Full text of Commercial and Financial Chronicle : April 8, 1916, Vol. 102, No. 2650

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firtattriat

The.

rtintde

tillinurct31
VOL. 102

APRIL 8 1916

NO. 2650 I

Published every Saturday morning by WILLIAM B. DANA COMPANY.
Jacob Seibert Jr., President and Treas.; George S. Dana and Arnold G. Dana.
-Vice-Presidents; Arnold G. Dana,See. Addresses of all. Office of the Company.

CLEARINGS-FOR MARCH, SINCE JANUARY 1, AND FOR WEEK ENDING APRIL 1.
Three Monlh8.

March.

Clearings at1916.

1915.

inc. or
Dec.

1916.

1915.

Week nding April 1.
ID
nee.c°
.r 1

1916.

1915.

I Inc. or
1 Dcc.

1914.
1913.
$I
$
8
8
8
1
II
I
12,547,874,501 7,565,113,702 45.9 35,981,414,005 21,334,632,782 +18.7 12,534,077.666 1,869,506.436 +35.6 2,218,172,053 2,038,159,476
New York
659,002,179 +53.7 2,988,799,787 1,879,626,991 +57.5 1 215,906,472 159,383,113' +35.5 191,211,973 183,963,515
Philadelphia
1,013,198,292
777,692,340
536,778,916 +32.0
202,582,577 +32.5
57,442,871
Pittsburgh
268,506,665
41,818,182, +37.4
,020,493
66,370,805
549,362,319
452.042,704 +21.5 1
155,343,181 +17.2
132,065,693
38,977,599
. Baltimore
30,468,41331 +27.9
39,553,364! 41,383,633
137,253,991 +28.4
43,327,566 +35.8' 176,300,520
58,845,055
12,819,637
Buffalo
9,630,070, +33.1
11,444,7911
12,145,976
113,949,235
34.195,093 +14.2
40,046,664
95,1819,327 +19.7
7,970,376
Washington
7,902,450, +0.9
8,476,523
8,471,265
64,165,748
21,828,761 -6.4
68,272,028 -6.0
20,433,953
5,713,012
Albany
5,476,5471 +4.3
7,091,315
5,434,675
+12.8
70.633,150
20,306,117
+24.3
56,815,585
22,907,190
4,755,459
Rochester
5,680,462 -15.9
7,424,881
6,713,540
0.7
40,013,549
13.741,562
40,503,580 -1.2
13,844,823
2,698,489
Scranton
3,219,502 --16.2
4,011,576
3,315,043
41,578,702
12,035,305 +75
12,943,286
36,103,275 +15.2
2,750,293
3,259,789, -17.2
Syracuse
3,811,224
3,700.971
,454
28,030,010
9,866,712
20,780,079 +24.9
2,450,730
2,014,293 +21.6
Watling
3,230,793
2,797,124
+329
33,297,310
7,517 7;6 +47.2
11,069,604
20,300,539 +64.0
2,579,605
1,644,4481 +56.9
Wilmington ;
2,208,350
1,936,659
6,669,360 +7.4
7,160,425
21,498,431
20,377,670 +5.5
1,609,029
Wilkesbarre
1,500,000, +7.3
1,469,213
1.677400
+41.6
8,344,140
11,817,608
32,055,793
22,897,360 +42.6
2.963,097
Wheeling
1,820,647. +62.8
2,645,166
2,571,995
7,626,292 +12.0
23,879,181
8,538,618
18,641,663 +28.1
Lancaster
4,115,901
5,785,1581 -28.9
6,702,207
7,248,229
7,881,796 -1-19 5
9,419,943
23,988,342
22,184,664 +30.7
1,972,860
Trenton
1,446,724; +36.4
1,900,843
1,914,995
7,060,596 +10.3
7,787,294
22,750,910
19,910,152 +14.3
.
Ifarrisburg .
4,586,912
3,908,316 +17.3
11,561,495
10,712,848 +7.9
1,235,337
York
1,256,0891 --L-117
1,131-6,9.2
iTihar,i(va
4,213,202 +23.5
5,205,442
15,713,378
11,883,068 +32.2
1,109,899
882,976, +25.7
Erie
1,026,198
1,110,821
2,734,700 +25.0
3,418,500
10,129,000
8,259,000 +22.6
Binghamton
672,700
586,700' +14.6
755,500.
789,700
3,423,562
2,795,635 +22.5
9,633,366
8,407,316 +14.6
Greensburg
700,000
539,466' +18.7
874,197
588,001
2,523,911 +80.5
4,555,475
14,162,760
7,562,859 +87.3
Chester
800,030
454,1044 +76.4
455,709
858,461
2,310,351
2,312,374 -0.1
6.908,191
(1,473,415 +6.7
Altoona
525,000
530,000' -0.9
625,051
563,605
1,447,666
978,353 +47.9
4,420,054
2,747,140 +60.2
I
Franklin
1,639,527
1,559,900 +5.1
4,802,402
--4,334,979 +10.8
Frederick..
2,607,153
2,267,879 +15.0
7,576,712
6,424,885
Beaver County. Pa-+17.9
2,409,691
2,074,971 +16.1
7,197,318
Norristown
5,606,715 +28.4
1,692,834
1,669,150 +13.8
5,058,480
Montclair
5,505,831 -8.1
352,975
354,881 -0.5
--425,176,
- -3-86-417
3,255,550
3,510,110 -7.3
9,762,560
10,423,102 -6.3
Oranges
14,282870T9 8,-810,598,958 7F-62-.1. 41701,935,951 24,938,652,464 +64.8 2,904,199,007 2,155,210,500; +34.8 2,571,153,519
Total Middle
2:393,810,909
932,000,473
652,795,173
+42.8
2,601.107,137 1,854,817,677 +40.3 218,036.704 170,502,263, +27.9 191,773,344 186,687,944
Boston
33,960,700
31,378,600 +24.2
122,317,100
Providence.
93,167,000 +31.3
8,589,700
8,505,4001 +0.8
8,945,000
8,545,700
34,856,952
, 5. , 0 +21.6
96,924,736
Hartford
81,04(1,611 119.0
6,596,338
5,866,215 +12.4
5,144,314
17,218,555
15,926,586
+8.1
Haven
52,199,175
15.7
45,117,133
4,326,345
New
3,658,1811 +18.3
3,5 80,7 10
3,851,801
19,471,901
12,248,031
+59.0
55,655,524
Springfield
33,79-1,063
64.7
4,187,085
3,356,332; +24.8
3,734,045
3,232,066
9,859,786
8,011,519
23.1
29,190,151
Portland
23,209,602 +25.8
2,100,003
1,890,401i +11.1
2,141,560
2,571,661
16,389,677
11,406,312
42.9
Worcester
44,652,621
31,300,674 +42.7
3,884,913
3,016,212! +28.8
2,958,697
2,099,341
7,097,394
5,729,240
23.9
River
20,323,8:36
Fail
15,548,337 +30.7
1,508,205
1,527,8951 -1.3
1,255,675
1,323,686
5,730,250
4,058,447
27.1
111,684,438
New Bedford
12,788,695 +30.5
1,315.067
1,121,997j +17.3
1,144,083
1,063,513
3,899,425
3,087,077 +26.3
11,322,702
Holyoke
9,213,277 +22.9
907,815
890,8671 +1.9
877,945
801,511
4,033,251
3,237,092 +24.7
Lowell
12,211,534
9,493,204 +28.6
851,503
750,000' +13.5
768,131
531,907
2,914,316
1,677,039
+73.8
+44.7
7,153,506
4,943,212
Bangor
655,582
416,546 +57.4
509,541
522,665
...
7,442,300
4,529,400 +64.3
13,659,500 +66.0
22,673 000
WaterburY
Total New England 1,000,879,980 --17-$3,254,132 +40.4 3,092410W30 -2:2280/8,95 --1--3-8.8 --252,939:257 201,500,309 ---1--25:5 224.348.094 --2-17,276-:169
1,731,134,745 1,386,313,210 +24.9 4,895,067,362 3,858,820,099 +21.7 338,799,141 287,200,391 +17.9 332,383,182 308,162,405
Chicago
149,509,100
11:3,045,150 +32.3
319,226,60(1 +29.4
413,137,500
32,813,050
Cincinnati
29,042.000 +13.0
26,978,500
23,388,150
165,742,615
120,162,612 +37.9
436,102,341
320,988,462 +51.4
39,244,584
Cleveland
31,321,316 +25.3
32,654,206
27,277,081
292,129,831 +58.1
165,510,445
461,713,978
106,993,904 +54.7
34,373,938
Detroit
+48.5
25,407,297
24,749,208
242,349,948
219,592,003 +10.4
84,637,358
69,234,695 +22.2
Milwaukee
17,937,438
14,800,268 +21.5
15,445,352
14.362,314
126,409,556
101,791,292 +24.2
42,21)7,807
33,1371,915 +24.5
Indianapolis
8,520,364
6,974,438 +22.2
7,655,985
6,524,122
100,592,700
78,193,300 +28.6
36,897,300
28,933,300 +27.5
8,673,300
Columbus
6,880,800 +26.1
6,240,800
5,758,100
+44.8
105,660,576
74,1(50,100
+42.5
37,641,970
26,002,721
7,365,026
5.093,284 +44.6
Toledo
5,512,471
4,067,827
+24.2
48,968,746
40,278,278 +21.6
14,228,652
17,674,902
3,775,000
3.078,819 +22.6
Peoria
3,594,839
4,048,708
50,636,127
40,368,023 +25.4
14,243,296 +20.0
17,085,351
3,725,205
3,142,596 +18.5
Grand Rapids
3,228,144
3,246,674
36.884,262
9,036,978 +39.4
26,620,654 +38.6
12,000,125
2,376,574
2,009,746 +18.3
Dayton
2,461,445
1,015,665
23,801,346
5,255,606 +58.9
14,731,482 +61.6
8,350,877
1,587,577
Evansville
1,088,115
+45.9
1,172,205
1,015,666
+20.6
5,887,991
18,329,445
+21.1
15,134,996
7,100,977
1,427,292
Springfield, Ill
1,183,146 +20.6
1,412,276
1,200,108
5,960,392 +6.3
17,481,082
0,337,090
16,648,389 +5.0
1,224,196
.
--24.7
Fort Wayne
1,255,623
1,363,862
1,121,075
4,171,465 -9.9
12,377,288
3,756,829
12,514,474 '-1.1
850,000
Lexington .
782,553
+13.0
634,906
911,141
6,227,140 +63.0
10,152,337
25,548,857
16,563,462 +54.2
Youngstown
1,905,420
1,225,445
+55.5
1,446,808
1,549,109
5,093,432 +13.5
5,783,944
14,246,204
Rockford
12,157,596 +17.2
1,025,263
837.938 +15.5
910,173
982,751
+19.3
4,339,743
5,188,800
11,641,916
Bloomington
10,565,591 +10.2
898,757
909,776
883,498
767,581
4,699,833 +23.6
5,685,603
13,289,125
11,196,459 +18.7
Quincy 810,792
837,904 -3.2
956,003
873.134
7,400,001) +105.4
15,200,000
39,268,000
Akron
+90.4
20„(125,000
4,101,000
+184.6
1,441,000
1,830,000
1,796,000
11,810,002
8,538,9891 +36.0
30,002,602
Canton
22,878,214 +31.1
2,060,394
1,700,000 +21.2
1,969,916
1,707,262
3,045,296
2,072,998 +46.9
Decatur
8,438,993
5,861,565 +42.4
581.576
466,990 +24.6
551,125
503,952
3,486,104 +29.1
4,502,940
12,800,494
Springfield, Ohio _
10,701,322
+19.6
821,725
740,615
698,684
711,706
2,7 9,7 9 +20.3
3,308,583
9,836,596
South Bend
7,893,365 -5- 24.6
698,172 -3.8
671,625
660,607
740,054
2,478,274 +24.6
3,089,137
8,101,8:35
Mansfield
6,751,773 +20.0
503,222 +4.6
526,520
584,761
370,187
2,914,431
-5.6
2,752,876
7,645,472
534,218
Danville
796,754 --32.8
6,497,773 +17.7
796,443
646,806
2.447,409 +35.7
3,321,098
9,395,331
692,169
6,557,668 +43.3
Jackson
350,000 +97.7
292,749
520,000
1,843,437 -4.4
1,768,303
4,198,448
Jacksonville, Ill
+5.1
3,994,491
163,152
238,243 --31.5
270,751
323,029
+59.7
2,346,775
3,740,275
11,172,445
631,902
6,537,675 +70.9
Lansing
268,270 +135.4
330,000
340,000
2,116,763 +69.9
3,595,373
8,527,715
5,471,288 +55.8
560,137
Lima
447.788
544,910
470,944
1,409,958 +6.7
1,599,489
5,327,559
75
1:
.5
4
5
3:4
10
35
2:4
80
09 +
330,000
Owensboro
300,000
487,864
440,857
1,103,145 +73.5
1,914,250
5,496,687
Gary
2,166,205 +88.4
4,081,112
11,114,315
Flint
5,911,311 +88.0
530,179 --2.8
515,081
1,339,857
2
1:fill
1:6
4
Lorain
33
.:8
78
25
7 +
1,002,012 +.45.3
3,911,516
1,456,005
350,000
Ann Arbor
298,789 +17.1
312,744
177,251
.
325,229 +12.4
365,582
949,448
Adrian
55,847
701,820 +35.3
57,721 --3.2
60,317
43,328
-1.4
522,788
515,432
1,540,90M
New Albany
1,552,633 -0.8
3,238,997+8.8
3,524,502
11,247,137
Paducah
10,176,855 +10.5
Total Middle West_ 2,582,90371 2,012,491.477 --F28,3 7,094,4837747 • 5;616,690,770 -1:21-.1 519-,382,162 -429,218,695 +21.0 -7111W-732,823 438,728445
Details of Pacific and Other Western on page 1323.
•
527,282,130 +20.1 1,722,312,901
633,046,201
Total Pacific
125,661,943 110,584,610 +13.6 122,063,014 127,403,832
1,473,877,825 +16.9
801,098,018 +19.3 2,654,864,632 2,279,722,781 +16.5
956,689,615
Total other West__
190,223,137 154,327,455 +23.3 146,489,756 147,603,015
21.3 1,194,236,437
336,424,843
407,980,696
St. Louis
87,153,133
80,747,027 +7.9
988,433,173 +20.8
81,585,217
72,742,736
22.2
101,052,413
83,179,599
308,544,889
New Orleans
22,569,978
17,635,107 +28.0
248,471,992 +24.2
17,984,389
18,102,345
48.4
80,314,341
Louisville
245,131,432
54,112,850
17,041,560
10,341,272 +64.8
165,522,152 +48.1
16,681,866
12,600,000
48,858,365
36,084,844 +35.4
133,547,786
Houston
10,326,923
7,500,000 +37.7
110,390,881 +14.7
9,200,000
9,421,657
17,457,715
18,185,251 -4.0
50,110,801
Galveston
4,763,369 --25.3
57,300,969 -12.6
3,557,445
3,262,000
3,690,000
68,272,276
40,966,139 +66.7
200,702,762
Richmond
8,891,764 +68.7
114,720,696 +74.9
15,000,000
8,096,698
8,013,938
36,596,772
31,245,911 +17:1
100,871,569
Fort Worth
107,751,310
6,988,548
6,417,575
+8.9
-0.8
7,523,729
7,671,948
33,610,798
34,410,605 -2.3
107,673,968
Memphis
99,917,427
6,893,449
6,649,016
+3.7
+7.8
6,973,726
7,579,643
70,479,465
57,848,357 +21.8
214,963,855
172,485,458 +24.6
Atlanta
14,417,715
12,090,634 +19.2
14,893,432
12,732,297
22,739,695
23,147,800 -1.8
66,698,011
Savannah
69,128,886 -3.5
4,355,919
5,003,914 -12.9
5,015,857
4,323,940
33,253,223
28,231,583 +17.896,430010
,
Nashville
77,485,734 +24.4
6,437,875
4,771,844
+34.9
6,294,822
7,130,576
19,234,413
17,584,031
+9.4
Norfolk
55,736,437
4,334.983
51,239,190 +8.8
3,744.915 +15.8
4,164.188
3,886,764
11,503.761
10,313,703 +11.5
Birmingham
38,559,882
34,208,178 +12.7
2,728.440
2,588,747 +5.4
3,605,308
3,393,744
6,626,678 -4.3
6,342,287
Augusta.
21,579,121
21,663,193 -0.4
1,195,989
1,575,481 -24.1
2,347,754
2,739,710
13,121.940
+29
0.
.5
1
15,806,177
Jacksonville
35,211,535 +29.0
45,438,222
3,267,760
2,795,599 +16.9
3,100,000
3,900,000
4,999,972
4,545,978
Mobile
14,215,640 -3.5
1,003,593
13,720,290
1,177,746 -14.8
1,400,000
1,472,059
7,482,434 +22.0
9,197,452
KnOKVille
21,152,602 +30.9
27,703,561
2,000,000
1.600,000 +25.0
2,031,368
1,539,932
9,155,897 +21.3
11,104,781
Little Rock
27,527,823 +16.2
2,090.483
1,955,245 +6.9
31,993,786
2,315,199
2,077,655
10,692,471
+18.7
12,476,581
Chattanooga
36,125,570
30,201,715.+19.6
2,568,581
2,125,712 +20.8
2,105,534
2,328,936
10,176,699 -7.1
9,458,266
Charleston
2:3,418,428
23,007,464
1,849,207
2,190,437 -15.6
+1.5
2,061,484
1,664,608
10,576,200 +39.1
14,707,700
Oklahoma
41,172,550
32,870,88C +25.3
3,245,985
2,145,200 +51.3
1,656,497
2,100,200
12,471,990
+15.5
14,398,028
Macon ...39,979,928 -11.8
2,938,313
2,311,995 +27.1
3,349,153
3,398,261
+21.7
3,276,805
3,986,181
13ealimont
4124,463903,428873
10,132,666 -22.7
23,298,349 +4.3
24,299.511
Austin
71,429,150
55,528,599 -28.6
3,000,000
3,10&,446 -3.4
2,239,141
4,402,046
1,068,517
2,022,724
Wilmington, N.
5,940,717
5,068,415 -17.2
88
9,43
1,014,841
1,107,083 +
Vicksburg
3,612,841
3,757,829 -3.9
196,755
230,780 -14.7
319,278
269,961
Columbia
4,593,723
4,104,538 +11.9
13,199,966
11,930,175 +10.6
2,034,599
Columbus, Gra
1,884,608 +8.0
5,716,828
5,674.626
+0.7
Jackson
3,056,923
1,853,882 +64.9
9,013,643
6,258,115 +44.0
346,614
360,977 -4.0
-344,116
223,879
Meridian
1,757,600
1,261,300 +39.3
4,867,500
3,780,507 +28.8
13,582,325
5,810,573 +133.7
Tulsa
30,368,125
2,721,408
16,134,842 +125.4
1,041,217 +161.4
1,454,815
922,550
5,385,010
8..3
2
33
Muskogee
3,022,329 +7
15,717,311
9,498,012 +65.7
861,663
602,395 +43.0
860,939
757,941
12,456,383
9,347,464
El Paso
31,678,531
25,252,809 +25.4
_
3
913,075,410 +23.1
Total Southern..___ 1,12471-8r,371-2,706,957,869 +22.6 -219,092,349 -194,364-,444 +-17.9 -213,472,916 -196,481,468
20,079,875,539 13,848,400,164 +49.3 58,986,020,229 39.241,016,694 +50.3 4,221,497,855 3,245,206,019 +30.1 3,757,260,122 3,521,371.628
Fetal all
outside New York_ 8.131.801.03s 6.283.286.482 +29A 1 3,094,666.224 17,969,373.912 +28.4 1.687.420.189 1.375,699.583 +22.7 1.539,088,069 1.483,212,152
Clearings by Telegraph and Canadian Clearings on page 1324.




t

3-,20,027,538

1292

THE CHRONICLE

(VOL. 102

board, or our harbors choked with freight waiting
for ships to carry it to Europe. How severe will be
the reckoning the world must pay can only be conjectured, but we all know it must be paid."
What Mr. Hill here says may be an extreme view,
though it is based on a solid substratum of facts.
For ourselves, we are inclined to think that the cessation of orders from the belligerent countries of Europe
is likely to be a less serious matter than the reconstruction of price levels that must inevitably follow.
It is quite possible that the loss of this foreign business may be made good by a greater home demand
and in such revival of the domestic inquiry our railroad transportation systems would play the most
prominent part. The time was when the railroads
were the largest single consumer of iron and steel
products in the United States. In more recent
years, however, their energies have been so severely
crippled that they have had to curtail their expenditures and their new capital outlays in most drastic fashion, with the result that the rail carrying
interest lost its old time influence as an agent in
controlling business activities.
It would not be strange if the railroads should
now regain their former position through a great
augmentation in their consumptive requirements of
iron and steel and other products. After a long
period of shrinking revenues, they have since last
September been enjoying phenomenal expansion in
revenues. Current returns are showing 20 to 25%
gain in gross revenue and in excess of 50% gain in
net revenues. This puts them in position to spend
money with greater freedom and they have consequently 'been giving orders latterly on a more liberal
scale than for a long time past. These orders will go to
fill the void to be created by the withdrawal of
foreign orders on the ending of the war.
It is obviously in the highest degree desirable
therefore that nothing should be done that will tend
to impair the purchasing and consuming capacity
of these great rail carriers. Such impairment of their
purchasing power will inevitably follow should they
be obliged to yield to the demands of the trainmen,
thereby increasing their annual expenditures close to
"When the devastating war in Europe is over the one hundred million dollars a year and correspondquestion confronting American wage-earners will be ingly reducing their net income.
that of finding a market for their labor instead of
A readjustment of commodity values will, in any
fixing a price for it.
have to be faced, and this, we have already
event,
"We have a feverish prosperity that may vanish
is likely to prove a more serious matter
indicated,
over-night. The great bulk of the business now
taxing the capacity of our railroads arises from the than the falling off in foreign purchases after the
war necessities of Europe. The money our people conclusion of peace. Should this unfortunately
are getting in payment for their products is being be coincident with the renewed crippling of the
provided on the forced credit of the combined na- energies of our rail transportation lines, the outlook
tions of Europe. They are raising these hundreds might easily become disturbing. Prices for many
of millions by piling up to enormous heights the different articles and commodities have been addebts of their Governments, thus building up a
great financial burden that must be borne by future vanced to prodigious heights, in some instances
because of the.exceptional war demand and in others
generations.
"The instant that peace is in sight (and no one because of the cutting off of imports of certain
can tell how soon this may be, because Europe can- articles upon which we had become accustomed to
not go on much longer destroying lives and property rely upon Europe to furnish. But whatever the
at this unprecedented rate) all this flood of orders cause, a much lower level of values must be counted
for war materials at high prices will suddenly cease.
termination of the war. An unforEurope will then begin the slow and painful process upon with the
tunate feature here is that many new industrial
of recovering from the great losses of the war.
profiting
structures have been reared with these phenomen"Then the United States, which has been
by Europe's war necessities, will have to share her ally high prices as a basis. Combinations, too,
burden of the cost of the war. In these days of have been formed, particularly in the steel industry,
closely related markets one great nation cannot enjoy and have acquired their constituent properties at
prosperity for any length of time while a large part figures that can only be justified if the exceptional
of the rest of the world is in financial distress.
"With the war over, we will no longer see the rail- prices now prevailing for their products are to conroads blocked with merchandise bound for the sea- tinue. No one is foolish enough to imagine that

THE FINANCIAL SITUATION.
Widely divergent views prevail as to the probable
effects upon the United States of the conclusion of
peace in Europe. On the one hand there are those
who contend that the country must look for severe
reaction and for a long period of declining trade,
while on the other hand there are others who claim
that the general condition of the country is so sound
that whatever reaction may occur it will be trifling
and inconsequential and that, with comparatively
unimportant interruptions, the United States may
count not oniy upon a continuance but the further
development of the present period of trade activity
and trade prosperity.
Those who take a less roseate view of the prospect
—and these, we are inclined to think, are in the
present instance in the majority, which is not usually
the case, optimism being the prevailing characteristic
of the average man in this country—have not always
the courage of their convictions, since it is never
popular to express unfavorable views regarding the
business outlook. Mr. James J. Hill, however, does
not belong to this class of persons. He is outspoken
in his belief that our present industrial situation is
an insecure one, that the exceptional war demands
have acted as an unhealthy stimulus to trade, and
that a• sad awakening is ahead of us when peace
shall be concluded among the warring nations of
Europe. He expressed himself freely and emphatically to that effect last week when commenting upon
the unfortunate and untimely demands for increased
pay made by the locomotive engineers and other
train employees of the railroads of the United States.
Mr. Hill had no hesitation about saying that the
demands of these trainmen (which, if granted, would
add nearly one hundred million dollars to the annual
expenditures of the railroads), comes at a most inopportune moment. He talked at length on the subject, and the general tenor of his utterances may be
gathered from the following excerpts. His comments in full were printed by us in our issue of last
week, page 1210.




APR. 8 1916.]

THE CHRONICLE

1293

they will continue. The readjustment of values, abandoned wheat area
in the whole country was
therefore, may, not improbably, be a painful one.
reported at 6,469,000 acres. Furthermore, the offiIron and steel prices are ruling at double the figures cial report issued by the Weather
Bureau of the
prevailing fifteen months ago. Steel billets at Department of Agriculture
for the month of March
Pittsburgh,.for instance, now command $45, a ton, says that "in the Souther
n and Western winterwhereas on Jan. 1 1915 the price was only $19 a wheat regions the winter grains
are reported to be in
ton. And that by no means is an extreme instance. good condition and making
satisfactory growth,
Steel bars at Pittsburgh• are quoted at 2.75 cents except where affected
by the dry weather. In the
per pound, against only 1.10 cents Jan. 1 1915, Central district late-sow
n wheat has been considerand tank plates sell at 3.50 cents, against only 1.10 ably winter killed, and
it is estimated that nearly
cents, the advance in this latter case being over one-third of the acreage
will be plowed up in Indiana
200%. Copper sells at 273/b cents, against only and Illinois."
13 cents, and the price of lead at St. Louis is 8 cents,
The general average of condition this year is put
against 33/ cents.
at 78.3, against 87.7 Dec. 1 1915 and 88.8 on April 1
A little card has recently come to our notice in a year ago, with the
ten-year average 87.3. Assumwhich a concern making electrotypes undertakes to ing the par, or 100%
explain the reason for the great advance in the prices to be approximately normal condition on April 1
16.9 bushels per acre, a condiit is obliged to charge its customers. This concern tion of 78.3 as now
announced would point to about
in graphic form gives the figures indicating "Why 13 bushels. This
is evidently the conclusion of the
Electrotypes Cost More to Produce." The compari- Crop Reporting
Board of the Department which figson is between March 1916 and March 1914 in the ures out a crop of
495,000,000 bushels on the basis of
ingredients required in making the electrotypes; 37,256,000
acres estimated as planted last fall.
copper is 103% higher, electrotype metal 82% This woulicl compare
with last year's yield of 655
higher, acids 166% higher, wax 220% and 392%, million bushels
and the 1914 record product of 685
respectively, higher, tin foil 30% higher, blocking millions. The
1913 crop was 5233/i million bushels.
wood 20% higher, soda ash 60% higher,and sulphate
of copper no less than 414% higher, it costing now
Bank clearings for March, in line with those for
27 cents, where the price two years ago was only preceding months,
reflecting greater activity in our
514 cents. Finally, it is pointed out that labor now mercantile
and industrial affairs and an enormous
has a week of only 44 hours at $5 50 per day, trade on
foreign account, make an excellent exhibit.
where two years ago the week had 48 hours at $5 The
aggregate of clearings for the United States,
per day.
as a whole, is not only a high record for the period
This is a notable contrast and yet it is only a covered
, but is the largest of any monthly period in
sample of the conditions as to prices existing all our
history. Furthermore, every section of the
through our different trades and industries. These country
, if not every individual city, is benefiting
prices will undoubtedly be cut in two again and the by the present
wave of activity, not excepting the
victims of the adjustment will undoubtedly be many. South, which
to some extent has been adversely
The one redeeming feature in the situation is the pos- affected by
a restricted movement of cotton, as well
sibility that increasing orders from the railroads as by the
shortness of the crop. Of the 162 cities
may come in as a counterbalancing advantage, and from which
we have returns, only 19 fail to show
that one ray of hope will also be lost should the rail- same gain
over a year ago and in virtually all cases
roads be forced to grant the demands of the train- the losses
.are small and due to some local cause.
men and thereby be obliged to increase their ex- On the
other hand, large percentages of increase
penditures not far from $100,000,000 per annum.
are common, with such leading cities as New York,
Boston, Philadelphia, Pittsburgh, Buffalo, CinThe winter-wheat condition report of the Depart- cinnati, Cleveland, Detroit,
Louisville, Omaha,
ment of Agriculture for April 1, made public yester- Denver, Richmond, Toledo,
Salt Lake City, Springday, indicates not only a lower status of the crop field, Mass., Waterbury, Akron
and Houston shownow than at the same time last year, but a situation ing up conspicuously; and
these, with 109 other
quite a little below the average at even date, and, cities, have established, new
records for March,
consequently, both officially and privately is con- while 44 municipalities
have set a new high mark
sidered as presaging a yield much smaller than in for all months.
either 1915 or 1914. The report issued last DecemThis year's total of clearings for March reaches
ber showed a planting 11.3% less than in the fall of $20,679,675,539, which
contrasts with $13,848,1914, with the condition .6 point below that season, 400,164 in 1915,
exhibiting, consequently, a gain of
and 3.1 points under the ten-year average, now con- 49.3%; and compare
d with 1914 the increase is
dition is stated as 9.4 points poorer than in Decem- almost as heavy-4
5.1%. For the first quarter
ber, 10.5 points lower than last year and 9 points of 1916 the aggregate
at $58,986,020,229 is 50.3%
under the ten-year average. Speaking briefly, the more than a year ago
and 36.2% ahead of 1914.
openness of the winter in important localities has At New York the increase
s over 1915 are 65.9%
caused more than average deterioration this year, the and 68.7% respecti
vely, for the month and three
central section having been the greatest sufferer. months. Outside of
this city the 1916 result for
As regards the extent of area abandoned on account the month is, also, a
new record and shows an augof winter killing, nothing official will be made known mentation of 29.4%
over 1915. The quarter's
until May, but the inference drawn from the current aggregate, moreove
r, is 28.4% greater than that
situation is that the area abandoned will prove to be of 1915 and 22%
in excess of 1914. Analyzed by
unusually large. This is what we gather from private groups the totals
for the period since January 1 are
reports issued under reliable auspices, some of them found to be
much heavier than in 1915 in all sections.
in fact being inclined to put the acreage thrown out in The Middle division
, exclusive of New York, exthe Central States as larger than in 1912, when the hibits an increase of 42.1%,
New England 38.8%,



1294

THE CHRONICLE

[VOL. 102.

edness, is the
the Middle West 26.3%, the Pacific Slope 16.9%, as illustrated by the volume of indebt
1911.
since
best
.
the South 22.6% and the "Other West" 16.5%
Geographical analysis of the first quarter's reTransactions on the New York Stock Exchange
indicates that in all the various sections into
of
turns
were
shares
during March 1916 at 15,197,585
insolvencies were
greater magnitude than for the corresponding period which the failures are segregated,
the exhibit
of any year since 1908. • The sales for the three less numerous than a year ago, with
Middle
the
in,
respect
that
in
months of 1916 at 43,280,734 shares were the especially favorable
.
l
groups
Centra
South
and
c
Atlanti
heaviest since 1910 and compare with 17,321,967 Atlantic, South
ns,
all
divisio
in
year
last
than
less
were
shares a year ago. Greater activity in bonds is to Liabilities
Coast, where inbe noted than in March 1915, with the Anglo-French except the Western and Pacific
ed.
report
are
withal,
te
modera
but
of
,
on
creases
issue prominent throughout and the Domini
the month
for
ents
statem
s
failure
an
Canadi
The
The
close.
Canada issues a feature toward the
manner
ain
uncert
no
in
reflect
r
quarte
the
and
dollars
million
dealings in all classes totaled 813/i
in
place
taken
has
par value, against 633 millions, and for the quarter the decided improvement that
ile
d
mercant
edente
unprec
the
the transactions were 285 millions, against 164 mil- comparison with
edness of 1915.
lions a year ago. Sales at Boston for the month casualty list and high record indebt
for the month,
result
the
to
ce
referen
g
any
066
Passin
1,031,
reached 1,262,770 shares, comparing with
the suspen1916
of
r
quarte
first
the
for
for
that
note
and
we
1914,
in
shares
shares in 1915 and 501,980
,441,
ing
$9,344
the three months the results were 3,512,285 sions numbered only 596, involv
for
620
and
1915
in
shares,1,937,870 shares and 1,654,767 shares, respect- against 798 for $15,636,915
in
year
last
from
ses
Decrea
$6,230,052 in 1914.
ively.
manuthe
with
ed
report
are
ns
divisio
s
Further improvement in the business situation in all the variou
most favorably affected, the
Canada is indicated by the returns for this latest facturing branches
g industry conspicuously so.
clothin
and
month, the clearings exhibiting a very satisfactory lumber
s Provinces, mercantile devariou
the
s
regard
As
gain over 1915, and a moderate increase as compared
numerous in 8 out of 10, with the
with 1914. Altogether we have reports from 23 faults were less
striking in British Columbia and
cities for March (19 recording gains) and in the betterment most
contraction of liabilities of 5 millions
aggregate the augmentation contrasted with last Quebec, where
ively, is shown.
year is 25.6% and with two years ago 13%. For and 4 millions, respect
the three months the gain over 1915 reaches 32.2%,
Cotton manufacturers, comprising the memberwith the most noteworthy increases at Montreal,
of the American Cotton Manufacturers' Asso,
ship
Toronto, Winnipeg, Hamilton, Halifax and Regina
, in convention (the twentieth annual session)
ciation
and
ton
and losses shown only at Victoria Edmon
at Atlanta, Ga., this week had much to claim their
New Westminster.
attention of decided importance to the industry in
the
which they are engaged. They were particularly
A total of insolvencies much below that for
the
of
concerned with the dyestuff situation as presented
corresponding period of 1915 is a feature
rmore,
Furthe
by Dr. Charles H. Herty of the University of North
failures statement for March 1916.
r criticised quite severely
there is a drop in liabilities from even the moderate Carolina. The speake
recent utterances on the subtotals of January and February and, as in those Secretary Redfield's
as evanescent, and the
months, the volume of indebtedness is less than in ject, characterizing them
resolutions urging
passed
either 1915 or 1914. For the quarter ended with convention subsequently
prompt expaninsure
will
that
action
March 31, therefore, the mercantile mortality and upon Congress
incorporating
here,
ry
indust
fs
dyestuf
below
the
sion of
the aggregate of liabilities as well, were much
of the non-partisan tariff
one year ago, and in the last item well under two in them commendation
from the above a very compreyears ago. Large failures (those for $100,000 or board idea. Aside
by Mr. Scott Maxwell,
more) have not recently played so important a part hensive address was made
tion, in which he adverted
in the exhibits as in most months of the two pre- President of the Associa
t to the organization,
interes
ceding years and this is also a favorable feature of to many matters of
g-Owens Child Labor
Keatin
g
pendin
ed
including the
the situation. For March this year they number
he
premises, that will
as
ons,
conditi
the
1905),
since
and
Bill,
only 15 for $3,500,395 (the lightest
war. Mr. Beverly
an
Europe
the
of
three
close
the
the
with
follow
against 34 for $7,602,330 in 1915,
al City Bank
Nation
ent of the
months' showing 69 for $19,774,354, against 113 D. Harris, Vice-Presid
the
on
opportunities
length
of this city, spoke at
for $48,605,252.
the foreign
of
pment
develo
the
for
Messrs. R. G. Dun & Co.'s statement of failures now offering
which will
s
from
excerpt
States,
United
indicates that for the month of March 1916 the trade of the
William J.
week.
r
s
anothe
column
these
of
in
appear
number of defaults was 1,690, covering debts
a member
now
Director of Census, but
$16,885,295, against 2,090 for $23,658,130 in 1915 Harris,formerly
of Gerspoke
l Trade Commission,
and 1,464 for $21,493,286 in 1914, with the manu- of the Federa
tally
inciden
and
of co-operation
facturing group showing up most favorably. For many's policy
the
of
charge
in
while
efforts
the first quarter the aggregate of failed indebtedness referred to his own
ing
collect
of
s
method
the
e
improv
is only $61,492,746, distributed among 5,387 in- Census Bureau to
solvents, against $105,703,335 and 7,216 a year I cotton data.
ago, $83,221,826 and 4,826 in 1914 and $76,832,277•
ld
The Chancellor of the British Exchequer, Regina
and 4,458 in 1913. In manufacturing lines the
on
ns
of
Commo
House
McKenna, presented ill the
• liabilities at $23,807,210 were but very little more
y his annual Budget. In brief, it makes proTuesda
y
Rumel
the
than half those of a year ago, when
for the greatest disbursements in the world's
failure in January accounted for approximately vision
, namely £1,825,500,000 ($9,127,500,000),
16 million dollars of the total then reported. The history
be necessary in the event of the war conwill
general situation in the manufacturing industry, and it




APR. 81916.]

THE CHRONICLE

1295

tinuing for the full year, as appears to be expected, no change in the supertax, for that already fel
for the Government aside from the revenue receipts heavily on supertax incomes. The income tax on•
to borrow something over £1,125,000,000 during naval and military salaries would remain unchanged.
the new financial year. Mr. McKenna said that
The tax on amusements, including theatres,
the country was faced by two favorable circum- moving-picture houses, horse racing, and football
stances so far as revenues were concerned, namely matches, would produce £5,000,000. The tax would
that owing to the expansive power of British be a graduated one, according to the charge of
trade the revenues for the past year had exceeded admission. The tax would be a half-penny where the
the estimated revenue by £32,000,000, while the admission fee was 2d. or under, and would, be
year's expenditure had been £31,000,000 below graduated up to is. on admission fees up to 12s. 6d.
The new tax o 1. railway tickets, according to the
the estimate. By imposing new taxes on Amusements, railway tickets, matches and mineral waters, Chancellor, would produce £3,000,000. The duty on
and raising a number of the old taxes, including those sugar, which is now cheaper in London than in New
on excess war profits and on indigo, sugar, cocoa, York, and would, said the Chancellor, continue to
coffee and motor cars, the Chancellor estimated that be sold at a cheap rate in comparison with the world's
he would be able to raise £65,000,000, or nearly price, would produce £7,000,000. Other taxes andouble what many persons believed possible, by this nounced v ere an additional duty imposed on cocoa
means. The proposed new taxes and the increases of from 3
to 6d. a pound, and upon coffee and
in old ones were formally agreed to by the House of chicory from 3d. to 6d. a pound, these taxes t yield
Commons. The Chancellor in his speech claimed £2,000,000; a match tax of 4d. per thousand,
that he had resisted suggestions for an excessive in- yielding £ ,000,000; mineral waters 4d. per gallon
crease on war profits because he considered that this when prepared with sugar, and 8d. per gallon on
would have the effect of restricting trading enterprise. other sorts, producing £2,000,000. The Chancellor
He reminded the House that firms carrying on a large also announced increased duties on motor licenses,
business accepted great risks and responsibilities. which are trebled on high-powered cars and doubled
They thus needed to build up good reserves of capital on those below 16 horse-power, these taxes to probecause after the war they would be called upon to duce £800,000.
meet strong competition abroad. On the question
The total addition of customs and excise would
of a protective tariff, which has been the subject of thus amount to £21,450,000, which, added to the
earnest speculation in political circles, Mr. Mc- income tax of £43,r 00,000, made a total new taxation
Kenna repelled the idea that the Government had of practically £65,000,000. The tax on war profits
yet been converted to that means of raising revenue would be increased from 50 to 60%, and the effect
or breaking enemy competition. Referring to this of this increase in he case of rich men subject to the
point specifically, he said:
supertax would be that they would pay in taxation
"The House will have noticed that I have not dis- no less than 75% out of their excess profits. Mr.
cussed the question as to whether fiscal duties might McKenna anticipated a reduction in the beer revenue
now properly be used for controlling and directing of £3,000,000 and in the spirits revenue of £2,000,000.
trade in a way advantageous to ourselves and in- The recently imposed taxes on tea and tobacco
jurious to our enemies. I and my colleagues are would continue throughout the financial year, and a
satisfied that any attempt in this direction would be second budget in July would be necessary.
The quesmet by insuperable preliminary difficulties in finding tion of the further
taxation
of
those
commodities
the necessary machinery to give effect to such prowould then arise. In any case, he said, the existing
posals."
taxation would be continued. By he present scale
The most unpopular of the taxes is the tax on of taxation, continued the Ch ncellor, the Governmatches, which will about double their cost. It is ment was making ample provision for
the services
recalled that the last attempt to place a tax on of the war, and when peace came the country
would
matches, in 1874, by the Liberal Chancellor, Robert have a considerable margin for he
reduction of taxLowe, led to such serious riots in London that the ation. The figures, he argued, proved Great
Britattempt was abandoned.
ain's ability to continue the war with unabated
The actual deficit on the old year, Mr. McKenna vigor.
said, was £1,222,000,000, while the debt on March 31
The Government had resolved, the Chancellor
was £2,140,000,000, as compared with a debt of said, to deal with the importation of luxuries by
£651,000,000 before the war; but that was not a stopping importations altogether rather than by
dead-weight debt, as £368,000,000 had been lent to tariffs, having come to the conclusion that the
Allies. That was on the debit side. On the credit shortage of labor and the inadequacy of machinery
side was an increased yield by new taxation which rendered the extension of tariffs impracticable.
gave the nation's creditors full assurance that they
were properly secured. Not a pound was borrowed
What in some directions appears to be regarded a
without making provision for interest and a liberal serious invitation for peace proposalsfrom the Entente
sinking fund. Mr. McKenna proposed an addition Powers was contained in a speech in the Reichstag on
to the income tax, which in the lower level would be Wednesday by Dr. von Bethman -Hollwegg, the
small but which would rise to 5s. Earned incomes Imperial German Chancellor. The speech, it
may
up to £500, according to the plan, will pay 2s. 3d., be said, was characteristic of the Prussian attitude.
instead of 2s. 1 1-5d. Earned incomes from £500 The Chancellor seems to have resorted in a
number
to £1,000 will pay at the rate of 2s. 6d., the rate of instances to the familiar device of putting up
rising to 5s. when the income exceeds £2,500. Un- straw men for the purpose of knocking them down
in
earned incomes of £300 will pay at the rate of 3s., a spectacular manner. For instance (quoting
press
rising to 5s. on incomes exceeding £2,000. This in- reports), the Chancellor protested vigorously
against
crease in the rate of the income tax, the Chancellor the report that Germany now or in the
future consaid, would produce £43,500,000. There would be templated aggression against the United
States, or



1296

THE CHRONICLE

[Vox.. 102.

conquering Canada. This report he described as Germany must assure the sound evolution of the
the latest offspring of the calumniating campaign Flemish race, and added that Germany wanted
directed against Germany, adding: "This is the neighbors with which collaboration could be carried
silliest of all the statements invented against us. out to their mutual advantage.
Equaly silly are the reports that we contemplate
The German drive against Verdun, which was bethe acquisition of any territory on American soil, as
in Brazil or in any American country whatsoever. gun about six weeks ago, still continues relentlessly
We fight for our existence and for our future. and is being_ as relentlessly opposed by the French.
For Germany and not for space in a foreign country The expenditure of life and ammunition has probably
are Germany's sons Weeding and dying on the never been exceeded and the net result thus far has
battlefield." Coming down to the question of been the meagre one of a German gain of one to four
peace, he declared that any suggestion of that nature miles on a front extending from thirty to thirty-five
on the basis of destruction of Prussian military miles. The French have retired from advanced popower would make possible only one answer—the sitions, but their main defensive line is still intact,
German sword—and added: "If our adversaries and the French military authorities are confident of
want to continue the slaughter of human beings and their power to successfully resist the onslaught.
the devastation of Europe, theirs will be the guilt Meanwhile expectations are expressed in military
and we shall have to stand it as men." Germany's circ'es that having been able to withstand such a
enemies wish "to destroy united free Germany. determined and concentrated drive, made completely
They desire that Germany shall be again as weak without regard to loss of life, that the French and
as during past centuries, a prey to all lusts of domina- English will themselves in the near future begin an
tion of her neighbors and the scapegoat of Europe, offensive drive against their en my of corresponding
beaten back forever in the dominion of economic intensity and determination. It seems obvious that
evolution even after the war. That is what our ene- the spring of 1916 is to go down in history as one of
mies mean when they speak of definitive destruction most horrifying memories because of its huge butchof Prussia's military power." Answering his own ery of human beings. Not only have the Germans
question as to what was Germany's intention, the this week been engaged with continued assaults upon
Chancellor said: "The sense and aim of this war is the French lines around Verdun but they have
for us the creation of a Germany so firmly united, launched a strong attack against the new British
so strongly protected, that no one ever will feel the position near St. Elo , which lies a few m les south
temptation to annihilate us; that every one in the of Ypres, in an endeavor to regain 600 yards of
world will concede to us the right of free exercise of trenches which the British took from them ten days
our peaceful endeavors. This Germany, and not the ago. They have been successful in capturing minedestruction of other races, is what we wish. Our crater positions. Meanwhile there have been gains on
aim is the lasting rescue of the European Continent, both the French and the German sides, the German
which is now shaken to its very foundations. * * * troops having captured the village of Haucourt,
Of all the nations in th.? war only Germany has been which lies in the Avocourt-Bethincourt sector to the
threatened by her enemies an by their responsible northwest of Verdun. This is considered by the
spokesmen with annihilation, with partition of her Germans an important strategic point, for while
realm, with destruction of her essential political and the French held it the Germans could not cross the
economic forces, no matter whether they called them Forges Brook. The French claim that the village is
Prussianism or militarism or barbarism. The forces still dominated by French guns. On their side the
which before the war bound together the anti-German French forces carried a large section of the position
coalition were lust of conquest, lust of revenge, and north of Avocourt known as Bois Carre and in severe
jealousy against German competition in the world's hand-to-hand fighting south of Fort Douaumont drove
markets. During the war they have remained the Germans back through their underground paspowerful with the governments of our enemies in sages for a distance of 200 metres along a front of
spite of all defeats. This is still the object and aim 500 metres. They succeeded by their curtain of fire
of the war alike in St. Petersburg, Paris and Lon- in p eventing an assault on the Cote du Poivre on the
don. To this we oppose that Germany in this war east of the Meuse, whi h the Germans had subhad only one aim, namely to defend herself, to main- jected to an intense bombardment. The French
tain her existence, to hold her enemies back from the War Office announces officially that during the month
German frontiers, and whenever their lust of destruc- of March a total of thirty-five German aeroplanes
tion has shown itself, to drive them back as quickly were destroyed and that the French aerial losses
as possible." The Chancellor gave notice that the amounted to only thirteen aeroplanes. This is
Government was determined to keep up the undersea doubtless a response to the German statement reand aerial attacks. He pledged the members of the cently issued to the effect that in March the Bi itish
Reichstag that the Government would not cease and French lost forty-four eroplanes while the Gerusing submarines and Zeppelins to break the British mans lost only fourteen.
Zeppelins have continued to make raids on the
"war starvation." "No serious-minded neutral," he
said, "no matter whether he favors us or not, can English and Scotch coasts without important redoubt our right to defen ourselves against this war sults from a military standpoint. On the Eastern
of starvation which is contrary to international law. line in Russia the Germans have taken up the ofNobody can ask us that we allow the arms of defense fensive and are heavily attacking the Russian poto be wrested from our hands. We use them and sitions with infantry. Unofficial advices from Petrowe must use them." With respect to Belgium the grad state that in no case have the Germans been
Chancellor said: "We must create real guarantees able to penetrate the Russian line in frontal attacks.
that Belgium shall never be a Franco-British vassal; The Italians and Austrians are continuing their
never again shall be used as a military or economic operations along the Austro-Italian front but no
fortification against Germany." He declared that important changes in position are reported. The



APR. 8

1916.1

THE CHRONICLE

British in Mesopotamia have captured a number of
important positions and will, it is believed, soon be
able to proceed to the relief of the British forces
who have been besieged in Kut-el-Amara since last
December. Russian advices state that the Czar's
troops are successfully operating against the Turks
in the Caucasus and Persian regions.

1297

in its co-operation with the American punitive expedition. It still refuses to permit supplies for the
American troops to go forward except as regular
commercial merchandise. In fact, the attitude of
Carranza is displayed most clearly by an apparently
serious proposal of Gen. Alvaro Obregon, Mexican
Minister of War, that having dispersed the Villa
bandits, the United States troops should now retire,
Holland has placed herself on a war footing and leaving the capture of the leader to the Carranza
has closed up her frontier bordering on Germany. troops. The Mexican situation, obviously, is not
At the opening of the second Chamber of the Dutch yet showing signs of clearing.
Parliament on Tuesday, after a preliminary secret
Press advices cabled from Berlin announce that
session in committee, the President of the Chamber
read a brief statement declaring that the recent sus- the Foreign Office delivered yesterday to our Ampension of furloughs of army officers and men was a bassador a preliminary answer to the American inprecautionary measure, and Holland was firmly re- quiries concerning the attacks by German submarines
solved to maintain her neutrality, and there was a on steamships on which American citizens were
possibility of her incurring increased danger owing to either passengers or members of the crew. President
the course of the war. An Associated Press dispatch Wilson and his Cabinet held a protracted session and
from London quotes a prominent neutral who has discussed formally for the fourth time the critical
just returned from Amsterdam,and who enjoyed ex- position of our diplomatic relations with Berlin.
ceptional opportunities for obtaining reliable infor- Reports were current in financial circles yesterday
mation, as stating that not only was the Dutch army that Germany had decided to recall its Ambassador
fully mobilized but that actual manoeuvres are being from Washington, but this report later in the day was
held as if to repel forces landing from the North Sea denied. Officials at the German Embassy in Washin the neighborhood of Flushing. The mobilization ington still insist that they do not believe the attack
was accomplished swiftly. Virtually every private on the Sussex was made by a submarine, but that the.
motor car in the country was seized. While mobili- steamer ran upon a mine. Reports from Berlin
zation took place along the German frontier, ma- again emphasize the fact that possibly the Sussex
noeuvres were held only along the sea coast. To add resembled a transport or cruiser in build and that a
to the excitement the Germans massed men and guns U-boat commander may have made a mistake.
along the Belgo-Dutch frontier near Antwerp, as if
The London stock market has been influenced
in preparation to repel an invasion from that direction. The returned neutral is convinced the demon- almost completely, in the first place, by the unstration was aimed against Germany as much as certainty and anticipation of the Budget and in
England. He stated that irritation in Holland against the next place, by the formal announcement of the
all belligerents had become so pronounced that there same on Tuesday afternoon. Taken altogether, the
was a sullen feeling of hostility toward both Germany Chancellor's proposals were well received by British
and Great Britain, which was becoming general financial circles. Mr. McKenna gave no indication
in his Budget speech of the approximate date or of
throughout the country.
the terms of the new war loan, the prospectus of
which is expected to be published in the very near
attested
under
who
Nine groups of married men
future.
Taken altogether, the increased in taxation
British
colors
on
the
join
will
Lord Derby's plan
are
believed
to be much more moderate than were,
married
men
include
of
groups
27
to
The
May 5.
35 years of age. An earlier summons for these men as a rule, expected. The increase in the income
was recently recalled, owing to agitation in England tax is not more onerous than is inevitable in such
for the calling of more single men before the married extraordinary times. There is complaint, however,
were put in uniform. The British press bureau as to the method of collection. The tax is deducted
denies reports that further groups of married men on dividends and interest before they are paid to
are to be called. There appears to have been some the holder of the securities. Under the new arrangeconfusion in the London dispatches as regards the ment the tax is to be deducted at a maximum rate
ages of married men. It was reported, for instance, of 5s. to the pound-25%. But only a small
some weeks ago,that groups of married men between minority of holders—those. with • £2,500 earned or
the ages of 24 to 46 were to be called up between £2,000 unearned incomes—are subject to this maxiApril 29 and July 8 to serve in the army. A London mum rate. Hence the overcharge can only be obcorrespondent calls our attention to the fact that as tained by direct application to the Government,
married men, aged 18 to 24, inclusive, only were which will involve the usual red tape. Under the
asked to attest under Lord Derby's scheme, the fig- new conditions holders of 5% bonds receive only
ures 24 to 46 mentioned in the dispatches referred 3% until they are able to secure repayment of the
overcharge. Hence there is a disposition to disto, were the "group" numbers of these men.
criminate against, gilt edge securities with fixed
Villa, the Mexican bandit leader, has thus far redemption dates and seek investments promising
eluded the American troops that are pursuing him. larger returns. The extension of the American
There have been a number of minor clashes with income tax to foreign holders of American securities
Villa's men, but no lasting results. Gen. Funston is is expected to further encourage sales of American
reported to have announced at San Antonio yester- securities to the British Treasury under the mobilizaday that the pursuit by one important division had tion plan. On account of the strain that has been
to be halted at a critical moment after a battle at put upon bank clerks since the outbreak of the war,
Aguas Calientes because of a failure of supplies. the Government has decided to make April 22, the
The Carranza Government continues entirely passive Saturday before Easter, a bank holiday. The sales



1298

THE CHRONICLE

of Treasury bills from March 18 to March 31 aggregated £93,000,000, a new record. There were
disbursed in London in dividends and coupons,
April 1, £13,000,000. The March aggregate of new
capital issued through London was £38,139,000, of
which £34,840,000 were public loans. Prices of
commodities during March in a number of instances
showed important declines, though the "Economist's"
end-of-March Index Number to appear in its to-day's
issue (as cabled to the "Journal of Commerce")
shows the slight increase in the aggregate of 5 points
to 4,013. The largest advance was in minerals,
namely from 8013/ to 851. Timber and similar
articles advanced to 913 from 8973'. Food products
and textiles, however, showed sharp declines; in
cereals and meat a loss of 323/b points to 9493';
other food products (tea, sugar, &c.) declined 173/2
points to 503. Textiles were reduced 9 points to
7963'. The • basic number of the "Economist"
index is 2200, representing average quotations for
the five-year period 1901-5. Thus, the current
number represents an advance of 82 4-10 per
cent.
The monthly report of the British Board of Trade
indicates for March an increase of £10,629,951 in
imports and of £7,421,934 in exports. The chief
increases in imports are in food and drink, £5,• 000,000, raw cotton £2,000,000, and chemicals
£1,250,000. The increase in exports is principally
in manufactured articles, cotton textiles showing a
gain of £2,000,000. As remarked by the Associated
Press London correspondent, the economy campaign for righting the balance of trade apparently is
not progressing much at present. The following
table shows the trade of the United Kingdom in
March 1916, compared with the same period in
1915:
Imports
Extorts

March
1916.
1915.
£86,092,000 £75,462,049
37,598,000
30,176,066

Excess of 1mp'ts.148,494,000

£45,285.983

Since Jan. 1
1916.
1915.
£228,388,484 £207,908,912
110,690,949
84,600,595
£117,697.535

£123,308.317

The continued German drives in the Verdun district do not appear to have discouraged the French
financial market, a steady tone having been reported
from day to day on the Paris Bourse. The correspondent of the "Evening Post" argues that for some
years after this war—that is, until the Government's
financial necessities are satisfied—it is likely that the
French people will invest their savings at home or
among their Allies. Far-seeing French investors, he
states, will still buy gilt-edged American securities;
but the market for anything and everything sold by
persuasive brokers has been closed for the present and
near future. The international parliamentary conference which was to have met in Paris on March 27
was postponed until April 24, and now has been
postponed indefinitely. It was at first proposed that
this conference should take up the question .of customs. It, however, has since been decided to leave
this entire question in the hands of individual governments for their own action. The economic conference which, it has been announced, was to have begun
in Paris next week, has likewise been postponed. Its
proposed object was to put in practice in economic
affairs the united views and interests of all the Allied
countries which were to be represented at the conference. The only economic campaign actually in existence is that of the French association which is trying
to find a way of preventing purchases from Germany
after the war without also stopping sales to Germany.



Vol, 102.

Latest reports by cable suggest that the new war loan
may be delayed until autumn.
Official Bank rates at the leading European centres
remain as last quoted, namely,5% at London, Paris,
Berlin, Vienna and Copenhagen; 53/2% in Italy,
Norway, Sweden and Portugal; 6% in Russia and
43/2% in Switzerland, Holland and Spain. In London the private bank rate is still maintained at
4%% for sixty and 4% for ninety-day bills.
Cables from Berlin continue to quote 4% as the
private bank rate at that centre. No reports have
been received by cable of open market rates at other
European centres, so far as we have been able to
discover. Money on call in London remains at
4@4Y,2%.
The Bank of England, as against an increase for
the two past weeks, recorded a decrease in its gold
item for the week of £195,136, due in part to the
month-end settlement preparations and the currency
requirements usual at the close of the Government's
fiscal year. Note circulation showed a further increase of £297,000, and thus there was a decrease in
reserve of £492,000. The proportion of reserve to
liabilities fell to 26.03%, against 28.77% last week
and 18.38% at this date last year. Public deposits
showed the large increase of £12,851,000, while other
deposits also increased £387,000. Loans (other securities) were increased £7,789,000. The Bank's
gold holdings now total £56,466,228, as compared
with £53,751,028 in 1915 and £36,028,143 in 1914, a
pre-war period. Reserves are £41,043,000, against
£37,260,098 one year ago and £25,006,443 two years
ago. The loan item is £96,138,000, as compared
with £138,763,872 in 1915 and £43,500,564 the preceding year. The Bank reports as of April 1 the
amount of currency notes outstanding £100,310,991,
against £98,433,273 a week ago. The amount of
gold held for the redemption of such notes remains
at £28,500,000. Our special correspondent furnishes
the following details of the gold movement into and
out of the Bank for the Bank week: Inflow, £1,368,000 (of which £918,000 bar gold bought in the open
market, £50,000 released from Egyptian account and
£400,000 from miscellaneous); outflow, £1,563,000
(of which £35,000 exported to the United States,
£340,000 to Spain, £25,000 to Uruguay, £50,000
earmarked Egypt, and £225,000 miscellaneous,
£206,000 bar gold sold in the open market and £682,000 net sent to the interior of Great Britain). We
add a tabular statement comparing for the last five
years the different items in the Bank of England
return:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1916.
1915.
1914.
1913.
1912.
April 5.
April 7.
April 8.
April 9.
April 10.
33,873.000
Circulation
69.914,000
Public deposits.
87,750,000
Other deposits
38,188,000
Gov't securities
96,133,000
Other securities
Res've, notes & coin 41,013,000
bullion__
_
Coln and
56,466,228
Proportion of reserve
to liabilities
26%
Bank rate
5%

34,40,930
105,270.184
97,649,301
44,605.970
138,763,872
37,260,098
53,751,028

29.471,700
19,630,951
42,333,833
11,150,770
43,500,564
25,006,443
30,028,143

28,738,600
16,076,470
43,438,280
13.032,727
37,473,362
26,805,839
37,094,439

28,941,680
20,036,430
40,384,596
14,281,566
38,009,353
25,001,411
36,393,091

18.38%
5%

40.38%
3%

45%
5%

43%
ni%

The Bank of France this week reports the large
decrease of 19,887,000 francs in its gold holdings,
reflecting undoubtedly exports of the precious metal
during the week, for the purpose of steadying French
exchange. The silver item, on the other hand, increased 1,300,000 francs and note circulation re-

APR.8 1916.]

THE CHRONICLE

corded the heavy expansion of 202,514,000 francs.
General deposits were redueed 48,979,000 francs and
bills discounted also decreased 28,620,000 francs.
Treasury deposits this week registered a decrease of
33,237,000 francs, comparing with an increase the
week preceding, and the Bank's advances decreased
6,091,000 francs. The Bank's gold holdings now
total 4,986,357,000 francs, as against 4,253,375,000
francs a year ago and 3,627,300,000 francs in 1914.
Silver on hand aggregates 362,701,000 francs, comparing with 377,500,000 in 1915 and 622,675,000
francs two years ago. Note circulation is now 15,154,592,000 francs, having exceeded the previous
maximum of 15,000,000,000 authorized May 1 1915.
A year ago the total was 11,422,475,000 francs and
in 1914 5,943,250,000. General deposits are now
2,239,839,000 francs, against 2,407,900,000 in 1915
and 547,250,000 in 1914. Discounts aggregate
3,108,276,000 francs. One year ago the total was
901,675,000 francs and 2,322,125,000 the year preceding. Treasury deposits now stand at 68,160,000
francs, which compares with 63,775,000 francs and
182,800,000 francs one and two years. ago respectively.
The German Reichsbank in its weekly statement
as reported April 4, showing its condition presumably
of March 31, registers an increase of 513,000 marks
in its gold holdings, of 2,214,000,000 marks in its
loans and discounts(due to the war loan operations),of
614,000,000 marks in note circulation,and of 1,644,000,000 marks in deposits, the increase in the latter
also is undoubtedly due to preparations for loan payments. The usual requirements incident to the end
of the quarter-year have likewise been an influence
in the large changes this week. The Imperial Bank
gold item stands at 2,460,000,000 marks, which
compares with 2,537,528,000 marks one year ago
and 1,259,980,000 marks in 1914. Combining loans,
discounts and treasury bills we now have a total of
8,112,000,000 marks. One year ago the aggregate
was 6,876,642,000 marks, and in 1914 1,445,986,000
marks. The Bank's note circulation is 6,988,000,000
marks, against 5,624,026,000 marks and 2,427,670,000 marks one and two years ago, respectively. A
dispatch from Berlin states that the Deutsche Bank
of Berlin has declared a dividend of 123'% for the
year 1915, against 10% for 1914. A total of 12,100,000 marks was carried forward to new account.
The open reserves of the bank, which has a capital of
250,000,000 marks, now are 180,000,000 marks, and
the deposits are 2,500,000,000 marks. The quotation of the shares is 245.
The local money situation continues to show the
characteristics that have been present for so protracted a period. The curtailment of speculation
on the Stock Exchange has released a considerable
volume of funds that formerly found employment in
that channel. Meanwhile there have been no important new demands of sufficient volume to encourage lenders to name higher rates. But no disposition is being shown to compete for business by
cutting quotations for money. New capital applications still are backward. There are not likely for
the present to be important offerings of railroad
securities notwithstanding the admittedly prosperous
position of the railroads. The situation, presumably,
will last until some basis becomes apparentfor believing
that liquidation of American securities by the Brit


1299

ish Treasury and by foreign holders generally shows
signs of ending. Some interest has been taken in a
plan recently announced by surety companies by
which it is believed that stocks and bonds owned in
Germany and Austria may be transported to New
York without risk of seizure from the mails by British
authorities. The Dutch Government has formally
protested to Great Britain against such seizures, but
for the present at least there seems reason to believe
that the practice is likely to continue. The new plan
that has been suggested is that the certificates be
actually destroyed by fire abroad in the presence of
representatives of the surety companies and other
responsible witnesses and that policies be issued at a
reasonable premium indemnifying the corporations
on this side, this permitting new certificates to be
issued in this country in place of those deliberately
burned. We do not believe that this practice will
assume important proportions, as the cost, however
small, would constitute too great a handicap.
The regular April 1 payments were completed
without visible influence whatever on the general
money market. Payment was made on April 3 by
J. P. Morgan & Co. for the $75,000,000 loan recently
made to the Dominion of Canada. What is believed
to have been the largest check ever cleared in New
York was drawn on Monday by the bankers in
question on the National Bank of Commerce of New
York, payable to the agent of the Bank of Montreal.
The exact amount has not been mentioned except
that it was in excess of $70,000,000. This amount
exceeds what has hitherto been considered the largest
single check drawn in New York, namely that for
$62,075,000 on June 1 last by Kuhn, Loeb & Co. on
account of the Pennsylvania bond sale. It is understood that a considerable part of the funds represented by the Morgan check will remain on deposit
with several New York banks for the present. One
of the most important prospective capital applications announced during the week is the offering of
$55,000,000 New York City bonds, the rate of
against the previous
interest being put at 44%,
3
4M%. We give details of this offering elsewhere
in this issue. A dispatch cabled from Lima, Peru,
announces that Montero Tirado, who last month was
appointed Financial Agent of Peru in the United
States, is on his way to New York and is authorized
to negotiate a loan.
The weekly Statement of the New York Clearing
House, which will be found in complete form on a
later page, indicated last Saturday an expansion in
loans, as a result of preparations for the April 1 disbursements, of $13,382,000. Net demand deposits
increased $12,040,000, and time deposits $3,102,000.
Reserves in "own vaults" showed a nominal increase
of $717,000 to $474,742,000, of which $402,828,000
was specie. A year ago the total in own vaults was
$392,133,000, including $321,259,000 in specie. The
surplus in Federal Reserve banks for the week decreased $4,484,000 to $171,833,000, against $118,676,000 the year preceding. Reserves in other depositaries, however, were increased $3,100,000 to
$62,819,000, comparing with $35,042,000 in 1915.
Note circulation recorded the slight gain of $5,000
and now totals $31,634,000. The decline in aggregate reserve amounted to only $667,000. It aggregates $709,394,000, against $545,851,000 a year ago.
In view of an expansion of $1,772,530 in reserve
requirements, due to increased deposits, the surplus
reserve was reduced $2,439,530, bringing the total

THE CHRON I CIA:

1300

down to $123,823,040, and compares with $148,25 8,040 at the corresponding date last year.
Referring specifically to money rates, demand loans
have again covered a range of 134@2%. As was the
case last week, the Week opened on Monday with the
4%,
/
high at 2% and the low and renewal rate 13
and continued at these figures without change
throughout the week, with the exception of Tuesday,
when the renewal figure went to 2%. For fixed maturities, rates remain at 23'2@3% for sixty days,
234@3% for ninety clays, while four, five and six
months' money has remained at 3%. A year ago
sixty-day funds were quoted at 23/2@234%, ninety
days 234@3%, four months 33%, and five and six
months 33j®332%. Rates for commercial paper
are still quoted at 3®33% for sixt y and ninety
days' endorsed bills receivable, and six months' single
names of choice character. Names not so well
Bank and bankers'
known still icquire
acceptances remain at 23/8@2:Nc/o.
The rate on commercial paper, discounted with
the Kansas City Federal Reserve Bank, maturing
within ten days, was increased this week from 3%
to 4%, and in the case of paper having a maturity of
over ten but not exceeding ninety days, was advanced from 4 to 4%.

Commercial Paper3
1 to 10 days maturity
11 to 30
334
..4
31 to 60 "
08
61 to 90 '•
4
Agricultural one
Lire-Stock Paper91 days to 6 months maturity' 5
Trade Acceptances1 to 10 days maturity
31 to 60
61 to 90 "

3
3
3

334
4
4
434

5 4345
----33! 3
334, 3
334 3

Commodity Paper1 to 30 days maturity
' 334
31 to 60
3% ...... 3 :
"
61 to 90 "
334
91 day
, to A months maturity _._
'

San Francisco.

4

—

I

3 13
4
4
4
4
4 14

Kansas City.

•41
i t A

Minneapolis.

Richmond.

• a

Cleveland.

CLASS
OF
REDISCOUNTS.

New York.

FEDERAL RESERVE BANK DISCOUNT RATES.

------3343
4
4
4
4
4
4
4
4
4
4
434 4

.4_
.3
4 434 4
334
434 4
4
4
434
434 43 4

1
5 5 15 5 5
—
1
--

5 434 534
—--

3 334 3%1_ 3 -- 334 334 3
3
334 334 3
334 3341.-- 3
334, -- 334 334 334 4 334
334 4
3
3
3

I
1 ... _

3 1 ___ 3 3
3 1 .._ 3 , 3
3 13
3

3
3
3

3
3
3-

334
4
434
5

Authorised rate for discount of bankers' acceptances, 2 to 4%.
A rate of 334 to 4% on purchases of trade acceptances by the New Orleans branch
of the Atlanta Federal Reserve Bank In the open market, without the endorsement
of any bank, was approved Dec. 16 1915. A rate of 4% for 10 days and 434% 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 ease of the St. Louts 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 e change: Atlanta,334 to 04%
Dallas, 3% to 6%.

Sterling exchange continues to be pegged within a
fractional range of the British Treasury's established
rate of 4 76 for demand bills. There appears to have
been a rather less urgent selling of American securities on foreign account this week, although it has
not entirely ceased. Nothing further has been heard
of the new dollar loan for England, France and Russia that was so confidently predicted a month or
more ago. So far as the French loan is concerned,
it is not improbable that the attack in the Verdun
region which has since been so persistently and doggedly carried on by Germany may have exerted a
substantial influence in delaying this transaction.
It seems evident, however, that some arrangement for
credit must be concluded in the near future in view
of the weakness that has developed this week in exchange on-Paris. Demand bills on the French centre
in New York were quoted on Friday as low as
which compares with 5 973-i a week ago.
6
French notes to the amount of $30,000,000 fell due
here on Saturday last and were duly taken care of.
The first semi-annual coupon of the Anglo-French



IVOL. 102.

loan is payable April 15. France is called upon, of
course, to provide one-half of the necessary funds.
We have referred a number of times to the statement made in the British House of Coirmions by
the Chancellor of the Exchequer in February that
the British Government did not wish the rate for
demand sterling to exceed the then current figure of
4 76. We have shown that this statement is the
real basis of the sterling exchange situation that has
since existed, and that so long as the British Treasury
has gold or securities available it can maintain this
figure, which, as a matter of fact, it since has continuously done, and undoubtedly intends to do until
the end of the war renders arbitrary financing unnecessary. The "Statist" of London seems to think
that we have misinterpreted Mr. MeKenna's statement by inferring that the British Treasury has accepted 4 76 as the par of sterling exchange. But
we were not laboring under such a misconception.
The point we endeavored to make,and developments
since February have certainly borne us out in it,
is that the rate of 4 76 for demand bills was established arbitrarily by the British Treasury when it
declared that "the Government does not wish it
higher than that. It is still 10c. below normal.
But we [the Government] do not wish it to go either
up to or above normal for the simple reason that we
are discouraging imports by keeping the exchange a
little below par and, second, the export of gold to
America." We of course agree with our contemporary in its statement of elementary principles when
it says "the par of exchange is always the same and
is governed entirely by the amount of gold in the
sovereign and the amount in foreign coins." But
transportation charges enter into the purchasing
power of gold at a given point. The normal as distinct from an arbitrary rate for demand sterling in
its broadest application is based in times like the
present upon the real cost of redeeming the pound
sterling with gold (or its equivalent) in New York.
Mr. McKenna under his plan for mobilizing American
securities has a full supply of the equivalent of gold
to maintain the rate at any point within reason he
desires. If exchange on London declines he is in a
position to sell securities in the New York market
and utilize the proceeds, which are in fact gold, to
restore the rate. The "Statist" comments further
on the sterling exchange situation as follows:
The "Times" [London], however, is quite right when it
says that "In our case the 'decline' in New York only refle3ts
the additional cost of redeeming the pound sterling with the
actual gold which we export for the.purpose. Our 'credit'
is therefore precisely equal now to what it was there when war
broke out. Germany does not send her gold, and it is her
'credit' which has declined."
Of course, in making this statement the "Times" merely
wished to deal with the problem generally. When war
broke out the dollar was a long way above parity, because
of the pressure to remit from New York to London. It was
at that time nearly as much above parity as it is now below,
because of the physical difficulty of remitting gold from New
York to London. Subsequently the difficulty was overcome in some measure by permitting gold to be sent to Ottawa. With the parity of gold at 4.8665, the gold exporting
point from New York under normal conditions of freight and
insurance is about 4 88 and the importing point is about
4 843/2. In consequence of the charges for freight, insurance, Sze., this importing point has now been reduced to
4 76
In other words, the cost of sending gold from
London to New York, which prior to the war was only
about 2c. per sovereign, has increased to about 10c. per
sovereign. If the balance of trade were to change and
America were to become indebted to London, then the exchange would rise,not to 4 76 but to over 4 90. It, would

APR. 81916.]

1301

THE CHRONICLE

not rise as much as it has fallen, simply because 'arrange- 721
/
3, and cables finished at 723j, compared with
ments would probably be made for the gold to be sent to 72 3-16 last Friday. In Paris the London check rate
Ottawa for account of the Bank of England in order to avoid . •
; closed at 28.603/2, against 28.50 the Week preceding.
risk of loss and to keep down the expense of remittance.
Consequently, although compared with the parity of ex- I In New York sight bills on the French centre finished
change the sovereign is at a discount of roughly 2%, it is at 6 013/2 against 5 973 1, and cable transfers at 6 01
really not at a discount at all, but simply at a rate slightly I compared with 5 969j a week ago. Austrian kronen
above the point at which it pays to import gold into the closed at 12.36@12.38 against 12.41 last week. Swiss
United States from London, having regard to the cost of
exchange finished at 5 18 for bankers'sight and 5 18
freight, insurance, &c. As Mr. McKenna explained, the
and 5 201
4 the
exchange is still 10e. below normal, "but we do not wish it for cables, as compared with 5 21
to go either up to or above normal, for the simple reason previous week. Bankers' sight on Amsterdam closed
that we are discouraging imports by keeping the exchange at 4338, against 42 11-16; cables at 43 3-16, against
a little below par." Inasmuch as the Government has con- 42Y
1; commercial sight at 429, against 42%,
trol of the exchange situation by reason of the sale of Ameriand
commercial sixty days at 429, against
can securities by British investors, it would experience no
42
7-16.
Italian lire are now 6 59 for sight and
if
it
of
4
wished
parity
to
a
difficulty in raising the rate
86Y
I 6 58 for cables,against6 52and 6513.1,respectively,
to da so.

As we have already mentioned, we are in complete
accord with the "Statist" as to the peculiar technical
situation existing at the moment.
Compared with Friday of last week, sterling exchange on Saturday was a shade easier, with demand
quoted at 4 76 7-16@4 7632 and sixty days at
4 73%@4 7334; cable transfers recorded a single
rate, namely, 4 77 for the whole day. Monday's
market showed some weakness in tone, chiefly on a
liberal supply of commercial offerings accumulated
over the week-end; actual quotations, however, continued practically without change, at 4 76 7-16@
4 76 for demand, 4 77@4 77 1-16 for cable transfers, and 4 731A@4 733j for sixty days. Dullness
prevailed in exchange,dealings on Tuesday and rates
moved within narrow limits; demand ranged at
4 76%@4 76 7-16 and cable transfers at 4 76 15-16@
4 77, while sixty days remained at 4 73Y8@4 7331.
On Wednesday buying by several prominent financial
concerns induced increased firmness, although the
market was still inactive; demand bills advanced
1-16 to 4 76 7-16@4 76; cable transfers and sixty
days remained pegged at 4 76 15-16@4 77 and
4 733/8@4 733j, respectively. As is so often the
case, very little business was transacted on Thursday,and trading was dull and featureless, with rates
entirely unchanged for the three classes of bills.
On Friday the market ruled quiet but steady, with
demand at 4 76 7-16@4
cable transfers at
4 76 15-16@4 77 and sixty days at 4 7314@4 739/8.
/
1@4 73 15-16 for sixty
Closing quotations were 4 731
days, 4 763/2 for demand and 4 77 for cable transfers.
Commercial on banks (sixty days) closed at 4 72%
@4 723/2, documents for payment (sixty days) finished at 4 729j@4 72 13-16, and seven-day grain
s. Cotton for payment closed at 4 763.4;
bills at 4 759/
grain for payment at 4 763t•
The Continental exchanges have been more or less
nervous. Demand bills on Paris have shown distinct
weakness in the absence of definite announcement
of negotiations for a new credit. Dutch exchange
has ruled firm, while Scandinavian has reached a
new high record, one influence being the interpretation that the new British blockade regulations will
mean restriction of exports from this country.
Reichsmarks and Austrian kronen have been steady.
Italian lire, after weakness during the early part of the
week, turned strong and advanced to 6 59 for sight,
closing at that figure, against 6 52 on Friday last.
This movement was attributed in large measure to the
influence exercised by the Budget speech of the British Chancellor, indicating large loans are to be made
to Great Britain's Allies during the coming year.
Bankers' sight on Berlin closed at 72 3-16, against



last week. Greek exchange is still quoted at 5 1531
for sight bills. Copenhagen checks closed at 29.90,
compared with 28.80 the week preceding. Checks
on Norway are 30.05, as against 29.00, and checks
on Sweden are at 30.10 against 28.95. Russian
rubles are now at 31.45, against 31.54 last Friday.
Spanish pesetas, checks, finished at 19.38, comparing
with 19.20 a week ago.
The New York Clearing House banks,in their operations with interior banking institutions, have gained
$316,000 net in cash as a result of the currency movements for the week ending April 7. Their receipts
from the interior have aggregated $7,247,000, while
the shipments have reached $6,931,000. Adding the
Sub-Treasury operations and the Federal Reserve
operations, which together occasioned a loss of $10,810,000, the combined result of the flow of money
into and out of the New York banks for the week appears to have been a loss of $10,494,000, as follows:
_
Week ending April 7.
Banks' interior movement
Sub-Treasury operations
Total

Into
Banks.

Out of
Banks.

I Net Change in
Bank Holdings.

$,247,000
15,139,000

$6,931,000rain
$316,000
25,949,000 LOS8 10,810,000

$22,386,000

$32,880,0001Loss $10,494,000

The following table indicates the amount of bullion
iii the principal European banks:
April 6 1916.
Silver.

Gold.

April 8 1915.

I

Banks of
Total.

Gold.

Silver.

£

'.£

I
I

Total.

£

England__ 56,466,228
56,466,22 53,751,028'
1 53,751,028
France_ __ 199,456,480 14,404,640213,861,12 170,038,640 1:5,120,240185,158,880
2,200,11 125,204,7" 117,370,950 2,200,000 119,570,950
Germany, 123,004,75
Russia5u __ 162,280,
5,502,Ii 167,782,
156,698,0005,417,000162,115,000
nc 51,578,000 12,140,000 63,718,
51,578,000 12,140,030 63,718,000
Spain ____ 37,342,
30,650,000 67,992,
23,856,000 29,345,000 53,201,000
41,568,00
4,169,000 51,000,
Italy
51,000,000 2,847,006 53,847,000
Netherl'
43,092,000
314,000 24,399,
24,099,000
168,903, 24,267,900
Nat.BeIgh 15,330,00
600,000 15,980,
15,380,006
600,000 15,980,000
Switz'land 10,104,000
10,104,
9,636,
9,636,400
Sweden
8,934,000
8,9?4,
6,293,000
6,293,0001
Denmark_ 6,659,0
l76,000t 6,835,
5,953.0001
324,000 6,277,000
Norway. 4,083,00
4,083,
3.081.000
3,081,000

1

Tot. week 759,947,45/ 70,155,640830.103,098688,735,018 68,162,14 756,897,158
Prey. week 760,339,524 69,58.5,540829.956,064687.612.631 67.738,920755,351.551
•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.
c July 30 1914 in both years. h Aug. 6 1914 In both years.

GERMANY'S PURPOSES AND THE BRITISH
BUDGET.
No passages in the two important ministerial
speeches of this week to legislatures of belligerent
Europe attracted more immediate interest than
the references to peace. Yet it can hardly be
said that any new light was thrown on the problem
by these utterances. On Tuesday, the British
Chancellor of the Exchequer introduced his program of new taxation by assuming that the war
would last at least another twelvemonth. But this
meant little more than Mr. McKenna's opinion as
to the only safe way of framing such a budget—
which was, to apply the revenue-producing schemes

1302

THE CHRONICLE

(VOL. 102.

to the entire fiscal year. The statement of Chan- an odd recollection of the fact that precisely this
cellor von Bethmann-Hollweg in the German intimation was originally thrown out, and by no
Reichstag Wednesday, to the effect that Germany less a person than Ambassador von Bernstorff, in
desires peace, and had announced as long ago as a public interview of a year and a half ago.
December 9 her readiness to discuss terms, was
The speech of the German Chancellor somewhat
similarly inconclusive. In the earlier speech referred diverted attention from the previous day's program
to, the Chancellor had said that "if our enemies of new taxation submitted to the British Parliament.
make peace proposals compatible with German Yet that was a very notable incident of the war.
dignity and safety, then we shall always be ready to The Chancellor of the Exchequer calculated that
discuss them;" but that, in the present state of his proposed new taxes would add $217,000,000 to
official and public opinion in the enemy countries, England's annual public revenue; this following an
"it would be folly for Germany to make peace pro- increase of something over $500,000,000 annually
posals." Like Mr. McKenna's statement, this as a result of the budget of last autumn, and followmerely indicates again what has been repeatedly ing also other increases made earlier in the war.
proved before—that the present attitude of the The magnitude of the aggregate war-time increase
opposing belligerents, in regard both to the military in taxation may best be judged by comparing Mr.
and the political problems of the war, is altogether McKenna's estimate of total revenue,for the coming
too far apart to make serious negotiation possible.
fiscal year, with the public income as reported imNevertheless, the German Chancellor's speech mediately before the war. Great Britain's public
has excited wide discussion, and for varying reasons. revenue in the fiscal year ending March 31 1914 was
To the American public, the most striking fact £198,000,000. After that d6,te and before the war
about his long review of the situation was what it broke out, an increase of £13,200,000 was made.
did not contain. No direct reference was made in it The estimate for the coming year, under the new
to the recent extraordinary renewal of submarine taxes, is £509,000,000.
activities, to the rumored division of opinion between
It would thus appear that the actual new taxation,
the Government and Admiralty, or to the destruc- explicitly for war purposes, amounts to £297,800,000
tion of unarmed passenger ships, whether of belliger- annually. Mr. McKenna's estimate of the actual
ent or neutral nationality, which in the past four expenditure for war alone during the coming year
weeks has aroused anger in every neutral State of is £1,150,000,000; on which basis, more than 25
Europe, and has once more strained relations be.tween per cent of the present annual war expenditure will
the United States and Germany. All that the be paid by taxes. The percentage is not as great
Chancellor said which could apply to this burning as in the Napoleonic wars; but the amount of extra
controversy was contained in the following state- taxation raised for war purposes wholly outstrips
ment :
every precedent of history. The income tax of the
"No one can ask us to permit our arms of defense Napoleonic wars never rose above 10 per cent; under
to be wrested from our hands. We use them, and the new proposals, earned incomes of $12,500 will
must use them. We respect legitimate rights of pay no less a tax than 25 per cent. In the imposition
neutral trade and commerce, but we have a right of novel taxes, such as those on railway tickets, and
to expect that this will be appreciated, and that
moving
our right and our duty be recognized—to use all on admission to theatres, horse races and
certainly
recalls
policy
the
Exchequer's
pictures,
means against this policy of starvation, which is
the
in
war
employed
of a
expedients
searching
the
a jeering insult not only to all laws of nations, but
also to the plainest duties of humanity."
century ago.
The whole policy outlined in this budget contrasts
But to this declaration it is not unreasonable to
answer that no one has asked Germany to give up most strikingly with that of the other belligerents
her arms of defense, and that Germany stands at —not only Germany, which until lately has neither
least under the accusation of so far failing to respect raised or expressed the purpose of raising anything
the legitimate rights of neutral trade, as to allow through extra taxes, but England's continental
her under-sea boats to destroy noncombatant allies, whose new taxation cuts a trifling figure on
passenger ships, engaged in peaceful errands. On the account. In the case of Germany, it is possible
the question as to the German Government's alleged that the original finance program missed its mark
violation of its pledge of 1915 to the United States, because a short war was expected. But it is also
regarding methods of submarine warfare, the Chan- fair to say that Germany's position is peculiar, both
cellor says not a word. Even as regards his refer_ because an unprecedentedly heavy tax for army
ence to "a policy of starvation," two comments are Purposes was imposed in the year before the war,
unavoidable—first, that a blockade of foodstuffs is and because the income tax, and other taxes which
not, per se, "contrary to the law of nations;" second, the Imperial Government would naturally use, are
that the Chancellor in this same speech declares already being imposed in somewhat drastic form by
regarding the Allies' idea of starving Germany, the separate States and municipalities of the Empire.
Conservative French economists have expressed
"I do not understand how cool heads, after the
doubt over the wisdom of England's enormous
some
experience of 1915, can cling to it."
in her taxes. So good an authority as
increase
The Chancellor's remarks on Germany's attitude
holds that the policy makes the
Leroy-Beaulieu
redoubtless
continent
are
toward the American
assuring. His denunciation of the talk of a possible Present generation pay an undue share for achieveattack by Germany on the United States, after the ments from which subsequent generations will derive
war, was strongly made and will answer much loose the main benefit. The economic validity of this
theorizing in this country. His statement, as to argument may be doubted; but much curiosity will
the prediction that Germany may attempt to con- remain over the question, how far these enormous
quer Canada, that this is the "silliest of all imputa- tax requisitions, especially on incomes and business
tions invented against us," is perhaps similarly profits, will affect the capacity of the thrifty English
to the point—though a good many people will have public to subscribe to future war loans. It is im


APR. 8 1916.1
---

THE CHRONICLE

possible to say in advance at what point the one
process will interfere with and obstruct the other;
but it would seem that some such point must exist.
The only light we have on the question—yet a very
significant light—is the seeming readiness of the
English public, especially the wealthy classes, to
submit to this huge and rapidly increasing burden
of taxation, and their cheerful recognition of the
principle that heavy taxation is the only sound policy
for financing the war.

1303

Until human nature has climbed more steps
in
ascent there will be men, in any nominally
democratic scheme of governing, who find
practical
politics an easy and comfortable subsistence;
public
office and public expenditure are their quarr
y, and
they will hunt it. With them, principles
are like
the reversible signs of the electric car; name
s and
platforms are means to conjure with;policies are
means
to use in campaigns and handle for personal ambit
ion;
they are in politicsfor whatis"in it"for themselves
.
This is less sardonic and discouraging than
THE FUTILITY OF PRIMARIES AND SIMILAR
it
appears, for there is a means of holding a brake
on
FADS.
the ineradicable evil. The boss probably
disliked
The first Presidential primary in this State was the "Aust
ralian" or secret ballot and tried to
stave
held on Tuesday,.and according to the newspapers, off its comin
g; but when the call for it as a refor
m
"its chief feature was the apathy shown by voters." measu
re became insistent he professed to
approve,
To use the familiar phrase concerning dull elections, and then
he proceeded to make the best of
the
"General Apathy prevailed," and why should any change
by adapting himself to it. The partic
ular
other condition have been expected? Elections in machinery
of nominating and electing concerns
him
this season of the year are always comparatively very
little, so long as he can still control result
s, and
neglected. This one also was a partisan matter, this he
intends and expects to do; "regularity"
and
and only those voters who chose to go on record "refo
rm within the party" are his shibboleth
. He
as of one or the other party could participate; there- is
unscrupulous, alert and experienced, being in
the
fore the non-partisan voter had no expression offered
business every day in the year; he is ready
to bend
him. Further, speaking colloquially, yet not in- himse
lf to fit any changes the people call for,
and is
accurately, nobody knew that there was to be an quite
capable of keeping in by the very means which
election; the first general knowledge was obtained are
trusted to get him out. What the voteri think
by seeing, in the morning journals of Wednesday, or say,
however firmly they "resolve," or whatever
that there had been one on the day before. Here,
protests they offer, he is complacently satisfied,
delegates to nominating conventions were to be
so
long as they fall into line as usual and follo
w the
chosen; in some other States an expression of preferfamiliar emblem when the noses are to be
counted
ence for a Presidential candidate was to be or had
on election day.
been presumptively obtained; but as to exhibiting
The leaven in the sodden lump of practical
party
the wish of the country the State primary is just
politics is the spirit which refuses to accep
t unabout as effective and useful as the old-fashioned
satisfactory nominations and legislation and
"straw vote" which some journals still keep up by
holds
regularity as nothing in comparison with
substance.
sending out postal cards.
The most effective, and really the only,
visible
The people are to govern, and they do govern—
means of meeting and beating the boss is the
indeeven if by the common practice of allowing the
pendent voter, who is the only factor he fears.
The
leaders to do the work for them. The primary of
only way to get approximately good nomin
ations is
to-day is just a device by which the bosses fool the
to rebuke bad ones by beating them; the manag
ing
people into thinking they are going their own way
politicians will certainly understand this
and cerinstead of the way of the bosses. Here and there
tainly remember it. To enter a nominating
conthis fact is discovered, to the chagrin of the discoverers. A journal in Montgomery, after sayin vention and then bolt it, as was most conspicuously
g done at Chicago in 1912, is quite
another matter
that Alabama has had primaries for fifteen years,
from independence; the hope of our politics
is the
avers that notoriously the political bosses have in
bolting voter, the man who will endure only
so much
recent years "been more arrogant and powerful
and no more, the man who always holds his
vote
than ever before;" instead of being dethroned or
as a trust and chooses the lesser evil, the
man who
restrained. An editor in North Dakota who says
spurns emblems and is willing to be called
"mughe has "always been an ardent advocate of the
wump." When this man becomes numerous enoug
primary election as the most effective instrument
h,
when Americans do enough thinking for thems
for preserving to the electors of our State the right
elves
to select their own candidates," has now discovered and take public matters as of serious and direct
personal consequence, we shall begin to elevat
his error. A specific number of signatures to a
e our
degra
ded affairs, shall we not?
petition suffices in North Dakota, but many voter
s
At least, and while awaiting such means of
imsign at once, to get rid of it; so the self-chosen canprove
ment, it ought not to need argument that all
didate makes himself the early bird, "soliciting
the latter-day fads of primaries, of direct
election
signatures before the voters have had opportunity
of Senators, of initiative, of referendum and
recall,
to survey the field and reserve their support for the
by which some say and some few may imagi
ne that
most available and most desirable men."
participation by the people in their own conce
Exactly as might have been foreseen, yet is it
rns
can
be attained, are ineffective in the very natur
impossible for a real spontaneity of choice to
e
find
expression? Many years ago (in 1875) a colleg of things. No mere changes in methods can ree place or anticipate a more general
intelligence and
professor in New England was sent to Congress,
as a deeper and more earnest attention to
public matters
an independent candidate, at an outlay of one
postage-stamp. This antedated the primary, and by the voters. The change must go deeper than
these devices. Even if they are not proposed with
seems to prove that a sufficiently deep and gener
al deceptive intent they are certainly
disappointing;
preference will find a way, without special statutory
one might as well seek to strengthen a decaying
aid.
edifice by hanging garlands on its front.




1304

THE CHRONICLE

Wm,. 102.

make
y
ntanc
accou
real
of
ce
absen
the
and
all work
DETO
impossible to prove this, and leave it open to
it
TED
RELA
AS
TS
PLAN
ATE
R-PL
ARMO
s doubt. The reason for the comparative
seriou
FENSE.
superiority of private work is simple enough: the
The menace of a governmental undertaking to
private business has to be efficient in order to hold
.supply its own armor plate continues, the Tillman
its own in the struggle of life, and, withal, to carry
bill authorizing an expenditure of 11 millions for
its share of the burden of government. The objeca government plant having been favorably reported
tions to government work, moreover, go farther
on Wednesday, as it came from the Senate, by a
and have another turn in this particular matter of
vote of 15 to 6 in the House Committee on Naval
defensive preparations, and Mr. Sydney Brooks,
Affairs. The amendment of Mr. Butler of Pennspeaking as a semi-Americanized Englishman, has
sylvania, from which something was hoped, providwell stated them in a letter in the "Sun" of Wednesing that before any constructive step is taken the
day. He gives thanks that Parliament was never
private plants shall have an opportunity to propose
tempted to legislate private armor-plate concerns
special rates, was rejected by 13 to 8; an amendment
out of existence and put all its eggs into one governby Mr. Stephens of California, providing that the
ment basket. Had this been done, he says, only
private plants shall have 60% of the work, in order
rous confusion would have beset England in
disast
to save them, was also rejected. Mr. Britten of
August of 1914; outside of the one government
Illinois said it would be useless to attempt any
plant, there would have been neither the machines
modifying, since the President "had informed the
nor the men to make a single plate. On the conDemocratic members that he wanted the bill aptrary, there are five or six private concerns in Great
proved as it stood;" it was also reported that he
Britain, With whom the Admiralty consult and make
had urged four members of the committee to vote
the best bargain open, while "Parliament very wisely
for the bill unchanged. Mr. Riordan of this State
never attempts' to meddle with such details."
averred that he had not received any orders how to
Have these private concerns sought to take
vote, "but admitted that he had heard the order
advantage? Mr. Brooks is confident that they have
had been sent out from the White House." This
not, and one of the best points in his excellent letter
is from some of the Washington 'press dispatches,
is the reason he gives for this confidence, namely
and it closely agrees with a long series of repre- that the concerns are quite as much at the mercy
sentations in the past as to Mr. Wilson's disposition
of government as government is at theirs, thus:
to do the legislative work himself, and his insistence
"it is by far their largest, in most cases their only,
that his orders be carried out just as he gives them customer; it is in just as good a position to dictate
Comment seems superfluous, but is the country the terms as they are; it depends on them, but not
really willing to have its business done in this mana bit more than they depend on it." Has this
ner?
feature of the subject occurred to members of
Secretary Daniels is quoted as having told the
Congress, yet can anybody question its pertiHouse Committee that when the bill is passed the nentcy?
Government will be able to get all the plate needed
Had the mistake which now threatens this country
at 'a reasonable price, without starting a fire or been made by England, this would have followed,
turning a key in a door; he is said to also recom- according to Mr. Brooks, and the terms of his
mend "the establishment of a projectile factory and
characterization of the manner of the Barnacles in
extension of government ownership to other branches the Government Circumlocution House of How
of making war munitions." To these intimations Not to Do It are just.enough :
, the
of unfairness on the part of the private plants
make
will
All the skill and experience which our private
it
that
s
Bethlehem Steel Company replie
firms had amassed would have been dispersed. All
the plate at the reduced figure named for at least the plant that they had accumulated, plant that is
five years to come, or will agree-to do this, for an useless for any other purpose, would have been
indefinite term, at any price the Federal Trade scrapped or sold. Instead of half a dozen splendid
Commission may pronounce fair; further, it quotes organizations, on which to build and from which
that
from a report of Secretary Herbert, nineteen years to expand, we should have had but one—and
e
rtabl
comfo
in
the
ed
wrapp
e,
natur
cting
very
contra
one, by its
ago, the remark that of the two then
ke,
nessli
unbusi
tic,
inelas
aldom,
offici
of
r
both
stupo
they
that
concerns "it is to be remembered
totally incapable of rising to even half the height
entered on the business at the request of the Navy of so tremendous an emergency.
Department." As to alleged extravagance of gains
Put aside all else for the moment and assume our
from this work, the company says that its investment
ry so rich that no degree and atrocity of
s
count
useles
of seven millions in the armor plate plant,
nment inefficiency really matters, how is it as
for other purposes, has yielded gross receipts of gover
problem of defense? At present the country
$1,418,993 annually, but the same investment in to the
spasm over preparedness against an emersteel rolling mills would have yielded profits of is in a
gency declared conceivable, although nobody has
$1,400,000 a year—certainly a difference.
to name the date or the source of the
The objections to any further extension of govern- been able
, and the present outlook is that
attack
ted
mental constructive work of any kind are very expec
ential struggle will be made to
Presid
able
inevit
s.
the
serious because of business and political reason
unhappily, upon this as the eagerlyThe inefficiency and waste of government work turn, most
"issue." If defense must be undertaken,
would be a ghastly joke if it were not too serious to sought
as now threatened in Washington is
be thus regarded; as one familiar example, Govern- such a course
with it and makes towards seriously
ment does not even produce postage stamps that inconsistent
defeating it. What blind faith in
not
ing if
will stick properly, yet assumes to regulate and retard
equally blind fanaticism against
what
t,"
rnmen
instruct and reform private business. Its building "gove
hopelessly unpatriotic and
as
,ns
concer
e
of warships in its own yards may be asserted to be privat
indifference to facts and
stolid
what
or
y,
greed
economical, but the unbusinesslike manner of doing



Am 8 1916.1

THE CHRONICLE

1305

Acting for President Wilson, Secretary Daniels touched a
button which gave the signal across the continent for the
continuance of the Exposition for another year. Franklin
K. Lane, Secretary of the Interior, and representative of
the President, delivered the address of the day. Many exGOVERNMENT THAT DOES NOT KNOW HOW TO DO hibits were brought intact to San Diego from San Francisco
when the Panama-Pacific Exposition was closed.
THINGS.
The following editorial from the New York "Herald" of
FINAL ANGLO-FRENCH CALL.
Saturday last so completely covers the subject of which it
The final call for the deposit of the proceeds of the Anglotreats that it is reproduced here under the original caption
Feench loan of $500,000,000 made with the depositary banks
and without further comment:
One of the chief troubles of this country is that it has too much govern- was issued yesterday. The amount called for is 30% of the
ment of a certain kind. Here, on the subject of ships, munitions, &c., the
December deposit. It is payable April 20 at the National
Democratic Party in Congress is going off on a tangent which is bound to
bring collision with disaster. Because there is such a discrepancy between City Bank. Details of the various payments on the loan
the cost of pig iron and armor plate, Congress, in order to get armor plate were made in these columns last week, page 1205.

reason, lies behind this pressure to set up government jobs on a far more collossal scale than that
on which they are already blundering along?

cheaply, is going to expend eleven millions of dollars in erecting its own
armor-plate plant. Meantime it knows it will drive every privately owned
armor plant out of existence. In order to get nitrates cheaply it is going to
ignore private enterprise and erect a nitrate plant of its own. Similarly
there are under way schemes for the erection of all sorts of plants for the
manufacture of various munitions of war, the scheme apparently being to
punish private concerns that have built up great establishments on which
this country should rely. Secretary Daniels on Thursday strongly advocated-building more battleships in Government yards and said they couid
all be built there. If that is the case, why in heaven's name does not the
Secretary begin buiiding those battleships now authorized?
Another example of a Government "green as grass" was the action of the
Secretary of War, at a time when there were but two aeroplanes ready for
duty in Mexico, ordering from San Francisco to Washington a signal,officer
to consider the subject of getting more flyers. It took Mr. Baker four days
to appreciate that it was important to get aeroplanes quickly, and it is reported he ordered three. Still another example is the semi-official statement given out by the State Department that the situation regarding
submarine warfare is not "imminent." If any situation in foreign relations
over was "imminent" that certainly is. Why, then, give out such a statement, unless it is to deceive?
Then again, here is the country confronted with the greatest railroad
strike in its history, with the employees demanding reduced hours sufficient
to absorb the entire net earnings of the" properties and declining to arbitrate, and the Administration talking about another commission to investigate the railways. No Democratic statesman, high or low, appears to have
an idea above commissions, unless it is of a factory owned by the Government to compete with private capital and drive somebody out of business."

OFFERS TENDERED IN FURTHERANCE OF GOVERNMENT BOND PURCHASE AND CONVERSION PLAN.
Details of the bond conversion plan of the Government are
presented at length in the April issue of the Federal Reserve
"Bulletin." In our issue of March 4 we referred to the
proposal of Secretary of the Treasury McAdoo to retire
during the present year $30,000,000 2% Government bonds
and to issue in exchange therefor one-year gold notes and
3% gold bonds. Referring to Mr. McAdoo's letter to the
Reserve Board setting out his deeision with regard to the
conversion plan, the "Bulletin" says :
At the time of the transmission of this letter by the Secretary of the
Treasury the total amount of Government bonds purchased by Federal
Reserve banks was approximately $10,033,033. There remained, however, the $25,033,013 allotment, which, as will be recalled, is to be distributed on the basis of applications made by member banks holding
bonds, such applications being filed with the Treasurer of the United States.
The Board has already ruled that the allotment shall be made quarterly,
and that under this ruling the first distribution of applications shall be
made at the close of March, all applications to be in hand 10 days before
the closing of the quarter. The date for final receipt of all applications
intended to be considered in tire *first quarter's allotment was fixed at
March 21, the total quarter's allotment being one-fourth of $25,000,030,
or $0,250,000. Each quarter's allotment is to be distributed among
Federal Reserve banks pro rata, but the Board has already announced a
ruling that any Federal Reserve bank which has purchased bonds in the
open market may consider these an offset against the amount of bonds
allotted to it under the pro rata division thus described. It remains to
be seen how many such bonds will be offset as the result of applications on
the part of Federal Reserve banks which desire to be relievel of the necessity of taking over bonds from member banks through the process Just
referred to. The announcement of the Secretary of the Treasury is of
special interest in that it establishes a construction of the Federal Reserve
Act in harmony with the view of those who have held that the total amount
of bonds which the Secretary of the Treasury could convert annually under
the law was not limited to $25,000,000. By making the amount $30,000000, it is recognized that the Secretary of the Treasury can convert any
amount that ho deems best, and that the establishment of such amount is
a matter to be annually determined in accordance with the reauirements
of the situation.

EXTENSION OF TIME FOR DISPOSAL OF STOCK
HOLDINGS BY INSURANCE COMPANIES.
Governor Whitman, of New York, on April 3 signed
Senator Towner's bill, passed at the current session of the
Legislature, which amends Section 100 of the Armstrong Law
by extending for five years from Dec. 31 1916 the period
within which domestic life insurance companies are required
to divest themselves of all stock holdings other than those of
municipal corporations, and of bonds not secured by adequate collateral. Under .the Armstrong Law the life insurance companies were required to dispose of their corporate
stock holdings within five years from Dec. 31 1906. A
Concerning the applications received for the exchange of
bill extending for a further five years, or to Dec. 311916, the
2% bonds, the "Bulletin" prints the following:
tune within which they might divest themselves of such the
Acting upon requests of Federal Reserve banks the Federal Reserve
just
bill
signed
the
The
by
1911.
holdings, was passed in
Board, on March 31, approved applications for the exchange of United
States 2% bonds for 3% bonds and notes, amounting to $12,511,050.
Governor extends the time to Dec. 31 1921.
SEVENTY MILLION DOLLAR CHECK PASSES
THROUGH CLEARING HOUSE.
The largest check that has ever passed through the Clearing House was paid on the 4th. It was for an amount understood to be in excess of $70,000,000 and was drawn on the
National Bank of Commerce by J. P. Morgan & Co. in favor
of the Bank of Montreal. This payment was made in carrying out the recent sale of $75,000,000 five, ten and fifteenyear bonds offered here on behalf of the Dominion of Canada.
The last previous check of any great magnitude was drawn
on the Mechanics & Metals National Bank by Lee, Higginson & Co., as noted in these cohunns on March 18. This
check was for $43,538,131 11. Last June, however, a check
for $62,075,000 was drawn by Kuhn, Loeb & Co. on account
of a Pennsylvania Railroad bond sale.
RECEIPTS OF PANAMA-PACIFIC EXPOSITION.
According to the final statement of the Panama-Pacific
Exposition at San Francisco, as submitted on March 28,
the total receipts reached $12,524,090. The paid admissions amounted to $4,715,523; gross receipts from concessions,
$7,808,567, and the net revenues from concessions, $1,830,331. The revenues received from concessions offering food
and rest, it is stated, exceeded those derived from amusement concessions. The Exposition, which opened at San
Francisco on Feb. 20 1915, was closed on Dec. 4 1915.
The Panama-California Interliational Exposition at San
Diego, Cal., was opened for its second year on March 18.




Nine of the twelve Federal Reserve banks tendered bends for conversion.
Vie Federal Reserve banks of Atlanta, Dallas and San Francisco made
no tenders at this time. If any banks have not asked for the conversion
of their full allotment on or before October 1 any residue or the $30,000,000
not then applied and allotted will be distributed to other banks applying
for it.

So far as the applications to sell bonds are concerned the
tenders, received from 141 banks in the' twelve Federal
Reserve districts, amounted to $16,041,700. The following
additional information with regard to the plans for the purchase and conversion of the Government bonds is furnished
in the "Bulletin":
Purchase of United Stales 131nds.
Two interesting movements in connection with bonds have culminated
with the end of the first quarter of the year. They are the offering and
sale to the 12 Federal Reserve banks of the first one-quarter of the $25,000,000 to be purchased yearly from member banks of the Federal Reserve
system and the exchange by the 12 Federal Reserve banks of 2% bonds
for 30-year 3% bonds and 1-year 3% gold notes. Both transactions are
undertaken under Section 18 of the Federal Reserve Act. In addition
there have been purchases by the 12 Federal Reserve banks in the open
market. These purchases, under a ruling of the Federal Reserve Board,
are permitted to be taken as an offset against the allotment made to each
of the 12 Federal Reserve banks of offerings made through the Treasurer
of the United States.
The limit of $9,000,000 which could be deposited under the National
Bank Act for national banks to retire circulation and release bonds for the
current month was reached on March 16. No further deposits will be
received until April 1.
The limitation of $9,000,000 a month does not, however, apply to money
deposited with the Treasurer for the release of bonds offered by national
banks for purchase by Federal Reserve banks under Section 18 of the
Federal Reserve Act.
Offerings by member banks through the Treasurer of the United States
closed on March 21, 10 days prior to the end of the month,statement being
made to the Federal Reserve Board as of March 31.
The total of applications to sell bonds received by the Treasurer of the
United States and reported to the Federal Reserve Board was $16.041,700.
The amounts offered in each district and the number of banks making
offerings are given below :

1306

THE CHRONICLE

ivoL. 102.

No.
Your letter of March 8, relative to the exchange of 2% bonds for 3%
Bands
bonds and 1-year gold notes. was referred to the Treasury Department
offered. of banks.
is to-day returned with the following advice:
and
33
$3,285,000
Boston
"I have received your memorandum of March 10 inclosing a letter ad16 dressed to the Federal Reserve Board by the Governor of the Federal
1 ,577,500
New York
Reserve Bank of Cleveland, in which he asks whether the Secretary of the
814.000
Philadelphia
Treasury has determined that he will not consider applications for the
10 conversion
Cleveland
1,226,550
of 1-year gold notes into the 30-year 3% bonds as provided
4 in Section 18 of the Federal Reserve Act. In reply I beg to advise you that
180,000
Richmond
8 the Secretary has taken no action In this matter and during his absence
359,900
Atlanta
6 nothing will be done in relation thereto."
2,296,500
Chicago
11
St. Louis
4,275,250
It has been held that the limit of $9,000,000 of deposits to be made by
6 national banks for the retirement of bonds securing circulation in any one
156,750
Minneapolis
17 month stands irrespective of the allotment made under the requirement
505,500
Kansas City
7 .of the law for the Purchase of $25,000,000 in bonds yearly by Federal
356,250
Dallas
15 Reserve banks. If an application to sell bonds under Section lA is not
1,003,500
San Francisco
granted by the Federal Reserve Board it will be necessary for the applying
141
$16,041,700
Total
bank to file a new application with the Treasurer of the United States that
This letter and resolution adopted by the Federal Reserve Board on its wish to sell may be considered at the next quarterly period.
Tuesday, March 28, were sent out on that date to each of the member
Notes issued under the conversion privilege will be termed "One-year
banks of the Federal Reserve system which had offered bonds for sale Treasury notes," and will be designated "Series of January 1 1916-17."
under Section 18 of the Act:
They are payable one year from the date of issue, with interest at 3%,
Sir.—There Is inclosed for your information copy of a resolution, adopted which is payable on the 1st of January, April, July and October. These
by the Federal Reserve Board at its meeting to-day, in connection with notes are issued in
denominations of $1,000, $10,000 and $50,000.
the sale of United States bonds offered by member banks of the Federal
The 3% bonds are called "Three per cent conversion bonds," and will be
Reserve system through the Treasurer of the United States, under Section 18
as the series of the years of issue and of maturity, the first being
designated
of the Federal Reserve Act.
1916-46." They are payable 30 years from January 1 of the
You will note from the resolution that the Board has determined under "Series of
year of issue, bearing interest at 3%,payable at the same quarterly periods
the circumstances to make no allotment of bonds for purchase at this time. as the notes. The bonds are issued in denominations of $100, $1,000,
Very respectfully,
$5,000 and $10,000, both registered and coupon form.
0. S. HAMLIN, Governor.
The Secretary of the Treasury, upon the request of a Federal Reserve
Whereas it appears from statement furnished the Board by the office bank, will open a suspense account with such bank for each loan, in which
of the Secretary that 11 out of the 12 Federal Reserve Banks have pur- account will be credited all bonds acquired by the bank and charged all
chased in the open market bonds in excess of the amount which might be
allotted to such banks at the end of this quarterly period on a basis of ono- bonds reissued or converted as directed by the Federal Reserve bank having
fourth of $25,000,000 which the Board had considered alloting at this title thereto.
time; and
After suspense accounts have been established the Secretary of the
Whereas the bonds offered for sale through the Treasurer under Section 18
for
of the Federal Reserve Act aggregate more than twenty times the amount Treasury will advise the Federal Reserve bank of all bonds received
which might be allotted on the basis indicated, and it will, therefore, be the bank's account and of the disposition of such bonds or any part thereof
bank
than
less
member
5%
of the in accordance with instructions given by the Federal Reserve bank. A
passible on this basis to sell for each
amount offered for sale; and
statement of all transactions will be furnished the bank at each dividend
Whereas it appears that the only Federal Reserve bank which has not
purchased in the open market bonds in excess of the amount which might period for each loan, and interest on the bank's holdings will be declared
be allotted to it is under contract to purchase a sum very largely in excess on account of the bonds held in suspense.
of Its aliottment and has been prevented from consummating such purchase
In order to have such suspense account established a Federal Reserve
by reason of the fact that more than $9,000,000 in lawful money has been
Secretary of the Treasury,
deposited with the Treasurer during the current month to retire circulation bank should make application therefor to the
application to be in the form of a certified copy of a resolution of the
such
by national banks, and the banks under contract to sell are thereby prevented from making delivery: Now, therefore, be it
board of directors authorizing the action.
Resolved, that It is the sense of the Board that no necessity exists for
•There were on March 1 national bank notes outstanding, secured by
enforcing the requirement provided for under Section 18 of the Federal United States bonds, amounting to $711,129,418. This was a decrease
Reserve Act at the end of this quarterly period ending March 31 1916 and
that it will not at this time require the Federal Reserve banks to purchase of $7,794,072 since February 1.
In addition to the national bank notes outstanding, secured by United
any of those bonds which aro offered for sale by member banks through
the Treasurer of the United States under the provisions of Section 18.
States bonds, thero were on March 1 $51,866,895, secured by lawful
Be it further Resolved, that the Secretary be instructed to send a copy money,an increase over February 1 of $4,398,317. The amount of Federal
of this resolution to the various Federal Reserve banks and to the member
banks which have offered bonds for sale in order that they may be notified Reserve bank notes outstanding, secured by United States bonds, on
of the action of the Board in the premises.
March 1 was $2.999,970.
The kinds of bonds on deposit to secure Federal Reserve bank notes and
Secretary McAdoo, in a communication to the Federal Reserve Board
on Feb. 28, stated that he would, under Section 18 of the Act, issue in national bank notes on March 1 are shown in the following table:
privicirculation
the
bonds,
gold
bearing
2%
On deposit
States
exchange for United
On deposit
to secure
Interlege, against which no circulation was outstanding, 1-year gold notes and
to secure
Federal
est
3% 30-year gold bonds, both without the circulation privilege, upon assent
national
Reserve
rate.
by the Federal Reserve banks to the necessary obligation with the Secrethe
maturity
at
gold
for
notes.
bank
banknotes.
purchase
to
them
binding
Treasury
deposit,
tary of the
Kinds of bonds on
$588,926,450
$5,719,250
2
1-year notes. The limitation upon the issue was 830,000,000 for the year United States consols of 1930
18,551,820
1916, and the conversion dates the first days of January, April, July and United States loan of 1908-1918........ 3
100,000
27,224,900
4
October. These dates correspond with the interest periods for tho 2% United States loan of 1925
converted
be
arrangement
may
512,500
this
$15,000,000
52,251,440
Under
2
Consols of 1930.
United States Panama of 1936
28,301,480
400,000
2
United States Panama of 1938
on April 1 and $7,500,000 each on the two following dates.
Subsequently Secretary McAdoo informed the Board that conversions
$715,256,090
$6,731,750
Total
would be made one-half into 3% gold bonds and one-half into 1-year gold
notes. In the closing paragraph of his letter advising of this decision the
Secretary said. "Upon further consideration I have concluded that the
purposes of the Act and the public interest will be better served if banks
NEW YORK RESERVE BANK'S ALbOTMENT OF
are required to take th6 maximum amount, I. a, 50% of the now issues In
GOVERNMENT BONDS.
bonds."
30-year
3%
in
50%
and
1-year gold notes
On March 8 the Federal Reserve Board sent out the following letter to
York
New
Federal Reserve Bank made known on the
The
Federal Reserve banks stating in each instance the amount of bonds which
3d inst. that it had been allotted $6,120,000 as its share of
the bank would be entitled to convert:
I am directed by the Federal Reserve Board to transmit to you the the $30,000,000 of 3% thirty-year bonds and one-year notes
following Information:
offered to exchange for
The Secretary of the Treasury has notified the Federal Reserve Board which the Secretary of the Treasury
that he will issue 3% 30-year bonds and 1-year notes in exchange for 2% Government % bonds. Under the ruling of the Federal
bonds offered for conversion by Federal Reserve banks to the extent of
$30,000,000 during the present calendar year. On the basis of capitaliza- Reserve Board, half of this amount will be converted as of
tion and surplus adjusted to April 1, your allotment for the year will
. Conversion of 2% bonds may be made as follows: April 1, 25% on July 1 and 25% on October 1. The
amount to
On April 1, not to exceed one-half of your allotment; on July 1, not to bonds and notes will be distributed in equal shares. The
exceed three-fourths of your allotment, including the amount converted
on April 1; on October 1, balance of your allotment. If any bank fails to bank recently offered to purchase $5,000,000 of the 2%
apply for its full allotment before October 1, bonds and notes remaining
will be distributed on a pro rata basis among the banks applying therefor. bonds from the banks of this district, and it is understood
•The denominations of bonds are from $100 to $10,000 and of notes from
been acquired.
$1,000 to $50,000. All exchanges will be made as nearly as possible on that practically all that amount has now
the basis of one-half 30-year bonds and ono-half 1-year notes. Please
the
20,
March
than
notify the Board, to reach Washington not later
amount of 2% bonds you will offer for exchange on April 1.
RURAL CREDIT BILL CRITICISED
The figures showing the allotment, which have been adjusted to cover SENATOR HOLLIS'S
the changes by reason of the transfer of banks in Fairfield County,Conn.,
BY MYRON T. HERRICK.
from the Boston district to the New York district, and the changes from
The Hollis rural credit bill is subjected to severe criticism
the Dallas district in the State of Louisiana to the Atlanta district, based
upon capital of Federal i eserve banks at the close of business on March 3, by Myron T. Herrick of Ohio, in a statement he has prepared
were as follows:
Amount of
with regard to it, and presented to T. E. Monks, Secretary
conversions.
Capital.
Banks.
of the Cuyahoga County Bankers' Association. In present$2,763,602
$5,058,995 00
Boston
6,121,910 ing his conclusions to Mr. Monks, Mr. Herrick states that
11,206,655 00
New York
2,871,275 the measure "is useless, defective and dangerous, and ought
5,256,100 00
Philadelphia
3,247,658
5,945,100 00
Cleveland
not to pass." Mr. Herrick, in his criticism, furnishes an
1,822,783
3,336,750 00
Richmond
1,411,061 outline of the bill, and sets out his own suggestions for land
2,583,058 00
Atlanta
3,634,284 credit legislation. Inasmuch as his study of the subject has
6,652,850 00
Chicago
1,521,375
2,785,000 00
St. Louis
rendered him an authority on the subject, what he has to
00
1,396,033
2,555,550
Minneapolis
1,641,337 say in the matter is of particular moment, and we hence,
3,004,600 00
Kansas City
1,412,836 give below, in large part, his strictures:
2,586,308 66
Dallas
2,155,846
3,946,450 00
San Francisco
The Hollis bill proposes to divide continental United States, exclusive
Federal land bank in
$30,000,000 of Alaska, into twelve or more districts, to establish a
$54,917,416 66
Total
to authorize the formation of national farm loan associations
Several Federal Reserve banks raised the question whether the Treasury each district,
mortgage
Institutions of any
license
banks,
to
land
Department would at this time consider applications for the conversion and Federal joint stock
or national laws to act as agents of the Federal
of the 1-year gold notes into 30-year 3% bonds, and in answer to one of kind organized under State
a system thereby through which credit may be
the inquiries the Federal Reserve Board sent, on March 13, the following land banks, and to create
extended for certain purposes to owners of farm lands. The system thus
reply:




8

now

APR 81916.]

THE CHRONICLE

1307

formed shall be directed and supervised by a Federal farm loan bureau use the money for some
other object, or default, or die the unpaid principal
composed of the Secretary of the Treasury and four appointees of the may be declared to
be due with 6% interest.
President and Senate of the United States, with headquarters at Washing- ! According to the provisions
of the bill, the Federal land banks shall not
ton. The bureau shall appoint for each district a registrar and one or more ' deal directly with the farmer.
They can acquire mortgages only by enappraisers, and the persons so selected, together with the examiners and ' dorsement from national
joint stock banks or farm loan associations, and
everybody else employed by the bureau shall be public officials or public preferably from the latter;
or, if these components of the system cannot
employees.
furnish a supply, then the Federal land banks may lend upon the endorseEach Federal land bank must have a capital stock of at least $500,000; it ment of any kind of bank, trust
company or mortg.tge institution organized
may be increased indefinitely, but need not be paid up. Ton per cent under national or State laws.
But the aggregate of the unpaid principal of
of the capital stock must be invested in bonds of the United States. The mortgages received from any such
agent shall not exceed its capital stock
shares—$5 apiece—may be held by any individual, firm, association, cor- and surplus. Regardless of whence
they obtain them, the Federal land
poration, or by the Government of the United States or of any States. The banks may issue bonds against the
mortgages, provided they be of the
United States must subscribe for all shares remaining unsubscribed by qualified type and approved by the
loan committee, the public appraiser,
other parties ninety days after the opening of subscription books, but it and executive officer of the Federal
bureau, and trusteed with the district
shall not receive dividends. Only the United States and national farm loan registrar. The mortgages executed to
land banks and the bonds of the
associations may vote. The United States shall select two directors, and , Federal land banks shall be
instrumentalities of the Government of the
affiliated associations the three other directors composing the board. One United States. Such instruments,
and the capital stock, reserve, surplus
of the directors must be a person experienced in practical farming.
and income of the Federal land banks and national farm loan associations
The Federal land banks may maintain branches. They may serve as shall be exempt from-all taxes, Federal,
State, municipal and local, except
depositaries and financial agents of the United States. They may receive taxes on real estate. Every
institution belonging to or connected with the
savings and deposits from shareholders, and issue bonds up to twenty proposed system shall be subject
to inspection by national examiners
times capital stock and surplus. The United States must, if requested by appointed by the Federal bureau.
the Federal bureau, advance them $6,000,000 a year at 2% per annum; and
There are important as well as minor objections to the Hollis bill. It
they may issue certificates of indebtedness therefor in addition to the bonds. contravenes the spirit of American
government in its plan to enact special
The bonds shall be prepared by the Secretary of the Treasury and tho as distinguished from general laws,
and to create a Federal bureau clothed
Comptroller of the Currency, and issued only when approved by the with both executive and judicial
powers and authorized to establish a sysFederal bureau, countersigned by its executive officer, and secured by tem through which, when
Congress is not in session, it may abstract money
mortgages valued by public appraisers and trusteed with a public registrar. for use of private individuals
from the public treasury at 2% or for no inThe smallest series shall be $50,000, the smallest denomination $25, and the terest, and involve the credit of
the United States in the issue of unlimited
highest interest rate 5% per annum. They shall be exempt from all taxes, millions of dollars of bonds bearing
interest at a rate as high as 5% per
Federal, State, municipal and local, and be lawful investment for public annum and running for indefinite
periods, even to several future generations.
and fiduciary funds. The United States may accept them as security for The bureau may establish any number
of Government banks in addition
public deposits. Postal banks may invest 30% of their deposits in them. to the twelve first ones; and since no
maximum is prescribed for capital
Any member bank of the Federal Reserve System may buy or sell them,or stock, such public institutions may emit,
upon forms prepared by the
use them as security for acceptances or 60-day direct obligations; and Secretary of the Treasury and Comptroller of
the Currency and upon the
paper thus secured shall be eligible for discount by Federal Reserve banks. certificate of officials of the
United States, continual issues of bonds that
The proposed Federal land banks shall guarantee the bonds of one another, may be endless, so long as qualified
mortgages
may be supplied.
both as to principal and interest.
The bureau may withhold the benefits of the proposed system from any
National farm loan associations may be formed by ten or more natural State or from
any group of farmers; it may shift the public funds and
persons applying for loans from a Federal land bank. The applicants for through its registrars,
certain other funds of the land banks, and direct
a charter must tender at least $20,000 of mortgages executed and recorded in such funds to any section
of the country as it pleases. The bureau may
favor of such bank. As many associations may be formed in a district arbitrarily entirely forbid
bond issues and fix different rates of interest for
as its Federal land bank and the Federal bureau deem fit. Each may bonds and loans, according to
district, and even fix the rate after the
provide for an indefinite issue of $5 shares. Only borrowers may hold bonds have been issued,
and thus it can favor one land bank to the detrishares. Every borrower must subscribe for shares up to 5% of his loan. ment of any other land bank,
and
force the latter to suspend business.
If he is unable to pay for this in cash, the sum shall be added to the prin- The bureau has absolute authority
to grant or disallow charters, and to
cipal. Besides this obligatory holding, a borrower may buy as many more dissolve any land bank or association.
It may, upon dissolution, appoint
shares as he desires, but shall never cast more than ten votes.
the receiver, compound debts and claims, cancel obligations to the United
The affairs of a national farm loan association shall be managed by five States, and dispose of assets in any
way
it sees fit. The courts cannot indirectors elected by members, a President, Vice-President and a Secretary- tervene if it acts first, and
no dissolution shall occur without its written
Treasurer, selected by the directors, and a loan committee of three selected consent. No
appeal can be taken from any of its decisions. The bureau is
by the directors from members. But neither the directors nor officers a supreme autocratic body, with its great
powers absolutely unrestrained
need be members, shareholders, borrowers, or farmers; they are required except by its own discretion
and prejudices. This bureaucracy is not
only to be residents of the territory of the association. If the charter so American.
provides, the liability imposed on members may be unlimited; otherwise, it
2. The report which Senator Hollis prepared and the Senate published
shall be double the face of the sliareS, less payments already made thereon. with the bill
asserts that the proposed system is co-operative and that
Each borrower is responsible to the extent of his liability for all expenses all profits are to
be distributed among the borrowers. The bill itself conor losses incurred in the system. Nevertheless, the reserve that an associa- tains a clause authorizing
the Federal Board to encourage and promote
tion is required to accumulate out of profits, shall, in the event of dissolu- co-operative credit and
co-operative organization. This report and provition, become the property of its Federal land bank and not be distributed sion are glaringly
inconsistent with the plan of the bill. The basic principle
among members.
of co-operation is organized mutual self-help resting upon individual initiaThe powers of a national farm loan association are to receive money tive and private
enterprise. The essentials of a co-operative association
by the issue of 4% certificates of deposits and shares to members, and are that the management
shall consist of members elected by members,
to invest its funds in loans to members or in bonds of the United States and that any distribution of profits
shall be confined to members. Neveror of Federal land banks. The deposits must be transmitted to its Federal theless, the bill provides for Government
initiative, aid and direction;
land bank. An association may also receive advances from its Federal land authorizes national farm loan associations
to be managed by directors
bank for making loans, but in this case it must buy shares of such bank and officers not members;
prevents them from making any loans, except
equal to 5% of the amount so advanced. The advances must be secured with the consent of outside
parties—a Federal land bank•and official apby the pledge of the shares and guaranteed mortgages, and must neVer praisers; and permits any individual,
firm, a.ssociation, corporAtion, or
exceed 20 times the face of the bank's shares which the association may State, whether a member
or not, to participate in the profits through
hold. If an association has not cash on hand to meet expenses or losses, it ownership of dividend-paying
stock
in
the land banks. Similarly, also.
may borrow sums at 6% per annum from its Federal land bank for this the Federal
land banks may divert from borrowers and turn over to agents
purpose, or levy assessments on borrowers, In accordance with the liability
one-half of 1% of the profits on loans made through them. Tile bill, it is
assumed on their shares.
true, requires collective liability, either limited or unlimited, but the effect
A national feint stock land bank may be organized with a Federal charter of this would be to
subject the borrowers to all the risk of loss, while allowing
by ten or more natural persons to operate in any state or contiguous States. them only a part of the profit.
So the system not only violates co-operative
The minimum capital stock must be paid in in cash and be $500,000 when principles, but it would work an
injustice to borrowers.
headquarters aro in a State having a population of 2,000,000 or more; In
3. Any individual, firm, association, corporation, or State may put
other States, the minimum shall be $250,000. The shares shall be $5 time or demand deposits in a
Federal land bank, simply by becoming the
apiece, and each shall entitle the holder to one vote and involve him in holder of one share
of stock. Since a share has a face value of only $5,
double liability. Loans may be made only on farm lands, but there are no and the Federal Board
may adopt regulations permitting its retirement,
restrictions as to amount or purpose. The rate of interest shall not exceed this converts
the Federal land banks into public savings banks. Every
by more than 1% that of the latest issue of bonds.
national farm loan associaticut must act as an agent of its Federal land
The bonds of a national joint stock land bank must have a distinctive bank for collecting savings
and deposits from members. Demand deposits
form and color. They may bear any legal rate, but the amount in circula- received from associations
cannot draw interest, but deposits of any kind
tion must never exceed 15 times capital stock and surplus. The board of from other depositors
may draw interest. This would work an injustice
directors may consist of more than five members. In other respects, the to the members of
the associations. Savings and deposits, along with
organization, administration and operations conform to those of the other funds in its possession,
may be invested by a Federal land bank in
Federal land banks, but the United States shall not invest in any of the
mortgage loans; but the claims of its bondholders shall be prior to that
shares. The national joint stock land banks would be simply private of
its deposits on its mortgages and capital stock.
bond and mortgage companies with the right to make loans directly, but
The investment of deposits in loans which must run for 5 and may run for
they could obtain advances from the United States through the Federal 36
years is dangerous finance. It would be equally wrong and dangerous
land banks upon security of mortgages and by requiring borrowers to.sub- also to permit
a savings institution to pyramid on its credit and encumber its
scribe for shares in such banks up to 5% of their loans. Moreover, all their assets with
debt through bond issues. Such methods and practices brought
mortgages shall be exempt from taxation, while their bonds may be issued the public
savings banks of Italy near to ruin a few decades ago that they
only with the approval of the Federal bureau and upon the security of would have become bankrupt if
the Government had not come to their
property valued by public appraisers and mortgages in trust to the district assistance, repealed the laws,
and refunded their obligations on terms
registrars.
which it compelled the creditors to accept. Nevertheless, the Hollis bill
Those various institutions in the system proposed by the Hollis bill may proposes in effect
to establish twelve public savings banks with the right
extend credit only upon the security of bonds of the United States or of first to
issue bonds and to make only long-term real estate loans, and also to
mortgages on farm land worth at least twice the amount of the loan. Prac- use
30% of the deposits of the postal banks for this purpose. Recent
tically a free hand is given to national joint stock banks to lend on such statistics show that
in the United States there are deposits and savings
security within their territories, but specific restrictions, on the other hand amounting
to $65,684,708 in Government postal banks, $4,997,706,013 in
aro provided for Federal land banks and national farm loan associations, private savings banks and
$1.357,707,900 in building and loan associations.
The loans in which these may invest their funds shall run for periods of not In foreign countries,
especially where royalty reigns, the highly centralized
low than 5 nor more than 36 years. The interest rate must not exceed that governments need
funds for their warlike and other purposes, so they have
fixed for national banks nor ever go higher than 1% over the rate current , established and they
manage public savings banks and discourage private
on the bonds of the Federal land bank of the district. The maximum for institutions.
amount shall be $10,000; the minimum for the associations, $200. The
In the United States the slow growth of the Government postal banks
method of payment shall be by annuities on the amortization plan,
and I and the enormous development of savings banks and building and loan
prepayments shall not be allowed during the first five years, nor after that ' associations
indicate that the people prefer a decentralized system of
except in sums divisible by $100. Loans may be made only to purchase,
private local units which will keep their money circulating at home. The
improve or equip a farm for a home, or to liquidate indebtedness
incurred 14.915,104 depositors and members of these banks and associations, comby the owner for any such purpose. The borrower must be or become the prising farmers and
city dwellers and constituting over one-seventh of the
actual resident and cultivator of the mortgaged property, and if he should population, have
accumulated $6,355,413,913. They express no dissatis-




1308

THE CHRONICLE

faction with present conditions. They have built up with their own money
and largely under their own management a private savings system surpassing in assets and profits the combined public and savings systems of
any other country. Public savings banks appear unnecessary in the
United States in view of results accomplished by the co-operative building
and loan associations and by the mutual and other private savings banks.
Institutions supplied with funds out of the public treasury or through the
credit of Government do not need capital stock, nor do they need savings.
Nevertheless, the bill provides for both, and in ways through which investors having no need of loans may derive benefit from the Government's
bounty, and through which the savings of farmers may be collected by their
associations and deposited in cities remote from their farms. The United
States, following European practice, would undoubtedly invest the savings
in its own securities, and thus diminish the volume of ready cash now circulating in country districts.
4. The Federal land banks, being established by Government, managed
in part and entirely dominated by Government functionaries, and empowered to use the cash and credit of Government are Government institutions
in every sense of the words. The establishment of such Government institutions for tho private purposes for which they are intended presents a
grave constitutional question. The Hollis bill avoids this by authorizing
them to act as Government depositaries and financial agents, and by
declaring their bonds and mortgages to be instrumentalities of the Government of the United States. But this is subterfuge. If Congress can
render doubtful legislation constitutional by such evasive devices, then the
Constitution has become a mere scrap of paper, the principles of fair play
and equal rights upon which the republic is based have disappeared, and
Congress may legislate for any religion, race or class without regard to the
rest of the people. The Constitution vests in Congress the power to borrow
money on the credit of the United States and requires all bills for raising
revenues to originate in the House. Such powers cannot be delegated.
Nevertheless, the Hollis bill plans to empower a bureau of five appointees
of the President and the Senate to utilize the credit of the United States
and to borrow money without any limit as to amount or time and at a rate
as high as 5% per annum.
It is claimed that the Government aid would be temporary, since the
bill provides for the retirement of the shares held by the United States in
a Federal land bank. But this retirement cannot begin until the holdings
of other parties amount to 3500,000, while even after that event only
one-fourth of such subscriptions may be used for the retirement. These
other shares would probably be those for which borrowers are obliged to
subscribe up to 5% of their loans. So, assuming that the United States
supplies the initial capital stock, as is intended, the Federal land banks in
the aggregate must have $12,000,000 of capital stock, and there would
probably be $240,000,000 of loans outstanding and a corresponding
amount of bonds, before the United States could withdraw as a shareholder.
This does not include any other than the first twelve Federal land banks
which the bureau may establish. Bondholders would have a moral, if not
a legal, right to look to the Government for the return of their investment.
In nearly every foreign country whore Government has intervened in land
credit, the State has suffered heavy losses from the defaults of borrowers
and from being compelled to pay the bonds in order to protect its honor
and financial standing. The United States also has suffered similar experiences. The reclaiming of the arid regions in the West is a great and necessary undertaking. It ought to have been financed, like the Panama Canal,
by bond issues. The assessment on the tracts improved ought to have
been paid into a sinking fund to redeem the bonds. But the United States
financed its 25 projects through receipts from the sale of public lands.
These millions of receipts, which otherwise would perhaps have been
devoted to general educational and agricultural purposes, were used for the
benefit of a relatively small number of individuals. The United States
has invested over $100,000,000 in the projects, has arranged to borrow
$21,000,000, and must have $75,000,000 more to complete the work; and
part of tho investment represented in the Yuma project is a total loss.
The settlers are not charged interest. They enjoy gratis this third largest
instance of State aid in the world; and although their principal payments
have been divided into 20 annual installments, many are in default. One
of the reasons for this is that the intervention of Government created such
high fictitious values that the dues on mortgages given for the purchase
price of the land, with the taxes, consume most of the settlers' profits.
The free use of money or the artificial reduction of interest rates is invariably compensated in this way by increase of the purchase price of land.
The framers of the Hollis bill have overlooked the bitter experiences of the
United States and of the settlers in these irrigation projects. Also they have
overlooked the disastrous end of the private enterprises and banks with
which many States became identified during the period beginning with
the year 1836 and as a result of which nearly every State inserted in its
constitution a clause forbidding the use of the cash or credit of Government, except for strictly public purposes. The crazes for greenbacks and
Sub-Treasury warehouses are now happily dead but they were more intense than the present demand for Government land banks.
The exemption of mortgages used as security for bonds is not objectionable, since it would prevent double taxation. But to exempt bonds and
shares without limiting the amount in the hands of ono holder, as in the
Hollis bill, cannot be justified because it would relieve from taxation the
surplus of wealth of persons not farmers or even residents of the United
States, and simply shift the inevitable burden of taxes to other kinds
of real and personal property.
5. The terms imposed by the Hollis bill for borrowing are too severe. A
borrower must spend 5% of the loan in share subscriptions, pledge his
shares, and give a mortgage on property of a value two or more times
greater than the amount of the loan. If the money comes through a
Federal land bank, he must live upon and actually cultivate the mortgaged
property and use the loan only for a specific purpose. He cannot dismortgage the property for five years, nor freely sell it as long as any of
the loan remains unpaid, while foreclosure may be brought at once if he
dies, defaults, or dissatisfies some secret inspector. Moreover, he must
become a member of a national farm loan association and assume double
or unlimited liability for all other loans made through the system.
These terms are more harsh and onerous than now exacted from borrowers
6. Many inconsistencies appear in the Hollis bill. It forbids bonds from
being recalled for ten years, but allows the underlying loans to be paid
off five years after date. It allows land banks to retain defaulted loans on
their books for two years, but requires national farm land associations to
make good all defaults within thirty days after notice; this, of course, is
impractical, since no mortgages can be foreclosed within such a short time.
The loans must be paid by annuities, but the annuities may be larger than
the income of the mortgaged land—a dangerous practice in long-term
lending. The lenders can charge no commissions, but must stand all the
cost of making renewals, although borrowers may pay off their loans in
bonds, and so, in the event of a depreciation, throw the loss upon shareholders; this also permits a borrower who can buy bonds to take profits
away from his less fortunate fellow borrowers, and interfere with the
accumulation of a reserve to protect their investments and liabilities.
Since the loans must be made in cash, the lenders—at least the national




[VOL. 102.

farm loan associations—ought to be able to exact payment in cash, as a
matter of justice to their members, particularly to small borrowers.
The scheme for amortizing loans and for issuing and redeeming bonds is
not well co-ordinated. Although providing for periodic payment of the
loans, the bill does not provide for periodic retirement of bonds, and so
there is no automatic sifting of bad from good securities, so necessary in
long-term mortgaging. Although the bill prescribes a statutory limit for
the output of bonds, nevertheless, it permits the land banks to contract
debts in other ways without any limit as to amount, while their obligations
may draw interest at a higher rate than that of the underlying securities;
thus, interest received from loans and other investments may be used to
consume principal on the obligations and impair capital stock and assets.
The trusteeing of mortgages with district registrars wolud be cumbersome,
expensive and totally unnecessary on the assumption that'the officers
of the land banks would be as capable and honest as anybody else. Moreover, such a requirement could add nothing to safety, because the loss or
theft of recorded instruments, like mortgages, can occasion only an inconvenience.
The arrangement by which the Hollis bill obligates all borrowers to assume
collective liability for any loan used for securing bonds is unjust. Especially
would it be unjust for national farm loan associations in which the liability is
unlimited. In spite of the fact that one-fifth of the members of such an
association may prevent it from admitting a loan applicant, nevertheless,
every member must stand good for loans made without his knowledge or
consent by any other association or Federal land bank anywhere in the
United States. This inconsistency practically eliminates the associations
from the system, since farmers would avoid them.
But, on the other hand, the bill requires the association to purchase a
corresponding amount of the capital stock of its Federal land bank and to
pledge the borrower's obligatory shares with such bank. It is in this way
that a Federal land bank is expected to obtain capital stock after the
shares of the United States have been paid off. The capital stock, however, must always be maintained (with surplus) at 20 times the bonds in
circulation, and never fall below the minimum of $500,000, while the bonds
cannot be redeemed before ten years from date, and may run for much
longer periods. Consequently, the amount of the obligations for which a
borrower may become liable is practically unlimited; and, since no time is
fixed by the bill, the borrower's liability would continue for five or six
years (or the statutory period set by State laws) after he had paid his own
loan and had exercised his remote right to withdraw.
1. The Hollis bill proposes by one and the same act to establish public
land banks and public savings banks, to authorize national co-operative
savings and loan associations, and national joint stock land banks, to
utilize postal savings banks and any kind of mortgage concern or moneyed
corporation chartered by national or state laws, and to form out of these incongruent public and private elements a grand centralized system subject
to the same rules and regulations,subsidized by Government,and controlled
by a Federal bureau at Washington, for extending credit to a special class
of land-owners. Confusion has naturally arisen. Under the bill, private
individuals may participate with Government in the management of the
public banks; the so-called co-operative associations may be assisted by
Government, managed by outside parties, and divested of mutual self-help
and all other co-operative features, except collective liability of members
and the private land banks may use public funds, must submit to Government intervention, practice co-operative method, and prefer the interests
of their borrowers to those of the holders of their stocks and bonds, while
short-term deposits may be used to finance long-term loans, and the
profits on the cash and credit of the United States be distributed as dividends among individuals who are neither borrowers, farmers, or intended
beneficiaries of the system.
There is no country where co-operative associations and capitalistic
companies work side by side under the same Act. The reason is that they
are entirely different the one from the other, and each requires statutory
provisions especially designed for its peculiarities. For a similar reason
public and private institutions have never been successfully conducted in
the same system. Invariably, wherever such a combination has been
attempted, the joint stock companies have crowded out the co-operative
associations, and the public banks have overmatched all. This would also
be the case with the Hollis bill. Its Government intervention, and assistance, would render individual initiative, private enterprise and mutual selfhelp unnecessary; and the final private remnants would be only those
willing to take and able to got the Government favors that a bureaucratic
board would have the arbitrary power to bestow or withhold, and the
system would degenerate into nothing but Government ownership and
State aid.
The friends of the Hollis bill justify its plan from the Federal Reserve
System. But, in adopting the features of centralization, bureaucratic
domination, and Government intervention of that Act for their special
purpose, they ignore the facts that the the Federal Reserve System is
available for all and was established to enable the United States Government to exercise its sovereign and constitutional right to create currency,
while they utterly fall to realize that the machinery for giving liquidity
to personal credits is not the proper machinery for mobilizing land values.
The bill cannot be said to reflect matured thought on land credit. Rather.
It indicates, when the high discretionary powers of its autocratic Federal
bureau are considered, that the framers were seeking some safe way to
utilize the cash and credit of Government, and that they followed models
devised by foreign countries for poor and ignorant peasants.
There is no possibility that the system would operate with fairness and
uniformity throughout the country, nor improve land credit to any noticeable degree. Its method of finance, through deposits attracted and bonds
sold upon the forced guaranty of twelve or more Government banks and
upon faith and honor of tho United States, eliminates land-credit features.
The mortgages loso their character as securities, and become simply a
gauge for the output of bonds and a means for doling out funds supplied
through Government. The unfortunate outcome of this substitution of the
credit of Government for the credit of the land, by the arrangement proposed, would be that reforms now under way would be discouraged, while
loans could be made only to special classes in outlying districts, and the
profits of the system would be distributed as dividends and tax-exemptions
accorded to persons who are not farmers or borrowers.
In view of these minor and important defects, the Hollis bill does not
present a workable plan. Instead of passing a special Act for utilizing the
cash and credit of the United States, and for creating a centralized system
composed of such incompatible elements as public banks, capitalistic companies, and co-operative associations, it would be better for Congress to
pass a law, general in its nature (like the National Banking Act), under
which plural competitive companies might be formed for granting loans to
any class of land-owners selected by their charters. The'specific essentials
of such a law are few and simple, their purpose being to regulate bond issues,
enforce rigid supervision, and safeguard borrowers from oppression and investors from losses, and to require enough capital stock to assure a strong
financial standing. Inasmuch as farm loans are more expensive to make
than other kinds of loans, it might be advisable to exempt from taxation
all farm mortgages when used as security for bonds. But special legislation

APR. 8 1916.]

THE CHRONICLE

should not go beyond this favor, until a fair trial that proved that properly
regulated and officially supervised companies, operating on correct principles, were not able to find the farmers all the money they need at long-term
and reasonable interest rates.
The so-called associations of borrowers, in their purity, have no capital
stock, nor do they take in money on shares or as deposits or savings. They
are known as landschafts, and they are created, officered and managed
very much like drainage, sewer, improvement or school districts in the
United States. The liability of the land-owners in both is collective and
unlimited, in consequence of assessments which may be levied in order to
maintain a sinking fund at a balance with outstanding bonds. The issuance
of bonds by a landschaft, however, is resorted to only for raising money for
individual loans. This is its chief difference from the American districts.
Landschafts are the best institutions for according long-term credit on farm
lands, but it would be well to leave the legislation for them to the States
where they might be serviceable.

An article condemning the Hollis measure is contributed
by Mr. Herrick to the April issue of the "Journal of the
American Bankers' Association."

1309

and surplus of each bank, one-sixth of the subscription to be payable on
call of the organization committee or of the Federal Reserve Board, onesixth within three months, one-sixth within six months thereafter. This
amount has all been paid in and the remainder of the subscription under
the present law (or any part thereof) shall be subject to call when deemed
necessary by the Federal Reserve Board, such payments to be made in gold
or gold certificates, &c. It has been clearly demonstrated under the operation of the Federal Reserve Act that the system to successfully operate does
not require nor has it need for the large amount of capital stock provided
for. The turning back of this capital to the national banks will permit the
local investment of these funds which are now bringing no return to the
banks in the way of interest, as thus far the Federal Reserve system has
paid no dividends to its stockholders.
The total invested assets of the Federal Reserve bank under date of
March 18 1916 were $129,947,000, while the total deposits were
$455,639,000, and total assets of $521,608,000—and the present law provides for
still further increase or mobilization of these amounts of idle funds, which
cannot be invested unless
competition with its member banks. This.
moneyis much better in the hands of the subscribing banks which can use
it than in the Federal Reserve banks where there is no need for it, and if
placed there must be forced into direct competition with its member banks.
The capital stock of the Federal Reserve system under date of March 17
is $54,937,000. The passage of this Act would mean the returning to the
member banks of two-thirds of this amount, or $36,624,667. This would
leave, then, a total capital of $18,312,333, which is ample for the purposes
intended and will permit the continuance of the organization and management as provided under the original Act, and will remove a well-justified
criticism and will have a tendency to attract State banks as members of
the system, and will without doubt assist in keeping in the system many
national banks that are now planning to withdraw.

HOUSE COMMITTEE REPORTS BILL INCREASING
GOLD BULLION RESERVES.
A bill fixing the amount of gold bullion and foreign gold
coin which the Secretary of the Treasury may hold against
gold certificates at two-thirds of the aggregate of certificates
outstanding, instead of one-third as at present, was introThe text of the bill just introduced by Mr. McFadden
duced by Representative Glass in the House of Representa- is as follows:
tives on March 21, and reported by the Committee on A bill to amend the Act approved Dec. 23 1913, known as the Federal
Reserve Act.
Banking and Currency on March 28. As noted in our issue
it enacted by the Senate and House of Representatives of the United States
of March 11, Secretary of the Treasury McAdoo has urged ofBe
America in Congress assembled, That Section 2 of the Act
that a change be made in the law, recommending that the Dec. 23 1913, known as the Federal Reserve Act, be amended byapproved
striking
proportion of gold bullion be fixed at not to exceed one-half from the third paragraph of said section the words "one-sixth within three
months and one-sixth within six months thereafter."
the amount of certificates outstanding. The bill now before
That Section 5. fourth sentence, of the Act approved Dec. 23 1913.
Congress, in fixing the amount at two-thirds, permits the known as the Federal Reserve Act, be amended and re-enacted so as to
as follows:
read
holding of a larger proportion of reserves than was asked for
"When a member bank increases its capital stock or surplus, it shall
by Mr. McAdoo. We give below the bill as reported:
thereupon subscribe for an additional amount of capital stock of the Federal
A BILL
To amend Section 6 of an Act to define and fix the standard of value, to
maintain tho parity of all forms of money issued or coined by the
United States, to refund the public debt, and for other purposes, approved March 14 1900, as amended by the Act of March 2 1911.
Be it enacted by the Senate and House of Representatives of the United States
of America in Congress assembled, That Section 6 of an Act to define and fix
the standard of value, to maintain the parity of all forms of money issued
or coined by the United States, to refund the public debt, and for other
purposes, approved March 14 1900, as amended by the Act approved
March 2 1911, be, and the same is hereby, further amended by striking
from the last proviso of said Section 6 the word "one-third" and inserting
in lieu thereof the word two-thirds, making the last proviso of said Section 6
read as follows:
And provided further, That the Secretary of the Treasury may, in his
discretion, receive, with the Treasurer or any Assistant Treasurer of the
United States, deposits of gold bullion bearing the stamp of the coinage
mints of the United States, or the Assay Office in New York, certifying
their weight, fineness, and value, in amounts of not less than $1,000 in
value, and issue gold certificates therefor of the description herein authorized. But the amount of gold bullion and foreign coin so held shall not at
any time exceed two-thirds of the total amount of gold certificates at such
time outstanding. And Section 5193 of the Revised Statutes ofthe United
States is hereby repealed.

Reserve bank of its district equal to six per centum of said increase, onesixth of said subscription to be paid in the manner hereinbefore provided
for the original subscription, and the remainder subject to call of the Federal Reserve Board."
That Section 5, fifth sentence, of the Act approved Dec. 23 1913, known
as the Federal Reserve Act, be amended and re-enacted so as to read as
follows:
"A bank applying for stock in a Federal Reserve bank at any time after
the organization thereof must subscribe for an amount of the capital stock
of the Federal Reserve bank equal to six per centum of the paid-up capital
stock and surplus of said applicant bank, one-sixth of said subscription to
be payable on call of the Federal Reserve Board and the remainder subject
to call when deemed necessary by the Federal Reserve Board, plus one-half
of one per centum a month from the period of the last dividend."
Section 2. The Federal Reserve banks shall within sixty days after the
passage of this Act return to each of their respective members all amounts
of stock subscription heretofore paid in over and above an amount equal
to one-sixth of the par value of the stock subscribed for by such member
banks.

DIVIDENDS ON STOCK OF FEDERAL RESERVE BANKS
EXEMPT FROM INCOME TAX.
Announcement that income from or dividends on the stock
of the Federal Reserve banks is exempt from the Federal inREPRESENTATIVE McFADDEN'S PROPOSAL TO RE- come tax is made in the "Federal Reserve Bulletin" for April
as follows:
DUCE CAPITAL OF RESERVE BANKS.
In a letter addressed to Governor Charles S. Hamlin of the Federal
In addition to the amendment to the Federal Reserve Act Reserve Board, on March 9, the Commissioner
of Internal Revenue anproposed by Representative McFadden and outlined in nounces a decision on the part of his office that income or dividends on the
stock of Federal Reserve banks is exempt from income tax. The letter is
these columns March 18, some further changes in the Act as follows:
are provided for in another bill which has been introduced
"Replying to your letter of the 14th ultimo, I have the honor to advise
by him this week. Mr. McFadden's bill of last month is you that upon further consideration of the question, this office has decided
that the income derived from, or dividends received on, the stock of
designed to enable country national banks at the end of Federal Reserve banks is exempt from the income tax imposed by
Section 2,
thirty-six months, when the mobilization of the reserves Act of October 3 1913.
"In other words, it is held that the exemption provided for in the Federal
under the system has been completed, to exercise an option Reserve
Act attaches to and follows the dividends into the hands of member
to keep 3% of the required 12% reserves in a national bank banks holding Federal
Reserve Bank stock.
"Member banks will, therefore, be permitted to exclude from their
within the Federal Reserve District or within a radius of
300 miles of the country bank. His latest bill contemplates gross income, for the purpose of the income tax, the dividends received on
Respectfully,
that the twelve Federal Reserve banks shall immediately ouch stock."
W. W. OSBORN, Commissioner.
cancel the unpaid subscriptions of member banks to their
capital, and within sixty days return to the respective subINCOME TAX—MINIMUM PENALTY.
scribers 2% of the capital already paid in, thus reducing
With regard to the failure to file returns of annual net
.the capital of the Reserve banks from 6% of the combined income within the prescribed time for 1914
and 1915, the
capital and surplus of member banks to 1%. Mr. Mc- Treasury Department made known under
date of March 23
Fadden explains the purposes of his latest bill in the follow- its decision to accept offers in compromise from
corporations
ing statement:
and individuals or with holding agents. The announcement
The purpose of the bill which I have this day introduced in Congress is
is as follows:
briefly to provide that upon the passage of this Act the

twelve Federal
(T. D. 2311.)
Reserve banks forming the Federal Reserve system are to immediately
TREASURY DEPARTMENT,
cancel the balance of unpaid subscriptions to the capital stock of the newly
Office
of
the
Commissioner of Internal Revenue.
organized Federal Reserve banks, and within sixty days after the passage
Washington, D. C., March 23 1916.
of this Act are to return to each of their respective subscribers, the national
banks, 2% of the stock heretofore paid in, thus reducing the capital stock To Collectors of Internal Revenue:
With reference to corporations, individuals and withholding agents who
of the Federal Reserve banks from 6% of the combined capital and
surplus have failed to file returns of
annual net income within the prescribed time
of its member banks to 1% thereof.
for the year 1915 and prior years under the income tax law, you are advised
It will be noted that at the present time the member banks have
paid in that it has been determined
by the Treasury Department to accept offers
one-half of their total subscriptions of 6% of their capital and surplus,
as in compromise of the specific
penalties in minimum sums as follows:
provided in Section 2 of the Federal Reserve Act, approved Dec. 23
1913.
For the Year 1914.-310 from corporations; $5 from individuals or withSection 2 of this Act provides that national banks must subscribe
to the holding agents.
capital stock of the Federal Reserve bank in the district in which the
naFor the Year 1915.—$20 from corporations; $20 from individuals or withtional banks are located an amount equal to 6% of the paid-up capital stock
holding agents.




1310

THE CHRONICLE

For the Years 1914 and 1915.—$30from corporations;$25 from individuals
• or withholding agents.
The minimum amounts stated above apply only to those cases where
there was no intention to evade the law or escape taxation.
Form 656 must be used in transmitting all income tax offers in compromise to this office. In forwarding additional offers where the original offer
has been rejected, reference should always be made to the "L" case number
shown on the copy of the notice of rejection. Particular attention is called
to the necessity for the proper filling in of all information called for on
Form 655. After the words "Return No." should be entered the form
number of the return, as 1040, 1031, 1042, &c.
Offers in compromise cannot receive favorable consideration in cases
where returns for the year in question have not been filed. In such cases
the recommendation that the offer be accepted should be made "subject
to the filing of the return." Each offer in compromise should be accompanied by an affidavit in the form prescribed in Mim. 1023, in which the
proponent should state briefly the cause of the delinquency. Where
affidavits allege facts showing that no delinquency was incurred or recite
circumstances which warrant relief from the specific penalty as indicated
in Mim. 1347 the offer should be returned, unless there are facts in the
possession of the collector at variance with the contentions made by the
proponents, in which event a statement of such facts should be noted on
Form 656.
A strict compliance with those instructions will greatly relieve the routine
In connection with the handling of these cases.
All delinquents who do not compromise their liabilities to the specific
penalty, after ample opportunity has been given, should be reported on
Form 166 to the United States Attorney for proceedings, except in cases
required to bo reported on supplemental delinquent lists. (Mim. 1347).
W. II. OSBORN, Commissioner of Internal Revenue.
Approved:
BYRON R. NEWTON,Acting Secretary of the Treasury.

INTEREST ON SECURITIES OWNED BY NONRESIDENT ALIENS SUBJECT TO INCOME TAX.
In a ruling made public this week, but bearing date
March 21, the Treasury Department,in line with the decision
of the Supreme Court that the income tax is not a direct tax,
holds that "income accruing to non-resident aliens in the
form of interest from the bonds and dividends on the stock
of domestic corporations is subject to the income tax." Under a previous ruling (T. D. 2162, Feb. 24 1915), the Treasury Department announced that "interest from bonds and
dividends on stock of domestic corporations owned by nonresident aliens are not subject to the income tax, whether
such bonds and stock are physically located within or without the United States or whether they are in the possession
of agents or trustees in some fiduciary capacity in the United
States or otherwise." This ruling is rescinded by the latest
decision of the Department.. The claim that the income tax
is a direct tax, and outside of the Sixteenth Amendment and
unconstitutional, was disposed of by the decision handed
down by the Supreme Court on Jan. 24 last, in the case of
Brushaber vs. the Union Pacific RR., which was referred to
in our issue of Jan. 29. The ruling of the Treasury Department,which follows that decision, and under which it is held
that interest on domestic securities owned by non-resident
aliens is subject to tax, in full is as follows:
[T. D. 2313.]
Taxability of interest from bonds and dividends on stock of domestic corporations owned by non-resident aliens, and the liabilities of non-resident aliens under Section 2 of the Act of Oct. 3 1913.
TREASURY DEPARTMENT.
Office of the Commissioner of Internal Revenue.
Washington, D. C., March 211916.
To Collectors of Internal Revenue:
Under the decision of the Supreme Court of the United States in the case
of Brushaber vs. Union Pacific Railway Company, decided Jan. 24 1916,
it is hereby held that income accruing to non-resident aliens in the form of
interest from the bonds and dividends on the stock of domestic corporations
is subJect to the income tax imposed by the Act of Oct. 3 1913.
Non-resident aliens are not entitled to the specific exemption designated
In Paragraph 0 of the Income Tax Law, but are liable for the normal and
additional tax upon the entire net income "from all property owned, and
of every business, trade or profession carried on in the United States,"
computed upon the basis prescribed in the law.
The responsible heads, agents or representatives of non-resident aliens
who are in charge of the property owned or business carried on within the
United States shall make a full and complete return of the income therefrom on Form 1,040, Revised, and shall pay any and all tax, normal and
additional, assessed upon the income received by them in behalf of their
non-resident alien principals.
The person, firm, company, co-partnership, corporation, joint-stock
company, or association and insurance company in the United States, citizen or resident alien, in whatever capacity acting, having the control,
receipt, disposal, or payment of fixed or determinable annual or periodic
gains, profits, and income of whatever kind, to a non-resident alien, under
any contract or otherwise, which payment shall represent income of a nonresident alien from the exercise of any trade or profession within the United
States, shall deduct and withhold from such annual or periodic gains,
profits, and income, regardless of amount, and pay to the officer of the
United States Government authorized to receive the same, such sum as
will be sufficient to pay the normal tax of one per cent imposed by law, and
shall make an annual return on Form 1,042.
The normal tax shall be withheld at the source from income accrued to
non-resident aliens from corporate obligations, and shall be returned and
paid to the Government by debtor corporations and withholding agents as
In the case of citizens and resident aliens, but without benefit of the specific
exemption designated in Paragraph 0 of the law.
Form 1,008, Revised, claiming the benefit of such deductions as may be
applicable to income arising within the United States and for refund of
excess tax withheld, as provided by Paragraphs II and E of the Income
Tax Law,may be filed by non-resident aliens, their agents or representatives




[VOL. 102.

with the debtor corporation, withholding agent or Collector of Internal
Revenue for the district in which the withholding return is required to be
made.
That part of Paragraph E of the law which provided that "if such person * * * is absent from the United States, * * * the return
and application may be made for him or her by the person required to withhold and pay the tax * * * ",is held to be applicable to the return and
application on Form 1,008, Revised, of non-resident aliens.
A fiduciary acting in the capacity of trustee, executor or administrator,
when there is only one beneficiary and that beneficiary a non-resident alien,
shall render a return on Form 1,040, Revised; but when there aro two or
more beneficiaries, one or all of whom are non-resident aliens, the fiduciary
shall render a return on Form 1,041, Revised, and a personal return on
Form 1,040, Revised, for each non-resident alien beneficiary.
The liability under the provisions of the law, to render personal returns,
on or before March 1 next succeeding the tax year, of annual net income
accrued to them from sources within the United States during tho preceding calendar year, attached to non-resident aliens as in the case of returns
required from citizens and resident aliens. Therefore a return on Form
1,040, Revised, is required except in cases where the total tax liability has
been or is to be satisfied by personal return on Form 1,040. Revised, rendered in their behalf. Returns should be rendered to the Collector of Internal Revenue for the district in which a non-resident alien carries no his
principal business within the United States, or, in the absence of a principal business within the United States, and in all cases of doubt, to tho Colector of Internal Revenue at Baltimore, Maryland. in whose district
Washington is situated.
Non-resident aliens arc held to be subject to the liabilities and requirements of all administrative, special, and general provisions of law in relation to the assessment, remission, collection and refund of the income tax
imposed by the Act of Oct. 3 1913, and Collectors of Internal Revenue
will make collection of the tax by distraint, garnishment, execution or other
appropriate process provided by law.
So much of Treasury Decision 1,976 as relates to ownership certificate
1,004, Treasury Decisions 1,977 (Certificate Form 1,060), 1,988 (Certificate Form 1,060), 2,017 (Non-taxability of interest from bonds and dividends on stock), 2,030 (Certificate Form 1,071), 2,162 (Non-taxability of
interest from bonds and dividends on stock), and all rulings heretofore
made which are in conflict herewith, are hereby superseded and repealed.
This decision will be held effective as of Jan. 11916.
W. H. OSBORN, Commissioner.
Approved:
BYRON R. NEWTON, Acting Secretary.
W.P.M.

According to a subsequent announcement of Commissioner
Osborn, the provisions of the above decision, at least as far as
withholding at the source is concerned, will be effective
May 1 instead of Jan. 1. We quote the announcement
below:
The provisions of Treasury Decision 2313 of March 21 1916 relative to
withholding the normal tax of 1% at the source from income paid to nonresident aliens from corporate obligations will be held effective as of
May 11916.
The requirements as to withholding at other sources of income paid to
non-resident aliens, heretofore in force, remain without change as to effective date.
The individual liability of non-resident aliens for tax on interest from
bonds and dividends on stock of domestic corporations, and for return and
payment thereof to the Government, under Section 2 of the Act of Oct. 3
1913, will be held effective as of Jan. 1 1916.

It is understood that the change in the effective date for
withholding At the source was made at the behest of New York
financial institutions. Aside from the objection to the retroactive feature of the ruling, vigorous protest against the
regulation itself is being made. A meeting of local bankers
having foreign connections was held in this city on Thursday,
and Ernest Iselin of A. Iselin & Co. was made Chairman of
a committee which will endeavor to secure the rescinding
of the new ruling. The Guaranty Trust Co.and Brown Bros.
& Co. are also represented on the committee. The Investment Bankers' Association of America has likewise taken
steps to bring about the suspension of the ruling; through its
counsel, Reed & McCook, it has addressed the following
letter to Commissioner Osborn in the matter:
April 6 1916.
Hon. W. H. Osborn, Commissioner of Internal Revenue, Washington, D. C.
Dear Sir:—In common with the many other important interests affected,
the investment bond houses of this and other cities throughout the country
have received with surprise and alarm the Treasury regulation published
March 311916. holding that interest payable by American debtors to nonresident aliens is subject to the income tax law of Oct. 5 1913, and providing
that this ruling take effect retroactively as of Jan. 11916. We understand
that this date is now advanced to May 1 1916.
The new regulation purports to be based on the recent decision of the
Supreme Court in the Brushaber case. The opinion in that case has been
read and re-read by ourselves and other counsel for the interests affected
without finding in it a word or suggestion to support this ruling. The
opinion simply disposed of a number of minor objections raised to the constitutionality of the Act, none of which had anything to do with non-resident
aliens.
The Department has the opinion of Attorney-General McReynolds,
dated Oct. 23 1913, holding that interest payable to non-resident aliens is
not subject to the income tax. So far as the pubJic is informed, that opinion
has not been changed and is presumed to govern the action of the Department.
This new regulation has, as you know, the effect if not the character
of a law, made without any prior notice to the public and without any opportunity to the public to be hoard with respect to it. Its effect is serious
and far-reaching, not only on the persons taxed, but also on the banks;
fiscal agents and corporations charged with the administrative burdens
of collecting and paying coupons on foreign held bonds. Though there may
be no precedent for giving a public hearing on a proposed regulation, there
are few precedents for so drastic and in effect legislative a ruling by a
Government department, and we submit to your consideration that a regulation completely changing the law as enforced in so important a matter
should not be made effective until tho Department has given such notice

APR- 8 1916.1

THE CHRONICLE

and has itself had the benefit of a public hearing in which the arguments
for and against its contemplated action can be fully presented.
We respectfully urge that the regulation be suspended pending the submission of the question of its validity to the Attorney-General, and that an
opportunity be given to this Association and other parties affected to be
heard before the Department or the Attorney-General before the regulation is made *finally effective. Even assuming that the Department has
received an unpublished opinion from the Attorney-General reversing the
published opinion of Oct. 23 1913, we submit that the character and importance of this regulation require that an opportunity to be heard should
be given. We are all aware that it would take months to get this question
into the courts, and we feel that it should not be necessary to resort to the
courts until the Attorney-General's opinion now in effect has been reversed
after very full consideration.
You will recall the practice adopted in the case of the regulation holding
that assessment and tax districts were not political sub-divisions under the
law. This drastic ruling was first suspended by the then Assistant Secretary of the Treasury, Hon. .John Skelton Williams, and later, on the opinion of the Attorney-General, was rescinded.
We do not at this time enter into the merits or correctness of the new
regulation, except to point out that when the bill was in Congress, an
amendment extending the tax to interest payable to non-resident aliens
was adopted in the Senate and later stricken out of the bill as finally enacted
by both Houses. It was urged at that time that no nation has a moral
right to seize for its own use moneys owing by its citizens to non-resident
aliens, and that an attempt to do so would seriously impair our credit as
a borrowing nation and be the cause of just protest by foreign countries.
In cases where the American debtor can be sued in other countries, the
seizure of moneys by this Government would be no defense to an action for
the full amount of the interest duo. The present European war may seem
a favorable opportunity for raising a million dollars a year out of our
foreign creditors, but the effect of such action on our future credit relations
with other countries may conceivably be more disastrous than if taken
under different circumstances.
We very respectuflly urge the suspension of the regulation, and that the
matter be referred to the Attorney-General, as suggested.

PLAN FOR CONVEYING "NO PROTEST" INSTRUCTIONS.
A folder outlining a plan of conveying "no protest" instructions has been issued by Jerome Thralls, Secretary of
the Clearing House Association of the American Bankers'
Association. Mr. Thralls in presenting his suggestions,
points out that plans for handling "no protest" items have
been inaugurated in some form or other by many banks,
but never until now has a scheme "been so arranged as to
make its adoption in a universal way hopeful." We noted
last month (March 4) that the Transit Department of the
Federal Reserve Bank asked the co-operation of member
banks in effecting a reform in the practice of handling "no
protest" items by the waiving of protest only on all items of
$10 or under and those "stamped on the face with the initials
'N. P.' and your transit number." We give below the
plan proposed by Mr. Thralls.
Any bank that receives from its customer a check or draft on a bank
which it desires to have handled as a "no-protest" item can convey such
Instructions through several intermediate banks to the final paying bank
by means of an inexpensive rubber stamp. To do this an impression of
the stamp should be made on the face, and as near the right hand end
of the item as is possible. The stamp should be )ix% of an inch in size;
and should contain the letters "N. P." and the universal numerical system
transit number of the bank, and should be preferably of the folloviing
design :5
83-164
The instructions on the cash letter accompanying the item should include the following:(5)Protest all items over $20 not bearing this stamp or
similar stamp containing the transit number of a preceding bank endorser.
The teller will place an imprint of his stamp (5) on every item of over
$20 that passes through his department and which is to be handled as
"no protest."
When this plan is in complete operation the clerks who handle the incoming and out going mail in subsequent banks will be relieved
from
examining carefully such items, and comparing the items with the letters
in order to determine what items are to be treated as "no:protest." If
the cash letters read as above indicated the instructions will be automatically conveyed through all hands to the paying banks.
Tags bearing "no-protest" instructions pinned or pasted to checks, as
well as the numerous symbols now in use, together with all of their attending annoyances will disappear.
Some banks may want to continue the practice of making a special
record on their outgoing cash letters as to what items are to be handled
as "no-protest." This may be done by placing the letters "N. P." or
such other notations as are satisfactory either to the right or left of the
amounts of the items to which they apply.
It is desirable to make the plan universal in its scope. It is simple
and easy of application. Its installation causes little or no expense. A
groat number of banks both large and small have adopted this scheme,
and after having used it for several months report its workings highly
satisfactory.
Where banks have a large supply of cash letters on hand, it, of course,
will be necessary for them to procure a rubber stamp with which to change
the instructions on these letters. A stamp of the following form is recommended for this purpose:
(5) Protest all items over $20 not bearing this stamp or similar stamp
containing tho transit number of a preceding bank endorser.
This stamp can be procured from the American Bankers' Association
at the actual cost of 25 cents each. The other stamp will also be furnished
to you at actual cost, 15 cents each by the American Bankers Association,
or you may find it convenient to secure these stamps from your local
dealer.
A little co-operation will make this plan a success. If your bank has
not adopted it, and will communicate with the Secretary ho will be pleased
to furnish such additional information as you may desire.
*

The number assigned to your bank under the Universal
N.P. I
83-164 Numerical System should appear on the stamp which you use.




1311

REPORT OF SAN FRANCISCO FEDERAL RESERVE
BANK.
The annual report of the Federal Reserve Bank of San
Francisco shows earnings from Nov. 16 1914 to Nov. 30 1915
of $109,190; the current expenses for that period amounted
to $118,712; the additional sum of $73,256 was consumed in
organization expenses, cost of printing Federal Reserve
notes, &c., making the total expenditures $191,968. It is
pointed out in the report that the total net earnings from
April 1 1915 to Nov. 30 1915 exceeded the current expenses
of that period, although current expenses since organization
exceed current earnings by $9,522. In the statement of
total expenditures organization expenses are carried at $33,626, equipment at $5,235 and the cost of printing Federal
Reserve notes at $34,394; the last-named item has been reduced by $526 30, the pro rata amount for notes unfit for
circulation which have been canceled. ,With regard to the
earnings the report says:
A condition in which reserves in excess of legal requirements have steadily
Increased during more than 12 months naturally restricts the volume of
applications for rediscount. Total rediscounts made during the month of
November 1915 aggregated only $119,072, the smallest of any month since
November 1914. Other income has been derived through the purchases
mentioned of bankers' acceptances, municipal warrants and United States
bonds.
The fear sometimes expressed that deficiency in earnings will be made up
by assessments on member banks may, I assume, be dismissed as beyond
the probabilities. The relative unimportance of these expenses will be
appreciated when it is realized that their annual rate represents approximately 2-100 of 1% of the loans and investments of the member banks In
this district. In other words, if the income rate upon their investments
wore 6%. it would reduce this to only .5.93% if the expenses were paid
entirely by contributions of member banks.
While there seems no economic defense for an effort under existing conditions to employ a Federal Reserve bank's funds for the purpose of earning profit, yet what may be called the psychological importance of reasonable earnings seems so great as to become a well-defined economic factor.
The view that effort to make earnings is now undesirable of course has its
basis in the belief that greatest protection to business interests will be had
by withholding the Federal Reserve Bank's credit-extending power so as
to have it available when need arises. But those holding this view may
underestimate the economic importance of present popular approval and
unqualified faith in the success of the Federal Reserve system. Earnings
constitute the gauge of success applied by a largo section of the public,
including many bankers. It is characteristically human to uphold the
successful enterprise and to obstruct the unsuccessful. A smaller percentage of money reserve, coupled with unqualified approval, will constitute
more potent power of support than larger reserves with less of popular
confidence.
There are collateral advantages in reasonable earnings. They would
justify the most rapid internal development along lines of preparation for
useful service, such as the development and thorough training of the credit
department, the efficient service of which is so essential to discriminating
Judgment in time of stress and in which all eligible clerks should serve apprenticeship in order to provide for quick expansion of capacity to render
vital service if stress arises; the thorough development of a department
of information as to conditions throughout the district, through Which the
management of the bank and the Federal Reserve Board would have closest
touch with the trend of credit conditions. Naturally no development will
be carried far, the cost of which must be paid out of capital. Such considerations urge earnings well in excess of current expenses.
One way to accomplish this without impairing a Federal Reserve bank's
reserves would be by present purchase of United States bonds. The Federal Reserve banks are the instrumentality through which it is designed that
the undesirable bond-secured circulation is to be eliminated. To this end
It will become necessary for them ultimately to buy the major part of the
outstanding 2% bonds now pledged to secure circulation. Exchanged for
30-year 3% bonds without the circulation privilege, as provided by the
Federal Reserve Act, they will gradually be.bought by investors and this
problem will thus be permanently settled and real elasticity in the currency
attained, the volume of Federal Reserve netts then expanding and also
contracting according to varying business requirements. A good many
years will necessarily be required to accomplish this result, but meanwhile
the Federal Reserve banks would enjoy a net income averaging about 1%%
per annum upon the amount of bonds held. By substituting their own
bond-secured circulation for that of member banks now outstanding, the
botals would be carried without important investment of reserve money.
This would be unqualifiedly true if the present currency is not redundant
in volume, and the present rate of redemptions indicates that it is not.
It is to be observed, too, if the present volume of currency should become
redundant and consequently enforce greater redemptions, that, while this
would correspondingly invade the reserves of the Federal Reserve Bank,
It would be only because of a reduced volume of cash transactions incident
to inactive commerce, when rediscount demands would be light. Heavy
rediscount demands would appear only in conjunction with requirement for
a large volume of currency. The expanding volume of business incident
to the country's growth involves necessarily a certain average increase in
the volume of transactions settled with money, entailing the need of an
increasing volume of currency. A volume of currency redundant to-day
would soon be inadequate.
More certain progress in the solution of this problem would be assured
if the law were modified so that the privilege of issuing circulating notes
should not be included in national bank charters hereafter granted or in
those extended, with a requirement that Federal Reserve banks should buy
the circulation bonds offered by member banks at par at the expiration
of their charters.
Federal Reserve Notes.
It has been deemed wise policy to pay out Federal Reserve notes whenever possible, inasmuch as their circulation in the place of gold means
the retention of gold in the vaults of the Federal Reserve bank where,
as a basis for extending credit, it becomes a fortification and guaranty
of stability of the business situation. Federal Reserve notes of this
bank now outstanding are in effect gold .certificates. $4,370,000 gold
equal to 100%, having been lodged with the Federal Reserve Agent
for their redemption. In conformity with authority conferred by the
Federal Reserve Act upon the Federal Reserve Board to act as a clearing
house for Federal Reserve banks, this gold has been placed with the Federal

1312

THE CHRONICLE

[VoL. 102.

Reserve Board in the form of order certificates in $10,000 denominations. Reserve Act has given to member banks the privilege of largely increasing
Settlements are made between the Federal Reserve Bank and the Federa their loans. Excess reserves held by member banks of this district were
Reserve Agent by means of transfers in the gold settlement fund without $2.420,638 on Oct. 31 1914 and $75,211,573 on Sept. 2 1915. The excess
the local handling of the money.
is chiefly due to reduction in reserve requirements, as shown by the fact
The earnings and expenditures of the San Francisco Re- that the totals of reserves held on the respective dates were $107,226,892
and $139,749,562. Cash and exchange held on the same dates were $186,serve Bank for the period to Nov. 30 1915 are set out in the 191,580
and $224,887,649, respectively. In addition to both these factors
have been the unparalleled imports of gold. All have contributed to an
following tables in the report:
Earnings of Federal Reserve Bank of San Francisco Nov.161914 to Nov.301915. accumulation of loanable funds beyond precedent. Under these circumAmount Tot. income since stances there has been a diminishing need for rediscounts.
From the standpoint of rapidity of development of the Federal Reserve
Nov. 16 1914.
invested.
Bank this is regrettable. Member banks need information concerning
Earnings from:
Bills discounted member banks
$61,811 08 the Federal Reserve Bank's methods and requirements, best gained by
$8,090,185 00
Bills purchased (acceptances)
12,018 31 actual rediscount transactions, in order that they may develop as large a
2,870,481 58
percentage as passible of their paper in form and character acceptable for
Investments:
United States bonds
16,747 97 rediscount. Such paper is a potential reserve and in amount must more
1,010,000 00
Warrants
17,255 27 than offset the reduction of reserve requirements if the banking situation
2,651,863 66
1,35780 is to be stronger than hitherto. This development is a process of education
Sundry profits
which must include both banks and customers and necessarily will require
$109,190 43 time. The earlier entered upon the sooner will there be cumulative strength
Total earnings
Expenditures of the Federal Reserve Bank of San Francisco to Nov. 30 1915. in the general situation. Conversely,it is only by experience that the FedTotal since
eral Reserve Bank can be prepared for the time of heavy demands.
Nov. 16 1914.
1. Current Expenses.
About 31% of the member banks have had rediscount transactions with
Federal Reserve Board assessment for general expenses, monthly
the Federal Reserve Bank, many simply to gain information, some because
33
proportion
$6,559
needing funds. In a considerable number of cases important service has
Federal advisory council (fees)
undoubtedly been rendered. So far as has been learned, member banks
Directors'fees
2,620 00 have found their dealings satisfactory. There has been effort to give service
Legal fees
as prompt and untechnical as that of the most efficient member bank.
Salaries-Bank officers
42,125 00
Rediscount Policy.
Clerical staff
27,788 85
The initial rediscount rates established by this bank with the approval
Special officers and watchmen
110 00
avowedly too high. There was no exTraveling expenses-Directors
168 00 of the Federal Reserve Board were
perience to determine the correct rates and it was believed prudent at the
Officers and clerkslowering rates rather than by raising
by
level
right
the
approach
outset to
Federal Reserve Agents' conthem. After several changes the rates fixed on Jan. 22 1915 have since
ferences
$018 70
remained in force substantially unchanged and are lower than borrowing
Advisory councils
950 60
rates hitherto generally available. The record of rates established is shown
Governors' conferences
2.664 74
Exhibit I.
in
Within twelfth district
1,266 84
Agricultural paper and that based on live stock are tho only kinds eligible
Total
5,800 88 for rediscount with maturities beyond 90 days. For this a rate fo 6% has
Per diem allowance of directors
345 00 been established, while the rate for 90 days is 434%. It has now and then
Telephone
402 15 been suggested that this is a discrimination against farmers and those in349 15 terested in live stock. It will be observed that agricultural and live-stock
Telegraph
Postage
1,773 24 paper has every privilege of other paper in lower rates for shorter maturities,
Expressage
287 38 and in addition has tho special privilege of rediscount for maturities beRent
16,875 44 yond 90 days not accorded to any other class of paper.
Insurance and premiums on fidelity bonds
871 91
In a rapidly developing section, such as this district, it is inevitable that
Light, heat and power
285 40 there should be a higher percentage of fixed loans-capital advances for
and
Printing
stationery
5,333 83 enterprises which, however worthy, cannot quickly repay-than in an
Repairs and alterations
4,078 79 older district where there is less of development enterprise in proportion
All other expenses, not elsewhere specified
2,411 58 to accumulated capital. The board of directors have felt it wise policy
Federal Reserve notes, cost
526 30 that this bank should more assiduously maintain a liquid condition than
be necessary if in a district where the loans of member banks were
Total current expenses
$118,712 23 would
proportionately liquid. Consequently, the incentive is offered of con2. Organization Expenses.
siderably lower rates for the shorter maturities.
(Carried from current expenses, account expenses prior
With regard to the check collection system of the San
to Nov. 16 1914.1
San Francisco clearing house membership
$1,000 00
Francisco District, the report says:
Alterations to banking quarters
1,568 05
Check Collection.
Traveling expenses October conference 1914, nine
As provided by tho Federal Reserve Act, and upon a plan approved by
directors and Governor
4,607 00
the Federal Reserve Board, this bank on Aug. 1 1915 established in this
Express on coin and currency in connection with
district a system for collecting checks, 141 banks voluntarily participating ,
Initial payments of capital stock and reserve
6,682 09
the outset, the number having increased to 160 at the end of November.
at
Assessments of Federal Reserve Board
13,817 08
Thus far checks have been received from and sent to only those banks
Stationery (ordered by Federal Reserve Board)
5,952 27
voluntarily joining this collection system, the depositing bank being credTotal
33,626 49 ited and the drawee bank concurrently debited after as many days have
3. Cost of Federal Reserve Notes
elapsed as required for the drawee bank to receive checks sent and thereCost of manufacturing 3,212,000 notes, amounting
after send funds for credit to offset the debit to be made. To give immeto $28,940,000
$31,373 59
diate credit would involve one of two courses:
Cost of expressage, 180,000 notes, amounting t,
(1) Invest Federal Reserve Bank's reserve in checks outstanding for
$1,000 00
$2,000,000
collection, weakening proportionately its power to rediscount; or,
Cost of postage and insurance, 928,000
(2) Require member banks to carry with Federal Reserve Bank balances
notes, amounting to $8,000,000
2,499 88
sufficiently larger than required for reserve purposes to cover the amount
3,499 88 of checks and remittances in transit. Distances are so great in this dis47 10
Sundry costs
.rict that this would work a palpable injustice to distant member banks.
In the case of a Seattle bank,for instance, it would be necessary to have an
Less:
$34,920 57
additional balance covering six days sondings which would be in transit,
Amortization (manufacturing) 40,000
three days going and three days returning.
notes, amounting to $230,000
$390 70
The Federal Reserve Bank has neither paid nor charged exchange in
Amortization expressage 40,000 notes,
these collections. Thus far, however, important elimination of exchange
115 00
amounting to $230,000
charges cannot properly be claimed, as most of the banks joining the volunRedemption cost
526 30
20 60
tary system had previously been accustomed to remit at par.
Total
34,394 27
As yet the volume of checks handled has not been important, but would
4. Equipment.
doubtless be increased if all checks were received for collection which mem$932 35
Furniture and fixtures
bers of the collection system would be willing to have charged against their
Vaults
accounts, even if drawn upon or indorsed by member banks not of the colMachines, typewriters, adding machines, scales, &c_ 4,303 02
lection system and non-member banks. Exhibit L gives information as to
rates of exchange charged in various parts of this district.
5,235 37
Total equipment
If it be accepted as the broad purpose of the Federal Reserve system to
Total expenditures
$191,968 36 stabilize commerce, then the Federal Reserve banks must establish channels for the collection of checks which will not become clogged in a financial
The area of the San Francisco Federal Reserve District crisis, as in 1907, otherwise such a possible dislocation of exchanges would
includes the States of Washington, Oregon, Idaho, Nevada, always remain a potential menace. Appreciation of the importance of
the whole financial and commercial situation, and thus
California, Utah and a part of Arizona. According to the assuring safety ofbank,
should disarm objections of those who, in spite of
every member
report, it is the opinion of counsel of the San Francisco Re- of
aspects unsound in present methods, are reluctant to forego present exprovisions of the Federal Reserve Act offer opporOther
serve Bank that under the laws of only one of the seven change charges.
may a national bank act as tunities for counterbalancing profits not hitherto possible.
States,

namely Washington,
trustee, executor, administrator and registrar of stocks and
bonds; but that also under the laws of California, Oregon,
Utah and Arizona it may act as registrar of stocks and bonds.
Enabling legislation, it is stated, will broaden the opportunities of national banks to render such service.
Concerning the operations in general of the San Francisco
Bank and the excess reserves held by member banks, the
report says:

Operations.
The period since the establishment of the Federal Reserve system has
been one of progressive ease in matters of credit. The check to business
and liquidation resulting from the breaking out of tho European war would
of itself have resulted in accumulation of idle funds. In addition to this,
ths reduction in reserve requirements under the provisions of the Federa•




CHANGES IN BLANK ON WHICH NATIONAL BANKS
REPORTED CONDITION MARCH 7.
The national banks, in reporting under the call of March 7,
were required to supply information as to the high, low and
average rate of interest allowed on demand and time deposits, notes and bills rediscounted and bills payable.
Among the data which the banks were not required to
supply under the March 7 call were the inquiries in Schedule
10 (with regard to the number of loans and'discounts since
the last statement), and Schedule 12, dealing with loans
eligible for rediscounklwith the Federal Reserve Bank.111The

APR. 81916.]

THE CHRONICLE

1313

circular letter addressed to the banks with the issuance of
the new form said:

authority no embargo may be placed or raised on any road that would
adversely affect the whole situation.
Inter-State Commerce Commissioner Clark is Chairman of this Committee.
Your attention is called to the following changes in this report:
The Sub-Committee on Traffic has offered several resolutions which
Schedule 5 has been changed to show the high, low and average rates have been acted upon by the Conference.
Tariffs have been revised as
of interest allowed or paid by bank.
a result of their investigations, among them being one providing that
Schedules 10 and 12. The entries in these schedules may be omitted export bills of lading will only be issued when founded on written ocean
on this call.
contracts. Traffic moving under these bills of lading is allowed fifteen
Note on Page 4 of Report.—"All national banks are requested to keep a days free time, after which regular storage
charges shall prevail. This is
record showing the rate of interest or discount charged or received on every expected to relieve materially the congested situation
at the seaboards.
one of their loans and discounts, so that whenever they may be required
Hereafter freight consigned to New York harbor must be consigned
to furnish such information it may be given readily and accurately.
to a specific destination. If reconsigned after delivery in New York
Banks are also requested to keep their books so that they may be able harbor a charge of $2 per car will be made.
to render reports promptly at any time concerning the amount and character
At the last meeting of the Conference the Traffic Managers' Committee
of loans made to borrowers who keep no accounts with the bank, and in of the Trunk Line Association was directed to arrange to modify
existing
regard to purchased paper."
tariffs to prevent the shipment of freight to the seaboards on domestic
Publisher's Certificate. .
bills of lading, and upon arrival reconsigned for export. • This practice
Quite a number of banks still fail to understand the instructions issued in has been indulged in by many
shippers to defeat the purpose of the emcircular letters of November 8 and December 31 1915, relative to publisher's bargoes. Under the new
tariffs that will be filed with the Inter-State
certificate. You are again advised that the directors who sign the report Commerce Commission,
freight consigned on domestic bills of lading may
of condition must also sign the publisher's certificate; and likewise the same not be reconsigned for export
with the privileges accorded freight on
notary public should attach his signature and attach his seal to the certifi- export bills of lading.
cate.
Respectfully,
The Conference wishes to take this opportunity to express its appreciaJOHN SKELTON WILLIAMS. Comptroller.
tion of the hearty co-operation it has received from trade associations,
shippers, consignees, and public service commissions. The public service
commissions of practically all States have approved the changes in the
GOV. McCALL OF MASSACHUSETTS VETOES BILL tariffs adopted similar to the approval granted
by the Inter-State Commerce Commission.
GIVING NATIONAL BANKS TRUST POWERS.
The
Conference
feels
that
a
most
healthy
progress
has already been
A bill intended to permit the national banks in Massa- brought about, and that the outlook for the
future is bright. It is expected
chusetts to avail of the provision in the Federal Reserve that in the near future some of the inspectors in the New England district
Act authorizing the exercise of trust functions, was vetoed may be transferred to other roads.

by Gov. McCall of the Commonwealth on the 3d inst. In
his veto message the Governor said:
I return herewith without my approval an engrossed bill entitled An
Act relative to the appointment of national banks as trustees, administrators and executors." (See Senate, No. 331.)
This bill is based upon Section 11, clause 1, of the Federal Reserve Board.
"To grant by special permit to national banks applying therefor, whon not
in contravention of State or local law, the right to act as trustee, executor,
administrator or registrar of stocks and bonds under such rules and regulations as the said Board may prescribe."
The constitutionality of this provision has been assailed in different
States. The Supreme Court of Illinois has rendered a decision which holds
that it is unconstitutional, and before the pending bill and the petition on
which it is based were presented to the Legislature a proceeding had been
begun in our Supreme Judicial Court in the name of the Attorney-General
of Massachusetts at the relation of the Tax Commissioner, having for its
object the determination of the constitutionality of this statute. Before
passing legislation upon this subject it seems to me it would be wise for us
to await tho decision of our court of last resort upon the subject. If our
Supreme Court should hold that the clause in question upon which the Act
was based was unconstitutional that decision should constitute a rule of
action for the guidance of the political department of the Government of
the State. On the other hand, if it should hold that it is constitutional, the
General Court could then proceed to take such action upon the merits of
the bill as should appear to be just.
I am now expressing no opinion upon the merits of the bill. It occurs
to me to suggest that this is a measure where a reference to the next General
Court would be the proper action to be taken.

FREIGHT CONGESTION.
The progress made in the efforts to relieve the congested
freight conditions on tLe eastern railroads is indicated in a
statement authorized on the 4th inst. by the Eastern Freight
Accumulation Conference, composed of Inter-State Commerce Commissioner E. E. Clark and the executives of the
Eastern railways. The statement says:
•
Excellent progress has already been made as a result of the organization
of the Eastern Freight Accumulation Conference on March 17. In a
little over two weeks several effective measures of relief have been adopted,
considerable territory has been cleared to permit of more efficient handling
of freight, information has been gathered which makes possible the placing
or raising of embargoes upon a basis that meets the requirements of the
whole situation rather than the interests of an individual road, and the
active co-operation of shippers, trade organizations and public service
commissions has been secured and co-ordinated to a common end.
The work of the Conference has been carried on largely through subcommittees. The Sub-Committee on Freight Accumulation, which was
appointed shortly after the organization of the Conference, has had active
charge of the gathering of data as to conditions in sections so far investigated. This committee has sent out twenty-one inspectors in New England
and New York harbor territory. Through the efforts of this committee
the situation in New England has been materially improved, and much
of the New Haven territory opened up for business already under load
and held up on account of embargo. A reduction in the total number of
cars on the New Haven system and reclaimed against the New IIaven
was effected in less than three weeks to the extent of 11,260 cars. This
has, naturally, relieved the whole situation, and incidentally resulted in
a saving of $5,067 daily, in per diem charges on cars, to the New Haven.
The inspectors sent into Now England examined 42 principal points.
They made exhaustive examinations into conditions at these points with
the result that they were able to suggest improvements in methods of
handling to the receivers of freight and in facilities to the railway officials.
In this respect the benefits to be derived from the work of these inspectors
will be cumulative.
A large number of the piers in New York harbor have been visited and
studies made of conditions existing at them. The committee has been
able to formulate some valuable recommendations from the investigation
so far made at these piers, both in regard to improvements that might be
adopted by the railways and also by the consignees.
The Sub-Committee on Embargoes has been in daily session considering
hundreds of requests from shippers from all parts of the country. The
New Haven embargo has been materially modified by this committee,
the Erie embargo on grain has been raised to the extent of 150 cars per
day, and the New York Central embargo on export grain has been raised
subject to acceptance by designated agent and upon satisfactory proof of
ocean contract for vessel space. This committee has the whole situation
at its fingers' ends and as quickly as any particular section may be opened
up the order is issued. By giving the Embargo Committee the widest




The Embargo Committee of the Eastern Freight Accumulation Conference approved modifications of the New Haven
Railroad embargo on the 6th inst. The embargo on coke,
charcoal, salt, milk bottles and tobacco stems was lifted
as also the embargo upon the following iron and steel articles:
Angles, band, bars, billets, bloom, ingots, hoop, plate, rods,
sheets, slabs, structural and wire. Tile New Haven embargo has likewise been lifted on freight originating at local
points only on the Montpelier & Wells River Railroad, the
Grand Trunk in Vermont and. Maine only, and the InterColonial in the Province of New Brunswick only, when
such freight is consigned to points on or via the New Haven
system and its rail connections. This modification does
not apply to export freight, or when for coastwise or ocean
steamship lines or for lighterage to points in New York
harbor, nor to freight that originates beyond the lines
mentioned. The New Haven embargo on "order notify"
freight has been modified to the extent that it does not
apply in the case of "sight draft to order" shipments it
billing bears notation that the shipment is under "sight
draft" and accords with similar endorsements on bill of
lading issued at point of shipment.
The committee approved the extension of the New York
Central embargo to cover shipments of cured meats, lard,
butter, eggs, dressed poultry and cheese consigned to the
British Isles and vessels under the British flag. This
extension also applies to shipments of fresh dressed meats
for export via the port of New York, except under special
authority of the foreign freight agent at New York, based
upon satisfactory assurance from steamship agents of
prompt clearance upon arrival at seaboard.
The Erie embargo has been revised to permit acceptance
of carload freight via the port of New York of live stock
and perishables, cereals in cases and corn via Undercliff
or Edgewater. Ex-lake grain and 150 cars per day of allrail grain is also accepted under certain restrictions applying
to export shipments. The revised Erie embargo prohibits
the shipment of export freight other than the foregoing
of coastwise freight except when destined south of New
York harbor, of lighterage from domestic grain except
when to be milled in transit on the Erie lines, and of domestic
flour for New York stations other than the Erie.
On March 31 the Eastern Freight Accumulation Conference at a meeting with Commissioner Clark adopted a
proposal of the Merchants' Association that freight stations
and piers in the city be kept open until 9 o'clock at night
to permit the early removal of incoming freight. James
C. Lincoln, Manager oF the Traffic Bureau of the Merchants'
Association, announced on the 1st inst. that eight railroads
and three steamship lines had agreed to keep their piers
open at night to facilitate the removal of the freight.
DEVELOPMENTS IN THE MEXICAN SITUATION.
Reports of the likelihood of a request being made by the
de facto Government of Mexico for the withdrawal of the
American troops in Mexico were among the incidents of the
week to attract attention; the rumors, however, met with a
denial from the Administration on the 6th, Secretaries Lans-

1314

THE CHRONICLE

(Vol,. 102.

ing and Baker both taking occasion to indicate that no change that the total amount in existence will not exceed 600,in the plans for the pursuit of Villa were being considered. 000,000 pesos.
On the day of the denial of the reports—the 6th—Secretary
Under a decree of the 4th inst. a banking commission
Baker of the War Department, in accordance with a recommendation made by Major-General Funston, commanding of five has been organized to regulate the financial situation
the Mexican border forces, issued orders for the dispatch of Mexico. It is headed by Luis Caberra, Secretary o
to the border of all recruits who have enlisted (in the neigh- Hacienda, and the General Treasurer, with three members
borhood of 4,000 or 5,000) since the passage last month of to be nominated by the First Chief. Headquarters will be
the Hay resolution adding 20,000 to the army strength. located in Mexico City. The commission will have a finanIt was stated yesterday (the 7th) that the suggestion of the cial agent in New York and agents in the Republic of Mexico,
Mexican War Minister, Gen. Obregon, reported from El according to the New York "Times," it will collect, conPaso, that with the scattering of the Villa forces the time serve, and administer the funds designated by the Governhad arrived for the American troops to leave Mexico, ment to regulate and guarantee the interior circulation.
brought forth a statement from Secretary Lansing that the It will also be the means by the Government to issue and
army will insist upon the capture of Villa, dead or alive. retire the actual paper money. Fractional currency will
Despite the report last week that advices had been received be issued as needed.
at Washington from John L. Rodgers, Special Agent of the
FEDERAL AID FOR VOCATIONAL EDUCATION.
United States at Queretaro that Gen. Carranza had agreed
to the request of the United States for permission to use
There has been submitted to the entire membership of the
the Mexican Northern Ry. between El Paso and Casas Chamber of Commerce of the United States—whose affiliaGrandes for the shipment of supplies to the American ex- tions include, besides the leading national organizations,
peditionary forces, arrangements to this end appear to have local trade bodies in every State and many foreign cities—
ailed of consummation. Special Agent Rodgers is said to the question of Federal aid for vocational education. Accordhave indicated in his advices of last week that the de facto ingly commercial organizations will have an opportunity to
Government would not object to the shipment of supplies, vote for or against a report of a special committee, of which
if not accompanied by train guards from Juarez to Casas Frederick A. Geier, a machine manufacturer, President of
Grandes and other points on the Mexican Northern Ry. the Cincinnati Milling Machine Co., is Chairman, which
With the receipt of his dispatch of March 29, Secretary recommends:
Liberal Federal appropriations for promotion of vocational education
Baker issued a statement in which he announced that his
the United States.
Department had "directed General Funston to tender for In That
Federal appropriations should be allotted among the States upon
railroad shipment cargoes of supplies, either directly to our a uniform basis and should bear a uniform relation to appropriations made
military men or to civilians in Mexico." These tenders, by the States for like purposes.
The creation of a Federal board, to be representative of the interests
it is stated, have been made, but none of them has been vitally
concerned and to be compensated sufficiently to command great
accepted, Gen. Gavin, insisting that the supplies should ability.
That the Federal board should be required to appoint advisory comnot be shipped over the road until instructions had been remittees of fivc members each, representing industry, commerce, labor,
ceived by him from the de facto Government. As a result, agriculture,
home-making and general or vocational education.
according to the "Times," a communication was sent on
No suggestion is made by the com ittee that the Federal
the 6th inst. by the State Department to Special Agent Government should do more than extend its financial
Rodgers instructing him to bring to the attention of the Car- assistance and the encouragement which will flow from its
ranza Government the fact that the authorities at Juarez appropriations and its example. The administration of the
were not yet being permitted to allow the' United States schools would remain wholly in the hands of local authorities
army to ship supplies over the railway. On the 6th a dis- and the instructors would be municipal or State employees
patch from Mr. Rodgers stated that negotiations with Gen. and not Federal employees. The committee does not have
Carranza on the railway question were still in progress. in mind the higher instruction already given in technical
The negotiations between the United States and the Mexican subjects by many excellent institutions, both State colleges
Government with regard to the proposed protocol are said and institutions supported by private endowntent. Nor
to be in a state of statu quo.
has it in mind agricultural extension work, for which the
A statement with regard to the financial conditions in States and the Federal Government are now spending coMexico by Eliseo Arredondo, the Ambassador-designate, operatively $5,000,000 or more a year. It has in mind instruction of a vocational kind for the great number of children
on the 6th inst. said:
Cables from Mexico City to the confidential agency of the Carranza who now leave school at fourteen years of age and go to work.
Government announce that for the first time in many weeks the exchange It is in the training of this great body of workers that Federal
ratio on Constitutionalist paper is less than 20 to 1. Offers of gold at the
aid is imperatively and immediately necessary.
rate of one American dollar for twenty pesos found no sellers at that price,
The committee, which, in addition to Mr. Geier, is comwhereas during the early part of March the ratio was approximately
40 to 1.
posed of A. B. C. Dohrm.an, a merchant of San Francisco,
The Government monetary commission has been instructed to continue
the sale of gold exchange on New York for paper until the peso reaches a and Chairman of the California Commission on Industrial
stable value of ten cents gold.
Welfare; Maurice Fels, a manufacturer of Philadelphia, of
A decree, published by General Carranza on the 4th inst., Fels & Co.; A. Lincoln Filene of Boston, Treasurer and Genauthorizes the Secretary of the Treasury to purchase paper eral Manager of William Filene Sons Co.; Charles McCarthy
money of the present issue to the value of $1,000,000 gold, of Madison, Wis., director of the Legislative Reference
Mexican. The paper money is to be destroyed. The Library; C. A. Prosser, President of Dunwoodie Institute,
Government at the same time reiterated its determination and director of the Minneapolis Vocational Education Surnot to repudiate the paper issue, and declared it would raise vey; G. L. Swiggett, Professor in the University of Tennessee,
and Frank V. Thompson, Assistant Superintendent of the
the exchange rate to $10 paper for $1 Mexican gold.
On the 5th inst. General Carranza, according to a dis- Boston schools, recommends that Federal appropriations
patch to the daily papers, issued a decree authorizing that should be allotted among the States upon a uniform basis
a reserve fund of $50,000,000 gold be constituted to guarantee and should bear a uniform relation to appropriations made by
the present paper issue. The fund is to become immediately the States for like purposes.
available by the employment of $10,000,000 in specie from
INTEREST OF MERCHANTS' ASSOCIATION IN
the national Treasury, and will be completed by the use
DEVELOPMENT OF FOREIGN TRADE.
of all the gold which will be received from the sale of public
The extension of our foreign trade and what the Merchants'
lands, from mining tax receipts, and from a sum of $20,000,000 gold to be obtained by mortgage of public lands. Association of New York has done and is planning to do in
The fund will be used exclusively, it is stated, for the re- this field is discussed in a letter of William Fellowes Morgan,
demption of the present paper money. The following President of the Association, printed in this week's issue
day, the 6th inst., according to another dispatch to the of "Greater New York," the official organ of the organizadaily papers, a decree was issued by General Carranza tion. Mr. Morgan's letter was written in reply to one
calling for a new issue of paper money, not to exceed $500,- addressed to him in the matter by John F. Fowler of W. R.
000,000, to be a substitute for the present issue, and to be Grace & Co. and a recognized authority on the subject of
put into general circulation on May 1. The next new issue international trade. Along with Mr. Morgan's reply,
will renew paper money at present in circulation, all of Mr. Fowler's letter of inquiry is likewise printed in full in
the bulletin. In asking specifically "What about 'prewhich, it is stated, will be recalled by Dec. 31.
The decree of the 6th inst. states that the present issue paredness' for our world trade when the European war colhas depreciated because of wholesale falsifications, but lapses?" Mr. Fowler presents the question as to what the



APR. 8 19164

THE CHRONICLE

Merchants' Association is doing towards preparation for
that climax, adding: "And in the campaign for foreign business, both export and import, what about keeping the
port of New York in its natural leadership of the country?"
In the last eighteen months Mr. Fowler points out,"we have
won much way, but cannot expect to hold all the trade we
have gained unless there is much concerted effort in our
country." Mr. Morgan in reply states that two points
which Mr. Fowler's letter emphasizes have been constantly
in the mind of the Association's committee and directors as
they planned the development of this work. He says:
First, the necessity of impressing upon all firms considering the desirability of attempting to sell goods in foreign markets the absolute necessity
of approaching it as a permanent rather than a temporary undertaking.
Second,the fact;that foreign trade is, as you state, a process of barter and
only as the United States is prepared to increase the amount of goods
imported from foreign countries can it hope to increase its exports to those
countries. It is for this reason that the Association has made every effort
in the past, and will continue to make every effort in the future, to aid the
importing interests of this city.
In reply to your inquiry as to the nature of our plans for further developing this work, I would state that it is our expectation to continuo and to
expand this phase of our activities in two directions.
The first of these is the initiation of, and giving cordial support to, certain
general projects which will encourage and facilitate the foreign trade of the
city of New York. The second aims to bring more foreign business to the
manufacturers and merchants of this city.
General Work.—Among the general projects to which we will lend all
possible encouragement and assistance is the plan to co-ordinate the rail
and water facilities of the port of New York so that they will servo the foreign trade of New York City and the entire country more quickly and more
economically. The present bright outlook for the successful accomplishment of this result is due in considerable part, we believe, to the continued
encouragement- which this most important undertaking has had from the
Association.
The Association will continue its efforts to remove or mitigate in every
possible way the many obstacles and restrictions, both domestic and foreign,
which beset American firms attempting to conduct business with other
countries at present. We are constantly giving advice and assistance to
firms facing specific problems of this sort.
Bringing Foreign Business to New York.—Passing from those illustrations
of our more general efforts to specific ways in which the Association will aid
foreign business, I desire to invite your attention to the fact that the Association has during recent months brought a largo amount of foreign business,
in all classes of merchandise except emergency supplies, to firms of every
description in this city. This has been done through our Foreign Trade
Department which suggests to foreign inquirers the names of New York
firms which are able to supply goods needed abroad. An average of 125
commodities weekly is being covered in this way and the names of 600
New York City houses are sent each week to foreign firms the world over.
It is our intention to enlarge this phase of our work rapidly in the belief
that if we succeed in bringing an increasing volume of concrete business
opportunities to this city, our entire membership and the entire business
.of the city of New York will thereby be benefited.
The Association has definite plans on foot for developing and enlarging
our facilities for furnishing information and suggestions regarding methods
of conducting over-sea business to firms unacquainted with foreign markets
and foreign business practices. The assistance which we have given in
the past to many New York houses has served as a basis for the successful
introduction of those firms into this important field.
The Association desires always to lend its aid to all efforts to bring about
the most successful co-operation between manufacturers, bankers, exporters
and all groups of business interested in this important work.
I have not taken up all of the points which your letter covers. You will
appreciate that so largo a subject cannot be covered adequately in a single
communication, but I trust that I have touched upon our work sufficiently
to show the general purpose which lies behind our efforts. To the extent
of its ability the Association will foster our foreign trade, and in this, as in
all of its other activities, it welcomes and invites the suggestions of all who
are interested.

It may be noted that the Merchants' Association, as at
present organized, maintains a Traffic Bureau, a Convention
Bureau, an Industrial and Foreign Trade Bureau, a Research
Bureau and a Publicity Bureau. Sufficient support is being
sought to make it possible for the Association to establish
a Foreign Trade Bureau distinct from any other bureau,
and properly equipped to deal with any and all problems
that may confront those engaged in export and import trade.
DEVELOPMENT OF NEW YORK AND PROPOSED ENLARGEMENT OF MERCHANTS' ASSOCIATION.
A campaign having in view the obtaining of at least
5,000 members will be instituted in the near future by the
Merchants' Association of New York. In 1912, when the
Association conducted a membership campaign—the first
campaign of its kind ever conducted in New York—it duplicated the membership of the Association, giving it 3,500
members and enabling it to undertake much new work.
The Association now aims to have a membership of at least
5,000,the need for this, called for by the city's expansion
being set out in the current number of its publication,
"Greater New York." It is asserted that while the Association is now the largest and most influential organization
of its kind that New York City has ever had, it falls short
of equalling the commercial organizations of such cities as
Boston, Philadelphia, Chicago, Cincinnati, Toledo, Dayton,
Denver and Portland, Ore. So far as New York and its
development is concerned, attention is called by the Association to the fact that New York is composed of five great
cities—that "Manhattan still commands supremacy, having




1315

by itself a greater population than Chicago. Brooklyn,
having outstripped Philadelphia, is rapidly approaching
second rank among American communities. The Bronx is
reaching for sixth honors, competing with Cleveland and
Detroit. Queens is larger than Minneapolis or Toronto,
and is just ready for much more rapid growth. Richmond
is the equal in population to Dallas or Salt Lake City, and
is waiting only upon real rapid transit to take on a development that will astonish even its sister boroughs." It is
furthermore set out that "As all roads of the ancient world
led to Rome, so it may be said with whole truth that all
American railroads lead to New York." The railway systems which actually have termination in New York have a
combined mileage of 45,323, or about 18% of the total mileage of the country. As to the city's banking interests
the Association says:
More than 21% of the nation's bank resources is right here in New York;
and it is not too much to say that during the last eighteen months this
city has become the world's banking centre. The resources of the banks
of the country, computed June 30 1915, amount to $28,185,585,677, while
the resources of the New York banks are $6,072,506,075. New York's
banks have a total capital of $216,157,000 and deposits of $5,377.461.797.
In the matter of savings banks, New York is in a class by itself, having
fifty-eight such institutions with deposits amounting to $1,231,202,000.
while the thrifty depositors draw in the form of interest more than $150,000
every day, Sundays excluded.

Twice an hour a new business corporation is formed in
New York, and once every forty-five minutes a corporation
is dissolved. With regard to the city's manufactures it
has the following to say:
The greatest manufacturing centre the world has ever known, New York
now has about 38,000 factories, there having been a material increase in
their number since 1913, when according to the Industrial Directory
35,849 establishments in Greater New York were turning out manufactured
articles of various kinds.
These manufacturing establishments employ capital amounting to $1.800,000.000 and turn out products to the value of $2,900,000,000 annually.
In New York factories are employed 810.000 persons, including 660.000
wage earners. In salaries and wages $540,000,000 is paid annually to
factory employees of all kinds.

Other important features which reflect the city's development—its transit systems, post office receipts, figures of
foreign commerce, &c.—are likewise referred to in the article
to indicate that the city has outgrown the Merchants'
Association and that there is urgent need for the expansion
of the organization.
GERMAN CLOCKS TO BE SET AHEAD ON MAY 1.
A wireless to Sayville on the 6th inst. stated that, in order
that the daylight working hours ay be lengthened, and the
necessity for artificial lighting lessene accordingly, the
German Federal Council has decreed that on May 1 every
clock in the Empire shall be set ahead one hour.
ATTITUDE OF GREAT BRITAIN TOWARD INVESTMENTS ABROAD.
A statement with regard to the attitude of Great Britain
toward investment by British subjects or companies in
American securities and those of European countries was
made by Chancellor of the Exchequer Reginald McKenna
on March 23 in the House of Commons,following an inquiry
by Sir Thomas Whittaker as to whether he would state what
steps he had taken, or would take, in the national interests
to prevent remittances being made for such investments.
The London "Financial News" quotes Mr. McKenna as
saying:
I am glad to have the opportunity of stating the policy of the Government on this subject. Whilst the Treasury has no desire to interfere with
remittances abroad for the settlement of current commercial obligations, I
regard it as contrary to the national interest that during the war remittances
should be made from this country for investment abroad in any form
whatever. It Ls also most desirable that moneys which accrue abroad to
British subjects or firms should be brought back to this country, and that
holders of foreign securities should,when practicable, realize their holdings
and invest the proceeds in British securities.
In particular, I would point out that the remittance of money to America
for the purchase of American securities and re-Investment in America
of money available for remittance to this country is directly opposed to the
objects of the Treasury's scheme for purchasing American securities. Securities purchased abroad cannot be dealt in on the Stock Exchange under the
temporary regulations. Although these rules only apply to members of
the Stock Exchange, most financial houses have throughout voluntarily
observed the restrictions, and I rely upon a continuance of their assistance
in discouraging investments abroad.

GREAT BRITAIN JUSTIFIES SEIZURES OF SECURITIES
FORWARDED TO U. S. FROM HOLLAND.
In a note to the United States received at Washington
on March 28 through Ambassador Page, Great Britain
justifies her course in seizing securities sent from Holland
to bankers in this country. The United States protested
against the seizure on the ground that no legal blockade of
neutral ports could be in effect, and also that interference
with,mail destined for America is in violation of the Hague

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[VOL. 102.

Conventions. According to the "Evening Post," Great
Britain's reply sets forth that she has as much right to seize
securities as any other class of contraband, that the securities in question were in reality owned by Germans, and that
the latter were endeavoring to dispose of them in the United
States and establish a large credit through which funds could
be raised. Such a scheme, Sir Edward Grey contends,
means unquestioned financial assistance to Germany. He
contends a belligerent has a right to interfere with any class
of trade that renders succor to an enemy. The British Government points out that there may be cases in which securities were unlawfully seized, that their ownership may really
be neutral, but as soon as the innocence of such transactions
is discovered securities of this character will be returned to
their rightful owners. Great Britain disclaims in this connection any intention of embarrassing American financial
intercourse with Europe, and speaks of her hope to stop
trade of "enemy origin" with the least possible inconvenience
to neutrals.
The seizure of securities from. Holland by Great Britain
was referred to in these columns Feb. 19. The value of the
securities seized is estimated at $10,000,000.

this week declares that no legitimate letter mail has been
confiscated, nor any treaty rights violated,but emphatically
asserts the Allies' intention to continue searching parcel-post
packages for contraband "concealed under postal folders."
In regard to "true correspondence," the note states that the
Allied Governments "will continue for the present to refrain
from seizing and confiscating at sea these correspondences,
letters and dispatches, and that they will insure the most
rapid transition of them possible, as soon as the genuineness
of their character is known." The protest of the United
States against the treatment of neutral mails was based largely on evidence in the possession of the State Department
that while mails had not always been searched at sea, neutral
ships, upon being taken into British ports for inspection, had
their mails removed, detained and otherwise interfered with.
The reply does not mention this phase of the controversy.
The protest stated that the American Government was inclined to regard parcel-post articles as subject to the same
treatment as articles sent by freight or express in respect to
belligerent search, seizure and condemnation. On the other
hand, it stated, "parcel-post articles are entitled to the
usual exemptions of neutral trade, and the protests of the
Government of the United States in regard to what constiThe London "Financial News" of March 15 printed the
tutes the unlawful bringing in of ships for search in port,
following relative to the detention by Great Britain of
the illegality of the so-called blockade of Great Britain and
• securities sent from Germany to neutral ports:
Reuter's Agency learns from an authoritative source, with regard to the improper assumption of jurisdiction of vessels and cargoes
difficulties created abroad by the action of the British Government in seizing apply to commerce using parcel-post service for the transmisdocuments relating to stock transactions, that the following are the facts sion of commodities." In regard to parcel-post shipments,
of the case:
"The British Government are detaining securities sent from Germany the answer of the Allied Powers says:
via neutral ports for sale on German account in neutral countries. They
do so on the ground that the German Government is adopting a carefullyconsidered policy of securing credits in neutral countries by selling the holdings of her citizens in foreign securities. This is a well-devised method
of increasing the financial strength of the enemy, on which his resistance
largely depends, and these securities are being unloaded on neutral markets
on a well-calculated plan conducted by the German Government.
"Gold and money are contraband, not on the ground of their intrinsic
value, but on the ground of the credits they create. Other instruments
of creating credits are fair objects of detention for the judgment of the
Prize Court. Such detention, while it strikes directly at the enemy's
financial strength, does very little, if any, injury to neutrals. Securities
held bona fide by neutrals are in no danger of seizure or detention, and the
fact of ownership in such cases can easily be shown. Only when there is
distinct presumption of enemy origin are the securities detained.
"When these facts are clearly understood there should be no danger of
any disturbance being felt in neutral markets for securities as the result
of Great Britain's action."

With reference to the seizure of American securities,
Lord Robert Cecil, the Minister of War Trade, was quoted
on March 31 as saying:
We have held only such securities as we were absolutely certain were
German-owned,and they aggregate a surprisingly large sum—many millions
of dollars. We happen to know that the Germans interested are trying
to get the American Government to back the protest of the New York firm.
Presumably the firm's German clients are asking it to use its influence at
Washington. No question exists of the legality of our Government's
action in seizing these securities upon which Germany is partly depending
to bolster up her war credit.

Dispatches from Amsterdam via London on the 5th inst.
stated that the Dutch Foreign Office has published the
diplomatic correspondence between Holland and Great
Britain on the subject of the seizure of the mails. It is stated
that in his communication to the British Government the
Dutch Foreign Minister holds that the term "correspondence
postale," as used in The Hague convention, undoubtedly
covers stocks and other valuable papers and that belligerents
are not entitled to confiscate them. He therefore asks the
restitution of all papers of this nature which have been
seized.
ALLIES' REPLY TO PROTEST OF UNITED STATES
AGAINST MAIL SEIZURES.
A reply to the protest made by the United States against
the seizure, detention and censoring of mail between the
United States and neutral countries, was presented to
Secretary of State Lansing on April 3 by Sir Cecil SpringRice, the British Ambassador, on behalf of the Allied Powers.
A protest against the interference with neutral mail by
Great Britain was forwarded by the State Department to
Ambassador Page at London for presentation to the British
Foreign Office under date of Jan. 4, and the communication
was printed in our issue of Jan. 29. An ad interim reply,
delivered by Sir Edward Grey to Ambassador Page on
Jan. 25, stated that the communication raised "important
questions of principal in regard to matters which are determined by the policy jointly decided and acted upon by the
Allied Governments,"and that,therefore,the British Government was compelled to communicate with its Allies before
sending a reply. The note received by Secretary Lansing




Merchandise shipped under the shape of parcel-post must not and shall
not be treated differently from the merchandise shipped in any other way.

The memorandum of the Allies sets out:
The treatment of postal correspondence carried by sea has been during
the present war the cause of various uncertainties. It has brought about
some confusion and sometimes called forth criticisms which, in the interests
of international relations and neutral commerce, the Allied Governments
think wise to dispel.
The postal services have always had and still have before everything
else for an object the receiving, transportation and distribution of written
correspondence or missive letters. Gradually people have come to use the
same pouches to send printed documents, then samples, valuables, and
finally, under the name of "parcel-post," nearly all kinds of merchandise
by simply fulfilling certain conditions of weight, volume and packing.
It is equally known that by means of employing postal stamps any
closed envelope, whatever may be its contents, its weight or its volume,
may be sent by mail and is treated by the postal administration as a letter.
The effect of the war upon this state of things gives rise to the following
observations:
At the time of the second conference at The Hague in 1907 the German
Imperial Government pointed out that since the telegraph offered to the
belligerents means of communication more rapid and safe than the post,
there was no longer any interest in considering as formerly postal correspondences as able to constitute articles of contraband tiy analogy and in
impeding their shipment by seizure and confiscation.
This proposition, in appearance so pacific, having inspired confidence in
other powers, they adopted this viewpoint. The full article of Convention
No. 11 of The Hague 1907, stipulates, as is known, that henceforth postal
correspondence is "inviolable" on the sea.
A first observation must be made concerning the parcel-post. The
sending of any merchandise by "parcel-post" is a way of shipping and
transportation similar to shipping and transportation by means of shipping
bills or bills of lading, with the difference that this transportation is
undertaken by postal service.
Such "parcels" can under no consideration be considered as "letters,"
"correspondences" or "dispatches," and it is clear that nothing can save
them from the exercise of the right of police control, visit and eventual
seizure which belong to the belligerents on the high seas in regard to all
cargoes.
Among other numerous examples it will be sufficient to quote 1,302
parcel-post packages containing 437.510 kilograms of rubber for Hamburg
(steamers Tijuca, Bahia, Jaguaribe, Maranhao, Acre, Linda, Para and
Brazil), or, again, 69 parcels containing 400 revolvers for Germany, via
Amsterdam (steamer Geiria).
Concerning the shipping of letters, folders, envelopes or other consignments entrusted to the postal service and commonly posted in the postal
bags of the postal administrations of the countries from which the shipping is
made, the Allied Governments called the attention of the neutral Governments to the following considerations:
From Dec. 31 1914 to Dec. 31 1915 * * * the German or AustroHungarian naval authorities have destroyed without warning or previous
inspection thirteen mail boats, with the postal bags on board coming from
or going to neutral or allied countries, without caring for the inviolability
of the dispatches and correspondence which they contained, any more than
for the inoffensive persons on board these steamers.
It is not within the knowledge of the Allied Governments that any protestation concerning postal correspondence has over been addressed to the
Imperial Governments.
On the dates of Aug. 11, 17 and 18 1915, the neutral postal pack boats
Iris (Norwegian), Haakon VII (Norwegian), Germania (Swedish), had their
mall sacks of all places of origin and destination seized on board by the
German naval authorities; the letters and correspondence were censored
by the German military authorities, as is shown by the photograph herewith annexed as an example (Exhibit 3).
The Allied Governments are of the opinion that later on the Imperial
German Government, while announcing its intention no longer to practise
these seizures, has declared that these seizures were and would be perfectly
Justified in its eyes. According to the Imperial German Government,
Convention No. 11 of The Hague Treaty, 1907, not having been ratified by
all the belligerent Powers, would be without application.
Finally, more recently, the control over the territory of the Allies of
various postal sacks, loaded upon packboats which made stops at certain
ports of said territory, has revealed the presence in the wrappers, envelopes
and postal shipments of articles of contraband particularly sought by the
enemy, to wit:

APR. 8 1916.1

THE CHRONICLE

1317

On board the steamer Tubantia, arriving in Europe, 174% pounds of
(i) The intercepting of any information of interest concerned with trading
rubber, of which 101 pounds were of Para, superior quality, and seven or finance in relation to the war,
such as the economic condition of enemy
packages of wool. On board the steamer Medam seven packages of raw countries, or the supply of or demand
for or price of important commodirubber. The same control, exercised under the same conditions, over ties and munitions.
sacks of correspondence, has shown in the said sacks loaded upon the single
A careful perusal of those instructions will show that there is no question
pack boat Zaandijk (Dutch) not less than 368 packages of various merchan- of information gleaned from the censorship
of such correspondence in the
dise.
United Kingdom being used for trade purposes, and the instructions are
Hostile traffic, deprived of the command of the sea, has come to conceal purely departmental regulations for
the guidance of officers concerned
itself under postal folders, to transmit all kinds of merchandise, even war in the censorship, who are themselves
working in the atmosphere of comcontraband, by deceiving apparently the good faith of the postal adminis- plete confidence and secrecy such as is
binding upon all Government
tration of the neutral State.
departments. The sole objects of these regulations are military, and
are
The following letter from the German house, G. Vogtman ,Sz Co., dated aimed at preventing news of military interest
from reaching the enemy,
at Hamburg, Dec. 15 1915, is particularly instructivelaran.slation]:
and to place obstacles in the way of enemy trade. These regulations
are
From a certain date we have been receiving regularly from Para ship- such as would indubitably be employed
by any nation conducting a war,
ments of raw rubber, and you may pay attention to this matter. The and it would be observed that they are
directed solely against the enemy
shipments take place like "samples without value," ordered by each post, belligerent, and do not in their tenor
suggest that the interest of neutrals
about 200 packages, each containing about 320 grams net weight of rubber. is of any interest to his Majesty's Government
or the censorship officials,.
The trouble of making the packages and the high price of mailing are amply save in the case in which neutral countries
or neutral persons are lent to
covered by the high price received hero for the merchandise.
the forces of the enemy in acts of unnoutral service.
From the legal viewpoint the right of the belligerents to exercise on the
The extract, which has been quoted from the confidential circular,
covers
high seas their police and their control upon ships and upon everything and explains the quotations made by
Senator. Walsh and others in the
on board has never been, to the knowledge of the Allied Governments, the United States Senate, which are the
following:
object of an exception any more concerning postal bags than concerning
Duties of censor—(a) The censor should see that the letters supplied
to
any other cargo; furthermore, up to 1907, letters and dispatches were his table are divided before censoring, for
the purpose both of removing the
themselves subjected to seizure and confiscation.
correspondence of persons on the Privileged and Suspect Lists, if and
so
far
By Convention No. 11 of The Hague, and for motives above mentioned, as this has not been done by the
sorters, and also, as far as practicable, of
the signing powers have given up such seizure of dispatches and declared eliminating periodical correspondenc
e between reputable concerns which
postal correspondence inviolable.
experience has shown to contain nothing that requires censoring.
Such
Under these conditions the Allied Governments make it known:
eliminated correspondence should not be opened until the remaining por1. That,concerning their right to visit and eventually to arrest and search tion of the mail has been disposed
of.
the merchandise shipped under the shape of parcel post must not and shall
Statistics—(1) Particulars are to be extracted from appropriate correnot be treated differently from the merchandise shipped any other way.
spondence and submitted on index cards of all direct shipments to
Europe
2. That the inviolability of postal correspondence, stipulated by Con- (i. e., shipments from neutral to
neutral, including shipments on through
vention No. 11 of The Hague Treaty, 1907, carries by no means any bills of lading), whether actual or
pending, of the following commodities,
Allied
the
Governments
right
of
prejudice to the
to visit and if need be to viz.: Cocoa, cotton, cotton yarn,
waste, and thread; fuel oils and lubristop and seize the goods which are falsely deposited in the covers, envelopes cating oils; hides, skins, and
leather; maize; metals and ores of all kinds;
or letters contained in the mail sacks.
nitrates; oil-cakes, including poonac; packers' products (meat, bacon, lard,
3. That, faithful to their agreements and respectful of true "correspond- jus, oleo or any edible
animal fats); rosin; tanning extracts; wool, and such
ence," the Allied Governments will continue for the present to refrain from other
articles as may be added from time to time.
seizing and confiscating at sea these correspondences, letters or dispatches,
It is unnecessary to labor the point that these sub-sections of the Chief
and that they will insure the most rapid transition of them possible as soon Censor's instructions
to his subordinates must be read in the light of the
as the genuineness of their character is known.
general clauses explaining the objects and limit of censoring which we have
quoted above.
Attached to the note are two appendices, one being

a
United States Post Office Department report, telling of the
removalof 144 sacks of mailfrom the German auxiliary cruiser
Prinz Eitel Friedrich when she interned at Newport News.
The mail had been captured from the French steamer
Floride, and the Eitel's captain was quoted as saying he had
taken only letter mail, and had allowed parcel-post packages
aboard the Floride to do down with the ship, regarding it as
merchandise. The other recites the destruction of mail by
enemies of the Allies during the year ending Dec. 311915.

PLAN TO CIRCUMVENT SEIZURE OF AMERICAN
SECURITIES ABROAD.
A plan designed to circumvent the seizure of securities in
transitfor the United States from Europe,proposes the destruetion of the securities which are to be transferred,in.the presence,
abroad, of representatives of the several interests concerned
and the reissuance of the securities here. R. H. Towner,
of the Towner Rating Bureau, which formulates advisory
rates and rules of procedure for a number of the leading
ANSWER TO ALLEGATIONS THAT BRITISH MAIL surety companies, has issued the following announcement
concerning the plan:
CENSORSHIP IS USED TO BENEFIT TRADE.
Foreign bankers and their American -correspondents can solve the
An answer to the charges made in the United States Senate problem of transferring securities from Europe to this country in the
following manner:
that the British censorship of the mails was being availed of
The American securities which it is desired to transfer will be marshalled
for the purpose of gaining trade information for the use of at a convenient point, and there burned
in the presence of a representative
of
the European bankers, their American correspondents, the American
British traders, is contained in a statement issued by Lord
Consul, and the surety company. The name of the owner, the serial
Newton, of the London Foreign Office, to the Associated number, and an accurate description of
each security, will be certified by
Press under date of March 17 and published in the"New York those present and its destruction duly attested.
On the receipt in this country of such certificate and attestation, applicaEvening Post" of the 4th inst., as follows:
The American press recently reported certain statements made
in•the
Senate referring to the censorship of mails in the United Kingdom,
and extracts were quoted by Senator Walsh and others from a confidential
circular issued by the British Postal Censor to his examiners of
letter mails.
The conclusion drawn from these instructions was that his Majesty's
Government are utilizing the censorship to discover the trade connections
of
neutral foreign firms in order to wrest their legitimate business
from
them in the British interest.
That this deduction is entirely erroneous may be best demonstrated by
an examination of Paragraph 2 of this confidential circular. This lays
down that the examination of letters in the trade branch is conducted with
a view to the following points and to the following points alone:
(a) Direct trading with the enemy.
(b) Indirect trading with the enemy.
(c) Trading by unauthorized persons in the British Empire in munitions
of war.
(d) The discovery of intermediaries, that is, evidence that persons
or
firms in neutral countries are acting as intermediaries for the
enemy in
correspondence or business.
(e) The procuring of statistics, but it is laid down that this
subject has
reference to the two particulars of direct shipments shipments
or
on through
bills of lading to neutral countries in Europe of those commodities
upon
which from time to time the Trade Branch is instructed to furnish a statistical report. These commodities are laid down in Paragraph I 1
, and
consist of the following:
Cocoa, cotton, cotton yarn, waste, and thread; fuel oils and lubricating
oils; hides, skins and loather; maize; metals and ores of all kinds;
nitrates;
oil-cakes, including poonac; packers' products (meat, bacon, lard, jus,
oleo, or any edible animal fats); rosin; tanning extracts; wool, and such
other articles as may be added from time to time.
It will bo observed that these commodities are those which it is
the specific object of the Allied Governments to exclude from Germany. The
object of extracting the particulars referred to is to obtain some idea of
the quantities of important goods which are coming forward from all
overseas countries to the neutral countries adjoining Germany. It is
hoped
that in this way any abnormal movement will be detected sooner than
it
can be revealed through formal statistical returns.
(f) The transfer of enemy steamers to a neutral flag.
(g) Patent specifications, since recent patent specifications or
particulars of inventions may not be transmitted from the United Kingdom
when
the receipt of such is likely to benefit the enemy.
(h) The exposure of attempts to deceive the customs or defraud
the
revenue or to take any course of action against public interest
or the
interest of the]killed Powers.




tion may be made for a reissue of the securities thus destroyed; and such
securities will be reissued on the usual indemnification of a surety company's bond, as for "Lost Securities."
Surety bonds furnished for bankers under these circumstances will be
classified as "Lost Securities" bonds. The rate will be the same as heretofore given for securities lost on the steamers Titanic and Arabic:
Up to $250,000, $20 per M.; $250,000-55,000 and $10 per M. up to
$500,000; $500,000—$7,500 and $5 per M. on the excess to any amount.
The following special rules for computing liability, for the purpose of
applying the above rate scale, are given for these bonds only:
1. On corporate stock of the City of New York,and on notes, debentures,
coupons and bonds (except convertible bonds), the liability, for the purpose of computing premium at the above scale, may be taken as the par
value of the securities.
2. On all shares of stock, and on bonds convertible into shares of stock,
the liability, for the purpose of computing premium at the above scale, must
be taken as the penalty of the surety bond required.
Premiums may be computed at the above scale, and in the above manner,
on the aggregate sum of corporate suretyship required for the purpose of
transfer of securities by this method only (I. e., by deliberate and attested
destruction in Europe and reLssue in America), by any one American
banking house or institution, or any one American correspondent of foreign
bankers, during the remainder of the calendar year 1916.
Should it appear that a necessity for similar bonds will continue during
1917, consideration will be given next December to the question of rate
for such transfers next year.
This method will avoid seizure of securities by the enemy, and will
save
insurance premiums now charged for transatlantic shipments.

VESSELS DESTINED FOR NON-BLOCKADE D PORTS
NOT IMMUNE FROM CAPTURE.
On March 30 an Order-in-Council was issued in London
providing that "neither a vessel nor her cargo shall be
immune from capture for a breach of blockade upon the sole
ground that she at the moment is on her way to a nonblockaded port." The order, it is stated, sets forth that,
subject to certain modifications and omissions, the Government has put in force the Declaration of London respecting
the capture of merchant craft during the war. Certain
doubts, however, have arisen concerning the right to effect

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[VOL. 102.

composed of American naval officers if the Germans would
submit the sinking of the Arabic to the same tribunal, and
announcing Germany's intention to adopt measures of reprisal, was issued at London for transmission to Ambassador
Gerard in Berlin through Walter Hines Page, the American
Ambassador in London.
The Baralong, a British patrol boat, sank a German submarine off Lundy on Aug. 19 1915. In its reply to the
German note Great Britain disclaimed any intention to
further discuss its general charges of the inhumanity of Germany's sea warfare, which it holds have been amply proven.
Commenting on Germany's statement that her officers had
been acquitted of all blame after a thorough examination
into the three oases which Great Britain asked Germany to
refer with the Baralong case to an American naval board—
the Arabic, tile destruction of a stranded British submarine
by a German destroyer in Danish waters, and the German
submarine attack on the British steamship Ruel—the note
says the German version of the sinking of the Arabic not only
is inherently improbable but directly contrary to all the evidence the British Government possesses, from a large number of independent and trustworthy witnesses.
In the case of the Ruel, the British Government stated
that the atrocity consisted in not merely compelling the crew
upon them afterward with
According to a statement made on March 31 by Lord to take to the boats, but firing
one man and severely wounding
killing
shrapnel,
and
rifles
order
above
the
Trade,
War
of
Minister
the
Cecil,
Robert
On this subject, the note
in effect makes no change in the law as far as Great Britain the captain and seven other men.
not even pretend to
does
Government
German
the
is concerned. He is quoted as stating that the order was neces- adds,
of an investigation.
nature
the
in
anything
made
have
of
Declaration
the
in
statements
certain
of
sary on account
the attack above reexplain
to
attempt
German
the
As
to
arising
London, and is designed to destroy any misconception
the British note of last
out of Article 35 of that Declaration. He is quoted in the ferred to by a German destroyer,
month said that the British Government found it difficult
"Times" 1 the 1st inst. as saying:
the
has
Government
British
the
that
clear
believe tile German version of the attack on tile submarine
perfectly
to
To my mind it is
right to apply the doctrine of continuous voyage to conditional contraband stranded on tile Danish coast was based on the report of any
as well as absolute. Nobody would question our right to seize a gun going
officer, and.added:
if it were going through a neutral port on the way. responsible German

"the capture of conditional contraband on board a vessel
bound to a neutral port," which it is "expedient to put an end
to," and it has been decided no longer to adopt Article 19
of the Declaration, which provides that "whatever may be
the ultimate destination of a vessel or of her cargo she cannot
be captured for breach of blockade if at the moment she is
on her way to a non-blockaded port." It is therefore ordered
that the provisions of the Declaration of London "shall not
be deemed to limit, or to have limited, in any way the right
of his Majesty, in accordance with the law of nations, to
capture goods upon the ground that they are conditional
contraband, nor to affect, or have affected, the liability of
conditional contraband to capture, whether the carriage of
the goods to their destination be direct or entail transshipment or subsequent transport by land." This provision
is made applicable also to absolute contraband. Another
clause says that enemy destination "may be presumed to
exist if the goods are consigned to a person who, during the
present hostilities, has forwarded imported contraband
goods to territories belonging to or occupied by the enemy."
The order further says that "it shall lie upon the owners of
goods to prove that their destination was innocent." The
Order-in-Council became effective March 30.

to the enemy, even
It is equally right to say in the case of conditional contraband that you have
the legal right to seize a cargo of meat if It is going through a neutral country
to the enemy.
Great Britain is not making the slightest change in her attitude toward
international law. We have always insisted on the right to apply the
doctrine of continuous voyage to all contraband. Under the Declaration
of London there were distinctly two kinds of doctrine of continuous voyage
to all contraband—conditional and absolute. It is plain that there no
longer exists any shade of difference between the two, except that fundamental distinction that conditional contraband is seizable only if it is going
to the enemy's army or for the use of his Government. Absolute contraband could always be seized if on the way, without going to the enemy
Government or its army.
The distinction made between absolute and conditional contraband was
entirely a proper one, but it no longer applies. It has ceased to be a distinction any longer because all goods going to Germany now must be regarded by any one with common sense as destined for war purposes. The
German Government is bending every phase of national energy on the war.
The most important commodities have been taken under the control of
the German Government or the German military authorities, such as meat,
butter, bread, articles of manufacture—as cotton, wool, leather and a number of others. So practically everything imported into Germany goes for
use in war.
Under these conditions Great Britain Is unable to make any distinction
between conditional and absolute contraband. In future—and this is
what the new Order-In-Council means—everything passing through British
waters on the way to Germany, whether listed as conditional or absolute
contraband, is liable to seizure.

GREAT BRITAIN'S ANSWER TO REJECTION OF SUBMISSION OF BARALONG AND ARABIC CASES
TO NEUTRAL COURT.
A semi-official statement, published by the "Norddeutsche
Allegemeihe Zeitung," on March 21 denied a report emanating
from British sources to the effect that the German submarine
which sank the Arabic was the U-27, that this submarine
had been sunk and most of her crew killed almost immediately
afterward, and that thus it was virtually impossible that the
German Government should have received affidavits from
the commander, Oberlieutenant Schneider, and his crow
that the Arabic attempted to ram the submarine, as was
asserted in the German memorandum delivered at Washington by Count von Bernstorff in October 1915. The Arabic was attacked on Aug. 19 1915 off the coast of Ireland
and her destruction resulted in the loss of two American
lives. In his note of October to Secretary Lansing Count
von Bernstorff,, while contending that Commander Schneider
was convinced that the Arabic intended to ram the submarine,
stated that the attack of the submarine was undertaken
against the instructions issued to the commander,—that
the Imperial Government regretted and disavowed the act,
and that it was prepared to pay an indemnity for the American lives lost on the Arabic.
On March 7 a reply from the British Government to the
German note delivered in January to Great Britain through
the American Embassy, rejecting the British Government's
offer for an investigation of the Baralong case by a court



In any case, it.is wholly untrue. There was no engagement. The British submarine had been four hours on shore before the German destroyers
at
attacked her. Her crew in endeavoring to save themselves were shot
place
in the water by machine guns and shrapnel. This incident took
superabundant
in the presence of Danish destroyers. It can be proved by
testimony, both British and neutral.

The German conclusions regarding the Baralong case, the
note continues, not only are quite inconsistent with those
the British Government had arrived at, but were based on
statements inconsistent with each other. The only witness
whose antecedents the British naval authorities have been
able to examine, the note says, was not even at sea when the
events "of which he was claimed to have been an eye-witness
occurred."
Inquiry into the four contemporary cases, said the note,
would enable the world to judge between German and British
methods of warfare. If when the limited investigation proposed into the four cases was concluded the German Government desired its scope extended the British Government
would welcome such a proposal. The German Government's
statement embodying the rejection of the proposal of Great
Britain in the Baralong and several other cases was printed
in our issue of Jan. 22.
GERMANY DENIES SILIUS ATTACK.
A Reuter dispatch to London on March 31 states that
Herr von Jagow, the German Foreign Minister, has informed the Norwegian Legation in Berlin that an investigation by the naval authorities into the sinking of the Norwegian bark Silius establishes the fact that it was not sunk
by a German submarine. An investigation was asked for
by the Norwegian Foreign Office in a note addressed to the
German Government.
The bark was sunk at Havre Roads on March 9. It
carried no passengers; its crew included seven Americans,
all of whom were saved. As indicated in Our issue of March
18, advices to tile effect that no German submarine was responsible for the sinking of the bark were conveyed to the
State Department by tile, German Embassy on March 16.
Three of the survivors of the crew who arrived in New York
on the 1st inst. on the British steamer Taxandrier are said
to contend that tile bark was torpedoed. One of tile American survivors, John Hartman of Philadelphia, is reported
to be in a hospital at Havre, suffering from a broken leg.
DENIALS FROM GERMANY CONCERNING RESPONSIBILITY FOR SINKING OF TUBANTIA.
According to cable advices from Berlin on the 1st inst.,
the German Government most emphatically denies any
knowledge of the sinking of the Tubantia. The disaster
occurred on March 16 off the Noord Hinder Lightship.

APR. 8 1916.)

THE CHRONICLE

With regard to the fragments of a bronze torpedo, said to
have been found in the Tubantia's lifeboat, the British Admiralty issued an official statement on March 31, denying
that the pieces could have been part of a British torpedo, as
the British navy has not used or been supplied with the
"Schwartzkopff," or bronze torpedoes,for over twenty years.
The above statement was made in answer to Berlin dispatches
which are said to have stated that a British destroyer was
near the Tubantia when the vessel was sunk, and quoted
an Amsterdam paper as saying that Great Britain possessed
a large number of Schwartzkopff torpedoes, which, although
not in use at the present time, were held on hand.
Previous to the Berlin advices of the 1st inst.., the German
Admiralty issued two statements seeking to show that no
German submarine was concerned in the sinking of the Tubantia; under date of March 18 the following statement was
issued in the matter:
The Dutch Navy Department has stated that, according to the sworn
declarations of the first and fourth officers and lookout men of the steamer
Tubantia, the course of a torpedo was clearly seen.
A German submarine is out of the question in connection with the sinkng of the Tubantia, as the place where the accident took place is loss than
30 miles from the Dutch coast, which means that this place is within the
territory declared to be not dangerous for shipping by the manifesto of
Feb. 4 1915. It is further stated that no German mines were laid there.

A supplementary statement issued on March 23 said:
Investigation proves that the Tubantia was not torpedoed by a German
submarine, nor by any other kind of ship attached to the German navy.
No mines have been sown by the German navy in the vicinity of the spot
where the Tubantia was destroyed.

There were several Americans on board the Tubantia,
all of whom were saved. Dispatches from Berlin on the
4th inst. stated that the Austrian Minister at The Hague
had informed the Dutch Government that no Austrian submarine was near the Tubantia when she was sunk.
BANKING, LEGISLATIVE AND FINANCIAL NEWS.
Only sixty-three shares of bank stock were sold at the
Stock Exchange this week, and flo. sales of either bank or
trust company stocks were made at auction. Extensive
tables reporting bid and asked quotations, deposits, surplus,
&c., of banks and trust companies in all important cities in
the United States are published monthly in the "Bank and
Quotation" Section, the April issue of which accompanies
to-day's "Chronicle." Bid and asked quotations for all
New York City bank and trust company stocks are also
published weekly in another department of this paper, and
will be found to-day on page 1323.
Shares. BANK—New York.
Low. High. Close. Last previous sale.
63 National Bank of Commerce__ 170
Mar. 1916— 174
170
170

Three New York Stock Exchange memberships were sold
this week, the consideration in each case being $61,000, as
against $63,000 the last preceding transaction.
The Board of Managers of the Coffee Exchange of the City
of New York voted this week to recommend to its members
a change in the name to the "New York Coffee and Sugar
Exchange." Trading in sugar futures was inaugurated in
December 1914, and the increasing activity was thought to
warrant the change in name. The members will vote on
the proposition on April 26.
A formal reorganization of the banking form of J. P. Morgan & Co. of New York and Drexel & Co. of Philadelphia
was effected last week with the expiration, on March 31, of
the co-partnerships theretofore existing. HenryP.Davison,
one of the partners of J. P. Morgan & Co., gave out the following statement to the effect that the change was purely
formal, to comply with the technical provisions of the copartnership articles:
Pursuant to the articles of co-partnership, the old firm of .7. P. Morgan
& Co. expires by limitation on March 311916. being three years after the
death of the late J. P. Morgan. The firm and its business are continued
without change by the same partners. The dissolution of the old firm and
the organization of the new firm are purely formal, to comply with the
technical provisions of the co-partnership articles.

The members of the firm of J. P. Morgan & Co. are: John
Pierpont Morgan, Edward T. Stotesbury, Charles Steele,
Henry P. Davison, Arthur E. Newbold, Wm. Pierson Hamilton, William H. Porter, Thomas W. Lamont, Horatio G.
Lloyd, Dwight W. Morrow and Edward R. Stettinius.
William Augustus Read, for many years occupying a position of great prominence in the banking community of this
city, and head of the well-known banking firm of Willaim
A. Read & Co., died suddenly yesterday (the 7th inst.).
He was in his fifty-eighth year. Mr.Read founded the firm
of William A. Read & Co. in 1905, following the dissolution
of the banking house of Vermilye & Co., with which he had



1319

been identified from about 1877; he became a member of
the firm in 1896. Mr. Read was a director of the Bank of
New York, N. B. A., the Central Trust Co., Twin City
Rapid Transit Co. and the Stewart Sugar Co. A statement
issued by thefirm announcesthat it will be continued by the surviving partners, Mr. Read's capital remaining in the business.
A resolution endorsing Charles A. Hinsch, President of
the Fifth-Third National Bank of Cincinnati for the VicePresidency of the American Bankers Association, was
unanimously adopted on March 29 by Group 3 of the West
Virginia Bankers Association, comprising the counties of
Mason, Cabe11, Putnam, Logan, Lincoln, Wayne and
Mingo.
The Indianapolis Chapter of the American Institute of
Banking was organized at a recent meeting of the bank men
of Indianapolis. The following officers were elected: President, Andrew Smith, Vice-President of the Indiana National
Bank; Vice-President, Louis F. Elvin, Auditor of the National
City Bank; Treasurer, Roy Sahm, Secretary of the State
Savings & Trust Co.; Secretary, B. M. Rhodehamel, of the
Continental National Bank. The charter for the Indianapolis Chapter of the American Institute of Banking is the
seventy-fifth issued by the parent body.
The third annual dinner of.the Forum Section of the New
York Chapter of the American Institute of Banking was held
at the Hotel Brevoort on the evening of March 29, with 130
members and guests in attendance. Romaine A. Philpot
of Lazard Freres, Chairman of the section, introduced Victor A. Lersner, Comptroller of the Williamsburgh Savings
Bank, as toastmaster. Joseph A. Seaborg of the Bankers
Trust Co., and President of the New York Chapter, as the
first speaker, outlined the work of New York Chapter during
the present year and revealed certain" plans of the enlarged
program for next year, which is designed to fill every requirement for trained bank men in New York banks. In conjunction with Columbia University, it is being arranged that
students completing the course of study which results in securing the certificate of the A. I. B. will be awarded a certificate of credit in Columbia University's new School of
Commerce. 0. Howard Wolfe, Assistant Cashier of the
Philadelphia National Bank and past President of the New
York Chapter, as the second speaker, gave a brief outline
of Bill No. 10,225, to provide a national flexible currency,
recently introduced in the lower house of Congress. Jason
A. Neilson, Manager of the foreign department of Brown
Brothers & Co.and past President of the New York Chapter,
stated that New York Chapter is facing the most important
event in its career in its endeavor to give the greatest financial city the greatest financial school, and that its co-operation with Columbia University, though not in any respect
designed to lose for New York Chapter its full identity and
independence, is the big factor in helping toward the realization of this ideal. George E. Allen, Educational Director
of the A. I. B., called attention to the widespread prejudice
of long standing against New.York, and suggested for discussion in subsequent meetings of the Forum the "Relationship of New York to the Rest of the United States."

The Bronx Branch of the Morris Plan Company of New
York opened for business on April 5 in the A-Re-Co. Building, 391 East 149th St. The branch will be operated under
the guidance of a Bronx advisory committee composed of
the following: Charles F. Minor, Chairman; Eugene Rosenquest, Richard W. Lawrence and Olin J. Stephens. Since
the opening of its first office on Jan. 1 1915, the New York
Morris Plan Co. has made loans aggregating $1,250,000
to over 10,000 borrowers. In the forty cities where Morris
Plan companies are now in operation, loans aggregating
$14,500,000 have been made to over 115,000 borrowers.
Judge John R. Hazel in the Federal District Court yesterday denied a motion for reargument and r hearing made
in the injunction suit brought by the Universal Savings
Corporation of Virginia against the Morris Plan Company
of New York. The injunction suit was dismissed by Judge
Hazel on January 29 last, as we noted in our issue of Feb. 5.
The complaint in the suit alleged that Arthur J. Morris
unlawfully appropriated the plan, which was really invented
by David Stein of Norfolk, President of the Universal Sayings Corporation, and asked that the Morris Plan Co.
be
restrained from using the Stein plan in making loans
to
workingmen. Time motion just denied was sought on the

1320

THE CHRONICLE

ground that the facts decisive of the litigation had either
been overlooked or misconstrued by the court. It was
asserted that the vital difference between the Stein and
Morris banking plans did not really exist, and that the court
probably overlooked the provisions of the charters of the
various Morris and Stein Plan companies that were offered
in evidence.

[VOL. 102.

charter having been approved by the Connecticut State Banking Commission on the 4th. The new institution will start
with a capital of $50,000 and deposits of about $400,000 and
will absorb the Southington National Bank, which recently
suffered a loss of about 1,:0,000 through the defalcation of
its late Cashier, Louis K. Curtis. Marcus H. Holcomb,
Governor of Connecticut, is one of the incorporators of the
new banking company.

At a meeting of the board of directors of the Fifth Avenue
Bank of this city on the 6th inst., Rolland G. Monroe of
The stockholders of the Torrington National Bank of
the firm of Monroe, Paris & Co., was elected a director to Torrington, Conn., at a meeting on May 1 will take action
succeed the late Gardner Wetherbee.
on a recommendation of the directors that the capital be
increased from $100,000 to $200,000 and the number of diThatcher M. Adams Jr., senior member of the Stock rectors from seven to nine. The $100,000 of new stock if
Exchange firm of Adams, Davis & Bartel of this city, died authorized will be offered at $150, of which $50 will go to
on April 1; he was in his forty-third year.
surplus.
Charles Minzesheimer, a former member of the New York
The Taunton National Bank of Taunton, Mass., has
Stock Exchange, and founder of the brokerage firm of Charles
the Bristol County National Bank of that city and
absorbed
Minzesheimer & Co., died on the 1st; he was in his eightieth
been placed in voluntary liquidayear. Mr. Minzesheimer retired from business about ten the latter institution has
has retired from the Presidency
Levering
M.
Henry
tion.
years ago.
of the Taunton National Bank because of ill-health and
Tetlow, formerly Cashier of the Bristol County
Egerton L. Winthrop, Vice-President and a trustee of the Albert H.
has been elected to the office to succeed him.
Bank,
National
the
of
trustee
a
and
city
this
of
Bank
Savings
Union Square
National Bank had a capital of $500,000
County
Bristol
The
United States Trust Co., died on April 6; he was in his sevand deposits of over $900,000; the Taunton National has a
enty-eighth year.
capital of $600,000, and its deposits before the merger were
J. C. Traphagan has been appointed an Assistant Secre- in the neighborhood of 1.:50,000.
tary of the Franklin Trust Co.
The Hyde Park National Bank of Boston was recently
into the Hyde Park Trust Co.; the official staff
converted
of
Bank
Mechanics
the
of
Presidency
the
The vacancy in
of directors remain unchanged. The $100,000
board
the
and
Brooklyn, caused by the recent death of Charles G. Balmanno, was filled by the directors at a meeting on the 4th, capital of the Hyde Park National Bank was liquidated at
when Harry M. De Mott, heretofore Vice-President, was $170 per share and the shareholders paid in $50 additional,
elected to the office. Mr. De Mott entered the bank about thereby giving the new institution $200,000 capital and $20,thirty years ago as runner, and has served in the various 000 surplus.
capacities of teller, Assistant Cashier, Cashier, Vice-PresiThomas Evans has been elected Vice-President of the
dent, and now advances to the office of Chief Executive.
Pelham Trust Co.of Philadelphia, to succeed E. J. Kerrick,
State Superintendent of Banks Eugene Lamb Richards, deceased.
announced on the 5th inst. that an application will be made
The Continental Trust Co. of Pittsburgh has increased its
to the Supreme Court, Kings County, on April 17th for
permission to pay an initial dividend of 5% to the creditors dividend rate, the directors having last week declared a
of the defunct Union Bank of Brooklyn. With'the approval quarterly dividend, payable April 1, at the rate of 6% per
of the Supremo Court, $182,000 will be disbursed among annum, as against 5% last year. The company's surplus
the depositors of this bank. The Union Bank was taken has been increased from $150,000 to $200,000.
over for liquidation by the State Banking Department in
April 1910. No substantial progress was made in the liquidWilson P. Heyward, head of the banking and brokerage
ation of its affairs until Dec. 1914, a few months after firm of Heyward & Co. of Baltimore, committed suicide on
Superintendent Richards assumed office, when he directed April 5; he was sixty-three years of age. As noted in those
a change in the management. Under the new management columns on Feb. 26, announcement of the proposed liquida8,000 tion of the firm was made by the Baltimore Stock Exchange
the cash assets of the bank have increased from
until to-day there is an available cash balance of approx- on Feb. 9.
imately $225,000. In his papers asking the Court's permission for the payment of this dividend, Mr. Richards
Forty-five bankers of Cleveland at a meeting on March 31
shows that the amount necessary for the payment of a 5% took steps looking towards the organization of the Bankers'
dividend is $182,000, and that after such payment there Club of Cleveland. Sixty active officials of Cleveland banks
will, in his opinion, be left available a cash balance sufficient have signed as charter members of the new body. Colonel J. J.
to provide for the allowance of any disputed claims and to Sullivan, President of the Central National Bank and of the
provide for the necessary requirements of the liquidation, Superior Savings & Trust Co., was elected permanent Presiespecially for the protection of the bank's equities and its dent, and Edwin Baxter, Cashier of the Federal Reserve
large real estate holdings.
Bank of Cleveland, was named Secretary.
The election of officers and directors for the new Oneida
County Trust Co. of Utica, recently incorporated to succeed
the Second National Bank of that city, took place on April 4.
The following were elected officials of the new institution:
Thomas R. Proctor, Chairman of the board; Charles B.
Rogers, President; D. Clinton Murray, FirstVice-President;
Frank R. Winant, Second Vice-President and Treasurer;
Otto A. Meyer, Secretary; James D. Lamb, Auditor.
Mr. Proctor is President of the Second National Bank; Mr.
Rogers is President of the First National Bank; Mr. Murray,
Vice-President of the Second National, and Mr. Winant,
Cashier of the Second National. The directorate of the new
company is the same as that of the Second National Bank
Pull details of the surrender of the charter of the Second
National Bank, the organization of the Oneida County
Trust Co. and the connection of the First National Bank
with the new trust company were published in these columns
last week.

The People's State National Bank of Anderson, Ind., has
been placed in voluntary liquidation. As noted in our issue
of Feb. 26, the institution was consolidated with the Anderson Banking Co. on Feb. 21.

A detailed report of the results of the Chicago School
Savings Banks for the period from April 14 1914 to Dec. 31
1915, has been issued by Joseph R. Noel, President of the
Northwest State Bank of Chicago. The school savings
bank system in Chicago is a direct result of the campaign of
education in savings and thrift inaugurated by the Savings
Bank Section of the American Bankers Association. On
March 23 1914 the Chicago Board of Education authorized
any principal of a Chicago school who so desired, to have
one of these banks installed in his school. The adoption of
the plan was not made compulsory. Of the sixty-four banks
installed, three were abandoned; one, however, has been
resumed. Six pupils, under the supervision of one teacher
The Southington Bank & Trust Co.of Southington, Conn., for the entire school conduct a bank. Deposits:of five cents
has been given authority to begin business, application for a or multiples thereof are received. It is impracticable to




APR. 81916.1

THE CHRONICLE

pay interest on these small amounts, but when a deposit
amounts to $5, a savings account, bearing 3% interest, is
opened at a nearby bank which acts as depositary for the
school bank. The report shows that there were 7,843
accounts on Dec. 31 1915, net deposits on that date aggregating $22,426, of which sum $15,061 was to the credit of
pupils in individual accounts in depository banks, leaving
$7,365 to the credit of the pupils in the school banks. The
total expenses to Dec. 31 1915 were $1,430. The depositary
banks pay for the supplies and equipment used by the school
banks.
In an effort to extend a commercial knowledge of Spanish
to the bank men of Chicago who contemplate relations with
the Latin American Republics, the Foreign Trade Committee
of the Illinois Bankers' Association has arranged for a complete course of twenty lessons in that language by a professor
of Spanish whose services have been secured through the
courtesy of the Pan-American Consular Association, which
is co-operating with the Foreign Trade Committee in its
endeavors in the matter. The committee believes that the
study of Spanish by those considering relations with the
Latin-American republic is an essential first step to the successful extension of business in that important field. The
course is offered without charge to the officers and employees
of banks members of the Illinois Bankers' Association and
is under the immediate direction of the Chicago Chapter
of
the American Institute of Banking in whose rooms the
lectures will be given. The class began on March 27 and
140
students were enrolled. John J. Arnold, Vice-Presid
ent
and Manager of the Foreign Exchange Department of the
First National Bank of Chicago, is Chairman of the Foreign
Trade Committee. The instructions will be given by Prof.
Severino Ojea, graduate of the University of Madrid,former
lecturer of Philological Institute, Madrid, and at present
a teacher of Spanish in the Lane Technical High School
,
Chicago.

1321

The Citizens' Savings & Trust Co. of Wheeling, capital
$200,000, has been incorporated in West Virginia to
engage
in a general banking business.
The recently organized City Bank & Trust Co. of Charles
ton, S. C., capital $50,000, opened for business on
April 3.
Courtenay Olney has been elected President; T. T. Hyde,
Vice-President, and J. Dougal Bissell, Cashier. Mr. Olney
was formerly Cashier of the Commercial National Bank.
The figures of condition of the seven clearing house banks
in Atlanta as of March 7 indicate thoseinstitutions to
be enjoying noteworthy prosperity. The combined deposits
of the seven
institutions reached a new high level,beingreporte
d at $36,958,000, an increase of $5,029,000, or 16%,
over those at
March 4 1915. This showing is regarded
the more noteworthy as over three-quarters of a million dollars
of United
States deposits have been withdrawn during
the period.
Cash resources are reported at $14,785,000, also
a new high
record, having increased $2,551,000. Surplu
s and profits
are $6,042,000, representing an increase during
the
$131,000; total resources stand at $53,202,000, an year of
addition
of $5,303,000. The Fourth National Bank contrib
uted the
largest amounts to these increases,reporting a gain
of $1,214,000 in total deposits, of $48,000 in surplus and
profits and
of $1,250,000 in total aesources.
The Calcasieu National Bank of Southwest Louisiana„
at
Lake Charles, La., was authorized to begin business on April
1
by the Comptroller of the Currency. The new institu
tion
results from a consolidation of the Calcasieu Nation
al Bank
of Lake Charles, La., and the Calcasieu Trust & Saving
s
Bank, which had its main offices in Lake Charles and
branch
offices throughout Louisiana. The former institu
tion had
$150,000 capital and the latter $250,000 capital. It
is stated
that the combined institution started business with
$750,000
capital and surplus.

Wilford M. Patton, President of the Northwestern
National Insurance Co. of Milwaukee and for many years
Edward H. Groenendyke, Vice-President of the
a
Union
director of the Marine National Bank of that city, died
on National Bank and the Union Trust & Savings Bank of PasaApril 2; he was in his sixty-ninth year. Early in his life Mr. dena, Cal., died on March 24; he was
in his thirty-ninth year.
Patton served as Assistant Cashier of the old Columb
ia
County Bank of Portage, Wis., which went out of busines
E. de Los Magee has been appointed receiver of the defunc
s
t
about 1875.
California Safe Deposit & Trust Co. of San Francisco,
which
suspended operations in 1907. He succeeds the
late Frank
Plans for the organization of the Central State Bank of J. Symmes.
Omaha, Neb., with $200,000 capital, are nearing
completion. The new institution will be temporarily
The title of the Guardian Savings Bank of Seattle
located
, Wash.,
in the Omaha National Bank Building, but
upon com- has been changed to the Guardian Trust & Saving
s Bank,
pletion of alterations will become established in
the building effective March 30. The Guardian Savings
Bank started
at the corner of 16th and Dodge Streets, where
.it will engage business in August 1915 as successor to the
investment bankin a commercial bank business, in additio
n to conducting ing firm of Joseph E. Thomas & Co.,
Inc. Joseph E.
a savings department. The stock is being
offered at
Thomas is President. When preliminary steps
were taken
$100 of this goes to capital and the remainder, less $125;
the 4% for the organization of the institution in June 1915
it was
initial guaranty fund assessment and organization expens
es, stated that the name would be the Guardian Trust &
Savings
will be used to create a surplus. Albert S. White
will be Bank, but the institution subsequently opened as
the GuardPresident; Arthur Hoover, Cashier, and J. E. Linde,
Assist- dian Savings Bank.
ant Cashier. Mr. White was President of the Night
& Day
Bank of St. Louis, Mo.from 1910 to 1912 and subseq
uently
The forty-sixth annual report of the Royal Bank
was Vice-President for a number of years of the State
of CanBank ada (head office Montre
of Omaha. The proposal to organize the
al),for the year ending Nov.30 1915,
Central State has recently
been published in brochure form. The report
Bank of Omaha was referred to in our issue of Sept.
18 1915. is in its usual
complete shape, containing in addition to the
figures of condition of the bank at the end of the
fiscal year
Mahlon D. Thatcher has been elected VicePresident and (to which reference was made in our issue of Jan. 1), many
a director of the First National Bank of Trinid
valuabl
e
and
interes
ting statistics regarding the Dominion
ad, Colo.,
and F. G. Bloom has been elected Chairman
of the Board. of Canada. These statistics include statements showing
Mr. Thatcher's father, the late Mahlon D. Thatch
area, population, revenue and expenditure; public
debt,
er Sr.,
was formerly President of the institution. J.
C. Hudelson clearing house returns and data concerning Canadian charis now President.
tered banks; the world's production of wheat; the
principal
Western grain crops and field crops in Canada; a summa
ry
of
exports
and
imports and a comparison of thesame by counA. II. Peabody has resigned from the Cashiership
of the tries; Canada's mineral production; the traffic returns
Merchants' Bank of Salt Lake City.
of
canals, railroads, &c.; growth in the fire and life
insurance
business; commercial failures; wholesale prices in
Canada;
immigration; religious denominations; Canadian
For the purpose of increasing the stock of the
customs
National tariff and tariff amendments
Bank of Petersburg of Petersburg, Va., from
since the beginning of the war;
$100,0
00
to
and
a list of the war taxes imposed under the War Revenu
$200,000, the stockholders at a meeting on
e
authorized a special dividend of 100%, payabl March 29, Act of 1915.
e in stock or
cash. In addition to the special dividend,
the regular quarThe Credito Italian°, head office Milan, in its statem
terly dividend of 5% was declared.
ent
for Dec.31 1915 reports total assets of £30,910,800
(including
£130,525 of securities belonging to the Clerks'
Provident




[vol.. 102.

THE CHRONICLE

1322

IMPORTS AND EXPORTS FOR FEBRUARY
Fund.) Cash stands at £4,179,392; bills receivable on Italy,
England and other countries, £13,305,359; balances with
The Bureau of Statistics at Washington has issued the
banks, £3,008,397; current accounts, £3,605,589; customers' statement of the country's foreign trade for February, and
liability and securities against acceptances and guarantees from it and previous statements we have prepared the
£3,440,115; loans against collateral securities, £1,448,745; following interesting summaries:
investments and participations, £1,292,678, and freehold
FOREIGN TRADE MOVEMENT OF THE UNITED STATES.
bank premises, £500,000. The Credito Italiano has £3,(In the following tables three ciphers (000) are in all cases omitted.)
000,000 of capital fully paid; reserve fund of £460,000, and
MERCHANDISE.
Imports
savings and current deposit accounts of £22;758,898. The
Exports
1914.
1915.
1916.
1914.
1915.
1916.
net profits (after the usual deductions) amounted to £238,January
$330,792 $267,879 $204,067 $184,362 $122,148 $154,743
034. The following appropriations were proposed: £40,000 February
148,045
125,123
193,935
173,920
409,836
299,806
182,555
157,982
187,499
to reserve fund, £180,000 to shareholders as a 6% dividend, March
296,512
173,762
160,576
162,553
294,746
and £11,554 to directors, leaving a balance to be carried for- April
164,282
142,285
161.733
274,218
May
correspondent
the
is
Italiano
Credito
ward of £6,480. The
157,529
157,695
157,072
268,547
June
of the Royal Italian Treasury; forty branches are main- July
159,677
143,245
154,139
268,975
129,768
141,804
110,367
261,025
tained, including the London branch at 22 Abchurch Lane, August
139,711
151,236
156,052
300,677
E.C., of which George Manzi-Fe and D. A. Horner are the September_
138,080
149,173
194,711
328,018
October
managers.
126,467
155,497
205,878
327,671
November...
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
March 16 1916:
GOLD.
For the first time since the week ended Feb. 3, within which period substantial additions to the Bank's stock of gold have been reported, a movement unfavorable to the Bank has taken place. The undermentioned
amount was received by the Bank:
Mar. 15-£636,000 in bar gold.
Withdrawals were made as under:
Mar. 9-£125,000 in sovereigns for the Continent..
500,000 in sovereigns set aside for the Sec. of State for India.
350,000 in sovereigns set aside for Argentina.
10- 160,000 in sovereigns set aside for Argentina.
50,000 in sovereigns set aside for Egypt.
200,000 in sovereigns for South America.
40,000 in sovereigns for the U. S. A.
13-- 25,000 in sovereigns for the Continent.
170,000 in sovereigns set aside for Argentina.
14- 50,000 in sovereigns set aside for Argentina.
15- 69,000 in sovereigns for the Continent.
50,000 in sovereigns set aside for Egypt.
During the week the net reduction amounted to £1,153,000. The tota
gold output for the Transvaal for February 1916 was £3,201,063, as compared with £2,872,406 in February" 1915 and £3,344,948 in January 1916.

359,306

Total

$3,547,480 $2,113,624
GOLD.
Exports
1914.
1915.
1916.
$6,914
$10,213
$692
9,079
1,054
13.085
2,632
924
407
814
16.835
1,277
48,107
2,822
33,669
2,192
18,126
1,128
21,887
2,034
50,202
2,939
14,527
3.661
131
11,889

January
FebruaryMarch
April
May
June
July
August
September_
October
November..
December

$31,426

Total

171,833

245,633

December

114,657

$1.778,597 $1,789,276

1916.
$15,008
6,016

$222,616
SILVER.

Imports
1915.
$6,896
12,727
25,620
16,203
31,136
52,342
17,263
61,641
42,062
79,669
60,982
45,413

1914.
$10,442
3,209
7,842
3,460
1,973
3,817
3,392
3.045
2,762
5,945
7,392
4,109

$451,954

$57,388

Imports
Exports
1914.
1915.
1916.
1914.
1915.
1916.
$2,318
$2,287
81,852
$ 4,009
$5,188
$4,636
January
1,914
2,400
2,595
3,592
3,425
4,942
February
2,477
2,567
3,882
3,156
March
2,603
2,214
4,543
4,371'
April
2,352
1,755
4,845
4,741
May
3,623
1,822
4,639
3,969
June
SILVER.
3,003
1,240
3,953
3,965
July
The tone of the market continues to be remarkably steady. The quota- August
3,804
2,097
3,627
3,378
days
between
working
successive
seven
less
than
no
27d.
at
tion remained
2,737
1,864
5,390
3,366
September..
the 7th and the 14th inst., inclusive. Yesterday an advance was recorded October
2,724
3,219
3,972
5,237
of 1-16d., and again to-day. Demand for the Home Mint has been the November_
2,705
3,376
3,838
5,971
chief factor, although there has not been much pressure from that quarter.
2,603
2,739
•
2
5,3
6,831
December
The Continent has been more or less a constant buyer, and a few orders
$25,959
$34,484
$51,602
$53,599
have emanated from the Indian bazaars.
Total
The closeness of the China exchange to parity, the absence of free selling
EXCESS OF EXPORTS OR IMPORTS.
and
Russia
of
account
on
by
Japan
from the United States, the mintage
Silver
-Gold
Merchandise
1916. 1915.
1915.
the extension of the area in which the Indian rupee has to do duty, namely
1916.
1914.
1915.
1916.
$
$
$
$
$
$
$
to Mesopotamia. Egypt and East Africa, as well as the readjustment of
currency in India itself as detailed below, create a feeling of confidence as January-.... +146,430 +145,731 +49,324 -4.795 -6,204 +2,784 +2,901
to the future of the market.
February.... +215,901 +174.683 +25,875 +7,669 -11,073 +2,347 +1,025
+679
-24,696
Advices have been received by the Indian mail that the opinion is held in March
+138,630 +4,944
Bombay that "there is no immediate necessity for the Government to coin April
+1,768
-15,389
+134,170 -11,209
rupees, as the reserve is still 2,470 lacs" (it has been reduced 266 lacs since May
+2,389
-29,859
+131,933 -2,549
then) "and the major portion of this season's requirements for rupees has June
+347
-49,520
-457
+110,852
return
not
do
rupees
if
that
possible
considered
is
It
already been met.
+962
-15,071
+125.730 -5,533
July
freely to the currency offices during the monsoon, and if the monsoon is a
-426
-60,513
+119,221 -19,401
August
good one, the Government may have to enter the market as buyers of
+629
-40,028
+149,441 +16,341
September__
silver."
+2,018
-76,730
+178.845 +56,631
The important statement is made that "large amounts of sovereigns are October....
-57,32i
+2,595
+172.174 +79,411
being melted down throughout India to make good the falling off in the November__
-33,524
+4,228
+187,473+130,076
Imports of gold bullion. The effect of this has been to create a decrease December __
_
of
end
in the circulating medium which may have to be made good by the
-420,528
+19,115
+1,768,883+324,348
Total
about
that
is
It
estimr&ted
rupees.
of
coinage
increased
the
by
the year
+ Exports. -Imports.
20 to 25 thousand sovereigns are being melted down in India every day
for the last eighteen months, and this must have created a fairly largo gap
of
down
melting
Totals for merchandise, gold and silver for eight months:
This
constant
in the amount of money in circulation.
sovereigns has told on the supply of this coin."
Silver.
Gold.
An Indian currency return for the 7th inst. gave details in lacs of rupees,
Merchandise.
Eight
as follows:
Excess
Excess
Excess
Months,
12,58
bullion
and
coin
Gold
I
63,79
circulation
Notes in
Exof
Imof
Imof I Ex.
Ex(0003
'
9,67
23,04 I Gold in England
Reserve in silver coin
ports. Exports ports. ports. Exports ports. ports. Exports
ports.
omitted)
bars
as
with
4,400
compared
bars,
The stock in Bombay consists of 4,100
$
$
$ I $
$ I $
$
last week. The stock in Shanghai on Feb. 18 consisted of 996 bars and
$
23,189 15,139
about 44,415,000 ounces in sycee, as compared with 800 bars and about 1915-162,586,301 1,291,0841295217, 328,0541280313, 38,328
34,705 18,055 16,650
94,120,
140,387
578,834
46,267
1,055,632
1,634,466
1914-15
48.300,000 ounces in sycee on Jan. 28.
1913-14 1,695,723 1,215,797,479,926 44,057 49,447 15,390 37,057 21,969 15,088
Quotations for bar sliver per ounce standard:
I 20,225
1912-131,720,632 1,246,399,474,233 43,639 52,851 19,2121 50,044
1911-12 1,505,997 1,046,388459,609 36,436 31,751 4,685 42,371 29,9241 12,447
Bank
rate
5%
No
cash
Mar. 10_ _ _27
" quotation Bar gold, per oz. standard.. _77s. 9d. 1910-11 1,434,540 1,015,736 118,804 10,607i 55,181 f44,574 40,411 31,426 8,985
11_ _ _ _27
Nominal
"
French gold coin
fixed
13_ _ _ _27
f Excess of imports.
U. S. A. gold coin
Nominal
for
14_ __ _27
15_ _ _ _27 1-16 " forward
Similar totals for the two months since January 1 for six
delivery
"
16_ _ _ 2734_
Avg. for wk_27.031
make the following exhibit:
years
ago.
week
a
that
fixed
The quotation to-day for cash is %d. above

ENGLISH FINANCIAL MARKETS-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
April 1.
London,
Sat.
Week ending April 7.
d 29
Sliver, per oz
5734
Consols, 234 per cents
British 434 per cents
9634
French Rentes (in Parbd_fr. 63.25
8534
French War Loan,5%

April 3.
Mon.
2934
5734
9634
63.25
___

April 4. April 6. April 6. April 7.
Thurs. Fri.
Wed.
Tues.
29 7-16 2934
297-16 2934
.57
57
5734
5734
9638
9634
9634
9634
3.00
63.
63.25 6.
%
-------8534
85-

The price of silver in New York on the same days has been:
Sliver In N.Y., per oz___cts 6034




6134

6134

6134

6134 6134

Merchandise.
Two
Month.
(0003
omitted)
-

Exports.
$
I
1916___ 740,6291
1915_ _ 567,685
1914___ 377,987
1913... 421,03
1912___ 401,291
373 0401
1011

Ire..
ports.

Excess
Exof
Exports ports.

$
$
378,207362,332
247,272320,413
302,788 75,199
312,977108,053
277.775823,516
252,256 120,784

f Excess of imports.

s
23,898
1,74
15,993
29,611
12,504
1,349

Gold.

SUM'.

Excess
Exof
Imports. Exports ports.

Excess
of
Insports. Exports
$
1
4,447 5,131
6,687 3,925
4,233 3,369
6,682 5,069
8,139 3,011
7,449 2,65.5

$
$
$
21,024 2,874 9,578
19,623 117,878 8,612
13,651 2,342 7,602
11,567 18,044 11,751
8,078 4,426 11,150
15,347 113,998 10,104

THE CHRONICLE

APR. 8 1916.]

New York City Banks and Trust Companies
Bid

Banks.
New York

Batiks.
Manhattan•
Mark 44 Full
Mech & Met
Merchants Metropolis*.
Metroporn •
Mutual __ _
New Neth..
New York Co
New York..
Pacific•__
Park
People's._.
Prod Each*
Public *._
Seaboar
Second.....
Sherman
State •
230 Wards
Union Each
Unit States*
Wash H'ts•_
Westch Av•
West Side*
Yorkville. _
Brooklyn
Coney Isl'd•
First
Flatbush
Greenpoint
Hillside •- _
Homestead •
Mechanics*
Montauk•
Nassau
Nation.
'City
North Ellde•
People's ._

AIR

535
- 525
Amer Each. 207
212
Atlantic- 175
180
Battery Park 145
165
Bowery •__ - 390
Bronx Boro• 200
Bronx Nat.- 175
145
BryantPark• 135
103
Butch & Dr
95
620
Chase.-. 610
205
Chat & Phen 200
125
Cheslsea Ex•
Chemical_ .- 305" 400
CitizensCent 178
183
445
435
City
185
Coal & Iron_ 175
Colonial*_
450
335
Columbia*.- 325
Commerce t170
322
Corn Each*. 317
Cosmopol'n• 100
4470
East River ._
165
Fidelity•155
Fifth Ave* 4400 4800
Fifth
250
275
First
915'
Garfield _ 185
200
Germ-Amer' 135
145
300
German Ex* 350
Germania •_ 400
425
Gotham .._ 200
Greenwich*. 265
280
Hanover __. 620 630
Harriman _ 345
355
Imp &
505
495
192
Irving 187
750
Liberty _
720
330
Lincoln ._
310

Ask
Bid
Trust Co's
New York
295
131d
305
Ask
240
Astor
430
250
440
Bankers Tr_ 470
265 • 272
475
B'way Trust 146
185
150
180
295
305 CentralTrust 1150 1165
555
174
180 Columbia_ _ - 545
_ Commercial_ 110
325
215
290
300
225 Empire
Equitable Tr 445
455
725
825
378
Farm L4.4 Tr 1300
385
210
Fidelity
275
_ 200
280
300
425
430- Fulton
438
220
235 Guaranty Tr 433
145
200
210 Hudson
180
190 Law Tit & Tr 125
160
125
430 LincoinTrust 120
415
410
395
Metropolitan 420 430
135 Mut'l(West125
chester) _ _ 125
120
100
17 Y Life Ins
135 ,
100
& Trust.. 990 1010
135- 140
500
_ N Y Trust.. 590 605
385
TltleGti& Tr 377
275
155
175 Transatian'c
160
375
450 Union Trust 365
400
405
550 US MtgatTr 395
475
UnitedStatee 1020 1040
140
Westchester 130
140
255
270
Brooklys
142
134
130
115
520
BrooklynTr. 510
100
115
254
260
90 Franklin _
265
275
140 Hamilton__
130
630 650
110 Kings Co
85
205 Manufacrrs
195
Citizens_. 145
150
280
270
280 287
185 People's
170
85
140 Queens Co
130

*Banks marked with a VI are State banks
()hang. this week. r ICY-rights

'Sale at auction or at Stock Ex.

Clearings by Telegraph-Sales of Stocks, Bonds, &c.
-The subjoined table, covering clearings for the current
week, usually appears on the first page of each issue, but on
account of the length of the Gther tables is crowded out
once a month. The figures are received by telegraph from
other leading cities.
Clearings-Returns by Telegraph.
Week ending April 8.

1916.

Per
Cent.

1915.

New York
Boston
Philadelphia
Baltimore
Chicago
St. Louis
New Orleans

$2,514,235,125
198,580,511
218,016,772
35,401,963
300,351,010
84,427,449
23,705,353

$1,553,257,801
130,648,244
132,062,991
28,867,607
243,370,330
62,006,406
17,302,272 ,

+61.9
+52.0
+65.1
+22.8
+23.4
+36.2
+37.0

Seven cities, five days
Other cities, five days

$3,374,698,183
845,398,742

$2,167,515,651
4555,000,207

+55.7
+16.3

Total all cities, five days
All cities, one day

$4,020,096,925
725,948,276

$2,722,515,858
542,319,425

+47.7
+33.7

Total all cities for week

$4,746,045,201

$3,264,835,283 I +45.4

Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results
for the three months of 1916 and 1915 are given below:
Three Months 1915.

Three Months 1916.
Description.

Actual
Value.

Par Value
or Quantity.

Aver.1 Par Value
Price. or Quantity.

Actual
Value.

Aver.
Price.

1
17,321,98/
43,280,734
St'lifSh's_..1
1Val _ _ $3,785,177,145 $3,527,876,433 93.2 $1,497,039,000 21,100,310,633 73.5
207,616,640 92.3, 158,332,000
RR. bonds 224,933,500
125,013,447 78.9
380,532 102.4'
377,700
374,000
Gov't bds.
376,028 100.5
55,983,740 93.8
59,706,500
5,460,000
5,008,244 91.7
State bds__
127,868 172.3
88,900
74,200
Bank stks_
151,055 173.8
Total_ _ _ $4,070,269,04523,791,991,263 93.2 21,661,291,900$1,230,856,407 74.1
- SALES OF STOCKS AT THE NEW YORK STOCK EXCHANGE.

1323

March
(000,000s
1916. 1915. 1914. 1913.
omitted.)
5
102
Cleveland
120
166
98
New Orleans
78
83
75
102
101
Minneapolis
125
99
112
Louisville
61
54
59
80
Detroit
101
115
107
166
Milwaukee
71
63
69
85
Los Angeles
108
189
108
88
Providence
34
33
31
39
Omaha
80
85
86
114
Buffalo
46
18
43
.59
St. Paul
50
54
57
64
Indianapolis
31
32
34
42
Denver
41
49
37
36
Richmond
35
34
41
68
Memphis
34
34
35
36
Seattle
65
56
56
57
Hartford
35
29
22
20
Salt Lake City....
38
25
24
24
Total
Other cities

Jan. 1 to March 31
1916.
1914.
1915.
1913.
$
486
321
308
317
309
248
254
264
337
363
294
303
245
166
198
197
462
292
342
307
242
220
220
193
293
250
308
318
122
93
105
109
231
299
224
232
137
176
146
147
191
142
148
130
126
99
102
107
136
105
110
117
201
105
115
106
100
108
110
116
160
154
146
153
81
97
-69
68
74
109
76
79

19,302 12,715 13,083 13,002 55,092 36,032 39,893 40,634
1,378 1,133 1,170 1,164
3,894
3,423 '3,434
3,212

Total all
20,680 13,848 14,253 14,166 58,986 39,244 43,316 44,068
Outside New York_ 8,132 6,283 6,403 6,280 23,005 17,909 18,857 19,048

Pacific and Other Western Clearings brought forward
from first page.
I
March.
1916.

1

Three Months.

I

Clearings at
Inc. or
Dec.

1915.

$
$
I
San Francisco_ 269,936,164 220,488,514
Los Angeles___ 108,565,209 88,316,283
Seattle
64,991,761 55,602,377
Portland
52,432,698 51,771,663
Salt Lake City 38,149,758 24,668,238
Spokane
19,042,335 16,680,746
Tacoma
10,007,371 10,783,021
Oakland
17,272,685 14,853,734
Sacramento... 8,091,592 7,331,073
San Diego.... 10,560,768 8,677,2 I
Stockton
4,820,252 3 654,417
Fresno
4,413,309 3,925.395
San Jose
3,008,713 2,544,698
North Yakima 1,905,008 1,900,154
4,411.300 4 156,633
Pasadena
Boise
3,603,455 2,744,384
Reno
1,539.394 1.224,852
Ogden
4318,753 2,911,681
Santa Rosa...
847,472
837,361
Long Breach
2,785,848 2,458,298
Bakersfield _ 2,352,567 1,741,258

%
+22.4
+22.9
+16.9
+1.3
+54.7
+14.2
-7.2,
+16.31
+10.41
+21.7
+31.9
+12.4
+18.2
+0.3
+6.1
+31.3
+25.7
+48.3
-1.2
+13.3
+35.1

1916.

Dec. or
Dec.

1915.

%
746,377,516 621,962,084 +200
293,479,435 249,944,451 +174
160,414,379 145,939,143 +99
134,758.865 138,798,924 -29
109,302,590
73,752,00 +48 2
52,504,720
45,316,77 +159
25,146,323 25,923,1
-30
49,886,599
43,465,337 +14 8
25,106,915
21,694,011 +157
28,018,765
24,709,003 +134
15,438,141
10,739,124 +437
12,812,135
11,416,161 +122
8,470,174
7,757,47
+92
4,792,641
4,540,761 +5 6
12,345,715
11,261,757 +96
11,251,015
9,436,139 +192
4,044,188
3,369 560 +200
12,639,551
9,127,552 +385
2,427,122
2 703,978 -102
7,163,490
6,758,835 +60
5,934,622
5,261,642 +12.8

Total Pacific633,046,291527,282,131 +20.1 1,722,312,9011,473,877.82
Kansas City..371,611,582305,697,493 +21.61,046,772,001
Minneapolis
112,224,511124,685,196 -10.0 336,883,583
Omaha
114,298,714 86,479,111 +32.2 298,833,71,
64,401,388 57,309,02, +12.4 190,776,844
St. Paul
Denver
48,579,174 37,416,8,13 +39.8 136,278,122
St. Joseph- _ _. 47,107,633 35,589,708 +32.41 123,864,096
Des Moines_ -.. 36,595,524 29,555,572 +23.8 83,876,592
Sioux City
21,913,500 16,900,400 +29.81 54,700,920
Wichita
19,739,989 15,034,356 +31.31 57,608,832
Lincoln
14,231,966 10,242,724 +38.9, 36,374,630
Davenport
9,834,756 6,181,767 +59.11 25,945,031
Topeka
7,681.509 6,475 612 +18.61 21.414,854
Cedar Rapids_ 10,521,886 8,920,785 +17.9123,864,158
Colorado Sp'gs 3,847,174 3,491,598 +10.21
9,856,679
Pueblo
1,923,382 2,612,665 --26.4
5.967,359
Fargo
8.305.170 5,609,907 +48.11 22,868,207
Sioux Falls_._
7,096,484 5,407 536 +31.2! 17,370,828
Duluth
17,266,234 15,321,289 +12.7, 57,802,706
Waterloo
12,481,540 9,400.707 +32.8,
3,025,752
Helena
5,242,813 4,660,191 +12.51 14,658,226
Fremont
2,306,024 2,001,677 +15.2,
6,109.790
Hastings
1,329,271
905,788 +46.8
3,617,520
Billings
2,562,8911 2,242,202 +14.3
7,044,214
Aberdeen
3,283,808 2,171,454 +51.2'
9,808,223
Joplin
6,980,964 3,175,963 +119.8; 18.891,495
Grand Forks
2,255,004
6,155,111
1,719,700 +31.2
Lawrence__ ,_ _
2,883,715
956,154
808,436 +18.3
Iowa City
4,491,540
2,110,568 1,680,424 +25.6

+16.9

919,629,604 +13.8
363,373,571 -7.3
231,310,154 +29.1
147,614,496 +29.1
109,682,185 +24.2
99,837,351 +24.1
67,950,49 +23.4
41,299,822 +32.7
47,965,391 +20.1
27,557,895 +32.0
18,332,444 +41.5
18,716,829 +14.4
22,156,83' +7.7
8,361,30: +17.9
8,576,161 --45.4
14,432,248 +58.4
12.751,604 +36.2
45,896,730 +25.9
21,472,98 +40.9
13 081 983 +12.1
5,591,307 +9.3
2,508,661 +44.2
5,895,659 +19.7
6,236 994 +57.3
8,775,300 +115.3
4,460,711 +38.0
2,558,658 +12.7
3,695,411 +21.5

Tot nth Arivat attit Ago 615801 Rog n16 4-10 32.654.864.632,2.279.722.7811 -1-16.5
Week ending April 1.
Clearings at1916.

1915.

Inc. or
Dec. I

1914.

1913.

50,320,795
22,843,246
11,322,391
14,614,476
5,413,437
3,711,039
1,956,348
3,307,430
1,922,509
2,136,060
1,286,439
955,887
656,890
470,000
945,779
200,288

51,164,682
26,954,820
11,602,987
11,815,081
5,729,715
4,138,944
2,571,691
3,802,226
1.848,689
2,965,044
1,364,553
903,982
768,064
487,175
1,051,128
235,091

%
1915.

1916.
Mth
Number
of
Shares.

Values.

Number
of
Shares.

Actual.

Par.

Values.
Par.

Actual.

$
Jan _ 15,956,944 1,427,403,335 1,301,244,816 5,076,210 435,534,900 302,481,298
Feb 12,126,205 1,025,902,910 962,417,409 4,383,449 380,032,785 262,372,421
Mar_ 15,197,585 1,331,870,900 1,264,214,208 7,862,338 681,471,315 535,476,914
1st qr 43,280,734 3,785,177,14 3,527,876,43317,321,967 1,497,039,0001,100,310,633
MONTHLY CLEARINGS.
Clearings, Total All.
Month.1
I

1916.

1915.

I

Clearings Outside New York.
1916.

1915.

Jan$
$
_ 120,070,094,925 13,483,433,873 +48.8 7,743,292,698 8,195,741,340 +25.0
:i8.236,249,765 11,912,182,657 +53.1 7,129,512,488 5,430,346,110 +31.3
Feb:
Mar.. 20,679,675,539 13,848,400,164 +49.3 8,131,801,038 6,283,288,462 +29.4
1st qr-I58,986,020,229 39,244,016,694 +53.3 23,004,006,224 17,909,373,9121+28.4

The course of bank clearings at leading cities of the country
for the month of March and since Jan. 1 in each of the last
four years is shown in the subjoined statement.
(000,000s
, omitted.)
New York
Chicago
Boston
Philadelphia
St. Louis
Pittsburgh
San Francisco
Cincinnati
Baltimore
Kansas City

BANK CLEARINGS AT LEADING CITIES.
Jan. 110 March 31--March
1916. 1915. 1914. 1913. 1916.
1915.
1914.
1913.
$
12,548 7,565 7,850 7,886 35,981 21,335 24,459 25,020
4,695
3,859
1,731 1,388 1,493 1,384
4,181
4,037
2,601
692
932
1,855
679
653
2,064
2,226
637 2,989
659
1,013
1,898
671
2,078
2,118
1,194
335
408
336
988
352
1,055
1,051
778
203
237
269
587
224
646
724
746
229
270
622
220
212
616
664
150
413
113
109
319
119
358
342
182
154
155
166
549
452
458
527
306
372
232
1,047
230
920
686
697




San Francisco
Los Angeles
Seattle
Portland
Salt Lake City
Spokane
Tacoma
Oakland
Sacramento
San Diego
Stockton
Fresno
San Jose
North Yakima
Pasadena
Reno
Long Beach
Total Pacific
Kansas City
Minneapolis
Omaha
St. Paul
Denver
St. Joseph
Des Moines
Sioux City
Wichita
Lincoln
Davenport
Topeka
Cedar Rapids
Colorado Springs
Pueblo
Fargo
Duluth
Waterloo
Helena
Fremont
Hastings
Billings
Aberdeen
Total other West

52,541,409
21,086,809
13,873,207
11,388,411
9,966.044
3,489,326
1,731,972
3,470,802
1,647,223
1,949,387
834,053
871,239
763,318
418,508
813,126
260,000
557,109

47,985,228
18,439,028
10,451,165
12,311,839
5,660,389
3,283,444
1,76,5,487
3,056,356
1.542,222
1,817,196
977,591
745,143
597,674
379,544
869,251
220,000
483,059

125,661,943 110,584.616

+9.5
+14.4
+32.7
-7.5
+76.1
+6.3
-1.9
+13.5
+6.8
+7.3
-14.6
+17.3
+11.1
+10.3
-6.4
+18.2
+15.3

A-13.6122,063,014 127,403,882

77,467,956 67,428,643 A-14.9 50,213,243 49,902,130
22,413,694 17,497,196 A-28.1 23,137,566 21,273,790
22,000,000 17,525,213 A-255 16,812,870 17,742,141
14,682,488 8,518,518 A-72.4 10,954,470 9,149,823
10,186,923 8,036,913 A-26.7 8,334,014 11,032,201
9,380,343 6,192,587 1-51.5 7,012,068 7,305,476
6,190,353 6,108,840 1-1.3 6,303,964 6,501,202
4,500,000 3,203,000 A-40.6 3,948.421 3,588,030
4,289,258 3,237,234 A-33.7 3,228,989 3,181,626
2,783,360 2,261,030 A-23.1 2,126,808 1,947,734
1,683,726 1,861,242 ---9.6 2,566,814 3,543,408
1,432,239 1,063,703 4-34.7 1,213,850 1,525,132
1,807,873 1,749,004 4-33.2 1,979,488 1,925,630
457,561
500,000 4-5.0
469,807
525,000
678,660
A-I.3
400,458
405,726
647,076
765,351
1,674,008 1.048,485 A-59.7
462,221
3,751,984 3,154,855 A-18.9 2,645,027 2,791,185
2,258,119 1,760,590 A-28.3 1,771,450 1,784,893
1,035,075 1,242.932 --16.7 1,008,137 1,449,732
333 684
331 238 ---7.0
308 338
308 130
257,067 ---7.8
237,340
213,606
244,923
353,985
461,985 A-11.5
514,858
372.846
429,730
519,722 A-33.7
694,686
453,823
190,223,137 154,327,455 +23.3 146,489,756 147,603,015

Canadian Bank Clearings.-The clearings of the
Canadian banks for the month of March 1916 show an increase over the same month of 1915 of 25.6%, and for the
three months the gain reaches 32.2%.
Three Months.

March.
Clearings al1916.

Inc. or
Dec.

1915.
-

264,580,604 198,451,527
Montreal
186.521,542 143,765,630
Toronto
123,883,432100.143,890
Winnipeg
Vancouver.... 25,216,415 21,833.220
17,559,212 18,692,064
Ottawa
13,250,146 11,439,078
Quebec
8,659,521 7,379,290
Halifax
14,768,780 10,873,859
Hamilton
6,719,912 6.349,112
St. Joan
8,452,952 6,811,106
London
15,410,550 13,995,258
Calgary
6,619,812 6,635,016
Victoria
Edmonton.... 9,008,930 9,242,814
7,117,057 5,428,884
Regina
2,000,000 1,874,818
Brandon
1,909,819 1,232,143
Lethbridge
4,193,943 3,224,124
Saskatoon
Brantford
2,529.318 2 001,332
3,654,556 3,310,186
Moose Taw
1,657,554 1,967,524
Fort William
903,811 1,154,671
New Westmin_
Medicine Hat_ 1,493,754 1,033,314
Peterborough _ 1,897,365 1,794,369

1915.

1916.

Inc. 07'
Dec.

$
s
%
%
+33.3 764,379,803 550,385,776 +38.9
+29.7 556,852,747 416,017,320 +33.9
292,164,880
+41.2
+23.7 412,439,392
66,165,563 +3.0
68,143,177
+15.5
50,787,312 +2.3
52,443,266
-6.1
39,148,594
32,946,895 +18.8
+15.8
22,466,424 +31.7
29,583,764
+17.3
31,425,765 +38.1
+35.8 43,396,436
18,216,329 +7.8
19,632,961
+5.8
21,273,379 +9.2
23,239,120
+24.1
36,858,243 +23.9
45,6/6,307
+10.1
20,773,819 -15.5
17,558,813
-0.2
26,219,625 --2.4
-2.3 25,785,308
15,676,703 +43.8
22,547,343
+31.1
5,282,634 +14.6
6,055,918
+6.7
3,720,251 +45.2
5,401,893
+48.9
9,263,742 +41.9
13,148,377
+30.1
7,834,143
6,021,866 +3).1
+22.3
8,499,367 +29.7
+10.4
11,024,301
5,360,082
5,284,947 +1.4
-15.8
3,213,447 -21.4
2,524,281
-21.3
2,682,466 +40.3
4,004,250
+44.5
4,982,434 +20.3
5,994,030
+5.7

Total Canada 7211.013.R355711.749.319 +25.6 2.182.165.371 1.659.340.792 +32.2

The clearings for the week ending April 1 at Canadian
cities, in comparison with the same week of 1195, show an
increase in the aggregate of 25.8%.
Week ending April 1.
Clearings at1916.
Montreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
St. John
London
Calgary
Victoria
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Brantford
Moose Jaw
Fort William__
New Westminster
Medicine Hat__ _
Peterborough __Sherbrooke
Total Canaria_

[VOL. 102.

THE CHRONICLE

1324

1915.

Inc. or
Dec.

1914.

147.273.744

117.055.890 +25.8

1913.

$
46,855,215
43,468,544
21,702,766
9,076,182
3,907,894
2,705,682
1,943,520
2,958,419
1,255,797
1,666,429
3,356,463
2,447,399
3,202,016
1,753,551
621,936
354,055
1,124,007
522,057
826,382
634,715
388,822
381,986

$
56,128,930
48,129,724
25,238,278
11,750,448
4,175,268
3,012,538
1,849,349
3,832,101
1,384,152
2,061,297
5,252,291
3,647,160
4,215,975
2,459,974
499,253
483,435
1,843,745
623,542
1,248,559
677,962
552,308

151.153.837

178.514.611

$
$
%
38,911,525 +42.6
55,474,197
37,162,673
28,081,735 +32.3
20,367,805 +16.8
23,776,741
4,948,582 -9.5
4,478,663
4,170,391 -12.4
3,656,674
2,304,997 +10.9
2,555,603
1,614,569 -3.6
1,556,784
2,263,641
+5.9
3,594,916
1,383,350 -7.9
1,284,982
1,299,691 +30.8
1,699,957
+5.9
3,116,916
3,299.793
1,670,455 +37.4
1,045,857
1,9/5,235 -1.8
1,940,379
1,548,528
1,278,860 +21.1
366,095 +19.1
436,257
395,931
244,507 +61.8
646,926 +34.2
867,346
431,492 +22.9
530,648
710,110
827,506 -14.1
342,852
+2.5
351,348
231,307 -22.9
178,032
236,403 +24.6
294,717
433,603
335,050 +29.4
523,633 Not incl. In total.

DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporations:
Dividends announced this week are printed in italics.
Name of Company.

Per
When
Cent. Payable.

Books Closed.
Days Inclusive.

Railroads (Steam)
1% June 1 Holders of rec. Apr. 28a
Atch. Top. & Santa Fe., corn. (quar.).._
May 1 Apr. 6 to May 1
1
Chicago Great Western, preferred
Delaware Lackawanna & Western (qu.)_ 2% Apr. 20 Holders of reo. Apr. 3a
Apr. 15 Apr. 2 to Apr. 14
3
Georgia RR. & Banking (quar.)
1% May 1 Holders of rec. Apr. 7a
Great Northern (guar.)
Apr. 15 Holders of rec. Mar. 31a
Kansas City Southern, preferred (guar.). 1
$1.25 Apr. 8 Holders of reo. Mar. 25a
Lehigh Valley, corn. & pref. (guar.)
Minn. St. Paul & S. S. M.,corn. & pref._ 3% April 15 Holders of roe. Mar.24a
131 May 1 Holders of reo. Apr. 6a
New York Central RR. (guar.)
May 19 Holders of rec. Apr. 29a
1
Norfolk & Western, preferred (guar.)May 1 Holders of rec. Apr. 10a
Northern Pacific (guar.)
2% Apr. 10 Apr. 1 to Apr. 10
Philadelpnia & Trenton (guar.)
May 11 Holders of reo. Apr. 24a
2
Reading Company, common (quar.)
Apr. 13 Holders of rec. Mar. 28a
1
Reading Company,second pref. (guar.) _
$2.50 Apr. 10 Mar. 21 to Mar.31
United N. J. RR.& Canal Cos.(quar.)
334 Apr. 15 Holders of rec. Apr. 6a
Warren
Street & Electric Railways.
Apr. 15 Holders of reo. Apr. 3a
Boston Suburban Elec. Cos., pref. (qu.)_ $1
2
Apr. 15 Apr. 6 to Apr. 15
Brooklyn City RR. (guar.)
Cin. Newp.& Coy. L. & Tr., corn. (qu.) 134 Apr. 15 Apr. 1 to Apr. 10
134 Apr. 15 Apr. 1 to Apr. 16
Preferred (guar.)
34 Aug. 1 Holders of reo. July 15a
Cities Service, common (monthly)
3k July 1 Holders of rec. June 15a
Common
1% May 1 Holders of reo. Apr. 1
Duquesne Light, pref.(guar.)(No.5)
13 Apr. 15 Holders of rec. Apr. in
KentuckySecurities Corp., pref. (quar.)
Apr. 15 Holders of rec. Apr. la
Manchester Trao., Light & Power (guar.) 2
Milwaukee Elec. Ry. & Lt.,pf.(quA(No.6(1) 1% May 1 Holders of rec. Apr. 20a
1
Apr. 15 Holders of rec. Apr. 12a
Monongahela Valley Traction, common
1% Apr. 15 Holders of rec. Mar. 31
Ottumwa Ry. & Light. pref. (quar.)_ _ _ _
Pacific Gas & Elec., corn. (guar.) (No. 6). 1 y, Apr. 15 Holders of rec. Mar. 31a
Philadelphia Co., corn. (quar.) (No. 138) 87% c. May 1 Holders of rec. Apr. 15
May 1 Holders of reo. Apr. la
Philadelphia Company,6% pref. (No. 7) 3
Phila. & Western Ry., pref. (qu.)(No. 1) 131 Apr. 15 Holders of roe. Mar. 31a
$1.50 May 1 Holders of rec. Apr. 15a
Public Service Invest., pref. (guar.)
Puget Sound Tr.,L.&P.,pf.(qu.)(No.15)_ 75c. Apr. 15 Holders of rec. Mar. 28a
Republic Ry.& Light, pref.(qu.)(No.19) 134 Apr. 15 Holders of reo. Mar. 31
50c. Apr. 15 Holders of rec. Mar. 29a
United Rys. & Elec., Bait., corn. (guar.)
134 Apr. 20 Holders of rec. Apr. 3a
Virginia Ry.Sc Power, common
1% May 1 Apr. 23 to May 1
West Penn Railways, preferred (quar.)
134 Apr. 15 Apr. 2 to Apr. 16
West Penn Traction, preferred (guar.)._
Apr. 15 Apr. 2 to Apr. 16
Prof.(on account of accumulated diva.)
Banks.
Apr. 15 Holders of rec. Apr. 10
Produce Exchange, New York (No.62)_ _ 4
Trust Companies.
4
May 1 Holders of roe. Apr. 26a
Astor (quar.)
1)4 Apr. 15 Holders of rec. Apr. 14
Mutual of Westchester Co. (guar.)
Miscellaneous.
1)4 Apr. 25 Apr. 16 to Apr. 25
Aetna Explosives, Inc., pref.(guar.)
$3 Apr. 10 Holders of reo. Mar. 15a
Ahmeek Mining (guar.)
Apr. 15 Holders of rec. Apr. 10
Alliance Realty (guar.)
Apr. 15 Apr. 1 to Apr. lb
Allis-Chalmers Mfg., pref. (guar.)
Apr. 15 Holders of reo. Mar. 20a
Amer. Agric. Chem., corn.(qu.)(No. 18) 1
Apr. 15 Holders of rec. Mar. 200
Preferred (guar.) (No. 43)
Apr. 29 Holders of roe. Apr. 15a
American Beet Sugar, common (guar.)
May 1 Holders of rec. Apr. 15a
American Cigar, common (guar.)




Name of Company.

Per
When
Cent. Payable.

Books Closed.
Days Inclusive.

Miscellaneous (Continued).
Amer. Gas & Elec., pref.(guar.)(No.37). 1% May 1 Holders of rec. Apr. 18
Amer. Laundry Machinery, prof. (guar.) 1% Apr. 15 Holders of rec. Apr. 5a
234 May 1 Apr. 16 to Apr. 30
American Light & Traction, corn. (guar.)_ _
234f May 1 Apr. 16 to Apr. 30
Common (payable in common stock)
1% May 1 Apr. 16 to Apr. 30
Preferred (guar.)
1% Apr. 21 Apr. 6 to Apr. 21
American Locomotive, pref. (guar.)
50c. May 2d Apr. 16 to May 2
American Malt Corporation, pref. (guar.)
I% Apr. 15 Holders of rec. Mar 31a
American Shipbuilding, pref. (quar.).__
Apr. 15 Holders of rec. Mar. 31a
2
American Telep. & Teleg. (guar.)
1
Apr. 15 Holders of rec. Apr. 10a
American Typo Founders, corn.(quar.)
1% Apr. 15 Holders of reo. Apr. 10a
Preferred (guar.)
16h
Apr. 14 Holders of rec. Apr. 7a
Amer. Window Glass Mach., pref
131 April 15 Mar. 16 to Mar. 29
American Woolen, com.(guar.)(No. 1)
1% April 15 Mar. 16 to Mar. 29
Preferred (guar.)
$1.50 May 29 Apr. 23 to May 17
Anaconda Copper Mining (guar.)
134 Apr. 15 Holders of rec. Mar. 31
Associated Gas & Elec., pref. (quar.)__ _ _
Apr. 15 Holders of reo. Mar. 24a
1
Associated 011 (guar.)
Apr. 10 Holders of reo. Mar. 31a
1
Ati.Gulf & W.I. SS. Lines, Prof.(No. 1)_
134 Apr. 10 Holders of rec. Apr. 1
Atlantic Steel
1% Apr. 15 Apr. 11 to Apr. 14
Barrett Company, preferred (guar.)
2
Apr. 15 Holders of roe. Mar. 310
Bell Telephone of Canada (guar.)
134 Apr, 15 Apr. 6 to Apr. 16
Bell Telephone of Pennsylvania (quar.)_ _
Ithnbright(Wm.P.)&Co.,Inc.,1st pf.(qu.) 1% Apr. 10 Holders of rec. Mar. 31
May 21 Apr. 21 to May 20
British Columbia Fishing & Packing.__ 2
1% May 1 Holders of rec. Apr. 22
Brown Shoe, Inc., pref. (guar.)
1% May 1 Holders of reo. Apr. 1
Canada Steamship Lines, Ltd., pref
1% Apr. 10 Holders of reo. Mar. 31a
Can. Westinghouse, Ltd. (qu.) (No. 45)
10
Apr. 15 Holders of rec. Apr. 10a
CelluloidCompany (extra)
1% Apr. 15 Apr. 1 to Apr. 15
Central Coal & Coke, preferred (guar.)
1
May 1 Holders of reo. Apr. 10a
Central Leather, common
134 Apr. 8 Holders of rec. Mar. 31a
Central & South Amer. Teleg. (guar.)._ _
1
Apr. 25 Apr. 16 to Apr. 26
Chicago Pneumatic Tool (guar.)
Apr. 15 Holders of rec. Mar. 31a
Cleveland & Sandusky Brew., pref. (qu.) 1
C/uett, Peabody de Co.,Inc., corn. (quar.)... 131 May 1 Holders of rec. Apr. 19
1
AprIl 15 April 1 to
April 15
Colorado Power. common (No. 1)
May 1 'folders of rec. Apr. 15
Commonwealth Edison (quar.)
2
1% Apr. 15 Holders of rec. Apr. la
Commonwealth Gas & El. Cos.. pf. (qu.) _ _
15
April 10 Holders of rec. Mar. 25a
Computing-Tabulating-Record. (qu.)
Corn Products Refining, pref. (guar.)... 134 Apr. 15 Holders of rec. Apr. 3a
10o. Apr. 10 Mar. 26 to Apr. 7
Cosden & Co., common (guar.)
25e. Apr. 10 Mar. 26 to Apr. 7
Common (extra)
134 Apr. 15 Apr. 6 to
Crocker-1Vheeler Co., common (guar.)
1% Apr. 15 Apr. 6 to
Preferred (quar.)
Delaware Lack. & West. Coal (guar.).- 234 Apr. 15 Holders of rec. Apr. la
2
Apr. 15 Holders of rec. Mar. 31a
Detroit Edison (guar.)
34 Apr. 29 Holders of rec. Apr. 8a
Distilling Co. of America, pref. (quar.)
1% Apr. 15 Holders of rec. Mar. 31
Dominion Textile, Ltd., pref. (quar.)__ _
duPont(E .)deNem.Co.deb.stk.(guar.) 1% April 25 Holders of rec. April 10
duPont(E.I.)de Nemours Pow.,com.(qu) 134 May 1
1% May 1 Apr. 22 to May 1
Preferred (guar.)
7h May 15 Holders of rec. May 1
Eastern Steel, lot preferred
May 1 "folders of rec. Apr. 10a
5
Eastman Kodak, common (extra)
May 1 Holders of reo. Mar. 31
Edison Elec. Ill., Boston (qu.) (No. 108) 3
Electrical Securities Corp , pref. (quay.). lq May 1 Holders at reo. Apr. 26a
Electrical Utilities, pref. (quar.) (No. 24). 1% Apr. 15 [folders of rec. Apr. 11
May 1 Holders of reo. Apr. 15
6
Eureka Pipe Lino (quar.)
234 May 1 Holders of rec. Apr. 15
Fajardo Sugar
2
Apr. 15 Holders of rec. Mar. 15a
General Electric (guar.)
May 1 Holders of rec. Apr. 18
5
General Motors, corn. (guar.)
334 May 1 Holders of rec. Apr. 18
Preferred (quar.)
1% Apr. 15 Holders of rec. Mar. 31
Globe-Wernicke, pref. (quay.)
Goodrich (B. F.) Co.. common (guar.)._
1
May 15 Holders of reo. May 4a
Granby Cons.Min.,Sm.& Pow.,Ltd.(qu.) 134 May 1 Holders of rec. Apr. 14a
(I) May 1 Holders of rec. Apr. 15
Grant Motor Car Corp., pref
Harbison-Walker Refrac., pref. (quar.)___ _
1% Apr. 20 Holders of rec. Apr. 10
Homestake Mining (monthly)(No. 499)...... 65e. Apr. 25 Holders of rec. Apr. 20
1% Apr. 15 Holders of rec. Apr. 4
IllinoisBrick (guar.)
1% May 1 Holders of reo. Apr. 20
Illinois Northern Utilities, pref. (quar.).._
Indiana Pipe Line (guar.)
$2 May 15 Holders of rec. Apr. 24
20
Apr. 29 Holders of roe. Apr. 140
Ingersoll-Rand, common (extra)
30f Apr. 29 Holders of rec. Apr. 14a
Common (payable in common stock)
$1 25 May 1 Apr. 8 to Apr. 24
Inspiration Consol. Copper (guar
1
Int. Buttonhole Sewing Mach.(quar.)
Apr. 15 Holders of rec. Apr. 1
Int. Harvester of N .J..com.(qu.)(N0.25) 131 Apr. 15 Holders of rec. Mar. 25a
International Nickel, pref. (guar.)
135 May 1 Holders of rec. Apr. 15
to
Apr.28
International Paper, pref. (guar.)
34 Apr. 15 Apr. 6
Island Creek Coal, common (quay.)
50c. May 1 Holders of rec. Apr. 22
Kayser (Julius) ar CO. 1st & 2d pf. (qu.) 1% May 1 Holders of rec. Apr. 21a
Apr. 29 Holders of reo. Apr. 27
Kellogg Switchboard & Supply (guar.)._ 2
May 1 Holders of rec. Apr. 15
4
Kelly-Springfield Tire, corn. (guar.)
Lanston Monotype Machine (quar.)
134 May 31 Holders of rec. May 22
1
Apr. 20 Apr. 1 to Apr. 18
La Rose Consolidated Mines (quar.)_
$1.25 Apr. 15 Holders of roe. Apr. 6
Lehign Valley Coal Sales (guar.)
2% Apr. 15 Holders of rec. Mar. 31a
MacAndrews & Forbes, corn. (guar.).134 Apr. 15 Holders of rec. Mar. 31a
Preferred (quar.)
2
Apr. 15 Holders of rec. Mar. 31
Manufacturers L.& Ht., Pitts. (guar.) _
Massachusetts Gas Cos., corn. (guar.)
51.25 May 1 Holders of rec. Apr. 15
Massachusetts Ltg. Cos.,old corn.(guar.) $1.15 Apr. 15 Holders of reo. Mar. 25
New common (quay.)
250. Apr. 15 holders of rec. Mar.25
New preferred (guar.)
$1.50 Apr. 15 Holders of rec. Mar. 25
Mexican Telegraph (quay.)
234 Apr. 15 Holders of rec. Mar. 31a
Miami Copper Co. (guar.) (No. 15)
$1.50 May 15 Holders of rec. May la
Midwest Refining (guar.)
75e. May 1
Apr. 15 Holders of rec. Mar. 31a
Montreal Telegraph (quay.)
2
Mountain States Telep. & Teleg.(guar.). 134 Apr. 15 Holders of reo. Mar. 31
1
Apr. 25 Holders of rec. Apr. 14
Muskogee Refining
2
Apr. 25 Holders of rec. Apr. 14
Extra
National Biscuit, corn. (quay.) (No. 71) 134 Apr. 15 Holders of roe. Mar.28a
2
April 15 Holders of reo. April 5a
National Carbon, common (guar.)
134 Apr. 15 Holders of rec. Apr. 1
New England Power, pref. (guar.)
New Jersey Zinc (extra)
10
Apr. 10 Holders of rec. Apr. 1
New York Transit (guar.)
4
Apr, 15 Holders of rec. Mar. 25
Niagara Falls Power (guar.)
2
Apr. 15 Holders of rec. Apr. 8a
Nipe Bay Co., common
2
Apr. 15 Holders of rec. Mar. 24
Niplsaing Mines (guar.)
25e. Apr. 30 Apr. 1 to Apr. 17
Northern States Power, pref. (guar.)._
134 Apr. 15 Iloiders of rec. Mar. 31
Nova Scotia Steel & Coal, Ltd., pf. (qu.) 2
Apr. 15 Mar. 22 to Mar. 31
Ohio Fuel 011 (guar.)
50o. Apr. 24 Holders of reo. Apr. 14
Ohio Fuel Supply (quay.)
2
Apr. 15 Apr. 1 to Apr. 14
Oklahoma Natural Gas (par.)
13-4 Apr. 20 Holders of rec. Apr. 10
2
Apr. 10 Apr. 1 to Apr. 10
Osage & Oklahoma Co. (guar.)
$4 Apr. 29 Holders of rec. Mar. 31a
Osceola Consolidated Mining (quar.)_-_
131 Apr. 15 Holders of roe. Mar. 31
Otis Elevator, common (guar.)
Preferred (quar.)
134 Apr. 15 [holders of reo. Mar. 31
Pacific Telep. & Teleg., pref. (quar.)_ _ _
134 Apr. 15 Apr. 1 to Apr. 15
Penmans, Limited, common (quay.)
1
May 15 Holders of rec. May 5a
Preferred (guar.)
134 May 1 Holders of rec. Apr. 20a
Pennsylvania Lighting, pref. (guar.)
131 Apr. 15 Holders of rec. Apr. 1
Pennsylvania Salt Mfg.(guar.)
Apr. 15 Holders of rec. Mar. 31a
2
Peoples Natural Gas & Pipeage
50c. Apr. 25 Holders of rec. Apr. 20a
Pittsburgh Coal, preferred (quay.)
1% Apr. 25 Holders of rec. Apr. 15a
Pitts. Term. W'house & Transf (mthly.) 25e. Apr. 15 Holders of rec. Apr. 8
Prairie Oil & Gas (guar.)
Apr. 29 Holders of reo. Mar. 31
3
2
Apr, 29 Holders of roe. Mar. 31
Extra
Prairie Pipe Line (guar.)
Apr. 29 Holders of reo. Mar. 31
5
Extra
5
Apr. 29 Holders of roe. Mar. 31
Public Service of Nor. Ill., com.&pf.(qu.) 134 May 1 Holders of rec. Apr 12a
Quaker Oats, common (guar.)
234 April 15 Holders of reo. April la
Preferred (guar.)
134 May 31 Holders of rec. May in
Reece Button Hole Mach.(qu.) (No. 120)... 3
Apr. 15 Holders of rec. Apr. 1
Reece Folding Mach. (guar.) (No. 28)__ _ _
1
Apr. 15 Holders of rec. Apr. 1
St. L. Rocky Mt.& Pac.Co.,com.(No.8)
34 Apr. 10 Apr. 1 to Apr. 9
Sapulpa Refining, corn. (mthly.) (No. 5).. 734c. May 1 Apr. 21 to May 1
Preferred (quarterly) (No. 4)
12% e. May 1 Apr. 21 to May 1
Savoy Oil (monthly)
Sc. Apr. 25 Holders of rec. Apr. 15
Extra
5c. Apr. 25 Holders of rec. Apr. 15
Securities Corporation General, pref. (qu.)_
134 Apr. 15 Holders of rec. Apr. 1
Shattuck-Arizona Cop. Co.(qu.)(No.15)_
50o. Apr. 20 Holders of rec. Mar. 31a
Extra (No. 3)
75e. Apr. 20 Holders of rec. Mar. 31a
Shawinigan Water & Power (guar.)
134 Apr. 10 Holders of rec. Mar. 31
Sierra Pacific Elec. Co., pf.(qu.)(No. 27) 1
May 1 Holders of reo. Apr. 15a

APR. 8 1916.1

THE CHRONICLE
Per
When
Cent. Payable.

Name of Company.

By Messrs. Barnes & Lofland, Philadelphia:

Books Closed.
Days Inclusive.

Shares. Stocks.
$ per sh. Shares. Stocks.
$ per sh.
12 Central Nat. Bank
10 Franklin Fire Ins., $25 each. 60
416-41634
8 J. B.Stetson Co.,com
375
5 Pennsy. Fire Insurance
410
100 Diamond State Steel, corn.,1
30 People's Nat. Fire Ina., $25
$10 each
each
17
100 Diamond State Steel, pref..) $10
10 Phila. de Trenton RR
236
$10 each
I lot
10 Enterprise Mfg., v. t. c
7034
1,300 Goldfield Annex Mg.,$1 each)
6 Smith, Kline, French Co.,
14 Bank of North Amer_ ___263-263%
common
10034
10 Fourth St. Nat. Bank
290
8 H. K. Mulford Co., $50 each 9434
45 Franklin Nat. Bank
476
88 Amer. Pipe & Construction
31
12 Girard Nat. Bank
1 Phil. Warehouse Sr C.S
36134
92
22 Phila. Nat. Bank
481
10 Phil. Bourse, corn., $50 each. 534
1 Comml. Finance, corn
50 East St. L.& Sub. Ry
13035
49
15 Com'wealth T. I. & T. Co_ _231 X
Bonds.
Percent.
10 Logan Trust C
136-13634 $2,000 N. Y. Interurban Water 1st
6 Wayne Title & Trust
126
55, 1931
60
3 Fire Assoc. of Phil.,$50 each,
1,000 Amer. Pipe Mfg. coll. 50,
341-342
B,1929
coo

Miscellaneous (Concluded).
Singer Manufacturing (quar.)
2
Mar.31 Holders of rec. Mar. 15
Southern Calif. Edison, Pf.(qu.)(No.27) 134 Apr. 15 Holders of rec. Mar.31a
Standard Milling, preferred
234 Apr. 15 Apr. 6 to Apr. 16
Standard Motor Construction
3m May 15 Apr. 21
to May 1
Standard Oil (California) stock dividend_
50e Apr. 15 Holders of rec. Mar. 4
Steel Co.of Can.,Ltd., pref.(qu.)(N0.19) 134 May 1 Holders of rec. Apr. 15
Preferred (on acct. of deferred divs.)
3% May 1 Holders of rec. Apr 15
Submarine Boat Corporation (quar.)
$1.50 Apr. 15 Holders of tea. Mar.31
Temple Coal, preferred
2
Apr. 12 Holders of rec. Apr. 3
Tennessee Copper (quar.)
75c. Apr. 15 Apr. 4 to Apr. 27
Tonopah Mining of Nevada
150. Apr. 20 Apr. 1 to Apr. 7
Union Natural Gas Corporation (quar.)_
234 Apr. 15 Holders of rec. Mar. 15
Union Switch & Signal, corn. & pref. (qu.) $1.50 Apr. 15 Holders of reo. Mar. 31
United Cigar Stores of Am.,corn. (guar.)_ _
1% May 15 Holders of rec. Apr. 28a
United Fruit (quar.) (No. 67)
2
Apr. 15 Holders of rec. Mar.24a
United Gas Improvement (quar.)
$1 Apr. 15 Holders of rec. Mar.31a
U.S. Indus. Alcohol, Irf. (qu.)(No.38)
1% Apr. 15 Holders of rec. Apr. 7a
U. S. Rubber, 1st pref. (guar.)
2
Apr. 29 Holders of rec. Apr. 15a
Second preferred (guar.)
1% Apr. 29 Holders of rec. Apr. 15a
U. S. Smelt., Refg. de Min.,corn.(guar.)
$1 Apr. 15 Holders of rec. Apr. 21
Preferred (guar.)
87%c. Apr. 15 Holders of rec. Apr. 21
Utah Consolidated Mining
500. Apr. 10 Holders of rec. Mar.29
Extra
25c. Apr. 10 Holders of rec. Mar. 29
Vacuum 011
3
May 15 Holders of rec. May 1
Extra
2
May 1511:folders of rec. May 1
Virginia-Caro. Chem.. Pf. (M1.) (No. 82) 2
Apr. 15 Holders of rec. Mar.310
Western Power Co., preferred
1 3-10 Apr. 15 Holders of rec. Mar.31
Western Power Corp.. Pref.(q.)(No. 1)
Apr. 15 Holders of rec. Mar. 31
Western States Gas & Elec., pref.(qu.)
134 Apr. 15 Holders of rec. Mar. 31
Western Union Teleg. (quar.) (No. 188)
134 Apr. 15 Mar.21 to Apr. 12
WestinghouseAir Brake (quar.)
Apr. 21 Holders of reo. Mar. 31a
$2
Westinghouse Elec. & Mfg., corn. (quar.) 75e. Apr. 29 Holders of reo. Mar.31a
Preferred (quar.)
87%0. Apr. 15 Holders of rec. Mar. 310
White Motor (No. 1)
134 Apr. 8 Holders of rec. Mar. 25
a Transfer books not closed for this dividend. b Less British income tax. d Correction. e Payable in stock. I Payable in common stock. g Payable in scrip
is On account of accumulated dividends. I Declared 6% payable in quarterly installments as follows: 134% Apr. 29 to holders of record Apr. 15; 134% July 31 to
holders of record July 15;
% Oct. 31 to holders of record Oct. 14; IA% Jan. 31
1917 to holders of record Jan. 13 1917. 1 Declared 4% payable In quarterly instalments. k 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.

Auction Sales.-Among other securities, the following,
not usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
Shares. Stocks.
10 Estates of Long Beach
13 Jefferson Bank
76 American Process Co
100 City Investing Co., corn

Per cent. Shares. Stocks.
Per cent.
$4 lot 40 Midvale Steel Co.(old stock).A25
$310 lot 150 N. Y. Mtg. & Secur. Co_ -75-80
60-61
2 Clinton Hall Association.. $30 per sh
18

By Messrs. Francis Henshaw & Co., Boston:
Shares. Stocks.
$ per sh. Shares. Stocks.
3 per sh.
6 Nashua Mfg. Co., $500 each..790
3 Mass. Cotton Mills
129
1 Merrimack Mfg. Co., corn__ 45
100 Pacific Mills
141-14134
7 Great Falls Mfg, Co
19234 12 Warren Bros. Co., 2d pref.,
20 Esmond Mills, prof
$50 each
100-10034
34

By Messrs. R. L. Day & Co., Boston:

Shares. Stocks.
$ per sh.
1 Boylston Nat. Bank
127
5 Second Nat. Bank
315
10 Merchants' Nat. Bank_ _ _ _290-29034
234 Dedham(Mass.)Nat. rik12034-121
10 Waltham Bleach. & Dye Wks_110
12 Nashua Mfg
78634
10 Lawrence Duck Co
95
25 Dartmouth Mfg..com_ ___190-191 X
28 Lowell & Andover RR
10034

Shares. Stocks.
$ per sh.
33 Cambridge Gas Lt. rights _294-234
5 Lowell Elec. Lt. Corp
21134
5 Bigelow-Hart. Carpet, prof..110

1325

Imports and Exports for the Week.-The following are
the reported imports of merchandise at New York for the
week ending Apr. 1 and since the first week of January:
FOREIGN IMPORTS AT NEW YORK.
For week ending Apr. 1.
Total for the week
Previously reported

1916.

1915.

1914.

1913.

$28,463,441 621,167,946 $19,777,397 $21,720,663
282,774,199 218,295,996 247,490,227 247,492,213

Total 13 weeks

$311,237,640 $239,463,942 $267,267,624 $269,212,876
EXPORTS FROM NEW YORK.

Week ending Apr. 1.
For the week
Previously reported
Total 13 weeks

1916.

I

1915.

I

1914.

I

1193.

$78,753,9391 $24,971,1731 $20,608,973 $18,657,721
569,082,3111 326,490,724 249,146,105, 236,575,083
$647,836,250 $351,461,897 6269,755,078 6255,232.804

EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Week ending April 1.

Exports.

Gold.
Week.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Total 1916 •
Total 1915
Total 1914
Silver,
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries

Bonds.
Per cent.
$2,000 Massachusetts, Metropol.
Water Loan 334s, 1946_ _ 9634
Massachusetts,
Charles
Riv.
1,000
Basin Loan 3345, 1948
9634

Imports.

Since
Jan. 1.

Week. I

$5,774,998

Since
Jan. 1.
$8,195,654
808

$342,830

6,898,791
$35,140 7,666,306
100,000
53,517
623,699
6,391,576
116,927 2,571,006
2,064,592
1,096
312,191
$392,800 321,229,957 $206,680 $19,369,664
10,200 2,503,900
494,568 6,750,377
18,335,854
130,948 3,139,884
50,000

$794,571 $10,528,346
34,000

8,003
2,376

568,293

4450
23,756
237,615 2,666,304
40,516 1,545,480
19,559
289,572
Total 1916
$828,571 $11,460,324 $302,240 $4,535,491
Total 1915
1,047,180 10,394,365
17,304 1,418,507
Total 1914
872,071 10,641 803
281,680 3.075,
Of the above exports for the week in 1916, $92,800 were-American gold coin.
358,805
4,880

The Federal Reserve Banks.-Following is the weekly statement

issued by the Federal Reserve Board on APRIL 1:
The statement indicates decreases of 6.9 millions in the combined gold reserves and
result of substantial net withdrawals of bank deposits from the Boston and New York of 9.1 millions in the total cash reserves of the banks, largely the
banks. Chicago reports a decrease of over 1 million in its total
reserve, accompanied by increases of 3.2 millions in the amount due from other
Reserve banks and of 2.1 millions in total deposits. The Cleveland bank reports a decrease of 1.3 millions in deposits. Its reserve shows but Federal
a slight decrease, while the amount of its investments decreased almost
1 million dollars during the week.
There is but little change:shown in the amount of rediscounts on hand, the
banks more active in the rediscountibusiness reporting about the same amounts
of discounts held as the week before. Bills bought show an increase a
about 1.2 millions, New York alone reporting an increase of about 0.5 million
under this head. Over 30% of the paper on hand matures within 30
bonds show but little change, as the U.000,000 limitation upon the days, and almost 35% after 30 but within 60 days. The holdings of United States
amount of bonds securing national bank currency, which national banks might
draw during any one month, was reached on March 16, and prevented
withfurther release of bonds through deposits with the Treasurer of the United States.
The aggregate of municipal warrants increased less than 0.4 million, though
the New York bank's holdings of this class of securities show a gain of over
1.6 millions.
Of the total earning assets of about 135 millions, our acceptances constitute
at present the largest share,viz.,29.9',followed closely by United States
bonds, 29.8%, while warrants are 24.5% and rediscounts 15.8% of the
The ratio of total earning assets to paid-in capital has increased to
from 152%, shown at the beginning of the year. Government depositstotal.
246%
show
an
increase during the week of 3.4 millions. Bank deposits declined
largest
withdrawals
in
being
Boston and New York, where cash
millions, not
8.8
requirements for quarterly payments are heaviest.
The amount of Federal Reserve bank notes in circulation, $964,000, shows
a decrease for the week of almost 100 thousand dollars. Federal Reserve
Agents report a total of 190.2 millions net of Federal Reserve notes outstanding,
or
about
million
0.7
less
than
the
week before. Against this total they
hold 179.3 millions in gold and 11.2 millions of paper. The banks' outstanding
circulation is given as 163 millions, with net liabilities thereon of8.9
million dollars.
The figures of the consolidated statement for the system as a whole are given in the following table, and
in addition
we present the results for (pa,cy of the eight preceding weeks, thus furnishing a useful
comparison. In the second table we
show the resources and liabilities separately for each of the twelve Federal Reserve banks.
Agents' Accounts (the third table following) gives details regarding the transactions in The statement of Federal Reserve
Federal Reserve notes between the
Comptroller and the Reserve Agents and between the latter
and the Federal Reserve banks.
COMBINED RESOURCES AND LIABILITIES OP THE FEDERAL RESERVE BANKS AT
THE CLOSE OP BUSINESS MARCH 31 1916.
I
Mar.31 1916 Mar.24 1916 Mar.171916.I Mar.10
1916.
RESOURCES.
Gold coin and certificates in vault
Gold settlement fund
Gold redemption fund with U. S. Treasurer
Total gold reserve
Legal tender notes, silver. &a
Total reserve
Bills discounted and boughtMaturities within 10 days
Maturities from 11 to 30 days
Maturities from 31 to 60 days
Maturities from 61 to 90 days
Maturities over 90 days
Total
*Acceptances (included in above)
Investments: U. S. bends
Municipal warrants
Total earning assets




I
$255,052,000

I
Mar.3 1916.,Feb.25 1916. Feb. 18 1916. Feb.111916. Feb. 4 1916.

I
$260,866,000 $253,880,000

1
$257.875,000 6261,822,0006262,491,000 6255,369,000 $255,284,000
78,970,0001 79,170,000 74,890,000 76,435,000 81,648,000 83,938,000 $255,469,000
85,368,000
1,494.000
1,538,000!
1,512,000
1.300,000
1.120,000
1.167.000
1.623,0001
$335,240,000 $342,124,000 *334,473,0006338,539,000 $338,250,000
$340,438,000 $338,317,000 $340,342,000 $342,004,000
9,938,000 12,223,000 11.304,000; 20,036,000
12,994,000 17,678,000 18,274,000 15,248,000 14.637.000
$345,178,000 $354,347,000 $345.777,000 $358,575,000 $351,244,000
$358,116,000 $356,591,000 6355.590,000 $356.641,000
75,640,000 79,680,000
1,548,000,
1,578,000

I
37,126,000
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

66,773,0001
12,128,000
20,511,000
16,272,000
2,016,0001

$7,332,000
12,636 000
18,113,000
13,964,000
2,433.000

$6,786,0001
13,365,000
18,115,000
11,911,000
2,321,000

$7,477,000
11,750.000
16,758,000
13,630,000
2,266,000

$5,987,000
13,115,000
18.224,000
13,060,000
2,428,000

85,928.000
12,543,000
18,944,000
12,617,000
2,696.000

$6.002,000
11,353,000
20,740,000
10.391,000
2.837.000

$61,675,000 $60,550,000 $57,700,0001 654.478.000 $52,498,000
1
$51,881,000 $52,814,000 $52,728,000 $51,323.000
$40,408,000 $39,244,000 $36,092,000; $32,949,000 $30,783,000
829,054.000 $29,136,000 828.074,000 626.279.000
$40,275,000 *1'340,184,000 $39,213,000 $34,141,000 $33,063,000 $29,632,000
$26,422,000 825.304.000 $24,341,000
33,015,000 32,669,000 33,034,000 32,755,000 30,539,000
25,403,000 24,964,000 25,577.000 20,856,000
1134.965.000 1-133.403 OfIll 1120 047 twin 1121 574 non 211A MA non 11AR OM MA 1104200000
1102A100000
2112_2211 AAA

[VOL. 102.

THE CHRONICLE

1326

Feb. 11 1916. Feb. 4 1916.
Mar.31 1916 Mar.24 1916 Mar.171916. Mar.10 1916. Mar. 3 1916 Feb. 25 1916. Feb. 18 1916.
RESOURCES (Concluded).
$479,949,000 $467,344,000 $465,032,000 $480,791,000 $459,199,000 $453,161,000
Brought forward (total reserve St earn'g assets) $480,143,000 $487,718,000 $475,724,000
$24,838,000 125,567,000 $23,793,000 $28,576,000 $28,344,000 $33,710,000
$24,608,000
124.849,000
$25,118,000
-Net
Federal Reserve notes
12,964,000 15,223,000
13,128,000 12,628,000 16,248,000 12.647,000 20,576,000 13,274,000 12,255,000
Due from Federal Reserve banks-Net
7,929.000 12,889,000 11,903,000
5,969,000 11,401,000
5,213,000
5,028,000
4,975,000 t4.771,000
in other resources
$523,364,000 $529,998,000 $521,608,000 $522,647,000$519,456,000 $513,500,000 $509,551,000

Total resources
LIABILITIES.
Capital paid in
Covernment deposits
Reserve deposits-Net
Federal Reserve notes-Net
Federal Reserve bank notes in circulation
ill other liabilities

$513,396,000 1513,997,000

$54,890,000 $54,907,000
$54,888,000 $54,910,000 $54,937,000 $54,944,000 $54,919,000 $54,897,000 $54,886,000
28,946,000 26,881,000 29,850,000
38,469,000 35,088,000 32,380,000 30,639,000 36,043,000 32,501,000 416,490,000
t421.907,000 419,137,000
416,566,000
418,718,000
426,322,000
423,259,000
428,816,000
419,987,000
9,966,000
9,089.000 t9,577,000
9,386,000
9,635,000
9,977,000 10,203,000 10,178,000
8,903,000
419,000
681,000
1,053,000
964,000
137,000
141,000
140,000
150,000
141,000
145,000
148,000
154,000
153,000
1513,396,000 1513,997,000
$509,551,000
$513,500,000
1519,456,000
$522,647,000
$521,608,000
$529,098,000
$523,364,000

Total liabllities
77.1%
76.4%
76.5%
76.5%
76.2%
74.5%
74.4%
74.2%
73.8%
Liold reserve ag'st net dep. & note liabilities (a)
80.4%
79.8%
80.1%
80.4%
79.1%
78.9%
78.9%
76.8%
76.0%
Cash reserve ag'st net dep. & note liabilities (a)
Cub reserve against net deposit liabilities after
setting aside 40% gold reserve against aggregate net liabilities on F. R. notes in
81.3%
80.7%
81.5%
81.3%
80.0%
79.8%
77.6%
77.8%
76.7%
circulation (a)
-(a) Less items in transit between Federal Re$15,223,000
$13,128,000 $12,628,000 $16,248,000 $12,647,000 120,576,0130 $13,274,000 $12,255,000 $12,964,000
serve banks, via
Federal Reserve NotesIssued to the banks
In hands of banks

$211,861,000 $217,177,000
$190,232,000 1190,903,000 $191,165,000 $191,678,000 $191,303,000 1196,992,000 $206,978,000
36,409,000
27,166,000 27,069,000 26,298,000 26,864,000 27,501,000 25,624,000 30,760,000 30,459,000
1181,368,000
$163,066,000 $163,834,000 1164,867,000 $164,814,000 $163,802,000 1171.368,000 $176.218.000$181,202,000

In circulation

1199,989,000 $205,112,000
28,344.000 33,710,000
9,966,000
9,557,000

dold and lawful money with Agent
Carried to net assets
4Carried to net liabilities

$179,281,000 $178,706,000 $179,272,000 $179,474,000 $179,734,000 1185,775,000 $105,705,000
25,118,000 24,849,000 24,608,000 24,838,000 25,567,000 23,793,000 28.576.000
9,089,000
9,386,000
9,635,000
9,977,000 10,203,000 10,178,000
8,903,000

Federal Reserve Notes (Agents' Accounts)Received from the Comptroller
Returned to the Comptroller

$275,420,000 $275,120,000
1277,980,000 1277,580,000 $277,580,000 $277,220,000 $275,420,000 $275,420,000 $275,420,000
2,246,000
7,526,000
32,633,000 32,008,000 30,602,000 29,899,000 29,540,000 20,976,000 11,851,000
$273,174,000
$267,894,000
$263,569,000
$254,444,1300
8245,347,000 $245,572,000 $246,978,000 $247,321,000 $245,880,000
56,233,000 55,397,000
55,115,000 54,669,000 55,813,000 55,643,000 54,577,000 57,452,000 56,591,000

Amount chargeable to Agent
In hands of Agent
Issued to Federal Reserve banks..

61,000 $217.777,000

$190,232,000 1190,903,000 $191,165,000 $191,678,000 $191,303,000 $196,992,000 $206,978,0001$211,6

I
How Secured$123,258,000;$127,700,000 $132,900,000
8120,883,000 $121,122,000 1120,473,000 1120,122,000 $120,293,000 $121,628,000
By gold coin and certificates
By lawful money
11,672,000 12,665,000
11,273,000
11,217,000
10,951,000 12,197,000 11,893,000 12,204,000 11,569,000
By commercial paper
9,847,000 17,097,000 16,919,000 16,532,000
9,871,000
9,918,000 10,214,000 10,739,000 10,612,000
55,880,000
Credit balances in gold redemption fund
55,370,000
55,350,000
54,300,000
49,570,000
Credit balances with Federal Reserve B'd 48,480,000 47,370,000 48,060,000 48,740,000
$217,777,000
1211,661,000
8206,978,000
8196,992,000
$191,303,000
$191,678,000
$191,165,000
8190,232,000 $190,903,000
Total
$13,140,000 $14,005,000 113,819,000 $14,897,000
Commercial paper delivered to F. It Agent.. $11,180,000 $12,373,000 $13,023,0001 $13,027,000 813.039.000

1

•Including bankers' and trade acceptances bought in the oven Tarket. tAmended figures.
AT CLOSE OF BUSINESS MAR. 31 1916.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS
Boston.

Chicago 1St. Louts. Minneap. Kan. C(t. Dallas. San Fran.I

New York.lPhilacleVa. Cleveland. Richmond. Atlanta.

Isis
6,003 4,957,003

Total.

$is
3,654,000. 4,675,000

$
$
$
RESOURCES.
4,020,000 7,040,000258,052,000
5,674,00333,98
Gold coin & ctfs. in vault 10,058,000 161,737,000, 5.883,00611,630,000j 4,768,000
3,000 4,111,0031 8,467,000; 3,497,003 4,591,000 4,161,000 10,373,000 2,738,000 75,640,000
Gold settlement fund__ 3,125,000 6,329,006 7,766,000 9,749,000.10.73
10,000 1,548,000
242,000
65,000
30.000,
10,000
53,000 313,000 320,0001 200,0061
50,000
5,000 . 250,0031
Gold redemption fund__
5,000 9,788,000 335,240,000
8,901.00014,83
8,275,000
8,464,003
53,0081
10,105,000142,6
15,814,000
21,432,000
Total gold reserve____ 13,188,003 168,286,000 13,699,000
12,000 9,938,000
891,000 482,000; 185,000 820,000
240,0001 1,149,00
35,0001 1,855,000 3,057,000 1,085,004 127,000
Legal-ten.notes shy.•&c,
345,178,000
9,800,000
15,455,030
9,086,000
8,757,0001
9,355,000
10,345,0001
,43,802,000
00
113.223,0001170,141,000 16,756,00022,517,00315,941,0
Total reserve
1
Bills:
1,961,000 4,478,000 492,000 21,267,000
306,030 266,000 336,0001 6,165,000 3,963,000 1,645,000 601,000 766,000,
198,000,
1,142,000 40,408,000
Discounted-Members
780,000
15,000 754,000 2,027,000 954,000 773,000
Bought in open mkt-. 12,239,000' 15,193,000 5,253,000 1,278,0001
1,634,000 61,675.000
4,478,000
2,741,000
9,000
1,555,004_1,53
Total bills on hand__ 12,437,000 15.589,000 5,519,0001 1,614,000! 6,180,003 4,717,0001 3,672,003
3,035,000 40,275,000
1,333,000
7,978,000
2,214,000
3,339,000
8,682,000
1,400,000
986,000 3,202,000 4,206,000 4,224,000 1,676,000
1,832,000 33,015,000
Investments: U. B. bds.
3,620,000 1,241,000 1,356,001) 999,000
91,000
Municipal warrants... 2,603,0001 14,993,000 3,330,000 2,950,000
134,965,000
6,501,000
5,811,000
11,718,000
5,109,000
6,135,001)
4,0001
6,117,000113,97
Total earning assets 16,026,000 33,784,00013,055,000 8,788,000 7,947,000
25,118,000
5,296,0
1,170,000
980,000
1,537,000
231,0001
1
116,000 352,000
Fed. Ree've notes-Net 1,111,000 14,325.000
I
Due from other Federal'
1,324,000 2,981,000 1,816,000 339,000 1.709,000 al3,128,000
7,994,000
1,719,000,
625,000
2,628,000
Reserve Banks-Net. 2,043.0001
141,000 522,000 324,000 208,000 4,975,000
105,000! 1,487,0001 443,000 885,000
318,000 137,000 362,000
43,003
All other resources
'
23,142,000121,929,00323,514,000 523,364,000
18,158.000
000
18,679,000
80,00067,750,
44,000
25,712,0018,1
32,692,00032,6
32,446,0001218,568,000
Total resources

-1

1 3,006,000 2,733,000 3,044,000 54,888,000
LIABILITIES.
5,146,000, 11,122,000 5,215,000 5,948,000 3,345,300 2,414,000; 6,666,000 2,788,000 2,561,004
1,429,111 38,469,000
Capital paid in
7,049,000; 2,173,000 1,504,000 497,003 1,022.000 5,613,000
1,000 410,987,000
Government deposits_ _. 363,0001 10,560,000 340,000 892,000 7,027,000 8,554,00058,91
1,000 14,387,000 15,100,000 16,978,000 9,791,00081,14
Ill
8,903,000
Reserve deposits-Net_.26.937.000186,895,000 27,137,00025,804,000 11,352,000
3,792,
1,172,000
3,939,000
Fed. Res've notes-Net.
064,000
964.000
F.R.bank notesin ciroTn
59,000
9,991,000
Due to F.R.banke-Net
153,000
104,000
49,000
All other liabilities
21,929,000 23,514,300 523,364,000
0
8,000,23,142,00
67,750,000
18,679,00418,15
18.180,000
25,712,000
32,644,000
32,692,000
32,446,000218,568,000
Total liabilities
Federal Reserve Notes9,909,000 14,869.000 10,842,000 190,232,000
10,446,0081 75,125,000 7,178.000 10,668,00311,726,00 14,944,000, 3,819,000 7,641,000 13,065,000,
Issued to banks
59,00 5,296,000 27,166,000
58,000
116,000 352,000; 931,0001 1,231,0001 1,537,000 980,0001 1,170,0001
In hands of banks._ 1,111,00 14,325,00
14,810,000 5,546,000 163,066,000
9,851,000
11,895,0001
000
6,661,
001
2,282,000
95,000113,713,0
1
F.R. notes in circulation 9,335,006 60,800,000 7,062,000 10,316,000,10,7

;1

Gold and lawful money
13,065,00j, 8,679,0013 11,018,00010,842,000 179,281,000
10,446,000 75,125,030 7,178,000 10,668,000 6,856,00013,944,0001 3,819,000. 7,641,0001
with agent
5,296,000 25,118,000
231,000 1,537,000 980,000, 1,170,000,
116,000 352,0001
8,903,000
Carried to net assets_ .... 1,111,000 14,325,000
1
1 1,172,000 3,792,000
1
1
3,939,000,
Carried to net liabilities.

1

a Items in transit!. a., total amounts due from less total amounts due to other

Federal Reserve banks.

STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS MAR. 31 1916.
Taal
Chicago. St. Louis Minrseap. Kan.Citv. Dallas. San Fran.
$
i
$
3
$
$
$
I
$
$
1
$
S
080,000
Federal Reserre Notes-0 9,380,000 9,600,000 19,000,000 13,000,000 20,780,000 11,360,000277,
32,633,000
Raced from Comptrol'r 19,380,000 109,240,000 15,480,000 13,360,000 17,000,00020,400,00
518,000
1,121,000
418,000
680,000 197,000 135,000
Returned to Comptr'r 1,514,000 21,115,000 2,209,000 992,000 2,374,033 1,360,000
3,000 18,865,000 12,582,00019,659,000 10,842,000245,347,000
Chargeable to Agent. 17,866,000 88,125,000 13,271,000 12,368,000 14,626,001 19,040,000 8.700,0009,40
55,115,000
4,096,000 4,881,000 1,762,009 5,800,000 2,673,000 4,790,000
In hands of F.R.agent 7,420,000 13,000,000 8,093,000 1,700,000 2,900,001
9,909,000 14,869,000 10,842,000190,232,000
13,065,000
7,641,000
14,944,000
3,819,000
26,000
10,668,00011,7
7,178,000
Issued to F. R.bank__ 10,446,000 75,125,000
120,d83,000
Held by F. R. agent2,850,030 10,050,030 4,100,000 9,540,044
Gold coin dv certfs____ 9,865,000 71,398,000 3,360,000 9,720,000
272,000
9,918,000
708,000
Credit balances:
479,000
665,000
351,000
581,000 3,727,000 458,000 048,000 326,000 994,003 409.000 4,440,000
In gold redemption I'd
2,350,000 4,100,000 770,000 10,570,000 48,480,000
6,530,000 12,950,000 3,410,000
3,360,080
With F. R. Board
10,951,000
Notes secured by com1,230,000 3,851,000
4,870,000 1,000,000
mercial paper
190,232,000
10,842,000
14,869,001
9,909,000
5,000
7,641,00013,06
0
10,446,000 75,125,000 7,178,00010,668,00011,726,00 14,944,000 3,819,000
Total
Amount commer'l paper
11,180,000
1.245.00 3.927.1 I 1
5.008,000. 1.000.000
delivered to F.R.agent
Boston.




New York. Philadera. Cleveland. Richmond] Atlanta.

APR. 8 1916.]

THE CHRONICLE

1327

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 1. The figures for the
separate banks are the averages of the daily results.. In the case of the totals, actual figures at the end of the week are also
given. In order to furnish a comparison, we have inserted the totals of actual condition for each of the three groups and
also the grand aggregates, for the three preceding weeks.
NEW YORK WEEKLY CLEARING-HOUSE RETURN.
CLEARING-HOUSE
Capitol.
MEMBERS.

Net
Profits.

-'Nat. B'ks Mar. 7
IStaterVitaNlar.17'

Week Ending
April 1 1916
(Our omitted.)

Loans,
Discounts,

riveitrals.

Legal
Tenders

Gold

lee

-- ---Average
4verage.
Members of Federal
S
$
1
$
Reserve Bank.
36,002,0 2,435,0
3ank of N. Y., N.B.A. 2,000.0 4,779,1
2,000,0 2,324,6
773,0
30,210,0
derchants' Nat. Bank_
deoli. & Metals Nat__ 6,000,0 9,335,0 127,070,0 18,677,0
National City Bank ._ _ 25,000.0 a39,074,5 406,926,0 77,677,0
1,092,0
37,081,0
NiemIcal Nat. Bank__ 3,000,0 8,011,2
1,107,0
1trantio National Bank 1,000.0
12,059,0
779,0
51,0
300,0
2,290,0
83,7
qat. Butchers' & Drov_
88,511,0 4,060,0
kmer. Exch. Nat. Bank 5.000.0 5,257,7
National Bank of Corn_ 25.000,0 18,211,6 231,150,0 17,935,0
59,670,0 2,974,0
Dhatham & Phenix Nat. 3,500,0 2,210,8
lanover National Baal: 3,000,0 15.558,3 126,047,0 20,377,0
27,778,0 1,190,0
3Itizens' Central Nat__ 2,550,0 2,512,6
1,761,0
9,237,0
1,992,8
Warket & Fulton Nat__ 1,000,0
1,366,0
32,354,0
1.500.0 7,687,7
Importers' & Traders'.
National Park Bank.. 5,000.0 15,679,9 145,201,0 9,201,0
107,0
2,317,0
78,3
250.0
Bank_
East River Nat.
17,534,0
1,117,0
Second National Bank. 1.000.0 3,323,1
First National Bank__ 10,000,0 22,754,3 163,044,0 18,056,0
69,570,0 5,968,0
Irving National Bank _ _ 4,000,0 3,953,8
10,135,1)
495,0
500,0 1,215,3
N. Y. County Nat. Bk.
Chase National Bank__ 5,000.0 10,282,0 194,262,1) 14,455,0
19,324,0
1,910,5
1,539,0
1,000.0
Bank_
National
Lincoln
9,533,0
736,0
Garfield National Bank 1,000.0 1,272,0
250.0
417,6
200,0
5,151,0
Fifth National Bank__
38,919,0 2,247,0
Seaboard Nat. Dank... 1,000,0 2.883,9
58,157,0 2,903,0
Liberty National Bank. 1.000.0 3,340,4
706,3
530,0
8,881,0
Coal & Iron Nat. Bank. 1,000,0
1,056,3
175,0
1,000.0
11,229,0
anion Exchanze Nat__
1,000,0 1,110,9
9,515,0
296,0
Nassau Nat. Bank _ ... _
18,731,0
1,538,0
920,9
1,500,0
Broadway Trust Co__
Totals, avge. for week 115,350,0 188,702,1 2,007,978,0 211,038,0
I
----,
2,01)8,173,0 215,81:1,0
Totals,actual condition April 1
2,010,839.0 212,757.0
Totals, actual condition Mar. 25
2,005,395,0 218,339,0
Totals, actual condition Mar. 18
1,989,051,0 238,143,0
Totals. actual condition Mar. 11

-.Average.
$
1,044,0
840,1)
2,810,0
5,594,0
2,756,0
239,0
35,0
1,164,0
4,622,0
1,385,0
:3,765,0
333,0
770,0
1,386,0
1,939,0
28,0
220,0
2,675,0
1,106,0
270,1
10,239,0
615,0
216,0
120,0
2,0.14,0
4,079,0
100,0
390,0
110,0
218,0

Addit'al
Nat.Bank Nat.Bankl Federal
Notes
Reserve Deposits
Notes
Reserve
National
[Reserve
Net
with
[Not
with
Bank
Bast
Net
Miter. for Stale Counted
Legal
Notes
Demand
CircalcLegal
Time
Mynasas
Deposi- Deposi- Deposits. Deposits
tion.
[Not
lions).
Reaervel. Reserve). (cries.
Miles.
-------.---------- -Average. Average
Average. Average. Average, Average Average.
Average. Aurae'
g
•
g
$
$
$
s
$
s
585,0
3,0
32,031,0 2,004,0
2,358,0
796,0
2,118,0
28,0
9,0 2,232,0
30,195,0
1,824,0
4,041,0
108,0
25,0 10,126,0
140,490,0 2,576,0 4,956,0
4,288,0
128,0
790,0 35,529,0
1,466,0
462,211,0
1.799.0
2,163,0
41,0
2,450,0
34,147,0
450,0
538,0
42,0
20,0
1,089,0
174,0
125,0
13,237,0
165,0
6,0'
140.0
49,0
1,860,0
2,186,0
123,0
39,0 9,187,0
87,416,0 3,423,0 4,524,0
2,382,0
3,0
3,0 18,154,0
233,173,0
155,0
345,0
2.006,0
304,0
169,0 4,682.0
58,713,0 5,159,0
1,775,0
3,115,0
23.0
30,0 12,475,0
130.0
147.287,0
948,0
26,0
7,0 2,347.0
25,444,0
1,191.0
1,055,0
407,0
116,0
10,0
978,0
10,135,0
210,0
843,0
63,0
2,230,0
29,054,0
50,0
6,300,0
45,0 11,438,0
82,0
148,488,0
1,656,0 3,560,0
185,0
7,0
206,0
2,323,0
50.0
492,0
1,104,0
47,0
39,0
14,783,0
698,0
7,692,0
167,896,0
12,881,0
28,0
125,0 4,936,0
2,918,0
640,0
28,0
118,0
57,0 5,689,0
76,894,0
342,0
16,0
101,0
10,304,0
793,0
199,0
7,888,0
37,0
19,0 19,962,0
226,607,0 4,752,0
450,0
274,0
77.0
23.0
1.425,0
37,0
19,597,0
899,0
632,0
30,0
57,0
747,0
399.0
9,367,0
248,0
4,0
8,0
363,0
5,125,0
248,0
104,0
1,861,0
82,0
19,0 4,645,0
24,0
46,018,0
3,420,0
23,0
70,154,0 1,508,0
7,483,0
500,0
137,0
11,0
' 19,0
748,0
200,0
8,612,0
413,0
622,0
21,0
793,0
15,0
10,816,0
398,0
599,0
29,0
635,0
8,989,0
139,0
528,0
35,0 1,419,0
60,0
98,0
19,566,0

51,112,0 59,927,0

1,681,0

1,452,0 174,308.0

2,150,932,0 24,887,0 31,500,0

51,292,0
53,721.0
50,568.0
44,718.0

60,901,0
58,050,0
61,817,0
60,447,0

1,559,0
1.747,13
1.533,0
1,755,0

1,196,0 171,833,0
1.417,01176,317.0
1,433,0 170,345.0
1.463,0 168,734,0

2,156,241,0
2,156,247,0
2,153,180,0
2.149,745,0

24,657,0
24,880,0
24,358,0
21,341,0

3,289,0
1,476,0
272,0
803,0
55,0
850,0
1,368,0
47,0
135,0
888,0
35,0
75,0
252,0
219,0
290,0
612,0

623,0
885,0
525,0
94,0
117,0
644,0
4,204,0
63,0
120,0
1,140,0
96,0
133,0
549,0
135,0
361,0
457,0

86,0
50,0
350,0
118,0
3,0
46,0
583,0
41,0
10,0
61,0
80,0
92,0
50,0
35,0
101,0
152,0

1,000,0

281,0
199,0
855,0
619,0
259,0
1,010,0 2,989,0
1,469,0
684,0

51,614,0
32,342.0
12,178,0
5,219,0
2,516,0
12,325,0
93,836,0
3,580,0
6,255,0
17,575,0
4,733,0
6,387.0
14,250,0
4,653,0
14.323,0
24,485,0

239,730,0 28,216,0 10,466,0 10,146,0

1,858.0

56,0 14 409 0 9,. 471 90

311,271,0

1,069,0

290,962,0
287.017.0
284.602.0
282,420,0

1,645,0
1,893,0
1,853,0
2.098,0

51,0 16,056,0 8,012,0
47,0 13,583,0 10,224,0
40,0 13,769,0 10,097,0
143,0 9,432,0 14,987,0

310,191,0
310.929,0
308,394,0
310,604,0

1,040,0
1,067.0
1,085.0
161.0

551,0
80,0
205,0
162,0
131,0
749,0
90,0
105,0
713,0
362,0
832,0
224,0
363,0
405,0

198,0
22,0
172,0
34,0
111,0
558,0
33,0
20,0
219,0
117,0
30,0
49,0
58,0
320,0

27,0
1,314,0 2,748,0
21,0 10,705,0 10,783,0
3,0
1,871,0 9,477,0
1,142,0 1,966,0
10,0
1,083,0 5,451,0
17,772,0 7,826,0
326,0 1,009,0
10.0
858,0
518,0
84,0 3,299,0 4,395,0
21,0
954,0 1,840,0
25,0 2,871,0 6,357,0
11,0
876,0 1,287,0
13,0
642,0
546,0
2.600,0 2,376,0

26,289,0
214,094,0
37,416.0
24,185,0
21,665,0
355,442,0
6,527,0
17,163,0
65,073,0
19,081,0
57,322,0
17,527,0
12,840,0
51,996,0

8,076,0
20,484,0
17,785,0
5,888,0
731,0
42,439,0
1,005,0
1,062,0
18,403,0
1,353,0
7,853,0
3,890,0
704,0
6,250,0

6,069,0

4,972,0

1,941,0

225,0 46,313,0 56,557,0

927,520,0 135 923,0

7,975,0
:3,727,0
5,025.0
5,883,0

6,1340
6,849,0
5,357,0
9,757,0

1,908,0
1,992,0
1,990,0
2,036,0

201,0
255,0
219,0
261,0

46,763,0 54,038,0
48,158,0 56,259.0
47,483,047,835,0
45,198,0 42,486,0

1
93.5,869,0 137,959,0
923,085,0 134,607,0
949,508,0 131,088,0
938,255,0 134,180,0

Grand Aggregate. avge_ 185.650,0 326,258,7 3,363,67 ,0 2: ,521.0 67,647,0 75,045,0
Comparison prey. week
+3, . , -8,499,0 -172,0 +864,0

3,799,0
-31,0

Grand Aggregate,actual condition April
Comparison prey week

4870 234,6iT270 62,050,0 3,402,301,0 163,656,0
1,4-271,0 -1,384,0 -4,433,0 +12,040,0 +3,102,0
--.37885.0 1,787.0 1.719,0 238,038,0 86,483.0 3,390.281,0 180,554,0
1,533.0 1,892.0 231,597.0 57,932,0 3,411,082,0 156,507,0
3,843,0
4,134,0 1,755,0 1,887,0 223,362,0 57,473,0 3,398,604,0 155,682,0

State Banks.
Not hfern4ers of
Federal Reserve Bank.
2,050,0 4,930,4
Bank of Manhattan Co_
10500,0 6,308,1
Bank of America
500,0
Greenwich Bank __ __ ..
1,205.0
500,0 1,008,2
Pacific Bank
200,0
447,6
People's Bank.
Metropolitan Bank ..._ _ 2.000,0 2,015,2
Corn Exchange Baak _ 3.500,0 7,026,4
250.0
797,4
Bowery Bank
750,0
758,3
German-American Bank
100.01 2,293,6
Fifth Avenue Bank_ _ _ _
826,9
200.0
German Exchange Bank
200,0 1,077,0
Germania Bank
1,000,0 2,154,1
Bank of Metropolis_ _ ._
630,6
200,0
West Side Bank.
N.Y Produce Exch.Bk 1.000,0 1,048,4
581,5
1.500,0
State Bank.
--Totals, twat). for week. 15.450.0 33,109,6
.....Totals,flotilla! condition April 1
Totals, actual condition Mar. 25
Totals actual condition Mar. 18
Totals, actual condition Mar. 11 _ ._.

1

43,990,0
33,519,0
11,326,0
5,914,0
2,506,0
13,890,0
86,272,1
3,971,0
8,143,0
16,738,0
4,878,0
6,447,0
14,763,1)984,0,
4,734.01
12,585,0
22,054,0

7,568,0
4.123,1)
865.1)
220,0
164,0
956,0
5,688,0
316,0
717,0
1,497,0
454,0
675,0
272,0
1,886,0
1,831,0

26,879,0 9,091,0 9,412,0
28,729,0 11,910,0 10 241,0
28,798,0 11.415,0 10,512,0
29,216,0 11,732,0 12,210.0
=-. -

Trust Companies
Not Members of
Federal Reserve Bank
1,500.0 3,817,4
35,365,0 1,911,0
Brooklyn Trust Co_ __
- 10,000.0 15,914,2 224,569,0 21.298,0
Bankers; Trust Co
2.000.0
4,627,9
Co_
56,279,0 3,273,0
Mg.
sTrust
S.
U.
1.250,0
1.632,2
Astor Trust Co
29,071,0 2,257,0
Title Guar.& Trust Co_ 5,000,0 12,295,3
36,582,0
1,597,0
Guaranty Trust Co.__ 20,000,0 30,638,6 38.5.198,0 34,303,0
1,230,3
Fidelity Trust Co..... 1,000.0
8,780,0
497,0
4.000.0 5,378,0
Lawyers Title h Trust_
24,716,0
1,337,0
2.000,0 7,779,1
Columbia Trust Co... _ _
84,345,0 5,512,0
1.01)0.0
1,622,5
20,181,0
People's Trust Co
1,304,0
69,000,0 4,262,0
New York Trust Co__ 3,000,0 11,288,6
1,311,4
20,990,0
1,366,0
Franklin Trust Co_ _ _ _. 1,000.0
514,8
1,000,0
13,116,0
779,0
Lincoln Trust Co
2,090,0 6,416,7
57,771,0 4,571,0
Metropolitan Trust Co_
-Totars avge for week 54.750,0 104,447,0 1,065,963,0 84,267,0
Totals. actual condition
Totals. actual condition
Totals, actual condition
Totals, actual condition

April 1
Mar. 25
Mar. 18
Mar. 11

1,071,213,0
1,059,110,0
1.078,527,0
______ . 1.072,235.0

83,689,0
88,158,0
93.051.0
81,195,0

13v,0
12,0
129,0
24,0
386,0
1,160,0
50,0
338,0
143,0
115,0
2,544,0
119,0
82,0
830,0

3,212,0

926,0

594,0
151,0

2,0
22.0

158,0

5,950,0 4,050,0
215,0
45,0
214,0

32,0

1

31,634,0
31,629,0
31,690,0
34,552,0

6,0
9.0
25,0

29,0

'

1,681,0
-68.0

1,733.0 235.030,0 66.028.0 3,389,723,0 161,879,0 31,500,0
-201,0 +563,0 +27800 -7,154,0 +2,698,0
-86,0

2-67373170 63701170 7d,4-47770 5970
.37553,0 -1751 3,370,318,0 .37
+13,382,0 -1,261,0 -997,0 +3,307,1) -332,0 -228,0

31,634,0
+5,0

Grand Aggregate actual,condition Mar. 253,356,966,0 327,642.0 69.358,0 73,140,0
Grand Aggregate aetuaCcondition Mar. 18 3.386,524,0 340,188.0 67,008,0 77,488,0
Grand Aggregate actualleondition Mar. 11 3.343,715,0 348,554,0 132,131,0 82,414,0

31,629.0
31,690,0
34.552,0

Includes capital set a.s1de for Foreign Branches, $3,000,000
STATEMENTS OF RESERVE POSITION
Averages.
Cas4 Reserve, Reserve in
is Vault. IDepositaries

Total
Reserve.

A Reserve
Required

Actual Figures.
!Inc or Dec
Surplus
from
FCash Reserve Reserve in
Reserve. ,PreviousWeek fa Vault. 1Derostlaries

Total
Reserve.

b Reserve
Squired.

Surplus
Reserve.

Inc. or Dee
from
PrevfousH eek

Members Federal
$
I
$
$
$
1
$
$
Reserve Bank___ 322,077,000 174,308,000496,385,000388,412,110 107,972,8901 -1,611,401) 324,006,000 171.833,000 499,839,000 389,358,230 110,482,770 +1,006,230
50,686,000 14,409,000: 6.5,095,000 56,028,78
State Banka•
9,066,2201 -1,777,400 17,030,000 16.056,000 63,086,000 55,834,380 7,251,620 -3,117,160
Trust Companies'... 97,249,000 46,313,000 143,582,000 139,128,000 4,434,0001 -2,771,150 99,706,000 46,763,000 146,469,000 140,380,350 6,088,650
-328,600
470,012,000 235,030,000 705,042,000583,568,890 121,47:3,110; -6,159,950 174,742,000234,652.000 709,394,000 585,570,9605i3,823.040 --2,439,530
Total Apr. 1._
Total Mar.25._ _ _ 477,850,000 234,467,000712,317,030584,843,940 121,633,080 -3,201,560 474,025,003236,036,030710,061.000 5.83,798,430 126,262.570 --7,132,110
Total Mar.18-- 484,616,000 232.397,000716,923.000588.093,380 130,834,6201 -2,906,210 488,525.000 231.597.000 720,122,000 588,727,3201133,394,680 --2,832,200
Total Mar.11___ 493.869.000 226.050,000719,919,000 586.178,170133.740,830
-977,110 497.233.000 223.382.000720,595,000584,368.120138,228,880 --1,293,560
41Not members of Federal Reserve Bank.
•This Is the reserve required on Net Demand Deposits in the case of State Banks and Trust Companies, but in the ease of Members of the Federal Reserve Banks
Includes also the amount of reserve required on Net Time DeDosits.whIch was as follows: April 1, 51,244,350; Mar. 23, $1,237,850; Mar. 18. $1,207,750; Mar. 11, S1,057,450.
b This Is the reserve required on Net Demand Deposits in tho case of State Banks and Trust Companies, but in the cane of Members of the Federal Reserve Rants
'neliiite i able the amount of reserve required on Net Time Deposita.which was as follows: April 1, $1,232,850; Mar. 25, $1,244,000: Mar. 18, 51,217,800: Mar. 11, 31,067,050.




1328

[voL. 102.

THE CHRONICLE

The State Banking Department reports weekly figures
In addition to the returns of "State banks and trust comshowing the condition of State banks and trust companies panies in New York City not in the Clearing House" furnished
In New York City not in the Clearing-House, and these are by the State Banking Department, the Department also
shown in the following table:
presents a statement covering all the institutions of this class
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER in the whole State. The figures are compiled so as to distinNEW YORK, NOT INCLUDED IN CLEARING-HOUSE STATEMENT.
guish between the results for New York City (Greater New
(Figures Furnished by State Banking Department.) Differences from
April 1.
previous week.
York)and those for the rest of the Stat3, as per the following:
Loans and investments
$692,110,100 Inc. $1,989,800
For definitions and rules under which the various items
Gold
58,095,600 Inc.
319,200
Currency and bank notes
8,874,400 Dec.
94,100
Total deposits
875,918,200 Inc. 5,119,500 are made up, see "Chronicle," V. 98, p. 1661.
Deposits, eliminating amounts due from reserve deThe provisions of the law governing the reserve requirepositaries and from other banks and trust companies in New York City, and exchanges
728,083,700 Inc. 1,435,900 ments of State banking institutions were published in the
Reserve on deposits
209,892,903 Inc. 2,813,730
"Chronicle" March 28 1914 (V. 98, p. 968). Tha regulaPereentage of reserve, 29.3%.
RESERVE.
tions relating to calculating the amount of deposits and what
Stale Banks--Trust Companies
Cash in vaults
$11,645,000 10.88%
355,325,000
9.07% deductions are permitted in the computation of the reserves
Deposits In banks and trust cos__ __ 18,810,700 17.57%
124,112,200 23.36%
were given in the "Chronicle" April 4 1914 (V. 98, p. 1045).
Total

630,455,700

28.45%

6179,437,200 29.43%

The averages of the New York City Clearing-House banks
and trust companies, combined with those for the State banks
and trust companies in Greater New York City outside of the
Clearing-House,compare as follows for a series of weeks past:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
We omit ciphers in all these figures.

Week ended- Loans and
Investments
Jan. 8
Jan. 15
Jan. 22
Jan. 29
Feb. 5
Feb. 11
Feb. 18
Feb. 26
Mar. 4
Mar. 11
Mar. 18
Mar. 25
Apr. 1

3,894,605,2
3,919,527,2
3,923,580,8
3,933,590,6
3,950,998,9
3,974,792,2
3,997,810,9
4,044,174,4
4,056,861,1
4,041,443,5
4,056,746,2
4,050,652,3
4,055,781,1

Demand
Deposits.
3,983,842,6
4,027,009,7
4,044,949,6
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

Specie.
170,414,4
487,114,0
500,667,9
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
456,661,6

Other
Money.
84,860,4
90,946,4
85,688,3
87,113,3
34,379,3
83,599,2
79,682,2
79,693,4
78,935,4
78,406,1
76,973,4
80,617,5
80,320,4

Total
Entire
Money Reserve on
Holdings. Deposits.
555,274,8
578,061,0
586,356,2
588,718,4
586,711,9
588,182,9
580,749,9
572,699,5
562,250,1
560,289,8
551,265,0
544,594,9
536,982,0

$
957,546,1
973,780,8
981,669,6
980,825,8
983,463,3
978,220,4
967,571,4
949,725,4
941,712,7
923,885,2
916,177,3
919,396,2
914,034,9

STATE BANKS AND TRUST COMPANIES.

Week ended April 1.

State Banks
State Banks
Trust Cos.
Trust Cos.
in
in
outside of
outside of
Greater N. Y. Greater N. F. Greater N. F. Greater N. Y.

Capital as of Dec. 31....
Surplus as of Dec. 31....__

23,350,000

$
65,550,000

38,833,300

$
14,050,000

11,613,000

163,857,800

14,966,300

12,887,000

Loans and Investments...
Change from last week_

374,814,300 1,663,888,400
+4,754,130
+494,500

152,073,403
+1,447,600

220,063,900
+728,400

Gold
Change from last week_

42,558,100
-1,084,300

140,682,100
-3,383,400

Currency and bank notes_
Change from last week_

19,773,0001
-1,181,0001

14,275,100
+268,300

Deposits
Change from last week_

494,705,300 1,981,653,800
-5,503,6001 +1,439,600

164,372,000
+1,201,500

234,222,500
+167,500

Reserve on deposit
Change from last week_

110,740,2001 401,669,609
-2,367,400 +4,378,000

30,539,200
+541,000

33,230,900
-736,700

21.6%
21.4%

17.4%
17.7%

P. e. of reserve to deposits
Percentage last week__

27.3%
27.7%

24.9%
24.6%

+ Increase over last week. -Decrease from last week.

Non-Member Banks and Trust Companies.-Following is the report made to the Clearing-House by clearing nonmember institutions which are not included in the "Clearing-House return" on the preceding page:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING-HOUSE.
Net
CLEARING
NON-MEMBERS. Capital. 1 Profits.

Nat.Bank Nat.Bank Federal
Loans,
Notes Me- Notes(Not Reserve
Discounts,
Legal
Bank
serve for Counted
Week Ending
rNat. b'ks Mar. 71. InvestGold.
Tenders. Silver. State InNotesiNot
as
Ap r11 1 1916.
(aste b'ks Mar 17J merits, dtc.
stitutions] Reserve]. Reserve].
-Members of
Average. Average. Average. Average. Average. Average. Average.
$
$
Fed`l R eserve Bank
$
$
$
$
$
$
$
182,100 3,381,000 404,000
BatterY Park Nat_ _ _ 200,000
45,000
48,000
3,000
2,000
672,300 5,001,000 139,000
First Nat., Brooklyn 300,000
43,000 101,000
5,000
9,000
National City,Bklyn 300,000
613,200 5,316,000 160,000
60,000 112.000
10,000
11,000
First Nat ., Jers. City 400,000 1,268,200 4,891,000 200,000 274,000
84,000
16,000
1,000
Hudson Co. N.,J.C. 250,000
759,700 4,139,000 137,000
11,000
72,000
6,000
90,000
631,200 5,724,000 128,000
First Nat., Hoboken 220,000
23,000
54,000
10,000
6,000
125,000
299,300
Hobok.
4,553,000
Second Nat.,
52,000
35,000 113,000
4,000
1,795,000 4,426,000 33,005,000 1,220,000

Total

State Banks.
Not Members of the
Federal Reserve Bank.
Bank of Wash. Hgts. 100,000
400,000
Colonial Bank
300,000
Columbia Bank
200,000
Fidelity Bank
200,000
Mutual Bank
200,000
New Netherland
100,000
Yorkville Bank
Mechanics', Bklyn_ _ 1,600,000
2011,000
North Side, Bklyn
Total

109,000
426,000
641,000
99,000
637,000
216,000
340,000
808,000
193,000

3,300,000 4,446,300 56,348,000 3,469,000

Trust Companies.
Not Members of the
Federal Reserve Bank.
HamiltonTrust,Bkin
Mechanica',Bayonne
Total

401,500 2,062,000
861,200 8,591,000
680,900 7,750,000
186,600 1,369,000
462,700 6,124,000
250,200 3,865,000
581,000 5,765,000
825,800 17,643,000
196,400 3,179,000

491,000

584,000

8,000
167,000
37,000
9,000
89,000
45,000
115,000
164,000
49,000

51,000
494,000
237,000
30,000
176,000
126,000
243,000
884,000
121,000

683,000 2,362,000

142,000

22,000
52,000
145,000
10,000
56,000
43,000
79,000
88,000
21,000

Reserve Additional
Deposits
with
Net
Legal with Legal
DepotDemand
DepotDeposits.
itaries.
itaries.
Average. Average.
$
$
261,000
438,000
574,000
141,000
644,000
108,000
542,000 3,735,000
394,000
913,000
608,000
396,000
286,000
566,000

Net
Time
Deposits.

National
Bank
Circulotion.

AveraVe. Average. Average.
$
$
$
3,647,000
108,000 193,000
4,642,000
294,000
5,290,000
119,000
4,520,000
393,000
3,279,000
195,000
2,533,000 2,750,000 217,000
2,387,000 1,972,000
98,000

31,000 3,274,000 6,232,000 26,298,000 4,830,000 1,509,000

96,000
215,000 1,611,000
545,000
413,000 9,083 000
164,000 8,311,000
499,000
5,000 1,224,000
68,000
980,000 6,269,000
485,000
209,000 3,820,000
3,000 228,000
492,000 6,175,000
371,000
1,140,000 2,7:30,000 19,000.000
220,000
470,000 3,658,000

26,000

268,000

516,000 268,000
--

500,000 1,093,500 7,487,000
200,000
294,100 4,298,000

450,000
78,000

13,000
24,000

14,000
82,000

39,000
20,000

20,000

700,000 1,387,600 11,785,000

528,000

37,000

96,000

59,000

20,000

Grand aggregate.... 5,795,000110,259,900 101138000 5,217,000 1,211,000 3,042,000 575,000 430,000
+1261000 -3,000 +20,000 +51,000 +21,000 -21,000
Comparison. prey wk
$34,220 increase Excess reserve,
Grand aggr'te Nfar25 5,795,00010,051,000 99.877,0005,220,000 1,191,000 2,991,000 554,000 451,000
Grand aggr'te Mar18 5,795,000 9,944,700 100859003 5,101,003 1,123,390 3,014,093 596,000 493,000
Grand aggr'te Mar 11 5,795,000 9,944,700 100209000 1 5,181,000 1,194,000 3,063,000 705,000 440,000
Grand aggr'te Mar 4 5,795,000 9,944,700 99,330,0005,034,000 1,219,000 2,938,000 690,000 395,000
Grand aggr'te Feb 26 5,795,000 10,038,300 95,962.0005,052,000 1,188,000 2,984.000 084,000 520.000

389,000
246,000
80,000

29,000 3,652,000 5.678,000 59,151,000

715,000

2,000
15,000

257,000 1,851,000 5,155,000 1,517,000
83,000
804,000 1,667,000 2,469,000

17,000

340,000 2,665,000 0,822,000 3,980,000

77,000 7,266,000 14,565,000 92,271,000 9,531,000 1,509,000
-9.000 +139000-1,172.000 +1055000 +121,000 -8,000
86.0007.127,000 15,737,000 91,216,000
51,000 7,100,000 14,960,003 91,079,000
44.000 7,129,000 14,751,000 91,131,000
47,000 7,001,000115,478,000 89,711,000
52,000 7,027,000 15,352,000 89,870,000

9,410,000 1,517 000
9,437,000 1,508,000
9,449,000 1,516,000
9,483,000 1,519,000
9,517,000 1,512,000

Philadelphia Banks.-Summary of weekly totals of
Boston Clearing-House Banks.-We give below a
Clearing-House banks and trust companies of Philadelphia:
summary showing the totals for all the items in the Boston
Clearing-House weekly statement for a series of weeks:
We omit two ciphers (00) in all these figures.

BOSTON CLEARING-HOUSE MEMBERS.

Jan. 22
Jan. 29
Feb. 5
Feb.11
Feb. 19
Feb.26
Mar. 4
Mar 11
Mar.18
Mar. 25
Apr. 1

Capital
and
Surplus.

Loans.

Reserve.

Deposits.
a

Circulation.

Clearings

$
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
103,884,3
103,884,3
103,884,3
103,683,3
103,684,3

473,454,0
477,748,0
482,190.0
481.708,0
478,243,0
479,731,0
485,129,0
493,815,0
499,145,0
500,354,0
499,682,0

121,739,0
111,788,0
110,009,0
109,242,0
130,945,0
140,053,0
135,289,0
125,018,0
117,978,0
117,010,0
120,964,0

592,806,0
582,743,0
585,686,0
586,063,0
617,461,0
620,904,0
624,269,0
609,500,0
615,496,0
604,519,0
612,836,0

10,975,0
10,960,0
10,966,0
10,575,0
10,508,0
10,519,0
10,455,0
10,443,0
9,797,0
9,716,0
9,694,0

222,977,1
207,825,7
239,873,4
195,426,3
290,161,8
200,789,1
254,334,0
211,721,5
227,728,7
214,195,5
215,906,5

a Includes Government deposits and the item 'due to other banks' (April 1,
$178,121,000); also "Exchanges for Clearing House" (April 1, $25,297,000). Duo
from banks April 1, $70,808,000.




April 1
1916.

Change from
previous week.

Circulation
$7,877,000 Dec.
Loans, disc'ts & investments_ 409,432,003 Dec.
Individual deposits, incl.U.S. 341,155,000 Dec.
140,434,000 Inc.
Due to banks
25,699,000 Inc.
Time deposits
Exchanges for Clearing-11'8e_ 20,600,000 Inc.
37,822,000 Inc.
Due from other banks
28,678,000 Dec.
Cash reserve
Reserve in Fed. Res've Bank 16,321,000 Dec.
Reserve with other banks.-- 75,623,000 Inc.
946,000 Dec.
Reserve excess in bank
Excess with reserve agent... 56,683,000 Inc.
1,169,000 Dec.
Excess with Fed. Res've B'k_

March 25
1916.

March 18
1916.

$281,000 $8,158,000 $8,153,000
2,324,000 411,756,000 409,061,030
3,414,000 344,569,000 342,502,000
4,074,000 13(1,360,000 137,838,000
485,000 25,214,000 25,865,000
3,198,000 17,402,000 19,581,000
11,000 37,811,000 40,255,000
466,000 24,142,000 24,143,000
1)03,000 17,229,000 16,247,000
1,087,000 74,536,000 74,090,000
244,000 1,190,000 1,481,000
1,272,000 65,411,000 55,205,000
760,000 1,929,000 1,139,000

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

APR. 8 1916.1

Vaulter?

THE CHRONICLE

azeite.

1329

prices of all the different issues and for week's range see third
page following.
Railroad and Miscellaneous Stocks.—The stock market has, as noted above, reversed its movement of last week,
and, notwithstanding a reactionary tendency to-day, has
recovered practically all the decline then recorded. The
change began at the week-end and continued without interruption until to-day. The railway list participated in the
advance quite generally, although, of course not to the same
extent, as the industrial group. The daily volume of business has been larger than of late, averaging nearly 550,000
shares, and has been widely distributed.
The railway list covered a relatively narrow range of quotation and manufacturing stocks have not been as erratic
as is sometimes the case. South Porto Rico Sugar, however,
covered 163/i points. Industrial Alcohol 143,Jewel Tea 12,
Montana Power 11, Inter. Mere. Mar. pref., and N. Y. Air
Brake from 6 to 63/2. At the close last night the entire active
list showed an advance of from 1 to 12 points, but to-day's
reaction on the news from Washington has narrowed the gap.
For daily volume of business see page 1338.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:

Wall Street, Friday Night, April 7 1916.
The Money Market and Financial Situation.—Why
the tone of the security markets should have been reversed
over the week-end is, perhaps, an interesting study in psychology. With no apparent change in basic or fundamental
conditions there was a complete change in sentiment and in
the trend of prices at the Stock Exchange, such as usually
follows a reversal of dominant influences. The labor question is just as much a menace to the railroads and general
business now as it was last week. Villa has not been captured,
and our relations with European Powers are unchanged, yet
security values, which steadily declined last week, have as
steadily and more forcefully advanced this week.
Two events abroad have attracted attention here, although
having no bearing whatever upon domestic affairs. We
refer to the British Budget, to which was attached a recommendation for increased special taxation to the amount of
$350,000,000, and the German Chancellor's speech in the
Reichstag. In the latter there was, however, very little
that is new or of importance as touching international affairs, and nothing to encourage a hope than an end of the
STOCKS.
Sales I
Range for Week.
Range since Jan. 1.
war is near.
Week ending April 7.
for
Week. — Lowest.
Highest.
Lowest.
Highest.
A noteworthy feature of the week's records at the Stock
Par Shares $ per share $ per share $ per share S per share
Exchange has been the demand for investment bonds. The Adams
Express
100 80014334 Apr 6 144% Apr 3 132% Mar
Jan
Anglo-French 5s sold at 96 on three successive days, a new American
Express_..100 1,00012754 Apr 5 129 Apr 6 124% Ma 154%
140% Jan
Teleg & Cable_ _ _100
170 oni Apr 7 69% Apr 6 63% Jan 69% Apr
high price for the year, outstanding New York City bonds Am
Am Writ Paper, pref 100 3,000 1834 Apr 6 2034 Apr 3 11
Jan 21% Mar
Associated 011
100 700 6734 Apr 7 68 Apr 5 62
advanced on the announcement that a new issue of $55,000,- Batopilas
Jan 77
Jan
Mining_ _ __20 1,500 254 Apr 4 2% Apr 1 2
Feb
3% Jan
000 will soon be offered, and some of the new Canadian Bklyn Union Gas_ _ _100 112 129 Apr 5 129 Apr 5 129 Mar 132
Jan
Brown Shoe
100
200 57 Apr 6 57 Apr 6 50% Jan 57
bonds have sold "when issued" more than 3 points above the Brunswick Terminal_100 350 9 Apr 5 9% Apr 5 9 Ap 14 Mar
Jan
Buff Rock & Pitts, pf100
10011474 Apr 4 114% Apr 4 114% Ap 114% Apr
issue price. It is the newer bonds, however, which are Bush
Terminal
100 300 1123( Apr 1 11334 Apr 3 96
Jan
121
Feb
100 240 28 Apr 7 28% Apr 6 28
favorites. We are informed by prominent dealers that there 13utterick
Ap 31
Jan
Canada Southern_ _ _100
22 5834 Apr 3 5834 Apr .3 57
Fe. 58% Jan
is no unusual demand for the older and better known issues. Case (J I), pref
100 2
8534 Apr 3 8734 Apr 6 85
Feb
88%
Jan
Cent &
Am Teleg_100
77 138 Apr 6 140 Apr 6 135
Jan
Jan 140
The Bank of England reports that its gold holdings were Cluett, So
Peabody &Co100 1,55 72 Apr 5 74 Apr 3 70
Feb 76
Jan
Comp-Tab-Record'g 100
1
46 Apr 6 46 Apr 6 44
reduced about $1,000,000 during the week, and the Bank Deere
Jan 52% Jan
& Co, pref_...100 2
9434 Apr 7 943( Apr 6 94% Jan 98;4 Feb
Detroit
Edison
100
Franco
195 13234 Apr 6 13234 Apr 6 131
a loss substantially larger.
of
M 141% Jan
Detroit United
100 768 89 Apr 1 95% Apr 3 70
J
9534 Apr
Diamond Match___ _100
1 106 Apr 7 106 Apr 7 10234 M 108
Foreign Exchange.—The market for sterling exchange has Ingersoll-Rand
Jan
100, 293275 Apr 7285 Apr 7 275
Ap
285
Apr
Internat Miry Corp_1001 100 72 Apr 7 72 Apr 7 6834 Ma
ruled quiet but steady during the week. The check rate on K
78
Jan
C FtS & M,pref 100 320 65 Apr 1 66 Apr 4 60
66
Apr
Paris has ruled weak and marks steady. Scandinavian Kings Co El L & P 100 210 12834 Apr 6129% Apr 4 12834 M
Jan 131
Feb
Laclede Gas
100
900
Apr
5
10534
10334
Apr
7 10354 Ma 10734 Feb
rates have reached a new high record. Dutch exchange has Mackay Companies_100 475 7934 Apr 6 80 Apr 7
79
Jan 91
Feb
Preferred
100
140 68 Apr 6 68 Apr 6 6534 Jan 6834 Mar
been firm.
May Dept Stores_ _ _100

To-day's (Friday's) actual rates for sterling exchange were 4 733,
‘K
4 7334 for sixty days, 4 76 7-16@4 7634 for checks and 76 15-1664 77
for cables. Commercial on banks (sixty days), 4 7234(43447234,
and documents for payment (sixty days) 4 724(04 7274. Cotton for payment
4 7634©4 7634 and grain for payment 4 76I@4 76%.
There were no rates posted for sterling by prominent bankers this week.
To-day's (Friday's) actual rates for Paris bankers' francs were nominal
for long and 6 02 for short. Germany bankers marks were nominal
Amsterdam bankers' builders were 43 for short.
Exchange at Paris on London, 28.6034; week's range, 28.5134 francs high
and 28.6034 francs low.
Exchange at Berlin on London not quotable.
The range for foreign exchange for the week follows:
Sterling. Actual—
Checks.
Sixty Days.
Cables.
High for the week_
4 7634
7374
4 77
Low for the week _ _ _4 73%
47674
4 76 15-16
Paris Bankers' Francs—
High for the week_ _ _
59774
59634
Low for the week__
__ _ _
6 0134
601
Germany Bankers' Marks—
High for the week_ _ _
723(
7234
Low for the week_ __
7134
72
Amsterdam Bankers' Guilders—
High for tho week_ __
4374
43 3-16
Low for the week_ __
42 11-16
42'A
Domestic Exchange.—Chtcago, 10c. per $1,000 discount. Boston,
par. St. Louis, lfic. per $1,000 discount. San Francisco. 30c. per $1,000
premium. Montreal, $3 1234 per $1,000 premium. Minneapolis, par.
Cincinnati, par. New Orleans, sight 50c. per $1,000 discount and brokers
50c. premium.

State and Railroad Bonds.—Sales of State bonds at the
Board include $3,000 N. Y. Canal 43's at 1143; $5,000
New York 4s, 1961, at 105; $5,000 New York 4s, 1962, at
105%,and $3,000 Virginia 6s def. trust receipts at 51 to 513/
2.
The market for railway and industrial bonds has been
somewhat more active than last week,the transactions having
averaged well above $4,000,000 per day, par value.. Prices
have generally moved within a narrow range. Changes in
a list of 25 active, representative issues are about equally
divided between higher and lower, and 9 are unchanged.
Of the exceptional features, Distilling Securities Corp. 5s,
which wore very active, and St. Louis & S. F. gen. 5s have
advanced 2 points. On the other hand, New York Railways
adj. 5s and Third Ave. adj. 5s have declined 4 and 23 points,
respectively, and a few other issues are % point lower. The
Anglo-French and Canadian bonds have been taken in very
large amounts on advancing prices.
Sales under the rule "s-20-f." have been larger than last
week, aggregating $361,000 against $175,500.
United States Bonds.—Sales of Government bonds at
the Board include $2,000 4s, coup., at 112; $1,500 4s, reg.,
at 111; $25,500 3s,coup.,"s-5-f." at 1023.1; $13,000 3s, reg.,
at 111%, and $6,000 2s, reg., "s-5-f." at 997
4. For to-day's




400 54 Apr
Preferred
100
100 105 Apr
Morris & Essex
50 1,200 8334 Apr
Nat Cloak & Suit_ _ _100
100 7534 Apr
N Y Chic dr St Louis. 100
100 3534 Apr
New York Dock_ ___100
120 1034 Apr
Ontario Silver Min_ _100 1,200 8 Apr
Pettibone-Mulliken _100 250 50 Apr
Pitts Steel, pref
100 300 99 Apr
Texas Co rights
21,918 1734 Apr
Texas Pat Land Tr_ _100
100 122 Apr
Tobacco Prod, pref_ _100
100 10334 Apr
Underwood Typew,_100
100 90 Apr
Preferrel
100
5011034 Apr
S Realty & Impt_ _100
100 4354 Apr
U Reduc & Refg_ _ _100
300 134 Apr
• Preferred
100 700 154 Apr
Utah Securities v t c_100 400 1734 Apr
Wells,Fargo Express 100
100 12834 Apr

4 55 Apr
1 105 Apr
7 83% Apr
5 7534 Apr
5 3534 Apr
6 10% Apr
7 8% Apr
3 55 Apr
4 9934 Apr
i 1834 Apr
3 122 Apr
810334 Apr
7, 90 Apr
311034 Apr
i 4334 Apr
71 134 Apr
61 134 Apr
1 1774 Apr
5 12834 Apr

5 5034
1 10234
7 81
5 7231
5 33%
6 10
3 6%
7 50
6 9334
4 1534
3 122
6 100
7 86
3 110
1 3834
1
1 1
5 17
5 124%

J
62
J 105
Feb 8334
M
81%
Feb 45
Feb 1534
J
11%
Jan 55
Feb 10034
Ma 1834
Ap 122
Jan 10934
Jan 90
Jan 111
Feb 49
Jan 3;4
J
4
M
20%
Mar 135

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

Outside Market.—"Curb" trading was active and
irregular this week, with a sharp downward tendency developing in to-day's market. Chevrolet Motor was the most
prominent issue and ran up over 30 points to 1993/2, with the
close to-day at 196. Cuba Cane Sugar corn. showed a good
turnover and after a fractional advance to 68% dropped
to 65 and closed to-day at 65%. Midvale Steel moved
irregularly between 653% and 673's and ends the week at
659/8. Tobacco Products corn. was erratic selling as high
as 47 and down to 43, with the close to-day at the low figure.
Atlantic Gulf & W. I. SS. Lines was a strong feature the
corn. moving up some 5 points to 35 and the pref. a point
to 49, the former finishing to-day at 33%.
3
Kathodion
Bronze after early fractional loss to 24 rose to 30% reacting finally to 293/2. Kenefic Zinc sold up 2 points to 15%
but weakened to 14/
8. Submarine Boat at first was up
from 353
4 to 37, but fell back to 353
%. Several new issues
appeared for the first time. Of these Springfield Body
Co. corn. advanced from 51 to 58 and closed to-day at 57.
The pref. was off from 102 to 101, but recovered to 102.
Holly Sugar corn. at first declined from 50 to 42 and the
pref. from 97 to 95. Both moved upward the former to
493/ and the latter to 98, with the close to-day at 49 for the
corn. and 963% for the pref. Gaston Willians & Wigamore
also a newcomer, eased off from 703' to 693-h, but recovered
to 703/8. Trading in Standard Oil issues was very small.
Vacuum Oil sold up from 232 to 247 and back to 245. In
miscellaneous oils tradingwas only fair and price movements
without special significance. United Western Oil was
conspicuous for a jump from 61 cts. to 79 cts. with the
close to-day at 77 cts. Bonds dull and about steady.
The new N. Y. City 4%s were traded in "w. i.," up from
1023% to 1027
4. Ches. & Ohio cony. 5s sank from 97 to
967
4,sold up to 977
4 and at 973
4 finally. Midvale Steel 5s
lost over 2 points to 96, but sold back to 98% finally. Outside quotations will be found on page 1338.

1330

New

-Stock Record. Daily, Week y and Yearly
York Stock ExchangeOCCUPYING
TWO PAGES.
usually inactive, see preceding page.
For record of sales during the week of stocks

noir,

HIGH AND LOW SALEPRICES-PER SHARE, NOT PERCENT.
Saturday
.1 prtt 1.

Monday
April 3.

Tuesday
April 4.

Wednesday
April 5.

Thursday
April 0.

FridaY
April 7.

Sates/or
the
Week
Shares.

-

STOCKS
NEW YORK STOCK
EXCHANGE

Range Since Jan. 1
On basis of 100-share lots
Lowest

Highest

Orr A DEI

Range for Previous
Year 1915
Lowest

Ilighul

$ per share $ per share $ Per Marl
Par $ per share
Railroads
4 Feb 11114 Nov
1
92/
; per share 8 per share $ per share $ per share i per share $ per share
10812Jan 4
10333 10334 5,900 Atoll ToPeka & Santa Fe-100 r10178 Jan 31
Jan 10218 Nov
96
10273 10312 103 10314 10312 10378 1037 10438 10358 104
100 9878 Jan 4 102 Feb 24
prof
Do
1,300
101
*10012
101
101
101
98 Mar 116 Nov
101 10114 10038 10038 101
3
Jan
101 101
115
Mar13
109
100
RR
Line
Coast
Atlantic
1,200
10912 10912
96 Dec
Feb
6334
4
110 110 *109 11112 11012 11012 110 112
Jan
96
110 112
1
Mar
85
100
8714 8712 5,350 Baltimore & Ohio
67 Feb 7934 Nov
8712 8712 8712 8712 8714 8738 8712 878 8738 88
100 7514 Feb 24 80 Jan 15
460 Do pre
7612
7638 7638 *76
76
76'2 7618 7838 176
4 Aug 93 Apr
1
/
83
7612 *76
17
Jan
*76
88
Feb
15
Rapid
Transit_100
844
Brooklyn
8618 8634 3,500
8512
858 858 858 8578 8512 8538 8512 87
85
100 316212 Mar 1 18334Jan 3 138 July 194 Nov
4,145 Canadian Pacific
325 Jan
16714 16714 16814 16913 168 16834 167 16718
16612 16638 167 167
Central of New Jersey...,....100 290 Jan 3 290 Jan 3 1250 Sep 6434 Nov
3538 July
270 320 *270 320 *270 320 *270 320 *270 320 *270 320
100 604 Jan 31 6678Jan 5
3,350 Chesapeake Se Ohio
6212
4
613
4
623
4
623
8
633
1712 Nov
6214
62
8
615
Jan
6138
1014
6138 6158 6138
100 12! Jan 26 1538Jan 3
600 Chicago Great Western
1278 1278 1212 1234 1212 1212
1234 1234 *1234 13
4 May 4113 Nov
1
25/
*1212 13
100 34 Jan 31 3934 Jan 4
3634 1,300 Do pref
3634 36
Dec
*36
1014
38
July
7734
3738 3718 3758 3718 3738 536
3
*36
Jan
1
10212
Mar
4
/
9578 9434 9514 10,699 Chicago Maw & St Paul_100 921
9318 9312 9314 9338 9312 9334 9312 9434 95
100 12712 Mar30 1361 Jan 0 12078 Sep 135 Dec
12914 12934 2,608 Do pref
12914 130
130 130
Nov
4
1
/
128 129
135
July
11813
3
12712 12814 *12712 128
13478Jan
Mar30
8
1247
Northwestern_100
600 Chicago &
127 127 *126 12712
12514 128 • 12658 12658 12638 12638 127 127
100 174 Mar 8 175 Jan 11 163 July 1180 Nov
Do pref
170 180 *170 175 *170 178 *170 175 *170 175 *170 180
1012 July 3838 Apr
Rock 181 & Pac_ _100 1534 Mar 8 2058Feb 7
1714 1712 1712 1714 1758 4,500 Chicago
1718 1712 1738 1712 17
1678 17
120 Jan 19 120 Jan 19 1114 Apr 123 Nov
Om....100
Chia St Paul Minn &
115 125 *115 125 *115 125 *115 .125 *115 125 *115 125
100 1135 Jan 14 136 Jan 27 124 Sep 135 Dec
Do pref
130. 150 *130 150 *130 140 *130 150 *130 150 *130 150
Jan 52 Oct
100 Clay Cin Chic & St Louis 100 39 Feb 10 4778Jan 11 121
41
.38
41
*38
41
*38
41
*38
41
Oct
41
41
*40
4 Feb 77
1
53/
100 70 Feb 2 7678 Mar14
Do pref
77
*72
77
*72
77
*72
77
*72
77
4 Nov
1
*72
77
*72
24 Mar 38/
26 Mar 3 3212Jan 8
100
&
Southern
100
Colorado
27
27
28
*2613
28
*2612
29
*26
*2612 29
*26
28
Jan 60 Nov
45
13
Jan
Apr
55
1
46
100
pret
Do
lat
100
52
*48
52
*48
52
*48
52
*48
50
*46
46
46
35 Sep 52 Nov
100 40 Mar13 48 Jan 11
Do 26 pref
50
*41
50
*11
50
*41
50
Nov
*41
50
50
*41
*41
100 14914 Mar 1 15414Jan 19 13813 Aug 15418 Nov
300 Delaware & Hudson
15018 15013 15112 15112 *150 153 *15112 153 *15113 15213
Jan 238
149 151
199%
6
Jan
216
Mar18
225
Western_50
&
Lack
Delaware
100
218 218 *216 220 *216 220
Nov
1612
Jan
217 219 *215 219 *215 218
4
3
878 Mar30 14 Jan
100
800 Denver & Rio Grande
914 10
10
*9
4 *913 10
1
08 9/
078 97
612 Jan 298 Nov
*914 10
100 15 Mar 8 24 Jan 3
880 Do pref
2034
1914 1912 1913 2018 2014 20
Nov
1878 1878 *17
2214
Feb
*19
4538
8
197
3
8Jan
435
31
100 35 Jan
3712 3612 3714 17,275 Erie4 Nov
1
3634 3714 37
8 3638 37
3214 Feb 59/
3618 3618 3633 36,
100 5014Jan 31 5918 Jan 3
5212 3,200 Do 1st prat
5234 5214 5234 52
5214 52
52
5112 02
*5134 52
27 Feb 5414 Dec
3
Jan
3
Mar
5412
43
100
prof
2d
Do
400
4434
4318
45
*4313 4412 4434 4434 *43
45
*43
45
*44
100 11918Jan 21 127123an 4 11234 Jan 12838 Nov
Great Northern ;ref
Oct
4 12134 121% 12178 122 12214 12214 12234 512038 12034 4,889
/
12114 121% 1211
2514 Jan 54
53914 Mar 1 5034 Jan 3
8,900 Iron Ore properties
4 4412 4314 44
1
4412 4413 4438 43/
4 4414 44
1
4312 4338 43/
99 July 113 Apr
100 101 Mar 2 10912 Jan 3
Central
Illinois
1,200
10214 10212 103 103 *102 103
103 103
Nov
4
1
/
25
102 104 *10213 101
July
8
187
15
Feb
3
Jan
4
153
2118
1678 1734 1714 1734 6,000 Interboro Cons Corp, vto.. __
1714 1714 1714 *1634 17
1634 1678 17
70 July 82 Nov
100 71 Feb 15 7712 Jan 3
2,000 Do pref
7212 7278 731.1 7278 73
*72
73
7312 *72
73
*72
73
2058 Feb 35% Nov
1,900 Kansas City Southern_ _100 2412 Feb 28 3214Jan 4
2614 2678 2638 27
26
4 Nov
1
4 2573 26
1
*2512 2534 2534 2534 25/
5478 Feb 65/
3
100 60 Feb 17 f34 8 Jan
200 Do pref
60
6114 8114 60
61
1633 Dec
6114 *6018 6114 *58
4 *58
/
*58
611
5 Jan
100 12 Jan 26 1612Jan 3
Lake Erie & Western
13
14 .12
*10
14
*10
14
4 Dec
/
14 .10
411
*10
14
May
*10
19
3
22
41
Jan
Feb
35
100
Do pref
36
*32
36
*32
30
*32
36
*32
36
*32
38
*32
6438 Feb 8314 Nov
50 7413Jan 31 83 Jan 4
*7612 7713 7712 7734 7734 7734 7712 7734 1,800 Lehigh Valley
77
Jan 2738 Oct
*7612 7714 77
15
17
31
Jan
Jan
2212
20
50
Island
Long
24
*22
*2113 24
*2113 24
*2112 24
4 Nov
1
130/
24
*2113 24
*21
900 Louisville & Nashville----100 12118 Mar 1 13058Jan 13 10413 July 132 Dec
122 123
12334 12334 12312 12312 12412 120 *12014 12913 120 12512
100 129 Apr 4 13138Jan 28 125 June
100 Manhattan Elevated
129 129 *128 130 *128 130 *128 132
1938 Feb
Sep
127 130 *127 130
8
4
Jan
1
4
Mar
100
Louls
St
&
1538
800 Minneapolis
4 *612 634
4 634 *614 6,
/
614 612 • 614 614 *614 634 *61
24 Sep 49 Feb
100 15 Mar17 3312Jan 6
Do pref
1712
*16
18
*16
18
*16
18
12613 Nov
18 .16
*16
20
*17
130 Minn St Paul & 85 M__.._100 11834 Apr 6 125 Jan 3 106 Jan 136 Dec
June
117 119 *11612 11834 111834 11834 117 11834 11834 11834 *118 119
123
15
Jan
Jan
13
135
137
100
Do pref
1514 Apr
Sep
'_...:: 140 *__,7 140*_____ 140 *__.,.2 140 *____ 140 *_ _ _ _ 139
4
714 Jan 13
3% Mar 8
4 1,350 Missouri Kansas at Texas_100
1
334 3/
4
1
4 3/
1
3/
*3344
4
4
334 334
1018 Sep 40 Apr
*314 4
100 10 Apr 3 1(312Jan 4
400 Do pref
4 *1018 1112 *1018_ . *1018 12
/
111
Apr
1814
1014 *10
July
1114 10
'10
134
17
658Jan
4 Jan 3
100
900 Missouri Pacific,
434 . 434
434 -43-4
4
1
438 438
713 Nov
412 434 *44 4/
4
1
*413 4/
8/
4Jan 15 ' 3 Dec
1
4 Jan 3
200 Trust co certifs of deposit__
412 412
*412 5
*412 5
*414 5
Oct
*413 5
2813
*413 47
Aug
1413
18
21
24
2312Jan
Feb
pret_100
Nat Rye of Mex. 1st
2338 *____ 2338 *_ _. _ _ 2338
934 Oct
..___ 2338 I.__ _ 2338'..--- 2338'.__.
4 Jan 12
1
9/
434 July
612 Mar28
718
100
Do 2d prof
*553 712 *558 718 *558 718 *558 718 *558 7I8 *558
Mar 11013 Dec
8113
19
ilioan
1
Feb
28
10134
River_100
Hud
&
Central
NY
20,830
10334
10418 10138 10358 10134 10414 10138 10414 10514 £10312 10418 103
43 Feb 89 Oct
100 6212 Apr 1 777k Jan 10
6,000 NY N H & Hartford
638 6514 .6434 6514 6334 64
6212 6234 6312 64
6212 63
2134 Jan 35 Apr
100 2614Jan 31 31 Jan 3
1,000 N Y Ontario & Western
4 *2713 2933 *2718 29
/
*2714 2934 *2714 273k 2712 2712 2734 281
9912 Jan 12258 Dec
Mar18
Mar
1
114
100
17,900
12438
Western
at
Norfolk
123 12334 12112 123
4 123
/
12113 12213 1211
121 12114 12134 122
8013 Sep 90 June
25
Mar31
Feb
89
- - -__ ,,, Do adiustment pref 100 8418
*86
90
90
*88
*85
90
*86
88
*86
88
*85
9918 Feb 11838 Dec
100 11138Feb 28 11878Jan 4
4 7-.231) Northern Pacific
113 11312 113 1131 11358 11334 11334 11413 11334 11414 11314 11334 Nov
/
Feb 611
51%
4
Feb
4
8
Jan
5934
555
50
21,295
5712
Pennsylvania
4
/
; 5658 5634 5634 5734 5738 5758 571
5638 5634 565* 563
65 May 86 Nov
Pitts Cin ChM & St Louis_ _100 78 Feb 17 8212Jan 13
82
*79
82
*79
82
*79
82
*79
82
*79
82
*79
90 June 9813June
Jan 26 9834Jan 13
88
100
Do
pref
95
*8812
95
*8812
95
*8812
*8813 95
*8812 95
*8812 95
6938May 8538 Nov
50 75's Jan31 8958 Mar15
4 8412 8512 8514 8618 8538 8614 8418 8514 40,300 Reading
/
8418 8413 8413 851
403* Sep 45 June
50 417s Feb 19 .46 Feb 29
1st preferred
4434 *4312 4434 *44
4434
4434 *43
4434 *43
*43
4434 *43
40 Feb 44 Apr
Feb 21 48 Feb 29
4114
50
100
2d
preferred
46
4512
*4412
*4413
46
*4413
*4418 46
45
4412 4413 *44
118 Apr
Is July
4
21
%Jan
Feb
8
7
1,300
Company____100
Rook
Island
38
3a
38
38
12
12
12
12
*38
38
12
38
213 Apr
7, Jan 18
14 June
la Feb 1
100
12
13 2,000 Do pref
34
12
32
32
34
32
58
5,
12
12
8 Nov
134 Mar
1
7
6
Jan
Apr
8
23
_100
San
&
Francisco_
Louis
St
8.167
212
8
23
212
212
234
232
234
234
272
212
238t 232
7 Aug 1413 Nov
412 Apr 6 10 Jan 7
100
413 413
438 513 1,300 Do 1st preferred
*412 6
514
438 5
1034 Nov
5
4
/
4 51
/
51
3 Jan
8 Jan 7
3 Apr 3
100
338 312 7,500 Do 2d preferred
338 312
318 338
4
1
3/
3
334
3
Sep 23 Nov
11
4 334
1
3/
17
Apr
6
Jan
19
1612
100
30081
Louis
Southwestern
20
*1612
1634 *1612 1634 1612 17
Dec
4512
*1613 1634 *1613 1634 *16
Sep
29
Apr
6
14
45
Jan
42
100
115 Do met
42 *__ __ 44
42
13912 3913 *____ 44 *____ 44
*4014 44
1118 July 2014 Nov
100 1518 Mar30 187 Jan 13
500 Seaboard Air Line
1512 1538 153
1512 1513 1512 1512 1512 1513 1512 *15
*15
July 4334 Nov
3014
Feb
13
26
42
Jan
35
100
400
Do
pref
3614
3614 *3614 3634 3614
36
36
*35
4 Dec
/
4 *3513 36
/
*3518 351
8114 Feb 1041
4 Mar 1 104's Jan 4
/
100 961
9814 9834 9838 9838 9712 9813 12,790 Southern Pacific Co
9734 98
9738 9712 9714 98
1213 July 26 Nov
100 1938 Mar 1 241
4 Jan 4
/
2012 3,400 Southern Railway
Nov
65
July
*2014 2034 2012 2014 2012 2038 2038 2078 2013 2034 2018 59
42
13
28
Feb
65
Jan
57
100
400 Do pref
593* 59
4 5938 *59
/
591
59
*58
59
*58
59
*58
813 July 1773 Apr
612 Feb 14 1013 Apr 7
100
4 1018 6,800 Texas & Pacific
1
8/
812
83* 83*
8
8
8
4 8
1
7/
35 Jan 6413 Oct
Mar21
4 8
1
*7/
31
63
5912.1an
York).100
2,500
Third
(New
Avenue
6213
6238 6178
62
62
*61
62
*61
62
6134 0178 62
90 July 100 Apr
100 Twin City Rapld Transit_ _100 94 Mar24 9612Jan 11
96
*95
*9513 96
96
*95
95
95
*9413 96
90
*94
100 x13014 Mar 1 14014 Jan 4 11534 Jan 14112 Nov
13312 13378 13214 13334 14,500 Union Pacific
4 134
/
4 13338 1331
1
132/
4 13212 133
1
Mar 8413 Nov
z79
28
1325* 132/
Jan
1
84
Mar
/3113
100
pref
1,045 Do
83
183
83
8234 8234 83
8234 8314 *8234 83
83
83
8 Jan 2713 Oct
100 1258 Feb 24 2114 Jan 4
800 United Railways Invest
1612 1612 1612
*1413 1613 *14
15
15
15
15
16
'14
3934 Jan 3
2114 Mar 4734 Oct
1
Mar
2712
100
prof
Do
1.200
32
30
31
30
3034 2914 30
*29
30
30
30
30
1238 Oct 1713 Nov
100 1338 Mar 7 17 Jan 3
1518 2,400 Wabash
1538 1514 1513 15
15
15
4 1538 1538 15
/
1514 151
4 Oct 4914 Nov
1
43/
4Jan 5
1
100 4113 Mar 1 48/
4 464 4614 4634 455 4638 5,700 Do prat A
/
4 4658 461
/
4638 461
4613 4612 46
Oct 3213 Nov
2512
15
Mar
1
3212
Jan
2518
100
B
pref
do
Do
5,000
2812 2734 28
4 2838 28
1
2818 27/
28
28
2734 28
28
4 Oct
1
Jan 35/
914
2412
Feb
Mar27
28
3412
100
3214 14,150 Western Maryland
32
4 3318 323 33
/
3213 311
31
32
32
32
32
25 Jan 5038 Oct
40 Mar 7 49 Mar27
100
1,000
Do
pref
49
4812
*45
*47
4713 4838
48
*46
48
4813 *45
Nov
*46
614
July
414
6
12
20
Jan
Jan
238
100
Erte
&
Lake
900 Wheeling
3
3
234 234 *212 3
25
*213 3
238 *212 3
2 Aug 1934 Nov
100 11 Jan 19 15 Jan 8
Do 1st preferred
*10 • 14
14
*10
14
*10
14
*10
14
*10
14
.10
4 Nov
/
81
Aug
%
17
Jan
18
Jan
s
47
314
100
26
preferred
Do
4
3312
'
4
*313
*313 4
*312 412 *313 4
*312 4
28 July 45 Nov
100 34I2Apr 3 38 Jan 15
100 Wisconsin Central
36
*34
36
*34
30
*33
36
3412 3413 *33
36
*33
Industrial & Miscellaneous
2114 Dec 4012 Apr
7
2612Jan
6
Mar
4
/
171
10
13,100
Mines
2014
Gold
Alaska
1938
2013
193 1913 1934 2058 2013 2114 2018 2013 2014
94 Dec 1313 Nov
838 Mar 3 1014 Jan 7
012 10
ups
15,200 Alaska Juneau Gold Mining_
1018 10
10
1018
10
934 1014
4 Oct
1
734 Jan 49/
934 934
4 Mar14
1
25 Jan 12 33/
e__100
1
v
Mfg
Allis-Chalmers
0,400
30
4
293
2912
4
293
2838
2912
3018
2913
3014
29
293* 2914
Feb 8578 Dec
33
3
2
83
Mar
Jan
7514
to___100
v
Do
1,800
preferred
77
77
k
7734 7714 7738
777 *77
77
7712 7712 78
*76
4 Nov
1
/
7214
74
Jan
48
Feb
3
28
65
Jan
700 Amer Agricultural Chem_100
6714
6812 67
*67
69
*67
60
*68
*6713 69
68
68
90 Mar 10118 Nov
100 96 Mar23 9912Jan 5
100 Do pref
*961 97
4 97
/
*961
97
97
*9618 97
*9618 97
97
*96
Dec
7278
Jan
3314
Mar17
74
Feb
1
4
613
100
Sugar
Beet
American
3
12,300
7338 7134 7213
73
7213 7213 7314 7214 73
72
7113 72
83 Feb 95 Nov
100 94 Jan 4 981 Feb 8
200 Do pref
*9413 95
9412 9412 *9413 96
94
94
*9313 95
*9312 95
8714 Feb 10934 Aug
8 10313Jan 28
Mar
10014
10313
ctfe
F
&
Sh
Brake
dep..
Amer
*100
10312
*100
10312
*100
10312
*100 10312 *95 10312 *95
165 Feb 24 19514 Jan 3 13213 Mar 21934 Oct
Do pref etre deposit
185 *____ 188 *____ 188 *___ _ 188 *168 188 *165 188
4 Oct
1
25 Feb 68/
100 5714 Mar 2 653* Mar16
6138 5978 0114 15,500 American Can
4 613* 61
/
4 Nov
/
9113 Jan 1131
614 6112 618 6178 6034 618 611
10913 Fob 15 11378Jan 28
100
pref
Do
595
112
4
/
4
/
1111
1111
112
4
/
1111
4
/
*111 11212 11134 11134 *111 11213 1111
Oct
98
Feb
3
40
Jan
78
31
Jan
4
633
6773 6913 15,400 American Car & Fonndry_100
693s 6912 6914 7112 6938 714 694 7038 693* 70
118
Aug
11113May
Marti
Mar20
11912
100 110
200 Do pref
11638 1163*
*11414 117 *115 117 *116 11634 11638 11658 *116 117
82 Jan 17012 July
Jan
19
17573
11
3Jan
1547
prodostA__100
Coat
American
3.450
160
15812
163
4 16134 16234 1605* 16334 1625* 16238 *162
1
160 162/
100 115 Jan 20 117 Apr 6 1105 Jan 120 Sep
200 Do pre
118
*11613 119 *11612 119 *11613 119 111612 11612 117 117 *117
39 Jan 84 Oct
100 5114 Jan 31 5712Jan 17
500 American Cotton Oil
5312 5313
55
*63
5312 5313 *5314 55
5478 55
54
54
91 June 10214 Nov
100 98 Jan 6 102 Mar15
pref
Do
103
*101 10212 *101 10213 *101 10314 *101 103 *101 103 *101
1414 Oct
438 Feb
3
1
12
Jan
Mar
3
93
200 American Hide & Leather.100
10
10
10
1034 *10 . 1034 10
1034 *10
1034 *10
*10
1934 Jan 5913 Oct
100 45 Mar 1 57 Jan 18
625 Do prof
53
15212 5212 5212 5314 *52
54
Apr
5338 5338 *52
54
35
*52
Jan
19
3)12
Feb
Jan
20
205*
25
100
2818 2818 2838 2834 2838 283* 2814 2813 1,700 American Ice Securitles
29
2913 29
*28
714 Jan 3113 Oct
100 20 Mar 1 25's Jan 26
9,100 American Linseed
2414 23% 2458 2314 24
2418 233 2334 24
2414 24
24
4 Oct
1
24 Jan 50/
Mar28
1
4734
Mar
3814
100
pref
Do
8,300
4613
46
4
463* 4538 473
4612 *4513 4612 46
48
4534 40
19 Mar 7434 Oct
100 6034 Jan 11 834 Mar14
7913 91,600 American Locomotive
76
4 7838 8214 7914 805* 7934 807
/
4 7934 7934 821
1
79/
75 Mar 105 Nov
100 9914 Mar 2 10434 Apr 3
104 10434 10413 10415 510212 10212 10234 10278 10234 10278 2.300 Do pref
104 104
4 Oct
/
4 Apr 131
1
3/
7
Apr
10
Mar16
8
100
Corp.
Malt
2,800
American
4 *712 812
/
4 10
/
91
2113 May 37/
814 814 *712 812 *712 812 *734 81
4 Dec
1
100 x3158Jan 14 3613 Mar 9
35
300 Do prat
35
*3313 38
34
34
*3312 35
3412 .3313 35
*33
Jan 25
78 Jan 883* May
87'4
10
8Jan
855
B.I00
pref
See
Smelters
Amer
1,030
86
86
8614
4
853
4
*8513 8613 854 853
86
86
8534 86
Dec
92
86
Oct
Mar16
94
3
Jan
92
See
stamped__
A
1,185 Do pre
9313 94
94
94
*9234 9312 9313 9313 9313 9338 *93
*93
56 Jan 10878 Dec
10112 10318 74,400 Amer Smelting & Refining 100 9518 Mar 1 11338Jan 4
102 1023* 10112 10214 102 10278 10212 10413 103 104
Jan 113 Nov
3
100
11458
Feb
Mar13
11114
100
prof
Do
500
11214
11218
113
*112
11213 11278 *11212 113
113 113
*11213 113
100 130 Mar23 14878 Jan 10 144 Jan 165 Apr
American Snuff
*136 143 *136 143 *135 143 *136 143 *135 145 *136 143
100 10113 Mar22 110 Jan 27 103 Jan 11038 Nov
100 Do pref
107 107 *106 109 *104 110 *103 110 *103 110
*107
2418 Mar 7413 Oct
100 4812 Mar 8 6114 Jan 4
1,800
Foundry
Amer
Steel
5213
5158
53
5212 5234 *52
5213 53
52
51
51 -51
4 Feb 11978 Nov
1
99/
4Jan 8
/
10913 11034 10913 11014 2,500 American Sugar Refining_100 10734 Mar 8 1101
10912 110
109 109
*109 111 *109 112
11834Jan 4 109 Feb 11912 Nov
Mar30
11514
100
400
Do
prof
116
116
116
*115
11512
11578 11578 1151 1l578 11512
*115 116
Jan 13014 Nov
116
Mar27
131
1
Feb
126'
100
Teleg
&
128 12818 128 12818 128 1283s 4,800 Amer Telephone
12713 128
4 12738 128
1
4 Apr
1
1273* 127/
100 188 Feb 16 20984 Feb 3 19513 Dec 252/
900 American Tobacco
19612 19612 197 197 *196 198
198 19913 196 196 *190 198
10314 Jan 111 Nov
8
Feb
4
/
1081
10513Feb
28
100
1,375
Do
pref
10614
(new)
*10513
106 10614 *10534 10613 10512 10578 *10513 10613 *10513 10614
Oct
56
Nov
46
Mar14
5514
14
Jan
42
5013 5011 5034 5012 5034 4934 505* 6,650 Am Woolen certits of deposit
4934 5012 50
51
50
95 Dec 9814 Nov
300 Do pref centre of deposit. 92 Jan 10 102 Mar10
4 *9812 9912 *9812 9912
1
9912 9912 995* 9958 *9812 99/
99
99
Dec
7113
4
7
/
671
927
Dec
Apr
31
Jan
6514
25
Amer
72,300
5
&
Zinc
Lead
4
1
4 8914 9114 8914 9113 8912 901.1 8934 9214 9012 92/
1
8834 89/
Nov
4 8534 871g 48.595 Anaconda Copper .. _ _ _ _ _50 8212 Jan 31 9238 Feb 14 c2434 Feb 9158
1
8712 8638 8713 6612 8678 8614 86/
8653 8714 87
Lees than 100 shares. a Es-div. and rights. 0 New stook. • Par $26 per share. s First Installment
•Bld and asked prices: no sales on this day. I Ex-rights.
Oald. x Ex-dlyldend. a Full-paid.




New York Stock Record-Concluded --Page 2
Por record of sales during the week of stocks usually inactive, see second page preceding.

1331

PAW WiAltn.
P1515 :MIA itz.
Salesfor
STOCKS
Range Since Jan. 1
Range for Previous
NEW YORK STOCK
the
On basis of 100-share lots
Year 1915
Wednesday
Thursday
,tfanday I Tuesday I
Saturday
Week
EXCHANGE
Yridair
April 4 , April 5 1 Aprtl 6
April 2
April 1
Shares.
April 7
Lowest
Highest
Lowest
HigAtat
1
per share
Industrial8callsc.(Cm.). Par $ per share
$ per share $ per share $ per share $ per share I $ per share
$ per share
$Per share $1,43relar41
105 1064 10512 1083s 10634 10938 107 10838' 10714 10834 10514 10814 89,430 Baldwin Locomotive
100 9913 Mar 1 .1185* Jan 3
2653 Mar 15413 Oct
*107 109
10812 10812 10812 10812 *10812 11012 10858 10858
500 Do pref
108 108
100 10712 Jan 3 10912 Feb 23
92 Mar 114 Sep
485 490
1,310 Bethlehem Steel
465 479
494 494 *475 495 1485 485 *470 485
100 415 Jan 11 550 Mar14
4614 Jan 600 Oct
135 135 *13012 140 *13012 140 .13012 140 *13012 140 *13012 140
100 Do pref
100 130 Jan 24 145 Jan 6
91
Jan 184 Oct
*82
85
*82
84
85
*82
Burns Brothers
*82
*82
84
*82
84
85
100 801 Mar14 87 Jan 3
7912 Dec 943* Oot
9112 9234 9118 94
93
9112 9458 26,900 Butte & Superior Copper _10 71 Jan 3 10514 Mar 9
904 9158 9158 9278 91
5612 Aug 7973 June
2313 2412 24
2334 24
2478 2234 2412 2,400 California Petroleum. vt41.100 21 Mar 7 4253Jan 3
*23
241s *2212 24
8 July 3833 Dec
5113 5134 5212 5212 5314 *5158 5334 2,600 Do pref
51
51
5113 5112 51
100 4834 Mar 8 8033Jan 3
30 July 81 Dec
5414 5414 5438 5412 5434 5412 55
5414 54
54
5414 5434 4,500 Central Leather
100 51!Jan 31 5658 Mar20
3253 Feb 61114 Nov
111
1105
*11012
8
1105
111
8
*11012
*110
111
11012 111
*11012 111
100 10878Jan 3 11112 Mar 7 10033 Jan 11012 Nov
710 Do pref
9514 9414 9434' 9414 95'2 9478 9514 6,500 Chandler Motor Car
9134 92
91
92
92
100 8912 Feb 28 9512 Apr 6
2214 2214 2214 224 2238 2258 2258 2318 2258 2278 2238 227
7,950 Chile Copper
25 2034 Mar27 2538Jan 5
2358 Dec 1633 Nov
5512
5458
5518 5412 55
541 11,300 Chino Copper
5412 5478 54
5534 55
55
5 513 Jan 31 60 Feb 19
3234 Jan 5758 Nov
45
4534 4534 4534 4538 46
454 46
45
45
100 3958 Mar 1 53 Jan 4
6,800 Colorado Fuel & Iron
4334 447
2134 Jan 6613 Sep
13538 13538 13512 13534 13512 13512 *13434 136 *13412 136
135 135
500 Consolidated Gas (N Y)..-100 13012 Mar 1 14434 Jan 8 11334 Jan 1501 Oct
*84
86
*8234 85
*8312 86
*82
85
8414 8514 8334 84
1,100 Continental Can
100 7514 Jan 31 88 Mar10
4014 Jan 127 Oct
*107 10912 .107 10934 *107 10934 10912 10912 *107 10934 *107 1093
100 Do pref
100 106 Feb 1 11012 Mar17
8812 Jan 10912 Dec
2058 2078 2034 2114 2078 2138 2034 20781 2034 2114 2014 207 10,650 Corn Products Refining
100 1914Jan 6 2514 Jan 25
8 Jan 2112 Oct
*95
9612 19414 9458 95
954 *9412 9512i 9412 9478 9312 941
1,250 Do prat
100 93 Jan 5 10112Jan 14
65 Jan 9634 Des
9212 9312 9278 9658 9212 9614 9112 9438 9258 954 9013 933 265,500 Crucible Steel of America_100 5234Jan 12 9912 Mar16
May 10978 Sep
1814
11578 11614 11614 11634 11614 11612 11638 11638 *11614 11678 *11612 1163
800 Do pref
100 10814 Jan 11 119 Marla
84 May 11212 Sep
241 241
220 220
226 226 *220 240 *228 240
240 240
400 Cuban-American Sugar...100 152 Jan 5 245 Mar28
38 Jan 177 Dec
*102 107 *102 107 *10312 10512 *103 107 *103 107 *103 107
Do pref
100 10434 Feb 1 10934 Feb 4
93 Mar 110 Sep
4713 48
4878 4834 49
4734 481 32,400 Distillers' Securities Corp-100 4112Jan 31 505* Feb 5
48
49
4838 4938 48
512 Mar 501k Oct
2512 25
*2412 2434 25
2512 25
26
25
25
254 25
6,200 Dome Mines. Ltd
10 23 Feb 23 2913 Feb 8 416 June 3014 Des
*1012 22
1978 1978 *18
*1712 24
20
19
19711 20
20
500 Federal Mining &13melt___100 15 Mar31 35 Jan 7
8
Mar 60 June
*41
45
43
3912 3912 4112 42
42
42
4118 4334 43
1,320 Do prof
100 3634 Mar31 5712Jan 7
20 Mar 65 June
1340 344 1345 345 *338 345 *330 345 *335 345 1330 330
50 General Chemical
100 1265 Jae 5 350 Mar18 165
Jan 360 Oct
1115 115 1115 115 §115 115 *114 116 1115 115 *114 1161
41 Do prof
100 ;113 Jan 5 116 Jan 27 106 Mar 111612 Nov
168 168
*165 16734 168 16812'165 169 *165 168
166 168
1,000 General Electric
100 165 Mar 1 17812Jan 17 138 Mar 1851 Oct
460 460
*450 485 *450 480 *450 480 *450 475
455 460
500
General Motors vot tr 046_100 415 Jan 7 495 Jan 3
82 Jan 558 Dee
116 11612 116 116
116 116
*112 117 *11313 116
116 116
600 Do pref vol tr ctis
100 1103i Feb 4 11612 Jan 3
905 Jan 136 Dec
7618 7658 7512 7612 7614 7718 7678 7818 7734 7918 774 791 1 79,650 Goodrich Co(B F)
100 6734Jan 31 /98 Apr 6
2412 Jan 805* Oct
*11478 11518 11518 11518 1115 115 *115 11534 11578 116 *116 1161 ;
650 Do pref
100 110 Jan 24 11634 Mar16
Jan 1145* Oct
95
91
91
*90
91
4
001
903
91
90
*9014 9034 9034 914
;
900 Granby Cons M S & P-- _100 85 Jan 13 99 Feb 10
795* Apr 91 Juno
4934 4934 4913 4958 4834 491 I 4,600 Greene Cananea
504 4938 50
50
4914 50
Copper
100
Mar
44
2
Mar 9
37 Oct 523* Dec
2118 2138 2233 22
2078 2078 112034 2034 21
21
21
2238I 12,210 Guggenheim Exploration_25 2034 Mar29 533*
2413 Jan 3 z22 Dec 83 Dec
4838 4818 4812 14612 471 / 35,800 Inspiration Cons Copper _20 43
48
4814 4714 4878 478 4853 48
Jan 31 4914 Mar16
1653 Jan 4713 Oct
1912 *1914 19,;
1912 *19
1918 1914 4.19
1018 1018 *19'3 20
300 Internal Agricul Corp-_-.100 1812 Mar27 2978Jan 5
51 Mar 2934 Nov
59
59
5812 59,
5934 5934 5912 59,2 5912 5912 *594 60
1,200 Do prof
100
563
3
Mar25
Jan
74
5
8 Mar 7138 Dec
111 111
*11012 112 *11012 112
11058 11112 11034 11238 III 1121 1 1,800 Intern Harvester of N J
100 10812.1a, 7 11233Feb 1
90 May 114 June
*11534 11912 118 118 .118 11912 11933 11958 *118 11912 §118 1191 :
200 Do prat
100 114 Feb 29 11912Jan 4 110 July 120 Nov
1634 1738 1718 1758 1734 2014 1878 2014 2018 2218 1978 22 214,200 Int Mere Marine ctfs of dep_
133* Feb 15 2312Jan 18
18 Dec 2012 Dec
74
73
7012 7134 71
7234 75
7434 7412 7712 7334 77581231,400 Do
prof ctfs of
6114 Mar 1 854 Jan 17
5512 Nov 7712 Dec
4714 4734 4773 4812 4758 4812 48
4853 4818 4953 4814 491 , 47,760 Intern Nickel(The)dep
v
to-25
1
Mar
42
17
56%
Jan
17934
Dec 22313 Oct
1112
11
1112 1112 1158 11
1112 1112 1114 1158 *11
11
1,450 International Paper
91 Mar 1 1238 Mar20
100
8 Jan 1273 Dee
14718 48
47
48
49
4958 4812 49
4778 48
47
47
2,050 Do prat
100 4212Feb 1 5034Jan 3
33 Feb 503 Dee
89
96
91
9558 88
8358 8412 85
90
91
86
873 10,455 Jewel Tea, Inc
104) 67 Mar 9 96 Apr 4
111 111 11112 112
110 110
110 11012 11012 113 *110 112
2,050
Do pref
100 106 Mar 13 113 Apr 4
74
7434 74
7514 758 74
75
7518 74
7412 7378 747 1 7,200 Kelly-Springfield Tire
25 6913 Mar10 767 Mar20
96341
9712 *96
9712 9634
971 *96
*9612 9712 .96
97
97
200 Do pref
100 9612 afar23 9713 Mar14
5718 5834 574 58
5818 5812 5818 59
5714 58
5612 571 ; 126,100 Kennecott Copper
52 Mar 1 59 Apr 3
7634 7634 7712 7814 77
7834 7712 7734 77
7734 7614 771 1 6,500 Lackawanna Steel
100 7234 Mar 1 86 Jan 6
28 Jan 9434 Sell
5178 5214 5173 5178 5158 5214 5178 5218 52
5238 5114 521 1 6,150 Lee Rubber & Tire
4812 Mar 1 53 Feb 19
247 24818 *245 249 *246 248 *246 248 *246 248 *246 248
400 Liggett & Myers Tobacco_100 247 Apr 1 265 Jan 4 207 Jan 260 Dec
11012 11912 12013 121 *118 121 *118 ____ *118 121 *118 121
300 Do pref
100 118 Mar30 122 Mar 3 11334 Jan 120 Dec
•16
*16
17
1834 1612 1613 16% 161* *16
1612 *16
16'2
500 Loose-Wiles Biso tr oo 003_100 15 Mar 3 21 Jan Is
16 Feb 31
Jan
*78
90 .78
*78
90
*78
90
90
*71
90 I *80
90
Do let preferred
100 78 Marla 9112 Jan 13
86 Feb 10513 Jan
58
*51
58
*51
59
*51
51
51
51
51
400 Do 26 preferred
*51
58
100 50 Mar 3 56 Jan 25
55 Dec 67 Oct
.
188 19012 19034 194 *19312 19512 *192 198 *192 19613'19214 19612
500 Lorillard Co (P)
100 179's Jan19 19838 Mar 1 16512 Jan 189 Nov
11912 11934 1193,1 120 •118 12013 .118 12018
*117 120 *117 120
400 Do prat
100 11512Jan 6 120 Mar15 112 Sep 118 Jan
7138 7238 7214 7434 7214 7412 7273 74
73
7334 7214 73 4 23,900 Maxwell Motor Inc tr ctfs_100 5714 Mar
1514 Jan 92 Oct
7534Jan 3
8534 86
8513 88
86
86
8578 86
8514 8512 8512 8512 2,500 Do 1st pref stk tr etfa_100 82 Mar 3
1 93 Jan 3
4314 Jan 10334 Dec
56
5678 5534 5714 5614 5738 5634 5714 56
5514 56
57 8 15,200 Do
18 Jan 6812 Oct
10934 11053 10914 11014 10913 11238 11012 11258 11112 11312 10914 11234 115,100 Mexican2d prof stk tr cUs..100 4214 Mar 2 577 Mar29
Petroleum
100 9314 Mar 1 12958Jan 3
Jan 12412 Dec
51
*95
9934 *924 9712 9734 9734 *____ 98
*95
98
200 Do prat
*924 971 2
100 95 Mar 1 1055s Jan 3
87 Jan 10412 Dec
3838 3878 3838 394 3813 39
3834 384 3834 39
3814 383 41,560 Miami Copper
5
3918
1
Mar
337
Apr
s
3
Jun
1714
3818 Dec
*78
79
79
81
80
8012 *78
8112 80
81
7914 79 , 5,200 Montana Power
100 6814 Mar 1 8112 Apr 4
42 Jan 7934 Dec
.
11214 113
113 115 *11234 115 .11213 115 *11213 115 *11212 115
400 Do prof
100 109 Jan 3 115 Apr 3
99 Jan 120 Dec
123 123
12314 1234 *12314 12414 12314 1234 *123 12334 123 123
600 National Biscuit
100 12018Feb 28 12514 Mar20 118 Apr 132 Jan
.125 127 .125 127 *125 128 *125 12712 125 125
125 125
500 Do pref
100 125 Jan 3 129 Feb 8 119 May 12712 Dee
2414 2414 2413 25
25
2534 25
2478 2478 *2414 25
25
2,700 Nat Enam'g & StampV
100 2213 Feb 1 2934 Jan 5
91 Jan 361s Oct
*95
971 *94
97
97
*9413 97
96
96
*94
*94
97
300 Do pref
100 92 Jan 19 97i Feb 18
79 Apr 97 Dee
67
67
67
67
6634 6712 6712 6712 6714 6714 6634 971 2 1,500 National Lead
100 6458 Feb 28 738 Jan 19
44 Jan 7034 May
*113 11353 11312 114 *11412 115
115 115 *114 1151 2
115 115
440 Do prof
100) 112 Feb 9 115 Jan 22 10434 Jan 115 Nov
1712 1778 1714 1758 1634 171 2 19,000 Nevada Consol
1712 1753 1734 18
1734 1818
Copper
5 15 Jan 31
1818 Apr 4
1134 Feb 17 Nov
14512 147 .143 147
143 144
145 14712 145 146
144 147
2,400 New
100 113814 Mar 2 15312Jan 15
5612 Feb 16438 Sep
69
*6818 70
6818 981s. 600 NorthYork Air Brake
69
69l2 69
.
6813 70
70
*68
American
Co
Mar30
68
Jan
75
100
3
64
Jan 81 Apr
2334
2312
25
2213
2512 25
*2213 24
*2213 2512 2218
34
2
35
1,000 pacific mall
5 1134 Jan 3 2953 Mar 2 :814 Dec 38 Aug
*35
40
40
35
35
*35
*35
40
*35
36
300 Pacific Telep & Teleg
100 34 Mar 2 44 Jan 15
261 Feb 491 Oot
10413 10412 10453 10453 10338 10438 10312 10414 10312 10312 1110314 10412 1,070 People's
0 L & C (Chic)_100 10012Feb 9 11173Jan 3 10613 Dec 12313 Apr
4458 44
4458 4414 4458 4358 44
444 4458 44
4312 44
3512 Apr 49 Sep
284 *27
2814 2712 2712 2758 27 '4 7,800 Philadelphia Co (Pittsb).......50 3934 Mar 1 48 Jan 17
2712 2734
2778 2838 28
Pittsburgh Coal
100 2513 Mar21 3634 Jan 17
1514 Jan 4212 Oct
103 103
10118 10334 10234 103 *102 104 *10213 10312 10218 10212 2,000
700 Do prof
100 100 Mar 8 11134Jan 13
8153 Jan 114 Oct
5234 5234 5212 5412 5412 5412 5312 5312 5312 5312 5134 52
100 4914 Mar 2 651* Jan 4
25 Mar 7814 Oct
103 103 *10258103 .10214 103 8 2,800 Pressed Steel Car
.102 102l3'102 103 .102% 103
600 Do pref
100 100 Feb 9 10478 Jan 4
86 Mar 106 Oct
117 117 *116 117 *117 11853 *117 118 3
*116 118 *116 117
200 Public Serv Corp of N J
100 114 Jan 31 118 Mar 8 10012 Aug 120 Dec
16114 162 *161 163 *16113 164
161 161 .160 162
162 162
600 Pullman Company
161 Mar31 17134Jan 17 15018 Mar 17014 Oct
100
314 33*
314 38
3
Ts
3
3
*3
3,2 *318 312 1,300 Quicksilver Mining
233 Mar22
100
634 Jan 19
514 Nov
14 Mar
434 *4
5
413 413 *4
.4
6
*414 512
5
5
200 Do pref
67 Nov
100
4 Mar22
84 Mar
84 Jan 26
40
*3913 40
.398 4112 4034 41'.I 40
3973 397
3918 39 8
800 Railway Steel Spring
4414
3Jan
12
377
100
Feb
11
19
*9534
Mar
97
Oct
54
*90
97
4
9712
9578
9578
8
*957
96
96
4
*953 .97
300 Do pref
100 9514 Mar 9 100 Jan 4
87 Mar 102 Nov
2414 24
2412 2418 2412 24
24:4 24
24
2418 2358 24
13,300 Ray Consolidated Copper...10 2284 Jan 31 26 Feb 21
1514 Jan 27% Nov
5112 5238 5113 5134 5158 5153 5034 511
514 52
51
51
4 5,200 Republic Iron & Steel__ _100 4814 Jan 31 5514 Jan 3
19 Feb 5714 Dec
109 109
10812 10813 109 109 *10813 109 .10812 109
17
09
09
71
712 17
500 Do prof
100 108 Jan 21 112 Mar14
72 Jan 11253 Dee
178 178 *177 179
179 179
.172 17612 176 177
2
600 Sears. Roebuck & Co
100 16814 Mar 1 188 Jan 3 s1313 Mar 20913 Feb
•125 126 1126 126 *12538 ____ *125
•1254
*12538 ___ 20 Do pref
100 1254Jan. 8 12714 Mar 3 12138 Jan 126 Dee
3638 36
36
3612 36
3614 36
3613 36
3638 34
361
10 3313 Feb 9 4014 Feb 14
58 4 35,300 Shattuck Arls Copper
56
56
56
56
*55
56
5534 56
56
5512 56
1,200 Sloss-Sheffield Steel & 1r__100 5314 Mar 3 63't Jan 3
24 Jan 6673 Dee
209 210
214 215
20434 214
213 21912 206 214
210 211
600 South Porto Rico Sugar___100 146 Jan 29 21912 Apr 3
40 Feb 164 Dee
*111 116 *112 115 *114 116 *113 117 *113 117 *115 120
Do prat
100 106 Feb 2 11312 Mar27
Feb 110 Oct
898
*02
90
*90
96
*90
9512 .91
95
95
95
95
95
200 Standard Milling
100 86 ' Mar10 97 Mar24
4312 Feb 96 Dec
8834 8834 89
87
*87
89
89
89
x87
8712 *86
8712
635 Do pref
100 8512 Mar 1 89 Mar28
68 Feb 85 Nov
141 14214 14114 14313 143 146% 14234 145
14234 14334 14012 143
28,900
Studebaker Corp (The)...l00 133 Mar 1 167 Jan 3
*111 113
3534 Jan 195 Oct
11112 11112 *111 114 *11113 114 *112 113 *112 1131
100 Do ire
100 110 Jan 22 114 Mar14
Jan 11912 Oct
91
5378 5414 15314 5438 5314 5334 5234 5312 5318 5318 5214 52 2
'4 5,400 Tennessee Copper
25 51 Mar27 6612Jan 5
194 10512 195 19612 19658 200
2512 Feb 70 Pep
19612 197
19712 199
19512
1981
2
9,000
Texas Company (The)....l00 189 Mar30 23513 Jan 3 120 May 237 Dee
73
714 732 *7
758
712
614
714
6
612
614 6 8 5,600 Union Bag & Paper
6 Apr 6
100
.
30
33
913 Dec
85* Mar17
3158 3113 .30
43* Jan
32
28% 29
28
29
31
2012 3,200 Do prof
100 28 Jan 27 35 Mar18
6114 6114 62
224 July 3112 Dec
62 .62
6334 62
62
*59
6312 *62
6312
900 United Cigar Mfrs
100 5913 Mar 2 64 Mar20
•110 115 .110 120 .109 11213 110 110 *10812 110 *10812 110
42 Jan 6638 Oct
100 Do pref
100 108 Mar14 110 Jan 3 100 June 110 Oct
943
9412 947
948 9412 94
9312 94
*9312 94
9313 9312 1,600 United Cigar Stores
.
115 120 *115
100 69 Feb 9 b10 Feb 19
69 Dec b1012 Oct
11912'115 120 *115 120 .115 120 §115 115
50 Do pref
100 bills Feb 10 b12 Mar10 b1112 Oct b1218 Nov
14612 14758 147 14834 14814 15034 148 14934 14814 14953 14658 14812 31,600
United Fruit
100 13613Jan 31 15012Feb 11 139 Nov 163 Nov
2218 2134 2134 2114 2114 2134 21
2136 2134 2113 224 *20
4
1,100
US
Cast
I Pipe & Fdy_ _100 155* Jan 31 2612 Mar14
8 Jan 3173 Oct
*51
53
53 .51
*51
52
53
52
*51
53
514 5114
500 Do pref
100 4813 Feb 5 5414 Mar20
3212 Mar 5512 Nov
50 .46
4934 *46
50 .46
*46
50. •47
50
*46
U S Express
100 45 Feb 16 4953 Mar29
4314 Dec 7314 Mar
161 16512 162 16712 167 17012 16234 50
15413 15713 15534 165
167
4
121,640
U
S Industrial Alcohol
100 12634Jan 11 17013 Apr 6
15 Jan 1313 Dec
108 10812 10934 110 *106
*103 107
10478 10478 *103 106
109
1,000 Do pref
100 102 Mar 2 114 Jan 13
70 Jan 107 Nov
5934 8014 3112 5113 517 52% 5214 5334 53
5334 517, 53
7,900 United States Rubber
100 4734 Mar 1 5812Jan 3
44 July 7434 Apr
111 111 1112 112 .110
.
10913 11012 11014 111
11118 112
112
1,629 Do let preferred
100 10618Feb 5 112 Apr 4 10133 Feb 110 Apr
6858 6958 69
6912 6734 6918 673 694 69
72
72
731
US Smelting Ref & M__50 6738 Mar27 7314 Apr 7
52
62 .52
5213 52
5214 .5113 5214 5214 5212 5212 52 4 38,600
1,240
Da pref
50 5112Mar 27 53 Mar 24
8413 8434 8412 8578 85
86
854 855* 8514 8558 8414 851'4 156,700
4
United States Steel
100 17934 Mar 1 89 Jan 3
38 Feb 8913 Dee
1167 117
11634 11634 11614 11658 11634 11678 1167 117
1174 117 4 5,195 Do pref
100 z11512Jan 31 11812Jan 25 z102 Feb 117 Oct
8214 8158 82
8212 8234 8234 8314 8113 8318 82
81
82
Utah Copper
10 77 Jan 31 8634 Feb 19
4812 Jan 8138 Dec
45
*4334 4438 *437 4434 4434 4534 *43
4418 4418 4413 44 8 13,450
1,500 Virginia-Carolina Chem..._100 42 Mar 2 51 Jan 17
15 Jan 52 Oct
109 10934 *109 110
*107 109 .107 109 *107 109 *107 109
200 Do pref
100 109 Jan 29 112 Jan 3
80 Jan 11373 Dec
9114 9114 9013 9053 90
9012 9033 9038 9014 0014 9018 90 4
1,100 Western Union Telegraph_100 87 Mar 1 92 Jan 15
57
Jan 90 Nov
6434 6514 6478 6614 1354 6638 65
6614 654 66
6378 6514 38,300 Westinghouse Elee & Mfg_ .50
6053 Mar 1 7153 Mar15
32 Feb 747k Oct
*74
76
*75
77
•74
78 .75
78
75
75
77
*75
100 Do let preferred
50 75 Jan 31 79 Mar15
5812 Mar 85 Oct
225 225
237 23834.
230 235
237 243
236 239
104 2
230
13
08
5
5,845 Willys-Overiand(The)_100 1991jJan 31 241 Apr 4
•10213 104
87 Feb 268 Nov
103 103
104 10412 10414 10412 10434 10472
1,350
123 123
12313 12458 12438 125
12412 125
12378 12458 12278 123'2 6,750 Do prat Sub recta full pd _ 100 102 Mar 2 106 Feb 7
Woolworth (1
,W)
100 118 Jan 5 12512Feb 9
9014 Jan 12012 Dec
12414 12114 •124 125
1241 1 12438 •12414
*12414 --__ 12434 124 14
882
nn
near
Inn 1211* Jan 4 12438 Are. 7 115 Jan 124 4°I
•BR" and asked prime: no saki on this ear.
I Less than 100 dilates. t Es-manta. a Es.411v. and nights,
bOn bad. of $10 par value s Par $25 per snare.
a EX-stook dividends. x Ex-dividend.

HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT.




1332

New York Stock Exchange--Bond Record, Friday. Weal(ly and Yearly
Jas. 1909 the Sze/wage method of piloting bonds was changed, and prices are sow a11-"and interest--escept for income and defaulted bonds.

BONDS
N. Y. STOCK EXCHANGE
Week Ending April 7.

Price
Friday
April 7.

Week's
Range or
Last Sale

Range
Since
Jan, 1.

I

BONDS
N. Y. STOCK EXCHANGE.
Week Ending April 7.

Price
Friday
April 7.

Week's
Range or
Last Sale

lg

Range
Since
Jan. 1.

High No. Low High
Ask Low
Bid
Ohio Burl & (.1 (Con)
10212 10273
- 10278 Feb '16
1919 A - 0 1027s
Lora Div sink fund 68
9938 9934
995s.- 9912
0912
1919 4Sinking fund 46
Joint bonds. See Great Nortn
2
9734 9958
9814
- 9814
Nebraska Extension 48_1927 -N 9814
06
96
Registered
1927 111-N 9634 -.- 98 Jan '16
9918 June'15
1921 M• S 9913
Southwestern Div 4s
8
9312 48 -024 -6471
General 4s
1958 81- 8 9314 Sale 9314
254
24 Mar'16
24
Ohio & E III ref & imp lis g_1956 J J 2214 25
14 104 10634
10534
1934 A - 0 10534 Salo 105
let eonsol gold 68
11 75 8258
7614 7834 75
7614
1937 M- N
General control let Se
79
76
71 Junolo
1937 M- N
Registered
9734 Feb '13
P
PUT'
A
coal
let
money
56_1942
Periten Government
21
15
24
24 Jan '16
24
Ohio & Ind Ry let 58-1936 J 96 5557 0312 96
Anglo-French 5-yr 5s Eater loan_ A -0 9558 Sale 9558
7214
7184 74
1959 M- 5 7214 Sale 72
9258 46 ges4 9538 Ohio Great West 1st 45
Argentine-Internal 6e of 1.90a_ vi- ; 9258 Sale 9158
3 1114 1134
113
112I8
11214
11258
J
J
&
Ind
11
6e_1947
Ohio
Louisv-Ref
69
7814
Sale
7412
4
733
7412
Chinese (Uukuang Ity)-5s of '11 J - D I
100 100
1947 J - .1 9734 100 1C0 Feb '16
Refunding gold fie
10014 Sale 10014
10014 11 9614 10034
Cuba-External debt 5e of 1901_ M - .
0558 Apr '11
1917 J • J 81
Refunding 4e Series C
9614 9612 9614
9612 28 944 9612
Rater dl 54 of '14 der A__ .1919 F - A
-_
70
'15
Dec
55
87
8113
&
Ind
J
J
48_1966
gu
let
Loulev
194q F * 8512 8678 8614 Mar'16
External ieane
5 -56- -oil;
9038 61738 9038
9038
9958 533 ao12 9958 Chic Ind & Sou 50-year 4e 1956 J Dominion of Canada g 5s wl 1921 A -0 9912 Sale 9912
9612 9712 9734 Mar'16
9734 9734
1989 I 9778 1238 9718 9778 Ohio 1.54 East let 43.4e
Do
do
1926 A -0 9758 Sale 9718
Chicago Milwaukee St St Paul93 572 9634 98
Do
do
1931 A -0 9778 Sale 9678
25 9118 94
92 Sale 92
92
9 8214 8614
°elf! gold 4e Series A__81989 J - J
8614
iopsoe.se Govt---, loan 41-0 1925' F A 86 Sale 86
_
9258 Feb '16
9258 9258
10 7812 88
Registered
el939 Cl - 1
86
86
I 8512 86
Recend series 4_1925 •
45 93
9413
94
200 73
81
Gen & ref Ser A 4345
a2014 A -0 94 Sale 9334
8012 Sale 78
81
Do do "German itamo"_
10734 104 lows 110
1 63
71
a2014 F - A 10712 Sale 107
Gen ref cony ser B 59
71
7134 71
I 71
Sterling loan 4s..
1931
80
803
4
8112
Mar'16
4
803
8012
gold
Gen')
Ser
60
314e
J
B_e1989
'16
Feb
60
60
- 56
klexlea--Etter loan e 6i of 1899 l. .1
10234 Sale 1021a
1024 51 10213 104
General 41•46 Ser 0
50
50
61989 1 85
50 Feb '16
Gold debt to of 1904
1954 J 0
9218 29 92
934
1934 1 - I 9218 Sale 92
25-year deben 46
9512 Jan '15
trey of Alberta-deb 4 %s._1924 F - A
10034 92 10013 10334
1932 J -D 10012 dale 10038
Convertible 43-4e
7834 147 -fi" -go" t sky° City-Is loan of 1912%
M- S I 784 Sale 7734
Ohio & L Sup Div g 68_1921 J J 10358 ____ 10378 Feb '16 -- 10378 103%
trb•sr or. arte,t ne itio ?pills of 15101
106 ____ 10578 Mar'16 -- 10514 10578
J
J
Riv
Mo
1926
&
Ohio
Div
5s._
•nci
State
City Securities.
10358 104 10418 Marla
10314 1044
1921 J Ohio & P W lat g 55
10278 Sale* 10214
10278 74 101 103
Y City-4 Sp(
1960 M 13 9034 9178
9078 9078
91
CM & Puget Sd let gu 48_1949 J 10278 31 101 10278
4 >4 8 Corporate stock.._196 RI - 8 10258 1027s 10238
10653 _ _ _ 107 Mar'16
1073s
107
94
J
J
Dubuque
(4_1920
let
Div
f
4
s
Sale
8
1075
1073
108
10618
4
1063
43.46 Corporate etook _1965 .1 -D
5 10578 10758
Fargo & Sou &mum g 135....1924 I - I 1114 -- 110 June'13 -10712
10718 Sale 10718
048 Corporate stook-1963 M10234 Feb '16 -- 10253 10234
43 en 100
La Crowe:, & D 1st 51
1919 J - J 10213
100
4% Corporate stock.
1959 M N 9978 Sale 9934
• J 10378 19418 10378 Mar'16 -- 10312 104
Wie& Minn Div 6156
1921
9978
9978
9978 20 98
4% Corporate stook
1958 M- N 9978 100
107 10714
J 10653 10712 107 Mar'16
1920 .1
Wle Vail Div let 69
9978
9978 13 9758 10018
1957 M N 9978 100
Corporate stook
102 ____ 1004 Nov'15
9714
-D
J
4%e____1934
ext
let
No
&
Mil
9714
'16
9912
Jan
3
997
9714
4% Corporate stook
1956 M-N
4
1013
_-101
'15
Feb
101
101
1
17
D
4%6____1934
extended
Cone
10718
10718
Sale 10634
10534
New 414e.'
1957 M- N
9638 Feb '16 ---i 95l 973s
Chick Nor West Eat 431888-1926 P - A 9758
New 44s.
1917 M- N 10118 102 10138 Dec '15
9713
97
97
97
07
A
ioff2
F1886-1928
3
Registered
106
10718
10634
10718
4
1063
1957 M- N
434% Corporate stock
8114
8114 84
81'.i
1987 14.1- N 8112 82
General gold 3348
Ion 10078
% Assessment bond/L.1917 M • N 10078 101 10078 Mar'16
8213 7812 Jan '14 --;•„;
Registered
p1987 Q - F
9014 8812 Mar'16
8813 8834
1954 M-N 90
53.4% Corporate etook
9512 Sale 9438
3
0512 "i -041
4 -0E1General 46
1987 NI- N -..-5 10212 10558
105 10534 105
105
Y State-48
1961 51-- 93
933, 96
94 Mar'16
Stamped 49
1987 M- N
102 10514
10514 Mar'16
Canal Improvement 48_1961 J - J 105
1. 4 Sale 11534
153
17' 11418 1.
116
N
NI_1987
stamped___
Ss
General
10
10214
'16
,_4
10214
Jan
10214
Canal Improvement 48-1962 J
•____ 10558 10212 Jan '18
11212 11z4
Sinking fund 68____1879-1929 A • 0 111 112 11213 Jan '16
10212 10212
Canal Improvement 46_1960 .1 J
1051s Deo '13
Re i t red
1879-1929 A - 0 111
113 115
Canal Improvement 4;46_1964 J J 11478 115 11478 Mar'16
- 10434 Mar'16
4
10430 10434
A
1879-1929
fund
10612
Sinking
56
-'16
_-_Feb
-10714
10714
J
Canal Improvement 434,3_1965 J
1879-1929 A - 0 10334 ___ 104 Feb '16 -_-_-_-- 104 104
Registered..
11434 Mar'16 --- 11212 115
Highway Improv't 43.4e.1963 M- S 11453
- 10312 Mar'16
103 10312
- 0 10314 10313
A
1921
Debenture
611
-107
109
Mar'16
107
107
Highway Improv't 4%8_1965 M S
101 Dec '12
1921 A - 0
Registered
86
8838
8912 86 Mar'16 --__ 88
Virginia funded debt 2-3a
1991 J
4 105 10478 Mar'16
104- idi
1933 M- N Ni1Oinking fund deb 58
3 5013 56
53 51
51
5113
Si deferred Brown Bros(AM-10113 may'lti
1933 IN- N
Registered
'15
Aug
117
0
A
66...1933
1rem
&
Elk
8
1st
V
64
Mo
6534
6314
Sale 6314
63
Au Arbor let g 4e___ .1.1995 Q J
9013 Sop '09
944 226 9378 9518
Man GB& NW let 3346_1941 I - J
93 8
4$ehTopASFegeng As _1995 A - 0 94 Sale
83
9312
Milw & 8 L 1st gu 3%6_1941 J 5 93
9358
Registered
1995 4 - 0 9118 9312 9312
108
1(1;4 11 Mar'16
108 109
1111921
Mil
L 8& West 1st g 61
4 8012 88
8634 Sale 8612
8634
AdJustment gold As
11996 Nov
107
1071a Feb '16 -- 10058 10713
Ext & imp 6 f gold 53_1929 F - A
- 8612 8612 Jan '16
8412 8612
Registered
61995 Nov
11258
11178 Deo '15 ---•
2
IN
Ashland
865
8814
Div
_..1025
Gs
8
g
8678
lit
861,1
8
867
8611
Stamped
A1995 51-14
1E1-2
21 103 10718
J 11218 ____ 11212 Feb '16 ---Mich Div let gold 65_1924 J
10334
Cony gold 48
19551 -D 86 ---- 10334
272 103 10734
55I1 Spark NW lot gu 4e.1947 1W -S 9178 9212 9178 Marla -- 8112 94
104
Own 4e issue of 1910
1960 / - D 10313 Sale L03
40.Pe
May'14
10738
-2
10114
MUnion
10112
Northw
10138
1917
g
78
let
10112
4
1013
101
10-year 56
1917 1 -D
107 107 Mar'16 -- 166.
St L Peo & N W let gu 58.1948 1 4 109
96 Mar'16
9612
96
east Okla Div Ist 4s.......1928 1W Winona & St P let ext 78_1918 3 - 0 1E- joi 10212 Dee '15
8612 Mar'16
88
89
86
Rocky Mtn Div let 48_1965 J102
102
l027
102
10113
J
•
&
Iii
.1
Rock
1917
Caleago
9118
69
Pao
914
..--89
90Is
91
Trans Con Short let 4s_1954 J - 1
1084 102
1917 1 J 10134 10212 102 Mar'16
9738 9738 Mar'16
Registered
9712 99
Cal-Arts let & ref 4%,"A"1962 - S 97
24 8414 87
8513 86
1988 J
8v general gold 4s
10334
10312 Sep 'lb
8 Fe Pres & Ph let g 5s...1942
5 83
83 __
84
8334
86
634
83
1988 J Registered
9358 31 -01.-3-4 -04.3;
A11 Coast L let gold 4s___61952 55- 8 9278 9318 9258
68 Sale 6778
6812 2148' 6334 694
1934 A Refunding gold 45
921s 38 9158 9218
Gen unified 412e
1964 J - D ____ 9134, 92
4712 Sale 46
4713 50r 414 49
J
J
20
1932
56
debenture
-year
'16
10714
Feb
8
1073
1074110612
10614
Ala Mid let gu gold 58.__1928 Mi• N
9434 Juno'll
1918 IN • N 8018
Coll trust Bailee P 48
- - - -.9414 9438 Mar'16
9334 05
Bruns & W let gu gold 43.1938 J 52
58
58 Feb '16
55 651s
RI Ark A Louis let 45.43_1934 M
152 --- 12978 Aug '15
Charles & Say 151 gold 76_1936 J
2 995s 100
1110 Sale 100
100
0
•
A
1034
R
0
Bur
So.__
&
g
N-lat
8713
8612
864
8618
4
863
-80
L & N coil gold 43
01952 54-N
2 120 8122
CRIPANW1etgu51._1921 4-0 --- 00 10078 Mar'14
119 12014 120
120
Nay PAW let gold es_ _1934 A 1027 1 - 121
M & St L let gu g 76
10114 -- 105 July'15
.....
let gold 158
1934 A -Ws -08.16
9934 ____ 9818 Jan
16
J
51..o1919
&
Okla
Moo
CI
g
gen
-0219018
8
99994 Feb '16
8118p Ooa & 0 gu g 4a_ 1918 1 9758 July'1.5
N 9118
1952
-Como! gold 5s
93
78 9214 934
reit & Ohio prior 33.4,
1925 1 - J 93 Bale 9234
58
58
Keok & Des Moines let Si 1923 A •0 50 _ 58 Jan '16
9214
9214 Feb '16 -- 9214 9214
Registered
.61926 Q •
71
71
6612
Mar'16
65
A
•
F
Eft Paul & FC Sh L 1st 41-0'41
9158 Sale 9114
0112 97 9114 9212
let 50-year gold 4..
3
61948 A Sale
1184
11814
11814 11858
11814
D
•
Ohio
I
M
P
St
&
.1930
con
o
_
Oa_
9114
Mar'16
91
9114
8913
Registered
11948 Cl
9012_ 8734 Feb '17
8734 8734
-D
J
Cone
6a
3;48_1930
172
to
9853
reduced
9614
8
963
Sale
9614
9658
10-yr cony 414e._
_ .1933 Ia-12 10212 Mar'16
10213 103
Debenture 5e
19301W- 8
10078 205 10058 10113
Refund & gen 53Series A_ _ 19951 - D 1005s Sale 1003s
118Is Mar'16
11818 11814
Ch St PA Minn let g 6e 1918 111-N 118
Pitte Juno let goba es
1922 1 - J 106 ---- 112 Jan '12
118
8
1295
Nlay'09
J
J
North
68_193
Wisconsin
10
let
92
-51- -92 P June & M Div 1st g 336 1925 M- N 92 ____ 9134
fog- 10158
10518
St P & S City lst g 66_1919 A 0 10434 10512 10513
8712 33 87 90
FLEA W Va Sys ref 48_ _1941 M- N 87 Salo 87
......
Superior Short L let 55 g-o1930 M 91 Sale 9078
9133 74 9378 921
flouthw Div let gold 33411-1928 1 68
82
'14
0
Jan
85
I
_19(10
&
H
T
5e._
Ohio
lit
8o-east
10014 __- 100 Apr '13
Cent Ohio R let o g 454e...1930 M10678 10718 10612 Marl,)
10813 i6ifs
107'l 1078 Ohio & West Ind gen g 66_81932 Q -M 79,
01 Lor & W coo lot g 58..1933 A - 0 10712 .___ 10734 Mar'16
8 Salo 7978
7812 8152
7978
1952 J - J
Coneol 50-year 45
Lfonon River let gu g 56_1919 F - A 10158 102 101 Dec '16 ---•
8612 861s
613 Jan
.
.
6
1937 J • 1 85 __.
Cin H & D 2d gold 4;44
Ohio River RR lst g 5e
1936 I -D 108 109 10213 Oct la
74 80
&
let
J
J
refunding
1969
10514
Mar'16
1043
4
10514
General gold 6e._.
1937 A- o
let guaranteed 48
1959 J - J 7518 ---- 8614 Juee'12
Pith Clef,& Tol lstg 06..1922 4- 0 106 --- 11312 Fob '12
i
lyA5
Jua
25 m
88
9912 ____ 9913 Feb '16
Cin D & I let gu g 53
1941 fil-N 30
-551-2 -6583
Pitts & Weet let 6 As
1917 J - 1
---Ft
&
Find
40
W
M- N
g.1923
let
June'12
4s
gu
91
&at lel Fly let gu g 4%8_1943 J -D
------65
rly
'14
Cin I & W ist gu g 4s1953 J -3
Bolivia Ry let 58
1927 J - J
Day & Mich let cone 4%6.1931 - J ---- ---- 9438 Dec '14
u 15
116 mt-;
16/1-2 iid
Buffalo R & P gen g 5e____1937 M- S
65 J'ly '14
19351 J ---Ind Deo& W 1st g be
i0.3 Feb '11;
102 103
Consol 4;46
1957 511-N 102
1074 Dee '(2
let guar gold 5s
9258 Mar'16
92523 925s
All & West 1st g 45 au._ 19984-0 9258
- I 70 Sale 7834
79 --ig 7713 -gi
J -D
3e 1
19.5
Clear & Mob let gu g 6a 1943 J - J 107 --- 10318 Feb '16 -- 10318 10318 Cleve Chi C & St L gen 43_ _ .199
8812 87
20-yr deb 45-4s......_._1931 J - J 8412 8612 8512 Mar'16
1,o814 Feb '16
10758 10814
Roth & Pitts let gold 6a 1921 F - A 10758
82
8414
Mar'16
8312
8312 87
193.. J - 3
Cairo Div 1st gold 4a
11014 1103
4 10734 Feb '16 ---- 10734 11018
___Congol let g Se
1922 1 7834 Mar'16
7634 77
Cin W & M Div 1st g 4s .10913 - J 7553 76
Canada Boa oona gu A 58.-19024-0 101 10412 10434 Mar'16 --- 103 10434
82
81
8112
8412
79
1990 M- N 81
8t L Div let coil tr g
1962 A -0 ---- ---- 10678 Apr 14
Registered
8214
Mar'14
_1990 M- N
-931-2 -221-2
9414 9312 Mar'16
Car Clinch & Ohio let 30-yr Si'38 J -D 92
86
85 Deo '15
_
ly
Me
rD
l
e
t
iso
1940
g
lat
ege
&
r
SpR
4e___
108
1077
Mar'16
10713
8
8
1077
--Central of Ga let gold 5e......p1945 F - A
i '46
Nar
534 Jan
84
8434 8434
W W Val Div let g 4s___1940 J - J 7613 ___ 108
10034 11 10014 102
Como! gold Se
1945 M- N 10034 Sale 11101 4
1053-4
105 105
C I St L & C oonsol 8a_ __ 1020 M-N 105
8313 Jan '16
834 8312
Chatt Div pur raoney g 4e 1951 J - D
9118
014
Feb
'16
9118 911
46
Q-F
gold
11936
let
18
Nov'15
10134
3
0
3'18
4
Mao & Nor Div 1st g 56_1946 J - J
9014
8812 May'15
Registered
10134 ---- i00i4 Mar'l •
Mid Ga & All Div 58
1947 I 1021, 10211
-F.1 10134 ---- 1024 Mar'16
6 .11Q923
42
58
7:
13
Cln & CI con let g 58_1_193
3
1172
19
10
1
10214 10214
10214 Jan '18
Mobile Div let g 58
1948 1 _ 10534 July'14
_
CCOAIgencong6a.__1934 I -J 11512
95 95 Feb '16
97
95
Cen RR A B of Ga ool g 56_1937 811-N
80
94 July'08
Sale 11758
Jul ii & %V let pref. 4i___ 194 A 116 11814
11734
Cant of N J gen'l gold 58
1987 J _
Q-J
41938
let
;V
&
5s
pref
Ind
0
Mar'16
11714
1174
11.514
Registered
61937 Cl'
3 -66- -Jr Salo 66
id
67
Peo & East let con 4s____191(
10314 10334
Am Dock cc Imp gu 68_1921 J - J 10334 104 10334 Mar'16
24
25
36
25 Mar'16 _- 25
_1990 Apr
Income 4e
- 100 June 13
Leh & flud lily gen gu g 581920 J 6 1004 10112
10078 1014 108
1
8
10
12
0
-0
A
454/L...1981
gu
1st
L
Short
i55
Cleve
'13
-5g"
Jan
2
__
10(1
Y Long 13r yea g 48..1941 M1
Salo
8
10
8
.1
1047 J
Col Midland let g 4s
83 Mar'16
83
80
Cent Vermont let gu g 4e_81920 Q - F 8014 81
10 7
- 8
8
9
8
11 96
Trust Co certfs of deposit
r_
98
9678 9678
J
Obese & 0 fund & Inapt 68_1929
97
22 91
Sale
91
9114
01
9314
A
F
1929
3 10512 10758 Colorado & Sou 1st g 46____
8 Sale 10578
106
let oensol gold 511
939 111-N i0578412 Salo 8412
8458 10 844 874
Refund & Ext 4546
106 Deo '15
1939 M-N 103 Registered
10618
8 105 10534
10512
10512
1) 10512
r41.N
3.51 J
92
19
Ft W & Den C ist g 6s.1
9178 27 91 -9314
General gold 11•48
1992 hl - 8 9114 Sale 9218
87 ---.
___ 91
Conn & Pas Rive let g 48.....1943 A - 0
904 Feb '16
9012 91
1992 MRegistered.
94 Feb '16
-54 - -54 Cuba RR let 50 yr 56 g__ ._1952 J J 8612 39 8,553 89
1930 F - A 8614 8612 8534
Convertible 41346..
Del Lack A Western8.5
85
Big Sandy let 4e.
1944 J - D 7813 8314 85 Feb '16
87
8814 8712
Mar'111
8712
84
Morrie & Es let gu 3346..2000 J 83 Mar'16
8434
83
Coal River Ry let ga 46_1945 J - D
10738 873834 109 Feb '18
10818 109
N Y Lack & W let 89._..,.192l 1 - J 10358 108
0634 984 9634 Feb '16
___9634 9634
Craig Valley let g 158
1940 J _
1044
10334
Mar'16
4
1033
_
8434 Jan '13
Construction .5e
-Potts Creek Br 1st 4s._ 1946 3 - J
1 98 08
9912 98
98
A 98
M N
1923 P
Term & Improve 46_ .l923
88 -1 8413 88
88
ft & A Div let con g 41_1989 J - J 864 88
84 _ _ 10218 Feb 03
A
F
3345_2000
lit
Warren
g
'16
gu
ref
83
_
Feb
831s
8318
82
25 consol gold 48
1989 1 • J
4 104:1-2 .6412
1011
- 10412
10412 10478
- Del at Hid let Pa Div 78_1917 M- S
Greenbrier Fly lit gu a 48_1940 M- N 86 ---- 90 Apr '14
_ - - 1044 Feb '16
10412 10413
1917 M- S
Registered
Warm Springs V 1st g 58_1941 IN- 8 9612 --- 11314 Feb '15
22 10014 10013
Sale 10014
10014
10014
-D
10161
10-yr cony deb 46
8 -gi 5958
59
tibia & Alton RR ref g 38_1949 A - 0 59 Sale 53
4
10178
8
1015
10012 102
Sale
1014
1922 J - J
let iten equip g 4%s
4512 48
4412
4514 20 43 47
1950 J Railway let lien 3546
o 9712 9734 9758
9734 24 9614 98
A N
1943 M
let & ref 46
9934 Mar'16
99 100
Ohio B & Q Denver Div 48_1922 F - A 9934 100
412 108 108
Sale
107
8
1067
10714
20-year Cony 6a
87
85
8558
Illinois Div 314s
1949 3 - J 8558 Sale 8514
5 8534 88
8714 88
8712
8712
Alb & Sue cony 33.4e
9512 16 9412 98
Miele Div 48
1949 J - J 9518 9512 9518
113 113
113 Feb '16
- (,)• 11218
M2651 A
034
190
Ring & Saratoga let 76_ 1
-.---- 9712 Dee '15
Teti/leered
. ._____1949 J
• No price Friday:late.% this week. d Due April. IDUC May. / Due Jane I Due July 1 Due Aug •Due Get / Due Nov. g Due gee. a Option sale.

High No, Low High
Ask Low
Rid
U. S. Government.
997g 997s
9978
U S 3s oonsol registered_ .41930 Q-., 9934 10014 9978
9714 Oct '15
41930 Q J 9934
LI 9 2e oonsol coupon
4
10134 13 1013i 102361918 Q - F 10134 Sale 10134
Si registered
10214 25 10218 10278
k1918 Q - F 10134 10212 10214
C I 3s wawa
1 10934 11118
111
111
1926 Q F 11034
8 As registered...
2 1104 11212
112
1925 Q F 112 Sale 112
As coupon
9314 Oct '15
0 8 Pan Canal 10-30-Yr 2e-k1936 Q • F 9912
97 July'15
0 8 P n Canal 10-30-Yr 2s-1938 Q N
idii 1034
10318 Mar'16
IT 9 Panama Canal 3s g.._1901 Q -M
100 Feb '15
II 8 Philippine island 48_1914-34 Q - jr loo




5

-

raw,

.

5

New York Bond Reeora-Oontuaued-Page 2

APR. 8 1916.1
BONDS
N. Y. STOCK EXCHANGE
Week Ending April 7.

130
Is

Price
Friday
April 7.

Week's
Range or
Last Sale

,t3c2

Range
Since
Jan. 1.
-••••-•-•••••..

BONDS
N. Y. STOCK EXCHANGE.
Week Ending April 7.

I'41
Is -

1333

Price
Friday
April 7.

Week's
Range or
Last Sale

cg

Range
Since
Jan, 1.

High No.1 Low High
Ask i Low
Bid
High NO, Low High
Hid
Ask Low
784 37 76
Deny & R Or let con g 4e___1936 .J-2 7818 Salo 78
7912 Leh & N Y 1st guar a
1945 M- S 8914 91
89 Dec '15
8312 Meet() ---- 83
Consol gold 434s
85
1936 J - J 8312 85
Registered..1945 NI- S
31 7834 8278 Long meld 1st cone go Le_..31931 Q.J 15538213 80
81
Improvement gold 5
1928 1 -D 80
4
1-15E34 Ma
-r-'15
11:,
7 438
5934 Sale 5858
1st dr refunding 5s
5934 52 5512 5934
1955 F - A
let consol gold 4a
9414
31931 Q. 3
s94 Oct '15 ---90 109 Dee '12
Rio Or Juno let gu g 511-1930 J - D 85
---General gold 4s
2 86
1938 -D 851, 99
87
89
90
3514 6112 Apr '11
30
Rio Or So let gold 4s
1940 J - J
Perry gold 484s
1922 M S 9938 9934 9938
994
8 9914 9934
___ 3514
3514 --1 351 3514
Guaranteed
1940 j - j 35
Gold 4,3
_
. 1032 -D
9914 Oct '06 -76
31 7134 7812
Rio Or West let g 41
1939 j -.1 76 Sale 76
Unified gold 4s
1949 M- S
89
8578 Mar'16
8512 86
62
6413 65 Mar'113 ---- (32
65
Mtge de col trust 48 A 1949 A Debenture gold 5s
1931 J -D 94
96
97 Jan '16 -- 97
97
90 Aux' '14
Utah Cent let gu g 4s_a1917 A -0
Guar refunding gold 48_1949 ri-Fl 90 Sale 90
9.)18
9014
7 87
9912 ____ 100 Mar'15
Des Mei Un Ry let g 5s
1917 M- N
Registered
1949 M- S
95 Jan '11 -90 Jan '16
1995 .1 -D 8312 89
Dot dr Mac_ let lien g 4s
N Y B & NI 13 let con g 58_193.5 A-0 10114 103 10312 1\Iar'16
-66 - -66
lo
-112
1995 .1 -D 80
81
85 Jan '16 -- 85
(told 45
85
N Y & P. 13 1st gold 5s
1927 NI- S 103 10312 103
5 10212 103
103
Dot Ely Tun-Ter Tun 4349_1981 M -N ____ 9312 9334 Marl() ---- 93
Nor Sh B 1st con g go 5e_o1932 Q- J 1014
101
7 101 102
101
- J mi 106 10134 Dee '15
Dill Mlssabe & Nor gen 58....1911
Louisiana & Ark let g So. _1927 NI- S 88
95
Mar'16
8812
88
9713
910314 Loulsv & Nashv gen es
1937 A -0 102 ___ 10214 Feb '16
Dul & Iron Range let 58..
Ai
1930 .1 -D 113 Salo 11278
113
11134 113
Registered
1937 A - 0
106 Mar'08
Gold .5e
1937 M-N 11012 Sale 11012
11,12
2
8
1083
11012
931.
Du So Shore & At g 5e
9312 95
1937 J Unified gold 18
9312
1940 j - j 9414 Sale 94
9413 /9 94
96
111gin Jol & East let g Se__ _ 1941 M-N 10314 10334 104 Feb '16
Regletered
1940 J - J
94 June'14
Erie let consol gold 78
15
.- 1 i
i
l5
lli18
95
1:
0
i3_7
'
1138
;
14-2_
1- ;
1101 4
Collateral trust gold 5s
1920 NI- S 11014 Sale 11018
1931 NI- N 15E1-3
10514 Mar'16
jog9712 JUICI0.14
N Y & Erie lot ext g 4s
1947 - N
E EI dc Nash 1st g 6s
9612 ,
1919 -D 10712
10758 Dec '15
2d ext gold .5e
10214
L Cin & Lox gold 434s
1919 NI S 10218 10212 1021 1
1931 NI- N 10214
102 Mar'16
iool, fed 9913 June'15
3d ext gold 434e
N 0& NI let gold (is
10018
1923 M
1930 J -J 1164
11558 Feb '16
11513 116
i
ji
oc
o18
,3
4th ext gold 5s
10218 Mar'16
2d gold Os
1920 AO 10214
l0678 as sy'1.5
1930 j - j 109
- 91
Nov'
5th ext gold 4s
15
9438
Paducah & Mom Div 4.9_1946 F - A
D
1928
8914 -56- 90 Mar'16 ----1 90
901s
111
NYLE&Wletgfd7s 1920 MS 10934 11012 11058 Feb '16
St Louis Div let gold 88_1921 NI- 8 108
108 Mar'16
107 10814
8512 43 5412 8013
Erie let con g 4s prior
8.514 Sale 8514
2d gold 3e
1996 - J
6114
1980 M6218 Feb '16
61
6218
Oct
80
'15
85
Registered
Atl Knox dr an Div 4s
1996 J - J
8758 90
1955 M-N
88
88
8734 90
7558 -15 7438 17
7512 753let consol gen lien g 4e_1996 - J
4 7512
AU Knox dr Nor lot g 5s_1946 3-0 10834
111 Jan '13
7612 7612
7612 Jan '16
Registered
1996 J - J
Render Bdge let s f g 6s 1931 M- S 1054 10i- 105 June'15
8914
4
89'4
8912
8834 90
Penn coil tr g 1s_
1951 F - A
Kentucky Central gold 43_1987 J - J
8112
8812
8813
87's 891
7113 sale 7012
7134 42 7012 7212
50-yr cony 45 A
1953 A Lex & East 1st 50-yr 5sgu_1965 A 10114 Sale 101
13 101 10134
1013s
78
77
7714
7734
do
19 7711 84
Series 13. .....1953 A L N M 51 1st g 43is 1945 NI- S 1007s
10058
Feb
'16
994
10058
853
8
86
Con cony 4s series D
1952 A -0 8578 Salo
507 858 8612
L & N-South M Joint 4s 1952 J - J
4 79
7812 80
79
79
82
duff N
& Erie let 78_1916 J -D 100 -- 100 Mar'16 ---- 100 100
Registered
h1952 '395 Feb '05
Chic & Erie let gold 5e. 1982 m- N 10718 10814 10714 Mar'16 --- 10534 10718
NFia&S 1st gu g 5s---- 1937 F - A 10614
10818
10624
Mar'16
l06'*
1033
4
101
_Peb '15
Clay & Mahon Vol g 58._ _1938 J - 1
N dr CI3dge gen gu g 434E1_1945 J - J
07 Dec '14
9713
12278 ---- 12212 Miceli)
Long Dock coneol g 68_1935 A 1.511-3 12212
Pens & All let gu g
F - A 10818
10814 Mar'16
l08' 1083*
Coal & RR lot cur gu (4.._1922 ri-N 102 101 102 Mar'10 ---- 102 102
& N Ala cons go g
108
F
A
108
Jan '16
10514 108
106
Sale 106
flock & Imp let ext 53_1943
106
5 10258 106
(len cons gu 50-year 58_1963 A-0 10212 Sale 10212
10212
10212 10314
10313 Aug '12
_1946 M - N 10012 _
N Y & Green L gu g
L at Jeff Bdge Co gu g 4e _1945 131- S 8018
8212 Mar'16
8018 8212
_ _ _ _ 5512
- 9812 Mar'16 ---- 9813 9812 Manila RR-Son lines
N Y Sus & W let ref 50
1937 4s_ _ _1936 M- N
_
2d gold 4348
1937 F - A
10014 Dec '06
Mex Internal 1st cons g
M- S - - 77 Mar'10General gold Se.
83
80 Mar'16 ---- 80
1940 F - A 80
80
Stamped guaranteed
1977 M- S
79 Nov'10
Terminal let gold 5e
1943 M-N to.51.1
102 Jan '11
---- Midland Term-let s f Is g_192.5 ----,101 0"
, '09 ----- Mid of N J let ext 5s
10412
11112 May'12 ___
1940 A - --- Minn dr 8t L let gold 7s._ 1927 J
112 - ---- 115 Mar'16--.- 115 115
Wilk & Ea let gu g 5e
1942 .1 -D 88
89 Mar'16 ---- 8812 90
90
Pacific Ext let gold 6s
103
Sale
A
1921
103
103
1
103
103
Ev ct Ind let con gil g 6s
.1
J
1926
103 May'12
let consol gold 5s
8912 __ 89 Mar'16 -___ 8812 90
1934 M- N
Evans & T H let cons Os...,.1921 J - J
9118 95
91 Mar'16
-66- -01 let & refunding gold 4s
1949 111- 8 63
61
6212 20 5234 6412
6178
1042 A let general gold 5s
50
65
9958 Dec '1:3
Des M & Ft D let go 4s 1935 J -J
61
70
60 Feb '15 7-Mt Vernon let gold Os__ _1923 A 108 Nov'll
Iowa Central 1st gold 5s 1938 J -D 88
89
89 Mar'16
87 -6618
Hull Co Branch let g 58-1930 A 95 June'12
Refunding gold 4e
11 5112 60
1951 al- 8 59 Sale 5712
59
Florida E Coast let 4348_1959 .1 -D -53-1; §;1-e 9312
2 92 -6i78
9312
- NI StP&SSNI con g 49 int gu 1938 1.J
9234 Sale 9234
25 9234 9378
93
Fort et u D Co let g 434e-1941 .1 - J
92 Aug '10
let Chic Term I 4s
1941 M- N
9714 June'12
-_
Ft W & Rio Or ist g ta
67 Sale 61
1928
10 -811-4 -6i67
MSS&A 1st g 45 Int gu_1926 J j
9718 09
Great NorthernMississippi Central lot 5 .__191'J j 97
113 98
234 92
7:
71 Ma9
r7158
6
90
9278
0B de (1 coil trust 4e
1921 j - j 9812 Salo 9813
9834 221 9778 99
Mo Kan & Tex lot gold 18..1990 J -D
4
72
134 s
Sa
ale 4
7212 106 7012 784
70
1 13
Registered A
1021 (3-2
9833 9814
16 9734 9834
98%
2d gold 45
g1990 F - A
4113 16 41
5013
1st & refunding 43,1s ser A 1961 J - J
9814 100 100
12 99 10018
100
let ext gold 5.9
50 Sale 50
1941 NI- N
50
524
Registered
1961 • J
96 June'13
let & refund 4,3
5212 Sale 5212
2001
NIS
5213
51
7
5312
St Paul M & Man 4e
1933 J - J
9718 Feb '16
9718 9738
Gen sinking fund 434s_...1930 J - J
384 39
384 NI:6
1
112
7 3814 4212
let consol gold 6e
1933 .1 - J 12112 12178 12112 Mar'16
12114 122
St Louis Div Is ref g 49 ._2001 A&0 46
61
46
48
46
46
Registered
1933 J - J
12012
1
12.112
12012 12112
0*1 & Waco let gu g 58__ _19.10 M- N ;T
s
79
434 Dee '13
Reduced to gold 4346_1933 J - J 10318 11334 1033*
5 10138 10334
10312
Kan C & Pac 1st g 4e
6,2-6
57
1990 F - A (439
50
6 Mar'16
-66- -55 Registered
1933 J - J __-- -- 10934 Apr '15
Mo K & E 1st go g 5s
76
9Sale
1942 A -0
32 74
8914
Mont ext let gold 4e.....1937 J -D 9638 97
9658 Mar'16
953* 9(15
M K & Ok let guar 5e_
1 50
I942 M-N
50
66
Registered
9012 Mar'16
1937 -D
M K& T of T let go g 5s.._1912 NI- S 48 Sale 48
9012 9012
6612
49
16 48
Pacific ext guar 4s
_1940 J - J 89 _ _ _ _ 854 Nov'15
Sher Sh & So let gu g 58..1942 1-0 60
74
96 Nlay'13 -E Minn Nor Div let g 49..1948 A -0 9212
S94 June'15
Texas & Okla let gu
55
5018
5018
M- S 50
2 49
63
Mian Union let g 68
1 i661; 10611922 - .1 11878 10958 10918
10918
8 Miesourl Pao 1st. cons gg6558 1943
1920 NI- N 1004 101 10013 Mar'16
100 101
Mont0 let gu g 6e
1204
'15
Dec
12412
J
-1937
Trust gold .51 stamped _ _ _a1917 • S
9112
9312
92
92
8914
1
92
Registered
(3614 May'06
1937 Registered
al917 NI- 13
82 Oct '15
let guar gold 5e
4 1163-4
11611937 J - J 11038 111 11034 Mar'16
let collateral gold Is
8812 89' _8_9_
1920 F - A
9_
834 89
Registered
1937 1-i
Registered
F
_
A
1920
_8_ Will & S Flat gold 5e _ _ 1938 J -D 11078 Salo 1:1078
11078
11078 11078
40 year gold loan 48
-476
i61Sale
1945
40
40
8
461*
Or B & W deb ctfs"A"($100 Dar) Feb
75 Jan '16 ---- 74
_ 80
75
let& ref cony 5s
40 Sale 40
1959 M40
13 40
4612
Deben ctfe -113" ($100 par) -- Feb -ills 117e 11 18 Mar'16 ---- 11
1414
3d 711 extended at 4%
1938 M N
82 Jan '16 --- 82
82
Gulf & I let ref & t g 58_ _51952 J -j 84
8812 8414 Mar'16 ---- 8414 85
Bonny St L & 8 let 55 go.1951 F - A
1-b3
ee
711
1
1
3- 10
704 ..)e
Registered
31952 J - J
Cent Br Ry 1st gu g 4s
1919 F - A
---- 50 Mar'16--.. 50
50
Hooking Vol let cons g 43is-1999 J - J -611;-61;
7 -66
-6E-6314 -66 Cent Br LIP 1st g 4s
1948 J -D 50 ---0734 Jan '14
Registered
1999 J - J
Leroy acCVAL1st g 58..1926 J - J
8
35
914 -6
.
6,4
- 110 N4 ar'05
Col & II V let ext g 4e_ 1948 A - 0 88 ---- 874 Mar'16 ____ 8718 8718
Pao It of Mo let ext g 4s 1938 F - A
9014 Mar'16 -Col & Tol let ext 48
1955 F - A 85 ---- 86 Fob '16 ---- 86
86
2d extended gold 5s
1938 J - J 10012- 10012 Mar'16
Houston Belt & Term let 5s_1937 J - J
9412 Feb 'I,
St L Ir NI & S gen con g 5s 1931 A 10134
15
10178
10134
Illinois Central let gold 48_1951
-15i1; Sale 9712
975
9712
9012
Gen con stamp gu g 50_1931 A 102
,12 J'Iy'
7914
Registered
92 Aug '15
1951 J - J
Unified dr ref gold 4e
80
79
1929 3-3 79
let gold 334s
85 -E78 8534 Mar'16
1951 J - J
83 -565-8
Registered
1929 1-3
8078 Oct '12
Registered
1951 J - J 8334
83 Nov'15
Riv & 0 Div let g 4s__.1933 M-N
7112 7213
7212
744
70
Extended let gold 3As_1951 A 8134 uu
8434 Feb '16
8t
8434
Verdi V I & %V let g 5s
1926 MI- S 83
Registered
1951 A 8334 ---Mob & Ohio new gold (35
---11414
3-0
17114
1927
8
11'4
---O
112
let gold 31 sterling
1143*
M(3
80 1951
-66- J'Ii.;55
let extension gold 6s____A1927 Q-__ - - - 108 110 109 Feb '16 ---- 108 109
Registered
___ 83
1951 MGeneral gold 48
75 Marl() ---- I 75
1938 M- S 7512
76
Coll trust gold 4e
1952 A - 0 8914 95
90
9012 --21: 88 -9112
Montgom Div let g 5s
98 102 102 Feb '16 --_- 102 102
F
1947
A
Registered
9514 Sep '12
1052 A •
St Louis Div 5s
1927 J - D 9012 ---- 89 Dee '15
lot refunding 4s
89
1955 M- N
8978 8978
8978
9113
3 89
St L dr Cairo guar g 4s
1931 J - J
8812 fa- 8834 Feb '16
8834
88
_8258 83 Jan '16
Purchased lines 334s
1952 83
83
Ch & St L let 5e_ _1928 A 107
10334 Feb '16 ---- 10354 10712
gE
34 Salo 8534
L N 0 dr Tex gold 4s
86
31 8514 874 Nashville
1953 M- N Jasper Branch lot g Os...l923 J - J 10914 113 11014 Mar'16
11014 11014
Registered
84 May'14
1953 M- N
McM NI %V & Al let 6e__ _1917 J - J 1013g -- 10112 Feb '16 -- 10113 10112
Cairo Bridge gold 48
1950 1 • 0 92 - - 92 Mar'16 ---- 90
9212
1' 13ranch lot Cs
1017 j - j 10138
113 J'Iv '04 ---Litchfield Div let g 33_ _ _1951 - J
74 Feb '14
74
71
Nat Rye of Mex pr lien 434e_1957 J - J
30
50
30 Marla ---- 30
30
Loulsv Div & Term g 3346.1053 '1-i ____ 8158 7978
7978
3 79 -813813*
Guaranteed general 4s.. 1977 A - 0 ---- ---- 68 Oct '15 -_
4
-__Registered
8:3 Aug '12
1953 J - J
Nat of Mex prior lien 4346_1926 J - J
9678 Feb '13 --- ____ ---Middle Div reg 5s
123 May'99
-A
1921
let consol 4s
11)51 A-0
__-- - - Omaha Div 1st gold 38_1951 F - A
6934 -- '11 Jan '16
- 71
71
N 0 Mob & Chic lot ref 5e_ _1960 j - j --LT- 79
4
30
9 A
NIuagy:15
15
St Louie Div & Term g 38_1951
6813 Sep '15
6813 fE
- J
New Orleans Term let 4s__ _1953• -J
72
70
72 Dee '15 -Gold 31,,,e
'16
Jan
8118
---- 8118 8118 N Y Cen RR cony deb Os ..l935 ri-N 11358 Sale 11313
1951 J -.1 8134 11418 234 12213 11.7-78
Registered
81 Nov'15
82
1951 2-i
Consol
45
series
A
F
1998
- A 8578 80
8614 70 88
86
8678
Spring' Div lot g 334s
1951 3-2 7834 ---- 7834 Jan '16
Ref & imp 434s "A"
2013 A-0 9412 Sale 9418
9458
50
944
Western lines let g 4s___ _ 1931 F - A
953
8
88 -- 8912 Fob '16 --- 8913 8912 NY Central & II R g 394e..1997 J -J 8
82
a2
1%
1.312 8
14 S8
32
134
82
1344 6
12
2 82
835s
Registered
1951 F - A /Registered
1997 j - J
8114 8213
Bailey & Car let Os
1923 J -D 10112
117(3 Ma
-y-'10
-Debenture gold 4e
9212 9234 9258
1934 M- N
9234
25
9218
Carb & Shaw let gold 48_1932 M - 13 86
9314
9412 rly '12
Registered
1934 M- N
914 Dec '15 -_
Chic St L & N 0 gold 5s 1951 -D 10818 109 10313 Mar'16
108 - 166 Lake Shore coil g 334e-- 1998 F - A
7934
763* Sale 7612
77
18 76
Registered
1951 .1 -D
114 Feb '11
Registered
75 ---- 76 Mar'16
1998 F - A
75
78
Gold 33i s
1951 .1 -D
90 Oct '09
J
P
&
Marl°
Co
ctfs
86
8
86
7
8
9
of
dep
.....
844
88
Registered
1951 .1 -D
Mich Cent cull gold 334 s.. _ 1998
_
77
8034
Joint lot ref Is series A_1963 J -o _
11)114 10113
5 i611-2 idiro
161.12
Registered
6
77
77
78
8
'
3'16
34
2 J1113
1998 F - A
76
7734
Memph Div let g 4s__ _1951 J 8778 89
8078 Dec '15
Battle
Cr & Stur let gu 38_1989 J -D
1951 J -D
Registered
Beech
Creek let gu g 4e
8 901 Mar'16
9618 -561-2
1936 J -J 76- -665fit Louis Sou let gu g 45.._1931 M- S 91
9512 98 1'117-'517i
Registered
1936 J - J
- 99 Mea,'11
Ind III& Iowa let g 4e
---1950 J -J 91% 92
9212 Jan '113
-66- -621-3
al guar gold 54
1936 J - J 166- 10414
----Int & Great Nor 1st g (is_
---9614 97
1919 NI- N
97
10 97
93
Registered
1936 J - J
---James Fran & Clear let 4e_ .1959 .1 -D 9112 9214 0212 Feb '16
9212 0212
Beech
Cr
Ext
1st
g
334e-.31951
A
_
Kansas City Sou let gold 3s_1950 A 6918 7014 6912
6912
1 69
71
Cart
&
Ad
let gu g 4s
1981 J -D 8918 -61Registered
_- 63 Oct '00
1950 A Gouv dr Oswe lot go g 5s 1942 J -D 1043s
Ref & Impt 53
9213 Sale 9214
Apr 1950 J -J
9212 12 9112 91
Mob dr Mal let gu g 4s
1991 M- S 9314
94 NfTu7
16
94 -94 Kansas City Term let 45._ _1960 J - J
88
8812 8712
8313 57 8534 8918
N J June It guar let 4s__ _1986 F - A
90
8914 Feb '16
8914 8914
Lake Erie & West let g 58...1937 J - J
9812 Salo 9812
9812
5 98 100
NY & Harlem g 3 Sig_ _2000 M -N
8212 8512 85 Jun(15
24 gold .5s
80 Sale 80
1941
80
5 80
8313
N
Northern
Y
&
let
g 55_ _1927 A-0 10558
10512 Mar'16
10512 1051,
North Ohio let guar g 58_1945 A -0
_ 10058 98 Mar'14
N Y & Pu 1st cone gu g 4,3_1993 A-0 8912 9114 9012 Mar'16
8958 9112
Leh Vail N Y let gu g 4 4s....1940 .1-i i'611 2 10214 102
102
-5 i6a3; 103
Nor & Mont 1st gu g 58_1916 A Registered
40012 Feb '16
-- - 102 1940 J 10012
10012
Pine Creek reg guar 6s._ 1932 2-0 1151<
113
'
-15 7_2
x-,7
Lehigh Vail (Pa) cons g 48.._2003 M -N
9214
Mar'16
90
66
R W & 0 con let ext 5s_ _61922 A 10413 ---- 10412 Mar'16
1153-3-4 1041-2
General cons 4 14s
1014 -10
2003 M -N 1011, 10112 10114
10
90
1
1
1'
4
RW&oTR
10
92
1
:g
4
1st
gu
g
Se
1918 M -N 101 ---- 101 June'10
Leh V Term Ity let gu g 5e
11178 -- Ill Merle ---- 110 111
1941 A Rutland let con g 43.6e__ _1941 J 8134
8
75
Registered
134 Dec
pec
11118 1)e0' 11
1941 A-0 11012
Og & L Chem let gu 4e g1948 J - J
74
L011 Val Coal Co let gu g 5s_ 1933 .1-2 10512 ---- 10558 Mar'16
____
---Rut-Canad
a let gu g 4s_1949 J - J
69
92 June'00
Registered
1933 J - J ---105 Oct '13
St Lawr & Adir let g 56_1996 J - J
95 ---- 100 Oct '15____ -let Int reduced to 4e _ _ 1933 92
_
26 gold Be
1996 A0 100 __-- 11913 Mar'12
• No price Friday; latest bid and asked this week. s Due Jan
b Due Feb
3 Due April • Due May. • Due June
A Due July, t Due Aug. o Due Oct.
0 Due Nov. s Option Sale.




7te:

New York Bond Record Continued-Page 3

1334
BONDS
N. Y. STOCK EXCHANGE
Week Ending April 7.

i3
1i
sea.

Price
Pridau
April 7.

Week's . '19
Range or
a
'''.
Last Sale

Range
since
Jan. 1.

4111
BONDS
N. Y. STOCK EXCHANGE.
"
Week Ending April 7.

Price
Friday
April 7.

[VoL. 102.
Week's
Range or
Last Sale

Range
since
Jan, 1,

Bid
Ask Low
High No, Low High
Ask Low
High No. Low High Pere Marquette (Con.)
Bid
K Y Cen & H RR (Con.)
io .. .....
Flint AP M gold 6a-1920 A - 0 101 105 101 Dec '15 --..
Ma&& Blk Riv gu g 4a--1922 J - J 9914-- - 9614 Nov.15 --'76
'74
N
754
_-.
754
70
MI1939
gold
55
let
cense'
id'
Sal
e
854
;
J
-D
8512
844
8512
Lase Shore gold 3eia
1997
-.....-... --Jul
y'
15
68
68
A
0
-_
1939
Pt Huron Div 1st g 5s.. _
1997 1 -D 84 __ - 8134 Oct '15
Registered
....-Sag Tue & H let gu g 4s-1931 F - A ...._ .........
9538 42 944 553:1
1928 M- 5 9538 Sale 954
Debenture gold 4e
.
(i- Ma-rii -- -ii- -51.9412 95
9414
9458 68 94
9514 Philippine By let 30-yr s f 45 1937 J - .1 50 ____ -S
1931 51-N
25-year gold 4e_
1940 A - 0 10714 _- 105 Dee '15 -----------941 943 Feb '16 ---- 94
941 Pitts Sh A L E let g Se
1931 51-N *
Registered .
_...... 1134 Nov'll
....J
1943
J
gold
5:
let
consol
J
-----------------------J
1023
4
1938
Ell A &0R let gu c 5a
-6-1;
9412 Sale 9412
9434 -71ii -al; -9
1997 J • J
1934 J - .1 1064 -- 1u412 Dee 'IS __- ____ _ ___ Reading Co gen geld 45
Mahon C'l RR let S:
1997 J • J ..„ - - 9414 95 Mar'16 -- 9234 95
Registered
Pitts At L Erie 2d g 58---a192S A -0 10212 ---- 102 Marl() --- 102 102
s
95
967
8
967
8
9612
967
8
0
9618
A
-1951
_
roll
g
413._
_
Jersey
Central
11511
__
-..-13018
Jan
'09
Pitts Mai & Y let gu 68-1932 J - J
rdWifi.........
1951 J - J 94 _ _
Atlantic City guar 4e g
1934 J - J 11313 ---- 12314 Mar'12 -__ _____
26 guaranteed 6s
........ i5:
56
3753
E4425;-0
1:
66 "Esii19114 - J .:_
StJos & Or lel Istg 43
McKees & B V 1st g 68_1918 J - J 101
11014
6 109 11014
1931 M- 8 10534 ___- 10413 Dec '15 ------------ St Louie & San Fran gen 63_1931 J - J 11014 Sale 110
Michigan Central Se
1 4
1931 j - j 10212 Sale 10212 10234 10 0
General gold Se
..-- 104 Dee '15 ---1931 Q-M 105
Registered
684 70
16
Mae
_5
-7
7
8
6
5
8
5
34
7
5
0
3
J
0
,N
3
g
42._1990
____
cons
'12
LA
S
F
RR
Apt
St
904
-_
98
J
J
1940
45
15
5718
General 15-20-year 5a_..1927
1940 J - J ---- -1.. _ 87 Feb '14
Registered
57
1021 46
57
5618 Sale 55
• ....
Trust Co malls of deposit. _ .
M- S ---- -- 90 Jun...08 ---- ____ __
.1 I., A S let gold 3301951
55
120
4
54 Sale 53
8
do
Stem ped _.
1952 NI - N 824 8312 83 Mar'16 ---- 83 85
let gold 3%3
-__
89
89
Marie
89
90
..„._
1947 A-4)
Southw Div Let g 5s
1929 A - 0 8734 8913 8914 Mar'16 --- 884 99e
20-year debenture 4s
5 6714 75
75
75
77
72
J
9511
J
6
93
1951
9438
9412
9438
gold
4s
3
943
Refunding
0
A
N Y Chic at St L let g 4a 1937
MI J - J ..- ____ 8034 Mar'll
Registered-----1937 4.- 0 -,, - -- 9334 Mar'16 ___ 9334 93;
Registered
93
65
9
2
11
54 ;
75
75 Mar'16 --_-,e
----, 69
'Trust Co ctfs of depota . ... .. 71
8413 Mar'16 _-_., 83 8411
8312 85
1931 M-N
Debenture 4s
4
4
6714 Sale 67
6954 14
Stamped__
do
9258
913
s
26
9212
9114
93
9112
2361 J - J
West Shore let 4: guar
1094
1107
8
31
8
1107
11013
192,
4-1.4
Sale
6g
11012
eons
g
K 0 Ft,s & se
8958
9 89 90
Registered
2381 4 - J 8938 8912 8913
78
67 75
78
102
K C Ft S A NI Ry ref g 48.19:3!: A - 0 78 Sale 76
1 102 102
N Y C Lines eq tr 5s._1916-22 7.1- N 10033 --__ 102
__,
KCAMRABletgu5s_1929 A- 0 --------9111
Equip trust 448_1917-1925 J • j 10033 _-__ 98 J'ly '14 ___,
"ii.r8 "iiii1004
N Y C,onnect let gu 44e A 1953 F - A 100 ____ 10018
9 ___9734 100e St L S W Ist g Is bond eats_ _1989 14-N
72
6 6t3 2
2d g le Income bond (efe_p19e1+ 3 - 3 6
N Y N H & HartfcrdSale
62
6112
8212
811,
-D
--_
8012
1931.
1
Mar'16
gold
Is
coogoi
1947 M-, 8012 ---- 804
Non cony eeben 48
6
70
534
4
2
114 6
6613 6613 Mar'16 ---- 65
1952 J - J 64
let terml A unif 55
Non-cony deben 3ees... _1947 M - e ---- ---- 73 Feb '11 --- 73 73
- . 9834 Jan '14 -- Gray's Pt Ter ist gu g 58....1947 J 'D 100
72
Non-cony deben 34s... _ 1954 A - 0 ---- 7153 72 Jan '16 --, 72
971:14
1
,
7
i
t
0
5
1
1
65
6_
644
Sale
6412
:
.
.1
J
1943
80
80
1 80 811: S A A A Pees 1st gu g 4(3._
Not-cony deben 45_
1955 J - ) -,-- 8012
58
8012
1 80 82
SF & N P 1st sk fd g 5s.._1919 J -3 10134 --- - 10158 Feb '16 - 1 8
1958 51-N 80 8013 8012
Non-cony deben 4a..
16-8238 5412
72
Seaboard Air Line R 48
1950 A - 0 8312- 84l2MV
'
72 Sale 72
3 7034 73
1956 1 - J
Cony debenture 330_
2
834
82
Sale
82
82
82
0
11434 23 11438 116
1950 A Gold 40 stamped
Cony debenture Oa-.-.1948 J - ..1 1143s Sale 11438
---e ,- gl-e- -......
1950 A - 0 -.
Registered
79 • - -. -_,,- ------ ---- __ ---.
Cons Ry non-cony 45.. _1930 F - A
6
6:78.
:g_ i -.78f:2
6612 li
:
O 6
:
66
1111
o1949 F - A
Adjustment 5s
Non-cony deben 4a
J954 1 - r 804 ...- 9113 Jan '12 -_ -- _ _ _ ___,
1959 A - 0 704 7034 7078 Mar'16
Refunding 45_
Non- onv deben 45____1955 .1 - J 80% ---- --- ------ --5
85
All Birm 30 yr 1st g 4s_e1933 M- 13 85 Sale 85
_.,
Non-cony deben 4e____1955 A - 0 ---- - - - • ---- ------ ---..
.. 5
Car Cent let con g 4e _1949 J . j 8778 „...- 854 Mal '15 - ...-.
Non-cony deben 4s._ _ .1956 1 - 3 ----------------------------- -- 88 _..__ 93 Mar16 ____ 923
Fla Cent & Pen let g 56..1918 J . j 10658 1013-4 9934 Sep '15 -Harlem R-Pt Cho let sle_ 1954 M -N
__ __
5 ---mar'46
30114 Dec
-14 10
-0
-3
03 8 1
lst land gr ext g 5s___1930 J - J 1016
- 994 Junt'12 ...._ _ _
BA NY Mr Line let 40_195e F - A -,-1533 - l03'4
i gi ai
1943 1 - 1
8112
,- 81
Consol gold 58
Cent New Eng let gu 48_ _1961 .1 - J 8112 82
l038
105 103 Mar'16 ---- 0
Ga & Ala By 1st con -713._01945 J - .1
e
..
Hartford St By let 45.. _1930 M- S -------------------------103 103
---j
1023
„,,Mar'16
5s_
1929
a
.
4
1st
go
g
1033
&
No
4
103
Ma
Ga
Car
'Ib ---- -_ -- _
Housatonic 11 cons g 58_ _193( M- N WIPE ---- 1t1012
------Aug
'15
9914
1925 3 - J 102 -Seab & Roe let 5s
5134 ..-- 87 J'ly '14 -_ __ _ _
Naugatuck +,R let 45....._ 1954 51-N
88 Aug '13 ____
Southern Pacific CoN Y Prop dr Boston 4s.....1942 A - 0 -ee . --- -.47
8613
8
863
Sale
86
0
J
,#194
Pao
coil)
Gold 4s (Cent
1151
; 79
79
NYW'ebes.413 let ser I 44a '46 J - J
1 78 82
79
,_,
11941- J - 0 .„ 844 90 Feb '14 -1
7.62
7.5
-1
Registered
N H & Derby cons cy 5a__1918 ell- N 1904 --- • 107 Aug Am ---- -......3
-8
.65140
- Sale 8778
88
g1921+ NI- e 8778
20 year cony 4s
Beaton Terminal let 4s___1939 A - 0 --.-- .- - ------- ---- ---87s
87
10
83
013 10
10478
J -D 10458 Sale 104311
20 year cony 5e
New England cons 5e____1945 J - J 101 - -e-- ---90 91
9018 904 90
9014
991-3 Mar-12 _ -Cent Pac le' ref gu g 48_1949 F' A
Consol 4e
19413 - .1 86
4 F - A -,,,- 9012 864 Mar'15 ---197
9439
75
56 Apr '15 -__ _ _ _
Registered
70
Providence Secur deb 48_1957 51-N
3'l
Sale
iii
gisl' -D
• Mort guar gold 334s_k1929 J -- 0
Prov dc Springfield 1st 5s..1922 J - J ---- ---- etes Dec '14
.. 854 8478 Mar'16 -_-_-_:. 847a 8634
Through St L let gu 45.1954 A
Providence Term let 4s._1966 Ni- e ---- ---- 8358 Feb '14 __
89'2
10489'2
iSEUIS
Deo
'15
51-N
-1931
P
1st
58
G H & S A MI &
WA Con East let 4348_1943 J - J 86 -,, -f," ..1.,- ....,.
4
1(:014 Jan '16 -_ Weil; 10618138 ni
4
- 8214
8214
Gila VGA N 1st gu g 5s...1924 M-N 10034 -2 &Fag 34
N Y 0& W ref let g 411---01992 N1'e
1014 10214
- 9212 June'12 -Hous E A W T let g 5e. 1933 111- N 10112 --- 10113 Mar'16 ---Registered $5,000 only., g1992 M- S -----8
10112
10312
10114
Sale
10112
1933
1st guar 58 red___.
General 4s
79
i -ii" "i6
_1955 J- D 79 Sa
79
- NJ 106
WU'10634 106 Mar'16 ---- 106 106
79
80
77 85
RAT C let ass int RU-1937 MNorfolk Sou let & ref A 5.8_1961 F - A
80
9 79
. 9538 Feb '16 ---- 9414 We
A -0 96
97
9611 101
97 Jan '16 ___, 97
Gen gold 48 let guar,
Plorf & Sou let gold 5a
1941 51-N
e
„.„ - ii.0 1094 Nov.15 ....,...... ..-- ---11912
Waco & N W div 1st g 6(11930 M-N
Nonf & West gen gold 6e.....1931 m- A 11913 120 11912
3 11913 120
1941 J - J 10" ---- 103 Noy.15 --- ....-- ---A A N W lit gu g Se
Improvement & ext g 68_ 1934 F - A 12112 .....- 12113 Mar'16 __ 12013 122
1921 3 - 3 105 - - - Inn June'14 - Louisiana West 1st Os_
New River let gold Os_ _ _1932 A - 0 11913 12012 12018 Feb '16 ._,...„ 120 120 4
4
9312 oo 934 94
Morgan's La & T let 7e. _ 191e A - 0 10458 10534 10434 Feb '16 ---- iflif4 iii3N & W Ry 1st cons g 48._1996 A - 0 9318 Sale 9313
4 Dec '15 __
1920 J - .1 ,„„-- 10512 105 Jan '16 ---- 105 105
,
,
let gold 60
1996 A - 0 ------931
Registered
'15
Oct
105
108
A
0
1938
9012
No of cal guar g 513
DWI let lien & gen g 48_1944 J - 1 904 9012 9013
i5 8978 91
2
Oro & Cal 1st guar g 59_1927 J - e 10158 Miff( 10138 Mar'16 ---- klieg ial10-25-year cony 4s
1932 J -0 120 123 12073 Mar'16 ____ 11313 123 8
.
1937 14-N 10734 _-__ 10112 Nee s0 __.
SO Pne of Cal-Gil g 5s
10-20-year cony 4s
1932 M- 5 120 123 114 Mar'16 -ie 114 119 2
____.
i
.ti...
) 9
82544 s
.3
-1-e- 9
118
3 Sep 12
85
120
123
122
1221
So Pac Coast let gu 4e g_ _ 1937 JA -- 0
10-25-year cony 448_1936 114- IS
3 11512 124
26
85
8934 16 8914 90
San Fran Terml let 4e,,.1950
Pocah C & C joint 4e_ _1941 J - D 8914 Sale 8914
1943 J - J --------96 Apr '14 ---- _id _ -ii...
4
Tex & N 0 con gold Se
00& T let guar gold 56_ 1922 J - J 103 ---- 10312 Jan '16 ___ 10313 10313
9038 98
90s
11 1
94
93 Mar'16 __,, 9178 94
1955 J - J
So Pac RR let ref be
/MeV AN E istgug 4a__1989 M N 92
102 10313
10212
1994 J - .1 1024 Sale 102
9313 127 9234 941142 Southern-Ist eons g 5s
1102 Pacific prior lien g 4s___1997 Q - j 93,4 Sale 93
-.3..8_
1070038
9
7
8t8
0
June'15
.1
1994
J
923
4
e
...923
4
923
B.egistered
j
4
Q
1997
1 9213 93
Registered
89
-feil; -54
Sale
0
A
6638 56 6513 67
Develop & gen 45 Ser A 1956
General lieu gold 35
(32047 Q - F 6818 mile 68
9
76'2
7612
Mob & Ohio cull tr g 4s......1938 NI- 5 7688 78
Registered
a204/ Q - F --,- 6312 6413 Dee '16 ___
--l0234
7578
104
-,-10212
Mar'16
J
1023
4
J
1996
--__
Nov'15
---904
1st
g
5s
Mum Div
St Paul-Duluth Div g 48_1996 J D 9012
434
4 8113 8412
1951 J - J 814 8212 8112
8112
St Louis div 1st g 45
Dui Short Line let gu 58_1916 M- a 10038 ..„- 1004 Jan '16 __ iolii, Rid 12
1918 J - J 103 -,,, 1021s Feb '16 --- 1021s 10212
Ala Cen 1st g 6s
St P & N P gen gold 6s _1923 F - A 11012 113 1104 Mar'16 ---- 110 1104
9058 9834 Mar'16 --- 9834 99
Ala Gt Sou let cone A 613_1943 J -0 98
Registered certificates_ 1923 Q - A -------10911 Oct '15 -2 9434 96
94
53
143 8
94314
2
943
14
2
Atl A Char A L 1st A 4%51944 J - .1 -gips.- 8
St Paul & Duluth let 5(3_1931 F . e 10738 ---- 107 Mar'16 ___ i 1 8412 854
J
J
101
1948
102
102
Dec
---'15
&
Daily
ALI
let
g
4s
26 Se
1917 A - 0
7912 8112
---Mar'16
8113
-e,- 82
2d 4s
let consol gold 4:
1968 1 -D ---- ---- 9038 Mar'16 --- 90 9058
794 7534 Dec '14 ---- --- -A:0
.1 71J
8j
919
tlidc
a(
Y;are
den
Wash Cent let gold 4e_ _ _1946 Q - M02 --,.- 904 Feb '16 -- 90
c
Ao
lavt i
gsgt u
6a
8r 4s _ 194
9012
.....Ply
'14
8
1003
----I,
Nor Pao Term Co 1st g 69._ 1934 j • j 111 11212 111 Mar'16 ..- Ill Ill
3
1(53.1-2 I071.1 1044 ---- 10414 Marla
J - j
861 8612
8612
193
910
8j
E T Va A Ga Div g 5e
Oregon-Wash let & ref 4(3_ 1961 -1 - J 86
i_ 853s 88
112
06
18
2 10
53
00
106
3 10
,..e. 106
96
Con let gold 58
Pacific Coast Co let g 58_ _1949 J -D 96 Sale 93
95
° 93
1
9
5
3
6
8
81
M.:
:
I
1
0
6
-190
7
8
10012
984 -.,- 9814 Feb '10 ---- 9814 984
E Ten reor lien g Ss
Pennsylvania RR lat g 4e_ _ _1923 141 - Is
57 00
07116
2
9
69
7
0:2 Feb'
1946 j
A -.. O
j i0-..771-2 10608 10
Ga Midland 1st 35
1919 m_ 8 10234 103 10318 Mar'16 ___ 1034 1034
Consol gold 511
1922
Ga Pee Ry let g 6s.
Como! gold 4:
1943 Al- N 9834 ,-,- 9938 Mar'16 -- •- 984 9938
194e Al_ fe
9912 100
991a Mar'16 -,..„ 9812 100
Knox A Ohio let g 6e_ 1925 J - J 10933 ---- 10934 Mar'16 ---- 108 11012
Coneol gold 4s
-;
58
51
-07
-:
10.
-71
-4
10512 82 10511 106 38
Mob & Sir prior lien g 58 1945 .1 • J 1004 ---- 1054 Nov'17 ---- .
Consol 44s
.1960 F- A 10538 Sale 10514
Mortgage geld 4s__._ _1945 J - J 6812 ---- 79 Mar'13 --;;.;
10213 57 10034 102 78
General 43es when Issued 1963 4 • D 102 Sale 102
10358 iu joii, ILE
9612 Mar'16 --- 924 96 78
Rich A Dan deb 5estmcid 1927 A - 0 1034 ....-- 1033/3
Alleg Val gen guar g 48... _1942 m. e 964 97
Rich & Meek lit g 4s..... J948 M N
D R RR AB 'ge let gu -le g 1936 F - A 9518 --- 96 Jan '16 --.. 96
96
80
'818 102 17
2 -- ---.-_ i(711- - iii"
03
158 S
;16
I5e11
1919 M-N 10
So Car & Oa let g 5s
Plena Bait & W let g 40_1943 m- N ---- -- 994 Nov.15 ...
1921 M- 8 10134 ---- 10334 NO%'12 --_
Virginia Mid ser 1:14-5s
dodus Bay A Sou 1st g 58_2924 j . j ------102 Jau '03 ._ :-_-- 8
...
.....
-..
10
0
4
2
,
4
-.
1
1
1
3 ....-. -. -.
S
0
0
2
4
Mar'16
N,i
:,
-.
M
m
926
1
1
03
E
58
Series
--- ---- . - - - .
Sunbury & Lewin 1st g 4s_ 1934, J j 9234 ,--- -- 2 69); -iii 3.1
9934
Series F 5s
U N J RR A. Can gen 4:.. 193-. 51- t•
9934 sale 9934
i,6i
it--2 16i78
1936 10-N 10458 ---- 10512 Marie ---- i
General Se
Pennsylvania Co10214 14 101 10; 12
Va A So'w'n let gu 58_2003 J - J 105 -...„- 103 Feb '16 ---- 10213 103
Guar let gold 43-45-------1921 j - j 10112 ...„, 10218
1921 j - j 101 10118 101 Marie ...... 101 Re 4
let cone 50-year 53....195s A -0 8712 8912 8934 Feb '16 -- 8912 904
Registered
Guar 33es coil trim rug A_ 1937 M- S 8514 ---- 8613 Jan '16 ---- 8613 84 4
W 0& W let cy gu 4e__1921 F - A 94 --_- 93 Dec '15 ---- _--. -iiSpokane Internet let g 5a.._ _1955 J - J 90 - - - - 93 Jan '16 --- 93
Guar 3er a co+I trust cur 13_1941 F - A 854 8814 85 Jan '10 ---. 85
81
Trust Co etre gu g 3%5_1916 m- r4 9934 ---- 1004 Jan '16 ---- 9934, 101 a Ter A of St L 1st g 434e., _1939 A - 0 994 102 10013 Mar16 --- 9812 10012
1st con gold 5s. __1894-1944 F - A 194 10518 10534 Marie --.- 1034 1064
Guar 334s trust Otis c___1942 j - la 84 ---- 83 Feb '15
88
J *--- 8678 8658 Merle ---- 88
Gen refund a f g 48
Guar33es trust Ws D._ 1944 j -0 8414 ---- 8513 Marie ___ ii- -6-; .
18
A
I :0 100 10112 99 Nov.15 ---- 3
)'
3(
Guar 15-25-year gold 4021931 A -0 951a --- 9514
St L M Bridge Ter gu g 5e 195
9514
3 944 91 53
40 year guar 4s +Ufa Ser ee. 1952 m- N
9363 ---- 9238 May'14 ____ _ _ _. Tea A Pac let gold Se
9377111
5
2
1 35
9
37
9
37
9
38
7
37
5
_42
2000
999 iM-apr 9
_
Cin Leb & Nor gu 48 le,_1942 14-N 9014__..., 90 Dee 15
26 gold Inc 58
90 Jan '15 ---- 90 90
1931 J - J ---- 88
CIA Mar let gu g 44e_ 1935 m-N 99 ---- 9934
9934
2 WI 51 3-4
La Div B L 1st g 5s
A
Nos
'04
-F
95
10613
1930
10438
5.
Feb
'16
__
gu
CIA P gen gu g 44880e A:1942 j - j
--- - 10513
W Mm WAN W lat
10418 101 12
1 WI- 10
4
1113:
- 10334
193.5 J - .1 1E3-4 -10334
Series B
1942 A -0 10434 ---- 104 Dec '15 _-_ _
- Tol & 0 C let g 5.9.._.
.
2
1935 A - 0 102 1021. 1024 Mar'16 --- 10
lot reduced to 348_1942 A -0 8514 ---- 9114 Feb '12 ____ _-Western Div let g .50
-_
93
93
---Mar'16
93
96
93
1935 1 - D
General gold 5e
Series C 34e
1946 M- N 8538 --- - Ms Oct '12
1990 A -0 84 844 84
Series le 343
Kan & M let gu g 45
1950 F - A 8533 ---- 8334 June'15 ____
99
984 84
987/3 98s Mar'16
8 16 ---- 83
1927 J - J 96
dale & Pitta gu g 334s B..1940 j - J 87'2 ---- 8614 May'14 ____
213 20-year 5s
56 Feb '16 ---- 56 61
56
1917 J - .1 50
Tol P & W 1st gold 4:
Series C
1940 .1 - 1 8712 -.-- 904 J'ly'12"
7812 Mar'16 --,,. 784 83
Lir R & lea let gu g 448..1941 j • j 9813 ---- 9812 Feb '16 ____ 9512 9, 78 Tol St L & W pr lien g 34e. 1925 J - .1 794 81
60
15 56
561
1950 A -0 56 Sale 56
Ohio Connect let gu 48_1943 ad- a 9214 -- - 93 May'14 ____ _ _
60-year gold 4s
-1878 -„.,- 1858 Mar'16 ---- 185s 18se
1917 F - A
Pitts Y & Ash let cone 5e 192+ m. N 1044 - - -- 109 May'10-- ...."" -Coll In be g Ser A
8512 86 Mar'16 ---- 83 86
-0
J
48_1:1946
fel W V A 0 gu 448 A..1931 j - j --------9812 Oct '15 --&
Buff
1st
g
-Ham
Tor
- - -10034
2 10012 1014
Ulster & Del let con g 56_1928 .1 - D 10013 101 10012
Sanaa B 4 res
1933 j -) -,,.. -- - 984 June'15
_
1952 A -0 75 - • 74 Ma(.15 ---9512
Series C 4a.
934 Jan '16 ___ 934 9 1-2
1st refund g 4s
. 1942 M- S 93
1
07
/1;
97313 59 lc -(1
1947 J - J 9718 Sale 97
FCC & St L gu 448 A.. 194+; A -0 10152 102% 10212 Mar 16 _--. 10138 1021e Union Pacific 1st g 48
•
1947 J - J 9412 9638 95 Mar'16 ---Registered
Series B guar
2 10138 10 58
1942 A- 0 10212 Sale 10212 19212
934 40 9212 94141
9318 9212
93
1927 J - J
1942 ea- N 10133 --- 9714 July.15
20-year cony 45
Series C guar
9012
Sale
9038
897
e
9112
903
8
63
NI5
g200s
let & ref 4s_
1946 M- N 9513
9513 Jan '16 ____ 95 9512
Series D 4s guar
1 9118 9213
9214 92
92
Ore RR & Nay coa g 4+1-1946 J -D 92
Series E 334e guar gold 1949 F .. A 93 __ 92 Feb '16 _-- 92 92
3 10734 109
10834
Ore Short Line let g f3s_ _192'2 F - A 10713 Sale 10812
'cries F guar le gold__ 1953 j - D ___ ---- 9514 Jan '14 ___ _ .. _ ....
1 106 10712
10713
109
10712
1074
.1
1946 .1 1st comet g 5+3
1957 M- N 94 ....- 9258 Aug '15 ____ ___ _ -Series 0 4s guar_
934 38 9254 94
1929 J - D 9238 9273 9278
Guar refund 4s
(7 St L & P 1st cons g 58 1932 A - 0 10612 ---- 104 Noy'15 --.. ___ _ - Mar'10
---102 102
102
102
10212
193-.1926
J
J
Utah A Nor gold
Peoria & Pekin (In let g 68...1921 Q - F 101 105 102 Noy'15 .._-- _ _ _
95
95
95 Mar'16
1933 J - .1 91 100
1st extended 4s
--- 87 Mar'16
e1921 14-N 86
ki if"
241 gold 430
91
91
91
91
914
91
A
1
F
1955
A__
11
14
1
Vandalla
cons
ce
4s
Per
15
14
14
4
J
1
1955
1
Pere Marquette-Re/ 4e
.....a
...:
Sep
'15
80
---N
91
1957
M
Consol 45 Series B
15
Kefunding guar O.__ . 195e J - .1 --------15 Mar'16 -- 14
'
8135
4
0
48
213
2 Aug0
Vera Crus A P 1st gu 4341.1934 J - J -ii.1-2
. Chic & West Mich 58_.1921 j -0 83 -..-- 83 Feb '16 ---- 83 8
19
Sale
-iiii
Virginian let 55 Series A--1962 IN N
2) Due Nov. / Due Dee,
•No price Frid sy:letosS bld and asked. a Due Jan; 1 Due Feb. e Due 314.27 •Due inns. b Doe July. A Due Aug. •Due Oct
s'Intfen gale.




14
63 Dmeacrqi'56s--

__ --

"ii;

APR. 8 1916.]
BONDS
X. Y. STOCK EXCHANGE.
Week Ending April 7.

New York Bond Record—Concluded—Page 4
Price
Fridau
April 7.

Week's
Range or
Last Sale

02

Range
Since
Jan. 1.

BONDS
N. Y. STOCK EXCHANGE.
Week Ending April 7.

ii,zt

1335
Price
Friday
April 7,

Week's
Range or
Last Sale

Range
Since
Jan. 1.

Ask Low
Bid
High
Low High
Bid
Ask Low
High No. Low MIA
Wabaeb let gold 65
10434
10312 105
1939 111-N 10434 Sale 10412
Trenton 0 A El let g 6s...._194, in10112 _ _
1014 June'14 -.9915 Sale 98
9918
ild gold 53
1939 F - A
98 100
Union Elec Lt & P let g 5s_1932 MS
100
—_Sep
*16 ---•
70 110
90 June'I.
Debenture Series B
1939 J _
Refunding Jr extension es_1933 111 -N ---- ---- 89 Mar'll) -9612 Mar'16
let lien equip e Id a 58....-1921 M- S 06%
(3618 9612 Utica Mee Lt & P let g 58_1954) J
J
10214
Marlf•
----J
66
-J
70 ---Dee '15
1951
let lien 50-yr g term 4s
Utica Gas & Eleo net 5s____1057 J
J
90 Aug *16 —
---- 22 Oct '15
1958 let ref and ext g 4e
__-- We.stchester Ltg gold 5s____1950 J 1042 Sale 10112
10412
1 10411 ioi
__-102 Dee '15
____
Cent Tr Ws awn paid ----Miscelianeous
____
Do asst part paid
Adams Ex coil tr g 4s
84 Salo 190
190
83
844
4411:
438 2
M
13
0 83
8518
10211 Nov'15
Cent Tr stpd ale met paid _ _
Alaska Gold M deb fis A_ 194
103 105
6 102 117
92!
;
s
Do aset part paid
_
Armour de Co 1st real Oct 4 a '39
9414 Sale
0312 95
Equit Tr ctfo mot paid ____
---- 107 Jan '16
107 - 16i - Bush Terminal let 48
A8758 88
4 8612 89
8758
88
---4612 Jan '16
Do aset part paid
4612 4612
Congo'So
2 8712 92
.11995552 J - J 8878 Sale 8
88
8878
878
10414 Jan '16
Equit 'Fr stpd ctfs asst paid
10414 10114
Bldge Sc guar tax ex
13
85
8142 14
18
4 8711 91
8812 Sale 13114
1960 A 4512 Jan '16
Do asst part paid
Chile Copper 10-year cony 7s 1923 111-N 135 Sale
4512 48
12912 13514
Det & Ch Est let it 5s____1941
104'8 107 - 10318 Mar'16
103 10318 Computing Tab-Thee e f 60_1941 J - ./ 82
83
8112 Mar'16
85
81
Des Mein Div lot g
.1 - J
7012 __ -- MO Aug 12
GranbyCons NI SAP con 08A '2,he- N 106 10734 107
107
10412 10914
Om Div ,st g 310
73% 73
1941 A - 0 72
73
73
73
Stamped
1928 51 N 10714 10712 107
5 10334 109
107
To!& Ch Div let g 4s
8612
84 Mar'16
87
84
1941 M- 8
Great Falls Pow let e t Se 1940 M- N 100 10)12 10012
10012
3 9914 10118
W ab Pitts erm let g 433._ 1954 J -D
212 24 218 Mar'16
112 414 Insplr Cons Cop let cony Os_ 1922 in,
175 195 193
5 174 19512
193
16
Cent and Old Col Tr Co certs._
118
llt Sale
1
llz
334
5-year cony deb es
J
J
1919
Mar'16
190
-174 196
Columbia Tr Co certfo
118 3
15 Mar'16
1
312 Int Mormon Marine 4
9918 Sale 0
1922 A 12 95 10218
9%,s
98
9
998
9734
Col it ate for Cent Tr ctfa
1
1 Feb '16
I
IN
378
Certificates of deposit
_
9812 Sale
1428- 9518 10212
1,
18
3
8
7
8
Mar'16
14
2d gold 4s
Int Navigation let s f 5a___ 1929 F J
1954 :1---192
98
93
9134 9913
18
18
4 Mar'16
Trust Co cents
14
34 Montana Power let 5s A._ _1943 J - J 9634 Sale 963 Mar'16
lai 9518 97
97
8334 8512 8434 Mar'16
Weal/ Terml let gu 3148___1945
8312 8434 Morris & Co let s f 4
.1-i 923s 92% 9238 Mar'16
1939
9314
9238 93
9112
Aug '15
let 40-yr guar 4s
Mtge Bond (N Y)4s ear 2_.1966 A 1945 F - A
83 Apr '14
-- _ 60 71
West maryland let g 4s
75
75
1952 A - 0 7434 Sale 7434
10-20-yr .5s series 3.
-cli- -951-2 94 Feb '16
J 9412
94
1
10412
10412
1044
Went N Y & Pa let g 61
J
J
10334
105
N
Y Deck 50-yr let it 4s____ 19
1937
7212
_ _ 76
93
52
1 F- A
75
74
7512
Oen gold 44
- 83% Mar'16
8111 84
1943 A - 0
Whig Falls Pow let 513
102 103 102 Mar'16
▪
-J
1932
10034 102
25 --- 20 Dee '15
Income 58
d1943 Nov
Ref & gen tie
107
A
()
__
al932
Wheeling & L E let g Se.._ 1926 A -0 10012 101 101 Mar'16
98 102
Nlag Lock & 0 Pow let 58..1954 M- N
9238 Feb '16
-925; -6238
0512 97% 97 Mar'16
Wheel Div lot gold So____1928 J - J
9,134 9914 Ontario Power N F let
94 Sale 9334
5s _1943 F - A
9412 17 9334 9512
9614 97
97 Mar'16
Exten & Impt gold Se___1930 F - A
97
97
Ontario Tranandeelon 5e____ 1945 M-N
86' —
86 Mar'16
86
88
6912 --17 69
RR let consol 4s
1949 M- S 60 Sale 69
72
Pub Sony Corp N J gen Ss
9112 Sale 9112
22 8934 92
92
1959 A -- 00 Apr '14
20-year equip o f Ss
1922 J - J
Ray Cons Cop let cony 6s_ _ 1921 J - J
_
127 Dec '15 -- -- - 1 8611 57l2 Sierra
Winston-Salem S 13 let 419.....1960 J - J 8612 8712 8712
8712
& El F Power let 5s .1949 F - A
9214 Feb '14
8612 Sale 8612
6 861, 8734 Tennessee
Wis Cent 50-yr let gen 4e
8612
1949 J - J
Cop let cony 68_1925 M-N HO- Sale 116
7 lid - 125
118
N 88
8834 8812 Mar'16
8812 904 Wash Water
Bun & Dul div & term let 40'36
Pow
10318
Jan
let
.• 1
'14 -59_ .1939
Street Railway
Manasfact-ring & Industrial
102 Sale 102
Brooklyn Rapid Tran g 5s 1944 A 17 102 10312 Am
10:3
Av Chem let c Sc
loti4 l0214 10214
19
09
238
,2
25 A 17
1 19
07
24 19
09
3,2
9 79
let refund cony gold 4a
79 Sale 79
79
2002 J - J
81
Cony
98
&ben
99
984
5s
F- A
4-year secured notes (511
10118 56 10012 10118 Are Cot 011
1918 J - .1 101 Sale 101
9714 Sale 9714
in-N
debenture
9714
33
3
1
1
19
9
58_
964
1
_
9734
Bk City let con So _l916-194l J 1
10078 10118 101%
10178
10012 101% Am Hide & L 1st e
1034
18
0
101
5
4
ma
•
l0
r
,
4
f
18
S
gee
8
-1 10
,35
3/8 18
08
1919
41
Bk Q Co & S con gu g 58._1941 111-N
_ 94
1
98 Apr '14
_—
Amer Ice Seem' deb g 6s_ _,1925 A - 0 85
87
Bklyn Q Co & el let 58
101 MaY.13
1941 J - J
Am
'
,melt Securities
11014 Sale 110
F111
i;53; 110 118
Bklyn Un RI let g 4-58_1950 F - A 1511-2 Sale 10112
10178 --i; 160 - 162 - Am Thread let coil a f (is 1926 J - A
983
s
983
8 Merle -- I 9778 9838
98%
J
In 4s_
1919
Stamped guar 4-53._ .. _1950 1°-A 10134 102 1014
6 1003s 10218 Am Tobacco 40
102
118
118
year it Go.. _1944 AC *11758
1 118 118
Kings County El let g 4s_1949 F - A 8412 87
8412
8 8312 8612
8412
Registered
12134 May 14 ---1944 A Stamped guar 48
8412 861 1 8412
8458
.1910 F - A
3 83
8612
GoR
ldeatet_e_red
..
F - A 8334 90
833 Merle ---- 8312 Ws
Nassau Eleo guar gold 4e..1951 J - J 76% 7612 76%
76%
764
1 75
F- A
9)3 June'14
Chicago Rye let 58.
9734 9712
98
9834 Am Writ Paper let f 5s_ 1199
13 97
1927 Is -k. 97
71
75
75
3 -861-2 -7g110
11 J - J
1955
7514
4
Conn Rs,& L 1st & ref g 43is 1951 J - J 10014
9912 Jan '10
9912 9912 Baldw Loco Works let 58_194( M- N 105 106 105 Mar'16
10i 105
Stamped guar 4548
June'14
1951 J - J 9012 - -- 9614
Beth Steel lot ext s f .50
1037
8
./
Sale
103%
J
7, 1024 10418
1037
1926
s
Del United let cons a 434e 1932 J
80 Salo 78
'JO 74l SQ
80
let & ref 5s ear A
10114
MSale
101
N
10138 62 10012 1031a
Pt Smith Lt A Tr let a Se__ .1936 M El
84 Jan '14
Cent Leath 20-year g Se
2t)1 10034 1024
102
925
2 A -0 10178 Sale 10134
194
Grand Raphlti Ry Ist:g 64-1916 J -D .165"
100 June'14
Consol Tobacco g 4s_
8212 88
971 Jan '15
1951 F - A
tfavana Elea coneol a Se_ 1952 F A 0212 :16
94 Mar'16
9012
87
097
94
8
Corn
Prod
Ref of it 5s
99% Mar'16
1931 rd-N
8
99 i661taua A Manhat Sc Ser
7314 7312 73
F A
731, 19 73
7514
let 25-year s f 5i
9734 98
9712
-N
6 9614 994
9734
Adjust Income Se
2812 Salo 2812
73 2812 3114 Cuban-Am Sugar
30
1957
10234 102% 10234
10 1014 102N
10234
coil tr 6s 1918
934 A X Y & Jersey let Sc
101 __- 101 Mar'16
101 102
7478 Sale 72%
04(M See Cot cony let g 5s_ _1927 A 7538 752' 693s 7538
taterboro-Metrop coil 4345-1
7378 -132 73
1953n
9 2 A -0 7338 Sale 7314
7612 E (do Pont Powder
J -D 104 10518 105 Mar'16
2
83
7112
10
78
24 10
leterboro Rap Tran let 5s Dail J - J 9912 Sale 903s
9912 284 9914 9934 amoral Baking lot 430_ _ 1936 J -D 8312
_ 85 Mar'16
25-yr 68_1936
85
85
idanhat Ily(N Y)coons g 48_1990 A 00% 92
9134
11 91
92
9234 Gen Electric deb g 3
82
4
F- A
82
82
8314
•
Stamped tax-exempt__ _1990 A 9212 0312 9212
4 92
93
9314
Debenture 5s
84- F 10434 Sale 10112
10 19
101N
Metropolitan Street Ry—
334
9534
% 102
00
Ill Steel deb 4
9114 9112 914
914 46
.1119
994
540
22 A Bway A 7th A v lot a g 58_1943 J 97 100
99% Mar'16
9814 10014 Indiana Steel lot 6s
103 Sale 1024
N
21
103
Col & 9th Av let go a 63_1903 M•
19
07
1112
4 1100
0358
12
_ 100 100 Mar'16
100 100
IngersollRand
luo
Oct
J
13
J
lot
Se _ -e11935•
Lox Av A P F let gu g 58_1993 M- 5 100 10014 100
9 25
12 9934 101
100
Int Agricul Corp let 20-yr 56_1932
M -N
7738 78
1 7738
7734
7734
Met W S El (Chic) let a 4e 1938 F - A
30 Mar'14
let Paper Co ,st con g 68
10212 Sale 10
F
2%4
,0
3
19
0
0
212
1916
Mllw Riot) Rs,A Lt cons gee 1926 F - A
102
1131-7-92
2
10214 Mar'16
101 l02'4
Consol cony e f g Sts
90 Sale
34 81
1935 J - J
Refunding A eaten 4348_1931 J - J
90
_ 65.12 92% Feb '15
Int St Pump let s f 58____ _ 1920 M 5
76 Mar'16
Minneap St let cons a 58._ 1919'-3 101
75
78%
10014 Mar'16
10614 1001-4
Certfs of depoeit
76
76
35 74
tdontreal Tramways lot & re
7912
L.ackaw Steel let g Sc.
9978 Sale 9
79
512
10
76
1923
018 2/
80-year 58 Set A
93% Mar'16
9375 05
1941 J - J 9214 91
lot con5s Series A
9414 141 9112 97%
1950• S 893 Sale 93
New On Ry & Lt gen 430._1035 J - J ____ 85
80 Mar'16
80 80
Liggett & Myere Tobac 78.._1944 A - 0 12612 12634 126
12,12
10
ET Y Rye let R E & ref 48_ _1942 J - J
12434 127
79 Sale 7734
7934 386 7312 70
Se
102
1951 F - A 101 10134 0)134
250250 55
80-year ad) Inc Ss
5812 Sale 5812
60
A6378 Lorillard Co (P) 7s
12612 127 12612
12613 111 12°238
11995441 A 2 85,
8638
14 12
X Y State Rye let cone 440a
06
3712
87
1
M- N
80
86%
4 8812
So
- 110642
9
2
1007
8
F
101
A
101
101
941s 9412 94 Mar'16
Partland Ry lot & ref So____1930 M- N
4 1120251142
94
9412 Mexican Petrol Ltd con
118 sale 117
871 106% 128
118
68 A 1921 A 80 Sep '15
Patid ny Lt & P let ref 58_1942 F - A ___ 80
let hen & ref es 8eries C_ 1921 A - 0 115 Sale 114
11612 26
100 may'15
Portland Gen Elea lot 58_1935 J - J
Nat Enam & Stpg let 5s_ 1929 J -1) 981s Sale 98
98,8 95 9612 9812
05 Mar'16
OS Jos Ry,L, & P 1st g 58_1937 84- N
95
95
Nat Starch 20-yr deb 5,2
85 _
83 June'16
_
1930 J
Zt Paul City Cab cons g 68_1937 J - J
100 Sep '15
National
10028
Tube
4 iod - lois;
let
M-N
lul
10114
Se
'third Ave let ref 4s
J-2
8212 Sale 8214
18 8114 -)33-51960
8234
8 N Y Air Brake let cony 68..19
10312 24 103 10512
Ad) Inc Se
92
5)
1' M- N 10234 10312 103
a1960 AO 8112 Sale 8112
82
27 80
8434 Railway Steel Spring—
Third Ave Ry let g Ss
1937 J J 10612 10712 10612 Mar'16
106 10718
Latrobe Plant 1st e f Se
100 10012 100 Mar'16
'392,
Tr -City Ry & Lt let e f 66_1923 A 10014 100
99,
4 10018
5 9834 100%
10014
Interocean P let e f Ss
9512 Mar'16
1931 A - 0 96,4 97
Unde,gr of London 43is
9418 957s
1933 J- .1
9512 J'iy '14
Repub I & 5 10-30-yr 5s s f_1940 A 99 Sale 99
9938 88 95
Income (38
___
84
69 Jan '16
,
4 99
1918
,
4
68
69
Standard
Milling
98
973
M4
100
let
N
Se
8 Wit 98
99
1930
Union Elev (Chic) let g Se_ _1949
---- 84 Oct '08
-- The Texas Co cony deb 65_1931 J - J 105 sale 105
105% 95 105 106
United Rye Inv Se Pitts lea_1026 in-N ---- 7312 73
11 7.3
74
74
Union Bag & Paver let 68_1930 J - J
824
82
5'
84
82
United Rye St L let g 413._ 1934 J - J ____ 65
6012
8018 8214
1 6012 62
6012
Stamped
_
9114 Jan '13
1930 .1-i 8218
St Louis Transit gu 58_1924 A - 0
57
55
5 65
55
5978 U S Realty& 1 cony deb g Se 1924 J - J
73
7118
73
74
United RRa San Fr a f 4s
4212 Sale 414
73
70
4212 50 4134 4634 U S Red & Refg
1927 A 10
let
J
g
'15
23
Dec
1931
20
Vs Ry & Pow let & ref 58.._ _1934 J - J
90% 90% 91 Mar'16
0014 92
S Rubber 10-yr coil tr 6s. 1918 J -D 102% 1024 .0234
1027s
Gas and Electric Light
10312
10284
US Steel Corp-1coup _ _ 61963 • N 104 Sale tu4
10412 312 10334 105
Atlanta U L Co let it Ss_ _ 1947 J -D 103 -- 103 SeD *15 --8 10-60-yr 58 reg
4 103% 10514
51-N 10415 Sale 1041s
10412
Bklyn Un Gas let cons g 48_1945 111-14 10534 107 1063s
107 - 6 105 1(17
Va-Car Chem let 15-yr 5s1.198
99 Sale 94(8
99
923
3 J -D
Buffalo City Gas 1st g 53_ _1947 A - 0
54 June'13
- -Cony
deb
fla
102
1(214
A
1023
3
l02-'
-0
Columbus Gas lot gold 5e .....1932 J - J
1s4
033
1. 72 103
8 12
-.- 97 Feb '15
West Electric lot So
10212
10 98%994
J .J 10212
10212
Conool Gaa cony deb (3s _1920 Q • F 122 Sale 122
12212
iiO - 126(2 WestIngh'se E & M Dec__ __e11992242 "-a 130 Sale
Sale 130
130
cony 58_1931
Detroit City Om gold 58
71123
1 12 14118
1923 J - J 10135 102 10115 Mar'16 ---- 101 10212
10-year
coil
101%
tr
A-0
101%
notes
5s_ _ _ _ 1917
101%
10134
Detroit Gas Co cons let g
8 10 /8 10158
F-A
9912
- 98ls Nov'15
Coal 8. Iron
Detroit Edison let coil tr ts_1918
6 iOi- idica Buff & Susq
104
Se_1933 J - J 1034 104 104
Iron e f .5s
_
92 July'14
1932 J -Li 964
eciOLN Y 1st cone g fie__ _1932 M- S
10012 May'15
Debenture
03
M
F
Ss
9514 93 Feb '16
Gas & Eleo Berg Co o g Sie.1949 .1 -D 1004
92
46
g52.. _ 1
3
,
90
93
100 Feb '13
Col le & 1 Co gen 81
9434 Sale 9434
F-A
Hudson Co Om let g 15e__1949 in-N 103 1033
9434
924 95
4 1(1311 Mar'16
31s 10312 Col Indus lot & coil
Kan City (Mo) Glee lot 58_1022 A -0
5s gu 1931 F - A 87514 Sale 75
19 744 77
75,4
91 Jan '16
a
91
91
Cons
Ind
Coal
18
J
-D
Me
__
&Inge Co El L & P g Os
let 5s
1935
73 Mar'13
104 iOE 10412
1937 A 10412 —5
- 6
1:
Cone Coal of hfil lst&ref
1950 J -o
Purehaee money 6a _
- - - 97
2 -if
93
93
117 120 11718
1997 A 93
11718
3 114,5 1174 Continental Coal lot g 5s Sc. 1952 F - A
Convertible deb Os
994 Feb '14
1922 M - II 125 __
12212 Dec '12
Or
943
Riv
Coal
&
C let it 6s. -it 1919 A _ -Convertible deb (is
Mar'16
UP.
4942
4
tsi 126 130 126 Mar'16-126 128
1925
-141
.
Kan &BC& C 1sta f g 59_1951 J - J
Ed El III Bkn let con g 46_1930 J - J
---- 90 J uly • 15
88
_ 88
1 88
88
8834 Pocah Con Collier let s t 5s 1957 J 89% 90
14 89
90
90
Eno Gee Lot St L let g 5a....e1919 Q - F 10134 102 10134
90
102
5 10138 102
St
L
Rock
Mt & P 58 stmpd_195.5 J - J
85
Ref and ext
85% 87 Mar'16
1934 A -0 10214 Sale 10214
^ Ss
84
8812
10214
4
2 10
90
17
4,
103
238 Tenn Coal gen .513
1951 J - .1 10134 10212 0,24
1 10112 10333
10214
Milwaukee Gas L let ts
1927 111-N 92% Sale 92%
93
Birm Div let consol 6(3_1917
- J 10138 10178 101%
4 101% 102
101%
Newark Con Gas g Ss
_ 10358 Mar'16
1948 J -D 104
1
0
5
3
12
%
Tenn Div let it Os
10158 _ -- 101%
0917 A 2 101% 102
101%
XYGELII&Pga
1948 • -D 103 i13514 106
105
Cab C M Co lot gu (Se____ 1922 J - D 105 106 101 Dec 14
F-A
Purchase money g 4s
8434 8534 85
8518 37 835454 87
Victor Fuel lst s f 55
1953 J - ./ ____ 8718 73 Ayr '14
Ed El Ill let cons it 5N
49 J - J 11)834 110 109 Mar'16 --_. 108 109
995
19
Va Iron Coal&Coke lot g Se 1949
88
NYAQ El LA P let con g 68_1930 F - A 10014 101 1014 Feb '16
F
8912 90 Mar'16
88/4 9012
10114 101 14
Telegraph & Telephone
Y & Rich Gaa let g 5s
9212 July'00 ---- 1921 M-N
Am lelep dt Tel coil tr 4t...1928 J - J
- - -Pacific 0& El Co Cal CI & E
92 Sale 9138
92'8 124 904 9212
Convertible 48
100 ____ 101,2
193r, hi10112 15 100 1013
Corp unifying A ref Se__1937 M- N
9914 Sale 99
991.1
68 97/8 100
20-yr convertible 4).4o..,_1933
t- 108 Sale 10714
Pao Pow & Lt let & ref 20-yr
108
76
Cent Dist Tel let 30-yr 5s_ _ 1943 J -o 10258 10314 10212 Mar'16 ---- 10538 101534
15/3 Internet Series
102 10238
93 Feb '16
1930 F - A
93
9312 Commercial Cable lot it 4s_ _ 2397 Q - J
7678 5J14
Pat& Passaic 0& El 5s
_ 9912 Oct '15
1949 M- 8 15118
Registered
79 Ann '1
--- 84
Q- J
?cop Oas & C let cons g 65._1943 A - 0 115
_
1144 Mar'16 .__11434 115
Cumb T & T let &gen 5s.... 13
37 J - J 1.0014 10012 10012 Mar'16
997
Refunding gold 58
,9
1.% s
1947 M- S 100 1613iselp
8 10
ar'116
3
10114 wets Keystone Telephone let 5s___2
1935 .1-i 98 _-_
98
98
i -'5
Registered
91'1
81-4 19
685;
6
1947 al- S
Metropol Tel de Tel isle f 5131918 M- N 1014 ____ 10112 Nov'if
Ch G-L & Cke let gU g 68.1937 J 10212
1023s Feb '16
16238
- 1E5-8 Mich State Telep let Se _ 1924 F - A 100 1008 101 Mar'16
ConG Coot Chi 1st gU g 681936 J- D 10034
100 iof
10118 Feb *16 ._ 101 101 18 N Y &NJ
---10012
Telephone
•
N
Ind Nat Gas & Oil 30-yr 581036 M- N •93
58 g_ _ 1920
10112 June'15
93 Mar'12
NY Telep let & gen s f 4540.1938 M- N
9878 99
Mu Fuel Gas lot gu g 6a 1947 M- N 1003
9834
9,1
62 9838 991,
s
- 10034 Meet():::: 101)3-8101)34 Pac Tel & Tel let 5s
Philadelphia Co cony 5s
1937 J - J 10012 Sale 100
10012 34 100 10118
1919 F - A
9614 Jan '16 ___ 396(4 89614 South Bell Tel & T
9812 -let a f 5s. 1941 J -J 101 Sale 10034
Cony deben gold cc
101
28 991* 1011s
1922 M- N
9212
9214 02% 92
4 92
9312 West Union coil tr cur See_ .1938 1004 Sale 1004
Stand Gas A El cony et 68_1926 J
10034 10 1C018 1017s
10112 Sale 10112
10134 20 9812 101 34
Fd and real eel g 434o..1950 in-N
0512 Sale 9514
Syraouse Lighting let g Se 1951 J -D 100 __-9512
111 :1 14.. net'
Mut Un , el gu ext IA.__ .1941 MN 10014 10112 10112
Elyracuie Light & Power fis 1954 .1
10112
4 10112 10112
851182 j
84 -___ 1°°
Ja
tinne:116
2
_9_9_3_4 1_9_41_ 18
.
Northwest Tel go 4('(05 1934
9434 ____ 95 Mar'16
I 95
95
No price Fridaytsft Did and asked a Due Jan. 4 Due April. •Due
May. g Due June, A Due July, 5 Due Aug. et Due O.'Due Nov.
Due De0. 8 ODISOLI eal8•




1175

BOSTON STOCK EXCHANGE-Stock Record s..1.2:3P...

1336

MARE PRICES-NOT PER CENTUM PRICES.
Saturday
Apr. 1

Monday
Apr. 3

Tuesday
Apr. 4

Wednesday
Apr. 5

Thursday
Apr. 6

Friday
Apr. 7

Sales
of the
Week
Shares.

[VOL. 102.
Range for Previous
Year 1916.

Range Since Jan. 1.

STOCKS
BOSTON STOCK
EXCHANGE

Lowest.

Highest.

Lowest.

Highest.

Railroads
9234 Feb 10938 Nov
25 Atoll Topeka & Santa Fe_100 102 Mar 2 108 Jan 3
____ ___
104 104 *10312 104
*10314 10334 *103 10334 *10314 104
97 Jan 1014 Nov
100 99 Jan 5 1014 Mar 9
Do prof
Last Sale 100 Mar'16
*100 10014 *101 10134 *10014 101 *101 10134
100 190 Jan 3 198 Feb 16 170 Mar 198 Jan
60 Boston & Albany
19313 19312 19312 19312
195 *____ 195
73 June 90 Jan
100 76 Mar28 8812Jan 19
486 Boston Elevated
'7712 79
78
79
7834 79
79
7812 7812 7812 78
78
n 24 145 Feb 11 109 Feb 1381i Cot
10
03 1Ng Lati
44 Boston & Lowell
138 138
13812 13812 13812 13812 *138 140
*13812 140
3712 Oct
8 52 Feb 14
Feb
20
Boston
&
Maine
308
:a-ii44
4312
4312
4312
44
4412 44
4434 4434 44
100 22712 Mar27 235 Mar 2 225 Jan 240 June
Boston & Providence
Last Sale 22712Mar'16
230 *-__ 230
232 *____ 230
10 Mar
5 Jan 8
5 Dec
412 Feb 29
Boston Suburban Eleo CosLast Sale 412 Mar'16
412 *____
412
412 *---412
56 Mar
40 Jan 18 4012 Feb 29
40 Sep
Do pref
Last Sale 40 Mar'16
40 *.._ _ _ 40
40 *_ .. 40
512 Jan 5
4 Mar18
5 Nov
0 SeD
Boston & Woro Electric Cos_
*5 ___
ii _ _ _ _
Mar'16
*5
Last Sale 4
47 July
42 Feb 28 44 Jan 18
39 Jan
Do pref
Last Sale 44 Mar'16
---- ---____ _
---10112
F
eb
----------------157
Y___100
U
S
Chic
June
Ry
&
Last Sale 160 Sept'15
rift'
July
10412Jan 31 10712 Mar27
Do pref
Last Sale 107 Mar'16
•-_-_-_-_ iiii- *-_-_-_-_ foi- *MK 16i- *K 1-6712
100 150 Jan 5 162 Fog 19 140 Feb 165 Jan
Connecticut River
Last Sale 158 Mar'16
*150 155 *150 156 *150 156 *150 156
Nov
76
87
Feb
14
76
Jan
4
.
51
Feb
100
7712 7734 7634 7634 7634 77180 Fitchburg pref
7712 7712 7712 7734 7712 78
29 Georgia Ry & Elea stampd100 122 Jan 3 127 Mar17 114 Apr 120 Feb
12634 12634 *12512 127
*12612 12634 *12612 12634 12634 12634 *12512 127
Mar
Jan
10
8812
Mar
7
88
z86
84
Aug
100
pref
Do
Mar'16
Last Sale 88
*8712 90
*8712 90
*8712 90
*8712 90
92 Mar 10312 Nov
100 9934 Apr 7 102 Jan 17
20 Maine Central
*100 10012 *100 10014 *10014 10012 10012 10012 993 100
*100 __
8 Feb 14
Feb 3
478 June 10 Selo
6
100
Electric
Cos
Mass
--------80
7
7
*634 714 *634 712
7
7
*7
8
56 Jan
33 July
100 34 Jan 25 40 Feb 11
26 Do pref stamped
*3512 _ 3512
3512 3512 35
*3512 ____ *3512__
8734001
43 Feb
100 6234 Apr 3 7734Jan 3
847 N Y MEI & Hartford
6514 6412 6514 -i51.2 -6E8 6314 -64 - 64
63
6312 6234 -633Apr
Feb
14
Jan
3
105
98
97
89
Oct
Northern
New
Hampshire-100
10312Mar'16
Last
Sale
____
__
*103
•103 ____ *103___ *103
100 1504 Mar21 157 Feb 26 140 Aug 157 Apr
139 Old Colony
152 152
152 152
152 1-52 - 152 152
•152 ____ 152 1-52
15 Mar 30 Nov
100 23 Mar27 30 Jan 3
___
____
2414 *__ 25
65 Rutland, pref
23
23
•___ _ 23 *____ 23
+8
50 13153 Mar 6 13838Jan 6 11012Jan 1413 Nov
Union Pacific
Last Sale 13414-Mar'16
•13212 1327 *13212 133 *133 13358 *13312 134
7924 mar 8178 Oct
Do pref
100 81% Mar 1 8314 Jan 3
Last Sale 8212 Mar'16
Vermont & Massachusetts-100 118 Jan 10 125 Mar 1 105 Feb 125 Apr
•iTh" 116 *iiK 1164 *iiK 1163; *iiW 1163-4 Last Sale 120 Mar'16
6712Jan
19
Mar31
61
May 7213 Jan
4
623
50
179
West
End
Street
6312
63
63
63
6278 63 *__-_ 6312
63
63
63
*62
80 July 9312 Fell
50 80 Jan 11 86 Feb 25
83
268 Do pref
8312 83
8312 *83
83
83
83
83
83
83
83
Miscellaneous
1
6 7a F
Jaenb 13
1
7334 Nov
Jan
o Agyrrioclil Chemical6834
117 Amer
*67
68
68
6712 67
68
*67
67
67
68
68
1X
10112 Nov
84712
9634 96
9634 97
97
9678 9678 9618 9618 9634 97
97
2 Jan 18
2172
8 Aprr 44
5 14
412 Oct
60
134 Mar
50 1312
640 Amer Pneumatic Service
258 234 *212 234
212 278 *24 3
212 212 *212 3
1912 Jan
13 Dee
80 Do pref
1412 1414 1412 *1414 1412 1412 1412 1412 1412
*14
Nov
11612Jan 8
Feb
100 108 Mar8194
544 Amer Sugar Refining
-64
10914 10934 10912 10912 109 11014 10912 11014 10912 11012 -Flo- 1-1(
:
ti4
6182 J.j
m
119 Deo
aann
ar_11 11812Jan 13
135 Do pref
11534 116
•11512 116
11514 11534 11512 11534 11534 11534 11512 116
Mar29
15370142
131
at
Jan
116
12734 12818 128 12814 3,592 Amer Telep & Teleg
12738 128
12714 12734 12712 12778 12712 128
Oct
55 Mar14
1612 Apr
20 American Woolen tr ars ____
*4912 5012
51
*50
51
51
51
*4934 5012 *4912 5012 *50
itili by 994 Oct
73
15)7:22 Fena
9952 99
9912 9914 9912 s99
99
9934 99
9912 99
9938
168 Do preferred tr otIs __ 92 Jan 11 10158 Mar14
Apr
147
Jan
3
66
7012
130 Amoskeag Manufacturing__
7012 7012 *--_ 7012 7014 7014 7012 7012 70
101 Feb
9912Jan 20 17
08
1114
2 Feb 10
80 Do pref
Ma" 166 *100 10034 101 101 *100 10034 *100 10034 100 10012 6,523
Nov
27
Jan
A
m
p
a
rri7
7
9
6
5
3
0
4
1
4
4
3
r
9
4
72
FebF
m
ea
b
Gulf
&
WI
55
Linee_100
Atl
33
3278 3358 334 3414
3012 3112 32
30
30
3034 31
100 42 Jan 15
2,627 Do pref
4812 4712 4812 4818 4834 4814 4878 4814 49
48
48
48
10314
Apr
10
Jan
4
Land
Boston
200
East
101
10
10
1018
*10
10%
1012
1012 *10
*10
1012 *10
332j
M
anar17
8 238
10
012 DecD
Meacy 260 Jan
100 236 Apr 4 25
124 Edison Electric Illum
23912 240
239 239
236 23812 23912 240
238 239
237 238
100 16534 Mar 2 178 Jan 17 13814 Feb 1841s Oct
20 General Electric
*167 16712 *16712 16812 16712 16712 168 168 *167 168 *166 167
Feb
24
4
102
104 Mar
Jan
Aug
100
9612
pref_100
(W
H)
1st
170
McElwain
101
101
101 10112 *101 10114
10158 10134 101 101
•10134 102
8612Jan 5
94 Aug
78 Apr
8312 84
348 Massachusetts Gas Cos
8334 84
85
8434 8434 8334 8334 8334 84
85
b
rep gg1214Pnr
Nov 921 Jan
84
pref
240
Do
4
863
8612
8612
85
8712
8712
8712
8712
8712 8712
*8712 88
Jan
161
Apr
5
200
Feb
184
100
Linotype
Mergenthaler
18
162 162
161 161
16212 163
*162 163 *16212 163
1 Mar 8
214 Jan 15
10
Mexican Telephone
•
Last Sale 1--Mitiiii
*112 212 *112 212 *112 212 *112 212
Dec
15 Jan
18 FebFeb 3
16
338 8ep
1014
n
re
A
ti
p
Power_100
Mississippi
River
43
16
16
_
_
_
17
15
*_
15
17
*___ 17 •_- 17
4811 Jan
35 Feb
100 43 Apr 5 44 Feb 8
40 Do pref
43
43
43
43
30 Nov
20 Apr
New Eng Cotton Yarn _ _100 30 Jan 7 30 Jan 7
.---Ja-n-iii
Last Sale 31")
*
:-_ -_ -_ -in-2 s:-_ -_ -_ -in-:
2 s:
ini *_ _ _ _ 2712
Jan
24
7
50
Jan
58
1
5
453 JaneDec
1
2
7
5
1
4
Juneu
J
I
y
2
100
11
Do
50
pref
50
55 *__ 55
55 •
55 *__-_ 55
118 New England Telephone-100 13114 Jan 11 140 Mar17
135 13612 136 13612 *136 13612 13512 136
•136 13714 *---_ 137
00 10218Jan 11 156 Mar20
110
Nipe
Bay
Company
*____
150
153
152
152
*150
150
152
150 152
100 111A Feb31123 171 Jan 17 150 Feb 170 Oct
79 Pullman Company
2j2 1121-2
16112 16112 *16234 ____ if3.
16114 16134 *161
____ 16112 162
184Jan
3 1614 Jan 12
15 Sep
4 Reece Button-Hole
1614 *1512 1614
*1538 16
1534 1534 *1512 1618 *16
la 125 Feb 5 134 Mar 6 10434 Jan 128 Nov
111
-417
Swift
&
Co
i515i4
1303
4
13112
13134
13214
13114
13034 13112 13112 13134 13112
Dec
364
Feb
14
Jan
14
4978
Mar
28
35
3214 Torrington
25
1 481
4812 4812 4812 49
4912 4834 49
49
4912 49
26 Mar 3014 Sep
Do pref
25 28 Jan 14 32 Mar 2
3112 ---- ----- 70_
3112 30
30
*30
*30
30
30
30
30
23
Apr
Feb
13
4
Mar28
2
.95
Jan
0
.
9
67
Union
Copper
L
25
&
M
.90
*1
114 *1
114
114
13612Jan 31 15034 Apr 4 110 Feb 163 Nov
14612 14712 147 14878 14812 15034 14814 14'63; 14812 fiii" iiiii4 ail; 6,796 United Fruit
May
1.2
4.
.
:1 41
5712 5812 4,006 United Shoe Mach Corp_12005 51 Jan 3 59 Mar27 !
5612 5714 5634 5714 57
58
5612 57
5612 57
25 2812Jan 3 2934 Feb 11
456 Do pref
2912 29
2934 2958 2934
2914 2914 2938 2912 2914 2914 *29
1.
al
i
ILtu
e
100 7934 Mar 1 8878 Jan 3
8514 8558 854 8512 844 853s 2,043 U S Steel Corporation
8412 8478 8478 8534 8534 86
732
140
1
4v
Jan 114
18 Do pref
100 11514 Feb 5 11812Jan 25
11678 11678 11634 11634
•11612 117 *11612 117
11612 1161 *11634 117
.
10
13
Jan
3
1Q
u
eo
8
Feb
16
Ventura
Consol
011
Fields..
5
3,747
914
9
914
9
914
9
914
912
914 914
9
0
Mining
414 Apr 7
47s Apr
1 Jan
134 Feb 17
25
378 414 3,480 Adventure Con
312 37s
334 334
312 334
352 378
358 334
9212 Dec 103 Aug
25 95 Jan 15 106 Mar10
100 101
569 A hmeek
100 101
9912 10012 100 101
9934 101
*99 100
4034 Apr
2112 Dee
10 174 Mar 6 2612Jan 7
3,775 Alaska Gold
1938 1912 1978 2058 2038 2114 2038 2012 2012 2034 1938 20
434 Apr
.90 Feb 8 7212 OA' _7.
.45 Feb
25
114 2
8,050 Algotnah Mining
114
118
118
1
114
114
118
118 *1
*1
4
Apr
21 33
14
1
66 Dec
50
5
412 JanjFaeub
6
,
478 Jan 3
70
370 Allouez
70
*69
694 70
70
6934 70
70
70
694 70
5
16
3
1811442 J
Fa
an
eo
b
7921142
0234 Apr 7
9218 9058 9234 42,227 Amer Zinc, Lead & Smelt_ 2256
8914 9138 8912 9038 90
8834 8914 8914 91
Apr
14
ar2
1
7
5
10
Feb
an
M
J
7
%
3
5
Commercial
5,915
Arizona
914
915 938
914 938
9
9
938
9
9IA
878 94
434 Apr
Fobr 6
9
2 Jan
312 358 1,026 Butte-Balaklava Copper... 10
312 334
358 358 *358 334
4
4
334 378
3584 Jan
80 June
10 7112Jan 3 10;561142
9414 4,795 Butte & Sup Cop (Ltd)
94
92
9134 9234 92
9012 9034 9114 9234 9112 93
Apr
7834
1,817
Calumet
&
Arizona
7414
7414 7312 7414 74
7412 74
7414 74
7414 74
74
630
541 Mar288 g t
e)
l)
:e
132 Calumet & Heola
550 555
550 555
550 555
555 560
559 560
556 558
25 Apr
25 16 Feb 1 19 Jan 6
Jan
15
Centemial
356
1712
18
18
1712
1734
*1712
17
17
1714 1714
17
1
57 Nov
3278 Jan
31 60 Feb 19
5412
110 Chino Copper
*54
55
5518 5518 55
5412 5412 5512 5512 5478 55
65 Dec
30 Jan
2.itam
n 31 6712 Feb 19
5,111 Copper Range Cons Co...108 gr14
65
6512 6334 6512 6334 6412 6414 6412 64
6458 6478 65
ar17
3
J
M
an
Jan
6
7
1
8
4
13
315
Daly-West
*314 312
312 312
312
312
3lif. 3ife *314 312
314 312
r
1g132
4 preo
ar221
3,867Franklin71:
East Butte Copper Mtn-. IS 1212 Na
1234 13
1214 1212 1212 1234 1258 1234 1234 1314 1212 13
8
1414 Apr
834 J
Faotib 10
10
84
q t8 FebMb 11 9
933
938 912
914
912 958
9
914 912 *914 934
914 934
Apr
9412
58
Jan
180
Granby
Consolidated
1208
90
*9014 9114 90
91
9012 91
91
91
91
91
91
5238 Dec
2314 Feb
44 Mar 6 5212 Mar 9
460 Greene Cananea
4858 4858 4934 4934 4912 4912
50
50
*4914 5014 50
60
244 Apr
11 Jan
515 Hancock Consolidated _..... 25 1412 Mar24 1912Jan 4
17
16
1534 1534 1512 16
*15
16
*1514 1534 1614 16
2934Jan
Oct
2612
10
Hedley Gold
Last Sale 24 Mar'16
23
23
23
23
5
:
13:
104 Apr
nn
n 2,
ia
aau
2j
94 14
214 Jan
11 1
ar:239
Jil
ln
811:
84/
1 2
27
130 Indiana Mining
412 *414 434
414 414 *414 412 *4
414 5
*414 5
pg
r
5
2
112 Au
9
an
a
12
J
M
8
5
1
4
2,316
49
Island
Creek
Coal
4814
4812
*4512 4612 4638 4638 4612 4612 4612 4612 48
90
205 Do pref
90
8912 8934 8934 8912 8912 8912 00
8934 8934 *89
34 Apr
4Jan 31 3134 Jan 6
1712Jan
2
6
25
570
Isle
Royale
Copper
28
2812
2812
2812
*27
2812
29
281
2
2838
28
28
28
518 Apr
3 Aug
434Jan 3
312 Mar 4
6
880 Kerr Lake
414 438
44 418
4 Ws 414
414
414
418 418 *418 414
25
234 Feb 11
8 Apr 6
112 Aug
44 Apr
618 712 9,819 Keweenaw Copper
434 8
412 458
412 434
412 412
412 434
10
1978 Dee
Jan
31
Feb
512Jan
10
1912
25
18
1,472
Lake
Copper
Co
17
18
17
1634
163
4
17
17
17
1612 1714 17
584
9
Apr
318
Jan
3
Jan
Feb
16
44
25
260 La Salle Copper
458 434
412 412 *412 434
412 412
412 412
414 412
5
212 Feb 23
5 Dec
414Jan 4
1 Mar
625 Mason Valley Mine
314 314
3
314
314
3
3
3
34 34 *3
3
17 Apr
Feb
23
Jan
15
3
114
Feb
1
25
Congo]
1338
133
8
180
Mass
14
1312
1312
*13
1318
1334 1334 1312 1312 13
8 Apr
3 Aug
5 Feb 10
375 Mayflower
3 Mar31
25
334 334
314 312
*314
312 313
318
334 *3
3
4
364 Deo
5 35 Jan 3 3918 Apr 4
1634 Jan
371 Miami Copper
3812 3878
39
39
3812 3918 3878 39
39
3812 3878 39
3 Apr
Mar
.60
6,115
Michigan
4
33
4
4
3
238 234
21
214 214
*214
234 3
98 Dee
Mparr10
8
412 A
4614 Jan
31 103
9912 10012 1,694 Mohawk
10014 101
9934 9834 9912 9812 101
99
9934 99
17 Apr
1158 Feb
5 15 Jan 28 18 Apr 3
485 Nevada Consolidated
1714
*1734 18
*1714 1758 *17
18
18
174 1712 1758 18
1414 June
412 Feb
714 Mar30 1014 Jan 4
8
812 1,360 New Arcadian Copper__ 25
812 *814 834
8
814 838
814 812
8
8
1311 Aug
July
16
1612 1614 1614 1614 1614 1,845 New Idria Quicksilver__ 5 1014 Jan 3 2434 Jan
16
1612 16
15
1512 16
87 Nov
778 Jan 3
5
6 Mar 1
Aug
810 Nipissing Mines
74
1
714
714 714
714
7%, 714
714 712
73
/
6 714
*7
887
:
7 Apr
32
Jan
3
Mar28
3
Jan
Au
22
194
64
2
27
15
291
3,635
4
North
Butte
2912 2014 2912 283
28
28
2812 2912 2878 2912 29
413
418 Apr
Jan
Mar22
3
Jan
.90
1
25
178 2.695 North Lake
138
138
118
118
118
118
1
118
*118
112
1
312 Apr
Jan 15
278 Apr 6
114
Mar
.50
25
278
3,646
Mining_
212
Oilbway
27
8
214
2
2
214
214
*2
214
*2
*2
718 Apr
4 Jan 3
214 Nov
212 Mar 9
25
3
3
830 Old Colony
258 3
234 3
234 234
*212 3
*212 3
384 Mar 64 Dec
25 62 Jan 31 7334 Marl1
752 Old Dominion Co
6812 69
69
6812 68
6914 68
68
6912 6834 6912 69
934 Apr
Jan
Mar14
64
Jan
10112
83
20
25
Osceola
94
9512
95
9412
9412
95
9412
95
9412 9412 95
1958 Aug
12 Jan
10 1112 Mar 7 1578 Jan 3
1412 2,38761
IC
areek Coal
1358 1334 1334 1334 1312 144 1414 953
1312 1312 1312 14
95 Apr
50 Jan
25 87 Jan 20 9734 Feb 21
9414 95
881 Quincy
9334 9458 9412 95
9512 9412 95
9434 9512 95
Nov
1534
Jan
Feb
14
2734
26
31
10
2312Jan
Copper.
Consolidated
195
Ray
2418
2418
2414
2414
2414
2412 2412 *2414 2434 2414 2412 2414
6512 Dec
28 Jan
25 6112 Jan 31 7514 Mar28
7214 1,824 St Mary's Mineral Land
72
72
7478 7414 7412 x72
75
74
75
74
74
5 Oct
41
378 Jan 8
Mar16
4
23
Santa
Fe
Gold
&
10
3,631
Copper318
3
23
4
23
4
23
4
278
234
278
23
4
234
234 3
1114 Apr
Jan
912 912 1,175 Shannon
934 934
912 934
914 934
914 912
912 912
e13
38 Nov
.1 013: Ye
1834 Jan
an 3
290 Shattuck-Arizona
lg 37zia
3612 3412 36
3612 *36
3612 *36
3612 3614 3614 *36
'
336
812Jan 4
54
Mar
6
Nov
734 July
8
65
8
25
73
4
880
South
Lake
8
8
8
8
*714 712 *712 734
734 778
4112 Apr
2213 Jan
25 15112 Jilart8 2812Jan 3
70 Superior
17
18
*1612 1712 17
*1612 171 *17
1712 1712 1612 17
44 Apr
4 Feb 11
1 Mar
3
& Boston Copper. 10
338 35s 1,535 Superior.
14
*33/. 314
314 314
318 314
318 314
5858 Aug
25 Jan
5334
25 47 Feb 28 5614 Jan 14
195 Tamarack
53
5334 *52
54
*52
53
53
5212 5212 5212 53
154
Oct
3
F
8
eb
1
.
2
5
33
JAn
ari3
2
al
a
ir
N
I
M
.
81 j
9535 Trinity
247
9
878 9
838 834
814 84
84 812
*833 9
.63 Apr
Foban
0 Jan
2.2O
.32 .32 *.30 .38 1,900 Tuolumne Copper
.32 .32
.35 .35
.35 .36
*.35 .38
Dec
64
73
Apr
77
Jan
3
544
50
32,332
7114 73
72
US Smelt, Refin & Min69
6853 6914 6878 6938 677s 6914 6712 69
5012 Dec
28 Jan
2,133 Do pref
60 49 Feb 1 53 Apr 7
52
54
52
5258 5212 53
517 52
5178 52
5134 .52
538 June
2 Jan
Apr
5
5
11
Feb
4
31
Mining
5
Utah-Apex
17,905
4%
5
4'%
8
5
5
47
458 434
4% 434
458 434
1638 June
94 Feb
5 1212Jan 15 1534 Feb 11
1414 1434 1414 144 1,556 Utah Consolidated
1414 1412 1438 15
1312 1334 1334 1414
8134 Dee
4834Jan
10 77 Jan 31 8634 Fob 21
8158 8214 8112 8178 . 255 Utah Copper Co
82
8178 82
*8238 8234 8278 8278 82
Mar13
114
Mar
7
94
Tunnel__
1
4,635
Utah
Metal
&
1014
1014
1038
10
IOta
1012 1012 1058 1034 1012 1034 10
44 Apr
1 Feb
478 Feb 14
234 Jan 3
25
4
1,165 Victoria
4
334 334
312 334
333 334 *312 334
358 358
518 Mar
134 Jan
5 Jan 17
334 Mar27
458 1,000 Winona
25
414
418 458
412 412
412 412
4
412
438 412
10
Feb
Jan
674
5912 5812 59
513 Wolverine
59
5812 5912 5812 59
59
5712 5778 58
14 Arr.
ar 7(
3250 n
at
:
t r2
234 Feb 14
134 JNi
ig 67
212 212
*178 238
390 Wyandott
2
2
178
178
*178 214 *178 218

NS

112Tarn

12 Yeet

12

113 Fen 1ii

12

17

g ,Pinaan

It

• U43 and asked prim. a Ex-dividend and rights




0 Ex-stook dividend. e Assessmont paid. h Es-rights

• linstamped

a3s paid

is Ha t•pald

APR. 81916.]

THE CHRONICLE

1337
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Price. Low. High. Shares.

Outside Exchanges-Record Transactions
Boston Bond Record.-Transactions in bonds at Boston Stock Exchange Apr. 1 to Apr. 7, both inclusive:
_
BondsAm Ag Chem 58
1928
Convert deb 5s___ _1924
Am Tel & Tel coil tr 48_ '29
Convertible 4318.-1933
Atch Top & S Fe 4s1995
AtIG&W ISSL 58_1959
Dot 0 R & West 481946
Gt Nor-C 13 & Q 48..1921
Registered
1921
KCFtS&M 68
1923
K C M & Birm Inc 58_1934
Mass Gas 434s
1929
430
1931
N E Telephone 58.__ _1932
Pond Creek Coal 68..1923
Swift & Co 1st 58__ _1944
United Fruit 434s... 1923
431s
1925
U S Steel 58
1963
Western Electric 58
West Tel & Tel U.__ _1932.

Friday
Sales
Last 'Week's Range for
Sale.
of Prices.
Week. ,
Price. Low. High. Shares.'

mg 10231
99
09
92
91% 93
10731 107% 107%
94% 94%
7931 78% 79%
71
71
98% 98% 98%
98% 98% 9831
110
110 110
80
80
96% 97
9411 9431
10231 102 102%
92
91
92
100
99% 100
98% 98%
9731 97% 97%
10411 104%
102% 102%
10031 10034 100%

$2,000
1,500
58,000
5,800
6,000
36,700
1,0001
8,000,
2,000
3,0001
5,000,
6,000',
1,000;
23,000;
7,000;
41,000.
2,000
3,000
1,000
1,000,
21,500

Range since Jan. 1.
Low.
102
9731
9031
1053j
9331
74
67
9834
9811
10931
6731
9631
93
1013.1
87
983-1
9731
97
10431
10231
99

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

High.
10231 Feb
99
Mar
Apr
93
1083.1 Mar
9531 Feb
7931 Apr
71
Apr
99
Feb
99
Feb
110
Apr
80
Apr
9931 Jan
Jan
96
Mar
103
Jan
94
1003.1 Mar
9831 Mar
9731 Mar
10431 Feb
10231 Apr
10031 Apr
-

Bonds

(conct.)-

Welsbach Co 58
1930
do
small
1930
West N Y & Pa gen 4s 1943
York Railways 1st 58_1937

96

9834
99
85
953-4

99
8,000
99
600
8531 7,000
96
23,000

Range since Jan. 1.
Low.
94% Jan
96% Jan
8134 Jan
92% Jan

High.
99
99
85%
96

Apr
Feb
Mar
Apr

Ex-dividend.

Pittsburgh Stock Exchange.-The complete record
transactions at the Pittsburgh Stock Exchange from Apr. of
1
to Apr. 7, both inclusive, compiled from the
sales
lists, is given below. Prices for stocks are allofficial
dollars per
share, not per cent. For bonds the quotations are
per cent
of par value.

Stocks-

Friday
Sales
Last Week's Range for
Sale.
of Prizes.
Week.
Par. Price. Low. High. Shares.

Range tines Jan. 1.

Low.
High.
Amer Sewer Pipe
100 16
16
leg
55 15% Mar 179.4 Jan
Am Wind Glass Mach_100 5134 50% 52
1,806 34% Jan 5434 Mar
Preferred
100 z135 z135 155
1,560 132
Jan 155
Apr
Am Wind Glass Co, pf-100
101 103
235 100
Feb 105
Jan
Caney River Gas
25 38% 3814 39
40 38% Feb 4234 Jan
Columbia Gas & Elec._100 16
15% 16% 2,942 14% Mar 17
Mar
Consolidated Ice, pref_ 50
34% 3434
20 3431 Jan 35
Jan
Crucible Steel, com_..100
94
94
10 56
Jan 97
Mar
Preferred
100
116% 116%
10 109% Jan 117
Mar
Philadelphia Stock Exchange.-The complete record Harb-Walker Refrae_ _100
84
8434
75 71% Jan 8431 Mar
Preferred
100
103 103
15 100
of transactions at the Philadelphia Stock Exchange from Indep
Jan 103
Mar
Brewing conn__ _100
3%
334 3%
30
251 Mar
334 Jan
Apr. 1 to Apr. 7, both inclusive, compiled from the
Preferred
50
16
16
50
15% Mar 19
Jan
Belle Iron Wks
100 54% 52% 55% 2,959 50
official sales lists, is given below. Prices for stocks are all LaPreferred
'rn 5531 Apr
128
128 128
165 123
Jan 13034 Mar
dollars per share, not per cent. For bonds the quotations Mfrs Light & Heat 100
50 5031 50
5031
120
50
Apr
5131
Jan
Nat Fireproofing, corn..50
8%
are per cent of par value.
8% 9
320
834 Mar 12
Jan
Preferred
50 19
19
1934
515 19
Mar 2434 Jan
Ohio Fuel Oil
Friday
1
Sales
18% 18%
690
1751
Mar
Jan
19
Ohio Fuel Supply
25 40
Last Week's Range for
40
Range since Jan. 1.
40
200 38
Feb 4034 Mar
Oklahoma Nat Gas_ __ _100
Sale.
of Prices.
Week.
71% 7134
IS 70
Jan 74
Jan
Philadel Co, corn
StocksPar. Price. Low. High. Shares.
50
44
Low.
44
High.
10 44
Apr 44
Apr
Pittsburgh Brewing corn 50
4%
4% 4%
45
43,
1 Mar
Jan
634
Preferred
Amer Gas Co of N J_ 100
60 18%
120 121
18
106 120
Mar 123
18%
165 1654 Feb 2134 Jan
Feb Pittsburgh
Amer Milling
10
731
7%
486
27% 2831
7
Mar
65 2534 Mar 3634 Jan
8
Jan Pittsb 011 Coal, corn_ _100
& Gas
38
Amer Railways
50 35
35
100
934
8% 9% 2,838
88 28% Jan 36
Apr Pittsb Plate
954 Apr
654 Mar
Glass
0931 99%
Preferred
100
100 115
61 93% Feb 100
115 115
33 115
Jan 11654 Mar
Mar Pure Oil
common
106 109
Baldwin Locomotive_ _100 106
5 18%
130 100
1834 18% 1,425 18
Mar 115% Feb
Mar 2134 Mar
River
Side
011,
corn
Preferred
109
109
100 109
12% 1234
20 108
Jan 109% Mar
125 12
Mar 13
Mar
Ross Mining & Milling...1 100. be. 15e.
48
Buff & Susq v t c
100 47% 44
1,062 38
4,400 10e. Apr 150. Apr
Jan 48
Apr
59% 60
Preferred v t c
100
1 19e.
190. 19c. 8,800 15e. Mar 25e. Jan
90 54% Jan 62% Jan San Toy Mining
Union
Natural
45
Gas__ __100 144
45
Cambria Iron
50
141% 144
201 44
192 14134 Apr 145
Jan 47
Feb
Jan
Cambria Steel
50 81% 8034 81%
105 70% Jan 8131 Mar Union Switch & Signal_ _59 114
113 114
20 113
Apr 126
Jan
U S Glass
71
Consol Trac of N J_
71
100
100 30
29% 30%
300 70
725 28
Mar 71
Mar 3434 Jan
Jan US
Steel Corp, corn..100
100 61% 61% 62
Elea Storage Batt
84% 86
507 60% Jan 66% Feb
210 8034 Jan 8834 Jan
West'house Air Brake..50 13634 136 137
100 36
General Asphalt
36
36%
660 32% Feb 38
140
13434 Feb 14034 Jan
Mar
71% 71%
100
Preferred
66
125 70
810 61h Mar 7151 Mar
Jan 73% Mar W'house Eiec & Mfg_ _ _ _50 6494 64
Preferred
Insurance Co of N A._ __10 25% 2531 26
50
77
77
204 25
35 78
Feb 79% Jan
Jan 27
Jan
Bonds
100
41
42%
J 0 Brill Co
90 35
Jan 48% Jan Columbia
G & E 58._ -1927 80
Keystone Telephone_ 50
14
14
80
80 $25,000 80
5
13
Feb 80
Mar 15
Mar Pittsb Brewing
Feb
68____1949
Preferred
50 70
69
70
65
65
468 68
4,000 64
Mar 6734 Feb
Jan 70
Feb
Coal deb 58._ _1931
Lake Superior Corp-100 10g
10% 10%
97
9731 5,000 97
635
834 Jan 12% Feb Pittsb
Jan
98%
Jan
West Penn Rys 5s-___1931
Lehigh Navigation
50 75% 75% 75%
100 100
427 75
1,000 100
Jan 100% Jan
Mar 79% Jan
Lehigh Valley
50 78
77
78
87 74% Jan 8231 Jan
z Ea-dividend.
Lehigh Val Transit
59 22% 22% 22%
485 18
Jan 2331 Mar
Preferred
50 4314 43
4314
30 38
Jan 44% Mar
Baltimore Stock Exchange.-Complete record of the
Little Schuylkill
50
54% 54%
Jan 54% Mar
2 54
MinehIll & S H
50
56% 5734
65 56
Feb 5714 Apr transactions at the Baltimore Stock Exchange from Apr. 1
Northern Central
50
87% 88
366 8731 Mar 90
Jan to Apr. 7, both inclusive, compiled
North Pennsylvania_ _50
from the official sales
93% 94
30 92% Mar 04% Jan
Pennsyl Salt Mfg
50 102
101 102
275 98% Jan 102% Feb lists, is given below. Prices for stocks are all dollars per
Pennsylvania
50 57% 56% 47% 2,743 5531 Feb 59% Jan share, not per cent.
For bonds the quotations are per cent
Pennsylvania Steel--__100 80
80
Jan 90% Feb
80
1 60
Preferred
100 98
98
98
372 7931 Feb 9935 Jan of par value.
Phlia Co (Pitts)
50 44
Mar 45% Jan
43% 44%
824 40
Preferred (5%)
Friday
Apr
39
23 353' Feb 39
39
50
Sales
Prat (cumulative 6%)50
Last Week's Range for
43% 4334
500 42% Mar 44% Feb
Range since Jan. 1.
Philadelphia Electrie_2215 27% 27% 27% 1,702 27
Sale.
Mar 28% Jan
of Prices.
Week.
StocksPhila Rapid Transit_ _ _50 18% 18% 18%
Par. Price. Low. High. Shares.
25 18
Jan 21
Jan
Low.
High.
Voting trust rects_ _ 50 18%
2,885 1731 Jan 21% Jan
19
18
Phila Traction
112 76% Apr 7914 Jan Arundel Sand & Gravel 100
7634 79
50
39
125 36% Jan 42
3834
Feb
Bait
Dry
94%
Reading
Docks & S B__ _ _
460 7511 Jan 89% Mar
86%
50 84%
55
55
14 25
Jan 55
Mar
Tono-Beimont Devel_ _I
4%
4%
7,070
4
Mar
4% Mar Bait Eleo, pref
50
43% 43%
74 43% Jan 44% Jan
Bait
Tonopah Mining
Sheet
5% 634 1,480
6
&
1
Tin
5% Mar
Plate_100
100 100
7
4 90
Jan
Feb 100
Apr
Union 'I motion
50 4314 4331 44
1st preferred
297 41% Jan 45% Jan
100
100 100
20 100
Apr 100
Apr
United Cos of NJ
225 226
100
17 224% Mar 227% Jan Baltimore Tube
100
11834 120
1,424 63
Jan 120
Apr
United Gas Impt
50 8831 88% 88% 1,016 87% Jan 9234 Jan
Preferred
100 96
98
97
742
82%
Jan
Mar
9934
US Steel Corp
100 84% 84% 86
5,405 79% Mar 88% Jan Belvedere Hotel, pref
80
80
2 80
Apr 80
Apr
Warwick Iron & Steel_ _10
10% 10%
395 10
100
143 145
Feb 10% Feb Canton Co
106 138
Jan 145
Apr
Western N Y & Pa
11
11
50
109 10
4
4
4
Mar 11
Mar Chalmers Oil & Gas, pfd_5
90
4
Mar
4
Mar
Commercial Credit
West Jer & Sea Shore..._50 50
4934 50
108 49% Mar 51
25 49
49
49
Jan
5
46
Jan so
Feb
Westmoreland Coal_ _ _ _50 66% 6631 67
331 8631 Apr 60
110 110%
156 107
Feb Consol Gas E L &
Mar 11531 Jan
Preferred
85%
Wm Cramp & Sons_...100 8334 80
1,948 70
100
111 112
Mar 87
49 109
Jan
Mar 115% Jan
York Railways
900
10% 11%
60 11%
8% Feb 11% Apr Consolidation Coal__ - _100
99
9931
125 96
Feb 103
Jan
Preferred
148 3434 Jan 39
50 36% 36% 36%
5 19%
1934 20
6,350 14% Jan 26
Mar Cosden & Co
Feb
BondsCosden Gas
5
731
6% 8% 6,038
6% Apr log Feb
Amer Gas & Elea 58-2007 9331 93
Preferred
9334 $12,400 89% Jan 9334 Apr
5
4%
4% 4% 6,312
4% Apr
6 Feb
1,400 8934 Jan 9334 Mar Davison Chemical_.no par 61% 6114 62%
do
small
93% 9314
2007
587 59
Mar 7154 Jan
Atlantic C Elea 1st 56_1938
101% 101% 10,000 101% Apr 10234 Feb Houston Oil trust Ws_ _100 16%
16% 18
315 16
Mar 2334 Jan
Baldwin Loeom 1st 58 1940
105% 105% 6,000 104% Jan 106
Preferred
trust
ctfs_
_100
61
62
Mar
233 61
Apr 88
Jan
Choc Ok & Gulf gen 58'10
99% 9931 9,000 99% Apr 99% Apr Mt V-W Mills v t r____100 10
10
1014
52 10
Mar 16% Jan
Elea & Peoples tr ctfs 48'45
Preferred v t r
80% 81% 30,000 80% Jan 81% Feb
100
51
51
35 51
Mar 6431 Feb
Northern
82
do
small
1,600
Central
82
1945
80
50 8711 87% 87%
Feb 83
Jan
294 87
Mar 90
Jan
Equit Ill Gas Lt 58.._1928
1,000 105% Mar 106% Jan Oklahoma Prod & Refg_.5
106 106
631
634 631
1,940
6
Mar
6% Mar
Harrison Bros, Inc, 58 1924
96
9614 14,000 94
73
76
Jan 96% Apr Pennsyl Wat & Power_100 75
1,072 72
Mar 7734 Feb
Harwood Elea 6s
1,000 101
1942
10214 102%
5
Jan 103
736
1134 12%
9
Jan Sapulpa Refining
Jan 16% Feb
Inter-State Rya coil 4s 1943 58
32,000 57% Jan 58
58
58
50 27% 27% 27%
229 25% Jan 29
Jan United Ry dr Elec
Feb
do
small
1043
58% 5834
500 58
5
7% 8% 10,005
Mar 59
Mar Wayland Oil & Gas
411 Jan
9% Feb
Keystone Tele') 1st 58 1035 98
98
5,000 96
Bonds98
Jan 100
Feb
Lake Superior Corp 58 1924
Atlantic
1,000 20% Jan 35
33
Coast
Line
33
RR
Feb
Lehigh Coal & NavConvertible deb 4.8_1939
93% 93% $2,000 92% Jan 9311 Apr
Registered 431s....1924
ung 102% 1,000 10211 Apr 102%
Atl C L(So Car) 48_ _1948
92% 92% 3,000 92% Apr 92% Apr
Congo' 4145
1954 102% 102% 102% 8,000 101% Mar 103% Jan Bait Dry Dks & S B 6s_ _ _ _ ------ 100% 100% 6,000
Feb
100
Jan 100% Mar
Lehigh ValleyBalt Elea stamped 58_1947
9931 99% 2,000 9934 Jan 100
Feb
03
2003 93
Gen consol 48
93% 15,000 9134 Jan 94
_
99% 99% 99% 31,000 99% Apr 99% Apr
Feb Canton Co 5s when
10214 102% 3,000 101% Jan 10331 Feb
2003
Carolina Central Is. _1943
Gen consol 4hs
89
89
1.000 89
Jan 89% Mar
Lehigh Val Coal 1st 5s 1933 105% 10531 105% 4,000 105
Chicago
Ry
58._
1st
_ _1927 97% 9734 97% 2,000 97% Jan 9951 Feb
Mar 106
Jan
Lehigh Valley TransitConsol Gas gen 4143..1954 93% 9274 9394 16,000 92% Mar
94% Jan
9211 92% 6,000 91% Jan 93
Ref & impt 5s
1960
Feb Cons GE L&P 4346_1935 88% 8814 88% 10,000 ss
Mar 90% Jan
do
Consolida'n
small
9231
9234
500
1960
Coal ref 5s '50 92
90% Jan 93
92
92
3,000
Jan
91%
Jan
93
Jan
1st 48
9231 9231 6,090 91
1935
118 119% 49,000
Jan 9231 Apr Cosden & Co 1st cony 63'26 119
Jan 138% Feb
Pennsylvania RRElkhorn Coal Corp(38_1925 97% 9734 97% 12,000 1013(
97% Mar 9834 Jan
General 4348
Elkhorn
7,000
102
10234
Fuel Se
1965
100% Jan 103
1918 100% 100% 100% 29,000 100
Feb
Jan 100% Feb
Consol 434s
10534 10531 17,000 105% Mar 106% Feb Georgia & Ala cons 58_1945
1960
10334 103% 1,000 103% Mar 103% Feb
Congo! 4s
CI-B-S Brewnig 1st 48_1951 20% 2034 2034
99% 99% 5.000 99
1948
Jan 100
500 26% Apr 23
Jan
Feb
PW &B etts 4s
1921 99% 99% 99% 2,000 99
79
Jan 99% Feb Hous Olt div ctfs_ _1923-25
79
3,500 79
Apr 82h Jan
Phlia Co 1st 56
1949
101% 101% 7,000 100% Mar 101% Feb Jamison C & C-G C 5s'30
93
93
5001 91
Jan 93
Mar
Cons & coil tr 58-1951 93% 93% 9334 4,000 90
Md
Elec
Ry
58
1st
1931
Jan 94
9,000 96% Jan, 99
9834 99
Feb
Mar
Phil Elea tr ctfs 5s_ _ _ _1948 104
104 10411 17,000 103% Jan 105
132 102
mow! 101 Jan' 102 Mar
Jan Merch & Miners Trans 68. 102
do
small
500 103
1948
104 104
Jan 104
92% 92% 1,000, 90% Jan 93
Jan Milw El Ry & Lt 414s 1931
Mar
Trust Ws 48
Monon
V Trao 58_ _ _ _1942
1950 84
84
84% 19,000 8234 Jan 84% Feb
93
93
8,0001 92% Jan 93
Apr
do
small
1950 8314 83
1,600 82% Jan 84% Feb Mt V-W notes 68......1918 9911 9911 99% 4,000; 98
83%
Mar 99% Apr
Phila & Erie gen Os.. 1920
1949 9634 96
103g 10331 3,000 10334 Feb 103% Apr Nod Ry & Lt 58
96% 4,000' 95
Feb, 96% Mar
Reading gen 48
1997 9434 94% 94% 30,000 94% Apr 96% Jan Nor Central 4148.. _1925
103 103
1,000 103
Aprl 103
Apr
J-C collat 48
1951
9634 96% 5,000 95
Jan 96% Mar Pennsyl W & P 58..-1949
92% 9234 2,000 oco
Jan, 9234 Apr
Standard 0& E 6s
United Ry & El 4s....1940 8331 83% 84
1926 102
101% 102
51,000 98% Jan 102
17,000 83% Janl 8.5
Apr
Jan
Small bonds
Income 42
1926
1940 6231 62
101% 101%
1,500 993-1 Jan 101% Apr
63
29,000 60% Jan' 63
Apr
United Rya gold tr ctf 48'49
Funding 58 small_ _1936 86% 86% 86% 3,700 85
74% 74% 2,000 74
Jan 75% Jan
Jan: 87% Feb
United Rys Invest 58.1926 7334 7234 74
1941
99,000 71
8534 85% 2,000 84
Mar 74
Apr Wash B & A 58
Jan 87
Jan




1

-

Chicago Stock Exchange.-Complete record of transactions at Chicago Stock Exchange from Apr.1 to Apr.7, both
inclusive, compiled from the official sales lists, is as follows:

Stocks-

Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Par. Price. Low. High. Shares.

100
Avery Co
100
Preferred
American Radiator..._100
Amer Shipbuilding__ _ _100 45%
100 89
Preferred
Booth Fisheries, com_ _100 3134
100 74
Preferred
Chic Pneumatic Toor_ _103 72%
14%
Chic Rye part ctf "2"___ _
Chic Rys part ctf "3"___
Commonwealth-Edison 100 -144-100
Deere & Co pref
100 10534
Diamond Match
Hart Shaft & Marx pref 100
100 80
Illinois Brick
931
Lindsay Light
Preferred
100
National Carbon
100
Preferred
Pacific Gas & Eleo Co_100
Peoples Gas Lt & Coke_ 100
Pub eery of No Ill corn_100
100 10334
Preferred
100 31634
Qtraker Oats Co
100
Preferred
Sears-Roebuck corn._ _100 17734
100
Preferred
Stewart-Warner Sp com100 86
100 131
Swift & Co
100 174
Union Carbide Co
Ward, Montg,& Co pref_..
Bonds
Chicago City Ry 50_1927
1927
Chicago Rys Is
Chic Rys 4s series "B".. -----Chic Ry Ad Inc 48_1927
Chic Un Sta 1st 4340_1963
Commonw-Edison 53_1943 10214
Metr W Side El 1st 48_1938 72
Morris & Co 431s._ _1939
North Shore ElectricFirst & ref g Is. _ _1940
N W Elev RR 1st 58_1941
Poop G L & C ref g 58_1947
Pub Ser Co 1st ref g Is 1956 94%
South. Side Elev 430_1924 92
Swift & Co 1st g Is. 1944 9931

83
83
103 x1043.1,
395 395
45% 46%
88% 90
3136 3136
7436
74
7234 74
14% 15
3
3
144 14636
9434 95
105 10534
11534 11536
82
80
9% 9%
10
10
180 180
122 122
60 x6631
10331 105
114% 115
10334 103%
31631 31635
110 110
176 179%
125 127
8731
86
131 131%
173 174%
113% 114
98%
9735
70H
37
10334
102%
72
92%

Range since Jan. 1.
High.

Low.

20 83
35 103
1 385
215 33
220 75%
55 25
80 66
260 63%
190 14%
3
50
15 142
117 9431
97 102
4 11434
171 7631
6%
620
1,150
160 170
70 x12031
723 60
481 100%
209 107
44 101
10 309
80 107
528 16931
17 125
1,622 86
575 12631
800 170
233 11234

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

9934 $60,000 9831 Apr
97% 15,000 9736 Jan
1,000 6935 Feb
703.6
Feb
5,000 35
38
10034 2,000 100% Apr
10236 9,000 10231 Mar
Mar
3,000 72
72
1,000 89% Jan
92%

99% 66%
8931 8931

10191 10131
9431 94%
92
92
9931 100

500 98% Jan
Mar
1,000 88
10,000 10131 Apr
Jan
1,003 94
5,000 8836 Jan
47,500 9831 Jan

x Ex-dividend.

83
10831
400
4834
9134
33
75
79
1834
4
14636
98
138
117
8331
1014
1036
185
12234
x6634
112H
11531
134
363
11031
188
127
90%
134
179
116

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

Tobacco Stocks-Per SIR re.
Par Bid.
American Cigar commonlOt 130
100 99
Preferred
Amer Machine & Fdry 1()0 80
British-Amer Tobao ord..£1 •15
£1 •15
Ordinary, bearer
100 325
Conley Foil
Johnson Tin Foil & Met_100 140
MacAndrews & Forbes. 100 150
100 98
Preferred
Porto Rican-Amer Tob....100 215
100 470
Tobacco.
J)
(R
Reynolds
100 120
Preferred
Tobacco Products corn_ _100 43
93
com_100
United Cigar Stores
100 115
Preferred
100 150
Young (J 5) Co
100 105
Preferred

Stocks.
Par Value.

Railroad,
&c.,
Bonds.

193,871 $16,889.900
514,361 45,148,850
569,227 51,671,950
463,968 42,669,800
531,949 49,104,400
584,987 53,168,700

Saturday
Monday
Tuesday
Wednesday
Thursday
Friday

State, Mon.
U. S.
& Foreign
Bonds,
Bond,.

$809,500 $1,269,500
2,165.000 1,958,000 $25,500
2,470,500 1,772,000
2,553,500 1,527,000
6,000
2,643,500 1,376,500,
15.000
2,810,000 1,512,000i

2,858,363 $258,653,600, $13,452,000, $9,415,000i $46,500

Total

Week ending April 7.

Sates at
New York Stock
Ezchange.

I

1918.

1915.

Jan. 1 to April 7.
1915.

1916

21,928,153
46,139,097
4,034,286
2,858,363
Stocks-No. shares__ _
$258,653,600 $353,797.240 14,043,830,745 $1,899,983,740
Par value
$88,500
$80,500
$1,600
$6,300,
Bank shares, par
Bonds.
$409,000
$424,200
$31,500
$46,500,
Government bonds...
5,997,000
69,121.500
468,500
9,415,0001
State. mun.,&c.,bonds
177,951,500
238,385,500
13,452,000 16,080,000
RR.and misc. bonds

1

Total bonds

$22,913,500 $16,580,000

$307,931,200

$184,357,500

HIA AND
DAILY TRANSACTIONS AT THE BOSTON, PHILADELP
BALTIMORE EXCHANGES.
Boston.
Week ending
April 7 1916.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total

Philadelphia.

Baltimore.

Shares. Bond Sales. Shares. Bond Sates. Shares. Bond Sales.
$14,000
45,000
44,500
35,100
54,200
43,700

2,671
8,960
9,219
12,518
6,569
6,442

$47,300
62.800
74,200
139,100
64,810
108,200

8,721
6.393
6,639
2,567
6.132
4,842

$22,01)0
24,100
36,800
80,800
67,500
40,000

269,756, $236,500

46,379

$496,410

35,294

$271,200

23,180
38,7281
35,940,
40,372,
72,9991
58.537

Inactive and Unlisted Securities
All bond prices are "and interest" except where marked
Pe rShare
Ask.
Par Bid
Anglo-Amer Oil new.... £1 *1512 16
loo 675 680
Atlantic Refining
100 340 380
Borne-Scrymser Co
Buckeye Pipe Line Co_ _ __50 •100 102
Chesebrough Mfg Cons_100 975 1000
100 165 180
Colonial 011
100 312 317
Continental Oil
44
Crescent Pipe Line Co __ISO *42
65
Cumberland Pipe LIne 100 60
100 215 220
Eureka Pipe Line Co_
Oalena-SIgnal 011 oom__ _100 150 152
100 138 112
Preferred 100 176 179
Illinois Pipe Line
Indiana Pipe Line Co___50 *101 105
1212
£1 *12
Internat Petroleum
19
26 *18
National Transit Co
New York Transit Co---100 187 193
Northern Pipe Line Co_-100 102 104
25 *224 226
Ohio 0110o
26 *60 63
Pena•Mex Fuel Co
Standard Oil Stocks




I

Elec. Gas & Power Cos50 *138 143
Am Gas dc Elms coin
50 .50 51
Preferred
Am Lt & Trac common__100 392 395
113 116
100
Preferred
Amer Power & Lt corn._ _100 65 68
100 85 8612
Preferred
Amer Public Utilities com100 45 47
100 7512 7712
Preferred
Cities Service Co corn_ _ _100 190 193
100 85 86
Preferred
Consumers Power (Minn)
1st & ref 5s 1929_ _M&N 102 104
Elm Bond & Share pref _100 101 103
Great West Pow 5s 1946.J&J 85 87
Indiana Lighting Co__ 100 85
4s 1958 optional.. _F-A 80 83
North'n States Pow com_100 5912 61
10U 95121 9612
Preferred
Pacific Gas dr Elea corn._100 62 63
100 91 93
let preferred
100 92 94
2d pref (old pref)
South Calif Edison com_100 91 93
100 1 0 106
Preferred
Southwest Pow & L pref 100 9712100
Standard Gas & El(Del) 50 *10 11
50 *37 38
Preferred
United Gas & Else Corp_100 17 20
100 72 75
1st preferred
10t 19 22
2d preferred
Western Power common.10‘ 1634 1734
60 61
100
Preferred

Par
25
Pierce Oil Corp
100
Prairie 011 & Gas
100
Prairie Pipe Line
100
Solar Refining
Southern Pipe Line Co_ _100
100
South Penn 011_
Southwest Pa Pipe Lines 100
Standard Oil (California) 100
Standard Oil (Indiana)_ _100
Standard 011 (Kansas) _100
Standard 011(Kentucky) 100
Standard 011 (Nebraska).100
Standard 011 of New Jar_ 100
Standard 011 of New Y'rk100
Standard Oil (Ohio) _ .._ _100
100
Swan & Finch
Union Tank Line CO...100
100
Vacuum 011
10
Washington 011
Bonds.
Pierce 011 Corp oon (le _ 1924

Industrial
and Miscellaneous
Adams Exp col tr g 48'47 J-D 181 82
100 70 80
Alliance Realty
Amer Bank Note corn... 50 *41 43
50 *50 51
Preferred
274 76
American Brass
1100(.0 40 42
Short Term Notes. Pe, Cent.
corn
Chicle
American
Amer Locorn 58 July 1918 J-J 10014 10034
100 76 78
Preferred
J-J 10012 10114 AmGfrearrpahdophone com 100 113 20
5e, July 1917...
Am T T Bub Cos 58_191u 100 10014' Preferred
1003810078 American Hardware....
414e 1918
8
50 114, 119
Anaconda Copper Is '17111-8 141118 1013
American Surety
Bait & Ohio 431s 1917.J&D 100% 10074 tmer Typefounders com..100 41 44
J&D 101.8'10138
414a, 1918
Preferred
Canadian Pac 6s 1924.M&#41 10238 10278 Bond di Mtge Guar
Chas & Ohio Si 1919._ _J-D 10118,101%1
198
53 21991956
13
11 0°:), 2
Cdond Milk com 10(
rsre
'
fne
93 96
1%
134 108
Chic Elev Ry Is 1916_ _J-J too
5 106
100
100141
Chic & West Ind 58'17_M&S
Canada
Copper
10014
Consum Pow Os 1917 M&N 10018
-75
Americaof
Co
Casualty
185
Erie RR 514e 1917 __ _A.4 I W13810138 Celluloid Company
21
General Rubber Is 1918 J&D 100341101
City Investing Co
76
Hocking Valley Is 1917_M-N 1011210134' Preferred
88
Int Rare 5s Feb 15 '18.F-A 10178'10218' cramp Ship & E Bldg.. ;0;1 18
7
1
)®
814 6512
__ 6
15
Minn Gen El 641 1917._ _J&D 10114114)1 12 Cuba Cane Sugar(no par1
0518
New Eng Nay 6s 1917_141-N 10018'10038
Preferred
5 20
17
9° 9
N Y N 11 di 5s_May 1 1911 100 10014 EmerHou-Brantingham 100
4
3
100 50 55
Pub Ser Corp N J 54'19 M&S 1003x 100
Preferred
9878 9914 Goldfield Conaol Mines.....10 *750. 85c.
Rem Ams U.M.C.58'19 F&
3
I
100
Sehwars & Sulab ris '16. .J-D 10014 10012 Havana Tobacco Co
412
2
100
Southern Ry 5s 1917_ _M-82 10034 101
Preferred
10012
10014
52
14812
-se
'16M
1
lsine
Sulz&SonsCor
1st g Is June 1 1922__J-D
100 1612 17112
United Frult6sMaY 1.1751.N 101 10114 Houston 011 corn
Gold notes 56 1918 .31-N 101 18 10138 interoontinen Rub corn_ _100 14 15
ntahsecurcorp lie '22 M.4113 9714 9814 Internat Banking Co____100 10 163
100 39 40
Winches RepArms53•18M&S 9938 9978 International Salt
77
New York City Noteslet g 5e 1951
10114 10138
Is Sept 1916
5 100
° /1715
Silver pref_A1-00
International
10314 10338
J-13 10312 10912
as Sept 1 1917
let 6e 1948
itO
Canadian Govt. NotesDeb 6a 1933
5 79
75
5e Aug 1 1916______F&A 1001210034 Lanston Monotype
j4 9
100
68
F&A 10038 1005g La Rose Congo! Mince_ _ _ _5 'ifs
54 Aug 1 1917
Perci Basis Lawyers' Mortgage Co-.144 167 172
Ask
Bid
RR. EquipmentsCoal Sales.5 .85 88
Valley
Lehigh
gli 4 05 Marconi Wireless of Amer_5
35s
Baltimore & Ohio 414e___
4 20 Midwest Refining
51) *6512 6712
Buff Roch & Pittsburgh 431r
b4 38 4° Mortgage Bonn Co
100 114 119 .
Equipment 4s
4.50 4.20
225 229
Canadian Pacific 414a
Surety
4.65 4.30 National
Caro ClInchf & Ohio se.--0 75 85
10
450 4.15 N Y Mtge ht Security-11
40 48
Central of Georgia Is
Co-100
Insurance
4 5 4.15 N Y Title Mines
Equipment 414s
5 •21, 7111
5 50 4 50 Nipissing
Chicago & Alton 4s
100 61 64
corn
Elevator
Otis
555 515
9312
91
Chicago & F.astern III 5e
1
5 55 5.15 ReP
Equipment 414s
arty Aferrroo (Brooklyn).100 96 100
4 75 4.40 Remington
Chit Ind & Louliv 414e
Typewriter'4 35 4.15
00 13 14
ChieSt L& NO 58
Common
4 25 4.00
100 70 73
Chicago & N W 49
-ft
let preferred
25
4.75
.25 4
4.65
5
40
.
Chicago R I & Pao 414s
predgergreed
kder a
Ri2
513 538
38
) '
0
r
eilt0
Colorado & Southern Is
eof Ir.
0Cwodr p
(
np
4.5d 4.20 Ropyre
140 145
Erie 58
ing
kd
feBrare
al
4.5') 4.20
100 10012 10112
Equipment 434e
4.50 4.20 Safety Car Heat & Light_100 11412 106
Equipment 4s
4.45 4.15 Sapulpa
5 •12 1214 •
Hocking Valley 4a
Refining_
4.45 4.15 Singer Mfg Co
Equipment 15e
100 220 223
4.30 4.05 Standard Coupler corn 1
2212 30
Illinois Central 5s
4.30 4.05
103 108
414s
Preferred
• 174
Kanawha & Michigan 434s_ 4 55 4.20 Sterling Gum
140 160
Louisville & Nashville 5a....„ 4 26 4.00 Texas & Pacific, Coal_-1
4.30 410 Triangle Film
15 .314 312
Minn St P & El S M 434e
1
Missouri Kansas & Texas 58. 5 75 5.00 United Profit Sharing
'%
5 75, 5.01) U Casualty
Missouri Pacific Is.
100 186 200
4.75' 4.25 U S Envelope own
Mobile & Ohio 5a
100 140 145
1
10
4.7e 4.25 Preferred
8 12
17
10
Equipment 414e
1
Ill
New York Central Lines Is.. 4.50 4.10 U S Finishing
4.50 4.10
1
Equipment 434e
Preferred
3.3 tl
N Y Ontario & West 434s.,._ 4.50 4.25
let g 5e 1919
75 80
j-j s
Norfolk & Western 434e.... 4.25 4.00
Con g 5e 1929
4.00
Equipment 4a
Title Ou & [whim-100 50 60
8
U
4.20, 4.00 Westchester & Bronx Title
Pennsylvania RR 43-is
4.20 4 00
5 167 175
100
Equipment 4s
& Mortgage Guar
478 1
St Louis Iron Mt & Sou 58_ 5.25 4.65 World Film
St Louis & San Francisco Is. 5.75 4.75 Worthington (H R) Com110
4.30
4.65
107
100
Air
Line
53
Seaboard
pany pref
4.65 4.30 Yukon Gold.
5 •213 214
Equipment 4144
4.30 4.05
Southern Pacific Co 434e
4.50 4.25
Southern Railway 414s
Toledo & Ohio Central 4s..... 4.80 4.30

12.:x12:221g,

TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.

Shares

Bid. Ask.
I Railroads-(Cond.)
Ask. West Pao 1.45. MB_ -M-b 26 29
135
101
Par
Street Railwaysoo
1612 Com'w'ith Pow Ry & L...1013 63 64
100 86 87
Preferred
1612
50 Federal Light & Traction 100 11 13
100 47 49
Preferred
60
58 Republic Ry & Light. _..100 27 29
100 71 73
Preferred
101
225 Tennessee Ry L & P corn 100 1212
100 55 56
Preferred
485
122
United Lt & Rys corn...100 53 55
100 75 76
let preferred
44
100 .83 87
Wash Ry & El Co
95
.82 83
100
130
Preferred
J-D 8078 8113
4. 1951
170
110

re.
Ordnance Stocks-Per
AetnaExplogl yes new(no par) 21 23
100 80 83
Preferred
100 15 25
Amer & British Mfg
100 50 80
Preferred
Atlas Powder common_100 230 240
100 102 105
Preferred
Babcock & Wilcox_ __.100z120 127
Bliss(E W)Co common..10 *r405 420
50 '75 85
Preferred
Canada Fdys & Forgings100 170 190
65 70
&
Car
Fdry___100
Canadian
10t 82 88
Preferred
Canadian Explosives com10( 300 350
10( 100 110
Preferred
Carbon Steel common....lot 73 80
• ICC 75 85
1st preferred
100 55 65
2d preferred
Colt's Patent Fire Arms
104 775 825
Mfg.
Crocker-Wheeler Co com.100 100 110
Dixon (Jos) Crucible... 100 240 280
Feb Driggs-Seabury Ord Corp100 136 142
100
9831 Feb duPont(E I) de Nemours100
Jan
75
4340 350
Powder corn (new)
3834 Mar
100 105 108
Preferred
10031 Feb Electric Boat
100 x350 370
102% Jan
100:
350 370
Preferred
7334 Jan Hercules Powder corn_ _100 370 390
Feb
93
100 116 120
Preferred
40 50
Hopkins & Allen Arms...1
99% Apr
Ion 78 88
Preferred
8934 Mar International Arms
.25 .14 18
10234 Jan Lake Torpedo Boat corn_ 1 .10 11
94)1 Feb Midvale Steel& Ordnance 50 *6514 6512
9214 Mar Nilea-Bement-Pond com_104 170 ISO
Feb
100
100 100 105
Preferred
101 560 575
Scovill Mfg
*x35 37
Submarine Boat
Winchester Repeat Arms 101 1950 2050

Volume of Business at Stock Exchanges

Week ending
April 7 1916.

[VOL. 102.

THE CHRONICLE

1338

Per share.
Bid Ask.
•1414 1434
413 417
220 222
300 305
200 205
345 350
106 109
248 252
540 545
450 460
363 368
360 370
513 517
210 212
550 560
135 140
84 86
244 248
.35 45
82

84

Borte

1

A

0 New stook .
•Per share. 8 Bads. A Purchaser also pays accrued dividend.
Anglo-French bond/.
1Flat odes A Ex special cash div of 5% and 19% In
a Nominal. s Ex-dividend. V Ea-r161114.

.
•

APR. 8 1916.]

THE CHRONICLE

r&-

1339

investment nut gailircaul intelligence.
RAILROAD GROSS EARNINGS.

The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
'can be obtained. The first two COLUmnS of figures give the gross earnings for the latest week or
month, and the last two
columns the earnings for .the period from July 1 to and including the latest week or month. We
add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but
covers some other
period. The returns of the electric railways are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.
Week or I Current
Month. I Year.

Precious
Year.

July 1 to Latest Date.
Current
Year.

Previous
Year.

Latest Gross Earnings.

ROADS.

Week or
Month.

July 1 to Latest Date.

Current : Previous
Year. I Year.

Current
Previous
Year. I Year.
I
Ala N 0& Tex.Pac3
$
1
$
N 0 & Nor East_ February_l 313,183 230,759 2,549,435 2,374,163
$
5,580;
Ala & Vicksburg_ February-1 142,153 105,724 1,139,958 1,029,536 Nevada-Cal-Oregon 3d wk Mar
5,257
263,669
274,883
New Or! Great Nor February__ 147,536' 118.731
Vicks Shrev & P. February--; 138.825
1.058.742
1,176,974
89,957 1.122,140
951,332 N 0 Mobile & Chic_
160,1071 134,077 1,306,191 1,194,458
Ann Arbor
3d wk Mar' 54,401
39,458 1,898,482 1,680,873 N Y N 11 & hiartf.. February__
February__ 5.802.178 4.590,966 49,628.330 42,403,061
Atch Top & S Fe_ _ _ February _ 10644 431 8,956,291 87,277,881 78,879.771
N Y Ont &
February _ 678,1431 545,854 6,154.742 6,119.878
Atlanta urns & At! 3d wk Mar
59,000
53,462 2,243,066 1,947,364 N Y Susq &Western
West__ February _ 394,5151 302.130 2,893,212 2.542,789
Atlanta & West l't_ February__ 112,543
95,245
905.734
793,464 Norfolk Southern.. February__ 371,4471 293,580
Atlantic Coast Line February„,3,348;307 2,681,611 21,831,358 20.332,310
2.950.931 1 2.551.318
Chariest & W Car February__ 156,929 131,513 1,216,612 1,166,605 Norfolk & Western_ February__ 4,588,416 2,939,121 37,289.301 27.458,692
Northern Pacific_ _ _ March ___ 5,910,000 4.771,000 55,730.867,48,502,488
Lou Ilend & St L February__ 137,177 107,415 1,054,024
947,597
Northweste
rn Pac_ _ February__ 252,7531 177,855
°Baltimore & Ohio_ February _ 8,325,177 6,469,049 72,809,768 60,093,755 Pacific
2,428,128
Coast Co... January __ 497,643. 409,813 4,345,475' 3,856,826
B &0 Ch Ter RR February _ 139,674 116,289 1,137,066 1,055,205 p Pennsylvani
a RR_ February__ 17028693 12687673 143204095 121817754
Bangor & Aroostook February__ 323,796 341,951 2,326,984 2,381,740
Bait Ches & Atl_ _ February__
54,9711 59,984
782,1031 872,052
Bessemer & L Erie_ February _ 471,820 20'4,979 7,429,822 5,660.085
Cumberland Vail. February__ 296,7911 201,022 2,288,481! 1,93'3.752
Birmingham South_ February _
86,975
59,576
626,899
574.090
Long Island
February.. 900.2331 755,355 9,369.3811 8.850,594
February__ 4,023,019 3,210,802 3:3,863,286
Boston & Maine_
31,186,221
Maryi'd Del & Va,February_ _
47,180! 48,772
620,9181 656.797
Buff Roch & Pittsb_ 4th wk Mar 383,330 249,318 9,021,357 7,160,354
N Y Piffle & NorfiFebruary_ _ 344.296' 249,190
3,002,278' 2.446,980
Buffalo & Susq RR_ February__ 153,703 115,391 1.167,815
998,181
Phil Bait & WashlFebruary__ 1.783,615 1.380,913 15,194.462
Canadian Nor Syst_ 4th wic Mar 979,800 6:37,000
W Jersey St Seash February_ _ 467,253 362,3035,095,944 13,356,830
Canadian Pacific 4th wk Mar 3,491,000 2,564,000 94,082,820;76,482,831 Pennsylvani
4.476.964
a Co_ _ _1February__ 4,989,287 3,424,767
Central of Georgia_ February _ 1,006,964 064,228 8,510,461 8.300,639
35.360.536
Grand
Rap & Ind1February_ _ 431,9851 376,328 45,777,293
3,726,46.1
Cent of New Jersey February__ 2,950,026 2,048,22424,093.316 21,177,023
3.612.830
Pitts C C & St L. February.. 3.810,226 2,734,491 30,736.895
Cent Now England_ February__ 373,432 288,723 3,199,040 2,515,051
Vandalla
February__ 1.050,1271 806,061 8,355,304;25.621,688
Central Vermont
February__ 333,506 272,568 2,774,390 2,532,188
7,479,467
linesChes & Ohio Lines_ 4th wk Mar 1,436.408 1.153,121:35,714,714 28,779.468 Total
1
East Pitts & Erie February.. 21188068 15966275 183239032.157912009
Chicago &
Februat y _ 1,344,563 1,015,92310,762,624 9,671,582
West
Pitts
&
Erie
February..
10408682
7,449,914 89,723,253 73,078.291
Chic Burl & Quincy February__ 8,249,313 6,504,847,68,472,184 63,361,665
All East & West_ February.. 31596750 23416189 272967286 230990300
b Chicago & East Ill February... 1,452,246 1,092,446:11,476,319 9,896,305 Pere
Marquette... February.. 1,669
1,326,871 13,877,413112,085,670
c Chic Great West 4th wkMar :334,843 '
„350 10,629.977 Reading Co.0811
Chic Ind & Louisv_ 4th wk Mar 226,226 175,9421 5,671,543 4,874,334
Phila & Reading. February _ 4,804,679 3.263,742 38,002,54231,034,286
& St P_1 February__ 7,699,230 6,472,696169,747,012 61,958,881
Chic
& Iron Co February _ 3,508,00(1 1,890,585 24,889,058;20.267,064
Chic Mil & Pug S
Total
both
cos_
_
_ February _ 8,312,685 5,154,327 62,891,60051,301,350
dChic & North West February _ 7,612,006 6,408,128162,252,748 57,677,800 Rich
Fred & Potom!February_ _ 305,709, 230,343 2,004,175' 1,797,763
Chic Peor & St L
February _
1,167,628 1,119,882
76,010. 71,887
501,793
Chic Rock Is! & Pac February__ 5,748,781 5,155,839'48,249,192 47,225,000 Rio Grande June_ _IDecember
613.405
Rio
Grande South.. 3d wk Mar
11,0531
10,105
Chic 11 I & Gulf February__ 245,720 2e0,885 2,157,055 2,092,002
403,593
405.579
Rutland
'February.. 277,876 225,039 2,471,982 2,313,706
deltic St I'M & Om February _ 1,511,288 1,373,303 13,264,3W 12,597,227
St
Jos
Grand
&
IsLIFebruar
y_ _ 154,423
95,140 1,191,134 1,048,283
Chic Terre H & S L February _ 251,8:33 169,608; 1,740,000 1,531,468 St
L Brownsv & M. February__ 195,711 181,825 1,740,638
Cin Ham & Dayton February__ 672,247 651,3641
1,497,252
6,494,293 St L Iron Mtn & So;February_ _ 2,409,889 2,321,844
Colorado Midland_ February _ 106,257 103,8321 7,239,291
21,636.782 20,540,208
1,063,092
1,271,883
St
Louis
&
San
F'ranlJanua
ry
3,694,054 3,429.715 27,725,776 25.919,457
e Colorado& South_ 4th wicelar 414,112 373,402!12,043,841 11,132,214
St Louis Southwest_ 4th wk Mar 340,000 282.000
Cornwall
February__
8.255,344
22,856
9,9881
117,213
86,870 San Pod L A & S I. February _ 818.64158, '6 9,256,293
Cornwall &Lebanon February__
7.119.593 6,018.525
39,369
20,2841
299,127
199,314 Seaboard Air Line.. February__ 2,289,728 1,807,033
Cuba Railroad
• February._ 721,363 522,587 3,953,142
15.836,408
14,115,841
3,073,936 Southern Pacific_
February__ 11186100 9.477.024 101121384 86.235,935
Delaware & Hudson February _ 2,125,265
17;217,616 14,041,806 Southern Railway.. 4th wkMar 2,099,428.
Del Lack & Western;February .3,873,898 1,435,522 32.503,627
51,764.034 47,326,233
28,585,788
Mobile & Ohio _ _ _ 4th wkMar 344,453 1,821,539
Deny & Rio Grande,4th wk Mar 626,500 2,890,450
307,234 8,677,142 8,217.522
508,200 18,830,516 16,583,681
Cin N 0 &
4th wkMar '
Western Pacific_ _1February_ _ 500,266 334;626
• ,
285,618 8,100,307 7,048,360
4,886,230
3,734,053
Ala
Great
South_
4th wkMar 203,326 143,982 4.090,488 3,474,857
Denver & Salt Lake13d wk Mar
30,600
18,564 1,446,396 1,229,708
Georgia So & Fla_ 4th wkMar
Detroit To! & Iront1February__
67,902
62,747 1,861,770 1,716,283
109.749 1,443,713 1.279,139
Virginia & So W.4th wkMar
Detroit & Mackinac'4th wkMar 179,667
59,507
45,785 1,471.036 1,385,985
33.603
32,506
844,513
807,689
Spok
Port
& Seattle February-- 375,742 274,726 3,344.281
Dot & Tel Shore L. February__ 161,04:3 128,479 1,117,153 1,008,950 Tenn
3,095,449,
Ala & Georgia 3d wk Mar
Del & Iron Range February__ 102,747 112,857 4,063,602 2,930,468
2,144
1,170
69,969
50,225
Tennesse Central_ February.. 119,244 107,964
Dul So Shore & Ail _elth wkMar
1,054,548
985,563
99,044
2,545,169 2,185,496 Texas & Pacific.... 4th wir Mar 546.322
90,488
Duluth Winn & Pac February__ 186,497 134,531 1,001,723
475,136 14,730,739 13,982,860
898,010 Toledo Poor & West 4th wkMar
38,472
Elgin Joliet & East_ February _ 1,138,547 594,926 8,451,180 5.403,049
37,469
931,428
918.941
Toledo St L & West 4th wk Mar 104.618
El Paso & Sou West February__ 880,496 557,752 6,680,924 4,996,0.11 Trinity
99,343 4.149.352 3,480,271
& Brazos V. February..
73.182
75,502
Erie
653,903
February _ 5,760,055 4,384,694 48.294,327 40,176,693 Union Pacific
764.137
Myst_
February
8,012,375
5,571,389
Florida East Coast_ February__ 824,530 598,498 4,008,273 3,220,626 Virginian
69.436,425
February.. 747,035 439,625 4.924,658 60.492.888
'Fonds Johns & Glov February _
4,005,087
617,141
57,712
71,420
578.838 Wabash
February__ 2,833,995 2,186,334 22,571,151 19,690.750
Georgia Railroad
February__ 245,841 206.708 2,084,153 1,942,143 Western Maryland_ 4th
wk
Mar
310,735
251,049 7,936,588 6,207.467
Grand Trunk Pac 26 wk Mar 121,473
66,214 4,266,023 2,874,912 Western ley of Ala_ February..
107,550
97,826
Grand Trunk Syst_ 4th wkMar 1,592,442 1,446,969 40,164,928 37,261,161 Wheel & Lake
870,566
836.570
Erie_ February _ 682,833 337.229, 5,778,799
Grand Trunk Ry,26 wk Mar 725,186 • 678,925 29,235,149 28,003,143
3,518.203
994,172 979,3781 9,165,923 8,024,038
Grand Trk West_ 26 wk Mar 171,695 134,296 5,970,819 5,034,264 Yazoo & Miss Vali_ February
,
Dot Gr & Milw 2d wk Mar
60,627
43,896 2,234,286 1,838,541
' Current
Great North System March ___ 6,200,254 4,747,969 60,539,228
Previous
Various Fiscal Years.
Period.
Year.
I
Gulf & Ship Island_ February__ 153,423 116,3031 1,296,028 52,688,891
Year.
1,075,171
Hocking Valley_ _ _ _ February__ 535,937 362,5701 4,855,711 4,303,129
Buffalo & Susquehanna RR__ _ _ Jan 1 to Feb 291 $309,4791
Illinois Central_
February _ 5,871,545 4,729,20445,848,565
8227,808
42.632,353
Canadian
Northern
System____
Internet & Grt Nor February__ 748,945 728,627'
Jan 1 to Mar 31;17,432.30011.534,500
6,403,721 Delaware & Hudson
Kanawha & Mich February__ 300,964 200,2561 6,314,258
Jan 1 to Feb 291 4,26.5,5491 3,021,162
2,405,933 1,937,105 Erie
Kansas City South_ February _809,583 736.4771,
Jan 1 to Feb 29 11,471.647 8,959,935
9
6,879
6,813,404
New
York
Central.)
Jan 1 to Feb 29 30,120,42922.844.239
Lehigh Valley
,February _ 3,479,848 2,910,3021
28,031,1)44
Boston & Albany
Jan 1 to Feb 291 3,1.50,900 2.368,681
Lehigh & Hud My_ February__ 151,596 118,383 31,254,043
1,400,903 1,164,56:3
Lake Eric & Western_n
Jan 1 to Feb 29i 1,083,254
Lehigh & Now Eng. February__ 263,373 135,426 2,322,323
830,388
1,660,166
Michigan
Central
Jan 1 to Feb 291 6,622,241 4.997.629
Louisiana & Arleen_ January __ 107,087 138,757 1,006.356
1,007,416
Cleve (linc Chic & St Louis Jan 1 to Feb 291
Louisiana Ry & Nay January -- 165,412 162,196 1,369,646
7,123,658 5,399,892
1.161,693
Cincinnati
Northern
Jan 1 to Feb 29; 269,193
"4th wkMar 1,785,200 1,393,550 44,646,275
fLouisville & Nash,
218,177
39,130,396
Pittsburgh & Lake Erie
Jan 1 to Feb 291 3,567,194 1,828.382
Macon & Birm'ham February__
11,617
8,040
100 234
95,721
New York Ch:cago & St Louis Jan 1 to Feb 291
February__ 917,138 855,575 7,847.490
Maine Central
2,450,338 1,795,974
7,602,416
Toledo
&
Ohio
Central
Jan 1 to Fe!) 291 880,664
Maryland & Penna. February _
32.821
677.513
32,981.
314,836
345.782
Total all lines
Jan 1 to Feb 2955,267.871 41,010.875
44:7
Midland Valley-. February__ 1:
08
50
8 107,541 1,207,576
038,316 N Y Susquehanna & Western
Jan 1 to Feb 291 789,207
Mineral Range.... 4th wkMar
34.750
636,760
796
048
605,164
p
Pennsylvania Railroad
Jan 1 to Feb
Minn & St Louis... 4th wk Mar 239,784 234,815 8,224,894
34,734,931 26,305,553
7,825,837
Baltimore Chesap & Atlantic Jau 1 to Feb 29
Minn St P & S S _ 4th wicMar 1,0:35,206 666,4111 26,453,116
29; 114,44:3
123,149
21,527,627
Cumberland Valley
Jan 1 to Feb 29
Mississippi Central_ February..
56,138
589,257
415,161
51,394
534,260 '518,632
Long Island
Jan 1 to Feb 29
Mo Nan & Texas_ 4th wk Mar 882,279 1,007,635 24,487,544
1,585,512
25,633,076
Maryland Delaw & Virginia_ Jan 1 to Feb 29 1,868,602
h Missouri Pacific February__ 5,022,931 1,327,162 42,484,9M
95,436
99,886
40,052,067
N Y Philadelphia & Norfolk_ Jan 1 to Feb 29
Nashv Chatt & St L February 1,028,827 849,1518
713,544
496,771
Phila Baltimore & Washing'n Jan 1 to Feb 29 3,599.942
New York Central February.- 15231375 10925256 8,350,260 7,361,415
2.818,193
121802064
101353736
West
Jersey
&
Seashore
Boston & Albany February__ 1,563,382 1,124,695
Jan 1 to Feb 29
931,681
720,69(1
12,727,959 10,801,674 Pennsylvani t Company
Jan 1 to Feb 29 10,135,833 6,923.827
n Lake Erie & NV_ February__ 559,032 443,617,
5, ,761 :3,797,897
Grand Rapids & Indiana.... Jan 1 to Feb 29
MIchigau Central February__ 3,350,067 2,431.294
862,067
763,614
26,604,851
22,200,309
Pitts
eine
Chic
& St Lo .is
Cleve C C & St L February... 3,640,765 2,51)7,324.
Jan 1 to Feb 29 7.730,816 5,619,269
Vandalla
Cincinnati North. February.. 13.3,920 109,906 27,415,48:3 24,181.737
Jan 1 to Feb 21) 2,086,032 1,663,530
1.190,353 1,052,049
Total lines-East Pitts & Erie Jan 1 to Feb 29 43.201,945
Pitts & Lake Erie February__ 1,821,843 935,644 14,725.318
3:3,022,495
9,430,170
-West
Pitts & Erie .(an 1 to Feb 2921,076.236 15.214,309
NY Chic & St L. February__ 1,190,125 849,740 9,305,019
7,528,041
All Lines E & W Jan 1 to Feb 29 64,278,181 48,236.805
Tol & Ohio Cent_ February__ 449.112
23,0661 3.530.953 3.552.189 Rio Grande Junction
Dec
February_
1
above
;27945521
to
_
'Tot all lines
Dec :311
76.010
11)740542 222888(556 183897801 Rutland
71.887
Jan 1 to Feb 29' 555,735
467,661

AGGREGATES OF GROSS EARNINGS-Weekly and
Monthly.
_
1

* Weekly Summaries.

Current
Year.

Prey tons
Year.

Increase or
1)ecrease.

I
1

* Monthly Summaries.

Current
Year.

Previous
Year.

Increase or
Decrease.

%
$
3
$
Cur. Yr. Prey. Yr.
$
$
(3(3 roads)._ 11,600,209 9,890,313 +1,709.896 17.28 II Mileage.
3
May
247.717 245.207 244,692.738 243.367.953 +1.824.785 0.54
(3) roads)___ 17,439,353 14,037,388
1June
240.2
23582S 243.8.19.716 247.535.879 +1.313837 9.53
(37 roads)
11.093160 9.790,336 T1g
,g,
July
g
2-13.0-12
241.796
202.948.115 260.624.000 +2,324,115
(:37 roads)____ 11,724,704 10.369.744 +1.354,960 1:3.05
Auguet
247.800 245.754 279.891.221 274.618.381 +5,272.843 0.31
(37 rea(le)---- 12.559,605 10,412,516 +2,147,089 20.59 1 Septeruber
1 93
_245.132 243.463 294.241,340 276.458.199 +17,783.141 6.43
(39 roads)____ 16,473,038 11,856.792 +4,616,24638.93
;
October
___
_248.072 2.17.009 311.179,375.274,091,434 +37,087,941 13.57
(37 roads) __ 11,561,2901 9,678,190 +1,883,109119.321
November 246.910 245.858 306.733.317 240,422.695 +66,310,62
(36 roads)_ __ _ 11.941,678 9,907,727 +2,033,951
2 27.58
;
20,53 December
,
_ _248,43
24 i .673 29.5,202,018!232.,63.0,0 +6-.• 38,9- 26.82
(35 roads)____ 11,936,229 9.851,118 +2,085,115
21.011 January_
247.620 246.838 267,043,635220,203.595 +46,840,04
(:32 roads). _ _ _ 20,094,436' 16,277,720 +3,816,716 23.381
0 21.27
February
90,557
88,314. 66,292.9461 55,293,481 +10.999,465 19.88
a 'mimics Cleveland Lorain & Wheeling Ry 8 Ii eludes Evansville & Terre Haute
and Evansville & India
Dodge anl the Wisconsin Minnesota St Pacific. d Includes
c Includes Mason City & For
not only operating revenue, but also all other receipts. RR.
redo Springs & Cripple Creek District RY•
e Does not include earniuge of Cole.
Includes Louisville Se Atlantic and the Frankfort
& Cincinnati. g Includes the Texas Central stud OltWichita Falls lines. h Includes the St. LouisfIron Mountain
& Southern. 1 Includes the Leke Shore & ailchlgan
Southern R ft. and Dunkirk Allegheny Valley ,t Pittebareh 4.14.
Southern Rye Cateaee [allele A
n Ineladee Lee Northece 0410 R.F.o
longer Include the Mexican roads in any of our totals.
Includes the Northern Central. * We to
3d week Jan
4th week Jan
1st week Feb
26 week Feb
3c1 week Fob
4th week Feb
1st week Mar
2d week Mar
3d week Mar
4th week Mar




week

of

1916.

March.

I

1915.

03

'Decrease.
Increase.

$
I
$
143,982
203,3261
249,218
383,330
637,000
979,800
3,491,000 2,564,000
1,436,408 1,153.121
287,872
334,843
175,942
226,226
285,618
367,146
373,402
414,112
508,200
626,500
32,506
33,603
90,488
99,044
62,747
67,902

!
$
59,344'
134,112,
342.800;
927,000:
283,2871
46,971
50,284,
81,528!
40,710:
118,300
1,097;
8,556'
5,155.

Alabama Great Southern
Buffalo Rochester & Pittsburgh
Canadian Northern
Canadian Pacific
Chesapeake & Ohio
Chicago Great Western
Chicago Indianap & Louisville_
eine New Onl & Texas Pacific....
Colorado & Southern
Denver & Rio Grande
Detroit & Mackinac
Duluth South Shore & Atlantic..
Georgia Southern & Florida
1
Grand Trunk of Canada
i 1,592,442 1,446,989 145,473
Grand Trunk Western
Detroit Or. Haven & Milw_ I
J
Canada Atlantic
1 ,785,200 1,393,550 391,650
Louisville & Nashville
7,051
27,699
34,750
Mineral Range
4,969
234,815
239,784
k
Minneapolis &, St Louis
1
Iowa Central
666,401 1 368,805
1,035,206
Minneap St Paul & S S M
882,279 1,007,635
Missouri Kansas & Texas
37,219
307,234
344,453
Ohio
&
Mobile
2,018,000 1,617.000 401,000
Northern Pacific
58.001)
282,000
340,000
St Louis Southwestern
2,099,428 1,821.539, 277.889
Southern Railway
71,186
475,136
546,322
Texas Si-, Pacific
1,003
37,469
38.472
Toledo Peoria & Western
5,275
99,343
104,618
Toledo St Louis & Western..
13,722
45,785
59,507
Virginia & Southwest
251,049; 59,686
310,735
Western Maryland
20,094,436 16.277.720 3.942,072
Total (32 roads)
13,816,716
Net increa:c (93.3)

.

1915.

Gross earnings(33 roads)

22.17

145,850
114.729
341,951
Bangor & Aroostook_ _Feb 323,796
789,929
795,713
2,326,984 2,381,740
July 1 to Feb 29
491,810
884,694
3,210.802
4,023,010
Feb
Boston & Maine_a
33,863,286 31,186,221 8,767,680 5,633.800
July 1 to Feb 29
1,936,029
Chic Burl & Quincy_b__Feb 8,249.313 6,504,847 3.435,340 23,494,754
68,472,184 63,361,665 28,522,521
July 1 to Feb 29
199,177
319,969
Chic & Eastern Illinois.b.Feb 1,452,246 1,092,446
11,476,319 9,896,305 2,814,024 2,381,549
July 1 to Feb 29
163,311
185.677
454,555
Chic Ind & Louisv_b__ _Feb 593,135
4,996,546 4.317,612 1,646,796 1,147,979
July 1 to Feb 29
1,293,515
Chicago Milw & St P_b_F'ob 7,699.230 6,472,696 1,8'78,762 19,380,958
69,747,012 61,958,881 25,622,258
July 1 to Feb 99
1,603,015 1,279,216
Chic It I &. Pacific_b__ _Feb 5,748,781' 5,155,839 12,294,168
11,743.274
48,249,192 47,225,000
July 1 to Feb 29
52,460
68,863
220,885
Chicago R I & Gulf_b_Feb 245,720
595,002
695.225
2,092.002
2,157,055
July 1 to Feb 29
2,133
127,442
651,364
Cinc Ham & Dayton_b__Feb 672,247
922,254
7,239,291 6.494,293 1,746,420
July 1 to Feb 29
285,344
460,036
1,109,435
1,236,320
_Feb
Southern_b
Colorado &
10,842,728 10,036,903 4,052,186 3.123,719
July 1 to'Feb 29
287,844
423,075
522,587
Feb 721,363
Cuba Railroad
3,953,142 3,073.936 1,933,857 1.472,173
July 1 to Feb 29
295,832
564.297
1,340,525
Denver & Rio Grande_a _ Feb 1,733,639
16,971,116 15.020,581 6,072,118 4,302,639
July 1 to Feb 29
51,916
132,359
334,626
Western Pacific_b____Feb 500,266
732,646
4,886,230 3,734,053 1,710,285
July 1 to Feb 29
34,342
56,304
221,245
Feb 256,386
Did So Sh & Atl_ b
348,148
678.919
2.284,560 1,939,072
July 1 to Feb 29
670,340 1,446.455
Feb 4,279,512 3,914,717
Groat Northern_b
54,338,979 47,940,922 27,415,877 23,801,021
July 1 to Feb 29
97.929
135,973
362.570
Feb 535,937
Hocking Valley_b
4.855,711 4.303,129 1,802,311 1,367,401
July 1 to Feb 29
728,059
Louisville & Nashville.b.Feb 4,997,714 3,839,947 1,667,219 8,197.613
39,304,100 34,810.656 13,266,280
July 1 to Feb 29
246,181
254,359
855.575
Feb 917.438
Maine Central_b
7,847.490 7,602,416 2,437,323 2.101,116
July 1 to Feb 29
19,861
1,731
,
68,303
82,859
Feb
Mineral Range_ b
142,208
172,129
0' ,
July 1 to Feb 29
.
967,524
245,397
2,818,684
b
2.591.158
Tex_bFe
&
Han
Missouri
21,819,521 22,848,689 5.164,175 7,282,415
July 1 to Feb 29
Missouri Pacific, including
814,526
727,659
St L Iron Mt & So_a_Feb 5,022,931 4,327,162
42,484,913 40,052,067 9,852,591 9,425,482
July 1 to Feb 29
913.030
2,065,689
Norfolk & Western_b___Feb 4,588,416 2,939,121
37,289.301 27,458,602 16,158,146 9,250,854
July 1 to Feb 29
41,522
63,681
225.039
Feb 277,876
Rutland_b
87,822
128,302
467,661
555,735
Jan 1 to Feb 29
574,662
294,681
St Louis Iron Mt & So.a.Feb 2,409,889 2.321,844
5.438.812
5,818,622
20,540,208
21,636,782
July 1 to Feb 29
1.044,275
St Louis & S Fr RR_ b___Feb 3,687.412 3.136,176 1,191,243 8.994,719
30,175,822 27,727,889 10,296,077
July 1 to Fob 29
439,755
738,279
1,807,033
b
2,289,728
Cos)_a_Fe
(Cons
L
A
Seab
15,886,408 14,115,841 4,442,294 3,247,628
July 1 to Feb 29
96,367
114,282
837,238
932,917
Feb
.
a
rn.
St Louis Southweste
8,195,293 7.384,344 2,339,250 1,075,889
July 1 to Fob 28
Southern Railway172.526
274,366
725,007
Cinc N 0& Tex Pac.a.Feb 943,989
7,068,020 6,264,259 1,914,734 1,331,281
July 1 to Feb 29
73,619
107,798
358,374
Ala Great South_a_ --Feb 430,159
583,105
3,596,801 3,159,373 1,027,628
July 1 to Feb 29




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-Net Earnings
-Gross Earnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.

INDUSTRIAL COMPANIES.
.75,522
86,440
U S Public Service_a___Feb
155,362
182,920
Jan 1 to Feb 29

i

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I
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;65.232,.175!53,337.389,11,945,086:

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It will be seen that there is a gain on the roads reporting
in the amount of $11,945,086, or 22:27%.
Net Earnings Monthly to Latest Dates.-The table
following shows the gross and net earnings of STEAM
railroads and industrial companies reported this week:
Roads.

7,7.:

12

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For the month of March the returns of 33 roads show
as follows:
1916.

se,
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Month of March.

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Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the fourth week
of March. The table covers 32 roads and shows 23.38%
increase in the aggregate over the same week last year.
Fourth

[VoL. 102.

THE CHRONICLE

1340

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Interest Charges and Surplus.
Roads.

- -Bal. of Net Earns.
-Int., Rentals, &c.
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
$

x40,872
x20,791
117,029
116.575
Aroostook____Feb
x23,150
z18.811
906.228
927,985
July 1 to Feb 24)
x9,193xdef290,915
830,877
Feb 936,934
Boston Lk Maine
xdol511.377
x2,346,693
6,907,637
7,070.386
•
29
Feb
to
1
July
215,535
334,834
72,309
88,241
Feb
Cuba Railroad
007,551
561.622 x1,311,844
628.111
July 1 to Fob 29
f177,036
x91.294xde
554,627
572,612
_Feb
Grande_
Rio
Denver &
4,736,990 4,687.164 x2,420,472 x736,954
July 1 to Feb 29
95,255 xdef34,662 xdef59,437
97,089
Duluth So Sh & Atlantic Feb
748.127 Alet89,692xdof373,569
804,280
29
Feb
July 1 to
x82,992 zdef27,849
136,020
141,325
Feb
Hocking Valley
1,106.238 1,104,278 x920,092 x456,410
July 1 to Feb 29
87.114
31.811
Feb
Maine Central
866.061
980,236
July 1 to Feb 29
x7,785
12,199 xdof17,816
16.468
Feb
Mineral Range
x47,481
98,453
x57,961
118,269
July 1 to Feb 29
249,636
717.888 def500,756
Missouri Kan Sr Texas Fob 746,153 5,515,683
def652,215 1.766,732
5,806,390
July 1 to Feb 29
558,978 x1,664,293 z501,589
Eeb 533.357
Norfolk & Western
4,326,570 4,378.776r12,866,101 x6.229,264
July 1 to Feb 29
261,104 xdef28,153 zdef58,418
St Louis Southwestern__Feb 266,186 2,126,255
z920,729xdef239.051
2.161,635
July 1 to Feb 29
ES.
COMPANI
INDUSTRIAL
19,790
25,201
12,575
13,232
Fob
U S Public Service
41,373
50.002
25,014
26,259
Jan 1 to Feb 29
received.
income
other
for
allowing
After
z
EXPRESS COMPANIES.
Julu 1 to Dec. 31-Month of December- 1914.
1915.
1914.
1915.
Bangor &

Adams Express Co.-

Total from transportation__ 4,043.734
1,993,311
Express privileges-Dr
Revenue from transport'n- 2,050,423
49,712
Operations other than trans_
Total operating revenues_ 2,100,135
1,836,779
Operating expenses
263,356
Net operating revenue_ __
319
Uncollectible rev,from trans.
20,292
Express taxes
Operating income

242,743

3,167,103 20,802,025
1,583,494 10.255.226
1,583.609 10.546,799
294,813
41,097
1,624,707 10,841,613
1,650,293 9,414.653
-25,585 1,126,960
3,046
363
108.805
17,113
-43,062

17,733,604
9,130,232
8,603.371
258.702
8,862,074
9,395,500
-533,42:5
2,739
102,241

1,315,107 -638,409

APR. S

THE CHRONICLE

19164

1341

-Month of January- -July 1 to Jan.31Electric Railway Net Earnings.-The following table
1915.
1916.
1915.
1916.
Ores the returns of ELECTRIC railway gross and net
3
$
$
$
165,487 1,844,689 1,687,350 earnings reported this mreq1c:
187,105
95,376
998,525
104,109
917,813
--Gross Earnings-- --Net Earnings-Current
Previous
Current
Previous
70,110
846,164
769,537
82,995
Revenue from transport'n_
Year.
Year.
Year.
Year.
Roads.
2,460
28,409
23,497
2,710
Operations other than trails_
3
$
$
$
72,571
874,573
793,034 Brazilian Trac, Lt & Pow Feb c6,079,000 c5,797.500 c3.462,000 c3.346,140
85,706
Total operating revenues_
Jan 1 to Feb 29
80,134
626,358
634,628
81.961
c12,509,000c11,793,690 c7,240,000 c6,760.330
Operating expenses
Cleve Painesv & Ea,st_a_Feb
23,461
27,803
10.750
7.867
248,215
-7,562
158,406
3,744
Jan 1 to Feb 29
Net operating revenue_ _ _ _
56,674
49,274
17,653
22.370
25
562
100 Cleve Southw &
27
Uncollectible rev,from trans.
Col_
a_
_Feb
83,790
35,477
23,970
95,603
35,000
5,000
35,000
5,000
Express taxes
Jan 1 to Feb 29
177,105
75,732
53,454
198.908
892,495
349,293
255,043
212,652
123.306 Detroit United Lines_a _Feb 1,113,844
-1,283 -12,588
Operating income
Jan 1 to Feb 29
514.201
741.844
2,285,430 1,848,768
July 1 to Dec. 31December
Havana El Ry Lt & Pow Feb 489.543
444.404
311,777
268.476
1914.
1914.
1915.
1915.
Jan
1
to
Feb
29
981,617
918,128
617,566
552,709
$
Co.
Express
Northern
Great
320,021
269,371 1,854,490 1,732.318 Honolulu Rap Tran & L b Feb
29,916
21,182
59.007
49,836
Total from transporation__ _
Jan 1 to Feb 29
194,314
163,577 1,126,148 1,051,255
51.615
38.346
108,508
Express privileges-Dr
96,556
Hudson & Manhattan (all
681,062
125,707
106,094
728,342
Revenue from transporta_
Feb 472,259
sources) a
256,449
261,395
444,421
32,534
28,341
5.061
4,060
Oper. other than transporta_
Jan 1 to Feb 29
967.819
530.206
917,614
545.669
709.403 Lake Shore Electric_ a_ _Feb 106,507
110,155
760,877
Total operating revenues_
130,768
20,466
89,200
29,847
169,225
218,549
25,698
Net operating revenue
38,954
Jan 1 to Feb 29
219,876
46,991
66,397
187,537
142
5 Milw Eiec Ry & Lt_ a_ _ _Feb 575.254
22
Uncollec. rev, from transp
123.997
486.608
171,491
24,617
23,412
taxes
3,837
3,813
Express
Jan 1 to Feb 29
1,179.084 1.023,087
278.819
348.874
144,603 Milw Lt lit & Trac_a_ _ _Feb
194.994
Operating income
21,880
35,094
127,078
106.200
27,750
37.005
Jan 1 to Feb 29
256,136
Wells, Fargo c% Co.220,766
60,973
75,133
4,517,393 3,590,352 22,871,477 19,580,863 New York Railways_ a_ _Feb 1,040,676
Total from transportation
982,481
248,280
277.322
Express privileges-Dr
2.287,680 1,812,423 11,787,706 10,005,423
July 1 to Feb 29
9,107,997 8,887.645 2.896,947 2.497,003
Revenue from transport'n_ 2,229,712 1,777,929 11,083,771 9,575,440 Republic Ry & Light and
373.410
573,800
61,974
Operations other than trans..
91,412
Feb 310.4:59
subsidiary cos-a
233,237
130,215
87.766
Jan 1 to Feb 29
628,774
482,601
181,551
265,964
Total operating revenues_ 2,321,124 1,839,904 11,657,571 9,948,851
1.802.438 1.588,482 9,826,865 9,208,641 West Penn Trac Co and
Operating expenses
Jan 477,904
subsidiary cos a
403,035
236,250
740,209
191,401
251,422 1,830,706
518,686
Net operating revenue_ _ _
6,792
5,309
2,888
1,118
Uncollectible rev,from trans.
given
are after deducting taxes.
Net
here
earnings
a
205.531
35.082
221,141
34.631
Express taxes
b Net earnings here given are before deducting taxes.
213,450 1,618,381
513.759
482.936
Operating income
c Mitres.

Northern Express Co.Total from transportation_ __ •
Express privileges-Dr

ELECTRIC RAILWAY AND TRACTION COMPANIES.
Latest Gross Earnings.
Name of
Road.

Week or
Month.

Current Previous
Year.
Year.

Jan. 1 to latest date.
Current
Year.

Previous
Year.

Interest Charges and Surplus.
-Int., Rentals, &c.- -Bal. of Net Earns.Previous
Current
Current
Previous
Year.
Year.
Year.
Year.
$
$
Cleve Painesv & East__ _Feb
dof3,072
10,939
def301
11.051
Jan 1 to Feb 29
258
22,112
def4.247
21,900
Cleve Southw & Col_ __ _Feb
def3.340
27,784
27,310
x7,777
Jan 1 to Feb 29
def1,237
55,462
54,691
x20,467
Detroit United Lines.._ __Feb
x90,171
186,644
182,864 x194,639
Jan 1 to Feb 29
370,802
365.397 x424,439 x184,995
Ilavana El Ry Lt & Pow..Feb 119,075
108,689
x197,204 x170,161
Jan 1 to Feb 29
234.467
217,177 x397,396
x350.995
6.759
6,289
Honolulu Rap Trans & L Feb
23,157
14,893
Jan 1 to Feb 29
13,519
12,577
x39,836
x27,264
Hudson & Manhattan (all
sources)
Feb
210,607
43,089
213,306
45,842
Jan 1 to Feb 29
421,734
426,703
118,966
108,472
Lake Shore Elec
Feb
36.326
35,991
def6,479 def15.525
Jan 1 to Feb 29
72,435
def6,038 def24.926
71,917
Milw Elec fly & Lt
Feb
66,713
63,326 x108,211
x58,884
Jan 1 to Feb 29
134.137
137.423 x222,648 x145,030
Milw Lt Ht & Trac
Feb
57,858
56,580
x16.297
x24.246
Jan 1 to Feb 29
115.940
113,326
x49,106
x37,198
New York Railways..._Feb 284,816
285,179
x39.719
x9,202
July I to Feb 29
2,287,492 2,289,730 x982,278 x547,008
Republic Ry & Light and
subsidiary cos
Feb
64,863
55.254
x32,613
x65,739
Jan 1 to Feb 29
132,156
110,644 x134,455
x71,169
West Penn Trac Co and
subsidiary cos
Jan
158.616
149,333
45,068
77,634
Roads.

$
December 508,830 430,710 5,436,895 5,559.534
American Rys Cc.
February _
21,081
20,961
44,369
42,861
Atlantic Shore
144,233
February
By
130,652
293,093
274,797
cAur Elgin & Chic
128,690
125,710
Bangor ity & Electric February _ 62,406 60,380
17,150 13,906
34,977
29,539
Baton Rouge Mee Co February _
November
66.940 62,627
709,229
BeitLRyCorp (NYC)
681.158
68.031 62.067
140,103
Berkshire Stree.; By. February _
132,430
Brazilian Trac, L & P February _ 16079000 15797500 112509,000 111793,690
7,281
6,226
15,357,
13,687
Brock & Piym St Ry_ February _
Bklyn Rap Tran Syst November 2238.674 2105,114 25,199.758 25,154,491
28,638 23,439,
62,758
52,493
Cape Breton Elec Co February _
96,183 77,848
197,003
Chattanooga By & Lt February _
159,178
27,803 23,461
56,674
49,274
Cleve Painesv & East February _
198,908
177,105
Cleve Southw & Col_ February _ 95.603 83,790
64,622 55,777
136,569
116,544
Columbus(Oa) El Co February
578,117
523,348
Colum (0) By P & L February _ 280,700 248,591t
g Com'w'th P ity & L February.. 1362.095 1140.832 2.770,547 2,382,734
February
631,372 556,153 1,382,878 1,160.616
Connecticut Co
639,732
786,392
Consum Pow (Mich)_ February _ 386,731 310,811
411,582
376,513
Cutnb Co(Me)P & L February _ 196,398 182,301
328,751
336,891
Dallas Electric Co_ _ _ February _ 163.759 149,397
Detroit United Linos February _ 1113,814 892,495 2,285,430 1,848,768
442,372
DDEB& Bat (Rec)iNevember
469,563
40,077 41,551
Duluth-Superior Traci February_ _ 105,151 90,591
189,695
210,008
East Sc Louis & Sub_ February _ 227.972 187,792
393,951
456,840
101,935
Eastern Texas Elec._ February _
130,269
64,175 48,408
171,642
91,146 79,240
196,429
gEl Paso Electric Co_ February _
42d St M & St N Ave November 164.776 158,058 1,789,025 1,714.441)
x .After allowing for other income received.
g Georgia By & Pow_ February _ 558,895 518,512 1,155,412 1,078.817
Galv-Ifous Mee Co.._ February _ 14.5,763 148,940
302,202
310,939
199.617
Grand Rapids Ry Co February _ 103,429 94.889
209,246
Harrisburg Railways January -- 86.317 79.373
86.317
79,373
Havana El Ry L & P.. February _ -189,543 444,404
981,617
918,128
59,007 49,836108,508
Honolulu It T & Land February _
96,656
24,166 18,765
Houghton Co 'I'r Co_ February _
49,002
38,781
b Hudson & Manhat_ February _ 472,259 444,421
967,819
917,614
Annual Reports.-An index to annual reports of steam
February_ _ 1002.662 875,405 2,036,603 1.842,600
Illinois Traction
Interboro Rap Tram. February _ 3036,983 2707,691 6,220,727 5,586,423 railroads, street railways and miscellaneous 'companies which
Jacksonville Trac Co February _ 50,136 48,521
103,183
103,281 have been published during the preceding month will be
18,796 18,250
Keokuk Electric__ _ _ February _
39,521
38,733
February _
9,543
9,206
Key West Electric_
18,821
19,354 given on the last Saturday of each month. This index will
219,876
Lake Shore Elec By_ February _ 106,507 89,200
187,537
in the issue of the "Chronicle" in which
383,303
Lehigh Valley Transit February _ 177,727 140,939
291,659 not include reports
50.574 45,960
103.457
Lewist Aug & Watery February _
95.487 it is published. The latest index will be found in the issue
16,240 16,676
235,846
Long Island Electric- November
229,540 of April 1. The next will appear in that of April 29.
February_ _ 234,125 222,767
Louisville Railway
477,786
466.158
Milw El By & Lt Co_ February _ 575,254 486,608 1,179.084 1,023,087
Erie Railroad.
220,766
256,136
Milw Lt lit & Tr Co_ February _ 127,078 106,200
Nashville Ry & Light February _ 185,318 169,450
353,996
381,003
59,144 56.145
637.959
(Report
for
Fiscal
Year ending Dec. 31 1915.)
608,396
N Y City Interboro November
32,247 33,313
397,230
N Y & Long Island- November
384.577
13,285 13.265
153.435
N Y & North Shore November
pages
will be found the remarks of
153.582
advertising
In
the
November 112.640 106,442 1,272,281 1,254.496
N Y & Queens Co
New York Railways_ February _ 1040,676 982,481 2,162,113 2,076,184 President Frederick D. Underwood, in addition to the com_
February
22,358 21,129
N Y & Stamford Ry_
46,465
44.200 parative gross and net earnings for 1915 and 1914, income
36,414 32,206
N Y Westches & Bos_ February _
78,183
67,701
and general statistics of the company.
Northampton Trac December
16,104 13.690
183.624 accountfor the year 1915
180.400
Nor Ohio Trac & Lt_ February - 359,403 260.451
726.545
541,289 For comparative results of the company see V. 102, p.1244.
North Texas Electric February - 141,880 121,300
265,972 The annual report of the company will be published in a
292,508
Northw Pennsyl By _ December. 33.1811 30,962
361.701
361.965
Ocean Electric (L I). November
155.556 subsequent issue of the "Chronicle."-V. 102, p. 1244.
145,585
15
Paducah Tr & Lt Co_ February
25:61
8
1 23.986
50,059
53,071
Pensacola Electric Co February _
21,8331 19,989
40,221
45,769
_
February
Phila Rapid Transit_
Delaware & Hudson Company.
2036,166 1833.778 4,190.086 3,832,173
33,725 30.198
Phila & Western By. February _
61,900
69,791
Port(Ore)Ry,L&PCo. February _ 409,331 437,854
(Report
for Fiscal Year ending Dec. 31 1915.)
927,567
864,319
gPuget Sd 'Pr, L & P. January _.. 669,593 670.885
670,885
669,593
pages will be found extended extracts from
g Republic By & Lt February _ 310.459 233.237
subsequent
482,601
628,774
On
_
February
410,857 358,756
Rhode Island
758,821 the remarks of President Loree.
839,073
28.301 27.116
Richmond Lt & RR_ November
363.819
368,415
St Jos Ry Lii&P Co February _ 116,446 106,351
223.625
239,722
9A
OPERATIONS AND FIS1C
14.
LRESULTS.
60,396 64,995
Savannah Electric Co February _
135,585
126,531
1915.
1913.
1912.
68,420 68.773
Second Avenue (Roc) November
809,110
849,632 Miles operated
909
904
904
904
18,828 17,686
Southern Boulevard_ November
206,371
210,374
Equipment
22,391
November
Staten Isi Midland
20,781
301.768 Locomotives
316.350
491
466
491
452
Tampa Electric Co February - 90,544 82.890
177,249
168,250
464
.
464
463
Third Avenue
November 320,226 310.511 3,536,010 3,613,013 Passenger cars
19.60717
2
18,981
19,246
19,4
97
30
0
Toronto Street By.. December 501.958 497.424. 5,610,291 6.034,508 Freight cars
629
544
585
Twin City Rap Tran_ 3d wk Mar 191.242 177,000 2,212,355 2,015,504 Company cars
OperationsUnion Ry Co ofNYC November 226,079 216,444 2.567,951 2.644,638
8,238.700
6,945,618
9,029,260
7,949,524
Pas.s. carried earn. rev
Virginia Ry & Power_ February _ 457,563 392,390
946.343
828.586 No.of pass. carried 1 m _ 123,968,812 137,899,884 157,021,628 149,603,911
Wash Bait & Annap_ February_ _
57,376 51,506
115,866
107,447 Av.recta. per pass. p. m. 2.20 cts.
2.09 cts.
2.05 cts.
2.02 cts.
Westchester Electric_ December
44,018, 45,380
579.916
601.890 Pass. earns, per train in.
30.98861
$0.9545
$1.1236
31.0514
Westchester St RR _ February _
16,5331 16,080
34,621
33,474 Tons rev, freight carried 20,966,785 19.731.377 20.469,752 19,319,161
Yonkers Railroad... December
59.601 60,434
733,249
721.721 Tons fgt. carr'd 1 mile_2879,192,436 2732125,584 3034262,414 2827572,371
York Railways
158,045
February _
128,387 Av. recta. per ton per m_ 0.684 cts. 0.679 cts.
77.805; 61,877
0.663 ct s. 0.66
52
02
c.ts
18
.
Youngstown & Ohio_ February _
23,833 22,409
48,981
44,939 Fgt. earns, per train mile
34.198
$3.5992
33.657
33.3261
Youngstown & South January
14.0851 12,576
14.085
12,576 Av. No. tons fgt. in train
539
613.72
542.56
7,400,695
7.170,553
b Represents income from all sources. c These figures are for consoli- Anthracite coal produced 8,100.767
6.438,555
9,211,397
8,911,989
8,009,596
dated company. f Earnings now given in milreis. g Includes constituent Anthracite coal carried_ 9.990,848
2,052,181
2,406,953
companies.
Bituminous coal carried_ 2,074,357
2,494.643




ANNUAL REPORTS

THE CHRONICLE

1342

INCOME ACCOUNT FOR YEARS ENDING DEC. 31.
Old Basis
New Basis
RR. Earnings from1913.
1915.
1914.
1914.
Coal freight traffic
$11,311,690 $10,844,093 $10,844,093 811,436,960
Mdse. freight traffic..
8,794,429
8.153,086
8,788,365 8,133,603
3,277,929
2,946,665
2,946,641
Passenger traffic
2,774,595
334,280
324,725
324,725
Express traffic
338,465
121,793
137,374
137,374
129,618
Transportation of mails_
188,104
189,085
330,525
Miscellaneous sources
444,786
Gross earnings
$23,787,519 $22,722,932 $22,595,023 $21,153,495
ExpensesMaint. of way & struct. $1,852,166 $1,721,507 $1,670,364 $1,787,614
3,649,672 3,753,963
Maint. of equipment_ _ _ 3,703,382 3,680,235
305,966
314,327
314,358
Traffic expenses
315,992
8,584,722Conducting transport'n_ 8,007,980 8,595,112 8,602,636
136,892
190,758
Miscellaneous operations
778,042
760,178
775,646
811,453
General expenses
Trans. for invest. _ _ _ _ Cr.22,299 Cr.19,431

!VOL. 102.

GROSS AND NET RAILROAD EARNINGS FOR CALENDAR

YEARS.
1914. .
1915.
1912.
1913.
1911.
Gross earnings_ _$3,725,989 $3,750,950 $3,743,713 $3,630,061 $3,044,758
Not earnings_ _ _ _ 1,997,156 2,303,611 2,288,687 2,321,856 1,857,632

EARNINGS,&C., OF HUDSON TERM. BLDGS. FOR CAL. YEARS.
1913.
1914.
1912.
1915.
Grass rentals
$1,661,010 $1,684,196 $1,673,765 $1,634,746
39.389
39,476
34,301
45,281
Miscellaneous revenues_
Total revenues
$1,706,291 $1,723,672 31.713,154 $1,669,047
Maint. of struc. & plant
582.863
889,406
3115,847
3100,441
Expenses of operation..
302,219
306,050
309,033
300,997
77,624
88,581
General expenses
87,361
75,950
Total expenses
$487,098
$472,440
$509,28
$467,575
Net operating revenue
81,238,716 $1,236,574 $1,203,896 $1,196,607
$15,139
$17,137
Assum.leases in oth.bigs. $16,495
$16,034
Deprec. of bid,gs. & plant
33,792
36,864
10,000
36,864
224,203
Taxes
237,963
234,210'
225,493

$14,823,626 $15,188,851 $15,018,452 $15,210,307
Total expenses
Net income
$957,080
$947,395
Net earns, from oper'n_ $8,963,893 $7,534,111 $7,546,576 $8,943,188 -V. 102, p. 885.
(62.97)
(66.84)
P.c. of expense to earns..
(66.60)
(62.32)
Coal DepartmentVandalia Railroad.
$15,860,677 615,517,042 $15,517,012 $16,045,308
Gross receipts
14,616,706 14,553,053 14,553,053 14,748,616
Gross expenses
(11th Annual Report-Year ended
Net earnings
Taxes

$1,213.971
467,933

$963.989
323,102

$963,989 $1,296,692
495,000
323,102

$801,692
$640,887
Operating income_ _ _ _ $776,038
$640,887
Railroad DepartmentGross earnings
$23,787,519 $22,722,962 $22,595,028 $24.153,495
Operating expenses_ _ _ _ 14,823,620 15,183.351 15,018,452 15,210,307
Net earns, from oper_ $8,963,893 $7,531,111 $7,516,576 $8,943,188
623,107
671,119
671,119
680,119
Taxes
Operating income_ - $8,283,774 $6,862,992 $6,875,457 $3,320,081
Other Income$213,752
$70,987
$70,610
$142,489
Hire of equipment
386,734
717.069
717,039
704,762
Divs.& int. CoaiDept.)
1,121,997
1,006,157
1,006,156
879,984
Divs.& int. RR. Dept.)
27.655
26,468
41,522
50,592
Misc.incorne(RR.Dept.)
67,995
90,115
90,115
149,301
Misc. income (general)_
$10,986,942 $9,429,351 $9,427,139 $10,939,906
Gross income
Deductionsfrom Income$1,999,352 $1,99T,679 $1,997,771 $2,020,228
Rentals
8,662
9,734
9,734
9,502
Taxes (general)
65,047
Int. on 5% bonds
1,108,160
1,223,435
1,223,435
Int. on 1st & ref. M.bds. 1,288,160
350,000
350,000
350,000
350,000
Int. on 1st M. bonds_ _ _
558,920
558,920
558,920
558,920
Int.on D.& H.deb. bds.
435,039
433,935
433,935
433,935
Int.on 1stlien equip.bc1s.
4,000
Int. on equip. deb. bds_
75,000
75,000
75,000
75,000
Int. on divisional bonds_
205,161
170,481
170,855
135,586
General int. & discount.
Total deductions_ _ _ _ $4,91.5,501 $4,819,557 $4,819,276 $4,765,170
Netinc.carr.togen.p.&1. $6,071,441 $4,609,794 $4,607,863 $6,174,736
3,825,270
3,825,270 3,825,270 3,825,270
Divs, on stock (9%)
Bal., surplus for year. $2,246,171

$784,524

$782,593 $2,349,466

BALANCE SHEET DEC. 31.
1914.
1915.
3
AssetsUnmined coal owned
and controlled_ _14,272,695 14,667,663
Advances on un30!,827
268,653
mined coal
785,575
2,406,984
Real estate
Road and equip.D.& H. Co_...68,317,702 68,995,852
Canadian lines_ 6,464,030 6,464,030
4,936
4,286
Marine equipment
Coal dept. equip 1,342,319 1,356,144
Coal handling and
68,066
72,099
storage plants.._
Stocks & bonds_a28,544,318 28,102,890
2,504,949 1,908,246
Cash
472,740
543,542
Fire insur. fund
10,408
10,743
Spec. res. funds._
Equip, trust fund_ 2,654,231 1,909,061
Special deposits_ b14,349,001 1,055,378
Supplies on hand_ 1,937,160 2,717,942
Bills & accts. rec. 5,011,339 4,534,927
Adv., new lines_ _ 5,810,485 5,084,519
Total

154,514,595138,500,204

1915.

1914.

Capital stock..._42,503,000 42,503,000
Bonds (see "Ry.&
Ind." See.)__ _76,278,625 62,320,000
Loans payable... 2,703,534 3,018,534
Int., diva., &c.,
1,584,205 1,401,971
accrued
Interest, diva, and
bonds due, not
222,261
yet collected_ _ _ 218,826
135,066
Accrued taxes.... 151,330
Spec. reserve fund
10,408
10,743
accounts
Audited vouchers
2,791,008 2,799,540
and pay rolls
Other accts. pay476,610
722,685
able
Additions to property prior to
June 30 1007
through inc.... 6,839,487 6,839,487
Profit and loss_ _ _20,711,152 18,773,318
Total

154,514,595138,500,204

a The total par value of stocks owned in 1915 was $27,371,774, against
$27,327,074 in 1914 (value as per balance sheet in 1915, $23,419,521; par
value of bonds, $5,350,716 in 1915 (value as per balance sheet). The list
of securities owned remains substantially the same as that given in V. 88.
p. 939, tho main change being the addition of the temporary capital stock
receipts of the Wilkes-Barre Connecting RR. Co.
b Includes $862,093 unexpected balance from proceeds of bonds deposited with trustee to defray cost of authorized additions and betterments
and $13,476,350 proceeds from sale of 5% 20-year convertible gold bonds.
STOCKS OWNED, TOTAL PAR VALUE $27,371,774 (TOTAL VALUE
AS PER BALANCE SHEET $23,419,521).
Par Value.
Name of SecurityPar Value.
Name of Securitr-$100,000
Chat.& Lake Placid Ry., pref.$3,000,000 Plattsburgh Traction Co
2,050,000
75,000 Schenectady Railway Co_
do common
179,980
Rensselaer & Saratoga RR.._ 800,000 Troy & New England Ry
450,000 Chat. Ore & Iron Co., 1st pref. 360,800
Albany & Susquehanna RR
319,850
Greenwich & Johnsonville Ry_ 225,000 do 2d Prof
1,250,000
Quebec Mont.& Southern Ry_ 1,000,000 do common
95,450
600,000 Champlain Transport'n Co.:.
Napierville Junction Ry
7,500
45,000 Troy Union Raliraod Co_x
Cooperstown&Charl.Val.RR.
3,500,000
52,050 Hudson Coal Co
Champlain Transport'n Co50,000
400 Wilkes Barre Connecting RRDelaware & Hudson Co
41,300
12,409,600 do temp. stock receipts_
United Traction Co
659,844
10,000 Miscellaneous stocks
Northern N. Y. Develop. Cox Held under lease of Rena. & Sar. RR.
Also owns $5,350,716 bonds, valued at par, viz.: Albany & Sus. RR.
1st M. $3,556,000; Troy & New Eng. Ry., $160.000; Fort William Henry
Hotel Co. income debentures, $272,000; 1st M.,$45,000; Bluff Point Land
Improvement income debentures, $250,000. 1st M., $28,000; Chateaugay
Ore & Iron Co. 1st M.. $337,000; Champlain Transportation Co., $250,000,
Plattsburgh Trac. 1st M., $24,000; Carbondale Gas Co. 1st M. $8,000;
Lake George Steamboat Co. 2d income deb., $20,000 Glens Falls Sandy
11111 & Fort Edward St. By. 1st M., $100.000; 2d M., $50,000; Stillwater
& MechanicvIlle St. By. consol. M.,$202,500; 1st M.,$47,500, and bonds
and mortgages on real estate, $716.-V. 102, p.800. 65.

Hudson & Manhattan RR.
(Report for Fiscal Year ending Dec. 311915.)
The remarks of President Wilbur C. Fisk are given at
length on a subsequent page; also the comparative income
account for the years ending Dec. 31 1915 and 1914, the
balance sheet of Dec. 31 1915 and the profit and loss account
for the year ending Dec. 31 1915. Below we show the gross
and net earnings of the company for four years and the
operations of the Hudson Terminal. (Compare map on page
63 of "Railway & Industrial Section"):



$920,755

$946,370

Dec. 31 1915.)
Pres. J. J. Turner, Pittsburgh, March 20, wrote in subst.:

Mileage.-The increase in mileage of roads used jointly with other companies is due to including the mileage of tracks of the Indianapolis Union
By. at Indianapolis, which had not heretofore been included in the report.
Results.-The total operating revenues show an increase of $419,598, or
3.81%, over 1914, principally due to revenue front increased freight traffic, resulting from the resumption of industrial activities in the latter months
of the year, and to the advance of about 5% in certain merchandise interState freight rates. The railway operating Income was $2,210,375, an
increase of $515,485, and the non-operating income was $109,549, an increase of $24,064, consisting chiefly of amounts received by your company
for its proportion of the surplus 'income distributed by the Indianapolis
Union By. Co. to the proprietary companies. The gross income was $2.399,924, an increase of $539,550, and deductions from gross income were
$1,627,162, an increase of $49,347, mainly due to increased operating revenues of the Terre Haute & Peoria RR., tinder the lease of whiclr your company pays 30% of the gross earnings as rental and to increased charges for
use of tracks for your entrance into Toledo, and for joint tracks at Indianapolis. The net income was $772,762, an increase of $490,203. There was
applied to the sinking fund for the consolidated mortgage bonds $168,834,
and after appropriating $292,278 to pay a 2% dividend upon the capital
stock (V. 102. p. 523). there remained $311,649, which was transferred to
the credit of the profit and loss account.
Road and Equipment Expenditures.-Theso during the year were $394,449,
of which $185,916 was charged to road, principally for the construction of
a new coaling station at Greenville, additional yard facilities at Rose Lake
and Bicknell, paving driveways at the freight house, South Bend, now combined passenger and freight station at Hoover, additional water station
facilities on the Michigan division, tracks to coal mine at BrucevIlle, telephone train dispatching line on the Vincennes division, bridge improvements, increased weight of rail used, assessments for street paving, sewers,
&c., and $208,533 for equipment on account of ton locomotives and 300
box cars received for replacements, and for the application of superheaters
and automatic fire doors to locomotives. The'nvostmcnt in improvements
upon leased railway property increased $13,984 during the year.
Federal Valuation.-Your company is co-operating with the Inter-State
Commerce Commission in the work of ascertaining the value of your properties and those of the Terre Haute & Peoria RR., and the direct expenditures chargeable thereto on account of such work during the year were
$32.990, and to Dec. 31 1915 the total expenditures on this account were
835,765. An Inventory of a portion of your properties was taken by forces
employed by the Government during the year, the work covering over 600
miles of roadway and track, a large number of bridges and about 800 miles
of telegraph and telephone lines.
Terre Haute & Peoria RR.-This line, operated under 99-year lease (Its
gross and net earnings being included in the income account below), shows
an increase in revenues of $81,642 and a consequent increase in the rental,
30% of operating revenues. of $24,493. The result to your company in
operating the road shows a lass for the year of $235,550, a decrease of $35,600 as compared with the year 1914.
•
OPERATIONS AND FISCAL RESULTS.
All Lines
Vandalia RR.
1914.
1915.
1914.
1915.
Freightx917.23
x910.05
744.30
751.48
Miles of road operated__
$7,129,981 $6,754,510 $7,815,705 $7,364,711
Freight earnings
(66.91)
(68.40)
(66.02)
(67.47)
Per cent of total earns
9,613,509 11,134,783 10.662,013
9,935.734
Tons carried
Tons carried one mile--1159047975 1085658529 1282063446 1193096 783
$8,521
$8,093
39.075
$9,488
Earns, per mile of road..
Earns, per ton per mile_ 0.615 cts. 0.622 cts. 0.610 cts. 0.617 cts.
Av. cost per ton per mile 0.479 cts. 0.516 cts. 0.482 cts. 0.520 cts.
396.48
443.06
405.78
452.92
Aver. train-load (tons)_
$2.701
$2.447
$2.525
$2.786
Earn, per rev. frt. tr. on..
Passenger$2,198,751 $2,289,252 $2,329,159 $2,418,129
Passenger earnings
2,972,809
2,816,930
2,681,294
2,511,047
Passengers carried
102,224,491 106,975,178 108,568,186 113,157,974
Pass. carried 1
2.140 eta. 2.145 cts. 2.137 cts.
Av. earns. p. pass.
mile_.
p.m. 2.151 cts.
$1.193
$1.220
81.271
$1.242
Earns. per pass. p.tr. m.
x Including Terre Haute & Peoria RR., 165.75 miles.
GENERAL INCOME ACCOUNT FOR YEARS ENDING DEC. 31 FOR
ALL LINES DIRECTLY OPERATED (incl. T. H. & P.).
1913.
1914.
1915.
Earnings$7,815,765 $7,364,711 $7,760,964
Freight revenues
2,418,129 2,476,992
2,329,159
Passenger revenues
287,814
273,788
308,875
Other transportation revenue
197,261
247.119
191,949
Miscellaneous revenues
524,713
503,197
568,727
Mail
228,070
211,794
250,197
Express
Total operating revenue
ExpensesMaintenance of way &c
Maintenance of equipment
Traffic
Transportation
General and miscellaneous
Taxes, &c

$11,426,270 $11,006,672 $11,526,283
$1,572,825 $1,490,887 $1,669,839
2,306,174
2,231,545 2,255,126
314,895
287,493
280,465
4,219,793 4,410,473 4,500,303
383,755
404,387
399,532
369,811
383,416
431,736

Total operating expenses & taxes-- $9,135,895 $9,231,782 $9,544,777
$2,290,375 $1,774,890 $1,981,506
Net earnings
103,325
85,484
109,549
Other income
$2,399,924 $1,860,374 $2,084,831
Gross income
$238,920
$223,875
$263.413
Lease of other roads
206,937
316,628
323,473
Hire of equip.-balance
201,488
224,791
256,404
Joint facilities,&c.,rents
796,128
787,626
'
778.823
Bond interest
4.585
9,851
5,049
Miscellaneous
144,901
170,214
168,834
Sinking fund,&c
(4%)584,556
(2%)292,278
Dividends
$2,088,275 $1,748,029 $2,162,470
sur.$311,649sur.3112,345 def.877,639
FROM OPERATION
LOSS TO VANDAL1A RAILROAD CO. LESSEE RY.
Olo TERRE IIAUTE & PEORIA
Net Rental.30% Rents&hire Balance,
Oper'g
Gross
Loss.
Gross. of equip.
Earns. Expenses. Earns.
Year$858,044 $771,577 $86,467 $257,413 $64,605 $235,550
1915
271,150
115,676
232,921
17,447
776,402 758,955
1914
252,577
217,875 37,327
2,625
723,625
726,250
1913
242,803 42,005 222,045
746,583 62,763
809,346
1912
Total deductions
Balance, surplus or deficit

APR. 81916.]

THE CHRONICLE

BALANCE SHEET DEC. 31.
1915.
1914.
1914.
1915.
LiabilitiesAssets3
14,649,516 14,649,516
Road & equipm't_35,776,736 35,36,,,392 Stock *
Mortgage bonds 13,907,03) 19,083,009
Inves. in affil. cos.:
44,819
Stocks
230;567 Equip, trust oblig
230,567
69300 Traffic, &c., bals_ 216,324
204,791
69309
Bonds
223,234 Acc'ts Sr. wages__ _ 582,043
623,454
241,345
Advances
9,629 Matur.I.& diva.
Othe. investments
43,190
9,631
49,605
62,829 Unmat.int., diva..
62,464
Misc. ph. prop_
&c
1,626,122 1,235,454
Cash
383,692
795,918
49,605 Taxes
49,190
Special (leposits__
407,595
358,315
251,901 Miscellaneous_ _ _ _
Traffic, &c., bats_ 340,510
157,893
134,242
28,3,764 Deere°.(equip.)
Agents & conduc_ 2/6,638
773,014
1,102,809
952,086 Derd, &c., items_
Materials & supp- 1,041,211
51,846
89,932
350,405 Add'ns to prop'ty
Miscellaneous_ ___ 311,223
148,143
149,487
since J'ne 30 '07 1,154,279 1,154,279
Unadjusted debts_
Fund, debt retired a952,236 8784,906
Profit and loss__ _ bl,208,044
905,884
40,182,779 39,210,363
Total
Total
40,182,779 39,210,363
* Includes common stock, $14,613,950, and stock liability for conversion
of outstanding securities of constituent companies, $35,566. a Denotes
funded debt retired through income and surplus. b After deducting sundry net items aggregating $9,489.-V. 102, p. 523.

Chicago Railways Company.
(8th Annual Report-Year ending Jan. 31 1916.)
Pres. Henry A.Blair, Chicago, Mar. 25,says in substance:
Results.-Beginning with a slight increase in Feb. 1915, earnings of the
Chicago surface lines decreased rapidly, and by Sept. 30 1015 the decrease
in receipts below those for the corresponding period in 1914, including the
loss in receipts from a two-days' strike, amounted to $695,753. The
Improvement during the remainder of the fiscal year reached substantial
proportions in the last three months, so that the year closed with a loss of
less than 1%, or $275,237.
Strike, &c.-On May 31 1915 the three-year contract with the trainmen
expired. Negotiations for a renewal were broken off by them and a strike
was called, to take effect at midnight of June 13. They finally agreed to
arbitration, however, and operation was resumed by the Chicago surface
lines on June 16. As a majority* of the arbitrators awarded the trainmen
substantially the maximum of their demands, with a two-year contract,
the Chicago surface lines were called upon to meet a heavy increase in operating expenses without any compensating increase in earnings.
Bond Sale.-In order to provide funds with which to take care of the company's expenditures for rehabilitation work, $1,500,000 par value of its
1st M. bonds were sold in Jan. 1916, of which $500,090 par value were
treasury bonds(V. 102, p. 250,344).
Extensions, &c.-DurIng the year about 15 miles (single track) of new
extensions were constructed under ordinance requirements, and 10 miles of
track reconstructed. The operation of cars through the Van Buren St.
tunnel was suspended June 1 1915, to permit the lowering of the west half
of the tunnel on account of work on the new Pennsylvania Station. The
Chicago Railways Co. was obligated to perform this work under the terms
of the agreement with the Pennsylvania Co. covering the original construction. The lowering will be completed and operation through the tunnel
resumed about May 1 1916.
Additions.-During the year $1,868,717 was expended for construction,
reconstruction, equipment, extensions and additions. The total capital
account of Chicago Railways Co. on Feb. 1 1916, being the city purchase
price under the terms of the ordinance of Feb. 111907, was $85,626,674.
Dividends.-Two payments of $4 each on participation certificates,
Series 1, and one payment of $2 on participation certificates, Series 2. were
made in 1915-16. The dividends on Series 1 certificates were thus paid up
in full for the dividend year ended Aug. 1 1915.
City Proportion.-Tho company will pay to the city of Chicago on or before Apr. 10 1916 $1,117,516, tepresentIng 55% of the divisible income for
the year, against $1,635,002 in 1914-15.
The usual annual payment of $250,000 was made for the retirement of
Series "0" consolidated mortgage bonds. The amount of these bonds outstanding has now been reduced to $1,399,336, par value.
Commission.-Pursuant to an ordinance of the City Council of Chicago,
passed Jan. 31 1916, a commission of engineers has been appointed, consisting of William Barclay Parsons of N. Y. City, Chairman; Bien J. Arnold
of Chicago and Robert Ridgway of N. Y. City, with instructions and authority to investigate and report upon local transportation problems in
Chicago, including a merger of the surface and elevated lines and the formation of a plan for a subway.
RESULTS ON ALL CHICAGO SURFACE LINES.
1015-16.
1914-15.
1914-15
Jan. 31 Yr.- 1915-16.
Gross earnings_$31,690,701 $31,966,048 Residue reeeipts$10,649,405 $12,076,773
Open expenses_ 21,041,356 19,880,275 S. Side ilnes(41%) 4,366,256 4,951,477

1343

RECORD OF PAYMENTS OF DIVS. ON PARTICIPATION CERTFS.
Participation
1908 1909 1912
1913
1914- -1915Certificates- Nov. Sept. Oct. Feb. May.July. Aug.Feb. Aug. J'ne. Sept.
Series 1
$4 $8 $6 $6 $6 $6 $4 $4 *$8 34 $4
Series 2
__
$2 -_
$2
* Being full payment of all arrears.
Note.-There 'has accrued and same is payable May 1 1916 out of the
above surplus the interest on the adjustment income bonds for the year
ended Jan. 31 1916, amounting to $100,000.
GENERAL BALANCE SHEET AS OF JAN. 31.
1916.
1915.
1916.
1915.
AssetsLiabilities-$
Road, equip., &c..95,525,340 93,971,463 Capital stock_ _ _ _
100,000
_100,000
Treasury seems__ 1,483,033 1,395,596 Bonds (see "Elec.
Consols in escrow
Ry." Section)_ _89,922,611 89,185,611
for underlying
Old securs. exch.
securities
under plan
1,930
1,930
1,980
1,980
First M. gold 5s_
530,000 Pur. mon. M.bds. 4,073,000 4,073,000
Cash
5,651,839 6,548,780 Adjust. inc. bds__ 2,500,000 2,500,000
Acc'es receivable_
20,798
17,727 Current liabilities_ 1,139,893 1,797,518
Prepaid accounts_
5,039
10,417 Int., taxes & sink.
Inc. from treasury
fund accrued_ __ 1,967,585 2,043,129
54,524
securities
35,974 Renewals,&c.,res. 2,750,543 2,211,703
Surplus
286,952
568,995
Total
102,742,564 102481,937
Total
102.742.564 102481,937
See bond offering in V. 102, p. 344, 250.-V. 102, p. 1249, 344.

Republic Railway & Light Co., New York.
(Report for Fiscal Year ending Dec. 31 1915.)
Pros. Oren Root, Jersey City, Mar. 20, wrote in substance:

Business activity in the territory served by your subsidiaries decreased to
some extent during the early part of 1915, although not so notably as in
other districts, owing to the diversification of industries located in this
territory. During the latter part of the year conditions improved and are
now prosperous. The earnings on the Youngstown railway lines also
suffered somewhat from the competition of the jitney buses. This competition was never so severe in the district served by your company as in
some parts of the country and is rapidly disappearing, due partly to the fact
that the operation was not as profitable as anticipated by the owners, and
partly to the passage by the City Council of a regulatory ordinance which has
been uphold by the courts. Notwithstanding these adverse conditions the
gross earnings increased from $3,001,285 to $3,121,297, or $120,012, being
4%. Operating expenses and taxes, however, increased only $17,616, so
that the not earnings increased $102,396, being at the rate of 8.94%.
The demand for electrical energy,particularly
in
for power, developed so
rapidly that work was commenced up n an extension of the generating plant
at Loweliville, 0.. which will incre se the capacity of that plant from
20,000 h.p. to 40,000 h.p. During e year the light and power business
increased 15.9%. The total number of customers connected at Dec. 31
1915 was 16,982, a net increase of 3,091.
During the year more than 10 miles of 22,000-volt transmission lines were
built to take care of increasing demands, and further extensions are now
under construction, including a 66,001-volt steel tower lino between the
power station at Lowellvillo, 0., and Ellwood City, Pa.
The 5% secured gold notes of the Republic Ry. & Light Co. and the 1st
& Consolidated Refunding 5% gold bonds of the Mahoning & Shenango
Ry.& Light Co. matured Jan.! 1916(V. 101,p. 1715). In order to refund
those obligations and provide additional capital for the rapidly increasing
business of the subsidiary companies. the Mahoning & Shenango Ry. &
Light Co. issued and sold to a syndicate composed of Lee, Higginson & Co.,
Drexel & Co. and Reilly, Brocs & Co., $7,090,000 1st & ronsolidatel M.
gold bonds maturing in 1920 (V. 101, p. 1715). and the Republic Ry. &
Light Co. sold to Reilly, Brock & Co. 33,000.000 3-year 5% secured gold
notes (V. 101. p. 1807), convertible into new 7% cumulative preferred stock
of the Mahoning & Shenango Ry. & Light Co. In connect'on with the
sale of the new securities, Messrs. Stone & Webster, on behalf of the bankers, made an examination of toe properties.
During the year a ten-year street-lighting contract was entered into with
the city of Youngstown. involving the establishment of a "white way."
New ten-year street-lighting contracts were also entered into with the village
of Poland. 0., and the borough of Wampum, Pa., and a five-year contract
with the city of Sharon, Pa.
The Republic Construction Co., including the power station at Lowellville, was transferred to tne Mahoning & Shenango Ry. & Light Co. and
the Construction Co. will be dissolved. The Youngstown Consolidated
Gas & Electric Co., which had previously transferred its properties to the
Youngstown & Sharon Street Ry. Co., was dissolved.
For letter from Stone & Web stcr in regard to the property of the Mahoning & Shenango R. & Light Co. and its subsidiaries V. 101, 13• 1807.
VOLUME 0 BUSINESS DONE BY THE COMBINED PROPERTIES.
1917105..90
1914.
1913.
Track owned, miles
162.60
169.63
Car miles operated
7,497,489
7,341,971
7,093,591
46,036,596 47,587,578 48,788,938
Residue reets.$10,649,405 $12,076,773 Ch. Rys. (59%) $6,283,149 $7,125,290 Passengers carried
Generating stations
3
3
4
RESULTS FOR YEAR END. JAN. 31-JOINT ACCOUNT WITH CITY.
do
do
capacity, k. w
29,250
27,000
K.
w.
h.
feeder
output
95,989,498
83,728,254
461
68,52
5
7,3
2
Note.-SInce the umficationlordinance went into effect Feb. 1 1914, no Transmission lines (miles)
133
122
115
proper comparison of the results can be made with previousyoars. We Elec.
distrib. lines (overhead) (miles)
700
586
550
show below, however, the application of the total amount available under
do
do (underground conduit)
20
miles
3,000 ft.
3,000
ft.
the ordinance during the year 1914-15, as compared with the net earnings Number of customers
16,982
13,891
11,4434
in previous years.
Number of gas holders
•
3
3
1915-16.
1914-15.
1913-14.
1912-13.
Miles of gas mains
28
28
28
Chicago Rys. (59%)-- $6,283,149 $7,125,296 $7,302,911 $6,348,275 Artificial gas output (1,009 cu. ft.) _ _
49,988
53,861
61,205
cr.55,106
20,327
J't tacit. exp. & adjust_
INCOME ACCT. FOR CAL. YEARS [Rep. Ry. & Light (Holding Co.).]
$6,262,822 $7,180,402 $7,302,911 $6,348,275
Balance
1915.
1914. I
1914.
1915.
4,116,762
3,928,580
Deduct int. at 5% of val. 4,230,975
3,778,449 Dividends and intlInterest charges__ _- $161,435 *$147,222
crest from sub.
Pref. divs. (6%)____ 311.484 311.484
Net income
$2,031,847 $3,033,640 $3,374,331 $2,569,826
cos. after expenses 5657,271 8576,436 I Balance, surplus__ 8184,352 8117,730
Division of Net Income* Includes Federal income tax, $3,208.
To City of Chic.(55%).. $1,117,516 $1.685,002 $1,855,882 $1,413,404
The total accumulated surplus Dec. 31 1915, after adding previous
To Chic. Rys. Co.(45%)
1,518,449
1,378,638
914,331
1.156,422 surplus, $14.438, to surplus of 1915. 3184,352, and deducting discount on
gold notes sold in 1914, $107,012; refinancing expenses, &c.. $34,328; total,
NON-PARTNERSHIP ACCOUNT.
$141,340;loss $104,500 "surp. reserve" transferred to surplus, was $161,950.
1913-14.
1914-15.
1915-16.
1912-13.
Co.'s proportion of Inc_ _
$914,331 $1,378,638 $1,518,449 $1,156,422 CONSOL.INCOME ACCT.FOR CAL. YEARS (Inter-Co. Items Eliminated).
Int. on val, of property.. 4,230,975
3,928,580
4.116,762
3,778,449
1914.
1915.
1915.
1914.
Int. on bank balances_ _
161,735
64,807
118,231
122,775 Oper. earnings___33,121,297 $3,001,461 Interest charges__ $638,953
$1373,987
Int. on treas. securities_
93,478
103,440
90,653 Oper. exp. & taxes 1,874,083 1,856,467 Pref. dive. Rep.
92,534
Miscellaneous income__
175,000
840
Ry. & Lt.(6%) 311,484
311,484
Net earnings__ _31,247,214 $1,144,994 Stock of sub. cos.
Total gross income_ .._ $5,313,554 $5,706,165 $5,877,241 $5,149,139
1,753
owned by public
6
4,269
Int. accr. on 1st M. bds_ $2.650,242 $2,617,750 $2,478,944 $2,297,750 Other income_ _ _ _
Consol. M. bonds_ _ 1,809,394
1,817,919
1,818,452
1,830,572
.$1.24S,967
Gross
$1,144,994
Income.
Balance,
surplus
$248,525
$149,254
_
Collat., &c., notes_ _
24,900
The total surplus Dec. 31 1915, after adding previous surplus brought
166,314
Pur. money M. bds_ _
162,920
162,920 forward, $906,778, to the surplus, $248,525 for the calendar year
162,920
1915.
Current liabilities_ _ _ _
1122
,
makes
a total of $1,155,302; deducting discount on new issue of M.& S. Ry.
250,000
Sink. N. reserve acced_
250,000
250,000 & Lt. Co. bonds, $490,000; proportion of discount on New Republic Ry.
250,000
17,828
,
Federal income tax
16436
& Lt. Co. notes, $107,012; depreciation, &c., $24,583; and re-financing
89,203
123,446
Corp. exp. & adjust'ts
157,296
120,574 expenses, including interest for Dec. on old issue of M. & S. Ry. & Lt.
bonds, $153,035; total, $774,631, less $104,500 transfer to "surplus reserve"
Total
_ $4,982,931 $1,989,004 $4,880,854 $4,674,063 to surplus, leaves total accumulated surplus Dec. 311915, $485,171.
Net for income
int., &c.
deductions__$717.161
(see below)
$330.573
$996,387
$475,076 BALANCE SHEET DEC. 31. REP. RY. & LIGHT CO. (HOLDING CO.)
1915.
1914.
1915.
1914.
PROFIT AND LOSS ACCOUNT FOR YEARS ENDING JAN. 31.
LiabilitiesAssetss
$
1914-15.
1913-14.
1915-16.
Common stock... 6,206,000 6,206,000
Invest. in stocks of
1912-13.
$230,433
Surplus begin, of year__
$435,511
$568,995
subsialary cos_ _14,113,697a14,650,606 Preferred stock_ _ _ 5,191,400 5,191,400
$306,515
Net income for year....
717,161
996,387
330,573
391,462
63,593 5% secured notes_ 3,000,000 3,000,000 .
475,076 Cash
Accounts recely'le
48,095
63,532 Notes payable_ _ _ _
175,700
Total
$947,594 $1,431,898
$899,569
$781,591 Unamortized disPt.div.pay.Jan.15
77,871
Deduct--Adjust.inc.int. $100.000
$100,000
$100,000 a$103,080
102,988
Accts. pay'le, &c..
count on notes_
190
4,736
Divs, on partic. ctfs.
Accts. not yet due
Suspense
2,123
98,831
No. 1 (pd. Aug. 1)
Reserves
107,586
and expenses
852,865
278,600
264,017
243,000
Surplus
161,950
14,438
Divs. on partic. ctfs.
No. 2($2 per share,
Total
14,658,371 14,777,731
Total
14,658,371 14,777,731
pd. June 5 1915)
248,600
248,600
a Includes in 1914 investments in stocks and bonds of sub. cos., $13,042,019. and notes and advances. $1,603,587.
Total surplus Jan. 313286,952
$230,433
$568,995
Contingent liability: Guarantee of principal and interest on $170.000
$435,511
a For 13 months ending Jan. 31 1912 (net).
20-year 5% bonds of the Poland Street By. Co.




CONSOL. BALANCE SHEET DEC. 31 (Eliminating Inter-Co. Items).
1914.
1915.
1914.
1915.
AssetsCapital stock (Rep.
Property, franRy.&LtCo.)chises & invest_26,692,470 26,064.607
Common stock_ 6,206,000 6,206,000
177,575
Materials & supp- 220,849
6% cum. pref._ 5,191,400 5,191,400
19,743
Advance payments 271,290
5,275
675
153,251 Sub. cos. cap. stk_
Notes & accts. rec. 225,211
98,813 Fund. dt. sub. cos.12,705,000 10,309,000
453,629
Bond sink. funds_
17,601 5% secured notes_ 3,000,000 3,000,000
76,046
Unadjusted debits
500,774
199,489 Notes,accts. pay.&c.628,152
77,200
Special deposits__
77,200
294,143 Bond coupon acct.
484,982
Cash
36,183
78,752
33,402 Unadjusted credits
E. Fed. St. bridge
77.871
Pf.div.pay.Jan.15
228,734
Matured,&c.,Int_
396,608
129,296
Reserves
906,778
485,171
Surplus
Total

28,501,677 27,058,624

Total

Columbia Gas & Electric Co. (of W.Va.),Cincinnati,&c.
(Report for Fiscal Year ending Dec. 31 1915.)
The remarks of President A. B. Leach, together with the
consolidated income accounts for four years past of the
Columbia Gas & Electric Co. and the Union Gas & Eectric
Co., and the consolidated balance sheet as of Dec. 311915,
will be found on subsequent pages of this issue.
As shown by the financial statement and the accompanying
map on pages 151, 152 and 153 of the "Railway and Industrial Section," the company, in conjunction with subsidiary
companies, controls extensive public service properties in
Cincinnati. Covington, &c., and operates the same. obtaining
its supply of natural gas by pipe lines from its own and othe7
gas fields in West Virginia.
CONSOLIDATED BALANCE SHEET DEC. 31 (INCLUDING UNION GAS
ELECTRIC CO.).
1914.
1915.
1914.
1915.
Liabilities-Assets-$
Property sect. _ a62,017,058 64,602.399 Capital stock (Col,
50,000,000 50,000,000
G. & E.)
Guar. funds with
1st M. 55 (Col.
trustees:
13,998,000 15.531,500
0. & E.)
679,718
Cash
650,300
5% deb.(C.G.&E) 2,850,000 2,676,960
Bonds(C.G.&E.
1st M.5s,par) 3,753.0110 3.753.000 Outstanding stock.
&c.,(Union G.&
0th. secs. owned_ c1,097,605 1.103,605
102,600
b44,000
E.), par
Treas. bonds (par) 232,832 1,644,291
1,690,477 2,146,554
Notes payable
Cash for redemp371,876
510,472
Accounts payable_
tion of bonds_ _ _
540,373
651,675 Accrued Interest,
843,842
Cash
1,271,500 1,255,019
taxes, 5cc
422,02(1
Accts. receivable_
550,371
218,792 Customers' depos259,212
Materials & supp_
211,623
157,741
its, &c
Acer. Int., &e., on
534,858
569,097
71.535 Reserves
28.3,834
securities owned
798,653
1,113,773
482,599 Profit and loss
Deferred charges_ 1,076,603
72,205,029 73,629,643

Total

72,205,029 73,629,643

a includes gasfields, plants, franchises, leases and 45,900 shares of stock owned
of the United Fuel Gas Co. b Includes In 1915 pref. stock, $35,000, and corn.
stock, maw against $47,001) and $55,000, respectively, in 1914. c Includes in
1915 Ctn. G.& E. Co. 5% stock (11,913 shares), 51,012,605: and Cln. Newport &
pref. stock (850 shares), $85,000.-V. 102, p.
Covington Light & Trac. Co. 4
1062, 979.

Bush Terminal Co., South Brooklyn, New York City.
[Including Bush Terminal Buildings Co.]
(Report for Fiscal Year ending Dec. 31 1915.)
Pres. Trying T. Bush, N. Y., March 29 1916, says in subst.:
I do not, submit an income statement of the Bush Terminal RR., because
the application of that company for a reinstatement of allowances received
for a Period of ten years from the connecting trunk lines is before the
T. S. C. Commission, and is to be heard in April 1916. These allowances
were discontinued by the trunk lines on March 12 1914, during a period of
acute railroad depression. It is expected that the allowances will be reinstated and provision made for the period between March 12 1914 and the
date of the re-establishment of the allowances.
If no increase is received for the year 1915. the result of the operations
of the Bush Terminal RR. will be a net. operating logs of $101.312. During the present year a decision will be rendered upon this matter by the I. 8.
C. Commission, and the company will he in a position to deal with the figures with an exact knowledge of all of the facts. At the present time this
cannot be done, as the exact income for 1915 cannot be determined until
the question whether the allowances he re-established for that. year is decided. Althoevh this leas is not made good, the surplus earnings of the
Bush Terminal Pnildings Co. above those which are carried into the income
account of the Bush Terminal Co. are approximately sufficient, to offset
the loss of the Bush Terminal RR., and the net result to the Bush Terminal
Co. will not be materially different.
If the surplus earnings of the Bush Terminal Buildings Co. for 1015 had
been carried to the income account. of the Bush Terminal Co., and the entire
loss of the Bush Terminal RR., amounting to $101.312. been deducted, the
net income for the three companies would have been $867,062, or $34,651
more than the income of the Bush Terminal Co.
The net earnings of the Bush Terminal Co. increased A317,210 over 1914.
For years the property of the company has been carried upon its books at
a valuation much below that at which it is assessed for taxation. We have
therefore raised the book value of the property to an amount representing
80% of the assessed valuation. This has resulted in an increase of $4,140.554. Against this we have made e.harges of $1.990.000. due to the writing
off of good-will and capital stock of subsidiary companies, and certain other
charges due to the writing off of expenses during construction, depreciation and a few other items, brine the total charge up to $2,489.985. The
net result of an increase of $1.488.213 has been carried to surplus.
It is the intention of the directors to distribute in semi-annual installments a part of.the increase in value of the property of the company ta the
stockholders, through the payment of stock dividends at the rate of 5% a
year. This policy may of course be changed by developments which cannot
now be foreseen. but it is the present expectation that annual dividends
will be continued upon the basis of 5% cash and 5% in stock.
As of Dec. 31 1915 R305.690 has accumulated in the sinking fund for the
retirement of the 1st M. bonds and $448.000 par value of the 1st M. bonds
have been retired partly through the proceeds of the aforesaid sinking fund,
and the balance through the sale of a small amount of property some years;
ago. A sinking fund of the Bush Terminal Buildings Co. became operative Nov. 1 1914. and the bonds of that company are beim,gradually retired. In Nov. 1915 $87.000 par value of the bonds of.the Bush Te-minal
Buildintra Co. were retired and in Nov. of this year a little more than $100.000 of the bonds will be retired.
The net income of the Bush Terminal Buildings; Co. for 1915 increaxel
$170,412, and at the present time that property is 98°4 rented. although the
full income was not earned for the entire period of 1915. The construction
of two additional industrial buildings has been commenced and securities
have been sold to provide the funds for their construction. Them buildings. w7.1en completed early in 1917 and rented, will produce an additional
income of about $200.000 a year. The company OWI1A sufficient, vac-ant
property to continue its construction program without any additional investment in real estate for a considerable period of years.
In Dec. 1915 the Bush Terminal Co. nurehased the abandoned real estate
and plant of the IT. W. Johns-Manville Co. upon a favorable basis: this
property was acauired because it intervened between the main plant of the
Bush Terminal Co. and the 39th St. Ferry to Manhattan. The old build-




102

in gs now upon that property will ultimately be replaced by modern industrial buildings, but for the present the existing buildings are being utilized
to produce income to carry the taxes apon the property and the interest
represented by the capital invested.
There has been some increase in income due to the war, but to offset this
there has been a decrease in some items of income, and operating expenses
have been heavier in some departments.' The net result has not been
that any important part of the.increase in the company's income has been
due to the war. While the charge for wharf accommodation at this port
has been increased largely, partly due to war conditions, and partly to the
fact that the commerce at this port has increased to a point where wharf
accommodation is more in demand, the company has not as yet received
any substantial increase from this source, because our piers are under lease
at fixed rentals to steamship companies. It is difficult to estimate the exact amount of income which may have been due to the war, but it has not
been important, as the major part of the increase has been due to the completion of improvements, and the renting of space in industrial buildings
previously constructed.

28,501,677 27,058,624

* Consists of property, franchises and investments, including cost of
acquisition of securities of subsidiary companies at cost, and in so far as
paid for in securities at par. V. 102, P. 1061.

Total

VOL.I

THE CHRONICLE

1344

INCOME ACCOUNT FOR YEARS ENDING DEC. 31
1915.
Gross earn,from storage,
&c., and net income
from RR. department $1,632,107
286,929
Operating expense

1914.

1912.

1913.

$1.350,161 $1,192,375
371.370
341,397

$1,166,822
362,597

$821,005
226.416

$804,225
200,51b

Total net income_ __ _ $1,544,135 $1,205,437 $1,047,421
Deduct$457,160
$455,823
$454,437
Interest on bonds
235.277
234,413
257,287
Taxes

$1.004,741

5354.984
$138,000
(4)200,000

$322,200
$133,000
(4)200,000

Net earnings
Other income

$1,345,177 $1,008,764
196.673
198,958

$832,411
Surplus for the year.. _
$138,000
Prof. dividends(6%)
(5)250,000
Common digs.(cash)
Common divs. (stock).2M )125.000

8515.201
$138.000
(4)200,000

$458,491
224,050

Balance,sur. or def.. *sur.$319.411 sr.$177,201 sur.$16,984 def.510,800
Note.-The company deducts the dividends front profit and loss account,
but they are shown hero for the sake of simplicity.
* The surplus for 1915, as above, was $319.411; adding the accumulated
surplus Dec. 31 1914, $1.000.907, and miscellaneous adjustments, $1,488.213, and deducting sinking fund, $30,690; depreciation, extraordinary repairs & renewals, 8133.849; loss sustained from sale of securities. $46.920.
and miscellaneous,$60,000,leaves total surplus Dec. 311915, as per balance
sheet. $2.537,072.
.
EARNINGS OF BUSH. TERM. BLDGS. CO. FOR CALENDAR
Int. on
Other
Taxes
Net
Rentals
Calendar
Income. Bonds.
Paid.
Earnings.
Year- Received.
$1,100,830 5788,007 $127,044 $3,726 $360,726
1915
347,259
2,871
120,617
648.556
903,523
1914
312,794
4,774
103,652
567,882
830,017
1913
255,376
9,160
71,771
445,627
680,419
1912
•

YEARS.
Balance,
Surplus.
$303,963 .
183,551
156,210
127,640

CONSOLIDATED BALANCE SHEET AS AT DEC. 311915.

[Bush Terminal Co.& Sub. C08.,and eliminating inter-company items.]
ConsoliBush Ter- Bush Term. Bush Term.
dated.
RR. Co.
Bldgs. Co.
minal Co.
Assets$7,606,177
$6,029,242 51,576,936
Real estate
1Varehouses. piers and
other improvements_ _ 6,779,779
7,107,4461 14.144,083
Loft bldgs., pow. h'se,&c.
256.8591
Way and structure
1,386,769
3,968
1,382,801
Expenses during constr_
3,000,000
3,000,000
Good-will
x2.430,000
Securities owned
734,285
26,692
24,018
683,574
Equipment
29.676
29,676
Furniture and fixtures
306,045
Constr. adv. to B.T.RR.
245.798
245,798
Trust fund
334,587
379
72.678
261,530
Cash
43
443,573
92,953
636,651
Accounts receivable_ _ _ _
184,812
184,812
Accr'd storage and labor
124.95.5
Work. adv.to B.T. RR.
188,860
75,006
113,354
Material, supplies & fuel
71,484
8,622
12,288
50,573
Miscellaneous
$296,562 528.370,104
$20,630,691 $10,589,925
Total
Liabilities$2,400,000
$100,000
Pfd.stk.in h'ds of public $2,300,000
2,400,000
do owned by B.T.Co.
5,000,000
Com.stk.in h'ds of public 5,000,000
520,000
10,000
do owned by B:T.Co
3,052.000
3,052,000
First mtge. 4s
6,629,000
6,629,000
Consol. mtge. 5s
1st M.s. f. 54, guar. by
7,269.000
7.269.000
Bush Term. Co
306,045
B. T.Co.for constr.adv.
Accr'd corn. stock div.,
125,000
125,000
payable Jan. 15
443,663
24,011
142,210
391,515
Accounts payable
28,054
28,054
Freight agents' drafts
62,000
62,000
Bills payable
Bush T. Co. acc't work124,955
ing advances
29
319,128
101,019
218,080
Accr'd int. and taxes.._..
76.000
7,000
69,000
Pfd. div. of 13. T. B. Co_
168,000
do pay. to B. T. Co_
125.000
125,001)
Common dividend
111,732
15.274
2,488
93,970
Miscellaneous
2,729,527
390,208 def.197,753
2,537,072
Profit and loss
$296,562 $28,370,104
Total
$20,630,691 810.589,925
x Includes preferred stock Bush Terminal Bldgs. Co., $2,400,000, anti
common stock, $10.000, and common stock Bush Terminal RR., $20,000.
-V. 102, p. 439. 253.

United Cigar Stores Co. of America.
(Report for Fiscal Year ending Dec. 31 1915.)
1913.
1915.
1914.
Calendar Year$2,171,516
$2,241.784
Divs., &e.. receiv. (less charges). $2,404,471
$316.890
$316,890
$316,890
Preferred dividends (7%)
(634)1,765,530 (6)1.629,720(534)1493,910
Common dividends
5360,716
$295,174
$322,051
BALANCE SIIEET DEC. 31.
1915.
1914.
1914.
1913.
Assets$
$
LiablItties$
$
Stocks and bonds
In other cos_ ---29,995,341 29,993,341 Common stock ___27,162,000 27,162,000
Preferred stock.... 4,627,000 4,527,000
Cash and demand
loans (secured)_ 2,284,933 2,133,588 Accounts payable,
33,156
34,144
provisions, dee__
Adv. to sub. cos__
967,000 1,23(1,000
2,065,492 1,743,442
99,969 Surplus
529,072
Short-term notes_
6,700
12,291
receivable_
Accts.
Balance, surplus

33,788,636 33,465,598
Total
V. 102. p. 1255, 891.

Total

33,788,636 33,465,598

Remington Typewriter Co., Ilion, N. Y.
(Report for Fiscal Year ending Dec. 31 1915.)
For the remarks of President Frank N. Koldolf, income
account, balance sheet, &c., see "Document" pages in last
week's issue of the "Chronicle."

Ap1t..8 1916.1

TlIE (:111i()N1CLF,

INCOME ACCOUNT FOR CALENDAR YEAR.
• R.T.&Subs. -Remington Typewriter Co. Only1915.
1914.
1913.
1912.
Net estninge
$576,416 $1,751,987 $1,765,475
$1.127.667
Deduct$273,761
Interest (net)
$268,284
$263,092
$181,134
Depreciation of plant__ _
294,361
324.797
274,801
259,702

1345

The St. Louis County Gas Co.-Operating revenues increased 321.574.
or
8.93%; operating expenses, including taxes and reserves, increased
or 4.3:3%,• interest charget decreased $4,711, or 10.12%; and net $7,178;
income
increased'
$13,851, or 33.21%.
Construction items amounted to 365.953,including sone
cubic ft.
gas holder at Shrewsbury, &c., but the property accountmillion
increased
$640, due to the removal from service of property valued at $65,314.only
The company issued $299,039 stock, retiring floating deht.
and issued
Net income
$529,109
$13,771 $1,214,094 $1,324,639 3170.000 1st M. bonds. The bonds are held in the treasury of
the comFirst preferred dividends_
*(5 4)210000 (7)3230,000 (7)3280,000 pany, and the stock was subscribed for by The North American
Co.
Second preferred divs_
* (6)300.000 (8)400.000 (8)400,000
Growth of Business of St. Louis County Gas Co. (on Dec.
31)•
Common dividends
(1)100,000
On Dec. 311905.
1910.
1915.
Number of customers
1,509
5,210
9.052
13alanco, surplus_ _ _sur.$529,109 def.$496.229 sur.$434.094sur.$644.639 Sales during year
(cubic feet)
16,681,000 127.480,000 250.432,000
The company deducts the dividends in 1914 from profit and loss, but
United Railways Co. of St. Louis.-Operating revenues decreased
shown as above for the sake of simplicity.
$769.724, or 6.18%; Operating expenses, including taxes and reserves,
BALANCE SHEET AS OF DECEMBER 31.
decreased $486.340, or 5.17%; interest charges decreased $30.287. or 1.16%
Rem.Ty.Co. Renz.Ty.Co.
Renz.Ty.Co. Renz.Ty.Co. and net income decreased $242,514, or 47.78%. The North American Co.
receives
Sub. Cos.
no dividends on the common stock or the United Railways Co. of
Only.
& Sub. Cos.
Only.
St. Louis owned by it. (See also annual report in V. 102, p.
1915.
1914.
1914.
1915.
968.)
AssetsLiabilities1Vest Kentucky Coal Co.
Real eat. higs.,..te_ 3,774.372117,378,213 1st pref. stock
Gross revenue of this subsidiary increase -I $235.152. or 13.74%; operating
3,998,000 4,000,000
Tr. mks.,pete.sec.13377,048f
2d pref. stock (out
expenses, ineludnig taxes, reserves and 10T3 of b lege.> and cargoes, increased
2d pt. stk.in treas.
stdg.,$5,000,000)4,994,000 6,000,003 $235,951. or 15.73%; interest charges decreased
1,000,000
$239,242, or 66.12%; and
Stocks & bonds in
Common stock_ _ 9,996,000 10,000,000 net income amounted to $109,388. as compared with a deficit
for 1914 of
other cos
7,839
15,583 Stks.& bds. of sub.
$130,056. On Sept. 29 1915 a West Indian hurricane caused the
loss of 72
Inventories
4,627,538 4,804,877
60,373
65,296 barges and cargoes at and near Donaldsonville, La., the entire
cos. x
net
amount
Acc'ts receivable_ 3,899,227 3,841,405 Short term notes- 4,300,000 4,400,030 of such loss having been charged in part against accumulated
reserves and in
Cash
967,474
1,765,236
701,266 Accounts payable_
393,188 part against the year's operations. The production for the ye sr was 1.108,Prepaid charges _
charges
94,050
124,117
Accrued
97,484
377,779
854 tons, the largest in the history of the company, an increase of 133,844
1,174,650
Sundry reserves
722,934 tons, or 14.3%, over 1914.
y1,790,831 2,200,220
Surplus
Tons of Coal Mined by West Kentucky Cm! Co.
1900.
1908.
1910.
1911.
1913.
1914.
Total
Total
1915.
27,375,378 27,870,123
27,375,378 27,879,123
205,409
290,517
503,761
525,317
823.967
970.010
1,103.854
The nine mines have a present capacity of 6,75) ton; per day,equivalent
x Denotes stocks and bonds of subsidiary companies not held by the
Remington Typewriter Co. (par value). v Aft,r deducting $938,497 to 1.350.090 tons per year, if operated 210 days p3r year. Additional
readjustments. accounts, special charges, &e.. reserves, discount and mining equipment could increase the capacity to abeat 1,903,009 tons per
year, if market requirements demanded.
expels.) of seriel bond issue.
As of Jan. 1 1915 the floating debt to The North American Co. was
See document in the "Chronicle' of Apr. 119 .-V. 102, p. 1245. 158,
liquidated with 32,000.000 additional capital stock and $500.09) 1st M.
bonds. At Dec. 31 1915 there had been retired through the sinking fund
(The) North American Company.
$310.000 1st M. bonds, leaving 32.190,009 outstanding, including those
owned by The North American Co., all guaranteed as to interest and sinking
(26th Annual Report-Year ended Dec. 311915.)
fund by that company.
Pres. James D. Mortimer, N.Y., Feb. 16, wrote in subst.:
The Detrnt Edison Company.
The Detroit Edison Co. paid during 1915 four quarterly dividends upon
Results -Except In Detroit, business conditions in the territories in which
we are interested were unsatisfactory for Inc greater part of tile year. its capital stock, each of 1 /
34%. There was declare I and paid on Jan. 15
This is clearly reflected In the earnings of the street railways. It is, how- 1916 a quarterly dividend of 2% (V. 101, p. 2074; V. 102.p. 1165)•
ever, gratifying to note a considerable improvement in the last few months
Tonnage Mined Since Your Company Acquired the Proverty.
in general business activities in our Wisconsin territory, which is resulting
1996. 1907. 1908. 1909. 1910. 1911. 1912. 1913. 1914.
1915.
in improved earnings. in St. Louis tile earnings of local companies showed 201,439 256,030 290,517 305.177 503,761 525.317 675,577 829,967 970,010 1,103.854
no substantial gain until February of this year; during which tnore was a
gratifying incrosse.
OPER4TING COMPANIES-RESULTS 57.9e CALND AR YEARS.
Balance Sheet.-The stoc'is and bonds owned are principally those of
--Gross Earninnv- -NetIncome- Charges. MI., Sur,
street railway, electric light and gas companies, hereinafter referred to.
1915.
1914.
1915.
1914.
1915.
1915.
consist
principally of money loaned to corporations
Loans and advances
$
$
$
upon their notes with ample collateral security, together with advances to Wisconsin Edison_ 1,054,396 1.119,205 1,034,313 1,116.534
437.599 *690,715
subsidiary companies. The liabilities of tno company consist of one note of UnitedRys.(St.I..)11,681,203 12,450.925 2,853,495
$200,000 given for a loan, and money on deposit with it for the payment of West Ky. Coal_ _ _ 1,954,198 1,554,850 218,356 3,126,296 2,587,9,33 265.527
323,002 117,968 100,388
interest coupons. This company wrote off, by a charge against Contingent Union El. Lt.& P. 3.408,869 3,634,815 1,423,182 1,495,583
Security Depreciation Reserve, $1,341.765. representing a portion of the Detroit Edison_ _ _ 7,759,932 6,495,815 2,948,713 2,301,064 901,318 521,864
1,100,055*1,848,658
floating debt, owing by the West Kentucky Coal Co.
St. Louis Co. Gas_
263,265
241,691
97,421
88,281
41,851
55,570
Wisconsin Edison Co., Inc.-This company, which controls all of our Elec. Co. of Sio__ 1.623,539 1,570.878
310,011
309,752
114,083 195,923
Wisconsin properties, shows gross earnings of 31,058,396, a decrease of Milw. E.Ry.& Lt. 5,971,715
6.005,495 1.836,155 1,838,878 793,570.1,042,585
$60,809, or 5.43%, as compared with 1914. Expenses and interest in- Milw. L.. II.& Tr. 1,430,625 1,493.667 1,188,693
1,246,253 662,660 526,033
creased $63,087, or 15.99%, and net income decreased $123,896. or 17.10%. Wise. Gas & Elec. 950,737
737,778 271,316 196.590 137,766 *133,550
The causes are discussed below. [Bond offering.&c., V.102, p. 891, 523.1 No. Milw. L.& P_
14,570
14,808
2,707
3,356
252
2,454
Milwaukee Electric Railway & Light Co.-The operating revenues de- Wells Power
187.733
173,387
54.093
41,329
22.393
31,700
creased $33,780, or .56%; operating expenses, including taxes and reserves,
decreased $67,543, or 1.6007 ; gross income decreased $2,722. or .15%; •BA LANCE A VA IL 4 BLE FOR DIVIDENDS A.VD APPLICATION' OF
SAME.
interest charges decreased 329.895. or 3.62%; and net income increased
-Bolt.for Pies.- -Dividends Paid-- -Balance, Surp.$27,083, or 2.67%. The operating revenues of the Electric Light and Power
1915.
1914.
1915.
1914.
1915.
1914.
Department increased $164,996. or 8.71%, while the operating revenues of
i
$
$
$
$
$
the Railway Department decreased $198.776, or 4.83%. This decrease Wisconsin Edison_ ___
600,715
724,611 591,250 658,847
9.465
65.763
was due to industrial depression and the operation of "Jitneys" on competi- Detroit Edison
1,848,658
1,418,751
x944,214
941,564
904,444 477,187
tion with the street railway lines. [See further data in V. 102. p. 969.1
Milw. Elec. Ry.& Lt _1,042,585 1,015,503 270,000 270,000 772,585 745,503
Milwaukee Light, Heat & Traction Co.--Tho operating revenues decreased
Wise. Gas & Electric
133,550
86,397
12,000
12,000 121,550
74,397
$13,042, or .87%. Operating expenses, including taxes and reserves, increased $44,615, or 4.72%; interest charges increased 317,589, or 2.73%; • x Additional ($270,304) dividends were declared.
payable Jan. 1:3 1916. and Pet up
and net income decressed $75,154. or 12.50%. Operating revenues of the as a liability in accordance with the uniform system
of accounts prescribed by the
Electric Light and Power Department increased $64,240, or 11.62%; while Michigan Railroad Commission, effective Jan.
1 1915.
the operating revenues of the Railway Department decreased $77,282. or
industrial
depression and diverting of NORTH AMERICA V COMPANY-INCOME .4 ccou.vr CALENDAR
8.21%. This decrease was due to
YEARS.
riding .to automobiles. Construction expenditures amounted to $380.096.
Receipts1915.
1914.
1913.
1912.
1Visconsin Gas & EPctric Co.-This subsidiary acquired the Fort Atkinson Interest received or accrued
$488,804
$610,145
$476,695
$537,327
Milwaukee
Light, Heat & Traction Co., extending
transmission line of the
Dividends received
1,438,028
1.503,8(11
1,814,424
1,517,953
from Watertown via Johnson's Creek, Lake Mills, Jefferson Junction and Other profits
25,671
42,377
78,623
289,189
Jefferson. to Fort Atkinson; also the properties and business of the Watertown Gas & Electric Co. and Burlington Electric Light & Power Co. The
Total
.,_41,952,503 $2,156,323 $2,369,742 82,344,470
combined results show an increase in °per. revenues of $70,472,
or 8.13%•
DeductThere are now contemplated or in cours3 of construction transmission
line
$77,780
$77.630
577,514
576,217
extensions soltheastwarcily from Pc:Kt Atkinson through Whitewater to Salaries, legal expenses, &c
10,576
24,397
26.160
11,654
Elkhorn and Delavan,and southwestwardly from Burlington through Lyons Taxes
Interest,
&c
25,821
140,173
166,963
107,674
and Lake Geneva townships. These extensions, when joined, will form a Accounts written off, and
reserves
33,550
5,351
11,533
17,697
complete loop through the lines of the Milwaukee Light, Heat & Trac. Co. Dividends(5%
1,489,665
1,489.685
1,489,665
1,489,665
During the year the company reduced its maximum rodeo for gas for
domestic uses in Racine from $1 to 95 cts. per 1.000 Cu. ft., and modified
Total
41,637,392 $1,737,216 $1,771,845 31,702,907
Its schedule of rates for industrial uses. The company has developed a large Balance, surplus
$315,112
$419,107
5597.897
$641,563
industrial gas consumption in Racine, Kenosha and Cudahy. The expen- Total undivided profits Dec.
31..$2.367.5813 *$2,052,475 45,633.363 $5,035,471
ditures for construction amounted to $186,041.
The company increased its issued common capital stock from $1,000,000
* After dolaltin; continzent snurittes dexe-Aation reserve, $4,000,003.
to $1.657.500 and sold $350.000 of Its 1st M. bonds in order to reduce its
indebtedness to the Wisconsin Edison Co. and purchase the utilities previBALANCE SHEET DECEMBER 31.
ously referred to (V. 101, P. 375)•
1915.
1914.
1915.
1914.
AssetsWisconsin Companies.-Growth of Business.
$
1 Liabilities-$
$
Stocks
27,236.892 25,022.660, Capital stock _ _ _ _29,793,300 29,793.300
-Number of CustomersRevenue
Car Miles
Bends
5,653,411 5,189,899 Notes payable. _ _ _
Dec. 31Electric. Gas. Heat. Total.
200,689
Passengers.
930,950
Operated.
Loans
&
advances.
1,751,301
5,841,672
i Dividends accrued 372.416
1897
1.180
1,180
372,416
28,010,784
7.715,743
. Divs. unclaimed...
1900
1,511
1.511
15.368
12,204
41.519.451 10,910,872 Office and miscellaneous property
1 Funds subsid.cos- 603,007
1905
4,736
54 13,702
8,912
561,400
67,737,593 12,656,879 Accts.
receivable_
103,359
185,153
1910
Accounts payable..6,795
13.582 12.085 324 25,991
19,998
98,107,916 16,915,312 Cash
1,190,632 1,585,152 Deprec'n reserve__ 2.53,235 4.900,000
1915
49,574 16,742 572 66,888 137,464,484 17,756,492
Undivided profits_ 2,367,536 a2,052,475
(B.) Missouri Group.
Union Electric Light & Power Co., St. Louis.-Operating revenues inTotal
'36,017,396 37,742,743
Total
36,017,396 37.742,743
creased $77,476, or 2.33%; operating expenses, including taxes and reSee report of Detroit Edison Co. on another page.
serves, increased $86,696. or 4.02%; interest charges increased $36,607, or
a See * above.-V. 102, p. 980.
4.23%; and net income decreased $109,008. or 17.28%. The large decrease in gross income is due to a decrease of $126.377, or 41.6%, In the
Ingersoll-Rand Company.
revenue derived from the sales of electric energy to the United Railways Co.,
provided for by contract. Construction expenditures amounted to $375.922.
(Report for Fiscal Year ending Dec. 31 1915.)
Electric Business in St. Louis City and District (Incl. tin. El. & P. Co. and
Electric Co. of Missouri).
INCOME ACCOUNT FOR YEARS ENDING DECEMBER 31.
Dec. 31City. Outside. Total.I Dec. 31City. Outside. Total.
1915.
1914.
1913.
1912.
1903
8,154 1910
8,154
28,017 2,802 30,819 Earns, before chg, deer_ _$5,459,884 $1.967.723 $2.017,900
32.154.008
1905
11,437
805 12,242 1915
65.191 7.513 72,704 Depreciation
*647,807
*714,619
595,712
486,357
The Electric Co. of Missouri.-Operating revenues increased $49,661, or
3.16 e/„. Operating expenses, including taxes and reserves, increased
Net earnings for year. _$4,812.077 $1.253,104 $1.422.188 31,667.651
$41,123, or 3.18%; interest charges increased, $7,424. or 6.96%; and net Special div. in mfg. co
354,600
income decreased 37.164, or 3.53%.
The company acquired the property of the Valley Park Electric Co. and
Total net income
$4,812.077 $1.253,104 $1,422.188 82.022.251
leased the property of Amer.Lt.& Power Co..operating in St. Charles, Mo. Interest on bonds
375,000
$100.000
$100,000
$100,000
The expenditures for construction amounted to 3236,080 83, including Prom. on bonds redeemed
50.000
chiefly: (1) Extensions of transmission lines from Kirkwood to Valley Park, Div. on pref. stock (6%
)_
151,518
151.518
151,518
151,518
Eureka and Pacific; (2) Purchase of about 3 miles of transmission line for- Div. on coin. stock (5%)..
ix)
(15)1,270.080 y(3)423.470 (5)338.705
merly served from the system of the Valley Park Electric Co.; (3)
Special reserve for patents
struction of street-lighting systems in Union, Shrewsbury, University Conand licenses
City,
28.000
5.000
5,000
Florissant, Luxemburg and Glendale.
The territory served by the company contiguous to the elty of St. Louis
Balance surplus_ _ _ _zsr.$4.535,559def.$296.494 sur.$742,200 sr31,427.028
is enjoying a substantial growth in population. Some of the outlying
properties, such as Pacific, Washington and Union, have required much
* Includes depreciation set up as reserve against capital assets.
$350.704,
rehabilitation. 'rids work has been in progress for the last two years
and and depreciation applied directly to reduction of capital assets, $297.102.
the cost thereof has been provided through operating expenses.
x No common dividend has yet been declared in 1916 out of the earnings of




F.

[VOL. 102.

THE CHRONICLE

1346

also
1915. This payment is usually made at the end of April. y Thera was
paid a stock dividend of 25% ($1,693,875) on common stock May 1913.
z Denotes balance surplus, before deducting dividends on common stockSee foot-note x above.
CONSOLIDATED BALANCE SHEET DECEMBER 31.
1914.
1915.
1914.
1915.
Lia8ilitiesAssets178,200 Preferred stock_ _ _ 2,525,500 2,525,500
187,401
Real estate
162,779 Common stock_ _ _ 8,469,400 8,469,400
163,133
Water supply_ _
2,121,499 2,088,841 First mtge. gold
Buildings
1.000,000 2,000,000
bonds
3,648,419 3,616,946
Machinery
465,041
780,902 Accounts payable_ 1,492,851
659,775
Tools and Jigs__
293,738 Bills payable to asPatterns and dies. 303,395
428,000
140,000
sedated cos._
169,861
173,566
Drawings
50,000
25,000
213,130 Bond int. accr'd
Furniture & fiat's_ 239,956
683,000 Pref. stock diviParts,licenses,&c. 683,000
75,759
75,759
1....,.
Jan.
dend
Investin mfg.cos.,
3,157,195 2,806,491
inci.treas. secur. 1,622,850 1,581,125 Deprec. res've
5,533,586 5,331,968 Patent and license
Materials, &c
683,000
683,000
reserve
Acc'ts receivable_ 3,107,751 2,345,402
277,828 Deprec'n in foreign
Bills receivable_ _ _ 141,607
100,000
exchange
Marketable secur_ a630,190 a1,081,135
45,594 Special inventory
50,211
Agents' cash bals_
693,151
550,531
reserve
4,01,I63 1,403,058
Cash at bank
5,333,323 2,067,844
10,679 Surplus b
205,056
Def. digs. to Inc

Des Moines Union Ry.-Decision.-

Judge Wade at Des Moines on March 24th in a suit pending since Feb.
was
1907, decided that the title to the Des Moines terminal properties
vested solely in the Des Moines Union By. Co., five-eighths of whose
the
Chicago
by
s
and
three-eighth
Hubbell
F.
C.
&
M.
F.
by
is
owned
stock
Milwaukee & St. Paul and the Wabash By. The decision also gave the
railroad perpetual rights to use the properties on payment of reasonable
compensation. The Court held that undivided earnings amounting to
about $700,000, were applicable to payment of dividends on stock. The
the
railroads claimed that the company was merely trustee in operating
while
terminals for the original companies which formed the corporation,owned
on the other hand, the Hubbell interests claimed that the company
The terthe property outright, which latter claim the court uphold.
minal company was represented by Messrs. Parker, Parrish & Miller of
Des Moines, in the litigation.

23,552,559 20,264,186
Total
23,552,559 20,264,186
surpluses as
a Includes treasury bonds at market values. b The total
the common
above are the amounts before deducting the dividends onthe
respective
of
close
the
following
next
stock declared payable in April
years-see above.-V. 102, p. 440, 255.
Total

GENERAL INVESTMENT NEWS

Florida East Coast Ry.-New Ferry Steamer.-

ferry
This company will on Aug. 1 next place in operation an additional
It will be a
steamer to ply between Key West and Havana, 100 miles.
and will, when
duplicate of the SS. Henry M. Flagler. now in service.
completed, accomodate 30 of the largest type refrigerator cars on 4 standard
gauge tracks.-V. 102, p. 345, 885.

Hagerstown & Frederick Ry. (Md.).-Bonds.-

This company has applied to the Maryland P. S. Commission for authority to issue $200,000 1st and refunding bonds to retire a like amount of
1st M. es due May 1.-V. 101, p. 614.

Illinois Central RR.-Bonds Offered.-William A. Read
& Co., N. Y.; Harris, Forbes & Co., N. Y.& Boston, and the
Harris Trust & Savings Bank, Chicago, are offering at 86 &
int., to net 4.80%,a block of Collateral Trust 4% gold bonds
of 1888. Due April 1 1952. Int. A. & 0. 1 in N. Y. Denom.
$1,000 Sz, $500, or equiv. in .0 sterling(c*). A circular shows:

TrusPrincipal alone, or both principal and interest, may be registered.
closed.
tee, U. S. Trust Co., N. Y. Outstanding. $15,000,000; mortgage
is seissue
this
company,
the
of
obligation
direct
a
In addition to being
of road. The
cured by the deposit of 1st M. bonds covering 863 miles
which have
bonds deposited comprise the entire amount of 1st M. bonds
been or can be issued under their respective mortgages, thus securing this
See Ocilla Southern RR. below.-V. 102, p. 799, 885.
by
issue by practically a 1st M.on these properties. The mileage covered
nt.
-Equipme
RR.
Line
the lien of these bonds is chiefly in Illinois and Iowa and constitutes some
Atlantic Coast
system.
the
flat
of the most valuable property in
Press reports state that this company has ordered 850 box cars, 300
tons of Earningsfor Year ended June 30 1915[For Annual Report see V. 101, p. 12651.
cars, 22 steel cars for passenger service, 12 locomotives and 15.000
$18,537.901
steel rails.-V. 102, p. 344.
$61,700,372 Total not income
Gross earnings
10,878,473 Interest, rentals, &c_ _ _ _ 11,786,614
after taxes
$6,751,287
Baltimore & Ohio RR.-Notes Called.-The $40,000,000 Net,
7,659,428 Balance
income
Other
miles from Chicago to
432% secured gold notes of June 1 1915 have been
The company operates a system of over 4,700
is
made with
connection
Now Orleans and from Chicago to Omaha, where a
called for payment on June 1 1916 at the principal of the the
its earnings have
Union Pacific RR. Its traffic is well diversified andThe
6
each
for
1%
of
i
Y
n
to
equal
capitalizatio
premium
years.
a
of
with
period
notes together
shown exceptional stability over a long
the price
. The high credit of the company is reflected by
months between the date of redemption and the date of ma- is conservative
the
on
sold
not
has
which
outstanding)
7
its capital stock ($109,291,71
than 99, and in 7 of the
turity, and accrued interest, at U. S. Mtge. & Trust Co., of
N. Y. stock market during the last 10 years at less
has paid cash dividends of
10 yearssold above 140. Since 1863 the company
trustee.-V. 102, p. 1058, 975.
the rate was 4%. Up
which
in
one,
not less than 5% in each year except
or $184,223,087.
Sold.-Exchange.
to Sept. 1915 these dividends aggregated 37134%. p.
Bangor & Aroostook RR.-Notes
345, 608.
102,
-year
2
64.-V.
page
N.
Y.,
$2.000.000
Section,
Goodwin,
Industrial"
&
&
See "Railway
This company has sold to Bond
recently
issue of $2,500,000
5% coupon notes dated Apr. 1, being part of anOf
e.
-Committe
RR.
Pacific
&
$1,500,000
the
proceeds,
City
Kansas
Commission.
U.
P.
Maine
the
approved by
by adverMay 1.
The protective committee, Edward C. Deter kid, Chairman,
will be used to refand a like amount of 1-year 5% gold notes maturing
s tisement on another page, invites holders of tho let M. 4% bonds, due
The balance will be used in connection with the payment for improvement
with the Ftanklin
holdings
their
deposit
to
outstanding,
$2,500.000
1990.
already made.
them for those Trust Co., N. Y., depositary. For committee, see V. 102, p. 1163.
The purchasers of the new notes are offering to exchange
in exchange for the
of present holders, or to buy the latter at 3% discount
of
per
the
$2,000,000
of
Lehigh Valley RR.-Bonds Sold.-This company has sold
remaining
any
new notes. A public offering of
new notes may be made at 98%.-V. 101. p. 1365.
to Drexel & Co., Phila., $10,697,000 of its Gen. Consol. Mtg.

RAILROADS, INCLUDING ELECTRIC ROADS.
Atlanta Birmingham & Atlantic Ry.-Order.-

& Susquehanne. Ry.-Distribution.-

Buffalo
under the
Holders of certificates of deposit for 434% gold bonds issued
full and final
bondholders' agreement of April 15 1910, have received as
certificate
their
by
represented
bond
payment $129 40 for each $1,000
surrendered at the Bankers Trust Co.-V. 102, p. 250.
Cincinnati Hamilton & Dayton Ry.-Plan Operative.Kuhn, Loeb & Co., as reorganization managers, announce
by advertisement on another page that the readjustment
plan dated Feb. 15 has been declared operative.

43/9% bonds of 1903, maturing 2003, making the total outstanding of the 43/9s $20,697,000.

The proceeds, it is understood, are to be used for the purchase of additional locomotives, steel cars for passenger service and freight equipment,
and for .terminal and other improvements now under construction or in
contemplation.
Droc.e & Co. announce that thesa bonds have been offered by them to
the public at 101 and interest, and have all been sold.

Case Postponed.-

Solicitor General Davis on April 3 submitted in the U. S. Supreme Court

an a motion to re-a.ssign until next term, beginning October, the re-argument
In order to afford to holders of bonds who have not so far deposited
deposits is in the anthracite coal cases against this company and the Reading Comopportunity to participate in the plan, the time for receiving

extended until the close of business on May 15 1916.

The Cincinnati Dayton & Ironton RR.-Deposits.-

Act.
pany, involving the commodities clause of the Sherman Anti-Trust
V. 102, p. 609, 153.

RR.-Notes Called.-

Holders of 1st M. 5% 50-yr. gold bonds who have not so farindeposited
order to
under the deposit agreement dated Jan. 28 1915, as amended,
n of the
afford an opportunity to participate in the plan of reorganizatio
receivfor
time
the
that
notified
are
operative,
declared
D.
By.,
C. H. &
See
1916.
15
on
May
business
ing deposits is extended until the close of
plan V. 102, p. 1059.

Maine Central
been called for
The $6.000,000 5-year 5% gold notes of May 1 1914 have
Trust Co., Boston,
payment on May 1 at 10234 and interest at Old Colony
trustee.-V. 102, p. 1163, 976.

Cincinnati Indianapolis & Western RR.-Equipment
Trust Certificates.-Breed, Elliott & Harrison, Indianapolis,
Cincinnati and Chicago, are offering by advertisement on
another page $650,000 5% Equipment Trust gold certificates dated April 15 1916, due serially $32,000 semi-annually
to net
Oct. 15 1916 to April 15 1921 inclusive, at prices Oct.15.
and 833,000 semi-annually from
from 332% to 4
1921 to April 15 1926, inclusive, to not from 43/9% to 43.%
Denom. $1,000 c*. Principal and semi-annual interest payable A. & 0. 15 at the Pennsylvania Co. for Insurances on
Lives & Granting Annuities, Phila., trustee. Further data
will appear in a subsequent issue.-V. 102, p. 1219, 521.
Cities Service Co.-New Directors.-

Operating
Calendar
Revenues.
Year$904,158
1915
949,285
14 101, p
191,
. 694.

Maryland Delaware & Virginia Ry.-Earnings.Balance,
Fixed
Other
Net (after
Taxes).
846,054
94,072

Income.
$2,439
2,047

Charges.
$171,300
171,262 •

Deficit.
$122,807
75,143

Minneapolis St. Paul & Sault Ste. Marie Ry.-Bonds.

A small banking group headed by the Guaranty Trust Co., N. Y., has
Mtge. 4%
purchased a block of approximately $6,000,000 Consolidated
informed that
bonds, due 1938, which were formerly held abroad. We are101
1089.
p.
-V.
shortly.
bonds
of
these
offering
public
a
be
to
is
there

Missouri Kans. & Eastern Ry.-Default.-Int.-Trustee.

See Missouri Kansas & Texas By. below. V. 102. p. 886.

Missouri Kansas & Texas Ry.-Default.-

The New York Stock Exchange gives notice that the April 1 interest
on the Missouri Kansas & Eastern By. $4,000,000 1st mortgage 5s of 1942
refunding mortgage 4s
and the NI. K. & T., St. Louis Division, $1,924,000
bo paid. For committee see V. 102. p. 886.
B. Robinson and of 2001 will not
the 1st M. 4% bonds due 1990
representing
G. S. Bevin of Ellis & Co., London, Eng., and Watson
committee,
Osborn
The
succeeding William
) has asked Federal Judge Adams at St. Louis
E.II. Johnson of New York have been elected directors,
Mac- (outstanding $39,999,500.
was due
B. Joyce of New York and William J. Henderson and Lawrence
to direct the receiver to pay the interes.; on the bonds, which
Ti. S. Trust
Farland of Montreal.-V. 102, p. 1244.
Dec. 1 last. The Court has entered an order appointing the Trust
Co.
Central
the
in
of
place
the
1st
M.
under
trustee
Y.,
of N.
Central
Cleveland Cincinnati Chicago & St. Louis Ry.- ;; Co.
Edward Cornell of Davies, Auerbach & Cornell, counsel for theMtge.
of
Consolidated
n
the
Commissio
under
U.
P.
foreclosure
proceedings
Ohio
the
in
-The
.
Co.,
Certificates
Trust
Trust
Equipment
issued the following:
St. Louis of the U. S.
has authorized this company to issue $1,500,000 equipment 1910,
"The appointment by the U. S. Dist. Court at
as substituted trustee for the Central Trust Co. under the 1st
trust certificates to be sold at not less than 983/9, proceeds Trust Co.
The
M. was made upon the application of the Central Trust Co. of N. Y.that
it
to be used in connection with the purchase of 15 steel cars Central
Trust Co. presented its resignation to the Court and asked
it desired vigorously to prosecute the pendfor passenger service, 5 Mikado locomotives, 1,000 steel be accepted on the ground that
of
Mtge.
of
the
trustee
Consolidated
as
it
foreclosure suit brought by
hopper cars and 12 all-steel baggage ears.-V.102, p. 800,975. ing
conflict with the
tho railway company, and that its duties therein mightaccepted
the resigtrusteeship of the 1st mortgage. The U.S. Dist. Court
.-trustee.
Cumberland Valley RR.-Earnings
substituted
U.
Co.
S.
Trust
the
Interest Dividends Balance, nation and immediately appointed
Other
Net (after
Calendar Gross
of the first mortgage bondholders'
petition
the
denied
time
the
same
at
and
Surplus.
(8%).
Income. Chgs.,&c.
Taxes).
suit."
Year. Earnings.
foreclosure
in
the
intervene
to
allowed
$650,079 committee to be
1915- - _$3,091,214 $1,141,576 $88,136 $152,957 $426,676
522,553
426,676
See also Kansas City & Pacific RR. above.-V. 102, p. 1163. 1250.
111,118
956.016 104.331
1914_ _ _ 3,227,054
year. and $89
Of the surplus in 1915. $163,377 was expended during thep.
1256.
Missouri Pacific Ry.-Subsidiary Company Terminal.100,
-V.
in
reserve.
held
$486,614
insurance fund, leaving
Soo Trans-Mississippi Terminal Co. below.-V. 102, p. 976.

Denver & Rio Grande RR.-Not Defendant.Denver Tramway Power Co.-Called Bonds.-Fortyeight ($48,000) 1st M. 5% improvement bonds dated 1903
have been drawn for redemption (at 105 and int.) on May 8
at International Trust Co. of Denver. Colo.-V.92, p. 1112.
See Western Pacific Ry. below.-V. 102, p. 885, 521.




Monongahela Valley Traction Co.-Bonds Offered.Knauth, Nachod & Kuhne, New York, and Hambleton &
Co., Balto. and N. Y. having sold over $750,000 of this
advertisement on another page, the
issue, are offering, by '
balance, at 94 and int., to yield 5.45%, of $1,000,000 1st &

APR. 8 1916.1

THE CHRONICLE

1347

Ref. Mtge. 5% gold bonds. Dated June 1 1912, due June 1
1942. A circular shows:

After receiving the grant the company offered the lands for sale in accordance with these restrictions, and in early times sold substantially all that
was suitable for settlement at prices not exceeding $2 50 an acre. But as
& D. in N. Y. city. Callable at 105 and int. on June 1 1922 or the remaining lands were not suitable for actual settlement, being timber
any in date thereafter. Denom. $1,000 ane.1.$50.9 c;....$1,00 bonds coupon lands in the mountains,tit could not dispose of such lands by selling to
or registered, interchangeable. Trustee, the Fidelity Trust Co.,u_ Baltimore. actual settlers only. Thereafter the company'did sell in larger tracts than
Company pays normal Federal income tax. Tax refund in Pa.
160 acres to persons other than actual settlers, and at prices exceeding $2 50
an acre. It was these sales that wore made the foundation
Authorivd Outstanding
Capitalization—
of a Government
Preferred 5% cumulative
$3,000,000 $2,787,150 claim that the company had forfeited its title to all lands unsold, which
was rejected by the U. S. Supreme Court.
Common
9,500,000
6,782,037 claim
Can Sell Timber.—In view of tho decision of the Supreme Court, the
Total stock
$12,500,000 $9,569,187 company insists that as owner of these lands, and under no obligation to
Fairmont & Clarksburg 1st 5s, 1938 (closed mtge.)
$2,500,000 sell them, and in fact it being impossible to sell them under the restrictions
Monongahela Valley Traction Co. 1st & Ref. 5s
3,500,000 of the grant, it has the right of any other owner to dispose of the timber
on those lands, just as it would dispose of any other crop produced by the
Total bonded debt
$6,000,000 . land, at the same time admitting that when it comes to sell the land itself
it must do so under the terms of the grant The cutting of the timber from
James
President
0.
Watson,
of
Letter
Data from
Fairmont, W. Va• these lands
is in fact a stop toward making them fit for settlement so that
Properties.—The company owns and operates without competition
a
system of street and interurban railways, electric lighting and gas plants they may be disposed of under the terms of the grant.
Government
The
contends that the company shall not be allowed to
communities
and
cities
thriving
in
the rapidly developing section of the
in
cr for any of theselands, even though
Monongahela Valley of West Virginia, serving a population of over 155,000. realize more than $2 50 an acre
Security.—These bonds are secured by a direct first mortgage on 94.22 may be worth many times that amount because of the timber theon
thereon.
they
miles of street and interurban railways, on the new power plant, the elec- and that therefore the company has not the right to dispose of the timber
tric lighting system, and all properties of the Fairmont Gas Co., subject - growing upon these lands. The position of the Government, if carried out,
only to $2,500,000 Fairmont St Clarksburg 5% bonds, a prior lien on cer- would force upon the company a largo financial lass; in other words, while
tain portions of thet property, to retire which a like amount of these bonds this grant was one to aid the construction of the railroad, it would turn out
to be, if the position of the Government is correct, the moans only of proIs reserved.
ducing a deficit for the grantee, and this appears from the following facts,
Gross Earnings Year ending Jan. 31 1916.
stating in round figures:
Gross earnings
$1,349,606 Expense to the company
Net, after taxes (including 15% maintenance
$1,372,000
737,644 It has paid taxes on theseof administering this grant
lands aggregating
Interest charges, including $1,000me bonds now issued
2,758.000
300 000
Surplus
437.644
Total expense and taxes
$4,130,000
The earnings are well diversified, only.55% of gross being derived from Total cash receipts from all
sources under this grant, incl. sales_$5,345,000
passenger traffic. The remaining 45% is derived: 27.7% fromm the gas Net revenue fromm past
transactions
81,215.000
business, 8.7.70 from the sale of electric light and power, 4% from express The lands heretofore sold
aggregate
(acres) 804,637.75
traffic and 4.6% from miscellaneous income.—V. 101, p. 370, 1465.
Average net revenue for the lands sold per acre
Free Service to Government.—This grant required the company to $
New York Chicago & St. Louis Ry.—Certificates
.—
ca
lrry
51
The company has applied to the Ohio P. U. Commission for authority free for the Government its mails, troops, munitions of war and public
without limit as to time. The value of this free transportation at
to issue $1,250,000 43 7
0 equipment trust certificates to be sold at not less stores,
regular
rates
which
been
has
furnished
equals $2,084,467,
than 96. The proceeds to be used in connection with the purchase of 1,000 the
receipts of the company under the grant by $868,641. which exceeds
undorframe steel box cars.—V. 102, p. 609.
From the experience of the past we may be certain that the company
will
be
called
upon
to
furnish
free
Hartford
Haven
&
New York New
transportation of the value of
RR.—Re-trial.—
Tho Department of Justice, it is stated, has ordered a re-trial of the New per annum, and this is a perpetual obligation. If every acre at $75,000
present
Haven case under the Sherman Law,in so far as It applies to certain defend- unsold, viz., 2,400,000 acres, could be sold at $2 50, this would yield $6,000,000,
which
would
be used up in 80 years by the free transportation,
ants,former directors of the railroad. Prosecutor Swacker, who conducted
the case for the Government at the former trial, will have charge. It is leaving the company thereafter—for all time—to furnish transportation
understood that the date for the commencement of tho now trial has not to the Government without compensation.
Has Right to Sell.—There is a considerable quantity of this land, at
yet been set.—V. 102, p. 976, 886.
400,000 acres, which cannot be sold at any price, hence the amount least
that
could be realized by sales would be something like $3.000,000 or $4,000.000
Ocilla Southern RR.—Operation
•
Attorneys for tho petitioners, James H. Clements, E. G. M. Fletcher, at the utmost, from which expenses of administration and taxes must be
Marcus Fletcher and P. II. Austin. all of Irwin County, Ga., on April 29 deducted. The company therefore insists upon its legal rights as the ownerof
these
lands
to dispose of the timber thereon, and any fair adjustment of'
obtained from Judge George L. Bell of the Fulton Superior Court a mandamus nisi, calling upon the Atlanta Birmingham & Atlantic RR.. with this matter with the Government, considering all the facts, would not deny
E. T. Lamb, receiver, which previously operated the line; the Atlanta to the company this right, a right which in a similar transaction between
private
Individuals would not be questioned.
Birmingham & Atlantic Ry., the recently reorganized corporation, and the
Ocilla Southern By. to appear April 15 to show why any or all of them
New Director.—Acquisition.
should not be forced by order of the Court to operate the property. At
W.
B.
has been elected a director, succeeding General Thos. H.
present the road is not in operation, and the petition is brought to bring Hubbard,Scott
deceased.
about a rosnption of service.—V. 101; p. 1553.
The shareholders on Apr.5 voted to purchase the properties of the Beaverton & Willsburg RR.—V. 102, p. 801, 977.
Pacific Gas & Electric Co.—Dividends Resumed.—
A dividend of 11,% has been declared on the $32,996,800 common stock,
Syracuse & South Bay Electric RR.—Sale May 19.—
payable Apr. 15 to holders of record Mar. 311916. This is the first cash
The properties of this company and its ally, the Syracuse Watertown &
payment since Ape. 1913, when a like amount was paid, but in 1915 a stock
St.
Lawrence River RR. Co., are to be offered at foreclosure sales on May 19.
was
paid,
3% semi-an., June and Dec.15.—V. 102, 1250, 1163.
div. of6%
having been postponed from Jan. 21, the amounts due under their mortPennsylvania, Company.—Stock.—
gages being, it is stated, $591,250 and $236,353, respectively; the mortgage
trustees are the Equitable Trust Co. and Bankers Trust Co. of N. Y.
Soo Pittsburgh Wheeling & Kentucky RR.—V. 102, p. 713, 523.
See plan, still operative, in V. 100, p. 2011; V. 101, p. 616.

Philadelphia Co.—Dividend Increased.—

The company has declared a quarterly dividend of 1X % on the $40.443,000 common stock (par $50), payable May 1 to holders
record April 15.
This compares with 13i% Paid February last.—V. 102,ofp. 801, 713.
•

Philadelphia Rapid Transit Co.—Plan Operative.—

The plan for the extension of the voting trust agreement to Feb. 20 1921
has been declared operative.—V. 102, p. 886, 523.

Pittsburgh Wheeling & Kentucky RR.—Stk. Increase.

Stockholders at the annual meeting on March 23 authorized the increase
In capital stock from $600,000 to $1,000,000. The new stock, it is stated,
will be issued in the form of a stock dividend. The Pennsylvania Co. owns
$264,700 of the outstanding $501,250 stock. See V. 100, p. 1753.

Reading Company.—Case Postponed.—

Syracuse Watertown & St. Lawrence River RR.—Sale.

See Syracuse & South Bay Electric RR. above and V. 100, p. 2011.

Toledo (Ohio) Railways & Light Co.—Receiver.—

On behalf of the City of Toledo, Law Director H. S. Commager on
April 3 filed an application in the Federal Court for the appointment
of' a
receiver. The litigation is based on the claim by the city of $119,600,
advanced for improvements, and $485,250 representing rentals due. The
operation of properties has been suspended since March 23, due to strike
conditions, but it is believed the litigation will restore service. Henry
L.
D
p.o1
115
e5
rtiy
. of N. Y. Is in Toledo in connection with the situation.—V. 1.01.

Trans-Mississippi Terminal Co.—Operations.—

The St. Louis Iron Mountain & Southern By. owns a one-half interest
In the franchises and property of this company, operating the terminal
facilities and controlling all of the property and facilities from Mile Post 9
Rochester Railway & Light Co.—Merger.—
on the Texas & Pacific By. to New Orleans, including all yards, warehouses,
This company, a subsidiary of the Now York State Rys., has
to wharves and elevators at Westwego, Amesville, Gretna, Harvey and Gouldsthe New York P. S. Commission for authority to (a) acquire theapplied
stocks of boro, La. These terminals were completed and opened for operation on
the Canandaigua Gas Light Co., the Eastern Monroe Electric
& Feb. 15 1916 and consist of a palatial passenger station and commodious
Gas Co. and the Dispatch Heat, Light & Power Co.;(b) increase itsLight
capital freight facilities, including now inbound and outbound freight houses.
stock by $1,000,000, and (c) to merge the above-named companies
The St. Louis Iron Mountain & Southern By. has acquired trackage rights
into
Its corporate organization.—V. 100, p. 2168.
over the Texas & Pacific By. between Alexandria, La., and Mile Post
9,
183 miles, and on April 1 1916 Receiver Bush inaugurated through freight
Rock Island Co.—Sale.—
train service to and from New Orleans and other terminal railroad stations
•
south
of
Milo
Post
9.
Through
passenger
train
will,
Parker,
receiver,
service will not be estabit is stated, apply to the Chancery
Chauncey G.
Court, N. J., on April 11 for authority to sell the company's assets for lished at present, and such traffic, when so routed, will be handled on the
$20,000. If granted this authority, he will pay out of the proceeds about trains of the Texas & Pacific By. as heretofore.—V. 102, p. 977.
$11 000 State taxes and the balance to liquidate certain small claims.
Valdosta Moultrie & Western RR.—Sale.—
—V. 102, P. 438.
Judge W. E. Thomas at Valdosta on Mar. 25 appointed D. C. Ashley.
St. Louis Iron Mtn. & So. Ry.—Sub. Co. Terminal.— B. P. Jones and A. T. Woodward commissioners to sell the property
under foreclosure proceedings. The road was placed in receivers hands
Soo Trans-Mississippi Terminal Co. below.—V. 102, p. 68.
Aug. 23 1913 and runs from Valdosta to Moultrie, Ga., 42 m.—V.99,p.408.
Soo Lehigh Valley RR. above.—V. 102, p. 1061.

St. Louis & San Francisco RR.—Time Extended.—
A decree having been entered Mar. 31 1916 by the U. S.
District Court for the Eastern Dist. of Mo.,. among other
things directing the sale of all the property, the reorganization managers have extended the time within which deposits
may be made under the reorganization plan and agreement
of Nov. 1 1915 until the close of business on Apr. 15 1916.
(See advertisement on another page.)

Wabash Ry.—Licensed in Missouri.—
The Supreme Court of Missouri on Mar. 24 directed the Secretary of
State to issue a license to the company to do business in Missouri as a foreign
corporation. having been incorporated in Indiana after reorganzation.
License had been refused by Sec. of State Roach on the ground that the
statute of 1913 required all railroads in Missouri to incorporate in that
State. The Court ruled that this law applies only to railroads not heretofore licensed to transact business in Mo. and does not apply to corporations taking over property of roads already licensed in Mo.—V.102,p.155.

West End Street Ry.—New Bonds.-7-Speyer & Co., as representatives of the general lien 5% bonds, announce
that out of a total of $46,384,000 bonds held outside of Franco, more than of The Mass. P. S. Commission has granted approval of two bond issues
$1,581,000
and $815.000, both payable in not exceeding 30 years, with
842,500.000, or 92%, have been deposited with the Bankers
Co., interest not exceeding
% annually. It is understood the former is to
N. Y. While no figures have been received from France, it is
be used to refund the one-year issue of serial 5% debenture bonds of 1915.
that inasmuch as the reorganization plan has been approved byunderstood
the repre- maturing $1,531,000 Aug. 1, while the latter will
refund the 3315,030 4%
sentative of the French Committee, it has been generally accepted by
the
20-year gold bonds, due May 1 1916.—V. 102. p. 713.
French bondholders.
Frederick Strauss, Chairman of the Refunding Bondholders' Committee,
Western Pacific Ry.—Litigation.—
states that more than 06% of the refunding 4% bonds is on deposit with
the Central Trust Co. or other depositaries.—V. 102. p. 1164, 1260.
The San Francisco "News Bureau' says in substance: "The reorganization plans are endorsed in an opinion handed down Mar. 29 by the U. S.
Southern Pacific. Co.—Land Grant Controversy.—In re- Circuit Court of Appeals at San Francisco. The plan worked out last year
will soon become effective as a result of this decision. By this plan about
gard to the Oregon and California land grant situation, Pres. $10,000,000
will be made available for use in the immediate
of a thorough system of feeders and branch lines in Northernconstruction
William Sproul says in substance:
California.
The opinion, written by Judge Wm. H. Hunt and concurred in by Judges
The U. S. Supremo Court held that the company is the owner of the
under the grant, with absolute title, subject only to the restrictionlands Wm. B. Gilbert and Erskine M. Ross, overruling all of District Judge
that
Van
Fleet's
recent
moves
in
grants
the
case,
everything asked by the
when it chooses to sell those lands it shall sell them only to actual settlers
ganization committee and the Equitable 'rrust Co. of N. Y., trustee.'ToorIn parcels not exceeding 160 acres, and at a price not exceeding
$2 50 an
The Denver & Rio Grande RR.is not to be made a defendant in the suits
acre. It reversed Judge Wolverton, who had held that because the
comresulting
front
the
receivership,
according to this decision. The direct
pany had sold those lands with the timber thereon in larger parcels than effect
be to save the Rio Grande itself from a receivership. The
160 acres, and to persons not actual settlers, and at prices exceeding $2 50 Court'swill
denial to force the Rio Grande to become a defendant virtually
an acre, the company forfeited its title to all the lands unsold.
means that the Western Pacific can be sold immediately. V. 102.p.977,1061



1V014. 102

THE CHRONICLE

1348

as to dividends and assets and equal voting power with the common.
After payment of 10% on the common, the pref. shares equally in any additional dividends.
Organized July 11015 and owns an equipped shipbuilding plant occupyCal.,
ing more than 18 acres adjacent to Los Angeles Harbor, Long Beach,
Horace Bowker of Boston and George E. Cope, manager of
with a skilled force of mechanics and berths for sidewise launching of more
department at Savannah, have been elected directors, succeeding the late than 800 ft. in length. Also essential buildings.
924.
101.
-,-V.
Eaton.
H.
F.
P.
late
the
and
and
William H. Bowker
On Dec. 31 1915 the company bought the Long Beach shipyardboats
the U. S. Navy Dept. to build 3 submarine torpedo
in Dissolution Suit.- contracted with
American Can Co.-Decree Asked the
are also under construction U. S. Navy subThere
each.
for
$548,500
at
Court
District
S.
U.
by
decision
tender
The Government will ask for a
marines L6 and L7, price 3550.000 each; the Government lighthouse
inquiries for building
Baltimme in the dissolution suit against the company for alleged conspiracy
sides Cedar, price $235,000. The company has numerous
in restraint of trade. Following a conference of attorneys for both
but Is considering building itself stock standcontract,
under
vessels
cargo
for
asking
motion
the
that
reserved buildwith Judge Rose, held Apr. 1, it was arranged
by a ard cargo craft for sale, charter or lease. The company hasin
addition to
a decree dissolving the company will be followed two weeks later
of additional submarines
The company will then ing space to handle a number
The company has an
vessels.
cargo
brief outlining the Government's contentions.petition
for
available
space
building
adequate
the
Department
of
torpedo
submarine
Coast
Pacific
the
have three weeks within which to answer the Government
on
sell
and
build
to
license
for purposes of exclusive
of Justice. The decision is sought for by the
Govern- boats of the "even keel" type.
appeal, whether the decree is favorable to the company or the
and Directors: Pres.. G. H. Bixby, Pres. Lang Beach Savings
Officers
Long Beach,
ment.---V. 102, p. 523, 802.
Bank & Trust Co.; Treas., P. E. Hatch, Pres. Nat. Bank of
C. Foley, late
Cal.; Sec., W. G. Bunnell. V.-Pres. and Gen. Mgr., W. Va.
American Cotton Oil Co.-New Director.-,
News.
Newport
at
construction
vessel
of
nt
elected
a superintende
C. M. Woolley, President of the American Radiator Co., has been
a director to succeed George Austin Morrison, deceased.-V. 101,p. 1636.
-Earnings.-Canada Foundries & Forgings, Ltd.
Balance.
Preferred
Bond, &c., Common
Net •
Calendar
American Hide & Leather Co.-Sale.
Sur. or Def.
Dividends.
Dividends.
Interest.
Manistee
in
Profits.
located
plants,
YearThis company has sold its three sole leather
.3615.308
sur
b$112.000
a$96,000
$8,749
$832,057
1915
and Munising, Mich., and Merrill, Wis., to Howe Bros. Co., sole leather
def. 19,756
c22,400
Ex- 191410,243
7.599
tanners and commission merchants, and to the Michigan Tanning &2,40()
439.
102.p.
2
c
1-3%.-V.
of
about
112-3%.
capacity
a
a10%. b
tract Co. For some time past these plants, with
sides of leather daily, have been operated at nearly 100V capacity. Purngs
. 102, p. 439, 346.
Canadian Consolidated Rubber Co.-Earni
chase incl. plants, raw material, finished product, &c.-V°
Total
Net, after Dividends Balance,
Surplus.
Co. Securs. Calen
Surplus.
alets. int..tax.,&c. Paid.
S\
'
American Telephone & Telegraph Co.-Sub.
dar'e
'ear5
1
191
346.
32,690.119
1054,
1074,
$342,855
p.
below.
Co.
$192,124
-V.
102.
$534,979
Telephone
$7,522,147
See Cleveland
2,347,264
217,625
222,688
440,313
6,245,819
1914
.Anaconda Copper Mining Co.-Purchase
-V. 102. p. 978.
announced
has
Co.,
Zinc
&
Copper
Butte
the
of
Albert J. Seligman, Pres.
ings
that Anaconda Co. has exercised its option and purchased for cash the treasCanadian Westinghouse Co., Ltd.-Earn
Bank Prop.etPlant Balance.
ury stock of the Butte concern.-V. 102, p. 1061, 707.
CalendarDividends
Int. Written Off. Slo plus.
Paid.
lentgs.
'
Earn
ear5
connection
--In
$150.000 $261,285
Baltimore Sheet & Tin Plate Co.-Sale.
$860.628 (9%)$449.343
1915
30.999
with an offer by the Bethlehem Steel Co. to take over the 1914 101, p. 1976. 386.114 (7%) 349,489 $5,626
-V.
a
on
and carry out the enterprise

INDUSTRIAL AND MISCELLANEOUS.
Directors.American Agricultural Chemical Co.-New the
company's

position of this company
Canton Company of Baltimore.-Bonfis
greater scale, the syndicate managers have addressed the
holders of receipts issued by the Fidelity Trust Co., agent, Brown & Sons, Baltimore, have recently sold at 992 and
for payments on account of purchase of shares of preferred int., to yield over 5%,81,500,003 5% 10-year gold debenture
bonds, dated Apr. 1 1916, to mature Apr. 1 1926. Int.
and common stock, in substance:
Steel Co.
$1,000 c*. The subscription books,
This company has come to an agreement with the Bethlehem
of the A. & 0. 1st. Denom..
for the sale of all the assets, at a price sufficient, on dissolution
closed Apr. 5, were closed Apr. 3,
been
have
the
to
basis,
were
this
On
which
stock.
pref.
the
for
company, to pay at the rate of par
pref.,
holders of the Fidelity Trust Co. receipts, representing one share of
owing to an over-subscription. A circular shows:
at the rate
with its proportionate amount of common stock, will receive
to date of payment
of $100 for each share of 6% pref. stock, and interest
on installment payments already made. This offer is conditioned on the
dissolution of the company.
same
As the Bethlehem company proposes to carry out in Baltimore the scale,
purposes for which this company was formed, but on a much larger
the
of
and
directers
the
of
Judgment
the
and as the price offered is, in
approved this
syndicate managers, a reasonable one, the directors have
agreement and recommend that it be consummated, and the syndicate
managers fully concur.-V. 102, p. 713.610.

Bethlehem Steel Corp.-Statement.-Remarks in brief
of President and Chairman Charles M. Schwab at annual
meeting of stockholders Apr. 4 1916:
shareholders that the Senate
it is my duty to call to the attention of the
to construct a Government ar-

has passed a bill appropriating $11,000,000
of the average
mor plant with a capacity of 20.000 tons a year (far in excesspending
before
annual requirements of the U. S. Govt.), which bill is now
Naval Affairs
on
Committee
Senate
the
of
Chairman
The
the House.
entered
on Nov. 27 1914 called attention to the fact that if the Government
business.
into its own armor manufacture it would destroy the private
plant. Should
Your company has invested some $7,000.000 in an armor
practically valuea Govt. plant be built, that investment will be rendered
the total investment
less. Of course this investment is only about 5% ofthan
3% of your gross
in your properties, and the total armor business Is less we have
taken steps
annual turnover. In order to save our investment,
we feel should
which
ns
consideratio
the
Congress
of
attention
to bring to the
prevail In rejecting the proposal.
very unforSenator Tillman on Nov. 27 1914 himself said "It wouldif be
ourselves, we [the Govt.)
tunate for the (Midvale)company, as well for asit
would be much better if
were to manufacture our own armor, because
price."
we should have the manufacturers supply the Govt. at a reasonable
at the disIt is a distinct asset to have a maximum armor-making capacity
has paid a lower
posal of the Govt. The U.S., according to official reports,
other great naval
price for armor over a period of 20 years than any of the
by $30 a ton below
Powers. We have offered to reduce the price of armor
manufacture armor for
the price even now obtaining, and are prepared toTrade•Commi
ssion shall,
an indefinite period at any price which the Federal
fair and reasonable.
after an examination of all the facts, decide to be
to influence
sought
has
or
seeking
Is
company
the
of
ve
representati
No
. That is not our
legislation as to the size of naval or military expenditures
Since the war In Eubusiness. Our business is to serve the U. S. Govt.what
chose to ask,
rope began our prices there have been practically of anywe
ordinance prodbut we have not in any instance increased the price to adopt
a policy which
ucts to the 11. S. Govt. This country is threatening
to continue our coother great nations have rejected. We are preparednot
embark upon the
operation with the Govt. and hope that Congress will
projected course.
Sheet & Tin
Baltimore
the
and
below
Co.
Steel
(See also Pennsylvania
•
Plate Co. above.)-V. 102. p. 1158, 802.

Bridgeport (Conn.) Hydraulic Co.-Stock Increase.-

The company has filed a certificate increasing its capital stock from $3,000.000 to $'3,500,000.-V. 100, p. 2013.

Realty Co.-Stock Increase.-

Bonds purchased
Rod., all or cart. at 101 and int. upon 30 days' notice.
int. payable at the bankor redeemed will be at once cancelled. Prin. andMd.
Mercantile
Trustee
Baltimore,
Sons,
ing house of Alex. Brown &
Trust & Deposit Co. of Baltimore.
company.
of
the
obligation
direct
the
be
will
bonds
debenture
These
The company has no mortgage, funded or floating debt of any character at
obligations.
the present time, other than current business the
debenture bonds are to
Purpose of Issue.-Tho proceeds of sale of
the property,
be used for (a) further improvements (b) development offront
property,
water
(c) acquisition of additional territory anti it iprovedslips,
recovery of a
(e)
now
warehouses,
storage
(d) construction of piers,
large acreage of land on the water front and (f) the development of additional railroad facilities.
Data from Letter of Pres. W. B. Brooks, Baltimore, March 28 1916.
Organization.-Inoorporated in 1828 and acquired a very large tract
of land part in Baltimore and part in Balthnore County.
of
The company now owns approximately 1.600 acres with over a mile
warewater front. Practically all of the city property is improved with
retained
were
rents
ground
Many
houses, stores, factories and dwellings.
now a
by the company on various blocks of property sold. - In Canton,
Smelting
groat manufacturing centre, are located the Baltimore Copper
Chemical Co.,
S.: Rolling Co., the Standard Oil Co., American Agricultural
Cigar Co.. &c.
Crown Cork & Seal Co., American Tobacco Co.. Amer.
to the development
Business.-The company's functions, in addition
and sale or leasing of.mantiand sale of its real estate, include the building
warehouses, &c., and
factoring plants, the owning and operating of piers,tonnage
that can enter
the control of the Canton RR. Ships of the largest
Baltimore harbor may dock at the company's piers. a RR., the B. dc 0.
Pennsylvani
the
by
directly
is
reached
property
The
lighters
RR. and the Western Maryland By., which last named company
freight front its terminals across the harbor.
RR.
Canton
the
to
advanced
has
company
-The
Property.
Railroad
funds for the
(practically all of whose stock is owned by the Canton Co.)
deep waters of
construction of a railroad line which now connects the
This
Baltimore harbor with the great trunk lines converging In Baltimore.
of being elate
connection gives to the industries at Canton the advantage
rate
Baltimore
flat
the
at
or
rail
water,
by
either
freight
ship
or
receive
to
without switching or shifting charges. The main line of tile Canton RR.
(not including sidings) is apfroximately 9 miles long.
The company has outstanding 22,163 shares of capital stock. During
d $1,the past four years, receipts from sales of land have approximates,
improvement and
100.000, all of which has Wen expended for permanent
purposes.
construction
for
RR.
Canton
also advances to the
stock for 17 conDividends.-The company has paid dividends on itsother
investments.
secutive years out of income from leases, rents and
of property have
sales
front
proceeds
all
During this period, substantially
property, for the developbeen used either for the acquisition of additional
and
ment and improvement of property owned, or for the redemptionfront
reduction of the capital stock. The annual income of the company operrentals and leases alone is sufficient to pay all expenses for taxes,
ation, repairs and interest on these debenture bonds. upon its property
Securitg.-The company will not create any mortgage
bonds of
until provision for the redemption of all outstanding debenture
bonds includes not
this Lion) is made. therefore the security behind the
new property
only the real estate and improvements thereon, but alsoofthe
those debenture
and improvements to be 'mid for out of the proceeds
or of the
bonds. At least 50% of the promeds of real estate hereafter sold
cancel those
Canton RR., if sold, will be used to redeem or purchases and
debenture bonds, or provide for permanent Improvement to the remaining
property.-V. 102, p. 1252.

Broadway
in capital
The shareholders will vote Apr. 20 on authorizing the increase
cum. pref.
stock from $1,000,000 to $2,250.000, the new stock to be 6% will
be asked
consent
their
,
classification
this
ratify
If the shareholders
of the preferred stock at
for the issuance from time to time by the directors
outstanding 2d M.
Co.-Earnings.par in exchange for an equal amount in par value of the
Chicago Lumber 861st Coal
of any
Total
bonds, and the public or private sale for cash, at not less than par,
2d Pref.
Balance,
NV.
Net
Calendar
Deficit.
of the preferred stocic not so exchanged.-V. 91, p. 1514.
Div.(7%). Surplus.
(6%).
Div.
Profits.
Year$S63.381
$266,230
341:9
3
$3
52
61
50
98
2.3
57
$5
3.746
,
335
-.
1915
-Earnings
Toronto.
Ltd.,
Co.,
(F. N.) Burt
153,457
Reserves. Bal.,Sur. 1914
11
Cont. Div.
79
eso
i'l,0
6i'arictting Ilt
Val. Year- Profits. Pf. Div.(7'4).
Total deficit as above ($863.381 in 1915) was afterd
$9,003
345,000
(l%)$30,000
"$138,264
$222,267
1915
and provision against further loss on liquidainvestments
on
liquidation
6,628
30,000
(5%) 37,500
138,264
212.392
1914
2013.
p.
.
100,
$87.531.-V
tion.
-V. 101, p. 692.
Butler Bros., Chicago.-Stock Increase.-

capital stock from
The shareholders will vote May 1 on increasing the
are to be advent a special divi$10,000,000 to $15,000.000. Stockholders
record Apr. 26, and
dend of 25% in now stock. payable May 1 to holders of
at par
permitted to subscribe during the same period to the remainder
(3100 a share to the extent of 25% of their holdings.-V. 102, p. 435.

California Shipbuilding Co.-Stock Offered.-J. Frank
IIowell, N. Y., recently offered at $11 per share (par $10)
$500,000 8% Cumulative & Participating Pref. stock. A
circular shows:

Cleveland Telephone Co.-Appiiration.--

Telephone & Telegraph (o..
This company, a subsidiary of the Americanauthority
to 13.9110 $2.000,000
has applied to the Ohio P. U. Commission for
notes.
-V.98, p. 1540.
5%
33,000,000
additional capital stock and

Co.-Earnings.-

Colorado Power
1914.
1915.
1914. I
1015.
Cal. Yearint., &c_ _ _ _3208.118 $206.425
Gross earnings_ - -$837,743 $716,870 Bond diva.
29,704
29,718
17%)
_
f.
Net after deprec3451,828 $412,7121Pre
29,827 Balance, surpl tts.3249,309 $206.410
Other income_ __ _ 35,317
-V. 102, p. 802.
Arms Mfg. Co., Hartford.-Earns.-

Colt's Patent Fire
Authorized. Outstanding.
and dm net earnings$2,470,CapitalizationThe gross earnings for 1915 were 82,827,328
$137.280
The net surplus, after
8% cum. and participating pref. stock (par $10) _ -$1,000,000
100% on the capital stock of 32.500.000.
nearly
944.
3,028,000
4,000,000
against 326.000 in
$1.897,027,
$10)
(par
Common stock
IV() was
800.000 deducting dividends at the rate of 2is
1.000,000
and 40% eat ra, making
regular,
,
16%
Bonds 6% due in 1925
dividend
of
rate
present
The
authorized 1914.
with
522.554,245,
to
amounted
orders
The trust deed provides that of the remaining $200,000 bondsfund,
Unfilled
which a total of 50% a year.
156.
one-half may be sold for betterments and one-half for a working
()Uteri pending. and are non-cancellable.--V. 102. p. 1062,
must be kept up to 3100.000 from earnings. The preferred has preference



APR. 8 1916.1

THE CHRONICLE

Commonwealth Edison Co., Chicago.-Sale of Bonds.A syndicate of leading Chicago and New York banks and
bankers has recently sold at current market prices, about
1013i and interest (see adv. on another page), $2,631,000
of the company's first mortgage 5% gold bonds of 1908, due
June 1 1943, but callable at 110 and int. on or after Sept. 1
1918 upon 40 days' notice. This makes $34,631,000 of the
issue outstanding, ranking equally with the $8,000,000 Commonwealth Electric Co. 1st 5s (secured by the same mortgage) as a first lien on the entire property. The company
assumes the payment of the Federal normal income tax.

1349

East Butte Copper Mining Co.-Earnings.Calendar
Gross
Net
Interest Add'ns A; Balance,
YearIncome.
Income.
Charges. 'mills.
Surplus.
1915
$2,753,587 $1,053,985 -3270.988- $782,997
1914
1,455,455
406,597 336.499 $147,845
222,252
Total copper produced in 1915 was 12,542,058 lbs., against 9,175.579
lbs. in 1914, and the price received per lb. was 19.3143 cts. in 1915. against
13.5685 cts. in 1914.-V. 100, p. 1261.

Eastern Steel Co.-Accuntulated Dividends.A dividend of 7% has been aeclared on the $3,000.000 1st pref. stock, on
account of accumulations, payable May 15 to holders of record May 1.
and leaving 567
0 still due on the stock. Company was incorporated in 1903
and quarterly dividends of 1 % were paid on first pref. stock beginning
with April 30 1913 to and including Sept. 15 1914. In Dec. 1914 dividend
was omitted and none paid until Dec. 15 1915. when 1%% was disbursed,
the same amount having been paid in March 1916.-V. 101, p. 1467.

The syndicate offering the bonds includes: Banks-Illinois Trust, Continental & Commercial Trust, First Trust, Northern Trust, Merchants'
(The) Wm. Edwards Co., Cleveland.-Stock Offered.Loan and Harris Trust & Savings Bank.Chicago; National City, New York.
Banking firms-Lee, Higginson & Co., N. W. Halsey & Co., Russell, Otis & Co., Cleveland, are offering at 102 and div., yielding
Brewster & Co. and Spencer Trask & Co.
Bonds.-These bonds are issued under the mortgage given by the Com- 5%, $500,000 6% cum. pref. stock, tax-free in 'Ohio.
monwealth Electric Co. to the Northern Trust Co., trustee, dated June 1 Par $100.
1898, which mortgage has been adopted by and is a mortgage of said ComPreferred as to dividends and assets, the 67
0 pref. stock ranking equally
monwealth Edison Co., these bonds standing upon an equality with all of with the 7% stock. Dividends Q.-J. Callable
on any dividend date at
the bonds previously issued thereunder, being, in the opinion of counsel, 10714 and dividend. A circular shows:
a first lien on the entire property. The capitalization, including these
CapitalizationAuthorized.
Issued.
$2,631,000 bonds, is:
Common stock
$700,000
700:0
0000
000
$5
$45,838,930 7% preferred
Capital stock
500,000
8,000,000
Commonwealth Electric Co. 1st M.5s
preferred
800,000
500,000
34,631.000 6%
Commonwealth Edison Co. 1st M.5s (incl. this issue)
Business.-Wholesale grocers and manufacturers, its gross business havNet earnings for the year ended Dec. 31 1915 were more than 3 times the ing shown steady and consistent increases.
Assets.-After receipt of the proceeds of this issue of preferred stock, the
annual interest charges on the $12,631,000 1st M. bonds. In addition to
liberal expenditures for maintenance, large amounts have been appropriated net current assets, consisting of cash, accounts, bills receivable, merchaneach year out of earnings for depreciation. For the year ended Dec. 31 dise and prepaid expenses amount to $2,473,024, or over 247% of the pref.
and
depreciation
amortization
reserve
was
stock issue. In addition the real estate and building now owned, includ1915, the amount set aside for
$2,442,078, which reserve in the balance sheet of Dec. 31 1915 is shown to ing railway facilities, are valued in excess of $800,000, against which there
amount to $8,410.624. For annual report in full, see V. 102, p. 882. For is outstanding $280,000 bonds, maturing from 1916 to 1925 inclusive.
V.
offering.
100,p.1440.-V.102,p.439,882,888.
further data, see previous
Purpose of Issue.-This issue of $500.000 preferred stock is to provide
additional capital necessary to take care of increased business.
Consolidation Coal Co. of Maryland.-Listing.Supplementary Data from Letter of Pres. J. W. Roof. March 27 1916.
Established in Cleveland, Ohio, in 1853, under the style of Treat & EdTho company has applied to the New York Stock Exchange for authority
wards, later changed to Edwards, Iddings & Co. and still later to Edwards.
to list an additional $.8,000.000 stock.-V. 102, p. 1248, 1062.
Townsend & Co. In 1886 it became Wm.Edwards & Co. and in Jan. 1906
Consumers Electric Light & Power Co., New Orleans, the corporation of The Wm. Edwards Co. was incorporated, with a capital
stock of $500,000 preferred and $500,000 common. In Jan. 1912 $200,000
La.-Stock Offered.-Baker, Ayling & Co.,Boston and Phila- common
stock was authorized and since that date has been issued and sold
delphia, are offering at 102 and div., yielding 6.86%, a block to employees of the company at a price equal to the book value of the common stock at the time sold. Holders of the common stock own it, subject
of 7% cum. pref. stock. A circular shows :
to agreement to sell upon their retirement from service to the directors at
Dividends Q.-M. Callable on 60 days' notice at 110 and div. Pref. as the book value as of Jan. 1 during the year in which the sale is made, plus
6%, deducting all dividends for that year that may have been paid.
to assets and dividends.
Sales, &c.-The gross sales of the company for 1906 were $3,811,395;
Authorized. Outstanding
Capitalization1st M. 5s. due Jan. 1 1936 ($74,000 in treasury)_ _32,500,000 $1,600,000 for 1911, 35.808,000, and for 1915, 37,909,000. For the last five years the
company has earned net the equivalent of more than four times the dividend
Reserved for impt. & ext.(under careful resttict'ns) 900,000
on both its 7% and 6% preferred stocks, notwithstanding the fact that it
Preferred, 7%.cumulative
500,000
500,000 has
had the use of only $500,000 of this sum. The company has paid preCommon (Owned by United Gas & Elec. Corp.)___ - 1.000,000
1,000.00C ferred
dividends continuously and not less than 7% on the common smce
Letter
by
of
Summary
V.-Pres.
M. D. Evans. dated Mar. 27.
Data from
Organization, (Vc.-Organized on Nov. 21 1910 and furnishes electric organization.
It requires ten shares of preferred to enjoy voting power equal to one
light and power service in the city of New Orleans, which has an estimated
population of 368,000. This distributing system covers the entire business share of common.
Officers and directors: J. W. Roof, Pres.; H. R. Edwards, V.-Pres. & •
section of the city, together with a part of the residential section.
Treas.; George A. Jones, Sec.; Brig.-Gen. C. R. Edwards, C. N. KirkComparative Statement of Earnings for the Years ending Dec. 31.
patrick, John C. Jones.
Dec.
31ending
Year
1915.
1914.
1913.
Gross earnings
(The) Electric Co. of Missouri.-Earnings, &c.$358,339
$334,719
$313,166
Net, after taxes
$188,982
See North American Co. under "Reports" above.-V.98, p. 915
$171,225
$158,011
hands
of public
Int. on 1st M.5s in
76,300
76,300
76,300
Florence Iron Works Co., New Jersey.-Sale.-Bal. available for divs. and renewals_
$81,711
$112,682
$94,925
Receiver Harold B. Wells will sell on April 8 at public auction at Florence,
Prof. stock divs
35,000 N. J., the company's entire property.-V:82, p. 395.
35,000
35,000
Balance
$46,711
Galena Signal Oil Co.-Balance Sheet Dec. 31.$59,925
$77,682
AssetsDividends-Franchise.-Dividends have been paid on the preferred stock
1915.
1914.
1915.
1914.
since its issuance at the rate of 7% annually, and on the common stock as Plants, prop$
Liabilities$
$
s
erty, &c_ _
follows: 1912, 4%; 1913, 4%; 1914, 5%; 1915,
%. The company's
1,007,0811 7,804,095 Prof. stock_ _ .. 2,000,000 2,000,000
franchise granted Mar. 19 1903 for 35 year, contains no burdensome re- Good-will, &c_ 6,950,0001
Common stock 12,000,000 12,000,000
Inventory... 1,605,125 1,824.092 Accts. payable 779,315 1.786.298
strictions.
Ownership.-The company is controlled through stock ownership of all Accts. receiv__ 3,569,0661 6,728,206 Conting't fund
the common stock by the United Gas & Elec. Corp.. one of the largest and Cash
2,186,815f
reserve
793,968
_ .,
Securs. owned. 1,033,097
Surplus
most conservatively managed public utility organizations in the country.
777,906 ____570.005

Cosden & Co. (Oil), Oklahoma.-Allied En'erprise.-

See Cosden Oil & Gas Co. below.-V. 102, p. 888.

Total
16,351,188 16,356,393
-V. 102, p. 979.

Total

16,351,188 16,356,393

General Gas & Electric Co.-N.Y.-Sub. Co. Bonds.Cosden Oil & Gas Co.-Pref. Stock.-This company's
See New Jersey Power & Light Co. below.-V. 102. p. 979.
7% cumulative, convertible, pref. stock was recently brought
Grace Steamship Co., N. Y.-Sale of Bonds.-Kissel,
out, being offered to the public at par, $5 per share. Amount Kinnicutt & Co., New York, have sold at prices to yield
authorized, $3,500,000. The bankers say:
average maturities 53/3% the entire authorized issue of $1,This company was formed recently in Oklahoma for the purpose of de- 600,000 1st M. 5% serial gold bonds, series A. A circular
voting itself to oil production in the Oklahoma field in order to insure an
adequate supply of oil for all time to Cosden & Co. one of the largest re- shows:

fining and pipe-line companies in the Southwest (V.'
Dated April 1 1916 and due in series yearly on April 1 frotn 1917 to 1928
102, p. 888). Cosden
& Co. owns a great deal of oil production and will buy more from time to $134,000 yearly till 1920, thereafter $133,030, but callable as a whole or in
time, but naturally the bulk of its resources must be devoted to the exten- part at 102Si and interest at any time on not lass than 30 days' prior
sion, improvement and betterment of its refining and pipe-line plant. It published notice. Interest A.& 0. Denom.$1,000c*. Trustee, Bankers
was for the purpose of supplementing it on the side of oil production that Trust Co., New York.
the Cosden Oil & Gas Co. was formed. Cosden & Co. have not sold their
Control and management entirely with W..R. Grace & Co., who own the
production to the new company and have no intention of so doing.
entire $800,000 outstanding stock (except directors' shares) and have
The Cosden Oil & Gas Co. has secured its present production and wilt chartered the 4 boats securing these bonds for the life of these bonds at a
secure additional production through purchases from lease holders other rental of $240,000 per annum (plus maintenance, insurance and all operthan Cosden & Co. The new company is solely a producing company, ating expenses), or more than the maturing interest and principal of the
and through it Cosden & Co.is assured, by a binding contract, of an abun- bonds. These charters will be pledged as additional security for the bonddant future supply of crude oil. Thus the requirements of Cosden & Co. holder. The boats owned are of the most modern type of single screw, all
are met, permitting that Company to devote its funds to the development steel, ocean-going, freignt-carrying steamships and all except one burn fuel
of its own lucrative business and removing the necessity for prospecting oil. They are known as the Cacique, Chincha, Colusa and Santa Barbara.
work to assure production. The relation is also most beneficial to the built 1910 to 1915, speed 10 to 12 knots, capacity 7,537 to 9.650 tans (total
Cosden Oil S.G Gas Co., as it provides a sure outlet for its raw products 35,937) and cost the company $2,400,000. Registered under American
under most favorable conditions. The company now has a daily produc- flag and used chiefly in the South American trade; rated by Lloyds at
tion of froan 5,000 to 6.000 barrels, with a very substantial portion of its "100-A-1." The present value of the boats is estimated at $4,400,000.
capital available for the acquisition of additional oil lands. On the basis
Directors and officers: Joseph P. Grace (Pres.); Lawrence H. Shearman,
of present production alone, it is conservatively estimated that the earnings Maurice Bouvier and John H. Rosseter, V.-Presidents; J. Louis Schaefer.
for the first year will exceed $1,500.000.
Sec.-Tress.-V. 102. p. 1252, 979.
The company is capitalized at $8,500,000 (in $5 shares); $3,500,000 of
this in the form of 7% cumulative, convertible, prof. stock; the remaining
Gramm Motor Truck Co., Lima, 0.-Earnings.$5,000,000 in common stock. The pref. stock is convertible into common
The gross sales of the company, which until recently controlled by the
at the rate of throe shares of the former for one of the latter.
Willys-Overiand Co., exceeded $4,000,000 and not profits were more than
The new company was not formed until a sufficient number of options $500,000. In Jan. 1915 the Willys-Overland Co., manufacturing the
had been acquired on oil-producing lands of proven value in the Oklahoma Willys utility trucks, and its subsidiary. the Garford Co., manufacturing
field. 'rids field is a sand oil field like those 'of Pennsylvania and West Gafford motor trucks, sold their motor truck business to the Gramm Co.
Virginia and has many wells that have been yielding oil in undiminished
Grant Motor Car Corporation.-Initial Dividend.quantity for seven or eight years. It will be the fixed policy of the company,for several years at least, to reinvest its surplus earnings in additional
An initial dividend at the rate of 7% for the period from March 9 to
oil lands. At the head of the enterprise is the man who has built up Cosden April 15 has been declared on the 31.090,000 pref. stock. payable May 1
& Co. to a point where it has refilling capacity of nearly 20,000 barrels to holders of record April 15.-V. 102. p. 1252. 1165.
per day and pipe lines which extend into every known field of Oklahoma.
Hilton-Dodge Lumber Co.-Sold.(The pref. stock was recommended as assured of its 7% dividend by
W. W.Lanahan & Co., Middendorf, Williams & Co., Inc., Smith, Lockhart
This company's property was sold at Hinesville, Ga., on April 3 under
& Co., Poe & Davies and Riggs St McLane.)
foreclosure proceedings to John Ray Gilmer. representing the bondholders:
The properties, it is stated, were sold in two parcels, the encumbered
parcel was sold for $500,000, the unencumbered holdings bringing $20.030.
Crocker-Wheeler Co., Ampere, N. J.-Earnings.See Port Wentworth Lumber Co. below.-V.99. p. 1133.
The net profits for the year ending Dec. 31 1915 was $266,032. Preferred dividends at the rate of 7%, calling for $50,400, and one quarterly
Holly Sugar Corporation.-Stock Offered.-White, Weld
dividend of 1%% on the common stock, $25,500, were paid, leaving a
balance, surplus, for the year of $190,132. See balance sheet of company & CQ., New York, are offering, when, as and if issued, at
on page 1165.-V. 102, P• 1105, 611.
98 and divs., a

CubaCane Sugar Corp.-Certificates.-

Temporary cettificates for preferred and common stocks may now be
exchanged for permanent engraved certificates at the Guaranty Trust Co.,
New York.-\'. 102, p. 1252, 1062.




new issue of $5,300,000 7% cumulative preferred stock, par 100. A circular shows:
Authorized 35,300.030, outstanding $5,300.000. Divs. Q.-A.. beginning
Aug. 1 1916 (for the period from April 10 1916). Red. at 110 and divs.
up to May 11918; thereafter at 115 and div.

THE CHRONICLE

1350

Data from Letter of A. E. Carlton, a Director, N. Y., April 5 1916.
Organization.-.Incorporated in New York April 4 and will acquire approximately 98% or more of the outstanding capital stock of the Holly
Sugar Co., a Colorado corporation. The capitalization will be:
• 7% cumulative preferred stock (authorized and outstanding)_ _ _55,300,000
No par value
Common stock, 58,000 shares
Neither the N. Y. corporation nor the Colorado co. will have outstanding
any mortgage or floating indebtedness of any kind other than current
business accounts payable.
Properties.-The Holly Sugar Co.(the operating company), incorporated
in 1905 in Colo., owns modern beet sugar refineries at Swink, Colo., and
Huntington Beach, Cal. It also owns approximately 87% of the capital
stock of the Sheridan Sugar Co., which has recently completed a new re- i
finery near Sheridan, Wyo.
Earnings.-From April 1 1915 to Mar. 25 1916, operations of the Holly
Sugar Co. resulted in net earnings available for dividends of $1,226,734,
after deducting $105,052 on account of the dismantling of an abandoned
mill. They do notinclude $639,618.43 representing profits on sugar carried
in inventory on Mar. 25 1916 at $3 50 per bag, as compared with current
net market values of approximately $6 75 per bag. Net earnings for the
fiscal year beginning April 1 1916 are est. substantially over $2,000,000.
Consolidated Balance Sheet Mar. 25 1916
(Incl. Holly Sugar Corp. and subsidiary cos. and Sheridan Sugar Co.).
Lzabllities (Total $397,431)Assets (Total $6,304,975)Plants and fixed assets_ _ _$3,613,750 Accounts payable, &c___.. $263,600
25,243
598,221 Deferred liabilities
Cash
Refined sugar on hand_ _ _*1,384,945 Book value Sheridan Co.
stock in hands of public
108,588
691,419
Accounts receivable, &c__
16,460
Deferred assets
* At net market prices.
Total assets in excess of the total liabilities was $5,923,243.
Plants.-The company's plants and operations are shown below:
Daily Slicing Annual Refined
Capacity, Tons. Capacity,Bags.
Plant and Location450,000
1,200
Holly Sugar Co., Swink, Colo
450,000
1,200
Huntington Beach, Cal
300,000
900
Sheridan (Wyo.) Sugar Co. (first oper. 1915)Beet Sugar Industry.-The industry in the U. S., in existence only about
30 years, has grown from less than 300 tons annually to approximately
800,000 tons. Greatest development has been in Cal., Utah, Colo. and
Mich. A new section is being developed in Northern Wyoming, where
conditions are excellent. The operations of the Holly Sugar Co. are centred
In three of these five sections. Its plants are favorably located to reach
all the markets west of toe Mississippi River.
From 1894 to 1914 the annual consumption of sugar increased from 2,468,000 tons to 4,288,500 tons. In recent years the consumption has been increasing at the rate of nearly 150,000 tons per year. The present shortage
of the European crop as a result of the war has resulted in unpreaxlentedly
high prices, which will probably continue for at least two years more, or
until the European Industry can be restored.
Preferred Stock.--No mortgage may be placed on the present property
or on the property of any subsidiary, nor can the outstanding preferred be
increased without the assent of at least 75% of both the preferred and
common stock, voting separately Until the preferred is retired, or money
deposited for retirement, no dividend in excess of $10 per share can be paid
in any calendar year on the common stock.
Sinking Fund.-The preferred stock will have the benefit of a semi-annual
(M.& N.)sinking fund of at least 50% of the total net profits after provision
for preferred dividends. Whenever $10,000 or more shall accumulate in
the sinking fund, the company shall ask for tenders to exhaust this money,
and if sufficient stock is not tendered, then whenever the sinking fund
moneys shall amount to sufficient to retire at least 10% of the preferred
stock then out, such proportion will be redeemed from each stockholder.
Management.-The operating management will include A. E. Carlton.
James H.Post,Pros., and Thomas A. Howell, V.-Pres., both of the National
Sugar Refining Co.; Spencer Penrose, Sec.-Treas. of the Utah Copper Co.;
E. P. Shove. Sec.-Treas. of the Ray Consolidated Copper Co.; S. W. Sinsheimer. V.-Pres. and Gen. Mgr. of the Holly Sugar Co.. and one director
to be nominated by the bankers.

[VoL. 102.

(Louis K.) Liggett Co.-Initial Dividend.This company, all of whose $6.000,000 stock is owned by tke United
% on the stock.
Drug Co., paid on Apr. 1 initial dividend of

Lockport Light, Heat & Power Co.-Purchase.The New York P. S. Commission has authorized the company to purchase
for not more than $82,954 tho entire outstanding stock of the International
Power & Transmission Co. consisting of 1,500 shares at $100 each. The
Lockport company must charge off the cost of this purchase at the rate of
$10,000 a year until the stock is carried at a nominal value of $1.-V. 101,
p. 1192.

McClintic-Marshall Construction Co.-Acquisition.This company, it is reported, has taken over the holdings of the RiterConley Mfg. Co. Leetsdale, Pa. This company is largely devoted to the
manufacture of stool plate3: The acquired property adds a capacity of
275,000 tons of finished product annually to the McClinitc-Marshall Co.
-V. 87, p. 1360.

McGraw Tire & Rubber Co.-Stock Increase.-

The company on Mar. 4 filed a certificate decreasing the capital stock
from $1.500,000 to $1,475,000 and on Mar. 18 increased it to $3,000,000.
The company expects to snake largo additions to its plant.-V. 100, p. 1261.

Maple Leaf Milling Co., Ltd.-Dividends.An initial interim dividend of 3% has been declared on the $2,500,000
common stock,payable Apr.18 to holders of record Apr 4.-V.101,p.446.

Merchants'Power Co., Memphis.-City Enjoined.See Memphis, Tenn., in "State and City" Dept..-V. 101, p. 135.

Miami Copper Co.-Dividend Increased.A quarterly dividend of $1 50 per share (par value $5) has been declared
on the stock payable May 15 to holders of record May 1. This compares
with $1 25 February last. See V. 102, p. 158.

Michigan Boulevard Building, Chicago.-Bonds Sold.
-L. N. Rosenbaum, N. Y., has sold at 95 and int. $160,000
2d M.6% bonds maturing in equal amounts July 2 1917 &'18
The entire 1st M. issue at $1,850,000 is owned by the Continental &
Commercial Trust & Savings Bank, Chicago. (See also advertising pages.)
For description of this issue see V. 98, p. 1997.

Midvale Steel & Ordnance Co.-New Directors.-

John C. Neale, Vice-Pros. and Gen. Man. of Sales of the Cambria Steel
Co.; E. E. Slick, Vice-Pres. and Gen. Man. of the Cambria Steel Co. and
William B. Dickson, Sec. & Treas. of the _Midvale Steel & Ordnance Co..
have been. elected new directors.-V. 102, p. 1064, 804.

Milwaukee Light, Heat & Traction Co.-Earns., &c.See North American Co. under "Reports" above.-V. 95, p. 1274.

Minneapolis General Electric Co.-Bonds Called.-

The'Old Colony Trust Co. Boston, having on deposit $77,457 for purchase of the 5% 30-year gold. bonds of 1904, will receive sealed proposals
until 12 m. Apr. 20 to sell same.-V. 100, p. 1514.

Morris & Co.-New Officers.-

At a special meeting of directors held this week,the following officers were
elected: Nelson Morris, Chairman, a newly created office; Edward Morris
Jr., President., succeeding Tim:E. Wilson, who has assumed the presidency
of Sulzberger & Sons Co.; Chas. II. Macfarlane, Vice-Pros. in conjunction
with being. Treasurer; Louis H. Heymann, also a Vice-President.; and
Harry A. Timmins, Secretary.-V.87, p. 1608.

Mt. Whitney Power & Electric Co.-Earnings.-

Interest Depr.& Balance,
Net
Gross Oper.Exp.&
Calendar
Disci.
Surplus.
Year- Earnings. Tares. Earnings. Charges.
$736,084 $327,686 $408,398 $165,563 $77,609 $165,226
1915
142,108
63,262
143,384
348,754
304,355
653,109
1014
Honolulu Rapid Transit & Land Co.--Earnings.--Int., Taxes, Coin. Divs. Balance, --V. 101, p. 927.
Net
Gross
Calendar
•
Surplus.
(8%).
c.
Deprec.
Earnings.
Earnings.
YearNew Idria Quicksilver Mining Co., Boston.-Earnings.
$27,189
$96.600
$103.364
$227,153
$586,588
1915
Dividends
Other Expenses,
47,973 Calendar
96,600
103,215
247,788
615,583
1914
Sur. or Def.
Earnings. Income. Repairs, ek.c.
5ear19r
-V. 102. p. 975.
1.0,000 sur.$9,028
a15
)$
$503.672 $2,315 • $346,959 (30%P
(2%)10,000 def.55,010
340,371
1,962
Howes Bros: Co., Mich.-Purchase.293,399
1914
Quicksilver brought good prices the last six months of the year, and is
See American Hide & Leather Co. above.-V. 101, p. 926.
now In good demand. At the beginning of the year quicksilver brought
Hudson Navigation Co.-Stock.-$50 per flask, the price gradually advancing during the year, and at the
See United States Steamship Co. below.-V. 102, p. 889.
close of the year had reached $110 per flask. The average price received
for the year was about $7.1.-V. 101, p. 1890.

Imperial Tobacco Co. of Great Britain & Ireland, Ltd.
-Earnings.-For year ending Oct. 31 1915:
Trading profits
Other income
Total
Directors' fees, &c
Depreciation
General reserve
-V. 101, p. 373.

/3,699,377
513
£3,699,891
/395,077
100,000
1,000,000

Dividends on"A"cum. pref. shs. (53- %)£272,759
"B" non-cum. do (6%) 315,628
do (10%)__ 263,821
"C" do
Ordinary shares (15%).. 417,675
Bonus on ordinary shares.._ 606,125
4130,465
Balance, surplus

Niagara Falls Power Co., N. Y.-Acquisition.-

This company has applied to the N. Y. P. S. Commission for authority
to acquire $2,500,000 stock of the Canadian Niagara Power Co.-V. 102,
p. 710, 526.

Northern Indiana Gas & Elec.Co.-Bonds.-Acquisition.

The Indiana P. S. Commission on Feb. 2 authorized this company to
Issue 55,400,000 10-year 6% general M.gold bonds, dated Jan. 1.1916, due
1926. The bonds are in denominations of $1,000 and are callable at par
and interest on and after July 1 1917. Interest J. & J. at the Fidelity
Ingersoll-Rand Co.-Extra Dividend.Trust Co., Phila. These bonds were authorized for tho purpose of purThis company has declared on its common stock a cash dividend of 30% chasing the properties of the General Service Co. and the Indiana Lighting
, and a dividend of 20% in common stock, both payable April 29 to holders of Co.(V. 101, p. 1977). The company assumes liability for the acquired
record April 14. Annual cash dividends of 5% on common have-been paid companies' debts, aggregating $4,152,000. Tho bouds are secured by a
in April from 1910 to 1915. both inclusive, and an extm cash divIdencl of mortgage made to the Videlit Trust Co. of Phila: Officers are Pres.,
10% on De,c. 29 last. Stock dividends of 25% each were also paid In Nov. C. II. Geist; G. W. Curran an Treas., H. C. Miller.-V. 101, p. 1977.
1911 and May 1913. bee . 102, p. 440, 255.

Interlake Steamship Co., Cleveland.-Earninos.-

alance,
DepreBond
Dividends
Other
Net
Calendar
Sur. or Dee,
Paid.
Year- Earnings. Income. Interest. dation.
1915_-$1,214,113 $70,345 $158,062 $250,000 (05)3375,992 sur.$500,4 4
(7)404,915 def.184,015
581,722 61,678 172.500 250,000
1914_
Since this statement was compiled we have completed the purchaso and
payment of 13 vessels of the Cleveland SS. Co.'s fleet, and they have been
enrolled in the name of the Interlake SS. Co. They now comprise part
of our fleet which now consists of 51 ships.-V. 102, p. 255, 440.

International Mercantile Marine Co.-Suit Postponed.

Trial of the foreclosure suit instituted by the Now York Trust Co.,_ as
trustee, against tho company, which has been pending for seine time, has
been adjourned until April 10 by Judge Hough, sitting in the Federal Court
annex in the Woolworth Building.-V. 102, p. 714, 1166.

International Steam Pump Co.-Sale Confirmed.Judge Mayer in the Federal Court at New York has confirmed
of co.'s properties to Douglas M. Moffatt.
the recent

The sale comprised 15 parcels and the aggregate price was 56,293,000.
as follows: New York, $4,305,00 ,• Erie, N. Y., $390.000; Hampden
County, Mass., $570,000; Hamilton County, Ohio, $334,000, and Milwauken, $694,000. See V. 102, p. 714, 441.

Inter-Type Corporation.-Initial Dividend.-

An initial dividend of $2 was paid April 1 to holders of record March 31
on the $1,500,000 1st prof. stock.-V. 102, p. 526, 441.

Nymo Zinc el, Lead Co.-Stock Offered.-Douglas Penwick & Co., New York, are offering tho unsold portion of
10,000 shares of the common stock at par, $5 per share. (See
) A circular shows:
aV.
adV. in last week's"Chronicle."

Incorporated in New York. Auth. capital. $100,000; issued, $50,000.
Properties.-The properties comprise what was formerly the Brattleboro
mining lease, having been purchased with all equipment, being located In
the East Joplin mining district. Jasper County, Mo.
No Indcbtedness.-The company has no outstanding bonds, notes or other
indebtedness, except current bills. The output of the company Is sold
weekly for cash at the mills.
Net Earnings.-The present net.earnings, operating on the original purchase, are about $30,000 per year. With the completion shortly of a new
shaft, it Is anticipated the net earnings will be Increased 50%. or 545,000
Epannum, r 90% on the stock issued.
per
At'organization the stock was placed on a 127 basis, p yThe initial dividend of 1% was payable on April
ablemonthi
V. 102. D. f253
i53--

. gee

Ohio Cities Gas Co.-Reduction of Par Value.- the

shares
The shareholders will vote May 4 on reducing the par value of
of both common and pref. stock from $100 to $25 and the exchange of one
share of present holdings for four shares of the now. This action is understood to be preliminary to the filing of an application to list on the N. Y.
Stock Exchange.-V. 102, p. 1064, 080.

Owens Bottle Machine Co.-Official Statement.-In
connection with the recent sale by William Salonton & Co.
N. Y., and Secor & Bell, Toledo, of $7,000,000 new 7°/
cumulative pref. stock, substantially the following statement
Lanston Monotype Machine Co.-Dividends Resumed.- is made:

• Kelly-Springfield Tire Co.-Dividend Increased.-

quarterly dividend of 4% has been declared on the common stock,
payable May 1 to holders of record April 15. This compares with 3%
Feb. 1.-V. 102, p. 979, 606.

The company has declared a dividend of 1%% on the $6,000,000 stock,
payable May 31 to holders of record May 22. This is the first payment
since Juno 30 1914, when a like amount was paid.-V. 100, p. 1750.

March 14 1916.
Digest of Letter from President E. D. Libbey, Toledo, company
incorOrganization.-Business established in 1903. Present
porated in Ohio in 1907. Has no funded debt. Upon the issue of this
common
the
stock
and
additional
and
81,500,000
$7,000,000 prof. stock
Lehigh Coal & Navigation Co.-Litigation.retirement of 5500.000 old pref. stock, which will be called for redemption
Judge Rellstab in the Federal Court at Trenton on Mar. 31 ordered the on
follows:
as
be
will
the
capitalization
1916,
30
Sept.
company to pay a $100.000 fine for accepting rebates on coal shipments
Authorized. Outstanding.
Capitalizationfrom the Central RR. of New Jersey, which read has paid a fine of $200,000
$20,000,000 $7,000,000
for granting the rebates. It is reported that the company will appeal. Preferred stock, 7% cumulative (par $100)
9,000,000
30,0)0,000
Common stock (par $25)
-V. 102, p. 1306, 796.




Ain?. 8 19164

THE CHRONICLE

1351

The Bethlehem Steel Co. has made an offer, under date of Feb. 17 and
This $7,000,000 preferred stock and also the $1,500,000 common stock
(which is being sold at 225% under offer to stockholders)'are being issued to March 22 1916. to purchase, subject to existing mortgages and pledges, the
a) Acquire, on favorable terms, practically all the stock of the American franchises and all the assets of the Pennsylvania Steel Co. of Pa., and
Bottle Co., a company engaged in manufacturing a line of bottles entirely Maryland Steel Co., and all the assets of this company, excepting its
distinct and different from the Owens output. (b) Pay off the company's holdings of the shares of stock of the said two mentioned companies, whose
own old issue of $500.000 7% prof. stock; (c) Supply over $1,000,000 properties are part of the purchase, and which companies will thereafter
have no assets. The offer is, substantially, upon the following terms:
additional working capital.
The buyer is to assume or guarantee the payment of the debts of the
The Business.-The combined operations of these companies make this
concern the largest manufacturer of bottles in the United States, our output sellers and their subsidiaries, and guarantee the fulfilment of all obligations.
including flint, green and amber glass bottles for such products as catsup, It is to pay for the assets to be taken over, $31,941,630, in 20-year 5%
chili sauce, salad dressings, olive oils, vinegar, syrups, malted beverages, sinking fund gold bonds of Bethlehem Steel Co., bearing interest from
mineral waters, grape juice, carbonated non-alcoholic beverages, proprie- Feb. 17 1916. $8,500,000 of the new bonds, when received, are to retire
a like amount of the $10,000,000 collateral trust bonds of July 1 1913-the
tary remedies and medicinal prescriptions.
We own tho U. S. rights to use and to license other manufacturers to use remaining bonds of said issue, now pledged for loans, to be redeemed by
the buyer, tho loans being paid by the buyer, and the whole issue canceled.
wholly
automatic
is
the
only
bottle-making
which
machine,
the Owens bottle
machine in the world. This machine has revolutionized the bottle industry The net consideration going to the selling companies, for division among,
by its superior product, its rapidity of production and the elimination of their shareholders, will, therefore, be $23,441,630.
The consideration will be divided among the companies in proportion
high-priced labor. It produces bottles that in each case are uniform in
size, capacity and distribution of glass and ranging in capacity from 1-10th to the values of the respective equities in their properties. The considerawill be payable as follows:
tion
the
gallons.
The
by
rapidity
illustrated
of
production
13
is
to
ounce
of an
fact that as many as 75,000 quart jars are manufactured by the latest type Total net consideration (in bonds of Bethlehem Steel Co.)_ _ _J23.441,630
21,429
of machine in a single 24-hour day. Prior to 1908 our business was restric- To outside holders of stock of the Pennsylv. Steel Co. of Penn__
ted almost exclusively to the licensing of nfachines.
The balance to Pennsylvania Steel Co. of New Jersey
$23,420,200
Combined Sales of Owens Bottle Mach. Co. and Amer. Bottle Co.(No. Bottles).
The outstanding share capital of Pennsylvania Steel Co. of N. J. consists
1915.
1914.
1911
1912.
1913.
1910.
of 205,093 shares of pref.
$20,509.344, and 107,485 shares of common,
251,324,640 279,668,448 303,836,688 373,650,624 381,214,800 303,535,584 $10,748,550. The pref. stock,
stock
entitled to be paid in liquidation its full
In 1915 the business reflects in part the general trade conditions following par value, $20,509,344, leaving is
for the common stock, $2,910,856, or about
beverages
use
of
the outbreak of the war, and in part the shrinkage in the
$27 per share.
chargeable to the unseasonable cold and rainy summer which prevailed
Holders of approximately two-thirds of the pref. stock and approximately
throughout the country; otherwise it has shown steady growth. Sales in 98% of the common
stock, are prepared to accept for their stock the liquithe current fiscal year show very large increases over any preceding year.
dation values indicated. The entire proposed issue of Bethlehem Steel Co.
Combined Annual Net Profits (after Allowing for Depreciation) and the bonds will be purchased at par and interest, which will make it possible for
Average for About 5ee Years ended Dec. 31 1915.
the liquidation to proceed upen a cash basis.
Av.5ei Yrs Normal.
1913.
1914.
1915.
Stockholders will vote May 4 upon the question of dissolution of the co.
Combined
net
The Bethlehem Steel Co., through Vice-Pres. Ward, anneuncee that, in
profits
$2,077.705 $3,407,790 $3,160,931 $2,567,336 $3,000,000 view of the fact that a majority of common shareholders have approved
490,000 the offer, with a view to expediting the consummation of the transaction, is
Dividend on the $7,000,000 pref. stock calls for
prepared to pay minority holders of common stock of Pennsylvania Steel
Balance, equal to about 30% on the $9,000,000 corn. stock.. _ $2,510,000 Co. of N. J.. who have not as yet expressed their consent to such sale upon
Those earnings do not include any benefit from the additional working the terms of the said offer, $75 per share, in cash, for their stock. Stockcapital which is being provided by the present financing, nor the substantial holders should tender their stock at the office of Chandler Brothers & Co..
Philadelphia, for cash payment.-V. 102, p. 980. 1165.
economies that will result from one control.
During the four months ended Jan. 31 1916 tho sales made by this
Peoples Natural Gas & Pipea,ge (Pittsburgh).-Div.company Increased about 50% over the corresponding period of the previous
The company has declared a quarterly dividend of 50c.(par $25), payable
year and its factories are now running at practically full capacity, with
orders on hand which will require operations at that rate for the whole April 25 to holders of record April 20. A like amount was also paid on
current fiscal year. The sales of the American 13ottle Co.for the five months March 24 last. Dividends have long been 8% per annum (2% Q.-J.).
ending Jan. 31 1916 show an increase of about 50%. Based on this show- -V. 100, le• 737.
ing, the combined results should greatly exceed those of 1915 and promise
PenmanRim Corporation.-Subscriptions.-A syndito compare very favorably with the normal earnings of 1913 and 1914.
Combined Net Assets as of Dec. 311915, $13,478.065 (Based on Appraisal cate headed by J. S. Bache & Co., is offering for public suband Audit,Exclusive of Royalty License Contracts, Patents, Good-Will,&c.) scription at $120
per share (no par value), 59,090 shares of
(After giving effect to introd. of the additional cash working capita1.1
$6,972,529 capital stock. Authorized issue is 10. ,000 shares.
Real estate, buildings, equipment, &c
Investments (includIng advances of $305,045)
2,742,785
Current assets: Inventories, $1,821,413; notes and accounts rePillsbury-Washburn Flour Mills, Ltd.-Earnings.-ceivable, $770,918; cash. $1,569,695; total
Revenues for Years ending Aug. 314,162,025
1914-15. 1913-14. 1912-13.
(Including
liabilities
reserves
and
allowance
Less current
Dividends from the water power companies
e69,072
for stock to be acquired) after giving effect to new
Rent under lease of mills to Pills. F. M.Col *£142,414 *n5,816
20,619
3501 954
Share (half) of profits of Pills. F. M.,under
eaPital ---- - - - -------------- 77 - - --- --(inducting
Miscellaneous
$91,337 prepaid items)
--- 102:680
lease above $150,000 per annum
60,686
The above statement does not include royalty license contracts, patents Miscellaneous
256
378
3
and good-will, which are of very great value. The consolidated balance
Total revenues
sheet as of Dec. 31 1915 shows a profit and loss surplus of $3,866,804.
£142,670 £96.194 £150,380
Licenses and Patents.-Exclusive of American Bottle Co., now being ac- Balance, after interest, sinking fund. &c_ _ _sur.£8,911 sur.£385 def.£911
quired, the companies having contracts with the Owens Co. covering the
* After deducting reserve for depreciation.-V. 100, p. 977.
use of the bottle machine on a royalty basis are as follows: Charles Boldt
Co., Cincinnati; Ball Bros. Glass Mfg. Co. Muncie, Ind.; Hazel-Atlas
Pittsburgh Coal Co.-Time Extended.-The committee
Glass Co., Wheeling; H. J. Heinz Co., Pittsburgh; Illinois Glass Co.,
Alton, Ill.; Maryland Glass Corporation, Baltimore; Thatcher Mfg. Co., that is undertaking the readjustment of the company
anElmira. N. Y. Whitney Glass Works, Glassboro, N. J.; D. C. Jenkins
Glass Co., Kokomo, Ind. These concerns, with relatively minor excep- nounces by advertisement on another page that:
tions, manufacture lines not made by this company. They operate 15 facAlthough assents to the proposed plan of readjustment have been received
tories, equipped with 114 bottle machines. and have a normal annual out- from the holders of more than 82% of the pref. stock and more than 80%
put of over 850,000,000 bottles. They paid in royalties to this company in of the corn, stock, the committee,in view of the delays incident to communiits last fiscal year a total of $603,846 (not including royalty of $450,356 cating with foreign stockholders, and in order to be assured that all stockpaid by American Bottle Co. prior to its acquisition.)
holders have been advised of the plan and had time and opportunity to
The U. S. patent rights on the bottle machine and allied appliances, con- act thereon, has extended the time for further deposits of assents to April 30
trolled by this company, number 56, and expire 1920 to 1933. Most of 1916, and, in the meanwhile, defers calling for the actual deposit of the
these represent important improvements that have given the present type certificates of stock.
Assenting stockholders assume no personal liability for any expenses, and
of machine a 300% advantage in efficiency over the original machine.
•
are free to deal with their stock in every respect as if they had not assented.
Other patents are pending.
Investments.-Our principal investments include holdings of stock in After the plan is declared effective and their stock is deposited, all cash
several of the liceneee companies. This company received dividendeaver- dividends will be promptly paid to them as declared and they will be
aging $286,205 per annum from these companies during the last three fiscal entirely free to dispose of or otherwise deal with their certificates of deposit.
years. The stock of those concerns is carried at very conservative values. See plan, &c., V. 102, p. 804, 1055, 1166, 1254.
Preferred Stock Provisions.-Entitled to cumulative pref. dividends of
7% per annum; to priority as to assets to its par value plus accrued .diviPocahontas Consolidated Collieries Co., Inc.-Earns.
dend; and is subject to redemption in whole or in part at 115 and diva. On
Gross
Net
Bond Sinking Pf.Div. Corn.Div. Bal.,
90 days notice. 1%111 have no voting power but in case four querterlv Calendar
Earns.
Earns. Interest. Fund. (6%). (6%). Surplus.
dividends remain unpaid the holders will possess exclusive voting power until
Year$
$
the default is cured. Company may not, without the vote of 75% of the 1915
1,983,034 1,596,715 282,647 152,274 157,889 271,200 732.705
outstanding pref. stock, create nor permit any controlled corporation to 1914
1,779,488 1,448,535 286,444 134,941 158.752 271,200 597,198
create any mortgage or other lien to secure bonds or otherwise, or issue any
From the surplus as above in 1915 there was deducted $271,037 for
additional bonds or any evidence of debt running later than one year. No general plant depreciation, leaving 3461,668.-V. 100, p. 1083.
dividend shall be paid on the common stock unless the surplus,after such
Port Wentworth Lumbar Co.-Successor Co.payment, shall equal one year's preferred dividends.
To purchase or redeem the pref. stock at not exceeding 115 and diva.,
This company has been organized with $1,000,000 capital stock to take
there shall be set aside out of the surplus profits after payment of pref. over, it is said, certain properties of the Hilton-Dodge Lumber Co., which
dividends each year, commencing with 1916, a sum equal to 3% of the see above. It is also said that this company will control properties of the
value of all prof. stock theretofore issued. This obligation is cumulative. Great Eastern Lumber Co., also bankrupt.
Plants Owned.-(1) Owens Bottle Machine Co.: plants at Toledo, 0.,
Reece Button-Hole Machine Co.,Boston.-Earnings.Clarksburg, W. Va., and Fairmont, W. Va., fireproof structures, practically now (completed during past five years), equipped with a total of 2() Calendar
Gross
Total
Net
Dividends
Balance,
Owens bottle machines and using natural gas almost exclusively. ApproxiEarnings. Expenses. Earnings.
YearPaid.
Surplus.
mate annual capacity, 230.400,000 bottles; about 700 employees. (2) 1915
3823,995 3529,132 3294,863 (12%)$120,000 $174,863
American Bottle Co.: Plants at Newark, 0., and Streator. Ill., both 1914
824,391
518.225
306,166 (14%) 140.000
166,166
equipped with modern labor-saving appliances. At Newark there are 22
The gross and net earnings of the International Buttonhole Machine Co.
Owens bottle machines (including 3 in process of installation), and at for the calendar year 1915 were $71,660 and $52,150, respectively,
Streator 24 machines. Total annual capacity, 324,000,000 bottles; about $70,623 and $50,925, respectively, in 1914. Dividends paid in 1915against
1,200 employees. The output is sold for the most part to large consumers $20000, against(5%)$25,000 in 1914, leaving a surplus of 332,150 in(4%).
1915.
under annual contracts; total number of customers of both cos.about 1,100. against 325,925 in
1914.-V. 100, p. 1262.
Dividend Record.-In addition to four stock dividends of $1,260,000 each
in the calendar years 1912 to 1915, inclusive, the Owens company has paid
Riter-Conley
Manufacturing
Co.
-Sale.cash dividends on its common stock as follows: Year 1909,6%; 1910, 8%•,
See McClintic-Marshall Construction Co. above.-V. 87, p. 550.
1911, 10%; 1912 to date, 12% yearly. The outstanding capitalization of
the American Bottle Co. consists of $3,719,500 7% pref., $700,000 special,
St. Louis County Gas Co.-Earnings, &c.and $4,000,000 common stock and dividends on both classes for the past
Boo North American Co. under "Reports" above.-V. 97, p. 302.
six years have averaged 1234% per annum.
Outlook.-Owing to improvements recently completed, our plants are
San Jose Water Co.-Sale.well adapted to handle sales more than 50% greater than those mado last
This company in conjunction with the San Jose Water Works Co. has
year. I look forward, therefore, to large possibilities for the company and
applied
to the Cal. RR. Commission for permission to sell all its properties
Compare
its stockholders.
V. 102, es• 1253.
to the latter for $1,525.000. The transfer is sought in view of the fact that
corporate existence of the company terminates Nov. 16 this year.Pennsylvania Engineering Works, New Castle, Pa.- the
_Balance. Prev.Sur. Depr. Tot.Surp. V. 99, p. 1601.
Cal.Yr.-Mfg.Earn. Dividend.
1915
$73,881 (6%)$36,000 $37,881 $165,288 $40,000 $163,169
Sears, Roebuck & Co.-Sales.1916-March-1915.
Increased 1916-3 Months-1915. Increase.
Pennsylvania Gasoline Co.-Stock Offered.-The below$10,198,741 17.88%1333.699,210 $27.707,979 21.62%
$12,022,748
named bankers are offering at par, by advertisement on an- -V. 102, p. 890.
519.

otheripage, 350,000 shares of capital stock, par $1.
=The syndicate consists of E.!lunge & Co., New York; G. W.Field & Co.,

Roston, Mass.; Mottu & Co., Norfolk, Va.; Donald A. Campbell & Co.,
Chicago, Ili.; L. 'r. Layton & Co., Philadelphia, Pa.; C. L. Glass & Co.,
Pittsburgh, Pa.

Sheffield Coal & Iron Co.-Plan-Further Data.-The
plan mentioned last week is described in a pamphlet which
says in substance:

Pennsylvania Steel Co.(N. J.).-Sale-Consideration.-In connection with the offer of the Bethlehem Steel Co.for
the acquisition of the property, the directors have addressed
the preferred and common stockholders, under date of April 3,
in substance as follows:

Digest of Letter from Gayiey Protective Comm.. N. Y., March 24.
After a careful investigation the committee found that the inability to
operate successfully was due to the low and variable grade of ore as then
obtained by the usual methods of washing and the waste on coke duo to
the long haul from the company's ovens in Virginia, coupled with a high
freight rate. We have, however, been able to pay all current expenses,
and in general hold the properties together by the mining and selling of ore
on a merchant basis and the operation of the Stonegap Colliery Co.




1352

THE CHRONICLE

To install by-product ovens, make the necessary repairs and improvements to the plant, open new ore mines and provide necessary working
capital, will require approximately 31.000,000. This sum, it is proposed
to raise by selling $1,100,000 bonds at 95 and int., with a bonus of 50%
In common stock. A part of the proceeds is to be used to open additional
ore mines. New and improved methods of washing the ore have been
adopted, and it has been demonstrated by two years' operations that a
grade of ore containing from 50% to 52% iron can be regularly produced.
As soon as funds are in hand we intend to reline and repair the furnace,
increase its ore supply by installing a washing plant at another mine, start
up the beehive coke ovens at Jasper, Ala., and put the furnace in operation.
The company will then produce at its works high-grade coke from Alabama coal at a low cost based upon normal prices for the by-products.
With the richer ore 100,000 tons of iron can be produced annually, and on
the basis of $11 70 per ton (the average price of No. 2 foundry iron at Sheffield for the years 1910 to 1914) should give the following result: Gross
Income, $1,170,000; deduct cost at $8 per ton, $800,000, and interest on
$1100.000 new 6% bonds, $66,000; net earnings, $304,000. The present
price of iron is $15 per ton, and by-products are selling at high prices.
We shall secure a good practical manager skilled in the manufacture of
pig iron who will reside in Sheffield, and a stockholder in conjunction with an
active executive committee will closely supervise the affairs of the coinpany. The Tennessee River (which passes the furnace at Sheffield) is
now opened to navigation and will enable the company to deliver iron to
Ohio and Mississippi River points at a material saving in freight.
All the old stocic, bonds and trust notes are deposited or promised to
be deposited with the committee except $1,810 of trust notes and $500
of common stock.
Digest of Plan Presented by Dominick & Dominick, N. Y., Mar. 24.
Our examination, aided by chartered accountants and competent
engineers, has confirmed in a substantial manner the statements in the
protective committee and warrants the following plan, which,. while
necessarily drastic, preserves the relative rights of all security holders and
will, we believe, put the company on a sound financial basis:
Proposed New Capitalization and Terms of Exchange.
1st M,6% bonds, authorized,$1,500,000, callable in any amounts
on any interest day, when drawn by lot, at 105 and int. Now
to be issued with July 1 1916 coupons attached and sold to
$1,100,000
underwriters at 95 and interest from Jan. 1 1916
Common stock, $2,800,000 authorized and now to be issued as follows:
$550,000
bonds
in
$1,100.000
with
the
Bonus
To holders of the $614,550 old bonds and the $81,870 trust
notes and the $204,140 of accrued interest on bonds and
900,560
notes in exchange,$ for $
317,581
Old preferred stockholders to receive 50% of present holdings_
625,000
0!el common stockholders to receive 25% of present holdings_
Bankers' commission. $100,000; protective committee (with
200,000
$25,000 cash), $100,000
206,859
Reserved for future allotment to executives, dept. heads, &c_
The net profits, as ascertained by examining accountants, shall be used
int.,
and
105
at
bonds
$110.000
to
up
retire
To
(1)
annually as follows:
bonds for retirement to be drawn by lot. (2) The balance to be disposed of
as the directors may determine, provided that no dividend in excess of 5%
per annum shall be declared on the stock until all bonds have been retired.
The retirement of any bonds in any one year may be waived by vote of
75% of the bonds outstanding, but if they vote not to use any part of the
profits available to retire bonds, then no dividend shall be declared on the
stock in that year. And no such dividend shall be declared in any year
unless $110,000 bonds shall have been retired for each preceding year to
date except as waived by the bondholders.
The present security holders are offered the option on or before April 10.
to subscribe for the new bonds at 95 and int. (with 50% stock bonus)
to any amount subject to allotment pro rata in case of over-subscription,
that is to say, each old bondholder may subscribe for an amount equal to
about 25% of his present holdings, and an old stockholder for an amount
equal to about 25% of his stock.
The bonds will be a first mortgage on the entire property of the company,
which now owns in fee 70 acres of land at Sheffield, Ala., on which is erected
the furnace plant; ore properties in fee in Alabama and Tennessee, consisting
of 6,604 acres of land, more or less; mineral rights in 6,815 additional acres
of land in Ala. and Tenn., 40 acres of land and 300 bee-hive coke ovens
at Jasper, Ala., and all of the capital stock and bonds of the Stonegap Colliery Co. The last-named company conducts its operations at Glamorgan,
Wise Co., Va., as lessee of about 5,700 acres of land, and owns in fee 325
acres of land, on which are 350 bee-hive coke ovens, 131 workmen's houtei,
&c. All of the land so leased and owned by the Stonegap Colliery Co. is
estimated to contain about 32,000,000 tons of coal.
Based on engineers' estimates showing at least 5,000,000 tons of iron ore
on the acreage of the company, having a value of 20 cents per ton in the
ground, there is $1,000,000 security in ore alone. The entire proceeds of
the bonds will be expended for improvements, betterments and repairs,
while the furnace plant as it now exists has been valued at $700,000, making
the entire security 2% to 1.-V. 102, p. 1254.

[VOL..102

Standard Motor Construction Co., Jersey City.Balance Sheet Dec. 31.1914.
1915.
1914.
1915.
LiabilitiesAC
$
$
Assets$
Land,bidgs.,&e_ 384,219 331.528 Capital stock_ _ _1.800,000 1,800,000
1,716,388 1,716,388 Bonded debt _ _ .. 217,569 241,167
Patents
71,172
Cash
4.076 Accts. payable__ 158,176
71,406
2,568
250
Dopes. on orders
Notes & accts.
581,119 303,160
50,258 Surplus
148,971
receivable_
Mdse. inventory 438,447 313,499
2,759,432 2,415,749
-V. 102, p. 1061

2,759,432 2,415,749

Steel Co. of Canada, Ltd.-Earnings.--For cal. year:
1915.
1914.
1914. 1
Cal. Yr.1915.
a$454.741 b$227,370
Profits
$3,230,452 $539,811 Dividends
Balance _ _sur.31,756,211def$313,172
Deprec'n, &c_ $488,500
625,613 Total surplus_$3,041,641 $1,258,430
531,000
Bond,&c.,int _
â7%. b33%.
-V. 102, p. 1254, 72.

Timken-Detroit Axel Co., Mich.-Stock.The company recently decreased its capital stock from $3,000,000 to
$2,827,000 and on Mar. 2 increased it to $6,000.000.
Construction on the fourth addition to the company's plant within a year
was recently begun. The new drop-forge plant it is said, will have a capacity
of over 420,000 drop forgings per month and will cost about $175,000.

United Cigar Stores Co. of America.-Sub. Co. Merger.

The United Cigar Stores Co. of N. J., all of whose stock is owned by this
company, has taken over the United Cigar Stores Co. of Rhode Island.
-V. 102, p. 1255. 891.

United Cigar Stores Co. of N. J.-Merger.See United Cigar Stores Co. of America above.-V.98, p. 1998.

Union Bag & Paper Co.-Company's Position.-

The stockholders' committee, consisting of August Heckscher, Chairman, John A. Slelcher and James B. Marsh, has addressed the shareholders
with regard to the company's financial position, under date of Apr. 4.
In substance:
"There were two perfects during the last two years when our position was
most serious, and foreclosure seemed imminent. The first was in the early
part of 1914. With interest on bonds to meet and floating obligations tinprovided for, a crisis was only averted through the financial assistance of
officers and directors.
The annual profits for the year ending Jan. 31 1915 and Jan. 31 1916
nevertheless indicate progress. During this period floating bank loans,
bond indebtedness and purchase money obligations to a total of $1,400,000
have been cleared away, and 6600,000 has been expended on propertiesa total of $2,000,000, obtained through earnings, reduction of inventories
and sale of non-revenue producing properties. The cash realized from
reduction of inventories ought to be restored, and with the better business
conditions that now obtain it will be needed again. Funds to complete
the rehabilitation of the plants, estimated at $400,000. should be provided.
A second matter that we deem advisable is the readjustment of the
capital stocks. On the public exchanges unmistakable opinion as to their
value has been passed, and while it is true, the fact that they are non-dividend paying has its unfavorable effect on such an expression of value,
nevertheless our capitalization Is vastly watered. We trust the two subjects particularly dwelt upon in this letter, the desirability of now capital
and the readjustment of capital stock, will receive consideration at the
annual meeting. V. 102, p. 350, 1247.

Union Electric Lt. & Power Co., St. Louis.-Earns.,&c,

See North American Co. under "Reports" above.-Y. 100, p. 404.

United Drug Co.-Sub. Co. Dividend.See Louis K. Liggett Co. above.

V. 102, p. 1255, 1167.

United Motor Fuel Corporation.-New Company.-

This company was incorporated at Albany, N. Y., on April 4 with
$25,000 capital stock, to produce gasoline, kerosene, lubricating oil, and
all by-products of petroleum. The ultimate capital will be, it is said,
$5,000.000 or $10.000,000.
U.S. Smelting, Refining & Mining Co.---Div. Inc. Notes.
A quarterly dividend of $1 (2%) has been declared on the $17,553,837
common stock, along with the regular 87%c. (114 %),on the pref., both
payable April 15 to holders of record April 12. This common dividend
compares with 75c. (1%%) January last.
Balance,
Common
Exp., Depr. Pref. Divs,
Net
Calendar
Surplus.
Dividends.
(7%).
Year. Earnings. & Reset ves.
)6263,336 $3,737,833
1915_ _ _ _37,579,184 $1,875,789 $1,702,225
36.749
1,702,144 3(7) 526,748
666.877
1914... 2,932,519
Called.
Sierra Pacific Electric Co.-Notes
Output of copper, lead, silver and gold, 26,92' .674 lbs., 87,102,179 lbs.,
The $400,000 outstanding 3-year 6% gold notes of Sept. 2 1913 have 12,071.863 ozs. and 196.481 ozs. in 1915. respectively, against 17,946,659
been called for payment at par and interest on May 1, at State Street lbs., 64,443,260 lbs., 9,936,237 ozs. and 124,719 ozs., respectively, in 1914.
Trust Co., Boston, trustee.-V.97, p. 732.
Zinc output in 1915 was 34,105,471 ozs. Average prices received, 18.18c.
copper per lb., 4.55c. lead per lb., and 49.97c. silver per oz. in 1915, against
Springfield (Ohio) Light Heat & Power Co.-Bonds 13.40c. per lb. for copper, 4.55c. per lb. for lead and 55.56c. per oz. silver
and
York
1914. The average price received form zinc in 1915 was 14.96c. per lb.
New
in
Inc.,
Co.,
&
Sold.-Hodenpyl, Hardy
block of Gen. & Ref. M. -V. 102, p. 615, 443.

Chicago, have sold at 93 and int., a
United States Steamship Co.-Stock Offerid.-Boughton
5% bonds. Dated April 11913. Due April 1 1933. Author& Co., New York, are offering, at market prices, about 63',
ized $5,000,000, outstanding $481,000. A circular shows:
of $2,500,000 (par $10) capital stock. A
Int. A. & 0. 1st in N. Y. City and London (34.8665 per £). Redeem- the new issue
circular shows:
able on any int. date at 105 St int. Donom. $1,000c5. Trustee the
the Ohio P. S.
Michigan Tr. Co., Grand Rapids, Mich. Authorized by
Commission. A direct lien on the entire property, subject only to the
be issued,
$719,000 outstanding 1st M. 5% bonds, no more of which can
and for the retirement of which an equal amount of bonds of this issue
has been reserved.
Property.-In business since 1908 and owns property consisting of an
electric lighting, power and heating plant, and distribution linos in Springfield, Ohio (population 50,000) and vicinity. Orders for power have made
necessary the installation eta new turbine of 6,600 h.p., more than doubling
the capacity to be in operation this summer. The physical property is in
excellent condition. Franchises extend beyond maturity.
Authorized. Outstanding.
Capitalizationclosed M.
$719,000
First M.5% betide, due Feb. 1 1929
481,000
Gen.& Ref.M.5% bels.(this las.) duo Apr.1 1933__ 65,000,000
200.600
1,000,000
Preferred stock
1 ,000.000
1,000,060
Common stock
1913.
1914.
1915.
Earnings for Calendar Years$265,083
$293,135
$328,885
Gross earnings
$120,284
$140,251
$1.54,439
Net (after taxes)
45,625
52,500
60.000
Interest on all outstanding bonds_ __ _

Organization.-Organized Dec. 27 1915 in Maine with an authorized
capital of $25,000,000.
Status.-It will be the policy and the business of the company to hold the
stock of subsidiary companies which will operate their own vessels for both
foreign and coastwise steamship business. The company will acquire the
stock ofthe Palmer & Co.shipyard,and will construct additional vessels for
the operating companies.
Earnings.-Earnings. it Is estimated, will be large. In view of the fact
that the companies will be in a strong position to meet the requirements
of the present demand for increased shipping facilities and for the prospect
of future increases.
Data from Letter of Pres. C. W. Morse, N. Y.. March 30 1916.
We have contracted for the purchase of all or at least 90% of the stock
of the several steamship companies owning the several vessels that have
been bought and which will be bought by myself and associates, amounting
to 16 ships at present. The total capital stock of the New York & Buffalo
Steamship Co., the New York Norfolk & Washington Steamship Co., and
a large majority of the Hudson Navigation Co. stock, also a shipyard at
Noank, Conn., known as the Palmer & Co. shipyard completely equipped.
They are now building six vessels with room for the construction of 11 more.
There are about 30 acres of land thoroughly equipped for wooden shipbuilding. • The plant will be re-equipped for the building of steel vessels at once.
Management.-The management includes: George E. Macomber, Pres,
Augusta Trust Co., Augusta, Me.; James A. Emerson, V.-Pres. and director Emerson National Bank, N. Y.; George W. Loft, candy manufacturer,
N.Y. City; B. G. Higley, Pres. Hudson Falls National Bank, Hudson Falls
N. Y.; John E. Liggett, V.-Pres. State Trust Co., Augusta, Me.; Charles
A. Kittle, N. Y. City; Colin H. Livingston, V.-Pres. American National
Bank, Washington, D. C.; L. R. Palmer, director Federal Reserve Bank of
New York, N. Y.
Application will be made to list this stock in due course.

$74,659
$87.751
$98.439
Surplus, after bond interest
Net earnings are more than 2% times fixed charges on all outstdg. bonds.
important
many
has
Ohio,
of
section
agricultural
rich
a
-In
Territory.
manufacturing industries producing farming implements, water wheels,
motors, gas engines, motor trucks, electric fans, pianos, organs and flour
mill products. Statistics compiled by U. S. Census Bureau covering
period from 1909 to 1914 show capital invested increased 29.3%, number
of establishments 29.7%, and value of products 44%. The city is served
by four steam railroads and an extensive interurban system. Population,
38,253 in 1900; 46,941 in 1910, present estimate over 50,000.
This Bond Issue.-Authorized amount $5,000,000, issued $481,000.
Utah Securities Corporation.-Notes.Of the balance, $719,000 is reserved to retire the 1st M. bonds. AdThe Guaranty Trust Co.. N. Y., having on deposit an additional $1,ditional bonds can only be issued (1) to 85% of the actual cash cost or fair 700,000 for repurchase of the 6% 10-year gold notes of 1912, at not more
value of permanent extensions and additions. (2) When net earnings are than 101 and Int., will receive sealed proposals until 12 m. Apr. 15 to sell
not loss than 1% times the annual interest charges including the bonds same. Delivery of purchased notes must be made on or before Apr. 15.
to be issued. (3) When authorized by the Ohio P. S. Commission.
Tenders in the case of the $1,000,000 cash recently deposited were accepted
Control.-The entire common stock is owned by the Commonwealth at prices ranging from 95 low and 96.89 high.-V. 102. p. 523, 159.
Power Ity. & Light Co. controlling various public utility properties in
West Kentucky Coal Co.-Earnings, &c.Mich., III., Ind., Wis., Ohio and Ken.,and having outstanding $16.000.000
dividends
See North American Co. under "Reports" above.-V.97, p. 303.
6% cum. pref. stock and $18,000.000 common stock on which
of 4% are being paid. The property is under the supervision and manageWhite Motor Co.-Meeting-Certificates.ment of Hodenpyll, Hardy & Co., Inc., of N. Y. and E. W. Clark & Co.
The stockholders will vote April 8 on changing the date of the annual
of Phila. See "Elec. By." Section, p. 50. Compare V. 100, IL 1923; meeting from the second Saturday in April to the first Saturday in May.
V. 102, p. 810.
•




A PE. 8 1916.1

THE CHRONICLE

1353

The Now York Ourb Association rules that after April 13 only permanent on any interest date, or
the sinking fund at 105 and int. Sinking fund
engraved certificates shall constitute a good delivery. Temporary certifi- beginning Nov. 1 1917, for
to redeem or purchase these bonds, each year, 2%
cates may be exchanged for permanent engraved certificates at the Colum- of the total bonds
outstanding in 1917 and 1918; 3%, 1919 to 1923: 5%
bia Trust Co., N. Y.-V. 102, p. 1168. 169.
from 1924 to 1933. This should retire at least 70% of the authorized issue
maturity.
Whitaker-Glessner Co.-Bonds Offered.-Lee, Higgin- byProperty
on Which These Bonds Are a First Lien.-All the property now
son & Company, New York, are offering at 98 V2 and int., owned or hereafter acquired,including about
85 acres of land on the Niagara
River at the city limits of Buffalo, near Tonawanda, upon
which are located
yielding about 5.10%, $3,000,000 1st & Ref. M. 5% Sink- two
modern blast furnaces with ore docks, and all equipment required
to
ing Fund gold bonds, dated April 1 1916, due April 1 1941. manufacture auperior pig iron at a minimum cost: water frontage. 1,655 ft.,
one
of
the
finest
docks
Int. A. & 0. 1 in N. Y., Boston, Chicago and Pittsburgh. unloading machinery on the Great Lakes, with 23 ft. of water, modern
and storage yards of 1,000,000 tons capacity. Total
Denom. $1,000 and $5000*. A circular shows:
cost of plant and equipment, $2,500,000, or, with real
estate.$2,800,000.
Callable, all or part, at 105 and int. on any int. date. Trustee, The The new steel and wire _plant and the interests in ore lands will raise the
Union Trust Co. of Pittsburgh. Tax refund in Pa. Authorized, $7,- investment to over $5,000,000 (materially below present value) against
these $2,000,000 bonds. The freight rate west by the Great
500,030; outstanding, $3,000,000.
Lakes, and
east in the future, by Barge Canal, will amount in the case
of nails, wire,
Data from Letter of Pres. Alex. Glass, Wheeling, W. Va., March 31.
to $2 a ton over competing shipping points.
Organization.-Incorporated in 1903 in W. Va., and acquired the plants
Properly.
-The
company
is
self-contained through its ownership and conand business of the Whitaker Iron Co.(organized in 1875) and the Laughlin trol of
ore properties, and control through its stockholders of lake
Nail Co. (1880); subsequently tha plants and business of the Portsmouth
vessels
Steel Co. (1902) and the entire capital stock of Wheeling Corrugating Co. for shipping and the Wickwire Limestone Co.for its supply of flux stone,
and
through
a
long-term
contract for coke with the Semet-Solvay Co.
(1890); all continuously and successfully operated since organization. The
principal finished products are steel slabs, billets, shoot bars, tie plates, &c., which is building a large by-product coke plant directly adjoining. The
ore properties consist of (a) Leasehold from State of Minnesota
metal roofings, steel barrels, and a varied line of galvanized
to iron ore
and black ware. lands near Virginia which are
held as a reserve. (b) Large majority of
Capitalization.-After completing financing by sale of these
bonds:
stock of Wickwire Mining Co., operating
the Virgil and Wickwire mines
CapitalizationOutstanding. near Iron River, Mich.; (c) One-half ownership in Buffalo
Iron Mining Co..
First & Refunding M. 5% bonds (this issue)
operating the Homer Mine near Iron River. Total estimated
$3,000.0(5
over
Preferred stock, 8% cumulative
911,400 5,000,000 tons. One of these properties alone has proven tonnage,
develCommon stock
3,820,800 oped and ready to mine of over 1,000,000 tons of high-gradecontents
iron
ore.
The
new mills will consist of a metal mixer, three open-hearth
reTotal capitalization
37,732.200 heating furnaces, blooming and billet mills, a rod mill andfurnaces,
wire mills.
The entire capital stock of Wheeling Corrugating Co. ($2,255,000), These will enable the company to turn a part of its
pig iron capacity
except directors' shares, is owned by the company. The Wheeling com- approximately 100,000 tons per annum into steel, wire rods,
nails,
all sorts, &c., and still have for sale, in round figures, 200,000 wire of
pany has no mortgage or funded debt.
tons or
Purpose of Issue.-The proceeds will be used (1) to retire the entire now merchant pig iron.
outstanding funded debt, viz., $600,000 1st M.6% bonds of Portsmouth Estimated Annual Earnings $1,030,000
on Proposed 320,000 Tons Output.
Steel Co., called for payment April 1 1916, and $700,000 601 M. bondsof Merchant pig iron for sale inof
open market, 160,000
Whitaker-Glessner Co._, to be called for payment June 1; and (2) for other
basic pig iron to be used by Wickwire Brothers, tons per annum;
corporate purposes. The company contemplates the expenditure of about
30,000 tons (total, 190,000 tons) at $2 per ton Cortland, about
$1,500,000 for the construction of a blast furnace, &c.,at its Portsm'h plant. Steel output, for sale in
the open market in form of wire rods, nails,838":*
Earnings.-Net earnings applicable, to interest charges for the years
&c., 13(),000 tons, at $5 per ton
ending Dec. 31 1911 to 1915 incl. show an average per year of $824,092.
650.000
Under present market conditions, earnings would be
Annual interest charges on the $3,000,000 bonds will require $150,000. Our
over $2,060,000.
earnings for 1916 are fairly well assured, as we are now
Net earnings for 1915 were nearly 8 times these interest charges, and even delivery
selling iron for
to
January
1917.
They will be well
in 1914 (a year of great depression) were nearly 4 times these charges.
those for 1915 and should
be at time very least $750,000 without the newover
Current not earnings since Jan. 1 1916 are considerably larger than
steel plant in operation.
those
Our bonded capital investment per ton of finished
of 1915. The disposition of these earnings has been as
product in the new
follows:
mills
from
pig
iron
to rods, nails, wire, &c., will not exceed $12, while
Net earns.,5 yrs.,as above $4,120,459 I Total deductions
bond
charges per ton of finished steel will be less than $1 per ton,
Int.&cash divs.(31,222,012)1,982,1471Bal. of prof. add. to surp_ 31,982,147 Interest
without
2,138,312 considering the tonnage of merchant pig iron.
The undivided profits Dec. 31 1915 were $2,067,345, and on
Officcrs.-T. H. Wickwire, Pres., Cortland, N. Y. (also Pres.
Feb. 29
of Wick
1916, 33,422,424. In addition, the reserves for depreciation, contingenwire Brothers, Cortland, N. Y.); T. H. Wickwire Jr.,
V.-Pres. & Treas..
cies, &c., on Feb. 29 1916 aggregated $1,975,410.
Buffalo, N.Y.; W.A. Wickwire, Sec., Buffalo, N. Y.-V.
102,
p.
981,891
Value
Properties.-The plants and equipment of Whitaker-Gl
Co., including those occupied by Wheeling Corrugating Co., haveessner
Wisconsin Gas & Electric Co.-Earnings, &c.been
recently valued at $7,000,000; add not current assets as of Feb.
See
North
American Co. under "Reports" above.-V.
20 1916.
101. P. 375.
$4.633,994, and proceeds of these bonds in excess of amount required
call the $l,300,000 existing bonds, approximately $1,500,000, makingto
a
total value of assets about $13,133,994, being equal to more than
4 times
this bond issue.
CURRENT NOTICE.
Security.-Secured by first mortgage on all its plants, subject only to
3700,000 1st M.6% bonds to be called for payment June 11916, whereupon
-Arthur Perry, formerly senior partner of Perry, Coffin &
Burr; Arthur
these bonds will become a first mortgage on substantially all real estate and Perry Jr.. formerly with
Perry, Coffin & Burr; and Henry H. Perry,
manufacturing plants of the company. They will further be secured by a,
attorney-at
-law,
have
formed
a partnership to deal in investment bonds,
first lien upon the entire 32.255,000 capital stock (except directors' qualifying shares) of Wheeling Corrugating Co., and also by all properties here- with offices in the Equitable Building, corner of Devonshire
and Milk
after acquired. If the underlying mortgage is discharged before the defini- streets, Boston, under the firm name
of Arthur Perry & Co. Associated
tive bonds arc ready for delivery, they will be entitled "First Mortgage with them
are Gardner F. Wells, formerly with Stone & Webster;
Sinking Fund Gold Bonds."
Francis
Sinking Fund.-An annual sinking fund will retire $85,000 of these bonds W. Mitchell, formerly with Estabrook & Co., and Joseph A. Fowler,
on April 1 1917 to 1920 incl., and on April 1 1921 to 1940 incl. such ratable
Charles N. Breed, Frederick N. Peirce, all formerly with
Perry. Coffin &
proportion of the outstanding bonds as will insure the retirement,
maturity, of at least 66 2-3% of the total issued. This sinking fundbefore Burr. The firm has opened a branch office at 17 Exchange St., Providence.
may R. I., which will be in charge of Mr. Fowler.
be increased at the company's option.
Bonds may be purchased for the sinking fund at not exceeding the calling
-The firm of Perry, Coffin & Burr has been dissolved by
mutual conprice or drawn at that price if not so purchasable
. Bonds thus acquired sent. Winthrop Coffin, Allston Burr, William L. Garrison
are to be canceled.
Jr., Philip S.
Description of Bonds.-Are •part of an authorized issue of $7,500,000 Dalton, Pliny Jewell and Francis E. Frothingham, have incorporated under
bearing interest at rates not exceeding 6% per annum, secured by mortgage the name of Coffin & Burr, Inc., to conduct a
business in investment
to Union Trust Co. of Pittsburgh as trustee. The initial issue of
$3,000,000 bonds at 60 State Street, Boston,and 61 Broadway,New York. Associated
are 5% bonds. The company will pay the present normal Federal
income
with
the
foregoing
will
be
Raymond
Spellman,
John A. Paine, Wentworth
tax if, as and when permissible by law.
P. Barker, John T. Beach and Henry B. Pennell Jr.,
The remaining $4,500,000 authorized bonds may be
formerly with
for future
additions and improvements, or to acquire a controlling issued
Perry, Coffin & Burr.
stock
interest
in
subsidiary companies. The par value of bonds thus issuable
exceed
-Messrs. Williams, Troth & Coleman, 60 Wall St., N.
66 2-3% of the actual cost of such additional properties orcannot
Y.,
are recomsecurities.
Properties.-The plants, &c., of the companies are as follows:
mending as an attractive purchase for permanent income
and enhanceWhitaker-Glessner Co.
Acres Annual Ca- Acres Wheeling Corr. Co. ment in value the common and preferred stocks of the Cities
Service
LocationOccupied. pacify, tons. Occupied.
Company. On the ba.sis of earnings for the first three
Wheeling, W. Va
months of 1916
20
70,000
4
Finishing plant.
this company should earn in excess of 35% for its junior
Martins Ferry
issue.
7
For
30.000
further
11
Finishing plant.
Portsmouth, Ohio
76
180,000 Total capacity 280,000 tons. particulars see advertisement on another page.
The company owns and operates two coal mines at Wheeling
-Geo. B. Gibbons & Co. and Hornblower & Weeks
and
Martins
are
offering,
Ferry, having 570 acres of unmined coal, containing over
by
3,000,000 tons. advertisement on another page, 3500.000 City of Minneapolis
which at present rate of consumption will last over 35
coupon or
years. It has re- registered 4y,% improvement bonds at
cently acquired near Wheeling about 1,000 acres
prices to yield 3.90% and 4%,
of Pittsburgh vein coal according
to maturities. These bonds are exempt from
and about 1,500 acres of lower vein coal, and about 200 acres bottom land
Federal income
suitable for a manufacturing plant. The various plantsofhave
several tax and are legal investments for savings banks and trustees in New Jersey.
railroad connections.
Pennsylvania and other States.
Operations.-Sales for the last five years have been:
-Messrs. Breed, Elliott & Harrison, Indianapolis,
Year1911.
1912.
Cincinnati & Chicago
1913.
1914.
1915.
are offering $650,000 The Cincinnati Indianapolis &
Finished gd.s.(tons) 191,535
226,733
215,903
177.923
Western RR. Co
225,753
Sales
(3)10,241,664 12,033,878 12,573,155 10,131,685 12,718,235 5% equipment trust gold certificates at prices to yield
from 3%% to 44'%,
The company's products are well diversified and of high quality and large- according to maturities. The issuance of
these
notes
ass
been
ly consist of specialties for which there is a stable demand.
The selling by the Public Service Commissions of Ohio and Illinois. authorized
organization and customers are widely distributed. The works
For furthe
are now details see advertisement.
operated at capacity, employees numbering about 4,000.-V.
97, p. 181.
-Statement
s
to
the
effect
that
Wickwire Steel Co., Buffalo.-Bonds Sold.-Wm. A.
the Pennsylvania Gasoline Co. is to pass
to new interests are officially denied. According to E. D.
Read & Co. have sold the issue of $1,500,090 1st M. 6%
Warren, a director and General Manager of the company, there is absolutely
gold horde they recently offered at about par and
basis to
int. warrant such an impression, although admitting an interest innothe
Dated 1914, due Nov. 1 1934. Auth.,$2,500,000; outstandcompany had recently been acquired by Eastern financiers.
ing, $2,000,000.
-James H. Oliphant & Co. have brought out the
1916 edition of "The
Data from Letter of V..Pres. & Treas. T. H. Wickwire
Jr., Buffalo, Earning Power of Railroads," compiled and edited by Floyd
N. V.
W. Mundy.
16.
Organization.-Organized in 1907March
in Now York, substantially all of the The book gives statistics for practically all important railroads in the U.S.,
capital stock being owned by the Wickwire family of Cortland.
Canada, Cuba and South America. It deals with 160 railroads
Y.,
Ne
who
with an
for over 35 years have operated, and still operate (independently but as
an aggregate mileage in main track of 250,000 miles.
allied enterprise, at that place the steel and wire plant of Wickwire Brothers,
-Messrs. William P. Bonbright & Co., Inc., are offering
one of the most important makers of woven wire products
in the U. S. The
California
Wickwire Steel Co. has erected and is successfully operating
at Buffalo, Electric Generating Co. 6% Cumulative Guaranteed Preferred Stock.
N. Y., two blast furnaces of the most modern type, with
a capacity of about Dividends guaranteed by the Great Western Power
300,000 tons of pig iron per annum, and will now add a stool
Co.
For
price and
and wire plant further information send for Circular
to make the wire specialties for which the Wickwire family are
No. C-14. See advertisement on
known, another page.
modeled upon their highly profitable Cortland plant, but withwellcapacity
a
about threa times greater. The Cortland plant has never been
-Messrs. Redmond & Co., 33 Pine St., N. Y., are
to meet
the demands for its products and the new wire plant of this able
offering $3()0,000
company at State of Tennessee Refunding Loan 4% Bonds
Buffalo is practically assured of the sale of its capacity tonnage
at 101 and accrued interest.
The
small premium attached makes these bonds
from
the
outset.
particularly attractive.
For
further
details
see advertisement.
Capitalirition.-In addition to these $1,500,000 bonds the
will
issue $1,000,000 additional capital stock to meet part of thecompany
-The municipal bond house of William R. Compton Co. has
cost of conjust issued
struction and for further working capital. This new stock has
booklet
their
April
on
municipal bonds. The booklet covers a wide
been
subrange
scribed at par by the Wickwire family and their connections,
making the of municipal issues which are suitable for all investment requirements.
capitalization:
-Having outgrown their present quarters, Ames, Emerich
Capitalization&
Authoriz.d.
Co.,
inOutstand'g.
vestment bankers, 105 South La Salle St., Chicago, have
Capital stock (paid in cash at Par)
made extensive
$3,000,000 $3,000,000 additions to their offices
First mortgage 6% bonds, due 1934
at that address.
2,500,000 2,000,000
Bonds.-Dated 1914 and due Nov. 11934. Authorized
-Messrs. Ebert, Michaelis & Co.. 60 Broadway, have
issue, $2,500,000;
admitted as a
the balance of $500,000 is issuable only
for additional property. Interest general partner in their business Mr. Adrian G. Hanauer. The firm name
payable M.& N.at Bankers Trust Co., N.
Y., trustee. Denom. 3500 and will be as heretofore-Ebert, Michaelis & Co.
$1,000 O. Payment of the recording tax of % of 1% has made
-Stone & Webster, Boston, New York and Chicago,
the bonds
tax-exempt in New York State. Redeemable as a whole at
have removed
1023 and int. . heir New York offices to the Equitable Building,
120 Broadway.

of




1354

1VoL. 102.

THE CHRONICLE

Aryris and Documents.
COLUMBIA GAS AND ELECTRIC COMPANY
ANNUAL REPORT 1915.
To the Stockholders Columbia Gas et; Electric Company:
Your Directors take pleasure in reporting progress since
the last annual meeting of stockholders. Not only have the
earnings been larger than ever before, despite the industrial
depression existing during the greater part of 1915, but
certain arrangements have been concluded and others are
well under way, which will prove advantageous to the Company in the immediate future and increasingly so thereafter.
One of these was the acquisition of the control of the
United Fuel Gas Co. of West Virginia as reported in a special
letter to the Stockholders on June 18th last.

lease at the then value of such improvements. Work will
be begun immediately on the new power house, the initial
capacity of which will be at least 50,000 kilowatts available
during the year 1917.
Your management feels confident that there is in the city
of Cincinnati a market for three times the electricity now
supplied for power purposes.
ELECTRIC DEPARTMENT.

During the year, 179 miles of overhead and underground
lines were constructed, and 1,913 services and 1,994 meters
were installed. On December 31st, there were 23,663 electric customers, an increase over 1914 of 1,921, or 8.8%.
The electric rate question has been expedited in every
possible manner before the regulating authorities, and it is
now expected that it will be finally determined at an early
date. It is at present in the hands of the Public Utilities
Commission of Ohio, and your Directors are awaiting the
outcome without misgiving.

UNITED FUEL GAS COMPANY.
This Company's properties effectively supplement the
properties of the Columbia Gas & Electric Company. The
territory now served with gas, all or part of which is produced by one of the two companies, has a population of
GAS DEPARTMENT.
over 1,800,100, including the cities of Cincinnati, Columbus,
Springfield, Ohio—Louisville, Covington, Lexington, Kenthe Company had 109,284 gas con31st
On December
tucky—Charleston and Huntington, West Virginia and 40 sumers,
increase over 1914 of 3,135, or 3%. During
an
es.
smaller communiti
the year, 4,655 gas ranges, 5,504 heaters and 2,242 furnaces
NATURAL GAS.
and miscellaneous appliances were sold; eleven miles of
2,307 services and 712 meters installed.
The combined natural gas rights of the United Fuel Gas mains were laid and
The gas rate ordinance for the City of Cincinnati expired
Company and the Columbia Gas & Electric Company,
1915, but has been temporarily extended.
located in the richest natural gas section of West Virginia on December 26th
now completing a physical inventory and
and Kentucky, cover over 1,120,000 acres of which only The Company isgas
property, the results of which will be
valuation of its
about 14% is now being drawn upon.
date to the municipal authorities,
The open flow capacity of the gas wells of the two com- presented at an early
with a request for the enactment of a now ordinance, and
panies is over one billion feet per day.
matter will be settled on a favorThe two companies together possess the largest acreage your Directors believe this
of gas fields under a single management and are the second able basis. Gas & Electric Company has operated during
The Union
largest producer of natural gas.
increasingly harmonious relations with its
The total sales of natural gas by the Columbia Gas & the year with with
continued progress and improvement in
and
17,003,customers
to
amounted
Electric Company for the year 1915
property in all departments has been
physical
the
Company
service;
Gas
Fuel
United
996,000 cubic feet and by the
All obligations under The Cincinnati
d.
maintaine
properly
cubic
9,000
46,598,66
of
29,594,673,000 cubic feet, a total
lease have been complied with.
Company
Electric
&
Gas
16,614,consumed
alone
district
feet. The Cincinnati
119,000 cubic feet.
KENTUCKY PROPERTIES.
OIL.
nts of your company's agreement with the
in
rights
requireme
oil
the
also
All
has
Company
Gas
Fuel
United
The
in
& Covington. Light & Traction Comfields
Newport
i
gas
its
Cincinnat
through
scattered
of
land
acres
426,000
with, and all departments of these
West Virginia and Kentucky. At the present time, it is pany have been complied
y maintained, and service
adequatel
our
been
seventy-f
have
from
year
properties
per
oil
of
barrels
90,000
producing
efficient and satisfactory
an
in
continued
unlikely
not
is
public
It
the
to
acreage.
this
through
d
distribute
wells
that throughout this large acreage 'additional oil pools from manner.
A large proportion of the track and roadway of the street
time to time will be developed. Crude oil is now selling
the
and
department was reconstructed during the year, due
year
last
railway
35
$1
of
low
a
against
barrel
per
60
$2
at
municipalities served.
flow from any new well can be sold immediately to the pipe to street paving done by the various
ng a system of collecting
introduci
now
is
nt
departme
This
s.
Companie
line
fares upon entrance to the cars, which will undoubtedly
GASOLINE.
improve earnings and will be a material aid in tile reduction
United
The Columbia Gas & Electric Company and the
of accidents.
plants
Fuel Gas Company are now erecting three gasoline
On December 31st, the gas department had 22,587 confor the extraction of gasoline from natural gas and two others sumers, an increase over 1914 of 2,282, or 11%; 1,476 gas
that
will be started within a few months. It is expected
ranges, 1,758 heaters and 952 furnaces and miscellaneous
three of these plants will be completed by the middle of appliances were sold; and 24M miles of mains were laid,
thouten
to
summer, with an estimated production of eight
and 2,023 services and 2,597 meters installed.
an
sand gallons of gasoline per day and by December 1st this
Included in the foregoing are the partial results from
This
day.
per
gallons
production should exceed 20,000
19 miles to the City of Fort Thomas and the
of
extension
gas
natural
dry
ordinary
the
gasoline will be removed from
Village of Southgate, 338 new customers having been oband the extraction thereof will not affect the quantity or tained to December 31st.
gasoline
of
price
high
present
the
quality of the gas. At
In August 1915 a contract was made with tile Andrews
this new source of income will materially increase earnings Steel Mills of Newport, Ky.,for gas for all their fuel require.
thereafter
and
year
this
of
part
during the latter
ments between tile months of March and November each
The earnings of the United Fuel Gas Co. for the year year, during which period your company has gas available
ended December 31st 1915 were as follows :
for industrial purposes; this contract will provide a gross
$3,235,813
than $150,000.
Gross Earnings
1,337,814 revenue in 1916 of not loss
7,221
Net Income
On December 31st the electric department hadDuring.
Surplus (after deducting all interest charges, but before deduct916,986
ing sinking fund)
customers, an increase over 1914 of 621, or 9.4%. ed and
the year 443/ miles of overhead lines were construct
THE UNION GAS & ELECTRIC COMPANY.
540 services and 475 meters installed.
were
New long term gas, electric and water franchises
As a result of lengthy negotiations, The Union Gas &
ten-year
new
a
and
Thomas,
Fort
of
City
Gas
the
i
from
secured
Cincinnat
The
with
Electric Co. has modified its Was()
Village of Southgate.
& Electric Company and secured funds for the construction gas franchise from the nts
have also been perfected with
Financial arrangeme
of a new electrical generating station and for all necessary
, leased by your comproperties
Kentucky
the
to
and
system
respect
on
distributi
the
extensions and additions to
& Power Company,
Heat
Light
Union
the
whereby
come.
to
pany,
years
some
for
general property of the cbmPany
water properties in
and
electric
gas,
tile
Comoperates
which
Electric
&
Gas
i
Cincinnat
To provide such funds The
a first and refundcreated
has
cities,
Kentucky
issue
d
several
authorize
the
an
secure
pany -will create a mortgage to
of $5,000,000
d
issue
authorize
an
securing
A
mortgage,
Bonds.
ing
Gold
5%
g
Refundin
of $15,000,000 of First and
are set aside to
0
$2,000,00
which
of
bonds,
gold
beginning
-year
40
for,
5%
provided
is
sinking fund of 1% per annum
outstanding bonds, winch mature in 1918,
after three years, for which The Union Gas & Electric Com- retire the present
0 being available for extensions and
$3,000,00
adin
remaining
liability
the
assume
will
property,
pany, as lessee of the
property.
the
to
original
the
additions
Under
bonds.
said
on
dition to the interest
leased by
With regard to the street railway properties
lease, the Union Company, as lessee, was required to pay
available for further capital
still
is
there
instance
company,
first
your
the
in
ents
improvem
and
s
for all extension
Second Mortgage bonds of tile Cinand The Cincinnati Gas & Electric Company could re- expenditures $400,000
n Railway Company now in its
imburse the Union Company either as the improvements cinnati Newport & Covingto
agreed that before the exhaustion
were made, or, at its option, upon the termination of the Treasury. It has been



1355

THE CHRONICLE

APR. 8 19161

of such bonds a similar financing plan to that arranged for
the Union Light Heat & Power Company will be effected
for the street railway properties.
FINANCIAL.
The acquisition of the control of the United Fuel Gas
Company involved the sale of your company's holdings of
Compreferred and common stocks of the East Ohio Gas 33
in
pany, for which it received in exchange $1,849,952
Fuel Gas
cash and 51% of the capital stock of the United
for
Co. The cash thus received is being used principally
& Electhe purchase and cancellation of the Columbia Gas
tric Co.'s First Mortgage bonds with a consequent reduction
in the interest charges and also in the annual sinking fund.
During the year $344,000 par value of your company's
First Mortgage 5% Bonds were issued for construction purposes and placed in its treasury.
$1,877,500 of the same issue were redeemed and canceled through the Sinking Fund, principally with cash
received from sale of The East Ohio Gas Co. securities.
$173,000 par value of your company's 5% Gold Debentures were issued against the Union Gas & Electric Co.
securities acquired.
$1,778,500 par value of the First Mortgage 5% Gold
Bonds and $150,000 par value of the 5% Gold Debentures
of your company held in the Treasury were sold.
In accordance with the Cincinnati Gas Transportation
Company lease, $268,000 par value of the First Mortgate

Bonds of that company were redeemed and canceled through
payments made by your company.
The consolidated income statement presented herewith
.is arranged differently from the statements submitted with
previous annual reports, so far as it relates to gross earnings
and operating expenses. It now shows in combined form,
the gross earnings and operating expenses of your company,
and of all companies directly operated by it, with all intercompany transactions and entries eliminated. The consolidated Balance Sheet of your company and the Union
Gas & Electric Company as of December 31st 1915 is alsopresented herewith.
As evidencing the improvement in your company's financial condition, you will note an increase in current and working assets, after deducting current liabilities of $874,258 60.
Bonds outstanding have been reduced by $1,533,500, and
there is an increase in accumulated surplus of $315,119 46.
For the convenience of the stockholders, a Transfer Agent
and Registrar have been appointed for New York City, the
Bankers Trust Company acting as Transfer Agent and the
Guaranty Trust Company of New York as Registrar. The
stock certificates are now interchangeable in the three cities:
New York, Pittsburgh, Cincinnati.
By order of the Board of Directors.
A. B. LEACH, President.
4 1916.
April
Huntington, West Va.,

COLUMBIA GAS & ELECTRIC COMPANY AND SUBSIDIARY COMPANIES
COMPARATIVE EIGURES FOR 1914. 1913 AND 1912.)
CONSOLIDATED INCOME STATEMENT-YEAR ENDED DEC. 31ST 1915(WITH
1912.
1913.
1914.
1915.
Income
43
$8.044,532 17 $7,810,214 25 $7,345,062 44 $6,984,352 87
Gross Earnings
3,551,580
53
3,624.201
49
3,847,010
4,143.064 58
Operating Expenses and Taxes
56
$3.901,467 59 $3,963,203 76 $3,720,860 91 $3,432,771
Net Earnings
471,672 26
444,855 17
472,520 49
514.178 65
Other Income
$4.415,646 24 $4,435,724 25 $4,165,716 08 $3,904,443 82
Total Gross Income
Deductions$1,788,546 99 $1.788.552 00 $1,788,250 01 $1,802,250 00
& Electric Co
Accrued Rentals to Cincinnati Gas
Accrued Rentals to Cincinnati Gas Trans. Co. (including Sinking Fund requirement 688,389 67
727.727 18
718,208 35
708,305 15
of $250,000)
743,614 76
770,816 44
791,339 82
795,693 79
& C. L. & T. Co
Accrued Rentals to C. N.
53,529 41
88
79,171
54
80,948
79,494 52
& Electric Co
Accrued Interest of The Union Gas &
63,713 43
325 35
586 40
973 34
Surplus Earnings of The Union Gas Electric Co. apportionable to its outstanding stock
$3,353,098 31 $3,369,731 91 $3,356,772 03 $3,390,834 78
Total Deductions
$513,609 04
$808,944 05
$1,062.547 93 $1,065,992 34
Net Income
Fixed Charges, Columbia Gas & Electric CoAccrued Interest on 1st Mtge. 5% Gold Bonds of Col. G.& E. Co
• Accrued Interest on 5% Gold Debentures of Col. G.& E. Co
Other Accrued Interest of Col. G.& E. Co

$517,008 54
126,554 16
38,346 10

$516,239 97
123,262 50
35,452 00

$499,225 00
*61,600 00
28,997 91

$495,783 54

Total Fixed Charges

$681.908 80

$674,954 47

$589,822 91

$515,435 05

Sinking Fund Payments, Col. 0. & E. Co

$380,639 13
80,746 43

$391,037 87
95,004 95

$219,121 14
95,004 95

t$1.826 01
81,096 43

Surplus

$299,892 70

$296,032 92

$124.116 19

t$82,922 44

19,651 51

*Only six months' interest, debentures having been issued as of July 1st 1913.
tDefidt.

COLUMBIA GAS & ELECTRIC COMPANY
THE UNION GAS & ELECTRIC COMPANY.
CONSOLIDATED BALANCE SHEET DECEMBER 31ST 1915.
LIABILITIES.
ASSETS.
$50,000,000 00
Capital Stock, Col. G.& E. Co
Property Account, Comprising Gas Fields, Plants, Fran13,998,000 00
Col. G. & E. Co
Bonds,
Gold
5%
Mortgage
First
of
United
Fuel Gas Co.
chises, Leases and Stock owned
2.850.000 00
Co
E
&
Col.
0.
$62.917,057 74 5% Gold Debentures,
(45.900 shares)
Outstanding Securities of Union G. & E. Co., at par00
$35,000
Stock
Preferred
Trustees
with
Guarantee Funds Deposited
9,000 00
Common Stock
$650,300 00
Cash
44,000 00
Bonds, Col. G. & E. Co. lst Mtge.5% Gold
3,753,000 00
Bonds (at par)
4,403,300 00 Current and Accrued Liabilities
$1,690,447 37
Notes Payable
510,471 76
Accounts payable
Other Securities Owned179,841 65
Accrued 'taxes
Cincinnati G. & E. Co. 5% Stock (11,913
758,397 92
Rentals
Accrued
1,012,605 00
shares)
256,125 00
Accrued Interest on 1st Mortgage Bonds..
Cincinnati Newport & Covington Lt. & Tr.
65.412 50
Accrued Interest on Debentures
Co..13i% Preferred Stock (850 shares)_
85,000 00
11,722 43
Other Accrued Interest
1,097,605 00
3,472,418 63
5% Gold Debentures in Treasury, at Par
232,831 67
Cash held in trust for Redemption of Bonds_ _
540,372 59
Deferred Liabilities157,740 84
Customers' Deposits
Current and Working AssetsCash
$843,841 74
ReservesAccounts Receivable
550,371 36
$97,222 27
To Amortize Kentucky Betterments
Material and Supplies
259,211 93
For Net Current Assets leased SeptemInterest and Dividends accrued on Securities
336,731 43
ber 1 1906
Owned
283,834 29
107,188 36
For Construction
1,937,259 32
27.955 21
For Contingencies
569,097 27
Deferred Assets1,113,772 55
Surplus
Prepaid Accounts
$67,140 69
South Covington & Cincinnati St. Ry. Co_ _
320,257 18
The Cincinnati Gas & Electric Co. account
betterments
527,025 32
Cincinnati Newport & Covington Lt. & Tr.
162,179 78
Co. account betterments
1,076,602 97
$72,205.029 29
$72.205,029 29
and The
We hereby Certify, that we have audited the books of account and record of the Columbia Gas & Electric Company, Huntington, W. Va..
the foregoing
Union Gas & Electric Company, Cincinnati, Ohio, covering a period of three years ended December 31st 1915 and that, in our opinion,
g comaccompanyin
the
and
1915
:•.onsolidated Balance Sheet correctly reflects the financial condition of the combined Companies, at December 31st
bined Statement of Income for the periods audited by us is correct.
(Signed) ERNST & ERNST.
Cincinnati. March 10th 1916.
Certified Public Accountants.




1356

THE CHRONICLE

[vol.. 102.

THE DELAWARE AND HUDSON COMPANY
EIGHTY-SIXTH ANNUAL REPORT-FOR THE YEAR ENDED DECEMBER 31 1915.

New York, N. Y., April 3 1916.
To the Stockholders of the Delaware and Hudson Company:
The President and the Board of Managers submit the
following statements of the affairs of your Company for
the year ended December 31 1915:
The results from operation of the Coal Mining Department were :
Year1915

1914

Coal Mined.
•Revenues.
tExpenses.
Net Revenues.
8,100,767 tons
. $15,860,676 65 $14,616,705 70 $1,243,970 95
7,400,695
15,517,041 94 14,553,052 94
963,989 00

Increase _ _ 700,072 tons
$343,634 71
$63,652 76
$279,981 95
* Excluding dividends received from stock of coal :companies owned.
t Excluding taxes.

The results from operation of the Railroad Department
were:
Miles.
Year- Over.
909.07
1915
1914
903.99

Percent. of
fOperating
t tOperating t Net Oper- Exps. to
Revenues.
Expenses.
aging Revenues. Rev.
$23,787,519 00 $14,823,625 67 $8,963,893 33 62.32
22,722,961 55
15,188,850 92 7,534,110 63 66.84

Increase. 5.08

$1.064,557 45
*$365,225 25 $1,429,782 70 *4.52
* Decrease.
tThe new classification of the Inter-State Commerce Commission became
effective as of July 1 1914. The figures for the year 1914 have, therefore,
been restated in order to place them on a comparable basis.
:Excluding taxes.

GENERAL:
Miscellaneous Income:
Dividends and Interest
on Securities Owned
Rentals, real estate.._ _
General Interest and
Discount

$25,432 61
25,717 05

$13,516 00
25,895 51

+11,916 61
-178 46

98,154 29

50,703 42

+47,450 87

Total income
Taxes accrued
Int. on 5%
20-yr.gold
bonds.._-$159,867 37
Less Int.on
proceeds_ 94,820 59

$149,303 95
9,501 89

$90,114 93
9,734 33

+59,189 00
-232 4t.

Total deductions_.
Net Income,general_ _

$74,548 67
74,755 28

$9.734 33
80,380 60

+64,814 34
-5,625 32

65,046 78

+65,046 78

Net Income carried to
General Profit & Loss- $6,071,440 64 $4,609 793 85 +$1,461,646 79
Percentage to Capital' 14.28% on $42,503,6
10.8417' on
Stock
'$42,503.000 00
00 00
Note.-The new accounting classification of the Inter-State Commerce
Commission became effective on July 1 1914. The figures for 1914 have,
therefore, been restated in accordance with the classification in force during
1915, in order to render the data comparable.

FINANCIAL.
CAPITAL STOCK AND FUNDED DEBT.

The capital stock of The Delaware and Hudson Company
on December 31 1915 was $42,503,000, no additional shares
having been issued during the year.
REVENUES AND EXPENSES.
On June 15, next, $13,973,000 being the whole amount
The general distribution of the operating revenues and outstanding
of the Convertible Four Per Cent Debentures
of the operating expenses of the Railroad Department was issued in 1906,
will mature and must be paid. Owing to
as follows :
Increase (+).or the possibility of further complications of the financial
Revenues from1915.
Decrease (-). market arising from the European war it was advisable to
1914.
Coal freight traffic
$11,311,690 00 $10,844,092 56 +$467.597 44 make early provision for this payment and, under authority
Merchandise freight traffic
(including switching)
8,788,365 15 8,133,603 44
+654,761 71 of a resolution adopted at a special meeting of stockholders,
Passenger traffic
2,774,595 02 2,946,641 48
-172,046 46 held on September 30 1915, an issue of 814,451,000 Five
Express traffic
338,464 42
324,725 08
+13,739 34
Transportation of mails_ _ _
129,618 41
137,374 27
-7.755 86 Per Cent Twenty-Year Convertible Gold Bonds, dated
Miscellaneous sources..
444,786 00
336,524 72
+108,261 28 October 1 1915 and to mature on October 11935, was made
Total Operat. Revenues_$23,787,519 00 $22,722,961 55 +$1,064,557 45 and disposed of and the proceeds are now in hand. These
bonds will be convertible into stock of The Delaware and
Expenses forHudson Company, during the ten years beginning with
Maintenance of way and
Is structures
$1,852,166 23 $1,721,506 76 +$130,659 47 October 1 1917, at the rate of $1,500 in par value of bonds
Maintenance of equipment. 3,703,382 44 3,680,235 32
+23,147 12 for ten shares of stock having the par value of $100
each
Traffic expenses
315,991 63
314,357 96
+1,633 67
Transportation expenses
8,007,980 07 8,595,111 98
-587,131 91 (with adjustment of accrued interest and current dividends),
Miscellaneous operations
190,758 14
136,891 62
+53,866 52 and the whole issue, but not a part thereof, may be called
General expenses
775,645 74
760,178 35
+15,467 39
for payment at 105 per cent of its face value, and accrued
Less-Transportation for
Investment, Cr
Cr.22,298 58
Cr.19,431 07
Cr.2,867 51 interest, on October 1 1922, or on any semi-annual interest
day thereafter, subject to the right of conversion, if during
Total operating expenses.$14,823,625 67 $15,188,850 92 -$365,225 25
the conversion period, at any time up to thirty days from
Net Revenues from Oper
$8,963,893 33 $7,534,110 63 +$1,429,782 70
the date of redemption fixed in the call. Proceeds of this
Percentage of expenses
issue, not required for redemption of the debentures maturto revenues
62.32%
66.84%
-4.52%
ing on June 15 1916, will be available for additions and
betterments, subject to the approval of the Public Service
GENERAL INCOME ACCOUNT OF THE DELAWARE Commission for the Second District of New York.
and HUDSON COMPANY,YEAR ENDED DECEMSINKING FUNDS.
BER 31 1915, IN COMPARISON WITH YEAR
During the year there was paid to the Trustee under the
ENDED DECEMBER 31 1914.
COAL MINING DEPARTIncrease (+). or First and Refunding Mortgage the sum of $322,040, being
MENT :
1915.
Increase (-). one per cent of the par value of the First and Refunding
1914.
Gross revenues
$15,860,676 65 $15,517,041 94 +$343,634 71 Mortgage Gold Bonds outstanding on June 1 1915, making
Gross expenses
14,616,705 70 14,553.052 94
+63,652 76
the total paid to December 31 1915 $1,807,030. In accordNet revenues
$1,243,970 95
+279,981 95 ance with the trust agreement, this sum has been expended
$963,989 00
Taxes accrued
323,102 21
467,932 98
+144.830 77
in additions and betterments to the mortgaged property.
Operating income
$776,037 97
$640,886 79
+135,151 18
The amount paid to the Trustee under the First Lien
Other IncomeDividends and interest
717,068 64
704,762 42
-12,306 22 Equipment Trust indenture during the year was $650,000.
The total paid to date is $5,200,000, which has been inGross income, Coal Department
$1,480,800 39 $1,357,955 43 +$122,844 96 creased to $5,556,502 91 by accumulations to the amount of
$356,502 91 of interest on balances and investments. ComRAILROAD DEPARTMENT:
Gross operat. revenues 23.787,519 00 22,722,961 55 +1.064,557 45 plying with the agreement, bonds issued thereunder having
Gross Operating expenses 14.823,625 67 15,188,850 92
-365,225 25 a face value of $357,000 have been purchased at a cost, inNet Operating Revenues. $8,963,893 33 $7.534,110 63 +$1,429,782 70 cluding accrued interest, of $362,896 77 and retired; $2,Taxes accrued
680,119 39
671,11J13
+9,00026 539,374 80 has been expended for equipment made subject
Operating Income
$8.283,773 94 $6,862,991 50 +$1,420,782 44 to the indenture, and securities and cash to the amount of
82,654,231 34 are now held by the Trustee.
Other IncomeHire of Equipment
142,489 15
70,610 41
+71,878 74
There was accumulated in the Coal Department sinking
Dividends and Interest_
879,983 60 1,006,156 29
-126,172 69 fund during the year,
in accordance with the ordinance
Miscellaneous Items..
50,591 52
41,522 83
+9,068 69
passed on May 9 1899, and amended on May 10 1910,
Total Other Income.... $1,073,064 27 $1,118,289 53
-45,225 26 $233,385 41,$5,000 of which has been applied to the purchase
Gross income, Railroad
of coal lands and $228,385 41 to reimburse the treasury for
Department
$9,356,838 21 $7.981,281 03 +81,375.557 18 previous expenditures for the purchase of coal lands in
Deductions From IncomeRentals
$1,999,352 44 $1,997,678 69
+1,673 75 Pennsylvania.
RAILROAD DEPARTMENT.

Interest on First and
Refunding Mortgage
bonds (1943)
1,288,160 00
Interest on First Mtge.
bonds (1917)
350,000 00
Interest on Debenture
bonds (1916)
558,920 00
Interest on First Lien
Equipt. bonds (1922)433,935 00
Interest on Divisional
bonds
75,000 00
General Int.and discount
135,585 80
Total deductions

Net

DIVIDENDS.

1,223,434 99

+64,725 01

350,000 00
558,920 00
433,935 00
75,000 00
170,854 53

-35,268 73

$4.840,953 24 $4,809,823 21

+$31,130 03

Income, Railroad
Department
$4,515,884 97 $3,171,457 82 +$1,344,427 15




A dividend was declared on December 29 1915, to be paid
out of the accumulated surplus, upon the outstanding $42,503,000 of capital stock, at the rate of nine per cent, amounting in the aggregate to $3,825,270, payable during 1916, as
follows :
Two and one-quarter per cent to stockholders of record
on February 26 1916, payable on March 20 1916;
Two and one-quarter per cent to stockholders of record
on May 27 1916, payable on June 20 1916;
Two and one-quarter per cent to stockholders of record
on August 28 1916, payable on September 20 1916;

APR. 8 1916.]

THE CHRONICLE

0

1357

71 was due to that
Two and one-quarter per cent to stockholders of record the Pennsylvania statute and $106,701
of New York. The total compares with $155,142 62 and
.on November 27 1916, payable on December 20 1916.
the respective items with $37,351 79 and $117,790 83 in
1914, the reductions in this statute-compelled waste having
COAL MINING DEPARTMENT.
by means of higher train-loads.
Three separate strikes during the year caused temporary been
idlenes at one or more collieries, the total loss being equiva- OPERATING RESULTS JUSTIFY CAPITAL EXlent to closing one .colliery for 62 hours or 6 8-9 working
PENDITURES.
days. This compares with 4 6-9 days lost in 1914. The
train load of 1915 was 652.58 tons, an
freightaverage
The
the
had
avoided
have
been
idle time in both years would
per 'cent over 579.34 tons, the average of
employees continued to work and permitted the differences increase ofof12.64
and 40.51 per cent over 464.45 tons, the average of
to be adjusted in the orderly manner provided by agreement. 1914,
Although the number of tons of freight carried one
The Supreme Court of Pennsylvania, which has final juris- 1910.increased
4.25 per cent over 1914 and 15.95 per cent
mile
diction of the question, has held unconstitutional the State over
1910, there was a decrease in the number of miles run
tax of two and one-half per cent of the value of anthracite by freight
locomotives of 12.40 per cent, as compared with
when prepared for market, imposed on and after June 28, 1914 and 7.26
per cent, as compared with 1910. These data,
j1913, the validity of which was in litigation when the report in
large degree, explain the reduction in the proportion of
for last year was submitted. The question directly decided operating
revenues necessary to meet operating expenses
was as to the validity of the Rooney Act, which was super66.84 in 1914 to 62.32 in 1915 (if $475,112 85 had not
seded on June 1 1915 by the Dawson Act, of similar tenor from
been gained, as already noted, by more favorable rates.the
and effect. Although the constitutionality of the latter was economies
in expenses would have reduced this ratio to
not directly in issue, the same objection, that the tax applied
and 63.59) and the concurrence of an increase in operating revto one kind of coal produced in the State, anthracite,
of $1,064,557 45 with a reduction in operating expenses
not to another kind, bituminous coal, applies equally to the enues
of $365,225 25. They fully justify the additional capital
Dawson Act, which is plainly, therefore, equally unconsti- investment
represented by the heavier motive power and
tutional.
roadway and structures by means of which superior
Several mining machines, for cutting coal in thin veins, improved
where ordinary methods of mining make the cost practically efficiency has principally been gained. It should be borne
prohibitive, were installed. Although similar machines have in mind that before this higher efficiency of the plant could
it was obliged to overcome the reduced
long been used in the bituminous coal fields, and more than produce these resultsThat
is to say, the losses from increased
one-half of their current output is the product of machine efficiency of labor.
mining, it is only within the last four years that machinery wages rates, diminished service rendered, "full crew" laws,
any improved showing could
before
up
taken
capable of satisfactory results in anthracite mining has been &c., had to be
be achieved.
developed.
The workmen's compensation Act of Pennsylvania, which
CAUSES AFFECTING INCOME.
became effective on Jan. 1 1916, provides compensation at
INTER-STATE COMMERCE COMMISSION.
fixed rates for mining employees injured in the performance INVESTIGATION
CONCERNING RATES,_RULES,REGITLATIONS
AND PRACTICES IN ANTHRACITE.
of their duties and, in cases of fatal accidents, for the dependents of those killed. This Company is complying with
During the year covered by this report the Inter-State
the Act, which, it is estimated, will add not less than $350,- Commerce Commission concluded its inquiry concerning
000 to the annual expenses of your Coal Department. This rates and practices in the transportation of anthracite and
is practically an increase in wages, as the occupational haz- issued an order requiring very.extensive reductions in the
ards have affected all negotiations and arrangements by rates from the anthracite region to tidewater and other
which rates of wages have been determined.
destinations directly reached by the railways on which the
The agreement with employees, which took effect on April 1 shipments originate, including stations on the lines of your
1912, will terminate on March 31 1916, and ten demands, Company as far north as Albany, Troy and Mechanicville.
as to future wages and terms of employment, have been pre- The original order required the new rates to be put in force
sented by mine employees, as follows:
on October 1 1915, but, in recognition of practical trade
1. That the next contract be for two years, commencing difficulties that would attend such radical reductions in the
with April 1 1916 and ending on March 31 1918, and that midst of the trade-year, the effective date was postponed
individual agreements and contracts with miners be pro- to April 1 1916. Minor modifications in the rates originally
hibited.
fixed have also been made, the Commission having, as it is
2. An increase of twenty per cent in all wages rates.
believed, become convinced that its original order went too
3. An eight-hour day for all day labor in and around the far in disregarding long prevailing adjustments resulting from
mines (in addition to the twenty per cent advance also de- commercial conditions that ought not to be ignored. These
manded for these employees), with pay for overtime at one modifications include advances of five cents per ton over the
and one-half times and for Sundays and holidays at double rates at first ordered to be put in force to Albany, Troy and
the standard rates.
Mechanicville. The order directs that the rates named shall
4. Recognition of the labor-union known as the "United be the maximum rates for a period of two years from the
Nos.
America,
1,
Districts
7
and
An9,
Mine Workers of
date on which it becomes effective. It is obvious that the
thracite."
changes which it commands will necessitate reductions at
speedy
and
simplified,
satisfactory"
method
5. A "more
intermediate points not named and it is possible that adjustof adjusting grievances.
ments at other points will become necessary. Estimates
contract
miner
shall
be
no
That
more
than
permitted
6.
based upon the traffic handled during the year that ended
• one working place.
with June 30 1915, indicate that the reduction in the annual
7. That the selling prices of mining supplies be "more revenues
of this Company, resulting from the changes that
equitable and uniform."
•
this decision immediately requires, will amount to approxi8. That coal mined by the car shall be weighed and paid mately$374,000,orlabout 15.29 per cent more than the gain
for on a mine-run basis, per ton of 2,240 pounds, including in 1915, from the advances that the Commission permitted
dirt and rock.
by its order in the "Fiver Per Cent" case.
9. A readjustment of the machine mining scale.
The action of the Commission, as stated in its opinion
10. That arrangements of detailed wages scales and settle- (35,
I. C. C. 220-284), was based upon the conclusion that
ments of internal questions, both as to prices and condi- the industry
of anthracite mining has not been as remunertions, be referred to representatives of the operators and ative as the public interest renders desirable; that, therefore,
miners of the respective districts, to be adjusted on equi- a larger share in the delivered price of coal ought hereafter
table bases.
to those who own and operate the mines, and that
Estimates show that acquiescence in the demand for an to accrue
whole of the reductions required should be added to the
increase of twenty per cent in wages rates would alone add the
value of the output when prepared and delivered to
about $23,000,000 to the cost of producing the annual out- sales
railways for transportation. Whether the result desired
put of Pennsylvania anthracite. This sum could not be the
the Commission can be obtained by the means which it
taken from profits, for, according to the data for 1909 com- by
has sought to put into operation remains to be determined.
piled by the United States Bureau of the Census, the whole It
is not possible, however, to agree with the opinion of the
difference between the annual value of the output ($148,- Commission
that public interest requires anything to be
957,894) and the cost of production ($134,245,600), not in- taken
from the revenues of the anthracite railways, even
cluding in the latter any allowance for depletion of supply though it should be found practicable
to deliver the whole
or any return upon the investment, was $14,712,294. More- amount thus taken to the individual and corporate owners
over, if this $14,712,294 be diminished by an allowance of mining property. Among the objections to this course
of five cents per ton of coal produced for the depletion of the are the following:
supply in the ground (72,215,273 tons at Sc. =--- $3,610,764),
1. In the 'Five Per Cent" case (31, I. C. C. 351), dethere is left only $11,101,530 as the highest possible return cided on July 29 1914, the Commission found that:
to $246,713,318 of capital which the Bureau of the Census
"In view of a tendency toward a diminishing net operating
states as the amount of the investment in anthracite producing property. This would be a return at the rate of ap- income, as shown by the facts described, we are of opinion
that the net operating income of the railroads in Official
proximately four and one-half per cent per annum.
classification territory, taken as a whole, is smaller than is
demanded in the interest of both the general public and the
SO-CALLED "FULL CREW" LAW •
railroads; and it is our duty and our purpose to aid, as far
The so-called "full-crew" laws, effective in Pennsylvania as we legally may, in the solution of the problem as to the
since July 15 1911 and in New York since September 1 1913, course that the carrier may pursue to meet the situation."
added $143,561 66 to the operating expenses of the year,
While the Commission gave an incompletely favorable
without obtaining any service to the public or to the Company. Of this total $36,859 95 was incurred by reason of decision in that case, more than the whole advance accorded



1358

THE CHRONICLE

to the anthracite carriers will be taken away by the decision
in the Anthracite case.
2. The carriers whose staple traffic is anthracite are in
a substantially unique position in their dependence upon
an exhaustible product, every ton of this traffic diminishing
the minable aggregate and bringing nearer the date of complete exhaustion. Although the complete cessation of
anthracite movement is inevitably approaching, no traffic
to take the place of hard coal is in sight or is likely to appear.
This ought to have been given recognition in the determination of reasonable anthracite rates, for just rates must
provide not only a fair return upon the present investment
but must safeguard that investment against this impending
loss.
3. The anthracite railways expended, in actual cash,
from 1907 to 1914, for extensions and improvements of their
properties, the sum of $434,344,536, but in 1914 their operating income was $17,265,036 less than in 1907. This showing forces the owners of these properties to inquire whether
incentive or justification for further developmental expenditures exists. Omitting the Pennsylvania System, the total
gross receipts in 1913,from operating sources, of all the other
railways serving the anthracite region was $274,593,886 96
amd no less than $83,613,438 88 of this aggregate, or 31.18
per cent, came from the transportation of anthracite. Disregarding their passenger business, which all authorities
agree does not produce an adequate return upon the property
used in the public service, 44.9 per cent of the remaining
receipts of these companies was derived from anthracite.
Therefore, to strike at the anthracite revenues of these carriers is to strike at the very heart of their business, and as
they were built and exist mainly to serve the anthracite
mining industry, such an attack is to impair the very foundation of their existence.
4. During the most satisfactory year of the last sixteen,
1907, the net corporate income for all anthracite carriers,
after paying wages, other operating expenses, taxes and interest upon indebtedness, averaged only 7.41 per cent of
the cost of their property, while in 1914 it fell to 5.06 per cent.
5. The receipts per ton per milefrom anthracite carried by
these railways do not exceed thosefrom other traffic,thecomparisons being based upon movements over similar distances.
All the foregoihg, and many other, objections to reductions
in the anthracite rates were fully laid before the Commission during the progress of its investigation.
Counsel for this Company were of opinion that the InterState Commerce Commission did not have before it, when
the order referred to was entered, any testimony sufficient
to warrant its action as to rates to Delaware & Hudson
destinations. It was considered, therefore, that, so far as
this Company is concerned, the order was not binding and
that on application to the proper tribunal a judicial decree
enjoining its enforcement would issue. Notwithstanding
this probability, it has been considered suitable, full weight
having been accorded to the highly technical character of
the legal considerations that would have to be relied upon
In such a proceeding, to defer to the expressed purpose of
the Federal commission and to permit the rates which it has
named to go into effect, at least until their practical results
are ascertained. An application for a rehearing before the
Commission, as to the rates to Northern New York, has
been made and is now pending. The Commission denied
a request to permit rates somewhat higher than those ordered (but as to the prepared sizes lower than those in force
when the order was made) to be collected during the period
prior to action upon the application.
GENERAL REMARKS.
The conditions of the year 1915 have no parallel in history.
The unprecedented conflict of arms that absorbed the
energies of so large a portion of the world has made this
country, at least temporarily, a source of supply for capital
and commodities to which other peoples, especially the
belligerents, have eagerly resorted. Purchases of commodities for export upon a large scale and at ascending
prices have given stimulus not only to the industries directly
affected but indirectly to many others. The same extraordinary demand, in conjunction with certain financial
operations incident to the war and changes in the banking
system brought about by the Federal Reserve system, have
so augmented the funds available for new financing in the
industrial field that extensive operations of that character,
upon relatively favorable terms, have been permitted.
To a degree the railways, especially those serving the port
of New York and the larger industries affected, have shared
in the increased productive activity. The suddenly augmented volume of traffic has pressed heavily upon railway
facilities and, by reason of the scarcity of ships for transAtlantic exports, the inability of consignees to receive and
unload shipments and other highly abnormal conditions,
there have been instances of traffic congestion which the
carriers affected were temporarily unable to relieve. This
has not happened without producing higher gross receipts
but, notwithstanding this, the situation with regard to the
capital requirements of the railways is scarcely less unsatisfactory than at the date of the previous report. A study of
the yields upon railway and industrial securities, at recent
market prices, indicates that the average investor is relatively
still less willing than formerly to forego the advantage of
the somewhat higher yield of the industrials for the sake



[VOL. 102.

of becoming the owner of bonds dependent upon railway
property. He is apparently unable to find in thd railway
situation any offset for the fact that, unlike the prices of
the products of the industrials, the prices of railway services are closely limited by law and custom and returns to
investors sharply restricted in practice, and he turns without
reluctance to the field in which the laws of demand and
supply are still unshackled and the rewards of economy and
efficiency are restricted only to a just share of the gains
which they secure. Hence the average prices of railway
securities of the best class decreased from 1903 to 1915,
so that the average annual yield to investors at current
prices grew from 4.10 per cent to 4.73 per cent while that on
industrials decreased from 5.69 to 5.44 per cent. In other
words, capital for railway purposes became more costly,
other capital became less costly. The increasing ability
of the industrials to make their demand effective is found in
the increased earnings of those companies and the ability
of many of them to retire securities before maturity. These
facts and the large amounts that the industrials have been
able to spend to extend their facilities for the purpose of
taking care of war orders and increased domestic business
contrast sharply with the fact that at the same time, for
want of funds, the railroads have been practicaly unable to
extend their facilities. Capital can be obtained only from
investors who are confident of receiving a fair return and
adequate earnings can alone give this confidence.
The retardation of normal railroad development is strikingly indicated by the fact that, during 1915, only 933.24
miles of new line were added to the railway facilities of the
United States. It is necessary to go back more than half
a century and to the period of the Civil War to find another
year in which less than one thousand miles were added to
the country's railways. In 1849, when the railway system
was still in its minority, 1,369 miles of new railway wero
constructed, and from that time to and through the year
1914, there were but three years, 1861, 1862 and 1864, in
which the new construction was less than one thousand
miles. Of the sixty-six years from 1849 to 1914, inclusive,
there were five in which the new construction was more
than 1,000 and less than 1,500 miles; eleven in which it was
more than 1,500 and less than 2,000; eleven in which it was
more than 2,000 and less than 3,000; nineteen in which it
was more than 3,000 and less than 5,000; fifteen in which
it was more than 5,000 and less than 10,000, and two (1882
and 1887) in which it exceeded 10,000 miles.
An especial difficulty attending efforts to finance new railway construction, extensions or improvements, at the present
time, grows out of the burden imposed upon this country
of absorbing a large volume of securities based upon domestic
enterprises which are being sold to this market on account
of the financial exigencies of the European war. This
difficulty rests more heavily upon the railways than upon
other corporate enterprises because a relatively larger proportion of their capital had been supplied by foreign investors. A very careful investigation, based upon statements
received from all railways in the United States, having more
than one hundred miles of line, indicates that between March
31 and July 31 1915 American railway securities having
a par value of $480,892,135 01, were returned to this market. This figure is an understatement to the extent that
securities formerly carried by domestic bankers or other
agencies for foreign account have been sold and by reason..
of the absence of data as to bonds that are in default. The
same inquiry showed, subject to understatement from the
same causes, that on July 31 1915 the following railway
securities were held abroad:
Class—
Stock, preferred
second preferred
common
"
Notes
Debenture bonds
Collateral trust bonds
Mortgage bonds
Equipment trust bonds
Car trust certificates
Receivers' certificates
Total

Par value.
$236,151,600 00
5.608,850 00
438,415,606 25
24,632,291 93
160,288.700 00
180.590,850 00
1,150,339,130 00
25,253,201 00
29,000 00
2,201,000 00

Market Value.
$196,092,423 26•
2,115,414 75
263,996,028 50
22,574,283 93
141,444,592 50
136,422,185 75
962,081,613 26
24.480,410 55
29,060 00
2,201,000 00.

$2,223,510,229 18

$1,751,437,912 50

It will be noted that the par value of the securities known
to have been returned during the four months period ta
July 31 1915, equals more than one-fifth (21.63 per cent,
to be exact) of the par value of those held abroad at its close.
The situation in regard to the return of railway securities,
to this country has been further complicated by the plan of
the British Government for the so-called "mobilization" of
American securities. The original announcement dated.
December 15, and published in the "Gazette" of December
211915, began as follows:
"With a view to facilitating the maintaining of the exchanges between the United Kingdom and United States or
America, the Lords Commissioners of His Majesty's Treasury are prepared to purchase American (including certain
Canadian) dollar securities owned in this country, or to
receive such securities on deposit for use as cover for short
loans to be contracted in America."
The "Gazette" of December 24 1915, contained a supplementary notice which concluded as follows:
"Holders of American securities are requested to remember that, although they are invited 'primarily to submit
suitable securities under the present scheme, they can still
contribute materially towards the achievement of the objects aimed at in the scheme by selling their securitiedin.

APE. 81916.1

THE CHRONICLE

the open market and re-investing the proceeds in British
Government securities."
Scrutiny of the list of securities acceptable by the British
Government, under the foregoing plan, show that with few
exceptions it consists of those issued by American railways.
Under these conditions it must be realized that a very large
share of that portion of the current American investment
fund which would, in any event, be available for railway
purposes, must, for the present, be diverted to the purpose
of purchasing the railway shares and bonds which were
formerly marketed in Great Britain and upon the European.
continent. The condition is one that ought not to be overlooked in connection with any study of the present and prospective situation of American railway enterprises.
The fact is not overlooked that during the year 1916, there
will be required a relatively small amount of railway financing
for refunding of existing obligations and exclusive of the
amounts that may have to be raised for new construction
and for additions and betterments. Exclusive of equipment
trust obligations, the total par value of railway bonds maturing in 1916 is $69,256,173, while the equipment trust obligations amount to $46,303,255 50, making an aggregate for

1359

the year of $115,559,428 50. The amount of bonds stated
is almost exactly one-seventh of the amount of those that
matured during 1915. Of course, these figures do not in.elude anything for refinancing of insolvent railway corporations through reorganizations. Pending undertakings of
this character involve a large aggregate, the railway mileage
in the control of receivers having risen during 1915 to the
highest total in the country's history. The total length of
the railway lines in receiver's hands on December 31 1915
was 38,661 miles and earlier in the year it was approximately 42,000 miles. These figures compare with 18,608 miles
on June 30 1914; 16,286 on the same date in 1913; 9,786 in
1912 and 4,593 in 1911. The highest total ever reported
by the Inter-State Commerce Commission was 40,819 miles
for June 30 1894. Receivers' certificates outstanding on
June 30 1914, excluding those issued for properties earning
less than $1,000,000 per annum, amounted to $36,066,000,
and the present total is unduobtedly much larger.
By order of the Board of Managers.
L. F. LOREE,
President.

11.M.M.11.1•

HUDSON AND MANHATTAN RAILROAD COMPANY
SEVENTH ANNUAL REPORT-FOR THE YEAR ENDED DECEMBER 31ST 1915.
New York, April 1st 1916.
To the Stockholders and Bondholders of Hudson cfc Manhattan
Railroad Company:
The President and Board of Directors submit the following
report of the operations of the company for the fiscal year
ended December 31st 1915.
CONDENSED COMPARATIVE STATEMENT OF
INCOME.
12 Months
12 Months
Ended
Ended
Dec. 311915. Dec. 311914.
Grass revenue from railroad
$3,725,989 15 $3,750,950 43
Railroad operating expenses (Including depredation) and taxes
_ 1,728,832 94 1,698,544 74
Railroad Income
$1,997,156 21 $205240569
Gross revenue Hudson Terminal Buildings and
other non-railroad sources
1,798,376 75 1,805,426 11
Operating expenses (including depreciation)
and taxes
772,637 51
779,527 77
Non-railroad Income
$1,025,739 24 $1,025,898 34
Gross income applicable to fixed charges
$3,022,895 45 $3,078,304 03
236,790 05
Income deductions other than bond interest
243.765 12
applicable
to
bond
interest_ _ _ ..$2,779,130 33 32,841,513 98
Net income
Deduct interest on N. Y. & J. 5s, First Mortgage 4s,and First Lien and Refunding 5s_ 2,137,998 33 2.121,007 07
Balance of net income for the period available
for interest on Adjustment Income Bonds
$641,132 00 3720,506 91
(see Exhibit 3)

The balance sheet, income account and various other
statements of accounts and statistics, showing the financial
condition of the company are attached hereto.
The accounts of the company have been audited by
Messrs. Patterson, Teele Si Dennis, Accountants and
Auditors, and their certificate is included herein.
PHYSICAL CONDITION.
All structures, track, signaling devices, electrical equipment and rolling stock constantly have been maintained
at the highest standards of efficiency. No necessary repairs or replacements have bepn deferred. In making
replacements it has been the policy of the management to
have the new apparatus of the most modern and efficient
type obtainable, thus effecting an improvement over the
apparatus replaced. This policy, applied to many relatively. unimportant details, has had an appreciable effect in
raising the standards.
TRAFFIC.
From January through September 1915 our passenger
traffic showed decreases as compared with the same period
of 1914, but it should be borne in mind that the outbreak
of the European war occurred in August 1914, and that
prior to that event, the company's traffic had shown a
normal growth. Since the full effects of the war did not
begin to operateagainst this company's business until
September 1914, it was not until October 1st 1915 that
significant comparisons of traffic could be made. Since
October 1st 1915 our traffic has shown such satisfactpry
increases as almost to over9ome the decreases of the prior
months of 1915. It is a satisfaction to note also that beginping in October, the traffic.over the uptown lines shows
increases for the first time since the installation of the 7c.
fare.
ADDITIONAL FIRST LIEN BONDS ISSUED.
During the year 1915, $615,500 face value of First Lien
and Refunding Mortgage 5% Bonds were issued by authority of the Public Service Commission for the First District
of the State of New York and the State Board of Public
Utility Commissioners for the State of New Jersey, for the
purpose of reimbursing the company's treasury for ad
ditional capital expenditures made and approved by the
Commissions. Of said amount $200,000 face value of
bonds have been sold, and the proceeds applied to such



reimbursements. The balance of $415,500 of bonds is
retained in the company's treasury.
CAPITAL EXPENDITURES NOT YET REIMBURSED.
In addition to the capital expenditures referred to in the
foregoing the further sum of $178,325 11 has been expended
in the redemption of Car Purchase Certificates, and in improvements and betterments. This amount also has been
approved by the engineers and accountants of the Public
Service Commission, but application has not yet been made
to the Commissions for the authorization of further bonds
for the purpose of reimbursement. Therefore, in making
comparison of the conditions of working assets and working
liabilities, hereinafter stated, with like figures as at December 31st 1914,it should be borne in mind that your company's
treasury is entitled to reimbursement of the aforesaid expenditures in addition to the proceeds to be obtained from
the sale of $415,500 face value of First Lien Bonds now in
the treasury.
HUDSON TERMINAL BUILDINGS.
The Hudson Terminal Buildings practically are fully
rented. The readiness of our tenants to renew leases as
they expire, is the surest indication of the high character
and desirability of our offices, and the efficiency of the
service provided.
SAFETY MEDAL.
It is a source of much gratification to the management
to announce that the American Museum of Safety has
awarded the Travelers' Insurance Company's gold medal
for 1915 to the Hudson & Manhattan Railroad Company
"for achievement in accident prevention among its perSonnel and for promoting safety for the traveling public."
The medal was presented at the annual dinner of the American Museum of Safety held at the Waldorf-Astoria on the
evening of February 3rd 1916. Enclosed herewith will be
found a Special Bulletin published by the American Museum
of Safety relative to the medal, and also enclosed will be
found No. 4 of Volume 2 of the H. & M. Review for March
1916.
It is a pleasure again to ,bear testimony to the loyalty
and zeal with which all of the officers and employees of the
company have discharged the duties assigned to them.
Respectfully submitted by order of the Board of Directors.
WILBUR C. FISK, President.
EXHIBIT NO. 1.
CONDENSED COMPARATIVE BALANCE SHEET AS OF DECEMBER 31ST 1915 AND DECEMBER 31ST 1914.
ASSETS.
December 311915.
December 311014.
$120,452,089 01 Property accounts
3120.593,702 28
1.011.461 35
826,344 60 Less reserve for amortization
3119,582,240 93
$119,625,744 41
$1,000 00 Investments
Proceeds of sales of property released
from the lien of Now York & Jersey
Railroad Company mortgage, deposited
114,099 14 with trustee of the mortgage
402,133 06 Amortization funds, deposited or invested
Bond discount and expense in process of
amortization
3,656,448 76
31,117,484 62
27,537 35
190,582 14
9,060 66
33,242 19
176,840 97
1,866 58
$1,556,614 51
$125,356,039 88

$8,000 00

114,099 14
631,448 95
3.687,958 81

*Working AssetsCurrent cash account
$1,043,306 96
Cash deposited to pay matured coupons
(per contra)
25,685 02
Current accounts receivable
177,941 89
Deposits with public departments
9,060 66
Prepaid insurance, taxes, &c
26,600 87
Materials and supplies-less reserves__
222,024 88
Accounts in suspense
Total working assets
$1.504,620 28
3125,528,368 11

*The Company's treasury is entitled to reimbursements for further
capital expenditures to the amount of $178,325 11 and by the proceeds
to be obtained from the sale of $415,500 First Lien bonds now retained in
trea ury

1360

THE CHRONICLE

LIABILITIES AND CAPITAL.
December 31 1914.
December 31 1915.
$39,994,890 00 Common capital stock and scrip
$39,994,890 00
5,242,151 25 Preferred capital stock and scrip
5,242,151 25
Stocks held in reserve to redeem outstanding securities of predecessor corn-,
12,908 75
panies
12,908 75
New York & Jersey Railroad Company
5,000,000 00 5% mortgage bonds
5,000,000 00
944,000 00 *First Mortgage 434% bonds
944,000 00
t First Lien and refunding mortgage 5%
36,765,133 66
bonds
37,119,133 66
00
Adjustment
33,102,000
income mortgage bonds_ __ _ 33,102,000 00
1,125,500 00 Real Estate mortgages
1,115,500 00
Car purchase obligations payable in
1,008,000 00 installments to 1921
824,000 00
608,216 61 Readjustment reserve
608,216 61
Working LiabilitiesCurrent accounts payable
Matured interest (per contra)
Accrued interest
Rentals received in advance
Temporary operating reserves
Undistributed interest earned on adjust402,172 28
ment income bonds

3147,594 09
27,537 35
916,860 26
3,232 34
55,843 29

$1,553,239 61

Total working liabilities

$125.356,039 88

$156,031 85
25,685 02
921,130 41
19,810 61
61,645 67
381,264 28
$1,565,567 84

$125,528,368 11

*The balance of the issue of old 434% bonds ($66,204,000) is deposited
with the trustees of the First Lien and Refunding Mortgage and the Adjustment Income Mortgage in accordance with the terms thereof.
t In addition to the $37,119,133 66 First Lien and Refunding 5% bonds
outstanding in the hands of the public, there are restained in the Company's
treasury $415,500 par value of said bonds for the purpose of reimbursement of the company's treasury for capital expenditures already made and
approved by the Public Service Commission.
EXHIBIT NO. 2.
INCOME ACCOUNT FOR TWELVE MONTHS ENDED DECEMBER 31ST 1915, COMPARED WITH TWELVE MONTHS
ENDED DECEMBER 31ST 1914.
1914.
1915.
$3.490,880 76 Gross Revenue-Passenger Fares
$3,477,695 46

$150,689 48
66,803 89
3,61879
10,949 45
28,008 06

Miscellaneous Revenue from Railroad OpertionsAdvertising
$121,149 94
Other Car and Station Privileges
69,026 74
Sale of Power
12,081 29
- Miscellaneous Transportation Revenue_ _ _
15,443 89
Other Miscellaneous Revenue
30,591 83

$260,069 67 Total Miscellaneous Railroad Revenue
$3,750,950 43
$260,801 32
159,256 79
245,478 10
622,485 69
1,625 05
157,692 73
$1,447,339 68

Total Railroad Revenue
Operating Expenses of RailroadMaintenance of Way and Structures
Maintenance of Equipment
Power
Transportation Expenses
Traffic Expenses
General Expenses

$248,293 69
$3,725,989 15
$269,424 23
179,676 53
243,508 65
615,302 54
1,110 12
147,573 58

Total Operating Expenses of Railroad_ _ _$1,456,595 65

$2,303,610 75
Net Operating Revenue from Railroad_ _ _ _$2,269,393 50
251,205 06 Taxes on Railroad Operating Properties
272,237 29
$2,052,405 69 Net Income from Railroad Operation

$1,997,156 21

3957,079 78 Net Income from IIudson Terminal Buildings 3947,395 26
40,190 84 Net Income from other Real Estate Properties_
35,232 43
$997,270 62 Total Net Income from Outside Operations__ $982,627 69
$3,049,676 31 Total Net Income from All Operating Sources..$2,979,783 90
28,627 72 Non-Operating Income
43,111 55
$33,078,304 03 Gross Income

$54,266 67
52,199 64
73,187 29
37,530 84
19,605 61

$3,022,895 45

Income Deductions Other than Bond InterestInterest on Car Purcnase Agreements
345,066 67
50,835 50
Interest on Real Estate Mortgages
71,822 50
Rental Tracks, Yards and Terminals
Amortization of Debt Discount and Expense
39,020 36
37,020 09
Miscellaneous Deductions

$236,790 05 Deductions Prior to Bond Interest

$243,765 12

$2,779,130 33
$2,841,513 98 Net Income Applicable to Bond Interest
Deduct Bond Interest on N. Y. & J. 5s, First
Mortgage 434s and First Lien Refunding 5s.. 2,137,998 33
2,121.007 07
Balance of Net Income, for the Period, Available for Interest on Adjustment Income
$720,506 91
bonds (see Exhibit 3)
3641.132 00

EXHIBIT NO. 3.
PROFIT AND LOSS ACCOUNT FOR YEAR ENDED DEC. 31 1915.
Balance available for distribution as interest on Adjustment
Income Bonds, January 1st 1915
$402,172 28
Earnings for twelve months ended December 31st 1915, applicable as interest on Adjustment Income Bonds (see Exhibit
641,132 00
No. 2)
31,043,304 28
Less installments of interest on Adjustment Income Bonds:
Earned during six months ended December 31st
1914, declared March 1st 1915 and paid
April 1st 1915, at the rate of $10 per $1,000
bond
$331,020 00
Earned during six months ended Juno 30th
1915, declared August 5th 1915 and paid
October 1st 1915 at the rate of $10 per $1,000
bond
331,020 00
$662,040 00
_

Balance available for distribution a8 interest on Adjustment
3381,264 28
Income Bonds (see Exhibit No. 1)
Note.-Coupon No. 6 representing the interest on Adjustment Income
Bonds for the six months ended December 31st 1915, was declared on
March 1st 1916 and paid April 1st 1916, at the rate of $10 per 31,000 bond
(2% per annum) amounting to $331,020, leaving a balance of $50,244 28
carried forward to the next interest period.




[VoL. 102.

The Tiontuterctai
COMMERCIAL EPITOME
Friday Night, April 7 1916.
Trade continues almost uniformly active. When inland'
navigation is resumed it may become even more so. Each
week sees a repetition of the familiar record of remarkable.
transactions in all sorts of merchandise, and of the difficulty
which mills and factories find in keeping up with their orders,
or even, in some cases, within measurable distance of them.
Some are more actively engaged than every before. Laboris scarce, wages are rising and the production of iron and
steel is on an astonishing scale. It is said that the British
Government has just exercised an option to purchase nearly
300,000,000 pounds of copper in this country, the largest
transaction ever known in the American trade. Articles of'
luxury are in larger demand. Sales of goods in general exceed those for several years past. Those of March were
unprecedented. Ocean freights have latterly declined. On
the other hand, fears are expressed that interior dealers and
others may, through a fear of higher prices for merchandise,
over-buy and thus. pave the way for regrettable results later
on. Railroad freight congestion still hampers business. Sodoes the scarcity of materials such as steel, textile fabrics,
leather, paper and dyestuffs. Cold weather and bad roads
have restricted business in some parts of the West. The
winter-wheat crop is officially estimated at the smallest forfour years past. Finally, American relations with Germany
are critical and the American punitive expedition into Mexico
has thus far failed of success. Yet the business situation in
the United States, provided due heed is given to counsels
of ordinary prudence, is on the whole satisfactory.
STOCKS OF MERCHANDISE IN NEW YORK.
Apr. 1 16. Mar. 1 16. Apr. 1 15.
bags..1,284,374 1,438,430 1,125,176
57,889
mats_ 45,080
56,372
462,129
425,731
bags.. 517,584
hogsheads_
4,127
10,487
28,177
No.. 51,560
23,500
151,909'
bales_ 282,701
145,385
319,118
bales
960
500
bales
98•
barrels_ 60,600
50,600
65,000

Coffee, Brazil
Coffee, Java
Coffee, other
Sugar
Hides
Cotton
Manila hemp
Sisal hemp
Flour

LARD in good demand; prime Western 11.65@11.75c.;
refined to the Continent 12.60c., South America 12.75c.,
Brazil 13.75c. Futures were higher, with advanced quotations for hogs and buying by leading operators. The receipts of hogs have been smaller than expected. To-day
prices advanced early but reacted later. Commission houses,
however, were pretty good buyers and offerings were not
large.
DAILY CLOSING PRICES
Sat.
cts_ 11.35
11.60

May delivery
July delivery

OF LARD FUTURES IN CHICAGO.
Fri.
Wed. Thurs.
Mon. Tues.
11.4234 Hull-. 11.3734 11.473i 11.47
day. 11.60
11.673, 11.70
11.673

PORK in moderate demand; mess $24@$24 50, clear $22@
$25. Beef, mess $18 50@3$19 50, extra India moss $31 SO®
$32 50. Cut meats in good demand and strong; pickled
hams, 10 to 20 lbs., 153/2@17c.; pickled bellies, 13M ®14Yo.
Butter, creamery, 32@38c. Cheese, State, 14®183/2c.
Eggs, fresh, 20 V4 ®24c.
COFFEE quiet; No. 7 Rio, 98@9c.; No. 4 Santos,
%®12%c. Futures
103. ®10%c.; fair to good Cucuta, 113
have advanced, partly owing to higher prices at Rio and
Santos. Also receipts have been light. Trading, however,
has been small, and primary stocks have increased. The
crop movement to Rio and Santos is 13,613,000 bags, against
11,264,000 thus far last season, and 12,527,000 two years
ago. To-day prices closed 2 to 3 points higher with sales
of 27,500 bags. Prices were as follows:
March-._.cts.8.66 8.68
April8.14 8.16
May
8.22 8.23
June-------8.26 8.28

July.._ ets..8.31
8.36
August
September 8.41
October__ -- _8.44

8.32
8.37
8.42
8.46

November cts8.47 ®8.48
December __ _8.51 ©8.52
January ____8.5608.5$
February __ _8.6108.63

SUGAR in good demand at some decline; centrifugal, 96degrees test, 5.83@5.95c.; molasses, 89-degrees test, 5.06©
5.18c.; granulated, 7c. Futures have latterly advanced on
more active buying, especially of May, though this in some
cases was accompanied by selling the distant months as a
hedge. Cuban stocks are increasing, but shipments to the
United States are hampered by the scarcity of freight cars,
and ocean tonnage. The receipts at the Atlantic ports for
the week were, therefore, only 66,482 tons, as contrasted
with meltings of 68,000 tons. The total stocks decreased to
104,915 tons, against 106,433 tons in the previous .week
156,629 in 1915, and 197,929 tons in 1914. Near positions
are especially firm. Himely reduces his crop estimate 93,000
tons, making it 3,082,000 tons. To-day futures closed unchanged to 4 points higher, with sales of no less than 17,85
tons. Closing quotations were as follows:
March-cts.4.20 4.25 I July _ _ _ _ eta _5.01 (05.02
5.01@5.02
4.93 5.00 August
April
May
5.02@5.03 September _ _4.99 5.00
4.90©4.92
June..___ ---5.01 5.03 October

November cts4.70©4.72
04.50
December
January ____4.35@4.37
February _ - A.24@4.27

APR. 8 1.16.]

THE CHRONICLE

OILS.
-Linseed in moderate demand; city raw, American
city boiled, American seed, 78@81c.; Calcutta, 90c. Lard, prime, 96@98c. Cocoanut, Cochin,
173/2@18c.; Ceylon, 163/2@170. Corn, 100. Palm, Lagos,
20@22c. Cod, domestic, 63@64c. Cottonseed, winter,
10.60c.; summer, white, 10.60c. Spirits of turpentine,
533/
20. Strained rosin, common to good, $5.
PETROLEUM in good demand and firm; refined in bar95@i$9 95;bulk,$5 25@$6 25;cases,$11 25@$12 25.
rels,
Naphtha, 73 to 76-degrees, in 100-gallon cases and over,
41 Mc. Gasoline, gas machine steel, 37c.; 73 to 76-degrees,
steel and wood, 32@35c.; 68 to 70-degrees, 29@32c.
Closing quotations follow:
Pennsylvania dark $2 60 North Lima
$1 73 Illinois. above 30
°shell
2 12 South Lima
1 73
degrees
451 80
Mercer black
2 10 Indiana
1 58 Kansas and OklaNew Castle
2 10 Princeton
homa
1 55
1 80
Corning
2 10 Somerset.32 deg- 1 95 Caddo La.light_
155
Wooster
190 Ragland
90c.
TOBACCO has been quiet but firm. The supply of desirable binder and filler is only moderate. Manufacturers
buy only on a small scale, especially as the cigar trade is not
quote so brisk as recently. Low-grade tobacco is in sharp
demand from Holland, supposedly for reshipment to Germany, and the supply hardly equals the demand. Sumatra
is in fair demand and recent purchases at Amsterdam will
arrive here shortly. Cuban leaf is steady but quiet. A large
business, however, is being done in Havana.
COPPER in good demand and firm; Lake here on the spot
28 Mc.; electrolytic 283c.; for future delivery 273c. London standard advanced. It is said that producers have
already sold most of their production for the next four
months and that, notwithstanding the large output, consumption is greater than production. There is an inquiry here
from Europe for shipment during the last half of this year.
To-day it was reported that the English Government has
exercised an option with large concerns in this country for
the largest quantity of copper ever sold at one time in the
history of the American trade, reaching nearly 300,000,000
lbs., at prices not much under prevailing quotations. Tin
active and higher on the spot at 52()54c. London and
Singapore have advanced. Arrivals latterly 55 tons. There
has been some uncertainty as to the time of the arrival of the
Tuscan Prince, and this of itself has strengthened prices
here, as its cargo amounts to 775 tans from the Straits. It
is not expected to be here in April. Spelter in active demand and higher on the spot at 183
%c. London has been
advancing sharply. Consumers have been buying here for
the first half of the year. Lead quiet, but firm on the spot
at 73'@8c. London after declining early in the week became stronger. Japan and Russia are believed to be in the
market. Japan is expected to renew its buying here before
long. Pig iron advanced, but demand less active. No. 2
Philadelphia $20 25@$20 75; No. 2 Southern $15@$16,
Birmingham. Steel has been in steady demand partly for
export. The production of iron and steel in March was at
the amazing rate of 40,000,000 tons of pig iron per annum
and 43,000,000 to 44,000,000 tons of steel ingots per annum.
It is pointed out, too, that the mills did not catch up with
their orders during March; far from it. Some of them fell
farther behind than ever. Some big concerns refuse to sell
rails for delivery beyond May 1 1917.
Light rails
have advanced $5, light gauges of black sheets $2 to $3 and
spikes $3 a ton. At Pittsburgh the supply of semi-finished
steel has increased a little. The demand for steel has recently fallen off somewhat owing to high prices and the
difficulty of getting near-by deliveries.

seed, 77@80c.;

COTTON
Friday Night, April 7 1916.
THE MOVEMENT OF THE CROP,as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
93,455 bales, against 109,963 bales last week and 101,806
bales the previous week, making the total receipts since
Aug. 1 1915 5,892,898 bales, against 9,214,934 bales for the
same period of 1914-15, showing a decrease since Aug. 1 1915
of 3,322,036 bales.
Sat.
Galveston
Texas City
Port Arthur_
Aransas Pass,-&-c
New Orleans_ _ _ _
Mobile
Pensacola
Jacksonville, &c_
Savannah
Brunswick
Charleston
Georgetown
Wilmington
Norfolk
N'port News, &C
New York
Boston

3,974
2,525

Tues.

I
Wed. Thurs. i Fri. I Total.

4,888 6,536 6,710 5,341: 3,430 30,871
----_-_ 2,884
__--! - - __ 5,401
_
_'
---------------------781
781
,720
1,597
840
7ii5
-nf-3§'
,448 17,961
33
420
708
6411 3,411
400 1,2171

2-,446

2-,o(It

63
___
890
2,100

261
____
550
2,427

- ---

----

236

153

Rlig=lia
Totals this w...1,

Mon.

::::
in

AR9

i,&

ma

The following shows the

since Aug. 1 1915 and the
last year:



1361

.s.a
Receipts to
April 7.

I

1915-16.

Stock.

191445.

This Since Aug This Since Aug
Week. 1 1915. Week 1 1914.

Galveston
Texas City
Port Arthur
Aransas Pass,&c_
New Orleans__
Mobile
Pensacola
Jacksonville, &c_
Savannah
Brunswick
Charleston
Georgetown
Wilmington
Norfolk
N'port News,&c
New York
Boston
Baltimore
Philadelphia
Totals

1916.

1915.

30,879 2,063,728
5,409 278,495
53,584
781
78,730
17,960 1,120,776
3,419
98,451
43,169
38,573
94
11,350 901,391
93,200
3,000
1,543 222,093
728
4,770 167,366
11,537 523,524
1,149
75,912
---_
25,915
1,184
62,987
363
41,717
17
2.559

70,759 3,620,914 281.160 423,772
1,319 484,971
20,756
62,716
48.159
328
49,572
1,671
2,778
39,487 1,571,218 337,651 371,350
3.128 150,914
17,528
42,313
65,194
5
29,107
2.927
466
23,088 1,611,815 149,330 162,062
7,000 184.808
13.500
15,000
3,718 377,373
65,173
88,600
140
1,613
2,309 239,697
50,426
54,015
13,186 506,747 113,256
77,548
5,762 130,887
558
17,138 269,507 170,349
9,136
53,383
4,572
12,373
5,083
69,431
1,742
5,633
2,455
2,982
48
1,993
93.4555.8928118 177.140 A 9.14 AU 1.:IRR.05c) L4111.057

In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts al-

1916.

1915.

1914.

1913.

1912.

Galveston ___
rexasCity,&c
New Orleans..
Mobile
Savannah _
Brunswick _ _ _
Charleston,&c
Wilmington....
Norfolk
N'port N.,&c.
Allothers_ _ _ _

30,879
6,190
17,960
3,419
11,350
3,000
1,543
4,770
11,537
1,149
1,658

70,759
1,647
39,487
3,128
23,088
7,000
3,858
2,309
13,186
5,762
6.,925

30,494
1,165
22,820
5,831
22,209
'
1.939
1,975
6,868
6,287
1.434

34,496
2.062
20,306
7.323
14.071
2,100
2.711
3,026
8.198
278
634

34.842
4,306
22,525
2,759
22.365
4.650
2,600
6.755
15,664
3.948
22.217

Total this wk.

93,455

177.149

101,022

95,205

142.631

1911.
13,637
13,301
619
5,545
234
579
804
2,741
37.190

Since Amt. 1_ 5.892.RAR A.214.914 A.710.855 9.0:10.025 111 575179 8.100.1 24
The exports for the week ending this evening reach a total
of 123,847 bales, of which 67,466 were to Great Britain,
20,289 to France and 36,092 to the rest of the Continent.
Exports for the week and since Aug. 1 1915 are as follows:
Week euding April 7 1916.
Exported toExports
fromGalveston__
Texas City.
Pt. Arthur_
A r. Pass,&c
NewOrleans
Mobile
Pensacola
Savannah
Brunswick
Charleston
Wilmingt'n.
Norfolk__ _
N'portNews
New York_
Boston _ _ _ _
Baltimore__
Philadel
Portl'd, Me
San Fran
Seattle
Tacoma
Los Angeles
Pembina

From Aug. 1 1915 to April 7 1910.
Exported to-

ContiGreat
Great
ContiBritain. France. nent&c. Total. Britain. France. nent&c.1 Total.
26,836
4,872

8,091 34,927 805,902 142,267
4,672 174,924 60,981
43,142
13,873
25,188
2,158 27,344 416,228 141,182
37,545
35,507
7.000
3,784 3,764 154,873 65,556
51,916
4,800
54,055
11,010
11,010
63,236
-----4,164
4,164 12,693
4,164
742
2,354 5,115 7,623 15,092 67,031 104,690
3,874
1,246 5,120 35,018
4,542
4,542 90,803 26,109
11,426
2,452
6,000 6,000
4,024 4,024
3,188 3,188

365,670'1,313,839
7,5021 243,407
1 43,142
9,722: 23,595
234,0231 791,433
1 37,545
1,338 43,845
139,229, 359,658
56,716
20,3251, 74,380
67,912! 131,148
16,857
1
742
285,141 456,862
6,841 41,859
500, 117,412
3,330 14,726
2,452
121,2271 121,227
147,625, 147,625
87,015 87,015
4501
450
1,7611
1,761

,Total____ 67,466 20,289 36,092 123,847 1,994,257 633,858 1,409,5814,127,696
'14-'15 65,147 27,473 44,351 136,971 2,964,069 514,698 3,243,746,6,722,513
Tot. '13-'14 21,635 3,129 52,615 77,3793,049.377 1,005,4563,866,831:7,921,494
Note.-New York exports since Aug. 1 Include 1,048 bales Peruvian and 285 West
Indian to Liverpool and 1,010 bales Peruvian to Genoa.
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. We add similar figures for
Now York.
On Shipboard, Not Cleared forGreat
GerOther CoastApril 7 at- Britain. France. many. Cont't. wise
New Orleans_
3,500 18.360
Galveston _ _ _ _ 10,420 3,000
Savannah
Charleston
Mobile
3,123
Norfolk
New York_ _ _ _
500 1,200
Other ports_ _ _ 3,000

Total.

27,874
49,734
39,424 13,150 65,994
1.500 1,500
100

2.551
1,246
2.30)
1,000

5,774
1.246
4,000
4,000

Leaving
Stock.
287,917
215,166
147,830
65,173
11,754
112,010
265,507
101.054

Total 1916_ _ 20.543 22.560
100' 70.598 18.447 132.248 1,206,411
Total 1915_ _ 125,221 11.403
100 86,556 36,579 259,859 1,232,098
Total 1914
27,501 5,812 54,268 31,497 26,913 145,991 586,003

Speculation in cotton for future delivery has continued
small at irregular and generally lower prices. Rains have
fallen in Texas, Oklahoma and Arkansas and also east of
the Mississippi. Moreover, there has been some renewal
of liquidation of May contracts. The long account in May
----I
--VI
--§:
2-4iii 1-,ii
-655 2,256 11,351 is said to be large. And there has been more or less fear
- -1 3,000 3,001 of a rupture of American relations with Germany growing
'75
31
- &11 1,059 1,54:
____
_
____
_ _ _ _1
out of recent submarine reports. Besides, stocks are large
865 1,172
708
tiMI 4,771
1,503 1,359 2,642 1,506: 11,53' in this country, the exports are small and private advices
---------1,149i 1,141 indicate a good increase in the acreage. Some recent reports have put the increase in the planted area at 6 to 8%,
-M§
-§g5
...
fi
-- MI 1-,18;1
3 but there is a widespread and deep-seated idea that the in--i'i
:::: ::::
_36 I
3f7 crease will really be considerably more than this. The estimates range from 10% upward, not a few being 15 and 20%
18.709 17.754 18.607 17 :191 oft Aci
as regards Texas and 30% or more in Oklahoma. There
week's total receipts, the total was a report started some days ago, too, that Southern banks
stocks to-night, compared with were beginning to get restive over their loans on cotton,
and were likely to force the sale of a good deal on which they

THE CHRONICLE

1362

made advances when the price was much higher than it is
now-i. e., around 13 cents. It is noticed, too, of late that
spot prices at the. South have not advanced very easily.
More than once it was noted that, even with liberal sales,
at New Orleans, for instance, no change was made in prices.
Inferentially holders were pleased enough to sell without
exacting an advance. At times about the only support
here has been the buying by Liverpool to undo
straddles. But trade buying, that is, by spot• interests and to some extent by spinners, has also
on some days been a sustaining factor. It
is also true that many who have thrown over May
have bought October, December or January. That was
taken to mean that while certain interests in Wall Street and
the West, which believe in the bull side, might let go of their
May, their faith in the future prices was so strong that they
simply switched to October, December or January,and therefore stood on their holdings. Outside speculation, however,
•as a rule has been very light. Liverpool advices have shown
that trading there has also been small and that American and
Egyptian operators have sold there to a greater or lesser
extent, owing to disappointment over the recent action of the
market. Besides, Liverpool straddlers have been selling out
the straddle in their own market, owing to some decline of
late in ocean freights, which seems to portend larger imports
of cotton at Liverpool. As everybody knows the straddle
was originally made by buying in Liverpool and selling in
New York. The reversing of the straddle has, naturally,
&pressed Liverpool, and more or less sustained New York,
since it meant buying here. Certainly Liverpool prices have
declined more than they have here. Oh the other hand,it is
'emphatically denied that Southern banks are putting pressure
•on Southern holders to compel them to sell. The consumption in this country continues large. Besides the size of the
next crop, whatever the acreage, is purely conjectural,
especially as the fertilizers will be of deficient quality. A
good many believe, moreover,that the war will end some time
during the coming season. They also believe that peace
will be the signal for a phenomenal demand for cotton and
.a.. no less phenomenal advance in prices. Some maintain
that even now the annual loss in sales of American cotton to
Germany and Austria of some 3,000,000 bales will be made
up by an increased consumption this year by the United
States and Japan. To-day prices declined, owing to beneficial rains, weakness in Liverpool, a falling off in the demand
from shorts, and apprehensions of a severance of diplomatic
relations before long with Germany. Spot prices closed at
12 cents for middling upland, showing a decline for the week
of 10 points.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
April 1 to April 7Middling uplands

12.00
9.95
13.40
12.60
11.00
14.60
15.00
' 10.10

1908_c
1907
1906
1905
1904
1903
1902
1901

10.25
11.00
11.70
8.05
14.90
10.45
9.19
8.44

1900_c
1899
1898
1897
1896
1895
1894
1893

9.75
6.19
6.19
7.38
7.88
6.38
7.75
8.56

1892_c
1891
1890
1889
1888
1887
1886
1885

6.75
9.00
11.44
10.25
9.81
10.56
9.25
11.19

MARKET AND SALES AT NEW YORK.
Spot Market
Closed.
Saturday_ _ _
Monday __
Tuesday _
Wednesday_
Thursday _ _
.Friday

Futures
Market
Closed.

Quiet, 10 pts. dec__ Steady
Steady
Steady
Steady, 5 pts. dec._ Steady
Qulet, 5 pts. adv... Steady
Steady,5 pts. adv_ _ Firm
Steady,5 pts. dec... Easy

SALES.
Spot. Canted Total.
900
517
2,321

1,166

1,979
2,321
200
100

200
100
4,038

Total_

1,400

5,438

NEW ORLEANS CONTRACT MARKET.-The high-est, lowest and closing quotations for leading contracts in the
New Orleans cotton market for the past week have been as
follows:
Saturday, Monday, Tuesday, Wed'day, Thursd'y, Friday,
April 1. April 3. April 4. April 5. April 6. April 7.
AprilRange
Closing
MayRange
Closing
JulyRange
Closing
AugustRange
Closing
SeptemberRange
' Closing
October-

gionste

g
DecemberICInsfneg
Closing
JanuaryRange
Closing
g
ToneSpot
(Intinna

FUTURES.-The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday, Monday, Tuesday, 1Ved'day, Thursd'y,1 Friday,
April 1. April 3. April 4. April 5. April 6. April 7. Week.
AprilRange
Closing
11.78 -11.81-.83 11.78-.80 11.76-.80 11.86 - 11.75 ---May11.84-.88 11.77-.90 11.78-.89 11.77-.85 11.80-113 11.82-.90 11.77-.90
Range
Closing. 11.84-.85 11.89-.90 11.85-.86 11.83-.84 11.92-.93 11.81-.82--JuneRange
Closing- _ 11.90 -11.95 -11.93-.95 11.93 -12.00 -111.89 ---July11.92-.01 11.86-.01 11.93-.03 11.91-.00 11.96-.11 11.97-.08 11.86-.11
Range
11.93-.94 12.00 -11.99-.00 11.97-.98 12.09-.10 11.97-.98
Closing
August12.03 -12.07 -12.03 ----12.10 -I---12.03-.10
Range
12.00-.02 12.07-.08 12.05-.07 12.05-.07 12.17-.19112.05-.07--Closing_
SeptemberRange
1
11.96-.98 12.03-.05 12.03-.05 12.08-.10 12.21-.22,12.10 ---Closing
9ctoberI
12.00-.09 11.93-.09 12.05-.11 12.04-.16 12.12-.28 12.15-.25 11.93-.28
Range
12.00-.01,12.06-.07 12.07-.08 12.13-.14 12.26-.27112.15 ---Closing
NovemberRange
.
12.06 -12.12 -12.13 - 12.19 -12.32 -112.21 ---Closing
DecemberI
12.17-.27 12.10-.26 12.22-.29 12.20-.32 12.29-.44.12.31-.41 12.10-.44
Range
12.18-.19,12.23-.24 12.24-.25 12.29-.30 12.42-.4312.30-.31--Closing
JanuaryI
I
12.24-.31'12.17-.32 12.27-.34 12.24-.36 12.32-.48 12.37-.45 12.17-.48
Range
12.24-.25 12.30-.31 12.29-.30 12.34-.35 12.47-.48 12.36-.37--Closing
FebruaryI
I
Range
12.26-.28 12.32-.34 12.32-.34 12.37-.39 12.52-.5312.41-.43--Closing
M
MarchI
I
12.33-.35 12.28-.33 12.41 -12.34-.37 12.41-.55 12.47-.56 12.28-.56
Range
C11.1m7_ _ _ 12.25-.31 12.37-.39 12.39 -12.42-.44 12.55-57 12.46-.47---

THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks,
as well as the afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
April 7Stock at Liverpooi
Stock at London
Stock at Manchester

1913.
1915.
1914
1916.
bales_ 859,000 1,518,000 1,214,000 1,246,000
4,000
23,000
35,000
55,000
86,000
88,000
125,000
89,000

Total Great Britain stock
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
Total Continental stocks

1,003,000 1,666,000 1,307,000 1,336,000
17,000 '14,000
*34,000
*1,000
*1,000 *547,000 559,000 481,000
319,000 259,000 389,000 359,000
2,000
3,000
19,000
i 13,000
32,000
31,000
41,000
47,000
24,000
36,000
119,000 601,000
29,000
*4,000
48,000
*1,000
501,000 1,505,000 1,084,000

940,000

1,504,000 3,171,000 2,391,000 2,276,000
Total European stocks
68,000
130,000 213,000
65,000
India cotton afloat for Europe
320,824
757,962 387,430 300,141
Amer. cotton afloat for Europe
38,000
67,000
Egypt,Brazil,&c.,afloat for Eur'pe 32,000
40,000
240,000 278,000 221,000
100,000
Stock in Alexandria, Egypt
Sat. Mon. Tues. Wed. Thurs. Fri.
India
1,087,000 739,000 1,025,000 855,000
12.00 12.00 11.95 12.00 12.05 12.00 Stock in Bombay,
1.338,659 1,491,957 731,994 681,607
Stock in U. S. ports
976,327 877,272 553,392 547,991
Stock in U. S. interior towns
QUOTATIONS FOR 32 YEARS.
300
7,6.29
3,004
66,416
U.S.exports to-day

NEW YORK
The quotations for middling upland at New York on
April 7 for each of the past 32 years have been as follows:
1916_c
1915
1914
1913
1912
1911
1910
1909

[VOL. 102.

11.59-.61 11.68-.70 11.64-.68 11.66 -11.77 -11.62 11.66-.71 11.56-.77 11.70-.78 11.67-.74 11.71-.83 11.69-.82
11.66-.67 11.74-.75 11.70-.71 11.71-.72 11.82-.83 11.68-.70
11.85-.90 11.76-.96 11.87-.95 11.83-.93 11.88-.01 11.86-.00
11.85-.86 11.91-.92 11.88-.89 11.89-.90 12.00-.01 11.86-.87
12.00
11.88-.90 11.95-.97 11.92-.94 11.93-.95 12.04-.06 11.90-.91

5,490,226 7,484,820 5,649,820 4,988,039
Total visible supply
Of the above, totals of American and other descriptions are as'follows:
Americanbates.. 643,000 1,213,000 971,000 1,058,000
Liverpool stock
59,000
58,000
96,000
65,000
Manchester stock
*412,000 *1,336,000 998,000 905,000
Continental stock
320,824 757,962 387,430 300,141
American afloat for Europe
1,338,659 1,491,957 731,994 681,607
U.S. ports stocks
976,327 877,272 553,392 547,991
U.S. Interior stocks
300
3,004
7,629
66,416
U.S.exports to-day
Total American
East Indian, Brazil, &c.
Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
Total East India, &c
Total American

216,000 305,000 243,000
5,000
23,000
55,000
29,000
29,000
21,000
86,000
*89,000 *169,000
65,000 130,000 213,000
67,000
40,000
32,000
100,000 240,000 278,000
1,087,000 739,000 1,025,000

188,000
4,000
28,000
35,000
68,000
38,000
221,000
855,000

1,668,000 1,675,000 1,946,000 1,437,000
3,822,226 5,779,820 3,703,820 3,551,039

5,490,226 7,454,820 5,649,820 4,988,039
Total visible supply
6.95d.
7.62d.
7.36d.
5.52d.
Middling Upland, Liverpool
12.50c.
13.35c.
12.00c.
9.80c.
Middling Upland, New York
9.80d. 10.50d.
8.50d.
10.91d.
Egypt, Good Brown, Liverpool
9.00d.
9.90d.
9.25d.
Peruvian, Rough Good,Liverpool 13.00d.
634d.
6%d.
5.15d.
7.40d.
Broach, Fine. Liverpool
5.26d. 6 5-16d.
6%d.
Tinnevelly, Good, Liverpool_ .._ _
7.52d.
*Estimated.

Continental imports for past week have been 59,000 bales.
The above figures for 1916 show a decrease from last week
of 68,385 bales, a loss of 1,964,594 bales from 1915, a decrease of 159,594 bales from 1914 and a gain of 502,187
bales over 1913.
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.-Below are the closing quotations of middling
cotton at Southern and other principal cotton markets:
-Closing Quotations for Middling Cotton onWeek ending
April 7.

Galveston
11.92-.94 11.98-.00 11.95-.97 11.96-.98 12.07-.09 11.93-.95 New Orleans_ _ _
Mobile
11.82-.89 11.75-.93 11.87-.93 11.84-.95 11.92-.07 11.92-.07 Savannah
11.82-.83 11.88-.89 11.88-.89 11.92-.93 12.05-.06 11.92-.93 Charleston
Wilmington_ _ _ _
11.94-.01 11.89-.04 12.00-106 11.98-.09 12.06-.20 12.07-.20 Norfolk
11.95-.96 12.02-.03 12.00-.02 12.07-.08 12.19-.20 12.06-.07 Baltimore
Philadelphia _ _ _
12.06-.08 11.99-.05 12.09-.15 12.10-.17 12.16-.26 12.25-.26 Augusta
12.04-.05 12.11-.12 12.10-.11 12.16-.18 12.29-.30 12.15-.17 Memphis
. St. Louis
Quiet
Steady Steady
Quiet
Steady
Quiet
Houston
Fitar.i v St..,"v SlEtwiv Sitnadv Siteadv BrIv striv Little Rock_




3,822.226 5,779,820 3,703,820 3,551,039

Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friaay.
12.30
12.30
12.25
12.25
12.20
12.20
11.88
11.88
11.88
11.88
11.88
11.88
11.75
11.75
11.75
11.75
11.75
11.75
11/,
11%
12
11%
12
12
11
11%
116
11
11%
11%
11%
11%
11
113
11%
1l%
11.63
11.75
11.63
11.69
II. 3
11.63
11%
11%
11%
12
11%
12
12.30
12.25
12.25
12.20
12.25
12.25
11.69
11.69
11.75
11.75
11.75
11.75
12.00
12.00
12.00
12.00
12.00
12.00
12
12
12
12
12
12
12.30
12.30
12.30
12.25
12.25
12.20
12.25
12.13
12.13
12.13
12.13
12.13

AIR. 8 1916.]

THE CHRONICLE

AT THE INTERIOR TOWNS the movement-that is,
the receipts for the week and since Aug. 1,the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year-is set out in detail below.
Movement to April 7 1916.
Towus.

Ship- Stocks
ments. April
Week. Season. Week.
7.
Receipts.

Movement to April 9 1915.
Receipts.
Week. I Season.

Ship- Stocks
mews. April
Week.
9.

17,141
450
145 12,032
Ala., Eufaula258 24,383
503 9,369
Montgomery - 1,760 110,895 3,848 63,949 2,175 195,030 4,585 64,060
470 56,424 1,858 25,757 2,092 129,297 3,933 23,251
Selma
51,299 1,069 12,083
231
Ark., Helena
324 61,210 1,2811 10,091
2,569 155,452 6,095 35,876 3,322 198,762 8,16 35,78€
Little Rock
65 20,615
441 5,629
Ga., Albany_ _ _
95 31,793
9511 11,499
2,065 109,306 4,300 27,278 1,360 114,579 3,5001 19,784
Athens
7,558 125,016 4,543 66,731 2,486 1/5,540 2,8661 16,482
Atlanta
Augusta
4,157 358,364 7,427124,711 3,171 424,684 6,318129,711
Columbus
486 61,210 1,557 48,918
270 95,629 3,748 38,749
Macon
440 42,884
611 9,548
35 36,930
827 9,167
Rome
961 59,646 1,188 18,795
889 62,335 1,038 8,729
La.,Shreveport
365 116,057 1,597 29,704 2,3231 149,169 4,296 44,139
Miss„Columbus
151
16,077
136 5,142
3561 31,052 1,101 4,956
Greenville
179 61,702
412 6,408
3811 72,169
748 10,063
Greenwood
1,019 99,943 1,388 16,575
1301 131,280 1,230 13,782
Meridian
923 43,921 2,566 15,725
6281 45,140 2,414 14,389
Natchez,
67 23,655
1831 21,384 2,514 5,076
169 9,498
Vicksburg
118 25,626
2431 37,314 1,176 8,099
214
164
Yazoo City_
30,558
93 10,545
401 39,416 1,230 7,625
Mo.,St. Louis_ 10,712 580,643 10,459 19,772 23,0251• 568,388 25,337 30,421
4181 11,149
288
N.C., Raleigh_
11,298
200
500
118
384
0., Cincinnati_ 4,510 200,999 5,000 18,118 6,5481 239,319 7,929 16,552
377
41
Okla., Hugo_
12,613
----I 10,354
__----360 9,874
9661 23,430
S.C., Greenw'
18,834
24
652 7,811
Tenn„Memphl 14,591 875,574 20,049235,225 18,0161 970,027 30,871 180,232
1,837
6,884
238
Nashville
6,279
430 1,671
01 3,287
242
107 19,489
Tex., Drenha
18,061
266 1,057
15 5,512
277 27,582
150 45,805
Clarksville
218 1,100
88,481
308
11,281
1,524
3,339
Dallas
118,0891 1,577 4,673
173 1,870
Honey,Grove.
263 28,788
25 24,306
60
350
27,887 1,905,723 31,736 117,761 50,9303,198,760 53,165 139,930
Houston
1,545 91,517
637 6,207
Paris
800 115,720
857 2,241
1
Total„33 towns, 85,592 5,460,026 108,674,976,327 124,955 7,426,783 174,289 877,272

The above totals show that the interior stocks have decreased during the week 23,082 bales and are to-night 99,055
bales more than at the same time last year. The receipts at
all towns have been 39,363 bales less than the same week
last year.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.-We give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for the
week and since Aug. 1 in the last two years are as follows:
-1915-16--- -1914-15---1914-15z17-0
April 7Shipped-

Week.

Via St. Louis

10.459

Via Cairo
Via Rock Island

1,175
53

Via Louisville '
Via Cincinnati
Via Virginia points_
Via other routes, &c

1,892
2,975
1,542
19,948

Total gross overland

Aug. 1.
Week. Aug. 1.
25,337 540,694
591,255
9,212 262,890
293,649
0,784-3,840
5.468
111,277
127,718
104,338
109,289
429,746

38,044 1,646,338

Deduct Shipments-

Overland to N. Y., Boston, &c
Between interior towns
Inland, &c., from South
Total to be deducted

133,178

1,564
4,162
10,325

226,904

16,051

494,259

134.177

Leaving total not overland*__ _21,993 1,152,079

2,022
2,107
29,488

89,709
158,355
322,647

73,634 1,505,853
6,920
18,307

141,945
160,596
120,450

31,331

422,991*

6,104

42,303 1,082,862

* Including movement by rail to Canada.

The foregoing shows the week's net overland movement
has been 21,993 bales, against 42,303 bales for the week last
year, and that for the season to date the aggregate net overland exhibits an increase over a year ago of 67,217 bales.
-----1915-16----- -----1014-15----In Sight and Spinners'
Since
Since
Takings.
Week.
Aug. 1.
Week.
Aug. 1.
93,455 5,892,808 177,149 9,214,934
Receipts at ports to April 7
21,993
7
Net overland to April
1,152,079
42,303 1,082,862
Southern consumption to April 7_ 88,000 2,618,000 60,000 2,130,000
Total marketed
203,448 9,662,977 279,452 12,427,796
Interior stocks in excess
530,365 *49,334
*23,082
757,133
Came into sight during week .._180,366
------ 230,118
Total in sight April 7
10,193,342
13,184,929
North'n spinners' takings to Apr.7 32,483 2,465,689
44,269 2,383,871

Movement into sight in previous years:

Week-

eight hundredths. Thermometer has ranged from 46 to 70,
averaging 58.
Palestine, Tex.-Rain has fallen on two days of the week,
to the extent of one inch and forty-two hundredths. Minimum thermometer 50, highest 72, average 61.
Taylor, Tex.-There has been rain on one day the past
week, the rainfall reaching forty-eight hundredths of an inch.
Minimum thermometer 46.
New Orleans, La.-There has been rain on two days the
past week, the rainfall reaching one inch. The thermometer
has averaged 65.
Shreveport, La.-Rainfall for the week two inches an.
twenty-nine hundredths of an inch, on three days. Minimum thermometer 49; maximum 81.
Vicksburg, Miss.-Rainfall for the week one inch and fiftytwo hundredths, on two days. Average thermometer 61,
highest 83, lowest 51.
Mobile, Ala.-Planting has commenced under favorable
conditions. It has rained on two days of the week, the precipitation being one inch and thirty-eight hundredths. Average thermometer 64, highest 74 and lowest 54.
Selma, Ala.-There has been rain on three days of the past
week, and the rainfall has been two inches. Thermometer
has ranged from 47 to 78, averaging 61.
Madison, Fla.-There has been rain on two days during
the week, the rainfall reaching one inch and seventy-five
hundredths. The thermometer has ranged from 49 to 78,
averaging 64.
Savannah, Ga.-Rainfall for the week one inch and fortynine hundredths, on two days. Maximum temperature 76,
minimum 50, average 65.
Charleston, S. C.-There has been rain on one day during
the week, to the extent of two inches and five hundredths.
The thermometer has averaged 63, ranging from 49 to 76.
Charlotte, N. C.-We have had rain during the week, the
precipitation being one inch and twenty-two hundredths.
The thermometer has averaged 57, the highest being 75 and
the lowest 41.
Memphis, Tenn.-Rain on three days of the week to the
extent of one inch. Average thermometer 58, highest 78,
lowest 44.
NEW ENGLAND COTTON MILL SITUATION.
The Wage Question.-Reports from Fall River are to the
effect that at a meeting of the executive council of the
National Amalgamation of Textile Operatives (an organization said to represent 25,000 operatives in various centres)
on April 2 a recommendation that all textile unions take
immediate action toward seeking advances in wages was
adopted. In line with this it was reported from New
Bedford on the 4th that the cotton mill workers of the city
will, at a meeting on April 10, renew their demand for a
further wage increase. Moreover, at a meeting of the Loom
Fixers' Association of Fall River on the 5th, the question of
requesting a further advance was considered, and it was
voted to leave the decision as to the extent of the increase
to be asked to the organization's delegates to the Textile
Council with the proviso that it should not be less than.
10%. The matter will also be taken up by the mule spinners, weavers, carders and slasher tenders next week.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
Cotton Takings.
Week and Season.

1915-16.

Week.

Season.

1914-15.

Week.

Season.
Visible supply Mar. 31
5,558,611
7,489,050
Visible supply Aug. 1
4,633,210
3,176,816
American in sight to April 7__ _ 180,366 10,193,342 230,118 13,185.929
Bombay receipts to April 6_ _ b100,000 2,474,000 110,000 1,630.000
Other India ship'ts to April 6_ _
b7,000
197,000
15,000
238,000
Alexandria receipts to April 5_ _ b12,000
634,000
9,000
787,000
Other supply to April 5 *
b14,000
131,000
12,000
123,000
Total supply
DeductVisible supply April 7

Total takings to April 7_a
Of which American
Of which other

5,871,977 18,262,552 7.805,168 19,139,745
5.490,226 5,490,226 7,454,820 7,454.820
381,751 12,772,326
249,751 9,594,326
132,000 3,178,000

410.348 11,684,925
272.348 9,084.925
138.000 2,600,000

* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.

* Decrease during week.

1914-April 10
1913-April 11
1912-April 12

1363

Bales.

Since Aug. 1-

126,497 1913-14-April 10
147,785 1912-13-April 11
192,795 1911-12-April 12

Bales.
13,460,310

12,570,509
14,488,184

a This total embraces the estimated consumption by Southern mills.
2,618,000 bales in 1915-16 and 2,130,000 bales in 1914-15-takings not
being available-and the aggregate amounts taken by Northern and
foreign spinners, 10,154.326 bales in 1915-16 and 9,554,925 bales in
1914-15, of which 6,976,326 bales and 6,954,925 bales American.
b Estimated.

ALEXANDRIA RECEIPTS AND SHIPMENTS.
WEATHER REPORTS BY TELEGRAPH.-Telegraphic
reports to us this evening from the South indicate that rain
Alexandria, Egypt.
1915-16.
1914-15.
1913-14.
March 15.
has been general during the week, but the precipitation light
rule.
Preparations
or moderate as a
for the next crop are Receipts (cantars)This week
68,217
135,000
80.000
well under way and planting has been commenced in earlier
Since Aug. 1
4,385,229
5,634,926
7,286,177
- - ---------sections.
I
This Since
This I Since
This Since
Galveston, Tex.-Rainfall for the week eighteen hundredths
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
of an inch, on one day. Average thermometer 70, highest Exports (bales)To Liverpool
3,302 177,727 4,500 153,331 1,250 173,461
83, lowest 56.
To Manchester
2,720117,380 6,500 125,452
____ 173,869
Abilene, Tex.-There has been rain on one day the past
To Continent and India_ 3.597 130.996 6,600 203,256 9,250 330,900
To America
week, to the extent of forty-six hundredths of an inch. The
5,4151 173,033 3,300 107,075 3,250 51,093
thermometer has averaged 58, ranging from 40 to 76.
Total exports
15,0341599.136 !20,900 589.114 13.750 729,323
Dallas, Tex.-Rain has fallen on two days of the week, to
Note.-A cantar is 99 lbs. Egyptian bales weigh about 750 lbs.
the extent of one inch and twenty-eight hundredths. The
thermometer has averaged 59, ranging from 48 to 70.
The statement shows that the receipts for the week endFort Worth, Tex.-There has been rain on one day of the ing March 15 were 68,217 cantars and the foreign shipweek,
and
the rainfall has been one inch and thirty- ments were 15,034 bales.
past



1364

INDIA COTTON MOVEMENT FROM ALL PORTS.
1915-16.
March 16
Receipts atWeek.
Bombay

Since
Aug. 1.

1914-15.
Week.

Since
Aug. 1.

1913-14.
Week.

Since
Aug. 1.

102,000 2,162,000112,000 1,333,000 106,000 2,281,000
For the Week.

Exports
from-

Since August 1.

Great Conti- !Japan
Great
Britain. nent. &China Total. Britain.

Bombay1915 16-------- 1,000 64,000 65,000
1914 15._
58,000 60,000
,
1913 14... 2,000 19,000
21,000
Calcutta7,000 7,000
1915 16
1914 15
3,000 3,000
1913 14
11,000 11,000
Madras2,000
1915 16
2,000
1914 15
1,000
1,000
1913 14
All othe
1915 16__ 2,000 4,000
6,000,
1914 15._ 2,000 6,000
8,000
1913 14._ 2,000 17,000 1,000 20,0001
Total all1915 16...
1914 15_ _
1913 14_ _

[VOL. 102.

THE CHRONICLE

2,000 7,000 71,000 80,000
4,030 7,000 61,000 72,000
4,000 36,000 12,000 52,000

Japan
Continent. & China. Total.

24,000 166,0001,025,000,1,215,000
36,000 184,000 674,000; 894,000
23,000 603,000 663,000 1,289,000

The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.

1 Saturday.1 Monday.

Market,
12:15I
P.M.

Dull.

Quiet.

Tuesday. Wednesday. Thursday.

Friday.

Moderate
demand.

Quiet.

Quiet.

Quiet.

Mid.Upi'ds

7.70

7.65

7.65

7.58

7.57

7.62

Sales
Spec.&exp.

3,000
500

6,000
1,000

6,000
1,000

5,000
1,000

7,000
1,000

5,000
1,000

Futures.
Easy,
Market t 364 pts.
opened f decline.

Quiet,
Quiet, • Quiet,unch. Irregular,
134(4234 10234 pts. to 1 point l.% 62%
pts. adv.
decline.
pts. dec. advance,

Quiet
icgk3 pts.
advance.

2,000
1,000
2,00th

15,000
8,000
14,000

11,000
40,000
81,000

28,000
49,000
97,000

Market.

1,000

11,000
4,000
31,000

2,000

12,000
4,000
38,000

The prices of futures at Liverpool for each day are given
below. Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.

16,0001 70,000
46,0001
9,000
26,000 196,000

50,000 136,000
10,000 147,000
22,000 244,000
-

43,000 262,0001,086,0001,391,000
83,000 287,000 724,0001,094,000
56,000 844,000 768,0001,668,000

According to the foregoing, Bombay appears to show a decrease, compared with last year, in the week's receipts of
10,000 bales. Exports from all India ports record a gain of
8,000 bales during the week and since Aug. 1 show an increase of 297,000 bales.
MANCHESTER MARKET.-Our report received by
cable to-night from Manchester states that there is a
hesitating inquiry from India, bids being scarce and sales
scarcer. China grays are in disappointing request. We
give prices for to-day below and leave those for previous weeks of this and last year for comparison:

P. M. I

Steady
Easy,
Firm,
st'y, Quiet,
Easy,
Barely,
53406 pt.8.334/67 pts. 1 pt.dee.to 4,6634 pts. 8010 pts. .1340334
decline.
decline. 12 Ws. adv. decline, _ advance. pts. adv.

The prices are given in pence and 100ths. Thus: 7 52 means 7 52-100d.
Saturday. Monday. Tuesday. Wed'clay. Thursday. Friday.
Apl. 1.
to
Apl. 8. 1234 1234 1254 4 1234 4 1254 4 1211 4 1214 4
p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m
April -------7
May-June ____ 7
July-Aug. ____ 7
Oct.-Nov. ____ 7
Jan.-Feb. __ _ _ 7
Mar -Ann. ____ 7

d.
d. d. d. d.
d.
d.
52 47 45 47 44 423-4 3734
5014 4534 44 46 43 4134 3634
4634 4214 41 4334 41 39 3414
2734 2334 23 27 2434 2314 20
1914 1534 15 19 17 16 13
20 1634 1614 20 18 17 14

d.
d. d. d.
4034 47 46 4814
3934 46 45 4714
38 4434 43 46
2734 28 2714 31%
1534 21 2034 2434
1614 22 2134 2534

BREADSTUFFS

Friday Night, April 7 1916.
Flour has been firm enough, but on the whole quiet. The
rise in wheat has had a strengthening effect on prices. Mills,
1918.
1915.
moreover, show no anxiety to contract for any long time
8% lbs. Shirt Corn ahead, but buyers, on the other hand, are not inclined to
84 lbs. Shirt- Corn
inos, common
32s Cop
32s Cop
trigs, common M id .1
Twist.
Twist.
to finest.
Upt's
Uors purchase at all freely; quite the contrary. They do not
to finest.
believe in the stability of present prices. The railroad cona. (1. d. d.
Feb d.
d.;s. d
d. s. d
s d
18 123. ® 13j7 1%69 3
7.82
No quo tattoos
5.01
still bad. In some cases flour has been on the rail25 12% 0 137 13.69 3
No WO tations
4.97 gestion is
7.72
roads for weeks. It arrives very slowly. With the trade
Mar
1
No quo Wilms
4.99 in its present dislocated condition transactions are down near-'
3 12% 0 133;7 13. 0.9 3
7.84
10 12% (4 134;7 11469 3
7.81
No quo tations
5.17
17 124 0 134!7 1%69 3
5.27 ly to the minimum. The total output last week at Minne7.87 8% 0 8% 6 0 07
8 0 1337 1%69 3
24 12%
7.73 834 6 9 6 3 07 9
5.48 apolis, Duluth and Milwaukee was 424,300 barrels, against
31 1234
13 7 0 69 2
5.62
7.77 834 0 93.1 6 3 67 9
427,865 in the previous week and 281,430 barrels last year.
Apr.
5.52 Total since Sept. 1, 14,590,000 barrels, against 11,561,000
13 7 0 69 2
7 12%
7.62834 6 934 6 3 67 9
barrels during the same period of 1914-15.
SHIPPING NEWS.-As shown on a previous page, the
Wheat advanced sharply in the fore part of the week,
exports of cotton from the United States the pats week have mainly owing to a prediction that the next crop will be 165,reached 123,847 bales. The shipments in detail, as made 000,000 bushels less than the yield of 1915, which was
up from mail and telegraphic returns, are as follows:
1,011,505,000 bushels, with 891,017,000 in 1914, 763,380,000
Total bales. in 1913 and 730,267,000 in 1912. Washington authorities
NEW YORK-To Liverpool-April 1-Queen Margaret, 522___
April 6-Carpathia, 1,451
1,973 also stated that of the 1915 crop some 146,000,000 bushels
To Manchester-April 1-Bovic, 381
381 are unfit for milling. It is said by the Bureau of Crop EstiTo Havre-April 1-Harrovian, 779_ _ _April 6-Devon City,
this season
2,092 mates at Washington that much wheat was used
1.313
To Bordeaux-April 1-Exford, 1,399
1,399 for milling which ordinarily would not be regarded fit for
To La Pallice-April 3-Strathtay, 1207,
1,207 milling. Modern machinery in big mills has rendered millTo St. Nazaire-April 1-Beigier, 417
417
To Copenhagen-April 1-Louislana, 601
601 able a good deal of wheat which smaller mills could not use.
To Bergen-April 1-Bergensfjord, 149
149 About 74,000,000 bushels, or 7.3%, it is estimated, will do
To Genoa-April 1-San Giorgio, 5,012; Taormina, 518_ _ _
April 3-Stampalia,843
6,373 for feed for live stock, as against the usual proportion fed to
To Brazil-April 1-Vestris, 300
300 live stock of not more than 2% of the crop. Private reports
To Venezuela-April 5-Philadelphia, 200
200
GALVESTON-To Liverpool-April 6-Riojano, 17,461
17,461 state that the condition of the winter wheat crop in this
To Manchester-April 6-Pliar do Larrinaga, 9,375
9,375 country is the lowest for twelve years past. They put it
To Barcelona-April 6-Miguel M. Pinillos, 8,091
8,091
TEXAS CITY-To Liverpool-April 6-Matador, 4,672
4,672 78.8% against 88.5 a year ago. It is figured on this basis
NEW ORLEANS-To Liverpool-April 6-Defender, 19,365..
19,365 that the yield would be 490,000,000 bushels, against 655,000,To Manchester-April 1-Nortonlan, 5,823
5,823
000 bushels in 1915. There are persistent advices of damTo Rotterdam-March 31-Sloterdijk, 1,406___April 5Zuiderdijk, 750
2,156 age in most parts of the winter wheat belt. Kansas and
SAVANNAH-To Trondhjem-April 5-Rolf Jan, 3,764
3,764
Also in the fore part of the week,
WILMINGTON-To Havre-April 6-Otterstad, 11,010
11,010 Nebraska need rain.
NORFOLK-To La Pallice-April 5-Drot, 4,164
4,164 at least, there was pretty good export inquiry. Last MonBOSTON-To Liverpool-April 3-Etonian, 3,053
3,053 day the sales were some 750,000 bushels for immediate
To Manchester-March 31-Novian, 821
821
To Leghorn-April 1-Mongibello, 1,246
1.246 export. It is announced that the Holland Government
BALTIMORE-To Liverpool-April 3-Jessmore. 1,990
1,990 finding that reserves in Holland have become exhausted, had
To Manchester-March 31-Kerry Range, 2,552
2.552
SAN FRANCISCO-To Vladivostok-April 5-Cacique, 6,000_ _ _ 6,000 decided to buy in America 100,000 tons over and above
SEATTLE-To Japan-April 4-Kamakura, Marti, 3,674
3,674 the ordinary monthly quota. Zero weather has been rivorted
To China-April 4-Kamakura Marti, 350
350
in parts of Canada and the weather has also been very
TACOMA-To Japan-March 31-Chicago Mare, 1,703_ _ _April 1
-Shimpo Maru, 487
2,190 cold in the American Northwest. Though official Russian
To China-April 4-Kamakura Mare, 50
50
advices from Russia do not
To Vladivostok-April 1-Shimpo Mare, 948
948 reports are favorable, private
confirm such statements. They point to a crop much smaller
Total
123.347 even than that of last year. In Austria-Hungary the outCOTTON FREIGHTS.-Current rates for cotton from look for the winter crops is said to be bad. It appears that
New York are as follows, quotations being in cents per pound: the acreage was small, the seed poor and the weather unfaLiverpool, 2.50c.; Manchester, 2.50c.; Havre, 3.50c.-107o; Rotterdam, vorable. It is stated there is a shortage in the necessary
3.00c.: Genoa, 3.00c.; Naples, 3.00c.; Leghorn, 3.25c.; Lisbon, 3.00c.;
Australia the weather has
Marseilles, 3.00c.: Japan, 3.00c. nom.; Shanghai, 3.00c. nom.; Bombay, reserves of grain in Austria. In
3.00c. norn.; Vladivostok. 5.00c. nom.
been unfavorable for cultivating the soil and moving the
LIVERPOOL.-By cable from Liverpool we have the crops and fears are expressed that the acreage in Australia
following statement of the week's sales, stocks, &c., at may have to be reduced. In Germany the weather has been
less favorable. In France the reserves are very moderate,
that port:
Mar. 17. Mar. 24. Mar. 31. Apr. 7. and so are the foreign importations, and at the same time the
Sales of the week
43,000
36,000
35.000
consumption is large. France may have to begin buying
Of which speculators took
2,000
3,000
2,000
Of which exporters took
5,000
4.000
5,000
again very shortly. Northwestern markets have been very
Sales, American
34,000
26,000
27,000
shown a rendency to inActual export
18,000
16,000
10,000 strong and premiums there have
8,000
Forwarded
88,000 121,000
74,000
90,000 crease. Mills at Minneapolis have been good buyers. The
Total stock
932,000 910,000 884,000 859,000
statistics have been rather bullish. The world's
Of which American
692,000 679.000 660,000 643,000 weekly
Total imports of the week
112,000 114,000
57,000
74,000 stock decreased for the week 680,000 bushels, in sharp conOf which American
89,000
44,000
91,000
56,000 trast with an increase in the same time last year of 3,313,000
Amount afloat
269,000 183,000 184,000
bushels, a difference of nearly 4,000,000 bushels. But bulls
Of which American
210,000 134,000 151,000




APR. 8 1916.]

THE CHRONICLE

have laid the most stress on the bad crop reports from the
West. Not since 1904, it is said, has the condition been as low as it is at this time. On the
other hand, however, a recent advance of 15 cents in prices
has made some holders"reflective. Also, they were afraid
that to-day's Government report from Washington would
not be so bullish as some had expected. There is always
some exaggeration in private reports. Besides, world's
stocks are large and the foreign demand has latterly fallen
off somewhat, in spite of reports that Great Britain has
agreed to furnish 30 vessels a month to facilitate exports
from this country to France. Warmer weather at the West
within a few days has also led to some liquidation. In the
United Kingdom the weather has improved, being clear and
warmer. In France also the weather is better. It is milder
in Russia. In the Balkan States the indications point to a
large crop. In Argentina the weather is favorable for all
grain. To-day prices advanced early but reacted later.
The Government report for April 1 estimated the winterwheat crop at 495,000,000 bushels, or the smallest since
1912, when it was 399,919,000 bushels. It states the condition of winter wheat on April 1 at 78.3%, against 88.8 last
year, 95.6 in 1914 and 87.3 the average for the last ten years.
This report turned out to be as expected and was followed
by heavy liquidation. The acreage is stated at 37,256,000
acres against 41,263,000 a year ago. It may be added that
the decrease in condition from Dec. 1 to April 1, according
to the Government report, was 9.4% against 3.5 between
those dates in the last ten years.
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 red
cts_Nom. 133% 1324 1323 132% 132
May delivery in elevator
124
128
127% 126% 126
1253
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
cts_116
120% Holi- 1183 117% 117%
July delivery in elevator
1143 119% day. 117
116% 115%

1365

FLOUR.
Winter. low grades__ __$4 70©$5 00 Kansas straights.sacks..$5 50 S5 80
Winter patents
6 20
6 40 Kansas clears, sacks__ 5 100 5 40
Winter straights
5 6008 5 85 City patents
7 60
Winter clears
5 50 5 75 Rye flour
4 90® 5 50
Spring patents
.6 20 6 50 Buckwheat flour
Spring straights
6 10® 6 20 Graham flour
4 SO® 5 25
Spring clears
5 400 5 65

WHEAT FIT FOR MILLING.-The Department of
Agriculture announced under date of April 3 that in February the Bureau of Crop Estimates sent to flour mills and
grain elevators of the United States schedules of inquiry
asking the following questions:
•
(1) About what per cent of last year's wheat crop in your
section was so damaged that it could not be used for milling?
(2) About what per cent of last year's crop will be used
for feeding live stock?
(3) About what per cent of a wheat crop is normally or
usually fed to live stock?
As a result of its investigations it now states:
From the replies as received, the average for the United States worked
out 14.4% as the amount unfit for milling, 7.3% used as feed for live stock
and 4% of the wheat crop usually fed to live stock. Applied to the estimated production last year, 14.4% gives 146,000,000 bushels and 7.3%
gives 74,000,000 bushels.
The amount of wheat usually fed to live stock has not been regarded by
the grain trade generally to be of material proportions-not more than 2%
of the crop. Therefore the averages given above may be regarded as
maximums of a range of probabilities, with minimums of about half the
figures given.
Much wheat was used this season for milling which ordinarily would not
be regarded as fit to mill. Modern machinery enabled those who had such
equipment to make millable much wheat which smaller millers, lacking
such facilities, could not use. Much wheat not good enough for local
millers was shipped out, apparently finding a ready demand at terminal
points and abroad. Different ways of regarding such wheat accounts
largely for the wide variation of estimates.
As of interest to correspondents, and as a rough indication of relative
conditions in the different States in regard to quality and feeding of wheat,
averages of replies from important wheat States are given herewith-figures
to be regarded as hypothetical rather than actual.
Wheat Unfit for
Milling, 1915 Crop.

Wheat Used as
Feed, 1915 Crop.

Per Cent
of Wheat

State.
Indian corn has advanced, although it has shown a cerCrop UsuPer Cent. Bushels. Per Cent.i Bushels.
ally Fed.
tain amount of irregularity. The firmness of wheat, however, has naturally affected corn. Besides, the receipts of Ohio
24.1
9,687,000
5,466,000
13.6
4.9
28.1
13,291,000
6,433,000
13.6
4.1
corn have been small and the visible supply is decreasing. Indiana
Illinois
23.5
12,502,000
5,320,000
10.0
2.8
Also, large sales were made at Kansas City to go to Balti- Michigan
21.2
4,335,000
18.2
5.6
3,722,000
Minnesota
3.4
2,496,000
4.3
3,157,000
2.2
more. They were estimated early in the week at half a Missouri
29.9
10,198,000
15.1
5,150,000
5.4
million bushels. Country offerings have been rather small. North Dakota _ _ _ 4.2
6,383,000
3.2
4,863,000
1.4
Dakota_
_
_
South
_
2,550.000
4.0
3.3
2,104,000
1.4
They are not expected to increase much until planting work Nebraska
22.6
16,307,000
7.6
5,484,000
3.5
is finished. The available supply for the week, moreover, Kansas
29.0
30.896,000
4.4
4,688,000
2.2
fell off 744,000 bushels. The total in America is now only
United
States
146,120,000
14.4
7.3
74,309,000
4.0
30,731,000 bushels, against 36,097,000 bushels a year ago.
Latterly Argentine quotations have been rather steadier.
AGRICULTURAL DEPARTMENT REPORT.-The reIt is said that the corn crop prospects in that country have
not improved. On the other hand, prices at Chicago have port of the Agricultural Department showing the condition
winter grain on April 1 was issued on April 7 as follows:
sympathized with any reaction in wheat, and the trading on ofThe
Crop Reporting Board of the Bureau of Crop Estimates, United
the whole has not been very active. The domestic demand States Department
of Agriculture, makes the following estimates from reports of its correspondents and agents: That the average condition of winhas been only fair. The support has not as a rule been ag- ter
wheat on April 1 was 78.3% of a normal, against 87.7% on Dec. 1 last,
gressive. The weather in the United Kingdom has been 88.8%
on April 1 1915. 95.6% on April 1 1914 and 87.3%, the ten-year
mild, so that Liverpool trade has been less active than it average on April 1. The indicated yield of winter wheat is 495.000,000
bushels, compared with 655,045,000 bushels in 1915 and 684,990,000 bushotherwise would have been. Still, Liverpool now reports a els
in 1914.
better demand and a stronger tone at higher prices, with
The average condition of rye on April 1 was 87.8% of a normal, against
91.5% on Dec. 1 1915. 89.5% on April 11915, 91.3% on April 1 1914 and
bad crop reports from Argentina. To-day prices advanced 89.9%
the ten-year average on April.
early and then reacted under liquidation, partly in sympathy
The statements of the movement of breadstuffs to market
with the later decline in wheat.
indicated below are prepared by us from figures collected by
DAILY CLOSING PRICES OF NO.2 MIXED CORN IN NEW YORK.
the New York Produce Exchange. The receipts at Western
Mon.
Tues.
Sat.
Wed. Thurs. Fri.
cts_85%-86 863i-87 86-87 85-86 86-86% 86
No. 2 yellow
lake and river ports for the week ending last Saturday and
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
since Aug. 1 for each of the last three years have been:
Sat. Mon.
May delivery in elevator
July delivery in elevator

cts 75%
76%

Tues. Wed. Thurs. Fri.
76% Holt- 75% 75% 75%
77A day. 76% 763
76%

Receipts at-

Flour.

Wheat.

I

Corn.

• Oats.

Barley.

Rye.

Oats have advanced with small receipts and delay in seedbbls.196lbs. bush. 60 lbsibush. 56 tbs.bush. 32 lbs.bush.4811's. bush.58155.
129,111 1,924.000 1,163,0
ing, owing to rains. Bullish reports from Canada have also Chicago
i,748,000 749,000
180,000
Minneapolis
2,841,003
86-4,00a 839,090
89.0001
87,000
counted. It looks as though the acreage there will be re- Duluth
379,000
9,000
56,000
8,000
12,000
147,000
260,000
duced. Besides the statistical position is considered strong. Milwaukee
731,000 402,001
41,000
80,003
57,000
28,030!
The visible supply decreased last week 1,878,000 bushels, or Toledo
Detroit
6,003
107,000
16,op
61,0001
4.000
five times as much as during the same week last year. The Cleveland _ _
3,000
34,0
36,
Louis__ _
94,003
539,000
384,000
165,00
2 cents cheaper than a year St.
price of No. 3 white oats is 123/
Peoria
43,111
61,000
86,000
998,000
87,00
5.0°
31:0
1800
00 0
ago, though the available stocks are smaller than then. Kansas City_
537,000
569,030
59,900
335,000
534,000
183,000
Houses with seaboard connections have been buying at Chi- Omaha
cago. Also there has been considerable buying in Chicago Tot. wk. 1916 376,000 6,978,030 4,104,000 3,971,000
365,000
wk.1915 319,0)0 3,225,000 2,164,000 4,705,000
121,000
in taking off the hedges on Canadian oats. Seeding is now Same
Same wk.1914 379,000 3,874,000 3,894,000 3,565,000
238,000
progressing over the Central belt. Not a few commission
houses have been sellers of May and buyers of July. The Since Aug. 1
1915-16_ _ _ _ 14,665,000,417,601,000 168,438,000142,067,00092,257,
19,234,000
trading, however, has been small, and the market as a rule
1914-15_ _ _ _ 14 341 09)330,399.000 191,048,000 218,570,000 73.820,00317,959,000
narrow. It has shown little or no initiative; it has mainly
1913-14._ _114,701,000 236,427,000 173,079,000 166.605,000 73,312,00020,193,000
reflected the price movements of other grain. To-day prices
Total receipts of flour and grain at the seaboard ports for
advanced early, with other grain, but receded later in the
same company. Yet, rceipts continued small, and it looks the week ended Apl. 1 1916 follow:
as though there will be a further decrease in the stock state- Receipts at- Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
ment next week.
Barrels.
Bushels.
Bushels.
Bushels.
Bushels. Bushels.
568,111
188,000 1,641,000
322.111
100,
10,000
34,000
187,909!
2,
26,0)0
3,00
1,616,330
43,00)
747,000,
143,000
71,030
3.030 13,000
921,300,
63,000
853,300
421,000
93,000 285,000
5,000
432,030'
1,159,000
16,000
1
4,000'
2,030
34,003
7,000
45,300
264,000
240,000
28,000'
4/9.000
23,000 " 557,000
243,030
24,0001
6,000
11,030
209,000,
now. Total wk. '16 429,000 7,055,000
946,000 3,025,000 445,000 308,000
90
Since Jan.1'16 7.300,000 92,900,000 15,602,000 34,068,00) 8,503,00) 3,810,000
86
Week 1915
533,300 5,877,000 1,806,000' 3,567,000 190,000 182,000
Since Jan.1'15 7,680.000 81,508,600 25,646,000 32,7480)) 4.444,900 4,603,000

DAILY CLOSING PRICES OF OATS IN NEW YORK.
Mon. Tees.
Sat.
Wed.
Thurs.
Fri.
cts_51-51% 513-52 5134-52 51%-52 504-52 Nom.
Standards
No. 2 white
52-5234 5234-53 5234-53 5234-53 5234-53 Now.
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
cts_ 4434 45% lion- 4534 45% 453/
July delivery in elevator
43 43/5 s
day. 4334 43% 43%

The following are closing quotations:

GRAINWheat, per bushel-f. o. b.
Corn, per bushelN. Spring, No. 1. new____$1 41
No. 2 mixed
f. o. b.
N.Spring, No.2
No. 2 yellow
c. I. f.
Red winter, No. 2. new...... 1 32-No. 2 yellow Kiln dried _ _
Hard winter, No.2
Argentina in bags
1 31
ats, per bushel, neweta. Rye, per bushelStandard
New York__ C. I. f.$1 05
Now.
No. 2, white
Western.... C. I. f.$1 05
Nom.
No. 3. white
5034 51% Malt
87(4100c.
No. 4, white
49
50




New York_ _
Boston
Portland, Me.
Philadelphia
Baltimore __
N'port News_
Norfolk
Mobile
NewOrleans..
Galveston
Montreal_
St. John

*Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading,

1366

THE CHRONICLE

The exports from the several seaboard ports for the week
ending Apl. 1 are shown in the annexed statement:
Wheat.
Exports from- bushels,
New York
1,646,988
Portland, Me____1,616,000
Boston
206,534
Philadelphia ____ 724,000
Baltimore
1,098,364
Norfolk
Newport News__ 432,000
Mobile
2,000
New Orleans____ 347,0)0
Galveston
80,000
St. John, N.B
239,000

Corn, Flour,
bushels. barrels.
43,068 218,106

Oats,
Rye, Balrey,
Peas,
bushels, bushels, bushels. bushels'
500,893
36,603
7,149

51,374 10,669 306,145
11,000
12,000
383,974 36,251 693,823 150,380 50,030
16,000
5,000 1,159,000
34,000
4,000
7,000
121,000 39,000
2,000
11,000

Total week____6,361,886 633,416 351,026 2,758,861 150,380 98,603
Week 1915
7,093,703 2,571,918 316,121 2,033,785 350,075 161,074

7,149
4.522

The destination of these exports for the week and since
July 1 1915 is as below:
Flour
Wheat
Week
Since
Week
Since
April 1
July 1
April 1
July 1
1916.
1915.
1916.
1915.
bbls.
bids.
bush.
bush.
United Kingdom_ 79,187 4,221,148 3,578,.14 109,350,008
Continent
174,257 3,934,004 2,768,633 142,338,488
So.& Cent. Amer. 49,402 1,772,377
12,439
2,696,308
West Indies
43,991 1,401,622
2,000
110,608
Brit.No.Am.Cols_
670
37,477
170
Other Countries
3,519
213,176
921,961

Corn
Week
Since
April 1
July 1
1316.
1915.
bush.
bush.
76,774 3,657,937
385,174 10,383,645
85,050 2,055,438
85,646 2,197,892
200
9,246
572
22,557

Exportsfor week
and since
July 1 to-

Total
Total 1914 15

351,026 11,579,804 6,361,886 255,417,623 633,416 18,326,715
316,121 11,408,530 7,093,703.250,34i,638 2,571,918 27,126.467

The world's shipments of wheat and corn for the week
ending Apl. I 1916 and since July 1 1915 and 1914 are
shown in the following:
Wheat.
Exports.

I
i

1915-16.
Week
April 1.

Corn.
!

1914-15

Since
July 1.

Since
July 1.

1915-16.
Week.
April 1.

1914-15.

Since
July 1.

I

Since
July 1.

Bushels.Bushels.
Bushels.
Bushels.
Bushels. I Bushles.
NorthAmer* 8,407,000 368,111,030 351,216,000 630,000 19,540,000 27,777,000
Russia
4,386,000i 12,074,000
4,811,000
Danube 2,347,000
9,431,000
Argentina __ 2,480,000 33,016,000, 41,315,000 358,000 131,358,000 120,779,000
Australia_ __ 1,344,000 14,492,000 8,996,000
India
11,668,030; 18,320,000
Ota.countr's 242,000 9,716,0001 5,657,000 454,000 7.366,000

I

Total ____ 12473000 441,389,000439,925,000 1,412,000 158,264,000 162,798,000
* North America.-The Canadian Government has officially prohibited the
issuance of both manifests and exports until after ten days. This is effective
during the continuance of the war.

The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Wheal.

Corn.

United
Kingdom. Continent.
Bushels.

Bushels.

April 11916_
Mar.251916_
April 31915_
April 4191C

Total.

United
Kingdom. Continent.

Bushels.
Bushels.
57,296,000
59,360,000
59,320,000
49,804,003

Bushels.

Total.
Bushels.
9,762,000
10,795,000
18,369,000
6,240.000

The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Apl. 1 1916 was as follows:
UMW StatesNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Buffalo
afloat
Toledo
Detroit
Chicago
.'
afloat
Milwaukee
Duluth
"
afloat
Minneapolis
St. Louis
Kansas City
Peoria
Indianapolis
Omaha

GRAIN STOCKS.
Wheat,
Corn,
Oats,
bush,
bush,
bush,
2,785,000
333,000
585,0)0
70,000
109,030
50,000
1,039,000
384,000
447,000
1,339,030 1,402,000
459,000
157,000
5,000
480,000
2,516,000
488,000
116,030
1,775,000
679,000
3,563,000 2,007,000 1,477,000
342,000
1,016,000. 468,030
155,000
351.000
580,000
384,000
4,338,000 10,206,000 6,747,000
825,000
76,000
888,000
650,000
15,363,000
675,000
758,000
12,372,000
92,000 3,165,000
1,812,000
326,000
518,000
6,322,000 6,371,900
668,000
7,000
530,000
223,000
256,000
745,000
274,000
1,130.000 1,282,000
819,000

Rye,
Barley
bush.
bush.
30,003 425,000
5,030
57,000
104,000
6,000
814,000 552,000
5,000
38,000

41,000

2,000
157,000
140,000

414,000

37,000
30,000

149,000
881,000

358,000
10,000
71,000

249,000
36,000

43,000

30,000

Total April 1 1916
57,387,033 27,717,000 17,892,000 1,844,000 2,840,000
Total Mar. 25 1916
58,557,000 28,291,030 18,509,000 2,069,000 2,847,000
Total April 3 1915
39,323,000 32,877,000 27,284,000 770,000 2,946,000
Total April 4 1914
51,862,000 18,812,000 19,223,000 1,447,000 4.206.000
Note.-Bonded grain not included above: Wheat, 229,000 bushels at New York,
227,000 Baltimore, 146,000 Philadelphia, .551,000 Boston, 5,031,000 Duluth,
244,000 Buffalo; total, 6,420,000 bushels, against 2,224,000 bushels in 1915.
Oats: 258,000 New York, 2.300 Boston, 9,000 Philadelphia, 1,687,000 Duluth;
total, 1,956,000 bushels, against 193,000 in 191.5; and barley, 20,000 Boston,
22,000 New York, 155,000 Duluth; total, 197,0110, against 64,000 In 1915.
CanadianMontreal
855,030
13,000 1,141,000
36,000 107,000
Ft. William dr Pt. Arthur_ _26,869,000
9,170,000
"
afloat
2,447,000
974,000
Other Canadian
2,714,000
4,064,000
Total April 1 1916
Total Mar. 25 1916
Total April 3 1915
Total April 4 1914
SummaryAmerican
Canadian
Total
Total
Total
Total

April 1 1916
Mar. 25 1916
April 3 1915
April 4 1914

32,885,000
31,530,000
11,399,000
19,942,000

13,000
11,000
116,000
12,000

15,349,000
14,049,000
5,304,000
13,009,000

36,000
31,000
15,000
20,000

107,000
140,000
221,000
474,000

57,387,000 27,717,000 17,892,000 1,844,000 2,840,000
32,885,000
13,000 15,349,000
36,000 107,000
90,272,000
90,08/,000
50,722,000
71,804,000




27,730,000
28,302,000
32,093,000
18,824,000

33,241,000 1,880,000 2,947,000
32,558,003 2,100,000 2,987,000
32,588,000 791,000 3,167,000
32,232,000 1,467,000 4,680,000

[voL. 102

THE DRY GOODS TRADE
New York, Friday Night, April 7 1916.
Nothing has taken place in the dry goods trade during
the week to alter the general situation. The market has
displayed firmness in all departments, with a very satisfactory volume of new business. There has been no improvement in deliveries, and complaints are numerous concerning
the lateness of arrivals from mills. Owing to delays in deliveries, buyers are willing to place business further into the
future than usual at this time of the year, but selling agents
are conservative in accepting the same. Mills are meeting
with many handicaps in filling their obligations. Finishing
and dyeing operations are slow, owing to the scarcity of raw
materials, while increasing labor unrest and congested freight
conditions further complicate the situation. Manufacturers at present are crowded with business which they accepted at prices much lower than prevailing quotations, and
though they would welcome it, they are not being released
from any of this business through late deliveries. Jobbing
trade is active, the late call for spring merchandise being
much heavier than expected. Retailers are doing an early
Easter business which promises to be very heavy, and are
urging jobbers to forward shipments as rapidly as possible.
There is a steady call for wash fabrics regardless of the large
volume of goods already disposed of. Colored cloths of all
descriptions for prompt shipment are wanted in large volume, but only a limited supply of guaranteed goods is available. Jobbersreport a good demand for staple cottons,particularly heavy shootings,drills,bleached goods and cotton duck.
Large exports of duck since the beginning of the war have
greatly restricted the supply for domestic consumption, and
only such houses as placed liberal early contracts with mills
have any supplies to offer. Exports of cotton goods to newly
established markets continue on a large scale, although there
has been no improvement in shipping facilities. Figures for
seven months ending January of this year show about 100%
increase in the volume of sales to South America, West Indies, Canada and Europe, compared with the same period
of the year before. During the current year they are known
to have increased and to a great extent have compensated
for the loss of trade with Far Eastern markets.
DOMESTIC COTTON GOODS.-Staple cottons rule
active and strong. New prices have been named on several
brands during the week. Fair sales of print cloths have been
put through and selling agents are refusing considerable
business offered at slight concessions. Heavy, coarse cottons for bagging purposes are in good demand and have been
advanced an eighth to a quarter cent per yard. Gray goods
are quiet and firm. Sheetings are active with an advancing
tendency, and supplies of best known brands light. A new
buying movement in cotton duck has started and price advances have been general on all brands. Selkirk 8-ounce
and Oliver Extra 8-ounce have been advanced a half-cent
per yard to 13c. Hartford 11-ounce-40-inch duck has been.
marked up a half-cent to 163c., while on other brands discounts have been shortened. Colored cottons are in steady
demand at high prices. Staple brands of ginghams continue
to advance in value without any falling off in demand.
There is no improvement in the dye situation and manufacturers are very conservative in accepting contracts into the
future, especially where they carry color guarantees. Gray
goods, 38-inch standard, are quoted at 532e.
WOOLEN GOODS.-Woolen and worsted mills have
become so heavily booked that further acceptances of forward contracts are being curtailed. Mills are trying to catch
up with deliveries, but are experiencing great difficulty,
owing to the congestion of railroad freight. Shipments of
spring and summer goods are slow in coming forward, and
many cutters-up and clothing manufacturers are being hampered in their operations through lack of supplies. The backwardness in spring deliveries i causing buyers to be all the
more anxious to cover their fall requirements in full as early
as possible, despite the high prices. Few manufacturers
are in a position to furnish additional supplies of lightweight
goods, although there is an exceptionally heavy late demand.
In men's wear prices show a strong upward tendency, particularly on duplicate business. Many buyers, trying to
enlarge upon their earlier purchases of fall goods, are finding
prices 10 to 15% higher than at the opening of the season.
FOREIGN DRY GOODS.-S)far as genuine linen goods
are concerned, there is no improvement in the situation, and
only a few houses are in a position to do business. Trade in
substitutes, however, is steadily increasing. Sales of cotton
towelings and damasks are heavy and many linen houses
have done more business in these than they formerly handled
in genuine linens. In dress goods departments, very little
is being done, owing to the scarcity of supplies. Several
lines of substitutes for dress linens have made their appearance, but as the character of the goods is doubtful, business
has been limited. Most buyers, when unable to obtain genuine linens, prefer to fill their requirements from straight
cotton fabrics or silk mixtures. Houses having supplies of
genuine linens are rapidly disposingof them and all goods
arriving from abroad are immediately going into consumption. Burlaps continue quiet with the undertone easier.
Lightweights are quoted at 7.85c. and heavyweights at
10.750.

1367

THE CHRONICLE

APR. 8 1916.]

STATI: MID

C1TY inPATITIVIEVT.

News Items.

East Cleveland (P. 0. Cleveland), Ohio.—Charter
Election.—At an election to be held on June 6 the voters will
have submitted to them a proposed new city charter providing for a city manager form of government, and establishing
WEEKLY.
PUBLISHED
a method of municipal operation which the Charter Commission declare will be 'non-partisan, centralized and economiTerms of Subscription—Payable in Advance
cal."
$10 00
For One Year
00
6
For Six Months
Hawaii (Territory of).—Bond Offering.—Sealed bids will
00
13
postage)
(including
Subscription
European
7 50
European Subscription six months(including postage)
received until 2 p. m. April 25 by C. j. McCarthy, Terribe
22 148.
Annual Subscription in London (including postage)
21 Ile. torial Treasurer, at the office of the U. S. Mortgage & Trust
Six Months Subscription in London (including postage)
50
$11
Canadian Subscription (including postage)
Co., 55 Cedar St., New York City, for the $1,750,000 4%
WILLIAM 13. DANA COMPANY, Publishers,
20-30-year (opt.) coupon (with privilege of registration as to
Front, Pine and Deperster Ste., New York.
principal) refunding bonds (V. 102, p. 1281).
Act of Congress of

The Thronicte.

Statement of the Ownership. Management, &cr. required by the
Aug. 24 1912, of Commercial & Financial Chronicle, published weekly at

The bonds are issued under the authority of an Act of the Congress of the

United States, entitled "An Act to Provide a Government for the Territory
New York, N. Y., for April 1 1916.
of Hawaii," approved April 30 1900 (31 Sts. 141), as amended by an Act
Publisher, William B. Dana Company, 138 Front St., New York.
York.
New
St.,
Editor, Jacob Seibert Jr. 138 Front
of the Congress approved May 27 1910 (36 Sts. 443); and pursuant to an
Seibert Jr., 138 Front St., New York.
Managing Editor, Jacob'
Act of the Legislature of Hawaii, entitled "An Act to Provide for Public
Front St., N. Y.
Business Managers, George B. Shepherd and W.D. Riggs, 138
give
corporation,
a
If
or
Loans,"
approved April 25 1903, as amended, and pursuant to an Act of
owners,
Owners: (Give names and addresses of individual
of
moro
or
1%
Its name and the names and addresses of stockholders holding 138 Front St., said Legislature, entitled "An Act for Refunding Bonded Indebtedness,"
Company,
Dana
B.
William
Owner,
stock.)
of
amount
total
(beneficiaries, Marla approved April 25 1903 (Chap. 88, Rev. Laws of Hawaii, 1915). Under
New York. Stockholders: Estate of William B. Dana
Dana, Grace N.Dana, the Acts of Congress providing for the bonds,the approval of the President
T. Dana and W.S. Dana), Jacob Seibert Jr., Arnold G.
York.
New
St.,
Front
138
all,
of
of the United States is required, and this approval has been obtained and
address
Newton;
and Albro J.
holders, holding 1% or more is on
Known bondholders, mortgagees and other securitysecurities.
file in the office of the Secretary of the Interior at Washington, D. C.
(If there are none,
of total amount of bonds, mortgages, or other and therefore no "bondholders,
Hawaiian bonds are legal investments for the savings banks of New York,
so state.) No bonds or mortgages on property,
in
holders."
also
Michigan, New Hampshire and Rhode Island and for trust funds
mortgagees and other security
(Signed) Jacob Seibert Jr., Editor.
in New York. The total issue is for $1,750,000 in the following amounts
1916.
March,
of
day
31st
this
me
before
subscribed
Sworn to and
and denominations: $1,500,000 in $1,000 bonds and $250,000 in $500 bonds
Thomas A. Creegan, Notary Public.
The present sale is for the whole or any part of the bonds. The bonds will
(My commission expires March 30 1917.)

MUNICIPAL BOND SALES IN MARCH.
The output of municipal bonds during March 1916, while
not as large as the March 1915 total, which included $27,000,000 43s sold by New York State, aggregates $29,976,344. Among the large and more important issues disposed
of in March and the prices realized in leach case were: State
of California, $1,500,000 4s sold in $500,000 lots at 100.04,
100.05 and 100.19, respectively; Cincinnati, Ohio, $100,000
432s at 109.193, $250,000 432s at 107.27 and $200,000 4%s
t 104.315; Cook County,Ill.,$1,000,000 4s at 99.583; Ever2s at
ett, Wash., $600,000 5s at 100.016 and $1,100,000 53/
100.045; Galveston, Tex., $525,000 5s at 101.375; Los
Angeles County (Calif.) Water Works Dist. No. 3, $1,736,000 6s at 102.88; State of Maine,$500,000 4s at 102.22; Minneapolis, Minn.,$1,145,000 4s (6 issues) at 99.36 and $67,875
43s at 100.81; Newark, N. J., $1,019,000 43is at 105.25;
Paterson, N. J., $330,000 43.s at 102.411; Pinellas County,
Fla., $715,000 5s at 98.03; Savannah, Ga., $400,000 43s at
104.112; Westchester County,N.Y., $409,760 4s at 101.109;
Wyandotte County, Kansas, $600,000 4s at 100.811, and
Yonkers, N. Y., $919,000 43s (7 issues) at 101.769.
In addition to the $29,976,344 long-term issues sold in
March, $49,565,159 temporary loans were negotiated, including $37,015,566 short-term securities (revenue bonds,
bills and corporate stock notes) issued by New York City.
In Canada $77,672,923 bonds and debentures were disposed
of, including the $75,000,000 5% gold loan of the Dominion
Government, underwritten in New York; Province of British
2s and $963,000 5s of the Province
Columbia, $1,000,000 43/
of Manitoba.
In the following we furnish a comparison of all various
forms of obligations sold in March during the last five years:
1915.

1916.

19141

1913.
3

1912.

Perm't loans (U. S.)__ 20,976,344 67,939,805 43,346,491 14,541,020 21,138,269
*Temp'y loans (U. 5.) 49,565,159 26,218,039 69,853,908 28,280,622 23,143,527
300,000
300,000
300,000
300,000
Gen.fd. bds.(Balto.)Canadian l'ns(perm't) 77,672,923 35,836,426 24,509,078 4,545,344 31,011,034
Total

157,214,426 130,294,270 138,009,477 47,666,986 75,592,830

• Includes temporary securities issued by New York City In March, $37,015,560
in 1916, $14,957,884 in 1915, $59,013,765 in 1914,$24,468,229 in 1913 and $19,063,426 in 1912.

The number of municipalities emitting permanent bonds
and the number of separate issues made during March 1916
were 276 and 501, respectively. This contrasts with 314
and 483for February 1916 and 329 and 595 for March 1915.
For comparative purposes we add the following table,
showing the output of long-term issues for March and the
three months for a series of years:
Month of

1916
1915
1014
1913
1912
1911
1910
1909
1908
1907
1900
1905
1904

For the

Three Mos.
March.
$29,976,341 $116,928,246
67,939,805 144,859,202 1903
43,346,491 165,762,752 1902
72,613,546 1901
14.541,020
75,634,179 1900
21,138,269
22,800,106 123,403,619 1899
z69,093,300 z104,017,321 1898
32,680,227
79,940,446 1897
90,769,225 1896
18,912,083
58,326,063 1895
10,620,197
57,030,249 1894
20,332,012
35,727,806 1893
17,980.922
40,518,646 1892
14,723,524

Month of
March.

For the
Three Mos.

89,084,046
7,989,232
10,432,241
8,980,735
5,507,311
6,309,351
12,488,809
4,219,027
4,915,355
5,080,424
6,994,240
8.150,500

830,176,768
31,519,536
23,894,354
34,492,406
18,621,586
23,705,733
35,571,062
15,150,268
21,026,942
24,118,813
17,504,423
22,264,431

z Includes $50,000,000 bonds of New York City.

Owing to the crowded condition of our columns, we are
r
obliged to omit this week the customary table showing the

month's bond sales in detail. It will be given later.



be dated May 15 1916, will mature May 15 1946, and reserve an option
of redemption on and after May 15 1936. Interest will be payable
semi-annually. Principal and interest payable at the office of the Treasurer of the Territory in Honolulu, Hawaii, or at the option of the holder,
at the office of the U. S. Mortgage & Trust Co. in New York City.
The United States Treasury Department authorizes the statement that
these bonds will be accepted as security for public deposits at their market
value but not exceeding their par value when further deposits are made.
Under a ruling of the United States Treasury Department, these bonds may
be substituted for United States 2% bonds by national banks if said United
States bonds are used to secure additional circulation.
The bonds will be prepared under the supervision of the United States
Mortgage & Trust Co. of New York City, who will certify as to the genuineness of the signatures of the Territorial officials and the seal impressed
thereon. The successful bidders will be furnished with the opinion of
Messrs. Dillon, Thomson & Clay of New York City, that the bonds are the
legal and valid obligations of the Territory.
Bonds of the Territory are exempt by law from taxation in the Territory.
These bonds are exempt from taxation under the Federal Income Tax Law
and by a recent decision of the United States Supreme Court are exempt
from taxation by any State in the United States or any municipality or
political subdivision of any such State, the same as bonds or other obligations or securities of the United States. See Farmers' & Mechanics' Savings Bank of Minneapolis vs. State of Minnesota, U. S. Sup. Court Decision
Feb. 24 1914.
Each bid must be accompanied by a duly certified check upon a bank or
trust company to the order of the Treasurer of the Territory of Hawaii in
the amount of 2% of the par value of the bonds for which application is
made.
Delivery of the bonds will be made on May 20 1916 at 2 p. m. at the
office of the United States Mortgage & Trust Co., New York City, unless
another date is mutually agreed upon. Purchaser to pay accrued interest.
Blank forms for bidding may be had on application to the above mentioned
trust company. Assessed value 1915:real estate,$99,186,323; personal property,$77,414,899; total, $176,601,222. Bonded debt at present, $8,024,000.
The official notice of this bond offering will be found among the advertisements elsewhere in this Department.

Manitoba, Province of.—New Loan Offered by Bankers.—
Wood, Gundy & Co. are offering to investors an issue of
$963,000 5% 3-year gold debentures.. Date April 1 1916.
Coupon bonds of $1,000; registerable as to principal. Prin.
and semi-ann. int.—A. & 0.—payable in gold at the Union
Bank of Canada in Toronto, Montreal or Winnipeg, or at
Nat. Park Bank, N. Y. Legal opinion of Alexander
Bruce, K.C.,of Toronto. Net debt of Province,$16,231,932.
Maryland (State of).—Legislature Adjourns.—The Legislature of this State after being in session three months adjourned at about 4 a. m. April 4.
Memphis, Tenn.—City Enjoined from Issuing Bonds for
Municipal Light Plant.—An injunction has been granted by
Chancellor Fentress enjoining the city from proceeding to
issue $1,500,000 bonds recently voted for a municipal electric-lighting plant. The injunction was issued, according
to the Memphis "Appeal," not because the Court held that
the legislative Act authorizing the bonds was invalid or unconstitutional, but because it was shown that the legal
notice of the election was published only nine days before
the day of the election, which was on April 8 1915, while
the law requires it should be given ten days.
The suit to enjoin the issuance of these.bonds was brought
by the Citizens' Lightino. Committee, which claimed that the
b law enacted in 1913 has only the
city in accordance witha
power to erect and not to purchase, and that all acts of the
City Commission in contemplating the purchase of the Merchants' Power Co., referred to in the "Chronicle" of July 10
1915, page 146, are null and void. The Chancellor, it is
stated in the "Appeal," held as to these objections that it
was the evident intent of the Legislature to permit the city
either to buy or build a lighting plant, and that that part
of the law the Committee took exception to should be taken
in connection with the caption of the original Act of 1913
and the two amendatory Acts, and with the other sections
of the law. In declaring the Act constitutional he said the

1368

THE CHRONICLE

rule is well settled that the courts are reluctant to declare
any act unconstitutional when it can be upheld and be
given the meaning intended by the Legislature. Accordingly
the injunction against the bond issue is based, as already
stated, solely upon the ground that the election wtts
The case will now go to the State Supreme Court.

New York City.-Bond Offering.-On a subsequent

page
of this Department we publish full particulars concerning
the offering by the City Comptroller on April 19 of $40,000,000 50-year and $15,000,000 15-year (serial) 43% gold
coupon corporate stock.
The last public sale was on June 29 1915, when the Comp.
sold $71,000,000 432% corp. stock, of which $46,000,000
,
matures June 1 1965, while the remaining $25,000,000
maturesannuallyfrom June 1 1916 to 1930 incl. The 50-year
stock at that time was awarded to 102 separate bidders at
an average price of 101.253-an income basis of about
4.437%. The 15-year serial issue was then distributed
among 19 bidders and brought an average price of 101.306a basis of about 4.297%. The total amount of bonds subscribed for was $224,610,100, there being 211 bidders in all.
See "Chronicle" of July 3 1915, page 64.
Below we give a record, prepared from our files, of the

issues sold at public sale by New York City for the past
thirteen years:

Amount. Int. Maturity. Amt.Allotted. Average Price. Tot. Subscr.
Date of Sale$
%
Jan. 22 1903..___ 7,000,000 3% 50 yrs. 7,000,000 104.568(3.312) 29,663,470
Mar. 5 1903......_ 2,500,000 33 50 yrs. 2,500,000 104.29 (3.32) 18,497,440
April 9 1903____ 2,500,000 33 50 yrs. 2,500,000 103.28 (3.364) 10,681,750
May 12 1903____ 3,000,000 3% 50 yrs. 3,000,000 104.327(3.32) 30,185,200
July 22 1903____ 3,500,000 33 50 yrs. 3,500,000 102
(3.418) 8,107,600
Nov.19 1903____ 7,500,000 3% 50 yrs. 7,500,000 101.05 (3.456)
25,581,090
Jan. 20 1904.._ _ _10,000,000 33-s 50 yrs. 10,000,000 100.23 (3.49)
37,227,810
Mar.24 1904.._ _ _ 3,000,000 3% So yrs. 3,000,000 100.10
8,362,200
May 3 1904___J32,000,000 3% 50 yrs. 32,000,000 100.94 (3.495)
(3.461)1126,071,950
1 5,000,000 33. 10 yrs. 5,000,000 100.13 (3.485)1
Nov.23 1904....25,000,000 33-f 50 yrs. 25,000,000 102.41 (3.40)
Apr. 24 1905___ 522,000,000 33 50 yrs. 22,000,000 100.712(3.47) 1158,269,640
38,917,800
3,000,000 33 10 yrs. 3,000,000 100.081(3.49) f
Nov.23 1905......12,500,000 3% 50 yrs. 12,500,000 100.007(3.4997)
13,450,000
Feb. 15 1906___ _20,000,000 4
50 yrs. 20,000,000 108.052(3.65) 66.486,950
11,000,000 4 30% yrs. 11,000,0001
July 25 1906_{ 500,000 4 19% yrs.
10000.97 (3.94) 19,127.400
1,000,000 4
4)4 yrs.
29,0001
Nov. 2 1906____ 4,500,000 4
50 yrs. 4,500,000 101.899(3.91) 44,700,310
50 yrs. 8,000,000 101.42 (3.93)
1 8,000,000 4
Dec. 14 1906.1 300,000 4
300,000 100.68 (3.95) 38,813,460
20 Yrs.
1,500,000 4
10 yrs. 1,500,000 100.11 (3.98)
26,000,000 4
50 yrs. 26,000,000 100.34 (3.98)
Feb. 1 1907___i 1,500,000 4
511,000 100.23 (3.98) 38,569,535
20 Yrs.
i 2,500,000 4
10 yrs. 1,075,000 100.03 (3.997)
June 28 1907__
_ 127,000,000 4
50 yrs. 1,932,840 100.091(3.996) 2,121,840
2,000,000 4
10 yrs.
189,000 100.02 (3.997)
Aug.12 1907-__ 13,000,000 4
50 yrs. 2,573,060 100.004(3.998) 2,713,485
2,000,000 4
10 yrs.
140,425 Par
(4%)
Sept.101907._ 35,000.000 4% 60 yrs. 35,000,000 102.063(4.39) 205,800,980
5,000,000 4% 10 yrs. 5,000,000 100.30 (4.46)
Feb. 14 1908._ 47,000,000 4% 50 yrs. 47,000,000 104.22 (4.29) 271,242,650
3,000,000 434 10 yrs. 3,000,000 100.90 (4.38)
Nov.23 1908___ 12,000,000 4
50 yrs. 12,000,000 102.385(3.89) 148,266,360
500,000 4
10 yrs.
500,000 101.52 (3.82)
Mar. 2 1909...._10,000,000 4
50 yrs. 10,000,000 101.57 (3.93) 43,068,130
June 8 1909_ _538,000,000 4
50 yrs. 38,000,000 100.71 (3.96) 1 68,817,330
1 2,000,0004
10 yrs. 2,000,000 100.14 (3.98) f
Dec. 10 1909____12,500,000 4
50 yrs. 12,500,000 100.34 (3.98) 43,747,760
Mar.21 1910___50,000,000 43.1
(a)
50,000,000 101.28(.4.155) 194,562,650
Jan. 24 1911____60,000,000 43.4 50 yrs. 60,000,000 100.90 (4.207) 324,933,030
May 7 1912____65,000,000 43 50 yrs. 65,000,000 100.747(4.21) 265,985,870
May 20 1913__ _ _45,000,000 4% 50 yrs. 45,000,000 100.159(4.49) 76,124,780
Apr. 15 1914_ __ _65,000,000 434 50 yrs. 65,000,000 101.45 (4.18) 193,187,350
June 29 1915_ _ _ f46,000,000 434 50 yrs. 46,000,000 101.253(4.437)1224,610.100
125,000,000 434
(b) 25,000,000 101.306(4.297)1
a 20-50-years (optional). b 15-year( serial).
• Assuming Oa' the city will exercise its option to redeem the bonds in 20 years.

New York State.-Fiscal Year of State Changed.-Governor Whitman on April 3 approved a bill changing the fiscal
year of the State to June 30 from Sept. 30.

St. Paul, Minn.-Sale of Certificates of Participation in
City Bonds Criticized by Grand Jury.-The Ramsey County
Grand Jury in a report made to District Judge Dickson on
March 30 criticized the sale "over the counter" of $2,000,000
4% of what are called certificates of participation in city
bonds. See "Chronicle" of Feb. 28 1914, page 704. The
jury declares it is of the opinion that these certificates are
not an obligation of the city and that the official bond of the
Commissioner of Finance, his deputy or clerks, does not
cover any acts in connection with these certificates. The
text of the report follows:
The jury, after an investigation of the methods and manner of issuing
and handling the same, is of the opinion that the public should thoroughly
understand just what these certificates are and how they are secured.
These certificates, of which about $2,000,000 in value is outstanding,
state on their face that the holder is the owner of an undivided interest in
certain securities of the city of St. Paul, held by the sinking fund committee.
The certificates are signed, not by the sinking fund committee, but by
two men, who describe themselves as Secretary and Treasurer of the sinking fund committee and bear a seal "Sinking Fund Committee of St. Paul."
They are payable on demand of the holder, are callable on ten day's notice
and bear interest at the rate of 4,
7
0 per annum.
The bulk of the $1,800,000 of bonds held to secure these certificates is
kept in a safety deposit vault, access to which is had by but one of the
signers. The bank accounts in which the cash part of the fund, more than
$200,000, is kept, are subject only to the check of one of the signers.
While the investment of the funds is limited to obligations of the city of
St. Paul, there is no consultation as to price to be paid for them, one of the
signers being apparently sole judge as to this.
The method of handling these certificates over the counter is not in
accordance with the careful methods employed in financial and mercantile
houses, and any clerk in the office is able and does issue these certificates
in the absence of the Commissioner of Finance or his deputy. The official
bond of the Commissioner of Finance, his deputy or clerks does not cover
any acts in connection with these certificates.
The impression that would naturally come to an ordinary observer is
that these certificates are obligations of the city of St. Paul, as they are
executed by officers of the city government, are issued from the office of
the Commission of Finance of the city and bear a seal purporting to be of
that of an authorized body of the city-the sinking fund committee.
We are of the opinion that these certificates are not an obligation of the
city of St. Paul. They are not authorized by any law or section of the
charter and are only the obligations of two men, who, although officials
of the city of St. Paul, as far as these certificates are concerned, act only
as individuals, or as self-appointed trustees for the certificate holders.
These certificates are secured by certain city obligations and cash Which
these individuals hold in their own keeping.




Wor, 102.

Inasmuch as those who are operating this plan have stated
that it is
their intention to discontinue it should the
charter amendment
legalizing a similar plan not be adopted at theproposed
coming
election,
this
jury does
not consider it necessary to make any recommendations.

Bond Proposals and Negotiations this week
have been as follows:
ACCOMAC COUNTY (P. 0. Accomac), Va.-BOND OFFERING.
Proposals will be received until 10 a. m.
25 by John D. Grant Jr.,
Clerk Board of Supervisors, for $10,000 April
5-30-yr. (opt.) coupon tax-free
Atlantic Magisterial District road-improvem
ent bonds. Denom. $100.
Interest (rate to be named in bid) payable semi-annually
at the County
Treasurer's office. Certified check for $100 required.
ALBANY, N. Y.-BOND OFFERING.-Proposals will be received
11 a. m. April 20 by John M.Foil, City Compt.,for the following 4%until
reg
bonds, aggregating $813,000:
$237,000 street-impt. bonds. Denom. 230 for $1,000, 10 for $700.
Due
$23,700 yrly. on-May 1 from 1917 to 1926, incl.
80,000 street-impt. bonds. Denom. $1,000. Due $16,000 yrly.
on
May 1 from 1917 to 1921, incl.
250,000 new intercepting sewer bonds, fifth series. Denom. $1,000.
Due May 1 1956.
100,000 water-system-ext. bonds. Denom. $1,000. Due $5,000 yearly
on May 1 from 1917 to 1936, incl.
60,000 river-front-lmpt. bonds, second series. Denom. $1,000. Due
May 1 1956.
46,000 public-impt.-land-purchase bonds. Denom. $2,300. Due $2,300
yearly on May 1 from 1917 to 1936, incl.
30,000 public-impt. fire-alarm-station-constr. bonds. •Denom.
Due $1,500 yrly. on May 1 from 1917 to 1936, incl. The$1,500.
Comptroller will purchase this lot for the sinking funds.
10,000 public-impt. Sheridan park-impt. bonds. Denom.
$500.
Due
$500 yrly. on May 1 from 1917 to 1936, incl. The Comptroller
will also purchase this lot for the sinking funds.
These bonds are non-taxable. Date May 1 1916.
Int. M. & N. by
check. Certified check for 2% of bonds bid for, payable to
Chas. E.Walsh,
City Treasurer, required. Bonds will be ready for delivery
May 3, or as
soon thereafter as possible. The legality of these
bonds will be examined
by Reed & McCook of New York and A. L. Andrews
of
Albany,
and their
opinions will be furnished purchaser.
ALLEN COUNTY (P. 0. Fort Wayne), Ind.-BOND SALE.-On
April 5 the following two issues of 4)4% 6-year average highway-improvement bonds were disposed of-V. 102, p. 1178:
$10,000 Row road bonds to the Hamilton Nat. Bank at 101.81 and int., a
basis of about 4.15%.
10,800 Youse road bonds to J. F. Wild & Co.of Indianapolis for $10,986101.722-and int., a basis of about 4.17%.
Bids were also received from R. L. Dollings Co., Breed, Elliott & Harrison and Miller & Co. of Indianapolis.
AMBLER, Montgomery County, Pa.-BOND
-Edward
Lowber Stokes of Phila. was recently awarded the $30,000SALE.
street and drainage-impt. bonds voted Feb. 15-V. 102, p. 725-for
$30,039 51, equal to
100.131, it is said.
ASHLEY, Delaware County, Ohio.-BOND SALE.-On Mar. 31 the
$3,747 655% 10-yr. serial Grove St.-impt. assess. bonds-V.102,
1093were awarded to Otis & Co. of Cleveland for $3,785 65 (101.013)p.
and int..
it is reported.
ATHOL, Worcester County, Mass.-TEMPORAR
-On
April 4 a loan of $50,000 maturing Oct. 10 1916, and issuedYinLOAN.
anticipation
of taxes, was awarded, reports state, to F. S. Moseley & Co.
of
Boston
at
3.07% discount.
AUBURN, Androscoggin County, Me.-TEMPORARY LOAN.-On
April 5 a loan of $150.000 maturing $100,000 Nov. 7 and $50,000 Nov.
1916 was awarded to Beyer & Small of Portland at 3.15% discount,16
it
is stated.
BANCROFT SCHOOL DISTRICT (P. 0. Bancroft), Kossuth
County, Iowa.-BONDS NOT APPROVED.-The Continental Oc Commercial Trust & Say. Bank of Chicago advise us that the
4)4%
20-yr. building bonds recently awarded it (V. 102, p. 1282)$35,000
were not approved and that the bonds will have to be re-issued.
BARTHOLOMEW COUNTY (P. 0. Columbus),
-BOND OFFER/NO.-Proposals will be received until 2 p. m. AprilInd.
15 by Ed. Buyerkrup, Co. Treas.,for the following 434% 6-yr. average road-impt.
$4,400 Newcomb road bonds in Harrison Twp. Denom. $220. bonds:
2,880 O'Haver road bonds in Union Twp. Denom. $144.
Date April 15 1916. Int. M.& N. Due one bond of each issue each six
months from May 15 1917 to Nov. 15 1926 incl.
BELTRAMI COUNTY INDEPENDENT SCHOOL DISTRICT
NO. 111 (P. 0. Baudette), Minn.-BOND OFFERING.-Unconditional
bids will be received until 4 p. m. April 15 by E. C. Middleton, Deputy
Clerk Bd. of Ed., for $40,000 6% 15-yr. funding bonds. Denom. $500
or any multiple thereof. Date May 1 1916. Int. M.& N. Cert. check
for 5% of bid required.
BISMARCK SPECIAL SCHOOL DISTRICT NO. 1 (P.O.Bismarck),
Burleigh County, No. Dak.-BOND ELECTION.-We learn that an
election will be held April 12 to submit to a vote the question of issuing
$50,000 4% 20-yr. building bonds. R. Penwarden is Clerk Bd. of Ed.
BLAIR COUNTY (P.O. Hollidaysburg),Pa.-NO BONDS OFFERED.
-We are advised that the reports stating that this county is offering for
sale $20,000 4% 10-20-yr. optional Imps. bonds-V. 102, p. 1282-are
erroneous.
BRICELYN INDEPENDENT SCHOOL DISTRICT NO. 132 (P. 0.
Bricelyn), Faribault County, Minn.-BONDS VOTED.-The election
held March 13 resulted, it is stated, in favor of the question of issuing to
the State of Minnesota $25,000 4% building and equipment bonds (V. 102.
p.907.)
BRISTOL COUNTY (P. 0. Taunton), Mass.-BOND OFFERING.
Newspaper reports state that the County Treasurer will receive bids until
9 a. m. April 14 for $100,000 4% 1-20-year refunding bonds.
BROOKHAVEN (Town) UNION FREE SCHOOL DISTRICT
NO. 24 (P. 0. Patchogue), Suffolk County, N. Y.-BIDS.-The following were the other bids received for the $15,200 site-purchase bonds
awarded to the Riverhead Says. Bank of Riverhead on Mar. 29-V. 102.
p. 1283.
Interest.
Premium.
Hornblower & Weeks, New York
4.25s
$19 80
Geo. B. Gibbons & Co., New York
4.25s
760
H. A. Kehler & Co., Now York
4.35s
48 64
Union Savings Bank, Patchogue
4.40s
Isaac W. Sherrill Co., Poug.hkeepsie
45
-60
4.50s
Farson, Son & Co.. New York
20 00
4.50s
Patchogue Bank, Patchogue
4.89s
_ __ _
BROOK-PARK VILLAGE SCHOOL DISTRICT (P. 0. Berea),
Cuyahoga County, Ohio.-BONDS OFFERED BY BANKERS.-Sidney
Spitzer & Co. are offering to investors the $35,000 534% 18 1-3-year aver‘
1age
-1,f
/a
e cp.
.or vs. 1 2. p.
and construction bonds offered by the district on
818. Total bonded debt, this issue. Assess. val..
$1,703,990; real val., est., $2,000,000.
BROOKS COUNTY (P. 0. Falfurrias), Tex.-BONDS VOTED.
The proposition to issue the $30,000 road-construction bonds (V. 102. D.
1093) carried, it is reported, at the election March 25.
BRYAN VILLAGE SCHOOL DISTRICT (P. 0. Bryan), Williams
County, Ohio.-BOND OFFERING.-Proposals will be received until
12 m. April 18 by F. A. Culbertson, Clerk of Bd. of Ed., for the $120,000
4M% site-purchase, contr. and equip. bonds voted Mar.7-V. 102, P. 995,
Auth. Secs.7625,7626 and 7627, Gen. Code. Denom.$500. Date Apr.18
1916. Int. A. & 0. Due part each six months from Mar. 10 1924 to
Sept. 10 1950 incl. Cert. check for 59' of bonds bid for, payable to the
Dist. Treas., required. Bonds to be delivered and paid for within 10 days
from time of award. Purchaser to pay accrued interest. Bids must include cost of furnishing and printing or engraving said bonds.
BUFFALO, N. Y.-NOTE OFFERINO.-Bids will be received until
12 m. April 12, It is stated, by John F. Cochrane, City Comptroller. for
$131,535 4% 4)4-months deficiency notes.

APR.8 1.16.]

THE CHRONICLE

1369

102.94 Crumnings,Prudden&Co,NY 102.687
BYRON SCHOOL DISTRICT (P. 0. Byron), Olmsted County, J. S. Rippel, Newark
of 203 to 57 the question of issuing Kountze Bros., New York.. 102.90 Geo. B. Gibbons & Co., N. Y_102.39
Minn.-BONDS VOTED.-By a vote building
102.23
Bond & Goodwin, N Y
,Phila_102.893
Co.
&
M.
Freeman
M.
bonds
at
election
an
carried
4%
$30,000
Minnesota
of
to the State
Dover Trust Co., Dover_ _ _ _102.795 H.L. Crawford & Co., N.Y_ _101.78
held March 28.
Co., N. Y102'.77 National Union Bank, Dover_101.50
&
Grant
M.
R.
Ogle
County, Ills.-BONDS
BYRON TOWNSHIP (P. 0. Byron),
EAST BATON ROUGE PARISH SCHOOL DISTRICT NO. 9 (P. 0.
VOTED.-The question of issuing the $40,000 road bonds carried by a vote
Baton Rouge), La.-BONDS VOTED.-By a vote of 411 to 45 the quesof 294 to 119, at the election Mar. 21,it is stated.-V.102, p.995.
of issuing $125,000 building bonds carried, reports state, at an election
-The
Tex.
Lockhart),
SALE.
0.
-BOND
(P.
CALD WELL COUNTY
tion held March 28.
$10,000 Precinct No.5 road bonds voted Feb. 12(V. 102, p. 818) have been
Bank
of
Nat.
par.
at
First
Lockhart
the
to
stated,
is
it
sold,
EAST CLEVELAND, Cuyahoga County, Ohio.-BOND OFFERING.
1 p m. April 24 by E. L. Hickey, City
CAMBRIDGE, Middlesex County, Mass.-BOND SALE.-On Mar.21 -Proposals will be received until
to Cropley, McGaragle & Co. of Auditor, for the following 5% bonds:
$38,000 4% coupon bonds were awarded
$95,000 assessment bonds. Date April 11016. Due Feb. 11921.
Boston at 100.849. Other bids were:
95,000 Euclid Ave. improvement bonds. Date Feb. 1 1916. Due $4,000
100.777INatick Five Cents Say.Bk_ _100.538
Biodget & Co., Boston
yearly on Feb. 1 from 1917 to 1935 incl. and $19,000 Feb. 1 1936.
CANANDAIGUA, Ontario County, N. Y.-BOND SALE.-On Mar.
33,900 assessment bonds. Date April 1 1916. Due part yearly on Oct. 1
995from
1917 to 1921 incl.
17 the $16,000 5% 83(,-_Year average reg. city-hall bonds-V. 102.p.
20,000 bonds. Date April 1 1916. Due $2,000 yearly from 1917 to
were awarded to the union Trust Co. of Rochester at 106.85, a basis of
1926 incl.
about 4.01%.
Denom. $1,000. Prin. and semi-ann. int. payable at the Guardian
CANTON, Madison County, Miss.-BONDS VOTED.-An election
and Savings & Trust Co., Cleveland. Cert. check on a Cuyahoga County bank
held April 3 resulted in favor of the questions of issuing $30,000 street
for
10% of bonds bid for, payable to the City Treas., required. Bonds to be
These
int.
%
5%
$16,000 school-improvement bonds at not exceeding
delivered and paid for within ten days from time of award. Purchaser
bonds will be offered for sale about May 10. W. L.Dinkins is Mayor.
pay accrued interest.
to
-The
CARLTON COUNTY (P. 0. Carlton), Minn.-BOND SALE.
EAST ROCHESTER, Monroe County, N. Y.-BOND SALE.-H.A.
it is stated,
Capitol Trust & Say. Bank of St. Paul was recently awarded,
No. 11 construction Kahler & Co. of N. Y. purchased during March the following bonds as 4.20s:
an issue of $38,000 4 % 10-yr. State Rural Highway
bonds. Denom. 11 for $1,000, 1 for $600. Due $1,000 yearly
bonds at 100.55, int., and blank bonds. Denom. $1,000. Date April 1 $11,600 on
Mar. 1 from 1917 to 1927 incl. and $600 Mar. 1 1928.
1916. Int. A.& 0.
15,400 bonds. Denom. 15 for $1,000, 1 for $400. Due $1,000 yearly
DISSCHOOL
INDEPENDENT
on
Mar. 1 from 1917 to 1931 incl. and $400 Mar. 1 1932.
CARPENTER CONSOLIDATED
Worth Counties, Iowa.Date Mar. 1 1916. Int. M.Sr S.
TRICT (P. 0. Carpenter) Mitchell and 29
resulted, it is stated, in a
BONDS VOTED. The election hold March
the
Union County, Ark.-BOND OFFERING.-Further
building
issuing
EL
$25,000
DORADO,
of
vote of 119 to 73 in favor of the question
details are at hand relative to the offering on April 11 of the $34.500 6%
bonds (V. 102, p. 1093).
District
No. 4 paving bonds (V. 102, p. 1284). Proposals
Central
Impt.
Carrollton), Ky.-BONDS AWARDED for these bonds will be received
10 a. m.on that day by Hopkins Wade,
CARROLL COUNTY (P. 0.of
the $50,000 4 % coupon road bonds Secy. Board of Commissioners.until
Denom. $500. Date about June 1 1916.
IN PART.-Reports state that 1283-$30,000
was
0.
awarded
to
James
offered on April 4-V. 102, p.$30,250-100.833-and int. Purchaser to Int. J.& D. Due yearly on Dec. 1 as follows: $1,000 1917, 1918 and 1919:
Wilson & Co., Louisville, for
$1,500 from 1920 to 1925,incl.; $2,000 from 1926 to 1930,incl., and $2,500
from 1931 to 1935, incl. Certified check for $500, payable to the above
lithograph and print the bonds.
Secretary, required. This district has no indebtedness. No sinking fund.
County,
0.
(P.
Greene
TOWNSHIP
Newberry),
SCHOOL
CASS
1 the $12,000 4%% SC11001 bonds-V. 102, Assessed value of real estate, 1915 (approximate),$200,000; actual value of
Ind.-BOND SALE.-On Apr.
F. Wild & Co. of Indianapolis for $12,271, real estate, $400,009. Using an official advertisement, we stated in last
p. 1179-were awarded to
week's "Chronicle, page 1284, that the amount of bonds offered for sale
equal to 102.258, it is stated.
was approximately $35.000.
CASTILE (Village), Wyoming County, N. Y.-BOND SALE.-On
ELKHART COUNTY (P. 0. Goshen), Ind.-BOND SALE.-On
April 4 the -two issues of reg. street improvement bonds, aggregating
bonds.
$28,_500-V. 102, p. 1283-were awarded to Geo. B. Gibbons & Co. of April 5 the two issues of4M % 6-year average highway-improvement
bidders
were:
aggregating
Other
$68,500-V. 102. p. 1181-were disposed of as follows, it is
N. Y. at 100.16 and hat. for 4Xs.
Int. stated:
Price.
4.25s $43,500 Oppenheim road bonds to R. L. Dollings Co. of Indianapolis for
100.07
Wyoming County Trust Co., Warsaw
4.40s
100.186
$44,355 25, equal to 101.966, a basis of about 4.13%.
Parson, Son & Co., New York
4.50s
102.61
25,000 Gorsuch road bonds to the Elkhart County Trust Co. of Goshen
Poughkeepsie
Co.,
Sherrill
Isaac W.
101.50
4.50s
at 102.048, a basis of about 4.11%.
H. A. Kahier & Co., New York
4.50s
100.00
C. T. Foote, Nunda
ERIE SCHOOL DISTRICT (P. 0. Erie), Erie County,Pa.-BIDS.
received for the $200,000 43 % (not 4 % as first reported)
CHAMPAIGN COUNTY (P. 0. Urbana), Ohio.-BOND OFFERING. The other bidsawarded
of
Holmes,
Bulkley
&
and
to
Pittsburgh
Wardrop
public
at
bonds
auction
sale
school
at
10
for
m.
a.
offer
will
-W.B. Coffey, Co. Aud.,
ditch bonds. Int. A. & O. A Townsend Whelan & Co. of Phila. on their joint bid of 102.781 on Mar. 22
April 10 an issue of $1,800 5% coupon'sayable
to Co. Treas., is required -V. 102, p. 1284-were as follows:
certified check for 10% of bonds bid for,
Premium. Price.
in
to pay for bonds. Successful
which
purchaser
if a 10-day option is given
$5,030 00 102.519
Colonial Trust Co., Pittsburgh
bidder to satisfy himself at own expense as to the legality of these bonds.
Security Say.& Tr. Co.,Tol.,and H.M.Fleming,Erie 4,760 00 102.38
4,660 00 102.33
CHELSEA, Suffolk County, Mass.-TEMPORARY LOAN.-On Graham dr Co., Philadelphia
4,360 00 102.18
April 1 a loan of $225000 dated April 4 1916 and maturing one year from N. W. Halsey & Co., Philadelphia
4,134 60 102.0673
date was negotiated with C. D. Parker & Co. of Boston at 3.45% discount Reilly, Brock & Co., Philadelphia
Brown Bros & Co. and Newburger, Henderson &
plus 10 cents premium.
3,760 00 101.88
Loeb, Philadelphia
CHILTON, Calumet County, Wis.-BONDS VOTED.-The election Lyon,
Singer & Co., Pittsburgh
3,114 00 101.557
the
held March 21 resulted, it is stated, in a vote of 302 to 162 in favor ofand
Charles D. Barney & Co., Philadelphia
3,09000 101.545
proposition to issue the $45,000 4K% water-works-plant-erection
Denom. $1,000. Date April 1 1916. Int. A. Sr 0. Due serially from
equipment bonds (V. 102, p. 996). Denom. $500. Int. semi-annual at 1917
to 1938.
April 1
any bank in Chilton or in Milwaukee or Chicago exchange. Due on$2,000,
EWING SCHOOL DISTRICT (P. 0. Ewing), Holt County, Neb.as follows:41$1,000. 1917 and 1918; $1,500, 1919, 1920 and 1921; 1930,
1029,
$3,000.
BONDS VOTED.-The question of issuing the $35,000 5% 5-20-year (opt.)
1922 and 1923;$2,500, 1924, 1925, 1926, 1927 and 1928;
1931 and 1932. $3,500. 1933 and 1934, and $3,000 1935. A. J. Pfeffer building bonds(V. 102, p. 997)carried by a vote of 168 to 58 at the election
is City Clerk.
held March 25. The bonds are dated May 1 1916.
County,
CLAY SCHOOL TOWNSHIP (P. 0. Brooklyn), Morgan Township
FAIRMOUNT, Richland County, No. Dak.-BOND ELECTION.
Fields,
VV.
F.
Ind.-BOND OFFERING.-Dispatches state that
An election will be held April 11 to decide whether or not this village
% school shall
issue $4,000 6% 10-year fire-apparatus purchase and reservoir-conTrustee, will consider bids until 10 a. m. April 24 for $15,000
struction bonds.
bonds.
-BOND OFFERING.-ProCOUNTY (P.O. Bonham), Tex.-BOND .SALE.-On March
CLEARWATER, Pinellas County, Fla.
19 by R. T. Daniel, City Clerk, 29FANNIN
posals will be received until 8 p. m. April voted
the $250,000 5% 10-40-year (opt.) Road Dist. No. 4 road-improvement
March 7(V. 102, p. 1093). bonds
refunding bonds
for the $50,0005% 30-yr.semi-annual.
-V. 102, p. 1095-were awarded, it is stated, to the Harris Trust &
for
check
Cert.
$1,000
required.
Date April 1 1916. Int.
Say. Bank of Chicago for $251,257-100.502-and int.
COMMERCIAL TOWNSHIP (P. 0. Port Norris), Cumberland
FARIBAULT COUNTY (P. 0. Blue Earth), Minn.-BOND OFFERCounty, N. J.-BOND SALE.-On April 3 the $20,000 5% 123i-year ING -Dispatches state that J. L. Herring, County Auditor, will receive
average serial school bonds-V. 102, p. 1283-were awarded to R. M. sealed bids until 10 a. m. April 20 for $207,000 ditch bonds at not exceeding
of
basis
about
a
4.83%.
Grant Sr Co. of N. Y. at 101.57,
5% int. Certified check for 2% required.
CONCORD, Dixon County, Neb.-BOND SALE.-On March 25 the
FAYETTE COUNTY (P. 0. Uniontown), Pa.-DESCRIPTION OF
$2,500 6% 5-20-yr. (opt.) coupon municipal electric-light bonds (V. 102. BONDS.-The $400,000 4% tax-free bonds awarded to Reilly, Brock & Co.
p. 819) were awarded to the State of Nebraska at 105. Other bids were:
and Lyon, Singer & Co. of Pittsburgh, on March 20
of
$2,4001Burns, Brinker & Co., Omaha.$2,400 (V.Philadelphia,
0. H. Coffin, Chicago
102, p. 1181) are coupon in form and bear date of April 11916. Int.
H. C. Speer & Sons Co., Chic- 2,4001Chas. S. Kidder Sr Co., Chic.._ 2,300 A. & 0. Due $200,000 April 1 1926 and 1936: Bonds may be registered
CUMBY SCHOOL DISTRICT (P. 0. Cumby), Hopkins County, as to either principal or interest. Bonded debt, this issues. Assessed
to 9 the question of issuing $8,000 value 1915, $94,186,416; real value (estimated), $270,000,000.
Tex.-BONDS VOTED.-By a veto of 76
building bonds carried, it is stated, at an election held April 1.
FAYETTE INDEPENDENT SCHOOL DISTRICT (P. 0. Fayette),
- Fayette County, Iowa.-BOND SALE.-On March 23 $25,000 4%
DAVIESS COUNTY (P. 0. Owensboro), Ky.-BOND OFFERING.
were awarded to Schanke & Co. of Mason
Proposals will be received until May 1 by the Clerk of Fiscal Court, it is building improvement bonds
% road bonds declared valid by the Court City. Denom.$500. Date April 1 1916. Int. M.& N. Due on May 1
stated, for the $600,000
to 1923,incl.; $1,000 1924: $1,500 yearly
from
1918
yearly
$500
as
follows:
1281.)
of Appeals on Marcia 24 (V. 102, p.
yearly from 1931 to 1936, incl.
will be received until from 1925 to 1930, incl., and $2,000
DAYTON, Ohio.-BOND OFFERING.-Bids for
the following coupon
FERGUS COUNTY SCHOOL DISTRICT NO. 84 (P. 0. Denton),
12 m. May 1 by Hugh E. Wall, City Accountant,
Mont.-BOND OFFERING.-Reports state that sealed bids will be received
bonds:
Date April 1 1916. Due until 10 a. m. April 18 by S. H.Gary, Clerk of Board of School Trustees.for
$190,000 41i% city's portion intersection bonds.
$2,000 April 1 1921, $5,000 April 1 1926 and $183,000 $12,00 173 -year aver, building bonds. Int. semi-ann. Certified check
for $500 required.
April 1 1936.
, % storm water sewer bonds. Date April 1 1916. Due
175,000 436
FLOYD COUNTY (P. 0. New Albany), Ind.-BOND OFFERING.
April 1 1936.
Proposals will be received until 10 a. m. April 15 by Claude A. Sittason,
15,000 4l% water-works-impt. and ext. bonds. Date April 1 1916. County Treasurer, for $9,480 (denom. $237), and $10,960 (denom. $274)
Due April 1 11921.
road-improvement 434% bonds. Date April 15 1916. Int. M.& N.
60,000 4%% water-works-1mM. and ext. bonds. Date April 1 1916.
Duo April 1 1946.
FORT DODGE INDEPENDENT SCHOOL DISTRICT (P. 0. Fort
25,000 4% sewer-refunding bonds. Date April 1 1916. Due April 1 Dodge), Webster County, Iowa.-BOND OFFERING.-Further details
1926.
are at hand relative to the offering on May 2 of the $70,000 434% 10-year
50,000 4% water-works refunding bonds. Date May 1 1916. Duo
site-purchase and building bonds (V. 102, p. 1284). Proposals for these
May 1 1926.
Cert.
and
City.
Prin.
Y.
semi-ann.
N.
int.
in
bonds will be received until 8 p. m. by Lee Porter, Secy. Board of Direc$1,000.
payable
Denom.
for 5% of bonds bid for, payable to the City tors. Auth. Secs. 2820, A to D.Iowa Code, and vote of 1,176 to 699 at
check on a solvent national bankto
be delivered on May
The approving
Accountant, required. Bonds
8.be furnished suc- an election held March 13. Denom. $1,000. Date June 1 1916. Int.
opinion of Squire, Sanders & Dempsey of Cleveland will
J. & D. at Fort Dodge. A deposit of 2% of bid required. Total bonded
cessful bidder.
this issue, $260,000. Floating debt, $25,000. Assessed
DELAWARE COUNTY (P. 0. Delaware), Ohio.-BOND OFFERING. debt, including
-Proposals will be received until 1 p. m. April 20 by W. V. Aldrich, value 1915, $3,846,485; actual value, $20,000,000. Official circular states
-year
3
average
%
road
4}4
Antis,
bonds.
that there is no controversy or litigation pending or threatened affecting in
County Auditor, for $50,000
Secs. 2294 and 2295, Gen. Code. Denom. $500. Date March 1 1916. any manner this issue, and that the principal and interest on bonds previS.
&
at
-payable
--M.
County
of
office
interest
and
semi-annual
Principal
also that no previous issues of bonds
Treasurer. Due $7,500 March 1 and Sept. 1 1017 and $5,000 each six ously issued have been promptly paid;
months from March 1 1918 to March 1 1921, inclusive. Certified check have been contested. The legality of issue to be approved by purchaser.
(or
cash),
County
payable
$1,000
to
on a Delaware County bank for
The official notice of this bond offering will be found among the advertiseAuditor. required. Bonds to be delivered and paid for within five days ments elsewhere in this Department.
from day of sale. Purchaser to pay accrued interest.
FRANKLIN COUNTY (P. 0. Mount Vernon), Tex.-BONDS
DIVIDE COUNTY (P. 0. Crosby), No. Dak.-BONDS VOTED.-The DEFEATED.-The proposition to issue the $200.000 road-construction
propositions to issue tho $50,000 site-purchase and court-house-erection bonds (V. 102, p. 908) failed to carry at the election held March 28 in
and $10,000 jail-erection 20-year bonds at not exceeding 6% int. carried, it Precinct No. 1.
is stated, at tho election. held March 21. W.E. Vadnais is Co. Aud.
FRANKLIN COUNTY SCHOOL DISTRICT NO. 37 (P. 0. HilDOVER SCHOOL DISTRICT (P. 0. Dover), Morris County, N. J.
Neb.-BONDS VOTED.-The election held March 21 resulted in
% 14-year average school dreth), the
BOND SALE.-On April 3 the $125,000
question of issuing 517.000 5-20-year (opt.) building and equipfavor of
Y.
N.
&
of
Co.
Everitt
D.
John
to
awarded
p.
were
102,
1181)
(V.
bonds
bonds.
The vote was 142 to 54.
ment
were:
bids
t 103.07-a basis of about 4.21%. Other




.1370

THE CHRONICLE

FREESTONE COUNTY (P. 0. Fairfield), Tex.-BOND
ELECTION
PROPOSED.-Reports state that an election will
Streetman Dist. to vote on the proposition to issue probably be called in
$62,000 road bonds.
GAINESVILLE, Alachua County, Fla.-BOND OFFERING
.-Further details are at hand relative to the offering
on April 29 of the $21,00()
5% 15-year coupon gold paving and sewer
(V. 102, p. 1284). Proposals for these bonds will be received untilbonds
3 p. in. on that day by I. E.
Webster. Secy. Board of Public Works. Denom.
$1,000. Date Jan. 1
1916. Int. J. & J. at the City Treasurer's office.
Certified check for 3%
of bid, payable to the Board of Public Works,
required. These bonds are
exempt from taxation in Florida. Bonded debt,
this issue,
$321,000. No floating debt. Sinking fund, 32.456including
1915. $3,210,000. City tax rate (per $1,000), $14. 30. Assessed value
GARRISON, Benton County, Iowa.-BONDS VOTED.
-By a vote
of 99 to 23 the question of issuing the $2,500 5% city-hall-bui
lding bonds
(V. 102, p. 1181) carried at the election held March
27.

[VOL. 102.

IOWA PARK SCHOOL DISTRICT
Park), Wichita
County, Texas.-BONDS VOTED.-The (P. 0. Iowa
held April 1 resulted in
a vote of 48 to 4 in favor of the question ofelection
$16,000 5% 10-40-year
(opt.) building and equipment bonds. A.issuing
L. Brubaker is President of
Board of Education.
JACKSON COUNTY (P. 0. Brownstown), Ind.-BOND
OFFERING.
-Proposals will be received until 10 a. in. April 20 by
John E. Belding,
County Treasurer, for $6,320 434% -year average Frank
Fish Jr. et al.
road bonds in Carr and Owen Twp. 6Denom.
$316. Date Mar. 15 1916.
Int. M. & N. Due $316 each six months from
May 15 1917 to Nov. 15
1926 incl.
JEFFERSON COUNTY (P. 0. Hillsboro), Mo.-BOND ELECTION
.
The proposition to issue $500,000 road and bridge bonds
will be submitted
to a vote, it is stated, on April 15.
KAW VALLEY DRAINAGE DISTRICT (P. 0. Kansas City),
Kan.
-BOND SALE.-On March 27 the $160,000 0
,6% river-impt. bonds
GEARY SCHOOL DISTRICT (P. 0. Geary),
County, Okla. (V. 102, p. 1182) were awarded to the Fidelity Trust Co. of Kansas City.
-BOND SALE POSTPONED.-The sale of the Blaine
5% 123i-year Mo., for $160,167 50 (100.104) and int., a basis of about 4.426%. Other
(average) high-school-building bonds which was to$21,000
have taken place on bids were:
March 31 (V'. 102, p. 1095) was postponed indefinitely
H.P. Wright Investment Co., Kansas City, Mo
.
$160,025
Spitzer, Rorick & Co., Toledo
158,425
GEAUGA COUNTY (P. 0. Chardon), Ohio.-BOND
Commerce
Trust Co., Kansas City, Mo
158,410
Proposals will be received until 12 m. April 17 by A. A. OFFERING.
Fowler, County Harris Trust & Savings Bank, Chicago
Auditor, for $15,000 4 % 3-year average coupon main
156,912
Denom.
$1,000.
Date
market
July
road
1
1914.
No.
Int.
19
J. & J. Due July 1 1936.
bonds. Auth., Sec. 1223, Gen. Code. Denom. $1,000.
KENT COUNTY (P. 0. Dover) Dela.-BOND SALE.-Local
1916. Int. M. & S. Due $3,000 yearly on March 1 fromDate March 1
investors
1917 to 1921, purchased on Mar.8,
Inclusive. Certified check for 10% of bonds bid
prices ranging from 101.50 to 102,$10,000 5% goodat
for,
payable
to
the
County road bonds. Denom. $1,000. Date
Treasurer, required. Bonds to be delivered and paid for
Jan. 1 1916. Int. J. & J. Due
within ten days 1943 and 1944.
from time of award. Purchaser to pay accrued
interest.
BOND OFFERING.-Proposals will be received until 12 m. Apr.
GENEVA, Ontario County, N. Y.-BOND OFFERING
17 by
.-Proposals James Martin, County Treas., for $20,000 5% gold
will be received until 10 a. in. April 12,
coupon road bonds.
it is stated, by L. J. Williams, Denom.$1,000. Prin. and
semi-ann. int. (J. & J.) payable at the Farmers'
Chairman of Finance Committee, for $45,000 1-18-year serial
and
Bank,
$26.184
Dover. Due $5,000 yearly on July 1 from 1944 to 1947 incl.
5-year average 434% semi-ann. improvement
bonds. Certified check
for 2% required.
KENTON, Hardin County, Ohio.-BOND SALE.-On
1 the
three
issues
of 5% bonds aggregating $39,500 (V. 102, p. Apr.
GLEN ULLIN, Morton County, No. Dak.-BON
1182) were
DS VOTED.-The awarded to Sidney Spitzer & Co. of Toledo for $41,557, equal to
questions of issuing the $6,500 water-fundi
105.207.
ng and $1,500 street-crossing Other bidders were:
20-year bonds at not exceeding 5% interest (V-. 102, p. 1284)
carried at the Breed, Elliott & Harrison,
Tillotson & Wolcott Co__$41,097 87
election held March 21 by a vote of 74 to 25 and 88 to
Cincinnati
15, respectively.
$41,462 24 Well, Roth & Co., Cinc__ 41,075
15
F.C.Hoehler, Toledo_ 41,195 35 Seasongood & Mayer,ChiGOUVERNEUR, St. Lawrence County, N. Y.-BONDS
DEFEATED. Prov. S. B.& T.Co.,Cin_ 41,158 12
cinnati
-The questions of issuing the $2,000 Parker Garage
40,987 00
purchase
and
$800
improvement bonds(V. 102, p. 1095) were defeated at the
KO COUNTY(P.O. Warsaw), Ind.-BOND OFFERING.
election March 21 A.KOSCIUS
by a vote of 118 "for" to 171 "against.
J. Logan, County Treasurer, will receive bids until 2 in.
April 15 for
322,800 4 % 6-year average Elmer E. Circle et al. road p.
bonds in Jackson
GRANITE CITY, Madison County, Ill.-BOND ELECTION
Twp.
Denom.
$1,140.
Date
Apr.
15 1916. Int. M.& N. Due $1,140
.-The
question of issuing $40,000 refunding bonds will be submitted
to a vote, each six months from May 15 1917 to Nov. 15 1926 incl.
it is stated, on April 18.
LA GRO SCHOOL TOWNSHIP (P. 0. La Gro), Wabash County,
GRANVILLE SCHOOL DISTRICT (P. 0. Granville),
Licking Ind.-BOND SALE.-On Mar. 31 the $20,000 4 % 8-yr. average school
County, Ohio.-BONDS VOTED.-A vote of 167 to
was cast at the bonds-V. 102, p. 998-were awarded to the Fletcher Amer. Nat. Bank
Mar. 28 election in favor of the issuance of the $30,00086
building
bonds,
it of Indianapolis at 103.14, a basis of about 4.03%.
Is reported.-V. 102, p. 1182.
Other bids were:
J. F. Wild & Co., Indpls__ _ _320,5781Miller & Co., Indpls
GREAT BEND, Barton County, Kan.-BOND ELECTION
$20,511
PRO- Breed, Elliott & Harrison,
POSED.-Petitions have been circulated, reports state, asking
State Bank, Lafontaine
20,475
the City
Indianapolis
commissioners to call an election to vote on the question of
20,551 Farmers & Mer. Bk., Wabash 20,389
issuing
$40,000
public-auditorium-building bonds.
LAUREL, Jones County, Miss.-BONDS AUTHORIZED.-Reports
state that a bill has been passed by the Legislature
GREAT FALLS, Cascade County, Mont.-BOND OFFERING
for the
.
- issuance of $30,000 hospital bonds. T. G. McCallum is providing
W. H. Harrison, City Clerk, will sell at public
Mayor.
auction at 10 a. in.
May 16 the $150,000
% 10-20-year (opt.) coupon Missouri River waterLEAF RIVER TOWNSHIP (P. 0. Leaf River), Ogle County, Ill.filtering, purifying and softening bonds authorized by vote
729 to 537 BONDS VOTED.-Newspaper reports state that the proposition to issue
at the election held Feb. 5(V. 102, p. 727). Auth., Sec. 6, of
Art. 13, Con- $28,000 road-improvement bonds carried at the election March 25.
stitution of Montana, and subdivisions 15, 64 and 79,
Sec. 3259, Political
LINCOLN, Lancaster County, Neb.-BOND SALE.-On Mar.
Code of Montana, Revised 1907. Denom. $1,000.
31
Date July 1 1916. the three issues of bonds, aggregating
Principal and semi-annual interest (J. & J.) payable
$185,170 (V. 102, p. 1096) were
City Treasurer's awarded to Nelson C. Brock, agent of Lincoln„
office, or, at the option of the holder, at some bankatinthe
follows: $58,000 (two
York City to issues) refunding for $59,063 (101.832) and int. asas
be designated by the City Treasurer. Certified checkNew
on some bank in ing Dist. special assess. for $129,581 (101.895) and4s;and $127,170 PavGreat Falls for $1,000, payable to the City
int. as 5s. Other bidrequired. Bidders ders were:
shall satisfy themselves as to the legality Treasurer,
of the bonds before bidding.
Total bonded debt, including this issue, $792,000. Other indebtednes
Paving.
Refunding.
s,
W. E. Barkley, Lincoln
$824,965 10. Sinking fund, $118,250 12. Assessed value '(equalized)
$129,271 00
1915, $13,366.645; total actual value (est.), $27,000,000. Official circular, James T. Wachob Omaha
128,380 00 $58,500 00
Security
Savings
Bank
& Trust Co., Toledo
states that there is no controversy or litigation pending or threatened
Provident Savings Bank & Trust Co.,Cincinnati_
affecting the corporate existence or the boundaries of this municipalit
y Sidney Spitzer & Co., Toledo
nor the title of its present officials to their respective offices, or the
58,720 75
validity
of the bonds, and that there has never been any default in the payment
LITTLE SIOUX SCHOOL DISTRICT (P. 0. Little
of
Harriprincipal or interest; also that no bond issue has ever been
son County, Iowa.-BOND OFFERING.-Proposals willSioux),
contested.
be
received
at
any time by 'I'. J. Lanyan, Secretary of Board of Education,for the $20.000
GREENE COUNTY(P.O. Xenia), Ohio.-BOND SALE.-On
Mar.
30
5%
site-purchas
e
and
building
authorized
bonds
by .vote of 212 to 45 at
the $41,000 4;4% 10M-yr. aver, funding bonds-V. 102, p. 998
-were
the election held April 4-V. 102, p. 1183. Int. semi-annual. Due
awarded to Davies-Bertram Co. of Cincinnati for $42,243
20
(103.031) and years, subject to call $500 or $1,000 yearly after 5 years.
int., a basis of about 4.14%. Other bidders were:
LOWNDES COUNTY (P. 0. Columbus), Miss.-BONDS VOTED.
Atlas Nat. Bank, Cinc___$42,235 00 Seasongood & Mayer,Cin.$42.065
00
Breed, Elliott & Harrison,
Secur. S.B.& T.Co., Tol. 42,020 90 The question of issuing the $40,000 road bonds (V. 102, p. 1096) carried,
it is stated, by a vote of 166 to 121 at the election held April 1.
Cincinnati
42,139 80 Provident Say. Bank &
Tillotson & Wolcott Co
42,139 80
Tr. Co., Cincinnati_ __ 41,996 30
Mc ALESTER SCHOOL DISTRICT NO. 80 (P. 0. Mc Alester,)
Well, Roth & Co., Cincin_ 42,086 50 Stacy & Braun,
Toledo..- _ 41,942 20 Pittsburgh County, Okla.-BOND ELECTION.-The question
of issuing
Cummings,Prudden &
$75,000 building bonds will be submitted to a vote, it is stated, on Apr. 11.
Toledo
Co..42,083 00
All bids provided for payment of accrued interest.
MADISON, Dane County, Wis.-BOND SALE.-On March 31
sewerage-improvement bonds were awarded, it is stated, to N. W.
GROVER VILLAGE SCHOOL DISTRICT (P. 0. Tiltonsville), $120,000
Halsey & Co. of Chicago for $124,045, equal to 103.37.
Jefferson County, Ohio.-BOND OFFERING.-Proposals
BONDS AUTHORIZED.-Reports state that the Council authorized
be received until 12 m. April 29 by Seth Williams, Clerk of Board of will
Education, the issuance of $42,000 special street-improvement bonds on March
for $45,000 5% 9%-year average school bonds. Auth., Sec. 7626,
31.
Gen.
Code. Denom. $2,250. Date June 1 1916. Int. J. & D. Due $2,250
MAHONING COUNTY (P. 0. Youngstown), Ohio.-BOND
ING.-Proposals will be received until 12 m. Apr. 10 by Frank H.OFFERyearly on June 1 from 1918 to 1934, inclusive, and $2,250 on Dec. 1
Vogan,
1932,
Clerk of Bd. of Co. Commrs., for the following 5% road-Inapt. bonds:
1933 and 1934. Certified check for $500 required.
Goshen Twps. portion road bonds. Denom.$1.880. Due $1,880
HENDERSON COUNTY (P. 0. Henderson), Ky.-BOND ELEC- $18,800 yrly.
on Sept. 1 from 1917 to 1926, incl. Cert. check for $1,000
TION.-The election to vote on the proposition to issue the $400,000 road
required.
construction bonds-V. 102, p. 908-will be held, it is stated,
on April 29
40,600 county's portion bonds. Denom. 9 for $4,000, 1 for $4,600.
and not April 20 as first reported.
Due $1,000 yrly. on Sept. 1 from 1917 to 1925 incl., and $4,600
Sept. 1 1926. Cert. check for $1,000 required.
HENDRICKS COUNTY (P. 0. Danville), Ind.-BOND SALE.-On
6,500 Coitsville Twp's. portion bonds. Denom. $1,300. Due $1,300
April 3 the $7.200 434% 6-year average highway-improvement bonds
(V. 102, la 1284) were disposed of for $7,405, equal to 102.847, a basis of yrly. on Sept. 1 from 1917 to 1921, incl.. Cert. check for $500 required.
Date Apr. 20 1916. Prin. and seml-ann. int.-M. & S.-payable at
about 3.96%. Denom. $360. Int. M.& N. Due $360 each six months
Co. Treasury. Cert. check must be made payable to the Co. Treas.,
from May 15 1917 to Nov. 15 1926, inclusive.
Bidders will be required to satisfy themselves as to the legality of
these
HENRY COUNTY (P. 0. Napoleon), Ohio.-BOND SALE.-The bonds.
State Industrial Commission has purchased at par the two issues
of 5%
MAMARONECK (Village), Westchester County, N. Y.-BOND OF3n-year average coupon road-improvement bonds which
were advertised FERING.-Proposals will be received until 8:30
p. rn. April 10 by Edgar L.
to be sold April 6.-V. 102, p. 1182.
Howe, Vii. Clerk, for the following reg. fire-apparatus-purchase
bonds at
HIGHLAND PARK, Wayne County, Mich.-BOND OFFERING not exceeding 5% int. voted March 21:
POSTPONED.-Time for receiving bids for $665,000 20-year sewer
bonds $6,000 bonds maturing $1,000 yrly. on May 1 from 1921 to 1926 incl.
has been extended from April 3 to April 10.-V. 102, p. 1182.
4,000 bonds. Due $1,000 yrly. on May J. from 1921 to 1924 incl.
Denom. $1,000. Date May 11916. Int. M. & N. Cert. check on an
HOWARD COUNTY (P. 0. Kokomo), Ind.-BOND OFFERING.
- incorporated bank for 5% of bonds, payable to "Village
of Mamaroneck,"
Ora J. Davies, Co. Treas., will receive bids until 10 a. in. Apr.
10
for
the
required.
Check must be made payable in N. Y. City. Total debt,
following 4
highway-impt. bonds:
$488.195; assess. val., $7,896,302.
$6,400 Forest Summers road bonds in Jackson Twp. Denom. $320.
MANHATTAN BEACH (P. 0. Manhattan), Los Angeles
3,800 Isaac N. Keyton road bonds in Howard & Taylor Twps. Denom.
Calif.-DESCRIPTION OF BONDS.-The $70,000 pleasure-pierCounty,
$190.
-erection
3.300 Cyrena Crousore road bonds in Center & Taylor Twps. Denom. and $20,000 pavilion-construction 5%% bonds awarded on March 14 to
the Royal Securities Corp. of Los Angeles for $93,500 (103.888) and int.
$165.
(V. 102, p. 1183) are in the
of $1,000 and dated Feb. 1 1916.
HUBBARD SCHOOL DISTRICT (P. 0. Hubbard), Hardin County, Prin. and semi-annual int. (F.denom.
A.), payable at the City Treas. office,
Iowa.-BOND SALE.-The $18,000 building bonds voted Mar. 31 have or at the Chase Nat. Bank, N.&
Y., at the option of holder. Due $3,000
been sold.
yearly from 1917 to 1946, incl. Total bonded debt, including these bonds,
HUME SCHOOL DISTRICTiNO. 28 (P. 0. Hume), Edgar County, $221,000. Assess. val. 1915. $2,039,720. Legality approved by Dillon,
Ills.-BONDS VOTED.-At the election Mar. 18 a vote of 48 to 21 was Thomson & Clay of New York.
cast in favor of the issuanceof $9,000 building-impt. bonds, it is stated.
MANKATO, Blue Earth County, Minn.-BIDS REJECTED.-All
HURTSBORO, Russell County, Ala.-BOND SALE.-The $9,000 5% bids received for the $40,000 5% 20-year coupon bridge bonds offered on
20-year water and light extension bonds offered on March 15 (V. 102, p. April 3-V. 102, p. 1285-were rejected.
820) have been awarded,It is stated,to Sidney Spitzer & Co.of Toledo at 91.
MARIN MUNICIPAL WATER DISTRICT (P. 0. San Rafael)
INDIANAPOLIS, Ind.-TEMPORARY LOAN.-On Mar. 31 a loan Calif.-BOND OFFERING.-Proposals will be received until April 12 by
of $72,000 dated Mar. 31 1916 and maturing in three months was nego- C. S. Whitaker, Secretary of Board of Directors, it is stated,for $2,250,000,
tiated with the Indiana Trust Co. of Indianapolis at 3% int. Other bids 5% bonds. These bonds are part of the 33,000,000 issue voted Aug. 28
to purchase the plant of the North Coast Water Co. The block now
wore :
offered will be sold contingent upon the district being upheld in the Supreme
J. F. Wild & Co., Indianapolis, 3.65% •
Court, where efforts are being made to have the law declared unconsitOtto F. Haueisen & Co., Indianapolis, 3.75%.
tutional. See V. 102. p. 817. A decision by the Supreme Court is exFletcher Amer. Nat. Bank, Indianapolis, 4%, plus $6 premium.
pected before June 15.




APR. 8 1916.]

THE CHRONICLE

1371

serial
it is stated, for $25,000 4% 2-8-year
- received until 11 a. m. April 19,al.
olis), Ind.-BOND SALE.
Certified check for 2%required.
semi-annu
MARION COUNTY (P. 0. Indianap
Gass road bonds-V. 102, fire bonds. Interest
average
6-yr.
New
%
0.
4
(P.
CT
DISTRI
On April 3 the $44,000
to the Fletcher Amer. Nat. Bank of
NEW STRAITSVILLE VILLAGE SCHOOL
SALE.-On Apr. 1 the two
p. 1285-were awarded, it is stated, 102.280, a basis of about 4.068%.
Straitsville), Perry County, Ohio.-BOND
were
999),
p.
102,
(V.
Indianapolis for $45,003 50, equal to
$58,500
bonds, aggregating
DISTRICT (P. 0. Marionville), issues of 57 school
Toledo for $61,583 (105.270) and int.
MARIONVILLE SPECIAL SCHOOL
20 this district sold awarded to Sidney Spitzer & Co. of
March
-On
SALE.
ND
Mo.-BO
Other bids were:
Lawrence County,
Rorick&Co., Tol_$59,775 60
102.58.
Seasongood & Mayer,Cin.$61,471 00 Spitzer,
an issue of $40,000 road bonds at
& Co., Tol_x52,505 00
CT (P. 0. Marquette), McPher. Security S.B.&T.Co.,Tol_ 61,441 30 W.L. Slayton
ertram Co., Cin_ *8,791 00
MARQUETTE SCHOOL DISTRI
Davies-B
questhe
85
62
to
60,772
of
218
-By a vote
& Wolcott Co-_
VOTED.
Tillotson
BONDS
Kans.son County,
60,439 65
bonds carried at an election held Mar. Martin Bank Co
tion of Issuing $35,000 4%% building
z For $50,000 issue. * For $8,500 issue.
Board of Education.
28. H. E. Bruce is President
-On
Webster
ld),
0. Kentland), Ind.-BOND SALE.
(P.
Marshfie
0.
N
COUNTY
(P.
CT
NEWTO
DISTRI
highway-improvement
MARSHFIELD SCHOOL -On
April 3 the $11,500 5% 20-yr. high- April 4 the two issues of 4%% 6-year average
County, Mo.-BOND SALE.
R. Compton bonds, aggregating $16,000 (V. 102. p. 1286), were awarded. to J. F. Wild
William
to
awarded
were
1286)
p.
102.268, a basis of about
school-bldg. bonds (V. 102,
int., a basis of about 4.75%. Other bids & Co. of Indianapolis for $16,362 90, equal to
& Co. of St. Louis at 103.20 and
4.07%. Other bidders were:
$8,200
$7,800
were:
53
L__$11,7
St.
Co.,
&
Walker
H.
G.
72
Road.
Road.
Union Nat. Bank, Springf.$11,846 00 Hubbard D'Ocuch Bond Co.,
11,809
Chic_
65
Co.,
$8,377
Bond
00
$7,968
Hanchett
11,753 Gavin L. Payne & Co., Indianapolis
St. Louis
8,373 75
7,962 75
_
_
is..
Prescott & Snider, Kansas
Indianapol
11,696
Bank,
National
L___
St.
American
Co.,
Tr.
Fletchere
11,794 00 Mercantil
70
8,370
50
7,962
City, Mo
lis
11,667
Meyer-Kiser Bank, Indianapo
Gerard & Co.,Chic__
8,365 00
7,960 00
Fidelity Tr.Co.,Kan.C.,Mo. 11,787 50 Powell,
Co., St. L____ 11,625 Breed, Elliott & Harrison, Indianapolis
10
7,952
Francis Bros. & Co., St.L. 11,780 00 Miss. Val. Tr.
lis
Co.
Indianapo
Dollings
L.
8.361 00
DISTRICT (P. 0. Mason) R.
7,950 00
Co., Indanapolis
MASON CITY INDEPENDENT SCHOOLOFFERIN
G.-Proposals will Miller &
City), Cerro Gordo County, Iowa.-BOND
CITY.-BOND OFFERING.-Proposals will be received
is stated,
it
n,
YORK
Educatio
NEW
of
Board
,
Secretary
the
for
Compt.,
$55.be received until April 14 by
18(V. 102, p. 153. until 2 p. m. April 19 by William A. Prendergast, City
for the $250,000 high-school-building bonds voted Jan.
% gold coup. or reg. corporate stock as follows:
000,000
Menominee), Menominee $40,000,000 corporate stock, issued for the supply of water, docks and
MENOMINEE SCHOOL DISTRICT (P. 0.
the
-We are informed that
rapid transit. Due April 1 1966. Issued in coupon formorand
County, Mich.-PURCHASERS OF BONDS.
in
Feb. 15
bonds which were sold on
interchangeable, denom. of $1,000, for coupon bonds
purchasers of the $165,000 43' % school p.
were John F. McLean &
1286)
registered form in any multiple of $10.
102,
(V.
102.439
to
equal
Defor $169,025,
MaturChicago jointly.
purposes.
l
of
municipa
various
for
issued
Willaman
stock,
&
corporate
Mosser
15,000,000
Co. of Detroit and Bolger,
0. Due yearly on Apr. 1
ing annually from April 1 1917 to April 1 1931 incl. dIssued
nom. $1,000. Date Apr. 1 1916. Int. A. & 1922 to 1926 incl., $7,000
form
in coupon form in the denom. of $1,000 or in registere
as follows: $5,000 1917, to 1921 incl., $6,000
of regisIn any multiple of $10 for each maturity. Privilege
1927 to 1930 incl. and $82,000 in 1931.
given to coupon holders. Bids will be received only
VOTED.
NDS
tration
Ky.-BO
n),
Edmonto
example:
METCALFE COUNTY (P. 0.
on the basis of a single price for an entire series, foritems
on to issue the $30,000 road bonds
ma15 $1,000
By a vote of 1,022 to 547 the propositi J. W. Galieway is Co. Clerk.
A single bid for $15,000 is a proposal for be
accepted for sepaBids will not
years.
carried at the election held March 25.
15
to
1
from
turing
ls
G.-Proposa
OFFERIN
ND
Ga.-BO
s.
County
maturitie
rate
METTER, Candler
in New
tile following 5% bonds voted March 30:
Principal and semi-annual Interest April 1 and Oct. 1, payable
will be received at any time for
authorized by vote of 99 to 34. Due $2,500 York City. These bonds are exempt from all taxation in State of New
$8,500 electric-light bonds,
1946.
and
1936
purposes.
State
for
York, except
1926, and $3,000
York Charter.
authorized by vote of 132 to 2. Due $2,500
Conditions of Sale, as Provided for by the Greater New
6,500 school-building bonds, and
of corporate stock.
1946.
1. Separate proposals must be made for each class
1926 and $2,000 1936
set forth vrll
herein
those
than
other
s
g
condition
containin
1916.
2. Proposals
Date April 1
OFFERING.-Proposals not be received or considered.
for less than the par value
MIAMI COUNTY (P. 0. Peru), Ind.-BOND
accepted
be
shall
stock
the
for
for
Treas.,
proposal
Co.
No
3.
Zook,
B.
will be received until 2 p. m. Apr. 15 by Aaron
of the same.
•
to the reception or considerafollowing 4%% coupon road-impt. bonds
4. Every bidder, as a condition precedent
Twp. Denom. $227 50.
the Comptroller in money, or by a
$9,100 C. F. Kelm et al road bonds ininPerry
tion of his proposal, shall deposit withsaid
Butler Twp. Denom.$332 50.
ler upon a trust comComptrol
of
6,650 D. M.Bradley et al road bondsin Harrison
certified check drawn to the order and doing business under the laws of
Twp. Denom. $285.
5,700 H. W. Shinn et al road bonds Jackson Twp.
Denom.$377 50.
pany or a State bank, incorporatednational bank, 2% of the par value of
7,550 L. D.Lamm et al road bonds in Due
a
upon
or
part each six months beginning the State of New York,
Date Apr. 15 1916. Int. M.& N.
the stock bid for in each proposal.
is not accompanied
May 15 1917.
No proposal will be received or considered which
Utah.-BOND SALE.-On by such deposit.
),
MILLARD COUNTY (P. 0. Tillmore
to
Comptroller to the persons
All such deposits shall be returned by the
March 24 $60,000 6% 11-20-year (ser.) drainage bonds were awarded
Date
the decision has been rendered
making the same within three days afterbidders,
the Lumbermen's Trust Co. of Portland at par. Denom. $1,000.
except the deposit made
or
Jan. 1 1916. Int. J. & J.
as to who is or are the highest bidder
bidder or bidders.
MINNEAPOLIS, Minn.-BONDS OFFERED BY BANKERS.-In an by the highest
or neglect, within five
refuse
shall
bidders
or
bidder
5. If said highest
advertisement on a preceding page Geo. B. Gibbons & Co. and Hornblower days after service of written notice of the award to him or them, to pay
% coupon or
awarded to him or them
stock
to
$500,000
investors
the
of
offering
amount
are
York
the
ain
New
Chamberl
of
City
to
the
& Weeks
less the amount deat its par value, together with the premium thereon,
registered improvement bonds.
amounts of deposit thus made shall
- posited by him or them, the amount orcity
So. Dak.-BOND OFFERING.
d damages for such
liquidate
as
said
by
MITCHELL, Davidson County,
retained
be
forfeited to and
the
Eastcott, City Auditor, will receive sealed
or refusal, and shall thereafter be paid into the Sinking Fund of
Dispatches state that Thomas
for the $95,000 10-20-yr. (opt.) refunding bonds. neglect
Debt.
City
the
of
on
Redempti
the
of
for
City
York
New
bids until 8 p. m. Apr. 17are
at 4 and 4%% int. Int. semi-ann
bids
whose
requested
persons
the
by
Bids
Treasury
City
1183).
the
p.
6. Upon the payment into
(V. 102,
are accepted of the amounts due for the stock awarded to them respectively,
Cert. check for $500 required.
0. Moberly), Randolph ineltrling accrued interest from April 1 1916, certificates thereof shall be
MOBERLY SCHOOL DISTRICT (P.
5%
10-20-yr.
Issued to them in such denominations provided for by the charter as they
the $100,000
County, 1,10.-BOND SALE.-On Mar. 30
(V. 102, p. 1183) were awarded may desire.
(opt,) coupon building and equipment bonds
a
basis
of
int.,
about
and
7. It is required by the charter of the city that in making proposals
104.81
to Wm. R. Compton Co. of St. Louis at
maturity. Other bidders "every bidder may be required to accept a portion of the whole amount
4.40% to optional date and about 4.62% to full
bid for by him at the same rate or proportional price as may be specithereof
be rewere.
104.410 fied in his bid; and any bid which conflicts with this condition shall
or any
Prescott & Snider, Kansas City
104.030 jected, provided, however, that any bidder offering to purchase all
A. G. Edwards & Sons, St.Louis
at par or higher may also offer
price
a
at
sale
for
103.921
offered
bonds
of
the
part
Louis
St.
price, and if the CompLittle & Hays Investment Co.,
102.26
to purchase all or none of said bonds at a different
to do, he may award
Bank of Moberly
1102.01
troller deems it to be in the interests of the city sofor
City
all or none of said
Commerce Trust Co., Kansas
price
highest
the
offering
Louis
bidder
to
the
bonds
St.
the
Co.,
&
it to be in the indeems
er
Kauffman Smith, Emort Co.,
Comptroll
the
if
that
101.00
St. Louis
bonds; provided, however,
this provision
Under
Mississippi Valley Trust
so to do, he may reject all bids."
Mich.-BONDS VOTED.-The proposition terests of the city
will accept only the whole amount of stock
bidder
the
that
condition
the
MONROE,Monroe County,
bonds-V. 102, p. 1097-light-plant
in any bids,
municipal
inserted
be
cannot
5%
thereof,
part
any
$90,000
bid for by him, and not
to Issue the election Apr. 3. Due $6,000 yearly.
also bid for "all
except those for "all or none" offered by bidders who have
carried at the
Ohio.
,
sale.
0.
(P.
OFFERfor
Dayton)
-BOND
offered
COUNTY
stock
the
of
part"
OMERY
or any
MONTG
deposits,should
m. Apr. 17 by Walter H. Aszling;
8. The proposals for each class, together with the security
ING.-Bids will be received until,12
2%-yr. aver. coupon be inclosed in separate sealed envelopes, indorsed "Proposals for Corporate
Clerk of Board of County Commrs. for $15,000 4%% Date
in other
inclosed
envelopes
said
April
17
and
1916.
bonds.
Denom.
$1,000.
(Serial),
assess.
Stock
e
impt.
Stock" or Corporat
Range road
, Due sealed envelopes, addressed to the Comptroller of the City of New York.
Prin. and semi-ann. int. (M. & •S.) payable at County Treasury
no blanks are furnished.)
a
therefore
on
solvent
check
incl.
to
required,
1921
Cert.
from
1917
is
17
proposal
of
Apr.
form
on
special
yrly.
(No
$3,000
nt we
for $500, payable to County Auditor, required.
Among the "News Items" on a preceding page of this departme
bank or trust company onal.
at public
give a record, prepared from our files, of bonds sold by this city
Bids must be unconditi
years.
thirteen
past
the
during
sale
0. Martinsville), Ind.-BONDS AWARDED
MORGAN COUNTY (P.
issues of 4%% 6-yr. aver, highway inipt. bonds
VOTED.-The
NOLAN COUNTY (P. 0. Sweetwater), Tex.-BONDS(V.
IN PART.-Of the three
102, p.822)
on Mar. 30 (V. 102, p. 1183), $49,000 (2 is- propositi
on to issue the $100.000 court-house-erection bonds
aggregating $56,900, offered
lis for
Amer.
of
Nat.
Bank
Indianapo
Fletcherthe
28.
March
held
to
it is stated, at the election
sues) was awarded
int., a basis of about 4.10%. Six other bids carried,
ls
-Proposa
G.
$50,034 30 (102.108) and
OFFERIN
OND
NORFOLK, Madison County, Neb.-B
were received.
m. April 17 by P. F. Stafford, City Clerk, for the
Okla.-BOND ISSUE CANCELED. will be received until 5 p. coupon
County,
e
bonds:
Muskoge
(opt.)
MUSKOGEE,
and City Council on Mar.31 voted to cance 1 following 5-20-yr.
Int. semi-annual. Cert. check for $150
-Reports state that the Mayor
bonds authorized at the election held $30,000 6% paving bonds.
required.
the $350,000 municipal gas-pipe-line
check for $50 required.
10,000 5% water-ext. bonds. Int. annual. Cert.
Sept. 28 (V. 101, D. 1211)•
payable at the
-BIDS.-The following were the
Denom. $1,000. Date July 11916. Prin. andoninterest
NASHUA, Hillsboro County,.N. H.
some bank of Norfolk
drawn
be
must
checks
Cert.
notes
coup.
refunding
awarded State Treas. office.
1-yr.
other bids received for the $50,000 4%100.389
and int. on Mar. 30 (V. 102, payable to the "City of Norfolk."
to E. H. Rollins & Sons of Boston at
0. North Powder),
NORTH POWDER SCHOOL DISTRICT (P.
100.24
30 an issue of $25,000 5%
iirmerl; Loan & Trust Co., New York
Union County,Ore.-BOND SALE.-On March
100.051
to Keeler Bros.
is
it
stated,
e
&
awarded,
Boston
were
McGaragl
Co.,
Cropley,
bonds
100 (less 1-16%) 10-20-year serial building int.
Curtis & Sanger, Boston
99.813 of Denver at 103.34 and
Harris, Forbes & Co., Inc., Boston
CT (P. 0. Norway),
99.77
NORWAY CONSOLIDATED SCHOOL DISTRI
Blake Bros. & Co., Boston
vote of 242 to 120 the
99.15
Benton County, Iowa.-BONDS VOTED.-By a ,102,
Merrill. Oldham & Co., Boston
p. 1097) carried
(V.
bonds
Nevis), question of issuing the $16,000 building
NEWS CONSOLIDATED SCHOOL DISTRICT NO. 36(P.O.
•
of issuing it is stated, at the election held Mar. 25.
Hubbard County, Minn.-BONDS VOTED.-The question
to 2 at an elecNUTLEY,Essex County, N. J.-BOND SALE-On Mar.20 the $140.S.
$10,000 building bonds carried. It Is stated, by a vote of 35
000 4%% 30-year funding bonds-V. 102, p. 999-were awarded to J.
tion held Mar. 17.
of Newark at 105.817, a basis of about 4.16%•
Rippe'
-BOND
Portsmouth), Scioto County, Ohio.
NEW BOSTON (P. 0.
OFFERING.-Newspaper
O'Neal, Vii. Clerk, will receive bids until 12 m.
NYACK, Rockland County, N. Y.-BOND
OFFERING.-Thos. D.17-yr.
until 8 p. m.
pt. bonds. Auth. Sec. 3939, Gen.
state that H. E. Smith, Vii. Clerk, will receive .bids
Apr. 15 for $6,500 5% Date street-im
Cert. chmk for
Apr. 1 1916. Int. A. & 0. Due API% 1 reports
4%% sewer bonds. Int. semi-ann
$50,000
17
for
Apr.
Code. Denom. 3500.
.,
bid
VII.Treas
bonds
for,
of
to
the
payable
5%
for
1933. Cert. check
paid for within 10 days from time of 2% required.
ery County,
required. Bonds to be delivered and
OAKWOOD VILLAGE SCHOOL DISTRICT, Montgom
% 18%-year average
award. Purchaser to pay accrued interest.
Ohio.-BOND SALE.-On April 1 the $440,000 4%
to the
LOAN.-On Mar. 30 the loan of coup.
school-improvement bonds-V. 102. p. 1097-were awarded
NEWPORT, R. I.-TEMPORARY
p. 1184), was awarded to the New- Atlas Nat. Bank 'of Cincinnati for $41,051-102.627--and int., a basis of
$50,000, maturing Sept. 1 1916(V. 102,
discount, plus 35 cts. premium.
about 4.29%. Other bids were:
port Trust Co. of Newport at 2.61%
& Wolcott Co., --$40,044
Tenn.-BOND SALE.-On Mar. 30 Dayton S.& T.Co., Dayton _$40.2241Tillotson
NEWPORT, Cocke County,
40,202 Breed, Elliott & Harrison,
sower ext., $5,000 street-impt. and Otis & Co. Cleveland
40,012
i
$10,000 funding, $5,000 water and
Cincinnat
40.125
_
Cin__
od&
Mayer,
Seasongo
to
awarded
were
Rorick
Spitzer,
$5,000 electric-light-system 5% bonds
ND OFFERING.
& co. of Toledo at par. Denom.$1,000. Date Oct. 11914. Int. A.& 0.
OLDHAM COUNTY (P. 0. Lagrange), Ky.-BO
Court.
Fiscal
incl.
the
by
15
April
m.
a.
1943
10
until
Proposals will be received
Due $1,000 yrly. Oct. 1 from 1919 to
A similar amount of bonds was reported sold on Dec. 7 1915 to the Han- W.D. Pinkston, Clerk, for $35,000 5% road and bridge bonds. Denoms.
for $1,000 each.
chett Bond Co.of Chicago(V. 102, p. 175).
Nos. 1 to 20 incl., for $500 each and Nos. 21 to 45, incl..
ual int. payable at place designated
OFFERING. Date May 1 1916. Prin. and semi-ann
NEW ROCHELL , Westchester County, N. Y.-BOND ler,
yearly May 1 from 192
1
$2,000
and
1
May
$5,000
Due
urchaser.
by
will
be
City
Comptrol
,
-Proposals address d to H. A. Archibald

D




1372

THE CHRONICLE

[VOL. 102.

to 1936, incl. Cert. check for
payable to J. Wood Yager, Troas., the
required. Bids must be uncondi$500,
$130,000 43 % 3-year aver, coupon bonds to
tional.
purchase the complete
system of the Citizens Water
Works Co.-V.
OLMSTED COUNTY INDEPENDENT SCHOO
p. 1184. Denom. 40
L DISTRICT NO. 8 for $1,000, 100 for $500 and 400 for $100. Date102,
(P. 0. Rochester), Minn.-BOND OFFERI
July 1 1916. Int. J. & J.
at
office
of
City
NG.
-Propo
Treas.
sals
will be re- incl.
Duo $26,000 yearly on July 1 from 1917 to 1921
ceived until 7:30 p. m. April 18 by Ellis E. Bratage
the $125,000 5% coupon site-purchase and buildingr, Clerk Bd. of Ed.,for
bonds voted Mar. 14.
Denom.$500. Date July 1
RADNOR SPECIAL SCHOOL DISTR
Int. semi-annual. Due yrly. on July
ICT (P. 0. Radnor), Delaas follows: $4,000 from 19171916.
1 ware County, Ohio.-BOND SALE.
to 1921 incl.. $6,000 from 1922 to 1926
-On March 31
incl., 153-yr. average coup.
$15,000 5%
$7,000 from 1927 to 1931 incl.
bldg. bonds-V. 102, p. 1098-wthe
$8,000 from 1932 to 1936 incl. Cert. Davies
ero awarded to
check for 5% of amount of bid,and
-Bertram Co. of Cincinnati for $15,721
to the Pres. Bd. of Ed., required. of about
(104.806) and int.-a basis
The purchaser will be requiredpayable
4.55%.
Thorn
were
to
several
furnish
other bidders.
or engraved ready for the signatures of the such bonds properly printed
RANDOLPH COUNTY (P. 0. Elkins),
proper officers, with coupons
thereto attached bearing the lithogr
W. Va.-BONDS VOTED.
aphed fac-simile signatures of the
proper The election held in Leadsville Magisterial District on Mar. 25 resulted
officers.
favor, it is stated, of the proposition to
in
constr. bonds(V. 102, p. 911). The vote issue $220,000 5% coupon roadORANGE, Essex County, N. J.-BOND
was
SALE.-The $39,000 43' % $500 and
to 281. Donom.$100.
20-year coup. funding bonds offered on
$1,000. Date May 11916. Int. J.1,391
Mar.
&
7-V.
D.
at the Co. Treas. of102, p. 822-were
awarded on that day to It. M.
Duo May 11950. subject
& Co. of N. Y. at 104.77 and int., fice.
call part yearly beginning May 11917.
a basis of about 4.15%. OtherGrant
This district has no indebtedness to
and an a-wesed valuation of $9,803,
were:
John D.Everitt & Co., N.Y_104.bidders
213.
63
M.
M.
RANDOLPH TOWNSHIP,Portag County
Bond & Goodwin, N. Y_ _104.57 Harris,Freeman & Co.,Phila.103.888
, Ohio.-BONDS VOTED.
Forbes & Co., N. Y_103.591 -The election Mar.28 resulted, 140 toe4,
J. S. Ripple, Newark
in favor of the question of issuing
104.33
Geo.
B.
$13,000
Gibbon
road-im
s
&
Co.,
provement bonds, it is stated.
N.Y.103.50
H.L. Crawford & Co., N.Y_104.221
RED WING SCHOOL DISTRICT (P.
OREGON CITY, Clackamas County
0. Red Wing), Goodue
, Ore.-BOND SALE.-On County, Minn.-BONDS VOTED.-The
March 22 the 3275,000 5% 2-20-yr.
election held March 27 resulted
funding bonds(V. 102, p. 1097) in a vote of 1,189 to 545 in favor of the questio
were awarded, it is stated, to local (serial)
n of issuing to the State of
banks at par.
Minnesota the $125,000 high-school-bld
g., $35,000 grade-school-bldg. and
OWENSBORO, Daviess
, Ky.-BIDS FOR BONDS NOT $10,000 high-school-impt. 4% bonds (V. 102, p. 1098).
OPENED.-Local papers stateCounty
owing to lack of a complete statement
REIDSVILLE,Rockingham County, No.
of the financial condition of thethat
Car.-BOND OFFERING.
city with reference to its outstan
ding and Proposals will be received until 8 p. m. April 15 by W. C. Harris,
maturing obligations and its resource
Secretary
s that would be available in the future
Committee Board of Bond Trustees, it is
the Finance Committee of the City Council
stated, for $20,000 5% 20-year
building
declined
bonds.
to
conside
Int.
r
semi-annual. Denom. $1,000.
any bids
submitted for the $225,000 5% sewer-system
-construction bonds advertised to be sold March 24 (V.
REILY TOWNSHIP SCHOOL DISTRICT
p. 1097). It is further stated that
(P. 0. Hamilton) HamFinance Committee decided 102,
the ilton County, Ohio.-BOND
to submit the city's financia
S VOTED -The question of issuing
l condition,
obligations and resources to an eminent firm
the
bldg. bonds carried at the Apr. 5.
of bond lawyers in Chicago, $30.000
election, it is stated.-V.102, p.
whose opinion will be satisfactory to
1287.
every bidder. As soon as that
opinion is received, the Mayor will be directed
to
adverti
REMIN
se
GTON DRAINAGE DISTRICT (P. 0.
for bids and
all prospective purchasers will be bidding
Babcock), Wood
on the same conditions with County, Wis.-BOND OFFERI
reference to the bonds.
-Further details are at hand relative
to the offering on April 14 of NG.
the $17,680 6% drainage-system-const
PARKE COUNTY (P. 0. Rockville),
bonds
r.
(V.
102, p.
Proposals for these bonds
Ind.-BOND OFFERING.
Proposals will be received until 2
- 10:30 a. m. April 151287).
be opened at
by Anton Brost, Sec. Bd. of Commrswill
m. April 17 by J. H. Rush, Co. Treas.,
.
for $7,745 4 % 6-yr. average W.p.
Int.
semi-an
n.
Due
$1,000
yrly.
July
1
H.
from 1920 to 1933 incl. and $3,680 July 1
on et al road bonds in Raccoon Cert.
Twp. Denom. $387 25. Date Apr.Thomps
1934.
check for $800 required.
4 1916. Int. M.& N. Due $387
each six months from May 15 1917
25
to Nov. 15 1926, incl.
RICHMOND, Wayne County, Ind.-BOND
S
PROPOS
ED.
PEORIA COUNTY SCHOO
-This city
is contemplating the issuance of $10,000
ICT NO. in (P. 0. Peoria)
fire-department-motorization
111.-BOND SALE.-On Apr. 3 L DISTR
$175,000 completion and impt. bonds, bonds, it is stated.
(V. 102, p. 1184) were awarded the
to
the
Harris
Trust
RIDGE
&
Savings
WOOD TOWNSHIP SCHOOL DISTR
Bank of
Chicago at par and int. for 4s, less a discoun
ICT (P. 0. Ridget of 3872 50. Other bidders wood), Bergen County, N. J.-BON
were:
Jersey City and II. L. Crawford & Co. D SALE.-Outwater & Wells of
of
N.
Y.
were
jointly awarded, at
104.68,
Int.
on Mar.6 the $225,000 43 % coup. bonds
Premium.
First Trust & Savings Bank, Chicago
-V.102, p. 823-a basis
4A %
A. B. Leach & Co., Chicago
$5,057 50 of about 4.16%. Other bids were:
Ridgew
ood
Tr.
Co., Ridgew_104.25 A. B. Leach &
1,22650
Co. and
0,3%
N. W.Halsey & Co., Chicago
*2,345 00 J. S. Ripple, Newark
103.701
Kountzo Bros., N Y
103.18
4,1%
3,95750 M.M.Freeman & Co.,Phila.103.638 Kean, Taylor & Co.,
Bolger, Mosser & Willaman, Chicago
N. Y 102.95
R.
M.
Grant & Co., N. Y...103
4 %
4,025 00
R. M. Grant & Co., Chicago
Harris, Forbes & Co., N.Y....102. 21
Geo. B. Gibbons & Co., N.Y.103.51
43 %
1,377
50
.37
13125,000 4X % par
RIO VISTA SCHOOL DISTRICT (P. 0.
1 50,000 4%
par'
Rio Vista), Johnson
John Nuveen & Co., Chicago
County, Tex.-BONDS VOTED.-By
a vote of 94 to 24 tho question of
4%%
2,887 50 issuing $16,500
Home Savings & State Bank, Peoria
building bonds carried, it is stated,
$25,000
* Discount.
at an election held
at par April 1.
All bids provided for payment of accrued
interest
RIPLEY COUNTY(P. 0. Versailles), Ind.
-BON
D
PERTH AMBOY, Middlesex County,
SALE.-On Apr. 3
the
two issues of 4% road-impt. bonds, aggrega
N. J.-BOND OFFERING.
ting $27.800 (V. 102, P.
- 1185),
Attention is called to the official adverti
awarded to the Batesville Bank for
sement elsewhere in this depart- 102.292.were
$28,437
20, equal to
Other
bids
were:
ment of the offering on April 17 of the
two issues of 43 % bonds aggre- Versailles Bank, Versailles
gating $112,000. For details and terms of
$28,393 00
offering see last week's "Chron- J. F. Wild & Co., Indianapolis
icle," page 1287.
28,391 15
Fletcher-American National Bank, Indiana
polis
28,377 75
Breed, Elliott & Harrison, Indianapolis
PHILADELPHIA, Pa.-PROPOSED LOAN.
28,370 00
-The City Council will First National Bank
take final action on April 11, it is stated,
28,245 50
bearing 4% interest and maturin one on a proposed loan of $114.500,000
ROANOKE, Roanoke County, Va.-BONDS
part in 30 years and the other in
VOTED.-By a vote of
50 years. The loan, if approvedg by
771 to 231 the question of issuing the
the
Council
,
will
$300,00
be
submitt
0
4%
ed
%
30-yr.
to the bonds (V. 102, p. 731). carried
voters at an election to be held May 16.
school-b
It is proposed to use
at the election hold March 28. P.ldg.
of the loan for additional subway
,000 Tucker is City Clerk.
H.
s and elevated railroads and $57,100
$10,000,000
for the improvement of port facilitie
s.
Of
the
other
ROCK
portion,
RAPID
amounti
S,
to $47,400,000, $2,460,000 will be used for
ng
Lyons County, Iowa.-BONDS VOTED
.
the
free library system, $4,- vote of 349 to 140 the question of issuing
-By a
925,000 for street opening, grading, &c.,
$15,000 electric-light and water$8,940,000 for the abolition ot systems-extension bonds carried
grade crossings, $9,000,000 for parkwa
at an election hefil March 27.
$1.100,000 for League Island, $3,100. y purposes, $2,000,000 for sewers,
RODMA
N
CONSO
LIDAT
000
for
ED INDEPENDENT SCHOOL DISTRICT
ments, $4,725,000 for maintenance, &c., andhospital and city-hall-improve- (P. 0. Rodman), Palo Alto County
$1,000,000 for an art museum.
, Iowa.-BOND SALE.-On March 1
$10,000 5% building improvement bonds
PIERCE COUNTY (P. 0. Tacoma),
were awarded to Schanko & Co
Wash.
-BON
of
Mason
D
SALE.
City.
-On
Donom. $1,000. Date Dec. 1 1915.
March 28 the $173,000 funding bonds were
Int. J. & D.
awarded
, it is stated, to Wm. Due $1,000 yearly Dec. 1 from 1926 to
R. Compton Co. of St. Louis for $173,38
1935,
inclusive.
5 (100.222) as 4Xs.
ROSCOE, Stearns County, Minn.-BOND
PLAINVIEW INDEPENDENT SCHOOL
VOTED
S
.-Repor
state
view), Hale County, Tex.-BOND OFFERI DISTRICT (P. 0. Plain- that this village authorized the issuance of water-works bonds at ts
a recent
NG.-Proposals will be re- election.
ceived until 8 p. m. April 14 by H.
E. Skaggs, President School Board,
for the $50,000 5% 20-40-year (opt.) building
ROXBURY TOWNSHIP SCHOOL DISTRICT
bonds authorized by vote of
(P. 0.
184 to 17 at the election held Mar. 11 (V.
)
102, p. 1184). Denom. $1.000. Morris County, N. J.-BOND SALE.-On March 7 the Ledgewood_i
Date Mar. 15 1916. Prin. and
4A %
n. int. at the State Treas.offico, coup, school bonds-V. 102, p. 634-wero awarded to J.$36,600
Austin, at the Mechanics & Metalssemi-an
S. Rippel of
Newark at 102.19.
Nat.
Bank,
N.
Y.,
or
at
the
Dist.
Treas.
office. Cert. or cashier's check on some bank
in Plainview for $2,500, payROYSE INDEP
able to the Pres. of School Board, required
T SCHOOL DISTRICT (P. 0. Royse), Rock. Bids must be made on blank well County, Tex.ENDEN
forms furnished by the School Board.
-BONDS VOTED.-The election
held April 1 resulted
Uncondi
tional
bids
only will be in favor, it is stated, of the question of issuing
considered. Bonds to be taken up and paid
$20,000 building bonds
can be made. Delivery of bonds in either for as soon as delivery of same -V. 102, p. 1000.
St. Louis, Chicago or New York,
as may be required by the purchas
SAN DIEGO, San Diego County Cal.-BOND
Bonded debt, including this issue
S VOTED.-Local
$100,000. Sinking fund, $9.580 86.er.Avsess.
papers state that the election held March ,
31 resulted in favor of the question
325; approximate value (real and personal), val. equalized 1915, $4,049,- of issuing $100,00
0 Dulzura conduit-re
$6,748,877.
bonds and the following
propositions: Diversion of $100,000 fromstoring
PLATO, McLeod County, Minn.-BOND
the development fund of the San
S VOTED.-Tho question of Diego River to the
issuing city-hall bonds received a favorab
ction of the Otay pipe line; diversion of $75,000
le vote, it is stated, at a recent from the reservoir constru
election.
fund to the reconstruction of pipe lines in
Otay and
Sweetwater Valley and to restoration of the Mission
Valley wells
PORT ARTHUR INDEPENDENT SCHOO
102.
L DISTRICT (P. 0. Port p. 911). The vote was 4,144 to 777; 4,548 to 460, and 4,490 to(V.
Arthur),Jefferson County, Tex.-BON
487, rospective
ly.
D
of Toledo have been awarded $450,000 5% SALE.-Sidney Spitzer & Co.
20-40-year opt. coupon building
SANTA MARIA, Santa Barbara County
bonds for $467,277-103.839-and int.
, Calif.-DESCRIPTION
vertised to be sold March 31.-V. 102, $250.000 of these bonds were ad- OF BONDS.-The $75,000 5% water-plant-purchase bonds recently awardp. 910.
ed at 106.10 to the Anglo-London & Paris Nationa
l Bank of San Francisco
PORTSMOUTH, Scioto County, Ohio.
102,
(V•
p.
1099)
are in the denom. of $1,000 and dated April 1 1916.
Zucker, City Aud., will receive bids until 12-BOND OFFERING.-L. A. April 1 and Oct. 1.
Int,
Due $2,000 yearly.
20-yr. coup. water-works refunding bonds. m. Apr. 25 for $50,000 4%70
Denom.
$500. Date May 1
SAUGUS, Essex County, Mass.-BOND OFFERING.-Bids
1916. Int. M. & N. at office of City Treas.
will be
check for 2% of bonds bid for, payable to City Due May 1 1936. Cert. received until 8:30 p. m. April 24 by the Town Treas. for $10,000 water
and
Aud., required. Purchaser $75,000 school 4% 1-20-yr. bonds, it is reported.
to pay accrued interest.
BOND SALE.-On Apr. 5 the State Industri
SECAU
CUS
SCHOOL DISTRICT (P. 0. Secaucus), Hudson
al
Commis
sion
purchas
Couned at
par $40,000 2154-yr. average flood-wall and
N. J.-BOND OFFERING.-Proposals will be received
$40,000 133 -year aver, water- ty,
until 8 p. m.
works ext. 43 % bonds, it is stated.
April 18 by John Bremmer, Dist. Clerk, for $40,000
% 12%-yr. aver.
coupon school bonds. Denom. $1,000. Date
Feb. 11916. Int. F. Sr A.
POTTSTOWN SCHOOL DISTRICT (P. 0.
Due $2,000 yearly on Feb. 1 from 1921 to 1925,
ery County, Pa.-BOND SALE.-On March Pottstown), Montgom- on
incl., and $3.000 yearly
Fob. 1 from 1926 to 1935, incl. Cert. check on
incorporated bank
investor, purchased at par $32,000 4% school21 John W. Storb, a local or trust
company for 5% of bonds bid for, payable toan
bonds. Denom. $1,000.
Date Juno 11913. Int. J. & D. Due
the "Board of Education,
in
1923,
"
required
1933
.
and
1943,
subject
call after Juno 1 1918. These bonds are the
to
unsold
portions of two issues
aggregating $65,000.
SELMA, Johnston County, No. Car.-BOND SALE.-This
town
recently sold an issue of $15,000 5 % bonds.
PRAIRIE TOWNSHIP SCHOOL DISTR
ICT, Franklin County,
Ohio.-BONDS VOTED.-The proposit
SEYMO
UR SCHOOL DISTRICT (P. 0. Seymour), Wayne
ion
to
issue
$42,000
County
building
,
bonds Iowa.-BONDS VOTED.-By a vote of 633 to 81, the
carried at the election April 4, it is reporte
question of issuing
d.
the $40,000 building bonds carried, it is stated, at an election
PRINEVILLE, Crook County, Ore.
held Mar. 25.
S VOTED.-The question.
of issuing the $100,000 railroad-constru-BOND
SEYMO
UR
SPECIAL ROAD DISTRICT (P. 0. Seymour), Webster
ction bonds (V. 102, p. 1184) car- County
ried. it is stated, at the election held Mar.
, Mo.-BOND OFFERING.-Additional
28 The vote was 356 to 1.
tion is at hand
relative to the offering on April 20 of the $30,000informa
PROSSER, Benton County, Wash.-BOND
road-improvement
S VOTED.-The question bonds (V. 102, p. 1185). Proposals for those bonds5%
of issuing the $12,000 funding bonds (V.
received until
will
be
102, p. 911) carried, it is stated, 2 po. m.on that day by Chas. W.Sheldon, Clerk Board of Commrs. Denom.
by a vote of 39 to 16 at the election held March
28. Jas. G. Boyle is City $1,000. Date, "when sold." Int. A. & 0. at place to be agreed upon.
Clerk.
Due $2,000 yearly April 1 from 1918 to 1932, inclusive. Certified
chock
for $500 required. The district has no bonded
PI1LASK/ COUNTY (P. 0. Somerse
debt. Assessed value 1914,
$300,000 43 % road bonds(V. 102. p. 1092)t), Ky.-BOND SALE.-The $961,300. State and county tax rate (per $1,000). $9 20.
have
been
awarded
,it is stated,
to,
.the Fifth-Third Nat. Bank of Cincinnati
SHEBOYGAN FALLS, Sheboygan County, Wisc.-BOND
at 101.885.
S VOTED.
qv-By a vote of 249 to 153 the question of issuing the $35,000
QUINCY, Adams County, Ills.-BOND
S VOTED.-A vote of 4,645
5-19-yr.
to 1,490, was cast at the election April
water-works-system bonds (V. 102, p. 1185) carried at 5%
election
4 in favor of the question of issuing (ser.)
the
held Apr. 4.




APR. 8 1916.]

THE CHRONICLE

1373

4.21%. The other
for $15,941, equal to 103.586, a basis of about
INDEPENDENT SCHOOL DIS- field
SHELDAHL CONSOLIDATEDCounty,
NG- bids were:
$15,863',50
OFFERI
-BOND
Iowa.
Polk
& Wolcott Co
TRICT (P. 0. Sheldahl),
15,817 33
m. April 12 by F. E. Horning, Secy. Tillotson
Elliott & Harrison, Cincinnati
Proposals will be received until 1:30 p.5%
15,724 60
-year (serial) building bonds Breed,
-10
2
s
$25,000
Columbu
the
for
Bank,
on,
National
Educati
Ohio
Board of
15,655,77
25.
March
held
ti
election
Cincinna
an
Co.,
at
Trust
&
26
Provident Savings Bank
authorized by vote of 129 to
CT (P. 0. Shellrock), Butler
T SCHOOL DISTRICT (P. 0.
ENDEN
INDEP
GTOWN
SPRIN
SHELLROCX SCHOOL DISTRI
OF BONDS.-The $5,000 5% schoolTex.-BONDS VOTED.-A 'favoratde
County, Iowa.-DESCRIPTION
of
Co. of Springtown), Parker County,
at 101.50 on March 22 to Schanke &date
is stated, at the election bold Mar. 27 on the question
it
cast,
was
vote
of
site-purchase bonds awarded
bear
and
of
$500
are in the denom.
bonds.
Mason City (V. 102, p. 1288)
1 from 1921 to 1930, issuing $11,000 building
April
yearly
$500
Due
0.
-The
&
S
VOTED.
A.
, Tex.-BOND
April 1 1916. Int.
STARR COUNTY (P. 0. Rio Grande)
str. bonds carried, it is stated, at
Inclusive.
- proposition to issue $60,000 5% road-con
go County, N. Y.-BOND SALE.
24.
held
Mar.
election
BRERBURNE (TOWN), Chenan
an
ction
-constru
3Wt-year average registered bridge
Ohio.-BONDS VOTED.
On April 3 the $5,000 5%
to the Sherburne Nat. Bank of SherSUFFIELD TOWNSHIP, Portage County,
were: -According to reports, the proposition to issue $20,000 road-impt. bonds
bonds (V. 102, p. 1288) were awarded
a basis of about 4.60%. Other bidders101.00
28.
March
election
burne at 101.185 and interest,
the
.1811Farson, Son & Co., N Y
carried by a vote of 181 to 42 at
H.A. Kehler & Co., N. Y--_101
100.60
Ohio.-BOND SALE.-On
101.00 I H.F Hart
SUMMIT COUNTY (P. 0. Akron),
Earlville Bank
aggregating $146,330 45,
March 31 the five issues of 4A % road bonds,
L DISTRICT NO. 47 (P. 0. Flax(V. 102,IN
SHERIDAN COUNTY SCHOO
will be received until were awarded to Parson, Son & Co. of New York for $147.787
als
-Propos
NG.
OFFERI
-BOND
ville), Mont.
15-20-year 1186). The other bids were:
Premium.
A.P. Smerud, District Clerk, for $5,000
.
not
Premium
rate
1 p. m. April 13 byand
Interest
building bonds voted Feb. 26.
Y-$877 98
(opt.) site-purchase
Principal and Seasongood & Mayer, Cin31,416 75 Hornblower & Weeks, N.
0.4
$1,000. Date March 1 1916.
n & Wolcott Co.,
Tillotso
El office
r
to exceed 6%. Denom. &
Co.,
&
Treasure
Prudden
gs,
County
the
at
Cummin
S.) payable
802 87
semi-annual interest (M.
Cleveland
1,256 55
$1,000, payable to the
Toledo
than
less
not
for
check
d
17
734
Certifie
Toledo
ood.
Hoehler,
at Plentyw
has no indebtedness. Assessed Ohio Nat. Bank Columbus 1,127 98 F C Spitzer & Co., Toledo 658 50
District Clerk, required. This district
Hayden, Miller Co.,Clev. 1,127 50 Sidney
ional.
00
ti
*991
Cincinna
Co.,
&
Roth
Weil,
value 1915, $172,588. Bids must be uncondit
20
_
1,124
_
Sheri- Stacy & Braun, Toledo__
x102 96
W.L. Slayton & Co., Tol
L DISTRICT NO. 7 (P. 0. 8 p.m. Breed, Elliott & Harrison,
SHERIDAN COUNTY SCHOO
until
998 22
-Proposals will be receivedbonds
Cincinnati
authordan), Wyo.-BOND OFFERING.
building
coupon
5%
May 2 by the District Clerk for $42,000
held March 27. Denom. $2,000.
* For $112,783 63. x For $44,766 20.
the
ized by vote of 292 to 59 at anl election
semi-annual interest payabletoat
BOND OFFERING.
1941,
Date July 10 1916. Principa and
from 1921
SUSSEX COUNTY (P. 0. Georgetown), Dela.$2,000 yearly Jan. 10
April 15 by Dan. J.
District
Hoag,
County Treasurer's office. Due$1,000,
payable to C. L. debt. Assess. -Dispatches state that bids will be received until4% 16 2-3-yr. average
Inclusive. Certified check for
Levy Court, for $15,000
the
floating
of
y
Attorne
No
Layton,
.
$112,500
Treasurer, required. Bonded debt,
bridge bonds.
value of district, $7,732,150 .
ON
-W. R. Lindelof,
TARRANT COUNTY (P. 0. Fort Worth), Tex.-BOND ELECTI
-BOND OFFERING.
SIBLEY, Ford County, Ills.
m. April 10 the $5,000 PROPOSED.-Reports state that an election will be called to vote on the
p.
8
at
auction
public
at
safe
Vii. Clerk, will offer for bonds authorized during Feb.-V. 102, p. 544. question of issuing $85,000 levee-completion bonds. R. G. Johnson is
5% coup. electric-lightpayable at office of Vii. Treas. Due $1,000 yearly Chairman of Levee Commissioners.
Denom. $1.000. Int. 1922 incl. Assess. val. $155,000.
CT NO. 98
TARRANT COUNTY COMMON SCHOOL DISTRI
on Apr. 1 from 1918 to
of issuing
St. Paul), (P.
0. Fort Worth), Tex.-BOND ELECTION.-The question
L DISTRICT (P. 0. South
it is stated, on
25 $5,000
a
vote,
held
Mar.
to
SOUTH ST. PAUL SCHOO
ed
submitt
election
be
will
-Tho
bonds
VOTED.
building
5%
S
issuing
of
Dakota County, Minn.-BOND
question
the
of
April 29.
88 to 24 in favor
resulted, it is stated, in a vote of
THOR, Humboldt County, Iowa.-BONDS DEFEATED.-The elec$25,000 building bonds.
South Haven), Van Buren tion held March 27 resulted in the defeat of the question of issuing $8,500
0.
(P.
HIP
TOWNS
SOUTH HAVEN
the
$25,000
issuing
of
question
-The
water bonds. The vote was 35 "for" and 37 "against.'
County, Mich.-BONDS VOTED.
0. Tiro), Craw3 election by a vote of 167 to 38.-V. 102,
TIRO CONSOLIDATED SCHOOL DISTRICT (P.
road bonds carried at the April
als will be received
ford County, Ohio.-BOND OFFERING.-Propos
p. 1185.
for the $38,000
Ed.,
,
of
Bd.
County
of
Clerk
Tioga
),
Davis,
W.
0.
W.
Spencer
by
(P.
26
April
CT
until 12 m.
SPENCER SCHOOL DISTRI
7:30 p. m. April 13 5% coup. site-purchase and constr. bonds voted March 14-V.102, p. 1099.
NG.-Bids will be received until
semi-ann. int.-A. & 0.
and
%
4
Prin.
8-yr.
of
N. Y.-BOND OFFERI
sale.
issue
an
of
$16,500
for
day
Ed.,
Date
of
$500.
Bd.
Denom.
of
each six months as follows: $500
by B. F. Colegrove, Clerk
reported. Int. semi-ann.
payable at office of Bd. of Ed. Due
is
it
bonds,
1
April
from
1
school
Oct.
average
Oct. 1 1920 incl., $500 April 1 and $1,000
Ohio.-BOND SALE.-On Apr. 3 April 1 1918 to
April 1 1925 to April 1 1931, incl., $1,500
SPRINGFIELD, Clark County,
ing $15,391 1921 to Oct. 1 1924 incl., $1,000
from
aggregat
bonds,
assess.
$1,500
and
aver.
1932
10
Oct.
53j-yr.
$1,500
the three issues of 5%awarded to the Springfield Savings Society of Spring- Oct. 10 1931, $1,000 April 10 1932.
(V. 102, p. 1001), were

NEW LOANS.

NEW LOANS.

$50,000

PROPOSALS
$2,500,000 LOAN

Road District No, 2 of Bossier
Parish, Louisiana
5% BONDS

School District of Philadelphia, Pennsylvania, 4% Serial
Gold Bonds

Sealed proposals will be received by the Police
AY,
Jury of the Parish of Bossier, on TUESD
$50,000
AP IL 11, 1916, for the purchase of
the Parish
Road Bonds of Road District No. 2 ofer
1915.
1,
s will be
of Bossier, Louisiana, dated Septemb
date, interThe bonds will be registered in form. The denomination
and maturing from 1 to 30 years after
semi-annually.
. $125,000 of Loan will mature each year front
$5,000
and
$1,000
$500,
est 5 per cent per annum, payable
the
at
payable
both principal and interest to be of New York. October 1, 1926, to October 1, 1945. Interest payable April 1 and October 1
Seaboard National Bank. City
of construct- of each year.
The bonds are issued for the purpose
nt State roads in Road
ing and building permaneParish,
School District be levied
a under
Louisian
Bossier
of
Sealed Proposals will be received by WIL- of the property in the
2
No.
District
and
of the qualified tax- LIAM DICK, Secretary, in the office of the for the payment of principal and interest year
and by authority of a vote
in each and every
the
ns,
in
obligatio
held
such
on
Board of Public Education, KEYSTONE taxes the
paying voters at a special election duly
is paid in full.
loan
until
CHESTT
ABOVE
STREE
19TH
NG,
District.
of the bonds should BUILDI
Proposals must be submitted upon blanks
NUT, PHILADELPHIA, UNTIL 12 O'CLOCK
The bids for the purchase
J. 0. Logan, President, Police NOON, MONDAY, APRIL 17, 1916, for TWO to be obtained from the undersigned.
be addressed to Bossier
a, and
No bid will be considered unless accomLouisian
Parish,
AND
THOUS
ED
Benton,
Jury,
MILLION FIVE HUNDR
panied by a certified check drawn to the
by a certified check for ($2,500
000) DOLLARS SCHOOL LOAN, on order
should be accompaniedreserves
of the School District of Philadelphia,
the right to reject
Jury
Police
The
as
follows
ons
$500.
conditi
Pennsylvania, for five (5) per centum of the
THOUSany and all bids.
ED
HUNDR
FIVE
N
by
d
TWO
MILLIO
be
approve
will
value of the bonds bid for.
The legality of the bonds Clay of New York AND ($2,500,000) DOLLARS school loan for par
Checks or certificates accompanying bids not
Messrs. Dillon, Thomsonbe&furnished to the pur- the purpose of raising the necessary funds for accepted
will be returned to the bidders within
City.whose opinion will
procuring sites and erecting buildings and ad- forty-eight hours, after the opening of the bids.
chasers without charge.
of bonds ditions for elementary and high schools and of Deposits of successful bidders will be applied in
issue
the
to
relative
ion
school partial payment of the amount of the loan
Any informat
addressed to J. 0. erecting an administration building for authorcan be obtained by letter
uses in the School District of Philadelphia,
awarded them. No allowance for interest will
Logan,Benton,Louisiana. .
ized by resolution of the Board of Public Educa- be made on advance payments.
LOGAN
J. 0.
Pennsylphia,
of
Philadel
tion,
School
District
Parish.
Settlement in full for the loan awarded must
President, Police Jury, Bossier
vania, approved February 8, 1916.
be made with the Secretary on or before MONBenton. Louisiana.
BONDS will be issued In registered form, in DAY, APRIL 24, 1916, at 3 o'clock P. M7,747
, R. B. HILL.
denominations of $500, $1,000 and $5,000.
of accrued interest from April 1,
Clerk.
The said sum of two million five hundred thous- include payment
to day of settlement.
and ($2,500,000) dollars will bear interest at the 1916,
Bids at less than par will not be considered.
rate of 4 per centum per annum, payable semiThe Board of Public Education reserves the
annually on the first days of April and October, right
to reject any or all proposals, or to award
the first payment of interest to be made on the
portion of the loan for which bids shall be
any
interest
and
loan
said
first day of October, 1916,
, as it may deem best for the interest
received
thereon to be payable free from all taxes.
the School District of Philadelphia.
The principal and interest of said loan will be ofBeing
municipal bonds, certificates of the
National
cs'
Mechani
BRIDGE BONDS
&
payable at the Farmers'
of Philadelphia constitute legal
Bank of Philadelphia, in lawful money of the School District
IN
funds and estates.
City of Watertown, N. Y.,
the present standard investments for trustfor
of
coin
in
gold
United
States,
"all or none" or foriany
made
be
March 10th, 1916.
may
Bids
of weight and fineness.
r
Treasure
Issue.
the
the
by
of
portion
received
All taxable real estate in the City of Philadel
Sealed bids will be wn, at his office In said
The legality of this issue was approved by
Waterto
phia Is subject to taxation for school purposes.
of the City ofo'clock
Johnson, Esq., and a copy of his
noon, APRIL 15TH, 1916, The resolutio
n authorizing this loan provided John G.
City, up to 12
may be hadjon
d
DolThousan
Five
of Twenty
ono-fifteenth (1-15) of a letter attesting that fact
for the purchaseregistere
of Watertown that an annual tax of of
City
tion.
d
applica
n
valuatio
assessed
the
)
mill
($25,000
dollar
lars
upon each
Bridge Bonds.
tions of
Said Bonds to be issued in denomina
as the purchaser
6500. $1,000 or $5,000, each
shall
bonds
said
of
all
may desire and each and
interest at 43*2%
be dated May 1st, 1916, bearing
first
the
on
ually
semi-ann
payable
per annum,
and interdays of May and November, principal
City Treasest payable at the office of the said1st,
NOW READY
urer, said bonds all maturing May than 1946.
par and
No bids will be received at less
accrued interest.
All bids must be submitted within the specified
for Aye
time and accompanied by Certified Check order
of
hundred dollars ($500) payable to the
as
the City Treasurer of the City of
wn'the
Waterto
part of
a guaranty of good faith upon the
bier.
dd
The City reserves the right to reject any and
all bids.
HENRY J. SNOOK
City Treasurer.

Free of all Tax, including the Federal Income Tax

$25,000.00

City of Watertown, N. Y.




THE BOARD OF PUBLIC EDUCATION

School District of Philadelphia, Pennsylvania WILV411.°y!",

IASL REVIEW
THE FINANC
400 PAGE
Price of the Review, bound in cloth...$2 25

Commercial & Financial Chronicle

1374

THE CHRONICLE

April 10 1933 to Oct. 10 1936 incl. Cert. check on
a Crawford County
bank for $200, payable to the above Clerk,
required. Bonds to be delivered and paid for within 10 days from
time of award. Purchaser to pay
accrued interest.
TRIMBLE COUNTY (P. 0.Bedford
ND ELECTION.-The
proposition to issue $90,000 road bonds), Ky.-BO
be submitted to a vote, it is
stated, on May 27. W. C. Morgan is will
County Judge.
TWIN FALLS, Twin Falls County, Idaho.
-BOND SALE.-On
March 29 the $80,000 5% 10-20-yr.(opt.) coupon
Twin Falls Water Works
Co. plant purchase bonds (V. 102,_p.
were awarded to the Lumbermen s Trust Co. of Portland at 103.111099)
Other bidders were:
R.M.Grant & Co.,Chicago-382,183 and int.
t Savings Bank &
Kean, Taylor & Co., Chic_ _1 82,037 Providen
Trust Co.,Cincinnati
$81,680
Internat. Inv. Co., Denver_ j
Sidney Spitzer & Co., Tol
81,656
Bolger, Mosser & Willaman,
Keeler Bros., Denver
81,600
Chicago
81,800 James N.Wright & Co., Den. 81,224
Union Tr.& Say. Bk., Spok_ 81,697 Central
Bk.& Say. Co.,Den.. 80.631
UNION COUNTY (P. 0. Morganfield), Ky.-BO
NDS VOTED.-The
proposition to issue $400,000 road-construction
bonds carried, it is stated,
at an election held April 1.
UTICA, Oneida County, N. Y.-BOND OFFERI
NG.-Proposals will
be received until 12 m. April 14 by Stuart W.
Snyder, City Comptroller,
for the following 47
0 reg. tax-free paving bonds:
$12,552 92 bonds. Date Dec. 10 1915. Due one-sixt
h yearly from 1916
to 1921 incl.
8,726 89 bonds dated Jan. 19 1916. Due one-sixth yearly
from 1917 to
1922 incl.
11,896 61 bonds. Date Mar. 1 1916. Due one-sixth
yearly
from 1917
to 1922 incl.
Denom. to suit purchaser. Principal and annual
int., payable at office
of City Treasurer, or upon request of registere
d holders will be remitted in
N. Y. exchange. Certified check for 1%
City Treasurer, required. Bids must be of bonds bid for, payable to
ional and upon forms
furnished by said City Comptroller. Theuncondit
e opinion of Caldwell
& Masslich of N.Y.as to the legality of thesefavorabl
bonds will be on file in the City
Comptroller's office before delivery. Purchase
r to pay accrued interest.
UTICA, Licking County, Ohio.-BOND SALE.
-On April 3 the four
issues of 5% street-lmpt. assess. bonds aggregat
ing $22,568 13-V. 102,
1099-were awarded to the First Nat. Bank of
Utica for $23,133 13,
p.
it is stated.
VICTOR VALLEY SCHOOL DISTRICT, San
Bernardino County,
Calif.-BOND OFFERING.-Proposals
be received until 11 a. m.
Apr. 10 by L. R. Patty, Clerk Bd. of Co.will
Supers.
it. is stated, for $30,000 6% 5-14-yr. serial bldg.(P. 0. San Bernardino),
bonds. Int. semi-ann.
Cert. check for $1,500 required.
WASHINGTON MAGISTERIAL DISTRICT NO.
5 SCHOOL DISTRICT, Norfolk County, Va.-BOND
NG.-Further details
are at hand relative to the offering on AprilOFFERI
12 of the $45,000 5% coupon
school-building bonds (V. 102, p. 1288). Proposal
s for those bonds will
be received until 12 m. on that day by T. W.Butt, Clerk
of School Board,
at Portsmouth, or A. H. Foreman, Supt. of Schools
$500. Date May 1 1916. Int. M. & N. at the at Norfolk. Denom.
Merchants & Planters
Bank of Norfolk. Due May 1 1936. Certified check
for $500, payable
to the School Board, required.
WAUKEGAN CITY SCHOOL DISTRICT (P. 0.
Waukega
n), Lake
County, Ills.-BOND SALE.-On Apr. 4 the $30,000
(of an issue of $90,-

[V0 .

102.

000) 4%% school bonds (V .102, p. 1289) were awarded
to A. B. Leach &
Co. of Chicago for $31,210 (104.033) and int.
WEBSTER GROVE, St. Louis County, Mo.-BO
NDS VOTED.-The
election held March 25 resulted, it is stated, in
favor of the questions of
issuing the $17,000 water-system-extensi
on and $15,000 fire apparatu
s
bonds(V. 102, p. 824). The vote was 497 to
72 and 514 to 57, respectively.
WESSINGTON, Beadle County, So. Dak.-B
OND SALE.-The $12,000 5% 10-20-yr. (opt.) sewer bonds offered
on Mar. 20 (V. 102, p. 1002)
have been disposed of, reports state.
WHITLEY COUNTY (P. 0. Columbia), Ind.-BOND
SALE.-On
Apr. 5 the three issues of 4%% 6-yr. aver. highwayimpt. bonds aggregating $40,723 40-V. 102, p. 1187-were
awarded
follows:
$31,800 Emrick road bonds to the Meyer-Kiseras
Bank of Indianapolis for
$32,462.
1,937 40 Diffendafer road bonds to R. L. Dollings
Co. of Indianapolis
for $1,944 86.
6,986 00 Washington Twp. road bonds to the
Meyer-Kiser Bank of
Indianapolis for $7,131 50.
WILBARGER COUNTY (P. 0. Vernon)
The proposition to issue road bonds carried, , Tex.-BONDS VOTED.
recently in Commissioners' Precinct No. 1.it is stated, at an election held
WILLIAMS COUNTY (P. 0. Bryan), Ohio.-BOND
Bids will be received until 12 m. April 10 (date changed OFFERING.
from April 4) by
G. C. Beucler, County Auditor, for the following 4%
% road-improvement
bonds-V. 102, p. 1187:
$67.000 road bonds. Denom. 1 for $200, 1 for $300
and 132 for $500.
Due each six months as follows: $3,000 Mar.
10 1917, $2,500
Sept. 10 1917, $3,000 Mar. 10 1918
to Sept. 10 1919 incl., and
$3,500 Mar. 10 1920 to Sept. 10 1926 incl.
44.000 road bonds. Denom. $500. Due each six months
$2,000 Mar. 10 and Sept. 10 1917, $2,000 Mar. 10 as follows:
and $2,500
Sept. 10 from Mar. 10 1918 to Mar.
1922 incl., $2,000 Sept. 10
1922, and $2,000 Mar. 10 and $2,50010
Sept. 10 from Mar. 10 1923
to Sept. 10 1926 incl.
73,000 road bonds. Denom. 1 for $300, 1 for $200
and 145 for $500.
Due $3,300 Mar. 10 1917. $2.200 Sept. 10 1917
and $4,000 on
Mar. 10 and $3,500 on Sept. 10 from Mar. 10 1918
to Sept. 10
1926 incl.
Date April 10 1916. Int. semi-ann. Certified check for
bid for payable to the County Treasurer, required. Bonds 5'70 of bonds
and paid for within 10 days from time of award. Purchase to be delivered
r to pay accrued
interest. Bids must include cost of furnishing and
printing or engraving
of said bonds.
WILSON, Okla.-BOND SALE.-Reports state that
this city has sold
an issue of $25,000 power-house-erection and
water-supply bonds to an
Oklahoma City firm.
WILTON SCHOOL DISTRICT (P.
McLean County,
No. Dak.-BONDS VOTED.-By a vote 0.79Wilton),
to 23 the question of issuing
to the State of North Dakota the $9,000of
4% 20-year building and equipment bonds (V. 102, p. 1002) carried at the
election held March 28.
WINNER, Tripp County, So. Dak.-BOND
NG.-Sealed bids
will be received until 8 p. m. April 10 by ClaudeOFFERI
Maule,
Auditor, for
$10.000 59' 20-year coupon sewer bonds. Denom. to City
Council. Date April 1 1916. Int. J. & J. Certified be fixed by the
check for $250,
payable to the City Treasurer, required. Bonded debt,
issue, $57,000. No floating debt. No sinking fund. including this
Assessed value
1915. $575,000. Total tax rate (per $1,000), $25.

NEW LOANS.

NEW LOANS.

NEW LOANS

$47,000

$1,750,000

$70,000

TERRITORY OF HAWAII

FORT DODGE, IOWA

4% REFUNDING BONDS

SCHOOL BONDS

432% FUNDING BONDS

$65,000
4% STREET IMPROVEMENT
BONDS
of the

Sealed proposals will be received by the underThe Board cf Education, Fort Dodge. Iowa,
signed for the purchase of all
any part of an will open sealed bids, MAY 2, 1916,
at eight p. m.,
Issue of$1,750,000four per cent.or
Refunding coupon for $70,000 ten-year School
Bonds, denomination
bonds of the Territory of Hawaii. The
43,5% interest; payable semi-annually
be of the denomination of $1,000 and bonds will $1,000;
Two per cent deposit with bid.
$500; will
be dated May 15th, 1916; will mature May
15th,
Address,
1946, and
an option of redemption on and
LEE PORTER, Secretary,
Sealed proposals will be received until 4 p. m. after Mayreserve
15th,
1936.
Interest will be payable
APRIL 17, 1916, by J. A. Rhodes, City Treas- semi-annually in
Fort Dodge, Iowa.
New York City or Honolulu.
urer, at the office of the City Treasurer, Perth
Under the Acts of Congress providing for the
Amboy, N. Y., for the purchase of $65,000 4
bonds,
the
approval
of the President of the United
%
coupon Street Improvement Bonds of the denomStates is required, and this approval
has been,
ination of $1,000 each, to be dated April 1st, 1916, obtained
and is on file in the office of the Secredue April 1st, 1931, interest payable semi-annu- tary of the
Interior at Washington, D. C.
ally on the first days of April and October; and
The United States Treasury Department au$47,000 434% coupon Funding Bonds of the thorizes the statemen
t that the bonds will be
denomination of $1,000 each, to be dated April accepted as
security for public deposits at market
1st, 1916, due $5,000 April 1, 1917, to 1925, in- value not exceedin
g
par
when further deposits are
clusive and $2,000 April 1, 1926, interest payable made. These bonds
are also available as security
semi-annually on the first days of April
and for Postal Savings Banks deposits at market
value
October.
not exceeding par.
Principal and interest are payable at the office
Hawaiian bonds are legal investment for
of the City Treasurer of the City of Perth Amboy.
the
Savings Banks of New York, also in Michigan
Bonds will be engraved under the supervisi
,
New Hampshire and Rhode Island, and for
Trust
of the United States Mortgage & Trust Companon
Funds
y
in New York. Bonds of
Territory of
of New York City, who will certify as to the
Hawaii are exempt from taxationthe
under
the FedFINANCE public utility developments.
genuineness of the signatures of the city officials eral Income
Tax Law and by a decision
and the seal impressed thereon, and their legality United
the
States Supreme Court are exemptoffrom
approved by Messrs. Caldwell & Masslich of taxation
BUY AND SELL securities.
by
any
States
in
the
United States any
Tew York City, whose opinion as to legality Municipal
or Political Sub-Division of anyorsuch
will be furnished to the purchaser.
DESIGN steam power stations, hydrothe same as bonds or other obligatio
n of the
Bonds may be registered as to principal and State,
United
States.
electric developments, transmission
interest or as to principal only.
The opinion of Messrs. Dillon, Thomson
The bonds will be deliverel to the purchaser Clay
"&
lines, city and interurban railways,
New York City as to the legality of these
at the office of said Trust Company, No. 55 Cedar bondsofwill
be
supplied
to purchaser.
gas plants, industrial plants and
Street, New York City, or at Perth Amboy, N. J.,
The bonds will be prepared under
Each proposal must be enclosed in a sealeden
the superbuildings.
- vision of the United States Mortgag
velope marked "Proposal for Bonds,' and ade & Trust
Compan
y
of
New
York, who will certify as to
dressed to J. A. Rhodes, City Treasurer, and the
CONSTR
UCT either from our own demust be accompanied by a certified check on an torialgenuineness of the signatures of the TerriOfficials and the seal impressed thereon.
signs or from designs of other engiincorporated bank or trust company for 2%
of
Bids
will
be
received
by C. J. McCarthy,
the par value of the bonds bid for.
neers or architects.
Treasurer, Territory of Hawaii,
at the office of
All bonds shall be considered to carry
the United States Mortgage 5:
interest from date of issue of bonds to accrued
Trust Comdate
of
REPORT
vany,
on public utility properties,
55
Cedar
Street, New York City, until
delivery of same.
two o'clock of the afternoon of
proposed extensions or new projects.
The right to reject any or all bids is reserved.
.
APRIL
25,
1916.
•
J. A. RHODES,
Full information and terms
MANAGE railway, light, power and gas
City Treasurer.
nished on application to him. of sale will be furPerth Amboy, March 30, 1916.
companies.
C. J. McCARTHY, Treasurer.

CITY OF PERTH AMBOY, N. I.

STONE &WEBSTER

It

Acts as
Executor,
Trustee,
Administrator,
Guardian,
Receiver
Registrar and
Transfer Agent.
Interest allowed
on deposits.




Girard Trust Company

NEW YORK

BOSTON

CHICAGO

PHILADELPHIA
Chartered 1836

CAPITAL and SURPLUS, $10,000,000
E. B. Morris, President.

F. W1VI. KRAFT
LAWYER

Specializing in Examinationlof

Municipal and Corporation Bonds
817-520 HARRIS TRUST BUILDING
111 WEST MONROE STREET

CHICAGO,ILL.

1375

THE CHRONICLE

APE. 8191G.]

Co. of
TURE SALE.-Wood, Gundy & debenKINGSTON, Ont.-DEBEN
0 534%
d at 102.73. an issue of $26,90
, W. Va.-BOND ELECTION.
awarde
sburg)
y
Parker
0
recentl
$14,40
were
o
0.
and
(P.
Toront
TY
2
1926
WOOD COUN
District on May
$8,500 Jan.
n will be held in Tygart
tures, it is reported. Due $4,000 Jan. 1921.
-Reports state that an electio
$70,000 5% road-improvement bonds.
1936.
Jan.
to vote on the question of issuing
following
), Out.-DEBENTURE SALE.
Ohio.-BOND SALE.-The
LAMBTON COUNTY (P. 0. Sarnialment debentures (V. 102, p. 1101)
WOOSTER, Wayne County, 0 434% 12
average water-worksOn March 28 the $51,000 5% 5-instal
bids were received for the $14,00
Macdonald & Co. of Toronto at
m,
1100:
Graha
to
p.
state.
102,
reports
lmpt. bonds offered on April 5-V. Seasongood & Mayer,Cin.$14,160 00 were awarded,of
about 5.33% •
Breed, Elliott & Harrison,$14,379 40 Tillotson&WolcottCo.,01o. 14,155 40 99.05, a basis
LOAN OFFERED BY BANICBRS.Cincinnati
& Co., Tol_ 14,152 60
MANITOBA, Province of.-NEW
14,239 40 W.L. Slayton
00 See
Prov. S. B.& Tr. Co., CM. 14,208
"News Item" on a preceding page.
89 Otis & Co., Cleveland__ __ 14,145
Ohio Nat. Bank, Columb_ 14,182 00 Security S. B.& T.Co.,Tol 14,074 20
ING.-Proposals will be reMIDLAND, Ont.-DEBENTURE OFFER
Well, Roth & Co., Un
-installment debentures,
- ceived
-BONDS DEFEATED.
until April 10 for an issue of $25,000 534% 20
Mich.
,
County
Wayne
WYANDOTTE,
e bonds failed it is stated.
the $40,000 park-property-purchas
-During March
The question of issuing
SALE.
3.-V. 102, p. 1188.
MONTREAL EAST, Que.-DEBENTURE
to carry at the election April
issue of $288,000 6% local
s City), Kan.-BOND SALE. Macneill & Young of Toronto purchased1an
Kansa
0.
(P.
TY
COUN
1946.
E
taxWYANDOTT
improvement debentures, maturing May
2434-year (average) gold coupon
00 4M
d jointly to
-On March 30 the $600,0
RIZED.-On March 20 the
bonds (V. 102, P. 1188) were awarde
OTTAWA, Ont.-DEBENTURES AUTHO
Improvefree Central Ave. bridge of
Kean, Taylor & Co., of
Mo.,
City,
Kansas
providing for the issuance of local
Co.
67 50 City Council passed by-laws $322,1
$601,8
the Fidelity Trust
for
Louis,
St.
stated.
Co.,
is
it
13,
Trust
Valley
res aggregating
debentu
later
ment
not
ed
Chicago, and the Mississippi
deliver
be
about 4.18%; bonds to
(100.811) and int., a basis of
ENTURES DEFEATED.
PORTGAGE LA PRAIRIE, Man.-DEB
and equipthan 30 days. Other bids were:
Kan., bid par, accrued interest The question of issuing the $65,000 6% 40-year school-buildi.ng
1101.
p.
102,
Commercial National Bank, Kansas City,
27.-V
March
n
electio
pre- ment debentures failed to carry at the
and a premium of $1,525.
par, accrued interest and $1,860
TED.-The election held
bonds.
N. W. IIalsey & Co., Chicago, bidthat
RENFREW, Ont.-DEBENTURES DEFEA
it was for court-house
the
of
question of issuing the $125,000 6%
with
the
in
defeat
d
t,
mium, but stipulated in the bid
resulte
interes
27
March
accrued
and
par
bid
Kan.,
it is reported.-V.102.
a,
res,
Wichit
Co.,
debentu
&
ction
D. E. Dunne
$100,000 every 30 days 30-year collegiate institute constru
the following payments: $100,000 May 1 and
p. 1101.
up.
taken
were
all
until
sals will be reCounty, Ohio.
SARNIA, Ont.-DEBENTURE OFFERING.-Propo
0. Xenia), Greene
er, for $120,000 gas
XENIA SCHOOL DISTRICT (P.will
25 to vote on the ceived until April 17 by James Woods, City0Treasur
April
held
be
tension 6%
orks-ex
n
water-w
-BOND ELECTION.-An electio bonds.
and electric-light-plant-purchase and $12.00 $5,000
and accrued interest
question of issuing $135,000 school
20-Installment debentures. Bids at less than
0
$19,50
3
the
Apr.
not be considered.
BOND SALE.-On
1290) will
YORK, York County, Neb.-paving
(assess.) bonds(V. 102, p.for
OFFERING.-C. J. Yorath, City
5s.
SASKATOON, Sask.-DEBENTURE
1-10-yr. (ser.) Paving Dist. No. 14
of York at par and int.
April 21 for $160,000 5%
Bank
Say.
State
sioner, will receive bids until 5 p.) m.
First
the
Commis
to
were awarded
debentures.
desired
(as
serial
or
fund
30-year sinking
Other bids were:
red for one and threeconside
be
534s.
will
for
1
Co., Toledo,$19,73int. for 6s.
As an alternative to the above, bids
Spitzer, Rorick &Toledo
,$20,112 and
year treasury bills.
F. C. Hoehler of
ION.
ELECT
D
-BON
Ohio.
TURE SALE.-Local
County,
TILBURY EAST TOWNSHIP, Ont.-DEBEN of Toronto recently
ZANESVILLE, Muskingum
voters the questions of
April 25 to submit to the $350,0
supply, newspaper reports state that Brent, Noxon & Co.
water
00
An election will be held
00:
$575,0
ting
bonds, aggrega
House purchased $6,945 05 6% debentures.
Issuing the following vement
, $10,000 Slago sower, $165,000 Market
SALE.-On March 28 an issue of
$44,000 street-impro
er.
WATERLOO, Ont.-DEBENTURE
and $6,000 Auto street sprinkl
improvement debentures was awarded.
$5,388 99 6% 20-installment local
o for $5,618, equal to 104.249
Toront
of
to Graham, McDonald & Co.
Other bidders were:
l & Young, Tor_ _$5,551 20
Macneil
es.
00
,607
liti
Tor_$5
cipa
Co.,
&
A. H. Martens
Kinnon&Co.,Tor _ 5.546 85
Canada, its Provinces and Muni
, Mather & Co.,Tor. 5,605 00 W.L.Mc
Murray
& Co., Toronto 5,528 57
-On March 30 the $88,909 13 Brent, Noxon & Co., Tor_ 5,593 50 A. E. Ames
Bond Corp., Tor__ 5,527 37
BERLIN, Ont.-DEBENTURE SALE.
Canada
of
00
Bank
al
5,582
d to the Imperi
C. H.Burgess & Co.,Tor__
& Co., Tor_ _ _ 5.523 71
5%% local improvement debentures were awarde
Jarvis
E.
75 A.
G. A. Stimson & Co., Tor_ 5,572 00
Canada at 100.53 and Interest.-V. 102. p. 1188.
Imperial Bank, Toronto_ __ 5,504 00
Wood, Gundy & Co., Tor._ 5,567
that
advised
are
Corp., Tor_ __ 5,473 38
-We
Socur.
SALE.
Royal
RE
ws & Co.. Tor 5,554 00
CORNWALL, Out.-DEBENTU
A. Mackenzie & Co..Tor.5.457 00
y purchased at 100.268,an issue R.C. Matthe
A. II. Martens & Co. of Toronto recentl
Kerr. Fleming & Co.. Tor_ 5.552 28 W.
res.
debentu
sewer
and
-works
water
allment
% 30-inst
of $25,000
ELECTION.-It is stated that an
WYOMING, Ont.-DEBENTURE
n of issuing $6,500
VOTED.-According to
be held April 25 to vote on the questio
will
GRAND VALLEY, Ont.-DEBENTURES
n
electio
-light
electric
0
$11,00
res.
local newspaper reports, the question of issuing
electric-light-distribution-plant debentu
n.
electio
a
at
recent
debentures carried

FINANCIAL

FINANCIAL

H. M. Byllesby & Co.
Adrian H. Muller Sic Son
rporated
Inco

AUCTIONEERS

TACOMA
CI-IICAGO
NEW YORK
Trinity Bldg. Cont. & Comm. Washington
Bank Bldg.

Office, No. 55 WILLIAM STREET
Corner Pine Street

Regular Weekly Sales
OF

STOCKS and BONDS
EVERY WEDNESDAY
At the Exchange Sales Rooms
14-16 Vesey Street

Purchase, Finance, Construct and
Operate Electric Light, Gas, Street
Railway and Water Power Properties.
Examinations and Reports
Utility Securities Bought and Sold

FINANCIAL

Our Local Correspondents
Local bankers and mortgage deal.
are, men intimately acquainted with
the individual borrower and hi_
security, are the correspondents who
submit

Farm Loans
for this Company's examination.
We offer $1,000,000 of farm loans
-our own investments-at $1,000 and
over, to yield 5% and 534%.
BOND DEPARTMENT

CHRONICLE'S IL,EANsivEBINDERS

Mississippi Valley Trust Co.
FOURTH and PINE

ST. LOUIS

ShIMIDT SiGALLA71N
Members of the
New York Stock Exchange

111 Broadway
New York
SHOWING EXPANSION

s a new binder of the
The "Chronicle" recommends to its subscriber style binders used for
old
to
the
ior
far
super
and
type
sive
sectional expan
ly adjusted to hold a single
many years. These file covers can be readi
simplicity and convenience.
l
of
a
marve
are
and
e,
volum
ete
copy or a compl
nicle" offers them at
"Chro
the
cover
new
In order to introduce this
$1 50, the cost price. Orders will be received by the




WILLIAM B. DANA CO.,
138 Front Street, New York

H. D. Walbridge & Co.
14 Wall Street, New York

Public Utility Securities

1376

THE CHRONICLE

[VOL. 102.

ginanciat

Cligineer

ATLANTIC MUTUAL INSURANCE COMPANY

The Trustees, ill conformity with
New York, January 26th, 1910.
the Charter of the Company,submit the followi
ng staament of Us affairs on the
The Company business has been31st of December. 1915.
confined to marine and Inland transpor
Premiums on such risks's
tation insurance.
from the 1st January, 1915, to the 31st
Premiums on Policies not marked
Decemb
er, 1915
86,153,858 43
off 1st January, 1915
093,965 13
Total Premiums
$7,147,831 50
Premiums marked off from January 1st,
1915, to December 31st, 1915
$6,244,127 90
Interest on the Investments of the Compan
y received during
Interest on Deposits in Banks
0 78
and Trust Companies, etc the year $328,97
Rent received less Taxes and Expense
75,237
08
s
97,835,23 $502,043 09
Losses paid during the year
$2,233,703 62
Less* Salvages
$205,247 59
Re-insurance-9
448,602 853 653,850 44
$1,579,853 18

Re-insurance Premiums and Returns
of Premiums
Expenses, including compens
$1,076,516 36
ation of officers and clerks, taxes,
stationery,
advertisements,etc
$ 717,114 89
A dividend of interest of Six per cent
on the outstanding certificates of profits
holders thereof, or their legal represen
will be paid
tatives, on and after Tuesda
The outstanding certificates of the
the first of February next. to the
issue of 1910 will be redeemy
their legal representatives, on and
ed and paid to the holders
after
, or
Interest thereon will cease. The certific Tuesday the first of February next, from whichthereof
date ail
ates to be produced at the time of
A dividend of Forty per cent is declare
payment, and canceled.
d on the earned premiums of the Compan
31st December, 1915, which
y
are
for
the
year
entitled
ending
to
particip
ate
in
dividen
will be issued on and after Tuesday
the second of Ma next. d,for which, upon application, certificates
By order of the Board,
G. STANTON FLOYD-JONES, Secreta
ry.
TRUSTEES.
EDMUND L. BAYLIES,
ANSON W. HARD,
JOHN N.BEACH,
DALLAS B. PRATT,
SAMUE
L T. HUBBARD,
NICHOLAS BIDDLE,
ANTON
A.
RAVEN
,
LEWIS CASS LEDYARD,
ERNEST C. BLISS,
JOHN J. RIKER,
WILLIAM H. LEFFERTS,
JAMES BROWN,
DOUGLAS ROBINSON
CHARLES D. LEVERICH,
JOHN CLAFLIN,
WILLIAM JAY SCHIEFFELIN,
GEORG
E H. MACY,
GEORGE C. CLARK,
SAMUEL SLOAN,
NICHOLAS F.
CLEVELAND H. DODGE,
WILLIAM SLOANE,
R.
HENRY PARISPALME
H.
CORNELIUS ELDERT,
LOUIS STERN,
WALT
ER
WOOD
PARSONS
RICHARD H. EWART,
WILLIAM A. STREET,
ADOLF
PAVEN
STEDT,
G.STANTON FLOYD-JONE
GEORGE E. TURNURE,
CHARLES A. PEABODY;
PHILIP A S FRANKLIN, S. JAMES
GEORGE C. VAN TUYL,Jr.
H. POST,
RICHA
HERBERT L. GRIGGS,
RD II. WILLIAMS.
CHARLES M.PRATT,
A. A. RAVEN. Chairman of the Board.
CORNELIUS ELDERT, President.
WALTER WOOD PARSONS, Vice-Pre
sident.
CHARLES E. FAY,2d Vice-Presiden
t.
ASSETS.
LIABILITIES.
United States and State of New York
Estimated Losses, and Lasses UnsetBonds
tled In process of Adjust
New York City, New York Trust$ 670,000 00
$ 3,117,101 00
Premiums on Unterminatedment
Companies and Bank Stocks
Risks_._
003,703 66
1,783,700 00 Certificates of Profits
Stocks and Bonds of Railroads
and Interest
2,832,463 65
Unpaid
Other Securities
273,130 05
386,185 00 Return Premiums Unpaid
Special Deposits in Banks and Trust
108,696 58
Reserve for Taxes
Companies
76,949 12
2.000,000 00 Re-insurance Premiums
Real Estate cor. Wall and William
on Terminated Risks
Streets and Exchange Place, con215,595
72
Claims not Settled, including Comtaining offices
pensation,ete
Real Estate on Staten Island (held 4,299,426 01
ii.1,375 72
Certificates of Profits Ordered Reunder provisions of Chapter 481
deemed, Withheld for Unpaid PreLaws of 1887)
75,000 00
miums
Premium Notes
22,557 84
660,314 60 Income Tax Withheld at
I3111s Receivable
thelSource
1,230 36
788,575
31
Suspens
e Account
Cash in hands of European Bankers
5,899 75
Certificates ot Profits Outstanding—
to pay losses under policies payable
7,187.370 00
In foreign countries
256,610 85
Cash in Bank
1,695,488 03
Loans
135,000 00
$15,582,763 48
$12,025,609 80
Thus leaving a balance of
Accrued Interest on the 31st day of December,
—$3,557,
153 68
1915,
amount
ed to
Rents due and accrued on the 31st day
$ 40,528 08
of December, 1915, amounted to
Re-insurance duo or accrued, in compani
$ 25,568 11
es authorized in New York, on the 31st
December, 1915, amounted to
day of
Note: The Insurance Department has estimat
$ 172,389 50
ed the value of the Real Estate corner Wall
William Streets and Exchange
and
In excess of the Book Value
And the property at Staten IslandPlace
in excess of the Book Value, at given above at__ _3 450,573 96
The Insurance Department's valuati
$ 63,700 00
on of Stocks, Bonds and other Securities exceeds
Company's valuation by
the
$1,727,337 26
On the basis of these increased valuations the balance
would no
$6,037,250 59

THE
fGAVIalb

COMPANIES

Financiers
Engin eers
Operators

Purchasers
Contractors
Managers

of Public Utility and Industrial
Properties
REPORTS—VALUATIONS—ESTIM

ATES

43 EXCHANGE PLACE, NEW YORK
LONDON

SAN FRANCISCO

CHICAGO

WILLIAM E; WILLIAMS
CONSULTING ENGINEER
EXPERT IN PATENT CAUSES
Special work in originating and
developing new machinery, methods
of manufacture and inventions.
Reports on the commercial value of
inventions and patents.

28 East Jackson Boulevard
Phone Harrison 5717
CHICAGO

WILLARD CASE & COMPANY
CONSULTING ENGINEERS
CONSTRUCTION
OF INDUSTRIAL PLANTS
REPORTS
ON OPERATING CONDITIONS
VALUATIONS
OF MANUFACTURING PROPERTIES
17 BATTERY PLACE

NEW YORK

PASTO WIA
st
e)•

INCORPORATED

Cet

CONSULTING and
•
CONSTRUCTION ENGINEERS
PUBLIC SERVICE PROPERTIES
FINANCED and MANAGED
50 Pine Street

New York

Alex. 0. Humphrey.

Alten B. Mille

IllhitoisTrust&SaiingsBank

HUMPHREYS& MILLER,Inc.

CHICAGO

Power—Light—Gas

Capital, Surplus and Undivided Profits

-

-

$15,700,000

Pays interest on Time
Has on hand at all times a variety of ex
Deposits, Current and Reserve
cellont securities. Buys and sells
Accounts. Deals in Foreign ExGovernment, Municipal and
change. Transacts a General Trust Busin
ess.
Corporation Bonds.

ENGINEERS

NI BROADWAY

NEW YOR

Alfred E. Ponta!)

Charles D. Roblio

FORSTALL AND ROBISON
ENGINEERS
Investigations and Appraisals of
Gal and
Electric Properties for Owners or
Financial
Institutions.
114 William St.,

The Union Trust Company of New York
(established in 1864)
has for many years made a specialty of
Personal Trusts—under
Will or under Agreement—and maintains
a carefully organized
department for handling them.
Many millions of dollars worth of prop
erty—real and personal
—have been entrusted to the company
by conservative people,
residents not only of New York State but of
other States in which
the Union Trust Company is authorized to
transact business.
Correspondence or interviews with perso
ns considering the
formation of trusts of any kind—for thems
elves or for others
—are solicited.
UNION TRUST CO., 80 Broadway
CAPITAL AND SURPLUS - $8,162,000



NEW YORK CITY

DANIEL W. MEAD
F.W.SCHEIDENHELM

Consulting
Engineers

INVESTIGATIONS, REPORTS,
DESIGNS
AND CONSTRUCTION.
Hydraulic and electric developments water
,
supply, flood control and reclamation
works.
120 BROADWAY
NEW YORK

Cugineerfs
H. M. CHANCE & CO.
Mining Engineers and Geologists

COAL AND MINERAL PROPERTIES
Examined, Managed, Appraised
Drexel Bldg.

PHILADELPHIA