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firtatirial
Thee
°1mum
INCLUDING
Bank Sc Quotation Section
Railway Earnings Section
VOL. 101
Railway & Industrial Section
Bankers' Convention Section
PUBLISHED WEEKLY.
1915.
For One Year
$10 00
For Six Months
0 00
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50
0
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22 14s.
Sit Moot
SuN,seriptIon in London (including postage)
21 118.
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$11 50
Subscription includes following SupplementsB tNIC AND QUOTATION(monthly) RAILWAY AND INDUSTRIAL(3 times yearly)
RAILWAY EA ININGS (Monthly)
ELECTRIC, RAILWAY(3 times yearly)
STATE AND CITY (semi-annually) BAKERS' CONVENTION (yearly)
Terms of Advertising-Per Inch Space
Transient matter per inch space(14 agate lines)
Two Months
(s times)
irtntths
nmineess?
Standing Business Cards Ex
Twelve Months(52 times)
CHICAGO OFFICE-39 South La Salle Street, Telephone Randolph 7390
LONDos OFFIcE-Edwards & Smith,1 Drapers' Gardens, E. C.
WILLIAM B. DANA COMPANY,Publishers,
Front, Pine and Depeystor Sts., Now York.
$4 20
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Published every Saturday morning by WILLIAM B. DANA COMPANY,
Jacob Seibert Jr., President and Treasurer; George S. Dana and Arnold G. Dana,
Vice-Presidents: Arnold G. Dana, Sec. Addresses of all, Office of the Company.
CLEARING-HOUSE RETURNS.
The following table, made up by telegraph, &c.. indicates that the total
bank clearings of all the clearing houses of the United States for the week
ending to-day have been $3,187,498.654. against $3.520,140.536 last week
and $2,188,225,418 the corresponding week last year.
Clearings-Returns by Telegraph.
1Veek ending Aug. 14.
1915.
1914.
Per
Cent.
New York
Boston
Philadelphia
Baltimore
Chicago
St. Louis
New Orleans
$1,563,879,281
114,181,534
126,074,085
23.239,769
239,057,861
60,020,327
16,750,462
$820,801,678
90,977,391
99,368,660
26,398,416
217,623,447
59,000,385
13,591,143
+90.5
+25.5
+26.9
-12.1
+9.8
+1.7
+23.3
Seven cities, 5 days
Other cities, 5 days
$2,143,203,319
524,287,693
$1,327,761,120
502,204,283
+61.4
+4.4
Total all cities, 5 days
All cities, 1 day
$2,667,491,012
6/0,(107,1342
$1,829,068,383
358,260,035
+45.8
+45.1
33,187,498,$54
$2,188,225,418
+45.7
The full details for the week covered by the above will be glvim next
Saturday. We cannot furnish them to-day clearings being made moo by the
clearing houses at noon on Saturday and hence in the above the last day
of the week has to be in all cases estimated, as we go to press Friday night
We present below detailed figures for the week ending with Saturday
noon, August 7, for four years:
1Veek ending Aug. 7.
Clearings at1914.
Inc.or
Dec.
1913.
1912.
NO. 2616
Week ending August 7.
Clearings at
Terms of Subscription-Payable in Advance
1915.
Electric Railway Section
State and City Section
SATURDAY, AUGUST 14 1915
The Thraniele.
Total all cities for week
lironirk
1914.
Inc.or
Dec.
1913.
1912.
$
Chicago
297,473,428 285,563,561 +4.2 287,796,669 280,703,846
Cincinnati
27,167,150
22,622,400 +20.1
22,292,050
27,138,700
Cleveland
28,070,285
23,675,036 +18.6
21,702,827
19,665,609
Detroit
33,023,369
30,755,732 +7.4
33,122,240
27,500,000
Milwaukee
14,924,180
14,670,659 +1.7
14,044,682
12,266,490
Indianapolis
9,433,269
8,280,472 +13.9
8,533,445
9,104,425
Columbus
.6602,600
6,589,300 +0.2
6,642,300
5,838,500
Toledo
5,421,109
5,725,725 -5.3
5,096,014
4,374,281
Peoria
2,806,244
3,325,846 -15.6
3,622,651
3,333,350
Grand Raplds
4,328,713
3,869,095 +11.9
3,954,505
3,328,905
Evansville
1,306,477
1,390,024 -6.0
1,269,238
1,017,747
Dayton
2,332,402
2,134,326 +9.3
2,460,757
2,180,114
Kalamazoo
513,093
591,324 -13.2
748,603
713,024
Springfield, Ill
1,211,487
1,168,179 •+3.7
1,122,242
1,077,207
Fort Wayne
1,170,432
1,368,632 -14.5
1,196,864
1,052,981
Akron
1,859.000
1,501,000 +23.8
1,889,000
1,562,000
Youngstown _ 1,340.967
1,454,562 -7.8
1,639,690
1,306,114
Decatur
506,900
519,298 -2.4
606,127
503,619
Lexington
645,331
604,860 +6.7
555,443
842,433
Rockford
752,861
722,437 +4.2
780,905
732,169
Bloomington....
827,928
765,435 +8.2
618,620
567,621
Quincy
744,920
941,223 -20.9
806,220
713,876
Springfield,Dhlo.
759,341
702,335 +8.1
694,941
554,337
Canton
1,442,964
1,493,033 -3.5
1,225,000
1,229,053
South Bend
749,964
557,210 +34.5
586,703
687,998
Jackson
550,000
505,599 +8.8
725,000
766,352
Mansfield
485,624
463,638 +4.8
430,384
383,317
Owensboro
378,984
408,721 -7.3
408,585
415,827
Lima
520,731 -4.0
600,000
494.631
415.226
Lansing
552,832 +3.1
570,000
483,398
325,000
Danville
484,300
547,577 -11.5
405,147
541,709
Jacksonville __
391,999
323,378 +21.2
396,700
289,714
Ann Arbor
294,019
300,169 -2.0
274,832
171,457
Adrian
68,633
61,691 +11.2
45,000
30,000
Tot.Mid.West. 449,137.973 424,575,950 +5.8 428,807,525 411,796,139
San Francisco
53,000,098
48,164,618 +10.0
46,266,962
48,223.775
Los Angeles
19,000,000
21,206,741 -10.4
20,351,764
19,431,433
Seattle
10,971,337
11,796,841
11,123,510 -1.4
11,798,664
Portland
9,300,861
10,724,863
10,342,810
9,508,175 -2.2
Spokane
3,334,655
3,976,940
3,457,718 -3.6
4.006,333
Salt Lake City_
6,240,318
5,345,057 +16.7
5,382,364
5,536,707
Tacoma
1,683,137
2,403,028
1,995,617 -15.7
2,571,058
Oakland
3.648,528
3,525,674
3,428,723
3,484,370 +4.7
Sacramento
1,906,846
1,962,487 -2.8
1,641,482
2,230,888
San Diego
2,220,932
2,024,943 +9.7
2,347,276
2,626,091
Pasadena
845,603
954,522 -11.4
848,503
901,291
Stockton
870,717
982,254 ---9.6
886,699
853,871
Fresno
808,088
950,266 -14.9
839,162
912,714
San Jose
825,000
813,142 +1.5
703,767
773,80,1
North Yakima..
294,904
275,000 +7.2
303,806
330,774
Reno
327,558
..'
266,759 +22.9
295,290
280,000
Long Beach
520,527
730,533 -28.7
Total Pacific.. 115,799,109 113,225,262 +2.3 1.13,008,514 -113,532,843
Kansas City---55,991,212 +9.0
61,074,019
48,720,161
56,801,971
Minneapolis -.-17,288,352
22,030,382 -21.5
20,155,978
17,562,214
Omaha
15,835,847
15,519;344 +2,0
18,707,962
15,799.607
St. Paul
12,541,719
11,239,441 +11.6
9,217,165
-9,057,322
Denver
9,013,312
9;869/122 -8.7
10,674,327
9,388,592
St. Joseph
6,176,324
8,247,738
6,440,576
5,216,608 +18.4
Des Moines
4,960,218
5,050,132
4,426,586
5,476,457 -7.8
Sioux City'
2,878,560
3208,045
2,875,587
2,923,008 -1.5
Wichita
4,031,000
3,830,230
3,760,524
4,050,597, -5.4
Duluth
3,640,634
2,448,593
2,528,943
3,065.777 -33.2
Lincoln
2,000,000
2,113,35
1,788,948
2,315,190 -13.6
Topeka
1,968,917
1,531,683
1,845,867
1.512,184 +1.2
Davenport
1,870,035
1,486,454
1,477.518
1,982,423 -26.0
Cedar'Rapids_ - _
1,615,119
1,419,901
1,255,293
1,806,445 -21.4
Waterloo'
1,483,274
1,833,40
1,382,487
1,241,834 +17.9
Fargo
1,070.316
411.128
440,879
1,000,856 +6,9
IIelena
1,108,184
997.282
1,150,502
1,132,275 -2,1
Pueblo
394,447
737,267
619,395 -38.2
790;388
Colorado Springs
699,494
782,434 -10.6
948,559
1,178,l57
Fremont
359,748
391,921
598,329 -40.0
533,355
Aberdeen
550,000
339.412
327,531
519,8071 +5.8
Hastings
193,437
245,372
298,196, -35.2
250,000
Billings
455,882
446,625" +20.7
461,716.
343,822
, Tot. 0th. West' 148,849,908 150,237,541 -0.9 153,605,839 133,098,546
$
$
%
.,- 3 _
3
2,148,530,387 1,248,437,123 +72.1 1,493,613,783 1,518,877,801
Now York
157,813,350 140,810,824 +12.1 143,136,442 139,955,482
Philadelphia _ _
49,927,713 -4.4
47,748,521
Pittsburgh
50,566,845
50,466,139
52,617,957 -33.1
35,192345
Baltimore
34,426,920
33,836,033
14,027,231 -3.5
13,539,023
Buffalo
12,151,313
13,630,002
6,492,558 -15.3
5,500,000
Albany
6,069,35
5,821,939
7,723,668
7,472,327
-3.2
Washington_._ _ _
6,773,774
7,189,330
4,886,810 +7.2
5,239,769
Rochester
4,440,484
4372,168
3,436,349 +7.8
3,703,996
Scranton
3,303,062
2,750,000
3,270,691 -2.2
3,199,297
Syracuse
2,904,702
2,528,040
1,620,177 +4.9
Reading
1,700,000
1,494,580
1,512,239 St. Louis
73405,298
70,333,605
67,771,887
68,931,263 +6.5
2,015,621 +8.3
Wilmington
2,182,810
2,227,779
1,752,670 New Orleans....
15,125,725
16.829.296
14,639,060 +3.3
14,062,170
Wilkes-Barre_ _ _
1,648,222
1,818,807 -9.3
1,582,201
1,564,204 Louisville
14,005.529
12,004,282
12,096,942
+18.4
11,829,633
2,063,881
1,914,820 +7.9
Wheeling
2,228,528
1,760.396 Houston
7,300.480
6,250,000
6,940,586 -9.9
1,872,776
Trenton
1,792,609 +4.5
1,682,425
1,531,874 Galveston
3,6725000
5,031.638
2,483,292 +102.8
2,1675100
829,492
838,180 -1.1
.•
York
862,774
896,647 Richmond
8,524,928
7,062,507
8,700,1100
7,547,272 +12.9
1,214,665
1,263,768 -3.9
Erie ,
1,015.912
976,996 ,f"Fort Worth
7,728,662
6,241,020
8,253,089. +23.6
5.507,774
1,351,307
1,500,468 -9.9
Lancaster _
1,385,915
1,183,629 Weinphis
5,033,068
4,319,021
5,780,185
5,812,4071 -25.7
680,397
Greensburg
585,827 +16.2
1,056,637
502,272 Atlanta
9,851,930
10,134,383
10,136.487
10,539,4551 -3.8
695,100
Binghamton
684,900 +1.5
__
785,300
640,800 Nashville
6,018,8544
5391,101
5,545,512
5,024.506 +9.3
565,000
559,123 +1.1
Altoona _•:._ _ „. _
538,458
490,907 Savannah
3,598,232
3,013.480
4,307,209
3,083.651 -2.3
789,504
670,956 +17.7
Chester
799,629
547,993 Norfolk
3,409,787
3,666,610 -7.0
3,794,145
3,324,873
396,025
Montclair
386,599 +2.4
380,592
Birmingham.2,827,077
2,528,495
2,652,744
2,498.552 +1.2
Chattanooga-- _
2,338,240
2,180,676
2,538,637
1,928.634 +13,1
Total Middle_ 2,443,931,294 1,547,281,779 +02.5 1,775,335,575 1,848,693,376 Jacksonville.
2,981,066 -17.3
2,850.000
2,449,648
3.000,000
Knoxville
1.535,738
1,729,976
1,739,862
1,585,729 +9.1
151,998,111
137,775,336 +10.3 128,288,165 144,791,298 Oklahoma
Boston
1.797,40d +29.6
1,502,910
2,329,972
1,353,192
7,458,600
6,395,700 +16.6
Providence
6,674,500
6,718,900 Augusta
1,045,497, -4,7
1,264,751
1,282,175
997,484
8,061,789
5,878,838 +37.1
Hartford
4,957,801
4,003,511 Mobile
1,270,000
1,166,6001 -13.7
948,569
1,156.630
3,117,847
3,619,179 +2.7
NeW Haven
3,026,747
2,846,544 Little Rock
2,063,412
1,857,073
1,895,443
2,100,638 -11.6
2,143,612 +11.9
2,398,578
Portland
2,183,455
2,149,935 Charleston
1,149,463`
1,155,679
1,327,786
1,378;208 -16.1
2,482,155 +14.9
Springfield
2,829,194
2,576,243
1,906,107 Macon
2,085,428
3.110,462 -33.:
2,025,817.
2,677.411
2,401,665 +16.2
Worcester '
2,790,892
2,461,811
2,319,919 Austin
1,434,9711 +44.:
1;760.074
2,077.895
1%830,812
1,286,406 -20.8
1,018,831
Fail 'River
968,376
1,099,759 Vidksburg
252,806 -19.8
'242.021
202,960
290.895
824,189 +19.5
•New Bedford..._
985,506
979,581
798,615 Jackson
319,583 +0.1
372528
319,970
322,329
882,415 -13.9
Lowell
759.960
447,076
552,548 Tulsa
1,534,4311 -17.1
1,272.803
1,382,321
701,067
739,411 +17.9
871,205
Holyoke
617,861
592,223 Muskogee
646,567
660,904 -2.2
710,848
577,459
436,451 -4.7
415,992
Bangor
443,001
438,064
Total Southern 179,205,747 170,524,385' +5.1 172,885.359 165,211,407
Tot. New Eng. lag 9114 ;Ilk lftd 514A 2A7 4-11 1 15:1 finl RiR 111R.217_423
3,520,140,53i 2,570:1-90,304 +36.9 2,795 730,067 2,840,550,734
Total all
Outside N. Y. 1,371,610,149 1,322,353,1811 +3.7 1,301:615,776 1,263,671,933
I
Note.-For Canadian clearings see "Commercial and Miscellaneous News."
476
[VOL. Dn.
THE CHRONICLE
western part of the Dominion were announced to go
THE FINANCIAL SITUATION.
into effect the following first of September. The
One of the features of the situation that should reductions were such that the managers of the roads
attract wide attention is the fact that although most intimately concerned made most vigorous proindustrial conditions, stimulated by war orders, have tests.
greatly improved since the beginning of the current
Stated in brief, the Canadian Board of Railway
revival
positive
a
trade
steel
the
in
and
year,
calendar
Commissioners, after investigation begun two years
is under way, no evidence of any change in affairs before, made reductions in freight rates in Western
is found in the revenue returns of our great rail Canada ranging all the way from 5 to 30%, the re.
transportation systems. In other words, the course ductions applying to nearly all classes of goods on
of earnings is still on the decline; and further large the railways operating from Winnipeg to the Pacific
., giving credit to
losses are being experienced on top of the previous Coast. Sir Thomas Shaughnessy
heavy shrinkage.
the good intentions of the Railway Board, said that
We discuss the matter quite at length in our review the reductions, "while they might have a semblance
of the gross earnings of United States railroads for of justification some years hence, were such as, viewed
the first six months of the year on a subsequent page, in the light of present commercial and transportation
and the subject is invested with additional import- conditions, could not but be regarded as unnecesance by the action of the Inter-State Commerce sarily and unjustifiably drastic in character." It
Commission with reference to the proposals of the would be interesting to know how far the further
Western roads for securing additional revenue losses in revenues now reported are clue to the war
through certain specific but slight advances in rates. and to trade depression,and how far to this cut in
Leaving altogether out of consideration the Com- rates under last year's order of the Commission. At
mission's ruling in the anthracite cases, where a any rate the Canadian Pacific reports for July 1915
special factor of unusual complexity had to be dealt gross of only $7,447,000, against $10,041,000 in
with, the decision of the Commission with reference July 1914 and $11,993,062 in July 1913.
to these Western roads, is disappointing in the exBut United States roads have a tale to tell that
treme, for practically all the substantial demands of differs only in degree from that of the Canadian
the roads are denied on one ground or another, Pacific. Mr. Hill's Great Northern, for example,
though these demands, according to the Commis- earned only $5,598,154 gross in July 1915, against
sion's own statement of them, were exceedingly $6,840,446 in July 1914 and $7,694,812 in 1913.
moderate. It follows that those inclined to pin their In other parts of the United States the story is the
faith to the Commission as likely to respond to the same. In the South the Louisville & Nashville
urgent needs of the carriers, thereby bringing nearer earned gross this year of only ,452,959, against
a solution of the grave railroad problem that is con- $4,803,643 last year and ,945,042 the year before.
fronting the country with a seriousness that the The Southern Railway earned $5,123,505 this year,
Commission seems unable to realize, have received against $5,705,119 in 1914 and $5,513,213 in 1913.
a new demonstration going to show that their faith In the Southwest the Missouri Pacific earned ,
is utterly misplaced.
710,000, against $5,253,000 and $5,153,374 in 1914
Before proceeding with a discussion of the Commis- and 1913, and the Missouri Kansas & Texas earned
sion's action we wish to place on record here the very $2,520,920, against $2,716,701 and $2,656,009, relatest figures showing the course of railroad gross spectively. In the Central West the Illinois Central
earnings. These figures cover the month of July. reports earnings of only $4,700,863, against $5,396,Besides our article on the earnings for the six months 122 and $5,357,908, and the Wabash but $2,408,339,
to June 30, we publish another article to-day in against $2,649,453 and $2,737,816. In tabular form
which we furnish preliminary totals for the month of the comparisons are as follows:
July, and it is from this preliminary compilation that
RAILROAD GROSS EARNINGS FOR JULY.
we take the illustrations we are about to cite. Only
1914.
1915.
1913.
a part of the railroad systems has yet reported for
Transcontinental—
7,447,000 10,041,000 11,993,062
July. The fact is, however, that nearly all the im- Canadian Pacific
5,598,154
6,840,446 7,694,812
Northern
Great
portant companies whose returns are at hand,register
Southern—
a
year,
last
decreases this year following decreases
Louisville & Nashville__ A,452,959 4,803,643 4,945,042
double loss being hence sustained. Canadian roads Southern Railway
5,123,505 5,705,119 5,513,213
would seem to belong in a class by themselves,
Southwestern—
4,710,000 5,253,000 5,153,374
because of the Dominion's intimate connection with Missouri Pacific
the conflict in Europe. Canada is undoubtedly Missouri Kansas& Texas.2,520,920 2,716,701 2,656,009
Central Western—
going through a period of great depression, and yet
4,700,863 5,396,122 5,357,908
it would be a hasty conclusion to assume that the Illinois Central
2,408,339 2,649,453 2,737,816
Wabash
Canadian
the
which
revenues
in
frightful contraction
Grand Trunk of Canada_4,497,946 4,724,017 5,042,103
Pacific is suffering is to be ascribed alone to the colIn the foregoing we have selected merely a few
lapse in trade.
The fact of the matter is that zeal of the Govern- leading systems. To make the illustration still more
mental authorities in the regulation of rates is now conclusive we supplement these figures by drawing
counting as a factor in Canada just as it has so long off from our article on subsequent pages the totals
counted as a factor in the welfare of the railroads for the different geographical groups into which we
of the United States. Until a year ago the Canadian divide the roads in making comparisons extending
Railroad Commission showed little disposition to back a series of years. These group totals contain
imitate the example of our own railroad commissions, the roads or systems already mentioned besides a
and the Canadian roads could not justly complain number of smaller companies. In the following we
of inimical action on the part of that body. But in present the comparisons for the four groups and also
April last year very radical reductions in rates in the give the grand aggregate of the same.
1$
AUG. 14 1915.)
THE CHRONICLE
JULY GROSS EARNINGS BY GROUPS.
477
go too far the carriers can get out an injunction and
carry their case to the highest judicial tribunal,
Group—
Northwest
17,524,625 21,418,154 24,466,654 which has so often set aside destructive State statutes.
16,701,596 17,563,876 17,169,457 But what court will interfere with destructive action
Southern
Southwestern
12,610,964 13,496,398 13,556,301 on the part of the Commerce Commission? To
15,684,114 16,812,742 17,399,787 whom, for instance, can the railroads appeal
Middle West
from all
62,521,299 69,291,170 72,592,199 the denials of rate advances during the last five
Total (34 roads)
years by the Commerce Board? The U. S. Supreme
It thus appears that the 34 roads here represented Court considers rate matters questions
of fact which
earned only $62,521,299 gross in July 1915 against Congress intended the Commission
with its supposed
$69,2/91,170 in July 1914 and $72,592,199 in July superior knowledge of
railroad affairs should decide
1913. Thus we have very conclusive indications of and that the courts therefore have
no right to inthe course of railroad revenues from the very latest terfere. Thus we have the anomaly
of an irresponsireturns at hand. If it be deemed strange that rail- ble Government body which
cannot be called to
road revenues continue to shrink at a time when there account in unchecked control
of an industry
are multiplying evidences of activity elsewhere, it in which 20 billions of capital are invested.
Is
should be remembered that there can be no genuine that a situation that can be allowed to
continue
prosperity in this country while such a large industry much longer?
as that of railway transportation remains in such an
We notice that Commissioner Harlan in his disextremely unfortunate condition. In the railroad senting opinion takes occasion to say, what is enworld things have been going from bad to worse. It tirely true, that "too much time and labor are
exis that circumstance that is responsible for the fact pended in these recurring rate contests." No
one
that such revival as has actually occurred in trade will rise to deny Mr. Harlan's statement. We are
has come in spots and been limited to the trades not inclined, however, to agree with him when in
stimulated by war orders. The railroads have been suggesting a remedy he seems to think that the only
left out in the cold. They have had to contract solution possible is that "some way should be
found
their outlays in every direction. They could com- under legislative authority for arriving at results
mand only limited supplies of new capital for develop- more promptly than is now possible, under our
ment work and at the same time have been forced to present powers and practices." There is of course
make drastic cuts in expenses. The inability of the no objection to compelling the Commission to
do by
roads to carry on their legitimate work has in turn law what it refuses to do voluntarily, though it
is at
served to prevent any general industrial expansion or least doubtful if Congress could be prevailed upon to
revival.
pass such a law. The fact is, however, that that is
by no means the only way out of the dilemma. Let
In this state of things there comes the action of the Mr. Harlan join in getting the Commission to abandon
Commerce Commission denying relief to the Western its policy of vetoing in advance all proposed rate inrailroads from an intolerable situation and one which creases. The Commission should allow the carriers
threatens to undermine the very foundations of our to put their new rate schedules into effect and not
industrial fabric. To show what a mere pittance interfere with them (where they are not on their face
the Commission has granted in the case of these excessive) until after they have been given a fair
Western roads, it is only necessary to state that one trial and are attacked. When the Commission inof the two Commissioners who have had the sturdy vites objections from shippers, objections of course
good sense to dissent from the decision of the prevail- are offered. If the schedules were allowed to go into
ing opinion estimates that the additional revenue to effect, the chances are that they would not be opaccrue from the trifling advances permitted will posed at all. The prevailing method of dealing with
amount to the magnificent figure of $1,600,000 per the subject is really farcical. The Commission is
annum. As the Commission itself tells us that ag- supposed to be a practical body and to act in a
gregate freight revenues in the fiscal year 1914 for practical common-sense fashion, waiving aside all
the 41 roads involved in the proceeding were approxi- irrelevant questions just as the business man would in
mately $641,000,000, it accordingly appears that the deciding an important question relating to income or
Commission has granted relief to the extent of outgo. Instead of that the Commission goes into
WI of 1%.
an interminable discussion of matters that have no
Nor should it escape notice that the present is the real bearing on the point at issue.
situation that has prevailed during the whole of the
The report of the Commission in the present case
five years since the Commission has had power to covers nearly 200 pages and contains innumerable
veto proposed advances in rates. It has become the charts and statistical tables. As an indication of
habitual practice for the Commission either to refuse the nature of these, we may say that one
chart is
altogether requests of that character, or to grant in- headed "Relative Figures of Commodity Prices
and
creases only in driblets. And yet there are some good Railway Revenues Per Equated Traffic Unit," and
people who urge that the powers of the Commission one of the tables treats learnedly of the "Value of
should be extended—that it should have complete Commodities as a Norm of Distributing the Return
authority over intra-State rates as well as inter- Above Cost." These are fair samples of many
State rates. What reason is there to think that the others. In the end of course the Commission
Commission would display more liberality and a arrives nowhere.
broader spirit in the one case than in the other? If
There is no decent excuse for this kind of thing
the Commission were in omnipotent control of all and it is really an abuse of the Commission's powers
rates, would not the last state of the carriers be worse and privileges. Rate increases should not,
as an
than the first?
invariable rule, be set aside, and indeed it was never
It is only too true that some of the States often intended by the lawmaker that they should.
By
deal unjustly with the roads, but at least when they changing its policy in that respect the
Commission
1915.
1914.
1913.
• 478
THE CHRONICLE
FoL. 101.
it maintains that it was not within the spirit of the
would relieve itself and the carriers and the public law,
and it certainly was not the intention of the lawstatute,
same
alike of a lot of needless burdens, and at the
makers that Federal Reserve notes could be so issued.
time be promoting the welfare of the country.
In this argument the logic is all on the side of the "Chronicle." It is, of course, true that the purpose of the Federal
their gold holdings
In discussing a week ago (in our consideration of Reserve banks in issuing notes against
their purpose the
as
have
agent,
Reserve
the
with
deposited
the policy of the Federal Reserve banks in issuing impounding of gold and the gathering together of as large a
Federal Reserve notes to acquire gold) the course supply of it as possible into the Reserve banks. This is a
pursued last summer and autumn in facilitating gold laudable enterprise in one respect, because it goes almost
exports in settlement of our obligations abroad without saying that it is highly desirable that every ounce of
should be in the Reserve banks and so
at the time when our foreign credits abroad were cut gold in the countrybasis
for the credit structure. But it was
a
as
usable
become
off by the numerous moratorium decrees, a typo- never intended that gold should be taken out of circulation
graphical error crept into the figures dealing with the by the process of substituting Reserve notes for it.
export movement of gold. The print made us say
The whole measure of the elasticity of the currency system
that "the United States had in the months im- is in the gold and Reserve notes. As has been frequently
the other elements in the curmediately preceding the war parted with nearly pointed out in these columnsfixed.
With theflow of gold in
practically
are
system
rency
$280,000,000 gold" &c. The figure here given was the direction of the United States, and with no prospect of a
wrong. Including the gold that went out subsequent change in its direction, Federal Reserve notes have become
to the war we exported altogether in the twelve the single element in the currency system which have any
months ending Nov. 30 1914 $233,057,825 of gold elasticity at all. Just at present the financial situation
if there were less currency in circulaand of this total $86,715,656 went in September, would be much better
issue of Reserve notes which is not the product
Any
tion.
October and November in carrying out the policy of commercial operations translated into the form of reof meeting our maturing obligations abroad by the discounted paper, marks a tendency toward currency infla'shipment of actual gold instead of by an adjustment tion.
In securing legal authorization of a form of currency which
of credits and through the course of foreign exchange
be produced with practically automatic precision by
could
Operations. In May,June and July 1914 $98,611,690
trade operations, no argument was so potent as that which
gold was shipped and the greater part of the was based on the extensive use of checks and drafts as cur$18,125,617 shipped abroad in August was also rency. The cancellation of a check marks the termination
engaged before the war broke out. In addition, the of its use as currency. The redemption of a Reserve note
transaction
$10,000,000 of gold on board the Kronprinzessen theoretically marks the completionofof the trade
Any process emitting Reserve notes
grew.
it
which
of
out
Cecilie of the North German Lloyd had also been which is divorced from the operations of trade, takes no
taken for export but was returned to this country account of speedy redemption, which is the essential element
when that liner was obliged to turn back and hence in any form of currency supposed to be elastic. It was for
this reason that no Federal Reserve bank is allowed to pay
never counted in the export totals.
out the notes issued by any other Federal Reserve bank. If
of
the
we
January
year
of
current
first
the
Since
business is so active that there is a constant demand for the
have been getting back considerable amounts of gold, issuance of Reserve notes, the process by which they are rebut not to the extent generally supposed, and the deemed will be equally rapid. Reserve notes issued against
spectacular way in which gold has arrived here this a 100% gold fund cannot,in the nature of things, come withmeans that
week gives an exaggerated idea of the way in which in the definition of elastic currency. The only be
to have
for redemption would
back
them
force
would
surprise
It
may
being
increased.
our gold stock is
them carried out of the district in which they originated.
many persons to hear that in the fiscal year ending Certainly the lawmakers contemplated no such condition
June 30 1915 our net imports of gold amounted to no as precedent to the redemption and cancellation of Reserve
more than $25,344,607, notwithstanding the trade notes. Without criticising the practice of the Reserve
notes against their gold and
balance in favor of the United States on the mer- banks which have been issuing
of the point of technical legality,
determination
any
without
chandise movement reached the prodigious figure of it is a question whether it is either wise or advisable so to
$1,094,422,792.
issue Reserve notes.
The Federal Reserve banks last week added still
further to the volume of their outstanding notes
A wheat crop in excess of all former records, a corn
and the Reserve Bank of New York now has over yield second only to the bumper production of 1912,
fifty million dollars notes outstanding—in exact and an outturn of oats practically equalling the
figures $50,120,000, of which only $200,0,00 is se- harvest of 1912 is the.,prognoswation Made by the
cured by commercial paper, all the remaining amount Crop Reporting Board of the Department of Agrihaving been put out against deposits of gold. We culture with reference to the situation on Aug. 1.
notice that the "Journal of the American Bankers' In other words, the outlook for the cereal crops of the
Association" in its August issue takes the same view United States rs very gratifying at this time, the ofwe have expressed, namely •that it was.never in- ficial investigations made by the Department failing
tended by the lawmakers that Reserve notes should to fully confirm reports of damage to grain by bad
be issued for the purpose of accumulating gold. weather, rust, &c., current from time to time during
Here is what the "Journal" says on the question:
July. On the contrary, a slight improvement in the
A QUESTION OF ELASTICITY.
condition of. spring wheat is indicated and the deAn interesting controversy to which the "Commercial and
terioration in winter wheat, oats and corn is found to
Financial Chronicle" and the New York "Sun" are parties is
concerned with the issue of Federal Reserve notes against have been very moderate, and in the last named
100% gold cover and is related, of course, to the question of virtually nil as compared with the important decline
elasticity of this form of currency. The "aronicle" pointed during the corresponding interval last year. Furout that the Reserve Act makes a provision for the issuance of thermore, as indicating the.. present generally satisReserve notes only againsi7 rediscounted paper, whereupon
the "Sun" quoted Section 14 of the Act under which the factory agricultural Promise in the country on Aug. 1,
Reserve banks are authorized, among other things, to "ex- the Department states the .composite condition of all
change Federal Reserve notes for gold, gold coin or gold cer- crops (grains, fruits, vegetables, fibres, &c., &c.1 as
tificates." The "Chronicle" did not consider this reply
their ten-year average condition on that
effective, and whether or not the issue of notes against a com- 3.9% above
wits 2.3% above average on July 1,
compared
as
date,
the
of
within
the
construction
technically
is
cover
plete gold
AuG. 141915.]
THE CHRONICLE
479
indicating an improvement in crop prospects of 1.6% British Government into declaring cotton contraband
during the month. On Aug. 1 last year, on the other of war. At a meeting held at Queen's Hall in Lonhand, the composite condition of all crops was 2% don resolutions were adopted urging the Government
below their ten-year average, consequently, with a to take such action. Latest advices seemed to point
slightly greater acreage in cultivated crops this year, strongly to the belief that in some form the Governit is easy of discernment that the current general ment will acquiesce in the popular demand. At the
promise of production is quite some better than in meeting Sir William Ramsay, the eminent British
1914.
scientist, declared that cotton was the only subFor corn, the average condition on Aug. 1 is stated stance required for the manufacture of munitions
by the Department as 79.5, this being a drop•of 1.7 with which the Germans could not supply themselves.
points from July 1, but contrasting with only 74.8 No chemical products, he said, could take the place
at the same time a year ago. The ten-year average of cotton in propulsive ammunition, and that
is 80.6. The situation in most of the large producing ammunition made from used cotton was not as effeccorn States is more satisfactory than in 1914, the tive as that made from unused cotton. Sir Charles
exceptions being Iowa, where a condition of 72 is re- Macara, President of the Master Cotton Spinners'
ported against 91 a year ago, and Nebraska, with 77 Association of Great Britain, declared that Great
against 82. This year the improvement in Kansas, Britain must utilize its command of the highways
Illinois, Indiana, Ohio, Missouri, Texas, Oklahoma of the sea both practically and diplomatically to
and Kentucky ranges all the way from 2 points in the prevent cotton reaching enemy countries, while at
first named to 24 points in the last. On the basis of the same time acting fairly in the interests of neutral
the average condition Aug. 1, the indicated yield per countries. He was sure the Government had given
acre is figured as 26.7 bushels, foreshadowing a total anxious consideration to this most complicated
crop of 2,918,000,000 bushels, as against 25.8 bushels problem, and said there was no doubt that during
per acre and an aggregate of 2,673 million bushels, recent months the stocks of cotton accumulating in
the final result for 1914, and 3,125 million bushels Liverpool had shown that an improvement was tak(the high record) in 1912.
ing place. It was absolutely necessary, however,
Winter wheat, with a dondition a little lower, now that strong and well-considered measures should be
promises an outcome only slightly less than that fore- carried out to keep cotton from the countries with
casted on July 1. The yield per acre is estimated at which Great Britain was at war. Cotton was going
16.4 bushels per acre and the aggregate product as into Germany by devious routes. It was sold, he
659 million bushels, this being but 16 million bushels said, to Dutch and Swedish companies under a
below the high record of 1914 and 136 millions greater guarantee that it would not be sold to Germany or
than 1913.
Austria. While technically this guarantee is not
Spring wheat improvement in July is placed at one- violated, it was in reality a subterfuge, for the
tenth of a point,and at the same time the status of Dutch and Swedish consignees sold the shipments to
the crop August 1 (93.4) is 17.9 points higher than at Swiss companies, who in turn sold them to Great
date last year and compares with a ten-year average Britain's adversaries. He estimated that 1,000 tons
of 78.9. The indicated yield per acre is stated at of cotton was used every day of the war, and he pro16 bushels against only 11.8, the final for 1914, and tested that it was grossly unfair to the English
13 in 1913, and on that basis the crop figures out soldiers and their Allies that Great Britain should
307,000,000 bushels against 206 millions last year, continue to supply Germany with this commodity.
233 millions in 1913 and 330 millions in 1912—the A letter from Lord Beresfprd was read at the meethigh record. Parenthetically, with spring wheat area ing in which he said that had cotton been declared
this year nominally larger than in 1912 and condition contraband last February the war would now be
Aug. 1 some 3 points higher, it seems safe to assume approaching its final scenes. The solution of the
that, with normal conditions hereafter, the record problem proposed by Lord Beresford was that the
will actually be exceeded. For winter and spring British Government should buy up the entire surwheat combined, the current official expectation is plus American crop and resell afterwards, even if
for a yield of 966,000,000 bushels, or a new high at a loss. The Manchester "Guardian" in its issue
mark, exceeding 1914 by 75 million bushels, and it is of Thursday replies to an implication that the meetnot beyond the bounds of possibility that a 1,000- ing held in London was tainted with commercialism,
million total will be reached.
in that the cotton interests would benefit by such a
Oats deteriorated moderately during July, but the declaration. "If Manchester men have a policy,
condition as now reported (91.6) contrasts with only it is not for trade or for sectional reasons, but on
79.4 in 1914 and a ten-year average of 80.2. A yield broadly national grounds," this paper says. "Our
of 34.9 bushels per acre is estimated, which on the own views on the matter are these: Cotton is more
area under cultivation would give a crop of 1,402 necessary for purposes of war than any other article
million bushels, against 1,141 millions last year and of commerce, and it passes our comprehension how
the 1912 record of 1,418 million bushels, with here it ever came to be put on the free list." The "Guaragain the possibility of a new high mark being estab- dian" deprecates the suggestion that England should
lished, as condition now is better than three years buy the American crop, if cotton should be declared
ago and acreage greater. Barley, rye and rice, too, contraband, arguing that in case loss must be susnow promise larger crops than ever before, and the tained the American growers should be the chief
same is true of such an important food crop as pota- sufferers. When cotton was contraband during the
toes. Finally, the yield of hay is estimated at 75 Civil War, it adds, no one bought a supply to relieve
million tons, or about 23/ million tons greater than the famine in Manchester.
the 1912 record.
The German advance in the East has not stopped
An insistent—almost uncontrollable—public de- at Warsaw. Russians continue their retirement in
mand seems to be developing in England to force the Poland, but are making German progress difficult
480
THE CHRONICLE
VOL. lin.]
by counter attacks and stubborn resistance. For the yesterday gave prominence to a note issued by a
moment the Russian armies appear to be safe, though news agency usually well informed on banking
they still apparently may be called upon to oppose a affairs to the effect that Cardinals Gibbons and
German attempt to outflank them at Kovno and O'Connell of Baltimore and Boston respectively
further north. Some military observers in London have called a meeting of neutral Cardinals and
are confident that the Germans are now aiming at Bishops to be. held in the course of a few weeks in
Petrograd, although it is conceded that there is so Switzerland for the purpose of discussing some congreat a stretch of marshy country between the pres- crete proposals for arranging terms of peace between
ent battlefields and the 'capital as to make the ad- the present belligerents. On the other hand, a
venture a highly dangerous one. In addition, the Rome dispatch to the Chicago "Daily News" deGermans would first have to capture Vilna, Dvinsk clares that the impression prevails in the Pope's
and Riga, all of which the Russians are defending entourage that the olive branch of peace is to be
with strong forces, which at times are able to take offered by Germany, which, to quote the corthe offensive. The Polish city of Siedlce, 55 miles respondent, "unvanquished and still sufficiently
southeast of Warsaw, was yesterday captured by the powerful to continue the war, is able to take the
Germans. A raid by German airships on the east- initiative in a peace movement without assuming
ern coast of England on Thursday night resulted in the role of suppliant."
six killed; 23 were injured by bombs.
Attention seems now to be becoming concentrated
Representatives of the United States and the six
on the operations along the Dardanelles, where the Latin-American republics at a meeting at the Hotel
commencement of new movements designed to bring Biltmore in this city on Wednesday framed a joint
practical aid to the Russians have been begun. The note addressed to the leaders of the Mexican faclatest attempt upon the Turkish position which tions. The United States was represented in the
apparently is in full swing seems to be a concerted conference by Robert Lansing, Secretary of State,
one. Attacks, it is said, are being made at the tip and the Latin-American republics by their diploof the Peninsula, where a gain of 200 yards on a front matic representatives in this country as follows:
of 300 yards has been reported, and at Sari Bair, Ignacio Calderon, the Bolivian Minister; Joaquin
where an important crest has been occupied, accord- Mendez, the Guatemalan Minister; Domicio da
ing to General Sir Ian Hamilton, Commander-in- Gama, the Brazilian Ambassador; Eduardo Suarez
Chief of the British forces. "Elsewhere," General Mujica, the Chilean Ambassador; Romulo S. Naon,
Hamilton's report continues, "a fresh landing has the Argentine Ambassador, and Carlos Maria de
been successfully effected and considerable progress Pena, the Uruguayan Minister. The note contains
made." A substantial strengthening of Russian a review of the situation in Mexico, outlines the
credit in England has been indicated by exchange horrors wrought by continued war and appeals to
rates.
the warring leaders in the name of humanity and
are
expected
important
developments
Meanwhile
for their country's sake to put aside selfish purposes
in the near future from the efforts of the diplomats and compose their differences—offering the good
of the quadruple entente Powers to revive the Balkan offices of the seven countries represented at the conLeague and bring all the Balkan States over to their ference in effecting a peaceful regime in Mexico.
side. Bulgaria, it is said, is being offered large Further, the conferees reached an agreement as to
territorial concessions as an inducement for her to the form the pacification of the country should
join one side or the other, or to remain neutral. take. We refer to this matter more at length on
Greece and Servia are said to be unwilling to concede subsequent pages—page 500. General Villa,the bandit
to Bulgaria parts of Macedonia, which Bulgaria asks leader and chief opponent of Carranza, has anas her price for joining the Allies, while Turkey is nounced a willingness to sign an armistice with
opposing concessions which Austria and Germany Carranza. President Wilson left his summer home
desire her to make to insure the continued neutrality at Cornish, N. H., on Wednesday afternoon for
of the Sofia Government. A British submarine in Washington in order to be able to keep in closer
the sea of Marmora recently sank the Turkish battle- touch with Mexican affairs. Three battleships of
ship Kehyr-ed-Din Barbarossa and also the Turkish the fourth division of the Atlantic fleet have been
torpedo gunboat Berk-i-satvet and an empty trans- ordered "to Southern waters for any duty that may
port. There has been no confirmation by the British be required."
Admiralty of the report that the former German
cruisers Breslau and Goeben,now owned by the Turks,
General Dartiguenave was on Thursday elected
have been sunk. The Russians report an im- by the National Assembly President of the Haitian
portant victory over the Turks in the Caucasus, Republic, in succession to the late President Guil• which the military experts in London believe will laume, who was recently shot by revolutioniits there
keep the Turks quiet on that frontier for some time. General Dartiguenave received a majority of 72
out of the 116 votes cast. He received 94, while
Many rumors are current of peace proposals. Luxembourg Cauvin had 14, Emmanuel Thezan 4,
The report that Germany made such proposals to Dr. Rosalvo Bobo 3, and 1 was blank. Recognition
Petrograd last week through the King of Denmark by the United States of the Government in Haiti
is denied by the semi-official "Norddeutsche Allge- to be set up by President Dartiguenave will not be
. meine Zeitung," which, however, adds: "The Ger- considered until the new executive has shown his
man Government would not reject reasonable peace ability to guarantee the maintenance of peace, the
proposals if such.should be laid before it, but the security of life and property, and the adjustment of
time to make peace proposals on its part will come outstanding foreign indebtedness. In the meanonly when hostile governments show themselves time the American naval forces will remain in conready to recognize the failure of their military under- trol of the situation.
takings against us." The London "Morning Post"
AUG. 14 1915.1
THE CHRONICLE
Advices cabled from London indicate that cordial
response has been shown to the Government's appeal
to the public to use currency notes instead of gold
in all transactions wherever possible. The action
is designed to increase the gold reserve and to permit
the mobilization of *the precious metal for use in
steadying the foreign exchanges. One of the first
indications of the desire to use gold for that purpose
was the shipment of substantially $20,000,000 in
gold ($19,534,200) by the British Treasury by
way of Halifax to J. P. Morgan & Co. in New York.
In addition, there was a large shipment of securities,
estimated at something in excess of $30,000,000,
though the New York bankers refused information
either as to the value or character of such securities
on the ground that the transaction is for a client,
and hence must be maintained in confidence. The
prevailing opinion, however, in usually well-informed
financial circles is that the securities are to constitute
the basis for the British credit which has for so long
a period been under negotiation on behalf of the
British Government through J. P. Morgan & Co.
London advices state that further large exportations of gold and securities to the United States may
be expected. A total of $15,000,000 in the precious
metal is understood to be on its way from Australia
to Vancouver or San Francisco, while a considerable
amount is to be or has been shipped, it is reported,
from South Africa which will reach New York either
direct or by way of London. The policy of maintaining secrecy as regards the routes of shipment is
obviously necessary in view of the temptation that
would be so strong on the part of enemies of the
British Government to capture or destroy the gold.
The consignment of the metal and securities arrived
from London at the freight terminal of the New York
Central RR. at 33d Street and 10th Avenue at
6 o'clock on Wednesday morning from Halifax, which
port it had reached, it is understood, on a British
cruiser. The train was routed over the Intercolonial
Ry. and Canadian Pacific, Maine Central and Boston & Maine to Worcester, Mass., where it was
taken in charge by New York Central lines and sent
over the Boston & Albany to Chatham, and thence
over the Harlem division of the New York Central.
The gold arrived at the Sub-Treasury shortly after
11 o'clock and was found to comprise 1,050,000
ounces of United States gold coin.
On Monday the Bank of England decided to try
the experiment of stimulating the demand for
Treasury bills. It is understood that the results
were satisfactory, especially in the direction of encouraging renewals of maturing bills. The Bank
increased its fixed rate for the bills to 432% for all
dates. The former rates were 291% for three
months, 3% for six months and 39% for nine
and twelve months. The action, according to the
London correspondent of the "Journal of Commerce,"
represents the Government's recognition that the
war loan is competing with the Treasury bills. It
represents, too, the Government's attempt to control money rates with a view of steadying the American exchange situation. There is no expectation,
however, that there will be large sales of new bills.
An increase of.important proportions in the British
currency note issue is predicted in London banking
circles in the near future as a result of the Government's recommendations that notes be used in place
of gold. The outstanding currency on Saturday last
481
amounted to £46,729,000. Some statisticians calculate that the total gold in the country is, roughly,
£150,000,000, including coin in circulation and in
bank reserves. It is not believed that the Government can magnetize the country's entire stock.
Hitherto some English economists have been taking
pride in the smallness of the British emergency currency. Their attitude has now been modified in
view of the prime necessity of national economy and
the desirability of accumulation by the Government
of a gold reserve for foreign exchange purposes.
British export trade continues to fall off, and thus
makes the need of greater gold shipments all the
more urgent. For the month of July, quoting the
British Board of Trade returns as received by cable,
a decrease of no less than £9,684,380 from the July
figures of a year ago was indicated, while importations registered an increase of £16,171,663. Imports of food and metals were heavier, while the principal decreases in exports were in coal, yarns, textiles and machinery.
The following statements
summarize the trade of the United Kingdom for
July and for the seven months ending with July:
Imports
Exports
-Month of July- -Jan. 1 to July 311915.
1914.
1914.
1915.
£75,555,455 £59,383,792 £505.215,881 £435,397,540
34,721,511 44,405,380 224.342,839 299,862,991
Excess of imports_ _£40,833,944 £14,978,412 £280,873,042 £135,531,549
For the year to date, by months, compared with
the corresponding months of last year:
January
February
March
April
May
June
July
August
September
October
November
December
Imports
1914.
1915.
£67,401,006 £68,005,009
65,268.814 62,053,651
75,590,918 66.947,315
73.678,288 61,626,830
71,604.400 59,099,290
76,117,000 58,281,652
75,555,455 59,383,792
42,362,792
45,051,034
51,559.289
55,987,058
67,554,960
Exports
1915.
1914.
£28,247,592 £47,806,165
26,176.937 41,261,797
30,176,066 44,518,661
32,169,733 39,946,822
39,618,000 42.051.190
33,233,000 39,872,976
34,721,511 44,405,380
24,211,271
26,674,101
28,601,815
24,601,619
26,278,928
Comparatively slight activity has been shown in
stock exchange speculative circles in London. There
is active effort being made to force a movement in
war stocks at the British center on the same lines as
have so recently become a feature in the New York
market. It is stated, however, that while Canadian
munition stocks are the most active, the volume of
actual business in them is small and professional.
The public, it is said, is giving very slight consideration to them. A good investment demand, however,
continues in the war loan and transactions having
for their object the conversion of Consols into the
new war stocks are quite active. Towards the close
of the week considerable improvement was noticeable, owing .to the reported progress of the Allied
troops at the Dardanelles and also to buying of Mexican stocks in anticipation of American intervention.
Theformer influence caused a prompt readjustment of
Russian credit in England, causing rubles to rise
sharply. Reports were current yesterday that Russia had arranged tentatively for a new credit in the
British center.
Very little of a financial nature has come over the
cables from any of the Continental centers this week.
In Paris Bourse transactions are of small proportions
and without particular significance. The Bourse
received the news of the fall of Warsaw calmly, the
event having been clearly discounted in advance.
Rentes closed for the week at 68.56 francs, which
compares with 69 francs a week ago. "Agricultural
mobilization is just as necessary as industrial mobili-
482
zation," was the declaration of Minister of War
Millerand in speaking on Thursday in favor of a
measure intended to give threshers now in the
trenches a vacation from their military duties until
the middle of September, to enable them to assist
in the harvest. The bill was passed by the Chamber
of Deputies. Advices from Budapest via Amsterdam state that Hungarians residing in the United
States have taken up about 4,000,000 kronen—about
$800,000—of the latest Hungarian war loan. A
statement given out by the Overseas News Agency
at Berlin indicates that the installments paid on the
second war loan have reached 8,979,600;000 marks,
or 99.6% of the amount subscribed. The agency
states that the sum loaned to the Governxnent by the
banks for war purposes has decreased 38,800,000
marks to 315,300,000 marks. A Berlin dispatch
states that in a bill voted by the Federal Council for
a supplementary Imperial budget for 1915, a new
credit of 10,000,000,000 marks ($2,500,000,000) was
asked for. A dispatch from Bucharest dated Aug. 5
declares that the Rumanian Cabinet has approved
a new extraordinary credit of 100,000,000 francs
for military purposes.
Official Bank rates at all the European centers
remain at last week's quotations. In London, Paris,
Berlin, Amsterdam, Vienna and Copenhagen the
rate is 5%; in Norway, Sweden and Portugal it is
532%; in Italy and Russia 6%, and in Spain and
Switzerland 432%. In London money is if anything
a shade firmer. Rates of discount for short bills
are4%@4%%for sixty-day bills and 4Y8% for three
months. These figures show no net change from
Friday of last week. Day to day funds in London
are 3@4%,against 3M@4% a week ago and 4@432%
a fortnight ago. There have been no private bank
rates received by cable this week from any of the
Continental centers, so far as we have been able
to learn.
The weekly return of the Bank of England indicates an increase of £3,516,292 in the gold reserve
and of £4,539,000 in the total reserve, note circulation having shown a contraction of £1,023,000.
Public deposits were reduced £4,454,000, while other
deposits increased £854,000 and other securities
(loans) decreased £7,129,000. The Bank's gold stock
now stands at £65,738,047, which compares with
£33,014,629 at this date a year ago and £41,069,699
in 1913. The reserve is £51,724,000, against £15,530,389 a year ago, while loans aggregate £148,135,000, against £70,786,586. The proportion of reserve
to liabilities has increased to 22.70%, against 20.40%
a week ago and 17.02% a year ago. The clearings
through the London Bank for the week were £873,840,000, against £260,760,000 the preceding week
and £187,317,000 in the corresponding week last
year. There was repaid by the, British Treasury to
the Bank of England last week £64,000,000, making
the total of such repayments from the proceeds of
the new loan £160,250,000. Treasury bills to the
amount of £9,636,000 were redeemed for the week
ending Aug. 7, the sales of such bills for the same
period having amounted to only £285,000. Our
special correspondent furnishes the following details
by cable of the gold movement into and out of the
Bank for the Bank week: Inflow, £3,916,000 (of
which £979,000 bought in the open market, £200,000
released from miscellaneous accounts and £2,737,000
[voL. lin.
THE CHRONICLE
net received from the interior of Great Britain);
outflow, £400,000 bar gold sold. 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.
1914.
1913.
1912.
1915.
1911.
Aug. 11. Aug. 12. Aug. 13. Aug. 14. Aug. 15.
32,463,000
Circulation
142,604,000
Public deposits
85,075,000
Other deposits
45,915,000
Government securities
148,135,000
Other securities
51,724,000
coin
and
Reserve notes
65,738,047
Coin and bullion
Proportion of reserve to
22.71%
liabilities
. 5%
Bank Rate
35,934,240
7,889,491
83,326,113
23,041,152
70,786,586
15,530,389
33,014,629
29,574,940
9,341,113
42,210,189
12,456,539
27,240,566
29,944,759
41,069,699
29,512,965
16,552,231
43,283,123
13,982,472
34,141,958
29,815,227
40,878,102
29,924,370
7,820,292
43,313,347
14,967,286
25,626,161
28,609,272
40,083,642
17.02%
5%
58.07%
43%
49.82%
3%
55.91%
3%
An increase of 100,191,000 francs is recorded by
the Bank of France in this week's statement, indicating how free continues the exchange of gold for
notes. The silver holdings decreased',508,000 francs,
note circulation increased 100,419,000 francs and
general deposits increased 87,404,000 francs, while
bills discounted showed a contraction of 34,910,000
francs. Treasury deposits decreased 129,013,000
francs and the Bank's advances decreased 626,000
francs. The Bank now has on hand 4,322,191,000
francs gold. As the return was suspended last year
as soon as the war began, until Feb. 4 1915, corresponding figures are not available. Comparison,
therefore, Inust be made with the latest statement
at that time published, namely, that of July 30,
which showed a total of 4,141,350,000 francs. The
silver stock, according to the current statement, is
357,792,000 francs • against 625,325,000 francs last
year, circulation aggregates 12,825,719,000 francs
against 6,683,184,785 francs. General deposits are
2,365,404,000 francs against 947,571,861 and discounts 2,375,090,000 francs against 2,454,230,425
francs. All of last year's comparative figures are
as of July 30.
The weekly statement of the Imperial Bank of
Germany, received via London on Aug. 11, showed
an increase of gold of 1,997,000 marks and of securities an increase of 4,418,000 marks. The cash item,
which includes Imperial and loan bank notes and
notes of other banks in addition to coin and bullion,
decreased 83,295,000 marks. Discounts, including
Treasury paper, decreased 21,694,000 marks. Loans
showed a contraction of 3,607,000 marks, note circulation a decrease of 80,674,000 marks and deposits a
decrease of 7,012,000 marks. The Reichsbank's
gold holdings aggregate 2,401,671,000 marks against
1,509,000,000 marks on Aug. 15 last year. Note
circulation stands at 5,130,321,000 marks against
3,882,000,000 marks last year.
The money situation retains the characteristics
that have been current for several months. Supplies of loanable funds are in excess of the demand,
thaugh the latter seems to be showing some moderate
degree of expansion. The renewed activity of speculative operations on the New York Stock Exchange
may be regarded as in some measure responsible for
this change, while the unquestioned activity in the
iron and steel industry is an added influence. Nevertheless, the unexpected arrival of approximately
$20,000,000 in British gold and the definite indication that this sum is to be substantially increased
in the near future, suggests clearly that, notwithstanding we are on the threshold of the active cropfinancing period, supplies of funds are to continue
THE CIIRONICLE
AUG. 14 1915.]
adequate for all needs. Mercantile paper is in good
demand but in moderate supply. Last Saturday's
bank statement registered a decrease of $16,031,000
in the aggregate reserve and of $14,325,710 in the
surplus held by the banks and trust companies above
reserve requirements, these requirements having
decreased $1,705,290 as a result of the expansion in
deposits. Net demand deposits showed a contraction of $12,952,000 and net time deposits an increase
of $1,613,000. Loans were increased $11,754,000.
There was a reduction of $3,715,000 in reserves in
"own vaults" to 1. 45,288,000, including $370,851,000 in specie. Reserves in Federal Reserve
banks decreased $2,813,000 to $130,924,000, while
reserves in other depositaries decreased $9,503,000
to $29,230,000. The Clearing House members now
hold a surplus of $166,058,340 against a deficit of
$43,116,000 under the old form of bank statement one year ago, and a surplus of $26,427,350 in
1913.
Referring to money rates in detail, the range for
demand loans during the week has been 13/2@2%,
which is identical with that of the week preceding.
The higher figure has been current each day and the
ruling rate has remained pegged at 19%. On
Monday, Tuesday and Wednesday the lowest figure
4% was the minimum
was 13/2% on each day, while 13
on both Thursday and Friday. Time money rates
are fractionally lower, sixty-day funds closing at
23/2% (against 23@2%% a week ago), ninety days
at 2% (against 3%), four months 3% (against
334%), five months 3@331% (unchanged) and six
months 3@331% (against 332%). Mercantile dis1
counts likewise are fractionally easier, closing at 3Y
@3%% (against 332@3%%) for sixty and ninety
days' endorsed bills receivable and for 4 to 6 months
single names of choice character. Names not so
well known are quoted as high as 4%. The discount
rates of the Federal Reserve banks have not been
changed, except that on paper maturing in 60 to 90
days at Kansas City the rate has been reduced from
43/ to 4%. The rates below are the current discount
rates of all the Reserve banks:
Federal Reserve
Bank—
Boston
New York
Philadelphia.._ —
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis.._ _
Kansas City
Dallas
San Francisco..
Maturities Maturities Maturities of Maturities of Agricultural
of
of
over 30 days over 60 days and live stock
10 days and 30 days and to 60 days, to 90 days, paper over
90 days.
less.
less.
inclusive.
Inclusive.
3
3
3
-..---- .-3
--- -• __ 3
4
4
4
4
4
4
4
4
4
4
4
3%
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4A
43,i
43
44
4 yi
43i
5
4
414
44
5
5
5
5
5
5
5
5
5
5
5
6
Once again this week has the sterling exchange
market established a new low record, notwithstanding that the British Government has forwarded from
London to Messrs. J. P. Morgan & Co., its financial
agents in this country, a total of $19,534,200 in
United States gold coin. The rate for demand bills
on London has declined to the unexampled figure of
4 703/, which compares with 4 763@4 763 the closing price a week ago. The shipment in question, it
may be stated, is to be followed by others, including
substantial amounts from both South Africa and Australia; a, total of $15,000,000 is understood to be
already on the way from Australia to a Pacific port,
of which $5,000,000 is due next week. The British
Government not unnaturally is maintaining secrecy
as to the movement of the metal while it is on the
483
seas. In fact the importation of the $19,534,200
was not announced either in New York or London
until it had safely arrived at Halifax. Accompanying the shipment was a considerable volume of securities estimated at something over $30,000,000,
though there is excellent reason to believe that this
figure is an overstatement. It is understood that
the Bank of England has a gold reserve of about
£20,000,000 at Cape Town. The inference in respect
of the importation of securities is that they represent
American bonds purchased by the British Treasury
out of the proceeds of the war loan,and that the gold
that already has come,and that which is to come,will
in connection with these securities form the basis
for the large English credit at this center, which,
in the very nature of things, must soon be established
unless a gold movement of extraordinary and also
of unnecessary proportions is to take place to New
York. While money rates in London are a shade
easier this week, they remain attractive and indicate
that the Bank of England still has the English money
situation well under control. Meanwhile, however,
the fact must be faced that the season is approaching when the favorable export balance which has
already been established will most probably be increased by large shipments of grain and provisions,
and that it is necessary to make preparations accordingly. There are some reports that the only hitch
in establishing the English credit is a difference of
opinion between England and American bankers as
to some of the minor details. One point is the indisposition, it is reported, of London bankers to
encourage the drawing of bills in dollars against the
American credit. The Department of Commerce
in its regular report of our foreign trade (through the
13 principal customs districts) shows an export balance for the week ending Aug. 7 of $13,945,455, the
imports having amounted to $34,294,282 and the
exports to $48,239,737. The current weakness in
exchange is due to the pressure of bills. Cotton
bills are making their appearance in substantial
volume. One banker yesterday estimated that about
$50,000,000 of bills on London are available in the
market, and that large offerings also are available
of bills on Paris and Rome. The close was demoralized with rates wholly nominal.
Compared with Friday of last week, sterling exchange on Saturday was weak, heavy offerings of
cotton and other commercial bills having induced
a decline to 4 75 13-16@4 76 for demand bills,
4 76 9-16@4 76 11-16 for cable transfers and 4 703%
@4 71 for sixty days. On Monday demand sterling
established another new low record, breaking to
4 75%-3 cent below the previous low point; the
week-end accumulation of bills coupled with an almost total lack of demand was mainly responsible
for the weakness; quotations ranged at 4 7532@
4 75% for demand, 4 7631@4 76% for cable transfers and 4 703/2@4 703% for sixty days. Notwithstanding announcement of a large importation of
gold from London to this center, sterling rates
showed further declines on Tuesday, and demand
receded % cent to 4 75%@4 75 7-16, cable transfers to 4 76@4 76 3-16 and sixty days to 4 709'@
4 70%;the depression was largely due to heavy offerings of cotton bills. On Wednesday the continued
pressure of bills caused a further severe drop, this
3 cent below the pretime to 4 74% for demand, %
vious low record; later the market steadied and there
484
THE CHRONICLE
woL. 101.
'7=
The following table indicates the amount of bullion
was a partial rally, with the range 4 753j@4 75 7-16
for cable transfers, 4 74%@4 75 5-16 for demand in the principal European banks:
-- - and 4 703@4'70V for sixty days. The foreign exAug. 13 1914.
Aug. 12 1915.
change market was completely demoralized on Thurs- Banks of
Total.
Silver. I
Silver. I Total.
Gold,
Gold.
day, prices breaking fully 13/2 cents in the pound to
£
I
£
I
£
I
£
1
£ „I' £
33,014,629
65,738.047 33,014,629,
England_ _1 65,738,047!
levels quite without precedent; quotations were little France
_ _ _172,890,960 14,713,840187,604,800 *165653,680 25,013,280 190,660,960
_ 120,134,450 2,300,000 122,434,4503(67,842,850 16,727,050. 84,569,900
more than nominal, demand ranging between 4 73@ Germany
Russia _ _ _ 166,863,000 5,387,000 172,255,000 171,808,000' 6,859,000 178,667,000
12,140,000 63,718,000 51,578,000 12,140,000! 63,718,000
Aus.-Hunc
4 749/8, cable transfers 4 73%@4 75 5-16 and sixty Spain ____ 51,578,000.
28,158,000. 29,493,000 57.651,000 21,811,000 27,937,000 49,748,000
45,766,000 4,702,000 50,463,000 45,400,00(0' 2,883,000 43,283,000
Italy
in
the
supheavy
increase
days 4 683/2@4 693/2; a
191,400 31,312,400 13,493,000
534,800 14,032,800
Netherrds 31,121,000
600,000 15,980,000 10,977,000
633,000' 11,610,000
Nat.Belg,h 15,3s0o00,
plies of commercial offerings, together with an ab- Switzla.nd
I 9,605,400 3,034,000
8,034,000
9,605,409,
I 0,290,000 5,723,000
5,723,000
__ 6,299,000,
sence of inquiry, were the dominating factors in the Sweden
316,000 6,260,000 4,052,000
5,9.50,000
300,000 4,352,000
I)enmarx
1 3,603,000 3,091,000:
Norway_ _ 3,603,000;
I 3,091,000
demoralization. On Friday the market was weak
.
Tot. week 723,091,857: 69,843,240 792,935,097 602,483,159; 93,027,130 695,510,289
and demoralized owing to the complete absence of Prey
.week 715,542,575 70,183,030 785,725,655506,314590, 98,558,030604,872,629
buying power. The day's quotations were 4 653/2
c July 30 1914 In both years. h Data In 1915 for Sept. 21 1914.
@4 67 for sixty days,4 7032@4 723/2 for demand and * July 30 1014. x July 23, 1914.
4 7114@4 733 for cable transfers. Closing quotations were 4 713 for demand and 4 72 for cable transfers. Commercial on banks nominal, documents for
DANGER TO THE SOCIAL ORDER—THE
payment nominal. Seven-day grain bills at 4 69%
UNDERLYING PERIL.
@4 70%, closing at 4 69%. Cotton for payment
It is a time of upheaval and many things are at
nominal; grain for payment nominal.
stake. There is one that is chief, namely the existing
social and economic order. This is the result of
The Continental exchanges have been weak in
-centuries of struggle and sacrifice. The achievesympathy with sterling. The London check rate
ment of the past is expressed in customs, laws and
in Paris closed at 27.67 francs against 27.02 francs institutions, and the public spirit that lies behind
last week. In New York exchange on Paris closed
and sustains them. These are what are to-day at
at 5 883/2 for checks and 5 873/2 for cables against
stake, and not alone in the war. "Eternal vigilance
5 64% and 5 64 respectively a week ago. Bankers' is the price of liberty"; that is, the familiar truism.
8 last week,
checks on Berlin are 813/2 against 823/
Some fifty years ago Professor Ihring of Berlin, the
and cable transfers are 819/8 against 823.. Swiss famous authority on the history of legislation, wrote
exchange finished at 5 36% for sight and 5 35% for a book to emphasize the fact that perpetual struggle
cables against 5 31 and 5 30 respectively on Friday is also the price of law. In fact, nothing valuable
of last week. Italian lires closed at 6 40 for sight has been won by human society except at the price
and 6 39 for cables against 6 23 and 6 22 respec- of struggle and sacrifice, and nothing can be retained
tively a week ago. Bankers' checks on Amsterdam without these. In one direction or another constant
are 4
1 lower at 40 3-16, while cables are likewise effort is made to overthrow existing institutions as
lower
at 40%. Greek exchange is without one or another is attacked.
3/8
change from 5 26 and 5 25 for checks and cables
For example: Treaties between civilized nations
respectively. Copenhagen checks are 25.85 (un- are the late form of a movement which was one of
changed). Norway and Sweden both remain at the earliest in the development of human society.
25.90 for checks, while Russian rubles have been Men early found that, if perpetual warfare was not
strong, closing at 343/235 against 33 last week. to be waged, some form of compact must be arranged
The strength in Russian exchange is supposed to be which would be respected by rival claimants, and
a response to the better outlook for opening of the would bind together neighboring tribes for common
Dardanelles. In London on Thursday Russian defense. This device once adopted, time quickly
exchange dropped 8 points to 136. The financial proved that to have value it must be backed up by
expert of the London "Telegraph," however, attrib- good faith that could be relied upon. The solemn
uted the improved Russian situation to the expecta- international treaty was the result, and a new contion of gold shipments to the United States which dition was established for prosperity and progress.
would form the basis of additional foreign credits It is apparent at once if treaties be now held as "a
to pay for munitions.
scrap of paper," a far greater evil is done than the
injury to a particular nation; society is turned back
The New York Clearing House banks, in their to primitive conditions.
operations with interior banking institutions, have
The same is true when destruction or plunder is
gained $3,967,000 net in cash as a result of the extended to unfortified towns, or when civilians,
currency movements for the week ending Aug. 14. men, women or children, are attacked. In days of
Their receipts from the interior have aggregated barbarism war was ruthless. Savages slaughtered
$9,546,000, while the shipments have reached and destroyed everything in sight. Warfare began
$5,579,000. Adding the Sub-Treasury operations in "frightfulness"; warriors painted their faces, wore
and gold imports, which together occasioned a horrid masks and made themselves as like to devils
gain of $20,661,000, the combined result of the as possible. Spiked helmets and bear-skin hats are
flow of money into and out of the New York banks relics of that early stage. In time humanity rose
for the week appears to have been a gain of $24,- above this and by common agreement among civilized
628,000, as follows:
people adopted certain conventions which have
acquired validity far more from the sentiments of
Week ending Aug. 13.
Into
Out of
Net Change in
advancing civilization than from any formal agreeihanks.
Banks.
Bank Holdings.
Frightfulness, especially as
Banks interior movement
89,546,000
85,579,000 Gain 33,067,000 ments or compacts.
Sub-Treas. oper. and gold Imports_
58,830,000
38,169,000 Gain 20,661,000
applied to non-combatants, by whomsoever introTotal
368.376.000 343.748.000 Gain 824.628.000
duced or justified, is to-day a reversion to barbarism
AUG. 14 1915.)
THE CHRONICLE
and another attack upon society itself as truly as
would be the scalping of a fallen enemy, murdering
helpless prisoners or poisoning wells.
The rights of neutrals and belligerents on the sea
have been the source of endless conflict. From time
to time opinions and decisions have changed with the
leg on which was the boot. Who can doubt, for
example, that the pressure of Germany and England
on the one side and the other of the question of
"neutrals" would be promptly reversed if Germany
to-day had control of the sea, just as England's
attitude was different during our Civil War and
Germany's during the Boer War. The fundamental
claim and practice of all the maritime nations have
in fact been on both sides of nearly every question,
and are by one or another as sharply contested to-day
as they ever were. There is, however, a definite
tendency to agreement. The rights of neutrals and
non-combatants have won respect and begun to be
embodied in treaties and international law. Society
in its progress demands this. Any justification
sought in the heat of the conflict, or a claim based
on the introduction of a new instrument of warfare,
like the aeroplane or the submarine, that would discredit the establishment of the rights of belligerents
or neutrals that all should be bound to respect,
would, if maintained, be a disaster far more serious
than the result of any single attack. It is equivalent
to saying that barbarism shall onde more emerge
and civilization turn back:
All this applies equally to attacks upon the existing
forms of government or the existing structure of
society. Be these what they may in any community
or State, they mark the stage to which that State
or community has attained in its development.
Such as they are, they are steps toward its further
advance. Revolution and violence may at times
have been necessary because of certain intolerable
evils that had become entrenched in the existing
order, but that method of redress is crude and wasteful. It often retards progress rather than advances
it, and when it appears for the time successful and
necessary it is at the price of losses which are irreparable.
Attacks upon capital, upon corporations, upon the
courts, upon the family, upon the State and upon
society itself, as in one interest or another they are
waged, are to be viewed in same relation. They are
attacks in varying degrees of violence upon advancing
humanity. That there are in all these forms of
human institutions existing evils cannot be questioned. Nothing human is perfect; but that does
not justify their destruction, any more than a
toothache warrants the pulling of all a man's
teeth and his return to infantile conditions in the
hope of beginning anew and producing something
better.
Take the family as an illustration. No feature of
civilized society has been so slow of attainment or is
so difficult to secure as the monogamic family as it
exists in any Christian community to-day, with its
high place given to the wife, its prolonged care and
sense of duty to the children, and the tender and
honored position of the husband and father with all
his accepted responsibilities. That there are so
many exceptions even to-day to this accepted ideal
only proves how hard it has been to attain. Every
social theory, therefore, that attacks the family,
however it may be advocated in the interest of any
group, becomes so far a public enemy.
485
The same is true of attacks upon the courts, upon
the State and upon property. These institutions as
they exist with us have a direct lineage of more than
a thousand years of Anglo-Saxon civilization, although they all are, of course, the outgrowth of
primal conceptions in human society. They represent not only the accumulated wisdom of the centuries, the result of instincts and impulses implanted
in humanity at the beginning, but they also are the
products of an experience that has been non-intermittent, always costly and often sacrificial.
The late Professor W. G. Sumner of Yale University, writing in 1872 of "the mad passions of men
which appear on the one hand in fanatical devotion
to effete institutions and rotten traditions, and on
the other side in the senseless love of ruin," says: "If
this is the true manifestation of the so-called modern
spirit, then an enemy to civilization is abroad on the
earth, compared with which the barbaric lust for
destruction of the Huns and Vandals sinks into insignificance."
In justification of revolutionary attack upon one
institution or another,appeal is constantly made to
earlier conditions, as of a Golden Age in some remote
period, or to the early days of Christianity. Nothing
is more unsound as an argument. The Golden Age
is a myth, and even a casual reading of the New
Testament shows how completely Jesus and His
disciples •took the world as they found it, instead
of attempting to overthrow its civil or economic
institutions. They raised no question as to the
form of the State or its methods of administration,
the rights of conquest, or even as to human slavery.
The world was an old world then. Man's progress
had been slow and painful. Much that he had done
had already perished; but existing institutions were
the foundations of human society and so much
material for its higher development. Its legislation,
its literature, its art, its lines of business, its civil
and social structure, even its ethics and its religions,
all had their value, all went to make up its life.
Christianity, far from destroying these, accepted
them, tested them, refined them, separating the
wheat from the chaff and pushing on the upward
movement of the world. It contented itself with
sowing the seeds of a spiritual life which was to be a
renewing leaven both in men and in human society;
with the result that in three centuries Christianity
was established as supplying the permanent canons
and standards of civilization.
The institutions to which we have referred are
doubtless undergoing a change, for all are living
institutions in the service of living communities.
They are in their present form the outcome of incessant criticism and daily use. They have had to be
fought for incessantly. When they are attacked
to-day, singly or collectively, it is to be recognized
that the attack, whether it is in the mighty conflict
of nations or in the form of Socialism or Feminism
or any other scheme of society, is far more than the
attempt to substitute one experiment for another;
it is, so far as any alternative is offered, the attempt
to substitute a theory, however plausible, for an
institution which embodies no small part of the life
of humanity. Here is where we are to look for the
real stake at issue in the conflict of men and of ideas
which has waged from the beginning, but which today is so all-embracing, so destructive, and to the
extent to which in one direction and another it hopes
to succeed, so irreparable.
4R6
THE CHRONICLE
[vol.. Dm.
not restoring their credit when it is possible to do so,
THE COMMERCE COMMISSION AND THE
and is not the offering of the non possumus plea as to
WESTERN RATE INCREASE.
.
finding an absolute and just method of determining
action of the Inter-State Commerce Commis- their needs a reason for not assuming to guess where
r The
.
mon in the latest rate case may not be quite the tender one cannot know? To say,in effect,"we cannot find
of a stone in response to a cry for bread, but it grudg- how we ought to decide, and therefore we decide adingly yields a fragment instead of the loaf; it is also versely to the appeal" does not seem to match well.
worse because the roads had not asked a blanket inAre we not led to agree with Commissioner Daniels,
crease, but one upon certain products (chiefly food who says in his vigorous dissent that it appears irreproducts), and if there is prosperity anywhere in this sistibly to him that the reluctance to confess the juscountry at present it is with the farmers. Further, tice of increased rates "is largely rooted in an unwhile nobody desires increase of burdens for the in- willingness to find that the revenues of the carriers
crease's sake, the question is the unavoidable one of as a whole are smaller than is demanded in the public
fairly distributing burdens which cannot be mitigated interest"? An "unwillingness to find" certain things,
now, and although the law that the consumer pays if this goes past the human regret over what may be
all expenses is naturally irrepealable, the consumer deemed intrinsically undesirable, is not a charactercould not have been reached by the advances sought. istic of the judicial temperament. Yet the CommisFor the packers themselves argued at the hearings sion—as we cannot justify ourselves in forgetting—
that the smallest increase they could make would be has long held an attitude as if its members regarded
one-eighth of a cent, and the freight increase asked themselves as counsel or defenders of the shippers.
would be less than one-fourth of that eighth.
The relation of Mr. Brandeis to that body, as nomi. At the outset the majority report of the Commis- nally expert adviser yet always against the roads
sion takes false grounds in citing possible findings of when they came as petitioners or remonstrants, has
an impossible "valuation" which is scarcely begun. been anomalous; can we imagine a representative of
As this work is not sufficiently advanced to furnish one of the parties to a case in court openly acting as
any "definite knowledge of the true value of proper- confidential private counsellor to the judges or sitting
ties involved in this proceeding," they have to go on close to the ear of one of them on the bench? And
without "authoritative valuations of the carriers' here is Mr. Clifford Thorne, quoted now as declaring
property." Here we must interpose (without stop- that the action of the Commission is a great victory
ping to argue or enlarge) the demurrer that such real "for his side," and that he is delighted because ninevaluations, however "authoritative" they may be tenths of the desired increases in which Iowa is inconsidered,cannot possibly be obtained,and thatthey terested were denied. Mr. Thorne has his right to
would have no relation to the rate problem if they were an individual view, but Mr. Thorne is also mentioned
at hand. Then, after deploring this lack of definite as "chief of the counsel representing the shippers"
knowledge, the report cites the proof of increased at the hearing, and he is also Chairman of the Iowa
operating cost in 1910-14, but affirms that still these Railway Commission. Here is a blending, in his
41 roads "are earning a fair rate on a reasonable val- person, of incompatible relations such as ought to be
uation of their properties as a general rule"; by as- deemed intolerable in any procedure to find real
suming three average valuations per mile, ratios of facts and reach real justice; it would be so deemed,
return from 4 to 8.4% are deduced. The Commis- would it not, if the country had not been gradually
sion admits that it has no valuation figures yet; then made blunted and wonted to it?
discounts the valuation itself by guessing at an average; then offers this guess as a quasi evidence that
the roads are doing very well; then (further along in
THE ATTITUDE OF LABOR AND DEFENSE
the report) repeats the remark that there are no sufPROVISIONS.
ficient data about the value of the properties. But,
While the labor troubles continue unabated, the
without seeming to perceive any incongruity, the
majority remark that the carriers share with other most specific objective of the leaders being avowedly
industries the necessity for paying advanced interest to secure an eight-hour day, two incidents in this
rates as well as higher prices for materials and labor, week project a strong light once more upon the farbut also that "these carriers in meeting increased reaching and permanent bearing of this persistent
costs, with increased prices for service are subject to antagonism upon the industrial and social welfare of
certain disabilities not similarly encountered in many the entire country. Mr. Gompers has frankly another industries," and also they note "a growing dis- nounced a nation-wide campaign to obtain liberty for
inclination to accept the prospect of dividends as a John Lawson, a Colorado strike leader who is serving
sufficient incentive to assume the risk of railroad a sentence to life imprisonment. To unionists affiliproprietorship." Evidently the writer of the ma- ated with the American Federation of Labor, with a
jority report was unable to keep an equal mind claimed membership of two millions, he has sent a
manifesto recounting the familiar assertions of a conthroughout the whole composition.
Have we not here, once more, the non possumus spiracy of capitalists to enslave the miners of Southplea which has become familiar in the miscalled arbi- ern Colorado, and he says that now for the first time
tration hearings upon the demands of the railway in the country's history an officer of a union "has
employees for their periodic wage increases? The been convicted of murder because of violence which
virtual declaration that the judges are unable or grew out of a strike, convicted even though he was
naturally incompetent to intelligently pass upon one not accused of personal participation in the vioside of the case, and therefore unhesitatingly grant lence." This, he asserts, "is a principle of trementhe contention of the other side? Suppose it fully dous importance to the whole labor movement," and
true "that the credit of these carriers as a whole has it "must not be allowed to stand." Organized labor
not suffered an impairment not common to compara- in the whole country must come forward "to make
ble industrial enterprises," is that a sound reason for known the solidarity and fraternity of the labor move
AUG. 14 1915.j
THE CIIRONICLE
ment in condemnation and protest against this injustice to the leaders of the unions of Colorado and
demand that the great wrong done to Lawson and
his fellow-victims shall be righted."
Herein Mr. Gompers shows once more his inability
or his refusal to see beyond the union side of any
matter, and he and his fellows have no difficulty in
denouncing the courts as corrupt and in urging that
large owners of capital (especially the Rockefellers)
ought to be themselves imprisoned as criminals
against the age. Upon his contention about Lawson,
few words need be said. The oldest rule of law, based
upon primary views of justice, is that whoso does an
act per another whom he employs and sets on does
that act himself, and it was never supposed that the
notorious ex-policeman who paid the death penalty
so very recently was a murderer in his own individual
person. The Gompers plea is a demand that organized labor rise, assert itself, and open the prison doors
to one of the union instruments, doing this by the
familiar menace of "solidarity" at the polls against
all political aspirants who refuse to obey labor. If
Lawson were to go free, so should the man concerned
in the dynamiting of the Los Angeles newspaper, and
it should be recognized that prosecution of any person "because of violence which grew out of a strike"
is a waste of effort. The country, very slowly and
apparently reluctantly and fearfully, is in course of
determining whether organized labor is immune from
prosecution for offenses which are still punishable if
committed by others, and able to dictate statutes and
browbeat judges. If this avowed object is already
attained, we may better admit that frankly and know
where we are. A tyranny which exists is not harsher
for being accepted;if it is not to be attacked and overthrown, submission may tend to incline it towards
mercy.
The other incident to which we refer is that this
Government seems to have become aware of the interest which the country itself has in this struggle
over war material, when considered with respect to
national defense. The War Department announces
that inasmuch as the Government arsenals alone
could not produce an adequate supply of war material
to meet an actual emergency, it has been the practice,
in time of peace as in war, to purchase from private
concerns. This policy requires ascertaining from
such concerns from time to time a statement of their
productive ability. In view of the present extraordinary demands by belligerents, the Ordnance Department has had to correspondingly increase its own
activity. No purchasing of war material is contemplated immediately, there being no funds available
for that special purpose; yet a "stage has been reached
which renders desirable general inquiry as to the manufacturing facilities now in existence." So letters are
going out, with forms for detailed reply.
This is suggestive and does not need enlarging.
It raises anew the very timely question whether this
country would find itself in a condition of distress if
emergency should arise, and it has a direct bearing
on the present feeling towards better preparedness,
a feeling which lately sent into a training camp as
volunteers and examples, a number of prominent and
wealthy men of military age. It also raises anew the
question whether the country will not be compelled
to treat a voluntary entering upon labor in certain
lines (transportation has been mentioned as one of
such) as being a public service that involves a quasi
military obligation.
487
IMMIGRATION AND EMIGRATION IN 1914-15.
It is hardly necessary to state that the flow of
aliens toward the United States in the fiscal year
ended June 30 1915 was so abnormally small that we
have to go back very many years to find an equally
meagre movement. In fact not since 1879 has there
been so light an inflow of aliens (immigrant and nonimmigrant combined) in this direction in a twelvemonth period as in 1914-15 and when allowance is
made for the outward movement of the foreign-born
during the same time, it is probable that not since
the earlier years of the 19th century has there been
in any year so small an addition to population through
this movement.
This result, however, is in no way surprising in the
light of the situation abroad and, furthermore, is
certainly not to be deplored in view of conditions
here. The present is not a time when the United
States can very readily assimilate any considerable
volume of immigration. If it were possible to arbitrarily control the distribution of the arriving aliens,
the situation would be entirely different, but as that
is not possible under our laws,it is well that the movement should continue of negligible volume until conditions improve. The farmers of the West and South
have been calling for help for years, but get very little,
the majority of the arriving aliens sticking quite close
to the seaboard, where there is already a dearth of
employment.
The alien arrivals at the various ports of the United
States in June 1915 totaled only 28,499 (made up of
22,598 immigrants and 5,901 non-immigrants), this
comparing with 85,094 in 1914 and no less than 198,457 in 1913, and it is a notable fact that over onequarter of this year's aggregate came across the border from Canada—notable because of the unusual
size of the proportion, but not surprising when conditions to the north of us are considered. For the
six months ended June 30 the number of aliens admitted into the country was but 158,350, against
572,337 for the same period of the previous year and
786,159 in 1913. For the full fiscal year 1914-15
(July 1 1914 to June 30 1915), the decline from the
preceding twelve months is very heavy, 434,244 contrasting with 1,403,081, and the loss from 1912-13
is somewhat greater. Against the inflow in the latest
year we have to set a smaller volume of departures
than usual, the emigrant and non-emigrant outflow
aggregating 384,174 against 633,805 and 611,924,
respectively,in the two previous years. Accordingly,
the net gain in foreign-born population in 1914-15 is
comparatively nominal-50,070—and contrasts with
769,276 in 1913-14 and 815,303 in 1912-13.
With such a decided drop in both the gross and net
inflow of aliens in 1914-15, it is but natural to find
that the decrease has been generally shared in,
though in varying degree. For instance, the gross
inflow from Canada was not materially less than in
1913-14, and as a greater proportion than usual remained, it follows that the net arrivals from that
country were no less than 47,047 (against only 1,626
a year ago), leaving only 3,023 as the contribution of
all other countries to our net growth in foreign-born
population. This showing by the official immigration bulletin confirms recent reports of a large return
movement to the United States from Canada, owing
to most unsatisfactory conditions in the Dominion.
As regards the influx from Europe, there is not
much to be said, the war that is raging there having
488
THE CHRONICLE
,served to keep the movement down to a minimum.
From Italy the total arrivals for the year were only
66,669, against 323,863 in 1913-14, and this year the
outflow was in excess by 71,373, whereas a year ago
the net inflow was 184,704. Polish net arrivals in
1913-14 were 74,306; this year the net efflux was 581.
•Of Russians we gained net 19,169 in 1913-14 and lost
10,699 in 1914-15. Of Germans, net arrivals of
18,401 in 1914-15 compare with 60,191 in 1913-14;
of Greeks, 3,254 with 28,231; of Hebrews, 24,892
with 128,482, and of Ruthenians 1,205 with 29,986.
In two instances, aside from the movement to and
from Canada, gains over 1913-14 are shown, war being the controlling factor in one case and absence of
it in the other. We refer to the fact that the net
arrivals of Mexicans in 1914-15 were 15,973 against
12,912 in the previous year, and of Scandinavians
23,393 against 19,995.
Heretofore it has been our practice to review some
,of the many other interesting compilations in the annual immigration bulletin, but with the movement so
small in 1914-15 comment upon it is not required.
• RAILROAD GROSS EARNINGS FOR THE FIRST
HALF OF 1915.
In reviewing the earnings of the railroads of the
• United States for the first six months of 1914, we
made the remark that the half-year had been a poor
one from the railway transportation standpoint. The
same remark may be made with reference to the first
six months of 1915, only with greater emphasis.
The falling off in gross revenues does not reach
quite so large a sum, but derives additional significance from the fact that it is the second successive year of shrinkage—that the loss of 1915 comes
" on top of and is additional to the loss in 1914.
One of the remarkable circumstances connected
• with the present very remarkable period is that
though business conditions in the United States,
'stimulated by the large war orders from abroad,
considerably improved during the six months and
tone and sentiment changed very decidedly for the
better, no reflection of the fact is found in the revenue
returns of the country's railroad transportation
• systems. In the West and Southwest some instances
Of considerable gains are recorded, but these arise
out of the fact that last season's abundant harvests
contrasted with the very poor harvests of the previous season, giving the railroads in those favored
parts of the country a greater agricultural tonnage
in 1915 than they had had in 1914. But the great railroad systems of the East, which are dependent
mainly for the course of their traffic and revenues
upon general manufacturing and industrial activity,
give no evidence of revival in trade sufficient to
affect very materially the course of traffic or revenues. The New York Central, it is true, made some
recovery (outside of the lines where the mineral
traffic largely predominates, such as the Pittsburgh
& Lake Erie) but, on the other hand, the Pennsylvania Railroad, which is usually considered a
typical railroad system and representative of the
country's varied activities, suffered a further considerable shrinkage on top of the shrinkage of the
previous year.
The explanation is doubtless found in the circumstance that the war orders acted as a stimulus
to only a limited number of industries and these
mainly industries which do not tend to produce a
large volume of traffic for transportation over the
[voL. 101.
railroads. It was the general complaint during
the six months of 1915 that where the war orders
were not an influence, general business was in unsatisfactory shape. Yet these war orders undoubtedly are responsible—are alone responsible—
for the undisputed reviVal in the steel trade which
occurred during the half year. Considerable amounts
of steel are required in the manufacture of war
materials and in addition there was more or less
demand on foreign account for steel itself in various
forms, doubtless for conversion into war material
on the other side. In such circumstances the revival in the steel trade is not difficult to understand;
and as evidence of the revival there is the fact that
the leading steel plants of the United States at the
end of the six months found their capacity employed to nearly 90%, as against less than 40% when
the year opened. Furthermore, the U. S. Steel
Corporation reported unfilled orders on June 30
on the books of the subsidiary companies aggregating 4,678,196 tons, against only 3,836,643 tons
December 31 1914. One would imagine that this
return of activity in the steel trade would have
served to bring a recovery in railroad traffic, but it
• apparently did not to any material extent, and the
coal traffic, which, as a rule, is a pretty good index
of industrial activity, was further reduced in 1915
in the case of such an important system as the Pennsylvania Railroad, after the reduction already sustained in 1914.
Another curious fact may be noted. Western
agricultural interests have been exceedingly prosperous. They had excellent crops last season and
by reason of the huge foreign demand for the same
they have been able to realize almost fabulous
prices for the same. It may be contended that the
increased consumptive power of such an important
part of the population should have stimulated general industrial activity, but the fact is it did not.
The comment is general that good crops and the
prosperity of the agricultural classes lie at the
foundation of business activity and the statement
is accepted as almost a truism. The real fact is
that there are other things that are a great deal more
important than good crops. On the present occasion
the railroads themselves have continued in a state
of extreme depression. Not only have they had to
curtail their new capital outlays by reason of their
impaired credit, but they have had to cut down
their expense accounts in every direction, first
because of the continued loss in traffic and gross
revenues, and secondly because any further great
shrinkage in net results might have been attended
with very serious consequences, and hence had to
be avoided at all hazards.
We are to-day speaking only of the gross earnings. The showing as to net for the half year, when
it comes to be presented three or four weeks hence,
will be entirely, different. There will be a substantial increase in face of the further loss in gross
earnings. But the fact will be significant only
in showing that expenses have been cut to the
bone, out of a fear that net income would otherwise
be reduced to such a basis as to invite disaster.
Thus; the railroads were obliged to limit their buying
in every direction and that fact itself explains why
business has remained stagnant outside of the
lines of trade stimulated by war orders and why
these war orders themselves have not been more
potent in inducing general trade revival.
AUG. 14 1915.
THE CHRONICLE
.189
through
In ordinary discussions, the part played by the tons in 1913. The tonnage of freight passing
larger
somewhat
also
was
canal
farming industry upon the general economic con- the Sault Ste Marie
slightly.
only
though
year,
preceding
in
the
dition of the country is always very much exagger- than
of general
ated. In the farming districts themselves good or On the other hand, owing to the absence
a whole,
as
it
of
speaking
traffic,
coal
activity,
and
trade
importance
bad crops are relatively of great
than in
smaller
yet
and
in
1914
than
smaller
was
farmer's
the
upon
bearing
so are other circumstances
tidewater
to
welfare, as witness the depression caused in the 1913. Thus the shipments of anthracite
South by the great decline in the price of cotton. for the six months of 1915 were only 31,595,304 tons
In other parts of the country, however, these mat- against 32,945,789 tons in the corresponding period
ters are of comparatively little importance. On of 1914 and 34,851,854 tons in 1913.
In similar manner, bituminous coal and coke shipthis occasion, it is true, high prices for farm products
of
the
fell off. Taking as a measure of this the
part
ments
the
on
e
extravaganc
have encouraged
agricultural classes, inducing, among other things, movement over the Eastern lines of the Pennsylextensive purchases of automobiles. The auto- vania Railroad, we find that aggregate shipments
mobile manufacturers certainly have been extremely of anthracite, bituminous and coke combined were
busy. Added to the home demand for cars there only 30,684,163 tons in the half year of 1915 against
has been a very exceptional foreign demand, growing 32,730,336 tons in the six months of 1914, showing a
out of the needs of the belligerents in the European decrease of 2,046,173 tons and that this came after a
War. Here again, however, the beneficial influence decrease of 2,650,214 tons in 1914 compared with
in stimulating activity has been very limited, for 1913. The grain traffic and the cotton traffic, speakthe automobile industry is concentrated within a ing of it collectively, was considerably heavier in
1915 than in 1914. Weather conditions were not
very narrow area of the country.
much of a drawback anywhere in the early months of
the
of
earnings
Stated in brief, the loss in the gross
year, the winter having been open and mild in
the
reaches
1915
of
months
railroads for the first six
as it had been indeed in 1914 and in 1913. On
1915
months
six
first
the
with
compared
as
$41,423,035,
therefore,except so far as concerns the unwhole,
the
been
having
1915
in
of
gross
the
total
the
1914,
of
of the railroads themselves, condiplight
fortunate
$1,388,472,003 and in 1914 $1,429,895,038. As alin 1915 than they had
satisfactory
more
were
tions
ready pointed out, the importance of the falling off is been in 1914.
accentuated by reason of the circumstance that it folWhile in both 1915 and 1914 gross earnings record
lows an even heavier loss in the previous year. In considerable shrinkage, there was as a matter of
1914 our compilations showed a loss of $84,601,109, fact little permanent growth in railroad revenues in
as compared with 1913. For the two years combined, the first six months of the years immediately precedtherefore, the shrinkage has been over $126,000,000. ing. 1913, with its increase of $136,097,376, recorded
satisfactory addition to gross earnings; but
The further loss in 1915 is less than 3%,but as against a fairly
was less significant than it otherwise
addition
this
this it must be remembered that the grain movement would have been, inasmuch as it followed only a
was very much larger this year than last and likewise moderate increase in 1912 and an actual loss in 1911.
the cotton movement. Furthermore, there was For the first six months of 1912 our compilation
an almost complete absence of a number of registered an increase of no more than $51,012,535,
special disturbing conditions such as existed in the or 3.99%. In the first half of 1911, as stated, there
previous year. The present year there were no labor was an actual falling off in gross earnings, the amount
the loss reaching $26,557,747, or 2.03%. It is
troubles of great consequence. On the other hand, of
to go back beyond 1911 to get really satisnecessary
in 1914 labor troubles of one kind or another were factory results and really striking ratios of improveunusually prominent-not in the railroad field, but ment. In 1910, when trade activity was in full
in trades furnishing considerable traffic to the rail- swing, the addition to the gross revenues reached no
roads. The disturbances in the copper mining re- less than $173,044,812, or 14.85%, while in 1909,
gions of Lake Superior were also a feature in 1914 when there was a recovery following the tremendous
after the panic of 1907, the
during the greater portion of the half-year, the strike shrinkage that occurred 9,
or 11.86%. On the other
$122,730,70
was
increase
mining
The
April.
until
not being terminated
the loss, according to our tabulations,
1908
in
hand,
troubles in the coal fields of Southern Colorado lasted was $197,085,791, or 16.65%; but the figures related
through the whole six months.
to only 202,172 miles of road, and we estimated that
Besides this, there was last year an extensive sus- the total falling off must have reached $235,000,000.
pension of mining in many districts of the bituminous Prior to 1908 the country was in the full flush of
edly
coal regions of the Middle and Middle Western States, prosperity and the trend was almost uninterrupt
a full decade. The table we now insert
for
upward
of
first
differences
to
due
the
April,
with
beginning
gives the comparisons for the first six months of each
between miners and operators regarding new wage year back to 1897.
scales.
Earnings.
Mileage.
All these special adverse circumstances, which af" Increase
Jan. 1
Or
Year
Year
Year I InYear
to
fected unfavorably various roads in different parts
Decrease.
Preceding.
Given.
June 30. Given. Preced.:cr'se.
missing
last
year,
were
fortunately
country
of the
II
$
%
3
Allies. I Miles. %
Year.
158,295157,453 0.52 473,034,924 475,293,350 -2,208,426 0.46
the present year. There was more or less advantage 1897
158,775 157,702 0.03 536,375,776 477,035,432 +59,340,294 12.44
1898
6.32
+33,095,153
161,166 159,865 0.81 556,326,364 523,231,211
also in a number of other circumstances in 1915. For 1899
166,704 162,199 2.79 643,342,643 565,393,511 +77,949,132 13.78
1900
175,3711171,257 2.40 704,538,792 612,321,514 +62,217,278 9.69
instance, the revival of activity in the steel trade had 1901
179,065176,459 1.47 749,023,00.5 701.683,284 +47,334,721 6.74
1902
169,747 2.36 847,034,318 745,037,476 +101,946,842 13.88
173,655
1003
the effect of increasing the iron ore traffic. This is 1904
177,673 173,495 2.41 794,929,168 810,131,933 -15,2112,815 1.87
1.41 910,027,258 846,375,228 +63,652,030 7.52
183,320
185,912
1905
Lake
of
evident from the larger lake shipments
196,5711194,005 1.32 1,049,3.55,572 922,696,020 +126,659,552 13.72
1906
1,185,196,030 1,050,957,676 +134,238,354 12.77
1.52
200,352,197,715
1907
Superior iron ore. This ore moves from, the upper 1908
202,172 200,033 1.04 987,005,757 1,184,091,548 -197,045,79116.65
230,022 227,369 1.12 1,157,508,747 1,034,778,033 +122,730,709 11.86
1909
lake ports to the lower lake ports, whence it is carried 1910
235,462231,104 1.88 1,338,344,306 1,165,299,494 +173,044,812 14.85
235,293 229,824 2.25 1,284,232,115 1,310,839,862 -26,557,747 2.03
1911
239.020 230,235 1.16 1,329,686,550 1,278,674,015 +51.01.2,535 3.99
by rail to the furnaces. From the beginning of navi- 1912
243,704 240,522 1.32 1,470,556,1131,334,458,737 +136,097,370 10.16
1913
247,619 245,656 0.79 1,379,095,321 1,463,696,430 -84,601,109 5.78
gation to June 30 these Lake Superior ore shipments 1914
248,159 246,338 0.7411,388,472,003 1,429,895,038 -41,423,035 2.90
1915
reached 11,521,283 tons in 1915 against only 9,624,- Note -Neither the earnings of the Mexican nor Canadian roads nor the mining
116 tons in 1914, but comparing with 16,125,042 operations of the anthracite coal roads are included In this table.
We have referred above to the gain in the grain
movement. This was the result of a double cause,
first the abundant harvests of last season contrasted
with the poor harvests of the previous season, and
secondly the excellent demand and fancy prices for
the same arising out of the European War. At the
seaboard, the receipts of wheat, corn, oats, barley
and rye aggregated 160,225,000 bushels in 1915 as
against only 104,373,000 bushels in the first half of
1914, as will be seen by the following:
RECEIPTS OF FLOUR AND GRAIN AT SEABOARD JAN. 1 TO JUNE 30.
1914.
1913.
Receipts of1915.
bbis_ 13,267,000 10,506,000 11,006,000
Flour
Wheat
Corn
Oats
Barley
Rye
Total grain
1912.
8,466,135
1911.
9,170,530
bush_ 32,449,000 68,077,000 81,077,000 54,480,813 30,651,278
36,661.000 13,288,000 40,986,000 23,881,663 45,570,428
79,156,000 13,961,000 27,675,000 23,679,682 26,044,936
7,067,000 13,226,000
3,626,790 2,595,786
5,763,000
1,838,000
1,980,000
282,062
6,196,000
356,079
160,225,000 104,373,000 164,802,000 105,951,010 105,218,5125
At the Western primary markets there was a large
gain in the movement in the case of wheat and also a
considerable gain in the case of corn and oats. The
wheat receipts for the 26 weeks to Jane 26 were
103,267,000 bushels against 84,315,000; the corn
receipts 117,029,000 bushels against 109,461,000 and
the oats receipts 99,598,000 bushels against 91,697,000. Adding barley and rye, total grain deliveries in
1915 were 353,134,000 bushels against only 318,810,000 in 1914. It is rather noteworthy that notwithstanding this considerable increase the total movement was not equal to that of 1913, the receipts then
having been no less than 420,660,000 bushels. The
explanation is doubtless found in the fact that owing
to the extraordinary European demand and the high
prices, a larger proportion than usual of the crops
reached the market prior to Jan. 1. The'details of
the Western grain movement in our usual form are
set out in the following:
Jan. 1 to
June 26.
[vol.. En.
THE CHRONICLE
490
WESTERN GRAIN RECEIPTS.
Flour.
Wheat.
Corn.
Oats.
(bbls.)
(bush.)
(bush.)
(bush.)
Chicago4,230,000
1915
1914
4,598.000
Milwaukee1,010,000
1915
1914
1,284,000
It. Louts1,722,000
1915
1914
1,487,000
Toledo1915
1914
Detroit187,000
1915
1914
1,736,000
Cleveland492,000
1915
1914
328,000
Peoria1915
1,394,000
1914
1,044,000
Duluth1915
1914
Afimseapolis1915
1914
1914
Kansas City1915
1914
Omaha1915
1914
Barley.
(hush.)
Rye.
(bush.)
23,714,000 47,092,000 51,221,000 9,813,000 1,589,000
15,374,000 37,818,000 42,951,000 10,568,000 1,359,000
2,130,000
2,268,000
9,458,000 11,997,000 6,355,000 1,359,000
6,122,000 8,566,000 7,257,000 1,074,000
8,885,000 11,301,000 9,327,000
8,037,000 9,543,000 10,945,000
591,000
943,000
116,000
66,000
7,000
24,000
55,000
17,000
17,000
20,000
15,000
24,000
2,119,000
665,000
7,564,000 4,520,000 1,006,000
8,011,000 5,408,000 1,410,000
98,000
139,000
9,485,000
6,882,000
1,819,000 2,671,000 1,322,000
675,000 1,065,000
972,000
285,000
241,000
1,992,000
1,777,000
2,507,000 2,438,000
2,570,000
763,000
971,000
339,000
1,701,000
1,523,000
473,000
309,000
2,380,000 1,973,000
2,020,000 1,962,000
34,945,000
36,792,000
36,792,000
1,654,000
1,593,000
8,786,000 7,003,000 9,329,000 1,283,000
5,307,000 6,102,000 8,034,000 1,470,000
5,307,000 6,102,000 8,034,000 1,470,000 •
14,388,000 11,438,000 2,900,000
6,869,000 17,271,000 5,219,000
4,165,000 12,983,000 3,894,000
5,014,000 18,641,000 6,298,000
Total of AU9,035,000 103,267,000 117,029,000 99,598,000 28,440,000 4,800,000
1915
1914
8,949,000 84,315,000 109,461,000 91,697,000 28,947,000 4,390,000
RECEIPTS OF COTTON AT SOUTHERN PORTS FROM JAN. 1 TO JUNE 30.
Since January 1
1914.
1913.
1912.
1915.
1911.
1910.
PortsGalveston ____bales_2,013,802 1,228,673 918,855 1,237,441 667,510 685,311
396,449 217,969 262,871 328,912 256,888 107,515
Texas City, &c
1,164,757 828,560 463,602 779,215 596,085 569,732
NewOrlean.s
68,853 148,448
76,117 129,516
58,145
73,557
Mobile
54,885
41,072 178,838
85,550
86,394
57,453
Pensacola, &c
912,561 422,287 287,724 802,881 298,262 220,888
Savannah
67,900
43,929 161,695
53,286
154,700
39,817
Brunswick
41,137
49,132 113,613
182,330
37,442
23,438
Charleston
110
589
738
592
Georgetown
69,971
7
47,540 189,681
50
164,
74,834
1380
Wilmington
41,471
371,079 206,726 159,776 279,791 115,189 137,023
Norfolk
97,540
59,195
26,521
1,140
7,269
Newport News, &c.. 81,671
Total
5,605,173 3,365,164 2,402,659 4,247,705 2,265,913 1,964,066
The falling off in earnings extended through all the
months of the year except May and June, when there
were slight gains. We annex a summary of the
monthly totals:
January
February
March
April
May
June
MONTHLY SUMMARIES.
1915.
1914.
-Inc. or Dec.
$
$
$
%
220,282,106 236,880,747 -16,598,551 7.01
210,860,681 212,163,967 -1,303,286 0.61
238,157,881 253,352,099 -15,194,218 5.99
237,696,378 241,090,842 -3,394,464 1.41
244,692,738 243,367,953
+1,324,785 0.54
234,741,970 232,641.642
+2,100,328 0.90
-21/1/eage-1914.
1915.
246,959 243,559
246,186 242,837
246,848 243,598
247,701 245,170
247,747 245,207
220,951 217,762
In the matter of the separate roads decreases in
earnings of course predominate. Yet there are some
increases of considerable amount. These consist
chiefly of roads that were specially favored by last
season's splendid crops as compared with the previous
season's poor crops-of which the Atchison with a
gain of $3,361,042 and the Missouri Kansas & Texas
with a gain of $1,259,195 are examples-or of roads
in the mineral ore regions like the Duluth Missabe
& Northern which had a heavier ore traffic, or yet
again of roads that were specially advantaged by
conditions peculiar to themselves like the Chesapeake & Ohio which has spent large sums of money
in providing special facilities for handling traffic, or
like the Colorado & Southern, which last year had
the coal strike in Southern Colorado to contend
against and in 1915 did not encounter any similar
difficulty. We furnish herewith a summary of all
changes for the separate roads for amounts in excess
of 8500,000 whether increases or decreases:
PRINCIPAL CHANGES IN GROSS EARNINGS JAN. 1 TO JUNE 30.
Increases.
Atch Top & Santa Fe (4)
New York Central
Chesapeake & Ohio
Duluth Missabe & Nor..
Missouri Kan & Texas
Erie (2)
Rock Island (2)
Lehigh Valley
Pere Marquette
Western Maryland
Colorado & Southern (3)
$3,361,042
b2,400,680
1,481,028
1,292,888
1,259,195
1,170,523
a1,075,957
869,211
836,576
516,714
501,625
Seaboard Air Line
Chicago & North West_ _
Nashv Chatt & St Louis_
Mobile & Ohio
Pittsburgh & Lake Erie_
Missouri Pacific (2)
Decreases.
2,185,833
1,957,349
1,037,339
974,437
957,632
947,227
Central of Now Jersey_ _ _
925,476
St Louis Southwest (2).._
854,191
Cinc New Orl & Tex Pac_
800,383
Baltimore & Ohio
796,150
Kansas City Southern_ _ 793,738
Central of Georgia
a760.381
El Paso Southwestern__ Representing 18 roads
693,752
in our compilation_..$14,765,439 Philadelphia & Reading.. a670,948
Elgin Joliet & Eastern_ _ _
665,308
Decreases. Wheeling & Lake Erie_ _ _
601,129
c$5,400,309 Chicago Milw & St Paul..
Pennsylvania (3)
594,439
4,335,025 Denver & Rio Grande_ _ _
Southern Railway
570,453
4,058,524 San Ped Los Ang & S L_ _
Great Northern
559,756
Louisville & Nashville....- 3,459,707 Trinity & Brazos Valley..
548,255
Chicago
Burl & Quincy_ _
2,919,079
Atlantic Coast Line
a536,635
2,729,494 Minn St Paul & S S M
527,431
Southern Pacific (12)
2,689,084
Northern Pacific
Representing 48 roads
2,228,267
Illinois Central
in our compilation.._$48,986,054
2,208,328
Union Pacific (3)
Note.-Figures in parenthesis after name of road indicate number of lines
or companies for which separate returns are given in our compilation.
a Figures are for five months only. b Those figures cover merely the
operations of the New York Central itself. Including the various auxiliary
and controlled roads, like the Michigan Central, the "Big Four," the
"Nickel Plate," &c., the whole going to form the Now York Central System,
the result is a gain of $2,441,878.
c This is the result for the Pennsylvania RR., together with the Pennsylvania Company and the Pittsburgh Cincinnati Chicago & St. Louis, the
Pennsylvania RR. reporting $3,627,544 decrease, the Pennsylvania Company $1,045,395 loss and the P. C. C. & St. L. $727,370 loss. Including
all lines owned and controlled which make monthly returns to the InterState Commerce Commission, the result is a loss of $5,897.586.
The cotton movement was very much heavier than
in 1914 and doubtless indeed was much the heaviest of
the first six months of any year. The gross shipments overland for the six months of 1915 were
We now add our full detailed statement embrac1,245,811 bales against 785,908 bales in 1914,
757,916 bales in 1913 and 1,050,320 bales in 1912. ing all roads for which it has been possible to procure
But it is to the receipts at the Southern outports that or make up the figures:
one must look for the great growth that occurred.
GROSS. EARNINGS FROM JANUARY 1 TO JUNE 30.
For 1915 the aggregate of these receipts was 5,605,Increase(+)
Mileage.
1914.
1915.
Or
Name of Road.
173 bales against only 3,365,164 bales in 1914 and
Decrease (-). 1915. 1914.
but 2,402,659 bales in 1913. In the table we now
700,451
875,542
& Vicksburg_
-175,091
143
143
insert we show receipts for each of the last six Alabama
2,330,833
2,574,797
Alabama Gt Southern_
-243,064
309
309
1,090,486
1,032,421
Ann Arbor
294
+58,C65
294
years.
AUG. 14 1915.]
Name of Road.
1915.
THE CHRONICLE
1
Increase(÷)
1914.
Arizona St New Mexico
Arizona &
__
Atch Top &Eastern_SF(4 rds)c
Atlanta Birm St AtL.._
Atlanta & West Point_
Atlantic & St Lawrence
Atlantic Coast Line.. _ _
Atlantic City
Baltimore & Ohio
B & 0 Chic Term RR_
Bangor & Aroostook_ _
Beau S Lake dc West_ _
Bessemer & Lake Erie_
Belt Ry of Chicago_ _
Bingham & Garfield_ _
Birmingham Southern_
Boston & Maine
Buffalo & Susq RR__ _ _
Buffalo & Susq
Buffalo Roch & Pittsb _
Carolina Atlantic & W
Can Pac Ry In Maine_
Caro Clinchf & Ohio_
Central New England_
Central of New Jersey c
Central of Georgia.. _
Central Vermont
Charleston & W Caro_
Chesapeake & Ohio_ -Chicago & Alton
Chicago & East Illinois
Chicago & Nor West _c
Chicago Burl & Quincy
Chic Det dt Can Or Jet
Chicago Great Western
Chicago Ind & Louisv..
Chicago Junction
Chic Milw & St PauL
Chic Milw & Pug Sdf
Chi() Peoria & St Louis
Chic SVP Minn & Om.c
Chic T H & So East-Cine Ham & Dayton_ Cinc N 0& Tex Pac_ _
Coal & Coke
Colo & South (3 rds) c_
Colorado & Wyoming_
Colorado Midland_ _ _
Copper Rango
Cumberland & Penna.
Delaware & Hudson__ _
Delaware Lack & West
Denver & Rio Grande..
Western Pacific
Denver & Salt Lake.._ _
Det & Tol Sh Line_ _
Detroit& Mackinac_ _ _
Det Or Hay & Mllw _ _
Det Toledo & Ironton_
Duluth & Iron Range_
Duluth Missabe & Nor
Duluth Winn & Pac_
Duluth So Sh & Atl_ _ _
Elgin Joliet & Eastern
ElPaso Southwestern_
Erie (2 roads)..c
Florida East Coast_ _ _
Fonda Johnst & Glov....
Ft Smith di Western....
Galveston Wharf
Georgia
Georgia & Florida__ _ _
Georgia Fla & Alabama
Georgia Southern & Fla
Grand Canyon
Grand Trunk West-Great Northern
Green Bay & Western_
Gulf & Ship Island_ _ _ _
Hocking Valley
Hunt de Broad Top._ _
Illinois Central
Internat'l & Grt North
Kanawha & Michigan..
Kansas City Southern..
Kansas City Terminal_
Lehigh ar Hudson Rh%
Lehigh Valley
Lehigh & New England
Louisiana & Arkansas..
Louisiana Ry & Nay_
Louisville & Nashville_
Louisv Rend & St Lou_
Macon Dublin & Sayan
Manistee& Nor East_ _
Maino Central
Midland Valley
Mineral Range
Minn St P &SS M
Minn & Internat'l-- Minn & St Louis
Iowa Central
Mississippi Central c..Miss Rh,& Bonne T_Mo & Nor Arkansas--Mo Kansas & Texas_ -Mo Okla & Gulf
Mo Pacific (2 roads) c_
Mobile & Ohio
Monongahela Conn__ _
Nash Chat & St L_
New Jer & New York_
Nevada Northern
Newburg & So Sh
New On & Nor East_ _
New Orb Mobile & Chic
New Ori Tex az Mex_ _ _
New Ori Great North_
New York Central_c_ _
Boston & Albany_c
Chic Kal & Saginaw_ _
Cincinnati Northern.c
Clev Cin Chic & StL c
Detroit & Charlevoix_
Indiana Harbor Belt_
Lake Erie & West_c_ _
Michigan •Central_c
N Y Chic &St L..c
Pitts & Lake Erle_c-St Lawrence & Adiron
Toledo & Ohio Cent_c
Zanesville & Western
NYNIldc HartfordN Y Ont & Western_
N Y Susq & West_c_
Norfolk Southern
Norfolk di Western_
Northern Alabama_ _
Nosthern Pacific
Northwestern Pacific_
Mileage.
1914.
350,322
1,170,803
56,564,534
1,278,829
580,552
0678,992
16,528,978
y685,256
44,677,362
733,653
2,054,061
264,999
3,433,108
1,490,574
763,520
346,750
22,069,614
674,524
116,933
4,422,021
316,046
772,757
1,036,588
2,168,019
15,560,698
y4,948,00I
1,911,408
872,447
19,944,552
6,699,005
5,547,623
38,807,041
y34,070,432
0385,899
6,524,359
3,149,206
989,388
42,645,306
$
478,877
1,431,270
53,203,492
1,567,376
630,943
y750,353
19,448,057
y702,605
45,473,512
707,399
2,019,782
308,375
3,218,281
1,560,357
893,484
526,320
22,320,409
675,823
196,021
4,620,868
157,807
799,668
1,125,805
1,812,117
16,486,174
y5,708,382
2,000,869
1,024,240
18,463,524
6,289,521
6,007,270
40,764,390
y34,607,067
y394,839
6,767,448
3,259,610
949,341
43,239,745
722,629
8,423,021
y861,001
4,555,558
4,659,557
471,154
6,411,599
335,003
653,368
y281,015
399,627
10,781,298
20,380,319
9,591,700
2,620,903
691,612
733,809
517,801
1,202,974
720,892
2,093,743
3,099,342
639,191
1,436,843
4,291,953
4,008,246
29,614,040
3,403,858
414,818
261,215
819,525
1,278,711
295,167
234,300
1,023,569
0257,247
3,476,842
26,853,227
373,324
796,896
2,641,501
0213,255
29,487,719
4,260,170
1,325,818
4,747,320
y346,071
911,640
20,408,934
1,277,807
835,305
1,024,200
24,712,435
666,222
225,230
250,071
5,440,030
632,568
450,648
12,302,991
428,946
4,795,082
-77,959
255
800,588
255
8,603,198
-180,177 1,753 1,747
0846,996
+14,005
374
375
4,665,620
-110,062 1,003 1,015
-800,383
5,459,040
337
337
478,423
-7,269
197 • 197
+501,625 1,828 1,867
5,909,974
371,959
-36,956
53
53
-111,610
764,978
338
338
+64,992
y216,023
138
140
424,284
-24,657
64
64
10,748,043
+33,255
881
881
19,881,592
+498,727
959
960
10,162,153
-570,453 2,585 2,585
+16,601
2,604,302
943
943
+137,114
554,498
255
255
-5,554
739,363
79
79
589,812
-72,011
411
400
+21,455
1,181,519
191
191
+44,537
441
441
676,355
1,803,141
292
+290,602
273
1,806,454 + 1,292,888
364
370
-171,994
811,185
181
185
-177,766
1,614,609
627
626
4,957,261
-665,308
777
777
-693,752 1,027 1,029
4,701,998
28,443,517 +1,170,523 2,256 2,258
3,333,554
+70,304
745
696
-52,336
467,154
88
88
221
263,732
-2,517
221
12
+234,736
584,789
13
-289,093
1,567,804
307
307
-96,725
350
391,892
350
-54,575
193
193
288,875
395
395
-226,017
1,249,586
64
64
+101,567
y155,680
-5,295
3,482,137
347
347
30,911,751 -4,058,524 8,102 7,803
248
253
379,590
-6,260
308
922,810
-125,914
308
-97,044
2,738,545
352
351
-32,417
y245,672
72
72
31,715,986 -2,228,267 4,767 4,769
4,355,123
-94,953 1,160 1,160
1,358,586
-32,768
177
177
5,541,058
-793,738
827
827
y156,692
+189,379
10
20
852,950
+58,690
97
97
19,539,723
+869,211 1,443 1,444
1,290,876
294
-13,069
296
847,226
-11,921
279
279
+83,427
351
940,773
351
28,172,142 -3,459,707 5,034 4,941
200
671,518
-5,296
200
251,275
93
92
-26,041
295,217
-45,146
190
190
5,682,320
-242,290 1,219 1,207
380
717,985
-85,417
380
341,836
+108,812
122
120
12,830,422
-527,431 4.103 4,102
483,983
197
197
-55,037
4,595,997
+199,085 1,646 1,646
391,885
344,730
537,984
15,696,545
547,050
26,921,922
5,341,386
387,555
5,271,633
V326,276
678,170
300,031
1,727,918
852,947
674,375
y643,037
75,552,983
8,119,507
97,648
707,480
17,042,260
37,892
1,581,970
2,766,139
16,558,053
5,681,706
7,037,944
315,541
2,072,064
147,028
32,283,970
3,987,310
2,003,030
1,912,038
21,492,379
245,514
27,591,776
1,521,572
492,375
343,602
606,551
14,437,350
537,953
27,869,149
6,315,823
449,982
6,308,972
y322,419
847,124
280,064
1,948,099
1,052,354
750,312
y743,864
73,152,303
8,058,448
93,247
637,601
16,583,845
44,801
1,634,918
2,685,261
16,262,287
5,562,902
7,995,576
357,883
2,055,950
151,315
31,898,467
4,238,081
1,986,065
2,164,973
21,150,503
275,249
30,280,860
1,049,698
-128,555
109
109
-260,467
367
367
+3,361,042 11,137 10,961
-288,547
646
639
-50,391
93
93
-71,361
167
167
-2,919,079 4,702 4,573
-17,349
167
170
-796,150 4,535 4,478
+26,254
80
77
+34,279
631
631
-43,376
119
119
+214,827
205
204
-69,783
24
21
-129,964
. 27
27
-179,570
43
44
-250,795 2,302 2,302
-1,299
253
253
-79,088
91
91
-198,847
586
586
+158,239
325
179
-26,911
233
233
-89,217
248
248
+355,902
304
304
-925,476
676
878
-760,381 1,924 1,924
-89,461
411
411
-151,793
341
341
+1,481,028 2,372 2,367
+409,484 1,033 1,033
-459,647 1,282 1,282
-1,957,349 8,108 8,095
-536,635 9,367 9,129
-8,940
60
60
-243,089 1,427 1,496
-110.404
617
618
+40,047
24
24
-594,439 10,071 9,690
-100,490
+1,128
-68,567
+1,259,195
+9,097
-947,227
-974,437
-62,427
-1,037,339
+3,857
-168,954
+19,967
-220,181
-199,407
-75,937
-100,827
+2,400,680
+61,059
+4,401
+69,879
+458,415
-6,909
-52,948
+80,878
+295,766
+118,804
-957,632
-42,342
+16,114
-4,287
+385,503
-250,771
+16,965
-252,935
+341,876
-29,735
-2,689,084
-128,126
164
71
365
3,865
334
7,283
1,122
1,231
48
165
403
286
283
5,585
393
45
245
2,381
43
110
900
1,800
568
224
65
435
00
2,005
568
140
900
2,044
113
6,461
401
Increase:(+)
Name of Road.
Or
Decrease. (-) 1915.
i
491
1915.
1914.
Mileage.
Or
Decrease (-). 1915.
$
1914.
ta
Pennsylvania-Lines E ast of Pittsb.
Pennsylvania RR_-_
88,159,004
91,786,548 -3,627,544 4,528 4,520
Northern Central__ f
Bait & Sparrows Pt_ _
28,797
53,796
-24,999
5
Balt Chesap & Atlan.c
486,757
501,342
-14,585
88
88
Cornwall & Lebanon_
140,439
144,082
26
-3,643
28
Cumberland Valley.c_
. 1,380,201
1,708,461
-328,260
163
162
Long Island
6,053,000
6.017,849
+35,151
398
398
Maryl'd Del & Va
c
378,675
392,375
-13,700
82
82
Monongahela
602,709
636,509
-33,800
67
75
N Y Phila & Norfolk.c
1,866,249
1,793,061
+73,188
112
112
Penn Terminal
233,069
246,792
-13,723
5
Phila Bait & Wash_ _c
9,716,617
9,818,926
-102,309
717
717
Susq Blooms & Berw_
48,772
58,378
-9,606
42
42
Union RR of Balt_ _ _ _
769,320
750,795
+18,525
10
10
W Jersey&Seashore..c
2.778,221
+61,891
2,716,330
356
356
Lines West of PittsbCentral Indiana
91,370
102,241
-10,871
127
127
Cine Lebanon & Nor_
307,165
274,461
+32,704
74
45
Grand Rapids di Ind _c
2,466,531
2,538,668
-72,137
575
575
Pennsylvania Com'y_c
25,216,221
26,261,616 -1,045,395 1,757 1,749
Pitts Char & Yough_ _
146,085
146,293
-208
22
22
Pitts Cin Chic & StL.c
18,439,610
19,166,980
-727,370 1,478 1,472
Toledo Peoria & West
541,534
579,128
-37,594
248
248
Vandalla
5,156,998
5,198,313
-41,315
910
910
Waynesb de Wash___ _
53,378
60,017
-6,639
28
28
Peoria & Pekin Union_
471,128
461,862
+9,266
18
18
Pere Marquette
8,677,501
7,840,925
+836,576 2,286 2,322
Perklomen
0240,234
y235,068
+5,166
42
42
Pitts Shaw dr Northern
871,026
971,553
-100,527
294
282
Philadelphia & Reading L18,898,806 1,19,569,754
-670,948 1,120 1,020
Port Reading
y636,217
y707,236
21
-71,019
21
Quincy Om & Kan City
0315,570
y328,785
258
-13,215
268
Ray & Gila Valley- _
231,601
269,194
7
-37,593
7
Richmond Freds & Pot
1,560,098
1,606,234
-46,186
88
88
Rio Grande Southern..
257,418
275,504
-18,086
180
180
Rock Island (2 roads)_ y27,050,518 y25,974,561
+1,075,957 8,328 8,321
Rutland
1,633,346
1,680,051
468
-46,705
468
St Joseph & Grand Isi_
656,858
742,629
-85,771
319
258
St L ai San Fran (4 rds)
20,415,452
20,587,136
z--171,684 5,233 5,240
St Louis Browns& Mex
1,143,302
1,409,856
548
-266,554
518
St L Merch B & Term..
878,874
908,120
-29,246
9
9
St L Southw (2 rds)_c_
4,990,580
5,844,771
-854,191 1,753 1,753
San Ant & Aran Pass.._
1,632,193
1,965,494
-333,301
724
724
San Pad Los An & S L_
4,824,807
5,384,563
-559,756 1,132 1,132
Seaboard Air Line..__ _
10,910,268
13,096,101 -2,185,833 3,123 3,098
South Buffalo
262,604
254,869
36
+7,735
36
Southern Ry
29,433,933
33,768,958 -4,335,025 7,022 7,010
Southern Ry in Miss_ _
425,216
595,031
281
-169,815
281
Southern Pae (12 rds) c
62,370,594
65,100,088 -2,729,494 10,586 10,554
Spokane Port & Seattle
2,189,582
1,874,480
-315,102
556
556
Spokane Internat'l_ _ _ _
332,342
442,163
-109,821
163
163
Staten Island Rap Tr_ _
589,032
595,054
11
-6,022
11
Sullivan County
y205,701
y199,939
-5,762
26
28
Tacoma Eastern
266,633
182,617
-84,016
93
93
Tennessee Central__ _
818,838
714,673
-104,165
294
294
Term Assn of St Louis_
1,337,448
1,303,003
35
-34,445
34
Texas ai Pacific
8,622,452
8,410,075
-212,377 1,944 1,885
Texas Midland
228,512
301,380
125
-72,868
125
Tonopah de Goldfield _
331,437
339,238
+7,801
110
110
Toledo St L & West.._ _
2,153,249
2,344,089
451
+190,840
451
Trinity dc Brazos Vali_
315
941,730
-548,255
393,475
463
Ulster & Delaware..__.
y337,393
y339,361
129
+1,968
129
Union Pacific (3 rds).c
37,932,215
40,140,543 -2,208,328 7,826 7,651
Union RR (of Pa)
1,553,279
1,714,731
+161,452
31
31
Vicks Shrev & Pacific_
863,201
-222,679
640,522
171
171
Virginia & Southw_ _
824,005
947,219
240
-123,214
240
Virginian
2,878,117
3,056,547
504
-178,430
503
Wabash
13,783,245
13,824,288
+41,043 2,519 2,515
Wabash Pitts Term__ _
335,059
346,893
63
-11,834
63
Washington Southern..
665,862
682,317
-16,455
36
36
Wheeling dc Lake Erie_
3,161,367
2,560,238
-601,129
459
512
Western Maryland_ __
4,483,262
3,966,548
+516,714
661
661
Western Ry of Ala__ _ _
719,049
619,148
133
133
-99,901
Wilkes-Barre & East_ _
387,788
357,450
92
-30,338
92
Winston-Salem Sou'b'd
221,477
274,856
94
-53,379
93
Yazoo & Miss Valley-5,784,652
5,798,794
-14,142 1,382 1,372
253 minor roads
18,705,237
20,395,526 -1,690,289 13,784 13,745
Grand total (520 rds) 1,388,472,003 1,429,895,038 -41,423,035 248,159 246,338
Net decrease (2.90%)
11 These figures are for five months only in both years.
c These figures are furnished by the company.
RAILROAD GROSS EARNINGS FOR JULY.
In the elaborate compilations and extended review
we furnish in the preceding article, we show that the
first six months of the present calendar year were by
no means a satisfactory period for the railroads of the
United States. Similar observation applies with
164 reference to the gross earnings for the month of July.
71
365 Losses are still the predominant characteristic of the
3,865
334 returns, both as regards the individual roads and the
7,284
1,122 result as a whole.
Of course the present is only a
6
1,231 preliminary compilation and comprises merely the
48
165 roads which, make it a practice to furnish early estimates.of their gross revenues soon after the close of
403
286 the month, embracing mainly Western grain-carrying
283
5,599 and Southern
cotton-carrying lines, together with the
393
45
leading
three
Canadian railroad systems, but these
245
2,361
have in the past quite accurately reflected the general
itg
905 results. It is therefore somewhat dispiriting to find
1,799
567 little or no evidence of improvement in railroad re224
65 enues at a time when the steel industry, which in the
446
90 past has been looked upon as an industrial barometer,
2,003
566 is evincing decided manifestations of revival and
140
900 when a gigantic speculation is being carried on on the
2,037
113 Stock Exchange,and the war orders on which this
6,354
401 speculation and the revival in the steel trade
are
492
THE CHRONICLE
based are accepted as tokens of the near return of
general prosperity.
The truth is, the railroad industry continues to lag
behind, and all the statistics furnish testimony to the
fact. Our preliminary statement registers a loss in
the gross for the month of $7,283,605, this covering
89,704 miles of road in 1915. The ratio of decrease
is over 10%, which emphasizes the unsatisfactory
nature of the showing, inasmuch as the present loss
is additional to a loss on the same roads in the corresponding month of last year. The Canadian Pacific contributes to the unfavorable result in an important degree and naturally stands at the head of the
list of decreases with a falling off of $2,594,000, which
is the more noteworthy inasmuch as it follows a decrease of $1,952,000 on the same system in the corresponding month of last year. Some of the United
States roads, however, have done only less poorly.
Mr. Hill's Great Northern Ry. may be referred to
for illustration. This comes in touch with the Canadian lines at a number of points. It reports a decrease of $1,242,292 for the month and the significant
fact is that this large loss follows a very considerable
loss ($854,366) last year, so that the total of the gross
at $5,598,154 for June 1915 compares with $7,694,812
for June 1913. Then the Southern roads and the
roads with Southern connections continue to do
poorly. The Illinois Central reports a decrease of
$695,259, the Southern Ry. of $581,614, the Missouri
Pacific of $543,000 and the Louisville & Nashville
of $350,684, &c., &c. Here is a summary of all the
changes for the separate roads for amounts in excess
of $30,000, whether increases or decreases. It will
be seen there are afew roads distinguished for exceptional amounts of gain, practically all by reason of
special circumstances, the Chesapeake & Ohio being
especially noteworthy for the way traffic is being developed by the use of the extra facilities provided for
that purpose.
PRINCIPAL CHANGES IN GROSS EARNINGS IN JULY.
Increases.
Decreases.
$341,970 Wabash
241,114
109,556 Grand Trunk
226,071
73,043 Mobile & Ohio
210,235
67,665 Missouri Kansas & Texas
195,781
Grand Trunk Pacific_ _
a117,414
Minn St Paul & S S
Representing 4 roads
99,905
in our compilation._
$592,234 Chicago & Alton
89,239
Decreases. Cinc New On & Tex Pac_
64,541
Canadian Pacific
$2,594,000 New On & Nor Eastern
40,482
Great Northern
1,242,292 Texas & Pacific
39,805
Illinois Central
695,259 St Louis Southwestern_ _
38,000
Southern Railway
581,614 Denver & Rio Grande.._ _
36,900
Missouri•PacifIc
543,000 Colorado & Southern_ _ _
31,948
Canadian Northern
388,200
Louisville & Nashville_ _ _
Representing 20 roads
350,684
in our compilation__ $7,826,484
a These figures are for three weeks only.
Chesapeake & Ohio
Western Maryland
Yazoo & Miss Valley_ _ _ _
Buffalo Roch & Pittsb_ _
As already remarked, the present year's shrinkage
in the July railroad revenues does not stand alone.
It follows a loss in the corresponding month of 1914,
speaking of the roads collectively. This loss last
year, however, was not quite so large as that of the
present year; still it amounted to $4,061,048, or
5.22%. In 1913, on the other hand, our early statement showed a gain of $4,027,892, or 5.57%. Previous to that, July had made a good record as to
earnings for many years past. Thus in July 1912
our early statement registered $5,881,771 increase,
or 9.01%. In July 1911 the increase by our preliminary statement was $2,149,002, or 3.39%. In
July 1910 the increase was $5,247,226, or 9.02%.
And if we should extend the comparisons further back,
we would find an almost uninterrupted series of increases for a long time, the only prominent exception
being in 1908, when there was a heavy loss, owing to
the great industrial depression prevailing at that time
following the panic of 1907. We annex a summary
of our early July totals back to 1896.
•
[VoL. 101.
Mileage.
Gross Earnings.
Increase (+)
July.
Of
Year
Year InGiven. Preced. cr'se.
Year.
1896 __
1897..___
1898__..
1899 ____
1900 ____
1901 ____
1902____
1903.....
1904.....
1905___
1906.....
1907 ____
1908 ____
1909....__
1910.._
1911....
1912._....
1013......
1914 _ .....
1915.......
Jan 110
1896,____
1897....
1898 .. _....
899......
900.___
901 ____
902.......
903....
904 ____
905.....,.
900..._._
907..___
908.....
909....
910....„
911 ____
912 ____
913,.,.,..
914 .... __
015.__
Roads Miles.
126 93,193
122 96,605
126 90,942
Ill 94,980
99 93,573
88 91,846
79 94,718
75 97,910
67 85,558
55 75,398
08 96,484
65 97,152
53 82,225
52 78,680
50 88,593
49 89,573
44 89,717
48 90,307
48 92,909
46 89,704
July 31.
121 90,918
120 96,048
125 90,290
108 ' 94,604
99 93,573
85 88,374
78 94,573
75 97,910
67 85,558
54 75,141
68 96,484
85 97,152
53 82,225
51 77,616
50 88,593
48 89,249
44 89,717
48 90,307
48 92,909
46 89.704
Year
Given.
Year
Preceding.
Decrease (-).
Miles.
92,413
95,286
90.417
93,906
90,528
89,891
92,947
96,049
83,243
73,629
94,276
96,231
80,944
77,193
85,507
87,624
88,008
88,321
91,304
88,140
%
0.84
1.38
0.58
1.14
3.36
2.17
1.91
1.93
2.78
2.42
2.34
0.95
1.58
1.93
3.61
2.24
1.94
2.25
1.76
1.77
90,118
94,729
90,395
93,530
90,528
86,419
92,802
96,049
83,243
73,372
94,276
96,231
80,944
76,170
85,507
87,300
88,008
88,321
91,304
88.140
0.88 254,840,255 238,948,747 +15,891,508 6.65
1.38 274,635,194 272,821,160 +1,814,034 0.66
0.58 276,240,565 247,351,746 +28,888,819 11.68
1.14321,435,882 298,502,817 +22,933,065 7.68
3.36 336,441,873 299,297,422 +37,144,451 12.41
2.03 317,871,965 288,590,907 +29,281,058 10.14
1.91 400,633,078 369,655,341 +30,977,737 8.38
1.93 462,741,784 408,483,911 +54,257,873 13.29
2.78 365,668,378 372,108,550 -6,440,172 1.73
2.42 334,014,442312,876,815 +21,137,627 6.75
2.34 541,466,463 468,552,630 +72,913,833 15.56
0.95 592,730,696 537,562,604 +55,168,092 10.24
1.58 361,745,684 436,752,181 -75,006,497 17.18
1.90 346,539,778 311,855,551 +34,684,227 11.12
3.61 437,424,445 377,461,389 +59,963,056 15.90
2.26 430,009,431 434,380,212 +4,029,219 1.07
1.94 467,423,390 434,848,109 +32,575,281 7.49
2.25 511,672,156 466,752,751 +44,919,405 9.62
1.76 481,901,747 514,197,818-32,295,871 6.30
1.77 428.064.832 467.801.078 -39.736.246 8.28
$
39,923,091
43,055,387
39,401,085
49,779,446
48,884,012
52,849,645
61,197,348
69,395,816
54,602,603
50,144,735
81,578,288
90,308,407
56,560,742
53,904,004
63,504,951
65,753,422
71,146,556
76,369,850
73,420,804
64,741,032
3•
$
%
38,504,094 +1,418,997 3.68
41,056,206 +1,999,181 4.86
+579,026 1.49
38,822,059
42,625,375 +7,154,071 16.78
46,085,544 +2,798,468 6.07
46,334,619 +0515,02614.06
56,849,967 +4,347,381 7.64
61,980,921 +7,414,895 11.96
55,607,185 -1,004,582 1.80
46,659,292 +3,485,443 7.47
71,186,181 +10,392,107 14.60
80,982,305 +9,326,102 11.52
67,803,094 -11,242,352 16.57
49,721,071 +4,182,933 8.42
58,257,725 +5,247,226 9.02
63,604,420 +2,149,002 3.39
65,264,785 +5,881,771 9.01
72,341,958 +4,027,892 5.57
77,481,852 -4,061,048 5.22
72,024,637 --7,283,605 10.11
Note.-Neither the earnings of the Mexican roads nor the mining operations
of the anthracite coal roads are included in this table.
The Western grain movement fell far below that of
last year, weather conditions having interfered with
the free marketing of the crops. There was a very
heavy loss in wheat and also a considerable loss in
oats. The wheat deliveries in the five weeks ending
July 31 reached only 19,532,000 bushels, as against
no less than 53,541,000 bushels in the same five weeks
of 1914, and the oats receipts for the five weeks were
only 14,739,000 bushels, against 21,853,000 bushels.
Adding corn, barley and rye, the total deliveries of
the five cereals for the five weeks of 1915 were only
52,565,000 bushels, against 92,577,000 bushels in
the corresponding period of last year. Details of
the Western grain movement in our usual form appear
in the following:
WESTERN FLOUR AND GRAIN RECEIPTS.
Barley.
Five weeks
Flour.
Corn.
Oats.
Wheat.
(bush.)
(bush.)
end. tily 31 (bbls.)
(bush.)
(bush.)
Chicago-1915_ __
541,000 4,971,000 8,948,000 8,171,000 1,274,000
884,000
1914_ _
817,000 22,320,000 5,925,000 12,272,000
Milwaukee221,000
476,000
1915__
866,000
1,418,000
280,000
1,487,000
089,000
1914_ _
346.000
1,231,000
532,000
St. Louis21,000
1,440,000
1915._ 292,000
1,611,000
2,923,000
96,000
2,365,000
1914.... 280,000
1,168,000
7,480,000
Toledo140,000
1915.......
272,000
639,000
1,000
272,000
1914_
1,256,000
185,000
Detroit404,000
31,000
206,000
140,000
1915W.
351,000
45,000
142,000
1914_ _ _
318,000
Cleveland1913_ _
345,000
49,000
177,000
41,000
2,000
308,000
56,000
1914____
205,000
231,000
Peoria82,000
793,000
1,515,000
1915-- 158,000
251,000
137,000
1,645,000
161,000
1914_ ___
653,000
730,000
Duluth436,000
298,000
588,000
120,000
1915_
533,000
300,000
1914..
49,000
3,222,000
Minneapolis982,000
683,000
5,5/8,000
666,000
1915_
997,000 1,098.000
1914_
4,760,000
606,000
Kansas City564,000
3,731,000
922,000
619,000
1914_
10,352,000
989,000
Omaha483,000
430,000
1915_
1,456,000
1,237,000
2,366,000
1914_
1,935,000
Total of All1915____ 1,292,000 19,532,000 14,757,000 144739,000 3,271,000
1914_ 1,505,000 53,541,000 13,114,000 21,853,000 3,440,000
Rye.
(bush.)
120,000
175,000
26,000
90,000
18,000
32,000
.8,000
7,000
8,000
15,000
19,000
17,000
164,000
57,000
133,000
266,000
629,000
The cotton movement is not very heavy in July,
but ran a little ahead of that for last year. In this
we have reference to the receipts at the Southern outports, which amounted to 137,624 bales in the month
this year as against 85,173 bales in July 1914. The
shipments overland were 60,834 bales, against 24,827 bales.
AUG. 141915.]
THE CHRONICLE
RECEIPTS OF COTTON AT SOUTHERN PORTS IN JULY AND FROM
JANUARY 1 TO JULY 31 1915, 1914 AND 1913.
July.
Since January
Ports.
1015.
1914.
Galveston
bales_ 57,092 35,034
Texas City, &c
1,841
New Orleans
30,943 18,046
Mobile
1,247
090
Pensacola, &c
1,802 2,636
Savannah
19,548 8,423
Brunswick
Charleston
2,259
642
Georgetown
Wilmington
2,677
52
Norfolk
20,215 10,394
Newport News, &c
8,947
Total
137,624 85,1731
1913. I 1915.
1915.
29,73912,070,894 1,263,707 948,594
4,672 398,290 217,969 267,543
18,6281,195,700 846,606 482,230
2,601
77,364 130,515
71,454
354 87,352
57,521
41,426
14,282 932,109 430,710 302,006
205 154,700 67,900 44,134
1,549 184,589 41,779
50,681
1,857
110
413 166,977
70,023 47,953
9,548 391,294 217,120 169,324
3,420 81,671 106,487 62,615
85,411 5,742,797 3,450,337 2,488,070
EARNINGS OF NORTHWESTERN AND NORTH PACIFIC GROUP.
1915.
1 1914.
1913.
1912.
1911.
1910.
$
I
$
s
s
3
s
Canadian Pao_ 7,447,000 10,041,000 11,993,062 12,052,398 9,661,818
Chic Gt West * 1,104,298 1,082,558 1,204,020 1,069,275 1,010,127 8,869,214
952,841
Duluth S S Sr A
303,845
288,648
320,849 320,143
280,336
311,983
Great North'n 5,598,154 6,840,446 7,694,812 6,468,921 5,745,918
5,792,462
Minn & St La. 790,448
784,717
742,787
738,978
599,395
656,459
M StP &8SM 2,280,880 2,380,785 2,511,124 2,149,897 2,014,101
1,903,210
Total
17.524.625 21.418.154 24.466.654 22.799.612 19.311.695 18.486.169
* Includes Mason City & Fort Dodge and the Wisconsin Minnesota & Pacific.
a Includes Iowa Central.
EARNINGS OF MIDDLE AND MIDDLE WESTERN GROUP.
_
July.
1915.
Buff Roch & P
Chicago & Alt_
Chic Ind & Lou
Grand TrunkI
Cr Trk West}
Det G H&M
Canada Atl_
Illinois Cent c..
Tol Peor & W..
Tol St L & W.
Wabash
Western Md..
Total
1914.
I
1913.
1912.
1911.
1910.
$
3
3
$
3
3
1,005,749
938,084 1,074,791
893,219 822,232
758,904
1,190,199 1,279,438 1,337,056 1,230,611 1,314,901 1,170,992
572,217
596,067
581,890 544,283 543,909
528,187
4,407,946 4,724,017 5,042,103 4,641,868 4,237,383 3,179,896
4,700,863 5,396,122 5,357,908 5,097,005 5,128,212 4,804,791
97,392
114,572
123,581
109,645
102,265
93,903
389,424
402,560 403,984
289,330 335,525
288,342
2,408,339 2,649,453 2,737,816 2,550,011 2,447,442 2,344,431
821,985
712,429
740,658
567,379 587,920 635,116
15.684.114 18.812.742.17.399.787 15.923.351 15.510.789 13.804.562
c Includes earnings of Indianapolis Southern beginning with July 1910.
EARNINGS OF SOUTHERN GROUP.
July.
1915.
1914.
3
Ala Great Sou_
399,214
Ala N 0 dr T PN 0 & N E__
293,154
Ala & Vick*._
124,037
Vicks Sh & P_
121,097
Ches Sc Ohio c_ 3,606,067
Cin NO &TP
766,958
Lou & Nash b_ 4,452,959
Mobile dc Ohio 888,371
Southern Ry__ 5,123,505
Yazoo & M V_
926,234
3
404,262
1913.
1912.
1911.
s
s
s
435,651
374,260
1910.
356,344
s
353,362
333,636
134,216
135,607
3,264,097
831,499
4,803,643
1,098,606
5,705,119
853,191
361,559 319,616
270,373 276,259
148,815
150,045
123,507
134,422
147,320
134,439
108,490
125,417
2,923,785 2,801,974 2,717,589 2,688,695
827,100 776,818
753,261
743,154
4,945,042 4,501,175 4,286,746 4,201,600
1,059,143 942,925
896,704
838,272
5,513,213 5,454,833 4,797,308 4,786,651
807,829
726,167
731,171
671,618
Total
18.701.598 17.563.876 17.169.457 16.182.252 15.041.493 14.819.450
b Includes the Louisville & Atlantic and the Frankfort & Cincinnati.
o Includes Chesapeake & Ohio of Indiana beginning July 1 1910.
EARNINGS OF SOUTHWESTERN GROUP.
July.
Colo & South_
Deny & Rio Gr
Mo K & Tex a_
MoPacific____
St L Southw__
Texas & Pacific
1915.
1914.
1913.
1912.
1911.
S
3
S
S
S
1,092,547
1,965,100
2,520,920
4,710,000
889,000
1,433,397
1,124,405
2,002,000
2,716,701
5,253,000
927,000
1,473,202
1,204,356
2,100,303
2,656,009
5,153,374
1,037.546
1,404,713
1,048,895
2,057,138
2,283,431
5,183,953
1,083,397
1,276,823
1910.
1,157,904
1,977,616
2,154,663
4,436,549
821,228
1,115,716
1914.
Mileage.
Inc. (4-) or
Dec. (-) 1915. 1914.
1913.
To complete our analysis we furnish the following
six-year comparisons of the earnings of leading roads
arranged in groups.
July.
Gross Earnings.
Name of Road.
1.
1914.
493
$
1,343,246
2,049,726
2,140,480
4,139,745
910,487
1,133,010
Total
12.610.964 13.496.398 13.556.301112.933.637 11.663.676 11.716.700
a Includes Texas Central in all the years and Wichita Falls hie from Nov. 1 1912.
Duluth So Sh &
GeorgiaSouth & Fla..
Grand Trunk of Can
Grand Trunk West
Det Gr Hay & Mil
Canada Atlantic..
Grand Trunk Pacific_
Great Northern
Illinois Central
Louisv & Nashville
Mineral Range
Minneap & St Louis.)
Iowa Central
Minn St P & S S M _
Mo Kan & Texas a___
Missouri Pacific
Mobile & Ohio
Nevada-Cal-Oregon._
Rio Grande Southern_
St Louis Southwest_
Southern Railway_ _ _ _
Tenn Ala & Georgia_ _
Texas & Pacific
Toledo Peor & West
Toledo St L & West
Wabash
Western Maryland
Yazoo & Miss Valley_
303,845
191,945
288,648
217,249
4,497.946
4,724,017
y188,879
5,598,154
4,700,863
4,452,959
89,860
790,448
y306,293
-117,414
6,840.446 -1.242,292
5,396,122
-695,259
4,803,643
-350,684
77.749+12,111
784.7171
+5.731
1,104
8,102
4,768
5,034
119
1,646
1,104
7,802
4.769
4.941
121
1,646
2.280,880
2,520,920
4,710,000
888,371
37,215
46,230
889,000
5.123,505
7.426
1,433.397
97,392
389,424
2,408,339
821.985
926.234
2,380,785
2,716.701.
5,253.000
1,098,606
40,640
42.802
927,000
5,705,119
7,195
1,473,202
114.572
402,560
2,649,453.
712,429
853.1911
4,103
3,865
7.283
1,122
274
180
1,753
7,022
97
1,943
247
451
2,518
664
1.382
4,089
3.865
7.2841,122
239'
180
1,753
7,036
97
1.884
247
451
2,515
661
1,372
+15,197
-25,304
626
395
627
395
-226,071 4,533 4,533
-99,905
-195,781
-543.000
-210.235
-3,425
+3,428
-38,000
-581,614
+231
-39,805
-17,180
-13,136
-241,114
+109,556
+73,043
Total (46 roads)
-7,283,605 89,704 88.140
Net decrease(10.11%) 64.741,032
72,024,637i
a Includes Texas Central in both years.
y These figures are for 3 weeks only.
THE ESTIMATES OF LOSSES IN THE EUROPEAN
WAR.
The statement of war casualties given in our issue of
July 10
and reprinted by us from the daily papers, continues
to excite adverse criticism. On July 24 (page 250) we published
a letter from Slason Thompson of Chicago calling attention to
their obvious inaccuracy, and communications in the same
strain have come to us from European subscribers, of which
the following is a sample. We took the figures just as we
found them, not claiming to have any special knowledge on
this subject, but knowing the difficulty of obtaining reliable
statistics, we took the precaution to say that "even their
approximate accuracy could not be guaranteed." It is quite
apparent now that the table ought not to have been reproduced at all.
Edinburgh. 28th July, 1915.
The Editor, The Commercial and Financial Chronicle,
New York.
Dear Sir-In your issue of 10th inst., at page 73, there appeared
a somewhat remarkable table of estimated casualties in the different
European
armies, which was stated to be taken from press dispatches from
London
from official sources. The figures given were so contrary to what
one understood was the truth, that I thought it worth sending them to
one of our
leading experts, who replies that the figures given have no reference
to reality at all. From the official statements made within the last few days as
to the British casualties, you will have seen that your table largely overestimates the casualties, especially amongst the killed: and, as another
example of the apparent inaccuracy of the figures. I may mention that the
number of Austrian prisoners captured by Russia alone up to the end of
March was over 700,000, where your table gives the total of prisoners and
missing as 183.000. On the other hand, the German casualties are substantially less than one takes to be the truth, and looking at the table all
round, one is inclined to ask whether it was really supplied from a British
source at all, and whether by some means it has not been passed off on you
from a German agency with the object of giving a false impression of the
truth. One is accustomed to read your columns in order to get a fair and
unbiassed opinion on current matters of all kinds, and the appearance of a
table which is so obviously inaccurate may make people on this side hesitate about the credibility of other statements made, unless some explanation or correction is being inserted in a later issue.
Yours faithfully,
ALEX. FRASER.
STATE BANKING INSTITUTIONS AND FEDERAL
CONTROL
.
We now add our detailed statement for the month
In an address before the Kansas State Bankers' Convenof July, comprising all the roads from which it has tion at Wichita,Breckinridge Jones, President of the Misbeen possible to procure returns for that period up to sissippi Valley Trust Company of St. Louis, made an aggressive assertion of the right to continued independence of
the present time.
GROSS EARNINGS AND MILEGAE
Gross Earnings.
Name of Road.
Alabama Great Sou__
Ala N 0 & Tex PacNew Orl & NorE'n.
Alabama & Vicks__
Vicks Shrev & Pac_
Ann Arbor
Bellefonte Central_
Buffalo Roch & Pitts_
Canadian Northern_ _
Canadian Pacific___ _
Chesapeake & Ohio_ _
Chicago & Alton
Chicago Great West _ _
Chicago Ind & Loulsv
Cinc New On & T Pac
Colorado & Southern_
Denver & Rio Grande
Denver & Salt Lake
Detroit & Mackinac
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
1915.
399,214
1914.
JULY.
Mileage.
Inc.(+)or
Dec. (-) 1915. 1914.
484,262
15,048
309
309
293.154
333,636
-40,482
203
203
124,037
134,216
-10,179
142
142
121,097
135,607
-14.510
171
171
195,201
191,111
+4,090
294
294
6,360
6,342
+18
27
27
1,005.749
938,084
+67,665
586
586
1,206,100 1,594,300
-388,200 4,965 4,670
7,447.000 10,041,000 -2,594,000 12,921 12,039
3,606,067 3,264,097
+341,970 2,372 2,367
1,190,199 1,279,438
-89,239 1,033 1,033
1,104,298 1,082,558
+21,740 1,429 1,496
572,217
596,067
-23,850
617
616
766,958
831,499
-64,541
336
338
1,092,547 1,124,495
-31,948 1,828 1,867
1,965,100 2,002,000
-36,900 2,585 2,585
157,291
151,079
+6,212
255
255
93,226
98.707
-5,481
400
411
State banking institutions, and insisted that, inasmuch as
local needs and requirements differ in different sections of
the country, these institutions cannot afford to yield up the
principle of local supervision and local domination of their
affairs. He does not argue in favor of the State institutions
remaining out of the Federal Reserve system, but contends
that they should be admitted on terms and conditions such
as will render it unnecessary for them to make any sacrifices
in that respect.
He asserts that if the doors are not opened to the State
institutions in the proper way, "and there becomes crystallized a marked difference between the State banks and the
national banks, it will be only a few years until we see again
the same sort of public agitation and fight against this system
that Andrew Jackson had against the old United States
Bank." He undertakes to show that the State banks are
mportant feeders of the national banks, and that under
494
THE CHRONICLE
present conditions these latter are getting more from the
State institutions than such institutions are receiving in return. To him it seems also that with the right of Federal
note issue taken away from the national banks, the State
banks will stand on the same plane of advantage as the national banks. In Mr. Jones's view, the country is soon to be
confronted with a great political issue. On that point he
says: "That issue is,whether the States are to preserve their
individuality as States or practically become in effect but
counties of the great United States. In these great imperial
States—and each of them is equal almost in production to a
foreign nation—in our great differences of latitude and longitude, we have local questions and conditions that need to be
met, and we must not let our form of government drift into
becoming so centralized that everything is going to be dependent on Washington, with our purely local affairs under
officers down there and far away from our control. Think
of the difference whether the ruling comes from the Comptroller at Washington or from your local officer here. The
officer at Washington knows nothing as to your general local
situation, and every move he makes is upon the idea that Jae
must demonstrate the domination of Federal power and increase the great Federal respect for Federal laws. Unless
there is a change in tendencies, our children will see an issue
that will be as fundamental almost as was the question in the
Civil War namely, whether the States are to preserve their
rights of individual action, or whether everything is to be
controlled from Washington."
The address is as follows:
We may have a paramount interest in our own Institution, and yet,
as bankers, we know that its welfare is interwoven with that of other institutions, not only in our own community, but throughout the country.
In 1853 the banks in New York recognized the weakness or purely individual
action and shortly thereafter came together in a clearing-house association,
through moans of which they unified their resources and gave the strength
of all to every acceptable member. From that time the lessons that came
from that unification of resources have been appreciated and sought to be
crystallized into law. One of the great weaknesses of the national bank
system was the disconnected reserves of so many thousand units, with no
recognized legal means of connecting these reserves with a common reservoir. There was no opportunity to bring the strength of the system to each
of its members. That defect in the law was sought to be remedied in the
Federal Reserve Act. The importance of that result WAS evidenced by the
effort to bring into the system not only the national banks, but tho State
banks. When the Aldrich bill first came from the Monetary Commission,
there was no provision in it for State banks and trust companies. but Senator Aldrich soon recognized the error and enlarged the scope of the bill so
as to include them. The importance of the State institutions coming in will
be clearly demonstrated when you look at a few figures that I will give you.
I do not mean to give you a talk of statistics, but merely to mention a few
general propositions that will, I think, demonstrate the necessity for bringing the State institutions into any system that pretends to meat the financial needs of this great country.
The figures are as of the 30th of June last, as brought together by the
Comptroller of the Currency. There were 7,525 national banks and 19,240
State banks. The term "State banks" includes State banks, trust companies, private banks and savings banks. The national banks had resources
of 11,000 millions, while the State banks had resources of 15,000 millions.
The national banks had individual deposits of 6,000 millions, while the State
institutions had individual deposits of 12,000 millions. The capital, surplus and undivided profits of national banks were 2,049 millions, against
2,358 millions of the State institutions. The larger part, in number and
resources and individual deposits, was on the side of the State institutions.
There was duo from national banks to State banks—that is, the State
banks had. on deposit with the national banks—over 1,022 million
dollars, whereas all the national I banks in the country had on deposit
with other national banks about 1,018 millions. The deposits of the State
institutions with the national banks were greater than the deposits of the
national banks with other national banks. Now, while the State institutions had on deposit with the national banks, say,'1,000 millions of dollars,
the national banks in return had on deposit with the State institutions only
about 74 millions. These figures clearly bring out the fact that the State
institutions have buttressed up the national system and have been of material value to it in preserving and accentuating its importance.
Shifting the reserves of the national banks and the effect of the Federal
Reserve system in that respect on the national banks was one of the most
important and difficult problems before Congress. You all recall the great
discussion about how the national banks in the reserve and central reserve
cities would have their assets depleted and would be greatly embarrassed
if the deposits of the national banks suddenly wore taken away from them.
As a result of the agitated discussion there was worked out a system by
which the reserves of the national banks would be gradually withdrawn from
the reserve and central reserve cities.
That was one of the most difficult problems, and one that caused the national banks the greatest anxiety. When you keep that in mind, and when
you realize that the amount of money kept on deposit with the national
banks by the State banks was greater than the reserves carried by the national banks with their reserve agents, you can appreciate the reasons why
the great national banks in reserve and central reserve cities did not wish
the State banks to come into the Federal system. And you can appreciate,
now, why they will toll you that they are in because they have to be; but
you can see a very enlightened self-interest there when they give you, as a
State institution, advice not to go into that system.
The Government has on deposit with the national banks something like
66 milli& dollars, and you know the talk and feeling there is about the value
of that great deposit and how sensitive the national banks are about the
question of when those deposits will be withdrawn. If they are so sensitive about the withdrawal of 66 million Government deposits, how much
more sensitive are thoy to the facility that the law would give the State institutions for coming into the system, the not result of which, if all come in,
would be that there would bo 1.000 pillions of dollars taken out of the national banks. And St may be that one of the groat reasons why the Federal Reserve Board at Washington has been so slow in formulating rules and
regulations under which State banks may come in was that the Board
[VOL. 101.
thought it wise to protect the national banks from the sudden withdrawal
of the thousands of' largo deposits of the State institutions.
The mention of the subject is enough to let you appreciate its importance.
You realize that the Federal Reserve Board at Washington is altogether in
an atmosphere dominated by the national banks, its members inclined,
whether consciously or unconsciously, to view everything from the national
bank's standpoint; that they look upon the national banks as the financial
agents—part of the fiscal system—of the United States. Having that viewpoint, you can appreciate how anxious they are not to do anything with the
State banks that will enable the State banks to do something that might
greatly embarrass the national banks. No,national banker would draw
attention to that, and the Federal Reserve Board, in its discretion, has not
drawn any attention to it. Yet, if you go back to the discussions that took
place before the committees during the time that the Reserve Act was being
considered by Congress, you will find that the national banks were keenly
alive to the question of shifting reserves from them.
I wish you would keep that question in mind whenever you think of what
would be the effect if the Federal Reserve Board had so construed the Act
as to have especially invited and facilitated the State banks in coming into
the Federal system. May not that question of shifting the reserves of
the State institutions have been one of the deciding questions that has led
to the action of the Federal Reserve Board in the way it has delayed the
matter of formulating the rules and regulations as to the way the State
institutions should be admitted? Later. when I come to that question, I
am going to bore you somehwat by reading a legal argument showing that
the reason why the State institutions have not gone into the system is not
so much a defect in the law as a defect in the construction given to the law
by the Federal Reserve Board. The written argument, as I will give it to
you, was submitted to the Reserve Board apparently without effect. I
submit it hero to you, hoping that your influence will aid in inducing the
Reserve Board to do what I claim the law intended it should do—that is,
admit trust companies and State banks to the Reserve system under their
existing charters and under such limitations only as were expressly set out
in the Federal Reserve Act, and especially under Section 9 thereof.
Now, having given you these figures as regards the United States at
large, it might be interestinz to you to see the facts as to District No. 10,
your own district. In District 10 there are 836 national banks and 2,588
State banks. The national banks in District 10 have capital, surplus and
undivided profits of 105 millions, as against 88 millions in the State institutions; individual deposits in national banks amount to 365 millions, as
against 326 millions in the State banks. So that, as regards the capital
and surplus and individual deposits in this district, there is a preponderance
in favor of the national banks. But the State banks of this district have on
deposit with the national banks 57 million dollars, while the national banks,
in return for that splendid help, have on deposit with State institutions 2
million, 848 thousand dollars. You can see in all of these figures how the
State institutions feed the national banks and what a meagre return they
got. Now the State institutions in this district have on deposit with other
State institutions 14% million dollars, and, in return for that, the State
institutions have with other State institutions in this district a return of
10% million dollars. So, while you give 57 millions to the national banks,
you get in return from them 2 million, 848 thosuand: you give to the State
institutions 143 millions, you get in return 103-i millions.
It would seem there should be a lesson in that for the State bankers,
showing that they get a bigger return in reciprocal business from the State
institutions than they get from the national institutions.
At this time and under the laws that are in force in the groat financial
centres, notably Chicago, New York, St. Louis and Kansas City, that the
State institutions are in position to give you a far more ample return for
the business you give them then it is possible for a national bank to do under
the limitations under which it is operating. A little head work on the part
of the State bankers in this district might cause such a readjustment of
their balances, and the return would be so substantial, that, when applied
to the State of Kansas, you would find that you would have much of your
own money back here at home to moot your actual demands at the seasons
of the year when you require it. When you put 14% millions with State
institutions you get back 10% millions. Why continuo to put 57 millions
with national banks when you get back less than 3 millions?
In the State of Kansas you have 213 national banks and 931 State banks.
The national banks have capital, surplus and undivided profits of 21 million
dollars, in round figures; the State institutions 30 millions. In individual
deposits, national banks have 67 millions, as against 08 millions in State
institutions. You can see that in Kansas your State institutions represent
a far greater power and influence with the people than the national institutions, and this, notwithstanding the fact that the national system has
been in forco for more than fifty years; and yet, with all the advantages
that could come from being in the national system, tho needs of the State
of Kansas have called for something that they could not get from a national
bank, and the response to that call is 931 State institutions. These State
banks, under your own law, are more responsive to your local needs, in
closer touch with all of your afilairs, than the national banks could possibly
be, because the national bank must operate under the same general law
whether it is in Maine, Florida, Kansas or California. In the very nature
of the case it cannot be so flexible and so readily responsive and adjustable
to the needs of the community as can be your State institutions. I think
that is demonstrated by those figures.
In Kansas your State banks have on deposit with 'national banks over
16 million dollars. How much deposits have the State banks in Kansas
from national banks as against this 16 millions? The magnificent amount
of 541 thousand dollars.
Think of all the agitation about banking that there had been in this
country prior to 1850. The great political upheavals that there had been
about banking. The defects of the system. How interested all the people were—and yet you have to-day in Kansas deposits in your State institutions greater than were the deposits of all the State banks in the United
States in 1850. Do you realize your power? Do you recognize what
might be the benefits of active and intelligent co-operation?
Now, what has been the history of national banks in Kansas, so far as
having a solidity that was better than the State banks? There have been
organized in Kansas, since the National Bank Act has been in effect, 359
national banks. One in ton of all the national banks over started in Kansas
has failed. Thirty-seven of them went into insolvency and 108 of them have
liquidated. There are 145 national banks out of 359 that have gone out of
existence, leaving 214 now in existence.
When you get the above figures definitely before you, you can see how
Important It will be to the Federal Reserve system to have the State institutions in that system, especially when the Federal Reserve Act purposes
to establish a national clearing-house system—to do the clearing for its
member banks; and when it expressly provides on its face for the collection
of chocks by these Federal regional banks. There are to-day,I belleve, less
than a baker's dozen of State institutions members of the Federal Reserve
system. Last April there were eighty-odd applications, but those applications have matured only to the extent, I think, of about a dozen. The Fedarea Reserve banks may be able to livo, but they can never meet the WU
AUG. 14 1915.]
TIIE CHRONICLE
495
fruition of those who drafted the Act and meet the general financial needs of as you bankers in Kansas have done, I think you will have rendered a great
this country until the door is open so wide and under such favorable condi- State service.
tions as will induce the State banks to come into that system.
I believe it can be demonstrated that it was the intention of the Congress
FURTHER SLIGHT DECREASE IN NUMBER OF IDLE
of the United States in passing that law to have the State institutions in,
CARS.
and Congress expressed the limitations that it wished to put on, and they
were livable limitations—conditions that we could sumbit to; but the
The number of idle cars on the railroads of the United
Federal Reserve Board has gone beyond that. For instance, in a letter
that it sent to State institutions, it asked:"What part of your charter powers States continues to diminish very slowly. On the 1st of
do you propose to exercise?" Congress said that State banks and trust August the number idle was still 265,131, which compares
companies, whether incorporated under general or special laws, could come with 198,998 a year ago, when the number was already large.
in under certain specified conditions. The Federal Reserve Board has gone
beyond that, and I will read to you in a few moments just what they have During the month just passed the decrease was only from
said on that subject. If it had construed that law as I think Congress in- 276,421 to 265,131. These figures are taken from the
tended it to be, there are only two or three or four reasonable objections latest statement
of the American Railway Association,
that I can see to the State institutions going in. Some of those objections
could be readily removed; some of them are inherent in the system itself. which we print below in full:
For instance, you speak of having to take stock in the Federal Reserve
THE AMERICAN RAILWAY ASSOCIATION.
Bank, and whether that would pay. That is a question that you cannot
New York. August 10 1915.
avoid, and you have to stand equally if you go in with the national banks.
The committee presents herewith Statistical Statement No. 7 giving a
And, as I view it, that is not so material. The amount of stock you would summary of freight car surpluses and shortages for Aug. 1 1915, with
take is not so largo that the reduction of the earnings on that particular comparisons:
(Aug.' 1915
265,131
part would be embarrassing.
Total surplus July 1 1915
276,421
But Federal control and examination from Washington, with all that is
Aug. 1 1914
198,998
meant in non-resident control, in the very nature of the case spells a control
The surplus for Aug. 1 1915 shown above includes figures reported since
not responsive to local conditions. That is an inherent objection. It the issue of Statistical Statement
No. 6.
cannot be entirely removed, but it can be mitigated. Instead of having
The decreases in surplus under July 1 1915 are chiefly in Groups 2 and 4
these reports made to the Comptroller and the examination made by his (East) in coal and gondola cars. There are also decreases
in the surplus
representatives, if the examinations were made by the regional banks under of box cars in Group 5 (Southeast) and Group 8 (Central), which are
examiners subject to their control, we would have a much improved condi- offset by an increase in the surplus of box cars in Group 6 (Central North)
.
tion. A majority of the directors of the regional bank—control of the board
Aug. 1 1915
888
Total shortage{July 1 1915
of directors of the regional banks—is in the hands of the member banks in
785
Aug. 1 1914
2,333
the district. Those constituting this majority are bankers familiar with
The figures by classes of cars follow:
local conditions and responsive to the local situation. Instead of you bankClasses—
Surplus.
Shortage.
ers in Kansas being under an examiner appointed by the Comptroller at
Box
132,342
352
Washington and responsible only to him, you should be under an examiner
Flat
12,666
99
appointed by and reporting to the regional bank at Kansas City, which
Coal and gondola
74,488
414
regional bank is controlled by bankers selected by the member banks in
Other
45,635
• 23
States around you. I think you would not be subject to insuperable difficulties if you were sure that the man who examines your Kansas bank or
Total
265,131
888
trust company was a man experienced in the laws of Kansas and familiar
ARTHUR HALE, Chairman,
with conditions there; but, if you go in under the national law as It now is,
Committee on Relations Between Railroads.
the examiner who comes to examine you may bo from across the continent.
An ex-national bank examiner, whose entire experience had boon in Texas,
told me he was once sent to examine a Minnesota bank. The result necesGAINS AND LOSSES IN THE FOREIGN TRADE.
sarily was embarrassing both to the bank and to him. That is one of the
The Government under date of Aug. 10 published the fordefects of the system. I do not mean, in any way, to reflect on the character, intelligence or good faith of the members of the Federal Reserve eign trade figures showing the exports and imports between
Board or the Comptroller. I am discussing the system and not individuals. the United States and each of the leading nations
of the world
The national banks are not subject to so much embarrassment, the laws
relating to national banks being the same throughout the country. But for the month of June and for the twelve months ending
each State has its own individual laws affecting its banks and trust com- with June. The disappearance of our exports to Germany
panies. What would be your chagrin if you wore a Kansas trust company continues to be a striking feature of these foreign trade staand a member of the Federal Reserve system and the Comptroller at Washington should sent to examine you a national bank examiner from Florida? tistics, the total value in Juno 1915 being but $1,767, as
against $16,678,846 for the corresponding month in 1914.
How could he take your measure with a national bank yardstick?
If you, as a Kansas bank, became a member bank, your discounts will Similarly our exports to Austria-Hungary
and Belgium are
go to your regional bank;the rate of discount is there: there your reserves are
kept; and there your reports must go to enable the regional bank to pass on visibly affected, the former having dwindled to nothing in
your credit. Why should the appointment of the examiners come from June 1915, as against $1,438,221 in 1914, and the latter to
Washington and absolute domination of the examiners come from Wash$1,583,746 in June 1915, against $4,384,664 in 1914. On
ington?
Without going into the whole question of what the collection system is the other hand,the value of our exports to France, the United
going to be, it may be said in passing that there will be, I think, a very dis- Kingdom and Italy registers marked increases; in the case of
tinct effort on the part of the Federal Reserve Board to so handle that power
the last-mentioned country, where our exports in June 1914
and that system of collections as to put the State banks at a disadvantage
and try to force them into the Federal system. And it may be, unless the wore only $5,705,570, for June 1915 they reach $15,182,873.
doors are open so that we can come in, the State institutions will be forced Our exports to France increased from $6,885,033 in 1914 to
into having a State clearing house, possibly as planned in Georgia at this
$43,107,426 in June 1915, while to the United Kingdom our
time, or into making up a system of their own that will enable them to transact business in a way so that they can readily compete with the national exports have risen from $36,434,342 to '48,181,045. Russia,
banks; and, if these doors ate not opened, and there becomes crystallized too, is now taking goods and commodities on a considerable
a marked difference between the State banks and the national banks, it
will only be a few years until we see again the same sort of public agitation scale, our shipments thence for Juno 1915 having been valued
and fight against this system that Andrew Jackson had against the old at $13,914,312, against only $1,601,508 in Juno 1914.
United States Bank.
In many instances the value of our imports from the difNow, if Congress will make a few amendments, and the Reserve Board
will construe that we may come in as Congress intended that we should, ferent nations of the world also show substantial changes.
under our charters as they are, subject only to the limitations mentioned, From Belgium we received in June 1915 imports valued at
then I think the doors will be open and we can safely go in; and when that only $51,717, as compared with $3,072,054 in Juno 1914.
is done, I can see no reason why a bank should be a national bank at all.
The right of issue having been taken away, the main Federal reason for its Our imports from Germany fell from $14,826,509 in June
existence is gone. The State institutions would be free to do everything 1914 to $1,827,889 in June 1915.
that the national bank can do. But it is the fear of that question that
As showing the complete collapse of our direct foreign
keeps the great men in Washington from acting in this matter. Under the
national bank system, as you know, they all act and work together. One trade with Germany since the outbreak of the war, it should
whip cracks and every trace stretches all along the line. The State insti- be noted that for tho twelve months ending June 30 1915
tutions are not that way.
United States exports to Germany reached only $28,863,354,
This meeting gives me great pleasure. It is the first bankers' convention
I have ever seen, whether it was State or national, that was not dominated against no less than $344,794,276 in the previous fiscal year,
by the national banks. I wish to cordially commend the action which you and the exports to Austria-Hungary were only $1,240,167,
have taken. I think it is distinctly to the interests of the State institutions
against $22,718,258, while the imports from Germany were
that you should have your State association. I wish we had one in our
State. With only your State banks in your association, you view things valued at $91,872,711, against $189,919,136, and from Ausfrom your own standpoint and you are laying the foundation for a part in tria-Hungary $9,794,418 against $20,110,834. Of course,
a great political issue that soon is going to be before our people. That issue much trade with the Teutonic
Allies was done through other
is, whether the States are to preserve their individuality as States or practically become in effect but counties of the great United States. In these countries. Accordingly, it is found that our exports to the
great imperial States—and each of them is equal almost in production to a Netherlands were $143,267,019 against $112,215,673; to
foreign nation—in our great differences in latitude and longitude, we have
Norway $39,074,701 against $9,066,610; to Sweden $78,273,local questions and conditions that need to be met and we must not let our
form of government drift into becoming so centralized that everything is 818 against $14,644,226, and, most important of all, to
going to be dependent on Washington, with our purely local affairs under Italy$184,819,683 against$74,235,012,though now that Italy
officers down there and far away from our control. Think of the difference
has also joined the Entente Powers that country is no longer
whether the ruling comes from the Comptroller at Washington or from your
local officer hero. The officer at Washington knows nothing as to your available for transshipment of supplies to Germany. Belgeneral local situation, and every, move he makes is upon the idea that he gium being prostrate, its commerce has also dwindled to small
must demonstrate the domination of Federal powor and increase the great
Federal respect for Federal laws. Unless there is a change in tendencies, proportions, exports thence having been only $20,662,315
our children will see an issue that will be as fundamental almost as was the against $61,219,894, and imports $10,222,860 against $41,question in the Civil War, namely, whether the States are to preserve their 035,532. On the other hand, our exports to the United
rights of individual action or whether everything is to be controlled from
Washington. And if the State bankers in the other States of the Union will Kingdom and to France have mounted to prodigious figures.
take the initiative and come along and do things from the State's viewpoint, To the former they have been $911,792,454 against $594,-
in
A
I
[VOL. 101.
271,863, and to the latter $369,397,170 against $159,818,924.
In the import trade, however, France fared scarcely better
than Germany, the French importations into the United
States in the latest year having been only $77,158,740 against
$141,446,252, while even the British imports hence in the
latest year have not quite reached the previous year's:figures,
ing been $256,351,675 against $293,661,304.
The table as compiled by the Bureau of Foreign and Domestic Commerce of the Department of Commerce follows:
The increase in the exports for June 1915 in the item
"miscellaneous" of over 10 million dollars arises from the exportation of horses in that month to the value of $8,093,419,
and of mules to the value of $2,542,302. The total value of
horses exported during the twelve months ended June 30
1915 was $64,046,534, of mules $12,726,143, and of seeds
$3,757,079.
—Month of June— -12 Mos. ended with June1915.
1914.
1915.
1914.
$
$
$
$
DECISION OF COMMERCE COMMISSION IN WESTERN
RATE ADVANCE CASE.
The decision rendered on Wednesday by the Inter-State
Commerce Commission on the application of 41 roads in
Western Classification territory for increases in rates on a
limited number of articles is very disappointing, as the tota
amount of the advances allowed is so small as to afford
practically no relief. According to the prevailing (majority)
opinion, the aggregate freight revenues received by the 41
roads in the fiscal year 1914 were approximately $641,000,000
and the total increases asked were $7,604,247. The opinion
does not give any estimate as to the aggregate increase of
revenue permitted, but one of the two dissenting Commissioners, Mr. Daniels, says that it will hardly exceed
$1,600,000, or about one-quarter of 1% of the total freight
revenue of the carriers for 1914.
The Commission summarized its findings in the case as
follows:
Imports from—
Grand Divisions:
Europe
North America_ _ _
South America_ .._
Asia
Oceania
Africa
Total
44,613,923
50,061,885
26,210,389
26,715,195
5,516,429
4,577,319
69,100,120
44,447,186
17,118,282
21,260,120
4,113,917
1,489,825
614,354,645
473,079,796
261,489.563
247,770,103
52,522,552
24,953,081
895,602,868
427,399.354
222,677;075
286.952,486
42,144,398
19,149,476
157,695.140 157,529,450 1.674,169,740 1,893,925,657
Principal countries:
Austria-HungaryBelgium
France
Germany
Italy
Netherlands
Norway
Russia in Europe..
Sweden
United Kingdom_
Canada
Mexico
Cuba
Argentina
Brazil
China
India, British........
Japan
Australia
226,233
51,717
5,350,919
1,827,889
5,388,992
2,610,206
462,871
148,189
845,269
23,134,111
14,862,880
8,325,238
22,137,394
7,639,905
8,605,678
4,166,276
7,577,760
7,505,792
2,769,547
1,314,963
3,072,054
9,359,121
14.826,509
5,090,014
2,906,920
687,243
960,917
1,214,321
24,679,263
15,276,397
8,313.462
16,989.960
3,793,469
5,656.906
3,048,855
5,311,048
7,399,675
1,343,190
9,794,418
10,222,860
77,158,740
91,372,710
54,973,726
32,518,890
10,668,864
2,512,381
11,661,337
256,351,675
159,571,712
77,611,691
185,707,901
73,776,258
99,178,728
40,156,139
51,982,703
98,882,638
23,705,010
20,110,834
41,035,532
141,446,252
189,919,136
56,407,671
36,294,010
9,197,265
20,831,184
11,590,107
293,661,304
160,689,709
92.690,566
131,303,794
45.123,988
101,329,073
39,382,978
73,630,880
107,355,897
17,088,534
Exports to—
Grand Divisions:
Europe
181,487,096 90,310,794 1,971,432,182
North America.._ 46,637,985 42.193,673 477,081,320 1,486,498,729
528,644,962
South America_ _ _ 13,744.090 7,573.487
99,323,957 124,539,909
Asia
13,648,403 7,252.349
114.467,505 113,425,616
Oceania
9,534,777
7,437,711
77,764.725
83,568,417
Africa
3,495,065 2,304,030
28,519.651
27.901,515
Total
268,547,416 157,072,044 2,768,589,340 2,364,579,148
Principal countries:
Austria-Hungary_ _____-1,438,221
1,240,167
22,718,258
Belgium
1,583,746 4,384,664
20,662,315
61,219,894
France
43,107,426 6,885.033 369,397,170 159,818,924
Germany
1,767 16,678,846
28,863,354 344,794,276
Italy
15,182,873
5,705,570 184,819,683
74,235,012
Netherlands
7,651,762 10,745,970 143,267,019 112,215,673
Norway
1,107,216
466,615
39.074,701
9,066,610
Russia in Europe_ 13,914,312
1,601,508
37,474,380
30,088,643
Sweden
2,019,448
1,048,847
78,273,818
14,644,226
United Kingdom._ 88,181,045 36.434,342 911,792,454 594,271,863
Canada
29,561,783 28,231,548 300,692,405 344,716,981
Mexico
3,904,174 2,497.056
34,164,447
38,748,703
Cuba
6,935,267 5,288,486
75,530,382
68,884,428
Argentina
5,250,300 2,324,289
32,549,606
45,179,089
Brazil '
3,213,078
1,734,508
25,629,555
29,963,914
China
1,879,800
2,329,113
16,402,475
24,698,734
India, British..
1,196,310
1,095,605
11,696,094
10,854,591
Japan
4,510,360
1,670,961
41,514,792
51,205,520
Australia
5,658.213 4,034.589
43,620.676
45.775,216
Another sot of figures in connection with our foreign trade
equally interesting is the classification of the imports and
exports in groups, so as to show the amounts consisting of
crude materials, of foodstuffs and of manufactures. The
exports of foodstuffs in June 1915 were no less than $72,348,811 as against only $31,122,280 in June 1914. For the twelve
months ending June 1915 the foodstuffs total runs far above
that for 1914, being $959,832,339 as against 30,713,457.
Our exports of manufactures for the twelve months ending
June 1915 amounted to $1,166,093,728 as against $1,099,132,210.
—Month of June— —12 Mos.ending,with JuneGroups.
1915.
1914.
1915.
1914.
Imports—
$
Crude materials for
use in manufac'g_ 61,347,388 50,735,653 575,143,070 632,865,860
Foodstuffs in crude
condition and food
animals
18,079,203 18,317,964 223,787,245 247,947,621
Foodstuffs partly or
wholly manufac'd 29,558,073 27,404,077 284,970,346 227,644,329
Manufactures for further use in mfg
24,590,056 25,412,120 237,946,316 319,275,483
Manufactures ready
for consumption.._ 23,651,230 34,585,915 336,263,458 449,318,214
Miscellaneous
469,190
1,073,721
16,059,305
16,874,145
Total imports_ _157,695,140 157,529,450 1,674,169,740 1,893,925,657
Exports—
Cr
Crude
"
P materials for
use in manufac'g_ 30,478,641
Foodstuffs in crude
condition and food
animals
25,954,226
Foodstuffs partly or
wholly manufac'd 46,394,585
Manufactures for further use in mfg_ _ _ 40,242,472
Manufactures ready
for consumption.._110,376,849
Miscellaneous
10,698,278
Total domestic exports
264,145,051
Foreign merchandise
exported
4,402,365
32,872,355
509,436,254
11,047,074
507,064,610
137,495,121
20,075,216
452,767,729
293,218,336
31,755,039
357,459,326
374,224,210
58,070,6774
285,102
808,634,402
80,816,144
724,908,000
7,122,249
792,716,109
154,105,460 2,716,178,465 2,329.684,025
2,966,584
52,410,875
34,895,123
Total exports_ _ - _268,547,416 157,072,044 2,768,589,340 2,364,579,148
1. Proposed increased carload rates on grain and grain products considered as one commodity, not justified.
2. Proposed increase from 30,000 pounds to 40,000 pounds in the mini mum carload weight of grain products, justified.
3. Proposed increased carload rates on livestock, not justified.
4. Proposed increased carload rates on packing house products and fresh
meats, except as indicated between points on the Missouri River, not
justified..
5. Proposed increased carload rates on fertilizer and fertilizer materials,
not justified.
6. Proposed increased rates on bituminous coal, except as to South
Dakota points, justified. The rates on coke proposed, which are the same
as on coal, justified.
7. Proposed increased carload rates on brewer' rice and less than carload rates on domestic rice, justified.
8. Proposed increased carload rates on broom corn, not justified.
9. Proposed increased import rates and proposed increases in carload
minima from Gulf ports, justified.
10. Proposed increased carload rates on fruits and vegetables, justified.
11. Proposed increased carload rates on hay and straw, where not in excess of Class C, justified.
12. Proposed increased any-quantity rates on cotton piece goods and proposed increased carload rates from points in Texas, not justified.
The general region in which the increases were proposed
includes the states of Illinois, Wisconsin, Minnesota, North
Dakota, South Dakota, Colorado, Nebraska, Iowa, Kansas,
Missouri, Arkansas, Louisiana, Texas, Oklahoma and New
Mexico. Indiana, Kentucky and Alabama are also affected
as regards coal traffic. The greater part of the territory involved is comprised within well defined districts subject to
the jurisdiction of throe distinct agencies—the western trunk
line committee, the southwestern tariff committee and the
trans-Missouri ffeight bureau. The new rates become
ffectivce Sept. 30 1915.
The record is, as the Commission says, very voluminous,
hearings having been in progress since November 1914. The
proceeding is the fourth in a series of requests for general
increases in freight rates. In the first two, decided in February 1911 the proposed increases were denied. In the third
or so-called five per cent case, the Commission in July 1914
granted permission to increase certain rates in central freight
association territory, but in a very restricted way and by a
supplemental finding it extended this permission to increase
rates to trunk line territory as well, also with important
qualifications. In the case just decided,the roadsacting upon
the suggestions of the Commission in the five per cent case,
instead of asking for a uniform percentage basis of increase,
singled out "a relatively small number of articles of heavy
movement in the territory affected," which it is claimed are
not now carrying their equitable share of the costs of transportation. These, it is stated, move mainly in carloads, and
specified increases in rates thereon were proposed as well as
changes affecting minimum weights. In other related proceedings pending before the Commission increased charges
are proposed for special services, also increased rates on a
number of miscellaneous articles as well as increases in passenger fares. It will be seen from the citations below that the
dissenting Commissioners, Messrs. Daniels and Harlan, hold
that the roads acted in entire good faith in making their
request and should have been accorded the relief asked for
by them.
The following quotation from the majority report is of
interest:
AUG. 141915.]
THE CHRONICLE
497
The aggregate additional revenue which would annually accrue to financial mismanagement end other roads parties hereto, such as the Alton,
the carriers by reason of the proposed increase in freight rates was originally have in the past been wrecked Or plundered. There can be no question of
estimated by them at $10.000,000. This estimate, however, apparently these facts. There can be nothing said in extenuation or mitigation of
included savings that would arise from the elimination of certain special them. And it has therefore resulted that a widespread disbelief exists
transportation services and revenue from higher charges collected for such in the general integrity of railroad management, and that a skeptical attiservices. As previously indicated, these special services have been trans- tude has been assumed by many toward the plea advanced that railroad
ferred to another docket; and the proposed increase in passenger fares is also earnings are inadequate and that increased rates are warranted.
It would nevertheless appear that, while the severest condemnation
suspended in another proceeding. From various estimates of record made
by witnesses for the protestants and the respondents, and based upon the of these practices should suffer no particle of abatement, the time had at
table
is
compiled
following
the
disagreed,
last
higher figure where the estimates
come to take a discriminating view of the effect of refusing rate inas indicating roughly the annual increase in the carriers' revenue were the creases otherwise just and reasonable because of a widespread resentment
at evils perpetrated in the past by dishonest or designing railroad officers
tariffs involved in this proceeding allowed to go into effect:
$2,940,237 or their allied financiers. Such a policy visits in large measure the same
Grain and grain products
1,500,000 penalty upon the proprietors of a railway conducted with integrity and
Live stock
1,500,000 honesty as upon the luckless shareholders of a looted road. In either case
Packing-house products and fresh meats
175,000 those who suffer from its effects are not those who have profited by the
Hay and straw
31,623 wrongs perpetrated in the past. It is therefore suggested that the approBroom corn
1,226,122 priate remedy is the prosecution and punishment of the individual offenders,
Coal
134,265 not the continued withholding of adequate rates to the carriers as a whole.
Fruits and vegetables
42,000 In bank management this distinction has in large measure been recognized.
Rice
Import rates
55,000 The bank official who misapplies or misappropriates funds can do so only
under the shadow of the penitentiary. But because there have been numerTotal
$7,604,247 ous instances of banking defalcations, no one would seriously suggest that
For the 41 roads included in the carriers' exhibits, the total freight banks generally should be prevented by law from raising the rate of disrevenues received in the fiscal year 1914 were approximately $641,000,000. count in case competitive conditions warrant. Similarly in considering
It appears, therefore, that the increases proposed in the present proceeding propositions involving more or less general increases of rates, the question
would fall within 2 per cent of the total freight revenue. Such additional should be judged in the light of the evidence of the adequacy or inadequacy
freight revenue as might accrue from tariffs under suspension in Investi- of the carriers' revenues as a whole, and in the light of the reasonableness
gation and Suspension Docket No. 606 might possibly bring the total in- or unreasonableness of the particular rates proposed, and neither prejudged
crease to 2 per cent of the carriers' freight revenue for 1914. The amount nor complicated by considerations of individual instances of corporate
of additional revenue from liroposed increases in passenger fares is not of mismanagement.
*
*
*
*
*
*
*
*
*
*
*
*
record in this case.
In all these particulars the carriers now before us have avoided or have
Inasmuch as the work of railroad valuation by tee Commission has not
as yet sufficiently advanced to afford definite knowledge of the true value sought to avoid the criticism leveled at the carriers in the Five Per Cent
of the railroad properties involved in this proceeding, we are confronted case. Instead of advancing rates generally by a uniform percentage, they
at the outset with the problem of finding an appropriate method, if such have selected particular commodities which they aver do not bear their
there be, whicn might aid in determining the reasonableness and propriety fair share of the cost of transportation. Instead of proposing no increase
of the proposed increased rates. It is hardly necessary to say that the duty in passenger fares they have proposed a systematic increase in those fares,
of determining the justice and reasonableness of rates devolved by law upon and the hearing thereon in a separate but related proceeding has already
the Commission prior to the authorization by Congress of the work of val- been had. Instead of leaving untouched their rules and regulations relating
uation, and that the Commission has been obliged to determine this issue to minimum weights and similar matters, the carriers have overhauled
without having available for its use authoritative valuations of the car- these rules and regulations, and have proposed their change or amendment.
riers' property. In approaching this problem we shall first study variations in part in the instant case and in part in related cases, some of which have
In the operating ratio for recent years. We shad next analyze the invest- already been hoard and some of which are scheduled for speedy hearing.
ments of carriers since 1907 and the concomitant variations in the revenue The carriers in the present case, moreover, have opened their books of
returns. Our accounting rules have been in force since that date, and the account freely to the representatives of the State Commissions and of this
statements of additions and betterments to property and the contempo- Commission and permitted free access thereto to the accountants and
raneous revenue returns are believed to be substantially accurate. We examiners in the employ of the State Commissions. It is not apparent
shall thereafter analyze the variations in the carriers' revenues as compared how the carriers could have complied more fully with the suggestions of this
with the book cost of their property, a procedure hitherto employed, but Commission made in the Five Per Cent case as to the propriety of a plan
always with acknowledgment of the unverified character of the book cost of procedure.
in 1907 and tile infirmity which its inclusion in subsequent figures of book
The short dissenting opinion of Commissioner Harlan
cost entails. Next in order will come an analysis of such evidence as is of
contains
the following remarks which, because of their fairrecord with reference to valuations made by State commissions, by the carriers themsevles in some instances, and by engineers who have testified in ness, also 'deserve particular approval and attention:
'While the record shows that the Southwestern lines are less strong
this case. Finally, before undertaking the study of increases proposed on
individual commodities, we shall scrutinize the evidence bearing upon the financially than other lines in this western country, it also shows that
the respondent carriers as a whole are in need of additional revenues.
financial experience of the carriers as regards their returns and their credit.
It is therefore but just to the owners of these properties that there should
We also cite further from the majority report:
increase in their rates and the public interest requires this if the
There remains to be mentioned the possibility that particular carriers, be some
of service is to be maintained. Aside, however,
by reason of financial mismanagement reflected in their operating methods, present high standard
financial condition of the respondent carriers my examination
the
from
have been uneconomical and wasteful in expenditure and have thus unled me to the conclusion that the increases in rates pronecessarily increased their operating ratios. It does not appear that any of the record has
respondents have been justified. Unlike the course pursued
uniform relationship can be traced between the present level of the operat- posed by the
in
the
Five Per Cent Case, 31 I. C. C., 351, the respondents
carriers
ing ratios of carriers whose financial administration has been culpable and by the
horizontal increase in all their rates. On the conof the remaining carriers. Similarly, instances of notable increases in the have not attempted a
increase on but 10 commodities.
Operating ratio do not seem to be confined to roads such as the Rock Island trary, they have proposed an
of our original report in that case, they
suggestions
Following the
or tho Frisco. The negative conclusion reached in this connection is but
structures
and have selected commodities on
rate
examined
their
have
confirmatory of the fact that the general increase in the operating ratio is
unduly low: they have also proposed charges
traceable to deep-seated underlying causes which have affected carriers which the present rates seem
for special services now being performed free or without adequate charge.
generally through increased operating costs.
their rails and every special
It may be urged that the financial experience of carriers in this period Manifestly, each commodity moved over
to contribute reasonably
has been that of industry generally; and unquestionably it is true that they service performed for a shipper should be made
principle insisted
often encounter and should be expected to encounter the same ups and and equitably to the revenues of the carriers. This is a
Per Cent Case, supra, and I am
downs of financial fortune as affect industry at largo. A complete upon in the original report in the Five
endeavored
in good
have
respondents
from
the
record
that
the
satisfied
comparison of the relative prosperity of the carriers as against industries
upon that basis in the tariffs here under suspension.
in general is not possible from data of record. But there is force in the con- faith*to act
*
*
*
*
*
*
*
*
*
*
*
sideration that public service industries are under some disabilities from
Several thoughts are suggested by the immense record before us in
which private industries are exempt. The former may not discontinue this proceeding: (a) Too much time and labor are expended in these reoperation even thougn not earnings decline or vanish; nor may they meet curring rate contests, and some way should be found under legislative
rising costs with as free a hand as other industries which advance their authority for arriving at results more promptly than is now possible under
prices without the possibility of governmental restraint. Transportation, our present powers and practices. (b) The Commission should have authormoreover, unlike many branches of manufacture or commerce, is a quasi ity, as we have often pointed out, to fix the minimum as well as the maxipublic function, indispensable to industry generally. So long as the ser- mum rate. The sincere efforts of carriers toward a fair and non-discrimvice is intrusted to corporate administration and the funds supplied by inatory rate adjustment often fail because of the necessity of submitting
private investors, revenues sufficient to afford a return which will ade- to the rates and practices initiated by weaker and more circuitous lines in
quately remunerate the investment and secure the facilities required by their pursuit of traffic. (c) The time is rapidly approaching when the
the community have a justification which does not equally attach to every public interest will demand a more effective control by the Commission
branch of private undertaking.
over rates initiated or compelled by State authorities. With respect to
The lengthy dissenting opinion of Commissioner Daniels, a great volume of traffic inter-State commerce is now bearing a burden
which, as above intimated, vigorously opposes the views of under rates admittedly reasonable that should be spread over State commerce, as well. (d) A uniform classification upon a normal basis, applicable
the majority, says in part:
throughout the entire country, and with it a normal rate structure in some
In the essential outcome of the majority's report I am unable to concur, such form as was prescribed in the Express Case, 24 I. C. C., 380, having
believing that on the record the carriers have in general sustained the sufficient elasticity to allow for varying operating costs, density of traffic.
burden of proof cast upon them by the statute and are of right entitled to circuitous routes, competitive and other conditions under which transincreases in rates productive of revenue far in excess of what they are portation is conductedin different parts of the country, may be possible
accorded by this decision. The reasons for my concurrence or non-con- of attainment, and I am satisfied that some effort looking to that end should
currence in particular findings will be stated later in some detail, but my be made.
inability to acquiesce in the general tenor of the report is due to a fundamental divergence from the views of the majority, as I understand them,
COMMERCE COMMISSION REDUCES RATES ON
with reference to certain important considerations which should control
ANTHRACITE COAL.
in the determination of a case of this character.
While it is nowhere explicitly stated in the majority report, I am unable
The Inter-State Commerce Commission, as the result of a
to escape the conviction that the reluctance to find that increased rates
have been more generally justified is largely rooted in an unwillingness to general investigation made pursuant to an order of the Comfind that the revenues of the carriers OA a whole are smaller than is de- mission on June 10 1912, on Thursday rendered a decision
manded in the public interost, and also in the belief that the financial
which is of vast importance to the railroads engaged in the
exigencies of many of the carriers are traceable to financial maladministration, and that if duo economy and integrity had been uniformly observed transportation of anthracite coal. Under the order the inthe difficulty over the attested decline in revenues would have been readily vestigation was to cover the rates, practices, rules and regusurmounted.
coal from
Among the particular carriers involved in this proceeding the Rock Island lations governing the transportation of anthracite
and the 'Frisco have recently attained unenviable notoriety by reason of the Wyoming, Lehigh and Schuylkill regions In Pennsylvania
498
THE CHRONICLE
to tidewater ports and interior points on the lines of the initial
anthracite carriers,and also the question as to whether such
coal is mined or produced by or under the authority or control of common carriers engaged in the transportation thereof,
or whether said common carriers are directly or indirectly interested in the production or sale of the anthracite coal which
they transport. Thee rates, practices, rules and regulations
have, it is said, been, since 1890, the subject of several
formal complaints to the Commission, and many informal
complaints by shippers of anthracite coal. The order of
June 10 1912 named all carriers in official classification territory, but the Commission says that it was found impracticable to extend the inquiry beyond the financial affairs and
operations of the eleven initial anthracite carriers. The railroads, which were made respondents in the case are the
Central RR. of New Jersey, Philadelphia & Reading, Delaware Lackawanna & Western, Lehigh Valley, Erie, Wilkesbarre & Eastern, Now York Susquehanna & Western, New
York Ontario & Western, Pennsylvania, Northern Central
and the Delaware & Hudson. Of these the Pennsylvania is
the least affected. Its rates to tidewater and to interior
points having been lower than those of the other roads, are
not changed, except in some of the joint rates affecting the
Northern Central.
The Commission finds that the present rates are unreasonable because they yield too great a profit on the operating
cost and orders a reduction on the rates from the producing
districts in the Wyoming, Lehigh and Schuylkill regions of
Pennsylvania to tidewater and to certain interior points of
from 5 to 80 cents per ton. The new ratesare tog° into effect
on Oct. 1. The principal reductions ordered have been summarized as follows:
DELAWARE LACKAWANNA & WESTERN.
Prepared Sizes. SmallerSizes.
Old
New
Old
New
Rate. Rate. Rate. Rate.
Hoboken, (tidewater)
$1 60 $1 45 $1 45 $1 35
Paterson, N. J
1 60
1 35
1 45
1 22
Newark, N J
1 60
1 40
1 45
1 30
Binghamton, N Y
1 65
90
1 50
82
Elmira, N Y
1 65
1 25
1 50
1 14
Corning, N. Y
1 90
1 35
1 65
1 17
Dansville, N. Y
2 00
1 60
1 75
1 40
Syracuse, N. Y
1 90
1 40
1 65
1 22
Utica, N. Y
2 00
1 50
1 75
1 31
LEHIGH VALLEY.
Jersey City,(tidewater)
$1 60 $1 45 $1 45 $1 35
Newark, N. J
1 60
1 40
1 40
1 30
Waverly, N Y
1 65
115
1 50
1 05
Ithaca, N Y
1 65
1 45
1 50
1 32
Depew, N Y
200
195
1 75
1 71
Rochester, N. Y
1 90
1 85
1 65
1 61
ERIE RAILROAD.
Jersey City,(tidewater)
$1 60 $1 45 $1 45 $1 35
Paterson, N J
1 60
1 35
1 45
1 22
Newark, N. J
1 60
1 40
1 45
1 30
Middletown, N Y
1 60
1 05
1 45
95
Hornell, N Y
2 00
1 60
1 75
1 40
Rochester, N. Y
2 00
1 85
1 75
1 61
CENTRAL RAILROAD OF NEW JERSEY.
Jersey City,(tidewater)
$1 60 $1 45 $1 45 31 35
Elizabeth, N J
1 55
1 40
1 40
1 30
Somerville, N J
1 55
1 20
1 40
1 09
DELAWARE & HUDSON.
Windsor, N Y
$1 65 $0 85 $1 40 $092
Ninovah, N. Y
1 65
90
1 40
76
Oneonta, N.Y
1 75
1 20
1 50
1 03
Albany, N Y
1 95
1 60
1 60
1 31
Troy, N. Y
1 95
1 60
1 60
1 31
Rates for intermediate points will be arranged on a similar basis.
A different schedule of rates is given on shipments consigned free on board
vessels or for re-shipment by water. Under this class of shipments the Central RR.of New Jersey's rates of$1 55 on prepared sizes and $1 40 on smaller
sizes to Elizabethport, N. J., are reduced to $1 40 and $1 30 respectively.
Reductions for the other roads on this class of shipments are as follows:
Philadelphia and Reading to Port Reading, N. Y., from $1 55 and 31 40
to $1 40 and $1 30.
Lehigh Valley RR. to Perth Amboy, N. J., from $1 55 and $1 40 to
$1 40 and $1 30.
Erie RR.to Weehawken, N.J., from $1 60 and 31 45 to $1 45 and $1 35.
Joint rates by the Erie and the New York Susquehanna & Western RR.
to Undercliff, N. J., from $1 60 and $1 45 to 31 45 and $1 35.
Joint rates by the Wilkesbarre & Eastern RR. and the New York Susquehanna & Western RR. to Undercliff from $1 60 and $1 45 to $1 45
and $1 35.
The Delaware Lackawanna & Western to New York lighterage stations
from $1 58 and $1 43 to 31 45 and $1 35.
New York Ontario & Western to Weehawken, N. J., from $1 60 and
$1 45 to $1 45 and $1 35.
Joint rates of the Delaware & Hudson, the Erie and the Susquehanna to
Weehawken from $1 60 and $1 45 to $1 45 and $1 35.
Joint rates of the Delaware & Hudson with the Ontario & Western to
Weehawken, N. J., from $1 60 and $1 45 to 31 45 and $1 35.
The joint rates for the Delaware & Hudson, the Delaware Lackawanna
& Western, the Pennsylvania and the Northern Central to South Atnboy
from $1 55 and $1 40 to 31 40 and $1 30.
In naming the rates which are to be put into effect, the
Commission says: .
To all points intermediate or related to the points specified herein the
carriers will be required to establish rates in harmony with those here pre.
scribed, giving due consideration to distance.
[Vol,. 101.
The above schedules would seem to indicate that the rates
of the Delaware & Hudson have been cut relatively more
than those of the other roads.
The aggregate reductions ordered, it is estimated by experts, will amount to about $8,000,000 a year. The decision, however, also puts into effect changes in other respects which may have a far-reaching effect on the relations
of the anthracite roads to their allied coal-producing companies. For instance, the carriers are directed to establish
through routes and publish joint rates, of which independent
shippers may avail themselves in a manner that will offset
the "undue" advantages said to have been heretofore enjoyed by the operations of the coal companies allied to the
railroads. The roads are also ordered to discontinue practices followed by them in granting the exclusive use of their
piers, docks and storage plants to their allied coal companies
at "inadequate" rental charges and under conditions which
constitute a "discrimination" in their favor. The findings
of the Commission on these matters, as expressed in the
syllabus, are as follows:
The respondents, by means of trackage arrangements and the free transportation to junction points in the mining regions of coal exchanged by
their allied coal companies, have extended the advantages of interline transportation to their coal companies, to the prejudice of other coal shippers to
whom interline transportation at joint rates has been denied. Respondents
required to establish through routes and publish joint through rates
applicable thereto.
Anthracite coal is a low-grade commodity, which is transported in vast
quantities in trains of maximum tonnage. The tonnage loaded in each car
is much greater than the loading of most other classes of traffic. Most of
the anthracite tonnage is shipped from collieries whose daily production,
measured in carloads, is very large. These conditions tend toward lower
operating costs.
Concessions and offsets granted by respondents to their allied coal companies in the form of interest charges, royalty earnings, the use of valuable
property at inadequate rentals, the free use of the carriers' funds and credit,
or by other means, are as pernicious as direct cash rebates. Such concessions and offsets are unlawful.
Lateral allowances paid to a coal shipper in accordance with an agreement, alleged to be additional compensation for the use of a facility furnished by the shipper, are unlawful rebates.
It was pointed out yesterday that the decision in no way
rescinds the 25% advance. in anthracite freight rates to
Chicago and Buffalo, put into effect about a month ago.
This increase will be very profitable to the roads that have
their own rails direct to those points and do not have to prorate with other lines. It has been estimated that the increase will, in the case of the Erie alone, amount to between $400,000 and $500,000
The Commission, as in former decisions, reiterates its
adherence, where possible, to the principle of employing, as
a basis in rate-making, the valuation of physical properties.
None of the roads made respondents in the case were, it is
stated, able to furnish data as to cost of construction of
property, the present organizations not being in possession
of the construction books of the original lines.
The question of the return of empty cars having been
raised, the Commission held that various elements of extraordinary expense in transportation must be based on the
cost oftheservice,and not by adjustments of average revenue.
There being no basisin the evidencefor an adjustmentaccording
to cost of property or an approximate figure of cost, the
Commission dismissed from consideration the questions as to
cost of properties to the present operating companies. The
Commission, however, discusses a number of examples which
throw light on this view of the case, and the general conclusion
is reached that, owing to manipulation with construction companies, the book cost of the majority of the roads is very
greatly exaggerated, the amounts given in some cases being,
it is claimed, double the actual value of the working property.
A factor in this phase of the case is mentioned under the head
of unproductive betterments and the investment of the Pennsylvania RR.in its Now York terminal is referred to as bearing on the matter of coal rates, and also as affecting the
public in regard to the price of the commodity.
As to the alleged excessive operating revenues of the
anthracite roads, over-capitalization, &c., the Commission
says in substance:
The operating revenues of four of the anthracite carriers averaged per
mile in 1913 more than $40,000 each, viz.: Central RR. of New Jersey,
Reading, Delaware Lackawanna & Western and Pennsylvania. The
average for the Lehigh Valley was $29,665; for the Delaware & Hudson.
$28,155; Northern Central, $28,241; Erie, $27,147; Susquehanna ac
Western, $18,954, and Ontario & Western, $16,715.
The Commission says that of all the roads in the United States with
annual operating revenues of $1,000,000 or more, only three besides those
mentioned above had revenues in 1913 and 1914 averaging $40,000 a mile
or more, the three exceptions being the Pittsburgh & Lake Erie, the
Bessemer & Lake Erie and the Bingham & Garfield By.
The Commission further finds that the earning capacity of the principal
anthracite carriers is exceptional when compared with the average operating
revenue per mile of other representative carriers. The Now York Central's
average in 1913 only $30,770, the Baltimore & Ohio's $22,789 and the
Chesapeake & Ohio's $15,129.
AUG. 14 1915.1
THE CHRONICLE
The Commis.sion contends that the net corporate income of most of the
anthracite carriers has enabled them not only to pay substantial dividends
but also to set aside large amounts for the purchase of additional property
and as additions to surplus. The earnings of the Pennsylvania, Lackawanna, the Lehigh Valley, Reading and Central of Now Jersey are especially mentioned in that regard.
In dealing with the less prosperous of the anthracite roads the Commission contends in regard to the Erie that its failure to earn satisfactory net
income is found partly in its high capitalization.
The Susquehanna & Western, it is said, shows a higher cost of property
per mile than any of the other anthracite carriers, and it also is overcapitalized.
499
capital required for their transportation needs, but also the capital required
to mine and market 80% of the 70,000,000 tons of anthracite coal produced annually.
As to the alleged inherent unlawfulness of the rates and
practices established, the Commission says:
•
The importance of this case cannot easily be overstated. After a careful
review of the record we are impressed with the inherent unlawfulness of the
rates and practices established by these carriers, which clearly are the outgrowth of past conditions wherein the carriers were producers, shippers,
transporters and vendors of the commodity. If the rates they established
for transportation were excessive it resulted in no hardship to their mining
and selling operations because the excessive profits from the transportation
The Commission contends that it has been the policy of services
offset the absence of profits in their mining and selling operations
the anthracite carriers for years to gain a monopoly of the and high rates eliminated the competing shipper from the markets.
If the record in this case were barren of evidence as to income revenues
production and sale of coal. The Commission says further
and low operating costs resulting from the transportation of this comon this point:
modity, the mandatory language of the Act to regulate commerce would
Those whose property they coveted were at their mercy, as they must require removal of the
unlawful discriminations, preferences and advaneither pay the toll and freight rates which these carriers choose to exact tages which have for
many years been extended by these carriers to their
or accept a price for their product which the carriers or their coal companies allied and controlled coal
companies and which operate to the prejudice of
elect to pay.
the individual shippers of this'commodity. The conduct of these carriers,
The relations of the roads to their coal-producing coin- extending over a long period of years, in granting to their allied coal companics is severely criticized, the Commission contending panies concessions from and offsets against their established tariff rates
presents very strong evidence that the rates on anthracite coal which these
that recent reorganizations of the coal-producing properties carriers
established are excessive.
have been merely subterfuges to circumvent the comTheir coal companies ship 80% of the total production, and if a subreduction
stantial
is made in the tariff rates its full effect will fall upon
modities clause of the Hepburn Act. In regard to the
but 20% of the tonnage shipped.
great purpose of the Act to reguLackawanna and its organized coal company the Commis- late commerce is to be carried out,Ifwethe
must require that such tariff rates
commodity
on
this
shall
be established as can be maintained on the shipsion says:
If there was a bona fide divorcement of the business of a carrier and ments of all shippers.
The operations of several of these carriers have for many years produced
shipper it is inconceivable that the shipper would elect to pay a higher rate
a very large income for their stockholders. Having these results before
on the larger tonnage of coal it ships to tidewater.
us in the Five Per Cent case, we held:
As to the Lehigh Valley Coal Sales Co., the Commission
"The financial condition of the various railroads composing the 35 syssays that here, as in the Lackawanna arrangement, the tems varies greatly as disclosed by their net corporate income as well as by
operating income. The condition of some of them is so prospercarrier's treasury provided the capital required by the coal- their netthey
clearly do not need a higher net income; the condition of others
ous that
selling company.
is such as to preclude the expectation of a return upon outstanding capital
Regarding the earnings and investments in allied com- stock or the possibility of raising much additional capital without a thorough reorganization."
panies, the Commission says:
Counsel for the coal carriers has frankly admitted that the cost of transporting anthracite coal is so low that the revenues resulting from the anthracite coal rates are sufficient not only to pay the costs chargeable to the anthracite traffic but to take care of the general costs which other traffic cannot take care of because of lower rates assessed for the transportation of
other traffic. * * *
The transportation of this low grade commodity anthracite coal has been
termed by these carriers "their backbone traffic." They are engaged Li
producing and selling as well as transporting it. We cannot overlook the
fact that some force has brought the production and sale of most of the tonnage of this commodity under their control. If they established excessive
rates on anthracite they became the beneficiaries of conditions which were
prejud.cial to the business of the individual operator or shipper. The power
to fix freight rates on this commodity was the opportunity to confiscate
property if the.carrier so willed.
It is established in the records that these carriers for many years have
found it necessary or expedient to extend to the coal companies which they
own and control concessions from and offsets against their tariff rates on
anthracite coal. When by such conduct these carriers have admitted that
their tariff rates are excessive exactions on the greater portion of the anthracite tonnage shipped,can we regard their rates as reasonable for the
smaller shippers, who are not recipients of such concessions or offsets and
to whom the tariff rate is a real factor in the distribution of the coal production to the consumer?
A number of those coal companies, in whose stocks the carriers have invested large sums of money, have never paid to the carriers dividends on
their stocks. Would these carriers year after year allow their capital to be
tied in that manner if they were receiving no income on such investments?
Manifestly the return on such investment accrues to the carriers in extra
profits from the freight rates charged on the tonnage shipped by the coal
company. But the individual operator or shipper who must compete with
the coal company so financed by the carrier obtains none of the profits that
are in the freight rates, and freight rates established to produce such extra
elements of profits in addition to legitimate transportation costs and profits
are fatal to the successful conduct of the businees of the individual operator
or shipper. If freight rates have not absorbed more than their fair share of
the profits of the coal business why do these carriers guarantee the bonds of
their controlled companies, and why do deficits result from the operations
of so many of the controlled coal companies?
In this case, as in the 5 per cent case, the carriers have submitted evidence to show that the rate of return in income on their property investment is declining; that their operating expenses are increasing because of
nemeses of wages, taxes and prices of materials and supplies; that the
return upon new capital invested in their properties during recent years
has been inadequate, and that they must in the near future make extraordinary expenditures for the elimination of grade crossings.
Our railroad properties should be kept in a high state of efficiency and
freight rates should be sufficiently remunerative to permit it. Necessary
improvements should be made to the properties. The carriers respondents
in this case command a traffic of exceptional volume and density, and all
these results can be accomplished by thom without imposing excessive and
unreasonable rates.
Much has been asserted by the carriers as to the uncertainties of their
financial outlook, and yet these carriers appear to have financial resources
which enable them to provide not only for their transportation requirements but to make large investments in other properties and to assist their
controlled coal companies to obtain capital.
Since 1908 the Delaware & Hudson Co. has invested $15,000,000 in the
securities of electric railways and $6,000,000 in anthracite coal lands. We
have heretofore referred to the Erie's bond issue of $32,000,000 in 1901,
representing its investment in the Pennsylvania Coal Co., and the bond
issue of the Lehigh Valley RR. in 1905, representing its investment of $17,000,000 in the property of Coxe Bros. & Co. We have also referred to the
fact that several of these carriers are guarantors of the bonds of the Temple
Iron Co. The Central RR. Co. of Now Jersey is guarantor of $16,000,000
bonds issued by the Lehigh & Wilkesbarre Coal Co., and the Lehigh Valley
RR. Co. is guarantor of $11,500,000 bonds issued by the Lehigh Valley
Coal Co.
Giving consideration to these matters and to the investments made by
these carriers in the stocks and bonds of the coal companies and the unsecured loans and advances they have extended to the coal companies,
it is apparent that the capital borrowed by these carriers is not only the
As to the inadequacy of rental charges paid by the allied
coal companies, the Commission says:
Several of the respondent carriers have granted the exclusive use of some
of their piers, docks, storage plants, retail delivery trestles and other properties to their allied coal companies at inadequate rental charges and under
conditions which constitute substantial discrimination in favor of such coal
shippers. The exclusive right to operate certain of the carriers' public docks
and piers has also been granted to such coal companies, who m operating
such properties gain information as to the shipments of their competitors
handled over the docks and piers, which section 15 of the Act to regulate
commerce prohibits common carriers from giving to shippers and prohibits
shippers from receiving from common carriers.
It has often been held that it is the object of the Inter-State Commerce
Act and the Elkins Act to prevent favoritism by any means or device
whatsoever and to place all shippers upon equal terms. We assume the
carriers will at once adjust these practices to remove the discrimination
and conform with the requirements of the law.
The evidence shows that several of these carriers have in the past declined
to establish joint rates for all shippers, while the coal production of their
allied coal companies has been accorded an interline movement by means
of trackage arrangements and the free transportation to junction points
of the coal production exchanged by the coal companies controlled by the
carriers. Such a practice is unlawful and is discriminatory in its worst
sense, since the discrimination results to the benefit of the carriers. The
carriers will be required to establish through routes and to publish joint
rates, of which other shippers may avail, such as will neutralize any such
undue benefit heretofore enjoyed by the coal operations of railroad ownership.
Commissioner Harlan, who dissents from the views of the
other Commissioners on the ground that the reduction in
coal rates is rendered inequitable by reason of the earlier
de3ision in the five per cent case, says in part:
In my judgment the record before us here justifies a modification of many
of the present rates, but for the future a rate structure on anthracite coal
based upon the general standard of the Meeker case, surcharged, so far as
that would result in a reasonable rate schedule, with the 5% increase that
has been imposed in the 5% case upon substantially all other traffic in official classification territory, would seem to be a more consistent disposition
of the case.
It should be noted that the Pennsylvania Public Service
Commission on Dec. 21 ordered a reduction in freight rates
for anthracite coal carried to Philadelphia from the Schuylkill, Lehigh and Wyoming Valleys, and that an appeal from
the order is pending in the courts. This matter is referred
to in our "Investment News" columns of Dec. 26 1914, page
1911, and Jan. 16 1915, page 230.
INTER-STATE COMMERqE COMMISSION VETOES
RULES DISALLOWING THROUGH SERVICE
ON COMBINATION TICKETS.
The proposed rules on railroads prohibiting the through
checking of baggage and sale of through parlor or sleeping
car tickets on combination tickets used in connection with
joint fares from junction points were condemned by a
decision of the Inter-State Commerce Commission handed
down on the 10th inst. The railroads involved are directed
by the Commission to cancel the proposed rules. It is pointed
out that for a number of years travelers from New York,
Philadelphia, Baltimore and other trunk line territory points,
going to points in the South and Southeast have been able to
check their baggage through to destination and to secure
through Pullman car accomodations on combinations of
500
THE CIIRONICLE
tickets good only to and from the gateways to Southern and
Southeastern territory. The Pennsylvania and Baltimore
& Ohio railroads proposed to abolish the practice for protection of their joint fares and to conserve their revenues. The
rules were to apply to combinations of all forms of tickets
issued by the roads and by their Southern connections, to
and from the gateways involved, but were aimed mostly,
however, at combinations involving the use of mileage books
of Southern railroads or Southeastern Passenger Association
interchangeable mileage exchange orders, by which lower
fares are effected than the published joint through fares. The
railroads contended that the real purpose of mileage books
and reduced rate tickets was to provide lower fares "within
defined and limited territories" and that they were not intended for use in combination with tickets issued by other
lines to defeat reasonable joint fares; they also contended that
their use in combination tended sooner or later to force
joint fares down to the combination rates. Retail merchants,
chambers of commerce and travelers in the South and East
protested against the inconvenience of detraining at Washington and other Southern gateways to recheck baggage and
secure Pullman accomodations for the remainder of the
journey. The majority of the Commission declared in
substance:
While it may be that the Pennsylvania Railroad, for example, could
lawfully restrict the use of its own reduced rate inter-State transportation
in combination with foreign lines' issues by withholding, under appropriate
provision, through baggage checking and Pullman accomodations, that is
not the purport of its proposed rule. The latter provides that "no tickets
or ticket orders issued by foreign lines will be honored as forming part of
through transportation for the checking of baggage, sale of parlor car or
sleeping car tickets, or for reservations in parlor cars or sleeping cars to
points beyond" specified junctions with foreign lines. This restriction is
laid, not upon any of the issues of the respondent carrier, but in terms upon
those of foreign lines, and is not even confined to the reduced rate transportation of those lines. Under the proposed rule, therefore, a traveler
presenting two straight fare tickets for transportation from a point on
respondents' line to a Southern or Southeastern destination on a connecting
foreign line, for which he had paid a sum in excess of the joint fare, would
be denied through baggage checking and Pullman accomodations. The rule
proposed by the Baltimore & Ohio would operate in the same way as to the
checking of baggage.
Such a provision is, we think, obviously unjust and unreasonable. It
operates to subject the holders of all such tickets to an annoying and often
prohibitory inconvenience, and goes beyond the avowed purpose of re-,
spondents to protect the joint through fares in which they participate. In
our view, no carrier receiving the equivalent of its full local fare to the junction may,in respect of combinations of tickets severally subject to the act,
whatever the character of the transportation issued and accepted by the
connecting line, lawfully withhold provision for incidental services so
constantly and universally in demand as those at which the proposed rules
are directed.
[VOL. lin.
ments with reference to the recognition of some form of government in
Mexico.
Eliseo Arredondo, head of the Carranza agencyaLn Washington, addressed a note to Secretary of State Lansing on
Wednesday,in which the United States was virtually warned
against any interference with the course of the evolution in
Mexico, either with or without the co-operation of the LatinAmerican Governments. The text of this note, which was
sent in accordance with instructions from General Carranza,
was made public by the agency along with copies of telegraphic communications sent by Carranza to the Presidents
of the A B C Governments. The following letter was sent.
to Mr. Lansing by the Carranza agdnt:
Upon hearing of the conferences which were to take place between your
Excellency, as Secretary of State of the United States of America, and the
representatives of the republics of Argentina, Brazil, Chili, Bolivia, Uruguay and Guatemala, my natural impression was that they would have for
a purpose to examine the Mexican situation from the point of view of in
ternational law in order to estimate the value and respective positions of the
parties and contending factions, to the end that recognition of one in which
the requisites and conditions demanded by the international practices in such
cases would concur; but the persistence with which the press has been informing that the parleys referred to have had for an object and have even
agreed now on a plan for the pacification of Mexico and the declarations
attributed to your Excellency by the press of to-day have caused the Constitutionalist Government to feel justly alarmed; and therefore I have
been instructed by Mr. Carranza, to say to your Excellency that, although
he has not an exact knowledge of the character of the above-mentioned conferences, he has been informed that Mexican affairs, with a view to solving, have been discussed.
Mr. Carranza and the persons who co-operate with him are of the profound conviction that, if the American Government would know the true
situation in Mexico, it would understand that the only possible, just and
acceptable solution would be to leave the revolution to follow its natural
course until the complete victory of the party representing greater necessities and popularity.
The Constitutionalist Government, represented by Mr. Carranza, abstains from passing any comment on the conferences that are being held,
because it has no knowledge of their character and of the conclusions which
may have been reached, and because it does not want to afford the supposition that they are tacitly consenting in it; but at the same time it considers
it our duty to inform the American Government of the displeasure with
which the Mexican Government and people would view any act which
would tend to frustrate the success practically accomplished against the reactionary factions by the Constitutionalist army,representing the hopes and
ideals of the Mexican people.
I renew to your Excellency the assurance of my high consideration.
Similar communications were sent by Carranza to all the
Latin-American representatives participating in the conference. They were told that any attempt to solve the internal
situation in Mexico "would involve an act which could not
be looked upon with levity, as it would mean on the part of
the Latin-American nations the acceptance of the precedent
that they can take part in any internal affairs of a sister naCommissioner Harlan dissented from the majority opinion. tion with the co-operation of the United States, something
absolutely undesirable, not only in so far as it may affect
He said:
It has been the common understanding that when a published through the relations between the Latin-American nations themselves,
fare, for example, between New York and Atlanta, is non-discriminatory and also, because it might involve the moral support of any
and reasonable and includes the usual and reasonable baggage, sleeping car,
which grow out of similar conferences."
and other privileges attending the through service, all the rights that a future decisions
traveler between those points may demand under the act to regulate comThe notes to Argentina and Chili were identical and said
merce are fully met and protected, and he has no legal ground for complaint.
in part:
But it now seems that when, having provided himself with tickets to and
Inspired by the purest patriotism and desirous that the realm of liberty
from an intermediate point in his journey, he seeks to enjoy the through
democracy be insured in all America, I, in the name of the Mexican
service at less than the through fare, the law also protects him against the and
and as First Chief of the Constitutionalist army, depository of the
annoyance of regulations designed to prevent this. In other words, the people
power of the nation, beg leave to invite your attention to the
majority report permits the Southeastern lines, as a matter of right, to en- executive
may ensue from a new policy of interference by one or variforce the respondents unwillingly into an arrangement that gives the dangers which
of this hemisphere in the internal affairs of another and of the
traveler a through service, with its attendant conveniences, at less than the ous nations
province of the sovereignty of any such nations.
through fare which all the carriers in the route have joined in establishing. exclusive
As the nation worthily presided over by you has a representative in the
conferences, I trust that his action may be inspired by the
-mentioned
above
have just set forth. Contrary action would serve to annul the comLATIN-AMERICAN ENVOYS FRAME PEACE APPEAL ideas Itriumph
which the Constitutionalist Government of Mexico has
plete
TO MEXICO.
just accomplished by the force of its arms in order definitely to establish
and justice. The far-reaching consequences for all the
freedom
of
Secretary of State Lansing and the diplomatic representa- a regime
Latin-American nations make it desirable that the
as set forth
tives from the six Latin-American Republics who have been for a joint or separate interference in the affairs of proposals
Mexico should be rocomponent
the
the
a
to
for
with
view
finding some solution
in conference
Latin-American Powers.
iected by all of
I avail myself, Mr. President, of this opportunity to convey to you the
Mexican problem signed an appeal for peace on Wednesday
warm sentiments of cordiality and sympathy of the Mexican people for
addressed to the leaders of all factions in Mexico. As noted the people of your nation.
in these columns last week, the conference, which included
Carranza's communication to the President of Brazil said
representatives of Argentina, Brazil, Chili, Bolivia, Uruguay in part:
The people of Mexico have heard with gratification that your representaand Guatemala, began in Washington last week, the final sesin Washington has declined with dignity to take any part in the project
sion being held in this city Wednesday. The note which was tive
of interference. By this action he has set an example which may serve as a
framed at the conference contains a review of the situation in precedent for that harmony and fellowship which ought to prevail between
Mexico, points to the havoc wrought in that country by con- the Latin-American nations, whose destinies are so closely intertwined. In
name of the Mexican people, I beg leave to express my appreciation for
tinued warfare, and makes an appeal to the warring leaders in the
this act of justice and sympathy.
the name of humanity and national patriotism to end civil
In reply to the Carranza note, the Argentina Minister for
strife and meet in a peace conference. It was stated yes- Foreign Affairs sent the following to the Constitutionalist
terday that the message to the Mexican leaders will go for- leader:
ward from the State Department as soon as the names General Venustiano Carranza, Vera Cruz:
The President of the Republic has received the telegram you addressed to
and addresses of those to whom it is to be communihim on account of the conference held in Washington between the Secretary
cated have been accurately compiled. The communication, , of
State and the representatives of various American countries, Calling
it is said, will be given the widest publicity throughout Mex- the attention of the Argentine Government to the dangers which may re
ico and will definitely ask for a reply. At the conclusion of suitfrom a policy of interference in the internal affairs of that country.
I am directed by the President to reply to you that the Argentine Govthe conference on Wednesday, Mr. Lansing made the fol- ernment
in having a representative at that conference, has done so not only
lowing statement:
in accordance with its traditional policy of respect to other sovereigntiesWe agreed or assented to a proposition that a communication be addressed
to the different factions in Mexico urging them to compose their differences.
Also, we agreed upon the form which we will recommend to our govern-
but also to reaffirm it in the face of a problem which by affecting the des
tinies of Mexico, will equally affect the great American family. The
above-mentioned conference has been based from its incipiency on the un-
Atm. 14 1915.]
THE CHRONICLE
derstanding that any act or design which
might mean an interference in
the internal affairs of Mexico should be elimina
ted beforehand, and above
all any purpose of armed intervention. Once
the opinion of eilwere united
within this fundamental idea, the Washing
ton conference boys a lofty
inspiration of Pan-American solidarity, and instead
of finding any cause
for alarm, the Mexican people should see in it
a proof of the friendly consideration that her fate evokes in us, and calls
forth our wishes for her pacification and development. I assure you of my distingu
ished consideration.
JOSE LUIS MURATURE:
Minister for Foreign Affairs
501
The gold shipment was made up of 1,050,0
00 ounces of United States
gold coin, worth $18.604 per ounce, so its
total value was $19,534.200.
Mr. Hamilton refused to say anything as to the value
of
the securities.
RE-DISCOUNTING FOR NON-MEMBER BANKS.
An informal ruling by the Federal Reserve Board
on th e
question of the re-discounting with a Federa Reserv
l
e bank
of notes held by a bank not a member of the system
is given
TRADE COMMISSION HEARINGS IN MINN
ESOTA— in the August number of the Federal Reserve Bulletin. The
CENSORSHIP OF CABLEGRAMS.
Board holds that:
As a result of information brought before
Assuming that the paper offered
by a member bank for re-discount is
the Federal eligible
under the regulations prescribed
Trade Commission in its Minneapolis hearing a
by the Board,it would be necessary
request was in each case for the officers
of the Federal Reserve Bank to determine
sent on the 3d inst. by the board to the Department
whether or not the proceeds of such
of
State of
discount are to be used for the purpose
asking that an immediate protest be lodged with
a loan to a non-member bank.
If the money thus borrowed is
the British to making
be re-lent to a non-member bank,
Government against its censoring and interf
scount should not be accepted
erence with without the permission of the Federalre-di
Reserve
Board. If, on the other
cablegrams sent by Minneapolis millers to Norway,
hand, a member bank had in good
Swede
faith acquired from a non-member bank
Denmark and other countries. President A. C. Loring n, by re-discount notes which are eligible
under
the
regulations of the Board
of for re-discount with the Federal
the Pillsbury Flour Mills Company, John Crosby and
Reserve bank, and such notes were held
W. G. as a part of the assets of the member
bank,
there
would seem to be no obCrocker of the • Washburn-Crosby Company and
jection to the Federal Reserve
bank's accepting such re-discounts, provide
H. P. the
d
officers are satisfied that the transact
Gallaher of the Northwestern Consolidated Milling Compa
ion
is
a
bona
fide transaction and
ny that the member bank did not extend
accommo
told the Commission of delays of eight days or longer
dation
to
the
non-me
mber
to bank with a view of re-discounting notes so acquired with the Federal
Recablegrams held up by the London censor, of how the
serve bank.
cableThis is one of the cases which
grams are written out in plain language and all code
must be left very largely to the Judgment
and
on of the Federal Reserve bank
omitted and how Minneapolis mills are losing great words mustdiscreti
officers; and a determination
be reached by them on the facts
opporin each case.
tunity for export business in consequence of the
censor's
interference. Mr. Crocker said:
FEDERAL RESERVE BOARD HOLDS
MEETING IN
Just this morning we got a cablegram through
from Christiania that had
NEW YORK.
been sent July 16. We have no assuran
ce that anything we send will get
past London. We have taken it up with
The
membe
rs
of
the Federal Reserve Board held a conferthe State Department, British
Embassy and Norwegian Ministry
in Washington. We could do a big ence on Tuesday at the Federal
Reserve Bank of New York.
business right now if some stupid censors
hip in London could be eliminated. After the meetin
g the following official statement was
It is costing the milling industry dearly
and we are powerless.
given out:
Chairman Davies stated that the matter would
be taken
The Federal Reserve Board to-day held a session
up vigorously and asked the millers to prepar
at the Federal Reserve
e specific in- Bank of New York. After the meeting was
over it was stated in response
stances of delays or total failure to deliver
questions that the meeting had been called
cablegrams. to
for the purpose of clearing
up matters of pending business which had been
Many prominent men in the milling industry testifi
held open on account of the
ed before absence of several member
s of the Board from Washington. As New
the Commission. They traced the decline of the
export flour was within easy reach of those who were absent, a session in this cityYork
was
trade over a long period of years and stated that it
determined upon.
was
Those present were Governor Hamlin, Comptro
to the carrying abroad of wheat at lower rates than due
ller
of
the
Currenc
y
flour. Williams and Messrs. Miller, Warburg and Harding.
The present condition of the industry, the losses of trade
The Executive Committee of the Governors of the Federa
with
l
Finland and Denmark and the development of the trade
with Reserve banks also held a meeting at the New York Reserv
e
Greece and France were points touched upon at the
hearing. Bank on Tuesday. The committee declined to make
any
F. A. Chamberlain, President, and Donald Macke
rchar, statement as to what took place at the conference. Those
Vice-President of the First and Security National
Bank of present were: J. P. McDougal of Chicago, Chairman;
Minneapolis closed the hearing.
Benjamin Strong Jr. of New York; Alfred L. Aiken
of Boston;
Two members of the Federal Trade Commission
conducted Charles J. Rhoads of Philadelphia; E. R. Fancher of
Clevea hearing in St. Paul on the 3d inst., following the closin
g of land, and George J. Seay of Richmond.
the Minneapolis session. It was not the intention of
the
Commission to have a hearing in St. Paul but the
request of THE FRENCH DECREE PROHIBITING GOLD
EXPORTS.
the St. Paul Association of Commerce for a visit to that
city
It appears that the French decree prohibiting the export
was acceded to. The hearing lasted for two hours
aand was tion of gold does not apply to
conducted by Chairman Davies and William H.
the Bank of France. The
Parry, a decree, as published by "L'Ec
member of the Commission. W. 0. Washburn,
onomiste Francais", in its
Manager of issue of July 10 1915, is as
follows:
the American Hoist & Derrick Co. offered suggestions
Art. 1. There is prohibited the exportation as
for
well as the re-exportation
developing trade with South America based
on the exper- under any rule or custom whatsoever, of gold in the mass, in bullion and.
in bars, of gold dust, broken up articles of gold and gold
ience of his company. Mr. Washburn gave it as his
coin.
opinion
This provision is not applicable to the exportations of
that if the United States' trade with South American counthe Bank of France.
Art. 2. The Minister of Finance is charged with the executi
on of the
tries ever amounts to anything, American manufacturer present decree.
s
Drawn up at Paris,July 3 1915.
must get together and adjust the matter of finances and
credits, or else the Government must do it for them.
H. H. CLEARING HOUSE PLAN
Bigelow of Brown & Bigelow told of some of the difficu
FOR HANDLING OUT-OFlties
TOWN CHECKS GOES INTO EFFECT.
which his firm has encountered in dealing with South AmerThe department in the New York Clearing House which
ica and also emphasized the question of credits and financ
es. has been establ
ished for the collection of out-of-town checks
All those who appeared before the Commission urged
the
began operations on Monday, Aug. 9. As previo
necessity of some action towards .the development of
usly noted,
closer a resolu
tion authorizing the formation of this department
trade relations with South American countries.
was adopted at a meeting of the Association on July 21.
The
new plan does away with the old system where
LARGE SHIPMENT OF GOLD AND SECURITIES
by each
FROM New York bank was compel
led to send separately for colGREAT BRITAIN.
lection each day to the respective banks outside
the city
A large shipment of United States gold coin of a total value
the out-of-town checksit had received drawn upon them.
The
of $19,534,200, together with securities for many millio
depar
ns
tmentfor the present will collect items drawn on banks
of dollars, arrived in this city on Wednesday from
Great which have agreed to remit at par on day of receipt,
Britain. The gold and securities were consig
there
ned to J. P. being 388 such institutions on the discretionar
y list,
Morgan & Co., who are acting as the fiscal and
commercial embraces banks and trust companies in Massac which
husetts,
agents for the British Government in this countr
y. The Rhode Island, Connecticut, New Jersey and
New York.
shipment was conveyed from England to Halifax on a
British It is reported that 42 of these institutions were added
to the
battleship and was shipped from the latter place to this city
list through their entrance into the Federal Reserve Bank
by special train. The treasure arrived at the terminal of
the check collection system. Under the amendment to the rules
American Express Company in this city early Wedne
sday of the Clearing House which was passed last Decem
morning and was immediately carted to the Wall Street
ber,
Sub- items which are received at par by the reserve bank
are at
Treasury in motor trucks, where the gold coin was
counted once placed on the Clearing House discretionar
y list. The
and stored away. The securities were taken directly to
the
vaults under the building of the Morgan firm. W.P. Ham- new collection system provides that the members of the Clearing House send to its office each day all the items on banks
ilton of J. P. Morgan & Co. made the following statement
in the States covered which have agreed to remit at par on
regarding the shipment:
day of receipt by draft on the New York Clearing House
502
THE CHRONICLE
nstitutions or cash. Each member bank receives a ticket
for the number of items sent in. The checks are sorted and
all those drawn on any one institution are forwarded under
one cover. The new system will not only effect a saving
to the New York banks, but will also relieve the out-of-town
banks of the necessity of remitting to a number of banks in
the city. It is pointed out that the new system will eventually be extended to banks in States other than the ones
mentioned.
The new collection department has temporary quarters
in the offices on the first floor of the Clearing House building, which were formerly occupied by the Chase National
Bank. The fourth floor of the Clearing House is being fitted
up for the use of this department. We give herewith the
circulars issued by the Clearing House concerning the inauguration of the plan:
[VOL.
Dm.
credit exchanges will consist of the remittances received in payment of
items forwarded. Any deficiencies due to delayed remittances will be covered by temporary loans to the department by some designatbd member
institution, who will receive interest therefor, such interest to be charged to
the expenses of the department. Chechs returned unpaid for any reason
will be charged back to the depositing members through the exchanges.
The limited amount of time which the clerical force of the department will
have at its disposal in which to handle the principal volume of the work will
make it necessary that extreme care be exercised in the preparation of these
deposits by the members. To insure this accuracy as far as possible, a scale
of fines has been established, as enclosed.
For the present, the Committee has decided that the expenses of the Collection Department shall be borne by the members of the New York Clearing House Association pro rata in the proportion that the number of items
cleared by each institution through the department shall boar to the whole
number of items cleared by it.
The department will be prepared to receive checks for collection at 9:30
a. m. Aug. 9 1915.
Yours respectfully,
ALBERT II. WIGGIN , Chairman,
New York Clearing House Committee
RULES, REGULATIONS AND FINES.
NEW YORK CLEARING HOUSE.
New York Clearing House Collection Department.
referred to, the Collection
77-83 Cedar Street.
1. In receiving the checks and drafts herein
New York, July 27 1915.
of the sending bank, will
Department will act only as the collecting agent
and care in forwarding
To the Members of The New York Clearing House Association—
assume no responsibility other than for due diligence
House
Clearing
New
the
York
of
to send such items for
Gentlemen—On July 21 the members
such items promptly, and is expressly authorized
Committee
House
the
Clearing
or to another agent
drawn,
authorizing
are
they
resolution
a
Association passed
payment direct to the bank on which
to proceed with the organization of a "Collection Department." The for collection at its discretion.
9:30 o'clock a. m. to
committee has decided that for the present the department shall accept
2. The hours for the deposit of checks will be from
from the member institutions for collection such checks as may be presented 4:00 o'clock p. m., except on Saturdays. when the hours will be from 9:30
banks
those
option,
upon
drawn
their
at
institutions
said
by
each
day
it
to
o'clock a. m. to 2:00 o'clock p. m.
business days after 3:00
and trust companies located in the States of Massachusetts, Rhode Island,
No check under $200 will be received on full
Connecticut, Now York and New Jersey, that have notified the Manager o'clock and on Saturdays after 1:30 o'clock.
these hours, and deposits
such
for
after
they
will
remit
that
received
Association
House
of the New York Clearing
A fine will be imposed for deposits
Items at par, on the day of receipt, by draft on New York Clearing House offered after these hours may be rejected by the Manager.
institutions or cash.
Fine for failure to observe this rule, $2 00.
deposits at frequent intervals during
In order to place the facilities of this department at the disposal of the
3. Members are expected to make
deposit be made later than 1:30
to
is
inaugurate
it
moment,
proposed
practicable
members at the earliest
the day, and in no case should the first
the work temporarily in the lower floor of the Clearing House Building, o'clock p. m.
letters of transmission upon forms
pending the completion of certain alterations to the entire fourth floor of
4. Checks must be accompanied by
the building, which will eventually be occupied by the department as its prescribed by this Department.
00.
$2
rule,
permanent headquarters.
Fine for failure to observe this
States and a separate letter of
In the interest of beginning the work of clearing these par point items,
5. Checks must be sorted according to
with the least possible friction, it has been deemed wise to establish the ac- transmission made for each State; the totals of these letters must be entered
memthe
each
deposit.
in
which
companying rules and regulations governing the manner
upon a due bill which must accompany
bers are desired to send such items as they elect to clear to the department,
Fine for failure to observe this rule, each offense, $1 00, but in no case to
the hours during which they will be received for transmission the same day, exceed $5 00 in any one day.
the depositing Clearing House
and certain other important details in connection therewith. A strict
6. All checks must bear the endorsement of
compliance with these rules and regulations by the members will be of im- member in the form adopted by the Clearing House Committee.
00.
$1
rule,
this
observe
measurable assistance in expediting the work of the department.
Fine for failure to
the Collection Department either
The hour after which it would be impracticable to accept further checks
7. All deposits must be delivered to
for transmission the same day can, of course, best be determined by ex- enclosed in an envelope or securely wrapped.
and form with that prescribed
size
the
on
any
in
of
denomination
checks
identical
however,
perience. For tho present,
8. All stationery must be
points mentioned will be received between the hours of 9:30 o'clock a. m. by the Department.
and 3 o'clock p. m. on each business day except Saturday, when the hours
9. Items under $10 00 will not be protested.
in connection with their paywill be from 9:30 o'clock a. m. to 1:30 o'clock p. m. Between the hours of
10. No items bearing Special Instructions
only
2
Saturdays,
o'clock
and
1:30
days
and
full
business
on
o'clock
4
3 and
ment can be handled by the Department.
each bank whose remittance
checks of $200 or over will ho accepted.
11. Each morning the name and location of
In this connection it is quite evident that the work of the department will has not been received will be posted on the bulletin board of the Collection
of
the
importance
will
banks
recognize
be greatly facilitated if tho member
Department.
NEW YORK CLEARING HOUSE,
sending their checks to the Clearing House at intervals during the day,
77-83 Cedar Street.
rather than permitting them to accumulate and depositing them all together
New York, July 27 1915.
at the last minute, and they are hereby urged to assist in this respect by
Gentlemen—The New York Clearing House Association having authorized
making at least two deposits each day, the first not later than 1:30 o'clock
of out-of-town items,
collection
the
the establishment of a department for
p.m.
department on Monday,Aug. 9,
It is most desirable that the form of letter employed by the banks in list- it is intended to commence business in that
items payable at the institutions whose
ing their items for the department should be uniform in all respects. Ac- 1915, and on and after that date
Clearing House, deposited for collection
companying this communication, therefore, is a form prescribed for this agreements are now on file at the
Clearing House members, will be forby
purpose. The information contained in these letters as to the name and through the Collection Department
institutions.
location of the payer bank, and the amount, will constitute the sole record warded direct to such
Remittances for the total of items forwarded by the Collection Departof the department as to checks which it has handled.
It is proposed that the depositing bank shall sort the items which they ment may be made by check (payable through the New York Clearing
desire to handle through the department as to States, and that these items House), to the order of the Collection Department.
As the duo bills given by the Manager for items deposited must be cashed
shall be listed on letters bearing the abbreviations of the respective States.
the out-of-town items,it is expected
The department will furnish 100 of these forms for each State to each insti- at a specified time from the proceeds of
tution, but when these are exhausted members will be expected to provide and you are earnestly requested to see that remittances are made promptly
their own. If desired, these forms may be ordered through the Clearing on day of receipt.
Very truly yours,
House.
A. II. WIGGIN,
The endorsements on all checks should be carefully scrutinized as to their
Chairman Clearing House Committee.
completeness before they are sent to the Clearing House,for it will be maniWILLIAM SHERER, Manager.
festly impossible to have this done by the department.
The form prescribed for endorsement by member institutions is as follows:
RECEIVED PAYMENT
AMERICAN DOLLAR IN SPAIN.
through Collection Department
New York Clearing House
Paul H. Foster at Jerez de la Frontera, Spain,
Consul
1915
July
writes under date of July 3:
Endorsements Guaranteed
Through the efforts of this consulate, the local newspapers now publish
Bank
125
quotations the exchange on American dollars as well
As it is important that the Clearing number of each member institution in their daily exchange
and francs. As at the present time dollars proshould appear in connection with this stamp in as prominent type as is as British pounds sterling
proportion than either pounds or francs, several of the
practicable, an endorsement stamp will be furnished by the Clearing House duce more pesetas in beginning to quote in that medium. As a moans of
to each member. All checks deposited with this department must bear local wine shippers are
standardizing the dollar as a medium of exchange, it appears to be useful.
the endorsement of a member institution as above.
The respective institutions will present with each letter containing checks
to be handled by the department a "Duo Bill" in the form suggested hereEXPLANATION OF BRITISH EMBARGO ON COAL
with:
EXPORTS.
New York,
191 .
Mass.
R. I
New York "Sun," the London Foreign
the
to
According
Collection Department
Conn
issued a statement explaining the recent
New York Clearing House Association. Office on the 8th inst.
N.Y
Received from Chase National Bank
N. J
Order-in-Council forbidding after Aug. 30 the exportation of
Cash items for collection said
coal except to British possessions and protectorates. The
to amount to
Total
statement says that the order does not mean a total prohibi-
This receipt may be charged
tion of the trade to countries other than those specified, and
against the Collection DepartWILLIAM SHERER,Manager.
states that firms making shipments to such places will merely
ment through the morning exBy
changes of
be required to obtain a special license. It is said that the
These "Due Bills" will be signed by the Manager of the Clearing House
was necessary in consequence oflegislation regulating the
order
'
or his representative and will constitute a receipt for the expressed total.
The Collection Department has been assigned Number 200, and will take the price of coal in Great Britain. It was stated in dispart in the regular morning clearances. All "Due Bills" will be charged patches last week that the Order-in-Council would stop the
through the exchanges in the usual manner to the department on the mornGreat Britain's allies.
ing of the second business day following their issue, and the department's shipment of coal to
AUG. 14 1915.1
THE CHRONICLE
503
Robert M. Chalmers was elected a director of the First
BANKING, LEGISLATIVE AND FINANCIAL NEWS.
Sales of bank stocks at the Stock Exchange this week National Bank of Albany, N. Y.,on the 11th inst. to succeed
aggregate 31 shares. No bank or trust company stocks ex-Governor John A. Dix who resigned. Mr. Chalmers is
a member of the John G. Myers Company, a dry goods conwere sold at auction.
cern.
Shares. BANK—New York.
Low. High. Close. Last prejious sale.
31 Commerce, Nat. Bank of____ 160
160
--•--
160
Aug. 1915—
160M
Creditors of the American Exchange National Bank of
A New York Stock Exchange membership was posted for Syracuse, N. Y., which suspended
in February 1904 received
transfer this week, the consideration being $55,000, an un- checks on the 2d
inst. from the Comptroller of the Currency
changed figure from the last preceding sale.
covering the sixth and final dividend in the liquidation of
the bank's affairs. The payment amounted to 5% and
The final announcement of the four personally conducted makes a total disbursement to the creditors
of 95%. The
tours to the 41st AnnualConvention of the AmericanBankers' defunct bank had a capital of $200,000 and
deposits on JanAssociation in Seattle is being made on another page by uary 22 1904 of $237,052.
William J. Henry, Secretary of the New York State Bankers'
Association, under whose direction the trains are being run.
Stockholders of the Aetna National Bank of Hartford,
Full particulars concerning these tours as regards route, &c., which has been in voluntary
liquidation since its merger with
were previously given in detail in these columns. The the Hartford National Bank
in April, have received notices
"trains de luxe" are being operated by the New York Cen- that a final dividend of $7.25
per share will be paid, the
tral Lines.
disbursement being available after August 2. As previously
•
stated in these columns the Aetna and Hartford National
An organization known as the "Robert Morris Club" and have consolidated under the name of
the Hartford-Aetna
composed of credit men from vdrious banks throughout the National Bank. With the payment of the
final dividend, the
country has been formed by the National Association of total distribution to the stockholders of
the Aetna amounts
Credit Men. The general letter of the Association for to $307 25 per share. The Hartford-Aetna
National has a
August has the following to say regarding the new club:
capital stock of $2,000,000, surplus and profits of close to
As an association, we have felt that something specific should be done
,800,000.
to arouse greater interest upon the part of banks in credit work, particular- $2,000,000 and deposits of over
ly as related to commercial credits. The Federal Reserve System makes
this step imperativei n authorizing certain requirements which increase the
need in banking institutions of definite and well systematized credit departments. To this end, at a conference of the representatives of credit
departments of banks at the Salt Lake City convention, a permanent
organization was effected under the name "The Robert Morris Club."
J. K. Calhoun, Corn Exchange National Bank, Chicago, was elected
President; A. F. Maxwell, National Bank of Commerce, Now York, VicePresident; and Alexander Wall, First National Bank, Milwaukee, Secretary-Treasurer.
The purpose is to bring together credit managers and their assistants in
banking institutions for a more definite study of credit problems and the
development of sincere relations between their departments and those of
mercantile institutions. • The project is progressive and sound. All bank
members are eligible to take out special membership in the Robert Morris
Club and are urged to do so at once.
--•—
A plan to protect State banks in Kansas from burglars and
bandits was launched at a meeting of the executive committee of the Kansas State Bankers' Association on the 6th inst.
in Topeka. It was decided'that the State bankers should
carry their own burglary insurance under the Kansas interinsurance laws. This plan will result in the employment by
the bankers of a detective force of their own. It is stated
that in the past the State bankers have been patronizing
commercial bank burglary insurance companies at rates
double those which they expect to pay for protection under
the proposed inter-insurance plan.
With regard to the recent reports that the Chatham &
Phenix National Bank of this city contemplated relinquishing
its national charter and entering the State system, the following official denial has been given out:
New York, Aug. 111915.
Editor Financial Chronicle:
There has come to my notice several times during the past week a rumor
that this bank contemplated retiring from the national banking system as
well as from the Federal Reserve system, becoming a State bank.
The persistence of this statement has been such that I think it justifies
an official denial, as there is no foundation for this rumor. In this connection we are able to advise that this bank has concluded negotiations involving a largo acquisition to its business, which will make it one of the
most important financial institutions in New York City. This, however
is purely a matter of healthy expansion, and does not involve our retiring
from the national banking system or the Federal Reserve system, and we
shall continue as members of both.
Thanking you in advance for your courtesy in giving the proper publicity
to this announcement through your columns, I am,
Very truly yours,
L. G. KAUFMAN, President,
Charles H. Clark has resigned as Cashier of the People's
Bank of East Orange,N.J.,and has been succeeded by Frank
C. Ferguson, heretofore an examiner in the New Jersey
Department of Banking and Insurance.
The Lodi Trust Co. of Lodi, N. J., was granted a charter
on the 9th inst. by Commissioner of Banking and Insurance
George La Monte. The capital will be $100,000 and the
company will begin business with a surplus of $50,000. The
names of the incorporators are Archibald C. Hart, President
of the First National Bank of Lodi; Arno Rinck, T. S.
Marshall, David A. Himadi, G. Kueger, H. H. Brevoort,
George S. Davenport, E. E. Conover, J. H. Behrens, T. J.
O'Hare and W. R. Hudson.
The Ninth National Bank of Philadelphia celebrated on
the 3d inst. its thirtieth anniversary. The institution is
reported to be the largest out-lying bank in that city. It
has a capital stock of $300,000, surplus and undivided profits
of $766,309 and deposits (July 31) of $4,109,000. The
officers of the bank are Ira W. Barnes, President; Joseph T.
Pearson, Vice-President; John G. Sonneborn, Cashier and
E. Henry Thurman, Assistant Cashier.
Joseph Wayne, Jr., President of the Girard National
Bank of Philadelphia, celebrated on the 4th inst. the twentyfifth anniversary of his connection with the institution.
Mr. Wayne became President of the bank in October 1914,
succeeding Richard L. Austin, who resigned to accept the
appointment as Class C director and Reserve Agent of the
Philadelphia Reserve bank. Prior to that time Mr. Wayne
was Vice-President and Cashier of the Girard. The following resolution commending the service which Mr. Wayne has
rendered to the bank was adopted by the directors on the
3d inst.:
Resolved. That the directors do hereby express their deep
appreciation
of the services rendered to this bank by its President, Joseph Wayne,
Jr.,
throughout the twenty-five years in which he has been connected
with its
affairs. In the various positions he has occupied he has performed
every
duty devolving upon him with the utmost fidelity to the bank's interests;
and his energy and ability have contributed in a marked degree to
its
prosperity and to the financial standing it now enjoys in this community
and in the country at large. It is our earnest hope that he may for many
years continue in the position he now so ably fills as President of this bank.
Liquidation of the assets of the German National Bank of
Pittsburgh which failed on March 4 last, has begun through
the First-Second National Bank of that city. Receiver
William L. Wilson of the defunct bank was granted permission on the 10th inst. by Federal Judge W. H. S. Thomson
to sell the real and personal property of the institution. The
plan of liquidation which has been approved by a majority
of the stockholders and depositors of the failed bank, provides
that the depositors are to receive 85% of their balances in
a checking account at the First-Second National and 15%
in a certificate of deposit bearing 3% interest to be issued by
the liquidating committee. It is proposed that the liquidating committee, which was recently named by the stockholders
and depositors' committees of the failed bank, purchase the
real and personal property of the institution and then turn
over to the First-Second National certain of the assets which,
together with the cash now held by the Government, will
be sufficient to protect the First-Second National in the payment of 85% to the depositors. The petition granted by the
Court on the 10th inst. stated that stockholders owning
$475,000 of the total stock of $500,000 of the German National have assented to the proposal for liquidation and that
a fund of $450,000 has been raised by the liquidating committee. The petition also grants permission to sell the real
estate of the defunct institution at public sale during next
month, the exact date to be announced later. The following
statement was issued on the 6th inst. by H. T. Frauenheim,
Chairman of the liquidating committee:
504
THE CHRONICLE
In undertaking the liquidation of the German Bank the First-Second
National has a guarantee fund of $1,300,000. President L. S. Sands
of the First-Second National said that the chief interest his institution had
in the matter was that the deposits of the German Bank will be retained by
the First-Second.
After sufficient of the assets have been liquidated to reimburse the
First-Second National the 85% advanced by that institution to pay the
depositors, the remaining assets will be controlled and disposed of by the
liquidating committee which will apply the proceeds, first, to the payment
of certificates of deposits in full with 3% interest, and then re-payment
of the stockholders who have paid in the assessment of 100% of their
holdings. The balance will be distributed among all the stockholders.
A. H. Peiter has resigned as Secretary and Treasurer of
the Guardian Trust & Savings Bank of Toledo, Ohio. Mr.
Peiter has held this position since the organization of the
bank in 1913. Prior to that time he was Assistant Cashier
of the National Bank of Commerce of Toledo.
The Dime Savings Bank of Detroit, Mich., is increasing
the size of its branch office at 1491 Woodward Avenue in
order to handle the growth of business attending the rapid
development of the North Woodward Avenue district.
William Livingstone, President of the institution, some
months ago purchased the adjoining frontage to the branch
at 1493 Woodward Avenue. The building which was
secured is a three-story brick structure. It is being reconstructed and the entire ground floor of the site will be
occupied by the branch bank. Edward Herzog is Manager
of the branch.
The Atlas Exchange National Bank of Chicago has opened
for business at the corner of Harrison and Halsted streets
and Blue Island Avenue. As heretofore stated the bank has
a capital of $200,000 and surplus of $30,000. Daniel M.
Healy, who was receiver for the Bank of America, which
failed in February 1906,is President of the new national bank.
He is assisted in the management by C. L. Caswell, VicePresident; Nicholas Kyriakopoulos, Cashier, and James
Callans, Assistant Cashier. The territory served by the
new bank has a large Greek population.
[VOL.
Dm.
is three stories high, part of the first floor being used by the
bank.
The German-American Bank and the First National Bank
of Carrollton, Ky, were merged on the 5th inst., the consol
idated institution doing business under the name of the latter
bank. The new institution has a capital stock of $100,000.
J. A. Donaldson, President of the First National, continues
as head of the combined banks. E. C. Smith, President of
the German-American Bank, becomes a director in the First
National and Forest Butcher,former Cashier of the GermanAmerican, takes the position of Teller in the new bank.
Prior to the consolidation the First National had a capital
stock of $60,000, while the German-American had a capital
of $25,000.
The defunct Jefferson County Savings Bank of Birmingham, Ala., which suspended on Jan. 28, has been reorganized
and was opened for business on the 2nd inst. as the Jefferson
County Bank. The new institution has a capital of $500,000.
As heretofore stated in these columns, the savings bank was
taken over by the State Banking Board, owing to certain
rumors which had become current as to its condition. The
defunct institution had a capital of $500,000 and on Dec. 1
1914 deposits of $1,638,021. Asa result of the reorganization
of the affairs of the old Jefferson County Savings Bank,every
depositor, both commercial and savings, will receive all deposits in full, and interest will also be paid on the savings
deposits for the time the bank was closed. The new bank is
located on the ground floor of the Jefferson County Bank
Building. The savings bank moved into this new 25-story
office building last summer, and it was stated at the time of
the bank's suspension that its inability to rent its offices in
the building was one of the contributing causes of its difficulties. The reorganized bank has new officers and directors. A. E. Jackson, who is President of the First National
Bank of Hartselle and Vice-President of the City National
Bank of Decatur, is head of the new bank. T. M.Jones and
Senator Frank S. White are Vice-Presidents, and W. C.
Sterrett and W.W. Hutton Assistant Cashiers. Among the
directors of the new institution is J. L. Hutton, President
of the Mercantile National Bank of Memphis.
The Peoples Trust &,Swings Bank of Chicago has transferred $100,000 from undivided profits to surplus, making
the latter now $200,000. The institution has a capital
The Bank of City Point, Inc., a branch of the National
stock of $500,000 and on June 23 showed surplus and profits
Bank of Petersburg, Va., opened for business on July 29.
of $269,189 and deposits of $7,258,180.
Robert F. Jackson, former paying teller of the latter bank,
is
Cashier of the new institution and Robert C. Jones is
National
Bank
Bowmanville
and
The
the Mercantile
Assistant
Cashier.
Trust & Savings Bank, two institutions situated in the outlying districts of Chicago, recently began the payment of
Howard A. Cleaver has resigned as Manager of the bond
dividends to their stockholders. The former adopted a 6%
department
of the Inter-State Trust & Banking Co. of New
annual basis for its $50,000 capital, declaring a quarterly
position of Manager of the buying
The Mercantile bank placed its Orleans to accept the
disbursement of 1
Tremble & Co., investment bankers
capital stock of $250,000 on a 4% yearly basis by declaring department of Devitt,
of Chicago.
a quarterly payment of 1%.
W. B. Paddock, who was appointed receiver of the Fort
Thomas M. Jackson, liquidating agent of the defunct Worth Savings Bank & Trust Company of Fort Worth Texas,
Chicago National Bank, which failed in December 1905, which closed its doors on July 23, resigned on July 30 and
died on the 4th inst. Mr. Jackson was formerly Cashier of has been succeeded by Brown Harwood. Two petitions in
the failed institution.
bankruptcy against the defunct institution have been filed
in the Federal Court of that city. One petition asks that the
As a result of a reorganization in the First National Bank institution be declared a bankrupt on the ground that it is
of McAlester, Okla., William P. Freeman, who has been insolvent and not a corporation but a partnership. The
President of the institution since 1910, becomes President of other one, which was filed on July 29, alleges that the Fort
the board of directors. Robert P. Brewer, heretofore Cash- Worth Savings Bank & Trust Company was not chartered
ier of the bank, succeeds Mr:Freeman as President, and F. to do banking Visiness but was merely authorized to accuM. Sowle of St. Louis becomes Cashier. The other officers mulate and lend money, act as trustee, executor, receiver,
in the institution retain the same positions. Mr. Sowle was etc. The petition furthermore states that the institution
formerly special agent for the Mechanics-American Nationa was not vested with banking or discounting privileges, carBank of St. Louis. The First National Bank of McAlester rying no checking accounts but only time deposits.
has a capital stock of $100,000, surplus and profits of close
J. D. Collett has been appointed Assistant Receiver of
to $40,000 and deposits of about $800,000.
the defunct institution. The Traders' National Bank of
Fort Worth has been designated as the depository for the
Thomas J. Kavanaugh, Credit Manager of the Mississippi funds of the savings bank.
Valley Trust Co. of St. Louis, has been elected a director of
the Robert Morris Club, the new credit organization menThe Citizens State Bank & Trust Co. of Dallas, Texas,
tioned in these columns this week. Mr. Kavanaugh has been has taken over the Merchants National Bank of that city,
with the Mississippi Valley Trust Co. several years, having the enlarged institution having opened for business on the
entered its service as private secretary to its President, 3d inst. The Citizens bank continues in its old quarters at
Breckinridge Jones.
1003 Main Street. J. H. Blocker, Cashier of the trust co.
has given out a statement showing that the enlarged bank
The Quarter Savings Banl of Wheeling, W. Va., opened has deposits Of $844,797, surplus and profits; of L$31,585
its new building at the corner of Market and Sixteenth and total resources of $1,096,382. The capital remains unStreets for public inspection on July 31. The institution changed at $150,000. The present officers and directois of
began business in its new home on the 2d inst. The building the Citizens will continue in their respective capacities.
AUG. 14 1915.]
THE CHRONICLE
505
R. C. Ayres is President; J. P. Smith and M. E. Martin, and 4,804,065 tons in 1911. In the following we give the
Vice-Presidents; J. H. Blocker, Cashier and W.H. Leftwich, shipments by the various carriers for the months of July
Assistant Cashier. H. W. Jester, formerly Cashier of the 1915 and 1914 and for Jan. 1 to July 31 this year and last:
Jan. 1 to July 31July
Merchants, will be associated with the enlarged institution
Road1915.
1915.
1914.
1914.
& Reading
831,965
6,252,825
tons 839,554
6,863,613
looking after the accounts of his former customers. The Philadelphia
Lehigh Valley
1,024,611 1,026,225
7,324,459
7,181,300
Central Railroad of New Jersey..
597,992
708,891
4,396,841
5.097,978
Citizens State Bank & Trust Co. began business on May 31 Delaware
Lackawanna & Western
5,111,383 5,425,277
542,775
826,771
1913 with $150,000 capital. The Merchants National Delaware & Hudson
697,803
671,682
4,501,595 4,087,557
Pennsylvania
369,550
406.760 3,339,504
3,623,848
started on Feb. 26 1913 and had a capital of $250,000.
Erie
660,010
4,407,092
717,201
4,707,228
Ontario & Western
Hume Blake of Toronto and R. 0. McCulloch of the
Goldie & McCulloch Co., Ltd., Galt, have beeh elected
directors of the Union Bank of Canada to fill vacancies
caused by the deaths of Samuel Barker and E. E. A. Du
Vernet.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co., of London, written under date of
July 29 1915:
GOLD.
The movements have been in favor of the Bank of England. The folowing amounts were received by the Bank:
July 23-£65,000 in sovereigns released on Egyptian account.
27- 62,000 in bar gold.
28-725,000 in bar gold.
Withdrawals were made as under:
July 26-L20,000 in sovereigns set aside on miscellaneous account.
During the week the net increase amounted to £602,000.
The Argentine Conversion Office receives gold and gives paper dollars in exchange at the rate of $1 paper to 44 cents gold. The gold may
be paid into the Conversion Office free of charge, or may be deposited
In the Argentine Legations abroad, in which case the corresponding paper
dollars are delivered the following day, less commission at not exceeding 2%,any change in rate of commission being subject to 15 days' previous
notice. The following are the coins received at the Conversion Office or
Legations: Sovereigns, American eagles, 20-mark pieces and Swiss, French
and Italian gold coins of the equivalent of 20 francs.
SILVER.
The tone has become somewhat flabby and the scantiness of supplies
has barely veiled the disinclination on the part of buyers to come forward. The quotation fell to 22/, a lower figure than any recorded this
year. A slight rally ensued, in the course of which 223 was quoted on
the 26th and 27th inst., but dullness reasserted itself, and prices fell away
lower still,to 22 5-16, the quotation of to-day.
The market has again received a measure of support from Continental
and trade orders, but enquiry from the Indian bazaars has been slight, and
from China non-existent. It is not surprising that Indian consumers
should be sparing in orders at the moment,for rain is scanty in the Punjab,
and the irregular character of the monsoon causes some uneasiness, though
even should the rain continue to hold off, real anxiety need not be entertained for some weeks to come. An Indian currency return for July 23
gives details in lacs of rupees as follows:
Notes in circulation
6,7181 Gold coin and bullion
780
Reserve in silver coin
3,9231 Gold in England
615
The stock in Bombay consists of 5,200 bars, as compared with 5,700
last week. A shipment of 300,000 ozs. was made from San Francisco to
Hongkong during the week.
Quotations for bar silver per ounce standard:
No
July 23
cash
22'g
Bank rate
5%
22 7-16 " quotations Bar gold, per oz
77s. 9d.
fixed
" 26
"
22%
French gold coin, per oz_ __Nominal
U. S. A. gold coin, per oz_ _Nominal
for
" 27
"
22Ji
forward
" 28
"
2235
" 29
22 5-16 " delivery.
Aver for wk_22.416
The quotation to-day for cash is ;id. below that fixed a week ago.
TRADE AND TRAFFIC MOVEMENTS.
UNFILLED ORDERS OF STEEL CORPORATION.-The United States Steel Corporation on Tuesday, August 10,
issued its regular monthly statement showing the unfilled
orders on the books of the subsidiary corporations at the
close of July. From this statement it appears that the
aggregate of unfilled orders on July 31 was 4,928,540 tons,
recording an increase of 250,344 tons from last month, when
the amount of outstanding orders was 4,678,196 tons. This
Is the highest figure since Feb. 28 1914, when the amount of
outstanding orders was 5,026,440 tons. In the following we
give the comparisons with previous months:
Tons.
July 31 1015-.4,928,540
June 30 1915-4,678,196
May 31 1915...4,264,598
Apr. 30 1915_4,162,244
Mar. 31 1915_4,255,749
Feb. 28 1915-4,345,671
Jan. 31 1915_4,248,571
Dec. 31 1914-.3,836,643
Nov. 30 1914-3,324,592
Oct. 31 1914_3,461,097
Sept. 30 1914-3,787,667
Aug. 31 1914...4,213,331
July 31 1914-4,158,589
June 30 1914„A,032,857
May 31 1914__3,998,160
Apr. 30 1914_4,277,068
Mar. 31 1914_4,653,825
Feb. 28 1914-5,026,440
Jan. 31 1914_4,613,640
Dec. 31 1913-4,282,108
Nov. 30
Oct. 31
Sept. 30
Aug. 31
July 31
June 30
May 31
Apr. 30
Mar. 31
Feb. 28
Jan. 31
Dec. 31
Nov. 30
Oct. 31
Sept. 30
Aug. 31
July 31
June 30
May 31
Apr. 30
Mar. 31
Tons.
1913...4.396,347 Feb. 29
1913-4.513,767 Jan. 31
1913-.5,003,785 Dec. 31
1913...5,223,468 Nov. 30
1913...5,399,356 Oct. 31
1913...5,807,317 Sept. 30
1913-6,324,322 Aug. 31
1913...6,978,762 July 31
1913.-7,468,956 June 30
1913-7,656,714 May 31
1913_7,827,368 April 30
1912_7,932,164 Mar. 31
1912...7,852,883 Feb. 28
1912_7,594,381 Jan. 31
1912...6,551,507 Dec. 31
1912_6,163,375 Nov. 30
1912.-5,957,079 Oct. 31
1912-5,807,346 Sept. 30
1912_5.750,983 Aug. 31
1912-5,664,885 July 31
1912-5,304,841
Tons.
1912-5.454.201
1912...5,379,721
1911-5,084,765
1911-.4,141,958
1911...3,694,327
1911...3,611,315
1911.-3,695,985
1911-3,584,088
1911_3,361,057
1911_3,113,h,4
1911_3,213,700
1911...3,447,301
1911-3,400,543
1911...3,110,919
1910-2,674,750
1910...2,760,413
1910...2,871,949
1910...3,158,106
1910...3,537,128
1910.-3,970,931
The figures prior to July 31 1910 were issued quarterly
only. These, extending back to 1901, were given in the
"Chronicle" of March 13 1915, page 876.
ANTHRACITE COAL PRODUCTION.-Shipments of
anthracite coal to tidewater during July 1915 aggregated
4,934,205 tons, against 5,391,857 tons for the same month
last year, 5,487,852 tons in 1913, 6,285,153 tons in 1912
201,910
Total
202,362
1,195,810
1,350,845
4,934,205 5,391,857 36,529,509 38,337,646
Commercial anaMiscellantorts4.exus
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
VOLUNTARY LIQUIDATION.
9,698-The First National Bank of Yates, P. 0. Fort Yates. N. Dak..
July 8 1915. Liquidating agent, J. L. Haas, Fort Yates, N. Dak.
Succeeded by the First State Bank of Fort Yates.
CHANGE OF TITLE JULY 23.
8,966-The Third National Bank of Fitzgerald, Ga., to the "Ben Hill National Bank of Fitzgerald."
Canadian Bank Clearings.-The clearings for the week
ending August 7 at Canadian cities, in comparison with the
same week in 1914, show a decrease of 15.5%.
Week ending August 7.
Clearings at1915.
CanadaMontreal
Toronto.
Winnipeg
Vancouver._
Calgary
Ottawa
Quebec
Victoria
Hamilton
Edmonton
Halifax
St. John
Regina
London
Saskatoon
Moose Jaw
Brandon
Lethbridge
Brantford
Fort William
New Westminster
Medicine Hat
Peterborough
Total Canada
44,949,238
34,559,443
17,685,230
5,398,297
2,221,443
3,562,676
3,445,071
1,557,530
3,105,595
2,010,014
2,183,224
1,680,384
1,640,676
1,697,378
679,464
524,066
464,768
351,054
488,631
323,164
248,567
158,623
459,924
Inc. or ,
Dec. 1
1914.
$
1
49,755,605
33,864,450
25,405,527;
9,028,745
4,392,042
4,401,175
3,719,504
2,657,788
3,126,649
3,286,524:
2,465,379,
1,818,203
1,791,386
1,778,497;
1,055,469
809,6711
489,106
415,745
498,595
902,842
399,082
386,776:
553,657
7.2 1
-9.7
+2.1
-30.5
-40.2
-49.4
-19.1,
-7.4
-41.4
-0.7
-38.7;
-11.4
-7.6
-8.4;
-4.6
-35.6
-35.2
-5.1
-15.4
-2.0
-64.1
-37.8
-59.0
-16.9
1913.
1912.
$
51,344,791
34,344,640
26,041,399
11,419,203
5,063,117
3,640,457
3,590,457
3,414,818
3,839,465
4,284,498
2,262,820
1,756,077
2,209,225
1,647,528
1,297,736
1,035,610
608,346
477,019
648,813
936,372
565,101
524,354
57,825,518
36,029,816
24,602,076
12,455,185
5,108,689
4,032,772
3,381,216
3,867,510
3,222,932
3,733,665
2,160,832
1,760,971
2,000,080
1,615,806
2,076,054
1,113,894
579,590
632,064
544,510
720,708
129,375,458 153,090,417, -15.5.159,862,4 167,463.888
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.
Per cent.
60
40 Cent.States Elec. Corp., pf10 Huguenot Trust Co., New
Rochelle
8735
20 Edwards & Co. Inc.,8% ot- $710 00
5 "NewYorkerStaatsZeitung"65,217 74
5 "NewYorkerStaatsZeitung"$5,217 74
Shares. Stocks.
Per cent.
71 Bankers&Merch.AgencyCo. $25 lot
Bonds.
Per cent.
$1,700 Batopilas Mg. 1st 6s, 1917_31,020
7,000 Bklyn. Ferry Co. of N. Y.
1st con. 5s,'48, tr. crts..$48 lot
By Messrs. Francis Henshaw & Co., Boston:
Shares.
i Per sh.
200
1 National Shawmut Bank
196
18 National Union Bank
23 Pepperell Mfg
12035-12035
1 Manomet Mills
121
23 Arlington Mills
mg
5 Merrimack Mfg., common
30
10 Pacific Mills
11835
•
Shares.
$ per sh.
4 Bates Mfg. Co. ex-div
236
Bonds.
Per Wit]
$2,000 Winchester, Town, 48, 1920
9935-9935
moo)Newton, City, 4s, 1921f.... 9935
$1,000 Malden, City, 4s, 1926____ 99
$1,000 Beverly, City, 4s, 1927.... 9435
By Messrs. R. L. Day & Co., Boston:
Shares. Stock.
$ per sh. Shares. Stock.
$ per sh
2 Merchants' Nat. Bank
290
12 Mass Cotton Mills
118-11834
20 Beverly (Mass.) Nat. Bank
150
115 Stehle Merchan. Fire, Ltd.,
5 Bridgeport(Conn.) Trust Co 169
$5 each
50o
2 Wamsutta Mills, N. Bedford 121
10 Cambridge Elec. Lt. rights-.9%-9%
By Messrs. Barnes & Lofland, Philadelphia:
Shares. Stoeks.
$ per sh.
10 Pleasantville, N.J., Trust Co-115
5 Millville, N. J., Trust Co
110
50
13 Nat. Railways Publishing Co
3 Giant Portland Cement,corn_ 135
1 Penn Nat. Bank
339
5 Central Tr.& Say. Co.,$50 ea
6035
5 Colonial Trust Co., $50 each.. 8734
4 Girard Trust Co
89035
Insur.,
Co.
Pennsy.
for
&c
611
1
37
15 People's Trust Co., $50 each
Shares. Stocks.
$ per sh.
4 Philadelphia Trust Co
720
16 Real Estate Trust Co., pref.._ 82
1 Fire Assoc. of Ph.la., $50 each.
7 Phila. Life Ins. Co., $10 each.. 10
5 Chestnut Hill RR. Co.,$50 each oog
25 Germantown Pass Ry
100
5 John B. Stetson, common
34235
30 United Gas & Elec., 1st pref.- 55
10 Amer. Dredging Co
90
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.
Railroad• (Steam).
Alabama Great Southern, preferred _.
Atch. Top.& S. Fe, corn.(qu.)(No.41).
Baltimoredc Ohio, common
Preferred
Buffalo Rochester dc Pittsburgh, common
Preferred
Canadian Pacific, common (guar.)
Preference
Chestnut Hill (guar.)
Chicago Milwaukee & St. Paul, common.
Preferred
Chicago St. P. Minn.& Om..corn.& pref.
Cleveland dr Pittsb., reg., guar.(quar.)._
Special, guar. (quer.)
Per
When
Cent. Payable.
8
134
234
2
2
3
234
2
134
2
335
314
135
1
•
Books Closed.
Days Inclusive.
Aug. 27 Holders of reo. July 24a
Sept. 1 Holders of roe. July 30a
Sept. 1 Holders of rec. July 31a
Sept. 1 Holders of rec. July 31a
Aug. 16 Holders of rec. Aug. 9a
Aug. 16 Holders of rec. Aug. 9a
Oct. 1 Aug. 22 to Oct. 6
Oct. 1 Aug. 22 to Oct. 6
Sept. 4 Aug. 21 to Sept. 3
Sept. 1 Aug. 13 to Sept.26
Sept. 1 Aug. 13 to Sept.26
Aug. 20 Holders of rec. Aug. 20
Sept. 1 Holders of rec. Aug. 10a
Sept. 1 Holders of rec. Aug. 10a
Name of Company.
Railroads (Steam (Concluded.)
Cripple Creek Central,corn.(qu.)(Nb.23)
Preferred (quar. (No. 39)
Illinois Central (No. 121)
Minn.St.P.de S.S.M.,com.& pf.(No.25)
Norfolk & Western, common (quar.)
Adjustment preferred (quar.)
North Pennsylvania (guar.)
Pennsylvania RR. (quar.)
Phila. Germantown & Norristown (quar.)
Reading Comnany first pref. (quar.)
Southern Pacific Co. (guar.) (No. 36)
Union Pacific, common (guar.)
Preferred
Wisconsin Central, preferred
Street and Electric Railway..
American Railways, common (guar.)
American Railways, pref. (quar.)
Boston Elevated Ry.(quar.)
Brazilian Trac., Light dk Power (quar.)- Central Arkansas Ry. & L. Corp., pf. (qu.)
Chicago Railways partic. certifs. Series 1..
Connecticut Ry. & L.. corn. & pf. (qu.)
Connecticut Valley St. Ry., corn. (guar.)._
Detroit United Ry. (guar.)
Illinois Traction,common ((Mar.)
Northern Texas Elec. Co.,corn.(gu.)(No.24)
Preferred (No. 20)
Pacific Gas & Elec.,1st pt. (qu.)(No. 4)
Original preferred (quar.)(No. 38)Philadelphia Company,5% preferred_ _ _ _
Tampa Electric Co.(quar.)(No. 43)......
Terre Haute Traction & Light, pref
Trust Companies.
Lawyers' Title & Trust (guar.)(No.68)_....
Miscellaneous.
Adams Express (guar.)
Alaska Packers Association (guar.)
Amalgamated Copper Co.(quar.)
American Bank Note, common (quar.)
American Chicle, common (monthly).American Coal
Amer. Graphophone, pref.(quar.)(N069)
Am.La France Fire Eng.,Inc.,com.(qu.)
American Radiator, common (quar.)._ _ _
Preferred (quar.)
Amer, smelting (I, Refining, corn. (guar.)
Preferred (quar.)
American Soda Fountain (quar.)
American Sumatra Tobacco, preferred
American Sugar, com. & pref. (quar.)._ _ _
American Tobacco, common (quar.)._-Atlantic Refining (guar.)
Bond & Mortgage Guarantee (quar.)__ _ _
Borden's Condensed Milk, corn.(No. 40)
Brunswick-Ilalke-Collender, pref. (quar.)
Buckeye Pipe Line (quar.)
Burns Brothers, common (quar.)
Butterick Company (quar.)
Cambria Steel (quar.)
Canada Cement, pref. (quar.)(No. 22)._
Caney River Gas (guar.)
Citizens Gas of Indianapolis(No. 12).Consolidated Gas (quar.)
Extra
Consol. Gas,E.L.& Pow.,Ball.,corn. (qu.)
Preferred
Consumers Company, preferred
Crescent Pipe Line (quar.)
Deere & Co., pref. (guar.)
Diamond Matcn (quar.)
Diliman Bakery, Inc., pref.(No. 1)
Dome Mines, Ltd.(No. 1)
Dominion Bridge (quar.)
Eastman Kodak, common (guar.)
Common (extra)
Preferred (guar.)
Eastman Kodak. common (extra)
Electric Boat, common (No.5)
Common (No. 6)
Preferred (quar.) (No. 29)
Preferred (quar.) (No. 30)
Fairmont Gas, preferred (quar.)
General Asphalt, pref. (quar.)(No.33)._
General Chemical, common (quar.)
General Development
Globe-Wernicke, common (quar.)
Goodrich (B. F.) Co., preferred (quar.)._
Hercules Powder, preferred (guar.)
Homestake Mining (monthly) (No. 490)Illuminating & Power Sec.. pref. (quar.)..
Independent Brewing, preferred (quer.).
Indiana Pipe Line
Inland Steel (quar.)
Int. Harvester of N.J., pf.(1u.)(No. 34)
Int. Harvester Corp., pref.(qu.)(No. 10)
International Nickel, common (quar.)
Jefferson & Clearfield Coal & Iron, pref._
Kerr Lake Mining (quar.) (No. 40)
Kings Co. El. Lt. az Pow.(qu.)(No.82).
Lehigh Coal & Navigation (quar.)
Liggett & Myers Tobacco, corn.(quar.)._
Lindsay Light, common (quar.)
Preferred (quar.)
Lit Brothers Corporation
Manhattan Shirt, com. (guar.)(No. 2)
Maxwell Motor, Inc., 1st pref. (guar
First preferred (extra)
May Department Stores, common (quar.)
Miami Copper (guar.) (No. 12)
Mobile Electric Co., preferred (quar.)__ _
Middle West Utilities, pref. (guar.)
Moline Plow, 1st pref. (guar.)
Montreal Cottons, Ltd., cam. (7uar.)
Preferred (guar.)
Montreal Lt., Ht.& Pow.(qu.)(No. 57)
National Biscuit, common (guar.)
National Biscuit, pref. (guar.)(No. 70)...._
National Carbon, preferred (quar.)
[Vol.. 101.
THE CHRONICLE
506
When
Per
Cent. Payable.
Books Closed.
Days Inclusite.
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
131 Sept. 1 Holders of rec. Aug. 19a
Sept. 1 Holders of rec. Aug. 14a National Cloak dc Suit, preferred (quar.)_
X Sept.30 Sept.11 to Sept. 15
Sept. 1 Holders of rec. Aug. 14a National Lead, common (quar.)
131 Sept. 15 Aug. 21 to Aug. 24
Preferred (quar.)
Sept. 1 Holders of rec. Aug. 9a
34 Aug. 15 Holders of rec. Aug. la
Oct. 15 Holders of rec. Sept.24a National Refining, common (quar.)
144 Aug. 16 Aug. 7 to Aug. 16
Sept. 18 Holders of rec. Aug. 31a Niles-Bement-Pond, preferred (quar.)
1x Oct. 1 Holders of rec. Sept. 15a
Aug. 19 Holders of rec. July 31a North American Co. (quar.)
134 Sept. 1 Holders of rec. Aug. 18
Ogilvie Flour Mills, Ltd., pref. gur.)
Aug. 25 Aug. 12 to Aug. 19
.
...... 134 Sept. 1 Holders of rec. Aug. 14
Aug. 31 Holders of rec. Aug. 2a ,Ohio Cities Gas, common (quar)
1
Aug. 16 Holders of rec. Aug. Sc
(quar
common
3
Limited,
Sept.
to
Penmans,
21
Aug.
4
Sept.
Aug. 25 Holders of rec. Aug. 3a
Sept, 9 Holders of rec. Aug. 2ia Peoples Gas Light & Coke (quar.)...... 2
3994e. Sept. 15 Holders of rec. Aug. 20a
Oct. 1 Holders of rec. Aug. 31a Philadelphia Electric (guar.)
131
Sept.
1 Holders of rec. Aug. 16a
(quar.)
preferred
la
Sept.
rec.
Steel,
of
Pittsburgh
Oct. 1 Holders
Oct. 1 Holders of rec. Sept. la Pittsb. Term. Whse. dr Transfer (mthly.) 25c. Aug. 15 Holders of rec. Aug. 7
Sept. 3 Holders of rec. Aug. 14
Porto Rican-American Tobacco (quar.)___ _ 4
Oct. 1 Holders of rec. Sept. 11
134 Aug. 16 Aug. 7 to Aug. 16
Pratt & Whitney, preferred (quar.)
Pressed Steel Car, pref. (quar.)(No. 66).. 131 Aug. 25 Aug. 5 to Aug. 24
50c. Sept. 15 Holders of rec. Aug. 28
4
Aug. 14 Holders of rec. July 240
(quar.)
common
July
rec.
Gamble,
31a
of
&
14
Holders
Procter
Aug.
131
4/
Aug. 14 Holders of rec. July 24a
Extra (payable in common stock).- _
144 Aug. 16 Holders of rec. Aug. 5
2
Aug. 16 Holders of rec. July 31a
44 Sept. 1 Holders of rec. Aug. 10
Pullman Company (quar.)(No. 194)..
234 Oct. 15 Holders of rec. Oct. 1
154 Sept. 1 Holders of rec. Aug. 16a QuakerOats, common (guar.)
134 Nov. 30 Holders of rec. Nov. 1
Sept. 1 Holders of rec. Aug. 14a
Preferred (guar.)
4
1
Aug. 31 Holders of rec. Aug 2a
1
Aug. 14 Aug. 1 to Aug. 15
Quaker Oats, pref. (quar.)
X Aug. 11 Holders of rec. Aug. la Sears, Roebuck & Co.,common (quar.)... 1% Aug. 14 Holders of rec. July 30a
144 Sept. 1 Holders of rec. Aug. 16a South. Cal. Edison. corn. (qu.)(No. 22). 131 Aug. 15 Holders of rec. July 31
6
Sept. 1 Holders of rec. Aug. 16
5i Aug. 16 HOlders of rec. July 28
Southern Pipe Line (quar.)
244 Sept. 15 Holders of rec. Aug. 20
1
Sept. 1 Holders of rec. Aug. 14a Standard Oil, California (quar.)
Aug. 31 Aug. 4 to Aug. 31
3
3
Sept. 1 Holders of•rec. Aug. 14a Standard 011 (Indiana) (quar.)
Sept.15 Aug. 27 to Sept. 15
3
134 Aug. 16 Holders of rec. July 31
Standard Oil (Kansas) (guar.)
15 Holders of rec. Aug. 27
Sept.
2
(guar.)
York
New
134 Aug. 16 Holders of rec. July 31
Standard Oil of
244 Sept. I Holders of rec. Aug. 10a Studebaker Corporation, common (guar.) 134 Sept. 1 Holders of rec. Aug. 20
131 Sept. 1 Holders of rec. Aug. 20
244 Aug. 16 Holders of'rec. Aug. 2a
Preferred (quar.)
Oct. 1 Holders of rec. Sept. 20a
3
Sept. 1 Aug. 22 to Sept. 1
Underwood Typewriter. common (quar.) 1
131 Oct. 1 Holders of rec. Sept. 20a
Preferred (quar.)
131 Aug. 15 Aug. 1 to Aug. 15
Union American Cigar, preferred (quar) _
131 Oct. 1 Sept. 16 to Oct. 1
1% Sept. 1 Holders of rec. Aug. 25a
United Cigar Mfrs., pref. (guar.)
Sept. 1 Aug. 17 to Aug. 31
$1
United Cigar Stores of Amer., com.(qu.) 134 Aug. 16 Holders of rec. Aug. 2a
131 Aug 10d Holders of rec. July 31a U.S. Envelope, common and preferred... 344 Sept. 1 Holders of rec. Aug. 14
144 Sept.30 Holders of rec. Sept. 15
1
Aug. 30 Holders of rec. July 31a
United Slates Gypsum, preferred (quar.)
134 Aug. 30 Aug. 3 to Aug. 16
1
Aug. 16 Holders of rec. Aug. 2a U.S.Steel Corporation, pref.(quar.)._ _ _
154
Sept. 1 Holders of rec. Aug. 20
49)
(No.
(quar.)
1
Aug. 20 Holders of rec. Aug. 12
pref.
White (J. G.) Co.,
3
Sept. 1 Holders of rec. Aug. 31a White (J. G.)tngineering Corp.,pf.(qu.) 134 Sept. 1 Holders of ree. Aug. 20
134 Aug. 16 Holders of rec. Aug. 2
White (J. G.) Manage't Corp., pref.(qu.) 134 Sept. 1 Holders of rec. Aug. 18
1
Aug. 16 Holders of rec. Aug. 16a Woolworth(F.W.)Co.,com. (qu.)(No.13) 131 Sept. 1 Holders of rec. Aug. 10e
131 Oct. 1 Holders of rec. Sept. 100
4
Sept.30 Sept.22 to Sept. 30
Woolworth (F. W.), pref. (guar.)
131 Aug. 16 Aug. 8 to Aug. 16
b Less British Income tax. d Cor•
dividend.
this
for
closed
not
1
a Transfer books
Sept. 15 Aug. 28 to Sept. 2
131 Sept. 1 Aug. 14 to Aug. 22
rection. e Payable in stock. f Payable in common stock. g Payable in scrip.
134 Aug. 16 Aug. 1 to Aug. 16
h On account of accumulated dividends.
334 Sept. 1 Aug. 21 to Sept. 1
131 Oct. 2 Holders of rec. Sept. la
5
Sept. 1 Holders of rec. Aug. 14
Imports and Exports for the Week.-The following are
5
Sept. 15 Holders of rec. Aug. 20
4
the reported imports at New York for the week ending
Aug. 14 Holders of rec. Aug. 7
4
Aug. 14 Aug. 1 to Aug. 15
7 and since the first of January:
134 Oct. 1 Holders of rec. Sept. la August
Sept. 15 Holders of rec. Aug. 25
$2
FOREIGN IMPORTS AT NEW YORK.
2
Aug.
131 Aug. 16 Holders of rec.
X Sept. 1 Holders of rec. Aug. 16
1914.
I
1913,
ig Aug. 14 Holders of rec. July 31a For Week Ending Aug. 7.
1915.
1912.
154 Aug. 16 Aug. 1 to Aug. 10
$2,149,484! $3,397,310 $3,136,417 $3,330,559
2
Aug. 20 Aug. 10 to Aug. 22
Dry Goods
17,978,895 12,419,783 14,380,257 16,417,773
344 Sept.27 Holders of rec. Sept. 11
General Merchandise
134 Sept. 15 Holders of rec. Aug. 12a
44 Sept. 15 Holders of rec. Aug. 12a
$20,128,379 $15,817,093 $17,516,674 $19,748,332
Total
131 Oct. 1 Holders of rec. Sept. 15
Since Jan. 1.
$71,620,283 $111,183,089 387,877,381 384,981,741
3
Oct. 1 Holders of rec. Sept. 15
Dry Goods
610,813,094 508,298,706 494,075,944, 511,131,206
344 Aug. 20 Holders of rec. Aug. 10a GeneralMerchandise
75e. Sept. 15 Aug. 25 to Sept. 15
$632,433,377 $610,481,795 3581,953,325 $596,112,947
131 Sept. 1 Holders of rec. Aug. 14
Total 31 weeks
131 Sept. 15 Holders of rec. Aug. 31a
344 Sept. 1 Aug. 21 to
FROM NEW YORK.
EXPORTS
50c. Sept. 1 Aug. 24 to Sept. 1
134 Aug. 16 Holders of rec. July 31
234 Oct. 1 Holders of rec. Aug. 31a
1914.
1913.
1912,
1015.
Week Ending Aug. 7.
244 Oct. 1 Holders of rec. Aug. 31a
144 Oct. 1 Holders of ree. Aug. 31a
$29,158,310 $12,071,056 $13,515,717 $16,472,871
week
the
For
1
7a
5
Sept.
Holders of rec. Aug.
780,139,150 520,107,683 531,077,081 474,451,914
4
Sept. 1 Holders of rec. Aug. 20a Previously reported
8
Oct. 1 Holders of rec. Sept. 20a
$809,297,460$532,178,739 $544,592,798 $490,924,785
weeks
31
Total
8
Sept. 1 Holders of rec. Aug. 20
8
Oct. 1 Holders of rec. Sept. 20
The gold and silver exports and imports for the week and
131 Aug. 20 Holders of rec. Aug. 14a
1 X Sept. 1 Holders of rec. Aug. 14a since January 1 have been as follows:
134 Sept. 1 Holders of rec. Aug. 20a
134 Sept. 1 Holders of rec. Aug. 20a
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
2
Sept. 10 Holders of rec. Aug. 30a
131 Oct. 1 Holders of rec. Sept.20a
Exports.
Imports.
Week ending Aug. 7.
134. Aug. 15 Aug. 6 to Aug. 15
65e. Aug. 25 Holders of rec. Aug. 20a
Since
Since
Gold.
131 Aug. 16 Holders of rec. July 31
Week.
Jan. 1.
Week.
Jan. 1.
131 Aug. 31 Aug. 21 to Aug. 30
Aug. 14 Holders of rec. July 24
$2
$1,956,082
2
Sept. 1 Holders of rec. Aug. 10a Great Britain
11,519,314
131 Sept. 1 Holders of rec. Aug. 10a France
131 Sept. 1 Holders of rec. Aug. 10a Germany
$1,274 1,104,389
$6,653,038
5
Sept. 1 Aug. 17 to Sept. 1 West Indies
20,010
41,192 1,133,652
$10
134 Aug. 16 Holders of rec. Aug. 9a Mexico
711,140 1,739,132 8,617,784
25e. Sept. 15 Holders of rec. Sept. la South America
50,000
19,200 4,834,720
2
Sept. 1 Holders of rec. Aug. 20a All other countries
$1 Aug. 31 Holders of rec. July 31a
$10 $7,434,188 $1,800,798 $29,166,841
Total 1915
Sept. 1 Holders of rec. Aug. 14
3
18,941,250 126,457,349
200,062 5,614,043
Total 1914
44 Aug. 31 Holders of rec. Aug. 14a
47,000 68,742,696
320,068 12,092,888
Total 1913
13j Aug. 31 Holders of rec. Aug. 14a
Silver.
Aug. 20 Aug. 14 to Aug. 15
5
$704,486 $21,513,212
$9,813
Britain
18
Great
Aug.
rec.
of
Holders
1
34 Sept.
154,000 1,580,575
12,923
131 Oct. 1 Holders of rec. Sept. 10a France
AX Oct. 1 Holders of rec. Sept. 10a Germany
1,306,760
$500
96,117
West
Indies
16a
Aug.
of
rec.
Holders
34 Sept. 1
3,700
24,731 2,004,138
75e. Aug. 16 Holders of rec. Aug. 2a Mexico
43,816
312
17,289 2,333,517
South America
13( Aug. 16 Holders of rec. July 31
9,375
739,184
other
countries
All
14
rec.
Aug.
of
131 Sept. 1 Holders
134 Sept. 1 Holders of rec. Aug. 18a
$858,798 $24,457,438
$42,520 $5,195,692
Total 1915
1
Sept. 15 Holders of rec. Sept. Sc
80,681 25,144,749
33,271 5,368,982
Total 1914
131 Sept. 15 Holders of rec. Sept. Sc
1,208,429 30,972,159
452,184 6,049,557
Total 1913
234 Aug. 16 Holders of rec. July 31a
131 Oct. 15 Holders of rec. Sept.28
Of the above Imports for the week in 1915, 31,636 were American gold coin
IX Aug. 31 Holders of rec. Aug. 17a
and $173 American silver coin.
131 Aug. 14 Aug. 5 to Aug. 15
1
1
234
334
144
1
2
1.i
3
1
144
2
2
2
The Federal Reserve Banks.-Following is the weekly statement issued by the Federal Reserve Board on August 7:
about 2.8 millions in other cash on hand is inA decrease of over 2 million dollars in total reserves,of over5 millions of gold in vault and a gain of New York, Philadelphia and
San Francisco
dicated by the Federal Reserve Board's weekly bank statement as at tho close of business Aug. 6 1915.
gain in other cash.
report the largest losses of gold for the week. The loss of gold by the New York bank is partly offset by a Dallas and San Francisco banks accounting
The holdings of commercial paper show a decrease of about 250,000 dollars, the losses of the Atlanta.
8448,000 and constitutes at present almost
mainly for the decrease in the total. The aggregate; amount of bankers' acceptances held increased about
largest share of this increase. No trly ono-half
30% of the combined amount of commercial and bank paper hold. The New York bank reports thepaper on hand, 10.3 per cent matured within ten
commercial
total
the
Of
by
banks.
member
or
indorsed
accepted
either
was
hold
paper
bank
of the
About 68.8 per cent of tho paper(as against
days, and 31.9 per cent within 30 days, as against 29.7 per cent shown at the end of the previous week.
maturing after 90 days (I. o., after Nov. 4) stands
63.1 per cent) showed maturities of 60 days and less. The amount of agricultural and live-stock paper per cent shown for the first week in July.
13.9
as
on
against
hand,
paper
the
all
of
and
per
only
cent
5.1
millions,
2
constitutes
over
slightly
now at
additional purchased of 2 and 3 per cent bonds.
U.S. bonds on hand increased about $600,000:Hoston, Cleveland. Chicago and San Francisco reporting
millions 3 per cent bonds. The latter are
Of the total of about 8.5 millions dollars held by eight reserve banks. about 6.6 millions are 2 per cent and 1.9
for municipal warrants on hand, Now York
shown
Is
dollars
of
A
2
only.
still
million
increase
about
banks
Chicago
larger
and
hold by the Cleveland.
alone reporting an increase of about 1.5 millions, mainly of Boston city paper.
tho previous week, and constitutes 124.3
The combined total of bills and investments stands at 67.5 millions, as against 64.8 millions at the end of
in the aggregate not deposits
per cent of the combined capital of the banks, as against 119.5 per cent shown the week before. But little change is shown
for the Chicago bank.
of the banks, a gain of about 1.9 millions by the New York bank, being more than offset by a loss of over 2 millions shown
Federal Reserve Agents report a total of 138.7 millions of notes received from the Comptroller of the Currency and a total of 101.7 millions net issued
to the banks. Against the latter amount they hold 84.3 millions of gold and 17.4 millions of commercial paper. The banks give their total note circulation as 87.5 millions and their net liability thereon as 15.4 million dollars.
AUG. 141915.]
THE CHRONICLE
507
The figures of the consolidated statement for the system as a whole are given on the following page, and in addition
we present the results for each of the eight preceding weeks, thus furnishing a useful comparison. In the second table we
show the resources and liabilities separately for each of the twelve Federal Reserve banks. The statement of Federal Reserve
Agents' Accounts (the third table following) gives details regarding the transactions in Federal Reserve notes between the
Comptroller and the Reserve Agents and between the latter and the Federal Reserve banks.
STATEMENT OF COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS OF THE UNITED STATES OF
AMERICA AT THE CLOSE OF BUSINESS AUGUST 6 1915.
RESOURCES.
Aug. 6 1915. July 301915. July 23 1915. July 16 1915. July 9 1915. July 2 1915. June 25 1915 June 18 1915. Juisell 1915.
$207,822,000 $212,988,000 $214,047,000 $213,472,000 $218,021,000 3231,368,0001$223,827,000 $217,161,000 $217,281,000
Gold redemption fund with U.S.Treasurer
1,064,000
1,076,000
1,084,000
1,036,000
1,116,000
1,080,0001
Gold settlement fund
52,140,000 48,450,000
52,200,000
46,680,000 47,106,000
31,840,000
31,360,000
29,360,000
28,950,000
Total gold reserve
$281,196,000 $266,192,000 5263,573,000 $261,188,000 $266,243,000 $264,288,000 $255,187,000 $246,521,000 $246,231,000
Legal tender notes,silver,&c
22,092,000 25,913,000
24,916,000
26,492,000
22,494,000
24,841,000
47,848,000 48,916,000
44,632,000
Total reserve
$286,112,000 $288,284,000 $289,486,000 $287,680,000 $288,737,000 3289,129,000 $303,035,000 $295,437,000 $290,863,000
Bills discounted and boughtMaturities within 10 days
$4,222,0001
Maturities within 30 days
8,851,000! $12,065,000 $11,956,000 $12,146,000 $13,008,000 $13,322,000 $14,333,000 $14,383,000 $14,721,000
Maturities within 60 days
13,639,000 12,815,000
15,085,000
12,103,000
11,367,000
9,735,000
10,070,000
9,980,000
10,818,000
Maturities within 90 days
11,774,000 11,196,000
10,686,000
9,399,000
8,557,000
8,097,000
7,351,0001 11,226,000
10,468,000
Maturities over 90 days
3,456,000
3,249,000
3,992,000
2,082,000
3,745,000
5,033.000
4,621,0001
Gold coin and certificates in vault
Total
$40,926,000 340,727,000 $39,423,000 $37,640,000 $36,677,000 $36,187,000 $36,375,000 $35,589,000
Dank acceptances (Included in above)
11,625,000 10,338,000
8,971,000
12,073,000
9,593,000
9,820.000
10,379,000
10,162,000
Investments: U.S. bonds
$7,923,000 $7,923,000
8,503,000
$7,923,000 $7,898,000
$7.652,000 $7,601,000
$7,208,000
16,107,000 15,110,000
18,100,000
Municipal warrants
14,391,000
13,895,000
12,390,000
11,509,000
9,664,000
Due from Federal Reserve banks-Net_ --5,229,000
7,078,000
5,855,000
5,987,000
6,107.000
9,862,000
8,311,000
8,145,000
Federal Reserve notes-Net
9,227,000
11,029,000
12,578,000
9,953,000
8,379,000
7,601,000
9,124,000
7,753,000
All other resources
4,765,000
5,904,000
5,283,000
4,436,000
3,694,000
3,660,000
5,501,000
6,533,000
$377,469,000 $377,052,000 3371,163,000 3367,878,000 5365,387,000 $366,481.000 $381,456.000 3370.329.000
Total Resources
LIABILITIES.
$54,315,000 $54,181,000 $54,170,000 $54,135,000 $54,104,000 $54.128,000 $54,200,000 $54,201,000
Capital paid in
306,002,000 300,183,000 301,063,000 297,616,000 295,808,000 297,883,000 311,349.000 299,361,000
Reserve deposits-Net
a15,420,000 a14,965,000 a14,521,000 a14,242,000 a13,375,000 a12,797,000 a12,617,000 a12,100,000
Federal Reserve notes-Net
All other liabilities
1,409,000
1,723,000
1,732,000
1,885,000
2,100,000
1,673,000
3,290,000
4,667,000
$36,007,000
$7,187,000
9,996,000
14,878,000
6,204,000
6,146,000
$371,281,000
$54,195,000
299,653,000
812,098,000
5,335,000
$377,469,000 $377,052,000 $371,163,000 $367,878,000 $365,387,000 3366,481.000 $381,456,000 $370,329,000 $371,281,000
Total liabilities
Gold reserve against net liabilities (b)
82.8%
84.9%
85.3%
87.8%
84.8%
87.9%
81.3%
80.8%
82.9%
93.3%
Cash reserve against net liabilities (b)
91.8%
94.0%
90.7%
95.3%
98.1%
96.0%
97.4%
98.0%
Cash reserve against liabilities after setting
aside 40% gold reserve against net
amount of Federal Reserve notes in
circulation (b)
93.3%
96.6%
94.4%
98.6%
97.8%
98.6%
98.3%
99.8%
100.4%
Aug. 6 1915. July 301915. July231915. July 161915. July 9 1915. July 2 1915. June 25 1915 June13 1915. June 11 1915.
(a) Federal Reserve notes: Gross liability- $100,096,000 $96,156,000 $92,647,000 $91,898,000 $87,621,000 $83,413,000 81,613,000 377,971,000 $73,529,000
Deduct: Gold and lawful money In hands
of Federal Reserve Agents for retirement of outstanding notes
84,676,000 81,191,000 78,126,000
77,656,000
74,246,000
70,616,000 68,996,000 65,871,000
61,431,000
Net liability of Reserve Banks upon
outstanding notes
$15,420,000 $14,965,000 $14,521,000 $14,242,000 $13,375,000 $12,797,000 312,617,000 $12,100,000 $12,098,000
(b) After deduction of items in transit between Federal Reserve banks, vlz
$5,987,000 $7,078,000 $5,229,000
$5,855,000 $6,107,000
39,862.000 $8,311,000
$8,145,000 $14,878,000
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS AUG. 6 1915.
Boston. New York. Philadel'a.1Cleveland. Richmond. Atlanta. Chicago. 1St. Louts.1111inneap.11Can. City. Dallas. !San Pron.! Total.
RESOURCES.
$
I
$
Gold Coln & ctfs. In vault 9,036,000 112,441,000 11,606,000 13,217,000 38,879,000 3,491,000 23,006,000 7,689,000; 5,814,000 6,206,000 3,417,000 8,020,000
Gold settlement fund- 7,549,000 10,915,000 1,461,000 4,283,000 3,348,000 1,376,000 12,323,000 1,803,000 1,389,000 3,549,000 3,294,000 1,000,000 207,822,000
52,290,000
Gold redemption fund-6,000
37,0001
55,000
325,000
225,000;
35,0001
30,0001
37,000
313,000
21,000 1,084,000
Total gold reserve_ _ 16,591,000123,411,000 13,104,00017,500,000 7,552,000 5,092,00035,329,000 9,527,001 7,233.000 9,792,000 7,024,000 9,041.000261.196,000
Legal-ten.notes,silv.,&c. 485,000, 15,726,000 2,934,0001 1,053,000
109.000
458,000 2,403,000
723,000
5,000
477,000
538,000
5,000 24,916,000
Total reserve
17,076,0001139,137,000 16,038,000118,553,000 7,661,000 5,550,000 37,732,000
10,250,0001 7,238,00010,269,000 7,562,000 9,046,000286.112,000
Bills discounted &bought
Commercial paper _ _ _ _
266,000
496,000
637,0001 633,000 8,668,000 4,644,000 1,448,000 1,041,000,1 1,747.000 1,112,000 6,541,000 1,620,000 28,853,000
Bank acceptances__- 2,271,000 5,842,000 1,474,0001 351,000
617,000
380,0001 208,000
395,000
535,000 12,073,000
Total
2,537,000 6,338,000 2,111,0001 984,000 8,668,000 4,644,000 2,065,000 1,421,000 1,955,000 1,507,000 6,541,000 2,155,000 40,926,000
$
Investments U. S. bonds 491,000
Municipal warrants_ 2,307,000
Due from other Federal
352,000
Reserve banks-Net_
Fed. Reeve notes-Net 357,000
All other resources
873,000
I
$
$
340,000 696,000
7,161,000 1,909,000 1,767,000
7,689,000
322,000
1,517,000
115,000
572,000
609,00
331,000
297,000
3,778,000
2,043,000
679,000
228,000
I
$
I
I
242,000 1,025,000
622,000 549,000
230,000 2,744,000 648,000
2,384,000
106,000
106,000
156,000 2,099,000
108,000
424,000
61,000,
930,000
557,000
1,001,000 8,503,000
1,125,000 18,100,000
848,000
340,000 1,681,000 *5,987,000
1,172,000 12,578,000
73,000
82,000 5,263,000
394,000
Total resources-- 24,053,000 160,647,000 22,602,00023,237,000 17,236,000 10,530,000 50,902,000 15,388,000 11,360,00014,505,000 14.516,000116.262,000377.469.000
.
LIABILITIES.
4,802,000 10,982,000 5,275,000 5,943,000 3,364,000 2,417,000 6,615,000 2,795,000 2,425,000 3,014,000 2,759,000, 3,924,000 54,315,000
Capital paid in
Reserve deposits-Net_ _ 19,251,000 144,355,000 17,327,000 17,294,000 7,738,000 5,272,00044,287,000 12,593,000 8.935,00010,808,000 5.804,00012.338,000 306,002,000
Fed. Res've notes-Net6,027,000 2,705,000
683,000 5,915,000
I 15,420,000
Due to other Federal
3,769,000
Reserve banks-Net_
1,541,000
All other liabilities
107,000
46,000
38,000
1,732,000
1
Total liabilities-. 24,053,000 160,647,000 22,602,000 23,237,000 17,236,00010,530,000 50,902,000 15,388,000 11,360,000 14,505,000 14,510,000,16,262,000 377,469,000
Memorandum-
P.R. notes issued to bks. 4,420,000 50,120,000 3,030,000 4,800,000 8,800,000 5,500,000 4,380,000
F.R. notes in hands of
357,000 7,889,000
115,000 331,000 473,000
banks
555,000 2,384,000
626,000 4,400,000 4,400,000 9,215,000 2,040,000 101,731,000
F.R. notes in circulation 4,063,000 42,231,000 2,915,000 4,469,000 8,327,000 4,945,000 1,096,000
520,000 3,976,000 4,293,000 8,915,0001
Gold and lawful money
4,420,000 49,920,000 3,030,000 4,800,000 2,300,000 2,150,000 4,380,000
with agents
Carried to net liabilities_
6,027,000 2,795,000
115,000
Carried to net assets_ _ _ _
357,000 7,689.000
331,000
2.384,000
106,000
424,000
107,000
1
1
1
300,000; 1,172,000, 14,213,000
868,000, 87,518,000
626,000 4,400,000 3,610,000 3,000,000, 2,040,0001 84,676,000
683,000 5,915,000,
15,420,000
106,000
424,000
I 1,172,000 12.578,000
1
*Items In transit, I. e., total amounts due from
minus total amounts due to other Federal Reserve banks.
STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS AUG. 6 1915.
1
Federal Reserve Notes-I
Boston. 1New York. Philadera. Cleveland. Richmond. Atlanta.
$
I
3
s
$
I
a
1
Chicago. St. Louis.
Minneap. Kan. City.
Dallas.
San Fran.
Total.
s
$
$
s
s
Ree'd from Comptrol'r 11,800,000 51,840,000 5,480,000 6,400,000' 9,160,000 8,500,000 9,260,000 3,400,000 5,000,000 6,000,000 11,900,000 10,000,000 138,740,000
100,000
Ret'd to Comptroller
170,000
5,0001
275,000
chargeable
Amount
to
11,700,000 51,840,000 5,310,000 6,400,0A 9,160,000 8,500,000 9,260,000 3,400,000 5,000,000 6,000,000 11,895,000 10,000,000 138,465,000
F. R. agent
'In hands of agent,close
7,280,000 1,720,000 2,280,000 1,600,000 360,000 3,000,000 4,880,000 2,774,000 600,000 1,600,000 2,680,000 7,960,000 36,734,000
of business Aug.
Issued to F. R. bank,
less notes ret. to agt.
for redemp.& cancel. 4,420,000 50,120,000 3,030,000 4,800,000 8,800,000! 5,500,000 4,380,000 626,000 4,100,000 4,400,000 9,215,000 2,040,000101,731,000
Held by F. R.agentIn reduction of liability
on outstanding notes:
Gold coin & cents__ 4,420,000 49,920,000 3,030,000 4,560,000 2,300,000 2,150,000 4,260,000
626,000 4,400,000 3,610,000 3,000,000 2,040,000 84,316,000
Lawful money
As security for outstanding notes:
200,000
Commercial paper
6,500,000 3,350,000
790,000 5,902,000
16,742,000
Held by Treas. of U. S.
Gold redemp. fund_ _ _
'
240,000
120,000
313,000
673,000
-1
6-I
I
Total
4,420,000 50,120,000 3,030,000 4,800,000 8,800,000 5,500,000 4,380,000
Amount comm'l paper
turned over to F.R.agt.
200.000
7.101,000 3.350,000'
626,000 4,400,000 4,400,000 9,215,000 2,040,000101,731,000
790,000 5,990,000
17,431,000
508
[VoL. 101.
THE CHRONICLE
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 July 31. 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 four preceding weeks.
NEW YORK WEEKLY CLEARING-HOUSE RETURN.
CLEARING HOUSE
MEMBERS.
Capital.
Week Ending
August 7 1915
(00s omitted.)
Loans,
Discounts
investm'ts,
&c.
{Nat. B'ks June 231
State B'ks June23(
Members of Federal
Reserve Bank.
Banked N.Y.. N.B.A_
Merchants' Nat. Bank_
Mech.& Metals Nat-National City Bank___
Chemical Nat. Bank__
Atlantic National Bank
Nat. Butchers'& Drov.
Amer. Exch. Nat. Bank
National Bank of Corn.
Chatham & Phenix Nat
Hanover National Bank
Citizens' Central Nat_ _
Market & Fulton Nat__
Importers'& Traders'__
National Park Bank __ East River Nat.Bank__
Second National Bank..
First National Bank__Irving National Bank._
N. Y. County Nat. 13k.
Chase National Bank__
Lincoln National Bank_
Garfield National Bank
Fifth National Bank._
Seaboard NationalBank
Liberty National Bank
Coal & Iron Nat. Bank_
Union Exchange Nat..
NassauNat. Brooklyn
Broadway Trust Co...
2,000,0
2,000,0
6,000,0
25,000,0
3,000,0
1,000,0
300,0
5,000,0
25,000,0
2,250,0
3,000,0
2,550,0
1,000,0
1,500,0
5,000,0
250,0
1,000,0
10,000,0
4,000,0
500,0
5,000,0
1,000,0
1,000,0
250,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0
1,500,0
Net
Profits.
3
4,674,5
2,210,3
9,242,2
36,933,5
7,991,9
798,7
77,6
4,942,2
17,843,2
1,467,3
15,389,4
2,537,9
1,972,4
7,803,7
15,604,3
64,2
3,192,5
23,281,9
3,929,3
1,516,0
9,832,1
1,898,4
1,284,4
418,9
2,873,5
3,067,2
679,6
1,004,9
1,120,2
888,1
Gold.
Average.
3
33,975,0
28,603,0
102,533,0
253,206,0
30,630,0
10,641,0
2,038,0
76,378,0
186.689,0
28,500,0
103,352,0
26,384,0
9,128,0
31,774,0
121,172,0
1,909,0
15,435,0
142,371,0
53,590,0
9,739,0
138,138,0
15,342,0
8,531,0
4,452,0
30,049,0
38,156,0
7,786,0
10,667,0
8,700,0
15,983,0
.Vat.Bank Nat.Bank Federal
Notes
Reserve
Notes
Bank
[Not
[Reserve
Notes
Silver. for State Counted
[Not
Instituas
tionsl. Reserves.] Reserve].
Legal
Tenders.
1,723,0 131,729,0
1,640,339,0 .18,562,0 .37,477,0
2,516,0
2,505,0
3,212,0
3,078,0
1,617,0 130,924,0
1,800,0 133,737,0
2,043,0 133,516.0
1,786,0 127,450,0
1,631,838,0
1,622,191 ,0
1,617,1940
1,600,679,0
49,932,0
53,166,0
51,602.0
51,023,0
51,344,0
57,959,0
58,983,0
58,029,0
40,630,0 10,850,0
31,113,0 3,369,0
10,529,0 1,273,0
4,972,0
338,0
2,098,0
169,0
11,644,0
839,0
76,666,0 7,763,0
3,503,0
297,0
4,729,0
502,0
14,620,0 1,551,0
3,591,0
458,0
6,025,0
534,0
13,466,0 1,272,0
4,550,0
277,0
11,802,0 2,537,0
19,156,0 1,360,0
17,175,0 1,060,0
1,225,0
1,397,0
208,0
628,0
49,0
588,0
5,129,0
25,0
216,0
920,0
99,0
57,0
351,0
151,0
468,0
274,0
157,0
1,067,0
1,424,0
406,0
122,0
121,0
581,0
5,175,0
57,0
81,0
1,156,0
128,0
148,0
819,0
170,0
623,0
543,0
540,0
164,0
60,0
250,0
193,0
16,0
47,0
1,247,0
49,0
12,0
39,0
62,0
100,0
127,0
30,0
119,0
543,0
409,0
41,0
Totals.avge.for week_ 16,700,0 33,205,3
276,289,0 34,449,0 11,942,0 13,161,0
Totals, actual condition Aug. 7
Totals, actual condition July 31
Totals, actual conditio n July 24
Totals, actual conditio n July 17
277,304,0
273,971,0
269,234,0
267,143,0
2,050,0
1,500,0
500,0
500,0
200,0
2,000,0
3,500,0
250,0
760,0
100,0
200,0
200,0
1,000,0
200,0
1,000,0
1,500,0
1,250,0
4,801,0
6.239,7
1,178,8
999,7
442,6
1,899,6
6,729,7
778,0
716,9
2,343,4
800,5
993,6
2,126,2
655,3
923,2
553.1
1.024,0
National
Net
Bank
Time
CirculaDeposit% tion.
2,661,0
1,540,749,0 208,939,0
1,517,478,0 206,605,0
1,514,917,0 203,033,0
1.607,656,0 199,885,0
State Banks
Not Members of
Federal Reserve Bank.
Bank of Manhattan Co_
Bank of America
Greenwich Bank
Pacific Bank
People's Bank
Metropolitan Bank
Corn Exchange Bank
Bowery Bank
German-American Bank
Fifth Avenue Bank
German Exchange Bank
Germania Bank
Bank of Metropolis.
WestSide Bank
N. Y. Produce Exch.._
State Bank
Century Bank
Net
Demand
Deposits.
Average. Average. Average. Average. Average. Average. Average. Average. Average. Average. Average.
$
3
872,0
2,431,0
2,391,0
4,0
462,0
800,0
30,849,0 1,628,0
707,0
1,408,0
39,0 2,036.0
20,0
924,0
1,937,0
27,814,0
12,662,0 13,198,0 5,484,0
67,0 8,465,0
175,0
117,358.0 5,654,0 4,937,0
81,612,0 6,370,0 5,699,0
341,0
729,0 27,998,0
306,101,0 1,113,0 2,928,0
4,863,0
517,0
3,148,0
46,0
966,0
28,660,0
450,0
150,0
731,0
123,0
897,0
10,0
423,0
10,703,0
402,0
27,0
45,0
34,0
123,0
76,0
9,0
1,599,0
50,0
54,0
5,518,0 1,763,0 1,884.0
23,0 6,185,0
118,0
74,664,0 2,808,0 4,683,0
14,448,0 6,055,0 4,563,0
51,0 13,501,0
157,0
179,286,0
125,0 3,888,0
1,888,0
532,0
54,0 2,096,0
131,0
415,0
27,924,0
892,0 1,184,0
19,162,0 3,695,0 3,143,0
48,0 8,999,0
13,0
119,681,0
305,0
1,168,0
106,0 1,248,0
43,0 2,064,0
75,0
22,960,0 1,500,0 1,634,0
805,0
773,0
926,0
19.0
697,0
75,0
9,395,0
90,0
1,256,0 1,033,0
2,169,0
854,0
242,0
28,159,0
50,0
7,522.0
9,332,0
965,0 8,004,0
122,775,0
125,0
424,0 3,580,0
99,0
150,0
45,0
1,920,0
6,0
117,0
50,0
948,0
188,0
12,446,0
45,0 1,015,0
62.0
434.0
675,0
13,701,0 2,203,0 2,544,0
133,675,0
18.0 10,336,0
111,0
125,0 4,990,0
7,042,0 2,371,0 3,833,0
160.0 4,573,0
62,801,0
10,0
175,0
740,0
690,0
61,0
423,0
9,529,0
9,0
573,0
124,0
200,0
10,074,0 5,448,0 3,937,0
163,712,0
155.0 12,692,0
869,0
128,0
450,0
2,074,0 1,286,0
17,357,0
49,0 1,338,0
694.0
170,0
37,0
890,0
886,0
465,0
771,0
8,773,0
76,0
539,0
36,0
350,0
316,0
160,0
4,395,0
102,0
53,0
217,0
5,0
242,0
2,845,0 1,266,0 2,056,0
35,735,0
8,0 3,344,0
100,0
18,0
405,0
2,924.0
1,634,0
394,0 3,049.0
39,229,0 2,719,0
68,0
39,0
500,0
549,0
7,719,0
410,0
188,0
15,0
29,0
294,0
400,0
7.75,0
223,0
10,069,0
264,0
68,0
8,0
512,0
400,0
18,0
588,0
241,0
7,993,0
71,0
593,0
31,0
267,0
1,323,0
59,0
17,058,0
39,0 1,338,0
41,0
502,0
333,0
Totals. avge. for week 112,600,0 183,652,2 1,545,871,0 206,602,0 51,154,0 54,736,0
Totals, actual condition Aug. 7
Totals, actual conditlo n July 31
Totals, actual conditio n July 24
Totals, actual condition July 17
Excess
Reserve
Due
with
from
Legal
Reserve
Deposi- Depositories.
taries.
627,0
2,0
8,0
140,0
157,0
4,000,0
187,0
200,0
128,0
208,0
318,0
502,0
240,0
138,0
1,263,0
808,0 3,714,0
47,600,0
29,664,0
11,545,0
4,735,0
2,339,0
9,655,0
90,315,0
3,124.0
4,582,0
15,646,0
3,467,0
5,960,0
12,808,0
4,281,0
13,679,0
21,019,0
13,458,0
18,594,0 37,500,0
18,609.0 37,580,0
16,953,0 .37,931,0
16,461,0 37,915,0
40,0
2,0
27,0
4,857,0
3,467,0
51,0
7,991,0 4.639,0
293,877,0
4,926,0
34,602,0
34,529,0
32,986,0
33,094,0
10,994,0
12,221,0
10,003.0
10,604,0
10,876,0
11,880,0
10,951,0
11,181,0
3,592,0
3,716,0
3,421,0
3,744,0
47,0
46.0
4,0
5,0
7,934,0
7,744,0
7,406,0
7,361,0
4,367,0
4,747,0
2,141,0
1,814,0
291,909,0
293,614,0
285,103,0
283,155,0
4,924,0
4,938,0
3,253,0
3,288,0
31,857,0 1,809,0
170,674,0 14,642,0
51,293,0 3,076,0
22,297,0 1,436,0
38,814,0 1,889,0
222,714,0 16,784,0
8,909,0
594,0
21,274.0 1,096,0
67,977,0 4,022,0
17,136,0 1,053,0
50,569,0 3,139.0
16,684,0
820,0
10,689,0
629,0
44,204,0 3,261,0
311,0
92,0
77,0
5,0
121,0
1,788,0
48.0
226,0
141,0
75,0
2,424,0
93,0
115,0
340,0
216,0
69,0
380,0
137,0
126,0
4,232,0
102,0
97,0
458,0
232,0
274,0
130,0
185,0
113,0
110,0
15,0
120,0
96,0
187,0
603,0
31,0
35,0
277,0
196,0
46,0
76,0
35,0
301,0
22,0
13,0
1,118,0 2,692,0
7,347,0 12,117,0
1,808,0 10,003,0
847,0 2,922,0
1,128,0 6,143,0
5,574,0 16,728,0
379,0
318,0
698,0 1,517,0
2,444,0 5,236,0
791,0 1,898,0
1,836,0 6,612,0
583,0 1,617,0
738,0
481,0
1,832,0 1,846,0
22,359,0
146,952,0
26,175,0
17,008,0
22,563.0
193,040,0
7,611,0
13,966.0
48,874,0
15,826,0
38,673,0
11,169,0
0,616,0
36,637,0
7,928,0
27,836,0
14,416.0
5,299,0
699,0
27,185,0
138,0
351,0
17,119,0
1,187,0
7,579,0
5,018,0
1,028,0
5,305,0
Totals. avge.for week_ 44,750,0 01,374,4
773,091,0 54,250,0
5,856,0
6,751,0
2,128,0
245,0 26,846,0 70,387,0
618,469,0 121,086,0
Totals, actual
'fotais, actual
Totals, actual
Totals, actual
771,645,0
786,495,0
781,948,0
778,198,0
7,754,0 10,742,0
4,775,0 8,139,0
6,319,0 6,160,0
6,877,0 6,045,0
2,165,0
2,310,0
2,536,0
2,430,0
275,0
246,0
218,0
250,0
21,296,0 80,440,0
30,989,0 66,250,0
25,191,0 72,885.0
30,805,0 86,659,0
614,530,0 122,168,0
635,424,0 120,526,0
632,740,0 118,017,0
636,414,0 114,103,0
Trust Companies
Not Members of
Federal Reserve Bank.
Brooklyn Trust Co_Bankers'Trust Co
U.S. Mtg & Trust Co..
Astor Trust Co
Title Guar.& Trust Co.
GuarantyTrust Co---,
Fidelity Trust Co
Lawyers' Title & Trust_
Columbia Trust Co....
People's Trust Co
New York Trust Co...
FranklinTrust Co
Lincoln Trust Co
Metropolitan Trust Co_
1,500,0
10,000,0
2,000,0
1,250,0
5,000,0
10,000,0
1,000,0
4,000,0
2,000,0
1,000,0
3,000,0
1,000,0
1,000,0
2,000,0
3,468,8
13,173,0
4,247,7
1,231,9
11,868,5
23,217,8
1,337,3
5,065,8
7,409,3
1,433,9
11,197,9
1,096,2
534,7
6,093,6
condition Aug. 7
condition July 31
conditio a July 24
conditio n July 17
54,348,0
53,703,0
58,991.0
56,303,0
Grand Aggregate,avge_ 175,550.0 309,120,0 2,595,231,0 295,301,0 68,952,0 74,648,0
Comparison prey. week
+24,076,0 +805,0 --241,6 -2,181,0
Grand Aggregate,actual condition August
Comparison prey. week
18,0
82,0
9,0
49,0
2,0
22,0
7,0
5,595,0 2,661,0
-708,0 -252,0
F. 2,589,698,0 297,889,9
68,680,0 72,962,0 5,757,0
+11,754,0 +3,052,0 --1,482,0 -5,016,0 -269,0
Grand Aggregate actual condition July 31. 2.577.944,0 294,837,0 70,162,0 77,978,0
Grand Aggregate actual condition July24_ 2,566,099,0 295.010,0 67,924,0 76,094,0
Grand Aggregate actual condition July 17_ 2,552,995,0 289,282,0 68,504,0 75,255,0
21,0
6,026,0
5,957.0
6,174,0
2,019,0 168,5660 i5,206,0 2,552,685,0 144,574,0 37,477,0
--300,0 -4,704,0 +52700 +10,582,0 +4,282,0 -328,0
2,516,0
+11,0
1,939,0 160,154,0 84,807,0 2,538,277,0 145,686,0 37,500,0
-153,0 -123160 +138100 -12,952,0 +1,613,0
-80,0
2,505,0
3,212,0
3,078,0
2,092,0 172,470,0 70,997,0 2,551,229,0 144,073,0 37,580,0
2,265,0 166,113.0 75,006,0 2,535,037,0 137,123,0 37,931,0
2,041,0 165,616,0 68,473,0 2,520,248,0 133,830,0 37,915,0
STATEMENTS OF RESERVE POSITION
Averages.
Cash Reserve Reserve in
in Vault. Depositaries
Total
Reserve.
•Reserve
Required.
Actual Figures,
Surplus
Reserve.
Members Federal
3
3
3
Reserve Bank.. 312,492,000 131,729,000 444,221,000 296,189,120 148,031,880
63,019,000 7,991,000 71,010,000 52,897,8801 18,112,140
State Banks
Trust Companies_ 68,985,000 26,846,000 95,831,000 92,770,350 3,060,650
Inc. or Dec.
Cash Reserve Reserve in
from
Previous Week. in Vault. Depositaries
Total
Reserve.
a Reserve
Required.
Surplus
Reserve.
Inc. or Des.
from
Previous Week.
3
3
3
$
-8,592,880 310,215,000130,924,000 441,139,000 294,660,540 146,478,460 --12,083,710
--14,600 I 60,064,000 7,934,000 67,098,000 62,543,020 15,454,380 --1,785,100
-840,4001 75,009.000 21,296,000 96,305,000 92,179,500 4,125,500
--476,900
Total Aug. 7__ 444,496,000 166,566,000611,062,000 441,857,330 169,204,670 -9,447,880 445,288.000 160,154,000605,442,000 439,383,660 186,058,340 -14,325,710
Total July 31.. 446,821,000 171,270,000,618,091,000 439,438,450 178,652,550 +11,048,180 449,003,000 172,470,000621,473,000 441,088,950 180,384,050 +7,458,180
Total July 24__ 441,305,000 162,457,000,603,762,000436,157,630 187,604,370 +5,364.760 444,985,000 166,113,000 611.098,000 438,172.110 172,925,890 +3,470,180
Total July 17_ 433,202,000 182,814,000'596,016,000 433,770,390182,239,810 +8,167,410 439,215,000 105,616,000604,831,000 435,375,270 169,455,73
+6,744,410
,,
• This is the resehe required on Net Demand DeposItS in the case of State Banks and Trust Companies, but in the case of Members of the Federal
Banks
includes also the amount of reserve required on Net Time Deposits, which was as follows: August 7, 3928,100; July 31, $889,900; July 24, 3833,600; JulyReserve
17,
a This is the reserve required on Net Demand Deposits in the case of State Banks and Trust Companies, but in the case of Members of the Federal Reserve$827,400.
Banks, it
Includes also the amount of reserve required on Net Time Deposits, which was as follows: August 7 .$929.700 July 31 .3930.450 :July 24. $847,650; July 17, 3823,050
509
THE CHRONICLE
Aua. 141915.]
In addition to the returns of "State banks and trust comThe State Banking Department reports weekly figures
showing the condition of State banks and trust companies panies in Now York City not in the Clearing House" furnished
In New York City not in the Clearing House, and those 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 STATMENT.
Differences from guish between the results for New York City (Greater New
(Figures Furnished by State Banking Department.)
previous wee/c.
August 7.
rest of the State, as per the following:
$588,858,500 Inc. $1,345,500 York) and those for the
Loans and investments
49,287,500 Inc. 1,611,100
For dofinitions:and rules under which the various items
Gold
161,000
Dec.
8,530,000
Currency and bank notes
742,631,500 Inc. 8,236,500 are made up, see "Chronicle," V. 98, p. 1661.
Total deposits
Deposits, eliminating amounts duo from reserve deThe provisions of the law governing the reserve requirecomtrust
and
banks
other
positaries and from
608,368,400 Inc. 3,402,600 ments
panies in New York City, and exchanges
of State banking institutions were published in the
188,028,000 Inc. 5,845,400
Reserve on deposits
"Chronicle" March 28 1914 (V. 98, p. 968). The regulaPercentage of reserve, 31.7%.
RESERVE.
tions relating to calculating the amount of deposits and what
-State Banks- -Trust Companies$10,304,600 11.41% $47,512,900 9.41% deductions are permitted in the computation of the reserves
vaults
in
Cash
23.01%
115,503,300
16.29%
14,707,200
Deposits in banks and trust companies
were given in the "Chronicle" April 4 1914 (V. 98, p. 1045).
$25,011,800 27.70% $163,016,200 32.47%
Total
The averages of the Now 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.
Demand
Deposits.
Week ended- Loans and
Investments
May 15
May 22
May 29
June 5
June 12
June 19
June 26
July 3
July 10
July 17
July 24
July 31
Aug. 7
$
3,016,636,4
2,995,149,5
3,002.089,5
3.014,410.7
3.035,658,2
3,050,140,8
3,045,645,1
3,105,038,2
3,144,527,9
3,145,394,3
3,156,507,4
3,158,668.0
3,184,039,5
3,056,351,5
2,922,865,8
2.935,201,3
2.957,997,7
2.977,514,7
2,995,498,0
3,028,615,2
3,083,954,0
3,093,795,5
3,124,117,8
3,138,585,5
3,147,068,8
3,161,053,4
Specie.
397,482,5
405.974,7
414,392,3
422,433,7
425,048,5
409,905,1
446,616,8
435,726,5
400,003,9
407,474,4
414,895,2
419,001,4
419,236,5
Other
Money.
81,472,6
79,753,2
80,733,9
80,039,2
79,781,0
73,257,9
70,451,2
72,230,4
82,704,3
84,165,2
84,463,7
84,187,0
83,077,0
Entire
Total
Money Reserve on
Holdings. Deposits.
478,955,1
485,725,9
495,126,2
502.522,9
501,827,5
513,163,0
517,068,0
507,950,9
482,708,2
491,639,6
499,358,9
503,188,4
502,313,5
3
751,995,4
759,456,8
780,230,1
789,217,0
778,850,5
795,476,0
796,000,4
789,700,3
766,343,0
777,173,8
789,583,3
806,293,6
799,090.0
STATE BANKS AND TRUST COMPANIES.
TVeek ended August 7.
State Banks
Trust Cos.
State Banks
Trust cos.
in
in
outside of
outside of
Greater N. F. Greater N. F. Greater N. F. Greater N. Y.
3
24,550,000
8
67,300,000
39,269,500
151,327.000
13,749,700
11,225,000
348,511,700 1,277,302,200
+1,922,6001 +6,623,500
135,640,600
+279,500
198,996,100
-443,600
Capital as of Dec. 24____
Surplus as of Dec. 24....
Loans and investmentsChange from last week_
Gold
Change from last week..
45,946,600
-137,600
102,262,300
+3,254,100
Currency and bank notes_
Change from last week_
27,381,000
+424,000
16,555,700
+1.457,200
8
10,913,000
$
13,100,000
Deposits
Change from last week_
459,811,700 1,565,449,000
+4,935,400 +22,941,100
144,260,600
+617,000
211.043,400
+1,216,100
Reserve on deposit
Change from last week_
108,002.700 344,539,100
+983,200 +13,514,100
25,960,400
+367,700
30,953,800
+1,128,600
20.9%
en 701
18%
17 AC7-
P. C. reserve to depositsPornarltnon loaf avonk
28.9%
9R R°Z.
28.7%
2R noz.
+ 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.
CLEARING
NON-MEMBERS.
Week Ending
Aug. 7 1915.
Net
Capital. I Profits.
Loans,
Discounts,
(Nat. b'ks June 231 InvestState b'ks June 23J ments &c.
Members of
Fed'I Reserve Bank
Battery Park Nat__ _
First Nat., Brooklyn
National City,Bklyn
First Nat,. Jers. City
Hudson Co. N., J. C.
First Nat., Hoboken
Second Nat., Hobok.
Total
Average.
151,600 2,110,000
200,000
682,700 4,767,000
300,000
649,600 4,865,000
300,000
400,000 1,287,200 4,633,000
800,100 3,993,000
250,000
681,500 5,355,000
220,000
334,100 4,141,000
125,000
1,795,000 4,586,800 29,864,000
State Banks.
Not Members of the
Federal Reserve Bank.
Bank of Wash. Hgts. 100,000
400,000
Colonial Bank
Columbia Bank__ _ _ 300,000
200,000
Fidelity Bank.'
200,000
Mutual Bank
New Netherland__ _ _ 200,000
100,000
Yorkville Bank
Mechanics', 13klyn__ 1,600,000
North Side, Bklyn__ 200,000
Total
360,600 1,920,000
731,700 7,317,000
094,700 6,583,000
183,000 1,302,000
478,500 '4,430,000
288,400 3,357,000
514,000 5,481,000
727,500 16,608,000
186,900 2,975,000
Legal
Tenders.
Gold.
Nat.Bank
Notes[Not
Counted
as
Reserve]
Excess
Federal
Reserve
with
Reserve
Due from
Reserve
Legal
Bank
Notes[Not Deposi, DeposiReserve]
larks.
taries.
Average. Average. Average. Average. Average. Average. Average. Average.
$
$
339,000
7,000
38,000
41,000
96,000
232,000
12,000 550.000
13,000
24,000 113,000
108,000
363,000
12,000 622,000
13,000
54,000 113,000
167,000
475,000 1,841,000
20,000
77,000
217,000 264,000
3,000 339,000
504,000
8,000
59,000
11,000
83,000
479,000
4,000 329,000
20,000
45,000
126,000
16,000
323,000
6,000
220,000
76,000
31,000
56,000
87,000
853,000
441,000
521,000
113,000
362,000
452,000
102,000
629,000
200,000
381,000
785,000
198,000
7,000
147,000
47,000
11,000
34,000
35,000
80,000
122,000
40,000
39,000
424,000
284,000
19,000
138,000
100,000
183,000
585,000
104,000
19,000
85,000
89,000
11,000
42,000
34,000
115,000
321,000
28,000
523,000 1,876,000
744,000
117,000
14,000
59,000
35,000
29,000
11,000
3,300,000 E4,165,300 49,973,000 3,222,000
Trust Companies.
Not Members of the
Federal Reserve Bank.
Hamilton Trust,Bkln 500,000 1,040,300 6,519,000
275,100 3,926,000
Mechanics, Bayonne •200,000
Silver.
Nat Bank
Notes [Reserve for
State Institutions]
407,000
72,000
7,000
17,000
58,000
59,000
Net
Net
Time
Demand
Deposits. Deposits.
National
Bank
Circulation.
Average.
Average.
Average.
93,000 191,000
2,016,000
292,000
4,355,000
120,000
4,827,000
387,900
3,958,000
2,786,000
195,000
1,955,000 2,843,000 217,000
1.989,000 1,881,000/Pr\99,000
31,000 2,874,000 3,742,000 21,886,000 4,817,000 1,501,000
150,000 1,390,000
83,000
748,000'7,735,000
464,000
383,000 6,955,000
417,000
966.000
127,000
58,000
262,000 1,584,000 4,375,000
214,000 3,236,000
3,000 194,000
264,000 5,880,000
353,000
1,076,000 1,052,000 17,933,000
477,000 3,151,000
189,000
3,000 3,096,000 4,999,000 51,621,000
1,000
10,000
200,000
374,000
190,000
61,000
825,000
231.000 1,869,000 4,635,000 1,080,000
455,000 1,568,000 2,173.000
78,000
11,000 309,000 2,324,000 0,203,000 3,253,000
11,000
64,000
24,000 • 73,000
700,000 1,315,400 10,445.000 479,000
Total
-45,000 0.279,000 11,065,000 79,710.000 8,895,000 1,501,000
Grand aggregate---- 5,705,000 10,067,500 90,282,000 4,554,000 988,000 2,470,000 808,000 215,000
+3.000 +22,000 -6,000
+604,00 -22,000 -7,000 -196,000 +154 000 -237,000 -12,000 -1,000 +476,000
Comparison, prev'wk
$69.730 decrease
Excess reserve,
57,000 6,280,000 10,589,000 79,707,000 8,873,000 1,507,000
Grand aggr'te JulY31 5,795,000 10,067,500 89,678,000 4,576,000 995,000 2,666,000 654,000 452,000
55,000 6,739.000 12,270,000 86,640.000 10.584,000 1,517,000
Grand aggr'te July24 6,395,000 10,460,500 98,041,000 5,001,000 1.174,000 2,950,000 912.000 448,000
57,000 6,774,000 12,355,000 87,518,000 10,584,000 1,514,000
Grand aggr'te July17 6,395,000 10,460,500 98,276,000 4,942,000 1,162,000 3,079,000 859,000 708,000
54,000 6.718,000 13,016.000 87,926,000 10,591,000 1,481,000
Grand aggr'te July10 6,395,000 10,460,500 98,632,000 5,004,000 1,212,0(10 3,093,000 981,000 503,000
7,212,000 12,064,000 86,789,000 11,018,000 1,511,000
43,0(10
474,000
2,906,000
1,070,000
1,072,000
4,962,000
98,642,000
Grand aggr'te July 3 6,395,000 10,460,500
Boston Clearing-House Banks.-We give below a
Philadelphia Banks.-Summary of weekly totals of
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.
May
June
June
June
June
July
July
July
July
littly
Ana
29
5
12
19
26
3
10
17
24
31
7
Capital
and
Surplus.
Loans.
Reserve.
3
103,684,3
103,684,3
103,684,3
103,084,3
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
Inn 884 3
$
410,346.0
420,263,0
420,034,0
419,067,0
419,947,0
421,583,0
421,239,0
422,884,0
424,533.0
425,398,0
428 702 0
$
93,161,0
102,955.0
109,598,0
113,048,0
113,436,0
111,281,0
113,026,0
114,109,0
114,811,0
114,109,0
115 94(1 0
BOSTON CLEARING HOUSE MEMBERS.
Deposits. Circulahoe.
a
s
473,784,0
493.189,0
493,208.0
498,911,0
497,472,0
500,467,0
496,280,0
506,446,0
503,808,0
503,280,0
505.092.0
$
11,278.0
11,275,0
11,267,0
11,273,0
11,270,0
11,265,0
11,241,0
11,264,0
11,252,0
11,230,0
11.224.0
Clearingc
$
149,771,1
168,514,7
154.124,1
158,019,
157,254,0
199,174,7
130,789,2
168,838,8
152,015,8
148.913,0
157.813.4
a Includes Government deposits and the item "due to other banks' (Aug. 7,
$144,427,000 ; also "Exchanges for Clearing House" (Aug. 7, 513,544,000). Due
form banks Aug. 7, $51,924,000.
Aug. 7
1915.
Change from
previous week.
$9,081,000 Dec.
Circulation
Loans, disc'ts de investments_ 254,532,000 Inc.
Individual deposits, incl.U.S. 100,105,000 Dec.
113,208,000 Inc.
Due to banks
8,132,000 Inc.
Time deposits
Exchanges for Clearing House 11,774,000
27,580,000 Dec.
Due from other banks
23,197,000 Dec.
Cash reserve
Reserve in Fed. Res've Bank 10,554,000 Inc.
47,843,000 Inc.
Reserve with other banks
9,229,000 Dec.
Reserve excess in bank
33,875,000 Inc.
Excess with reserve agent_
3,570,000 Inc.
Excess with Fed. Res've B'k_
July 31
1915.
July 24
1915.
$21,000 $9,102,000 $9,085.000
3,797,000 250,735,000 250,812,000
47,000 190,152,000 190,832,009
3,923,000 109,285,000 111,342,000
89,000 8,043,000 7,996,000
463,000 11,311,000 11,464,000
506.000 28,086,000 29,405,000
1,200,000 24,397,000 24,657,000
542,000 10,012,000 9,323,000
1,057,000 46,786,000 47,645,000
1,38.5,000 10,614,000 10,849,000
872,000 33,003,000 33,837,000
449.000 3.121,000 2,419,000
Imports and Exports for the Week.-See third page
preceding.
510
THE CHRONICLE
Vantias' tli azett.
13th, 49,000 as against an average of $2,561,000 for the
3 preceding weeks.
United States Bonds.-Sales of Government bonds at
the Board include $11,000 4s comp. at 1103 to 1103,
$1,000 3s coup. at 1003
%, $3,000 3s reg. at 1013/i and
3.
$10,000 Panama 3s reg. at 101%
Railroad and Miscellaneous Stocks.-While the speculative fever in war-supply stocks has subsided considerably
the volume of business at the Exchange has increased to a
daily average of over 900,900 shares. Coincident with the
falling off in the craze for industrials there has sprung up a
demand for railway issues which is more than an offset and
prices for the latter advanced, in many important cases,
from 2 to 10 points.
The climax of the advance was reached on Wednesday
when Canadian Pacific showed a gain within the week of
103 points and was over 20 points higher than during the
lagt week in July. This was followed by New Haven, Union
Pacific, Baltimore & Ohio. and Northern Pacific with weekly
gains of from 3 to 432 points. A part or the whole of these
gains have, however, been lost ma reaction which followed
the Inter-State Commerce Commission's report in the matter of advancing rates on Western roads, which was disappointing, and later by a decision from the same source
largely reducing the rates on coal.
As a result of the latter the coal carriers opened tb-day from
2 to 4 points below last night closing prices. Some of this
drop was regained later in the day but throughout the entire
session the market was irregular and unsteady.
Bethlehem Steel has covered a range of 14 points and closes
near the lowest. Crucible ,Steel shows a similar record while
General Motors, with a previous high record of 198, has sold
at 221 and closes only 3 points lower. Max.Motbrs closed
to-day 9 points above its selling price on Monday. These
movements illustrate the ragged condition of the market
after several weeks of the wildest and most unreasonable
speculation in recent years,
For daily volume of business see page 519.
The following sales have occurred this week of shares not
represented in our list on the pages which follow:
Wall Street, Friday Night, Aug. 13 1915.
The Money Market and Financial Situation.-The
prevailing optimistic sentiment in Wall Street seems to be
wholly undisturbed by increasing complications in Europe
and Mexico and the apparent certainty that the war in
Europe will be prolonged indefinitely. It has, on the other
hand, been influenced by increasingly favorable crop prospects, by expectations, which proved to be groundless, that
a substantial increase in freight rates would be granted the
Western railroads and by the Commerce Commission's
decision reducing very substantially the rates on anthracite
coal from the mines to tidewater. As a result of these
more or less conflicting influences railway shares have resumed their former relative importance in Stock Exchange
operations and the mania for speculation in manufacturing
issues, which has flourished for some time past, has suffered
a corresponding decline. The effect of these changes in
individual cases is referred to somewhat in detail below.
Reports from the iron and steel trade show that unfilled
orders are increasing and from the wheat fields of the Northwest to-day state that the harvest is progressing under most
favorable conditions and with excellent prospects. A report
from Chicago after the close of business yesterday to the
effect that large contracts for wheat to be shipped to Europe
next month had been canceled excited considerable curiosity
as to the cause. No explanation of the matter has been given
out to-day, however, and its importance has doubtless been
exaggerated.
The present international exchange situation is illustrated
by the receipt this week from London of $19,500,000 in U.S.
gold coin,and American securities said to aggregate about
$30,000,000, although the amount could not be officially
confirmed, and a concurrent decline in sterling exchange to
a small fraction above 4.72. In this connection it is interesting to note that the Bank of England increased its gold
holdings $17,500,000 and even more remarkable that the
Bank of France should report an increase of $20,000,000 in
gold within the week. This makes a total of nearly $80,STOCKS.
000,000 which the Bank has added to its gold holding in
response to its call upon the people in July to exchange gold Week ending Aug. 13.
for bank notes.
Adams Express
Foreign Exchange.-The market for sterling exchange American Express
Writing Paper, pref_
gradually weakened during the week and closed in a more Am
Assets Realization
or less demoralized condition, there being virtually no buyers Brown Shoe
Preferred
for the large offerings of bills. An importation of approxi- Butterick
mately $19,500,000 in gold from the British Government Canada Southern
Case (J I), pref
reached this market on Wednesday by way of Halifax.
Chicago & Alton
To-day's (Friday's) actual rates for sterling exchange Comstock
Tunnel
Detroit Edison
were 4 653'@4 67 for sixty days, 4 703/@4 72% for checks Duluth
'S S & Atlantic.._
and 4 713@4 733 for cables. Commercial on banks
Preferred
nominal and documents for payment nominal. Cotton for Havana El Ry,L&P,pref
Morris & Essex
payment nominal and grain for payment nominal.
Nashv Chatt & St Louis
There were no rates posted for sterling by prominent N Y Chicago & St Louis
First preferred
bankers this week.
Ontario Silver Mining
To-day's (Friday's) actual rates for Paris bankers' francs Peoria & Eastern
Phlia Co Pittsburgh _
were nominal for long and 5 91 for short. Germany bankers' Pittsburgh
Steel, pref.__
marks were 81% for short. Amsterdam bankers' guilders Sloss-Sheffield S Sr I,pref
Sugar_ _
Rico
So
Porto
were 397A for short.
Co full-paid recta_
Exchange at Paris on London, 27.67 francs; week's range, Texas
Tobacco Products, PreTol St L & W pf tr rects_
27.35 francs high and 27.67 francs low.
United Dry Goods, pref_
Exchange at Berlin on London not quotable.
US Realty & Impt
US Reduction & Refin'g
The range for foreign exchange for the week follows:
Vulcan Detinning
Sterling, Actual- Sixty Days.
High for the week_ _ _4 71
Low for the week___4 65%
Paris Bankers' FrancsHigh for the week_ _ _
Low for the week_ _ _
Germany Bankers' MarksHigh for the week_ _ _
Low for the week__ _
Amsterdam Bankers' GuildersHigh for the week_ _ _
__
Low for the week_ _ _
Checks.
476
47O%
Cables.
4 76 11-16
4 71 X
5 66X
5 89
5 66
5 88
823
81%
82%
81%
40 5-16
40 3-16
40%
40%
Domestic Exchange.-Chicago, 10c. per $1,000 discount. Boston, par. St. Louis, 5c. per $1,000 discount
bid and 5c. premium asked. San Francisco, 40c. per $1,000
premium. Montreal, $2 50 per $1,000 premium. Minneapolis, 20c. per $1,000 prem. Cincinnati, par. New Orl.
commercial,50c. per $1,000 disc,, and brokers, $1 premium.
State and Railroad Bonds.-Sales of State bonds at the
Board include $2,000 New York 432s at 1093/2, $1,000 New
York 43/2s, 1965, at 1043/2, $23,000 Virginian 6s deferred
trust receipts at 58 to 583/8.
The market for railway and industrial bonds has been
somewhat more active and.generally strong. Of a list of
30 prominent issues 20 are higher and some notably so.
As was the case last week activity has been most pronounced in some of the newer bonds including du Pont Powder,
Distilling Securities, Lackawanna Steel, Inter. Mercantile
Marine and Westinghouse. The latter have been dealt in
on an enormous scale, advanced early in the week but reacted
later, and close with a net loss of % point. Du Pont Powder
advanced nearly 4 points and Bethlehem Steels are a point
higher on limited transactions.
Railway issues have generally been strong as only a few
sold for foreign account. These sales reported at the Stock
Exchange as "s.-20-f" or "s.-30-f" have steadily diminished
of late,having been for the weeks ending July 23d $1,223,000,
July 30th $1,091,500, Aug. 6th $1,063,500 and to-day, Aug.
[VOL. 101.
Wells, Fargo & Co
wegtpr. lUnrylftnd
TWO.
Sales
for
Week.
Range for Week.
Lowest.
Range SiliC6 Jan. 1.
Highest.
Lowest,
Highest.
1,300 95 Aug 7 99g Aug 13 80
Jan 99g Aug
200 97 Aug 13 97% Aug 13 83
Feb 07% Aug
400 7 Aug 11 81 Aug 13 5
July 15
Apr
300 5 Aug 9 5 Aug 11 5
Jan 9
Apr
275 20 Aug 26 26 Aug 12 23 May 39
Jan
Aug
9
84
73
250
Aug 13 64
Aug 82
Apr
20) 28 Aug 13 283. Aug 9 27
Feb 32g Apr
10 57 Aug 9 57 Aug 9 54
Aug 60 May
100 78g Aug 10 78g Aug iCI 74% June 83( Apr
1,200 g Aug 11 15 Aug 13 8
Aug 15
1:501 70, Aug 10 70. Aug ii11 743. May 21c. Aug
June
101143 Aug 11 114% Aug 11 mg Feb 115% Mar
700 4 Aug 10 5% Aug ii1 2
July 5% Aug
1,170 8 Aug 12 10 Aug 12 4
July 10
Jan
250 100g Aug 12 1003 Aug 12 95
Apr wog Aug
10i60 Aug 12 160 Aug 12 160
Aug 180 May
100120 Aug ii 120 Aug 10 120 June 126
Jan
8001 31 Aug 9 33% Aug 11 30 Juno 363 Apr
Aug 75
i301 75 Aug 11 75 Aug 11 75
Aug
130 2% Aug 11 2% Aug 11 2
Feb
4% June
100 9 Aug 13 9 Aug 13 4
Jan 11
Apr
2,900 76g Aug 13 x79 Aug 12 71
Apr 81% July
July
250 90 Aug 13 90 Aug 13 85 may 90
1001 90 Aug 10 90 Aug 10 85 May 90
July
1001 75 Aug 10 75 Aug i01 40
Feb 75
Aug
100135 Aug 12135 Aug 12 123 June 135
Aug
May 102% Apr
600101 Aug 11 101 Aug 13 95
July 7% June
1001 7 Aug 13 7 Aug 13 6
Mar 59
1001 56 Aug 12 56 Aug 12 56
Mar
i00 38 Aug 13 38 Aug 13 35 June 50
Jan
5001 2g Aug 9 3 Aug 7 1J.( Apr log June
io
7 Aug 11 7 Aug 11 5
Jan 15 June
600i08% Aug 10 110g Aug 11 7734 Jan 110g Aug
200 40 Aug 10 42 Aug 10 25
Jan 42
An.
Outside Market.-Dealings in the "curl?" market this
week were broader than usual, though trading was accompanied by considerable irregularity. Aggregate business
continues fairly good. The so-called. war stocks, among
which the Canadian issues were eswmally prominent, furnished a large part of the business. Electric Boat, as usual,
was a feature. The corn. closed last wet* at 440 and sold
this week as low as 424 and up to 450,with the close to-day
at 435. The pref. from 442 dropped to 425, recovered to
455 and ends the week at 445. The new pref., w. i., was
active between 433'i and 463/2, with the close to-day at the
low figure. Canadian Car & Foundry was a good second,
the corn. advancing about 15 points to 119 and the pref. 15
points to 128. The close to-day was at 116 and 127, respectively. National Steel of Canada rose 9 points to 56 and
eased off finally to 50. Cramp Shipbuilding, after an early
gain of 2 points to 78, dropped to 70 and finished to-day at
71. Int. Motors was strong, the com, moving up from 19
to 28 and the pref. from 42 to 4932, with the close to-day at
253 and 48, respectively. Kelly-Springfield Tire gained
some 14 points to 185 and ?ands the week at 183. Oil shares
were only a little less active than last week and irregular.
Atlantic Refining gained 10 points to 605. Prairie Oil &
Gas improved about 16 points to 386 and eased off finally to
to 385. Prairie Pipe Line rose 12 points to 181 and closed
to-day at 180. South Penn Oil advanced from 320 to 335.
Standard Oil (California) sold down from 310 to 293,ex-div.
Standard Oil of N. J. declined from 419 to 415, with a final
recovery to 416. Bonds dull. Mining stocks were active
and irregular. Chili Copper weakened from 19 to 18%.
Kennecott Copper gained over a point to 373 but reacted
to 36M.
Outside quotations will be found on page 519.
Record, Daily, Weekly and Yearly
New York Stock Exchange-Stock
OCCUPYING TWO PAGES.
511
inactive. see preceding page.
For record of sales during the week of stocks usually
Sales of
the
1Veek
Friday
Aug. 13. Shares.
STOCKS-HIGHEST AND LOWEST SALE PRICES.
_•
Saturday
Aug 7
Monday
Aug. 9
Tuesday
Aug. 10
Wednesday
Aug. 11
Thursday
Aug. 12.
STOCKS
NEW YORK STOCK
EXCHANGE
Range Since Jan. 1.
Os basis of 100 share tots.
Lowest
highest.
Railroads
9212 Feb 24 105 Apr 19
10214 10314 31,600 Atchison Topeka & Santa Fe_
10114 10178 10112 10214 10212 10312 10333 10453 10273 10312
96 Jan 5 10138 June17
510 Do prof
*984 9878 98
984 9812 9813 9834 9834 19813 9812 *9812 100
98 Mar 1 11312 Apr 30
Line RR
Coast
Atlantio
800
103
*101
103
103
104
104
*100 101
100 10018 1005s 10212
6334 Feb 25 8438 Aug 11
Ohio
dr
Baltimore
35.025
83
3
813
804 8058 8073 8258 8212 8438 8214 83
8012 81
67 Feb 23 7312 July27
7078 7133 2,125 Do pref
71
7133 7133 7183 71
7053 7114 7012 7012 71
4 Aug 13 93 Apr 21
1
83/
Brooklyn Rapid Transit
19,025
8512
8314
8
863
8511
87
8534
8714
8514 8534 8512 8534 8553
July23 174 Apr 19
138
Pacific
Canadian
66,275
4
1533
4
1513
148 14934 14734 14912 14934 15478 15412 15834 15312 15534
275 July23 325 Jan 22
Central of New Jersey
*250 325 *260 325 *260 330 *260 330 *270 330 *270 325
3552 July 9 4938 Apr 19
Ohio
dr
23,970
Chesapeake
4714
444
4533
45
45
454 4612
42
4134 4212 4214
42
1014 Jan 4 144 Apr 19
1212 3,825 Chicago Great Western
1234 1278 12
1214 1212 1212 13
12
1178 1173' 12
2512 May14 3658 Apr 19
6,400 Do pref
3013 31
3214 31
3273 3112 33
3012 3053 30513 31
30
Paul 7734 July26 9814 Apr 19
St
dr
Milwaukee
Chicago
29,687
83
8212
8414
z8234
8653
85
8212 8314 8212 8312 83$4 8478
122 July 9 130 Jan 22
8 1.725 Do pref
12614 12614 112612 12612 12614 12612 126 127 *12112 124 *12134 1237
2,400 Chicago dr North Western_- 11812 July10 132 Apr 15
127 12713 127 127
12712 128
125 128
124 124
124 124
163
July 9 1175 Jan 30
Do
prof
170
*160
170
*165
170
*160
*160 170 *160 170 *160 170
1834 42,500 Chicago Rock Island dr Pacific 1012 July23 3838 Apr 15
1773 16
1878 17
1614 1712 1714 1873 17
1578 18
Chicago St Paul Minn Sr Om.. 1114 Apr 8 115 July 9
*113 120 *110 125 *113 120 *113 120 *115 125 *115 125
116 July26 131 July29
Do pref
•125 150 *125 150 *125 150 *125 150 *125 150 *125 150
121 Jan 18 36 Aug 10
200 Cleve Cin Chic dr St Louis_
39
*33
40
*33
40
*33
36
36
33
33
33
*30
534 Feb 17 65 Apr 1
pref
Do
100
75
*60
70
*60
70
*60
60
60
60
*55
65
*55
24 Mar15 32 Apr 8
500 Colorado & Southern
30
*26
30
*27
28
27
26
2518 *25
28
25
*24
45 Jan 18 5414 Apr 5
100 Do let pref
50
*46
50
*40
49
*45
46
46
49
*44
49
*45
37 Jan 18 4912 Apr 3
2d
Do
prof
42
*35
42
*37
45
*35
45
*35
42
*35
42
*35
Hudson
Jan 4 153 Apr 19
142
&
Delaware
800
14613
14933
14612
•147 14912 *14712 14912 14938 14938 148 14932 *14773
4 Jan 6 42934 Apr 10
1
399/
50 Delaware Lack & Western
*410 427
•410 427 *410 427 1416 416 *420 427
0
18
Grande
4 Jan 12 19
14 Apr 2
8,
Rio
dr
Denver
700
57
6
*512
bill
6
6
0
533 614
*5
*4
512
Apr
612Jan 7
600 Do prof
1213
*9
12
1153 1213 1211 *9
*8
10
11
10
*7
4 Feb 24 3012 Aug 11
1
19/
2833 169,600 Erie
3011 2873 2934 27
29
2653 2733 2678 2714 2714 30
3214 Feb 24 4638 Apr 19
Do 1st prof
*41313 4212 4134 42
4213 454 4458 4558 4414 4553 4314 4414 33.800
27 Feb 25 3714 Apr 19
2d pref
3614 3634 *3434 3534 2,500 D
33
33
*31
3412 3353 3612 3614 37
11234Jan 2 12234 Apr 19
14,042 Great Northern pref
119 11914 11814 11878 119 12012 11912 1207g 11913 11934 11814 119
2514 Jan 2 4338 July29
51,400 Iron Ore properties
4212 4012 42
41
4213 4114 4214 4034 4111 41
4233 41
99 July 7 113 Apr 19
1,500 Illinois Central
10112 1021, 10234 10311 102 102 *10013 103
10318 10358 *100 104
1878 July10 2134 July30
Interborough Consol Corp-vte
3,200
204
4
193
21
2013
20
20
204 2014 20
2038
20
2038
70 July10 7612 June24
72
7214 3,900 Do prof
73
72
724 731g
73
73
*7212 7312 7212 73
ett
t
v
s Jan 16 2434 Apr 29
105
Interboro-Metropolitan
7,700
1934 20
1912 21
2014 1978 201g
2033 2012 20
2014 20
4 June22
1
49 Jan 19 77/
Do prof
*7313 75
*7212 7312
24 2953 Aug 12
8Feb
Southern
205
City
Kansas
40,555
4
191-2814
2814 2953
29
2414 2412 *24
2478 2434 2614 27
1
20
Aprr 2
12 A
052
4 Feb 24 68
1
54/
5812 3,200 Do pref
3
575
59
59
60
58
5712
66
5714
*5512
5712
*55
Jan 5
Lake Erie & Western
*612 9
*613 9
*612 9
9
*6
9
9
*6
*6
22
Apr
2314
May27
19
pref
Do
21
*17
21
*17
21
22
*17
*17
21
•17
21
*17
12914 Feb 24 148 Aug 11
13912 14312 30,300 Lehigh Valley
14534 146
145 14614 14512 14614 14614 1474 145 148
30 Jan 11 39 Jan 20
300 Long Island
35
*32
33
33
35
*31
35
33
3112 3112 *32
*31
July 8 12512 Apr 20
10412
Nashville
&
115 11514 *113 11534 11334 11334 1,300 Louisville
112 114
•109 112 *109 112
125 June25 129 Apr 23
100 Manhattan Elevated
•125 127
127 127 *125 127 *125 127 •1254 127 *125 127
1932Feb 15
11
Louis
1012Jan
St
&
780
Minneapolis
16
*15
1513
15
1512 1534 16
1513 *14
*14
*14
16
25 Jan 18 49 Feb 15
340 Do wet
40
*35
35
135
37
37
37
37
*35
39
*34
40
Jan 4 124 Aug 11
106
Marie
S
S
&
P
St
Minn
2,819
11714
11714
121
120
124
11712 11778 *116 118
12012
4
121
1173
123 June 8 132 Apr 19
400 Do prof
129 132 *125 132 *125 130
12712 130
13125 137 *127 137
1514 Apr 19
5 July18
814 812 6,745 Missouri Kansas dc Texas__
834
8
878
84 812
814
833
8
8
134 July19 40 Apr 5
2,000
Do
met
18
18
19
1812
1834 1914
19
1812 1958 1812 1913 19
Apr 19
1814
July27
134
Pacific
17,400
Missouri
214
173 218
2
213 3
253 3
234 3
214
2;
19 May 12
Nat Rye of Mexico 1st pref..__
24
*14
23
*14
24
24
*14
24
*14
*14
*15
23
712j
23
Jaunne 5
4
July28
434
*5
900
Do
pref
2d
512
$12
434 5
*434 634 D534 614
612 614
914 9014 9118 32,315 N Y Central dr Hudson River 814 Mar 1 9214 Jan 22
91
9211
8934 9033 8978 9014 9013 9178 91
43 Feb 25 7114 Apr 21
15,300 NYNH& Hartford
6512 6373 64
63
65
63
66
e6; 6412
6253 6258 63
2134Jan 6 35 Apr 20
2714 9,100 N Y Ontario & Western
25
2712 2712 *2712 2812 2812 2918 29 2971 2853 2853 1077
9912 Jan 4 10914 Aug 10
8 10812 8,100 Norfolk & Western
10814 109
•106 107
10673 10714 10714 10914 10814 109
Jan 27 00 Junel5
preferred_
adjustment
100
85
Do
_
_
.80
85
*80
*77
*80
---.
87
--- ___
*76
88
9918 Feb 24 11258 Apr 19
10714 10814 107 108
10834 11038 109 11071 10834 10958 10812 1-083-4 24,345 Northern Pacific
1
Aupnre25
1:j
18
10353Feb 24 19
110 1103, 10912 10934 10812 10834 13,000 Pennsylvania
10834 109
109 10953 10912 110
000 Pittsb On Chic & St Louis__ _ 65 May17 72 Jan 18
7034 7034 7034 72
70
70
*6814 69
70
09
69
Junel9
90
100
vet
96
Do
*
96
-----91
91
*---- 91 *____ 91
13834 May10 15718 Apr 19
- .4 149 170,600 Reading
186i2 15218 1,0
1494 1514 15014 15112 15112 15373 151 15411.
81 Aug 13 90 Junel2
200 1st preferred
*8078 84
81
81
81
*80
84
84
*80
.80
84
*80
9
prrr 199
A pp
2 AA
3
612
80 Feb 23 82
82
300
preferred
2d
82
8212 8212
85
*82
82
82
*8013 82
81
81
July12,
300 Rock Island Company
14 ---14
14
14 ---- ---.
14 ___- ---*13
Ii June21
600 Do pre(
714 June26
134 Mar22
514 2,200 St Louis & San Francisco
5
54 512
558 55/
573 578 *534 9
578 578
818 July 5 1212 June28
Do 1st preferred
11
*9
10
*7
11 *--- 1011
*9
11
11
*9
*9
M ar31
18
8
Jan
preferred
3
612
600
Do
2d
6
'5
.4
6
64 64 *6
612 *512 614
*6
7
1312 July22 19 Apr 23
700 St Louis Southwestern
14 *-- _ 14
14 *____ 14
1312 1378 *____ 14
14
2Q34 Juiy24 37 Jan 21
100
Do
pref
31
31
32
*28
32
_
_
_
•32
*____
32
*____
37
*--1118 July31
17 Apr 21
1478 1514 *1434 1513 1412 1453 3,910 Seaboard Air Line
1414 1434 1412 1478 1478 15
3014 July24 42 Apr 10
35
3312 334 4,910 Do pref
353, *34
3458 3512 35
36
3434 3514 35
8114 Feb 5 95 Apr 21
Pacific Co
77,425
Southern
4
4
893
903
4
8812
893
91;
90
9114
3
883
8878 8734 8812
88
Certificates (when Issued).. 947a Feb 20 10614 Apr 19
4 Apr 9
/
1213 July23 191
4 13,100 Southern Railway
1613 -1-93-3 16 191T5is -1-6'3-4 -i8i2 1E5-8 "Mit Itiii -iiff4 b1
42 July23
1,700
Do prof
49
*47
48
5034
51
5012
50
4612 4612 47 47 1114 1212 12 501:
19
apn 2
Apr
A
j
July23
1778
63
812
Pacific
3,950
1214
12
Texas
1212
&
1212
13
1034 1034 11
11
15
mpar1.31
2,2 A
35 Jan 2 58
51
5178 5014 5112 6,400 Third Avenue (N Y)
5112 5134 5012 511i
504 52
51
61
6
Jan
Western
1
&
Louis
3
*1
3
*I
St
Toledo
4
.1
3
*1
3
*1
3
*1
$12 May25
95a Jan 23
9
*6
9
200 Do pref
*6
512 51.
*512 9
*512 9
*512 7
90 July 9 100 Apr 19
91
403 Twin City Rapid Transit.._
91
93
10133 911 *90
91
*90
91
91
91
191
Apr 19
13458
2
Jan
11534
133
133,500
13012
13134
Union
Pacific
2
1317
1.i8"3
104'4
130 13133 13034 13112 13173 13438
81
81
179 Mar 1 82 Junel2
700 Do pref
81
8133 81
8138 *81
•8034 8138 *8084 8133 81
1934 7,800 United Railways Invetments_
Jan 5 2133 July20
19
8
4
193
4
183
1714
4
183
17
*17
17
1714 *17
19
4 Mar15 4014 Apr 20
/
211
3714 3634 3712 5,000 Do pref
36
36
32
33
*33
3434 *33
3434 32
214 Apr 30
4 May26
14 1,010 Wabash
*4
14
14
14
,
18 *___z
12
14 *---*---14
700 Do prof
612 Apr 29
June28
*14
58
*14
8
5
ss
38
14
*14
14
4
14
Aug 11
2714
4
2012
4,700
2513
26
Jan
Maryland
Western
26
914
2714
*24
25
2678 26
25
25
*24
34
334 Jan18
12 July28
Wheeling & Lake Erie
*38
78
*12
34
*51;
34
34
*58
*38
34
*12
5
18
Jan
Aug
16
2
*2
2
Do
4
preferred
*2
1st
4
*2
4
3
*181
*2
4
*2
700 Do 2d preferred
58Aug 10
6 Jan 18
1
53
*58
1
*58
53
*53 1
%
34
34
3,930 Wisconsin Central
3558 36
28 July14 39s Jan 21
3312 3312 3434 36
33
32
3212 3212 3112 32
Industrial & Miscellaneous
3312 3453 15,300 d Alaska Gold Mining_Par $10 $2618 Jan 7
3212 3234 3233 3438 3373 3433 3358 334 334 3434 4012
299,350
734Jan 12
4414
Allis-Chalmers Mfg v t
4611
40
43
3512
3478 3414 3633
3253 3433 33
38,825 Do preferred v t c
33 Feb 10
7253 75
6813 6812 6819 6912 0834 694 6913 7114 7214 76
5078 2,200 American Agricultural Chem_
55
48 Jan 4
56
55
57
*55
57
*55
55
55
*55
57
31
93
90 Mar27
Do pre
*90
93
93 .90
9312 93
*00
93
193
*90
94
3314 Jan 6
5934 56,400 American Beet Sugar
58
61
5534 5514 5834 59
5414 557,3 5434 5512 55
300 Do prof
83 Feb 1
88
*85
88
88
83
88
*85
88
*85
•135
88
88
Feb 25
8714
1,750
F
106
&
dep
105
etts
Amer
Shoe
Brake
10612
10612
107 10712
107 10934 108 108
100 106
2,325 Do prof ctf dep
13213 M ar25
180 18012 17912 17934 17312 17812 *175 179
175 183
171 175
95,900
25 Feb 24
6012 584 5914 5812 604 5312 5973 1.250 American Can
5814 5953 5812 6012 59
9112Jan 5
10(3 10613 10034 10034 *106 10678 10014 10612 106 10613 1084 10614 89,200 Do pref
6733 094
American Car & Foundry.... 40 Feb 23
614 6214 6114 634 6212 6334 6134 0313 6278 6834 11758
300 Do pre
May25
117513
11112
116
11573
116
115703
118
*115
*115
1184
4,730 American Coal Products
82 Jan 20
143 fii 142 142
139 142
143 146
143 14312 143 143
100 Do pref
1105 Jan 7
1174 11753
*116 118 *116 118 *116 118 *116 118 *110 118
39 Jan 4
4912 5014 4912 5014 4912 5158 4,200 American Cotton Oil
4953 50
4978 50
*4813 51
100 Do pref
91 June 25
97
*95
97
*95
97
95
*05
05
97
*95
*9413 97
438Feb 19
715 733 2,400 American Hide & Leather...._
678 7
712
7
7
634 712
714 712 .7
1934Jan 5
Do prof
3412 3512 344 3514 3414 3512 3,100
3434 3434 *3412 3514 3434 36
2333 1,1300 American Ice Securities
23
2058Jan 4
23
23
2313 23
*24
244 2358 24
2434 24
700 American Linseed
12
714Jan 2
1112 1112 *11
12
12
12
12
1213 1214 12
12
24 Jan 5
2934 2934 1,200 Do prof
2934 30 *2913 31
2912 30
31
31
31
*30
19 Mar 2
5:34 5512 5314 6412 5358 5612 38,100 American Locomotive
5238 54
5514 5412 50
53
500 Do pref
75 Mar 6
09
*98
09
*93
*97
93
98
08
98
98
964 98
2,600 American Malt Corporation
373 Apr 14
6
6
612 634
558 633
6
6
*5
*5
*514 534
600 Do prof
2112 May27
27
274 284 *25
27
28
26
*24
28
*23
26 •24
100 Amer Smelters Sec pre B
3112
Jan 19
73
*80
81
*79
81
81
SI4
*79
8118
*80
*80
8113
56 Jan 2
8134 7913 8012 46,170 Amer Smelting & Refining
8234 8433 8053 834 80
8014 8114 8014 83
820 Do pref
100 Jan 4
0107 10814 *107 10814 10814 10312 *10714 10812 108 103 310512 10512
200 American Snuff
144 Jan 16
150 150 *145 15012 *145 15012
*145 151 *145 1504 150 150
103 Jan 19
Do pref (new)
*103 108 *103 108 *103 108 .103 103 *103 103 *103 103
9,600 Amer Steel Foundry (new)._ 2413 Mar 5
4434 4213 4314 4314 4413 4312 45
44
43
4213 43
44
7,500
8
1103
Refining_
1094
9912 Feb 24
Sugar
American
11114
10954
11014
111
109
10912
109
109 11012
109
109 Feb 5
114 11412 1,400 Do prof
11334 114
11314 11314 4.113 114
.0113 114 *113 114
12233 12238 1224 12233 12214 12258 12212 12278 12258 12234 12258 12318 4,000 Amer Telephone dc Telegraph 116 Jan 4
1,150 American Tobacco
1218 May14
23812 23813 236 23812 23514 23512 *225 235
.0227 229
229 238
200 Preferred (new)
1O3'* Jan 4
107 107 •10613 10712
•100 107 *106 107 *106 107 *106 107
11,255 American Woolen
1554 Mar 8
347,3 3453 36
3312 3412 34
35
29
2953 3112 32
29
4,450
7714 Feb 27
prof
8912
Do
4
923
,3
897
8918
89
8814
89
895g 8813 8953
89
89
29,090 d Anaconda Copper..Par $50 $2434 Feb 24
6853 6953 68
0914 6812 6938 6773 6912 6734 6853 674 63
b New stock.
•131d and asked prices: no sales on this day. 8 Ex-riots I Less than 100 shares. a Er-dly. and rights.
dollars per share. e N'irst installment paid. z Ex-dividend. $ Full paid
Range for Protons
Year 1914.
Lowest.
Highest.
8913 July
19813 Dec
19913 Dec
67 Dec
69 Dec
79 July
153 Dec
300 July
40 Dec
4 July
1
9/
25 July
8434 Dec
126 Dec
122 Dec
170 Jan
33 June
125 May
132 May
22 July
40 July
20 Mar
3772 July
29 Dec
13834 Dec
388 Jan
4 July
8 July
2018 July
32 July
2614 July
11152 Dec
2212 July
10312 Dec
10038 Jan
10134 Juno
126 Jan
9833 Jan
8332 Jan
9414 Mar
22012•Feb
310 Jan
68 Jan
1514 June
4113 June
10718 Feb
143 Feb
13678 Feb
180 Jan
33 June
13114 July
132 May
40 Jan
70 Feb
2812 Jan
62 Jan
35 Mar
15912 Feb
40634 June
1914 Jan
3118 Feb
3212 Jan
4934 Jan
4014 Jan
13434 Feb
394 6 n
115 J.43
1034 July
50 Dec
2014 July
494 Dec
518 July
17 Apr
118 July
28 Jan
125 Dec
128 Jan
94 July
2712 June
101 Dec
130 June
818 Dee
28 Dec
7 Dec
30 Jan
5 Dec
77 July
4958 July
1834 Dec
9612 Dec
85 Jan
965s Dec
10212 Dec
6418 July
95 June
137 July
87 July
280 Dec
58 Dec
1 Dec
2 Apr
8 MAY
214 Dec
174 July
36 July
1014 Dec
4534 Jan
81 Dec
An Dec
14 Dec
58 Dec
114 Dec
,33 July
2 Dec
434 Dec
4 July
1
94/
112 July
7712 Dec
712 Dec
22 July
12 July
134 Dee
1034 Dec
24 July
814 July
3 Dec
2934 July
1638 1.21
8538 Jews
2812 J sly
62 Jan
9 Jew
2112 Jan
15814 Jai
36 Fe',
14178 Jan
133 Feb
1614 Jan
3512 Jan
137 Feb
145 Feb
24 Jan
60 Jan
30 Jan
34 Feb
14 Jan
9658 Jan
78 Jan
3158 Jan
10578 July
90 Apr
1184 Feb
11512 Jan
91 Feb
101 Mar
4 Jan
1
172/
8938 June
93 Jan
1658 Jan
25 Jan
532 Jan
1712 Jan
934 Jan
2614 Jan
8512 Jan
223s Feb
58 Feb
9912 Jan
1084 Jun
2814 Feb
854 Peb
1734 Apr
4554 Jan
1214 Jan
23 Jan
1084 Jan
16432 Jan
to Feb
2334 Feb
4914 MaP
458 Jan
13 Jan
35 Jan
aas Jan
21 Jan
II Jan
48 Feb
34013 Apr 22 $1913 July
6 July
4013 Aug 12
321 July
76 Aug 12
4734 Jan
5978 May 5
9014 Dec
95 June 4
61 Aug 12
19 July
86 May
88 Aug 11
10934 Aug 9
80 Apr
183 Aug 9 12913 Jan
191, July
6178 July27
10634Aug
80 July
694 Aug 13
4214 Dec
118 Aug 6 112 July
17012 July12 182 Jan
4 July12 1102 Jan
/
1181
32 July
544 Apr 26
9358 June
98 Apr 22
8 Apr 19
4 July
/
31
4212 Apr 19
17 July
1978 July
35 Apr 30
14 Apr 19
712 July
24 Dec
3414 Apr 16
2014 July
68 Apr 16
1004 Apr 16
96 Jan
414 Dec
634 Aug 12
30 Dee
3212 Mar31
7914 July
8332 May 5
5014 July
8412 June14
9712 Apr
10812 Aug 10
165 Apr 22 148 Dec
9978 Jan
10612 Apr 26
2713 July
45 July29
97 Mar
11414 Apr 23
4 Mar
1
11514 June10 107/
12414 June17 114 July
25213 Apr 22 215 Apr
109 May 6 10114Jan
36 Aug 13
12 July
7212 Mar
9234 Aug 13
$714 Aug 3 §2414 Dec
deposit.
of
e Certificates
12878 May
1414 Feb
49 Jan
504 Mar
974 Jan
3312 Dee
80 Dee
9712 Feb
14878 Feb
354 Jan
98 Jan
5312 Feb
ilS78 July
18612 Mar
107 July
464 Feb
9732 Mar
54 Feb
2534 Feb
3234 Feb
1158 Jan
3154 Jan
374 Jan
10212 Mail
4 Jan
1
9/
6912 Jan
85 Jan
7118 Feb
105 Jan
172 Jan
10934 July
8712 Feb
10978 Jan
115 Dee
12414 Jan
256 Ma
109 Jun
2074 Jan
88 Jan
$3814 Feb
d Quoted
512
New York Stock Record-Concluded-Page 2
For record of sales during the week of stocks usually inactive, see second page
preceding.
STOCKS-HIGHEST AND LOWEST SALE PRICES.
Saturday
Aug. 7
-
Monday
Aug. 9
Tuesday
Aug. 10
Wednesday
Aug. 11
Thursday
Aug. 12.
--
Friday
Aug. 13.
Sales oi
the
Week
Shares.
----
STOCKS
NEW YORK STOCK
EXCHANGE
Range Since Jan. 1.
On basis of 100 share lots.
Range for Prestos*
Year 1914.
Lowest.
Highest.
Lowest.
Highisi,
Industrial & Misc.(Con)
7814 7912 7812 8234 81
8334 7814 8214 79
82
7914 8114 80,160 Baldwin Locomotive
2658
Mar
3
85
July27
381k
Jan
5218 M eh
106 106
1051 10512 106 106
10578 106
10558 10558 106 106
700 Do pref
92 Mar 9 106 Aug 4 10213 Jan 110 June
*1
118
1
1
14 118 *1
138 "114 912 *118 112 1,000 d Batopilas Mining___Par $20
$112 Feb 5 $2 Apr 17
$18 Apr
290 302
3114 Feb
293 300 290 298
290 302 296 30112 288 296
14,600 Bethlehem Steel
4614
Jan
2 311 Aug 6
2913 Jan
4634 Dee
135 135
135% 14134 13912 140
139 14118 159 180
155 170
7,200 Do pref
91 Jan 2 180 Aug 12
68 Jan
*126 130 *125 130 *125 130
915s Dee
128 128 *126 129 *12612 129
200 Brooklyn Union Gas
118 Jan 5 1321# Apr 30 118 Dee 130 Jan
66111 6734 6814 6712 6412 6612 64
6634 6434 6612 62
6414 18,760 d Butte& Superior CoP•Par$10 $594 May15 $7978 June 4
15
16
15
18
1714 1778 1614 17
1558 1614 16
1638 6,710 California Petroleum v t ctfs_
8 July26 2138Feb 8
1518 Dee
303e Feb
Ix
3814 38
39
38
3858 38
38
3718 3718 *3578 3712 2,100 Do pref
30 July23 5434 Feb 8
50 July 68 Mob
43% 441
43
4334 4314 4438 4234 4358 4234 4312 4214 4234 26,600 Central Leather
3214 Feb 20 4434 Aug 6
2578 Jan
10412 1041 10412 10412 110412 10412 10458 10434 *10412 105 *10412 105
384
Dee
450 Do pref
10038Jan 7 10434 Aug 11
9478 Jan 104 July
4434 4538 4434 4538 4518 4534 442 4512 4458 45
4412 4434 19,800 d Chino Copper
Par $5 3234 Jan 6 4934 Apr 26 53118
Dee $44 Feb
41
4212 4012 4134 4118 4278 40
42
4014 417s 4014 4212 46,600 Colorado Fuel & Iron
2134 Jan 5 4338 July29
201j July 8413 Feb
128 128
128 1284 12812 12934 129 13078 512714 12812 *12612 128
4,900 Consolidated Gas(N Y)
11354Jan 4 13114 Apr 30 1124 Dee 13913 Jan
8814 89
9114 8734 91
88
8634 88
8612 8712 86
9378 25,050 Continental Can
404 Jan 4 94 Aug 5
3718 June 4514 July
*102 10312 *102 10312 *102 10312 10212 103 *102 10312 10312 10312
pref
400 Do
8812 Jan 5 10312 Aug 13
84 July 9134 July
1458 15
1458 15
15
154 15
15
15
1638 161s 1678 41,500 Corn Products Refining
8 Jan 2 17 June 4
7 July
*80
8034 8078 8078 8078 81
Me Jan
8114 8112 8212 8234 8214 8258 1,800 Do pref
65 Jan 5 8234 Aug 12
5818 July 72 Jan
8512 9234 8714 9112 8278 9034 7912 8412 8013 84
7712 8312 250,100 Crucible Steel of America
1814 MaY10 9234 Aug 7
10412 10534 10312 105
103 10378 102 10278 10234 103
103 10334 4,095 Do pref
MaY10
108
84
July30
110 110 *105 111
103 10612 103 110
107 107
*99 114
3,400 Cuban-American Sugar
38 Jan 25 125 July22
*103 10512 *10312 105 *10312 105
105 105 *105
*10412 108
700 Do pref
93 Mar17 105 July23
90 Dec
*9212 96
9512 9512 *94
94
94
90 Dee
96 *94__ .92
98
200 Deere & Co pref
86 Apr 8 954 Aug 10
91St Jan
2734 2878 2878 304 29
9984 Feb
3014 2812 2978 2812 -2-94 2814 2934 54,107 Distillers' Securities Corp..
512 Mar 2 3014 Aug 10
11 July 2013 Mob
22
2214 22
2218 2178 2258 2134 2234 2112 2214 2134 2218 10,300 d Dome Mines Ltd___Par $10
June25
$2414
1816
July15
*25
30 *28
30
*26
33
2712 2712 2558 2558 *25
Mining & Smelting
Federal
3014
200
8
Mar24
June12
60
*45
74 May 15 Jan
50
5112 *45
49
50.
49
50
44
44
44
1,900 Do pref
20 Mar13 65 June12
2858 Dec
128514 28514 *285 290 1285 28934 *27712 290 *280 290 128934 44
43 Jan
106 General Chemical
4
165 Jan 26 290 July 9 160 Apr 180 Jan
*110 112 *110 11212 *110 113 .110 113 *110 113 *11012 2893
_
Do
pref
Mar
106
11018
1
Aug 6 10712 Feb 110 June
1714 172
17112 17312 17234 17334 17112 17234 17112 17534 17134 1-13 -Electric
------General
138 Mar 3 17712 July27 13712 Dec 15034 Feb
19712 207
2074 219
218 221
214 21712 217 224
18,460 General Motors vot Or Ws
224
373 Jan
82 Jan 2 224 Aug 12
*105 10658 10638 10712 10838 10012 109 10918 10914 10938 218
99 May
109 109
2,450 Do pref voting trust etfs- 6038Jan 4 10913 Aug 10
70 July 95 Feb
511 5238 5138 5212 5214 5318 5134 53
5238 5514 5434 5714 85,000 Goodrich Co (B F)
241,Jan 7 5714 Aug 13
1958 Jan
*10412 105
287s Apr
105 105
10512 10512 105 10514 *10538_ 10718 10712
Do
prof
800
95
Jan
Aug
14
10712
13
7978
638 6414 6334 643s 6412 6532 6333 6458 6312
Jan
95
-(ii
63
17,350 d Guggenheim Explor_Par $25 $454Jan 7 $674 June12 *401k July 55718 Dee
63
*11834__ *118
_ *118
___ 117341118 , *118
Apr
___ 111734 118
350 Homestake Mining
1114 Jan 8 1120 July 2 1O03 July 112212 Mob
3234 -3338 3212 1i38 3234 -3338 3238 3378 3214 -33
3238 3234 25,400 d Inspiration Con Cop..Par 320 8165,Jan 2 $3538 Apr 2(3 $1414 July
14
14
1434 15
14
$1914 July
1658 1634 1814 16
Agricultural Corp
18
Internat
1812
6.100
16
612
max
31 1812 Aug 13
4 Jan
.25
32
30
1012 July
30
30
3078 2978 3018 *29
31
30
3314 1,700 Do pref
8 Mar 15 3314 Aug 13
13 May
10712 10712 106 109
36 Jan
10634 10912 105 107
107 10712 10638 106
6,550 International Harvester ef N J 90 May10 114 June 4
•__ 117 *___ 117
82 July 11318 Jan
*9314___ *---- 117 *115 117 *-___ 117
pref
Do
110 July13 117 Jan 20 1131k Jan 11878 July
70
70
70
70
*68 -75
*68
75
7012 7012 70
70
400 International Harvester CorP- 55 Feb 20 80 Apr 10
•____ 110 *__- 110 *100 110 *100 110 *100 110
82 Dec 11114 Jan
*110 110
Do pref
90% Mar 6 114 Jan 14 1144 May 118 July
914 914
*9
10
9
9
918 912
912
Internatio
Paper
912
nal
034 1078 6,600
37
8 Jan 6 12 Apr 19
3712 .336
3713 3812 3834 3834 3812 3812
614July 1078 Feb
38
3812 3912 2,000 Do pref
33 Feb 24 43 Apr 19
80 Dec
78
78
*78
80
*78
80
41 Jan
*78
80
*78
83
*78
83
100 Kayser & Co (Julius)
7712 Feb 20 88 Apr 26
*107 112 *107 112 *107 112 .107 111 *107 ___
80
Jan
94
*107
10713
Do 1st pre(
107 Jan 13 109 Apr 19 106 Mob 10814 June
145 145 *135 145
145 145 *135 145
May
___
_ *135 145
250 Kresge Co (S 8)
99 Jan 18 145 Aug 9
•105 110 *10812 110 *10812 110 *10812 110
81 Jan 105 Feb
110- ifo - *110 112
300 Do pref
10514 Feb 15 110 June12
55
56
99
5512 5612 5512 56
Jan
105
5414 5512 5312 5514 53
Mob
5412 8,000 Lackawanna Steel
28 Jan 7 5612 Aug 9
*103 10312 *101 103
2612 July 40 Jan
10112 10112 102 10212 102 102 *101 103
600 Laclede Gas (St Louis)
9278 Jan 15 106 Apr 13
*215 224
85 July
22412 225
229 229 *224 229 *223
*216 229
400 Liggett & Myers Tobacco...- 207 Jan 9 231 Apr 22 20718 Dee 101 Feb
*110 120 *116 126 *116 120 *116 120 *116 220
Mob
120 *116 120
Do pref
11334Jan 5 11912Jan 21 III% Jan 231
*17
19
*18
19
*18
1184 July
19
*18
19
*1813 19
19
19
100 Loose-Wiles Biscuit tr co infs. 16 Feb 17 31 Jan 11
28 Dec
*904 9212 419018 9214 *9018 9214 .9018 9214 *9018 9214
38
Jan
*904
preferred
1st
Do
86 Feb 20 1051* Jan 13 101 Apr 105 Mob
•____ 63 *-___ 63 *--__ 63 *- - - - 63 *____ 63 *____ 9214
63
Do 2d preferred
60 June15 65 1%.1 aril
89 Jan
*168 17614 175 175 *168 17614 *168 17614 *170 17614
9514 June
*168 1764
200 Lorillard Co (P)
16512 Jan 6 184 Mar 8 160 July 190 Apr
•___ 1174 *___ 11714 *- _ 11714 *---- 11714 *---- 11718
*---Do pref
1174
Jan 6 118 Jan 19 110 Jan 11774 July
11214
*7612 7878 76
76 .70
7612 *70
7612 7614 7612 *76
Companies
Mackay
787
425
s
8Jan
11
725
8278
May
6
61
July 8738 Feb
6614 6634 6614 68
*6512 6812 *6634 68
*6634 68
*6634 68
550 Do pref
65 Feb 25 6934 Jan 19
654 Jan
3512 3534 31
70 Jan
3514 3258 34
3414 3412 3434 3614 341 407 24.305 Maxwell Motor Inc tr Ws
l54 Jan 8 58 Apr 14
1418 Dec
*83
854 83
84
1514 Dee
8334 8434 8434 8534 8514 8512 85
ctts
Or
6,300
prof
Do
stk
1st
873
4
Jan
43'
2
89
June
7
4118
Deo
3314 3314 3012 33
44 Dee
32
3212 3212 3338 33
32
363
ats
11,400
8
stk
tr
2d
pref
3378
Do
18 Jan 6 44 May e
17 Dec
'16
39
174
*35
40
4137
40
Dee
*35
40
*35
40
*38
40
375 May Department Stores
35 July12 56 Mar 2
5118 June 6914 Jan
*96
98
96
96
96
96
96
96
*96
98
*95
98
200 Do pref
947k Apr 27 39812 Mar15
9718 June 10134 Feb
78
79
7834 8334 84
87
81
8512 78
8212 77
Petroleum
Mexican
8114
108,910
51 Jan 9 97 Apr 26
464 Jan
•
79
79
79
7312 Feb
7912 8212 8034 8034 80
80
8212 1,200 Do pref
67 Jan 15 94 Apr 26
67
264 2612 2578 2618 2578 2578 2512 2578 2518 2558 *80
25
2518 4,715 d Miami Copper
Par $5 $1714 Jan 6 82918 Apr 26 $1618 MaY 87 Feb
*47
4912 48
Dee $2411 Feb
48
4912 4912 4914 4914 *4834 4912 *47
Power
Montana
493
4
300
•
•
42 Jan 4 5534 Apr 23
*100 10234 *100 10234 *102 10234 *102 10234 110218 10218 *102
41 Dee
5278 June
10234
50 Do pref
99 Jan 29 103 Apr 11 101 Apr 1037 June
*120 12212 *120 12212 *-_ 12212 *121 12212
*121 122
National Biscuit
116 Apr 3 132 Jan 22 120 July 139 8 Feb
•123
__ *12314
____
___ *123
_ 12378 1/378 124 124
200
pref
Do
119 May25 126 Feb 3 11914 Jan 128
*71 -i3
7112 -7112 *71 -73
71 "if
June
*71
73 .7112 7212
300 National Cloak & Suit
68 Mar25 8018Mar31
*10414 10614 105 105 *105 1064 10518 1051 *105 106 *105 10614
300 Do pref
10012 Mar25 10618 Apr 16
23
2314 24
2418 23
23
24
2358 2258 2878 2734 2912 49,010 Nat Enameling & Stamping
912 Jan 4 2912 Aug 13
9 July 14 Feb
*87
90
8712 8712 *85
*85
89
8812 8734 8734 *86
90
200 Do pref
79 Apr 1 90 July27
80 June 8678 Mob
6538 6578 65
6412 6612 6412 6618 6418 6534 16,335 National Lead
6758 6614 68
44 Jan 4 7034 May 1
40 July 52
*10612 110
109 109 *109 110 *109 110 *109 110 *109 110
Jan
200 Do prof
10434 Jan 4 111 June10
1478 15
1412 147s
109 Feb
1434 15
1434 15
14'3_.*
1412 1412 3,100 d Nevada Cons Cop-Par $5 $1134 Feb 24 $167s Apr 27 105 Jan
114 11614 11412 11612 1164 12034 118 12014 118 119
$lota July $1618 Jan
115 118
19,400 New York Air Brake
5612 Feb 26 12034 Aug 10
72
7278 7112 7112 7114 7114 71
58
July
69
Jan
71
7112 7378 *70
74
1,300 North American Co (new)
64 Jan 19 81 Apr 21
33
33
34
6418 July 7914 Mob
34
33
332 3212 3212 32
3412 3214 3414 7.700 Pacific Mail
18 Mar17 38 Aug 3
*30
174 July 29 Jan
3112 30
3112 *30
30
3112 3312 *30
*30
33
3213
500 Pacific Telephone & Telegraph 26's Feb 11 3913 Apt 16
*116 118
20 July 31 Jan
117 117 41116 118 *116 11712 *11512 117
(Chicago) 1121, May10 12312 Apr
4
100 P
ttpilbe'
peo
o
;bb- -65
3 106 July 125 Jan
*55
65 .50
65
*55
65
62
647
*60
69
ititen
8
C
L
a
nesu
GM
s
15
Mar
5
75 July17
24
2414 2438 2412 24
23 Apr
29 Feb
25
2418 2438 24% 2512 25
2538 6,850 Pittsburgh Coal
1514 Jan 4 2678 July29
93
93
9314 94
15 Dec
9312 94% .93
2312 Feb
95
9314 9434 9312 94
3,010 Do pref
8158Jan 4 98 Feb 10
571 5988 5812 64
6012 6512 5834 6214 59
79 Dec
934 Feb
62
6058
64
Car
Steel
129,960
Pressed
25
Mar
6
6512 Aug 10
*98 102
*98 104
101 101 *101 102 *100 102 *100 101
26's Jan
46
Feb
pref
Do
100
86 Mar1() 10214Jan 25
*10012 107 *10012 107
101 101 *10012 107 *101 105 *101 105
9714Jan
10514 Mob
200 Public Service Corp of N J
101 Aug 10 11034 Apr 22 107 Jan 114
•157 161
160 160 *159 161
160 16034 *158 160
Apr
Company
160
16212
Pullman
2,765
15018
Mar12
167 June14 150 Dec 159 Jan
3
414
334 4
334 4
334 4
-___ __-_
312 4
10,900 Quicksilver Mining
414 Aug 7
4 Mar15
4
514
412 5 *--5
7s June
278 Jan
*312 5
*4
5
2,800 Do pref
34 Mar29
618 June15
112 June
3914 4012 40
41
40
4 Jan
4138 3834 404 39 -41-78
- 40
4112 14,400 Railway Steel Spring
19
Mar
6 4278 Aug 4
*92
95
1914 July 3488 Feb
9334 9334 .90
96
*85
95
*85
95
*85
94
200 Do pref
87 Mar 3 95 Apr 19
2238 2212 2212 2234 2212 2314 2212 234 2218 2212 22
88 Dec 101 Feb
2214 12,600 d Ray Cons Copper_Par $10 $1514 Jan 2 52618 Apr 26
43
444 4334 4434 4413 4618 4312 45
$15 Dec $2218 Apr
4334 45
43
45
70,175 Republic Iron & Steel
19 Feb 1 4612 July29
18 Dee
98
98
9812 9812 9812 9834 9812 9812 9814 9812 984 9838 2,000 Do pref
27 Jan
72 Jan 30 9834 Aug 10
512 6
75 Dee
478 534
5
514
538 634
914 Mob
714 13
1012 14
83,550 Rumely Co (M)
78Jan 22 14 Aug 13
1212 13
1213 13
378 Dee
104 1018 1078 1514 15
18 Jan
184 15
18
22,500
prof
213
Do
Jan 20 1814 Aug 12
149 150
20/4 Apr
1494 14918 150 15114 153 158
41 Jan
15418 15614 15438 15512 9,240 Sears, Roebuck & Co
13134 Mar17 2001k Feb 1 1701* July 19718 July
*124 12414 12414 12414 *124 12412 -___
- *12318 124 *12314 12434
Do
100
pref
Jan
12512
4
1213
s
Feb 19 120 Dee 12454 June
45
4614 *44
4714 46 -4678
46
46
- 4612 50
4834 4934 15,910 Sloss Sheffield Steel & Iron
24 Jan 6 60 Aug 12
*54
561 *54
5612 *55
194 July 35 Jan
5612 5612 5612 *56
57
56
5612
350 Standard Milling
4313 Feb 23 5612 July14
*72
7334 7358 7353 *71
32 Jan
7334 7314 7314 73
45 Dee
7314 *7213 7334
598
pref
Do
66
Feb
17 7358 July13
8314 85
8412 87
86
8712 86
5918
Dec
88
674 Dec
8688
Corporati
s
887
Studebake
88
on (The) 3534 Jan 2 95 Aug 13
r
95 66,500
*10214 105 1104 104 *10212 105 *10212 105
20 Jan
10478 10478
3614 Mob
8 105
425 Do pref
91 Jan 2 105 Aug 13
4214 434 4212 4314 4278 4334 4238 4314 4214 4314 1047
92 May
70 Jan
42% 434 38,100 d Tennessee Copper__Par $25 $2512 Feb 24 5433
13978 14114 13912 14114 141 14212 142 144
4 Aug 10 $2414 July $3654 Feb
14212 14312 14212 143
7,000 Texas Company (The)
120
MaY14
14412
74
*71
75
Apr
76
*70
19
77
112
*70
77
July 14978 Mob
*70
77
*70
77
300 Underwood Typewriter
55 Feb 18 7678July 28
*99 104
*09 104 .99 104
*99 104
734 June 88 Jan
*99 104
*99 104
Do prof
984 May22 105 July26
632 638 *54 62
578 578
578 638
103 Dec 113 Apr
638 612
612 83s 20,300 union Bag & Paper
43s Jan 4
*23
27
*25
2613 25
Aug
838
13
25
2612 2678 27
358
June
854 Feb
277
27
2812 1,700 Do pref
2278 July13 3078 Apr (1
454 4518 *45
48
4145
48
*45
1814 July 3218 Feb
48
45
45
4434 4434
400 United Cigar Mfrs
42 Jan 25 5113 Apr 10
10438 10438 *10112__ *103 105 *102 105 *102 10412 *103
39
5014
Feb
Dec
105
100 Do 'f
re
100 Juno19 105 Feb 11
1778 1814 1878 -2058 1912 2038 1858 1938 1918 2234 2038
99 June 10378 Feb
224 27.140 US Cast Iron Pipe & Foundry
8 Jan 2 2234 Aug 41
*35
45
48
43
43
44
43
134 Jan
June
43
73
4
4712 *40
46
4778 1,800 Do pref
324 Mar 3 4712 Aug 11
•58
*58
66
*58
66
64
62
30 July 49 Feb
62
62
62
*60
67
700 U S Express
60 July27 734 Mar (
6534 69
71
68
6612 7014 6412 6712 6453 6612 65
46 Jan
87 Mob
7014 35,050 U S Industrial Alcohol
15 Jan 27 71 Aug 1
9512 9512 97
*9512 98
97
9734 9734 .95
15 Dec
20 Apr
98
*95
98
400
Do prof
70 Jan 26 9734 Aug 11
*4712 4812 4712 48
4814 4812 47
8538 Jan
75 Dec
4734 4718 4812 4814 48%
44 July21 7434 Apr 1,
•103 105
10478 10478 *103 10478 10338 10338 *10212 10434 10314 10334 5,900 United States Rubber
4413 July 63 Mob
650
preferred
Do
1st
10138Feb 24 110 Apr 1
7134 7318 7258 7434 748 7634 7338 76
9518 July 10418 Jan
73% 7538 7338 7434 707,050 United States Steel
38 Feb 1 7634 Aug 11
11258 11258 11212 11278 11212 11314 1127 11314 11234 11318 11234 113
5,200 Do pref
z102 Feb 1 11314 Aug 11
6614 6678 66
67
6612 674 6614 67
11114 aro (
214 la
an
1'
6558 6638 6514 66
26,000 d Utah Copper
Par $10
35
3538 3412 35
an 6 573 Apr 21
34
3412 34
3512 3412 3634 35
54518 Dec 5594 June
3678 15,500 Virginia-Carolina Chemical_ $1812J
15 Jan 4 3738 Aug !
*100 101
101 101 *100 102
10118 102 *100 10214 *100 102
17 Dec
3478 Mob
300
Do
pref
80
50 50
Jan
50
50
8 102 July3
4978 5058 50
5014 3014 61
56
96 May 10718 Mob
64
36 June 9 64 Aug 1
7038 70,2 704 7038 7012 7034 7034 7112 7078 7112 701 7112 15,210 Virginia Iron Coal & Coke
2 Mob
g6
ullyy 7.
3
53as p
8,400 Western Union Telegraph
11134 113,4 11238 11434 11358 115
57 Jan 2 7112 Aug 1
11238 1144 11234 11434 11212 11378 276,820 Westingho
use
Eleo
Mfg_
&
64
Feb
133 133 *131 135 *130 135
24 115 Aug 1,
135 135
7918 July
84 Jan
136 136 *135 150
600
Do
preferred
let
141 14834 147 152
117 Maz12 136 Augl
153 160
16214 166
11578 Jan 12412 June
167 179
181 196
28,579 Willys-Overland (The)
104 104
106 106 .102 105
87 Feb 23 196 Aug 1
10412 105 *104 110
10614
500 Do Prof
105 106 *105 10612 x105 10612 10414 10414 105 10514 *104 10614
96 Feb 13 10611 Aug 1
107
1,403
Woolworth (F W)
•12234 12318 12318 12318 12318 1231g 12318 12318 ____ ____ *12012 124
9014Jan 8 11112 Apr 1
89 July 10314 Feb
300 Do pref
115 Jan 8 1234 Aug
11234 Jan 11878 Mob
• Bid and asked prices. no sales on this day.
Less than 100 shares. :Ex-Miff:as. a Es-div. and rights.
I
Mew stook. d Quote dollars per share. $ Si-stock
dividend. x Ex-dividend. c Par $25 per share.
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Jan.1909 the Ezendnoe method of quoting bonds was changed, and prices are now all-"and interestBONDS
N. V. STOCK EXCHANGE
Week Ending Aug, 13.
t•
U. B. Government.
U B 25 consol registered___61930 Q
U S 2s consol coupon
d1930 Q- J
U S 38 registered_
k1918 Q F
U S 38 coupon
11918 Q F
U B 4s registered
1925 Q F
1925 Q- F
B 4s coupon
U B Pao Canal 10-30-yr 2s..11936 @ F
U S Pan Canal 10-30-yr 2s_1938 Q -N
1961 Q -M
U S Panama Canal 311 g
U S Philippine Island 45_1914-34 Q -F
Price •
Friday
Aug. 13.
Ask Low
High
Bid
9712 -- 9634 July'15
9712 ---- 9712 July'15
10112
10112
10012
10034
10012 - - 10034
109
- 10918 Aug '15
11012 Sale 11014
11012
97 --__ 9712 May'14
97 July'15
10134
Rif
10134
____ 100 100 Feb '15
Foreign Government
Argentine--Internal 5s of 1909__ Isl- S t 9112 93
7434
Chinese (Hukuang Ry)-5s of '11 J -D t
Cuba-External debt 5s of 1904_ AI- S 9614 97
92
90
E, xter (It 5s of '14 ser A_1949 F - A
8012 83
External loan43is
1919 F- A
Japanese Govt-E loan 4 As 1925 F - A t 7538 7612
714 73
Second series 4 ).is
1925 J - J
7012 Sale
Do do "German stamp".
70
Sterling loan 49
1931 J.
82
Mexico-Exter loan £ 55 ot 1899 - J
____ 80
Gold debt 4s 01 1904
1954 Prov of Alberta-deb 430_ _1924 F - A t - 96
Tokyo City-So loan of 1912____ M- S L.- 7912
!These are prices on the basis of $5t0
State and City securities.
N Y City-4s
1960 M43s Corporate stock._ _ _1964 M
4s Corporate Ftok(w 14_1965 J -D
00 Corporate stock__ 1963 M- S
II% Corporate stock
1959 M- N
4% Corporate stock
1958 M- N
4% Corporate stock
N
1957
4% Corporate stock
1956 M-N
New 430
1957 M- N
New 434e
1917 M- N
434% Corporate stock__ _1957 M-N
43.6% Assessment bonds 1917 M-N
31-i % Corporate stock
1954 M-N
N Y State-4s
1961 M- S
Canal Improvement 4s
1961 J - J
Canal Improvement 45_1962 J - J
Canal Improvement 4s
1960 J Canal Improvement 430_1064 J- J
Canal Improvement 43io_1965 .1 - J
Highway Improv't 430-1963 M- S
Highway Improv't
s_1965 M- S
Virginia funded debt 2-3(1_1991
j
Ss deferred Brown Bros Ms__
Week's
Range or
Last Sale
93 June'15
88 J ul y'14
964
964
90 July'15
81) Aug '16
7638
77
7212 Aug '15
70
7112
7354 June'15
7914 Apr '14
65 July'14
954 Jan '15
80 May'15
_
17
,
5
No.
____
__-3
1
--__
11
----
Range
Since
Jan. 1.
Low High
9634 9914
9712 99
10012 1015s
10012 102
10918 110
11014 11112
9713 9712
Itu 10034 102
100 100
80
3 9318
90
80
737s
7212
14 70
---5
9838 39
9838 Sale 98
9814 35
98
9838 9818
10178 65
10134 10178 10178
6
102
10131 102 1013.1
5
0412
9413 Sale 0412
2
9134
9434 Sale 9434
9412 9478 94 July'15
94
9414 95 June'15
13
102
10178 10212 1013t
3
10034
10034 10118 10034
10178
_ 10134
10178 31
7
101
101 Sale 101
8434 8778 89 June'15
10012 10134 10058 June'15 -101
10112 July'15 -10012 June'15 -101
_ 10018 Apr '15 --109-12 10658 10912 Aug 15 -10438 Aug '15 ---2
16614 113658 10913
10912
104 10412 10412
10412
8414 July'14
-5714 -59
58
5818 23
9914
9712
94
8512
8412
82
7934
954 9.112
82
78
9714 10012
9778 10058
10134 102
10134 10534
94
9738
9412 97
94
97
95
9714
10158 10534
10012 10114
10158 10518
10012 101
89
84
9973 10134
0972 101,2
100 10012
995,8 10012
10814 110
10413 10,134
1(48 10934
10418 10412
62
6112
BONDS
N. Y. STOCK EXCHANGE
Week Ending Aug 13.
513
except for income and defaulted beads.
44.)
Price
Friday
Aug. 13.
Week's
Range or
Last Sale
Range
Since
Jan. 1.
Bid
High No. Low High
Ask Low
Ohio Burl & Q (Con.)Joint bonds. See Great North
97
95
Nebraska Extension 48---1927 M-N 9434 9658 9512 Aug '15
Registered
-- 95 June'15
1927 M-N
9912 9918
9912 ____ 9918 June'15
Southwestern Div 415
1921 M•
90 Sale 90
214
95
General 4s
99
5
9012 -H 8
1958 M 18
22
Ohio & E 111 ref dc imp 45 g_1955 J - J
79
5
20
1:
8
2 2
2478 June'15
3 5
1st consol gold (3s
96 Aug '15
1934 A - 0 ___- 95
5912 60
General consol let 5s
59
59
1937 M- N
56
1
2 :771
Registered
71 June'15
_5:2
1937 M- N
Fur money 1st coal 5s
974 Feb '13
1942 F - A
Chic & Ind C Ry let 5s_1936 J - J
20
274 July'14
6714 6712 67
Ohio Great West let 4s
8 -663-87314
1959 M6714
Ohio Ind & Louisv-Ref 8(1_1947 J - J
117 114 July'15
113 117
Refunding gold 58
101 June'15
101 101
1947 J - J
Refunding 4s Series C
9558 Apr '11
1917 J Ind & Loulsv 1st gu 4s
88 July'12
1956 J - J
Ohio Ind & Sou 50-year 0-1956 J - J
9014 Aug '12
Chic .7 & East let 430_ -1969 J -D
104 Dec '11
Chicago Milwaukee & St Paul8612 89
Gen'l gold 4s Series A___e1989 J - J
92
86 Aug '/5 --- 86
88
Registered
8912 Apr '15
8912 894
e1989 Q - J
Gen & ref Ser A 430
8878 8912 8914
a2014 A -0 -_8914
Gen ref cony scr 13 5s_ _a2014 F- A 1024 Sale 10134
10278 235 10
90
94
9% 10
2%
Gen'l gold 330 Ser B
7612 79
77 July'15 ---- 77
e1989 J - J
8014
General 4 As Ser C
9834
6 98 1014
98
619893 -3 9734 99
25-year deben 48
8718 Sale 87
8714 11 8612 9014
1934 J - J
Convertible 430
9558 38 9312 9912
1932 J -D 9512 :law 6412
Chic & L Sup Div g 5s
1921 J - J 10112 103 10212 July'15 ---- 10212 10212
Chic & Mo Riv Div 5s
1926 J - J 103 10-15s 103 July'15 ---- 103 104$4
Chic & P W 1st g 58
1921 J - J 10258 10314 10212 Aug '15 --__ 1015 10338
_ 87
CM dc Puget Sd 1st gu 45_1949 I - J
87
87
Dak & Grt Sou gold 5s_....1916 J - J
1 10
10012 July'15 _-..
50
7 100
9118
Dubuque Div let s f 6s
10684 June'15 -- 106 1073s
1920 J - J 10512 _ _
Fargo & Sou assum g 6e .1924 J - J 108 ..___ 110 June'13 2-___
101
_
La Crosse .4z D 1st 59
10218
June1.5
- i6i;
1
1919 J - 1
i
i6
0i
ll8
W18 dr Minn Div g513
58 10214
1921 J - J 10158 10314 10214 June'15 ---Wis Vali Div let (is
1920 J
J 105 ____ 10612 July'15 ---- 10614 107
Mil dc No 1st ext 430
1934 J -D 9753 -_ 99 May'15 ---- 99 10078
Cons extended 430
10038 Mar'15 ---- 10038 10013
1934 J - D 9712 Chic& Nor West Ext 4s1886-1926 F- A
9414 May'15 ---- 9212 94,4
_ 9438 July'14
Registered
1888-1926 F - A
,
83
138
4
General gold 31
903
333
.
2 -ii-8 -'181
-is
1987 M- N 81 Sale 8
_
Registered
p1987 Q.F
9338 Sale
General 4e
1987 M- N
Stamped 4s
4 --2--.
1 -8%
Ja
un c:15
74
812 j
61; -9
1987 M- N 92_ 9
6.4
114
-5
::
:
28_ 109 11412
General 58 stamped
1987 M- N 10912 i1- - ,(101501122
:IF
:
Sinking fund 68_1879-1929 A - 0 104
108 June'15 ____ ii
Dec '13
Registered
1879-1929 A - 6
10338 Aug '15
Sinking fund 56
1879-1929 A - 0
........
Registered
1879-1929 A - 0 10312 108 102 oct '13 L
10114
Debenture 58
10058 Mar'15
1921 A Registered
101 Dec '12 ____
1921 A- 0
_ 101 Aug '15 ___ 16Sinking fund deb 58
1 jai1933 M-N iai
Registered
l° t 12 Alay'15 .... 99 10112
1933 M-N 10012 _
1 117 11914
117
Frem Elk & Mo V 1st es 1933 A -0 117 Sale 117
_
Man GB&NW 1st 330_1941 I - J
9012 Sep '09 .......
Milw & S L 1st gu 330_1941 -J
10714 June 15
Mil L S & West 1st g 6s
1921 WI- S
. idi 1081,
Ext & imp s f gold 5s
1929 F - A 10253 ---- 10458 Mar'15 824 1C1412 1044
Ashland Div lot g 6s
1925
S 10912 -- 11318 Feb '14 :....___
Mich Div 1st gold 615_1924 J - J 10812
11112 Apr '15
1111; Hifi
Mil Spar & NW 1st gu 48_1947 M- S
90 July'15 -___ 8958 92
i(5471-4
10738 May'14 --.
Northw Union 1st 7e g
1917 MSt L Peo & N W 1st gu 55_1948 J • J 101
10514 May'15 ---_ 1.6234 iOtiWinona & St P 1st ext 76_1916 J - D 102
10312 May'15 .--- 10312 10358
Chicago Rock Is! & Pao 613_1917 J - J 1024 10212 102 July'15 -- -- 10133 10212
Itegistered
10218 Aug '15 -- -- 10114 10134
1917 J - J 10214
Ry general gold 48______ ._1988 J - J 805s 81
8058
8034
9 8038 85
Registered
81
8014 June'15 __-- 80
1988 J - J
8215
Refunding gold 4s
63
43 61
7178
1934 A - 0 63 Sale 6212
4313 Sale 4312
20-year debenture 55
1932 J - J
4534 36 39
67
78
93
Coll trust Series P 4e
1918 M-N
9434 June'll -___ ____ ____
RI Ark & Louis 1st 43.1s_1934 M- S
July'13 --66'1; 74 85
1 99;- -111/7Bur C R & N-let g 5s
1934 A 2
9912
9912
_ 10078 May'14 ..-::: ____ - _CRIF&N W lstgu 58_1921 A -0
M & St List gti g 7s
1927 3 -D
9912
Choo Okla & 0 gen g 5s_o1919 J - J -6'14
-6'7'58
- itily-.115 _. -6158 -675-8
Consol gold 5s
9212 9712 Apr '15 -- 9712 974
1952 M-N
75
Kook Jc Des MoInes 1st 55 1923 A - 0
83 Feb '15 __-- 83
84
St Paul & K C Sh L 1st 430'41 F - A
85
65 Apr '15
Ohio St P M & 0 con 68_1930 J -D iiE 11612 11434
11434
16
14
534 16
17
534
Cons es reduced to 330_1930 J -D
90 Jan '15 90
90
10014
10 6912 102
Debenture 55
1930 M- 13 100 - 10014 10014
Ch St P & Minn 1st g 68._1918 M-N 114
11612 Jan '14 ---_ ._ _ _ _ _ _
North Wisconsin 1st 6s
1930 J - J 114 11414 12958 May'09 ---St P & S City 1st g 68_1919 A 10434
105 Aug '15 .....-....- 10458 10534
Superior Short L 1st 55 2_01930 M---- ___ 1
Chic T H & So-east 1st 5s
1960 J - D
90
Chic & West Ind gen g 65_,1932 Q -M 10538 - - - - 10
5512 j
Jaunly'1
15
4
105 106
7512 76
Consol 50-year 4s
7614
76
7 '75
8012
1952 J - J
Cin II & D 2d gold 4As
__ ---.
96 Mar'14
19373 '.1 60
let dc refunding 45
_---.88
1959 J - J
let guaranteed 4s
8614 June'12
1959 J - .1
Cin D & I 1st gu g 5s
25
25 July'15
-ii- -ii1941 M-N
C Find & Ft %V 1st gu 4s;3_1923 M- N
___. - _ .88 Mar'll
5 -30
On I & W 1st gu g 4s
____ __
1953 J - J
65 J'iy '14
Day SG Mich 1st cons 43.i8_1931 J - J
__.__
944 Dec '14
5
Ind Dec & W 1st g 5s
____ __
30
1935 - J
65 J'ly '14
1st guar gold 5s
1935 J - J
10712 Dec '02
7134 Sale 70
Cleve Cin C & St L gen 4s__ _1993 J -D
72
s -61i- -ii88
20-yr deb 430
1931 J - J
82 June'14
804
Cairo Div 1st gold 48
81 Feb '15
1939 J - J
ii- -ifCM %V & M Div 1st g 4s 1991 J - J
83 Feb '14
---- -- -76 -7
St L Div 1st coll tr g 4s
1990 M- N
7
-8
8-3-4 80 Apr '15
80
80
Registered
8214
Mar'14
1990 M- N
Spr & Col Div 1st g 4s
-1940 M- S
85 Mar'14
..-- --.
W W Val Div 1st g 48..„.1940 J - J
91 Apr '12
105 10514 June'15
C I St L & C consol 68._ 1920 M-N
jai'', 1651-4
let gold 48
90
90 Feb '15
87
90
59
90
012
11936 Q-F
Registered
11936 Q-F
88's May'15
Cln S & CI con 1st g 5s___1923 J -J
101 June'15I
10534 J'iy '14 -----------CCC&Igencong6s___1934 1 -J
Registered
____
1934 J - J
Ind B & W 1st pref. 4s
94 XI;-.68
1940 A -0 Ind & W 1st pref 5s_d1938 Q-J
_ 59
Peo & East 1st con 4s
1940 A -0
-Eci - -tii9
1
93
22
212 -2
66
0- j
J un
Income 4s
20
28
1990 Apr
Cleve Short L 1st gu 4 As
1961 A -0 93
9318
9318
1 91
935
Col Midland 1st g 49
15
17
1947 J -J ____ 1414 16 May'15
____ 16
Trust Co certfs of deposit
1412
_ 1412 15
86
8712 8734 Mar'15/
Colorado & Sou'1st g 4s____1929 F7
88
7 85;8 92
5
80
81
Refund & Ext 430
8014
8014
4 80 4 8
1935 M -N
Ft W & Den C 1st g 6s
1921 J -D 102 103 102 July'15
100 10314
Conn & Pas Rive 1st g 4s
1943 A -0
---__ ____
Cuba RR 1st 50 yr 5s g
1952 J - J ---166- m;y-iii
Del Lack & Western854 8514 July'15
Morris & Es 1st go 330 2000 J -D 85
8512
84
1921 J - J 1074 ---- 10712 July'15
107340
N Y Lack & W 1st 6s
101 1091 34
Construction 55
1923 F - A ---- -- 1014 May'15
J
Fu
en
be:0
Term & Improve 4s
1923 M-N 9538 _
15
3
9514 96
Warren 1st ref gu g 3 As 2000 F - A
1902618
Del & Hod 1st Pa Div 7s
1917 M- S 10414 ___ 105 July'15
ilii - iiii3i
_
Registered
1917 M_ 149 Aug '01
10-yr cony deb 45
ifi.- ilifii
1916 J -D lOOls 101 10018 Aug '15
_ 100 1004 10018 -j 99 10078
let lien equip g 430
1922 J - J _
93
1st dc ref 48
1943 m -N 02
93
9314 10 91
96
8418 8334
83
Alb & Sus cony 330
8334
8 8312 86
1946 A 11338 11338
Rens & Saratoga let 7s
1921 M-N *110 ---. 11338 Jan '15
Railroad,
55
6612
5712 5934 58 Aug '15
Ann Arbor 1st g 48
A 1995 - J
218 8978 9584
92
Atoll Top & S Fe gen g 4s
1995 A - 0 92 Sale 9014
9212
89
8913 89 July'15
Registered
1995 A - 0 89
3 81
8212
8212
82
83
8634
Adjustment gold 48
51995 Nov
86 Mar'13
Registered
51995 Nov
8214 84
8212
8212 21 ifs; 87
Stamped
51995 M-N
Cony gold 418
104,4 17 925s 10414
1955 J -D 10212 10312 102
9912 May'13
Cony 4s issue 01 1909
1955 J -D
10112 304 9238 10113
Cony 48 Jaime 01 1910
1960 -D 103 Sale 10212
10134 20 10018 10134
10-year 5s
1917 J -D 10138 Sale 10138
2 92
94
92.,8
East Okla Div let g 4s
9278
1928 M- S 9234
. 8558 July'15
8.512
8412 89
Trans Con Short 1, 1st 43_1958 - J
96
- 98
95 May'15
95
Cal-Ariz 1st & ref 4%0"A"1962
S
S Fe Pm-es & Ph let g 5s_1942 M- S 103
--_- 103 Feb '15 --- 103 103
2 88
8834 88
93
All Coast L 1st gold 4s____/)1.952 M- S 88
8834
9318 9214 July'14
50-year unified 4s
1959 J - D
_ 1054 June'14
Ala Mid 1st gu gold 6s
-1928 M- N 10134
91
934
9214 9112 June'15
Bruns & W 1st gu gold 48.1938 J - J
3 12978 12978
8 135 12978
12978
Charles & Say lst gold 76_1936 J - J 129726 81
8712
L & N coil gold 4s
82
e1952 M-N 82 Sale 82
11511 118 11912 June'15
12911 12912
Say F & W let gold 6s____1934 A 105 105
let gold 5s
1934 A -0 10478 ____ 105 July'15
9758
98 June'15
6712 98
MI Sp Oca & CI gu 4s
1918 J 23 8918 9212
903Bait & Ohio prior 330
8 8978
1925 J - J 90
0014
90 June'15
8812 90
Registered _______.___51925 '3- J
867 51.
0- 8612 87 -115 85 9112
let 50-year gold 41
51948 A 8578 90 Apr '15
8712 90
Registered
•
51948 Q- J 85
87 Salo 8658
8712 236 8213 88
20-yr cony 4345
1933
__ 112 Jan '12
Pitts Juno let gold 6s
1922 j- -j
8618-_ 8612 July'15
P Juno & M Div let g 330 1925
N
8612 -88
81) 81
79 July'15
78
84
PLE&W Va Sys ref 46_1941 M- N
8812 28 8612 91
Southw Div 1st gold 330_1925 - j 88 Sale 8714
-----100 Apr '13
Cent Ohio R 1st e g 430_1930 M10312 10412
CI Lor & W con let g 5s 1933 A - 0 101 12 - - - 10112 Apr '15
10214 June'12
Monon River 1st gu g 58._1919 F ---A10118 ____ 10534 June'14
Ohio River RR let g 5s
1936 J -D
---1044 May'14
General gold 5s
1937 A - o
'12
11312
Feb
Pitts Cloy & Tel let g fie 1922 A- 0
9034 Mar'14.Pitts & West lot g 48
1917 J - .1
91 June'12 --Stet lel Ry let gu g 4%0_1943 J -D
_-_.
Bolivia Ry let 5s
1927 J - J
8 i6,112 1065;
ag
10518
Buffalo R & P gen g 5s
1937 M2 100 103
10012
10012
Sale
10312
Congo!4 A s
M-N
1957
9438 9438
9448 Feb '15
All At West 1st g 48 gu
1998 A - 0 8913 92
Clear & Mab let gu g 58._1943 J J 10318 ____ 112 Apr '14
6618
10(15s
Roch & Pitts 1st gold 8s 1921 F - A 10658 ____ 10658
11158 July'14
Consol 1st g Os
1922 J -D 107
3 10l1 10412
102
Canada Sou cons gu A 58_....1962 A- 0 10134 102 102
16673 Apr' 14
Registered
1962 A -0
-64- -1;63-8
Car Clinch & Ohio 1st 30-yr 55'38 J -D *__-- 9814 94 June'15
- - 1031/ 107
Central of Ga let gold 150..„v1945 F - A 107 ____ 107 July'15
9814 10212
9814
Consol gold 5s
9814
1945 M- N 9834 99
86
86
86 Feb '15
Chatt Div pur money g 4s 1951 J - D
102 10114
10114 May'15
Mao & Nor Div 1st g 5s 1946 J - J
10014 10014
Mid Ga & Atl Div 55
1947 - J 10212 -___ 1004 Mar'15
10334 10334
Mobile Div let g 58
1946 - J 10214 105 10334 May'15
2 88
9258
89
8978 89
Oen RR & II of Ga col g 58..1937 M-N
11212 17 112 11512
Cent of NJ gen'i gold 5s
1987 J - J 112 11212 112
112 115
Registered
51987'3- J 111 11112 11312 June'15
10254 101
Am Dock & Imp gu 5s___1921 J - J 10314 104 103 July'15
--Leh dc Hud Riv gen gu g 581920 J - J 100 ___ 100 June'13
N Y & Long Br gen g 43_1941 M- S 9434 __-_ 10012 Jan '13
68
68
Cent Vermont let gu g 48._e1920 Q - F 70 __ 68 Feb '15
96
83
Cbesa tic 0 fund dc impt 55_1929 - J
8312 90
8312 July'15
6 10214 105
1939 M - N 10234 Sale 10212
10234
1st consol gold 50
1939 al-N 100)4 102 1051/ June'14
Registered
10 82
91
General gold 43is
1992 M- S .85
8512 81
85
1992 M S .-.. 8412 9312 Feb '14
Registered
7412 Sale 7212
785
1930 F - A
Convertible 430
7434 137 70
1944 J -D
8112 82 May'15
8378
Big Sandy 1st 48
824 824
81
821/ May'15
Coal River Ry 1st gu 45_1945 J -D
1940 J - J ---- 95
Craig Valley let g 55
9612 Dec '13
- - -•
1946 J - J
8434 Jan '13
Potts Creek Br 1st 4e
-8-011k -8458
1989 J - J 81
82
R & A Div lst con g 45
8112 Aug '15
77
1989 J - J
83
2d consol gold 48
77 Apr '15
77
GO Apr '14
Greenbrier Ry let gu g 48_1940 MWarm Springs V 1st g 5s 194I M- S
11314 Feb '05
- - -5418 60
Ohio & Alton RR ref g 3s......1949 A- 0 -gi" -63l2 54,8 July'15
4312
4414 -i§ 38
Railway let lien 334s
4712
1950 J - J 4312 45
9838 9912
Ohio B & Q Denver Div 48_1922 F - A 100 -__ 9912 July'15
Illinois Div 33s
824
8234
1949 J - J 8234 83
814 844
Registered
8614 Aug '12
1949 J - J
Illinois Div 44
93 "ii 9178 945e
1949 3-i93 Sale 92
93 June'13
Registered
1949 J Iowa Div sink fund 5e
1014 10212
1919 A -0 *1024 _-__ 1024 June'15
9614 99
Sinking fund 4e
1919 A - 0 9814 10018 9814 July'15
• No price Friday: latest me week. d Due Apra, iDusMay. g Due June. h Due July. k Due Aug. o Due Ool. p Due Nov. e Due Deo. aOptloasaie.
.---
....
514
ai,..
BONDS
.
...
N. Y. STOCK EXCHANGE
:1
Week Ending Aug. 13.
.1-1 15
.
New York Bond Record-Continued-Page 2
Price
Friday
Aug. 13.
Week's
Range or
Last Sale
in
,._or
"4
Range
Since
Jan. 1
BONDS
N. Y. STOCK EXCHANGE
IWeek Ending Aug. 13.
1.1';
".63
.
Price
Friday
Aug. 13.
101.
Week's
Range or
Last Sale
2,
2
"
4
Range
Since
Jan. 1
Bid
Ask Low
High No. Low High
Bid
Ask Low
High No. Low High
Deny & R Or 1st con g 433___1936 J - J 7012 71
7012
71
10 6912 78
Leh & N Y let guar g 4s____1945 M- S 8512 ---- 85 July'15 ---- 84
85
Consol gold 43-0
1936 .1 - J *
78
78 Aug '15
83
78
Registered
1945 M- S
-_-_.
Improvement gold 5s
1928 J -D 70 Sale 70
1 70
70
80
Long Isld 1st cons gold 5s_ _h1931 Q - J i60-1;1E1212
- ilii - July'15 ____ lai- i611;
let St refunding 53
1955 F - A
44
45
45
45
5 38
49
h1931
consol
4s
gold
90
1st
0- J
94
9614 Mar'12 -Rio Or June 1st gu g 5s 1939 J - D ---- 95 109 Dec '12 ---- _--- - _ __
General gold 45
1938 J -D 86 -___ 8634 May'15 -- -ii- "ifs;
Ftio Gr So 1st gold 4s
1940 J - J
77
6112 Apr '11
Ferry gold 4)is
1922 M- S ------ 9514 May'14 --Guaranteed
1940 J - J
40
85 Mar'08
1932 J -D ---__ 9914 Oct '06 -Gold 4s
Rio Or West 1st g 4s
7012 Sale 70
1939 J - J
7012
2 69
75
1949 PA- S - -- - 88
Unified gold 4s
8934 May'15 -- ,
ii.
lq
4 -flis
-ii
51Mtge & col trust 43 A 1949 A -0 591 5978 5934
5934 22 58
Debenture gold 5s
5934
9518 Jan '15 ---,
8 9 5
Utah Cent 1st gu g 4s_a1917 A -0 ---- ----90 Apr '14 ---S 8.
111 - D
19
1 1
19.3
Guar refunding gold 4s
84
8334
833
83
1
861
Des Mol Un Ity 1st g 5s
1917 M- N --------100 Mar'15 ---- 100 100
1949 NI- S --------95 Jan '11. . Registrd
Det & Mac_ 1st lien g 4s
90
1995 .1 -D 85
87 Aug '15 ---- 7178 87
N Y B & M B 1st con g 58_1935 A - 0 95 ____ 100 Feb '15 ---1-8
Gold 4s
1995 .1 -D 80 - - -- 80 June'15 ---- 78
80
1927 M- S ---- ---_ 10212Jan '14 --- ___ _ _ _
N Y & It B 1st gold 5s
Det Itiv Tun-Ter Tun 4)i s_1961 MI-N ,-.-- 9012 9012 May'15 ---- 90
9013
0114 1,0017132
Nor Sh B 1st con g gu 58_01932 Q - J -_-_-_-. 10
...._-_-_ 1007s 1007s
Dui Missabe & Nor gen 5s 1941 J - J 101 105 10112 May'15 ---- 10112 10458
M-•
S
I927
Louisiana
Ark
g
5s1st
&
Feb '14
Dul & Iron Range 1st 5s
1937 A - 0 ---- 10018 100 May'15 ---- 9812 1C11
1930 J -D 112 Sale 112
Loulsv & Nashv gen 68
112
Registered
1937 A -0 --------10612 Mar'08 --1937 M N 10458 ____ 10618 June'15 ---- 10618 107
Gold 5s
2d 6s
1916 J - J --------104 Feb '11 ---9118 92
Unified gold 4s
1940 J - .1
9118
92
36 8012 9454
Du So Shore & At g .5s
- 9512 96 May'15 ---- 96 100
1937 J - J
Registered
94 June'14 ______._.
Elgin Jol & East 1st g 5s__ 1941 M-N --_ 104 10378 Apr '15 ---- 103 105
NI_-D
4
Collateral trust gold 0s
19
,
N
I
1 '1
,4
1
,
93
1 id
N
Jinaly
i6
y:115
fi4
-l
4
iCi
ii
i:
3
Erie 1st consol gold 7s
1920 M- S 10913 -__- 10918 Aug '15 ---- 10612 11013
1
1-9
0
-4
1-71s
i ----------: 119
E H & Nash let g 6s
08
13
4
____ -_-NY &Erie 1st ext g 4s
1947 11I-N
90 - - 9712 June'14 ---- ___
L Cin & Lox gold 410...._. 1931 M- N 99 --_,- 10258 J'ly '14 ::
2d ext gold 5s
1017-s 10114 May'15 ---- 100 10214
1919 M S -1
1930
J
gold
---let
85
M
0
1135
&
N
8
1147
8 July'15 ____ i133; ifF2
3d ext gold 43-0
1923 M S 95 --- - 9813 June'15 ---- 9814 9914
2d gold 65
1930 1 - J -,-- Ws lin% May'15 -- 108 1097s
4th ext gold 5s
1920 A 0 10038 ---- 100 July'15 ---- 100 10214
8_51_1,.
Paducah & Mom DIv 4s 1946 F - A
2 ____-_-_ 10
86
412 D
16
juele'
4 ...........-:
y1
i
.o
.
i
.
,2
_
5th ext gold 43
1928 J D --------9358 May'14 ---__ _.
106
S
NI1921
gold
6s
1st
St Louis Div
N Y L E & W 1st g fd 7s 1920 M S
- --- 109 June'15---- 109 109
6112 5912 July'15 _ -_ 594 65
1980 M- S 2d gold 3s
Erie 1st con a 45 prior
---801 Sale 8012
1996 .1 - J
8034 18 7814 8411
84
1955 01-N
87
85 July'15 __-- 85
AU Knox & Cln Div 4s
8812
Registered
1996 J - J ---- ----7978 June'15 --,, 7978 797t
•
Atl Knox & Nor let g 5s 1946 J -0 107 -- 111 .an '13 -_-_
1st consol gen lien g 4s
1996 J - .1 6634 851113 65
6712 32 65
71
05,4 -8_8_ _ 18
I
S 18
_1931
NI:
6s_
08
Hender
512 June'15 ____ __
Bdge
J
s
f
1st
g
_ _ iii
Registered
1996 J - J -------77 Apr '12 --1.:- ____ _ .
45_1987
Central
Kentucky
gold
8784
86
Penn coil tr g 4s
1951 F - A
861s - - 8612 July'15 --.2- 86
ipi14
9912 June'15 ...- 9912 101
99
L& N 3, NI & M 1st g 4)0 1945 M- S 97
50-yr cony 4s A
g
.1953 A -0 6113 Salo
6112
62
57 59
66
8012 July'15 -- '7£3
L & N-South M Joint 45 1952 J - .1 8012 87
8012
67
do
Series B
1953 A -0 661; 69
74 634 70
69
J
51952
Q
95
Registered
Feb '05
17:
.. -___
Buff N Y & Erie 1st 7s.1916 J -D 1023s 1031s 10234 June'15 ---- 10213
N Fla & 5 1st gu g 5s__ _ 1937 F - A iii- :::: 106 J'ly '14 :::: ____ ---Chic & Erie 1st gold 53_1982 M-N 10212 103 10338 July'15 ---- 10112 1031s
1043,
97 Dee '14
N & C I3dge gen gu g 4)i s_ 1945 J - J
Clev & Mahon Val g 5s..._ 1938 J - .7 --------101 Feb '15 ---- 101 101
i --:10734 108
7 elf i iitiPens dr All 1st gu g 6s_ __.1921 F - A i_a_i_":
Long Dock consul g 6s
1935 A -0 120
121 June'15 ---- 121 121
_ 05 1054 Feb '15 ---- 10518 10518
S & N Ala cons gu g 5s__ _ 1936 F - A
Coal & RIt 1st cur gu 6s 1922 111-N
9978 ---10014 106 Dec '12
100 10012 10034 July'15 ....-- 994 10214
0
1963
A
-year
5s_
50
gu
eons
Gen
Dock & Imp 1st ext 5s
1943 J - J 10314 Sale 10314
10314
i iii12 iiii, L & Jeff Bdge Co gu g 4s_ 1945 M- 5 ---- 79 130 June'15 ---- 74 8012
N Y & Green L gu g 58
1946 M-N -------10312 Aug '12 ---Manila RR-Sou lines 4s_ _ _1936 PA- N ---- --- ---N Y Sus St W 1st ref 5s
1937 J - 3 ----. 91
94 May'15 ---- 90
04
-S
M"ii" mi-tr3i5 ---- -- ---97
77 M
Mex Internet 1st cons g 45_ _ 1,
2d gold 43-0
1937 F - A -,-- - - -- 10014 Dec '0 --,,
1 Nov'10 ---Stamped guaranteed
::::
General gold 55
6712 Sale 6713
1940 F - A
6712 11/ 6713 75
-.---_:-: 1070 Oct
Midland Term-let s f 5s g_1925 J - D
____ :":- :::Terminal 1st gold 5s
1943 Pa-N ,.... ---- 102 Jan '14 ---- __ _ __. Minn &
3 ::-. 11113
Mar'15 Iiii 1111St L 1st gold 7s_ __ _1927 J -D itiit2 1111;
Mid of NJ 1st ext 5s
1940 A -0 10212 -„- 11112 May'12 ---- ____
Pacific Ext 1st gold Cs__ _1921 A -0 100 --- - 11018 Aug '11 -Wilk & Ea let gu g 5s_ _1942 J -D ---- 821 86 June'15 -- 88 _--.
8212 8612 July'15 ---- -6
80
1934 M- N 80
let consol gold 5s
214
60
0 - -6
/1i
Ev & Ind 1st con gu g 6s____ 1926 J - J -------- 10May'12
51 Sale 5078
12
refunding
let
M1949
&
4s
gold
5
5212
60
40
Evans & T II 1st cons 6s____ 1921 J - J ---- 90
81
81
a "ii'- if
80 Feb '15 -Des M & Ft D 1st gii 4s._1935 J - J -,„ 62
1st general gold 5s
1942 A -0 47 ---- 9958 Dec '13 ---- ------8212
8212
8
Iowa Central let gold 5s 1938 J -D 8212 86
Mt Vernon 1st gold 8s
1923 A -0 --------108 Nov'll ---- ......_ ___.
Refunding gold 4s
50
35
212 9
11 8
69614
Still Co Branch 1st g 5s
1930 A -0 -------_
--95 June'12
58
0
8
.1 8
M litP.I.345N4 con g -Im Int gu-119
5
88
9:518
112 8
1
8834 10 8812 93
5
83
9
4
Florida E Coast 1st 4)0_1959 J -D 803s 87
8634
863,1 10 8634 907,
1st Chic Terms f 4s___ _1941 NI- N ------ 9714 June'12 ---- --__ ...--Fort St U D Co 1st g 4)0_1941 J - J --------92
2
Aug '10 --- - - - •.
94
9412
J
J
1926
98 Nov'13 $l --_- --M SS& A 1st g 4s lot gu
Ft W & Rio Or 1st g 4s
1928 J - J 54
54
05
54
i Eti Eel Mississippi Central
1st 58_1949 J -II ,7g12 -ii
.- in34 J'Iy7'04 .......i _iit..4 _ii„,
.Great NorthernMo Kan ac Tex 1st gold 4s 1990 J
C B & Q coil trust 4s
1921 J - J
9012 Sale 9614
9612 185 947s 97
504
Sale
5134
2d gold 45
g1990 F - A
5334
7 4918 63
Registered h
1921 Q - J -„- 9612 9618 Aug '15 ---, 945s 963
NI: N
,„ 5
j 5-4
1944 j
5
75
79
3 2 July
5
'
415 ---- 7912 89
let ext gold 5s
let & refunding 43.0 ser A 1961 1 - J 9014 904 963s
0638
18 9558 1(11
47 July'15 ---- 49
2004 NI- S -4714 50
let & refund 4s
0838
Registered
1961 J - J --------96 June'13 ---- ___ _ _ _
Gen sinking fund 4H8____19311
7 5312 74
St Paul M S. Man 4s
1933 J - J ---- 96
9512 July'15 ---- 94378
4 951
0
678018 by
A ....,.. --. 6
.. O
1 A
ND
1.0
F0c
EIV191'
100
KU&
14920
St0
teg u
reg
f5
g84_s_ i:2
60.8 601s
let consol gold 6s
1933 J - J 118 119 11812 June'15 ---- 11712 1201
_1940 NI- N ---- 9312 9934 Dec '13
5s__
gu
Dal
Waco
1st
g
&
-- -Registered
1933 J - J----4 Apr '15 --- 118 1183
J'ly :1145
Reduced to gold 4%,_1933 J - j i.EICI Sale 1183
ill
100
100
a too;Iota4 Kan C & Pae 1st e 48
90 Aug '15 --__
93
A - 0 90
-idRegistered
1933 J - I -,;,7- -,:-..- 10934 Apr '15 ---- ____ _ _
..,..„.. 89
8512 Mar'15 -___ 8512 -66ii
N1-N
1942
K
&
M
Ok
5s._
guar
1st
88
Mont ext 1st gold 4s......1937 J -D au38 u2.8 9234 Aug '15 ---- 0112 -943
80 May'15 -_ 7978 89
76
M K & T of T 1st gu g 5s 1942 M- S 70
13
1937 J -D --------94
Registered
.
Apr '14 ---- ....___
Sher Sit & So 1st gu g 5s....1042 1 - D --------96 May'13 --- ---_ --Pacific ext guar 4s £
85 ---- 925a Mar'll ---- ___ -_ _
1940 J - J
-------.
____
Jan
'14
9912
S
M1943
Texas & Okla 1st gu g 5s
E Minn Nor Div 1st g 4s 1948 A -0 8514 ---- 8914 June'15 ---- 894 891
9514 Sa
95
9572 94 -6S" i611-2
Missouri Pac let cons g 6s_. _ 1920 M- N
Minn Union 1st g 6s
1922., - .1 106 .. --- 11012 Jan '14 ---81
84
Trust gold 5s stamped__ _a1917 M- 5 81
9658
11 80
81
1937 J - 3 11912 12012 12012 July'15 ---Mont C 1st gu g Os
120
121
tv,.1 -_ 5 ___- __.... 8812 June'15
al917 M
Registered
8812 8812
1937 j _ j
_ -- 13614 May'06 ---Registered
773,
7738
77
75
1920 F - A
1st collateral gold 5s
7733 9218
1937 J - 3 id; ---- 10512 July'15 ---- 10514 1051
1st guar gold 5s
wis, - t ..ii.- -ii..
14 ...ii.12
.. - 3 _ii _ _ .37,
..i
.3_12
1
Registered
Registered
1937 J - J ,,-_- - -.- ___
1
53
40 year gold loan 4s
Will & S Fist gold 5s _ 1938 J -D 1045s - - - - 10714 June'15 ---- 10714 1071
3314
3213 35
34
S
NI28 33
1959
4978
cony
ref
1st&
5s
Or B & IV deb Ws"A"($100 par) Feb
72
80
72 May'15 ---- 70
72
---- 8512 78 Jan '15 --__ 78
N
extended
M
7s
1938
3d
at
4%
78
Deben ctfs "II"($100 par)---_ Feb
11
1112 1112 July'15 ---- 1012 131
Boonv St L & S 1st 5s gu_1951 F - A ___- 80 100 Feb '13 --_ _
Gulf & S list ref & t g 58_ _51952 J - J 82
8978 84 July'15 ---- 8212 88
85 Feb '15 -Cent Br Ry let gu g 4s__ _1919 F - A -_-- 60
Registered
b1952 J - 1 --- --__ ____
---19481 -D ---- 55
7712 Dee '13 ___ -8
Cent Br U P 1st g 4s
P_ I --g-i-Hocking Val 1st cons g 4)0_1999 J - J --._ 90713 9212 July'15 -- -- 91
95
Leroy de C V A L 1st g 58-1926 J - j - - - - 80 110 Mar'05_
Registered
1999 J - J -------- 9734 Jan '14 -8512 85 Aug '15 --- 85
54
A
_1938
F
4s_
8712
ext
1st
g
Mo
of
R
Pee
Col & H V 1st ext g 4s_1948 A -0 835 841 84 July'15 ---- 84
£351
9214
9312
9713
J
'14
J'ly
1
1938
extended
2d
gold 55
Col & Tol 1st ext 4s
1955 F - A ---- ---- 9013 June'14 ---- _
_
97
9712 23 -9
St L Ir NI & S gen con g 5s 1931 A - 0 9712 98
2
.5.- 1.0-11Houston Belt & Term let 5s_1937 J - J -,-- ---- 9313 Fob '15 ---- ii
Iiii
Gen con stamp gu g 5s
1931 A -0 --------102 J'ly '14 ---Illinois Central 1st gold 4s 1951 J - J
96
9712 9618 July'15 ---- 9618 971
Unified & ref gold 4s_.-1929 3 _ 1 6312 6334 64
-if
-E.,
Registered
1951 J - J --------100
2
Sep '11 ---1929 J - J ____ ___. 807g Oct :112 _ _ 11
__
Registered
1st gold 33-0
1951 J - J 8112 ---- 81 July'15 ---- 7834 831
1933 M-N
Riv & G Div let g 4s
-0
.
(i - -tii1951 j _ J ___ 82
Registered
8812 Feb '13 ---- --1926 M- S ---- 89
9213 Dec '13 -..
Verdi V I & W let g 5s
Extended 1st gold 33-0 _1951 A - 0 8018 8212 '7814 Dee '14 ---- ___ _
2 15
18
112 15
16
2:4 June'15
- D 56'..
J
1927
gs___
_
Mob
&
gold
new
Ohio
2
- iii3;
---811034
Registered
1951 A - 0 ---- 83 ____
....... ---- __-- --1st extension gold 6s____h1927 Q - J iiii 106 114 Apr '15 -- 114 114
1st gold 3s sterling
1951 NI- S --------80 J'ly '09 ---1938 M- S --------72 Mar'15 ---- 72
General gold 48
75
Registered
1951 M- S
Montgom Div 1st g 5s__1947 F - A -------- 100 June'15 ---_ 100 10112
Coll trust gold 4s
gi 81-12 Aug .i8 --.- if
1952 A -0 iil1927 3 - D --------95
.
ifi
Deo '13 -_-_-__
St Louis Div 5s
Registered
1952 A - 0 --------9514_
Sep '12 --, _ __ _ _ _
'15
St L & Cairo guar g 4s_ _ 1931 J - J ,-,- r- - 87 Jan10414
_- .8i - -iflet refunding 4s
1955 M- N 85
8114 8714
8714
1 8538 881
1 1044 10653
Nashville Ch & St L 1st 5s-1928 A - 0 1033-4 10414 10414
Purchased lines 350
1952 J - J
84
82 Feb '14 --1923 I - J ---- ---- 111 Jan '13 -- - -___ --Jasper Branch let g 6s..
L N 0& Tex gold 4s
1953 M- N ---8034 83
81
81
Jl
ass
5 fi78 861
13
334 j
y:01 1 L.::
McM Ni W & Al let 0s-1917 J - J -- ... _. 10
-.
Reglstered
1953 M- N - 951 84 May'14 312
1917 J - J
T& P Branch 1st(Is
Cairo Bridge gold 4s
1950 J - D -------- 86Apr '15 ---89
Nat Rys of Mex pr lien 4)0_1957 J - J .._ _ 0934 58 June'14 ....._
Litchfield Div 1st g 3s._ 1951 J - J -------74 Feb '14 ---- -----Guaranteed general 4s_ .....1977 A - 0 --------17 Feb '13 --__
Loulsv Div & Term g 3)0.1953 J - J ---- ---- 7612 June'15 ---- 7612'l
; Nat of Nfex prlor lien 43is_ _ 1926 J - J - -__ 84 9678 Feb '13 --__
Registered
1953 J - .1 --------83 Aug '12 -1951 A - 0 --------50 Apr '14
let consol 4s
Middle Div reg 58
1921 F - A --------123 May'99 ---40
35
40 May'15 ___ -51-.1NO Mob & Chic 1st ref 59..1960 J - J
4 -i1:Omaha Div 1st gold 38_ _1951 F - A --------73 Mar'15 ---08
73
Nigy
e:1134
__
NO
NE
p1915
A -0 -___ ____ 101 J
6s.
prior
_
g
lien
&
St Louis Div & Term g 3s_1951 J - J --__ 70
7512 Mar'12 ---New Orleans Term let 4s_ _ _ 1953 J - J-------- --7012
Gold 3)0
1951 J - .1 --- - - - - - 80 Apr '15 ---- 78
80
101 1600 -9
N Y Con RR deb Os wit ice,.. i035 NI-N 10378 Site 0318
.61; iliiRegistered
1951 J - J ------- 1011s Oct '99 ---- __- -_
2013 A - 0 8714 Sale 8714
Ref & imp 43-4s "A"._
?4134
8
v313 8982
78
2
7% !-•
Spring( Div 1st g 3)0_1951 .1 - J -- - - - - - - 7858 Mar'14 ---- _ _ _ _ _ _
7812 Sale 78
N Y Central & H R g 3)0_ _1997 1 - .1
Western lines let g 4s
1951 F - A --------85 July'15 ---- 85
88
_--- ---- 7814 May'10 --Registered
1997
J
J
7814
7512
Registered
1951 F - A
-- -- __
____
8:3_ _8_6_3_4 88697122
-N .
34 ami,
193
Debenture gold 48
1_ 84
89
Bellev & Car 1st Cs
1923 1 -D ---- ----11713 May'10 ---- _ ___ _ _
June'14
Registered
---- ---Carb & Shaw 1st geld 4s 1932 hi- S --------9413 J'ly '12 ---73 Aug '16
7212 74
Lake Shore coil g 3)1s_ _ _ _1998 F - A
75
72
Chic St L & NO gold 58_1951 1 -D 10512 106 107 July'15 ---- 10612 109';
Registered
1998 F - A ---- 7212 /21 1 July'15 ____ 71
7212
Registered
1951 J -D
--- ---- 114 Feb '11 -__
7714 771s
PSI & Co ctfs of dep
J
771
8
1
77
8054
Gold 3)0
1951 1 -D --------90 Oct '09 ---- _____
Mich Cent coil gold 35is__1998 F --A ---- 6934 70 July'15 -___ 6
172
80
814 70
Registered
1951 J -D _--- -„- __.
__
Registered
1998 F - A ---- -___ 69 June'15 ____
Joint let ref 55 series A_ 1963 J - D 99
99.2 9934
9934
1 9812 100134
Battle Cr & Stur let gu 3s_1989 .1 - D ... - - 70
Memph Div 1st g 4s
1951 J - D --------8612 M'15 --- 8612 86 2
031 96 June'15 -__ -62;
92
Beech Creek list gu g 4s.._1936 J - J
1 -66.Registered
1951 J - D ----------------Registered
- 90 May'll ___
1936 J - J -------St Louis Sou 1st gu g 4s 1931 M- S ____ 9512 98 J'ly 'OS ----____ _
__
J --- - 10212 _-__
2d
gold
J
guar
1936
5s
____ __-_
Ind III & Iowa 1st g 4s
1950 J - J ____ 84
85131 Feb .1: ---- 8312 85
Registered
lot & Great Nor let g 6s
1919 NI- N -__. 9878 99 June'15 ---- 98 100
.1 :::: :::: - - - -0
Beech Cr Ext ist g 3 Ifss_b1
- - - - ---1 .1A 19
03
56
James Fran & Clear 1st 4s_ _1959 J -D
8438 July'15 ---, 85
3412 86
9012
Cart & Ad let gu g 4s
-ii- Oct
.'
-.12
Kansas City Sou 1st gold 38_1950 A -0 671 68
6714
6758
4 6714 69
D
I
) :::: :::: _
Oswe
Golly
tat
.1
.0
8
4
&
2
1
1
9
gu
g
5s
____
Registered
1950 A -0 ---- ----63
2
Oct '00 ---Moll & Mal let gu g 4s__ _1991 NI- S 87 ---. -9512 June-'14 ____
Ref & impt 53
Apr 1950 J - J ____ 89
8731
88
78 874 92
NJ June R guar let 4s_ _ _1986 F - A --------86 Jan '15 ____ -8
i5i5 - -8
i6
Kansas City Term 1st 4s___1960 J - J 84
85
86
8534
11 8411 93
Jono,i5
____
85
78
____
Harlem
&
N
Y
M-N
g
2000
33-5e_
Lake Erie & West let g 5s__1937 .1 - J
90
95
91 Aug '15
85 8934 9812
N Y & Northern let g Fs. _1927 A - 0 .101 ____ 10112 Mar'15 _- 10112 1017s
2d gold 5s
1941 J - J -_- 7934 9434 May'14 ---- ____ __.
N Y & Pu 1st cons gu g 4s_ 1993 A -0 ____ 88
88 June'15 ---- 88
88
North Ohio let guar g 5s 1945 A - 0 ____ 100
98 Mar'14 ---- .__ __.
Nor & Mont Ist gu g 5s_ _ _191(1 A -0 ---- - - -:
Leh Vail N Y 1st gu g 410_1940 J - .1 ____ _--- 10014 June'15 ---- 9934 101;
Pine Creek reg guar Cs__ ... 1932 J - D
liS - Nly'
- -1.
.i :::: lii- liiRegistered
1940 J - J _--- --__ 99 Aug '15 ---- 99 1003s
8 iE,it4 10213 Aug '15 __ _ 10184 10334
R NV St 0 con 1st ext 5s_h1922 A -0 io2-1Lehigh Vali (Pa) cons g 4s2003 P4-N ____ 89
8731 July'15 ---- 87
8734
Oswe & R. 20 gu g 5s
e1915 F - A
10018 Mar'11' :I
.:: 1001s 10013
General cons 43
2003 P4-N
OS
-is
0812 9812
9812
2 9714
R W &0T R 1st gu g 5s...1918 PA-N feei - :::: 104 Juno'10
Leh V Term Ry 1st gu g 5s 1941 A - 0 10612 ____ 10618 Feb '15 ---- 10534 9934
1C1618
Rutland let con g 43-f s
1941 J - J --------00 Apr '13 ____ _ _.... - -Registered
1941 A -0 __ _ __ 11118 Dee '11 --.
Og & L Cham 1st gu 4s g1918 1 - J -- 71
70 Feb '15 ____ 70
70
Leh Val Coal Co 1st gu g 58..1933 J - J 101-12 ---- 10212
10212
i iiiit2 1611-4
Rut-Canada 1st gu g 48_1949 J - J --- - _-_ 92 June'09 ____
Registered
1933 J - J ---- ---- 105 Oct '13 ---- ___ __.
St Lawr & Milt* 1st g 5s_ _1996 .1 - J ---- 10034 101 Mar'15 ___ ioi - iiiilet lot reduced to 4s
2d gold 6s
1996 A - 0 -___ 102 11913 NI ar'12
* No price Friday- latest bid and asked this week
a Due Jan. 5 Due Feb. 4 Due April, - • Due SfaY. o use June
h Due July. k Duo Aug. o Due Oat
p Due Nov. s Option sale
--
it
78
..
5g
.7:
AUG. 14 1915.]
BONDS
N. Y. STOCK EXCHANGE
Week Ending Aug. 13.
New YorX Bond Record-Continued-Page 3
b•-•
t
Price
Friday
Aug. 13.
Week's
Range Or
Last Sate
Range
Since
Jan, 1
BONDS
N. Y. STOCK EXCHANGE
Week Ending Aug. 13.
Lt.
Price
Friday
Aug. 13.
515
Week's
Range or
Last Safe
Range
Since
Jan 1
CO
W Y Cen & H RR (Con.)
Ask Low
Bid
Nigh No. Low High Pere Marquette (Con.)
Bid
Ask Low
High No. Low High
Utica & Blk Riv gu g 4s-1922 J .J 9512.- 97 Feb '15
_ 96
97
Flint & P M gold 6s___1920 A - 0 97 ....... 90 Mar'15
90
90
6 814 8414
Lake Shore gold 330
8214
1997 J -D 817a 83 8214
1st consol gold 58
1939 Pd -N '2 ---- 70 July'15
6512 70
Registered
8112 June'15
82
1997 J -D
81
Pt Huron Div 1st g 58_1939 A -0 --------68 July'15
65 68
--31
Debenture gold 4s
9312
90
9134
1923 M- S 914 9212 91
Sag Tus & H Ist gu g 48 1(131 F - A ---_
25-year gold 45
1931
9014 9012 9914
9012
88% 927
Philippine Ry 1st 30-yr s f 4s 1937 J - J
0
5 -ii" mrty-ii
--Registered
9178 June'14
1931 PA - N
- - -Pitts Sh & L E 1st g 58
1940 A -0 --------10812 May'14
Ka A & G R 1st gu c 58-1938 J -J
-1st consol gold 58
_-_ 11314 Nov'll
_
1943 J - J ---- ---Mahon C'l RE 1st 55
107I Apr '14
1934 J - J
Reading Co gen gold 4s
1997 J - J 934'Sale 9234
934 55 -di- -Slit;
Pitts & L Erie 2d g 5s-- -(11928 A 1044 19412 103 Jan '15
103 103
Registered
J - J 9012 __ _ 91 July'15
1997
90 93
Pitts McK & Y 1st gu 63_1932 J - J 114
_ 13018 Jan '09
Jersey Central roll g 48
---1951 A -0 92 Sale 1)2
92
91
93%
2d guaranteed 6s
1934 J -J 111 116 1234 Mar'12
Atlantic City guar 48 g
---1951 J - J ___- ____
McKees & B V 1st g 68_1918 J -J 101 -St Jos & Or 181 1st g 48
J-J
61
6012
1947
J'Iy
'Th
5;
0
1
8
.
Michigan Central 58
1931 M- S 1023s - - 1023 May'15
10238 1025g St Louis & San Fran gen 69_1931 J - J 10.678 _ _._ 106 Aug '15
1057s 10812
Registered
1931 Q-91
-- - 10313 May'14
General gold 5s
1931 J - J 9912 __
9938
99 10114
9978
4s
98 Apt '12
1940 J - J
_
St L & S F RR cons g 48_1996 .i - j ------- 75 J'ly '14
Registered
1940 - J
---- 87 Feb '14
General 15-29-year 5s 1927 111-N 4412 47
4412
4412
3 35 5138
J L & 13 1st gold 3s..1951 M- S ---- ---- 90 June'08
Trust Co certifs of deposit__ __ ._ 4
42
43128 1
4 8 4412
4412 11 3212g 51.
1st gold 336s
1952 M-N ---- -- 7938 Aug '15
7938 8114
do
____ __ 42 Aug '15
Stamped_
324 49
20-year debenture 48_ 1929 A 7814 8212 7814 Aug '15
784 83
Southw Div hat g 5s
1947 1-11 ____
93 Dec '13
N Y Chic & St L Ist g 4s.._1937 A- 0 8934 ---- 8912 Aug '15
894 9334
Refunding gold 48
J - J 6612 ____ 6478
1951
6478
3
634
714
Registered
1937 A-0 ---- - 923 J'ly '14
Registered
1951 J - .1 6612 __.... 6
jul
803
0148 M
ayell --Debenture 4s
7612 June'15
1931 M-N __ 77
76i 7914
Trust Co Ws of depos!t__ -- __
70;
1 -ff1;
West Shore 1st 45 guar__ _2361 • J 88112 89
88
89
9212
8918
do
- 645s __.._ 6078
Stamped__
-- 8014 68
61 -12
Registered
8034 86%
2361 J -J 86
8034 13 8572 8934
K C Ft S & M cons g 68_ _192R 1W- N 10514 197 106 July'15
1054 110
N Y C Lines eq tr 5s.._1915-22 M- N 9978 ---- 100 Mar'15
100 100
K C Ft S & 131 Ry ref g 48.1936 A -0
1
7 6978
6978 --10 69
734
Equip trust 43-is__1916-1925 J - J ---- ---- 98 J'ly '14
.- - - - K CAM RA 131stgu 58_1929 A - 0 ---- - - ---_
95 Mar'14 ---NY Connect 1st gu 4368 A.-1953 F - A
9412 May'15
944 9514 St L S W 1st g 4s bond eels..1989 M- N
---724
73
73
744 28 721 80
NYNH& Hartford2d g 4s Income bond ctfs..p1989 J - J 55 ____ 60 May'15 ---- 55 80
Non cony deben 48
78 82
77 J'ly '14
1947 MConsol gold 48
1932 .1 -D 52 56
56 July'15 ---- 54 62114
Non-cony deben 336s
63 -(13.
1947 PA- S 70 ---- 63 Feb '15
Gray's Pt Ter 1st gu g 5s.1947 J -D 100 ____ 9813 Jan '14 ---Non-cony deben 330
70 ---- 67 June'15
1954 A 64 67
S A & A Pass 1st gu g 4s
J - J 65 Sale 65
1943
05
13 -fig- -id Non-cony deben 4s
80
77 July'15
1955 J -J 77
77% SF&NPIstskfdg 5s
71
1919 J - J 10012 _.10012 June'15 ---- 9934 Iowa
Non-cony deben 48
7714 77
77
1956 M-N 77
3 70
77
Seaboard Air Line g 45
1950 A -0 7812 ____ 75 Dec '14 ---6 6112 70
Cony debenture 33‘8
6814
1956 .1 - J 6814 Sale 684
Gold 4s stamped
1950 A -0 ---- 7812 783s June'15 --- 78
83'2
Cony debenture 68
11 101 112
1948 J - J 10912 110 10934 110
Registered
1950 A - 0
Cons Ry non-cony 48
1930 F - A 76 Adjustment Os
113 -56301949 F - A 61 Sale -617 62
-14
34
4
-7i
Non-cony deben 4s
J
J
-611-2 Jan '12
1954
- - -Refunding 4s.
70 Sale
_ ... 67
1959 A - 0 .___
7112 2
7112
.
6 66
Non-cony deben 4s
1955 - J
......
•••••••••
Atl Birm 30 yr 1st g 4s e1933 M- S
83 June'15
81 83
Non-cony deben 4s
- ......
1955 A Car Cent 1st con g 4s____1949 J - J 821 -- 8514 Mar'15 ---- 8413 8514
Non-cony deben 48___ _1956 J - J
_ Fla Cent & Pen 1st g 58_:1918 J - J 1001 _
10014 July'15 ---- 10014 10014
9914 ir-o-v'i5
Harlem R-Pt Ches 1st 45_1954 M-N
1st land gr ext g 5s_...1930 J - J ---- ---_-. 104 Nov'12 ---B & N Y Air Line 1st 4s 1955 F - A
9912 June'12
Consol gold 5s
1943 B - J
101 July'15 - - 11504 101
Cent New Eng 1st gu 4s 1961 J - J
7812 79 May'15
79
79
Ga & Ala Ry 1st con 5s_o1945 .1 - J 1611 --- lova Mar'15 --- 10013 102%
Hartford St Ry 1st 48_ _ _ _1930 M- S
Ga Car & No 1st gu a 58 1929 J - J -------- 10138 July'15 ---- 10012 10214
Housatonic It cons g 55__ _193/ M- N 105i
- 105i3 May'15
2
105 1651Seab & Roa 1st 58
---- 10113 Mar'15 --- - 1014 1011
1926 J - J ---- ..._
,
Naugatuck RR 1st 45
1954 M-N 90 -- 87 J'ly '14
Southern Pacific CoN Y Prov & Boston 4s
9012 1942 A 88 Aug '13
Gold 45 (Cent Pac coll)..11949 J - D 8114
1 7978 8814
81
81
NYW•ches&B 1st ser I 4348'46 J -J 74
3
f-8
75
75
613 ii -fit;
Registered
11949 J -D
90 Feb'14
N H & Derby cons cy 55_1918 M- N
107 Aug '09
20 year cony 45
84 81-1.
g1929 M- S -fi
;1e 8018
-feY8* 83
8I3
Boston Terminal 1st 4s
1939 A --004Sa10 6634
20 year cony 5s
1934 J 9932 218? 9514 1014
New England cons 5s
1945 J - J
Cent Pao 1st ref gu g 48..1949 F - A 8538 Sale 8514
8533 j29' 854 90
Consol 4s
1945 J -J
.
66.1;
F
A
---Registered
_ii.
311949
.
2 85
013 Mar'15
8813 8812
Providence Scour deb 48_ _1957 M-N
56 Apr '15
55
5812
Mort guar gold 336s_ _11929 J - D ---8 85
$5
89
Prov & Springfield tat 58_1022 J -J
9978 Deo '14
Through St L 1st gu 48_1954 A -0 ---- 86
8414 June'15 ---- 8414 87
Providence Term 1st 48_1956
83% Feb '14
GH&SAM&PIst5s._1931 M-N 981 1
102 Mar'15 ---- 102 10212
W & Con East 1st 430_1943 J - J
- --- Gila V 0& N 1st gu g 53--1923 PA-N ---- ----t0234 Apr '14 ---N Y 0& W ref 1st g 48_ _ _41992 M- S 76
77
77 Aug'15
75 82%
Hous E & W T Ist g 53_ I933 Pil-N 9912 ii(i 100 July'15
Registered $5,000 only. g1992 M- S ------- 9212 J two'12
1st guar 5s red
1933 MN 9812 12)1_ 9913 June'15 -------- i9
9.6
91;i913
General 4s
___
75
76 June'15
1955 J -D
754 80
H & T C 1st g 5s Int gu_1937 B - .1 105
10512 Aug '15 - - - -1 104 107
Norfolk Sou 1st & ref A 55._1961 F - A _ _
83 94 June'14
Gen gold 48 Int guar_ _1921
Nor! & Sou 1st gold Os
99 101 July'15
1941 PA-N 96
102
101
A -0
N 10
98
312 111 10810
Waco & N W dly lot g 6231930 m
94
812 M
jua
lY
;14
5 -------- -9
Nor!& West gen gold 6s_ _ _1931 M- A
-3
- - -9
-3
-12
11578 July'15
[157 118
A & N W 1st gu g 5s
1 ._ 1_0_22_2
0 3
1941 J - .1 100 103 109
5 .......___ .0_0
e:14
Ji
u te
Improvement & wit g (38._1934 F - A 1168
119 Feb '15
0:8
1 19 1 18
9
Louisiana West 1st Cs_ _1921 J - J ---New River 1st gold Os_ _ _1932 A 114 -.- 119 Apr '15
Morgan's La & T 1st 78_ _1918 A - o
.1
. ..
.. ... .
KR-31 0_2
._ 1_0_4_58_
N & W Ry 1st cons g 48....1996 A -0 884 9812 8734
8833 81 8714 94
151
j,u11yY:1
4j
1st gold 6s
1920 J - J ---- 108 11015
Registered
. 92
19913 A -0
94 May'14
No of Cal guar g 5s
1938 A -0 idi-. _ 112 Feb '01 ---- - - -- ---Div.
!1st lien & gen g 48_1944 ii12- 8512
8512
8512 -88-1-2
Ore & Cal 1st guar g 5s_..1927 J - .1 10033 Sale 10038 1903
2 9934 1014
10-25-year cony 48
1932 J -D *10412 16612 102'13 July'15
9878 10434
So Pac of Cal-Gu g 5s_ _ _1937 M- N 106,3 ---- 10112 Nov'13 -_-_-- - --- ---10-20-year cony 4s
1932 14.1- S *100 109 10212 July'15
So Pax Coast hat gu 48 g 1937 J - J 9012 - -- 9113 Sep '12
10-25-ycar cony 4348_ _ _ 1938 M- S 107 108 106%
10818 -115 10
318
98
99
1'4 10
San Fran Terml 1st 4s
1950 A -0 --- tle 7978
80
Pocah C & C joint 45_1941 .1 -0 87 8712 8714 July'15
7!
!
.8
7
.
.1 .9
.8
8
Tex & 0 con gold 58
1943 J - .1 --------96 Apr '14
C C.& T 1st guar gold 5s_ 1922 J 10012 - -- 10534 Jan '13
So Pac RR 1st ref 48
-:
1955 J - .1 8518
i. 3
-2 isc
8458
i58
8:4 --i
8518
iii
i4.1
Selo V & N E 1st gu g 48._1989 M- N 87%88
88
Southern-lst cons g 5s
1994 J - .1 99 Sale 9878
17 9812 101
99
Nor Pacific prior lien g 48_1997 Q- J 9012 3alo 90
96% 180 8834 9318
Registered
1994 J - B
98 June'15 --_,- 98 98
Registered
1997
89% Aug '15
8834 92
Develop dr gen 4s Ser A 1956 A - 0 -El; 1.-tie- 6012
6212 86 5814 89
General lien gold 3s
a2047•
oo
Q - F 63 glW 62%
0318 92 62
Mob & Ohio coil tr g 4s__ _1938 M- $ ---- 66
71 June'15 ---- 71
76
Registered
a2047 Q - F
_ 6112 634
---- 6312 June'15
Mom Div 1st g 45 5s_. 1996 J - J 9812 9941 9912 July'15 --- 9834 100
St Paul-Duluth Div g 4s..1996 -D 90%
9014
5
9034
9034 9034
St Louis div 1st g 48
1951 J - J 70
8478 81 July'15 --*-- 8014 8334
Dul Short Line 1st gu 55_ _1916 M- S
10012 Sep '13
1st
g
65
J
1003
Con
Ala
J
4
1918
10314
June'14
1013
---- --- -St P & N P gen gold 135._ _1923 F - A lO95 113 109% July'15
10914 11118
Ala Gt Sou 1st cons A 55_ _1943 J -D - - - - 98
9934 May'14 ----- - ---Registered certificates..1923 - A
1153 Aug '11
AU & Char A L 1st A 43.s1944 J - J 9214 93
93 July'lr. - --- 93 947s
St Paul & Duluth 1st 55..1931 F - F 1.6512
102 Feb '15
.162
led
Dan
,
/
J
&
79
1st
J
g
82
4s
Ati
1948
8313
Apr '15---. 8318 1351s
2d 58
1917 A -0 _ _ 102 191 Aug '15
10014 101
2d 4s
1948 J - J 75, 7
8214 Feb '12 ---- _ __-- - 1st consol gold 4s
1909 J -D
90
88 June'15
88 88
7534 Dec '14 ---- - - -- -Atl & Yad 1st g guar 4s_ 1949 A -0 -------Wash Cent 1st gold 43_1948 Q -M
8112 Dee '13
Greenv
J
dr
Col
J
1st
68
1916
--------10038 .1'1y '14 ---Nor Pao Term Co 1st g (is_ _1933 J - J 110 - 111 110 Aug '15
--110 113
E T Va & Ga Div g 5s
1930 J - J i65- ja. 102% May'15 ____ 10238 1923Oregon-Wash 1st & ref 45_ _ _1961 - J 8112 Sale 813s
4
8112 19 7913 88
Con 1st gold 55
102
102
1956
4 102 10452
Pacific Coast Co 1st g 5s__ _1940 J -D 95 Sale 9112
4 94 9914
95
reor
E
Ten
lien g 55
M- P1111 97 99
99 June'15 ____ 99
1933 M
99
Pennsylvania RR 1st g 48_.1923 Ph - N 96 ---- 97 Aug '15
96 08
Ga Midland 1st 3s
1946 A -0 ---- 65
6412 Morn -- -- _ _ - - - - - Consol gold 58
102 May'15
1919 M- S 102 Ga Pao Ry 1st g Os
1922 J - J ---- 19078 107 June'15 - --- 106 107
Consol gold 4s
1943 M-N 95
8 974 May'15
Knox & Ohio 1st g 138.- _1925 J - B io
.
o..14, ___ 10512 July'15 ____ 10512 105,2
Convertible gold 3358__01915 J -D 100
071
0144 1001a
9742 19
%
9273
12
8 19
100,3 10 16
0
00
927183
Mob & Bir prior lien g 59_1945 J - J
-- 10512 Nov'12 ---- - --- --Consol gold 4s
1
1948 Pd-N
9714
9714
Mortgage gold 48
103
1945 J - J2 79 M ar'13 - - -- - - - - - - -Congo! 43-is when issued_ _1960 F - A 10234 10278 1023
95 1n4 10
4
28
4718
Rich & Dan deb 58stmpd _1927 t
i
5
6_
O ---,
_
M - NN
----102 May'15 - - -- 102 10234
General 436s when Issued 1965
155
97% Sale 9712
97%
97 9814
Rich & Meek 1st g 4s
1948
73 Sep '12 - - -- - - - - ---Alleg Val gen guar g 4s._ _1942
924 ---- 91 May'15
93% 94
So Car & Ga 1st g 58
--------(12 1004 July'15 ---- 190 101
1919
D R RR &B 'go halm 4s g 1930 F.- A --- -.- 91 M ar'14
Virginia Mid ser C 6s
M- S
-1916
1
0
0
0:
2 ________ 1.
3
31 N
M0
avr:115
Philo Bait & W 1st g 4s_ _1913 M- N 9534
10
.
0_4_ .
1.
0024
.
994 J'ly '13
_
Series D 4-5s
1921 M- S
Sodus Bay & Sou 1st g 58_2924 J - J
- 102 Jan '03
Series E 5s
1926 MI- S
-_-_-_-. 102 Dec '13
Sunbury & Lewis 1st g 48_1936 J -J
Series F 58
2 -__: 110
1931 PA- S 1151102
412 Ma
2 ---- - --- -10
e2113
U NJ RR & Can gen 45..1944 111- S 99 Sale 99
09
-9334 -id General 5s
1938 Pd -N
5 162
51i
83
Pennsylvania Co:
1 i6
Va & So'w'n 1st gu 58 2003 J - J idd - jai 100 Aug '15
Guar 1st gold 4348
1921 J - J 10012 10112 10012
2 0934 10238
10014
cons
-year
1st
59
A
5s
8014
0
1958
82
85
82
10
Registered
8
4
1921 J - J
100 July'15
6[02 100
W 0& W 1st cy gu 4s. _ 1924 F - A 7...
7..
92 June'13
Guar 334s coil trust reg A.1937 M- S 80 -- _ 8412 Apr '14
Spokane Internat 1st g 5s...._1955 J - J
-ii- 9612 June'14
Guar 3148 coil trust ser 13_1941 F - A 80 .86 July'15
86
84
Ter A of St L 1st g 4%8-1939 A -0
9512 9412 July'15
Trust Co ctfs gu g 3348_1916 M- N 99%.
:
6
9:
4
8: :
:1 i
1-12
-99'8 June'15
99
99,4
1st con gold 5s_._1894-1944 F - A idi- 1o232 101 Aug '15
Guar 35is trust tuts C
1942 J -D 80 ii 83 Feb '15
83 83
Gen refund 8 f g 4s
1953 j - .I iiii 8
90
3 84 June'15
Guar3348 trust Ws D. _.l944 J -D 80 -81 Aug '15
81
81
St L M Bridge Ter gu g 5s 1930 A -0
199 Mar'15
Guar 15-25-year geld 4s 1931 A 9214 9212 9314 July'15
024 9412 Tex & Pao 1st gold 5s
2000 J -D 9214 -Et; 93
40 year guar 48 Ws Ser E.1952 M- N
1:
1
9
98334 119
93
008400
2
8934 9238 May'14
2d gold Inc 5s
32
31
g2000 Mar 29
Cm n Leb & Nor gu 4s g
3212 10 29
1942 M- N 84:
3614
_ . 9312 Apr '14
La
Div
L
Ist
B
J
g
5s
J
1931
95
Cl & Mar 1st gu g 434s
May'14
M-N
1935
- -- - ---9734 ---- 98 May'14
Mtn
W
W
F
&N
1st
A
W
gu
58 1930
____ 95 10612 Nov'04
CI& Pgengug 43isser A.1942 J 10138 Nov'13
---Tol & 0 C 1st g 56
1935 J - J 0914 101
Series•B
9912
5 -6119934
4 idi1942 A -0
10934 J'iy '09
Western Div 1st g 56
1935 A - 0 -...........
101 Aug '13 ---- -----Int reduced to 330_194? A -0 8312-_ 9114 Feb '12
General
•
gold 5s
1935 J -Di1- 10112 Apr '14 -----_,.,.Series C 330
1948 M- N 8314
901a Oct '12
_
Kan & hi Ist gu g 48
1990 A -0 ---- ---- 86 Mar'15 ---, 86 8612
Series D 3301
1950 F - A 8418
834 June'15
8334 8334
2d 20-year 5s
tie- 93
Erie & Pitts gu g 3355 B 1940 J -J 83 _ _
1927 J - J 93
93
8014 May'14
...••••••
Tol P & W 1st gold 4s
1917 J - J 62 0334 63 July'15 _I_ 6
Series C
924 88
96
1940 J - J 83 _ _ 9018 J'ly '12
Tol St L & W pr lien g 3348_1925 J - J 7212 75
7212
Or R & I ex ist gu g 4 iti 1941 J - J 94 _ _
7212
4 7212 78
95 July'15
-di- idd 59-year gold 48
46
1950 A -0 45
45 Buy' 15 ---- 4212 53,4
Ohio Connect 1st gu 45...1943 M- S
93
Mar
14
Coll tr 45 g Ser A
1917 F - A __ 5() 43 June'14 -Pitts Y & Ash 1st cons 58.1927 M- N
109
Tor Ham & Buff 1st g 45_ _h1946 J - D
Tol W V & 0 gu 434s A-1931 J -J 9612 18- 9713 May'10
8212 Mar'15 ---- -9
1 1
-1
0;
i8
2:;
July'15
971 0712 Ulster & Del 1st con g 58....1928 J -D
- i- 10034 July'16 ---Series B 4s
3
1933 J - J
-__.
96
June'15
9014
9814 98'4
1st refund g 45
1952 A -0 --------74 Mar'15
Series C 45
1942 M- $
9312 J'ly '14
Union Pacific 1st g 4s
FCC & St L gu 4303 A 1940 A -0 9834 10034 9814 Aug
1947 J - J 9318 Sale 934
9418 -1717 9
72
434 9
77
4111
'15
08 idi1-2
Registered
1947 J - J
Series B guar
9512 May'15 ---- 93 9512
1942 A -0 9814.10034 98 Aug '15
9752 10112
20-year cony 4s
6612 g 1-e- 894
1927 J - J .
Aeries C guar
9012 86 88 9114
1942 M- N 9814
-- 9714 July'15
8714 10112
4s
ref
&
1st
M8638
13
g2008
Sale
Series I) 45 guar
86
8638
57
924
854
1945 M- N 9912
925 June'15
9213 93%
Ore flit &Nay con g 4s......1946 J -D 8838 Sale 88
Series E 33is guar gold.1949 F - A 9012 _
8858
5 88 9113
9038 July'15
90 91%
Ore Short Line 1st g 68_1922 F- A 108 ---: 101312 July'15 ---. 10713 10912
'odes F guar 48 gold.. 1953 J -D 9212 - - 9514 Jan
'14
1st consol g Os
1946 J -B 103
Series CI 4s guar
103 Aug '15 ---- 103 106
1957 M- N
92% 9212
9212
5
-0212
0334
Guar
refund 48
1929 J - D 8838 "i4-12 8812
St LA P 1st cons g 5s._ 1932 A - 0 i5i _ _ 10612
89
19 8712 9178
Utah & Nor gold Os__ _1928 .1 - J 100 10234 10318 June'15 -- 10318 1034
Peoria & Pekin Un 1st g 68_ _1921 Q- F 101% - - 1013 May'14
May'15
idi3i 1614
1st extended 48
1933 J - J ---------93___
31 19
2d gold 436s
__. _ _ ____
51921 M- N
- - - 89 Feb '14
Vandalia cons g 48 Ser A__ 1955 F - A
Pere Marquette-Ref 48_1955 J - J ____ 20
-_ _
Apr '13 -- --1112 June'15
Consol 48 Series B
1957 NI N
Refunding guar 4s
9214 May'14 ___ ....._.1955 J - J _
_ 19
40 Dec '13
Vera Cruz & P 1st gu 4348_1934 J - J -___ 90
Ohio & West Mich 53
94 Oct '12 --5. _ii
.14
.. -5671921
8
D
73 May'14
Irginian lot Os Series A__ _ _ 1962 111-N 9312 9418 94
94
•No price Friday: latest bid and asked. a Due Jail,
0 Due Feb. •Due May.
Due June. 3 Due July. kDue Aug. 0 Due Oct. p Due Nov. g Due Dee
sOptlon sale.
L
----
----
.---
--__
--
_-_-
--
--
----
_-_-
I-
-.
---
----
----
--
----
516
BONDS
N. Y. STOCK EXCHANGE
Week Ending Aug. 13.
-
New York Bond Record-Concluded-Page 4
47,3
i";
•i• C
...
Wabash 1st gold Is
1939 M-N
2d gold 58
1939 F - A
Debenture Series B
1939 J - J
let lien equip s fd g 5s _A921 M- S
let lien 50-yr g term 48
1954 .1 - J
1956 j - J
let ref and ext g 4s
Cent Trust Co ctfs
Do stamped
Equit Trust Co ctfs
Do stamped
Det & Ch Ext Ist g 5s____1941 J - .1
Des Moin Div 1st g 4s____1939 J - J
Om Div 1st g 3s
1941 A -0
Tol & Ch Div 1st g 4s___ _1941 M- S
Wab Pitts Term 1st g 4s
1954 .1 -D
Cent and Old Col Tr CC1certs__ __ __
Columbia Tr Co cents. _ ____ __ __
Col Tr ctfs for Cent Tr c-tfs
2d gold 4s
1954 J -13
Trust Ce certfs
Wish Terml 1st gu 33is-__1945 F - A
1st 40-yr guar 4s
1945 F - A
Rist Maryland 1st g 4s
1952 A -0
W:43t N Y St Pa 1st g Is
1937 J - J
Gen gold 41
1543 A -0
Income 5s
81943 Nov
Wheeling & L E 1st g 5s__ ,,1926 A -0
Wheel Div 1st gold 5s
_1928 J - J
Exten A: Impt gold 5s____1930 F - A
RR 1st consol 4s
1949 M- S
20-year equip s f Is
1922 J - J
Winston-Salem S B 1st 4s_ _1960 J - J
WLs Cent 50-yr 1st gen 4s
1949 J - J
Sup & Dul div & term 1st 48'30 M-N
Price
Friday
Aug. 13
Week's
Range or
Last Sate
'11
ova
an
Range
Since
Jan. 1
Bid
Ask Low
High No. Low High
10038 Sale 10038
10112
4 97 10212
9512
9 86
9218
21 Sale 92
---- ----90 June'12 -- _
_
---- --- 8972 Mar'15 ---- 8978 897
;
65 _-__ 75 Apr '14 -„, ___-- ____
17
19
1658
1712 59 16
34
10
11
17 July'15 ---- 17
27
15
21 June'15
1812 27
1714 Sale 1718
1713 49 17
2412
1514 205 1412 30
1434 1514 15
100 Sale 100
100
1 99 100
--------80 Aug '12
6014 July'15 ---- 55
5712
60,4
, 88
6012 - - - 6612 July'15 ---7
7234
138 Sale
13/3
138
0
Ps 834
12 912
28 305
12 Sale
12
12 16 3/3 812
-- 12
12
-38 Sale
38 66
3s 8
38
14 Sale
112
14
1
14
14
18
78
18 July'15 --18
8034 ---_ 8034 July'15 ---- 8038 82
65
9112 --_ 65 Mar'15 --„, 65
6734 Sale 6712
6734 12 54
7112
10214
4 10078 10212
10214
10214 4 75
76
76 ____ 76
7812
1718 May'15 ---- 171.3 171.3
20
9813 June'15 ---- 9812 100
-__. 95
_
9512 Nov'13 ---- __
94
---- ----92 Apr '15 ---, 92
92
5134
3 49
513- Sae 5134
13534
---- ----90 Apr '14 ---- __ _
Apr '15 --, 84
---- - ----84_
84
8238
8238 Sale 82
3 81
87
87
85
85
83
6 8312 8512
Street Railway
10214
6 10014 10338
Brooklyn Rapid Tran g 56_1945 A - 0 101 102 102
8312 80 Aug '15 --.4- 7934 8512
let refund cony gold 4s
2002 J -.1_
9978
100
63 9878 10012
8-year secured notes 58_1918 J - .8 994 100
10012
Bk City let con 5s-1918-1941 J - .1 1 1 Sale 10012
1 10014 101
Bk Q Co & S con gu g 55-1941 M-N ---- ----98 Apr '14 --Bklyn Q Co & S let 58
1941 J - .1 -------- 101 May'13 ---, _ _ _ _ _ _ _ _
99
9914 9858
9918
Bklyn Un El let g 4-56_1950 F - A
9 9858 10112
9912 -___ 9912 July'15 ---- 9938 10012
Stamped guar 4-55
1950 F - A
81 July'15 -- -- 81
Kings County El let g 48_1949 F - A --__ 80
8312
8012
8012
1 801. 8212
Stamped guar 45
1949 F - A ---- 82
Nassau Elec guar gold 48_1951 J - J --75
73 June'15 --- 73
78
'15
8 95
____ 9234 9718
1927 F - A 9459418 Aug
Chicago Rys let 55
9314 ...- - 1017.3 Juue'12 ---- __. - _ __
Conn Ry & List & ref g 4s 1951 J - J
Stamped guar 4).4e
1951 J - J ---- - -- - 9614 June'14 ---- ___ ___
Del United 1st cons g 43.68.._1932 J - J
i '
71 Aug '15 -- -- 8534 79
Ft Smith Lt & Tr 1st g 5s
1936 NI- S --------84Jan '14 ---- -- ---Grand Rapids Ry 1st g Is......1916 J -D 9912 --__ 100 June'14 ........ _.--Havana Elec consol g 5s
92 Apr'14 --54 _
1952 F - A ___ 91
_ ..
i6 i67;
71
Hud de Manhat Is Ser A.
7034 70
.....1957 F - A 70
Adjust income Is
27
25 Sale 25
34 2412 2918
1957
N Y & Jersey lat 50
1932 F - A
9812 - __-..-- -7„ -_ - -- -.
Interboro-Metrop coil 440_1956 A -0 7414 Sale 74 ...
. 225 7314 7912
....
Interboro Rapid Transit1st & refunding Is
1966 J - J 9738 Sale 9714
9734 45 9634 9858
Manhat Ry(N Y)cons g 40_1990 A -0 8412 86
86
86
3 86
91
Stamped tax-exempt
8712 8514
1990 A -0 86
8578
2 8514 9114
Metropolitan Street RyBway & 7th Av 1st o g 5E1_1943 J - D 9734 99
9734 Aug '15 -_ 9712 101
91
5 94
Col at 9th Av let gu g 5,3_1993 .M. s ____ 9812 91
99
Lex Av & P F 1st gu g 50..1993 M- S
3 01 Apr '14 ---- __ __
Met W S El (Chic) 1st g 461938 F - A ---- ------80 Mar'14 -- ___ __ _
Milw Elm Ry & Lt cons g 581926 F - A 10078 --__ 10118 Aug '15 ---- 10118 10118
9252 Feb '15 ....- 9258 9258
Refunding & eaten 4346_1931 J - J --__ 91
Gen & refund 5s ser A.. _ _ _1951 J - D ---88 ---___
Minneap St let cons g 58
;103 No-v'12 ----------1919 J - J 991
Montreal Tramways let at ref
1
--__
9112
9414
Feb '15 ---- 86
36-year Is Ser A
1941 J - J
94 4
78 Feb '15 ---- 78
New Orl Ry & Lt gen 4348_1935 J - J ____ 85
78
13 70
70 Sale 70
7014
N Y Rys 1st R E & ref 4s_1942 J - .1
7314
49
4958 30 49
30-year ad) Inc 5s
5558
a1942 A -0 49 Sale
86 Apr '15 ---- 84
N Y State Rys 1st cons 4 Yis_1902 M- N
86
Portland Ry 1st & ref 5s____1930 M- N ---- ----9918 Feb '15 ---- 9918 9918
£32 ....- 92 Mar'14 --- ____ -__
Portld Ry Lt & P 1st ref 5s_1942 F - A
00 May'15 ---- 100 100
Portland Gen Elec 1st 53_1935 J - J
St Jos IV,I., H & P 1st g 5s_ 1937 M- N ---------98 Nov'08 ---- .
-- - - - _
St Paul City Cab cons g 5s_ _1937 J - J -------- 10312 Feb '13-78 Sale 78
1960 J - J
'79
ia fi iiiN
Third Ave 1st ref 4s
82
Ad) Inc Is
a1960 A -0 76 Sale 76
7012 23 75
Third Ave Ry 1st g Is
1937 J - .1 106 10618 106 July'15 ---- 10512 107
TM-City Ry & Lt lets f 5s 1923 A -0 9534 9618 9534
9334
2 9434 9714
Undergr of London 4%8_ _ _ _1933 J - J ---- 94
9612 J'ly '14 ---_ __ - -_
Income 6s
8713 J'ly '14 --_- ___ ____
1948 --------90
Union Elev (Chic) 1st g 5s 1949 A - 0 ---- ----84 Oct '08 --- -- - - --6612
,
_
_.
68
July'15 ____ 65
68
United Rys Inv Is Pitts 1SS-1926 M-N
United Rys St L 1st g 4s_ __ _1934 J - .1 ____ 68
6312 May'15 ---- 6312 6311
St Louis Transit gu 5s
60
5938 Mar'15 --__ 5938 5938
1924 A -0 ___
United RRs San Fr s 1 4s__ _1927 A -0 441; Sale 4312
4512 112 40
5558
Va Ry & Pow 1st & ref 5s-- _1934 J - -1 ____ 85
88 June'15 ---- 88
8911
Gas and Electric Light
Atlanta G L Co 1st g 5s___ _1947 .1 -D .103
_ 10112 May'14 --__ ___ --_.
Bklyn Un Gas 1st cons g 5s_1945 M-N
1 1041 10418
10412
2 103 104t1
Buffalo City Gas 1st g Ss__ _1947 A -0 ---- ---- 54 June'13 ---- -- - - -.
97
Columbus Gas 1st gold 5s_1932 J - .J -------- 97 Feb '15 --__ 97
Consol Gas cony deb 6s _1920 Q - F 11611 Sale 11534
11634 114 10958 11811
Detroit City Gas gold 5s
10038
2 991 1003,
.0038
1923 J - J 1038
Detroit Gas Co cons 1st g 58..1918 F -A --- ---- -955s Sep '08 ----------.
1 10114 103
Detroit Edison 1st coll tr 58_1933 1 - J 1C1214 10212 10212
10212
Eq G L N Y 1st cons g 5s
19:32 M- S
10012 May'15 ---- 1001 1001
Gas & Mee Berg Co cg 5s 1949 J -D 98 .. _ _ _ 100 Feb '13 -----------Hudson Co Gas 1st g Is..
1949 M-N 10014 10234 10134 July'15 -__ 10114 1031
Kan City (Mo) Gas 1st g 5s_1922 A -0 ____ 8858 92 Mar'14 ----------Kings Co El L & P g Is
1937 A - 0 102 __
4 10414
104 June'15 ---- 1023Purchase money 6s
5 113 115
1997 A -0 114 ____ 11312
115
Convertible deb Os
1922 M- S
_
12212 Dec '12 --.
III Uo
Convertible deb 6s
1925 ra- s NO Sale 120
120
Ed El Ill Bkn 1st con g 48_1939 J - J
5 8712 88
8614 88
8712
8712
Lac Gas Lot St L 1st g 5s_e1919 Q - F 101 10138 101
10112
8 10014 1011:
Ref and ext 1st g Is
1934 A -0 0912 Sale 9912
9912
1 97 101
Milwaukee Gas L 1st 4s
9018 0112 June'15 --__ 9018 913.
1927 SI-N 90
Newark Con Gas g bs
1 103 1033/
10338
1948.3 - D 10338 Sale 10338
1 10114 1031;
NYGELII& Pg 5s
10234
1948 J - D 10234 Sale 10234
8551
81 Sale 81
Purchase money g 49
81
3 81
1949 F - A
Ed El III 1st cons g 58
1995 J - .1 10512 106 107 July'15 ____ 10614 107
NY&Q El L & P 1st con g 53_1930 F - A 100 101 101
1 991 101
101
NY & Rich Gas 1st g 5s__ _1921 M-N --------9212 J'ly '09 -----------Pacific G dz El Co Cal GI dz-E
941;
Corp unifying & ref 58_ _ _ _1937 M- N
9334 9412 93 Aug '15 --__ 91
Pao Pow dz Lt 1st & ref 20-yr
Is Internat Series
1930 F - A -------91 Feb '15 ____ 8812 01
Pat & Passaic G & El 58_ ._,1949 M- S 991; ____ 9934 July'15 _-__ 9934 993
Peep Gas dc C 1st cons g 6s 1943 A -0 114 ___ 114 June'15 ____ 110 115
Refunding gold 58
1947 M- S 10014 1C101-2 9978 Aug '15 ..._ 9978 1011;
Registered
99 Sep '13 __-- - - - - -.
1947 M- S
Ch Gl-L & Cke 1st gu g 58_1937 J - .1 10138 ___ 10112 July'15 ___ 101 103
9978 1001;
103- 0012 July'15 __
C0110 Goof Chi 1st gu g 581930 J -0
Ind Nat Gas it Oil 30-yr 501936 M- N ---- ----_ . 93 Mar'12 ____ -- - - - - -.
9972 10014 9912 Aug '15 .- __ 9912 100
Mu Fuel Gas 1st gu g 5s 1917 M- N
Philadelphia Co cony bs___ _1919 F - A ___ 9534 95 Feb '15__ 95
95
'
,
I Cony deben gold Is
1922 M- N ___ 91
9634 June'14 -----------.
Stand Gas & El cony s f 6s,1926 J - D
__ 95
92 July'15 ____ 8812 95
Syracuse Liv.hting let g 5s_1951 I -D 98 --__ 100 Mar'14 ____ ___-.
Syracuse LIffht Ar Pncver na 1084.5 - J
RM. liince12 _
BONDS
N. Y. STOCK EXCHANGE
Week Ending Aug. 13.
„i-;
Price
1C
Friday
.... 1:1Aug. 13,
[VoL, 101.
Week's
V %',..
Range
Range or
_BO
Since
Las Sala
' Jan. 1
Bo
Ask Low
High No Low High
_ __
Trenton G & El 1st g 5s____1949 51- S 9914 ---_ 10112 June'14 ---_
Union Elec Lt & P 1st g 5s_ _1932 M- S ---- 9938 9712 June'15 .--- 9712 101 89
89 Mar'15 ---- 89
Retunding & extension 58_1933 M -Nu__
90
-- ---- 10214 Mar'15 _-_ 96 10214
Utica Elec Lt & P 1st g 5s 1950 J - J 10214
08
98
Utica Gas & Elec ref 58___1957 J - J ___-___ 93 Aug '15 --101
104
102
102
i Ica 103
J -D
_
Westchester Ltg gold 5s__ _1950
Miscellaneous
4 70
78
/8
80
1948 M- 5 74
Adams Ex coil tr g 4s
76
1 118 150
_ 127 132 127
127
Alaska Gold M deb 6s A__ 1925
9112 Sale 9112
J -D
9178 35 9042 93
Armour & Co 1st real est ,481'39 -_87
86
86
1952 A - 0 80
6 84
86
Bush Terminal 1st 4s
85
90
85 July'15 --- 8412 90
1955 J - J
Consol 5s
85
85
1 83
1960 A -0 84
85
Bldgs 5s guar tax ex
87
11312
-N
Sale
701923
M
11314
114
133
Chile Copper 10-year cony
11212 11758
GranbyConsMS&P corn 68 A '28 M-N 100 104 10314 July'15 -,„ 98 111
13618 102 97 14014
Inspir Cons Cop 1st cony 88_1922 al- S 133 Sale 133
1919.3 - .1 133 135 13314
134
21 9434 14014
5-year cony deb 68
71
281 3014 71
1922 A -0 66 Sale 62
lot Mercan Marine 4 Ms
6612 Sale 61
690 3312 71
71
Certificates of deposit
60
FA
Sale
5212
6012 61 36
Int Navigation 1st s 1 5s-1929
60,2
9018 Sale 8934
9018 14 8834 9212
Montana Power 1st Is A-1943 J - J
8812 Jan '14 --- _
Morris & Co 1st s f 43is___ _1939 J - .1 871 91
----_
-83_
Apr '14 ---_
-- -Mtge Bond(NY)48 ser 2_-1966 A -0
1932 J - .1 9378 - - - - 100 J'ly '14
10-20-yr Is series 3
72
75
72
-4 -j1-- -fi72
N Y Dock 50-yr 1st g 4s_.....1951 F - A
1932 J - J 10012 Sale 10C112
10012
2
Niag Falls Pow 1st Is
____ 100 101
a1932 A -0 1041 ____
Ref & gen 6s
Niag Lock & 0 Pow 1st bs__1954 M- N ---- ---- -8915 Mar'l --- -Ws
94 July'15 _--- 9234 9552
Ontario Power N F let Is.._l943 F - A ___- 94
Ontario Transmission 5s__1945 MN ____ 9012 8618 May'15 __:.., 8618 90
8612
13 8014 8944
Pub Serv Corp NJ gen 5s_ _ _1959 A -0 8612 Sale 8614
114
33 103 130
Ray Cons Cop 1st cony 6s__1921 J - .1 114 Sale 114
9214 Feb '14 --__ _ _ _
Sierra & S F Power 1st 5s _1949 F - A ---- 88
Wash Water Pow 1st 5s_ __1939 J - J ---- -- -- 10312 Jan '14
-Manufact,iring & Industrial
10112
2 9972 10232
1928 A - 0 9934 101 10014
Am Ag Chem 1st c Is
op,
92
9258
___
9212
923
4
5
A
1924 F
Cony deben 5s
10014
3 9978 10012
P1915 Q - F 10014 Sale 10014
Am Cot Oil ext 4365
1931 MN 9318 9334 93 July'15---„. 9118 9412
Debenture Is
10212
1919 M- S 10212 Sale 10232
a 10012 10314
Am IIide & L 1st s 1 g 6s
4-_ 80
811z
8112 8112
8912
Amer Ice Secur deb g 6s__ _ _1925 A - 0 81
107
31 1035s 107
Am Smelt Securities s 1 6s_ _1926 F- A 107 Sale 106
1915 M- S 9858 100 100 July'15 ---- 9212 100
Am Spirits Mfg g 6s
9312 June'15 ---- 9312 9312
Am Thread 1st coil tr 4s_ _ 1919 J - J 9312 95
11912 July'15 ---- 115 12118
Am Tobacco 40-year g 6s__ -1944 A -0 191 12
1914 A -0 ---- -- -_ -12154 May'14 ---Registered
97 Apr '15 ---- 97-9818
5
1051 F - A
Gold 4s
-„.,- --- --9.3 June'14 --,, ____ ____
1951 F - A ---Registered
58
60
60
59
1919 J - J
31 5178 70
Am Writ Paper 1st s f 5s
1940 M-N 101 10258 103 May'15 --,, 10054 103
Baldw Loco Works 1st 5s
103
1926 J - J 10214 10212 10214
01 9813 103
Beth Steel 1st ext s 1 5s
1942 M-N 10134 Sale 10014
10218 816 8518 10218
1st & ref 58 ,-uar A
30 9678 100
100
0912
Cent Leath 20-year g 5s__ _ _1925 A -0 9912 100
9734 Jail '15 ---- 9734 9734
1951 F - A - - - - 98
Consol Tobacco g 4s
1931 MN 96 __ 9618 July'15 ---, 9434 9714
Corn Prod Ref s f g 5s
9412
1934 M-N 9212 9412 9412
9514
2 92
1st 25-year s f 5s.
10018
11 95 10018
Cuban-Am Sugar coll tr 6s 1918 A -0 10018 Sale 9978
6758 233 4614 6734
Distil Sec Cor cony 1st g 5s_ _1927 A -0 6518 Sale 6412
715 84 103
103
E I du Pont Powder 43is_ _ _1936 .1 -D 1001 Sale 9512
_
- ----8712 J'ly '14 -- _
General Baking 1st 25-yr 6s_1936 J -D ---79
75
7414
A
F
1912
July'15__.,
Gen Electric deb g 3%8
103
15 10112 105
1952 M- 5 103 Sale 10238
Debenture Is
10058 10142
Gen'l Motors 1st lien Os.,. 1915 A -0 100 10012 10012 June'15 -88
95 8278 88
1940 A -0 8734 Sale 8734
Ill Steel deb 43i5
101
36 99 10114
1952 MN 10078 Sale 10034
Indiana Steel 1st 5s
_
_
q1935 J - J 100 __. 100 Oct '13 -Ingersoll-Rand 1st Is
100
10 6634 Rift2
Int Paper Co 1st con g (3s_ -1918 F - A 100 Sale 100
8012
5 7834 82
1935 J - J 80 Sale 80
Consol cony s f g Is
60
60
5 38
1929 M- S 60 62
6058
Int St Pump 1st s 1 55
__ _
60 Sale 60
60
9 52
63
Certfs of deposit
9418
30 89
9312
1923 A:0 9418 Sales 94
Lackaw Steel 1st g Is
673 65
81
. S 7812 Sale 78
1950 IV1,
80
let con5s Series A
123
Sale
123
123
0
A
1944
1213
3
4 12412
Liggett & Myers 1' obac 7s
10112 22 9912 10212
1951 F - A 10112 Sale 10114
5s
12014
8 119 124
1944 A -0 12014 Sale 12014
Lorillard Co (P) 7s
10012 34 9555 102
1951 F - A 100 Sale 9912
Is
105
12 9512 110
Mexican Petrol Ltd con Os A 1921 A -0 10114 107 10034
1921 A -0 10014 107 102 July'15 ---- 95 110
1st lien & ref 13s series C
9412 July'15 ---- 92
9412
Nat Enam & Stpg 1st Is.,,_ 1929 .1 -D 9214 95
8318 ____ 83 June'15 ---- 83
85
Nat Starch 20-yr deb Is__ _ 1930 J - J
98
Sale
9712
98
M-N
5i
1952
95
997s
National Tube 1st 5s
9913 13 90
9012 Sale 0812
9912
DI Y Air Brake 1st cony Os_ _ 1928 M-N
Railway Steel Springn71-2
9812 9712
-.
5 9514 9834
Latrobe Plant let s f 5s...._1921 J - .1 97
93
2 oo
91.18
9118 9118
Interocean P 1st s f 5s __ _1031 A - 0 90
9512 175 9012 9512
Repub I & S 10-30-yr 5s s f 1940 A - 0 95 Sale 9278
0112
9118
Sale
N
M1930
9118
1
8812 9212
Standard Milling 1st 5s
10038 119 9713 10038
The Texas Co cony deb 6s_ _1931 J - J 10038 Sale 100
7518 ___- 75 Mar'15 ---- 75
75
Union Bag & Paper 1st 58_1930 J - .1
9
1
4
.
Jan
'13
J
---1930
J
.___ _Stamped
76
70
73
7012 July'15 -- 66
US Realty& I cony deb g bs 1924 J - .1
30
US Red & Refg 1st g 68-1931 J - .1 --_- 2778 2314 July'15 ---- 20
9 1011, l031,
10212
US Rubber 10-yr coil tr 6s_ _ 191S J - D 10212 Salo 102
10258 207 99743 10258
U S Steel Corp-(coup ____d1963 M- N 1.0212 Sale 10214
_ 10214 Aug '15 ..„ 9934 10284
81963 M-N _-__
S 1 10-60-yr 5slreg
6614 'A 89
9712
Va-Car Chem 1st 15-yr Is_ 1923 J - ID 9614 Salo 95
10134 25 10011 102
West Electric 1st 55 Dec_ _ _ _1922 J - J 10078 Sale 10078
10514 83 89741 1053s
Westinghouse E & AI s f5s__1931 J - J 10518 Sale 105
10514
Sale
105
10514 228 10314 105,8
Censor depodt
11458 3588 1093s 11434
Cony s f Is (1.8 01 1915) _1931 __ _ 11278 Salo 11214
10078
3 9814 10112
10-year coil tr notes 5s___1917 A:0 10078 Sale 10078
Coal & Iron
__ __ _
1932 J -D 86 ---- 92 J'ly '14
Buff & Susq Iron s t 58
78 June'15 --, 75
a1926 M- S 7712 80
Debenture Is,
02
92
90
93
1 87
0212
Col F & I Co gen s f g Is _ _A943 F - A
73 July'15 ---- 70
75
72
7412
Col Indus 1st & coil 5s gu_ 1934 F - A
73 Mar'14 -_-- __ _
Cons Ind Coal Me 1st 5s__1935 J -D -- 20
8814 Apr '15 ---- 881
4 -i812
Cons Coal of Mil lstdzref 53.1950 J - D ---- 88
9918 Feb '14 -_
Continental Coal 1st g 5s-_ 1952 F - A ---- 09
Cr Riv Coal & C 1st g Os_ _h 1919 A -0 ---- 9458 10258 Apr '00 ---_ _
Kan & SIC & C lets f g 5s..1951 J - .1 -------- 90 July'15 ____ 66 -66851 807 8514 July'15 -__ 8514 88
Pocah Con Collier let s 1 bs..1957 J - J
- ----- 82 Apr '15 ---, 75
82
St L Rock Mt & P 1st 5$_ _ _ 1955 J - J ---7012 Salo 7912
7934
4 75
8212
Trust Co ctfs of deposit..____ __
1 102 10113 July'15 ---- 100 101,1
1011
J
J
1951
Tenn Coal gen Is
1021I
10158
10112
1917 .1 - .1
Aug '13 -___ 9978 10134
Birm Div 1st consol 6s
a1917 A - 0 10158 102 10112 June'15 ---- 10014 10178
Tenn Div 1st g Os
Cah C M Co let gu 6s____ 1922 J - D 102 106 101 Dec '14 ____
73 Apr '14 ---- __-_- --_-_1953 J - J --- 75
Victor Fuel 1st s f 58
86
5
Va Iron Coal&Coke lst g 58_1949 11- S 86 Sale 8512
Telegraph & Telephone
1929 J - .1 8818 Sale 88
32 8612 8914
89
Am Telep & Tel coll tr 4s
1936 M- S 90 100
05 July'15 , 9134 96
Convertible 4s
1933 51- S 10178 Sale 10114
102
258 96 10314
20-yr convertible 43,643
9918 May'15 -- 98% 99,2
Cent Dist Tel 1st 30-yr 5s_1943 J - D 99 100
75 ____ 8814 June'14 -- _
commercial Cable 1st g 4s_2397 Q - .1
75
82
2397 Q - J
79 Apr '14 _ --- ---Registered
-- - - -9612 Sale 9613
9658 12 95
Cumb T & T let & gen 5s_ _ A937 J - J
9712
Keystone Telephone 1st 58_1935 J - .1 __-- ____ 8918 Dee '14 ___ ___
Metropol Tel & Tel 1st s f bs 1918 M-N 10034 101 10012 July'15 __-, 100 - 1003-4
9812 Salo 9812
1 9714 9914
9812
Mich State Telep 1st 5s_ _ _ _1924 F - A
N Y & NJ Telephone 55 g_ _1920 M-N 10012 __ _ 10112 June'15 __,, 10112 10111
9578 27 94
N Y Telep 1st & gen s f 4345_1939 M- N 9534 Sale 9514
9752
1937 J - .1 97313 Sale 9738
9758 23 9434 98
Pac Tel & Tel 1st Is
9712 10 9614 99
South Bell Tel & T 1st s f 58_1941 J - .1 9718 Sale 9718
9711
4 95
9714 98
9714
90
West Union coll In cur Is., _1938 1 - J
92 Aug '15 .... 8818 93i,
Fd and real est g 4)4s__ _ _1950 M-N 925 95
Mut Un Tel gu ext 58_ _ _ _1941 M-N --- ---104 June'll
Ninrthcormit TA! cril .11,4s if _ _1934 J - J 901,_ _ _ 901,Mar'15 ____ -Ant. -iiiiii
No price Friday: latest bid and asked a Due Jan. 4 Due Aprtl. 4 Due May. g Due June. b Due July. k Due Aug. 0 Due Oct. 1/ Due NOV. g Due Dec. s Option sale
AUG. 14 1915.)
BOSTON STOCK EXCHANGE—Stock Record
SHARE PRAMS—NOT PER CENTUM PRICES.
Saturday
Aug. 7
Monday
Aug. 9
Tuesday
Aug. 10
Wednesday
Aug. 11
Thursday
Aug. 12
Friday
Aug. 13
'
310114 10134 *102 10212 103 103 *10313 104 *103 10312
-_ —
*9814 9834 *98
Last Sale 10012 Jun'15
9812 *9812 99
*9812 99
181 181 *180
- 180 180
181 181
181 181
*1807712 78
7712 7712 77
77
7714 7714 77
78
78
7712
•130 ___ *130 -- *130 __-- *130 -- 130 130
2312 24
23
2312 24
24
23
231 2312
2314 2334 24
•233 235 *230 ---- 233 233
233 233 *233 235
934*.___
Last Sale 16-14;r118
*---934
934 *---934
•—__ 55 •___ 55
55
Last Sale 56 Mar'15
55
Last Sale 612 Nov'13
9
*45 _ _ — *45 ---- *44
Last Sale 46 Aug'15
*45
•—_ 158 *____ 158 *__ _ _ 158
Last Sale 158 July'15
158
*10314 104 *10314 10312 *10314 104 •103 10312 *10212 10312 10314 104
*154
•15312
*154 --'153 __.Last Sale 155 Aug'15
*60 --- *60 ---- 4'60
62 •62 -__- 62
62
62
*11534 — — *11534
Last Sale 115 May'15
—
_85
*84
*84
86
84
84 *11484
4'84
8512 85
85 -'
85
96
96
*9412 ---- *96 — - *96 -- — *96
5
5
*478 514 *478 5,4 *412 5
5
5
*434 5
35
3312 35
*34
34
34
3413 3412 34
-.*6212 6234 6238 6234 6314 66
65
3412-6312 -6612 6434 6514
6412
*9412 95 •___ 95 *____ 95
*___ 95
Last Sale 95 Aug'15
•___ 142 *____ 140
140 140
141 141
140 140
14112 14112
*1712
_ *17
19
*17
19
*19
*20
2() 2012
*13014 13034 *131 13112 13258 13358 *13212 13234 *13134 1321g
Last Sale 80 June'15
*Hi" fiE" *iii" 125 *Hi" fii" *iii" fig" Last Sale 120 June'15
6212 6212 624 62
412
62
*62
6212 62
63
---80
81
80 80
81
80 *8012 81
80
---*5412 5512 *5412 5512 56
56
93
93
9234 9312 93
9312
214 214
214 214
*214 3
•143
16
17 '
16
16
17
110 11018 *10914 110
10912 10934
*11312 114
11334 114
11334 114
12214 12212 12214 12212 12212 12234
*28
2912
3358 3358
8814 89
90
-8812 16- 89
64 '
*60
62 65 6214 6214
*9712 99
*---- 8914 *9712 99
*11
12
11
12
12
12
2612 2612 2512 26
*2534 2612
834 912 *912 10
*9
912
234 234 *232 234
234 234
17212 17212 *17234 17334 *17212 17312
98
98
98
98
98
98
92
9234 9134 9212 9134 9213
88
88
8912 8812 8912
88
*17912 18013 *17934 18014 180 180
*1
3
*114 3
*114 3
•10
'
10 ---- *10 --___
_
*25 --- "ii" ":E" *25 _-•131
*13114
161 161
*158 160
16012 16012
16
16
*1534 1612 *1512 1614
11434 11434 11434 11434 11412 115
*32
33
*32
33
*32
33
30
30
2912 30
*30 -___
*1
112 *1
112 *1
112
130 13112 13012 13112 131 13212
50
5014 4934 50
50
5014
2812 2878 2812 284 2878 2878
7178 7318 7278 7478 7434 7658
*11214 11234 *11234 11318 11212 11213
1334 14
1358 1334 1278 1334
Sales
of the
Week
Shares.
STOCKS
BOSTON STOCK
EXCHANGE
Railroads
5 Atoll Topeka & Santa Fe__100
Do pref
100
100
63 Boston & Albany
135 Boston Elevated
100
10 Boston de Lowell
100
355 Boston de Maine
100
9 Boston dr Providence --__100
Boston Suburban Elea Cos_
Do pref
Boston & Wore Electric Cod..
Dopref
Chic Juno Ry & U S Y__-100
6 Do pref
Connecticut River
100
5 Fitchburg pref
100
Georgia Ry & Eleo stmpd-100
20 Do pref
100
18 Maine Central
100
50 Mass Electric Cos
100
122 Do pref stamped
100
1,811 N Y N H & Hartford
100
Northern New Hampshire_100
101 Old Colony
100
105 Rutland. vet
100
100 Union Pacific
100
Do prof
100
Vermont & Massachusetts_10n
72 West End Street
50
41
Do pref
80
PFT
SeaBra
x_
_N
- age
517
Range Since Jan. 1.
Rangefor Previous
Year 1914.
Lowest.
Highest.
Lows:.
Highest.
9284 Feb 23
97 Jan 15
170 Mar 5
73 Jima°
109 Feb 28
20 Feb 13
225 Jan 5
10 Mar23
50 Jan 8
10432 Apr 21
1004 June 4
198 Jan 12
98 Jan 5
130 June 9
37 May 4
240 June26
10 M ar24
58 Mar23
8814 Nov
9732 Jan
173 Nov
77 May
150 Dec
3012 July
225 May
7 Mar
60 July
100 July
10132 Feb
195 Jan
10114 July
179 Feb
55 Jan
255 Jan
712 Feb
80 Jan
39 Jan 20
157 Feb 13
1014 July 9
140 Feb 25
51 Feb 9
114 Apr 20
84 Aug 10
92 Mar 4
Vs June 7
33 July21
43 Feb 25
90 Mar 9
140 Aug 3
15 Mar17
11812 Jan 4
7934 M arll
105 Feb 9
61 MaY15
80 July 1
47 July15
35 July
158 Mar 9 160 Mar
110 Apr 21 103 Dec
165 Jan 12 162 Nov
75 Jan 6
75 July
120 Feb 6 11512 Dec
88 Mar 3
83 Jan
99 Apr 29
9072 Jan
812 Jan 7
9 Apr
56 Jan 8
54 Dec
71 Apr 21
4973 July
98 Apr 29 100 May
157 Apr 9 140 July
22 June 9
19 May
134 Apr 26 11034 Nov
807s Feb 11
82 Apr
125 Apr 20 115 Jan
722 Jan 25
65 Nov
9312 Feb 4
82 Dec
40 Jan
183 Jan
107 June
200 Jan
93 Jan
124 May
8872 Apr
99 Mar
14 Jan
6812 Jan
777s Jan
112 Feb
165 Jan
30 Jan
16334 Jan
85 Jan
130 Feb
75 Jan
95 Mar
Miscellaneous
*55
58
56
56
5612 5612
60 Amer Agricul Chemical..._ 100 48 Jan 5
93
9312 94
256 Do pref
93
93
93
100 8712 Mar25
*214 234 *214 234 *214 212
165 Amer Pneumatic Service_ 50
134 Mar17
*16
*1614 17
100 Do prof
17
50 15 June 7
109 111
110 11112 10884 11014
778 Amer Sugar Refining
100 100 Feb 24
114 114
11358 114
11414 11414
206 Do prat
Ion 109 Feb 5
12258 123
12212 12278 12258 12338 1,738 Amer Teiep & Teleg
100 116 Jan 4
*33
34
34
34
150 American Woolen
3414 3514
100 1612 Apr 6
89
90
8812 90
8914 9212 1,877 Do pref
100 77 Feb 5
*61
64 '61
32 Amoskeag Manufacturing.._ _
64
59's Jan20
*9712 9912
Last Sale 99 Aug'15
Do pref
9712 May25
11
11
4'1114 12
266 Atl Gulf & W 1 S S Lines_100
1112 1112
4 Feb 24
2512 2534 2534 2534 26
583 Do pref
26
978 Mar12
100
*9
425 East Boston Land
912
914 912
10
834 July27
23312 234
195 Edison Electric Ilium
23312 234
233"
233
.100 230 May10
17112 17214 17312 175 *17113 1724
151 General Electric
100 13814 Feb 26
98
98
98
316 McElwain (W H) 1st pref-100 97 Aug 5
98
9712 98
92
1,269 Massachusetts Gas Cos...100 78 Apr 8
92
9234 9212 93
93
8814 8834 8812 8812
69 Do pref
100 85 May24
180 180 *174 180
21 Mergenthaler Linotype...10') 154 Feb 8
*1
3
Last Sale 179 Aug'15
Mexican Telephone
10
14 Apr 20
•10
Last Sale 14
Apr'15
Mississippi River Power...104) 10 June 4
Last Sale 10 June'15
Do pref
100 35 Feb 23
Last Sale 40 July'15
New Eng Cotton Yarn
100 20 Apr 15
'
25
*25
2 Do prof
100 25 July 1
*132
25 New England Telephone. 100 x12714 June16
13212 13212
160 16012 159 16112
79 Pullman Company
160 160
100 150 Feb 24
45 Fleece Button-Hole
*1534 1612 *1512 1612 1558 1558
10 1532 July27
114 11412 4'114 11412 11358 114
264 Swift & Co
100 10434 Jan 4
*32
24 Torrington
33 *32
3214
33
32
25 28 Mar 8
*30 __
*30
18 Do pref
25 26 Mar25
Last Sale
*1
112
Union Copper L & M
25
.95 Jan 18
132 13212 13214 13234 13218 133
1,121 United Fruit
100 110 Feb 25
50
5012 50
2,416 United Shoe Mach Corp
4912 50
50
25 4912 Aug 13
2878 2878 2812 2878 2834 2878
461
Do pref
23 28 Mar27
7334. 76
7378 7512 7353 7434 15,807 U S Steel
_ 100 38 Feb 1
11318 11318 *113 11314
93
oral
Corpatin.
._
__100 Inv.Jan 27
1234 13
1258 1278 1238 1234 13,563 Ventura Consol Oil Fields 5 125s Aug
12
Mining
2
*2
238
2
2
2
212 212
2
218
215 Adventure Con.
212 212
25
1 Jan 22
97
9678 9678 *96
96
97
*96
06
97
96
290 Ahmeek new (wh Ms)
25 94 July28
35
3238
3212 33
3334 3412 3312 34
3312 3458 -5513 3413 14,314 Alaska Gold
10
Jan 6
2614
212 212
*2
212 212
238
212 212
2,4 214 *238 212
570 Algotnah Mining
25
.45 Feb 10
*5212 5312 *5313 54
5312 5312 5272 5272 5234 53
54
54
170 Alloue3
25 352 Jan 5
5512 5614 5434 5512 5214 5434 5158 5358 52,
4 5412 52
5334 31,711 Amer Zino, Lead & Smelt_ 25 1634Jan 4
714 712
7,3 734
712 734
712 734
714 712 *714 7,2 1,325 Arizona Commercial
5
314 Jan 4
378 373
378 378
378 418
4
3,
4 334
412
4
418 1,435 Butte-Balaklava Copper
10
2 Jan 16
66
6412 6612 64
6712 66
67
6634 65
62
66
6412 16,044 Butte & Sup Cop (Ltd)
10 355 Jan 4
6278 6312 6314 6312 63
64
63
63
63
6314 63
6318 1,611 Calumet & Arizona
10 5112 Feb 23
*561 565
561 563
562 562
560 563
560 563 *555 560
54 Calumet & Heel:
25 350 Jan 4
*1712 19
1712 17,2 18
18
18,2
1712 18,
190 Centennial
4 17
17
25 15 Jan 12
*45
*4538 4534
4512 45
45
4434 *4412 4472 4412 45
55 Chino Copper
5 3278 Jan 6
5412 5512 5412 5512 544 554 54
5412 54
544 5358 5414 2,481 Copper Range Cons Co...100 30 Jan 13
*234 3,4 *278 318 *234 3
2711 3
4 3
*2,
165 Daly-West
234 234
20
17 Jan 21
1278 1278 1212 1234 1212 1234 1238 1212 1212 1212 12
969 East Butte Copper Mhz_ 10
1218
812 Jan 5
912 912
*914 10
9
912
9,4 978
9
9
*918 912
213 Franklin
25
44 Feb 5
84
83
83
8213 83
84
83
84
82
83
8118 8212
551 Granby Consolidated
100
58 Jan 7
39
40
40'8 3914 40
3934 38
4078 40
39,
8 3812 3812 2,488 Greene-Cananea
100 2314 Feb 1
1658 1614 1612 1612 1612 1534 1612
1614 164 1612 1612 16
138 Hancock Consolidated
25 11 Jan 19
*2712 30
4'2712 30
*2713 30
*2778 30
Last Sale 2812 Aug'15
liedley Gold.
10 2658 Apr 9
412 413
*412 5
44 44
412 412
44 44 *4
412
278 Indiana Mining
214 Jan 21
25
47
4712 4712 4012 4612 4'4634 48
4812 4814 49
4878 5014 3,339 Island Creek Coal
1 41 Mar18
*89
*8834 8934 90
*8914 90
90
90
*8914 90
90
111
9014
Do pref
1 8513 Jan 5
2612 27
28
*27
*26
2712 27
28
2612 27
26
530 Isle Royale Copper
26
25 1712Jan 11
358 358
358 35$
312 312
334 334
358 358
412 412 1,360 Kerr Lake
5
3 Aug 3
134
134
178
*178 1%
178
158
134 178
158
1,270 Keweenaw Copper
25 1,4 July30
1312 1358 13
*1312 14
14
1334 14
14
14
202 Lake Copper Co
25
512Jan 27
6
618 618
6
*6
512
6
6
618 64 *6 --617s
100 La Salle Copper
25
318Jan 7
214
2
2
2
2
*2
2
2 •_ ___
214 *2
30 Mason Valley Mines
2
5
1 Marll
103
4
11
1114
1114
114 11
11,2
11
1112 11
770 Mass Cool.
1034 1034
25
3 Jan 11
4
*334 4
4
334 334
*312 4
*312 412 *312 4
60 Mayflower
25
334 Aug 9
*26
2612 2618 2612 *2534 264 2534 2534 *2512 2572 2518 2518
126 Miami Copper
5 1684 Jan2
213 *24 212 *218 212
218 214 *2
*218 212 *2
212
45 Michigan
25
.60 Mar 1
7112 72
71
7213 7213 71
7012 71
7112 72
427 Mohawk.
25 4814 Jan 15
1478 1478 *1413 1434 *14,
•1478 1518 15
15
2 15
70
45
1438 7
14
03'4
2
Nevada Consolidated
5
1132
Feb 24
1012 1012 1034 1034 11
1112 1034 1114 1058 1114 1034 1078 2,175 New Areaellan finno.r
25
412 Feb 24
1278 1014 1034 1034 12
11
1014 11
1312 10
10
1034 10,295 New Idria Quicksilver
5
4 July 10
518
54 514 *518 56
514
4
5's 5
5,4 514
570 NflpIssitte Mines
5,4 57
4
6
518 Aug 9
2912 3038 30
2934 30
3014 2913 30
2914 29,
2,555 North Butte
4 2878 29
'5 22' Jan 25
114
114
.
112 2
2
2
*112 2
1
1
29 North Lake
14 14
25
1 Jan 28
*112 2
*112
178 •112 2
*112 2
112 112 *112 2
25 0Jihway Mining
25
.50 Mar 4
312 4
312 312
*312 4
*312 4
314 313
45 Old Colony
25
314 Aug 12
*51
54
54
52
*5312 54
*5112 52
*51
53
-Li62
50 Old Dominion Co
25 3812 Mar 8
7912 81
79
8212 8113 82
81
*77
79
81 '78
296 Osceola
81
25 64 Jan 28
1638 16
1614 16
164 1618 16
1734 18
1914 1812 1958 14,717 Pond Creek Coal
10 12 Jan 7
*84
*84
86
*84
86
86
86
*84
86
86
8534 86
30 Quincy
25 50 Jan 18
*23
2312 2234 2234 2278 2278 *2258 23 *224 2212 2214 22,4
50 Ray Consolidated Copper_ 10 1584 Jan 7
57
57
56
5712 5712 57
57
55,2 55,2 55
55
185 it Mary's Mineral Land
23 28 Jan 4
*234 3
*234 3
234 3
*234 3
*234 3
*258 3
525 Santa Fe Gold & Copper
10
1 Mar17
712 758
712 8
753 758
778 8
712 7
2
,
655 Shannon
712 7,2
10
4 Jan 15
26
26
'
32512 261 *26
261s 26
2614 26
26
2534 26
190 Shattuck-Arizona
10 l85 Jan 5
678 678
658 7
*658 7
658 658
658 658
613 012
335 South Lake
25
6 July21
2634 2514 26
26
26
26
2614 26
2512 2512 2512 2512
698 -Superior
25 224 Jan 6
278 278 *212 234 *212 234
234 278
238 258
212 212
820 Superior & Boston Copper_ 10
1 Mar 3
53
4812 5234 5312 58
48
55
491
5312 56
5312 5412 6,874 Tamarack
25 25 Jan 4
434 434
412
434 434 *414 4,
412 434 *4
4
413 412
281 Trinity
25
232Feb 11
.52 .52
.50 .50 *.45 .50 4..45 .50 3,700 Tuolumne
.53 .55
.53 .54
.20 Jan 2
1
4012 4112 40
41
411
4014 4134 4112 42
4114 3978 4012 3,765 U S Smelt,copper
Refin & Min
50 20 Feb 25
4614 4618 4634 4612 47
4614 4612 46
46
4612 46
47
575 Do pref
50 38 Jan 15
378 4
378 4
334 4
334 378
358 334
358 358 4,480 Utah-Apex Mining
5
2 Jan 2
•1234 1278 1278 13
1234 1234 1212 1234 12
1214 12
1212
725 Utah Consolidated
6
94 Feb 26
6613 6613 6614 6612 *6612 6678 6634 6634 6614 6614 0512 6534
145 Utah Copper Co
10 4854 Jan 8
24 24 *214 234
*214 234
212 212 *214 212 *214 212
85 Victotla
25
1 Feb 26
358 358
*358 4
312 312
312 312
313 334
312 312
399 Winona
25
154 Jan 18
60
60
58
61
5934 60 •5812 60
59
59
5812 5812
283 Wolverine
26 32 Jan 6
•134 2
*134 2 • *134 2
*134 2
Last Sale 134 Aug'15
Wvandott
25
60 Mar 3
• Bid and asked Drieee. a Ex-dividend and rights. 8 Ex-stock dividend. • Assessment paid. A Ex-rights
• Unatamped.
5912 May 5
4714 Jan
95 Junell
89 Dec
3 Apr 14
2 Dec
194 Jan 9
17 Jan
114 Apr 23
9714 Mar
116 Junel5 108 Mar
12418 June17 112 Nov
3514 Aug 13
14 Mar
9212 Aug 13
7234 Mar
67 Apr 23
5712 Dec
101 Feb 6
9734 June
13 Apr 30
5 Feb
2812 June26
1312 May
1314 Apr 5
94 Dec
260 Jan 22 234 Nov
178 July27 137 Dec
104 M a r29
9812 Nov
94 Aug 5
7814 Nov
9212 Jan 28
85 Nov
200 Jan 4 200 Dec
14 Apr 20
24 may
1214 Feb 8
18 July
4612 Jan 26
55 June
20 Apr 15
20 Apr
35 Apr 15
38 Dec
143 Jan 29 128 Nov
188 Junel4 148 Dec
1814 Jan 2
18 Jan
11512 July 6 1014 Nov
35 May 4
27 Feb
30 July
27 Mar
134 Apr 21 .95 Dec
11134 May 3 v113 Dec
85 May24
524 Dec
2912Jan 8
28 Jan
764 Aug 10
48 Dec
11312 Aug 11 10314 Dec
14 Aug 3
472 Apr 22
100 June28
4034 Apr 22
434 Apr 22
584 Apr 26
8032 July14
912 Apr 22
434 Apr 22
80 June 4
7834 Apr 26
630 Apr 22
25 Apr 22
4934 Apr 26
6314 Apr 26
534 Apr 22
1538 Apr 23
1414 Apr 22
9412 Apr 27
44 July15
2412 Apr 29
2934Jan 19
1012 Apr 22
5034 July13
9118 Apr 27
34 Apr 26
518 Apr 20
412 Apr 26
18 Apr 22
9 Apr 23
412 Apr 27
17 Apr 22
8 Apr 22
29 Apr 26
3 Apr 22
82 Apr 26
17 Apr 27
1414 June 7
1312 Aug 7
678 Ma r29
3878 Apr 28
412 Apr 23
312 Apr 29
712 Apr 22
5812 Apr 21
9312 Apr 22
1932 Aug 13
95 Apr 22
2614 Apr 26
65 Apr 23
332 June18
1114 Apr 26
33 Apr 26
734 July27
4112 Apr 26
412 Apr 29
58 Aug 10
732 Apr 30
.83 Apr 14
4912 June15
4812 June16
532 June18
1638 June14
73 Apr 28
44 Apr 22
51a May 1
70 Apr 28
214 Apr 23
1 Apr
23934 Apr
19 July
12 Dec
3412 Jan
1214 Nov
24 Nov
1 Nov
24 Nov
53 Dec
350 Dec
14 Jan
3014 Dec
29 Dec
112 Nov
8 Dec
2 Nov
60 Dec
2114 Apr
11 Dec
28 July
3 Apr
444 Dec
81 June
16 Dec
372 Mar
213 May
434 Nov
3'X.4 Dec
14 Dec
2 Mal.
334 June
1634 Dec
.50 July
39 Apr
10 Dec
Ps Jan
4 June
5 July
1934 Dec
.95 Apr
84 Apr
232 Nov
44 Dec
84 Dec
1234 Dec
5112 Dec
15 Dec
28 Dec
1 Jan
4 Nov
18 Dec
5914 Mar
98 June
4 Jan
22 Jan
11014 Jan
115 Dec
124 Jan
15 Mar
88 JAB
67 Feb
1004 JUDD
9 Jan
1634 an
1412 lob
265 Mar
15012 F.1.
102 Jan
944 Fel
96 Mao
21634 Feb
8 Jan
38 Feb
70 Jan
30 Jan
69 Jan
141 Feb
159 Jan
204 July
10738 Mar
31 May
294 Jan
2 Feb
173 Feb
61% June
304 July
674 Jan
1124 Jan
2 Jan
300 Mar
2834 May
134 Jan
4334 Feb
21 Jan
%Mar
vb
4034 M.Y
704 M.
3
460 Fe"
19 Feb
4312 Feb
4034 Feb
3 Feb
13 Jan
yva Apr
91 Feb
4232 Feb
22 Feb
30 Mar
612 Feb
504 June
8912 JUDO
24 Feb
64 July
4% Feb
1012 Jan
512 Feb
4 Jan
e512 May
9 Jan
2412 Feb
114 Feb
494 Dec
ma Dec
712 Jan
4 June
818 Feb
3084 Feb
268 Jan
2 Jan
5;f4 Feb
54 Feb
84 Feb
2012 Jan
68 Feb
224 Apr
40 Feb
214 Jan
712 Feb
2934 Feb
22 Nov 32 Feb
114 Nov 2% Jan
2412 Dec
43 Feb
512 Jan
234 Nov
.23 Dec
.85 May
2414 Dec
4312 Feb
4012 Apr
4878 Feb
14 Nov
258 Feb
834 Jan
14 Feb
454 Nov 59 June
1 Mar (2% May
172 Dec
412 Feb
30 Dec
47% Feb
14 Jan
30 June
Id &aid. sr Half paid.
THE CHRONICLE
518
[VOL. 101.
Philadelphia Stock Exchange.-Record of transactions
at the Philadelphia Stock Exchange from Aug.7 to Aug.13,
inclusive, compiled from the official sales lists, is given
Boston Bond Record.-Complete record of transactions both
below. Prices for stocks are all dollars per share, not per
in bonds at Boston Stock Exchange August 7 to August cent.
For bonds the quotations are all per cent of par value.
13, both inclusive:
Outside Exchanges-Record Transactions
Sales/or
Week's
Week
Range.
FridaY
Sales. Low. High. Shares.
Range since Jan. 1.
Low.
Week's
Sales/or
Range.
Friday
Week.
Sales. Low. High. Shares.
Range since Jan. 1.
Low.
High.
High.
Par
Stocks.
101% 101%
Jan 104
7 100
Feb
American Gas of N J__100
Bonds.
8
104
6
10
5
8% Feb
Milling
Apr
Am Tel & Tel 4s
1929 88% 88
8845 $12,000 86% Jan 89% Apr American Railways
25
25
579 25
Aug 36
50 25
Jan
20-yr cony 4%s_ _ 1933
101% 102
2,300 95% Jan 103
Apr American
31 97% Aug 101
100 9745 9745 9735
Jan
Preferred
AUG & W I SS L 58_ _1959
Jan 73 May
70
7144 24,000 60
Locomotive_ _100 79% 78% 83% 3,071 30
Feb 85
July
Cudahy Packing 5s_ 1924
Aug 100
100 100
1,000 100
Aug Baldwin
27 90
Mar 10534 Aug
100 105% 105 105%
Preferred
Gt Nor-C B & Q 4s...1921
9641 9634 2,000 95
Jan 98% May
13
70 11
13
May 1344 May
dr Susq Corp v t 0.100
Mass Gas 4%s
1931
92
92
4,000 9134 Apr 94
Jan Buff
4034 41
362 36
100 41
Preferred v t c
July 41
Aug
New EngTel 5s
1932
100% 101
3,000 99% Jan 101% Feb Cambria
4234 4244
23 41
50
Iron
May 44
Apr
Pond Creek Coal 135 1923
97
May 98% Apr
12,500 94
98
50 54% 53% 55% 18,902 41
Feb 55% Aug
9534 95% 9,000 9434 Feb 9634 May Cambria Steel
Swift & Co 55
1944
63
62%
68% 26,219 47% Jan 68% Aug
Battery__100
So Pac cony 5s
1034
9944 99% 5,000 97% Mar 9934 Aug Elec Storage
32% 3334
940 24
100
Asphalt
Mar 3634 June
Western Electric 5s_ _ _1922 100% 100% 100% 4,000 100% Jan 101
Mar General
69%
290 60
100 6934 69
Preferred
Mar 72% Juno
Western Tel & Tel 55_1932 9634 96% 9634 5,000 9434 Mar 97
Jan Harwood
75
75
25 75
Electric, pref___
Aug 75
Aug
22
2234
194 21
Co of N A _10 22
Jan 2245 June
35
Chicago Stock Exchange.-Complete record of transac- Insurance
50
4,345 29
100 45
J G Brill Co
July 50
Aug
14
55 13
14
KeystoneTelephone
Aug 16
_50
Apr
tions at Chicago Stock Exchange from Aug. 7 to Aug. 13, Lake
945 10% 10,451
5
Apr 13% June
Corp_..100 1034
both incl., compiled from the official sales lists, is as follows: LehighSuperior
691 71% May 77% June
73
75%
Navigation
50 75
362 65
Jan 74% Aug
7034 7434
50 71
Lehigh Valley
16% 1,185 13% Jan 16% Mar
15
Lehigh Valley Transit_ _50 15
Week's
Sales/or
Range since Jan. 1.
925 2634 Mar 33
3134 33
50
Aug
Preferred
Friday
Range.
Week.
14 52
53
53
July 5434 Jan
50
Little Schuylkill
Sales. Low. High. Shares.
Low.
High.
12 5434 July 5734 May
55
55
Minehill & S H
50
5
82%
82%
8234
Aug 86
Northern Central
50
Feb
Stocks.
Par
1,448 80
88% 96
Mar 96
Penn Salt Mfg
50 06
Aug
American Radiator_ _..l00
2 345 June 390
35734 357%
Jan Pennsylvania
543-4, 5534 3,981 51% Feb 5534 Apr
50 54
AmericanShipbuilding_100 42
4134 43%
Apr 4834 Aug Pennsylvania Steel___ _100
915 26
8 34
34
35%
Aug 3534 Aug
Preferred
100 __ _ _
76
76
100 67% Apr 79% Aug
309 49% May 90
84
85
July
100 84
Preferred
Booth Fisheries prof.._100 75
75
75
15 68% Mar 80
Apr Philadelphia Co (Pitts)-50 39
637 2934 Mar 4045 July
38% 39%
Chic Pneumatic Tool_ _100 7734 73
84% 6.680 45% Feb 93% Aug
3934 39%
50 32
Mar 41
July
(cumulative 6%).50 3934
Pref
Chic Rys part ctf "1"_ _ _
41 78
July 93
7834 7835 80
Jan Philadelphia Electric_22% 24%
23% 25
6,776 2344 Jan 25
Aug
22%
Chic Rys part ctf "2".-__
215 17% July 3134 Jan Phila Rapid Transit...
2044 20
9% 1034
660
7 May 1144 Mar
_50
134 1%
Chic Rys part ctf "4"__ _100
Feb
1
Jan
3
9
10% 5,766
9
734 May 10% Mar
receipts_
trust
Voting
_50
204 204
Chicago Title & Trust_100 31 204
Aug 213
Mar Philadelphia Traction __50
144 70
71
73
July 79% Jan
Commonw'h-Edison__ _100 13534 134 136
33 132% June 140% Apr Reading
983 70 May 7834 Apr
50 73% 7345 76;4
Deere dr Co prof
100 9334 9345 95%
Jan 05% Aug Tone-Belmont Devel____1
705 88
4
3% 4;f6 1,045
334 July
5% Mar
Diamond Match
100 9634 96
97
165 90
Mar 98
Jan Tonopah Mining
5% 545
3,008
July
5
1
7% Jan
109% 110
Hart Shaff & Marx pref100
37 105
Jan 112% Mar Union Traction
34% 35%
2,390 30 May 39% Jan
50
65
Illinois Brick
100 65
65
80 60
Feb 67% June United Gas Improvt_...50 8545 85% 87
5,330 80% Jan 8744 Mar
Internat Harv Co ofNJ 100
109 109
Feb 111
100 96
June U S Steel Corporation_100 74
71% 7634 54,502 38
Feb 7034 Aug
National Biscuit
100
120 120
25 118
May 125% Apr
102 103
Jan 11344 Aug
100 11234 11234 113%
Preferred
National Carbon
100
149 149
20 119% Jan 149
Aug Warwick Iron & Steel_ __10 1045
10
11% 6,149
934 July 1144 Aug
Pacific Gas dr Elec Co _100
44
44
July 49% Apr W Jersey & Sea Shore_ _50
50 41
48
48
1 47
Jan
Aug 50
People's GasLt& Coke 100 116% 115% 117
185 113
Mar 123% Apr Westmoreland Coal..._50 63
115 58
Apr
61% 63
Jan 83
Pub Serv of No Illcom_100
83
83
92 75
Jan 87
Apr Wm Cramp & Sons
70
70
78%
722 1834 Jan 7034 Aug
100
Preferred
100
95
95%
75 93% May 100
Mar York Railways
7;f,
73i
175
6
8% Apr
July
50
Quaker Oats Co
245 247%
100 245
Jan 270 May
79 230
Scrip.
Preferred
100
Apr x107
106 107
108 103
90% 99%
May. Cambria Steel scrip__1916
31 95
Feb 100
July
Rumely common
100 13
13
5
Apr 13
1,525
4
Aug Cam Steel scrip_ _May1917
9834 98%
577 95
Feb 08% July
Preferred
16
16
100 16
Apr 16
9
10
Aug Philadelphia Co scrip_1916
100 100
943 90
Feb 100
Aug
Sears-Roebuck common100 15335 149% 156
9,260 a13134 Mar 215
Jan Philadelphia Co scrip_1918
98
08
300 80
Feb 98
Aug
Stewart Warner Sp com100 6645 65% 67% 2,085 48% Jan x7145 Apr
BondsSwift dr Co
114 11434
486 104% Jan 115% July Amer Gas & Elec 58_ _2007 87% 87% 8834 $32,000 85
100 114
Jan 8834 Aug
Union Carbide Co
14934 158
3,864 144% Jan 165
100 158
Jan
87
86
4,000 85
Jan 87
Aug
small
2007
do
Rights
4% 534 3,754
4% July
102 102% 23,000 10034 Mar 103% Apr
6'4 Aug Baldwin Loco 1st 5s_ _1940 102
U S Steel common_ _ _ _100
72% 7534
320 38% Feb 75% Aug Beth Steel p m 6s reg_1998 116
17,000 116
116 118
Aug 118
Aug
Ward, Montg,& Co pref
111 112%
183 110% Jan 114
Mar
1,000 99
10334 103%
Jan 103% Aug
1026
1st ext s f 5s
Bonds.
15,000 73
74
73
Aug 79
Feb
Elea & Peoples tr ctfs 4s'45 74
Armour & Co 445s_1039 9134
Jan 92% Feb
91% 91% $4,000 91
200 73
81 .81
July 82
Apr
1945
small
do
Chicago City Ry 58_1927 96% 9644 96% 18,000 96 June 99
Feb Equit I Gas L 5.9
7,000 10534 Mar 105% Mar
10534 105%
1928
95
Chic Pneu Tool 1st 5s 1921
95
1,000 04
Feb 98
Mar Harwood Electric 6s 1942
99% 0934 2,000 95
Apr 9934 July
Chicago Rys 5s
1927
94% 8,000 93 June 97
94
Feb Keystone Telep 1st 58 1935 9545 05% 06
8,000 90
Jan 96
Aug
3,000 71
71
Chic Rys 4s, series "B"
71
Aug 77% Mar Lake Superior Corp 5811924
28
28
5,000 27
Aug 45 I:, Jan
Chicago Telephone 58_1923 100% 100% 10045 1,000 9945 Jan 101
Jan Lehigh Coal & NavCommonw-Edison 5s_1943 100% 100% 100% 45,000 100
Jan
Jan 102
2,900 07n Jan 100
98% 99
1954 99
Consol 43-4s
Apr
100 100
Commonw Elec 5s_1943
5,000 99% May 101
Jan Lehigh Valley72
72
Met W Side El 1st 4s.1938 72
1,000 72
Feb
Aug 77
Feb 100
98% 98% 2,000 97
Apr
Gen consol 434s_ _ _ _2003
94
9,000 92
Ogden Gas 5s
1945 94
94
Jan 94% May Lehigh Val Coal 1st 5s 1933
10334 103% 2,000 103
Jan 10434 Jan
Peoples Gas L & Coke10244 102% 1,000 102
Jan 102% Apr
Leh Val Tran 1st fis_ _19 35
Refunding gold 58_1947
100 100% 4,000 9934 Jan 101% Mar Pennsylvania RR95% 95% 52,000 9434 Jan 96% Feb
Swift & Co 1st g 58-1944
1965 07% 9734 07% 62,000 97 May 9844 June
General 445s
7,000 10234 July 105
102% 103
1960 103
Feb
Consol 43.s
a Ex 50% stock dividend. x Ex-dividend.
99
99
1,000 95
Philadelphia Co 1st 5s 1949
Mar 190
Apr
101%
1,000 100% Jan 102451 Jan
10134
1948
Phila
Elec
5s
tr ctfs
Pittsburgh Stock Exchange.-The complete record of
78% 79% 7,000 77X Jan 80
Apr
1950
Trust certfs 4s
transactions at the Pittsburgh Stock Exchange from Aug. 7
Jan 803( May
800 79
79
80
1950 80
small
do
Mar 9831 Mar
1,000 98
08
98
Phila & Erie gen 4s__ _1920
to Aug. 13, both inclusive, compiled from the official sales Phil
1,000 10934 Jan 110
110 110
& Read'g Term 58 194 1
Aug
lists, is given below. Prices for stocks are all dollars per Pub Serv Corp NJ 5s_1959
1,000 86% Aug 8834 Feb
86% 8634
Feb
1097 93% 9234 93% 27,000 91% July 95
share, not per cent. For bonds the quotations are per cent Reading gen 4s
Mar 70 May
65
66% 3,000 55
United Rys Invest 5s_1926
of par value.
Mar 92 May
400 90
9145 91%
Welsbach Co small 58_1930
Mar 77
3,000 75
76
76
Feb
West N & Pa gen 4s 1943
Week's
&deem
Range since Jan. 1
Ez•elivideni
S
Range.
Friday
Week.
Sales. Low. High Shares
Law.
High
Baltimore Stock Exchange.-Complete record of the
X.
Par.
Stock.American Sewer Pipe_ _100
Am Wind Glass Mach-100 16
Preferred
100 80
Am Wind Glass, pref._100
Citizens' Traction
50
Columbia Gas & Elec_ _100 1444
Consolidated Ice, pref. 50
Crucible Steel,corn_ _ _ _100 80
Preferred
100 103
Barb-Walker Refrac_ _100 55
Preferred
100
Independent Brewing- _50
234
Preferred
50 15
LaBelleIronWks, com_100
Preferred
100
Mfrs Light & Heat..._50 47%
Nat Fireproofing. corn_ _50
544
Preferred
50 18
Ohio Fuel Oil
1
1434
Ohio Fuel Supply
25 39%
Oklahoma Natural Gas 100
Osage & Oklahoma Co-100 8835
Pittsb Brewing, tom.._50
4
Preferred
50 1435
Pittsburgh Coal, corn..100 2534
Preferred
100 93X
Pittsburgh Oil & Gas_ _100
545
Pittsburgh Plate Glass_100
Pure Oil,common
5 16%
San Toy Mining
1
17c.
Union Natural Gas_ _ _ _100 129
Union Switch & Slg,com 50
S Steel Corp, corn_ _ _100
W'house Air Brake
50 135%
W'house El & Mfg,com_50 57
Bonds.
Columbia Gas dr El 5s 1927 74
Independ Brewing 68_1955
Pittsburgh Brewing(is 1949
Pitts') Coal deb 6s_ _ _ _1931
W'house El & Mfg rights__ -----x Ex-dividend.
17
15%
79%
99
50%
13%
39
80
17%
16
80
100
5035
1434
40
81
102% 105%
55
08
55
90
2% 234
13% 15
3634 37
115 115
4834 4734
5% 5%
1734 19
14% 1534
3934 40
64
64
68%
68
334 4
1234 14%
24
25%
933% 9434
434 544
109% 109%
15% 18%
17c. 17c.
129 129
105 106%
7634
72
135 135 34
56% 57%
74
49
54
95
134
250
1,065
70
50
25
5,505
100
50
282
40
60
380
200
736
10
542
680
225
300
555
25
75
240
189
855
270
460
35
5,525
9,400
250
397
360
805
840
$1,500
74
1,000
49
54% 5,000
95
2,000
7,994
2
Aug
17
15% July
75% May
June
x98
48
Mar
834 Jan
Aug
39
1245 Feb
Jan
75
Feb
45
97% Mar
244 Aug
13% Aug
Jan
27
103 June
46
May
434 Feb
16
Feb
12
May
39% Aug
57
Feb
6734 Feb
3
Feb
12
July
16% Jan
8234 Jan
444 Aug
104
Apr
13% May
8c. Apr
128% Aug
92
Apr
Feb
38
116% Mar
3234 Feb
71
49
60%
90
35
Mar
Aug
Apr
Jan
July
24
Apr
19% May
85 May
123
Jan
52
Jan
15% Aug
40
Feb
86
Aug
105% Aug
55
July
Jan
99
6
Apr
2234 Jan
37
Aug
115
Aug
49% Jan
634 Apr
22% Jan
15% Jan
45 May
Aug
64
Feb
70
844 Apr
2434 Jan
2634 July
9545 Feb
7% Jan
110
July
1734 Aug
20c. June
133
Mar
107
Apr
76% Aug
137
July
57% Aug
75
61
65
97
2
June
Jan
Jan
Apr
Aug
transactions at the Baltimore Stock Exchange from Aug. 7
to Aug. 13, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.
Sales/or
Week's
Week.
Range.
Friday
Sales. Low. High. Shares.
Par.
Stocks.
Baltimore Elea, pref____50
Dommercial Credit___100 3734
ons G.E L dr P, pref_100
Donsolidation Coal..._100 9334
6%
Dosden & Co
Davison Chemical pref_100 10444
Houston 011 trust ctfs_ _100 143-1
Pbeferred trust ctfs_ _100 57
Mer & Miners Trans..100
Northern Central
50 82%
Pennsyl Wat & Power_100
Sapulpa Refining
Seaboard Air Line
100
United Sty & Electric_ _ _50
Wayland 011 & Gas
5
Bonds.
ACLRR cony deb 48_1039
Small bonds
Balt Spar P & C 444s..1953 9444
Carolina Central 4s_ __1949
Chicago Sty 1st 5s_._ _1927
Consolidated Gas 5s..1930
General 4458
1954
Cons G,E L & P 440_1935 8744
Notes, small
Consol'n Coal cony 63.1923
Davison Chemical 6s_1932 9934
Elkhorn Fuel 5s
1018
Fair & Clarks Trac 58_1938 9844
Fltirmont Coal FA
1031
43
43
3734 3734
112 112%
9334
93
6% 6%
10434 104%
1434
12
66
67
26
26
8234 83
65
85
2
2
1445 1434
2234 2334
331 3%
823-4
83
94
85
0431
103
93
87
100
10034
9934
95%
983-4
9634
Range since Jan. 1.
Low.
High.
10 43
Jan 4434
181 3534 May 168
120 10034 Jan 115
62 92
Jan 98
210
5
Jan
734
30 100% May 10444
2,942 10
Mar 1634
76 54
Jan 81
1 24 May 26
192 82
Aug 8534
200 8344 Aug 6834
200
2
July
3
20 12% Mar 15%
631 20% June 27
5
2% May
43-4
83% 340,500 82%
83
500 82
9434 4,000 93
85
1,000 84
9434 10,000 93
103
1,000 103
1,000 93
03
8734
5,000 87
100
1,000 9834
101
34,000 99%
9931 3,000 97
9534
2,000 02%
98%
2,000 9834
9634
1.000 94
Aug
Jan
Aug
Jan
June
Aug
Jan
Jan
Mar
Jan
Jan
Jan
July
Jan
8734
87
97
85
97
105
95
89
100
10134
9934
9534
100
9634
Feb
Apr
Mar
Juno
May
Aug
Apr
Apr
Aug
Jan
Apr
May
Apr
Mar
Jan
Apr
May
Jan
Jan
Jan
Jan
June
Apt
Alm
July
May
June
Feb
Jan
AUG. 14 1915.)
TIIE CIIRONICLE
Week's
Salesfor
Range.
Friday
Wee/c.
Sales. Low. High. Shares.
Bonds (Concluded).
Ga Car & Nor 1st 5s_ _1929
Ga Sou dr Florida 5s_ _1945
Lake Roland El gu 5s _1942
Maryland El Ry let 581931
Mt V-W CDuck ctfs of dep
Norfolk Ry & Light 581949
Seab & Roan (is small_1916
United Ry & Elec 4s_ _1949
Income 4s
1949
Funding As. An:mil_ _1936
101
10055
103
94
45
423
95
10034
80
5655
5734
8114 8134
101
10055
103
94
45
95
10034
8034
5734
82
$5,000
3,000
1,000
1,000
188,000
2,000
300
16,000
29,000
700
Range since Jan. 1.
Low.
101
Jan
10055 Aug
103
Aug
July
94
Jan
35
July
95
10034 Aug
793( June
55 LJune
8055 July
High.
102%
10255
10434
98%
45
97%
10034
82
63
8734
Apr
Jan
Apr
Jan
Aug
Apr
Aug
Jan
Jan
Jan
Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Stocks.
Week ending
Aug. 13 1915.
Railroad
Stale, Mun.
U.S.
clb Foreign
Bonds.
Bonds.
Tobacco Stocks-Per Sha ff
Par Bid. Ask.
American Cigar common..10 103 107
Preferred
1
97 99
Amer Machine & Fdry-1
80 90
British-Amer Tobac ord. fl •14 15
Ordinary, bearer
El .1412 1512
Conley Foil
100 320 350
Johnson Tin Foil & Met_100 130 150
MacA ndrews & Forbes_.100 160 170
Preferred
100 9912101
Porto Rican-Amer Tob _100 190 200
Reynolds (It J) Tobacco_10 350 360
Preferred
119 121
Tobacco Products corn...100 50 60
Preferred-See Stock Ex. list.
United Cigar Stores cozn_100 100 103
Preferred
1001 110 125
United Cigar Stores(new) 10 .
1018 1014
Young (J S) Co
100 165 175
Preferred
100 107 110
Ordnance Stocks-Per cent.
519
Bid. Ask.
RailroadsWest Pac 1st 58 1933.-M-S 12812 30
Par
Street RailwaysCom'srith Pow Ry & L_ _100 51 53
Preferred
100 78 80
Federal Light & Traction 100 15 20
Preferred
100 55 60
Republic Ry & Light
100 ___ 11
48
Preferred
rennes.ree Ry L & P com_ 10
6
4
00
9
Preferred
23
100 21
United Lt & Rye com
100 38 42
1 t preferred
69954
87
100
8 8
00 6
Wash It y & El Co
Preferred
100 8234 8315
J-1, 81 8134
4.8, 1951
Elec. Gas et Power CosAm Gas & Eiec corn
50.102 104
Preferred
!
.47 49
318 320
prL
efte&
Am
rred
Trac common 1
100 108 110
Amer Power & Lt corn......
32
_1
6012 6
Preferred
1
Amer Public Utilities cowl
78
9 82
2
Preferred
61 64
1
Cities Service Co corn.....
43 4512
Preferred
100 52 53
Consumers Power(Minn)
let & ref 5s 1929 ___M&N 90 91
Eiec Bond & Share pref.._1
d9812100
Great West Pow 5s 1946 J&J 80 82
Indiana Lighting Co__ _ _100 45 -45, 1958 optional
F-A
Noprrtehfeern
rreSdtatesPowercoml
6
28
7 6
29
912
100 84 86
Pacific Gas & El corn_ _ -100 44 4413
1st preferred
8412 86
1
2d preferred
100 84 86
Sop
utrh
efee
rraed
lif Edison com-1
70 72
100
94
Sta
pn
rd
212 96
efaerrr
ded
8
Gas & El (Del).. 50 .
Aetna Explosives coin__ _100 146 152
Shares.
Par Value.
Bonds.
Preferred
100 79 84
Atlas Powder common._ ..100 200 215
Saturday
324,226 $29,408,600 $1,417,000
$7,000
131185
(E
common..
W)
50 340 360
Co
Monday
690,616 60,768,600
2,845,000
84,000
$1,000
Preferred
50 129 140
Tuesday
1,077,325 98,795,000
3,293,500
31,000
Canadian Car & Fdry
116 117
1
Wednesday
948,870 86,235,700
10,000
2,986,000
39,000
Preferred
121
25
Thursday
895.347 84,455,325
3,000 Canadian Explosives corn 100
3,761,000
44,000
100 290 315
Friday
818,825 75,319,750
11,000
2,358,000
37.000
Preferred
100 101 09
Colt'e Patent Fire Arms
Total
4,755,209 $434,982,975 $16,660,500
$242,000 $25.000
Mfg
100 485 00
duPont(E I) de Nemours
65
Sales at
TVeek ending Aug. 13.
Jan. 1 to Aug. 13.
Powder common
655
1
New York Stock
Preferred
00
100
Exchange.
1914.
1914.
1915.
1915.
Electric Boat
leo :6'5- 405
Preferred
100 435
Stocks-No.shares..-45,990,575 Hercules Powder coin.--100 350 16
4,755,209
84,722,348
14
0
$434,982,975
Par value
$7,296,412,370 $4,023,321,369 Niles-Bement-Pond com..100 111
Bank shares, par
$265,800
$3,100 STOCK
$134,800
Preferred
00
4
100 97 0
Bonds.
EXCH'NGE
Savase Arms
100 250
Government bonds_ _ _
$655,100 Winchester Repeat Arms 100 1675 1725 United Gas & Elm Corp_100
$25,000 CLOSED.
$648,000
15
8
13
412 2
5 *2
State,mun.,dic.,bonds.
32,659,500
242,000
13,970,000
let preferred
54 58
1
RR.and misc. bonds- 16,660,500
391,771,500
468,716,700
Short Term Notes-Per
2d preferred
18
14
10
Amer LccomotiveUtah Securities Corp_._ _ 1
12 14
Total bonds
$16,927,500
$425,086,100
$483,334,700
55, July 1016
J-J 10034 0114
6% notes-See Short-Term Notes.
55, July 1917
J-J 10014 101
Western Power common_10( 1312 1512
Am
10014
100
Tob
6%
Sep
scrip,
1
'15..
Preferred
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
Am T & T Sub Cos 58, 1916.. 10078 10118
Industrial
BALTIMORE EXCHANGES.
AnacondaCopper 58'17..M-8 10058 10078
and Miscellaneous l0(49 51
Bait & OhioAdams Exp coi tr acts '47.1-D
Boston.
Philadelphia.
Baltimore.
434s 1917
Jarn 993s 9934 Alliance Realty
1
Week ending
434.1918
JdrD 9812 9834
r Bank Note com........50 *36 40
Ame
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales. Ches & Ohio 58 1919
, Aug. 13 1915.
. 9178 9218
Preferred
Chic Elev Ry 5s, 1916___J-J 9412 9534 American Brass
99
3
7 14
10
69 1940
Saturday
19,631
$6,300
$77,400 Chic & W Ind Ss, 1915_ _M-S 100 10014 American Chicle cora
21,071
$18,000
230
100 115 120
Monday
29,505
9,500
37,475
45,626
39,600 Consum Pow 6s, 1917.M&N 98 99
62
Preferred
88 91
1
Tuesday
43,822
17,500
91,300 Erie RR 58, Oct 1 1915..A-0 10014 0012 Am Graphophone corn...100 70 72
47,458
46,124 '
501
Wednesday
34,012
100 0014
21,000
91,100
29,993
29,093
865
5s Apri 1 1916
Preferred
Thursday
29,238
23,500
14,127
73,146
48,300
2,353
550, April 1 1917--A-0 9938 9978 American Hardware
129
1 IR-100 18
Friday
30,692
6,000
22,965
37,100
53,300 General Rubber 5e,'18..J&D 9858 9878 American
935
1325
9
Hocking Valley 63,'15_M-N 1003810073 Amer Typefounders
Surety6
com_100 135
16
Total
383,800! 173,089 $249,089
186,900
4,946 $101.000 lot Harv 58, Feb15 '18.F-A 10018 10038
eferr
iting
wred
Lackawanna Steel 68'17_M-S 9834 9934 Amer
Paper..-199 9612 9?
Lake Sh & M So,5s Sept 1915 100 10014 Bond & Mtge Guar
100 270 280
1003810078 Borden's Cond Milk com_ 100 107 109
5s Dec 1915
Minn Gen El 68, 1917_J&D 10012101
Preferred
106 107
1
New Eng Nay 6s, 1917-M-N 96 9612 Braden Copper Mines
5 •763 734
Bid
Banks
Bank
N YC&H RivBid
Ask
Ask
Trust Co'8
Burns Bros, corn
7712 80
10
1001810038
New York
Wars& Fult- 235 245
58, Sept 15 1915
New York
Ask
Bid
Preferred
...
.
3
10 101 12
America*- 545 555 Mech & Met- 250 257 Astor
58, Oct 1 1915
A-0 10014 10012 Casualty Co of America..1
355 305
110
Amer Each__ 200 208 Merchante__ 175 185 Bankers Tr.... 410 420
N Y N H&H 58.Malt 11916 1003810058 Celluloid Co
139 143
1
Atlantic __. 175 185 Metropolis* _ 300 320 B'way Trust_ 144 150
Pub Ser Corp NJ 55,'18 M-S 10038100% City Investing Co
100 10 20
Battery Park 145 165 Nictro pol'n• 175 185 Central Truet 975 985
Schwarz & Sulzb 8s,'16-J-D 10078 10118
Preferreo
100 70 80
Mutual
Bowery•__ -- 400
325
Seaboard A L 58, 1018-81-9 10038 10058 Cramp Ship & E Bldg
Columbia
460 475
100 71 73
Bronx Boros. 225 280 New Neth• - 210 225 Commercial _ 100
Southern Ry 55. 1916....F-A 100 10014 Emerson-Brantingham _100 10 20
Bronx Nat _. 150 175 New York Co 725 825 Empire
5s, Mar 2 1917
st-e2 98 9858 Preferred
295 306
.
1 3814
43 50
Bryant Park* 140 150 New York.._ 370 380 Equitable Tr 412 422
Sulz&SonsCo 68,J'nel'16M-S 10078 10118 Goldfield Canso' Mines___19910
Butch & Dr_ 100 125 Pacific*
200 220 Farm L & Tr 1100 1125
UnTypew 5s,Jan15'16 J-J15 9412 9512 HayanaTCo........acco Co
00
3
1
390 400 Fidelity
Century* --_ 175 180 Park
United Fru!t6s,MaYI'17M-N 10134 10214
197 203
Preferred
8
5
100
Obese
230 245 Fulton
540 560 People's*
Gold notes 58 1918 M-N 9914 9912
270 290
let g 5e June 1 1922 J-D f52 58
Chath &Phen 175 183 Prod Exch.__ 158 165 Guaranty Tr 590 600
U S Public Serv 69 1918 A-0 97 99 Intercontlnenel Rub corn 100
612 8
Chelsea Ex' 124 134 Public*
Utah Co 65, 1917
A-0 100 10034 Internet Banking Co
175 Hudson
125 135
100 99 105
Chemical
410 430 Law Tit & Tr 100 110
400 410 Seaboard
UtahSecurCorp 85.'22M-S15 78 7912 Inter Mere Marine
100
rine
158 158
Citizens Cent 163 168 Second
395 425 Lincoln Trust 98 105
10
812 634
City
125 135 Metropolitan 400 410
New York City Notes385 395 Sherman
International Nickel
177 180
1
Coal & Iron.. 155 185 State*
120 135 Mut'l (West10018 10014
65. Sept 1 1015
Preferred
100 103 106
23d Ward , 100 135
Colonial'
(is, Sent 1 1916
450
1028810278 International Salt
chester)_ _ _ 130 135
1
25 ---300 325 Union Exch 130 138 N Y Life Ins
Columbia*
68. 9ept 1 1917
10334104
let g 5s 1951
A-0 /6312 65
Commerce .._ 1'160 305_ Unit States._ 500
- & Trust._ _ 950 975
International Silver pref_l
103
Wash H'ts• 275
Corn Excho_ 298
Canadian Govt. Notes
N Y 'I rust__ _ 575 590
let 69 1948
..I-D 106 jaiWeetch Ay* 160 175 Title Ou dr r 370 380
Os, Aug 1 1916
Cosrnopolitn* 85 100
F.S.A 99781001s
Deb (is 1933
J-J -- 85 West Side'
East River- 70
400 450 Tensatiantic 150 160
5s, Aug 1 1017
F&A 997810018 Kelly Springfield Tire.....100 183 igg 135 145 Yorkville •- 475 550 Union Trust.. 330 345
Per
Fidelity•
Basis
1st preferred
100 86 87
Filth Aye'.... 4200 4500
RR. EquipmentsStd. Ark.
.
US Mtg & Tr 380 390
2d preferred
100 183 185
Fifth
250 300
Baltimore & Ohio 4 As
4.60 4.50 Kerr Lake Mining
United States 1020 1050
5 *312 334
First
Buff Roth & Pittsburgh 4%
870 885
4.55 4.45 Langton MonotYpe
Westchester 140
100 72 80
Brooklyn.
Garfield --- 180 200
Equipment 49
4.55 4.45 La Rose Como'Mines
5
*38
12
Bird..
Coney
140
Germ-Amer• 135 146
Canadian Pacific 4558
5.15 4.90 Lawyers' Mtge Co
100 173 177
255 265
German Ex._ 390 410 First
Caro Clinchf & Ohio 53
5.20 4.85 Lehigh Val Coal Safes...50 162 168
Brooklyn
134 142
Germania *- 425 475 Flatbush
5.10 4.80 Manhattan Transit
Central of Georgia 85
20
*
34
Greenpoint
Gotham __ 190
150 Brooklyn
Equipment 43-4s
5.10 4.80 Marconi Wireless of Am -8 *458 434
490
gi- 120 Franklin Tr_ 475
Greenwich*
Chicago & Alton 49
265 280 Hillside*. _ _ 125
235 245
Mortgage Bond Co
100 115 120
90 Hamilton __- 265 275
Hanover ___ 610 625 Homestead•_
Chicago dr Eastern Illinois Sc ---- 6
Mational Surety
100 180 185
Mechanics. 135 Kings County 625 645
Harriman _ 315 325
lIquipment 43,58
6
N Y Mtge & Security_ _100 105 115
Chic Ind & Louis? 434s......... Y.15 4.80 N Y Title Ins Co
Imp &
500 515 Montauk* _ 85 110 Manufacers100
5 .3318
7 4338
2
195 205
Irvgng
Chic
165 175 Nassau
St L & N 0 58
4.80 4.65 Nlpisaing Mines
Citizens
137 142
National City 270 280 People's
liberty
820
Chicago & NW 434s.
4.55 4.30 Ohio Copper Co
280 290
Lincoln
310 330 North Side._ 175 20.3 Queens Co
Chicago 11 I & Pat 4148
7.50 5.50 Otis Elevator corn
80
lg 72
*4 744
135 145
Manhattan'. 300 310 People'a _
Colorado & Southern 58_
5.10 4.80
Preferred
100 93 95
5.11 4.75 Realty Assoc (Pklyn). ..100 95 100
•Banks marked with a Pi are State banks. t Sale at auction or at Stock Erie 58
Equipment
5.10
4%5
4.75
Remington TypewriterExchange this week.
Equipment 48
5.1 4.75 COMMOD
100 1312 15
Hocking Valley 48
6.9 4.75
1st preferred
106 60 63
Equip 58 4.95 4.75
2d preferred
100 41 43
Illinois Central Sc
4.65 4.50 Riker & Hege'n (Corp for stk) 4.8
6'g
4A a
4.65 4.50 Royal Bak Powd com
100 152 157
All bond prices are “and Interest' except where marked "f."
Kanawha & Michigan 434e... 5.25 4.90
Preferred
100 102 10212
Louisville & Nashville 5s..... 4.50 4.35 Safety Car Heat & Lt...100 10412 107
-Per
are
Minn St P & S S M 434s...... 4.70 4.50 Singer Mfg Co
Standard Oil Stocks-Pe'Share
100 215 225
Par Bid. Ask, Missouri
& Texas 58. 6.5 5.25 Standard Coupler corn....100
Par Bid. AM Pierce 011 Corp
5 2:
212 35
234
25 *12 1212 Missouri Kansas
Pacific 58
7.5 5.50
*174 1734 Prairie 011 & uas
Preferred
pref....100
Anglo-Amer 011 new
1001 100 ---383
386
1001
Mobile
dr
5.20
Ohio
58
4.90
Sterling
Gum
Atlantic Refining
100 595 600 Prairie Pipe Line
170
181
Equipment 449
5.20 4.90 Sulzberger de Sons
Borne-Scrymaer Co
100 270 280 Solar Refining
90 92
1
240 250
New York Central Lines 58_
5.00 4.85 Texas & Pacific Coal-_100 ____ 175
Buckeye Pipe Line Co_ _ _ 50 *102 104 Southern Pipe
Equipment 434s
5.00 4.85 Tonopah Extension Min.__ I .
Chesebrough Mfg Cons....100 715 725 South Penn OilLine Co_ _100 z210 215
i1441
3
54
8
100
N Y Ontario & West 4)0_
4.90 4.65 United Profit Sharing
Colonial 011
100 135 145 Southwest Pa Pipe Lines_100 332 35
Norfolk & Western 434&..... 4.50 4.30 U S Casualty
115 118
10b 190 210
Continental 011
10 228 232 Standard 011 (California)
100
Equipment
2293
297
45
4.50
4.30
U
S
Envelope
corn
1
Crescent Pipe Line Co
130 140
50 *41 43 Standard 011 (Indiana)
Pennsylvania RR 430
4.40 4.25
Preferred
Cumberland Pipe Line_ _100 46 50 Standard Oil (Kansas) ....100 443 447
1
104 10812
_100 390 95
Equipment 49
4.40 4.25 U fi Finishing
Eureka Pipe Line Co.._ 100 235 240 Standard Oil of Kentucky100
1
12 14
Pere
Marquette
273
55
277
Preferred
100 30 37
Galena-Signal 011 corn-100 166 160 9tandard 011 of Nebraska100
Equipment 4 AS.
let g Se 1919
J-J 90 ---Preferred
100 137 142 Standard 011 of New Jer_ 100 325 35
St Louis Iron Mt & Sou 58_
5.75 5.00
Con g 55 1929
J-J 68 7312
Illinois Pipe Line
100 146 148 Standard 01101 New Y'rk100 415 17
St Louie & San Francisco 11
CT 8 Tit Gu & Indem__ _ _10
8
.
Indiana Pipe Line Co
30 50
50 1.101 104 Standard 011 of Ohio........100 197 99
Seaboard Air Line 58
440 50
5.1 4.85 Westchester & Bronx Titl
Internet Petroleum
El •912 934 Swan AC Finch
100 115 25
Equipment 434;
5.1 4.85
Jr Mtge Guar
1
National Transit Co
165 180
25 *33 34
Union Tank Line Co.......100 83 85
Southern
Pacific Co 004_ 4.60 4:80
4 50 Wo
pan
rthyingeofn (H II) CowNew York Transit Co.....100 207 12 Vacuum 011
10 218 221
Southern Railway 434s
4.95
l
86 92
Northern Pipe Line C0-100 101 '104
Washing ton Oil
Toledo & Ohio Central 4li
1 *34 37
5.00 4.75 Yukon Gold
Ohio 011 Co
*235 258
25 *147 148
Bonds.
Fuel Co
.I1.17
8 02 Pierce mi Coro cony 68
•
Per
8
she*.
Basis. d Purchaser also pays accrued dividend. I Flat price.
19241 80 82
a Nominal. a Ex-dividend. r Ex-rights.
12 781
New York City Banks and Trust Companies.
Inactive and Unlisted Securities
[VoL. 101.
THE CHRONICLE
520
butes-blunt an gailirraa inttliagence.
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly return.,
san be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
(alumna the earnings for the period from July 1 to and including the latest week or month. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period. The returns of the electric railways are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
Latest Gross Earnings.
July 1 to Latest Date.
Current
Year.
Previous
Year.
3
Ala N 0 & Tex Pac293.154 333,636
293,154
N 0 & Nor East.. July
333,636
124,037 134,216
Ala & Vicksburg_ July
124,037
134,216
121,097 135,607
Vicks Shrev & P.. July
121,097
135,607
4th wk July
59,021
61,829
195,201
Ann Arbor
191,111
9.951,792 9,271,364 117665587 111109770
Atch Top & San Fe.. June
Atlanta Birm & Atl June
199,856 239,915 2,656,483 3,399,360
Atlanta & West Pt_ June
93,566 107,288 1,185,338 1,305,524
2,327,261 2,851,072 31,536,475 36.832,898
Atlantic Coast Line Juno
Chariest & W Car June
123,937 138,995 1,767,387 2.095,812
124,813 124,859 1,397,190 1,381,823
Lou Hend & St L Juno
°Baltimore & Ohio_ June
8,662,956 7,960,602 91,815.797 99,164,010
137,433 137,686 1,555.299 1,640,978
B & 0 Ch Ter RR June
Bangor & Aroostook June
331,674 309,118 3,763,398 3,809,619
Bessemer & L Erie.. June
1,220,960 1,064,590 8,665,548 8.518,878
Birmingham South.. June
58,409
796,498 1,161,830
84,669
Boston & Maine_ __ June
4.035,833 4,187,953 46,673,049 48.11:0,285
Buff Roch & Pittsb_ 1st Nik Aug 209,123 249,349 1,214,872 1,187,433
Buffalo & Susq RR_ June
109,411 104,101 1,444.897 1,602,073
Canadian Northern 1st wk Aug 259,900 354,400 1.466,000 1,948.700
Canadian Pacific__ 1st wk Aug 1,787,000 2,236,000 9,234,000 12,277,000
Central of Georgia_ May
858,157 964.186 11,281,382 13,363,821
3,314,471 3,841,243 32,431,024 34.121,311
Cent of New Jersey June
Cent New England.. Juno
373,006 302,766 4,055,045 3,764.260
Central Vermont__ June
396,913 464,917 3,899,660 4,178,957
Ches & Ohio Lines_ 1st wk Aug 751,464 718,882 4,357,531 3,982,979
Chicago & Alton_ __ 4th wkJuly 423,326 486,658 1,190,199 1,279,438
Chic Burl & Quincy May
6,957,421 6,651,726 83,864,649 86,102,190
1.012,041 1.073,552 13,142,498 14.500,245
I Chicago & East Ill May
p Chic Great West.. 4th wkJuly 301,464 303,910 1,104,289 1,082,558
Chic Ind & Louisv_ 1st wk Aug 138,625 145,490
741,557
710,842
Chic Milw & St P..1 June
7,810,870 7,854,643 91,435,374 93,613,700
Chic Mil & Pug S
Chic & North West- June
7,247,727 7,865,556 83,579,675 87,800,293
Chic Peoria & St L.. June
113.340 129,605 1,597,909 1,653,799
(Chic St P M & Om_ June
1,465,156 1,523,173 18,196,842 18,569,907
Chic Terre H & S E May
151.454 150,127 2.025.523 1.996.268
Cin Ham & Dayton June
920,354 864.643 9,725,972 10,084,217
Colorado Midland_ Juno
109,679 137,465 1,698,780 1.773,413
b Colorado & South 1st wk Aug 255,823 267.637 1,348,370 1,392,132
June
Cornwall
10,358
177,448
128,189
10,392
Cornwall& Lebanon June
26,204
311,374
296,656
23,981
Cuba Railroad ____ June
457.571 432,183 5,206,714 5,164.671
Delaware & Hudson June
1,914,316 1,969,336 22,701,942 23,219.669
Del Lack & Western June
3,838,912 3,734,610 43,044,705 43,301,931
Deny & Rio Grande 1st wk Aug 469,500 450,400 2,434,600 2,452.400
Western Pacific__ June
615.020 524,256 5,708,126 6,251,137
Denver & Salt Lake 4th wkJuly
52,091
50,163
157,291
151,079
Detroit Tot & Iront June
132,249 129,396 1,767,580 1,513,953
Detroit & Mackinac 1st wk Aug
18,757
20,327
111,983
119,034
Det & Tol Shore L.. June
109,543
93,621 1,471,160 1,544,330
Dul & Iron Range.._ June
802.343 778,134 4,824,605 6,599,279
Duluth So Sh & Atl 4th wkJuly 102,925
94,649
303,885
288,648
Elgin Joliet & East.. June
840,263 761,921 8,541,355 11.252,392
El Paso & Sou West June
752,000 837,384 7,788,736 9,083,060
June
Erie
5,437,512 5,312,861 60,830,748 60,992,476
Florida East Coast_ June
401.109 350,565 5,513,477 5,397,646
Fonda Johns& Glov June
74,855
88,698
874,762
986,877
Georgia Railroad__ June
184,513 238,157 2,791,590 3,327,444
Grand Trunk Pac__ 3d wk July
64,631
99,057
188,879
306,293
Aug
1st
wk
Syst_
Grand Trunk
993,773 1,106,823 5,491,719 5,830,840
Grand Trk Ry___ 3d wk July 780,421 823,616 2,369.377 2,574,933
Grand Trk West.. 3d wk July 143,595 136,893
421,784
405.686
Det Gr H & Milw 3d wk July
56,846
166,617
50,349
151.044
Great North System July
5.598,154 6,840,446 5,598,154 6,840,446
Gulf & Ship Island.. June
134,034 147,419 1,633,006 1,991,934
Hocking Valley.... _ _ June
513,082
,936 6.181.153 7,021,145
Illinois Central_ _ _ _ July
4,700,863 5,396,122 4,700,863 5,396,122
Internat & Grt Nor June
616,843 656,760 9,083,626 9,963,407
Kanawha & Mich.._ June
264,968 165,625 2,911,414 3,110.670
Kansas City South_ June
792,226 978,892 10,635.896 10,970,403
June
Lehigh Valley
3,634,848 3,824,615 42,525,962 42,170,647
Lehigh & Hud River June
162,612 141,495 1,816,585 1,774,792
Lehigh & Now Eng.. June
276,23 274,410 2,646,662 2.255,800
Louisiana & Arkan_ June
132,933 126,367 1,723,677 1,741,872
Louisiana Ry & Nay Juno
170,010 165,395 2,023,698 1,971,718
sLouisville & Nashv 4th wkJuly 1,528,070 1,601,283 4,452,959 4,803,643
Macon & Birm'ham June
6,631
128.154
9,376
156,297
June
Maine Central
1,026,662 1,047,819 11,350,423 11,833,989
Maryland & Penna.. June.
37,603
511,674
40,094
532,415
Midland Valley_ _ __ June
112,856 119,845 1,392,739 1,619,499
Mineral Range....__ 4th wkJuly
30,623
89.960
25.571
77.749
Minn & St Loius__1 1st wk Aug 170,829 179,887
961,277
964,604
Iowa Central.. _ _ J
Minn St P & S S M. 1st wk Aug 519,400 546,782 2,800,280 2,927,567
Mississippi Central.. June
68,781
80,450
849,991 1,027,096
U Mo Kan & Texas_ 1st wk Aug 586.184 603,306 3,107,104 3,320,007
x Missouri Pacific__ 1st wk Aug 1,125,000 1,129,000 5,835,023 6,381,971
Nashv Chatt & St L June
837,324 972,653 10,936,533 12.778,334
Nevada-Cal-Oregon 4th wkJuly
9,779
11.001
40,640
37,215
e New York Central June
13906706 13231509 154062475 159595 583
Boston & Albany. June
1,537,845 1,524,823 16,552.500 17,331.410
nLake Erie & W_ June
485,455 483,174 5,683,647 5,743,648
Michigan Central June
3,118,283 2,897,085 33,760,732 34,931,058
Cleve0 C & StL1
Peoria & East! June
2,985,253 2,955.541 35,824,105 36,405,577
Cincinnati North. June
127,113 118,370 1,541,351 1,459,278
Pitts & Lake Erie June
1,513,339 1.387,020 14,639,732 17,669,360
N Y Chic & St L.. June
1,058,909 902,558 11,413,775 11.809,368
Tol & Ohio Cent_ June
424.589 226,985 4.946,738 5.351,932
Tot all lines above June
25157492 23727065 278425053 290297210
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
July 1 to Latest Date.
Current
Year.
Previous
Year.
3
136,885 148,621 1,460,578 1,724,505
New On Great Nor May
129,377 166,899 1.771.473 2.205,704
NO Mobile & Chic June
6,327,988 5,845,367 65.379,264 67,452,592
NYNH& Hart!... June
714,877 827,673 8,926.946 9,251,570
N Y Ont & Western June
330,956 320,766: 3,909,058 3,965,796
N Y Susq & West.. June
322,596 370,9611 3,875,875 4,266.846
Norfolk Southern June
4,330,286 3,744,204 42,987.044 44.650,309
Norfolk & Western_ June
5,335,773 5,810,184 63,171,653 70,449,575
Northern Pacific.. June
353,8651 363,540 3,568,701 3.745,805
Northwestern Pac June
597,220'
6,284,493 7,063,650
Pacific Coast Co_ June
16421567 15826333 183671205 196968043
zPennsylvania RR.. Juno
103,251 110,301 1,231,661 1,249,934
Balt Ches & Ati_ Juno
248,580 352,391 2,898,794 3,525,462
Ctunberland Vail. June
1,345,346 1,398,161 13,318,082 13,088,060
Juno
Long Island
81,595
75,611
935,585
Maryl'd Del & Va June
962,610
427,805 362,150 3,816,458 3,812,824
N Y Phila & Non'June
1,794,132 1,810,513 20.255,253 20,656,989
Phil Bait & Wash Juno
593,201 600,002 6,534,490 6,569,778
W Jersey & Seash June
5,347,168 5,089,030 54,652,929 61,397,983
Pennsylvania Co__ June
428,387 437,144 5,315,746 5,552,840
Grand Rap & Ind Juno
3,328,398 3,337,538 38,412,029 42,250,335
Pitts C C & St L.. June
871,944 906,621 10,972,885 11,322,840
Juno
Vandalia
Total lines21500663 21075663 237651245 253362640
East Pitts & Erie. Juno
10109183 9,902,833 109836652 122141421
West Pitts & Erie Juno
31609836130978496 347487900 375504066
All East & West_ June
Juno
1,453,97611,284,992 18.028,210 16.915,198
Pere Marquette_
Reading Co4.081,702 4,222,630 43,404,762 46,583,444
Phila & Reading.. May
2,297.003 2,931,775 28,123,887 30.718,287
Coal & Iron Co May
6.378,7057.154,405 71,528,649 77,301,731
Total both cos _ May
275,3251 284,687 2,007,830 2,978,393
Rich Fred & Potom June
69,757
70,554
Rio Grande June_ _ _ May
933,265
938,669
15,553
14,573
Rio Grande South 4th wkJuly
46,230
42,802
5,336,704 4,974.841 65,288,216 62,471,860
Rock Island Lines May
303,198 317,252 3,479,389 3,727,903
Juno
Rutland
116,732
June
126.560
St Jos & Grand Isl..
1,507,314 1,612,258
185,945 185,331 2,292.560 2,660,633
St L Brownsv & M.. June
2,313,415 2.636,354 27.670,450 30,756.858
St L Iron Mt & Sou May
3,411.869
3,264,644
May
39.560.010 41,504,439
St Louis dc San Fran
St Louis Southwest.. 1st wk Aug 209,000 229,000 1,098,000 1,156,000
918,710 918,238 9,497,896 10,822,568
San Ped L A & S L_ June
1,628.736
1,953,235
June
21.280,463 25.420,503
Seaboard Air Line.._
11963614 11544275 129865675 138520258
June
Southern Pacific
Southern Railway.._ 1st wk Aug 1,200,398 1,321,902 6,323.903 7,027,021
301,766
wkJuly
380,885
888,371 1,098,660
4th
Mobile & Ohio
766,958
Chi N 0 & T Pax 4th wkJuly 263,804 281,594
831,499
399,214
Ala Great South_ 4th wkJuly 138.792 141,812
404.262
55,689
71,407
191,945
Georgia So & Fla.. 4th wkJuly
217,249
375,460 422,784 4,416,689 4,977,137
Spok Port & Seattle June
2,879
2.404
7,426
Tenn Ala & Georgia 4th wkJuly
7,195
118,310 139.660 1,481,404 1,707,339
Tennessee Central_ June
Texas & Pacific...... 1st wk Aug 326,599 335,809 1,759,996 1,809,011
7,426
8,519
June
85,436
Tidewater & West
89,280
20,380
19,988
117,772
Toledo Poor & West 1st wk Aug
134,560
96,148
96,386
485,572
Toledo St L & West 1st wk Aug
498,946
49,586
Juno
140,071
980,591 2,302,679
Trinity & Brazos V _
7,327,009 7,290,400 86,958,295 92,115,332
Union Pacific Syst- June
488,464 519,337 6,033,866 6,680,903
June
Virginian
136,540
159,038 1,799,301 1,939,104
Virginia & So West.. June
2.408,339 2,649,453 2,408,339 2,649,453
July
Wabash
Western Maryland.. 1st wk Aug 202,496 175,315 1,024,481
887.744
592,919 538,241 5,428,069 7,658.424
Wheel & Lake Erie.. June
14,158
17,869
271,368
Wrightsville & Tenn June
352,118
926,234 853,191
926,234
Yazoo & Miss Vail_ July
853,191
Current
Previous
Period.
Year.
Various Fiscal Years.
Year.
674.524
Buffalo & Susquehanna RR_ _ Jan 1 to Juno 30
675,822
Jan
1
to
June
30
10,781,299 10,748,044
Delaware & Hudson
Jan 1 to June 30 29.614.040 28,443,517
Erie
Jan 1 to June 30 75,552,983 73,152,303
New York CentraLe
Jan 1 to Juno 30 8,119,507 8,058,448
Boston & Albany
Jan 1 to June 30 2,766.139 2,685,261
Lake Erie & Western_n
Jan 1 to June 30 16,558,053 16,262,287
Michigan Central
Cleve Cinc Chic & St Louis_ _ Jan 1 to Juno 30 17.042,260 16,583,845
Jan 1 to June 30
707,480
Cincinnati Northern
637,601
Jan 1 to Juno 30 7,037.944 7,995,576
Pittsburgh & Lake Erie
New York Chicago & St Louis Jan 1 to Juno 30 5,681,706 5,562,902
Jan 1 to Juno 30 2,072,064 2.055,950
Toledo & Ohio Central
Jan 1 to June 30 135538136 132994173
Total all lines
N Y Susquehanna & Western Jan 1 to June 30 2,003,030 1,986,065
Jan 1 to June 30 88,159,004 91,786,548
zPennsylvania Railroad
486,757
Baltimore Chesap & Atlantic Jan 1 to June 30
501,342
Jan 1 to June 30 1,380,201 1,708,461
Cumberland Valley
Jan 1 to June 30 6,053,000 6,017,849
Long Island
1
to
Jan
June
30
Virginia..
Maryland Delaw &
378,675
392,375
N Y Philadelphia & Norfolk.. Jan 1 to June 30 1,866,249 1,793,061
Phila Baltimore & Washing'n Jan 1 to June 30 9,716,617 9,818,926
Jan
to
1
Juno
30 2,778,221 2,716,330
West Jersey & Seashore
Jan 1 to Juno 30 25,216,221 26,261,616
Pennsylvania Company
Grand Rapids & Indiana........ Jan 1 to Juno 30 2,466,531 2,538,668
Jan
1
to
June 30 18,439,610 19,166,980
Pitts Cinc Chic & St Louis
Jan 1 to June 30 5,156,998 5,198.313
Vandalia
Total lines-East Pitts & Erie Jan 1 to June 30 112761731 116677783
Jan
1
Ede
to Juno 30 52,017.978 53.954,430
-WestPitts &
-All Lines E & W.. Jan 1 to June 30 164779708 170632212
Dec 1 to May 31
Rio Grande Junction
411,000
391,747
Jan 1 to June 30 1,633,345 1.680.050
Rutland
AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.
Current
Year.
Previous
Year.
Increase or
Decrease.
Current
Year.
Previous
Year.
Increase or
Decrease.
%
$
Yr.
$
Prey.
$
Mileage.
$
Cur. Yr.
$
$
3d week May 36 roads)____ 10,737,012 11,728.643
-891,631 8.46 October---244,917 241,093 269.325.262 298.066,118 -28,740.856 9.69
4th week May 6 roads)__ -- 14,876,882 16,218.082 -1,341,200 8.26 November -.246,497 242.849 240,235.841 272,882.181 -32,646.340 11.9(
1st week June o6 roads).,,..... 10,756,561 11.724,751
-968,190 8.73 December __246,807 243.242 232,598,369 258.285.270 -25,686.901 9.94
2d week June (36 roads)._ __ 10,970,091 11,920,704
-950,613 8.20 January ----246.959 243.559 220.282,196 236,880.747 -16,598,551 7.0'
3d week June (36 roads)__ 11,166.951 12.105,012
-938.061 7.75 February --246,186 242,837 210,860,681 212,163,967 -1,303,286 0.6]
4th week June (31 roads)........ 13.993.259 15,334,395 -1.341,136 8.71 March
246,848 243,598 238,157.881 253,352,099 -15,194,218 5.9i
1st week July (36 roads).._. 10.555.138 11,710,679 -1,155.541 9.87 April
247,701 245,170 237,696,378 241,090,842-3,394,464 1.4]
2d week July r4 roads)____ 10,852.144 12.068,210 -1,216,066 10.0R May
247.747 245.207 244,69 , . 243,367,953 +1,324.785 0.5,
3d week July 35 roads)____ 11,060,669 12,250,162 -1,198,493 9.77 June
220,951 217,762 234,741,970 232,641.642 +2,100,328 0.9(
ith week July 37 roads)____ 17.072.02d 18.470.398 -1.398.374 7.61 July
89,704 . 88,140 64,741,032 72,024,637 -7,283,605 10.1
b Does not include earnings of Colorado Springs & Cripple Creek District By. e Includes the Lake Shore & Mich. So.. the Chicago Ind. & So.,
he Dunkirk Ailegheny Valley & Pitts.. the New York & Ottawa, the St. Lawrence & Adirondack and the Ottawa & New York Ry., the latter of
which, being a Canadian road, does not make returns to the Inter-State Commerce Commission. f Includes Evansville & Terre Haute and Evansville & Indiana RR. g Includes Cleveland Lorain & Wheeling By. in both years. is Includes the Northern Ohio RR. p Includes earnings of Mason
Oftv & Fort Dodge and Wisconsin Minnesota & Pacific. s Includes Louisville & Atlantic and the Frankfort & Cincinnati. u Includes the Texas
Central and the Wichita F.us Lines o Includes not only operating revenues, but also all other receipts. x Includes St? Louis Iron Mountain dr
http://fraser.stlouisfed.org/
•Weekly Summaries.
Federal Reserve Bank of St. Louis
%
•Monthly Summaries.
AUG. 14 1915.]
THE CHRONICLE
Latest Gross Earnings by Weeks.-For the fourth week
of July our final statement covers 37 roads and shows7.61%
decrease in the aggregate under the same week last year.
Fourth Week of July.
1915.
1914.
Increase. Decrease.
$
$
Previously reported (26 roads)_ 13,919,861 15,068,091
Alabama Great Southern
138,792
141,812
Ann Arbor
61,829
59,021
Chicago & Alton
423,326
486,658
Chicago Great Western
301,464
303,910
Cin New Or!& Texas Pacific_ _ _
263,804
281,594
Denver & Salt Lake
52,091
50,163
Georgia Southern & Florida_ _ _ _
55,689
71,407
Louisville & Nashville
1,528,070 1,601,283
Mobile & Ohio
301,766
380.885
Nevada-Ca.ifornia-Oregon
9,779
11,001
Rio Grande Southern
15,553
14,573
Total (37 roads)
17,072,024 18,470,398
Net decrease (7.61%)
s
s
268,910 1,417,140
3,020
2,808
63,332
2,446
17,790
1,928
15,718
73.213
79,119
1,222
980
274,626 1,673,000
1,398,374
Net Earnings Monthly to Latest Dates.-The table
following shows the gross and net earnings of STEAM
railroads and industrial companies reported this week:
521
-Gross Earnings--Net Earnings-Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
$
$
Lehigh Valley b
June 3,634,848 3,824,615 1.114,870 1,436,697
July 1 to June 30
42,525,962 42,170.647 12.578.574 12,082.741
Norfolk & Western b _ __June 4,330,286 3,744.204 1,726,966 1,274,809
July 1 to June 30
42,987,044 44,650,309 15.155,228 14,514,903
Northern Pacific b
June 5,335,773 5,810,184 2,357.336 2,748,642
July 1 to June 30
63,171,653 70,449,575 26,063,604 27,367,118
Pacific Coast
June 597.220
528,662
115,038
37,804
July 1 to June 30
6,284,493 7,063,650
680,420
825,685
Rio Grande Junction_ __May
69,757
70,554
n20,927
n21,166
Dec 1 to May 31
391,747
411,000 n117,524 u123,300
Toledo Peo & West_ b_ _July
97,391
114,571
1,087
17,589
Wabash_ b
June 2,320,510 2,354,090
211,574
193,726
July 1 to June 30
29,082,788 30,214,858 5,903,951 5,562,882
INDUSTRIAL COMPANIES.
-Gross Earnings
-Net Earnings
Current
Previous
Current
Previous
Companies.
Year.
Year.
Year.
Year.
$
$
$
Keystone Telephone a _ _ Ju1y 114,204
111,467
55,564
54,938
Jan 1 to July 31
784,825
767,715
394.778
387,871
Utah Securities Corp_ _ _July 413,674
387,447
206,329
175.411
Jan 1 to July 31
2,680.080 2,652,488 1,377,460 1,311,647
a Net earnings here given are after deducting taxes.
b Net earnings here given are beforefdeducting taxes.
c After allowing for miscellaneous charges and credits to income
for the
month of June 1915, total net earnings were $308,580,
against def. $74,630
last year; and for the period from July 1 to June 30 were
$1,934,328 this
year against $712.138.
n These figures represent 30% of gross earnings.
Roads.
-Gross Earnings--Net Earnings
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
Bellefonte Central b_ _ __July
6,360
6,342
1,133
831
Jan 1 to July 31
45,724
50,064
4,855
7,986
Chesapeake & Ohio b_June 3,636,151 3,227,083 1,194,563
957,176
July 1 to June 30
39,464,037 37,459,864 11,907,623 11,045,965
Interest Charges and Surplus.
Chicago & Alton a
June 1,208,638 1,075,633 c371,554 cdef36.742
-Int., Rentals, &c.- -Bat, of Net Earns.July 1 to June 30
14,245,624 14,259,479 c2,663,192 c1,382,797
Current
Previous
Current
Cinc Ham & Dayton_ b_June 920,354
Previous
864,643
92,957 def518,278
Roads.
Year.
Year.
Year.
July 1 to June 30
Year.
9,725,972 10,084,217 1,154,260
346,376
$
$
$
$
Delaware & Hudson b_ _June 1,914,316 1,969,366
700,102
722,791 Bellefonte Central
July •
269
235
562
898
Jan 1 to June 30
10,781,299 10,748,044 3,622,433 3,151.405
Jan 1 to July 31
1,883
1,645
2,972
6,341
Genesee & Wyoming bChesapeake & Ohio_ _ -June 785,499
738,451 x370,625 x363,608
Apr 1 to June 30
70,207
July 1 to June 30
61,500
44.718
37,133
9,447.539
9,265,583 z2,663,537 z2,971,816
Jan 1 to July 31
111,067
97,410
65,202
54,008 Genesee & WyomingJuly 1 to June 30
203,249
205,046
109,363
116,601
Apr 1 to June 30
21,369
19,466
x23,648
z17,914
Jan 1 to June 30
z
36,750
34,170
z29,048
z20,395
July 1 to June 30
70,294
73,300
x40,362
x44,390
Norfolk & Western
June 558,433
536,416 z1,364,972 z1,019,698
g
i l klc L'.4 V g;gr,i. L
'a 41.14
"
E. ki4)
'
A 41.'40 a
tz
July 1 to June 30
6,618,462 6,184,135z10410,860z10.279,918
.....4 ....13 ,-.: .-.,T., ,-.A.
Rio Grande Junction___May,
12,594
12,833
E El Et,gf gi, g; gt gc-, et gigg't,, gp Vigx
Dec 1 to May 31
50,000
50:06
67,524
73,300
t. €-..?: f•-.'
° '.0 .
Toledo Peo & Western.._July
1 2 '-.".
I CA ''' '-'01 '.1*
26,501
25,332 zdef22,413 zdef6,057
INDUSTRIAL COMPANIES.
-Int., Rentals. etc.- -Pal, of Net Earns.PO PO pg ri izi ri ri PO PO . O PO PO PO
Pg
0 c• i Co , CD 0 c•
Current
Previous
Current
Previous
Companies.
Year.
Year.
0
Year.
Year.
$
$
...
.4
m
$
$
ao
..2. 4. 10.4.
..
e
002 141.2
0 .
Keystone Telephone -__July
26.940
26,231
b2 .4
4:"
C'.'03 0...1
28.624
28,707
0 CA Ca .50 *1 '••• SI ititc3
00 0Ca
......t7.; st
''8?));i: MI ;61 11
Jan 1 to July 31
185,604
181,815
209.174
206,056
.
614 Otto
7-44 "colo 7-.91 r:I "o4o Zobt 74."
99 -oo'co lo"oo blo ioio
x After allowing for other income received.
Olt za D
4.c-n. 49.4 sg E
4. 86 434 fg -I SI8 r•'al t4 44
EXPRESS COMPANIES.
0
8g0
.
ge
•p.
.40
0
0
April
i-0* 0 .
.. t.
C4
July 1 to April 30..4. .24 00 1.20
0
.0
44.
02
0b., .4 C4
000
1915.
1914.
1914-15. 1913-14.
.
to CA
Co 14
t.34 a F44 `4t,' 28
000 e
P".F"'"
Canadian Express Co..
..0 ;2.10.
$
4.10
$
Vic to"
o Tool° lo'col In
.
o. is,:.4
Total from transportation_ _ _
no
Si"
2
262,250
00 C'- 24 24
.
0 0...I Ca CO
250,417 2,571,009 2.638,179
I.
.4 V t/
CO.4 f:34 SZ71
co ao oo.bo oo 4... ...4 c0 CO oo to
Express privileges-Dr
123,579
113.178 1,290,313 1,253,387
Ca
Revenue from transporta_
138,670
137.238 1,280,696 1,384,791
4.
14a. 0 0 002 f40, 1
10
"
.
Co
I-.
.4 12.
0
NI 02
Oper. other than transporta_
5,559
11,484
'
t
.14
49,994
.
Co
0,00 C3
92,061
84 231t;t4'0
3 11:3
'
el
.9*YI
,.ci a v
Total operating revenues_
,tfa tt '
0
4-7.
eat.
?,
:
.
0f0
t 0 ?2
i
4.
,,0 I
iCT, "iti
144,230
148,722 1,330,690 1,476.852
84 Ow
00 0kJ
Ca
CO 00
Operating expenses
121.914
129,504 1,283,755 1,399.509
Cn
4. .4
0
Net operating revenue_ _ _ _
22,315
--.4. ;.'... E8-?in:7:4 2.st
4.
19,218
46.935
77.345
. .40
Uncollect.
rev,
from
trans
11
k' i
t iE; Li
00 t.: 0-4
.4
°3'-‘
88
4. 00
.4 -4 00 C.,1 W
Express taxes
4.000
3,000
40,000
28,700
-0
0i ro
a' *E.
'2
% :1-4U
4S
0 0,
1-E "L
rE 1
0
"§ EF, gt=
.E
j.7,
Operating income
18,304
16,218
6,846
48.643
t4
April
July 1 to April 3°1.0
oo
1915.
1914.
.
1914-15.
C.4
42
..
C4 ea
00 4..
1913-14.
002 010
.74 4.
Globe Express Co.12
4.
. CO.
0
$
r.
.
lot.;
Total from transportation_ _ _
014
oo co 00
54,749
46,519
593,099
co co!)Os C.4
0200 E
557.354
crO•
21 •
Ct *V.
Express privileges-Dr
.40
538
moo CO4 00 24
27,289
00
00, 0.4 Ca.
23,844
297,358
281.171
ci
eci
Revenue from transporta27,460
22,675
295,741
276,183
"cow
0I
Oper. other than transporta_
865
t4 00 t. .
ci
r
809
"E=,
4 I
8,053
8.263
oo
00 b3
I WE;
CT. P
Ps?,FT'
"
,
. !)
51
Total
operating
revenues_
28,325
23,484
303,794
SO.
@
9
t1 83"c5
284,446
Operating expenses
:4;1 §{0,
co w -4 co
1
1
4
.
1. .402 ci
o
27,702
28,286
290,748
300,239
Net operating revenue_ _ _
622
-4,802
13,046 -15,793
ci
Uncollect. rev, from trans_
ND
03
Ca 24
0CO
Express taxes
1,600
800
10,600
10.800
Coto
▪ 0,
Operating income
tal rot .11'4
.
-977
-5,602
2,446 -26,593
Roads.
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New York New Haven & Hartford Railroad & Subsidiary Companies.
'at •r.,•e.•
ELECTRIC RAILWA
Y AND TRACTION COMPANIES.
•
Name of
Road.
Latest Gross Earnings.
Week or 'Current Previous
Month.
Year.
Year.
American Rys Co.._ _ June
Atlantic Shore Ry.._ _ June
cAur Elgin & Chic By May
Bangor By & Electric June
Baton Rouge Elec Co June
BeltLRyCorp(NY0). May
Berkshire Street By.. June
Brazilian Trac, L & P June
Brock & Plym St By.. June
Ilklyn Rap Tran Syst May
Cape Breton Elec Co June
Chattanooga Ry & Lt June
Cleve Painesv & East June
Clev Southw & Col_ _ June
Columbus(Ga)El Co June
Colum (0) By,P & L June
gCom'w'th P.Ry & L. June
Connecticut Co
June
Consum Pow (Mich)_ June
Cumb(lo(Me)P & L June
Dallas Electric Co_ _ _ June
Detroit United Lines June
DDEB& Bat(Roc) May
Duluth-Superior Trac June
East St Louis & Sub. June
Eastern Texas Elec_ _ June
El Paso Electric Co_ _ June
42d St M & St N Ave May
Galv-Hous Else Co_ _ June
Grand Rapids By Co Juno
Harrisburg Railways June
Jan. 1 to latest date.
Current
Year.
Previous
Year.
444,033 477,789 2,538,706 2,638,537
28,455 29,863
147,829
146,244
165.033 186,749
721,477
783,336
60,968 71,595
371,438
368,686
15.409 15,603
89.281
87.150
66,737 67,092
314,057
296,740
78,532 85,975
427.173
453,128
(6591940 f6188900f37684,110 f36444,188
10,420 11,458
47,994
50.790
2343,921 2482,243 10,811.364 10,734,655
27.832 29,697
155.597
167,322
87.846 91,477
509,117
552.114
39,214 41,178
179,739
187,069
108,341 110,026
583,142
596,846
56.288 54,120
341,293
326,400
244,059 249,684 1,515,373 1,521,742
1115,495 1099.430 6.838.193 6,810,684
685,850 738,224 3,768,434 3,803,065
298.691 255,055 1,820,758 1,680,624
218,658 217,868 1,175,231 1,137,586
133,277 177,620
873,398 1,113,974
1106,372 1066.754 6,076,688 5,914,817
41.201 44,205
197,376
212,260
88,096 110.912
555.060
630,260
193,2
225,180 1,173,987 1,330,892
58.5
58,251
321,520
322,097
72,931 80,052
471,224
515,603
172,795 170,715
798,115
737,674
165,029 221,694
957,629 1,196,235
92.411 109,413
560,721
621,019
88.369 76.684
471.259
469.864
[VOL. 101.
THE CHRONICLE
522
-Net Earnings
-Gross Earnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
$
$
$
67,092
May
66,737
20,790
14,317
Belt Linea
296,740
314,057
56,700
43,292
Jan
1
to
May
31
L
&
P
Havana El By,
76,617
86,127
23,580
May
25,998
(Railway Dept)___ Wk Aug 8 $54,994 $54,066 $1,631,551 $1,717,913 Second Ave_a
51,699 52,538
349,645
255,139
329,565.
61,144
Honolulu R T & Land May
240,930
42,178
Jan 1 to May 31
24,589 24,508
128,817
140,152 Third Ave_a
Houghton Co Tr Co.. June
May 325,135
351,298
126,586
159,822
444,459 456,181 2,768,623 2,841,111
bIludson & Manhat_ June
1,619,115
1,555,073
541,502
690,503
Jan 1 to May 31
Illinois Traction___ June
847,124 857,570 5,292,191 5,309,202
41,201
44,205
2,923
1,898
2904.773 2948,937 14,473,594 14,801,273 Dry Dk E Bway& BaltaMay
Interboro Ran Tran_ May
197,376 , 212,260
10,816
def2,930
Jan 1 to May 31
382,679
Jacksonville Trac Co June
50,517 59,531
312,710
120,859 42d St Man & St N Av_aMay 172,795
Keokuk Electric____ June
18,957 21,381
113,016
74,245
170,715
73,466
9,259 10,837
56,069
65,685
Key West Electric___ June
798,115
737,674
315,559
230,736
Jan 1 to May 31
119,784 127,202
625,123
658,105 NYCity Interborough.a.May
Lake Shore Elec Ry_ June
62.244
61,662
18,744
22,691
136,537
443,731
402,417
Lehigh Valley Transit March
152,072
282,011
31
262,984
May
83,955
58,368
1
to
Jan
67,446 62,002
330,896
303,920
Lewist Aug & Watery June
20,233
20,778
5,977
3,360
22,839 23,452
85,065 Southern Boulevard_a_May
Long Island Electric_ May
86,974
88,709
85,423
26;091
9,218
Jan 1 to May 31
249,537 279,099 1,457,739 1,592,547
Louisville Railway__ June
454,789 480,995 2,925,750 3,023,671 Union By of NY City.a.May 247,902
Milw El By & Lt Co_ June
261,552
63,161
79,101
123,653 129,781
678,383
707,029
Milw Lt, Ht & Tr Co June
1,079,814 1,061,739
222,358. 125,465
Jan 1 to May 31
165,511 184,538 1,059,738 1,116.434
Nashville Ry & Light June
50,128
55.818
12,774
19,381
62,244 61,662
282,011
262,984 Westchester Elect_a___May 220,709
N Y City Interboro__ May
220,488
Jan 1 to May 31
37,360
25,520
39,643 38,658
160,918
145,822
N Y & Long Island.._ May
May
67,465
67,206
15,413 16,707
62,138
60,941 Yonkers_a
11,619
N Y & North Shore__ May
16,657
293,296
280,454
127,162 133,647
529,704
523,732
45,187
N Y & Queens Co__ May
Jan 1 to May 31
17,559
1138,652 1199,850 5,454,164 5,509,712 Long Island Elect_a___May
New York Railways_ May
23,452
22,839
4,809
3,917
35,288 36,953
161,275
161,329
N Y & Stamford Ry_ June
85,065
86,974
def3,756
to
May
31
def14,212
Jan
1
43,000 39,230
184,391
159,457
NY Westchest & Bos May
38,658
39,643
10,057
7,512
15,449 17,783
66,605
72,259 NY & Long Isl Tract_ a_May
Northampton Trac__ May
145,822
160,918
25,508
803
Jan 1 to May 31
331,977 317,780 1,756,652 1,721,701
Nor Ohio Trac & Lt_ June
134,484 181,432
787,412 1,038,784 N Y & North Shore_a__May
16,707
North Texas Electric June
15,413
5,204
5,391
31,127 31,098
164,106
162,399
60,941
Northw Pennsylv By June
15,302
62,138
8,684
Jan 1 to May 31
10,752 12,217
35,592
33,868
Ocean Electric (L I)_ May
133,647
8,840
May 127,162
34,748
& Queens_ a
21,770 24,613
139,256
150,257 N Y Jan
Paducah Tr & Lt Co_ June
523,732 def31,900
529,704
40,974
1 to May 31
21,511 24,364
Pensacola Electric Co June
122,176
138,472
12,217
4,422
10,762
5,596
May
2070.160 2178,842 9.901.842 9,956,217 Ocean Elect_a
Phila Rapid Transit.. May
35,592
3,506
33,868
4,271
Jan 1 to May 31
474,569 530,974 2,736,355 3,271,659
Port(Ore)Ry,L&PCo June
90,039 93,108
466,815
467,921 Richmond Lt & RR_a__May
Portland (Me) RR__ June
36,345
6,688
32,963
2,894
618,364 706.471 3,101.329 3,568,390
Puget Sound Tr.L&P May
5,280
135,405
138,736
4101'33,503
1
to
May
31
Jan
246,691 247,828 1,456,919 1.495,733
gRepublic By & Lt_.. June
def2,665
29,868
28,766
5,153
404,577 487,006 1,880,368 2,057.753 Staten Isl Midland_a_..May 108,770
Rhode Island Co_ _ _ .. May
102,843
def2,097
3,228
Jan 1 to May 31
32,963 36,345
135,405
Richmond Lt & RR_ May
138,736
StJoseph(Mo)Ry,Lt
a Net earnings hero given are after deducting taxes.
101.463 108,888
743,530
724,129
Heat & Power Co_ July
c Other Inc. amounted to $85,568 in May 1915, against $84,405 in 1914.
40,463 39.867
Santiago El Lt & Tr_ May
189,376 • 188,741
63,750 73,015
423,394
393,830
Savannah Electric Co June
76,617 86,127
349,645
329,565
Second Avenue (Rec) May
20,233 20,778 • 88,709
85.423
Southern Boulevard.. May
ANNUAL REPORTS
28,766 29,868
102,843
108,770
Staten Isl Midland__ May
77,004 81.685
484,320
Tampa Electric Co.._ June
490,120
325,135 351,298 1,555,073 1,619,115
May
Third Avenue
Annual Reports.-An index to annual reports of steam
450,582 525,037 2.787,443 3,034,801
Toronto Street Ry_ June
Twin City Rap Tran_ 4th wkJuly 252,330 255,143 5,374,635 4,329,461 railroads, street railways and miscellaneous companies which
247,902 261,552 1,079,814 1,061,739
Union RyCo of NYC May
430,201 438,460 2,476,913 2.536,924 have been published during the preceding month will be
Virginia By & Power_ June
73,613 78.729
. of each month. This index will
315,293 given on the last Saturday
Wash Bolt & Annap_ May
327,076
May
50,128 55,818
Electric_
220,488 not include reports in the issue of the "Chronicle" in which
Westchester
220,709
22,451 23,607
Westchester St RR__ June
115,178
116,346
67,465 67,206
280,454 it is published. The latest index will be found in the issue
Yonkers Railroad__ _ May
293,296
64.037 65.748
June
391,418 of July 31. The next will appear in that of August 28.
380,611
York Railways
23,374 20,636
127,298
Youngstown & Ohio_ June
138,935
12,913 13,597
51.829
49,700
Youngstown & South April
Latest Gross Earnings.
Name of
Road.
Week or
Month.
Current Previous
Year.
Year.
Jan. 1 to latest date.
Current
Year.
Previous
Year.
Roads.
Buffalo Rochester 86 Pittsburgh Railway.
(Report for Fiscal Year ending June 30 1915.)
The remarks of President William_ T. Noonan are given
Electric Railway Net Earnings.-The following table at length on subsequent pages.
The figures of earnings, expenses, balance sheet, &c., have
gives the return of ELECTRIC railway gross and net
been compiled for several years as follows :
earnings reported this week:
b Represents income from all sources. c These figures are for consoll
dated company. f Earnings now given in milrels. g Includes constituent
companies.
-Gross Earnings--Net Earnings
Previous
Previous
Current
Current
Year.
Year.
Year.
Year.
$
$
$
$
Brazilian Trac L & Pow.Junec6,591,940 c6,188,900 c3,896,770 c3,559,980
c37,684,110c36,444,188c21,943,420420,839,388
Jan 1 to June 30
20,677
39,214
41,178
17,423
Cleve Painesv & East_a_June
85,258
179,739
187,069
73,329
Jan 1 to June 30
44,815
110,026
41,627
Cleve Southw & Col_b_June 108,341
583,142
596,846
226,336
213,723
Jan 1 to June 30
Havana Elec By Lt & Pow791,152
2,751,375 2,675,456 1,019,644
Jan 1 to June 30
50,501
127,202
41,596
Lake Shore Elec Ry_a__Juno 119,784
625,123
658,105
226,459
190,504
Jan 1 to June 30
N Y State Rys-b
812,072
1,704,379 1,944,933
616,171
Apr 1 to June 30
3,465,784 3,784,857 1,269,336 1,436,079
Jan 1 to June 30
7,275,929 7,802,158 2,827,685 3,005.501
July 1 to Juno 30
42,833
StJosephRy,L,H&P_a_July 101,463
108,888
42,422
724,129
316,104
743,530
325,761
Jan 1 to July 31
Schenectady Ry-b
287,824
341,727
98,611
122,318
Jan 1 to Juno 30
Roads.
a Net earnings hero given are after deducting taxes.
b Net earnings here given are before deducting taxes.
c Milreis.
Interest Charges and Surplus.
-Int., Rentals, etc.- -Bat, of Net Earns.Previous
Current
Current
Previous
Year.
Year.
Year.
Year.
$
$
$
$
32,437
32,309
9,420
12,378
Cleve Southw & Col__ _ _June
193,200
193,731
20,583
33,136
Jan 1 to June 30
10,952
11,075
6,471
9,602
Cleve Painesv & East__June
65,933
65,724
19,325
7,605
Jan 1 to Juno 30
35,471
5,246
15,030
Lake Shore Elect Ry___June '36,350
211,720 def25,772
14,739
216,276
Jan 1 to June 30
•
N Y State Rys459,566 z189,937 z386,164
460,907
Apr 1 to June 30
917,571 z412,065 z598,438
940,725
Jan 1 to June 3Q •
1,875,238 1,808,733 z1.121,397 x1,364,667
July 1 to June 31T
21,588
22.000
20,833
20,833
StJoseph Ry,L,H & P_ _July
143,918
179,927
172,183
145,831
Jan 1 to July 31
Schenectady Ry45,934
z77,042
x49,299
49,363
Jan 1 to Juno 30
Roads.
z After allowing for other income received.
New York Street Railways.
-Gross Earnings--Net Earnings
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
Roads.
323,905
Hudson & Manhattan_aMay 313,103
1,570,242 1,631,396
Jan 1 to May 31
Interborough RT(Sub)aMay 1,580.448 1,560,807
7,893,085 7,989,472
Jan 1 to May 31
Interborough RT(Elev)aMay 1,324,324 1.388,111
6,580,507 6,811,803
Jan 1 to May 30
Tot Interborough RTaMay 2,904,772 2,948,937
14,473,594 14,801,274
Jan 1 to May 31
Brooklyn Rapid Tran_a_May 2,343,921 2,482,243
Jan 1 to May 31
10,811,364 10,734,655
N Y Railways_a
May 1,138,652 1,199,4350
Jan 1 to May 31
5,454,164 5,509,710
c168,856
848,298
988,945
4,967,977
635,713
3,073,332
1,624,658
8,041,309
853,713
3,472,392
350,232
1,514,009
OPERATIONS AND FISCAL RESULTS.
1913-14. 1912-13.
1914-15.
1911-12.
586
586
576
.570
Road operated June 30
Equipment306
323
292
290
Locomotives
140
120
133
105
Passenger cars
17,543
17,503
17,284
18,731
Freight cars
308
305
308
273
Service cars
Operations2,023,620 1,942,226
1,871,322 2,059,883
Passengers carried
50,415,391 55,632,097 54,573,203 51.101,188
Passengers carried 1 mile
2.186 eta. 2.129 eta. 2.066 eta. 2.071 eta.
Rate per pass, per mile
7,107,857 8,176,430 . 7,980,204 7,188,280
Tons bitum. coal carried
593,447
393,358538,452
382,403
Tons of coke carried
Total tons (all freight) carried...... 10,928,035 12,295,049 12,490,608 10,698,149
163.4
159.3
101.0
153.8 •
Aver, distance haul 1 ton mile_
1,681,022,418 1980012,951 2040358,520 1704307,00/
Freight (tons) 1 mile
eta.
0.461
0.480
eta.
0.462
eta.
eta.
0.477
mile
Rate per ton per
INCOME ACCOUNT FOR YEAR ENDING JUNE 30.
Old Bast
New Basis1911-12.
1913-14. 1912-13.
1913-14.
1914-15.
$
15
Operating revenues- $
$
1,101,981 1,184,417 1,184,417 1,127,612 1,058,260
Passenger
8,022,690 9,153,942 9,153,942 9,411,879 8,174,729
Freight
407,755
309,379
371,176
292,2911
Mall,express & misc.
289,003
104,0411
66,262
Incidental
Tot. over. revs-- 9,479,936 10,734,691 10,709,535 10,947,246 9,542,368
Operating expensesMatnt. of way and
structure_ _- -- 1,287,254 1,447,953 1,447,053 1,557,983 1,195,263
Maint. of equipmt- 2,135,354 2,216,194 2,216,194 2,161,210 1,807,077
141,059
120,108
150,554
150,553
Traffic expenses.....
141,767
Transport'n expens. 3,144,598 3,880,160 3,880,160 3,580,617 3,137,300
27,054
14,658
Miscel. operations..
224,441
204,481
243,202
243,202
231,621
General expenses.-Tot. oper. exps- 6,935,252
Net oper. revenue-- 2,514,681
Net rev,outside oper
7,965,117
2,769,574
7,938,083
2,771,472
def2,897
7,665,891
3,281,355
def7,385
6,464,229
3,078,139
sur 8
2,544,684
230,000
598
2,769,574
234,000
2,768,575
234,000
3,273,990
210,000
3,078,147
204,000
Operating income 2,314,087
Rents-hire of equip. 446,058
158,281
Rents-Joint tacit's.
Divs,on stks owned.
12.485
Int. on see, loans
71,973
and account& _ _
31,849
Miscellaneous
2,535,574
561,079
165,011
12,485
2,534,575
561,079
165,011
12,485
3,057,990
763,047
158,198
12,485
2,874,147
538,883
148,580
12,485
66,382
15,267
68,382
16,268
88,934
16,054
66,304
13,326
Total
Taxes accrued
Uncollectibles
Total netincome 3,032,733 3,355,798 3,355,798 4,076,703 3,653,725
DeductRents accrued for
373,500
373,500
373,500
373,500
373,500
lease of 0th. roads
c180.805
302,990
284,279
298,005
298,005
289,917
904,777 Rents-Joint facil's
17,314
16,738
16,884
Rents-miscel'ous.
17,608
18,884
964,469
accrued on
5,139,096 Interest
1,437,578 1,311,387 1,311,387 1,255,910 1,207,895
funded debt
419
1,237
691,965 Interest on loans_ -1,237 .
1,412
16,433
1,497
4,564
3,282,895 Approplor pens.fd.
21,509
16,433
125,000
74,105
125,796
65,414
74,104
1,656,433 New equipment......
250,000
323,000
274,247
274,247
8,421,990 Retirem•t of equip. bds. 45,797
360,000
360,000
360,000
360.000
360,000
Divs.on pf.stk.(6%)
1,001,760 Divs,
on corn.stock. (4)420,000 (6)630,000 (8)630,000 (6)830,000 (5)525,000
3,615,425
Total deductions.. 3,032,733 3,355,798 3,355,798 3,390,007 3,147,395
418,832
508,330
686,701
1,600,770 Balance, surplus..
ATTU. 141915.]
THE CHRONICLE
BALANCE SHEET JUNE 30.
1915.
1914.
1915.
AssetsLiabilitiesRoad and equipt_51,173,594 49,226,487 Common stock_ -_10,500,000
Improvements on
Preferred stock- _ 6,000,000
leased property. 545,165
530,152 Mortgage bonds_ _19,709,000
Stocks, attn. cos.. 363,108
362.608 Equip. tr. oblig'ns.10,264,000
Bonds do - 295,000
295,000 Loans & bills Pay9.600
Advances do __
195,000
362,000 Traffic. &c., Ws_
64,803
Other investments.
3,907
100 Audited accounts
Sinking fund equipand wages
708,097
ment agreem'ts_
85,007
93,199 Matured int. unpd.
83,262
Miscel. phys. prop.
66,862
16,641 Unmatured interest
Cash
228,792
253,259
and rents
371,485
Demand loans,&c. 1,181.235
886,000 Miscellaneous_ __ _
8,125
Special deposits
99,764
906,419 Accrued taxes.. _
80,020
Loans & bills reels
5,757
2,029 Provident funds.. _
207,200
Trafffc, &c., bal._
183,960
96,009 Other deferred credit
Agents & conduct_
170,137
569,980
items
21,466
Materials & sup
899,671 1,400,503 Prem.on fund.debt. 161,050
Int., divs., &c., rec.
75,758
75,489 Insur.A0 ,res'ves 283,975
Miscellaneous_ _ _
701,495
342,379 Operating reserves
6,513
Fire insur. fund- 283,975
282,507 Depreciation
a2,503,702
Pension fund
207,200
197,575 0th. unadj. accts.. b298,095
Oth.def.deb.items.
810
660 Add'ns to propertyb2,559,665
Unadjusted accts. 579,853
794,154 Sinking fd. res'ves
85,007
Profit and
3,420,985
1914.
10,500,000
6,000,000
18,709,000
11,029,000
47,012
79,526
876,250
88,918
360,660
8,156
268
197,576
15,719
139,646
282,507
10,488
2,219,031
168,304
1,904,561
92,519
3,964,008
Total
57,346,050 56,693,150
Total
57,346,050 56,693,150
a Accrued depreciation includes in 1915 on road, $150,800 and on equipment,
$2,149,524, against $115,120 and $1,912,961 respectively in 1914, and also in 1915
of equipment leased property, viz.: Alleghany & Western Ry.,$176,045;on Clearfield
& Mahoning Ry., $21,046 and on Mahoning Valley RR., $6,287, against
$154,718.
$18,648 and $17,583 respectively in 1914.
b Includes in 1915 additions to property through income and surplus for equipment, $571,971 and equipment trust obligations, retired, $1,987,694, against $483,366 and $1,421,195 respectively in 1914.-V. 101, p. 369.
Norfolk & Western Ry.
(Preliminary Statement for Fiscal Year ending June 30 1915.)
EARNINGS, EXPENSES AND CHARGES.
NewBasis---Old Basis
1914-15. 1913-14. 1913-14. 1912-13. 1911-12.
Miles operated June 30-2,042
2,036
2,023
2,036
2,018
Earnings3
$
$
$
$
Passenger, mall & express 6,436,494 6,611,688 6,005,820
5,758,004 5,332,841
Freight
36,550,550 38,038,622 38,464,799 37,981,917 34,402,396
Total earnings
42,987,044 44,650,310 44,470,619 43,739,921 39,735,237
Operating ExpensesMaInt. of way & struc_ _ 5,738,074 4,998,612 4,998,612 5,542,960 4,816,378
Maint. of equipment.... 8,341,419 9,214,007 9,214,008 8,336,631 7,676,464
Traffic expenses
699.827
737,690
737,690
691,558
639,936
Conducting transport'n_12,521,666 14,068,577 14,068,577
13,192,922 11,771,800
Miscellaneous operations_
109468
199,565
General expenses
836,607
809,350
916,955k 936,820
785,261
Transp. for investment_ _Cr.415,245
Total expenses
Net earnings
Other income
27,831,816 30,135,407 29,955,716 28,573,421 25,689,839
15,155,228 14,514,903 14,514,903 15,166,500 14,045,398
1,874,094 1,949,150 1,997,390 1,764,482 1,383,411
Gross income
17,029,322
Fixed charges
4,740,462
Taxes
1,878,000
Div. on pref. stock (4%). 919,668
Dov.on corn.(6%)_about6,475,000
16,464,053
4,564,135
1,620,000
919,668
6,240,150
16,512,293
4,475,395
1,620,000
919,668
6,240,150
16,930,982
4,019,436
1,452,000
919,668
5,759,521
15,408,809
4,215,920
1,410,000
019,668
*4,668,438
Total deductions
14,013,130 13,343,953 13,255,213 12,150,625 11,214,026
Bal.. sur. (approx. in '14) 3,016,192 3,120,100 3,257,080 4,780,357 4,194,783
* 5j%.-V.100,p. 2086.
St. Louis Southwestern Railway.
(Statementfor Fiscal Year ending June 30 1915.)
New Basis
1914-15. 1913-14.
Old Basis
1913-14. 1912-13. 1911-12.
Operating revenues
10,627,861 12,791,905 12,744,555 13,296,949 12,042,543
Oper. expenses & taxes_ 8,942,932 10,435,687 10,388,338 9,697,132 8,892,471
•
Uncollectibles
2,188
Operating income
Other income
1,682,741 2,356,218 2,356,217 3,599,817 3,150,072
1,226,423 1,069,839
998,669 1,044,325
897,844
Total net income
Fixed chgs., rentals, &c
Int. on 2d mtge. bonds
Div. on preferred stock
Per cent
2,909,164 3,426,057 3,354,880 4,644,141 4,047,915
3,068,457 2,968,586 2,897,415 2,636,249 2.308,596
121,700
121,700
121,700
121,700
121,700
497,341
497,341
994,682
895,214
(2)4)
(2)4)
(4)4)
(5%)
Balance
df.280,993 df.161,570 df.161,570 sr.891,510 sr.722,405
Company deducts dividends from profit and loss,
but they are deducted above for
the sake of simplicity.-V. 100, p. 1673.
Canadian Pacific Railway.
(Stateonentfor Fiscal Year ending June 30 1915.)
The results for the fiscal year were as follows:
523
furniture and fixtures, $3,178; miscellaneous, $29,525; executive and
engineering supervision, $11,499; total expenditure, $589,269; less renewals
and replacements, $122.020; total charged to property acct., $467,249.
Stockholders.-As of June 3 1915 there were 2,546 stockholders
114,358 shares of stock being held as follows: In Columbus,63,491 , the
Cincinnati, 8,992 shares; Philadelphia,8,083; Chillicothe, 2,445; Newshares;
York.
2,366; other cities, 28.981.
Merger.-On Feb. 2 1914 your company became the owner of the entire
local street railway system in Columbus,including the lines formerly
owned
by the Columbus Railway Co.and the Columbus Traction Co.,
also the
electric light and power property previously owned by theand
Columbus
Edison Co. (See V. 96, P. 1839; V. 97, p. 1425. 1662:
V. 98. P. 452.)
Since the end of 1914 the sale of the Columbus Light, Heat
& Power Co.
(V. 100, p. 53,397) to your company also has been completed,
thus finishing
what was intended by the original plan. The complete ownership
thus
brought about has simplified operations in a number of ways, principally
in the practice of economies.
Exchange of Bonds for Pref. Stock.-During 1914 your officers made
application to and secured proper orders from the Ohio P. U. Commission
for
the creation and issuance of 4% prior preference
to be exchanged for
outstanding 4% bonds of the Columbus Railway stock
Co.,
and
similarly
for
the
exchange of 6% Series A pref. stock for 69 bonds of the Columbus
Co. The retirement of these bonds by this method of exchange Electric
offers to
Ohio holders the advantage that those stocks are tax free.
New Mortgage.-We have also authorized the issue of
$25,000,000 First
Refunding and Extension bonds for retiring underlying
bond issues and providing for new property as provided by growth of system.
(V. 98, p. 1766.)
Plant and Business.-The railway
operates 147.36 miles of
track in Columbus and its suburbs, department
of
which
the
company
owns 133.15
miles, and operates under contract 14.21 miles.
In 1914, short-platform
cars were remodeled as standard pay-as-y
ou-enter cars with entrances and
exits at both ends.
During 1914, 455 unwired houses
and electrical appliances
were sold to a total amount of over were wired
Increased quantities of electricity also were sold for use as power$26,000.
in
manufacturi
ng and other industrial
establishments in and about Columbus.
A modern schedule of rates for light,
and heating service has been
placed in service. All discrimination ispower
and the price paid by the
customer is duly proportional to the useexcluded
he makes of our property. This
schedule has brought us many new customers,
such as factories, mills.
quarries, &c.
Improvement in generating equipment
power stations and substations, particularly at the end of 1913 andin
further during 1914. reduced
operating costs over 1913 by more than $35,000.
Motor generators and
rotary converters were added to stations and
A central loaddispatching system was installed, placing substations.
all power stations and substations under one man at all times.
Fire Insurance.-During the year over $260,000
additional insurance
was placed upon the properties at a decrease in
premiums of more than
$2,500 as compared with the previous year.
Results.-Railway receipts fell off during the latter
part of 1914 and
operating expenses were reduced accordingly, every care
being taken to
maintain the property in good condition. There are evidences
of a return
to normal prosperity generally throughout the United
States.
As that
improvement comes about, your company's results
improve. The
process of reorganization has, however, already been will
amply justified by
improvement in results.
[As to sale in May 1915 of $1,200,000 5% 1-year
authorized $1,500,000, see V. 100, p. 1831, 1917.1 gold notes, part of an
INCOME ACCOUNT FOR CALENDAR YEARS 1914 AND
1913.
1914.
1913.
1913.
Railway oper.rev.52,086,269 $2,109,269 Int. on funded debt_ _ 1914.
$408,747
$410,622
Heat_
Pow., Lt.&
968,238
884,422 Int. on unfunded debt 62,651
47,000
Non-oper. revs__
11,792
9,763 Other deductions..___
8,062
34,817
Total gross rev _53,066,299 $3,003,454
Total deductions.... _$479,461 $492,439
Net(after taxes)_ _$1,179,553 $1,063,934 Net income
$700.092 $571,495
Dividends paid as rentals
$40,978 5435,908
Pref. diva., Ser. A.$45,000; Ser. B,$199,145; total
244,145
Dividends on common stock(5%)
302,106
Total dividends
$587,229 $435,908
Available for renewals, depreciation and financial requirements...$112,863
$135,587
RESULTS FOR 1914 COMPARED WITH 1913, 1912, 1908 AND
1904.
1904.
1908.
1912.
1913.
1914.
(1) Income Account$
$
$
$
$O
Total revenues
1,685,252 2,300,746 2,944,053 3,003,454 3.066,299
Operating exp. & taxes
904,739 1,290,774 1,839,968 1,939,520 1,886,746
Gross income
Int. & other deductions.._
780,513 1,009,972 1,104,085 1,063,934 1,179,553
314,785
419,801
494,980
492,439
479,461
Net income
Dividends-Paid as rental
Ry.dc Light Co.stock_
Pref. stock Ser. A & B.
Common stock
465,728
374,500
590,171
395,283
100,000
609,105
435,908
571,495
435,908
700,092
40,978
244,145
302,107
Total dividends
374,500
495,283
435,908
435,908
587,230
depr.& finan.require'ts
91,228
94,888
173,196
135,587
112,863
(2) Suuistics--Ratlway-Revenue passengers
36,074,191 47,766,386 60,746,105 63,383,422 62.837,925
Transfer passengers
9,618,067 13,279,404 15,611,505 16,177,218 16,111,634
Bat,available for renewal,
Total passengers
45,692.258 61,045,790 76,357,610 79,560.640 78,949,559
Per cent of transfers
21.05
21.75
20.45
20.33
20.41
Rev, per rev. passenger
3.72 cts. 3.63 cts. *3.22 cts. 3.20 cts. 3.19 eta.
do including transfers 2.94 cts. 2.84 eta. 2.56 cts. 2.55 eta. 2.54 eta.
Car mileage
6,012,451 7,627,888 8,737,462 8,481,397 8,376,901
Power & Light Dept.
Kilowatt hours sold
6,592,278 11,333,509 21,901,188 23,986,4,82 27,471,961
Number of customers
3,399
7,774
14,717
16,039
18,603
Connected load
8,733
16,619
38,298
43,828
1914-15.
1913-14.
1911-12.
1912-13.
$
98.865,210 129.814,824 139,395,700 123,319.541
Operating expenses.-- 65,290,582 87,388,896 93,149,826 80,021,298
Net earnings
33,574,628 42.425,928 46,245,874 43,298:243
•Fare reduced from 7 tickets for 25c. to 8 tickets for 25c., April 11912.
SS. earnings in excess of
amts. in mthly.state's
GENERAL BALANCE SHEET MAY 31 1915.
1,245,563
1,104,448
Assets ($22,257,342)Total net income_ - 33.574,628 42,425,928 47,491,437 44,402,691
Liabilities (Concluded)Road
and
equipment
$21,604,924 Bills payable
Fixed charges
10,446,510 10,227,311 10,876,352 10,524,937 Sinking fund
$458,908
545 Vouchers and wages
SS. replacement fund
96,246
1,000,000
1,000,000
Cash
100,583
Pension fund
Accrued interest
125,000
115,363
125,000
125,000
125,000
Special deposits
Transferred to special
90,693 Other current liabilities
1,470
Accounts
receivable
117,555
income account *- _
City
levee
damage
account.._
1,494,152
13,173
2,115,842
312,780 Deposits-Employees* cust's
Div.on corn.(7%).._ a_ _ 18,200,000 17,150,000 13,650,000 12,600,000 Material and supplies
24,901
Other current assets
2,726 Accrued taxes
Div. on preferred (4%)- 3,219,051
262,177
3,109,521
2,960,013
2,592,235 Prepaid insurance
10,652 Operating reservesInt. on installments on
Unadjusted debits
,new stock subscrip
16,884
Injuries and damages
18,412
569,814
Liabilities ($22,257,342)Other items
72.118
Preferred stock, Series A_ _ _ $1,269,300 Accrued depreciation
Balance,surplus
89,915
144,981
9,698,254 18,310,258 17,560,519
Gross earnings
Preferred stock, Series 13_ _ _ _
4,193,400 Tickets outstanding
45,036
Common stock
6,042,130 Unadjusted credits
* Includes the net earnings of the Pacific
12.659
steamships, commercial Bonded debt
telegraph and news department trasnferred Coast
8,548,000 Reorg. temporary liability__
88,350
to special income account.
One year coupon notes
600,000 Profit and loss
a Also 3% extra yearly
250.717
% quarterly) from special income.
Bonds, $8,548,000 as above, include: Col. Ry. Co. 1st cons.,
The above statement does not include special income from interest on
$3,145,000;
Columbus St. Ry. Co. 1st cons. 1932, $3,000,000; Crosstown St.1939,
land sales and from other extraneous assets, amounting to
Ry. Co., 1933,
$10,969,332 in $572,000; Central Market
St. Ry. Co., 1922,$391,000; Columbus Electric Co.. 1922,
1914-15, against $8,587,870 in 1913-14, $6,598,151 in 1912-13
and
$5,- $447,000; Columbus Edison Elec. Lt. Co., 1929, $300,000; Columbus
158,585 in 1911-12.
Lt.. Heat &
The regular quarterly dividend of 234% has been declared on the com- Power Co., 1924, $5511,000: Columbus Public Service Co.. 1924, $182,000.
mon stock, payable Oct. 1 (including
of
1%
extra
from
sales
and
extraneous assets) to holders of record 1 p. m. Aug. 21.-V. 100, p.
2009.
Union Oil Co. of California.
The Columbus (0.) Railway, Power & Light Company.
(Reportfor Year ending Dec.31 1914---Ba/. Sheet May 31 '15)
Pres. Samuel G. McMeen, Col., July 24, wrote in subst.:
Construction Expenditures During Year 1914.-Track
$161,647; buildings, $11,095; power stations, $68,094; cars,and roadway,
overhead
1 Ines, power and ligtrt. $88,528; new installations, power$179,117;
and light, $36,586
• (Special Report for Six Months ended June 30 1915.)
Treas.John Garrigues, Los Angelos, Aug.5, wrote in subst.:
Sales.-Our sales show a decrease of about 10% from the first half/of
1914, due to the lessened exports of fuel oil, chiefly to the west coast of
South America, and also to a decrease of about 5 cts. per bbl. in the selling
prices on fuel oil. Lower prices also ruled in all refined products, particularly in gasoline, but the volume of business in refined products shows a
524
THE CHRONICLE
have been offset
healthy and satisfactory increase. Reduced selling prices
cost of oil
by more efficient operation, and to some extent by reduced
are customarily
oil
purchases
crude
and
sales
oil
crude
Both
purchased.
fluctuations
that
so
period,
made on contracts running for a considerable
in prices are more immediately felt in refined products.
for
Production of Crude Oil.-The company and its subsidiaries produced
of 1914.
the six months 620,000 barrels less than for the first sixamonths
moderate scale,
Since Jan. 1 drilling operations have been resumed upon
largely maintained.
and it is probable that the year's production will be of
South America is
The exportation of fuel oil to parts of the west coast
volume until
slowly increasing, but cannot be expected to regain its normal
refined products
of
exportation
The
peace conditions prevail in Europe.
to the great
to Europe from this coast is no longer profitable, due both
Atlantic and
production of refinable oils available for shipment from the
for transvessels
chartering
of
cost
Gulf seaboard as well as to the very high
war conditions.
portation and the unusual risks and expenses incident to
are
steadily
Coast
Pacific
the
on
oil
refined
and
crude
both
of
Our sales
oil fields of Caliincreasing. Continued over-production in the variousmarket
area would
fornia and the stress of competition incident to a lesser refined
products.
fuel and
seem to indicate continued low prices for both
, including our
Financial Results.-The gross profits in all departments
amounted to S2,847.363,
proportion of the earnings of controlled companies,
carried to surplus account
a decrease of 8100.337. The balance of profits
for the first six months of
amounted to $1,261,827, or $65,538 less than
interest charges decreased
and
$109,094
decreased
expense
General
1914.
steadily lighter. The
$45.671. The burden of interest charges is growing
under
company's own earnings have been phenomenally well .maintained
of controlled comearnings
the
of
proportion
the
but
conditions,
difficult
the Producers' Transpanies has suffered a heavy shrinkage, chiefly in of
half
1915 were $477.542,
portation Co., whose net earnings for the first
$825.757 for the first half of 1914-due,
as contrasted with net earnings of of
oil sent through the pipe lines.
of course, to the reduced amount
, of the same
Vessels.-Two new tankers are now in course of construction'att.
One of
general type as the Lyman Stewart, put to work in December
last fall and another
our chartered ships was sunk by a German cruiser
by the British Government.
chartered boat has been commandeered
bills payable deDecrease in Liabilities.-During the half-year current
$11,76:3, while accounts paycreased $550,000; interest accrued decreased
since Dec. 31
liabilities
in
current
reduction
net
$208,839;
increased
able
also were decreased by
1914, $352,923. Purchase money mortgages
notes have been reduced by
$408,800, and collateral trust 6% serial goldthe
by
sinking fund payment of
$505,000, and will be further decreaseddebt
of the several companies inNov. 1 1915. Net decrease in bonded
In addition, the net
cluded in the balance sheet amounts to $104,000.
ion Co. outstanding was
amount of the bonds of the Producers' Transportat
in
of
the six months.
decrease
$228,000
a
at Juno 30 1915 $1,392,000,
1914 (V.100, p. 897),
Capital Stock.-As intimated in the annual report for
was arranged
&
Smith
Weir
Messrs.
with
contract
the
of
n
a modificatio
treasury shares of capital stock
for the mutual interests of all parties, andto
the order of Messrs. Weir &
to the amount of $2,779,300 were issued
returned to co.
Smith and the outstanding acceptances were canceled and
condition where,
Dividend Prospects.-The company has now reacheda aposition
to resume
it is clearly in
so far as its own affairs are concerned,
It is the intendiVidends very early in 1916 on a strictly moderate basis.
unsettled prevailing
tion of the management, under present world-wide
surplus as a
conditions, to reserve a strong proportion of the accumulatead dividend
reprecaution against any possible emergency and to provide gold notes are
6% serial
serve. Moreover, until the last of the collateral
reamounts
by
the
be
lessened
necessarily
will
dividends
1918,
paid off in
y]. We are desirous
quired for such payments [of $450,000 semi-annuall
the company that when diviof so continuing to strengthen the positions of
certainty
dends are once more resumed stockholder may count with every
upon dividends being maintained and increased.
icapital brought about the organization in Jan. 1907 of the Nevada-Cal
the property and assets
fornia Power Co. of Wyo.. which purchased all of
in
we
have
To-day
time.
present
the
until
business
and has continued the
development which will
operation 30,000 h.p. and are working on a final
Southern Sierras Power Co.
bring the total capacity up to 40,000 h.p. The
California, with San
Southern
into
business
was organized to extend the
374).
Bernardino as a terminus (V. 101, p.
ever and the dethan
is
larger
Nevada
in
to-day
of
industry
The mining
is making a steady progress.
velopment of a pumping load for irrigation water
for irrigation in Nevada
It is only a question of time until pumping
for mining.. Nevada has
will exceed the consumption of current now used
country, and while it is short of sursome of the most fertile valleys in thh
rivers, from which large areas
face water it is rich in subterranean lakes and
development is but fairly
can and will be supplied by pumping. Our
be able, directly or indirectly,
started, and I believe we will ultimately
develop 150,000 h.p.
through our own and allied interests, to
is within the corLess than 2% of the total investment of our companies
and practically all of our franchises
porate limits of any municipalitay,period
years.
of
50
for
practically
extend
or
te
indetermina
are
interest on bonded debt
Results.-Daring the years 1913 and 1914 the
bonds of the Southern Sierras Power
was largely increased on account of the
earned surplus. Durtag 1913 the
Co., and this caused a reduction in the
was in process cf construction and Its
Southern Sierras Power Co. systemthe
interest requirements. The largely •
earnings were insufficient to meet for
the year 1914, coupled with the
increased business of this company
Power Co. Increased the earned
added business of the Nevada-California
$50,000 over the year 1913, notwithsurplus for the year 1914 more than
of the company were largely
expenses
the
1914
in
that
fact
standing the
increased by additional taxation In Nevada and its gross earnings made
less by the reduction in rates for light and power in that State, imposed
by the I'. U. Commission.
company, our principal subsidiary,
The Southern Sierras Power Co.-This
1914, after paying all expenses and interest
showed a net profit for the yearimportant
contracts were made during the
Several
charges, of $80.377.
lino north of San Bernardino, the
year for power to be furnished along its
Trona Corporation, engaged in the
most important being with American
manufacture of potash,soda, &c. The first current consumed by that company was turned on Jan. 25 1915.
Extracts from Report of Public Accountant.
at time of organizaWorking Capital.-The working capital was $91,114
tion; on Dec. 31 1914 it was $1,372,929.
on Dec. 31 1914 were: Nevada-CaliBonds.-The bonds outstanding (V.
94, p. 1320, 283); Southern Sierras
fornia Power Co., 6%. 32.696.000
p. 374); Lytle Creek Power Co., 5%,
Power Co., 6%,$2,500,000 (V. 101,
Co.. 6%. $250,000; total, $5,516,000. The
$70,000; Interstate Telegraph
are all owned by the Nevada-Calibonds of the Interstate Telegraph Co.
associated companies.
fornia Power Co. and the
-The year's expenditures of associated
Advances to Associated Companies.
and equipment were provided for alcompanies for additions to property
from this company. The total advances to
most entirely by advances reached
the sum of $1,948,106.
associated companies have
increased either their stocks or bonds
None of the associated companies
in the early part of 1915 the Southern
outstanding during the year, but
approval of the Railroad .Commission
Sierras Power Co. has received the
$300,000 of their bonds to cover a part of
of California for the issuance of
the cost of property additions and extensions already made (V.101, p. 374).
9A
13.
2ARS. .
E
YEARS.
CALENDAR
INCOME ACCOUNT FOR 1C
1911.
1914.
•
inc.
(incl.
Gross earns.
998.457
$772,845
$872,844
on securities, &c.)___ $968,289
Exp., taxes, deprec. &
484,761
212,820
292,271
515,897
power porch. fr. S.S.P.
GENERAL PROFIT AND LOSS ACCOUNT 6 MOS. END. JUNE 30.
controlled cos.)
(Including owned companies and proportionate share of
1914.
Deduct (ma.) 191,5.
1914.
1915.
Interest on$
212,116
235,003
Bonds
2,945,266
_2,836.731
Trading profit_
89,117
Coll. tr. notes 87,012
2,498
Miscell. revenue 10,632
38,711
2,223
Miscellaneous.
2,847,363 2,947,764 For depreciation 914,504 793,252
General expense 179,088 288,182
Bal., surplus_1,261,827 1,327.429
167,671 168,957
Taxes
the net profits of controlled companies
The company's proportion of for
the
six months ending June 30 1914
statement
above
the
in
included
June 30 1915 $325,403. During
Is $644,186 and for the six months ending
d to general reserve account for cointhe half-year there was appropriate
less profit on sale of steamstock,
capital
of
shares
27,993
of
sale
on
mission
the total profit and loss surplus $2,696,869,
ship, &e., $353,630, making$1,261,827
for the last six months.
after adding the surplus of
COS.
BAL. SHEET JUNE 30 1915-UNION OIL CO. OF CAL. & OWNED
$34,092,200
issued
Oil lands,rights & leases.$22,767,557 Stock
M.
6%
First
bonds
reOil wells, pipe lines,
Union 011 Co. of Cal_.. 5,829,000
21.577,037
fineries. .Scc
Union Transport. Co.. 1,823,000
Stocks other companies_ 10,164,469
434,000
'Fr. & Ref. Co.
Mission
1,589,218
Bonds other companies..
50,000
Union Steamship Co__
Advances accounts (net) 1,248,371 Serial
,000
2
,494
notes
gold
162,205
cos_..
affiliated
Invest. in
-576,915
money
oblig's_
Purchase
5,199.153
Oil inventories
753,074 Bills & accts. payable,&c. 2,373.607
Materials and supplies
for depreciation 7,230,641
Bills & accts. receivable.. 3,135,155 Reserve
819,890 General reserve account.. 10,000,000
Cash
2.696,869
184,103 Surplus account
Deferred charges
$67,600,232
Total liabilities
$67,600.232
Total assets
ion Co. In $1,392,000
Also guarantees bonds of Producers' Transportat
Union Iron
to
to
$650,000
pay
agreed
has
and
1915,
30
outstanding June
of tank
Works on specified dates prior to May 25 1918 for construction
steamship under contract of May 14 1915.-V. 100. p. 2090, 1516.
Nevada-California Power Co., Denver, Col.
(Eighth Annual Report-Year ended Dec. 31 1914.)
Pres. Delos A. Chappell, Denver, says in substance:
w Financial Plan.-Several
Nevada-California Electric Corporation-Neletter
of the forming of the
months ago you were advised by circular
, a holding company, under tile
Nevada-California Electric Corporation
-California Power
the
of
Nevada
stocks
the
over
take
to
laws of Delaware,
companies. Practically all shareCo. and all of its associated or subsidiary
their approval of the plans as outholders of your company have signified
carried out. [The holding company
lined, and these plans are now being July
1 1915, V. 101, p. 374.1
began active business operations onbe merged
in a combined report of the
Our operations will in the future
a subsequent page-Ed.l.
[see
Corporation
Nevada-California Electric
d will become the owner of all
which under plans practically consummate
directors' qualifying
stock
(excepting
capital
outstanding
and
issued
the
of
Co., the Southern Sierras Power
shares) of the Nevada-California Power
& Power Co., Corona Gas &
Co., Interstate Telegraph Co., Bishop Light
Co.
Electric Light Co. and Hillside Water
s such as yours require not
The development of public service corporation
stuns of money, and while, under the
only time but the expenditure of largeearnings
been fairly in excess of
have
combined
our
financing,
of
plan
old
of a porthe amount which we have been paying out in dividends, the use
to be
tion of the earnings for the development of the property has seemed
pursue.
to
course
a wise
capacity
the
generating
increasing
for
financing
Under the new plan of
n and distributing lines, it is proposed
and for extension of transmissio
bonds equal to 85% of the value of
to bring in new capital by the sale ofleave
the surplus earnings-as in our
and
extensions
such enlargements and
for the payment of dividends and the
opinion they should be-available
insure a regular cash payment
will
which
surplus
dividend
a
of
building up
y adopt.
upon any basis we may subsequentl
this time to make a record of
History of Enterprise.-It seems proper at
toward our enlarged operations.
some of the causes which have contributed
was organized in Dec. 1904
Co.
Milling
&
The Nevada Power, Mining
districts of Goldfield and Tonopah, Nev.,
primarily to supply the mining water
on
Bishop Creek, Cal., availrights
the
All
current.
with electric
were purchased or
able for use in the generation of hydro-electric power
making a 4,000 h.p. deotherwise acquired, and three generating plants,
much additional
for
necessity
The
installed.
shortly
velopment, were
[VOL. 101.
$580,573
$513,096
$560,025
$452,392
Income
$120,227
$167,323
$157,438
*3132,347
Net interest charges.. _
•
727
81
Uncollectible bills
17,459
540
3,064
Adjustments (deb.)- - -75,057
81,757
74,302
63,380
Bond sinking fund
(4)200,000 (4)190,910 (4)182,660 (2) 91,330
Dividends
$104,380
$421,855
$333,495
$398,872
Total deductions____
$158,718
$226,530
$109,316
$53,520
Balance, surplus
earned
against
in 1913.
interest
$44,407
$27,888
*After crediting In 1914
BALANCE SHEET DECEMBER 31.
1914.
1913.
1913.
1914.
Liabilities3
Assets_ 5,000,000 5,000,000
stook_
Capital
8,539,259
8,276,134
Property & equip't
16 First M 4;6 bonds 2,63:3,000 2,696,000
553
Bond sinking fund
Acerd int. & taxes
45,391
53,519
Stocks anti bonds)
Notes payable_ _ _ _
47,888
326,114
326,571
of other cos. and
573,570
Div.scrip malts_
464,900
land scrip __-68,385
34,516 Other curr.liabil's_
74,849
42.667
Cash
110,052 Approp'd for bond
Accts. receiv., &c. 104,047
375,690
redemption _
312,310
64
1,688
Suspense
Sur. from trusteed
Due from assoc.cos 1,948,106 1,331,128
257,731
257,731
52,010 stook sales
10,735
Prep'd Ms.& supp299,849
412,095
Depree'nreserve
47,074
56,023
Misc.reserves, &c.
Profit and loss_ _ _ _ 1,241,048 1,187,527
Total
10,711,401 10,393,759
10,711,401 10,393,759
Total
-THE CO. AND ALL SUBSID'S.
RESULTS FOR EIGHT CAL. YEARS
-Earned
AdiustNet Interest
Net,
Gross Earns.
meats.
Surplus.
Charges.
Year- (All Sources) After Taxes. $77,660
$268,537
Db.$51,997
$398,194
3612,676
1907
286,638
Db.11,274
138,405
436,317
651 056
1908
288.732
Db.8,476
165,761
462,969
719,885
1909
Cr.1,969
341,812
175,083
514,926
768,506
1910
Db.540
166,750
389,431
556,721
792,734
1911
Cr.4,217
433,619
173,060
602,462
1,043,868
1912
Db.16,669
318,317
358,871
693,857
1,484,971
1913
Cr.3,824
353,743
409,901
759,820
1,566,037
1914
Db.378,946
$1,568,779
$2,777,541
$4,425,266
Totals __$7,639,732
Nevada-California Power Co.,$1,026,605.
Total dividends paid to date by
companies in 1914, after deducting all fixed
The net earned surplus of all and
bond int., was $409,901, as follows:
charges, adjustments, deprec'n
Co
$316,901
Profit of Nevada-California Power
Co
80.377
Profit of Southern Sierras PowerCo.,
deduct
to
$3,343;
dividend
Power
&
Profit of Bishop Lt.
1,783
-------- -dividend iO
Profit Corona bas & .El. If. bo.,
2,292
. . P. Co., $2,000
21,089
Profit of Hillside Co
-$422,441
- ----- - - - -------Total--- _ _ - _ - _ ----Loss Interstate ----------- Co., $8---18; loss and adjustment-s- in
12,540
--------------------$4,3'22
----------Co.,
n
Constructio
Earned surplus (net)--------------------------------------$409,901
CONSOLIDATED BALANCE SHEET DEC. 31.
Eliminating liabilities between Nevada-California Power Co. and the
associated companies.
1913.
1913.
1914.
1914.
AssetsLiabilities•
3
$
Permanent prop5,000,000
Capital
___
stock_
10,175,357
5,000,000
erty and equip't 19,612,658
Bonds-N.-C.P.Co. 2,633,000 2,690,000
Stocks and bonds
8. S. P. Co____ 2,500,000 2,500,000
owned In outside
70,000
Lytle Creek____
70,000
63,940
76,908
cos. as per ilst
8,062 Current accounts_ 1,027,120 1,069,609
8,063
Land scrip
scrip___
464,900
Dividend
573,570
16
553
fund
sinking
Bond
365,989
Reserve accounts_ 503,050
Cash, accts. rec. &
7,331
7,798
608,901 Bond disc't red__
0th. curt accts 508,710
Surplus
7,892,354 7,632,453
Total
20,200,892 19,856,282
20,206,892 19,856,282
Total
or
In the above balance shoot the entire capital stock of the sub. cos.are
Telegraph Co.,
associated cos., and also tho bonds of the Interstate
193.
p.
99,
-V.
cos.
associated
eliminated, as they are owned by
THE CHRONICLE
AUG. 14 19154
Porto Rican-American Tobacco Co. of New Jersey.
(Report for Fiscal Year ending June 30 1915.)
Treasurer A. H. Noble, Aug. 5, wrote in substance:
The capital stock was increased by $1,286,200 during April, May and
June, in exchange for scrip surrendered; the amount out is now $3,285,600.
Of the $1,000,000 5% serial gold notes issued Feb. 11912. $300,000 were
paid in 1913, $300.000 in 1914 and on Feb. L1915 the balance, $400.000.
The capital stock of the company and the average during the year of Its
surplus aggregate $4,700,000. The net income for the year as below,
before deducting dividends, was $623,239, being about 18.97% on the
outstanding capital.
This statement does not include this company's share of the undivided
earnings of the Industrial Company of Porto Rico or of the Porto Rican
Leaf Tobacco Co., in which it holds stock.
INCOME STATEMENT FOR YEARS ENDING JUNE 30.
1914-15.
1913-14.
1912-13.
$5,386,207 $5,005,713 $5,053,213
Sales
Net earnings (after providing for
$456,139
obsolete machinery, &c.)
$438,459
$477.957
47,240
Dividends from other companies._ _ _ _
40,140
35,340
Interest on loans, &c
48,328
55,009
44,869
Miscellaneous
136,320
163,921
156,776
Total net income
$744,127
$654,988
$701,383
U. S. Government corporation tax.._
$5,599
$5,218
$6,275
51,041
Int. and propor. of disc. on 5% notes
33,913
13,806
Interest on scrip
15,513
46,659
58,062
Dividends-x
(19%)431,998 (20)399,880 (18)359,892
Balance, surplus
$191,242
$169,318
$312,081
x Dividends in 1914-15 include three quarterly dividends of Sc paid
In scrip and one quarterly dividend of 4% paid in cash: in 1913-14, four
quarterly dividends of 5% each paid in scrip, and in 1912-13 two quarterly
cash payments of 4% each and two of 5% in scrip.
BALANCE SHEET JUNE 30.
1914.
1915.
1914.
1915.
AssetsLiabilities3,285,600 1,999,400
Real estate & bldgs_l,076,311 1,054,237 Capital stock
400,000
Mach., fixtures, &c_ 205,727 191,511 5% gold notes
16,390 999,700
Good-will
161,600 128,000 Scrip
Mfd. stk., sup., &c_ 473,596 383,551 Bills & acc'ts pay__ _ 366,228 482,665
8,333
Leaf stock
1,859,217 2,054,999 Accrd. Int. on notes_
26,333
P. It. Leaf Tob. Co.. 547,872 674,992 Accrd. int. on scrip
Stook in oth. cos__ -- 298,654 288,654 Prov. for comm., obCash _
68,191 108,406
solete machinery
Bills & acc'ts reedy_ 776,657 603,483
and other funds__ 300,860 268,906
1,498,738 1,307,496
Surplus _
5,467,825 5,492,833
Total
-V. 101, p. 452.
Total
5,487,825 5,492,833
Midwest Oil Co. (of Arizona), Denver, Col.
(Report for Fiscal Year ending Dec. 311914.)
Pres. L. L. Aitken, Denver, Feb. 24, wrote in substance:
Sale.-On March 1 1914 the refineries and the refining business of the
company were sold to the Midwest Refining Co., a company organized in.
Maine, with a capital stock of $20,000,000 ($18,000,000 issued and outstanding), of which your company received and distributed among its
shareholders $12,000,000 (V..98, p. 760, 766, 1003.) By this sate your
company became a producing company only, and entered into certain
20-year contracts and agreements to sell to the Midwest Refining Co. its
entire production from the Salt Creek (311 Field. (Sae report for that company below).
The Midwest Oil Co. holds a lease on 560 acres of patented land, known
as the Wyoming Central Association land; it owns 120 acres of land in the
east half of Section 25. which is patented and known as the Stock 011 Co.
land, and also has a lease on 240 acres of land in Section 36, known as the
School Section, belonging to the State of Wyoming. Your company also
owns about 1.200 acres of located land, distributed in forty-acre tracts
throughout the field, subject to certain reservations and charges in behalf
of those from whom the property was acquired.
Results.-The earnings for the year 1914 were $449.553. During that
time the following dividends on pref. stock were paid: Nos. 7. 8, 9 and 10,
amounting to $180,000; and a dividend of 2%, amounting to $80,000, was
paid on the common stock.
A depreciation charge of $388,678, as well as a total charge of $928,589,
which latter amount represents the cash investment in that part of the
company's property which was transferred to tie Midwest Refining Co.,
leaves a not surplus to the Midwest Oil Company's account of $230,287.
Suit.-On Feb. 23 the U. S. Supreme Court rendered a decision which
upheld the authority of the President to withdraw certain lands thoughout
Wyoming and California. (V. 100, P. 737, 1514; V. 99, p. 410). The suit
was brought by the Government at the request of the company so that
progress could be made in title matters. The decision directly affects 160
acres of land lying outside of the reallx valuable oil-producing area. As to
the really valuable lands, our contention is that we were in possession, in
process of development, prior to Sept. 27 1909, the date of the withdrawal
order and, therefore, that said lands are unaffected by the withdrawal or
the decision. The result is to require of the owners a different and more
extended lino of proof as to the time and circumstances of the initiation of
title to the oil placer claims.
• Outlook.-Owing to the overproduction of crude oil in Oklahoma during
the past year, the prices of all refined products have been very low, and
unless there is considerable decrease in the production from this field it is
not reasonable to expect tnat the earnings of the company will be so good
during the current year asfor 1914. With an improvement in the price of
refined products, the earnings would be materially increased.
STATEMENT OF EARNINGS,EXPENSE AND SURPLUS ACCOUNTS.
$1,358,001
January 1 1914-Credit balance
Earnings from all sources during year 1914
$1,148,459
Less-expenses and cost of crude oil handled during
year 1914
698,906 449,553
Total credit to surplus
$1,807,554
Less-Depreciation
$388,678
Cash investment in that part of the company's
transferred
to
the Midwest
property which was
Refining Company
928,589
•
Dividends paid (compare V.99, p. 1371)
260,000
1,577,267
January 1 1915-Net credit to surplus
$230,287
BALANCE SHEET DEC. 31 1914 (Total each side $6,771,146)•
5,249,985 Common stock
Real estate and leases
4,000,000
Preferred stock
Construction and property in2,000,000
1,030,000 Five-year 6% sinking fund
vestment In field
$42,831
notes
Cash
$300,000
112,571 Bills payable
Cash sinking fund
102,000
70,878 Accounts payable
Bills an+1 accounts receivable_
138.859
151,627 Surplus
Crude 011 00 hand
230,287
Stocks and bonds of other cos_ 134,254 -V. 100. p. 1514, 1352.
525
In the report issued Sept. 281914 the following statement was made:
"These results have been obtained during a period which has boon one of
universal business depression and this has been particularly true as to the
prices obtainable for the refined products of oil." These conditions remain practically unchanged at this time.
On Jan. 20 1915 the company paid its first dividend of 1% on 518,000,000,
the outstanding capital stock, to stockholders of record Jan. 10 1915.
Data from Report of C. A. Fisher, Consulting Engineer, Feb. 15 1915.
Source of Oil Supply.-Tho two largest oil fields in Wyoming, namely,
Salt Crook, which now supplies the refinery, and Grass Creek, a proven but
undeveloped field. A third field, known as Buffalo Basin, has boon shown
to contain gas in large quantities. /n the Salt Crook field the company
holds 20-year leases upon the tracts of producinz companies owning practically all the oil-producing lands in the field. while in the Grass Creek field
the company holds leases on at least 50% of the productive torritOry. The
same is true with respect to Buffalo Basin field, where only gas has been
thus far developed.
The Salt Creek field, which has been producing only four years, is an
anticlinal typo of field. It contains about 5,600 acres of proven oil-producing territory, and a much larger shale oil-producing area. The First
Wall Crook, the one from which the production is at present obtained, is
about 125 feet thick and saturated with oil throughout. It lies at a depth
of 1,000 to 2,000 ft. below the surface. The Second Wall Creek lies 200
foot below the First Wall Creek, is 30 to 40 ft. thick, and occurs from 1,200
to 2,200 ft. below the surface. The Third Wall Creek lies 500 ft. below the
First Wall Creek at a depth of 1.503 to 2.500 ft. below the surface. In
the Salt Creek field only about 8% of the proven territory has been drilled,
on a basis of one well to about every five acres. The average producing
life to date of wells now flowing is less than two years. Owing to the strong
gas pressure, none have to be pumped. Present equipment of company in
Salt Creek field in connection with the transportation of crude oil to the
tank farm at the refinery [in Casper, Wyo.]: Mileage of pipe line of all
sizes, 150; number of pumping stations, all sizes, 22; crude storage capacity
In field, barrels, 425,440; crude storage capacity of tank farm, barrels,
330,000; permanent camps, including Salt Creek, 5.
Production -There are 80 commercial wells in Salt Creek field, with production ranging from 20 to 1,000 barrels daily, all flowing by gas pressure,
either continuously or periodically. The decline in yield of wells ranges
from 12 to 15% a year. The total daily production as of Dec. 31 1914 was
13,000 barrels, and perhaps 12,000 barrels is transported daily through the
main pipe line to the tank farm at Casper. The amount of crude oil in
storage is about 375,003 bbls. The total production of the field from the
beginning of operation to Dec. 31 1914 is 6,963,076 bbls.
Ned) Territory.-In Juno 1914 the company acquired a perpetual lease on
prospective oil land in the Grass Creek field, in the southern part of Bighorn Basin, Wyo. On Nov. 1, when operations were closed for the winter,
the Midwest and other companies drilling in the field had proven about
1.500 acres of land, of which about 50% is hold by the Midwest Refining
Co., including seven wells, of which five obtained oil. The wells range in
depth front 700 to 1,200 ft.
In Juno 1914 we also acquired similar leases on 2,240 acres of located
prospective oil land in the Buffalo Basin field, which is situated about six
miles northwest of the Grass Creek field, near Meteetse, Wyo. One test
hole, 1,655 ft. deep, was drilled, which penetrated four sands and the fifth
to a depth of 52 ft.. and obtained a large flow of gas, estimated at 20,000,000
to 25,000.000 Cu. ft. every 24 hours. I would recommend continuing this
well to a greater depth in order to penetrate lower sands.
From Report of Gen. Man. R. D. Brooks, Feb. 15 1915.
During the 10 months' refinery operations ending Dec. 311914. the total
amount of crude oil refined [at the refineries at Casper, Wyo.] was 2,972,662
bbls. The yield of various products from this crude and the shipments from
the refineries for this period were (In bbls.):
Production. Shipm'ts.
Production. Shipm'ts.
Gasoline
589,461 705,684 Gas oil
24,610
25,784
3,381
Naphtha
4,927 Fuel oil
1,702,179 1,409,216
Water white_ ___ 529,208 380,917
do consumed
169,024
Engine distillate
6,146
6,022 Loss
96,562
Power distillate_
21,115
17.520
Total
2,972,662 2,718,093
The capacity of our refineries, based on 24-hour runs of the crude still
charging capacity, is 17,800 barrels. Total refinery tankage, 1,413,365 bbl.
INCOME ACCOUNT FOR 10 MONTHS ENDING DEC. 311914.
Gross earnings
$3,565,738 Deduct-Depreciation
5493,760
Cost of oil purchased and
Balance, surplus
$690,589
operating expenses
2,381,389 Surplus Mar. 1 1914
47,736
Net earnings
Total surplus
$1,184,349
$738,325
BALANCE SHEET DEC. 311914.
Assets (Total $21,264,991)•
Assets (Concluded)Property,leases & contr's$17,209,503 Stocks and bonds
$29,370
Construc'n, &c.,invest__
338,251 Supplies & prepaid accts99,918
Treasury stock
2,000,000
Liabilities (Total 521,264,901)Cash
759,318
Accounts receivable.... _ _
420,450 Capital stock
$20,000,000
Bills receivable
39,773 Accounts payable
526,666
Refined products
368,408 Surplus
738,325
Capital stock authorized and full paid, $20,000,000; treasury shares.
$2,000,000; total outstanding Dec. 31 1914, $18.000,000. Par, $50 each.
Directors (and officers): 0. II. Shoup, President; H. M. Blackmer, V.-P.;
K. C. Schuyler, General Counsel; B. H. Hopkins, Secretary; R. D. Brooks,
Gen. Man.; Thos. A. Dines, Treasurer; N. S. Wilson, Gen. Supt.; Verner
•Z. Reed, Tyson S. Dines, Baron Raymond d'Aiguy, Prince Jacques de
I3roglie, Rene Recope, Henri de Balincourt,E. Thierry Delanoue and Jean
Bartholoni.
Registrars of stock, Guaranty Trust Co., N. Y., and International Trust
Co., Denver. Transfer agents, N. Y. Trust Co., N. Y., and McMahon
Audit Co. Denver.
See also'Midwest Oil Co. above.-V. 100, p. 737.
Canada Foundries & Forgings, Ltd., Brockville, Ont.
(Report for Fiscal Year ending Dec. 31 1914.)
Pres. John M.Gill, Brockville, Feb. 9, wrote in substance:
The trade depression was continued throughout the year, and when war
was declared, an acute disturbance of trade conditions set in, resulting in a
rapid decline in sales, a shrinkage in values of stocks on hand,and increased
losses through bad debts. Against all these unfavorable circumstances, it
was not to be expected that profits could be earned. The prospects for the
new year, however, are distinctly encouraging. Orders are now on the
books for immediate delivery to a total of over 3600,000. Additions
chargeable to capital account have been made to the amount of $29,219.
RESULTS FOR THE FISCAL YEAR ENDING DEC. 31.
1914.
1913.
1912.
Net earnings
$46,232
$112,899
$108,782
Depreciation, renewals, &c
$26,097
$21,700
$9,500
Bond, &c., interest
12,374
8,102
4,020
Proportion organization expenses_ _ _
2,439
2,406
2,382
Miscellaneous
2,678
3,951
dividends
Preferred
(2 1-3%)22,400 (7%)67,200 (7%)67,200
Balance,surplus or deficit
def.$19,756 sur. $9.540 sur. $25,680
BALANCE SHEET DEC. 31.
1914.
1913.
1914.
1913,
The Midwest "Refining 'Co., Denver, Colo.
AssetsLiabilities,
$
$
Preferred
stock
960,000
Real
estate,
960,000
MO,
(First Annual Report-10 Months ending Dec. 31 1914.)
machinery,patents
Common stock
960,000 960,000
1,889,497 1,860,278 'Iris mortgage bonds 131,400 117,700
good-will, &c
Pres. 0. H. Shoup, Denver, Feb. 15, wrote in substance: Cash
accounts and
Loans
258,995 238,136
In the first semi-annual report, issued Sept. 28 1914, there appeared a
notes receivable__ 190,568 201,313 Accounts and wages_ 87,204
54,872
surplus of $47,736 as of Mar. 1 1914. The not earnings from all sources Inventories
401,893 383,719 Dividend payable..
11,200
during the 10 months to Dec. 31 amounted to $1,184,349, thus snaking a 'Unexpired insur.,&c.
2,161 Bond interest
1,486
3,285
2,043
total surplus as of Dec. 31 1914 of 61,232,085 created before charging de- Organization expense
Reserves
77,545
77,545
preciation. In view of the 20-year leases held on oil-producing lands in
7,449
9,245 Surplus
15,464
and bond discount
35,220
the Salt Crook field, the directors have authoirzod a depreciation charge
of $493,760, being 2.78% of the book value of the property, thus leaving a
2,493,393 2,456,716
Total
Total
2,493,893 2,456,716
not credit to surplus on Jan. 1 1915 of $738,325.
-V. 100, p. 983, 736.
Canadian Consolidated Rubber Co., Ltd.
(Report for Fiscal Year ending Dec. 31 1914.)
Pres.D.Lorne McGibbon,Montreal,Apr.6,wrotein subst.:
done in 1914 maintained that of 1913,
Fr Results.-The volume of business
selling price is considered. The volume of
when the* eduction made in
sales was only 7.98% less than in 1913,while reductions in prices were made
of a larger percentage on all rubber goods. This maintenance of volume
was obtained, notwithstanding what was probably the most discouraging
also
year that Canada has experienced, due to the great European war and
bad
the disappointing conditions west of the Great Lakes. Losses by been
has
debts were only slightly increased and ample provision therefor
made. The stocks of raw materials as well as manufactured goods show
little change on the whole. There is a considerable reduction of investments in footwear and materials therefor, but this is offset by increases of
selling diautomobile tire stocks and raw materials therefor. The plan of The
plant
rect to the trade has continued to demonstrate its usefulness.
the year
of your Dominion Tire Co. has been in operation throughout
further strengthening our standing with the buying public of Canada.
Acquired.-During the year your directors acquired all the remaining
outstanding shares of the Canadian Rubber Co. of Montreal, Ltd, and the
fixed assets of that company are being mortgaged to the Royal Trust Co.
as trustees for your bond issue. Your company is now the owner of the
whole capital stock of each of its constituent companies.
Outlook.-For 1915 your directors anticipate a continuance of the confidence which the retail trade has in the past given to your company. Under
existing conditions, no heavy increase in sales should be looked for, but there
is reason for the expectation of another fairly prosperous year. Prospects
for 1915 automobile tire sales are very encouraging.
COMBINED INCOME ACCOUNT FOR CALENDAR YEARS.
1914.
1913.
,
1913.
1914.
$6,245,819 $6,788,859 Gross income__ _ _$1,108,845 $1,000,575
Net sales
bd
b$629,663
b$593,515
int
5,878,089
,&c
Deduct
5,282,834
*Cost of goods,&c.
16,411
38,869
Exp. unprov'd for
250,907
222,688
$962,985 $910,770 Dividends c
Net profits
89,805
Other Income__ 2145,860
Gross income__$1,108,845 $1,000,575
Balance,surplus $ 217,625
$139,742
* Includes cost of goods, selling and general expenses and taxes. a Includes $78,389 profit on the sale of land. b Includes also cash discounts
to customers, provision for bad debts and interest on borrowed money.
c Includes pref. dividends at the rate of 7% and common dividends at 3%.
COMBINED BALANCE SHEET DEC. 31.
1914.
1913.
1914.
$
LiabilitiesAssetsProp'ty & plants__ 5,452,123 5,273,930 Common stock...._ 2,805,500
Preferred stock..... 1,980,000
Investments, incl.
4,404,905 4,400,304 Can. Rub. Min.stk.
good-will
6% bonds due
Inv'y mfd. goods •
2,600,000
Oct. 1946
2,939,429 3,055,613
materials__
and
3,914,634
107,580 Bills payable
57,363
Cash
374,279
Acc'ts receivable- 1,110,419 1,189,055 Acc'ts payable
1,200
154,505 Real estate
163,856
Miscellaneous- --_
Deprec'n & res've 105,218
2,347,264
Surplus
,
14,128,095 14,180,987
Total
-V. 100, o. 1260.
Total
1913.
$
2,804,120
1,976,780
9,200
2,590,800
4,141,371
433,574
4,200
91,303
2,129,639
14,128,095 14,180,987
Acme White Lead & Color Works, Detroit.
(Report for Fiscal Year ending Nov. 30 1914.)
See. A.M.Woodward,Detroit, Dec.29 1914, wrote in sub:
During the early part of the year the volume of business was good, but
with the approach and outbreak of the European war, commenced to deaddition
cline, and conditions have not been entirely satisfactory since. In
we have had to face considerably higher prices for imported materials.
However, we are in excellent condition to take care of an increased volume,
we believe, at a fair margin of profit, and look forward hopefully toward the
coming year.
The bonded debt has been reduced by $250,000 to $1,450,000 through the
withdrawal of this amount from the underwriters. There has also been
set aside in a reserve fund to redeem maturing bonds $29,163, and it is
expected, as conditions warrant, to add to this reserve from time to time,
in advance of the maturity of bonds.
Inventories have been valued on the same sound and conservative basis
as heretofore, and,in addition, much time and expense have been devoted
to the installation of new systems and methods, whereby it is hoped eventually considerable economies may be made.
The directors again congratulate the stockholders on the successful accomplishment of the bond issue prior to the trying financial period that the
country has been passing through. At no time during that period has the
company suffered any embarrassment from lack of funds.
The directors on Feb. 13 1914, after declaring the usual quarterly pref.
stock dividend, decided that the company's financial interests would be best
served by postponing action on common stock dividends. The directors
now feel that the decision then made has turned out to be an extremely
wise one, and that it is to the interest of every stockholder that this policy
be adhered to as long as present business conditions prevail.
RESULTS FOR FISCAL YEAR ENDING NOVEMBER 30.
Deductions (Con.)-1913-14. 1912-13.
1013-14. 1912-13.
$64,537
Net, after deprec'n_ _$168,3741 $420,597 Prof. divs. (6%).....$64,554
Common diva...•(2M)50,000(10)200000
8,2861
Other income
$176,660 $420,597
Total
DeductBond,&c.,interest_ _8117,293 $97,338
Bal., sun or def_df.$55,187 sr.$58,722
* In 1913 the company deducted the common dividend from the accumulated surplus, but It is shown above for the sake of simplicity.
BALANCE SHEET NOVEMBER 30.
1913.
1014.
1913.
1914.
$
Liabilities-Assets2,000,000 2,000,000
Common stock
Real estate. bidgs.,
1,075,900 1,075,900
Preferred stock
trade marks, pro1st M. bonds (less
cesses, &c., less
bonds in treasury).1,450.000 1,700,000
property sold_ _ _3,019,718 3,005,847
51.771
74,231
231,933 321,494 Accounts payable__
Cash
a120,173 104,655
Notes payable
Accts. & notes rec.
47,862
(less bad debt res.) 754,570 826,616 Accrued accounts.... 62,594
b322,784 386,404
1,528,366 1,549,597 Reserves
Inventories
c469 148 518.897
40,243 181,935 Surplus
Deferred charges .__
Total
[VOL. mu.
THE CHRONICLE
526
5,574,830 5,885,489
Total
5,574,830 5,885,489
a Notes receivable ($120,173) in 1914 was after deducting $30,136 bonds
sold but undelivered. b Includes in 1913-14 reserves for bad debts,
$30,000; for depreciation, $60,772; for general purposes, $202,849. and for
redemption of bonds, $29,163. c After adding $34,350 miscellaneous investments (not formerly recorded) and recovery through withdrawal of
bonds from market, and adjustments, $251, and deducting $29,163 appropriated for reserve for redemptoin of bonds.-V. 99, p. 405.
American Smelters Securities Co.
(Report for 10th Fiscal Year, ended Dec. 311914.)
Pres. Daniel Guggenheim, New York, in March 1915
wrote in subs: [See offering on a subsequent page.-Ed.]:
Results.-When /he internal national difficulties began in the Republic
of Mexico, the directors were able to declare to the stockholders that the
operation of the company's properties outside of Mexico had an earning
capacity more than equal to the dividend requirements. Large exipenditure.s, extending over many years, on the plants located in the United States,
and in the purchase of new properties, have increased the operating capacity
and have reduced the cost of smelting and refining. So long as conditions
remained normal, these improvements continued to show their effect in increased net earnings in all directions except in Mexico, but the declaration
of war in Europe on Aug. 1 brought about temporarily an ab-olute cessation of buying in virtually all of the metal markets of the world. After
this date and up to Dec. 31 the company suffered from a large reduction
in the output of the principal lead and copper producing mines, but since
the opening of the present year the demand has shown such very satisfactory improvement that these mines are now increasing their output.
The condition of affairs in Mexico continues to cause the directors emitety. About Aug. 1 it seemed that most of our plants and mines in Mexico
would soon be able to resume operations, at least to a limited extent. The
resumption of operations, however, proved to be only temporary. The cost
of such damages as have been inflicted on the properties, together with the
large extra expenses in Mexico, have been absorbed in the current profit and
loss account and are reflected in the decrease in earnings. It will be well,
however, not to lose sight of the possibilities of these properties in Mexico.
Property Account.-During the year there has been expended for improved
facilities and new properties $555,995. which has been charged to property
account. This account has also been credited with a depreciation charge
of $750,800, so that the property account shows a decrease from last year
of $194,805. It was thought best, on account of possible financial difficulties that might result from the war in Europe,to reduce the capital expenditures during the last protion of the year to such work as was nearing
completion or was a prime necessity. The present financial condition of
the company, however, warrants the belief that many new activities will be
undertaken during the coming year, installing processes which will be notably profitable in connection with the use and marketing of various byproducts and constructing plants which will increase and broaden the metal
products of the company.
Metal Stocks.-On account of the reduced ore tocelpts, the various plants
have been able to work up many accumulations of ores and furnace byinto refined and marketable
products and convert their metal contents
products. On Dec. 31 the total value of metals on hand, in process of
treatment or refined and ready for the market aggregated $8,522,631, a
oro on hand produced from our
decrease for 1914 of $2.429,263. The of
production; all other metals on
mines is valued in the inventory at cost
hand at conservative quotations.
Securities Reared.-There has been purchased for the sinking fund of the
but $183,500, for the reason that we
6% debenture bonds during the year
$447,000 in excess of the sinking
had purchased during 1913 at low prices
made during 1912, we were
agreements
of
result
a
As
fund requirements.
able to reduce the outstanding "A" pref. stock $170,000, or 1%.
AND PROFIT AND LOSS-YEARS
SUMMARY OF CONSOLIDATED INCOMEDEC.
31.
ENDING
1914.
1913.
Net earnings of smelting and refining plants and industries
$4,353,914
thereon
$4,609,616
dependent
immediately
966,953 1,081,236
Net earnings from mining properties
Total net earnings of operating properties
Int., rents, diva, received, commissions,&c
$5,320,867 $5,690,852
832,104 1,009,170
Gross Income----------------------------------------$6,152,971 $6,700,022
Total deducts__$2,193,368 $2,199,270
1913
Net Inc. for year _83,959,603 $4,500,752
Deductions-1914
$382,629
Less dividends-Admin. expenses_ $396,394
8,207
On pref."A"._ 1,017,450 1,020,000
Research,&c.,exp_
108,434
Series "B"
1,500,000 1,500,000
88,110
Corporate taxes_824,961
Common stock- 1,200,000 1,200,000
I.on bds. out- 808,064
75,039
do in sk. fd., dec..
50,000
50,000
Amort.of dicsount
P.& L.charges_ _ - 100,000
750,000 Balance, surplus-3
28
5
:12
42
3 $780,752
54
$4,06
750,800
Deprec. & amort_
$4,338,471
Total surplus Dec. 31 as per balance sheet
CONSOLIDATED GENERAL BALANCE SHEET DEC. 31.
1913.
1914.
1913.
1914.
Liabilities$
$
$
AssetsProperty account_74,952,981 75,147,786 Preferred stockSeries "A"
16,830,000 17,000,000
Invest. In other co. 1,167,602 1,146,752
Series "B"
30,000,000 30,000,000
x8,522,631 10,951,894
Metal stocks
Materials & supp- 1,098,413 1,293,737 Common stock__ _30,000,000 30,000,000
241,610 Debenture bondsy13,351,000 13,534,500
Prepaid taxes, &c. 235,458
4,453,203 1,437,514 Acc'ts & wages pay.1,155,230 2,152,918
Cash
Int. unclaimed__
14,910
5,100
Foreign bills of exdo accrued ___ 375,000
1,457,400
375,001)
&c_
change,
Divs. unclaimed__
5,401
3,617
Demand loans sec'd
Divs, pay. after
by cop.in process
Dee.
3,040,267
31
488,676
2,400,444
630,000
refining
of
358,106 Accrued taxes_ . 135,204
124,000
Adv.to MM.cos__ 2,110,734 2,649,572
Reserve,&a
124,663
165,239
Acc'ts & notes rec.. 1,488,054
38
P.
L.
&
surplus
4,580,624
77,020
4,338,471
&c_
Sk. fds., cash,
604,167
Discount on bonds 554,167
Total
97,060,707 98,328,844
Total
97,060,707 98,328,844
x Ore, bullion and factory product on hand and in transit, $23,571,559; less approximate value of metals purchased and on hand, payment of which Is to be made
In refined metals and not in cash, $13,324,080, and unearned treatment charges,
$1,724,847; balance, $8,522,631. in
debentures treasury and $1,540,500 held by sinking fund
Y $108,500 additional
trustees.-V. 08, P. 784.
GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
Alton & Jacksonville (Electric) Ry.-New Securities.--
P. U. Commission as of July 8 grantAn order was entered by the Illinois $192,000
stock and $450,000 bonds,
ing this company authority to issue
not as yet been accepted by the combut this order, we are informed, has
& Pewit', foreclosed. C. A.
Jacksonville
Alton,
the
of
Successor
pany.
Alton Gas & Electric Co. (controlled
Caldwell, Alton,Ill., Treasurer of the
by the East St. Louis Suburban), is stated to be the Treasurer of the Alton
1831.
99,
V.
P.
See
& Jacksonville.
American Railways Co., Philadelphia.-Dividend Reduced.-The directors have declared a quarterly dividend of
1% (50 cts. per share) on the $6,713,150 common stock, payable Sept. 15 to holders of record Aug. 29. This compares
with 13% quar. from Dec. 1914 to June 1915 and 13/2%
from Dec. 1902 to Sept. 1914.
Dividend Record of Common Stock (Per Cent).
1903 to 1913.
1902.
1915.
1914.
1901.
1900.
6
5Yi
•53(i,
4Yi
I (Dec.)
An official statement says: "The falling off in earnings of the subsidiary
companies, due almost entirely to business depression and the rainy summer, and very little to jitney competition, made the board of directors feel
that the conservative thing to do was, he reduction of the common stock
dividend to a basis of 4% per annum.'-V. 100, p. 1347.
Atlanta & St. Andrews Bay Ry.-New President.-
Asa G. Chandler of Atlanta, formerly Vice-President, has boon elected
President to succeed A. B. Steele, who resigned.-V. 98, p. 1535.
British Columbia Electric Ry.-Dividends OmittedOperating Agreements.-Owing to the large decrease in the
earnings since the turn of the year, the directors are unable to
recommend the payment of any further dividend on the pref.
or deferred ordinary stocks.
Sperling & Co., London, in their monthly circular say: "The approximate net earnings of the company and its subsidiaries for the six months
ending Dec. 31 1914 amounted to £190,584, a decrease of £61,252, or 24%,
as compared with 1913. For the six months to June 30 1915 the approximate net earnings show a still greater decline of £152,379, or 653%. as
ompared with the same period in 1914, making an approximate decrease
AUG. 14 1915.]
THE CHRONICLE
in the not earnings of the year of £213,031, or 44%. The approximate
not earnings for the 12 months to June 30 amount to £270,588. In the
last days of 1914, owing to the stagnation of business brought about by the
war, an extraordinary form of competition suddenly arose: a large number
of motor cars, most of them privately owned, started plyin$forhirein
he number
e ordinarydtram fares.
aeacararaplyaaed
opposition to the company'sc shadradaa;
teyareable to compete
to
on a very unfair basis. In an endeavor to meet this competition the company has recently, as an experiment, reduced some of its fares. Sufficient
time has not yet elapsed to enable a conclusive opinion to be formed as to
the ultimate result of this step, and whether it in itself will prove effective
or whether the company will be forced to try other expedients in order to
cone
lWe
orm
s will vote Aug. 19 on ratifying the agreements dated
wisthharteh
March 31 1915 between:(a) The company and the Vancouver Fraser Valley
& Southern Ry. Co., and (b) the company and the Vancouver Power Co.,
Ltd., providing for the operation by the company of branch lines owned by
these subsidiary companies.—V. 100, p. 1751.
Canadian Northern Ry.—Notes Offered, Secured by
133 1-3% of 4% Bonds Guaranteed by Dominion Government
and Convertible at Holders' Option into Said Bonds at 85 Till
June 1 1917.—William A. Read & Co. have placed at 98%
and int., to net about 5%%,$11,500,000 two-year 5% collateral trust gold notes dated Sept. 1 1915 and due Sept. 1
1917. Interest M. & S. Prin. and int. payable in U. S.
gold, New York; also payable in Toronto. Coupon notes
of $1,000. Columbia Trust Co., N. Y., trustee. See
advertisement on another page. A circular shows:
Total authorized issue $11.500,000, the direct obligation of the c&mnpaa
diari
secured
aenmi—e.
llyrty.
of
!
st
)
ercitfile
craa
of
ple4gbonds,
o 31d5
iie
33g3ep
3.
41 (_9...41.-3Wie
131
Canada unconditionally guarantees both principal and interest of the
pledged bonds.
The notes are convertible at par and interest into the pledged guaranteed
bonds at 85 and int., at the option of the holder, on or before June 11917,
on ten days' notice. The pledged bonds are part of an authorized issue of
$45.000,000, secured by direct general mortgage lien on the Canadian Northern By. (V. 98, p. 1600, 1918; V. 99, p. 341, 536, 1129, 1450; V. 100, p
307, 1591).
The Dominion of Canada owns $40,000,000 of the outstanding $100,000,000 Canadian Northern Ry. Co. capital stock.—V. 101, p.46.
Carolina Atlantic & Western Ry.—Merger Plan.—
See Seaboard Air Line Ry. below.—V. 100, p. 2009.
527
Kansas City Viaduct & Terminal Ry.—Extension of
Bondholders' Protective Agreement.—The protective committee
for the 1st M.4s has called a meeting of the holders of its
certificates of deposit for Sept. 9 at the office of Maitland,
Coppell & Co., 52 William St., N. Y., to consider a proposition, already approvdd by a large percentage of the depositors, to extend the life of the protective agreement which
expires by limitation Jan.1 1916, for a period of two years,
within which period the committee hopes to procure a purchaser for the property.
Digest of Statement by Protective Committee (Appointed by Agreement of Sept. 1910) Aug. 12 1915.
At our appointment the books were in a chaotic state, there were many
suits pending, a number of unpaid accounts were long overdue and the then
President was promoting a terminal adjunct and had incurred indebtedness therefor without informing the board. This project was abandoned
as impracticable. We succeeded in liquidating some assets not needed
by the company, thereby discharging some overdue accounts. Cost of
operation was reduced to a minimum. Several suits remained to be dealt
with, notably the right-of-way judgments below mentioned.
A judgment in favor of Federal Investment Co. for $300,000, in condemnation proceedings, was a claim prior to the lien of the bonds. The
land in question comprised about three-fifths of all the land occupied by
the structure, and the committee after investigation thought it wise to
settle this claim for $192,000 for fear a new trial might result in a still larger
judgment. A similar claim for $18,000 was also settled, and the judgments
were assigned to the committee, who deposited them, together with all
the bonds as security for a loan. This loan is still outstanding, and now
amounts to $240,000, and is, of course, a lien prior to your bonds, the increase being due to the fact that the net earnings of the company, after
payment of taxes and insurance, have not been sufficient to pay the interest
and the commissions required to obtain its renewal from time to time.
In June 1911 the Metropolitan Street Ry. of Kansas City went into the
hands of receivers and very promptly efforts were made by them to reduce
the toll charged for the use of the viaduct structure by the street cars from
1 ct. to
ct. per passenger. The directors declined to accept this reduction, whereupon the street car service upon the structure was stopped and
has not been resumed since.
Negotiations for disposal of the structure have been carried on unremittingly with various prospective purchasers, but have proven so far
abortive. Until the Metropolitan Street Ry. property is reorganized, no
plan can be intelligently worked out for the rehabilitation or sale of your co.
The structure itself is in fine physical condition, and but for painting
and paving requires practically no maintenance. It was built under a
guaranty for maintenance for 10 years, which is now about to expire, and
the charges in this regard will be therefore heavier than they have been
in the past. [Committee: William C. Lane, R. Walter Leigh, Lawrence
E. Sands and Richard C. Storey, Chairman. with William G. Dooley,
Secretary, 25 Broad St., N. Y. —V. 100, p. 566.
Chicago River & Indiana RR.—Sale of Bonds.—The
Chicago Junction Railways & Union Stockyards Co. (which
has no stock interest in the road) has sold the entire outstanding $765,000 1st M.40-year 5% gold bonds of the company,
Keokuk & Des Moines Ry.—Petition to End Lease—
dated 1911, but to whom is not made public.—V.96, p. 1296. Bondholders' Committee.—The receivers of the Chicago Rock
Chicago & Western Indiana RR.—Gen. M.Bonds Called. Island & Pacific Railway have petitioned the Court to abroOne hundred and twenty-eight ($128,000) 6% gen. mtge. bonds of 1882 gate the lease under which this property is operated, and
for payment Sept. 1 at 105 at office of J. P. Morgan Sc. Co. V. 101, p.448.
have asked the Court for authority to operate same as a
Cincinnati Indianapolis & Western Ry.—Foreclosure separate entity.
Sale.—The company's property will be offered for sale at
The Keokuk & Des Moines Ry. has no working capital,
auction in Indianapolis on Sept. 9 as follows:
and, as it is not certain that under the separate operation
(a) To the extent of some 262 miles of road with 3 locomotives; 15 pas- it will show its interest charges earned, it has been deemed
senger, passenger and baggage, mail and baggage and baggage coaches; wise by the large bondholders to organize a committee, which
1,346 freight cars and 12 miscellaneous cars, &c. Under foreclosure of the
Indiana Decatur & Western Ry. 1st mtge. of Nov. 1 1895. Upset price, is composed of the following gentlemen, who represent a very
$1,400,000. (b) Entire road (361 miles), &c., under foreclosure of Cin- substantial proportion of the issue:
cinnati Indianapolis & Western First & Ref. M. of 1902, subject in part
(262 miles, &c.) to lien of Indiana Decatur & Western mtge. Upset price,
$2,100,000. See reorganization plan, now operative, in V. 100, P. 2084:
V. 101, p. 47, 129, 448.
Everett (Wash.) Railway Light & Water Co.—Sale.—
See "Everett" in "State and City" Dept.—V.95, p. 110.
International Traction Co., Buffalo, N. Y.—Plan for
Retirement of 4% Pref. Stock (with Accumulated Dividends
thereon) by an Issue New 7% Cum. First Pref. Stock, Share
for Share.—At the request of the holders of a large amount of
the $5,000,000 4% cumulative pref. stock the directors have
brought out a plan for the retirement of said existing 4%
pref. stock, together with the accumulated and unpaid dividends thereon, by an issue of new 7% Cumulative First
Preferred stock. Under this plan the holders of the existing
preferred stock will be asked to deposit their stock subject
to the right of the company to acquire the same for retirement, together with all the accumulated and unpaid dividends thereon. The company will pay for the stock so
acquired by issuing its 7% Cumulative First Prof. stock in
exchange therefor, share for share. An authoritative statement says:
The adoption of this plan by the stockholders will result in the elimination
of the accumulated unpaid dividends on the existing preferred stock,
thereby increasing the company's credit and the value of its outstanding
securities. This accumulation of dividends came about through the restrictive provisions of the original Collateral Trust indenture of the company,
which prevented the International By. Co. (the operating company) from
issuing any securities to enable it to provide for the necessary improvements
and extensions required by the rapid growth of its business. The readjustment of the indebtedness of the company, which took place in the autumn
of 1912, obviated this situation.
Since the aforesaid readjustment took place the company has paid the
regular 4% dividend on its preferred stock. The greater part of both the
preferred and common stockholders of the company have expressed themselves as being heartily in favor of the foregoing plan, which they believe
will materially advance the credit of the company and the value of its
securities.
Data from Circular Signed by Pres. R. E. Griscom Aug. 5 1915.
The existence of the 42% of accumulated and unpaid dividends on the
$5,000,000 4% cumulative prof. stock is detrimental to the interests of the
company, the value of its securities and the company's credit. In order to
remedy this unsatisfactory condition, the company, at the request of large
holders of the pref. stock, proposes to create an issue of 35,000.000 7%
cumulative first prof. stock of the par value of $100 per share, which shall
have priority in all respects over the existing 4% cumulative prof. stock.
To the extent that the holders of the existing 47 cumulative prof. stock
shall consent to an exchange, share for share, the company will have outstanding its 7% cumulative first pref. stock without any accumulation of
dividends thereon. As a result of this transaction, there will be no increase
In the capital stock, as for each share of 7% cumulative first pref. stock
issued, a share of 4% cumulative pref. stock will be acquired and the capital
stock decreased accordingly.
It is confidently believed that the earnings will be more than sufficient
to pay the dividends on its proposed issue of 7% cum. first prof. stock. A
dividend will be declared and paid on the 4% cum. pref. stock at the rate
of 4% per annum from the date of the last dividend payment thereon to
the date from which the dividends on said 7% first pref. stock will accrue.
Holders are requested on or before Sept. 15 to deposit their sharesof 4%
prof. stock under this agreement, with proxies authorizing the
plan (which calls for a favorable vote of two-thirds of each class of stock),
with the Commercial Trust Co., Philadelphia, Pa., as depositary, or the
Manufacturers' & Traders' Nat. Bank of Buffalo, the Bankers' Trust Co.
of Buffalo. N. Y.,or the Fidelity & Columbia Trust Co. of Louisville, Ky.,
as sub-depositaries thereunder.—V. 99. P. 1832, 1748.
F. J. Lisman, Chairman; Capt. E. H. R. Green and Frank W. Matteson,
trustee of the estate of John Nicholas Brown, Providence, R. I.
No deposit of the bonds will be called for at this time, it being the committee's intention to watch the situation and take such actions as may be
deemed necessary hereafter.—V. 100, p. 2085.
Lake Erie & Pittsburgh Ry.—Bonds.—
The company has applied to the Ohio P. U. Commission for authority to
issue $3,540,000 1st M.5% bonds to be guaranteed by the New York Central RR. and the Pennsylvania Co.—V. 95. p. 680.
Louisville & Nashville RR.—Bonds Called.—
Twenty-five ($25.000) 1st M. 6% bonds of the Pensacola Division for
payment at 105 and int. Sept. 1 at the company's office, 71 Broadway,
New York.—V. 100, D. 1918.
Macon (Ga.) Terminal Co.—New Company—Bonds Sold.
—The company has sold to a New York banking house,
subject to the approval of the Georgia RR. Commission,
$1,600,000 of an authorized issue of $3,000,000 1st M. 5%
bonds, dated July 1 1915 and due July 1 1965, without
option of earlier redemption. Interest dates J. & J. Principal and interest payable in gold. Columbia Trust Co.,
New York, trustee. These bonds are unconditionally guaranteed by endorsement as to both principal and interest,
jointly and severally, by the Central of Georgia Ry., the
Georgia Southern & Florida and the Southern Railway,
which owIt the entire capital stock of the new company and
will use the property, paying as rental, on a wheelage basis,
sums sufficient to provide for all the charges, including interest on outstanding bonds. The mortgage will cover all
property now owned or hereafter acquired. The terminal
will be used as a union passenger station.
Montreal Tramways Co.—New Stock.—
Stockholders of record Sept. 10 are offered the right to subscribe until
4 p. m. Oct. 25 for $1,000,600 common stock in the proportion of 1 share for
every 3 shares held. Subscriptions payable 10%,or $10,on Oct. 25 and the
balance in assessments on two months' notice.—V. 101, p. 444, 370.
Morris & Essex RR.—Cash Contribution—Deposit of Stock.
—The stockholders' protective committee is asking all those
who desire to participate in the benefits of any proceedings
taken by the committee to contribute $1 for each share of
stock held by them respectively. Circular Aug. 4 says:
At the annual meeting on June 30 an entire new board of directors, representing your interests exclusively, was elected by a large majority (V. 101.
p. 131, 48). On July 6 1915 William Clark and Henry V. Poor resigned as
'directors and were succeeded by E. E. Loomis and Frank D.Pavey of N. Y.
As the lease makes no provision for the expenses of maintaining the organization of your company, the now organization imposes an additional
burden and expense upon the committee, but the advantage is very great
both in facilitating the preparation of the suit and in enabling us to safeguard
the interests of stockholders on bond issues.
If the committee succeeds fully in its contentions, not only will stockholders receive immediate substantial return for the extra dividends withheld in the past, but the assurance of the extra dividend for the future will
probably add considerably to the market value of each share of stock. In
such case the expense of each share of stock under the deposit agreement will
be not more than $I a share, while on the other hand, if the committee's
efforts are not successful, the expense incurred by each stockholder will not
exceed 25 cents a share, the balance to be returned to them. In the meantime, stockholders will receive their dividends as usual without deduction.
Under the terms cf the lease, the dividends are payable directly to the
Morris & Essex stockholders. The cause of action of stockholders for in
creased dividends is therefore a direct cause of action in their favor against
528
THE CHRONICLE
& Essex.
the Lackawanna, and is not based upon rights of the Morris
Any recovery will therefore—at least as to dividends for past years—
by the combe limited to the parties to the suit and to the stock representedstockholders
mittee. The Lackawanna's promise of equal treatment to all
Is not legally binding and could not be enforced by the stockholders.
The answer of the defendants to the suit brought under the direction of
dethe committee was filed July 22 1915 and contains various technical
period of
fences, including a plea of the statute of limitations: As the
limitation is running alt the time against stockholders, it is essential that
may
they should promptly co-operate with the committee in order that they
recover the amount of dividends in arrears for as long a period in the past
as possible. Compare V. 100,1). 1672, 1752, 1832. 2010; V. 101.p. 48,131.
Pere Marquette RR.—Decision.---
Judges Knappen, Denison and Sessions on Aug. 5 denied the application
of holders of consol. M. bonds for a preliminary injunction restraining the
enforcement of the 2-cent passenger rate. The rate, it was claimed,
Is confiscatory. Permission was given to file an amended application.
The opinion states that as the consolidated M. is about to be foreclosed
by the Federal court, the character and rights of the security have been
entirely changed and instead of being a future interest-bearing security
it is now a present investment, dependent entirely on the proceeds of the
foreclosure. It is further stated that the bondholders cannot obtain an
Injunction merely by a declaration that the 2-cent fare is confiscatory, but
they must prove that the mortgage sale will not realize enough to pay the
bondholders in full, and also that a higher rate of fare would benefit directly
the holders of securities. This, it is stated, might not be consummated.,
even though a court order was made to compel the revenue from an increase
to be turned ovee to the bondholders, as the Federal court has already
ordered the property sold.—V. 101, p. 289, 213.
Philadelphia & Western Ry.—Earnings.—
Taxes Other Band,etc., Bal.,
Net
Oper.
Gross
June 30
Surp.
hit.
Earns. Paid. Deduc.
Exp.
Earns.
Year—
1914-15____$422.806 $210,040 $212,766 $9,300 $909 $137.130 $65,426
1913-14____ 371,856 208,377 163,479 11,100 1,065 136,939 14,374
—V. 99, p. 463.
Rapid Transit in New York City.—Contract.—
The P. S. Commission on Aug. 11 awarded to the Dock Contractor Co.
the lowest bidder, for S1,692,370, the contract for the construction of Section 2 of Route 29. This section is a 2-track subway on Nostrand Ave.
(Brooklyn), from Churcn to Flatbush Ayes., being a branch of the Eastern
Parkway subway running under Nostrand Ave. from Eastern Parkway to
Flatbush Ave. The contract for, the first section, from Eastern Parkway
to Church Ave., had been previously awarded (V. 101, p. 213).—V. 101.
p. 371. 213.
(Vol,. 101.
acquisition of certain
$6,000,000 3-year notes due March 1 1916; for the
new property, and for improvements, betterments, &c.
to make immeproperty
the
of
interests
the
best
to
be
to
believed
It was
financial rediate arrangements for the near future, as well as for present
quirements. In the financing of the nations at war, interest rates have
amounts
large
of
procuring
the
increased,
necessitating
materially
already
interest basis.
of money for American enterprises on an increasing exchange
of imnis of
Subject to the carrying out of agreements for the
the underlying railway properties to be consolidated with the Seaboard Air
Line By., arrangements have boon made for the sale of tho bonds cf this
issue—Series "A"—as above stated.
to
The directors have left the details in connection with tho general plan
The
the finance committee, ,of which Mr. Warfield is also Chairman.
Continental Trust Co. of Baltimore was appointed agent of the railway to
carry out the details of the consolidation.
Sale of $22,893,090 New Bonds to a Syndicate.
The now issue of bonds has been sold to a banking syndicate headed by
the Guaranty Trust Co., National City Bank, Chase National Bank and
Bankers Trust Co. of Now York; the Continental Trust Co. of Baltimore;
and other financial institutions in Now York, Baltimore, Chicago, Boston,
Philadelphia. Pittsburgh, Savannah, Atlanta, St. Louis, Cleveland,
Cincinnati, San Francisco, Milwaukee, Detroit, Louisville, Columbus,
Seattle, Denver New Orleans, Buffalo, Syracuse, Rochester, Wilmington,
Newark and Albany.
[The stocks of the present Seaboard Air Lino fly. will be retired terough
being determined. The new
exchange for shares of the now Co.on a basis now
at the rate of 6% before the
preferred stock will be entitled to dividends
The
earnings.
present preferred is limited
the
in
participate
can
common
rate is paid on the common,
to dividends at the rate of 4%, until a similar
2%.thecommon being entitled
and then the preferred receives an additional
$23,894,100 preferred
to any surplus remaining. There is outstanding
15 1913 to Aug. 15 ton, dividends
and $37,019,400 common. From Nov.
at the rate of 4% were paid on the preferred, but none has ever been paid
on the common shares.
pref. shares from a 4 to a 6%
One of the purposes of the change of the
stock may be partly used in the future,
stock is so that the now preferred financing
the company's requirements.
of
the
for
desirable,
whenever thought
The new Seaboard Air Line Railway Co. will be an operating company.
the same as the present company—not a holding co.]
Views of Directors and Others Regarding Plan.
of Atlanta, and one of the
Robert F. Maddox, a well-known banker
"Mr. Warfield to-day was congratulated
directors, after the meeting, said:worked
comprehensive plan for the
a
out
having
in
by his fellow-directors
a decided financial achlevetnent.1eAs
Seaboard, which will be recognized as
of his work, he has negotiaskilfuliness
and
thoroughness
the
of
evidence
an
millions of now bonds to make effective
ted,in these times, the sale of many
He has thus helped our entire
the results of his efforts and foresight.
for the greater development of the
Southern country in devising moans
Seaboard Air Lino Ry. and the South, and he has placed the railroad in
firm position financially."
Franklin Q. Brown, of the firm of Redmond & Co.,bankers,of New York,
"Mr. Warfiold has accomplished a
another director of the Seaboard, said:
the Seaboard and the South, as well as'
fine piece of constructive work for
eg
hi
."
d
te
a
r
o
e
r
d
l
l
e
a
e
r
tho
f
o
a
eledeehrs
ho
,eceuersistyef
este
forTtel
In those times by a Baltimore)
large
well received in financial circles in Baltifinancier, it is stated, was veryMr.
plan had its inception three
Warfield's
that
more. it was pointed out
and associates, the largo block of
years ago when he acquired, for himself
then
by the Cumberland
stock,
owned
common
and
preferred
Seaboard
the largest single owner of Seaboard
Corporation. It is said that he is now
the South into a commanding position
stocks. lly this purchase ho broughtonly
was the entire executive managein the Seaboard management. Not the South,
but among others entering
ment of the company transferred to
known Southern mom as Robert F.
the board at that time wore such well
A.
11. Woodward, BirmingSavannah;
Lane,
B.
Mills
Maddox, Atlanta;
George W. Watts, Durham, N. C.;
ham; J. P. Taliaforro Jacksonville:
.1. Harahan, now President, and C. It.
Forgets Reid, Norfolk, Va., and W.
Lino Ry., both of Norfolk.
Capps, now Vice-President, of the Seaboard Air
and Townsend Scott of BaltiIn the board were also J. William Middendorf
of the board and of the
more, and Mr. Warfield, who became Chairman
executive and finance committees.program approved at to-day's mooting
The directors believe that the of the most important pieces of railroad
will be recognized as not only onetime, bait also as significant of a policy
financing accomplished for some
of far-reaching benefit to the various States traversed by the Seaboard
system.—V. 99. p. 1834. 1452.
Rates.—Decision in Western Rate Case—Reduction in Anthracite Coal Rates.—See editorial columns on a previous
page.—V. 100, p. 1919.
Seaboard Air Line Ry.—Financial Plan—Merger—New
Mortgage.—Sale of Bonds.—The directors in Baltimore
Aug.9 took favorable action upon a comprehensive financial
plan, worked out and proposed by the Chairman of the board,
S. Davies Warfield. The plan contemplates the remodeling
and simplifying of the financial structure of the road and the
welding of the company and its tributaries into an enlarged
and improved system so as to enable the company to secure
the best financial results in the sale of its securities. The
program includes the addition to the system, by a consolidation, of considerable new mileage—chiefly main line—
adding outlets to two additional seaports, and it secures as a
result a second track over an important part of the system.
The new company will execute a mortgage authorizing an
issue of $300,000,000 bonds, of which there will now be issued $25,643,000 series "A." Of the latter amount,$2,750,000 will be retained in the treasury. Mr. Warfield has negotiated the sale and exchange of the remaining $22,893,000
Southern Pacific Co.—Regular Dividend.—Notwithof these new bonds.
recent rumors, the company has declared the regular
standing
Announcement Issued by Chairman Warfield Aug. 9.
dividend of $1 50 per share on the capital stock,
quarterly
Line
for
Air
the
the
Seaboard
of
and
present
requirements
The financial
payable Oct. 1 to holders of record Aug.31.—V. 101, p. 214.
future have been provided for:
(1) By creating a physical railroad structure for the enlarged Seaboard
RR.—Decision.—
Southern Pacific
system, far-reaching in its benefits to the South and to the railroad, and
Commission on July 25 granted the company perThe I. S. Commerce ownership
thereby securing greater economies in operation.
and operation of the Sacramento Trans--
(2) By creating a mortgage thereon securing bonds issueable in series,
- which may be of varying maturity, interest and redemption rates—thereby
providing in turn a security meeting investors' requirements and insuring
to the railroad the best resuit under changing financial conditions.
(3) By the sale of bonds under the new mortgage for the purposes hereinafter mentioned—of great importance to the welfare of the railroad and
of the holders of its securities.
Proposed Merger.
The Seaboard Air Line Railway will be consolidated with the Carolina
Atlantic & Western Ry. under the corporate name of the Seaboard Air Lino
By. Co. The Carclina Atlantic & Western By. is a recent consolidation
(V. 98, p. 1155. 1692: V. 100, p. 1591, 1751, 2009) of the North & South.
Carolina, the Charleston Northern and the South Carolina railroads, operating a total of 416 miles. The Carolina Atlantic & Western Ry. recently
acquired the Georgetown & Western RR.,operating from Lanes to Georgetown, S. C., and from Andrews to the Pee Dee River, S. C.. a distance of
70 miles. The Charleston Northern Ry. is the line recently completed,
connecting the North & South Carolina RR. with the City of Charleston.
giving the Seaboard entrance into Charleston, and now becoming a part of
the main lien of the consolidated system. The new terminals at Charleston are admirable, both as to location and facilities. [Compare map on
p. 16 of"Railway & Industrial" Section.]
The line will be extended from Charleston to Savannah by the immediate
construction of 85 miles of railroad with a maximum grade of only 3-10 of
1%. This new line will also become part of the main line of the consolidated system.
This will give the Seaboard Air Line Railway Co.—the new company
growing out of the consolidation of the above-mentioned properties—a lowgrade line from Hamlet, N. C., to Savannah, Ga. By this new lino the
Seaboard will reach Georgetown, S. C., Charleston, S. C., and Savannah,
will tap a rich and fertile territory, highly productive in cotton and tobacco,
will admit of the Seaboard's running time to the South being shortened;
will create a lino with maximum grade of only 34 of 1%,as compared with.
134 %—the maximum grade of the present line to Savannah—and will permit the increase of the full-train-load 12734 %. In effect, this will give the
Seaboard, through South Carolina,from Hamlet, N. C., to Savannah, Ca.,
two lines (the other lines running via Columbia), each one self-supporting
in its own territory. In this way, also, will be obviated the necessity of
double-tracking the Hamlet-Columbia line, where traffic is becoming congested. The territory to be opened up between Charleston and Savannah
is gonearlly well adapted to the growing of vegetables, corn, rice and sea
island cotton, and will put the Seaboard immediately into Charleston's
heaviest vegetable-producing section.
New $300,000,000 Mortgage.
The Seaboard Air Line Railway Co.—the new company—will have a First
and Consolidated Mortgage, securing an authorized issue of $300.000.000
bonds, of variable interesie rates and maturities. This mortgage will be
immediately a first lien on the 416 miles of main-line track between Hamlet
and Savannah; via Charleston, Lanes and Georgetown, S. C., and on the
lines running from McBee, S. C., located on the Handet-Columbia line, to
Florence. Poston, Sumter and Timmonsville, S. C. There will be pledged
as collateral under the new mortgage a majority—$22,361.000—of the outstanding refunding 4% bonds of the Seaboard Air Line Railway.
There will be issued presently under the new first and consolidated mortgage $22,893,000 6% 30-year gold bonds. A part is to be used in exchange
for underlying bonds of constituent companies. The balance has been
sold, the proceeds to be used for the construction of the new line from
Charleston to Savannah; for the retirement of equipment trust obligations
falling duo during the year ending June 30 1016; for the retirement of the
mission to continue its
Co., which operates 8 steamers and about 24 barges between San
Francisco and the head of navigation on the Sacramento River, or 148 miles
above Sacramento.
of the boat lines by the railroad
The Commission held that the operation
and of advantage to the convenience and com
Is in the interest of the public
operation bY the transportation commerce of the people; that its continued
pany, in which the company is interested through stock ownership, will
neither exclude, prevent nor reduce competition on the route by water and
that a continuance of such operation should be pormitted.—V. 100. p. 2011.
Toronto Hamilton & Buffalo Ry.—New Bonds.—The
shareholders will vote Sept. 8 on authorizing an issue of
bonds, to be secured by a mortgage on the property, &c., in
the amount of not exceeding $10000,000,and to fix tho term,
rate of interest and other provisions thereof. See V. 100,
p. 1511, 982; V. 99, p. 1750.
Called.—
Toronto (Can.) Ry.—Bonds
of $1,000 each and 305
sterling bonds
Seventy-nine 434% currency bonds
1 1892, have been drawn for reof £100, issued under 1st M. dated Sept.
Aug. 31. Payment will be made at the
demption at par and int. on Toronto.—V.
100, P. 727.
Canadian Batik of Commerce,
Union Pacific RR.—Decision in Ogden Gateway Case.—
The 1.-S. Commerce Commission on Wednesday sustained
the action of the company in 1914 in discontinuing the interchange with the Denver & Rio Grande Ry. at Ogden of passenger business to or from points on the Oregon Short Line.
had been in effect for about
The D.& R. G.contended that as these rates
U. P. maintained that it had
18 years, they should not be canceled. The
which short-hauled its own lines
a legal right to retire from an agreement
passenger traffic to and from territory
and was entitled to the long haul on The
principal reason assigned was the
served by the Oregon Short Line. P.
in the construction of branch lines,
large expenditures made by the U.
in
and
Oregon Short Line territory, the
Park
Yellowstone
the
particularly
testimony indicating that in recent years $109,000,000 was expended in the
construction of branches to enable the U. P. to serve Idaho and adjacent
territory, while the D. & R. G. had not invested any money in Oregon
Short Line territory.
Commissioner Harlan, who announced the majority
opinion of the Commission, said:
In addition to the shorter mileage, tho service of the Union Pacific in
point of time is much superior. The fastest train over its rails from Omaha
roaches Ogden in 18 hours and 55 minutes, less time than the best train
between the same points over any route in connection with the D. & R. G.
The situation before us is a very practical one. The D. & R. G. route, as
hereinbefore pointed out, is longer by nearly 400 miles and is 19 hours
longer in point of time. Under such circumstances, if no through route
were now open, an order, based on the record before us, requiring the U. P.
System to short-haul itself by establishing the present parity of fares over
the D. & R. G., would be illogical and arbitrary in the highest degree. It
would be no less so should we undertake to exercise our power under the
same provision of law, by compelling the U. P. to continuo a rate adjust-
AUG. 14 19154
THE CHRONICLE
529
mont which we could not lawfully require it to establish as an original
question.-V. 101, p. 443, 214.
American Malt Corporation.-New Circular.-Chairman Wilberforce Sully in circular dated Aug. 9 1915, reWabash RR.-Sale Confirmed.-Judge Dyer in the U. S. ferring again to the circular issued by the Taylor committee
District Court, St. Louis, on Aug. 10 confirmed the sale to on July 21 (compare V. 101, p. 372), says:
the reorganization committee. See V. 101, p. 371, 289.
We conceive that there is but one factor which may lead disinterested
stockholders to consider seriously the Taylor committee's request for
Washington (D.C.) Ry. & Electric Co.-Earnings.proxies, viz., the falling off in earnings during the past two years. The
Pref.
Corn.
Net
6Mos.
Divs.
Divs. Sink. Bal.,
Other Fixed
(after
Cross
end.
Jun30 Earns. Deprec.). Income. Chges. (23%) (31%) Fund. Surp.
$
$
$
$
$
1915_2,601,738 1,101,942 37,524 593,212 212,500 227,500 52,700
1914_2,527,747 1.103,082 12,257 578,059 212,500 227,500 49,160 48,119
Depreciation of equipment included in operating expenses amounted to
$43,532 in 1915 against $30,000 in 1914.-V. 101, p. 371.
55,h4
INDUSTRIAL, GAS AND MISCELLANEOUS.
Akron (0.) People's Telephone Co.-Bonds-Sale of
Property to Ohio State Telephone Co.-Otis & Co., Cleveland,
offered in May last at par and int. $400,000 Refunding First
Mortgage 6% Sinking Fund gold bonds, guaranteed unconditionally by endorsement as to principal and interest by the
Ohio State Telephone Co., which has since taken over the
property by deed. A circular showed:
Bonds dated Jan. 11015. Duo Jan. 11925. Denom. 81,000, $500 and
$100. Principal and interest (J. & J.) payable at State Savings Bank &
Trust Co., Columbus, 0., trustee. Callable on any interest date upon 60
days' notice at 10234 and int. Sinking fund 84.000 yearly. This issue
provides for retirement of $380.000 1st M. 5e/ bonds due Jan. 1 1916,
$380,000 being issuable only as bonds of the old issuo are presented to the
trustee; the balance for improvements. Otis & Co. and associates have
contracted to purchase and pay for on or before Dec. 31 1915 all of the issue
not previously issued for refunding, and it will, therefore, become an absolute first mortgage upon the property, franchises etc.,Jan. 1 1916 or sooner.
Statement by Samuel G. McMeen.Pres. Ohio State Tele!). Co.,May 19.
The Akron system consists of a full automatic exchange of about 5,600
stations, all installed within the last seven years; also (a) at Barberton, 7
miles from Akron. of a common battery plant of over 800 stations; (h) at
Cuyahoga Falls, 5 miles north of Akron. a common battery plant of 570
stations; (c) at Tallnradge, Summit County. a magneto plant with about
100 stations. At the time of our purchase of the (8411,000) capital stock,
a valuation was fixed on the plant of $771.404. The Ohio State Telephone
Co. has also purchased all of the physical property. The earnings of the
Akron Co. for the calendar year 1914 were: Gross earning-, $174,168; not
after taxes, 854.728, or about 234 times the interest on this bond issue. For
the 8-year period ended Doc. 31 1914 the average annual earnings, after
payment of operating expenses and taxes. were 849,817.-V. 100, p. 142.
American Cyanamid Co.-Earnings.Balance,
JunO 30.
• Nit
Miscellaneous
Preferred
YearSurplus.
Profits.
Deductions.
Dividends.
1914-15
$58,583
858,466
Cr.$117
134,894
1913-14
7,673
8189,695
332,263
The balance shoot shows mac!: assets of 8651,423, principally in manufactured stock, and current liabiliths, 8704,464. Saks of cyanamid in the
last fiscal year were 22,876 tons, compared with 37,586 in the preceding
year. The unfilled contracts at the close of the year called for 13.490 tons.
Dividends on the cuntulative preferred stock, which when declared will
amount to $196,379, have not been paid for the fiscal year ending Juno 30
1915.-V. 99, p. 747.
American Ice Co., New York.-$600,000 Bonds Offered.
-Henry & West and Brown Brothers, both of Phila., are
placing at 97 and int., to not 63%,an additional $600,000
"Real Estate First& Gen. Mortgage Sinking Fund" 6% gold
bonds, dated Aug. 1 1912. Duo Aug. 1 1942, but redeemable at any interest period and for sinking fund after Aug. 1
1913 at 102 and int. Interest F. & A. Pa. State tax refunded. Free of normal Federal income tax. Par $1,0000*.
Digest of Lotter from President Wesley M. Oler, Aug. 2 1915.
The mortgage is limited to $6,500.000, of which there have been issued,
including the 8500,000 above mentioned, $4,258,000 bonds, of which 5198,000 bonds have been retired by the sinking fund, and 8319,000 bonds are
held in the Treasury and the company's fire insurance fund and workmen's compensation fund, leaving 83,711,000 in the hands of the .public.
These bonds cover substantially the entire properties of the company and
its subsidiaries, consisting of valuable real estate, 34 artificial ice-manufacturing plants, ice houses, barges, launches and the necessary equipment
for handling our largo wholesale and retail ice and retail coal business.
This mortgage is an absolute first lien on the company's real estate
located in Maine, N. Y., N. .T., Penn., Md. and the Dist. of Columbia,
which is conservatively valued at $6,527,693, and also a lien, subject to
prior encumbrances of 8994,830, on other real estate valued at 82,633,321,
and a further lien on other additional real estate valued at 8506,229, which
is subject to annual ground rents which, capitalized at 5%, would equal
$60,345; also on leasehold properties valued at 8436,128, subject to prior
encumbrances of $30,000, and on office furniture, wagons, tools, &c., of an
aggregate value of $1,033,679. This leaves an equity in real and leasehold
properties of 89,018,196 and makes the entire net value of real estate and
personal property covered exclusive of cash, book accounts and stock of
merchandise, 810.051,875. Over 75% of the real estate owned by the company and its subsidiaries is located in the cities of New York, Philadelphia,
Baltimore and Washington.
The company conducts a wholesale and retail ice business in the State
of Maine and the cities of Philadelphia, Baltimore, Washington, D. C.,
Camden and Atlantic City, N. J. A. largo retail coal business is also done
in the above cities. Through its subsidiaries, the Knickerbocker Ice Co.,
the Ice Manufacturing Co. and the Boston Ice Co., a large ice business is
done in Greater New York and Boston. The American Ice Co. owns every
share of the capital stocks of these companies.
Our policy has been one of constant improvement of its facilities. Since
issuing the first of these bonds in 1912 the company has expended $2,180,000 for new or enlarged facilities and betterments, of which approximately
$1,300,000 was derived from earnings. The capacity of our permanent icemanufacturing plants as so increased is now about equal to 743% of our output. Present plans contemplate immediate expenditures, for additional
facilities, of about $300,000. a part of which the proceeds of those $600,000
bonds will provide.
It is conservatively calculated that the sinking fund will retire over 60%
of the total issue of these bonds at or before maturity.
Earnings for the Last Three Fiscal Years (V. 100, 1.7. 137)•
1012.
1914.
1913.
Gross earnings
$8,826,880 $10,490,815 $8,638,406
Total net income
$1,802,483 $3.052,874 $1,705,700
Int. on Real Estate First & Gen.
Mortgage 6s
191,467
45,000
183,380
Other in,rents, taxes and insurance
586,697
734,888
619,913
Maintaining and improving properties
615,153
590,261
556,567
Net profit
$408,866 $1,659,320
$369,245
Tho earnings for 1913 were abnormally large, by reason of an open winter
and a very short crop of natural ice. This enabled our company to run its
factories far beyond what is usually produced in the winter time and to get
a bettor price for its lee in the summer time. Its trade was also augmented
by the inability of he, competitors to supply their normal trade by reason of
the short crop. The year 1913 also was a year of normal heat in the summer time, while 1912 and 1914 were abnormally cool years, and the earnings suffered in consequence.-V. 100, p. 137, 400.
American Locomotive Co.-New Officer.J. 0. Hobby Jr., formerly Assistant Secretary and Asisstant Treasurer,
has been elected Treasurer, to succeed C. B. Denny. W. Spencer Robertson replaces Mr. Denny as Secretary.-V. 101, p. 133.
causes of decreased earnings which are well known to those familiar with
the business, are briefly: (1) General business depression, carrying idleness
and poverty to thousands of workmen, causing a large decrease in the consumption of beer; (2) the spread of prohibition laws; (3) increased competit:on; the large decrease in tne demand for beer having greatly intensified
competition between existing maltsters. That the falling off in earnings is
not attributable to the personnel of the management is evidenced by the
fact that the management since 1912 has been virtually the same as that
which conducted the business for five years prior to 1912, and which during those five years produced net earnings averaging more than $665,000
per year, or very nearly 714% per annum on the preferred stock.
The management is confident that with a return of general business prosperity, the re-employment of workmen now idle, and the consequent restoration of the normal demand for beer, the earnings will show very marked
improvement. The record of the company since its organization discloses
that its earnings have been subject to great fluctuations, responding very
noticeably to the trend of general industrial conditions. A change in general industrial conditions and not a change in management is what the company needs. You are urged to support the present board by returning in
the envelope enclosed the proxy in favor of Messrs. Coleman, Parlin and
Roosevelt, with your signature affixed thereto.
[The Guaranty Tr. Co.,. N. Y., will until 10 a. m. Aug. 19 receive tenders
at not exceeding par and int. of 1st M.6s of 1899 sufficient to exhaust the
5200,454 cash in the sinking fund. See also V. 101, p. 372, 215.
American Smelting & Refining Co.-Status of Controlled
Company's Holdings-Earnings-Balance Sheet, &c
See American Smelters Securities Co. below.
Settlement Effected with Government.Newspaper reports state that a settleinent was finally arranged with
the Government on Aug. 9 under which the latter regains possession of
3,494 acres of Colorado coal lands and receives in addition 8112.766 in
payment for coal actually taken from the mines at Aguilar and Cokedale.
This is no doubt the same matter concerning which an announcement was
made on Nov. 2 last. Compare V. 99, p. 1368.-V. 101, p. 2169.
American Smelters Securities Co., N. Y.-Offering of
$3,000,000 Pref. Stock "A" Recently Held by Guggenheim
Exploration Co.-Eugene Meyer Jr. & Co., having purchased
$3,000,000 of the preferred stock series A (6% cumulative)
heretofore owned by the Guggenheim Exploration Co., are
placing the same at 85 and div., to yield 7.06%. See
adv. pages. The sinking fund assures the eventual retirement of this stock at par. Original issue, $17,000,000;
retired through sink. fd.,$350,200; outstanding,$16,649,800.
Digest of Letter from Pres. Daniel Guggenheim, N. V., July 12 1915.
Organization.-This Securities Company was organized in 1905, when it
acquired from the Guggenheim Exploration Co. and from the American
Smelting & Refining Co. various mining properties and smelting and refining plants. All of the company's stock is owned by the American Smelting & Refining Co., which guarantees the dividends on the 5% pref. stock,
series B. The capitalization of the Securities Company is now as follows:
$13,351,000 66 15-year gold bonds due 1926: $16.649,800 6% emu. prof
series A; $30.000,000 5% pref., series .13 and $30,000,000 common shares.
Debentures.-The bonds are convertible any time up to Aug. 1 1918, into
common shares of the American Smelting & Refining Co.
A sinking
fund of at least $500,000 per annum provides for the retirement of the issue
at or below 105%, bonds so retired to be kept alive in the sinking fund and
their interest accumulations added to the fund. Of the original $15,000.000, $1,540,500 have been acquired by the sinking fund up to Dec. 31 1914.
Pref. Stock Series A.-This stock is subject to cumulative annual retirement at par, for which purpose the company has pledged itself, under an
agreement to which practically the entire original issue of $17,000,000
assented. to set aside the following funds from the surplus earnings and income which would otherwise be available for dividends on common shares:
(a) On July 1 1914, and on July 1 in each year thereafter, a sum equal to 1%
upon all pref. stock series A subject to said agreement; and also (b) on July 1.
in each year after 1914, a further sum equal to 6% on the aggregate of all
stamped stock which shall have been purchased by the company thereunder
from all annual cumulative payments prior to the July 1 on which such payment is to be made. Under the above agreement $170,000 was retired in
1914, $180,200 in 1915, and additional sums will be retired annually thereafter at an increasing rate.
Properties Owned and Controlled.-The American Smelters Securities Co.
owns In fee a number of mining properties. It owns the entire capital stock
of the following corporations: Selby Smelting & Lead Co. Tacoma Smelting
Co., Federal Lead
Central Lead Co., Velardena Mining & Smelting
Co., Garfield Smelting
Co.'Co. and Baltimore Copper Smelting & Rolling Co.
It has also acquired interests in several other properties, including the
Western Mining Co., the Dairy Farm Mining Co., tne Federal Mining &
Smelting Co., the First National Copper Co., the Garfield Impt. Co. and
the Garfield Water Co., the latter two being jointly owned with the Utah
Copper Co. Approximately 80% of the total net earnings of operating
properties are from smelting and refining plants and industries immediately
dependent thereon, and the remaining 20% from the operations of mining
properties. The company is therefore to a large extent independent of
fluctuations in metal prices, excepting in so far as these fluctuations affect
the output of ores by the producers dependent upon the plants.
Earns. of Company for Yrs. end. May 311900 to 1911, Thereafter Cal. Years.
Net
Bond
Deprec'n or For Pref. Misc.Chgs.to
Interest. Construction. Dividends. Profit& Loss.
Years- Income.
$3,174,000
1905-06 --- $3,174,000
3,053,000
1906-07 --- 3,053,000
1,537,000
1997-08 --- 1,537,000
1908-09 - -- 3,626,000
$585,000
3,941,000
532,000
4,154,000
19O9-10__ 4.686,000
$501,000
$300,000
5,211.000
2,756,000
1910-11 - _ 6,161,000
650,000
525.000
929,000
2,793,000900,200
7 mos. 1911 4,247,000
7,479.000
900,000
555,000
1,993,000
4,586,000
1912
6,151,000
900.000
4,501,000
750,000
1913
5.519,000
808,000
751,000
3,960,000
1914
[The pref. dividends, paid in full to date, amounted on the original
stock, $17,000,000 A and $30,000,000 B. to $2.520,031 yearly.-Ed.)
Over the past ten years the earnings have averaged 3.7 timeq the dividend requirements of pref. shares series A. For the past two years the
operations were affected to a certain extent by revolutions in Mexico, and
further in 1914 by the curtailment of mining operations at the copper
properties during the last half year. In 1912, the earnings of the properties
In Mexico amounted to $1,726.695, whereas. in 1914, there was a loss from
the same properties of $254,575. Notwithstanding this large reduction
in earnings of about $2,000,000, and also the difficulties under which all
business enterprises In the United States labored during the year 1914, yet
the total earnings showed but slight reduction, as compared with 1912.
At the present time, the American properties are being operated to their
maximum capacity, and there are fair prospects of an improved condition
of affairs in Mexico.
The company's net quick assets on Dec. 31 1914 amounted to $18,134,516, against which the only liabilities prior to the pref. shares series A
were $13,351,000 debenture bonds, which, as stated above, are being
retired by sinking fund purchases.
See "Annual Reports" on a preceding page and compare V. 100.
p. 1075, 2159.
American Woolen Co. (of N. J.).-Proposed Reincorporation in Massachusetts Without Change in Capitalization.Announcement is made by advertisement on another page
of a plan to reincorporate the company under the laws of
Massachusetts without change in the amount or character
of its capitalization and with only two changes in the board.
THE CHRONICLE
530
The directors of the company unanimously recommend the
prompt acceptance of the plan, the stock to be deposited
for that purpose with the Old Colony Trust Co. of Boston
or the Guaranty Trust Co. of New York. The committee
of directors having the matter in charge will act in conjunction with an advisory committee consisting of Philip Stockton, Eugene V. R. Thayer, Henry B. Binney, Alexander
Hemphill and Albert H. Wiggin.-V. 100, p. 1439, 822.
American Writing Paper Co., Springfield, Mass.Notice to Bondholders.-Touching the payment of overdue
interest mentioned last week, the Bondholders' Protective
Committee,Elbert A.Harvey,Secretary,in a circular says:
"The board of directors at its mooting on Aug. 4 1915 voted to pay at
once the interest and sinking fund due July 1 1915 on the bonds of the company. When the funds are provided by the company, the bondholders'
protective committee will make arrangements for the collection and distribution of payments of coupons on deposited bonds. It is expected, however, that the formation of plans for the reorganization of the company will
be proceeded with. In order to be fully informed of the facts necessary to
advise the bondholders as to how their interests may best be protected,
the committee is conducting an investigation of the condition, value and
management of the properties of the company. When this investigation is
completed, the committee will communicate with you."-V.101, p.450,49.
Authorized. Outstanding.
Capitalization$5,000,000 $1,491,000
Common stock. paying 2%
5,000.000
406,700
Preferred stock, paying 6%
First Lien sinking fund 5s (See V. 96, p. 138; V. 99,
5,000.000 1,390,500 •
p. 750, 897, 1217)
Secured by a first lien upon the property, rights and franchises of all the
subsidiary companies through the deposit of practically all of their securities, both stocks and bonds. Under the terms of the mortgage additional
First Lien sinking fund 5% bonds may be issued only for 80% of the cash
cost of additional properties when the annual net earnings are twice the
Interest charges, including bonds proposed to be issued. Sinking fund
provision, now operative, to retire bonds, an amount semi-annually equal
to 1% of the minimum amount of all bonds outstanding at any one time.
The company, organized in 1912, serves 40 communities in Western Iowa
and Eastern Nebraska, forming six groups, three in Iowa, with Red Oak,
Shenandoah and Missouri Valley as their centres, and three in Nebraska
with Beatrice, York and Norfolk as their pivotal points. Combined population, about 100,000; situated in the heart of one of the best agricultural districts in the United States. The replacement value of its properties, exclusive of franchises and intangible assets, is estimated at $2,712,949, or practically double the amount of bonds outstanding.
Annual Earningsfor Cal. Years 1913 and 1914 and for Year End. Apr. 1 1915
1913.
1914-15.
1914.
$316,940 $550,330 $552,759
Gross earnings
133,397
199,275
197,462
Net earnings (after taxes)
Interest on outstanding bonds5,790
5,790
5,790
Of subsidiary companies
64,525
64,525
Of Continental Gas & Electric Corporat'n 37,125
$90,482 $127,147 $128,960
Balance, surplus
Compare annual report in V. 100, p. 639.
Booth Fisheries Co.-Listed.The New York Stock Exchange has authorized to be listed $796,000
additional first preferred stock, making the total authorized $2,906.000.
The additional stock was issued to acquire the cannery properties and operative inventories of Gorman & Co., which have been transferred to the
Anacortes Fisheries Co., a now company incorporated in Washington
April 15 1915, with $1,000,000 capital stock. The properties consist of
canneries, machinery, docks, real estate, &c., at Anacortes. Port Angeles,
Neah Bay and San Juan Co. Wash., and Kasaan and Shaken, Alaska.
The Anacortes Co. is engaged In producing, curing and canning salmon, Its
principal output being high-grade Puget Sound sockeye salmon.-V. 100,
p. 2169.
Butte & Superior Copper Co., Ltd.-Earnings.-
Eastman Kodak Co. of New Jersey.-Extra Dividend.-
An extra dividend of 2%% has been declared on the $19,532,800 common
stock, payable Oct. 1 to holders of record Aug. 31, making with previous
extra distributions, viz., 10% in March, 25-%, in April, 5% In Tune and
2%% in July, a total of 223i% "In extras, • thus far declared or paid in
1915. Compare V. 101. p. 291.
Electric Boat Co., N. Y.-Exchange of Stock.-The committee named below in circular dated at New York, Aug. 12
•
1915, says in substance:
-3 Mos. end. June 30- -6 Mos. end. June 301914.
1914.
1915.
1915.
Quarters ending$704,781 $4,301,664 $1,343,097
Net val.(zinc concentr's) $2,509,230
323,216
230,294
161,540
Net val.(lead concentr's)
442,651
Total
Other income
$2,739,524
11,899
$866,321 $4,744.315 81,666.313
8,771
2,896
18,619
Total income
Operating costs
$2,751,423
644,270
$869,217 $4,762,934 $1.675,084
1,024,856
1,492.624
531,974
[vol.. lin.
$650,228
Balance, surplus
$337,243 $3,270,310
$2,107,153
The above earnings are computed upon the basis of 12.683 cents per lb.
for spelter for the quarter ending June 30 1915, against 4.94 cents for the
same quarter in 1914.
During the quarter ending June 30 the last few hundred dollars par value
remaining outstanding of the bond issue were converted into capital stock,
so that the mortgage could be discharged and the property is therefore now
free from bonded debt.-V. 100. p. 1835.
Canada Bread Co., Toronto.-Earnings.-
Bond
Depre- Pf. Div. Balance,
Other
Mfg.
June 30
Profits. Income. Interest. dation. (7%). Surplus.
Year1914-15
-$28'7,195 $11,530 $72,235 $50,000 $87,500 $88,990
55.984
73,432
87,500
50,000
12,819
254,097
1913-14
-V.99, p. 746.
Canada Iron Foundries, Ltd.-$10 Shares.Letters patent were issued in Canada dated July 27 1915, subdividing the
existing shares of the capital stock of $100 each into shares of $10 each, so
that the existing capital stock, namely $4,500,000, shall consist of 450,000
shares of $10 each.-V. 100. p. 1754.
A substantial majority of the holders of the outstanding stock of Electric
Boat Co. (or voting trust certificates representing shares of such stock),
have co-operated in organizing under the laws of N. Y. State the Submarine
Boat Corporation, with authority to issue 800,000 shares without par value.
The new company offers to exchange 10 shares of its stock for each share of
stock, common or preferred, of Electric Boat Co., whether represented by
a stock certificate or a voting trust certificate.
During the past year the business of the old company has greatly increased in volume and, by reason of the attention lately attracted by submarine or submersible boats, is believed to have acquired greater stability
than it has heretofore possessed. As the company owns foreign as well as
domestic patents controlling the construction of the Holland type of submersible craft, and has valuable associations abroad with certain manufacturers who utilize such patents, it is the expectation of those heretofore
associated with the management of the business 'that it will continue to
expand, regardless of the duration of the present European war. Because
the business is of such character as not to require the construction and maintenance of elaborate and expensive plants, it seems probable that the value
of its tangible property may not increase in a degree commensurate with the
increase in the value of its patents and good-will, and the enlargement of
its general earning capacity.
Because of the rather unusual nature of the business and of the fact that,
by reason of their long experience therein, the management of the old company includes the most efficient experts in its field, it has been deemed
most essential that such management be assured as long as possible. In
order effectually to accomplish that end the majority stockjolders agreed
to make the exchange only on condition that the shares of the new company be placed under a voting trust. Accordingly, a voting trust agreement for such shares has been enteree into between such majority stockholders and the undersigned as voting trustees, all of whom are associated
with the management of the old company. The voting trust may continue
for a period of five years, or may be terminated at any time by unanimous
consent of the trustees.
Holders must deposit their certificates of stock or voting trust certificates
with Bankers Trust Co. of 16 Wall St., N. Y. City. Opportunity to take
advantage of the present offer will remain open until the close of business
on Oct. 1 1915.
Committee to carry out plan: Elihu B. Frost, Lawrence Y. Spear, Henry
R. Sutphen, Stacy C. Richmond and Thomas C. Dawson. Compare
V. 101, p. 451, 373.
Chickasha (Okla.) Gas & Electric Co.-Bonds Offered.
-McCoy & Co., Chicago, are offering at 88 and int., to
yield 6.10%, First and Ref. M. 5% bonds, dated Jan. 3.
1914 and due Jan. 11934, but callable, all or part, on any interest date at 105 and int. Donom. $1,000 c*. Interest
General Gas & Electric Co., N. Y.-Earnings.-Pres.
J. & J. at Central Trust Co., Chicago, trustee (Wm. T.
Abbott, co-trustee.) without deduction of normal Federal W.S. Barstow in a circular dated Aug.2 1915 saysin subst.:
As the annual report will not be published before the end of the year, and
income tax. A circular shows:
has recently been greatly enlarged by the acquisition of
Capitalization.
Capital stock authorized and outstanding ($250,000 is preferred)_ _$750,000
First M. serial gold 6s, due annually March 1 1913 to 1928 incl.,
$5.000 in 1913 and increasing $1,000 per annum until 1928,
when final $20,000 are due. Original issue, $200,000; retired
182,000
at maturity, $18,000; outstanding
First and Ref. M. gold 5s, due 19:34, authorized, $400,000; reserved to retire above 1st M. Os. $182,000 and for 75% of cost
of additions, betterments, &c., or to retire, $ for $, mortgage
debt on after-acquired property, $98,000; outstanding, in113,000
cluding $60,000 in the treasury
No additional bonds can be issued unless for 9 months preceding net
earnings are 1% times the interest requirements, including bonds then
to be certified. Yearly, beginning Dec. 31 1919, a sum equal to 2% of the
par value of all bonds then outstanding (for not less than six months) must
be credited to a depreciation fund, and may be invested in extensions and
betterments to increase the security for these bonds 30% before 1934.
Properly, &c.-By a special Act of Oklahoma Legislature of Jan. 1914,
acquired entire property of Chickasha Light, Heat & Power Co. Furnishes without competition all the gas and electric current used in the city.
Franchises for electric light and power expire in 1935: gas franchise in 1955.
Owns (a) water power plant of 975 k.w. capacity on Washita River, which
Is operated most of the year; (b) auxiliary steam plant of 1,055 k.w. capacity; (c) gas plant with generating capacity of 350,000 cu. ft. per day and
15 miles of mains.
Earnings.-For year ending Dec. 31 1914: Gross earnings, $84,168;
net earnings, $29,596; bond interest. $13,783; surplus, $15,812.
Chickasha.-Population (in 1910), 10,320. The five banks have an
aggregate capital and deposits of over $2,100,000. Centre of a rich agricultural district. Over 79% of county is improved farm land.
Ownership.-Controlled by the Middle West Utilities Co. (Samuel Insull, President. See V. 100, p. 2006.)
as your company
the Atlantic Gas & Electric properties, it may be of interest to you to re,colve at this time a brief interim report. Accompanying this report is a,
pamphlet giving detailed description of the properties of the various companies. A controlling interest in the Atlantic Gas & Electric properties
was acquired April 29 1915.
Combined Earnings of Controlled Companies for May and for the 12 Months.
-Month of May- Inc. -12 Mos.end. May 31- Inc.
%
1914.
1915.
%
1914.
1915.
$182,234 $168,357 8.2 $2,260.172 $2,132,423 6.0
Open revenues
1,462,246 1,361,120 7.4
Oper. exp. and taxes 119,523 107,090 11.6
$797,926 $771,303 3.5
Not after taxes_ _ _ $62,711 $61,267 2.4
16,977 .8.0
18,338
1,059 84.4
1,953
Other income
$816,263 $788,280 3.5
Total net income- $64,664 $62,326 3.7
exThis increase in income has been produced in spite of extraordinary
business
penses necessarily attending a change of management, widespread
depression and, during last winter, exceptionally unsatisfactory conditions
drought now
for the water powers of the company,due to an unprecedented
thoroughly broken. The outlook for increased earnings is excellent.
the Atlantic
of
acquisition
the
revenue,
operating
basis
1914
of
On the
Gas & Electric Co. properties has decreased the proportion of street railway
earnings to the total earnings from 34 % to 15-8%, has increased the proportion of light and power department earnings from 36% to 63%,and has
decreased the proportion of gas earnings from 29%% to 21.2%. The Atlantic Gas & Electric properties include no street railways. The possible
competition of "jitneys" is therefore negligible so far as these properties are
concerned. The proportion of earnings for our original properties from gas
and from electric light and power, as compared with those from railways, is
steadily increasing. Decided progress has been made in reorganizing and
Improving the forces of the newly-acquired companies. When taken over,
feel
some of the Atlantic companies were involved in lawsuits. We already
Combination Bridge Co., Sioux City, Ia.-Status.that all important legal matters will soon be satisfactoi ily settled.
There are no railroads at present using the company's bridge across the assured
The stock is broadly
stockholders.
800
more
than
to-day
We
have
Missouri at Sioux City, the structure being used only as a foot and wagon scattered and is mostly held in small lots for investment.
bridge and by the local traction company for its line to South Sioux City,
various properties are situated in prosperous communities in Penna.,
Neb. The bridge in times past has been used by the Burlington, the Great N.Our
Y. N. J., Ohio and Vt. In some of these communities there are parNorthern and the Pacific Short Line.-V. 101, p. 287.
ticularly good opportunities for additional business.-V. 100, p. 1922.
Continental Coal Companies, Chattanooga, Tenn.Reduction of Interest from6% to 3% Until,and Including January 1 1917.-The proposed reductionof interest from 6% to
3% on the $2,100,000 outstanding 1st M. 6s of 1911 will
continue till and including Jan. 1 (not July 1) 1917, provided the holders of80% of the bonds assent. See V.101, p.450.
Continental Gas & Electric Oorp.-Bonds Offered.H. F. Bachman & Co., Phila., have purchased a block of
First Lien sinking fund 5% gold bonds, dated Nov. 1 1912
and due Nov. 1 1927, but red. at 105 and int. on any interest
date. Interest M.& N. in N. Y. and Cleveland.
General Water Supply Co., Camden, N. J.-Sale.-
See Collingswood, N. J., in "State and City" Department.
Great Lakes Dredge & Dock Co., Chicago.-Dividends.
A quarterly dividend of 2% has been declared, payable Aug. 15, comparing with 2% and 1% extra on May 15 and 8% in Feb. last (the last
from earnings of 1914), making 13% thus far paid during 1915. On
Feb. 15 1914 and 1913 annual payments of6% each were made, and In 1912
10%,also a 10% stock dividend. Irregular payments have been made since
Incorporation, those in recent years being relported as follows: 1911. 233i%
cash and 20% stock; 1910, 323%; 1909, 24%; 1908, 18%; 1907, 12%.
-V. 100, p. 1909. 1922.
Guggenheim Exploration Co.-Sale of Stock Held.-
See American Smelters Securities Co. above.-V. 100, p. 2170.
AuG. 141915.]
THE CHRONICLE
Hendee Mfg. Co. (Indian Motorcycles), Springfield,
Mass.—Large Foreign Orders—More Pending.—
The company has received orders for 2,600 motorcycles, which amounts
to over $500,000, and has negotiations on for over 10,000 more machines.
Foreign motorcycle factories are making arms and ammunition; and it is
thought, therefore, there will be a large motorcycle business for American
manufacturers.—V. 100, p. 559.
Hoosac Cotton Mills, North Adams, Mass.—First Div.
An initial quarterly dividend of $1 50 per share on the $750,000 outstanding 6% cum. pref. stock has been declared, payable Aug. 15 to holders of
record- Aug. 6. Checks will be mailed by the Old Colony Trust Co.,
transfer agent.—V. 93. p. 473.
International Mercantile Marine Co., N. Y.—Earnings.
—Receiver Philip A. S. Franklin, in his report to the Court,
says in substance:
531
Depositaries under Plan.
For bonds of International Co., Guaranty Trust Co., 140 Broadway, N. Y.
For stock of International Co., Columbia Trust Co., 60 Broadway, N. Y.
For preferred stock of Worthington, Franklin Trust Co., 46 Wall St.
For bonds of Holly Mfg. Co., Bankers Trust Co., N. Y., and Commonwealth Trust Co., Buffalo, N. Y.
Introductory Statement.
The plan now submitted is based upon a most thorough expert examination of the properties and business of the company.
The principal defects which brought about the receivership, notwithstanding the excellence of the plants, were the following: (1) Inadequate
working capital resulting primarily from too liberal dividends on a heavy
capitalization. (2) Excessive fixed charges in the way of interest and sinking fund payments and dividends upon underlying bonds and pref. stocks.
(3) Restrictions resulting from the existence of subsidiary companies, preventing complete consolidation in manufacture. (4) The lack of an executive management having a direct financial interest in the company. (5)
The failure to make improvements in its products and methods.
Valuation of Properties as a Going Concern Sept. 30 1914, $19,289,000.
[After allowing for depreciation, obsolete inventories, bad debts, &c.,
but without allowance for patents or goodwill.[ •
Plants
$10,537.000
Investments (chiefly in English companies)
1,181,000
Trusteed cash
90.000
Cash, inventories, accounts and bills receivable, work in progress, net, June 30 1915($7,657.794)
7,481,000
For years ending Sept. 30 1914 the annual sales of the company and its
subsidiaries and the profits available for interest, dividends on preferred
stocks of subsidiaries and surplus, after deducting adequate reserves for
depreciation, were reported to be as follows:
Sales.
Profits.
Year ended March 31 1910
$10,559,652 $1.636,941
18 mos. end. Sept. 30,11, reduced to yearly basis_ 11,919,500
1,489,583
Year ended Sept. 30 1912
10,543.221
925,988
Year ended Sept. 30 1913
11,018,238
779,224
Year ended Sept. 30 1914
9,663,311
565,554
The European war has made it necessary to discontinue the services
between the United States and the ports of Southampton and Antwerp,
and to find other employment for the steamers formerly operated in these
services. The receiver has deemed it advisable, however, not to abandon
completely the administrative organization of the services at these ports.
and has therefore incurred certain expenses in connection therewith.
The war has affected the conduct of tho business in many ways. S011113
of the foreign flag steamers have been requisitioned by the British Government. The congestion of shipping in the foreign ports caused delays and
consequent heavily increased operating expenses. The cost of all supplies
and repairs has also materially increased, and it was found necessary materially to increase the wages of the crews of steamers for the war zone.
The earnings from the passenger traffic on the foreign flag steamers
have been most unsatisfactory, but this has been counterbalanced by the
increased earnings from the freight traffic.
The American Line steamers have been re-converted into first, second
and third class passenger carriers, instead of being confined exclusively to
second and third class passengers. This change has been appreciated by
the traveling public, as It offered facilities for all classes of passengers on
American flag steamers during these unusual times, and notwithstanding
Yearly average
$10,847,940 $1,116.742
the heavily increased cost of operation, the results are satisfactory. The
From Sept. 30 1914 to July 31 1915, under the receivership, orders
steamers have all been continuously operated free from accident.
$7,630,000,
the
booked
were
reported
as
orders
for
May, June and July
taking
Previously the company carried its own marine insurance, but on
being reported as approximately $1,000,000, $940,000 and $1,200,000,
over the properties, the receiver covered all the steamers with marine in- respectively.
In spite of the reduced volume of sales and the unusual
certain
placed
a
also
has
underwriters,
and
surance placed with outside
depression of the past year in all the lines which the company manufacamount of war risk insurance on the steamers.
tures, there is every reason to believe that during the receivership the
The Panama Pacific Line, a new service from New York to San Francisco company
has at least maintained its relative position in the trade.
passenintermediate
and
through the Panama Canal, carrying first class
The committee believes that the plan of reorganization now submitted
gers, and also freight, began its operation during the receivership, with goes
toward mooting the difficulties which embarrassed the old company
very satisfactory results, the SS. Kroonland and SS. Finland being regularly and far
providing for the successful conduct and development of the business
employed in this service.
future. The new money to be furnished by the stockholders, or, to
While the cost of operating the steamers has been much greater than in in the
extent of their failure to participate, by the underwriters,is deemed to be
previous years, the net earnings have been larger. The general expenses the
adequate
to provide for such of the underlying securities as it may be adreduction.
not included in the operation of the steamers show a material
visable to retire and also to provide sufficient working capital to enable the
Earnings of American Line Steamers (Directly Oper.) Quarter endingJune 30. company to deal with a substantially larger volume of business than it has
$1,655,233 hitherto done. The new capital will also provide for the considerable
Operating earnings (partly estimated)
260,486 expenditures required to bring the company's factories and manufacturing
General expenses (partly estimated)
facilities up to date and for the re-designing of the company's products
$1,394,747 which is necessary for carrying out a progressive manufacturing policy.
Net result of operation (partly estimated)
In this statement no allowance has been made for depreciation. The Provision is made for reducing or eliminating the subsidiary organizations
earnings given are solely those of the steamships operated by the receiver and effecting the needed consolidation of operations.
As the company will have no bonded debt (except such liability as it may
and do not include any earnings of the companies whose stock is pledged
under the mortgages of the International Mercantile Marine Co. The assume on two small underlying issues aggregating $692,100), it will be in
a position to face periods of depression without anxiety, and it is believed
receiver has not received dividends from any of these companies.
that the added strength to its position, due to the absence of a considerable
Regarding the earnings of all the properties owned and con- fixed charge, will enable it to pay full dividends upon the pref. stocks more
readily
than it could earn interest at a lower rate upon an equal amount of
American
the
only
covering
trolled (the receiver's statement
bonds.
Line steamers directly operated), Charles E. Haydock, SecCharles H. Sabin, Lewis L. Clarke, George G. Henry and Percy Jackson
have consented to act as voting trustees of the stock under a 5-year trust.
retary of the Reorganization Committee, says in part:
provided by the plan, this number of voting trustees may be increased.
One must bear in mind that the income of the company is derived, (1) AsOut
of the $1,000,000 new common stock which will be distributed under
from the earnings of the American Line, the ships of which line are owned the
plan to the syndicate managers, Messrs. William Salomon & Co. will
Line,
the
Atlantic
TransStar
outright; (2) from the earnings of the White
port Line (Ltd.), the Dominion Line (English companies), the Red Star retain $500,000 thereof for their services as such managers.
Plan of Reorganization.
Line (a Belgian company), and the Atlantic Transport Line (an American
company), all the stock of which lines is owned by the Mercantile Marine
Summary of Existing Securities, Aggregating $42.739,596.
Co.; (3)from the earnings of the Leyland Line, all but a few of the common International bonds, incl. $778,992 accr. int. to Nov. 1 1915_ _ -$10,126,892
shares of which company, and $2,847,095 (at $4 85 per 5) of the 5% pref. Subsidiary bonds
$492,100; Jeanesville Iron, $200,000)692,100
stock out of a total of $6,859.598 outstanding, are owned by the Mercantile Subsidiary prof. (HollY,
stocks (Worthington, $2.000,000; Blake &
Marine Co.; and (4) from dividends paid by the Holland-America Line,
Knowles,$460,556), with accrued dividends to Nov. 1 1915._ 2,803,104
ono-fourth of the entire capital stock of which is owned by the White Star Stock of Internat. Co., prof., $11,350,000. corn.. $17,762,500_ _ 29,112,500
and the Atlantic Transport Line.
Cash Requirements.—To pay receiver's certificates, etc., for expenses of
The average annual net earnings for the six years(1909 to 1914,inclusive), reorganization,additional working capital and improving the plants, &c.,
after deducting a full depreciation charge of 5% per annum, and all fixed there will be required about $3,600,000. This sum is to be met by paycharges except interest on the 4ee % bonds and 5% bonds, are stated by the ments of $12 50 per share by the preferred and common stockholders of
reorganization plan (V. 101, pi. 451) to have been $2.656,387, and attention
Steam Pump Co. partcipating in the plan, the preferred stockis called to the fact that while that statement includes all the earnings of International
holders to make such proportion of the payments of non-participating
the American Lino, the Red Star Line, the White Star Line, the Atlantic common
stockholders as the par amount of their preferred stock bears to
Transport Linos and the Dominion Line, it only includes tho dividends the total par amount of preferred stock outstanding, and subscriptions for
actually received from the Leyland Line and the Holland-America Line such cash requirements to be underwritten.
during said period.
Securities to Be Created by New Company.
It might be said, however, as the company owns all but a few
of the Leyland common shares, that all the earnings of that line less Class A Preferred Stock, entitled to cumulative annual dividends
at 7% and to a preference In assets and dividends over Class B
the amount required for 5% dividends on the pref. stock of said line
prof. stock and common stock, but such preference over
not owned by the Mercantile Marino Co. should also be included in estiClass B pref. stock to continue only until both classes of pref.
mating future earnings. Owing to requirements for the payment of acstock shall have received full dividends for three consecutive
cumulated and unpaid dividends on its pref. stock, the creation of a reserve
years; redeemable at the option of the new company at 115
fund, as provided by the company's charter, in respect of its prof stock and
and accrued dividends. Auth.issue. $10,000,000;$4,360,937
its building requirements, all of such past surplus earnings have not been
reserved for additional capital to be issued only for cash at not
available to the Marine Co.
$5,639,063
less than par. Present issue to be
The abnormally largo earnings of the current year, however, have enabled
the Leyland Lino to pay all the accumulated and unpaid dividends on its Class B Preferred Stock, entitledto annual dividends at 6%,noncumulative for three years, then cumulative, and to a preferpref. stock, and will, no doubt, enable it to provide the aforesaid reserve
ence in assets and dividends over the common stock; redeemfund. Such surplus earnings of the Leyland Line will, therefore, hereafter
able at the option of the new company at 105 and accrued
be available to the now company. On the basis of the past three years
dividends. Auth. issue, $11,000,000; $873,108 reserved for
(1912-13-14) earnings of the Leyland Line, tho net earnings of the new
$10.126,892
additional capital. Present issue to be
company will be increased by approximately $1,352,336, which being added
to the above-mentioned average annual earnings of $2,656,387, elves a Common Stock. Auth. issue, $15.000,000; reserved for new$12,923,037
capital, $2.076,963. Present issue to be
total average of $4,008,723.
The SS. Britannic, moreover, now practically completed for the White
The now company will also guarantee the payment of the principal of
Star Line, is nearly all paid for, and the SS. 13elgonland, for the Red Star new first mortgage bonds of Holly Mfg. Co., on the surrender of the present
Line, well over half completed, has been about half paid for, which invest- bonds of said company under the plan, the principal amount of these
ments at present yield no return.
new bonds to be 90% of the principal of the present bonds so retired and
The earnings for the current year are abnormally large, and of course to mature at the same date, and will also guarantee the payment of interest
only temporary, and as stated by the committee, were not considered a at the rate of 5% per annum from July 1 1915 on those now bonds so guarproper foundation upon which to base the reorganization either as to fixed anteed. The total liability for principal on this guarantee will, therefore,
charges or total capitalization. The current earnings indicate an amount not exceed $442,890. The mortgage of Holly Mfg. Co. securing these
which made unnecessary the substantial assessment of the stock originally bonds will also provide (a) that the bonds may be redeemable at par and
int.; (b) that the new company will not make any mortgage or other lien
thought to be necessary.
The returns of all the properties, including the Leyland Line. for the first to secure any issue of its obligations, without first paying off these guarans.x months of the current year, indicate that the current earnings for such teed bonds; and (c) that the property shall be acquired by the new company
six months will approximate to $11,000.000 after deducting depreciation in consideration of the above guaranty, and, except as to the plant at Lockcharges for such six months on the basis of an estimated annual depreciation port, N. Y., shall be free from the lien of the mortgage, and thet such lien
charge of 35,500,000 (approximately 5%), the amount required for divi- shall be released from said plant only on a sele thereof at its market value,
dends on the pref. stock of the Leyland Line not owned and setting aside a the proceeds to be applied toward the r demption of the bonds.
proportion of the amount required by the reserve fund in respect to the
The authorized issue of the stock of any of tue above classes shall not be
prof. stock of the Leyland Lino.
increased except on vote of the holders of two-thirds of each class of stock.
The companies have tonnage under construction and contracted for,
No mortgage or other lien to secure any issue of obligations of the new
which, after deducting the amount already paid on account thereof, leaves company shall be created, except on vote of the holders of not less than twobuilding obligations of about e15,000.000, which it is expected can be paid thirds of each of the above classes of preferred stock.
for out of accumulating earnings and subscriptions of stockholders under
If and when the Class A prof. stock shall lose its preference over Class B
the plan.—V. 101, P. 451.
pref. stock, the stock of both classes shall be treated as of the same class for
purpose except the difference in dividend rate and redemption.
every
International Steam Pump Co., N. Y.—Plan of ReorThe common stock may,in the committee's discretion, be created without
stock outstanding on the
ganization.—The joint reorganization committee announces nominal or par value, and in that case the common
of the plan shall consist of the number of shares necessary
in our advertising pages to-day a plan of reorganization dated consummation
to permit one share thereof to be issuable in lieu of each $100 par value of
Aug. 5 which has received the approval of the committees common stock of the new company otherwise issuable hereunder.
Disposition of New Securities.
representing the various classes of securities of the company
A 7% Preferred Stock (to be Issued now,$5,639,063)—
and its subsidiaries. Deposits must be made on or before Class
At par to the holders of7% pref. stock of Henry R.Worthington
Sept. 13.
upon surrender thereof(to be represented by certificates of
interest giving to the syndicate managers herein mentioned
Committee: Charles H. Sabin, Chairman Lewis L. Clarke, Thomas B.
the right at any time within six months from Issue to pay
Gannett, L. T. liaggin, George G. henry, Percy Jackson, R. Walter
such holders cash for said new stock at 105% of its par
Leigh, H.J.de Lanoy Meijer and Allen T. West, with Cravath & IIenderson
$2,000,000
value and its accrued dividends)
as counsel and Arthur B. Hatcher, Secretary, 140 Broadway N. Y.
532
THE CHRONICLE
At par to the holders of International common stock upon making the cash payment of $12 50 per share,and to the holders
of International preferred stock upon making the cash payment of $12 50 per share and of such amount as is required
in respect of non-participating International common stock,
and to the underwriters upon making payments not pro•
$3,639,063
vided for by stockholders
Class B 6% Preferred Stock (to be issued now, $10,126,892)To be issued at par to the holders of the International bonds
$10,126,802
for their principal and interest
Common Stock (to be issued now, S12,923,037)To holders of International prof. stock (on making cash payment of $12 50 per share and of such amount as is required
in respect of non-participating International common stock,
for which new Class A 7% prof .stock will be issued at par),
34% of present holdings, and to holders of International
common stock (on making cash payment of $12 50 per share
for which new Class A 7% pref. stock will be issued at par),
$6,878,625
17% of present holdings
To holders of International bonds,35% of prin. & accrued int. $3,544,412
- To the syndicate managers in consideration of the underwrit$1,000,000
ing of the cash requirements
Reserved in treasury to be used for securing the aid of new
interests in the management of the now company or other$1.500,009
wise for its benefit
$442,890
Holly Mfg. Co. 1st M. guar. 5s, exchange at 90%
Subsidiary Cos.-No Provision Made for Assumption-Disposition Left Open.
$200,000 00
First Mtge. 5% bonds of Jeanesville Iron Works Co
Prof. Cumulative 8% stock of The Blake & Knowles Steam
Pump Works (with unpaid divs. computed to Nov. 1 1915)_ _ 528,104 21
If consummation of the plan is delayed to a date later than Nov. 11915.
the present issue of Clasg 13 pref. stock will be increased by tho amount of
the accrued interest from Nov. 1 1915 on the Internationp bonds and the
amount of common stock will be increased by :35% of the amount of such
accrued interest. If the plan should be consummated prior to Nov. 1
1915, said stocks will be correspondingly decreased. In addition to the
foregoing securities, there may be issued such additional amounts of any
class of stock (now impracticable of accurate statement, but in no event
expected to exceed $200,000 in the aggregate) as may be required to provide for miscellaneous unsecured claims.
Terms of Exchange.
-Will Receive New StockIf
Corn.
Paying. "A"Pref. "B" Pref.
Each $1,000 of ExistingInternational bonds (with $83 int.
Nil
0
3,17
accrued to Nov. 1 1915)
$1,083 33 837:
Nil •
x$1,000(and cash for acc.div)
Worthington prof. stock
Into national prof. stock
1/125
1/312 50
170
12 50
International common stock
125
Holly Mfg. Co. bonds.-See above.
[VOL. 101.
Penn-Mex Fuel Co., Pittsburgh, Pa.-Status-Company Controlled by South Penn Oil Co.-A circular issued by
successors to Ackermann & Coles, and
W. C. Coles &
N. Y. and Jo. P. Cappeau & Sons of PittsPouch & Co. of Co.,
burgh, Pa., shows:
Organization.-Incorporated in Delaware in 1912. Capital stock, authorized and outstanding, $10.000,000, in $25 shares. No funded debt.
Control of 51% of the stock is owned by the South Penn Oil Co., a former
subsidiary of the Standard 011 Co.(New Jersey), and the field management
is the same that has made the South Penn Oil Co. a leading dividend payer.
Properties.-ControlS between 280,000 to 300,000 acres of leases and fees
in and near the present developments in the Panne°, Topila. Juan Casiano,
Los Naranjos, Tres Hermanes. Potrero del Llano and Chijols Fields
of Mexico. In the Alamo field holds a solid block of over 72,000 acres of
leases on which there are two producing wells and three wells shut down on
top of sand. A 24-hour test of No. 2 well with the gate valve less than 25%
open, made 30,280 barrels, and it is thought not improbable that a production of 80,000 to 100,000 barrels per day could be obtained by completing
one or more of the wells on this property, or allowing the present wells to
produce to capacity. Also has two producing wells in the Panne° and
()hijol fields in the North fields. An 8-inch line. 28 miles in length, with a
normal capacity of 40,000 bbls., which, if forced could handle 60.000 bbls.
per day, has been completed from the Alamo field to the Gulf of Mexico,
where it connects with the company's tank farm of over 1,000,000 bbls.
capacity and with its deep-sea-loading terminals, which will have, when
fully completed, four loading connections, each with a capacity of 1,800
to 2,500 bbls. per hour, loading four tankers at one time. Has a 14-mile
narrow-gauge railroad from Zapotal to Alamo. Expert oil men value and
believe the property will become one of the great producers.
The company is now shipping on a contract with the Standard 011 Co. of
New Jersey for 5,000,000 Vials. of oil, which will net the company about
30 cts. per barrel, and has other contracts closed, which will take practically its entire production. At the present rate of snipments,the company
should net over $1,250,000 and it is expected will double its shipment
in the near future. The gravity 2251 t'o Bourne in the Alamo field, is
the highest grade that is being shippedfrom Mexico. Penn-Mex commenced shipments from Tuxpan Terminals March 27 1915 and is loading
at the rate of 350,000 to 400,000 bbls. per month, which will be increased
as rapidly as additional tankers can be secured and the contracts of the
Standard Oil Co. of New Jersey with other Mexican companies expire.
Officers.-President, J. C. Trees; Vice-Presidents, E. E. Crocker and
Arthur F. Corwin; Sec., H. S. Reeser; Treas., S. J. Hoffman.
Port of Havana Docks Co.-Scrip for Interest.-
While the net earnings during the past year have,it is stated. exceeded the
amount of the interest on the 1st M.30-year 5s, It was announced at a meeting of the directors held July 15 1915 that the contpany had been unable to
make arrangements for the renewal of its loan of $75,000 from the Farmers'
Loan & Trust Co., maturing Aug. 1 1915, and that it would be necessary
x Syndicate managers may at any time within 6 mos. from issue pay this to make other arrangements for the payment of the coupons which mature
off at 105 and dividends.
Aug. 1 1915, upon the aforesaid bonds. The directors have accordingly
y These amounts will be increased to the extent that the prof.stockholders issued a circular letter in which they request bondholders to accept notes in
are required to make the payments not made by the common shareholders. lieu of cash in payment of the coupon, such notes being payable on Aug. 1
Underwriting of Plan.-William Salomon & Co. as syndicate managers, 1917, but subject to extension at the company's option until Aug. 1 1918,
payable at maturity. The notes
have secured underwriters for the cash requirements of the Plan up to and carrying interest at 5% nor annum,
Fischer & Co., London, or Farmers'
33.889,063, who have agreed to make the payments of $12 50 for each will be payable at office of Dunn,
exchange
the
rate of $4 86 2-3 per pound sterat
Y.,
N.
Co.,
made
Trust
&
Loan
not
are
which
International
of
stock,
aggregating 33,639,063,
share
IT. S. taxes. Scrip certificates issued at
by the stockholders, and also to provide up to $250,000the cash which shall ling without deduction for anyN.
Y.-V.97, p. 1508.
be distributable from the proceeds of any sale to such of the International Farmers' Loan & Trust Co.,
bondholders as do not elect to participate in the plan. The underwriters
Providence (R. I.) Telephone Co.-Exchange of Stock.will receive the new stock that would otherwise go to the stockholders and
bondholders who do not participate in the plan, and will also receive a cash
shareholders are offered the privilege of exchanging their stock for
The
commission of 5% on such aggregate obligation of $3,889,063. The syndi- stock of the New England Tel.& Teleg.Co.on or before Nov. 10 on the basis
cate managers will receive $1.000,000 common stock of the now company as of $250 of Providence stock for $400 New England stock, provided tne
provided in the plan.-V. 101 p. 216.
holders of $2,500,000 of the $4,000,000 stock outstanding assent and deposit
Trust Co., Providence, on or before
their certificates with the Industrial
Manhattan Shirt Co., New York.-Common Div.Nov. 1. Fractional shares will he settled by sale or purchase at $96 per share
A dividend of % of 10/ has been declared on the $5,000.000 common for Providence and $120 for New England.
stock, payable Sept. 1 to holders of record Sept. 1. A distribution of the
Pres. Dexter B. Potter in circular of Aug.7says in substance: "The Provsame amount was made on Juno 1 1915.-V. 100, p. 1514.
idence Telephone Co. and the Now England Telephone & Telegraph Co.
companies handling the telephone business in adjacent secare
Maxwell Motor Co., Inc.-Second Dividend, Including tionsaffiliated
of New England, but the business between them is handled
If the two companies can be combined to form one
company.
One Account Accumulations.-A quarterly dividend of 14% by a thirdhandling all the
business in and between Maine, New Hampshire,
has been declared on the $12,279,332 1st pref. 7% cum.prof company
Vermont. Massachusetts and Rhode Island, thus eliminating a third comwould be beneficial to the telephone-using
stock (cumulative from Jan. 1 1913), payable Oct. 1 to hold- pany, the resulting organization
public. Providing that 50,000 shares of the Providence Telephone Co.
ers of record Sept. 10; also an additional dividend of VI of stock
is so offered the New England Telephone & Telegraph Go. will exstock, par $100, paying diviof four shares of
1% on account of accumulated dividends. Similar payments change stock on tho basis
the Providence Telephone Co., par $50. and
dends of 7%,for five shares of
were made on June 1 last.-V. 100, p. 1676.
share).
per
I
have
agreed to deposit my own
($4
8%
of
dividends
paying
stock for exchange upon this basis and recommend to my fellow stockMcCrory Stores Corporation.-Sales for July.to accept the proposition.' [The Now England T. & T. Co.
also
holders
Increase. is said to own about one-third of tho Providence Tel. Co.'s stock, formerly
Increase:I 1915-7 Mos.-1914.
1915-July-1914.
833,180 held by Am. Tel. & Tel. Co. No bonds outetanding.1-V. 94. p. 634.
$37,7051$2,882,926
$400,504
$2,849,746
$438,209
-V.101, D. 134.
Middle West Utilities Co.-Subsidiary Company Bonds.
See Chickasha Gas & Electric Co. above.-V. 100, D. 2006.
Nevada-California Electric Corporation.-Status.This company,incorporated in Delaware on Dec. 14 1914 to control and
finance the Nevada-California Power Co. (V. 99, p. 193) and its subsidiaries, through the issue of first collateral lien bonds, has not as yet, we understand, made any offering of its securities, though it has acquired and
now holds a majority interest in the stock of the Nevada-California Power
Co. bee report of that company on a preceding page.
Presently
Total
Authorized. Issued.
Capital Stock of New CorporationCommon stock (par $100)
$20,000,000 $5,000,000
Pref. stock (par $100), preference rights, div., 1915,
4%; 1916, 5%; 1917, 6%; 1918. 7% yearly, cum.
Not subject to redemption
10,000,000 5,000,000
President, Delos A. Chappell; Sec., W. E. Porter; Treasurer, Lawrence
C.Phipps Jr. Compare V. 99, p. 1914; V. 100,p. 144; V. 101,p. 374.
New England Telephone & Telegraph Co.-Offer.--See Providence Telephone Co. below.-V. 101, p. 452, 291.
Nipe Bay Co.-Earnings.-For year ending June 30:
Balance,
Interest&
Preferred
DepreNet
June 30.
Sur. or Def.
elation.
Earnings. Discount. Dividends.
Year$2,164.718 8380.504 (8%)3360,508 $380,290 sur.$1,043,415
1914-15
sur. 27,876
304,106
750,079 418,097
1913-14
def. 86.021
374,017 420,038 (2%)340.000
1912-13
The company's sugar mill produced 120.247,960 lbs. of sugar and 3,114,041 gallons of molasses in 1915, against 147.732.480 lbs. of sugar and 3,168.952 gallons of molasses in 1914, and 118,330,812 lbs. of sugar and 2,847,021
gallons of molasses in 1913.-V. 101, p. 217.
Ohio State Telephone Co., Columbus, 0.-Guaranteed
Bonds-Property Now Owned.
See Akron (0.) People's Telephone Co. above.
Earnings.-Covering period July 23 1914 to June 30 1915:
Total revenue
$2,881,78811nterest on bonds
Not income (after taxes)_ - 1,082,3481Preferred dividend
Balance unassigned
-V. 100, p. 906.
$486,759
291,408
$304.181
Old Dominion Co. of Maine.-Output.-
1915 (11)3.1-July-1914.(Ms.) Iper,as'. I 1915 (lbs,)-7 Mn.-1914. (lbs.) Dee.
2,962,000
3,199,000237,000114,571,000 20,841,000 6.270,000
-V. 100, p. 1836.
Ontario Steel Products Co., Gananoque, Ont.-Earns.
Bond
idol
Net (after
Balance,
Preferred
June 30.
Dividends,
Depr., &c. Interest.
Surplus.
Surplus.
$36,000
(1%)$7,500
876.746
$33,2.16
*$50,183
1914-15
106,437
36,000
(7%)52,500
1913-14
17,037
17.937
*After deducting $1,000 patriotic fund contributions.-V.99, p. 1303.
Sharp Mfg. Co., New Bedford, Mass.-Common Div.-
4f t1oV
ee
.d1o
sb
o dhears
fernee
deercd1aAug.kei on4.
thoT319
0 0e,0
,0
0
0.
0m
An initial quarterly dividen
1
Au
ieA
onassiteoecekr,p payable
nymw
sie
po
c
On April 22 1914 7%% extra was paid on
incorporated
(making
total
a
of
stock
1351% for the year) in full
the $600,000 preferred
for accumulations.-V. 91, P. 877.
Spring Valley Water Co.-New Notes.-The company
on Aug. 3 applied to the California RR. Commission for
authority to issue:
(a) Promissory notes for $1,000,000 secured by pledge of 31.334,000
two-year 551% collateral trust
bonds, in order to redeem the outstanding
called for payment Sept. 1 at 100%.
gold notes dated Dec. 1 1913.
trust gold notes of the aggregate face value
(b) Two-year 5% collateral
of $2,500,000, secured by pledge with the Union Trust Co. of San Franof $3,334,000 of the company's bonds.
cisco, or other satisfactory trustee,
These last-named notes are to be sold at not less than 98%.
Purposes for which the Proceeds of the $2,500,000 2-Year Notes Are Applicable.
promissory notes to be executed
Redemption of the aforesaid redemption
on Sept. 1 1915 of the
before Sept. 11915. for the
gold notes dated Dec. 1 1913
$1,000,000
outstanding 534
349.455
Construction of Calaveras dam, Oct. 1913 to June 30 1915
City pipe system, meters and miscellaneous capital expenditures,
170,060
idu
tonJ
st.
wOic
expenditures:
Three assessments.
i 1n9e15
titm
gnoe 3
Peaks
498,829
MortgageM ay 21 l914 payments,to ec. 27
Oct. 1913 to Juno 30 1915 on lands
note
161,576
------------ _
purchased
123,3211
Mortgage notes payable during 1915 and 1916 for lands purch
Estimated expenditure on constructon of Calaveras dam from
266,000
July 1 to Dec. 31 1915
Estimated expenditures in extensions of mains in San Francisco,
150,000
July 1 to Dec. 31 1915
his
r r0
The Calaveras Valley dam will, It is stated, cost $1,500,000, and 0
the company has already incurred a debt of $468,955, and $615.455 is now
necessary to reimburse its treasury for this stun and to continue the work
until Jan. 11916. The company is also making extensions of its system in
San Francisco and raising its Lake Honda reservoir, adding 6,000,000 galens storaga capacity at a cost of $150,000.-v. 101, p. 292.
Submarine Boat Corporation.-Official Circular..
Officers and Directors.-These are as follows:
See Electric Boat Co. above.
E. B. Frost, L. Y. Spear, Henry 11. Sutphen, Gregory C. Davison, VicePresidents; Thomas C. Dawson, II. C. Sheridan, Norman Johnson, George
W. I loyt• Stacy 0. Richmond of Winslow, Laa tor & Co. (temporary
Treasurer) William II. Remick and Andrew Fletcher. The Presidency is
still vacant. The present directorate is made up largely of members of the
technical staff of the old Electric Boat Co.-V. 101, p. 452, 373.
For Other Investment News, see page 534.
AUG. 14
1915.)
533
THE CHRONICLE
iftevorts auti notuments.
BUFFALO ROCHESTER & PITTSBURGH RAILWAY COMPANY
THIRTIETH ANNUAL REPORT-FOR YEAR ENDING JUNE 30 1915.
Under the terms of the Sinking Funds for the redemption
The Directors of the Buffalo Rochester & Pittsburgh
Railway Company submit to the Stockholders the following of Equipment Bonds, $640,000 00 were retired, as follows:
$46,000 00 Series C; $115,000 00 Series D; $117,000 00
report for the year ending June 30 1915:
Series E; $178,000 00 Series F, and $184,000 00 Series G.
ROAD OPERATED.
Also the first annual installment of $125,000 00 Series H
1914.
1915.
Miles.
'D V! bonds was paid, as provided for in that Equipment AgreeMiles.
367.06
Owned
367.06
ment.
89.90
Leased
89.90
The net result is an increase of $235,000 00 in the bonded
129.52
129.52
Trackage rights
debt of the Company outstanding on Juno 30 1915.
586.48
Total length of
586.48
road operated..
Second track
Sidings
1.01
12.23
207.32
360.48
208.33
372.71
Total miles of tracks, all steel
rail
1,167.52
13.24
===.
1,154.28
The tracks were increased by 1.01 miles of second track,
constructed at Creekside, Pa., and 12.23 miles of new
sidings.
.
Increase (+) or
Decrease(-).
1914.
1915.
$9,479,935 75 $10,734,691 00 -$1,254,755 25
6,935,252 30 7,965,117 27 -1,029,864 97
$2,544,683 45 $2,769,573 73 -$224,890 28
-4,000 00
234,000 00
230,000 00
+596 27
596 27
INCOME.
Operating IncomeRevenues
Expenses
Net revenue
Tax accruals
Uncollectible revenues
$234,0,00 00
-$3,403 73
$2,314,087 18 $2,535,573 73
450 48
Dr. 362 89
-$221,486 55
+813 37
Total operating income....$2,314,537 66 $2,535,210 84
Non-operating income
820,587 10
718,195 23
-$220,673 18
-102,391 87
Gross income
$3,032,732 89 $3,355,797 94
Deductions for Interest and
Rentals
2,120,013 33 2,001,013 78
-$323,065 05
Net income
$912,719 56 $1,354,784 16
AppropriationsPension and Fire Insur$16,432 49
ance Funds
$21,508 47
348,351 67
Special appropriations
111,211 09
-$442,064 60
$230,596 27
Income
Miscellaneous income
+118,999 55
+$5,075 98
-237,140 58
$132,719 56
$364,784 16
-$232,064 60
Surs available for dividMs
$780,000 00
$990,000 00
-$210,000 00
Total appropriations
COST OF ROAD.
Capital account has been charged during the year with
$882,008 80 for investment in road, as follows:
Lands for yard tracks, Rochester, N. Y
Other lands
Storage warehouse, Rochester, N. Y
Subway, Saxton St., Rochester, N. Y
Elimination of grade crossing, Scottsville, N Y
Increased weight of rails, frogs and fastenings
Stone ballast
Improving bridges and culverts
Automatic block signals
Power plant building and machinery, Du Bois, Pa
Power transmission and distribution system, Du Bois, Pa
Shop machinery
New station. Sykes. Pa
Yard extensions, sidings, etc
Total
$121,617 64
4,639 65
163,318 88
24,931 36
23,431 00
64,856 87
18,459 05
80,272 97
70,641 45
128,711 00
27,954 35
16,453 94
6,237 88
130,482 76
$882,008 80
The six-story concrete storage warehouse at Rochester,
N. Y., referred to in last year's report, was completed and is
now in operation.
Automatic electric block signals were installed between
Buffalo Creek, N. Y., and Ashford, N. Y., a distance of
45 miles, making 139.64 miles of single track and 137.68
miles of double track, a total of 277.32 miles, under this system, being 47% of the entire main line mileage of the road.
The new power house at Du Bois Shops, Pa., was completed April 1 1915. It accommodates new electric machinery now furnishing sufficient power to meet the growing
needs of the plant at that point.
A new station was constructed at Sykes, Pa.
Among the important work still in progress may be mentioned:
Subway, Saxton Street, Rochester, N. Y.
Strengthening of steel bridges.
Replacing of timber bridges, trestles and culverts in permanent form.
A special appropriation of $111,211 09 was made from
Net Income, being part of the $125,000 paid into the Sinking Funds under Equipment Agreements, Series A,B and C,
out of which $45,797 26 was applied to retire ;46,000 of
-Equipment Bonds Series C, and the balance was reserved
COST OF EQUIPMENT.
for the purchase of new rolling stock.
Expenditures
were
made for new rolling stock as follows:
Profit and Loss account was charged with $536,380 61.
$407,639 91
Of this amount, $14,284 45 is the remaining part of the pay- Seventeen locomotives
433,145 32
Five hundred steel underframe box cars
ments into the above-mentioned Sinking Funds, including Five
hundred stool underframe gondola cars
454,630 33
accrued interest, and is also available for the purchase of One locomotive crane hoist
7,524 80
underframes applied on two thousand two hundred
new rolling stock; $216,298 83 represents the cost of Equip- Steel
twenty-four freight cars
149,542 13
and
ment Bonds Series D,E and F paid off during the year, less Stool side stakes applied on one thousand eight hundred
26,840 86
and fourteen freight cars
one-half of the principal refunded by 43 % Consolidated
other betterments, including re-classification or
Mortgage bonds held in the Treasury of the Company; Sundry
transfer of three passenger cars and eighty-four freight cars 122,958 18
$180,797 33 covers the full amount paid into the Sinking
$1,602,281 53
Funds, including accrued interest, to retire bonds under
Equipment Agreement Series G;and $125,000 is the principal . There was credited for equipment sold, transof Series H bonds paid off during the year.
ferred or destroyed the following values charged
in part to Operating Expenses, and the balance
DIVIDENDS.
representing the depreciation since June 30 1907
1914.
1915.
Dividends in cash were paid on:
$6,000,000 6% $360,000 6% $360,000 charged to Accrued Depreciation account:
Preferred stock
Common stock
Total
10.500,000 4% 420,000 6% 630,000
$16,500,000
$780,000
$990,000
$59,838 99
Seven passenger train cars
Nine hundred and ninety-eight freight train cars .A72.970 63
4,374 62
Ton work equipment cars
537,184 24
Since the close of the fiscal year your Board of Directors
81,065,097 29
Making a net increase of
has declared semi-annual dividends of three per cent on the
The total tractive power of engines aggregates 11,627,535
preferred stock and two per cent on the common stock,
pounds, an increase of 984,280 pounds over last year.
payable August 16 1915.
The average tractive power of each engine increased 1,217
CAPITAL STOCK.
pounds, being 35,999 pounds as against 34,782 pounds last
There has been no change during the year in this account. year.
The total outstanding Capital Stock of the Company
The total carrying capacity of cars in freight service now
amounts to $16,500,000, and consists of $6,000,000 preferred amounts to 751,531 net tons, an increase of 14,033 tons over
stock and of $10,500,000 common stock.
last year.
The average carrying capacity or efficiency of each freight
FUNDED DEBT.
car increased .90 ton, being 43.19 tons as against 42.29 tons
In accordance with the provisions of the Consolidated last
year.
Mortgage of 1907, $1,020,000 00 4 2% bonds were received
The reserve for accrued depreciation of equipment on June
from the Trustee to apply on payments made for improvements and betterments, and the securities placed in the 30 1915 is as follows:
82,149,524 00
equipment owned
Treasury of the Company. The Trustee also delivered to On
203,377 98
equipment
the Company $205,000 00 Consolidated Mortgage 4Y2% On leased
$2,352,901 98
Total
bonds, representing 50% of Equipment Bonds Series D,
E and F retired during the year.
REVE/stUES.
PASSENGER
These bonds added to those in the Treasury of the Company made a total of $2,400,000 00, of which 81,000,000 00
The gross passenger revenue amounted to $1,101,980 50,
were sold during the year for corporate purposes, leaving a a decrease of 6.96 per cent, or $82,436 49, caused chiefly by
balance of $1,400,000 00 hold in reserve.
the shrinkage of local travel in the mining regions.
534
THE CHRONICLE
The average rate received per passenger per mile increased
.057 cent, being 2.186 cents as compared with 2.129 cents
a year ago.
The average distance each passenger was carried decreased
.07 mile, being 26.94 miles, against 27.01 miles last year.
Passengers carried in 1915
Passengers carried in 1914
1,871,322
2,059,683
[VOL. 101.
1915.
Maintenance of way
13.37
Maintenance of equipment_ _22.53
Traffic
1.50
Transportation
33.17
Miscellaneous operations__ _ - .15
2.44
General
1914.
13.49
20.65
1.40
36.15
.25
2.26
73.16
74.20
Total
1913.
14.23
19.74
1.30
32.71
1912.
12.52
18.94
1.26
32.88
1911.
12.57
19.35
1.44
32.11
-2.68
-
-2:14
1-.81
70.03
67.74
67.28
...
The average cost per ton per mile is 3.21 mills, being .02
mill less than last year.
The average number .of revenue tons carried one mile
A decrease of 9.38 per cent, or
5,216,706 per revenue freight train mile, excluding the mileage of
helping engines, increased 13.56 tons, being 707.16 tons,
FREIGHT REVENUES.
The average rate received per ton per mile increased .15 against 693.60 tons a year ago.
The average number.of revenue tons carried one mile
mill, being 4.77 mills as compared with 4.62 mills last year.
The average distance each ton was hauled decreased 7.21 per revenue freight engine mile, including the mileage of
helping engines, increased 23 tons, being 477, against 454
miles, being 153.83 miles, against 161.04 miles a year ago.
a year ago.
The revenue tonnage moved was as follows:
The averages for the past ten years are as follows:
1915.
1914.
Increase. Decrease'
A decrease of 9.15 per cent, or
Passengers carried one mile in 1915
Passengers carried one mile in 1914
Bituminous coal
Coke
Iron ore
Pig and bloom iron
Other freight
Total
188,361
50,415,391
55,632,097
7,107.857 . 8,176,430
362,403
393,358
417,178
699,702
258,461
265,521
2,782,136
2,760.038
10,928,035
1,068,573
30,955
282,524
7,060
22,098
12,295,049
A decrease of 11.12 per cent, or
Tons moved one mile in 1915
Tons moved one mile in 1914
1,367,014
1,681,022,418
1.980,012,951
A decrease of 15.10 per cent, or
298,990,533
Year.
1906
1907
1908
1909
1910
Train Load. Engine Load
418
525
435
543
371
530
400
597
420
638
Year.
1911
1912
1913
1914
1915
Train Load. Engine Load.
635
430
647
439
710
462
694
454
707
477
The average number of revenue passengers carried one
mile per revenue passenger train mile is 37, being 3 loss than
last year.
The non-revenue traffic not included in any of the other
figures of this report is as follows:
1915.
1914.
275,504
323,720
11,522,375
13,098,629
867,023
1,106,032
83,299,093 108,941,868
The result for the year is a loss of 12.36 per cent, or $1,131,251 63 in gross freight revenue.
Coal and coke traffic decreased 1,099,528 tons, or 12.83%,
clue to the disturbed business conditions in the territory
served by your shippers.
The depression in the iron and steel industry existing
throughout the year, caused a reduction of 289,584 tons, or
30.00% in iron ore, pig and bloom iron.
Other freight shows a slight increase.
The decision of the Inter-State Commerce Commission,
granting an increase of not over five per cent in freight rates,
became effective at various dates after December 16th 1914.
This did not apply to coal, coke, iron ore and other specified
commodities. A careful estimate indicates that such increases added about $41,000 to our revenues this year.
The assets of this fund, created July 1 1903, were increased
$9,623 70 during the year, and now amount to $207,199 62
in interest-bearing securities and cash.
There were sixty-one pensioners upon the roll on June 30
1915, a net increase of four during the year.
EXPENSES.
GENERAL REMARKS.
Number of passengers
Number of passengers carried one mile
Number of tons
Number of tons carried one mile
FIRE INSURANCE FUND.
The assets of this fund were increased $1,468 03 during
the year, and now amount to $283,975 50 in interest-bearing
securities and cash.
PENSION FUND.
Operating Expenses decreased $1,029,864 97, or 12.93 per
The Ontario Car Ferry Company,Limited, paid a dividend
cent, in which each primary expense account participated, of 5% for the year ending December 311914. The sum of
as follows:
$12,485 received on the $249,700 of this Company's stock
Decrease. Per Cent. was credited to Non-operating Income account.
Maintenance of way
12.48
8180,698 99
The second boat under construction for the Ferry ComMaintenance of equipment
80,839 83 3.65
Traffic
5.84
8,786 70
pany,referred to in last year's report, is to be delivered about
Transportation
735,562 36 18.96
September 1st next.
Miscellaneous operations
12,396 13 45.82
General
4.76
11,580 96
On November 16 1914 Mr. O'Donnell Iselin was elected
a Director to fill the vacancy in the Board caused by the resigTotal
$1,029,864 97 12.93
nation of Mr. Lewis Iselin.
The reduction of train mileage was a large factor in accomComparative statements and statistics of the operation
plishing the above decrease, but the increased efficiency of your road for the year, in which the figures for the preresulting from previous improvements, and the enforcement ceding year were recast as far as possible to agree with the
of economies wherever practicable, contributed their share new classification prescribed by the Inter-State Commerce
to the saving made. In attaining this result the Company Commission, effective July 1 1914, are submitted herewith.
did not depart from its policy of maintaining roadway and
The acknowledgments of the Board are renewed to the
equipment at its usual high standard.
officers and employees for their faithful and efficient services.
The operating ratio decreased 1.04 per cent, being 73.16
By order of the Board.
per cent, against 74.20 per cent last year.
WILLIAM T. NOONAN,President.
The percentage of each group of operating expenses to
Rochester, N. Y., July 311915.
operating revenues for the past five years is as follows:
United Coal Mining Co. (of Ill.), Chicago.-Status.-
The $250,000 2-year convertible 6% gold notes offered at par by the
Chicago Savings Bank & Trust Co., the trustee for the issue, are dated
Aug. 1 1915 and due Aug. 11917, but red. at 101 and int. on any interest
date. Denom.$1,000 and $500 c*. Interest F.& A.in Chicago and N.Y.
Capitalization-Capital stock auth. $1,000,000; outstanding
$680,000.
1st M. bonds, $1,000,000; issued, $556,000; less calceled by
sinking fund,$204,500; balance outstanding
351,500
This issue of notes authorized, all outstanding
250.000
Digest of Letter from Pres. C. M. hloderwell, Chicago, July 16 1915.
These Notes.-The proceeds of this issue will retire $200,000 6% notes
maturing Aug. 1 1915, will provide in part for the purchase of about 600
additional acres of coal land,as well as add somewhat to the working capital.
The notes are a direct obligation of the company, and are secured by a 2nd
mtge. on all of its property. The trust deed allows the company to issue
escrow bonds under its first mortgage, but this would automatically increase the value of the property behind these notes. These notes are also
convertible into the common stock of the company at par,$250,000 treasury
stock having been deposited with the trustee for this purpose.
Property.-Consists of about 4,000 acres of coal land in Franklin County,
Ill., of which about 300 acres have been exhausted. Two fully-equipped
mines, one of which, with a daily capacity of 2,500 tons, has been in operation since organization in 1906. Second mine, completed in 1912, has a
daily capacity of 4,000 tons,and is one of the largest producers in Illinois.
We are now completing the purchase of between 600 and 700 acres of laud
adjacent to the present property. The coal in this district is known as
Seam No.6, and averages about 8 ft. 6 in. in thickness about 500 ft. below
the surface, and covers a district about 25 miles square.
Based on engineers' reports in recent years, the physical value, including
the additional acreage above mentioned, is something over $1,500.000,
or about 23,6 times all funded debt. The $680,000 capital stock represents actual investment in the company at par or more, constituting an
equity above the bonded debt. Since 1906 more than $350,000 has been
charged off for depreciation and depletion of coal lands, which undoubtedly
Is more than is necessary.
Earnings.-Net earnings during the past six years after deducting depreciation of equipment, but before deducting sinking fund charge of6 cents
per ton of coal mined, have averaged more than three times the interest
charges on both the 1st M. bonds and notes now outstanding. The past
two years, 1913 and 1914, have been far below normal in the coal business
so that the company has not had an opportunity to derive full benefit from
Its large mine completed late in 1912, but in spite of these conditions, the
Independent audit for the fiscal year ending March 311015 shows a balance,
after deducting depreciation of buildings and equipment, of $127,528, ap
plicable to interest and sinking fund, and the corresponding figures for the
year ending May 31 1915 are $150,575 (deduct interest on funded debt,
$36,090; balance, surplus, $114,485). A fair estimate of net earnings on
that basis for a normal year would be from $200,000 to $250,000.
Management.-Still in the hands of original owners, who have spent their
lives in the coal business. Output sold exclusively by C. M. Moderwell &
Co. (entire capital stock owned by United Coal Mining Co.) over an unusually wide territory, including Texas, La., Ark., Mo., Kan., Neb., North
101, p. 452.
and South Dakota, Minn.,In., Wisc. and
United States Steel Corporation.-Orders July 31.See "Trade and Traffic Movements" on a previous page.-V. 101, p.
366. 288.
Wolverine Copper Mining Co.-Report Yr. end. June 30:
Total
1V.et
New Con- Dios. on
Fiscal
Balance,
Year.
Earnings. struct.,&c. Stock.
YearSur. or Def.
$929,193 $318,201
1914-15
$360,000 def.$41,799
484,061
95.353
1913-14
$14,278
sur.81,075
1,326,501
601,514
1912-13
sur.1,514
600.000
During the year ending June 30 1915 there were produced 7,250.866 lbs.
against
copper,
3,435,459
in
of refined
1013-14; total cost in 1914-15, 8.43c.
per lb.; average selling price, 12.81c.-V. 99, p. 834.
CURRENT NOTICE.
-A. E. Lewis of Los Angeles, who has heretofore been connected with
the bond department of Torrance, Marshall & Co., has gone into business
for himself, specializing in municipal and corporation bonds. Mr. Lewis
was associated with Newberg & Co. of this city prior to his going to the
Pacific Coast. He has offices in the Security Building, Los Angeles.
-Mr. Brandell Kenmore of Brandell Kenmore & Co.,Providence, R.I.,
has joined a number of business and professional men who have gone to
the military training camp at Plattsburg, N. Y., for a four weeks' strenuous rest.
-Redmond & Company are offering a list of assorted investment securi
ties, including railroad bonds to yield 4.45% to 6.05%, public utility bonds
to yield 5.06% to 5.85%, and municipal bonds to yield 4.20% to 4.70%.
AuG. 14
THE CHRONICLE
1915.]
The Toututercial
COMMERCIAL EPITOME
Friday Night, Aug. 13 1915.
General trade has been, on the.whole,. improving. The
feeling is generally hopeful. The.indications point to very
bountiful and in some cases to high record crops of grain.
War orders continue on a very large scale. One of the most
striking features is the activity in iron and steel at advancing
prices. The warm weather has helped retail trade. The
Southwest has been buying more freely. Wool quotations
have been noticeably strong. It is noted with interest in
commercial circles that bank clearings continue to gain.
Gold imports have noticeably increased. On the other
hand, the building trades are still slugggish. It is a fact too
that failures have increased. An agitation in favor of making
cotton contraband is going on in the British press. The
Mexican question has assumed larger and possibly more
menacing proportions. Still, as already intimated, there is
in the main a cheerful feeling in the business community of
this country and it is hoped that no untoward event will
arise to discourage it. The abnormally low rates. of foreign
exchange are of course a regrettable factor in the situation.
LARD has been quiet; prime Western 8.40c., refined to the
Continent 8.90c., South America 9.25c., Brazil 10.25c.
Futures have advanced on covering of shorts and smaller
receipts of hogs than expected. On the rise packers have
sold. To-day prices advanced.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Fri.
Sat.
Mon.
Wed. Thurs.
Tues.
8.10
8.00
8.02
September delivery_cts. 8.12
8.15
8.15
8.07
8.15
October delivery
8.20
8.22
8.07
8.20
535
clined, a fact which has tended to check buying in this
country. Tin on the spot was 343/2c. and latterly rather
firmer at 353/8c. in response to a stronger tone in London.
Lead dropped to 4.45c. here on the spot, with London lower.
Spelter fell to 14c. here and 13 Mc. in East St. Louis, with
London prices steadily declining and offerings here noticeably
larger. Iron and steel have been steady, with the demand
for open-hearth Bessemer billets and sheet bars outrunning
the supply. Annealed sheets have advanced to $1 50 for
No. 10 gauge, Pittsburgh. The July statement of the
United States Steel Corporation shows a gain of 250,344 tons
in unfilled orders. Russia is said to be in the market for
100,000 tons of rails. Pig iron has been firm and recent
speculative buying was large, so that few of the furnaces
have much of a stock on hand. The demand for it continues
active at rising prices. Prices of steel-making pig iron have
quite generally advanced 75c. to $1 a ton. The tendency
of prices for semi-finished products, including billets, sheet
bars and wire roads, is upward.
COTTON
Friday Night, Aug. 13 1915.
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
20,757 bales, against 26,384 bales last week and 31,958
bales the previous week, making the total receipts since
Aug. 1 1915 37,921 bales, against 14,088 bales for the
same period of 1913-14, showinganincrease since Aug. 1 1915
of 23,833 bales.
THE MOVEMENT OF THE
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
Total.
618 1,164 2,488 1,873 1,644 1,464 9,251
PORK steady; mess $20@$21, clear $20@$22, family $21 Galveston
City
@$23. Beef, mess $18 50@$19, packet $17@$18, family Texas
New Orleans..- _
354
772 2,156
274
159
237 3,952
$19@$20, extra India mess $29@$30. Cut meats in light Mobile
5
2
23
2
13
'72
_ 11'7
__
____
____
____
____
____
&c_
Jacksonville,
demand and steady; pickled hams, 10 to 20 lbs., 123%@ Savannah
350
208
516
512
656
790 3,032
13%c.; pickled bellies, 6 to 12 lbs., 14@14%c. Butter, Brunswick100 100
6
11
3
44
22
21
107
creamery extras 26@26Yic. Cheese, State whole milk fresh Charleston
352
137
Wilmington
87
162
223
153 1.114
flats, colored specials, 133
%@,14c. Eggs, fresh-gathered ex- Norfolk
382
505
-_-_
354
639
560 2,440
N'port News, &c
tras 24@,25c.
New York
COFFEE still quiet; No. 7 Rio, 7c.; No. 4 Santos, 93%Q Boston
--g) ::::
-866
::::
::::
--B
-848
____
97
93'c.; fair to good Cucuta, 9Yt@l0Yic. Futures have de- Baltimore
97
2
2
clined, owing to large receipts. The valorization plan is Philadelphia_
'rnt.la this wk. 2.097 2.799 A 773 3,291
R 41A n.49 9n 7c7
apparently meeting with opposition. The crop movement
of Rio and. Santos is 2,297,000 bags thus far against 1,490,000
The following shows week's total receipts, the totalsince
in the same time in 1914 and 1,647,000 in 1913. To-day Aug. 1 1915 and stocks to-night, compared withlast year:
prices were irregular.
August_ cts 6 3016.31
September - _6.35 6.36
October
6.38 6 39
November__..6.42®6.43
December cas 6.45 6.46
January _6.50©1
February _ _ 6.5506.56
March
6.5906.60
April --__cts 6.6416.65
6.68 6.70
May
June
6.73 6.75
6.7806.80
July
SUGAR has been stronger; centrifugal, 96-degrees test,
4.83c.; molasses, 89-degrees, 4.06c.; granulated 5.65c.;
later 5.70@5.80c. in some cases. Futures have advanced.
Speculators have been buying sugar and withdrawals of
granulated have increased. A bullish syndicate is said to
have been operating heavily in the actual sugar and also
in futures. The weather has been more favorable for con• sumption of granulated. Some think statistics favor a further advance. The estimated production of Cuban up to
the present time is 2,434,829 tons as against 2,485,528 in
1914. To-day prices were lower.
August __cts 3.64 3.66
September - _3.65 3.68
October
3.66i3.68
November _ _3.6003.64
December cts3.343.36
January ....._3.04 3.06
February
_3.04(3.06
March
3.0503.07
April _
May
June
July
_cts 3.05@3.07
3.07@3.08
3.08 3.12
3.10@3.i2
1915.
Receipts to
August 13.
Galveston
Texas City
Aransas Pass,&c.
New Orleans____
Gulfport
Mobile
Pensacola
Jacksonville, &c
Savannah
Brunswick
Charleston
Wilmington
Norfolk
N'port News,&c
New York
Boston
Baltimore
Philadelphia __ _
Stock.
1914.
This Since Aug This Since Aug
Week. 1 1915. Week. 1 1914.
9,251
16,759
2,700
3,952
7,087
2,514
117
885
4
3,032
100
107
1,114
2,440
4,456
350
397
3,235
3,963
545
97
2
565
132
2
4,344
10
1915.
1914.
28,114
2,034
4,583
105,789
13,193
654
129.850
•60
12,254
2,217
256
1,021
50
49
876
1,573
50
i2-8
--
274
51
1.885
1,573
50
10
227
58,271
400
42.576
38,003
44,725
1,158
7.843
15.567
234,217
13,605
1,964
1.878
101.067
4.873
3,174
1.642
51.835
145
8.647
Totals
29.757
37.921 8.197
14'.ORR A97.379 228.31 il
OILS-Linseed steady; city raw, American seed 54c,;
order
that
comparison
may
be
made
In
Nirli other years,
Calcutta
55c,;
boiled
75c. Cocoanut oil steady; Cochin
93/2@l0c.; Ceylon 83%@9c. Palm steady at 63/i@7c. for we give below the totals at leading ports for six seasons:
Lagos. Corn lower at 5.56 ®5.61c. Cod, domestic 45@46c. Receipts at- 1915.
1914.
1913.
1912.
1911.
1910.
Cottonseed oil firmer.at 6.30@6.70c. for winter and 6©
19,541
18,110
Galveston
-,-9.251
2,700
35,547
26.480
summer
white.
turpentine
@42c.
Spirits of
6.60c. for
413/
2
TexasCity,&c
Common to good strained rosin $3 25.
New Orleans..
3.952
2.514
1,032
1,083
2,501
2,287
117
4
32
131
17
15
PETROLEUM has been in good demand and firm; Mobile 3avannah --3,032
256
1,582
1,417
2,281
7.563
refined in barrels 7.50@8.50c.; bulk 4@5c.; cases 9;75(4) Brunswick...
100
107
50
392
1
4
1.891
10.750. Naphtha 73 to 76 degrees, in 100 gallon drums, CharlestonAc
Wilmington....
1.114
49
1
•
26
23Mc.; drums $8 50 extra. Gasoline, 89 degrees, 26c.1 Norfolk
876
2,440
1,749
802
8
2.651
1,573
74 to 76 degrees 22@240.; 67 to 70 degrees 22c. Princeton N'port N.,&C.
644
'175
456
412
356
820
. and Illinois crude prices advanced five points latterly. All_ othersHeavy rains of late over.the entire Central West fields cov- Total tilts wk. 20,757
8,197
24,785
21,959
38,537
40.770
ering Ohio, Indiana, Illinois and Kentucky have retarded 41new Aalst. 1_ 37.921 14:h88 43_RRR 33.IA1 R4.378 AR RR()
operations. Prices were as follows:
Pennsylvania dark $1 45 Corning
The exports for them week ending this evening reach a total
93c. Somerset,32 deg- 90c
45 Wooster
Second sand
630. of 46,329 bales, of which 10,604 were to Great Britain,
$1 05 Ragland
1 45 North Lima
Tiona
86c. Illinois, above 30
1 07 South Lima
Cabell
89c 7,758 to France and 27,907 to the rest of the -Continent.
degrees
_
83c.
1 07 Indiana
Mercer black
78c Kansas and Okla.
Exports f9r the week and since Aug. 1 1915 are as follows:
1 07 Princeton
as
New Castle
60c.
horna
- . TOBACCO has been in rather better demand, with manuWeek ending Aug. 13 1915.
From Aug. 1 1915 to Aug. 13 1915.
Exported to-Exported tofacturers doing a larger business. From some parts of the
Exports
country crop reports have been rather unfavorable;owing to
ContiGreat
from- Great I
ContiBritain.'France. nent.
Britain. France.
nent.
Total.
too much rain in Connedticnt, Wisconsin, Ohio;'and Pennsylvania. The Government 1•eport dated Aug. 1., however, is Galveston. 80.84
3,663 11,747
8,084
5,702 13,786
very favorable. It shows that the, harvest ,this year is ex- Pt. Arthur..
163
163
v 7,858
Cirrus_ 1,§991
9,757
5,899
9,571
15,470
pected to be 1,083,000,000 lbs., which is the largest on record, New
Mobile
187
187
with the exception of 1910, when it Was 1,103,415,000 tbs. Savannah... 432, 2 058
2,490
432
2,058
2,490
Yopt_
18$ 51;700 --cf,aiii 13,498
421
5,700 12,918 19,039
Last year it wai.1,034,679,00,0 lbs. In 1913 it reached on,ly New
1
.113
114
Boston
212
214
947,399,000 lbs. The acreage this year is the largest in San
811
Fran
800
800
800
5,426 5,426
5,426
5,426
history with the exception of 1910. It is 1,317,000 acres Seattle
„ 2,497 2,497
2,4,97
2,497
against 1,223;000 last year and 1,366,000 in 1910. Sumatra Tacoma --has met with the ordinary demand at this time of the year, Total_ ___ 10,604 7,758 27,967 46,329 .! 15,147 f,758 37:127 • .69,072
and Cuban has sold to a fair extent.
151 1,308
1,837
2:131
Total 1914_ 1,157
3,9,68
COPPER receded to 18Y4@18Mc. for Lake here on the
Note.-NeNVitoric exports since'Aug: 1 include 400 lialcs Peruvian and 21 Wes
spot; electrolytic 173%@17K3c. London prices have de- Indian to Liverpool.
536
THE CHRONICLE
[V mi. 101.
In addition to above exports, our telegrams to-night also
The official quotation for middling upland cotton in the
give us the following amounts of cotton on shipboard, not New York market each day for the past week has been:
cleared, at the ports named. We add similar figures for
Aug. 7 to Aug. 13Sat. Mon. Tues. Wed. Thurs. Fri.
Middling uplands
9.45
9.45
9.25
9.45
9.45
9.30
New York.
YORK
QUOTATIONS
NEW
FOR
32
YEARS.
On Shipboard, Not Cleared forThe quotations for middling upland at New York on
Great
GerOther CoastLeaving
the
past
32
of
each
years
for
have
13
been
as
Aug.
follows:
Aug. 13 at- Britain. France. many. Foreign wise.
Total.
Stock.
New Orleans_._
Galveston __ _ _
Savannah __ _ _
Charleston..___
Mobile
Norfolk
New
Other ports_ _ _
200
1,200
1,8456
Total 1915....
Total 1914_ _
Total 1913_ _
8,246
5,322
1,862
6,128
124
2,672
3,140
3,658
1.035
3,593
13,011
12,135
148
525
4,700
1,600
112,503
82,578
57,421
42,576
12,106
44,200
229,517
68,097
100 28,546 5.361 48,381
6,361 2,526 15,086 29,419
9,272 5,962 12,916 32,684
648,998
198,897
97,614
-166
48
161 17,347
3,825 23,211
850
850
3;665
400
525
Speculation in cotton for future delivery has still kept
within narrow bounds and prices weakened for a time,
owing to rains in Texas, Georgia,and elsewhere in the belt,
some depression in Liverpool and rumors that England is
to put cotton on the contraband list very shortly. Later
came a rise on renewed complaints of drought east and west
of tho Mississippi. But one of the greatest obstacles toa
big, sustained advance is the continued dulness °Nile export
trade coincident with abnormally large supplies at home
and abroad. And there is beginning to be some talk to the
effect that the draft on skilled labor in Europe has been so
great that the producing powers of big manufacturing
nations have been noticeably reduced. The war news too
has been of a character to suggest the prolonging of the
struggle rather than any prospects of any early ending.
The impression, moreover, is that the crop has recently
improved rather than deteriorated in not a few sections
of the belt. Liverpool's spot sales, which for many weeks
were 10,000 to 15,000 bales a day and even as high on
one occasion as 18,000 bales, have latterly fallen off to 8,000
bales. The South, Wall Street and apparently the West
have sold to some extent, and latterly Liverpool has not
bought on the large scale here, in undoing straddles, that it
did for several weeks previously. Meantime speculation has
been quiet. People in many cases are "mixed" as to the
general situation. They are undecided. That means that
pretty much everybody is keeping close to shore. Speculative business is in the main for moderato turns. In fact,
it is what is commonly known as a "traders' market." There
is quite a little to be said on both sides of the case. If stocks
are largo and exports poor, it is no less true that the price
is unusually low and consumption to all appearance is large.
Which factors in the long run are to shape the course of
prices. Some think that when the crop begins to move
on a liberal scale, the South will sell freely, and
tell very noticeably
that hedge selling will also
the price. Some think that military conscription is bound
to be introduced in England before very long and that this
will have the effect of reducing British takings of American
cotton. The South shows no little anxiety on the question
as to how .the crop is to be financed, and what is to be done
about the prospective loss in exports to Germany and
Austria of about 3,000,000 bales. In the English newspapers the plan is advocated of making this loss good to the
South in some way. This dubious outlook for foreign sales
and the belief that the season's supplies are to be very 1
large are considered, however, a stumbling block in the
path of a bull market. On the other hand it is insisted that
the Federal Reserve banks will help the South in financing
its cotton to such an extent as to obviate any serious loss
in the price. Meantime the South is not pressing its cotton
on the market. Current guesses on the world's consumption
this season run as high as 15,000,000 bales, or, roughly,
something like a million bales larger than that of last year,
according to a recent estimate. Although Texas has had
rains, some reports insist that it needs still more moisture.
Also the fear has not entirely disappeared of a weather scare
this month. Yet, after all, the cotton market nowadays is a,
rather monotonous affair. Both bulls and bears have arguments in favor of their positions which sound plausible
enough, but there is no escaping the fact that neither side has
the courage of its convictions to such a degree as to cause
aggressive trading either for the rise or for the fall. Both
sides are really awaiting further developments, but shorts
have latterly shown nervousness over the Government re,ports of drought in Texas, Georgia and other important cotton States like Alabama, Mississippi, &c. To-day prices
declined, owing to good rains in parts of Texas. A demoralized foreign exchange market with sterling and francs
at an abnormally low point, also had a more or less depressing
effect. Spot cotton closed at 9.30e. for middling uplands,
showing a decline for the week of 15 points.
The following averages of the differences between grades,
as figured from the Aug. 12 quotations of the nine markets,
designated by the Secretary of Agriculture, are the differences established for deliveries in the New York market on
Aug. 19.
Middling fair
1.01 on
Strict good middling
0.73 on
0.49 on
Good middling
Strict middling
0.24 on
Strict low middling
0.43 off
Low middling
0.9i off
Strict good ordinary
1.56 off
Good ordinary
2.12 off
Strict good mid."yellow" tinged..0.25 on
Good middling "yellow" tinged-0.04 off
Strict middling "yellow" tinged_0.23 off
Middling "yellow" tinged
0.51 of f
Strict low mid. "yellow" thiged_0.90 off
Low middling "yellow" tinged_1.55 off
Middling "blue" tinged
0.82 of
Strict tow mid."blue" tinged
1.21 off
Low middling "blue" tinged..._1.75 oft
Middling "stained"
1.20 off
1915_e
1914
1913
1912
1911
1910
1909
1908
9.30
---12.00
11.90
12.40
15.60
12.80
10.50
' 13.30
10.60
10.65
10.55
12.75
9.00
8.00
10.25
1907_c
1905
1904
1903
1902
1901
1900
1899_e
1898
1897
1896
1895
1894
1893
1892
6.50
6.00
8.00
8.00
7.56
7.00
7.69
7.19
1891_c
1890
1889
1888
1887
1886
1885
1884
8.00
12.06
11.31
11.31
9.75
9.44
10.44
10.88
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, Friday,
Aug. 7. Aug. 9. Aug. 10. Aug. 11. Aug. 12. Aug. 13.
Week.
August--- 9.15
Range
9.08-,1C
9.08-.15
Closing__ 9.15 - 9.06-.08 8.92-.94 9.12 - 9.10-.15 9.00 September9.22-.25
9.27-.3C
Range
9.22-.30
Closing__ 9.30-.32 9.21 - 9.07 - 9.25 - 9.23 - 9.14 7ctober9.25-.46
0.25-,35
9.38-.47 9.28-.38 9.25-.51
9.41-.51 9.38-.47
Range
9.50-.51 9.41-.42 9.26-.27 9.45-.46 9.42-.41 9.34-.35
Closing..
VovemberRange
Closing_ _ _ _ 9.65 - 9.56 - 9.41 - 9.60 - 9.52 - 9.44 December9.70-.81 9.68-.76 9.56-.66 9.58-.77 9.67-.79 9.57-.65 9.56-.81
Range
Closing_ _ _ _ 9.80-.81 9.70-.71 9.57 - 9.75-.77 9.70-.71 9.64 January9.83-.94 9.80-.86 9.67-.77 9.71-.89 9.78-.88 9.68-.78 9.67-.94
Range
9.92-.93 9.81-.82 9.69-.70 9.88-.89 9.82-.83 9.75-.76
Closing
February-,Range
Closing
10.02 - 0.91 - 9.79 - 9.98 - 9.02 - 9.85 Vara10.07-.16 10.07-.11 9.02-.00 9.98-.09 10.08-.11 9.95-.02 9.92-.16
Range
10.15-.16 10.04-.05 9.93-.94 10.11-.12 10.07-.09 9.99-.00
Closing
April-Range
10.25 -10.14 -10.03 -10.21 - 10.17 - 10.09 Closing
ifay-Range
10.29-.38 10.24-.26 10.20-.22 10.17-.36 10.28-.32 10.19-.20 10.17-.38
Closing
10.38 - 10.26-.29 10.15-.16 10.36 - 10.30-.31 10.22-.23
JuneRange
Closing
flay-Range
enn.ni.
----------10.48 -10.36 - 10.25 -10.43 -10.40 - 10.32 --- 10.46-.53 10.38 -10.48-.50--- 10.34-.35 10.34-.53
in RA -10 46 -10.35 -10.50 -10.46 - 10.38 -
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.
August 13StocK at Liverpool
Stock at LondonStock at Manchester
1915.
bales.1.348,000
45,000
80,000
Total Great Britain.
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
1914.
908,000
5,000
61,000
1913.
655,000
5,000
1,473,000 974,000
*LOCO *29,000
*42,600 *265,000
238,000 *237,000
4,000
9,000
55,000
34.000
. 226.000
36.000
58,000
*2,000
695,000
17,000
141,000
98,000
3,000
18,000
11,000
18,000
768,000
10,000'
244,000
121,000
3,000
15,000
12,000
10,000
306,000
415,000
573,000
Total Continental stocks
663,000
35,000
1912.
687,000
4,000
77,000
2,046,000 1,637,000 1,001.000 1,183,000
Total European stocks
59,000 157,000 102,000
80.000
India cotton afloat for Europe_ _ _
40,346
43,904
64,545
Amer. cotton afloat for Europe.. 196.036
19,000
26,000
23,000
Egypt, Braz11,&c.,afloat for Eur'po
30,000
74,000
129,000
95,000
Stock in Alexandria, Egypt
38,000
647,000 697,000 672.000 476,000
Stock In Bombay, India
697,379 228,316 130,298 214,090
'
Stock in U. S. ports
123,129
113,751
93,172
Stock in U. S. interior towns_ _ _ .. 418,115
682
4,243
U. S. exports to-day
4,255,773 2,991,413 2,193,654 2,158,166
Total visible supply
Of the above, totals of American and other descriptions are as follows:
AmericanLiverpool stock
Manchester stock
Continental stock
bales_ 1,097,000 625,000
41,000
65.000
*43,000 *513,000
American afloat for Europe
U. S. port stocks
U. S. interior'stocks
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
196,036
697,379
418,115
4,243
40,346
228,316
113,751
459.000
22,000
564,000
58,000
263,000
64,545
130,298
123,129
682
383,000
43,904
214,090
93,172
2,940,773 1,561,413 1,062,654 1,356,166
283.000
45,000
5,000
15,000
20,000
*110,000 *160,000
59,000 157,000
19,000
23,000
129,000
95,000
697,000 697,000
251,000
196,000 123,000
4,000
5,000
19,000
13,000
32,000
43,000
80,000
102,000
30,000
26,000
74,000 • 38,000
672,OCO 476,000
1,315,000 1.430,000 1,131,000 802,000
2,940,773 1,561,413 1,062,654 1,356,166
Total visible supply
4,255.773 2,991,413 2,193,654 2,158.166
6.72d.
Middling Upland, Liverpool
6.40d.
5.43:1.
6.50d.
11.90c.
Middling Upland, New York__
11.90c.
9.30c.
11.00c.
9.85-1.
Egypt, Good Brown, Liverpool.._
8.00d.
103"d.
8.908.
8.85d.
Peruvian, Hough Good, Liverpool 10.90d.
9.75d.
Nom.
Broach, Pine, Liverpool
5.158.
534d.
6%(1. 6 7-160.
Tinnevelly, Good, Liverpool_..
5.27d. 5 11-16d. 6 1-16d.
6i-id.
* Estimated.
Continental imports for past week have been 40,000 bales.
The above figures for 1915 show a decrease from last week
of 297,469 bales, a gain of 1,264,060 bales over 1914, an excess
of 2,062,119 bales over 1913 and a gain of 2,097,607 bales
over 1912.
TfiE
AUG. 14 1915.]
537
CHRONICLE
NEW ORLEANS CONTRACT MARKET.-The high AT THE INTERIOR TOWNS the movement-that is,
the receipts for the week since Aug. 1, the shipments for' est, lowest and closing quotations for leading contracts in the
the week and the stocks to-night,and the same items for the New Orleans cotton market for the past week have been as
corresponding period of the previous year-is sot out in de- follows :
tail below.
Movement to Aug. 13 1915.
Receipts.
Towns.
Week. Season:
1 mSlitp- Stocks
iu
Receipts.
I Ship- Stocks I
;meets. Aug. ,
14..
I Week. 13. 1 Week. I Season. I Week.' ig
1,279
483
4,992
5,066 71,517
385
265 1,428
2
723
--18
33
616
-100
423
40.
51)
25
200
500
1:484
25
1,555
' 709
2 951
613
'
1,056
6,210
1,136
3,187
927
10,205
1,867
31
2,949
3,200
76
708
2,500
1,926
1,100
635
1008
14,624
2
12,798
1
217
1,230 15,652
130
438
7,203
3,742 26,458
1,677
-
438
648
14,083 12,537 44,386
5,268
28,845 35,796 418,115
8,9141
15,124 10,409113,751
The above totals show that the interior stocks have decreased during the week 18,641 bales and are to-night 304,364
bales more than at the same time last year. The receipts at
all towns have been 8,241 bales more 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 forth()
week and since Aug. 1 in the last two years are as follows:
----1915---Since
Aug. 1.
6,046
898
January 29Shippedvia St. Louis
Via Cairo
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes, Szc
Week.
1.987
447
Total gross overland
Deduct Shipmc-ntsOverland to N. Y., Boston, &c._
Between interior towns
Inland,&c.,from South
----1914---Since
Aug. 1.
7,034
1,250
Week.
1,484
471
18
346
198
13,464
166
626
1,791
16,646
276
188
500
850
283
2,123
15
16,460
26,173
2,919
11,555
699
482
2,455
175
2,143
3.139
287
2,525
6,331
644
268
1,178
2,090
3,636
5,457
9,143
Leaving total not ovreland *---14,370
22,537
x2,538
2,412
Total to be deducted
* Including movement by'rail to Canada. z Deductions greater than
overland.
The foregoing shows the week's net overland movement
has been 14,370 bales, against ____ bales for the week last
year, and that for the season to date the aggregate not overland exhibits an increase over a year ago of 20,125 bales.
In Sight and Spinners'
Takings.
Receipts at ports to Aug. 13
Net overland to Aug 13
Southern consumption to Aug. 13
Total marketed
Interior stocks in excess
-1915-----Since
Aug. 1.
Week.
37,921
20,757
22,537
14,370
120,000
65,000
100,127
*18,641
180,458
x27,847
Came into sight during week--- 81,486
Total in sight Aug.13
152,611
North'n spinn's takings to Aug. 13 38,117
48,629
-----1914
Week.
8,197
x2,538
54,000
Since
Aug. 1
14,088
2,412
108,000
59,659
x1,495
124.500
x4,471
58,164
120,029
8,267
26,841
* Decrease during week. z Less than Aug. 1.
Movement into sight in previous years:
Bales.
153,516
174,747
148,212
Bales.
Since Aug. 178,514 1913-Aug. 15
76,573 1912-Aug. 16
61,976 1911-Aug. 18
Week1913-Aug. 15
1912-Aug. 16
1911-Aug. 18
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.-Below are the closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week.
Closing Quotations for Middling Cotton onWeek ending
August 13.
Galveston
Now Orleans__ _
Mobilo
Savannah
Norfolk
Baltimore
Philadelphia _
Augusta
Memphis
St. Louis
Houston
Little Rock__ -
Saturday. Monday. Tuesday. 1Ved'day. Thursd'y. Friday.
8.90
8.82
8.18
8%
8.75
8%
9.70
8.63
8.87
8%
8.90
8.50
8.90
8.82
8.18
8%
8.75
8%
9.70
8.63
8.75
8'%
8.90
8.50
8.90
8.82
8.18
8%
8.75
8%
9.50
8.63
8.75
83i
8.90
8.50
Saturday, Monday,1 Tuesday, Wed'day, Thursd'y, Friday.
Aug. 7. Aug. 9.!Aug. 10. Aug. 11. Aug. 12.,Aug. 13
Movement to Avg. 14 1914.
31
8
71 4,716,
38
41
20
997;
893 52,015;
5,
166
432
220 20,0791
1
1
6
95
870
125
831; 1,467 7,9011
66
231
2511
239 7,833;
185
15
110
500 8,1221
5
9
21
899.
917 5,996,
12
350
2,340, 4,767 65,119:
32
285 3,258 20,4631
12
24
203
147 4,2361
8
89
54
269
150 4,024'
1,302
____ 32,513
2,729
____
123- -iiii 4,0021
3,067'
67
39
____
96
207 10,861
_
14
488 2,551
13
79 4,098
4
8
8
244 3,522
2,533
3,303 1,987 14,781 1,419
1077
94
75
2,539
1,536 1,602 15,154 1,1:la
17
Ala., Eufaula_ _
Montgomery _
726,
240
Selma
Ark., Helena_ _
Little Rock_ _
-555
Ga.,Albany__ _
204
Athens
35
Atlanta
400
Augusta
1,365
Columbus _ _ _
234
Macon
67
Rome
147
La., Shreveport
134
Miss,Columbus
Greenville __ _
123
Greenwood _ _
35
Meridian _ _
32
Natchez
13'
Vicksburg _ _ _
4
Yazoo CityMo.,St. Louis_ 1,597
N.C., Raleigh_
75
0., Cincinnati_
585
Okla., Hugo_
S.C., Greenw'd
Tenn.,Memphis
538
Nashville _
Tex., Brenham
349
Clarksville _
Dallas
Honey Grove
Houston
9,905
Parts
Total,33 towns 17,155
I
8.90
8.82
8.18
8%
8.75
8%
9.70
8.63
8.87
9.05
8.50
9.00
8.94
8.18
8%
8.75
8's
9.70
8.63
8.87
8%
9.05
8.50
9.00
8.94
8.18
8%
8.75
8%
9.55
8.63
8.87
8°%
9.00
8.50
OctoberRange
Closing
DecemberRange
Closing
JanuaryRange
Closing
MarchRange
Closing
MayRange
Closing
ToneSpot
Options
9.25-.32 9.19-.27 9.07-.16 9.08-.24 9.16-.27 9.06-.17
9.30-.32 9.19-.20 9.08-.09 9.23-.24 9.22-.23 9.16-.17
9.53-.60 9.46-.55 9.35-.43 9.37-.52 9.43-.54 9.34-.45
9.58-.59 9.47-.48 9.35-.36 9.51-.52 9.50-.51 9.44-.45
9.69-.72 9.60-.67 9.48-.55 9.51-.66 9.58-.66 9.48-.57
9.71-.72 9.59-.61 9.48-.49 9.64-.65 9.62-.64 9.57-.58
9.89 - 9.81-.84 9.74-.76 9.76-.88 9.85 - 9.76-.__
9.94-.96 9.82-.84 9.71-.73 9.87-.88 9.86-.87 9.79-.80
10.10-.14 10.02-.04 9.91-.93 10.07-.08 10.06-.07 9.99-.00
Steady
Firm
Steady
Quiet
Quiet
Steady
Steady ' Steady
Steady Steady
Steady
Steady
WEATHER REPORTS BY TELEGRAPH-Telegraphic
advices to us this evening from the South denote that further
beneficial rains have fallen in most sections during the week
and as a result crop reports are more favorable. In Texas,
however, where rain has fallen it has for the most part been
very light and in Southwestern districts drought continues
to prevail with shedding and premature opening complained
of in some sections.
Galveston, Tex.-Severe drouth continues to prevail in the
Southwestern part of Texas. Elsewhere in the.State scattered showers occurred. In our section the plants' growth
has been retarded but it is still in a fairly good condition.
Shedding and premature opening of bolls is reported from a
number of districts. We have had rain on three days of
the past week, to the extent of fifty-six hundredths of an
inch. Average thermometer 80, highest 88, lowest 72.
Abilene, Tex.-There has been rain on one day of the week,
to the extent of two hundredths of an inch. The thermometer
has averaged 78, the highest being 98 and the lowest 58.
Brenham, Tex.-It has been dry all the week, The thermometer has ranged from 74 to 101, averaging 88.
Cuero, Tex.-It has rained on one day of the week, the
precipitation being six hundredths of an inch. The thermometer has ranged from 72 to 103, averaging 88.
Dallas, Tex.-We have had rain on three days of the past
week, the rainfall reaching ten hundredths of an inch. Average thermometer 83, highest 98, lowest 63.
Henrietta, Tex.-We have had rain on three days of the
week, the rainfall reaching eighty-eight hundredths of an
inch. The thermometer has averaged 83, the highest being
102 and the lowest 63.
Huntsville, Texas.-There has been good rain on three days
the past week, to the extent of two inches. The thermometer
has averaged 86, ranging from 72 to 99. .
Kerrville, Tex.-It has rained on one day of the week,
the precipitation reaching ninety-four hundredths of an
inch. The thermometer has ranged from 58 to 99, averaging
79.
Lampasas, Tex.-We have had lightrain on one day during
the past week, to the extent of eight hundredths of an inch.
Average thermometer 82, highest 103, lowest 61.
Longview, Tex.-There has been rain on two days of the
week, to the extent of one inch and twelve hundredths. The
thermometer has averaged 83, the highest being 97 and the
lowest 68.
Luling, Tex.-There has been no rain the past week. The
thermometer has averaged 86, ranging from 70 to 102.
Nacogdoches, Tex.-Dry all the week. The thermometer
has ranged from 68 to 94, averaging 81. .
Palestine, Tex.-It has rained on two days of the week,
the rainfall being thirty-six hundredths of an inch. Average
thermometer 83, highest 98 and lowest 68.
Paris, Tex.-It has rained on three days during the week,
the rainfall having reached one inch and forty-nine hundredths. The thermometer has averaged 84, the highest
being 102 and the lowest 66.
San Antonio, Tex.-There has been rain on two days the
past week, the rainfall being sixty-five hundredths of an
inch. The thermometer has averaged 86, ranging from 72
to 100.
Taylor, Tex.-It has been dry all the week. Minimum
thermometer 68.
Weatherford, Tex.-We have had rain on two days the past
week, the rainfall being twenty-eight hundredths of an inch.
Average thermometer 84, highest 102, lowest 65.
Ardmore, Okla.-The week's rainfall has been twenty-four
hundredths of an inch on two days. The thermometer has
averaged 80, the highest being 98 and the lowest 62.
Mangum Okla.-We have had rain on three days during
the week, the precipitation being seventy-seven hundredths
of an inch. The thermometer has averaged 79, ranging from
59 to 99.
Tulsa, Okla.-It has rained on four days of the week, the
precipitation being three inches and thirty-one hundredths.
The thermometer has ranged from 61 to 92, averaging 77.
Eldorado, Ark.-We have had rain on two days of the week,
the precipitation being one inch and eighty hundredths.
Average thermometer 77, highest 92, lowest 61.
538
Fort Smith, Ark.-We have had rain on three days during
the week, the precipitation being one inch and two hundredths. The thermometer has averaged 79, the highest
being 92 and the lowest 66.
Little Rock, Ark.-There has been rain on three days during the week, the rainfall reaching two inches and seventyseven hundredths. The thermometer has averaged 79,
ranging from 65 to 92.
Alexandria, La.-There has been rain on one day during
the week, to the extent of thirty-five hundredths of an inch.
The. thermometer has ranged from 70 to 96, averaging 83
New Orleans, La.-Rain has fallen on two days during the
week, the rainfall reaching two inches and forty-six hundredths. Average thermometer 82, highest 94, lowest 70.
Shreveport, La.-We have had rain on one day of the week,
the precipitation reaching ten hundredths of an inch. The
thermometer has averaged 84, the highest being 98 and the
lowest 70.
Columbus, Miss.-There has been rain on one day during
the week, the rainfall reaching eighty hundredths of an inch.
The thermometer has averaged 80, ranging from 59 to 100.
Holly Springs, Miss.-It has rained on four days of the
week, the rainfall reaching three inches. The thermometer
has ranged from 69 to 94, averaging 81.
Vicksburg, Miss.-Rain has fallen on one day during the
week, the rainfall reaching nineteen hundredths of an inch.
Average thermometer 80, highest 92, lowest 69.
Decatur, Ala.-There has been rain on four days during
the week, the precipitation being one inch and fifty-three
hundredths. The thermometer has averaged 76, the highest
being 90 and the lowest 62.
Mobile, Ala.-Copious rains in the interior have benefitted
crops. Cotton is opening rapidly. There has been rain on
three days during the week, the rainfall being one inch and
eighty-nine hundredths. The thermometer has averaged
80.7, ranging from 70 to 92.
Montgomery, Ala.-Prospects continue encouraging. Rain
has fallen on one day of the week, the precipitation being
forty hundredths of an inch. The thermometer has ranged
from 70 to 96, averaging 83.
Selma, Ala.-Rain has fallen on three days of the week,
the rainfall being one inch and twenty hundredths of an
inch. Average thermometer 81, highest 95, lowest 69.
Madison, Fla.-There has been rain on one day during
the week,the precipitation being one inch and ten hundredths.
The thermometer has averaged 81, the highest being 92 and
the lowest 73.
Tallahassee, Fla.-It has rained on three days during the
week, the precipitation being one inch and ninety-hundredths
Thermometer has averaged 81, ranging from 71 to 90.
Albany, Ga.-It has rained on two days during the week,
the rainfall reaching ninety-five hundredths of an inch.
The thermometer has ranged from 70 to 97, averaging 83.
Athens, Ga.-Rain has fallen on three days during the
week, the rainfall reaching one inch and sixty-one hundredths
Average thermometer 77, highest 95, lowest 58.
Savannah, Ga.-We have had rain on four days of the
week, the precipitation reaching three inches and ninety-five
hundredths. The thermometer has averaged 82, the highest
being 94 and the lowest 70.
Charleston, S. C.-There has been rain on two days during
the week, the rainfall reaching eighteen hundredths of an
inch. Thermometer has averaged 83, ranging from 72to 93.
Cheraw, S. C.-We have had rain on three days during the
week, the rainfall reaching one inch and thirty-five .hundredths. The thermometer has ranged from 62 to 92,
averaging 77.
Spartanburg, S. C.-We have had rain on two days the
past week, the rainfall being two inches and seventeen hundredths. Average thermometer 77, highest 95, lowest 60.
Charlotte, N. C.-There has been rain on two days during
the week, the' precipitation being One inch and forty hundredths. The thermometer has averaged 79, the highest
being 91 and the lowest 67.
Goldsboro, N. C.-There has been rain on three days during the week, the rainfall reaching one inch and thirty-two
hundredths. The thermometer has averaged 78, ranging
from 62 to 93.
Weldon, N. C.-We have had rain on one day during the
week, the rainfall reaching twenty-five hundredths of an
inch. Thermometer has ranged from 62 to 90, averaging 76.
Dyersburg, Tenn.-There has been rain on four days during
the week, the rainfall being one inch and sixty-eight hundredths. Average thermometer 78, highest 92, lowest 64.
Memphis, Tenn.-Rain has been general in this territory
and very beneficial." There has been rain on two days during
the week, the precipitation being ninety-four hundredths of
an inch. The thermometer has averaged 78, the highest
being 89 and the lowest 68.
Milan, Tenn.-It has rained on two days during the week,
the precipitation being sixty-eight hundredths of an inch.
The thermometer has averaged 77, ranging from 62 to 92.
COTTON CROP CIRCULAR.-Our Annual Cotton.Orop
Review will be ready in 'circular form about Thursday,
Aug. 19. Parties desiring the _circular in quantities, with
their business card 'Printed thereon, should send in their
orders as soon as possible, to secure early delivery. Publication of this annual review has been deferred this year
to a somewhat later date .(after the close of the cotton season)
than has been our practice heretofore in order to afford more
time for the investigation of the situation abroad.
101.
THE CHRONICLE
WORLDS SUPPLY AND TAKINGS OF COTTON.
1914-15.
Cotton Takings.
Week and Season.
Week.
1913-14.
Season. I
Week. I Season.
4,553,242
3,054,506
Visible supply Aug. 6
4,633,210
Visible supply Aug. 1
3,176,816
81,146
58,164
152,611
American in sight to Aug.
120,029
512,000
Bombay receipts to Aug. 12_
10,000
30,000
20,000
53.000
Other India shipm'ts to Aug. 12
7,000
13,000
9,000
Alexandria receipts to Aug. 11_ _
5200
lOOj
1,200
200
54,000 , 6,000
Other supply to Aug. 11 *
3,000,
8,000
Total supply
DeductVisible supply Aug. 13
4,653,928 4,832,021 3,132,670 3,338,045
4,255,773 4,255,773 2,991,413 2,991,413
Total takings to Aug. 13..a_ _ _ _
Of which American
Of which other
398,155
177,955
120,200
576,248
435,048
141,200
141,257
114,157
27.100
346,632
238,432
108,200
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces the total estimated consumption by Southern mills,
120,000 bales in 1915 and 108.000 bales in 1914-takings not being available-and the aggf egate amounts taken by Northern and foreign spinners,
456,248 bales in 1915 and 238,632 bales in 1914, of which 315.048 bales
and 130,432 bales American.
S Estimated.
MARKET AND SALES AT NEW YORK.
Futures.
Market
Closed.
Spot Market
Closed.
SALES.
Spot. Contr'ct Total.
Firm
Saturday..-- Quiet
Steady
Monday _ _ _ Quiet
Tuesday __- Steady, 20 pts. dec.. Steady
Wednesday.. Steady, 20 pts. adv_ Firm
Steady
Thursday -- Quiet
Steady, 15 pts. dec.. Steady
Friday
Total_
10
10
10
10
BOMBAY COTTON MOVEMENT.-The receipts of
India cotton at Bombay and the shipments for the week
ending July 22 and for the season from Aug. 1 for three
years have been as follows:
1912-13.
1913-14.
1914-15.
July 22.
Receipts ad-
Since
Week. !Aug. 1.
Week.
Since
Aug. 1.
Since
Week. Aug. 1.
18,000 2,621,000 14,000 3,736,0001 12,000 2,699,000
Bombay
Since August 1.
For the 1Veek.
Exports
fromBombay1914-15
1913-14__
1912-13_
----
Great
Great Conti- Japan
Britain. nent. &China Total. Britain.
1,666
22,000 22,000
26,000 13,000 39,000
24,000 5,000 30,000
-
ContiJapan
nent. & China. Total
78,000 304,000 1,325,000 1,707,000
72,000 1,269,000 1,269,000 2,610,000
20,000 489,000 970,C0 1,479,000
ALEXANDRIA RECEIPTS AND SHIPMENTS.
1914-15.
Alexandria, Egypt,
July 21.
Receipts (cantars)This week
Since August 1
1913-14.
1912-13.
1,300
7,636,556
700
7,466,586
This Since
Week. Aug. 1.
This Since
Week. Aug. 1.
This Since
Week. Aug. 1.
1,252 208,486
149,429
1,155 280,632
1,150 164,067
2-,666 459,855
210,600
225,598
86,303
1,250 207,288
207,362
2,500 414,664
800 125,870
3,557 802,614
2,000 982,356
4,55.0,55,184
8,337
6,341,259
Exports (bales)To Liverpool
To Manchester
To Continent &
To America
_
Total exports
i
MANCHESTER MARKET.-Our report received by
cable to-night from Manchester states that yarns and
cloths are very quiet, the demand having been checked by
longer delivery. We give prices for to-day below and leave
those for pro- vious weeks of this and last year for comparison:
1914.
1915.
834 lbs. Skirt- Corn
ings, common Mid.
Upl's
to finest.
328 Cop
Twist.
J 'ne d.
25 834 0
July
2 8% 0
9 8% 0
16 842 0
23 844 0
30 8 5-160
Aug.
8
13 834 0
328 Cop
Twist.
s. d. 5.36 d.
d. S. a.
5.20 10%
6 6 07 4
5.20 1034 (4)
8% 6 3 07
0
5.17 10
9 6 3 07
0
5.15 10
8% 6 3 07 6
5.13 915-160
8%
3 07 6
5.34 911-160
8% 6 3 07
9
9% 5 9 07 3
9% 6 0 07 6
5.53
5.43
854 lbs. Skirt- Coin
ings, common Mid.
to finest.
Upl's
d. s. d.
s. d. d.
1134 6 4 @II 4% 7.58
1134 6
11 ii
ii 6
107% 6
1034 6
3 011 3
2%011 1%
2%011 1%
2 011 0
134010 1034
No quo tatlons
No quo tations
SHIPPING NEWS.-Shipments in detail.:
7.48
7.33
7.35
7.38
6.66
6.50
6.50
Total bales.
NEW YORK-To Liverpool-Aug. 11-Den of Ogil, 21 West
188
Indian___Aug. 12-Lapland,,167 Peruvian
5,700
To Havre-Aug.7-Strathallan. 5,700
500
To Barcelona-Aug. 6-Montevideo, 500
To Genoa-Aug. 7-Caserta, 850---Aug. 11-Taormina, 1,025 •
_4,000
__ _Aug. 12-Capri, 2,185
3,000
'Po Vladivostock-Aug. 6-Indradeo, 3,000
' 50
To Venezuela-Aug. 11-Caracas, 50
8,084
GALVESTON-To Liverpool-Ails. 11-Nestorian, 8,084
• 200
To Copenhagen-Aug. 10-Tasmanic, 200
3,463
To Barcebna-Aug. 10-Port Sonachan, 3,463
740
NEW ORLEANS-To Liverpool-Aug. 7-Chancellor, 740
1,159
To Manchester-Aug. 11-Kelvin brae, 1,159
665
To Barcelona-Aug. 11-Balmes, 665
6,443
7-Avanguardia,
6,443
To Genoa-Aug.
Th0
To Mexico-Aug.7-City of Tampico, 750
432
SAVANNAH-To Manchester-Aug. C)-Inca, 432
2,058
2,058
To Havre-Aug. 12-Vigilancia,
1
BOSTON-To Liverpool-Aug. 3-Canadian, 1
113
To Yarmouth-Aug. 7-Prince George, 113
500
SAN FRANCISCO-To Japan-Aug. 7-Tenyo Maru, 500
300
To China-Aug. 7-Tenyo Maru, 300
THE CHRONICLE
AUG. 141915.]
539
rains have prevailed, causing lodging; English country markets have been strong, with light supplies. And in Russia
over a large harvest area there have been continued rains.
Italy, too, has had heavy rains and high winds, and in the
Balkan States the weather has been unsettled. In ArgenTotal
46.329 tine the weather has been clear, with frost in some parts.
Liverpool has laid stress on the fact that in all or most of the
LIVERPOOL.-Sales, stocks, &c., for past week:
harvesting countries bad weather has delayed the new crop,
July 23. July 30. Aug. 6. Aug. 13. that in Argentine dry weather has continued, that world's
Sales of the week
52,000
56,000
52,000
shipments have been small and inadequate and that millers
Of which speculators took _
6,000
5,700
6,000
Of which exporters took
2,000
3,000
in the United Kingdom are readily absorbing offerings,
900
Sales, American
44,000
45,000
47,000
Actual export
13,000 while country markets have been firm. In Germany the
3,000
16,000
13.000
Forwarded
69,000 weather has been bad for harvesting. Harvest results are
60,000
89,000
63,000
Total stock
1,574,000 1,462,000 1,414,000 1,348,000 poor in Greece and the mills are waiting for imports of wheat.
Of which American
1,309,000 1,198,000 1,155,000 1,097,000
Total imports of the week
will
have
foreign
wheat.
15,000
17,000 Greece
to
import
15,000
52,000
Of which American
10,000
5,000 freely. In Holland grain harvests are very moderate and the
4,000
38,000
Amount afloat
80,000
63,000
56,000
potato crop is poor. In France crop prospects are not good.
Of which American
41,000
40,000
98,000
The tone of the Liverpool market for spots and futures There has been too much rain for one thing. Harvesting is
now
in progress there and the results confirm previous
each day of the past week and the daily slosing prices of
estimates of a smaller crop. Also the French reserves are
spot cotton have been as follows :
small. The French Government has adopted the proposal
of increased flour extraction to 74% and to mix rice meal
Friday.
Spot.
Saturday. Monday. Tuesday. Wednesday. Thursday.
with flour for bread making in order to economize the use
Fair
Moderate
Fair
Market, 1
of wheat. Latterly there has been some increase in export
demand.
business
12:15
Moderate business
Good
Quiet.
doing.
doing.
P. M. J
demand. demand.
demand in this country. Chicago dealers are said to have
5.46
5.43
5.37
5.36
Mid.Upi'ds
5.47
5.53
suddenly canceled orders for 2,000,000 bushels for export,
8,000
7,000
8,000
8,000
owing, it is said, to peace talk, or the prospects of forcing
Sales
10,000
6,000
500
2,000
800
1,000
1,000
500
Spec.&exp.
the Dardanelles and opening up supplies of Russian wheat.
Steady,
To-day prices declined..
Futures. Quiet at Quiet at Weak at Quiet at Quite at
Total bales.
SEATTLE-To Japan-Aug.6-Minnesota,700_ _ _Aug. 10--Tamba
5,171
Maru, 3,371___Aug. 11-Ixion, 1,100
105
To China-Aug. 10-Tamba Maru, 105
150
To Vladivostock-Aug. 6-Minnesota, 150
2,097
TACOMA-To Japan-Aug. 6-Canada Maru, 2,097
400
To China-Aug. 6-Canada Maru, 400
Market
opened
5@634 unch.to134
pts. adv. pts. dec.
1 16136
f pts. dec.
2@23,6
pts. adv.
3i4®41
pts. dec.
2%635i
pts. dec.
Market,
Steady at
4I 134(0)2
P. M. I pts. adv.
Easy at
9©1034
Ms. dec.
Quiet at
434(0)5
Ms. dec.
Quiet,
Quiet at uQiet at
2@4 pts. 3(036 pts
131(0)2
decline.
pts. ads,. advance.
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.
The prices are given in pence and 100ths.
Thus, 5 40 means 5 40-100d.
Aug. 7
Saturday. I Monday. Tuesday. TVed'day. Thursday. Friday
to
Aug. 13. 124 123 1124 4 124 4 124 4 124 4 124 4
P.m. p.m. lp.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m.
d.
d.
August _ _ ___5 40
Oct.-Nov. -...._ 5 51
Jan.-Feb_ ---- 5 64
Mar.-Apr. --__ 5 72
May-June ---- 5 79
July-Aug_ ---- 5 85
I d. d.
d.
d.
d.
,3534 29% 24% 25 25
1473 41 36 365.1 353
i6934 55 493 50 495.
.683 63 573 58 58
17531 70 6431 65 65
18134 76 7034 71 71
d.
27
38
52
60
67
73
d.
d. d. d.
333130 3131 27
443.1405.1 4131 3634
59 555-1 5631 51
6734 64 65 5931
7431 71 72 6631
8034 77 78 7234
BREADSTUFFS
Friday Night, August 13th 1915.
Flour has been in somewhat better demand. That is, old
flour has sold more readily at firm prices. It is believed that
Southwestern shipments of new flour will be later than
usual. In the meantime buyers are supposed to be carrying
smaller stocks than usual. In fact some think they are smaller than for years past. At any rate the tone has been stronger partly owing to the high premiums on cash wheat and the
recent small receipts of wheat.
Wheat declined, owing to better crop reports and larger
receipts. The latest Government crop report points to a
yield of 966,000,000 bushels, against 891,017,000 last year,
763,330,000 in 1913, 730,267,000 in 1912 and 621,338,000
in 1911. The condition of spring wheat on Aug. 1 was
93.4%, against 75.5 last year and 93.3 a month ago, in spite
of the loud talk during July of rust and what-not at the
Northwest. The ten-year average for spring wheat is only
78.9, so that present prospects are unusually favorable.
A year ago, it may be repeated, the spring wheat condition
was only 75.5. The outlook now is for a spring wheat yield
of next to the largest on record, i. e., 307,000,000 bushels,
against 206,027,000 last year, 239,819,000 in 1913 and
330,348,000 in 1912, which was the banner year for spring
wheat. In 1911 the yield was only 190,682,000 bushels,
so that enormous strides have been made since that
time. The winter wheat crop is estimated at 659,000,000 bushels, against 684,990,000 last year and 523,561,000 in 1913, so that the present yield, like
that of spring wheat, is next to the largest ever known
judging from present appearances. The total wheat acreage is 59,417,000 acres against 53,541,000 last year. The
total area this year was never before equaled. The yield of
potatoes of 431,000,000 bushels marks a new high record.
And the rice harvest promises to be 30,000,000 bushels,
which also will be the largest ever known. Latterly reports
from the Northwest have been generally favorable, backed
up, as will be seen, by the August Government report.
Prices have fallen, owing partly to the Government statement, although that document does not encourage the idea
of a billion-bushel crop. But it brings out one point very
clearly, namely that in spite of the recent prolonged rains
the loss in the winter-wheat crop indication during the
month was only 9,000,000 bushels. Moreover, favorable
private crop reports from the Canadian as well as the American Northwest, and heavy receipts, had a more or less depressing effect. And wheat is already being cut in Canada
over a large tract of territory, a fact on which no little
emphasis has been laid.
Yet at times Liverpool prices have been very strong,partly
owing to bad weather in the United Kingdom, where heavy
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 red
cts_12334 1234 1233.4 127
1284 122
September delivery in e1evator_117
116
12031 117
11631 119
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
September delivery in elevator _cts_107% 1067
% 1071
% 109% 11134 10734
December delivery in elevator_ ___108
10734 10831 10931 1094 10731
May delivery in elevator
11231 11231 11231 1134 11334 11134
Indian corn declined, owing to better weather and a sharp
increase in the receipts. Also the latest Government report
points to the largest crop ever known with one exception.
That is, the indications now are for a yield of 2,918,000,000
bushels against 2,762,804,000 last year, 2,446,988,000 in.
1913 and 3,124,746,000 in 1912. The rye, barley and buckwheat harvests are also enormous, noticeably exceeding
anything on record with one exception. That of barley is
217,000,000 bushels against 194,953,000 last year. Nothing
like this was ever known except in 1912, when the yield was
223,824,000 bushels. The rye harvest promises to be the
largest on record, i. e., 44,000,000 bushels against the
previous high record, last year, of 42,779,000 bushels. The
bushwheat harvest points to 18,000,000 bush.,the largest ever
raised except that of 1912, when it was 19,249,000 bush. This
with a high record crop of potatoes-431,000,000 bush.-shows
unusually favorable crop conditions in this country, at a time
when the world surely needs big harvests in America. The
condition of corn on Aug. 1 was 79.5 against 81.2 on July 1
and a ten-year average of 80.6. But a year ago the condition was only 74.8 and the corn acreage this year, moreover,
is 109,273,000 acres, which is the largest in American history. Last year it was only 103,435,000 acres. Yet in
Liverpool prices at times have been strong, owing to dearer
quotations on River Plate offerings and a good demand on
the spot in Liverpool. Predictions of decreased receipts at
American markets have at times had a strengthening effect.
To-day prices were lower in sympathy with wheat. Weather
and crop reports were generally favorable.
DAILY CLOSING PRICES OF NO.2 MIXED CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_ 91
91
91
90
90
8931
No. 2 mixed
DAILY CLOSING PRICES OF CORN FUTURES
Sat. Mon. Tues.
September delivery in elevator_cts_ 75
7431 75
December delivery in elevator__ 6431 6331 64
May delivery in elevator
6631 6531 664
IN CHICAGO.
Wed. Thurs. Fri.
7534 7531 74%
6434 644 634
6634 6634 654
Oats declined, partly owing to better weather for hsrvest•
ing. For that matter too the Government report was
bearish even if not quite so much so as had been expected.
It put the condition on Aug. 1 at 91.6, against 93.9 on July 1,
79.4 on Aug. 1 last year and a ten-year average of 80.2.
That looks in all conscience like a favorable enough report.
And indeed the harvest prospect now indicates next to the
largest crop ever known. That is, it points to 1,402,000,000
bushels, against 1,141,060,000 last year, 1,121,768,000
bushels in 1913, and 1,418,337,000 bushels in 1912, which
was the high record year. And the hay crop promises to
be the largest on record, i. e., 75,000,000 tons, against 70,071,000 tons last year. The previous high record was in.
1912, when it was 72,691,000 tons. But later came firmness of prices, due mainly to a noticeable increase in the
seaboard demand. Cash houses have been rather inclined
to look for higher prices for September oats. Country
offerings have not been excessive. Under the circumstances prices have held up very well. To-day prices declined with other grain. Stop loss orders were caught.
Country offerings were large.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_ 6734 6734 6634 6634 6934 70
Standards
70
7034
68
67
67
68
No. 2 white
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
41 34 3931
3934 41
September delivery in elevator_cts_ 4031 39
404 3954 3931 4031 403. 3931
December delivery in elevator
May delivery in elevator
4334 4234 421% 4334 4335 4231
THE CHRONICLE
540
The following are closing quotations:
GRAIN.
Corn, per bushelCts.
Wheat, per bushel-f. o. b.
No. 2 mixed
f. o. b.
89q
N. Spring, No. I, now _ $1 223.1
No. 2 yellow
C. I. f.
1 1914
893
N. Spring, No. 2
No. 3 yellow
'
,4
Red winter. No. 2, new _ 1 281
Argentina in bags
1 34y,
Hard winter, No. 2
Rye, per bushelCts.
Oats, per bushel, newStandard
693,
6
New York
Western, No. 2. new........
5-1. 09
70
No. 2, white
69
Barley-Malting
77@)78c
No. 3, white
FLOUR.
Winter, low grades..___54 00 55 10 Kansas straights,sacks_S5 40@55 75
Winter patents
6 00
6 25 Kansas clears, sacks_..- 5 300 5 40
5 35
Winter straights
5 60 City patents
Winter clears
5 50® 6 15
5 10
5 30 Rye flour
5 60
6 00 Buckwheat flour
Spring patents
5 35
5 60 Graham flour
5 650 5 75
Spring straights
6 35
6 60
Spring clears
[VOL. 101.
gathered under the most favorable conditions. The soil over much of the
winter-wheat belt is in fine condition for plowing and that work has begun
In some sections.
Spring Wheat.-Over the spring-wheat region the weather was nearly
everywhere favorable, the crop maturing properly and is being harvested
rapidly over the Southern districts.
Corn.-While cool weather over the northern portions of the corn belt
retarded growth and further rains injured corn in lowlands, the crop in the
more important States generally made good progress. In most Southern
districts late corn is badly in need of rain and the earlier crop is suffering
In Tennessee and portions of surrounding States. Over the Atlantic Coast
States the crop made good growth, but much damage resulted from the
severe winds of the early part of the week.
Oats and Hay.-Over the Northern districts to eastward of the Mississippi
River rains further delayed the cutting of oats, and serious damage resulted
from lodging where uncut and from sprouting where already in the shock.
Haying likewise was much delayed and the quality of the crop greatly
injured.
Collan.-Continued dry weather over the greater part of the more important cotton-growing States prevented satisfactory growth, and the crop
very generally deteriorated, shedding is reported from many portions of
the belt, and the bolls are opening prematurely in the districts where
drought prevails. In Oklahoma, Louisiana and the Carolinas the crop
made satisfactory growth, but in most other districts the need of more rain
is now urgent. Insect pests are generally less active than usual.
AGRICULTURAL EDPARTMENT'S REPORT ON
CEREAL CROPS, &C., TO AUG. 1.-The Agricultural
Department issued on the 9th inst. its report on the cereal
The statement of the movement of breadstuffs to market
crops for the month of July as follows:
indicated below are prepared by us from figures collected by
Reporting
Board
of
the
Bureau
of
Statistics
of
the
United
States
The Crop
the New York Produce Exchange. The receipts at Western
Department of Agriculture estimates, from the reports of the correspondents and
lake and river ports for the week ending last Saturday and
Agents of the Bureau, as follows:
since Aug. 1 for each of the last three years have been:
For the UNITED STATES:
Crop-'Winter wheat
-Spring wheat
All wheat
Corn
Oats
Barley
Rye
Buckwheat
White potatoes
Sweet potatoes
'Tobacco
Flax
Rice
Hay (tame)
-Cotton b
Apples
Peaches
-Acreage, 1915Condition
% of
Aug.1 Aug.1 Aug.1 July 1
Acres.
1914.
10-yr.
1915. 1914. avge. 1915.
111.6
40,169,000
84.4
109.8
19,248,000 93.4 -7-5-i 7-8-.5 93.3
111.0
59,417,000
87.0
We 81.2
105.6 109,273,000
104.6
40,193,000 91.6 79.4 $0.2 93.9
97.7
7,393,000 93.8 85.3 $1.8 94.1
102.1
2,594,000
92.0
101.0
800,000 92:6 88:5 8-877
100.6
3,732,000 92.0 79.0 81.6 -9-1:5
109.5
660,000 85.5 75.5 85.2 88.7
107.6
1,317,000 79.7 66.5 79.7 85.5
99.8
1,881,000 91.2 82.1 82.9 88.5
121.7
844,000 90.0 87.6 88.2 90.5
103.6
50,907,000 89.0 86.7 a84.3 85.2
84.3
31,535,000 75.3 76.4 78.5 80.3
61.5 61.3 54.0 63.3
72.3 55.9 54.0 73.1
77-9-3 -,71-..8
a Seven-year average. b Condition relates to 25th of preceding month.,
Total Production in Millions
of Bushels.
Yield per Acre.
Price Per
Bushel.
1909*1915.
19091914. 1913
August 1.
*1915. Final. Aver- Aug. July 1914. 1913
Cropage. Fore- Fore- Final. Aver- 1915. 1914.
Cis.
Cis.
age.
Bush. Bush. Bush. cast. cast.
668
685
441
19.0
15.6 c659
--Winter wheat__ _ c16.4
307
295
206
245
11.8
13.3
Spring wheat....__ 16.0
76.5
963
966
891
686 106.5
14.7
16.6
16.3
All wheat
76.8
78.9
25.9 2,918 2,814 2,673 2,708
25.8
26.7
-Corn
36.7
45.4
29.7
30.6 1,402 1,399 1,141 1,131
34.9
Oats
208
56.7 45.1
217
195
182
24.3
25.8
29.4
Barley
43
61.0
c44 ____
35 89.0
16.1
16.8
c17.0
Rye
81.2
1817
17 89.2
20.5
22.1
21.3
Buckwheat
87.1
406
56.3
431 -555
357
97.1
White potatoes.._115.4 109.5
97.5
64
57
63
58 85.8
92.7
93.8
95.1
Sweet potatoes
996
822.1 845.7 815.1 1,083 1,105 1,035
Tobacco, lbs
16
16
20 1-4-4:5 1-5-077
18
7.8
8.3
9.5
Flax
30
24
24
33.330
34.1
35.2
Rice
'75 ---'70
66 $11.02 $11.52
1.34
1.43
Hay (tame), tons 1.47
12.4
__
8.1
____ 209.2 181.1
'Cotton, lbs
205 -ioi -i5
.5 -i77 d79.2 d91.2
Apples
60
58
54
42 d105.0 d120.4
Peaches
*Interpreted from condition reports. c Preliminary estimate. d Price July 15.
The acreages of above crops (excluding apples and peaches) total 310,546,000
.acres, compared with 300,407,000 in 1914 and 299,934,000 in 1913.
Details for important crops in principal States follow:
Receipts at-1 Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
bbls.196lbs. bush.60 lbs. bush. 56 lbs. bush. 32 lbs. bush.481bs. bu. fitilbs.
115,000
30,000
121,000 1,268,000 1,352,000 1,220,000
Chicago_ - -184,000
167,000
119,000
1,087,000
8,000
Minneapolis.
112,000
68,000
196,000
Duluth
181,000
78,000
149,000
28,000
34,000
Milwaukee._
40,000
32,000
134,000
Toledo
88,000
66,000
53,000
6,000
Detroit
46,000
2,000
89,000
54,000
Cleveland _ _
14,000
204,000
2,000
7,000
228,000
735,000
St. Louis__ _
62,000
14,000
77,000
336,000
5,000
46,000
36,000
Peoria
50,000
266,000
1,110,000
KansasCitY•
56,000
416,000
79,000
Omaha
Tot. wk. '15
Same wk.'14
Same wk.'13
273,000 4,790,000
378,000 13,640,000
377,000 11,557,000
3,053,000 2,258,000
2,742,000 11,396,000
2,480,000 6,056,000
444,000
511,000
819,000
52,000
244,000
265,000
Since Aug. 1
1915_
1914
1913
273,000 4,790,000
378,000 13,640,000
377,000 11,557,000
3,053,000 2,258,000
2,742,000 11,396,000
2,480,000 6,056,000
444,000
511,000
819,000
52,000
244,000
265,000
Total receipts of flour and grain at the seaboard ports for
the week ended August 7 1915 follow:
Receipts atNew York
Boston
Philadelphia
Baltimore
New Orleans *
Newport News
Galveston
Mobile
Montreal
St. John
Wheat,
Flour,
bush.
bbls.
113,000 1,108,000
361,000
26,000
471,000
25,000
667,000
32,000
532,000
103,000
Corn,
bush,
249,000
45,000
21,000
39,000
243,000
964,000
1,000
29,000
14,000
687,000
24,000
15,000
4,000
Oats,
bush,
439,000
40,000
62,000
15,000
43,000
858,000
17,000
Barley,
bush.
47,000
74,000
203,000
20,000
Rye,
bush
1,000
8,000
616,000 1,677,000 141,000
9,000
343,000 4.814,000
Total week 1915_
SinceJan. 11915_15,780,000 48.120,000 39,628,000 93,197,000 6563,000 6473,000
396,000
902,000 101,000
10,000
475,000 9,028,000
Week 1914
Since Jan.11914_12,855,000 123928,000 15,068,000 22,158,000 8379,000 2342,000
*Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
The exports from the several seaboard ports for the week
ending August 7 are shown in the annexed statement:
Rye, Barley, Peas,
Oats,
Corn, Flour,
Wheat,
bush,
bush,
bush.
bush.
bbls.
bush.
bush,
Exports fromSPRING WHEAT.
1,351
12,536 58,664 251,739
555,655
New
York
1915.
Forecast,
Final Estimate.
Price Per
Condition
8,286
394 88,000 59,800
109,289
Boston
Bushel,
August 1.
28,000
221,000
Philadelphia
August
1.
From
Five-Year
From
State1,023 2,398
170,695
Baltimore
July 1
1914.
Average
10-yr. Augustl
54,000
5,000 400,000 19,400
1909-13.1915.1914. New Orleans ___1915. avge. Condition. Condition.
858,000
*Bushels. *Bushels. *Bushels. *Bushels. Cls. Cts. Newport News4,000
6,000
421,000
Galveston
59,859 125 84
69,300
68,200
42,000
90 80
, Minnesota
1,000
15,000
116,300 106,200
90,231 123 81 Mobile
81,592
95 76
_North Dakota
4,000
55,000
53,000
30,600
38,768 116 80 Montreal
54,000
52,900
98 77
South Dakota
14,000
24,000
John
St.
22,227 83 70
18,800
19,200
16,400
90 83
-.Washington
1,351
Total week- _ --1,559,639 434,559 135,748 1,164,133 88,000 114,800
93.4 78.9 307,000 295,000 206,027 245,479
United States_
1,356
3,980,000 131,383 160,331 259,631 88,538 28,000
Week 1914
CORN.
for
the
week
and
exports
since
The destination of these
63,000
60,200
56,524 87 81
62,178
88 87
'Pennsylvania
57,100
46,959 96 92
90 85
53,600
39,380
Virginia
July 1 1915 is as below:
56,400
54,100
57,550
47,884 99 100
83 86
North Carollna
Wheat
Corn
-Flour
64,900
53,482 98 96
65,700
56,000
84 86
-Georgia
Since
Since
Since
150,200 146,800 142,715 154,651 78 74
86 85
Ohio
July 1
Week.
Week.
July 1
July 1
Week.
195,400 188,800 163,317 186,900 75 72
86 83
Indiana
1915. Aug. 7.
1915. Aug. 7.
1915.
Exportsfor week and Aug. 7.
381,600 351,300 300.034 366,883 76 72
83 80
Illinois
bush,
bush,
bush.
bush.
bbls.
bbls.
since July 1 to53,700
54,829 76 71
51,700
63,000
74 82
Michigan
42,813
United Kingdom..._ 62,227 411,091 704,975 5,891,600
52,100
56,346 74 67
50,900
69,862
68 84
• Wisconsin
1,023 1,622,177
6,912 296,761 843,964 6,757,005
Continent
60,000
76,584 69 58
69,600
91,000
56 85
Minnesota
10,700
109,519 316,304
812,938
Sou. &Cent. Amer.. 47,479 146,889
320,400 306,400 389,424 352,236 71 64
72 84
Iowa
17,600 116,372
386,325
18,412 108,941
West Indies
184,000 183,600 158,400 200,859 81 78
71 79
Missouri
2,001
490
325
Brit. Nor. Am.Cols,
76,300
77,000
60,509 63 60
78,000
72 84
• South Dakota
81,554
860
860
Countries_
393
Other
64
68
173,950
171,400 156,000
164,878
77 79
Nebraska
120,700
96,700 108,225 129,700 74 77
76 72
Kansas
1,559,639
12,775,724 434,559 2,865,601
135,748 1,027,037
Total
113,100 116,900
92,543 82 91
91,250
86 82
- Kentucky
160,331 1,176,211 3,980,009 34,864,865 131,383
446,272
Total 1914
80,767 82 93
93,700
98,500
80,400
88 84
Tennessee
71,500
49,107 99 100
70,700
55,488
86 84
Alabama
wheat
and
of
corn
shipment
for
world's
The
the
week
92
51,103
93
67,700
78,300
58,275
81
81
Mississippi
35,131 90 90
51,400
54,400
38,600
85 81
ending August 7 1915 and since July 1 1915 and 1914 are
Louisiana
168,900 158,500 124,800 120,286 85 88
82 72
Texas
shown in the following:
75,412 77 75
80,400
50,000
106,400
88 65
Oklahoma
63,500
42,000
48,439 92 89
59,100
84 79
Arkansas
Wheat.
Corn.
79.5 80.6 2,918,000 2,814,000 2,672,804 2,708,334 78.9 76.8
United States
1914.
1915.
Exports.
1915.
1914.
*Interpreted from condition report.
The amount of oats remaining on farms Aug. 1 is estimated at 4.9% of last year't
Since
Week
Since
Week
Since
Since
crop, or about 55,607,000 bushels, as compared with 62,467,000 bushels on Aug. 1
Aug. 7.
July. 1
Aug. 7.
July 1.
July 1.
July 1.
1914 and 59,417,000 bushels, the average of stocks on Aug. 1 for the five years
• 1909-1913.
Bushels.
Bushels. Bushels.
Bushels.
Bushels.
Bushels.
82,000 2,394,000
NorthAmer* 4,472,000 25,868,000 44,576,000
172,000
WEATHER BULLETIN FOR THE WEEK ENDING Russia
830,000 11,922,000
208,000
1,531,000
sumon
as
weather.
the
crops
influences
of
-The
AUG. 9.
2,304,000
Danube
8,185,000
2,274,000 5,848,000 29,696,000 21,977,000
marized in the weather bulletin issued by the Department of Argentina __ 504,000 4,290,000 4,004,000
Australia
.Agriculture for the week ending Aug. 9 were as follows:
India
1,004,000 10,740,000 6,960,000
246,000
432,000
Winter Wheat.-Over the northern portions of the winter-wheat belt to 0th. countr's 120,000
• eastward of the Mississippi and in portions of Kansas and adjoining States
Total ---- 6,308,0001 42,158,000 72,286,000 5,930,000 32,090,000 31,865,000
continued rains delayed the completion of harvest, and wheat in the shock
- was still further damaged and threshing delayed. In other portions of the
• North America-The Canadian Government has offic ally prohibited the issuwinter-wheat region the weather was mostly dry, and threshing progressed
:favorably, while in the mountain districts and over the Pacific Coast States ance of both manifests and exports until after ten days. This is effective during the
continuance
of the war.
being
crop
is
for
harvesting
and
threshing,
and
a
large
ideal
was
& the week
AUG. 141915.]
THE CHRONICLE
The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
New Yotk to Aug. 7Great Britain
Wheat.
United
Kingdom
Continent.
Bushels.
Bushels.
Corn.
Total.
United
Kingdom. Continent.!
I
Total.
Bushels.
Bushels.
Bushels.
Bushels.
Aug. 7 1015..
23,464,000
23,273,000
July 31 1915_
24,264,000
24,100,000
Aug. 8 1914_
33,176,000
16,924,000
Aug. 9 1913._ 18,160,000 15,912,000 34,072,000 11,127,000 22,686,000 33,813,000
Other European
China
India
Arabia
Africa
West Indies
Mexico
Central America
South America
Other countries
541
-----1915---------1914
Since
Since
Week. Jan. 1
Jan. 1.
45,764
41
2,666
14,751
5
1,847
4,922__
48,409
15,340
1,§53
15,063
3,348 32,384
9,193
11,121
188 5,947
1,343
640 28.755
743 30,991
725304
198
432
11,503
g:0
13,802
887 27,016
1,130 35,745
2,801
53.120
2,243 43,883
Week.
2,106
800
Total
12,658 247,637
6,369 205.614
The visiblesupply of grain, comprising the stocks in
The value of these Now York exports since Jan. 1 has been
granary at principal points of accumulation at lake and
$15,591,924 in 1915, against $14,385,079 in 1914.
seaboard ports August 7 1915 was as follows:
Staple cotton goods are quiet and steady, with demand for
UNITED STATES GRAIN STOCKS.
Amer. Bonded Amer. Amer. Bonded Amer. Amer. Bonded future delivery backward. Selling agents show little dispoWheat. Wheal. Corn. Oats. Oats.
Rye. Barley. Barley. sition to grant concessions where attractive business is ofIn Thousandsbush, bush, bush, bush, bush. bush. bush. bush.
fered. The market for brown and gray goods is dull and
New York
689
17
23
28
-__101
Boston
57
only a slight interest is being shown in bleached goods.
56
55
19
27
Philadelphia
548 .._ _ _
1
73 --ii
13
Print cloths are quiet but firm, higher bids having been made
Baltimore
543 ____
1
79
21
8
New Orleans
late in the week on various lines for forward delivery. Print655 __
286
27
---Galveston
1,067 ---s------- -ers are still holding back on naming prices for percales, owing
Buffalo
412 .......
2
129 -iii
---Toledo
to the uncertain dye situation. Manufacturers of cotton
196 __2 ---53
20
Detroit
11 ---43 --_
27
10
duck are being kept busy meeting export contracts. There
Chicago
686 -438
5
5
158
are several inquiries in the market for duck for export which
Milwaukee
23
4
--- Duluth
85
54
2
2
67
cannot be filled, owing to the near-by deliveries which are
Newport News
23 -_1"jib'
14
---requested. Domestic demand for duck is irregular but imMinneapolis
____
1,036
64
8 ---- ----4
St. Louis
256 ---90
7
proving. Business in fancy goods is very satisfactory with
--Kansas City
123 ---_
96
39
1
white goods the most active. Buyers are not inclined to
Peoria
1 ---.51
3'
1
Indianapolis
make advance purchases in large quantities,but are showing
276 -_-303
11
Omaha
12 ---206
3
an active interest in the offerings. Demand for shirtings
On lakes
____
628 ____
61
585
75
On canal and river
is quite active, particularly corded fancies and fine madras.
40 ---17
Gray goods, 38-inch standard, are quoted unchanged at 4c.
Total Aug. 7 1915_ 7,376
280
74 2,629
2
74
996
WOOLEN GOODS.-Greater activity is displayed in the
Total July 31 1915._ 6,582
253 48 2,306 1,309
108
27
Total Aug. 8 1914_34,323
584 2,717 10,111
971
7 woolen and worsted trade as a result of
305
208
the smoothing over
Total Aug. 0 1913_41,546
941 5,222 17,157
8
468 1,284
537
of labor difficulties. Clothing and garment manufacturers
CANADIAN GRAIN STOCKS.
instructing
now
are
mills
to
send forward fall goods which
Canadian Bonded
Canadian Bonded
Canadian Bonded
Wheat. Wheat. Corn. Oats. Oats.
Rye. Barley. Barley. they had requested to be held back, owing to the fear of
a
In Thousandsbush. bush. bush, bush. bush. bush. bush. bush.
general
strike
among
their
Montreal
operatives. There is a rush on
517 _ _
2
28
28
841
Ft. William & Pt. Arth_ 1,364
part
cutters-up
of
_
____
the
505
to
secure
goods
already under order,
Other Canadian
461
____
_
717 --and for the time interest in new spring lines is slight. Low
Total Aug. 7 1915_ 2,342
2
28 -- and medium-grade goods are in good demand for fall with
28 2,063
Total July 31 1915__ 2,311
4
86
39 2,544
French weaves the most popular. There is also a good deTotal Aug. 8 1914_ 9,267
23
178 -_
8 3,047
Total Aug. 9 1913__ 5,065
mand for novelty fabrics, heavy orders having been booked
446 ____
33
22 6,155
for velours in suiting and coating weights. In the men's
SUMMARY
Bonded
Bonded
Bonded wear trade a heavy business is being put though
on lightWheat. Wheal, Corn. Oats. Oats.
Rye. Barley. Barley.
In Thousandsbush, bush, bush, bush. bush. bush. bush. bush. weight woolens and worsteds, and some mills have sold up
American
7,376
2
74 2,629
996
74
280 __ _ _ their entire output. More interest is manifested among
Canadian
2,342 ___
28 2,063 ---2
28
manufacture-s in light-weight business than in fall and winter
Total Aug. 7 1915__ 9,718
2
74 2,057 3,059
76
308 ____ duplicate orders, as less raw material is used in making the
Total July 31 1915__ 8,893
48 2,345 3,853
27
112
339
former.
Total Aug. 8 1914_ A3,590
584 2,725 13,158
305
231 1,149
7
Total Aug. 9 1913-46,611
FOREIGN DRY GOODS.-There is little change in con941 5,244 23,312
537
501 1,730
8
ditions surrounding the linen trade. Stocks in the hands of
jobbers and importers continue to decrease and prices show
a strong upward tendency. Importers are worried about
THE DRY GOODS TRADE
the matter of securing further supplies to meet the late deNew York, Friday Night, Aug. 13 1915:
Midsummer dulness prevailed in dry goods markets during mand this year which promises to be good. The scarcity
the past week. Purchases have been on a very conserva- of dress linens has brought out a good demand for these,
tive basis, buyers limiting their activities to immediate and and jobbers are constantly in receipt of requests from out-ofnear-by requirements. On a few lines in which a shortage town retailers for further supplies of both plain and colored
exists demand is more or less pronounced, but manufacturers goods. Colored goods, which are in small supply, are the
wanted. Retailers are also showing a greater interest
and selling agents complain that it is difficult to interest buy- most
in housekeeping lines. They are now trying to cover their
ers in contracts for future delivery. Manufacturers, how- requirements
for some time ahead, realizing that goods will
ever, are not discouraged. They have sufficient business
booked to insure operations for some time to come, and as be hard to obtain in future. While demand for light-weight
there is no accumulation of stocks at mills there is little in- burlaps is less active, good inquiries are reported in the marclination to make concessions to secure new business. The ket for heavy-weights and odd widths. Light-weights are
situation in the colored cotton goods end of the market is quoted at 6.25c. and heavy-weights at 7.85d.
far from satisfactory. The steadily increasing difficulty in Importations & Warehouse
Withdrawals of Dry Goods.
securing suitable dyes is causing manufacturers to go slow
The importations and warehouse withdrawals of dry goods
in booking advance business, but despite this state of affairs
buyers show little inclination to cover their requirements. at this port for the week ending Aug. 7 1915 andsince
Manufacturers stpte that standard colored goods are going Jan. 1 1915, and for the correpsonding periods of last year,
to be very scarce in the future, and they will not book orders were as follows:
for the Week and Since Jan. 1.
for forward delivery except at premiums over current quo- Imports Entered for Consumption
Week Ending
tations. Buyers, however, are limiting their purchases to
Aug. 7 1915.
Since Jan. 1 1915.
Pkgs.
Value.
Pkgs.
Value.
small amounts of goods for immediate consumption. As a Manufactures of$
$
result mills making colored goods are either curtailing their
Wool
559
185,674 21,293 5,545,155
Cotton
2.581
606,294 63,056 17,409,283
output or turning to other goods,as they cannot keep up their
Silk
844
198,105 35,204 16,776,442
present scale of operations unless covered with business at
Flax
1,882
172,867 26,919 7,329,820
Miscellaneous
prices sufficient to cover the increased cost of production.
1,241
480,926 70,581
7.721,248
The Amoskeag Co. has notified its customers that their line
Total 1915
7,107 1,643,866 217,053 54,781,948
Total 1914
of blue chambrays will be available only in limited quantities,
9,632 2,496,490 363.435 87,106,459
Warehouse Withdrawals Thrown Upon the Market.
as the shortaKe of dyes is curtailing their output. Local
ofjobbing trade is quiet, but satisfactory for this time of the Manufactures
wool
356
108,904
11,786 3,846,321
Cotton
year. Jobbers report an improvement in sentiment among
472
156,247
16,740 5,013.655
Silk
347
86,485
11,015 4,124.392
retailers and that the outlook for fall and winter is good.
Flax
431
48,254
14,750 3,297,753
The woolen and worsted trade is improving with a better
Miscellaneous
290
118,838 46,786 3,486,600
demand for fall goods following the adjustment of labor disTotal withdrawals
1,896
518,728 101,077 19,768,721
putes which had been holding back shipments. Export Entered
for consumption
7,107 1,643,866 217,053 54,781.948
business in cotton goods is dull the recent buying for Red
Total marketed 1915
9,003 2,162,594 318,130 74,550,669
Sea account having failed to expand as expected. Numerous
Total marketed 1914
14,295 3,790,846 490,001 110,573,097
inquiries are still in the market, but prices named are too low
Imports Entered for Warehouse During Same Period.
to cover the high insurance and freight rates. China re- Manufactures ofWool
103
36,337
8,130 2,875,403
mains an unknown quantity; advices received indicate that
Cotton
287
114,777
13,795 4.086,494
Silk
stocks of American goods are rapidly declining, but give no
246
82,011
9,171
3,458,447
Flax
1,280
156,916
12,743 3,327,134
hope of a resumption of buying.
Miscellaneous
269
115,577 44,446 3,090,857
DOMESTIC COTTON GOODS.-The exports of cotton
Total
2,185
505,618 88,285 16,838,335
goods from this oprt for the week ending Aug. 7 were 12,658 Entered
for consumption
7,107 1,643,866 217,053 54.781,948
packages, valued at $740,028, their destination being to the
Total imports 1915
9,292 2,149,484 305,338 71,620,283
points specified in the table below:
Total imports 1914
12,201 3,397,310 466,393
111,183,089
THE CHRONICLE
542
StArz Al\11) CITY 331:13,nrilitENT,
News Items.
Collingswood, N. J.—Water Company Offers to Sell Plant
to Borough.—An offer has been made to sell to the Borough
of Collingswood the water supply plant of the General
Water Supply Co. (Collingswood Water Co.) for the sum of
$350,000, the company to take 432% bonds of the borough
for the full amount of the purchase. The matter is under
consideration by the Borough Council of Collingswood at
the present time. Council is considering obtaining an expression of views of the voters as to the advisability of taking
over the plant.
Denver, Colo.—Municipal Water Works, Contract Let
for Preliminary Surveys.—The Public Utilities Commission
of Denver on July 20 entered into a contract with the Van
Sant-Houghton Engineering Co. .of San Francisco to make
the preliminary surveys, plans and specifications for the construction of a municipal water works. The total cost of this
work to the city of Denver, it was agreed, shall not exceed
$150,000. This expense will be met with $150,000 of the
$8,000,000 water bonds voted in 1910 (V. 100, p. 1280).
Under the terms of the contract, according to Mr. A. Lincoln
Fellows, Pres. of the Public Utilities Commission, "the
engineers are to be paid in municipal water bonds for services
rendered, but they have the option of paying cash for bonds
up to $150,000, and if this is done they themselves are to be
paid in cash for services rendered."
The commissioners stated that as soon as the surveys are
completed, steps will be taken to let the contracts for the
construction in much the same manner, payment to be made
in bonds.
Georgia.—Legislature Adjourns—Extra Session in December.—The Georgia Legislature adjourned Aug. 11. The
fact that the House adjourned without waiting for the Senate
to act on the general appropriation bill will make an extra
session necessary. The Governor announces that he will
call the extra session to meet on Wednesday, Dec. 1.
Idaho.—Act Relating to Bonding Power of Municipalities.—
An Act was approved March 10 (Chapter 44, Laws of 1915)
amending Section 2315 of the Revised Codes of Idaho relating to powers of cities, towns and villages to issue municipal bonds. The law limits the borrowing capacity of such
places to 6% of the full cash valuation and specifies for what
purposes bonds may be issued. No substantial change is
made in this section, but we print the same in full as a matter
of record, placing the new portion in italics and indicating
with brackets the part of the old law which has been eliminated.
Soc. 2315. (a) Every city, town or village, incorporated under the laws
of the Territory of Idaho or of the State of Idaho shall have power and authority to issue municipal coupon bonds not to exceed at any time, in the
aggregate six (6) per cent of the assessed full cash valuation of the real estate
and personal property in said city, town or village, according to the assessment of the preceding year, for any or all of the following purposes:
1. To provide for the laying, constructing, equipment and maintenance
of sewers and drains.
2. To provide for the grading, paving, curbing, side-walking or otherwise improving streets and alleys, building or constructing of sewers,
drains, grading, curbing, sidewalks, crossings and cross walks, or otherwise
improving the intersections of streets and alleys, constructing and laying
out of streets and alleys, and the construction or aid in construction of
bridges, across streams within or contiguous to or within one (1) mile of
the exterior limits of any such city, town or village.
3. To provide for the funding, refunding, purchase and redemption of
the outstanding indebtedness of such city, town or village.
4. To provide for the establishment and maintenance of hospitals, pest
houses and cemeteries either within or without the corporate limits of such
city, town or village.
5. To provide for the purchase, improvement, equipment and maintenance of lands for the use of public parks, either within or without the corporate limits of such city, town or village.
6. To provide for the purchase, erection, construction and furnishing of
public buildings and building sites for the use of such city, town or village.
7. To provide for the establishment, equipment and maintenance of a
fire department and for the purchase of suitable and necessary apparatus
and buildings and building sites for the use thereof and for all other necessary
public improvements.
• Bonds may be issued under the third (3rd) subdivision of this section
for the purpose of funding, refunding, purchase or redemption of the outstanding indebtedness of any such city, town or village, when the same can
be done to the profit and benefit of such city, town or village, and without
incurring any additional liability without the submission of the question
of issuance of such bonds to the electors of the city, town or village.
(b) Every city, town or village, incorporated under the laws of the Territory of Idaho or of the State of Idaho shall have power and authority to
issue municipal coupon bonds in a sufficient amount to [provide for the
construction of, or the purchase of a municipal water-works plant and supply the same with water for the purpose of furnishing water to such city,
town or village, and the inhabitants thereof, for all purposes] acquire, by purchase or otherwise, a waterworks plant for such municipality and a water
supply therefor.
Every city, town or village, incorporated under the laws of the Territory
of Idaho or the State of Idaho, shall have power and authority to issue
municipal coupon bonds in a sufficient amount [for the purpose of the construction of, or the purchase of, a suitable electric light plant and system
and supplying the same with electric current and power for the purpose of
furnishing electric light and power to such city, town or village, and the
inhabitants thereof, for all purposesj to acquire, by purchase or otherwise,
a light and power plant for such municipality.
The amount for which bonds may be issued for [the construction of, or
purchase of, water or electric light plants] acquiring water plants, and light
and power plants, or either, as herein provided, shall be determined by the
Council or Board of Trustees and stated in the ordinance therefor.
Nashville, Tenn.—Chancellor Vacates Order for Receiver.—
On Aug. 7 Chancellor Allison issued an order vacating his
previous order for the appointment of a receiver for the city
of Nashville. The reason given is that conditions in municipal government have materially changed for the better and
the personnel of said government has been added to and
thereby strengthened and improved. The order of the court
in full is as follows:
R. Miles Burns et al. vs. City of Nashville et al.
In view of the fact that since the appointment of Robert Vaughn, clerk
and master, receiver of the municipality of Nashville, conditions in its
[VOL. 101.
municipal government have materially changed for the better and the personnel of said goverment has been added to and thereby strengthened and
improved, and chaos and confusion "superseded" by orderly, competent
government; and said municipal government, since said receiver was appointed, having virtually placed the current expenditures of the municipality under the control of the chancellor of the court; therefore, upon
the court's own motion, it is ordered and decreed that the order of the
chancellor made in vacation,appointing Robert Vaughn,clerk and master,
receiver of the municipal corporation of the City of Nashville, be, and
hereby is, vacated and set aside, but reserving the right to the complainant
taxpayers to move the court for the appointment of a receiver or receivers
for said municipal corporation hereafter, if conditions in the financial
affairs of said municipal corporation should in the judgment of the court
require the appointment of such receiver or receivers,
(Signed) JOHN ALLISON,
Chancellor of Part I.
August 7 1915.
New Mexico.—Decision Rendered in Road Bond Case.—
The State Supreme Court on July 28 granted the writ of
mandamus directing State Auditor W. G. Sargent to draw
a warrant on the state treasury in favor of the state highway
commission for $17,798 62. According to the Las Vegas
"Optic" this is the first test suit to test the legality of the
arrangements made for the sale of the $500,000 4% bonds
to Arthur Seligman and Kelly & Kelly at par, on condition
howeyer, that banks and counties make up the difference
between the market value of the bonds, which is 95, and par,
which the law demands must be paid for them.
The arrangement with the banks was such that in return
for their contribution they were to have the deposit of the
$500,000 to be drawn upon by the state highway commission
as needed. State Auditor Sargent declared that it would be
illegal for him to draw a warrant on the state treasurer for
the half million dollars in favor of the state highway commission, so that the commission might deposit the money
at once in the banks it would designate. To test this the
highway commission sought to draw the present road fund,
$17,798 62, out of the treasury. Auditor W. G. Sargent
refused to draw the warrant and the state highway commission filed in the state supreme court a petition for a writ
of mandamus directing the auditor to draw a warrant in the
sum of $17,798 62 against the state road fund, being the
whole of said fund.
North Dakota.—Money and Credits Tax.—The Legislature of 1915 passed an Act making "money" and "credits"
subject to an annual tax of two mills on the dollar. The Act
in full is as follows:
CHAPTER 255.
[11. B. No. 331—Burgett and Westda1.1
MONEY AND CREDITS TAX.
An Act relating to the taxation of personal property known as money
and credits.
Be it enacted by the Legislative Assembly of the State of, North Dakota:
Section 1. Definition—Tax Rate.— 'Money'and 'credits" as the same
are defined in Section 2074 of the Compiled Laws of 1913, are hereby exempted from taxation other than that imposed by this Act and shall hereafter be subject to an annual tax of two mills on each dollar of the fair
cash value thereof. But nothing in this Act shall apply to money or credta belonging to incorporated banks situated in this State.
Sec. 2. How Listed.—All "money" and all "credits" taxable under this
Act shall be listed in the manner provided in Section 2095 of the Compiled
Laws of 1913, but such listing shall be upon a separate blank from that
upon which other personal property is listed.
Sec. 3. Tax Commission to Prepare Instructions—Form of Return—
Blanks.—The North Dakota Tax Commission shall annually prepare instructions for bringing in the lists required by the preceding section. They
shall prepare and distribute through the County Auditors to the Assessors
a form for the return which the taxpayers are required to make by this Act,
and this form shall state the rate of taxation and be printed on a separate
sheet, and shall be entirely distinct from the forms prepared for the returns
of other classes of property. Such forms shall require only aggregate sums
of credits and of moneys.
Sec. 4. Litigated Taxes.—Any assessment of money and credits heretofore made, the legality of which has been placed in litigation and the collection of the tax thereon has been enjoined and is now pending in the
court may be compromised and settled by payment at the rate of twentyfive mills on the assessed valuation of such moneys and credits.
Sec. 5. Emergency.—Whereas, this Act should be effective upon the
assessment of taxes for the year 1915, an emergency exists and this law
shall go into effect upon its passage and approval.
Approved, March 9 1915.
Springfield, Greene County,Mo.—Vote.—The vote cast
at the election held Aug. 2, which resulted in favor of the
question of establishing the commission form of government,
was 1,967 "for" to 1,962 "against."—V. 101, p. 466.
Bond Calls and Redemptions.
Denver School District No. 1 (P. 0. Denver), Colo.—
Bond Call.—Payment will be made on Aug. 1 at the office
of the District Treasurer of the following bonds of former
school districts numbered 17 and 21,in the County of Arapahoe, Colo.:
first issue of Schoo
Bonds Nos. 178, 179, 180, 181, 182 and 183 of the
of $1,000 each.
District No. 17,dated Dec.20 1897,and in the denomination
of School District
Bonds Nos. 16, 17. 18, 19 and 20 of the second issue$1,000
each.
of
No. 17. dated May 15 1902, and in the denominationSchool
District No.20,
Bonds Nos. 54 and 55 of the first issue of bonds of
dated March 15 1898 and each in the principal sum of $1,000.
Lancaster School District (P. 0. Lancaster), Schuyler
County, Mo.—Bond Call.—Payment will be made on Aug. 1
at the Schuyler County Bank, Lancaster, of nine 5% building bonds for $500 each and dated July 1 1908.
Moberly, Randolph County, Mo.—Bond Call.—Payment will be made at the Bank of Moberly on July 1 of all
outstanding funding bonds of the issue of July 1 1905, payable at the above bank, of the denom. of $500, each, bearing
interest at 4%,numbered from 1 to 100 incl.
Wheeling, W. Va.—Bond Call.—Call was made for payment July 1 at the Bank of the Ohio Valley, Wheeling, of
the following bonds:
Refunding loan of 1902, Series "D," bonds Nos. 141 to 146, inclusive,
to the amount of $6,000.
Main St. bridge bonds (First Series), bonds of $500, Nos. 108 and 132.
Loan of 1885, bonds Nos. 38i 43, 75 100 and 109, for $500 each, and
Nos. 120, 121, 154, 169, 195, 258, 274 and 300, for $1,000 each. .
AUG. 14 1915.]
THE CHRONICLE
543
Sept. 1 1915. Int. semi-annual. Due $1,650 yearly Sept. 1 from 1916
to 1925. incl. Bonds to be delivered and paid for within 5 days from time
of award. Cert. check for 5% of bonds bid for, payable to the City Treas..
required. Purchaser to pay accrued int. Bonded debt, including this
ABERDEEN, Chehalis County, Wash.-BONDS VOTED AND SOLD. issue $345,378 79. Sinking fund, $50,423 58. Tax valuation for 1915
-The election held Aug. 7 resulted in favor of the proposition to issue the $12,468,610. City tax rate (per $1,000) $13.40.
$500,000 gravity-water-system bonds. Under an agreement made prior
BELLEFOURCHE, Butte County, So. Dak.-BONDS VOTED.
to the election the bonds are to be taken, it is said, by the Geo. H. Tilden The
question of issuing $25,000 5% 20-year funding bonds carried by a
Co. of Seattle at 101.10 and int. for 5%s.-V. 101, p. 307.
vote of 99 to 4 at an election held July 31. These bonds will be offered
ADAMS COUNTY (P. 0. Decatur), Ind.-BOND OFFERING.-W.J. for sale about August 25.
Archold, Treas., will, it is stated, receive bids until 3 p. m. August 18 for
BENTON COUNTY (P. 0. Fowler), Ind.-BOND OFFERING.-Ben
$2,720 4%% highway-improvement bonds.
F. Hawkins, County Treas., will receive bids until 10 a. m. Aug. 24 for
ALACHUA COUNTY SPECIAL TAX SCHOOL DISTRICTS, Fla.- $3,260, $4,160, $12,880 and 313,180 43% highway-impt. bonds.
BOND SALE.-The following gold coupon tax-free school-improvement
BEVERLY, Essex County, Mass.-BOND SALE.-On Aug. 11 the
bonds offered on March 20 have been awarded to Powell, Garard & Co.,
838,0004% street bonds, dated May 11915, and maturing $4,000 annually
of Chicago.-V. 100. p. 749:
1916
to 1924, inclusive, and $2,000 in 1925, and the $11,000 4% water
$30,000 5% Gainesville Dist. No. 26 bonds awarded on March 22. Denom. bonds.
dated June 1 1915 and maturing $2,000 annually 1916 to 1920,
$1,000. Date Nov. 4 1914. Int. M.& N. at the Gainesville inclusive, and $1,000
1921 were awarded to Merrill, Oldham & Co. of
Nat. Bank, Gainesville. Due $3,000 yearly Nov. 4 from 1926 Boston at 100.929 andinint-V.
101, p. 466. Other bids were:
to 1935, incl.
100.595
6,000 6% High Springs Dist. No. 47 bonds awarded on May 17 at par E. H. Rollins & Sons,Boston 100.86 C. S. Butler
and int. Denom. $500. Date Jan. 19 1915. Int. J. tic J. Jackson & Curtis, Boston__ _100.811 Curtis & Sanger, Boston_ _ 100.522
at the Gainesville Nat. Bank, Gainesville. Due $500 yearly P.S. Moseley & Co., Boston_100.797 E. C.Potter & Co., Boston_ _100.511
E. M.Farnsworth & Co.,Bos100.79 Adams & Co., Boston
100.435
July 19 from 1916 to 1927, incl.
R.L. Day & Co., Boston_ _ .._ 100.779 Paine, Webber & Co., Bos_ _100.41
ALBANY, Linn County, Ore.-BOND OFFERING.-Sealed bids will Cropley,
McGaragle & Co_ _ _ 100.714 Estabrook & Co., Boston_..100.36
be received until 7 p. m. Aug.25 by H.B.Cusick, City Treasurer,for $8,000 N. W. Harris & Co., Boston..100.71 Hornblower &
$38,000 100.91
5% gold sewer bonds. Date July 1 1915. Principal and semi-annual int. Blake Bros. & Co.,Boston_ _100.69
Weeks, Boston_ 11,000_ -100.58
(J. & J.) payable in New York. Due July 1 1930, redeemable July 1 1925 Millett, Roe & Hagen, Bos_ _ 100.672 H. C. Grafton Jr_ $38,000 100.78
100.468
,
.1064and subsequent interest dates. Delivery in Albany, Ore., or in New York Blodget & Co., Boston
BEXLEY (P. 0. Columbus), Franklin County, Ohio.-BOND OFCity, at option of purchaser Sept. 4. Cert. check for 2% of amount bid FERING.
-Bids will be received unti 12 m. Aug. 26 by Chester A. Miller,
required. Bids must be unconditional, upon forms to be furnished VII. Clerk, for $124,000 5% coup. street-impt. assessment bonds.-V. 101,
together with other information by Caldwell, Masslich & Reed, attorneys, p. 227. Auth. Sec. 3914, Gen. Code. Denom. $1,000. Date July 11915.
New York, or the City Treas. The legality will be approved by said attor- Int. A. & 0. at Clinton Nat. Bank, Columbus. Due Oct. 11925. Cert.
check for 5% of bonds bid for, payable to Vii. Treas. required. Bonds to
neys, whose favorable opinion will be given to purchaser without charge.
be delivered and paid for within 10 days from time of award. Purchaser
The official notice of this bond offering will be found among the advertise- to pay accrued int. Bonded debt incl. this issue $266,000; no floating
debt; assess. val. 1915 $2,900,000. These bonds were previously offered
ments elsewhere in this Department.
on August 6.-V. 101, p. 387.
ALBEMARLE, Stanly County, No. Car.-BOND OFFERING.-It is
BIG HORN SCHOOL DISTRICT NO.?, Wyo.-BOND OFFERING.
reported that E. L. Hearne, City Treasurer, will receive sealed bids until
P. m. Sept. 6 for $30,000 5%% 20-year sower bonds. A certified check for Proposals will be received until 1 p. m. Aug. 16 by B. D. Dickson, Clerk
Board of School Trustees (P. 0. Kane), for $1,300 6% 15-year coupon
$500 is required.
and equipment bonds. Denom.(2) $500,(1) $300. Date Sept. 1
ALLEN PARISH (P. 0. Oberlin), La.-BOND OFFERING.-The building
1915. Principal and annual int. (Sept. 1), payable at the Co. Treas, office
Police Jury, C. Lindsey, Clerk, will receive bids up to 1 p. m. Sept. 13 for or
at
the
State Treas. office, at option of holder.
$150.000 Road Dist. No.5 road and bridge bonds. Cert. check for $3,750
BINGHAM CANYON, Salt Lake County, Utah.-BOND SALE.
required.
On
Aug.
4 the 817,000 6% 5-10-yr. (opt.) water-works-system-ext. bonds
ALLIANCE, Stark County, Ohio.-BOND OFFERING.-Proposals
will be received until Sept. 7 by Chas. 0. Silver, City Auditor, for $40,000 were awarded to Keeler Bros. of Denver at par, less $60 for printing bonds
5% 28-yr. sewage-disposal bonds. Denom. $1,000. Date Sept. 15 1915. and legal sevices.-V. 101, p. 388. There were three other bidders.
BINGHAMTON, Broome County, N. Y.-BOND SALE.-On Aug.
Principal and semi-annual int., payable at the Sinking Fund Trustees'
office. Cert. check on a solvent National or State bank for 3% of bonds 11 the $25,000 434% 3-yr. aver. coup. (reg. at option of holder)flood emerbid for, payable to the City Treas., required. Purchaser shall furnish at gency bonds were awarded to R.E. Robinson & Co.of New York at 100.381
his own expense the necessary blank bonds. No bids will be entertained and int., a basis of about 4.374%.-V. 101. p.308. Other bids were:
Sidney Spitzer & Co. N Y_.100.35
Rhoades & Co., N Y
unless made on blanks furnished by the City Auditor.
100.26
Bache & Co., N Y_ _-- 100.2975 Estabrook & Co., NY
100.155
AMBRIDGE, Beaver County, Pa.-BOND SALE.-On August 5 the J.5.
Farson,
A.
B.
Leach
&
Y_
_
_100.279
Son
&
Co.,
N
Y
100.121
$40,000
% 19-year tax-free street-impt., sewerage and refunding bonds
Co.,do., N Y_ _100.021
were awarded to the Mellon Nat. Bank of Pittsburgh at 101.57, a basis H. A Kahler & Co.. N Y_ _ _100.273 Harris, Forbes &
BLACKSBURG,Montgomery County, Va.-BONDS NOT YET SOLD.
of about 4.41% -V. 101, p. 387. Other bids were:
Geo. G. Applegate
$40,400Lyon, Singer & Co., Pitts_ _ _340,322 -No sale has yet been made of the 84,000 school and $4,000 sewer 6%
Ambridge Say. & Tr. Co- _ 40,340 Holmes,Wardrop & Co.,Pitts. 40,217 10-15-year (opt.) bonds voted Feb. 23. Denom. $1,000. Date July 1
1915. Interest annual.
Denom. $1,000. Date July! 1915. Int. J. & J.
BLAIRSBITRG, Hamilton County, Iowa.-BONDS DEFEATED.
ANTELOPE COUNTY SCHOOL DISTRICT NO. 6 (P. 0. Clearwater), Nebr.-BOND OFFERING.-Proposals will be received until The election held Aug. 9 resulted in the defeat of the question of issuing
Aug. 15 by M. M. Hanson, Dist. Secy., for $13,500 6% registered building $8,000 water-system bonds. The vote was 27 "for" and 45 "against."
bonds. Auth. School Laws of Nebr. 1915 Denom. $500. Date Aug. 2
BLOOMFIELD, Knox County, Neb.-BOND SALE.-The $8,000
1915. Int. F. & A. at the State Treas. office. Due on Aug. 2 as follows: 5%% 10-20-year (opt.) city-hall bonds offered on June 1 were awarded
$2,000 1920 and 1923: $3,000 1927 and 1931 and $3,500 1935. Cert. check on that day to James T. Wachob of Omaha for $8,075, equal to 100.937.
for $100, payable to the Secy., required. Bonded debt this issue. Float- -V. 100, p. 1851.
ing debt $652. Sinking fund $300. Assess. val. 1914 $115,000.
BLOOMINGTON, Monroe County, Ind.-BOND OFFERING.-The
ANTELOPE SCHOOL DISTRICT (P. 0. Antelope), Sheridan City Clerk, H. Blakely, will receive offers until 7.30 p. m. August 31, reCounty, Mont.-BOND OFFERING.-Proposals will be received until ports state,for $10,000 5% 10-yr. city-hall bonds.
Sept. 10 for the $3,000 6% 10-20-year (opt.) building bonds authorized
BOISE CITY, Ada County, Idaho.-BOND OFFERING.-Proposals
by vote of 16 to 1 at the election held July 31.-V. 101, p. 387.
will be received until 12 m. Sept. 3 by Nancy E. Robertson, City Clerk, for
ASHEVILLE, Buncombe County, No. Caro.-BOND SALE.-The the $105,354 65 10-20-year (opt.) coupon
refunding bonds at not exceeding
850,000 5% water bonds offered on Aug. 10.-V. 101, p. 466-were awar- 5% interest. V. 100, p. 1945. Denom.(105) 81,000, (1) $354 65. Date
ded, it is stated, to H. T. Holtz & Co., Chicago, for $50,147-equal to July 1 1915. Principal and semi-annual interest (J. & J.) payable at the
100.294.
City Treasurer's office or at the Chase Nat. Bank, N. Y. Certified check
BOND ELECTION.-An election will be held Nov.2to determine whether on some bank of Boise City for $2,500, payable to the city, required. All
the city shall, for the improvement of its school system, issue bonds to the bids will be received subject to approval as to legality of issue. Bidders
amount of $250,000 or less, at least 8175.000 of which bonds must be used will be required to furnish the blank bonds ready for execution. Rudolph
Kleybolte & Co. of Cincinnati purchased these bonds on July 2, but subin the construction of a new high school building.
ASHLAND,Hanover County, Va.-BONDS NOT YET ISSUED.-The sequently refused the same.-V. 101, p. 466.
BONNER COUNTY SCHOOL DISTRICT NO. 12, Idaho.-BOND
Mayor advises us that the $10,000 5% 20-year school-building bonds voted
Dec. 19 have not yet been is.sued.-V. 100, p. 1186.
SALE.-On July 17 an issue of $6,000 6% 10-20-year (opt.) building bonds
ATLANTA, Ga.-BOND ELECTION.-An ordinance has been passed were awarded to Sweet, Causey, Foster & Co. of Denver at 102.125.
f
providing for an electinn Sept. 30 to vote on the questions of issuing $1,- Denom. $500. Date July 1 1915. Int. J. & J.
BRISTOL, Hartford County, Conn.-BOND SALE.-An issue o000,000 public school, $1,000,000 sewer and disposal-plant, $750,000
water works dept., $375,000 Grady Hospital, $133,000 fire department $150,000 4 y,% general city bonds has been awarded, it is stated, to Mer
and $100,000 cyclorama building bonds.
rill, Oldham & Co. of Boston.
BROAD OAKS (P. 0. Clarksburg), Harrison County, W. Va.BANGOR, Penobscot County, Me.-TEMPORARY LOAN.-A temporary loan of $50,000, it is stated, has been negotaited with the Mutual BOND SALE.-On Aug. 2 the $22,500 6% 1-10-year (opt.) paving bonds
Trust Co., Bangor, at 2.43% discount. Loan is due in four months.
were awarded to the Clarksburg Trust Co. of Clarksburg for $22.528 13
BARR SCHOOL TOWNSHIP (P. 0. Montgomery), Daviess County, (100.125).-V. 101, p. 227. Denom. $500. Date July 1 1915. Int.
.
Ind.-WARRANT SALE.-The 81.2006% 1 u,-year (ay.) warrants offered annual in July.
BROCKPORT, Monroe County, N. Y.-BOND OFFERING.-ProJuly 10 (V. 100, p. 2181) were awarded to the Farmers' & Merchants'
posals will be received until 8 p. m. Aug. 25 by Geo. B. Harmon, Village
Bank of Montgomery at 101.
BARRY SCHOOL DISTRICT, Sutter County, Calif.-BOND SALE. President, for $30.000 sewage-disposal-plant-construction bonds voted
-On Aug. 2 the $5,000 6% bldg. bonds (V. 101, p. 307) were awarded, it Aug. 9. Denom. $1,200. Due $1.200 yearly from 1920 to 1944 incl.
is stated, to the Northern California Bank of Savings at Marysville at 101.34 Certified check for 3500, payable to the Village Treasurer, required.
BUENA VISTA TOWNSHIP, Atlantic County, N. J.-BOND
BAYFIELD COUNTY (P. 0. Washburn), Wis.-BOND OFFERING. ELECTION.-An election will be held Aug. 18, it is stated, to vote on
-Dispatches state that N. M. Oscar, Clerk, will receive bids until 1 p.m. a school bond issue.
Aug. 16 for $50,000 5% 1-10-yr. (ser.) railroad bonds.
BUFFALO, Harper County, Okla.-BONDS PROPOSED.-The
BEACON, Dutchess County, N. Y.-BOND OFFERING.-M•
advises us that this town is considering the issuance of railroad bonds.
Lamont, Commissioner of Accounts, will receive proposals until 12 m' Clerk
ACTION YET TAKEN.-We are further advised by the Clerk that
NO
Sept. 1, it is stated, for $12.000 4%% 1-12-year serial paving bonds. no action
has yet been taken towards the offering of the $50,000 water
Certified check for 2% required.
bonds mentioned in V. 100, p. 749.
BEDFORD (Town) SCHOOL DISTRICT NO. 4, Westchester
BURBANK SCHOOL DISTRICT, Los Angeles County, Calif.County, N. Y.-BOND OFFERING.-13Ids will be received until 8 p. m.
OFFERING.-Proposals will be received until 2 p. m. Aug. 23 by
August 16 by Merrill E. Gates Jr., attorney for Henry Jones, Sole Trus- BOND
J. It. Lelande, ex-officio Clerk Bd. of Supers. (P. 0. Los Angeles), for
tee (P 0. Mount Kisco), for the following 6% bonds dated August 11915: $25,000 5%% 17-year (aver.) construction
and
bonds. Denom.
$4,006 bonds. Denom.$200. Due 8200 yearly Oct. 1 from 1915 to 1934, $1,000. Date Aug. 11915. Int. semi-annuallyequipment
at County Treasury. Due
inclusive.
yearly Aug. 1 from 1920 to 1944, incl. Cert. or cashier's check for
$1,000
500 bonds. Denom. $25. Due 825 yearly. Oct. 1 from 1915 to 1934, 3% of bonds bid for, payable to Chairman Board of Supers., required.
inclusive.
Purchaser to pay accrued int. No bonded debt. Assess. val. 1914, $2,BEEVILLE, Bee County, Tex.-BOND SALE.-On Aug. 2 the $15,000 183,190.
5% 10-30-year (opt.) sewer-ext. bonds were awarded to Wm.P. Bonbright
CADIZ, Harrison County, Ohio.-BOND SALE.-On Aug. 9 the
& Co., Inc. Boston, at 97.50 and Int.-V. 101, p. 387. Other bids were:
86,500 5%% 934-Yr. (aver.) paving bonds were awarded to the Hanchett
Prescott &'
Snider, Kan. City-- 96i Sidney Spitzer & Co., Toledo__ 95 Bond Co. of Chicago for $6,807 50 (104.73) and int.-V. 101, p. 227.
J. E. Jarratt & Co., Denver_ _ _ _ 961
Other bids were:
BELDING, Ionia County, Mich.-BOND SALE.-On Aug. 6 the Seasongood & Mayer, Cin_36,802 00 Tillotson-Wolcott Co. Cley$6,703 77
$26,000 4 % paving bonds were awarded to the First & Old Detroit Natl. Secur. Say Bk & Tr Co Tol 6.732 00 Hoehler Cumm. Prud'n Tol 6,648 00
Bank, Detroit at par less $48 for expenses.-V. 101, p. 227. Other bids Prov. Say Bk & Tr Co, Cin 6,728 15 R L Dollings Co. Hamltn_ 6,635 00
Bertram-Davies Co. Cin__ 6,728 00 Harrison Nat. Bk, Cadiz__ 6,601 00
were:
Stacy & Braun, Toledo__ _ 6,682 59 Comm Nat Bk, Coshocton 6,601 00
Detroit Trust Co., Detroit'Par less $69 for 4%s.
'Hayden Miller & Co. Clev_ 6,669 00 Spitzer Rorick & Co. Tol__ 6,588 75
'Premium of 8355 for Is.
Sidney Spitzer & Co. Tol_ - 6,657 00 Bolger Mosser & Willa
E, H. Rollins & Sons, Chicago, par less $75 for 4%s.
Peoples Banking Co. Coshman, Chicago
6,573 45
Wm.P. Bonbright & Co., Inc., Detroit, 826,353 for Is.
octon
6,655 00 Weil Roth & Co. Cincin__ 6,566 00
Sidney Spitzer & Co., Toledo, $26,351 for Is.
Hanchett Bond Co., Chicago, $26,347 for 5s.
CADWELL, Laurens County, Ga.-BONDS VOTED.-This town
Hoehler, Cummings & Prudden, Toledo, $26,273 for Is.
recently voted in favor of the issuance of $3,000 water and light and $4,000
Denom.$1,000. Date Aug. 11915. Int. F.& A. Duo $5,000 in 2. 4,6 school 5% 20-year gold coupon bonds. Denom. $1,000. These bonds
and 8 yrs. and $6,000 in 10 Yrsare tax-exempt. This town has no indebtedness. Assess. val. 1915
BELLAIRE, Belmont County, Ohio.-BOND OFFERING.-Porposals $140,000. State and county tax rate (per $1,000) $15 50.
will be received until 12 in. Aug. 31 by R. E. Crow, City Aud., for the
CALUMET SCHOOL TOWNSHIP (P. 0. Gary), Lake County, Ind.
316,500 5% 5%-year aver. motor-fire-truck-purchase bonds voted Juno 19. -BOND SALE -On Aug. 5 the $9,000 5% 6-year aver, tax-free coupon
V. 101, p. 60. Auth. Sec. 3939, Gen. Code. Denom. $1,650. Date school-building bonds were awarded to E. M. Campbell's Sons & Co. of
Bond Proposals and Negotiations this week
have been as follows:
544
THE CHRONICLE
Indianapolls'for $9,283 (103.144) and int.-a basis of about 4.40%.V. 101, p. 227.
Breed,Ell't & Har'n.Indplis.$9,215 00 J. F. Wild & Co., Ind'polls_ -$9,175
Miller & Co. Indianapolis_ 9,205 50 Bolger, Mosser & Willaman,
9,027
Chicago
Ind'polis. 9,205 00
Meyer-KiserBk.,
'
CAMBRIDGE, Middlesex County, Mass.-TEMPORARY LOAN.
A loan of $250,000 due Nov. 1 1915,issued in anticipation of taxes, has been
Other
bids
at
discount.
Boston
2.34%
of
Co.
&
Bros.
Blake
awarded to
are reported as follows:
Harvard Trust Co., 2.36% discount plus 50c premium.
First National Bank, 2.36% discount.
Central Trust Co., 2.379' discount.
Curtis & Sanger. 2.39% discount plus $1.50 premium.
Charles River Trust Co., 2.48% discount plus $1 premium.
Bond & Goodwin, 2.49% discount.
Loring, Tolman & Tupper, 2.55% discount.
U. S. Mortgage & Trust Co., 2.475% discount.
Goldman & Sachs. 2.48% discount plus $1.50 premium.
CANDO, Towner County, No. Dak.-BONDS VOTED.-The election
held Aug.5 resulted in a vote of 137 to 17 in favor of the question of issuing
to the State of Minnesota the $12,000 4% 20-year municipal-auditoriumconstruction bonds-V. 101, p. 388. These bonds take the place of the
$12,000 issue awarded on June 7 to the Minneapolis Trust Co., but subsequently refused by it on account of technicalities found in the proceedings.
CARTHAGE SCHOOL DISTRICT(P. 0. Carthage), Jasper County,
Mo.-BOND SALE.-The $10,000 4% building bonds voted April 27, have
been awarded at par as follows: $8,000 to the Sinking Fund and $2,000 to
a local party.
CENTER SCHOOL TOWNSHIP, Laporte County, Ind.-WARRANT OFFERING.-Proposals will be received until 11 a. m. Sept. 7 by
Bolsar T. Crane, Twp. Trustee (at the office of Doran & Conboy, Laporte),
for $2,500 5% school-house warrants. Denom. $500. Date Sept. 7 1915.
Due $500 each six months from July 1 1916 to July 1 1918, incl. Cert.
check for 5% of the amount bid required.
CENTRE SCHOOL TOWNSHIP (P. 0. Greenfield), Hancock
County, Ind.-BOND SALE.-On Aug. 7 the $47,000 4%% school house
bonds (V. 101, p. 308) were awarded, it is stated, to Miller & Co. of Indianapolis.
CHAMPAIGN, Champaign County, Ills.-BOND SALE.-On July
27 the $22,000 57,6 1-3 yr. (aver.) gold coupon fire and police dept. bonds
were awarded to E. H. Rollins & Sons of Chicago at 102.67 and int.V. 101, p. 308.
CHAPMAN, Dickinson County, Kans.-BONDS VOTED.-On July
26 the voters approved the issuance of $8,000 light-plant purchase and ext.
bonds. The vote is given as 153 to 4.
CHARLESTOWN TOWNSHIP RURAL SCHOOL DISTRICT (P. 0.
Ravenna R. P. D. No. 1), Portage County, Ohio.-BOND SALE.Hoehler, Cummings & Prudden of Toledo v ere awarded on July 1 the
$25,000 59' 123
%-year aver, building bonds at 100.524 and int., a basis
of about 4.946%.-V. 100, p.2182.
CHILLICOTHE, Ross County, Ohio.-BOND SALE.-On Aug. 5
$34,300 5% refunding Sinking Fund bonds were awarded to C. E. Denison
& Co. of Cleveland, it is stated, at 102.79. Denom. (68) $500, (1) $300.
Date June 20 1915. Principal and semi-annual int. payable at the City
Treas. office. Due $1,500 yrly. June 20 from 1916 to 1927,incl. and $2,00y
yrly. June 20 from 1928 to 1934, incl. and $2,300 June 20 1935. These
bonds were holdings of the Sinking Fund Trustees.
CICERO, Cook County, Ill.-BONDS VOTED.-A special election
held Aug. 7 resulted, it is stated, in favor of the question of issuing $175.000
bonds for the building of an addition- to the Clyde High School. The
vote was 522 to 336.
CLARKSDALE, Coahoma County, Miss.-BIDS REJECTED.
NEW OFFERING.-All bids received for the $150,000 5% 13 1-6-year
(aver.) municipal-improvement bonds offered on Aug. 3 were rejected.
-V. 101, p. 308. New bids are asked for until 9 p. in. Aug. 17. The
date of bonds has been changed from Nov. 1 1915 to Sept. 1 1915. Due
$10,000 yearly on Sept. 1 from 1921 to 1935 incl. Cert. check for 23'.6%
of bids required. M. W.Purnell is City Clerk.
CLAY SCHOOL DISTRICT, Sutter County, Calif.-BOND SALE.
-On Aug. 2 the $5,000 6% bldg. bonds (V. 101, p. 309) were awarded,
reports state, to the Northern California Bank of Savings at Marysville
at 102.26.
CLEVELAND HEIGHTS, Cuyahoga County, Ohio.-BOND OFFERING.-Proposals will be received until 12 m. Sept. 7 by H. H. Canfield, Vil. Clerk, (311 Beckman Bldg., Cleveland) for $100,000 57, coup.
park, boulevard and playground site purchase bonds. Auth. Secs. 3939 to
3942, incl., Gen. Code., also election held May 17. Denom. $1,000. Date
July 1 1915. Prin. and semi-ann. int. (A. & 0.) payable at office of Vil.
Treas. Cert. check on a bank other than the one making the bid, for 10%
of bonds bid for,payable to Vii.Treas.,required. Bonds to be delivered and
paid for within 10 days from time of award. Purchaser to pay accrued
Interest.
Sealed bids will also be received by the Vil. Clerk at the same time for
0 coup. assessment bonds, aggregating $111,917, Auth.
eleven issues of 57
Sec. 3914, Gen. Code. Date "day of sale." Prin. and semi-ann. int.
(A. & 0.) payable at office of VII. Treas. Cert.check on a bank other than
the one making the bid, for 109' of bonds bid for, payable to Vil. Treas.,
required. Bonds to be delivered and paid for within 10 days from time of
award. Purchaser to pay accrued interest.
CLINTON COUNTY (P. 0. Frankfort), Ind.-BOND OFFERING.
Proposals will be received until 10 a. in. Aug. 20 by Earl McDonald, Co.
Treas., for the following 43,6% gravel road bonds: $2,800 Peter Davis et at.,
$3,280 John C. Blair et al., $2,560 Curtis S. Crick et al., $4,240 James W.
Boyles at el., $2,400 Martin Price et al., $16,000 Edward Hart et al.
Date July 1 1915. Int. semi-annual.
CLINTON SCHOOL TOWNSHIP, Laporte County, Ind.-BOND
OFFERING.-Proposals will be received until 11 a.m. Sept.5 by Justin 0.
Loomis, Twp. Trustee (at the office of Doran & Conboy, Laporte), for
$16,080 5% coupon school-house bonds. Denom.$670. Date Sept. 3 1915.
Int. semi-annually. Due in not more than 12 years. Cert. check for 5%
of bonds bid for required.
COCKE COUNTY (P. 0. Newport), Tenn.-BOND SALE.-The
$200,000 5% 30-year road bonds offered without success on June 22 have
been purchased by N. W. Halsey & Co. of Chicago-V. 100, p. 2182.
Denom. $1,000. Int. J. & J. Date July 1 1915.
COLCHESTER SCHOOL DISTRICT (P. 0. Colchester), McDonough County, Ills.-BOND SALE.-On Aug. 9 $7,500 6% building-addition bonds were awarded to Bolger, Mosser & Willaman of Chicago for
$7,753 50-equal to 103.386. Other bids were:
II. T. Holtz & Co., Chic_ _$7,700 71
Continental & Commercial
Trust & Say. Bk., Chic_ _$7,730 00 Nat. Bank of Colchester.... _ 7,700 00
W. R. Compton Co., Chic_ 7,748 00 John Nuveen & Co., Chic_ 7,500 00
Denom. $500. Date Aug. 1 1915. Int. ann. in August.
COLE COUNTY (P. 0. Jefferson City), Mo.-BOND ELECTION.
Reports state that an election will be held Oct. 19 on propositions to issue
$100,000 road-impt., $25,000 tuberculosis hospital const. and $25,000
'of debt. The
Jail bldg. bonds. This county, it is also stated, is nearly out
last $7,000 upon its $100,000 court-houso bonds will be paid off soon.
COLORADO SPRINGS,El Paso County, Colo.-BONDS AWARDED
IN PART.-The City Treasurer advises us under date of Aug. 5 that
$20,000 of the $150,000 4% 15-20-year (opt.) water-refunding bonds
(V. 100, p. 244) has been sold to local investors at par and int. This makes
a total of $3,500 sold since our last report.
BOND SALE.-We are further advised that the $57,500 (unsold portion of an issue of $110,000) 4% 10-15-year (opt.) refunding city-hall
bonds have been sold to local investors at par.-V.100, p. 244.
COLUMBIA, Maury County, Tenn.-DESCRIPTION OF BONDS.
The $20,000 1-5-year (ser.) (assess.) and $10,000 10-year (city's portion)
6% bonds awarded on July 28 to the Southern Asphalt & Construction Co.
of Birmingham at par and int. are in the denom. of $500 and dated July 1
1915.-V. 101. p. 467. Interest J. & J.
COLUMBUS, Ohio.-BOND OFFERING.-Proposals will be received
until 2p. m. Aug. 16 by Willis G. Bowland, Secy. Trustees of the Sinking
Fund, for the following sixteen issues of 4% tax-free bonds:
$55,000 refuse disposal No.2 bonds. Date Dec. 23 1912. Due Apr. 11933.
96,000 Southern reliefsower bonds. Date Jan.30 1912. Due Sept. 1 1937.
250,000 Fourth St. viaduct bonds. Date Dec. 23 1912. Due Sept. 11942.
10,000 Long St. ext. sower bonds. Date May 31 1912. Due Sept. 1 1942.
[VOL. 101.
9,000 Eldridge Ave.impt. bonds. Date Aug. 31911. Due Sept. 1 1922.
8,000 Wheatland Ave.impt. bonds. Date Oct.4 1909. Due Sept. 1 1921.
8,000 Harrison Ave.impt. bonds. Date Sept. 291910. Due Sept. 21 1921
8,000 Reeb Ave.impt. bonds. Date June 30 1911. Due March 3 1922
10,000 Southwood Ave.impt. bonds. Date Aug.3 1911. Due Sept. 1 1922
8,000 Seventeenth Ave.impt. bonds. Date Aug.3 1911. Due Sept. 1 1922
8,000 Warren Ave.impt. bonds. Date Aug. 3 1911. Due Sept. 11922.
11,000 Belle St. impt. bonds. Date Jan. 23 1912. Due Sept. 1 1923.
11,000 Long St. impt. bonds. Date Dec. 15 1911. Due Sept. 11923.
9,000 Starling St. impt. bonds. Date Sept. 16 1912. Due Sept. 11923.
11,000 Schultz Ave.impt, bonds. Date Nov. 11 1912. Due Sept. 11923.
25,000 Livingston Ave.impt. bonds. Date Nov. 111912. Duo Sept. 1 1924
Denom. $1,000. Prin. and semi-ann. int.(M.& S.) payable at the City
Treas. office except on the $96,000 and $250,000 issues, which are payable
at agency of City of Columbus in N. Y. Cert. check on a local bank for
29' of bonds bid for, payable to Sinking Fund Trustees, required. Separate
bids must be made for each issue. Transcripts of proceedings will be furnished to successful bidder. Official circular states that this city has never
defaulted in the payment of the principal or interest of any of its bonds.
Date of delivery Sept. 1 1915. Total bonded debt including these issues
$20,503,800. Assess. val. 1915, $275,819,930. These bonds are not new
issues, but securities held by the Sinking Fund as investments.
COOK COUNTY (P. 0. Chicago), Ill.-SALE OF TAX WARRANTS.
-Local papers state that $500,000 warrants issued in anticipation of taxes
were sold, Aug. 5 by County Comptroller Graham on a 4% basis.
CORRECTIONVILLE, Woodbury County, Iowa.-BOND SALE.
On Aug. 10 the $5,000 20-yr. electric light and power ext. bonds were awarded to Geo. M. Bechtel & Co. of Davenport at 101.50 for 530.-V. 101,
p. 388. Denom. $1,000. Date Aug. 1 1915. Int. F. & A.
CRAWFORD COUNTY (P. 0. English), Ind.-BOND SALE.-On
Aug.2the $7,000 4%% 5%-yr. (aver.) road bonds (V. 101, p. 309) were
awarded it is stated to Miller & Co. of Indianapolis for $7,005 JO, equal to
100.08.
• CRITTENDEN COUNTY DRAINAGE DISTRICT NO. 2 (P. 0.
Crawfordsville), Ark.-BOND OFFERING.-Proposals will be received
until 11 a. m. Aug. 23 by the Dist. Commrs., W. W.Swepston, Chairman,
for not less than $470,000 nor more than $490,000 6% 20-year drainage
bonds. Date Aug. 1 1915. Int. F. & A. Maturities to be agreed upon
by purchaser and Commissioners. Cert. check or surety bond for $1,000,
payable to the District Commissioners, required.
CROOKSTON SCHOOL DISTRICT(P. 0. Crookston), Polk County, Minn.-BOND ELECTION.-Reports state that a vote will be taken
Aug. 18 on the question of issuing $75,000 additional bonds for the new
high school and $25,000 for remodeling the old union school.
CRYSTAL GRAMMAR SCHOOL DISTRICT, Solano County,
Calif.-BOND SALE.-On Aug. 3 the $40,000 5% building bonds were
awarded to R. D. Robbins. Pres. of Bank of Suisun, Suisun, for $40,761
(101.902).-V. 100, p. 1946. Int. J. & J.
CULVER, St. Louis County, Minn.-RESULT OF BOND ELECTION.
-A recent election resulted, it is stated, in favor of $1,000 town-hall bonds
while $5,000 road bonds were defeated.
CUYAHOGA COUNTY (P. 0. Cleveland), Ohio.-BOND SALE.
On Aug. 4 the three issues of 5% bonds offered on that day(V. 101, p. 228)
were awarded,it is stated, to Field, Richards & Co. of Cincinnati as follows:
$9,450 53-yr. (aver.) Cleveland-East Liverpool road impt. (assess.) bonds
for $9,582 (101.396), a basis of about 4.725% •
54,538 7-yr. (aver.) Cleveland-East Liverpool (county's share) bonds for
$55.639(102.018), a basis of about 4.65%.
14,203 6 1-6 year (aver.) Cleveland-East Liverpool road impt. (Bedford
Twp's. portion) bonds for $11,427(101.577), a basis of about 4.70%.
CUYAHOGA FALLS,Summit County, Ohio.-BIDS.-The following
are the other bids received for the six issues of 5% street improvement
bonds, aggregating $58,490, awarded on July 28 to Hayden, Miller & Co.
of Cleveland for $58,700 (100.359) and int.-V. 101, p. 467:
$58,599 38
Stacy & Braun,_ Toledo
58,530 00
Breed, Elliott & Harrison, Cincinnati
58,495 00
Otis & Co., Cleveland
DALLAS COUNTY (P. 0. Dallas), Texas.-VOTE.-The vote cast
to
proposition
the
of
favor
at the election held July 24 which resulted in
issue $135,000 5% 10-40-year (opt.) Trinity River bridge bonds was 2,755
"for" and 1,217 "against".-V. 101, p. 388.
DAVIESS COUNTY (P. 0. Washington), Ind.-BOND SALE.-On
Aug. 2 the two issues of 4U % road bonds aggregating $8,700(V. 101, p. 388)
were awarded, it is stated, to J. F. Wild & Co. of Indianapolis for $8,703
(100.034) and int. Due one bond of each issue every 6 months from May
15 1916 to Nov. 16 1925, incl.
DAYTON, Yamhill County, Ore.-BOND SALE.-The Western Bond
& Mtge. Co. of Portland was awarded at par and int. on July 5 $4,000 street.
intersection and $3,000 water-works 6% 10-year bonds. Denom. $500.
Date Aug. 2 1915. Both issues are payable at the fiscal agency of the State
of Oregon in New York City.
DECATUR COUNTY (P. 0. Greensburg), Ind.-BOND SALE.-On
Aug. 9 the $15,980 436% 5 2-3-yr. (average) gravel road bonds (2 issues)
were awarded to .1; F. Wild & Co. of Indianapolis for $16,000 50, equal to
100.128.-V. 101,p. 388. Other bidders were •
Merck. Nat.Bk., Muncle.$15,998 35 Breed, Elliott & Har., Ind-$15,995
Miller & Co.,Indplis
15,996 00 f Third Nat. Bk., Greensburg_ 15,994
DE KALE COUNTY (P. 0. Auburn), Ind.-BOND OFFERING.
Proposals will be received until 10 a. m. Aug. 19 by Sam G. Stone, Co.
Treas., for the following 43 % 5%-yr. aver. gravel road bonds:
$11,520 Concord Twp. bonds. Denom. $576.
9,880 Spencer Twp. bonds. Denom. $494.
Date Aug. 15 1915. Int. M.& N. Due one bond of each issue each six
months.
DE SOTO COUNTY SPECIAL TAX SCHOOL DISTRICT, Fla.BONDS AWARDED IN PART.-Of the four issues of 6% gold coupons
Special Tax School District bonds, aggregating $43,500, offered on Aug. 1,
the $20,000 Bowling Green Dist.No. 10 bonds were awarded to the State
of Florida at 99 and int.-V. 101, p. 309.
DE SOTO COUNTY (P. 0. Arcadia), Fla.-BOND SALE.-The $210,000 6% coup. Spec. Road and Bridge Dist. No. 1 bonds offered June 8
(V. 100, p. 1769) were awarded on Aug. 3, It is stated, to J. C. Mayer & Co.
of Cincinnati at 95.50.
DEWITT(T.) UNION FREE SCHOOL DISTRICT NO.5(P. 0. East
Syracuse), Onondaga County, N. Y.-BOND SALE.-On Aug. 5 $15,&
000 163i-year aver. building-impt. bonds were awarded to the Trust
Deposit Co. of Onondaga, Suracuse, at 100.10 for 43,6s. Other bids were:
Prem. Int. rate
Bidder4 60
$4 50
Isaac W.Sherrill Co., Poughkeepsie
450
43
H.A. Kohler & Co., New York
4.60
30 00
Geo. B. Gibbons & Co., New York
4.90
10 50
Parson, Son & Co., New York
5.00
50 00
Spitzer, Rorick & Co., New York
Denom. $1,000. Date Sept. 1 1915. Principal and semi-annual int.
(J. & D.) payable at the purchaser's office. Due $1,000 yearly Dec. 1
from 1924 to 1938, incl.
DICKENS, Clay County, Iowa.-BONDS VOTED.-The election
held July 19 resulted in favor of the question of issuing the $4,500 electriclight bonds.-V. 101, p. 228.
DUBOIS COUNTY (P. 0. Jasper), Ind.-BOND OFFERING.-John
J. Krellein, Co. Treas., will receive bids until 10 a. in. Aug. 21 for $32,000
43,6% 10%-year aver. tax-free Ellis G. Rudolph et al road Boone Twp.
bonds. Denom. $800. Date Aug. 20 1915. Int. M. & N. Due $800
each six months from May 1 1916 to Nov. 1 1935, incl. Cert. check for
$100 required.
DYERSBURG, Dyer County, Tenn.-BOND SALE.-The Mercantile-Union Trust Co. of Jackson recently purchased $25,000 5% serial
street-impt. bonds. Principal and interest payable in Chicago.
EAGLE TOWNSHIP SCHOOL DISTRICT (P. 0. Eagle Mills), Vinton County, Ohio.-BOND OFFERING.-Proposals will be received until
1 p. m. Aug. 24 by I. E. Timmons, Clerk Board of Education:for the following 6% bonds:
$700 tuition fund bonds. Due $300 May 1 1916 and $200 May 1 1917
and 1918.
9,510 extension bonds. Due $4,300 May 1 1916 and $5,240 May 1 1917.
Int. annually.
EAST LIVERPOOL, Columbiana County, Ohio.-BOND SALE.
Breed, Elliott & Harrison of Cincinnati were awarded on May 28 the
AUG. 14
1915.]
THE CHRONICLE
545
$44,000 5% 1234-year aver. coupon real-estate-purchase bonds at 101.51.
FRANKLIN, Franklin County, Neb.-BONDS NOT YET OFFERED.
-V.100, p. 1614.
to Aug. 5 no date had been set for the offering of the $7,000
We are not advised as to the disposition of the $200,000 5% coupon -Up
5%
5-20-year (opt.) coupon electric-light-system bonds voted July
water-plant-impt. bonds also offered on May 28.-V. 100. p. 1614.
12.-V.
101, p. 229. Denom. $500. Bonded debt, excluding this issue, $23.000.
EAST MILWAUKEE Milwaukee County, Wis.-BOND SALE.
Floating debt, $1,500. Assessed value 1915. $180,000. Henry Plank Jr.
On Aug. 9 the $35,000 O' 13-yr. (aver.) gen. fund bonds (V. 101. p. 388) Is City Clerk.
were awarded, it is states, to the Wisconsin Trust Co. of Milwakee at
FRANKLIN COUNTY (P. 0. Russellville), Ala.-BONDS VOTED.
104.019 and int.-a basis of about 4.575%•
The proposition to issue $145,000 pike road building
Other bids were:
bonds carried, it is
Harris Tr & Say Bk. Chl_336,372 00J Hanchett Bond Co. Chi_ -$35,817 50 stated, at an election held Aug. 9.
E H Rollins & Sons, Chi_ 36,302 0010 H Coffin, Chicago__ 35,351 00
FRANKLIN COUNTY (P. 0. Columbus), Ohio.-BOND SALE.
First Nat Bk, Milwkee_ 36,210 00 P W Chapman & Co. Chi
On Aug.9 the $31,000 570 6314-yr. (aver.) ditch bonds
(V. 101, p. 310) were
H T Holtz & Co. Chicago_ 36,066 45 Elston, Clifford & Co. of 35,210 00 awarded to the
R.L. Dollings Co. of Hamilton for $31,588 (101.9)
basis
a
N W IIalsey & Co. Chi__ 35.881 00
Chicago
of
about
44%•
35,059 50
EAST ORANGE, Essex County, N. J.-BIDS REJECTED.-The folFREMONT, Sandusky County, Ohio.-BOND SALE.-On Aug. 10
lowing bids wore received on August 9for the $125,000
434% 16%-yr.(aver.) the $3,600 5% 53
%-year average Arch St.
, assess. and city's
water bonds.-V. 101, p. 388:
portion, bonds were awarded, it is stated,improvement
to the Fremont Say. Bank for
Ludwig & Crane, N. Y- _$126,538 001 H.L.Crawford & Co.,N.Y.$126
,062 50 $3,625 (100.694), a basis of aobut 4.868%.-V. 101, p. 310.
J. S. Rippel, Newark..__ 126,500 00 Harris, Forbes
& Co. N.Y. 126,003 75
FRIENDSHIP, Crockett County, Tenn.-BOND SALE.
A.B.Leach & Co., N.Y. 126,111 11 Colgate,Parker&Co.,N.Y.
-The $6,000
125,950 00 0% school-building bonds voted
Because of a misunderstanding on
June 7 were recently purchased by the
part of one of the bidders as to the Mercantile-Union
Trust Co. of Jackson.-V. 100. p. 2101. Principal and
maturity of the bonds, it was decidedthe
to reject all offers.
interest payable in Chicago.
EDDYVILLE, Wapello County, Iowa.-BOND SALE.-Geo
. M
GALION, Crawford County, Ohio.-BOND SALE.-On
Bechtel & Co. of Davenport were awarded
Aug. 10 the
at par on May 24 the $4,000 $18,000 5% coupon street-impt.,
534% funding bonds.-V. 100, p. 1188. Denom.
3500. Date June 1 were awarded to Sidney Spitzer &city's portion, bonds, dated Sept. 1 1915.
1915. Int. J. & D. Duo June 1 1933, subject to call
Co. of Toledo for $18,268 50 (101.491)beginning June 1 -V. 101, p. 310. Other bids were:
1925.
Davies-Bertram Co.,
ELKO, Elko County, Nev.-BOODS VOTED.-A sewer bond issue
00 Breed,Elliott&Harr.,Cin _$18.151 20
of Seasongood & Mayer,Cin_$18,258
Cin 18,212 00
$30,000 was recently authorized, reports
olc. Co.,Clev. 18,138 60
state, by a vote of 128 to 90.
Prov. S. B.& Tr. Co.,Cin. 18,208 80 Tillotson&W
Stacy & Braun, Toledo_ _ _ 18,123 00
ELLSWORTH, Pierce County, Wis.-BOND SALE.-On July 24 the Brighton-Germ. Bk., Cin_
18,200 50 R.L.Dollings Co.,Ham___ 18,112 50
37,000 5% 734-year (average)coupon taxable water-works-extensio
Otis
&
Co.,
Cleveland_ _ _ - 18.187 55 City Nat. Bank, Colum__ 18,052
n bonds
were awarded to Chas. S. Kidder
00
Weil, Roth & Co., Cin___ 18,183 00
The price is reported as 100.10. & Co. of Chicago.-V. 101, p. 228.
GEORGETOWN SCHOOL TOWN (P. 0. Georgetown
EL PASO COUNTY COMMON SCHOOL DISTRICT (P. 0. El Paso), County, Ind.-BOND
), Floyd
SALE.-The $2.200 57
0 coupon school-building
Texas.-BONDS VOTED.-The question of issuing $5,000 5(Y0 20-40-year bonds offered July 31 (V.
101, p. 229) were sold, it is stated, to Breed,
(opt.) building and equipment bonds carried
by a vote of 9 to 0 at the Elliott & Harrison of Indianapolis.
election held in Vinton District on Juno 8.-V. 100, p. 1852.
GERMANIA,Kossuth
Iowa.-BOND OFFERING.-Bids are
ERIE,Erie Counqi. Pa.-CITY TAKES STEPS TO ISSUE BONDS invited until 2 p. m. Aug. County,
17 for $10,000 20-yr. water works bonds. Auth.
AND GUARD AGAINST REPITITION OF FLOOD DISASTER.
-Council vote of 125 to 9 at election held July 27.
on August 9 took steps preliminary to the issuing of bonds for an emergency
GIBSON COUNTY DRAINAGE DISTRICT,Tenn.-BOND
fund to be utilized to meet the city's expenses resulting from the disastrous
SALE.
The Mercantile-Union Trust
of Jackson recently purchased an issue of
flood and also made arrangements for the reconstructio
n of Mill Creek in $110,000 6% serial drainage Co.
bonds.
the flood area.
According to an account in a Philadelphia newspaper City Solicitor
GILA COUNTY SCHOOL DISTRICT NO. 17 (P. 0. Hayden),
Ariz.
Charles English was given authority to visit Harrisburg
and Washington BOND SALE.-On Aug. 2 $25,000 6% 10-20-yr. (opt.) coupon tax-free
to confer with officials relative
building bonds were awarded to Sidney Spitzer & Cp. of Toledo
to
the
flood
arrange,
and
possible,
if
to
have
at 102.81.
engineering experts visit Erie and collaborate
OthOr
bids
were:
with
local
the
authorities
in
devising plans and measurements that will prevent repitition
of last week's Powell, Gerard & Co. of Chicago
a
$25,375 00
catastrophe. Those in charge of estimating
loss state that the Gila Valley Bank & Trust Co. Globe
25 125 00
total loss to property owners along the creekthe property
Denom. $1,000. Date Aug. 2 1915. Principal and semi-annial
tenants
and
reach close to
int.
$2,000,000. Two more bodies were recovered on Aug. will
(F.
&
A.)
payable
at
the
Co. Treas. office. Bonded debt, this issue.
9, making 30 known
dead, with nine missing.
Assess. val. 1915. $4,597,979.
ESSEX COUNTY (P. 0. Salem), Mass.-BOND
GIRARD,
Burke County, Ga.-BONDS VOTED.-An election held
SALE.-Merrill, Oldham & Co. of Boston offering 101.189 and int.
(a basis of about 3.80%) Aug. 9 resulted, according to a Columbus, Ga., newspaper, in favor of the
were the successful bidders for the
47 634-yr. (aver.) bridge bonds issuance of $10,000 funding and $15,000 county-high-school bonds. The
offered August 9.-V. 101, p.467. $55,000
vote was 140 to 45 on the $10,000 issue and 138 to 42 on the $15,000 issue.
bids follow:
Merrill, Oldham & Co., Bost_101.18The
Beverly Trust Co
GLEASON, Weakly County, Tenn.-BOND SALE.-An issue of
100.787
Jackson & Curtis, Boston_ _ _101.0719 Blodget
& Co., Boston
100.768 vox, 6% 20-year electric-light bonds was recently purchased by the
E. H. Rollins & Sons, Boston.100.9
37 Central
Mercantile-Union Trust Co. of Jackson.
Bank
*100.73
Millett,Roe & Hagen, Best. 100.933 Cropley,Nat.
& Co__100.653
N. W. Harris & Co., Boston_100.93 Cape AnnMcGaragle
GRANGER
(P. 0. Rutledge), Tenn.-BOND ELECTION.
Nat. Bank
100.541 -The questionCOUNTY
of issuing $200,000 road bonds will be submitted to a vote.
E.N.Farnsworth & Co.,Bost.100.91 Curtis & Sanger,
_ _ _100.532 it is stated, on Sept.
Gloucester National Bank_ _ _100.899 Estabrook & Co.,Boston_
9.
Boston_ 100.36
Paine, Webber & Co., Host.. 100.80 C. S. Butler
GRANITE COUNTY NO. 3 AND MISSOULA COUNTY NO.
100.35
8
JOINT SCHOOL DISTRICT, Mont.-BOND OFFERING.
-Proposals
*Plus $25 premium.
will be received until Sept. 4 by Clements L. Gaisher, Dist. Clerk,
(P.
0.
Bonita) for $1,500 3-5-yr. (opt.) school bonds. Int. (rate not to exceed
TEMPORARY LOAN.-The $30,000 loan due Nov. 10 1915 also offered 6%)
payable semi-annually.
on Aug. 9 was awarded to II. C. Grafton,Jr.,
at 2.50% discount. The bidGRANT TOWNSHIP, Greene County, Ind.
ders and discounts offered follow:
OFFERING.
E, C. Wright, Trustee, (P. 0. Switz City) will, -BOND
II C Crafton Jr2,507 Gloucester Safe D.&
it is stated, receive bids
Tr. Co.b3.10
Beverly Trust Co
until Aug. 28 for $2,000 6% 3-yr. warrants.
2.58% Loring, Tolman 8c Tup., Bost.3.10
Central National Bank
2.797 Bond & Goodwin, Boston_ _ _ _3.10
GREENE COUNTY (P. 0. Bloomfield), Ind.-BONDS AWARDED
Personal, C
2.97
IN PART.-Reports state that of the six issues of 434% highway-improveMerchants, Nat. Bk.,Salem_
Cape Ann Nat. Bank
a3.08 0 Merrimac Nat. Bank
ment bonds, aggregating $30,750, offered on Aug.
two issues were
awarded as follows: $8,250 Andrew Autrey et al. road to10,
Webster V.Moffett
a Plus 60 cents premium. b Plus $5 premium. c Plus $1 premium.
of Bloomfield and 32,600 F. M. Songhers et al. road
to Lee H. Jones of
Bloomfield.
Each
sale
was
at a small premium.
EVERETT, Middlesex County, Mass.-NOTE
-On Aug. 8 the
loan of $60,000, due $10,000 on Oct. 25, Nov. 25, SALE.
GREENWOOD, Greenwood County, So. Caro.-BONDS VOTED.
27 1915 and Jan. 25, Reports
Feb. 27 and March 27 1916 was negotiated withDec.
state that at an election held Aug. 3 propositions to issue $100,000
Curtis
&
Sanger
of
Boston at 2.55% discount for $40,000 and 3.49% discount
and $35,000 school bonds carried by votes of 397 to 96 and
for $20,000.- street paving
V. 101, p.467. Other bids were:
303 to 31, respectively.
Rate Disc.
HAMBLEN COUNTY(P.O. Morristown), Tenn.-BIDS
Rate Disc.
C. D. Parker & Co., Bost_*2.8733 Loring, Tolman &
Tupper,Bos_3.125 -NEW OFFERING.-All bids received for the $150,000 5% REJECTED.
coupon pike
'Goldman, Sachs & Co., N. Y..2.883 Farmers' Loan &
offered on Aug. 9 were rejected.-V. 101, p. 229. Private
bonds
Trust
Co_
_
_
_3.25
bids are
Merchants' Nat. Bank
2.90
Salomon
& Hutzler, N.Y_3.33
now asked for until 12 m. Sept. 11.
F.S. Moseley & Co.,Boston_ _2.9533 AmericanBros.
Trust Co
3.50
HAMILTON COUNTY (P. 0, Noblesville) Ind.-BOND OFFERING.
Blake Bros. & Co., Boston_ _2.97
-Proposals will be received until 11 a. m. Aug. 17 by M. L. Cardwell,
*And 20 cents premium.
Co.
Treas., for the following 434% road improvement bonds:
EVERETT, Snohomish County, Wash.-BOND ELECTION.-As $2,300 Theodore Wachstetter et al. road. Fall Creek
Twp. bonds.
stated in V. 101, p. 309, an election will be held Aug. 24 to vote on the
5,740 Scearce et al. road, Wayne Twp. bonds.
question of issuing $600,000 57
5,040 B. 0. Brattain et at. road, Wayne Twp. bonds.
0 and $1,100,000 6% bonds. According to
a Seattle newspaper the $600,000 issue will be general city bonds
5,400 Frank Perkins et at. road, Washington Twp. bonds.
to finance
the construction of a pipe line to the Sultan Basin to obtain a municipal
Int. May and Nov. 15.
water supply. The $1,100,000 issue will be known as "utility"
HAMPDEN COUNTY (P. 0. Springfield), Mass.-TEMPORARY
with which to finance the purchase or condemnation and purchase bonds,
of the LOAN,-On Aug.3 the $30,000loan due Nov.5(V.
p. 389) was awardplant of the Everett Water Co., owned by the Everett Ry. Light & Water
ed, it is stated, to F. S. Mosely & Co. of Boston at 101,
2.53% discount and 85
Co.
,
cents premium.
FARRELL, Mercer County, Pa.-BOND OFFERING.-Proposals
EfAMTRABICK TOWNSHIP SCHOOL DISTRICT NO.8(P.O. Hamwill be received until 8 p. m. Aug. 17 by Jno. J. Nolan, I3oro. Secy., for
Wayne County, Mich.-BONDS VOTED.-The
held
$40,000 permanent street-impt.. $12,000 fire and police-dept. motorizing tramck),
Aug.
4 resulted in favor of the question of issuing the $75,000election
and $8,000 incinerating-plant-building 434% 30-yr. coupon (with privilege
5% 15-year
of registration), tax-free bonds authorized by vote of 155 to 126 at an sitopurchase and building bonds.-V. 101. p. 389. The vote was 39 to 0.
HANCOCK COUNTY (P. 0. Greenfield), Ind.-BOND OFFERING.
election held June 28. Denom. $1,000. Dated May 14 1915. Principal
and semi-annual int. (M. & N.) payable at the Colonial Trust Co., Pitts- Bids will be received until 10 a. m. Aug. 17 by Allen T. Cooper, County
burg. Cert. check for $600, payable to the "Bore of Farrell", required. Treas., for $8,800 434% 534-yr. aver. Kem Derry et al. road Center and
Total indebtedness, including this issue, $307,500. Assess. val.. equalized, Jackson Twps. bonds. Denom. $440. Date Aug. 2 1915. Int. M.& N.
1915, $6,081,140. Approx. true value, $12,000,000. Total general Due $440 each six months from May 15 1916 to Nov. 15 1925, incl.
sinking fund, $21,222.87.
HANCOCK COUNTY (P. 0. Findlay), Ohio.-BOND SALE.
FAYETTE COUNTY (P. 0. Connersville), Ind.-BOND OFFERING. According to newspaper reports the 3100,000 county-informary-building
bonds voted several months ago (V. 100, p. 1615) have been sold.
-Proposals will be received until 2 p. m. Aug. 31 by Jasper L.
Kennedy,
Co. Aud., for $40,000 434% county bonds. Denom. $1,000. Date May
HANNA TOWNSHIP (P. 0. Hanna), Laporte County,
-BOND
SALE.-The Laporte Savings Bank offering par and accruedInd.
15 1915. Int. M. & N. Due $1,000 each six months from May
int., was the
1916 successful
to Nov. 15 1934, incl. and $2,000 May 15 1935. Cert. check for15
bidder on Aug. 7, reports state, for the $20,000 5% 15-year
3%
of
par value of bonds payable to the Bd. of Co. Commrs. required. Bids school-building warrants.-V. 101. p. 389.
submitted must be on printed blanks furnished by the Auditor.
HARDWICK, Rock County, Minn.-BOND SALE.-On Aug. 9 the
FINDLAY, Hancock County, Ohio.-BOND OFFERING.-Proposals 35,000 536% 7-year average coupon electric-power-plant bonds were
awarded to the Minnesota Loan & Trust Co. of Minneapolis at par and int.
will be received until 12 m. Sept. 4 by Richard 0. Mungon, City
Aud., for -V. 101, p. 310. Kane & Co. of Minneapolis
the following 5% coupon bonds dated Aug. 20 1915:
bid 101 for 6s. There were
$37,219 East Lincoln Street impt. bonds. Denom.(1) $919 10, (9) $700. three other bidders.
Duo $919 10 Aug. 20 1916 and $700 yrly. Aug. 20 from 1917 to
HARRIMAN, Roane County, Tenn.-BOND SALE.-On Aug. 3 the
1925, incl.
$84,000 5347
0 1134-year average gold coupon taxable funding bonds were
1,429 Morse St. paving bonds (1) $259, (9) $130. Due $259 Aug. 20 awarded to Stacy & Braun of Toledo for $84,565 48 (100.673)
and int.
V. 101, p. 389. Other bids were:
1916 and $130 yrly. Aug. 20 from 1917 to 1925, incl.
58,500 Main St. improvement lponds. Denom. $500. Due on Aug. 20 Weil, Roth & Co., Cincinnati
$84,012
50
as follows: $5,000 1916, $7,500 1917, 1918 and 1919, $5,500 1920, A. J. Hood & Co., Detroit
84,011 00
Breed, Elliott & Harrison and Provident S. B.& Tr. Co., Cin
$5,000 1921, 1922, 1923 and 1924, and $5,500 in 1925.
84,000
00
27,500 Main St. improvement bonds. Denom. $500. Due on Aug.
84,000 00
20 J. C. Mayer & Co., Cincinnati
as follows: $3,000 1916. $3,500 1917 and 1918, and $2,500 yrly.
HARRINGTON, Lincoln County, Wash.-BONDS VOTED.-The
from 1919 to 1925, inclusive.
question
of
issuing
the
$20,000
water
and
sewer-system
bonds
at not
Interest payable F.& A. at office of City Treasurer. Bonds to be deliv- exceeding 6% interest
carried by a vote of 156 to 55 at the election held
ered and paid for within 10 days from time of award. Cert.
check for 3% July 31.-V. 101, p. 310.
of bonds bid for, payable to the City Treas., required. Purch.
to pay acHARRISON COUNTY (P. 0. Corydon), Ind.-BOND SALE.-On
crued int.
Aug. 6 the two issues of 434% 534-year average highway-improvement
FORDYCE,Dallas County, Ark.-BOND SALE.-An issue of $20,000 bonds,
$4,200, were awarded to V.1. Bulleit and Frank Self at
6% 1-15-year (serial) sewer bonds was recently purchased by James Gould par andaggregating
interest.-V. 101, p. 310.
of Pine Bluff.
HARRISON COUNTY(P.O. Cadiz), Ohio.-BOND SALE.-On Aug.
FORTUNA, Humboldt County, Cal.-BONDS VOT1.1).-This dis10 the $5,000 554% Children's Home heating and ventilating systems
trict recently voted in favor of the issuance of $24,000 high-school-building
installation bonds were awarded to the Davies-Bertram Co. of Cincinnati
bonds, according to reports.
at 101.46 and int.-V. 101, p. 468. Other bids were:
dil 0
546
THE CHRONICLE •
[Vol,. 101.
Bonded
payable to the Co. Treas. required. These bonds are taxable.
Seasongood & Mayer, Cin_$5,060 25 Provident Say. Bk.& Trust$5.038 00 debt, including this issue, $174,470. Floating debt. none. Sinking fund
Co., Cincinnati
(per
rate
tax
county
Breed, Elliott & Harrison,
and
State
0.
$48,865,97
1915,
val.
Assess.
5,030 00 $7,000.
5,050 50 People's Bank Co
Cincinnati
25 $1,000) $2.84.
Brighton-German Bk.,Cin. 5,047 25 Covert Joseph & Co., Clev. 5,026
-On
SALE.
-BOND
00
Ind.
0.
5,012
Warsaw),
(P.
KOSCIUSKO COUNTY
5.03950 Hayden, Miller
Sidney Spitzer & Co.,Tol
&
County, Aug. 3 $22,240 434% road bonds were awarded, it is stated, to Miller
HARRIS SCHOOL DISTRICT (P. 0. Harris), Osceola
of Ed., will sell Co. of Indianapolis for $22,266 50 (100.119) and int.
Iowa.-BOND OFFERING.-R. J. Robertson. Secy. Bd.
.
authorized by vote
LAKE WORTH, Palm Beach County, Fla.-BOND OFFERING
at private sale an issue of $55,000 10-yr. building bonds
6% 20-year
This place is offering for sale $25.000 (of an issue of $75,000)
of 174 to 65 at an election held Aug. 6. Int. rate not to exceed 5%•
bonds. Denom. $10. Date Dec. 31 1914. Interest
light
and
8
water
NO.
DISTRICT
SCHOOL
FREE
HEMPSTEAD (TOWN) UNION
-On Aug. 0 annually Dec. 31. A. H. Shipman is Vice-Mayor. •
(P. 0. Roosevelt), Nassau County, N. Y.-BOND SALE.
p. 389) wore awarded
LANSING SCHOOL DISTRICT (P. 0. 'Lansing), Allamakee
the $35,000 1734-yr. (aver.) school bonds (V. 101,
bidders were: County, Iowa.-DESCRIPT1ON OF BONDS.-The $25,000 5% highOther
4345.
for
to Isaac W.Sherrill of Poughkeepsie at 100.16
(4.65s) 100.137 school-building bonds awarded on July 28 to the People's State Bank of
G B Gibbons Co. NY (434s) 100.07 Farson Son& Co.NY
1 1915.
Lansing at 101.07, are in the denom. of $500 and bear date of Aug. May 1
Harr. Forbes Co. NY (4.555) 100.103 First Nat. Bank, Hempstead 100.
(4•758)
-V. 101, p. 390. Interest May 1 and Nov. 1. Duo $2,000 yearly
,Y.(4.60s) 100.64
H A Kohler Co.N.
from 1920 to 1924, inclusive, and remainder May 11925.
Bonds dated Aug. 1 1915.
.
SALE.-On
LAPORTE COUNTY (P. 0. Laporte), Ind.-BOND OFFERING
HENRY COUNTY (P. 0. Napoleon), Ohio.-BOND
Wauseon-Napoleon Proposals will be received, reports state, until 10 a. m. Aug. 19 by Jos.
Aug.5 the $28,300 5% 5-year (average) coupon taxable
bonds.
road
National
316,200
and
to
Fifth-Third
434%
awarded
$5,400
Johanni, Co. Treas., for
inter-county highway-impt. bonds were
election
Bank of Cincinnati for $28,623 (101.141) and interest-a basis of about
LAREDO, Webb County, Texas.-BONDS VOTED.-An
434%.-V. 101, p. 310. Other bids were: & Braun, Toledo.._ _$28,459 01 held July 29 resulted, according to reports, in favor of a proposition to
being 113 to 1.
vote
the
Davies-Bertram Co., Cin_328,592 00 Stacy
bonds,
bridge
issue
$15,000
& Co., Cln_ __ 28,452 82
Seasongood & Mayer,Cin. 28,561 00 Well, Roth &
-BIDS.-The following
Co.,Cin. 28,444 33
LASSEN COUNTY (P. 0. Susanville), Cal.
Brighton-German Bk.,Cin 28,501 00(Prov. S. B. Tr.
of 5% gold coupon bonds,
& Co.,Ham 28,406 01 are the other bids received for the two issues
Otis & Co., Cleveland_ _ __ 28.470 00 R. L. Dollings
the
American
to
National Bank
2
Aug.
on
g 8100,000, awarded
Sidney Spitzer & Co., Tol_ 28,461 50 Spitzer, Rorick & Co.,Tol. 28,405 50 aggregatin
and interest.-V. 101, p. 469:
VOTED.-The of San Francisco at 102.486
and inter.
101.919
FranciscoHINDS COUNTY (P. 0. Jackson), Miss.-BONDS
San
Co.,
&
Witter
Blyth,
it is
interest.
question of issuing $15.000 road bonds in Second District carried,
Byrne & McDonnell, San Francisco-101.651 and .25460
and interest.
stated, July 27 by a vote of 49 to 31. See V. 101, p. 310.
Anglo & London I'aris Nat. Bank, San Pron.-101
interest.
and
-3101,118
OFFERED
BE
TO
Francisco
-BONDS
J.
N.
San
County,
Co.,
Wm. R. Stoats
HOBOKEN, Hudson
$20,000.
for
interest
paving
and
street
Washoe County Bank, Reno. bid par
SHORTLY.-According to local papers $110,000 434%
Ind.-BOND OFFERING.
$50, $1CO, $250 and
bonds will shortly be offered to the public in lots of
LAWRENCE COUNTY (P. 0. Bedford),
school) was purchased
21 by Earl G. Short, Treas.
$1,000. The last issue of city bonds ($60,000 434%
will be received until 2 p. m. Aug.bonds.
Proposals
at 10334 and
Denom.$120. Date
road
gravel
Twp.
by Robinson & Co. of New York and re-offered by this firm
Shawswick
on Aug. 5 that for $2,400 4 M 7,
each six months.
interest yielding about 4.30%. Mayor Griffin announced
price Aug. 15. Int. M.& N. Due 1 bond
SALE.-The bid of 102.641
the next issue of city bonds would be offered by the city at the same
LORAIN, Lorain County, Ohio.-BOND
issues
asked by Robinson & Co. for the 360,000 school bonds.
& Sons of Chicago for the two3,
was
County, and int. submitted by E. H. Rollins
for sale on Aug.
offered
$116,000,
HUBBARD SCHOOL DISTRICT (P. 0. Hubbard), Marion
g
aggregatin
bonds
of 5 %coupon
a
bond
ratified
voters
the
recent
election
a
-At
Ore.-BONDS VOTED.
469.
p.
-V.
101,
accepted.
issue of $15.000 for a school bldg., according to local papers.
SALE.-Reports state
LOWELL, Middlesex County, Mass.-NOTE
Aug. 0 the
$200,000 4% notes to F. S. Moseley & Co.
HUDSON, Columbia County, N. Y.-BOND SALE.-On
and Union St. that this city has sold as issue of
324,000 12-yr. (aver.) street impt. $5,000 13-yr. So. Fourth
at
100.383.
& Sons of Boston
and $10,000 14-yr. water ex. bonds were awarded to E. H. Rollins
OFFERING.-Bids
high school
LUCAS COUNTY (P. 0. Toledo), Ohio.-BOND
of New York at 100.769, a basis of about 4.425%. The $15,000
er, County
of New York, will be received until 10 a. m. Aug. 31 by Chas. J. Sanzenbach
bonds also offered on Aug.9 were awarded to Robinson & Co.
Dist. No. 6 bonds.
Sewer
Main
$5,000 duo Auditor, for $20,000 5% 534-year average
$10,000 duo in 10 years, at 101.081, a basis of about 434% and
$1,000. Date Sept.10
Denom.
Code.
Gen.
6602-6,
advised
are
we
to
bids
6602-5
The
Secs.
Auth.
In 11 years at 101.161, a basis of about 4.36%.
of County Treasurer.
1915. Prin. and semi-ann. int. payable at office
were as follows:
date. Cash or cert. check
$5,000 $10,000 Due $2,000 yearly from 1 to 10 years incl. after
$24,000
$15.000
be delivered on Sept.
to
Bonds
required.
issue
$500
for
bank
toledo
issue
a
drawn on
issue
issue
proceedings evidencing the regu101.311 101.381 10. A complete certified transcript of allbonds
(b)
(a)
Robinson & Co., New York
will be furnished purchaser.
these
of
Issuance
the
100.769
of
validity
and
100.769
larity
100.769
100.769
E. II. Rollins & Sons, N.Y
bonds were
100.4795 100.5179 100.5579 100.5795
N. Y
J. S. Bache &
BOND SALE.-On Aug. 9 the two issues of 5% road-impt.
100.39
100.39
100.39
Sc Co., N. Y_ _100.39
Co..
Geo. B. Gibbons
as follows.-V. 101, p. 311 :
bonds to
road-impt.
100.44
Twps.
Oregon
100.18
and
100.53
H. A. Kohler & Co., N. Y_ _100.38
$80,000 534-yr. aver. Jerusalem at 101.416-a basis of about 4.71%.
100.18
100.18
100.18
100.18
Stacy & Braun of Toledo
Farson, Son & Co., N Y
Spitzer
Sidney
to
bonds
impt.
100.
62,
No.
100.
road
100.
stone
100.
Hudson City Say. Inst
3,970 434-yr. aver.
basis of about 4.859'.
& Co. of Toledo for $3,993 (100.579)-a $80,000
a $10,000 at 101.081 and $5,000 at 101,161. b $5,000 at 101.161,
0
$3.97.
$10,000 at 101.251 and $9,000 at 101.311.
Issue.
Issue.
3 the
IDAGROVE, Ida County, Iowa.-BONDS VOTED.-On Aug.
vote
Other bids were :
33,970 00
question of issuing $15,000 paving bonds carried, it is stated, by a
$81,312 80
Harris, Forbes & Co.. New York
3,995 25
of 233 to 232.
81,152 00
& Mayer, Cincinnati
Seasongood
Davenport
of
&
Co.
00
Bechtel
M.
o.
81,136
SALE.-Ge
IOWA.-CERTIFICATE
and Farson, Son & Co., Chicago
80,936 50
have purchased $280,000 434% Capitol extension certificates at par
Toledo
Co..
&
Spitzer
Sidney
3.980 72
80,912 00
int. Denom. $1.000. Date Aug. 2 1015. Int. F. & A. Due $70,000 Tillotson & Wolcott Co., Cincinnati
3,991 04
80,816 00
Feb. and Aug. 1916 and 1917.
Provident Say. Bk. & Trust Co., Cincinnati_ _ _ _ 80.553 25
ELEC-BOND
,
Ohio.
DISTRICT
Toledo
Co..
&
SCHOOL
P
Rorick
Spitzer.
JACKSON TOWNSHI
held
.
be
will
OFFERING
-BOND
Caro.
TION.-According to an Urbana newspaper a special election
LUMBERTON, Robeson County, No.
bonds.
2 for $25,000 light and water and
Aug. 17 to vote on the question of issuing $24,000 site and building
Bids will be received until 12 m. Sept. -year
pursuit
to
Denom.
bonds.
.
5% 534% or 6% 30
JASPER COUNTY (P. 0. Rensselaer), Ind.-BOND OFFERING
Treas., $20,000 high-school
payment for both principal and interest
Proposals will be received until 2 p. m.Sept. 1 by Alson A. Fell, Co. Twp. chaser. Int. semi-ann. Place ofcheck
for $500, payable to G. T. Page,
with purchaser. Cert.
optional
for $4,000 434% 534-yr. (aver.) W.R. Custard et al. road Wheatfield
& N. Duo $200 each Treas., required with bids for each issue.
bonds. Denom. $200. Date July 15 1915. Int. M.
incl.
1925.
15
Nov.
0. Luther), Boone County,
to
(P.
1916
six months from May 15
LUTHER SCHOOL DISTRICT
building bonds
PTION Iowa.
-BOND SALE.-We are advised that the $30,000
JEFFERSON COUNTY (P. 0. Pine Bluff), Ark.-DESCRI
bonds
p. 390.
railroad
101,
of.
-V.
refunding
(serial)
disposed
r
been
voted July 20 have
OF BONDS.-The $52,000 5% 10-20-yea
the
g
VOTED.-By a vot
awarded at par on Juno 15 to James Gould of Pine Bluff, representin
LYNN COUNTY (P. 0. Tahoka), Tex.-BONDS
New York Life Insurance Co., are in the denom. of $1,000 and dated of 154 to 133 the proposition to Issue $60,000 court-house and jail bonds
Aug 1 1915.-V. 101, p. 390. Int. F. & A.
the election held July 31.-V. 101, p. 311.
at
carried
Mont.-BOND
(P. 0. Lytton),
JEFFERSON COUNTY SCHOOL DISTRICT NO.28,
LYTTON CONSOLIDATED SCHOOL DISTRICT
Aug. 21 by John
-The purchaser of the
OFFERING.-Proposals will be received until 8 p. m.Forks),
Sac County, Iowa.-PURCHASER OF BONDS.
$1,200
for
0.
Three
at par was Wells
(P.
July
Trustees
in
sold
School
of
bonds
Clerk
building
L. Stoddart,
$10,000 5% 2-10-year (ser.)
p. 390. Denom. (2) $500, (9)
5-10-yr. (opt.) school bonds at not exceeding 6% int. Denom. $200.
& Dickey Co. of Minneapolis.-V. 101,
Calif.
J.
&
J.
County,
Int.
Angeles
Los
,
1915.
24
July
Date
JEFFERSON SCHOOL DISTRICT
Aug. 23 by $1,000.
AND SOLD.-An
BOND OFFERMG.-Proposals will be received until 2 p. m.
MACON, Macon County, Mo.-BONDS VOTED
Angeles), for
extend the water
J. H. Leland°, ex-officio Clerk Bd. of Supers.( P. 0. Los
$30,000 5% bonds to build a filtration plant and
of
issue
Denom.
bonds.
Int. F.& A.
equipment
and
n
to
held July 29 by a vote of 578 87.part
$2,000 6% 634-yr. (aver.) constructio
Treasury. Duo mains carried at an election
in 10 and
years,
5
in
part
call
to
subject
$500. Date Aug. 1 1915. Int. semi-annually at County
11935,
Aug.
Due
Louis.
for in St.
check
sold.
been
cashier's
or
incl.
Cert.
already
1923,
have
to
1920
1
bonds
from
Aug.
the
yearly
3500
years. We are advised that
15
in
part
required.
Supers.,
of
Board
5% of bonds bid for, payable to Chairman
BONDS SOLD.
MADISON, Dane County, Wis.-AMOUNT OF
Purchaser to pay accrued int. Bonded debt $18,500. Assessed value,
sold
recently
. bonds
We are advised that the amount of 5% street-impt
1914, $807,400.
first reported.
as
$25,000
not
and
324,000
was
par
at
counter"
JOHNSON, Cambria County, Pa.-BOND SALE.-The following "over the
$100 and $500. Int. ann. April 1.
bids were received for the $100,000 434% 1034-year (average) tax-free -V. 101, p. 390. Denom.
Jasper),
62:
P (P. 0. R.F.D. No. 5,
TOWNSHI
SCHOOL
highway-impt. bonds offered on Aug. 5.-V. 101,&p.
MADISON
1,295
s will be received
Brown Bros. & Co., Philo_ _$102,1571Lyon, Singer Co., Pittsb_$10
County, Ind.-BOND OFFERING.-Proposal
Dubois
434%
101,162
$12,700
for
Co
Trustee,
Trust
Edw. V. Kane & Co.,Phila_ 102,150 Equitable
31 by Ottls Greene, Twp.
100,723 until 2 p. m. Aug.
Sept. 5 1915. Principal and
Mellon Nat. Bank. Pittsb__ 101,955 Curtis & Sanger, Boston
coupon building bonds. Denom. $635. Date
Jasper.
Bank,
American
German
the
101,200
Y_
at
N.
&
Co.,
Harris, Forbes
semi-annual int. (J. & J.) payable
- Due $635 each six months from July 5 1916 to Jan. 5 1925, incl. and $1.270
.
JOHNSON COUNTY (P. 0. Franklin), Ind.-BOND OFFERING
Twp. Trustee, required.
.Co. July
5 1925. Cert. check for $100, payable to the
Proposals will be received until 10 a. m. Aug. 18 by Barry Bridges
bonds:
(P. 0. Enon),
DISTRICT
Treas., for the following 434% 534-yr. aver, gravel road impt.
SCHOOL
P
MAD RIVER TOWNSHI
2 $1,500 6% coupon
$7,900 W.H. McClain et al. road Pleasant and Clark Twps. bonds. Denom Clark
County, Ohio.-BOND SALE.-On Aug.
to D. B. Board at par.
stated,
$395.
is
it
awarded,
were
bonds
impt.
$430.
building
semi-annual.
8,600 Thomas Lyons et al. road Pleasant Twp. bonds. Denom.
Denom. $500. Date Aug. 2 1915. Int.
Denom. $505.
10.100 John A. Wilson et al. road Pleasant Twp. bonds.
-BONDS VOTED.-The
Date Sept. 11915. Int. M. & N. Due one bond of each issue each six
MANSFIELD, Richland County, Ohio.
sewage.disposal-plant bonds
months from May 15 1916 to Nov. 15 1925, incl.
question of issuing the 8110,000 59' refunding 1,456 to 565. Due in 1926.
of
vote
a
by
-BONDS
10
J.
Aug.
held
carried at the election
KEARNY (P. 0. Newark), Hudson County. N.
S. Bonds will be offered in the near future.-V. 101, p. 311.
AWARDED IN PART-OPTION GRANTED ON REMAINDER.-.T.
of an
NO. 105 (P. 0.
Rippel of Newark was awarded, it is stated, at par on Aug. 11 $33,500
MAPLETON INDEPENDENT SCHOOL DISTRICT
p.
101.
ELECTION.-An elecissue of 873,500 434% 25-year school bonds offered on that day-V.
Mapleton), Blue Earth County, Minn.-BOND
$40,000.
remaining
shall issue
the
district
on
option
this
45
-day
a
granted
was
not
S.
Rippel
J.
or
230.
tion will be held Aug. 15 to decide whether
a heating and ventilatKENT, Portage County, Ohio.-BOND OFFERING.-Proposals will
to the State of Minn. $9,000 4% bonds to construct
5%
$1,545
for
Clerk,
Vii.
Bechtlo,
Fred
by
30
be received until 12 m. Aug.
ing plant.
Lincoln Ave. (village's portion) bonds. Denom. $309. Date July 11915.
ARY LOAN.-A
MARBLEHEAD, Essex County, Mass.-TEMPOR
Int. semi-annual. Due $309 yrly. Sept. 1 from 1916 to 1920, incl. Bonds
awarded. it is stated, to
Cert.
award.
of
time
loan of $40,000 due Dec. 29 1915 was recently Other bids were:
from
days
10
within
for
to be delivered and paid
discount.
2.83%
at
Co.
&
Cropley McGaragle
check for $100, payable to the Vii. Treas., required
Bos3.09% disc.
39' disc.'Loring Tolm'n Tupp.
s R. L. Day & Co. Bost__
Goodwin, Bost _ -3%% disc.
KENTON, Hardin County, Obio.-BOND OFFERING.-Proposal
Auditor, F. S. Mosely & Co. Bos_3.099 disc.!Bond &
will be received until 12 m. Sept. 3, it is stated, by W.P. Alt. Cityrefunding
Kern County, Calif.for the following 5% semi-annual bonds: $21.625 14-year average
MARICOPA HIGH SCHOOL DISTRICT,
0 1-15-year (ser.) building bonds
BOND SALE.-On Aug. 4 the $15,000 6.7
and $3,000 1334-year average water. Certified check for 5% required.
Security Trust Co. of Bakersfield for $15,580 (103•866),
KENTON, Obion County, Tenn.-BOND SALE.-An issue of $5,000 were awarded to the
. 101, p. 390.
6% serial funding bonds was recently purchased by the Mercantile-Union a basis of about 5.40%.-V
OFFERING.
Trust Co. of Jackson. Principal and interest payable in Chicago.
MARION COUNTY(P. 0.Indianapolis), Ind.-BOND
- Proposals will be received until 2 p. m. Oct. 1 by William T. Patten, Co.
ZED.
KEWAUNEE, Kewaunee County, Wis.-BONDS AUTHORI
Date
Denom.
$1,000.
bonds.
stated
is
it
elevation
bonds,
track
4%
water-works
3160.000
for
issue
$30,000
to
Awl.,
voted
The City Council has
Oct. 1 from 1916 to
11915. Int. semi-annually. Due $8,000 yearly
KNOX COUNTY (P. 0. Vincennes), Ind.-BOND OFERING.-Bids Oct.
bank for 3% of bonds
1935, incl. Cert. check on some Marion Co. reliable
for $5,700 43j% road bonds will be received, reports state. until 2 p. m. bid
All sales must be
required.
Commrs,
Co.
of
Board
the
to
payable
for,
Aug. 19 by E. P. Blann, Treas.
ed on or before Oct.5 1915.
. consummat
KNOX COUNTY (P. 0. Mount Vernon), Ohio.-BOND OFFERING
Riley, Co.
MARION COUNTY (P. 0. Marion), Ohio.-BOND OFFERING.
-Proposals will be received until 1 p. m. Aug. 30 by Walter M.1223,
Gen. Proposals will be received until 12 m. Aug. 25 by the Bd. of Free Turnpike
coupon
Aud., for $15,000 5% coupon road impt. bonds, auth. Sec. Co. Treas.
6%
for
$20,500
Marion),
Atty.
Commrs. (care of John H. Clark,
Code. Denom.$1,000. Date Sept. 11915. Int. A.& 0.at the
Road bonds, auth. sec. 7283, Gen. Code. Date
office. Due part each six months on Apr. and Oct. 1. Cert. check for $500 Kannel Free Turnpike
AUG. 14
1915.]
THE CHRONICLE
547
Sept. 11915. Principal and semi-ann. int.(M. & S.) payable at the Co. office of the United States Mtge. & Trust Co. of New York on Aug. 25.
Treas. office. Due as follows:
A deposit of cash or cert. check on a solvent banking corporation on New
$530 Mar. 1 1916 $640 Sept. 1 1919 $780 Mar. 1 1923 $900 Sept. 1 1926 York State or upon any national bank for 2% of bonds bid for, payable
530 Sept. 1 1916 670 Mar. 1 1920 780 Sept. 1 1923 950 Mar. 1 1927 to the City of New Rochelle, required. The bonds will be prepared under
560 Mar. 1 1917 670 Sept. 1 1920 820 Mar. 1 1924 950 Sept. 1 1927 the supervision of the above trust company, who will certify as to the
560 Sept. 1 1917 700 Mar. 1 1921 820 Sept. 1 1924 1000 Mar. 1 1928 genuineness of the signatures of the city officials signing the bonds and the
600 Mar. 1 1918 700 Sept. 1 1921 860 Mar. 1 1925 1000 Sept. 1 1928 seal impressed thereon. Said bonds will be examined as to legality by Cald600 Sept. 1 1918 740 Mar. 1 1922 860 Sept. 1 1925 1000 Mar. 1 1929 well, Masslich & Reed of New York, whose favorable opinion as to legality
640 Mar. 1 1919 740 Sept. 1 1922 900 Mar. 1 1926
or duplicate thereof, will be delivered to the purchaser. All proposals must
Bonds to be del vered and paid for Sept. 1 1915. Cert. check on some be upon the printed form furnished by the City Comptroller. Purchaser
Marion Co. bank for 3100, payable to Bd. of Road Commrs., required.
to pay accrued int. Outstanding bonds, exclusive of this issue, $2,938,MARSHALL, Logan County, Okla.-BOND OFFERING.-Bids for 545 84. Assess. val. of real property $39,350,069. Assess. val. offranchises
$20,000 water and $5,000 elec. light 6% 25-yr. bonds will be received, it $1,487,902.
is stated, by G. F. Ingle, Pres., Bd. Trustees, until Aug. 16.
NEWTON COUNTY (P. 0. Kentland), Ind.-BOND SALE.-On
MATEWAN, Mingo County, W. Va.-BOND SALE.-On July 3 the Aug. 6 the $24,250 73 5% Marble-Powers ditch bonds were awarded to
$12,000 6% improvement bonds were awarded to Hochler, Cummings & Miller & Co. of Indianapolis at par.-V. 101, p. 231. There were no other
Prudden of Toledo at 101 and int.-V. 100, p. 2028. Due July 1 1949, bidders.
subject to call $2,000 yearly from 1925 to 1930, incl.
NOBLE COUNTY (P. 0. Caldwell), Ohio.-BONDS NOT SOLD.
MAYFIELD TOWNSHIP, Cuyahoga County, Ohio.-BOND OFFER- The $33,000 5% 534-year (aver.) coupon road bonds were not sold on
ING.-Proposals will be received until 12 m. Sept. 11 by F. J. Willson, Aug. 7 as the advertisement was withdrawn from the papers.-V. 101,
Township Clerk (P. 0. Gates Mill) for $22,000 5% 7-yr. aver. Mayfield p. 312. A similar issue of bonds was reported sold on June 26 to the Ohio
and Som Center road-impt. bonds. Denom. (1) 31,500,
$2,000, (1) 'Vat. Bank of Columbus.-V. 101. p. 312.
$2,500. Date Sept. 1 1915. Principal and semi-annual (9)
in (M. & S.
NORFOLK, Madison County, Neb.-BONDS VOTED.-The election
payable at the Twp. Treas. office. Due on Sept. 1 as follows: $1,500 1917; held Aug. 2 resulted in favor
of the questions of issuing $15,000 6% storm.S2,000 yearly from 1918 to 1926, incl. and $2,500 1927. Bonds to be de- sewer and $10.000 5% water-extension
bonds. The vote was 311 te 60 and
livered and paid for within 10 days from time of award. Cert. check on 311 to 61, respectively. .The bonds will
be offered for sale about Oct. 1.
some bank other than the one making the bid for 10% of bonds bid for, P. F. Stafford is City Clerk.
payable to the Twp. Treas., required. Purchaser to pay accrued int.
NORTH CHICAGO SCHOOL DISTRICT NO. 63 (P. 0. North ChiMAYWOOD, Cook County, Ills.-BONDS VOTED.-The question of cago), Lake County, Ill.
SALE.-An issue of $21,000 5% 7-year
issuing the $26,000 416% street improvement bonds carried at the election average bonds was recently-BOND
purchased by N. W.Halsey & Co.of Chicago.
held Aug. 7.-V. 101, p. 311. Denom. $500. Due $2,000 yrly. from 1918
NORWOOD,
Hamilton
County,
Ohio.-BOND OFFERING.
to 1930, incl. E. J. Thelin, VII. Clerk.
Proposals will be received until 12 m. Sept. 7 by G. P. Evans, City Aud,
MEMPHIS, Tenn.-BOND SALE.-On Aug. 10 the $575,000 5% 7)-[- for six issues of 5% bonds, aggregating
$42,088 64. Cert. check for 5%
year (aver.) coupon general liability bonds were awarded to R. M. Grant
& of bonds bid for, payable to the City Treas., required.
Co. of New York at 100.63 and int.-a basis of about 4.90%.-V. 101,
OAK HILL VILLAGE SCHOOL DISTRICT (P. 0. Oak Hill), JackP. 391. Other bids were:
son County, Obio.-BOND SALE.-On July 24 the $10,000 5% 1116-Yr.
Seasongood & Mayer, Cincinnati
$577,415 and int. average site-purchase, building
and equipment bonds were awarded to the
Fifth-Third National Bank,
1
Provident Savings Bank & Trust Co.,}Cincinnati __- -$576,495 and int. Oak Hill Savings Bank at par and int.-V. 101, p. 232.
OKANOGAN
COUNTY
Breed, Elliott & Harrison,
SCHOOL
DISTRICT NO.44, Wash.-BOND
J
Harris, Trust & Savings Bank, Chicago
$576,935 and int. OFFERING.-Proposals will be received until 11 a. m. Aug. 3 by E. C.
Quackenbush, Co. Treas. (P. 0. Okanogan), for 32,000 2-10-yr. (opt.)
E. H. Rollins & Sons,'
N. W. Halsey & Co.,[Chicago
$575,010 for $573,000 building and equipment bonds voted July 19. Int. (rate not to exceed 6%)
MERCED COUNTY (P. 0. Merced), Calif.-BOND SALE.-This payable at the Co. Treas. office.
ORANGEBURG, Orqngeburg County, So. Car.-BOND SALE.
county, reports state, has sold a block of $100,000 State highway bonds
On Aug. 9 the $15,000 water-plant and $15,000 light-plant 5% 20-40-year
to N. W. Halsey & Co. of San Francisco at 93.27.
(opt.)
coupon bonds were awarded to J. H. Hilsman & Co. of Atlanta at
MIDDLETOWN SCHOOL DISTRICT (P. 0. Middletown), New
Castle County, Del.-BONDS VOTED.-At a special election held recently 101.29 and int.-V. 101, p. 232.
this county voted, it is stated, to issue $8,000 school-building bonds.
ORANGE TOWNSHIP CONSOLIDATED SCHOOL DISTRICT
MILAN, Gibson County, Tenn.-BOND SALE.-The Mercantile- (P. 0. Waterloo), Iowa.-BOND OFFERING.-Up to 2 p. m. to-day
(Aug.
14) bids will be received for 343.000 5% school-building bonds due
Union Trust Co. of Jackson recently purchased the
5% electric- in 1934. Auth. vote of 122 to 7 at
election held Aug. 5. W. 0. Tannlight and water-works bonds.-V. 100, p. 1692. $12,000
Due 15 years, part reuther is Secretary Bd.
Education.
optional every two years. Principal and interest payable in Chicago.
OREGON CITY SCHOOL DISTRICT (P. 0. Oregon City), ClackMINNEAPOLIS, Minn.-BOND SALE.-On Aug. 11 the $105,120 20
1-20-yr. (ser.) coupon tax-free special street-improvement bonds were amas County, Ore.-BONDS VOTED.-According to reports a favorable
awarded to Harris Trust & Say. Bank, Chicago, for $106,570 20 as 4.75s. vote was cast July 24 on the question of issuing $20,000 high school bldg.
bonds.-V. 101, p. 232.
-V. 101, p. 469.
ORLEANS COUNTY (P. 0. Albion), N. Y.-BOND OFFERING.
MINNESOTA.-CERTIFICATE SALE.-On Aug. 11 the $75,000 416%
2-year building certificates were awarded to White. Grubbs & Co. of St. Proposals will be received until 12 m. Aug. 31 by George W. Bennett, Co.
Paul on a 4.30% basis-V. 101, p. 470. Denom. $1,000. Date Aug. 16 Treas., for $67,935 434% registered highway impt. bonds. Denom. (67)
1915. Interest F. & A.
31,000. (1) $935. Date Sept. 1 1915. Prin. and semi-ann. int.(M. & S.)
MISSISSIPPI COUNTY (P. 0. Osceola), Ark.-BOND SALE.
- payable at the Citizens Nat. Bank, Albion, or at the request of registered
James Gould of Pine Bluff recently purchased an issue of $300,000 6%
holder in New York exchange. Due $23,000 Sept 1 1919 and 1920 and
road bonds.
MONTGOMERY COUNTY (P. 0. Crawfordsville), Ind.-BOND $21,935 Sept 1 1921. Bonds will be delivered on Sept. 20 1915. Cert.
OFFERING.-0. P. Everson, Co. Treas., will receive bids until 10 a. in. check upon a solvent incorporated bank or trust company for 2% of bonds
Aug. 19, reports state, for $6,800 and $8,200 416% road bonds.
bid for, payable to the Co. Tress., required. Bids must be inconditional
MONTGOMERY COUNTY (P. 0. Dayton), Ohio.-BOND OFFER- upon forms provided by the Co. Treas. The bonds will be certified as to
ING.-Proposals will be received until 10 a. in. Aug. 26 for $15,000 5% genuineness by the Citizens Nat. Bank of Albion and the legality will be
41,6-year (aver.) coup. taxable emergency bridge bonds. Auth. Secs. 2434 examined by Caldwell,
Masslich & Reed of New York, whose favorable
and 2435, Gen. Code. Denom. $1,000. Date Sept. 1 1915. Prin. and
semi-ann. int.-M. & S.-payable at office of County Treasurer. Due opinion will be furnished to the purchaser. Bonded debt 369.750. Floating
$2,000 yearly on Sept. 1 from 1916 to 1922 incl. and $1,000 Sept. 1 1923. debt, none. Total valuation 328.510,525. Official circular states that this
Cert. check on a solvent bank or trust company for $250, payable to County county has never made default in payment of any of its obligations.
Auditor, required. Delivery of bonds to be on Sept. 1. Bids must be
The official notice of this bond offering will be found among the advertiseunconditional.
elsewhere in this Department.
BOND SALE.-On Aug. 10 the $10,000 5% 5%-yr. aver, coupon taxable ments
OTERO COUNTY SCHOOL DISTRICT NO. 4 (P. 0. Rocky Ford),
Children's Home impt. bonds were awarded to Seasongood & Mayer of
-BOND
SALE.-The $10,000 15-30-year (opt.) building bonds orColo.
Cincinnati at 101.33, a basis of about 4.723%. V. 101, p. 470.
Brighton-German Bk., Cin_ _101.29 I Prov. Say. Bk.& Tr. Co., Cin.101.11 fered as 416s on July 31 (V. 101, p. 313) were sold to Oswald F. Benwell of
103.06
and int. for 5s.
at
Denver
Breed, Elliott & Har. Cin_ _101.25 Dayton Say. & Tr. Co., Dayt.100.90
Tillotson & Wolcott Co.,
OVERTON COUNTY (P. 0. Livingston), Tenn.-BONDS DE"
' Clev.101.21 Sidney Spitzer & Co., Toledo 100.61
FEATED.-The
proposition
to issue $160,000 road and bridge bonds
MONTGOMERY COUNTY (P 0. Clarksville), Tenn.-BOND
SALE.-On Aug. 12 the $50,000 5% highway-impt. bonds were awarded failed to carry at the election held Aug. 5.-V. 101, p. 313. The vote was
to J. C. Mayer & Co. of Cincinnati at par and int., less $387 for necessary 1,050 "for" and 1,275 "against."
expenses.-V. 101, p. 312.
PALMETTO, Manatee County, Fla.-BOND OFFERING.-Further
MONTGOMERY COUNTY (P. 0. Christianburg), Va.-BOND details are at hand relative to the offering on Aug. 21 of approximately
SALE.-The $35,000 20-30-yr. (opt.) Blacksburg Dist. road-impt. bonds $75,000 6% 3-5-yr. (ser.) coupon improvement bonds.-V. 101, p. 470.
offered as 4s on Feb. 23(V. 100, p. 417) were awarded as 54s on March 23 l'roposals for these bonds will be received until 8 p. m. on that day by
to the Frederick E. Nolting Co. of Richmond for $35,800, equal to 102.285. T.8. Pollard, City Clerk. Denom.$500. Approximately $18.000 bearing
date as of July 1 191r, and the subsequent part of the issue to be delivered
Bonds are dated April 11915.
BONDS NOT TO BE OFFERED AT PRESENT.-It is not expected that as the work is comploted. Cert. check for 10% of the amount of bid,
the $100,000 Christianburg Dist. road bonds voted July 20(V. 101, p. 312) payable to the Manatee Co. State Bank, Manatee (depository) required.
Total debt, not including this issue. $120,000. Assess. val. $1,695,422.
will be ready for sale before March 1916.
PALM BEACH COUNTY (P. 0. West Palm Beach), Fla.-BOND
MUSSELSHELL COUNTY SCHOOL DISTRICT NO. 55 (P. 0.
Roundup), Mont.-BOND OFFERING.-Proposals will be received, it is OFFERING.-Propecals will be received until 12 m. Sept. 7 by the Bd.
reported, until Aug. 31 for $5,000 6%
school building bonds of $500 of Co. Commrs. Geo. 0. Butler, Clerk, for $750,000 road and 350.000
tax-free bonds voted May 25 (V. 100, p. 1950). Auth.
refunding 5%%'
each. Auth. vote of 15 to 1 at electioncoup.
held July 17.-V. 101, p. 231.
4711, Acts 1899. State of Fla. and validated tinder sessions law 1915.
NEWARK, Essex County, N. J.-BOND OFFERING -Bids will be Chap.
Denom. $500 and $1,000- Date July 1 1915. Prin. and semi-ann. int.
received until 12 m. Aug. 20 by Tyler Parmly, City Compt., for $500,000 (J.
& J.) payable at the Seaboard Natl. Bank, New York. Due on July 1
416% 45-year coup. tax-free dock bonds. Denom. $1,000. Date June 1 as follows:
$80,000 1920: 8100,000 1925; 3120,000 1930: 3140.000 1935:
1915. Prin. and semi-ann. int. payable by the Sinking Fund Commrs.,
1940 and $200,000 1945. An unqualified cert. check for 1% of
but checks will be mailed to registered holders. Cert. check on an incor- 3160,000
bonds
bid
upon
Total bonded debt, including this issue. 1,000.porated bank or trust company for not less than 216% of bonds bid for, 000. Floating required.
debt $33.165 02. Sinking fund Dec. 31 1914 $6,767 49.
required. Bonds may,be registered as to principal only or as to both prinvalue of all property for taxation as returned for 1915. 38.297,200;
cipal and interest. Bids must be unconditional. The legality, of these Est.
est, actual value of all taxable property 332,000,000. Official circular
bonds will be approved by Hawkins, Delafield & Longfellow of N. Y., whose states
that there is no controversy or litigation pending or threatened afopinion owill
welklI bboonSsurInjisshelesrucc
successful nbeirr. VA pasp
u.
e 11$500,000 41,6% fecting the corporate
existence of the boundaries of county or the title of
ed on
its present officials to their respective offices or the validity of these bonds,
NEW BOSTON VILLAGE SCHOOL DISTRICT (P. 0. New Boston), and that there has never been any default in the payment of any of the
Scioto County, Ohio.-BGNDS NOT SOLD -No bids were received, it is county obligations, also that no previous issues have ever been contested.
stated, for the 36,000 5% 15-year aver, coupon school bonds offered on Bids conditional upon the bonds being legally issued will be considered.
Aug. 10.-V. 101, p. 312.
PIERCE COUNTY SCHOOL DISTRICT NO. 83, Wash.-BOND
NEW MARSHFIELD RURAL SCHOOL DISTRICT (P. 0. New SALE.-On July 31 $15,000 10-20-yr. (opt.) building bonds were awarded
Marshfield), Athens County, Ohio.-BOND SALE.-The $12,000 516% to the State of Washington at par for 5s. Denom. $100 or more at the
1016-yr. (aver.) coupon school bonds (V. 101, p. 312) were awarded on discretion of Board of Directors. Int. semi-annually at the Co. Treas.
Aug. 4, it is stated, to Sidney Spitzer & Co. of Toledo at 102.22.
office, or at the Washington fiscal agency, or at the State Treas. office.
NEW MEXICO.-BOND SALE.-On Aug. 5 the $35,000 5% 20-30-yr.
PINE BLUM Jefferson County, Ark.-DESCRIPTION OF BONDS.
(opt.) coup, armory building bomds (V. 101, p. 312) were awarded to Geo. -The $35,900 Paving District No. 35 bonds awarded on July 21 to James
B. Gibbons & Co. of New York at 107, a basis of about 4.45% to the op- Gould of Pine Bluff for $35.950 (100.139) bear int. at the rate of 6% and
tional date and 4.10% to full maturity.
dated Sept. 1 1915.-V. 101. p. 392. Denom. to suit purchaser. Due
NEW RAYMER SCHOOL DISTRICT (P. 0. New Ramer), Weld serially Oct. 1 from 1919 to 1934.
PIQUA, Miami County, Ohio.-BOND OFFERING.-Proposals will
County, Colo.-BOND SALE.-The 316.900 6% 10-30-year (opt.)
building bonds authorized by vote of 52 to 8 at an election held June 28 be received until 12 m. Sept. 2 by G. A. Vaugier, City Auditor, for fourteen
issues of 5% sewer bonds, aggregating $35,600 and $500 5%,paving bonds.
have been disposed ofCert. check for 2% of bonds bid for, payable to the City Treas., required.
NEWPORT, Newport County, R. I.-BOND SALE.-On Aug. 12 Bonds to be delivered and paid for within 10 days from time of award.
$42,000 434% fire-department and $32,000 4% Broadway improvement Purchaser to pay accrued interest.
bonds were awarded, dispatches state, to Merrill, Oldham & Co. of Boston
POPE COUNTY (P. 0. Russelville), Ark.-PRICE PAID FOR BONDS.
at 100.649.
-The price paid for the 3150,000 6% 1-15-year (ser.) road bonds awarded
NEW ROCHELLE, N. Y.-BOND OFFERING.-Proposals will be on July 16 to Gunter & Sawyer of Little Rock was 100.50.-V. 101, 13• 313.
received until 11 a. m. Aug. 18 by harry A. Archibald, City Comptroller, Denomination $1,000. Date Aug. 15 1915. Int. F. & A.
for $25,000 434% registered school bonds, series of 1915. Denom. $1.000.
PORT CLINTON, Ottawa County, Ohio.-BOND OFFERING.-Illds
Date Aug. 1 1915. Principal and semi-annual int. (M. & N.) payable at will be received by W. II. Williamsen, Village Clerk, until 12 m. Aug, 30
the City Treas. office. Int. will, at the request of the registered holder, be for $3,500 516% 2-11-yr. (ser.) coupon Depot St. impt. bonds. Auth
remitted by mail in New York exchange. Due $2,000 yrly. May 1 from Sec. 3914, Gen. Code. Denom. $350. Date Aug. 1 1915. Int. F. & A
1921 to 1932, incl. and $1,000 May 1 1933. Delivery is to be made at the at the Vii. Treas. office. Cert. check for $300, payable to VII. Treas., re
548
THE CHRONICLE
101.
quired. Bonds to be delivered and paid for within 10 days from time of tonia. Cert. check on a bank other than the one making the bid, for $500,
award. Purchaser to pay accrued interest. Total debt, including this payable to Twp. Treas., required. Bonds to be delivered and paid for on
issue, $124,250. Sinking fund, $4,711 36. Assess. val. 1914, $3,354,700. Sept. 1. Purchaser to pay accrued int. Bids must be unconditional and
upon forms furnished by the Township Clerk. The Township has no
Total tax rate (per $1,000), $12.
bonded indebtedness. Assess. val. $5.927,680. These bonds are part of an
PUTNAM COUNTY (P. 0. Greencastle), Ind.-BOND SALE.-On issue of $75.000 voted by the Salem Twp. Road Dist. on June 8.
Aug. 2 the three issues of 434% 534-yr. average highway impt. bonds
of
Bank
Nat.
Greencastle
SALIX, Woodbury County, Iowa.-BOND SALE.-On Aug. 5 this
aggregating 815,8S0 were awarded to the First
city disposed of an issue of $10,000 water-works bonds.
for $15,919 (100.245) and int.-V. 101, D. 313.
SAN DIEGO COUNTY (P. 0. San Diego), Calif.-BONDS PRORACINE, Racine County, Wis.-BONDS AUTHORIZED.-An
ordinance was passed by the Common Council on July 20 providing for POSED.-Newspaper reports state that the Bd. of Supervisors has called
the issuance of $10,000 4%% coupon Graceland Cemetery street-improve- a mass meeting for Aug. 17 to discuss a proposed $1,000,000 bond issue
ment bonds. Denom. $500. Date Aug. 1 1915. Principal and semi- for road and bridge construction throughout the county.
annual interest (F. & A.) payable at the City Treasurer's office, or in New
SANTA CLARA COUNTY (P. 0. San Jose), Calif.-BOND SALE.
York City by New York draft, at the option of holder. Due $500 yearly This county, it is said, has sold to the Lumbermans Trust Co. of Portland
Aug. 1 from 1916 to 1935 inclusive. Bonded debt, including thisissue, $100.000 5% State highway bonds.
$1,130,000. Assessed value 1914, $49,757,719.
SAVANNA, Carroll County, Ill.-BOND OFFERING.-See advertiseBONDS PROPOSED.-An ordinance was introduced at the meeting of ment on page 550 of this issue.
the Common Council on July 20 providing for the issuance of $8,000 434%
Westchester County, N. Y.-BOND SALE.-On Aug.
SCARSDALE,
1915.
1
Aug.
coupon motor-fire-truck bonds. Denom. $1,000. Date
11 the $75,000 1-30-yr. (ser.) reg. sewer bonds were awarded to II. A.
Principal and semi-ann. int. (F. & A.) payable at the City Treas. office. or Kahler
& Co., New York, at 100.29 and int. for 43.4s, a basis of about
in the City of New York by a N. Y. draft, at the option of the holder.
-V. 101, p. 471. Other bids were:
4.475%.
Due $1,000 yearly Aug. 1 from 1916 to 1923 incl.
Price
Int.
Rate
Bid
RANDOLPH COUNTY(P.O. Winchester), Ind.-BOND OFFERING
100.27
4.50
-Elijah Puckett, Co. Treas. will receive bids until 11 a. in. Aug. 16 for Farson, Son & Co., New York
100.06
4.55
$5,800 434% 534-yr. aver. J. W. St. John et al. road, Green Twp. bonds. Geo. B. Gibbons & Co., New York
months H. A. Crawford & Co., New York
'
4.60
100.333
Denom.$290. Date Aug.2 1915. Int. M.& N. Due $280 each six
100.11
4.60
Hornblower & Weeks, New York
from May 15 1916 to Nov. 15 1925. incl.
A. B. Leach & Co.. New York
101.179
4.75
READING,Hamilton County, Ohio.-BOND ELECTION.-The quesLAKE
TOWNSHIPS
TORCH
AND
SCHOOLCRAFT
FRACTIONAL
tion of issuing the $1,200 park and playground bonds will be submitted to
SCHOOL DISTRICT NO. 1 (P. 0. Lake Linden), Houghton County,
a vote in November.-V. 101, P. 471.
Mich.-BOND OFFERING.-Proposals will be received until 7 p. in. Sept.
READING, Berks County, Pa.-BOND SALE.-This city has sold '1 by Dr. Geo. W.Orr, Secy. Bd. of Ed.,for $100,000 434% coupon taxable
$61,000 (unsold portion of an issue of $300,000) 4% storm water- sower- high school building bonds. Denom.$500 and $1,000. Int. M.& S. at the
construction bonds to local investors at par. Denom. $1,000. Date First Nat. Bank of Lake Linden. Due $10,000 yrly. from 5 to 14 yrs. from
Feb. 11913. Int. F. & A. Due $60,000 Feb. 1 1918, 1923, 1928, 1933 date thereof. Cert. check for $100, payable to the Secy., required. The
and 1938.
district has no indebtedness. Assess. val. $6,000,000.
SCOTLAND, Telfair County, Oa.-BONDS VOTED.-The question
RED HOOK UNION SCHOOL DISTRICT NO. 3 (P. 0. Madalin),
issuing the 5% school-building bonds carried at the election held Aug.9of
SALE.
-BOND
Y.
$13,500
-On
N.
the
11
59'
Aug.
County,
Dutchess
634-year (ay.) school bonds (V. 101, p. 471) were awarded to the Isaac W. V. 101, p. 471. The vote was 25 to 4.
Sherrill Co. of Poughkeepsie at 102.10-a basis of about 45% %. Other
SEADRIFT SPECIAL SCHOOL DISTRICT (P. 0. Seadrift), Calbids were:
houn County, Texas.-BOND OFFERING.-W.J. Thomas, President of
101.09 School Board, will receive bids until 1 p. m. Aug. 25 for the $17,500 5%
H. A. Kahler & Co.. N. Y102.03 John J. Hart, Albany
100.15 5-40-year (opt.) building bonds voted June 15-V. 100, p. 2187. Denom.
Geo. B. Gibbons & Co.. N. Y_101.77IFarson. Son & Co
RICHFIELD, Sevier County, Utah.-BONDS VOTED.-A proposi- $500. Date June 19 1915. Certified check for 2% of bonds bid for required.
tion to issue $25,000 5% sewer system const. bonds carried July 31, reports
SEATTLE, Wash.-BOND SALE.-During the month of July this city
state, by a vote of 138 to 94. Bonds will be dated Oct. 1 and run 20 yrs.
sold the following 6% special impt. bonds, aggregating $84,259 08, at par:
Due.
Date.
Amount. Imp.Dist. Purpose.
RICHLAND COUNTY SCHOOL DISTRICT NO. 113, Mont.-BOND $18,052
July 6 1915 July 6 1925
80 2827 Sewers
OFFERING.-Proposals will be received until 2 p. m. Aug. 19 by Alex. H.
July 13 1915 July 13 1925
35,952 99 2742 Grade and bridge
Coburn, Chairman Bd. of School Trustees (P. 0. Enid), for $1,000 6%
July 13 1915 July 13 1925
22,376 29 2811 Paving
school bonds.
July 19 1915 July 19 1925
1,002 19 2825 Light
July 20 1915 July 20 1925
6,874 81 2817 Walks
RICHLAND SCHOOL TOWNSHIP (P. 0. Angolo), Steuben CounAll the above bonds are subject to call at any interest-paying date.
ty, Ind.-BOND OFFERING.-Proposals will be received until 2 p. m.
bonds.
school
Twp.
Metz,
A.
Trustee,
Nathan
for
5%
$8,000
Aug. 25 by
SELMA SCHOOL DISTRICT (P. 0. Selma), Johnston County,
Denom. $500. Int. annually. Due $500 each six months from 2 yrs. after No. Caro.-BONDS VOTED.-The $40,000 bldg. bonds were authorized,
date until 9 yrs. after date, incl. and $500 in 10 yrs. from the date thereof. it is stated, by a vote of 196 to 89.-V. 100, p. 2187.
SENECA FALLS, Seneca County, N. Y.-BOND SALE.-John J.
RICHMOND, Wayne County, Ind.-BOND SALE.-On Aug. 9 the
$60,000 4% 2-7-yr. (ser.) street impt. and fire apparatus bonds(V. 101, P. Hart of Albany was awarded the $10,600 534-yr. (aver.) "final judgment"
471) were awarded to the Dickinson Trust Co. of Richmond at par and int. bonds offered Aug. 2.-V. 101, p. 233.
The Harris Trust & Say. Bank of Chicago and J. F. Wild & Co. of IndianSHARPSBURG SCHOOL DISTRICT (P. 0. Sharpsburg), Taylor
apolis submitted offers at par less attorneys' fees.
County, Iowa.-BONDS VOTED.-By a vote of 80 to 15 the question of
RIDGWAY, Gallatin County, Ill.-BOND SALE.-N. W. Halsey issuing the $10,000 5% building bonds carried, W is stated, at the election
held Aug. 7.-V. 101, p. 392.
& Co. of Chicago recently purchased $6,900 6% 113 -year aver. bonds.
SHELBY, Shelby County, Iowa.-BOND OFFERING.-On Aug. 30
ROANOKE, Roanoke County, Va.-BOND OFFERING.-Proposals $12,000 5% water works bonds will be offered for sale, according to newswill be received until 12 m. Aug. 26 by P. H.Tucker, City Clerk,for $150,- paper reports.
000 434% 30-year coupon public building bonds. Denom. $1,000. Date
SIOUX CITY, Woodbury County, Iowa.-BONDS PROPOSED.
May 1 1914. Int. M. & N. at the City Treas. office. Cert. check for
to news1% of bonds bid for required. The purchaser must pay for bonds within This city has $40,000 bonds coming due in January. According
bonds with bonds
30 days after notice of acceptance of such bids unless some other date or paper reports it is the idea of the Council to refund these
dates of payment be mutually agreed upon. Said bonds will be ready for in denominations of from $10 to $1,000, the same to be offered direct to
delivery Sept. 15 1915. A sinking fund of 1% has been provided. Bids citizens.
must be made on forms furnished by the city. Purchaser to pay accrued
SKAGIT COUNTY SCHOOL DISTRICT NO.2 (P. 0. Mt. Vernon),
Interest. The United States Mtge. & Trust Co. of New York will certify Wash.-BONDS REFUSED.-The State of Washington has refused to
as to the genuineness of the signatures of the officials signing the bonds accept the $4,000 1-15-year (opt.) building bonds awarded it on July 3 at
and the seal impressed thereon, and their legality approved by Dillon, par for 534s, owing to an irregularity in the proceedings leading up to the
Thompson & Clay of N.Y. City, whose opinion will be furnished successful bond election. The district will again place the matter before the voters
bidder without charge. Total bonded debt, (incl. these issues), $2,008,500. for their consideration.
Sinking fund, $165,413 07. Assess. val. 1914, $26,148,965. Actual
SKAMANIA COUNTY (P. 0. Stevenson), Wash.-PRICE PAID FOR
value (est.) $55,000,000.
BONDS.-The price paid for the $210,000 5%% 11-20-year (ser.) road
ROCHESTER, N. Y.-NOTE OFFERING.-Sealed bids will be received construction bonds awarded on July 14 to the Lumbermen's Trust Co. of
by E. S. Osborne, City Compt., until 2 p. m. Aug. 17 for $100,000 school Portland was $211,650 (100.785) and not $211,750 (100.833) as first reconstr. notes payable 8 months from Aug.19 1915 at the Union Trust Co. ported-V. 101, p. 393. Denom. $1,000. Date July 11915. Int. J. & J.
of New York, will be drawn with interest and will be deliverable at the Due $21,000 yearly July 1 from 1926 to 1935 inclusive.
Union Trust Co. of New York, 80 Broadway, N. Y. City Aug. 19 1915.
SOUTH BOSTON, Halifax County, Va.-BOND OFFERING -ProBids must state rate of interest and designate to whom (not bearer) notes posals will be received until Sept. 1 by W. L. Peanick, Mayor, for the
shall be made payable and denominations desired.
$100,000 water and sewer and $25,000 street 5359' 34-year bonds auNOTE SALE.-We learn that on Aug. 6 the $100,000 deepen- thorized by vote of 131 to 30 and 124 to 39 respectively.
SOUTH SAN JOAQUIN IRRIGATION DISTRICT (P.O. Manteca),
ng Genesee River notes, payable eight months from Aug. 12 1915 were
awarded to Salomon Bros. & Hutzler of New York on their bid of interest San Joaquin County, Cal.-BOND OFFERING.-Bids will be received,
stated, until 10 a. in. Aug. 31 by C. A. Proudfit, Secretary, for $25,000
is
it
were:
bidders
Other
3.30; premium $1.
Premium. 5% irrigation bonds. Int. semi-annual. Cert. check for 10% required.
Int.
3.40
Alexandre & Burnett, New York
SPARTA SCHOOL DISTRICT (P. 0. Sparta), Monroe County,
$1-3-65 Wis.-BONDS VOTED.-The question of issuing $75,000 high school bldg.
3.50
A. G. Moore, Rochester
5 00 bonds carried at a recent election.(V. 101, p. 233). The vote is reported as
3.48
Goldman, Sachs & Co., New York
11 00 428 to 366.
Bond & Goodwin, New York
3.62%
3.65
The Farmers' Loan & Trust Co., New York
--SPRINGFIELD SCHOOL DISTRICT NO. 186 (P. 0. Springfield),
ROME TOWNSHIP SCHOOL DISTRICT, Ohio.-BOND ELEC- Sangamon County, Ills.-BOND OFFERING POSTPONED.-The sale
TION.-A vote will be taken Aug. 21, it is stated, on the question of issuing of the $400,000 434% 10%-year (aver.) building bonds has been postponed
$6,000 bonds for the erection of a high school between the villages of from Aug. 10 to Aug. 17.-V. 101. p. 471.
Millersport and Athalia.
STARKE COUNTY (P. 0.Knox), Ind.-BOND OFFERING.-ProposROSAMOND SCHOOL DISTRICT, Kern County, Calif.-BOND als will be received on or after Aug. 24 by Henry Luken, Co. Treas., for
SALE.-On Aug. 4 the $2,500 6% building bonds were awarded to the $3,000 434% C. A. Carlson et al. gravel road, Center Twp., bonds. Int.
Security Trust Co. of Bakersfield at 101.06.-V. 101, p. 392.
M.& N. Due part each six months beginning May 15 1916.
ROXBORO, Person County, No. Caro.-BOND OFFERING.-C. C.
STARR COUNTY COMMON SCHOOL DISTRICT NO. 4 (P. 0.
Cunningham, Clerk, will receive bids at once for $15,000 5% 30-year Rio Grande), Texas.-BONDS NOT SOLD.-No sale was made of the
street bonds.
$9.200 5% 10-40-yr. (opt.) bonds offered Aug. 1.-V. 101, p. 233.
SACRAMENTO, Calif.-BOND SALE.-The Capital Nat'l Bank of
STERLING, Worcester County, Mass.-BOND ELECTION.-A
Sacramento has purchased $125,400 434% sewer and drainage bonds at special town meeting will be held this evening (Aug. 14), when action will
par and int: $43,000 on July 26 and $82,400 on Aug. 3.
be taken on the matter of issuing $30,000 bonds for financing the town's
ST. CLOUD INDEPENDENT SCHOOL DISTRICT (P. 0. St. water supply.
Cloud), Stearns County, Minn.-BOND ELECTION.-An election will
SUFFOLK COUNTY (P. 0. Riverhead), N. Y.-BOND OFFERING.
be held Aug. 18 to vote on the question of issuing to the State of Minn.
Tuthill, Co.
$75,000 high school bldg. and $25,000 Union grade school bldg. Impt. 4% Proposals will be received until 2 p. m. Aug. 23 by Henry P.
Treas., for the $130,000 434% reg. (highway constr. county's portion)
bonds.
- bonds. Denom. $1,000. Date July 1 1915. Int. J. & J. at office of Co.
ST. LUCIE COUNTY (P. 0. Fort Pierce), Fla.-WARRANT SALE.
On Aug. 6 the $60,000 6% 1-15-year (ser.) coupon public-road and bridge Treas. Due $7,000 yrly. July 1 from 1916 to 1925, incl. and $6,000 yrly.
warrants were awarded to the Bank of Fort Pierce for $58,675 (97.791)- July 1 from 1926 to 1935, incl. Cert. check for 2% of bonds bid for, payV.101, p. 233. Denom. $1,000. Date Aug. 21915. Int. F. & A.
to Co. Treas., required. Bonded debt (this issue excl.) $360,000.
- able
ST. MARIES, Kootenai County, Idaho.-BOND OFFERING.
Reports state that Charles R. Shulte, City Clerk, will receive sealed bids Assess. val. 1914, $94,198,064.
The official notice of this bond offering will be found among the advertiseuntil noon Sept. 3 for $37,000 s.-a. not exceeding 6% water bonds.
SALEM TOWNSHIP, Columbiana County,' Ohio.-BOND OFFER- ments elsewhere in this Department.
ING.-Proposals will be received until 12 m. Sept. 1 by W. W. Long,
SULLIVAN COUNTY (P. 0. Sullivan), Ind.-BOND SALE.-On
Twp. Clerk, (P. 0. Leetonia) for the following 5% road impt. bonds:
Aug. 7 the two issues of 4%% 534-year (aver.) highway-impt. bonds, ag$32,300 Leetonia-Franklin Square road bonds. Denom.(63) $500(1) $800. gregating $13,833 40, were awarded as follows-V. 101, ro• 393:
Due $3,000 yrly. Sept. 1 form 1916 to 1921, Incl., $3.500 Sept. 1 $11,645 00 Jasper D. Price road, Curry Twp., bonds to the Citizens Trust
1922. 1923 and 1924 and $3,800 Sept. 1 1925.
Co. of Sullivan for $11,670-equal to 100.214.
28,500 Leetonia-Lisbon road bonds. Denom. $500. Due $2,500 Sept.
2,188 40 Geo. Raley et al. road, Gill Twp., bonds to Mary M. Scott of
11916, 1917 and 1918, and $3,000 yrly. Sept. 1 from 1919 to 1925,
Sullivan for $2,196 50-equal to 100.37.
incl.
BOND OFFERING.-According to reports Wm. S. Bicknell, Aud. will
11,000 Leetonia-Washingtonville road boats. Denom. $600. Due receive
5% 10-yr. drainage
$1,000 yrly. Sept. 1 from 1916 to 1923, incl. and $1,500 Sept. 1 bonds. proposals until 2 p. in. Aug. 27 for $6,262 70
1924 and 1925.
SUWANNEE COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 1,
Auth. Secs. 7033 to 7052 incl. Gen. Code. Date Sept. 11915. Prin. and
semi-ann. in (M.& S.) payable at the Farmers & Merchants Bank. Lee- Fla.---BOND OFFERING.-Proposals will be received on or before Sept. 6
AUG. 14 1915.]
THE CHRONICLE
by the Board of Public Instruction, J. W. O'Hara, Secy.,(P. 0. Live Oak
for $70,000 5% coupon school bonds. Denom. $500. Prin. and semi-ann
int. (J. & J.) payable at the Co. Treas. office. Due Jan. 1 1944. A sufficient bond or cash for $1,000 required.
SWEETWATER, Monroe County, Tenn.-BONDS VOTED.-The
questions of issuinq the $5,000 street-improvement and $10,000 schoolbuilding bonds carried at the election held July 22.-V. 101, p. 154.
SYLVANIA, Lucas County, Ohio.-BOND OFFERING -Press
dispatches state that George Cook, Village Clerk, will receive sealed bids
until noon Aug.30 for $22,000 semi- annual 534% 25-yr. water bonds. A
certified check for 5% is required.
TABOR SCHOOL DISTRICT NO. 58 (P. 0. Tabor), Bonhomme
County So. Dak.-BOND SALE.-On Aug. 3 the $12.000 834-year
aver, building bonds were awarded to•the Minnesota Loan & Trust Co. of
Minneapolis at 100.50 and blank bonds for 5345-V. 101, p. 393. Other
bids were:
BiddersFor 5s. For 5343. For 6.1.
A. J. Hood & Co., Detroit
*$11,400 *$11,760 *$12,120
C.0. Kalman & Co., St. Paul
*11,428
*11,820
*12,180
Chas. S. Kidder & Co., Chicago
*11,625
*12,002
*12,127
Percival Brooks Coffin, Chicago
*11,400
12,000
Powell, Garard & Co., Chicago
*11,650
*12,000
C. H. Coffin, Chicago
*11,512
*12,012
H. C. Speer & Sons Co., Chicago
11,625
Hanchett Bond Co., Chicago
*12,247
*12,011
Wells & Dickey Co., Minneapolis
J*12,045
la12,075
Merchants' Loan & Trust Co., Chicago_
*12,186
*11 900
* And blank bonds. a Providing district furnished bonds.
TAFT SCHOOL DISTRICT, Kern County Calif.-BOND SALE.On Aug. 4 the $60,000 6% 10-14-year (ser.) site-purchase, building and
equipment bonds were awarded to Byrne & McDonnell of San Francisco
at 102.185-a basis of about 5.75%.-V. 101. p. 393.
TARRYTOWN, Westchester County, N. Y.-BONDS VOTED.
The question of issuing. $10.000 fire-house-construction bonds at not exceeding 5% int., carried by a vote of 180 to 64. Due $1,000 yearly July 1
from 1918 to 1927 inclusive.
TEHAMA COUNTY (P. 0. Red Bluff), Cal.-BOND ELECTION.
It is reported that an election will be held in this county on Sept. 3 to vote
on a proposition to issue $140,000 5% bridge bonds.
ifia$S1
j. 111
TEXAS.-BONDS PURCHASED BY STATE BOARD OF EDUCATION.
-On July 10 the State Board of Education purchased bonds amounting
to $57,437 50. Of this sum, $4,000 was paid on new issues and $53,437 50 on issues contracted for at previous meetings of the Board. We
print below a description of the bonds purchased, showing in each case the
total issue and amount of same taken by the State in July.
549
Prcm.
Prem.
Byrne& McDonnell San Fran$954 00 Stockton Say. Bank
$647 00
Amer. Nat. Bk., San:Fran.. 921 00 Sweet, Causey, Foster & Co.,
Wm R Staats Co. San Fran_ 762 50
Denver
408 75
Denom. $500. Date July 1 1915. Principal and semi-annual interest
(J. & J.) at the County Treasurer's office. Due $500 yearly July 1 from
1921 to 1925. inclusive, and $1,000 yearly July 1(turn 1926 to 1935, incl.
Total bonded debt, this issue. Assessed value 1914, $251,105; actual
value, $500,000. Legality of issue to be approved by Longfellow. Bells,
Moore & Orrick of San Francisco.
TWO HARBORS SCHOOL DISTRICT (P. 0. Two Harbors), Lake
County, Minn.-BONDS VOTED.-The question of issuing to the State
of Minnesota the $30,000 4°
,1o high-school-building bonds carried by a vote
of 29 to 3 at the election held Aug. 9.-V. 101, p. 472.
UHRICHSVILLE, Tuscarawas County, Ohio.-BOND SALE.-On
Aug. 7 the $25,000 5% 534-year average coupon Dawson St. improvement
bonds were awarded to the Fifth-Third Nat. Bank of Cincinnati
100.651.
a basis of about 4.8655'-V. 101, pi. 314. Other bids were: at
Seasongood & Mayer,Cin.$25,088 00 Tillotson & Wolcott Co..
Prov. S. B.& Tr. Co.,Cin. 25,085 00
Cleveland
Stacy & Braun, Toledo_ __ 25,066 08 Breed, Elliott & Harrison,$25,052 50
Davies-Bertram Co., Ohs. 25,066 00
Cincinnati
25,047 50
R. L. Dollings Co., HamSidney Spitzer & Co.,Tol_ 25,041 00
ilton
25.063 15 Otis & Co.. Cleveland__ _ _ 25.032 00
UNITY TOWNSHIP, Columbiana County, Ohio.-BOND OFFERS
ING.-Proposals will be received until 12 m. Aug. 30 by John H.Irwin,
Twp. Clerk, (P. 0. East Palestine) for $40,000 5% road impt. bonds.
Auth. Secs. 7033 and 7052, Gen Code. Denom. $500. Date Sept. 1 1915.
Int. A. & 0. Due $1,000 each six months
from Apr. 15 1916 to Oct. 15
1934, incl. and $2,000 April 15 1935. Bonds to be
delivered and paid for
within 5 days from time of award. Cert. check
2% of bonds bid for,
payable to the Twp. Treas., required. Purchaserfor
to pay accrued interest,
UTICA, Oneida County, N. Y.-BOND OFFERING.-Bids will be
received until 12 m. Aug. 18 by A. M. Burke, City Compt., for the following 434% reg. tax-free public-impt. bonds-V. 101, p. 472:
$15.000 school bonds. Due $1,500 yrly. on July 1 from 1916
to 1925 lad.
12,000 street-improvement bonds. Due $1,000 yearly on July
1 from
1916 to 1927 incl.
Denom. to suit purchaser. Date July 11915. Prin. and semi-ann. int.
payable at office of City Treas., or. at request
registered holder, will be
remitted in N.Y.exchange. Cert. check for 1%of
of bonds bid for, payable to
City Treas.,required. Bids must be unconditional
and
upon forms furnished
by said City Compt.
VALLEY SCHOOL DISTRICT (P. 0. Masontown), Preston County, W. Va.-BOND SALE.-Weil, Roth & Co. of Cincinnati were awarded
at par on March 15 the $25,000 5% 10-20-yr. (opt.) coupon bldg. bonds.
-V. 100, p. 249.
WACO, McLennan County, Tex.-BOND ELECTION PROPOSED.
Preliminary steps are being taken, a local paper states, toward calling an
Amount election to vote $100.000 sewer bonds.
County Common
Total Purchas'd
WALNUT GROVE TOWNSHIP SCHOOL DISTRICT(P.O. Altona),
School DistrictsDate.
Due. Optima. Issue. in July.
Ill.-BOND SALE.-On Aug.5 the $15,000 5% high-school-building
Angelina No. 25
May 11 1914 40 yrs. 10 yrs. $8,000
bonds
Atascosa No. 34
offered
July 31 were awarded at par to the Bank of Altana. Bonds will be
Sept. 15 1914 40 yrs. 10 yrs.
10,000
1,000
Bastrop No. 29
Dec 14 1914 20 yrs. 18 yrs.
2,500
200 issued from time to time as money is needed. Denom. 51.000. Int. ann.
Borden No. 1
Aug. 10 1914 40 yrs. 5 yrs.
12,000
200 on March 1. Due $1,000 yearly on March 1 from 1916 to 1930 incl. Other
Bowie No. 12
May 10 1915 40 yrs. 20 yrs.
10,000
1,000 bidders were:
Cameron No. 4
John Nuveen & Co., Chicago-$15,085; entire issue to be delivered Sept. 1
April 10 1915 30 yrs. 10 yrs.
10,000
1.000
Carson No. 7
1915.
April 10 1913 30 yrs. 20 yrs.
11,000
300
Collingsworth No. 40_ _Feb. 10 1915 20 yrs.
None
200 Bolger, Mosser & Willaman, Chicago.-$15,065; entire issue to be delivered
1,000
Concho No 26
Sept. 1 1916.
Aug. 1 1914 20 yrs. 10 yrs.
2,000
200
Dallas No. 67
April 20 1915 40 yrs. 10 yrs.
WARREN COUNTY (P. 0. Williamsport), Ind.-BOND SALE.-On
3,000
500
Dallas No. 66
Aug. 10 1914 40 yrs. 10 yrs.
7,000
500 Aug. 5 the two issues of 434% 534-year (aver) coupon tax-free road bonds,
Edwards No. 6
April 10 1914 40 yrs. 10 yrs.
aggregating $9,600, were awarded to J. F. Wild & Co. of Indianapolis for
15,000
1.500
El Paso No. 4
April 10 1915 40 yrs. 10 yrs.
4.000 39.611 60 (100.12) and int.-a basis of about 4.475%-V. 101, p. 315.
17,000
Harris No. 28
April 19 1915 40 yrs. 20 yrs.
10,000
1,000 Breed, Elliott & Harrison also submitted a bid.
Hidalgo No. 4
April 10 1915 40 yrs. 10 yrs. 38.500
4,000
WARRICK COUNTY (P. 0.
Ind.-BOND OFFERING.
Hidalgo No. 10
April 10 1915 20 yrs. 5 yrs.
5,000
500 Bids will be received until 10 a.Boonville),
m. Aug. 20 by William H. Butler, Co.
Hidalgo No. 10
April 10 1915 40 yrs. 10 yrs.
2,500 Treas., for the following 434%
25,000
534-yr. (aver.) gravel-road-improvement
Irion No. 1
Jan
1 1915 40 yrs. 10 yrs.
12,000
1,200 bonds:
Milam No. 50
Oct. 10 1914
bier.
12,000
900 $12,000 Maple Grove Cemetery road, Boon Twp., bonds. Denom.
$600.
Navarro No.36
Aug. 10 1914 30 yrs. 5 yrs.
9,000
900
5,000 Lee Bruce at al road Boon Twp. bonds. Denom.$250.
Newton No. 22
Nov. 9 1914 15 yrs. 6 yrs.
3.000
500
Int. M.& N. Due one bond of each issue each six months from May 15
Parker No. 87
April 10 1915 20 yrs. 10 Yrs.
1,500
200 1916 to Nov. 15 1925, incl.
Refugio No. 5
May 1 1914 40 yrs. 10 yrs.
10,000
1,000
Refugio No. 10
April 1 1914 40 yrs. 10 yrs.
10,000
1.000 BOND SALE.-On Aug. 3 the $13,950 434% Campbell Twp. road bonds
Shelby No. 23
April 1 1915 20 yrs. 2 yrs.
1,600
200 (V. 101, p. 234) were awarded, it is stated, to Miller & Co. of Indianapolis
Tyler No. 17
April 10 1915 40 yrs.
None
5,000
500 for $13,962 50 (100.09) and int.
Upshur No.51
July 10 1914 20 yrs. 5 yrs.
WASHINGTON COURT HOUSE, Fayette County, Ohio.-BOND
1,200
200
Walker No.9
April 10 1915 20 yrs. 5 yrs.
3,500
400 SALE.-On Aug.9 the two issues of 5% 534-year aver, street-improvement
Wood No. 1
July 10 1914 40 yrs. 20 yrs.
10,000
1,000 bonds, aggregating $29,000, were awarded to the Fifth-Third Nat. Bank
Zavala No. 4
April 10 1915 40 yrs. 10 yrs.
4,000
500 of Cincinnati for $29,267 (100.92) and int., a basis of about4.82%-V.101.
Independent School Districtsp. 234. Other bids were:
Bronson
July 1 1914 40 yrs. 10 yrs.
800 Well. Roth &
9,600
inc_ _$29,253 00 R.L.DollingsCo„Hamilt.$29,100
Carrolton
May 1 1915 40 yrs. 10 yrs.
Co.,do., Cin. 29,246 00 Prov. S. B.& Tr. Co..Cin. 29,078 00
12,500
1,000 Davies-Bertram
30
Celina
May 1 1915 40 yrs. 10 yrs.
25,000
2,500 Seasongood & Mayer,Cin. 29,224 00 Breed, Elliott & Harrison,
Dorchester
Dec 10 1913 20 yrs. 5 yrs.
Spitzer
& Co.,Tol_ 29,201 00
6,000
600 Sidney
Cincinnati
29,055
10
Fairfield
June 10 1914 40 yrs. 20 yrs.
312.50 Tillotson & Wolcott Co.,
3,250
Otis & Co.,
29.021 00
Joaquin
July 1 1914 40 yrs. 10 yrs.
Cleveland
4,000
500
29,147 0 Comm'l Bk.,
Cleveland..Wash. C. H. 29,000 00
Joaquin
July 1 1914 40 yrs. 10 yrs.
1.500
500
WASHINGTON TOWNSHIP Belmont County, Ohio.-BOND OFLawrence
April 15 1914 20 yrs.
None
6,500
500
-Proposals will be received until 12 as. Sept. 8 by N. K. Pugh,
Lockney
Mar. 1 1915 40 yrs. 10 yrs.
7,500
500 FERING.
Twp.
Clerk (P. 0. Armstrongs Mills) for $10,000 55' 5V,-yr. (aver.) road
Mabank
July 15 1914 40 yrs. 10 yrs.
8,000
500
Merkel
June 1 1915 40 yrs. 10 yrs.
18,000
2.000 impt. bonds. Auth. Secs. 7033 to 7052, Incl. Gen. Code. Denom.$500.
Pearsall
Sept. 1 1914 20 yrs. 10 yrs.
7,500
500 Date June 15 1915. Int. semi-annually. Due $500 each six months from
Petrolla
Sept. 1 1914 40 yrs. 15 yrs.
8,000
500 June 15 1916 to Dec. 15 1925, incl. Bonds to be delivered and paid for
Rankin
May 1 1915 40 yrs.
None
15,000
1,500 within 5 days from time of award. Cert. check for 5% of bonds bid for,
Somerville
April 1 1915 40 yrs. 30 yrs.
12,000
1,500 payable to the Twp. Trustees, required.
Three Rivers
Mar. 22 1915 20 yrs. 10 yrs.
WATERLOO TOWNSHIP SCHOOL DISTRICT (P. 0. New Marsh10,000
1,000
Weodsboro
April 1 1914 40 yrs. 20 yrs.
9,000
900 field), Athens County, Ohio.-BOND SALE.-On Aug. 10 the $1,200
6% 1-yr. aver, school bonds were awarded to F. M. Barker & J. Baugham
County Road DistrictGuadalupe No.2
April 10 1015 40 yrs. 10 yrs. 75,000
7,500 for $1,280 (106.666) and int.-V. 101, p. 315. There were no other bidders.
WATON WAN COUNTY (P. 0. St. James), Minn.-BOND SALE.
• Consolidated School DistrictC. 0. Kalman & Co. of St. Paul have been awarded the following coupon
Florence Hill No. 83,
bonds:
June 1 1915 40 yrs. 10 yrs.
Dallas Co
10,000
1.000 ditch-construction
513,000434% Judicial Ditch No. 9 bonds.
County Bonds6,000 5% Judicial Ditch No. 5 bonds.
Bell County (bridge re6,000 5% Judicial Ditch No. 8 bonds.
May 15 1915 35 yrs. 10 yrs.
pair)
1,900
225
Denom. $1,000. Date July 1 1915. Principal
semi-annual int.
(3. & .T.) payable at the First Nat. Bank of St. Paul.and
Due July 11925.
Italy (sewerage)
Sept. 10 1914 40 yrs. 10 yrs.
17,000
1,500
WELLSVILLE,
Allegany
Milford (street)
July 10 1914 40 yrs. 20 yrs.
County,
N.
Y.
-BOND
SALE.-Geo. B.
4,000
500 Gibbons & Co. of
New York were the successful bidders for the four issues
Milford (street)
Dec 8 1914 40 yrs. 20 yrs.
10,000
1,000 of
Palacios (road, bridges
434% 163-1-yr. (aver.) water and light bonds, aggregating $241,500.
Aug.
9.-V.
offered
and street)
101.
p.
Nov. 1 1913 40 yrs. 15 yrs.
473.
The
paid
price
was par.
4,000
1000
Shamrock (water wks.) Jan. 1 1913 40 yrs. 10 yrs.
WELLSVILLE, Columbiana County, Ohio.-BONDS NOT SOLD.
15.000
2,000
The Guadalupe County Road Dist. No. 2 bonds bear
% interest. No bids were received for the $60,000 04% 20-year municipal electricwhile the remaining issues all carry 5%.
light-plant bonds offered on Aug. 7-V. 101, p. 234.
TIPTON COUNTY (P. 0. Tipton), Ind.-BOND OFFERING.-ProWEST AURORA SCHOOL DISTRICT, Ill.-BONDS VOTED -Acposals will bo received until 10 a. in. Aug. 18 by Henry C. Haskett, Co. cording to newspaper reports, the residents of West Aurora at a special
Treas.,for $3,440 434% 534-yr. (aver.) Was. Eiler at al. road, Cicero Twp.
election, held July 24, voted 145 to 11 to issue $45,000 10-year schoolbonds. Denom. $172. Date July 6 1915. Int. M.& N. Due $172 each addition bonds.
six months from May 15 1916 to Nov. 15 1925. incl.
WESTFIELD, Hampden County, Mass.-BOND SALE.-The Town
TOTOWA, Passaic County, N. J.-BOND SALE.-The bids received Treasurer on Aug. 12, awarded $25,000 4% coup. gas and electric-light
bonds
to N. W. Harris & Co., Boston. at 101.58. Denom. $1,000.
the
Aug. 9 for
$60,000 5% 2034-yr. (aver.) water bonds (V. 101. 1).
393) Aug. 15 1915. Principal and semi-annual interest (F. & A.) at First Date
were as follows:
Nat.
Hamilton Trust Co. Patersn_$61,578 Silk City S D & Tr Co.Patrsn$60,780 Bank, Boston.Due yrly. on Aug. 15 as follows: $2,000 from 1916 to 1920
German Amor Tr Co. Patersn 61,200 R. M.Grant & Co. N.Y ____ 60,762 incl. and $1,000 from 1921 to 1935 incl.
Other bids were:
H.L. Crawford & Co. N.Y.._ 61,147 Ludwig & Crane. N.Y
60.151 C. D. Parker & Co
100.26 E.C.Potter & Co
100.941
TROY, N. Y.-BOND SALE.-On Aug. 12 the $100.000 5% 2-month Estabrook & Co
100.48 Jackson & Curtis
101.023
certificate of indebtedness or revenue bonds(V. 101, p.472) were awarded to Curtis & Sanger
100.511 Fernald & Co
101.04.
Goldman, Sachs & Co. of N. Y. at 100.45716. The following bids were R. L. Day & Co
100.519 Millet, Roe & Hagen
101.046
also received:
Adams & Co
100.56 Blake Bros. & Co
1 1. 9
II. Lee Anstey, New York_ _100.447 Manufac. Nat. Ilk., Troy_100.41665 W. L. Raymond
100.74 E. M. Farnsworth &
Salomon Bros. & Hutzler,
Biodget & Co
Farmers' Loan & Trust
100.808 Merrill. Oldham & Co
101.169
Hornblower
New York
& Weeks
100.445
Co., New York
100.86 Cropley, McGaragle & Co .101.231
100.4105
Bond & Goodwin. New York. 100.436 National City Bank,Troy_100.1833
WHITE COUNTY (P. 0. Monticello), Ind.-BONDS NOT SOLD.TULARE SCHOOL DISTRICT, San Joaquin County, Calif.- No bids were received for the $2,614,45 5% ditch bonds offered Aug. 7.
BOND SALE.-On Aug. 3 the $12,500 6% building bonds were awarded -V. 101, p. 315.
to Blyth, Witter & Co. of San Francisco at 107.864 and int.-V. 101,170.393.
WHITE RIVER SCHOOL TOWNSHIP (P. 0. Winchester), RanOther bids were:
dolph County, Ind.-BOND SALE.-On Aug. 7 the $6,000 5% 33i-Yr.
[voL. 1131.
THE CHRONICLE
550
(aver.) school warrants (V. 101, P. 315) were awarded, it is stated, to E
M.Campbells Sons & Co. of Indianapolis for $6,148, equal to 102.466.
WHITLEY COUNTY (P. 0. Williamsburg), Ky.-BOND SALE.
On July 1 $150,000 5% coupon road and bridge bonds were awarded to
E. H. Rollins & Sons of Chicago at 100.50, int. and blank bonds. Denom.
$500. Date July 15 1915. Principal and semi-annual int. (J. & J.) payable at the County Treasurer's office or at the National City Bank, N. Y.
Due on July 15 as follows: $21,000 1920,$5,000 1921, 1922, 1923 and 1924,•
$5.500 1925 and 1926; $6,000 1927, 1928 and 1929; $6,500 1930, 1931 and
1932; $7,000 1933, 1934 and 1935; $7,500 1936, 1937 and 1938, and $8.500
1939 and 1940. Total bonded debt $150,000. Assess. val. 1914, $6,506,779; actual val. (est.), $12,000,000. Using newspaper reports, we stated
in V. 101, p. 315, that the amount of bonds sold to E. H. Rollins & Sons
was $250.000.
WILMINGTON, New Castle County, Del.-BOND SALE.-On
Aug. 12 the $50,000 4ji% 23 4-5-year aver. coupon (with priv. of registration) sewer bonds were awarded, it is stated, to Harris, Forbes & Co. of
New York at 106.01, a basis of about 4.10%.-V. 101, p. 393.
WINDSOR, Weld County, Colo.-DESCRIPTION OF BONDS.-The
$11,000 5% refunding water bonds awarded at par on Jan. 25 to Sweet,
Causey, Foster & Co. of Denver bear date of May 1 1915 and due May 1
1935; redeemable May 1 1925.-V. 101, p. 473. Int. M. & N.
WINDSOR FIRE DISTRICT (P. 0. Windsor), Hartford County'
Conn.-BOND OFFERING.-Proposals will be received until la in.
Aug. 28 by the Bd. of Commrs.,for the following 4%% gold coupon (with
privilege of registration) bonds voted July 2.-V. 101, p. 155:
$152,000 water fund bonds. Due Oct. 1 1945, redeemable at any interest
date after Oct. 1 1925.
33,000 general fund bonds. Due $2,000 yearly Oct. 1 from 1916 to
1930, incl., and $3,000 Oct. 11931.
Denom. $1,000. Date Oct. 1 1915. Principal and semi-annual int.
A.& 0. at Windsor Tr. & Safe Dep. Co., Windsor, or at the Irving Nat.
Bank, N. Y. Cert. check for 5% of bid, required. These bonds will be
certified by the Windsor Tr. & Safe Dep. Co. and Robinson, Robinson &
Cole of Hartford will pass upon the legality of the issue. H. R. Turner
Is Dist. Clerk.
The official notice of this bond offering will be found among the advertisements elsewhere in this Department.
XENIA, Greene County, Ohio.-BOND OFFERING.-Proposals will
be received until 12 m.Sept. 7 by C. F. Logan, City And.,for the following
5% coupon Third St. paving bonds:
$24,000 assessment bonds. Due $1.500 March 15 1917 and $2,500 yearly
March 15 from 1918 to 1926 incl.
5,000 city's portion bonds. Due $500 yearly March 15 from 1917 to
1926, incl.
NEW LOANS
$26,000
CITY OF POLSON,
Flathead County, Montana
6% WATER BONDS
State of Montana,
County of Flathead.
City of Poison.
Pursuant to the authority of Ordinance No. 105
of the City of Poison, of the County of Flathead,
State of Montana, passed and approved August
2nd, A. D.. 1915, authorizing and directing the
advertisement and sale of certain bonds of said
city, namely:
Water bonds of the City of Poison, of the
County of Flathead, State of Montana, to an
amount aggregating the principal sum of $26,000.00, comprised of twenty-six bonds numbered
consecutively from one to twenty-six, both numbers inclusive, of the denomination of $1,000.00
each, and all dated July 1st, A. D. 1915, absolutely duo and payable July 1st, 1935, but redeemable at the option of the city as follows:
Five Thousand Dollars ($5,000.00) of said
bonds numbered from one to five, both numbers
inclusive, on and after the first day of July, 1919;
Five Thousand Dollars ($5,000.00) of said bonds
numbered from six to ten, both numbers inclusive,
on and after the first day of July, 1923; Five
Thousand Dollars ($5,000.00) of said bonds
numbered from eleven to fifteen, both numbers
inclusive, on and after the first day of July, 1927;
Five Thousand Dollars ($5,000.00) of said bonds
numbered from sixteen to twenty, both numbers
Inclusive, on and after the first day of July 1931:
and Six Thousand Dollars ($6,000.00) of said
bonds numbered from twenty-one to twenty-six,
both numbers inclusive, on and after the first
day of July, 1935;
Bearing interestfrom their date until paid at the
rate of six per centum per annum, payable semiannually on the last days of January and July,
respectively, in each year, both principal and interest thereon payable at the office of the City
Treasurer of the City of Poison, State of Montana,
or, at the option of the holder, at the National
Bank of Commerce in the City and State of Now
York, U. S. A.
PUBLIC NOTICE IS HEREBY GIVEN that
the bonds aforesaid will, at the office of the undersigned Clerk, in said city, on THURSDAY. towit: THE N1NT1-1 DAY OF SEPTEMBER.
A. D. 1915, at the hour of 10 o'clock A. M. at
the
public auction, be sold to the bidder offering'
highest price therefor.
At said publi6 auction the successful bidder will
be required to deposit with the undersigned Clerk
a certified check payable to his order in the sum
of Two Thousand ($2,000.00) Dollars, which
check shall be held by the City and forfeited to
it should the purchaser fail to take up and pay
for said bonds when presented to him.
By order of the Council of the City of Poison,
of the County of Flathead, State of Montana,
made this 2nd day of August, A. D. 1915.
J. W. CLARK. Mayor.
Attest H. S. HANSON,City Clerk.
-
John I Cole, Son & Co.
NEW LOANS.
NEW LOANS.
slo,ocoo
City of Bridgeport, Conn., Savanna, Carroll County, Illinois
$400,000
5% BONDS
43/2% Stratford Ave. Bridge Bonds
Sealed proposals will be received by the undersigned, at the office of the Mayor, Room 30, City
Hall, in said Bridgeport, until SATURDAY.
AUGUST 21ST, 1915. at 11 o'clock A. M., for
the purchase of $400,000.00 4% per cent Stratford Avenue Bridge Bonds, $1,000.00 each, serial
In form, and maturing as fellows: $8,000.00 each
year commencing July 1st, 1916, and ending
July 1st, 1965, inclusive. Interest payable on
January 1st and July 1st each year. Principal
and interest payable at the office of the Treasurer
of said city, in gold coin of the United States, at
the present standard of weight and fineness. The
bonds are subject to full registration, or to registration of principal only, at holder's option, on
presentation to City Treasurer.
The bonds will beprepared and certified by The
First National Bank of Boston, Massachusetts.
Legal opinion by Messrs. Ropes, Bray, Boyden
& Perkins, of Boston, Mass., that the issue is a
valid obligation of the City of Bridgeport.
Each proposal must be accompanied by a certified check on an incorporated bank or trust company, payable to the order of the Treasurer of the
City of Bridgeport, for one per cent of the par
value of the bonds bid for. The right is reserved
to reject any or all proposals.
The total gross debt, bonded and
temporary, of the City of Bridgeport, this issue of bonds included, is
$3,750,600.00
The net debt, after deducting tho
$3,145,926.06
sinking fund applicable, is
The assessed value of property, as
per last perfected grand list, is_3115,154,912.00
is
The legal debt limit five per contum
of the grand list, or, based on
$5,757,745.60
above grand list
The entire present tax rate is $18 per thousand.
CLIFFORD B. WILSON,Mayor.
BERNARD KEATING,City Auditor.
MOSES W. MAN WARING, Treasurer
Sealed proposals will be received until SIX
O'CLOCK P. M., AUGUST 21ST, 1915, at
the residence of Edward A. Phillips, President
of the Board of Directors of School District
No. 72, for Ton Thousand Dollars ($10,000) of
Five Per Cent (5%) Bonds of said District-the
time for receiving said proposals having been
extended from the 14th day of August, A. D.
1915, to the date above mentioned.
The Directors reserve the right to reject any and
all proposals.
Address- all communications to Edward A.
Phillips, Savanna, Illi ois.
EDWARD A. PHILLIPS, President.
ORRIN C. EATON, Secretary,
H. M. Byllesby & Co.
Incorporated
TACOMA
CHICAGO
NEW YORK
Trinity Bldg. Cont. Cc Comm. Washington
Bank Bldg.
Purchase, Finance, Construct and
Operate Electric Light, Gas, Street
Railway and Water Power Properties.
Examinations and Reports
Utility Securities Bought and Sold
THE
Mountain States
Telephone
BELL SYSTEM IN COLORADO,
NEW MEXICO, ARIZONA, UTAH,
WYOMING,IDAHO AND MONTANA
7% STOCK
No Bonds-No Preferred Shares
BOETTCHER, PORTER
COMPANY
DENVER
Alex. C. Humphreys
yGAVHITE COMPANIES
Financiers
Engin eers
Operators
of Public Utility and Industrial
Properties
REPORTS-VALUATIONS-EST1 MATES
43 EXCHANGE PLACE, NEW YORK
LONDON
Alten S. Miller
Purchasers
Contractors
Managers
SAN FRANCISCO
Alfred E. Forstall
CHICAGO
Charles D. Robison
AND ROBISON
HUMPHREYS& MILLER,Inc. FORSTALL
ENGINEERS
EXPERT BANK EXAMINERS AND
ACCOUNTANTS
Auditing, Examining, Systematizing
NEW YORK CITY 165 BROADWAY
761 BROAD WAY
Denom.$500. Date Sept. 15 1915. Int. M.& S. Bonds to be delivered
and paid for within 10 days from time of award. Cert. check for 3% of
bonds bid for, payable to the City Treas., required. Purchaser to pay
accrued int. and furnish the bonds without charge to the city and subject
to the approval of City Solicitor.
YOUNG'S COULEE DRAINAGE DISTRICT, La.-BONDS VOTED.
-A newspaper dispatch from Abbeville says that $21,000 bonds )vere voted
in this district July 27.
YOUNGSTOWN, Ohio.-BOND OFFERING.:-Bids will be received
until 2 p. m. Aug. 23 by Dan Jones, City Aud.,for the following 5% coup.
or reg. (option of purchaser) bonds:
$100,000 water works ext. bonds. Due $5,000 yrly. on Oct. 1 from 1917
to 1936, incl.
6,000 South Side park ext. bonds. Due $2,000 on Oct. 1 1918, 1919
and 1920.
4,000 public health bonds. Due $2,000 Oct. 1 1918 and 1919.
6,770 Glenhaven St. paving bonds. Due $1,354 yrly. on Oct. 1 from
1917 to 1921, incl.
8,850 Oxford Ave. paving bonds. Due $1.770 yrly. on Oct. 1 from
1917 to 1921, incl.
8,185 Powersdell Ave. paving bonds. Due $1,637 yrly. on Oct. 1 from
1917 to 1921, incl.
5,080 Henry St. paving bonds. Due $1,016 yrly. on Oct. 1 from 1917
to 1921, incl.
4,015 Ohio Ave. paving bonds. Due $803 yrly. on Oct. 1 from 1917 to
1921, incl.
1,340 Commerce St. paving bonds. Due $268 yrly. on Oct. 1 from
1917 to 1921, incl.
7,160 Arlington St. paving bonds. Due $1,432 yrly. on Oct. 1 from 1917
to 1921, incl.
2,160 Burnett St. paving bonds. Duo $432 yrly. on Oct. 1 from 1917
to 1921, incL
2,260 Highview Ave. paving bonds. Duo $452 yrly. on Oct. 1 from 1917
to 1921, incl.
5,100 Scott St. paving bonds. Due $1,020 yrly. on Oct. 1 from 1917 to
1921, incl.
2,330 Kensington Ave. paving bonds. Due $466 yrly. on Oct. 1 from
1917 to 1921, incl.
12,560 Lexington Ave. paving bonds. Due $2,512 yrly. on Oct. 1 from
1917 to 1921, incl.
11,900 Broadway sewer and paving bonds. Due $2,380 yrly. on Oct. 1
from 1917 to 1921, incl.
7,290 Madison Ave. repaving bonds. Due $1,458 yrly. on Oct. 1
from 1917 to 1921, incl.
2,010 Balsam Alley paving and sewer bonds. Due $402 yrly. on Oct.
1 from 1917 to'1921, incl.
740 Robinwood Ave. grading bonds. Due $148 yrly. on Oct. 1 from
1917 to 1921, incl.
950 Japan St. sewer bonds. Due $190. yrly on Oct. 1 from 1917 to
1921, incl.
ENGINEERS
Investigations and Appraisals of Gas and
Electric Properties for Owners or Financial
Institutions.
NEW YORK CITY
NEW YORK 84 William St.,
Power-Light--Gas
AUG. 14 1915.]
THE CHRONICLE
3,000 street impt. bonds. Due Oct. 1 1918.
4,000 fire dept. bldg and equip. bonds. Due $2,000 Oct. 1 1918 and
1919
Date Aug. 30 1915. Prin.and semi-ann.int.(M.&S.) payable at,office of
Sinking Fund Trustees. Cert. check for 2% of each block of bonds bid for.
payable to City Aud., required. Separate bids must be made for each
issue. Purchaser must be prepared to take bonds not later than Aug.30.
The city reserves the right to issue a lesser amount of bonds if above amounts
are not needed.
ZINC HOUSE SCHOOL DISTRICT, San Joaquin County, Calif.BOND SALE-On Aug. 3 the $7,000 6% building bonds were awarded
to Byrne & McDonnell of San Francisco for $7,387 (105.527) and int.
Other bidders were:
Blyth, Witter & Co.,San F.$7,356 00 Sweet, Causey, Foster &
Stockton Say. Bank
7.305 00
& Co., Denver
$7,218 40
Wm. R. Staats Co.,San Fr. 7,075 00
Denom. $500. Date Aug. 1. Int. F. & A. Due yearly from 1920 to
1929 inclusive.
Canada, its Provinces and Municipalities.
BEVERLEY TOWNSHIP, Wentworth County, Ont.-DEBENTURE
SALE.-Newspapers report the sale of $4,495
% 30-installment debentures to W. L. McKinnon & Co. of Toronto.
BOTHWELL, Ont.-DEBENTURE OFFERING.-Tenders will be
received until 8 p. m. Aug. 20 by W. H. Bradley, Town Clerk, for $8,500
53.5% 15-year town-hall and $5,000 5% 30-yr. hydro-electric-debentures.
BRAMPTON, Ont.-DEBENTURES NOT SOLD.-Reports state that
no satisfactory bids were received for an issue of $20,000 6% 15-yr. debentures offered recently.
CARDALE CONSOLIDATED SCHOOL DISTRICT, Man.-DEBENTURE SALE.-An issue of $6,000 7% 20-installment debentures has
been awarded, it is stated, to H. O'Hara & Co. of Toronto.
COBALT, Ont.-DEBENTURES VOTED.-By a vote of 102 to 17 the
question of issuing the $30,000 6% 1-3-year (ser.)general-improvement
debentures carried at the election held Aug. 3.-V. 101, p. 316.
C°BOURG,Ont.-DEBENTURE SALE.-On Aug.2 the $11,000 51-6%
15-installment debentures were awarded to the Bank of Toronto at 100.31V. 101, p. 395. Other bids were:
NEW LOANS.
----$185,000
THE WINDSOR FIRE DISTRICT
TOWN OF WINDSOR, CONNECTICUT
432% BONDS
A. H. Martins & Co., Tor_$10,937 00 W.L.Mackinnon&Co.,Tor.$10,835 00
Macneill & Young, Tor__ 10,926 00 0.11. Burgess & Co., Tor.. 10,829 50
Imperial Bank of Canada_ 10,913 00 Wood,Gundy & Co., Tor.. 10,826 00
Canada Bond Corp., Tor._ 10,898 00 R.C.Matthews&Co.,Tor. 10,725 00
Brent. Noxon & Co., Tor_ 10,881 00 Dominion Sec. Corp.,Tor. 10,674 30
W.• A. Mackenzie & Co.,
A. E. Ames & Co., Tor_ - 10,643 00
Toronto
10,860 00 Goldman & Co., Toronto_ 10.451 00
Bongard, Ryerson & Co
10,835 00
• GALT, Ont.-LOAN ELECTION.-On Aug. 20 a vote will bp taken
on a loan of $40,000 to cover an overdraft of the Water-Works Commission
and for construction purposes.
MARMORA, Ont.-DEBENTURE SALE.-This village has sold $6,000
6% 20-installment local-impt. debentures to Geo. A. Stimson & Co. of
Toronto, according to reports.
MONTREAL, QUO.-PROPOSED LOAN.-Canadain newspapers state
that negotiations are in progress for the placing of a new loan of the City
of Montreal for $2,000,000. This loan will as usual be handled by the Bank
of Montreal, the city's financial agent.
OADAS SCHOOL DISTRICT, Sask.-DEBENTURE SALE.-This
district, reports state, has sold $1,500 debentures to MacNeill & Young
of Toronto.
PETERBORO, Ont.-DEBENTURES NOT SOLD.-Debentures
gregating $73,000 were recently offered without success, according agto
reports.
SANDWICH, Ont.-DEBENTURES DEFEATED.-The question of
Issuing $15,000 sidewalk debentures failed to carry at the election held
Aug. 7, the vote being 72 "for" to 93 "against".-V. 101, p. 316.
TORONTO, Ont.-BONDS PROPOSED.-Reports state that
Trea
sury Board has decided to issue $5,000,000 long-term local impt.the
bonds.
WESTRIDGE SCHOOL DISTRICT, Sask.-DEBENTURE SALE.An issue of $1,200 debentures has been sold, it Is stated, to MacNeill&
Young of Toronto.
WHITBY, Ont.-DEBENTURE SALE.-On Aug. 2 the $45,000 sewerage const. $7,000 public school and $10,400 high school
5%% 30-yr.
debentures offered Aug. 2 (V. 101, p. 395) were awarded, it is stated,
to
Brent, Noxon & Co. of Toronto for $61,611, equal to 98.73.
YORK TOWNSHIP (P. 0. Toronto), Ont.-DEBENTURE SALE.
The $12,000 5% 20-yr. sewer and sidewalk debentures (V. 101, p. 395)
are reported sold to MacNeill & Young of Toronto.
NEW LOANS.
$67,935
NEW LOANS.
•
$130,000
COUNTY OF ORLEANS,N.Y. SUFFOLK COUNTY, N. Y.
4IA%Highway Improvement Bonds
HIGHWAY BONDS,
County Treasurer's Office,
gealed proposals will be received by the County
Albion, Orleans County, N. Y.
Treasurer
Suffolk County at his Office in
Sealed bids will be received by the County Riverhead,ofSuffolk
Treasurer of the County of Orleans, New York, 2 o'clock p. m. on County, New York, up to
the 23D DAY OF AUGUST.
o'clock
until 12
noon. AUGUST 31ST 1915, 1915, for the purchase
of the whole or any part of
when said bids will be opened at the County One
Hundred and Thirty Thousand Dollars
Treasurer's Office in the Court House in the ($130.000)
of
Suffolk
County Registered Bonds
Village of Albion, New York, for the purchase of
of One Thousand Dollars
Registered Highway Improvement Bonds of said of the denomination
each of which will bear interest at the
County in the amount of $67,935 00. Said (31,000),
per centum per
bonds will be dated September 1st, 1915, and will rate of four and one-half (4
bear interest at the rate of 434% per annum, annum, payable semi-annually on the first days
payable semi-annually on March 1st and Sep- of January and July in each year.
All of said bonds will be dated on the first day
tember lat. Principal and interest payable in
lawful money of the United States of America of July, 1915, and numbered from one (1) to one
at The Citizens' National Bank, in the Village hundred and thirty (130) inclusively and seven
of Albion, N. Y.• or, at the request of the regis- (7) of said bonds in order as numbered will become duo and payable on the first day of July
Now York exchange.
tered holder, in'
Said bonds are payable as follows: $23,000 00 1916 and seven (7) thereof on the first day of
thereof on September 1st, 1919, and consisting July in each of the years 1917 to 1925 inclusive,
of bonds Nos. 1 to 23 inclusive; $23,000 00 thereof and six (6) of said bonds in order as numbered will
on September 1st, 1920, and consisting of bonds become due and payable on the first day of July
Nos. 24 to 46 inclusive; and $21,935 00 thereof 1926 and six (6) thereof on the first day of July
on September 1st, 1921, and consisting of bonds in oach of the years 1927 to 1935 inclusive, and
on the first day of July 1935 the last six (6) of
Nos. 47 to 68 inclusive.
Said bonds will be 68 in number, numbered said bonds shall become due and payable.
from 1 to 68 inclusive, Nos. 1 to 67 inclusive of
The principal and interest of said bonds will
said bonds being of the denomination of $1,000 00 be payable at the Office
of the County Treasurer
each and No. 68 thereof being of the denomina- of Suffolk County at Riverhead,
Suffolk County,
tion of $935 00.
New York.
No bid for less than par and accrued Interest
The Bonds are issued to raise money to pay the
will be considered, and the County Treasurer of
the County of Orleans reserves the right to reject County's share of the cost of construct on of
County highways Nos. 1206, 1208, 1274 and
any or all bids.
All bids must be unconditional, upon blanks 1291 pursuant to a Resolution duly adopted on
provided by the County Treasurer, which may the 10th day of August, 1915, by the Board of
be had on application to the undersigned and must Supervisors of Suffolk County.
be accompanied by a certified check upon a solvent
The total bonded indebtedness of Suffolk
incorporated bank or trust company payable to County exclusive of this issue is $360,000.
the order of the County Treasurer of the County
The
assessed aggregate valuation of real propof Orleans, N. Y., for 2 per cent of the par value erty within
Suffolk County for the year 1914 was
of the bonds bid for, which check will be returned
to the bidder if unsuccessful otherwise applied $94,198,064 10.
Each proposal must be accompanied by a certion the payment of the sum bid, and retained by
the County as for liquidated damages in case fied check to the order of the County Treasurer
of Suffolk County for two per cent(2%)of the par
bidder fails to comply with the terms of his bid.
The legality of the bonds will be examined by value of the number of bonds bid for, proposals
Messrs. Caldwell, Masslich & Reed, Attorneys, to be endorsed "Proposal for Bonds" and addressed
of New York City, whose favorable opinion will to the undersigned at Riverhead, Suffolk County,
New York.
be furnished to the purchaser.
The bonds will be certified as to genuineness
The County Treasurer reserves the right to
by the Citizens' National Bank of Albion, N. Y. reject any and all bids.
Said bonds will be delivered to the purchaser on
HENRY P. TUTHILL,
the 20th day of September, 1915, at the Citizens'
County Treasurer.
National Bank, Albion, N. Y.
Dated August 12, 1915.
GEORGE W. BENNETT,
County Treasurer of the County of Orleans, N Y
FINANCIAL STATEMENT, JULY 30Th, 1915.
Present Bonded Indebtedness__
$69,750 00
Floating Debt__ -----None
_
Windsor, Conn., Aug. 2, 1915.
Sealed bids for the purchase of 3152.000 of
"Windsor Fire District Water Fund" bonds, and
for $33,000 of "Windsor Fire District General
Fund" bonds, will be received until 12 O'CLOCK
M., AUGUST 28, 1915, by the Board of Commissioners of The Windsor Fire District at their
office in the town of Windsor, County of Hartford, and State of Connecticut.
Said bonds shall be issued as coupon bonds of
the denomination of $1,000 each, to bear date
of October 1, 1915. payable in gold coin of the
United States of the present standard of weight
and fineness at The Windsor Trust & Safe Deposit Company, of Windsor, Conn., or The Irving
National Bank, of New York City, and to boar
interest at the rate of 434 per centum per annum,
payable semi-annually in like gold coin on the first
days of April and October in each year at the
offices of said banks.
The said bonds shall be signed in the name ofthe
District by a majority of its Board of Commissioners, countersigned by the Treasurer, and attested
by the Clerk of the District under the seal thereof
and shall have interest coupons attached authenticated by the (ac-simile of the signature of the
Treasurer of said District, and said bonds may
be registered at the option of the holder.
The proceeds shall be applied to the payment of
appropriations made and outstanding indebtedness incurred for the construction or purchase or
-otherwise establishing its water plant and system
or enlarging and extending such plant and system,
and for other costs and expenses of the said
District, including the redemption of the outstanding bonds of The Windsor Water Co., assumed by this District upon the purchase of said
Water Company's plant and franchises.
The "Windsor Fire District Water Fund"
bonds shall be numbered consecutively from 1 to
152, inclusive, and payable thirty years from
-date, and shall be redeemable at the option of the
District at maturity of any interest coupon after
ten years from the date of said bonds.
The "Windsor Fire District General Fund"
Bonds shall be issued serially and numbered consecutively from 153 to 185, inclusive, and shall be
payable serially, commencing with the lowest
numbers, as follows: Nos. 153 and 154 shall mature on October 1, 1916, and two of said bonds
on October 1st of each year thereafter up to and
Including 1930, and three of said bonds on October 1, 1931.
All of said bonds will be engraved and numbered
under the supervision of and authenticated by
The Windsor Trust & Safe Deposit Company, of
Windsor, Conn., and Robinson, Robinson &
Cole, attorneys at law, of Hartford, Conn.,
69,750 00
attorneys for said bank, shall pass upon the legal- Total Debt, bonded and floating
ity of said issue, and all legal papers incident Assessed Valuation, Real Estate$27,642,462 00
Valuation, Personal
thereto will be filed with the above bank and their Assessed
Estate351,03500
attorneys, where they may be referred to at a
Assessed Valuation, Special
moment's notice.
517,028 00
Franchises
__
Bids will be opened by the Board of Commis.sioners at their office in said Windsor. Proposals
• $28,510,525 00
Total
to be sealed and addressed to II. R. Turner,
32,000
Clerk, The Windsor Fire District, Windsor, Population, last Federal Census
The County of Orleans has never made default
Conn., and endorsed "Proposals for Bonds," and
shall be accompanied by a certified check for 5% in the payment of any of its obligations.
of the bid.
The Board of Commissioners are authorized
and instructed to issue and sell said bonds, and
MINING ENGINEERS
right is reserved by them to reject any and all
bids not deemed for the interest of the District. •
GEORGE R. REED,
JOHN H. GARVAN,
H. M. CHANCE & CO.
OLIVER J. REILY,
F. N. TAYLOR,
Mining Engineers and :Geologists
• A Majority of the Board of
Commissioners of The WindAND MINERAL PROPERTIES
COAL
sor Fire District.
Attest:
Examined, Managed, Appraised
H. R. TURNER,
Clerk of The Windsor Fire District.
Drexel Bldg.
PHILADELPHIA
551
$8,000
CITY OF ALBANY, OREGON
SEWER BONDS.
Sealed bids for above bonds, dated July 1, 1915,
maturing July 1, 1930, redeemable on July 1.
192.5, and subsequent interest dates, principal and
semi-annual interest (J. & J.) at 5% per annum,
payable in gold in New York, will be received by
the undersigned until 7:00 p. m. AUGUST 25,
1915.
Legality will be approved by Caldwell, Masslich & Reed, New York, whose favorable opinion
will be given to purchaser without charge. Bids
must be unconditional, upon blank forms to be
furnished together with other information by
said attorneys or the undersigned. Bids must be
accompanied by certified check for 2% of amount
bid. 'Delivery in Albany, Ore., or in New York
City, at option of purchaser. September 4th. No
bids will be considered for less than par and accrued interest. The right to reject any and all
bids is reserved.
H. B. CUSICK, City Treasurer.
[VoL. 101.
THE CHRONICLE
552
Iinancial
ginancial
ATLANTIC MUTUAL INSURANCE COMPANY, Brandell, Kenmore & Co.
New York, January 26th, 1915.
The TIUSterS,in eonformit7 with the Charter of the Company,submit the following statement of its affairs on the
31st of December, 1914.
The Company's business has been confined to marine and inland transportation insurance.
5,026,461 10
Premiums on such risks from the 1st January, 1914, to the 31st December, 1914
654,783 26
Premiums on Policies not marked off let January, 1914
Total Premiums
5,681,244 45
Premiums marked off from January 1st, 1914,to Decembes 31st, 1914
Interest on the investments of the Company-received during the year 330,262 43
42,065 85
Interest on Deposits in Banks and Trust Companies,etc
141,088,74
Rent received less Taxes and Expenses
4,687,279 32
Losses paid during the year
242,315 69
372,200 31
pondence
014.516 00
1,638,808 89
Returns of Premiums_
Expenses. including officers' salaries and clerks' compensation, stationery, advertisements,ete
_A.
We especially invite corresfrom private or
corporate financial interests
contemplating the underwriting or financing of commercial enterprises in the
Latin-American countries.
513,417 02
2,253,324 69
Less: Salvages
Re-insurances
CCOUNTANTS
U DITOR S
NALYSTS
138,873 43
562,724 57
A dividend of Interest of Six per cent on the outstanding certificates of profits will be paid to the
next.
holders thereof, or their legal representatives, on and after Tuesday the second of Februarythereof,
or
The outstanding certificates of the Issue of 1989 will be redeemed and paid to the holders
their legal representatives, on and after Tuesday the second of February next, from which date all
Interest thereon will cease. The certificates to be produced at the time of payment, and canceled.
ending
year
the
for
of
is
Company
A dividend of Forty per cent declared on the earned premiums the
31st December, 1914, which are entitled to participate in dividend, tor which, upon application, certificates
will be issued on and after Tuesday the fourth of May next.
G. STANTON FLOYD-JONES, Secretary.
By order of the Board,
TRUSTEES.•
CHARLES M.PRATT,
ANSON W. HARD,
EDMUND L.BAYLIES.
DALLAS B.PRATT.
SAMUEL T. H
BUBARD,
JOHN N BEACH,
ANTON A. RAVEN,
THOMAS H. HUBBARD,
NICHOLAS BIDDLE,
J. RIKER,
JOHN
CABS
LEWIS
LEDYARD,
BLISS,
ERNEST C.
DOUGLAS ROBINSON
WILLIAM H. LEFFERTS.
JAMES BROWN,
WILLIAM JAY SCHIRPFELIN.
CHARLES D. LEVERICH,
JOHN CLAFLIN.___
SAMUEL SLOAN.
GEORGE II. MACY,
GEORGE C. CLARK,_
WILLIAM SLOANE,
NICHOLAS F.PALMER,
CLEVELAND II. DODGE.
LOUIS STERN,
HENRY PARISH,
CORNELIUS ELDERT.
WILLIAM A.STREET,
ADOLF PAVENSTEDT,
RICHARD H.EWART,
GEORGE E.TURNURE,
CHARLES A.PEABODY,
PHILIP A S.FRANKLIN.
RICHARD H. WILLIAMS.
JAMES H.POST,
HERI3ER1 L. GRIGGS,
A. A. RAVEN,President,
CORNELIUS ELDER'''. Vice-President.
WALTER WOOD PARSONS, 2d Vice-President.
CHARLES E. FAY,3d Vice-President.
ASSETS.
'
United States and State of New York
670,00000
Bonds
New York City, New York Trust
1,783,70000
Companies and Bank Stocks
2,723,912 00
Stocks and Bonds of Railroads
357.096 00
Other Securities
Special Deposits in Banks and Trust
500,000 00
Companies
Real Estate cor. Wall and William
Streets and Exchange Flaw, con04
4,299,426
offices
taining
Real Estate on Staten Island (held
under provisions of Chapter 481,
75,000 00
Laws of 1887)
941,068 28
Premium Notes
775,688 06
Bills Receivable
Cash in hands of European Bankers
to pay losses under policies payable
149,249 82
in foreign countries
1,756,535 26
Cash in Bank
70,000 00
Loans
LIABILITIES.
Estimated Losses, and Losses Unset2,162,711 00
tled in process of Adjustment
993,966 13
Premiums on Unterminated Risks.—
Certificates of Profits and Interest
277,510 45
Unpaid
104,976 64
Return Premiums Unpaid
47,993 70
Reserve for Taxes
59
209,323
Premiums
Re-insurance
Claims not Settled, including Com122,813 07
pensation ,eto
Certificates of Profits Ordered Redeemed, Withheld for Unpaid Pre22,558 64
miums
1,264 40
Income Tax Withheld at the Source-.
Certificates of Profits Outstanding—. 6.986.620 00
14,101,674 46
10,099,734 62
Turks Head Bldg., Providence, R. I.
Public Utilities
in drowina communities boudht
and financed.
11J Their securities offered
to investors.
Middle West
Utilities Co.
112 West Adam
3,171,939 84
Thus leaving a balance of
36,725 45
Accrued Interest on the 31st day of December, 1914, amounted to
28,122 35
Rents due and accrued on the 31st day of December, 1914, amounted to
Re-insurance due or accrued, in companies authorized in New York, on the 31st day of 158,646 70
December, 1914, amounted to
33,421 71
Unexpired re-insurance premiums on the 31st day of December, 1914, amounted to
Note: The Insurance Department has estimated the value of the Real Estate comer Wall and 450,573 98
William Streets and Exchange Place in excess of the Book Value given above at
83,700 00
And the property at Staten Island in excess of the Book Value, at
The Insurance Department's valuation of Stocks, Bonds and other Securities exceeds the 1,439,552 10
Company's valuation by
5,383,085 11
On the basis of these increased valuations the balance would be
The Union Trust Company of New York has two well-equipped
Branches for its uptown business—the 38th Street Branch in the
heart of the busy Fifth Avenue shopping district, and the Plaza
Branch at Fifth Avenue and 60th Street,just opposite the entrance
to Central Park.
The facilities of all the offices of the Company are offered to
depositors of either Branch or of the Main Office at 80 Broadway.
The Union Trust Safe Deposit Company, entirely owned by the
Union Trust Company, conducts modern safe deposit vaults at
both Branches.
St.
CHICAGO, ILLINOIS
"St. Joe"
It is a pleasure to offer investors the School
District 4 Y6s of the City of St. Joseph, Mo.,
one of the oldest Municipalities of this State,
and the third city of Missouri in population
and commercial importance.
Dated May 1, 1915.
Due serially, May 1, 1925, to 1935.
Price to yield 4.35%.
Legal for Savings Banks in Maine, MassaConnecticut, Vermont and
Rhode Island, and as security for Postal
Savings Deposits.
chusetts,
BOND DEPARTMENT
Mississippi Valley Trust Co.
ST. LOUIS
St11311DT
ItstekeSavingsBain&
CHICAGO
Capital, Surplus and Undivided Profits
&GALLATIN,
Members'of the
New York Stock Exchange
111 Broadway
New York
-
$15,700,000
IMPORTANT EVENTS
Hat on hand at all times a variety of exPays interest on Time
cellent Seourities. Buys and sells
Reserve
and
Deposits, Current
Government, Municipal and
Accounts. Deals in Foreign Ex.
Corporation Bonds
change. Transaots a General Trust Business.
Every Saturday we publish a
letter reviewing events of the week
and their bearing on the market.
Sent on request
@FedFRASER