corporation, it appears quite
Public deposits___ 61,721,000 132,067,216 19,020,326 15,730,287 18,047,955 surprising that there should not have been an even
Other deposits........ 85,472,000 87,030,100 43,126,915 39,573,640 41,339,634
Gov't securities___ 33,187,000 51,063,491 11,046,570 12,879,827 14,156,013 greater demand upon money supplies in recent
Other securities___ 88,396,000 146,693,662 42,463,243 32,985,190 33,977,465
The earnings of the Steel Corporation for
Reserve,notes & coin 43,272,000 39,078,829 26,338,387 27,230,698 29,06M15 months.
Coin and bullion ... 58,924,183 55,314,389 36,765.422 37,767,218 39,670,715 the three-month period, amounting to something
Proportion of reserve
over $60,000,000, are close to $10,000,000 in excess
to liabilities........
29.40%
17.88%
42.38%
49.25%
48 88%
Bank rate................
5%
5%
3%
3^%
of the next highest period in the Corporation’s his­
tory, namely, for the fourth quarter of 1915. For
The Bank of France recorded this week a loss of the first quarter of 1915 net earnings of the Corpora­
95.851.000 francs in its gold holdings, suggesting, as tion were less than 12>£ million dollars. The busi­
we already have noted, that exports of the precious ness of this great corporation may undoubtedly be
metal to London for the purpose of strengthening considered symptomatic of that existing in the iron
the French exchange are under way. The silver item and steel industry as a whole, and as suggesting a
was reduced 756,000 francs. Note circulation again condition of our national activities that should pro­
expanded, showing a gain of 38,576,000 francs. vide profitable business for the banks. There have
General deposits also increased 55,313,000 francs, been no demands on the capital market of importance
although bills discounted registered a decrease of this week, and in fact few demands of this character
15.768.000 francs and Treasury deposits a decrease seem to be in sight at the moment.
of 34,868,000 francs, while the Bank’s advances de­
Last Saturday’s statement of the New York Clearclined 5,075,000 francs. The Bank’s gold item ng House registered an expansion of $7,584,000 in
stands at 4,803,526,000 francs, compared with loans— in some measure the result of the New York
4,169,000,000 francs last year and 3,646,350,000 City loan operation. Net demand deposits de­
francs in 1914. Silver on hand aggregates 358,930,­ creased $5,255,000, and net time deposits increased
000 francs, against 376,675,000 francs the year pre­ $4,352,000. Reserves in “own vaults” also were
ceding, and in 1914 629,625,000 francs. Note cir­ increased $4,264,000— to $460,148,000, of which
culation is 15,277,961,000 francs. At this date in $387,793,000 was specie. Last year the amount in
1915 it was 11,584,350,000 francs and 6,038,150,000 own vaults was $417,166,000, including $345,208,000
francs the previous year. General deposits total in specie. The surplus in Federal Reserve banks
2.337.503.000 francs, which compares with 2,317,­ was reduced $4,543,000 to $165,979,000, as com­
150,000 francs last year and 631,075,000 francs two pared with $121,440,000 a year ago. Reserves in
years ago. Bills discounted and advances now other depositaries decreased $3,616,000 to $56,766,­
amount to 3,145,246,000 francs, against 890,250,000 000, against $31,681,000 in 1915. Note circulation



THE CHRONICLE

1570

showed a small gain, namely $80,000 and now totals
$31,808,000. Aggregate reserves indicated a fur­
ther contraction of $3,895,000, thus bringing the
total down to $682,893,000 and comparing with
$570,287,000 the year preceding. Reserve require­
ments declined $1,058,930 and the surplus reserve
showed a contraction of $2,836,070, which brings
the total excess once again below the $100,000,000
mark (to $99,908,620) and contrasts with $171,­
034,870 last year. The Bank statement in greater
detail appears in a subsequent page of this issue.
Referring specifically to money rates, loans on call
have ranged this week between 2@2V2% , against a
range of 1 % @ 3 % a week ago. On Monday 2*l/2%
represented the maximum quotation, with 2\i% the
lowest and renewal basis; on Tuesday renewals were
at 2j/2% , which was also the high figure, while 2)4%
was the lowest; Wednesday the high and renewal
rate continued at 2y2% , with 2% the minimum; on
Thursday renewals were at 2)4 % but the extreme
quotations were not changed. Friday’s range was
2}4@2% % , with renewals at the higher figure. Time
money has ruled firm during the week, with the
longer maturities again showing a higher tendency.
Sixty-days funds remained at 2)/6@3% and ninety
days at 2% @3% . Four months’ money is now
3@3)4% against 3% last week and five and six
months at 3x/±% comparing with 3@3)4% a week
ago. For mercantile paper business continues to be
transacted at 3@3)4% for sixty and ninety days’
endorsed bills receivable and six months’ single
names of choice character. Names not so well
known require 33/6%. Banks’ and bankers’ ac­
ceptances remain without change at 2@2}z$% for
sixty days and 2}4@ 2% % for ninety days.
No changes have been reported in the discount
rates of the Federal Reserve banks.

C o m m e r c ia l P a p e r —

1
11
31
61

to
to
to
to

10 days maturity..
30 •'
•'
-­
60 ”
"
-­
90 "
“
-­

9
9
3

3
A«

3
4
4
4

3
4
4
4

344
4
4
4
4
444 4

4
4
4

344
4
4
444

3
4
4
4

4
4
4 44 4
4
4 44 4
444 444 4

5

5

5

5

6

1
«

55

Q

San F ra n c is c o .

1
*

3
1
s

n

J

R E D IS C O U N T S .

C h ic a g o .

or

K a n s a s C ity .

2

CLASS

M in n e a p o lis .

J

FEDERAL RESERVE BANK DISCOUNT RATES.

3
344
4
444

A g r ic u ltu r a l a n a

L iv e -S to c k P a p e r —
91 days to 6 months maturity
T r a d e A c c e p ta n c e s —

1 to 10 days maturity.
31 to 60 “
"
61 to 90 "
“
C o m m o d ity P a p e r -

to 60 “
"
------61 to 90 “
"
------91 days to 6 months maturity
31

5

5

344 3
344 3
3 >4 3

3
3 44 344
3
35-4 344
3>4 344 344 —

—- 3
--- 3
— 3
1. . .

344 3
344 3
344 3

5

444 544

3
344 344 3
__ 3 44 344 3
3
344
344 344 344 4

3
3
3
3
__ 3
3
...

3
3
3

3
3
3

344
4
444
5

Authorized rate for discount of bankers1 acceptances. 2 to 4% .
A rate of 3 H 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 Dec. 10 1915. A rate of 4% for 10 days and 444 % for
from 10 to 90 days on commercial paper for the New Orleans branch bank of the
Federal Reserve Bank at Atlanta was approved by the Federal Reserve Board Apr 7.
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, 344 to 544%
Dallas, 3% to 5 % .

The sterling exchange situation continues so
completely under control of the British Treasury
that it has become almost nominal as a free market.
Rates arc in no sense the subject of negotiation.
Neither is there evidence of speculation. Trading
between banks seems for the time being to have
ended. Meanwhile exportations of merchandise
continue active, though some relief in this direction
is being afforded by a steady improvement in im­
portations. There has been no selling pressure
observable of American securities by foreign inter­



[Vol . 102.

ests or by the British Treasury. The cables have
brought no information of the volume of securities
that have been deposited in response to the deposit
plan in the British Treasury’s mobilization scheme.
Securities borrowed under this plan are subject to
purchase should the Treasury decide that such
action is expedient. On the other hand, if con­
sidered the more convenient policy, they may be
deposited as collateral for loans obtained in this
country through bankers and the proceeds of the
loans be utilized to pay for munitions and other
obligations that the British Government is contract­
ing in our own country. These transactions would
necessarily be of a purely private character as be­
tween banker and client; hence, details are not at
all likely to become public.
Summarizing the daily movements in sterling ex­
change rates, Saturday, compared with Friday of
last week, were not changed from 4 76 7-16@4 76)/6
for demand, 4 77 for cable transfers and 4 73)4 for
sixty days. On Monday trading exhibited the same
lack of activity which was so strongly in evidence last
Aveek; rates were firm and still quoted at 4 76 7-16@
4 76)4 for demand, 4 77 for cable transfers and 4 733/6
for sixty days; observance of the Faster holidays
abroad served to still further limit operations here.
Sterling was dull but steady on Tuesday, with de­
mand bills at the pegged rate of 4 76 7-16, cable trans­
fers at 4 77 and sixty days at 4 73)4; an absence of
mail facilities before the close of the week added to
the general dulness. Wednesday’s market showed a
slightly easier tendency, chiefly on an increase in the
supply of commercial offerings, demand declining
franctionally to 4 76^@4 76 7-16 and sixty days to
4 73 7-16@4 733/6, although cable transfers remained
at 4 77. Sterling Avas again intensely dull on Thurs­
day; rates Avere a trifle loAA'er at 4 76 15-16@4 77 for
cable transfers and 4 73)4@4 73 7-16 for sixty days;
demand showed no range and Avas quoted at 4 76 7-16.
On Friday the market ruled steady but quiet, with
demand at 4 76%@4 76 7-16, cable transfers at
4 76 15-16@4 77 and sixty days at 4 73)4@4 7334Closing quotations Avere 4 7334 f°r sixty days, 4 76J34
for demand and 4 76 15-16 for cable transfers. Com­
mercial on banks (sixty days) closed at 4 72)4, docu­
ments for payment (sixty days) finished at 4 72)4
and seven-day grain bills at 4 75)4- Cotton and
grain for payment 4 76 1-16@4 7634­
In the Continental exchanges the features have
been the doAvmvard reaction in bills on Berlin and
the recovery shown, after last Aveek’s depression, by
francs. As to the former, the easing in the diplo­
matic strain between Washington and Berlin may
be regarded as chiefly responsible for the improved
situation, since there has probably been a correspond­
ing check to the movement of drawing funds home by
cautious Germans. An additional influence of last
Aveek’s strength in marks, it is undoistood, Avas
buying in the N cav York market on account ot South
American markets Avherc liquidation of German hold­
ings of securities is understood to have been heavy.
Financial institutions in Argentina, Brazil and Chili
are reported to have been utilizing their N oav York
balances for the purpose of making remittances to
Berlin of the proceeds of German sales of securities.
Nothing further has developed as yet in connection
with the proposal of the German Government to
permit the exportation of 15,000 tons of dyestuffs
to the United States. There seems a rather general

A p r . 29 1916.1

THE CHRONICLE

1571

disposition to view the alleged concession with some
W e e k en d in g A p r i l 28.
In to
O ta o f
N et C hange In
B a n k s.
B a n k s.
B a n k H o ld in g s .
degree of skepticism on the ground that the British Banks' interior movement_________
*9,647,000
*7,949,000 Gain *1,698.000
12,542,000
20,103,000 Loss 7,561,000
Government had several months ago granted licenses Sub-Treasury operations_________
for the movement of $5,000,000 of dyestuffs from T o ta l............................................... *22,189.000 *28,052,000 Loss *5,863,000
Germany to the United States, but the German
The following table indicates the amount of bullion
authorities were not willing apparently to have this in the principal European banks:
smaller amount come forward. Sight bills went as
low as 74% on Wednesday, but later reacted and uuruvo uj
G o ld .
S ilv er.
T o ta l.
G o ld .
S ilv e r.
| T o ta l.
closed comparatively steady. Austrian exchange
£
£
£
£
£
£
58.924,183
also ruled easier sympathetically. The strength in England..
58,924,1831 55,314,3S9
55,314,389
France__ 192,143,240 14,357,800 206.501.04C1:167,675,400 15,053,040 182,728,440
Germany.
123,253,500 2.150.000 125,403,50011118,426,300 2,410,500 120,836,800
exchange on Paris has in a measure followed the im­ Russia*.. 162,847,000
6.215.000 169,062,000>1157,001,000 5.417.000 162,418,000
Hunc 51.578.000 12.140.000 63.718.000> 51,578.000 12.140.000 63.718.000
provement of the London check rate at the French AusSpain___ 38.329.000 30.450.000 68.779.000 24.320.000 29.457.000 53.777.000
Italy........ 41.427.000 4.056.000 45.483.000 50.964.000 2.700.000 53.664.000
centre, which in turn has been influenced by the ex­ Netherl’ds
43.585.000 1.440.000 45.025.000 24.243.000
170,900 24,413,900
Nat.Belghi 15.380.000
15.380.000
600,000 15.980.000
portation by the Bank of France of gold to, England, Swltz’land 10,315,700 600,000 15.980.000
10,315,700 9,635,200
9,635,200
..
8.933.000
8.933.000 6.300.000
6.300.000
the French Bank having, as we already have ex­ Sweden
Denmark. 7.367.000 ’ 223,665 7.590.000 5.953.000
324,000 6.277.000
Norway . .
4.732.000
4.732.000 3.413.000
3.413.000
plained, lost gold heavily, according to this week’s
Tot. week 758,814,623 71,631,800 830,446,423 690,203,289 68.272,440|758,492,729
return, while Threadneedle Street has gained. Still, Prev. week 759,515,459 70,070,740 629,586,199:690,814,815 68,121,550:758.936.365
another source of strength is believed to have been * 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.
the completion of arrangements for a French credit cJuly 30 1914 In both years. hA u g. 6 1914 In both years.
in this country, the first installment, it
is understood, becoming due on M ay 1.
ENGLAND’S HOME PERPLEXITIES.
The sterling check rate at Paris closed at 28.31%,
The analogies which the European war has from
which compares with 28.34 on Friday of last week. time to time presented, with the last previous war
In New York sight bills on the French centre finished in which practically the whole of Europe was en­
at 5 93, against 5 95%, and cables at 5 92%, com­ gaged, have been many and striking. In most re­
pared with 5 94% the week preceding. Exchange on spects, this repetition of circumstance was inevitable
Berlin closed at 74% for demand bills and 75 because of the general parallel in political, military
for cables, as against 76% and 76% a week ago. and naval conditions. The trampling on the terri­
Kronen finished at 13.02 for bankers’ sight, against torial rights of some of the smaller neutral States,
13.10 last week. Lire finished at 6 36% and 6 36 and the diplomatic manoeuvering to bring other
for sight and cables, respectively, against 6 47 and small neutrals into line with one side or the other,
6 46% a week ago. Austrian kronen, sight, 13.02, has exactly repeated the story of the Napoleonic
against 13.10 last week.
conflict. So has the controversy between our own
In the exchanges on the neutral countries, a more or neutral country and the European belligerents over
less irregular tone has been evident. Scandinavian blockades, “war zones” and unlawful attacks upon
exchange was strong and higher for the most part, American ships or passengers. The episode of in­
with a rise in sight bills on Stockholm on Monday ternal politics with which England has just been
to 29.90 and the close yesterday showed a further confronted is a similar and in some ways even more
rise to 30.30. This strength was attributed in large curious reminder of the events of 110 years ago. Yet
measure to a light supply of commercial bills, also in that direction it is possible to perceive contrasts
to fears that the decision of Great Britain to regard which are quite as striking as analogies.
all drafts mailed to neutral countries as contraband,
This is true of the recent as of the preceding
unless modified, would be likely to greatly restrict fu­ “Cabinet crises” in England. Pitt possessed, as
ture operations. Guilders have been easier. Bankers’ Mr. Asquith seems to, the faculty of harmonizing
sight on Amsterdam finished at 42, against 42%; political leaders and political factions bitterly hostile
cablesat42 1-16,against427-16; commercial sight at to one another in home affairs. If he had lived
41%, against 42 3-16 and commercial sixty days at throughout the Napoleonic wars from 1803 to 1815,
41 13-16, against 42%@42 3-16. Swiss exchange he might have retained the power which still seems
closed at 5 17% for bankers’ sight and 5 16% for ca­ to rest in Mr. Asquith’s hands. But Pitt died at the
bles, against 5 18 and 5 17, respectively, last week. opening of 1806, and a series of weak and discordant
Greek exchange remains at 5 17% for sight bills. Ministries succeeded him. On the other hand,
Copenhagen checks finished at 30.10, compared with neither Pitt nor his successors were confronted with
29.50 a week ago. Checks on Norway are now the grave domestic problem of compulsory military
30.25, against 29.65, and checks on Sweden are at service, which has brought on the present English
30.30, against 29.70. Russian rubles closed at Cabinet the same peculiar political difficulties which
30%, compared with 31.25 last week. Spanish so far shook our own war Administration of 1863
pesetas finished at 19.65, against 19.50@19.55 at and 1864, that in August of the latter year Mr.
the close on Friday last.
Lincoln himself predicted his own defeat at the polls
in the ensuing November. Whether that result was
The New York Clearing House banks, in their ever really probable or not— and Lincoln was one of
operations with interior banking institutions, have the shrewdest readers of the political signs of the
gained $1,698,000 net in cash as a result of the cur­ times— it was averted by the military successes of
rency movements for the week ending April 28. the Northern generals on the eve of election.
Their receipts from the interior have aggregated $9,­
The present case of the English Ministry differs
647,000, while the shipments have reached $7,949,­ in some important regards; not least, in the fact of
000. Adding the Sub-Treasury operations, which a division in the Ministry itself over the compulsory
occasioned a loss of $7,561,000, the combined result service question. The rumors of a break-up of the
of the flow of money into and out of the New York Cabinet appear to have arisen primarily from dis­
banks for the week appears to have been a loss of satisfaction of some important Ministers, not over
$5,863,000, as follows:
the proposal for compulsory service, but over the



1572

THE CHRONICLE

wish of a majority in the Cabinet to compromise,
and not apply what our people called the “ draft”
with unsparing rigor. It cannot, therefore, what­
ever its final results, be described as a parallel case
to our own political difficulties of the sixties; still less
to the British ministerial troubles of a century ago.
In the face of all protests, obstacles and emabarrassments, the determination of the people as a whole
to continue prosecuting the war with the utmost
vigor seems to be unabated.
The Irish revolt, which has figured largely in the
dispatches of this week, is another incident which
provides both analogies and contracts. The French
Government of 1803, like the German Government
of 1914, was convinced that England could be
crippled by an Irish uprising. On both occasions
there seemed to be reason for the expectation.
During the half-dozen years before the rupture of
the Anglo-French Peace of Amiens in 1803, Ireland
had been in a ferment of revolution, with a resultant
civil conflict of which Lord Rosebery tells us that
“ the miseries of the Thirty Years’ War were scarcely
more appalling.” Promptly with the outbreak of
war with France in 1803 Robert Emmet planned his
rising in Dublin; which, although its leaders always
protested their single purpose of securing Irish inde­
pendence, was unquestionably assisted by France.
It is believed by some of the historians that Napo­
leon’s famous assembling of the flotilla at Boulogne
in 1804, ostensibly for invasion of England, was
really designed for a descent on Ireland— at all events,
that is certainly proved to have been considered as
an alternative expedient by documentary evidence
of an actual contingent promise by Bonaparte of
25,000 French soldiers to co-operate with the Irish
revolutionists.
The plan failed utterly in that older period.
Emmet’s revolutionists were easily dispersed by the
English soldiers; their leader was executed, and the
course of the European campaign on land and sea
compelled Napoleon to abandon forever his projects
of invasion of the British islands. It is difficult to
foresee any other outcome to this week’s events in
Ireland. T o a very considerable extent, the Gov­
ernment appears to have been taken by surprise by
the accumulation of arms in the hands of the Dublin
insurrectionists, and by their seizure of one or more
public buildings in the city. But Government
troops were promptly available, as was to be expec­
ted, and, so far as the news gives evidence, the pro­
gress of the revolt in Dublin was checked.
The exploit of that curious personage, Sir Roger
Casement, a long-time Irish Separatist, lately living
in Germany, and more recently an advocate of the
Irish people taking sides with Germany, lent an air
of extravanza to the episode. His attempt to land in
an open boat, from a German submarine, on the
west coast of Ireland, was evidently foreseen; ac­
cording to the cables, the automobile in waiting for
him had already been seized by English Secret Ser­
vice agents, and when the unlucky Sir Roger stepped
ashore with two Irish and twenty-two German con­
federates, he walked directly into the hands of the
British force, while the convoy ship with war muni­
tions was blown up.
To what extent the revolt in Ireland had actually
gone, when it came to a head this week, the
dispatches have not made plain. A rigid censorship
is necessarily maintained. Mr. Asquith on Thurs.day announced to Parliament that the movement



[Vol. 102.

had broken out in other parts of the country than
Dublin, and that, even after two days of activity by
the military, fighting was still in progress in the
Dublin streets. Declaration of martial law for the
whole of Ireland, and the placing in command of the
troops a major-general fresh from active service, in­
dicated a sufficiently grave situation. Its serious­
ness, however, will be political rather than military;
indeed, the rising of the Irish insurgents was an in­
sensate act, with Ireland itself politically divided,
with Ireland’s representatives in Parliament wholly
opposed to it, with a trained home army ready at
England’s command, and with no possibility of
effective assistance by Germany.
In view of what had occurred, during the past few
years, in the history of Anglo-Irish relations, it is
difficult to describe the episode as anything else than
a political tragedy for Ireland. In the House of
Commons last Thursday John Redmond, the recog­
nized leader of the Irish Nationalists, had this to say:
“ Perhaps I ought to give expression on behalf of
my colleagues of the Nationalist Party here, and,
as I believe, of the overwhelming majority of the
people of Ireland, to the feeling of detestation and
horror with which we have regarded these pro­
ceedings. I join most cordially with Sir Edward
Carson in hoping that no set of newspapers or public
men in this country will attempt to use what has
happened in Ireland as a political weapon against
any party that may exist.”
Sir Edward Carson had himself expressed the
fervent hope, in behalf of the Ulster Unionists, that
“ the newspapers will not try, during a war of such
a character as we are engaged in, to bring about
dissension of a political character in relation to the
Irish question.” Whether it will or will not be
possible to keep the episode out of England’s domes­
tic politics, it is not so easy to predict. Something
will depend on the duration and character of the
movement; something on what is discovered later,
as to the actual character of the plans for insurrec­
tion. Mr. Redmond must have realized painfully
that proof of a close co-operation, by even a part
of his former constituents, with the German Govern­
ment and Admiralty under all the existing circum­
stances, would gravely impair the political prestige
of the Nationalist party as a whole. That it will
be in any sense an influence on the European war,
is not to be imagined. That aspect of the Irish
question was settled with the utmost promptness
at the outbreak of the war, when the German Govern­
ment’s undoubted expectation that the imminent
armed collision of the Nationalist and Unionist
volunteers would prevent England’s action on the
Continent, was shattered by the loyal and patriotic
declarations of the responsible Irish leaders.
PREPAREDNESS UNDER DIFFERENT GUISES.
Through the Navy Consulting Board’s Committee
on Industrial Preparedness, a letter by Mr. Wilson,
bearing date of the 21st, has been made public, ad­
dressed “ to the Business Men of America,” bespeak­
ing their cordial co-operation in the patriotic service
undertaken by engineers and chemists in organizing
the industrial resources for the public service in na­
tional defense. Several technical and scientific so­
cieties are mentioned as ready gratuitously to assist,
and the purpose of this inventory of American indus­
try is to find out what the factories, mills and mines

A pr. 29 1916.]

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1573

in the country could produce of war material. This
This rider authorizes the President, in his discre­
seems to be in line with M r. Edison’s opinion that tion, to designate a water-power site on any naviga­
the wiser course is not to make up war material in ble stream, to be used exclusively by Government.
advance, but to be in a position of ability to make it Now there are many streams which have sites of
when really needed.
some water-power, and are also navigable for craft
The talk about preparedness grows still fiercer, and which have not too much draught, or could be made
the scorn flung at those who do not sympathize with so by removing natural obstructions, as has been pro­
it becomes or is meant to become more scathing as posed in every River and Harbor Bill in the last forty
the unavoidable struggle for control of the offices years. The rider says “ a” water-power site, and
and the public expenditures proceeds. The peace sounds rather innocent; but the present limitation is
men aver that the defense cry arises largely in the not very strict and could easily be enlarged hereafter.
selfish desires of the makers of munitions, and it is Nitrogen is required by vegetation as well as by ex­
undeniable that a munitions party is naturally and plosives, and the rider thoughtfully specifies that the
always a war party. The busiest aspirant for the site taken and withdrawn may be employed for
Chicago nomination, now not many weeks distant, “ generation of electrical or other products needed for
has coined two new phrases for the time: he will not munitions of war and useful in the manufacture of
be pussyfooted and he will not serve the country fur­ fertilizer and other useful products.” Therefore,
ther unless it really has Americanism; so it would not although the suggestion is very unpleasant and the
be unusually suspicious of appearances if one should advocates of governmental expansion may call it
query whether the defense propaganda, which expects captious, we should thoughtfully consider what possi­
to emphasize by a monster parade two weeks from bilities may lurk behind this. Under cover of pre­
to-day, has not something to do with the plans of the paredness for national defense— and stimulated by
“ American” candidate. Putting aside all else, no­ the income tax, plus the growing habit of submission
body has been able as yet to name the nation or even to the apparently inevitable and by the gradual
the direction from which the attack is to be feared; an creeping into this country of the insidious and per­
alarum is beaten noisily under our windows, but when nicious doctrine of European militarism, that the
we come out the beaters cannot tell us in what direc­ individual is of no account and must be subordinated
tion to run; even Congressman Mann of Illinois, in and sacrificed to the State in everything— may not
his speech of Jan. 25, was not able to be more defi­ the secret motive of this propaganda be the desire
nite than that he has “ much more fear in the end of (even if unconsciously so or unrecognized by those
war with England than of war with Germany.” Af­ who have it) for a widening and unlimited political
ter all is said, it still appears that our worst and and pecuniary gain through public expenditures?
most potent foes are here, within our own national Put into one ugly but expressive term, may not Graft
house; yet if anybody denies this, take another point: be operating under this concealment?
we are told that our army and navy arc even ridicu­
The conditions of the subject are implacably rigid,
lously small and feeble, both in materials and in men. since they are natural. Admitting that a real need
These assertions are true in fact or they are untrue for better preparedness exists, defense by physical
and are made for a purpose. If they arc untrue, the force is conditioned upon efficiency. Under our form
call for more expenditure on preparedness for in­ and practice of government, efficiency is notoriously
definite attack loses much of its best argument; and almost hopelessly absent, for the work done lacks
on the other hand, if they are entirely true, the evi­ accounting and responsibility, lacks system and di­
dence on record that in the last thirteen years the rectness, follows the ruts of the Circumlocution Of­
country has been expending an average of over 143 fice, and (even if it had no other worm at its root) it
millions annually in the War and of 1183^ millions accepts the killing domination of organized labor.
annually in the Navy Department, must not be All the efficiency in this great country is in the pri­
overlooked, although nobody seems to be inviting vate plants and in the individual initiative; to deny
attention to it.
this is to be either purblind or insincere.
Putting together these actual expenditures in the
Therefore, if preparedness is really needed and
recent past and the miserable condition for defense sought, it must be sought from private plants. Those
in which the alarmists say the country is now, some should be appealed to, trusted, encouraged, and given
better assurance of improved results from new outlays a reliable warrant of employment. Business men
seems needed than is furnished by the possession of should not be at once menaced and asked for patriotic
unlimited resources per a wide-open income tax.
co-operation. Let the Administration, unhappily
A special and semi-informal census of the coun­ almost completely dominant in Congress, begin by
try’s material ability for equipping itself when neces­ unmistakably and publicly abandoning these plans
sary is unobjectionable per se, but it is to be “ confi­ for governmental armor-plate plants, nitrate works,
dential” and is “ intended for the exclusive benefit munition factories, and (not least of all) its mis­
of the War and Navy Departments.” The G ov­ chievous and almost suicidal shipping schemes.
ernment (that is, the persons now controlling it) When this is done, there will be consistency and
desire to know, then, what is the productive capacity practical sense in the request that all private con­
of the private plants and resources in the United cerns submit to and aid an investigation of their
States. This is useful information to have, undoubt­ productive capacities. Those capacities, we may
edly, but is not the attempt to get it somewhat late? say without extravagance, are just as large as the
Should it not have been sought before the Senate needs, but the needs must be somewhat definite and
passed, by a heavy vote, a bill appropriating 11 must be reasonably trustworthy. A half-enacted
millions as a beginning towards a Government armor- measure to destroy an armor-plate plant which came
plate plant, and before attaching, by another heavy into existence at the request of Government and now
vote, a rider to an army reorganization bill commit­ offers to furnish the needed armor at Government’s
ting the Government to a scheme for a nitrate plant, own price is a bad beginning of a real work of prepa­
involving another 15 millions?
ration .



1574

THE CHRONICLE

[Vol. 102.

act done in pursuance thereof, unless such act is in
GOMPERS WOULD EXTEND LABOR E X E M P­ itself forbidden by law if done by a single individual.”
TION FROM COURT INJUNCTIONS.
This reads like repetition, and it seems mere ver­
The latest from M r. Gompers is that he has noti­ biage to declare lawful that which nobody has ever
fied all central labor unions in the United States of thought otherwise or to declare that whatever one
the decision of the American Federation of Labor to person may rightfully do alone he may do in com­
ask those unions, on behalf of their two million bination or agreement with others; yet the anti-trust
members, “ to have a new anti-injunction law intro­ laws as they exist involve inconsistencies of this
duced” in all State legislatures. The proposed law nature, and the question how such adroitly com­
declares it not unlawful for workingmen and women pounded clauses as these will be construed is of less
to organize for the purpose of lessening their hours importance than is the purpose indicated. Mr.
or raising their wages or bettering their conditions, Gompers and his fellows clearly mean two results:
or for “ carrying on their legitimate purposes” as First, to actually set organized labor high above and
freely as if acting singly. Sections 2 and 3 forbid out of the reach of judicial processes, so far as they
granting any restraining order or injunction inalabor can accomplish it; next, and at the least, to fool
dispute, unless necessary to prevent irreparable in­ their submissive members into believing that great
jury, and forbid any such order to prevent quitting things are accomplished for them, so that thereby
work or inducing others to quit, or to prevent at­ the leaders may hold their comfortable jobs. In
tending at any lawful place for purposes of informa­ combating a recent assertion by a Socialist that the
tion; or to prevent ceasing to patronize or inducing condition of labor has been growing worse in the last
ten years, Mr. Gompers correctly said that the im­
others to do so; and so no.
These sections, made applicable to State instead of provement of labor has been more than in any other
to Federal courts, are almost literal copies of Section class. How far unionism has contributed to this we
20 of the Clayton Law, with some significant omis­ pass over to-day; but it is largely responsible for
sions; the qualifying words “ peaceful means” in the leading labor into the “ fool's paradise” where it is
Clayton Law are absent, so that “ recommending, now, unable to see that “ its hour” of triumph, gained
advising or persuading” others to cease working is per militarism and not industrialism, is only an hour.
This new bill, phrased to wear a harmless and
left open; obtaining or communicating information
almost
a self-evident look, can get introduction any­
need not be “ peacefully” done; the boycott need not
be applied or extended “ by peaceful and lawful where, by the compliant spirit of legislators; its
means,” but any effectual means may, presumably, prospects of enactment will be as the country takes
be employed; “ or from peacefully assembling in a notice or remains placidly indifferent to the menace.
Meanwhile— and as related to such propositions
lawful manner and for lawful purposes,” as in the
Clayton Law, becomes “ or from assembling in a as of government entry into shipping, railroading,
lawful manner or for lawful purposes,” and so on. and making armor plate and other war munitions it
These changes in language are not wholly immaterial, should be suggestive to note that the House com­
and are not accidental; their intention to give labor mittee has been persuaded, with some difficulty, to
unions a still more free hand against judicial inter­ reopen the decision to report favorably the Tavenner
ference with any effective means of carrying out their bill, which makes it a misdemeanor to use the socalled Taylor methods of scientific or efficiency
purposes of constraint is entirely plain.
The proposed Section 4 takes up the “ exemption” management in government work. Efficiency in
clause (Section 6) of the Clayton Law, copying the labor and product has been assailed in appropriation
perfectly vain declaration that human labor is not a bills already, and this proposition to penalize it is one
commodity or article of commerce, and seeks to step further. Were there no other reasons against
fortify unionism further by declaring that the right extending government work, its nearly complete sub­
to enter into or change the relation of employer and servience to the greed of organized labor should
employee or to work as an employee “ shall be held suffice to condemn it except when positively un­
or construed to be a personal and not a property avoidable. The difference in the relation of private
right.” This might pass (as apparently it is meant to and of public work to labor is plain: individual and
pass) as merely a declaration of the inalienability of corporate employers submit only as they must, and
the right of labor and contract; but the purpose goes never without such protest and resistance as can be
farther, for it is added that in all cases involving made; public work submits in advance, with alacrity
violation of contract by either employee or employer, and almost cheerfully, because the solid labor “ vote”
when “ no irreparable damage is about to be com­ is deemed indispensable, at whatever cost to the
mitted upon the property or property right of public, which never has accounts presented to it
either,” no injunction shall be granted, “ but the and is left to its own discoveries of leakages and
_______________________
parties shall be left to their remedy at law.” Here wastes.
the design to lessen amenability to the courts is THE ADVANCE IN STEEL RAILS A N D LAST
again exhibited; plainly, no judge could certainly
YEAR'S STEEL RAIL PRODUCTION.
know whether and just when an irreparable property
The advance just made of $5 00 a ton in the price
damage (as by fire or explosive) “ is about to be”
of steel rails at the mills in Pittsburgh gives added
committed, yet unless he does know this in advance,
interest to the figures of steel rail production for the
“ the parties shall be left to their remedy at law.”
calendar year 1915, made public the early part of the
The remaining Section 5 runs thus:
current month. The advance in the price of rails
“ No person shall be indicted, prosecuted, or tried is in itself a noteworthy occurrence, since it marks a
in any court of this State for entering into or carrying change in a line of policy strictly adhered to for fifteen
on any arrangement, agreement, or combination be­ years, or since May 1901. During all these years it
tween themselves, made with a view of lessening the
•number of hours of labor or increasing wages or has been the practice of all the steel companies in the
bettering the condition of workingmen, or for any United States to adhere to the price of $28 a ton for



A pr. 29 1916.]

THE CHRONICLE

Bessemer rails, though open-hearth rails, as they
gradually came into use, were quoted at $30. In the
interval the steel market has had many ups and
downs, but no deviation whatever in the price of rails
has been allowed cither by the subsidiaries of the
United States Steel Corporation or the independent
makers of rails.
The policy was never criticized at times when iron
and steel soared high and ruled much above the
fixed price for rails, but it was often called in ques­
tion, and on more than one occasion severely con­
demned, when steel prices ruled very low. The con­
tention on such occasions was that in maintaining an
unchanged quotation so much above the level of ruling
values for other products of steel, the railroads were
being deprived of the benefit of the drop in steel
prices. As opposed to this view, it was urged that
stability of price was highly desirable, both from the
standpoint of the railroads and that of the producers,
and that the element of stability transcended any
transient advantage to be derived from temporary
declines in prices. It was easy to see, however,
that there was at least one drawback in holding to an
undeviating price in bad times, in that, should the
price for rails be permitted to drop and follow the
course of other iron and steel prices, the railroads
might be tempted to undertake renewals on an in­
creased scale and to place orders for rails which there
was no inducement to give so long as deferring involved
no risk of an advance in price. T o the producers,
orders for rails, as for everything else, are most
wanted in time of depression, and when received at
such times they may have an important influence in
removing such depression. With rails kept at the
$28 throughout, the railroads were never in any haste
to purchase, but instead delayed, awaiting a possible
turn for the better in railroad prospects. They could
always buy at the established quotation, and they
incurred no penalty and no risk by waiting.
The advance now made to $33 00 a ton for Besse­
mer and to $35 for open-hearth is on the whole very
moderate, considering the height to which other steel
products have advanced. For instance, steel billets,
which at the beginning of 1915 were selling at $19 a
ton, are now quoted at $45 a ton. The effect is to
leave rails still very much less than the extraordinary
price ruling for billets. On the other hand, last year,
with billets down to $19 a ton and Bessemer rails at
$28, the latter ruled $9 above the former. That the
knowledge that higher prices may have to be paid
by waiting does stimulate buying of rails, and hence
that a reduction in price in times of depression pos­
sesses a distinct advantage, is evident from the ex­
perience of the last few weeks. Fore knowledge of
the proposed advance was given on this occasion in
the announcement by the United States Steel Cor­
poration at the beginning of April, that its subsidi­
aries had “ decided to maintain the present prices
until May 1 1916, as to rails sold for delivery up to
May 1 1917, but will make no commitments beyond
that date.” The railroads began at once to bestir
themselves. They had previously since the first of
the year been giving orders on a very liberal scale,
owing to the fact that they were enjoying considera­
ble prosperity and also because their facilities are for
the moment being taxed to the utmost. With the
announcement, however, that orders after the end
of the current month would not be taken at the old
figure, orders came rushing in on the steel makers on
a prodigious scale, and it is estimated by the “ Iron



1575

Age” of this city that 800,000 tons of rails have been
booked for next year in the past six weeks. It is
evident, therefore, that the record as to rail produc­
tion for the calendar year 1916, and for 1917 as well,
will be a different one from that now recorded in
the statistics for 1915.
The rail production of one year in considerable
measure represents the orders and conditions of the
year preceding. In 1914, as is known, the railroads
were in very poor circumstances, making a small rail
output in 1915 a certainty. In addition 1915, itself,
was a poor period for the railroads, until the last three
or four months of the year, and hence orders were on
no liberal scale even during the time that the capacity
of the rail mills was still open to engagement. The
official statistics now available show that the make
of rails for the twelve months of 1915 was but little
larger than it had been in 1914, when it was the small­
est of any year since 1908, that is, the year following
the 1907 panic. In a word, the rail product for 1915
was 2,204,203 tons, as against 1,945,095 tons for
1914 and comparing with 3,502,780 tons in 1913.
Away back in 1906 the make of rails was 3,977,887
tons, and as compared with that year the 1915 rail
production was 1% million tons smaller.
As far as the home consumption of rails was con­
cerned, 1915 was almost as poor a period as 1914.
In 1914 exports of rails were on a greatly reduced
scale because of the outbreak of the European war,
but in 1915 rails again went out freely in response
to the urgent inquiries on European account. In
other words, rail shipments to foreign countries in
1915 reached 391,491 tons, while in 1914 they were
only 174,680 tons. As it happened, though, rail
imports in 1915 were also much the heaviest in recent
years, because of orders placed chiefly with the Algoma
works in Canada. Under the Tariff Act of October
1913, the duty on rails imported into the United
States was entirely removed, thus facilitating the
placing of orders with Canadian mills, which, of
course, were especially in need of business because of
the intense industrial depression ruling in the D o­
minion. Altogether, 78,525 tons of rails were im­
ported into the United States as against 22,571 tons
in 1914, and still smaller amounts in the years im­
mediately preceding. Allowing for the imports and
the exports, the home consumption of rails in 1915
was 1,891,237 tons and in 1914 1,792,986 tons,
as against 3,052,635 tons in 1913. In the following
we furnish a comparison of production, imports and
exports for the last seven years:
HAIL PRODUCTION AND

CONSUMPTION.

1915.

1914.

1913.

1912.

1911.

1910.

1909.

T on s.

T on s.

T on s.

T on s.

T on s.

T on s.

T on s.

Bessemer___ 326,952 323,897 817,591 1,099,926 1,138,633 1,884,442 1,767,171
Open-hearth.. 1,775,168 1,525,851 2,627,710 2,105,144 1,676,923 1,751,359 1,256,674
7,234
Miscellaneous. 102,083
95,347 157,479 122,845
230
None
Total prod. 2,204,2031,945,095 3,502,780 3,327,915 2,822,790 3,636,031 3,023,845
3,780
3,414
78,525
22,571
10,408
Im ports........
7,861
1,542
E xports____

2,282,7281,967,666 3,513,188 3,331,695 2,826,204 3,643,892 3,025,387
391,491| 174,680 460.553 446,473 420,874 353,180' 299,540

Home consum. 1,S91,23711,792,986 3,052,635 2,885,222 2,405,330 3.290,712 2,725,847

The foregoing discloses one other interesting fea­
ture, namely that the railroads are turning almost ex­
clusively to rails made by the open-hearth process and
that Bessemer rails are almost entirely disappearing.
Only 326,952 tons of rails were made by the Besse­
mer process in 1915, while 1,775,168 tons were made
by the open-hearth process. Change, too, has come
with wonderful suddenness. As recently as 1907
only 252,704 tons of open-hearth rails were made,
while the amount made by the Bessemer process then

THE CHRONICLE

1576

aggregated 3,380,025 tons. Advantage is claimed
for the open-hearth rail because of the fact that openhearth steel contains a smaller percentage of phos­
phorus than does Bessemer steel. From this it is
argued that rail breakages due to brittleness are
greatly lessened. But whatever the explanation, it is
obvious that overwhelming preference is now being
shown by railroad managers for the open-hearth rail.
OTTO

II.

KAHN

ON

H IGH

F IN A N C E .

A distinguished array of speakers graced the occasion of
the annual dinner of the American Newspaper Publishers’
Association held in the grand ballroom of the WaldorfAstoria on Wednesday night. Otto H . Kahn of the banking
firm of Kuhn, Loeb & C o ., taking for his subject “ High
Finance,” delivered a notable address, in which he well said
that “ never was it of more importance than in the presont
emergency that the people should have a clear and correct
understanding of the meaning and significance of finance.”
M r . Kahn indicated at once tho importance and the limi­
tations on the capacity of the financier whom he defined as
“ a man who has some recognized relation and responsibility
to the larger monetary affairs of tho public.” “ The capacity
of the financier,” declared M r. Kahn, “ is dependent upon the
confidence of the financial community and tho investing
public, just as tho capacity of the banks is dependent upon
the confidence of tho depositing public. Tako away confi­
dence and what remains is only that limited degree of power
or influence which mero wealth may givo.” M r. Kahn then
pointed out what the financier must do to win this confidence.
W o quote herewith tho more important parts of the address:
T he term “ high financo” derives its origin from tho French “ haute
fin a n co,” which in France, as elsewhero in E urope, designates tho most
em inently respectable, tho m ost unqualifiedly trustworthy amongst finan­
cial houses.
.
W hy does there exist in tho United States, alono amongst tho great
nations, a widespread attitude o f suspicion toward tho financial com m unity
and especially toward tho financial actlvites which focus in N ow Y o rk , the
cou n try’s financial capital?
T he prim ary underlying and continuing causo is lack o f cloar appreciation
o f what financo means and stands for and is needed for.
T he possession o f wealth doos not m ako a man a financier— just as little
as the possession o f a chest o f tools makos a man a carpenter.
Finance means constructive w ork. It moans m obilizing and organizing
tho wealth o f tho country so that tho scattered m onetary resources o f
th o individuals m ay be united and guided into a m ighty current o f fruitful
co-operation— a hundredfold, nay, ton thousandfold as potent as they
w ould or could bo in individual hands.
Finance means prom oting and facilitating tho cou n try’s trade, at hom o
and abroad, croating now wealth, making new job s 1 for workmen. It
means continuous study o f tho conditions prevailing throughout tho wo rid
I t means daring and imagination com bined with care and foresight and in­
tegrity and hard, wearing work.
Financo docs not mean speculation, although speculation when it does
not degonerato into more gambling has a proper and legitimate place in tho
scheme o f things econom ic. Finance m ost em phatically does not moan
fleecing tho public, nor fattening parasltically o f f the industry and com ­
merce o f tho country.
I would define a financier as a man who has some recognizod relation
and responsibility toward tho larger m onetary affairs o f tho public, either
b y administering deposits and loaning funds or b y being a wholesale or
retail distributor o f securities.
T o all such the confidence o f tho financial com m unity, which naturally
knows thorn best, and o f the public is absolutely vital. W ithout it, they
sim ply cannot live. T o provide for tho thousands o f millions o f dollars
annually needed b y our railroads and other industries, tho resources o f all
tho greatest financial houses taken together would fall immensely short.
Therefore appeal must be m ade to tho financial absorbing power o f tho
country represented b y tho ultimato invostor. N ow , let a financial house,
either through lack o f a high standard o f integrity, through lack o f
thoroughness and caro, or through bad judgm ent, forfeit the confidence
o f Its neighbors or o f tho investing public, and tho very roots o f its being
are cut.
I d o not mean to claim that high financo has not in some instances
strayed from the highest standards, that it has not m ade mistakes, that it
has not at timos yielded to tem ptation, that there have not been some
occurrences which every right-thinking man m ust deploro and condem n.
B ut I d o say and claim that practically all such instances havo occurred
during what m ay bo termed the cou n try’s industrial and econom ic pioneer
period, a period o f vast and unparalleled concentration o f national energy
and effort upon material achievement, o f tremendous and turbulent surging
towards tangiblo accom plishm ent, o f sheer individualism , o f lax enforce­
ment o f tho laws b y thoso in authority, o f uncertain meaning and under­
standing o f tho statutes relating to business and, consequently, Impatience
at restraint and a weakened sonso o f tho fear, respect and obedience duo
t o tho law.
In tho m ighty and blinding rush o f that whirlwind o f enterprise and
achievement things were done generally w ithout any attem pt at conceal­
m ent, In the open light o f day for everyone to behold— tho ethical and legal
nature o f which does not accord with our present standards, and public
opinion permitted them to be done.
Then suddenly a mirror was held up b y influences sufficiently powerful
to causo the mad raco to halt for a m oment and to com pel the concentrated
attention o f all the peoplo. And that mirror clearly showed, perhaps it
even m agnified, tho blemishes on tho picture it represented. W ith their
recognition camo stern insistence upon change, and very quickly the
realization o f that dem and. T hat is tho normal process o f civilization In
it s march forward and upward.
And I claim that Financo has been as quick and willing as any other
element In tho com m unity to discern the moral obligations o f tho new era
brought about within tho last ten years and to align Itself on their side.




[Vol. 102.

I claim that as soon as the meaning o f tho laws under which business was
to bo conducted had com e to bo reasonably defined, finance fell into line
with tho new spirit and has kept in lino.
I say this notwithstanding tho various investigations that havo since
taken place, nearly all o f which havo dealt with incidents that occurred
several years ago. And in this connection I would add that it is difficult
to imagino anything m ore unfair than the theory and m ethod o f these
Investigations as all too frequently conducted. B y all means let us delve
deep wherever we have reason to suspect that guilt lies buried. Let us
take short cuts to arrive at the truth, but lot us bo suro that it is the truth
that wo shall meet at the end o f our road, and not a mongrel thing wearing
some o f the garments o f truth, but some others, too, belonging to that
trinity o f unlovely sisters, passion, prejudice and self-seeking.
I claim that the men in chargo o f our financial affairs are and, to be
successful, must be every whit as lionorablo, as patriotic, as right-thinking,
as anxious for the good opinion o f their fellow-m en as those in other walks
o f life. In every timo o f crisis or d ifficulty in the nation’s history, from
tho W ar o f Independence to tho present European W ar, financiers have
given striking p ro o f o f their devotion to the public weal, and they m ay
be depended upon to d o so whenover and howsoever called upon.
I maintain that American financo has rendered immense services to the
country and that— considering especially tho gross faultiness o f tho laws
under which we had to work beforo the passago o f tho Federal Reserve
A ct and in some respects still liavo to work— tho record o f American finance
com pares b y no means unfavorably with that o f finance in Europe.
There has been no gam bling frenzy in tho financial markets o f America
within the m em ory o f this generation equaling tho recklessness and m agni­
tude o f E ngland’s South African mining crazo with its record o f question­
able episodes, som e o f them involving great names; no scandal com parable
to tho Panama scandal, tho copper collapso, tho Cronior failure and similar
events in France; no bank failure as disgraceful and ruinous as that o f tho
Leipziger Bank and tw o or throo others within tho last dozen years in G er­
m any. N o com bination exists hero rem otely approaching tho m on op o­
listic control exercised b y soveral o f tho so-called cartels and syndicates
o f Europe.
Ono o f tho roasons w h y financo so frequently has been tho target for
popular attack is that it deals w ith tho tangiblo expression o f wealth, and
in tho popular m ind pre-em inently personifies wealth, and is widely looked
upon as an easy w ay to acquire wealth without adequate service. Y et it is
a fact that there are very few financial houses o f great wealth. All o f the
very greatest fortunes o f tho country, and in fact m ost o f tho great for­
tunes, have been m ade, not in financo, but in trado, industries and In­
ventions .
An exaggerated view prevails as to tho power o f financo. It is true thero
havo been men in financo from tim o to tim e, though very rarely indeed,
who did exercise exceedingly groat power, such as, in our generation, tho
late J. I\ M organ and E . II. Harriman. But tho power o f those men
rested not in their being financiers, but in the com pelling forco o f their
uniquo personalities.
They were born leaders o f men and thoy would havo been acknow ledged
leaders and exercised tho power o f such leadership in whatever walk o f
life they might havo selected as theirs.
As I havo said beforo, tho capacity o f tho financier is dependent upon
the confidence o f tho financial com m unity and tho investing public, just as
tho ca p a city o f tho banks is dependent upon tho confidence o f tho depositing
public. T ako away confidence and what remains is only that limited
degreo o f power or influence which moro wealth m ay g iv o .
C onfidence cannot bo com pelled; it cannot bo bequeathed— or, at m ost,
only to a very limited extent. It is and always is bound to bo voluntary
and personal. I know o f no other contro whero tho label counts for less,
where the shino and potency o f a great namo is m oro quickly rubbed o ff
if tho bearer does not prove bis worth, than in tho groat mart o f finance.
M ero wealth indeed can bo bequeathed, but fortunately and rightly the
power o f mero wealth— to paraphraso a famous dictum — has decreased,
is decreasing and ought to be, and will bo, further diminished.
W hat, thon, can and should financo d o in order to gain and preserve for
itself that repute and status with tho public to which it is entitled, and which
in tho interest o f tho country, as well as itself, it ought to havo?
1. Financo should "o m it no word or deed” to placo itself in tho right light
beforo th o peoplo. It must carefully stu dy and in good faith conform to
public opinion.
2. Ono o f tho characteristics o f financo heretofore has been tho cult o f
silence. T o meet attacks with diginified silence, to maintain an austere
demeanor, to cultivate an otiquotto o f reticence, has been one o f its tradi­
tions. N othing could havo boon m oro calculated to irritate d em ocracy,
which dislikes and suspects secrecy and rosonts aloofness. And tho instinct
o f dem ocracy is right.
M en occupying conspicuous and leading places in financo, as in every
other calling touching tho people's interests, are legitimate objects for public
scrutiny in tho exorcise o f their functions.
I f opportunity for such scrutiny is denied, if the peoplo are met with
silence, secrecy, impatience and rosontmont o f their desire for inform ation,
tho public mind very naturally becom es infected with suspicion and londs
a willing ear to all sorts o f gossip and rumors.
T ho people properly and justly insist that tho same “ fierce light that beats
upon a throno” should also beat upon tho high places o f finance and com ­
m erce.
It is for thoso occupying such places to show cause w hy thoy should bo
considered fit persons to bo entrusted with thorn, tho test being not merely
ability, but just as m uch, if nor m oro, character, self-restraint, fair-minded­
ness and duo sense o f duty towards tho public.
Finance, instead o f avoiding publicity in all o f its aspects, should wel­
com e and seek it. Publicity w on’t hurt its dignity. A dignity which can
bo preserved only b y seclusion, which cannot hold its own in the market
place, is not worth having.
W o must m ore and m oro got out o f tho seclusion o f our offices, out into
tho rough-and-tum blo o f dem ocracy, out— to get to know tho peoplo and
get known b y them . N o t to know ono another means but too frequently
to misunderstand ono another, and thore is no m oro fruitful source of trouble
than to mlsundotstand ono another's kind and ways and m otives.
3. T ho successful financier, or in fact any man who has obtained material
success, should bewaro o f that insidious tendency o f wealth to chill and
isolato; ho should bo careful not to lot his feelings, aspirations and sym pa­
thies becom o hardened or narrowed, lost tho becom o estranged from his
fellow-m en; and with this in viow ho should not only bo approachable, but
should seek and welcom e con tact with the work-a-day world so as to remain
part and parcel o f it, to maintain and provo his hom ogeneity with his fel­
low-men.
And ho should never forgot that tho advantages and powers which ho en­
joys aro his on sufferance, so to speak, during good behavior, tho basis o f
their conferm ent being tho consideration that tho com m unity wants his
talents and his work, and grants him generous com pensation— including
tho privilege o f passing It on to his children— In order to stimulate him to tho
effort o f using his capacities, since it is in tho public interest that thoy should
bo used to their fullest extent.

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H o should never forget that tho social cdlfico in which ho occupies so about a broader distribution of wealth.
The distribution
desirable quarters has been erected by human hands, tho result o f infinite
effort, o f sacrifice and com prom ise, tho aim being tho greatest good o f so­ that is of the first importance to the community, he noted, is
ciety; and that if that aim is clearly shown to bo no longer served b y tho not a distribution of the means of production, but a distri­
present structure, if tho successful man arrogates to him self too large or bution of products; Society’s chief interest, he continued is
too choice a part, if, seflishly, ho crowds out others, then, what human
hands havo built up b y tho patient work o f m any centuries, human hands that every industry shall be handled with the highest possible
can pull dow n in one hour o f passion.
*
efficiency, so that there shall be the largest possible distribu­
T ho undisturbed possession o f tho material rewards now given to success,
tion of the things that minister to human wants and promote
because succoss presupposes servico, can bo perpetuated only if its bene­
We cannot, he
ficiaries exorcise m oderation, self-restraint and consideration for others individual well-being and advancement.
in tho use o f their opportunities, and if their ability is oxerted, not m erely observed, hold our own, saying nothing of progress, unless
for their own advantage, but also for tho public good and tho weal o f their
our methods of production and distribution are constantly
fellow-m en.
No opportunity to improve the economic organi­
4. In the political field, tho ways not only o f financo but o f business in improved.
gonoral havo been often unfortunate and still m oro often ineffective.
zation, both for production and distribution, should be ne­
It is in con form ity with the nature o f things that tho avorago man o f
We must eliminate the friction and waste. Mr.
business, responsible not only for his own affairs, but often trustee for tho glected.
welfare o f others, should lean towards that which has w ithstood tho acid Vanderlip’s remarks were addressed to the National Associ­
tost o f experience and should be somewhat d iffiden t towards experiment ation of Cotton Manufacturers in Boston on Wednesday.
and novel theory. B ut, making full allowance for this natural and propor
disposition, it m ust, I believe, be adm itted that business, and especially In part he spoke as follows:
T ho enormous demands upon our m arkets, and the abnorm al changes in
tho representatives o f largo business, including high finance, havo too often
failed to recognize in tim e tho need and to heed the call for changes from prices, are significant o f tho violent disturbance in econom ic processes
m ethods and conceptions which had becoino unsuitable to tho tim o and out that is taking place, and tho fa ct that tho changes just now are in our
o f keeping with rational, progressive developm ent; that they havo too often favor is not entirely reassuring. It would be w orth som ething again to get
perm itted themselves to bo guided b y a tendency towards unyielding or back under a rule o f order and certainty even though for the m om ent we
at any rate apparently unyielding Bourbonism , instead o f giving tim ely aid aro profiting b y disorder and confusion.
T ho first shock o f the war was paralyzing to business in this country; the
in a constructive w ay towards realizing just and wise m odifications o f tho
second effect was that o f great industrial stimulus; and we are under
existing order o f things.
that
influence now . It is an extraordinary state o f affairs when wages in
A part from these considerations, and leaving asido practices form erly not
tho steel industry are advanced tw ice, 10% each tim e, within three m onths,
uncom m on, but which modern laws and m odern m orality havo m ado im ­
possible, it m ay be said generally that business is doing too m uch kicking with advances in the texitle mills and other industries almost as great.’
and not onougii fighting. Y et, the latent political power o f business is T hey signify that all industry is on a shifting bajse, that we aro riding on
enormous. W isely organized for proper and right purposes, it would be a tidal wave, and that wo cannot tell where wo will bo when normal condi­
tions are restored.
irresistible. N o political party could succeed against it.
T ho stress o f econom ic com petition will not bo lessened b y the war. On
If this country is to take full advantage o f tho unparalleled opportunities
which tho developm ents o f the last two years havo opened up to it, if, in tho con trary, there will be in each country a greater incentive than ever
tho sovere com petition which sooner or later after the closo o f tho war is existed beforo to recover lost ground and assure the national position.
bound to set in for the w orld’s trado, it is to hold its ow n, it m ust not only There will be a sharper spur upon effort, and a m ore strenuous demand for
not be hampered b y unwise and antiquated laws, as it now is, but it must bo efficiency, in every industry, than was known before. T he suprem acy o f
intelligently aided and fostered b y the legislative and administrative powers. Germany in tho d ye industry, which had its origin in E ngland, has with
Business in the leading European countries has beon backed up b y the trem endous emphasis brought hom e to England the necessity for the
respective governm ents in the past and will bo backed up , m oro than ever, application o f science to industry and for m oro scientific instruction in the
schools.
in tho post-bellum period.
T he troublo that the English Governm ent has had with her working
Everywhere else throughout the civilized world in matters o f national
policies as they affect business, the representatives o f business are consulted people in tho efforts to speed up the production o f m unitions for the use
o f their own sons and brothers in the trenches, has awakened the country
and listened to with respect which is duo to expert knowledge.
It Is only in America that tho exigencies o f politics not infrequently, I to the inefficiency o f its industries, and tho weakness and danger o f ignor­
ance
in the working class. T he fa ct that In tho face o f the cou n try’s su­
m ight alm ost say habitually, are given precedence over tho exigencies
premo em ergency, when tho appeal for efficiency and devotion was never
o f business.
W hen scolded, browbeaten, maligned and harassed, finance m ay well beforo so great, tho consum ption o f liquor last year increased over the
record o f any previous year, also has m ade a profound impression and
turn upon its professional fault-finders and challenge com parison.
Financo and financiers havo had no mean share in creating organizations created an aspiration for fundamental im provem ent in that respect. There
and institutions in this country which aro m odels o f efficiency and which will bo after this war a m ore serious national effort to lift up and educate
tho lower English class, and to increase its efficiency.
men from all quarters o f tho globe com e hero to study and to admire.
It is tho critics o f financo and business who— to m ention but a few in­
All o f this has bearing upon world industry. W hat will our own position
stances— have given to tho arm y aeroplanes that aro defective, to tho navy bo when the war is o ver? Our present prosperity is so exaggerated as to
submarines that aro in constant trouble, who havo passed laws which have creato apprehension, for wo know that a passing stimulus which unsettles
driven our ships o ff tho seas and other laws which havo m ainly brought it tho normal basis o f all econom ic relations is usually m ore harmful than
about, that in tho year 1915 loss railroad mileago lias been constructed in tho beneficial.
United States than within any one year sinco tho Civil W ar.
T ho war unquestionably opens new opportunities to us. A s far as
Congress has done little to indicate that it recognizes tho urgoncy and conditions outside o f the human element aro concerned, we should be in
bigness and significance o f tho momentous situation which confronts tho a better com petitive position after tho war than beforo. AVe shall have
country. N or does it seem inclined to pay heed to the views o f business—
largely increased our wealth, reduced our indebtedness abroad and perhaps
and b y that I do not mean tho views o f business “ m agnates,” but tho havo reversed our position from a d ebtor to a creditor nation. AVe shall
concensus o f opinion o f business men in general.
have m uch increased our productive capacity in m any lines o f m anufac­
Am ongst the powers for which our friends o f both political parties havo a tures. Interest rates are likely to be at least as low in the United States
wholesome respect, one o f tho m ost potent is organization. Let business as elsewhere, w hich has not been the case in the past, and taxes should
thon becom e m ilitant, not to securo special privileges— it does not want be lower in view o f the fact that the budgets o f Europe will bo doubled.
any and docs not need any— but to securo duo regard for its views and its A nd , finally, there will be tho effect in E urope o f tho reduction o f the
rights and Its conceptions as to what measures will servo tho best interests working forces b y death and disabilities, and the loss o f indispensable,
o f the cou ntry, and what measures will harm and jeopardize such interests. highly trained, technical men. These definite factors in the situation seem
Let business men get together through a properly constituted permanent to favor continued developm ent in this country and an expansion o f our
organization, and, guided b y practical know ledge, broad vision and trado with other countries.
patriotism , agree upon tho essentials o f legislation affecting affairs, which
On the other hand, the human, dynam ic, creative elements in the situa­
tho situation calls for from time to time.
tion will bo o f m oro im portance in shaping tho developm ents o f the future
Lot them pledgo themselves to use their legitimate influence and their than the factors I havo named. Capital can be readily shifted b y the
votes to realize such legislation and to oppose actively what they bclliovo transfer o f gold. American capital can be em ployed in Europe as E uro­
to bo harmful lawmaking.
pean capital has been em ployed in the United States. T he question will be
Lot them strive, patiently and persistently, to gain tho confidence o f tho where can capital be m ost advantageously em ployed for world-w ide opera­
p coplo for their m ethods and their aims. Let them meet falso or irrespon­ tions l A\ o certainly have a better chance to connect up our industries
sible or ignorant assertion with plain and truthful explanation.
with world trade and world developm ent than ever before, but tho fa ct
Let them take their case directly to tho people— as tho railroads have
that one man has had a better chance than another, or that one nation has
boon doing o f late with very oncouraging results— and inaugurate a cam ­ had greater natural advantages than another, has never yet determined
paign o f education in sound econom ics, sound financo and sound national tho result o f com petitive struggle. AVe did not sleepily give up the manu­
business principles.
facture o f cotton cloth to England because she had advantages for it, but
Lot them realizo that, just as tho price o f liberty Is eternal vigilance, so instead wo havo developed m ethods that have largely offset her advantages.
eternal effort in resisting fallacies and in disseminating truo and tested
T ho vital question is, what effect will the experiences through which
doctrine is tho price o f right law-m aking in a dem ocracy.
they aro passing have upon tho people o f E urope, and what effect will the
conditions now prevailing in the United States have upon us? I f the
experience o f Europe gives discipline and mental stimulus to the people, if it
F R A N K A . V A N D ERL I P URGES I M P R O V E M E N T I N
awakens new ambijrfon and resolution, and develops a new national spirit
M E T H O D S OF P R O D U C T I O N A N D D I S T R I B U T I O N .
o f devotion and unity, the debts and taxes will not retard their progress.
A nd, on tho other hand, if our people d o not recognize tho temporary
Discussing the effect of the European war upon American character
o f our present prosperity, conserve its benefits to strengthen us
industries, Frank A. Vanderlip, President of tho National in the future, and adapt ourselves readily to changing conditions, we
shall
bo
in
a weaker position after tho war than we were beforo, for we shall
City Bank of New York, in an address this week pointed out
upon an artificial level o f costs, a level above the rest o f tho world.
that tho enormous demands upon our markets, and tho ab­ bo AVo
havo to recognize that nature’s inclination to preserve the equilibrium
normal changes in prices aro significant of tho violent dis­ is against us. N ature is a great leveler. She is averse to violent changes.
She
is
conservative; indeed, she is the original reactionary, always swinging
turbance in economic processes that is taking placo.and tho
from sido to side until the balance is restored. She gives her best training
fact that changes just now are in our favor is not entirely under adversity and privation and slily mixes the germs o f weakness and
reassuring. “ T f l i e added, “our people do not recognize degeneration with prosperity. T he changes that she sanctions must be
b y slow growth and under the play o f all the adverse influences.
tho temporary character of our present prosperity, conserve m ado
AVe are fortunate in having such a variety o f resources that we can have
its bonefits to strengthen us in the future, and adapt our- a great trado am ong ourselves. A t this m om ent tho swelling hom o demand
tako almost the entire product o f our leading industries. B ut tho
solves readily to changing conditions, we shall bo in a weaker would
broader tho base under our industries tho m ore stable they will be, and in
position aftor tho war than wo were before, for wo shall bo m any lines wo havo capacity far beyond our own regular needs AVe
disconnect ourselves from the rest o f the world.
AVe m ust but
upon an artificial level of costs, a level above tho rest of tho cannot
abroad an increasing volum e o f things that we can never econom ically
world.” Turning upon tho question of wage demands, Mr. produce, wo must pay for them In goods, and it should be our ambition
pay for them in finished goods which represent the higher achievements
Vanderlip referred to tho fact that there is much vague talk to
o f labor rather than in raw materials.




1578

THE CHRONICLE

[Vol . 102.

has been conducting an inquiry and finds that an astounding number o f
T h e cotton goods Industry Is based upon a. raw material o f hom e prod ucbusiness concerns are carried on practically without p rofit, and that a still
tlon, and m uch the groater part o f our huge production o f that raw material
m oro astounding number make no analysis o f costs and d o not know whether
goes abroad for m anufacture. R apid as has been tho grow th o f cotton
they aro making a p rofit or not. T ho Comm ission rightly considers that
m anufacturing, particularly in the last fifteen years, tho expanding hom e
this state o f inefficiency is not a m atter o f mere private interost but ono
market has taken about 9 5% o f the goods produced. T h o total am ount
also o f vital public interest. It is not probable that higher wages, lower
o f cotton goods exported b y all the m anufacturing nations in the last
prices or Industrial progress will com o from this class o f proprietors. W e
year o f normal trade, 1913, was approxim ately $1,250,000,000, o f which
cannot hope through this class o f careless, uninform ed proprietors to m eet
the United States, producing m ost o f the raw cotton , contributed $54,­
tho com petition o f tho future.
000,000, or less than 5 % , and these are our highest figures for the exports
W e cannot afford to oppose or penalize highly organized, largo scale
o f any ono year. Four countries led the United States, to w it: G reat
production, for tho sake o f preserving small scale operations, when large
Britain with $618,000,000, Germ any with $120,000,000, Franco with
scalo production is clearly m ore effective. T ho public must havo hotter
$79,000,000, and Japan with $58,000,000. Switzerland was close to the
service than incom petent em ployers, ill-equipped and p oorly located estab­
United States with $50,000,000. After these in order are Ita ly , $46,000,­
lishments, m ediocre ability and haphazard m othods can give. But from
000; India, $39,000,000; Netherlands, $32,000,000; A ustria-H ungary,
tho time when tho weavers broko up tho first power loom s because they
$27,000,000; Russia, $23,000,000, and Belgium , $20,000,000. N one o f
thought m achinery would rob the workingm an o f his living, every now
theso, except India and Russia, is a producer o f cotton .
departure calculated to sim plify industry, to m ake labor m oro effective,
In the last year, under the conditions incidental to the war, there was a
and to increaso the production o f useful things, has encountered opposition
heavy reduction o f im portations o f cotton goods b y nearly all countries.
springing from tho same typ e o f ignorance. Som ebody is required to m ove
G erm any, Austria-Hungary and Belgium were practically out o f the
out o f his accustom ed path, som ebody has to quicken his pace or learn now
export trade, Great Britain’s exports fell o ff one-third, thoso o f Franco
w ork, and thero is always, and rightly, the possibility that som ebody will
two-thirds and declining trade was the rule. T he United Statos, confining
tho calculation to piece goods, m ade a total gain o f 1 1 % , which is not large get rich.
Nevertheless, the world has m oved steadily forward in the past, and we
under the circumstances. Great Britain’s exports o f piece goods to South
America in 1915 were about one-half thoso o f 1913, b ut at that they were cannot d oubt that it will continue to d o so.
$19,000,000, which com pares with $3,688,000 from the United States. In
tho early part o f 1915, how ever, buying was extremely light, and wo fared
T H E TR U TH A B O U T T H E R U RAL C R E D IT S IT U A T IO N .
better in tho latter part o f tho year, and I understand that in 1916 our (From tho April Issue o f "Journal o f tho American Bankers’ A ssociation.” )
sales are m aking a m uch better showing.
R educed to its lowest term sjtho domand for rural credits legislation is
I w ould not assume to teach tho members o f this Association anything
tho expression o f a deslro to give securities issued against farm lands the
about tho econom ics o f cloth-m aking, or to com m ent upon this apparently samo marketable qualities that aro had b y other securities o f similar nature
meagre showing o f exports in a critical spirit. I have already expressed and stability. Once tho securities issued against tho farm lands havo the
m y appreciation o f tho com petitive conditions under which tho cotton
samo kind o f market as railroad or industrial bonds, thoy will becom e rea­
goods m anufacturers o f this country have labored. Y ou will understand,
sonably liquid and highly desirable Investments.
how ever, that as those o f us who are actively Interested in tho effort to
T ho question o f a plan which would produco such a result has been com ­
build up foreign trado look over the field o f possibilities wo long for a plicated b y tho injection o f all sorts o f extraneous and cranky notions.
better showing in cotton goods. I t is along the lino o f normal developm ent Amateur students o f foreign co-operativo financial schemes havo m uddled
that wo shall export less o f raw cotton and m ore o f cotton goods. W o d o themselves and overyono else b y proposing to transplant to this country
enough o f it to show that it can be done with a margin o f p rofit, and thero thoso systems, regardless o f tho character o f American soil and American
are, therefore, no insuperable obstacles to our trade growing m uch larger.
It does n ot grow faster because we d o not go after It as hard as we m ight.
M en with ideas that interest rates should b o reduced havo sought to graft
Y ou will pardon m e If In m y zeal for this general cause o f building up
their notions on every rural credits plan proposed. Farmers who think
American exports I urge that such a proposal should not bo judged solely the Governm ent should lend thorn m onoy havo been alert and tho cornupon the prospect for imm ediate individual p rofit. This is a m atter o f tassel m onoy crowd has recorded its belief that rural crodits consists in
national concern. It appeals to patriotic m otlvos. T ho cou ntry looks to issuing currency against farm lands. In rural credits legislation built
tho managers o f its great industries to be something m oro than traders and
from his dosign, each o f theso has seen tho solution o f all tho problems o f
manufacturers for privato profit. It expects them to bo truly representative distribution, soil decay, conservation, transportation, high pricos for tho
o f the national interests, and to seize upon national opportunities. T he
producers and social reform; in legislation built after any other design is
pressure for tho Governm ent to enter upon various socialistic experiments decadence, injustice and the indefinite postponem ent o f tho millennium s
is prom pted b y the Instinct for national organization and the wish to seo
arrival.
national interests safeguarded and forwarded. In m any instances theso
Tho only real problem presented for solution b y rural crodits legislation
interests can be m ost effectually safeguarded and forw arded b y organiza­ is concerned with tho marketablonoss and liquidity o f tho securities issued
tions o f business m en, or, where Governm ental authority is required, b y tho against farm land mortgages. It is n ot a particularly difficult problem .
co-operation o f Governm ent with business organizations. T he situation
It involves only tho holding o f tho mortgages b y som e com petent official,
to-d ay as to dyestuffs presents one o f these national interests, tho shipping preferably a State official, the orderly issuance o f bonds against thorn
problem presents another, and tho situation as to our export trade, and if, and tho protection o f tho purchaser o f tho bonds gainst fraud and error
you pleaso, as to our trade in cotton goods, presents another. These through a com petent system o f transfer.
problem s are larger than questions o f solf-intorest; they are m atters o f
AH tho other problems have nothing to d o with rural crodits por so.
public p o licy, problems ip statesmanship. W o havo an unusual op p or­ D irect loans b y tho Governm ent to farmers is another m atter. Regulating
tunity now in La tin-Am erica, and what each branch o f trado does with its or attem pting to regulate interest rates b y statuto is another m atter.
opportunities concerns every other branch; Indeed, it concerns tho gonera
Co-operation is another m atter, and is usually provided for in othor laws.
rapprochem ent between tho United States and theso peoples with whom wo Issuing currency is another m atter. Helping tho tenant farmer is another
have long desired closer com m ercial relations. Theso peoples are m oro m atter and financing the insolvent farmer is so m uch another m atter that
receptive and responsive than thoy have over beon before. T h e market is it has baffled philanthropists engaged in eleemosynary enterprise.
a growing one, and when our goods are established thero thoy will be sold
As business m en, farmers’ needs for loans on current account for short
on their merits at a fair price.
tim o aro am ply provided for now. There aro nearly 30,000 banks in the
I f one m an owned the cotton goods industry o f this cou ntry, I venture country and tho Federal Reservo A ct gives agricultural paper tho prefer­
the opinion that ho would soon supply far m oro than 4 or 5 % o f tho im po rt
ence. I f a farmer cannot secure accom m odation o f this kind at a bank
o f South Am erica, which has been about our share in tho past.
it is not bocauso he is a farmer or because the banking facilities aro inade­
I f one man owned the cotton goods Industry he w ould find ou t what quate, but because his credit is not good . N o plan has over boon dovisod
m erchants there wore responsible and trustw orthy, and givo them tho whereby a loan to an insolvent m an would bo safo. C o-oporatlvo organiza­
usual terms and courtesies accorded to merchants o f that stam p. There tion helps the insolvent man b y giving him solvent connections; it does not
was a tim o when little credit inform ation for South Am erica was to be had, mako him solvent. A ny solution o f tho insolvent m an’s problem b y re­
but that Is no longer tho case. These peoplo aro unfavorably .influenced course to co-operation will not com o from legislation but from tho actions
in a peculiar degreo b y unusual and arbitrary rules which bespeak an attitude o f tho farmers themselves. I f thero was co-operation or a desire fo r it.
o f indifference and suspicion.
legislation would follow fast enough, if it has not preceded. But co­
I f this were a one-m an industry, he would have tho cotton goods exports operation o f this kind is not peculiar to farmers. It is com m on enough in
handled b y som ebody who understood tho trade, and so avoid the disputes tho towns and cities. I t is a recourso to which tho farmors havo not
and grievances that are constantly arising from tho efforts o f Ignorant and
turned although it is open to thorn.
incom petent novices, not to speak o f the tricks and bad faith o f unprincipled
I f each State Legislature will turn out a law providing for the Issuanco o f
traders.
•
bonds against farm mortgages segregated in series and amounts sufficient
O f course, when I speak o f the virtues o f one-m an ownership, I am to warrant a bond issue, safeguard tho transfer o f these bonds and make
m erely emphasizing tho value o f singleness o f purpose and o f a centered them legal investments for savings banks and trustees, the bonds will sell
responsibility. If this cou ntry’s export trado in cotton goods could be readily enough. Where such laws aro now in effect, tho failuro to tako ad­
put in the hands o f a representative organization charged to con du ct an vantage or them indicates nothing oxcopt that the farmers prefer other
aggressive, comprehensive cam paign, I am sure tho results would be
gratifying; I believe they m ight bo little short o f phenomenal.
It would bo a great relief to havo rural credits divorced from tho m ulti­
I read the other day tho statement given ou t b y the head o f tho United plicity o f uplift and reform schemes with which it has no roal connection.
M ino W orkers com m enting upon the recent wago increases in tho coal in­ Just at present it is so loaded down with salvation enterprises that its cre­
dustry. Ho said that thoso increases would holp tho m en at work in the
ator would not recognize it. A bou t everything from preparedness to un­
mines to meet the rising costs o f living. I f the other costs o f living must
em ploym ent is masquerading in the guise o f rural crodits.
rise, it is only fair that tho pay for mining coal shall rise correspondingly,
but it is certain that a rise in tho price o f coal means a further rise in the
N E W T O N D. B A K E R O N T H R E E -F O L D P R E P A R E D N E S S .
cost o f living all along the line. It will not only increaso the cost o f warm ­
ing the workingm an’s hom e and cooking his meals, but, as it increases the
“ Preparedness” served as tho theme of an address dolivorod
cost o f pow er, it increases tho cost o f operating every railway and fa ctory,
and so raises tho cost or every article that entors into tho hom o. I d o not by tho now Secretary of War, Newton D. Baker, at tho
criticiso this or other wago advances, but it is im portant to recognize that banquet on Thursday night of tho American Nowspaper
wago advances alone d o not signify progress. T o bo w orth anything to tho Publishers’ Association.
Throe-fold mobilization said Secre­
nation they must signify in return for the larger wage a larger distribution
o f the things that tho wage-earners want, and that can com e on ly as wage- tary Baker, “ is necessary in any country in war, and of theso
earners, inventors, scientists, managers, and owners o f capital, b y join t three elements two aro as valuable and as vital in timos of
efforts, aro able to increase and cheapen tho production o f those things.
peace as in times of conflict.” Continuing, ho said in part:
There Is m uch vague talk about a broader distribution o f wealth, but
In tho first placo thero m ust bo, o f course, arms and soldiers, ships and
every producer o f wealth is trying his best to distribute it. T ho distribu­
sailors and theso must bo m odern and adequato. N o nation can with
tion that is o f tho first Importance to tho community'Is not a distribution
justice summon em battled farmers with the rudo firearms which were
o f the means o f production, but a distribution o f products— not a distribu­
adequato a few decades ago. Reorganization, disclpllno and knowledge
tion o f cotton mills but o f cotton cloth. Tho distribution o f cotton mills, or
aro m ore im portant than they used to bo. On this subject, howover.
o f ownership in cotton mills, will take care o f Itself whon there Is equality
Congress is at present legislating and whatever bo the outcom o o f its de­
i n ability to run cotton m ills. Society’s chief interost Is that every industry
liberations tho Executive branch o f tho Governm ent will act in sym pathetic
shall b o handled with tho highest possible efficiency, so that thero shall bo
co-operation, using what Is givon with a vlow to making It tho best, and I
the largest possible distribution o f the things that minister to human wants
m ay incidentally say that throughout tho wholo country there is an Inspiring
and prom ote individual well-being and advancem ent.
A t present all attention seems to be centred upon ownership, as though responso to the country's m ilitary needs.
T ho second m obilization necessary Is that o f our Industries and com m erce.
a widely distributed proprietorship assured an abundant and widely
T he war in Europe had been under way m ore than a year before som o o f tho
distributed supply o f goods; but it does not. T ho now Trade Commission




APB. 29 1916.]

THE CHRONICLE

countries wero able to equip the men who volunteered for their armies
W ith all tlio zeal which their Governments could display tho m obilization
o f their industries yet lagged, not from unwillingness but from lack o f fore­
thought. Perhaps no other lesson o f the war in E urope is so impressivo
as Its universality.
It is o f tho utm ost im portance that wo should know w hat our reliance
is, that careful, continuous, scientific studies should be m ado o f our in­
dustrial and com m ercial capacity and adaptation, that wo should cardindex our industrial strength, so that we can 'know it and sum mon it into
instant co-operation when needed. And very m uch m ore than that, wo
must gain this knowledge and arrange for this co-operation In such a
fashion as to take away from it all profit in war. I f tho hour o f trial should
over com o there must bo no war stocks, no “ war brides", no war fortunes
mado out o f tho national danger. N or must there bo built up in America
interest which could oven bo suspected o f preparing to p rofit b y tho cre­
ation o f a national emergency.
T h e third m obilization that is necessary is spiritual. In order to make
sacrifices for America, wo must be sure that our stake in tho country justifies
it. Our institutions must be so just, our arrangements so fair that every
man in this nation will realizo how com pletely his opportunity and that o f
thoso who com o after him rests upon tho continuing prosperity o f tho
nation as a whole. T hat when tho hour o f trial really com es, tho banker
who lias gold to protect, tho captain o f industry who has groat mills iu
danger, will be joined b y tho workman from tho factory and tho farmer from
tho field, witli all lesser interests abated and all minor conflicts forgotten,
with ono sontimont animating them all, that tho civilization, tho liberty
and tho hope o f America must bo preserved and that tho sacrifico o f each
in his order, in his place, and according to his strength, is justified by his
stako in tho cou ntry, wherever it m ay be.
T ho m ilitary m obilization will take place easily and need not bo upon a
m agnificent scalo in advance. Tho Industrial and spiritual m obilization
ought to bo constant and as wide as tho country. B oth are useful— nay,
indispensable— In peace as well as in war.

D A N IE L

W IL L A R D ON G O VE R N M E N T R E G U LA T IO N
OF T IIE R A IL R O A D S .

Daniel Willard, President of the Baltimore & Ohio R R .
addressing tho gathering at the banquet of tho American
Newspaper Publisher’s Association on Thursday on the
regulation of tho railroads, said:

1579

on a fixed date, the books remaining open continuously.
Wo give his letter below:
H ew

Y ork

S lo c k E x c h a n g e , N e w

Y ork.

D e a r S i r . — I am directed b y tho C om m ittee on Stock List to call your
attention to the fact that your com pany is am ong those which still close
transfer books on various occasions, either for dividends or for meetings
o f stockholders, or both.
T ho Com m ittee feels that tho closing o f books is an unnecessary ex­
pedient; m any o f tho larger corporations long since abandoned this practice
for the equally efficient and m oro satisfactory ono o f taking a record o f
stockholders on a fixed date.
I ho old m ethod o f closing a com p a n y’s books results in the tying up
o f argo sums o f m oney at recurrent periods. F or exam ple— tho cap ita lstocks* a r e “ I" P auI°^ :vh° se b o °ks are closed during M arch and whose
for Anr^ H1 ^
P ^
E * ch,ang0 •'‘m ounts to nearly t h r e e b i l l i o n d o l l a r s ;
for April this am ount is a little over o n e b i l l i o n . This is capitalization—
but in a recent m onth actual sales o f these securities, on a par o f S100
represented 3388.400,000 and 3129,700,000, respectively. In case o f a’
serious collapse o f the market, the inability to secure ready transfers must
produce unfortunate situations. During panicky conditions, small buyers
have always appeared, to purchase at tho low prices for cash; tliis relief
will bo seriously impeded, because tho dealers in small lots aro prevented
from splitting up the hundreds bought against such sales, and are obliged
to receive and carry the hundreds so purchased, while -unable to secure
from com panies the smaller lots sold.
This is a m atter which, as well, interests lenders o f m oney— where
transfers o f stock aro im peded, although m oney is m ost needed, its cir­
culation is interefered with— bankers are called upon to carry their cu s­
tomers for longer periods and for larger amounts than where deliveries
are m ade day by day; some books aro kept closed as m uch as thirty days.
\\ o are inform ed that the laws o f tho State under which you r com pany
s incorporated. d o n o f require the closing o f the books. I f you r com p any’s
by-laws d o not permit your directors to make this change without a vote
o f your stockholders, will you not see that this m atter is taken up at the
next meeting o f your stockholders?
1 hanking you for your kind attention, and requesting you r active c o ­
o p jration in securing this desirable change, I am.
V ery truly yours,
GEORGE W . ELY.
S e c r e ta r y .

Those who manage tho railroads to-d ay understand clearly that it is tho
STOCK E X C H A N G E R E G U L A T IO N S G O VER N IN G
m andate o f tho p coplo that the railroads, although owing their existence to
CLERKS A N D A D V E R T IS IN G PHRASES.
privato capital, shall bo operated as semi-public institutions subject in
all matters to public regulation and control. T h e carriers also realizo that
A resolution was adopted by tho Governing Committee
if a system o f econom ic policy cannot bo worked out successfully the only
of the Stock Exchange broadening the scope of an earlier
alternative will bo Government ownership w ith political con trol, instead
resolution relating to speculative transactions of clerks.
o f ownership by the public individually, as now , with governm ental control
N o ono would contend or expect that forty-eight different regulating The resolution, which is amended by this week’s action, was
bodies, with interests sometimes at variance, could satisfactorily and
adopted on March 30 1010; this weok’s resolution is given
efficiently supervise and regulato tho sam e subject at tho same tim e
although that is exactly what we are trying to d o under our dual system below, the matter printed in italics indicating the new portion,
o f Federal and State regulation o f railroads.
which has been inserted:
If tlds country can successfully work out a system o f regulation o f its
That the taking or carrying o f a speculative accou nt, or the making
railroads, including tho labor problem , which will result in giving to tho ol a speculative transaction, in which a clerk o f tho Exchange, or o f a
people an adequato ami satisfactory system o f transportation such as tlioy m em ber o f tho Exchange, or o f a bank, trust com pany, banker, insurance
ought to havo and must liavo for tho continued developm ent o f tho»country com pany, o r o f a b r o k e r d e a l i n g i n s t o c k s , b o n d s o r o t h e r s e c u r i t i e s , is directly
and its com m orcoand at the same tim e yield such return on tho necessary or Indirectly interested, unless the written consent o f tho em ployer has
investm ent as will attract tho amount o f now capital constantly required been first obtained, shall be deemed an act detrimental to the interest and
for extensions and betterm ents it will havo dono something tiiat has not welfare o f the Exchango.
so far been accom plished under similar conditions b y any other nation.
The Governing Committeo also adopted on tho 26th inst.
It ought to bo rem em bered, however, that at present, with all its im ­
perfections, tho American railroad system , considered as a w h ole, pays the following resolution :
higher wages than are paid for similar service in any other country in tho
T hat it is tho opinion o f the Governing C om m itteo that, under the
w orid; perform s m oro transportation scrvico for a dollar o f invested capital resolution o f Feb. 9 1898, no m ember, or his firm , is perm itted to use
than is perform ed in any other country, and at the samo tim e tho pcoplo
catch phrases” o r to depart in any way from direct and simple m ethods
havo tho benefit o f lower transportation rates than are to be found in any o f advertising.
other nation where conditions are at all similar. •

Along with the above Secretary Ely made public the
regulation of Feb. 9 1898, which reads:

R A I L R O A D S A G R E E TO N A T I O N - W I D E C O N S I D E R A
T IO N OF T R A I N M E N ’ S W A G E D E M A N D S .

It developed during tho past week that conferences be­
tween representatives of the 400,000 trainmen and a national
conference committee representing all tho railroads in tho
United Statos and a part of thoso in Canada,will begin dis­
cussions in Now York about Juno 1 on tho trainmon’s de­
mands for an eight-hour day and time-and-a-half for overtime.
Tho railroad committee, which will bo appointed within the
noxt two weoks, will be composed of from 15 to 20 representa­
tives from tho tlireo territorial groups of the country.
This course was decided upon at a conference hold in Chi­
cago on Thursday tho 27th, between W . S. Stone, President
of the Brotherhood of Engineers; W . S. Carter, of tho Fire­
men and Enginemen; \V. G. Loo of tho Railroad Trainmen
and A. B. Garretson of tho Order of Railroad Conductors,’
representing tho four Brotherhoods, and J. G. Walber of
Now York, representing tho Eastern lines; J. W . Higgins
tho Western lines and Charles P. Neill of Washington, D. C
the Southeastern lines.
•
S T O C K E X C H A N G E S E E K S A B A N D O N M E N T 0 F PR AC­
T IC E OF CLOSING T R A N S FE R BOOKS.

Tho discontinuance of tho practice of closing transfer
books on various occasions by companies which still follow
this custom is urged in a letter sent out this week by Georgo
\Y. Ely, Secretary of the New York Stock Exchange. Mr.
Ely points out that this method results in tho tying up of
largo sums of money at recurrent periods, and commends
tor general adoption tho practice inaugurated by somo of
tho larger corporations of taking a record of stockholders



.

That in future the publication o f an advertisement o f other than a strictly
ogitimato business character, b y a m ember o f the E xchange, shall be
deemed an act detrimental to tho interest and welfare o f the Exchange.

M E X IC O

PR O H IBITS

GOLD

AND

SILVE R

EXPORTS.

According to tho “ Sun,” decrees signed by Luis Cabrera,
Minister of hinance in the Carranza Cabinet, were received
at El Paso on the 27th inst., announcing the prohibition
of the shipment of silver or gold bars or coins out of Mexico.
No length of time, it is stated, is set for tho prohibition,
but mining men believe it will be for a long period, and
assert that they cannot possibly resume operations in
Mexico if the decree is enforced, particularly if it is the aim
of the Carranza Government, as thoy suspect, to demand
the right to buy up all such bullion or bars with Carranza
currency. These mining men say they have heard through
semi-official Moxiean channels that Cabrera intends to finance
tho do facto Government’s new 500,000,000 peso currency
issuo in this manner. He will offer the currency to the
mining companies at a rate not yet specified for their bullion.
But ono chance to evade tho decree is seen by local mining
men. This will bo forcing mining companies to cease milling
the concentrates into bars, sending the concentrates to this
country instead. This would greatly increase the tonnage
exported and therefore the cost of operation, and the de
facto Government could meet this issue by putting in effect
a new decree forbidding the export of the concentrates.
Minister of Finance Cabrera, according to an announce­
ment made on the 28th by the Constitutionalist agency
at Washington, has published an official notice of the pro­
visions for tho retirement of the present issues of Constitu­
tionalist paper currency and the substitution therefor of

1580

THE CHRONICLE

(Vol . 102.

T o com e to a consciousness o f national purposo, to com o to a con viction

the permanent paper currency of the nation. This is to as to wise m ethod and p olicy at hom o, to com e to an understanding o i
be in the form of non-counterfeitable bills and will begin tho character and aim o f an attitudo toward other nations that is to be
to be issued Monday, May 1. It is stated that the old maintained and defended before tho faco o f all m ankind— that is tho im per­
ative and com pelling duty o f this m om ent.
notes upon their receipt by the Government will be rotired
and destroyed. They will be receivable by the Treasury
Department and at the banks at par. The process of A M E R I C A N E X P R E S S CO. D I S C O N T I N U E S S A L E OF
CH ECKS ON G E R M A N Y .
exchanging old money for new is expected to occupy two
As a result of tho proclamation of Great Britain placing
months. Government salaries for the month of May in all
departments of the Government will bo paid in new cur­ gold, silver, paper money and all negotiable instruments and
realizable securities on tho contraband list, the American
rency and on the basis prevailing prior to March 1.
Express Co. has announced its decision to discontinue the
D R . N I C H O L A S M U R R A Y B U T L E R O N T H E D U T Y O F sale of checks drawn on Austria-Hungary, Germany, Bul­
garia and Turkey. Some of the larger banks and trust com­
A M E R IC A .
Speaking at the annual meeting of The Associated Press panies, it is stated, have taken similar action, and instead
at the Waldorf-Astoria on Tuesday Dr. Nicholas Murray are selling “letters of delegation” through which their Ger­
Butler, President of Columbia University, declared that the man or Austrian correspondents aro instructed to pay to
grave problem before the American people to-day is that of stipulated persons the sum called for in tho letter. These
completing the process of nation building— the problem of letters, it is claimed, aro not subject to seizure by Great
setting our house in order— the problem of integrating Amer­ Britain, since they are not in tho naturo of negotiable in­
ica. Dr. Butler’s speech was a lengthy one and we give only struments. The American Express Co., although no longer
selling checks drawn on the countries indicated, continues
the concluding part of it herewith:
W ith a w orld war waging about us and a Presidential campaign opening to accept postal remittances in accordance with tho following
in fron t o f us, with years full o f fato stretched out for us to walk in, wo announcement issued by W . II. Cushing, Financial Traffic
are n ot suro o f our national unity o f thought and feeling and purpose bo„ „_
,,
causo o f the prosenco o f disintegrating elements and forces which weaken Manager:

On account o f the u n certa in ly surrounding dclivory o f mail to and from
our sense o f unity at hom o and which doprivo us o f the influence abroad
which attaches to unity at hom o. T he grave problem boforo the American Germ any, A ustria-H ungary, Bulgaria and Turkey, the American Express
peoplo to-day is that o f com pleting the process o f nation building. It-is tho C o ., until further notico, will accept remittances for thoso countries only
problem o f setting our houso in order. I t is tho problem ot integrating witli tho understanding that tho rem itter has been Informed and agrees
America. It is the problem o f subordinating every personal am bition, every that such rem ittances, whether b y check, foreign m oney order, mail trans­
class interest and p olicy, ovory raco attachm ent, to tho one dom inant idea fer or cable transfer, aro sent subject to delay in paym ent and that no
o f an Am erica, free, just, pow erful, forward facing, that shall stand out guarantee can, or will, bo given b y this com pany, that receipts for tho pay­
in tho history o f nations as tho name o f a people who conceive tho mission ment will bo returned from Past Office or payee and that during tho present
and thoir truo greatness to lie in service to m ankind. W e aro the inher­ extraordinary conditions, inquiries b y tins com pany relative to non­
itors o f a great tradition. W hat poets and philosophers havo dream ed, that paym ent o f rem ittances or checks will bo made only upon production or
wo aro trying day b y day to d o, our stumblings, our blunders, our short­ tho letter o f com plaint from payeo that rem ittance or chock has not been
com ings aro m any; but if wo keop our hearts clean and our heads clear ho received. In any event no inquiries will bo undertaken b y cable or wireless
who a thousand years from now writes tho history o f liborty and justice and unless all expenses, including wireless reply, if desired, aro prepaid.
The American Express C o. regrots exceedingly having to tako this posi­
happinoss among men will bo able to toll to thoso fa r-off generations the
tion, but the circumstances warranting it aro entirely beyond this com ­
story o f the riso and influence o f tho American nation.
,
. , .
W o find here everything which is needed for a great nation. Tho task pa n y’s control.
Agents, banks, & c.. who list thoir foreign m oney orders aro requested to
before us to-d ay is to m ako it. T ho task boforo tho American peoplo is
make
their
lists
in
triplicate
hereafter
to
help
facilitate
paym
ent
abroad.
nothing m ore nor less than a speedy continuation, and, if it bo practical,
tho com pletion o f tho process o f nation building. It is a problem o f tho
integration o f Am erica, about thoso great fundamental principles and
I N H E R I T A N C E T A X L A W OF N E W Y O R K S T A T E
purposes which tho very namo Itself brings to our mind and which this
flag stirs to expression on evory lip.
AMENDED.
W o know in our hearts what Am erica means. Tho problem is to teach
Both branches of tho 1910 Legislature approved amend­
it to our fellows; to share with them an understanding and appreciation
o f it; to unito with them in an expression o f it that shall give us an America ments to the Inheritance Tax Law.
Tho first one ot these
freo, just powerful, forward facing; that shall con ccivo itself as a nation
lowers tho a m ou n ts at which tho different rates in tho present
fit to serve; a nation which has not its end in its own aggrandizement,
It also establishes a class intermediate
however great that be; which cannot find its purposo com plete in amassing law shall apply.
all the wealth o f G olcon da, but can only achiove its aim b y carrying a between tho present direct and collateral beneficiaries.
Tho
message to mankind o f what has been possible on this continent. Saxon,
tablo below, taken from a circular just issued by tho Now
and C elt, T euton and Slav, Latin and H un, all hero not as aliens, but as
citizens; not as emigrants but as mombers o f a b od y politic which is new in York Tax Reform Association, shows the proposed rates:
C l a s s 1.
C l a s s 2.
C l a s s 3.
conception, in human history, as it is now in its own thought o f its purposo.
Can America integrate itself at this crisis; can it show that hero is a nation Up to $25,000.................................. - ........................... 1 %
2%
5%
which out o f various and varied ethnic elements can be created into a Excess over $25,000 to $100,000 -------------------2%
%
o
genuine unity b y dovotion to high principle and b y moral purpose in tho
"
100,000 to 200,000 ........................... 3 %
4 /o
7%
faco o f all m ankind? Can wo havo an Am orica that shall go down the cor­
••200 000
_____________
4%
5%
8^
Class 1. Father, m other, husband, wife, child or legally adopted child.
ridors o f time with a proud placo on tho pages o f history?
W o must remembor that tho groatest empires havo fallon as well as risen. Exem ption, $5,000. Grandchild and further linoals, exemption $500.
Brother, sister, wife or widow o f son, husband o f daughter, child
W o must remember that the m ost powerful dynasties have passed away Class 2
as woll as com o into existence. Thoro is no reason to suppose that our to whom decedent has stood in rolation o f parent. E xem ption $500.
America is going to escapo tho everlasting law o f change. W o know its
Class 3. Collaterals and strangers. E xem ption $500.
history and its origin. W o havo seen its riso. W o know its present state
The tax is, as now, to bo computod on tho individual be­
W ho can predict how m any hundreds or thousands o f yoars it will take beThe present law includes Class 2 with Class 1; the
foro tho forests will bo felled and tho streams will bo dried, and tins great quests.
fertile continent o f ours, liko tho plains o f ancient Iran, whero civilization amounts at which the (samo) rates apply are $50,000,
began, becom o a desert, fit only for the surveying parties o f tho archaeolo­ $250,000 and $1,000,000.
A chango is made in tho exemp­
gist? W hen that tim e com es what d o wo want to have written on the pages
o f history o f thoso who lived for hundreds or perhaps thousands o f years tions. According to tho presont law tho exemption of $5,000
on this continent? W hat do we want to havo said about tho way in which to direct heirs and $1,000 to collaterals is an absolute one,
America m et tho greatest crisis o f the w orld’s history in modern times, in no part of such amount being taxablo, however largo tho
1916? D o wo want a nation weak, broken to pieces, irresolute, filled with
Tho bill now ponding provides that tho $5,000
conflicting and discordant voices, or d o wo wish for a nation unified, strong, bequest.
sym pathetic, and ready to respond to tho cause o f a com m on purposo to
exemption remains absolute, but in tho case of thoso given a
servo all hum anity, even though tho rest o f humanity bo at war with Itself?
$500 exemption, tho wholo amount is taxablo should the
The yoar 1916 is but ono m ember o f an Infinite series. Countless aeons
The
havo gone before it and countless aeons will com o after it.
I ho p h y­ amount of tho individual bequest exceed that sum.
sical forces o f naturo will go thoir w ay through indefinite tim o, perform ing other proposed amendment to the Inheritance Tax Law is
their allotcd functions, obeying their peculiar laws and undergoing thoso
intended to provont tho evasion of taxablo transfers by al­
m anifold changes and transmutations which m ake up tho heavens and tho
Both of these measures are before the
oarth. N ot so with tho reputation and tho influence o f a nation. Oppor­ leged non-residents.
tunity will not knock forever at any door; it is knocking now at tho door Governor.
Herewith wo publish in full tho Acts roferred to,
o f tho Am erican people.
italicizing the now portions, while tho sections to bo elimi­
I f they are able to rise to an appreciation o f their own part— o f its own
The bill concerning tho changing
controlling principles and politics to put asido every self-seeking, overy nated wo give in brackets.
distracting, every brutal appeal— no one can tell what lights will illumine
of the grades, &c., is as follows:
the page on which tho history o f our nation m ay yet bo written.
T o amend tho tax law, in relation to taxablo transfers.
It is nearly sixty years since Abraham Lincoln in his debates with Sen­
T ho Peoplo o f tho State o f New Y ork , represented in Senate and Assem­
ator Douglas m ade m ention o f the Scriptural saying that “ a houso di­
do enact as follows:
vided against itself cannot sta n d ,” and ho added, " I do not expect the houso b ly,
Section 1. Section tw o hundred and twenty-one o f chapter sixty two
will fall, but I d o expect the houso will cease to be d ivid ed .”
o f tho laws o f nineteen hundred and nino, entitled “ An A ct in relation to
So M r . President, I say to-d ay to this influential com pany o f Americans
taxation, constituting chapter sixty o f tho consolidated laws, as amended
wo do expect, overy ono o f us, that our houso will ceaso to be divided. Wo b y chapters six hundred and seven hundred and six o f tho laws o f nineteen
d o expect that our America will com o to full consciousness o f its purpose; hundred and ten, chapter soven hundred and thirty-tw o o f the laws o f
that tho sereno courago o f W ashington, tho constructive genius o f Hamil­ nineteen hundred and eleven, chapter tw o hundred and six o f tho laws o f
ton, tho keen human insight and sym pathy o f Jefferson, tho patient pathos nineteen hundred and twelvo and chapters three hundred and iifty-six
o f Lincoln, shall not havo been in vain in teaching us what our country is.
and soven hundred and nlnoty-fivo o f the laws o f nineteen hundred and thir­
Shall wo catch sight o f that something higher than selfishness, higher
teen, is hereby amended to read as follows:
than material gain, higher than tho triumph o f bruto force, which alone
Section 221. Exceptions and limitations. A ny property devised or
can lead a nation up to thoso high places that becom e sacred in history, bequeathed for religious ceremonies, observances or com m oinoratlvo
and from which influence descends in a m ighty torrent, to refresh, to vivify services o f or for tho deceased donor, or to any person w ho Is a bishop
and inspiro all m ankind?




APR. 29 1916.]

THE CHRONICLE

or to any religious, educational, charitable, missionary, benevolent, [hospital
or Infirm ary corporation, wherever incorporated, including corporations
organized exclusively for Bible or tract purposes and corporations organized
for tho enforcement o f laws relating to children or animals, shall bo ex­
em pted from and not subject to the provisions o f this article. Thero shall
also bo exempted from and not subject to tho provisions o f this article
personal property other than m oney or securities bequeathed to a corpora­
tion or associations wherever incorporated or located, organized exclusively
for tho moral or mental improvem ent o f men or wom en or for scientific,
literary, library, patriotic, cem etery or historical purposes or for tw o or m ore
o f such purposes and used exclusively for carrying out one or m ore o f such
purposes. B ut no such corporation or association shall bo entitled to such
exem ption if any officer, m ember or em ployeo thereof shall receive or m ay
bo lawfully entitled to receive any pecuniary p rofit from tho operations
thereof except reasonable com pensation for services in effecting one or m ore
o f such purposes or as proper beneficiaries o f its strictly charitablo purposes;
or i f tho organization thereof for any such avow ed purpose bo a guise or
pretense for directly or indirectly m aking any other pecuniary p rofit for
such corporation or association or for any o f its members or em ployees or
if it bo not in good faith organized or conducted exclusively for one or m ore
o f such purposes. T h e r e s h a l l a l s o b e e x e m p t e d f r o m a n d n o t s u b j e c t t o t h e
p r o v is io n s o f th is a r tic le a ll p r o p e r ty o r a n y b e n e fic ia l in t e r e s t th e r e in s o tr a n s ­
fe r r e d to a n y fa th e r , m o th e r , h u s b a n d , w ife , w id o w

o r c h ild o f th e d e c e d e n t,

g r a n t o r , d o n o r o r v e n d o r i f th e a m o u n t o f th e tr a n s fe r s to s u c h f a t h e r , m o t h e r ,
h u s b a n d , w i f e , w id o w o r c h ild i s th e s u m o f f i v e th o u s a n d d o lla r s o r le s s ; b u t i f th e
a m o u n t s o tr a n s fe r r e d to a n y fa th e r , m o th e r , h u s b a n d , w i f e , w id o w

o r c h ild ,

i s o v e r f i v e th o u s a n d d o lla r s , th e e x c e s s a b o v e th e s e a m o u n t s .r e s p e c tiv e ly ,s h a ll
b e ta x a b le a t th e r a t e s s e t f o r t h i n th e n e x t s e c t i o n .

1581

L aw s,” as amended b y Chapter 706 o f tho laws o f 1910 and Chapter 732
o f tho Laws o f 1911, is hereby amended to read as follows:
Section 243. D efinitions. T ho words "esta te” and "p ro p e rty ,” as
used in this article, shall bo taken to mean tho proporty or interest therein
passing or transferred to Individuals or corporate legatees, devisees, heirs,
next o f kin, grantees, donees or vendees, and not as the property or interest
therein o f tho decedent, grantor, donor or vendor and shall include all
property or interest therein, whethor situated within or w ithout tho State.
The words "tangible p roporty” as used in this articlo shall be taken to moan
corporeal property such as real estate and goods, wares and merchandise,
and shall not bo taken to moan m onoy, deposits in bank, shares o f stock,
bonds, notes, credits or evidences o f an interest in property and evidences
ot d eb t. T ho words “ Intangible p rop erty” as used in this article shall be
taken to mean incorporeal property, including m oney, deposits in bank,
shares o f stock, bonds, notes, credits, evidences o f an interest in proporty
and evidences o f d eb t. T ho word "tran sfer,” as used in this article, shall
bo taken to include tho passing o f property or any interost therein In the
possession or enjoym ent, present or future, b y inheritance, descent, devise,
bequest, grant, deed, bargain, sale or gift, in the manner herein prescribed!
T he words "co u n ty treasurer” and “ district a ttorn ey,” as used in this"
article, shall be taken to mean the treasurer or the district attorn ey o f
tho cou nty o f tho surrogate having jurisdiction as provided In Section 228
o f this articlo. T ho words "th e intestate laws o f this S tate,” as used in
this articlo, shall be taken to refer to all transfers o f property, or any
beneficial interest therein, effected b y the statute o f descent and distribu­
tion and tho transfer o f any property, or any beneficial interest therein,
effected b y operation o f law upon the death o f a person om itting to m ake
a valid disposition thereof, including a husband’s right as tenant b y the
curtesy or the right o f a husband to succeed to the personal property o f
Ins wifo who dies intestate, leaving no descendants her surviving.

Section 2. Section two hundred and twenty-ono-a o f such chapter,
as added b y chapter seven hundred and thirty-tw o o f tho laws o f nineteen
hundred and eleven, and amended b y chapter six hundred and sixty-four
F o r a n y a n d a ll p u r p o s e s o f th is a r tic le a n d f o r th e j u s t i m p o s i t i o n o f th e
o f tho laws o f nineteen hundred and fifteen , is hereby amended to read as t r a n s f e r t a x , e v e r y p e r s o n ( a n d a l s o h i s w i f e ) s h a l l b e d e e m e d c o n c l u s i v e l y t o
follows:
h a v e d ie d a r e s id e n t, a n d n o t a n o n - r e s i d e n t , o f th e S ta te o f N e w Y o r k i f a n d
Section 221-a. Rates o f tax. [ l . Upon all transfers taxable under w h e n s u c h p e r s o n s h a l l h a v e d w e l t o r s h a l l h a v e l o d g e d i n t h i s S t a t e d u r i n g
this article o f proporty or any beneficial interest th erein ,of an am ount in
a n d f o r th e g r e a te r p a r t o f a n y p e r i o d o f n i n e c o n s e c u t i v e m o n t h s i n th e t w e n t y excess o f tho valuo o f five thousand dollars to any father, m other, husband, f o u r m o n t h s n e x t p r e c e d i n g h i s o r h e r d e a t h ; a n d a l s o i f a n d w h e n b y f o r m a l
w ifo, ch ild, brother, sister, wife or widow o f a son, or tho husband o f a w r i t t e n i n s t r u m e n t e x e c u t e d w i t h i n o n e y e a r p r i o r t o h i s o r h e r d e a t h o r b y l a s t
daughter, or any child or children adopted as such in con form ity with tho w i l l h e o r s h e s h a l l h a v e d e c l a r e d h i m s e l f o r h e r s e l f t o b e a r e s i d e n t o r a c i t i z e n
laws o f this State, o f tho docodent, grantor, d onor or vondor, or to any child o f t h i s S t a t e , n o t w i t h s t a n d i n g t h a t f r o m t i m e t o t i m e d u r i n g s u c h t w e n t y - f o u r
to whom any such decedent, grantor, donor, or vondor for n ot less than ten m o n t h s s u c h p e r s o n m a y h a v e s o j o u r n e d o u t s i d e o f t h i s S t a t e a n d w h e t h e r o r
years prior to such transfer stood In tho m utually acknowledged relation n o t s u c h p e r s o n m a y o r m a y n o t h a v e v o t e d o r h a v e b e e n e n t i t l e d t o v o ’ e o r h a v e
o f a parent, provided, however, such relationship began at or boforo tho b e e n a s s e s s e d f o r t a x e s i n t h i s S t a t e ; a n d a l s o i f a n d w h e n s u c h p e r s o n s h a l l
ch ild’s fifteenth birthday and was continuous for said ten years thereafter
h a v e b e e n a c itiz e n o f N e w Y o r k s o jo u r n in g o u ts id e o f th is S ta te .
or to any lineal descendant o f such decedent, grantor, donor, or vondor
Section 2. T his A ct shall tako effect im m ediately.
born in lawful wedlock, tho tax on such transfers shall bo at tho rato o f
Ono per centum on any amount in excess o f five thousand dollars up to
S E N A T E A C C E PTS H O U SE R ESO LU TIO N R E P E A L IN G
tho sum o f fifty thousand dollars.
FREE SUGAR C LAU SE .
T w o per centum on any am ount in oxcess o f fifty thousand dollars up
to tho sum o f two hundred and fifty thousand dollars.
The
Senate
on
the
22nd inst. by a vote of 59 to 10 receded
Throe per centum on any am ount in excess o f tw o hundred and fifty
from its amendment to the House resolution which repeals
thousand dollars up to tho sum o f ono m illion dollars.
Four per centum on any amount in excess o f ono million dollars.
the free sugar clause of the Underwood Tariff Act. The
2.
Upon a transfer taxablo under this article o f property or any beno- resolution providing for the repeal of the free sugar clause
ficial Interest therein o f an am ount in excess o f tho valuo o f ono thousand
dollars to any person or corporation other than thoso enumerated in p a ra ­ was passed by the House on March 16; the Senate substitute
graph ono o f this section, tho tax shall bo at tho rato o f
continuing the present duty of one cent a pound on sugar
I1ivo per centum on any am ount in oxcess o f ono thousand dollars up to
for another four years, or until May 1 1920, was passed
tho sum o f fifty thousand dollars.
on April 11 and as a result of tho differences the bill went to
Six per centum on any am ount in oxcess o f fifty thousand dollars up to
tho sum o f tw o hundred and fifty thousand dollars.
conference. By a vote of 306 to 27 the House on the 19th
Sovon per centum on any amount in excess o f tw o hundred and fifty
inst. instructed its conferees to refuse to compromise with
thousand dollars up to tho sum o f ono million dollars.
tho Senate substitute, and to insist on the House bill. On
E ight per centum on any amount in oxcess o f ono million dollars.]
1. U p o n a l l t r a n s f e r s t a x a b l e u n d e r t h i s a r t i c l e o f p r o p e r t y o r a n y b e n e f i c i a l tho same day Senator Simmons, one of the Senate conferees,
in t e r e s t th e r e in i n e x c e s s o f th e v a lu e o f f i v e th o u s a n d d o lla r s , to a n y f a t h e r ,
m o th e r , h u s b a n d , w i f e , o r c h ild o f th e d e c e d e n t, g r a n t o r , d o n o r o r v e n d o r ,
o r to a n y c h ild a d o p t e d a s s u c h i n c o n fo r m it y w it h th e la w s o f t h is S t a t e , o f th e
d e c e d e n t, g r a n to r , d o n o r o r v e n d o r , o r u p o n

a ll tr a n s fe r s ta x a b le u n d e r th is

a r tic le o f p r o p e r ty o r a n y b e n e fic ia l in te r e s t th e r e in

in

e x c e s s o f th e v a lu e o f

f i v e h u n d r e d d o lla r s to a n y lin e a l d e s c e n d e n t o f th e d e c e d e n t, g r a n to r , d o n o r
o r v e n d o r , b o r n i n la w fu l w e d lo c k , th e ta x o n s u c h t r a n s fe r s s h a ll b e 'a t th e ra te
of
O n e p e r c e n tu m o n a n y a m o u n t u p to a n d in c lu d in g th e s u m o f tw e n ty -fiv e
th o u s a n d d o lla rs ;
T w o p e r c e n t u m o n th e n e x t s e v e n t y -fiv e t h o u s a n d d o lla r s o r a n y p a r t th e r e o f;
T h ree p er
th e r e o f;

ce n tu m

F o u r p e r ce n tu m
tr a n sfer.

2.

on
on

th e n e x t o n e h u n d r e d

th o u sa n d

d o lla r s o r

any

p art

th e a m o u n t r e p r e s e n t in g th e b a la n c e o f e a c h in d iv id u a l

U p o n a ll tr a n s fe r s ta x a b le u n d e r th is a r tic le o f p r o p e r t y o r a n y b e n e f ic i a l

in t e r e s t th e r e in i n e x c e s s o f th e v a lu e o f f i v e h u n d r e d d o lla r s o r m o r e , to a b r o t h e r ,
s is t e r , w i f e , o r w id o w o f a s o n , o r th e h u s b a n d o f a d a u g h t e r o f th e d e c e d e n t ,
g r a n t o r , d o n o r , o r v e n d o r , o r to a n y c h ild to w h o m a n y s u c h d e c e d e n t, g r a n t o r ,
d o n o r o r v e n d o r f o r n o t le s s th a n te n y e a r s p r i o r to s u c h t r a n s fe r s t o o d i n th e
m u tu a lly a ck n o w le d g e d r e la tio n o f a p a r e n t, p r o v id e d , h o w e v e r , s u c h r e la tio n ­
s h i p b e g a n a t o r b e fo r e th e c h ild 's f i f t e e n t h b ir th d a y a n d w a s c o n t i n u o u s f o r
s a i d t e n y e a r s t h e r e a f t e r , th e t a x o n s u c h t r a n s f e r s s h a l l b e a t t h e r a t e o f
1 w o p e r c e n tu m o n a n y a m o u n t u p to a n d in c lu d in g th e s u m o f tw e n ty -fiv e
th o u s a n d d o lla r s ;
1
T h ree
th e r e o f;

per

F ou r per
th e r e o f;

ce n tu m
ce n tu m

on
on

s e v e n ty -fiv e

th o u sa n d

d o lla r s

or

any

pa rt

th e n e x t o n e h u n d r e d

th e n e x t

th o u sa n d

d o lla r s

or

any

part

F iv e p e r c e n tu m o n th e a m o u n t r e p r e s e n t i n g th e b a la n c e o f e a c h i n d iv id u a l
tr a n s fe r .

3.

presented a motion to the Senate that the latter accept the
House bill, since it had been found impossible for the con­
ferees of the two branches of Congress to reach an agree­
ment. It was accordingly decided at a conference of Senate
Democrats on the 20th to enact into law the House bill, the
Senate on the 22nd approving this course by the vote indi­
cated. The ten negative votes were cast by the following
Democrats of the Senate: Gore, Hardwick, Hughes, Husting,
Johnson of South Dakota; Dine, Martine, Smith of Georgia;
Thomas and Vardaman. The one cent duty yields about
$40,000,000 annually.

U p o n a ll t r a n s fe r s ta x a b le u n d e r th is a r t i c l e o f p r o p e r t y o r a n y b e n e f i c i a l

in te r e s t th e r e in

o f an

a m o u n t in

e x c e s s o f th e v a lu e o f f i v e h u n d r e d d o lla r s

to a n y p e r s o n o r c o r p o r a tio n o th er th a n th o se e n u m e r a te d i n p a r a g r a p h s o n e
a n d tw o o f t h is s e c t i o n th e ta x o n s u c h tr a n s fe r s s h a ll b e a t th e r a te o f
F iv e p e r c e n tu m o n a n y a m o u n t u p to a n d in c lu d in g th e s u m o f tic e n ty -fiv e
th o u s a n d d o lla r s ;
S ix p e r c e n tu m o n th e n e x t s e v e n ty -fiv e th o u s a n d d o lla r s o r a n y p a r t th e r e o f;
S ev en
th e r e o f;

per

ce n tu m

on

th e n e x t o n e h u n d r e d

th o u s a n d

d o lla rs o r

any

p a rt

F ig h t p e r c e n t u m o n th e a m o u n t r e p r e s e n t in g th e b a la n c e o f e a c h in d iv id u a l
tr a n s fe r .

Section 3.

This A ct shall tako effect Immediately.

Tho bill defining a resident for the purposo of an inheri­
tance tax follows:
T ho People o f tho Stato o f Now Y ork , represented in Senate and Assem­
b ly , d o enact as follow s:
Section 1. Section 243 o f Chapter 62 o f tho Laws o f 1909, entitled "A n
A ct in relation to taxation, constituting Chapter 60 o f tho Consolidated




ARMY

B ILL

SENT

TO

CONFERENCE.

The House on the 25th inst. decided to send the Army re­
organization bill to conference, the Democratic leaders as a
result defeating the efforts of Minority Leader Mann to
secure a record vote on the Senate amendment. As indi­
cated in our issue of Saturday last, the Chamberlain army
bill, providing for a regular standing army with a peace
strength of 250,000 men, was passed by tho Senate on the
18th inst., while the Hay army bill, calling for a peace
strength of 140,000 men, was passed by tho House on
March 23. For almost a week Representative Mann had
led a fight in the House against sending the House measure
to conference. He insisted upon having it recommitted
to the Military Committee with instructions to strike out
tho provision for a nitrate plant and to insert tho provisions
of the Senate bill for a 250,000 standing army and a Federal
volunteer force. On tho 25th a special rule, adopted after
brief debate, paved the way for action in tho House. The
rule permitted one motion to recommit the bill, but most o f
the Republicans, resenting Speaker Clark’s recognition o f
Representative Meyer London of New York, Socialist, to
make the motion, declined to vote on the proposal to recom­
mit, and it was defeated 248 to 1. At the time Representa­
tive London was accorded recognition by Speaker Clark the
Republicans were seeking to recommit the bill with instruc-

1582

THE CHRONICLE

tions to the C om m ittee on M ilita ry Affairs to disagree to all
the Senate am endm ents excopt th at relating to increasing
the a rm y to 2 5 0 ,0 0 0 .
R epresentative London offered an
unqualified m otion to recom m it.
T h e rule sending the bill
to conference was adopted b y a vote of 2 0 8 to 146. T h e con­
ferees are Senators C h am berlain, B eck h am , Broussard,
du P on t and W arren and R epresentatives H a y of Virginia,

[Vol. 102.

Secretary and seal o f the Commission shall bo tlio Secretary and seal o f
each division thereof.
T h e salary o f the Secretary o f tho Comm ission shall bo $7,500 per annum.
N othing in this section contained, or done pursuant thereto, shall bo
deem ed to divest the Commission o f any o f its powers.
Sec. 3. So m uch o f Section 18 o f tho A ct to regulate corainerco as fixes
tho salary o f the Secretary o f tho Comm ission is hereby repealed.

D en t of A lab am a anti K a h n of California.

FEDERAL TRADE COMMISSION’S BILL P ER M IT T IN G
SELLING AGEN CIES ABROAD.

T h e Federal T rad e C om m ission on the 2 7 th inst. laid be­
fore President W ilso n its bill perm itting tho use o f com m on
selling agencies abroad b y A m erican exporters and prohibit­
T h e A d am son bill, increasing the m em bership o f the Inter­ ing unfair com petition b y exporters. T ho President asked
State Com m erce C om m ission from seven to nine, and au­ that the Com m ission confer w ith Congressional leaders on
thorizing the C om m ission to divide its m em bers into as m any the subject and take it up with him later. H o is said to bo
divisions as m a y be deemed necessary, was passed b y the anxious that the bill, which has been approved b y tho D e ­
H ouse on the 17th inst. A similar bill, introduced b y Senator partm ent of Justice, be passed as soon as possible. W h ile the
N ow lan d s, is pending in the Senate.
R epresentative A d a m ­ Sherm an A n ti-T ru st Law does not prohibit tho use of com ­
son, in answer to a question in tho H ouse on tho 17th inst. m on selling agencies abroad b y exporters, some oxportors
as to the views of the In ter-S tate Com m erce C om m ission have taken the position that new legislation was needed to
m ako clear tho rights and restrictions of exporters. T ho
regarding the bill, had the follow ing to say:
T h e Inter-State Com m erce Comm ission has been recom m onding it. W o bill drawn b y tho Trade C om m ission defines export trade and
passed a sim ilar bill some ten yoars a go, but tho Senate did not pass it. m akes it m and atory that concerns engaged in export trade
T ho Com m ission has so m uch work thrust upon it first b y tho Hepburn
A statem ent
bill in 1896, and then b y tho bill which was engineered through tho House file w ith it a declaration of their intentions.
b y our distinguished Republican leader, M r. M ann , and then tho physical issued b y the Com m ission says:

HOUSE

P ASSES B IL L ENLARGING IN T E R -S T A T E
COMMERCE COMMISSION.

valuation act, that they find themselves overburdened w ith work.
T h ey have this d ifficulty: T h ey havo to send examiners and attorneys
around over the cou ntry to hear cases, and tho people aro dissatisfied with
th a t: they want tho members o f tho Comm ission instead o f agents. Fur­
therm ore, they say it is im portant that they should bo allowed to subdivide.
T h e y havo not that privilege now . T hey say that if they have nine
members and they can subdivide into sections o f tw o or three, they can
assign a certain section to physical valuation and a certain section to
hearing cases, and they can get along a great deal better and a great
deal faster.

W e print below the bill as passed b y tho H ou se:
That Section 24 o f an A ct entitled “ An A ct to regulate
com m erco,” approved February 4 1887, as am ended, bo further amended
to read as follows:
Sec. 24. T h a t tho Inter-State Com m erce Comm ission is hereby enlarged
so as to consist o f nine m em bers, w ith terms o f seven years, and each
shall receive $10,000 com pensation annually. T ho qualifications o f tho
members and tho manner o f the paym ent o f their salaries shall bo as already
provided b y law . Such enlargement o f tho Comm ission shall bo accom ­
plished through appointm ent b y the President, b y and with tho advice and
consent o f tho Senate, o f tw o additional Inter-State C om m erco Com m is­
sioners, one for a term expiring Decem ber 31 1921, and one for a term
expiring Decem ber 31 1922. T h e terms o f the present commissioners, or
o f any successor appointed to fill a vacancy caused b y tho death or resigna­
tion o f any o f the present commissioners, shall expire as heretofore provided
b y law. Thoir successors and the successors o f tho additional com m ission­
ers herein provided for shall bo appointed for tho full term o f seven years,
excopt that any person appointed to fill a vacancy chall bo appointed only
for the unexpired term o f the com m issioner whom ho shall succeed. N ot
m ore than five commissioners shall bo appointed from tho same political
party.
Sec. 2. T hat Section 17 o f said A ct, as amended, be further amended
to read as follows:
Sec. 17. T h a t tho Comm ission m ay con du ct its proceedings In such
manner as will best conduco to the proper dispatch o f business and to tho
ends o f justice. T ho Commission shall have an official seal, which shall be
judicially noticed. A n y member o f tho Comm ission m ay administer oaths
and affirm ations and sign subpoenas.
A m ajority o f tho Commission
shall constitute a quorum for the transaction o f business, except as m ay bo
otherwise herein provided, but no Comm issioner shall participate in any
hearing or proceeding in which ho has any pecuniary interest. Tho C om ­
mission m ay, from tim e to tim o, m ako or amend such general rules or orders
as m ay be requisite for tho ordor and regulation o f proceedings before it, or
before any division o f tho Com m ission, Including forms o f notices and tho
service thereof, which shall conform , as nearly as m ay bo, to those in use
In tho courts o f tho United States. A ny party m ay appear beforo tho
Comm ission or any division thereof and bo heard In person or b y attornoy.
E very vote and official act o f tho Com m ission, or o f any division thereof,
shall bo entered o f record, and its proceedings shall be public upon tho
request o f any party interested.
T h o Commission is hereby authorized b y Its ordor to divide tho members
thereof into as m any divisions as it m ay deem necessary, which m ay be
changed from tim e to tim e. Such divisions shall bo denom inated, respec­
tively, D ivision 1, Division 2, etc. A ny commissioner m ay bo assigned to
nd m ay serve upon such division or divisions as tho Comm ission m ay
direct, and the senior in service o f tho commissioners constituting any o f
Bald divisions shall act as Chairman thereof. In caso o f vacancy In any
division, or o f absence or inability to servo thereon o f any commissioner
thereto assigned, the Chairman o f tho Com m ission, or any commissioner
designated by him for that purpose, m ay tem p ora rily serve on said division
until tho Comm ission shall otherwise order.
T he Commission m ay b y order direct that auy o f its w ork, business, or
functions arising under this A ct, or under any A ct am endatory thereof, or
supplemental thereto, or under any amendment which m ay bo m ado to any
o f said acts, or under any other A ct or join t resolution which has been or
m ay hereafter bo approved, or in respect o f any m atter which has been or
m ay be referred to the Commission b y Congress or by either branch thereof,
be assigned or referred to any o f said divisions for action thereon, and m ay
b y order at any tim o am end, m od ify , supplem ent, or rescind any such
direction.
A ll such orders shall take effect forthw ith and remain in effect
until otherwise ordered b y tho Comm ission.
In con form ity w ith and subject to tho order or orders o f tho Commission
in tho premises, each division so constituted shall havo power and authority
b y a m ajority thereof to hear and detorm ino, order, certify, report, or
otherwise act as to any o f said w ork, business, or functions so assigned or
referred to it for action b y the Com m ission, and in respect thereof tho
division shall havo all tho jurisdiction and powers now or then conferred
b y law upon tho Com m ission, and bo subject to tho samo duties and obliga­
tions. A n y order, decision, or report m ado or other action taken b y any
o f said divisions in respect o f any m atters so assigned or referred to It shall
have tho samo force and effect, and m ay bo m ado, evidenced, and enforced in
the same manner as if m ade or taken b y tho Comm ission as a whole. T ho
B e it e n a c te d , e t c ..




T h e bill providos that tho Commission shall havo power to prevent
Americans engaged in export trado from using unfair m ethods o f com peti­
tion against American com petitors, ovon though tho acts constituting such
unfair m othods aro done in foreign countries.
Another provision o f tho bill is that every association or soiling agency
engaged in export trado shall filo with tho Federal T rado Commission its
contract o f association, tho location o f its offices or places o f business and
full inform ation with regard to its membership.
T ho recomm endations o f tho Comm ission are based on very exhaustive
investigation. Tho Commission lias hold a largo numbor o f hearings
throughout the United States on tho subject o f export trado. It also sent
out 30,000 letters to m anufacturers, exporters and merchants asking for
detailed inform ation and suggestions with regard to tho con du ct o f export
trado. It also sent agents to foreign countries to ascertain the organization
and m ethods em ployed by foreign com petitors with whom Am erican busi­
ness men havo to com pcto in those countries. Its conclusions aro based on
the facts brought out b y tho investigation.

N Y. CHAMBER OF COMMERCE APPROVES M IL IT A R Y
TRAINING OF YOUTHS.
A resolution approving a report o f the E xecutive C o m m it­
tee of the Cham ber of Com m erce o f tho Stato of N o w Y o rk
favoring some sort of physical and m ilitary training of the
y o u th of the country was adopted b y the Cham ber a t a
m eeting on T u esd ay.
T h a t portion of the report which
was adopted reads in part as follows:
T ho m atter under consideration is what tho Federal C onstitution so wel
calls tho C om m on Defense and no subject can with m oro propriety bo
considered and discussed b y this b o d y. D evelopm ents sinco tho meeting
on M arch 22 reveal tho existence o f confused and divergent ideas not only
in tho public m ind, but in W ashington. T h a t confusion should exist in
the public mind is not strange, but that similar confusion exists in IV ashington is a disturbing fact. T ho peoplo naturally enough havo not within
fifty years given any consistent thought to tho problems o f our com m on
defenso. U nfortunately, neither has Congress. A s a result wo havo now
substantially no m oro provision for that dofenso than wo should have if a
federation o f tho nations o f tho world woro already an accom plished fact.
Only recently havo wo learned that tho G overnm ent has perm itted provision
for tho com m on defenso to lapso into this distressing condition against tho
advice o f tho trained and capable exports b oth o f our army and o f our navy.
T hat tho peoplo should havo had no anxiety about thoso matters was
natural
M ilitarism in all its forms is repugnant to our ideals, and the
absonco from tho streots o f men o f our arm y and navy caused no com m ent
and provoked no inquiry. Nevertheless tho peoplo— outsido o f a wellintentioned but mistaken and relatively small group— havo been at all
times willing to bo guided b y tho experts. T hoy havo learned to follow
expert advice in activities where such advico is less im portant than It Is In
these gravo matters. T hoy havo learned to depend upon scientists and
experts in business in order to determine tho scopo and oft Iciency o f mothods
in m anufacturing, in equipment, in accounting, in maintenance, in opera­
tion and thoy havo m oro and m oro learned to rely upon the export in law
and in m edicine. T ho specialist has bccom o a necessity o f enterprise and
ono o f tho indispensable factors o f success.
*
*
*
*
*
*
*
*
*
*
*
*
W e havo already declared our belief that the subject o f tho com m on de­
fense is a business question, that business m ethods and principles should
bo applied to it, and that, thereforo, tho opinion o f tho trained experts as
to what constitutes an adequato equipment for defenso should prevail.
Under tho pressuro o f an aroused public concern m ost, if not all, tho rec­
om mendations o f these m ilitary experts aro now available. Attached
hereto aro im portant proposals o f tho arm y and navy staffs. Congress
has preferred substantially to ignoro these proposals and to dovolop its
own plans and to framo legislation in harm ony therewith.
A program in Washington which misinform s or misleads tho peoplo is
certain to arouse violent resentment .T o ignoro tho advico o f our exports,
and at the same tim e to assuro tho peoplo that thero is no danger, when tho
peoplo have appalling ovidenco that very gravo peril exists, is to create a
m ost unhappy relation between tho public and Its representatives in
W T h "'peoplo boliovo that tho cost o f proper preparation for tho com m on
defenso is a m inor consideration, and wliatovor that expense m ay bo, thoy
aro prepared to meet it. B ut this is not tho whole o f tho question
T he
com m on dofenso calls for something m oro than ships, guns and m unitions.
A s in all human affairs, tho personal equation horo is o f first im portance.
H ow m ay wo provide tho personnel necessary for tho com m on defenso
without impairing our industrial energies, without maintaining a groat
standin- arm y, and yot furnish a constant sourco o f supply to which tho
country*may turn in case o f noed and fin d it responslvo and efficient?

A pis. 29 1916.)

THE CHRONICLE

The com m ittee is o f the opinion that Switzerland and Australia have
givon the dem ocratic world an example o f m ethods which provido b y the
simplost means a trainod citizen army o f extraordinary quality at a mini­
mum o f national oxponso. Those systems have proved as helpful in the
developm ent o f the moral strength and character o f tho people o f those
countries as thoy have been effective in m ilitary results.
Y ou r com m ittee offers the foregoing reflections in tho boliof that som e
form o f universal physical and military training o f tho youth o f this cou ntry,
adapted to our conditions o f lifo, and not inconsistent with our national
ideals, would contribute to national virility, to moral and physical dis­
cipline, to a better appreciation o f tho responsibilities o f citizenship and
ultim ately to tho security o f tho cou ntry. Therefore, bo it
R e s o l v e d , T h a t tho President and tho Congress bo urged to give tills
m atter their earnest consideration, with tho request that legislation appro­
priate thereto bo fram ed for public consideration.

A ction was deferred a t tho m eeting on a further resolution
calling tho attention o f tho country to a report on a proper
m ilitary policy for the U n ited States prepared b y the W a r
College D ivision , General Staffs C orps, and to a report o f
the General Board of the n a v y to Secretary D an iels.
A third
resolution, which was also turned back to the com m ittee
for reconsideration, stipulates “ th at tho G overn m ent of the
U n ited States should indicate im m ediately that this country
is prepared to m eet tho representatives o f all tho democratic
nations o f tho world in a convention the purpose o f which
shall be to extend tho ideals expressed in Philadelphia in
1787, and thus prom ote tho solidarity and tho peace o f tho
whole civilized w o rld .”

FREIGHT CONGESTION.
E ffective a t m idnight on tho 27th in st. tho E m bargo
C om m ittee o f tho Eastern Freight Accu m u lation Conference
placed an em bargo on the N e w Ila v e n R R . upon all bitu­
m inous and anthracite coal; upon lum ber and com ent con­
signed to W a te rb u ry , H artford and Torrington (to all othor
places shipm ents aro accepted to tho extent daily o f onethird of the average daily receipts of lum ber and com ent
from connecting lines during tho corresponding poriod o f
1915) and upon all less than carload fre ig h t,w ith the excep­
tion o f foodstuffs for hum an consum ption, printing paper,
liousohold goods and freight for tho U n ited States G overn­
m en t. W h e n tho N o w H aven em bargo was lifted recontly,
tho com m itteo lim ited shipm ents o f coal, lum ber and com ent
to one-third the averago daily receipts o f tho corresponding
poriod of 1915.
I t was hoped th at with this m odification
receipts m igh t bo kopt down to tho capacity of tho receivers
o f shipm ents on the N e w H av en to handle.
In tho case
o f coal this has n ot proved effective and receipts liavo been
averaging abou t the samo as last year. T ho result has been
that tho N o w H av en has on its tracks at tho present timo
more cars than can bo handled p ro m p tly. T h o num ber
o f cars hold b y other roads for N ow H av en territory has boon
reduced since tho organization of the Conference from about
2 5 ,0 0 0 to 9 ,0 0 0 .
T ho B altim ore & Ohio R R . on the 26 th in st. lifted tho
ombargo on grain from points along tho lines of tho B altim ore
& O hio, and B altim ore & South W e ste rn , whether for dom estic
uso or export.
______________________________

THE A N TH RA C ITE M IN E R S ’ NEGOTIATIONS.
T ho efforts to reach an agreement w ith regard to the
dem ands of tho anthracite miners liavo been am ong tho
incidents in tho foreground this weok.
On Tuosday
tho sub-com m itteo representing the operators and miners
reached tho decision that thoy could n ot com e to an agree­
m en t, and concluded to so report to tho full com m itteo
on tho follow ing d a y .
T h o principal stum bling-blocks have
boon tho dem ands o f tho union for a closed shop and a “ check
o ff” system for tho collection o f duos for tho minors’ union.
T ho wage question, it is understood, is still a m atter o f ad­
ju stm en t, tho operators offering in placo o f tho 2 0 % advanco
sought b y tho m iners, a 5 % increase, and giving to tho mon
working nino hours an eight-hour d ay with nino hours’ p a y ,
equivalent to an increase o f 1 2 % .
Following the decision
to bring tho conferences of the sub-com m ittee to a closo
S . D . W arrin er, President of tho Lehigh C oal & N av ig a tion
C o ., on bohalf o f tho operators on tho su b-com m ittee, gave
o ut tho follow ing statem ent on the 25 th :
T ho cause o f tho disagreement between the miners and tho operators at
their m eeting to-day was tho demand o f tho miners for a closed shop and
tho com pulsory collection by the operators o f all dues and assessments tho
United M lno W orkers see fit to levy against their membors. This demand
for tho com pulsory collection by tho operators cam o after the operators
had offered an agreement giving tho miners a 5% increase in wages and
giving to mon now working nino hours an eight-hour day with nino hours’
p a y, equivalent to an increaso o f 12 ' A % - This offer is in excess o f the
settlement recently m ado with tho same organization in tho Central Penn­
sylvania bituminous field, which is com petitive with anthracite.
T ho operators maintain that tho insistonco b y tho miners on their dem and
for a closed shop Is un-Am erican, and that the forced collection o f duos by
tho em ployer, known as tho " c h e c k -o ff,” is against the practice o f overy




1583

other labor organization in tho cou ntry, and is, in effect, a dom and on the
part o f tho officers and organizers o f tho United M ine W orkers o f America
for a guaranteed incom e, collected by the operators and to bo used b y the
organization in any w ay it desires. M u ch as they realize tho responsibility
o f tho step they take, the operators believe that in rejecting tho dem and for
a closed shop and the " c h e c k -o ff" they are protecting tho institutions o f tho
country as well as the public without in any degree desiring to antagonize
tho intorosts or the principles o f organized labor.
This attitude on the part o f tho operators is in absolute accord with the
decision o f tho A nthracite Strike Commission appointed b y tho President
o f tho Unitod States in 1902. On this samo subject o f com plete recognition
o f tho union tho Com m ission found as follows:
“ T ho Commission adjudges and awards: That no person shall be refused
em ploym ent or in any w ay discriminated against on account o f membership
or non-mombership in any labor organization, and that there shall be no
discrimination against or interference with any em ployee who is n ot a
mombor o f any labor organization b y members o f such organ ization ."

On the d ay of the issuance o f the a b o ve , John P . W h ite ,
President of the U nited M in e W orkers o f A m erica, had the
following to say concerning the failure to agree:
I cannot believe that tho anthracite operators will deliberately force a
striko. B y meeting here with us day after day they have apparently shown
that thoy accept the principle o f collective bargaining and realize that tho
men who risk their lives and health in the industry as against the dollars
o f tho owners have a right to a voice in determ ining tho conditions under
which they shall labor.
In full confidonco o f tho good faith o f the operators, anthracite minors
have continued work, although all about them they havo seen fellow wage­
workers in other industries receiving large increases in wagos and other
beneficial working conditions.
T he welfaro o f 176,000 men and their wivos and children and the co m ­
munities in which thoy live is at stake. I f tho operators want to be fa ir,
wo can yot reach an agreement.

A subsequent statem ent announcing that tho dem and for
a “ check -off” system had been w aived, was issued b y M r .
W h ite on W e d n esd ay , follow ing the conference o f the full
com m ittee representing the two interests:
A s a reply to tho statement issued b y the operators that the dem and for
a ch eck -off Is un-Am erican, we are waiving tho dem and, but not because
wo concur in the opinion o f tho operators that it is un-Am erican. It is
sim ply a scheme on their part to estrange public opinion from the miners
and to bask in it themselves.
1 lie miners are dem onstrating their intense desire not to inconvenience
tho public unnecessarily b y going to the length o f eliminating tho ch e ck -o ff
from thoir list o f dem ands. W hile the miners’ loaders d o not see how
thoy can rocode from their position in favor o f tho closed shop, they aro
magnanimous enough to give up their ch e ck -o ff dem and to show that they
aro intonsoly dosirous o f averting a general striko, i f such a thing can be
done.
W o reply to the arguments o f the operators b y stating that if it is unAm orican to dom and a ch eck -off for tho collection o f dues for tho m iners’
union, it is un-Am erican for the operators to use a ch e ck -o ff for rents for
tho hom os o f tho miners. Likewise, it is un-Am erican for tho operators to
uso a ch e ck -o ff for tho paym ents for powder and m ining tools and other
necessities used b y minors. I f tho arguments used b y the operators against
tho ch e ck -o ff dem and o f the miners hold good for tho operators, thoy also
ought to hold good against the ch e ck -o ff oxercised in favor o f tho operators.

Tho join t general com m ittee continued its sessions on
T hursday, when it was finally decided to refer back to the
sub-com m ittees the questions in dispute, w ith instructions
to try to reach an agreement before M a y 2 , w hen a conven­
tion of delegates o f m iners’ unions will be held a t P ottsvillo,
Pa.
President W h ite announced on the 2 7 th inst. that an agree­
m e n t had been reached w ith W . K . Fields, representing the
soft coal operators, and that the 2 0 ,0 0 0 soft coal miners
who aro out on strike in D istrict N o . 5 of Pittsburgh would
bo ordered back to work on the 28 th . T h e m iners, it is
stated , were ordered out on the 22d inst. by President V a n
B itner and the E xecutive Board of D istrict N o . 5 , U n ited
M in o W orkers of A m erica, because their p ay envelopes did
not contain tho 5 % increaso provided for in the N ow Y o rk
agreem ent for yardage, d ay work and dead work.
B y a referendum vote on the 18th inst. the coal miners
o f tho C abin Creek and C oal River districts o f W e s t V ir­
ginia approved a scale o f wages, ending a dispute which had
interrupted operations for m ore than two weeks. T h e
U nited M in o W orkers o f Am erica assumes control o f the
local union.

BIT U M IN O U S M IN E R S ’ AGREEMENT.
On tho 14th inst. a t Philadelphia an agreem ent covering
two years from April 1 was signed b y representatives o f the
soft coal operators and miners of tho Central Pennsylvania
D istrict (D istrict N o . 2 o f the U nited M in e W orkers of
A m erica). T ho m ost im portant provisions o f tho agreem ent
aro those granting for the first time tho right o f a special
assessment b y the m iners, a 5 % increaso in a ll-d a y labor
wages and yardage, and an im proved check-off system which
is said to bo superior to a ny previously in force in the district.
Othor provisions in tho agreem ent, which affects 5 0 ,0 0 0 work­
ers in tho Central Pennsylvania bitum inous district, are
pick m ining, 7 5 cents a ton gross, and net ton , the equivalent;
m achine loading, 4 4 .4 3 cents a ton gross; not ton , tho equiva­
lent; drivers, S2 77 a d a y; trappers, SI 2 5 a d a y , m inim um ;
all-d ay labor a 5 % increase; advancing wages from S2 64

[Vol. 102.

THE CHRONICLE

1584

to $ 2 7 7 per d a y ; also, as indicated a bove, a 5 % increase
in all dead w ork and yardage. T h e agreem ent, it is stated ,
represents an addition o f $ 3 ,5 0 0 ,0 0 0 to the expenses of the
operators. Jam es Purcell, President of the D istrict organi­
zation , is quoted as saying:
T ho agreement gives the highest rate o f wages over paid in D istrict N o . L ,
and it places tho United M ine W orkers o f Am erica, b y reason o f the per­
mission to collect dues and levy assessments, in position to attack the un­
organized field surrounding Pennsylvania.

to be saved from danger before tho com m ercial vessels o f England and
France, upon which they were traveling, were sunk.
_
T h e difference between the English and the German cases is this. T h a t
in the form er tho questions can be settled in the future b y com pensation
in damages to be awarded, if need bo b y an International cou rt, because
they concern property and not human life; bu t, in the Gorman case, such
a rem edy is utterly inadequate because human life is involved and t h e r m o
must be settled now , or American lives will continue to be s a c r ific ^ in
violation o f the rights o f those dying and o f the nation owing them protec­
tion, and our losses will be irrevocable.

A ccording to an announcem ent of W illiam G reen, Secre­

H EN RY MORGENTIIAU RESIGNS A S AMBASSADOR
TO TU R K E Y.

tary and Treasurer o f the U n ited M in e W orkers of A m erica,
on the 11th in s t., the bitum inous wage agreem ent adopted
in M a rch a t a conference o f the officials of tho U n ited M in e
W orkers of Am erica and representatives of the coal mine
owners in N e w Y o r k , has been ratified b y a referendum vote
of the m em bers o f the m iners’ organization. T h e v ote was
8 4 ,4 9 8 in favor o f the agreem ent and 4 2 ,8 2 0 against it.

Announcement that Henry Morgenthau bad tendered to
President Wilson his resignation as Ambassador to Turkey
was mado on the 25th. Mr. Morgenthau returned to the
United States on a vacation in February, and since his return
it has several times been reported that he intended to re­
linquish the post of Ambassador. He will take part in the
political campaign in behalf of President Wilson Abram
I. Elkus of New York, is reported as the choice of the Ad­
CO-OPERATION OF ministration for the post which Mr. Morgenthau vacates.

PRESID E N T WILSON SOLICITS
B U S IN E S S M E N I N IN D U ST R IA L PREPAREDNESS.

A n open letter, addressed b y President W ilso n to the busi­
ness m en o f A m erica, seeks the co-operation of the latter
w ith the C om m ittee on Industrial Preparedness of the
N a v a l Consulting B oard in its task o f m aking an inventory
of the industrial and transit resources of each State in the
U n io n . T h e President’s letter, which was m ade public b y
the C om m ittee on T u esd a y , was written under date o f the
21 st in st. and is as follow s:
The While H ouse, Washington, A pril 21 1916.
To the Business M en o f America:

COL. ROOSEVELT READY TO FIGHT FOR NATION.
Former President Roosevelt last Sunday made the momen­
tous announcement that he himself,his foiir sons and one and .
“perhaps two” of his sons-in-law, would fight for the nation in
the event of war. This announcement was contained in a
statement issued by him in which he also assailed the Adminis­
tration for its failure to prepare during tho twenty-one
months the European war has been m progress to avert
war “ or, if it could not bo averted, to wage it efficiently

I bespeak you r cordial co-operation in the patriotic service undertaken
b y the engineers and chemists o f this country under the direction o f the
Industrial Preparedness C om m ittee o f the N aval Consulting Board o f the
U Th<fconfidential Industrial inventory you are asked to supply Is inte“ ded
fo r the exclusive benefit o f tho W ar and N a vy Departm ents, and wm be
used in organizing the industrial resources for tho public service in national

will stand between danger and the men who are behind or beside m e

d eA t m y request tho American S ociety o f Civil Engineers the American
Institute o f M ining Engineers, tho American S ociety o f M echanical E n­
gineers. the American Institute o f Electrical Engineers and the Amorican
Chem ical Society are gratuitously assisting the N aval Consulting Board
in tho work o f collecting this data, and I con fiden tly
[ ° u r eamos
support in the interest o f the people and Governm ent o f the United States.
Faithfully yours,
W O O D R O W W IL S O N .

S 3 ? £

T h e work of preparing an inventory of the country’s
m anufacturing plants is delegated to 3 0 ,0 0 0 engineers m em ­
bers of the five societies. These engineers will take the field
on M a y 1 and will be under the direction of State boards o f
five m en each in every S ta te , A laska and the D istrict ot
C olu m b ia. T h ese boards in turn are directed b y W . b .
G iffo rd , C hief Statistician of the Am erican Telephone &
Telegraph C o .
Instructions issued b y the Industrial Pre­
paredness C om m ittee to the 3 0 ,0 0 0 engineers directs them to
keep the in ven tory confidential and to retain no copies of it
for their own u se. T h e C om m ittee in its instructions says:
Impress upon tho manufacturers that the schedule does n ot call for in
form ation o f a private nature. Howover, the field aide should uso evory
nrecaution against “ leaks." N o Information obtained from a m anufac­
turer shall be given out under any circumstances. T he manufacturer
should bo assured that the report will bo so handled as to prevent the dlslosure o f any inform ation hurtful to his business.

If any m anufacturer declines to m ake a report or to answer
a n y questions, the field aide is requested to state lus reason
and com plete the reports from outside sources so far as pos­
sible, stating explicitly th at the inform ation is so obtained.
A m o n g other inform ation, the aides are directed to ascertain
the value and areas of the m anufacturers’ plants, horse­
pow er, m aterials used and products m anufactured and ship­
ping

facilities.

r^ h T g o T o " « 5 S S ? 5 t o
that Z

S

i

m

S

S

see our wom en and children
inaobeeying the behests

b . s a u c e d , n ot to tbo nation’, need b ut to

the nation's folly.
flin ch from their duty
I would far rather see ^ e m dead^than^see t n ^ ^ ^ ^
gQ tQ war

s s w s r s s s ia is ■ x z z x s : z * « -

>«.

efficiently and successfully.
j have had their will and our
T he pacificists and anti-preparednessi p « p e h
^ p i e s s , and with
rulers at W ashington have lm w e d to
pe» c o .
blind fatuity thejr
*
o f unpreparedness is tho peace

THE IRISH REBELLION.
A serious revolt, instigated by tho Sinn Fein organization
broke out in Dublin, I r e l a n d , during tho past week, almost
simultaneously with the news of the capture

„ _ „ „ „

EX -PR E S ID E N T TA FT DEFENDS PRESID EN T AND
POINTS OUT VIOLATIONS OF OUR RIGHTS.
Ex-P resident W illiam H . T a ft , in defending on the 22d
in st. the course of President W ilso n in the G erm an sub­
marine issue, urged th at the country stand b y him in the prese ^ e T r i 1gh tT n d we must stand b y him .

I f Germ any refuses to heed the

wam ing and G ount von B em storff is given his passports, war need not

ensue
But if Germ any continues hor submarine warfare in such a way
T t o krow n n L ^ m b a t a n t Americans as in the case o f the Lusitania and
the Sussex, it is difficult to see how war can be avoided

M r . T a ft ’s romarks were addressed to the M y s tic Athletic
C lu b of Chicago, and during his address he took occasion to
state that b oth sides in the war have violated our rights; in
pointing out the difference betw een the violations of the two
C°B otlfsid es la th e war have violated our own rights as neutrals. England
has failed to keep within tho law o f blockade as she enforced it
In tho C ivil W ar and has seized our vessels and cargoes in violation o f our
XJK
Germ any has caused the death o f 150 o f our citizens b y her subm w S e warfare, when, b y the rules o f international law. they were entitled




PrT h S e ^ e the men who will go to tho war at once if there ^ w a r j l t h

' "

X

t

Bril“ u —

"

I

d

X x r e in the Irish hom e rule struggle w ho

had

hppn residing in G erm any since the early part of the w ar.
T h e expedition in which he was engaged consisted of a
G e m a n submarine and an 1 ,1 0 0 ton steamshrp loaded wrth
a ,Z
T h e rteam er w as sunk, and Sir Roger and Ins eon arm s,
u
Announcement concerning the
federates cap ur
.
tho British A d m iralty , said:
capture, issued on the
„fZ rnoon of April 20 and tho afternoon of
During the period between t h e a f
amnuudtlon
Ireland was m ade
April 21 an attem pt to land arms an
^ gh
but which ln reality
b y a vessel under t o j g u t a e o f ^ ^ i ^ ^
a Gcrl?lan submarine.
WT h e °S S y aw « ^ k

and a number o f prisoners were m ade, among

WhC o n ^ n g Rthe d ista n c e s
^
by the British Government cm U'o ^ ^ ^ rjublin A larg6
A t noon y ^ d ^ j e r i o u s d^urbaneee
mQatly arm ed. occupied
party of men identUied w it h t ^ S ln
Qf ^ post offlc0i where they
Stephens Green, and to° k
wiros. Houses also wero occupied in

A p r . 29 1916.]

TIIE CHRONICLE

In tho course o f tho d ay soldiers arrived from the Curragh and the
situation is now well in hand. So far as isjknown here, threo m ilitary o ffi­
cers, four or five soldiers, tw o loyal volunteers and tw o policem en have
been killed and four or five military officers and seven or eight soldiers
and six volunteers wounded. N o exact inform ation has been received o f
the casualties on tho sido o f tho Sinn Feiners.
R oports received from C ork, Lim erick, Ennis, Tralee and b oth ridings
o f Tipperary show that no disturbances o f any kind have occurred in
these localities.

1585

establishm ent of a nation-w ide clearance system is expected
to be issued b y the Reserve B oard to -d a y .
T h e new sy stem ,
it is believed, will be put into operation b y June 1.
T h e “ W a ll Street Journal” in its issue o f April 24 discussed
the subject of free check collections b y the Federal Reserve
banks as follow s:

Announcem ent that the Federal Reserve B oard, in co-operation with the
Reserve bank governors, has decided upon the outlines o f a comprehensive
system o f ch eck collections is in line with what has been the purpose o f the
Board f o r i som e tim e past
Details o f the scheme aro lacking, but it is
expected that before Juno all the wrinkles will be ironed out.
I f this is done tho Federal Reserve Board will have put into operation
the last and m ost im portant feature o f the extensive par check collection
system contem plated b y the Federal Reserve law. Heretofore physical,
legal and m onetary considerations have prevented the Board carriyng out
tho ambitious schem e set forth in the law.
W hat has been accom plished b y tho Federal Reserve banks in putting into
effect such check collections as are now in operation has been done slowly.
As early as October 1914 tho Federal Reserve authorities agreed to receive
at par, for imm ediate credit, checks on any other Federal Reserve bank
and chocks on m ember banks in reserve and central reservo cities in their
own districts. Then cam e up tho question o f developing tho collection
systom within the respective reserve districts. T his proved a somewhat
difficult task as the m uch-m ooted question o f tho abandonment o f exchange
charges b y the cou ntry banks was involved. T ho m atter was tho subject
o f repeated discussions and meetings between the Federal Reserve banks
and the Board. It was finally decided that because o f tho inherent d iffi­
culties in tho scheme a general system o f par collections within tho respective
districts could only bo effected b y voluntary co-operation o f m em ber
banks, so in Juno last year practically all the Foderal Reserve banks in­
augurated such a voluntary par system among their m em bers.
AVhon tho plan became effective practically all the banks in tho reserve
and central reserve cities joined. In this district thirty-tw o cou ntry banks
joined. T hey authorized tho Federal Resorvo Banic to chargo to their
account upon receipt all item s drawn upon them . Prior to this, how ever,
tw o reserve districts, nam ely, Kansas C ity and St. Louis, had put into force
a com pulsory system o f clearing. W hen the voluntary system was gener­
T ho first and paramount duty o f tho G overnm ent is to restore order and
to stamp out rebellion with all possible vigor and prom ptitude. T h a t wo ally inaugurated in Juno 80% o f the St. Louis banks continued their m em ­
bership
while all the members o f tho Kansas C ity Bank, numbering 950,
aro doing. Behind that there is undoubtedly an obligation which rests
upon tho Governm ent o f making a searching investigation into tho causes continued as before. A ltogether, 2,400 member banks throughout the
o f and tho responsibility for these events.
That obligation wo fully recog­ ontiro cou ntry affiliated themselves with tho voluntary system o f par
checks within their reserve districts and since then there havo been some
nize and intend to discharge.
additions to this number.
It is said th at Sir R ogor, while in G erm an y w orked for tho
But this represents only about 25% o f the institutions which are eligible
indopondonce of Iroland, and endeavored to persuado Irish for membership in tho free check collection system , so it is apparent that
prisoners to form an Irish brigade to fight for G erm a n y. m uch is yet to be accom plished in this regard. T ho Federal Reserve Board
in its annual report said that tho proportion o f banks which had joined the
H is activities in G erm a n y were attributed by Sir A . C onan system had been so small "as to prove a severe disappointment to those
D o y le , in a letter to tho L ondon “ D aily C h ron icle,” as duo who had con fiden tly expected that the foresight and enlightened self-inter­
to the fact that Sir R oger was a sick m an , worn out b y ests o f tho m em ber banks would speedily accom plish tho desired results."
T ho Board attributes the tardiness o f tho banks in com ing in as largely due
tropical hardships, and out of his m in d.
Before the war, to tho failure o f jobbers and merchants to appreciate tho advantages o f the
Sir Roger achieved prominence for his investigation into clearance system and to enlarge its membership b y insisting that their
own banks join and co-operate in tho plan.
rubber atrocities in the Congo and later for his report, in
In N ew Y ork shortly after the voluntary system went into effect, the
1912, while ho was Consul General at R io Janerio, of tho receipt o f checks on other Federal Reserve banks, except those in Boston
atrocities com m itted on natives b y em ployees of a British and Philadelphia, was changed from an imm ediate to a deferred credit
basis. Tho N ew Y o rk Clearing H ouse has placed all banks which are in
com pany operating in the Pu tu m ayo rubber fields.
As a
tho Reserve bank collection system on its discretionary list. It has also
result of this report, a British R o ya l Com m ission, headed
established a departm ent for collection, in bulk, o f out-of-tow n checks on
b y h im , investigated tho situation and brought abou t reform s thoso banks which agree to rem it at par in N ow Y ork funds so as to reach
N ow Y o r k overnight.
in tho treatm ent of the men om ployed in the in du stry.
Pierre Jay, the N ew Y ork Federal Reserve A gent, attributes the fact
that so few cou n try banks have joined the collection system to the following
DISCUSSION OF CLEARANCE S Y S T E M B Y FEDERAL threo m ain reasons: First is their reluctanco to abandon exchange charges.
Under tho present collection system item s are not sent for coliection and
RESERVE GOVERNORS.
rem ittance but are charged directly against the account o f the paying bank,
T ho conference of the Governors of tho Federal Reserve giving it no op p ortunity to collect an exchange charge. Second, under the
banks which was held in W ash ington last w eek was brought old system out-of-tow n banks could count as reserve deposits with city
correspondents which they could use in their exchanges, but upon which
to a close on tho 22d inst.
T h e m eeting oxtondod over tho they received interest. T he country banks’ reservesjworo figured according
entire week and practically all of the conference was dovoted as tho accounts stood on their own books, but now the reserves with the
to the discussion of a plan for a country-w ide collection and Federal institution are reckoned as they stand on the latter’s books. This
leads to frequent impairment o f reserves and is altogether unsatisfactory.
clearance o f checks. N o final decision was arrived a t in tho
T he third reason is tho small number o f banks which have joined the
m atter, tho working out of tho plans boing loft w ith a sub­ systom . W ith N ew Y ork banks receiving a t par for imm ediate credit
com m ittee. A statoinont conveying this inform ation w as all items drawn on members o f the collection systom tho entire volum e o f
checks outstanding against any member bank which joins might be regularly
issued at tho conclusion o f tho conference as follows:
charged against its account b y tho Foderal Reserve Bank, whereas it cou ld
A mooting o f tho Governors o f tho twelvo Fedoral Rosorvo banks was only send as an offset checks on the few banks in the district which had
hold on April 17 to 22, inclusivo, at tho Shoroham H otel, W ashington, D . O. joined. A nd this is the principal cause o f the impairment o f reserves above
Thoro woro present at tho m ooting Governors Aiken, Strong, R hodos,
referred to.
Fanclior, Soay, M cC ord , M cD ou g al, M iller, W old, Van Zandt; D epu ty
It will thus bo seen that if tho Federal Reserve Board has now devised
Governors Calkins o f San Francisco and M c K a y o f Chicago; M r. T uppor, I a scheme that will meet these difficulties in a universal par check collection
D epu ty Federal Reservo Agent o f St. Louis; also M r. Hendricks, M r. T alley systom which involves not only all member banks within a district, but
and M r. A ttobory, in chargo o f tho transit departments o f tho banks o f across district lines, it will havo passed an im portant milestone in re­
N ow Y ork , Dallas and St. Louis, respectively.
m odeling American banking machinery.
T ho topics considered by tho m ooting included tho question o f the
handling o f tho G old Settlement Fund, hold b y tho Federal Rosorvo Board
for tho Federal Reservo banks and Agents, tho receipt from collectors o f
REPORTS OF E X A M I N E R S TO BE FURNISH ED
custom s and internal rovenuo o f checks carrying oxchango charges, tho
NATIO NAL B A N K S AFTER J U N E 1.
m ethod o f calculating dividends for Federal Rosorvo banks, tho conversion
and disposition o f United States bonds and notes, " n o protest” items,
Com ptroller of the Currency W illiam s m ade known his
amendments to tho Federal Resorvo A ct, tho replenishing o f 5% redemption intention, beginning June 1, to furnish to examined national
funds for m em ber banks and collection and cioaranco.
It has hereto­
Practically all tho tim e o f tho conference has been dovotod to tho discus­ banks a cop y of the report of the exam iners.
sion o f a plan for country-wide collection and clearanco o f chocks. Fro- fore been the policy o f the Com ptroller to keep these reports
quont conferences havo been held with a sub-com m ittoo o f tho Fedoral confidential. In addition to the exam iner’s main report, a
Rosorvo Board on this subject.
A t tho tim o tho meeting adjournod tho dotails o f a collection and cioaranco copy of which is to be supplied to the bank , the examiners
plan had not boon finally determined upon. It was consequently felt
will m ake to the C om ptroller’s office “ a supplem entary
advisablo to appoint a sub-com m lttco to stay in W ashington and assist in
report containing such confidential data and recom m endation
working out tho dotails o f tho proposed plan. This com m ittee will consist
T h e follow ing is the an ­
o f M essrs. R hodes, Soay, M c K a y , Hendricks, Talloy and A ttobery, and as circumstances m a y require.”
will p robably bo in conference with tho Federal Roservo Board tho oarly nouncem ent issued b y the Com ptroller in the m atter:
part o f next week.
F or the past 50 years, b y the provisions o f the N ational Bank A ct, the
N o tim o or placo was fixed for any further mooting o f governors before national banks o f the country have been subject to periodical examinations
adjournm ent.
under the direction o f the Com ptroller’s office , but the reports o f the bank
Further discussion of tho cioaranco plans will bo had a t a examiners havo always been regarded as confidential docum ents, and no
mooting o f agonts o f tho Federal Reserve banks to bo hold portion o f tho reports has ever been furnished to the examined banks.
T ho examiners’ reports and the criticisms which they havo contained
a t W ash in gton to-d ay (tho 2 9 th ). A circular calling for tho
havo, however, always been the basis for admonitions and instructions from

Premier A squ ith in tho H ouse of C om m o n s, on the 2 6 th ,
announced that drastic steps were being taken by the British
G overnm ent to suppress the revolt, m artial law having been
proclaimed in the city and county of D u b lin .
H o also
stated that. Stephens Green and L iberty H a ll, tho head­
quarters of tho Sinn Fein P arty had been reoccupied b y tho
troops, who were being reinforced b y contingents from
England and B elfast.
Later developm ents showed an even m ore serious situation
than was a t first revealed, it being announced th at m artial
law has been declared throughout tho entire territory of
Ireland, tho rebellion having spread to other parts of tho
island, chiefly to tho west and south.
This inform ation,
togother w ith reports th at street fighting was still in progress
in D u blin , and th at tho rebels still held certain parts of tho
c ity , was given out b y the M inisters in Parliam ent on tho
27 th . Prem ier A sq u ith announced that the G overnm ent
was convinced that tho forces now in Ireland and those pro­
ceeding there were adequate to deal with the situation.
Tho
Primo M in iste r, in answer to a query as to whether the G o v ­
ernment had been warned of a dangerous growth of sedition,
said:




THE CHRONICLE

1586

this office, either tiirough letters from the Com ptroller or personally an
directly b y the examiners.
M a n y banks in the past have asked for copies o f these reports, but they
have always been refused.
This office has decided to furnish hereafter, beginning about the 1st o f
Juno, to each examined bank, after an exam ination, a report o f the b an k ’s
condition as made to this office b y tho national bank examiners. Theso
roports will sot forth clearly and com prehensively tho actual condition o f
tho bank as ascertained from its books and from statements to the examiner
b y its officers, and from other available sources o f inform ation.
In addition to the examiner’s main report, a cop y o f which will bo furnished
to tho bank as above, tho examiners will mako to tho C om ptroller’s o ffice
a supplem entary report, containing such confidential data and recom m en­
dations as circumstances m ay require.
It is believed that the receipt by the Boards o f Directors o f national banks
o f these reports from the C om ptroller’s offico twice a year will relieve m any
banks o f a considerable expense to which they are now subject for periodical
examinations b y outside public accountants.

REPEALING

U N IT E D S T A T E S LAW E ST A B L ISH IN G
S IN K IN G FUND.

Senator S m oot’s bill, authorizing the Secretary o f the
Treasury to use a t his discretion surplus m oneys in tho
Treasury in the purchase or redem ption of the outstanding
interest-bearing obligations o f the U n ited States was passed
b y the Senate on the 24 th inst. W ith reforenco to the pur­
pose of tho bill, Senator Sm oot during its consideration in
the Senate on the 22d said:
T ho ob ject o f tho bill is to repeal a law that has boon violated from the
d ay it was enacted. Tho law that we aro undertaking to repeal provided
a sinking fund requiring 1% o f tho custom s receipts to bo sot aside as a
sinking fund to pay the debts o f tho United States; but from tho day it was
passed it has never been lived up to. In other words, they paid no atten­
tion to tho 1% or tho 2 % , and whenever they have had the m oney to do
so they have paid tho obligations o f tho Governm ent. T ho Departm ent
therefore believes tho law ought to be repealed. Tho law was passed at a
tim e when the Governm ent o f tho United States had very littlo credit
and tho people w ho loaned m oney to tho United States insisted that there
bo a sinking fund established and tho law was passed with that in viow.
There is no real necessity for it now.

T h o bill as passed b y tho Senate reads as follow s:
A bill to authorize the Secretary o f tho Treasury to use at his discretion
surplus m oneys in the Treasury in the purchaso or redem ption o f the
outstanding Interest-bearing obligations o f tho United States.
B e it e n a c t e d b y th e S e n a te a n d H o u s e o f R e p r e s e n t a t iv e s o f th e U n it e d S ta te s

That all provisions o f existing law re­
quiring the establishment and maintenance o f a sinking fund for tho reduc­
tion o f the d ebt o f the United States be, and tho same are hereby, repealed,
and in lieu thereof tho Secretary o f tho Treasury is hereby authorized to
use at his discretion the surplus m onoys in the Treasury, from time to tim e,
or such portion thereof as he m ay deem proper, in the purchaso or redem p­
tion o f the outstanding interest-bearing obligations o f the United States;
and the obligations so purchased or redeemed shall bo canceled and retired,
and their respective amounts shall bo deducted from tho outstanding prin­
cipal o f the public debt.
o f A m e r ic a

in

C o n g r ess a sse m b led .

Secretary of the T reasury M c A d o o in a letter to Senator
Sim m ons of tho C om m ittee on Finance under date of F e b . 21
indicating his approval of tho proposed legislation, said:
H o n . F . M . S im m o n s , C h a ir m a n C o m m itte e o n F in a n c e , U n ite d S ta te s S e n a te .

I have tho honor to acknowledge tho receipt from the
C om m ittee on Finance o f a cop y o f S. 55, Sixty-fourth Congress, first
session, “ A bill to authorize tho Secretary o f the Treasury to use at his dis­
cretion’ surplus m oneys in tho Treasury in the purchaso or redem ption o f
the outstanding interest-bearing obligations o f the United States.” which
was sent m e with a request to furnish the com m ittee with such suggestions
as I m ay deem proper touching tho merits o f tho bill and the propriety o f
its passage.
In addition to the ob ject expressed in its title tho bill proposes to repeal
all provisions o f existing law requiring tho establishment and maintenance
o f a sinking fund for the reduction o f the debt o f the United States.
T ho existing laws in relation to the sinking fund wero passed at a time
when the Governm ent was burdened with a great debt, incurred b y tho
necessities o f the Civil W ar, and, though nover fully enforced or executed,
they probably wero passed and later continued in force under the belief
that they aided in strengthening tho public credit through tho period o f
refunding the Civil W ar debt and tho return to a coin basis.
Such reasons aro now without any force w hatever, and no pledge o f a
portion o f any specific revenue, as under the existing sinking-fund law, is
either necessary or advisablo as a support to public credit, nor is any such
assurance or guaranty needed that tho interest-bearing obligations o f tho
United States will bo discharged whon duo.
T ho provisions o f tho bill which authorize the Secretary o f tho Treasury
to use at his discretion surplus m oneys in tho Treasury in the purchaso or
redem ption o f tho outstanding interest-bearing obligations o f tho United
States d o not present any now principle o f legislation, as substantially the
same authority is conferred b y section 2 o f tho A ct o f M arch 3 1881 (21
S tat., 457), which reads as follows:
M y D e a r S en a to r:

“ Sec. 2. That tho Secretary o f tho Treasury m ay at any time apply the
surplus m oney In the Treasury not otherwise appropriated, or so much
thereof as he m ay consider proper, to tho purchase or redem ption o f United
States bonds: P r o v i d e d , That the bonds so purchased or redeemed shall
constitute no part o f the sinking fun d, but shall be canceled.”

fVoL. 102.

ance, o f course, does not exist except on tho books o f the department. As
a matter o f fact, there never has been a real sinking fund established.
Amounts have been set up as belonging to tho fund, as the law directs,
and charges have been entered as certain items o f debt havo been retired.
It is, and has been for years, only an account, not a fund.
the _
im proved ....« . . . . ----- -------------------------------------— - .
, - ..
stopped further retirements o f United States notes; their redem ption was
definitely provided for through tho gold reserve fund established b y tho
A ct o f M arch 14 1900. T ho bank A ct required the deposit o f United States
bonds in order to securo circulation, and for m any years practically all tho
interest-bearing obligations o f tho United States wero used for this purpose.
M oreover, tho revenues o f tho Governm ent havo not always boon adequate
to carry out tho sinking fund provisions, even if other conditions had not
estopped tho Secretary. As a result the only entries that have appeared
on the sinking fund account since 1903 are paym ents oi matured bonds.
“ The sinking fund A cts should be revised. Fit her an actual fund should
be established with definite and specific appropriation made thereior,
together with specific provisions for the administration oi the fund, or else
the existing A cts should be repealed and the Secretary directed to purchaso
and retire interest-bearing obligations o f tho United States whenever tho
same m ay be acquired advantageously and tho condition o f tho treasu ry
will warrant such action.
,
, „
.
“ In this connection I quote from tho annual report o f m y predecessor
for the year 1911:
,
, .
,,
. ,
“ ‘ I beg to renew m y recom m endation o f last year touching the revision
o f the sinking fund law. T he sinking fund law has fallen into neglect
because it cannot be carried out. It should be revised to a point where it
can bo carried out. It is impossible to oboy tho law as it is, tor the 1 reasury
Departm ent has not at present any funds with which to pay o tf its debt.
The Secretary o f tho Treasury should set aside 1% o f tho debt as a sinking
fund, and Congress has mado a permanent appropriation for this purpose,
but it does not furnish tho m oney with which to carry it ou t. As a conse­
quence, tho sinking fund law has been not exactly a dead letter, but a
dead-and-alive letter for nearly 40 years. It is not well to continuo such a
situation, and it is not necessary in tho least that it should tie continued.
A littlo legislation would set the m atter right, and I com m end to Congress
the suggestion to make tho sinking fund law conform to tho facts.
T he Secretary o f the Treasury in February and M a y 1911 submitted to
Congress tho facts regarding tho fund and recomm endations for tho repeal
o f the sinking fund law, together with a suggested draft o f a bill to accom ­
plish that o b je ct. (II. D o c. N o . 1356, 61st C on g., 2d sess., and II. D o c.
N o. 43, 62d C on g., 1st sess.)
T ho recom m endations wero em bodied in S. 10898, Sixty-first Congress,
third session, but it appears tho bill was not considered in that Congress.
T ho Senate C om m ittee on Finance, F eb. 6 1912, made a favorable report
(N o. 320) on a similar bill, S. 2151, Sixty-second Congress, second session,
intended to carry into effect the recom m endations o f tho Treasury D epart­
m ent, but tho bill failed o f enactm ent into law.
Tho legislation proposed is desirable in m y opinion and it is hoped that
an early enactm ent o f Senato bill N o . 55 m ay bo secured.
R espectfully,
W . G . M cA D O O , S e c reta r y .

BILL PASSED AFFECTING DIRECTORS OF NATIONAL
B A N K S LOCATED NEAR STATE BOUNDARY.
A bill passed b y tho Senato on A p ril 22 provides that
national banks located near the boundary line of adjoining
States m a y , subject to tho discretion of tho Com ptroller of
tho Currency, select only a m ajority instead of throe-fourths
of their directors from residents of tho State in which they
are respectively located.
T h e bill am ends and ro-onacts
Section 514G of the Revised Statutes; below wo give tho pro­
visions of the Senate bill, indicating in italics tho now m atter
em bodied in the pending legislation:
E very director m ust, during his whole term o f service, bo a citizon o f the
United States and at least three-fourths o f tho directors must havo resided
in tho State, Territory or District in which the association is located for at
least one year im m ediately preceding their election and m ust bo residents
therein during their continuance in office: P r o v i d e d , T h a t w h e n e v e r a n a s s o ­
c i a t i o n i s l o c a t e d i n a p l a c e w i t h i n f i v e m i l e s o f th e b o u n d a r y l i n e o f a n a d j o i n ­
i n g S la t e t h e C o m p t r o l l e r o f t h e C u r r e n c y m a y , i n h i s d i s c r e t i o n , a u t h o r i z e s u c h
a s s o c ia tio n to s e le c t, i f it d e s ir e s s o to d o , in s te a d o f th r e e -fo u r th s , o n ly a m a ­
j o r i t y o f its d ir e c to r s f r o m th e S ta te i n w h ic h it i s lo c a te d : P r o v id e d f u r t h e r , T h a t
a t le a s t o n e - f o u r t h o f t h e o t h e r d i r e c t o r s a r e r e s i d e n t s o f t h e s a i d a d j o i n i n g S t a t e
a n d r e s id e w it h in f i f t y m ile s o f th e c o r p o r a t e lim it s o f th e c i t y , to w n o r v illa g e
i n w h ic h th e s a id b a n k i s lo c a te d .
E very director must own in his own right
at least ten shares o f tho capital stock o f tho association o f which ho is a
director. A ny director who ceases to bo tho owner o f ten shares o f tho sto ck ,
or who becom es in any other manner disqualified, shall thereby vacate
his place.
_

TRADE ACCEPTANCES AND D IF F IC U L T IE S TO BE
OVERCOME I N TIIEIR ADOPTION.
“ Trade Acceptances and Their Encouragem ent U nder
Our Federal Reservo S y stom ” served as tho title of an ad­
dress delivered b y Charles W . D u p u is, Vice-President of tho
Second N ation al B ank of Cincinnati, before tho Stato con­
ference of credit m en at T olodo during tho current m on th .
M r . D u p u is’s remarks boro upon the naturo of trade accep­
tances, tho effects of their use, tho difficulties to bo over­
come in their general adoption, and tho remedies to be em ­
ployed in overcom ing these difficulties.
In citing the
attending difficulties, M r . D upuis said:
Tho principal difficulties standing In tho way o f tho general adoption o f
trade acceptances aro, briofly stated, as follow s:
1. Our old and firm ly fixed business habit o f carrying open book accounts.
2. T he supposed advantages o f this old system for tho buyers.
3. Reluctanco o f buyers, especially retailers, to give promissory paper,
lest thereby they d o somotliing to reflect on thoir own credit.
4. Fears and suspicions that written obligations In negotiable form will
fall into tho hands o f remorseless collectors.
5. T ho fact that wholesalers havo been tho obliging bankers o f retailors.
6. Present plothora o f m oney and cheapness o f credit.
7. Lack o f appreciation o f tho im portance o f the proposition and tho
apathy o f all concerned.
8. Legal consequences o f concerted action having to d o with selling torms
and conditions.

T he provisions which direct the cancellation o f redeemed obligations
and deductions o f their respective amounts from the outstanding principal
o f the public debt aro essential details not fully covered b y existing law.
T he existing sinking fund law has been on tho statute books for more
than 50 years, having been enacted in February 1862, but it was im prac­
ticable to set up a sinking fund account during the Civil W ar period under
that law becauso tho Governm ent was then borrowing m onoy and issuing
bonds therefor. N o portion o f the debt cou ld , therefore, be purchased
and retired for the account. It was not until tho year 1869 that the ac­
count was set up under the law o f 1862. Since 1869 purchases and redem p­
tions o f the debt for retirement thereof have been m ado annually when
practicable.
In m y annual report for the fiscal year ended June 30 1915 (p. 46) tho
attention o f Congress was called to this subject and a revision o f the sinking
fund laws was recom m ended, as follows:

T ho remedies necossary to ovorcoino these difficulties,
and a few suggestions for bringing trade acceptances into

“ T h e sinking fund account shows on June 30 1915 an accumulated bal­
ance o f 5991,096,467 86 for the retirement o f the public d eb t. This bal­

being, were set forth as folloAvs:




A pe . 29 1916.)

THE CHRONICLE

1587

1. All who gain any advantage through the uso of trado acceptances
must bo willing to do or givo something in return. For example, the low re­ pointed out that tho advances in prices on all materials enter­
discount rate on this paper should, in part at least, bo passed along to the ing into the issuance of publications— white paper, type
sellers by the bankers, and the sollers should givo a concession to acceptors.
metals, &c. made tho issuance of a one-cent newspaper
Other inducement's and incentives must bo found. For obvious reasons
unprofitable. The resolution is as follows:
tho initiative must bo taken by sellers.
W h erea s, Tho cost o f tho manufacture of newspapers in all departments
2. Bankors should readily discount acceptances o f small denominations
has so increased that it is impossible to publish and sell a daily newspaper
without any discrimination against them becauso o f their sizo.
3. Banks must show moro discrimination In favor of trado acceptances. for one cent a copy without a loss; therefore, be it
R eso lved , That the publishers of daily newspapers throughout this State
A 1% lower rate given by a bank, whether it rediscounts or not, will soon
arouse tho interost o f sobers who borrow. If banks do not offer this con­ publicly give notice that, unless there bo immediately a great material
cession to holders of acceptances, thoy must not complain if tho Federal reduction in tho present prices of labor, mechanical material and white
Reservo banks go into tho open market and buy them directly from such paper, the time has arrived to change the price of the one-cent newspapers
to two cents a copy.
holders.
4. Sobers must allow acceptors to anticipate payment on acceptances at
The increased price and shortage in tho supply of white
tho prevailing rate o f discount and bankers should allow their borrowers
paper were discussed at the annual meeting in New York
to do likowiso on discounted acceptances.
5. No man should ask for acceptances in lieu of opon accounts unless he on the 26th of the American Newspaper Publishers’ Asso­
himself is willing to givo his own accoptancos under like circumstances.
ciation.
The employment of every means of saving was
6. Wholesalers should refuse to act as bankors for buyers unless thoy are
urged, one method suggested by which a saving could be
given evidcnco of indebtedness in tho shapo of negotiable credit instruments
7. Reasonable leniency will havo to bo promised and shown such accep­ effected being the cutting down of the margins of newspapers.
tors as find it inconvenient or embarrassing to pay acceptances at maturity. Lincoln B . Palmer, manager of the Association, referring
Whon granting extensions, however, notes and not accoptancos should bo to tho discussions at the meeting, said:
taken. Tho trado acceptance should bo used only in tho original trans­
The koynoto of the meeting was economy. The situation reaches its
actions and nover for extending accounts.
8. Bankors must not bo as liberal as horotoforo with tlioso single-namo crisis within the next few weeks, when newspapers have tho greatest amount
borrowers who refuse to make an honest effort to convert opon accounts of advertising and circulation of the year. M ay is the biggest month and
there is no question but that every publisher in tho country will decrease
into trado acceptances.
9. Discontinue tho large cash discount, allow a reasonable discount on the amount of paper used so that tho unusual condition may bo met by all.
actual cash sales only, and make trade acceptances tho only altornativo at
The following resolution of Senator Owen calling for an
tho buyer’s disposal. Such an arrangement woidd givo the honest man with
small capital a hotter clianco to compoto. If this innovation woro intro­ inquiry into the price of paper was adopted by the Senate
duced through tho concerted action o f a number of wholesalers In a givon on the 24th inst.:
line of trado, it would very quickly bring tho dosirod results.
R eso lved , That tho Trade Commission is hereby requested to inquire
10. Boforo wo can reasonably expect to bring about this groat cliango in
our mothod o f extending credit, it will bo necessary to make businoss men Into the increase of the price of print paper during the last year and ascer­
realize fully its tromondous importance to them individually, as woll as tain whether or not the newspapers of tho United States are being subjected
collectively. Tho National Association o f Credit Mon has dono and is to unfair practices in the sale of print paper.
doing excellent work along these lines. Recently tho Federal Reserve Bank
A similar resolution has been introduced in the House by
of Cleveland addressed to its members a special communication in which it
urged banks to put forth an effort to develop the uso o f trado acceptances. Representative Hastings.
Spocimen forms accompanied tho letter. Reference was mado in this letter
to tho activities o f tho National Association of Credit Mon and some of TIMJ l FP R W I T H H O L D I N G I N C O M E O N S E C U R I T I E S
tho Association’s arguments woro quoted vorbatim. Copies of this official
0 1 N O N - R E S I D E N T A L I E N S TO B E J U L Y 1.
lottor woro available on application and a number o f them roaclied concerns
As a result of tho protests against the ruling of the Treasury
that woro ondeavoring to uso acceptances in their own businoss. In Cin­
cinnati repeated demands for additional copies resulted in a suggestion to Department for the collection of an income tax on securities
tho Federal Reserve Bank to furnish tho Cincinnati Association of Credit held by non-resident aliens, tho Treasury Department this
Men with enough copies of the lottor and the forms to supply oach member
with a set. Tho suggestion was accoptod by tho Federal Bank and tho week decided to postpone from M a y 1 until July 1 the date
letters and forms wore distributed a few days ago. No doubt thoy will bo when tho regulation, so far as withholding at the source is
of much Interost to tho recipients. Tho very fact that thoy como from tho concerned, would become effective.
The ruling was pub­
Federal Itoservo Bank influences men to givo them careful consideration
Moro of this sort o f practical co-operation and effort should soon manifest lished in theso columns April 8. Announcement of the
itself It would be well if every local Credit M en’s Association woro to postponement was made in tho following notice issued to col­
distribute such a 1-odoral Rosorvo Bank lottor and the accompanying forms lectors of customs on the 25th inst.:
to all Its membors. Chambers of Commerce and tho Federal Rosorvo banks
,?w ° ,P.r,OVisi,°ns o f Treasury Decision 2313 of March 21 1916, relative to
could likewise do somo effective co-oporativo work. Tho Chamber of Com­
merce of tho United States ought to givo Its attention to tho m atter' It w thholding the normal tax of 1% at tho source from income paid to nonrewident aliens from corporate obligations, will be held effective as of July 1
could easily co-operate with tho Foderal Reserve Board at Washington
lJ lb , and the first paragraph of Treasury Decision 2317 o f April 4 1916 is
Then, too, the Amorican Bankers’ Association ought to spend time and hereby
amended accordingly.
monoy in an effort to givo this matter full publicity. Tho Individual banker
In view of this action of the Treasury Department, Reed
owes it to his institution, his customers and tho public to take pains to
interost borrowers in the proposition and to givo information and advice & M cCook, attorneys for tho Investment Bankers’ Associ­
regarding it whonovor possible.
ation of America, have issued the following statement:
It is not going to bo oasy to bring about this groat change. As wo have
Tho regulation is flatly opposed to the Attorney-General’s opinion hold­
seen, thoro aro many difficulties to bo overcomo and to somo persons theso
soom insurmountable. On tho other hand, thoro aro many who boiiovo ing that interest payable to non-resident aliens is not taxable, and no legal
grounds
aro vouchsafed by tho Department for the view that in somo
that if this scheme is givon proper publicity; if men aro enlightened regarding
its possibilities; if those who already understand it will show a disnoshinn inscrutable way the Brushaber decision destroys the validity o f the Attor­
to try it out; if bankers will take a firm position with certain borrowers- if ney-General s opinion. Whatever these legal grounds may be, tho Depart­
declines to state them or to submit them to the Attorney-General
those who aro now doing tho pioneer work will continue it a while longer ment
for his consideration.
consistently and enthusiastically; if, in short, overy ono will do his nat-Mn
The
situation is unprecedented. There is no explanation of the action
tho good work, wo will be certain to succeed in establishing as a permanent
part of our credit system tho uso o f tho Ideal credit instrument— tho trade of the treasury Department except a controlling purpose, right or wrong
to collect tho tax until the parties affected take the matter to the courts!
__________________
acceptance.
This probably means for practical purposes that tho Department will collect
a great deal of money which it will not in any event have to refund. It also
C O L U M B U S C L E A R I N G H O U S E I M P O S E S C H A R G E S moans that eventually an effort will be made to havo the courts sustain
tho view of the Department and hold that the law means and has meant
FOR C A R R Y I N G OF S M A L L A C C O U N T S .
since Its Inception that interest and dividends payable to non-resident
Under a resolution adopted on April 17 by the Columbus aliens aro subject to the tax.
Corporations, fiscal agents and foreign bankers charged with the pay­
Clearing Iiouso Association, comprising all the banks of tho
of interost on bonds held by non-resident aliens aro confronted with
city, checking and commercial accounts after M a y 1 will be ment
tho question o f their right to withhold tho tax against them. On this ques­
subject to tho following requirements:
tion they have the regulation o f the Department and also the opinion of
I irst, an initial deposit o f $50 or moro; second, a balanco o f $50 or moro tho Attorney-General dated Oct. 23 1913 under which this regulation is
must bo maintained; third, a charge o f 25 cents per month will bo made cloarly illegal. If the Attorney-General’s opinion is correct they have no
when an average daily balance o f $50 is not maintained; fourth, no over­ right to withhold tho tax. Wo are now considering this question. Our
drafts will bo allowed.
present Impression is that the regulation does not Justify the withholding
It is stated that the officials of tho Clearing House have of the tax on interest payable to non-resident aliens.
Attention should bo drawn to tho fact that at tho recent hearing in Wash­
taken occasion to point out that theso requiromonts aro not ington Assistant Secretary of the Treasury Malburn was requested to state
intended to indicate that small accounts aro not acceptable; tho legal ground upon which tho Department based its view that the Brush­
in imposing tho charges it is sought to defray in part tho ox- aber decision in effect overruled the opinions o f the Attorney-General and
sustained tho action of the Department In rescinding its former regulations
ponso attendant upon tho maintenance of such accounts
and making the now regulation. This ho at that time declined to do and
somo of tho items figuring therein being the bank book and tho Department in now announcing its final decision still refrains from stat­
chock books supplied to tho customers, the work entailed in ing tho legal grounds upon which it bases Its unprecedented action. It is
still to bo hoped that the Department will vouchsafe to the interests affected
proparing monthly statements, tho keeping of books of a statement of some legal grounds to sustain its position. The publication
of such a statement would have a material bearing on tho situation.
accounts, & c., &c.
Tho question is asked what is to be the effect of this decision on payments
heretofore made. The non-resident alien ownership certificates (Form
1040) which have been required to bo signed by foreign banks and bankers
PROPOSED I N Q U I R Y I N T O P R I C E OF P A P E R __ i n
in collecting coupons, contains the following provision:
C R E A S E S I N P R I C E OF N E W S P A P E R S U R G E D .
,eby
that if at any timo within three years from the date
A resolution urging that tho price of ono cont nowspapors of this certificate it shall appear that the income or any part thereof renreor covered by thte certificate was, or is. subjoct to the normal ta x
bo increased to two conts was adopted by tho Pennsylvania Imposed by the United States, upon presentation of proof o f that fact t o
Editorial Association at its annual convention in Philadel­ us by, from or through the Commissioner o f Internal Revenue at Washing-

phia on the 26th inst. Tho resolution was introduced by
J. II. Zorbey, publisher of the Pottsville “ Republican,” who




amount o f ta^claimedto t e d u e /’^ t0 t h ° Unlted Stat0S Govermnent tho
A court decision upholding the view which the Internal Revenue Depart,
ment has had in mind from the beginning would, o f course, come within

1588

[Vol . 102.

THE CHRONICLE

the terms o f this agreement. It is incredible that, having this view, the C o.; A . J. Porter of Niagara Falls, President of the Shredded
Department should have required this language to be used in the certifi­ W heat C o.; C . F . W eed, a lawyer of Boston; and Oliver
cate with any idea o f ultimately compelling the bankers, whose certificates
the Department holds, to pay the tax on the interest o f past years. The Wilson, Master of the Grange, Peoria, 111. Forty-five days
foreign bankers have used these certificates under the impression that they is the time allotted for the National Chamber railroad
simply Involved a guarantee as to the alien character o f the ownership. It referendum. Therefore, the result of the voting will be
Is inconceivable that tho Department could have any ulterior purpose in
phrasing the language so accurately to meet the situation which, if they are known tho second week in June.
correct in their view o f the law, is now threatening, that is a court decision
holding that the interest is taxable.
t
S E C R E T A R Y M c A D O O O N F A I L U R E OF H I G H C O M ­
We are making this statement on behalf o f the Investment Bankers
Association o f America and upon request of its responsible officials for tlxe
M I S S I O N TO J O I N I N P E R U V I A N F E S T I V I T I E S .
purpose o f calling public attention to the situation, and suggesting that all
The failure of the members of the International High Com ­
interests affected by this regulation consider very carefully the position
which they take under it. The protection o f the foreign market for our mission to avail of tho reception which was to have been
securities is o f course at stake and the foreign investor looks to the American accorded them at the Union Club in Lima, Peru, on the
dealer to protect his interests. If the Department’s regulation is accepted,
it will be at least a year before the matter reaches the courts. In the mean­ 24th inst., is explained in tho following wireless message
while the damage will be largely done. Congress may o f course give relief, received at the Treasury Department on the 27th inst.
but its leaders are apt to say on this, as on one other question, that tho
Department is wrong, and that the matter will have to be settled in tho from Secretary of the Treasury M cAdoo:
On leaving Valparaiso, Gen. Goethals telegraphed the Captain of the
courts.
_______
Tennesseo that the Panama Canal Zono was quarantined against Callao,
Peru. Wo determined, however, to spend thirty-six hours in Peru, sup­
N ATIO N AL
CHAMBER
DIRECTS
ATTEN TIO N
TO posing the quarantine of the Canal Zono was duo simply to general regula­
tions, but upon arrival at Callao on April 23 health officers of the port
RAILROAD S IT U A T IO N .
reported to tho ship’s doctor tho presence of several cases of bubonic
Impressed with the importance of having tho people of plague. Wheroupon the Captain of tho ship, as required by naval regula­
tions, forbade any officers or men to go ashore.
the country realize how seriously every interest would be
Drs. Thompson and Robortson, the ship’s physicians, strongly ad­
affected by the threatened interruption of railroad traffic, vised that no members of tho Commission go ashoro. The dilemma was
the Board of Directors of the Chamber of Commerce of the frankly explained to members of tho Peruvian Cabinet, who had como on
board. All realized tho awkwardness o f the situation, but recognized tho
United States, in session in Washington, on the 26th inst., necessity for accepting the advice of tho ship’s doctors.
Notwithstanding this, I went ashoro myself and arrived in Lima about
ordered a referendum sent immediately to its members in
every State in the Union. Acting upon the report of a 11:30 a. m ., whoro I was cordially received by tho President. I explained
to him tho unfortunato developments which prevontecl our Commission
special committee, of which Harry A . Wheeler of Chicago from coming ashoro and carrying out tho plans so generously arranged for
is Chairman, the National Chamber urges its members to us. I returned to the ship at 4:30 p. m ., accompanied from Lima to Callao
by tho Peruvian Minister of Finance and other high officials.
consider the introduction into the Senate and the House
While every one was distressed by the matter, all recognizod that it was
of Representatives of a joint resolution directing the Inter­ unavoidable. Great cordiality was manifested by Peruvian officials and
State Commerce Commission to investigate at once certain every ono else. Tho ship’s physicians insisted that it would be highly un­
wise for tho Commission to go ashore.

phases of the question now at issue. The Commerce Com­
mission would be directed to report to Congress as soon as
practicable. As relating to the controversy having to do
with a shortening of the railroad hours of labor without
corresponding decrease in pay and for increased compen­
sation for excess service performed, the resolution would
direct tho Commission to go thoroughly into the question
of minimum, maximum and average wage paid, with hours
of service to each class of railroad employees in the United
States, and so far as they are comparable, the minimum,
maximum and average with hours of service paid in other
industries where similar skill and risk are involved, the
relation of wages to railroad revenues, the question of
whether railroad revenues based on existing rates for trans­
portation will admit of equally favorable terms to all classes
of railroad employees, and any other matter that the Com­
mission m ay deem relevant. Further, it would be the
sense of Congress that the railway companies, their officers
and employees, should give their hearty support and co­
operation to the Inter-State Commerce Commission in its
investigation, deferring pending controversies over questions
at issue until that commission may be able to complete its
investigations and make its report.
As the gravity of the situation became clear, action was
taken by the Chamber of Commerce of the United States
at the annual meeting in February and resulted in passing
a resolution calling for the appointment of a special com­
mittee to study carefully and impartially such phases of the
situation as relate to the interests of commerce and the
public, and report on the best means of preserving the public
service unimpaired. The resolution called attention to the
fact that an interruption of traffic such as that impending,
would be a national calamity and that, if it arose from
arbitrary action of either side without the question in dis­
pute being submitted to a careful and impartial analysis,
an act inimical to the public welfare and fraught with grave
consequences would result. Harry A . Wheeler of Chicago
was promptly appointed chairman of the special com­
mittee by President Rhett, and a preliminary meeting was
held in Chicago on March 27. A second meeting was held
April 10, which was attended by the chairman and nine
members of the committee. The members of tho com­
mittee as it now stands are: James Couzens, formerly
President of tho Detroit Board of Commerce; Robert II.
Downman, a lumber man of New Orleans; Charles E . Faeth,
Vice-President of the Kansas City Commercial Club; D r.
Livingston Farrand, President of tho University of Colorado;
Bishop Thomas F . Gailor of Memphis, Chancellor of tho
University of the South; C . A . Johnson, a manufacturer of
Madison, W is.; E . T . Meredith of Des Moines, publisher of
‘Successful Farming,” and a Director of the Chamber of
Commerce of the United States; William Fellowes Morgan,
President of the Brooklyn Bridge Freezing & Cold Storage




M r . M cAdoo in a message to the Minister of Foreign
Affairs at Lima expressed his ‘ ‘gratitude for the goneral
courtesies and cordial wolcomo” shown him during his brief
visit, and expressed disappointment that the program for a
longer stay could not bo carried out.
D A IL Y

PRICES

FOR
AM ER ICA N
SECURITIES.

M O B IL IZA TIO N

The British Treasury announced on the 27th inst. that
thereafter it would offer daily a price for American bonds
and other securities it is willing to purchase under the
securities mobilization scheme.
P E N A L T Y FOR F A I L U R E TO O B SER VE L O N D O N M I N I ­
M U M PR ICE S.

Tho following Troasury notice regarding minimum prices
on dealings outside the London Stock Exchange, was issued
by the British Press Bureau on the 12th inst.:
Tho attention of tho Treasury has boon called to casos occurring eisowhoro than on tho Stock Exchange in which doalings have taken place, or
advertisements have beon issued, offering to effect dealings below the
minimum prices in securities for which minimum prices are still in force
on tho Stock Exchange. Thoy strongly urgo tho public generally to
support tho action which thoy liavo takon in regard to minimum pricos,
after very careful consideration and continued consultation with expert
financial opinion.
The newspapers havo beon requested to rofrain from publishing advertise­
ments offering to deal below minimum prices, or roports and lists of prices
relating to transactions below minimum prices, as woll as advortisomonts
inviting tho investment of monoy abroad.
Any broker whose namo appears on tho list kept by tho Commissioners
of Inland Revenue under Section 77 (3) of tho Financo (1909-10) Act,
1910. who deals or offors to deal at prices bolow tho minima, or facilitates
the investment of money abroad is warned that such action may load
to tho Treasury giving instructions for his name to bo struck off that list.
B R IT IS H STOCK E X C H A N G E R E G U L A T IO N R E L A X E D .

According to an Associated Pross dispatch from London of
the 13th inst., the London Stock Exchango regulation pro­
hibiting tho sale of securities unless they had beon in physical
possession in the United Kingdom since September 1914,
has been relaxed by the Treasury, so as to permit colonial
holders and holders in allied and neutral countries to sell
securities in London, even though thoy havo not boon in the
United Kingdom, provided tho proceeds aro reinvested in
British Government securities, and that certain precautions
are taken that the sale is not in bohalf of or benefiting tho
enemy.

,

,

G R E A T B R I T A I N ’ S A N S W E R TO P R O T E S T A G A I N S T
TRADE BLOCKADE.

In answer to tho protest of tho United States against in­
terferences with neutral trado, Groat Britain, in a note re­
ceived at tho State Department on tho 24th inst., contends
that tho practices complained of aro juridically sound and
valid,” and that tho relief which neutrals seek is rather to

A pr. 29 1916.]

THE CHRONICLE

be obtained by the mitigation of necessary hardships than
by “ abrupt changes either in the theory or application of a
policy based upon admitted principles of international law,
carefully adjusted to the altered conditions of modern war­
fare.” The note discloses that “ an impartial and influen­
tial commission” has been appointed to find ways to mini­
mize delays, and pledges to the Allies to make their restraints
on trade as little burdensome to neutrals as possible. The
note, in which the French Government concurs, reiterates
the military necessity of regulating commerce to neutrals
contiguous to Germany and justifies the effectiveness of the
blockade, which was challenged by the last American note.
The protest of the United States went forward to Great
Britain under date of Oct. 21, but its text was not made pub­
lic until the following month and it was printed in our issue
of N o v . 20. The answer is about 13,000 words long, and
contains some appendices and a statement from the French
Minister of Marine sustaining the view expressed by Admiral
Sir John Jellicoe. The text of the reply was given out by
the State Department for publication on Wednesday last.
A t the outset the note suggests that the American com­
plaint is not so much that shipments intercepted really wore
intended for use in the European neutral countries to which
they were dispatched as that the dispatch of goods to Great
Britain’s enemy had been frustrated by methods not hitherto
employed by belligerents. It says:
It would soora to bo a fair reply to such a contention that new devices
for dispatching goods to the enemy must bo mot by new methods o f apply­
ing the fundamental and acknowledged principles of the right to intorcopt
such trade.

A t some length the note argues the ‘mpossibility of mak­
ing seai-ches at sea, for various reasons, among which are
weather, the size of modern steamships and the manner in
which contraband can be concealed. A report from Admiral
Sir John Jellicoe, commander of the grand fleot, based upon
his experience of eighteen months, is included. After sum­
ming up the circumstances which it is contended work for
less hardship upon trade by sending ships to port for search
instead of searching them at sea, besides the added dangor of
submarines attack while search is in progress, Admiral Jellicoe’s report concludes by saying:
The difference between the British and the Gorman procedure is that wo
havo acted in the way which causes the least discomfort to neutrals. In­
stead of sinking neutral ships engaged in trade with the enemy, as the Gor­
mans havo dono in so many cases, in direct contravention of their own prize
regulations, * * * we examine them, giving as little Inconvenionco
as modern naval conditions will allow, sending thorn into port only where
this becomes necessary.
,

The note adds that a further reason for bringing ships into
harbor is the necessity for close examination of all suspected
persons, which has been made necessary by “ the German
practice of misusing United States passports to procure a
safe conduct for military persons and agents.”. A t great
length the note discusses the question of the proof of the des­
tination of contraband. It says:
The right of a belligerent to intercept contraband on its way to his enemy
is fundamental and incontestable, and ought not to bo restricted to inter­
cepting contraband which happens to bo accompanied on board the ships
by proof sufficient to condemn it. What is essential is to dotormino whether
or not tho goods wero on their way to the enemy, i f thoy wero, a belligerent
is entitled to detain them, and, having regard to tho nature o f tho struggle
in which tho Allies are engaged, thoy are compelled to take tho most ef­
fectual steps to exercise that right.

1589

The circumstances of a large number of American shipments negative
any conclusion that they are bona fide shipments for the importing coun­
tries. Many of them are made to persons who are apparently nominees
o f enemy agents. Consignments of meat products are addressed to light­
ermen and dock laborers. Several thousands of tons of such goods have
been found documented for a neutral port and addressed to firms which
do not exist there.
In the presence of facts such as those indicated above, the United States
Government will, it is believed, agree with His Majesty’s Government*
that no belligerent could in modern times submit to be bound by a rule that
no goods could be seized unless they were accompanied by papers which
established their destination to an enemy country, and that all detentions
of ships and goods must uniformly be based on proofs obtained at tho time
o f seizure. To press any such theory is tantamount to asking that all trade
between neutral ports shall bo free, and would thus render nugatory the
exercise of sea power and destroy the pressure which the command of the
sea enables the Allies to impose upon their enemy.
It is of course inevitable that the exercise of belligerent rights at sea.
however reasonably exercised, must inconvenience neutral trade and groat
pressure is being put upon the United States Government to urge the tech­
nical theory that there should be no interference at all with goods passing
between neutral ports and thus to frustrate the measures which the Allies
havo taken to intercept commerce on its way to or from the enemy.

The note refers to the action taken b y the United States
during the Civil W ar to stop such a trade and to the Supreme
Court’s doctrine of continuous voyage, given to cover all
cases where there was an intention to thwart the blockade
b y “ whatever means, direct or indirect.” It continues:
His M ajesty’s Government desires to assure the United States Govern­
ment that every effort is being made to distinguish between bona fide neu­
tral commerce and that which really is intended for tho enemy. The task
is one of exceptional difficulty and the statistics show that a great volume
o f imports Intended for the enemy must have passed through adjacent
neutral countries during the war.

The note argues at length to justify the effectiveness of the
blockade and contends that the passage of commerce to a
blockaded area across a land frontier or across an inland sea
never has been held to interfere with the effectiveness of a
blockade, saying in part:
Tho objects with which tho usual declaration and notification o f block­
ade are issued have been fully achieved. Again, the effectiveness o f the
work of the Allied fleets under tho orders referred to is shown by tho small
number o f vessels which escape the Allied patrols. It is doubtful whether
there ever has been a blockade where the ships which slipped through bore
so small a proportion to those which wero intercepted. * * * The best
proof of a thoroughness of a blockade is to be found in its results. * * •
The great rise in price in Germany of many articles most necessary to the
enomy in the prosecution of the present war must be well known to the
United States Government.

The putting of cotton on the contraband list, the note
says, was forced by the accumulation of evidence that it was
being used only for military purposes in Germany and that
its use for other purposes was prohibited. To the conten­
tion of the United States that “ the curtailment of neutral
rights by these measures, which are admittedly retaliatory,
and therefore illegal, cannot be adm itted,” the note replies:
Although these measures may have been provoked by the illegal conduct
o f tho enemy, they do not in reality conflict with any general principle of
international law, of humanity or of civilization; they are enforced with
consideration against neutral countries and are, therefore, Juridically sound
and valid.
Finally, His Majesty’s Government desires to assure the United States
Government that they will continue their efforts to make the exercise of
what thoy conceive to be their belligerent rights as little burdensome to
neutrals as possible.

In conclusion the note says:

His M ajesty’s Government havo noted with sincere satisfaction the inti­
mation contained in the concluding passages of the United States note of
tho intention of the United States to undertake the task of championing the
integrity of neutral rights.
The first act of this war was the unprovoked invasion by the enemy of neu­
tral territory— that of Belgium— which he was solemnly pledged by treaty
to protect. The occupation of this territory was accompanied by abomiIn a long discussion of Prize Court procedure, the.note gives nablo acts of cruelty and oppression in violation of all tho accepted rules of
war, atrocities the record of which is available in published documents; the
assurances that the Orders-in-Council do not override inter­ disregard of neutral rights has since been extended to naval warfare by the
national law, and that tho prize court has full power to de­ wanton destruction of neutral merchant ships on the high seas regardless
cide any given act under those orders is illegal and to enter­ o f the lives of those on board.
His M ajesty's Government would welcome any combination o f neutral
tain any claim for compensation on that basis. That assur­ nations, under the lead of tho United States, which would exert an effective
ance seomingly is borne out by the recent decision of the 'influence to prevent the violation of neutral rights, and they cannot be­
that they or their Allies have much to fear from any combination for
Privy Council in tho case of the Zamora, handed down since lieve
the protection of those rights which takes an impartial and comprehensive
the note was drafted, which secures to neutrals tho right to view of the conduct of this war and judges it by a reasonable interpretation
invoke international law before tho British Prize Court as o f the generally accepted provisions of international law and by the rules of
humanity that have hitherto been approved by the civilized world.

against the orders of the British Government.

As in a previous note in answer to the contention that
American commerce is being destroyed by tho British in­
terferences, figures issued by the United States Department
of Commerce are quoted to show that exports to tho Scandi­
navian countries and Holland increased from $97,480,500 in
1913 to $234,960,000 in 1915. The note adds:

P E R M IT S

FOR

S H IP M E N T S

OF

GOODS

O R IG IN E X P IR E J U N E

OF

GERMAN

1.

The following letter, received from the British Em bassy,
with reference to permits issued by the British authorities
for the shipment from neutral ports of goods of German and
Austrian origin, was made public by the Foreign Trade Ad­
visor of the State Department at Washington on the 19th
inst.:

In tho face o f such figures, it scorns impossible to accept tho contention
that British Prize Court procedure lias practically destroyed much of tho
export trado o f tho United States to neutral countries in Europe, and tho
inference is suggested that if complaints havo been made to tho Wasliington
I am to advise you that the Foreign Office has fixed M ay 15 as the date
Administration by would-bo exporters thoy emanate, not from persons de­ on which all permits authorized last year automatically lapse.
sirous of engaging in genuine commerco with tho neutral countrios, but from
In the case of permits authorized since this year and still unutilized, it
those who desired to dispatch goods to tho enomy under cover of a neutral has been decided that they shall lapse on Juno 1 next, or two months from
destination, and who found it more difficult to conceal the real facts from I dato of authorization, whichever is the longest period, unless othorwise
tho Prize Court under tho now procedure.
provided. The date of the authorization will in all cases be that upon
However sound tho principle that goods intended for incorporation in tho which the British Consul at the other neutral port concerned receives the
common stock o f a neutral country should not bo treated as contraband notification that a permit has been granted.
may bo in theory, it is one that can have but little application to tho pres­
I am to add that the British Consul-General at Rotterdam and tho other
ent imports of the Scandinavian countries.
Consuls concerned have been instructed to notify all forwarding agents.




THE CHRONICLE

1590
AT T IT U D E

OF

U N IT E D STATES
SHIPS.

TOWARD

ARMED
.

A memorandum setting out the attitude of the United
States toward armed merchant strips was made public by
Secretary of State Lansing on the 26th inst.; tho document
bears dato March 25, a time when the entire question of the
submarine issue again came prominently to the foreground,
following tho notification of the Gorman and Austrian Gov­
ernments that beginning Feb. 29 armed merchantmen would
bo treated as warships and would be attacked without warn­
ing. The memorandum of the State Department reiterates
and explains the purpose of the American Government to
recognize tho right of peacefid vessels to carry arms for de­
fense, and at the same time, while referring only to warships
generally, clearly sets forth the conditions under which the
United States holds that submarines m ay attack merchant
craft. An effort is made to differentiate between an armed
ship in a neutral port and the same vessel on tho high seas.
In tho first case it is shown that the United States Govern­
ment is concerned solely to protect itself against any charges
that might bo made by one of tho belligerents that it had al­
lowed American ports to bo used as a base for hostile opera­
tions by its enemy. Secretary Lansing insists that tho neu­
tral government is to be tho sole judge of the status of armed
merchant ships in its ports in tho absence of any settled rule
of international law. A commission or orders from a bel­
ligerent government to conduct aggressive operations under
penalty of punishment for failure to do so would stamp the
vessel as a warship. In the absence of such evidence the
neutral government may lay down its own rides of ovidonce
to determine the character of tho ship and, moreover, these
rules, unlike principles of international law, may be changed
or modified during tho progress of the war. The section re­
lating to armed merchant vessels on the high seas discloses
in positive terms tho American view that there must bo no
attacks without warning upon merchant ships, even if they
are armed, unless the commander of the warship has absolute
knowledge that tho merchantman is under mandatory orders
from her government to act offensively. Tho mere presence
of armament on a merchant ship is declared not to bo such
evidence as would justify an attack without warning or with­
out regard to the rights of persons on board. Tho right of
an armed merchantman, without losing its peaceful character,
to protect itself— either by flight or by resistance— is insisted
upon. On the othor hand, the attacking vessel must display
its colors before oxercising bolligerent rights, and while it
may use force against a resisting merchant ship, tho attack
must cease as soon as tho resistance stops. Only when it is
impossible to tako the captured onomy merchantman into
port may it bo sunk, and in such case tho porsons on board
must bo put in a place of safety. The right to sink a neutral
merchantman is declarod to bo doubtful in any case. In
direct contradiction to Germany’s contentions is the asser­
tion that a merchantman m ay fire without waiting for an
actual attack, whenever she is certain that she is about to bo
attackod.
•
During the negotiations following tho sinking of the
Lusitania, Secretary
Lansing stated in goneral terms
nearly all of tlio postidates which he lays down in
• tho declaration made public this week.
It was de­
cided, however, to gather those into ono compact statement
and to elaborate the State Department’s viows beyond any
possibility of misunderstanding or double construction.
The memorandum as issued by the Stato Department is as
follows:
Uy direction of tho President a memorandum was prepared during
March 1910 in regard to tho status o f armed merchant vessels in neutral
ports and on tho high seas. This memorandum is now made public as
a statement of this Government’s attitude on that subject.
D e p a rtm en t o f S la te , W a sh in g to n , M a r c h 25 1916.
Tho status o f an armed merchant vessel o f a belligerent is to bo con­
sidered from two points o f view: First, from that of a neutral, when the
vessel enters its ports: and second, from that of an enemy, when the vessel
is on tho high seas.
First— An armed merchant vessel in neutral ports.
1. It is necessary for a neutral Government to determine the status of
an armed merchant vessel o f belligerent nationality which enters its juris­
diction in order that tho Government may protect itself from responsibility
for tho destruction of life and property by permitting its ports to bo used
as bases o f liostilo operations by belligerent warships.
2. If tho vessel carries a commission or orders issued by a belligerent
Government, and directing it under penalty to conduct aggressive opera­
tions, or if it is conclusively shown to have conducted such operations, it
should bo regarded and treated as a warship.
3. If sufficient evidence is wanting, a neutral Government, in order to
safeguard itself from liability for failure to preserve its neutrality, may
reasonably presume from these facts the status o f an armed merchant
vessel which frequents its waters. Tlioro is no sottled rulo o f international
law as to tho sufficiency o f evidence to establish such a presumption. As a
result a neutral Government must decide for itself tho sufficiency o f tho evi­
dence Which it requires to determine the character o f tho vessel. For tho




[Vol . 102.

guidance o f its port officers and other officials, a neutral government may
therefore declare a standard of evidence, but such standard may bo changed
on account of tho general conditions o f naval warfare or modified on account
of the circumstances of a particular caso. Theso changes and modifica­
tions may be made at any time during tho progress of tho war, since tho
determination of the status of an armed merchant vessel in neutral waters
may affect the liability of a neutral Government.
Second— An armed merchant vessel on the high seas:
1. It is necessary for a bolligerent warship to determine tho status of an
armed merchant vessel of an onemy encountered on tho high seas, since
tho rights of life and property of bolligeronts and noutrals on board tho vessel
may be impaired it its status is that of an onomy warship.
2. The determination of warlike character must rest in no caso upon
presumption, but upon conclusive evidence, bccauso tho responsibility for
tho destruction of life and property depends on tho actual facts of tho caso,
and cannot be avoided or lessened by a standard of ovidonco which a bel­
ligerent may announce as creating a presumption of hostilo character. On
tho other hand, to safeguard himself from possiblo liability for unwarranted
destruction of life and property, tho belligerent should, in tho absonco of
conclusive ovidonco, act on tho presumption that an armod merchantman
is of peaceful character.
3. A presumption based solely on tho prosonco of an armamont on a
merchant vessel of an enomy is not a sufficient reason for a belligerent to
declare it to be a warship and proceod to attack it without regard to tho
rights of persons on board. Conclusive ovidonco of a purpose to uso tho
armamont for aggression is essential. Consequently an armamont which a
neutral Government, seeking to perform its neutral duties, may prosumo
to bo intended for aggression, might in fact on tho high soas bo used solely
for protection. A neutral Government has no opportunity to determine
tho purposo of an armamont on a morchant vossol unless there is evidence
in the ship’s papers or other proofs as to its previous uso, so that tho Gov­
ernment is justified in substituting an arbitrary rulo of presumption In
arriving at tho status of tho merchant vessel. On tho other hand, a bel­
ligerent warship can, on the high seas, test by actual experience tho purposo
of an armament of an enomy merchant vessel, and so determine by.direct
ovidonco tho status of tho vessel.
Summary:
Tho status of an armed merchant vessel as a warship in neutral waters
may bo determined in tho absonco of documentary proof or conclusive
ovidonco of previous aggrossivo conduct, by presumption derived from all
tho circumstances of tho case.
Tho status of such vessel as a warship on tho high seas must bo de­
termined only upon conclusive ovidenco of aggressive purposo, in tho ab­
sence of which it is to bo presumed that tho vcssol has a privato and peacea­
ble character and it should bo so treated by an enemy warship.
In brief, a neutral Government may proceed upon the presumption
that an armed merchant vessel of belligerent nationality is armed for ag­
gression, while a belligerent should proceed on tho presumption that tho
vessel is armed for protection. Ilotli of these presumptions may bo over­
come by evidence)— the first by secondary or collateral ovidonce, since the
fact to bo established is negative in character; tho second by primary and
direct evidence, sinco tho fact to bo established Is positive in character.
Tho character of the evidence upon which tho status of an armed mer­
chant vessel o f belligerent nationality is to bo determined when visiting neu­
tral waters and when traversing tho high seas having been stated, it is
important to consider tho rights and duties of neutrals and belligerents as
affected by tho status of armed merchant vessels in neutral ports and on
tho high seas.
First— "The relations of belligerents and neutrals as affected by tho status
of armed merchant vessels in neutral ports” :
1. It appears to bo tho established rulo of international law that war­
ships of a belligerent may enter neutral ports and accept limited hospi­
tality there upon condition that they loavo, as a rule, within twenty-four
hours after their arrival.
2. Belligerent warships are also entitled to take on fuel once in threo
months in ports of a neutral country.
3. As a mode o f enforcing these rules a neutral lias tho right to cause
belligerent warships failing to comply with them together with tlicir officers
and crews, to be interned during tho remainder of tho war.
4. Merchantmen of belligerent nationality, armed only for purposes of
protection against the enemy, are entitled to enter and loavo noutral ports
without hindrance in the course of legitimate trado.
5. Armed merchantmen of belligerent nationality under a commission or
orders of their Government to use, under penalty, their armament for aggressivo purposes, or merchantmen which, without such commission or or­
ders, have used their armaments for aggrossivo purposos, aro not entitled
to the same hospitality in neutral ports as peacoablo armed merchantmen.
Second—Tho relations of belligerents and neutrals as affected by tho
status of armed merchant vessels on tho high seas.
1. Innocent neutral property on the high seas cannot legally bo con­
fiscated, but is subject to inspection by a belligerent. Resistance to in­
spection removes this immunity and subjects tho property to condemnation
by a j)rizo court, which is charged with the preservation of tho le'gal rights
of tho owners of neutral property.
2. Neutral property engaged in contraband trado, breach o f blockado,
or unneutral service obtains tho character of enemy propi'rty and is subject
to seizure by a belligerent and condemnation by a prize court.
3. When hostilo and innocent property is mixed, as in tho caso of a
neutral ship carrying a cargo which is entirely or partly contraband, this
fact can only be determined by inspection. Such innocent property may
bo of uncertain character, as it has been frequently held that it is more
or less contaminated by association with hostilo property. For example,
under tho Declaration of London (which so far as tho provisions covering
this subject are concerned, has been adopted by all the belligerents) tho pres­
ence of a cargo which in bulk or value consists of 50% contraband articles
mpresses tho ship with enemy character and subjects it to seizure and
icondemnation by a prize court.
’ 4. Enomy property, Including ships and cargoes is always subject to
seizure and condemnation. There is no redress in a prize court. Tho
only means of avoiding loss is by flight or successful resistance. Enemy
merchant ships have, therefore, tho right to arm for tlio purpose of self­
protection.
5. A belligerent warship is any vessel which, under commission or
orders of its Government Imposing penalties or entitling it to prize money,
is armod for tho purposo of seeking and capturing or destroying enomy
property or hostilo noutral property on tho seas. The size of tho vessel,
strength of armament, and its defensive or offensive forco aro immaterial.
6. A belligerent warship has, incidental to tho right of seizure, tho right
to visit anil search all vessels on tho high seas for tho purposo of deter­
mining tho hostilo or innocent character of tho vessols and their cargoes.
If tho hostilo character of tho property is known, however, tho bolllgoront
warship may seize tho piopirty without exercising tho right of visit anil
search which is solely for tho purposo of obtaining knowledge as to the
character of tho property. The attacking.vessel must displayed s^colors
efore exercising belligerent rights.

7. When a belligerent warship meets a merchantman on the high soas
which is known to bo onomy owned and attempts to capturo tho vessel the
latter may exercise its right of self-protection either by flight or by resistance.
Tho right to capture and the right to prevent capturo are recognized as
equally justifiable.
,
,
8. The exercise o f the right of capture Is limited, nevertheless, by certain
accepted rules of conduct based on^ tho principles o f humanity and regard
for innocent property, even if there Is definite knowledge that some of tho
property, cargo, as well as the vessel, is o f enemy character. As indicative of
of theso limitations, it has become the established practice for warships to
givo merchant vessels an opportunity to surrender or submit to visit and
search before attempting to seize them by force. Tho observance of this
rule o f naval warfare tends to prevent the loss o f life o f non-combatants
and the destruction of innocent neutral property which would result from
sudden attack.
9. If, however, before a summons to surrender is given, a merchantman
of belligerent nationality, aware o f the approach o f an enemy warship,
uses Us armament to keep tho enemy at a distance, or after it has been
summoned to surrender it resists or flees, the warship may properly exercise
force to compel surrender.
10. If the merchantman finally surrenders, the belligerent warship may
release it or take it into custody. In tho case o f an enemy merchantman it
may be sunk, but only if it is impossible to take it into port, and provided
always that the persons on board are put in a place o f safety. In the case
of a neutral merchantman, the right to sink it in any circumstance is
doubtful.
11. A merchantman entitled to exercise the right of self-protection may
do so when certain o f attack by an enemy warship, otherwise the exercise
o f tho right would bo so restricted as to render it ineffectual. There Is a
distinct difference, however, between the exercise of tho right of self­
protection and the act of cruising the soas in an armed vessel for tho purpose
of attacking enemy naval vessels.
12. In the event that merchant ships of belligerent nationality are armed
and under commission or orders to attack in all circumstances certain
classes o f enemy naval vessels for tho purpose o f destroying them, and are
entitled to receive prize money for such scrvico from their Government, or
are liablo to a penalty for failure to obey the orders given, such merchant
ships lose their status as peaceable merchant ships and are to a limited
extent incorporated in the naval forces o f their Government, even though
it Is not their sole occupation to conduct hostile operations.
13. A vessel engaged Intermittently In commerce and under a commission
or orders o f its Government imposing a penalty, in pursuing and attacking
enemy naval craft, possesses a status tainted with a hostile purpose which It
cannot throw aside or assume at will. It should, therefore, bo considered
as an armed public vessel and receive the treatment o f a warship by an
enemy and by neutrals. Any person taking passage on such a vessel cannot
expect Immunity other than that accorded persons who are on board a war­
ship. A private vessel, engaged in seeking enemy naval craft, without
such a commission or orders from its Government, stands in a relation to
tho enemy similar to that of a civilian who fires upon the organized military
forces o f a belligerent, and is entitled to no more considerate treatment.
NEW

YORK

A L D E R M E N PLEDGE
B E H A L F OF C I T Y .

SUPPORT

ON

A resolution was passed by the Board of Aldermen of New
York City pledging their support to the M ayor in any action
he might take in aid of the President and Congress necessary
to maintain the nation’s honor. The resolution reads as
follows:
Whereas, A crisis in the relations of tho United States and foreign nations
was disclosed by the recent address of tho President o f the United States
beforo tho joint session o f Congress; and
Whereas, The condition of relations o f tho nation with foreign Govern­
ments may at any moment mako action necessary on the part of this city in
upholding tho nation’s honor; It is
llesolved . That the Board of Aldermen pledges to tho Mayor its unquali­
fied support in any action by him, in aid o f the President and Congress,
that may bo necessary to maintain that honor; and that this Board will
support tho M ayor in any exercise o f authority for that purpose to tho full
extent o f its powers; and further
Resolved, That the Representatives o f this city in tho Houses of Congress
aro earnestly requested to redouble their efforts to tho end of securing
legislation that will immediately provide for the country the greatest
practicable degree o f military preparedness; and further
Resolved, That a copy of this resolution bo sent to the President of the
United States, to each o f the Representatives and Senators representing
this State in Congress, the Governor o f tho Stato and the Mayor of this city.
ARRESTS I N

B O M B PLOT C A S E .

After having investigated for nearly a year numerous
clues relating to bomb plots of German propagandists in
this country, Captain Thomas J. Tunney of tho bomb squad
on tho 12th inst. caused the arrest of four men alleged to be
tho principals of a conspiracy to set fire by means of bombs
to hundreds of steamships carrying supplies for the Allies.
They aro specifically charged with manufacturing and placing
a bomb on board the steamship Kirkoswald, which sailed
from this port on M a y 2 1915. The men fii’st-arrested aro
Captain Otto Wolpert, Superintendent of the Atlas Line, a
subsidiary of the Ilamburg-American Line; Captain Enno
Bodo, Assistant Superintendent of tho Hamburg-American
Lino docks in Hoboken; Captain E . W . A . Charles von
Kleist, Superintendent of the New Jersey Agricultural &
Chomical Works, Hoboken, and Ernest Becker, electrician
on the North German Lloyd liner Kaiser Friedrich dor Grosse,
now laid up in Hoboken.
A confession by Captain Charles von Kleist is said to state
that more than 200 fire bombs were manufactured and that
tho money for tho manufacture of the bombs and for the pur­
chase of a chemical compound was furnished by Francis von
Rintelen, a Lieutenant-Captain in tho Gorman arm y, who
is now a prisoner of war in England, and by Captain Franz




1591

THE CHRONICLE

A pr . 29 1916.

von Papen and Captain Karl B oy -E d , respectively Military
and N aval Attaches of the Germany Embassy, who were
recalled last December. It is charged that the chemical
compounds for the bombs were made and inserted in the
metallic cases which were manufactured in the hold of the
steamship Friedrich der Grosse by a number of the crew,
four of whom were arrested on the 14th inst. The completed
bombs, according to the police, were delivered to German
agents who packed them in boxes which were loaded with the
regular cargoes on the ships selected for destruction at sea.
L A K E C A R R I E R S C O N C E R N E D I N REPORTS OF S E A R C H
OF S H I P S B Y C A N A D A .

The attention of the Department of Commerce was called
on the 21st inst. to the reported intention of the Canadian
Government to search American ships plying the Great
Lakes and entering Canadian ports for subjects of Great
Britain’s enemies. The matter is said to have been drawn
to the attention of Assistant Secretary of Commerce Sweet
by George A . M arr, of Cleveland, Secretary of the Lake
Carriers’ Association. It is pointed out that, should the
Canadian Government carry out this policy, traffic on the
Great Lakes would be seriously affected, because a large
number of the seamen employed in the service are of German
or Austrian nationality. The Lake carriers are particularly
concerned in the reports, since as a result of the exactions of
the Seamen’s A ct, and other causes, Lake vessels are already
facing a serious shortage of men. The Department of Com ­
merce, it was stated, would probably take up the matter
with the State Department, although it was intimated that
the Canadian Government was within its rights in detaining
the subjects of any of the Powers at war with Great Britain
or her allies, even if employed on American vessels.
Dispatches from Ottawa on the 21st inst. announced
that it was officially stated that there was no foundation
for the fear that the Canadian Government contemplates
examining ships touching at Canadian Lake ports and the
removal of sailor subjects of belligerent nations. It was
added that at the Marino Department, which would have
cognizance of such a step, it was emphatically denied that
any action of that nature was planned.
PARCEL

POST S E R V I C E

TO H O L L A N D

SUSPENDED.

The parcel post service between the United States and the
Netherlands was suspended by Postmaster-General Burleson
on the 19th inst. because of the refusal of the only steamship
line between the two countries to carry parcel post packages
in face of the seizures of American mail by Great Britain.
Postmasters have been ordered to refuse packages addressed
to Holland until means are devised for direct exchange be­
tween the United States Post Office and the Netherlands
Post Office. All packages now in the hands of the Depart­
ment will be returned to the senders and postage refunded
upon application.
P A SSPO R T R U L E S - M A D E M O R E S T R I N G E N T .

President Wilson on the 17th.inst. issued an executive order
making the regulations which govern the issuance of passports
more stringent. Although there is said to have been a de­
cided abatement of complaints of the misuse of American
passports, according to State Department officials, their issu­
ance will be still further guarded by the latest.order, without
applicants being submitted to undue inconvenience.
The new ruling provides:
First.— That the certificate of the Clerk of a State Court as to the iden­
tity of an applicant will not be accepted if a Federal Court is within easy
access.
Second.— That only such State Courts as under existing law are priv­
ileged to grant applications for naturalization will be recognized as qualified
to certify to the identity of passport applicants.
Third.— That commercial travelers and other persons whose business in­
volves frequent trips to Europe hereafter may have their passports renewed
upon the basis of their original application, instead of being required to se­
cure new passports for every trip.

W e referred in our issue of Feb. 5 to the previous executive
order issued by President Wilson, requiring citizens of the
United States before leaving for foreign ports to file applica­
tions for passports in duplicate five days prior to sailing, the
ruling also requiring the applicant to furnish three photo­
graphs of himself and a statement of the expected date of
sailing, port of departure and name of steamor.
Austria-Hungary, following the example of the German
Government, now requires all holders of passports to pro­
duce their birth certificates if they are native citizens, or
their naturalization papers in other cases, all this being neces­
sary to the recognition of a passport. This rule, it is stated,
will affect a large number of Americans now in Central E u-

THE CHRONICLE

1592

rope, and theJState Department will ask Austria to modify
it by permitting travelers to make affidavits before responsi­
ble officials as to their birth or naturalization, leaving the
new rule to apply only to persons who are not now in Eu­
rope and consequently are able to provide themselves with
the necessary papers before sailing.
GREAT

B R IT A IN

F U R T H E R R E STRICTS
PORTS.

COAL

EX­

IVol. 102.[

the export o f G erm an'goods cou ld .be perm itted only in exchange for A m er­
ican goods.
T h o German Governm ent has, how ever, seen w ith regret, after a care­
ful consideration o f the situation, that this blockade has resulted in serious
embarrassment to those Am erican industries which are in need o f dyestuffsf
and, without prejudice to its insistance as to tho unjustifiable character o
the blockade, the German Governm ent declares itself prepared to m ake
a single exception, strictly lim ited t o the shipment o f 15,000 tons o f dye­
stuffs referred to , the export o f which has been sought b y Am erican inter­
ests for almost a year.
Such shipments m ust, o f course, be m ade under guaranty which w ill
satisfactorily assure the safe arrival? f tho dyestuffs! n the United States
for consum ption b y the American m anufacturers, and under adequate
provision against their re-export to countries at war with Germ any.
I am empowered and authorized to operate with the State D epartm ent.

The freight and shipping department of tho British Board
of Trade has issued an order effective on the 25th inst.,
The above concession is the result of negotiations covering
further restricting the export of coal from Great Britain.
a long period between the State Department and the German
The text of the order reads as follows:
In viow o f the present scarcity o f tonnage and the Increased demand for Embassy. Although small shipments of dyes have from time
coal, the supply o f which Is diminishing owing to tho w ar, and to the to time been released, they were mostly for use by the United
practlco o f som o ships trading regularly with British coal outwards to
States Bureau of Engraving and Printing. The State De­
N orw ay, Sweden and Denm ark, returning to the United Kingdom in
ballast, although cargoes urgently required b y tho Allied countries are partment, it is said, immediately will make representations
available. H is M a je sty ’s Governm ent announces that on and after A pr. 25 to Great Britain to insure the safe arrival in this country of
it will not be possible to allow coal to bo loaded in any ship (other than
the shipment which Germany has agreed to. The 15,000
regular liners) proceeding to theso countries, unless that ship is already
fixed to tho United Kingdom or allied country, or holds a certificate from tons of dyestuffs, it is stated, will supply the needs of the
the Board o f Trade that no cargo Is available.
country for at least six months. The Republic Trading
The Liverpool “Journal of Commerce” prints the following Corporation, organized in this city a few months ago, for the
regarding the order:
purpose, it is said, of handling consignments of dyestuffs,
U nquestionably from a national or an Alliod standpoint this is a necessary
will
be in charge of the distribution of tho proposed shipment.
measuro which should operate to increase our im ports o f essential com ­
m odities and should provent neutral steamers from m aking huge profits Licenses to permit $5,000,000 worth of dyes to come into the
out o f the carrying o f British coal and doing nothing in return. British United States from Germany were issued by Great Britain
coal is a great lever, which, judiciously used, can bring unerring pressure
to the corporation a few months ago, and as a result of last
to bear on neutral shipping. T he Governments o f Denm ark, N orw ay and
Swedon in tho interests o f their own export trade can hardly d o otherwise week’s advices from Germany, it has taken stops toward
than support the British Governm ent in its action, and probably these securing the tonnage necessary to carry the $5,000,000 of
Governm ents have already been sounded on the m atter.
Tho
From the point o f viow o f the British coal export trade, which has already dyestuffs for which Great Britain has granted licenses.
suffered acutely from want o f sufficient shipping to d o its work and is, value of the 15,000 tons of dyes which Germany has agreed
as a m atter o f f a c t , just now almost wholly dependent on neutral shipping, to release is variously estimated at from $12,000,000 to $30,­
the now order will hardly be received with satisfaction. It moans that tho
Negotiations have been entered into by the
supply o f tonnago offering outwards will be further reduced, for, with 000,000.
cargoes to load at a hom e port, to be discharged at an Allied port beforo Foreign Trade Adviser to the State Department with the
running to a coal p ort to load, considerably longer timo will bo involved British Ambassador to obtain the permits for the safe
in the voyage and steamers will not be able to return to the coal ports
As indicating the needs for
with their usual dispatch. Consequently, coal sliippers will probably passage of the 15,000 tons.
have still less tonnago at their com m and under tho new regulation, and this immediate action for perfecting arrangements for tho ship­
they fully realize, as com m ent on the coal exchanges already attests. A t
ment of the dyes, it is pointed out that all licenses granted
tho same tim e, these neutral steamers will be doing m oro and better work
fo r tho w orld. W ith tonnage so scarce as it is just now , it is an unjustifiable for bringing in detained German merchandise will auto­
econ om ic waste to have steamers making regular trips across tho N orth matically expire on June 1.
Sea in ballast. I f the coal exporters suffer some disadvantage, the country
at largo will p rofit, and th a t, o f course, is what matters m ost.

Advices from London of the 17th inst. state that, the
British Foreign Office has warned neutral ship owners that
all cargoes or bunkers of coal of German origin found on
neutral vessels would be liable to seizure. Neutrals were,
therefore advised to obtain certificates from British consular
officers, showing that tho coal in their ships did not originate
in Germany.
Last year Great Britain placed an embargo on the exporta­
tion of coal, except to her possessions and protectorates;
this order, it was stated, at the time did not mean a total
prohibition of tho trade to countries other than those speci­
fied, but under it firms making shipments to such places
were required to obtain a special license.
G E R M A N Y A G R E E S TO S H I P M E N T O F
DYES.

15,000 T O N S O F

The German Government in a note delivered to Secretary
Lansing by Count von Bernstorff, the German Ambassador,
on the 20th inst., expressed its readiness to relieve the dye­
stuffs situation in this country by allowing the exportation,
under certain conditions, of 15,000 tons of dyestuffs. The
communication explains that, while Germany refused at
first to permit exportation of dysetuffs unless they be ex­
changed for American goods, now excluded from Germany
by the British blockade', after careful consideration of the
situation it has been seen “ that this blockade has resulted
in serious embarrassment to those American industries which
are in need of dyestuffs,” and the Imperial German Govern­
ment now is prepared to make “a single excepiton” in per­
mitting exportation in this instance. It is required only
that the dyestuffs shall be consumed by American manufac­
turers and not re-exported to Great Britain or her allies.
A translation of the text of the communication reads as
follows:

R U S S IA N

H A N D BOOK O N A M E R I C A N F I N A N C I A L
A N D C O M M E R C IA L C O N D IT IO N S.

An important step in the movement to introduce American
goods into the great Russian market has been taken by the
American-Russian Chamber of Commerce in its decision to
prepare for exclusive distribution in Russia a hand book on
American financial and commercial conditions, containing
a directory of selected American business houses. Hitherto,
it is stated, American business firms have been unable to
establish direct contact with Russian distributors and con­
sumers, and Russian firms have had no means of developing
direct connections with American business houses. This
hand book of America published under the auspices of the
American-Russian Chamber of Commerce furnishes a direct
line of contact between American and Russian interests.
The book, which will be printed entirely in Russian, will
devote a section to a concise and summarized survey of in­
dustrial and commercial conditions in this country. There
is a large demand, it is said, for such information in Russia,
and this booklet, which will present a condensed but complete
summary of the principal features of tho industrial and com­
mercial development of this country and will furnish general
information in regard to commercial organizations, com­
mercial laws and the details of the organization of American
public utilities, railroads, mineral resources, &c., will be of
real value to the Russian business house. The chief purpose
of this hand book is to furnish the Russian businoss man
with a standard, ready reference in regard to American busi­
ness houses which are in a position to supply the Russian
customer with various lines of goods. This hand book will
be revised and reissued yearly. No copies will bo distributed
in the United States.
S O U T H E R N R A I L W A Y ’ S E F F O R T S TO P R O M O T E T R A D E

I N SOUTH A M E R I C A N CO U N TR IES.
In pursuance o f conferences with tho State D epartm ent, I have sub­
m itted to m y Governm ent tho question o f the export o f 15,000 tons o f
With the view of extending their efforts to promote the
dyestuffs from Germany to m eet the urgent needs o f American manufac­
turers as laid beforo you b y their representatives. As you are aware, sale of Southern made goods in tho South American coun­
tho so-called blockade which tho countries at war with Germ any have tries, the Southern Railway, Queen & Crescent Route, and
instituted has resulted in a com plete cessation o f com m ercial intercourse the Mobile & Ohio RR., will send their South American
between the United States and Germ any, whereby non-contraband goods
and conditional contraband goods destined for the civilian population can agent, Charles Lyon Chandler, on a tour through South
He will leavo in July and visit
no longer be im ported Into Germany; and merchandise o f German origin, America this summer.
even though shipped from neutral ports and owned b y citizens o f the United | Brazil, Argentina and Uruguay, where, it is stated, the
States, has been forcibly rem oved from neutral ships. In consequence '
thereof, the German Governm ent has had to adhere to the principle that opportunities are now particularly bright for extension of




Ant. 29 1916.]

THE CHRONICLE

American trade because of the European war. Mr. Chandler,
who made a similar trip last year, will interview the mer­
chants and buyers of the three republics and investigate
trade opportunities generally in order to be able to advise
Southern merchants and manufacturers where and how to
place their products to'the greatest advantage. While on
this trip, his services will be at the disposal of Southern
firms who are anxious to have specific trade opportunities
investigated for them, and will also be glad to assist and
promote their trade there in any way possible. Firms
desiring Mr. Chandler to represent them should, it is stated,
address him at 322 James Building, Chattanooga. No
chargo will be made for this service, the work being part
of the Southern’s general scheme for developing the South.
Mr. Chandler is quoted as saying:
There is a particularly good market for Southern cotton goods In Argen­
tina and Uruguay at the present tim e and over $10,000,000 worth o f cotton
fabrics, piece good s, both bleached and colored, could bo sold to Argentine
R epublic alone from the Southern States. W e only export S28.000.000
w orth o f cotton piece goods annually, while our exports o f automobiles
am ount to 333,000,000. T he South Americans are now looking to the
United States for m anufactured goods and other products necessary in their
every day life, and there is no reason w hy the South should not got a full
share o f the business if it is sought in the proper way.

A M E R I C A N S ’ A D D R E S S TO A L L I E S .

“An Address to the People of the Allied Nations,” signed
by 500 American citizens, and ill which the declaration is
made that “our judgment supports your cause and our hopes
aro with you in this struggle,” was made public simultane­
ously in the United States and Europe on the 17th inst. In
the United States the address was issued at Boston; the sign­
ers represent 42 States of the Union and over 150 of those
whose signatures the document bears belong to business or
legal circles. This number includes former members of
the national and State governments, of the judicially and the
diplomatic and consular services. It also includes former
Cabinet officers, ex-Governors and ex-Senators, railroad
Presidents, bankers and journalists. The clerical profession
is represented by 32 bishops and other clergymen. Accord­
ing to the Boston “Advertiser,” the movement to issue the
address was started over a year ago by a group of Americans
who felt that some collective expression should be given to
the “preponderant sentiment which had existed in the
United States.from the very beginning of the war in favor of
the cause of the Allies.” A statement in explanation of the
movement quoted in the “Advertiser” and furnished to the
European press says:
W hile thero was no dou b t, even at that tim e, in regard to the over­
whelming^ preponderance o f this American sentiment, yet thero was some
hesitation as to the political expediency o f giving it collective public ex­
pression. Nevertheless, after carofully considering all aspects o f this m ove­
m ent, an “ address” was drawn up in substantially the present form .
W hile it was being circulated for signatures the Lusitania was torpedoed.
T lio "address” was then withdrawn because it was thought that the m otive
fo r its issuo m ight bo challenged or m isunderstood by the people o f the
A llied nations. It was thought that the "address" m ight b e misinterpreted
as having been dictated sololy b y a selfish m otivo— that is, b y American
resentment over the loss o f American lives on the Lusitania, rather than by
sym pathy with the causo o f the Allies.
T ho m ovem ent, how ovor, was only held in abeyance until tho psycho­
logical m om ent should arrivo when this collective expression o f opinion
m ight bo issued without being attributed to such a m otive. W ith the sub­
sidence o f public excitement over tho Lusitania case it has seemed that tho
tim ojwas fitting, ovon though unfortunately late.

!w The addross is as follows:
T o lth e P e o p l e o f th e A l l i e d N a t i o n s :

W o, tho undersigned citizens o f tins United States o f Am erica, sond to
y o u , tholpeoplo o f tho nations o f tho Triple Entente, and you r Allies, this
message:
Our judgm ent supports your cause, and our sympathies and our hopes
are with you in this struggle. In saying this wo aro confident that wo are
expressing the convictions and feelings o f the overwhelming m ajority o f

Americans.

Sinco tho beginning o f tho present terrible w orld-conflict there have not
been lacking in A m erica individual expressions o f ardont sym pathy with
tho causo o f Great Britain, Franco and their Allies, and horror and detes­
t a t i o n ^ tho m ethods em ployed b y the Teuton confederates in tho conduct
o f th e.w ar. Patriotic Americans, however, whilo individually in public
and In private expressing their views— which have also found voice abund­
antly,in the daily press in all parts o f tho country— have hitherto hesitated
tolu n lto in any m oro formal statement, at first becauso they looked to the
G overnm ent to speak, and later for fear o f embarrassing tho Government
in th o ;d ifflcu lt negotiations growing out o f German offenses, and in its
ondoavor to maintain that official neutrality which it has felt impelled to
uphold, in tho hope that through neutrality it could best support tho
tottering pillars o f international law, and aid in preserving— to use tho
President’s phrase— "th e foundations upon which peace can bo reb u ilt."
T h o tim e has com e, how ever, if indeed it has not long since passed,
whon Americans owo it to themselves to express m oro publicly and moro
fo rm a lly ltheir sympathies and their judgm ent. Even as wo have always
held ourselves as a nation free to express openly our sympathies with peoples
struggling for their liberties, so now we have the duty o f at least making
clear our solidarity o f sentiment with those who aro struggling to preserve
tho liberties o f tho world and tho highest ideals o f civilization.
!' In lth e face o f tho great moral questions involved, the right solution o f
w h teh js vital to tho whole future course o f civilization, the American con ­
science cannot remain silent. It cannot run the risk o f appearing to bo
neutral-m inded ..without InJury.tolitsIow nlintegrityJandX itsIself-respect.




1593

For this reason it seems fitting and needful that American public opinion
should receive some m ore collective expression.
T h e main facts in the controversy have long been before use. T he case
o f the T eutonic A llies, especially, has not lacked fullness o f statem ent. T he
ablest German publicists and professors have presented the Austro-Germ an
contentions with great eloquence. N um erous German docum ents have
been widely circulated, and an active, and sometimes insidious, German
propaganda has been extensively carried on in the United£States.
T h e American judgm ent has been deliberately form ed, and it is based
very largely on a study o f German docum ents and o f German statements
as to the points at issue.
T ho signers o f this docum ent are not unmindful o f thelgreat contribu­
tions which Germ any has in tho past m ade to the com m on treasure o f m od ­
ern civilization; all o f us acknowledge our d ebt to Germany; m any o f us
have had the advantage o f German education; some o f us are o f German
blood. But the welfare o f that civilization for which Germ any has done
so m uch, tho highest interests o f Germ any herself, demand that in this
con flict Germ any and Austria shall be defeated. W e con fid en tly and
hopefully look forward to that result.
The invasion o f Belgium we regard as a crim e which can never be jus­
tified. It will remain a blot upon the history o f Europe. The conscience
o f the American people cries out and protests against outrages upon civiliza­
tion com m itted by. your enemies, and against their m ethods o f warfare
that break the international laws o f nations and the m oral lawslof hum anity.
T he sanctity o f treaties, the rights o f small nations, the question as to
whother militarism shall dom inato civilization, are all involved in the final
decision.
A peace which does not restore Belgium to the Belgian people and to
their own G overnm ent, which does not give them such indem nity as will
allow them , so far as possible, to reconstruct their wastedjcities and villages
and restore again their ruined prosperity, a peace which does not recognize
the rights o f the smaller nationalities o f E urope, a peace which does not
offer some guarantee that such a calam ity as tho present warjshall not recur,
a peace which does not insure these things would be aldisaster and not a
blessing.
It is because we believe that the success o f Great Britain, France. Italy
and Russia will mean tho restoration o f Belgium and o f Serbia, and the
suppression o f militarism, that we ardently hope for that consum m ation.
In that hope we believo the future o f civilization to be involved.

The address was prepared by a committee consisting of
Morton Prince, Josiah Royce, Lawrence Abbott, Ralph A.
Cram, Paul H. llanus, Munroo Smith, William Roscoe
Thayer, ^Robert Grant, Bliss Perry, Lawrence Godkin,
H. Langford Warren and Owen Wister. Among the signers
are Dr. Lyman Abbott, Editor of “ The Outlook;” James M .
Beck of New York; Fairfax Harrison, Everett P. Wheeler of
New York; John Kendrick Bangs, author; Charles A. Beard,
author and Columbia professor; Poultney Bigelow, author;
J. Q. A. Brackett, ex-Govemor of Massachusetts; John Bur­
roughs, naturalist; Justice Lester W . Clark, New York Su­
preme Court; ex-United States Senator William A. Clark,
Frederic R. Coudert, lawyer, New York; Howard Elliott,
Chairman New York New Haven & Hartford RR.; C. S.
Fairchild, ex-Secretary United States Treasury; A. P. Gard­
ner, Massachusetts Representative in Congress; George Har­
vey, Editor “North American Review;” William Dean
Howells, author; Wayne MacVeagh, ex-Attomey-General
of the United States; Gifford Pinchot, Samuel Rea, President
Pennsylvania RR.; Henry L. Stimson, ex-Secretary of War;
Marsden J. Perry, Chairman of the Board of the Union
Trust Co., Providence; John A. Spoor of Chicago; C. Stuart
Patterson of the Pennsylvania RR.; James Crosby Brown of
Philadelphia; George W . Wickersliam, former U. S. Attor­
ney-General; John Grier Hibben, President of Princeton
University; C. S. W . Packard, President of the Pennsylvania
Co. for Insurances on Lives, Philadelphia, &c., &c.

P R E L I M I N A R Y REPORT OF G A S O L IN E I N V E S T I G A ­
TIO N B Y FE D E R A L T R A D E C O M M IS S IO N .

A preliminary report of the investigation into the gasoline
industry made by the Federal Trade Commission was pre­
sented to Congress on the 10th inst. The inquiry has been
conducted under the direction of Commissioner W . J.
Harris with a view to determining four salient points as
follows:
1. The extent o f production and use o f gasoline now an d two, and three
years ago.
2. The volum e o f gasoline exported and the supply remaining here for
dom estic use, particularly as to whether the rise, or any p ortion o f It,
could be attributed to a scarcity o f p roduction.
3. W hether there has been discrimination b y big producers in fa vor o f
big buyers.
4. Whether there is actual com petition am ong the form o f elements that
went to make up the oil trust. I f there is, to what extent and how the
small independent producer is affected thereby.

The preliminary report submitted this week carries with it
a mass of statistics on production and prices, but caution is
urged against drawing conclusions from them, the report
adding that “above all, it is not to be inferred that they repre­
sent all or even a major part of the points to be presented
upon the completion of the Commission’s investigation.”
Suggestions that increasing exports have been partly to
blame for higher prices are considered in a table that shows
1915 exports amounted to 15% of the entire gasoline content
of all the crude petroleum produced in the United States
within the year. Exports for the year of gasoline, naphtha,

1594

THE CHRONICLE

fVoL. 102.

The statistics showing stocks o f crude hold b y pipo line com panies and
and benzine totaled 284,500,000 gallons, against 238,500,000
producers at tho oil wells aro not official and can be taken only to show the
in 1914 and 188,000,000 in 1913. The tables take up first goneral trend.
Statistics in terms o f barrels are on tho basis o f a 42-gallon barrol.
crude oil production for 1915, and show that while production
T he statistics showing quantities o f gasolino purchased, produced, sold
virtually was unchanged throughout the twelve months, the and
in stock d o not balance; for tho reason that tho reports o f various
production in the Cushing field, whose oil shows the highest companies show discrepancies not yet corrected, purchases m ay havo been
made
from stocks produced in 1914, and considerable loss from evaporation
gasoline content of all, dropped from more than 8,000,000
occurs in storing gasoline.
barrels in April 1915 to 3,000,000 in December. Increase in
In announcing on the 2d inst. that a preliminary report in
production in the Healdton field, which produces a small per­
the
matter was ready for submission to Congress, Commis­
centage of gasoline, kept total crude production up to nor­
mal. The effect of decreased production in the Cushing sioner Harris issued a statement, saying:
supplemental report to bo made the latter part o f April will deal with
field in gasoline terms is given in a footnote, which says the theA causes
o f the rise in price during the last nine m onths. An oxtonsive
gasoline content of oil from the Cushing field fell from review o f tho general subject o f discrimination in price between different
96.000. 000 gallons in April to 36,000,000 gallons in Decem­ localities and different purchasers will follow in a short tim e. T ho advance
in prico is so closely connected with discrimination in price, however, that
ber. The gasoline content of all the oil produced in the it is expected the preliminary roport will throw light on tho latter subject.
United States decreased during the year. The estimate of
T ho gasolino investigation is one o f tho m ost extensive over undertaken
the year’s total gasoline content for all the oil in the country b y tho Governm ent in tho interest o f the consum er. E very phaso o f tho
oil and gasolino industry as it affects tho cost o f production, transportation
was 1,892,500,000 gallons. Crude oil stocks increased and m arketing— all o f which figure in the selling price to tho consumer— is
during the year from 69,000,000 barrels in January 1915 to being thoroughly reviewed. The Com m ission’s roport to Congress, which
100.000. 000 in January 1916. Of this refineries held about will include this mass o f statistical data, m ay be used as tho basis for legisla­
tion to curb tho rising trend o f pricos, and whatover evils m ay bo disclosed
one-half the supply a year ago and not quito that percentage to exist in tho oil industry.
T ho Federal Trado Commission has no authority under tho law to fix the
in January of this year, though holding some 8,000,000 bar­
prices o f com m odities. It can only, b y Investigation, discloso tho relation
rels more last January than a year ago.
o f oxisting prices to basic econom ic facts. A uthority is given to it, how­
Standard Oil companies, the tables show, produced about ever, to deal with discriminations in price and trado practices which en­
60% of the year’s gasoline output. Their total was 681,750,­ courage and establish m onopoly.
I f tho investigation discloses that rebates aro being given or received in
000 gallons and that of the independents 400,000,000, in connection
with pipe lino or other transportation, the facts relating to such
round figures. Gasoline stock held by refineries decreased practices will bo furnished to the Departm ent o f Justico for its attention.
steadily from last May, when the total is put at 292,000,000 Prico-fixing b y com bination will also bo called to tho notlco o f tho Depart­
o f Justico.
gallons, to December, with a total of only 152,000,000. ment
T ho facts being gathered with relation to pipe line transportation will bo
Stocks increased from the first of the year to May. Prico used b y tho Inter-State Com m orce Commission to aid it in rogulating rates
ranges show that the price charged by the independents o f transportation o f these com m on carriers. Under tho Supromo Cour t
decision o f Juno 22 1914, pipo linos aro held to bo subject to reg u la tion
averages about one cent higher than Standard Oil prices. b y tho Inter-State Com m orco Commission.
The Standard was selling gasoline free on board at its
T ho investigation now under way b y the Federal T rado Comm ission
refineries at 7.82 cents a gallon Jan. 1 1915, and the inde­ began with an inquiry into alleged discrimination in retail pricos. It
quickly appeared, how ever, that each such case must bo decided on its
pendents were charging 8.38 cents for the same grade. own merits and involved a stu dy o f the cost o f production, transportation,
There was little change until August, when tho Standard’s refining and marketing. Therefore, tho Commission set about gathering
on thoso subjects.
price went to 7.88 cents and the independents’ price dropped facts
Under the resolution o f Senator Thom as I*. Goro, o f Oklahom a, the
to 8.02 cents. Four months later, in December, tho Stand­ Commission was directed to ascertain the relation oxisting between the
different Standard Oil com panies. In com pliance therewith it is securing
ard was charging 12.84 cents and the independents, 13.07.
reports o f tho amount o f sales m ado b y each com pany in different
A table of territorial price changes, free on board refineries, detailed
States to learn if there is any agreement as to division o f territory and
shows that in January 1915 tho Standard was selling at 6.98 refusal to com peto in certain territory.
T ho Federal T rado Commission has already mado a preliminary report
conts in Oklahoma and Kansas; 7.72 cents in Texas and
with pipo lino transportation o f crudo oil from tho M id-C ontinent
Louisiana; 7.96 cents in north central territory; 8.81 cents dealing
Field, which lies chiefly in Oklahoma and Kansas. Tills territory was
in Eastern territory; 6.64 cents in Rocky Mountain terri­ selected because o f its dom inant position in the field o f production.
T ho Commission found that tho pipo lino companies roquiro such largo
tory; 9.38 cents in California. In Decembor the price
minimum shipments as practically to exclude small producers and refiners.
ranges had changed and Eastern territory was paying higher It reports also that lower pipo lino rates and smaller minimum shipments are
than tho others for its gasoline. These December territorial necessary to enable small concerns to com peto with largo refineries, affiliated
prices are given: Oklahoma-Kansas, 12.10; Texas-Louisiana, with pipo line com panies; and also that reasonable and equitable conditions
o f shipment b y pipo lino would tend to a greater equality in tho prices
11.34; North Central, 12.28; East, 14.09; Rocky Moun­ o f M id-C ontinent and Appalachian crudo oil and in tho prices o f refined
tains, 11.55; California, 11.93. Differences in tho cost of products in different markets.
Commissioner Harris, in response to com plaints, conducted hearings
the crude, tho report explains, affects the prico in various
and mado a special investigation in the Southeast with refercnco to the
parts of the country. A later report will take that feature price o f gasoline and tho allegations o f discrimination in prico between
up in detail to show what percentage of price differences different com m unities. Tho inquiry was conducted in Virginia, tho
Carolinas, Georgia and N orthern Florida. Tank wagon tlclcots, invoices
can be traced diroctly to crude prices. Tank wagon prices and
statements covering tho price o f gasolino and korosono woro obtained
went from 9.86 cents in tho East and 9.61 cents in tho Wost in all tho representative markets o f theso States. Cases o f alloged dis­
last July, to 16.28 conts in tho East and 15.30 conts in the crimination were investigated.
A fter this inquiry had been concluded, tho widespread dissatisfaction
West in December. Exports reached their highest mark last throughout
tho country over the rising price o f gasolino and alloged dis­
August and dropped in the fall as tho price of gasolino moun­ crimination between different sections mado it sootn advisable to con du ct
ted, until in December exports were 22,000,000 gallons, a m ore extended inquiry into tho whole subject from the tim o tho oil leaves
tho ground. T ho Comm ission, having this in view , took up tho m atter
against 33,000,000 four months earlier. Exports in January with tho principal refiners and oil-jobbing concerns o f tho cou ntry. From
1915 wero 13,000,000 gallons.
theso various sources an immense amount o f statistical m atter has been
obtained.
The report, in part, says:
In this Investigation, as in other matters, tho Departm ent o f Justico and
tho Federal Trade Comm ission have been co-operating, to avoid duplica­
tion o f work and to bring abou t co-ordination in results. A ccordingly, in
conference upon these mattors it was agreed that tho Federal Trado C om ­
mission should continue its investigation o f potroleum , and In connection
therewith also investigate tho specific com plaints filed with the Departm ent
o f Justice. T ho com plaints filed with tho Departm ent o f Justico, therefore,
havo been sent to tho Federal Trade Com m ission, and havo been examined
into in connection with tho general investigation heretofore described.
These complaints have generally alloged prico discrimination with reference
to and unduly high prices o f gasoline. T ho investigations o f these co m ­
plaints havo been conducted in connection with tho general investigation,
and have been diligently pursued.
In general explanation o f tho tables it m ay bo said that thero are seven
ch ief sources o f crude petroleum , callod fields. T ho Appalachian Field
(centering in Pennsylvania): tho Liraa-Indiana Field (in Indiana and
Ohio); the Illinois Field; tho M id-C ontinont Field (centering in O klahom a);
the G u lf Coast Field (in South Tex.as and Louisiana); tho C oloradoW yom ing Field, and tho California Field. In tho M id-C ontinont Field llo
various pools, groups o f pools, or districts, those distinguished in this letter
being called tho Cushing pool (Oklahom a), tho Healdton pool (Oklahom a),
tho C addo District (N orthw est Louisiana) and tho N orth Texas District.
These fields, and oven tho pools within them , produco crudos o f a very
different gasolino contont, varying from over 27% in tho Cushing pool to
an averago o f 2 ' A % in tho California Field.
T he various refining com panies are generally recognized as falling into
tw o groups: Those which wero form erly a part o f the Standard Oil holding
com pany and com panies controlled b y them , and thoso which, so far as is
know n, aro not controlled b y any o f the foregoing com panies. Thoso
groups aro herein designated as “ Standard com panies” and "oth ers .” The
M agnolia Petroleum C o. is included with tho Standard com panies for tho
reason that its stock is controlled by|m em bers'of tho Standard group.




A great deal o f valuable inform ation concerning econom ic phases o f tho
oil industry has also been secured and will receive attention in determining
the cost o f production o f gasolino and tho underlying reasons for the
advance in prico during tho latter part o f 1915.

The report of the Federal Trade Commission into pipe line
operations was referred to in onr issue of March 4, page 847.
On Feb. 3 certain information was submitted to tho Senate
by Franklin Iv. Lane, Secretary of tho Interior, regarding
the production, consumption and prico of gasolino, and refer­
ence thereto was made in theso columns Feb. 26.
Dr. Walter F. Rittman has resigned as Chemical Engineer
of tho United States Bureau of Mines to become identified
with a corporation— tho Rittman Process Corporation—•
which is to engage in the manufacture of gasolino. Dr. Ritt­
man is tho inventor of a now process for obtaining a greater
yield of gasoline from crude oil and also of the process for
obtaining toluol, needod in the manufacture of high explo­
sives and dyestuffs. In accordance with a provious agree­
' ment, Dr. Rittman has assignod tho two patents for his
process to Secretary of tho Intorior Lane as trustee in behalf
of the public.
Another organization which intends to ongage in cheapen­
ing the price of gasolino has been incorporated in New York
under the name of tho United Motor Fuel Corporation of

A pr. 29 1916.]

THE CHRONICLE

Manhattan. According to the National Automobile Cham­
ber of Commerco, which represents most of the automobile
manufacturers of the country, the latter are interested in
tho formation of the company. Alfred Reeves, General
Manager of tho National'Automobile Chamber of Commerce;
S. A. Miles, Manager of tho Now York and Chicago Auto­
mobile Shows, and John A. Royall, who for many years has
been identified with tho production and sale of gasoline, are
some of tho principals in the movement.
In a statement issued on tho 18th inst. by Van H. Manning,
Director of tho United States Bureau of Mines, Department
of tho Interior, tho view is expressed that tho only hope for
a reduction in gasoline prices lies in the immediate develop­
ment of cracking processes, such as tho Rittman process, for
obtaining a largo quantity of gasoline from crude oil. Mr.
Manning points out that oil companies competing to supply
the Government with gasolino had quoted for tho next fiscal
year a price of 3 1 A cents, and states that privato consumers
would probably have to pay more. The fact that the Gov­
ernment quotation was so high, ho declared, showed that
no immediate drop was to bo expected. IIo also declares
that at tho present rate of production tho country’s supply
of crude oil would bo exhausted in twenty-seven years.
IIo further says:
Tho situation is oven worso for tho production is not going to remain
stationary. Tho dornand for gasoline has increased m ore than 200% in
tho last fivo years and is now increasing at an oven faster rate. On January
o f this yoar thero wore 2,225,000 autom obiles in use. and autom obile m anu­
facturers cstim ato that this will bo increased to 3,000,000 b y Jan. 1 1 9 1 7
A s tho avorago autom obilo will use m oro than ton barrels o f gasolino a year!
this means an Increased consum ption o f m oro than 6,000,000 barrels o f
gasoline.
And what is still m oro important to tho situation, present indications fore­
cast a decreased production o f gasolino from criulo oil for 1916 rathor t h a n
an increased production. Tho daily production o f crude oil for February
In tho M id-C ontinont field, which produces 75% o f our refinablo crude oil,
was 40,000 barrels loss than tho avorago daily production for 1915 and 20.000
barrels less per day than tho avorag daily production in 1914, and this in
tho faco o f tho strong incontivo to find now fields given b y tho rising market
o f tho past six m onths, which has culminated in rocord high pricos for that
fl°ld o f $1 55 por barrol for tho crudo, w ith, in sotno cases, a premium ex­
ceeding 40 conts a barrel.
Tho dem and for gasolino has outstripped tho demand for all other potroloum products, with the result that tlioso other products, amounting to
about 75% o f tho production, aro being sold for loss than tho cost o f pro­
duction. In other words, 25% o f tho production consisting ch iefly o f
gasoline, must pay all costs in addition to tho amount that is lost in m ar­
keting the remaining 7 5 % .
W o aro exporting at the present tim e 20% o f our ontiro production o f
crudo potroloum , including 16% o f our gasoline production. W o aro burli­
ng 25% o f our potroloum under boilers, which is a shameful and criminal
wasto o f precious natural resources and wo aro using anothor 2 0% o f our
crudo potroloum inefficiently in com petition with coal as in the manu­
facture o f artificial gas. Three-fourths o f tho entiro am ount o f artificial
gas in this country is m ado from potroloum . This gas could bo m ado from
coal, oxcopt that tho gas manufacturers aro ablo to m ake it at loss cost
from potroloum , owing to tho lower cost o f oil, as against coal. It is noodless to say that petroleum should not bo used for this purpose.
Tho solution o f tho problem is conservation— our petroleum resources
being put to their proper uses. Let us stop this wasteful foolishness o f
burning potroloum under boilers and tho use o f crudo oil in the m aking o f
artificial gas. I f b y means o f cracking processes, such as tho Rittm an
process, our kerosene and fuel oils, which wo have been using in com petition
with coal and selling for less than tho cost o f production, can bo converted
into gasolino, tho present production o f crudo petroloum would bo more
than amplo to supply our prosont demands for gasoline. N o t only that
but tho goncral adoption o f those processes would result in extending the
lifo o f our petroloum deposits, based on the prosont dem ands, from tw entyseven years to moro than ono hundred years, at fho same time reducing
and stabilizing tho cost o f gasolino to tho consum er and preventing rapid
fluctuations in price. Ten differnt refineries aro now installing tho R itt­
m an process and m ore companies aro considering doing so. T his is but a
drop in tho buckot, but tho situation is hopeful.

1595

A T T O R N E Y -G E N E R A L
D E C L I N E S TO F U R N I S H
REPORTS I N S T A N D A R D O IL I N V E S T I G A T I O N .

On the 11th inst. tho Senate without debate adopted a
resolution offered by Senator Kenyon requesting the Attor­
ney-General, if not incompatible with the public interest,
“ to send to the Senate any roports in his Department of
any investigations of the oil interests of the United States,
including the Standard Oil Co. and other companies affili­
ated therewith or independent thereof, tho same to cover all
reports of investigations made by the Department of Jus­
tice relating to said subject, or to gasoline or oil, since the
decree of dissolution of tho Standard Oil Co.” On the 12th
inst. Attorney-General Gregory declined to give the Senate
the information sought in the Kenyon resolution stating that
as the matter is still actively pending, I am of the opinion
that it would be incompatible with the public interest to
send to the Senate the roports which have been made from
time to time by my assistants engaged in this work.”
This development and the reappearance of Charles B.
Morrison of Chicago in the case has led to tho assumption
in some quarters that the Department had not finished its
investigation and gave rise to the report that Department
officials had requested Mr. Morrison to look into the gaso­
line situation with a view to further prosecutions.
P E A C E PROPOSALS OF FORD C O N F E R E N C E .

The Henry Ford Peace Conference— The Neutral Con­
ference for Continuous Mediation— has issued from Stock­
holm an appeal to the Governments, Parliaments and
Peoples of the Warring Nations in which it proposes the
calling of a world congress “ in order to bring about the cre­
ation of an international order of justice.” “ Equally
important with tho insistence upon an international organiza­
tion, says the appeal, “ is the demand that disarmament
be brought about by international agreement.” The
appeal maintains that the freedom of the seas and parlia­
mentary control of foreign policy should be provided for,
it furthermore sets forth the principle that no transfer of
territory should take place without the consent of the popu­
lation involved, and the belligerent nations aro asked to
adhere to this, and other principles and measures suggested
as a basis for ending the war and preventing the recurrence
of hostilities. The appeal asks the restoration of Belgium,
the return of the occupied French territory, a reconsider­
ation of the Alsace-Lorraine question, assurance of inde­
pendence for Serbia and Montenegro, union of the Polish
nation as an independent people, adjustment of the frontiers
between Austria and Italy on the principle of nationality
and tho solution of various national questions in the Balkans
and Turkey and autonomy for Armenia by international
agreement. The internationalization of the Dardanelles
and tho Bosphorus, the return of the German colonies and
assurances of access to the Near East for Germany aro other
measures urged. The appeal reads as follows:
T o th e G o v e r n m e n ts , P a r lia m e n t s a n d P e o p l e s o f th e

W a r r in g N a t i o n s :

A conference com posed o f delegates from six neutral countries— Denm ark,
H olland, N orw ay, Sweden, Switzerland and tho United States— has been
convened at Stockholm upon tho initiative o f Ilonry Ford to work for the
achievement o f an early and lasting peace, based upon principles o f justice
and humanity. This conference represents no governm ent. It lias no
official sanction. It represents tho good will o f millions throughout the
civilized world who cannot stand idly by while tho deadly com bat rages
unchocked. It does not attem pt to impose its judgm ent upon the belliger­
ents, but its m embers, as privato individuals, unhampered b y consider­
A D O P T I O N O F P R E A M B L E TO M A R T I N E R E S O L U T I O N
ations which restrain governm ents, have resolved to d o everything within
their
power to prom ote such discussion as m ay tend to bring tho belligerents
FOR I N Q U I R Y I N T O G A S O L I N E P R I C E S .
together on just and reasonable terms.
Tho preamble to Seantor Martino’s resolution calling for
Through a thousand channels utterances have already reached the
an investigation into tho increased prico of gasolino was conference pleading that a long continuance o f the struggle will mean ruin
for
all, but as both sides beliovo that only com plete victory can decide
adopted by tho U. S. Sonato on April 17. The resolution
tho issue, over new sacrifices o f blood and treasure are m ade, exhausting
was adopted by tho Sonato on JVIarch JO, when a motion the present and impoverishing tho future. Still, we are convinced that
to table tho preamblo was defoated. Sinco then no further an agreement between the warring nations m ight oven now bo reached
action had been takon with respect to tho preamblo, and in wero certain universal principles to bo accepted as a basis o f discussion;
principles which cannot be violated with im punity, whatever tho military
urging its adoption on tho 17th Senator Martino pointed out results o f tho war.
T he first duty o f a neutral conference, then, is to call attention to those
that as tho resolution failed to montion tho word “ gasoline”
it might refer to anything, and practically amounted to universal principles and concrete proposals upon which agreement seems
possible, and upon which there m ay bo founded a peace that will not only
nothing without tho preamblo. Tho preamble and resolution satisfy tho legitimate demands o f the warring nations themselves, but also
advance tho welfare o f humanity at large. T ho neutral conference does
aro as follows:
not propose to discuss all the issues at stake. N or does it desire to set
W h e r e a s , In tho stride o f human progress and invention gasolino has be­
forth a plan for the construction o f a perfect world. But it emphasizes
com e as much a necessity to tho thrift and welfaro o f tho American people
the universal demand that peace, when it com es, shall be real, insuring
as a sourco o f power and propulsion as is coal; and,
mankind against the recurrence o f a world war. Hum anity demands a
W h e r e a s , Tho commercial cost o f the same has been advanced from tim e
lasting peace.
to time until it has reached a m ost unreasonable figuro, thoreby Imposing
In presenting this appeal to governm ents, parliaments and peoples for
an unjust burden on tho people; and,
discussion and com m ent tho neutral conference hopes that no formal ob jec­
W h e r e a s , It is charged and by many behoved that tho high prico o f gasolino
is duo to the m onopoly control o f the Standard Oil com bination and other tion m ay prevent its sym pathetic consideration both b y thoso in authority
interests; Therefore,
and b y the people whom they represent.
R e s o l v e d b y t h e S e n a t e (t h e H o u s e o f R e p r e s e n t a t i v e s c o n c u r r i n a ) . T hat tho
(a) R i g h t o f n a t i o n s t o d e c i d e t h e i r o w n f a t e .— H istory demonstrates that
Attorney-General o f the United States bo and ho is hereby directed to
cause an investigation o f tho subject as to whether tills phenomenal in­ dispositions contrary to tho wishes o f the pooplos concerned bring with
crease in price o f this article Is tho result o f tho violation o f the laws o f tho them tho danger o f future wars o f liberation. H ence the acceptance o f
United ot&CoSi
l these principles appears generally to be regarded as an essential prerequisite




1596

THE CHRONICLE

to tho satisfactory settlement o f this war; namely that no transfer o f
territory should take placo without the consent o f tho population in v olv e d ,
and that nations should have the right to decide their own fate.
It follows that the restoration o f Belgium must first bo agreed upon be­
fore there can be an understanding between tho belligerent Powers. Fur­
thermore, tho occupied French territory should be returned. A reconsider­
ation o f the difficult Alsace-Lorraine Question is also an absolute necessity.
T he independence o f Serbia and M ontenegro should be assured.
In its wider interpretation, the principle o f tho right o f nations to decide
their own fato postulates the solution o f a problem like tho Polish question
b y guaranteeing the union o f the Polish nation as an independent people.
Further applications would bo the adjustm ent o f tho frontiers between
Austria and Italy, as far as possible, according to tho principle o f nation­
ality; autonom y for Arm enia under international guarantee, and the solu­
tion o f various national questions in the Balkans and in A siatic Turkey
b y international agreement.
(ft) E c o n o m i c G u a r a n t e e s . — E conom ic com petition is generally ad­
m itted to be one o f the causes o f the present war. Hence the demand
becom es m ore and m oro insistent that the econom ic a ctivity o f all peoples
should be afforded developm ent on equal terms. The recognition o f the
principle o f tho open door in tho colonies, protectorates and spheres o f
influence would bo an important step in this direction, as would also tho
internationalization o f certain waterways, e. g ., tho Dardanelles and the
Bosphorus. T ho German colonies ought to bo returned, tho exchange o f
colonies m ade possible b y satisfactory com pensation, and Germ any’s
access to tho Near East guaranteed.
(c) F r e e d o m o f t h e s e a s . — The principle o f tho freedom o f tho seas should
bo recognized.
(d) P a r l i a m e n t a r y c o n t r o l o f f o r e i g n p o l i c y . — E ffective parliam entary
control o f foreign policy should bo established, so that secret treaties and
secret diplom acy m ay no longer endanger the m ost vital interests o f tho
nation.
(c) I n t e r n a t i o n a l o r g a n i z a t i o n . — Far m oro im portant, however, for the
welfare o f hum anity than tho solutions thus far suggested is tho creation
o f an international organization founded upon law and justice, which
would include an agreement to submit all disputes between States for
peaceful settlement. Hence tho almost universal opinion that in the
com ing treaty o f peace the principle o f such an international order o f
justico must bo accepted.
(/) D i s a r m a m e n t . — Equally im portant with tho insistence upon an
international organization is tho demand that disarmament bo brought
about b y international agreement.
(ff) A i c o r h l c o n g r e s s . — In order to bring about tho creation o f an in­
ternational order o f justice it will bo necessary to secure tho adhorenco
thereto o f both belligerents and neutrals. Tito difficulties that result
from tho present catastrophe do not affect the warring nations alono.
T hey affect the wholo world. In their settlement tho wiiolo world should
participate. A world congress should therefore be called together. Such
a congress should concern itself with m oro than tho imm ediate questions
arising out o f this war. Problem s liko that o f guaranteeing political and
spiritual freedom to special nationalities united with other peoplos, though
not direct issues o f this war, are nevertheless o f vital im portance to tho
future maintenance o f poaco.
In tho foregoing an attem pt has been made to suggest a possible approach
to tho task o f uniting again tho international bonds that have been torn
asunder in this fratricidal war. W hatever m ay bo tho ultim ato solution,
there is abundant evidence of tho growing con viction am ong bolligorents
and neutrals alike that the hopo o f tho world lies in tho substitution o f law
and order for international anarchy. T ho neutral conference, therefore,
feels justified in hoping that the end o f this war will witness tho institution
o f an international order o f justice, which shall make possible an endur­
ing peace for all mankind.
T H E N E U T R A L C O N F E R E N C E FO R C O N T IN U O U S A R B I T R A ­
T IO N .
Easter 1916.

D I S T R I B U T I O N O F S I S A L CROP U N D E R T A K E N B Y
FED ERAL T R A D E C O M M IS SIO N .

The work of supervising the marketing of what is left of
this year’s crop of Yucatan sisal was begun by the Federal
Trade Commission on the 21st inst. in accordance with a
resolution adopted by the Senate on the 17th. Tho proposal
that a sub-committee of the Senate Committee on Agricul­
ture and Forestry, which has been investigating the sisal homp
industry, undertake the distribution among manufacturers
of 125,000 bales of sisal now remaining in the hands of tho
Comision Reguladora del Mercado de TIonnequen, a Govern­
ment-controlled organization of Yucatan, was made to tho
sub-committee by representatives of tho Comision Regtiladora on the 14th inst., following charges that a shortage exists
in the sisal hemp from which binder twine is manufactured.
Tho representatives of tho Comision Reguladora stated that
there was not a shortage, and that there was sufficient to an­
swer all purposes of the American consumers of binder twine;
the proposal was made on behalf of the Comision Reguladora
that the sub-committee of the Senate dispose of the 125,000
bales at the present prices to such manufacturers as within
fifteen days gave assurances that the twine was needed for
manufacturing purposes and was not bought for speculation.
The sub-committee desired that the distribution of tho sisal
be handled by the Federal Trade Commission and directed
this in its resolution of the 17th inst., which we print here­
with:
Whereas, Information has com e to tho sub-com m itteo o f tho Sonate
Com m ittee on Agriculture and Forestry, which is now investigating tho
sisal hemp industry, that thero is liablo to bo a shortago o f binder twino,
owing to an alleged shortage o f Yucatan sisal, from which tho greater
portion o f binder twino is m anufactured, in consequenco o f which tho
prico o f that com m odity, so essential to the wolfaro o f American farmers,
m ay bo considerably increased in price; and
Whereas, Tho Comision Reguladora del M ercado do Hennequon denies
that there is any shortage o f sisal anil insists that there is m oro than onough
to satisfy all o f the demands o f the consumers o f binder twino in tho United
States; and




[Vol. 102.

W horoas, T ho said Comision Reguladora lias m ado a proposition to tho
said sub-com m itteo o f tho Com m ittee on Agriculture and Forestry, explain­
ing tho present status o f tho sisal Industry and requesting tho said subcom m itteo to make distribution among tho manufacturers o f the United
States o f 125,000 bales o f sisal, over and above its present com m itm ents, in
such quantities and to such manufacturers as said com m ittee m ay direct,
to bo used for dom estic twino purposes only in accordance with tho condition
sot forth in said proposition dated April 14 1916, tho original now being iu
tho hands o f said sub-com m itteo on Agriculture and Forestry; and
W hereas, It is o f tho greatest im portance to tho American peoplo that
all tho facts in this m atter bo brought to light, as well as in regard to other
raw materials out o f which binder twino is m anufactured, and tho price
o f binder twino bo kept at a reasonable figure; Therefore, bo it
R e s o l v e d , T hat tho Federal Trado Commission is iioroby directed to act
upon the proposition o f tho said Comision Reguladora del M ercado do
Hennequon in lieu o f tho said sub-com m itteo o f the Senate Com m ittee
on Agriculture and Forestry, and to report thoreon as soon as possible, not
to exceed thirty days from April 14 1916; Bo It Further
R e s o l v e d , That this action is taken w ithout intending to forecast in any
way tho final decision in tho pending controversy in regard to tiio sisal in­
dustry or to prejudice tho rights o f any o f tho parties thereto.

During tho investigation into an alleged monopoly for con­
trol of tho sisal market charges and counter charges have been
mado by representatives of the Comision and of the Interna­
tional Harvester Co. The latter, which consumes more
than half of all tho sisal imports, charged the Comision
Reguladora with holding sisal off the market to force prices
higher, while the Harvester Company was accused of having
attempted to corner the product and create a shortage which
would discredit the Yucatan commission and its American
financial supporters.
All tho interests involved in the controversy attended a
conference on the 21st inst. with members of tho Trade
Commission, when distribution plans wore made. The sisal
interests agreed to hold deliveries until June 1, to give tho
Trade Commission time to report to the Senate on the situa­
tion. The Trade Commission telegraphed to all binder twine
manufacturers in the United States for an estimate of their
requirements for 1916, and will follow its request for estimates
on requirements with questions designed to obtain direct in­
formation as to the amount of sisal individual manufacturers
used last year, the amount of stocks they now have on hand
and tho amount of their domestic sales. No orders, it is
stated, will be considered when the manufactured product is
intended for export. The sisal will bo sold at 7c., delivered
at Gulf ports, and at 7Jsc. at Atlantic Coast ports, the
Comision Reguladora reserving the right to change this price
if ocean freight rates are raised. It is explained that the
Trade Commission will make no effort actually to distribute
the sisal, since it has no machinery for the purposo, and tho
actual work will be done by agents of tho Comision Regula­
dora.
A recent statement issued by the Comision Itoguladora with regard to tho advancing prices of tho sisal, says:
'A lth ou g h tho cost o f sisal to tho m anufacturer has increased greatly
during tho last fow m onths, tho advance is duo altogether to tho unboliovably high freight rates which shippers are now obliged to pay, owing to
tho tremendous demand for tonnago in tho G ulf o f M exico to m ovo tho
W est Indian sugar crops. Tho net return to tho planter in Y u catan , for
whom the Comision Reguladora acts as selling agent, is rather diminished
than increased. W hile tho reason for higher prices is perfectly understood
b y all intelligent buyers, as it affects not only sisal but all other important
fibres, wo wish to go upon record that our steadfast aim lias been and is to
keep tho prico o f sisal on a level which, while fairly romunerativo to tho
Y u catan plantor, shall not provo burdensome to tho cordago and twino
manufacturers, nor to tho American farmer, the principal ultimato con ­
sumer o f tho sisal crop.

Reference to the inquiry of the Senate Committee into the
control of sisal prices was made in our issue of Feb. 26.
Since that date several statements in answer to charges in the
matter havo been issued by tho parties to the controversy;
two of these wo print below; one, emanating from Cyrus II.
McCormick, President of the International Harvester Co.,
on March 4, refuting certain statements concerning his com­
pany, said:
Tho statement beforo a sub-com m itteo o f tho Senato at W ashington, a
reported in this afternoon’s dispatches, that tho International Harvester C o .
furnished m oney for a Yucatan revolution is utterly untrue. It has nover.
directly or indirectly, had any connection with political conditions in
Yucatan or anywhero elso in M oxico.
This chargo grows out o f tho fact that tho Harvester C om pany is a largo
purchaser o f sisal, tho principal product o f Yucatan. Its purchases o f sisal
were m ado through A velino M ontos, a wealthy merchant o f M erida, L ucatan, who purchased tho sisal and paid tho planters with Ids own funds.
In tho regular courso o f business in February 1915 M ontos had mado a
contract for sisal for tho Harvester C om pany’s account with the Yucatan
Regulating Com m itteo, tho agency through which tho Yucatan Govern­
m ent controlled and still controls tho sisal market.
W hen only a small part o f this purchase had boon delivered, tho G overn­
ment o f Y ucatan peremptorily notified M ontos that no m oro sisal would
bo delivered on tlds contract unless lie Issued to a Yucatan Governm ent
Commission a letter o f credit for Now Y ork funds in oxchango for Yucatan
currency. Under tlds compulsion M ontes Issued a letter ot credit, and
afterwards m ado a paym ent on it in Now York entirely with his own funds.
N one o f tho Harvester C om pany's m oney was used in tho transaction.
Tho Harvester C om pany did not know o f it until somo tim e aftor tho
transaction was com pleted. If any o f M on tes’s m oney thus advanced
under tho com pulsion o f ills Govornm ont was used b y tho \ ucatan C om ­
missioners for buying munitions, it was without tho knowledge and beyond
the control o f the Ilarvestor C om pany.

A pr . 29 1916.]

THE CHRONICLE

On March 20 Sol Wexler, of±the firm of J. S. Bache &
C o ., and President of the Pan-American Commission Cor­
poration, made the following reply to charges reported to
have been made by an officer of the International Harvester
C o.:
Tho Pan-American Commission Corporation was organized to do a
general importing, exporting and financing business with the Latin-American republics, and has entered into a contract to mako loans against sisal
hemp stored in the United States on ample margins to the amount of
$10,000,000 over a period of five years, receiving a commission which is
fairly commensurate with tho servico rendered and risk involved.
This contract is with a commission of Yucatan, which enjoys a monopoly
o f the sale of tho sisal hemp produced in that country. Tins Commission
of tho State of Yucatan has been in operation since 1912, but its efforts to
obtain a fair price for tho production o f the Yucatan farmers have been
abortive, duo to tho fact that it had not tho necessary means to properly
distribute the production. Since entering into this contract it has sold
about 600,000 bales of hemp since tho first of September to manufacturers
in tho United States, all being placed in position to obtain their supplies
at Identically the same price at any given time.
Tho increase in freight rate has been lc . per pound, which gives to the
farmer only about 6c. net. The investigations at Washington on testimony
of a number of reputable Yucatan farmers shows tho cost of production to
bo about 6c., so that tho price is really still abnormally low as compared
with tho selling price of other fibres. For instance, manila hemp, which
normally sells at 2c. per pound above the price of sisal, is to-day selling at
7c. above the price of sisal, and jute, which normally sells at 4c. below the
prico o f sisal, is now selling at about tho same price as sisal. Prior to the
banking arrangement ontered into, the International Harvester Co. and the
Plymouth Cordage Co. had a completo monopoly of tho sisal production
and forced farmers to sell as low as 2>$c. per pound, tho American farmer
having received little or no benefit.

Tho Senato investigation into the control of sisal was
concluded on tho 27th inst.

BANKING, LEGISLATIVE AND FINANCIAL NEWS.
Tho sales of bank stocks at the Stock Exchange this week
aggregate 65 shares. N o bank or trust company stocks
were sold at auction.
S h a re s . BANKS — N c iv Y o r k .
Low .
3 5 Chat. & Phenix Nat. B a n k ... 210

30 Commerce, Nat. Bank o f------ 168

H ig h . C lo se .

L a s t p re v io u s sale

210
210
April 1916— 206
169^ 168^ April 191£— 170

Tho members of the Coffee Exchange of the C ity of New
York have voted to change the name of tho institution to
the N ew York Coffee and Sugar Exchange.
Local bankers are already arranging the program for the
forty-second annual convention of the American Bankers As­
sociation, which will bo held in Kansas City, M o ., the week
of Sept. 25 to 30, inclusive. The matter of business sessions
and speakers for the various section meetings is now in the
hands of the several committees of the Association. There
has already been a large hotel reservation made; the early
applicants having been provided for at tho headquarters
hotels— tho Baltimore and Muehlebach. Tho following
Publicity Committee has just been appointed:
J. F. Downing, President Now England National Bank, Chairman
E. F. Swinney, President First National Bank.
J. W . Perry. President Southwest National Bank o f Commerce

The Kansas City Clearing Houso Association recently
held its annual meeting and election and the now officers and
members are as follows:
^ W Perry, President Southwest National Bank o f Commerce, President
W . T . Kemper, President Commerce Trust Co., Vice-President
P. W . Goebel, President Commercial National Bank, Kansas City Kan
George S. Hovoy, President Inter-State National Bank.
II. T . Abernathy, Vice-President First National Bank.

This Clearing House Committee is tho Executive Commit­
tee for the Kansas City convention of the American Bankers
Association.
Tho spring meeting of the Executive Council of the Ameri­
can Bankers Association will be held at Briarcliff Lodge
Briarcliff M anor, N . Y ., on M a y 8, 9 and 10. The Lodge
opens on M a y 6 for the accommodation of bankers and their
wives. Tho hotel is given over entirely to the “ official famly ” of tho American Bankers Association, not accommo­
dating (during the meeting period) any outside guests
On
Sunday morning, M a y 7, the Chicago special (which is
managed by Harry Wilkinson, of tho “ Chicago Banker” )
will arrivo. This train brings members of tho Executive
Council from various parts of the W est. M onday M a y 8
morning, afternoon and evening, is given over to meetings
of the various committees and section-committees of tho
Association. On M onday afternoon at four o ’clock, Frank
A . Vanderlip, President of the National City Bank of Now
York, tenders a reception at his home, Beechwood, Scar­
borough, N . Y . , to tho members of the Executive Council,
all committees, ladies and guests. On M onday evening, at
Briarcliff Lodgo, a motion picture will be shown, entitled
“ Thomas Jefferson Morgan Jr., P .J .G .,” to show tho
working of tho Thrift Campaign. M a y 8, morning and
afternoon, will bo devoted to meetings of the Executive




1597

Council. Tuesday evening the dinner of the Executive
Council will take place, followed by dancing. This dinner
will be participated in by all present at Briarcliff Lodge.
In connection with the family dinner, a demonstration of
trans-continental telephoning has been extended to the
American Bankers Association, through the courtesy of the
American Telephone & Telegraph Co. Every guest will be
provided with an individual telephone receiver, so that every­
thing that will be transmitted from the Briarcliff and San
Francisco ends will be heard by all present. Among the
features will be five exchanges of greetings between persons
present at Briarcliff Lodge and others on the Pacific Coast
end; music will also be transmitted from the Pacific Coast,
and the roar of the Pacific Ocean will be heard at the same
time that the guests will be looking at motion pictures of
scenes taken along the Pacific Coast. Wednesday, May 10,
morning and afternoon, will be given up to meetings of the
Executive Council.
An analysis of the war costs, war loans and Government
indebtedness of Europe in their relation to the world at large,
is contained in a booklet which the Mechanics & Metals
National Bank of this city will issue on M a y 1. W ith regard
to the aggregate cost of the war to date, the booklet sets
out that “ attempts to gauge its burdens to all the powers in­
volved has resulted in a calculation that if it is still in progress
on the second anniversary (Aug.
the direct cost of the
will have been in excess of $45,00 0,0 00,0 00.” These figures,
it is pointed out, represent simply the expenditure for carrying
on the hostilities. They do not allow for the destruction of
cities, railways, ships, factories, warehouses, bridges, roads
or agricultural values. Neither do they allow for the eco­
nomic loss through the killing and maiming of men, the loss
of production in occupied territories, the decrease in stocks
of food, metal and other materials, the derangement of the
machinery of distribution,nor for the cost of pensions.
booklet says in p a rt:

1)

war

The

J f , ^ J ar,.COStS. ? 45-000-000’000’ l t W,U represent a sum three times
greater than the entire capitalization o f the railways o f the United States
greater. than the total deposits o f all our national banks. I t
r? i m P
t 3 Silnl Slx times &reater than tha* expended in our Civil W ar

UnTtedr? t a ? r t i 9nt HtimCS^ he am° Unt ° f the present national debt of
r

S

n

i !
L T

120
“ f 3 th,e c o s t o f t h 0 Panam a C anal. 500 times t h e
an7 8a71fA “ Cncan * oId 0UtP“ t- Direct cost of thoFrancol 87Ch7l ' Was not gnvatly ln excess of $3,000,000,000.

$1 2eM . S S , P“ “ e War w“

S «°0 .«> 0 .0 0 0 . o f tho South

The Mechanics & Metals National Bank has also—in view
of the approach of the date when Section 8 of the Clayton
Anti-Trust Law becomes effective—published a digest of the
section, for distribution among banks throughout the United
States. It is in booklet form, and bears the title “The Bank
Director and the Clayton Law.” Provisions of Section 8,
forbidding the so-called interlocking system of directing banks
wiU become operative on Oct. 15, two years having been
allowed by Congress in 1914 for readjustment of the old
order of directing banks. The Mechanics & Metals Bank
treats the matter simply and consisely, interpretation being
made as clear as the terms of the law permit.
Srinivas R . W agel, a prominent East Indian, has started
business as bill and bullion broker at 52 W all Street. In
connection with his business, he is issuing a weekly bullion
letter, which will contain carefully sifted information about
gold, silver and foreign exchange with comments on the
course of the market. H e states that his circular while
avoiding cumbersome and unintelligent mass of statistical
detail, will also avoid the other extreme of making comments
which are of no practical value to trade. Such a circular is
the first of its kind in New York and follows more or less the
lines of the circular of Samuel Montagu & Co. of London.
Tho first number of the circular has just appeared and wears
a very promising look.
A booklet on “ Acceptances,” dealing with their importance
as a means of increasing and simplifying domestic and for­
eign trade, has been issued by the American Exchange Na­
tional Bank of this city. In presenting the treatise, the bank
states that, having at all times taken an active interest in
the commercial development of the country, it desires “ to do
its utmost to encourage the use of trade acceptances in the
United States, because it believes that their general employ­
ment will add materially to the prosperity of the individual,
as well as to the prosperity of the nation.”
George M . Reynolds, President of the Continental &
Commercial National Bank of Chicago, has returned from

THE CHRONICLE

15 9 8

Los Angeles. As previously noted in these columns M r.
Reynolds suffered an acute attack of grip shortly after his
arrival in Los Angeles in February. Ho has fully recovered,
and states that he feels in better condition than before his
illness.

.

A . Barton Hepburn, Chairman of the board of directors of
the Chase National Bank, recently started on a six weeks’
vacation, during which time he will visit Alaska. He is
accompanied by his family.
In view of the success of the “ First National” corn show,
which was held in St. Paul last December under the auspices
of the First National Bank of St. Paul, it has been decided
to hold a show of a like nature this year. It is to be held in
St. Paul on Dec. 11 to 16 inclusive. The Northwestern
Trust Co. of St. Paul is interested with the bank in the affair,
as are also bankers of the Northwest. The C om Show terri­
tory will remain the same as last year, and includes the fol­
lowing States: Minnesota, Northwestern Wisconsin, North
Dakota, South Dakota, Montana, Washington, Idaho and
Oregon. One hundred and thirty-six silver and “ Goldyn
Bronze” loving cups will be awarded as prizes. Competi­
tions will be divided into a men’s and boys’ class, and is con­
fined to districts only, there being mo competition between
States or between districts. Contests will be open to every
farmer and farmer’s son in the Northwest. Each exhibit
must consist of ten ears of any variety of Indian com raised
by contestant in a field of one or more acres, but not less than
one acre. Average size, productiveness, breed, typo and
general appearance will be the governing factors in awarding
the prizes. The promoters of the Corn Show have adopted
as their slogan “ C om and Cattle Contribute Capital for Big­
ger Bank Balances.” It is argued that “ increased interest
in com production means the ultimate raising and mainte­
nance of more livestock and diversification in farming meth­
ods, to the financial advantage and prosperity of the entire
Northwest.”

[Vol . 102.

ington National Bank had $100,000 capital. Reference to
the proposed reorganization was made in these columns
on March 4 and April 8.
To commemmorate the twentieth anniversary of tho found­
ing of their institution, the officers and directors of the San­
ford National Bank of Sanford, M e ., have issued a souvenir
brochure containing a brief outline of the institution’s history,
together with photographs and descriptions of the bank
building and of tho various departments. The Sanford
National Bank started business in 1896 with $50,000 capital.
On July 1 1915 the capital was raised to $100,000, and the
board of directors was increased to twenty-five by the addi­
tion of twenty new members. Louis B . Goodall, Treasurer
of the Goodall Worsted C o ., has held the office of President
since the organization of the bank.
A second dividend in liquidation, amounting to $10 per
share, has been declared on the stock of the United National
Bank of Providence, payable M a y 1 . As noted in these col­
umns on Jan. 15, the United National Bank has been con­
solidated with the Industrial Trust Co.

A t the annual meeting of the Boston Clearing House
Association on April 10 Thomas P . Beal was re-elected
President and William N . Homer was elected Secretary in
place of Charles P . Blinn Jr., who becamo Vico-President
of the Philadelphia National Bank of Philadelphia in Febru­
ary, as we then noted. The annual report of Charles A .
Ruggles, Manager, shows exchanges of $9,003,225,015,
a record figure, and a gain of $1 ,695,032,000 over the pre­
vious year. Balances were reported at $626,322,830, as
against $413,476,937 the year before. Checks to the
amount of $15,200,500 have been paid through tho Clearing
House by tho Assistant Treasurer of the United States, this
comparing with $20,350,000 the previous year, the decrease
being accounted for by the designation on January 1 of the
Federal Reserve Bank as fiscal agent of the Government.
The Federal Reserve bank paid through the Clearing House
The third annual dinner of the Lincoln Trust C o .’ s officers during the year $60,612,000 and collected through the
and employees was held this week at Reisenwebers, Broad­ Foreign Department since Jan. 1 checks to the amount of
way and 59th Street. Alexander S. W eb b , President of the $253,000.
During the year the Old Colony Trust Company was
company, presided and extemporaneous talks were made by
elected to membership in the Clearing House, being tho first
the various members of the com pany.
trust company to make application in the history of the
The international banking house of Knauth, Nachod & Association.
Kuhne will move on M a y 1st to new and larger quarters in
the Equitable Building, 120 Broadway, N ew York. •Some
20,000 square feet of floor space have been converted into
a model banking establishment for the firm’s use. W hen the
doors open for business on Monday everything from the
partners’ desks to the telephone switchboard will be new.
Nothing is taken from the present offices at 15 William Street
except the invaluable business records which have accumu­
lated since the house was founded in N ew York in 1852.

The Granite National Bank of Augusta, M e ., capital,
$100,000, has consolidated with the First National Bank of
that city, capital, $100,000; the latter institution has been
placed in voluntary liquidation. Application by the Granite
National Bank to the Comptroller of tho Currency for author­
ity to increase its capital from $100,000 to $200,000, has been
approved by the Comptroller of tho Currency. Tho name
of the consolidated institution is the First National Granite
Bank of Augusta.

The international investment banking house of A . B . Leach
The directors of the Franklin National Bank of Philadel­
& Co. announces the removal of its New York office from
phia on the 24th inst. declared a somi-annual dividond at the
149 Broadway to 62 Cedar St. The firm will occupy the
rate of 2 0 % per annum, an increase of 4 % in tho annual
ground floor and other offices in this building, which was
rate. The bank has $1,000,000 capital. The sum of $250,­
until this week the headquarters of the Federal Reserve
000 was added to surplus, increasing that item to $3,250,000.
Bank of New York. The latter institution is now located in
the Equitable Building on the Nassau-Pine Street comer.
Edward B . Smith & C o ., members of the N ew York and
A . B . Leach & Co. have been located at 149 Broadway since
Philadelphia Stock Exchanges, announce the removal of
1906.
their Philadelphia offices from Broad and Chestnut Sts. to
the ground floor of 1411 Chestnut St. The firm’s new lo­
A t a meeting of the directors of the United States M ort­
cation adjoins the Girard Trust Co.
gage & Trust Co. of this city yesterday, Henry L . Servoss,
heretofore an Assistant Treasurer, was elected Secretary in
O.
J. Vilsack has resigned as Treasurer of the East End
place of Alexander Phillips, resigned. John A . Hopper was
Savings & Trust Co. of Pittsburgh. M r . Vilsack, who has
appointed Manager of the company’s 73d Street branch and
been associated with tho company for many years, sorved as
Charles S. Andrews Jr. was appointed Assistant Manager.
Treasurer during tho last three years.
M r . Andrews was formerly Manager of the 86th Street branch
of the N ew York Produce Exchange Bank.
The Baltimore Trust Co. of Baltimore has established a
bond department in connection with its goneral business.
Hugh A . Duncan, formerly chief clerk of tho transfer de­
partment of the Guaranty Trust C o. of this city, was ap­ A . W . M ason, formerly connected with Baker, W atts & C o.
of Baltimore, will be managor of tho new department.
pointed an Assistant Secretary on tho 28th inst.
The Southington National Bank of Southington, Conn.,
which in January suffered a loss of about $80,000 through the
defalcations of its late Cashier, Louis K . Curtis, has been
placed in liquidation and has been succeeded by the Southngton Bank & Trust C o ., with $50,000 capital. The South­




The Northern National Bank of Toledo, Ohio, is now lo­
cated in its handsome new building at Superior St. and M adi­
son A ve. The new bank building is of classic design. The
exterior is faced with buff Indiana limestone, and tho en­
trance on Superior St. is flanked by six massive stone pillars.

A pr . 29 1916.]

THE CHRONICLE

The interior is finished in Botticini marble imported from
Italy, Caen stone and bronze. The building is fireproof
throughout, no wood boing used in the construction or fur­
nishing. The institution has S I ,060,000 capital and in its
last statement reported surplus and profits of $000,729 and
gross deposits of $7,249,030. I. E . Knisely is President.
Edward Squire, President of tho First National Bank of
Defiance, Ohio, died on the 22d; he was sixty-seven years of
age. M r. Squire had been at the head of tho bank over
twonty-fivo years and had previously for many years been
its Cashier.
Ilenry B . Ledyard, Chairman of the board and of the
executive committee of the Union Trust Co. of Detroit
since 1908, resigned on the 2Gth inst. because of ill health.
His letter of resignation follows:
T o the B o a rd o f D ire c to rs o f the U n io n T r u s t C o .
G en tlem en :— I respectfully tender herewith my resignation as Chairman

of the board o f directors of tho Union Trust Co.
When a few years since, at tho request o f tho directors of the Union Trust
C o.. I consented to assume tho duties of its Chairman, it was at that time
known to the board that it was not my purpose to hold the office any longer
than it might seem to be to tho best Interests of the company so to do. I
boliovo tho timo has now come when I can properly ask to bo relieved.
Your company holds a leading position among tho financial institutions
o f tho city; its officers are able and devoted to Its interests; its directors,
by tho institution o f a rotating executive committee, and by tho work so
admirably performed by special committees in all matters of importance,
have made themselves familiar with the workings of tho corporation to a
degree seldom obtained. Whatever improvement thero has been in tho
managomont o f tho company is very largely due to the interest shown, and
work dono by tho directors themselves.
T o tho officers o f tho company, particularly to its President, M r. Blair,
I am under many obligations for their earnest, loyal and successful work,
and to tho directors my sincere thanks are duo for their unfailing courtesy
and support.

The resignation was accepted with regret and a special
committee was named by President F . W . Blair to prepare
a suitable expression in recognition of the value of
M r. Ledyard’s services for the company to bo spread upon
its records. H . M . Campbell, counsel for tho Union Trust
C o., since it commenced business, was unanimously elected
Chairman of the board and of tho oxecutivo committee to
succeed M r. Ledyard.
Tho Logan Squaro Trust & Savings Bank of Chicago, 111.,
oxporienced a run on tho 18th inst., the calls upon tho bank
having beon occasioned by tho circulation of falso rumors.
The trouble first became apparent when about fifty school
children depositors mado their appearance and started to
withdraw their accounts. When advised of tho run tho
Standard Trust & Savings Bank, which clears for the Logan
Square institution, and tho Contral Trust Co. supplied the
bank with $150,000 and gave assurance that there was
no limit to tho amount it would bo supplied with. Tho run
lasted throughout tho day, $14,700 boing paid out to* 130
depositors. On tho other hand, $5,804 was deposited with
the institution during tho day. The Logan Squaro Trust &
Savings Bank has $200,000 capital and had doposits of about
$520,000.
William II. M cD oel, a director of tho Continental & Com ­
mercial National Bank of Chicago and a former President of
tho Chicago Indianapolis & Louisville R y. (the Monon
Route), died on tho 25th; ho was sevonty-fivo years of ago.

1599

The Comptroller of the Currency has approved an increase
of $250,000 in the capital of the Exchange National Bank of
Tulsa, Okla., raising it to $500,000.
William B . Slaughter, President of the defunct Mercantile
National Bank of Pueblo, C olo., who was tried on charges
alleging misapplication of funds, abstraction of assets and
causing false entries on the books of the bank, was acquitted
by a jury in the U . S. District Court in Denver on the 19th
inst. The Court held that the Government’s testimony
had failed to support any of the 35 counts contained in the
two indictments found in October 1915, jointly against the
banker and his son, Coney C . Slaughter, former Cashier of
the bank. The Mercantile National Bank closed its doors
on March 29 1915, following the resignation on March 20
of C . C. Slaughter from the cashiership, the latter’s resigna­
tion giving rise to rumors of irregularities in the bank’s ac­
counts and occasioning a run which brought about the sus­
pension.
The First National Bank of Montgom ery, A la ., on April
18 celebrated its forty-fifth anniversary. The institution
started business in 1871 with $100,000 capital and now has
$1,000,000 capital and deposits of over $2,400,000. A . M .
Baldwin is President of the bank, A . S. W oolf oik, Cashier,
and H . T . Bartlett, Assistant Cashier.
J. E . M cAshan, a pioneer banker of Houston, Texas, who
for over forty years had been prominently identified with
banking interests in that city, died on the 19th inst. in his
fifty-ninth year. M r. McAshan started his banking career
at 15 years of age in the T . W . House Bank; he continued with
that institution for eighteen years, until June 1890, when he
resigned to take part in the organization of the South Texas
National Bank of Houston, of which he became Cashier
and later Vice-President. W ith the consolidation of the
Commercial National Bank and the South Texas National
Bank in 1912, M r . McAshan was made a Vice-President of
the enlarged institution, and during 1914 he officiated in the
dual capacity of Vice-President and Cashier. He retired
on Sept. 1 1914 becauso of ill-health, although remaining
as a momber of the board of directors. A t the time of his
death M r . McAshan was a director of the South Texas Com­
mercial National Bank, a director of the “ Houston P o st,”
Vice-Chairman and member of the board of trustees of Rice
Institute and President of the Merchants & Planters Oil
M ill.
Tho directors of the Commercial State Bank of San A n ­
tonio, Texas, on tho 4th inst. elected W . B . Hamilton,
formerly Vice-President of the W est Texas Bank & Trust
Co. of that city, to a Vice-Presidency in their institution.
M r. Hamilton’s connection with the W est Texas Bank &
Trust Co. dated from its organization in 1905; he was
olected Cashier in 1911 and Vice-President three years
later.
W.
N . Bucklin Jr. has been elected Assistant Trust Officer
and Assistant Secretary of the Los Angeles Trust & Savings
Bank, Los Angeles, Cal. M r. Bucklin is the present Sec­
retary of Los Angeles Chapter, A . I. B .

The eightieth annual report of tho Bank of British North
E.
0 . Rico, Vice-President of tho First National Bank of
America (head office, Montreal) for the year ending N ov . 30
St. Paul, M in n ., tendered his resignation on tho 24th inst. 1915, recently mado public, shows profits for the year, in­
He will on M a y 1 assume tho duties of Vice-Prosident of cluding $107,081 brought forward from N ov . 30 1914, of
both tho Highland Park State Bank of Highland Park, $495,077. Out of this amount $194,GG0 for a 4 % dividend
M ich ., and tho Highland Park State Bank of Detroit, M ich. was paid last October, and provision was made for a
dividend of 3 % , calling for $140,000, payable on April 7,
W.
II. Garanflo, former President and R . D . Duncan,
less the income tax; the various other appropriations ab­
former Vico-Presidont and Cashier of the defunct State
sorbed $102,834, leaving a balance of $52,175 to be carried
National Bank of Little Rock, A rk., who wero tried in the
forward. The November 30 statement shows capital (paidFodoral Court in Little Rock charged with misapplication
in) of $4,800,000; reserve fund of $3,017,333; deposits,
of funds and conspiracy,wero found guilty on tho 14th inst.,
interest-bearing, of $20,077,047, non-interest-bearing, $1 8,­
and wero both sentenced on tho 20th inst. to six years on
150,085, and total assets of $01,513,090.
five counts each of misapplication of tho bank’s funds and
to two years each and a fine of $1,000 for conspiracy, the
T R E A SU R Y C A SH A N D C U R R E N T L IA B IL IT IE S .
terms to bo sorvod concurrently. The Stato National Bank
The cash holdings of the Government as the items stood
closed its doors on Juno 20 1914. It had $500,000 capital
M ar. 31 are set out in the following. The figures are taken
and doposits of about $1,700,000. Tho bank’s depositors entirely from tho daily statement of the U . S. Treasury for
during 1915 wero paid two 1 0 % dividends; another dividend March 31.
CURRENT ASSETS AND LIABILITIES.
of 2 0 % , amounting to $107,000, was recently declared,
GOLD.
bringing tho total distribution thus far up to 4 0 % . W ith
A s s e ts —
S
Liabilities —
$
1,033,408,382 17 Gold ctfs. outstanding.. 1,481,958,309 00
tho dividend just declared $335,878 of $840,000 proved Gold coin___
Gold bullion
663,853,093 74 Gold reserve.................. 152,979,023 21
claims will havo beon roturnod to depositors.
Available gold In gen. Id. 62,324,143 70




Total

1.697,261,475 91

T o ta l.......................... 1,697 261,475 91

THE CHRONICLE

1600

Note.— Reserved against $346,681,016 of U . S. notes and $2,146,621 o f Treasury
notes of 1890 outstanding. Treasury notes are also secured by silver dollars in
tbe Treasury.
S IL V E R D O LL A R S.
HabillHes—
Assets—
S
Silver dollars___________ 592,891,010 00 Silver ctfs. outstanding. 486,906,393 00
Treasury notes o f 1890
2,135,175 00
outstanding.
Available silver dollars
In general fund______
13,849,442 00

502,891,010 00

T o t a l .............................

502,891,010 00

GENERAL FUND.
Assets—
Avail, gold (see ab ov e).
Available silver dollars
(See a bove)_______
United States notes____
Federal Reserve n o te s ..
National bank notes—
Cert, checks on b a n k s ..
Subsidiary silver c o in ..
Fractional currency-----M inor coin _____ ______ Silver bullion (available
for subsidiary coinage)
Unclassified
(unsorted
currency, &c.)______
Deposits In Federal
Reserve banks______
Deposits In national
banks:
T o credit of Treasurer
United States_____
T o credit of other
Governm ’ t offlcers.
Deposlts In Philippine
treasury:
T o credit o f Treas­
urer, United States
T o credit of other
G overnm 't officers.

Liabilities—
62,324,143 70 Treasurer’s checks out­
standing—
13,849,442 00 Deposits of Government
officers:
5,932,762 00
Post Office D e p t-----2,504,770 00
Board of
trustees.
22,817,467 34
Postal Savings Sys­
14,870 76
tem (5% reserve). .
21,330,906 78
Com ptroller of the
30 00
Currency, agent for
856,399 22
creditors of Insol­
vent banks_______
5,571,144 29
Postmasters, clerks of
502,207 57
courts, & c________
Deposits for:
Redemption o f Fed­
37,791,549 66
eral Reserve notes
(5% fund)................
Redemption of Fed­
eral Reserve bank
32,606,193 53
notes (5% fund)___
Redemption of na­
5,601,590 47
tional bank notes
(5% fu n d )...............
Retirement of addi­
tional
circulating
2,159,360 67
notes, A ct M ay 30
2,840,011 62
1908...........................
Exchanges
of cur­
rency, coin, & c____

2,326,311 90

[Vol . 102

NET DEBT.
GROSS D E B T .
D ebt bearing no Interest $247,136,788 19 Gross debt (oppostte)-$l,220,180,648 4 5
Deduct— Balance avail­
D ebt on which Interest
able to pay maturing
1,481.270 26
has ceased....................
obligat’ns (see above) 112,117,939 60
Interest-bearing d e b t .. 971,562,590 00
N et debt.................... $1,108,062,708 85

A g gregate....... .......... $1,220,180,648 45

T H E E N G L IS H G O L D J A N D S IL V E R M A R K E T S .

W e reprint the following from tho weekly circular of
Samuel Montagu & Co. of London, written under date of
April G 1910:

GOLD.
This week the movements were again favorable to tho Bank of England.
The following amounts were received byAtho Bank:
Mar. 30— £6,000 in bar gold.
3,320,310 92
April 3— 50,000 in sovereigns releasecUon account of Egypt.
April 5— 921,000 in bar gold.
April 5— 400,000 in sovereigns released on miscellaneous account.
1,681,064 49
Withdrawals were made as under:
16,978,122 21
Mar. 30— £50,000 in sovereigns set aside on account of Egypt.
Mar. 31— 225,000 in sovereigns set asido on miscellaneous account.
April 1— 340,000 in sovereigns for Spain.
10,900,262 36
April 1— 25,000 in sovereigns for Uruguay.
April 3—
201,000 in bar gold.
April 4— 5,000 in bar gold.
200,500 00
April 4— 35,000 in sovereigns for United States of America.
During the week the net increase amounted to £496,000.
25,683,599 84
SILVER.
As yet there appears to be only a slight barrier to advancing prices, pro­
viding the market continues to bo as hungry as it has been and is likely
9,559,395 00
to bo. Supplies are coming forward very slowly. Tho price advanced
from 28 15-16d. to 29 7-16d. on the 4th Inst, without a chock. ■This is the
8,346,408 89
highest figure recorded since Dec. 14 1912. Yesterday tho quotation
91,778,768 19 shed l-16d., but to-day recovered to 29 7-16d. again upon a renewed de­
b N et balance, Including
mand. The reason why the undertone remains sound, notwithstanding
$56,065,335 9 8 tocred
tho high level of prices attained, is that all possiblo supplios aro now cleared
It of dlsburs'g officers 124,924,081 42
off the market at each lurch forward in the quotation, and that tho London
216,702,849 61
T o t a l ............................. 216,702,849 61
T o ta l,
stock, now aggregating about 6,300,000 ounces, consists, to a largo extent,
of silver earmarked for definite purposes anti not available for ro-sale.
All reports from Treasury offices received before 11 a. m . are proved on the same
In military parlance, at each advance tho position has been consolidated.
day. All reports from depositary banks are proved on the day of receipt or the day
following.
The Continent has been much in ovidenco during tho week as a buyer,
b The balance stated Is the amount available to pay Treasury warrants, disbursing
but the East has not figured appreciably as a buyer’ or a seller. The last
officers’ checks and matured public debt obligations. Included in such obligations
three
Indian currency returns received by cable givo dotails in lacs o f rupees
Is $39,933,755 o f outstanding national bank notes that have been assumed b y the
United States on deposit of lawful m oney for their retirement (see A ct of July 14
as follows:
M a r c h 31.
M a r c h 22.
M a r c h 15.
1890). which b y law is part of the public debt o f the United States and Is Included
in the public debt statement. Prior to July 1 1913 the amount o f this fund was
67,22
................................ 65,24
65,91
Included as a part o f the public debt and not as a liability In the general fund. On
23,06
22,15
................................ 22,22
July 1 1913 the form o f the dally statement was changed and the retirement fund was
12,24
12,59
i................................ 12,60
removed from the general fund balance and set up as a general fund liability. The
11,92
11,92
A ct of July 14 1890 provides, however, that this fund shall be Included as a part o f
__________________ 11,92
the public debt. The above statement restores It to the balance and makes It a
The increase in the reserve of silver rupees on March 31 is tho first since
part of the public debt as required by law.
Aug. 31 1915. The stock in Bombay consists of 3,700 bars, as compared
with 3,600 bars last week. No shipment has been made from San Fran­
cisco to Hong Kong during the week. Statistics for tho month of March
F I N A N C I A L S T A T E M E N T OF U . S. M c h . 31 1916.
are appended:
Highest price for c a s h ............................-.2 8 15-16d.
(Formerly Issued as “ Statement o f the Public D ebt.” )
Lowest price for cash___________________26 15-16d.
The following statements of the public debt and TreasuryAverage price for cash__________________27.597d.
cash holdings of the United States are as officially issued as
Quotations of bar silver, per oz. standard:
Bank rate-------------------------------- 5%
No
of M ch . 31 1916. For explanations of the changes in the state­ Mar. 31 ..2 8 15-16 cash
quotation Bar gold, per oz. standard..77s. 9d.
April
1 ..2 9
ments, see issue of N ov. 27 1915, page 1781.
French gold coin, per oz___ Nominal
fixed
April 3_____
..2 9 H
U. S. A. gold coin, per oz..N om inal
CASH A V A IL A B L E T O P A Y M A T U R IN G O B L IG A T IO N S.
April 4 . . 2 9 7 - 1 6
“
] , fo r ,
April
5.-295^
“
I
forward
Settlem en t
w arrants,
Balance held b y the
April 6 ..2 9 7-16
“ j delivery.
coupons and checks
Treasurer of the United
Avge. for week.29.260
. . . . . .
,
outstanding:
States as per dally
Tne quotation to-day for cash is H d. above that fixed a week ago.
Treasury warrants____ $2,589,785 36
12,282,792 58

Treasury statement for
M atured coupons-----575,022
M ch . 31 1916............. .$124,924,0S1 42
Interest checks_______
337,491
Add— N et excess o f re­
Disbursing o f f i c e r s ’
ceipts over payments
checks_____________
11,125,456
In M arch reports sub­
sequently received-----1,821,614 15 Balance............................... 112,117,939

29
62
70
60

$126,745,695 57

Revised balance_________$126,745,695 57

PU B L IC D E B T B E A R IN G N O IN T E R E S T .
(Payable on presentaUon.)
Obligations required to be reissued when redeemed:
United States notes.................................................................................--5346,681,016 00
Less gold reserve_________________________________ ____________ 152,979,023 21
Excess of notes over reserve.--------------------------------- ---------------$193,701,992
Obligations that will be retired on presentation:
Old demand notes_______________________________________________
53,152
National bank notes assumed b y the United States on deposit of
lawful m oney for their retirement-------------------------------------------- 46,532,583
Fractional currency______________________________________________
6.849,0o9

79
50
00
90

E N G L IS H F I N A N C I A L M A R K E T S — P E R C A B L E .

The daily closing quotations for securities, & c., at London,
as reported by cable, have been as follows the past week:
London
Week ending Apr.

T o t a l ..........................................................................................................

W o m m v cc in l
00
00
00
00
00
26

Payable Amt. Issued.

Registered.

Coupon.

2s Consols Of 1930............ Q .-J. 646,250,150 643,401,250 2.848,900
3s Loan of 1908-18.......... .Q .-F . al9S,792,600 47,258.000 16,687,460
4s! Loan of 1925 ................Q .-F . 5162,315,400 101,300,600 17,189,300
Panama Canal Loan:
_
10,460
~ .-F
“.
54,631,980 54,621,520
2s, Series 1906 ------------ Q
262,480
30.000.
000 29,737,520
2s, Series 1908 ------------ Q .-F.
9,048,200
50.000.
000
40,951,800
3s, Series 1911----------- Q .-M .
770,440
7,307,100
6,536,600
2>$s, P o s t.S a v .b d s .'1 1-1 5.J.-J.
80,600
938,000
857,400
2H s, Post. Sav. bds. 1916.J.-J.

G5X

65 X

Tues.

32
57X

96JS
62.50
------

Ai#,26.
wid

Apr.27.
Thurs.

32 1-16 33
67 X
57M
96H
96M
62.80
63.00
-----------

A pr.28.
Frt.

•>*
nlif

96K
63.00
9-16

67H

67H

69

71 V,

a u clip tis c z llm u o u s l& zxvs
DIVIDENDS.

The following shows all the dividends announced for the
future by large or important corporations:
Dividends announced this iveek are printed in italics.

Name of Com
pany.

Railroads (Steam).
Total

646,250,150
63,945,460
118,489,900
54,631,980
30.000.
50.000.
7,307,100
938,000

Aggregate o f Int.-bearing debt 1,150,235,290 924,664,750 46,897,840 971,562,590
a Of this original am ount 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 can­
celed and $500 have otherwise been purchased and canceled.
b Of this original amount issued $43,825,500 have been purchased for the sinking
fund and canceled.




Apr.25.

31,481,270 26

IN T E R E S T -B E A R IN G D E B T .
(Payable on or after specified future dates.)
Interest
Outstanding March 31
Title of Loan-

Apr.24.
Mon.

The price of silver in New York on the same days has been:
Sliver in N . Y ., per o z - .c t s .

...................................................................................................................... $247,136,788 19
D E B T ON W H IC H IN T E R E S T HAS C E A S E D SIN C E M A T U R IT Y .
(Payable on presentation.)
Funded loan of 1891, continued at 2 % , called for redemption M ay 18
$4,000
1900; Interest ceased Aug. 18 1900----------------------------------------------22,950
Funded loan of 1891, matured Sept. 2 1891..............................................
13,050
Loan o f 1904, matured Feb. 2 1904------------------------------------------------527,650
Funded loan of 1907, matured July 2 1907..............................................
12,160
Refunding certificates, matured July 1 1907...........................- - - - - - ­
Old debt matured at various dates prior to Jan. 1 1861 and other
901,460
items of debt matured at various dates subsequent to Jan. 1 1861.

Apr.22.
Sat.

28.

Silver Dcr o z _____ ___. . . d , . . . .
-----Consols, 2 X per cents--------E A ST E R
British 4 y, per cents..............
H O L ID A Y S
French Rentes (in Paris), ir .
French W ar Loan, 5 % --------

A tch. T o p .

&Santa Fc, com . (quar.)-----Atlantic Coast Line RR., preferred................

Central R R . of N ew Jersey (quar.).........
Chicago Great Western, preferred..............
Cripple Creek Central, com. A pref. (quar.)
Elm
ira dr W
illiamsport, common................
Ft. Dodge, Des Moines A Sou., pref. (qu.)
G
eorgia Sou. A Fla. Is/ A 2d pref. (qu.)..
000

Great Northern (quar.)...............................
000
Nashua A Loicell________________________
New York Central R R . (quar.)................
Norfolk A W
estern, com
m
on (quar.).........
Com
m
on (extra)............................ - ............
N orfolk & Western, preferred ( q u a r .)...
Northern Pacific (quar.)........................ ..
Pennsylvania (quar.)......... .............................
Reading Com pany, com mon (quar.)-----First preferred (quar.).............................

Per
Cent.

W
hen
Payable.

Juno
M ay
M ay
M ay
Juno
M ay
M ay
M ay
M ay
M ay
M ay
I X June
Juno
1
M ay
1
I X M ay
75c. M ay
M ay
2
Juno
50c
IX
2X
2
1
1
2.20
IX
2X
IX
•IX
IX

Books Closed.
Days Inclusive.

1 Holders of roc
10 Apr. 30
to
1 Holders o f rec,
1 Apr. 6
to
1 Holders o f rec.
1 Holders o f rec,
1 Holders o f ree.
8 Holders o f ree,
1 Holders o f reo
1 Holders of rec,
1 Holders o f reo.
19 Holders of rec,
19 Holders of reo,
19 Holders o f reo
1 Holders of rec
31 Holders of reo
11 Holders of reo.
8 Holders o f rec

Apr.
M ay
Apr.
M ay
M ay
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
M ay
M ay
Apr.
Apr.
M ay
Apr.
M ay

2So
9
24a
1
15
20a
21a
28a
7a
15a
6a
31
31
29a
10a
la
24a
23a

A pr . 29 1916.]

THE CHRONICLE
Per
Cent.

N a m e o f C om p a ny .

Street & Electric Railways.
A m erican R ailw ays, p ref. (quar.) ___
Bangor Ry. & Elec., com. (qu.) (No. 9)
Boston Elevated Ry. (quar.) .....................
Brazilian Tr., L. & Pow., Ltd , com (qu.
Bristol & Plalnville Tram w ay ........... ......
Cape Breton Elec. Co.,Ltd..com. (No.13)
Preferred (No. 20)......................
Cities Service, common (monthly).
Common......................... ..........
Preferred (monthly)..................
Columbus Ry., P. & Lt., com.(qu.) (No.9)
Preferred B (quar.) (No. 9)................
Commonwealth Pow., Ry. & L., com----Preferred_________________________
Connecticut Ry. & Ltg., com. & pref.(qu)
Cumberland Co. Pow. & L . , p ref. (q u a r.)..
Detroit United R y. (quar.) ------------

Duquesne Light, pref. (quar.) (No. 5)__
East St. Louis & Sub. Co.,pf.(qu.)(No.9)
Grand R apids R y., pref. (quar.) (N o. 62)..
Havana Elec. Ry., L. & P., com. & pref..
Jacksonville Trac., pref. (qu.) (No. 21)..
Lehigh Valley Transit, preferred ( q u a r .) ...
Lewiston Augusta & Waterv. pref. (qu.)
Milw. Elec. Ry. & Lt., pf. (qu.) (No. 66 )

Monongahela Valley True., pref. (quar.)
Montreal Tramways (quar.)____ _____
N'port News&Hampton Ry.,G.&E.,com
Philadelphia Co., com. (quar.) (No. 138)
Philadelphia Company, 6 % pref. (No. 7)
Public Service Invest., pref. (quar.)___
Rio de Ja n eiro T ram ., Lt. & Pow . (quar.).
Sao Paulo T ram ., Lt. <k Power _____
U nion Street R y., N ew Bedford (quar.)

West Penn Railways, preferred (quar.)..
Banks.
American Exchange National.......
Bowery ( q u a r .) .. ________________
E x t r a ...... ...................................
Chemical N ational (bi-monthly)----City, N a tion a l ........... ....................
Corn Exchange (quar.)............. .
Fid elity ..........................................
Germania .....................................
Lincoln N ational (quar.) ................
Pacific (quar.)...............................
Westchester Avenue (quar.) ----------Trust Companies.
Astor (quar.)................................
Broadway (quar.).... .....................
Farm ers' Loan & Trust (quar.) .........
H am ilton, Brooklyn (quar.) .............
K in g s County, Brooklyn (quar.) ------Miscellaneous.
American Bank Note, common (quar.)..
American Beet Sugar, common (quar.)..
A m erican Brass (quar.) -------------- ------- E x t r a ........- ........................................
American Cigar, common (quar.).........
A m er. D lst. Teleg. o f N . J . (quar.) .........
Amer. Gas*Elec., pref. (quar.) (N o.37).
A m erican Glue, common .........................
A m erican Graphophone, pref. (quar.) ----American Light & Traction, com. (quar.)
Common (payable in common stock)..
Preferred (quar.)............. .......... ........
American Malt Corporation, pref. (quar.)
A m erican Soda Fountain ( q u a r .) .. .........
A m erican U tilities, preferred (quar.) ____
Amer. Zinc, Lead & Smelting, common..
Anaconda Copper Mining (quar.)......... .
Atlas Powder, pref. (quar.)____
Bellows Falls Power, preferred..............
Bergner & Engel Brew ing, p re ferre d . ........
Blgelow-H artford Carpet C orp., p re f. (qu.)

Bond & Mortgage Guarantee (quar.)___
Brill (J. G.), pref. (quar.)_______ _____
British Columbia Fishing & Packing___
Brown Shoe, Inc., pref. (quar.)_______
Buckeye P ip e L in e (quar.) .................... .
Bums Bros., common (quar.)............. .
Preferred (quar.)_______ ______ ___
Canada Cement, Ltd., preferred (quar.).
Canada Fdys. & Forgings, Ltd., com.(qu)
Common (bonus)....................... ........
Preferred (quar.)..............................
Canada Steamship Lines, Ltd., pref-----Canadian Explosives, Ltd., com. (quar.)
Central Leather, common......................
C llnchfleld Coal C orp., p re f. (quar.) .........
Cluett, Peabody*Co., Inc.,com. (quar.)
Commonwealth Edison (quar.).............
Consolidated Gas, N . Y . (quar.) ...............
Consolidation Coal (quar.)......................
Continental Paper Bag, pref. (qu.) (N o. 63)
Deere & Co., preferred (quar.) .................
De Long Hook & Eye (quar.) (No. 63)..
Distilling Col of America, pref. (quar.)..
Dominion Bridge, Ltd. (quar.)...............
Bonus
________ ____ __________
Dominion Steel Corp. pref. (qu.) (No.17)
dul’ont(E.I.)de Nemours Pow..com. (qu)
Preferred (quar.)................................
Eastern-Steel, 1st preferred....................
Eastern Steel, lsf preferred (quar.) ______
Eastman Kodak, common (extra)_____
Edison Elec. 111., Boston (qu.) (No. 108)
Edison Elec. 111. of Brock, (qu.) (No. 58).
Electrical Securities Corp , pref. (quar.).
Elec. Bond & Share, pref. (quar.) (No. 41)
E lg in N ational Watch (quar.) ..................
Eureka Pipe Lino (quar.)......................I
Fajardo Sugar.........................................
Fall River Gas Works (quar.)-------------Federal Sugar Refining, pref. (quar.)...
Ft. Worth Pow. &Lt., pf. (qu.) (No. 19).
Gair (Robert) Co., preferred (quar.)----General Chemical, common (quar.) --------General Motors, common (quar.).........
Preferred (quar.)...............................
Goodrich (B. F.) Co., common (quar.)..
Goodrich (B. F .) Co., common (quar.) ----Granby Cons.Mln..8m.& Pow..Ltd. (qu.)
Grant Motor Car Corp., preferred.........
Greene Cananea Copper (quar.) ......... .......
Greene Consolidated Copper (quar.) ...........
Harrison Bros. & Co., Inc., pref. (qu.)_.
Houghton County Elec. Light, common.
Preferred......... ................... ...............
Illinois Northern Utilities, pref. (quar.)..
111. & Power Scour., pref. (qu.) (No. 15).
Indiana Pipe Line (quar.)____ _______
Ingersol 1-Rand, common (extra)_______
Common (payable In common stock)..
In la n d Steel (quar.) ____ _____ _______
Inspiration Consol. Copper (quar ) _____
International Banking Corporation.........
Int. Harvester of N .J., pf.(qU.) (No. 37)
Int. Harvester Corp. pf. (qU.) (No. 13).
International Nickel, preferred (quar.) .
Island Creek Coal, common (quar.)........




W hen
Payable.

May
May
May
Juno
1
2
May
May
IX
May
3
X Aug.
3k July
X May
I X May
May
IX
May
1
I X May
1
May
I X May
I X June
May
IX
X May
I X May
May
3
75c. May
May
IX
I X May
May
IX
i x May
2 X May
July
3
8 7 X c. May
May
3
SI. 50 May
I X May
May
2X
May
2
May
IX
IX
X
X

5

3
1
2X
6
4

3
10
2X
2
1
4

IX
12 X
3
3

1

B oo ks Closed.
D a y s In clu siv e .

N a m e of Com pany.

15 Holders of rec. May 6
1 Holders of rec. Apr. 20
15 Holders of rcc. May 5
Holders of rec. Apr. 29
Holders of rec. Apr. 24a
Holders of rec. Apr. 15
Holders of rec. Apr. 15
Holders of rec. July 15a
Holders of rec. June 15a
Holders of rec. Apr. 15
Holders of rec. Apr. 15
Holders of rec. Apr. 15
Holders of rec. Apr. 17a
Holders of rec. Apr. 17a
15 Apr. 30 to May 15
Holders of rec. Apr. 15a
Holders of rec. May 16
Holders of rec. Apr. 1
Holders of rec. April 15
Holders of rec. Apr. 20
13 April 23 to May 18
Holders of rec. Apr. 15a
10 Holders of rec. Apr. 29a
Holders of rec. Apr. 15
Holders of rec. Apr. 20a
Holders of rec. Apr. 24a
Holders of rec. Apr. 15
Holders of rec. July la
Holders of rcc. Apr. 15a
Holders of rec. Apr. la
Holders of rec. Apr. 15a
1 Holders of rec. Apr. 15
1 Holders of rec. Apr. 15
1 Holders of rec. Apr. 20a
1 Apr. 23 to May 1

May
May
May
May
May
May
May
May
May
May
May

1 Holders of rec.
1 Apr. 27 to
1 Apr. 27 to
1 Apr. 27 to
1 Apr. 28 to
1 Holders of rec.
1 Holders of rec.
1 Holders of rec.
1 Holders of rec.
1 April 21 to
Holders of rec.

Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
May
Apr.

May
May
May
May
May

1 Holders of rec.
1 April 22 to
1 Holders of rec.
1 Holders of rec.
1 Apr. 26 to

Apr. 26a
April 30
Apr. 22a
Apr. 25a
Apr. 30

24a
30
30
30
30
29o
27a
20a
27a
1
28

May 15 Holders of rec. May la
Apr. 15a
Apr. 20a
Apr. 20a
Apr. 15a
i
Apr. 29 Apr. 16 to Apr. 28
IX
May
Holders of rec. Apr. 18
3
May
Apr. 26 to May 1
1 % May 15 Holders of rec. May la
2 X May
Apr. 16 to Apr. 30
2 X f May
Apr. 16 to Apr. 30
May
Apr. 16 to Apr. 30
60c May
Apr. 16 to May 2
\ y . May 15 Apr. 30 to
May 16
1 34 May 10 Holders of rcc. Apr. 30a
50 n June 15 Holders of rec. May 15a
si.50 May 29 A.pr. 23 to May 17
\ x May
Apr. 21 to May 1
2 X May 15 Holders of rec. May 1
4
May
Apr. 23 to May 1
IX
May
Holders of rec. Apr. 26a
4
May 15 Holders of rec. May 8a
April 23 to April 30
1
May
2
May 21 Apr. 21 to May 20
I X May 1 Holders of rec. Apr. 22a
$1 June 15 Holders of rec. May 31
IX
May 15 Holders of rec. Apr. 21
IX
May 1 Holders of rec. Apr. 17a
IX
May 16 May I d to M a y 10
4
May 15 Holders of rec. Apr. 30
3
May 15 Holders of rec. Apr. 30
IX
May 15 Holders of rec. Apr. 30
1X May 1 Holders of reo. Apr. 1
1
Apr. 30 Apr. 1
to Apr. 4
1
May 1 Holders of rec. Apr. 10a
1 % May 1 Holders of rec. Apr. 25
ix
May 1 Holders of rec. Apr. 19a
2
May 1 Holders of reo. Apr. 15
ix
Juno 15 Holders of rec. May 11
ix
Apr. 29 Holders of reo. Apr. 22a
IX
May 15 Holders of rcc. May 8
1X Juno
Holders of rcc. May 15a
1
May
Holders of rec. Apr. 24
X Apr. 29 Holders of rec. Apr. 8a
2
May 15 Holders of rec. Apr. 29
3d May 16 Holders of rec. Apr. 29
IX
May
Holders of rec. Apr. 15
IX
May
IX
May
Apr. 22 to May” l
7h May 15 Holders of reo. May 1
I X Juno 15 Holders of rec. Juno 1
5
May
Holders of rec. Apr. 10a
3
May
Holders of rcc. Mar. 31
2
May
Holders of rec. April 18a
IX
May
Holders of reo. Apr. 26a
1X
May
Holders of rec. Apr. 19
2
May
Holders of rec. Apr. 26a
0
May
Holders of rec. Apr. 15
2 X May
Holders of rec. Apr. 15
3
May
Holders of rec. Apr. 20a
ix
May
Holders of rec. Apr. 28a
IX
May
Holders of rec. Apr. 20
ix
May
Holders of rec. Apr. 24
ix
June
Holders of rec. May 22a
5
May
Holders of rec. Apr. 18a
3 X M ay
Holders of rec. Apr. 18a
1
May 15 Holders of rec. May 4a
1
Aug. 15 Holders of rec. Aug. 4a
IX
May 1 Holders of rec. Apr. 14a
(1) May 1 Holders of rec. Apr. 15
2
May 29 Holders of rec. May 12a
$1
Apr. 25
IX
May 1 Apr 27 to Apr.'30
6 2 X c . May 1 Holders of rec. Apr. 20a
75c. May 1 Holders of rec. Apr. 20a
' I X M a y 1 Holders of rcc. Apr. 20
IX
M a y 15 Holders of rec. Apr. 29
$2
May 15 Holders of reo. Apr. 24
30 Apr. 29 Holders of rcc. Apr. 14a
20/ Apr. 29 Holders of rec. Apr. 14a
2
June 1 Holders of rec. M a y 10
SI 25 May 1 Apr.
8 to Apr. 24
3
May 1 April 21 to April 30
IX
June 1 May
4 to May 11
IX
June 1 May
4 to May 11
IX
May 1 Holders of rec. Apr. 15a
60 c. May 1 Holders of reo. Apr. 22
I X i Apr. 29 Holders of rec.
IX
May
Holders of rec.
3 X May
Holders of rcc.
ix
May
Holders of rec.

1601
Per
W hen
Cent. 'Pa ya ble .

B ooks Closed.
D a y s In clu sive .

Miscellaneous (Concluded).

K an sa s City Stock Y ards o f M e ., com. (qu.)
Preferred (quar.) ..................................
Kayser (Julius) & Co. 1st «fc 2d pf. (qu.)

May 1 Holders of rec. Apr. 15a
May 1 Holders of rec. Apr. 15a
May 1
Apr.<?20a
Kellogg Switchboard & Supply (auar.)..
Apr. 29 Holders of rec. Apr. 27
Kelly-Sprlngfield Tire, com. (quar.)___
May 1 Holders of rec. Apr. 15a
Kcncfic Zinc Corporation.... .......... ........
10c. Apr. 29 Apr. 23 to Apr. 30
Kerr Lake Mining (quar.) (No. 43)........
25c. June 15 Holders of rec. June la
Keystone Telephone, preferred________ $1.50 May 1 Holders of rcc. Apr. 20a
Lanston Monotype Machine (quar.)___
May 31
IX
May 22
Lee T ire & Rubber (quar.) (N o 1)...........
50c. June 1
May 15
E x t r a ......................... .............
25c. June 1
May 15
Lehigh Coal & N avigation (quar.) _______ $1
May 31
Apr. 29
Liggett & M yers Tobacco, common (quar.).
3
June 1
May 15
Lowell Elec. Lt. Corp. (quar.) (No. 80)
2
May 1
Apr. 150
Massachusetts Gas Cos., com. (quar.)... $1.25 May 1
Apr. 15
Massachusetts Gas C os., p re f .................... $2
June 1 ___ -6 to May 31
Miami Copper Co. (quar.) (No. 15)1111 $1.50 May 15 Holders of rec. May lo
M iddle West U tilities, p ref. (quar.) ___
I X June 1
May 15
Midwest Refining (quar.) (No. 6 )..........
75c. May 1
Apr. 15
Montreal Lt., Ht. & Power (qu.) (No. 60) 2 X May 15
Apr. 29
Municipal Service, preferred (quar.)___
May 1
IX
Apr. 22
N ational Carbon, preferred (quar.) ...........
May 15
IX
May 5
National Refining, common (quar.)____
May
15
IX
May la
Common (extra)..................................
May 15
X
May la
National Zinc & Lead (monthly).............
4
Apr. 29 . ___ 3 to Apr. 30
N ew Central Coal ----------------------- ------20c.
Apr. 28 to May 1
N ew Jersey Zinc (quar.) ...........................
4
May 10 Holders of rec. Apr. 28a
E x t r a .................... ............. ................
5
May 10 Holders of rec. Apr. 28a
Nlplssing Mines (quar.).......................
25c. Apr. 30 Apr. 1 to Apr. 17
North American Co. (quar.)__________
July
IX
Holders of rec. June 15
Ohio Cities Gas, common (quar.) _______
2
June _ Holders of rec.
15
Osceola Consolidated Mining (auar.).. " 14 Apr. 29 Holders of rec. May
Mar. 31a
Pacific Coast Co., 1st pref. (quar.)___
May
Holders
of
rec.
I X
Apr.
21a
2d preferred (quar.)............
1
May
Holders of rec. Apr. 21a
Pacific Power & Lt., pref. (qu.) '(No. 23) I X May
Holders of rec. Apr. 24
Packard Motor Car, common (quar.)___
May 1 Holders of rec. Apr. 15a
I X
Penmans, Limited, common (quar.)
1
May 15 Holders of rec. May 5a
Preferred (quar.)______
May
Holders of rec. Apr. 20a
I X
Penn. Marine & Ord. Castings '(No71)11 $1 May
Apr. 26 to Apr. 30
Extra........... .
25c. May _ Apr. 26 to Apr. 30
Peoples Gas Light & Coke' (quar .)!
May 25 Holders of rec. May 2a
I X
Pittsburgh Steel, preferred (quar.) .............
June 1 Holders of rec. May 17
IX
Portland Gas & Coke, pref. (qu.) (No. 25) ix May 1 Holders of rec. Apr. 24
Prairie Oil & Gas (quar.)........................
3
Apr. 29 Holders of rec. Mar. 31
Extra................................... ........ .....
2
Apr. 29 Holders of rec. Mar. 31
Prairie Pipe Line (quar.).......................
5
Apr. 29 Holders of rec. Mar. 31
Extra...................................................
5
Apr. 29 Holders of rec. Mar. 31
Pressed Steel Car, p ref. (quar.) (N o. 69)..
May 24 Holders of rec. May 3
I X
Prest-o-Llte Co. (N o. 1 ) _______________
$1.50 May 1 Holders of rec. Apr. 24
Procter & Gamble, common (quar.)
4
May 15 Holders of rec. Apr. 29
Public Service of Nor. 111., com.&pf.(qu.)
May 1 Holders of rec. Apr 12a
I X
Pullman Co. (quar.) (No. 197).
May 15 Holders of rec. Apr. 29
2
Pure O il, common _________
____
30c .June 1 May 16 to May 31
Common, extra ...........
............. $1.50 June 1 May 16 to May
31
Pyrene M fg . (quar.) (N o. 14)......... I l l ”
2
May 1 Holders of rec. Apr. 26
Quaker Oats, preferred (quar.)________
May 31 Holders of rec. May la
I X
Sapulpa Refining, com. (mthiy.) (No. 5) 7 X o . May 1 Apr. 21 to May 1
Preferred (quarterly) (No. 4)............. 12X 0 . May 1 Apr. 21 to May 1
Scovlll M fg . (extra) _________ _______ _
10
May 1 Apr. 25 to Apr. 30
Scars, Roebuck & Co., common (quar.)..
May 15 Holders of rec. April 29a
I X
Sierra Pacific Elec. Co., pf. (qu.) (No. 27) 1
May 1 Holders of rec. Apr. 15a
Silversmiths Co., common......................
2
May 15 Holders of rec. May 8a
Preferred (quar.).................................
May 15 Holders of rec. May 8a
I X
Southern C al. Edison , com. (qu.) (N o. 25).
May 15 Holders of rec. Apr. 30a
I X
Southern P ip e L in e (quar.) .....................
6
June 1 Holders of rec. May 15
Standard Motor Construction____
3m
May 16 Apr. 21 to May 1
Standard Oil (Indiana) (quar.) _________
3
May 31 May 3 to May 31
Steel Co. of Can..Ltd., pref.(qu.) (No.19) I X May 1 Holders of rec. Apr. 15
Preferred (on acct. of deferred diva.).. 3 X May 1 Holders of rec. Apr. 15
Stewart-Warner Speedometer, com. (qu.) I X May 1 Apr. 23 to Apr. 30
Preferred (quar.)................................
May 1 Apr. 23 to Apr. 30
I X
Taylor-W harton Iro n & Steel, p ref. (quar')
May 1 Apr. 25 to Apr. 30
I X
Texas Power & Light, pref. (qu.) (No. 16) ix May 1 Holders of rec- Apr. 25
Trenton Potteries, non-c. p f. (qu.) (N o. 65)
1
Apr. 25 Holders of rec Apr. 21a
U nion Am erican C igar, p ref. (quar.) ____
May 15 Apr. 30 to May 15
I X
United Cigar Mfrs., com. (quar.)______
1
May 1 Holders of rec Apr. 24
United Cigar Stores of Am., com. (quar.) I X May 15 Holders of rec Apr. 28a
United Drug, first pref. (No. 1).............
May 1 Holders of rec Apr. 24
I X
United Electric Securities, pref............... S 3.50 May 1 Holders of rec Apr. 14a
U. S. Bobbin & Shuttle, com. (quar.)..
1
May 1 Apr. 21 to Apr. 30
Preferred (quar.)................................
May 1 Apr. 21 to Apr. 30
I X
U. S. Rubber, 1st pref. (quar.)........... . 2
Apr. 29 Holders of rec, Apr. 15a
Second preferred (quar.)....................
Apr. 29 Holders of rec, Apr. 15a
I X
United States Steel C orp., com. ( q u a r .) ...
June 29 June 2 to June 11
I X
Preferred (q u a r.).^ ...............................
May 29 May 2 to May 11
Vacuum Oil___________ _______ _____
May 15 Holders of rec. May 1
l"
Extra........ ..........................................
2
May 15 Holders of rec. May 1
Warwick Iron & Steel.............................
35c May 15 Apr. 30 to May 15
Wayland Oil & Gas, preferred................. 3
May 15 Apr. 30 to May 15
Westlnghouse Elec. & Mfg., com. (quar.) 75c. Apr. 29 Holders of rec. Mar. 31a
West Penn Power, pref. (qu.) (N o. 1)........
May 15 Holders of rec. May 1
I X
White ( J . G.) E n g . C orp., p f. (qu.) (N o. 13)
June 1 Holders of rec. May 18a
I X
Willys-Overland, common (quar.).........
May 1 Holders of rec. Apr. 22a
I X
Woolworth (F.W.) Co..corn.(qu.) (No.16) 2
June 1 Apr. 27 to May 17
Y a le & Towne M fg . (extra) (N o. 81)........
5
May 8 Holders of rec. May 1
IX
IX
IX
2
4

a Transfer books not closed for this dividend, bLess British Income tax. dCor­
rection. e Payable in stock. / Payable in common stock, g Payable In scrip.
On account of accumulated dividends. < Declared 6% payable in quarterly in­
stallments as follows: I X % Apr. 29 to holders of record Apr. 15; I X % July 31 to
holders of record July 15; 1 X % Oct. 31 to holders of record Oct. 14; I X % Jan. 31
1917 to holders of record Jan. 13 1917. * Payable in convertible 5% debentures.
I At rate of 7% per annum for period from Mar. 9 to Apr. 15 1916. m Declared
6%, payable 3 % as above and 3% Nov. 15 to holders of record Oct. 20. n Payable
in new preferred stock.
h

S T O C K OF M O N E Y IN T H E C O U N T R Y .— The follow­
ing table shows the general stock of money in the country,
as well as the holdings by the Treasury and the amount in
circulation on the dates given:
-S to c k o f M o n e y A p r . 1 ’ 16------ M o n e y i n C ircu latio n ---I n U . S.
H e l d l n T r e a s . n A p r . 1 ’ 16. A p r . 1 ’ 15.

!
S
.
Gold coin and bullion........2,316,948,420 215,303,167 610,982,136
Gold certificates b ----------- ------ ---------------- ------- 1,317,105,609
Standard silver dollars----- 568,270,900 13,849,442
65,379,890
Sliver certificates b........................... .
........... . 486 906,393
Subsidiary silver------------ 187,466,970 21,330,907 166,136,063
Treasury notes of 1890...... ........... .........................
2,135,175
United States notes--------- 346,681,016
5,932,762 340 748 254
Federal Reserve notes........ 190,233,050
2,504,770 187,728)280
Federal Reserve bank notes
4,739,970
...
4 739 970
National bank notes.......... 758,436,691 22,817,467 735 619,224

614,632,850
951,205,229
65,980,462
479,568,753
158,606,568
2,285,535
328.946,357
40,636,630
842,615",970

Total------------------------ 4,372,777.017 281,738,515 3,917,480,994 3,484,478.354
Population of continental United States estimated at 102,004,000. Circulation
per capita, $38 41.
a This statement of money held in the Treasury as assets of the Government does
not include deposits of public money in Federal Reserve banks, and in national
bank depositaries to the credit of the Treasurer of the United States, amounting
to $70,397,743 19.
b For redemption of outstanding certificates and Treasury notes of 1890 an exac1
equivalent in amount of the appropriate kinds of money is held In the Treasury
and is not included in the account of money held as assets of the Government.
N o t e .—On April 1 1916 Federal Reserve banks and Federal Reserve agents held
against Federal Reserve notes $8,704,808 gold coin and bullion and $164 852 700
gold certificates—a total of $173,557,508, against $177,080,798 on March 1 and
$35,150,673 in April 1 1915.

T R E A S U R Y C U R R E N C Y H O L D I N G S — T h e follow ing
com pilation, also m ade up from the daily G overn m en t state­
m ents, shows the currency holdings of the T reasury at the
beginning of business on the first of January, F eb ru ary,
M a rch and April, 1916:
J a n . 1 1916. F e b . 1 1916.M a r . 1 1916 A p r . 1 1916.
H o ld in g s i n S u b -T r e a s u r ie s —
$
$
$
S
Net gold coin and bullion............ 216,382,508 185,491,144 204,075,899 215,303,167
Net sliver coin and bullion______ 18,951,521 25,223,849 24,055,028 19,420,586
6,039,430
5.932.762
7,865,973
Net United States Treas. notes.- 6,164,584
Net national bank notes...............1 35,049,258 43,520,157 28,520,040 /22,817,467
l 2,504,770
Net Federal Reserve notes____ /
21,415,959 21,754,343 21,330,907
Net subsidiary silver_ 19,149,756
1,736,436
1,373,508
2,366,591
Minor coin, &c______ 2,027,241

Total cash In Sub-Treasuries.297,724,868 285,883,673 286,181,176x228,683,167
Less gold reserve fund.................. 152,979,021 152,979,023 152,979,023 152,979,023
Cash
Cash
Cash
To
To

balance In Sub-Treasuries. 144,745,847 132.904,650 133,202,153 135,704,144
___ 33,711,759 37,791,550
In Fed. Reserve Banks.................. .......
In national banks—
credit Treasurer ot U. S .. 52,615,112 c58,749,524 32,414,774 32.606,194
5,312,747
5,601,590
credit disbursing officers.. 6,063,512
5,287,458
64,036,982
6,744,537

Total.......................................... 58,678,624
Cash In Philippine Islands______ 6,344,306

37,727,521
5,834,468

38,207,784
4,999,372

Net cash in banks, Sub-Treas.209,768,777 203,686,169 210,475,901 216,702,850
Deduct current liabilities............ 99,086,804 92,509,355 93,305,686 91,778,769
Available cash balance............110,681,973 111,176,814 117,170,215 124,924,081
a Chiefly disbursing officers’ balances, x Includes March 1, $5,571,144 29
silver bullion and $1,373,507 55 minor coin, &c., not included In statement "Stock
of Money.” c Including $27,159,666 in Federal Reserve banks.

G O V E R N M E N T R E V E N U E S A N D E X P E N D IT U R E S .
■
— T hrough the courtesy of the Secrotary of the T rea su ry , we
are enabled to place before our readers to-d a y the details of
G overnm ent receipts and disbursements for M a rch 1916
and 1915 and for the nine m onths o f the fiscal years 1 9 15 -1 6
and 1914 -1 5.

B A N K N O T E S — C H A N G E S IN T O T A L S O F , A N D I N
D E P O S I T E D B O N D S , & c .— W o givo below tables which
show all the m on th ly changes in bank notes and in bonds
and legal tenders on deposit.

T o ta l........................ 59,461,992 96 56,075,749 20 492,801,174 61 465.655,186 80
P a n a m a C a n a l—

57,242 12

323,209 91

Sale of Pan. Canal bds. --------------Sale of Postal Savs.bds..................... .
Deposits for retirement
of nat. bank notes
(Act of July 14 1890) 9,929,737 50

---------------...................
4,273,000 00

38,360,387 50

19,057,475 00

T o ta l........................ 9,929,737 50

4,273,000 00

40,163,887 50

19,991,015 00

Tolls, A c................

2,127,558 77

2,179,829 67

Mar. 31
Feb. 29
Jan. 31
Dec. 31
Nov. 30
Oet. 30
Sept. 30
Aug. 31
July 31
Juno 30
May 31
April 30
Mar. 31

Disbursements—
O r d in a r y —
Checks &warrants paid
(less bals.repatd,&c.)55,792,159 98 62,179,952 45 525,235,368 49 535,170,679 78
Int. on public debt paid 444,305 42
457,160 28 17,197,160 60 17,188,377 97
T o ta l.........................56,236,465 40 62,637,112 73 542,432,529 09 552 359,057 75

14,525,471 16

20,417,815 56

3,000 00

27,170 00

42,303 00

1,729,405 50

11,325,150 00

14,812,063 50

T o ta l........................ 3,345,290 00

1,732,405 50

11,352,320 00

14,854,366 50

Grand total dlsburse'ts 61,695,106 41 66,094,772 32 568,310,320 25 587,631,239 81

5,422,813 21

33,217,699 37 99,805,208 34

M er c h a n d is e M o v em en t a t N e w Y o rk .
Im p o rts.

1915-16.
July.........
A ugust...
September
October . .
November
December
January..
February.
M arch__

$
75,812,949
76,286,845
85,617,505
77,121,468
97,666,815
94,197,777
99,988.117
103,084.535
116,198,589

1914-15.

C u s to m s R e c e ip ts

E x p o rts.

1915-16. | 1914-15.

$
$
$
84,561,785 156,746,121 59,218,363
63,804,412 144,117,486 33,559,424
76,118,541 163,608,127 61,895,606
77,153,765 173,667,700 88,199,144
73,767,970 192,992,355 86,762.617
66,021,283 191,268,097 98,394,625
70,992,107 175,656,877 104,025,265
71.016,866 224.934,940 113,203,172
90,473,231 229,412.858129,845,743

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
14,970,425

15,914,374
12,803,086
12,143,093
11,622,465
12,426,479
10,977,254
12,028,863
10,888.461
13,782,945

T o ta l. . 825.954,600 673.909,960! 1652404 r61 775,103,959 111,343,167112,587,020
I m p o r t s a n d e x p o r ts o f g o ld a n d s ilv e r f o r t h e 9 m o n t h s :
S ilv er— N e w

O old M o v e m e n t a t N e w Y o r k .
M o n th .

July.........
August__
September
October . .
November
December
January..
February.
M arch__

Im p o rts.

E x p o rts.

1915-16.

1914-15.

1915-16.

1914-15.

$
5,301,292
2,281,541
8,992,572
28,000,374
49,836,918
36,371,277
13,025,093
4,258,059
2,368,344

$
$
|
$
732,964' 2,064,670 32,732,301
949.341
073,114 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
996,300
1,531,031 10,589,971
873,400
3,377,102 4,532,820:

Y ork.

Im p o r ts.

E x p o rts.

1915-16.

1915-16.

$
1,768,120
2,718,817
1.581.174
2,340,388
2,169,706
1,730,680
749,331
1,431,404
1,619,163

$
2,694,349
2,824,995
3,104.667
4,560,514
4,433,662
5,535,810
4,130,016
3,818,210
3,450,204

T o ta l. . 150,435,470 13,333,881 33,263,301 37,396,0361 16,108,8331 34,552,427




$
758,436,691
762,996,313
706,392,068
771,337,208
776,365,651
779,917,683
786,736,461
793,786,800
804,601,377
819,273,593
840,287,940
867,793,001
899,547,986

e Of which $67,307,165 miscellaneous securities, Act of May 30 1908.
/ Of which $31,133,734 miscellaneous securities. Act of May 30 1908.
g O t which $15,154,695 miscellaneous securities. Act of May 30 1908.
$6,582,581 miscellaneous securities, Act of May 30 1908.
h O t which
$2,508,940 miscellaneous securities, Act of May 30 1908.
k Of which
$719,561 miscellaneous securities. Act of May 30 1908.
l Of which
$185,245 miscellaneous securities. Act of May 30 1908.
mOf which
$181,778 miscellaneous securities. Act of May 30 1908.
n Of which
$172,203 miscellaneous securities, Act of May 30 1908.
o O t which
$171,203 miscellaneous securities, A ctof May 30 1908.
x O t which
$55,492 miscellaneous securities, Act of May 30 1908.
a Of which

T h e following shows the am ount of each class of U . S .
bonds held against national bank circulation and to secure
public m oneys held in national bank depositaries on M a r . 3 1 .
U . S . B o n d s H e ld M c h .

31

to S e c u r e —

O n d e p o s it to O n d e p o s it to
secu re
s e cu re F ed era l
R eserv e B a n k N a t io n a l B a n k
N o tes .
N o tes .

B on d s o n D e p o s it
M a r c h 31 1916.

2% , U. S. Consols of 1930......................
3 % , U. 8 Loan of 1903-1918 ................
4 % , U. 8 . Loan of 1925..........................

T o ta l
H e ld .

622,500
400,000

$
582,758,550
16,192,320
27,037,900
52,028,440
28,437,480

$
590,435,550
16,192,320
27,037,900
52,650,940
28,837,480

8,699,500

706,454,690

715,154,190

$
7,677,000

S. Panama of 1938 ....................

T h e following shows the am ount of national bank notes
afloat and the am ount of legal-tender deposits M a r . 1 and
A p r. 1 and their increase or docrease during tho m onth of
M a rch .
N a t io n a l B a n k N o te s — T o ta l A f l o a t —

Amount afloat Mar. 1 1916___________
Net amount retired during March____

$762,996,313
.
4,559,622

Amount of bank notes afloat April 1 1916................ - ................
L e g a l T e n d e r N o te s —
Amount on deposit to redeem national bank notes March 1 1916.
Net amount of bank notes Issued In March___________________

. $51,866,895
.
3,839,383

$758,436,691

Canadian Bank Clearings.— T h o clearings for the weok
ending April 2 2 at Canadian cities, in com parison w ith tho
samo weok in 1915, shows an increase in the aggrogato of
____________
2 1 .9 % .
W e e k e n d in g A p r i l
C lea rin g s at —

1916.

F O R E IG N T R A D E OF N E W
YORK— M ONTHLY
S T A T E M E N T .— In addition to the other tables givon in
this departm en t, m ade up from weekly returns, wo givo the
following figures for the full m on th s, also issued by our
N ew Y o rk C u stom H ou se .
___

M o n th .

T o ta l.

Amount on deposit to redeem national bank notes April 11916---------$55,706,278
1,725,254 09

P u b lic D e b t —
Bonds, lnt.-bear. notes
& certificates retired
7,380 00
Nat .-bank notes retired
(Act of July 14 1890) 3,337,910 00

Excess of total receipts
over total dlsburse’ts 7,753,866 17
Excess total dlsburse’ts
over total receipts.. ---------------

1916..
1916..
1916..
1915..
1915..
1915..
1915..
1915._
1915..
1915..
1915..
1915..
1915..

L eg a l
T en d ers.

B onds.

$
$
$
S
702,730,413 55,706,278
715,154,190 165.409.147
711,129,418 51,866,895
721,987,840 190,078,639
718,923,490 47,468,578
724,194,340 47,468,578
719,571,758 51,765,450
730,337,740 51,765,450
731,552,032 55.677,100 0720,688,553 55,677,100
735,146,743 56,991.554 z722,920,127 56,991,554
735,793,393 63,794,876 0722,941,584 63,794,870
735,698,808 70,626,198 n723.160,609 70,626,198
735,632,530 80.798,814 Tn723.802.559 80,798.814
736,743,751 93,240,891 1726,032,702 93,240,891
738,666,230 112,101,038 *728,186,909 112.101.03S
742,687,871 139.016,678 6728,776,389 139,016,678
751,239,635 165.409.147 0734,138,833 165,409,147

1,803 500 00

Grand total recelpts.69,448,972 58 60,671,959 lT 535,092,620 88 487,826,031 47

P a n a m a C a n a l—
Checks paid (less bal­
ances repaid, & c .).. 2,113,351 01

L ega l
T en d ers.

B on d s.

2% , V.

D e b t—

C ir c u la t io n A f l o a t U n d e r —

B onds an d L ega l T en d ers
on D e p o sit fo r —

Receipts—
M a r c h 1916.
M a r c h 1915. 9 M o s . ’ 15-’ 16. 9 M o s . ’ 14-’ 15.
O r d in a r y —
$
$
$
5
Custom s...................... 20,984,386 08 19,586,324 98 152,838,718 73 158,270,846 04
Ordinary Internal r e v ..32,881,831 17 27,722,284 61 285,657,605 51 243,991,248 82
Income tax.................. 1,978.499 37 1,266,158 25 20,578,457 37 11,675,218 78
Miscellaneous............... 3,617 276 34 7,500,981 36 33,726,392 90 51,717,873 16

P u b lic

[Vol. 102

THE CHRONICLE

1602

Canada—

H alifax............................
St. John______________

In c . o r

1915.

D ec.

22.
1914.

1913.

S
$
S
S
73,141,140 49.550,538 + 47.6 57,020,320 52,950,891
47,730,268 35,301,101 + 35.2 43,616,282 39,013,853
27,787,394 35,722,195 — 22.2 25,248,110 20,718,961
5,678,086 4,885,770 + 16.2 9,158,058 12,023,798
4,573,575 + 10.2 4,133,033 3,689,559
5,038,511
3,552,000 2,609,568 + 36.1 2,821,813 2,927,572
1,626,786
2,104,922
1,972,049
+8.1
2,131,000
3,220,190 2,632,630 + 22.3 2,928.098 2,988,184
1,720,237
1,721,559 1,539,928 + 11.8 1,685,139
1,809,238
1,501,749
1,673,263 + 17.4
1,964,761
3,823,543 3,109,119 + 23.0 4,135,303 4,050,823
1,541,936 — 10.3 2,818,170 3,445,740
1,382,000
2,010,000 2,094,069 — 4.0 3,649,879 4,391,472
1,928,722 3,280,657
1,324,493 + 31.0
1,735,000
440,660
497,208
343,908 + 35.2
464,216
1,316,018 2,162,852
798,350 + 42.2
1,135,000
1,147,134
781,652 + 20.5
971,673
941,000
%

Total Canada________ 183,455,668 150,454,144

+ 21.9 165,793,138 105,997.482

N a t io n a l B a n k s .— T ho follow ing inform ation regarding
national banks is from tho office of tho Com ptroller of tho
Currency, Treasury D epartm ent:
A P P L IC A T IO N S F O R C H A R T E R .
F or organization o f national banks:
_
nnn
T ho Orange C ity N ational Bank, Orange C ity , la . C apital------ $2r>,000

Tho National Bank of Okeene, Okla.

C a p ita l..----- --------------

For authority to convert State banks into national banks:
T ho First N ational Bank o f R o y , M o n t. (Conversion o f T ho
Farmers State Bank o f R o y .) C ap ital------------------------------------

25,000
25,000

T o ta l____ ___ ___ ____ _________ _____ — ---------. . . . . ------------ . . . $75,000
C H A R T E R S ISS U E D .
Original organization:
_
_
,
a o . nn(,
T ho First N ational Bank o f Elysburg, Pa. C ap ita l.................... $25,000
CHARTERS E XTE N D E D .
T ho Comm ercial N ational Bank or Steubenville, O hio, until
closo o f business Aprii 13 1936. C apital------------------------------------$125,000
IN C R E A S E S OF C A P IT A L A P P R O V E D .
T ho M orris C ounty N ational Bank o f Naples, T ex. Capital in­
creased from $35,000 to $50,000------------- -------- ------------------------- - $15,000
T ho Exchango National Bank o f Tulsa, Okla. Capital increased
from $250,000 to $500,000.................................................................... .$250,000
T o t a l_________________________ -

— . . . . . ---------. . . . . . . . .$265,000

THE CHRONICLE

A p r . 29 1916.]

R E D U C T IO N S OP C A P IT A L A P P R O V E D .
Tho First N ational Rank o f N oblosvillo. Ind. Capital reduced
from $125,000 to $62,500............................................- ................. ........ $62,500
T ho First N ational Rank o f Killeen, Tex. Capital reduced from
$100,000 to $50.000____________ _______- .......................................- 50,000
T o t a l . . .................................................................................................... $112,500
H ANKS L IQ U ID A T IN G TO C O N SO L ID A T E W IT H O T H E R
N A T IO N A L R A N K S .
T ho Naples National Rank, T ox. C apital------------------------------ - - - $30,000
Consolidated with Tho M orris County National Rank o f Naples.
Liquidating com m ittee: J. A . M ooro, M . N . Hoard, II. R .
M ooro, G . R. M artin and J. I*. Bedell, Naples, T ox.
T ho Calcasieu National Rank o f Lako Charles, La. C apital-------- 150,000
Consolidated with T ho Calcasiou N ational Rank o f Southwest
Louisiana at Lako Charles. Liquidating com m ittee: F. R ob ­
erts, S. A . Knapp and E . N . H azzard, Lako Charles, La.
T o t a l .._______________________________
$180,000
OTHER L IQUIDATIONS.
T ho Neponsot National Bank of Canton, M ass. C apital-------------- $100,000
Succeeded by tho Canton Trust C o ., C anton, M ass. Liquidat­
ing com m ittee: T ho directors o f tho N ational Rank.

1603

B y M e ssrs. Barnes & L oflan d , Philadelphia:
$ p er s h .
S to ck s.
$ p e r s h . S h a r es. S tocks.
35 Frank. & So'wark Pass. R y..3 40
40 W .P h lla .T .& T r., $50 each.146)4
30 Camden Fire Ins. Assn.,$5 ea. 10)4
5 Philadelphia National Bank.501
1 Pennsylvania Fire Insur. C o. 405X
5 Central National Bank........ 415)4
10 Union Passenger R y............... 190
50 G. A. Schneebcll & C o _____ 30
3 West Phils. Passenger R y__ 200)4
5 J. B. Stetson Co., pref...........157)4
6 2d & 3d Streets Pass. R y___ 240)4
17 J. B. Stetson Co., c o m ..375-375)4
5 Fidelity Trust Co_________ 717)4
20 Young-Smyth-Field, pref__ 85
2 Girard Trust C o__________ 905)4
2 Mutual Trust C o .................... 30
4 Insur. Co. of State of Penn.. 100)4 1,000 CoIo.-GUpin G. & Radium
10 Plilla. Warehousing & C. S .. 94
Mining, $1 each.................. 56c.
8 Girard National Bank_____ 358
B onds.
P e r c e n t.
10 Falrmount Sav. Trust C o ... 100
$100 Sun. Ilaz. & W .-B. R y. 1st 5s,
41 Finance Co. of Pa. 1st pref. 113-114
1928....................................................100%

S h a r es.

Imports and Exports for the Week.— T h e follow ing are
tho roportod im ports o f m erchandise at N ew Y o rk for the
week ending April 2 2 and since the first week o f January:
FOREIGN IMPORTS AT NEW YORK.
F o r w eek e n d . A p r i l

A u c t io n S a le s .— A m o n g other securities, the follow ing,
were recontly sold
a t auction in N e w Y o rk , Boston and Philadelphia:
B y M e ssrs. A drian I I . M u ller & Sons, N ow Y o rk :

not usually dealt in at the Stock Exchange,
S h ares.

S to c k s .

P e r c e n t.

Shares. Stocks.
20 New

Ncthcrland

Bond

200 Ohio Copper M g., $5 each__ 1
Mtgo. Co., common______10
200 Dlamondfleld Daisy G. M g .,'
20 Library Squaro Realty Co.,
$ 1 each........ .......................
$5 each.............................$10 lot
1.000 Crip. Crk. Standard G. Mg.,
433 Brooklyn City RR. Co.. $10
$ 1 each_________________
each _____________ 182 K-184
150 Meerschaum Co. of Amer.,
15 Unity Cotton Mills, La
$ 10 each.............. ...............
Grange, Ga— .................. 300
1.000 Empire Graphite Co., $1 each
73 Internat. Cotton Mills, com . 16K
150 King Edward Silver Mines, )$350
75 Washington Mills, preferred. 60
$5 e a c h ................ - ......... - lot
75 Washington Mills, common. 12
500 Cons. Nevada-Utah Corp.,
7,341 Malno Mining & Mfg. C o ..$10 lot
$3 each................................
20 Metropol. St. Ry. ctf. dep.,
30 United Moving Piet. Thcat.,
50c. per share paid__ 41c. persh.
pref., $10 each----------------210 Second Avenue R R ............ $55 lot
6 United Moving Plct. Theat.,
175 Interstate Elec. Corp., com . 26
common, $ 10 each_______
B on d s.
P ercen t.
$200 Cons. Nev. Utah Corp.
$12,000 J. Spencer Turner Co.
conv. 6s________________
deben. 6s, 1926.............. 89 K
$1,000 No. Car. special tax bond
(West. N. C. I1R.)............

B y M ossrs. Francis Honshaw & C o ., B oston :
S h a res.

S to c k s .

$ p ersh .

S h a res.

S to ck s.

$ p ersh .

14 Popperell Mfg. C o____ ________ 137H
4 Nat. Shawmut Bank--------------- 196
5 Pepporoll Manufacturing C o— 138 H 40 Amorlcan Mfg. Co., com ___146)1-150
5 Esmond Mills, preferred-------- 100X 10 Draper Co., common..................301)4
13 Central Vermont R y................... 3-3 Hi
15 Pacific M ills..............................141
15 Draper Co., common--------------- 295
9 American Glue, preferred...........149 H
5 Flint Mills................................... 119H 10 Collateral Loan Co.......................121
5 Androscoggin Mills------------...1 8 0
Bonds.
Percent.
20 Plymouth Cordago C o------------195)$ $1,000 Consumers’ Power Co., 5s,
30 Arlington Mills_______________ 106
97)4
1936 ...........
$2,000 Boston & Malno 4)Ss, 1944. 83
8 Pacific Mills............................... I l l

B y M ossrs. R . L . D a y & C o ., B osto n :
S to c k s .
$ p e r s h . S h a r es. S to ck s.
S p er sh .
6 National Shawmut Bank.........197)4
5 W . L. Douglas Shoo Co., p r e f..103)4,
5 Massachusetts Cotton Mills----- 128
10 Draper Co., common_________ 300)4
2-3 Appleton Co------------------------- 120
7 Merchants National Bank-------290
4 Chace Mills---------- ----------------- 110
S h a res.

1916.

1915.

1914.

1913.

$30,641,423 $20,577,534 $20,476,166 $18,194,211
362,730,485 280,082,873 312,289,414 304,376,381

Total 16 weeks................ . $393,371,908 $300,660,407 $332,765,580'$322,570,592
EXPORTS FROM NEW YORK.

Percent.
&

22.

For the week.... ................... .
Previously reported_______

W eek

e n d in g A p r .

22.

1916.

For the week........ .................
Previously reported..............
Total 16 weeks.... ......... .

1915.

1914.

1913.

$37,648,168 $24,312,996! $18,373,203 $21,032,606
750,952,563 398,427,497! 304,393,523 292,171,632
$788,600,731 $422,740,493 $322,766,726'$313,204,238

EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Wee*

e n d in g A p r i l

22.

E x p o rts.

G old.
W eek.

Great Britain........
France....................
Germany................
West Indies_______
Mexico___________
South America___
All other countries.

$1,010,000
150,000
25,000
1,012

S in c e
J a n . 1.

W eek.

$184,268 $8,647,580
808

$5,774,998
8,735,541
400,000
6,534,376
2,065,604

9,425,391
1,044,118
3,088,491
777,365

95,185
125,542
195,559
268,055

$1,186,012 $23,510,519 $868,609 $22,983,753
173,500 3,245,400 1,540,601 9,445,591
39,625 18,403,104
162,530 3,605,582

Total 1916..............
Total 1915.......... .
Total 1914..............
Silver.
Great Britain______
France_______ ______
Germany....................
West Indies________
Mexico.................. .....
South America_____
All other countries__
Total 1916___
Total 1915___
Total 1914___

Im p o r ts.

S in c e
J a n . 1.

$1,008,016 $12,659,822
49,332
10,000

627,025
15,000
362,440
7,280

...................... $1,067,348 $13,671,567
...................... I 691,636 12,914.908
...................... I 977,250 13,075,150

$4,730

$12,733
2,376

8,142
187,603
26,518
19,285

* * 45 ,870
3,161,031
1,733,270
418,517

$246,278 $5,373,797
1,773,823
171,081
407,503 3,746,731

Of tho above exports for the week In 1916, $175,000 were American gold coin.

The Federal Reserve Banks.— F o l l o w i n g is t h e w e e k l y s t a t e m e n t issued b y t h e Federal Reserve Board on A p r i l 2 2 :
As tho Federal Iiaservo banks at Philadelphia, M inneapolis and Dallas— also tho Federal Roservo branch at N ew Orleans— observed last Friday
as a legal holiday, tho statement shows tho condition o f those institutions as at closo o f business on A pril 20. T he condition o f the other banks is given
as at close o f business on April 21.
.
T ho statement indicates decreases o f 6.7 m illions In tho com bined gold rosorvos and 8 .8 millions in tho total reserves o f the banks. N ew York
reports net gold withdrawals for the week o f j .8 millions, Philadelphia o f 3.2 m illions and San Francisco o f over 1 m illion, while Boston shows a gain
in gold holdings o f 3.4 millions and Chicago o f 0.7 m illion. New Y ork reports also a docrcaso o f 2.9 millions in reserve other than gold , while Chicago
shows a gain under the same head o f 1.2 millions.
1 ho decrease In reservo shown for tho N ew Y ork bank is accom panied b y a decrease o f 6 .8 millions
In doposits and 2.7 millions in tho amount duo to other banks, whllo tho decreases in rcservo for tho Philadelphia and San Francisco banks go together
with considerable increases in tho totals duo from other Federal Reserve banks.
A decrease o f about $100,000 is shown in tho aggregate o f com m ercial paper hold b y tho banks, C hicago and Kansas C ity both reporting smaller
figures than the week before, while the holdings o f each o f tho throo Southern banks wero in excess o f like figures shown the week before. Bankers*
acceptances on hand aro at present about twice the am ount o f discounts, tho total roportod showing a slight increase since the previous report. O f tho
total paper on hand, 3 4 .6 % matures within 30 days and 39.4 aftor 30 but within 60 days. A bou t 2.1 m illions, or 9 .6 % o f the total discounts on hand.
Is represented by agricultural and live-stock paper maturing aftor 90 days, Dallas and Kansas C ity reporting between them about 60% o f this class
'i*ho bond holdings o f the banks show a further increase o f about 0.3 m illion, while conversions o f 2 % bonds into 3 % securities— v iz., one-year
3 % Treasury notes and 3 % bonds in eaual proportions, are reported by tw o banks. M unicipal warrants on hand increased about 0.2 m illion, though
all tho Eastern banks report smaller holdings than the week before. T ho total earning assets stand now at 151.2 m illions, about 1.1 millions in excess
o f tho total shown tho wook before, and are now 2 7.6 % o f the paid-in capital, though only 2 9.2 % o f the com bined capital and deposits o f tho banks.
T ho total earning assets aro m ade up as follows: United States bonds, 2 9 .9 % ; acceptances, 2 9 .3 % ; warrants, 2 3 .7 % ; discounts, 14.6 % , and United
States notes, 2 .5 % . .
, f # A1 .
.
.
. „
,
T he com bined paid-in capital o f the banks shows but little change since tho previous week, though, probably as the result o f transfers o f member
banks from the Dallas to the Atlanta (N ew Orleans District) and from tho Boston to tho N ow York District, the amounts o f the capital o f the Boston
and Atlanta banks underwent substantial changes. An increase o f about y m illion in Governm ent deposits is shown, while member banks* net
doposits declined 9.2 millions during tho week, m ainly at the N ew Y ork , Boston and Philadelphia banks.
Nearly 2 m illion dollars o f Federal Reserve Bank notes are reported in circulation. Federal Reserve agents give the total amount o f Federal
Reserve notes outstanding as 186.6 millions against which they hold 176.4 millions o f gold and 10.7 m illions o f paper. T he banks report 164.3 m il­
lions o f roservo notes in actual circulation and aggregate liabilities thereon o f 9.6 m illion dollars.

T h o figures of tho consolidated statem ent for the systom as a w hole aro givon in the following table, and in addition
we prosont tho results for each of tho eight preceding weeks, thus furnishing a useful com parison.
In the second table we
show tho resources and liabilities separately for each of tho tw elve Federal Reservo banks.
T h e statem ent o f Federal Reserve
A gon ts’ A ccounts (tho third table following) gives dotails regarding the transactions in Federal Reserve notes between the
Com ptroller and tho Rosorvo A gents and between the lattor and tho Federal Reserve banks.

A p r . 20-2P16 A p r .
RESOURCES.

Gold redemption fund with U. S. Treasurer..

14 1916

A p r il

7 1916. Afar. 311916

$239,882,000 $245,714,000 $245,778,000 $258,052,000
74,785,000 75,690,000 80,011,000 75,040.000
1,473,000
1,495,000
1,548,000
1,549,000

M ar.

24 1916 Afar.171916. Afar.10 1916. A far.3 1916.

79,680,000
1,578,000

78,970,000
1,623,000

F eb.

25 1916.

$257,875,000 $261,822,000 $262,491,000
79,170,000 74,890.000 76,435,000
1,494,000
1,538,000
1,512,000

$310,140,000 $322,899,000 $327,338,000 $335,240,000 $342,124,000 $334,473,000 $338,539,000 $338,250,000 $340,438,000
9,605,000
11,504,000
20,036,000
9,938,000
12,994.000
11,600,000
17,678,000
* ,
*
$325,645,000 $334,403,000 $338,938,000 $345,178,000 $354,347,000 $345,777,000 $358,575,000 $351,244,000 $358,116,000
Bills discounted and bought—
Maturities from 11 to 30 days__________
Maturities from 61 to 90 days__________
Maturities over 90 days-------------------------

$9,048,000
13.868.000
26.137.000
15.124.000
2,127,000

$7,232,000
15.905.000
23.574.000
17.605.000
1,954,000

$6,911,000
13.558.000
21.930.000
20.134.000
1,851,000

$7,126,000
11.721.000
21.409.000
19.453.000
1,966,000

$7,855,000
10.926.000
21.106.000
18,635,000
2,028,000

$6,773,000
12,128,000
20.511.000
16.272.000
2,016,000

$7,332,000
12,636 000
18.113.000
13.964.000
2,433,000

$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

T o ta l.....................................................

$60,304,000 $66,270,000 $64,384,000 $61,675,000 $60,550,000 $57,700,000 $54,478,000 $52,498,000 $51,881,000

Investments: U. 8 . bonds________________ _
One-year U. 8 . Treasury notes..

$45,204,000 $44,924,000 $45,220,000 $40,275,000 t$40.184,000 $39,213,000 $34,141,000 $33,063,000 $29,632,000
3,840,000
3,234,000
1,932,000
35,892,000 35,706,000 35,256,000 33,015,000 32.669,000 33,034.600 32,755,000 30,539,000 1 25,403,000

$44,237,000 $44,108,000 $42,116,000 $40,408,000 $39,244,000 $36,092,000 $32,949,000 $30,783,000 $29,054,000

Total earning assets___________________ $151,210,000 $150,134,000 $146,798,000 $134,965,000 tl33.403.000 $129,947,000 $121,374,000 $116,100,000 $106,916,000




1604

THE CHRONICLE
Apr.20-21’16

R E S O U R C E S (C o n c lu d e d ).
B r o u g h t f o r w a r d (total reserve & eam’g

A pr.

14 1916

A p r il 7

1916.

M a r.

[Vol. 102.

31 1916;Afar. 24 19ie Afar.171916.

M a r . 10

1916. A far.3 1916.

F eb.

25 1916.

assets) $476,885,000 $484,537,000 $485,736,000 $480,143,000 $487,718,000 $475,724,000 $479,949,000 $467,344,000 $465,032,000’

Federal Reserve notes—Net.............. ..............
Due from Federal Reserve banks—Net..........

$21,731,000 $22,159,000 $21,761,000 $25,118,000 $24,849,000 $24,608,000 $24,838,000 $25,567,000 $23,793,000
17,515,000
16,825,000
11,161,000
13,128,000 12,628,000
16,248,000
12,647,000 20,576,000
13,274,000

L IA B IL IT IE S .

Capital paid In.....................................................
Reserve deposits—Net........................................
Federal Reserve bank notes In circulation___
All other liabilities........................

$54,843,000 $54,845,000 $54,843,000 $54,888,000 $54,910,000 $54,937,000 $54,944,000 $54,919,000 $54,897,000
35,291,000 34,732,000 37,016,000 38,469,000 35,088,000 32.380.000 30.639.000 36,043,000 32,501,000
417,349,000 426,507,000 423,497,000 419,987,000 428,816,000 423,259,000 426,322,000 418,718,000 416,566,000
9.617.000
9.511.000
9.500.000
8,903,000
9.977.000 10.203.000
10.178.000
9,635,000
9,386,000
1.964.000
1.423.000
1.251.000
964,000
1.053.000
681,000
419.000
526,000
643,000
138,000
153,000
154,000
148,000
145.000
141,000
150,000
$513,500,000

Gold reserve ag’st net dep. & note liabilities (a)
Cash reserve ag’st net dep. & note liabilities (a)
Cash reserve against net deposit liabilities after
setting aside 40% gold reserve against ag­
gregate net liabilities on F. R . notes in

71.1%
73.2%

71.1%
73.7%

71.3%
73.9%

73.8%
76.0%

74.2%
76.8%

74.4%
76.9%

74.5%
78.9%

76.2%
79.1%

76.5%
80.4%

74.0%

74.4%

74.6%

76.7%

77.6%

77.8%

70.8%

80.0%

81.3%

27,069,000

26,298,000

(a) Less Items In transit between Federal Re17,515,000

16,825,000 $11,161,000 $13,128,000

F ed era l R eserve N o te s —

22 [324^000
In circulation...-........................................ $164,319,000

2 2 ,5 2 6 ,0 0 0

22l219|000

27,166,000

$164,235,00oj$168,317,000 $163,066,000

25,624,000

$163,834,000 $164,867,000 $164,814,000 $163,802,000 $171,368,000

Gold and lawful money with Agent.................. $176,433,000 $176,883,000 $180,578,090 $179,281,000 $178,706,000 $179,272,000 $179,474,000 $179,734,000 $185,775,000
Carried to net assets.................... ............ .........
21,731,000 22,159,000 27,161,000 25,118,000 24,849,000 24,608,000 24,838,000 25,567,000 23,793,000
Carried to net liabilities............ ............ ..........
9,617,000
9,511,000
9,500,000
8,903,000
9,977,000
10,203,000 10,178,000
9,635,000
9,386,000
F e d e r a l R e s e r v e N o t e s ( A g e n t s ’ A c c o u n t s )—
Received from the Comptroller.................. $281,140,000 $278,980,000 $278,980,000 $277,980,000 $277,580,000 $277,580,000 $277,220,000 $275,420,000 $275,420,000
Returned to the Comptroller......................
38,451,000 37,621,000 33,276,000 32,633,000 32,008,000 30,602i000 29^899^000 29|540;000 20i976;000
$242,689,000 $241,359,000 $245,704,000 $245,347,000 $245,572,000 $246,978,000 $247,321,000 $245,880,000 $254,444,000
56,046,000 54,598,000 55,168,000 55,115,000 54,669,000 55,813,000 55,643,000 54,577,000 57,452,000
Issued to Federal Reserve banks........ $186,643,000 $186,761,000 $190,536,000 $190,232,000 $190,903,000 $191,165,000 $191,678,000 $191,303,000 3196,992,000
H ow

S ecu red —

By lawful money____ ______ _____ ______
By commercial paper.......... .............. .......
Credit balances In gold redemption fund..
Credit balances with Federal Reserve B ’d.

8117,652,000 8117,823,000 $120,953,000 $120,883,000 $1 2 1 ,122,000
10 ,210,000
9,631,000
49,150,000

9.878.000
9.380.000
49,680,000

9.958.000
9.905.000
49,720,000

10.951.000
9,918,000
48.480.000

12\l97,666
10.214.000
47.370.000

11.893.000
10.739.000
48.060.000

12.204.000
10.612.000
48,740,000

11.569.000
9,871,000
49.570.000

11.217.000
9,847,000
54.300.000

T o ta l..................................................... $186,643,000 $186,761,000 $190,536,000 $190,232,000 $190,903,000 $191,165,000 $191,678,000 $191,303,000 $196,992,000
Commercial paper delivered to F. R . A gent..

$10,725,000 $10,743,000 $10,770,000 $11,180,000 $12,373,000 $13,023,000 $13,027,000 $13,039,000 $13,140,000

•Including bankers’ and trade acceptances bought In the open market,

t Amended figures.

WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS APRIL 20-21 T 6
A p r i l 21.
B o s to n .

A p r i l 21.
A p r i l 20. A p r i l 21.
N e w Y o r k . P h i l a d e f a . C lev ela n d .

A p r i l 21.
R ich m o n d

A prf120-21
A t la n t a .

A p r i l 21.
C h ic a g o .

A p r i l 21.
S t. L o u i s .

A p r i l 20. A p r i l 21. A p r i l 20. A p r i l 21.
M in n e a p . K a n . C ity . D a lla s .
San F ra n .

T o ta l.

RESOURCES.
$
$
3
S
3
$
$
3
3
5
$
$
$
Gold coin & ctfs. In vault 5,856,660 152,544,000 4.946.000 11,806,000 4,850,000 5.862.000 31,853,000 4.671.000 3.582.000 4.390.000 3.809.000 5.713.000 239,882,000
Gold settlement fund__ 9,617,000 4,927,000 5.740.000 8,109,000 10,289,000 2.489.000 8,159,000 5.039.000 4.643.000 3.702.000 9.730.000 2.341.000 74,785,000
5,000
Gold redemption fund..
250,000
50,000
45,000
235,000
291,000
200,000
43,000
30,000
10,000
82,000
232,000
1,473,000

Total gold reserve___ 15,478,000157,721,000 10,736,00019,960,000 15,374,000 8,642,000 40,212,000 9,753,000 8,255,000 8,174,000 13,771,000 8,064,000 316,140,000
Legal-ten .notes ,sllv ..Ac.
19,000, 1,637,000 1,790,000] 956,000
109,000
299,000 2,380,000
818,000
502,000
169,000
813,000
13,000 9,505,000
Total reserve________ 15,497,000159,358,000 12,526,00020,916,000 15,483,000 8,941,000]42,592,00010,571,000 8,757,000 8,343,000 14,584,000 8,077,000 325,645,000
Bills: Dls’ted—Members
312,000]
415,000
545,000
461,000 6,464,000 3,761,000| 1,723,000
560,000
694,000 1.851.000 4,845,000
436,000 22.067.000
Bought In open m kt.. 10,738,000 16,864,000 6,047,000 1,691,000
750,000, 2,760,000 1,253,000 1,069,000 1.013.000
2,052,000 44.237.000
Total bills on h a n d ... 11,050,000 17,279,000 6,592,000 2,152,000 6,464,000 4,511,000 4,483,000 1,813,000 1,763,000 2,864,000 4,845,000 2,488,000 66,304,000
Investments: U. S. bds. 3,048,000! 2,550,000 I 3,528,000 4,134,000 1,295,000 2,069,000 8,423,000 2,959,000 2.114.000 8.711.000 2,841,000 3,532,000 45.204.000
One-yr. U .8 . Tr. notes
250,000: 1,532,000
462,000:
______j 456,000
..........
...........| 380,000
350,000
410,000
3,840,000
Municipal warrants.. 2,481,000] 15,156,000 3,291,000 4,969,000
60,000
6,000 4,061,000 1,237,000 1.418.000 1 .010.000
2,203’,666 35.892.000
Total earning assets. . 16,829,000] 36,517,000 13,873,000]l 1,255,000 8,275,000 6,586,00016,967,000 6,389,000 5,645,000 12,995,000 7,686,000 8,223,000 151,240,000
Fed. Res’ve notes—Net 1 ,000,000
Due from other Federal
Reserve Banks—N et.
All other resources.........
24,000

9,888,000

203,000

354,000

5.429,000 1,137,000 1,276,000
277',666
70,000! 319,000
108,000

1,161,000 1,611,000

919,000 1.127.000

5.468.000 21.731.000

786,000] 4,597,000* 2,276,000 2.645.000 2,306,000
937,000
374,000
292,000
116,000
466,000

397'.666

2.833.000 17.515.000
196,000 3,576,000

Total resources.......... 33,350,000 206,040,000 32,101,000 33,981,000]25,142,00018,411,000 66,141,000 20,447,000 18,290,000 24,110,00022,667,000 24,797,000 519,707,000
L IA B IL IT IE S .

Capital paid In.............. 4.950.000 11,297,000 5,215,000 5.948.000 3.345.000 2.405.000 6,670.000 2,788,000 2,563,000 3.002.000 2.734.000 3.926.000 54.843.000
Government deposits__ 1.224.000 6,248,000
876,000 1.094.000 6.117.000 6.897.000
327,000 2,395,000
363,000 1.574.000 6.108.000 2.068.000 35.291.000
Reserve deposits— N et.. 26,177,000183,773,000 26,010,000 26,939,000 11,468,000 9.001.00059.144.00015.264.000 15,364,000 16,365,000 9.538.000 18,306,000 417.349,000
Fed. Res’ve notes—Net.
4.174.000
1.205.000 4.238.000
9.617.000
F.R.bank notes In clro’n
1.964.000
1.964.000
Due to F.R.banks— Net
999,666 4,722,666
49’,666
108,000
All other liabilities........
38,000
497,000
643,000
...........
...........
..........
...........
..........
Total liabilities.......... 33,350,000206,040,00032,101,00033,981,00025,142,000 18,411,000 66,141,00020,447,000]18,290,000]24,110.000]22,667,000)24,797,000)519,707,000
' "
1
'
Issued to banks.......... 10,846,000^ 71,056,000 6,973,00010,573,000 10,913,000 14,755,000 3.803.000 7,335,000 13,130,000 0,462,000 10,179,000*11,618,000 186.643,000
In hands of banks___ 1 ,000,000] 9,888,000
203,000j 354,000
446,000 1,161,000 1.611.000
919,000 1,127.000
25,000
122,000 5,468,000 22,324.000
F.R . notes In circulation 9,846,000| 61,168,000 6,770,OOOjlO,219,000 10,467,00013,594,000 2,192,000] 6,416,000]l2,003,000 9,437,000 10,057,000 6,150,000 164,319,000
F e d e r a l R e s e r v e N o te s —

Gold and lawful money
1
i
'with agent.................. 10,846,000 71,056,000 6,973,000 10,573,000 6.293.00014.755.000 3.803.000 7,335,00013,130,000 8,232,000 11,819,000 11,618,000 176,433,000
Carried to net assets----- 1,000,000 9,888,000
_____ 1,161,000 1.611.000
203,000] 354,000
919,0001 1,127,000
5,468,000 21,731,000
Carried to net liabilities.
4.174.000
1,205',666 4,238",666
9,617,000

a Items In transit, 1. e., total amounts due from less total amounts due to other Federal Reserve banks.
STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS APRIL 21 1916.
B o s to n .

N e w Y o r k . P h ila d e l'a . C lev ela n d . R ic h m o n d .

A t la n t a .

C h ic a g o .

S t. L o u i s .

M ln n ea p .

K a n . C ity .

D a lla s .

San

F ra n .

T o ta l.

Federal Reserve Notes—
3
3
3
3
$
5
3
$
3
3
$
3
3
Rec’d from Comptrol’r 20,380,000 109,240,000 15,480,000 13,360,000 17,000,000 20,400,000 9.380,000 9,600,000 19,000,000 13,000,000 22,140,000 12,160,000 281,140,000
Returned to Comptro’r 1,764,000 25,184,000 2,414,000 1,087,000 2,687,000 1,549,000j 696,000
503,000
545,000 1,320,000
160,000
542,000 38,451,000
Chargeable to Agent. . . 18,616,000 84,056,000 13,066,000 12,273,000 14,313,000 18,851,000 8,684,000 9,097,000 18,840,000 12,455,000 20,820,000 11,618,000 242,689,000
In hands of F.R.Agent 7,770,000 13,000,000 6,093,000 1,700,000 3,400,000 4,096,000' 4.881,000 1,762,000 5,710,000 2,993,000 4,641,000
Issued to F. R . bank. 10,846,000 71,056,000 6,973,000 10,573,000 10,913,000 14,755,000| 3,803,000
TTpi/i
R AftbUv
Aerpntr—
J
lJL
vIU hv
Ujr F
A. . ibi
Gold coin & certfs___ 10,365,000 67,917,000 3,360,000 9,700,000
Credit balances:
In gold redemption f’d
481,000 3,139,000
373,000
873,000
493,000 1,305,000
393,000
With F. R . Board___
_____
______ 3,240,000
_____ 5,800,000 13,450,000; 3,410,000
Notes secured by com­
mercial paper............
—
4,620,000
...........
..........
..........
..........
..........
T o t a l...................... 10,846,000 71,056,000 6,973 000 10,573,000 10,913,000| 14,755,000 3 £03 non
Amount, nf nnmm'l n.annr
...........
_____ i
.........j 4,999,000l
delivered to F.R.Ag’t'
--------—
1 ...........!




56,046,000

7,335,000 13,130,000 0,462,000 16,179,000 11,618,000 186,643,000
2,850,000 10,140,000 3,780,000 9,540,000

117,652,000
i
355,000
640,000
779,000
552,000
248,000 9,631,000
4,130,000 2,350,000 3,900,000 1,500,000 11,370,000 49,150,000
u, tut
10 ,210,000
..........
.......... 1,230,000 4,360,000
7f ,O
qoc
nnn
n i on nnn 1
ift ,11 70
nnn 11
inn h a nnn
oJ/tOsS
a n o ,uuu
nnn 10
It ,01o,UU0
p,i q nnn 100,040,0110
Oi),U
UU lu,loU,UUU
/u,uuu
..........

........... 1 1,239,000 4,487,000

10,725,000

THE CHRONICLE

A pr 29 1916.]

1605

Statement of New York City Clearing House Banks and Trust Companies.— The following detailed statement
shows the condition of the New York City Clearing House members for the week ending April 22.
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
givon. In order to furnish a comparison, wo 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
MEMBERS.
Week Ending
April 22 1916.
(005 o m itte d .)

C a p it a l.

N et
P r o fit s .

L oan s.
D is c o u n t s ,
I n v e s tin ’ is ,
& c.

/Nat.B’ks Mar. 71
Instate BksMar. 17 f

Members o f Federal
s
S
I
Reserve Bank.
Bank of N. Y ., N.B.A. 2.000.0 4 779.1
Merchants’ Nat. Bank 2.030.0 2 324.0
Mech. & Metals N a t.. 0,000,0 9 335.0
0
a39
,074,5
National City Bank— 25.000.
011.2
Chemical Nat. Bank—
3.000.
0
0
Atlantic National Bank 1.000.
779.0
300.0
83,7
Nat. Butchers’ & Drov.
257.7
Ainer. Exch. Nat. Bank 5.000.
0
National Bank of Com. 25.000.
0211,6
Chetham & Phenlx Nat. 3.500.0
210.8
,550.3
0
Hanover National Bank 3.000.
Citizens' Central N a t.. 2.550.0
512.6
1.000.0
992.8
Market & Fulton N a t..
687.7
1.500.0
Importers' & Traders’ . .
,079,9
National Park Bank__
5.000.
0
East River Nat. Bank..
250.0
76,3
323.1
Second National Bank. 1.000.
0
754.3
First National Bank__ 10.000.0
,953,8
Irving National Bank.. 4.000.
0
215.3
N. Y. County Nat. Bk.
500.0
,282,0
0
Chase National Bank.. 5.000.
910.5
1.000. 0
Lincoln National Bank.
272,0
Garfield National Bank 1,000,0
417.6
250.0
Fifth National Bank
;
863.9
Seaboard Nat. Bank
\ 1,000,0
340.4
1,000,0
Liberty National Bank.
706.3
Coal & Iron Nat. Bank. 1,000,0
056.3
Union Exchange N a t--; 1.000,0
110.9
1,000,0
Nassau Nat. Bank___
920.9
1.500.0
Broadway Trust C o ...

A vera g e.

S
36.436.0
31.690.0
127.151.0
404.557.0
38.114.0
12.763.0
2.398.0
81.851.0
245.060.0
61.769.0
124.307.0
26.828.0
9.027.0
33.192.0
149.922.0
2.180.0
18.049.0
164.419.0
67.355.0
10.001.0
198.833.0
19.727.0
9.454.0
5.113.0
38.364.0
57.756.0
9.107.0
11.677.0
9.757.0
18.993.0

N a t .H an k N a t .B a n k F e d e r a l
N o tes
R eserv e
N o tes
[R eserv e
[N o t
Bank
f o r S late
C o u n ted
N o tes
In s titu ­
as
[N o t
tio n s ] .
R e s e r v e ]. R ese rv e ],

L eg a l
T en d ers.

A verage.

A vera g e.

A verage.

S
5
2.303.0
829.0
1.220.0
612.0
17.217.0 2.480.0
07.940.0 10,077,0
2,021,0
599.0
770.0
169.0
64,0
37.0
5.722.0
1.084.0
16.897.0 6.661.0
2.021.0
1.739.0
19.223.0 2.418.0
1,181,0
156.0
827.0
1.705.0
1.410.0
1.399.0
1.353.0
9.844.0
28.0
115.0
1.322.0
253.0
10.921.0
964.0
4.744.0 2.483.0
390.0
90.0
16.035.0 8.931.0
1.345.0
580.0
760.0
167.0
155.0
131.0
2.398.0
1.108.0
3.738.0 2,189,0
639.0
88.0
297.0
380.0
242.0
97,0
1.520.0
208.0

S
449.0
1.903.0
4.455.0
5.828.0
1.329.0
529.0
105.0
2.228.0
1.895.0
3.015.0
3.764.0
1.440.0
714.0
706.0
4.600.0
270.0
470.0
5.368.0
4.846.0
785.0
4.447.0
421.0
876.0
343.0
3.491.0
1.832.0
150.0
731.0
655.0
520.0

A vera g e.

A verage.

A verage.

3

S

S

Totals, avgo. for week 115,350,0 188,702,1 2,026,516,0 194,808,0 48,448,0 58,237,0

6,0
27.0
90.0
78.0
43.0
36.0
5.0
93.0
3.0
360.0
1 5 .0
47.0
129.0
144.0
91.0
9.0
53.0
49.0
15.0
93.0
34.0
109.0
28.0
4.0
16,0
11,0
17.0
22.0
26,0
61,0

R ese rv e
w ith
L eg a l
D e p o si­
t a r ie s .

A d d t t 'a l
D e p o s it s
w ith
L eg a l
D e p o si­
ta r ie s .

A vera g e. A vera g e

54.0
31.0
563,0
13,0
33.0
5.0
196,0
21.0
8.0

81,0
54.0
17.0
14.0
140,0
71.0
6,0
17.0
” 5,6
4,0

”29.6:

$
2.381.0
2.233.0
10.013.0
40.704.0
2.612.0
1.033.0
149.0
7.876.0
18.482.0
4.694.0
11.299.0
2.271.0
999.0
2.363.0
12.040.0
202.0
1.177.0
12.575.0
5.931.0
742.0
15.606.0
1.437.0
775.0
373.0
4.190.0
5.082.0
798.0
812.0
644,0
1.441.0

S

N et
D em an d
D e p o s its .

N et
T im e
D e p o s it s .

N a tio n a l
Bank
C ir c u la
tio n .

A verage

A verage.

A vera ge.

S
32.856.0
31.654.0
138.748.0
459.606.0
33.499.0
13.507.0
1.947.0
80.412.0
247.982.0
62.164.0
142.395.0
24.924.0
10.871.0
30.073.0
152.242.0
2.208.0
15.699.0
156.829.0
76.897.0
10.267.0
223.765.0
20.054.0
9.578.0
5.217.0
45.973.0
64.467.0
5.982.0
11.455.0
9.218.0
19.817.0

S
1.582.0
2.646.0
2.573.0
125,0
3.579.0
545,0
5.151.0
1,093",6
1,608,0
125.0
118.0
4,441,0
37,0
100,0
1,635,0
200,0
3,0
377,0

1,717,0

1,430,0 170,934,0

2,143,304,0 25,938,0 31,709,0

1.673.0
1.753.0
1.617.0
1.559.0

1,287, o! 165,979,0
1.117.0 170,522,0
1.418.0 168,S66,0
1.196.0 171,833,0

2.133.135.0
2.144.773.0
2.175.158.0
2.156.241.0

28.459.0
24.821.0
24.531.0
24.657.0

1,000,0

” 355
177
857
708,0
282,,0
2,0
1,050 ,0 2,503,0
1,501 ,0
956,9,

49.111.0
33.243.0
12.417.0
5.427.0
2.420.0
13.2.87.0
99.790.0
3.595.0
6.637.0
18.427.0
4.481.0
6.313.0
14.277.0
4.705.0
15.063.0
25.030.0

192.459.0
199.489.0
198.882.0
215.813.0

46.083.0
51.468.0
52.866.0
51.292.0

57.967.0
59.528.0
62.437.0
60.901.0

4.930.4
6.308.1
1,205,9
1.008.2
447.6
2,015,2
7.026.4
737.4
758,3
2.293.0
826,9
1.077.0
2.154.1
630.6
1.048.4
581.5

44.195.0 5.770.0
34.169.0 3.771.0
11.541.0
929.0
6.143.0
213.0
2.543.0
149.0
14.678.0
903.0
79.124.0
7.595.0
4.00 4,0 312.0
752.0
6.297.0
17.085.0 2.251.0
453.0
4.876.0
658.0
6.384.0
969.0
14.758.0
298.0
4.739.0
13,087,0; 2.022.0
2,206,0
22.043.0

1.713.0
2.072.0
210,0
607.0
81,0
1.075.0
5.547.0
49.0
362.0
819.0
33.0
48.0
245.0
247.0
309.0
737.0

1.389.0
988.0
526.0
79.0
112.0
612,0
5.518.0
61.0
39.0
912.0
96.0
180.0
550.0
142.0
340.0
551.0

94.0
39.0
343.0
125.0
4.0
55.0
619.0
37.0
9.0
43.0
1 1 1 .0
100,0
35.0
32.0
110,0
183,0

Totals, avge. for week.I 15,450,0 33,109,6

285,666,0 29.251,0

14,154,0

12,095,0

1,939,0

68,0 14,202,0 9,861,0

314,223,0

l,091,o;

Totals,
Totals,
Totals,
Totals,

281.268.0
292.936.0
298.827.0
290.962.0

30,669,0
28,187,0
28,785,0
26,879,0

16.354.0
10.479.0
10.884.0
9,094,0

14.590.0
9.690.0
10.077.0
9.412.0

1.972.0
1.930.0
1.829.0
1.645.0

57.0 9,985,0 14,692,0 314,731,0
49.0 13.966.0 9,544,0; 318,229,0
65.0 13.980.0 9.617.0 320,836,0
51.0 16,056,0 8.012.0 310,191,0

1.091.0
1.094.0
1.062,9
1.040.0

35.778.0
1.917.0
227.163.0 21.380.0
55.005.0 3.259.0
29.127.0 2.206.0
36.505.0 1,600,0
384.460.0 34.061.0
8,977,0
516.0
24.948.0
1.307.0
85.791.0 5.583.0
20.006.0
1.402.0
67.343.0
4.223.0
21.364.0
1.284.0
13.154.0
865.0
59.634.0
4.957.0

127.0
9,0
40.0
12.0
380.0
2.315.0
47.0
326.0
122.0
103.0
779.0
354.0
83.0
403.0

425.0
167.0
181.0
186,0
123.0
1.283.0
92.0
60.0
1.075.0
282.0
97,0
128,0
325.0
356.0

212,0
17.0
147.0
44.0
155.0
1.063.0
33.0
20.0
224.0
112.0
34.0
46.0
59.0
314,0

1.313.0 2.549.0
25.0
20.0 10,776,0 5.451.0
1.798.0 10,306,0
3,0
1.043.0 2.489.0
1.093.0 4.732.0
18,0.80,0 8.288.0
337.0
477.0
852.0
10,0
979.0
85.0 3.513.0 2.194.0
942.0 1.915.0
18.0
44.0 2.649.0 7.043.0
10.0
894.0
692.0
8,0
647.0
72,0
8,0
2.665.0 2.040.0

26.257.0 8.357.0
215.514.0 21.255.0
35.965.0 17.602.0
23.268.0 6.615.0
21.865.0
753.0
361.615.0 37.850.0
6,748,0
1.029.0
1.337.0
17.038.0
70.268.0 16.270.0
18.839.0
1.318.0
52.812.0 8.011.0
17.876.0 3.963.0
655.0
12.940.0
53.308.0 6.928.0

Totals, avgo. for week. 54,750.0.104,447,0 1,069,555,0 84.560.0

5.100.0

4.780.0

2.480.0

240,0 46,602,0 49,727,0

934,313,0 131,943,0

248.0
230.0
237.0
201.0

939.627.0
929.746.0
927.344.0
935.869.0

Totals,
Totals,
Totals,
Totals,

actual
actual
actual
actual

condition
condition
condition
condition

2.030.195.0
2.017.641.0
2.045.386.0
2.008.173.0

April 22
April 15
April i
April 1

S
796.0
1.847.0
4.960.0
1.799.0
450.0
50.0
48.0
4.904.0
155.0
1.775.0
130.0
1.026.0
203.0
50.0
3.559.0
50.0
698.0
4.903.0
640.0
199.0
450.0
897.0
399.0
248.0
24.0
500.0
414.0
396.0
139.0

State Banks.
N ot M em bers o f
F ed e r a l R ese rv e B a n k .

Bank of Manhattan Co.
Bank of America..........
Greenwich Bank_____
Pacific Bank..................
People’s Bank..............
Metropolitan Bank----Corn Exchange Bank..
Bowery Bank-------------Gcrman-Amerlcan Bank
Fifth Avenue Bank----German Exchange Bank
Germania Bank______
Bank of Metropolis___
West Side Bank_______
N . Y. Produco Ex. Bk.
State Bank.................. ..

actual
actual
actual
actual

condition
condition
condition
condition

2.055.0
1.500.0
500.0
500.0
200.0
2,000,0
3.500.0
250.0
750.0
100.0
200,0
200,0
1,000,0
200,0
1,000,0
1.500.0

April 22
April 15
April 8
April 1

5,0

3,079,0

1,213,0

657
3,0
30,0

30,0

*145

126,0

5,668 ,0 4,332,0
216 ,0
21,0
215 ,0

35,0

31,0

Trust Companies.
N ot M em b ers o f
F e d e r a l R e se rv e B a n k .

1.500.0
Brooklyn Trust Co___
Bankers Trust Co____ 10,3 JO,0
2,000,0
U. S. Mtgc. * Trust Co
1.250.0
Astor Trust Co............
Title Guar. & Trust Co. 5.000. 0
Guaranty Trust Co----- 20,090,0
1.030.0
Fidelity Trust C o ..
Lawyers’ Title & Trust. 4.001.0
2.000.
Columbia Trust Co___
1.030.0
People’s Trust Co........
3.000.
New York Trust C o__
1.030.0
Franklin Trust Co........
1.000. 0
Lincoln Trust Co........
Metropolitan Trust Co. 2.000.0

Totals,
Totals,
Totals,
Totals,

actual
actual
actual
actual

condition
condition
condition
condition

Mar. 22
April 15
April 8
April 1

3.817.4
15.914.2
4,627,9
1.632.2
12.295.3
30.638.6
1.230.3
5.378.0
7.779.1
0
1.622.5
11.268.6
0
1.311.4
514,8
6,416,7

1.074.227.0
1.067.559.0
1.055.709.0
1.071.213.0

87.379.0
84.813.0
84.813.0
83.089.0

48.709.0
45.027.0
60.667.0
54.038.0

134.017.0
133.330.0
132.667.0
137.959.0

Grand Aggregate, avge 185,550,0 320,258,7 3,381,737,0 308,619,0 67,702,0 75,112,0
Comparison prev. week
-4,799,0 —4,293,0 — 480,0 — 2,089,0
Grand Aggregate,actual condition April 22 3,385,690,0 310,507,0 68,552,0 77,286,0
Comparison prev. week
+ 7,584,0 —1,982,0 + 2,240,0 + 4,003,0

4,419,0
+ 528,0

1,717,0
— 23,0

1,738,0 231,738,0 59,588,0 3,391,840,0 158,972,0 31,709,0
— 45,0
— 66,0 + 3,212,0 -5,582,0 — 10,053,0
+ 62,0

3,803,0
+ 3,0

1,673,0
— 85,0

1,592,0 222,745,0 63,401,0 3,387,493,0 163,597,0 31,808,0
+ 196,0 —8,159,0 + 88300 — 5,255,0 + 4,352,0
+ 80,0

Grand Aggregate actual condition April 15 3.378.106.0 312.489.0 66.312.0 73.283.0
Grand Aggregato actual condition April |8 3.399.922.0 312.480.0 67.220.0 75.996.0
Grand Aggregate actual condition April 1 3.370.348.0 326.381.0 68.361.0 70.447.0

3.800.0
3.749.0
3.553.0

1.758.0
1.617.0
1.559.0

1.396.0 230,904,0 54.571.0 3.392.748.0 159.245.0 31.728.0
1.720.0 229 210,0 70.284.0 3.423.338.0 158.260.0 31.874.0
1.448.0 234,652,0 62.050.0 3.402.301.0 163.656.0 31.634.0

a

Includes capital set aside for Foreign Branches, S3,000,000.

Averages.
C a sh R eserve R eserv e in
i n V a u lt. D e p o s ita r ie s

T o ta l
R ese rv e .

a R eserve
R eq u ired .

Actual Figures.
S u r p lu s
R ese rv e .

In c . or D ec.
C a sh R eserve R eserv e in
fr o m
P r e v lo u s lV e e k in V a u lt. D e p o s it a r ie s

T o ta l
R e se rv e .

b R eserv e
R eq u ire d .

S u r p lu s
R e se rv e .

I n c . or D ec.
fr o m
P r e v lo u s W e e k

s
1
$
S
S
S
1
S
Members Federal
S
S
S
$
$
$
Reserve Bank___ 301,493,000 170,934,000,472,427,000 3.87,091,620 85,335,380— 10,09,8,960 296.509.000 165,979,000 462,488,000 385,388,750 77,099,250 — 16,607,560
Stato Banks*_______ 57.439.000 14,202,000 71,641,000 56,560,140 15,080,860 +8,263,020 63,585,000 9,9.85,000 73,570,000 56,651,580 16,918,420 + 9,947,640
46,602,000|
143,522,000
140,146,950
46,781,000
90.920.000
146.835,000140,944,050 5,890,950 + 3,823,850
Trust Companies*..
3,375,050
+729,400 100.054.000
Total April 22___ 455.852.000 231.738.000687.590.000 583,798,710 103,791,290 — 1,106,540 460.148.000222.745.000 662,893,000582,984,3S0 99,908,620 — 2,836,070
Total Apr. 15___ 162.186.000 228.526.000600.712.000 585,814,170 104.897,830 — 2,503,640 455.884.000230.904.000 686.788.000 584,043,310 102,744,690 + 3,696,760
Total Apr. 8 ___ 467.773.000 230.128.000697.901.000 590,499,530 107,401,470— 14,071,040 459.445.000229.210.000 6S8,655.000589,607,070 99,047,930 —24,775,110
Total Apr.
1 ___ 470.012.000 235.030.0001705.042.000 583,568,890 121,473,110 — 0,159,950 474.742.000
234,652,000
709.394.000 585.570,960 123,823,040 — 2,439,530
Not members of Federal Reserve Bank.
a This Is the reserve required on Net Demand Deposits In the case of State Banks and Trust Companies, but In the case of Members of the Federal Reserve Banks
Includes also the amount of reserve required on Net Time Deposits, which was as follows: April 22, 81,296,900; April 15, $1,242,300; April 8 , $1,226,450; April 1. $1,244,350.
b This Is the reserve required on Net Demand Deposits In the case of State Banks and Trust Companies, but In the case of Members of the Federal Reserve Banks
Includes also the amount of reserve required on Net Time Deposits, which was as follows; April 22, SI,424,450; April 15, 51,241,050; April 8 . $1,226,550; April 1, SI.232,850.




1606

THE CHRONICLE

T h e State Banking D epartm en t reports w eekly figures,
showing the condition of State banks and trust companies
in N ew Y o rk C ity not in the Clearing House, and these are
shown in the following table:
SUM MARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
{ F ig u r e s F u r n is h e d by S ta te B a n k in g D e p a r t m e n t .)
D i f f e r e n c e s fr o m
A p r i l 22.
p r e v io u s w e ek .
Loans and Investments......................................
$703,141,500 Inc. $4,883,300
434,900
G o ld ............................................................................... 53,755,400 Inc.
Currency and bank notes....................................................8,869,700 Dec.
9,100
878,652,800 Inc. 3,701,200
Total deposits................................_................... .
Deposits, eliminating amounts due from reserve de­
positaries and from other banks and trust com­
Inc. 7,739,000
panies In New York City, and exchanges_____ __ 741,726,700
Reserve on deposits........ ...............................
202,884,700 Dec. 2,114,400
Percentage of reserve, 28.2%.
RESERVE.
------- S la te B a n k s- ---------- T r u s t C o m p a n ie s ----Cash In vaults.................................. $11,809,600 10.96%
$55,815,500
9.15%
Deposits in banks and trust cos___ 18,822,100 17.47%
116,437,500 19.12%
Total

$30,631,700

28.43%

$172,253,000

28.27%

[Vol. 102

In addition to the returns of “ State banks and trust com
panics in N ow Y o rk C ity not in the Clearing House,” furnished
b y the State Banking D ep a rtm en t, the D ep artm en t also
presents a statem ent covering all the institutions of this class
in the whole State.
T h e figures are com piled so as to distin­
guish between the results for N e w Y o rk C ity (Groater N ew
Y o rk ) and those for the rest of the S ta te , as per tho follow ing:
For definitions and rules under which tho various item s
are made u p , see “ C hronicle,” V . 9 8 , p . 1661.
T he provisions of the law governing tho roserve require­
ments o f State banking institutions were published in the
“ Chronicle” M a rch 28 1914 (V . 9 8 , p . 9 6 8 ).
T h o regula­
tions relating to calculating the am ount o f deposits and what
deductions are perm itted in tho com putation of tho reserves
were given in the “ Chronicle” A p ril 4 1914 (V . 9 8 , p . 1 0 4 5 ).
STATE BANKS AND TRUST COMPANIES.

T h e averages o f the N ew Y o rk C ity Clearing H ou se banks
and trust com panies, combined w ith those for the State banks
and trust companies in G reater N e w Y o rk C ity outside of the
Clearing H ou se, com pare as follows for a series of weeks p ast:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
IVe o m it c ip h e r s i n a ll th ese fi g u r e s .
W e e k en d e d —

Jan.
Feb.
Feb.
Feb.
Feb.
Mar.
Mur.
Mar.
Mar.
Apr.
Apr.
Apr.
Apr.

29........
5 ........
11____
18........
26____
4........
11____
18........
25____
1........
8........
15____
22........

L oans and
In v e s tm e n ts

D em an d
D e p o s its .

S p e c ie .

$
3,933,590,6
3,950,998,9
3,974,792.2
3,997,310,9
4,044,174,4
4,056,861,1
4,941.443,5
4,056,746,2
4,050,652,3
4,055,781,1
4,096,708,3
4,084,794,2
4,084,873,5

$
4,059,083,1
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
4,117,806,7
4,157,969,5
4,135,880,7
4,133,566,7

$
501,605,1
502,332,6
504,583,7
501,067,7
493,006,1
483,314,7
481,883.7
474,291,6
463,977,4
456,681,6
453,312,5
448,433,5
442,486,4

O th er
M on ey.

S
87,113,3
S4,379,3
83,599,2
79,682,2
79,693,4
78,935,4
78,406,1
70,973,4
80.617,5
89,320,4
81,514,9
80,951,8
80,930,7

T o ta l
M on ey
H o ld in g s .

E n tir e
R ese rv e o n
D e p o s it.

%

S
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
914,934,9
913,158,1
895,71 1,1
890,474,7

588,718,4
586,711,9
588,182,9
580,749,9
572,699,5
562,259,1
560,289,8
551,265,0
544,594,9
536,982,0
534,827,4
529,385,3
523,477,1

W e e k en d ed A p r i l

T ru st C os.
T ru st C os.
S ta le B a n k s
S ta le B a n k s
in
in
o u t s id e o f
o u t s id e o f
G rea ter N . Y . G rea ter N . Y . G r ea ter N . Y . G r ea ter N . Y .

22.

Capital as of Dec. 31___

$
23,350,003

$
65,550,000

Surplus as of Dec. 31___

38,833,300

163,857,800

14,966,303

12,887,000

Loans and Investments.. 370,463,900 1,678,634,200
Change from last week. — 11,458,700 + 11,844,600

153,212,300
+ 851,800

222,581,300
+ 1,294,600

G old........ .........................

42,970,400
+ 2,246,900

139,989,500
+ 405,300

Change from last week.

26,278,000
+ 5|309;500

15,091,000
+ i;684;i00

S
11,613,000

$
14,050,000

..................

..................

Deposits_______________
Change from last week.

500,190,000 1,982,891,200
— 5,218,200 + 13,052,400

160,451,900
+ 1,039,800

239,956,200
+ 2,248,000

Reserve on deposits........
Change from last week.

118,085,900
+ 7,604,400

386,234,000
— 6,625,800

31,070,900
+ 41,200

36,953,100
+ 1,030,700

P. c. of reserve to deposits
Percentage last week..

28.5%
27.5%

23.0%
24.4%

21.9%
22.0%

18.9%
18.5%

+ Increase over last week.

— Decrease from last week.

Non-Member Banks and Trust Companies.— Following is the report m ade to the Cloaring-ITouse b y clearing non­
member institutions which are not included in the “ Clearing-House return” on the preceding page:
RETURN
CLEARING
NON-MEMBERS.
Week Ending
April 22 1916.

O F N O N -M E M B E R
N et
P r o fit s .

C a p it a l.

/N at. bks. Mar. 7\
(State bks. Mar. 17/

Members o f
Fed’l Reserve Bank
Battery Park N a t..
Flrst Nat., Brooklyn
Nat. City, Brooklyn
First Nat., Jers. City
Hudson Co. N ., J.C.
Flrst Nat., Hoboken
Second Nat., Hobok.

L oans,
D is co u n ts,
I n v e s t­
m e n t s , < te.
A verage.

$
$
$
182,100 3.487.000
200,000
300.000
672.300 5.057.000
613.200 5.424.000
300.000
400.000 1,268,200 4.932.000
759,700 4.142.000
250.000
631.200 5.859.000
220.000
125,000
299.300 4.578.000

IN S T IT U T IO N S OF N E W

G o ld .

L ega l
T en d ers.

S tiv er.

A verage.

A verage.

A vera ge.

YORK

C L E A R IN G

H OUSE.

N a t .B a n k N a t .B a n k F ed era l
R eserv e
N o t e s [Re­ N o le s [N o t
C o u n ted
Bank
s e rv e f o r
S ta te I n ­
as
N o t e s [N o t
s t it u tio n ]
reserv e ]
R eserv e],

R eserv e
w ith
L ega l
D ep os­
i t a r ie s .

A d d itio n a l
D e p o s it s
w ith L eg a l
D ep os­
it a r ie s .

N et
D em an d
D e p o s its .

N et
T im e
D e p o s its .

N a tio n a l
B ank
C ir c u ­
la tio n .

A vera g e.

A vera g e.

A vera g e.

A verage.

A vera g e.

A vera g e,

A vera g e.

$

$
451.000
146.000
166.000
221,000
136.000
115.000
42,000

$
39.000
34.000
56.000
393,000
12.000
20,000
44,000

$
41.000
120,000
112,000
89.000
58.000
66.000
99,000

1.795,000 4,426,000 33,479,000 1,277,000

598,000

585,000

3,000
152 .OJO
37.000
9,090
55.000
36.000
115.000
178.000
53.000

56,000
484.000
267,030
30,0+)
183.000
116.900
233.000
839.000
113.000

23.000
71.000
105,0(0
11.000
56.000
48.000
92.000
125,000
23.000

633,000 2,321,000

554,000

226,000

..........
..........

5.000
9.000
9.000
17,090
83.000
12.000
5,009
137,000

A verage.

$
8,000
9.000
1.000
5.000
5.000
4,900

$
$
$
$
246.000 3.756.000
451.000
147,000
585.000
156.000 4.717.000
122.000 5.398.000
662.000
505.000 5.252.000 4.211.000
..........
392.000 1.126.000 3.264.000
458.000 2.584.000 2,836,000
405.000
713.000 2.374.000 2,001,030
285.000

193.000
295.000
119.000
390.000
195.000
218.000
99,000

32,000 3,235,000 8,073,000 26,304,000 4,984,000 1,515,000

State Banks.
N o t M e m b e r s o f th e
F e d e r a l R es e r v e B a n k .

Bank of Wash. I l’ts.

100,000
400.000
300.000
200.000
200,000
200,000
New Netherland___
100,000
Mechanics’ , Bklyn.. 1,600,000
North Side, Bklyn.. 200,000

Columbla Bank___

401,500
861,200
680,900
186,600
462,700
250,200
581.000
825,800
196,400

2.031.000
8.438.000
7.664.000
1.334.000
6.307.000
3.967.000
5.802.000
17,544,000
3.274.000

118,000
500,090
656.000
102.000
686,000
254.000
340.000
786.000
200.000

T o ta l.................... 3,300,000 4,446,300 53,361,000 3,642,000

95,000
246.000 1.536.000
542.000
535.000 9.926.000
495,090
392.000 9.257.000
73,990
116.000 1.221.000
886,000 6.516.000
444.000
3.986.000
" "3",666 1.44.000
504,660 6.158.000
370.000
1,143,000 2,048,000 19,042,000
212.000
421,090 3.529.000

334,665
225,J00

21,000 3,563,000 5,258,000 59,321,000

641,000

"is",666
..........
228,000

82,666

...........
...........

Trust Companies.
N o t M ,em b e rs o f th e
F e d e r a l R ese rv e B a n k .

500.000 1,093,500 7.343.000
200.000
294,100 4.331.000

424,000
61,000

11,000
44,000

15.000
35.000

48.000
21.000

19,000

2,000
15,000

245,000 2,056,000 4,920,000 1.557.000
82,000
960,000 1,634,900 2.510.000

700.000 1,387,600 11,674,000

485,000

55,000

100,000

69,000

19,000

17 000

327 000 3,016,000 6,554,000 4,067,000

Grand aggregate__ _ 5,795,000
Comparison .prev .wk
Excess reserve,
Grand aggr’te Apr.15 5.795.000
Grand aggr'to Apr 8 5.795.000
Grand aggr’te Apr. 1 5.795.000
Grand aggr’teMar.25 5.795.000
Grand aggr’teMar.18 5.795.000

10,259,900 1015140005,404,000 1,291,000 3,006,000 623,000 382,000
— 125,000] —4,000 —124,000 — 44,000 — 45,000 — 23,000
10.259.000
10,259,900
10.051.000
9,944.700
9,944,760

101639000
101079000
101138 000
99,877,000
100859 000

5,408.000 1,415.000
5.332,000 1,303.000
5.217,000 1,211,000
5,220,090 1,191,000
5. 191,00311,123,000

3.050.000
2.920.000
3.042.000
2.991.000
3.014,009

Philadelphia Banks.— Su m m ary of w eekly totals of
Clearing H ouse banks and trust com panies of Philadelphia:
W e o m it tw o c ip h e r s

Feb.
Feb.
Feb.
Mar.
Mar.
Mar.
Mar.
April
April
April
April

11..............
19..............
26..............
4________
11..............
18..............
25..............
1________
8..............
15..............
22________

C a p it a l
and
S u r p lu s .

L oans.

S
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

$
481.708.0
478.213.0
479.731.0
485.129.0
493.815.0
499.145.0
600.354.0
499.682.0
500.299.0
504.361.0
508.139.0

(00)

405,090
337.000
430.000
451.000
493.000

R ese rv e .

D e p o s its .

a
$
109.242.0
130.945.0
140.053.0
135.289.0
125.018.0
117.978.0
117.010.0
120.964.0
124.721.0
121.124.0
115.113.0

$
586.063.0
017.461.0
620.904.0
624.269.0
609.500.0
615.496.0
604.519.0
612.836.0
017.022.0
625.197.0
621.791.0

70,000 7,180,000 16,347,000 92,179,000 9,092,000 1,515,000
— 8,000 — 92,000 + 1658000 — 613,000 + 51,000 — 0,000
78.000
68.000
77.000
86.000
51,000

7.272.000
7.186.000
7.266.000
7.127.000
7.100.000

14.689.000
14.804.000
14.565.000
15.737.000
14.960.000

92.792.000
91.871.000
92.271.000
91.216.000
91.079.000

9.641.000
9.621.000
9.531.000
9.410.000
9.437.000

1,621,000
1.519.000
1.509.000
1,517 000
1.508.000

Boston Clearing House Banks.— W o givo below a
sum m ary showing tho totals for all tho items in tho Boston
Clearing H ouse weekly statem ent for a series of woeks:

i n a ll th ese fi g u r e s .

BOSTON CLEARING HOUSE MEMBERS.

C ir c u la ­
t io n .

S
10.575.0
10.508.0
10.519.0
10.455.0
10.443.0
9.797.0
9.716.0
9.694.0
9.618.0
9.634.0
9.626.0

22.
1916.

A p r il

C le a r in g s

$
195,426,3
290,161,8
200.789.1
254.334.0
211.721.5
227,728,7
214.195.5
215.906.5
254.664.0
233.477.5
221.135.2

a Includes Government deposits and the Item "duo to other banks” (April 22,
$184,889,000); also "Exchanges to Clearing IIouso” (April 22, $22,483,000). Due
from banks April 22, $79,070,000.




668.000
713.000
575.000
554.000
596.000

..........

Circulation . . ........................
Loans, dlsc’ts A Investments.
Individual deposits, lncl.U.S.
Due to banks..........................
Time deposits_______ _____
Exchanges for Clear. House.
Due from other banks-------Cash reserve..........................
Reserve In Fed. Rcs’vc Bank
Reserve with other ban ks...
Reserve excess In bank..........
Excess with Reserve Agent..
Excess with Fed. Res’ve B’k.

C hange fro m
p r e v io u s w e e k .

15
1916.

A p r il

CO'tt
,s a
" 00

Hamll onTrust.Bkln.
Mechanics’ .Bayonne

$7,000 $0,345,000 $6,313,000
S6,352,000 Inc.
410,152,000 Dec.
593,030 410,745,000 407.803,000
338,100,000 [Dec. 2,059,000 340,159,000 330,042,000
145,245,000 Inc.
768,000 144,477,000 147,894,000
26,557,000 Dec.
107,000 26,664,000 26,673,000
17,319,000 Dec. 2,148,000 19,407 000 19,514,000
42,357,000 Inc.
677,090 41,680,000 39,099,000
146,000 25,144,000 24,050,000
24,998,000 Dec.
511,000 15,584,000 16,181,000
16,095,000 Inc.
50,000 73,492,000 78,501,000
73,542,000 Inc.
152,000 2,236,000
2,084,000 Dec.
1,345,000
45,000 54,402,000 59,581,000
54,447,000 line.
507,000
819,000 Inc.
312,000
1,045,000

Imports and Exports for the Week.— See third page
preceding.

A

pr

. 29 1916.]

THE CHRONICLE

W a ll Street, F rid a y N ig h t, A p r . 28 191(3.
Th e M oney M arket and F in an cial S itu a tio n .— The
news from Berlin over Sunday implied that thore is no wide­
spread dcsiro among the German people, official or other,
for a break of diplomatic relations with the United States,
and immediately upon the opening of business on M onday
at the Stock Exchange and throughout the financial district
a decidedly more hopeful feeling prevailed than during the
provious week or more. As a result of this change there
lias beon a substantial rocovery in security values and busi­
ness in all departments has assumed normal activity and
proportions.
The latter may be duo in part to the fact that there is less
anxiety about the Mexican situation, albeit that situation
is far from clear or satisfactory. A sober reflection upon
this matter and upon the fanatical revolt at the Irish capital
this week leads to but one conclusion, i. e., that, however
unfortunate, disturbing or disastrous these events may
provo thore is no shadow of doubt as to the final outcome.
Therefore only that which is involved in the process of
adjustment is of consequence in either case. Happily
these matters, however unfortunate have thus far had only
momentary effect upon business anywhere.
Three announcements of the weok havo been highly
gratifying generally and especially to those directly inter­
ested, as illustrating the results of increased business activity
in various parts of tho country. W o refer to the Steel
Corporation’s earnings for tho first quarter of tho year, to
an increase in tho dividend rate coupled with an extra divi­
dend on Norfolk & Western shares and to largor railway
earnings as typified in tho case of Union Pacific, which
showed a net increase of 9 0 % over the corresponding period
in 1915. If some sanguine stockholders hoped for a larger
distribution on Steel shares they aro, of courso, disappointed
but tho futuro will doubtless provo tho wisdom of prosont
conservative action.
Tho Bank of France reports a shrinkage of about $19,­
000,000 in gold holdings, but theso aro still about $127,­
000,000 larger than a year ago. The Bank of England, on
the other hand, has increased its gold supply nearly $5,­
000,000 and raised its percentage of reserve to 29.40, tho
highest this year.
Foreign E xch an ge.— The market for sterling oxchango
has ruled quiet but has been maintained. Marks are some­
what lower but francs aro firmer and tho exchanges on tho
neutral countries havo ruled irregular.
To-day’s (Friday’s) actual rates for sterling oxchango wero
4 7 3 % @ 4 73%_ for sixty days, 4 7 0 % @ 4 7(3 7-1(3 for choks
and 4 70 15-1(3 @ 4 77 for cables. Commercial on banks
(sixty days) 4 7 2 % @ 4 7 2 % and documents for payment
(sixty days) 4 7 2 % @ 4 7 2 % . Cotton for payment 4 70 1-10
@ 4 7 0 % and grain for payment 4 70 1-1(3©4 7 0 % .
T o-day’s (Friday’s) actual rates for Paris bankers’ francs
were nominal for long and 5 9 3 % for short. Germany
bankers’ marks were 7 4 % for demand. Amsterdam bank­
ers’ guilders wero 4 1 % for short.
^
Exchange at Paris on London, 28.31 % fr .; week’s range,
2 8 .3 1 % fr. high and 2 8 .3 3 % fr. low.
The range for foreign exchange for the week follows:
S te r lin g , A c tu a l— S ix ty D a y s .
High for tho week___4 73 5*
Low for tho weok___4 73}*
P a r is H a n k ers' F r a n c s —
High for tho wook___ ____
Low for tho w e e k ...............
G erm a n y H a n k ers’ M a r k s —
High for tho week.................
Low for tho week---- -----A m s te r d a m H u n k ers' G u ild e r s —
-----High for tho week—
Low for tho week___ ____

C h ecks.

C a b le s .

4 76}*
4 765*

4 77
4 76 15-16

6 93
5 955*

5 925*
5 945*

765*
745*

765*
745*

425*
42

42 7-16
42 1-16

D om estic E xch an ge.— Chicago, 5c. per $1,000 discount.
Boston, par. St. Louis, 15c. per $1,000 discount bid and
10c. discount asked. San Francisco, 30c. per $1,000
premium. Montreal, $4 8725 per $1,000 premium. M in ­
neapolis, 10c. per $1,000 prein. Cincinnati, par. Now Or­
leans, sight, 50c. per $1,000 discount and brokers, 50c. prom.

1607

U n ited States B on d s.— Sales of Government bonds at
tho Board include $5,000 4s, coup., at 1 1 1 % ; $5,000 4s, reg.,
at 111; $40,000 3s, coup., at 1 0 1 % to 102, and $1,000 2s,
coup., s.Gf. at 9 9 % . F or to-d a y’ s p r ices o f all the d iffe ren t
issu es and f o r w eek's ra nge see th ird p a g e fo llo w in g .

Railroad and M iscellaneous S to ck s.— During Satur­
day’s short session, after the holiday, the stock market
continued with renewed force tho downward movement
which was so conspicuous a feature of last week’s market,
and from 1 to 2 points in railways and from 3 to 10 points in
tho case of industrials was added to the unusual decline
previously recorded. The news over Sunday gave a more
hopeful outlook to the international situation, and on M on ­
day and Tuesday a substantial reaction took place. Wednes­
day’s market was somewhat hesitating on the theory that an
assumption that all danger of a diplomatic break with
Germany was premature and about one-half the list receded
a fraction or more from Tuesday’s closing prices. On Thurs­
day the upward movement was resumed with vigor, and in
many cases tho highest prices of the week were recorded.
To-day’s market was not quite as strong as yesterday’s, but
moro than half tho list advanced.
As a result of the week’s operations, only one active rail­
way issue, New Haven, has declined, while several aro from
2 to 4 points higher, and of 20 most active industrial stocks
5 have declined. Bethlehem Steel closes 3 9 % points higher
than it sold last week. Inter. M erc. M ar. pref. 10, N . Y .
Air-Brake nearly 8 , and others from 3 to 5.
F or d a ily volu m e o f b u sin ess see pa ge 0000.
Tho following sales have occurred this week of shares not
represented in ou • detailed list on tho pages which follow:
STOCKS.
W e e k e n d in g A p r i l

28.

S a les
fo r
W eek.

H ig h e s t .

R ange s in ce
L o w e s t.

S p er sh are
S p er sh are S p er
3,325 15
Apr 27 20}* Apr 28 15
1,000 39 Apr 28 43
Apr 28 I39
800125
Apr 25 120
Apr 22 124}*
167 655* Apr 27 655* Apr 27 635*
2,500 17X Apr 24 195* Apr 28 11
1,250 62}* Apr 25 64}* Apr 22 62
8,501} 2
Apr 22 2}< Apr 28 2
400126
Apr 25 126}* Apr 24 126
511 54}* Apr 24 55 Apr 22 i 505*
100 96
Apr 28 96 Apr 28 95%
100 93
Apr 22 93 Apr 22 93
10 110 yi Apr 25 110}* Apr 25 110}*
200 107 }* Apr 25 1085* Apr 24 96
100 28
Apr 28 28 Apr 28 28
200 87
Apr 24 875* Apr 24 85
200 8
Apr 28! 9 Apr 28; 8
100 68
Apr 26 68 Apr 26 68
100 109J* Apr 26 109}* Apr 26 109
300 44
Apr 24 45 Apr 25 44
200 93}* Apr 25 935* Apr 26 93}*
260 13114 Apr 22 1.32 Apr 27 131
1,790 97}* Apr 25 100 Apr 28 70
200 58
Apr 24 58 Apr 24 58
50 205
Apr 24 205 Apr 24 205
100 72 5* Apr 27 72 5* Apr 27 68}*
1104}* Apr 28,104 %
100104H Apr 281
110 63
Apr 22 63
Apr 22 60
50 81
Apr 26 81
Apr 26 80}*
Apr 22 103}*
200105
Apr 22! 105
100 78
Apr 22 78
Apr 22 78
600 66}* Apr 22 675*
67} Apr 22 65}*
20 105
Apr 22 105
Apr 22 105
10129
Apr 26 129
Apr 26 129
150 76 M Apr 22 76}* Apr 22 72}*
299108}* Apr 27 108}* Apr 271108}*
200 33}* Apr 28 34}* Apr 27 33
20 55
Apr 24 55 Apr 24 50
100 25
Apr 28! 25 Apr 28' 25
200 705* Apr 28 70}* Apr 28 69}*
30 85
Apr 27 85
Apr 27 83
1 157
Apr 26 157
Apr 26 157
700 97}* Apr 24j 99
Apr 25! 93}*
100 93
Apr 26 93
Apr 26, 91}*
100 103 Apr 28 103
Apr 28 100
100 5
Apr 26 5
Apr 26 5
100 11
Apr 24 11
Apr 24 10
800 95
Apr 27! 96
Apr 27, 86
700 385* Apr 25 40
Apr 27 38}*
300 1}* Apr 25j 15* Apr 26
15*
100 1}* Apr 27! 1}* Apr 27,. 1
700 48
'
Apr
27 51
Apr 28 48
976125
Apr 24 126}* Apr 27! 1245*

P a r S h a res

Advance numely .
Preferred_____
American Express__ 100
Am Teles & C able.. 100
Am Writ Paper, pref.100
A&soclated Oil_____ 100
Batopllas Minins___ 20
Brooklyn Union Gas. 100
Brown Shoe________ 100
Preferred.......... ..100
Buff Roch & Plttsb.. 100
Preferred............... 100
Bush Terminal........ 100
Butter! c k ................... 100
Case (J I ) , pref____ 100
Chicago & Alton___ 100
Cluett,Peabody & ColOO
Preferred............... 100
Comput-Tab-Recor . 1 0 0
Deere & Co, pref___ 100
Detroit Edison____ 100
Detroit U nited____ 100
Elec Storage Battery .100
Insersoll-Hand........ 100
Int Harvester C orp .. 100
Preferred_______ loo
K C Ft S & M , pref. 100
Kayser (Julius) & Co. 100
I.acledo Gas............... 100
Mackay Companies. 100
Preferred............... 100
Michigan C entral... 100
Nashv Chatt & St L.100
Natl Cloak & Suit.. . 100
Preferred............... 100
N Y Chic & St Louis. 100
2d preferred.......... 100
N Y Dock, pref........ 100
Old Dominion........ ..2 5
Pabst Brewing, pref.ioo
Pitts Ft W & C hic.. 100
Pittsburgh Steel, pref 100
Sloss-Sheff S A I, pf.100.
Tobac Products, pref 100
Toledo St L & West. 100
Preferred ............... 100
Underwood T ’writer. 100
U S Realty & Im pt..l00
U S Iteduc & R efin .. 100
Preferred ............... 100
Virginia Iron, C & C.100
Weils, Fargo Express 100

R ange fo r W eek.
L o w e s t.

|

Jan.

1.

H ig h est.

s h a r e s p er sh are

Apr! 205*
Apr! 43
Mar 140}*
Jan 69}*
Jan! 21}*
Jan 77
Feb 35*
Apr 132
Jan 57
Jan[ 995*
Feb 94}*
Apr 114}*
Jan 121
Apr 31
Feb! 885*
Feb 10}*
Apr! 76
Mar 112
Jan; 525*
Apr! 98}*
Mar 141 }*
Jan! 100
Apr; 66
Apr390
Mar! 78
AprjlOS
Mar 68
Mar 85
Mar! 107}*
Apr; 91
Jan 68}*
Apr; 130
Apr|136
Mar 815*
Mar 113
Apr 45
Apr 66
Apr] 25
Apr 735*
Jan 85
Apr 158
Feb 100}*
Apr 101
Jan 109
Apr 6}*
Feb 11
Jan 96
Feb 49
Apr 3}*
Jan 4
Apr 62}*
Marll35

Apr
Apr
Jan
Apr
Mar
Jan
Jan
Jan
Mar
Jan
Mar
Apr
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Apr
Jan
Apr
Jan
Jan
Apr
Jan
Feb
Feb
Mar
Jan
Mar
Jan
Feb
Jan
Jan
Apr
Mar
Apr
Feb
Jan
Jan
Mar
Jan
Apr
Apr
Feb
Jan
Jan
Jan
Jan

O utside M arket.— After developing pronounced weakness
last Saturday the “ curb” market with M onday’s oponing
State and R ailroad B on d s.— Sales of State bonds at rebounded and the upward movement of prices continuing
tho Board are limited to $1,000 New York 4s, 1901, at 105 %• during the week almost equaled the recent heavy losses.
$1,000 Virginia fund, debt, 1991, at 8(3 and $18,000 Vir­ Trading was active and well diversified, with all depart­
ginia 0s, dof. trust receipts at 1 5 0 % to 1 5 1% .
ments sharing in the advance. Cuba Cano Sugar, com .,
The daily transactions in railway and other bonds havo dropped from 5 7 % to 55, advanced to 0 3 % and closed to-day
averaged smaller than for several weeks past, although in at 03. Tho pref. gained almost 5 points to 9 0 % and ends
this particular the market has been highly irregular. For the week at 90. Midvale Steel & Ord. after early loss of 2
instance, on Tuesday they amounted to over $4,300,000 par points to 57 moved up to 0 2 % and finished to-day at 0 1 % .
value, and on Wednesday less than $2,200,000. Not changes Tobacco Products com. declined at first from 3 9 % to 3 8 % ,
in quotations are within a relatively narrow range, and of a then rose to 43, closing to-day at 41. Submarine Boat and
list of 2(3 active issues 13 aro higher, while 9 havo declined. Lake Torpedo Boat have been active and strong, attributed
The Anglo-French and new Canadian bonds havo again to new orders anent the U . S. naval appropriation bill. The
been conspicuously active, and tho former on transactions former sold up 0 points to 39 and the latter over a point to
aggregating an enormous amount close fractionally higher 9 % . Submarine Boat ends the week at 38, while Lake
than last week. Inter. M er. M ar. coll. tr. 4 % s havo been Torpedo Boat reacted to 9. Driggs-Seabury Ordnance was
in such request, in sympathy with tho shares, as to advanco conspicuous for a loss of some 7 points to 134 with a final
the price (3 points. N . Y . Cent. deb. (5s havo been notably rocovery to 137. Standard Oil stocks were dull but sub­
active and closo 1 % points higher. A few other issues show stantially higher. The low-priced oil shares came in for an
similar results on relatively limited transactions, including active session and are all materially higher. Copper shares
Chile Copper 5s and Distilling Securities 5s. On tho other wero firm with good activity, while the silver issues were
hand, Westinghouso conv. 5s and Now York Rys. adj. 5s conspicuous for sharp advances, duo to a rise in the prico of
havo declined a point, U . P. 1st 4s, Rock Island ref. 4s aro tho metal. Bonds without special feature with prices firm.
down % point and 2 or 3 others aro fractionally lower. Sales
A complete detailed record of “ curb” transactions for the
s-20-f. aggregate only $79,(XX) par value.
week is givon on page 1017.




1608

New York Stock Exchange— Stock Record. Daily. Week y and Yeariy
OCCUPYING TWO PAGES.
Por record of sales d u r in g th e week of s to c k s u s u a lly in a c t iv e , see p r e c e d in g pane.
STOCKS
NEW YORK STOCK
EXCHANOE

H 1 Q H A N D L O W S A L E P R IC E S — PE R S H A R E , N O T P E R C E N T .

hursday E’idau Week
Saturday Monday Tuesday Wednesday T
April 22 April 24 April 25 April 26 April 27. April 23 Shares.
Railroads
Par
$ pershare $pershare S per share $ per share S per share S per share
17,905 Atch Topeka & Santa Fe.-lOO
103*3 r l ()2

PER S H A R E
R a n g e S in c e J a n . 1
O n b a .ill o f 100-s h a r e io t i

Lowest
$ per share

H ig h e s t

PER SH AR E
R a n g e f o r P r e v io u s

Year 1915
Lowest HiatusI

per share

5 p e r sh a re $ p e r s t a r s
$
100U Apr 22 10Si2 Jan 4
92 is Feb 111*4 Nov
96
Jan 102*8 Nov
Do
pref.......................X00
102
Feb
24
OSfy
Jan
10 1
10 1
10 1
10 0
100*2 10 0*2 1 0 1
Atlantic Coast Line R R ___100 106>2 Apr 19 115 Jan 3
98 Mar 116 Nov
107*8 108*2 108 108*2
*107 109 *106 108 *106 109 *106*2 109
96 Dec
Baltimore & Ohio________ 100 827s Apr 24 96 Jan
03*4 Feb
83*2 847s 82 7s 84
84*4 85
84*8 84*2 84*4 86
85*2 86*2
79*j Nov
Do pref...............
100 75'4 Feb 24 SO Jan 15
67 Feb
757s 7578
*75
70
76
75*2 75*8 *75
76*2 75*4 75*2 *75
83*4 Aug 93 Apr
Brooklyn Rapid Transit..100 83*2 Apr 22 83
.... Jan 17
84
84*4 84*8 84*2 *84*2 85
83*2 83*2 S4
84*4 84*2 84
194 Nov
100
Canadian
Pacific_________
.116212
Mar
1
183*1
Jan
3
138
July
165*3
168*4
162*2
164*4
165
167*2
108*2
164*2 166*2
163*2 165*8
166*4
Jan
Central of New Jersey____ 100 290 Jan 3 §300 Apr 27 5250 Sep 325
*265 320 *205 320 *265 320 *265 320 §300 300 *265 320
35*8 July 01*4 Nov
Chesapeake A Ohio............. 100 58 Apr 24 667sJan 5
59
*59*4 5978 58*2 59*8 59*4 01*4 61*i 62*3
58*4 59*8 58
I
Ml
Apr
24
10*4
Jan
17*2
Nov
Chicago
Great
Western___100
15*8
Jan
3
1,0
0
0
12*4
113
4
11*
4
1 l*i 1 2
* 11* 4 12*2
12 *2 12*2
12 *2
♦11 * 2 12
41*2 Nov
25*2 May
35
35*2 2,900 Do pref______________100 33 Apr 24 39*4 Jan 4
33*4 33*4 33*i *33*2 34*2 34*8 35
33*2 33*2 33
77*4 July 101*8 Deo
94*2 16,050 Chicago Mllw A. St Paul.. 100 91 Apr 22 102i2Jan 3
91
92*4 91*4 92*2 92*2 93*2 91*2 92*4 92*8 91*3 94
135
Deo
127)2
Mar30
1207
8
Sep
ISO's
Jan
5
Do
pref______________100
800
129 129
12S78 12S78 12S78 129
128*8 128*8 128*3 128*8 129 129
118*2 July 13518 Nov
1 ,2 0 0 Chicago & Northwestern.. 100 12478 Mar30 1347s Jan 3
125 125
125 125
125 125
1257s 126*8 *126*2 127
125 125
Do pref...................
100 5165 Apr 13 175 Jan 11 163 July 5180 Nov
*165 175 *165 175 *165 175 *160 175 *160 175 *165 170
15i2 Apr 22 20\s Feb 7
38*8 Apr
10*2 July
16*i 17*4 17*2 1778 12 ,2 0 0 Chicago Rock Isl A Pac___100 120
16*4 16*2 15*4 16
15*2 I 6 7s 16*s 1 0 78
Jan 19 120 Jan 19 §114 Apr 123 Nov
Chic St Paul Minn A O m .. 100
*115 125 *115 125 *115 125 *115 125 *115 125 *115 125
Sep 135 Deo
Do pref______________100 131*4 Apr 12 136 Jan 27 124
*133
*133
*132
*133
Oct
Jan 52
200 Clev Cln Chic A St Louis..100 38 Apr 27 477sJan 11 521
40
38
40
*33*4 38
*33*4 38
38*2 *36
*38
40 *__
Oct
53*8 Feb 77
100 70 Feb 2 7678 Marl4
100 Do pref...............
77
77 *
77 *___
77 *__
77 *___
70*4 70*4 *
244i
Apr
24
24
Mar
38*2
Nov
Colorado
A
Southern_____
100
32*2Jan
8
600
25
25
*24*2 25
25
25
25*2
*24*4 25*2 24*4 24*4 25
45
Jan 60 Nov
1st pref................... 100 46 Apr 1 55 Jan 13
500 Do
49
49
49*49
*46
50
*46
50
49
49
*40
50
35
Sep 52 Nov
Do 2d pref................... 100 40 Mar 13 48 Jan 11
*41
*41
*41
50
50
*41
*41
50
*41
50
50
50
14918 Apr 20 154t4 Jan 19 138*2 Aug 154*8 Nov
200 Delaware A Hudson___ 100
150 150 *149 151 *149*2 151*2 149*4 149*4 *149*2 151*2 *149*2 151*2
100 Delaware Lack A W estern..50 210 Apr 20 225 Jan 6 199% Jan 238 Nov
222 222 *217 225 *217 225 *221 225 *221 225
222 222
16*2 Nov
S78 Mar30
4 Jan
14 Jan
400 Denver A Rio Grande____ 100
12
12
*9
*9
n*8 12
11
11
*8*2 10
*9
*8
6*2 Jan 29*8 Nov
21*1 22*2 1,600 Do prof______________100 15 Mar 8 24 Jan
21
21
*17
21
19*2 21
*19
21
*20
22
45*8 Nov
1978 Feb
100 32 Apr 22 4338 Jan
357s 36*8 72,750 Erie.......................
32
3378 32*9 33*4 33*4 34*| 33*s 33*i 33*8 36
48 Apr 22 59<8 Jan
5912 Nov
32*4 Feb
48*2 49*2 4912 50*4 49
48
49
49*2 49*4 52*| 51*4 52*4 12,400 Do l3t pref................... 100 41
Apr 22 541* Jan
54*4 Deo
27 Feb
*41
42
43
41
*41*2 42*2 *41
44*2 1,000 Do 2d p r e f................. 100
41
43
43*2 41
US's
Apr
22
112*4
Jan
128*8
Nov
Great
Northern
pref______
100
127l2
Jan
8,360
119*i
119
119
120*4
119*2
120*4
119*4
118*8 119
119*4
119*4
118*2
54
Oct
36*4
Apr
22
25*4
Jan
Iron
Ore
properties________
50*4
Jan
3S
39
39*8 40
38*8 39*8 39*1 40*8 40*2 40*.; 17,750
30*4 40
99 July 113 Apr
100 100
101 101
101*8 101*2 1,400 Illinois Central................... 100 9934 Apr 17 100i2 Jan
100 100
9978 100
997s 100
1534
Feb
15
25*2
Nov
Interboro
Cons
Corp,
vtc___
187
8
July
2H8
Jan
4,900
16
16*4
16*4
10
16*2
17*4
16
16*4
16*4 16*4 16*4
16*8
70 July 82 Nov
100 71 Feb 15 77i2 Jan
7119 72*4 72*2 7212 72*2 72*8 73
72
72
73*2 73*8 74*2 2,900 Do pref.................
35*8 Nov
20*8 Feb
24*2 21*2 25^4 23*8 23*8 4,700 Kansas City Southern____ 100 23ls Apr 28 3214 Jan
24
24*4 23*9 2378 237s 24*2 *24
58*4
Apr
20
5478 Feb 65*2 Nov
Do
pref______________100
647g
Jan
625
*58
59
59
59
59
597
8
59
59*2
69*8
*58*2
58*2 58*2
16*8 Deo
5 Jan
100 Lake Erie A Western_____ 100 II Apr 25
10*2 Jan
*10
11
*10
13
13
11
*9
*9
13
13
*9
13
4U2 Deo
19 May
Do rref_____________ 100 32 Apr 20 41 Jan
*27
*25
39
*27
36
36
*25
35
*25
36
*25
35
83*4
Nov
74>*
Jan
31
OtSg
Feb
Lehigh
Valley____________
50
83
Jan
6,500
76
78
79
75*4
76
76*4 78*2
75
70*1
75*4 75
75*2
15 Jan 27*3 Oct
50 20 Jan 31
28 Apr 28
5,300 Long Island.................
*22
24
24
25
22
22
22
22
25*4 28
*22
24
300 Louisville A Nashville____ 100 121's Mar 1 130*8 Jan 13 101*2 July 130*2 Nov
124*3 125
12212 122*2 *123 126 *123 127 *124 126 *124 127
400 Manhattan Elevated_____ 100 128 Apr 23 131*8 Jan 28 125 June 132 Deo
128 128*4
129 129
129 129 *128 130 *128 130
*128 130
4 Mar 1 15*8 Jan 4
Set)
19*8 Feb
900 Minneapolis A St Louis___100
7
7
7
6*8 678 *6*i
7
7
7
6*4
*5*2 7
Sep 49 Feb
*17
331* Jan 6
150 Do pref______________ 100 15 Marl7
19
*15
19
19
19*9 *15
§18*2 18*2
*15
1912 *16
116*
1 Apr 24 125 Jan 3
Jan 126*2 Nov
Minn
St
Paul
A
S
S
M
____
100
2,300
110*8 117*4 117*2 118's
116*4 116*4 *116 117 *115 117
*11412 117
Do pref______________ 100 135 Jan 13 137 Jan 15 123 June 136 Deo
*
139 *130 135 *130 135 *130 135 *130 135 *130 135
15U Apr
3U Apr 25
4 Sop
7*4 Jan 13
3,200 Missouri Kansas A Texas. 100
3*2 4*.,
3*4 4
3*4 3*2
3*2 3*2
3*2 3*2
3*8 3*8
10*8 Sep 40 Apr
Do pref______________ 100 10 Apr 3 10i2Jan 4
200
*10
13
12
12
13*8
*10
14
10*4 10*4 *10
*10*4 14
3*2 Apr 22
18*4 Apr
1*4 July
6*3 Jan 17
4*3 4*4
4
4
4*4 4*2 3,000 Missouri Pacific_______100
3*2 3*2
3*8 3*8 *3*2 4
3*2 Apr 22
7*2 Nov
3 Dee
6>2Jan 15
4
4
4
4*2
4*8 4;)8 3,400 Trust co certlfs of deposit..
3*2 319
3*4 3*4
3*4 4
14*2 Aug 28*2 Oct
Nat Rys of Mex, 1st prof.. 100 23>2Jan 21 24 Feb 18
23 *___
23 *
23*s
23 *__
23 *___
23*8 *__
6i2 Mar28
9*4 Oct
Do
2d
pref..............
100
4*4
July
9*4
Jan
12
*5*8
*5lo
7*2
*5l2
7*2
7*2
*5*2
*5*8
7*2
*5*2
7*2
7*2
1 Apr 22 111* 2 Jan 19
81*2 Mar 110*2 Deo
100*4 101*4 101*2 102*4 101*4 10I7s 101*1 104*4 103*2 104*8 36,070 N Y Central A Hud River. 100 100'
100*4 101
57 Apr 26 7778 Jan 10
Oct
43 Feb 89
597s 21,220 N Y N II A Hartford.... 100
57*4 61*8 57
60
58*2 5778 5978 59
60*2 60*8 01
21*4 Jan 35 Apr
20's
Apr
26
31
Jan
3
N
Y
Ontario
A
Western___100
4,900
28
26*9
26*2 26*4 26*2 26*8 26*2 26*2 28*8 *27*4
26*2 26*i
99*2 Jan 12258 Deo
45,015 Norfolk A Western_______ 100 114 Mar 1 12438 M aris
11912 12073 120*2 124*8 123*2 124*8 123*2 124
119*4 120*8 119 120
80*2 Sep 90 June
10 Do adjustment pref.. 100 84 lg Feb 25 89 Mar31
90
90
*85*2 90
87*2 586*8 86*s *86
*86
*86*2 90
*86
99's Feb 118*8 Deo
110*8 112*1 111*4 112*4 12,600 Northern Pacific_________ 100 10934 Apr 24 U 878 Jan 4
109*i 110*2 110*4 110*4 110*2 111
1097s 110
56*4 57*8 40,281 Pennsylvania_____________ 50 55*8 Feb 4 59*4 Jan 4 5 1% Feb 61l2 Nov
56
56*2 56*8 56*2 56*4 56*4 56*2 57
56*8 56
86 Nov
78
Feb
17
Pitts
Cln
Chic
A
St
Louls.-lOO
82i2Jan
13
65
May
500
80
82
80
SO
79*4
*78
78
78
78
78
*77
80*2
90 June 9.8*2 June
198 Do pref______________ 100 88 Jan 26 98*4 Jan 13
*92
95
92
92
92
*88
95
92
*88
*88
•88
85*8 Nov
69*8 May
825s 84*s z82*4 83*8 82*2 8312 81*4 82*4 82*8 8612 86*8 88*4 154,550 Reading__________________50 75's Jan 31 89*8 Mar 15
40*8 Sep 45 June
1st preferred___________ 50 4178 Feb 19 46 Feb 29
320
42
42
*41*2 44
*41*4 44*4 *41*4 43
§42
42
43
43
40 Feb 44 Apr
4 D4 Fob 21 48 Feb 29
400 2d preferred....................5 0
*45
46*2
45
45
45
*43*2 46
*43
46
43*2 46
45
8 Nov
1>4 Apr 13
1*4 Mar
6 Jan 7
St Louis A San Francisco... 100
*1*2 ___
*1*2
*1*2 ___
*1*2
*1*2 2*9 *1*9
2*2 Apr 14 10 Jan 7
14*2 Nov
7 Aug
100 Do 1st preferred_____ 100
*3*8 ___
*3*2
3*8 3*8 *3*2
*3*8 37s *3*2
2 Apr 14
10*4 Nov
3 Jan
Do 2d preferred______ 100
8 Jan 7
*2*2
*2*2 ___
*2*2 ___
*2*2
*2*8 3*9 *21*
St Louis Southwestern____100 16l2Apr 6 19 Jan 17
11 Sep 23 Nov
17*2
1719 *16
17*2 *16
*16
17*2 *16*4 17*2 *16
17*2 *16
♦
Do pref______________ 100 41 Apr 12 45 Jan 14
29 Sep 45*2 Deo
43
43 *
43
43 *
43 *
43 *
20*4 Nov
1878 Jan 13
11*8 July
*14
15
*14
15
*14
1478 14*8 15*2 15*2 15*2 2,500 Seaboard Air Line________ 100 14 Apr 22
14
14
43*4 Nov
100 34*s Apr 24 42 Jan 13
30*4 July
730 Do pref................
36
*34*2 35*2 *34*2 35*2 35U 36*4 36
434
34
34*8 35
81*4 Feb 104*8 Deo
9534 95
94*4 95*8 95
95*2 94*4 95Vi 95*4 97*2 97*s 977s 41,525 Southern Pacific Co______ 100 94l.( Apr 22 104ig Jan 4
26
Nov
12*2 July
19
19*4 19*2 19
19
19*2 19*4 2 liJ8 207s 21*4 13,900 Southern Railway________ 100 18 Apr 24 24ig Jan 4
19*4 IS
42 July 65 Nov
6012 2,820 Do pref______ _______ 100 56 Apr 24 65 Jan 13
57
57
58*8 60*2 60
*57
57*4
58*4 56
6*2
Feb
14
177
8
Apr
107
s
Apr
27
8*2
July
Texas
A
Pacific.............
100
12,500
10
10*4
9
9
9
9
9
9
9*3 ID'S
8*2 8*4
35
Jan 64*2 Oct
1,900 Third Avenue (New York). 100 59*2Jan 31 63 Mar21
62
61*4 62
61
62
60*2 61*8 *60
*59*2 60
59*2 60
94
Mar24
100
Apr
96i2
Jan
11
90
July
120
Twin
City
Rapid
Transit..100
*95
*95
96*2
96*2
*95*2 96*2 9512 95*2 *95
96*2 *95
96*2
100 12934 Apr 22 140'4 Jan 4 115*4 Jan 141*2 Nov
133*2 134*8 84,800 Dnlon Pacific.................
129*4 130*8 12978 130*4 130 1307s 129*4 130*4 13078 134
787 Do pref______________ 100 *81 >2 Mar 1 84 Jan 28 x79 Mar 84*8 Nov
82*4 82*4 *82*2 82*4 82*8 82*| 82*4 82*i
483
83
82*4 83
8
Jan 27*2 Oot
2,200
United
Railways
Invest...
100 10i2 Apr 27 21*4 Jan 4
*10
13
I3*i
12*8
10*2
12*2 13*8
12*2 13*8 *12*2 13*2 13*4
21*4 Mar 47*4 Oct
26*2 26*2 25*2 26*4 23*8 21*2 24*4 24*4 2,600 Do pref______________ 100 2358 Apr 27 39*4 Jan 3
27*8 27*9 26*8 27
17*2 Nov
17 Jan 3
12*8 Oct
14
14*4 13*8 14
13*4 14
13*2 14*8 14*2 147s 4,300 W abash.......... ....................100 133s Mar 7
13*8 14
4378 Oct 49*4 Nov
Do pref A....................... 100 41>2 Mar 1 487s Jan 5
43
43*4 42*4 43*8 4312 43*i 42*1 43*8 43*2 447s 44*8 45*8 9,550
25*2 Oct 32i2 Nov
Do pref B d o ........ .......... 100 25 Apr 22 32i2Jan 15
27
27*4 8,080
25
25*8 25*2 25*4 25*8 25*2 25*8 27
25*4 25
0*4 Jan 35*2 Oot
9,100 Western Maryland_______ 100 24*2 Feb 28 34>* Mar27
32
29*2 29*8 29*2 30*8 31*4 31
29*2 29*2 28*2 29*4 29
25
Jan 505a Oct
100 Do pref______________ 100 40 Mar 7 49 Mar27
*45
*44
48
43
♦43
49
47*4 471.1
*42
48
*42
48
2*8 Jan 20
6*4 Nov
4<2Apr 10
300 Wheeling A Lake Erie____ 100
*2 July
*3
4
*3*2 4i2
3
3
3*2 *3
*3*2 4
3*4 4
IOI4
Apr
27
19*4 Nov
15
Jan
8
2
Aug
500
13
Do
1st
preferred______100
12
13
10*i
*10
13
12
*10
*10
12
♦10
12
3 '4Jan 18
8*8 Nov
100 Do 2d preferred_______100
*8 Aug
5 Apr 10
4*g 4*8 *3*4
5
*3*2 4*2 *3lo
4*2
*3*2 4*2 *3*9 412
28 July 45 Nov
500 Wisconsin Central............. 100 33 Apr 19 38 Jan 15
*32
35
♦32
35*i 36
36
*32
36
*31
36
*30
36
Industrial A Miscellaneous
40*2 Apr
21*4 Dec
19
19*8 18*4 19*4 19*4 19*4 19*2 19*4 19*| 21*8 207s 21*4 17,000 Alaska Gold Mines............... 10 1713 Mar 6 26*2Jan 7
9*4 Dec
13i2 Nov
834 Mar 3
10*4 Jan 7
3,500 Alaska Juneau Gold Mining.
9
9
9
9*2
9
9
9
87s 9
878 9
9*8
7*4
Jan
23*2
Apr
22
49*2
Oct
337
8
Mar
14
11.800
Allls-Chalmers
Mfg
v
t
0..100
26*4
2312 25*2 24
2512 25*2 20*8 25*s 26*4 257s 26*8 26
33 Feb 857s Deo
75*4 5,400 Do preferred v t o____ 100 72*2 Apr 22 83 Jan 3
74
74
73*2 74*i 75
721» 73
72*2 74
74*2 74
7214
Jan
3
63
Apr
22
Jan
74*2
Nov
48
1,300
Amer
Agricultural
C
hem
..l00
*64
67*4
64
04
651
2
66*2
64
60*2
65
63
65*2
63
90 Mar 10 Us Nov
300 Do pref______________ 100 90 Mar23 99*2 Jan 5
97
99
97*8 *97*8 98*8
*97*2 99
97*4 97*4 *97
*97*4 98
33*4 Jan 727g Deo
10,450 American Beet Sugar_____ 100 61*4 Feb l 74 Mar 17
69
68
68*4
63
67*4 68
66*2 64*2 66*2 66*4 68*2 67
93
Apr
24
83 Feb 95 Nov
961*
Fob
8
400
94*8
Do
pref______________
100
93
93
93
94*2 941? *93*2 94*2 *93*2 94*2 94*8
*90
87*4 Feb 109*4 Aug
4
100 *___ 100
Amer Brake Sh A F ctfa d op .. 100 Apr 11 103*2 Jan 28
100 *
100 *
103 *
103*2 *
*
Do pref ctfs deposit____ 165 Feb 24 195*4 Jan 3 132i2 Mar 219*4 Oct
187 *150 187 *150 187 *150 187 *io6 187 *150 187
25 Feb 68i2 Oct
57°8 41,300 American Can___________ 100 52l2 Apr 22 65*8 MarlO
55*4 56*8 55*4 57*8 56
52*2 55^4 53
55*2 55*2 58
91*2 Jan 113i2 N ov
Do pref................
100 109 Apr 22 11378 Jan 26
110 110 *110 111*2 111 111 *110 111*2 *110 111*2 6,500
109 110
Apr
22
55
78
Jan
3
40 Feb 98 Oct
31,700
American
Car
A
Foundry.
100
59*2
60*4
57
59*4
57
55
587
g
587
8
60*8
60*4 57*i 58*4
200 Do pref______________ 100 116 Mar20 119*2 Mar 11 111* 2 May 118 Aug
116*2 117 *116 117*? *116 117*2 *116 117*2 *116 116*4
*116 117
82
Jan 170*2 July
5,250 American Coal Products..100 140 Apr 24 1757g Jan 19
141*8 145*8 140 142*2 148 1487s 140*2 146*2 148 151*8 151*8 155
300 Do pref______________ 100 115 Jan 20 117 Apr 6 5105 Jan 120 Sep
115 115 *115 116
*115 116
115 115 *113*4 115 * 11378 115
Oot
2,300 American Cotton Oil_____ 100 50l2 Apr 22 57*2 Jan 17
39 Jan 64
54
5312 53
53
50*2 51
50*4 5112 52*4 53*2 53
200 Do pref______________ 100 98 Jan 6 102 Mar 15
91 June 102*4 Nov
*101 103
101 101 *101*4 103 *101 103 *101 103 *101 103
9*8
Mar
1
14U
Oot
12
Jan
3
1,200
American
Hide
A
Leather.100
4*8
Feb
97
s
97
8
9*2
9*2
97
s
9*8
9*2
9*8 9*2
9*4
9*8 9*8
19*4 Jan 59*2 Oct
4,600
Do prof______________ 10O 45 Mar 1 57 Jan 18
52*3 51
51
51
51
50
51
49
49
50
49*4 50
20*8 Jan 35 Apr
26*2 26*2 26*2 26*2 27*2 2712 27*8 27*8 27*2 27*2 27*8 27*8 2,100 American Ice Securities___100 25 Jan 20 31*2 Feb 19
7*4 Jan 31*8 Oct
237s 24*8 22,600 American Linseed________ 100 20 Mar 1 25*8 Jan 26
22
23
24*3 23*8 24
23*4 2434 23
23*4
24 Jan 50*2 OCt
3S<4 Mar 1 53*4 Apr 2a
Do pref........................100
4773 49*2 48
49
49*4 53*4 50
51*4 50*i 51*2 50*2 52*8 15,900
19 Mar 74*4 Oct
71,500 American Locomotive____100 60*4 Jan 11 83*4 M a rl!
63*4 67*4 64*4 6678 0078 6878 66*4 67*2 67*4 69*4 09*2 •71
75 Mar 105 Nov
99*i Mar 2 104*4 Apr 3
600 Do
pref................ ....... 100
100 100 *100 100*2 *100*2 101*4 101*4 102 *101 102
100 100
378 Apr
10 Apr 7
13*8 Oct
200 American Malt Corp_____ 100
9
7*2 Apr 22
9
7*2 7*2 *7
9
*7*2 8*2
7*2 7*2
21*2 May
37*2 Deo
700 Do pref.............. ......... 100 z31*gjan 14 36*2 Mar 9
34
34
*32
34
*33
35
33
34
33
33
33*2 * 3 3
78 Jan 88*8 May
Amer Smelters Sec pref B.100 85 Apr 20 87*i Jan 25
*85
87
*85
87
*Sl*2 86
*84
*85
86
86
*85
87
92 Jan 3 94*8 Apr 11
80
Oct 92 Deo
200 Do pref Ser A stamped.
94
94
*93
*93
94
94
*93
94*4 93*2 93*2 *93
*93
56
Jan 10878 Deo
92*i 94*8 94*8 97*2 77,100 Amer Smelting A Refining. 100 88l2 Apr 22 113*8 Jan 4
94
92*s 9412 92
88*2 94
89*s 92
400
Do pref____ ________ 100 1091.1 Apr 22 l l lJg Feb 3 100 Jan 113 Nov
109*4 109*4 110*9 110*4 112 112 *110 112 *110*2 112*2 *110*2 112*2
100 American Snuff........ .......... 100 130 Mar23 14878 Jan 10 144 Jan 105 Apr
136 136 *133 143 *130 140 *130 140 *133 143 *136 143
Do pref........................100 106l2 Mar22 110 Jan 27 103 Jan 110*8 Nov
*103*2 110 *103 110 *103*2 110 *103 110 *103*2 n o *103*2 n o
24*8 Mar 74*2 Oct
47
47
47*2 6,200 Amer Steel Foundry........... 100 44 Apr 24 6 U4 Jan 4
46
46
40
47
46*2 47
44*8 46*2 44
99*2 Feb 11978 N ov
105*2 107*2 106 107 *■> *100*2 108
106*4 107*8 107 107*4 10878 108/8 3,000 American Sugar R efining..100 105*2 Apr 22 116*2 Jan 8
200 Do pref.................. ..... 100 115*4 Mar.30 118*4 Jan 4 109 Feb 119*2 Nov
115*2 115*2 115*8 11578 *115 116 *115 116 *115 116 *115 116
5,080 Amer Telephone A Teleg.. 100 1213*4 Feb 1 131 Mar27 116 Jan 130*4 Nov
127 127
127 128
127*4 1277s 127*2 127*1 12778 128*3 127*8 128
1,525 American T obacco............. 100 188 Feb 16 209*t Feb 3 195*2 Dec 252*2 Apr
195 197
191 19278 *191 195 *192 196 *192 195
193 193
400
106 106
Do pref (now)............100 105i t Apr 24 108*2 Feb 8 103*4 Jan 111 Nov
108*4 100*4
♦105 105*4 105>4 105*i *105 106*4 *105*4 106
46 Nov
56 Oct
42 Jan 11 55*4 M arl4
46i2 45
46
45*4 44
47
43
46*8 45*2 16*4 10,100 Am Woolen certlfs of deposit
43*4 44
95 Dec 98*4 Nov
92 Jan 10 102 MarlO
1,100
Do
pref certlfs of deposit
97*2 97*4 97*8 98*2 *97*2 9912 98*4 98*2 98*4 98*4
♦96*4 98
67*t Dec 71*2 Deo
9773 Apr 10
91*2 92*8 52,800 Amer Zinc Lead A S ______ 25 65*4 Jan 31
89
89*4 92*8 89*4 91*2 89*2 92
86*4 89*4 S7
81*2 78*i 81*8 S l'i 83*4 81
84*8 84*2 86*2 137,850 Anaconda Copper________ 50 77 Apr 22 92*8 Feb 14 c24*.i Feb 91*8 Nov
77
3278 82
26*8 Mar 154*2 Oot
89 228,600 Baldwin Locomotive......... 100 833t Apr 26 118*8 Jan 3
85*4 88's 88
84
89*2 85*4 88*2 86*2 90*4 83*4 87
Sep
92 Mar 114
Do
pref_____________ 100 107i2Jan 3 109*2 Fob 23
..........
*108 110*2 *10778 110*2 *108 109*4 *10778 11012 *1077s n o *1077s 109
Par S25 per share,
First Installment
* Bid and asked prices: no sales on this day. t Ex-rlghts. § Less than 100 shares, a Ex-dlv. and rights, ft New stock,
paid, x Ex-dlvldend. s Full-paid.
100*4 101*1 10 0 *2 10 2

10 2
102*8
100*4 1 0 1

102*4 10 2 *2

10 2 *2
10 1
10 1

k

102*8
10 1

2,300
500
2 1,385
1,190
1,800
6,900
25
13,000

m

*52

22U
*7

*7U




c

e

New York Stock Record— Concluded— Page 2

1609

For record of sales during the week of stocks usually inactive, see second page preceding.
a iQ B

AND

S a tu r d a y
A p r il 22

LOW

S A L B P R IC E S — P E R

M onday
A p r i l 24

T u esda y
A p r i l 25

SHARE. N OT

W ed n esd a y
A p r i l 26

PER

T h u rsd a y
A p r i l 27.

CENT.
F r id a y
A p r i l 28.

S a le s fo r
th e
W eek
S h a r es.

STOCKS
NEW YORK STOCK
EXCHANGE

PER SH ARE.
R a n g e Sin ce J a n .

1
<ts

L ow est

H ig h e s t

PER S H A R E .
R a n g e Sor P r e v i o u s
Y e a r 1915
L ow est

H ig h e s t

IndustrialDcMisc.(Con). Par $ p e r sh a re
$ p e r s h a r e $ p e r s h a r e S p e r sh a r e S p e r sh a r e $ p e r sh a r e $ p e r sh a r e
e
$ p er sh a n ) S p er sh are
3 155 Bethlehem Steel________ 100 415 Jan 11 550
429% 439 *420 437% 435 449
420 430
450 462
420 429
rl4
46% Jan 600
Oct
135 135 *132 140 *135 149%
132 132 *132 135
*130 130
’200 Do Pref....................... 100 130 Jan 24 145 Jan 6 91 Jan 184 Oct
78
*___
84
77 *------ 82
100 Burns Brothers_________ 100 78 Apr 25 87 Jan 3 79% De c 94% Oct
78
*------ 80 *___
94
*91%
92%
91%
90%
32.700
Butte
*
Superior
Copper__
10
87
90%
71 Jan 3
93% 92% 93%
86I2 80
: 9
56% Aug 79% June
21
21% 2 1 % 2 1 % 21
20% 2 1 % 21% 21% 5 ooo California Petroleum, vto-100 20% Apr 27 42% Jan 3
21
21% 21
8 Jul;y 38% Deo
48
47% *45
*45% 48
45
*46% 47% 2^500 Do pref....................... 100 45 Apr 22 80% Jan 3
45% 45% 40% 46
30 Jul;y
81 Deo
52%
52%
53%
51%
52% 54
49
52% 53% 20 700 Central Leather............ ..100 49 Apr 22
50% 49% 51
•20
32% Felb 61% Nov
110 110
110% 110% 110 110
110 110
900 Do prel...................... 100 108% Jan 3
* 110 1 1 1
110% 110%
•J 100% Jaiq 110% Nov
4 700 Chandler Motor Car____ 100 88% Apr 24
89% 89% 90
88% 90% 89% 90% 89
00
90
92
88
21% 21% 2 1 % 2 1 % 21% 22% 9 990 Chile Copper...................... 25
20% 20% 20% 2 1
20% 21
20% Apr 24 25% Jan 5
23% De c 26% Nov
52
53
52% 53% 52% 53
51
52
52% 53% 5334 54% 17.600 Chino Copper...................... 5
51 Apr 22 60
19
32% Jai3 57% Nov
4134 42% 21 300 Colorado Fuel <fe Iron____ 100
38% 40% 38% 41% 41% 42% 40% 42% 40% 42
38% Apr 22 53 Jan 4
21% Jai3 68% Sep
133 133 *132% 133% 133% 134% 134% 134% 4*200 Consolidated Gas (N YJ..100 130% Mar 1 144%Jan 8 113% Jai1 150% Oct
130% 132% 131 132
81
83
82% 83% 82% 83
81% 82
5 300 Continental C a n ............. 100 75% Jan 31 88
83% 85
85
86
■10
40% JaiJ 127 Oct
*107 109% *107 109% *108 109% *107 109% ♦108 109% *108 109%
’
Do prel.................... ..100 106 Feb 1
■17
88% Jai1 109% Deo
17% 18% 17% 18% 18% 19% 19
19% 18% 19% 19% 20% 32 400 Corn Products Refining__ 100
17% Apr 22
25
8
Jai1 21% Oct
91% 92
91
91% 92
93% 93% 93% 93
94% 2^300 Do pref.......................100 91 Apr 24
93% 94
14
65
Jai) 96% Deo
82% 70% 79% 78% 83% 78% 81% 79% 82% 81
75
82% 240 000 Crucible Steel of America. 100 52*4 Jan 12
■16
18% Maj! 109% Sep
1 1 2 113% 112% 114
115% 115% *113 115% 114% 114% *114 116
*700 Do pref------------------- 100 108% Jan 11 119
16
84 Maj7 112% Sep
*205 212
210 212 *210 230
220 220
225 235
238 238% 1 300 Cuban-Amerlcan Sugar... 100 152 Jan
245
■28
38 Jai1 177 Deo
*102 107
102 100 *102 105
*700 Do pref................... ..100 104% Feb
105 105
105 105 *105 109
109% Feb 4
93 Mair 110
Sep
42% 44% 42
44% 44% 49% 48% 50% 48% 49% 49% 50 113.100 Distillers' Securities Corp.100 41% Jan 31 50% Feb 5
5% Mair 501* Oct
24% 24% 24% 25
2100 Dome Mines, Ltd________ 10 23 Feb 23 29% Feb 8 116 Jum3 30% Deo
24% 25
*24% 25
25
25
25
25
*12
*200 Federal Mining & Smelt__ 100
20
*12% 20
14% Apr 19 35 Jan 7
*15
20
15% 15% *15
20
*16
20
8 Mair 60 June
»_ _
42
220 Do pref.............. .........100 35% Apr 24 57% Jan 7
35% 37% *32% 39% *30% 40
*32% 40
§40
40
20 Mair 65 June
300 General Chemical------------100 §265 Jan
*321* 335 *315 325 §321 325 §320 320 §325 325 §330 340
350 Mar 18 165
Jai1 360
Oct
121 Do pref................... -.100 §113 Jan
114 114
*114 115% 115 115
113 110
113 110 *114 110
116 Jan 27 106 Mair §116% Nov
5,800 General Electric________ 100 159 Apr 22 178% Jan 17 138 Mair 185% Oct
162% 103
163 164
159 102
100% 102% 101% 102% 161 162
200 General Motors vot tr ctfs.100 405 Apr 24 495 Jan 3
410 410
405 405 *375 440 *380 446 *375 446 *400 446
82 Jar1 558 Deo
1 1 2 1 1 2 % 111% 112% 112% 112% * 112 1 1 2 % 112 113 ■113% 114% 2,100 Do pref vot tr ctfs__ 100 110% Feb
116% Jan 3
90% Jar1 136 Deo
75% 75
76% 76
77% 33.600 Goodrich Co (B F)............ 100 67% Jan 31
72% 74% 73% 75% 75% 70% 75
80 Apr 10
24% Jar1 80% Oct
114% 114% 114% 115% *114% 115% 114% 114% 114% 114% 114 114
800 Do pref.................... ..100 110 Jan 24 116% Mar 16
95
Jar1 114% Oct
84
84
*83
86
84
84
87% 87%
84
84
875 Granby Cons M S & P...100 84 Apr 22 99 Feb 10
84
84
79% Api: 91 June
41% 40% 40% 47% 47% 48% 48% 51% 49% 51% 16,000 Greene Cananea Copper.. 100 41% Apr 22 53% Mar 9
41% 45
37
Ocl
52% Deo
_____ Guggenheim Exploration___ 25 20% Mar29 24% Jan 3| x 2 2 De<:t 83
Deo
44% 44% 46
42% 44
45% 46
42% 43% 43% 4484 44
40,900 Inspiration Cons Copper__ 20 42% Apr 22 49% Mar 16
16% Jar1 47% Oct
15
10
15% 10
16
16% *15
*15
19
17
*15
18
1,325 Internal Agrlcul Corp___ 100 15 Apr 25 29% Jan 5
5%
Mai■
29%
Nov
52
51% 52
50% 51% *50
50% 50% 50
53
51% 51% 1,400 Do pref.......................100 50 Apr 20 74 Jan 5
8 Mai• 71% Dec
1 10 1 1 0 % 110% 110% 111 111 *110% 111% 111% 114% 113 113
3,500 Intern Harvester of N J .. . 100 108% Jan
114% Apr 27,
90 May• 114 June
115% 119 *115% 118% *115% 118% *115% 119
*115% 119 5 118 118
10
Do
pref........................100
114
Feb
29
119%
Jan
4
110
July• 120 Nov
20% 21% 2 1 % 23% 23% 25% 22% 24% 22% 23% 22% 24% 201,300 Int Merc Marine ctfs of dep.
13% Feb 15
25
18 Deci 20% Deo
74
75% 74% 80% 80% 84% 80% 82% 81
82% 80% 85 363,700 Do pref ctfs of dep______
01% Mar 1
17
55% Nov
77% Deo
47% 48% 47% 48% 47
45% 47% 40% 48
48% 48% 49% 29,890 Intern Nickel (The) v t o .. 25 42 Mar
17, 179% Dec■ 223% Oct
10 % 10 % 10% 10 % 10 % 10 % *10
11
*10
11
10
11
400 International Paper.......... 100
9% Mar 1
20;
8
Jan
12% Deo
47
46
40% *45
45% 45% 45% 47
45
47
46% 46%
1.000 Do pref........................100 42% Feb
50% Jan 3
33 Febi 50% Deo
85
83% 85
82% 84% *80
85
84% 84% 84% 87% 3,900 Jewel Tea, Inc................... 100 67 Mar
81
.....................
96 Apr 4
108 108 *108 110 *108 110
108 108 *108 109
*108 110
200
Do
pref.......................
100
106 Mar 13 113 Apr 4 .................
71% 68% 71
70% 70% 71
08% 70% 08% 09% 70
72% 6.700 Kelly-Sprlngfleld Tiro........25 68% Apr 22
2 0 ................
*95% 97% *96% 97%
97
“
*95% 97% 95% 95% 97
*96% 97%
600 Do pref....................... 100 95% Apr 24
14 ..................
55
52% 54% 53% 54% 54% 55% 54% 56
56% 56% 57 155,125 Kennecott Copper
62 Mar 1 69 Apr 3 ..................
67%
69%
08%
70%
08%
09% 6934 71
05
09% 05% 08
17.800
Lackawanna
Steel..............100
65
Apr
22
86
Jan
6
28
Jan 94% Sep
513,
50% 51% 51
52
50
51
50
49
48% 49
53
30.600 Lee Rubber A Tire
_
48% Mar 1 64
13 ..................
230 245 *230 245 *235 245 *230 245
*235 245 *235 245
........Liggett
A
Myers
Tobacco.
100
240 Apr 14 265
4
207
Jan
260 Deo
119 121 *119 120% *119 121
121 121 *119
*119 121
100 Do pref_____________100 118 Mar30 122
3 113% Jan 120 Deo
17% 17% *17% 2*1 % *17% 21% *18% 2 1 % *18% 21%
*17
21%
100 Loose-Wiles BIsc tr co ctfs.100 15 Mar 3 21
18
16 Feb 31
Jan
91
*81%
*84%
91
*82%
90
91
*81%
*81% 91
*81% 91
........- Do 1st preferred.........100 78 Marl6 911'
13
86 Feb 105% Jan
*56
*56 . . .
*54
*54 ___ *54
*54
59
.........
Do 2d preferred_____ 100 60 Mar 3 56
25
55 Dec 67
Oct
189% 189% *188% 198% *188 198% 190 198% 190 198% *190% 198%
100 Lorlllard Co (P)................100 179%Jan 19
1 ! 165% Jan 189 Nov
*115 121 *115 119% *115 119% ■115 119% 115 119% *115 119% .........
Do pref....................100 115% Jan
10 112
Sep 118
Jan
70% 73
72% 73%
—
74% 09% 73
73
‘
09% 71% 70% 73%
40.100 Maxwell Motor Inc tr ctfs.100 67% Mar 3 75% Jan 3
15% Jan 92
Oct
82% 82% 83% 84
82% 83% 82
82
79
82
84
78
5,053
Do
1st
pref
stktr
ctfs.
100
78
Apr
22
93
Jan
3
43%
Jan
103%
Deo
54%
*53% 54%
54% 5434 55% 3.700 Do 2d pref stk tr ctfs.100 42% Mar 2
50% 51% 50% 52% 53% 55
58% Apr
18 Jan 68% Oct
90% 94% 94% 97% 93% 96% 94% 97% 96% 99% 173,500 Mexican Petroleum______100 89 Apr 22 129% Jan 10
89
98
3
51
Jan 124% Deo
93
*91
93
97
96% *91
93% 93% *93
*93
97
96%
_____
100
200
Do
pref____
93
Apr
26
105%
Jan
3
67
Jan 104% Deo
37%
38% 38% 38% 14.800 Miami Copper...................... 5 33% Mar 1 39% Apr
30% 37% 30
37% 37% 37% 37% 38
3
17% Jan 36% Deo
77
*76
77
77
77
70% 70% 70
*77
70% 77
80
1.000 Montana Power________ 100 68% Mar 1 81% Apr 4
42
Jan 79% Deo
1 12
1 12
*107% 113% *113 114 *109 113% 1 1 1 113
1 12
1 12
300 Do pref____________ 100 109 Jan 3 115 Apr 3
99
Jan 120 Deo
118 12 1
120 120
120 120 *119 121
*115 120
118% 119
600 National Biscuit................100 118% Apr 24 125% Mar: 10 116 Apr 132 Jan
122 125 *121% 125
*121% 127 *122 128 >122 128 *122 128
.........
Do pref....................... 100 125 Jan 3 129 Feb 8 119 May 127% Deo
22
22% 22
22% 23
23
22
19% 22% 20
23% 23% 5.800 Nat Enam’g A Stamp'g___100 19% Apr 22 29% Jan 5
9i* Jan 36% Oct
93% 93% *90
*90
95
*90
95
94
*92
94
100 Do pref.......................100 92 Jan 19
8
79 Apr 97 Dec
65% 65% 65% 65*4 66
'<50% 03% 01% 03% 64% 65% 65
6,620 National Lead................... 100 60% Apr 22
9
44
Jan 70% May
*113
■113
115
114
*113
114
113% 113% *113 115
113 114
100 Do pref.................... .100 112 Feb 9
Jan : 2 104% Jan 115 Nov
10% 17% 17% 17% 17% 17% 17% 17% 17% 17% 10,900 Nevada Consol Copper____ 5 15 Jan 31 115
17
17%
18% Apr 4
11% Feb
17 Nov
129% 132
127 128% 128 133
125% 128
125 129
132% 134
7,975 New York Air Brake........ 100 125 Apr 22 153% Jan 5
56% Feb 164% Sep
*65% 66% 65% 65% *65
*05% 00
66% *65
00
00
66%
200 North American Co______100 65% Apr 26 75 Jan 3
64 Jan 81 Apr
8% 8%
8% 8%
8% 8%
8% 9
8% 10% 17,500 Ontario Sliver Mining___ 100
6% Jan 31
11% Jan 7
2 Feb
12% Deo
22% 25% 25% 25% 25% 26% 26
•22
24
20% ♦2434 26% 3,200 Pacific Mall.....................
5 11%Jan 3 29% Mar 2
r8% Dec
38 Aug
32% 32% 33
33
*32
33% 33% 36
*32
33
*33% 36%
900 Pacific Telep A Teleg........ 100 32% Apr 25 44 Jan 5
26% Feb 49% Oct
1 0 1% 103 *102 103
101% 102 *10 1 103
102 103
103 103%
800
People’s G L & C (C hic)II100 100% Feb 9 111%Jan 3 106% Dec 123% Apr
39% 40% 40% 40% 40
39% 40
40% 40 ■ 41
*41
41% 4,500 Philadelphia Co (Plttsb)__ 60
39% Apr 22 46 Jan 7
35% Apr 49
Sep
22% 24% 24% 25
23
25
24% 27
26% 27%; 27% 28% 16,700 Pittsburgh C o a l................. 100 22% Apr 24
7
15% Jan 42% Oct
10 1 1 0 1 % 1 0 1 % 102% 102 102% 102% 102% 102 *103
*100 102
5,100 Do pref.......................... 100 100 Mar 8
3
81%
Jan
114
Oct
45% 46% 45% 40
43% 40
44
44
46
47
46% 4734 5.800 Pressed Steel Car............... 100 43% Apr 24 65% Jan 4
25 Mar 78% Oct
*99 100
*99% 100
♦99 100
*99% 100% 100 100 *100 102
100 Do pref.......................... 100 100 Feb
104%Jan 4
86 Mar 106
Oct
*117 120 *117 120 *117% 120
118% 118% 120 12 1
123 124%
925 Public Serv Corp of N J .. . 100 114 Jan 31 118 Mar 8 100% Aug 120 Deo
160% 160% 160% 160% 161 161% *160% 160%
100 100% 160 160
1,12 0 Pullman Company............. 100 160 Apr 22
7 150*a Mar 170% Oct
2% 2% *2% 3
2 % 2%
*2% 3
3
3
^3% 3%
1,300
Quicksilver Mining............. 100
2% Mar22
9
% Mar
5% Nov
*3% 4% *3% 4% *3% 4% *3% 4%
5
5
5%
100
Do pref.......................... 100
3% Apr 17
6
% Mar
6% Nov
34% 36% 35% 36% 36
33
34% 32
32
36% 36% 36% 5,700 Railway Steel Spring.........100
32 Apr 22
1
19 Mar 54
Oct
*95% 98
*95% 97
95% 96
*95% 98
97
97
*95% 98
700 Do pref.......................... 100 95% Mar 9 100 Jan
87 Mar 102 Nov
22% 22% 22% 23
22% 22% 23
22% 22% 22
23% 23% 4.600 Ray Consolidated C opper.. 10 22 Apr 24 26 Feb 4
1
15% Jan 27% Nov
44% 46% 45% 47
46% 47% 24,850 Republic Iron * Steel___ 100
43% 47% 43% 45% 45% 47
43% Apr 24 55% Jan 3
19 Feb
57% Deo
10734 10734 107% 108 *108 108%
107% 107% 107% 107% 107% 108
900 Do pref........................... 100 107% Apr 24 112 Mar 4
72
Jan 112% Dec
176 176
174% 174% 175 175
177 182% 2179 179
*172 175
1.600 Sears, Roebuck A Co........ 100 168% Mar
188 Jan 3 *131% Mar 209% Feb
*1 2 5 % ___ *125% . . . . *125 % ------ ■125%___ 1 2 5 % ___ 125%
Do pref........................... 100 125% Jan
3 121% Jan 126 Deo
32% 32
32% 32
32% 32% 33% 15,000 Shattuck Ar!* Copper.........10
31% 32
30% 31% 31
30% Apr 22
50
50% 50% 50% 52
50
50% 47
48% 49% 50
52
200 Sloss-Sheffleld Steel * I r ..l0 0
47 Apr 24 63% Jan 3
24 Jan 66% Deo
205 210
200 200
*185 195
189 189
195 195
210 212
1,300 South Porto Rico S ugar... 100 146 Jan 29 219% Apr 3
40 Feb 164 Deo
*115 120 ■115 120 *115 118
115 118 *116 120 *115 120
Do pref..........................100 106 Feb
116 Apr 2
89% Feb 110
Oct
*92
94
*90
95
*92
95% *92
95
*92
97
9434 94%
166 Standard M illing.............. 100
86 MarlO 97 Mar; 1
43% Feb 96 Deo
*85% 87
*85
87
86
§87% 87% *85
87% 86
*86
87%
183 Do pref...........................100 85% Mar 1 89
3
66
Feb
85
Nov
121% 127% 123% 125% 125% 129
125 128% 129 130% 89,750 Studebaker Corp (T h e )... 100 121% Apr 22 167 Jan 1 35% Jan
124% 127
195
Oct
*109 112
108 114
110% 110% 109 111% 109 109
107% 110%
200 Do pref..........................100 109 Apr 27 114 M ai 1 91
Jan 119% Oct
44
40
44% 47
47
47% 47
47% 46% 48% 48% 49% 14,000 Tennessee Copper_________ 25
44 Apr 22 66% Jan > 25% Feb
70
Sep
180 185
180% 182% 184% 187
182% 184% 181% 185
186 187
8,100 Texas Company (The)___ 100 180 Apr 22 235% Jan 1 120 May 237
Deo
5% 0%
5% 5%
5% 5%
5% 5% *5% 0
2,200 Union Bag A Paper.......... 100
5% 6
5% Apr 24
'
4% Jan
9% Deo
30% 30% 31
30
30
31% 31
31% 31
31
31% 31% 1,500 „ Do pref......................... 100 28 Jan 27 35
1 22% July 31% Deo
z60
60
03
*01
*57% 00
*57% 60
*57
60
100 United Cigar Mfrs............ 100
*59
02
59%
Mar
2
64
1 42
Jan 66% Oct
108% 110 *108 110 *108 110
*108 1 1 1
108 110 *108 110
1 100 June 110 Oct
90% 91% 91% 91% 91% 91% 91% *91% 91% 1,400 Do pref.......................... 100 108 Marl4 110
90% *90
90
United Cigar Stores........ 100
69 Feb 9 610
• 69 Dec 610% Oct
115 115
*115 119 *115 119 *115 119
110 117 * 110 117
100
Do
pref.........................
100
611%
Feb
10
612
1 611% Oct 612% Nov
144 145% 144 146% 140% 147% 145% 146% 145-% 140% 146 146% 16,100 United Fruit ................
100 136% Jan 31
139 Nov 163 N ov
19% 19%
19% 20% *19
20% *19li 20% 2,100 U S Cast I Pipe A F d y_ ..ri0 0
10 % 18% 19% 20
15% Jan 31
,
8 Jan 31% Oct
*48
52
*48
52
*48
52
*4,3
51
51
*45
*48
51
Do
pref..........................
100
48%
Feb
5
• 32% Mar 55% N ov
*45
50
*45
50
*45
50
*45
50
*45
50
*4;
50
U
8
Express.........................100
45
Feb
16
•
43%
Dec 73% Mar
143%
148
143
147
138% 143
144 147
137 142
143% 147% 69,410 U S Industrial Alcohol___ 100 126%Jan 11 170% Apr i
15 Jan 131% Deo
102% 104
103 107 *102 106
*100 104 *100 104
100% 106%
500 Do pref.......................... 100 102 Mar 2 114 Jan
70
Jan 107 N ov
1
52% 52% 53
52% 52% 53% 52
50
51% 50
52% 53% 14,500 United States Rubber___ 100
47% Mar 1 58% Jan
i
44 July 74% Apr
108% 108% 108% 109
10 S 108
107 107
106% 107
108% 108% 1,400
Do 1st preferred ____ 100 106)8 Feb 5 112 Apr , 101% Feb 110 Apr
70% 70% 72% 72% 76
70% 71% 70
05
09% 66% 69
31,350 U 8 Smelting Ref A M ___ 50
65 Apr 22 78 Apr 11
*51% 52
52
52
*51
52
51
51% 51% 51
*51
52%
500
50 51 Apr 24 53% Apr 11
Do pref..............
82% 83% 82% 83% 83% 84 370,250
80
81% 80% 82% 83% 84
United States S teel.......... 100 279% Mar 1 89 Jan 3
38 Feb 89% Dec
110
1 1 0 % 116% 1 10 % 116% 116% 116% 116% 116% 116% 116 116% 14,810 Do pref......................... 100 rll5% Jan 31 118%
Jan 25 *102 Feb 117 Oct
79% 80% 80% 81% 81
81
77% 79% 77% 79% 80
82
26,100 Utah Copper...................... 10
77 Jan 31 86% Feb 19
48% Jan 81% Deo
16% 17% 17
17
17% *17% 18
17% 17% 17
17% 17% 2,050 Utah Securities v t c ........ 100
16% Apr 26 20% Feb 3
39% 40% 40% 42% 10,000 VIrglnla-Caroll na Chem . . . 1 00 36
37
39% 38% 39
38% 39
39% 30
Apr 24 51 Jan
15 Jan 52
Oct
108 108 *107 109 ■107 109 *107 109
107% 108
108% 108%
205 Do pref......................... 100 108 Apr 22 112 Jan 3
80 Jan 113% Deo
88% 88% 88% 89
89% 89% 90
92
89
90
91
92
7,100 Western Union Telegraph.100 87 Mar 1 92 Jan 15
57
Jan
90
Nov
53% 57% 54
56%
58%
56-%
57%
56% 50% 58%
57% 58% 118,800 Westlnghouse Elec A M fg_.60 53% Apr 22 71% Mar 15
32 Feb
74% Oct
*64
70
*68
73
*08
73
*69
73
*70
73
*70
73
200 Do
1st preferred.......... 50
70 Apr 19 79 Marl5
58% Mar 85
Oct
212% 210
225 225% 224% 227
211% 213
217 219%_ 219 220
2,900 Wlllys-Overland (The)___ 100 199% Jan 31 243 Apr 4
87
Feb
288
Nov
103 103
102% 103
103% 103% 103 104
103% 105 |*103 104
800
Do pref Sub recta full pd. 100 102 Mar 2
Feb 7
120 127
120 126% 120% 128%!z 125% 126% 126 127
120% 127% 4,300 Woolworth (F W )............... 100 118 Jan 5 106
128% Apr 25
9’0% Jan 120% Deo
124% 1241/ *124 120
124 124 I ................. 124 125
124 124
425
Do oref
1 on 123% Jan 4 124% Apr 7 1 115
Jan 124 Aug
* Bid and asked prices; no sales on this day. § Less than 100 shares. : Ex-rlghts. a Ex-dlv. and rights. 6Newstock. c Par $25 per share. * Ex-stock dividend
Ex-dlvidend.




1 6 1 0

N e w Y o r k S to c k
1909 th i B zch a n g a m eth od o t

Jan.

BONDS
W. Y. STOCK EXCHANGE
Week Ending April 28.
U. S. Goretnm cut.
S 23 consol registered...d 1930
B 2a oonsol coupon___..41930
B 3s registered................. *1918
B 3a coupon___________ *1918
O H i s registered................... 1925
0 B 4a coupon....................... 1925
V B Pan Canal 10-30-yr 2a.*1936
D S P nCanal 10-30-yr 2 s.. 1938
D B Panama Canal 3s g___ 1901
O 8 Philippine Island is.1914-34

E x ch a n g e —

P r ic e
F r id a y
A p r i l 28.
B id

B o n d

R e c o r d ,

F r id a y ,

W e e k ly

a n d

Y e a r ly
floods,

e u o tin g b on d * a a t c h a n g ed , a n d p r i c t t a r e n o n a lt— “ a n d in t e r a i t " — e s c e v t f o r in c o m e a n d d e fa u lte d

W e e k 'i
R ange or
L a st S ale

A ik L o u

H ig h

BJ*3
N o.

BONDS
, Y . STOCK EXCHANG
Week Ending April 28.

R ange
S in ce
J a n . 1.

Low H i g h
0U7g 997*
9934 9934
0134 102*4
01*8 1027g
09*4 111*8
110*4 112%

P r ic e
F r id a y
A p r i l 28.

Ol

B id

W e e k 'i
R ange or
L o t t S ale

A ik L ow

H ig h

102*4
uwa Dlv sink fund 6* . .. 1919 A - O 102*4____ 102*4
Sinking fund As_____ 1919
O 9934 ____ 99*s Apr '16
Joint bonds. S t* Great North
98*2 99*2 98*8 Apr '16
Nebraska Extension 4 s ... 1927 M -N
90 Jail '16
Registered.................. .1927 M -N
, . 99*8 Juue'15
Southwestern Dlv Is____ 1921 M- S 99is
93*8
92*4 94*8
General 4 s . . .......................1958 M S 92% Sale 9234
22
21*4 25*2
21*4
21*4
................. Oihie A E 111 ref & Imp 4s g . . 1955
J 21
. 105*4 A pi ’ 16
104 105*4
O 105 .
1st consol gold 0a.............. 1934
1017g 103%
102
75
82*8
75
75*2
General consol 1st 6a........1937 M N 75*2 79
100
71 June'lo
Registered_______
1937 M- N ------ 79
9734 Feb '13
Pur money 1st coal 5s___ 1942
Farslan GUvarnmant
24
24
Chic A Ind C Ry 1st 5 s .. . 1930
2338 93% 90
J 16 I I I I 24 Jan '10
95*8 Sale 94%
Anglo-French 5-yr 5a Ex ter loan. A - O
70*4 74
72
71*4 70*4
S 71
8 893, 953g O
Argentine— Internal 5s ol 1G0H.. M- 8 t 91% Sale 91i2
111*2 115
114*2
J 114i2 Sale 114*2
6 69
72
78*4 C
Chinese (Hukuang Ry)— 6a ol ' l l J -D t 71% Sale 71*2
____ 100 Apr '10
100 100
3 100
Refunding gold 6a______ 1947
99% IOOI4 10018
3 96*4 100*4
Cuba— External debt 5a ol 1904. m - e
81 ____ 95*8 Apr '11
Refunding 4s Series C ___ 1917
3
96*2 9638
1 94% 97
Exter dt 5s ol T4 ser A .. .1949 F - A 95
70 ____ 65 Dec '16
Ind
<k
Loulsv
1st
gu
4
s
...
1956
J
2
81%
87
801
2
87
86i2
External !oan 4X s______ 1949 F - A
no
9112
90*8 90*8 Apr '10
302 993s 99*s O
J 90
99i2 Sale 99*8
Dominion of Canada g 5s wl 1921 A -O
9712 97*4
96*2 96*8 97*2 Apr '10
392 97*8 9878 O
J -D
98*4 Sale 98
Do
do
1920 A -O
239
9834
Sale
96*4
99*2
C
98i2
Do
do
1931 A -O
91*8 94
92*4
J 92 Sale 91*2
40 82*4 80*4
Gen'l gold 4a Series A ___ <1939
lapantse Govt— £ loan 4 Ha 1925 f - A t S434 Sale 8434
92*8 92*8
92*8 Feb '10
33 78*2 86
Registered___________ <1989
J
Second series 4% s........ ..1925 J - J I 83*4 85i4 84
_9234
Sale
92*2
92*1
9212 94X
202
o
Gsn
A
ref
Ser
A
4X
3____«2014
73
81
t - - ...........
79i2
Do do “ German stamp".
106 HO
107*4
A 107 Sale 100
Gen ref conv ser B 5s...a2014
68
72*2
7 63
68
Sterling loan 4a___ _____ 1931 J " ' j t 64
80
80 Apr '10
80
81*2
—
Gen'l gold 3X e Ser B ___ <1989 J - J 78
60
60
00 :
Mexico— Exter loan £ 5a of 1899 Q- J t ____ 56
10134 104
—
General 4Xa Ser O_____ <1989 J - J ------ 1017s 102*4 Apr '16
50 :
Gold debt 4s of 1904_____1954 J - D
92ts Sale 9178
917S 9312
92*8
25-year deben 4s........... .1934 J Frov of Alberta— deb 4 X s .. 1924 F - A
100 10334
100*2
Convertible 4 X s . . .......... 1932 3 -D 100*2 Sale 100
80
78*4 27 74
Yekyo City— 6a loan of 1912___ M- 5 : 78 Sale 78
10378 1037g
Ohio A L Sup Dlv g Cs___ 1921 J - 3 103*8____ 1037s Feb TO
t T h e i e a r e p r i c e t o n th e b a t It o f S5fr £
105*4 10578
- J 105 ____ 1057g Mar'10
Ohio A Mo Rlv Dlv 6s___ 1920
State and City Securities.
103*8 103*2 103*2 10312
103*4
104*8
24
J
102
Sale
Ohio
A
P
W
1st
g
6
s.........
1921
101
103
102*8
102
MS
3 T City— 4 X s .......... ......... 1900
8«J78 go.i4 907g Apr '16
00*4 91%
O M A Puget Sd 1st gu 4a. 1949 3 ■
102*4
2 101 103
4X s Corporate stock____1904 m - p 102 10234 10234
107 107*8
J 100*2____ 107 Mar’ 10
Dubuque Dlv 1st s f rts. 1920
4Ha Corporate etook___ 1905 J -D 106% 107 107 Apr TO— 8 106% 108
J 111 ____ 110 Juno’ 13
Fargo A Sou assum g 8o . .1924
1057g 107%
107
SXs Corporate stock___ 1903 m - b 106*8 100*8 10634
102*8 102*4
40 977g 100*8
J 102X ____ 102*4 Feb TO
100 Sale 99%
La Crosse A D 1st 6s____ 1919
100
4% Corporate stock___ 1959 M -N 100
103*2 104
103*8
24
J 103*8 Sale 103*8
Wis
A
Minn
Dlv
g
5s____
1921
Sale
100
98
100
99%
M
-N
4% Corporate stook.......1958
100*2____
107
Mar'10
107 107*4
J
13
100
Wls
Vail
Dlv
1st
0
s..........1920
Salo
100
97*8
100*8
99%
4% Corporate stook.......1957 M -N
Mil A No 1st ext 4 X s ___ 1934 J -D 102 ____ 100*2 Nov'16
97
9934
1----- 97% 97*4
4% Corporate stock.......1956 M-N
101 101
1 10534 10712
Cons extended 4 X »____ 1934 J -D 101*2------ 101 Feb T5
107
Hew 4%*........................... 1957 M-N 10012 10/
97*8____ O03g Feb TO
95*8 97*8
____ a hlcA Nor West Ext4sl880-1926 F - A
Hew 4X 8........................... 1917 M- N 100 102
97
97
F A 97*8___ 97 Apr '16
3 [ria" 107*2
Registered.............
1883-1920
1007s
Sale
1067
8
m
n
4 X % Corporate s to c k ... 1957
80 Salo 80
80
80
84
MN
----l
General
gold
3X
a________
1987
100%
10U2
100%
1007
s
4H % Assessment bonds..1917 M -N
78*2
Jan
14
-----81*4
Q
F
Registered..................id 987
90*8
3 X % Corporate s took ... 1954 M -N ------ 90
? 88*8 90*8
- 95*2 Sale 94*2
9414 95*8
95*8
M
-N
General
4a...........................1987
10434
105*8
102%
105*8
2
1
105*2
MS
It Y State—4s...................... 1901
94
93*4 90
Stamped 4s.....................1987 M- N ------ 943s 94
3 ------ 102 105%
Canal Improvement 4 s...1901 i - J ____ 105
114*8 110*4
1153.J
General 6s stamped_____ 1987 M- N 115*2 Sale 115*2
Y ----- 102% 102*4
Canal Improvement 4 s . . . 1902 J - J ____ 105
111*4____ 112*2 Jan TO
112** 112*2
A
O
Sinking
fund
0s___
1879-1929
—
102*2
102%
Oaoal Improvement 4 s ...1060 J J
109*2
109*2 109*2
Registered .............1879-1929 A -O 110 ____ 109*2
3 ----- 113 115
Canal Improvement 4 XS- 1904 J - J 114*8 115
10434
104*8 104*4
Slnktug fund 6s........ 1879-1929 A - O 10434 ____ 104*8
1 ----- 100*2 107*4
Canal Improvement 4Xa.l965 J - J
103*2____ 103*2
10312 104
103*2
A
O
Registered.............
1879-1929
114*8____
1
----112%
115
Highway Improv't 4,H a .. 1903 M- X
103*8
104*8
103*2
Mar'10
103 103*2
A
-O
Debenture 6s___________ 1921
3 ----- 107 107
107
Highway Improv't 4X9..1965 M- S
101 Dec '12
1 80
A
-O
Registered____________
1921
Sale
86
88*8
80
1
J
*>rg!n!a funded debt 2-3S...1991
104*8
Sale
163*%
165"
104*8
104*8
M
-N
18
Sinking
fund
deb
6s..........
1933
Sale
50*4 50
SOU
3s deferred Brown Bros otfa ...
101*2 May'16
Registered....................... 1933 M -N
ftallraad.
I 2 1 " " " 117 A ug'15
A
O
n
Frem
Elk
A
Mo
V
1st
6
s
..
1933
03*8____
03
65*4
63*8
,- aa ArDor 1st g t a ........ 4.1995 Q - J
90*2 Sep '09
95 92% 95*g
9234 Sale 92*2
Man Q B A N W 1st 3X8.1941 J - J
i toh Top A 8 Pe gen g «a _. 1995 A -O
2 92
Mllw A S L 1st gu 3X8.-.1941 J J *83 ‘ I I "
92
93*8
________1995 A O 92 ____ 92
Registered .
108*8 108*8 108*8
108 109
108*2
MS
Mil
L
B
A
West
1st
g
6
s
...
1921
>
—
85
87i2
80*2
88
Adjustment gold 4 s____ *1996 Nov
1003s 107*2
Ext A Imp s f gold 6s__ 1929 F - A 106*4____ 107*2 Feb '10
i—
84*2 86*2
Registered ............. ...*1995 NOV ------ 85*8
Ashland Dlv 1st g 0 s ...1925 M B 112 ____ H17g Dec '15
85*4 Salo 85*4
2 22 85*4 88*4
8tamped ....................... *1996 M -N
m % 112*2
11178____
112*2
Feb
TO
J
J
Mich
Dlv
1st
gold
0
s
...1924
102t2
10312
100*4
100*4 107%
4
Oonvgoid4s ..................... 1955 J -D
94*2 91*8
91*8 94
9138
Mil Spar A N W 1st gu 4s. 1947 M- 8 90
10178 107*4
Oonv 4s Issue of 1910___ 1980 J -D 103 Sale 1017s
♦103*8____ 107*8 May'14
MS
1
50
Northw
Union
1st
7s
g
...l9
1
7
101>4
Salo
101
101*4
101*4
J
D
10-year 5s ...................... 1917
____ 107*2 107 Apr '16
106%
109' *
J
J
i
96
____
----St
L
Peo
A
N
W
1st
gu
58.1948
90
90*2
East Okia Dlv 1st g 4s ...1928 M
Winona A 8t P 1st ext 78.1916 J - O 102 ____ 102*2 Deo '15
3 ----- 80
89
Rocky Mtn Dlv 1st 4s ...1905 J - J ------ 88
1013t
1011a
10278
3 - 3 101*2 Salo 101*2
Chicago
Rook
Isl
A
Pan
Os..
1917
90*8
91i4
8
14
89
92
C
903s
J
J
Trans Con Snort Is t 4s. 1958
101*8 102
101*2
Registered_____________1917 3 - J 101 102 101*2
3 ----- 9738 99
Oal-Arli 1st A ref 4 X s ■A'' 1902 ffj 9 9714 9712
84*4 85
84*4
85
84U 87
tty general gold is ________ 1938 J - J
3 ----- 10334 103*4
9 Fe Pres A Ph 1st g 6 s . .. 1942 M S 1037s____
84*4
83
84*4
Registered.......................1988 J - J 83 Sale 83
92l4
2 14 91*4 94*8
x»l Coast L 1st gold 4s___ *1952 M- 8 92
68
63«4 09*2
Refunding gold 4s............. 1934 A - O 07*2 Sale 67*4
3 ----- 91*4 923g
Gen unified 4%s...............1964 J - D ------ 91*8
41*2 49
45*2
20-year debenture 6s____ 1932 J - J 45*2 Sale 45*8
8
2 106*4 1073s
Ala Mid 1st gu gold 5s___ 1028 M- N 100*8 107 1O07S
83*2____ 94*4 June’ l l
6 ----- 93*4 95
Coll trust Series P 4s........ 1918 M -N
92 >2 94>4
Bruns A W 1st gu gold 48.1938 i
60
58 Feb T0
'55* 05*8
R 1 Ark A Louis 1st 4 X 8—1934 M- 8 62
5 ___
J 132 ____
Charles A 8av 1st gold 7s. 1930 i
100 Apr TO
99*8 100
? 10 86
Bur O R A N — 1st g 6 s.-.1934 A -O ____ 100
87*%
L A N coll gold 4s............. ol952 M- N 80 Salo 80
____ 99 1007g Mar'14
A
O
O
R
I
F
A
N
W
1st
gu
68—
1921
119U
121
6
----120
<122
120
a
#av F A W 1st gold Os___ 1934 A
M A St L 1st gu g 7s........ 1927 3 -D
109l8 ____ 105 •
1st gold 6s....................... 1934 A
99*4
Sale
9934 99*4
98*8 99*4
99
Gboo Okla A G gen g 5s.ol919 J - J
G . . . . 99% 99*8
99*8 I
flil Bp Oca A Q gu g 4a___ 1918
91*8____ 97*8 J'»Iy *
Consol gold 6s________ 1952 M-N
49 92*4 9378
93 Sale' 9234
•'alt A Ohio prior 3 X s ......... 1925
55*2 63
55 Apr '16
'5 5 ' ”S8 ‘
2 92
Keok A Des Moines 1st 5s 1923 A -O
9112 92*4 92
92*4
Registered..................... *1925
66I2 Mar’ 16
05
71
St Paul A K C S h L is t 4 X s ’41 F - A ------ 07
91 >2 Sale 91
92%
2 69 91
1st 50-year gold 4s......... 61948
118
118*3
118*4 118*8
6 ----- 89*2 91% t Jhlo St P M A O con 0s___ 1930 J -D 118*8____
*------ 90*8 91
Registered...................*1948
90*4____ 87*4 Feb '17
87*4 87*4
9578 Sale 95i2
Cons 6s reduced to 3 X s —1930 J -D -----95*2
98*8
i O - y r conv 4 X s .................1933
23 101*4 103
102
8 239
IV n
101*4
102
4
Debenture 6s..................... 1930 M- 8
100 1 0 1%
Refund A gen 5s Series A . . 1995 J - D 100>s Sale 100
118*8 118*4
Ch St P A Minn 1st g 6 s ..1913 M -N 118 ____ 118*8 Mar'10
____ 112 .
2 ___
fltte Juno let gold de_____1922 J - ♦105
J - J 118 -------129*8 May'09
90*4
91*4
3
North
Wisconsin
1st
6
s
...
1930
91
92"
91
M-N
P Juno A M Dlv 1st g 3X s 1926
105 105%
H t P A S C lt y 1st g 0s___ 1919 A O 105 105*2'i05*8 Apr TO
17 86*8 90
<•L E A W VaSys ref 4s. .1941 M- N 8034 Sale 8034
Superior Short L 1st 5s g.al930 M- 8
34 32 90
90*4 Sale 90*2
92*2
Soathw Dlv 1st gold 3X8.1925 J ------ 80
85 Jan '14
J
D
_
lOOU____
3
----100
Cent Ohio R 1st o g 4XS..1930 M
100*2 107*8
Q -M 10G7S ____ 106*2 Mar’ 10
6 ----- 107*4 10778
Cl Lor A W son 1st g 6 s.. 1933 A - O 107X 103 10778 .
70 Sale 70
76
81%
78*4
Consol 60-year 4a...............1952 J
6 ___
Monon River 1st gu g 6s..1919 F A 101*8 102 101
85 ____ 80*2 Jan T0
80*2 86*2
J
J
5
___
107*2____
Ohio River RR 1st g 6s. . . 1930 J D 10434 ____
80
1st A refunding 4s............. 1969 J - J 74
0 —
105*4 105*4
General gold 6s________1937 A -O
75*8------ 80*4 June’ 12
1st guaranteed 4s............... 1959 J - J
a
Pitts Clev A Tol 1st g 8s.. 1922 A O 1 00 's____
30 ____ 25 July’ 15
Cln D A I 1st gu s 5s........ 1941 M-N
6 . . . . 99*2 99%
9914____
Pitts A West 1st g 48......... 1917 J
88 Mar’ l l
O Find A Ft W 1st gu 4s g. 1923 M- N
2 . . . . .................
91
3tat 1st Ry 1st g u g 4 X s ..l9 4 3 J -D
65 July’ 14
3 - J
Cin
I
A
W
1st
gu
g
4s___
1953
doll via Ry 1st 6s........ .......... 1927 J - J
94*8 Deo '14
J
J
Day A Mich 1st cons 4 X s . 1931
1091s 109*8 109*4
<4 " ' 2 io7% lid *
Bllfalo R A P gen g 6s.........1937 M
65 July'14
J
Ind
Dec
A
W
1st
g
5s_____1935
0
—
102*8____
102
103
103
M
-N
Consol 4 X s ......................... 1957
107*2
Deo '02
J
J
9212____
6
----1st
guar
gold
6s.............1935
92*8 92*8
All A West 1st g 4s gu____1998 A - O
79
78*4
78*2
78*2 71 77*2 81
J
-L0 ----- 103*s 103%
Meve Cln C A St L gen 4 s.. . 1993
107*8____
Clear A Mah 1st gu g 5 s.. 1943 J 82*2 80
83*2 Apr TO
83i2 87
J
J
20-yr
deb
4
X
s
...................
1931
0
-----107*8____
107*g
108%
F
Roeh A Pitts 1st gold Os.. 1921
82
83
82
82
82
87
J
J
109*4
110*4
Cairo
Dlv
1
st
gold
4s_____
1939
----6
107*4 110*4
Consol 1st g 0s...............1922
70*4 76’ 4 Mar'10
70*4 77
3 103 10434
Cln W A M Dlv 1st g 4s .. 1991 J - J 75
103 104l2
Canada Sou cons gu A 6s...1902
82
80*8
81 Apr TO
79
84*j
MN
St
L
Dlv
1st
coll
tr
g
4
s..
.
1990
4
___
A
-O
Registered................
1902
Registered___________ 1990 M- N 82 ____ 82*4 Mar'14
Car Clinch A Ohio 1st 30-yr 6s '38 J -D '92*' "93% 92 Apr 16----- 92* 93%
85 Deo '16
Spr A Col Dlv 1st g4a____ 1910 M
Central of Ga 1st gold 6 s...p ie 4 o V - A 107*8------ j07% Mar 6 ------ 107*2 108
83
84*4 Jan TO
84*4 84*4
W W Val Dlv 1st K 4e____ 1940 - J 70*2 10534
2C 100*4 102
Oonsol gold Cs............... ..1945 M-N 10078 Sale 1007S 101
105 Mar’ 10
105 105
O I St L A C consol 68____ 1920 M -N 106
84 ____
L6------ 83% 84%
Ohatt Dlv pur money g 4» 1951 J
91 ____ 91*8 Feb TO
91*8 91*8
1st gold 4s.....................11936 Q-F
»103 ____
1 5 ___
Mao A Nor Dlv 1st g 6a.. 1946 J
90 _____ 88*2 May'16
Registered.................*1936 Q-F 1U134
—
J 100*8-----Mid Ga A Atl Dlv 6s___ .1947 i
_____ 102*2 Mar’ 10
162*4 102**2
Cln S A Cl con 1st g o s ... 1923 J - J
1 6 ----- 102*4 102*4
IOU2 ...
Mobile Dlv 1st g 5s.......... J940 J
1
1
5
*2
_____
10534 July'14
- J
94 Sale 94
O C C A I gen con g 03__ 1934
9
94
97
v*n RR A B of Ga col g 5S..1937
Ind a A W 1st pref. 48— 1930 A - O *80 _____ 94 July’08
____117*2 117
11 *4
110 118*4
Cent of N J gen'l gold 6s___ 1987
O Ind A W 1st pref 5s. . . d 193.3 Q-J
117is . . . 117*8 Apr . 6 ----- 11514 117*4
Registered............... ..61987
____
64
03
63
70
63
Peo A East 1st con 4s____ 1940 A - O
10334 104*2 10334 Apr 1 6 ----- 103*4 103*4
Am Dock A Imp gu 6 s ...1921
24
24 Sale 23
23
30
Income 4s_____________1990 Apr
100 June 1 3 ___
Leb A Hud Rlv gen gu g 691920
99*4 1003.J 100*2
100*2
100*4 101*2
A -O
H Y A Long Br gen g 4 s .. 1941 M- 8 98 100 100*2 Jan 1 3 ___
7 Sale
7
7
7
10
J - J
82*4 Sale 82*2
80* 83
8 *4
Cent Vermont 1st gu g 4s._<1920 Q - V
7 Salo
7
3
7
9
Trust Co certfs of deposit____ ____
93
Cbesa A O fund A Impt 5s . . 1929 J J ___ 907g 9678 Apr [ 0 ----- 90
90*4 91*2 90*2
91*4
90*2 93*4
lolorado A 8ou 1st g 4s___ 1929 F - A
105*2 107*8
10 34
1st consol gold 6s............... 1939 M-N 105*2 107 105*4
82*2 Sale 82*4
82l2
82*s
87*8
Refund
A
Ext
4
X
s
...........1935
M
-N
103
-----___
105 Deo 1 6
Registered..................... 1930 M -N
106*8 10512 Apr TO
105 105*4
Ft W A Den C 1st g 8 s ... 1921 J - B 105*2
90* 93**4
9 %
General gold 4H s............... 1892 M 8 9078 Sale 90
87 .
Conn A Pas RIvs 1st g 4s__ 1943 A - O
90*2 91
90*2 Fob :t> —
Registered....................... 1992 M- 8 ___ 91
94
94
'94
Feb
T6
Cuba RR 1st 50 yr 5s g ___ 1952 J - J
8 *2 is ; 85*8 89
Convertible 4 X s ............... 1930 F - A 86*8 Sale 85*4
82*4 83i4 85 Feb 10 . . . 85
Del Lack A Western—
_
85
Big Sandy 1st 4s............... 1944 J -D
8733 Salo 87*8
80*4 87*|
8738,
Morris
A
Es
1st
gu
3
X
8
-2
0
0
0
J
D
____
84
L
O
—
83
84*4
83
Mar
Coal River Ry 1st gu 4 s.. 1946 I D
108*8 109
N Y Lack A W 1st 6s___ 1921 J - J 107*8 108*4 109 Feb 'Hi
16 . . .
9034 90*4
Craig Valley 1st g 5s____ 1940 J - J 90*4 98's
103*4 104ii
Construction 5s_______ 1923 F - A 1037a------ 103*4 Mar’ 10
13 . . .
Potts Creek Br 1st 4s___ 1946 J - J
98
Apr
'16
08
98
96*2
99*2
Term
A
Improve
4s------1923
M
-N
16 . . .
84*2 88
B A A Dlv 1st con g 4a. . . 1989 J - J 80*4 87*2
Warren 1st ref gu g 3X9--2000 1 - A 80 ------ 102 *« Feb '03
10 . .
82
83%
2d consol gold 4s______1989 J - J ____ 83
1013* 1*04*1*,
104*4 10478 104*8 Apr TO
Del
A
Hud
1st
Pa
Dlv
7s
.
.
.
1917
MS
11
.
.
.
88
90
Vf-N
Greenbrier Ry 1st gu g 48.1940
104*2 Feb TO
104*2 104%
Registered___________ 1917 M- S
15 . . .
..
90i2
Warm Springs V 1st g 6s. . 1941 M
100*8
100 100*8
10-yr conv deb 4s________ 1916 J -D 100 Bale 100
1 *57** *59*%
Ohio A Alton RR rsf g 3 s ...1940 A - O 59 Sale
101*8
10134
100% 102
10 1* 8 10 2
1st
Hen
equip
g
4
X
s
.........1922
J
J
4-4*8
45
43
47
1% 1
X a i l c a y 1st lien 3 X *_____ I960 J - J
9738
Salo
97*8
97*2
90*4 98
1st A ref 4s.........................1943 M -N
10 . . .
99 100
Ohio B A Q Denver Dlv 4s . . 1922 F - A 99*4___
107*8 Sale 100*4
100 108
107*8
20-year
Conv
59.............
..1935
A
O
3*2
3
1
85
87
85*2
Sale
853s
J
J
Illinois Dlv 3 X s ................. 1949
85*4 88
80*4
Apr
TO
80*8
87
Alb A Sus conv 3 X s .........1940 A - O
94% 90
9578 95
5*4
Illinois Dlv 4s..................... 1949 J - J 95
113 Knh T f l ___ 113 113
Pens A Saratoga 1st 7*___1921 m - n 112
15 .
Registered...............
1949 J - 3
.................

U
0
3
V

9934 lOOU
9034
101% 102*8
10U2
11034
111*4
99i2

• No price Friday; latest this week,




d Due

99% Apr '16 ____
1
9934
9934
IOI84 Apr '16
40
10134
102
4
111
111
5
111%
H178
9SU Oct '15
07 July'15
103i8 Mar’ 16 . . . .
100 Feb '15

April,

e Due

May.

g Due Juno, h

Due July. * Due Aug.

0 Due

Oct.

V Due

Nov. f Due Deo. « Option sale.

New York Bond Record— Continued—Page 2

A pr. 29 1916.1

1611

—^—
BONDS
N . Y. STOCK EXCHANGE
Week Ending April 28.

P r ic e
F r id a y
A p r i l 28.

1

W eek’ *
R ange or
L a st S ale

1|:
<25
CQ j

R ange
S in ce
J a n . 1.

BONDS
N . Y. 8TOCK EXCHANGE.
Week Ending April 28.

1
|

P r ic e
F r id a y
A p r i l 28.

W e e k 's
R ange or
L a s t S ale

5 X3
j

R ange
S in ce
J a n . 1.

/Hah No.\ L o w H ig h
A sh Low
B id
A sk L ow
B id
H ig h
H ig h N o . |
Low
14 70
78
78 Sale 77
90* 91
79* Leh A N Y 1st guar g 4a___ 1945
89 Dec *15
Denv A R G r let con 8 4S---1938
8378
84
83
85
8378 84
Registered..........................1946
Consol gold 4Hs________ 193(5
83
84
8, 78* 83
8 1*
83
1 0 5 * ____ 105* Mar TO
Lbng Isid 1st cons gold 5s..619Sl
il0478 100*
Improvement gold 5s------ 1928
6578 Sale 63
65*
9 4 * ____
55* 66
1st consol gold 4s__ ____ 61931
1st <&refunding 5a............ 1955
65
85
90 109 Dec ’ 12
8 5* 89
90
General gold 4s__________ 1938
87 Apr *10
86
Rio Gr June let gu g 6a. .1939
30 ____ 0 1* Apr ’ 11
99
99* 99* Apr *10 —
Ferry gold 4H s_________ 1922
99U 99*
Rio Gr So 1st gol'd 4s......... 1940
34 ____ 35* Apr ’ 16
35* "35'*
Gold 4s...............................1932
99* Oct *00
Guaranteed................... 1940
7134 " ’ 2 74
75
75*4 74
Unified gold 4a__________ 1949
____ 89
78*
85* Mar’ 16
! 85* 86
Rio Gr West 1st g 4a......... 1930
Go
70
65 Apr ’ 1(3
02
65
Debenture gold 5s_______ 1934
------ 90* 97 Jan *16 ___ 97
97
Mtge A col trust 4a A .. 1940
*14
Guar refunding gold 4 s . ..1949
85* 89* 89* Apr *16 — 1 87
90*
Utali Cent 1st gu g 4a_ai917iA - O 91 ____ 90
9 9 * ____ 100 Mar* 1.1
Registered................. ...1 9 4 9
Dea Mol Un Ry 1st g 5s___ 1917 M - H
1 0 1 * ____ 103* Mar* 16
90
o'o
8 3 * ____ 90 Jan *10
N Y U A M B 1st con g 5s_ 1935
|101* 103*
Dot A M ao. 1st lien g 4a...1995
80
84
85 Jan *16
85
85
102* 103 103 Apr *16 ___ 102* 103
N Y A R B 1st gold 5 s ... 1927
Gold 4 a ............................. 1995
____ 93* 93 Apr *16
93
94
Nor 8h B 1st con g gu 5s_ol932
1 0 0 * ____ 101 Apr *16
101 102
Det Rlv Tuu-Ter Tun 4*0.1961
104 " ’ *2 104 101
104 Sale 104
Louisiana A Ark 1st g 5s____1927
90
94
97*
1)3 Apr *10 ___
88
Dul Mlssabe A Nor gen os. .1941
102* 10234 102* Feb *16
1 1 2 * ____ 112* Apr *16
102* 103* Loulav A Nashv gen Gs.........1930
111* 113
Dul A Iron Range 1st 5a------ 1937
100 Mar*08
109*
Gold 5a............................... 1937
Registered.......... ............. 1937
110* Apr *10 ___ 108* 110*
933s Apr
92
94
9 3* 95*
Unllled gold 4s---------------- 1940
93* Salo 93*
38 93* 96
94
Du 8o Shore A At g 5a........1937
103 ___
____ _____ 94 June’ 14
Registered_____________1940
103 104
Elgin Jol A East 1st g 5s___ 1941
110* 111*
Collateral trust gold 5s__ 1931
3 105 105*
110 110^4
m i* 10 5 * 105*
Erie 1st consol gold 7a..........1920
105*
E II A Nash 1st g Os..........1919
96* . . 97* June’ 14
1 0 7 * ____ 107* Dec *16
N Y A Erie 1st ext g 4a.... 1947
1 101* 102*
10 1* . .
102* 102* 102*
102*
L Cin A Lex gold 4 Ha___ 1931
100* 102
2d ext gold 6s................1919
102 Mar’ 16
N O A M 1st gold 63......... 1930
115* 1 1 0 * 116* Apr *16
99* 100* 981a Juno’ 15
3d oxt gold 4 * 9 ______ 1923
115* 116*
108 ____ 109* Mav’ 15
2d gold 6s...............
1930
102* 102* 102* Mar* 10 . . . . 102* 102*
4th ext gold 5a..............1920
89* 90
Paducah A Mem Dlv 4 s..1940
*94* . . .
94 Nov* 15
90 Mar’ 16
90*
! 90
5th ext gold 4 s............. 1928
1' G* 108 10S
St Louis Dlv 1st gold 6s_1921
10934 110* 110* Feb *16
108
I 107 108*
1 10 * m
N Y L E A W 1st g fd 7a.. 102i
2d gold 38....................... 1980
60* 64
62*
84-34 85* 84*
62* Feb Tfl
61
85* "“ 16 84* 86*
Erio 1st con g 4a prior____ 1998
Atl Knox A Cln Dlv 4s__ 1955
87* Sale 80*
80 Oct *I•
87*
0 | 86* 90
Registered.................... 1998
109*
Atl Knox A Nor 1st g 5s. .1940
74* ■ ■ 35 '73* 77 "
111 Jan *13
7 3 /, Salo 73*
1st consol gen lien g 4s__ 1990
1 70* 76*
70* Jan *1(3
Hendor Bdge let a f g 6 s..1931
------ 100* 107 Apr *16
107 107
Registered....................1996
Kentucky Central gold 4s. 1987
8 8 * ____ 89
89 ""i6 88* 90
89* 89* 89
89
5 87* 89*
Penn coll tr g 4s................1951
32 70
72*
70*
4 100* 10 1*
Lex A East 1st 50-yr 5s gu. 1965
70* Sale 70
100* Salo 100*
100*
60-yr conv 4s A ................1953
58 74* 84
76*
1 0 0 * ____ 100*
76* Sale 74*
L A N A M A M 1st g 4H s 1945
100*
do
Series B ..........1053
■1 99* 100*
85* Sale 84*
85* 720, 84* 86*
L A N-South M Joint 4 s .. 1952
77
78* 78*
1 78* 82
78*
Gen conv 4s series D ___ 1952
100 100
100 102* 100 MarlU
Registered.....................61952
--- 95 Feb *05
duff N Y A Erie 1st 7 a ... 1916
: ____
105* 107*
107*
107* Sale 107*
5 TOO* 107*
N Fla A S 1st gu g 5s___ 1937 - .. 107* Sale 100*
107*
Chic A Erie 1st gold 5a__ 1982
101
Feb
*15
103
9
7
*
____
N A C B d geg en g u g4 H 8 -19 4 5 !j - J
Olev A Mahon Val g 5a_. . 1938
97 Deo -14
123 A
121* 123*
123
Pens A Atl 1st gu g Os___ 1921 F 1081* 109* 108* Apr *10
■108* 108*
Long Dock consol g (la.-.1935
99 101 102 Mar* 16
102 102
S A N Ala cons gu g 5s. __ 1930 F I08* ____ 108 Jan *16___ I10514 108
Coal A RR 1st cur gu 6a.. 1922
100
100 Apr *10
102* 103
------ 101* 101*
Gen cons gu 50-year 5s. 1963 A Dock A Imp 1st ext 5s__ 1043
102
8 101* 103*
TOO*
103* Aug T2
L A Jeff Bdge Co gu g 4 s ... 1945 MN Y A Green L gu g 5 a ... 1946
77
86* 81* Apr *16 — | 80* 82*
—
98* 98* Manila RR —Sou Hues 4s._.1930 ivi 97* 98* Mar* 16
N Y Sus A W 1st ref 5 a.. . 1937
100* Dec ’06
—
Mex Internat 1st cous g 4 s._ 1977 M2d gold 4 * a ..................1937
77 Mai *10
77
70*
7G* " ’ 9 76* ’ 8 l "
____
General gold 6s..................1940
Stamped guaranteed........ 1977 M79 Nov’ 10 ___
105* . . . . 102 Jan ’ ll
____ _____ 10 1 no- -og
Terminal 1st gold 5a........ 1943
Mldland Term— 1st s f 5s g.1925 J 104*
111* May’ 12 i i ”
115 115
Mid of N J 1st ext 5a........1940
Minn A St L 1st gold 7s___ 1927 J - D ♦112 ____ 115 Mar* 16
3 86* 90
85* 80* 87
87
103 104 103
1U,103 103*
WIlkA Ea 1st gu g 5s___ 1942
Pacific Ext 1st gold O s... 1921
103
100 May’ 12
90 100
lot consol gold 5s............... 1934
Ev A Ind 1st con gu g 6s___ 1920
89* Apr *10
i 88*2 90
91 Mar* 10 — 1 90
92*
91
CO* 62
10 | 52* i.64*
1st A refunding gold 4s...1949
GO*
61
Evans A T H 1st cons 6s___ 1921
63
99* Dec *13
50
01
70
Des M A Ft D 1st gu 4 s.. 1935
60 Feb *15
lat general gold 5s............1942
10H N ov’ ll
13 87
90*
Iowa Central 1st gold 5 s.. 1938
88
88* 88*
Mt Vernon 1st gold 6s___1923
89
95 Juno- 12
2 51* GO
Refunding gold 4s........ 1951
57 Sale 57
Bull Co Branch 1st g 5 s .. . 1930
57
29 92
93* M St PASS M con g 4s lnt gu 1938
93
93 Sale 92*
93 Sale 92*
70 92>2 93*
Florida E Coast lat 4 * 0 . . . 1959
93*
92 Aug TO
1st Chic Term s f 4s........... 1941
Fort St U D Co 1st g 4 * a . . 1941
97* June’ 12
3 61* 67
66
60
66* 70
96* 98
M SS A A 1st g 48 Int gu.1920
97* 99
97* Apr *16
Ft W A Rio Gr lat g 4a........ 192*
Mississippi Central 1st 5 ___ 1949
90* 92* 00
90
92*
Great Northern—
a 1 90
98* 233 97* 99
98 Salo 98
Mo Kan A Tex 1st gold 4s. .1990
71* Sale 70*
29 i 701$ 78*
O B A Q coll trust 4a.........1921
71*
lO! 97* 98*
97*
98* 97*
2d gold 4s.........................£71990
40 Sale 40
Registered h...................1921
13 1 40
5 0*
41*
U 99 100*
99
99
1st ext gold 5s...... .......... .19 14
99* 09
lat A refunding 4 * a aer A 1901
9 | 46
52*
------ 40* 46
47
96 June'13
1st A refund 4s__________ 2001
52 Sale 51*
Registered............ ....... 1961
52
63*
•S1 51
97 * 97*
97* Feb *16
97*
Gen sinking fund 4H s___ 1930
12 • 36
42*
St Paul M A Man 4s........ 1933
37
37* 36
38*
120* 122
120* 121* 120*
1203t
St Louis Dlv Is ref g 4s ..2001
46
lat consol gold 6a______1933
------ 49* 40 Apr *16
46
120* 121 *
120* Apr TO
Dal A Waco 1st gu g 5 s . ..1940 M05 ____ 99* Dec *13
Registered................. 1933
101* 103*
103* 103* 103* Apr *10
Kan C A Pac 1st g 4s____ 1990
3 00
65
65* 01
06
Reduced to gold 4*0.1933
64*
109* Apr *15 : : : :
Mo K A E 1st gu g 5s___ 1942
73
77
2 74
89*
70
70
Registered............. 1933
95* 90*
95 "96* 90 Apr TO •
M K A Ok 1st guar 5s___ 1942
1 ; 50
52* Sale 52*
66
52*
Mont ext 1st gold 4 s ... 1937
96* Mar lO -----90* 96*
49* 51* 50
4 48
Registered................. 1937
M K A T of T 1st gu g 5S..1942
66*
50*
85* N ov’ 15
80
Sher Sh A So 1st gu g 5s_ . 1942
Pacific ext guar 4a £____ 1940
____ 74
96 May’ 13
June’ !'.
92*
------ 50
63
Texas A Okla 1st gug 5 s.. 1943
E Minn Nor DIv lat g 4 s..1948
50* Apr *10
49
____
109*
Apr
TO
109*
109*
109*
MI on Union lat g Ua........ 1922.100* 100* 100* Apr *16
Missouri Pao 1st cons g 6a. . . 1920 M100 101
12o* Doc T5i
Mont C lat gu g 6a______ 1937 J - J 124 —
92
93* 92 Apr *16 . . . . 8914 92
Trustgold 5s stamped___a 19 17
130* May*06
Registered____ _____ a 1917
Registered.........
1 9371J - J
82 Oct *15
110*
Mar*
10
110*
110*
110* 1 1 0 *
1st guar gold 5a........ 1937 J - J
87'* 90
lnt collateral gold Gs......... 1920
13 83* 89
8 8*
89*
Registered..............1937 J - J
Registered..................... 1920 F - A
110* Apr TO
110
1 10 * i i o *
! 39* 41
Will A 8 Fist gold 6s __ 193h[ *
$0 year gold loan 4s........... 1945
4~d
40*
39* "40*
76
Jan
TO
78
74
75
39* 41
Gr B A W deb ctfa "A " ($100 oarl
IstA ref conv 5a................. 1959
46*
40 Apr *16
40
11* 12
11 Apr *10
11
14*
82
------ 81*
82 Jan *16 ____ 82
Deben ctfa *'B” ($100 par) 3d 7s extended at 4 % ____ 1938
84*
88*
84*
Mar*
10
8 4* 85
Doonv St L A S 1st 5a gu.1951
100 Feb *13 . . . J
Gulf A S I 1st ref A t g 5s. .61952
50 ____ 50 Mar’ 16
Registered............ ............61952
Cent
Br
Ry
lat
gu
g
4
a
...
1919
50
50
91* 94'* *95*
20 "93* '9 6 "
05*
Hooking Val 1st cona g 4*8.1999
62 ____ 77* Dec '13
Cent Br U P let g 4s......... 1948
97* Jan 1
Registered...........................1999
♦ 35 ____ 110 Mar’05
Leroy A C V A L 1st g 5s._ 1920
89* 87
87
Col A II V 1st ©xt g 4a...1948 A - O 87
”8 7" _87**
10 89
90*
Pac
R
of
Mo
1st
ext
g
4s..1938
890*2____
9 0*
90*
84
86 Fob *16
Col A Tol let ext 4a........ 1955 F - A
86
86
100* ____ 100* Mar’ 10 __ 100 100*
2d extended gold 5s____ 1938
94* 94* Fell *15
Houston Belt A Term lat 5s. 1937! J - J 88
101 101* 101 Apr *16 . . . . 101 102*
Bt
L
Ir
M
A
S
gen
con
g
5s
1931
97* 97*
97*
Illinois Central 1st gold 4 s.. 19511J - J 97
1| 9612 "97’ *
Gen con stamp gu g 5s.. 1931
102 J’ly *14
92 Aug 15
Registered.......... ................1951 J * J
79
81
Unified A ref gold 4s___1929
3 74* 81
79
79
85* Apr *10
let gold 3 * a .......................1951 I J 85*
- 83 '8 0 *
Reglatered_________ 1929
83 N ov’ l
Registered.......................1951 jJ - J 83*
74l|
Rlv A O Dlv 1st g 4 a . ..1933
1 70
6 * 4 fJ ij 70*
70*
80
85*
85*
Apr
TO
Extended 1st gold 3 * 8 . . . 1951
- *84* "85*
77 ____
Verdi V I A W 1st g 5a___ 1926
Registered........ .............I95J
113* 115 114* Apr *16
Mob A Ohio now gold Gs____ 1927
112 114*
80
"
J’ly
’09
lat gold 3a sterling......... . 1961
1st extension gold 6s___ A1927iQ - J 108 110 109 Feb *10
108 109
Registered....................... 1951
76
General gold 4s. .................1938 |M- S 7 5 * ____ 75 -Mar’ 10
75
8(1 90* *89*
89*
Coll trust gold 4a________ 1962
88
91*
Montgom Dlv 1st g 5s____ 1047 F - A 99 102 102 Feb T6
102 102
95*
Sep
T
2
Registered....................... 1952
St Louis Dlv 5s....................1927 J - D 9 0 * ____
____ 89* 89
89*
89 ’ "91*
1st refunding 4 s............. 1955
8 7 * ____ 8 8* Apr *16
St L A Cairo guar g 4s___ 1931
88 * 88*
____ 81* 83 Jan To
83
83
Purchased lines 3 * 8 _____ 1952
Nashville Ch A St L 1st £s_.1928
100* 108 107
1 103* 107*
107
80 * Salo 80
80'.|
85* 87*
108* 113 110* Mar*16
L N O A Tex gold 48___ 1953
Jasper Branch 1st g Os____ 1923
110 * 110 *
84 M ay'll
1 0 1 * ____ 101* Feb *16
Registered...... ...........
1953
M cM M W A A1 1st 6 s . .. 1917
1 0 1 * 1 0 1*
*90* 92* 92 Mar’ ll'.
101 . .. 113 J’ ly *04
90 * *92'*
Cairo Bridge gold 4s___ 1950
T A P Branch lat 6s........... 1917
70 ------ 74 Feb *14
30
50
Nat Rys of Mex pr lien 4H 8-1957
30 Mar* 16
30
Litchfield Dlv 1st g 3 s ... 1951
30
79* Apr *10
____ 80
Loulav Dlv A Term g 3 * e 1953
79* "81*
Guaranteed general 4s____ 1977
68 Oct *15
I 83 Aug *12
Registered___________ 1953
Nat of Mox prior Hen 4H8..1920
967s Fob *13
123 May ’99
Middle Dlv reg 6 a .._
1921
1st consol 4s____________ 1951
____ 79
30 Aug *15
68* 72* 71 Jan TO
Omaha Dlv 1st gold 3 s ... 1951
................. 40 May’ 15
N O Mob A Clilc 1st ref 5s__1960
68* Sep T5
68* 75
St Louis Dlv A Term g 3s 1951
____ 71
70 Apr *16
Nov/ Orleans Term 1st 4s__ 1953
70
70
Gold 3 * s ............. . . . . 1 9 5 1
*81 ____ 81* Jan TO
81* 81*
113* Sale 1107$
113* 830 110* L17*
N Y Con RR conv deb 6s ..1935
Registered..............
1951
82
81 N ov’ 15
84* 85* 84*
Consol 4s series A _______ 1998
85*
0 84* 867$
Spring! Dlv 1st g 3* n . _ 1951
78* 81* 78* Jan TO
78* 7H*
Ref A Imp 4Ha " A ” ____ 2013
------ yi'2 94
94* 98 94
95*
Western lines lat u 4s. _ 1951
88
90
89* 89* N Y Central A U R g 3HS--1997
89* Feb TO
82* 82* 82
10 82
82*
83*
Registered
. 1951
81* 82* 8 2*
2 81!( 82*
82*
Registered.......... .......... 1997
Bellov A Car 1st Os____ . 1923
*104* . . . 117* Muy’ lO
92* 92* 92*
24 92* 93*
Debenture gold 4s.......... .1934
92*
Carb A Shaw 1st gold 4s . 1932
80
94* J*ly T2
____ _
917, Deo *16 ___
Registered..................... 1934
107* 108 108 Apr TO
Chic S t L A N O gold Ca. . 195
108 109
75
75* 75*
76
Lake Shore coll g 3H s___ 1998
17, 751| 79*
Registered.................. . . 1961
114 Feu *l f
75
76
78
Registered................. ..1998
76 Mar’ 16
75
*78* I I ”
90 Oot *09
Gold 3 Ha.......................1951
84* 88
J P M A Co ctfs of dep____
86 Mar’ 16
84* 88
Registered---------------- 1951
7<J* 77* 78* Mar’ 16 . . . . 77
80*
Mich Cent coll gold 3 Ha. -1998
100* Sale 100*
101*
Joint 1st ref 5a acrlea A . 1963
17 100* 103*
------ 77*2 77 Apr *16
Registered____ _______1998
77*
76
87
89
86* Deo *15
Memph Dlv 1st g 4 a . . . 1951
Battle Cr A Htur 1st gu 3s. 1989
Registered................... 1951
95* 96
Beech Creek lstgu g 4a__ 1930
- 8
96*
95*
95*
95*
90
93* 98 J'ly ’08
St Louis Sou 1st gu g 4a.. 1931
J .... .
Registered------------------1936
99 May’ l l
91* 91* 91* Apr TO
Ind 111 A Iowa 1st g 4a..........1950
101* 103*
00
92*
2d guar gold 5s............... 1936
____ 96* 90* Apr *10|
Int A Great Nor 1st g Os___ 1919
Registered_________ 1936
90
98
90* 91* 92 * Feb TO
James Fran A Clear 1st 4a. 1959
9 2* 92*
Beech Cr Ext 1st g 3 H s ..61951
69
69* 69
09
Kansas City Sou 1st gold 3s. I960
89* 91
Cart A Ad 1st gu g 48.........1981
69
71
88* N ov’ 16
63 Oct 00
Registered---------- -------- L910
1 0 4 * ____
Gouv A Oswe 1st gu g 5s. _ 1942
92* Hale 91*
03
Ref A Impt 6 a............ Apr I960
9 3 * ____ 94 Mar’ 10 . . . . 94
Moh A Mai 1st gu g 4s__ 1991
00* ’ 94"
94
88 Salo 88
88
85* 89*
Kansas City Term 1st 4 s ... i960
N J Juno R guar 1st 4s__ 1986
89* Feb T6
89* 89*
97
97* 97*
97*
97-* 100
Lake Erie A West 1st g G) . 1937
8 2 * 85
N Y A Harlem g 3 Ha___ 2000
85
82
75
75
75
2d gold 5s................... ..1941
75
83*
106* 107* 105* Mar lO
N Y A Northern 1st g 5 s.. 1927
105* 105*
98 M a r lii
North Ohio 1st guar g fla. _ 1945
90* Mar’ 16 —
N Y A I’ u 1st cons gu g 48.1993
89* 91*
101* 101* 102 Apr TO1 — TOO* 103
Loh Vail N Y latgu g 4>*s.. 1910
Nor A Mont 1st gu g 5a__ 1910
11)0*
Feb
TO
102
Registered........................ 1910
---i 100* 100*
Pino Creek reg guar 6s___ 1932
113 May’ 15
H 8I2 —
92
89* Apr TO --■I 89* 92*
Lehigh Vail (Pa) cons g 4 s ..2003
It W A O con 1st ext 6 s..41922
101*
1 10.3* 104*
104*2------ 104*
100*
100* 1U0»4 100*
General cons 4 Ha___ 2003
101 ____ 101 June’ lu
5 100* 101*
R W A O T R 1st gug 5 s.. 1918
1121*
112
80 ____ 81* Dec *15
ij n o 1 1 2 *
lift
Leh V Term Ry lat gu g 6 a. 1011
Rutland 1st con g 4H s__ 1941
Registered....................
1941
111
111* Dee* 11
Og A L Cham 1st gu 4s gl948
76 Dec *15:
105
Leh Val Coal Co lat gu g 6 0 1 1933
104* 105* 105
" i 105" ioe"*
Rut-Canada 1st gu g 40.1949
92 June’On
------ 69'
Reglatered........................... 1933
105 Oct *13
St Lawr A Adlr lat g 6s__ 1996
*JS . . . . 100 Oct *15
let lnt reduced to 4a.........1933
92
2f1 gold 6s....................... 1096
♦mo ____ 119* Mar* 12
• No prlco Friday; latest bid and asked this week. a Due Jan, 6 Duo Feb. d Duo April, e Duo May. q Due June, h Due July, k Due Aug. 0 Due Oct.
V Due Nov. s Option sale.

Digitized
itized for
fo r FRASER
FRASER
//fr a s e r .s tlo u is fe d .o r g /


New York Bond Record—Coacmuea —Page 3
I
j

BONDS
N . Y . STOCK EXCHANGE
Week Ending April 28.

In te rt il
P e r io d

1613

P r ic e
F rid a u
A p r i l 28.

W e e k 'i
R ange or
t a i l S ale

J l

R ange
e ln ce
J a n . 1.

Bfd
A i k L ow
H ig h N o . L ow
H ig h
)
r- j
9712____
2 84
84
8312 845s 84
86
s........ 1997 J -D
1- D
81% Oct ’ 15
94%
91% 12 94% 95%
M- S 94 >s 85
94% 22 94 " 95%
94% 94% 94%
25-year gold 4s________1931 M-N
94% Feb TO
H-N
94
94%
J - J *103 ____
J - J 106% ____ 104% Deo T5
PI ts * L Erie 2d g 5s__ al928 A -O 102 ____ 102 Mar’16 ___ 102 102
J - J
115%____ 13018 Jan '00
J - J 113%____ 123% Mar’ 12
J * J 101 ____
M - 8 106 ____ 104% Deo T5
Q-M 105%____ 104 Dec T5
9 0 % ____ 98 Apt T2
1940 j - j
4s______ .
87 Feb ’ 14
J - J
M- S
82
823$ 83 Mar’ 16 ___ 83
85
1st gold 3^4s.......... . . .1952 M -N
89% 89% Mar’16 ___ 88% 90%
20-year debenture 4s ..1929 A - O 87
1 93
93% 91
94
91
95%
N Y C h ic* St L 1st g 4s .19.37 V- o
\ - o
93% 9334
83"
84
5 83
83%
83%
84%
M -N
90%
90% 12 90% 93
J J
4 89 " 90
89
Registered___ T______ 2331 J - J 89 Sale 89
N Y C Lines eq tr os . 1916-22 M- N 100%____ 102 Apr T6 . . . . 102 102
J “ J 1 00 % ___ 98 J’ly T4
100% 21 97% 100%
N Y Connect 1st gu 4 H s A . . 1953 F - A 99% Sale 9978
N Y N H A Hartford —
80% Mar’ 16 —
80% 81%
Non couv deben 4 s ____ 1947 M- S 79 .
73
73
Non-conv deben 3W s___ 1917 M - S 72 ____ 73 Feb ’ 11 —
A - O 70
71% 71 Apr TO
2, 80
80 Sale 80
80
Non-coav deben 4s_____ 1955 j - j
81%
1 79% 82
79% 80% 80
80
Non-conv deben 4 s.. . .1956 M -N
1 70% 73
70%
71% 70%
Oonv debenture 3X s........ 1956 J - J 70
113% 22 111% 116
Ooav debenture 6s_______1918 J - J 112% 113 111%
F - A 79 ____
J - J
91% Jau ’ 12
79%
79% io 79% 79%
J - J
A - O ____ 79%
J - J ____ 80
8 6 % ____ 93 Mar’ 10
M -N
92
93
99% June’ 12
F - A
l 81
81
81
Cent Neiv Eng 1st gu 4s.. 1931 j - j ------ 82
83
M- S
M -N 106% ____ 105% May’ 15
9 1% ____ 87 J’ly T4
M -N
A-O
38 75
75 Salo 75
78
NYW ’ches*B 1st ser 1 414s '46 j - j
82
M N 100%____ 107 Aug ’09
A-O
J - J loo ____
09% M ac’ 12
J - J
70
75
56 Apr T5
M -N
J - J
83% Feb T4
M- 8
J - J
6 80% 84
80%
N Y O * W ref 1st g 4 s !” Iffl992 M- 8 80% Sale 80%
M- 8
General 4s............
' "1955 J -D ------ 79% 79 Apr T6 ___ 76
79
79 Apr T6 ___ 79
Norfolk Sou 1st * ref A 6s. 1931 F -A ------ 82
80
98 101
97 Jan T6 ___ 97
97
Norf * Sou 1st gold 5 s ... 1941 M -N
118% . . 119% Apr TO
121 ____ 121% Mar’ 16
11912 120% 120% Feb T6
92%
03
25 92% 91
N * W Ry 1st cons g 4s..1996 A - O 92% 93
93% Deo T5
A-O
90%
2
J - J ------ 90% 90%
123% 28 113% 123%
10-25-year coav 4s____ 1932 J -D 121% 123% 122%
123% 14
M- S 122% Salo 121%
41 115% 124 ’
123
10-25-year con v 414 s 1. 11933 M- S 121% 123% 120%
89%
89% 11 89% 90%
Pocah C * C Joint 4s...1911 J - O 89% 90
J - J 103 ____ 103% Jan TO
88% 94
93 Apr T6
S3lo V A N E 1st gu g 4s!11989 M N
91% 94
02% 98 91% 91%
Nor Pacific prior Hen g 4s .1997 Q - J 92% Sale 91%
Q - J ------ 92% 92 Apr TO
92
9312
65%
66%
41
05%
66%
65% 67 “
General lien gold 3 s.. ,o2017 Q • F
Registered_________ a20l7 G - F 61% 65% 6312 Ape *16 ___
63% 63%
St Paul-Duluth niv g 4s 1993 J - D 91 . . _ 90% N ov’ 15
100% Jan TO
M
S
2 155% 110%
109%
St P A N P gen gold 6s 11923 F - A 109% Salej 109%
Q- A
109% Oct To
107 Mar’ 16
St Paul A Duluth 1st 5s ’ 1931 F - F 107% __
107 107
2d 5s............
1917 A - O 101 102 102 D e o ’ 15
90% Mar’ 18
J -D
92% .
00i2 Feb *16
I l l 112% 111 Mar’ 16
85% Salo" 85%
85%
1 85% 83 *
Oregon-Wash 1st *'ref"4s"ll 1961 j - j
96 100
___
9
9%
____
98%
Feb
'16
M
-N
98% 98%
Pennsylvania RR 1st g 4 s.. 1923
Consol gold 5s___
1919 M- S 103 ____ 103 Apr TO - - - - 103 103%
98% ____ 09% Mar’ 10 __ _ 98% 99%
Consol gold 4s.
1943 M -N
09% 99% 99
99%
0 98% 100
Consol gold 4s..........
1918 M -N
10.5%
10.5% ot
101%
101% 82^
97
96% Mar’ 16
Alleg Val gen guar g 4s..~. 1942 M- 8 96
92% 96%
96
96
Pblla Balt A W 1st g 4s 1943 M- N 08% : : : : 99% N ov’ 15
102 Jan ’03
J - J
J - J 0 3 ____
M- 8 09% ____ 99% Apr TO
99% 99%
Pennsylvania Co—
101% 22 101 102%
Guar 1st gold 434 s........
1921 J - J 101% 101% 101%
101
101%
101
Mar’
10
Registered..............
1921 J - J
101 101%
85% _
Guar 314 s cod trust ser B 1911 F - A 85% 88% 85 Jan T6
85 ‘ 85 ‘
99%
.
.
100% Jan TC
Trust Co ctfs gu g 314 s .1916 M- N
99% 100%
Guar 314s trust etfs C
1942 J - D 85% ____ 83 Feb ’ 15
85 .
85% Mar’ ll
Guar.314s trust o tfsD .I ' 1941 J -D
85
85%
1 91% 95%
95%
Guar 15-25-year gold 4 s.. 1931 A - O 95% Salo 95%
40 year guar 4s ctfs Ser E 1952 M- N 93% ____
Cln Leb A Nor gu 4s g "1042 M- N 90% ____
99 ____
9934 99^
M -N
104%____ 105 Apr TC
101% 105%
Series B . I .
........1912 A - O 104%____ 104 Deo Tfl
A - O 86% ____ 91% Feb T2
Series C 3 1 4 s...
1918 M- N 8 6% ____ 90% Oct ’ 12
Series D 314s..
1950 F - A 86% ____ 83% June’ lE
.
Erie A Pitts gu a 314* h 1910 J - J 8 7% ____ 86% May’ l
Series C ______ *
"1940 J - J 8 7% ____ 90% J’ ly TS
9512 93%
Qr R A 1 e i 1st gu g 414s 1941 J - J 9 8% ____ 98t2 Feb ’ U . .
M- 5 9 8 % ____ 93 May’ l ___
'’ Itts Y A Ash 1st cons 5j 1927 M- N 104%____ 109 May’ ll
98% Oct ’ ll
Tol W V A O gu 414s A *1931 J - J ____ . . . .
Series B 414 s
'
1933 J - J ------ -------- 98% June’ lJ
99
94 Apr ’ ll ___ 0312 94
Series G 4s_
1912 M- 5 94
P C C A St Lgu 414s A . . 1910 A - O 100 1025; 102% Apr ’ ll ___ 10 1% 10 2%
Series B gu ar______
1942 A - C 100 1021 102% Apr ’ ll ___ 10 1% 10 2%
Series C guar___ __
1912 M- ?> 100 ____ 97% July’ l.
Series D 4s guar........
1945 M- N 94% ____ 95% Jan ’ ll ___ 95
95%
Series E 314s guar gold. 194! F - A 93 ____ 92 Feb ’ ll ___ 92
92
J - t ______ ___ 95% Jau T
04 ____ 92% Aug ’IE
M-N
106%____
A -O
104 N ov’ K
Peoria A Pekin 0u 1st g 3s 1921 Q - f 101 ____ 102 N ov’ U
86 ____ 87 Mar’ ll ___ 87* 87
2d gold 4 1 4 s ................. 01921 M-N
10% 14
1 1 Apr ’ ll ___
Pero Marquette—Ref 4s___ 1955 J ■ .
14
11
J - ,
15 Mar'H
14
15
J - D 8 4 % ____ 83 Feb ’ ll

N Y Oen 4 H RR

(C on

Lake Shore gold 3

* No price Friday; latest bid and asked,
Option sale.




a Duo Jan.

6 Due Feb.

BONDS
N . Y. 8TOCK EXCHANGE.
Week Ending April 28.

II

P r ic e
F r id a y
A p r i l 28.

[Vol.
W e e k 'i
R ange or
L a t l S a le

$3
£^

B id
A ik Low
Pere Marquotte (C o n .)
H ig h N o .
Flint * P M gold 6 s...1920 A - O 101 103% 101 Deo T5
74 ____ 75% Apr T6
1st consol gold 03. . .. ..1939 M -N
68
\ - O ____
68 July’ 15
F-A
Philippine Ry 1st 30-yr s f Is 1937 J - J ------ 55
50 Apr T6 ___
105 Deo T5
Pitts Sh A 1, E 1st g 5 s.. -.1910 A - O
J *J
113U N ov’ l l
J
J 93% Salo 93%
94% 92
Registered__________ .. 1997 J - J ____ 96% 95 Mar’ 16
A - O 91% 90% 95>3
2
95%
94 ____
j - j
60
St Jos A Qi- [31 1 g 4-J
1917 J J 59
J - J 110 . .
1
J * J 102 Sale 102
*102
at L A S*F RR com g I s .. 1996 j - 1 76 ____
57
M •N 52
54% 55%
52 Sale 52
6
52
do
Stamped..
89 Mar’ 16 ___
SoJthw Dlv 1st g 5 s.. .1317 \ - 0 ____ 93
73%
7
Rafua ting gold ts____ 1951 J J 70 ____ 73%
803i Mar’ l l
J - J
74% Sale 74%
1
74%
68% Sale 06
683S 46
K O Ft d t M cons g 6s.. 1923 M -N 110% 110% 110% Apr TO
K O Ft 3 A M Ry ref g 4s. 1930 A - O 77 Sale 77
77% 41
A-O
78% 77%
7
78
St L S W l<t g Is bond etfs.. 1989 M- N 78
03
2d g Is Income b sad ctfs.pl989 J - J 02
63 Mar’ 16
61% 02
9
62
62%
Consol gold I s . . _______1932 J -D
64
5
63%
03%
1st torral A unlf 5s.........1952 J - J 60
100 ____
9
05%
S A A A Pass 1st gu g 4 s.. .1943 J - J 65 Salo 04%
S F A N P 1st s:< (d g 5 s .. . ..1919 J - J 101% 101% 101% Apr TO ___
83% 83%
2
83%
Seaboard Air Line g 4s__ _ 1950 A - O 81
8
A - O 81 Salo 80%81
A- O
52
64
66
F- A
2
A - O 69% Salo 69%
70
M- 8 ____ 85
J - J 8 7 % ____
J - J 100% 101%
101%____
Consol gold 5s........ ..... 1943 j - j 103 ____ 103% Apr TO
103%____
j - J 102% 103% 1023.1 Apr '16
J - J 102 ____ 99% Aug T5

102.
R ange
iln c t
J a n . 1.

L ow

H ig t

74

76

50

51

93U 96%
92% 95
967*
95
60
no%
10334
75
67%
46
57
43% 55
89
89
67% 75
89
89
623} 75
Bill 693.1
109% 110%
78
75

59
109
102
108%

77%
62
01
631.1

80
04
05%
70

62%
1 0 1%
8'23g
80

70%
10134
84%
83%

70
64
69% 72
86
85

103 103%
1033a
1023. 103

85
86
19 85
88
85
85%
Gold 4s (Cent Pao co ll).*1949 J - o
84
86
J -D
90 Fob ’ 14
M- 8 8734 Sale 87%
87% 17.3 868i 89%
104% Sale 1033S 10 ti-> 167 1033» 1077s
J -D
F - A 89 Sale 88%
89% 53 88% 91
. . . 90
F-A
86% Mar’ 15
1 89% 91
J - D 89% 89% 89%
8918634
A - O ------ 84%
84
0 102 102
102
O H & 3 A M & P 1st 53 1931 M-N 102 101% 102
100% 100%
GUa V G A N 1st gu g 5 s .. 1924 M-N 101 102% 100% Jan TO
101% 102%
M-N 101% 101% 10U?. M;ir* 10
_ 101% 103%
1st guar 5a red________1933 M-N ____ 102% 101% Apr T6
2 106 106%
100%
H A T C 1st g 5s lnt gu__ 1937 J - J 106%____ 100%
3 94% 9538
95%
95%
Goa gold 4s lnt guar__ 1921 A - O 95% 97
M-N ____110
j - j 100 ____ 103 N o v ’ 15
J - J 105% ___
Morgan’s Li A T 1st 7 s.. 1918 A - O ____ 105% 104% Fob T6 ___ 104% 10434
J - J ___- I05ia 105 Jan TO
105 105
\ - 0 106 ____ 105 Oct *15
2 101% 102%
Ore A Cal 1st guar g 5s .. 1927 f - J 101% 10134 1 0 1 % 1 0 1 %
80 Pac of C \\—Gu g 53
1937 M- N 107%____ 101% N o v ’ 13
10 |97
97
So Pac Coast 1st gu 4s g._ 1937 J - J 92 ___ 97
97
85 Sale 84%
12 84% 86
San Fran Terral 1st 4s__ 1950 A -O
85
J - J
80 Pao RR 1st ref 4s____ 1955 J - J 89% Sale 89%
90% 133 89% 91
101% 55 100 103%
Southern— 1st ons g 5s___ 1994 J - J 100% 1013S 100
J - J ____ 100%
70% Sale 69
73%
70% 122 69
Develop A gen 4s Ser A .. 1956 A - O
78
70% Apr TO ____ 75
Mob A Ohio coll tr g I s . .. 1933 M- S ____ 77
102% 104
Mens Dlv 1st < 4 4 5s
1996 J - J ____ IOD4 10234 Mar’ 16
3 SOD 84%
J * J 80% Salo 80%
80%
102% 102%
Ala Cen 1st g 6 s . _______1918 J - J 102 ____ 102% Fob '16
US3-! 99*8
J -D
98% 99
9434 96
Atl A Co ir A L 1st A 4 4sl944 J - J ____ 94% 94*4 Apr TO ___
84% 85%
J - J 8312 84% 81% Apr TO
79% 81%
81% Mar’ 10
2d 4s
1918 J - J ____ 82
76
78%
A -O
1003s J’ ly T4
j - j
E T Va A Ga Dlv g 5s___ 1930 j - j 104%____ 10433 Apr TO ___ 103% 104*%
1053} 106
M- N 105%____
99% 101%
E Ton reor Hen g 5s..........1933 M- 8 ____ 100% 100% Apr T6
00
57%
57%
1 67
Ga Midland 1st 3s_______1918 A - O ____ 60
107% 10733
Ga Pao Rv 1st g 6s.......... 1922 J - J 107% 10734 107% Apr T6
Knox A Ohio 1st g 6 s .. ..1925 J - J 109%____ 109% Mar’ 16
108 110%
J - J ____104
68% 72
J - J
103% 1035a
Rich A Dan deb 5sstrapd.1927 A - O 103%____ 103% Apr TO
M N
M-N 100% 102
101 102
102 102
Virginia M'd ser Dl-5s
1921 M- & 102 ____ 102 Apr TO
M- S 103%____ 102 Mar’ 10
102 102
M- S 101%____ 104 Mar’ 13
Gsneral 5s...................... 1936 M -N 106 ____ 102% Apr TO ___ 10234 10578
Va A So’ sv’n 1st gu 5 s..2005 J - J 105 ____ 105 Apr TO ___ 102% 105
2 89% 90%
90%
1st cons 50-year 53..195S A - O 90 , 93% 9C%
F - A 91 ____ 93 Deo T6
90
96
93 Jan T8 ___ 9*3* 93
Spokane Internat 1st g 5s. . . 1955 j - j
98% 100%
Ter A of St L 1st g 1 4 3 ___ 1931 A - O 99 102 i 99% Apr TC
F - A 103li 105 106% Apr TC
1031- 106%
86% Mar’ 16
88
Gsn refuuil s f g 4s_______1953 J - J ____ 85
86
100
101%
St L M Bridge Ter gu g 5s 1931 A - O
lOOLi
100%
2 100% 10 1 %
95% 97
J -E
a 95
97%
96
90%
35
40
M ar
37
35
90
J - . ____ 88
90
90 Jan TO
W Min VVA N W 1st gu 5s 1930 F - A ____ 95
103 104%
Tol A O G 1st g 5s___ .“ ____1935 J - J 103%____ 104% Apr TO
A - £ ------ 102
102 102%
102% Mar’ 10
93
J - D 93 Salo 93 "
2 93
93
84%
A -t
t 83
83
84% 83
83
99
J - J 97% 98% 97
5 97
97
5C 50
61
55
50
50
Tol P A W 1st gold 4s_____ 1917 J - J 50
78% Mar’ 10
79% 81
78% 83
Tol St L A W pr Hen g 3 43.192E J - .
56 Salo 56
56
60
A-C
c
F - A 20 ------ 18% Mar’ lC
18% 18%
83 Salo 83
88
83
5 83
Tor Ham A Buff 1st g 4s..'il91i J - 0
J -E 100 1001 100
loo
100 101%
75 . . .
74 MsrTE
A-0
96% Salo 96
98%
43 98
901.
Union Pacific 1st g 4s_____ 19F J ____ 981. 95 Mar’ U
95
97%
Registered................ ..... 191' J 92's Salo 92%
61 92% 94%
J - .
03%
90
901 90
901.
3- 89% 91%
1st A ref 4s........ ........... ,y200> Mir 91% 92%
92 Salo 91%
92
Ore RR A Nav con g 4s__ 1911 j -r
F - J 108% 1081 108%
2 1073d 109
1081.
100 107 106
106 107%
106
J 923
3
921 94
J - E 92% Salo 92%
101%____ 102 MarT' i ___ 102 102
Utah A Nor gold 5 j ___ 1921 J 95
91 100
90
90
90
1st extended 4s____ 193 J 91
91
91 ------ 91 Apr T . . .
Vandalla cons g 4s Set A . . . 195 F - /
80 Sop T
’ M 1! 1 91 - - H7
4212 Aug *11
98'
Virginian 1st 5s Series A___ 198 i M -N l 97% Salo 1 07%
If)l 97"% 9334
«; Duo May. g Due June. A Due July. * Due Aug. o Duo Oct. p Duo Nov. 4 Duo Deo.

1916.1

BONDS
N . Y . STOCK EXCHANGE.
Week Ending April 28.

New York Bond Reoord—Concluded—Page 4
P r ic e
F r id a y
A p r l 28.
B id

103'%
98
70
00%
05

Ask
Sale
08*4
110
100

R ange
S in c e
J a n . 1.

Low

103
98
90
90%
06
22
102

H ig h N o . Low H ig h
104%
13 103 105
08% 1 33 98 100
Juno’ 12
Mar’ 10 ___
90% 96%
Deo ’ 15
Oct ’ 15
Deo T5

102% N ov’ 15
107 Jan ’ 1(1 ___
40% Jan '1(5 —
104% Jan '16 ___
4512 Jan ’ 10 ___
2
104 Salo> 104
104
80 Aug ’ 12
*70
3
72 Sale 72
72
1
85
80
85
85
2
2%
1%
1% Sale
1
1 Sale
1% 32
1% Mar’ 16 ___
Us 3
1
1% 1 Feb ’ 16
% Mar’ 16
38
h
% Mar’ 16
l8
%
84% ____ 84% Apr ’ 10 ___
91% Aug '15
9314
73
/4
10
73
74
104 10434 10434 Apr '10 —
8334 8434 84% Apr ’ 10 ___
20 Deo '15
25
99 >2 100 100 Apr '10 . . . .
96
15
90
95l2 98
97 Mar’ 10 ___
05% 08
69% Apr ’ 10 ___
70
08
00 Apr '14 ___
87% Apr '16 —
87
8534
86%
2
8434 86
88 Apr ’ 16 ___
85
—
102 103
81
100i2 Sale
10U2 102
94
101 Salo
101 Salo
83
8378
82i2 84
70% 76%
9534 Salo
lOOU
100 101
80
81
100
92% 94
7214 Salo
27*2 28
74i2 Salo
09% Sale
92l2 93
9212 93

107
40(2
104%
45%
103

107
40%
104%
48
104

72
73
84
87
1% 4%
1
334
1
3%
1
3%
%
%
%
*4
83% 8434
71
75
10334 105
81% 84%
98
90
97
69

102
99'4
97
72

86% 87%
8534 8734
88
90%

102%
10234 12 102 103%
79 Apr ’ 10
79
81
100%
100% 72 100% 101%
101% Apr '10
100% 101%
08 Apr ’ 14
101 May’ 13
100%
10 100 102
101
101
7 100% 102%
101
84% Apr ’ 10
83% 86%
84% Apr ’ 16
83
80%
70% Apr '10
75
7034
0534
4 9534 98*4
96%
9912 Jan ’ 10
99% 99%
90% June’ 14
79%
80% 49 74% 81
84 Jan '14
100 June’ 14
94 Mar’ 10 ____ 87
94
72
54 72
73
75%
27%
84 27% 31%
28
10 1 Apr '16 ___ 101 102
72%
74% 80 72% 7012
99%
99% 451 99% 9934
92%
9 91
93
93
02%
9234
3 92
93%

9934
0934 100
9934
99%
99l2 100
99%
100 1 0 1 % 100% Apr ’ 10
30 M a r’ 14
10 2% Mar’ 16
10 U2
03% 92% Feb ’ 15
100% Mar’ 10
10 1 —

14
4

98% 100%
99% 100
9934101
101

102%

100% 100%

93% Mar’ 10
93% 05
5 80
85
85
85
7834 77 73% 79
78%
5738 172 65
56
03%
80 Apr ’ 10
8534 88%
94 Apr '10
94
94%
80 Apr ’ 10
80
80
100 May’ 15
95 Mar’ 10
90
95
95
1023s
100 Sep '15
82
82% 82%
82%
11 81*4 83%
79%
80
81
8034 49 79 % 84'%
1O0I2 108 108
108
1 106 108
100 Salo 99% r*100%
3 98*4 100%
____ 94
95% J'ly *14
___«. 84
69 Jan ’ 10
68
69
____ 68
84 Oct '08
. . . . 7334 7334 Apr '10
73
74
____ 62
60% Apr '10
00% 02
_ _ _ _ 55
65 Apr ’ 10
65
59%
S32% Sale 32%
3934 100 32% 40S4
90% Sale 90%
90%
7 90% 92
103
103 Sop '15
10012 107 100% Apr '10
105 107
64 Juno’ 13
07 Feb ’ 15
12 1 122 122
122
0 120 120%
10 U2 10134 1 0 1 % Mar’ 10
101 102%
98% N ov ’ 16
98*2
103i8 io'3% 1033j Apr ’ 16
103 104%
100% May’ 15
100 Feb ’ 13
100i2
103 i0334 103% Apr '16
103% 103%
91 Jan '16
91
91
104% Apr ’ 16
104
104% 105
117%
1 U4% 117%
117U 110% 117%
122% Dec ’ 12
120 129% 120 Mar’10 ___ 120 128
88 Apr '16 —
80
88
88*4
101% 19. 1013s 102
IOH2 Salo 101%
101%
lOO'li 101% 101
5 100% 102'%
93
03% 92% Apr '16 —
91% 03
104
103% Mar’ 16 —
103% 103%
10438 Salo 104
104% 10 103 105%
84% 8434 84
84% 11 84
87
10834 n o 10834 Apr '10 ___ 108 109
100-% 101 100%
100%
2 100% 101%
9212 July’00
92l2 94
85 Salo
78% 78%
56% Sale
82
80
92I4 93%
79

99

Sale

0334
iof%
1 1 4 % 115%
Salo
0

J?
.

WiDash 1st gold 5s............... 1939 M-N
Id gold 6s........................... 1939 F - A
Debenture Series B ______ 1939 J - 4
1st lien equip s fd g 6 s ... 1921 M- S
1st Hen 60-yr g term 4s__ 1964 J
it rel and ext g 4s_______ I960 J - J
Cent Tr ctfs asst paid____
Do asst part paid_______
Cent Tr stpd ctfs asst paid .
Do asst part paid_______
Eqult Tr otls asst paid___
Do asst part paid_______
Eqult Tr stpd ctfs asst paid
Do asst part paid_______
Det A Ch Ext 1st g 6s___ 1941 J - J
Des Moln Dlv 1st g 4s____ 1939 J - J
Om Dlv 1st g 3 X s ............. 1941 A -O
To! A Cb Dlv 1st g 4s___ 1941 (W- S
Wab Pitts l'erm Istg 4s____ 1954 J -D
Cent and Old Col Tr Co certs..
Columbia Tr Co certfs........ .
Col Tr ctfs for Cent Tr ctfs__
3d gold 4s........................... 1954 J -D
TrustCo certfs............ .........
Wash Torml 1st gu 3 X s ___ 1945 F - A
1st 40-yr guar 4 s _______ 1945 F - A
west Maryland 1st g 4s___ 1952 A - O
West N Y A Pa 1st g Gs........ 1937 J - J
Gen gold 4 s........................ 1943 A - O
Income 5s.........................dl943 Nov
Wheeling A L E 1st g 6s___ 1926 A - O
Wheel Dlv 1st gold 5s___ 1928 J - J
Exten A Impt gold 5s___ 1930 F - A
RR 1st consol 4s................. 1949 M- S
20-year equip s f 5s.......... 1922 J - J
Winston-Salem 8 B 1st 4 s . . . I960 J - J
Wls Cent 60-yr 1st gen 4s__ 1949 J - J
Hup A Dul dlv A term 1st 4s *30 1*1- N
Str««t Railway
Brooklyn Rapid Tran g 6 s..1946 A - O
1st refund conv gold 4 s . . . 2002 J - J
O-year secured notes 6s__ 1918 J - J
Bk City 1st oon 6 s ..1916-1941 J - J
Bk Q Co A 8 eon gu g 6 s ..1941 M -N
Bklyn Q Co A 8 1st 6s___ 1941 J - J
Bklyn Un El 1st g 4-6S...1950 F - A
Stamped guar 4-6s_____1950 F - A
Kings County El 1st g 48.1949 F - A
Stamped guar 4s______1949 F - A
Nassau Eleo guar gold 48.1951 J - J
Chicago Rys 1st 6s.............. 1927 F - A
Conn Ry A L 1st A ref g 4Ks 1951 J - J
Stamped guar 4 His.......... 1951 J - J
Det United 1st cons g 4H8..1932 J - J
171 Smith Lt A Tr 1st g 5 s ...1930 **- S
Grand Rapids Ry lstjg 6 s ...1910 J -D
Havana Eleo consol g 6s...... 1952 F - A
Hod A Manbat 6s Ser A ___ 1957 F - A
Adjust Income 5s............... 1957
N Y A Jersey 1st 6s______1932 F - A
laterboro-Metrop coll 4X8-1950 A - O
laterboro Rap Tran 1st 6 s..i960 J - J
Manhat Ry (N Y) oons g 4s. 1990 A - O
Stamped tax-exempt____ 1990 A - O
Metropolitan Street R y—
Bway A 7tb Av 1st o g 68.1943 J - D
Col A 9th Av 1st gu g 6 s..1993 M- S
Lex Av A P F 1st gu g 68.1993 M- S
Met W 8 El (Chic) 1st g 4S-. 1938 F - A
Mllw Eleo Ry A Lt cons g 6s 1920 F - A
Refunding A exten 4X8..1931 J - J
Mlnneap St 1st cons g 6s___ 1919 J - J
Montreal Tramways 1st A ref
80-year 6s Ser A _________ 1941 J - J
new Orl Ry A Lt gen 4X 8..1935 J - J
B Y Rys 1st R E A ref 4S..1942 J - J
80-year adj lno 6s.............a 1942 A - O
N Y State Rys 1st cons 4 X s . 1902 M -N
Portland Ry 1st A ref 6s___ 1930 M- N
SPortld Ry Lt A P 1st ref 5s. 1942 F - A
Portland Gen Eleo 1st 5s. 1935 J - J
dt Jos R y, L. H A P 1st g 5s. 1937 M- N
St Paul City Cab cons g 6 s.. 1937 J - J
Third Ave 1st ref 4s...............1900 J - J
Adj lno 6a..........................ol960 A •O
Third Ave Ry 1st g 5s.............1937 J J
Trl-Clty Ry A Lt 1st s f 6 s.. 1923 A -O
Undergr of London 4 X s___ 1033 J - J
Income 0s_______________1948
Union Elev (Chic) 1st g 5s. .1949 A - O
United Rys Inv 6s Pitts Iss.1926 M -N
United Rys St L 1st g 4s___ 1934 J - J
St Louis Transit gu 5s . . . 1924 A -O
United RRs San Fr s f 4 s ... 1927 A - O
Fa Ry A Pow 1st A ref 6s__ 1934 J - J
Qas and Elsctrlc Light
. „
Atlanta G L Co 1st g 6s___ 1947 ■» -D
Bklyn Un Gas 1st cons g 6s. 1945 M -N
Buffalo City Gas Istg 5s___ 1947 A -O
Columbus Gas 1st gold 6 s ... 1932 J - J
Consol Gas conv d eb 0s ...1 9 2 0 Q ■ F
Detroit City Qas gold 5s___ 1923 J - J
Detroit Gas Co cons Istg 6s. 1018 F - A
Detroit Edison 1st coll tr 5s 1933 J - J
Eq a L N Y 1st cons g 6 s ...1932 M- 8
Gas A Eleo Berg Co o g 6s 1949 J -D
Hudson Co Gas 1st g 6 s ... 1049 M -N
Kan City (Mo) Gas 1st g 6s. 1022 A -O
zings Co El L A P g 6s____ 1937 A -O
Purchase money 0s______1997 A - O
Convertible dob 0s_______1922 M- S
Convertible deb 0s............. 1925 M- S
Ed El 111 Bkn 1st con g 4s. 1939 J - J
Lao Gas L of St L 1st g 6s..el919 Q
Ref and ext i ’ 5s........... 1934 A -O
Milwaukee Gas L 1st 4s___ 1927 M -N
Newark Con Gas g 6s______1948 J - D
H Y O E L H A P g S s .......... 1948 J - »
Purchase money g 4s____ 1949 F - A
Ed El 111 1st cons g 6s___ 1995 J - J
NYAQ El L A P 1st con g 6s. 1930 F - A
N Y A Rich Gas 1st g 6s___ 1921 M -N
Paolflo Q A El Co Cal G A E
Corp unifying A ref 6s___ 1937 M- N
Pao Pow A Lt 1st A ref 20-yr
6s Internat Series________ 1930 F - A
Pat <* Passaic G A El 5s___ 1949 M- 8
Peop Gas A C 1st cons g 0 s.. 1943 A -O
Refunding gold 5s............. 1947 M- S
Registered____________ 1947 M- S
Ch O-L A Cke 1st gu g 5s. 1937 J - J
Con G Co of Chi 1st gu g 6sl930 J - D
Ind Nat Gas A Oil 30-yr 6sl930 M- N
Mu Fuel Gas Istgu g 6 s.. 1947 M- N
Philadelphia Co conv 6s. . 1019 F - A
Conv deben gold 6s.......... 1922 M- N
Stand Gas A El conv s f 08— 1920 J - D
Syracuse Lighting 1st g 58—1961 J -D
Byracuse Light A Power 6 s .. 1964 J - J

Week’t
R ange or
L a s t S a le

10 1%
100-% 101%
84
87
100% ____
98% - - - 91*4 91%
101% Salo
100%
_
81

99

99%

40

93 Fob '10 —
99% Oct ’ 15
114% Apr ’ 10 ___
100%
100%
6
99 Sep ’ 13
10234 Apr ’ 16 ___
101% Feb ’ 10 —
93 Mar’ 12
10034 Mar’ 10 ___
98%
98%
1
92% Apr ’ 10 . . . .
10 1%
102
26
100% Jan ’ 16
85% June’ 12

BONDS
Y . STOCK EXCHANGE.
Week Ending April 28.

03%

114% 118
100% 102%
102% 102%
101 101%
100%
*96%
92
98%
99*4

100*4
*’98%
03%
102%
100%

1613

P r ic e
F r id a y
A p r i l 28.
B id

Trenton G A El 1st g 6s___ 1949
Union Eleo Lt A P 1st g 5S..1932
Refunding A extension 5s. 1933
Utica Eleo Lt A P 1st g 5 s.. 1950
Utica Gas A Eleo ref 5s___ 1957
Wostchestor Ltg gold 5s___ 1950
Miscellaneous
Adams Ex coll tr g 4s______1948
Alaska Gold M deb 0s A ___ 1925
Armour A Co 1st real est 4 X s ’39
Bush Terminal 1st 4s______1952
Consol 5s________________ 1955
Bldgs 58 guar tax ex____ 11960
Chile Copper 10-year conv 7s 1923
Computing Tab-Reo s f 0 s..1941
GranbyCons M SAP con 6s A ’28

Certificates of deposit.
Int Navigation 1st s f 5s.

N Y Dock 50-yr 1st g 4s..

Ontario Power N F 1st 5s

» vvp*

a
.yjw

lo t UO___ _

Am Hide A L 1st s f g 6s___ 1
Amer Ico Secur deb g 0 s _ ._ Il—„
Am *mclt Securities s f 6 s.. 1926
Registered.

M- S

J -D

A-C
J - J
A -C
M -N
J- J
M- N
M -N
M -N
M- 8
J - J
A -O
F-A
J - J
J - J
A- O
J - J
F- A
J - J
A -O
M-N
F-A
M -N
A-O
J - J
F -A
M -N
J - J

A-O
F-A
M -N
M- S
A -O
F- A
J - J
A -O
A- O
F-A
F-A
j - j
M -N
J- J
M-N
A -O

Registered................. 1951
Am Writ Paper 1st s f 5 s ... 1919
Baldw Loco Works 1st 5 s ... 1940
Both Steel 1st ext s f 5s___ 1926
1st A ref 5s uarA .
. 1942
Cent Leath 20-year g 5s.
1925
Consol Tobacco g 4 s..
1951
Corn Prod Ref s f g 6s...........1931 M -N
1st 25-year s f 5s ______ 1934 M-N
Cuban-Am Sugar coll tr 6s.11918 A - O
Distil Sec Cor conv 1 st g 5s 1927 A - O
E 1 du Pont Powder 4 X s
1936 J -D
General Baking 1st 25-yr 0s 1936
Gen Electric deb g 3 X s ___ 1942 F - A
Debenture 5s__________ 1952 M- S
III Steel dob 4 X s ______
1940 A - O
Indiana Steel 1st 5s___ I ' ” 1952 M -N
Ingersoll-Rand 1st 5 s ... .*1935 J - J
Int Agrlcul Corp 1st 20-yr 5s. 1932 M -N
Int Paper Co 1st con g 0s
1918 F - A
Consol conv s f g 5s...........1935 J - J
Int St Pump 1st a f 6s___
1929 M- S
Certfs of deposit_______~____
Lackaw Steol 1st g 5s.III"~i923 A - O
1st con5s Series A . . . I
1950 M- S
Liggett A Myers Tobao 7s” 1944 A -O
5 s _________
*1951 F - A
Lorlllard Co (P)' 7s—I I I I '“ l 944 A -O
5 s . . . _____________
"*1951 K - A
Mexican Petrol Ltd con 6s A 1921 A -O
1st lien A ref 0s series C . 1921 A -O
Nat Enam A Stpg 1st 6s___ 1929 J -D
Nat Starch 20-yr deb 6 s.. 1930 J - J
National Tube 1st 5s___
1952 M -N
N Y Air-Brake 1st conv6s*1928 M -N
Railway Steel Spring—
Latrobe Plant 1st s f 5 s . .. 1921 J - J
Interocean P 1st s f 5s ...1 93 1 A - O
Repub I A S 10-30-yr 5s s 1. 1940 A - O
Standard Milling 1st 5s........ 1930 M- N
The Texas Co conv deb 6 s.. 1931 J - J
Union Bag A Paper 1st 6 s.. 1930 J - J
Stamped............................. 1930 J - J
U S RcaltyA I conv dob g 6s~1924 J - J
U 8 Red A Refg 1st g 0s___ 1931 J J
U S Rubber 10-yr coll tr 0s.. 1918 J - D
U S Steel Corp— I cou p___ dl963 M -N
S f 10-60-yr 5 slro g ___ I<jl963 M-N
Va-Car Chem 1st 16-yr 6s 1923 J - D
Conv deb 6s____________*1924 A - O
West Electric 1st 5s Deo. " 1922 J - J
Westlngh’so E A M conv 5s" 1931 J - J
10-year coll tr notes 6s___ 1917 A - O
Coal & Iron
Buff A Susq Iron s f 5s.........1932
MF -A
F-A

8

J -D
F -A
A -O
J - J
j - )
J - J
J - J
J - J
A- O
J D
'Telegraph & Telephone

Cent Dist Tol 1st 30-yr 5sl

W e e k ’s
R ange or
L a st S ale

A sk L ow

H ig h

fa
1 *
N o.

M- S 1 0 1 % ____ 1011* June’ 14
M- S
100 Sep ’ 16
M -N
89 M ar’ 16
J - J
102% M ar’ 15
J - J
J -D 104% 105% 104% Apr ’ 16 —

XiJ’Ja

M anufacturing & Industrial

97% 100
93

In te r e s t
P e r io d

Apr. 29

83% 83%
103 105
93% Sale
85% 87%
87*4 Sale
87-% 87*4
133% Sale
81% 82%
104% 107
104% 106
100% ____
99

100

96% 99
96% Sale
92% sale
94
72%
102%
107

95%
73%
104%
____

------ 94
86% 90
913s Sale
112

114

6
83
83%
10 2%
10 2% 13
280
933jj
94
88 Apr ’ 16 ___
8734
8734
1
12
8734
88
129%
133% 197
5
81%
8134
104%
104% 1 1
12
104
104%
5
100
100%
193 Apr ’ 16 ___
190 Mar’16 ___
96
101% 45
95
IOII2 2115
7
95
98 "
96(2
9034 96
10
92%
92%
83 Apr *14
94 Feb ’ 16 __
10
73
73
2
102%
10 2%
92%
94
80
91%
127
92%
113

R ange
S in c e
Jan. 1.
L ow

H ig h

104% 105
83
85%
102 117
9338 95
86% 89
87(2 92
87*8 91
129% 135%
81
85
104% 109%
103*4 109
99% 101%
174 195%
174 196
95 102%
91*4 99%
95% 97
92% 93
94
94%
73
76(2
100*4 102%

Feb ’ 16 __ _ 92% 92%
Apr '16 ____ 93*4 95(2
Mar’ 10
86
86
91%
1 1 89*4 92
Dec ’ 15
Feb ’ 14
113
9 113 125

1 101% 103
10 1%
10 1%
97%
97% 34 97% 99%
3 96% 97*4
97
97
7 103% 104i8
103%
103%
2 85
86
86
88(2
108%
1 1 0 % 48 108% 118
1 977s 98%
98
98
.
.
.
.
118 Apr ’ 16
118 118
121*4 May'14
83*4 90
83*4
83*4 ___
83% 85(2
98 June’ 14
16 65(2 75%
75 Sale 75
75%
1
10412
104%
------ 106
104(2 105
1 1 102(2 104%
104
103% Sale 103%
29 100% 103%
101*4 Sale 1 0 1 %
102
75 100*4 102%
102 sale 101*4
102
82%
97% Jan ’ 16
5 99 100%
99
99% 99
99
96
97
8 96% 99%
96*4
97%
2 101% 103
10 2%
102% 10 2 %
7434 363
74*4 Salo 72 %
G 102 107%
102 104 102
103
84U
82%
82 Apr '10 ____ 78
83%
8 103*4 105
104*4 105 10434 105
91
91% 90%
91% 83 90% 92*4
102% Sale 102
13 101% 103%
102(2
100 Oct’ 13
------ 77
77 Apr ’ 16 ___
77
79
40 102 102*4
100 10 2% 102
102
3 81
89
89% 89*4 89
90
.
.
.
.
70 Mar’ 16
75
78%
1 72(2 79%
73 Sale 73%
73%
79 97(2 100*8
100
99*4 Sale 99*4
90*4
9234
518 90*4 97%
92*4 Sale
7 124*4' 127
125
125(8 125% 125
25 101% 103(2
1 0 1 % 102 1 0 1 %
101*4
5 122% 127
126%
126(2 Sale 126%
100% 1 0 1 % 10 1
1 0 1% 15 100% 102%
17 100% 128
110 115 107%
111
22 105 125(2
112
112 Sale 107%
16 96% 99
98% 100
98
98%
0 87
85
88% 87
87
87
10 99% 101%
101 Sale 9978
101
29 101 105%
102
102% 102% 101
100 10 1
973s 97%
973s Sale
103% Sale
86 Sale
110% Sale
98
983s

100
95% 90%
98% Sale
98
981?
104*4 Sale
82*s 85
82 _
71*s 72
10
20
102% Sale
105 Sale
104% Sale
98
98%
100% 101%
101% Sale
119 Sale
101% 101%
96
93
94*4
75*4
18
90
------

2
100%
100%
96%
96l2 20
98%
98*4 117
11
98(2
98%
18
104%
105
83% Apr '16 . . . .
1
82%
82%
73 Apr '10 . . . .
11 Apr ’ 16 . . . .
102
102% 34
509
104(2
105
1
104*4
104*4
19
98
98%
100%
101% 27
9
101%
102
114
112%
119
101*8 Apr ’ 10 —

92 July’ 14
93 Feb ’ 16 ____
1
95
95
60
75
76
73 Mar’14
93 Apr ’ 16 ____
99% Feb '14
93*4 94*s Mar’10 . . . .

95%
96
Sale
____
92%

89% o’d%
85% 87
101*4 102%
101% 102
101%____
105 100
____ 85
M- 8 89% Sale

89(2
90%
87 Mar’ 10
102 Apr ’ 16
101%
101%
101*8 Apr ’ 10
101 Deo ’ 14
73 Apr ’ 14
89% Apr ’ 16

6
....
____
1
___
— -

:s

92% 118
J - J 92(s Sale 92
101
M- 8 100 102i2 101
1073s 66
M- 8 107% Sale 107%
J -O 100 10234 102(8 Mar’ 10 ___
____ 77
Q - J ___ 84
79 Apr '14
5
99% '100%
f - j 100 Sale
98 ____ 98 Apr ’ 16
j - j
3
Yl-N 101% 101% 101%
101%
99% 100% 100 Apr ’ 16 ___
F -A
M -N 100% ____
M- N 98% Sale 98%
98*4 28
99%
100% 24
J - J 9934100
J - J 1001s Sale 100%
100% 37
1
J - J 100% Sale 100-% 100%
9434 95% 9434
4
95%
M -N
101% Apr ’ 16
W-N
J - J 9434 ____ 95 Mar’ 16 —

99*4 100%
94% 95%
95*4 99*4
95% 99
105 106
80% 83%
82% 82%
70
73
11
11
102 103%
103*4 105
103% 105%
98
99%
100% 103%
101% 103%
112(2 141%
101% 101%
90
93
92*4 95%
74% 77
91

93

94*4 94*4
89
84
101%
101%
101*8

90
88*a
103%
102
102

88*4 90%
90%
100
105%
102

02%
101*4
108*4
102%

99%
98
10 1%
100

100%
98
10 1 %
101

98%
99%
09%
100
04%
10 1%
95

99%
101%
101%
101%
90l2
10 1%
95

♦NopriceFriday; latestbldandasked, aDueJan. <JDueApr. eDueMay. gDuoJune, hDuoJuly. ADueAug. 0DueOct. pDueNov. j Duo Dec. sOption»ale.




BOSTON STOCK EXCHANGE—Stock Record

1614

S B AR B P R I C E S — N O T P B R C B N T U M P R I C K &

Saturday \ Monday
April 22 1 April 24
*100
*100
187
*7612
*137
44
*232
“ *4~
*105
*148
76
*126
*
*100
*6*4
34
60*4
151
*20
*129*2
4*
60
78

i

Tuesday Wednesday Thursday
April 25 April 26 j April 27

A p r il

28

Last Sale
Last Sale

10234
101 A pr’ 16
100 Mar’16
lOt
187*2 187i2 187*2 187 187*2
72*4 7234 72*4 73
72
138*2 137*2 137*2
44
44*2 44' 4434
44
232 Apr’ 16
4*2 Mar’ 16
40' Mar’ 16
40
40 “
40 “
40 ♦
*4
5
5
5
5
"4*2
4*2 ’ *4'
44” Mar’ 16
*154 156
160 Sept’ 15
102*2 103
102*2 105
105 105 *103 105
158 Mar’ 16
157 *148 157 *148 157 *148 157
7534 76*2 75*2 75*4
76
*76
76
76
76
76
126*2Apr’ 16
127_ *126*4 127
127 *
127 *
89 Apr’ 16
90 *
90
90 *
90 *
*100 10012 mnu moio *100 100*2
*100
63,
*634 7*? *63,
6*4
7
*634 7*4
6*4 6*4
*
34
34
34
34
34
34
34
35
335s 34
61
59
58
60*4
57*4 58*4 58*2 60
61*4 60*4 61
103 103
*103
103 103
151 151*2
151 151 *151
151 151
151
213
22
Apr’ 16
*20
24
*20
*20
24
24
130 130 *133*4 134
130 *130 13034 *130*2 131
8219 Mar’ 16
*115 ___
115 115 *115
115
117*? *
___ ___
60
60
*59
62
60"
58
60
60*4 58
78
78*2 78*2 78
78
78
79 *__
79
78*2 78

10034 *101l4
10012 *101
188
189
65*2
77
138l2 137
44 ! 44
___ 1*232

102 *10214
IOH2 *10014
188
188
76i2 72
137
13712
44
43*2
___ *232l2

103 *102
101 *100i2
187
189
72
73
13712 *137*2
44
44
___ 1*232

Friday

Last Sale
Last Sale
Last Sale
Last Sale
Last Sale
Last Sale
Last Sale
Last Sale

Last Sale

*64
*65
67*2
65
66*? 663s 6638 *66
64
64
*63
66
973,
97*4 97*2 *97
98
97*2 98
97*2 97*? 96*2 97*4 98
3
3
*2
3
*2*2 3
278 2'8
3
*2*2 3
2*2
15
*143, 1534
15
15
15
15
*1412 15*? *1434 15
15
10678 107*2 *107 ___ *108 109*2
106 106 *106*4 10734 108 108
11534 116
11512 116
1151a 115*2 115*2 116
115*2 115*2 115U 116
127*2 128
127 12734 127*2 127*4 127*4 12734 127*2 128
127 128
4634 *45
*46
*45
46
46*4
*43
45
45*4 45*4 *46*4 47
98
98*2
99
98*2 *98
98
96*2 97*2 97*2 98
96*2 97
*70
70*4 70
70
*70
70
70
70
70*4 70
*70
71
*100 IOOI4 100*4 100*4 100 100*4 *100*4 10034 *100*4 100*4 ___ ___
323, 32
3234 32*4 32*2 32
321?
3134 32
31
3U2 32
48*4
48
48*4 48
47*? 47*2 49
48*4 48
47
48*2 46
*934 103S 10
10
*934 10
10
10
10
10
10
10
234 236
235 236
23412 235
236 236
236 236
236 236
159*4 16212 *161 162 *161*2 16212 *160*2 161*2 *1623, 163*4 ♦1623, 163*4
98*2 98*2 98*2 ___ ___
98*? *98
*98
98*2 *98
98*2 *98
81
81
81*4
81*2 81*2 81*2 8 U? 81*4 81*2 81*2 81*2 81
833, 833,
83*4 84
84
84
84*2 84*2 83*2 84 *
*
160
160 160
160*2
165 *155 160 *156 160 *__
1*2
*11,
U?
1*2 ___ ___
2
1*2 *____
1*2
1*2
*
19 Apr’ 16
20
20 *
20 *
20 *
*43
43
Apr’ 16
*43
*43
*43
25
25
25
25
25
25
25
25
25
25
*50
55
*50
55
50
50
55
*50
*50
55
*
132 132'*.,
132 132
133
132*4 132*4 133 133
135 135
152 153
151 151*2 150 150*2 152 152
150 151
152 154
158*2 160
160*2 160*2 160*2 161
*158 161
160*8 160*8 160 161
16
*16
16*2 16
16
*16
16*2 *16
10*2 16
16*2 *16
128*8 1283s
128*2 129
128*2 128*2 127*4 128
130 130
128 128
48*4
47*? 47*2 47*2 47*4 47*2 47*2 48*8 48
47
47*4 47
30 Apr’ 16
30*, *30
30*? *30
30*2
*30
30*2 *30
1*4 Apr’ 16
*1
*1
134 *1*8
1*2
1*2
U? *1
145*2 146*2
144 1463s 146*2 147*2 145*2 146*2 145 146
143*2 146
573, 57
57**8 563, 57*2 57*4 57*2
56*2 5738 56*2 57*? 57
29*4 29*4 29*4 29*4 29*2 29*2 283, 2938 293, 293, 291, 29*4
823,
83*4
83*a 84
80*2 81*2 8078 82*8 83*8 8378 82*4 83*4
*116 116*2 *116*4 11634 116*2 116*2 116*2 116*2 117 117
9*2 9*4
93g 978
9*2 9*8
9*2 978
9*4 9*2
9*8 9*2

Last Sale
Last Sale

Last Sale
Last Sale

4*4
98
19
*1*4
65
86*2
8*4
*3
86*2
70
545
*16
*51*8
59*4
278
12
9
843.1
42*4
15

*4
4
49*2 49*2
*8934
9.1
27
28*2
4*2 *4*4
6
6
14*2 1434
434
4*4
3
3*8
12
12*2
3*4
3*4
3634 36*8
3*2
3*2
963.1 94*2
173s 1678
7
7*2
13*2 13*2
7*8
7*8
26*2 24*2
1*4
1*4
2
2*4
2*4
278
67*4 65*2
91
89*2
14*2 14
93*4 92*2
22*2 22
70
68*4
2*2
2*8
9
8*4
3134
31
8
7*4
17*2 163,t
3%
3*8
53*2 53
734
7*8
.32 *.25
6934 66
51*8 50*2
4*2
4*4
1334 133s
77*2 7734
9*4
9*4
31,
3*2
4»gl
4*2
56
55
2*4
2*8
• Bid and asked

4
48*2
*89*2
26*2
*4*4
534
14*2
*438
3
11*4
*3*4
3634
3*2
95
*17
*7
13*2
7*8
2534
1*4
2*4
234
66
90*2
1378
93
*22
68
2*2
8*4
*30*4
7*4
17*2
334
52
7*4
*.25
66
5078
4*4
13*2
77*2
9*2
3*2
*4*8
55
*1*4

*4
4*8 4*8
4*4
100 100
100 100
1934 2 U4 203, 21*4
1*2
1*8
l*?
1*4
67
68
68
69
893, 92
91*2 92*8
83,
9
9*4
9*8
23,
25* 3
2 's
91*8 93*4 92*2 93
73
737s
72*2 73
555 556
552 555
*1534 16*2 16*2 16*2
53
53
54
54
63*4 64
63
64 <2
*27s 3*8
278 3*4
1234 123, 125s 123,
9
9
8*4 S78
8412 85*4 *86*2 88
5034 51*2
49
51
15
15*4
*14*2 15
!*4 Xr-ir’ lfi
41? *4
4*2 *4
4*2
4*2 *4
4*2 *4
49*2 49*2 49*2 49*2 *49*., 493,
49*? 49*4 50
89
91
*8978 91
89*2 89*2 89*2 89*2 89*2
29
28
29
29*8 29*8 29*8
27*2 27*2 29
4*4 4*2
45g 5
4*2
4*4 4*4 *4*4 4*2
6
6
6I2
6
6*4
6’*8
6*4
6*4 6*4
17
15
15*2 16*4 16
16*2 16*2 163, *16
43, *4*4 41, *4*4 •134
4*8 *4*4 434 *4
234
3
4
4
3
3
3
3
3*8
12*4 12*4 12*2 1238 123, 12*4
12
12*2 12*2
3*8 3*8
3*2 3*2 *3*4 334
3*2 *3*4 4
38
*38*8 383s
*37*2 377s 38
36*8 3734 38
3*8 3*2
3*2 3*2
3*2
3*2 3*2
3*2 33s
98
97
96
98*4
97*4 95*2 97*4 96*2 98
17
17*2 17*2 *17*8 17*2 1734 1734 *1738 18
7
73s 7*2
7*2 7*2
7*2 7*2
7*2 7*2
14*2 15*2 15
14
14
15*4
14
14*4 14
7% 7%
7*2 8
7*4 7*4
7*8
7*8 7*4
27*2
26*2 27*2 27
26*2 27
25*2 25*4 27
1*4
1*4
1*4 1*4
1*4
1*2
1*2
1*4 *1*8
*2
2
2
*2
2*8
2*8 2*8
2
2*2
*278 3*4
3
3
3
3
3
3
278
69*2 70
68*2 69
68
68*a 69*2 68*4 69
93
9334 91
93*4 94
91
92*4 93
91
15
15
15
15*8
14*4 14*4 1434 14*2 15
93*2 95
93*2 94
94*2 95
94
95
93
23
*23*4 23*8
22*8 22*8 2278 22*2 22*2 23
*72
71
71
73
70*2 71
69*2 70*2 71
23,
2*2 2*2
23s 23,
2*2 2*2
2*2 2*2
9
9
83,
83,
9
9*8
9*8
9
9*8
33
32
32
32*4 32*4 33
3134 32*4 33
8
8
8
8
73g 77s
71?
7*2 734
17
17*2 17
17
17
17
17*2
17
17
314
334 378
33,
3*4 378
4
378
378
55
66
54
56
57*2 55
54
54*2 55
7*4 738 *7*4 7*4
7*4 7*2
7*4 *7*2 734
.32 .33
.34 .34
.30
.32
.32 *.25
.32
7038 72*2 72*2 75*2
71
6878 693s 7138 70
513, 521,
52
51
51
51*2 5178 51*2 52
43g 4*2
4*2 4*2
47s 5
45s 4 %
4*2
13*4 1378
13*? 13*2 135s 1338 1334 *1334 13'8
7938 80*4 81
80*8 80*2 80*2 80*2 *81*4 81*8
9
9
9*4
9*4
9
9*8 9*2
9*4
9^8
3*2 3*2 ♦312 334
3*2 3*2 *3*2 334
3*2
434 434
4*8 4*2
4*2
4*2 4*2
4*2 4*2
57
58
67*2 58
56
57*? *56*2 57
56
2
2
23s
2*4 2*2
2*4 2*4
23g *2
price, a Ex-dlvldend and rights. 6 Ex-stock dividend,

4
4
4
378 4
4*4
4*4
100 100
10 1 101
99 100
100
19*2 19*4 1978 19*2 1934
19*2 19
1*4
138
l*2l *1*4
1*4
1*2 *1*4
67
67
67*8 68
06
67
67
89*2 89*2 92*8 89*4 91*4
89*4 88
834
8*2 83,
8*2 83s
8*4 83S
234 278
3
3
23,t 3*8
3*8
903.4 91
9378 9H2 9238
88*2 87
7234 7012 713l 7178 721? 72
72*2
552 555
550 550
545 545
550
*16
16
16*4
17
16*4 10*2 16
537s 523s 523s
5134 52
52*? 53
62
60*4 61*2 6138 63*? 62*2 63*2
*278 3*8
278 *278 3*8 *234 31.,
123, 1234
12*4 13
12*4 113.! 12
9
9
9
9
9
878 9
84
84
*84
86
*84
85
85
47*4 48*4
42*2 44*2 44*2 46*2 47
1434 1434 15
15*? 15
15
15




Sales
of the
Week
Shares

STOCKS
BOSTON STOCK
EXCHANGE

Railroads
Atch Topeka & Santa Fe._100
Do pref_____________ 100
277 Boaton <fe Albany________ 100
2,121 Boston Elevated_________ 100
53 Boston & Lowell_________ 100
626 Boston & M aine-------------- 100
Boston & Providence_____ 100
Boston Suburban Elec Cos__
Do p r e f............................
100 Boston & Wore Electric C os-.
Do pref..............................
Chic June Ry A U 8 Y ...1 0 0
Do pref........................
149
Connecticut River_______ 100
298 Fitchburg pref___________ 100
Georgia Ry A Elec stampdlOO
Do pref______________100
Maine Central___________ 100
19 Mass Eiectrlo Cos________ 100
196 Do pref stamped_____ 100
1,707 N Y N H A Hartford......... 100
2 Northern New Hampshire. 100
98 Old Colony______________100
Rutland, pref___________ 100
10 Union Paclflo____________ ’ TO
Do pref______________lOO
10 Vermont A Massachusetts. 100
197 West End Street__________ 50
85 Do pref.............. ......... 50
Miscellaneous
125 Amer Agrlcul C hem ical... 100
328 Do p r e f ................. ..100
140 Amer Pneumatic Service.. 50
Do pref____ _____ ___50
110
28 Amer Sugar Refining____ 100
Do pref_____ _______ 100
141
3,013 Amer Telep A Teleg______100
5 American Woolen tr c t f s ___
Do preferred tr c t f s ___
467
58 Amoskeag Manufacturing___
147 Do pref________________
2,092 Atl Gulf A W I 8 S Lines. *00
2,389 Do pref____________ 190
245 East Boston Land_______ 10
95 Edison Electric Ilium____ 1001
General Electric_________ 100
5 McElwaln (W H) 1st pref. 100
445 Massachusetts Gas Cos.-.lOO
Do pref.........................100
101
1 Mergenthaler Linotype__ 100
600 Mexican Telephone_____ 10
Mississippi River Power.. 100
Do pref.............. ......... 100
68 New Eng Cotton Yarn___ 100
23 Do pref_____________ 100
349 New England Telephone.. 100
155 Nlpe Bay Company______100
73 Pullman Company_____ 100
29 Reece Button-Hole............ 10
300 Swift A Co...........................100
950 Torrlngton_______________ 26
Do pref______________ 25
Union Copper L A M ...........25
3,222 United F ru it____________ 100
4,980 United Shoe Mach C orp .. 25
Do prof_____________ 25
621
6,049 U S Steel Corporation___ 100
50 Do pref....................... 100
12,490 Ventura Consol Oil Fields. 6
Mining
785 Adventure Con___________ 25
25
444 Ahmeek.................
7,343 Alaska Gold........................ 10
155 Algomah Mining............... 25
25
686 Alloucz_______
22,319 Amer Zinc, Lead A Smelt. 25
7,300 Arizona Commercial______ 5
2,530 Butte-Balaklava C opper.. 10
6,127 Butte A Sup Cop (Ltd)__ 10
3,614 Calumet A Arizona............. 10
115 Calumet A Hecla.................25
55 Centennial_______________ 25
330 Chino Copper.................... 5
8,446 Copper Range Cons C o . . . 100
245 Daly-West.......................... 20
3,955 East Butte Copper M in ... 10
25
380 Franklin.................
150 Granby Consolidated........ 100
666 Greene Cananea.......... ..... 100
331 Hancock Consolidated___ 25
Hedley G o ld ____________ 10
100 Indiana Mining___________ 25
810 Island Creek Coal________ 1
Do pref_____________ 1
26
3,154 Isle Royale Copper________ 25
6
383 Kerr L ake____ _________
2,150 Keweenaw Copper________ 25
890 Lake Copper C o__________ 25
50 La Salle Copper__________ 25
1,160 Mason Valley Mine______ 5
1,390 Mass C onsol................... 25
125 Mayflower............................ 25
130 Miami Copper........ ........... 6
780 Michigan........................... 25
1,794 M ohaw k..____ ___________25
5
145 Nevada Consolidated____
550 New Arcadian Copper___ 25
1,045 New Idrla Quicksilver------ 5
3,150 Nlplsslng Mines-------------- 5
4,865 North Butte--------------------- 15
25
465 North Lake_______
225 OJIbway Mining__________ 25
355 Old C olon y...........................25
1,954 Old Dominion C o . . .......... 25
25
863 Osceola__ _____
3,260 Pond Creek Coal__________ 10
25
818 Quincy____ _____
230 Ray Consolidated Copper. 10
685 St Mary’s Mineral Land.. 25
1,515 Santa Fe Gold A Copper.. 10
1,900 Shannon............................- 10
175 Shattuck-Arlzona------------ 10
690 South Lake.......................... 25
385 Superior.....................
25
3,119 Superior A Boston Copper. 10
25
2,573 Tamarack.............
1,630 Trinity________
25
5,200 Tuolumne Copper_______
1
42,857 U S Smelt, Refln A M in .. 50
50
Do pref_______
2,015
6,745 Utah-Apex Mining_______ 5
805 Utah Consolidated_______ 5
332 Utah Copper C o...................10
1
6,165 Utah Metal A Tunnel___
660 V ictoria................................ 25
135 W inona__________________25
526 Wolverine_______________ 25
1,030 Wyandot t ______________ 25
c Assessment paid. A Ex-rtghts. t

[VOL. 10 l

S«« Next Page
K a n y e S in c e J a n .

Range (or Precious
Year 1915.

1.

B itte n .

Lowest.

B i t h u t.

92*4 Feb
97 Jan
170 Mar
73 June
109 Feb
20 Feb
225 Jan
5 Dec
40 Sep
5 N ov
39 Jan
157 Feb
101*2 July
140 Feb
51 Feb
114 Apr
84 Aug
92 Mar
478 June
33 July
43 Feb
89 Oct
140 Aug
15 Mar
116*2 Jan
79*4 Mar
105 Feb
01 May
80 July

109*8 Nov
101*2 Nov
198 Jan
96 Jan
138*2 Oct
37*2 Oct
240 June
10 Mar
66 Mar
9 Sep
47 July
160 Sep
110 Apr
165 Jan
76 N ov
120 Feb
88 Mar
103*2 Nov
10 Sep
56 Jan
87*4 Oct
98 Apr
157 Apr
30 N ov
141*8 Nov
8178 Oot
125 Apr
72*8 Jan
93*8 Feb
73*4 N ov
101*2 N ov
4*2 Oct
19*2 Jan
119*8 N ov
119 Deo
130*8 N ov
67*4 Oot
9912 Oot
67 Apr
101 Feb
36 Nov
49 N ov
13*4 Apr
260 Jan
18412 Oct
104 Mar
94 Aug
92iz Jan
200 Jan
3 Sep
16*8 Deo
46*2 Jan
30 N ov
55 Deo
143 Jan

102 Mar 2
99 Jan 5
186 Apr 14
65*2 Apr 24
129 Jan 4
35 Jan 28
227*2 Mar27
4*2 Feb 29
40 Jan 18
4 Marl8
42 Feb 28

108 Jan 3
101*4 Mar 9
198 Feb 16
88*2 Jan 19
145 Feb 11
52 Feb 14
235 Mar 2
5 Jan 8
40*2 Feb 29
5*2 Jan
44 Jan 18

102*2 Apr 26
150 Jan 5
75*2 Apr 28
122 Jan 3
*86 Jan 10
99’ 4 Apr 7
6 Feb 3
33*8 Apr 28
57*4 Apr 26
97 Jan 3
150*4 Mar21
22 Apr 10
130 Apr 26
817g Mar 1
115 Apr 25
58 Apr 24
78 Apr 22

107*2 Mar27
162 Feg 19
87 Feb 14
127 Marl 7
89 Apr 10
102 Jan 17
8 Feb 14
40 Feb 11
77*4 Jan 3
105 Feb 14
157 Feb 26
30 Jan 3
138*8 Jan 6
83*4 Jan 3
125 Mar 1
67*2 Jan 19
86 Feb 25

64 Apr 24
95*2 Mar23
2 Jan 18
13*2 Jan 5
106 Apr 22
114*2 Mar 1
12618 Jan 31
43 Jan 11
92 Jan 11
66 Jan 3
99*2 Jan 20
27 Jan 14
42 Jan 15
10 Jan 4
234 Apr 27
159*4 Apr 22
98*2 Apr 17
81 Apr 27
83*2 Apr 24
160 Apr 13
1 Mar 8
15 Jan 18
43 Apr 5
25 Apr 22
60 Jan 24
—
131*4 Jan 11
102*8 Jan 11
158*2 Apr 28
15 Feb 3
125 Feb 5
35 Jan 14
28 Jan 14
.90 Mar28
136*2 Jan 31
51 Jan. 3
28*2 Jan 3
7934 Mar 1
115*4 Feb 5
8 Feb 16

7D8 Feb 1 1
48 Jan
99 Jan 3
87*2 Mar
3*4 Apr 12
1*4 Mar
1578 Apr 10
13 Deo
118*2 Jan 8 100 Feb
118*2 Jan 13 109 Feb
131 Mar29 116 Jan
55 Mar 14
16*2 Apr
101*8 Marl4
77 Feb
70*2 Mar 8
69*8 Jan
IOU4 Feb 10
97*2 May
35 Apr 12
4 Feb
50*4 Marl7
978 Mar
13*8 Jan 19
8*2 Deo
250 Mar 7 230 May
178 Jan 17 138*4 Feb
102 Feb 24
96*2 Aug
86*2 Jan 5
78 Apr
89 Feb 14
84 N ov
172 Jan 19 154 Feb
2*4 Jan 15
*4 Apr
19 Apr 10
10 June
44 Feb 8
35 Feb
30 Jan 7
20 Apr
58 Jan 7
25 July
140 Marl7 *127*4 June
156 Mar20
171 Jan 17 150 Feb
16*4 Jan 12
15 Sep
134 Mar 6 104*4 Jan
4978 Feb 14
28 Mar
32 Mar 2
26 Mar
2 Feb 23
.95 Jan
150*4 Apr 4 110 Feb
59 Mar27
48 Aug
29*4 Feb 11
28 Mar
8878 Jan 3
38 Feb
118*2 Jan 25 102*4 Jan
13 Jan 3
10*8 Deo

1*4 Feb 17
95 Jan 15
17*8 Mar 6
.90 Feb 8
64 <8Jan 14
66 Jan 31
7 % Mar27
2*8 Apr 27
71*2 Jan 3
67*2 Jan 31
541 Mar28
16 Feb 1
51*4 Jan 31
59*4 Apr 22
2*2 Mar 1
11*4 Apr 24
8*4 Apr 28
84 Apr 26
42*4 Apr 22
14*2 Mar24
24 Mar 9
4 Mar 9
4412 Mar30
88 Jan 29
26*4 Jan 31
3*2 Mar 4
2*4 Feb 11
14*2 Apr 22
4*s Feb 16
2*2 Feb 23
11*4 Feb 1
3 Mar3l
35 Jan 3
1*2 Jan 5
89 Jan 31
15 Jan 28
7 Apr 24
10*4 Jan 3
6 Mar 1
2412 Apr 24
.90 Mar22
1*4 Jan 15
2*2 Mar 9
62 Jan 31
82 Jan 20
11*2 Mar 7
87 Jan 20
22 Apr 24
61*2 Jan 31
2*2 Apr 20
8*8 Jan 5
31*8 Jan 31
6*8 Mar 6
15 Mar 18
1*2 Jan 13
47 Feb 28
7*s Apr 24
.15 Jan 26
54*8 Jan 3
49 Feb 1
3 Mi Feb 11
12*2 Jan 15
77 Jan 31
9 Apr 26
2*4 Jan 3
3*4 Mar27
55 Apr 22
1*4 Jan 3

5*8 Apr 11
106 MarlO
26t2Jan 7
2 Apr 7
74*2 Feb 21
97*8 Apr 10
10 Feb 14
5*2 Feb 5
105*4 Mar 9
75*8 Apr 12
586 Feb 14
19 Jan 6
60 Feb 19
67*2 Feb 19
378 Mar 17
16*4 Jan 3
10*4 Jan 8
98*4 Feb 10
52*2 Mar 9
19*2 Jan 4
27*8 Jan 26
6 Jan 3
5 1*4 Apr 11
91 Jan 5
31*4 Jan 6
5 Apr 28
8 Apr 6
19*2 Feb 10
5*4 Jan
4*4 Jan .
15 Feb 23
5 Feb 10
39*8 Apr 4
4 Apr 6
10312 MarlO
18 Apr 3
10*4 Jan 4
24*4 Jan 19
8 Apr 28
32 Jan 3
4*s Jan 3
278 Apr 6
4 Jan 3
73*4 M arll
101*2 Marl4
16 A p r i l
97*4 Feb 21
26 Fob 14
75*4 Mar28
37s Jan 8
12*2 Feb 14
40*8 Fob 14
8*2 Jan 4
28*2 Jan 3
4 Feb 11
56*4 Jan 14
12*4 Jan 3
.50 Marl 7
78*4 Apr It
53*4 Apr 11
5*8 Apr 10
15*4 Feb 11
86*4 Fob 21
Ills Marl3
47s Feb 14
5 Jan 17
67*2 Feb 10
2*4 Feb 14

Unstamped.

* 2a paid,

170 Oot
18*4 Jan
128 N ov
36*8 Deo
30*4 Sep
1*4 Apr
163 N ov
65 May
30 Aug
89*2 Deo
117*4 Oct
14*8 N ov

47* Apr
1 Jan
92*2 Deo 103 Aug
40*4 Apr
2 Hz Dec
4*4 Apr
.45 Fob
86 Deo
35*2 Jan
72U N ov
16*4 Jan
9*2 Apr
3*4 Jan
4 * 4 Apr
2 Jan
80 June
35*4 Jan
78*4 Apr
51*2 Feb
350 Jan 630 Apr
25 Apr
15 Jan
67 N ov
327g Jan
65 Deo
30 Jan
5*4 Apr
l 7g Jan
16*2 Deo
8*2 Jan
14*4 Apr
4*2 Feb
04*2 Apr
58 Jan
52*8 Deo
23*4 Feb
24*2 Apr
11 Jan
29*4 Jan
26*2 Oct
10*2 Apr
2*4 Jan
62 Aug
41 Mar
91*8 Apr
85*2 Jan
34 Apr
17*2 Jan
5*8 Apr
3 Aug
4*8 Apr
1*2 Aug
1978 Deo
6*2 Jan
9 Apr
3*8 Jan
6 Deo
1 Mar
17 Apr
3 Jan
8 Apr
3 Aug
36*8 Dec
16*4 Jan
3 Apr
.60 Mar
98 Deo
46*4 Jan
17 Apr
11*8 Feb
4*2 Feb
14*4 June
4 July
13*2 Aug
87a N ov
5*8 Aug
3S7s Apr
22*4 Jan
4*s Apr
1 Jan
3*z Apr
.50 Mar
7*8 Apr
2*4 Nov
64 Deo
38*2 Mar
9312 Apr
84 Jan
19*8 Aug
12 Jan
95 Apr
50 Jan
27*8 N ov
15*4 Jan
65*2 Deo
28 Jan
5 Oct
1 Mar
11*4 Apr
4 Jan
38 N ov
18*4 Jan
7*4 July
5*4 Nov
41*8 Apr
22*2 Jan
4*8 Apr
1 Mar
68*8 Aug
25 Jan
15*2 Oot
2*8 Feb
.63 Apr
.20 Jan
64 Deo
20 Feb
50*2 Deo
28 Jan
5*g June
2 Jan
16*8 June
9*4 Feb
81*4 Deo
48*4 Jan
1 Feb
1*4 Jan
32 Jan
.50 Mar
a

HaU-pald.

4>t Apr
5*8 May
70 Apr
2*4 Apr

A pr, 29 1916.

THE CHRONICLE

Outside Stock Exchanges
Stocks

B o s t o n B o n d R e c o r d .— Transactions in bonds a t B o s­
ton Stock Exchange A p r. 22 to A p r. 2 8 , both inclusive:
F r id a y
W e e k 's R a n g e
L a st
o f P r ic e s .
S a le.
H ig h .
P ric e. L ow .

Bonds-

Amcr Agrlc Chcm 5s. _ 1928 101
Am Tel A Tel coll tr 4sl929 92 X
Convertible 4 X s __ 1933
Anglo French 5 year 5s__ j 95 X
Atl O & W I S S L 5 s.. 1959 79
Chic June & U S Y 4s. 1940
Copper Range 5s........ 1949
Gt Nor— C B & Q 4 s.. 1921 98
97
Mass Gas 4 X s .......... 1929
4 X s ._ ....................... 1931
Miss River Power 5 s.. 1951
New Eng Tclep 5s----- 1932 102 X
Pond Creek Coal 6 s.-1923 93 X
Swift & Co 1st 5s----- 1944 100
United Fruit 4 X s ___ 1923
110
West End 4s________1917;
Western Tel & Tel 5s.l932i ioox

S a les
fo r
W eek.
S h a r es.

R a n g e s in c e J a n .
Low .

102
92 X
107
95 X
79
85 X
86
98 X
97
94
78 <4
102 X
93 X
100
99
110
99 X

102X Feb
93
Apr
108 X Mar
95 X Jan
80
Apr
87X Mar
91
Jan
99
Feb
99 X Jan
96
Jan
81
Jan
103
Mar
94
Jan
ioox Mar
99
Apr
110
Apr
99 X Apr
ioox Apr

B a ltim o r e S to c k E x c h a n _g e .— Com ploto rocoru oi th o
transactions a t tho Baltim ore Stock Exchange from A p r. 22
to A p r. 2 8 , both inclusive, compiled from tho official sales
lists, is given below .
Prices for stocks are all dollars per
share, not per cont.
For bonds tho quotations are per cont
of par value.

P ar.

F r id a y
L a st
W ee k ’s R ange
o f P r ic e s .
S a le.
H ig h .
P r ic e . L o w .

30

Preferred ................ .100
Cosden & C o ............ ..... 5
Davison Chemical, (no par)

U 4X
95
108X
108X
23
9
4X
58
I9X

Manufacturers Finance 100 47 X
M t V Woodb Mills v t clOO 11
53
Preferred v t c ---------100
Norfolk Ry & L igh t... 100 26
Northern Central.......... 50
87X
Okla Producing & Ref— 5
6X
Pennsyl Water A Pow. 100
Sapulpa Refining.......... .5
United Ry A E lectric...60 27X
Wayland Oil A Gas-------5
6X
Bonds.
Anacostla A Potom 5s.1949
Atlan C L (Conn) ctfs 5s. .
Balt Elec stamped 5s. 1947
Balt Spar P A C 4XS.1953
Canton Co 5 s.....................
99 X
Charles A W Car 1st 5sl916
Chicago City lty 5 s.. 1927
City A Suburb 1st 5s. 1922
Coal A Coke 1st 5s__ 1919
Consol Gas gen 4 X s ..1954
Cons G, E L A P 4Xs.19.35 88 X
Consol’n Coal conv 6s.1923
Cosden A Co 1st conv 0s’20 124
Elkhorn Fuel Corp 6s. 1925
Elkhorn Fuel 5s_____ 1918
Fair A Clarks Trac 5s. 1938
Florida South 1st 4 s ..1945
Hous OH dlv ctfs. .1923 25 79X
Jamison CAC-G C 5s. 1930
Knoxville Tract Ion 5s. 1938
Mcrch A Min Trans 6s----- 102
Mllw El Ry A Lt4Xs.l931
Mt V Woodb notes 6s.1918
N O Mobile A C 1st 5s 1960
Norf A Ports Trac 5s. 1930 83 X
Norfolk Ry A Light 5s 1949
Seaboard A L adj 5 s.. 1919 65 X
United Ry A Elec 4 s.. 1949 83X
Income 4s................ 1949
Funding 5s small.. 1936 86X

30
36
43X
112
93 X
108X
108X
19X
7
4X
56 X
15
59
47X
11
51X
26
87X

6X

72

iox

27
5X

30
30
43 X
114X
95
109
108X
23 X
9
4X
59
19X
60 X
47 X
11
53
26
88

6X

74

12%

27 X

ox

Sa les
fo r
W eek.
S h a res.

$1,000
5,000
1,000
6,000
5,000
2,000
2,000
1,000
1,000
6,000
8,000
2,000
31,000
4,000
ioox ioox 6,000
100
ioox 5,000
1,000
90
90
79
79 X 11,000
1,000
92 X 92 X
1,000
102X 102X
102 102
3,000
93
93
4,000
7,000
99 X 99 X
49
49
5,000
8,000
83 X 83 X
2,000
96 X 96 X
2,000
65 X 05 X
83 X 83 X 31,000
4,000
62 X 62 X
800
86 X 86 X
08 X
102
99 X
96
99 X
103 X
98 X
102X
88
93
88 X
103
119
97 X

R a n g e s in c e J a n . 1 .
Low .

H ig h .

4 30
Apr 38
Jan
25 30
Apr 42
Feb
10 43 X Jan 44X Jan
523 63
Jan 120
Apr
170 82X Jan 99X Apr
220 107
Mar U 5X Jan
4 108X Apr 115X Jan
11,549
14 X Jan 20
Feb
14,785
6
Apr
10X Feb
8,505
4X Apr
6
Feb
893 56 X Apr 71X Jan
1,813
15
Apr 23 X Jan
280 59
Apr 68
Jan
400 40
Jan 47 X Apr
17 10
Mar
16X Jan
131 51
Mar 54 X Feb
10 25
Mar 26
125 87
Mar 90
800
6
Mar
6X Mar
233 72
Mar 77X Feb
807
2,615

98 X
102
99 X
90
99 X
103 X
98 X
102X
88
93 X
88 X
103X
125
97 X

Jan
Jan

29
9X

Feb
Feb

Jan
Jan
Jan
Jan
Apr
Apr
Apr
Jan
Jan
Mar
Apr
Apr
Jan
Mar
Jan
Jan
Apr
Apr
Jan
Apr
Jan
Jan
Mar
Apr
Jan
Feb
Apr
Apr
Jan
Jan

99
102
100
98 X
99 X
103 X
98 X
102 X
89
94 X
90X
105
138X
98 X
IOOX
10IX
90
82 X
93
104
102
94
99 X
52 X
83 X
90X
65 X
85
63 X
87X

Jan
Apr
Feb
Mar
Apr
Apr
Apr
Feb
Mar
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Apr
Jan

25 X
4X
90

ioox

99 X
95 X
99 X
103
98 X
102 X
85
92 X
87 X
103
101X
97 X
100
99 X
90
79
91
102 X
101
90X
98
49
81X
95
65 X
83
60 X
85

Mar

Feb

Philadelphia Stock Exchange.— T ho com plete record
of transactions a t tho Philadelphia Stock Exchange from
A p r. 22 to A p r. 2 8 , both inclusive, com piled from the
official sales lists, is givon below .
Prices for stocks are all
dollars por sharo, not per cont. For bonds tho quotations
are por cont o f par valuo.
I F rid a y
L a st
S a le.
P a r . P r ic e .

.100
..1 0
American Railways.. -.50
35X
.100
100
.100 48
.100 59
Preferred v t c.
50
Cambria Iron___
50
.50
Catawlssa 1st pref.
.100 71
.100 69
.100 34
.100 71
ants
..10
25X
100 _____
100
Kcystono Telephone.. .50
Lake Superior C orp.. 100
ox
.50
74 X
.50
78X
.50
.50
Mlnehlll A S H .......... .50
Northern Central___ .50
.50
.50 101
50 57




W e e k 's R a n g e
o f P r ic e s .
Low .
H ig h .

120 121
6X
OX
35 X 35 X
9X
86 X
109
109
47 X 48
59
59
45
45
81
81X
65
71
71
57
59 X
34
34 X
71
71 X
1
IX
25
25 X
33 X 36
76
75
13X 13X
9 9 15-10
74
76
75X 78 X
21
21 X
43
43
57
57
88
87
94
94
99X 101
56 X 57 X

S a les
fo r
W eek.
S h a res

R a n g e s in c e J a n .
Low .

F r id a y
S a les
L a st
W eek’s R ange
fo r
S a le.
o f P r ic e s .
W eek.
( C o n c l .) — P a r . P r i c e . L o w .
H ig h . S h a res.

Penn Traffic................ 2)4
98
41
42
27X

Phlladel Electric____ 22)4

H ig h .

Apr
$6,000 101
28,000 90 X Jan
15,500 105 X Mar
Mar
30,500 94
43,000 74
Jan
1,000 84
Feb
3,500 85
Mar
2,000 98
Apr
15,000 96 X Mar
2,000 93
Mar
2,000 77X Apr
7,000 101X Jan
Feb
17,500 87
36,000 98 X Jan
1,000 97 X Jan
97,000 109 X Apr
2,000 99 X Mar
Jan
ioox ioox 18,000 99

101
92 X
107
95 X
78X
85 X
86
98
96 X
94
78 X
102 X
93X
99X
99
109 X
99 X

1.

1015

1.

H ig h .

22 120
123
75
6X
8
58 28 X
36
390 86X
U 5X
2 108
Jan 109X
80 38
Jan 48
51 54 X
62 X
20 44
47
62 70 X
81 X
98 54
Mar 55 A
12 70
Mar VI
954 57
Apr 66 A
210 32 X Feb 38
83 70
Jan 73 A
254
1
Apr
1X
559 25
Jan 27
300 33 X
48 X
150 70X
76
150 13
Mar
15
4,252
8X Jan
12 X
596 74
Apr
79 X
492 74 X Jan 82J4
110 18
Jan 23 A
160 38
Jan 44X
36 56
Feb 57 X
245 87
Apr 90
5 92 X
94)4
333 98 X
102)4
3,925 55 X
59 X

Feb
Jan
Apr
Feb
Mar
Apr
Jan
Feb
Mar
Feb
Jan
Feb
Mar
Mar
Apr
Jan
Jan
Apr
Mar
Feb
Jan
Jan
Mar
Mar
Apr
Jan
Jan
Feb
Jan

17 X
76 X
88
5
6X
43

Tono-Belmont D e v e l... 1
Tonopah Mining............ _i

87 X
83 X
Warwick Iron A Steel__ 10
Western N Y A Pa..
Westmoreland Coal___ 50
Win Cramp A Sons___ 100
York Railways.............. 50
Bonds—
Amcr Gas A Elec 5 s ..2007
Cons Trac of N J 1st 5s.’32
Elec A Peo tr ctfs 4 s .. 1945
Sm all........ ............. 1945
Equit I Gas L 5s____ 1928
Ifarwood Electric 6 s..1942
Inter State Rys coll 4s 1943
1943
Small .............
Keystone Tel 1st 5 s.. 1935
Lehigh C A N gen 4 )4 s 1924
Consol 4)4s_______ 1954
Lehigh Val annuity 4)4s._
Gen consol 4s_____ 2003
. Gen consol 4)4s____2003
Receipts____________
Leh Val Tran ref A imp5s ’60
Nat Properties 4-6s__1946
S m all.................. . ........
Pennsylv R R gen 4)4s 1965
Consol 4)4s_______ 1960
People’s Pass tr ctfs 4s 1943
Phlla Co 1st 5s_____ 1949
Phil Electric tr ctfs 5s. 1948
Small .....................1948
Trust ctfs 4s............. 1950
Sm all------------------- 1960
Phil A Read Term 5s. 1941
Reading gen 4s.......... 1997
J-C collat 4s............. 1951
Spanish Am Iron 6 s.. 1927
Standard G A E 6 s...1926
United Rys gold tr ctf 4s '49
United Rys Invest 68.1926
Welsbach Co 5s_____ 1930
Small .......................1930
West N Y A Pa gen 4s 1943
York Railways ist 58.1937
x

10X
11X
—

82
12X
93 X
102
79 X
82
58

102

ioox

i05X
104
83 X
93 X
102
72

96

R an ge s in ce J a n .
Low .

42X
226X
86
80
116X
10X
10X
65 X
80
12X

1%
T60
1%
99
481
79 X
41
96 40
170 41X
42 X
3,014 27
27 X
204
17
17 X
18
4,155
17
80 76
76 X
88
2,943
75 X
4
5 Mi 26,149
1,320
5X
6X
43
678 41X
17 224 X
227
553 86
88
84
17,878 79X
150 115X
116 X
625 10
iox
395
10
11X
5 65 X
65X
520 70
83 X
13
200
8X

93 X
92 X
102
79 X
81X
106
102X
58
58 X
98
102X
102
107
92 X

93 X
93 X
102
80
83
106
102X
58
58 X
98 X
102 X
102X
107
92 X

92 X
70

92 X
70

1%
98
40X
41X
27X
17
17
76 X
zS2

4X

ox

ioox ioox
ioox ioox

101X
105
83
101X
104
104
81
82
112
93 X
95X
102X
101
74
71
98 X
99
84 X
96

$7,000
1,000
3,000
7,300
1,000
1,000
3,000
6,000
100
6,000
1,000
9,000
2,000
2.000
20,000
25,000
2,000
3,500

2,000
101X
105X 15,000
83
1,000
3,000
101X
104
2,100
104
300
82 X 22,000
1,700
83 X
112
1,000
8,000
94 X
96
2,000
5,000
102X
102
15,000
74
6,000
72
19,000
2,200
98 X
99
100
4,000
84 X
5,0001
96 X

1.

H ig h .

Apr
2 Xs
Feb 99 X
Mar 45 X
Apr 45
Mar 2SX
Ap
21
Apr 21X
Apr 79 X
Jan 89 X
Mar
5 Ms
7
Mar
Jan 45 X
Mar 227X
Apr 92 X
Mar 88 X
Feb 117X
10X
___ j 11X
Apr 69
Mar 87
Feb
13X

Jan
Jan
Jan
Apr
Jan
Jan
Jan
Jan
Mar
Apr
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Apr
Feb
Jan
Apr

89 X Jan 93 X
89 X Jan 93 X
101X Jan 102X
79X Apr 81X
76
Apr 83
105X Mar 106X
101
Jan 103
57X Jan 58
Mar
59
Jan 100
102 X Apr 102 X
101X Mar 103 X
107
Apr 107
91X Jan 94
100X Apr 103X
100X Apr 101X
91X Jan 93
70
Apr 70X
68
Apr 70X
100X Jan 103
105
Apr 106 X
83
Jan 83 X
100X Mar 101X
103X Jan 105
103
104
81
Apr 84 X
82
Apr 84 X
110X Jan 112
93X Apr 96 X
Jan 96X
95
102
Jan 102X
98 X Jan 102X
74
Jan 75 X
71
Mar
74
94 X Jan 99
96X Jan 99
81X Jan 85X
92 X Jan 96X

Apr
Apr
Apr
Feb
Jan
Jan
Jan
Jan
Mar
Feb
Jan
Feb
Apr
Feb
Feb
Apr
Feb
Apr
Apr
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Apr
Jan
Mar
Feb
Apr
Jan
Apr
Apr
Feb
Mar
Apr

Ex-divldend.

Pittsburgh Stock Exchange.— T he com plete record of
transactions a t the Pittsburgh Stock Exchange from A p r. 22
to April 2 8 , both inclusive, com piled from the official sales
lists, is given below .
Prices for stocks are all dollars per
sharo, not por cont.
For bonds the quotations are per cent
of par value.

Stocks—

F r id a y
L a st
W e e k 's R a n g e
S a le.
o f P r ic e s .
P a r . P r ic e . L o w .
H ig h

Amcr Sewer Pipe........ 100
Amer Wind Glass MachlOO
Preferred ............... ..100
Amer Wind Glass, pref. 100
Cablo Consol Mining___ 1
Caney River Gas.............25
Columbia Ghs * Elcc.,100
Crucible Steel, commonlOO
Ilarb Walker Ref, p f..l0 0
Independent Brewing__ 50
Preferred........ ............50
Interior Mining & Trust. 1
La Belle Iron Works__ 100
Preferred................... 100
Lone Star Gas________
Mfrs Light & Ileat........ 50
Nat Fireproofing, c o m ..50
Preferred.....................50
Ohio Fuel Oil................
Ohio Fuel Supply_____ 25
Oklahoma Natural Gas 100
Osage Sc Oklahoma___ 100
People’s Nat Gas & Pipe 25
PIttsb Brewing, com__ 50
Preferred .....................50
Pittsburgh Coal, com .. 100
Preferred................... 100
Pittsburgh OH & Ga8._100
Pittsburgh Plate Glass. 100
Pure Oil, common_______ 5
River Side Western 011.25
Preferred...............
25
Ross Mining * Milling__ 1
San Toy Mining________ 1
Silver Peak_____________
Union Switch & Signal..50
U 8 Glass......................100
U S Steel Corp, com__ 100
We8t’house Air B rake..50
Wcst’house El & M fg__ 50
Bonds—
Amcr Sewer Pipe 6s. .1920
Independ Brewing 6s. 1955
PIttsb Brewing 6s___ 1949
PIttsb Coal deb 54____ 1931
West Penn Ry 5s___ 1931

16
49 X
52 X
138
135X
100X 101
3c
"38'
37
15
14X
79
103
103
3X
18
3c
51
52 X
128
91
91
49 X
49 X
7X
7
le x
16X
17
16X
40
70
100
35 X
5
19X
28X
23X
103X 101X
8X
8X
115X
18X
19X
12X
18
11c
20c
16c
7
7
109X 109X
27X
81X
135 X 133X
54 X
57 X
51X

S a les
fo r
W eek.
S h a res.

R a n g e s in c e J a n . 1.
Low .

H ig h .

16
20 15X Mar
17X Jan
2,813 34 X Jan 54 X Mar
52 X
515 132
Jan 155
Apr
138X
590 100
Feb 105
Jan
102X
3c
1,500
3c Apr
3c
Apr
38
400 37
Apr 42 X Jan
1,355
17
Mar
15X
14X Mar
79
10 56
Jan 97
Mar
103
20 100
Jan 103
Mar
203
3X
2 X Mar
3X Jan
18
40 15X Mar
19
Jan
4c 20,400
lc
Apr
4c Apr
Jan 55 X Apr
460 50
53 X
60 123
Jan 130X Mar
128X
97 90
Feb 93
Jan
91X
488 49X Apr
50
51X Jan
7
Apr
1,475
12
Jan
7X
800
17
16 X Apr 24 X Jan
1,025
19
Jan
17X
16X Apr
40
Feb 40 X Mar
110 38
210 70
Jan 74
Jan
70 X
100
Mar 106
10 98
Jan
267 35
Jan 37
Jan
36
5
85
4 X Mar
6X Jan
130 16X Feb 21X Jan
19X
710 23 X Apr 36 X Jan
28 X
80 101X Apr 108
Feb
103 X
125
8X
6X Mar
9 X Apr
295 115
Jan 116X Mar
116X
Mar 21X Mar
18
19X 11,100
15 12
Mar
13
Mar
12X
18
48
18
Apr 20
Mar
20c
14,300
5C Apr 30c
Apr
17c
1,600
15c Mar 25c
Jan
7
7
500
Apr
7
Apr
120 109X Apr 126
Jan
HO
175 27X Apr 34 X Jan
27 X
265 80 X Jan 88 X Jan
83 X
1,610 133 X Apr 140X Jan
136X
2,495 54 X Apr
58X
71X Mar

91
91
51X 51X
65
65
96 X 96 X
100 X 100 X

Apr 92
SI.000 91
Mar; 60
150 49
1,000 64
Mar 67 X
12,000 96 X Apr, 98 X
1,000 100
Jan ioox

Feb
Jan
Feb
Jan
Apr

Chicago Stock Exchange.— Com plete record o f transac­
tions at Chicago Stock Exchange from A p r. 2 2 to A p r. 2 8 , both
inclusive, com piled from the official sales lists, is as follows:

Stocks—

P a r.

American Radiator___ 100
Amcr Shipbuilding___ 100
Preferred.................. 100
Booth Fisheries, co m .. 100
Preferred__________ 100

F r id a y
L a st
W e e k 's R a n g e
S a le.
o f P r ic e s .
P r ic e . L o w .
H ig h .

88 X
73X

393 395
40
45
88 X 88 X
30 X 32 X
73 X 73X

Sales
fo r
W eek.
S h a res.

R a n g e s in c e J a n .
L ow .

32 385
450 33
5 75 X
106 25
50 66

1.

H ig h .

Jan 400
Jan
Jan 48X Mar
Jan 91X Mar
Jan 33
Mar
Jan 75X Apr

THE CHRONICLE

1616
Stocks

F r id a y
W e e k ’s R a n g e
L a st
o f P r ic e s .
S a le.
H ig h .
( C o n c l .) — P a r . P r i c e . L o w .

Diamond Match_____ 100
General Roofing, pref. 100
Hart, Shaft & M ; pref. 100
Illinois Brick.............. .100
Inaternat Harvest ofNJIOO
Lindsay Light................ .
Maxwell Motors com . 100
Peoples G L & Coke. .100
Pub Serv of No 111,com 100
Preferred.................. 100
Rights________________
Quaker Oats C o............ 100
Preferred__________ 100
Sears-Roebuck com__ 100
Stewart-Warner Sp comlOO
Swift & C o___________ 100
Union Carbide C o........ 100
Ward. Montg, & Co, pref.
Bonds—
Armour & Co 4*6s__ 1939
Chicago City Ry 5 s.. 1927
Chicago Rys 5s_____ 1927

93*6
98*6

Chic Ry AdJ Inc 4s. 1927
Chicago Telephone 5s 1923 101*6
Commonw-Edison 5s. 1943
Cudahy Pack 1st M 5s ’24
Metr W Side El 1st 4s 1938
Pcop G L & C ref g 5s 1947
Mut Fuel Gas 1st 5s 1947 101
Pub Serv Co 1st ref g 5s ’50 94*6
South Side Elev 4*6s.l924
Swift & Co 1st g 5s__ 1944
99 A
Sulzb & Sons 1st 6s__ w 1

93 >4
9834
9634
6934
37 34
10134
10234
10134
7134
10054
101
9434
91
9931
9934

93M
99
9634
6934
37 34
10134
10234
10134
7134
10054
101
9434
91
9934
9934

1.

H ig h .

L ow .

Apr
Jan
Feb
Jan

1854
79
SO
1834
232
14634
98
109
10434
117
8334
11354
1334
1034
7254
12234
11234
11534
104
254
363
11034
188
127
9034
134
17934
116

Feb
Mar
Jan
Jan
Jan
Mar
Feb
Apr
Mar
Mar
Jan
Apr
Apr
Feb
Apr
Mar
Jan
Feb
Feb
Apr
Jan
Apr
Jan
Feb
Jan
Mar
Apr
Feb

Jan
Apr
Apr
Feb
Feb
Apr
Mar
Apr
Mar
Apr
Mar
Jan
Jan
Jan
Apr

9454
100
9854
75
3834
10254
10254
10234
7334
10234
10134
9434
9254
100
9934

Feb
Feb
Feb
Jan
Mar
Feb
Jan
Mar
Jan
Jan
Jan
Feb
Apr
Feb
Apr

17
6334
70
13
220
140
93
102
10134
11434
7634
11034
654
934
61
12034
10054
107
100
1
309
107
16934
125
8234
12634
170
11234

Mar
Mar
Apr
Apr
Apr
Apr
Apr
Mar
Jan
Jan
Jan
Mar
Jan
Mar
Mar
Feb
Feb
Jan
Apr
Apr
Jan
Jan
Mar

S78.000
22,000
4,000
2,000
1,000
10,000
13,000
2,000
1,000
10,000
4,000
43,000
1,000
38,000
15,000

9334
9854
9634
6934
35
10134
10234
10134
7134
10054
10054
94
8834
9834
9934

18
73 *6
70
16
225*6
142
93 *6
107
102 A
116
8034
113*6
13 A
10 A
72 Vi
1 22
122
104 *6 101A 104 >4
108
109
100 101
100
1
1
154
318
318 325
110*6 110*6 11034
173
182
179
126 126
85
82 A 8534
128
127 A 128 54
179*6 173*6 17934
113 *£ 113A 114
18
71

Chic Rys part ctf “ 2” ___
Chicago Title & Trust. 100
Commonwealth-Edison 100

R a n g e s in c e J a n .

420
1,370
14
770
51
107
50
331
8
24
190
120
1,865
270
100
45
411
107
84
9,411
348
38
1,119
25
2.142
396
563
115

17
67
70
13
16
220
140
93
107
100*6
102 A
116
78*6
80*6
113
10
13 *6
10
72*6

Chic City & C Ry pt sh pref
Chic Pneumatic T ool. .100

x

S a les
fo r
W eek.
S h a r es.

Ex-dlvldend.
C U R R E N T N O T IC E .

— Lamarcho & C oad y, 14 W all S t., this city , have Issued a four-pago
descriptive circular o f the N orthern States Power C o. 7 % cum ulative pre­
ferred stock. W rite for a cop y .
— W . A . Russ, form erly identified with the Farmers N ational Bank o f
R om o, N . Y ., is now associated with the U tica office o f Gliddon, L yon
& C o ., 5 Nassau S t., this city.

Stocks

( C o n c l.) —

[Vol. 102
F r id a y
L a st
W eek ’s R ange
S a le.
o f P r ic e s .
P a r . P r ic e . L o w .
H ig h .

Car Ltg & Power.r____ 25
GA
Chevrolet Motor.......... 100 195 A
Consolidated Ordnance.25 25*6
Cramp (Win) & Sons Ship
& Engine B ldg.r___ 100
Cuba Cane Sugar, com. 100 63
Preferred__________100
96
Davison Chem__ (no par)
Driggs-Seabury Ord__ 100 137
Electric G un.r__________
IX
Emerson Phonograph___ 5
13 A
Gaston, Williams & Wigm o r e .r ............ (no par)
63 X
General Ity Signal___ 100
Grant Motor Car Corp.-lO
o x
Guantanamo Sugar___ 50
So A
Hall Switch & Signal.r. 100 17 A
Haskell&Bark.Car (no par)
40
Holly Sugar Corp.r(no par)
Preferred, r_________100
96
Intercontinental Rubb.100
14
Int Arms & Fuse Sec__ 25
International Motor__ 100
Preferred_____________
27
Kathodlon Bronz, pref__ 5
23
Kenefick Zinc Corp(no par)
14 A
Kresge (S.S.) C o.,com.r. 10
Pref erred, r........ ......... 10
12 A
Lake Torpedo B o a t .r ..l0
Lima Loco, new com r. 100 39
New preferred.r..........
95
Lynn Phonograph.r____ 1
10 A
Manhattan T ransit___ 20
1*6,
Marconi Wlrel Tel of A m .5
3A
Marlin Arms v t c . (no par)
Maxim Munltlons.r___ 10
8
Midvale Steel & Ord.r_.50
61A
N Y Transportation----- 20
Peerless Truck & M otor.50
Perlman R lm .r__ (no par) 118
Poole Eng & M ach.r-.100 105
Rlker & Heg (Corp f o r )..5
St Joseph Lead.r.......... 10
16 A
St L It M & Pac v t C..100
St Louis & San Fr R R , w I.
14 A
Saxon Motor C ar.r__ 100
Spring! Body C o r p .r ..100
Stand Motor Const.r._ 10
9A
Submarine B oat..(no par)
38
Tobacco Prod. c o m .r ..100 41
Triangle Film v t c---------5
4A
United Profit Sharing — 1
1
U S Light & H eat.r----- 10
3*6
U S Steamship_________10
Wabash Pitts Ter R y .r w 1
Preferred, w i . r ........ —
White Motor.................. 50
World Film Corp v t C ...5
Zinc Concentrating, r . . . 10

18 X
48
IX
GA

Volume of Business at Stock Exchanges

Standard Oil Subsidiaric s
Anglo American Oil----- £1
15 A

TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.

Cumberland Pipe Line. 100
Galena Signal Oil, com 100 155
Illinois Pipe Line.......... loo

W e e k e n d in g
A p r i l 28 1916.

S lo ck s.
S h a res.

R a ilr o a d ,
d k c..
P a r V a lu e . B o n d s .

596,262 $53,093,950
780,734 69,701,100
886,411 80,084,350
539,254 49,290,900
709,183 61,525,550
700,841
57,468,600

Monday............ .........
Tuesday .................. .
Wednesday.................
Thursday..................
Friday........................

S ta te, M u n .
dk F o r e ig n
B onds.

$1,941,500
2,634,500
3,167,000
2,779,500
2,557,500
1,989,000

V . S.
B onds.

$534,500
520,000
1,161,500
392,500
482,000
676,000

4,212,685 $371,164,450 $15,069,000 $3,766,500

T o ta l......................
S a les at
N e w Y o r k S tock
E xch an ge.

W e e k e n d in g A p r i l

1916.

28.

1915.

Jan.

1

to A p r i l

1916.

$45,000
1,000
5,000
5,000
$56,000
29.

1915.

55,292,896
Stocks—No. shares__
4,212,685
4,725,930
38,344,897
Par value_________ $371,164,450 $383,919,355 $4,866,803,145 $3,296,475,335
Bank shares, par____
$6,500
$93,000
$90,700
B on d s.

Government bonds__
State, mun., &c., bds.
UR. and mlsc. bonds..
Total bonds............

$7,000
446,500
35,390,000

$526,450
85,987,500
275,954,500

$424,000
7,157,500
266,944,000

$18,891,500 $35,843,500

$362,468,450

$274,525,500

$56,000
3,766,500
15,069,000

DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
B o s to n .
W e e k e n d in g
A p r i l 28 1916.

S h a res.

Saturday..............
Monday_________
Tuesday................
Wednesday...........
Thursday..............
Friday..................

26,097
40,391
48,425
25,075
42,967
35,280

$44,000
65.000
49,500
84,100
63.000
23.000

Total ................

218,235

$328,600

S h a r es.

Other Oil Stocks
Amer Oil & Gas Corp___ 1
Barnett Oil & Gas.r........ 1
California Oil.r (prospect)
Preferred .r (prospect).
Cosden & C o .r .......... — 5
Cosden Oil & Gas com .r.5
Preferred.r.... ............. 5
Empire Petroleum---------5
Federal O ll.r___________5
Houston O ll.r.............. 100
Intcrnat Petroleum .r..£l
Metropolitan Petroleum.5
Midwest O ll.r__________ 1
Preferred, r ................ .1
Midwest Reflnlng.r----- 50
Mountain States O ll.r----Muskogee Reflnlng.r----- 1
Oklahoma Oil com .r___ 1

B o n d S a les.

S h a r es.

B o n d S a les.

Oklahoma Prod & R cfg..5
Pan-Am Petr & Trans.r.50
Prudential Oil & Gas.r__
Sapulpa Reflnlng.r____ 5

$13,500
50,900
50,400
41.550
31.550
44,800

2,457
5,085
6,648
13,972
10,270
0,479

SI 1,000
22,300
39,700
40,600
48,000
39,500

78,950l $232,700

45,181

$201,600

U S Consolidated Oil____
United Western O ll.r----Vacuum Gas & Oil Ltd.rl 1
Ventura Cons O ll.r........ 5
Victoria O ll.r--------------- 1
Wayland OH & Gas com .5

Now York “ Curb” Market.— Bolow we give a record of

Mining—
Adanac Silver M in e s .r..l
Alaska-Brlt Col Metals i .l

9,807
12,664
8,934
7,112
23,604
16,829

the transactions in the outside security m arket from April 22
to April 28 , both inclusive. I t covers all the sales for the
week ending Friday afternoon.____________________________________
W eek en d in g
A p r i l 20

Stocks—

Par

F r id a y
S a les
L a st
W e e k ’s R a n g e
fo r
S a le.
W eek.
P r ic e . L o w .
H i g h . S h a r es.

Aeolian Weber Plano &
Pianola, r........ ......... 100
25 A
Aetna Explos.r__ (no par)
IG A
Ajax Rubber, Inc.......... 50
62
Amer-Brit Mfg com__ 100
14
Amer Druggist Synd.r. 10
American Navigation__ 10
AmZ I n c L &S p f w l.r.1 0 0
75
Atl Gulf & W I SS LineslOO 32*6
Preferred................ .100
48*6
Baltimore Tube, com ..100 115 A
Butler Chemical.r.......... 5
Canadian Car & Fdy.r.100
Canadian Nat Gas_____ l




6A
1*6

*24
17 A
65
22
12*6
11
74
31 A
47
115*6
94
5*6
GO A
1A

*25 A
680
21
39,400
3,050
67 A
23
300
14*6 10,570
11
95
7514
3,100
33
1,600
49
1,250
115 A
100
95
270
3,260
7A
69 A
30
3,600
1A

232
410
212
247
550
524
210

IX
3A
17 A o
77 A
22 A
8A
4A
7A
vx»
10X
H X
10X

49c
82c

40c
3

B a ltim o r e .

P h ila d e lp h ia .

B o n d S a les.

Ohio Oil..........................25
Pierce o i l _____ ______ .25
Prairie Oil & Gas_____ 100
Prairie Pipe Line.......... 100
S W Pa Pipe Lines...100
Standard Oil (C alif)...100
Standard Oil (Indiana) 100
Standard Oil of N J — 100
Standard Oil of N Y ---------

R ange s in ce J a n .
L ow .

12
17*6
65
20
12
10*6
73
26
42
62
80
2A
55
IX

1.

H ig h .

Apr 34
Apr 25
Apr 73*6
Jan 43
Feb
14 X
Apr
12
Mar 76
Jan 35
Jan 50 A
Jan 120
Jan 96 Vs
Jan
7A
Jan 82
Apr
2X

Jan
Feb
Feb
Jan
Jan
Apr
Mar
Apr
Mar
Mar
Mar
Apr
Jan
Jan

GA

GX

ISO
25

81
81
55
63*4
91 X 96*4
75
75
134 141
IX
1*4
13*4
12X
62
96 A
SX

78
17 A
38*6
41
95
12
13*6
21
10 '
27
21
14
12X
10 A
SX

39
95

o x

1A
3
26
5A
57
15
21 A
114
91
■IX
IG A

36
13*4
60
56*4
SX

33
38*4
3
A
2X

4K
4
18*4
48
47 !4
A

4*4
15*4
93
60
155
171
17K
220*4
12M
410
205
106
234
530
496
210
82
i%
2*4
16c
77c
20
6*4
4*4
6*4
1
14*4
10*4
16c
17*4
40c
7oc
59
35c
2*4
11c
n
GA

2A

47*4
25c
11*4
10*4
4*4
73c
45c
9*4
1*4

GX

GX

5*6
77c
50c

61c
75c

Atlanta Mines.r.............. 1
Bailey Cobalt.......... .........
Bingham Mines________1C
B o o th .r________________
Boston & Montana.......... 5
Bradford Mines, Ltd----- 1
Buffalo Mines, Ltd.......... 1
Butte Copper & Zinc v t c.5
Butte & N Y Copper___ 1
Calaveras Copper, r........ 5
Caledonia------- ----------------

13o
12c
12 A
18c

Cash Boy.............. ........... 1
Cerro dePascoCop.(no par)
Comstock Tunnel.r____ 2
Consol Arizona Smelt___ 5
Consol Copper Mines___ 5
Consol Nevada-Utah___ 3
Dupont Copper.r..............
Eagle Blue Bell.r____ .1
Emma Copper.r________1
First National Copper__ 5
Fortuna Mines C orp.r___
Goldfield Cons M in es..10

8c

IX
7X
2X
‘l A
1% ,

1%
A
2 A
2A

50c
5*6
1%

87c

6*4
195*4
*26

S a les
fo r
W eek.
S h a r es.

4,400
9,900
1,550

R a n g e s in c e J a n .

1.

H ig h .

Low .

Mar
7
4*1 Mar
Jan 199*6 Apr
115
Apr
25
Apr *26

100 76
55,500 43
17,500 87
58 58
1,265 130
2,000
1
11
1,100

Jan S7
Jan 71*6
Jan *102
Apr 75
Jan 155
Jan
1*6
Mar
14*6

Jan
Mar
Mar
Apr
Jan
Mar
Jan

64
6,650 62
Apr 70*6 tr Apr
Apr 98
Apr
97
140 96
7
Apr
9*6 Apr
9*4 2,900
Apr
Jan 80
86
978 62
500
10
Mar 21*6 Jan
17*4
40
l ,200 38*6 Apr 54*6 Jan
540 41
Apr 50
Apr
46
Apr
Apr 98
575 95
96
14
6,000
12
Feb
10*6 Jan
400
15
13*6 Apr 20*6 Jan
5,120
14
Feb 25
25
Jan
10
400
Apr 25
10
Jan
50 20
Jan 45
27
10
Jan
24
1,700
Feb 33
12*6 Mar
15*6 Apr
15*4 16,700
16X w Jan
1,100
12
Mar
12*4
1,000
12*f
10*6 Apr
12*6 Apr
3,000 S X
Apr
13*6 Jan
9*4
39
200 35
Mar
39
Mar
Mar
100 95
Mar 95
95
2 A Jan
11*6 Apr
11*4 13,100
2*6 Jan
1As Apr
*1*4 10,050
1,600
3
Apr
4*6 Jan
3*4
150 26
Apr 37*6 Jan
26
Jan
8,300
4
13
Mar
854
Apr
77*6 Jan
62*4 44,500 57
400
12*6 Feb
15
16*6 Mar
Jan
700 21*6 Apr 32
*23
Apr
Apr 136
2,900 111
120
Jan
450 90
106
Feb 150
2,500
4*6 Mar
6*6 Feb
4*4
5,900
17*6 Mar
14*6 Jan
16*4
Mar
200 35*6 Mar 40
37
400 *12
Apr
14*6 Apr
14*4
72
Jan
67
2,350 60*6 Mar
Apr 59*6 Apr
770 51
58*4
Jan
450
10*6 Feb
7
9*4
Jan 43 X Jan
39
12,300 33
11,400 29*6 Jan 51*6 Mar
43
3
Feb
4*4 11,693
6*6 Jan
11,200
1
2*6, Jan
*6 Apr
5,300
3*4
2*6 Jan
4*6 Jan
4
3%
554 Feb
700
6
4'
6
300
20*6 Jan
500
18*4
17*6 Feb
Jan
Jan 51
48
500 46
53
1,050 46*6
49
3
Jan
6,100
*6 Apr
1*4
3*6 Apr
6*6 Apr
5*4 17,200
500
30
40
15
30
10
817
400
10
53
I
533
282
239
100
3

15
98
60
151
170
17j4
189
12*6
395
205
106
234
487
465
200
80

1*4 3,215
5,750
3*4
17*4c 14,600
77*4c 5,100
7,350
23*4
0,700
9*4
3,700
4*4
1,350
7*4
l X 19,300
5,540
10 X
3,050
11*4
20c 7,000
19*4 29,000
52c 38,030
87c 14,500
66
2,023
1,300
40c
3*4 12,800
15c 41,000
15-10 5,600
4,500
6*4
600
48*4
25c 5,000
400
11*4
100
10*4
2,100
5*4
77c 5,600
55c 16,500
10
2,000
2*4 27,500
6*4 16,000

1
2*6
16c
77c
14*6
0*6
4*6
5*6
*6
14*6
10*6
9c
17
40c
75o
53
35o
1*6
7c
*6
5*6
47*6
25c
8*6
9*6
4*6
54c
50c
8*6
1
4*6

15*4
90
60
157
172
1ZJ4
234
1334
410
212
106
248
550
524
212
82

55c
64o
63c
75c
13c
13c
12*4c 14c
9*4c 15c
11*4 12*4
17c 20c
71c
95c
1*4
1*4
1*4
1*4
7
8
2*4
2*4
4 3-16 4*4
98c
1*4
1*4 l 11-16
7*4o 8*4c
36
37*4
8c
7o
1 7-16 1*4
2
2*4
7-16
*4
254 3
1*4 2*4
41c
51c
5*4
4*4
1*4 2
90c
87c

18
Feb
111
Apr 68
Feb 100
190
34
Jan 260
17*6
Apr 439
Apr 236
Apr 118
Apr 384
Jan 555
Apr 548
Mar 228
80
Feb
Jan
Apr
Apr
Jan
Apr
Apr
Jan
Feb
Apr
Apr
Feb
Apr
Apr
Feb
Apr
Feb
Mar
Mar
Apr
Apr
Jan
Mar
Apr
Mar
Apr
Feb
Mar
Jan

Jan
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan

1*6 Mar
3*6 Apr
17*6c Apr
77*6c Apr
26*6 Feb
10*6 Feb
0*6 Feb
9
Mar
1*6 Mar
23
Jan
13*6 Jan
Apr
20c
19*6 Apr
Feb
85c
l 1-10 Mar
69
Mar
40c
Apr
3*6 Apr
20c
Apr
15-16 Anr
Apr
7
49*6 Apr
Apr
25c
10*6 Feb
11*6
5*6 Apr
♦83c Apr
Apr
55c
13*6 Jan
2*6 Jan
9*6 Feb

Apr
Apr 04c
77,500 55o
Apr 750 Apr
40,500 55c
13c Apr
13n
2,000
12*6c Apr 23*6c Jan
45 j900
15c Apr
9*6 c Apr
45,000
13*6 Mar
7,100
10*6 Mar
Jan
17c Mar 44c
35,300
50c Mar 95c
Apr
94,400
1,475
1*6 Apr
*1*6 Apr
3,200
*6 Feb
1*6 Apr
9,700
6*6 Jan
12*6 Mar
700
2*6 Jan
4*6 Mar
5,000
4*6 Jan
2*6 Jan
15,500 85c
Jan 1 5-32 Apr
2 1-16 Jan
3,200 1 3-10
Apr
9c
3*6c Feb
34,200
Jan 42*6 Feb
1,400 36
17c
Jan
600
70 Apr
2
Jan
85,400
1*6 Mar
2,000
2*6 Jan
1*6 Feb
8,700
*6 Jan
*6 Mar
Apr
3
4,375
1*6 Mar
1,700
1*6 Apr 2 13-16 Mar
17Hc Jan 70c Mar
24,050
5,500
4*6 Apr
8*6 Jan
Apr
2
11,400
1*6 Apr
1 9-10 Jan
15,600 75o
Apr

M in in g (C o n c l.)—

1617

THE CHRONICLE

A pt?. 29 1916.]
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale.
High. Shares.
Par. Price. Low.

Quotations for Sundry Securities

Range since Jan. 1.
Low.

High.

21c
Jan
12c 14c 20,600 lO X c M ar
Goldfield M erg er.r........... 1 12X o
67c
Apr
16,950
84c M ar
67o 74c
70o
Granite G old M ining, r . . .
5c M ar
.■,000
7o
Feb
7c
7c
Greenwater C op M & 8 . . 6
5
M ar
3X Jan
4X 4 15-16 6,300
Ilccla M in in g ____________
4X
5
Feb
8
Jan
500
5X
5X
H ow e S o u n d ...................... .
10c M ar
31c
Apr
15c 19c 20,905
17c"
International M in es.r____
1 13-10 a 1-16 5.400
lc
Jan
2 X c Apr
Iron B lossom .r------------10c
I X Apr
I X Apr
1%
IX
IX 25.000
Jerome Verde C opper, r —
1 5-16 Jan
93c 1 3-32 11,700 85c M ar
Jim Butler, r ____________ 1 1 3-32
74c 79c 27.300 70c M ar
IX
Jan
Jum bo E xten sion------------ 1 75c
4
Feb
300
4 X Jan
4X
4X
Kerr Lake...........................6
1 2 X c M ar
8.700
22c
Jan
13c 14c
13X0
K ew anus.r------Apr
62c
Apr
56c
46c 62c 178,275 30c
La Jara G o ld .r
9-16 M ar
8,550
X M ar
%
%
La Rose Consol M ines— 5
X
15
Jan
3.700
16
19X M ar
17X
M agm a Copper.................. 5
17X
X Apr 1 15-16 Jan
7.200
M ajestic M in es.............- . 5
X
X
X
15o
Apr
46c
Feb
15c. 24Xc 53,400
16c
M arsh M ining, r --------------4
Jan
100
2 X Feb
M ason V a lle y ......................
3X
3X
Jan
59c
Apr
47c 64c 23.000 38c
M cK lnley-D arragh-Sav.. 1 63c
4
Jan
1.200
2 X M ar
M ines C o of Am erica___10
2X
2X
Feb
6
M oja ve Tungsten C o . r .. 2
3 X M ar
3,810
5X
5X
Vs Apr
I X . Apr
M onitor SU ver.r_________
1%
X
I X . 15.100
40c
Apr
20c Jan
33c 30Xc 35c 78.000
M other L o d e .r ....................
4 X M ar
650
2 X Jan
National Zinc A L e a d .r ___
3X
3X
8
Apr
6
X
Feb
5.700
Nlplsslng M ines................ 5
7
8
7X
X Feb
3-16 M ar
5,800
N orth Butte D e v e l.r -------3-16 X
40c
Apr
35c
Apr
1.500
39c 41c
Oatman Arizona C e n t .r .l
l X c M ar 2 3-16c Apr
9,350
Oatman Big J im ............10c
lX c lX c
11,200 23c M ar 25c Apr
23c 25c
24c
Oatman G old K ey (p r o s ).l
29c
30c 7.500 29c M ar 32c M ar
Oatman Nellie (prospect) 1 300
Apr
44c
49c 20.000 30c M ar 50c
47c
Oatman Southern.r___10c
Jan
4c M ar
6o
4X0
5c 17.200
5c
O ro .r
4
M ar
2 X Apr
2.400
2X _2X
P eabody Cons’d Copper.5
39c
Jan
23c
M
ar
12,000
|31c
27c
Peterson Lake.....................1 30c
2 X M ar
5 X M ar
4X 14.100
3X
R a y Hercules M ln ln g .r ...
4X
13c
Apr
36c
Jan
18c 15,150
150
180
R ex Cons’d M l n ln g .r ...l
Jan
76c
Apr
64c 26,900 55c
60c
64c
Rochester Mines C o ------- 1
76o M ar
70c 1,200 54c Feb
690
70c
Round M ountain, r --------1
50c Feb 60c
Apr
2,600
54o
57c
54c
R u by SU ver.r......................
1,600
2 X Apr
3 X Jan
3
2X
Santa F o .r ..............
10
15c Feb 26c
Jan
18c 11,750
16c
16c
San T o y M ining.................1
11-16 Apr
6.700
11-16
I X M ar
X
Scratch Gravel G old M ..1
%
30c Apr 60c
Feb
600
30c
35c
Seven Troughs Coalition. 1
3c
Feb
13c Apr
10c
13c 41,600
13c
Silver P lc k .r ....... ............... 1
2
Jan
Standard Sliver Lead_____
1%
IX 16.200 1 7-16 M ar
1X
3-16 Feb
13-16 M ar
9-3211-32 6,100
Stewart M ining...................1 11-32
63c M ar 95c
Feb
68c
79c 36.100
71c
Success M ining........... .. .1
29c Apr 42o
Jan
29c
29c 2.700
29c
Superstition M in (prosp’t)
74c Apr
65c
74c 20.300 61c M ar
73c
Temiskaming M in in g .r . . l
5
4X M ar
Apr
4,660
4 9-16 5
6
Tonopah Belm ont, r
6 X Apr
0
Tonopah Extension
5X
6X 10,700 '3 15-16 Jan
6
M ar
700
Jan
Tonopah M ining.
6X
6X
X Feb
8,650
Apr
13-16
15-16
T rl Bullion S & D .............5
%
1,395
3 X Apr
4 X M ar
United Eastern-------------- 1
3X
3X
8o Jan
18c M ar
12c
11c
13c 18,000
U 8 Continental M ining, r
10
Feb
27 X Apr
United Verde Exten.r.SOc
25X
23X 27X 28,500
34c
Apr
30c
30c
30c 4,000 24c M ar
United Western (prosp’c t )l
7,900
IX Apr
I X Apr
U nity Gold M ining.............
IX
IX
IX
91c
Apr
81c
91c 9.700 68c M ar 91c
W est End Consolidated- .5
5
Feb
15
Apr
7,050
W lilto Oaks Mines C ons.r5
13X
12
13X
39
39
40
45
Feb
Feb
Yukon-Alaska T rr(n o p a r)
200 39
I X Apr
1 1-16 Feb
Yuscaran C on sol.r..............
1.700
1X.
1 7-16 IX
B on ds—■
114 115 810,000 114
Feb
Apr 123
Cer doPascoCop conv6s '25
Chcs A Ohio conv 5 s .r .'4 6
97X 97 X 131.000 96 X Apr 98 X Apr
07M
94 X M ar 96 X Jan
Chic M llw A St P 4 s .r -----94 X 94X 30.000
75.000
Ch Un Station 4 X s .r .l 9 6 3 100
99 X Apr 101X Feb
99 X 100
39
50
M ar
M ar
45
86.000 25
Cons Arizona Smelt 5s 1939
93
Apr
92
Apr
31.000
Cuban M tg Banks 6s------- "9 2 H
92 X 03
100X 100 X 10.000 100X 1 Apr 101X Apr
Lehigh V a l4 M s .w l-.2 0 0 3
Apr 100
Feb
90X 97 X 157.000 96
M idvale St & Ord 5 s .r '36 "9 7 X
103 103
15,000 102 X Apr 103 X Apr
N Y C ity 4 X s w l ____1960
St Louis A 8an Fran R R —
69
69 X
69 X ,185,000 68 X Apr
72 X Apr
Pr lien 4s Ser A w 1 r ’50
M ar
99 X 09X I 1,000 99 X M ar 100
Sulzberger A Sons 6s. r ’41

"s'x

A ll b o n d p rice s are “ a n d In te re st” e x c e p t w h e re m arked “ f.
PtrShare
Bid
•16X 15%
665 675
1 315 330
1 *94
96
1 950 1000
1 170 180
1 295 305
42
1 *40
1 65
70
205 210
165 160
143 148
170 173
*95
98
Internat Petroleum........... £1 *11% 11%
National Transit C o _____ 26 *17
19
New York Transit C o . -.1 0 0 170 180
Northern Pipe Line C o . . 100 98 101
Ohio OH C o ........................... 26 •230 232
60
Penn-M ex Fuel C o _______ 21 •57
Pierce Oil C orp.....................26 •13X 14
408 412
211 213
285 295
195 200
348 351
102 105
Standard Oil (California) 100 248 252
Standard Oil (In d ia n a ).. 100 z645 550
Standard Oil (Kansas) ..1 0 0 435 445
Standard Oil (Kentucky) 100 363 368
Standard Oil (Nebraska). 100 350 360
Standard Oil of New Jer.100 521 524
Standard Oil o f New Y ’rklOO 209 211
Standard Oil (O h io )____ 100 695 605
110 120
81
83
Union Tank Line C o ____ 100
z239 242
*35
45
S ta n d a rd O il S to c k s

B on ds.
Pleroe Oil C orp con

6s. 1924

w W hen Issued,

R ights.

Preferred .

C olt’s Patent Fire Arms
M f g .................................

duPont (E I) de Nemours

x Ex-dtvidend. v Ex]

New York City Banks and Trust Companies
B a n ks.
N e w York
A m e rica * ...
Amor Exch.
Atlantlo-----Battery Park
Bowery * - . Bronx Boro*
Bronx N a t ..
BryantPark*
Butch A D r.
Chase______
Chat A Phen
Cheslsea Ex*
Chemical___
CltlzensCent
C it y ..............
Coal A Iron.
C o lo n ia l* ...
Colum bia*. .
C om m erce..
Corn Exch*
Cosm opol’n*
Fast R iver..
F id e lity * ..
Fifth Ave*.
Fifth...........
First...........
Garfield .
Germ-Amcr*
German Ex*
Germania *.
G oth am ___
Greenwich*.
H a n o v e r __
Harrlman . .
Im p A Trad
I r v in g .........
Liberty ___
Lincoln ___

Bid

Ask

625
204
175
145
390
200
175
135
95
605
+210

635
207
180
165
____
....
____
146
105
620
.
125
400
183
440
185

Bunks.
Manhattan *
Mark A Fult
Mech A M et
Merchants’
M etropolis*.
M etropol’n •
Mutual . . .
New Neth*
New York Co
New Y o r k ..
P a cific*____
Park.............
People’s * ___
Prod Exch*.
395’
Public •____
178
Seaboard ___
430
S e c o n d ...__
176
Sherm an___
450
325
3 35 " State •____
tl6 8
1691* 23d W ard*.
317
322
Union Exch.
100
Unit States*
70
8 0 " Wash 11’ ts*
155
165
Westch Av*
4400 4800
West 8lde*
260
275
Y o r k v llle * ..
____
Brooklyn
015
200
Coney Isl’d*
185
First......... ..
140
130
390
Flatbush . . .
360
Greenpolnt .
425
400
____ Hillside « . . .
200
Homestead •
280
265
M echanics*.
630
620
M on tau k *..
355
345
Nassau.........
600
490
Natlon’ lClty
192
186
North Side*.
750
720
People’s . . .
30
310

change this week,

Bit
295
235
267
180
295
174
325
215
725
380
276
430
220
200
160
415
395
125
100
100
138
600
225
160
400
475
....
256
134
115
100
____
130
85
195
270
170
130

Ask
305
245
272
185
305
180
..
226
825
390
____
440
235
210
190
430
410
135
115
135
145
____

T r u s t C o ’s.
N e w York
A s to r___ __
Bankers T r .
B ’way Trust
CentralTrust
Colum bia___
Com m ercial.
Empire.........
Equitable T r
Farm L A T r
F id e lity____
F u lto n ____
Guaranty Tr
H u d son ___
Law T it A T r
LlncoInTrust
Metropolitan
M u t’l (W est­
c h e s te r )..
N Y Life Ins
A T r u s t ..
N Y T r u s t..
T ltle G u A T r
175" Transatlan ’c
460
Union Trust
550
U S M tg A Tr
UnltedStates
140
Westchester
270
142
Brooklyn
130
115
BrooklynT r.
90
Franklin . . .
140
H a m ilto n ...
110
Kings C o . . .
205
M anufactYs
280
C itize n s ..
185
People’s ____
140
Queens C o . .

Bid
A**
460
448
450 * 460
160
146
1165 1185
645
552
110
300
290
445
452
1300
200
2l"o"
280
300
435
440
145
130
1*35*
118
125
430
420
125
1000
605
375
155
365 " 375
392
400
1020 1040
140
130
980
695
368

610
255
265
630

620
265
276
660

145
280

150
287
85

* Ex-rights

New York City Realty and Surety Companies
Bid
Alliance R ’ ty
70
Am er Surety 118
Bond A M O 240
Casualty Co . . . .
C ity Inveet’g
18
P referred ..
65




Ask
80
123
245
21*
76

LawyereM tg
M tg B o n d ..
N at Surety.
N Y M tgA S cc
N Y T itle Ins

Bid
166
114
240
85
40

Ask
170
119
245
95
48

Realty Assoc
(Brooklyn)
U 8 Casualty
U S T ltle G A l
W es A Bronx
T ltleA M G

Bid

Ask

96
190
50

100
210

167

175

60

83

85

O rd n a n ce S to ck s — Per S hare.

Note.__ N ot reported on April 17: 13,500 shares Alta Consolidated M ining at
20®Odd°lots. i A prospect, r Unlisted,
rights, z Ex-stock dividend.

ASk

Aoglo-Amer OH new___ £1

19
z76
20
55
*200
*16
101
115
*380
*75
170
65
78
300
100
65
80
65

22
81
25
80
208
25
105
117
395
85
190
70
83
350
no
70
85
62

775
i 100
1 240
) 136

800
no
280
138

15315 325
105 108
1 370 390
1 370 390
1 355 375
115 119
35
45
65
75
, *15
16
9
1 *8
1 *61% 61%
163 166
103 106
1 540 550
39
*37
,1800 1900

R R . E q u ip m en ts— PerCt Basis
Bid.
4.30
4.50
4.50
Equipment 4s_____
4.65
Canadian Pacific 4 X s
4.75
Caro Cllnchf A Ohio 6s_____
4.50
Central o f Georgia 6s.
4.50
Equipment 4 X » ___
6.75
Chicago A Alton 4 s ..
Chicago A Eastern 111 5s____ 6.60
Equipment 4 X s __________ 6 60
4.80
Chic Ind A Loulsv 4 X s _____
4.40
Chic St L A N O 5s.................
Chicago A N W 4 X s .............. 4.30
6.35
Chicago R I * Pac 4 X * _____
4.70
Colorado A Southern 5s___
4.50
Erie 6 s . . ______ ____________
Equipment 4 X » __________ 4.50
4.50
Equipment 4s____________
Hocking Valley 4s__________ 4.45
4.45
Equipment 6s____________
4.30
Illinois Central 6s_________
4.30
4 X s .......................................
4.62
Kanawha A M ichigan 4 X * -4.30
Loulsvllle A Nashville 6s___
M inn 8 t P 4 8 8 M 4 X s ____ 4.50
Missouri Kansas A Texas 6 f. 6.75
6.75
Missouri Pacific 6s___
4.75
M obile A Ohio 6s____
4.75
Equipment 4 X s ___
4.45
4.45
Equipment 4 X s .
4.40
4.25
4.25
Equipment 4s_______
4.25
Pennsylvania R R 4 X *
4.25
Equipment 4s_______
St Louis Iron M t A Sou 6 s .. 6.38
St Louis A San Francisco 61- 5.62
4.70
Seaboard Air Line 6s_______
Equipment 4 X » .................. 4.70
Southern Pacific C o 4 X < — - 4.30
4.60
Southern Railway 4 X * _____
4.70
Toledo A Ohio Central 4 s . . .
Baltimore A Ohio 4 X s ____

Ask.
4.12
4.30
4.30
4.25
4.35
4.25
4.25
4.75
5.10
5.10
4.38
4.15
4.10
4.90
4.25
4.25
4.25
4.25
4.20
4.20
4.12
4.12
4.28
4.05
4.20
4.90
5.00
4.38
4.38
4.15
4.15
4.15
4.12
4.12
4.00
4.00
4.85
5.00
4.35
4.35
4.15!
4.25!
4.35

T o b a c c o S to c k s— Per Sha re.
Par Bid. Ask.
American Cigar com m on 100 122 128
Preferred______________100 98 101
80
88
Amer M achine A F d r y ..l0 0
Brltlsh-Amer T ob ac o r d . .£ l •14l2 15X
Ordinary, bearer______ £1
14*4 151*
CoDley Foil......................... 100 325 350
Johnson Tin Foil A M e t. 100 140 160
MacAndrews A F o r b e s ..100 155 165
Preferred______________100 98 101
Porto RIcan-Amer T ob -.lO O 215 226
Reynolds (R J) T o b a c c o .100 455 475
Preferred_____ ________ 100 120 122
42
Tobacco Products c o m ..100 41
95
United Cigar Stores c o m .100 92
Preferred_____ ________ 100 115 130
Young (J S) C o .................100 150 170
Preferred______________100 105 110

S h o r t T erm N o te s . Per Cent.
Amer Locom 6s July 1916 J-J 100% 100i2
1001* lOlU
5s. July 1917...............J-J
Am T A T Sub Cos 5s— 19ie 100 100U
4 X s 1918.............................. 1001* 100*4
Anaconda Copper 6s ’ 17 M S 100% 101%
Balt A Ohio 4 X s 191 7.JAD 10012 100*4
4 X s , 1918..................JAD 101 101U
Canadian Pac 6s 1924.M A82 102% 102%
Ches A Ohio Be 1 9 1 9 ..- J -D 101 101X
92 95
Chic Elev R y 5s 1916____J-J
99X 100%
Chic A West Ind 5s ’ 17-M AS
Erie R R 6 X « 1 9 1 7 ____A-C 1U1I.J 101i2
General Rubber 6s 1918 JAD 100*8 100%
Hocking Valley 5s 1917.M-N 101ig 10 U2
Int Harv 6s Feb 15 T 8 .F -A 101% 102 lg
Minn Gen El 6s 1 9 1 7 ...JAD lOUg 101*8
M organA W right 5s D ec. 1 ,’ 18 10014 100%
New Eng N av 6s 1917.M-N 100 100X
N Y N H A H 4 X s M ay 1917 99% 100%
Pub Ser C orp N J 6s T 9 MAS 100X 100*8
98 X 98*4
Rem A m s U .M .C . 5s’ 19 F & a
Schwarz A Sulsb 6s ’ 1 6 ..J -D 100'g 100%
Southern R y 5s 1 9 1 7 ..M-82 100*8 100%
SulzA So naCo6sJ’ne 1 ’ 16M-S 100% 100*8
United Fruit 5s 1 9 1 8 .. M-N 101 101*8
96%
UtahSecurCorp 6s '22 M -S lf
99% 99%
Winches RepArms5s’ 18M&S
N ew Y o rk C ity N otes—
6s Sept 1918............................ 101 IOU
8s Sept 1 1917........................ . 103 |03X»
C a n a d ia n G o v t. N otes—
5s Aug 1 1916..................FAA 100% 100*8
58 Aug 1 1917..................FA A 100*8 100%

9714
4

P u b lic U tilitie s —
Am Gas A Eleo co m ______ 6C
Preferred........................... 6C
Am Lt A Trac c o m m o n .. 100
Preferred......................... 10C
Amer Power A L t c o m .-.H X
Preferred......................... 100
Amer Public UtUltles oomlOO
Preferred_____ ________ 100
Cities Service C o c o m ...1 0 0
Preferred......................... 10f
C om ’w’lth Pow R y A L . . 100
Preferred......................... 100
Elec Bond A Share pref_.100
Federal Light A T raction 100
Preferred..................... ..1 0 0
Great W est Pow 5s 1946.JAJ
Indiana Lighting C o ____100
4s 1958 optional____F-A
N orth’n States Pow c o m . 100
Preferred....................... .100
Paclflo Gas A Elec c o m ..100
1st preferred........... .......100
2d pref (old pref)____ 10C
Republic R y A Light____ 100
Preferred....................... .100
South Calif Edison c o m .100
Preferred......................... 100
Southwest P o w A L pref 100
Standard Gas A E l (D e l). 60
Preferred........................ 60
Tennessee R y L A P oom 100
Preferred_____ ________ 100
United Gas A Eleo C orp.100
1st preferred__________ 100
2d preferred...................100
United Lt A Rys o o m ...1 0 0
1st preferred_____ ____ 100
Western Power com m on. 100
Preferred______ _______ 100

I n d u s tria l
an d M iscella n eou s
Amer Bank N ote oom ___50
Preferred______ ______ 60
American Brass_________ 100
American Chicle c o m ___100
Preferred......................... 100
Am Graphophone o o m .. 100
Preferred........... ............. 100
American H ardware____ 100
Amer Typefounders oom . 100
Preferred......................... 100
Borden's Cond M ilk com . 100
Preferred......................... 100
Celluloid Com pany_____ 100
Havana T obacco C o ____100
Preferred......................... 100
1st g 6s June 1 1 9 2 2 ..J-D
Intercontlnen Rub c o m .. 100
Internat Banking C o ____100
International Salt............100

‘ 145
•50
370

148
51
375

85
44
76
179
82
64
84

861*
47
80
180
83

47

49

110 112
65
66

66
86
100 1011*
12 14
86

88

8 5
78 I 79
601* 61
96% 97i2
59i2 60
89 | 91
91
93
26
28
71% 73
90
92
102 106
971* 100
•11% 12%
•37
38
11
12
52
54
18
20
74
77
19
22
63
55
761* 78
151* 17
60
61

*40
41
•60
51
266 269
45
47
74
75
114 117
124 128
1211* 123
41
44
93
96
113 1141*
106% 1031*
170 176
1
2
2
31*
/4 8
63
13
14
160 163
381* 391*
/7 4
77
95 100
•83
87
*83
60
62
90
921*

International Silver p r e f.100;
Lehigh Valley Coal Bales.50;
Otis Elevator com ............100;
Preferred......................... 100
Remington Typewriter—
14
C om m on...............
100; 13
70
1st preferred...................100 68
40
2d preferred...................10O 38
R oyal Baking Powd c o m .100; 140 145
Preferred...........
.lOOj 1001* 101%

• Per share. 6 Basis, d Purchaser also pays accrued dividend, e New stock
/ Flat price.
h Ex special cash dlv. of 6% and 19% In Anglo-French bonds
z Nominal, x Ex-divldend. y Ex-rights.

__________

16 1 8

THE CHRONICLE

\uMstmmt am i
R A I L R O

A D

[Vol . 102

%uUlliQmt£.

G R O S S

E A R N I N G S .

The following table shows the gross earnings of every S T E A M railroad from which regular weekly or monthly returns
ean 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.
W e 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.

T h e r e t u r n s o f th e e le c t r ic r a i lw a y s a r e b r o u g h t to g eth e r s e p a r a t e ly o n a s u b s e q u e n t p a g e .
L a te s t O ro s s E a r n in g s .

Ju ly 1

to L a te s t D a te .

L a te s t O ro s s E a r n in g s .

Ju ly 1

to L a te s t D a l e .

ROADS.

ROADS.

W eek or
M o n th .

C u rren t
Y ear.

P r e v io u s
Y ear.

C u rr e n t
Y ear.

P r e v io u s
Y ear.

Ala N O & Tex Pac*
S
$
$
N O & Nor East. M a r c h __
341.471 310,344 2,890, ,906
,684,507
Ala & Vicksburg. M a r c h __
142,797 122,639 1,282, ,755
,152,175
Vicks Shrev & P . M a r c h __
138,794 108,860 1,260, 934
,052,192
Ann Arbor________ 2d wk Apr
44,060 2,076, 585
48,724
,825,958
Atch Top & S Fe. . . M a r c h __ 11532792 ,596,607 98,810, 673
,476,378
Atlanta Birm & Atl 2d wk Apr
53,020 2,443, 781
57,255
,138,403
Atlanta & West P t. February-_ 112,543
95,225
905, 734
793,464
Atlantlc Coast Line February.. 3.348,307 ,681,611 21,831, 358
,332,310
Chariest & W Car February. .
156,929 131,513 1,216, 612
,166,605
Lou Hend & St L February.. 137,177 107,415 1,054, 024
947,597
({Baltimore Sc Ohio. M a r c h __ 9,269,711 ,352,832 82,079, 479
,446,586
B & O Ch Ter KR M a r c h __
160,691 124,141 1,297 ,758
,179,346
Bangor Sc Aroostook February.. 323.796 341,951 2,326, 98 l
,381,740
Bessemer & L Erie. M a r c h __
551,458 318.128 7,981 ,281
,978,213
Blrmlngham South. M a r c h __
720 ,241
93,342
629,168
55,078
Boston Sc Maine__ M a r c h __ 4,297,377 ,760,314 38,160, 663
,946,536
Buff Roch & Pittsb. 3d wk Apr 229,152 175,855 9,598. 264
,637,668
Buffalo & Susq R R . M a r c h __
137,227 108,859 1,305 ,042
,107,040
Canadian Nor Syst. 3d wk Apr 634,300 412,300
Canadian P a cific.. 3d wk Apr 2,343,000 ,623,000 101484820
,572*831
Central o f Georgia. February . 1,006,964 964,228 8,510,461
,300,639
Cent of New Jersey February.. 2,950,026 ,048,224 24.093.316
,177.023
Cent New England. February_ 373,432 288,723 3,199,040
,515.051
,532,188
Central Vermont . . February. . 333,506 272,568 2.774,390
Ches & Ohio Lines. 3d wk Apr 912,613 850,250 38,512,159
,153,785
Chicago & Alton__ M a r c h __ 1,469,693 ,159,552 12.232.317
,831,134
Chic Burl & Quincy February. _ 8,249,313 ,504,847 68,472,184
,361,665
b Chicago & East III February. . 1,452,246 ,092,446 11,476,319
,896.305
c Chic Great W est.. 3d wk Apr
284.828 270,742 12.333.579
,412.407
Chic Ind & Louisv. 3d wk Apr 154,958 136,982 6,120,192
265,242
Chic Milw & St P.\ February.. 7,699,230 6 ,472,696 69.747,012
,958.881
Chic Mil & Pug S I
dChic & North West February . 7,612,006 6,408,128 62,252,748 57,677,800
Chic Peor & St L __ M a r c h __
152.075 130,015 1,319,703 1.249.897
Chic Rock Isl & Pac February.. 5,748.781 5,155,839 48,249,192 47,225,000
Chic R I & G u lf.. February.. 245,720 220,885 2,157,055 2,092,002
efChic St P M & Om February . 1,511,288 1,373,303 13,264,309 12,597,227
Chic Terre II & S E February . 251.833 169,608 1,740,000 1.531.468
Cin Ham & Dayton February.. 672,247 651,364 7,239,291 6,494,293
Colorado Midland. February .
106,257 103,832 1,068,092 1.271,883
e Colorado & South. 3d wk Apr
261,769 238,391 12,793,053 11,842,411
117,213
C ornwall_________ February..
86,870
22,856
9,988
Cornwall Sc Lebanon February..
199,314
39,369
20,284
299,127
Cuba R ailroad___ February.. 721,363 522,587 3,953,142 3,073,936
Delaware & Hudson February _ 2,125,265 1,435.522 17,217,616 14,941,806
Del Lack & Western M a r c h __ 4,234,295 3.149,484 36.737,922 31,735,272
Deny & Rio Grande 3d wk Apr 441,600 367,700 20.187.916 17.694.181
Westorn P acific.. February. . 500,266 334.626 4.886,230 3,734,053
20,200
Denver & Salt Lake 2d wk Apr
22,398 1,521,048 1,320,371
Detroit Tol Sc Iront Fobruary.. 179,667 109,749 1,443,713 1,279,139
Detroit & Mackinac 3d wk Apr
25,927
21,199
920,209
877,395
Det & Tol Shore L . February.. 161.043 128,479 1.117.153 1,008,950
Dul& Iron R ango.. Fobruary.. 102,747 112,857 4,063.602 2.930.468
Dul So Shore & A tl. 3d wk Apr
67,666
54,739 2,745,794 2.344,155
Duluth Winn & Pac Fobruary.. 186,497 134,531 1.001.723
898.010
Elgin Joliet & East. February _ 1.138,547 594,926 8,451,180 5.403.049
El Paso Sc Sou West February.. 880.496 557,752 6,680.924 4.996.041
E r io ______________ February . 5.760,055 4.384.694 48,294,327 40,176,693
Florida East Coast. February.. 824.530 598.498 4,008,273 3,220,626
697,401
648,494
80,260
69,656
Fonda Johns & Glov M a r c h __
Georgia Railroad.. February- . 245,841 206.708 2.084.153 1,942,143
60,437 4,614,654 3,104,193
Grand Trunk Pac. . 1st wk Apr 113,662
Grand Trunk Syst. 3d wk Apr 1,059,661 869,772 43.404.580 40,004,911
Grand Trunk Ry 1st wk Apr 914,824 822,443 32,192,018 30,715,857
Grand Trk West. 1st wk Apr 179,005 141,003 6,538,044 5,493,405
61,630
44,850 2,426,245 1.984,804
Det Gr II Sc Milw 1st wk Apr
Great North System M a r c h __ 6,200,254 4,747,969 60.539,228 52,688,891
167,909 146,294 1,463.938 1,221,465
Gulf Sc Ship Island. M a r c h __
Hocking Valley___ February.. 535,937 362,570 4,855,711 4,303,129
Illinois Central___ M a r c h __ 5,943.011 5,103,745 51,791,576 47,736,098
Internal Sc Grt Nor February.. 748,945 728.627 6,314,258 6,403,721
Kanawha Sc M ich .. February.. 300,964 200,256 2,405,933 1,987,105
Kansas City South. M arch____ 922,754 812,326 7,839,633 7,625,730
Lehigh Valley_____ M a r c h __ 3,889,169 3,232,529 35,143,212 31,263,574
Lehigh Sc Hud R iv. February_ 151,596 118,383 1,400,908 1,164,563
Lehigh & New Eng. February.. 263,373 135,426 2,322,323 1,660,166
Louisiana & Arkan. February . 109,659 130,921 1,116,016 1,138,337
Louisiana Ry & Nav February . 154,926 160,474 1,524,592 1,322,167
/ Louisville Sc Nashv 3d wk Apr 1,197,195 968,625 48,256,391 42,032,692
95,721
100,234
Macon Sc Birm’ham February.. ' 11,617
8.040
Maine Central_____ February-. 917,438 855,575 7.847,490 7,602,416
390,424
354.883
40,047
44,642
Maryland & Ponna. M a r c h __
988,316
Mtdland Valloy___ February. . 142,088 107,541 1,207,576
863,463
656,159
23,075
17,862
Mineral Rango___ 3d wk Apr
Mlnneap & St Louis 3d wk Apr 198,322 187,192 8.824.723 8,405,515
Minn S t P & S S M . 3d wk Apr 602,269 454.118 28,320,568 22,940.950
534,260
Mississippi Central­ February..
518,632
56,138
51,394
es M o Kan & Texas. 3d wk Apr 594,106 591,130 26.235.917 27,433,335
h Missouri Pacific. . February.. 5,022,931 4,327,162 42,484,913 40.052.067
Nashv Chatt & St L February _ 1,028,827 849,618 8,350,260 7.361,415
/N e w York Central February. . 15231375 10925256 121802064 101353736
Boston & Albany February.. 1,563,382 1.124.695 12,727,259 10,801,674
n 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 O & 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 Sc 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
Tol & Ohio Cent. February. .
149,112 323.066 3,530,953 3,552,189
Tot all lines above Fobruary.. 27915521 19740542 222888056 183897801

W eek or
M o n th .

C u rren t
Y ear.

P r e v io u s
Y ear.

C u rren t
Y ear.

P r e v io u s
Y ear.

$
296,832
6,949
285,422
N evada-Cal-Oregon 2d wk Apr
6,439
New Orl Great Nor February._ 147,536 118,731 1,176.974 1,058,742
N O Mobile & Chic. February.. 160.107 134,077 1,306,191 1.194,458
N Y N H & Ila rtf.. February.. 5,802,178 4,590.966 49,628,339 42,408,061
N Y Ont & Western M a r c h __
638.681 629,020 6,793,423 6,748,898
N Y Susq & W est.. 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. M a r c h __ 5,056,887 3.428,528 42,346,187 30,887,221
Northern Pacific__ 3d wk Apr 1,359,000 1,091,000 60,352,402 51,812,928
Northwestern P a c .. February. . 252,758 177,855 2,859,660 2,428,128
Pacific Coast C o__ M a r c h __
538,989 514,725 5.480,176 4,780,257
p Pennsylvania R R . February.. 17028693 12687673 143204095 121817754
872,052
Balt Ches & A tl.. February. .
54,971
782,108
59,984
Cumberland Vail. February.. 296.791 201,022 2,288,484 1,933,752
Long Island_____ February. . 900,233 755,355 9,369,381 8,850.594
M aryl’d Del & Va February..
656,797
47,180
48,772
620,918
N Y Phila & Norf February.. 344.296 249,190 3,002,278 2,446,980
Phil Balt & Wash February.. 1,783,615 1.380.913 15,194,462 13,356,830
W Jersey & Seasb February.. 467,253 362,303 5,095,944 4,476.964
Pennsylvania C o __ 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
Pitts O O & St L . February.. 3,810,226 2,734,491 30,736.895 25,621,688
Vandalla . .
February- . 1,050,1271 806.061 8,355,304 7,479,467
Total lines—
East Pitts Sc 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 272 967 286 230990300
Pere Marquette__ February.. 1,669.081,1,326,871 13.877,418 12,085,670
Reading Co—
Phila & Reading. M arch____ 5,354,008 4,016,206 43,356,550 35 ,050,492
Coal & Iron C o_ M arch___ 3,711,421 1,952,876 28,600,479 22 ,219.939
Total both cos__ M arch____ 9,065,429 5,969,082 71,957.029 57 ,270,431
Rich Fred & Potom February.. 305,709 230.343 2.004,175 1,797,763
671,594
610,728
58,935
Rio Grande June__ January . .
58,189
446,729
9,683
449,673
10,136
Rio Grande South. 3d wk Apr
,313,706
Rutland__________ February.. 277,876 225,039 2,471,982
,048,283
95,140 1,191,134
St Jos Sc Grand Isl. February-. 154,423
,497,252
St L BrownsV & M . February. . 195,711 181,825 1,746,638
St L Iron Mtn Sc So February.. 2,409,889 2,321.844 21,636,782 , ,540,208
St Louis & San Fran February . 3.847,218 3,292,604 31,572,995 20 212,063
St LouLs Southwest. 3d wk Apr 240,000 184,000 9,973,2931 8 820,344
San Ped L A & S L . February . 818,641 658,226 7,119,593 6 ,018,525
Soaboard Air Line_ February.. 2,289,728 1.807.033 15.886.408! 14 ,115,841
Southorn Pacific__ March — 12773558 10909808 113894942 97 .145,743
Southern Railway. _ 3d wk Apr 1,417,640 1,203,871 56,106,308 50 918,181
848,193
Mobile & Ohio__ 3d wk Apr 242,977 220,395 9,373,770
,559,799
Cin N O & Tex P . 3d wk Apr 231,635 177,822 8,797,494
,726,954
Ala Groat South. 3d wk Apr 104.694
86,644 4,403,221
,839,597
41,105 2,000,051
45.933
Georgia So Sc Fla. 3d wk Apr
,484,237
36,788
32,750 1,583,882
Virginia & So W . 3d wk Apr
,095,449
Spok Port & Seattle February.. 375,742 274.726 3,344,281
1,623
65,145
79,651
2,909
Tenn Ala & Georgia 2d wk Apr
985,568
Tennosse Central. February.. 119,244 107,964 1,054,548
Texas & Pacific___ 3d wk Apr 334,431 311,514 15,768,209 14 ,912,008
Toledo Peor & West 3d wk Apr
971,361
981,603
18,148
18,562
Toledo St L Sc West 3d wk Apr 113,628
,764,811
97,355 4,496,284
764,137
Trinity Sc Brazos V . February. .
75,502
73,182
653,903
Union Pacific Syst. M a r c h __ 8,717,166 6,259.937 78,153,591 66 ,752,825
,005,087
Virginian_________ February. . 747,035 439,625 4,924,658
,055,032
W abash__________ M arch____ 3,085,110 2,364.282 25,656,261
,776,527
Western Maryland- 3d wk Apr 218,732 189,687 8,640,314
836,570
879,566
97,826
107,550
Western Ry of Ala. February..
,929,065
749,067 410,862 6,527,867
Wheel & Lake Erie. M arch___
,022,097
Yazoo & Miss Vail. M a r c h __ 1,058,521 998,059 10,224,445
P e r io d .

V a r io u s F i s c a l Y e a r s .

Buffalo & Susquehanna R R ____ Jan
Canadian Northern System___ Oct
Delaware Sc Hudson__________ Jan
E rie.................... ......................... Jan
New York Central./__________ Jan
Boston Sc Albany___________ Jan
Lake Erie & Western.n_____ Jan
Michigan Central__________ Jan
Cleve Cine Chic Sc St Louis_ Jan
Cincinnati Northern________ Jan
Pittsburgh Sc Lake Erie_____ Jan
New York Chicago Sc St Louis Jan
Toledo Sc Ohio Central______ Jan
Total all lines____________ Jan
N Y Susquehanna & Western__ Jan
p Pennsylvania R a ilr o a d _______ Jan
Baltimore Chesap Sc Atlantic Jan
Cumberland Valley_________ Jan
Long Island________________ Jan
Maryland Delaw Sc Virginia.. Jan
N Y Philadelphia Sc Norfolk. Jan
Phila Baltimore Sc Washing’n Jan
West Jersey Sc Seashore------- Jan
Pennsylvania C o m p a n y ________ Jan
Grand Rapids Sc Indiana___ Jan
Pitts Cine Chic Sc St Lo ils ... Jan
Vandaiia___________________ Jan
Total lines— East Pitts Sc Erie Jan
— West Pitts Sc Erio Jan
— All Lines E & W Jan
Rio Grande Junction_________ Dec
R u tla n d _____________________ Jan

r
1
1
1
1
1
1
l
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

C u rr e n t
Y ear.

P r e v io u s
Y ear.

336,667
Mar 31
446,706
April 21 19,412,500 12,897,500
Feb 29 4,265,549 3.021,162
Feb 29 11,471,647 8,959,985
Fob 29 30,120,429 22,844,239
Feb 29 3,150,900 2,368,681
Feb 29 1.083,254
880,388
Fob 29 6,622,241 4,997,629
Feb 29 7,123,658 5,399,892
218,177
Feb 29
269,193
Feb 29 3,567,194 1,828,382
Feb 29 2,450,338 1,795,974
677,513
Feb 29
880,664
Feb 29 55,267,871 41,010,875
636,760
789.207
Feb 29
Feb 29 34.734,931 26,305,553
123,149
114,443
Feb 29
415,161
589,257
Feb 29
Feb 29 1,868,002 1,585,512
Feb 29
95,436
99,886
Feb 29
713,544
496,771
Feb 29 3,599.042 2.818,193
Fob 29
931,681
720,696
Feb 29 10,135,838 6,923,827
Feb 29
763.614
862,067
Feb 29 7,730,816 5,649,209
Fob 29 2,086,032 1,663,580
Feb 29 43,201.945 33,022,495
Fob 29 21,076,236 15,214,309
Feb 29 64,278.181 48,236,804
130,076
134,945
Jan 31
467,661
555.735
Feb 29

AGGREGATES OF GROSS EARNINGS— Weekly and Monthly.
*

W e e k ly S u m m a r ie s .

C u rren t
Y ear.

P r e v io u s
Y ear.

In c r ea se or
D ecrea se.

%

*

M o n t h l y S u m m a r ie s .

C u rren t
Y ear.

P r e v io u s
Y ear.

In crea se or
D ecrea se.

C u r. Y r . P rev. Y r.
$
M ile a g e .
$
S
$
$
$
.240,219 235,828 248.849.718 247,535,879 + 1,313,837 0.53
11,724,704 10,369,744 +1,354,960 13.05 June__
12,559,605 10,412,516 +2,147,089 20.59 July______ .243.042 241.796 262.948.115 260,624,000 +2,324,115 0.8'r
16.473,038 11,856,792 +4,616,246 38.93 August------ .247.809 245,754 279.891,224 274,618,381 + 5,272.843 1.93
11,561,299 9,678,190 +1,883,109 19.32 September. .245,132 243,463 294.241,340 276.458,199 + 17.783.141 6.43
11,941,678 9,907,727 +2,033,951 20.53 O ctober__ .248,072 247,009 311,179,375 274,091,434 +37.087,941 13.57
November. .246,910 245.858 306.733.317 240,422,695 +66,310,622 27.58
11,936,229 9,851.118 +2,085,115 21.01
20,311,792 16,481,520 +3,830.272 23.24 December _ .248,437 247,673 295,202,018 232,763.070 +62,438,948 26.82
12,146,779 9,994,742 +2,152,037 21.52 January__ .247,620 248,838 267.043.635 220.203,595 +46,840,040 21.27
13,369,400 10,662.518 + 2,706,882 25.40 Fobruary_ .245,511 244.809 267.579,814 209,573.963 +58,005,851 27.68
86.330 73,344,766 60.576.669 + 12.768,097 21.08
13,403,730 10.934,698 +2,469,032 22.58 March____ .. 88,554
a Includes Cleveland Lorain & Wheeling R y.
b Includes Evansville & Terre Haute and Evansville Sc Indiana R R .
c Includes Mason c ity Sc Fort
Dodge and the Wisconsin Minnesota Sc Pacific, d Includes not only operating revenue, but also all other receipts, e Does not Include earnings of Colo­
rado Springs & Cripplo Creek District Ry. /Inclu des Louisville & Atlantic and the Frankfort & Cincinnati, g Includes tho Texas Central and the
Wichita Falls lines, h Includes the St. Louis Iron Mountain & Southern. / Includes the Lake Shoro Sc Michigan Southern R y., Chicago Indiana &
Southern R R . and Dunkirk Allegheny Valley & Pittsburgh R R . n Includes tho Northern Ohio ItR. p Includes tho Northern Central. * Wo no
longer include tho Mexican roads In any o f our totals.




THE CHRONICLE

A pr . 29 1916.]

Latest Gross Earnings by Weeks.— In the table which
follows we sum up separately the earnings for the third week
of April.
The table covers 33 roads and shows 2 2 .5 8 %
increase in the aggregate over the same week last year.
1916.

T h ir d w eek o f A p r i l .

Alabama Great Southern--------Buffalo Rochester & Pittsburgh
Canadian Northern— ...............
Oanadaln Pacific-------------------Chesapeake & Ohio----------------Chicago Great Western---------Chicago Ind & Louisville...........
Cine New Orl & Texas & Pacific
Colorado & Southern_________
Denver & Rio Grande________
Detroit & Mackinac---------------Duluth So Sh & Atlantic______
Georgia Southern & Florida____
Grand Trunk of Canada______ ]
tv Grand Trunk Western_____
B Detroit Grand Hav & M ilw .f
Canada Atlantic__________ )
Louisville & Nashville________
Mineral Range________________
Minneapolis & St Louis______ 1
Iowa Central______________ I
Mlnneap St Paul & S S M .........
Missouri Kansas & Texas_____
Mobilo & Ohio.................. .........
Northern Pacific_____________
Rio Grande Southern_________
qt Louis Southwestern________
^outhern Railway____________
Soxas & Pacific_______________
Toledo Peoria & Western--------Toledo St Louis & Western-----Tirginia & Southwestern--------Western Maryland-----------------

1915.

In c r e a s e . D e c re a s e .

104,694
229,152
634,300
2,343,000
912,613
284,828
154,958
231.635
261,769
441,600
25,927
67,666
45,933

$
86,644
175,855
442,300
1,623,000
850,250
270,742
136,982
177,822
238,391
367,700
21,199
54,739
41,105

$
18,050
53,297
192,000
720,000
62,363
14,086
17,976
53,813
23.378
73,900
4,728
12,927
4,828

1,059,661

869,772

189,889

1,197,195
23,075
198,322

968,625
17,862
187,192

228,570
5,213
11,130

454,118
602,269
591,130
694406
220,395
242,977
1,359,000 1,091,000
10,136
9,683
184.000
240,000
1,417.640 1,203.871
311,514
334,431
18.562
18,148
97,355
113,628
32,750
36,788
189,687
218,732

148,151
2,976
22,582
268,000
56,000
213,769
22.917
16,273
4,038
29,045

10,934,698 2,469,899
2,469,032

P re v io u s
Y ear.

C u rr e n t
Y ear.

453
414

867

P re v io u s
Y ear.

$
S
$
$
Atch Top & S F e .b ___ Mar 11.532,792 9,596,607 14,408,873 13,249,494
July 1 to Mar 31______98,810,673 88.476,378j37,021,809j31,512,444
Baltimore & O h io.b___ Mar 9,269,711 7,352,832 2,187,544 2,623,743
July 1 to Mar 31---------82,079,479 67,446,586 24,375,061 19,034,665
929,220
592,344
Boston & M aino.a-------- Mar 4,297,377 3,760,314
July 1 to Mar
31.38,160,663 34,946,536 9,696,900 6,226,144
Buffalo Roch & P itts.b.M a r
999,126
722.325
264,519
177.462
July 1 to Mar
31- 8,922,732 7,110,103 2,495,620 1,864,262
137,227
108,859
23,189
3,531
Buffalo & Susq. a ............Mar
Jan 1 to Mar 31446,706
336,667
118,738
24,017
Chesapeako & O h io .b ..M a r 4,297,951 3,270,842 1,351,325
997,558
July 1 to Mar 31........... 35,845,898 28,779,468 12,208,882 8,455,121
Chicago & A lton .a ___ Mar 1,469,693 1,159,552
S419.405
sl63,136
July 1 to Mar 31........... 12,232,317 10,831,134 s3,094.370 s2,006,467
Chic Great W estern.b..M ar 1,376,535 1,098,574
438,743
293,822
July 1 to Mar
31.11,440,565 10,629,978 3,332,675 2,740,684
Del Lack Sc W est.b ____ Mar 4,234,295 3,149,484 1,749,046
997,557
July 1 to Mar 31...........36.737,922 31,735,272 15,045,200 11,400,789
D etroit* M ackinac.a.-M ar
100,814
98,292
24,159
26,800
July 1 to Mar 31_____ - 844,780
813,860
191,279
162,068
Fonda Joh nst* G lov .b.M ar
80,260
69,656
33,668
33,625
July 1 to Mar 31_
697,401
648,494
330,514
294,360
Illinois C entral.a...........Mar 5,943,011 5,103,745 1,210,461
960,829
July 1 to Mar 31______51,791,576 47,736,098 10,469,871 9,181,914
Lehigh V alley.b_______ Mar 3,889,169 3,232,529 1,139,981
903,077
July 1 to Mar 31.35,143,212
31,263,574 10,372,696 8,707,619
N Y Ontario & W o st.a .-M a r
638,681
629,020
68,141
114,610
July 1 to Mar 31. 6,793,423
6,748,898 1,847,872 1,583,983
Norfolk & W estern.b-.M ar 5,056,887 3,428,528 2.327,461 1 246 636
July 1 to Mar 31--------- 42,346,188 30,887,221 18,485,606 10,497i49C
Northern P acific.b------ Mar 6,470,535 4,771,440 2,987,057 2,079,056
July 1 to Mar 31...........56,291.402 48,502.928 27,131.826 2(L232;564
Pacific Coast....................Mar 538,989
514,725
57,915
46.084
July 1 to Mar 31- 5,480,176
4.780.257
862,739
524J32
^ ^ hlla?^R eadin g. b — Mar 5,354,008 4,016,206 2,196,919 1,293,248
July 1 to Mar 31...........43,356,550 35,050,492 16,667,807 10,614,039
C o a l& I r o n C o .b ____ Mar 3,711,421 1,952.876
407,920
32,481
July 1 to Mar 31...........28.600.479 22,219,939 1,756,376
4371752
Total both c o s .b ------ Mar 9,065,429 5,969,082 2,604,839 1,325,730
July 1 to Mar 31...........71,957,029 57,270,431 18,424,183 11,051,791
Reading C o .b ..............Mar
...............................
. 558,748
548,781
July 1 to Mar 31- — ........................................... 5,063,171 5,007,630
Total all c o s .b __ Mar
_________
3,163,587 1,874,511
July 1 to Mar 31______
______
______ 23,487,354 16,059,421
St L & S an Fran Syst b ..F e b 3,847,218 3,292,604 1,200,396 1,050,147
July 1 to Feb 29........... 31,572,995 29,212,063 10,428,299 9|l53.031
Southern Pacific a ---------Mar 12,773,558 10,909,808 3,997,640 3,163.317
July 1 to Mar 31----------113,894,942 97,145,743 35,582,305 27,049;905
Southern R ailw ay .a -.-M ar 6,284,803 5,290,249 1,926,391 1,253 272
July 1 to Mar 31--------- 51,876.780 47,326,234 15,277,681 9j>22 941
Virginia & Southw.a.M ar
172,419
137,818
35,850
10 932
July 1 to Mar 31........... 1.474,662 1,385,986
394,045
297!646
Union P aclflc.a----------- Mar 8,717.166 6,259,937 3,347,945 1,765 437
July 1 to Mar 31---------78,153,591 66.752,825 30.525,269 23,817,416
Wabash b
________ Mar 3,085,110 2,364,282 1,026,163
4 15 226
July 1 to Mar 31...........25,656,261 22,055,032 S .O o l’M Q 4,998!359
Y a z o o * Miss V a ll.a ..-M a r 1,058,521
998,059
251,502
230,225
July 1 to Mar 31______ 10,224,445 9,022,097 3,067,970 2,227,129
INDUSTRIAL COMPANIES.
------- G ross E a r n in g s —
- — •N et E a r n in g s -----C u rre n t
P re v io u s
___
C u rre
nt
P re v io u s
C o m p a n ie s .
Y ear.
Year.
Y ear.
Y ear.
8
S
S
$
Appalachian Power___ Mar
64,303
44,027
36,394
17,867
Apr 1 to Mar 31______
680,887
540,8.39
364,753
243,274
Arkansas Val Ry Lt & P Mar
99,884
91,975
42,070
37,011
Apr 1 to Mar 31........... 1,195,460
1,157,996
520,807
446,070
Gt West Pow Syst a ___ Mar 291,943
231,648
181,191
164,237
Jan 1 to Mar 31...........
924,164
692,132
599,389
489,134
Montana Power.a—
Jan 1 to Mar 31........... 1,426,319
933,775 1,082,804
652,047
Apr 1 to Mar 31........... 4,860,282
3,733,895 3,606,799 2,598.517
New York Dock Co b._M ar
260,868
212,996
121,894
105,430
July 1 to Mar 31........... 2,255,867 1,739,422 1,093,148
853,046




C u rre n t
Y ear.

P re v io u s
Y ear.

C u rr e n t
Y ear.

P re v io u s
Y ear.

$
$
$
S
West’n States Gas & El.M ar
96,739
89,299
45,330
42,667
Apr 1 to Mar 31______ 1,205,693 1,138,817
584,251
543,616
a Net earnings here given are after deducting taxes,
b Not earnings here given are before deducting taxes.
j For March taxes and uncollectible railway revenue amounted to
$529,141, against $468,115 in 1915; after deducting which, net for March
1916 was $3,879,732. against $2,781,378 last year. From July 1 to Mar. 31
taxes, & c., wero $4,668,787 In 1916, against $4,090,443 in 1915.
s After allowing for miscellaneous charges to incomo for the month of
March 1916, total net earnings were $436,158, against $103,686 last year,
and for period from July 1 to Mar. 31 were $2,594,074 this year, against
$1,470,602 last year.
— I n t ., R en ta ls, & c . -------- B a l. o f N e t E a r n s .—

------ G ross E a r n in g s -------------- N e t E a r n in g s -----C u rre n t
Y ear.

------ G ro ss E a r n in g s -------------- N e t E a r n in g s -----C o m p a n ie s.

Interest Charges and Surplus.

N et E arnings M o n th ly to L atest D a tes.— Tho table
following shows the gross and net earnings of S T E A M
railroads and industrial companies reported last week:
R o ad s.

1619

R o a d s.

C u rr e n t
Y ear.

P re v io u s
Y ear.

C u rre n t
Y ear.

P re v io u s
Y ear.

C o m p a n ie s .

C u rre n t
Y ear.

P re v io u s
Y ear.

C u rre n t
Y ear.

P re v io u s
Y ear.

747,577
2,344,841
42,108
371,035

389,616
1,557.697
21,140
127,551

$
$
$
$
Boston & Maine______ Mar 955,348
849,409
*53,587*defl91,738
July 1 to Mar 31--------- 8,025,734 7,757,046 *2,400,280*def703,114
Buffalo Roch & P itts...M a r
197,493
195,701
*170,837
*32,012
July 1 to Mar 31--------- 1,782,238 1.777,936 *1,447,565
*629,139
Buffalo & Susquehanna.Mar
24,510
25,847
*44,769
*8,339
Jan 1 to Mar 31.........
74,338
78,567
*173,087
*39,538
Chesapeako & Ohio------Mar
808,133
788,382
*542,537
*191,996
July 1 to Mar 31--------- 7,174,018 7.088,607 *5,109,949 *1,699,288
Chicago Great Western.Mar
224,662
225,485
214,081
68,337
July 1 to Mar 31--------- 1,994,359 1,961,689 1,338,316
778,995
Fonda Johnst & G lov-.M ar
38,014
35,492 *def2,429
*4,577
325,849
321,347
*29,447 *def2,515
July 1 to Mar 31--------N Y Ontario & Wostern.Mar
125,432
130,831 def57,291 defl6,221
July 1 to Mar 31........... 1,093,569 1,145,081
754,303
438,902
Norfolk & Western____ Mar
537,311
562,341 *1,945,239
*812,851
July 1 to Mar 31........... 4,863,881 4,941,116*14,811.340 *7,042,116
Northern Pacific-----------Mar 1,138,497 1,119,305 *2,138,478 *1,320,341
July 1 to Mar 31______10.156,814 10.238.951*19,628,440*12.882,601
Reading (all companies) Mar 1,235,917 1,240,667 1,927,670
633.845
July 1 to Mar 31........... 11,123,250 11,166,000 12,364,104 4,893.421
INDUSTRIAL COMPANIES.
— I n t ., R e n ta ls, & c . -------- B a l. o f N e t E a r n s .—
$
138,871
400,302

$
104,136
311,003

Great West Pow S y st...M a r
Jan 1 to Mar 31...........
Montana Power—
Jan 1 to Mar 31...........
335,227
262,431
Apr 1 to Mar 31........... 1,261,958 1,040,820
Now York Dock C o----- Mar
79,786
84,290
July 1 to Mar 31 ------722,113
725,495
* After allowing for other Income received.

$
*79,195
*294,501

$
*77,976
*223,294

ELECTRIC RAILWAY AND TRACTION COMPANIES.
L a te st G ro ss E a r n in g s .
N am e of
R oad.

W eek or
M on th .

American Rys C o__ December
Atlantic Shore Iiy __ M arch___
cAur Elgin & Chic Ry February .
Bangor Ry & Electric February .
Baton Rouge Elec Co February .
Beaver Valley T ra c.. March . . .
Belt LRyCorp(NYC) January ..
Berkshire Street R y . February .
Brazilian Trac, L & P February .
Brock & Plym St R y . February .
Bklyn Rap Tran Syst January ..
Cape Breton Elec Co February .
Chattanooga Ry & Lt February .
Clove Painosv & East February .
Clove Southw & C ol. February .
Columbus (Ga) El Co February .
Colum (O) R y, P & L February .
g Com’ w'th P Ry & L M arch___
Connecticut C o_____ February .
Consum Pow (M ich). March ..
Cumb Co (Me) P & L February .
Dallas Electric C o__ February .
Detroit United Lines February .
D I) E B & Batt(Rec) January ..
Duluth-Superior Trac March . . .
East Sc Louis & Sub. February .
Eastern Texas E lec.. February .
pEl Paso Electric C o. February .
42d St M & St N Avo January . .
g Georgia R y & Pow. M a r c h __
Galv-llous Elec C o .. February .
Grand Rapids Ry Co February .
Harrisburg Railways. March . . .
Havana El Iiy L & P_ February .
Honolulu R T & Land February .
Houghton Co Tr C o. February .
b Hudson & Manhat. February .
Illinois Traction......... February..
Interboro Rap Tran. March . . .
Jacksonville Trac Co February .
Keokuk Electric___ February .
Key West Electric— February .
Lako Shore Elec lly . February .
Lehlgh Valley Transit March . . .
Lewlst Aug & Waterv February .
Long Island Electric. January ..
Louisville Railway. . M a r c h __
Milw El Ry & Lt C o. M a r c h __
Milw Lt H t& Tr C o. March . . .
Nashville Ry & Light February .
N Y City Interboro.. January ..
N Y & Long Island.. January ..
N Y & North Shore.. January . .
N Y & Queons C o . . . January . .
Now York Railways. February .
N Y & Stamford R y . February .
N Y Wostches & Bos. February .
Northampton T ra c.. December
Nor Ohio Trac & L t. February .
North Texas Electric February .
Northw Pennsyl R y . December.
Ocean Electric (L 1). January ..
Paducah Tr & Lt C o. February .
Pensacola Electric Co February .
Phllft Rapid Transit. M arch___
Phila & Western R y . M arch___
Pittsburgh Railways. March . . .
Port(Ore) Ry,L&PCo. February .
firPugct Sd Tr, L & P. February .
g Republic R y & L t .. M arch___
Rhodo Island_______ February .
Richmond Lt & R R . January ..
St Jos Ry L H & P Co February .
Savannah Electric Co February .
Second Avenue (Rec) January . .
Southern Boulevard. January . .

C u rren t
Y ea r.

P r ev io u s
Y ea r.

Jan.

1

to la tes t d a te.

C u rren t
Y ea r.

P re v io u s
Y ea r.

$
t
%
5of,830 480.710 6.436 ,895 5,559.534
23,473
24,780
67 ,812
67,641
144,233 130,652
293 ,093
274.797
62,406 60,380
128 890
125,710
17,150
13,906
34 977
29,539
32,101
25,965
91 205
76,471
65,731
73,544
65 ,731
63,544
68,031
62,067
140, 103
132,430
/6079000 /5797500 /12509 000 f l 1793,690
7,281
6,226
15 367
13,687
2257,559 2087,221 2,257 55 9 2,087,221
28,638 23,439
62, ,758
52,493
96,183 77,848
197, 603
159,178
27,808 23,461
56 ,674
49,274
95,603 83,790
198 90S
177,105
64,622 55,777
136 56 9
116,544
280,700 248.596
578 ,117
523,348
1353,712 1138,211 4,124 ,259 3,520,945
681,372 556,153 1,382 ,878 1,160,616
374,835 302,218 1.161 ,227
941,949
198,398 182,301
411 ,582
376,513
163,759 149,397
336 ,891
328,751
1113,844 892,495 2,285 ,430 1,848,768
40,137 40,195
40 ,137
40,195
114.028 98,491
324 ,036
288,186
227,472 187,792
456, ,840
393.954
64,175 48,408
130, 269
101,935
91,146 79,240
196, 429
171.642
163,580 164,563
163, 580
164,563
580,465 526,483 1,735, ,877 1,605,300
145,763 148,940
302, 202
310,939
103,429 94,889
209, 246
199,617
93,333 77,106
265 ,912
227,667
489,543 444.404
981, 617
918,128
59,007 49,836
108, 508
96,556
24,166
18,765
49, 002
38,781
472,259 444,421
967, ,819
917,614
1002.662 875.405 2,036, 603 1,842,600
3405,052 3055,709 9,625 ,779 8,642,132
50,136 48,521
103 ,183
103,281
18,796
18,250
39 ,521
38,733
9.543
9,206
18,,821
19,354
106,507 89,200
219, 876
187,537
192,104 152,072
555 ,407
443,731
50,574 45,960
103 ,457
95.487
15.834
15,729
15 ,834
15,729
250,571 240.294
728 ,357
706,452
591,997 506,958 1,771 ,081 1,530,044
128,514 109,671
,650
384
330,438
185,318 169.450
381, 903
353,996
61.247 57,172
61 2 17
57,172
29,402 30,045
29, ,402
30,045
12.165
11,786
12 ,165
11,786
109,030 100.295
109 030
100,295
1040,676 982,481 2,162, ,113 2,076,184
22,358 21,129
46 465
44,200
36,414 32.206
78 183
67,701
16,104
13.690
180, 400
183.624
359,403 260.451
726, 545
5 1 1 ,2,89
141,880 121,300
292, 508
265,972
33,181 30,962
361 ,965
361.701
5,424
5,229
5 ,424
5,229
25,618 23,986
53, ,071
50,059
21,833
19,989
45 ,769
40,221
2255,672 2027,910 6,445 ,758 5,860,083
37.248 34.673
107 ,039
96,573
1074,771 950,135 3,075 ,210 2,735,448
409.331 437,851
864 ,319
927,567
597,215 591,691 1,266 ,80.8 1,262,576
330,016 242,236
958 ,821
724,837
410,857 358,756
839, ,073
753,821
28,235 26,469
28 245
26.469
116,446 106,351
239 722
223.625
60,396 64,995
126, 531
135,585
66,179 65,430
66 ,179
65,430
18,422
17,232
18, 422
17.232

1630

THE CHRONICLE
La test G ross E a r n in g s .

N am e of
Road.

W eek o r
M o n th .

\ C u rre n t
I Y ear.

P re v io u s
Y ear.

C u rre n t
Y ear.

P re v io u s
Y ear.

Electric Railw ay N et E a rn in g s.— The following table
gives the returns of E L E C T R IC railway gross and net
earnings reported this week:
------ G ross E a r n in g s ----C u rre n t
Y ear.

Bay Stato St Ry— b
Jan 1 to Mar 31______ 2,286,005
July 1 to Mar 31........... 7,505,997
Duluth-Superior T r .a .-M a r
114,028
Jan 1 to Mar 31______
324,036
Georgia Ry & I’ ow Co— a
(incl sub cos)________ Mar
580,465
Jan 1 to Mar 31........... 1,735,877
Harrisburg Railways__ Mar
93,333
Jan 1 to Mar 31...........
265,912
Interboro Rap Trans.a-M ar 3,405,052
July 1 to Mar 31______26,458,814
Lehigh Valloy Trans.b.M ar
192,104
Jan 1 to Mar 31______
555,407
Louisville R a ilw a y .b ...M a r
250,571
Jan 1 to Mar 31______
728,357
Milw Elect Ry & L t.a .-M a r
591,997
Jan 1 to Mar 31______ 1,771,081
Milw L t H t & T r a c t .a -M a r
128,514
Jan 1 to Mar 31______
384,650
Philadelphia Company—
Nat Gas & Oil Dopts.M ar 1,107,924
Apr 1 to Mar 31........... 8,305,185
Consol GasCo of Pitts.Mar
11,213
123,437
Apr 1 to Mar 31______
Duqucsne L t________ Mar
523,358
Apr 1 to Mar 31______ 5,371,792
Ponnsyl Lt & Pow__ Mar
16,532
Apr 1 to Mar 31...........
190,061
Pittsburgh Railways.Mar 1,074,771
Apr 1 to Mar 31______ 12,272,906
Beaver Val Tract____ Mar
32,101
Apr 1 to Mar 31______
360,624
Puget Sound Tract Lt & Pow
and sub co s.a ________Feb 597,215
Jan 1 to Feb 29______ 1,266,808
Third Avo Systom .a___ Mar 866,808
July 1 to Mar 31______ 8,221,080
Twin City Rap Tr C o.b.M ar
850,282
Jan 1 to Mar 31........... 2,490,986
West Penn Traction and
subsidiary co s.a _____ Mar 506,199
Jan 1 to Mar 31........... 1,452,444
Wisconsin E dison.a____ Mar 838,574
Jan 1 to Mar 31........... 2,522,130

P re v io u s
Y ear.

2,055,164
7,257,245
98,491
288,186

------N e t E a r n in g s -----C u rr e n t
Y ear.
$

P re v io u s
Y ear.

471,899
1,972,190
32,437
86,369

485,299
2,240,907
21,655
56,804

$

526,483
246,949
205,496
1,605,300
750,644
643,250
77,106
58,622
41,194
227,667
164,036
127,308
3,055,709 1,887,268 1,713,739
24,912,836 14,310,230 13,625,337
152,072
79,037
64,504
443,731
223,572
188.271
240,294
110,183
124,663
706,452
370,720
337,270
506,958
166,906
133,618
1,530,044
515,780
412,436
109,671
34,739
29,142
330,438
109,872
90,115
819,676
785,859
555,135
7,288,753 4,897,607 3,881,869
12,873
dof2,728
def500
150,235 dof 14,816 defll,513
436,810
208,566
270,387
4,941,465 2,695,151 2,201,283
16,266
5,090
4,470
202,156
67,404
70,548
950,135
339,076
363,529
11,816,592 4,480,391 3,663,323
25,965
13,114
5,307
343,145
124,031
93,126
591,691
1,262,576
860,491
8,104,805
788,123
2,277,918

164,286
402.608
225,783
2,476,006
307,358
881,812

206,249
455,484
210,046
2,379,431
258.419
722,793

394,409
249,202
1,167,990
726,931
719,093
c334,123
2,175,343 c l ,060,092

173,104
536,188
C275.685
C849.368

a Net earnings here given are after deducting taxes,
b Net earnings horo given are boforo doudcting taxes.

c The balanco available for The Wisconsin Edison Co., Inc., and depre­

ciation of subsidiary companies, was $198,542 for Mar. 1916, against
$136,274 in 1915, and for tho period from Jan. 1 to Mar. 31 was $643,932,
against $431,423 last year.

In terest Charges an d Surplus.
—I n t ., R en ta ls, & c .— — B a l. o f N e t E a r n s .—
C u rre n t
C u rre n t
P re v io u s
P re v io u s
Y ear.
Y ear.
Y ear.
Y ear.

R o a d s.

$
$
$
$
Bay Stato St Ry—
Jan 1 to Mar 31______
404,992
486,438
66,907
dof 1,139
July 1 to Mar 31______ 1,416.902 1,520,320
555,288
720,587
Duluth-Superior Tract. .M ar
14,464
15,029
119,264
27,924
Jan 1 to Mar 31______
43,632
42,720
Z47.483
217,010
Harrisburg Railways__ Mar
32,086 • 32,328
26,536
8,866
Jan 1 to Mar 31______
96,379
95,097
67.657
32,211
Interboro Rap Tran___ Mar
990,617
912,878
Z939.070
2857,142
July 1 to Mar 31______ 8,429,266 8,184,312 26,303,842 25,878,138
Lehigh Valley Trans____Mar
58,519
63,240
231,105
211,118
Jan 1 to Mar 31______
175,392
188,762
279,273
229,139
Louisville R y __________ Mar
76,813
73,251
256,542
248,225
Jan 1 to Mar 31______
230,438
219,751
2170,326
2150,781
Milw Elect Ry & L t___ Mar
66,985
68,860
2103,961
267,338
201,122
Jan 1 to Mar 31______
206,283
2326,609
2212,418
Milw Lt Ht & Tract___ Mar
54,574
55,773
225,302
218,630
Jan 1 to Mar 31______
170.514
169,099
274,408
255,828
Puget Sound Tr Lt & Pow
and subsidiary cos__ Feb
155,137
159,766
9,149
46,483
Jan 1 to Feb 29______
307,992
314,882
94,616
140,602
Third Ave System_____Mar
219,878
212,369
219,931
24,220
July 1 to Mar 31______ 1,963,906 1.918,187
2614,750 2522,331
Twin City Rap Tran Co.Mar
145,586
144,647
161,772
113,772
Jan 1 to Mar 31______
427,882
418,497
453,930
304,296
West Penn Traction and
subsidiary cos_______ Mar
170,527
151,112
78,675
21,992
Jan 1 to Mar 31______
487,409
450,508
239,522
85,680
x After allowing for other incomo rocoived.

R o a d s.

New York Street Railways.
------ G ross E a r n in g s --------- ----- N e t E a r n in g s -----'
P re v io u s
C u rre n t
P re v io u s

Hudson & Manhattan.a.Jan
Interboro R T (Sub) .a.Jan
Interboro It T (E lev).a.Jan
Total Interboro It T.a.Jan
Brooklyn Rap Trans.a.Jan
New York Railway.a. Jan
Belt L ine.a____________ Jan




Y ear.

1,772,133
1,411,610
3,183,743
2,257,559
1,121,438
65,731

$
320,486
1,545,943
1,332,788
2,878,731
2.087,221
1,093,703
63,544

---- G ross E i irm n g s ------- ------ N e t E a m in g s ------

J a n . 1 to latest d a te.

$
Staten Isl’d Midland. January . .
21,379
19,339
21,379
19,339
Tampa Electric C o .. February _ 90,544 82,890
168,250
177,249
Third A ven u o___ __ January . . 342,658 325,155
342,658
325,155
cTorontoRy(asso cos) January . . 906,350 843,351
906,350
843,351
Twin City Rap Tran 2d wk Apr 185,281 174,248 2,867,856 2,631,803
Union Ry Co of NYC January . . 234,769 211,630
211.630
234,769
Virginia Ry & Power. M arch____ 474,339 399,492 1,420,682 1,228,078
Wash Balt & Annap. M arch____
65,100 60,228
180,967
167,675
Westchester Electric. January . .
42,934
42,934
44,266
44,266
Westchester St R R _ February .
16,533
34,621
33,474
16,080
g West Penn Trac Co M a r c h __ 506,199 394,409 1,452,444 1,167,990
Yonkers Railroad__ January . .
63,111
55,992
63,111
55,992
York Railways______ M arch____
80,938 63,502
238,983
191,889
Youngstown & Ohio. February .
23,833
44,939
22,409
48,981
Youngstown & South January_
12.576
14.085
12,576
14.085
b Represents income from all sources, c These figures are for consoli­
dated company. / Earnings now given in milrels. g Includes constituent
companies.

R o a d s.

[Vol . 102

Y ear.

C187.747
1,127,284
635,051
1,762,335
721,605
328,046
17.706

Y ear.

C172.114
962,246
589,050
1,551,296
633,886
291,701
12,359

C u rre n t
Y ear.

R o a d s.

Second A v e .a __ _______ Jan
Third A v e .a ___ _______ Jan
Dry Dk E Bway & Bat.a. Jan
42d St M & St N A ve.a.Jan
N Y City Interboro___a.Jan
Southorn Boulevard..a.Jan
Union Ry of N Y C . .a.Jan
Westchester Electric.a.Jan
Yonkers R R .a _________ Jan
Long Island Electric.a-Jan
N Y & Long Isl T ract.a.Jan
N Y * North Shoro._a.Jan
N Y & Queens County.a-Jan
Ocean Electric (L I).a .J a n
Richmond Lt & R R .a .J a n
Staton Isl M idland..a.Jan

66,179
342,658
40,137
163,580
61.247
18,422
234,769
44,266
63.111
15,834
29,402
12,165
109,030
5,424
28,235
21,379

P re v io u s
Y ear.

*5,430
325,155
40.195
164,563
57.172
17,232
211,630
42,934
55,992
15,729
30.045
11,786
100,295
5,229
26,469
19,339

C u rr e n t
Y ear.

$
11,675
133,212
3,132
69,819
23,791
5,847
57,134
11,808
15,643
def2,941
1,634
5,263
def8,118
def914
1,581
def699

P re v io u s
Y ear.

$
7,767
118,595
6,022
68,241
16,020
4,655
37,302
193
8,515
dof 3,446
2,974
3,071
def 14,449
dof927
dof838
1,319

a Not earnings here given are after deducting taxes,
c Other inc. amounted to $83,036 in Jan. 1916, against $88,152 in 1915.

ANNUAL REPORTS
A n n u a l e tc ., R ep orts.— The following is an index to all
annual & c., reports of steam railroads, stroot railways and
miscellaneous companies which have been published since
Aprril 1.
This index, which is givon monthly, does not include
reports in to-day’s “ Chronicle.”
Railroads —
Page.
Baltimore Chesapeake & Atlantic R y l53 9
Belvldere Delaware U R ____________ 1539
Cincinnati Northern U R ....... ............. 1436
Clove. Cin. Chic. & St. I.. Ry_1430, 1445
Columbia & Port D eposit R R ______ 1540
Cornwall & Lebanon R R ....................1540
Cumberland Valley R R ..... ..................1340
Delaware & Hudson C o ______ 1341, 1350
Delaware Maryland & Virginia R R . 1540
Elmira & Lake Ontario R R ......... .......1540
Erie R a ilr o a d .............................
1341
Green Bay & Western R R __________ 1249
Kanawha & M ichigan R y ...................1430
Lake Erie & Western U R ____1436, 1535
Manistee & North Eastern R R _____ 1436
M aryland Delaware & Virginia R y ..l3 4 6
Michigan Central R R ..............1431, 1447
Monongahela R y ....................................1540
New York Central R R ............1430, 1443
N . Y . Philadelphia & Norfolk R y .. .l 5 4 1
Pittsb. Cin. Chic. & St. L. RR.1431, 1449
Pittsburgh & Lake Erie R R -..1 4 3 7 , 1535
Syracuse Bloomsburg & Berwick R R 1541
Toledo & Ohio Central R y ..................1437
Vandalla R R ........... ............................. 1342
Western N ew York & Penna. R y ___1536
Y ork Hanover & Fredericksburg R y.1542
Electrics —
American Railways, Philadelphia___1537
Chicago Railways C o ________ 1249, 1343
Cities Service C o _____________ 1244, 1268
Duluth-Superior Traction C o ., of
Con n., Duluth, M inn., and Su­
perior, W ls......................................... 1244
Federal Light & Trac. C o., N . Y .-.1 4 3 6
Georgia L t., Pow . & R ys. (M a con ). 1436
Honolulu Rapid Transit & Land C o . 1350
Houghton County (M ich.) T rac. C o .1436
Hudson & M anhattan R R ____1342, 1359
Lake Shore Electric R y . C o ________ 1431
Long Island Electric R R .................... 1541
New Orleans R y . & Light C o . 1436, 1536
New York & Long Island T rac. C o . . 1541
New Y orx & Rockaway Beach R y .,1 5 4 1
Public Service Corp. o f N . J ..1 2 4 4 , 1262
Republic R y . & Light C o. of N . Y ..1 3 4 3
South Carolina Light, Power & R y s. 1437
United L ig h t * Railways C o . . 1536, 1545
Underground Electric R ys. C o. of
London. L td .............................
1245
Industrials —
American Coal Products C o. (Bar­
rett Com pany), N . Y .......................1248
American Power A Light C o ., N . Y .,
and Subsidiaries......... ........................ 1434
American D istrict Telegraph C o. of
New Jersey....... .....................1437, 1539
American Ice Securities C o . (of
N . J .), New Y ork ..... ........................1247
American Smelters Securities C o ___1246
American W oolen C o ., o f N . Y _____ 1542
Assets Realization C o ........................... 1247
Associated Oil C o ., San Fr. & N . Y .1538
Atlantic Gulf & W . I. SS.LInes,N .Y.1431
Barney & Smith Car C o ..D a yto n ,0.1251
Brunswlck-Balke-Collender C o . . ..1 4 3 8
(F. N .) Burt C o ., L td., T oron to____1348
Bush Term . C o ., So. B ro o k lyn ,N .Y . 1344
Butterlck C om pany..............................1438
Canada F ou n dries* Forgings, L t d .. 1348
Canadian Consol. Rubber C o ............ 1348
Canadian Fairbanks M orse C o _____ 1252
Canadian General Electric C o ............ 1348
Canadian Westlnghouse C o ., L td ___ 1348
Chino Copper C o ..............
.1438

Industrials (.Con.)—
Page.
Chicago Lumber & Coal C o .................1348
Citizens Gas C o ., of Indianapolis__ 1252
Colorado Power C o ......... ......................1348
Columbia Gas & Elec. C o. (of W . Va.)
Conn........................................ 1344, 1354
Consolidation Coal C o ....................... .1248
Consolidated Gas, El. L. & P ., L t d .1542
Cunard Steamship C o ....... ................. 1542
East Butte Copper M ining C o ......... 1349
Eastman Kodak C o. (of N . J .),
Rochester, N . Y . _ .................
1537
Federal M ining * Smelt. C o .,N .Y ..1 2 5 2
Fore River Shipbuilding Corpora­
tio n , Quincy, M ass........................... 1543
Galena Signal Oil C o ______ ________ 1349
General Electric C o ........... ................. 1543
Goldfield Consolidated Mines C o __ 1438
Illinois Pipe Lino C o ., Findlay, 0 . .- 1 2 5 2
Imperial Tobacco C o. of Great Brit­
ain and Ireland, L td ______________1350
Ingcrsoll-Rand C o ..................................1345
Interstate Electric C orp .........1246, 1270
Island Creek Coal C o ., B oston......... 1440
(S. S.) Kresgo C o ............................. ..1 5 4 3
Lackawanna Steel C o. (Quarterly
statement M arch 31) .....................1440
M agnolia Petroleum C o.,D allas,T ox.l253
M arconi Wireless Tel. C o. of Amer__1253
M iami Copper C o. (of D e l.), N . Y ..1 4 4 0
M ohawk M in. C o. (of M ich .), N . Y 1253
M ontana Power C o ., N . Y .................1538
M t. W hitney Power & Electric C o . .1350
National Steel Car C o., L td., C a n ..1440
Nevada Consolidated Copper C o ..1 4 4 0
New Idrla Quicksilver M ining C o.,
B o s t o n ...............
1350
Nipplsing Mines C o ________________ 1253
(The) North American C o __________ 1345
Northern California Power C o .,
Consol., San Francisco....................1432
Northern States Power C o. (of D el.) 1430
Oklahoma Natural Gas C o..... ........... 1441
Pennsylvania Engineering W orks,
New Castle, P a__________________ 1351
Peerless Truck & M otor C o _________ 1254
Philadelphia Electric C o ......... 1442, 1539
Philadelphia & Camden Ferry C o . -.1541
Plllsbury-Washburn Flour M ills,L td.1351
Pocahontas Cons. Collieries C o ..I n c .1351
Pond Creek Coal C o ............................. 1442
Prairie Oil & Gas C o ......... ....................1254
R ay Consolidated Copper C o ______ 1442
Remington Typewriter C o __ 1272, 1344
Rubber G oods M anufacturing_____ 1431
Sloss-Shcffleld Steel & Iron C o .1431, 1452
Southern Utilities C o ., Jacksonville
and New Y o rk ....................................1442
Spring Valley W ater C o ., San Fran. 1537
Standard Gas & Electric C orp. 1245, 1256
Standard M otor Construe. C o.,N .J_1352
Standard Oil C o ., of Kansas.............. 1254
Steel C o. of Canada, L td ..................... 1352
Swan & Finch______________________ 1442
Tamarack M ining C o ........................... 1255
Tide-W ater OH C o. (of N . J . ) , N . Y . 1246
Union Bag & Paper C o ., N . J ........... 1247
Union Natural Gas C orp., 1’ lttsb__ 1248
Union Tank Lino C o ., N . Y .............. 1442
Union Switch A Signal C o __________ 1433
United Cigar Stores C o . of Am erica. 1344
United Gas Improvement C o.,P h lla .lS 37
Utah Copper C o .................................... 1442
Utah Consolidated Mining C o _____ 1255
Vacuum Oil C o ., Rochester, N . Y ..1 4 3 4
Western Electric C o ., In c., C h ica g o .1433
Western Union T e l.C o ., N . Y .1 2 4 6 , 1273

The Toledo & O hio C en tral R ailw ay.
(Report for Fiscal Year ending Dec. 31 1915.)

Pres. Alfred H . Smith, New York,

says in substance:

R es u lts. — The operating revenues for 1915 were $4,722,352, a decrease oj

$208,274. Freight revenues decreased $161,117 as tho result of a loss of
$179,160 in coal rovonue, offset to tho extent of $18,043 by a gain in other
freight handled. Decreased production In tho Ohio coal field during tho
first seven months and the total suspension of mining operations during
tho last five months of tho year by tiro largest producing company on tho
lino, resulted In tho loss of 691,347 tons, or 48% of local coal traffic. Thero
was, however, an increaso of 5-15,080 tons in coal traffic received from con­
necting lines, making a net decrease of 146,267 tons of coal handled as
compared with 1914.
Operating expenses decreased $417,708, tho heavy docreaso being
$141,521 maintenance of way and structures and $226,630 transportation.
Deductions from gross incomo show a not increase of $78,534, of which
$60,113 represents increased amount of interest, as compared with 1914,
on equipment obligations. Thero was an increaso of $284,411 in interest
on unfunded debt, a reduction of $34,228 in tho deficit from tho operation
of the Zanesville & Wostern R y., and a saving of $8,092 in rentals paid.
Hire of equipment decreased $224,939.
The not income for tho year was $43,113, against a deficit of $306,616
in 1914, a gain of $349,729.

Additions.— Sidings aggregating 5.871 ft. in length were constructed in
1915, and numerous old sidings aggregating 15,027 ft. in length, mainl
in tho coal region and no longer needod, wore removed.
The settlement o f damage claims, under contracts with tho City of Colum­
bus, covering tho elimination of grado crossings, mado satisfactory progress
during the year, and but little remains to bo taken care of during the en­
suing year. The viaduct at Parsons Avo., Columbus, was paved for onehalf of its width late in the yoar. the other half to bo paved next spring.
Tolephono block signals on the Bucyrus and Corning divisions wore com­
pleted and put in service during the summer.
Exnnnditures for additions and betterments on the road aggregated
$ 106K
including crossings and signs, $49,354. and $283,336 for addi-

tl^emandql]voie.— T o provide for its current requirements this company
Issued in 1915 its demand or one-year note for $500,000.
CLASSIFIED TONNAGE.
Agricul-------- Products of----lure.
Animals. Forests.

Orcs,
Mdse.&
Coke,&c. Misc.

544,508

1915--638,057 73,788 174,867
1914 -499,200 66,94o 178,177
1913:1483:016 71,518 211,913
1912. .423.077 75,088 226,116

122,816

Operations—

No. passengers carried..
986,418
Pass, carried one m ile.. 32,009,760
Rev. per pass, per mile. 1.804 cts.
Tons moved (revenue). . 7,070,735
..._.. ..
Tons moved 1 mile(rev.)936,753,764 945,054,789
Revenue per ton per mile 0.411 cts. 0.425 cts.
Avgo. train-load (tons).
Earn, per pass, train m .
Earn, per fgt.-train mile
Gross earnings per mile.

Transportation.

Uncollectibles .
Taxes accrued.
Other Income—

Deduct—

Joint facility rents.

31.
1913.
$5,047,889
647,688
177,407
158,446

.. $667,883
..
961,640
..
84,477
.. 1,755,413
..
140,381

$4,930,626
$809,405
997,534
91,763
1,982,043
146,758

$6,031,430
$1,039,991
1,174,098
94,235
2,256,409
137,126

..$3,609,794
..$1,112,558
..
496
..
276,421

$4,027,503
$903,123
1,752
265,676

$4,701,859
$1,329,571
258,487

..

$835,641

$635,695

$1,071,084

..
..

447,390
194,853

226,928
186,998

205,740

..$1,477,884

$1,049,621

$1,276,824

$236,189
496,240
263,483
100,748
5.078
254,499

$156,321
490,485
46,521
48,181
7,305
86,784

$11,250
556,354
547,893
92,656
6,347
220,271

Total deductions.......................... ..$1,434,771 $1,356,237
$835,597
Balance, surp. or dof_______________ sur.$43,ll3def.$306,616sur.$441,227
31.
1914.
1015.
S
Liabilities —
$
Road & equipm’ t.26,614,950 26 ,224,948 Stock, com m on— 6
Stock, preferred.. 3
In v. In affil.cos.—
S t o c k ................ 8,370,726 8 ,371,817 Bonds (sec " I ty . &
In d .” S e c tio n ).. 8
Bonds........... ..
2,000,000 2 000,000
338,000 Car trusts......... . 3
N otes..............
480,000
14,791 N on-negot’le debt
29,340
A dvances-.........
256,250
to affiliated co s.
256,250
Other Investments
151,351 Loans & bills p a y . 10
151,351
M isc. phys’l prop.
888,300 Accounts & wages.
888,300
Secs. held in treas.
385,671 Traffic, A c., bals.
371,967
Matcrlals A supp.
676,792 M at’d lnt. unpaid.
544,639
Cash___________
292,243 M iscell. accounts. 1
78,995
Special deposits . .
114,010 A ccr.ln t.,dlvs.,A c.
139,937
Agents & conduc.
104,085
163,587 D e f’d credit Items.
Trafflc, A c., bals.
746,957
516,694 Accrued dcprec’ n . 1
M lscell. accounts.
893,374
813,573 A pprop’d surplus. 1
Interest, A c ., rec.
400,321 Profit and loss___*4
133,137
UnadJ. debits, & c.
BALANCE SHEET DECEMBER

Assets—

T o t a l ------ .'-------41,803,709 41,608,348

*After deducting $46,826 for sundry adjustm’ts (net)—V. 102,p .1437,610^

Kanawha & Michigan Railway.
(Report for Fiscal

Year ended Dec. 31

1915.)

Pres. Alfred H . Smith, New York, says in substance:
Results.— The operating revenues for the year were $3,139,104, an in­
crease o f $194,920. Freight rovenues increased $197,302, o f which $87,081
represented tho incroaso in coal traffic and $110,221 in miscellaneous com­
modities.
The operating expenses decreased $63,315. [Tho gross income in 1915
was $1,154,426, an increase of $177,116.1 Deductions from gross income
Increased $20,799, o f which $14,250 represents increased amount of inter­
est. as compared with 1914, on equipment obligations, and $6,459 interest
on unfunded debt.
From tho net income for 1915, $805,077, four dividends of 114% each,
aggregating $450,000. were deducted, leaving a balance o f $355,077, which
was carried to profit and loss account.
Demand Notes.— To provide working capital for its current requirements,
this company issued in 1915 Its demand or one-year noto for $150,000 and
a short-term note for $50,000.
CLASSIFICATION OF FREIGHT—PRODUCT OF (TONS).
Year—

191.'
1914.
Bit
tons in 1914.
TRAFFIC STATISTICS.

12
Dec.

Averago miles operated.

Mos.to

31 ’ 15.
177

6
Dec.

Mos. Jo

31 ’ 14.
177

— 12 Months to June 30-

1914.

11

1913.

565,744
1,231,119
1,008,549
Passengers (number)__
9,669,554 19,468.484
Pass, carried one m ile .. 17,887,615
1.95 cts.
1.94 cts.
A v. rets, per pass.per m.
1-96 cts.
Tons freight (numfier) _. 5J22.909
2,930,126
5,271,259
5,611,112
Tons freight one mile
711,699,093 366,063,821 660.476,178 712,246,180
A v. rets, per ton per mile 0.385 cts.
0.374 cts.
0.402 cts. 0.401 cts.
A v. tons per train m ile..
1,093
1.065
959
Earns, per pass. tr. mile
$0.9618
$1.0104
$0.9509
Earns, per fr’t tr. m ile..
$4.15
$3.94
$3.85
Gross earnings per mile.
$17,775
$8,978
$17,611




31 ’ 14.
$188,752
1,354,846
22,103
13,718
6,178

— 12 Months to June 30—
1913.
1914.
$372,311
$377,635
2,654,551
2,858,750
37,985
36,766
25,334
28,118
8,849
13,078

$1,585,596

$3,110,148

$3,303,229

$415,163
672,873
856,936
38,016
77,631

$222,040
380,272
462,619
15,192
41,175

$422,236
704,237
974,304
34,937
84,076

$478,269
641,444
958.671
28,823
78,212

$2,060,619
Per cent exp. to earns..
(65.64)
Net operating revenue.. $1,078,486
Hire of equipment_____
200.138
Rents & miscellaneous. .
22,611

$1,121,298
(70.72)
$464,298
122,653
14,620

$2,219,790
(71.37)
$890,358
333,304
23,580

$2,185,419
(66.16)
$1,117,810
280,357
27,859

$1,301,235

$601,571

$1,247,242

$1,426,026

$946,158
$355,077

$472,996
$128,575

GENERAL BALANCE SHEET

1914.
$4,013,876
614,239
174,873
127,638

T o t a l ..................41,803,709 41,608,348

6

Mos. to
Dec.

$880,794
$366,448
DEC. 31.

$960,630
$465,396

1914.
1914.
1915.
1915.
S
$
..
Liabilities—
S
Road & equlpm’t . 17,965,383 17,937,067 Com m on stock___ 9,000,000 9,000,000
M ortgage b o n d s .. 4,969,000 4,969,000
Inv. In aim . cos.:
S to c k s ................ 1,000,000 1,000,000 Equip, trust oblig. 2,002,375 2,312,625
100,000
Bonds__________ 1,000,000 1,000,000 Bills payable_____
300,000
46,258
Other investments
2,004
24,179
2,004 Traffic, A c., bals.
438,837
Cash......... ...............
85,150
197,374
50,587 Accounts A wages.
4,223
3,845
255,645 Miscellaneous-----Special deposits . .
247,505
114,561
109,085
Bills receivable___
50,000
50,000 M atured lnt., A c .
27,748
25,803
117,822 Accrued Interest..
Traffic, & c., b a l . .
197,692
105,776
90,445
6,655 Accrued taxes____
Agents A con du c.
12,625
399,829
500,986
73,103 Accrued deprec’n .
Miscellaneous____
72,008
9,175
3,247
281,695 UnadJ. credits,A c.
M aterial & s u p p ..
226,628
........... def .38,372
38,440 Operating reserves
Deferred assets. . .
82,724
40,212 A dd’ns to property 1,068,676 1,068,676
Unadjusted debits
31,304
Profit and l o s s . . . 2,662,676 2,310,224
Assets—

1915.
..$3,852,759
577,483
..
185,020
..
107,090

..
..
..
..
..
..

31 ’ 15.
$350,880
2,703,198
41,221
31,170
12,635

$3,139,104
Expenses—

Maint. of way & stru c..
Maint. o f equipment__
Transportation________
T raffic________________
General expenses, &c__

T o ta l...........................
Balance, surplus_______

INCOME ACCOUNT YEARS SENDING DECEMBER

Incidentals.

Earnings—

Passenger____________
F reig h t...................
Mail and express______
Miscellaneous_________
Incidental____________

Interest on funded debt.
$318,106
$164,340 $ 223,760
$223,760
10,525
2,181
62,265
73,718
Other interest_________
Taxes, &c.................
146,808
69,527
126,430
106,262
Rents paid, &c________
20,718
11,948
18,339
16,889
Dividends___________ (5 % )450,000 (2 H )225.000 (5 % )450,000 (6 % )540,000

1915.
436

Miles operated________

INCOME ACCOUNT.

12

Mos. to
Dec.

Deduct—

TRAFFIC STATISTICS

Operations—

1631

THE CHRONICLE

A pr . 29 1916.]

T o t a l ..................20,973,023 20,853,230

T o t a l ..................20,973,023 20,853,230

— V. 102, p. 1436, 609.

United Railways & Electric Co. of Baltimore.
{Ylth Annual Report— Year ended Dec. 31 1915.)
Pres. Wm. A. House, Balt., April 14, wrote in substance:
S u m m a r y f o r 1915.— While a decrease of $175,696 is shown in the gross
earnings, there was a decrease of $169,740 in operating expenses, or a net
decreaso of only $5,955 against 1914. This should be especially gratifying
for the following reasons: (1) Because of the industrial, commercial and
financial depression which prevailed through the first nine months of the
year, throwing large numbers of people out of employment with resulting
decreased riding. (2) The unfavorable weather conditions during the
summer months, causing a heavy reduction in excursion travel. (3) The
unregulated jitney competition, which started early in Feb. and reached its
maximum during the summer months. Depreciation reserve in 1915 was
$410,548, a decrease of $58,848.
R esu lts fo r 1915.—The decrease in gross earnings was $175,696, or 1.91%;
decrease in operating expenses $169,740, or 3.94% , and the increase in
fixed charges was $34,671, or 1.17 % . The percentage of operating expenses
to gross earnings was 45.89% , as compared with 46.85% in 1914. For
maintenance of way, structures and equipment there was charged to op­
erating expenses $716,744, which with the $410,548 credited to deprecia­
tion reserve makes a total of $1,127,292. While a decrease of $169,740 is
shown in operating expenses, there was only a decrease of $45,102 in main­
tenance of way and structures and $46,080 in maintenance of equipment,
from which it will be seen that the property was fully maintained in 1915.
D iv id e n d s . — Four quarterly dividends of 1% each wore declared on the
common stock, calling for $818,448 (see below).
F in a n c e s . —-The company has no floating debt, and as o f Dec. 31 1915
it had $609,772 cash on hand, of which $400,170 was unexpended balance
of proceeds of its 2-year notes. As a result of tho falling o ff in earnings
duo to depressed industrial conditions,- the company postponed much
construction work in 1915.
T o ta l T a x e s a n d P u b lic C h a rg e s . — These, including park tax, cost of paving
streets, track changes necessitated by re-grading of streets and highways,
sewerage commission work, widening of streets, &c., was $1,161,838, an
increase of $24,637, or 12.87% of the gross revenue and 23.78% of the net
receipts after paying costs of operation. The park tax for 1915 was $580.­
210, against $593,814 in 1914, a decrease of $13,603. This was attributable
to tho depressed business conditions and unregulated jitney competition.
Tho Federal income tax was $11,721.
T r e a s u r y B o n d s . — As of Dec. 31 1915, the company had in its treasury
$2,500,000 of its 1st Consol. 4% bonds, of which $1,333,000 were pledged
as collateral for the 2-year notes maturing June 1 1916. There were also
$3,511,000 1st M . 5% bonds of the Maryland Electric Rys. Co. in the
hands of tho trustee available for certain capital expenditures. There are
now $4,489,000 of these bonds outstanding.
I n s u r a n c e . — A further reduction In the insurance rate was secured by
the Association of Fire Underwriters, effective Feb. 8.
T r a c k s . —Tho company now operates 404.5 miles o f single track, of which
169 miles are laid with T rail, mainly on suburban lines; 0.3 miles with
duplex rail, 182.8 miles with 9-inch girder rail, 28.7 miles with 7-inch girder
groove rail and 23.7 miles with various smaller girder sections. During
tho year 12.5 miles of single track were reconstructed with new rail and
15.47 miles were adapted with existing track structures to meet the revised
streot grades of the city and county. From the aforesaid changes 27.32
miles were affected by the diversified operations of tho city, county and
State authorities, the principal item of which is 22.04 miles incident to the
work of tho Paving Commission.
During the years 1905 to 1915, inclusive, track structures wore affected
to tho extent of 139.4 miles of single track, or more than one-third o f the
total miieage o f its whole system, by tho combined operations o f the several
municipal departments, tho County Commissioners and the State Roads
Commission. The reconstruction of the Charles St. bridge over the steam
railroad tracks at Union Station was undertaken by tho Pennsylvania
R R . in September. Street car traffic over the bridge was diverted, thus
eliminating any interference with street car traffic on Charles St.
P o w e r P la n t s . —Although the Pratt St. power station, the main generating
plant, supplied but a small portion of tho electrical energy required to
operato tno railway company’s system during the year, in view of the fact
that tho power requirements wero to a large extent supplied with hydro
energy from the plant of the Pennsylvania Water & Power Co., it has been
maintained in tho highest state of efficiency, prepared for immediate service,
should there bo a serious interruption of water-power current. The Light
St. power station, while not in active operation for several years past, is
also kopt in readiness to carry its rated load at short notice. The Owings
Mills power station, which supplies the electrical energy for the Emory
Grove line, has been operated efficiently and economically. During the
year the machinery in this station was thoroughly overhauled. Bay Shore
power station, which supplies current during the summer excursion season
to tho Bay Shore and Sparrows Point lines, as well as that required for Bay
Shoro Park lighting and power purposes, was operated in its regular service.
G ra d ed P a rk T a x C a s e . —Tho Court of Appeals in April handed down an
opinion affirming the decision of the lower court, upholding the constitu­
tionality of the Act of 1906, known as the Graded Park Tax Act. The
decision sustained your company’s contention that as soon as the park
tax attaches there can be no tax on an easement, and that the two cannot co­
exist at one and the same time upon the same tracks of the company, but
that one tax was exclusive of the other.

1622

THE CHRONICLE

J i t n e y C o m p e titio n .—Jitney traffic started in Baltimore on Feb. 2 1915.
rho greatest number o f this typo o f vehicle actually operated on any one
day was 107 on May 29 and this number has now diminished to below 50,
a decrease of over 5 0 % . Aided by your company, the City Motor Co. and
Baltimoro Transit Co. were organized, which began operations on July 21
and July 25, respectively, the motor company with a lino of jitneys over
threo routes and the transit company with a line o f specially designed buses
over two routes. For tho purpose of ascertaining whether or not this char­
acter of transportation was a desirable supplement to electric transporta­
tion, as well as bringing tho operation of these companies directly under the
control o f your company and thus effecting economy, tho stocks of both
companies were acquired by our company.
to oxI’ark,
construction of
...
....
^------- „ — -----— ....... —----- — j placed in operation,
winch will bo continued until completion of tho extension. On Oct. 18
th ; 1*. S. Commission issued an order with respect to enclosing vestibules,
minor alteration to fenders and equipping cars with now typo of wheel
guard.
^!a r L i n e to G u ilfo r d .— On Dec. 9 1915 we entered an agreement with the
Kaland Bark Co. and the Maryland Electric Rys. C o., covering tho coa
struct.ion of a car line on private right-of-way through tho Guilford develop
merit of the Roland Bark Co. It is proposed that tho railway shall be of
double-track construction, beginning at St. Baul St. and University Bark­
way , thence along St. Baul St. to a terminus at tho oast lino o f Charles Street
Ave., where a suitable waiting station will bo erected.
O P E R A T IO N S A N D

F IS C A L R E SU L T S.

,
1915.
1914.
1913.
1912.
Car m ile s....................... 29,522,100 30,250,194 30.203,185 29.472.537
Revenue passengers___ 181,744,023 185,296,350 182.180,767 172,233.341
Transfers......................... 75,807,256 77,102,879 74,634,030 69,344,828
R even u e —
$
S
S
$
Rev. from transport’l l . . 8,904,857
9,083,555
8,912,986
8,454,027
Rev. other than trans..
123,287
120,284
133,506
117,462
Total revenue_______ 9,028,144
9,203,839
9,046,492
8,571,489
Expen ses—
Maint. o f way and struc.
354,613
399,716
456,033
432,528
362,131
Malnt. o f equipment__
408,211
417,482
411,386
Traffic expenses_______
7,498
12,563
8,722
9,356
Conducting transports. 2,701,046
2.727,442
2,557,695
2,339,309
General & miscellaneous
717,411
764,507
706,499
676,296
Total opor. expenses. 4,142,699
4,312,439
4,146,431
3,868,876
Net earnings___ , _____ 4,885,445
4,891,400
4,900,061
4,702,613
8,333
Other incomo_________
24,721
6,945
5,515
Gross incomo_________ 4,893,778
4,916,121
4,907,006
4,70S,128
D ed u ctio n s —
Interest on bonds........... 2,063,468
2,045.179
2,050,305
2,133,959
Park and other taxes__
924,534
909,744
866,229
796,076
R entals_______________
6,901
7,266
7,735
7,658
Interest and discount__
4 ,5 9 4
l ,325
137
1,909
Int. on car trust certfs..
______
1,312
3,062
4,812
T o ta l........................... 2,999,497
Balance____ __________ 1,894,281
M d. El. Rys. M . sk. fd .
67,335
Exting. disc, on securs. .
37,950
Depreciation__________
410,548
Int. on incomo bonds &
pref. dividends______
560,000
Common dividends__ (4%)818,448
Bah, surp. for year.

None

2,964,826
1,951,295
65,501
37.950
469,395

2,927,468
1,979,538
60,000
37,950
530,226

2,944,415
1,763,713
60,000
38,056
428,574

560,000
(4)818,448

560,000
(4)791,362

560,000
(3)463,050

Nono

Nono

214,032

rE E T D E C . 31.

1915.
1914.
1915.
Assets —
S
S
L ia b ilitie s- $
Cost of road,equip­
Common stock__ 20,401,200
ment, &c_____ 71 245,948 70,882,823 Preferred stock__
23,000
Stocks & bonds of
Bonds (see “ Elec.
other cos.owned,
Ry. Section” ) . .42 920,000
controlled, &c._
132,577
122,577 2d M. Income 4s.. 13,,977,000
Co.'s bds.ln treas—
Accounts payable.
92.700
Cent. Ry .cons. 5s
8,000
8,000 Accrued interest..
536,500
U.R.&E.cons.4s 2 ,500,000 2,500,000 Accrued taxes___
152,280
Cash in banks,Ac. 209,601
354,404 Miscellaneous___
49,491
Proc. 2-ycar notes. 400,170
435,055 Deferred liabllltlesyo, 512,891
Accounts recciv’le.
58,754
87,016 Surplus...............zl ,008,059
Notes receivable.. 635,481
631,923
Supplies and coal. 303,635
328,232
Deferred assets...x9 ,238,954 9.091,384

1914.
•S
20,401,200
23,000
42.920.000
13.977.000
102,789
536,500
148,322
50,070
5,218,745
1,003,788

Total..............84,733,121 84,441,414
Total................84,733,121 84,441,414
x “ Deferred assets” embrace real estate, buildings, machinery, cars,
equipment, cables, &c., Maryland Elec. Rys. (per contra), $4,489,000; in­
come bond coupons held by Maryland Trust Co., trustee, against funding
bonds under funding agreement dated July 25 1906. $3,920,000; Mercantile
Trust & Deposit C o., trustee, \]A % sink, fd., Maryland Elec. Ry. 5s, $425,­
470, and special sink. fd. Maryland Elec. Ry. 7 ( 4 % purehaso o f cars and
rolling stock, $61,320; initial payment 10% Maryland Elec. Rys. purehaso
o f cars and rolling stock, $49,835, and miscellaneous, $293,329.
y “ Deferred liabilities” include; Accident reserve, $139,375; Maryland
Elec. Ry. bonds, obligations under agreement to purchase the leased prop­
erty for an amount equal to principal o f bonds at maturity, $4,489,000;
sinking fund for retirement o f Maryland Elec. Ry. bonds, $442,304: reserve
for depreciation, $260,830 (after deducting $325,303 expended); other mis­
cellaneous items, $181,382.
z After deducting sundry items aggregating $4,270.— V. 102, p. 1437,810.

United States Steel Corporation.
(E a rn in g s f o r the Q u a rter en d in g M a rch 31 1910.)

Tho following financial statement of tho Corporation and
its subsidiaries for the quarter ending March 31 was given out
on Tuesday after the regular monthly meeting of the direc­
tors. The “ net earnings” as here shown “ wero arrived at
after deducting each month the cost of ordinary repairs and
maintenance of plants and interest on bonds of sub. cos.”
For unfilled orders on hand see “ Trade and Traffic M o ve­
m ents,” April 15 1910 (pago 1411.)
I N C O M E A C C O U N T F O R Q U A R T E R S E N D I N G M A R C H 31.
N e t E a r n in g s —
1916.
1915.
1914.
1913.
January......................... *$18,794,912 *$1,687,150 *$4,941,337*811,342,533
February------- --------------*19,196,396
*3,638,578 *5,655,611 *10,830,051
M a rch --------------------------*22,722,316 *7,132,081 *7.397,433 *12,254,217

Total net earnings...$60,713,624 $12,457,809 $17,994,381 $34,426,801
D ed u ct—

For sinking fund, doproc. & res’ve funds.. $9,495,065
I n te r e st...............
5,444,687
From, on bds. redeem ..
261,000

$5,773,236
5,524,379
245,136

$5,798,023
5,600,279
227,023

$8,730,292
5,668.209
______

Total deductions----- $15,200,752 $11,542,751 $11,625,325 $14,398,501
B alance-----------------------$45,512,872
$915,058 $6,369,056 $20,028,300
Dlv. on pref. (1 34 % ) - - - $6,304,919 $6,304,919 $6,304,919 $6,304,919
Div. oncom . (1 M % )--- 6,353,781
6,353.781
6,353,781
Balance, sur. or def.S .$32,854,1721).$5,389,861D.$6,289,6448.$7,369,600
* After deducting interest on subsidiary companies' bonds outstanding,
$805,462, $796,408 and $795,226 in Jan., Feb. and March 1916, against,
respectively, $880,026, $872,480 and $872,055 in 1915, $819,372, $819,129
and $818,106 in 1914, and $838,497, $847,132 and $842,298 in 1913.

For statement of earnings by quarters for the years 1912­
1915, see V . 102, p. 433, 1442, 1544.




[Vol . 102.
General Electric Company.

(24 th A n n u a l R eport— Y e a r en d in g D e c . 31 1915.)
The full report for tho year ending D ec. 31 1915 is pub­
lished on subsequent pages. Following are comparative
statements with earlier poriods compiled for the “ Chronicle” :
I N C O M E A C C O U N T D E C . 31.

1915.
1914.
1913.
1912.
Sales billed .....................$85,522,070 $90,467,692 $106477,439 $89,182,186
Cost of sales................. 76,898,183 81,496,729 96,207,833 81,074,192
R ec eip ts—

Profit from sales_____$8,623,887
Profit on securities sold. ............ ..
Increase in value of se­
curities of cos. owned. ________
Interest and discount
and sundry profits__ 2,129,265
Incomo from securities. 1,554,843

$8,970,963 $10,269,606
$1,036,000
1,570,431
1,313,989

1,478,721
1,281,463

$8,107,994
$2,469,349
1,292,224
1,241,257

T o ta l...........................$12,307,995 $11,855,383 $14,065,790 $13,110,824
D ed u ct —
Interest on debentures.
$570,086
$567,556
$576,432
*$532,087
Disct. on deb. issued in
1912 (balance)______
37,439
...............
Disc. & exp. on note iss.
394,040
...............
Dividends paid (8 % )__ 8,129,918
8,142,768
8,149,204
6,213,174
Surplus------------------- $3,607,992
Surp. from previous year 20,084,879

$3,145,059
16,939,820

$4,908,675
12,031,145

$6,305,563
29,019,892

T o ta l..........................$23,692,871 $20,084,879 $16,939,820 $35,385,455
Stock dividend (3 0% )...................................................... .............. 23,354,310
Surplus Dec. 31.........$23,692,871 $20,084,879 $16,939,820 $12,031,145
* Includes discount on now dobonturo issue in 1912.
C O N S O L I D A T E D B A L A N C E S H E E T D E C . 31.

1915.
1914.
A ssets—
$
$
Patents, franchises, &c_
1
l
Manufacturing plants.. 29,563,332 31,063,332
Real estate (othor than
manufacturing plants)
996,985
872,216
Stocks, bonds, & c___ a32,910,594 29,667,213
Cash__________________ 30,138,913 22,528,888
Notes & accts. recoiv’le. 19,619,216 19,091,025
Work in progress______ 1,248,630
843,073
Advances to sub. cos__ b4,931,585 c5,059,860
Furn. & fixtures (other
than in factores)_____
l
1
Inventories (factories).. 24,544,646 24,253,704
Gen.& local offices,&c. 3,251,959
3,256,881
Consignments_______ 2,066,690
1,782,177

1913.
$
1

1912.
$

1

29,427,168

24,556,111

1,058,387
25.964,317
14,844,210
26,210,459
2,012,514
cO, 817,563

1,575,447
23.325,070
13,507,225
26,950,244
686,481
c4,099,063

31,697,056
4,010,538
2,083,145

31.851,690
4,090,623
1,300,506

Total assets...............149.278,552 138,418,371 144,125.360 131,942.464
L ia b ilit ie s —
Common stock________ 101.510,600 101,485,700 101,381,200 1 0 1 ,2 0 2 ,0 0 0
5% coup. dob. of 1892. .
________
2 ,0 0 0
16,000
35,000
3 ) 4 % coupon debentures 2,047,000
2,047,000
2,047,000
2.047,000
5% coup. deb. of 1907..
2,000
18,500
88,500
2 11,0 0 0
5% coup. deb. of 1912.. 10,000,000 1 0 ,0 0 0 ,0 0 0 1 0 ,0 0 0 ,0 0 0 1 0 ,0 0 0 ,0 0 0
Accrued int. on dobens.
196,519
197,016
196,527
197,544
Notes (paid Apr. 6 1914) ________
8 ,0 0 0 ,0 0 0
1,655,226
Accounts payable______ 4,640,207
2,846,657
4,140*766
464,116
Accrued taxes_________
418,677
302,134
265,445
Adv. pay’ts on contracts 4,740,577
434,705
279,561
257,336
Dividends payable Jan. 2,030,102
2,029,718
2,027,472
1.555,294
23,692,871 20,084,879 16,939,820 12.031,145
Surplus ________
Total liabilities...........149,278,552 138,418,371 144,125,360 131,942,464
a Stocks, bonds, &c., $32,916,594 in 1915, consist of $19,687,965 securi­
ties of subsidiary cos. and $13,228,628 stocks and bonds of public utility
and other companies, b Denotes advances to subsidiary companies,
c Denotes amounts due from subsidiary companies.— V. 1()2, p. 1543.

Nova Scotia Steel & Coal Co., New Glasgow, N. S.
(15th A n n u a l R eport— Y ea r en d in g D e c . 31 1915.)
Tho report, including tho remarks of President Thomas
Cantley, directors’ report of tho company for tho year end­
ing D e c .31 1915 and tho goneral balance sheet as of Dec. 31
1915, was given on advertisement pago xiii of tho “ Chronicle,”
issue of March 4 1916.
R E S U L T S FO R C A L E N D A R

YEARS.

„ „
,
1915.
1914.
1913.
1912.
Profits for the year------- $2,094,170
*$338,994 $1,185,768
$908,414
Interest on bonds, &e._
$291,665
$421,070
$395,576
$352,311
Int. on debenture stock.
189,452
180,000
109,560
60,000
Div. on pref. stock ._a( 1 2 %) 123,000 (4%)41,200 (8%)82,400 (8%)82,400
...........(3%) 180,000 ( 6 % )360,000 (6 %)360,000
Div. on common stock. .
Impts. and bottermonts
______
86,605
107,682
61,010
Sinking fund and mlscol.
36,310
50,539
55,264
48,637
T o ta l...........................
$641,027
$959,414 $1,110,482
$964,358
Balance, sur. or dof-.sur.$1,453,113def..$620,420 sur.$75,286 dof.$55,944
♦After deducting in 1914 $76,170 depreciation, &c., against $70 186 in
1913 and $92,196 in 1912.
B A L A N C E S H E E T D E C . 31.
A ss ets —
1915.
1914.
1913.
1912.
Property and mines----- $18,533,724 $17,705,408 $16,829,076 $15,670,614
Inventories___________
2,358,688
2,041,039
1,776,575
1.714,184
Ledger accts. &bllls rec. 2,091,013
723,381
488,161
907,485
Cash........ ..........
566,189
13,186
268,416
328,594
Invest, in other cos____
144,740
Deferred charges______
389,366

.$24,083,720 $20,483,014 $19,362,228
L ia b ilit ie s —
Preferred stock__
. $ 1 ,0 0 0 ,0 0 0 $1,030,000 $1,030,000
Ordinary stock________. 7,500,000
6 ,0 0 0 ,0 0 0
6 ,0 0 0 ,0 0 0
Bonds _______________ . 5,833,309
5,873,809
5,911,809
Sinking fund_________
126,684
88,278
3,000,000
Debenture stock______ . 4,000,000
3,000,000
(iOO.OOO
600,000
General reservo________.
750,000
490,000
1,785,000
Bills payablo__________ .
2 0 0 ,0 0 0
Pay-rolls & accts. not duo> 1,108,938
598,877
389,930
Fds. cred. East. Car Co.
Coupons (January)___
145,833
147.795
146,845
Coupons not presentedl
1,607
2,522
2 ,0 0 2
Deb. stock int. Jan. 1 ...
88,560
1 2 0 .0 0 0
90,000
Div. on pref. Jan. 15__
20.600
90,000
1.114,847
1,172,331
. 1,773,423
57,466
527,887
. 1,510,609
$24,083,720 $20,483,014 $19,302,228
— V. 102. p. 1253. 1064.

•SI.030,000
6 ,0 0 0 ,0 0 0
5,946,809
53,556
1 .0 0 0 ,0 0 0
750.000
490.000
534,020
971,599
148,670
1.529
30.000
20,600
90.000
1,101,493
452,601

International Salt Co., Scranton, Pa., and New York.
(Report for Fiscal Year ending Feb. 29 1916.)

Pres. Mortimer B . Fuller, Scranton, April 17, wrote:
After deducting all maintenance and operating expenses, taxes and insur­
ance charges, depletion, interest on bonds o f tho International Salt Co. and
tho Retsof Mining Co., interest on notes, administration expenses and the
proportion o f earnings applicable to stock o f subsidiaries held by others,
the net profits for the year were $437,472.
,
,,,
On Feb 29 1916 tho net quick assets, consisting o f cash, bills and ac­
counts receivable and inventories o f your company and its subsidiaries
after deducting all current and floating obligations other than bonded
indebtedness amounted to $419,991.
Tho directors wero gratified to be ablo to continue the payment of quar­
terly dividends during tho past year at the rato o f X o f 1% on April 1,
July 1, Oct. 1 and Doc. 31 1 9 1 5 , together with an extra 1% on Doc. 31.
There aro still outstanding 701.4 shares o f tho original issuo of stock
which should lie exchanged for new stock in accordance with the resolution
adopted by the stockholders April 21 1913.
The past year has shown a continued Increase in tho tonnago of all grades
o f salt produced and sold by the subsidiaries, and the fact that such in­
crease is not directly traceable to any temporary demand created by the
European war indicates healthy and substantial progress. Owing to the
increase in cost of practically all materials required in tho production of
salt, it bocame necessary during the past year to advance prices on all grados
o f salt. Tho prospective scarcity o f labor, with tho certainty o f higher
cost o f coal, makes impossible at this timo any satisfactory forecast of
results for the coming year.— V. 101. p. 1889.

Electric Storage Battery Co., Philadelphia.
(Statement for Fiscal Year ending Dec. 31 1915.)
1913.
1914.
1915.
„ 1912.$1,770,188 $1,395,793 $1,558,123 $1,536,191
522,206
547,165
512,355
.
581,570
..$1,188,618
.
172,130

$848,628
254,610

$1,035,917
172,838

$1,023,836
101,444

..$1,360,748
.
649,964

$1,103,238
649,964

$1,208,755
649.964

$1,125,280
649,964

$453,274

$558,791

.
CO N D EN SED

$710,784
BALAN CE

1915.
Assets —
S
Plant investment- 1,992,988
Stocks and bonds
owned_______ 2,182,351
Patents, aggrern’ts
and franchises. .11,000,000
Cash.................
653,756
Accts. receivable. 1,438,082
Notes receivable..
11,572
Inventory acc’ts.. 1,857,646

SH EET

D ECEM BER

$475,316
31.

1914.
1915.
1914.
Liabilities —
$
s
S
1,963,738 x Capital stock... 16,249,425 16,249,425
Accounts payable. 299,675
170,853
__
60,263
1,777,131 Sundry liabilities.
7,366
Depreciation, bad
debts and unfin­
13,877,,>47
ished contracts
659,088
reserves______ 1,081,201
843,198
1.000,532
37,083
60,504
,16 ,996 Advanced rentals.
1,726,382 Surplus................*1,408,748 3,690.068

Total...............19,136,396 21,021,414

Total...............19,136,396 21,021,414

x Includos common stock, $17,880,000; and preferred stock, $120,000;
total $18,000,000, less stock held in treasury, $1,750,575; balance, as
above $16,249,425. In 1914 tho company carriod the $1,750,575 stock in
treasury as an asset, thereby increasing tho total assots to $22,771,989;
but is shown as a net item in tho above tablo for comparative purposes.
* After deducting $2,877,547 applied to tho reduction of book valuo of
company’s patents and $114,557 adjustments and all items not incident to
tho current year.— V. 102, p. 1063.

Canada Steamship Lines Limited, Montreal.
(2d Annual Report— Year ending Dec. 31 1915.)

Presidont James Carrutilers says in substance:
We aro pleased to record a substantial improvement in tho affairs of tho
company, owing partly to tho higher froight rates and partly to tho vigor­
ous application or economy throughout tho system.
The scarcity of tonnago all over tho world caused by tho war, tho boun­
tiful crops o f Canada, and tho return to more prosperous conditions by our
industries, aro tho principal factors in expanding tho operations of our
floot. Improved conditions only began to show tangiblo results at tho ond
of 1915, tho spring and summer business having been below normal.
Tho outlook for 1916 is promising.
Several losses have occurred during tho year to the company’s floot as
a result of tho dangors o f navigation and the King’s onomios, all of which,
howovor, wore covorod by insurance. In order to maintain tho earning
power o f tho company, wo aro negotiating for roplacomont of some of tho
vessels lost.
As a result o f tho improvod conditions it was decided to pay \ * A % on
May 1 1916, part of tho cumulative dividend duo on the proforonco shares
to shareholders o f record April 1.
E x t r a c t s f r o m A d d r e s s o f P r e s . C a r r u t h e r s a t A n n u a l M e e t i n g M a r . 15.

During tho year wo entered tho field o f trans-Atlantic trade. There
wero many difficulties in tho way, which, howovor, wero overcome, and
owing to tho scarcity of tonnago and tho consequent high rates prevailing,
tho vontuto has boon highly satisfactory. Many o f tho cargoos carriod
wero war supplies and munitions for Great Britain and hor Allies.
Tho Canadian Northwest in 1915 raised a total of about 750,000.000 bush­
els of grain, of which nearly 350,000,000 bushels was whoat. Tho total
grain of all kinds raised in 1914 was loss than 350,000.000 bushels. This
enormous increaso in our grain crop was partly duo to tho appeal o f our Gov­
ernment and prominent men all over tho Dominion, who called for tho maxi­
mum production in foodstuffs on account of tho war, and partly owing to
tho wonderful fertility of our Western lands, whoro yields as high as 50
bushels to tho aero wero common, when 30 bushels would have been con­
sidered a big crop.
,
.
. . ..
Only part o f this groat crop has been moved as yet. At the present mo­
ment all tho terminal elovators at Port Arthur and Fort William aro full
o f grain; tho elevators in tho interior also havo vast quantities storod, and
it is estimated that over 50,000.000 bushels o f whoat alono aro still in the
farmers’ hands unmarketed, bosidos evon larger quantities of oats.
Tho rates being offered to-day for grain cargoes for spring and early sum­
mer movement and tho largo fleet your company has at Its disposal for hand­
ling tlds traffic assures a sound business situation on tho Great Lakes and
St. Lawronco as far as we aro concerned.
Aftor providing for all overhead charges, including depreciation, thoro is
a profit for tho year of $662,000. There was, howovor, a deficit from the
year previous of $570,000, to absorb which, with other items as shown,
leavos us a balanco o f about $21,000. Tho directors, howovor, aro not
justified in declaring any dividend, howovor small. In Jan. and Fob. 1916
earnings from tho operations o f boats on tho Atlantic wore very satisfactory.
From thoso earnings and ontirely independent o f tho results o f 1915, tho
directors decided to distribute on account of cumulative preferred divi­
dends a part payment to tho extent of 1V\ % . Thoso doforrod dividends
will continue to be paid in installments from timo to timo.
During 1914 and 1915 $934,447 was written o ff for depreciation reserve.
D iv e s t o f S t a t e m e n t b y J . W . N o r c r o s s , V .- P . & M a n . D i r e c ., M a r . 15.

^ W atw transportation until Aug. 31 1915 was almost a dead letter, duo.
in freight transportation, to tho abnormally small crop o f tho year provious,
and tho fact that a largo portion of tlds had boon moved in tho autumn of
that year, therefore leaving very sm all calamities o f whoat and other grains
for movement in tho spring of 1915- 1no latter part o f tho year, however,
was exceptionally good, and enabled us to recover a considerable portion of
the losses which occurred earlier in tho year. We sent seven o f our Lake
ships to soa during tho early part of tills year, but as wo had spent consid­
erable money in getting these ships ready for this service, they did not bogin
to show results until near tho end of the season, and the other vossols which
wero put In tho ocean trado later in the year did not bogin to show results
until November. Tho 15 ships which wo now have at soa, including the
Quebec 8 8 . Go., aro all making splendid returns.
.
I’rospocts for the coming season, howover, aro very encouraging, tho com­
pany on its freight vessels alone having earned about $500,000 to tho end
of February. This is very gratifying, as last year up to Apr. 15 we wore
minus about $370,000, comprising fitting-out exponses, overhead expenses,




1623

THE CHRONICLE

A Pit. 29 1916.]

&c. We have booked a very large quantity of grain for movement spring
and summer at a high rate, and there will be no scarcity of grain freights
this year. The valuo of some of the assets has increased under present
conditions from 50 to 70% , and in some cases over 100%, principally in
freight tonnage. It is impossible at the present time to build new tonnage
and get guaranteed delivery before tho end of enxt year, and as an instance
of the increase in values, I would point out that last year tho cost of ship’s
plate was $ 1 10, with close delivery, whereas it is now $2 75, with delivery
not less than nine months.
I N C O M E A C C O U N T F O R Y E A R S E N D I N G D E C . 31.
1915.
1914.
Operating Rev .— 1915.
1914.
Vessels................ $7.399.S19 $6,272,233 Neteamings............$1,732,058 S928.037
Docks & wharves. 165,707
193,389 Deduct—Bond int.. $140,201 $166,231
Int. on deb. stock 317,583 285,234
Miscellaneous___
114,884
120,189
Otherlnt., &c___
85,276
15,875
94,625
_____
Other revenue___
Depreciation___
476,938 455,630
Oth. res’ves, &c_.
49,907 65,000
Gross eamlngs.$7,775,035 $6,585,811
Total deductions.*1,069,906 $987,970
Balance............. sur$662.152def$59,933
$928,037 Pref.divs. (3H%)................... $401,042

Expenses............. 6,042.977 5,657,774
Net earnings...$1,732,058

B A L A N C E S H E E T D E C . 31.
1915.
1914.
1915.
1914.
Liabilities—
$
$
$
$
Real est.,bigs.,&c*22,465,927 23,542,486 Preferred stock... 12,500,000 12,500,000
Leases,contr’ts.&c. 8,589,647 8,589,647 Common stock__ 12,000,000 12,000,000
Invest’ts (at cost).
195,883
189,483 Funded debt____ 9,766,741 9,867,795
166,783
801,340 Bank loans......... .......
Funds for M. bds. 705,896
45,652
Cash___________
138,055
131,566 Notes payable___
839,149
720,661 Acc’ts payable__
814,062
Acc’ts receivable. 1,011 110
150,409
Adjust due by un­
Accrued Interest.. 143,371
derwriters _____ 629,446
30.180
Freight, &c., res’s
25,000
Insur., <fec., claims 467,123
293,097 Prem. on redemp.
255,883
Inventories-------237,202
of bonds of Rich.
260.391
& Ont. Nav. Co.
35,065
Prep’d lnsur., &c. 485,875
27,108
237,217 Surplus from s. fd.
Organlza. expenses 197,497
pur. of deb.stk.
35,089
S. f. deb. stk.(par) a 148,272
42,829 Profit and loss___
b20,884
Miscellaneous___
60,322
570,433
Profit and loss___
T otal............... 35,332,254 35,635,033
Total...............35,332,254 35,635,033
* Includes vessels, $17,628,237; real estate, buildings, docks and wharves,
$5,235,491, and other fixed assets, $536,646; total. $23,400,374; lass de­
preciation reserve, $934,447: balanco, as above, $22,465,927.
a Denotes sinking fund debenture stock at par, held by trustees.
b After carrying forward $570,433 loss for year 1914 and deducting
organization oxpenses, $70,835.— V. 102, p. 1062.
Assets —

Copper Range Co. of Michigan, Boston.
(15th Annual Report— Year ended Dec. 31

1915.)
Pres. W m . A . Paine, Boston, Feb. 1, wrote in substance:
P r o d u c tio n .— The total production of copper from which this company’s
profits are derived, that is, Baltic, Trimountain, and one-half o f Champion,
was 37,035,642 lbs. This compares with 19,953,854 lbs. in 1914, and is
3,895,345 lbs. larger than the best previous production In the history o f the
company.
Tho Increase in the company’s production over past normal years is
largely due to the increase from tho Champion Mine. However, general
conditions as well as operating results at all the mines have been good.
Tho 1915 figures show net earnings for the company of $9 per share. Out
of this amount a dividend of $3 per share was paid on Dec. 15, and the
balanco was added to working capital. Taxes paid by Copper Range and
subsidiary companies for tho year 1915 aggregated $255,374. Thooperations o f the railroad show a material improvement for the year.
P ro d u c tio n .

P o u n d s.
Cost a n d P r o fits —
Baltic_____________________ ---12,028.947
8,302,896
Trimountain_______________
Champion, one-half________ -.-16,703.799

Cost
per Lb.

9.50c.
9.52c.
6.30c.

P r o fit s .

$949,965
654,746
1,854,525

P r ic e
R e c e ive d .

17.4c.
17.4c.
17.4c.

8.06c. $3,459,236
17.4c.
Copper Range C o_______ -..37,035,642
541,961 13.38c.
1914....... ............................. --.19,953,854 1 0 .6 6 c.
595,958 14.89c.
1913....................... - ........... . -.18,767,359 11.71c.
1,631,676 16.16c.
1912........... ......... ............... -..28.967,428 10.51c.
9.74c.
817,880 12.54c.
1911........................... ......... -..29,310,579
The above figures show the effect o f the various improvements in mining
practice and the introduction o f new mining and milling machinery, which
wero mentioned in last year’s report. These improvements are of such a
nature as to give assurance that operating results similar to those of 1915
may bo expected to continue under average conditions.
A v e ra g e Y i e l d o f C o p p e r p e r T o n o f R o ck S ta m p e d f o r A l l the M i n e s .
C opper.
Tons
C opper
Tons
Lbs.
S ta m p e d .
Lbs.
S ta m p ed .

1,802,769
1915...................... 32.50
1,651,870 1910 — . ................23.32
21.73
1,891,576
1914.....................-22.90
1,216,538 1909........
1,893,749
1 9 1 3 ................... 25.24
984,287 1908......................21.94
1,914,331
1912.......................21.07
1,784,402 1907...................... 21.62
1,828,641
1911________
.20.87 1,779,072 1906 ____________22.35
As forecast in last year’s report, the yield o f copper per ton Is now
materially higher than heretofore. This is to a largo extent due to im­
provements in methods o f mining. As had been expected, the effect of
these improvements has been to reduce the cost o f producing a pound of
copper below tho lowest figure ever previously obtained by the company.
At the same time the life of tho mines is increased, as tho lode is made more
productive per unit of area.
N e w C o n stru c tio n .— As heretofore, all expenses o f every nature were
charged to the cost of copper. New construction at the mines and mills
during the year cost $161.587, chiefly to secure greater quantities of power
at a favorable cost. The Copper Range Co. has constructed a transmission
line from the mills to the mines, as the latter are constantly increasing their
consumption of electric power.
T o ta l O p e n in g s (Feet) M a d e i n 1915 C o m p a re d w ith R ecen t Y e a r s .
1915.
1914.
1913.
1912.
1911.
1910.
1909.
37,903
13.542
20,353
31,891
32,711
38,226
37,169
In addition, 7,939 ft. of raising was done during the year, an increase
o f 1,522 ft. over 1914.
. „
. ,,,
Tho openings showed average values except in the Champion Mine, where
they were richer than the average, and in the north end o f the Baltic,
where they were poor. On Dec. 31 1915 the reserves o f developed stoping
ground wero greater than at the beginning of the year.
S e llin g D e p a rtm en t .— Our new selling department in New York has been
an unqualified success, the saving in commissions having been considerable.
Wo started 1915 with several million pounds of unsold copper on hand.
Aided by the upward course of the copper market, this surplus and the
entire output of 1915 was all disposed of during the first ten months o f the
year. On that account the average price received for copper does not in­
clude tho sales made during the last two months of the year. In view of
this it can be seen that the average selling price o f 17.404c. per lb. which
was secured for the year’s output is very gratifying.
D is s o lu t io n .— The New Jersey .company, which formerly held the shares
of our operating companies, was dissolved Oct. 8 1915. It is probable
that tho Baltic and Trimountain Mining Co. organizations will also be
dispensed with during the current year.
R e p o rts .— From now on the annual report is to be submitted as soon
after tho close of each year as the figures can be prepared and not held
back until the annual meeting.
C o p p e r P ro d u c tio n (1,000 lb s .) . Y i e l d in L b s . p e r T o n R ock, Cost p e r L b .
— B a lt ic M i n i n a C o .— - C h a m p io n C o p . Co - T r im o u n ta in M . C o .
P r o d . p e r T o n . Cost.
P r o d . P e r T o n . C ost. P~r o d’ . p e r T o n . C
~ost.
"
1906-14,397 22.15 09.53c. 16,954 _____
25.24 09.30c. 9,507 18.76 12.16c.
1907—
16,704 21.94 10.34c.
16,489 23.26 11.76c. 8,190 18.43 12.63c.
1908—
17,724 23.19 08.28c.
17,786 22.38 09.01c. 6.034 18.00 12.69c.
1909—
17,817 21.88 07.98c.
18,005 23.88 08.45c. 5,282 16.33 13.89c.
1910—
17,549 22.46 08.32c.
19.224 26.62 07.85c. 5.694 17.95 12.17c.
1911—
15,370 22.06 09.09c.
15,639 21.29
09.63c. 6,120 17.59 11.55c.
1912 — 13,373 20.50 10.94c. 17.225 22.51
08.88c. 6,980 19.04 11.73c.
10.71c. 4,990 21.78 12.62c.
1 9 1 3 - 7,736 23.21 11.91c. 12,080 28.64
1 9 1 4 - 7,001 21.58 11.17c. 15,807
_
25.71
09.21c. 5,048 18.21 12.21c.
■“ 33,407
36.17
06.30c. 8.302 23.75 09.53c.
191512,028 31.79 09.50c.

1634
C O N S O L ID A T E D

THE CHRONICLE
S T A T E M E N T OF T I IE O P E R A T IN G
FO R C A L E N D A R Y E A R S .

[Vol . 102

C O M P A N IE S

standard installations on 36 large power barges about to bo operated on the
Mississippi River by the Inland Navigation Co. Since tho beginning of
the yoar 1916, 35 ships have been equipped with Marconi apparatus.
Notwithstanding that practically all passenger traffic to and from
European countries has been suspended by reason of tho war and that
American shipping has been withdrawn from tho Pacific, it is gratifying
to report that due to excellent coastwise service, tho receipts from message
traffic during 1915 wore only about 8 % less than for 1914.
Tho high power equipments remained closed to business on account of
tho war. The British Admiralty still holds for Imperial Government uso
-$9,373,120 $3,726,389 $3,707,091 $6,084,202 tho English plants constructed to operate with our Belmar and Now Bruns­
wick, N . J., duplex stations, and thus far, because of the war, it has beon
freight, marketing, &c .$3,876,526\ $2,855,340f $2,652,580 $3,661,837 Impossible to open similar direct service with Norway and northern Europe
h
190,309/
201,232
164,158 through the new high power stations at Marion, and Chatham, Mass.
1
Reliable and rapid servico has been maintained botwoon our stations in
.$4,066,835 $2,855,340 $2,853,812 $3,825,995 California and Hawaii, and the volume of traffic shows steady improve­
.$5,306,285
$871,049
$853,279 $2,258,207 ment. Tho Hawaiian stations are known as two-way stations, being con­
)157,532
25,274 def. 17,047
103,775 structed so as to work with California and Japan simultaneously. The
18,890
10,674
40,385 Japanese new wireless stations at Funabashi and Otchisi near Tokio are
complete and tests aro now being made daily with a view to early inaugura­
-$5,482,707
$906,997
$836,232 $2,402,368 tion of a public service, spanning 5,600 miles of tho Pacific. It is oxpocted
that by means of tho Japanese Government cables tho service will do ex­
D ed u ct —
$63,420
$83,308
$93,315
$83,992 tended to China, Manchuria and other Far Eastern countries.
The now circuit connecting tho U. 8 . with Alaska was opened in Aug.
it
1915, and has since furnished reliable communication throughout tho
826 miles covered by your company’s stations at Astoria, Ore., Ketchikan
which belongs to St
- 1,854,525
329,088
252,384
625,810 and Juneau, Alaska. Although operated in competition with tho sub­
- 1,182,003
1,084,498
788,429 marine cable, tho wireless traffic has shown steady increaso each month
and has given practically continuous service, whereas tho cable is oporated
but six hours daily.
„ Total deductions................................§3,099,948
$412,396 $1,430,197$1,498,231
Tho trial of tho suit begun Oct. 24 1914 against tho Do Forest Co. based
Balance, sur. or def-.sur.$2,382,759 sur..$494,601 def.$593,965sur.$904,137
upon infringement of the Fleming vacuum valvo patent, is actively pro­
Total dividends paid to December 31, 1915, $15,168,750.
gressing. Tho injunction issued in tho suit against tho Atlantic Com­
C O P P E R P R O D U C T IO N , R E C E IP T S , N E T P R O F IT S A N D D I V ID E N D S
munication C o., (tho Telofunken systom of Germany) has boon modified
OF IN D IV ID U A L M IN E S .
to permit an increase of powor in the Sayvillo station, and a bond filed to
protect tho interest of your company. On Aug. 14 1915 suit for infringe­
C o p p e r P ro d u c e d (lb s.)
1915.
1914.
1913.
1912.
Baltic..................
12,028,947
7,001,945
7,730,124 13,373,961 ment of tho Marconi and Bodge tuning patents was begun against Kllbourne
Champion. ....................... 33,407,599 15,807,206 12,080,594 17,225,508 & Clark of Seattlo, and is now being vigorously prosecuted at Seattle, Wash.
Tho income derived from investment of surplus funds was $87,010, and
Trimountain----------------- 8,302,896
5,048,306
4,990,938
6,980,713
R ec e ip ts —
adding $17,923 interest on stock subscriptions, tho total income from tlieso
Baltic............................. ..$2,101,244
$936,627 $1,152,027 $2,165,351 sources for the year was $104,932, as against $150,274 in 1914. Tho re­
C h a m p io n --.................... 5,822,760
2,114,665
1,802,531
2,785,411 duction is explained by tho liquidation of investments necessitated by
Trimountain..................... 1,449,116
675,294
746,530
1,132,719 capital expenditures. After setting aside all reserves, tho net profit for
N e t P r o fits —
tho year was $177,317, an increaso of 18.30%.
Baltic----------$949,965
$154,233
$230,211
$697,394
IN C O M E A C C O U N T .
Champion (one-half)____ 1,854,525
329,088
252,384
625,810
Y e a r e n d in q 1 1 M o s . e n d . Y e a r e n d .
Trimountain . . .................
654,747
58,640
113,363
308,472
1915.
D e c . 31 1914. D e c . 31 ’ 13. J a n . 31 ’ 13.
D iv id e n d s P a id —
$748,238
$756,573
$177,914
$170,695
Baltic__________________
______
$2 0 0 ,0 0 0
$700,000 Gross earnings...............
104,933
150.272
213,373
161,548
450,000
Champion (one-half)____ $1,550,000
550,000 Other income.................
______
Trimountain___________
2 0 0 ,0 0 0
300,000
Total in com e.............
$853,171
$906,845
$391,287
$332,243
C U R R E N T A S S E T S A N D L I A B I L I T I E S D E C . 31 (I N C L U D I N G
Net income.....................
$288,995
$271,889
$211,484
$242,235
S U B S ID IA R Y M IN IN G C O M P A N IE S ).
Depreciation, &c...........
x lll,6 7 8
122,011
33,233
30,989
Assets —
1915.
1914.
L iabilities—
1915.
1914.
Balance, surplus.........
$177,317
$149,878
*$178,251
$211,246
Cash at Boston... $353,641 $172,429 Notes payable.
$1,200,000
do and supplies
Indebtedness at
* An initial dividend of 2% was paid Aug. 1 1913, calling for $188,041.
at mines______
615,559
627,460
mines...........
S189.350
237,400
x Includes in 1915 depreciation reserves, $54,178; rcservo against expira­
Copper on hand.. 1,934,027 1,053,733 Accounts payable. 201,950 .............
C. R. RR. bonds. 870,000
870.000 Champion (half)..
907,934
603,410 tion of patents, $50,000 and miscellaneous, $7,500.
Accounts receiv’Ie.
76,470
82,414 Net excess of assets 3,390,463 1,105,226
B A L A N C E S H E E T D E C . 31.
Mich.Sm.Co.stock 340,000
340.000
1915.
1914.
1914.
1915.
Assets—
$
$
Assets (Continued) $
Total............. .$4,689,698 $3,146,036
Total...............$4,689,698 $3,146,036 Real
est., bldgs.,
Miscellaneous___
246,048
77,244
The Copper Range Consolidated Co. has outstanding $10,000,000 (par
plant, ranch.,
$25) capital stock and holds in its treasury the following: 99,990 shares
tools, & c _____ 4,904,943 4,623,117
Total................10,052,970 10,467,173
Baltic Mining Co. stock: 99,353 shares Trimountain Co. stock: 96,500 Materials
A supp. 395,786
351,638
shares Atlantic Mining Co. stock: 42,443 shares Coppor Range RR. Co. Pats.,good-will,Ac.
Liabilities—
stock; and 50,000 shares o f Champion Copper Co. stock.— V. 102, p. 803. Invest’s & loans 2,799,306 2,763,005 Capital
stock___ 9,402,070 9,402,070
(at cost)______ al,535,657 1,420,398 Reserves_______ b373,415
296,303
Canadian Consolidated Rubber Co., Ltd., Montreal. Cash in banks and
Accounts payable. 335,603
404,229
127,020
38,436 Surplus...............
on hand..............
541,888
364,571
{R eport f o r F isca l Y e a r en d in g D e c . 31 1915.)
Certf. ol deposit.. 404,500
560,000
Bank loans_____
_____
190,000
393,335
V.-Pres. T . H . Rieder, Montreal, April 4, wrote in subst.: Accounts receiv’Ie. 239,716
Total...............10,652,976 10,407,173
The volume of business in 1915 was 20.43% greater than in 1914. While
a Investments and loans (at cost) on Doc. 31 1915 includo investments
the selling values o f some o f our classes of manufacture wero advanced,
others wero reduced, so that the whole difference is very small. This in­ at cost (market valuo Dec. 31 1915, $1,499,370), $1,493,657 and stocks
creased volume was attained by the sale of automobile tires throughout in sub. cos., $42,000. b Includes roservo for depreciation of coast stations,
the year, and by our other lines, especially during the last four months $191,071; for depreciation of ship stations, $75,053; against expiration of
patonts, $100,000, and miscellaneous, $7,291.— V. 102, p. 256.
of the year.
The stocks of raw materials show quite an Increaso, due to increased cost
United States Gypsum Co., Chicago.
and somewhat larger supplies kept on hand. Manufactured goods show
practically no change, although wo wero better prepared with tiro stocks
{R eport f o r F isca l Y ea r en d in g D e c . 31 1915.)
than in 1914.
On Nov. 1 1915 $2,500,000 5% short date debentures wore sold, tho
I N C O M E A C C O U N T F O R Y E A R S E N D I N G D E C E M B E R 31.
proceeds being used to reduce existing bank loans and resulted in a slight
1915.
1914.
1913.
1912.
saving of interest.
Provious
surplus.............$1,676,483 $1,341,697 *$1,118,776
*$986,268
The year has started with good prospects and your directors have found it
811,419
900,593
778,812
675,011
necessary to reopen the Granby footwear factory, which had been non- Net profits.....................
operativo for two years, as tho requirements o f our new export dopartmont
T
o
t
a
l............................
$2,487,902
$2,242,290
$1,897,588
$1,661,279
promise to overtax our mills now operating.
Repairs, replacem’ts,&c.
$215,775
$205,860
$209,951
$167,285
Bond interest, &c...........
94,023
89,879
105,256
77,312
C O M B IN E D IN C O M E A C C O U N T FO R C A L E N D A R Y E A R S .
1915.
1914.
1913.
Balanco------- ----------- $2,178,104 $1,946,551 $1,582,381 $1,416,682
Net sales................................................ $7,522,148 $6,245,819 $6,788,859 Preferred
dividends___ al,635,628(6%)270,068(5^ )240,684(5% )226,914
•Cost of goods, & c................................ 6,987,169
5,805,506 6,398,210
Common dividends____
b309,246
______
______
______
Net profits.......................................„
$534,979
$440,313
$390,649
Total
surplus
Doc.
31$233,230
$1,676,483
$1,341,697
$1,189,768
Dividends paid_____________________
192,124
2 2 2 ,6 8 8
250,907
* After allowing for adjustments mado during tho yoar.
a Preferred dividends as abovo in 1915 ($1,635,628) includo cumulative
Balance, surplus............................... $342,855
$217,625
$139,742 dividends
on preferred stock of prior years paid in common stock.
b Common dividends In 1915 includo $289,657 paid in cash and $15,589
* Includes cost o f goods, selling and general expenses, taxes, interest on paid
in
stock.
borrowed money, repairs, depreciations, provisions for bad debts and tiro
B A L A N C E S H E E T D E C . 31.
replacements (net).
1915.
1914.
1915.
1914.
C O M B I N E D B A L A N C E S H E E T D E C E M B E R 31.
Assets —
$
$
L iabilities —•
$
s
Plants................. 3,981,553 3,544,117 Pref. stock, 7%
1915.
1914.
1915.
1914.
Gypsum
&
gypslte
cumulative___
4,417,800
4,417,800
Assets —
$
L iabilities —
$
$
$
(estimated)___ 5,088,370 5,083,370 Common stock__ 3,904,900 2,249,600
Property & plants. 5,607,514 5,452,123 Common stock__ 2,805,500 2,805,500
41,000
41,000 Bonds_____ ____
84,509
132,500
Investments, incl.
Preferred stock__ 3,000,000 1.980.000 Stock In other cos.
Notes with trustee
5-yr.6% gold notes 1 ,200,000 1,200,099
good-will_____ 4,218,056
Bonds—
149,000 Notes payable----to retire bonds. 101,000
409,000
14,500
Inventory manu­
6 % dueOct.1946 2,597,000 2.600.000
Expenses charged
Acc’ts payable... 214,283
162,193
factured goods
5%deb.Dec.ri8 2,500,000
to future Income
45,540
48,643
51,611
49,306 Accr'd lnt., Ac—
and materials.. 3,432,746 2,939,429 Bills payable........ 871,297 3,914,634
691,955
620,460 Repairs, replaco’ts,
Cash....................
71,181
57,363 Acc’ts payablo.Ac. 460,488
374,279 Inventories_____
Notes & accts. rec. 964,168
744,462
Ac., reserves... 461,148
458,041
Accounts and bills
Real estate..........
.........
1,20 0
126,013 Undivided profits. 233,230 1,076,483
Cash....................
62,913
1,490,493
receivable........
1,110,419 Decpre’n A res’ve. 172,081
105,218
Miscellaneous___
276,676
163,856 Surplus............... 2,690,299 2,347,264
Total............. 10,976,504 10.362.728
Total................10.976,504 10,362,728
Total........... -.15,096,665 14,128,095
Total...............15,096,665 14,128,095 —V. 102. p. 1442.
— V. 102, p. 1348, 978.
1915.
R o c k stamped (tons)__ - 1,651,870
)
32.50
-53.739,442
. 17.40 cts.
-$9,352,846
Interest
20,274

1914.
1,216,538
22.90
27,857.457
13.38 cts.
$3,726,389

1913.
984,287
25.24
24,852,026
14.89 cts.
$3,700,844
6,247

1912.
1,784,402
21.07
37,584,647
16.16 cts.
$6,071,095
13,107

Marconi Wireless Telegraph Co. of America.
{R ep ort f o r F isca l Y e a r en d in g D e c . 31 1915.)

President John W . Griggs says in substance :
While progress has been hampered by tho restriction of ocean travel and
tho postponement of tho Marconi trans-Atlantic wiroless servlco owing
to tho European war, novertholess we feel that substantial Improvements
have been made in the operation of our company’s affairs and that tho
past year reflects tho beneficial results o f careful organization of executive
and administrative forces. Tho new policies of standardizing wireless
equipment and contracting for its uso on a basis which provides a fair
return for tho service rendered, aro now well established with ship owners
and have found favor with newcomers into tho mercantile marine fiold.
There aro at present nearly 500 ships equipped with Marconi apparatus
manufactured, tho majority o f such equipments being leasod at tho com­
pany’s now rental rates, in each caso for a term of years. A considerable
Increase in the number of contracts has been made; and among tho largest
may bo mentioned tho equipment, early in tho yoar, of 30 ships of tho
Standard Oil Co. of N. J. and, at tho closo of tho year, a contract for




GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
Ann Arbor RR.— N otes Sold. — A syndicate headed by
F . J. Lisman & Co. has purchased $750,000 3-year 6 % notes
(total issue limited to $1 ,000,000), to bo dated M a y 1 1916;
int. M . & N . at Empire Trust C o ., N . Y ., trustoo. Donom.
$1,000. A circular shows:
Total amount authorized, $1,000,000; to bo Issued, $750,000.
ination $ 1 ,0 0 0 .

Denom­

D a t a fr o m L e t t e r o f P r e s i d e n t N e w m a n E r b , M a r c h 16 1916.
P u rp o s e o f I s s u e . — Theso notes aro Issued to refund $556,000 now out­

standing 2-year notes, part of an original issue of $750,000, of which $194,­
000 havo been paid from earnings. It Is desired to sell $194,000 additional
notes to reimburse tho company’s treasury; this money to be used to acquire
additional equipment, &c.

A pr . 29 1916.]

THE CHRONICLE

S e c u r it y .— The notes arc a direct obligation o f the company and secured

by an absolute first lien on 470 steel underframe box cars, fully paid for,
and .$1,500,000 Impt. and Ext. Mtge. 5s, which bonds are a lien on the
property and car ferry system. Also a first lien upon acquisitions and addi­
tions since their date. May 1911, including property acquired for shops
at Owosso, M ich., and improvements thereon. Further secured by a lien
upon equipment costing $1,500,000 with only $564,000 equipment obliga­
tions now outstanding, and which are being retired at tho rate of $126,000
per annum.
P r o p e r ty .— Consists o f 291.9 miles main lino railroad from Toledo north­
westerly across Michigan, and earning upwards o f $2,300,000 per annum;
3 steel car ferries, 44 locomotives, 42 passenger train cars and 2,437 freight
cars. It now has under construction, another steel car ferry for delivery in
Nov. An appraisal made o f tho reproduction cost o f the physical property
in Michigan is $11,597,852. Tho estimate includes tho car ferries, but not
tho main lino and terminals in Ohio nor the improvements at AVisconsin
ports, tho total o f which may be figured at $2 ,0 0 0 ,0 0 0 .
O p era tio n s .— Tho results of operation for the last five fiscal years.
R esu lts —
1911.
1912.
1913.
1914.
1915.
Grossoper. r e v ..$1,934,616 $2,108,385 $2,084,697 $2,294,465 $2,310,902
Not after taxes.. $461,421
$500,428 $492,935
$473,037
$520,122
Other income__
44,653
39,184
49,063
26,723
34,291
Net oper. Inc.
Int. .hire cq .,& c .

$506,074 $539,612
342,928 396,372

$541,998
388,195

$499,760
418,766

$554,413
453,657

Hal., surplus.. $163,146 $143,240
$153,804
$80,994
$100,756
Tho industrial development o f Southern Michigan, and more particularly
the growth and expansion of industries in Toledo, not only givo assurance
o f tho stability and permanence of the company’s traffic, but assure further
and continuing increases in business, for which the company is now pre­
paring.— V. 102, p. 1162, 1539.

Ardm ore (O kla.) Electric R ailw ay.— Sale .—
John F. Easley, former Secretary o f tho company, has purchased this
property under foreclosure proceedings for $4,450, and it is reported will
offer it to tho city at that price. If tho road is not operated as a municipal
plant tho purchaser will dispose o f tho property as junk. This is tho second
time since Jan. 1 that this property has been sold. See V. 102, p. 885.
B oonville Railroad Bridge C o.— Committee .—
A default having occurred in the payment o f interest duo Nov. 1 1915
on tho $958,000 outstanding 1st M . bonds, and receivers having been ap­
pointed for tho Missouri Kansas & Texas Ity., tho lessco of the property,
tho committoo named below, at tho request o f a number of tho holders of
tho bonds, has been formed to protect their interests (see adv. on another
page). Holders should deposit their bonds with the Metropolitan Trust
C o., N. Y ., depositary. Committee: Robert Struthers Jr., Chairman
W ood, Struthers & C o., N . Y .; Joseph E. Fletcher, President Coronet
AVorsted Co., Providence, R. I.; AArm. Ives AVashburn, director Tho Ilomo
Insurance Co. Emerson AV. Judd, Sec., 37 AVall St., N. Y .; Maston &
Nichols, counsel, 49 AVall Street, N. Y .— V. 6 8 , p. 872.

In February last.— V. 102, p. 1058.

B oston & W orcester Street R y .— N ew Securities .—
This company has applied to tho Mass. P. S. Commission for authority
to issue at 105,600 additional shares o f 6 % cumulative prof, stock (par
$ 1 0 0 ), o f which there is at present authorized and outstanding $ 3 9 7 20 0
and $60,000 o f 20-year 444 % 1st M . gold bonds, making $2,460 000 out­
standing o f an authorized issue o f $2,500,000. Proceeds from tho salo
of tho now securities is to bo oxpended for impts., &c.— V. 101, p. 1806.
B u ffalo R och ester & P ittsb u rgh R y. C o.— Bonds.—
The Guaranty Trust Co., N. Y ., having on deposit $25,000 for re­
purchase of the equipment bonds, Series “ A ,” o f 1899, at not more than
r ,an<M>>tv.wiU receive proposals until 10 a. m. May 1 to sell same.—
C atskill M o u n ta in R y . — Sold .—
Seo Hudson River Day Lino under “ Industrials” below.— V. 102, p. 1539.
C h a tta n o o g a (T en n .) R y. & L igh t C o.— Earnings .—
Gross
Earnings.

Oper.Exp.&
Net
Taxes.
Earnings.

1915............................ $1,087,343 $727,731
1914 ------------------------ 1,085,096 699,724
— V. 101, p. 1013.

Interest Balance
Charges. Surplus.

$359,612 $357,762
385,372 339,408

$1,850
45,964

C hesapeake & Ohio R y . — N ew Securities .— The share­
holders on April 22 voted an increase in tho authorized capital
stock from $ 100,000,000 to $155,000,000, consisting of 55 0,­
000 shares of $100 par value. Tho issue of $40,180,000 con­
vertible bonds Avas also authorized for the purpose of redeem­
ing tho $33,000,000 outstanding 5-year secured gold notes
dated 1914. In addition to retiring those notes the issue of
noAv bonds will provido soveral million dollars additional
Avorking capital. See V . 102, p. 436, 1162.
Chicago In dian ap olis & Louisville R y .— Bonds.__ _
Tho stockholders on April 24 authorized tho lssuo of $40,000 000 AO-vcir
Seo V. 102, p. 1249
ycar

6 % gold bonds Issuable In series.

Chicago M ilwaukee & St. Paul R y .— Listings .—
Tho N. Y. Stock Exchango has admitted to list $29,949,000 toinoorarv
4% bonds o f 1925. Nos. 1 to 18,154 incl., for $1,000 each and temporary
bonds, Nos. I to 2,359 Incl., for $5,000 each, with authority to add $18 227,000 of said bonds on official notice of issuance, making tho total amount
authorized to bo listed $48,176,000; with authority to substitute definitive
engraved bonds for $ 1 ,0 0 0 each on official notico of issuanco in exchange
for said temporary bonds.— V. 102, p. .344, 436.

C hicago Peoria & St. Louis R R .— Equip. N otes .— Farson, Son & C o ., N oav York and Chicago, are offering at par
and int., to yield 6 % , $400,000 6 % equipment notes, series
A,
dated April 1 1913. Denom. $1,000 c. A circular
s I ioavs :

Int. M . & N. at Bankers Trust Co., N. Y ., trustee. Maturities
1
$47,000 1916, $47,000 1917, $42,000 1918, $58,000 1919, $49 000 robo$59,000 1921, $54,000 1922, $44,000 1923.
* ’UUU 1J20.
These notes are a direct obligation o f tho company and in addition ore
secured by a lien on equipment costing about $692,700; railroad paid in
cash (about 15%), $102,700; issuing equipment notes for the balance
$590,000; retired and canceled, $118,000; now outstanding, $472 0 00
These notes are part o f an original Issue o f $590,000 maturing in ten
annual installments o f $59,000 each, commencing Nov. 1 1914 and ending
Nov. 1 1923, inclusive. At the present time there lias matured and tile
company has retired $118,000 notes. This amount, together with tho cash
payment of $102,700. represents an equitv o f about 37% in tho original
Issue. Tho equipment consisted of tho following: (a) 10 consolidated loco­
motives, (b) 400 steel gondola cars and (c) 200 steel under-frame box cars
Title to the equipment will remain with the Bankers Trust Co. of N. Y
as trustee until all tho notes have been paid.
Tho railroad is in tho hands o f a receiver at tho present time. Tho road
operates 255 miles o f track in 111., 234 miles o f which are owned outright
'I ho trusteo reports that all tho equipment is in good condition— v ’
99, p. 1672.

Chicago R ock Islan d & Pacific R y .— Foreclosure .—
Judge Carpenter in tho U. S. District Court at Chicago on April 23
passed the petition o f Louis C. Krauthoff, attornoy for tho PeabodystockJioidors committee, for tho foreclosure of tho company to Judge Geiger,
way 6 V V0 2 tOI" S, ^ Oti was *^uo t0 t ^10 *ac*'
h° *uu* a Jury trial under
C in cin n a ti T raction Co — Bonds Voted.—
See Cincinnati in “ State and City Dept.” — V. 101, p. 369.




Cities Service Co.— Earnings .—
The gross income for the quarter ending Mar. 31 1916 was $1,976,729,
an increase of $815,239, or 70% , with a balance available for dividends of
$1,789,211, an increase of $788,564, or 78%, over tho first quarter of 1915.
After providing for the preferred dividends there was available for divi­
dends on tho common stock $1,286,432, a gain of $678,284. or 11) % , and
equivalent to an annual rate earned on the common stock of 30% . For
the 12 months ended Mar. 31 1916 gross income was $5,295,093, an increase
of $1,353,668 over the preceding 12 months, with net of $5,104,877, an
increase of $1,294,724, while the balance available for dividends was
$4,605,509, an increase of $1,250,356 and, after payment of preferred
dividends, a surplus of $2,925,223 was available for common dividends, an
increase of $1,188,065. For the 12 months the preferred dividends were
earned 2 % times and, after providing for these, there was earned 18.78%
on tho common stock, as compared with 11.34% for the year ended
Mar. 31 1915.
Tho rapid rate at which earnings o f the company are increasing may
be seen from the fact that, while for tho 12 months enaed Mar. 31 1916
the increase in tho net income availabe for dividends was 3 7 % and in
amount available for common dividends 6 8 % over the preceding 1 2 mosfor the first three months of 1916 there was a gain of 79% in net income
and 1 1 1 % in amount available for common dividends, as compared with
the first quarter of 1915, while for March 1916 there was a gain of 85% in
net income and 148% in amount available for common dividends, as
compared with March 1915.
A u g u s t a a n d E l D o ra d o (K a n s a s ) O il F i e ld s .
Two important Cities Service wells were drilled in the Augusta and El
Dorado, Kansas, oil fields within the last ten days, the Kirkpatrick, No. 1,
producing 1,000 bbls. a day, and tho Feltham, No. 6 , with a production
of 660 bbls. a day. The Cities Service producing wells in the Augusta
field now number 28.— V. 102, p. 1540, 1348.
Columbia Ry., Gas & Electric Co.— Earnings -—
Net earnings for 1915 ($244,863) as reported in our yearly article on
electric railway earnings in last week’s “ Chronicle” were arrived at we find
after deducting taxes, interest on the $3,000,000 1st M 5s of the Parr
Shoals Power Co. (guar. p. & i., by end., by the Col. R y., Gas & Elec. Co.)
and divs. on the $300,000 Parr Shoals Pow. 7% prof stock, and represent
the amount applicable to interest charges on the obligations o f the Col.
p yi3 ”7)aS & klec. Co. proper, amounting in 1915 to $154,334.— V. 101,
Columbus Delaware & Marion Ry.— Receiver's Ctfs .—
Receiver Eli M . AYest, represented by an attorney, has applied to the
Ohio courts asking permission to issue $105,000 receiver’s certificates to
pay the company’s share for improvements, consisting of street paving in
Columbus, Franklin County, Delaware and Marion, Ohio.
It is understood if tho application is denied tho company' will be forced
to default May 1 interest on its authorized and outstanding $1,000,000 1st
M . 5% bonds in order to pay charges for tho improvements from income,
thereby' forcing the company into foreclosure.— V. 1 0 1 , p. 1713.
Copper River & Northwestern Ry. (Alaska).— Earns.

B osto n Elevated R y .— Dividend Reduced .—
A quarterly dividend of H % has been declared on tho $23,879,400 stock,
payablo M ay 15 to holders o f record M ay 5. This compares with 1 'A %

Calendar
Year—

1625

Y.eaJ . s
E n d in g —

G ro ss
E a r n in g s .

O p era tin g
E xpen ses.

T a x es
P a id .

O p era tin g
In c o m e .

T o ta l
S u r p lu s .

Dec 31 1915------$1,751,528 $594,413 $22,031 S I.135,084 $3,221,372
1 ho total surplus, $3,221,372, as above, is after charging $4,486,975
accrued bond interost against profit and loss. All bonds and coupons, with
accrued interest, are property of Kennecott Copper Corp.— X . 102.p. 152.
Dallas & Waco Ry.— Interest— Payment .—
This company gives notico that the coupons for Interest matured Nov. 1
1915 on the 1st M . 5% bonds, due Nov. 1 1940, will be paid upon presen­
tation at tho company s office, 61 Broadway, N. Y .. on and after April 29
1916. The M ay 1 1916 interest on the above-mentioned bonds will bo
deferred indefinitely.— V. 45. p. 373.
Detroit United Ry.— Dividend Increased .—
A quarterly dividend o f 1 % % has been declared on the $12,500,000 stock,
payablo Juno 1 to holders o f record M ay 16. This compares with 144%
in M arch last. — V. 1 0 2 , p. 603, 521.

Fresno Interurban Ry.— Securities.—
. f^ 1 *5,c£PlR!y ly has applied to the Cal. RR. Commission for authoritv to
issue $140,000 stock at 80 and $250,000 bonds at 90 to net $337,400.—
V. 102, p. 1540, 251.
Grand Rapids & Indiana Ry.- -E arn in gs fo r Cal. Years.

C a le n d a r
G ross
Y e a r — E a r n in g s .

1915----- $5,330,928
1914----- 5,387,885
— V. 100, p. 1505.

N e t , a fte r
T a x e s, & c .

$1,085,244
887.829

Other
In c o m e .

$58,200
52,211

In ter es t, A d d it io n s . B a la n c e ,
R en ts, A c . B e lt 's ,& c . S u r p lu s .

$848,599
816,452

$255,000
111,467

$39,845
12,121

______ _____
0 00 oyp L -y vm
tion with the payment of $700,000 receivers’ certificates due M ay l and
tho remainder for improvements, &c.— V. 1 0 2 , p. 9 7 5 , 3 4 5 .

Jacksonville (F la.) T raction C o.— Earnings.—
C a le n d a r
Y ea r—

G ross
N e t ,a fte r In teres t
E a r n in g s . T a x e s . C h g s .,A c .

P r e fe r r e d
D iv id e n d s .

Com .
D ie s .

B a la n c e ,
D e fic it.

1915.................$611,568 $182,730 $177,898 (4A4)$22,500
......... $17,668
----- - 715,255 247,200 152,642 (6 %) 30,000 $66,500
1,942
— V. 101, p. 288.
K an sas C ity K aw Valley & W estern R y — Bond Offering.

— Otis & C o., Cleveland, recently offered at 101 and int.,
$320,000 1st M . 6 % bonds, dated Aug. 1 1914, due Aug. 1
1924. Denom. $1,000, $500 and $100. A circular shoAvs:

Principal and semi-annual int. (F. & A.) payable at tho First Trust &
Sav. Bank, Chicago, 111., trusteo. Callable at 101 and int. on any int.
date, upon 60 days’ notice.
C a p it a liz a tio n —
A u th o r iz e d .
Issu ed .
L im it e d to
First mortgage 6 % bonds.............. $2,500,000 $320,000 $20,000 per mile
Second mortgage 6 % bonds______
812,500
200,000
12,500 per mile
Capital stock.......... ........................ 1,500.000
17,500
per mile
M o rtg a g e . — This issue is an absolute first mortgage upon all tho property.
Tho mortgage provides that the road shall bo constructed in thice units:
(a) Kansas City to Bonner Springs, 16 miles; (6 ) Bonner Springs to
Lawrence, 22 miles; (c) Lawrence to Topeka, 26 miles. AVhcn eacli of
these three units have been constructed and placed in operation, bonds and
stock as shown above may bo issuod. This capitalization has been ap­
proved by tho Kansas P. U. Commission. In accordance therewith,
$320,000 1st M . bonds have been Issued upon tho 16 miles to Bonner
Springs, and no further bonds can bo issued until the line is in operation to
Lawrence, Kan.
P ro p e r ly , — The present line consists of a modern electric railway, on
privato right-of-way, 70-lb. rails and rock ballasted, extending from tho
wostern line of Kansas City, Kan., to Bonner Springs, Kan., approximately
16 miles. Tho section from Bonner Springs to Lawronce is being con­
structed and will bo completed this year. Connection is made with the
street railway system of Kansas City. Tho road runs north of Kaw River,
crossing it at Lawrence, Ivan., and will pass through the principal street in
that city and will have a terminal at Topeka.
E a r n i n g s . — The division from Kansas City to Bonner Springs was placed
in operation July 20 1914, and its earnings have been ample to take care
of tho interest on the outstanding bonds. If operated at 50% , it is main­
tained, tho company would earn not nearly three times its annual interest
chargo of $ 1 ,2 0 0 per mile.
T e rr ito r y S e rv e d . — The 1910 census of the principal cities served by this
lino showed a total population for Kansas City, M o., Kansas City, Kan.,
Lawrence, Kan., and Topeka, Kan., of 386,770. At tho present time tho
two Kansas Cities have approximately 400,000 people, Lawrence about
15,000 and 'lopeka about 60,000 Present population approaches 100,000.
Tho Kansas Cities comprise one of the most important manufacturing and
distributing points in the U. S., the community of interest between them
and Lawrence and Topeka being close. Tho travel between them is large.
Tho intermediate country is fertile and well developed.

Lancaster & Y o rk F urnace Street R y .— Operations .—
Owners of this company and tho Colemanvillo AVater & Power C o.,
which supplies power to the former, on April 26 elected C. E. Dowd Gen­
eral Manager and directed him to repair the properties and operate them.
Both have been idle since January last.— V. 102, p. 1540, 1249.

[Vol . 102

THE CHRONICLE

1626

Lehigh Valley RR.— Lake Service Inaugurated.—
This company’s freight servico on the Great Lakes was inaugurated on
April 22 with the departure of boats o f the Lehigh Valloy Transportation
Co. from ports o f Buffalo, Chicago and Milwaukee.— V .l0 2 ,p . 1436, 1346.
Missouri Kansas & Texas Ry.— Tim e fo r Deposits Ex­
tended.— The

Worcester & Warren St. Ry. Co.— S e c u r i t i e s .—

Tho Mass. P. S. Commission has
shares of stock and $72,000 2 0 -year
90 to pay floating debt incurred in
Spencer St. R y. and improvements

authorized tho issuo of 106 additional
5% bonds to bo sold for not loss than
purchaso of the Warren Brookfield &
on tho property.— V. 100, p. 2168.

committee representing the General M tge.
4J ^ % Sinking Fund gold bonds, $10,421,000 outstanding,
Otto T . Bannard, Chairman, announces by adv. on another
page that the time within which bonds may be deposited has
been extended to June 1, after which no deposits will bo re­
ceived except at the discretion of this committee and subject
to such conditions as this committee may impose.

INDUSTRIAL AND MISCELLANEOUS.
Advance— Rumely Co.— L is ti n g — B a la n c e S h e e t .—

terly dividend of 1 jkt % and an extra of 1 % has been declared
on tho $113,868,400 common stock, both payable June 19
to holders of record M a y 31.

Alaska Gold Mines Co.— L i s t e d .—

Tho N. Y. Stock Exchango has admitted to list $10,982,000 6 % cumu­
lative prof, stock and $12,638,700 common stock, with authority to add
$1,518,000 of said preferred and $1,111,300 common stock, on official
notlco of issuance in accordance with tho terms of tho application, making
tho total amounts $12,500,000 pref. stock and $13,750,000 common.
C O N S O L I D A T E D B A L A N C E S H E E T J A N U A R Y 1 1916.
Deposits of bonds must bo made with the Now York Trust Co., deposi­
[Including Advance Rumely Co. and the Canadian Rumely C o.. Ltd.]
tary, 26 Broad St., N . Y . C. All bonds so deposited must bo accompanied
L ia b ilit ie s (T o ta l $35,197,534)—
A s s e t s (T o ta l $ 35,197,534)—
by coupon duo Jan. 1 1916, and all coupons maturing subsequent thereto.
Real ostato, plant, &e__ $3,906,300 Prof, stock (cum. after
See Boonville R R . Bridge Co. above.— V. 102, p. 1540, 1436.
Jan. 1 1919).......
$12,500,000
Miscoll. outside real est*101,012
Missouri Kansas & Texas Ry. of Texas.— Sub. Co. In t. Good-will, patents, &e_.al4,172,305 Common stock_________ 13,750,000
Inventories____________ b 6 ,121,135 1 0 -yoar 6 % sinking fund
See Dallas & Waco Ry. above.— V. 102, p. 1540, 1436.
debentures, duo 1925- 3,500,000
Install, notes rec., A c .- c7,814,633
Nashville (Tenn.) Ry. & Light G o . — Earnings.—•
Accounts receivable___
594.056 Mtge. on branch proporty
due Oct. 1, 1916_____
el03,167
Miscellaneous, &c______
24,903
C a le n d a r
G ro ss
N e t .a ft e r In teres t P f .D ie s . C o m .D iv . B a la n c e ,
423,605
2,427,642 Accounts payablo______
Y ea r—
E a r n in g s . T a x e s .
C h a rg e s. (5% ).
(1 % ). S u r p lu s . C a sh .......................
153,944
35.547 Accrued taxes, wages, &c.
1915...................$2,143,902 $825,069 $510,588 $125,000 $40,000 $149,481 D oferred charges_______
Accrued dob. & mtg. int16,818
1914
......
2,240,307
886,575
499,670
125,000
261,905
Reserve against loss, &c. d4,750,000
— V. 1 0 0 , p. 1168.
*Includos property acquired under foreclosure and held for sale, a In­
cludes good-will, patents and other intangiblo values, togothor with 1,178
Nevada-California-Oregon Ry .— N ew Bonds.—
The Cal. R R . Commission has authorized this company to issuo $117,000 shares pref. stock, 3 , 3 3 5 shares common stock and $203,000 1 0 -year 6 %
face value o f 1st M . 5% 20-year bonds payable M ay 1 1919 at 90% of thoir debentures of tho company sot aside and held in treasury for delivory in
satisfaction of certain indeterminable claims against the receiver of M .
face value, for rehabilitation, additions, otc. Compare V. 102, p. 1540.
Runioly Co., balance subject to adjustment upon realization of the assets
taken over from tho reorganization committeo. b Includes finished product
New York Central RR.— Suit D ism issed.—
cost, $3,373,582; material, labor, &c., outlays on futuro year’s product,
The suit o f Clarence H. Vennor against the company to declaro tho con­ at
$1,985,263. and second-hand machinery at book values, $762/290. c After
solidation o f the company and tho Lake Shoro & Michigan Southorn a deducting
$748,008 agents’ commission certificates not duo, including in­
monopoly and a violation o f the Sherman Anti-Trust Law was dismissed
accrued thereon (not), d Denotes reserve against loss on realization
on April 24 in a decision handed down by Justice Morschauser in the Su­ terest
of assets taken over from tho reorganization committee and other con­
premo Court at Whito Plains.— V. 102, p. 1443, 1541.
tingencies, rosidue balance to be transferred to good-will account. Seo
Norfolk & Western Ry.— Dividend Increased.— A quar­ reorganization plan, V. 101, p. 1276,851. eDue Oct. 1,1916—V . 102, p.346
Tho N. Y . Stock Exchango has admitted to list $9,500,000 10-yoar 6 %
convertible coupon debentures. Series “ B ,” due 1926. included in Nos. M l
to M 1250 incl. for $1,000 each; D1 and D500 incl. for $500 each, and C l
This is an increase o f M o f 1% In tho quarterly distribution and places to C2500 incl. for $100 each (tho $1,000 dobonturos above No. 1,000 to
the common stock on a 7 % per annum basis, as against 6 % yearly since provide for exchange for $ 1 0 0 debentures), on official notlco of issuanco
1911. Dividend record follows:
■ in exchango for outstanding subscription receipts. See also under “ Roports
and Documents" on subsequent pages.— V. 102, p. 346, 523.
DIVS.—
/ ’04. ’05. ’06. ’07. ’08. ’09. ’ 10. ’ l l . ’ 12-’ 15.
1916.
C om m on ____%\ 3 3H 4M 5
4 4 ^ 5 5kf 6 yearly March, 1H
Alaska Steamship Co., Seattle, Wash.— E a r n i n g s .—
— V. 1 0 2 , p. 1250.
B a la n c e .
D iv id e n d s
D epre­
N et
C a le n d a r
G ross
S u r p lu s '
P a id .
c ia tio n .
In c o m e .
Y e a r—
E a r n in g s .
Oakland Antioch & Eastern (Electric) Ry.— Suit.—
$100,577
Howard B. Smith, a stockholder, has made application for a receiver 1915.............. $2,498,887 $564,889 $134,312 (11%)$330,000
31,658
(8%)240,000
154,346
362,688
for the property, alleging that the company is being mismanaged. Tho 1914________2,091,140
petitioner asks that the $5,000,000 1st M . 5% sinking fund bonds, of — V. 75. p. 1304.
which $2,500,000 are outstanding, be foreclosed and the property sold at
American Book Co.— N ew Officer .—
auction. It Is understood the suit is also directed against tho Union Trust
W. L. Billmyer has been elected Secretary, succeeding John Arthur
Co. o f San Francisco as depositary o f the co. See also V. 102, p. 251.
Greene, who will still remain a director.— V. 99, p. 1912.
Pensacola (Fla.) Electric Co.— Earnings.—
American Gas & Electric Co.— Stock Increase .—
C a le n d a r
G ro ss
N e t a fte r
In t.
B o n d S k g . P re fe rr e d
B a la n c e ,
The stockholders on April 28 increased tho authorized capital stock from
Y ea r—
E a rn s.
T a x e s.
C h g es.
Fund.
D iv id e n d s . S u r . o r D e f .
1915 ............$258,042 $111,222 $72,568 $13,136
...........
sur.$25.518 $7,500,000 to $15,000,000 by tho addition of $4,000,000 prof, and $3,500,000
95,048 73,448 13,279 (3%)$9,000 def.
679 common, making $7,500,000 of each class authorized.— V. 102, p. 1437, 156.
1914 - ........... 264,840
— V. 93, p. 1535.
American Hide & Leather Co.— Earnings, & c.— Sec. &
Pittsburgh Shawmut & Northern RR.— D eposits.—
Treas. Geo. A . Hill, N . Y . , April 25 1916, says:
The protective committee representing the 1st M . 50-year 5% bonds
Several communications were presented from stockholders upon questions
due Fob. 1 1949, o f which $164,000 are outstanding, and Ref. 1st M . 4%
respect to the prospect of dividend payments upon tho prof, stock and
bonds duo Feb. 1 1952. $14,491,600 outstanding, Howard Bayne, Chair­ with
in
regard to other details of tho company’s business. After consideration
man, announces that moro than a majority o f the abovo bonds havo been
deposited. Tho time for such deposits expires on May 4, after which date of these communications, a resolution was adopted that it is not tho sottlod
policy to pay off the outstanding mortgage bonds of tho company before
bonds will be received subject to conditions prescribed by the committeo.
Holders of certain receiver’s certificates have made a motion in tho Su­ considering the payment of dividends on tho pref. stock, and that the
premo Court, Erie County, for an order requiring tho payment o f such cer­ board at tho next quarterly meeting, which will bo hold in July, after tho
tificates, which have become due, or in default o f such paymont, for an or­ earnings of tho company for its current fiscal year ending June 30 have been
der directing tho sale o f the property. Bondholders aro requested to de­ approximately determined, will consider the question o f a dividend payment
the pref. stock and tho amount of such dividond paymont.
posit their bonds with tho Columbia Trust C o., depositary.— V. 102, p. onThe
published earnings statements of the company since its organization
977, 438.
17 years ago clearly indicato the fact that the profits of tho business in which
Public Service Corporation of New Jersey.— Earnings. the company is engaged aro subject to extromo fluctuation. The largo
earnings during tho last 18 months have resulted to a considerable extent
— The monthly statement of earnings for March and the from tlio abnormal conditions brought about by the European war. It is
3 mos. end. M a r. 31 compares with the same periods in 1915: possible that at any time they may suddenly ehango in a manner which
seriously affect earnings oven for tho current year. The board is,
M a rch .
3 M o n th s . would
therefore, entirely satisfied that it is not advlsablo to consider tho question
Gross increase in total business--------------------$491,611 $1,229,242 of paying a dividond upon the pref. stock before tho close of the fiscal year.
17.0%
13.9%
Percentage o f Increase_____________________________
3 M o n th s e n d in g
*N et
Bond
S in k in g
I n t . on
B a la n c e ,
Balance available(after payment of operating expensos,
M a r c h 31—
E a r n in g s .
In t e r e s t.
bund.
S .F .B o n d s .
S u r p lu s .
fixed charges, sinking fund requirements, &c.) f o r _______
$67,825
$37,500
$60,050
$390,655
amortization, dividends and surplus--------------------- 380,206
1,212,928 1916 . ................ $556,030
383,419
73,335
37,500
5-1,540
548.794
Increase in surplus available for dividends---------------- 167,802
303,557 1915____________
N i n e M o n th s —
See map in ^Electric Ry. Section,” page 80.—-V. 102, p. 1262, 1244.
$1,299,102
1915-16_________ $1,795,227 $207,965 $112,500 $175,660
852,111
Puget Sound Traction, Light & Power G o .— Earnings. 1914-15................. 1,348,236 223,525 112,500 160.100
C a l.
G ro ss
Y e a r . E a r n in g s .

N e t a fte r

In teres t &

P r e fe r r e d

C o m .D iv .

B a la n c e ,

♦After charging replacements and ronewals and interest on loans. Net
T a x e s.
Ska. F d .
D iv id e n d s .
(3% ) Sur.or.Def.
current assets March 31 1916, $11,436,971. Bonds in tho hands of tho
1915..
$7,559,583 $2,804,820 $2,179,984 (4H)$615,464
- - - - - - sur.$9,372
1914.. 8,450,974 3,443,966 2,118,856 (6 %) 820,618 $556,736 def 52,245
Interest and sinking fund include in 1915 bond sinking fund, $301,205, PUPres. Theodoro°S. Haight and Treas. George A. Hill say that tho state­
ment for the 3 and 9 months ending March 31 1916 has been prepared on
against $258,032 in 1914.— V. 101, p. 132.
tho saino accounting basis as the annual statement of Juno 30 1915, and
finished leather has been taken at the same prices, whicli are below those
Scioto Valley Traction Co.— Stock.—
now
prevailing.
The Ohio P. U. Commission has approved the issue and sale o f $200,000
6 % first pref. stock, the proceeds to be used in tho purchaso o f a similar B A L A N C E S H E E T O F C O M P A N Y A N D S U B S I D I A R Y C O M P A N I E S .
amount o f common stock of tho Columbus Depot C o., which company will
M a r . 31 ’16. J 'n e 30T5.
M a r . 31 '16. J'n e 30 T5.
erect a terminal station in Columbus to cost between $800,000 and $1,000,­
L iabilities—
$
$
Assets —
$
*
000. The preferred stock is to be sold at 97, the stock to be purchased to aCost
Preferred shares..13,000,000 13,000,000
of
proper’s.27.133,426
27,120,680
be bought at 97. See V. 102, p. 1437.
Sinking fund-----625
75,038 Common shares. .11,500,000 11,500,000
Supplies......... .
8,825,090 9,433.403 1st M. 6 % bonds.c4,445,000 4,819,000
Stockton (Cal.) Electric RR.— Sale to City.—170,600
Interest accrued-.
42,625
Press dispatches from Stockton, Cal., state that the company has Bills & accts. rec.bl,624,086 1,560,853
750,000
200,000
3,400 Loans, &c...........
2,070
offered to sell its local lines to tho city. Lack o f profits, high taxation and Sundries & claims.
483,378
Foreign exchange. 362,458
Insur. unexpired &
cost o f maintenance were given as reasons for selling.— V. 100, p. 902.
180,381
377,318
80,641 Trade accounts—
prepaid Interest
49,420
86,712
114,797
Acer, taxes. & c...
Bonds of Am.H.«fe
Toronto Hamilton & Buffalo Ry.— Earnings.—
3,781,038
Sk.
fd.
lstM
..A
c.
4,043,125
83,823
L.
purch.
(cost)
379,460
C a le n d a r
G ross
N e t ( a ft e r
Other
C h a rg e s,
P re fe rr e d
B a la n c e ,
5,545,397
4,246,294
Surplus..............
059,466
Cash....................
1,616,541
Y e a r — R ev e n u e.
T a x e s ).
In c o m e .
A c.
D iv id e n d s .
S u r p lu s .
1915 ___ $1,404,320 $492,185 $132,094 $301,466 ----------- -------- $322,812
Total...............39,630.720 39,017,304
Total...............39,630,720 39,017,304
1 9 1 4 -- .- 1.335:672 3551390 149.957 284,054 (3%)$105,000 116,292
Total p. & 1. surplus Dec. 31 1915, $1,275,482.— V. 101, p. 1974.
a Cost of properties includes 4,517 shares pref. and 2,259 shares com.
Twenty-Eighth & Twenty-Ninth Streets Crosstown stock of American Hide Sc Leather Co. held In trust, b After deduct ng
reserves of $180,660 for doubtful debts and discounts, c After deduct ng
RR., N. Y .— Holders of certificates of deposit of the Central $475,000
bonds in treasury yearly and in 1916 $4,080,000 bonds in sinking
Trust Co. of N . Y . for 1st M . 5 % bonds are addressed as fund, against $3,706,000 bonds in 1915.— V. 102, p. 1348, 349.

follows by the bondholders’ committee (John W . Hamer,
Chairman), under date of April 18:
The Third Avenue Ry. Co. having paid tho second Installment of $83,333
with interest due April 17 1916, on the original note for $250,000 (See V. 98,
p. 612), tho committee begs to advise that $65 per $1,000 bond will bo paid
on presentation o f certificates o f deposit o f Central Trust Co., at Central
Trust Co., 54 Wall St., N. Y. City, on and after April 24 19i6.
The last installment o f $83,333 o f the said noto with interast at 4% from
April 17 1916, will bo duo April 17 1917. When tho same is received it will
bo distributed at once, making the final paymont to tho bondholders of the
proceeds from the sale o f tho road.—-V. 100, p. 1439.
Warren Brookfield & Spencer St. Ry.— Securities.—
See Worcester & Warren St. R y. below.— V . 100, p. 2168.




American Navigation Co., New York.— S ta tu s .— Woil
& C o ., N . Y ., havo issued a circular saying in substance:
O r g a n iz a tio n .— Conducts a gonoral ocoan froight transportation business
and is now operating two American ocean-going froight vessels principally
betweon United States ports and Central and South America and the West
Indies. Maintains no expensive headquarters and its officers are paid no
salaries, sinco tho business is managed by tho shipping firm of Miller &
Houghton, Inc. (established 1858) on the usual commission basis. This
relieves tho company from large overhead charges.
Authorized capitalization, $1,000,000 U>ar value $10); Issued capitaliza­
tion. $84,710: listed on N. Y. "Curb” market; stock in treasury. $915,290.
No bonded debt. Registrar and transfer agent. Lawyers’ Title & Trust Co..
160 Broadway, N. Y. City. Incorporated In Del. in 1912.

APR. 29 1916.]

THE CHRONICLE

E a r n in g s , A c . — For tho year ending Jan. 15 1016, the company has de­
clared and paid from actual oarnings 13% In dividends, and is investing its
surplus in additional tonnago for tho purpose o f increasing its earning ca­
pacity.
Tho vessel operating account for tho fiscal year ending Mar. 25
1916 shows: Gross income from freight, &c., $40)273; total operating ex­
penses, $27,701; net earnings, $12,482; dividends paid (3% April, 4% July,
3% Oct., 3% Jan.), $4,640; reservo earnings available for future dividends,
$7,842. The company intends that its tonnago shall bo employed to yield
quarterly dividends of not less than 12% per annum as a permanent in­
come return in times of poaco as well as war.
Balance sheet of Mar. 25 1916: (a) Assets.—Vessel property, $79,065;

stock, $1,000,000; total, $1,026,650. Tho present value of tho vessel prop­
erty is estimated at $30,000 in excess of tho book valuo given abovo.
Such treasury shares as may from time to time bo withdrawn shall bo
sold only for tho purposo of acquiring additional ocean-going freight vessels.
It is intended to apply tho surplus earnings abovo dividends at tho rato of
12% per annum to vessel purchase account, until a fleet of a dozen or moro
vessels are controlled. During this war period tho company should attain a
very strong position, warranting tho continuous payment of substantial
dividends. Tho stock is at this writing soiling around 11 )4 (dollars per sh .).
Directors. P. W. Nickerson, formerly Manager Southorn Division
Clydo Lines, Now York; Joseph If. Houghton (President), President Miller
& Houghton, Inc. (shipping). New York; W. J. Maloney, resident director,
Wilmington, Del.; Samuel C. Seaman (Treasurer), Treasurer Century
Portland Cement C o., N. Y .; Victor Hansen (Secretary), Brooklyn, N. Y .
Shipping agents, Miller & Houghton, Inc., 16 Beaver St., N . Y .

American Power & Light Co., N. Y . — Bonds.— In con­
nection with the offer of tho company to tho holders of its pre­
ferred stock and tho holders of voting trust certificates and
option warrants for its common stock the privilege of sub­
scribing at 93 and int. on or bofore M ar. 15 1916 for
$6,984,300 Gold Debenture bonds, Amorican 6 % series,
dated M ar. 1 1916, duo Mar. 1 2016 the following ad­
ditional data is furnished (See V . 102, p. 887);
This series is rod. as a whole on any int. day at 110% and int. Donom.
$100, $500 and $1,000 (c). Kegistored bonds in donom. o f $1,000 each.
Trustee. Bankers Trust C o., N. Y. Int. M . & S. in Now York.
Tho company, for which tho Electric Bond & Share Co. is fiscal agent,
controls the Kansas Gas & Electric C o., tho Pacific Power & Light C o., tho
Portland Gas & Coko Co. and tho Southwestern Utilities Corp. Tho latter
company controls tho Southwestern Power & Light Co.

Data from Letter of Pres. F. Q. Sykes, New York, Apr. 20.
C a p it a liz a tio n . — The capitalization of the company as of Mar. 31 1915.
C a p it a liz a tio n —
A u th o r iz e d .
O u tsta n d in g .

Pref. stock 6% cum. redeemable at 115% of par $5,000,000
$3,563,200
8,205,400
Common stock____ _________________________ 17•500,000
2 ,200,000
10-year 6% gold notes, due Aug. 1 1921--------- 2,200,000
Gold debenture bonds, American 6% ser.,
3,120,700
due March 1 2016-.......................................- 6.984,300*
♦The entire issue of gold debenture bonds, American 6% series, has boon
subscribed for. Tho plan for thoir issuance provided for an Initial pay­
ment by subscribers o f 10%, or $698,430. Additional payments may bo
spread over 5 years, as not moro than 20% can bo called in any ono calendar
year. Tho privilege is given to subscribers, however, of anticipating all
or any part o f their payments at any time. It will bo noticed that up
to March 31 1916. subscribers had anticipated payments to tho amount
of $2,422,270 of tho bonds. V. 102, p. 887.
Sta tu s o f F lo a tin g D e b t. — Tho proceeds from the salo of the bonds so far
issued have been used to anticipate payment of the $3,000,000 1-yr. 6%
notes, due July 13 1916, and to linuidato other floating indebtedness. Tho
company now has no floating indebtedness.
E a r n in g s . — On tho basis of tho net earnings for tho 12 months onded
March 31 1916 tho amount applicable to tho interest on tho Gold Deben­
ture bonds and 10-yr. 6% gold notes outstanding on March 31 1916,
is as follows :
Not, including combined net surplus of subsidiaries accruing to it $1,169,165
Annual int. charge on $2,200,000 10-yr. 6% gold notes and
$3,120,700 gold deb. bonds...................................- ...................
319,242
Balance__________________________________________________
$849,923
Earnings applicable to interest were equal to more than 3 H times tho
annual interest charge on all tho Gold Debenture bonds and 10-yr. 6% gold
notes outstanding on Mar. 31 1916.
. , _
..
...
Tho gross and not oarnings of tho Kansas Gas & Electric C o., tho Pacific
Power & Light C o., the Portland Gas & Coke Co. and tho subsidiaries of
tho Southwestern Power & Light Co. in each of tho last threo calendar
years and for the 12 months ended Mar. S I 1916, wore as follows:
Y e a r—
G ross E a r n s . N e t E a r n s . I Y e a r —
G ross E a r n s . N e t E a r n s .
1913 ........... -$6,130,639 $2,769,773 1915 .................$7,326,096 $3,454,243
1914 .............. 6,959,333 3,257,827| 1916 * .........- 7.494,122 3.547,638
*12 months ended March 31.
Earnings of all tho properties of the abovo named companies now owned,
irrespective o f the dates o f thoir acquisition. Tho gross earnings of $7,­
326,096 for tho calendar year 1915, as shown above, were derived from
various classes of business as follows:
A p p r o x . _ _%
A p p ro x.
%
C la s s —
A m o u n t, o f Tot.
C la s s —
A m o u n t, o f T ot.
3
Elec, light & power.$4,311,545
59 Bail way - ................. $186,229
3
Artificial gas_______ 1,928,382
26 Water and m iscel-.. 207,696
Natural gas________
692,244
9
T o ta l.................................................................................... -$7,326,096 100
A d d it io n a l Bonds—Additional bonds of this issue may bo put out only
wlion the not incomo for 12 consecutive months within tho 14 months im­
mediately preceding any request for certification and delivery of bonds is
not less than 2 A times interest charges for the same period upon all in­
debtedness of the company outstanding at tho closo o f such 12 month period
and upon tho bonds then requested to bo certified.
E q u ity . — Tho Gold Dobonturo bonds tako precedonco as to oarnings and
assets over $3,563,200 preferred stock and $8,205,400 common stock on
which dividends at tho rates of 6% and 4% , respectively, per annum aro
paid. These stocks liavo a present market valuo aggregating approxim­
ately $8,300,000.
Tho subsidiary companies (either directly or through controlled com­
panies) servo a total o f 152 communities. They supply electric light and
power service to 142 communities, artificial gas service to 16, natural gas
service to 4, water service to 7, street railway sorvico to 3, intorurban
railway service to 3, and ico and fuel sorvico to 2. Total population served
is estimated at moro than 1,000,000.— V. 102, p. 1437, 1434.

American Real Estate Co.— Committee.— T h e follow ing
liavo agreed to serve as a reorganization com m ittoo to pre­
pare a plan of reorganization which will protoct tho interests
o f all bondholders and other creditors from any forced salo
of tho assets of the com p an y .
A plan of reorganization will bo formulated by tho committee and sub­
mitted to bondholders and other creditors for their approval. All parties
in interest aro requested to communicate with the Secretary o f tho commit­
too, and holders o f bonds and claims aro Invited to deposit tho same with
tho Columbia Trust Co., 60 Broadway, N. Y .; Ilartford-Aetna National
Bank, Hartford, Conn.; City Bank & Trust C o., Hartford, Conn., and
Contral Trust Co. o f Illinois, 125 West Monroe» St., Chicago, III.
C o m m ittee. — Laurence McGuiro, Chairman (Pres. Itoal Estato Board,
N. Y .); Louis V. Bright (Pros. Lawyers Title & Trust Co., N. Y .); Arthur
B. Chapin (V .-l’rcs. American Trust Co., Boston, Mass.), Leon Orr Fisher
(V.-Pres. Equitable Life Assuraneo Society, N. Y .), l'rank P. Furlong,
V—Pres. Hart.-Aetna Nat. Bank, Hart., Conn.), I<red P. Holt (Pres. City
Bank ft Trust C o., Hartford, Conn.), Willard V. King (Pres. Columbia
Trust C o., N. Y .), John A. Noblo (Cashier Harriman Nat. Bank, N. Y .),
Joseph PI. Otis (V.-Pres. Central Trust Co. of Illinois, Chicago, 111.), with
George E. Warren as Sec., 60 Broadway, N. Y. City.— V. 102, p. 1542.

American Smelters Securities Co.— Bond Call.-— $ 1 ,3 4 7 ,0(X)

(i%

sinking fund gold bonds of F eb . I 1911 have been




1627

drawn for redemption at 105 and interest on Aug. 1 at Cen­
tral Trust Co. of N . Y ., trustee.— V . 102, p. 1246.

American Sugar Refining Co.— D e c i s i o n .—

The Supreme Court on Apr. 24 handed down a decision in the case of tho
company against the State of Louisiana upholding the decision of the lower
court that tho business of sugar refining is not a public utiUty. The
Boston “ Nows Bureau” says:
Tho situation which the Supremo Court has unravelled is this. In
Juno 1915 tho Louisiana Legislature enacted a law declaring tho business
of sugar refining a public utility and also providing that any persons en­
gaged in the business of refining in Louisiana who should pay in that State
a less price for raw sugar than paid in any other State should bo prima
facie presumed to be party to a monopoly. The act further provided for
a State inspector of sugar refining, for the payment of certain taxes upon
tho manufacture of granulated sugar, inspection of books and contained
other provisions for tho regulation of this business by the State. The Act
by its terms was made to apply to refiners and not to planters.
Tho company owning the Chalmette refinery near New Orleans buys
each year considerable supplies of sugar from Louisiana planters. The
company immediately after tho passage of the Act obtained an injunction
restraining officials of the State from enforcing its provisions. The in­
junction was sued out in the U. S. Circuit Court for eastern Louisiana.
Tho threo judges in this court unanimously held that the Act was un­
constitutional in that it denied that equal application of the law demanded
by the 14th Amendment to the Federal Constitution. The State of
Louisiana appealed tho case to the Supreme Court of the U. S. and that
Court has now handed down its decree upholding the decision of the lower
cou rt— V. 102, p. 888. 346.

Appalachian Power Co.— E a r n i n g s .—

------ M o n th o f M a r c h -----— 12 M o s . e n d in g M a r . 31—
1916.
1915. in c r e a s e .
1916.
1915!
In crea se.
G ross........ $64,303 $44,027 $20,276
$680,887 S540.839 $140,047
N ot_______ 36,394
17,867
18..V26
364,753
243,274 121,479
This company sells a large part of its hydro-electrically generated power
in tho Pocahontas coal fields of West Va., and the mining developments are
being extended to meet current and future demands. Marked gains in
tho company’s power output began about a year ago and have continued
steadily in incieased ratio, the kilowatt hour production ending with March
being 53,637,550, or 34% greater than tho preceding year.— V. 102, p. 1061.

A rkan sas L ig h t & Power C o.— B o n d s. — Bowman, Cost
& C o ., St. Louis, recently offered at par and int. $100,000
1st M . 30-yoar sinking fund 6 % gold bonds, dated Oct. 1
1915, due Oct. 1 1945. The bankers report:
Subject to call on any interest date at 105 and int. Int. A. & O. at N. Y «
or Chicago. Donom. $1,000, $500 and $100.
C a p it a liz a tio n —
A u th o r iz e d .
Issu ed .
B on d s..............................................................................$5,000,000
$750,000
Preferred stock,7% cumulative__________________
750,000
400,000
Common stock__________________________________ 1,500,000
1,000,000
Additional bonds can be Issued for 85% of the cost of improvements and
extensions, but only when net earnings for the past 12 months are in excess
of twice tho total int. charges on bonds outstanding, plus those to be issued.
T w elve M o n th s Statem ent to F e b . 29 1916.
Gross income_____________ $240,0281Surplus, balance___________ $63,126
Not, after taxes................... 108,127 ! Pref. div., 7% on $400,000. 28,000
Int.on$750,0001stM .6s,’45 45.0001Surplus incomo----------------- 35,127
Interest requirements have been earned nearly 2 A times over. Preferred
stock dividend requirements have been more than twice earned and the
balance is equal to 3)4% °n the outstanding $1,000,000 common stock.
For additional data regarding this issue, see V. 102, p. 888, 977.

Assets R ea liza tio n C o.— S tatu s. —
See Finance & Trading Corp. below.— V. 102, p. 1251, 1247.

—

.—

A tlas Powder C o.— N eio Stock S u b scrip tion s, & c
The shareholders on April 18 authorized an increase in tho authorized
capital stock from $10,500,000 to $20,000,000, of which $10,000,000 is
common stock and $lO,O0O,000 6% cumulative preferred. 'The directors
on April 21 authorized an issue of $1,439,600 6% cumulative pref. stock
and $833,740 common stock, making the total outstanding $7,198,000
preferred and $5,002,440 common stock.
Preferred stockholders of record April 20 1916 are offered the right to
subscribe pro rata to their holdings for 14,396 shares of pref. stock. For
each share of preferred held subscription may be made for A share of prof,
stock at $100 per share. Common stockholders of record April 20 1916 are
entitled to subscribe to 8,337 shares of common at par, $100, in the pro­
portion o f 1-5 sharo of common stock of the new issue for each share of
common held, provided the common stockholder, in order to secure the
common stock at the above price, will, if called upon, subsclrbo to at $100
per share (in full or by installments) a pro rata snare of any unsubscribed
portion of tho pref. stock offered to the preferred stockholders, this obli­
gation of tho Individual common stockholder not to exceed in any case a
greater ratio than one sharo pref. stock at par to each share o f common
stock subscribed at par. Subscription warrants to common stockholders
of record April 20 1916 will bo issued M ay 15, returnable Juno 10 and
carry tho privilege o f payment in full on or before June 10 1916 or in not
moro than 5 installments, payable not loss than 10% on or before June 10
1916; 15% on or before July 1 1916; 25% on or beforo Oct. 1 1916; 25% on
or before Jan. 1 1917; 25% on or beforo April 1 1917. This issue of stock
is to finance permanent plant extension and to provide additional work­
ing capital.— V. 102, p. 1542.
Beebo & R ichards R u b ber C o., M ass.— R eceivers. —
Judgo Dodge in the U. S. District Court at Boston on April 17 appointed
Clarenco A. Evans of Worcester and Charles S. Burgess of North Brookfield
rccoivors upon the application of the James T. Johnson Co. of New York.
Bell T elep h o n e Co. of P e n n .— P u r c h a s e . —
The stockholders have recently approved the purchase o f tho capital
stock of tho Glen Iiock-New Freedom Telephono & Telegraph Co. at $100
a sharo, and tho stock of tho York Southern Telephone Co. at $10 a share.
— V. 102, p. 798. 524.
B raden Copper C o.— E a r n in g s f o r C alen dar Y e a r . —
C a le n d a r
Y ear—

C opper
P ro d u c e d .

N et
P r o fit s .

Other B o n d , A c . , B a la n c e ,
In c o m e . In t e r e s t.
S u r p lu s .

T o ta l
S u r p lu s .

1915_____$5,815,245 $2,415,239 $61,055l$828,518 $1,647,776 $1,634,253
— V. 102, p. 713. 524.

B raden Copper Mines C o.— B on d C a ll. —
All the $15,000,000 outstanding Collateral Trust 6% gold bonds of 1909
have boon called for payment on June 1 at 105 and interest at Farmers’
Loan & Trust Co.— V. 102. p. 713, 524.
B ritish W estin g h o u se Electric & M fg. C o ., L td .—
C a le n d a r
G ross
Y e a r — P r o fit s .

1915___ £293,989
1914____ 267,819
— V. 100, p. 1260.

In terest D e p r c - R eserves,
C h a rg e s, c ia lio n .
A c.

P r e fe r r e d
D iv id e n d s ,

M is c e l- B a la n c e
la n e o u s . S u r p .

£69,654 £79.588 £30,000 (7)4)£75,000 £3,236 £36,511
69,654 43,716 75.000 (7)4) 75,000 2,822
1,627

B u ffalo G eneral Electric C o .— B on ds O ffe r e d . — Lee, Higgiuson & C o ., Boston, New York and Chicago, are offering
at 100 x
/ i and int. $2,498,000 1st Refunding M tge. 5 % gold
bonds dated Apr. 1 1909, due Apr. 1 1939. Int. J. & J. in
N . Y . City. Donom. $1,000 c*. A circular shows:
'Die proceeds of these $2,498,000 bonds will bo used for part of the cost
of construction of a new steam generating plant at Tonowanda, N. Y.
Present capacity of tho plant, 80,000 h. p ., in three units of 26,666 h. p.
each, with capacity in the building for ono additional unit capable of de­
veloping approximately 50.000 h. p. Plant covers 14 acres on the Niagara
Uivor. Total cost of the present development will bo in excess o f $3,600,­
000, of which $1,174,000 will bo paid for with tho proceeds of new stock.
C a p it a liz a tio n . — The outstanding capitalization of the company as now
constituted is as follows;

1628

THE CHRONICLE

First mortgage 5% bonds, duo Feb. 1 1939..................................$2,375,000
First Refunding 5% bonds, due April 1 1939.__________________ 7,039,000
Cataract Power & Conduit Co. 1st 5s, 1927 (assumed)*________ 1,384,000
Total funded d e b t ............................ .........................................$10,798,000
Capital stock (including new stock to be issued)_______ _____ $5,600,000
* Tho company has created a sinking fund to retire these bonds at ma­
turity. The company has no floating debt except for surrent liabilities.
For full description of issue see V. 101, p. 695; V. 102, p. 1161, 1542.

Butte-Duluth Copper Co.— Sale.—
Receiver Chas. H. Everett has petitioned the Court for authority to sell
the company’s property to satisfy claims and a bonded debt amounting to
$775,000. See V. 100, p. 1081.
Butte & Superior Copper Co., Ltd.— N a m e. — Listing .—
See Butte & Superior Mining Co. below.— V. 102, p. 802, 977.
Butte & Superior Mining Co.— N ew N am e — Listed .—
The shareholders on April 21 voted to change the namo of tho Butto &
Superior Copper Co. to the Butto & Superior Mining Co. No other
chango whatsoever was made in tho company.
The N. Y. Stock Exchange has admitted to list $2,729,410 capital stock
of Butto & Superior Mining Co. as substituted on the list for a like amount
of capital stock o f Butte & Superior Copper Co., Ltd., on official notice
of exchange, with authority to add $770,600 o f said Butto & Superior
Mining Co. on official notice of issuance, making tho total amount author­
ized to bo listed $3,500,000. See also under “ Reports and Documents”
on subsequent pages.— V. 102. p. 802, 977.
By-Products Coke Corporation.— Option .—
This company has, according to press reports, secured an option through
tho controlling interests o f tho Iroquois Iron C o., on $3,300,000 of tho
$5,000,000 capital stock at $80 per snare. The option, it is said, will run
until July 1 and minority shareholders are offered rights to participate on
equal terms.— V. 102, p. 802.
Calumet & Hecla Mining Co.— Purchase.—
Seo Tamarack Mining Co. below.— V. 101, p. 775.
Campeche-Laguna Corporation.— Bonds Offered .— This
company is offering at 100 and int. a block of $625,000 sink­
ing fund 6 % 30-year gold bonds, dated Aug. 31 1912, duo
Sept. 1 1942. Principal and interest M . & N ., payable in
Philadelphia or London, England.
Tax on Incomo from theso bonds remitted by tho company. Interest
paid without deduction for Federal incomo tax. Denom. $1,000 and $500,
or £205 9s. 8d. and £102 14s. lOd. c*. Red. on any Interest date at 105
and Int. upon 4 weeks’ notice. Colonial Trust C o., I’ hila., trustee.
C a p it a liz a tio n —
A u th o r iz e d . O u tsta n din g .
Common s t o c k ............................................................$5,000,000 $5,000,000
700,000
Preferred stock, 7% cumulative__________________ 3,000,000
B on d s------------------------------------------------------ ----------*5,000,000
1,768,000
Laguna Co. bonds---------------------- ----------- ------ ----------------- 500,000
♦Reserved for acquisition of additional property and for retirement of
$500,000 Laguna Co. bonds, $3,125,000, and for corp. purposes, $107,000.
Bonds reserved can bo Issued only for 75% of tho cost of additional prop­
erties, provided tho net earnings are equal to twice tho interest requirements
on bonds outstanding anti those to bo Issued.
P ro p e r ty . — Tho corporation owns in fee a largo estato with an area of
609,000 acres in tho State o f Campeche, Mexico. This estate contains
forests of mahogany, cedar and many other hardwoods, and vast tracts of
land on which rubber, chicle, dye woods and practically all other tropical
products, cattlo and other live stock, grass, corn, cotton and henequon
and other staple agricultural products may bo produced. As a result of
the development o f these properties during the past seven years, tho com­
pany owns a railroad 48 miles long costing $750,000, and three villages for
Its employees, besides numerous camps. This company’s management
and selling agency are located in Philadelphia and Its distributing facilities
are located In Astoria. Long Island, N. Y.
P ro d u c ts . — Campeche-Laguna mahogany has beon a recognized standard
for many years in tho lumber trade. According to the estimato of timber
cruisers, there are 275,000,000 feet o f mahogany on the properties. Tho
properties also contain numerous other kinds of hardwoods. Largo con­
tracts can bo obtained for railroad ties at very profitable figures. This
company’s production of chiclo for year ending Jan. 1 1915 was 429,925 lbs.
On tho property there are about 50,000 acres of native grass areas which,
together with 50,000 acres to bo cleared, would support at least 50,000 head
of cattle besides a largo number o f mules.
There are largo areas which will yield several hundred thousand tons of
logwood which is a dye wood for which there is a pressing demand on both
sides o f tho Atlantic. Ideal conditions for the growing of fiber for twino
and cordage aro found on the peninsula and tho product forms 85% of tho
supply of binding twino, which is handled by tho groat harvesting machino
companies in tho U. S. Other products includo rubber, bananas, etc.
S in k in g F u n d . — The indenture securing theso bonds provides for a sinking
fund commencing Dec. 31 1916 by tho payment each year to the trustee
the sum o f $10 for each 1,000 feet o f mahogany and cedar timber and
the sum o f $2 for each 1,000 feet of timber of other kinds, which shall havo
been cut within tho year. If this sum does not aggregate an amount equal
to 2% o f tho bonds outstanding, a minimum o f tho latter amount must bo
paid. All moneys in tho sinking fund shall be applied to purchase o f bonds
or redemption by drawings at 105 and int.
V a lu a t io n . — Tho estimated value of tho company’s assets is as follows:
609.000 acres of land and timber, as per schedule below______ $9,736,078
Railroad and equipment, saw mills, houses, &c_______________
700,059

[Vol . 102

Central Brewing Co.— Sale Postponed .—
The sale of this company’s property under foreclosure proceedings
which was advertised to take place on April 28 was postponed to M ay 12,
this being the eighth postponement since Mar. 10, tho original date of sale.
— V. 85, p. 162.

.—

Chevrolet Motor Co.— B u s in e s s
In a circular issued by J. K. Rico & Co. (seo adv. in last w oekV’Chroniclo” ) , it is shown that in tho 1 2 H months preceding Oct. 1915 tho company
produced 10,000 cars and earned $964,000. In tho last 4 Y months of
1915 tho company produced 11,888 cars, upon which production it earned
over $1,650,000, or $8 a sharo on tho stock. Production has continued
to increase, and in tho current month, April, tho company will produce
8,000 cars. Tho present schedule calls for an output of 90,482 cars in 1916,
and to date this schedule has been easily maintained. With this produc­
tion tho company should earn over $8,000,000 in 1916, or about $40 a share
on tho stock. Already orders aro being received from agents for 1917 de­
liveries, and invariably they call for larger allotments than 1916. It is
estimated that 150,000 cars will bo needed to supply next year’s demand,
and on this output tho company should earn close to $70 a sharo in 1917.
Seo annual report, V. 102, p. 972, 1062.
Chicopee Manufacturing Co.— Dividends Resumed .—
This company has declared a dividend of $1 50 por sharo, payable May 15
to holders of record May I. This is tho first payment since Aug. 1913.
— V. 79, p. 2798.
Colonial Oil Co., N. J.— Dissolution .—
This company has ordered a distribution of $100 per share to holders of
record May 1 as a first payment in tho dissolution of the company.—
V. 101. p. 1888.
Consol. Gas, Elec. Light & Power Co., Balto.— Stock.—
This company has mado application to the Maryland I’ . S. Commission
for authority to issue 3,000 shares of its common stock, of which there is
outstanding $13,646,304, par $100. The issuo is asked by reason of tho
purchase of tho Fatapsco Electric & Mfg. Co. stock in 1913. Th’e balance
of $425,000 on this purchase fails duo May 1 and tho company has the
option of paying cash or 3,000 shares of its common stock at markot price.
If tho 3,000 shares at market price would not produce tho $425,000 the
company could pay tho cash. See “ Railway & Industrial Section,” p.
154.— V. 102, p. 439. 1542.
Consolidated Lt. & Power Co. (Mt. Pleasant, Mich.).—
The Detroit Trust Co. as receiver of this company and tho Chlppowa Con­
struction Co. will sell at public auction at Detroit on M ay 16 tho assets of
both companies.— V. 100, p. 1675.

Cuba Cane Sugar Corp.— Stock Sold.— J .& W .Seligm an
& Co. New York have sold at 9 7 Vi and div. (See advertise­
ment on another page) $50,000,000 7 % Cumulative Con­
vertible Preferred stock, convertible share for share into com­
mon at any time at option of holder. A circular shows:
Prof, as to assots as well as divs. Red. all or part at option of tho cor­
poration on any div. date, on 60 days’ notico, at 120 and divs. Divs. Q.-J.

Data from Letter of Pres. Manuel R ionda, Havana. Apr. 17 1916.
C a p it a liz a tio n . — Incorporated in New York.
Its capital stock consists of:
7% cumulative convertible pref. stock (par $100)________ 500,000 shares
Common stock, without par value_______________________ 500.000 shares
The corporation has no mortgago or other bonded indebtedness. No
dividends shall be paid on tho common sharos until a sum equal to two
years’ dividends on the preferred shall have been accumulated out of future
profits. No dividends on the common shall bo paid at any time which
will reduce tho accumulated profits below said sum. Tho preferred and
common shares havo equal voting rights, viz.: ono voto for each share.
P ro p e r tie s A c q u ir e d . — The corporation has acquired and now owns in
fee and operates the following sugar estates in Cuba: Alava, Asuncion.
Conchita, Foliz, Jagueyal, Jobo, Julia, Lugareno, Maria Victoria, Morcedes,
Moron, Perseverancia, Santa Gertrudis, San Ignacio, Socorro, Soledad.
Lecnieitio has been purchased but title lias not yot been taken.
The sugar factories aro all located in good cano territory and aro all
substantially efficient and economical. Theso properties wore all much
improved during the last “ dead season” (May to Dec. 1915), all expendi­
tures being borne by the vendors.
Tho corporation owns in fee 330,000 acres of land and holds under leaso,
(most being for long poriods) 149,000 acres additional. Tho corporation
also has satisfactory contracts for tho purchase of cano from tho owners
or lessees of other lands tributary to its mills, thus being assured of an ample
supply of cane. Tho properties includo all manner of supplies and other
appurtenances: of
< a well equipped sugar estato.
R a ilw a y E q u ip m e n t —
S t a n d a rd G a u g e. N a r r o w G a u g e.
T o ta l.
Railway (kilometers)__________________ 335
303
638
83
“Locomotives
'
54
29
Cane cars.................................................... 1,230
1,005
2,235
All of tho properties were acquired free and clear of all encumbrances and
indebtedness, except in certain cases where tho encumbrances (amounting
in all to $1,237,266 35, excl. of Lequoltio, not yot known) could not at tho
time bo paid off, and in thoso cases tho amount thereof was deducted from
tho purchase price and deposited with tho corporation and has been set
aside to retire the same.
E a r n in g s . — Up to Apr. 16 tho combined output of tho properties owned
amounted to 2,695,991 bags. M y estimato of this season’s production is.
in round figures, 3,300,000 bags of 325 pounds each. In view of the pre­
vailing price of 5 cents per lb. and of prices already obtained on so much
Total............................................................................................. $10,436,137
of the crop as has been sold it is not unreasonable to assume that the
profits, after deducting tho share duo to tho farmers, should exceed $13,E a r n in g s . — Interest on the bonds has been earned and paid sinco the
date o f issue. During tho period of development net profits each year 500,OOO, or equivalent to $20 per share of common stoclc, after nref. div.
F u tu r e o f the B u s in e s s . — Tho building of short stretches of railway will
have exceeded tho interest charges. On tho basis o f present business in
mahogany, cedar and chicle only, earnings for tho present year aro largely connect up the private railway lines of a number of our plantations, and
in excess of its fixed charges. The quantity o f standing mahogany and will permit the hauling of cane to tho nearest factory and thus reduce
cedar is amplo to provide for a greatly increased production over a period exponses. The corporation proposes gradually to introduce improved
methods of cultivation, which should increase tho yield of the fields and
o f 35 to 40 years.
improve the quality of the cano. Tho operation of so many factories under
19 M o s . to
----------- Y e a r s E n d in g ------------ 6 M o s . e n d one
general management should also result in increased efficiency in all
E a r n in g s —
Dec. 31 ’ l l . Dec.31’ 12. Dec.31’ 13. D e c . 31’ 14. ./une30’ 15.
plants. The corporation plans gradually to enlargo tho facilities of tho
Gross earnings_______$473,665 $346,259 $413,669 $350,055 $234,611 the
located in tho Eastern part or Cuba.
Net, after exp-------- $187,236 $113,324 $134,791 $145,260 $84,721 plants
The prospects of a continuation of high prices for sugar during tho next
Interest charges.......... 128,781
103,957
125,468
137,271
68,303 season
(1916-1917) are unusually good. Cuba can produco sugar more
Estimated profits will bo sufficient to yield a substantial surplus on the cheaply than any other country; it lias an advantage in cost of production
common, after providing for interest and sinking fund on bonds, prof, divi­ of at least V ia . per lb. over any other producor. In addition, Cuba has by
dends, maintenance and depreciation o f railroad and other fixtures. The treaty with tho U. S. a differential of 20% in its favor, so that, so long as
profits from sales of chiclo in tho past six years have avoraged over $45,000. there is a tariff duty on sugar entering tho U. S., Cuba has an advantage
Tho company has recently mado a contract to supply a large amount of of that amount as against all tho rest of the world, except Porto Rico,
logwood for dyes, which will probably take tho company’s entire output Hawaii and tho Philippines. Tho corporation should earn at least I '/ i
for two years. Profit from this ono contract alone is moro than double the times its dividend on its preferred stock.
company’s total interest chargo.
Tho properties will bo under my management and will also havo the
O fficers a n d D ire c to rs . — Pres., Charles II. Thompson; Vico-Pres's, E. F.
benefit of tho advice of tho Ozarnikow-Rionda Co. of many years’ experi­
Harvey and John Gribbel: Sec., M . E. Shober; Charles F. Lane, Treas. ence in the management of sugar properties. Most of tho properties will
and Manager of Estato; A. B. Leach, A. B. Leach & C o., N . Y. and Chicago; continue under their present managers and superintendents.
C. B. Fritz, Phlla., of Fritz & La Rue C o., importers, N. Y .; W . S. Whiting,
O ffic e rs a n d D ire c to rs . — Pres., Manuel Rionda, N. Y. and Havana;
Whiting Lumber C o ., Philadelphia.
Vieo-Pres., Regino Truffin, Havana; Alfred Jaretzki, N. Y.; Frederick
Strauss, N. Y .; B. Hraga Rionda. N. Y.; Sec. & Treas., Win. S. Cox., N. Y .;
Central Leather Co. — E a r n in g s f o r Q u a r t e r .—
Directors— C. N. Bliss Jr. of Bliss, Fabyan & C o., A. S. do Bustamante,
attornoy, Havana; W. E. Corey, Chairman Midvale Steel Co.; W . II. Childs
R es u lts f o r 3 M o s . e n d . A l a r . 31—
1916.
1915.
1914.
Total net earnings, all properties___ $3,898,909 $2,321,162 $2,806,710 Pres. Amer. Coal Products Co.; W. S. Cox, S. B. Fleming Pres. Intornat.
Exp. & losses of all cos. oxcept bond int 899,677
895,214
874.053 Agric. Corp.; Alfred Jaretski of Sullivan & Cromwell, attorneys at law;
James N. Jarvio, formerly of Arbuekto Bros.; Orestes Ferrara, attorney,
B alan ce.............................................. $2,999,232 $1,425,948 $1,932,657 Havana; Horaco Havcrmeyer, V.-Pres. Brooklyn Elevator & Milling Co.
Add incomo from investments_______
14,472
754
5,277 and V.-Pres. Scranton & Lehigh Coal Co.; W. J. Mathoson, Manufacturing
chemist; Grayson M -P. Murphy, V.-Pres. Guaranty Trust Co.: W. E.
T o t a l................................................. $3,013,704 $1,426,702 $1,937,934 Ogilvie, Pres. Havana Central B y., Director United Itys. of Havana.;
D e d u c t — Interest on bonds__________ $459,552
$459,552
$459,552 John D. Ryan, Pres. Anaconda Copper Co.; Manuel Rionda, Pros. CzarPreferred dividend payable April 1.
582,733
582,733.
582,733 nikow-Rionda Co.; Manuel E. Rionda, V.-Pres. Czarnikow-Rionka Co.;
Common dividend payable May 1 ..
397,009
______
______ Bernardo Braga Rionda, V.-Pres. Ozarnikow-Rionda Co.; Regino Truffin,
Merchant, Havana, Cuba, Pres. Manatl Sugar Co.; C. II. Sabin, Pres.
Surplus for quarter------------------------$1,574,410
$384,418
$895,650 Guaranty Trust Co.; C. A. Spreckels, Pros. Federal Sugar Refining Co.;
Albert Strauss of J. A W. Selignian & C o., Chairman of tho Board; Fred­
Total surplus March 31 1910, $12,075,132.
Total net earnings aro stated after deducting expenses, including thoso erick Strauss of J. & W. Selignian & Co.; G. II. Whigham, Pres. The Cuba
for repairs and maintenance, approximately $368,729 for the quarter Co. Application will bo mado to list these shares on tho Now York and
Havana Stock Exchanges.—-V. 102, p. 1252, 1349.
ending March 31 1916.— V. 102, p. 1165, 888.




A pr . 29 1916.]

THE CHRONICLE

Dome Mines Co., Ltd.— Purchase.—

Stockholders of the Dome Extension Mines C o., Ltd., it is stated, havo
ratified the option taken by this company to purchase their stock for 50
cents a share, payablo in stock of the Dome Mines Co., Ltd. The option
runs for 18 months.— V. 101, p. 373.
Dominion Bridge Co.— Extra Dividend.—
An extra dividend o f 3% has been declared on tlio $6,500,000 stock along
with the regular 2% , both payablo M ay 15 to holders of record April 29.—
V. 102, p. 978. 440.
Empire Gas & Fuel Co.— M erger.—
A certificate o f consolidation was filed at Dover, Del., on April 27 con­
solidating the Empire Gas & Fuel Co. and the Continental Oil & Gas Co.
under the above name with capital stock o f $12,500,000.— V. 102, p. 1542,
1438.
Finance & Trading Corp.— Stock Offered.— W m . Morris

1629

ing 1915 the company began marketing a now substance called “ Neolin,”
particularly adapted for soles for shoes. Officers and employees share in
the business through stock ownership provisions.— V. 102, p. 1543.

G ray & Davis, In c . (M ass .) .— Stock Offered.— B lake
Bros. & C o .,N e w York and Boston, recently offered 10,000
shares of common stock, par $25, at $40 per share. A circu­
lar shows:

- C a P ito liz a tio n —
A u th o r iz e d .
Issu ed .
7 % cumulative preferred stock, par $ 100.................$1,000,000
$600,000
Common stock, par $25.....................
2 .0 0 0 ,0 0 0
1 .2 5 0 ,0 0 0
o f President W m . G r a y , B o s t o n , M a r c h 24.
o»,in£SS0fa-ii
N a£-sachusetts in 1912 to take over the business, patents
®“^SOod-will of the firm of Gray & Davis, manufacturers of automobile
succo^sfu! operation since 1896. The principal business is
a!ld s/l}° of self-starting and electric-light equipment for
Imbrio & C o., N . Y ., are offering at $102 50 per share with
? u r°mu° ™ ,f
th.° P ^ t year it lias entered the munition field and
one share of common stock $500,000 7 % cum. pref. stock,
explosivo sheIlspreferred as to both assets and earnings. A circular shows: detonator and braSns V i nc ^ n g s !° n t0 th<3 ab° Ve’ ^
i M a n u fa c t u r in g F a c ilit ie s . — Control and operate two princinal plants
Red., all or part, after 3 years at 110 and div. on any div. date on 60 days’
facmrhm ar^ aoM3^\mnqsn1Pfted’ rV?i the ^1ostonl Plant with a gross manunotice. Dividends, when and as declared, J. & J.
l^mli5lS.?iarea , 133,000 sq. ft., all devoted to tho manufacture of starting
C a p ita liz a tio n —
A u th o r iz e d .
Is s u e d .
(f-1V o w i , mS f° r aut,ompbiles and to the manufacture of war mu$500,000
7 % cumulative preferred stock (par $100)............ $2,000,000
me?buryi Rla? t ' wlth machinery capable of producing in
Common stock (par $50)-------2,500,000
1,500,000 excess kr2KPohnon
of 500,000 automobile lamps per year. Recently an addition has
been erected to produco brass casings for shells. About 4,000 casings for
Data from Letter of Pres. Edwin A. P otter Jr., New York.
1 ho corporation is formed (organized in Va.) to transact a general liqui­ 3;inch^ shells can be turned out daily^wRh equipment already Installed.
dating business and make commercial examinations and reports covering Tho gross manufacturing floor area is 77,000 sq.
Tho following table shows capitalization, sales, &c.,
l
the engineering, financial and administrative features of any business: to
for the past 4 years:
make audits, &c.
Y e a r e n d . D e c . 31—
C o m m o n -S to ck -P r e fe r r e d .
S a le s .
P r o fit s .
The good-will of Potter, Ducr & Griswold (formerly G. M .-P. Murphy & 1 9 1 2 ______________ .--3500,000
$250,000
$1,346,410
$143,963
C o.), whose business has been acquired, should prove a valuable asset, as 1913_______________ — 500,000
381,800
3,871,578
324,184
the firm has among its clients many banking institutions, financial houses 1914_______________ - - - 500,000
560,000
3,534,816
280,644
and commercial and manufacturing concerns. Potter, Duor & Griswold 1915----------------------- . — 750,000
600,000
3,427,997
161,281
have been conducting a business of the goneral nature of that to bo trans­
• T n?,outpiU5-r0L <ly!lal?J??r.for 1*H6 was 55,702, as compared with 43,722
acted by the now corporation.
in 1914 and 37,765 in 1913. In 1915 the company produced 53,730 self­
The corporation purposes to engago primarily in the following lines:
P u rc h a se o f A s s e t s . — It is proposed to purchase at a low valuation assets starters as against 52/595 in 1914 and 34,151 in 1913. Tho output of
which are being administered by receivers, trustees and others, re-sale of 000'in “ 9 10*t o '2 H)b() 10 in ^ O m ^ th° laSt S' X yearS has lncrcascd from 12°.which promises substantial profits. Such business was formerly transacted
A u to m o b ile B u s in e s s .
Gray & Davis lamps and starting-lighting systems
by the Assets Realization Co. on a largo scale with profitable results.
L iq u id a tio n on a F e e /la s i s . — Liquidation of assets for financial institu­ are used on cars of every price class. Its customers include among others:
tions which may bo creditors, or for individual creditors of insolvent con­ American La trance tiro Engine C o., Cadillac Motor Car C o., Chandler
M otor Car Co., Metz Motor Car Co., Paige-Detroit M otor Car Co. Pecrcerns, will be conducted for a fixed fee or on a percentage basis.
les-s Motor Car Co. They also manufacture starters for Ford automobiles.
S u p e r v is io n . — The services o f the corporation will bo available to cred­
M u n it io n B u s in e s s . — The company began manufacturing munitions of
itors or stockholders who desire the conduct of a business investigated
or Its operations supervised.
c p 'm n n m
,att?£ P?r,t, of 1915. Contracts now on hand, involving
C o m m ercia l E x a m in a tio n s a n d R e p o rts. — The corporation will havo a de­ $6,000.000, includo the following: 1,010,000 high explosive detonators for
C o.. 150,000 Russian high explosive 3-inch shells for
partment to raako commercial examinations and reports covering the
engineering, financial and administrative features of any business to bo J?® 3• G . Brill Car Co. and 500,000 brass shell cases for the Bethlehem Steel
administered through a subsidiary, the Examinations Oorporation, ail JAJ: i I ho company Is now negotiating for other contracts for similar ma­
terial. I ho war business which has been taken does not in any way inter­
stock owned by tho corporation.
A u d it in g a n d A c c o u n t in g . — This business will bo conducted through a fere with the regular business, tho self-starting and lighting business for
automobiles
being better than it has over been. Tho new equipment,
subsidiary known as tho Federal Accounting Corporation.
which will bo devoted to the regular business at the end of the war, will
E a r n in g s . — Tho net earnings of Potter, Duor & Griswold for tho year
enable tho company to very much increase its output of both lamps and
ended Dec. 31 1915 approximated $85,000, and for tho current year are starting
and lighting apparatus.
at an increased rato. Without taking into consideration earnings which
F i n a n c i a l S tatem ent M a r c h 24 1916.
should accrue from tho use of tho now capital, this incoino alone would pro­
A
s
s
ets ( T o ta l $3,098,168).
vide more than double that necessary to pay tho present preferred dividend.
L ia b ilit ie s ( T o ta l $3,098,168).
Amesbury plant.................
$93,951 Preferred stock_________ $600,000
M a n a g e m e n t. — All tho members of tho firm or Potter, Duor & Griswold
814,338 Common stock__________ 1,250,000
will bo officers. Certain employees of tho Assots Realization Co. also will Cambridge plant...............
Munition Investment____ *376,010 Accounts payablo.............
bo associated.
73,001
Good-will, patents, &c__
307,748 Notes payable__________
D irecto rs a n d O ffic e rs . — E. A. Potter Jr., Pros.; E. R. Duor, V.-Pros.;
760,000
J. A. Griswold, Troas.; A. E. florio. Pros. Drlggs-Soabury Ordnance C o.: g a s h ,---.............................
18,120
160.806 Accrued expense________
Receivables.......................
330,235
Edward O. Delafiold, V.-Prcs. Franklin Trust Co.; A. M . Hall 2d, V.-Pres.;
Depreciation___________
146,800
991,699 Surplus...........................
Llborty Nat. Rank; W. P. Jenks o f Jonks, Gwyno & Co.: Sidnoy II. March Estimated inventory.........
250,248
23,382
o f Ladonburg, Thalmann & Co.; G. M .-P. Murphy, V.-Pros. Guaranty Prepaid expenses.............
Trust Co.; E. A. Potter, director Cont. & Comm. Nat. Rank, Chicago:
*
munition investment, after deducting $248,250 doposit on account,
Evan Randolph, V.-Prcs. Girard Nat. Rank, Phlla.; II. E. Ward, V.-Pros
j was $376,010, as shown above.
Irving Nat. Rank. See also V. 102, p. 1063.
M a n a g e m e n t. — Officers and directors: William Gray, Pres.; S. P. Moses
Ford Motor Co.— ATcw Plant.—
V.-Pres.; W. Maxwell Reed, Treas. and Sec.; James W. Smith, Asst, to
.Henry Ford has purchased from tho Newark Factory Sites, Inc., 80 acres the Pres.; Guy W. Currier of Currier, Young & Pillsbury; John W. Cutler,
or land midway between New York and Nowark, upon which, according to representative o f Kissel, Kinnicutt & Co., N . Y .; Eugene J. Fabens of
resent reports, a new plant will bo constructed costing about $1,000 000
Blake Bros. & C o., Boston & N . Y .; Jasper Whiting, Pres, the Whiting Co.
t is stated that four more plants will bo built later at a total cost of $5,000 - — V. 99, p. 145-1.
000. The now plants are to bo used for tho manufacture o f tho now ‘ ‘ Ford
Greene-Cananea Copper Co.— Dividend .—
T ra cto r/’ Thc plant will give employment to not loss than 5,000 workers.
A dLv.ld®nd ° r ? ? Per sllare has been declared on the capital stock, par
value
$100, payable M ay 29 to holders of record M ay 12. The dividend
General Chemical Co., New York .— Quarterly Earnings.
is payablo only upon the $100 shares into which tho stock Is now divided.
M a r . 31.
N et
In s u r a n c e P f . D ie s . C o m . D ie s . D e n r e c ia I la l a h re
All stockholders who have not converted their holdings into shares of $100
Q u a rter. P ro fits .
Fund.
(1M % ).
( 1M % ).
n o n ..
S u rn lu s '
1916......... $2,893,929 $30,000 $228,125 $196,659 $500,000 $1 93<j 145 par value should do so without delay.
See Greener Consolidated Copper Co. below.— V. 102, p. 71.
1 9 1 5 -- ---p1.007.9204 80,000 228.125
171.006
200,000 5 328.790

?

Goodyear Tire & Rubber Co.— Stock Offered .— A syndi­
cate composed of Kissel, Kinnicutt & C o ., Now York and
Chicago, and 13oiton & Horton, Cleveland, are offering bv
adv. on another page, at $105 per share, $10,378,000 7 %
cumulative pref. stock. A circular showst a ' K s r ii S ’ & T r
C a p ita liz a tio n

—

'„"n<,s q - j A u th o r iz e d

*»«
To B e P res­
en tly Is s u e d .

Pref. stk. 7% cum. (full-paid and non-asscssablo) $25,000 000 $17,500,000
Common stock.......................................................... 25,000,000
17,500,000
Bonded debt____ ____________ _________________
None
No mortgage or deed of trust can bo placed upon tho properties nor can
any obligation having a maturity longer than one year bo executed nor
shall the preferred stock be increased, without tho written consent of tho
holders or 75% o f the outstanding preferred stock.
B u s in e s s .— Ono o f the largest and most successful manufacturers of tires
and rubber goods in the world.
I■
«*c.— Of the total o f $17,500,000 now issued, $7,122,000
fne company to bo used in retiring the present outstanding
r^ a in to g M 0k‘i 7 Shnnn i-las been called for Payment July 1 1916, and the
t?l'mado?ieo(^snrv’h v ^ f ,l0'v construction and additional working capitainsat ailTimls net y,i^,? ,Iarg<? increase in business. Tho company malno f at feast
5 n ^ Z r B n flU,ll a.lent,,to *200 P°r share and net quick assets
rtefault’ of dividendsml thef w ta^ ln? Preferred stock. In the event of
sinn^hvthecomDanV2 votltET™£,rod stock and >-<!arly redemption provittmi shoidd'tim ^n^U i^Jng'com nm rrsta* lie^ n ^ ex c^ of°t^o preftoed0^ ’
th ^ co m m o n ^ O ^ PIOV*sion raises tho preferred to voting equality with
S in k in g I u n d .—^ B e g in n in g Oct. 11916, a sinking fund shall bo established
which will retire 21$ % annually for fivo years, thereafter 5% annually of
tho par value of tho largest amount o f preferred stock at any timo outnfV a» n? t exc®edi,lg l, ^.a’' d .<*lvs- „
not obtainable at or below 112,
sufficient stock must be called by lot. Tho first payment of 8 137 500 will
bo made Oct. 1 19i 7. It is estimated that this fund will retire tlio entire
tssuo within 23 years.
E a r n i n g s . — Net earnings after liberal charges against income for renewals
replacements and depreciation against machinery and fixtures aro reported’
as follows:
Y r s . e n d . O c t . 3 l — 1912.
1913.
1914.
1915. ’ 16(6mo cst )
Net earnings----- $3,001,295 $2,041,268 $3,391,165 $5,137,083 $8.000 000
% earned on $17,’
500,000 pf.stk.
17.1%
11.6%
19.3%
29.3%
45.7%
Paring the next fivo years the annual dividend and sinking fund require­
ments for tho preferred stock will amount to 9H % on this stock, so that the
!(?,,i1,.<
?my
over three times thoso requirements in tho 1915 fiscal year
. clim ated , earn In tho current fiscal year over 4 lA times theso
M-li, ..iV.'Y,1 1 ' *‘ “ “ (year furnishes tho following percentages of total
r.,rffVr,V,1 ir,. t lk following companies: Packard, 85%; Chevrolet, Saxon
Tr.wL/j IV LT’ Pewless, all 100%: Buick and Franklin, 70%; White
,0 a f e ^ ’ Oldsmobile. all 50%; Ford, 33 1-3%, and others.
C en era t.
Ot the company’s manufactured products about 40% go direct
to manufacturers and 60% to dealers through its own selling agents. Dur- '




Greene Consolidated Copper Co .— D iv. Increased.—
This company, all o f whoso stock is owned by the Greene-Cananea
Copper Co., on Apr. 25 paid.a quarterly dividend of $1 on the stock. This
compares with 50c. Jan. last.— V. 98, p. 1611.
Home Telephone Co., Los Angeles.— M erger .—
See Southern California Telephone Co. below.— V. 102, p. 1439, 1253.
Hudson River Day Line.— Purchase.—
Pros. E. E. Olcott, Alfred V. S. Olcott and Goo. H. Beach on April 26
purchased for this company the property of tho Catskill Mountain Ry.
which was recently purchased by James P. Phillip, Pres, of the Catskill
National Bank, but who failed to consummate his purchase. V. 102,p. 1539.
Inspiration Consolidated Copper Co.— Call.—
, T lds company will call for payment at 110 and lnt. on Sept. 1 next $4,000
1st M . Convertible 6% bonds still outstanding, unless converted prior to
that date, and also, under provisions o f tho sinking fund, $31,000 6% con­
vertible debentures on July 1 next, unless converted in tho meantime.
The sinking fund covering the Convertible debenture 6s provides that the
trustees shall redeem bonds at not exceeding 105 and int.— V. 102, p. 1165.
International Arms & Fuze Securities Corp.— Time
Extended— Notes— Plan for Creation of Pref. Stock.— The time
for deposit of the common shares with the Guaranty Trust Co.
N . Y ., depositary, which are to be exchanged for preferred
shares, has been extended to close of business M a y C 1916.
The corporation was incorporated Dec. last in Maine with an authorized
in connection with a proposal to transform"the*So,000 sharcw’ofCommon
stock purchased by the bankers into pref. stock.
Progress to date in the manufacture o f completed fuzes under our con­
tract with tho British Government for No. 80 fuzes shows 104,247 fuzes
coniP/ct«L In order to strengthen our financial condition, and to provide
Additional capital, we have caused to be made a mortgage for $1,­
500,000 on the real estate, plant- and machinery of the International
Arms & Fuse Company, whose entire capital stock is owned by
our company at Bloomfield, N. J., securing an issue of 1-year
6% . notes dated March 23 1916. Wo now propose to transform the
50,000 shares of common stock sold you into a 7% cum. pref. stock, pre­
ferred as to dividends, and entitled to preferential payment at par and
accrued dividends, on liquidation. In addition, this stock will participate
in all further dividends pro rata with the balanco of tho outstanding stock,
regardless o f class. Provision will further be made that after annually
paying or making provision for payment of the preferred dividend, and be­
fore the payment o f any on tho common, all surplus profits applicable to
dividends shall be set aside and accumulated as a sinking fund for the re­
demption at $27 50 per share and divs. of the pref. stock; and that as soon
as this fund is sufficient to redeem all pref. stock such redemption shall be
proffered to tho pref. shareholders, who may decline it, at their option: and
that all moneys remaining in tho sinking fund as a result of such declined
redemption shall be returned to general surplus. Provision will further be
made that this company may redeem all or part (determined by lot) of
tho prof, stock at $30 per share and divs. up to M ay 1 1917, using any funds
available, including all or any part of the sinking fund, regardless of the

[Vol . 102.

THE CHRONICLE

1630

then amount; and that holders of the pref. stock may, at their option, up to
M ay 1 1917, and upon due notice to the company, convert their preferred
into common stock, share for share; and that such option may be exercised
by pref. stockholders regardless o f the fact that their stock has previously
been called for redemption, provided it has not been actually redeemed.
Provision will further be made that no further mortgage lien, except tho
mortgage hereinbefore described and any renewal o f the same (other than
purchase money mortgages) shall bo placed on the real estate and plant of
our company, and no bond or fixed note issue other than as hereinbefore
described shall be made except with the consent in writing or by vote of
at least two-thirds o f the pref. stock then outstanding.— V. 102, p. 255.

has no bonds. Dividends on the common were 10% yoarly from 1910 to
1914 inclusive, but recently 12% annually, payable Q. J. A 50% stock
dividend was declared on the common in 1912.
Directors and officers are: Pres., John Kelsey; V.-Pros., J. S. Stevenson:
Sec., L. C. Brooks: Treas., W. II. Ducharme, with J. E. Foley. A recent
issue of “ Tho Iron Ago" of N. Y . contained an illustrated article regarding
tho company’s now pressed steel stamping plant.

Kenefick Zinc Corporation.— S a l e .—

See United Zinc Smelting Corporation below.— V . 102, p. 1543, 1440.

Kennecott Copper Corporation.— E a r n i n g s .—
G ro s s
N et
Bond
D e p r e - M i n .P r o p
International Mercantile Marine.— 2 d R e p o r t o f R e­ P e r io d
E n d in g —
E a rn in g s .
In c o m e . In t e r e s t, c ia tio n . D e p l .,& c .
c e i v e r P . A . S . F r a n k lin .— Receiver Franklin has filed the M ay 27 to
S
S
S
$
$

following report in the.U. S. District Court, presented here­
with in brief:

The situation with respect to foreign trade has been such that the
earnings o f tho receivership properties havo been very satisfactory. All the
vessel property has been kept in good repair and has been operated without
any serious accident.
The cost o f operation, both afloat and ashore, has, however, constantly
increased, not only on account o f the increase in wages, particularly thoso
of the crews o f steamers which pass through the war zone, but also on ac­
count o f the very material increase in the cost o f all supplies and repairs.
Tho closing of the Panama Canal involved very heavy expenses and loss
of valuable time to certain steamers, but they are now profitably employed
in tho North Atlantic trado.
In view o f tho Increased demand for freight tonnago, arrangements have
been made for the early completion, as a cargo carrier only, o f the steamship
Belgenland, now under construction, to be operated in the New YorkLiverpool service.
Pursuant to order of this Court dated March 17 1916, tho receiver is tak­
ing steps towards making payment on account o f the indebtedness of tho
company to its Belgian creditors.
Tho steamships Philadelphia and St. Louis have been thoroughly over­
hauled and also re-equipped at very heavy expense to comply with the
requirements o f tho Seamen’s Act.
The total operating earnings o f the steamships in custody o f the receiver,
after deducting voyage expenses and excluding tho earnings o f the White
Star, Atlantic Transport, Dominion and Leyland Lines, for the months of
April to Dec. 1915, both inclusive (partly estimated), amounted to $5,302,
226, while the total general expenses, including overhauls, etc., for the
months o f April to Dec. 1915, both inclusive (partly estimated), were
$1,066,876, making the net result o f operation $4,235,350. No deduction
has been made for bond interest or for depreciation o f the vessel property.
Cash in the hands o f the receiver or on deposit to his credit at Dec. 31
1915 was approximately $3,875,000.
Tho receiver has not received any dividends from the stocks of any of the
subsidiary companies. As authorized by the terms of the mortgage securing
the company’s \ A
X % bonds, the New York Trust C o., trustee, has taken
ossession o f the stocks and securities pledged thereunder, and now has on
and upwards o f $8,000,000, o f which upwards of $5,000,000 consists of
moneys received by it in payment o f dividends and interest on stocks and
securities subject to said mortgago, with interest.
The receiver has estimated, and from time to time has so advised the
committees representing bondholders and preferred and common stock­
holders, that the combined total earnings o f tho receivership properties
and those of the subsidiary companies, and also of the Leyland Line, month
by month, for the year 1915, and for Jan. 1916, were as follows:

E

I .M .M .C o .

1915—
a n d s u b .c o s .
J a n u a ry .-- $1,012,942
F eb ru a ry ..
839,627
March_____ 1,988,567
April______ 2,176.617
M a y ........... 1.364.347
J u n e______ 2,849,882
July_______ 2,738,228

F .L e y la n d &
C o ..L t d .*

$619,360
771,785
878,912
1,027,249
1,292,254
1,459,064
1,239,311

I .M .M .C o .

1915— a n d s u b . c o s .
August----- $2,773,102
September- 2,415,591
October
2,992,212
N ovem ber. 2,619,312
December.- 3,491,413

F .L e y la n d &
C o .,L t d .*

$1,219,649
992,019
1,476,524
1,454,748
1,764,047

Total ’ 15.$27,261,840 $14,194,922

1916. January_________________________________ $2,510,636 $2,014,836
* The I. M . M . Co. owns 41.5% o f the preference shares and 98.7% of
tho ordinary shares o f F . Leyland & C o., Ltd.
From these earnings must bo deducted bond interest, depreciation, British
war and income taxes, and certain other items including extraordinary
repairs, etc. See also data regarding company’s condition in V. 102, p.1439.

International Steam Pump Co.— Reorganization.—
Holders o f certificates o f deposit o f Guaranty Trust Co. o f N. Y . for
1st lien 5% bonds; and certificates o f deposit o f Columbia Trust Co. for
pref. or com. stock o f International Steani Pump Co.; certificates of deposit
of Franklin Trust Co. for pref. stock o f Henry li. Worthington; and cer­
tificates o f deposit of Bankers Trust Co. of New York or Commonwealth
Trust Co. o f Buffalo for 1st M . 5% bonds o f the Holly M fg. Co., are
notified that:
The joint reorganization committee, Charles II. Sabin, Chairman, acting
under the plan dated Aug. 5 1915, announces that tho plan has been con­
summated and that holders o f the above-mentio.ied certificates of deposit
may now receive tho new securities and cash (if any) to which they are
entitled under the plan by surrendering their certificates o f deposit on or
after April 26 1916.
The Worthington Pump & Machinery Corporation, recently organized in
Virginia on April 25 was declared the successor in ownership o f the proper­
ties o f tho Steam Pump Co., the plan having become effective. The new
company has acquired direct ownership of the properties owned by tho
International and its subsidiaries with tho exception o f Henry It. Worthing­
ton. In that it owns practically all of tho common and more than 95%
of the pref. stock. Its only outstanding liens are $200,000 5% bonds of the
Jeanesville Iron Works and $423,400 5 % bonds o f the Holly M fg. Co.
All o f the new company’s stock has been placed under a voting trust, to
continuo for 5 years from April 1 1916. Tho voting trustees are Lewis L.
Clarke, George G. Henry, Percy Jackson, It. Walter Leigh and Charles II.
Sabin. See plan, V. 101, p. 531.
C o n s o lid a ted E a r n in g s o f P ro p e r tie s o f In t e r n a t io n a l S te a m P u m p C o . a n d
A s s o c ia te d C o m p a n ie s D u r in g R e c e iv e r s h ip .
P e r io d C overed:
(a)
(b)
P e r io d C d vered:
(a)
(b)

Bill to cust’m$14,937,924 $5,396,018 Not profit___ $2,115,577 $1,051,761
147,365
43,038
Cost of sales.. 10,934,630 3,825,656 Misc. incomeTotal inc_.$2,262,943 $1,094,799
Gross p r o fit..$4,003,293 $1,570,362
March (est.).
200,000
200,000
D ed u ct—
Selling e x p ...$1,399,358
$377,627
Gen., &c.,exp.
442,760
113,994
T o t a l------- $2,462,943 $1,294,799
999,352
315,585
Bad debts___
45,596
26,981 Int. & deprec.
Net p r o fit..$2,115,577 $1,051,761
Net p ro fit..$1,463,590 $979,214
a Aug. 26 1914 to Feb. 29 1916 (actual) and March (estimated.)
b Five months Sept. 30 1915 to Feb. 29 1916 (actual) and March (est.).
Orders on books for 6 months to Mar. 31 1916 were $8,154,635, against
$3,755,970 and $5,136,249, respectively, for tho respective periods in 1915
and 1914. Unfilled orders on hand April 1 1916 were $4,598,859, against
$1,381,215 as o f April 1 1915 and $2,491,401 as o f April 1 1914.— V. 102,
p. 1350. 714.

Iroquois Iron Co.— O p t i o n .—

Seo By-Products Coke Corp., above.— V. 93, p. 473.

Isabella Connellsville Coke Co.— T r a n s f e r .—

This property, it Is reported, has been taken over by the recently or­
ganized Ilecla Coal & Coke Co., it having been sold at Sheriff’s sale during
March and bid in by representatives o f the holders o f the outstanding
$6,516,000 1st M . 5% 30-year sinking fund gold bonds, who have turned
it over to tho new company.— V. 102, p. 157.

Kelsey Wheel Co., Detroit.—

C a p ita l I n c r e a s e .—

As authorized by the stockholders on Feb. 23, the authorized capital
stock has been increased from $1,000,000 to $1,500,000 (par $100), in con­
nection with the distribution o f a 50% stock div. among owners of the out­
standing $600,000 common stock of record Dec. 31 1915, out o f accumulated
surplus. Of the now common stock in the treasury, $600,000 is reserved
for future requirements and also the retirement o f $137,000 o f outstanding
7% cumulative pref. stock with treasury cash.
This company was incorporated in Mich. Mar. 2 1910 to take over the
K . II. Wheel Co., makers o f automobile wheels and parts. The company




B a la n c e ,
S u r p lu s .

$
Dec. 31 1915.10,656,848 7,709,504 350,000 169,339 616,368 6,573,797
■V. 102, p. 979, 804.

Lee Rubber & Tire

C o r p . — I n i t i a l D i v i d e n d .—

An initial dividend of 50c. per share and an extra of 25c. per share have
been declared on the 100,000 shares of stock (no par value), payable June 1
to holders of record M ay 15.— V. 102, p. 613.

Locomobile Co. of America.— B a l.

S h eet M a r c h

31.—

The company, incorporated in West Va., has filed with the Mass, au­
thorities the following:
B A L A N C E S H E E T , M A R C H 31.
1916.
1915.
1915.
1916.
Liabilities—
$
$
A ssets—
$
S
Real est. & mach'y 2,639,197 2,216,027 Capital stock____ 6,250,800 6,250,800
2,176,000
Mdse., mat’l, Ac. 5,148,055 4,235,684 Funded debt........2,018,500
Cash & debts rec.. 830,554 1,049,014 Floating debt___ 2,775,681 2,789,449
397,427
Acc’ts payable__
317,674
Pat. rights, trade
559,469
670,437
m’ks&good will 5,515,952 5,310,793 Reserves_______
841,886
203,513 Profit and loss___ 1,307,589
Sundries..............
206,923
Total............... 13,340,681 13,015,031

Total..........-..13,340,681 13,015,031
-V. 95, p. 114.

Mexican Petroleum Co . —

E a r n i n g s .—

The gross earnings in 1915 were $5,000,889, against $2,763,056 in 1914,
and the total surplus as of Dec. 31 1915 was $11,260,808, of which $2,888,­
101 was added to tho 1915 sinking fund.— V. 102, p. 1253, 1064.

Minneapolis General Electric Co.— B o n d s .—
See Northern States Power Co. below.— V. 102, p. 1440, 1350.

Montana Power Co. (Including Sub. Cos.).— E a r n i n g s . ’
\ M o s . to
G ross
M a r . 31. E a r n in g s .

O p e r .E x p .

N et
E a r n in g s .

A T a x e s.
$343,515
1916___ $1,426,319
281,728
1915___
933,775
12 M o s . to M a r . 31.
1915-16.$4,860,282 $1,253,483
1,135,378
1914-15. 3,733,895
— V. 102, p. 1538, 1064.

$1,082,805
652,047
$3,606,799
2,598,517

I n t e r e s t A,
B o n d D is c i.

B a la n c e ,
S u r p lu s .

$335,228
262,432

$747,577
389,616

$1,261,958
1,040,820

$2,344,841
1,557,697

Mutual Terminal Co. of Buffalo.— B o n d s .—

The Guaranty Trust Co., N . Y ., having on doposit $200,000 for re­
purchase of tho 1st M . 4% bonds of July 1 1904, at not moro than 1 0 2 A
and interost, will receive sealed proposals until 10 a. m. May 11 to soli
samo. Purchased bonds must be delivered on July 1.— V . 89, p. 779.

New Jersey Zinc Co. —

E x tr a D i v i d e n d .—

An oxtra dividend of 5% has boon declared on tho $35,000,000 stock,
along with the regular quarterly 4 % , both payablo May 10 to holders of
record April 28. An oxtra div. o f 10% was paid in Jan. last.— V . 102, p. 71.

Niagara Falls Power Co.—

3 M o s. endg.
G ro ss
M a r c h 31— E a r n in g s .
1916________ $741,030
1915________ 639.366
— V. 102, p. 1350, 710.

N et
E a rn in g s .

$592,865
512,229

C o m b in e d I n c o m e A c c o u n t .—
Other
In c o m e .

$30,092
16.321

F ix e d
C h a rg e s ,A c .

$322,735
316,874

B a la n c e ,
S u r p lu s .

$300,222
211,676

Niagara Lockport & Ontario Power Co.— E a r n i n g s .—

C a l. Y e a r —
1915.
1914.
1915.
1914.
Sales of el.pow$l ,413,474 $1,403,574 Gross income. $882,157 $762,996
$239,985
Cost of power. 513,173
620,939 Rents,tax.,&c. $421,722
338.889
345,394
Gross p ro fit.. $900,301 $782,635 Int. charges..
Net earnings. $704,721 $609,446 1st prof. divs. (3)81,000 (6)162,000
$40,546
$15,618
Other income. 177,436
153,550 Bal., surplusTho total accumulated surplus Dec. 31 1915. after crediting sinking fund
reserves, $48,592: interest on bonds in sinking fund, $20,726; and miscell.
(not), $3,375, and deducting sinking fund payment, $69,417, was $246,976.
— V. 102, p. 1441.
C a l. Y e a r —

North Butte (Copper) Mining Co.
C a le n d a r
Y e a r—

T o ta l
In c o m e .

T o ta l
E xpen ses.

N et
E a r n in g s .

- E a r n i n g s .—
D iv i­
dends.

B a la n c e ,
S u r . o r D e f.

1915________$4,155,522 $3,027,876 $1,127,646 $387,000 sur.$740,646
635,000 def. 276,785
1914_______ 3.084,774 2,726,559
358,215
Total surplus Dec. 31 1915, $3,882,418.— V. 101, p. 101/.

Northern Mississippi River Power Co.— Call.—
This company, a subsidiary of the Northern States Power Co. (Minn.)
has called for payment on Juno 1 at 102'A and int. tho $2,195,000 25-yoar
5% 1st M . bonds, due June 1 1938. This action constitutes ono o f the final
moves in tho consolidation and readjustment of tho funded debts of Northern
States Power Co. o f Del. and its subsidiaries. See also Nor. States Power
Co. below.— V. 99, p. 473.
Northern States Power Co. (Minn.).— Bonds Offered .—
A syndicate consisting of Harris, Forbes & C o ., Now York,
William P. Bonbriglit & C o., Inc., Guaranty Trust Co. of
N . Y . and H . M . Byllesby & C o ., Inc., N . Y . , aro offering
at 9 6 H and int., $18,000,000 1st and Hof. M tge. 5 % gold
bonds dated Apr. I 1916, duo Apr. 1 1941.
A circular
shows:
Callable on any Int. date prior to and including Apr. 1 1936 at 105 and
int. and thereafter at 1 0 2 A and int. Int. A. & O. in N. Y. or Chicago.
Denom. $500 and $1,000 c*. or exchangeable for fully registered bonds of
$1,000, $5,000 and $10,000 denom. Guaranty Trust Co. of N. Y., trustee.
Tho company owns or controls and operates electric light and power,
gas, steam heat or other utility properties in over 100 communities located
in Minn., Wise., 111., N. Dak. and S. Dak., serving a total population at
present estimated to exceed 800,000.
Data from Letter of Pres. H. M. Byllesby, M inneapolis, Apr. 21 1916.
C a p it a liz a tio n . — Upon completion of tho present financing the outstand­
ing capitalization will be as follows:
B o n d e d D ebt—
O u tsta n d in g .
Stock —
O u tsta n din g .
Common________________ $5,975,000 Minn. Gen. El. 1st 5s,
duo 1934 (closed mtge.) $7,632,000
Pref. 7% cumulative......... 10,652,000
10-year gold notes----------- 8,000,000 1st & Ref. 5s, duo 1941 ..-1 8 ,0 0 0 ,000
Total bonded debt...........$25,632,000
E a r n in g s Y e a r en dei M a r c h 31 1916.
-_
. . . Annual int. chargo on
Gross earnings--------------- $5,388,445
abovo $25,632,000 bds.$l,281,600
Net, after taxes_________$3,005,702
Balaiico_______________ $1,724,102
B u s in e s s a n d P ro p e r ty .— Consists chiefly of tho generation, transmission
and distribution of electric light and power, over 85% of its gross and 93%
o f its net earnings having been derived from this sourco In 1915. Tho
company’s system includes hydro-electric generating plants having a total
installed generating capacity o f over 114,300 h. p. The company controls
a large number of undeveloped water powers, capablo o f dovolopment of
OV|tond^MMe.— Will be secured by a first lien (cither by direct mortgage or
by the deposit of entire outstanding issues of bonds and stoclcs) on tho entire
system, subject only to tho lien of $7,632,000 bonds (closedmortgago) on
tho property of the Minn. Gen. Elec. Co. Of tho authorized issuo of $100.­
000,000 of 1st & Ref. M . bonds, $18,000,000 are to bo issued forthwith.

A pr . 29 1916.1

THE CHRONICLE

out o f tho proceeds of which $2,000,000 cash will bo deposited with the
trustee and may bo withdrawn by the company for 75% o f the cost of ex­
tensions and additions. The balance may bo Issued for only 75% of the
actual and reasonable expenditures for permanent extensions and additions,
provided net earnings have been at least twice the annual bond Interest
charge, Including Interest on those bonds for which application is made, or
may bo issued for the retirement o f an equal amount o f tho Minn. Gen.
Elec. Co. bonds duo Dec. 1 1934.
S p e c ia l T r u s t F u n d . — Tho company covenants that an amount In cash
equivalent to 12 H % o f its gross earnings shall be set aside annually for
maintenance and repairs, &c. Any o f this fund not used for such purposes
may be expended for extensions and additions to tho properties, such ex­
penditures, however, not to bo used as the basis for issuing 1st & Ref. M .
bonds. Any balance of this fund may bo used for the purchase, redemption
or payment o f any o f Its outstanding bonds.
E q u ity . — Thero is a substantial equity over and above tho amount of out­
standing bonds, which is represented by $8,000,000 6% gold notes and over
$16,600,000 preferred and common stocks, having a present market value
Of over $21,000,000. See also Northern Mississippi River Power Co.
above. For more detailed description o f property, territory served, busi­
ness, &c., seo V. 102, p. 1441, 1543.

Ohio Cities Gas Co.—

D iv id e n d I n c r e a s e d .—

This company has declarod a dividend o f 2% on the $6,500,000 common
stock, payablo June 1 to holders o f record M ay 15.
This compares with
1M % in March last.— V. 102, p. 1544, 1350.

Osage & Oklahoma Co., Pittsburgh.— E a r n i n g s .—
C a le n d a r G ross
Gas
Y e a r . E a r n s . P u rc h .

O p cr.
Exp.

B o n d D e p r e c - D e p le - D iv id e n d s
I n t . c ia tio n . tio n .
P a id .

B a l .,
Su rp .

S
S
S
S
S
S
$
1915 ...3 50,2 06 7,539 100,775 1,625 28,32570,007 (7^)112,500 29,434
1914 ...3 10,8 37 2,589 105,450 3,302 26,37368,515 (5% ) 75,000 29,608
Operating expenses include taxes, junk account, &c.— V. 100, p. 737.
Pacific Light & Power Co.— Bonds Offered — Parkinson
& Burr, Boston and New York, and E . IT. Rollins & Sons,

New York, are offering at 99 and int. S I ,100,000 1st (closed)
M tge. 5 % bonds. A circular shows:

Dated July 1 1902, duo July 1 1942, without option of prior payment.
Interest J. & J. in N. Y . or San Francisco, without deduction of normal
Federal incomo tax. Dcnom. $1,000 c*. Union Trust Co., San Fran­
cisco, trustee.
C a p ita liz a tio n o f C o r p . a s o f F e b . 29 1916—
A u th o r iz e d .
O u tsta n d 'a .
First preferred stock, 6% cumulative-------------------$5,000,000 $5,000,000
Second preferred stock, 5% cumulative----------------- 10,000,000
9.975.000
Common stock__________________________________ 25,000.000 10,559,500
Mentone Power Co. 1st M . 5s, 1931__________ Closed mtge.
37,000
San Gabriel Elec. Co. 1st M . 6s, 1928----------- Closed mtgo.
285,000
Pacific Light & Power Co. 1st M . 5s, 1942----- Closed mtge.
7.634.000
PacificLt. & Power Corp. 1st & Ref. M . 5s, 1951.- 35,000,000 *13,715,000
Gen. Mtge. Convertible 6s, 1916 to 1920__________ 4,000,000
None
Two-year 6% notes, July 1 1917__________________ 2,338,000 a2,338,000
* $543,000 additional are hold alive in sinking fund,
a Secured by $3,118,000 1st M . bonds and 51% o f tho stock of tho
Southern Cal. Gas Co. and interest thereon is paid direct by that company.
$285,000 1st M . bonds are reserved to retire an equal amount of San
Gabriel Electric Co. 1st M . 6s, 1928. Tho balance o f tho originally au­
thorized issuo of $10,000,000 has been retired by sinking fund.
E a r n in g s . — For 12 months ended March 31 the earnings aro as follows:
12 m on th s en d ed M a r c h 31—
1915.
1916.
Gross earnings........ ......................................... ........... -$2,702,307 $3,008,647
Not after taxes----------------------- ----------------------------- $1,719,767 $1,990,332
Other incomo------- ---------------- --------- - ......... .............
154,910
118,192
In c o m o ap p lica b le t o bond interest................. ....... $1,874,677 $2,108,524
Annual int. on $37,000 Mentone Power Co. 5s, $285,000 San
Gabriel El. Co. 6s and $7,634,000 Pac. Lt. & Pow. Co. 5s,
1942, $400,650: and on $13,715,000 Pac. Lt. & Pow. Corp.
1st & Refg. 5s, 1951, $685,750: total annual Interest charges. . 1,086,400

16 31

business. .The consolidation will give the new company a large additional
eirnmg power, for which no stock has been or will be issued. The good
will value is estimated at at least $1,000,000, and is conservative: the sav­
ings from the consolidation aro estimated at $100,000 per year.
I lie company doos a general steel castings business, specializing in gun
mounts, fortress plates and other ordnance parts; marine castings for all
types of war and merchant vessels, including propeller wheels, rudders,
stern posts, frames, cylinders, gears; hydraulic machinery for shrapnel
and powder presses; locomotive and general railway castings, and electrical
and sugar machinery castings. Among its large customers are tho American
Locomotive Co., Baldwin Locomotive Works, DuPont de Nemours & C o.,
New York Ship Building C o., Wm. Cramp & Sons Ship & Engine Building
Co., Nilos-Bement-Pond C o., United States Navy and Army, Pennsyl­
vania R R . Co. and Southern Ry. Co. East of Pittsburgh tho new company
will rank first in size in the steel castings market and will be the second
largest in the United States. In marine castings it will liandlo from 80%
to 90% of all of the business on the Atlantic seaboard. The outlook for
activity in marino construction o f all types— submarines, battleships, mer­
chant vessels, etc., assures good business in marine castings for a number
of years.
E a r n in g s . — It is estimated from work actually on hand and in sight that
the company will earn for the first fiscal year $600,000 to $700,000 net, or
$10 to $11 50 per share, applicable to dividends on this stock, after ample
maintenance and depreciation.
V o tin g T r u s t.— To assure continuance of the management which has
made the companies successful, a largo majority of the stock will be placed
in a five-year voting trust, in which tho trustees will bo Walter S Bickiey
Wm. O. Sproul, Rodney Thayer, Harvey D. Gibson and B. W . Frazier’.
M a n a g e m e n t. — Tho former Presidents of the component companies will
retain largo cash investments in the stock o f the new company and will
continue their active interest in tho management in executive positions
director West End Tr. C o., Phila.; Rodney Thayer (President), director
Wilmington Trust Co.; Walter S. Bickiey (V.-Pres., in charge of manufac­
ture), former Pros. Penn Steel Casting & Mach. Co.; Ivors S. Adams
Treasurer; q . Ferris Jemison, Secretary; F. Wilson Prichett, Frazier &
Co., Phila.; L. L. Dunham and Alan L. Corey, New York; Ernest DuPont,
Wilmington, Del.; Chas. Day, Day & Zimmermann, engineers; Wm. C.
Sproul, Chairman of tho Board, diroctor Norfolk & Western Ry. and First
Nat. Hank, Chester, Pa.; E. Eversley Bennett, Herrick & Bennett, N . Y .
Pepperell M fg. C o .— Extra Dividend .—
Tho company has declared a dividend of $10 a share from accumulated
earnings, payable M ay 15 to holders o f record Apr. 25.— See V. 101, p. 374.
P ittsb u rgh Coal C om pany (N. J .) — Assents to Plan .—

Holders of the preferred and common stock of the company
aro notified that their written assents to the plan of readjust­
ment should be filed with the committee, of which F . J.
Lo M oyne is Secretary, not later than-April 30 1916. 8 9 %
of tho pref. and 7 9 % of the common have assented.—
V . 102, p. 1351, 1254.
P ittsb u rg h Steel C o .— Earnings 9 M o s . end. M arch 3 1 .—
1916.
Gross sales for 9 mos. end. Mar. 31..$15,760,018
N etprofitsfor 9 mos. end. Mar. 3 1 .. $3,185,150
— V. 102, p. 1254. 716.

1915.
$7,560,588
$291,484

In c r e a s e .

$8,199,430
$2,893,666

(L. W .) Pond M achine & F ou nd ry C o., W orcester,
M ass.— Bonds.— Bonney & M oor, Worcester, recently
offered $75,000 1st M . 6 % serial gold bonds. A circular says:

Dated March 15 1916. Due $15,000 annually Jan. 15 1918 to Jan. 15
1922. Callable in yhole or in part on any interest date on or after Jan. 15
1918 at 101 and accrued interest. Denom. $1,000 c*. Int. J. & J. 15 at
Merchants National Bank of Worcester, trustee.
Company owns and operates a thoroughly modern iron foundry employ­
ing about 250 men. These bonds are secured by a closed first mortgage
Surplus over bond Interest---------- --------------------------------------$1,022,124
the land and buildings which are located on Gold S t., in Worcester. Tho
Incomo applicable to bond interest over five times annual Interest on on
not earnings for 1915 wore over $100,000, and profits from orders now in
Pacific Light & Power Co. 5s of 1942 and other prior liens and about double hand
should exceed this amount this year. Ail business is done on orders
total bond Interest.
for many well-known concerns. The company carries $50,000 life insurance
S i n k i n g F u n d . — An annual sinking fund of 2% of outstanding bonds from
Jan. 1 1905 to Jan. 1 1908, incl., and 2 'A % of outstanding bonds from Jan. 1 on the life of its President, M . Thomas O’Leary.
1909 to Jan. 1 1942, incl., to purchaso and retiro bonds of this issuo at
Prest-O -L ite Co. of I n d .— Initial D iv .—
not exceeding 110 and int. Has already ret red $2,081,000 bonds and is
An initial dividend of $1 50 per share has been declared on the stock,
estimated to rotiro over $6,000,000 bonds of this issue prior to maturity.
(no par value), payablo M ay 1 to holders of record April 24.— V .lO l.p. 218.
P ro p e r ty a n d B u s in e s s . — Servos tho counties of Los Angeles, Riverside,
Pure Oil C o., P h ila d elp h ia .— Extra Dividend .—
San Bernardino, Ventura and Kern with electric light and power. Tho
An extra dividend o f 30% ($1 50) has been declared on the $4,535,245
company’s business field has a population of about 1,000,000, embracing
Los Angeles, South Pasadena and San Bernardino and 33 other munici­ common stock (par value $5). along with tho regular 6% (30 cents), both
palities: also furnishes power under long-term contracts to tho Las Angelos payablo Juno 1 to holders of record May 15. An extra of 50% ($2 50)
Ry. and tho Pacific Electric R y.. operating over 1,300 miles of urban was paid in March last.— V. 102, p. 890, 810.
and interurban electric railway. The property comprises hydro-electric
Q uaker O ats C o . — N o M on opoly .—
stations with 99,000h. p., steam generating stations, capacity 54,000 h. p.,
According to a decision handed down on April 21 in tho U. S. Court o f
1,184 miles of high-tension transmission lines and 1,876 miles of distribut­
Appeals at Chicago, this company is found not to be operating in violation
ing lines, including an underground conduit system in Los Angelos.
S e c u r it y . — Theso bonds aro secured by 1st M . on hydro-electric plants or the Sherman Anti-Trust law, under which Act suit was filed in 1913.
with capacity of 19,000 h. p., steam plants of 55,000 h. p., tho transmission Soo V. 102, p. 974. 1544.
and distributing lines in Los Angeles, Kern, Riverside and San Bernardino
San D iego C on sol. Gas & Elec. C o .— Stock— Earns .—
counties, and on tho company s constitutional franchise rights, constituting
This company has increased Its authorized capital stock from $3,500,000
a complete generating and operating system which, prior to tho organiza­
tion of tho corporation, had operated for many years with independent suc­ to $6,000,000 and has been authorized by tho Cal. R R . Commission
Issue $144,000 par value of this stock. The capitalization of the com­
cess. Theso bonds are senior, with respect to those properties, to tho Pac. to
Lt. & Power 1st tz Ref. M ., which provides for their refunding. Tho cor­ pany is as follows:
B o n d s —• A u th o r iz e d . O u tsta n d 'a . I Stock —
A u th o r iz e d . O u tsta n d 'g .
poration has paid 6% dividends on its 1st pref. stock throughout its cor­
1st Mtge. 5%-$6.000.000 $4,266,000 Preferred___ $2,000,000
____
porate Iifo. Seo V. 102, p. 1064, 614, 349.
Debenture bds. 3,000,000
356,0001C om m on ____ 4,000,000 2,955,000
Pacific Tel. & Tel. Co., Los Angeles. — M erger.—
The company recently offered a block o f this pref. stock at par & div.
Seo Southern California Telephone Co. below.— V. 102, p. 883, 1441.
Earnings and expenses as officially reported for years ended Doc. 31:
Penn Marine & Ordnance Castings Co., Inc.
C a l. Y e a r s —
1915.
1914.
I C a l. Y e a r s — 1915.
1914.
Gross earnings.$l .542.654 $1,377,7211Ann’l int. chg. $239,098 $235,273
See Penn Seaboard Steel Corporation below.— V. 101, p. 1977.
$433,698
aft. taxes $738,808
$668.9711Balance_____ $499,711
Penn Seaboard Steel Corporation.— M erger.— Stock Net
Tho company operates In San Diego, Cal., and Immediate vicinity, fur­
Offered.— Charles II . Jones & Co. recently offered at $00 a nishing gas and electricity for lighting, heating and power.— V. 102, p. 1442.
sliaro a block of the GO,000shares of capit al stock (with no par
Saw yer-M assey C o., H am ilton , O n t.— Earnings .—-

or faco value), being the total present issue of an authorized
200,000 shares of this merger company.

Digest of Letter from P r e s . R odney Thayer. W ilm ington, Del., Apr. 7.
Tho name of tho Penn Marino & Ordnance Castings C o., Inc. (incorpora­
ted In N. Y. State. \ . 101, p. 1977) is to bo changed to Penn Seaboard
Steel Corporation as soon as possible after tho acquisition o f tho Seaboard
Steel Casting Co. The authorized stock issuo it, 200,000 shares; issued, 40.­
000 shares, and to bo Issued presently to acquire Seaboard Steel Castings
Co., 20,000 shares, making tho total present issue 60,000 shares. No other
securities will bo outstanding either in bonds or pref. stock and none can
bo issued, nor any more common stock than the 60,000 shares now out­
standing without tho consent of two-thirds of tho stockholders. The stock

operation for over 25 years, the Baldt Steel Co. for over 10 years, and tho
Seaboard Steel Castings Co. for over 15 years. 1ho consolidation will bo
on tho basis of actual replacement value plus not quick assets. No stock
lias been or will bo issued in this consolidation for earning power, patents,
good will, or other intangible assets.
P r o p e r t ie s .—-Tho company will own and operato modern steel eastings
Xilants witli machine shops, power houses, pattern shops, etc., all located
ondcop water on tho Delaware River at Chester, Pa., and Now Castlo. Del.,
near tho great shipyards on that river. The plants aro modern, with water
and rail facilities,and labor conditions aro exceptionally good. Tho com­
bined capacity is about 60,000 tons per year. The actual replacement
value and net quick assets exclusive of patents, trade-marks, good will,
etc., aro appraised by experts at over $3,000,000. Tho properties, becauso
of tholr prominent positions in tho steel eastings business and excellence of
their several trade reputations, havo a decided advantage in obtaining




F is c a l
Y ea r—

N et
P r o fits .

1915_______ $116,606
1914___ loss 206,802
— V. 100, p. 1098.

Bond
I n t ., & c.

$49,655
47,471

P r e fe r r e d
D iv id e n d s .

____________
(5M%)$78,750

B a t ., S u r .
o r D e f.

sur.$66,951
dof.333,023

T o ta l
S u r p lu s .

$106,196
39,244

Scovill M a n u fa ctu rin g C o .— Extra Dividend —
An extra dividend of 10% has been declared on the $5,000,000 stock,
payablo M ay 1 to holders o f record Apr. 24. This compares with 8% extra
and the regular quarterly 2% paid Apr. 1.— See V. 102, p. 1167.
Sinclair Oil & R efin in g C o.— N ew Com pany.—
Tills company has contracted to sell $16,000,000 1st Lien 10-Year Con­
vertible 6% Sinking Fund gold bonds to a syndicate, composed o f Kissel,
Kinnicutt & C o., J. & W . Seligman & C o., White, Weld & C o., Montgom­
ery, Clothier & Tyler and Spencer Trask & Co.
Tho properties on which these bonds are a first mortgage are reported to
have a value in excess of $50,000,000 and the estimated earnings for the
ensuing year aro placed at $10,000,000.
The mortgage provides for a minimum sinking fund of 5% of the greatest
amount of bonds ever issued, and thero is an additional sinking fund of
20% of tho not earnings after deducting interest and the above minimum
sinking fund. The sinking fund will operate semi-annually by the purchase
of bonds in the open market up to 110 for the first year, and thereafter up
to 115 and int., at which price tho bonds are callable. On the basis of the
present estimate of earnings, of $10,000,000 for tho next 12 months, the
amount of tho sinking fund for this period would be $2,448,000. Tho
bonds aro convertible Into common stock at the rate o f $110 In bonds for
each two shares of stock, and thereafter at the rate of $115 in bonds for
each two shares of stock. It is estimated that for the next 12 months the
amount available for dividends on the stock will be in excess o f $13 a share.
Tho company will have an authorized capitalization of 1,000,000 shares
o f no par value, of which 500,000 shares are now issued.
u .F o r other Investment News see page 1635.

THE CHRONICLE

1632

fS jte p c r r ts

a n d

[Vol. 102.

Z g L o m m m ts.

G E N E R A L ELECTRIC COMPANY
T W E N T Y -F O U R T H

ANNUAL

REPORT— FOR

Schenectady, N . Y ., April 15
To the Stockholders of the General Electric Company:

1916.

T h e value of orders received by your C om p an y for elec­
trical apparatus and devices in the past year was $ 9 8 ,3 8 5 ,8 9 1 ,
an increase of $ 1 4 ,6 3 7 ,3 7 0 , or 17 per cent over those of 1914.
T his increase was largely due to the general revival of busi­
ness in the latter part of the year. T hese figures aro ex­
clusive of orders for special war m unitions* which have been
so restricted as to interfere as little as possiblo w ith the
regular product of your C om p an y .
T h e percentage of
profit from these orders will probably bo less than th at o f the
average of the C om p an y ’s outpu t.
T h e am ount of sales billed was $ 8 5 ,5 2 2 ,0 7 0 18, a decrease
of $ 4 ,9 4 5 ,6 2 1 5 3 , or 6 por cent.
T he net result from sales billed was a profit o f _____________ 38,623,887 19
T o which was added incom e from other sources amounting
to ....... ................. ...................................... - ....................................... 3,684,108 19
Total net incom e__________________________________________ 312,307,995 38
Less interest on bon d s________________________ 3570,085 70
Dividends on s tock ____________________________ 8,129,918 00
---------------------- 8,700,003 70
Carried to surplus__________________________________________ 33,607,991 68
*Tho value o f orders received for special war m unitions during 1915 was
$33,980,000.

T h e num ber of em ployees engaged in your factories and
offices and in those of your subsidiary companies at the end
of 1915 was abou t 6 0 ,0 0 0 .
T h e C om p an y has followed its custom ary practice in
writing off against incomo account its total expenditures in
1915 for paten ts, applications for and licenses under patents
and other outlays relating thereto, am ounting to $ 8 3 8 ,­
455 04 .
T h e patent account is carried a t $ 1 , as in previous
years.
_
Stock s, bonds and other securities aro carried at a valua­
tion o f $ 3 2 ,9 1 6 ,5 9 3 64 , of which $ 1 9 ,6 8 7 ,9 6 5 2 1 , represents
securities of subsidiary com panies, and $ 1 3 ,2 2 8 ,6 2 8 43
those of public utility and other companies.
T h e current accounts and notes receivable aro carried at
$ 1 9 ,6 1 9 ,2 1 5 8 3 .
T h ey have been carefully appraised b y a
special com m ittee, and the reserves for depreciation thereon
are regarded as adequate.
T h e sale of several sm all factories substantially offsets the
m anufacturing floor space added in 1915; and plant expendi­
tures am ounting to $ 4 ,4 8 5 ,0 6 8 8 1 , were chiefly for im prove­
m ents in existing construction and equipm ent and the pur­
chase of special tools and m achinery which are subject to
a high rate of depreciation. Because of the nature of theso
expenditures and on account of the liquidation of the book
value of the factories sold, the reduction in the plant account
for the year was $ 5 ,9 8 5 ,0 6 8 8 1 .
T h e total factory floor
space in recent years is shown b y the following table:

THE

Y E A R E N D I N G D E C E M B E R 31 19 15 .

T h e Board desires to record its appreciation o f the services
rendered b y the em ployees of the C om p an y and of their com ­
m endable work in promoting efficiency and econom y during
the period of business depression.
T h e Board has authorized tho paym ent to all em ployees
(excepting Directors and general officers), who shall have
been in its servico consecutively for five or m ore years, sup­
plem entary com pensation during the year 1916, equal to
five per cent of their individual earnings for the year.
B y order of the Board o f D irectors,
C . A . C O F F IN ,

Chairman of the Board.
C O N D E N S E D P R O F IT A N D LOSS A C C O U N T .
December 31 1915.
Salos billed.................. ............ ................. ...........................................$85,522,070 18
Less— Cost o f sales, including all operating, maintenance
and depreciation charges__________________________________ 76,898,182 99
$8,623,887 19
Interest and discount_____________________________ $1,434,269 03
Incom o from securities ownecl_________________ 1,554,842 68
Sundry rovenuos_________________________________
694,996 48
Less—
Interest on debonturo bonds__________________

$3,684,108 19
570,085 70
--------------------- -

N ot surplus for tho year___________________________________ $3,607,991 68
Surplus at January 1 1915___________________________________ 20,084,879 35
Surplus at Decem ber 31 1915_____________________________ $23,692,871 03
CON DEN SED BALANCE SH EET.
D ecem ber 31 1915.
ASSETS.

Patents, franchises and good-w ill------------------------------------Stocks, bonds and other securities__________ $32,91 6,593
N otes and accounts receivable_____________ 19,619,215
Advances to subsidiary com panies_________ 4,931,584
Installation work in progress_______________ 1,248,630

.12,160,000
. 7,000.000 1912.
1908.
.13,900,000
. 7,180,000 1913.
1909.
.14,840,000
. 8,530,000 1914.
1910.
.14,830,000
. 9,770,000 1915
1911
On January 31 1893 the book value o f tho Schenectady, Lynn
and Harrison plants was__________________________________ $3,958,528 21
During the twenty-three fiscal years to Decem ber 31 1915
expenditures have been m ade, including the cost o f tho
Pittsfield, Erie, Fort W ayne, Spraguo and N ational Lam p
plants, aggregating________________________________________ 79,806,654 75

64
83
66
31

$58,716,024 44
M erchandise inventories—
A t factories_______________ $24,544,646 20
A t district offices, in tran­
sit, & c................................. 3,251,959 52
C onsignm ents_____________ 2,066,689 67
----------------------- 29,863,295 39
M anufacturing plants (including all lands,
buildings and m achinery)________________ $29,563,331 52
Real estate, buildings, warehouses, & c.
996,985 52
(other than manufacturing plan ts)______
Furnituro and appliances (othor than in
fa cto rie s )_________________________________
100

$1 00
30,138,913 23

88,579,319 83

30,560,318 04
$149,278,552 10

S qu a re fe e t.

S qu are feet.

3,114,022 49

$11,737,909 68
Dividends paid______________________________________________ 8 ,i2 9 ,9 1 8 00

L IA B IL IT IE S .

A sum m ary of the changes in m anufacturing plants account
since the last annual report is as follow s:

Debonturo bonds—
3 H % series o f 1902 ........................................ $2,047,000 00
5%
“ “
1907 .......................................
2,000 00
5%
“ "
1912 ....................................... 10.000,000 00
----------------------- $12,049,000 00
A ccounts payable____________________________ $4,640,207 27
Accruod taxos______________________________
418,676 53
A ccrued interest on dobonturos______________
196,518 72
Divldond payable January 15 1916__________
2,030,102 00
— "• 7,285,50-1 52
A dvance paym ents on contracts____________________________
4,740,576 55
Capital stock issued________________________________________ 101,510,600 00
Surplus—A t January 1 1915_________________________ $20,084,879 35
3,607,991 68
A dded during year_______________________
------------------------ 23,692,871 03

N e t b o o k v a lu
D e c . 31 1915.

$149,278,552 10

T o t a l ........................................ - ...................................................... $83,765,182 96
W ritten o ff during the twenty-three years__________________ 54,201,851 44
Book-value o f all plants at D ecem ber 31 1915________________ $29,563,331 52

N e t b o o k v a lu e
J a n . 1 1915.

$

A d d itio n s
d u r in g y e a r .

$

W r itte n
o ff.

$

Real estate and
buildings ...2 0 ,8 9 0 ,8 1 9 26
M a c h in e r y ...I lO ,172,510 26
Patterns______
1 00
Furniture and
fixtures.........
1 00

1,418,647 41
2,723,135 50
49,395 07

2,271,129 36
3,370,653 55
49,395 07

293,890 83

293,890 83

T otal.............31,063,331 52

4,485,068 81

5.985,068 81

$
20,038,337 31
9,524,992 21
1 00
1 00
29,563,331 52

T he capital stock o f your C om pany outstanding on Janu­
ary 1 1915 amounted to __________________________________$101,485,700 00
During the year additional stock was Issued—•
Upon conversion o f debentures o f 1892__________________
2,080 00
Upon conversion o f debentures o f 1907__________________
22,820 00
T otal capital stock issued_____________________________ $101,510,600 00
Reserve against $2,000 debentures o f 1907 convertible at
p a r . . . ! .................... .....................................................................
2,000 00
Unissued and unappropriated______________________________
3,487,400 00
T otal authorized capital s tock ________________________ $105,000,000 00

Quarterly dividends at the rate of 8 % per annum have
been paid during the year.
T h e com p an y has no note payable, nor is there any paper
outstanding bearing its endorsem ent.
T h e usual certificate of the chartered accountants, in con­
firmation of the correctness o f the published financial state­
m ents, will be found on page 12 of pam phlet report.
A t a meeting of the B oard of D irectors, on February 11,
1916, M r . George E . E m m o n s, who has held im portant
positions in this C om p an y and its predecessor since 1886,
was elected a Vice-President.




M A R W I C K . M IT C H E L L , P E A T & C O M P A N Y
Chartered A ccountants.
79

W a ll S tr eet, N e to

Y ork , M a rch

29 1916.

.

T o t h e B o a r d o f D i r e c t o r s o f t h e G e n e r a l E l e c t r i c C o m p a n y , 30 C h u r c h S t r e e t
N ew Y ork :
D e a r S i r s . — W o havo examined tho books and accounts o f tho Goneral

Electric Com pany for the yoar ondod Decombor 31 1915 and hereby certify
that tho Condensed P rofit and Loss A ccount and Balanco Sheet appearing
on pages 9-11 o f this report aro in accordance with tho books, and, In our
opinion, correctly record tho results o f tho operations o f tho C om pany for
tho year and the conditions o f its affairs as at Decem ber 31 1915.
W o have verified tho cash and securities b y actual count and Inspection
or b y certificates which wo have obtained from tho depositaries. T h o
valuations at which the investment securities aro carried havo boon a p ­
proved b y a Com m ittee o f tho Board o f Directors, and, in our op inion, aro
conservative. Our audit has not included tho exam ination o f tho accounts
o f companies which are controlled through stock ownership, but Balanco
Sheets o f these companies havo been subm itted to us.
W o have scrutinized the notes and accounts receivable and aro satisfied
that full provision has been mado for possiblo losses through bad and
doubtful debts.
Certified inventories o f work in progress, merchandise, materials and
supplies havo been submitted to us and wo havo satisfied ourselves that
these inventories have been takon in a careful manner, that they havo been
valued at or below cost prico, and that full allowance has boon made for
old or Inactive stocks. Provision has also boon mado for possiblo allowances
or additional expenditures on rocontly com pleted contracts and on installa­
tion work in progress.
A ll expenditures capitalized in the Property and Plant accounts during
the year wero properly so chargoablo as representing additions or im prove­
m ents. Am ple provision has been m ado in tho operating accounts for
repairs, renewals and depreciation, as also liberal reserves for contingencies.
Yours truly,
M A R W IC K , M IT C H E L L , P E A T & C O M P A N Y .

Apr. 29 1916.

1633

THE CHRONICLE
A L A S K A G OL D MINES C O M P A N Y
(A H o ld in g C o m p a n y .

O r g a n iz e d u n d e r t h e la w s o f M a in e .)

O F F IC IA L S T A T E M E N T TO T H E N E W Y O R K S T O C K E X C H A N G E IN C O N N E C T IO N W I T H T H E L IS T IN G
OF T H E T E N -Y E A R S I X P E R C E N T C O N V E R T IB L E C O U P O N D E B E N T U R E S , S E R IE S “ B .”

N e w Y o r k , April 12, 1916.
Roforring to this com p an y’ s previous application A -42G 4,
dated July 2 5 1913, for the listing of its capital stock, and
to its provious application A -4 4 2 2 , dated M a rch 2 2 1915,
for the listing of its T e n -Y e a r Six Per C en t C onvertible
C oupon D ebentures, Series “ A , ” the A laska G old M in es
C om p an y respectfully applies for the listing, on official no­
tice of issuance in exchange for outstanding subscription re­
ceipts, of $ 1 ,5 0 0 ,0 0 0 par value (the total authorized issue)
of its T e n -Y e a r Six Per C en t C onvertible C oupon D eben ­
tures, Series “ B , ” duo 19 26 , included in numbers M l to
M 1 2 5 0 , both inclusive, for $ 1 ,0 0 0 each; D 1 to D 5 0 0 , both
inclusive, for $5 00 each, and C l to C 2 5 0 0 , both inclusive,
for $ 1 0 0 oach (the $ 1 ,0 0 0 debentures above N o . 1 ,0 0 0 are
to provido for exchange of $1 0 0 debentures).
Said debentures are issued under an agreement bearing
date M a rch 1 1916 between the A laska G old M in es Com pany
and the G u aran ty T ru st C om p an y of N ew Y o rk , as Trustee.
T h ey aro dated M a rch 1 1916, m aturing M a rch 1 1926, and
carry interest from M a rch 1 1916 a t Six per C ent per annum ,
payablo M a rch 1st and Septem ber 1st in each year.
The
principal and interest aro payable in gold coin o f tho U nited
States of Am orica of the present standard of weight and fine­
ness, at tho G u aran ty Trust C om p an y of N e w Y o r k , the
agency of the com p an y in the Borough o f M a n h a tta n , C ity
of N e w Y o rk , w ithout deduction from principal or interest
on account of any taxes, assessments or other governm ental
charges b y w hatever authority levied or im posed, savo and
excepting any Federal Incom e T a x , and any incom e taxes
winch tho com pany m ay bo required to deduct or rotain there­
from for the account of the holder thereof.
T ho Stam p T a x required under the A c t of Congress, ap­
proved Octobor 2 2 19 14 , as extended by A c t o f Congress,
approved Decombor 17 19 15 , known as the “ W a r Rovenuo
L a w ,” lias been paid on all o f said debentures, tho stam ps
having been affixed to tho indenture between tho com pany
and the Trusteo above referred to and said stam ps duly can­
celed, and tho debentures contain a legend reciting such fact.
T ho debentures are in coupon form , registerablo as to prin­
cipal, and aro in denominations of $ 1 0 0 , $5 00 and $ 1 ,0 0 0 .
T on $ 1 0 0 dobonturos m a y bo exchanged for ono $ 1 ,0 0 0 de­
benture. T ho dobontures are registerablo and transferable
a t tho G u aran ty T ru st C om p an y of N ow Y o rk , in tho B or­
ough of M a n h a tta n , C ity of N ew Y o rk .
Section 6 of Articlo I I of tho agreement between tho com ­
pany and tho trusteo above reforred to provides as follow s:
"Section 6. T h a t tho holder o f any debenture issued hereunder shall
have tho right at any tim e prior to tho date o f m aturity thereof, unless
sooner redeemed, as hereinafter provided, to convert such debenture into
stock o f tho com pany and that during such period it will on presentation
and surrender o f such debenture, in negotiable form , with all unmatured
coupons attached, at its office or agency, in tho B orough o f M anhattan,
C ity o f Now York, issuo and deliver to tho holder thereof a certificate for
such number o f shares o f its Capital Stock fully paid as at thirty dollars ($30)
per share shall bo equal to tho faco value o f such dobontures so presented
and surrendered, together with a cash paym ent o f any interest which m ay
have accrued upon such debenture sinco tho date o f tho last matured cou­
pon, provided, now ovor, that if at tho tim e o f such conversion a dividend
payablo after such conversion shall have been declared upon said stock o f
tho com pany, tho interest to bo paid to the debenture holder shall bo com ­
puted to the date fixed for tho paym ent o f such dividend and tho amount
o f such dividend shall bo deducted from tho interest to bo paid such deben­
ture holder. N o fraction o f a share will bo issued on such conversion, but
tho com pany will pay to tho holder o f any o f said debentures so presented
for conversion tho cash equivalent o f said fraction o f a share o f stock at
said conversion price. T ho com pany shall not be required to m ake any
such conversion while its stock transfer books shall bo closed for a meeting
o f stockholders or tho paym ent o f dividends. The rights o f tho holder o f
any elobonture, If called for redem ption, to convert It into stock, shall con­
tinue only until and Including the date so fixed for its redem ption as here­
inafter p rovid ed .”

T ho transfor books of the com pany will not bo closed for
a n y purpose.
T hese dobontures aro subject to redem ption on a ny inter­
est d ay on or aftor M a rch 1 1919 at Ono Hundred and Ton
Per C ent of par in addition to tho accrued interest, on sixty
d a y s’ provious published notice.
A ll redeemed dobontures or debentures converted into
stock aro to bo canceled.
Section 2 of Article I V of said agreem ent, w ith respect to
romedios of trustee and debenture holders upon default, pro­
vides as follows:
“ Soctlon 2. In caso (1) default shall bo m ade in tho paym ent upon
dem and o f any installment o f interest on any debenture or debentures
issued hereunder and then outstanding, and such default shall have con ­
tinued for the period o f six months, or (2) default shall bo m ade in the
observance b y com pany o f its covenants contained in Sections 3, 4 and C
o f Articlo I i o f this indenture— then, ami in any such caso, during tho
further continuance o f such default, the Trustee, upon tho written request
o f tho holders o f a m ajority in amount o f tho debentures issued hereunder
and then outstanding, by notice in writing delivered to tho com p any, shall
declare the principal o f all debentures issued hereunder and then outstanding
to bo duo and payablo imm ediately, and upon any such declaration tho
same shall becom o and bo duo and payablo im m ediately, anything in this
indenture, or in said debentures, to tho contrary notwithstanding.
“ This provision, how ever, is subject to the condition that if, at any tim e
after tho principal o f said debentures shall have been so declared duo and
p ayablo, and before any judgm ent or decree for the paym ent o f tho moneys
duo shall havo boon entered as hereinafter provided, all arrears o f interest
upon all such dobenturi's, with interest at tho rate o f Six I’er C ent per
annum on overdue installments o f interest, and tho expenses o f tho Trustee,
shall bo paid by tho com pany, and all the defaults hereunder shall havo
boon remedied, then and in every such caso tho holders o f a m ajority in
amount o f tho debentures issued hereunder and then outstanding, by written




notice to tho com pany and to the Trustee, m ay rescind and annul such
declaration and its consequences: but no such recission or annulm ent shall
extond to or shall affect any subsequent default, or impair any right conse­
quent thereon.”

B y a vote of the B oard of D irectors a t a m eeting duly held
on January 21 1916, this issue of Series “ B ” debentures was
authorized and a t the sam e m eeting 5 0 ,0 0 0 shares of the in­
creased capital stock of the com p an y were authorized to be
set aside and specifically reserved for the conversion of said
Series “ B ” debentures so long as the right to convert exists.
T he reservation of said 5 0 ,0 0 0 shares for conversion purposes
was m ade in pursuance o f a resolution adop ted a t a special
meeting o f the stockholders of the com p an y held on Janu­
ary 21 1915, approving a resolution adop ted a t a m eeting
of the Board of Directors held on January 7 1 9 15 , whereby
2 0 0 ,0 0 0 shares o f the increased capital stock were authorized
to be held for conversion purposes on future issues o f deben­
tures or other securities.
In pursuance o f a resolution
adopted a t a m eeting of the B oard of Directors held on
January 21 1916, all stockholders of record a t tho close of
business on February 1 1916 wero offered the privilege up to
and including February 15 1916 of subscribing for said de­
bentures, Series “ B , ” a t par pro rata; subscriptions were
payablo in two installm ents: F ifty Per C ent ( 5 0 % ) o f par to
accom pany the subscriptions on or before F ebruary 15
1916, and the balance of F ifty Per C ent ( 5 0 % ) on or before
M a rch 15 1 9 16 .
Tho entire $ 1 ,5 0 0 ,0 0 0 were subscribed and paid fo r.
Sub­
scription receipts have been issued and are now in the hands
of the public. These receipts have been a dm itted to trading
on tho Stock Exchange.
Tho debentures were sold to provido funds for the enlarge­
m ent of the m ill and m ining equipm ent, and increaseing,
developing and equipping the power supply o f the A laska
G astineau M in in g C o ., over N in te y -F iv e Per C en t of the
outstanding stock and over N in e ty -T h re e Per C ent of the
outstanding bonds of said com p an y being owned b y this
com p any.
T h e A lask a G astineau M in in g C om p an y is the
only subsidiary of this com p an y.
T he details in regard to the organization of the Alaska
G astineau M in in g C om p an y and a description o f its proper­
ties aro sot forth in the application for listing this com p an y’s
capital stock, N o . A -4 2 6 4 , dated July 2 5 1 9 13 , except that
tho follow ing property was acquired during the year 1915:
U N P A T E N T E D L O D E C L A IM S .
N a m e o f C la im .

R eco rd L o c a tio n C e r tific a te .

D a te o f R ecord .

A lb ito _____
July 6 1915
“
*r 538
A v o c a ____
__________ "
23
July 6 1915
C a lc it o _____
..................
“ 24
14
A ug. 6 1915
E r i n ______
.................
” 23
538
July 6 1915
“
“ 539
Cabbro _________ ............. ..
“ 23
July 6 1915
“
“
M ica ____________ ............. ..
14
“ 24
A ug. 6 1915
««
“
U n u s ____________ .................. “ 23
538
July 6 1915
“
“
M o p ___________ . __________ “ 24
15
A ug. 6 1915
“
“
P op _____________ ............... .. “ 24
15
A ug. 6 1 9 1 5
*«
it
H u b _____________ ____ . . . .
536
July 6 1915
“ 23
“
“
P a t _______________ .................. ” 23
July 6 1915
4*
44 537
R aven____________ ................. “ 23
July 6 1915
44
44 537
R i p ........................... .................. “ 23
537
July 6 1915
A ll............................ .................
“ 24
14
A ug. 6 1915
13
A ug. 6 1915
15aba ....................... ......... ..
“ 24
44
44
A
ug. 6 1 9 1 5
Kismet __________ ................ “ 24
13
44
44
“ 24
13
A ug. 6 1 9 1 5
Sesame __________ ......... .
44
44
P l u s _____________ ................ “ 24
18
A ug. 7 1 9 1 5
U N P A T E N T E D M IL L S IT E S .
C er tific a te s .
L o c a tio n ,
D a te o f R ecord .
N a m e o f C la im — R e c o r d ,
A lm a_____________ .B o o k 20 o f M iscellaneous, page 345
D ec. 8 1915
“ 344
A v o n _____________ . “ 20
“
D ec. 8 1915
“ 346
E verett___________ . “ 20
“
D ec. 8 1915
“ 348
H a r r is ___________ . “ 20
D ec. 8 1915
“
*• 345
Solo_______ _______ . " 20
“
D ec. 8 1915
“ 346
T rem ont__________ . “ 20
“
D ec. 8 1915
347
Y ork ____________ . “ 20
“
D ec. 8 1915
W o l f ......................... . “ 20
347
D ec. 8 1915
“
S O L D IE R ’S A D D IT IO N A L H O M E S T E A D S .
Name —
Date o f Filing.
R oger's Sur. 599_____________________________________________ July 31 1915
R oger’s Sur. 601_____________________________________________ July 31 1915

Tho foregoing mining claim s, except the M illsito and H om e­
stead E ntries, consisting of six groups known as the “ Reser­
v o ir ,” “ O p ,” “ L u r v e y ,” “ R ep u blican ,” “ P e n n -A lask a ,”
and “ M id d le G old Creek” havo an area o f 2 1 0 .7 8 1 acres.
T ho non-m ineral claim s, nam ely, the M illsito and H om estead
entries, havo an area of 1 0 3 .9 4 6 acres, m aking tho total acre­
age located during the year 3 1 4 .7 2 7 acres.
A s stated in this com p any’s application N o . A -4 4 2 2 , dated
M a rch 22 1915, it becam e desirable to increase the capacity
of tho m ill of the A laska Gastineau M in in g C om p an y .
T he
original plan was for tho construction of a m ill of 6 ,0 0 0 tons
por day cap acity.
T his was increased to an estim ated ca­
pacity of 8 ,0 0 0 tons. A ctual operat'ons during the year
1915 have dem onstrated that the m ill, as now com pleted, is
capable of handling economically about 10 ,0 0 0 tons of ore
per day and b y the addition of a relatively insignificant
am ount o f equipm ent in the fine crushing departm ent the
capacity can bo readily brought up to 1 2 ,0 0 0 tons per day.
A dditional hydro-electrical power was developed during the
year on A nnex Creek, situated about twelve m iles from the
m ill. T his A nnex Creek project comprises a lake 2 3 4 acres
in surface area, with a watershed 6 ,1 4 5 square m iles, the

lake having an elevation of 8 0 0 feet above sea level.
T he
situation perm itted drifting a tunnel 1 ,2 00 feet in length
through the rim , tapping the lake 150 feet in depth and con­
necting the tunnel w ith the power house b y a steel pipe two
miles in length. T h e tunnel and final connection w ith the
lake was com pleted shortly after the end of the year 1915.
T h e entire plant is now ready for use.
T h is project is
capable of a m axim um developm ent of 1 2 ,0 0 0 H . P . at low
cost, b u t an initial developm ent of only 4 ,0 0 0 H . P . was
required for im m ediate use. T h is, added to the 6 ,0 0 0
I I . P . already developed at Salm on Creek, gives _ a
total power sufficient to run the m illing plant to full capacity
as now equipped.
Im provem ents in and abou t the mine
included tne installation of a second 3 ,0 0 0 -fo o t compresser
and building a concrete dry-room for the mine em ployees,
the arrangement and com pletion of the auxiliary mine
machine shop, the installation of a pum ping plant and extra
fire equipm ent for protection during the winter and some
additions to dwellings and equipm ent underground in the
w ay of cars and electric locom otives.
On the Sheep Creek
road betterm ents wore mado in the w ay of moro electric
m otors and cars, general im provem ent in the roadbed,
building yards and terminals and the construction of 4 ,6 3 0
feet of snow sheds from the m ou th of Sheep Creek tunnel
down to the Sheep Creek B asin . A ctu al service has dem on­
strated th at the facilities as now installed in the m ine, in­
cluding general underground and surface equipm ent and the
railroad are sufficient for m ining and delivery to the m ill of
ore up to 12 ,0 0 0 tons per d a y .
D evelopm en t work during
the year am ounting to 1 7 ,3 4 6 feet of drifts, tunnels and raises,
and 5 ,9 4 3 feet of diam ond drill holes was practically all done
for the purpose of facilitating actual m ining.
For this
reason the estim ated available tonnago has undei'gone no
m aterial change.
T h e results of the operatoins for the year
are as follow s:
m ,
T ons
T rea ted .

[Vol. 102.

THE CHRONICLE

1634

G ross
V a lu e
P er T on

.

V a lu e R e - O p e ra tin g O p e ra tin g
M isc .
cov ered . E x p en ses.
P r o fit.
In com e.

S 0 ? 1,
P ro fit
P er I o n .

S I ,115,294........... S I .1569 S0.93796 S0.71215 $0.22581 $0.02414 $0.24995

These Series “ B ” debentures are issued to provide funds for
the purpose of m eeting these additional expenditures.
As
stated in this com p an y’s previous application A -4 4 2 2 , dated
M a rch 22 1915, for the listing of its Series “ A ” debentures,
thero had been loaned b y this com pany to the A laska G astineau M in in g C om p an y on dem and n otes, $ 4 ,2 3 7 ,7 2 3 0 4 , as
will appear from the balance sheets subm itted herewith.
There have been loaned b y this com pany to the A laska G a stineau M in in g C om p an y up to D ecem ber 31 1915, on its
dem and notes, a total of $ 6 ,8 5 8 ,2 6 4 6 2 , all of which has been
expended in mine developm ent, construction and equipm ent.
A L A S K A G O L D M IN E S C O M P A N Y
B A L A N C E S H E E T D E C E M B E R 31 1915.
ASSETS.

Investm ent in stock and bonds o f Alaska Gastinoau M ining C om pany___________________ $4,045,101 27
Alaska Gastineau M ining C om pany N otes recelvable on d e m a n d ..
...............................- _ ^ ! £ ! ^ 1 ^ $10,903,365 89
Interest accruod on Alaska Gastineau M ining C om pany
bonds ow ned...................................................................................
571,900 99
C ash.................................... ....................... - ................................ ........
8,313 36
$11,483,579 25
L IA B IL IT IE S .

Capital Stock:
,
...
Authorized: 1,000,000 shares o f $10 each; issued, 750,006
shares o f $10 e a c h . . . .................................................... ..
$7,500,060 00
T en-Y ear 6 % Convertible G old Debentures, Series A ,
dated M arch 1 1915. Authorized issue: S l.50 0 ,0 0 0
, nn onn nn
issued (loss converted into s to c k )---------------------------------- 1.499,800 00
N otes payable.................................................................................
ll 5 £ 9 ’999 99
Interest accruod on debentures----------------------------------------3u,uuu uu
Deferred credit:
. ,
_
Interest accrued on Alaska Gastlnoau M ining C om pany
bonds ow ned—
__ _ _
- _______ —
__—
5 7 1 »yuu uo

Premium on capital stock Issued in conversion of debentures

120 00

Surplus...................................................................................................

356,699 25
$11,483,579 25

A L A S K A G A S T IN E A U M IN IN G C O M P A N Y
B A L A N C E S H E E T D E C E M B E R 31 1915.
ASSETS.

Capital assets—
_. .
„„
M ining grounds, titles and rights--------------- $14,328,321 03
M ine
developm ent,
construction
and _____ ____
....................................................... 7 -630.’ 155..7i $ 2 i , 953,474 73
Current assets—
M aterial and supplies______________________
’
M erchandise at stores, & c----------------31,123
76
131,718
89
P roduct on hand and in transit---------A ccounts receivable-------------------------133,520
70
____
25.035
93
0 a s n ..............- ..................................................................... .............
695,345 09
v'eferred charges to operations--------------------------------------------574,690 54
$23,228,510 36
•apital liabilities—
Capital stock—
Authorized issue 2,400,000 sharos o f $ 5 _____
e a c h ____________________________ $12,000,000
00
First M ortgage 20-Year 6 % G old bon d s—
3,500.000 00
N otes payable on dem and to Alaska G old
M ines C om pany.................................
6,858,264
62 ^ , ^ ^

Reservo—
Reserve for replacement o f equipm ent___________________
Ehofit from operations____________________________________




Revonuo—
Value o f production recovered - ...............................
Expenses—
Ore production__________________________________
M illing ............. .................................. - ........................
Shipping and smelting charges--------------------- ------Proportion o f administration and general ex­
penses ________________________________________

P er T on.

A m o u n t.

.93796

$1,046,103 79

.31310
.30591
.04690

$349,202 43
341,183 06
52,299 54

.04624

51,570 73

.71215

$794,255 76

Balance— mining p ro fit................ ................. .............A dd— miscellaneous incom e------------------------------------

.22581
.02414

$251,848 03
26,923 45

T otal operating p rofit--------------------------------------

.24995

$278,771 48

T otal expenses_______________________________

T he A laska G old M in es C om p an y agrees w ith the N ow
Y o rk Stock Exchange:
.
T h a t it will not dispose of its stock interest in any con­
stituent, subsidiary, owned or controlled com p an y , or allow
a ny of said constituent, subsidiary, owned or controlled
companies to dispose of stock interest in other companies
unless for retirement and cancellation, excopt under existing
authority or on direct authorization of stockholders of the
com pany holding the said com panies.
T h a t it will publish at least once in each yoar and subm it
to the stockholders, at least fifteen d a ys’ in advanco of tho
annual meeting of the corporation, a statem ent of its physical
and financial condition, an incomo account covering the
previous fiscal year, and a balance sheet showing assets and
liabilities at tho end of the yoar: also annually an income
account and balance sheot of all constituent, subsidiary,
owned or controlled com panies.
T h a t it will m aintain, in accordance w ith tho rulos of the
Exchango, a transfer offico or agoncy in the B orough of
M a n h a tta n , C ity of N ew Y o rk , whore all listed securities
shall bo directly transferable, and tho principal o f all listed
securities w ith interest or dividends thereon shall bo payable;
also a registry offico in tho Borough o f M a n h a tta n , C ity of
N ew Y o r k , other than its transfer offico or agoncy in said
city , where all listed securities shall bo rogistored.
T h a t it will not m ake any chango in listod securities, of
a transfer agency or of a registrar of its stock, or of a trusteo
of its bonds or other securities, w ithout the approval of tho
C om m ittee on Stock L ist, and will not select as a trusteo
an officer or director of tho com p any.
T h a t it will n otify the Stock Exchango in the ovont of tho
issuance of any rights or subscriptions to or allotm ents of
its securities and afford tho holders of listed securities a
proper period within which to record their intorosts after
authorization, and that all rights, subscriptions or allotm ents
shall be transferable, payable and dolivorablo in tho Borough
of M a n h a tta n , C ity of N ow Y o rk .
T h a t it will publish prom p tly to holders of bonds and socks
a ny action in respect to intorest on bonds, dividends on
shares, or allotm ent of rights for subscription to securities,
send notices thereof to tho Stock Exchange, and will give
to tho Stock Exchange at least ton d a ys’ notico in advance
of the closing of the transfor books or oxtonsions, or tho taking
of a record of holders for any purpose.
.
T h a t it will redeem preferred stock in accordance with the
requirements of tho Stock Exchange.
T h a t it will notify the Stock Exchango if deposited col­
lateral is changed or rem oved.
T h e Registrar and Transfer agent of said dobonturos is
tho G uaranty T rust C om p an y of N ew Y o rk , 140 B roadw ay,
N ew Y o rk C ity .
Tho annual m eeting of tho corporation is hold a t ts statu­
tory office a t P ortland, M a in e , on the third F rid ay of April
in each year.
T he fiscal year onds D ecom ber 3 1 .
T he D irectors, elected annually, are: Charles H ay d en ,
Edw ard A . C lark , W illiam A . C oolidgo, F . L . A m e s, all of
B oston, M a s s .; K . R . B a b b itt, Sherwood A ldrich, both of
N ew Y o rk , N . Y . ; C . M . M a c N e ill, Colorado Springs, C o lo .;
D . C . Jackling, San Francisco, C a l.; and Frederick I I . G o ff,
C leveland , O .
Tho Officers aro: Charles H ay d e n , President; D . C . Jackling, Vice-Presidont and M anaging D irector; I I . C . Boll,
Second V ice-P resid e n t; K . It. B a b b itt, Secretary, and
C . W . Peters, Treasurer.
A L A S K A G O L D M IN E S C O M P A N Y ,
B y I I . G . B E L L , Vico-Prosident.

L IA B IL IT IE S .

Current liabilities—
Accounts payable---------------$94,798 68
Pay r o ll_____________________________
75,701
02
Bond interest accrued............................... —
612,500 00

A L A S K A G A S T IN E A U M I N I N G C O M P A N Y
P R O F IT A N D LOSS A C C O U N T FO R T H E Y E A R E N D E D D E C E M ­
B E R 31 1915.
Tonnages and values—
D ry tons treated_______________________________
Average value per ton heads-----------------------------Average value per ton tails-------------------------------81.06%
R ecovery in extraction--------------------------------------- ____________

^

^

^
. n a n n r.
0.36U uu

This C om m ittee recommonds that tho above-described
$ 1 ,5 0 0 ,6 0 0 T e n -Y e a r Six Per C ent C onvertible Coupon
D ebentures, Series “ B , ” duo 1926, included in numbers
A l l to A l l , 2 5 0 , inclusive, for $ 1 ,0 0 0 oach; D 1 to D 5 0 0 , in­
clusive, for $5 0 0 each, and C l to C 2 ,5 0 0 , inclusive, for $1 00
each (tho $ 1 ,0 0 0 dobontures abovo N o . 1 ,0 0 0 to provide
for exchango for $1 00 dobonturos) bo ad m itted to tho list,
on official notice o f issuance in oxchango for outstanding
subscription receipts.
Adopted by the Governing Committee April 26 19 1 6 .

80,886 04
$23,228,510 36

W M . W . HEATON,
GEORGE W . E L Y ,

Secretary.

Chairman.

1635

THE CHRONICLE

APR. 29 1916.]

B U T T E A ND S U P E R I O R

MINING C O M P A N Y

NAM E CH AN GED FROM

B U T T E A N D S U P E R I O R C O P P E R C O M P A N Y , L im ite d
O F F IC IA L S T A T E M E N T T O

THE

NEW

YORK

STO CK

C H A N G IN G N A M E

New York, April

2 4 1916.

Referring to this com p an y’s application, N o . A .-4432, dated
April 21 1915, this C om p an y begs to advise th a t, owing
to the fact th at its product is alm ost entirely zinc, tho use
of the word “ copper” is misleading and has boon tho occasion
of considerable confusion, and it was determ ined to am end
the articles of incorporation changing tho word “ copper” to
“ m in in g ,” and also leaving out tho word “ lim ite d ,” as tho
latter had no significance, in viow of tho fact th at tho com ­
pany is not a lim ited com pany in any sonse.
B y a m ajority voto of tho stockholders at tho annual moot­
ing held on April 21 1910 tho articles of incorporation wore
am ended so th at tho corporate title would bo B u tte & Su­
perior M in in g C o m p a n y .”
There has been no other change
whatsoever in the com pany or its properties.
Engraved certificates showing the am ended nam e liavo
been propared and aro ready for issuanco as soon as a cer­
tificate as to this am endm ent has been filed w ith tho propor
officials in Arizona.
.
T ho com pany respectfully hereby m akes application to
have placed on tho regular list of N ow Y o rk Stock Exchango
$ 2 ,7 2 9 ,4 1 0 , consisting of 2 7 2,94 1 shares of tho par value of
$ 1 0 each, of an authorized issuo of $ 3 ,5 0 0 ,0 0 0 (3 5 0 ,0 0 0 shares)
on official notice of issuance of tho perm anent engraved
interchangeable certificates bearing tho nam o of “ B u tte &
S o u th e r n C a lifo r n ia T e le p h o n e C o .—

Merger Company.

This com pany lias been rccontly Incorporated in Cal. to take over tho
nrouortios o f tho Hom o Tclephono C o. o f Los Angeles and tho Pacific T ele­
phone Sc Telegraph C o. o f tho samo city . T h o Los Angeles "T im e s”
says in substance:
, ,
Tim total authorized capital stock is $10,000,000, all com m on, divided
Into 100,000 shares o f $100 each. Tho application made to tho Cal. H R.
Commission includes tho proposals o f tho throo parties at interest. T ho
now com pany asks for permission to create a bonded indebtedness o f $12,­
000,000 and to execute a deed o f trust to secure it; to purcliaso property,
and to issuo stock and bonds for cash and for property to operate under
various franchises. T ho H om o com pany and tho P a cific com pany ask
for authority to sell their properties to the Southern California com pany
in return for its bonds an d stocks.
The Homo com pany proposes to sell all its proporty, valued on D oc. 31
1915 at $7,711,000, and tho Pacific com pany proposes to soil all its property
in Los Angeles, W atts, Vernon, Eaglo R ock, H untington Park and portions
o f Los Angelos C ounty operated under tho Los Angelas telephone oxchango,
oxcopt tho toll lines. Those properties on D oc. 31 woro valued at, $7,544,­
000. Tho now com pany proposes to pay for thesei properties by issuing to
the prosont holders its stock and bonds at 9 1 % o f tliolr par value, making
a total o f tho securities to bo issuod for tho properties as constituted on
D ec. 31 amounting to $16,098,500. It proposos that It shall transfer bonds
o f tho par valuo o f $9,927,000 and stock o f tho par yaluo o f $6,171,.>00.
T ho statement to tho R R . Commission says that tho Hom o com pany
has approxim ately 60.000 telephone stations, and tho I a cific com pany has
approxim ately 68,000 such stations.
'l’ lie temnorarv board o f directors o f tho now com pany is com posod of
J o t o G M o tt (]?res ) ! Richarcl J. D illon, C . C . O 'Connell, Carlton II.
M errill and Arthur N . Gago o f Los Angoles; V ictor F. Collins, South Pasa­
dena, and A . L . R ow land, Pasadena.

T a m a r a c k M in in g C o .—

Sale.—

T ho shareholders. It is stated, recently voted to sell this proporty to tho
Calum et Sc Hocla M ining C o. for $3,563,486, equivalent to $59 por share
on Tamarack stock, transfer to bo made after June 1 and before July 1.
T ho sale includes all Tamarack assets oxcopt its holdings in Mineral Range
R R .— V. 102, p. 1255.

U n io n B a g & P a p e r C o .—

Committee.— •

Pros. John S. Ricgel has appointed the follow ing com m ittoe o f threo to
preparo a plan o f recapitalization. C om m ittee: A . Hockschor, Chair­
man: John Sleicher and James B . M arsh. R eports state that a proposal
will bo made to cut the present $27,000,000 capitalization in half and p ro­
vide for $1,000,000 working capital b y tho sale o f preferred stock.— V .
102, p. 1544, 1442.

U n it e d S ta te s S m e ltin g , R e f in ’ g & M in . C o .—

Listing.

T he N . Y . Stock E xchango has admitted to list $12,000,000 convertible
6 % temporary notes, duo 1926, N os. M -l to M -l 1,850, for $1,000 oach,
and D - l to D-300 for $500 each, with authority to substitute in oxchango
thorofor permanent engraved notes on notice o f issuanco in exchango for
temporary notes.— V . 102, p. 443, 615.

U n it e d Z in c S m e ltin g C o r p o r a t io n .—

Purchase.

This corporation has made a formal offer to purchaso all o f tho com m on
shares o f tlio K oneflck Zinc Corporation on tho basis o f 1M shares o f its
capital stock for each com m on share o f tho capital stock o f tho Koneflck
Zinc Corporation. T ho stock o f tho K oneflck Zinc Corporation was issued
last Fobruary and has already received tw o m onthly dividends o f 10c. por
share oach. Inasmuch as tho dividend to bo paid upon tho stock o f tho
United Zinc Smelting Corporation will undoubtedly bo at least equal to that
now being paid on the Kcnefiek stock this offer amounts, on that basis, to a
bonus o f 25% to tho Koneflck stockholders.— V . 102, p. 1544.

W e s t P e n n P o w e r C o .—

Preferred Dividend.—

An initial quarterly dividend o f l J i % has boon declared on tho prof,
stock, payable M a y 15 to holders o f record M a y 1.— V. 102, p. 891.

W is c o n s in T e le p h o n e C o .—

Rates.—

T ho W isconsin Railroad Commission on April 19 filed an ordor requiring
this com pany to roduco its rates in Milwaukee about 1 0 % .— V . 99, p . 54.

W o r t h i n g t o n P u m p & M a c h in e r y C o r p . — Successor

Co.

Soo International Steam Pump C o. abovo.

Y a le & T o w n e M fg . C o .—

Extra Dividend.— ■

An extra dividend o f 5 % has been declared on tho stock, payablo M a y 8
to holders o f record M a y 1.— V . 102, p. 1255, 1065.

Z in c C o n c e n t r a t in g

C o .—

New Director.—

Oscar H oppe o f New York has been electod a director, increasing tho
board from fiv o to six members.— V . 102, p. 981, 1065.___
C U R R EN T N O T IC E .
— Frederic II. H atch & C o ., established 1888, specialists In bonds and
inactivo securities at 30 Droad S t., this city , aro advertising In to-d ay 's
“ Chronicle" an extensive list o f bonds in which thoy aro propared to deal




EXCHANGE

IN C O N N E C T IO N W IT H

OF C O M P A N Y .

Superior M in in g C o m p a n y ” in exchange for the present o u t­
standing certificates for the sam e num ber of shares bearing
the nam e “ B u tte & Superior Copper C o m p an y , L im ite d ,”
w ith authority to add $ 7 7 0 ,6 0 0 of said B u tte & Superior
M in in g Com pany on official notice of issuance, m aking the
total am ount applied for $ 3 ,5 0 0 ,0 0 0 .
Respectfully subm itted,
B U T T E & S U P E R IO R C O P P E R
C O M P A N Y , L IM IT E D .

By

N . B R U C E M a cK E L V IE ,

President.

T his C om m ittee recom m ends that the above-described
$ 2 ,7 2 9 ,4 1 0 C apital Stock of “ B u tte & Superior M ining
C om p an y ” bo substituted on the list for a like am ount of
C ap ital Stock of B u tte & Superior Copper C o m p a n y , L im ­
ited, on official notice of exchange, w ith authority to add
$ 7 7 0 ,6 0 0 of said B u tte & Superior M in in g C om p an y on o ffi­
cial notice of issuanco under tho terms of application N o .
A -4 4 3 2 , m aking the total am ount authorized to be listed
$ 3 ,5 0 0 ,0 0 0 .

Adopted by the Governing Committee, April
GEORGE W . E L Y ,

Secretary.

26 1916.

W M . W . HEATON,

Chairman.

and have actual markets. Quotations will be furnished on request. T he
firm ’s N ew Y ork telephones are: 5140 to 5159 B road, inclusive; the Boston
offico call is 7088 M ain and the Philadelphia o ffice call is 800 M arket.
W alter S. Place, 35 Congress S t., is tho firm ’s correspondent in B oston.
— T ho present quarters o f Elston, C lifford Sc C o ., C hicago, being too
small to accom m odate their increasing business, they are m oving, on tho
first o f M a y , into a larger suite on the 14tli floor o f the N ew Y ork Life
Building, 39 South La Salle St. T h o firm also announcas the opening o f
tw o branch offices, one at 305 La Salle Building, St. Louis, M o ., under the
management o f R aym ond L . Bliss, the other at 1018 Starks Building. Louis­
ville, K y ., managed b y M ax Gentilini.
— "Bandolier N ational M onum ent and A Summer in P ajarito Park
Am idst tho Prehistoric Aboriginal Ruins o f Northern N ew M e x ico ” is the
subject o f an artistic eight-page illustrated leaflet issued b y tho Denver
& R io Grande Railroad. Ruins and relics o f a vanished race, that are in
ovidenco along the line o f the R io Grande near Santa Fe, are described and
pictured in this handsome leaflet.
— Schm idt & Gallatin, members o f the N ew Y ork Stock E xchange,
111 B roadw ay, this city, will furnish daily closing quotation lists o f the
N ow Y ork curb market. T ho firm has a direct wire connection with the
curb market and solicits the accounts o f banks, Stock E x ch a n g e ‘houses
and individuals in their advertisement elsewhere in the “ C hronicle" to-d ay.
— Rem ick, llod g es Sc C o ., 14 W all S t., this city , are offering a list o t
securities which are legal investments for savings banks and trustees in
N ow Y ork State. T ho municipal bonds in tho list yield 3.50 to 4 .1 5 % and
tho railroad bonds 4.20 to 4 -9 0 % . See to-d ay’s advertisem ent for details
and write for circular “ C .C . 78” describing each issuo.
— Cummings, Prudden & C o. o f 111 Broadway, this city, and T o led o, O .,
aro offering a new Issue o f SI00,000 Schenectady, N . Y ., registered 4 M %
bonds at a price to yield 3 .0 5 % . The bonds aro a legal investment for
savings banks, trust funds in N ew Y ork State, and are legal to secure
postal savings deposits.
— Starr & Iieod. investment bankers o f Philadelphia, announce tho re­
m oval o f thoir offices from 404 to 200-201 M orris B ld g., 1421 Chestnut S t..
T hey further announce that H evcrin S. R ood, form orly with the M erchants’
Union Trust C o ., is now associated with them.
— Kissel, IClnnicutt Sc C o. o f New Y ork and Chicago and B orton Sc B orton, Cleveland, for record purposes only, aro publishing in to-d ay’s “ C hron­
icle” their join t advertisement o f $10,378,000 G oodyear Tire Sc R ubber C o .
7 % cum ulative preferred stock, tho entire Issue having been sold.
— F . S. Smithers Sc C o. announce the removal o f their offices to the
Equitable Building, 120 B roadw ay, this city . T h e firm occup y a large
suite o f banking rooms on the second floor with a direct private elevator
connection convenient to tho Nassau St. entrance.
— As a permanent m atter o f record only, J. & W . Seligman Sc C o. o f this
city aro advertising their recent offering o f $50,000,000 C uba Cane Sugar
Corporation 7 % cum ulative convertible preferred stock in this issue o f the
"C h ron icle.” All the shares have been sold.
— M errill, Lynch & C o ., members o f the New York Stock E xchange, have
rem oved their offices from the seventh floor o f N o. 7 W all St. to the ground
floor at tho samo address, taking the offices formerly occupied b y tho Bank­
ers Trust C o.
— Lamarclio Sc C oad y have m oved from tho 16th floor o f tho Bankers
Trust Building, 14 W all S t., to a larger suite o f offices on the 9th floor.
T ho firm will have double the accom m odations in tho new location.
— W illiam It. C om pton C om pany announce the rem oval o f their Chicago
offico from 111 W est M on roe St. to a larger suite on the 15th floor o f the
Borland Building, 105 South La Salle St.
— H arvey Fisk Sc Sons announce that for the convenience o f their uptown
clients they have opened an office at 15 East 15th Street, to be under the
management o f H arvey E . Fisk Jr.
— F. J. Llsrnan Sc C o . have m oved from 30 Broad S t., this city , to the
fiftli floor o f 61 B roadw ay, Adam s Express Building.
— George La M on te Sc Son announce their rem oval from 35 Nassau St.
to 61 Broadway.
— B abcock, Rushton Sc C o ., C hicago, are m oving M a y 1st into new and
larger quarters on the bank floor o f the Hom e Insurance Building, 137
South La Salle St.

1636

THE CHRONICLE

[Vo l . 102.

is th at business is checked b y the scarcity and dearness of
ocean freight room .
Sum atra m eets w ith a routine dem and
and sells a t very steady prices.
T h e same is true of C uban
leaf.
T h e trouble is th at the m arket as a whole lacks snap.
C O P P E R active and firm .
Lake here on the spot 2 9 3 ^ @
_
_
Friday Night, A pril 2 8 1916.
T rad e continues brisk, though w et or unseasonably low 3 0 c .; electrolytic 29 3^ _@ 3 0 c.; for future delivery 2 8 3^2® 29 c.
tem peratures the country over— they have been as low as Europe is said to be in the m arket for 1 5 ,0 0 0 tons, to be
L ondon has latterly advanced. T in
3 3 to 3 8 degrees in the Southern States— have hurt retail delivered this year.
tr'ade. A s a ru le, how ever, therfe has been a good wholesale lower and m ore active a t the decline a t 4 9 K c . to 4 9 .7 5 c .
and jo b bin g business, n ot only for prom p t b u t for distant L o n d on , after advancing early in the w eek, receded; arrivals
deliveries. T h e big industries are still hard pu t to it to keep 2 ,8 1 0 tons; afloat 4 ,8 1 0 tons. Spelter decline on the spot to
Offerings here have been larger. Joplin advices state
up w ith their orders, or anywhere near it.
T h e wages of 18c.
5 0 ,0 0 0 hands in the cotton mills o f F all R ive r and N e w B e d ­ th at there is a steady increase in the production of zinc ore,
ford have ju st been advanced 1 0 % . . Iron and steel are still while the dem and also increases. Production last week was
in good dem and and earnings o f big concerns are phenom enal, about 1 0 ,0 0 0 tons; shipm ents, 9 ,8 8 3 tons; shipm ents since
although new business is on a m ore conservative scale under Jan. 1, 1 2 4 ,6 1 7 tons, against 9 3 ,7 5 0 tons during tho same
L ead dull and lower on the spot a t 7 .3 7 3^c.
the sobering influence o f high prices.
T h e activity a t the tim e last year.
shipyards is som ething which has n ot been seen for genera­ to 7 .42 3 ^ c. Joplin advices say that last week thero was a
tions, or since the halcyon days o f the great clippers in the sharp dem and for all grades o f ore; prem ium s were paid in
fifties, m arking a great leap from sail to steam .
I t is hoped some cases. Shipm ents from Joplin since J an . 1, 1 8 ,7 5 3
T his
th at a satisfactory solution of the dispute w ith G erm any tons, against 1 2 ,7 8 8 tons in the same tim e last year.
m a y be reached w ith ou t the necessity of resorting to extreme includes shipm ents last week of 1 ,3 3 4 tons, against 1 ,1 1 0
m easures.
I t looks as though the w heat crop m igh t be m uch tons in the previous week and 5 5 8 last year. Pig iron in
sm aller than the last on e, and seeding of spring w h eat, corn good dem and and higher. N q . 2 Philadelphia $ 2 0 5 0 @ $ 2 1 ;
and oats will be la te.
R ailroad congestion is still a serious N o . 2 Southern $ 1 5 @ $ 1 6 , B irm ingham . Som e business has
Ita ly has bid $2 2 to $2 4
draw back.
E xports of cotton continue sm all.
Still, look­ been done a t $21 a t V a lle y furnace.
ing a t the situation from every angle, it m ay be regarded, on a t V a lle y furnace in some cases. Steel has been less active
the w hole, as satisfactory if overtrading can be avoided ancl so far as new business is concerned, p a rtly , it appears, how­
a m anifest tendency towards inflation can be kept within ever, because the mills have not been encouraging now
orders, especially for bars, shapes, billets and plates. R ails
som e sort of bounds.
L A R D active and higher; prim e W estern 1 3 .2 0 c . nom inal; have been advanced $5 a ton . F or railroad m aterial in
refined to the C ontinent 1 3 .6 5 c ., South A m erica 1 3 .9 0 c ., some cases prices are double those o f a year a g o .
Brazil 1 4 .9 0 c .
Futures have been irregular bu t latterly
higher.
On breaks com m ission houses have been good buy­
ers. Packers have sold to some exten t. B u t the price has
Friday Night, A pril 2 8 1916.
reached new high levels for the season, packers being buyers
T H E M O V E M E N T O F T H E C R O P , as indicated b y our
on balance. A good cash business has also helped prices. telegrams from the South to-n igh t, is given below .
For the
Liverpool cabled th at there is a v ery strong situation there week ending this evening tho total receipts have reached
w ith speculative bu yin g on fears of a corner in M a y .
Stocks 9 9 ,8 1 2 bales, against 1 1 3,60 3 bales last week and 1 0 2 ,5 5 0
a t Liverpool are ligh t. T o -d a y prices advanced slightly bales tho previous w eek, m aking the total receipts since
w ith higher prices for hogs.
A u g . 1 1915 6 ,2 0 8 ,8 6 3 bales, against 9 ,6 9 4 ,8 5 5 bales for the
3

pxe

(B m x m z x tm l

T xm zs.

COMMERCIAL EPITOME

COTTON

D A I L Y C L O S IN G P R IC E S OP L A R D F U T U R E S I N C H IC A G O .
Sat.

M on.

M a y dolivery-------- c t s .ll.8 7 > 4 12.27H
July d elivery............. . . 1 1 . 9 7 ^ 12.37K
September dolivery------ 12.15
12.5214

T u es.

W ed .

12.55 12.35
12.62H 12.37H
1 2 . 7 7 X 12.55

T h urs.

12.50
12.50
12.65

F ri.

12.55
12.57
12.70

P O R K in fair dem an d; m ess $ 2 5 5 0 @ $ 2 6 ; clear $ 2 3 @ $ 2 6 .
B e e f, m ess, $ 1 7 5 0 @ $ 1 8 ; extra In d ia m ess, $ 2 9 @ $ 3 0 .
Cut
m eats in good dem and and strong; pickled h am s, 10 to 20
lb s ., 1 5 % @ 1 7 c .; pickled bellies, 1 5 @ 1 6 ^ £ c . B u tte r, cream ­
ery, 3 0 @ 3 4 3 ^ c .
Cheese, S ta te , 1 5 @ 1 8 3 ^ 0 . E g g s , fresh,
20 3€ @ 2 4c.
C O F F E E qu iet; N o . 7 R io 9 % c . ; N o . 4 Santos 1 0 % @
1 0 3 ^ c .; fair to good C u cu ta l l M @ 1 2 ^ c .
Futures ad­
vanced on trade b u yin g. A lso prim ary receipts have been
sm all. Santos
quotations have
advanced. T h e
M ay
invoices here am ounted to on ly 5 ,0 0 0 bags, which some
considered as an indication th at liquidation is about over.
T o -d a y futures closed 3 to 8 points higher, w ith sales of
3 5 ,2 5 0 bags.
Closing quotations were as follows:
M a r c h ... eta .8.38(j
A p ril...............8.40(
M a y ...............8.40(i
J u n o ________ 8.45(

J u ly____ cts .8 .4 9 (
A u g u s t _____ 8.52 (
September _ .8 .5 6 (
O ctober_____ 8.60(j

N ovem ber cts 8 .64 @ 8.66
D ecem ber___8 .6 8 @ 8 .7 0
J a n u a ry ____ 8 .7 3 @ 8 .7 5
F e b r u a r y ___8.7 8 @ 8 .8 0

S U G A R in brisk dem and and again higher; centrifugal,
96-degrees test, 6 .2 7 @ 6 .4 6 c .; m olasses, 89-degrees test,
5 . 5 0 @ 5 . 6 9 c .; granulated 7 .4 0 c . Futures advanced on the
higher prices for refined, duo to a large European dem and.
Prices have reached new high levels on very large trading
ranging recently from 1 2 ,0 0 0 to 3 3 ,0 0 0 tons in a single d a y.
LI. A . Llimely reduces his estim ate o f the C u ban yield some
9 3 ,0 0 0 tons, owing to prolonged drought, m ak ing the total
crop 3 ,0 8 0 ,0 0 0 tons. Receipts are decreasing as the season
nears its close. H e a v y rains have latterly interfered with
grinding in C u b a . T o -d a y futures closed 3 to 6 points
lower w ith sales 7 ,1 5 0 tons.
Closing quotations follow :
M a rch ___cts.4 .5 0@ 4 .5 3
A p r il.............. 5 -42 @ 5.45
M a y .............. 5.42(3)5.45
Ju n e................5 .4 8 @ 5 .5 0

J u ly ____ c ts _ 5 .5 2 @ 5 .551 N ovem ber cts5 3 6@ 5 .3 8
A u g u s t _____5.55(a)5.57 D ecem ber____5 .0 9 @ 5 .1 2
S ep tem b er_5.57(35.60 J a n u a ry _____ 4 .6 5 @ 4 .6 6
O ctob er____ 5 .5 6 @ 5 .5 8 l F e b ru a ry ____ 4 .5 1 @ 4 .5 3

O I L S .— Linseed in fair dem and; c ity , raw , A m erican seed,
7 6 @ 8 0 e .; city boiled, Am erican seed, 7 7 @ 8 1 c .; C a lcu tta,
90 c .
L ard , prim e, 9 8 @ 100c.
C ocoan u t, C och in , 1 7 @ 1 8 c .;
C eylon 1 6 @ 1 7 c .
Corn 10c. P a lm , Lagos 1 7 ® 1 8 c .
C od,
dom estic 6 2 @ 6 3 c .
C otton seed, winter 1 1 .2 5 @ 1 2 c ., sum ­
mer w hite 1 1 .3 0 @ 1 2 c .
Spirits o f turpentine 44 3 ^ c. Strained
rosin, com m on to good , $ 4 50 .
P E T R O L E U M active and firm ; refined in barrels $ 8 95
@ $ 9 9 5 , bulk $5 2 5 @ $ 6 2 5 , cases $11 2 5 @ $ 1 2 2 5 . N a p h ­
th a, 7 3 @ 7 6 degrees test, in 100-gallon cases and over,
4 1 3^ c.
G asolin e, gas m achine steel, 3 7 c .; 73 to 76 degrees,
steel and w ood, 3 2 @ 3 5 c .; 6 8 to 70 degrees, 2 9 @ 3 2 c .
Clos­
ing quotations were as follow s:
Pennsylvania dark $2 60
C abell.........................2 12
M ercer black_____ 2 10
New Castle______ 2 10
C o rn in g ___________ 2 10
W ooster___________ 1 90

N orth L im a............ 51 73 Illinois, above 30
South Lim a............ 1 73
degrees..... .......... SI 80
I n d ia n a _______________158Kansas and Okla­
Princeton.........................180 hom a __________ 1 6 3
Somerset. 32 d e g .. 1 9 5 C addo La, l i g h t .. . 1 55
R ag lan d __________ 90c.

T O B A C C O has been quiet bu t firm .
T h e better grades
are in scanty supply and are therefore held w ith confidence.
A t the same tim e there is quite a good inquiry for low grades
for export to H ollan d .
Such shipm ents are supposed to find
their w ay eventually to G erm an y. B u t the trouble just now




same period of 1 9 1 4 -1 5 , showing a decrease since A u g . 1 1915
of 3 ,4 8 5 ,9 9 2 bales.
S a t.

G alveston ______
Texas C ity _____
P ort A rthur____
Aransas Pass, &c
N ew Orleans____
G u lfp o r t_______
M o b i l e ................
P en sa cola ______
Jacksonville, & c.
Savannah ______
B ru n sw ick _____
C h a rleston _____
G e o rg e to w n ____
W U m in g ton ____
N o rfo lk _________
N ’port N ews, &c
N ew Y o r k ______
B oston__________
B altim ore---------Philadelphia____
Totals this w eek.

M on.

T u es.

W ed .

F r i.

T h u rs.

6,190

T o ta l.

5,532 32,997
1,120
3,046
....
209
543
543
1,897 20,117

2,987
810

3,708

9,499
'2 0 9

____

5,081
1,116
____

1 J6 2

'7 8 0

7",337

3,105

5,836

'4 2 5
____

'6 6 6
____

l'5 8 1
____

1,074
____

308
____

246

4*300
-

1,541

2.277

3,492

794

l“ 6 2 1

'2 8 5

'2 4 0

l',181

1,337

2,245
5,000
324

11',370
5,000
4,546

‘ 566
3,290

T.047
1,360

'1 4 9

*273
81

'5 5 2
783
____
50
60

l “,481
1,242
____
____
214

1,015
2,052
764
____
59
175
—

6",085
9,752
764
323
585
175
—

20,972

99,812

—

—

—

—

1.179
_
1,424
1,025
---____
22
____
—

11,215

10,432

24.744

15,437

17,012

T h e following shows the w eek’s total receipts, the total
since A u g . 1 1915 and the stocks to-n ig h t, com pared w ith
last year:
1915-16.
R e c e ip ts to
A p r i l 28.

T h is
W eek .

S in c e A u g

1 1915.

1914-15.
T h is
W eek

1 1914.

Galveston_______
32,997 2,177,208 34,167 3,768,186
2,374 493,521
Texas C ity ............
3.046 293,805
Pnrti Arfthiir
48,499
340
53,793
209
3,074
55,708
80,995
543
Aransas Pass, & c.
N ow Orleans____ 20,117 1,175.138 29,053 1,677,287
.
5,322
5,322
G u lfp ort_________
1,214 160,868
M o b ile ..............
4',300 113,904
47,372
65,194
X UllOuLUlU—
——————
31,326
38,761
'2 3 4
Jacksonville, & c.
l l ',370 930,495 19,405 1,672,755
Savannah_______
5,000 105,700
6,000 208,808
B run sw ick______
2.828 393,101
4,546 237,594
Charleston______
._
1,652
G eorgetow n-------728
5,800 259,142
182,474
W ilm ington_____
6,085
N orfolk__________
9,752 552,705 12,150 544.975
3,624
81,093
142,065
N ’port Nows, & c.
761
26,435
1,017
19,543
323
Now Y o r k ______
65.809
3,427
69,324
585
B o s t o n __________
42,292
1,632
75,478
175
B altim ore_______
2,562
2,101
14
P h ila d e lp h ia ____
T o ta ls................

S to ck .

S in c e A u g

1916.

1915.

283,253
12,469

402,468
70,414

66
295,086
27,093

851
337,553
178
18,831

2,044
144,074
7,000
66,834
______
63,924
97,161

316
117,952
16,000
64,716
______
48,934
69,681

244,681
8,139
6,522
2,311

202,995
13,331
5,481
4,725

99,812 6,208,863 131,675 9,694,855 1,260,657 1,374,426

In order th at comparison m ay be mado w ith other years,

R e c e ip ts a t—

1916.

1915.

1914.

1913.

1912.

1911.

G a lv e sto n ___
Texas C ity ,&c
N ew Orleans.
M o b ilo ............
Savannah ___
Brunswick__
Charleston,&c
W ilm in g ton .. :
N o r fo lk _____
N ’port N .,& c.
All others____ |

32,997
3,798
20,117
4,300
11,370
5.000
4,546
6.085
9,752
764
1,083]

34,167
5,788
29,053
1,214
19,405
6,000
2,828
5.800
12,150
3,624
11,646

18,805
1,040
27,512
6,076
9,906
750
345
2,585
3,956
3,540
1,113

18,517
9,656
14,218
3,864
9,851
967
3,733
554
4,094
1,984
3,792

20,286
4,414
13,808
1,475
16,207

13,950
860
21,175
3,153
11,423

1,619
2,236
10,478
693
4,521

2,197
5,561
6,200

T otal this wk.

99,812

131,675

75.428

71,230

74,737

65.926

1,407

Since A ug. 1 . 6,208,863'9,694,855l9,972.874 9,280,547 11443184 8.265,977

THE CHRONICLE

A pr. 29 1916.]

T h e exports for the week ending this evening reach a to ta l
of 1 4 0 ,7 3 0 bales, o f which 4 3 ,1 3 9 woro to G reat B rita in ,
3 4 ,8 4 7 to Prance and 0 2 ,7 4 4 to othor d estin ations.
Ex­
ports for the weok and since A u g . 1 1915 are as follow s:
W e e k e n d in g A p r i l 28
E x p o r te d to —
fr o m —

C o n ti­
G rea t
B r ita in . F r a n c e . n e n t s : c

1910.

T o ta l.

Galveston-. 27,549 10,480 12,390 50,419
10,600 10,600
Texas City.
___
___
Port Arthur
____
___
Ar.Pass,&c.
200 14,372 10,202 24,774
New Orleans
___
___
M obile___
___
___
Pensacola..
11,551 11,551
15,447
Brunswick _ 9,441 6,006
Charleston.
Wilmington
Norfolk
648
64S
N ’portNews
New York.
59 3,989 6,996 11,041
B oston----5,242
316 5.55S
Baltimore..
Philadelphia
Portl’d.M e.
San Fran..
4.406 4,406
Seattle___
6,283 6,282
Tacoma
Los Angeles
Pembina. __
—
—
—
—
Total . . .

F rom A u g .

G rea t
B r it a in .

841,604
174,924
43,142
_____
441,340
37,545
39,710
154,873
61,357
54,055
19,341
742
70,863
52,620
00,776
11,576
3,296

1 1915 to A p r i l
E x p o r te d to —

F ran ce.

152,747
72,749
______
13,873
177,653
______
7,00fi
65,556
10,806
63,236
5,389
113,848
26,109

..........

43,139 34,847 62,744 140,7302,097,764

28 1916.

C o n ti­
n ent & c .

T o ta l.

400,535 1,394.886
18,102 265,775
43,142
0,722
23,595
259,216 878,209
37,545
48,048
1,338
150,780 371,209
72,163
20,325
74,380
67,012 131,148
..........
24,730
742
310,792 495,503
7,325
59,945
500 117,385
14,876
3,300
3,296
136,226 136,220
162,2fi6 162,256
93,079
93,079
450
450
1,701
1,701

708,966 1,643,619|4,450,349

Total '14-15 78.193 25,541 40,442144,1763,241,865 551,876 3,402,019 7,195,760
Total '13-14 22,633
718 37,856 61,207 3,154,281 1,018,383 4,019,59218,192,256
N o t e .—New York exports since Aug. 1 include 1,048 bales Peruvian and 309 West
Indian to Liverpool and 1,010 bales Peruvian to Genoa.

In addition to above exports, our telegram s to-n ig h t also
give us tho following am ounts of cotton on shipboard, not
olearod, at the ports n am ed . W o add similar figures for
N ow Y o rk .

1637

business in cotton goods in this country, and it is said that
som e foreign buyers would be willing to contract a t current
prices for supplies for threo years ahead, bu t th at the m ills
are n ot willing to sell in advance for m ore than six m onths
to a year.
On the other hand , how ever, the speculation
is com paratively du ll, tho price looks high to m a n y ,
tho
acreago
will
probably
be
increased
m aterially,
and
under ordinary circum stances, tho next crop will
bo large,
and
finally
there
are
the
G erm an
and
M exican questions still unsettled. T h o outside public is
n o t inclined to tako hold of cotton on tho bull side a t the
present level of prices.
T o -d a y prices advanced slightly
and then reacted.
Sp ot m arkets were firm , and Liverpool
and spots interests here bought M a y and J u ly , though in
som e cases they sold O ctober, D ecom ber and January.
I t was unseasonably cold in m an y parts of tho b elt.
On
the other hand, how ever, speculation is lacking, w ith so
m uch overhanging the m ark et.
Sp ot cotton closed a t
12 .2 0 c . for m iddling uplands, showing an advance for the
week of 10 points.
Tho official quotation for m iddling upland cotton in tho
N ew Y o rk m arket each day for the past wook has been:
A p r i l 22 t o A p r i l 28—
S a t.
M iddling up land s........................ H .

M on . T u e s . W e d . T h u r s . F ri.
12.05 12.15 12.10 12.15 12.20

N E W Y O R K Q U O T A T IO N S F O R 32 Y E A R S .
Tho quotations for middling upland a t N e w Y o r k on
A p l. 2 8 for each o f the past 32 years have been as follow s:
1916-c .......... 12.20
1915________ 10.50
1914.......... -.1 3 .1 0
1913------------ 11.70
1912------------ 11.75
1911------------ 15.35
1910------------ 14.85
1909------------ 10.75

1908. c —
1907_____
1906.........
1905.........
1904____
1903_____
1902.........
1901.........

M ARKET

- - 10 .0 0
--1 1 .3 0
-.1 1 ,7 5
— 7.70
-.1 3 .8 5
-.1 0 .7 5
9.88
— 8.38

AND

190 0 -c — ._
1899_____ _ .
1898.......... . .
1897.......... . .
1896......... - .
1895..........
1894_____ - .
1893.......... - -

SALES A T

9 .81J
6 .12 1891_________ 8.88
6.31 1890...............12.00
7.69 1889..............1 1 .0 0
8.06 1888.............. 9.81
6.94 1887...........-.1 0 .6 9
7.44 1886_________ 9.25
7.81 1885...............10.75

NEW

YORK.

O n S h ip b o a r d , N o t C lea red f o r —

A p r il

28

a t—

G rea t I
B r ita in . F ra n ce,

7,306
N ow Orleans. _
G a lv e s to n ____ 22,093
4.800
Savannah ____
Charleston —
M o b llo .............. 13,200
N o r fo lk ______
1,000
N ow Y o r k ____
2,800
Other ports___
T otal 1910._ 51,325
T otal 191 5 .- 117.320
T otal 1 9 1 4 .. 28.499

G er­
m any.

O th er
C o n t’t .

20,779
35,289

11,008

100
800

2,100
500

11,808!
100 58,008
38,559,
100 60,438
12,053 63,492 31.717

C o a stw is e

8,750
1,400
2,431
842

T o ta l.

39,153
60,132
0,200
15,797
842
3,900
3,300

L e a v in g
S to ck .

255,933
217,121
137,874
66,834
11,290
96,319
24,781
99,175

13,423 135,324 1.125,333
30,041 258.458 1.115,968
23,435 159,196 513,582

Speculation in cotton for future delivery has been quiet
and as regards prices it has been tho old story of com para­
tively narrow daily fluctuations.
B u t, after al , there has
been during the weok a swing of somo 2 0 points, M a y a t
one tim e touching 1 1 .7 0 c ., and another 11 .9 8 c .
Interna­
tional politics h avo, n atu rally, had a rnoro or less disturbing
offoct. T h e fact that all Ireland has boon declared under
m artial law has had nore or less indirect influence. B u t
while speculation in cotton has been quiot, there has un­
doubtedly been a porsistent dem and for tho actu al cotton ,
and tho N ew Y o rk stock is steadily disappearing a t tho rate
o f nearly 1 ,0 00 bales a d a y . A n d tw en ty-five steamers arc to
sail within tho next two m onths w ith cotton for Europe.
Ocean freights a t G alveston havo boon som owhat weaker.
Liverpool spot sales have been very fair for theso tim es.
Silver has been stoadily rising, and is expoctod to go on ad­
vancing if European countries are to use a good doal of-silvor
to reliove tho currency situation there. T h o upshot ought to
bo a considerable increaso in tho buying power o f tho Orient
to tho ultim ate advantage o f Lancashire and tho S ou th , as
well as cotton manufacturers in all parts o f this country.
Japan is doing a good business in cotton goods, and has
bought considerable raw cotton in this country thus far this
season.
It is now said that it has latterly boon buying in
Arkansas for fall delivery.
Iloro thoro has boon a good deal
of covering in M a y and Ju ly, traeeablo, it is bolieved, to tho
firmness of the actual cotton in this cou n try.
11 is supposed
that a good doal of tho cotton in N o w Y o rk has already
been sold, and th at Europo owns a considerable percen­
tage
of
tho
stock
at
m an y
Southern
ports. A t
any
rate
that
idea
is
vory
general. M eanw hile
tho
season
in
Texas
is
said
to
be
lato.
and scarcity of seed is com plained of in a num ber of sections
o f the Sou th . T h is is a point which is beginning to attract
atten tion , i. o ., the scarcity and high price of cotton seed.
In parts of Texas— that is, in the Victoria section— it is
quoted at anywhero from $8 5 to $ 1 2 0 a ton .
W ith seed
certainly selling at abnorm al prices on both sides o f tho
M ississippi River it is argued in som e quarters th at farmers
will bo inclined to plant som ew hat later than usual rather
than take the risk of having to replant later on a t unusual
oxponso. T h is w ith a c old ,la te spring, it is suggested, m ay
causo tho crop to bo lato.
H ow ever, this lias not boon ail
active factor in the m arket, but sim p ly a point which has
received
a
certain
am ount
of
atten tion .
E arly
in
tlio
week
tho
buying
of
M ay
and
July
by spot houses was vory large, the total last T u esd ay being
estim ated a t 4 0 ,0 0 0 to 5 0 ,0 0 0 bales. A n d that day— tho
2 5 th in st.— tho first M a y notice d a y , the num ber o f notices
issued was very sm all, estim ated at anywhere from 1 ,0 0 0 to
2 ,4 0 0 bales, whereas tho total had been expected to bo con- '
siderably larger. M ean w h ile there has been an excellent




S pot M a rket
C lo s e d .

Saturday___
M o n d a y ___
T u e s d a y ___
W ednesday.
Thursday __

F u tu res
M arket
C lo s e d .

SALES.
S p o t.

C o n tr ’c t

H O L ID A Y
Steady, 5 pts. d e c ..
Steady, 10 pts. a d v .
Quiet, 5 pts. d e c___
Steady, 5 pts. adv__
Quiet, 5 pts. a d v ___ Steady_________

T o ta l____

1,0 0 0
700
100
150
1,950

T o ta l.

::::

1,0 0 0
700
10 0
160

—

1,950

T H E V ISIB LE SU P P LY OF C O T T O N to-night, as made
up by cablo and telegraph, is as follows. Foreign stocks,
as well as tho afloat, are this weok’s returns, and consequently
all foreign figures are brought down to Thursday evening.
B ut to make the total the com plete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
A p r i l 28—
Stock at L iv e r p o o l............ -b a le s .
Stock at L o n d o n ________________
Stock at M anchester____________

1916.
1915.
1914.
1913.
830,000 1,524,000 1,158,000 1,168,000
50,000
22,000
5,000
5,000
77,000
134.000
79,000
66,000

T otal Great Britain s to ck ..........
Stock at H am burg_______________
Stock at B re m e n .....................
Stock at H avre__________________
Stock at M a rseilles______________
Stock at B a r ce lo n a _____________
Stock at G e n o a _________________
Stock at T rieste_____ ____________

957,000 1,680,000 1,242,000 1,239,000
*1,000
»23,000
17,000
14,000
*1.000 *482,000
534,000 507,000
294,000
312,000
380,000 324,000
15,000
17,000
4.000
3,000
46.000
35,000
35,000
26,000
127,000
511,000
36.000
28,000
*1.000
*4,000
47,000
26,000

T otal Continental stocks...............

485,000 1,384,000 1,053,000

928,000

T otal European stocks--------------- 1,442,000 3,064,000 2,295,000 2,167,000
India cotton afloat for E urope—
44,000
139,000
198,000
72,000
Am er. cotton afloat for E u ro p e ._ 371,754
660,599
265,662 273,091
Egypt,Brazil,& c.,afloat for E ur’pe
23,000
53,000
46,000
28,000
Stock in Alexandria, E g y p t.............
86,000 213,000
248,000 195,000
Stock in B om bay. India.................... 1.110.000 905,000 1.094,000 887,000
672,778 555,005
Stock In U. S. p orts......... ............... 1,260,657 1,374,426
Stock in U. S. Interior tow ns______ 837,187 752,927
442,480 448,059
U. S. exports to -d a y.............................
16,518 28,827
12,317
5,915
T otal visible supply.....................--5 ,1 91 ,11 6 7,190,779 5,274,267 4,631,070
O f the above, totals o f American and other descriptions are as follow s:
A m er ica n —
Liverpool stock ...................... bales. 614,000 1,237,000
921.000 978,000
M anchester stock.................
64,000
111,000
53,000
50,000
Continental stock ............................. *381,000*1,204,000
954,000
891,000
American afloat for E urope_______ 371,754 660,599
265,662 273,091
U. S. ports stocks..................................1,260.657 1,374,426
672,778 555,005
U. 8 . interior stocks............................. 837.187 752,927
442,480 448,059
U .S . exports to -d a y.........................16,518
28,827
12,347
5,915
T otal A m erican...........................3,545,116 5,368,779 3.321,267 3.201,070
E a s t I n d i a n . B r a z i l , & c .—
Liverpool stock ..................................... 216.000 287,000
237,000 190,000
London s t o c k ......................................
50,000
22.000
5.000
5,000
M anchester stock.................................
13.000 23,000
26,000
16,000
Continental stock .......................... . . *104,000 *180,000
99,000
37,000
India afloat for E u r o p e ....................
44,000 139,000
198,000
72,000
E gypt, Brazil, & c.. a flo a t.................
23,000
53,000
46,000
28,000
Stock in Alexandria, E g y p t.............
86,000 213,000
248,000 195,000
Stock in B om bay. India___________ 1.110,000 905,000 1,094,000 887,000
T otal East India, & c.......................1,646.000 1,822,000 1,953,000 1,430,000
T otal A m e r ic a n ........................... _-3.545.116 5,368,779 3.321,267 3,201.070
T otal visible supply.....................5,191.116 7,190.779 5,274.267 4,631.070
M iddling Upland, L iverpool----------7.94d.
5.66d.
7.26d.
6.72d.
M iddling Upland, New Y o r k ______
12.15c. 10.50c.
13.00c.
11.85c.
E gypt, G ood Brown, L iv e r p o o l.. 11.27d.
8.70d.
9.65d. 10.45d.
Peruvian, Rough G ood , L iverpool 13.25d.
9.50d.
8.75d.
9.90d.
B roach, Fine, L iverpool----------------7.65d.
5.40d.
634d. 6 7-16d.
Tinnevelly, G ood , L iverpool---------7.77d.
5-52d.
6 5-16d. 6 7-16d.
♦Estimated.

Continental imports for past week have been 01,000 bales.
The above figures for 1910 show doorcase from last week
of 140,2 7 2 bales,alossof 1,999,003bales from 1915,a decrease
o f 83,151 bales from 1914 and a gain of 500,040 bales over
1913.

THE CHRONICLE

1638

A T T H E I N T E R I O R T O W N S the m ovem en t— th a t is,
the receipts for the week and since A u g . 1, the shipm ents for
the week and the stocks to-n igh t, and the same item s for the
corresponding period of the previous year— is set out in de­
tail below .

F U T U R E S .— T h e highest, lowest and closing prices a t
N e w Y o rk for the past Aveek have been as follow s:
S a tu rd a y, M o n d a y , T u e s d a y , W e d 'd a y . T h u r s d ’ y , F r id a y ,
A p r i l 22. A p r i l 24. A p r i l 25. A p r i l 26. A p r i l 27. A p r i l 28.
M ay—

M o v e m e n t to A p r i l
T ow n s.

R ece ip ts.
W eek.

S ea so n .

28 1916.

M o v e m e n t to A p r i l

S h ip -

S tocks
A pr.

W eek.

28.

R e c e ip ts .
W eek.

41
Ala., Eufaula.17,439
281 11,042
Montgomery. 1,810 115,348 6,307 56,492
Selma............
234
57,340 1,322 23,155
Ark., Helena..
226
51,762
274 8,597
814 161,492 2,678 30,253
Little R ock ..
Ga., A lbany...
20,879
230
288 5,144
Athens..........
1,573 112,549 2,200 23,821
Atlanta..........
4,718 136,623 5,133 66,958
Augusta........
2,273 366,774 5,207 119,582
Columbus___
62,474 1,600 43,038
928
M a con ..........
43,529
687 8,327
321
441
R om e .......... .
61,186 2,75.7 11,341
La., Shreveport
227 116,830 2,521 24,882
16,524
1 1 4,412
Miss.,Columbus
167
52
62,142
409 5,643
Greenville . . .
761 102,546 2,815 13,342
Greenwood-. .
M eridian----46.760 1,405 13,870
690
Natchez,........
23,855
640 8,533
35
Vicksburg----32
245
26,397
30,094
185 8,611
Yazoo C ity ..
M o., St. Louis. 16,960 626,395 18,134 19,822
N .C ., Raleigh.
225
33C
236
11,965
O., Cincinnati. 4,959 221,631 9,290 13,121
22
Okla., H u g o ...
12,615
S.C., Grcenw’d
18,875 1,505 S.2 1 C
45
Tenn.,Memphis 6,722 904,06C 26,573 189,106
1,800
Nashville----6,684
Tex., .Brenham
20,091
66 3,124
29
27,821 1.30C 2,670
Clarksville. . .
156
92,245
934 10,342
1,072
Dallas...........
134
29,051
Honey,Grove.
27 1,467
Houston........ 20.6921,973,681 23,631 95,266
Paris.............
742
93,530
556 4,607

S ea son .

24,813
131
1,459 199,036
1,602 133,427
109
61,745
826 202,528
31,994
134
72C 116,969
2,528: 182,176
3,573 434,788
97,664
1,535
37,114
78
919, 64,694
1,514 153,993
32,176
398
73,044
200
698 133,521
48,635
430
5( : 21,834
156
37,858
39,505
15,964 620,078
12,946
680,
13,878 267,170
10,354
25,221
468
15,7601,014,931
475;
7,315
272
18,997
46,434
100
344 120,483
50! 24,594
18,8663,290,955
150 116,139

30 1915.

S h ip -

S tocks

W eek.

35'.'

109 8,832
3,848 58,335
1,975 21,842
7,977
3,364 25,875
160 9,956
1,700 17,974
2,530 16,945
7,278 114,856
1,700 29,704
380 6,479
897 8,558
1,820 39,686
98 4,489
227 8,500
1,499 11,151
154 16,053
5C 4,500
858 0,664
708 0,341
16,818 31,805
381
725
10,664 13,897
___
___
212 6,984
26,298 146,334
634 1,187
240 1,213
400
200
842 1,932
75
75
26,535 122,702
350 1,300

11.76 .85 11.77 .98 11.85 .96 11.91 .95 11.91-98 11.76-.98
11.83 — 11.90 .91 11.90 .91 11.93 .94 11.93—94

Range
Closing___

11.92 — 11.98 — 11.97 — 12.00 — 12.00 — —

J u ly —

Range____
11.90 .02 11.96 .14 12.02 .12 12.05 .10 12.07—14 11.90—14
Closing___
12 .0 1 .02 12.06 .07 12.05-.06 12.07-.08 12.08-.09
A u g u st—
12.18—19 1 2 .12 —22
1 2 .20-.22 —
12 .1 2 — —
Range........
Closing----12.09-.il 12.14-16 12.13—15 12.15-17 12.15—17
S ep tem b er —
Range____
Closing___
12.16—18 1 2 .20-.22 12.18—20 12.18—20 12.18—20 —
HOLI­
O ctob er —
DAY. 1 2 .10 -2 2 12.22-.32 12.20—31 12.22-.27 12.22-.31 12.10-.32
Range____
12.22-.23 12.25—26 12.23-.24 12.23-.24 12.23-.24 -------- —
Closing-----N ovem ber—
R jmjrp
12.25-.26
12 25- 26
Closing----12l28 — 12.32-.34 12.29 — 12.29 — 12.28 —
D ecem b er—
12.28-.40 12.40-.48 12.37-.47 12.38-.44 12.39-.46 12.28-.48
Range____
Closing----12.38-.39 12.43-.44 12.40-.41 12.40-.41 12.38-.39 -------- —
J an u ary—
12.37-.48 12.45-.57 12.46-.56 12.48-.52 12.44-.54 12 37—57
Range
Closing___
12.45-.46 12.51—53 12.48.49 12.47-.48 12.44-.45
F e b ru a ry —
Range____
Closing___
12.53 — 12.59-.62 12.56-.58 12.55-.56 12.53 —•
M arch —
12.53-.63 12.64-.74 12.63-.72 12.62 — 12.68 — 12.53-.74
Range____
12.61 — 12.68-.70 12.65-.66 12.63-.64 12.60—62 —
Closing___

N E W O R L E A N S C O N T R A C T M A R K E T .— T h e high­
est, lowest and closing quotations for loading contracts in the
N ow Orleans cotton m arket for the past w eek have been as
follow s:
S a t u r d a y , M o n d a y , T u e s d a y , W e d ’ d a y , T h u r s d 'y , F r i d a y ,
A p r i l 22. A p r i l 2 4 .' A p r i l 25. A p r i l 26. A p r i l 27. A p r i l 28.

May—

Range ____
Closing___

11.59-.68 11.56-.77 11.68—75 11.71—75 11.74-.76
ll.6 4 -.6 5 4 l.7 1 -.7 2 11.71—72 11.73-.74 11.72-.73

Range ____
Closing —
'—
e ____
ng . . .

11.77-.89 11.85-.00 11.91—00 11.93-.99 11.9511.87-.88 11.94-.95 11.95—96 11.95—96 11.9 5 -

.00
.96

12.01—
11.91-.93’ 12.01-.03 12.03-.05 12.0 3-0 5 12.01—

04
02

July—
‘

O VER LA N D M O V E M E N T FOR TH E W E E K A N D
S I N C E A U G . 1 .— W e give below a statem ent showing the
overland m ovem en t for the week and since A u g . 1, as m ade
up from telegraphic reports F riday nigh t. T h e results for the
week and since A u g . 1 in the last two years are as follow s:

S

September—

Range ____
Closing . . .

October—

W eek.

W eek.

636,960
299,100
6,906
119,902
111,448
114,204
500,275

.18,134
. 1,160
.
28

Via K ock Island.

. 2,875
. 2,014
.21,872

.48,397 1,788.795

D e d u c t s h ip m en ts—

16,818
7,928
3,349
. 4,969
2,104
27,347

597,000
288,711
4,227
141,331
99,689
166,440
393,495

62.515 1,690,893

. 1,083
. 6,143
. 4,481

137,098
153,558
245,963

6,090
13,142
4,239

166,446
195,999
131,020

.11,707

536,619

23,471

493,465

.36,690 1,252,176

39,044 1,197,428

* Including m ovem ent b y rail to Canada.

T h e foregoing shows the w eek’s net overland m ovem ent
has been 3 6 ,6 9 0 bales, against 3 9 ,0 4 4 bales for tho week last
year, and th at for the season to date the aggregate net over­
land exhibits an increase over a year ago of 5 4 ,7 4 8 bales.
-1915-16In

S ig h t a n d S p i n n e r s ’
T a k in g s .

---------1914-15■S i n c e

W eek.

S in c e
A u g . 1.

W eek.

. 99,812
. 36,690
. 88,000

6,208,863
1,252,176
2.882.000

131,675
39.044
62,000

A u g . 1.
9.694,855
1,197,428
2,316,000

.224,502 10,343,039
391,225
.*51,717

232,719 13,208,283
*28,942
632,788

.172,785

203.777

Total in sight April 28
1 72,938

10,734',264
2,678,328

75,694

13,841.071
2,628,842

* Decrease during week.

M o v e m e n t into sight in previous years:
D a le s .
1—
1914— M a y 1 . ...........
112,815 1913-14— M a y 1 ____ ____13,826,244
1913— M a y 2 _______ ______- -111,952 1912-13— M ay 2 ____ ____13,013,498
1912— M ay 3 ________________ 111,853 1911-12— M a y 3 ------ ____14,900,090
W eek—

D a le s .

S in c e A u g .

Q U O T A T IO N S F O R M I D D L I N G C O T T O N A T O T H E R
M A R K E T S .— Below aro tho closing quotations o f m iddling
cotton at Southern and other principal cotton m arkets for
each day of the w eek.
weeK enuing
A pril 28.

C lo s in g Q u o ta tio n s f o r M id d lin g C o tto n o n —
;
|Saturday. \Monday. Tuesday. Wed'day . ;Thursd'y. Friday.

G a lv e s to n _____ i
N ow Orleans___
M o b ile _________
Savannah _____
Charleston_____
PAR­
W ilm ington-----T IA L
N o r fo lk _______
B a ltim o r e _____ H O L I­
P h ila d elp h ia ___ D A Y .
A ugusta_______
M e m p h i s _____
St. Louis______
Houston_______
L ittle R o ck ____




12.35
11.8 8
11.75

12.35
11.8 8
11.81

nvs
li %

WA
UH

n .4
11.75
113*
12.30
11.75
12 .0 0
12
12.25
12.31

11H
11.8 8
1138
12.40
11.75
12 .0 0
12
12.30
12.31

12.35
11.8 8
11.81
____
1I X
1 1 'A
1 1 .8 8
11 3*
12.35
11.75
12 .0 0
12
12.30
12.31

12.35
1 1.8 8
11.81
1 1 Vs
115*
113*
11.8 8
113*
12.40
11.75
12 .0 0
12
12.30
12.31

12.35
1 1.8 8
11.81
nvs
u %

113*
1 1.8 8
12
12.45
11.75
12 .0 0
12
12.25
12.31

12.00-.02 12.06-.08 12.07-.09 12.07—09 12.06—08
11.85-.98 11.9C-.08 12.00—08 12.03-.07 1 2 .0 4 11.97-98 12.02-.03 12.05—06 12.0 5-0 6 12.04—

09
05

Range ____
Closing —

1 2 .00- . i l 1 2.08-.2l 12.14-.2l 12.16—20 12.17—
1 2 . 10 - . i l 12.15—16 12.18—19 12.1 8-1 9 12.17—

22
18

Range ____
C losin g___

12.12—20 12.20-.29 12.2612.19—21 12.25-.26 12.27-

R ange____
C losin g___

12.45—48
12.27-.28 12.35—41 12.44 —
12.31—35 12.40-.41 12.41—43 12.40-.42 12.41—43

Range ____
Closing__

December—
A p r i l 28—
S h ip p e d —

W eek.

Range____
Closing___

J u n e—

Total, 33 towns 67,288:5,671,201 110,005'837,187l 84,0677,903,130'll3,009’752,927

T h e above totals show th at the interior stocks have de­
creased during the week 5 1 ,7 1 7 bales and are to-n ight 8 4 ,2 6 0
bales moro than at the same tim e last year. T h e receipts at
all towns have been 1 6 ,7 7 9 bales less than the sam e week
last year.

[V o l . 1 0 2

January—
March—
T on e—

Spot______
Options —

H O L I­
DAY.

Steady.
Steady.

Stoady.
Steady.

Steady.
Stoady.

1 2.29
.2 6 27 9-3 0
1 2.2
12.26.28 .27 12.25-.27

Stoady.
Steady.

Steady.
Steady.

W E A T H E R R E P O R T S B Y T E L E G R A P H .— Our re­
ports b y telegraph from the South this ovening indicate th at
rain has been quite general in Texas during tho w eek, but
that the precipitation has been light or m oderate on the
w hole.
In m an y sections elsewhere dry weather has pre­
vailed and where rain has fallen it has been light as a rule.
T exas advices are to the effect that recent low tem peratures
have had a retarding influence on cotton and the sam e is
true in m ost other districts where seed has been put in.
Planting is progressing well quito generally.
Galveston, Tex.— U nseasonably low tem peratures pre­
vailed over this section of the bolt during tho lattor part of
the week b u t damage other than retardation in growth is
y et a m atter of conjecture.
Reports received indicato th at
some acreage that had been devoted to corn and other crops,
which were damaged b y recent severo weather will be re­
planted in cotton.
W e have had light rain on three days
during the week, the rainfall being sixteen hundredths ot an
inch.
Tho thermom eter has ranged from 54 to 8 0 , averaging

Abilene, Tex.— It has rained on two days of the w eek,
tho rainfall reaching ono inch and sixty hundredths.
M in i­
m u m therm om eter 4 2 , highest 9 2 , average 67 .
.
Brenham, Tex.— There has been rain on two days during
the w eek, the precipitation reaching thirty-four hundredths
of an inch.
T he thermom eter has averaged 6 8 , the highest
being 8 8 and the lowest 48 .
Cuero, Tex.— It has rained on two days of the w eek, the
rainfall reaching one inch and fo rty-tw o hundredths.
I he
therm om eter has averaged 7 0 , ranging from 50 to 90 .
Dallas, Tex.— There has been rain on two days during the
w eek, to the extent of fifty -tw o hundredths o f an inch.
The
thermom eter has ranged from 4 4 to 8 5 , averaging 70 .
Henrietta, Tex.— Rain has fallen on one d ay during the
w eek, to the extent of tw enty hundredths of an inch. M in i­
m u m therm om eter 3 8 , m axim um 8 6 , m ean 62 .
Huntsville, Tex.— -W e have had rain on ono day of the
week, the rainfall reaching one inch and forty hundredths.
Tlio therm om eter has averaged 6 5 , tho highest being 85
and the lowest 4 4 .
.
Kerrville, T e x — R ain has fallen on two days during the
w eek, the precipitation reaching forty hundredths of an inch.
T h e therm om eter has averaged 6 2 , ranging from 4 2 to 8 2 .

A P R . 2 9 1 9 1 6 .]

Lampasas, Tex.— There has been rain on tw o days during
the week, the rainfall being thirty hundredths of an inch.
T h e thermometer has ranged from 38 to 8 4 , averaging G l.
Longview, Tex.— It has rained on two days o f tlio week,
tho rainfall reaching two inches and fifty hundredths.
M in im u m thermom eter 6 2 , highest 8 0 , average 44 .
Luling Tex — It has rained on tw o days ol tho w eek, the
rainfall reaching thirty-eight hundredths of an inch.
The
thermom eter has averaged 6 8 , the highest being 8 8 and the
^^Nacogdoches, Tex.—

It has rained on one d ay of the w eek,
the rainfall reaching ono inch and sixteen hundredths.
The
thermometer has averaged 6 3 , ranging from 4 4 to 8 2 .
Palestine, Tex.— There has been rain on two days during
the week, to the extent of one inch and eighteen hundredths.
T h e thermom eter has ranged from 4 2 to 8 4 , averaging 63 .
Paris, Tex.— T h e w eek’s rainfall has been fourteen hun­
dredths of an inch on two d ays. Average therm om eter
6 4 , highest 8 6 and lowest 4 2 .
San Antonio, Tex.— W e have had rain on two days the past
w eek, the rainfall being thirty hundredths of an inch.
T h e thermometer has averaged 6 7 , the highest being 8 8
and tho lowest 4 6 .
Taylor, Tex.— T h e w eek’s rainfall has been eight hun­
dredths of an inch on ono d a y . M in im u m thermom eter 4 4 .
Weatherford, Tex.— R ain has fallen on two days during tho
week, tho precipitation reaching nin ety-tw o hundredths of
an inch. T ho thermometer has ranged from 4 0 to 8 6 ,
averaging 63 .
,
,.
.
.
mT
Memphis Tenn.— C otton planting is progressing. T h e
w eek’s rainfall has been oighty-soven hundredths of an inch,
on three days. T h e thermom eter has averaged 6 2 , ranging
from 4 8 to 7 8 .
Dyersburg, Tenn.— We havo had no rain during tho week.
T h e thermometer has ranged from 41 to 7 9 , averaging 6 0 .
Ardmore, Okla.— There has beon rain on tw o days of the
week, to the extent of thirty-four hundredths of an inch. T h e
thermometer has averaged 6 2 , the highest being 86 and the
lo w e st3 8 .
.
.
.
Marlow, Okla— W o 1 avo had rain on one day of the past
week, tho rainfall being thirty-nine hundredths of an inch.
T h o thermometer has averaged 6 4 , ranging from 38 to 8J.
Eldorado, Ark.— There has been rain on one day during
the week, to the extent o ' ninety hundredths of an inch.
T h e thermometer has ranged from 4 4 to 8 3 , averaging 64.
Little Rock, Ark.— D ry all the week. A verage thermom eter
6 3 , highest 8 0 and lowest 4 6 .
Alexandria, La.— I has raided on on 1 day of the week, the
r infall reaching thirty-five hundredths of an inch.
The
thermometer has averaged 6 7 , the highest being 8 6 and the
lowest 4 8 .
New 0 leans, La .— T h e week’s rainfall has been fifty-on e
hundredths of an inch, on ono d a y.
T h e therm om eter has
averaged 7 1 , ranging from 5 8 to 8 4 .
Shreveport, L a — We have had rain on two days during the
week, the rainfall being forty-three hundredths of an inch.
T h e thermom eter has ranged from 4 8 to 8 3 .
Columbus, Miss .— W e have had no rain during the week.
Lowest thermometer 4 1 , highest 8 7 , averaging 64.
Greenwood, Miss.— There has been rain on one day during
the week, to the extent of seven ty-five hundredths of an
inch. T h e thermometer has averaged 6 0 , tho highest being
8 9 and the lowes 43
Vicksburg, Miss.— W e havo had no rain the past week.
The' thermometer has averaged 6 4 , ranging from 49 to 82 .
Mobile, Ala.— C otton is com ing up nicely. Stands are
good, but some injury has probably resulted from cold
weather. There has been rain on two days during the week,
the rainfall being ono inch and ninety-three hundredths.
T h e thermometer has ranged from 51 to 8 4 , averaging 68.
Montgomery, Ala.— W e have had no rain during the week.
A verage thermom eter 6 5 , highest 8 4 , lowest. 4 6 .
Selma, Ala.— W e have had no rain the past week. T ho
thermom eter has ave aged 6 4 , the highest being 8 2 and the
lowest 4 5 .
Madison, Fla.— There has been no rain the past week.
T h e thermometer has averaged 6 7 , ranging from 53 to 83..
Tallahassee, Fla.— There has been rain on one day during
the week, to the extent of six hundredths of an inch.
T he
thermometer has ranged from 52 to 8 6 , averaging 69.
Albany, Ga.— D ry all the week. M in im u m thermometer
4 6 , m axim um 8 7 , mean 67.
Millen, Ga.— There has been no rain during tho week.
T h e thermometer has averaged 6 6 , the highest being 89 and
the lowest 42.
Savannah, Ga.— W e have had rain on one day of the past
week, the rain all being two hundredths of an inch.
T he
thermometer has averaged 6 9 , ranging from 54 to 85.
Charleston, S. C.— R ain has fallen on one day during the
week, the precipitation reaching seven hundredths of an
inch. T h e thermometer has ranged from 54 to 8 7 , averag­
ing 71.
Greenville, S. C.— W e have had rain on one day of the week,
the rainfall reaching fifteen hundredths of an inch. M in i­
m um thermom eter 3 5 , m axim um 8 6 , m ean 61.
Spartanburg, S. C.— W e have had no rain the past week.
T h e thermom eter has averaged 6 2 , the highest being 8 6 ,
and the lowest 3 7 .
Charlotte, N . C.— There has been rain on one day of the
week, to the extent of one hundredth of an inch.
The
thermometer has averaged 5 8 , ranging from 44 to 8 1 .




1639

THE CHRONICLE

Goldsboro, N. C.— There has been rain on one day during
the week, the rainfall being tw enty-six hundredths of an
inch. T h e thermom eter has ranged from 40 to 8 7 , averaging
64.
,
Weldon, N. C.— W e have had rain on one day of the w eek,
the rainfall reaching tw enty-three hundredths of an inch.
M in im u m thermom eter 3 9 , m axim um 8 2 , m ean 62 .
W O R L D ’ S S U P P L Y A N D T A K I N G S O F C O T T O N .—
T h e follow ing brief b u t comprehensive statem ent indicates
at a glance the w orld’s supply of cotton for the week and
since A u g . 1 for the last two seasons, from all sources from
which statistics are obtainable; also the takings, or am ounts
gone out o f sight, for the like period.
_______________________

Cotton Takings.
Week and Season.

1914-15.

1915-16.
W eek.

Visible supply A ug. 1------------American in sight to April 2 8 - .
B om bay receipts to A pril 27—
Other India shipm ’ts to April 27
Alexandria receipts to April 26Other supply to April 26 * ------

Season.

W eek.

S eason .

7,360.004

5,331,388

4,633,210
172,785 10,734,264
590.000 2,774.000
522.000
233.000
51.000
608.000
69.000
175,000

3,176,816
203,777 13,841,071
132,000 2,054,000
273.000
14.000
810.000
11.0 0 0
147,000
8,000

T otal supply_________________ 5,626,173 19,157,474 7,728,781 20,301,887
D e d u c t—
Visible supply A pril 2 8 _________ 5,191,116 5,191.116 7,190,779 7,190.779
T otal takings to April 2 8 .a ____
O f which A m erican__________
O f which oth er_______________

435.057 13.966.358
284.057 10.412.358
151,000 3,554,000

538.002 13.111.108
409.002 10.152.108
129,000 2,959,000

* Embraces receipts in E urope from Brazil, Smyrna, W est Indies, &c.
a This total embraces the estimated consum ption by Southern mills
2,882,000 bales in 1915-16 and 2,316,000 bales in 1914-15— takings not
being available— and tho aggregate amounts taken b y Northern and
foreign spinners, 11,084,358 bales in 1915-16 and 10,795,108 bales in
1914-15, o f which 7,530,358 bales and 7,836,108 bales American.
b Estim ated.

E A S T I N D I A C O T T O N M I L L S .— T hrough the courtesy
of the Secretary of the B o m b a y M illow ners’ A ssociation, we
have received this week a statem ent of operations for the
year ended A u g . 31 1915, and they are given below :
C O T T O N S P IN N IN G A N D W E A V IN G M IL L S W O R K IN G A N D IN C O U R SE
O F E R E C T IO N IN IN D IA O N AU G U ST 31 1915.

W h e r e S itu a ted —

Bom bay Island (working)__
D o (in course o f erection)
Bom bay Presldency(worklng)
D o (in course of erection)

N um ­
b er o f
M ills

N u m ber N u m ber
of
of
S p in d le s . L o o m s .

A p p r o x im a te
Q u a n tity o f C o tto n
C on su m ed .
B a le s o f
C icts.

3M C icts.

84 2,994,367 51,846 111,924 3,591,175 1,026,050
2
94 1,809,565 33,542 71,777 1,520,630 436,180
4
1S4 4,803,932

T o ta l.
R a jp u ta n a .....................
Berar_________________
Central Provinces------Hyderabad (Nizam ’s Terr’y ) .
Central In d ia .a _______
Bengal Presidency____
Punjab b _____________
United Pr. o f Agra & O udh.
M adras Presidency___
Travancore......................
M y s o r e ............................
P o n d ic h e r r y .................
Cbandernagore.e...........

A v era g e
N o. of
H ands
Em­
p lo y e d .
D a lly .

3
3
7
3
5
15
10
18
15
1
2
5
1

23,328
46,100
219,460
60,970
95,287
392,611
146,352
482,197
441,948
25,560
40,544
70,455

85,388 183,701 5.117,805 1,462,230
924
1,395
2,765
981
3,945 12,799
834
2.770
4.771
2,300
2,962 10,407
1,204
2,437
5,053 15,812
2,579 21,369
672
1,475
220
1.619
4,973

33,270
51,646
340,179
68,411
91.966
358,666
76,391
627,207
425,908
28.966
54,327
78,470

11,220
14,756
97,194
19,546
26,276
102,476
21,826
179,202
121.688
8,276
15,522
22,420

*272 16,848,744 108,009 265,346 7,359,212 2,102,632
* Of these 263 arc working and 9 in course of erection, a Including I In course of
erection, b Including 1 in course of erection, c In course of erection.

W o now give a table covering inform ation identical with
the totals given above, which indicates the progress m ade in
cotton-m anufacturing in India during the past 37 years:

Y e a r e n d in g J u n e

30—

1879
1884
1889
1894
1899
1904

1905.
1906
1907.
1908.
1910.
1911.
1912
1913
1914'
1915'

N um ­
b er o f
M ills .

56
79
124
142
188
191
197
217
224
241
263
261
268
272
271
272

N u m ber N u m ber
of
of
S p in d le s. L o o m s

1,452,794
2,001,667
2,762,518
3,649,736
4,728,333
5,118,121
5,163,486
5,279,595
5.333,275
,756,020
6,195,671
6,357.460
6,463,929
6,596,862
6,778,895
6.S48.744

.018
,262
,561
,154
,069
,337
,139

,668
,436
,920
,725
,352
,951
136
,179
,009

A v era g e
N o. of
H ands
Em­
p lo y e d .
D a ily .

A p p r o x im a te
Q u a n tity o f C o tto n
C on su m ed .
B a le s o f
C icts.

42 ,914 936,547
60 387 1.859.777
91 ,598 3,110,2S9
130 ,461 4.278.778
162 .108 5.86.3,175
184 ,779 6,106,681
195 ,277 6,577,354
208 ,016 .0S2.306
205 ,696 6,930,595
221 195]6,970,250
233 624 6,772,535
230 049:6,670,531
243, 6.37 7,175,357
253. 86 7,336,056
260 276 7,500,941
265 34617,359,212

392 L b s .
267,585
531,365
888,654
,222,508
,675,190
,744,766
,879,244
,023,516
.980,170
,991,500
935,010
905,866
050,102
096,016
143.126
102,632

* Year ending A u g. 31.

N E W E N G L A N D C O T T O N M I L L S I T U A T I O N .— The
T h e Fall River T extile Council at a m eeting
on M o n d a y , April 17, voted unanim ously to request the m an­
ufacturers represented in the C otton M anufacturers’ Associa­
tion and also the F all River Iron W ork s C o . (the Borden
M ills) to advance wages 1 0 % beginning M a y 1.
A fte r due
consideration o f the subject, in all its aspects, the m anufac­
turers decided that conditions did not warrant granting the
demand o f the operatives, but on the 21st offered to restore
the wage scale to the high point ruling in 1907— 2 3 .9G cents
per cut o f 47
yards— or an advance o f nearly 6 % oyer
the present basis" T h e operatives, how ever, at a m eeting
on T uesday night vbted to insist upon the 1 0 % advance and
to go on strike at once if it be not granted.
On the 2 7 th ,
however, the manufacturers decided to grant the 1 0 % ad­
vance from M a y 1, m aking the basis 2 4 .9 8 c . per cu t.
A
1 0 % advance has also been granted a t N ew B ed ford .

Wage Question.—

THE CHRONICLE

164:0

IN D IA C O T T O N M O V E M E N T F R O M A L L PO R TS.
1915.16.

A p r il 6
R e c e ip ts a t —

W eek.

Bombay.................... ...........

1914-15.

S in c e
A u g . 1.

W eek.

G rea t
B r i ta i n .

Bombay—
1915-16..
1914-15..
1913-14..
Calcutta—
1915-16..
1914-15-.
1913-14..
Madras—
1915-16..
1914-15..
1913-14..
All others—
1915-16..
1914-15..
1913-14..

G rea t
B r it a in .

T o ta l.

C o n ti­
n e n t.

1,000 27,000 28,000
3,000 30,000 33,000
6,000 33,000 17,000 56,000

25,000
39,000
32,000

5,000j 5,000
5,000 6,000
11,000 11,000

2,000
1,000
2,000

1,000

2,000
4,000
—

Total all—
1915-16..
1914-15..
1913-14-.

S in c e A u g u s t

C o n ti­ J a p a n
n e n t . CkChina

1,000

—

S in c e
A u g . 1.

W eek.

85,000 2,456,000 110,000 1,630,000 102,000 2,613,000

F o r th e W e e k .
E x p o r ts
fr o m —

1913-14.

S in c e
A u g . 1.

23,000
56,000
30,000

2,000 1,000 32,000 35,000
4,000 8,000 36,000 48.000
6,000 62,000 29,000 97,000

A L E X A N D R IA

11,000
5,000
31,000

5,000

2,000
1,000 8,000
1,000 30,000

3,000
29,000

(cantars)—
This week_______________
Since A ug. 1____________

T o ta l.

13,000
5,000
39,000

3,656

80,000
105,000
277,000

45,000
12,000
28,000

148,000
173,000
335,000

52,000 277,000 1,184 J x J l ,513,000
96,000 344,000 864,0001,340,000
69,0001,023,000 908,0002,000,000

R E C E IP T S A N D

A le x a n d r ia , E g y p t.
A p r i l 5.

Japan
& C h in a .

175,000 1,116,0001,316,000
225,000 802,0001,066,000
698,000 763,000 1,493,000
1
11,000
23,000
36,000
9,000
50,000
60,000
17,000 114,000 133,000

2,000

1,000

—

1.

S H IP M E N T S .

1915-16.

1914-15.

1913-14.

25,174
4,487,116

68,000
5,900,322

55,000
7,440,072

T h is
S in c e
W e e k . A u g . 1.

T h is
S in c e
W e e k . A u g . 1.

T h is
S in c e
W e e k . A u g . 1.

5,718 187,276
118,803
9',423 150,895
2,510 182,583

4,000
4,880
6,150
900

R e c e ip ts

[Vo l . 102.

L I V E R P O O L .— B y cable from Liverpool wo have the
follow ing statem ent of the w eek’ s salos, stocks, & c ., at
that port:
7.
31,000
2.O0O
2,000
24,000
10,000
90,000
859,000
643,000
74,000
56,000
196,000
159,000
A pr.

Sales o f tho week________________
O f which speculators took _____
O f which exporters took ______
Sales, A m erican_________________
A ctual export___________________
Forw arded_______________________
T otal stock ______________________
O f which A m erican___________
T otal im ports o f the week______
O f which A m erican___________
A m ount afloa t__________________
O f which A m erican___________

(bales)—

T o M anchester__________
T o C ontinent and In d ia .

168,545 2,000 183,669
130,220 6.500 190,313
232,739 18,000 360,021
122,911 5.500 61,597

T otal exports_________ 17,651 639,557 15,850 654,415 32,000 796,500
N o te .—

A cantar is 99 lbs.

E gyptian bales weigh abou t 750 lbs.

M A N C H E S T E R M A R K E T .— Our report received b y
cable to-n igh t from M an ch ester states th at there is a
strengthening dem and from India bu t inquiry from China
is poor.
T h e tone of the m arket generally is better.
W e give prices for to-d a y below and leave those for pre­
vious weeks of this and last year for com parison:
1916.
32s Cop
Twist
Mch
10
17
24
31

d.
12 %
12%
12%
12%

©
©
©

1915.

8% lbs. Shirt- Cot'n
\ngs, common Mid.
to finest.
Upl's

d.
13%
13%
13%
13

9 d.
8. d.
1% @ 9 3
1% © 9 3
1% @9 3
7 0 @9 2

13
12%
12%
13

7
7

7
7
7

8 X lbs. Shirt- Cot' a
ings, common Mid.
UpVt
to finest

32s Cop
Tioist.

d.
7.81
7.87
7.73
7.77

8%
8%
8%

d. 9. d .
No quo tatlons
8% 6 0 @7
@
9 6 3 @7
@
9% 6 3 @ 7
@

7.62
7.78
7.82
7.94

8%
8%
8%
8%

©
©

d.

6
9
9

d
5.17
5.27
6.48
5.62

9
9
9
9

5.52
5.75
5.78
5.66

. d

A p r.

7 12%
14 12
21 12
28 12%

©
M
tfi>
©

7
7

0
0
0
0

@9
@9
@9
@9

2
2
2
2

@
©

9%
9%
9%
9%

6
6
6
6

3
3
3
3

@7

©7
©7
@7

S H I P P I N G N E W S .— A s shown on a previous page, the
exports of cotton fro'm tho U n ited States the pats week have
reached 1 4 0 ,7 3 0 bales.
T h e shipm ents in detail, as m ade
up from mail and telegraphic returns, are as follow s:
T o ta l b a les.

NEW Y O R K — To Liverpool— April 20— Cedric, 35 Sea Island, 24
Wost Indian______________________________________________
59
T o Havre— April 27— Marchionesso o f Bute, 2,560__________
2,560
T o St. Nazalro— April 27— Collingham, 1,429________________ 1,429
T o Bergen— April 21— Kristianiafjord, 50__ April 22— Aurania, 2,800___
2,850
T o Genoa— April 25—America, 593
April 26— Canopic,1,650 2,243
To Naples— April 26— Canopic, 500___ ______ ______________
500
To Piraeus— April 27— Themistocles, 250__________ ______ 250
T o Brazil— April 26—Minas Goraos, 1,153___________________
1,153
GALVESTON— T o Liverpool— April 24— Custodian, 17,134______17,134
To Manchester— April 22— Ventura do Larrinaga, 10,415___ 10,415
To Havre— April 22— Ikalis. 3,933
April 27— Stavn, 6,547. 10,480
T o Gothenburg— April 25— Bogs tad, 7,270__________________ 7,270
To Barcelona— April 22— Infanta Isabel, 5,120_______________ 5,120
TEXAS C IT Y — T o Savona— April 22— Iieidar, 10,600.................- 10,600
NEW ORLEANS— To Glasgow—-April 25— Marthara, 200_______
200
To Havre— April 24— Honduras, 8,591__ April 26— Borghild,
5,781...............................................................................................14,372
T o Genoa— April 26—Monginevro, 9,702___________________ 9,702
To Leghorn— April 25—Constantlnopll, 500_________________
500
SAVANNAH— To Rotterdam— April 25— Thomisto, 8,500_______ 8,500
To Trondhjem— April 25— Roald Jarl, 3,051_________________ 3,051
9,441
BRUNSW ICK— To Liverpool— April 25—Alexandrian, 9,441___
To Havre— April 24—Georgiana, 6,006._______ _____________ 6,006
NORFOLK— To Liverpool— April 22— Lexington, 648___________
048
BOSTON— To Liverpool— April 17— Sachem, 212
April 18—
Sagamore, 98__ April 20—-Median, 3,514_________________ 3,824
T o Manchester— April 22—-Memphian, 1,418________________ 1,418
T o Yarmouth— April 22— Prince George, 316.............................
316
SAN FRANCISCO—-To Japan—-April 22— Shinyo Maru, 4,006__ 4,006
To China— April 22— Floridian, 400________________________
400
SEATTLE— To Vladivostok—April 21— Taurus, 6 5 2 ...April 22—
Shintsu Maru, 100; Titan, 1,000__________________________ 1,752
To Japan— April 22—Titan, 4,531__________________________ 4,531
T o t a l................................................................................................ .............. 140,730
E X P O R T S ON F R I D A Y L A S T N E W O R L E A N S — T o Havre— April 20— Georgie, 12,372.............. 12,372
T o Gothenburg— April 20— Sydic, 4,600_____ ________________
4,600
T o Christiania—-April 20— Sydic, 600_____ ____________________
600
T o t a l................................................................................................................ 17,572

C O T T O N F R E I G H T S .— Current rates for cotton from
N ew Y o rk are as follow s, quotations being in cents per pound:
Liverpool, 2.00c.; M anchester, 2.00c.; Ilavro, 3 .5 0 c.— 10% ; R otterdam ,
3.00c.; Genoa, 2.75c.; Naples, 3 .00c.; Leghorn. 3.2 5 c.; Lisbon, 3.0 0 c.;
Marseilles, 3.00c.; Japan, 3.00c. n om .; Shanghai, 3.00c. notn.; B om bay,
3.00c. nom .; Vladivostok, 5.00c. nom .




19.
26 ,000
2 ,400
1 ,700
19 ,000
2 ,000
43 ,000
813 ,000
598 ,000
41 ,000
27 ,000
184 ,000
150 ,000

A pr.

A pr.

28.

5,000
69.000
830.000
614.000
91.000
75.000

T h e tone of the Liverpool m arket for spots and futures
each day of the past week and tho daily closing prices of
spot cotton have been as follow s:
S a tu r d a y .

S p o t.

Market,
12:15
P. M .

T u esd a y.

M on day.

f

W ed n esd a y.

T h u rsd ay.

F r id a y .

More
demand.

Fair
business
doing.

Fair
business
doing.

Quiet.

1
7.82

7.85

7.87

7.94

6,000
1,000

8,000
SOO

8,000
800

8,000
1,000

Mld.Upl’ds
Spec.&exp.

HOLI
DAY

HOLI
DAY

F u tu res, f
Market 1
opened (

Easy to
Quiet,
St’y, unch. Steady,
st’y ,l% @4 1@1% Pts. to 1 point % @ 2 pts.
advance.
decline.
pts. dec.
advance.

Market,

Quiet,
Steady, Steady, 1%
Quiet, 1%
pts. dec. to unch. to 1 to 4 pts. pts. deo. to
3%pts.adv. 1 pt. adv. advance. 6% pts.adv.

4

P. M .

[

1

T h e prices of futures at Liverpool for each day are given
below .
Prices are on the basis of upland, good ordinary
clause, unless otherwise stated .
T h e p r ic e s a r e g iv e n in p e n c e a n d

E x p o rts

14.
44.000
3.000
6.000
34.000
8,000
82.000
816,000
610,000
46.000
41.000
198.000
156.000

A pr.

A p ril 22

S a tu rd a y .

d.

d.

A p r i l ____
M ay-Jun e
Ju ly-A u g. Iloli day
O ct.-N o v
J a n .-F e b .
M ar.-A p r

T u esd a y.

M on day.

A pril 28 1 2 % 4 1 2 %
p.m . p.m . p.m.
d.

100t h s .

4

12 %

p .m .

p .m .

d.

d.

7
7
Holi day 7
7
7
7

62
60%
59
46%
37%
39%

T h u s:

7 62

m ea n s

W e d 'd a y . T h u r s d a y .

12 % 12 % 4 12 %
p.m . p.m . p.m . p.m .
d.

63%
61%
60
48
40
42

7 62-100d.

d.

64%
63%
61%
50
142
44

4
p .m .

F rid a y .

12%| 4
p.m . p .m .

d.

d.

d.

d.

d.

63%
62
60%
49
41
43

65
62%
60%
48
40
41%

68%
66
64%
51 %
43
44

72%
69%
67
52
4 3%
44

75
71
67%
51
42
42%

BREADSTUFFS
Friday Night, April 2 8 1916.
Flour has been in better dem and for export. T h e salos
early in the week were about 2 0 0 ,0 0 0 barrols, m o stly to
H olland and Franco. A s to tho dom estic trado, how ever,
there has not been m uch m ovem en t, as buyers aro skoptical
as to tho m aintenance of present prices. T h e y look for a
decline sooner or later.
It is said, too, that tho railroad
situation here shows little, if a n y , im provem ent, deliveries
still being very tardy.
T ho firmness o f w heat, how ever,
has been a sustaining factor.
T h e total output last week a t
M inneapolis, D uluth and M ilw aukee was 4 0 4 ,8 8 0 barrols,
against 4 1 9 ,0 1 0 in the previous week and 3 1 9 ,0 0 0 barrols
last year. T o ta l since Sept. 1, 1 5 ,8 4 3 ,0 0 0 barrels, against
1 2 ,3 9 2 ,0 0 0 barrels during the same period of 1 9 14 -1 5.
W h e a t fell a t one tim e and then rallied.
Fears o f a break
w ith G erm any accounted for somo of tho weakness. B u t
o f late a growing hopo th at the disputo w ith G erm any will
be adjusted and a rupture in relations botweon tho two coun­
tries avoided has had a bracing effect. B esides, tho weather
has m uch of the tim e been bad a t tho N orth w est.
Crop
reports from that section liavo been bullish.
Tlion there was
a decrease in the visible supply in this country of 2 ,6 6 4 ,0 0 0
bushels. T h e export dem an d , m oreover, has increased som e­
w h a t.
L ast M o n d a y O m aha sold 3 0 0 ,0 0 0 bushels of hard
winter to the seaboard.
K ansas C ity has also reported
foreign business. T h is, w ith tho foreign business and w hat
was taken to be the more pacific international outlook , offset
tho large w orld’s stocks.
B esides, L iverpool advices havo
beon firm .
T h e Argentina news is that the weather has beon
wet during tho harvest and that tho qu ality of tho wheat
has been affected.
I t is intim ated ,to o , that tho Argentina
crop has been over-estim ated.
I t is said that its export sur­
plus will not exceed 1 0 0 ,0 0 0 ,0 0 0 bushels of lowerod q u a lity ,
a fact that will render shipm ents difficult.
In tho U nited
K in gd om the acreage will be short.
In G orm any rigid
econom y is being practiced in the use of w heat.
In Russia
the acreage has been greatly reduced, supplies are scan ty at
distributing points and there aro some com plaints of lateness
of tho crops. In Australia the crop outlook is said to bo on the
whole unfavorable, with drought prevailing in South
Australia and W e st A ustralia.
In Scandinavia thero has
been a good deal of winter killing.
In this country of late,
aside from international politics, m uch stress has been laid
on the poor conditions for seeding the spring-w heat crop at
the N orth w est.
There have been persistent rains thero and
also some floods, indicating, it is claim ed, that thoro has
been a very great excess of rainfall in that section. Som e
assum e that there is bound to be quito a large reduction in
tho spring-w heat acreage.
One estim ate was as high as
3 ,0 0 0 ,0 0 0 acres. Besides, it is said that there will bo a large
T h is sort of talk , togother w ith an
| curtailm ent in C anada.
; impression that the winter-w heat crop of this country will be
! m uch reduced, has undoubted ly had tho effect of bracing
prices.
Besides, the cash situation has been rather acute in

A pr. 29 1916.]

THE CHRONICLE

m ost W estern m arkets. Prem ium s at M in n eapolis h ave been
rising, as it has becom e plain that the seeding a t the N o rth
w est was considerably delayed.
B u t prices a t tlio N orth w est
w ithin a few days have been weaker, w ith the outlook for
fair and warmer weather.
Seeding is proceeding there and
in C an ad a.
K an sas and N ebraska crop reports are generally
favorablo, in sharp contrast with those from tho soft-w h eat
States.
T o -d a y prices were irregular, closing, how ever, at
a slight advan ce.
Deliveries of abou t 2 ,0 0 0 ,0 0 0 bushels of
hard winter are expected a t Chicago on M a y 1.
D A I L Y C L O S IN G P R IC E S O F W H E A T F U T U R E S IN N EW Y O R K
S a t.

M on.

T u es.

W ed . T h u rs.

F ri.

N o . 2 red .......................
cts .N o m . 125% 120% 129
128
127%
121% 122
121% 121%
M a y dolivery in olovator....................120% 120
D A I L Y C L O S IN G P R IC E S OF W H E A T F U T U R E S IN C H I C A G O
,
S a t.
A lo n .
T u cs. W ed . T h u rs.
F r i.
M a y do ivory in elevator............c t s .112
112% 113% 114% 113% 1134
July delivery in olovator----------------- 1 1 1 % 112% 114% 115
114% 114%
114%
September dolivery in elevator____ 109% 110% 113% 114% 114

In dian corn advanced on persistent buying b y largo trado
interests a t C hicago. B esides, tho seaboard has been bid­
ding for corn there and at K an sas C ity on quite a liberal
scalo.
In fa c t, it is said that K ansas C ity has sold this
week som ething like 1 ,5 0 0 ,0 0 0 bushels o f cash corn to tho
seaboard.
I t is said th at Liverpool has been paying a price
equal to 9 0 cents per bushel at tho Am erican seaboard.
L a st T u esd ay tho export sales wero roported a t 9 0 0 ,0 0 0
bushels, although n ot all o f tho business was done on that
particular d a y.
Firmness o f wheat has also affected
corn.
There have been reports, too, that tho estim ­
ate o f tho Argentina surplus has been reduced.
And
it is said that 2 0 0 ,0 0 0 bushels of corn aro daily being
consum ed in tho m anufacture o f starch in O hio, Indiana
and Illinois factories, supposedly for oxport to Fmropo for
use in m aking explosives. Receipts h ave n ot been vory
largo. T h e decrease in tho visiblo supply for tho week was
2 .6 0 1 .0 0 0 bushels, a fact which excited som e com m ent,
although tho decrease in tho sam e week last year was even
larger, or 4 ,1 3 4 ,0 0 0 bushels.
Liverpool reports say that tho
sustaining factor there is tho strength of tho statistical
position, regardloss of some reduction in tho consumption
with tho advent of spring-like weather.
Those advices
call attention to tho fact that exports from tho U n ited States
are m oderate, and that only sm all quantities can be expected
from Argentina until tho now crop begins to m ove.
Even
then it is believed that Argentina holders will renlain very
firm in view of tho prospects of a reduced crop.
In this
country there have been som e com plaints of backward con­
ditions for spring w ork.
On the other hand, tho weather
has, on tho w hole, been favorable and plowing for tho now
crop is progressing rapidly.
Somo planting has .boon dono
in Southern Iowa.
It looks as though tho acreage would
bo increased. C ou n try offerings have latterly been larger,
lo -d a y prices delined, bu t rallied beforo the close. Tho
weather is moro favorablo.
D A I L Y C L O S IN G P R IC E S OF N O . 2 M I X E D C O R N IN N EW Y O R K .
S a t.

M on.

T u cs.

W ed . T h u rs.

F ri.

S a t.

M on.

T u es.

W ed . T h u rs.

F ri.

M a y delivery in olovator_____ c ts . 75%
July delivery in elevator__________ 76
Soptom bor delivory in olovator____ 75%

75%
76%
75%

75%
76%
76

76%
77%
76%

76%
76%
76%

N o . 2 yellow ................ .................c ts . 90
90
90% 91%
91% 91%
D A I L Y C L O S IN G P R IC E S OF C O R N FU T U R E S IN C H I C A G O
76%
76%
76%

Oats have been irregular, declining early in the week and
later on becom ing stronger.
L iquidation in M a y was a fea­
ture in tho forepart of the week.
Crop reports wero favora­
blo and it looks as though the acreage was larger
Seedin'*
is progressing rapidly in the northern sections of the belt*
C ou n try offerings havo increased. T h e cash dem and has
been only fair.
On tho other hand the visiblo supply de­
creased last week 2 ,2 0 8 ,0 0 0 bushels, a decreaso moro than
double that of the same week last year.
T h e visiblo stock
in tho United States is now only abou t half as largo as that
of a year a go.
T h a t is to sa y, it is 1 2 ,9 7 5 ,0 0 0 bushels, against
2 4 .7 5 2 .0 0 0 bushels at this tim e in 1915.
T h is largo reduction
in the visiblo supply has attracted attention at C hicago.
A lso , there has been a good export dem an d, tho sale last
T u esd ay being stated a t 5 0 0 ,0 0 0 to 6 0 0 ,0 0 0 bushels. A t one
tim e Chicago housos w ith seaboard connections wore good
buyers of M a y .
Somo who have been selling M a y bought
Ju ly.
In ia c t, on some days this switching business has
m o n o p o l.z e d a tto n tio n a t Chicago.
T o -d a y prices declined
slightly and then recovered.
T h o weather and crop reports,
how ever, are more favorable
T h e seaboard dem and was
sm all, but late on 1 hursday half a m illion bushels of Canadian
oats wero sold for oxport.
E xport business in barley and
rye has been dull during tho week.
D A I L Y C LO S IN G P R IC E S OF OATS IN N EW YO R
S a t.

A fo n .

lu es.

W ed .

T h u rs

K
*F r i

Stand’s cts .5 1 % -5 2 5 0 % -5 1 % 5 0 % -5 1 % 5 0 % -5 1 % 5 0 % -5 1 %
Nom
N o . 2 white N om .
N om .
Norn.
N om .
Nom"!
Nom.'
D A I L Y C LO S IN G P R IC E S OF OATS FU T U R E S IN C H IC A G O
S a t.

M a y delivory in olovator______ c ts . 4 4%
July delivery in olovator__________41%
Soptom bor delivery in elevator____ 39

M on.

44%
42%
39

T u cs.

44%
42%
39%

W ed . T h u rs

44%
4 .3 %
39%

44
43
39%

F ri

4,1 %
.iq ' 2
39%

T h e following are closing quotations:
G R A TN .
W heat, per bushel— f. o. b
< orn, per bushel—
N . Spring, N o. 1, n ew ___ $ 1 3 2 %
N o. 2 m ixed______ f. o. b.
nom .
N . Spring, N o. 2 ____
N o. 2 yellow _____ c. I. f'.
90%
R ed winter. N o. 2 . n e w ... 1 27%
N o . 2 yellow h-iln dried
‘
87%
Hard winter. N o. 2 .
1 25%
Argentina In bag s______ "
Oats, per bushel, now—
cts* R ye. per bushel—
S ta n d a rd ______
Vnm
Now Y ork ...............c . I. f. s i 03%
N o. 2, w hite......... ................ Nom
W estern................... c . I. f. s i 0 3 %
N ° . 3 . w hito..............:: 5 9 % @ 5 0 %
N o. 4. white.................. 48% <®49% M a lt..........................................8 8 @ 9 1 c .




1641

FLOUR.
W inter, low grades_____$4 50(
Kansas straights, sacks. $ 5 5 0@ S 5 75
Winter patents_________ 6 00C
Kansas clears, sacks___ 5 00 @ 5 40
Winter straights_______ 5 50 (
C ity patents___________
7 30
W inter clears__________ 5 20(
R ye Hour......................... 5 10 @ 5 45
Spring p a ten ts___________6 15(j
Buckw heat flour______ .
Spring straights________ 5 90<L
Graham Hour__________ 4 3 0 © 5 35
Spring clears..................... 6
2 5 © 6 50

W E A T H E R B U L L E T IN F O R T H E W E E K E N D IN G
A P R I L 2 5 .— T h e general sum m ary of the weather bulletin
issued b y the D epartm ent of Agriculture, indicating the in­
fluences of the weather for the week ending April 2 5 , is as
follows:
A ll farm work and the advance o f vegetation have been delayed during
the week in nearly all northern and some central portions b y co o l, wet,
and cloudy weather. T ruck crops aro generally doing well in the lower
Mississippi V alley, but rain is badly needed for gardens in the southdistricts. T om ato shipments from Florida are
heavy. T he setting o f sweet potatoes has begun in Texas. R ice seoding
is under way in I oxas, and some is up to a good stand. Sugar cane is doing
well in the lower Mississippi V alley. T ho weather has been unfavorable
for the production o f m aple sugar.
Corn. Corn is com ing up well in tho Southern States, and planting has
begun as far north as Central Kansas and Southern Illinois and Ohio.
Flowing is progressing considerably north o f tho 40th parallel.
in
a
con tinued favorablo for winter wheat
m m ost districts. A considerable acreage is being plowed up in tho central
wheat region and there is somo report o f hessian f y in Iow a but tho wet
weather o f the week has been.generally uirflvoratie^foJ°bht’ developm ent
o f the fly . Grains in California are showing tho effect o f drv weather and
W ashfngton.1 that th° CT° P Whl bc ,ig h t’ W h e lt is T o w i n l ^ l o w l y ^ l s o t a
Tho work o f seeding o f spring wheat has been delayed very m aterially
during tho week in tlio extrem e N orthern States. In the m oro southern
part o f the spring-wheat region the grain is com ing up fairly well
Small
grams are im proving generally in the Southern States, except that rain is
needed in the Southeast and also on tho Southern P acific Coast
t
10 soe‘ llnr o f oat? is Progressing well as far north as the lower
Lake region, and. tho germination o f the seed is going on satisfactorily
throughout practically all o f tho central part o f tho cou ntry. T he crop
has suffered considerabiy from dry weather in tho Southeastern States.
P
L o t i o n . — 1 ho planting o f cotton is nearly com pleted in tho southern part
rc^ 10t? ’
is progressing satisfactorily in central and northern disf 1C
l S,;„ „ S ? tton is germinating and com ing up well, and an excellent stand
Sa«
r,a lly reported. C hopping has begun in Georgia. Some lack o f
rainfall is reported in the eastern part o f the region.
I o t a t o e s .— Tho early p otato crop was injured b y drought in the extreme
southw est, and b y too m uch rain in tho central Mississippi V aliev. Plant­
ing is general somewhat north o f the 40th degree o f latitude.
*

E X P O R T S OF B R E A D S T U F F S , P R O V IS IO N S , C O T ­
T O N A N D P E T R O L E U M .— T he exports o f these articles
during the m onth of February and tho eight m onths for the
past three years have been as follows:
E x p o rts
fr o m
U n ite d St'ts.

1915-16.
F eb ru ary.

|8

M o n th s,

1914-15.
j

F ebru ary.

|8

1913-14.

M o n th s.

F ebru ary,

i8

M o n th s.

Q u a n titie s .

Wheat. _bu 15,049,489 118,461,363' 24,428,966192,102,366 3,946,904, 71,618.028
Flour..bbls 1.320,615! 9,757,785; 1 463,832 10,623,431
791,009 8,336,302
Wheat *.bu 20,992,256 162,371,395 31,016,210239,907,805 7,506,444 109,131,387
Corn___bu
4,892,696 17,042,343 7,390,386 23,164,015
879,772 5,747,387
Total bush. 25,884,952 179,413,738 38,406 ,596 263,071 ,820; 8 ,386,216114 ,878,774
V a lu es.
s
:
s
i
S
S
S
S
Breadstffs. 38,696,1,818266 ,505,357! 64,042 ,837 358,258 ,701 8 ,
115 ,215,881
Provisions. 25,473,,783 160 ,872,729 21,317 ,129 104,048 ,407|10,,792,255
589,870 93 ,635,937
Cat’le&h’gs
102,,103 2 ,259,810;
344; ,745
5 ,782 '
68,335)
611,668
Cotton.
46,746,i,873 238 ,330,112' 67,296 ,662 243,947, 192 47, 183,481498 910,358
Petrol'm.&c 11,949,',530 98 ,468,962, 9,103, 091 83,74S, 664 9, 923,884 98 901,602
Cot’sccd oil 2,069,',955 14 26S.092 2,999, 086j 12,115, 9241 1, 194,102 9 111,690
Total valuc'l25,039.062783.705,062 164.764.587 802,463,63377.731,927 816,387,136
Including flour reduced to bushels.

T h e statem ent o f the m ovem ent of breadstuffs to m arket
indicated below are prepared by us from figures collected b y
tho N e w Y o rk Produce Exchange.
T he receipts at W estern
lake and river ports for the week ending last Saturday and
since A u g . 1 for each of the last three years have been:
R e c e ip ts a t —

Chicago___
Minneapolis
Duluth____
Milwaukee . .
Toledo___
Detroit__
Cleveland__
St. Louis___
P eoria__
Kansas City.
Omaha..........
Total wk. ’ 16
Same wk. '15
Same wk. '14

)

F lo u r .

W h ea t.

C orn .

B a rlep .

R ye.

60 lb s. b u sh . 56 lb s . b u s h . 32 lb s .b u s h A S lb s . b u s h . 5616s.
1,670,090
852,000! 2,243,000
437.000
53.000
1,786,000'
45.000
562.000
386.000
48.000
186,000
54,000!
5,000
30.000
20.000
124,000
86,000!
598.000
276.000
44,000
47.000
42.000
14.000
2,000
24.000
33.000
88.000
3,000
23.000
60,000
761,000;
654.000
240.000
6,000
31,000
136,000;
714.000
214.000
69,000
7,000
1.140,000
635.000
56,000
517,000;
453.000
116.000

b b ls .1 0 6 lb s .b u s h .

171,000

16,000
6,000
8,000
91.000
44.000

336,000'
305.000
319.000

6,394,000 3,591,000
3.245,009! 2,970,000
2,358,000
1,584,000

4,196,009 1,204,000
3,988,000
768,000
2,971,000
811,000

205,000
80 000
113 000

Since Aug.l—
1915-16----- 15,759,000436,050.000 179,782,000 154,434,00096,735.00020 002 000
1914-15----- 15,309,000338,754,000 199.32S.000229,300,000 76,102 000 18'236 000
1913-14------15,763,000 243,725,000179,024,000 174,934,000 75,728,000 20 ^654!000

T o ta l receipts of flour and grain a t the seaboard ports for
tho week ended April 22 1910 follow :
R e c e ip ts a t —

New York__
Boston______
Portland, Me.
Philadelphia .
Baltimore__
N'port News.
Mobile_____
New Orleans*
Galveston__
Montreal___
St. John........

F lo u r .

W h e a t.

B a r r e ls .

B u sh els.

163,000
43,000
43.000
154,000
7.000
4.000
28.000
28,000
39,000

1.184.000
386.000
1.576.000
1.250.000
1.105.000
251.000
122,000
322.000
689.000
753.000

C orn .

|

B u sh els.
1 4 5 ,0 0 0

4,000
81,000
220,000
33,660'
173,000
15,000
..........

O a ts .

B a r le y .

R ye.

B u sh els.

B u s h e ls .

B u s h e ls .

886,000;
238,000'
2 1 2 ,000!
1,146,000!
703,000
4,000
30,000
386,000

427,000
3,000

5,000
14,000

75,000

255,000

13.000
18.000

1,000
...........

Total wk.1916
509,000 7,638,000
671,000 3.605.000' ■536.000
275.000
Since Jan.1’ 16 8,394,000 113,216,000 18,387,000 44.390,00010,346,000 4,761,000
Week 1915...
360,000 3,237,000
647,000 5,600,000'
71,000
394,000
Since Jan.1’ 15 8,852,000 94,514,000 28,962,000 46,962,000 4,895,000 5,332,000
* Receipts do not Include grain passing through New Orleans for foreign porta on
through bills of lading.

THE CHRONICLE

1643

The exports from the several seaboard ports for the week
ending April 22 are shown in the annexed statement:

[Vo l . 102.

THE DRY GOODS TRADE

N ew York, Friday Night, A p ril 28 1916.
D ry goods markets were more active during the past week
b u sh els.
E x p o rts ft o m —
2,049 and new high levels were established in many linos, particu­
66 17,989
18,660
13,209 55,153
New Y o r k ........ 1,443,103
—
-------—
______
larly staple cottons. The delivery situation shows but little
Portland, M e ... .1,576,000
__
300 45,035
Boston .............. . 737,581
improvement and is causing secondary distributors consid­
41,000 18,000 153,000
53,000 113,000
Philadelphia . . . .1,515,000
—
Baltimore.......... . 780,000 214,859 96.143 1,272,170 554,570 297,066
erable embarrassment in meeting their obligations. Mills
—
—
_____
703,000
7,000
Newport News. . 251,000
____
____
........
4,000
4,000
33,000
M ob ile............ .
are being urged to make earlier shipments, but are unable to
2,000
5,000
New Orleans... I 387,655 383,000 34,000
—
____
____
increase their output as present operations are on as large
13,000
Galveston--------- . 665,000
18,000
........
St. J o h n .N .B .. . 753,000
______ 39,000
........
...........
a scale as labor and raw material conditions will permit.
Total week— .8.107,774 ' 697,368 406,331 2,043,830 572,636 488,055
2,086 Reports from New England textile centres state that the
Week 1915...........7,302,565 1,777,334 279,756 4,989,798 171,329 68,656
labor situation is far from satisfactory. The offer of the
The destination of these exports for the week and since
Fall River Manufacturers’ Association of an increase of
July 1 1915 is as below:
5 .6 % in salaries, after being voted upon by the union, was
iv n ecu —---------------F lo u r ---------S in c e
W eek
rejected, and a strike involving thirty thousand operatives
S in c e
W eek
E x p o r t s f o r w e ek
J u ly 1
J u ly 1 A p r . 22
A p r . 22
J u ly 1 A p r . 22
a n d s in c e
1915. was threatened unless the full 1 0 % increase was granted.
1916.
1915.
1916.
1916.
1915.
J u ly 1 to
b u sh .
b u sh .
b u sh .
b u sh .
b b ls .
b bls.
139,571 4,157,660 A s mills were glutted with business and behind on deliveries,
131.216 4.549.066 3,008,129 117,745.824
199.131 4.361.087 5.088,545 154,070,668 368,288 12,034,678 manufacturers late in the week very reluctantly consented
125,149 2,227,938 to the demands.
2,727,140
11,100
29,421 1,851,031
Production costs are mounting rapidly m
63,372 2,434,166
110,608
West Indies......... 45,319 1,549,773
9,546 every direction and mill profits have been greatly reduced,
300
170
650
38 ,S64
Brlt.No.Am.Cols.
23,921 despite the rise in finished goods prices.
688
921,961
594
240,095
1 Ins state of aitairs
Other Countries. .
prevents manufacturers from quoting very far ahead, not
Total
..406,331 12,589,916 8,107,774 275,576,371 697,368 20,887,909
Total 1914-15___ 406,331 00,000,000 7,302,565 267,251,164 1,777,334 33,134,621
knowing what their future operating costs will be.
Lbe
The world’s shipments of wheat and corn for the week shortage of dyes continues to embarrass producers ot colored
goods, and only a limited amount of forward contracts are
ending April 22 1916 and since July 1 1915 and 1914 are being accepted. Reports that largo supplies of German dyes
shown in the following:
were available for importation if safe passage could be se­
ccured has caused manufacturers to bring renewed pressure
C orn .
^
to bear upon tho State Department to make somo arrange­
W h e a t.
ment whereby these dyes may be secured. Export trade
1914-15.
n
1915-16.
1914-15.
1915-16.
E x p o rts.
with South America and W est Indies is increasing and cotton
S
in
c
e
^
S
in
c
e
W eek.
S in c e
S in c e
W eek
goods manufacturers have all the inquiry from this quarter
J u ly 1.
g
J u ly 1.
A p r i l 22.
J u ly 1.
J u ly 1.
A p r i l 22.
which they can handle. As the domand is chiefly for colored
B
u
s
h
e
ls
.
V
B u s h e ls .
B u s h e ls .
B u s h e ls .
B u s h els.
, B u s h e ls
goods,
there is considerable difficulty m meeting it, owing
g
NorthAmer* 9,962,000 395.257,000 376,336,000 762,000 22,014,000 33,482,000
to
Inquiry from the Far East is im­
4.811.000
4 the scarcity of dyes.
4,386,000 12.074.000
Russia....................
9.431.000 proving but sales are impossible, owing to the ocean treigut
2.347.000
Danube.............. —
123,080,000
F
134,232.666
i
,3‘
o
Y,666
56.651.000
41.804.555
Argentina . . 3,224,000
situation.
Largo tonnages of American cotton goods for
8.996.000
..............
S
A ustralia... 992,000
18.536.000
India,
Red Sea and China ports are being held in warehouses
In d ia ........ ..
88,000
1
7,997,666
188’,
666
5.833.000
Oth.countr’s 118,000 10,178,
_ ^ ----------a and at tidewater awaiting freight room.
T o ta l___ 14384 000 483,597,000 480,773,000 2,251,000 164,243,000 170.804,000
D O M E S T IC C O T T O N G O O D S .— The upward trend of
* North America. The Canadian Government has officially prohibited the cotton goods prices has not checked demand, and buyers
issuance of both manifests and exports until after ten days. This Is effective are in the market for a large volume of business,
lh o tact
during the continuance of the war.
that manufacturers are not anxious to book late contracts is
The quantity of wheat and corn afloat for Europe on dates alone responsible for what backwardness there is. During
the week higher prices have been named on several staples.
mentioned was as follows:
Gray goods in the narrow widths have been advancecl|an
eighth to a quarter cent, owing to a better inquiry trom
C orn .
W h e a t.
printers and converters. Sheetings are unchanged, but a
U n ite d
U n ite d
further advance is not unlikely, in view of the active demand.
T o ta l.
K i n g d o m . C o n tin e n t.
T o ta l.
K i n g d o m . C on tln en t.\
Prints, ginghams and all descriptions of colored goods are in
B u sh els.
B u sh els.
B u s h e ls .
B u s h e ls .
B u sh els.
B u s h e ls .
good demand with prices firm and those goods which can y
9.784.000
..............
63,832,000
April 22 1916..
8.424.000 color guarantees are being sold up rapidly at whatever price
...........61,912,000
April 15 1916..
15.827.000 asked.
.............. 62,520,000
Under present conditions it is very difficult tor
April 24 1915—
April 25 1914.. 22,696,666 18,904,000 41,000,000 ' 4,344,666 7,285,666 11.629.000 buyers to place contracts for future delivery as manufacturers
The visible supply of grain, comprising the stocks in are accepting all such business subject entirely to their
to make deliveries, and on an
at value
basis.
granary at principal points of accumulation at lake and ability
Sharp advances have taken place in cotton duck prices. Gn
seaboard ports April 22 1916 was as follows:
somo lines discounts have been shortened from z y 2 to o / 0 ,
while on others advances have been made of one to one and
GRAIN STOCKS.
B a rley
R y e,
a quarter cent per yard. Gray goods, 38-m ch standard, are
O a ts,
W h e a t.
C orn .
b u sh .
bu sh .
b u sh .
b u sh .
b u sh .
U n ite d S tates —
quoted at 5|Hjc.
620,000
94,000
691,000
408,000
2,323,000
New York.......... .
52,000
10,000
110,000
27,000
58,000
W O O L E N G O O D S .— Handlers of woolens and worsteds
B oston................
9,000
317,000 102,000
380,000
602,000
387,000 794,000 486,000 report a fair domand with a satisfactory volume of sales,
813,000
1,480,000
4,000
232,000
5,000
94,000
prices are strong and manufacturers are conservative in
Newport Ncws.
_____
..........
108,000
516,000
booking. There is still a largo quantity of spring goods
239,000
1,855,000
10,000 eoing forward for account of the current season, owing to the
794,000 178,000
1,364,000 1,707,000
3,000
100,000
385,000
751,000
lateness of deliveries. Duplicating for fall and winter is
98.000
310,000
447,000
72,000 425,000 satisfactory and some contracts for staple worsteds and Sergea
4,1G9,900 9,111,000 3,977,000
_____
_____
81,000
afloat ..................
123,000 for spring 1917 are reported to have been closed at Prices
69,000
757666
671,000
93666
Mllwaukee.
This
61,000 599,000 considerably higher than those for the current spring
561,000
15,260,000
_____
______
142,000
afloat
business cannot be confirmed, however, and it is doubted it
103,000 2,446,000 312,000 218,000
10,418,000
38,000 anv manufacturers would be willing to name definite prices
9,000
441,000
256,000
St. Louis.................. .......... 1,652,000
72,000
613,000
5,804,000
so far ahead while labor conditions are so unsettled and future
_____
..........
239,000
166,000
13,000
Peoria______________ _____
supplies of raw materials uncertain. Late m the week con­
251,000
713,000
Indianapolis ........................ . 323,000
40,000
14,000
641,000
945,000
siderable anxiety was expressed over tho closing of shops and.
Omaha................................... 1,146,000
437,000
- ........
..........
- ........
On Lakes...................... ....... . 1,032,000
lock-out of 70,000 garment workers. It is feared that a
p T o ta l April 22 1916.......... .50,889,000 23,214,000 12,975,000 1,802,000 2,620,000 settlement may not bo reached m time to provent heavy can­
l
Total April 151916...........53,553,000 25,815,000 15,183,000 1,906,000 2.504,000 cellations of piece goods orders by cloak and suit manufac­
Total April 24 1915............30;i52,000 21,965,000 24,752,000
954,000 2.764,000
Total April 25 1914______ 46.699,000 12,623,000 14,893,000 1,217,000 2,655,000 turers.
.
N o t e . — Bonded grain not Included above: Wheat, 204,000 bushels at New York,
F O R E IG N D R Y G O O D S .— There is a steadily increasing
176.000 Baltimore, 73,000 Philadelphia, 557,000 Boston, 4,773.000 Duluth, 124,000
Buffalo: total. 5,901,000 bushels, against 707,000 bushels In 1915. Oats: 539,000 demand for linens, which is rapidly using up all available sup­
New York, 377,000 Boston. 8.000 Philadelphia, 952,000 Duluth: total, 1,876,000 plies of imported goods.
Importers and jobbers look for
bushels, against 337,000 In 1915: and barley, 27,000 Boston, 41,000 New York,
no improvement in tho situation and expect to see the great­
128.000 Duluth; total, 196,000, against 18,000 In 1915.
est shortage of linens in the history of tho country. Advices
C a n a d ia n —
98,000 received from abroad give no hope of any l^Pyovomont m
39,000
8,000 2,050,000
. 1,368,000
M ontreal---------- --------—
9,353,000
________
Ft. William & Pt. Arthur. .27,694,000
the volume of shipments to this country and at the same time
“
afloat............ .
1,406.666
state that a further sharp advance in prices is imminent.
................
Other Canadian........... . ’ 1,059666
98.000 Business in substitutes continues on a largo scale, but tliose
39,000
8,000 12,809,000
Total April 22 1916........ 30,121,000
106,000 aro only meeting requirements so far as household goods are
38,000
10,000 13,650,000
Total April 15 1916........ .32,813,000
147.000 concerned.
15,000
101.000 5,444,000
Total April 24 1915____ .12,322,000
In dress goods departments there is an urgent
14,000 725.000
8,000 12,151,000
Total April 25 1914........ .18,647,000
domand for genuine goods regardless of prides, but offerings
S u m m a ry —
are very light. Houses having old goods in stock have been
American_______ _____ — .50,889,000 23,214,000 12,975,000 1,892,000
98,000 able to dispose of all they had at very profitable prices.
39,000
8,000 12,809,000
Canadian................ ........... .30,121,000
Burlaps rule quiet, with hardly enough business passing to
Total April 22 1916........ .81,010,000 23,222,000 25,784,000 1,931,000
test the market. Light weights are quoted at 7.<>0g. ana
Total April 15 1916........ .86,366,000 25,825,000 28,833,000 1,944,000
969,000
30,196.000
Total April 24 1915........ .42.474,000 22,066,000
heavy weights at 10c., nominal.
Total April 25 1914------- .65,346.000 12,631.000 27,044,00 1,231,000
W h ea t,
b u s h e ls .




F lo u r ,
b a r r e ls .

P ea s,
R y e, B a r le y ,
O a ts,
b u s h e ls . b u s h e ls . b u s h e ls . b u s h e ls .

THE CHRONICLE

A p r . 29 1916.]

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Oitr.M T A K t m

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News Items.
C in cin n a ti, O h io.— Court of Appeals Decides Bond Ques­
tion.— T h e Court of A ppeals on April 24 handed down an
opinion upholding the valid ity of the 8 2 5 0 ,0 0 0 park bonds
(being part of an authorized issue of $ 1 ,2 5 0 ,0 0 0 ) and $ o 0 ,0 0 0
of the $ 2 0 0 ,0 0 0 street bonds sold at public sale by the city
on M a rch 2 2 . V . 102, p . 1180. Prior to this salo the
Sinking F und Trustees had purchased $ 2 5 0 ,0 0 0 of the park
bonds.
___
..

As stated in last week’s “ Chronicle, page lood, suit was
brought in the Common Pleas Court by the City Solicitor,
upon application of a tax-payer, to enjoin tho issuance ol tho
$250,000 park bonds, but tho Court entered a pro forma
decree in favor of tho bonds. The objections to the issue
were:

First. That In the submission o f tho question o f their issue, only tw entyfive days’ notice o f tho eloction was given instead o f thirty days, as required
JSecond. T hey having received only a m ajority vote o f the electors In­
stead o f two-thirds, as required b y tlio Longworth A ct . t h a t t h esob on d s
com o within tho 2 ' A % lim itation o f d ebt provided for b y tho Longworth
A ct Instead o f the 5 % lim itation.
.
.

The Court of Appeals finds, according to the Cincinnati
“ Timos-Star,” that after tho Sinking Fund Trustees took up
$250,000 of tho park bonds, it reduced the city s total borrow­
ing capacity under tho 2 j/2% limit to 8300,000.
llu s limit,
as stated above, applios to all bonds not
two-thirds
majority
The Court then held that the $300,000 now avail­
able should be used by first issuing the $250,000 park bonds
because they were authorized prior to the $200,000 street
bonds, and then $50,000 of tho latter issue. Concerning the
length of time the notice of a bond election should be adver­
tised, tho Court made a new ruling. The law requires that
legal advertising for a voto on bond issues shall bo kept up
at intervals for thirty days beforo the election. Tho Court
holds that while the legal advertising of tho park bond issuo
had been in effect only twenty-six days, this does not invali­
date tho issue because tho purpose of the law is to inform tho
votors of tho election and that in this instance tho newspaper
published notices of it in tho news columns much beyond the
thirty-day limit, and this cured the defect in the legal adver­
tising.
El Paso, Texas.— Attorney-General of N ew York State
Holds that Bonds of this City are Legal Investments for Savings
Banks in Neiv York.— See item below under “ N e w Y o rk
S ta te .”

H aw aii (T erritory o f ) .— Bids Rejected— Bond Sale.— Tho
following bids received for tho $ 1 ,7 5 0 ,0 0 0 4 % 2 0 -3 0 -y r . (o p t.)
coupon (with privilege of registration as to principal) refund­
ing bonds offered on April 25 (V . 102, p . 1307) were rejected
b y tho Territorial Treasurer, as he desired to obtain par for
the issue:
A syndlcato com posed o f C . F. Childs & C o ., J ^ w ^ o rk and Chicago,
G uaranty Trust C o ., E quitable Trust C o ., N ew Y ork , and Otis & C o .,
°
B
a
n
k
.
N ow Y ork FlotchcrAmerican N at. Hank, Indianapolis, and hifth-T.bird N at. Dank, Cincin­
nati. bid 98.(577. for all or any part.
Seaboard N at. Ilank, Now York, bid 99.32 for $o00,000.
W alter II. Crowell bid 99.10 for $200,000.
Bishop & C o ., Honolulu, and tho Bank o f Hawaii, H onolulu, bid par
for $ 10 0 ,0 0 0 .
_

T h e next day (April 26) tho entire issuo was sold a t par as
$ mo*000
200.000
500.000
950.000

to Bishop & C o ., H onolulu, and tho Bank o f Hawaii, H onolulu.
to W alter B. Crowell.
to tho Seaboard N at. Bank, N ow York.
to the syndicate com posed o f the National C ity Hank,, N . Y .
Fletcher-American N at. Bank, Indianapolis, and Fifth-Third
N at. Bank. Cincinnati.

M a n h a tta n B each, C al.— Suit Filed to Enjoin Sale of
B o n d s — Suit has been filed in the Superior Court b y two
local citizens who allego in their com plaint tluvt thero woro
cortain irregularities at tho election when the $ 7 0 ,0 0 0 pleasuro-pier-construetion
and $ 2 0 ,0 0 0
pavilion-construction
5 lA % bonds were voted , and subsequently awarded to tho
R oyal Securities Corporation of Los Angelos. Seo “ Chron­
icle” of April 8 , pago 1370.
T ho com plainants claim that
the bonds failed to rocoivo a tw o-thirds voto of tho electors,
and that the bonded indebtedness, including theso issues,
would exceed the lim itation proscribed b y law , which is 1 5 %
o f tho assessed value of real and personal property.
B oth
of those allegations, tho C ity A tto rn ey writes us, aro opposed
to tho facts as the vote in favor of tho bonds exceeded a
tw o-thirds m ajority b y 22 , and that tho bonded indebtedness
of tho city , including the new issues, is only $ 2 2 1 ,0 0 0 , while
they claim it is $ 8 5 0 ,0 0 0 .
T h ey arrive a t this figure, tho
A tto rn ey says, by including all street assessm ent bonds
which should not be considered, as they are only issues put
out against the property benefited.

1643

was, it is stated, that it regulates inter-State commerce
and therefore conflicts with the commerce clause of the
Federal Constitution. Concerning this point the Court
had the following to say:
It scorns to mo that if stocks, bonds and securities are articles o f inter­
sta te com m erce, that when they are bought within the State they becom e
subject to local inspection, local regulation and local control.

New Y o rk C ity .— Hearings to be Held I n Opposition to
Two o f the Temporary Relief M easures Passed by the Legisla­
ture.— Tho taxpayer’s associations of this city have been
requested by the Advisory Council of Real Estate Interests
to appear at two hearings to be held at the M ayor’s office
in opposition to two of tho twelve temporary financial relief
measures recently passed by the Legislature and referred
to by us last week (page 1553). The bills opposed provide
for tho incorporation into the City Charter of the “ pay-asyou-go” policy which was begun by the city administration
two years ago and the bill gradually changing the date at
which taxes becomo duo in each year from M a y 1 and N o v . 1
to the preceding Jan. 1 and July 1. The hearing on the
“ pay-as-you-go” measure will be held at 2:30 p. m . M a y 3
and on tho bill moving back the tax dates at 10 a. m . M a y 4.
According to a cireidar issued by the Advisory Council of
Real Estato Interests, the opposition to the former bill is
based on the fact that it imposes mandatory legislation on
the city at a time when home rule is desired. The argument
against the bill moving back the tax dates is that it will
mean an increase of 8 1 -3 % in the tax bill of each property
owner, for there will be only eleven months in which to pay
twolvo months’ taxes. These two bills arc amendments to
tho city charter and must be approved by the M ayor before
going to tho Governor for his approval or veto.
New Y o rk S ta te .— Amendments to Torrens Law Approved
by Legislature.— During the 1916 session of the Legislature
amendments were adopted to the Torrens Law enacted in
1908 for the registration of titles to real property. The law
as amended simplifies and cheapens the procedure of the
initial registration of a title and perfects the subsequent
dealings with titles after they have once been registered.
This, it is believed, will not only appeal to land owners,
but to those desiring to loan money on mortgage security
and to real estato dealers in general. It is also hoped that
tho law as it now stands will come into as general operation
in this State as it is now operating in several other States.
Hon. John J. Hopper, Register of New York Countjr, who
has been giving considerable attention looking towards the
adoption of a workable Torrens Law, in this State, says in
part:
Tlio union bill, which has just passed, is a decided improvem ent over the
form er law becauso it makes registration permanent b y om itting the with­
drawal feature, thus taking away from the title and m ortgage companies
tho opportunity o f hurting tho law b y forcing withdrawals. In tho matter
o f official examination o f titles a com prom ise wras m ade. T ho title com ­
panies and private examiners m ay still act as examiners, but an official
system is also provided b y allowing the register to appoint an official
examiner with the approval o f tho court. T ho fees for the official system
are fixed in tho law— another improvem ent— at $ 1 0 , plus one-tenth o f
1% o f tho valuo o f tho land registered. This fee will enable the public
plant in the Register's office to do p rofitably used.
An assurance fund is partially provided. T he optional paym ent feature,
which m ado the present assurance fund a nullity, is eliminated. Payment
is now com pulsory on all who enter the system and the fund covers all
losses, which previously it did not d o. The State, or cou nty, should back
up tho fluid with its treasury. This can be safely done as losses are very
rare and tho assurance fund is actually an asset to tho com m unity.
T he amendments passed this year recognize the fundamental principles
o f tho Torrence system and enable the public to make application for the
registration o f titles directly in the office o f the register.

Attorney-General Holds that Bonds of the City of E l
Paso, Texas, are Legal Investments for Savings Banks .—

On tho initiation of VYoil, Roth & C o., Municipal Bond
Dealers, of Now York and Cincinnati, Attorney-Gen­
eral Woodbury on April 20 held that bonds of the city
of El Paso, Texas, are legal investments for savings banks
in N