Full text of Commercial and Financial Chronicle : August 21, 1915, Vol. 101, No. 2617

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Bank & Quotation Section
Railway Earnings Section

VOL. 101

Railway & Industrial Section
Bankers* Convention Section
SA T U R D A Y , AU G U ST 21 1915
(fth to n

Clearings at—

P U B L IS H E D W E E K L Y .

1915.

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C L E A R IN G -H O U S E RETU RN S.
T b o following table, made up b y telegraph, & c., indicates that the total
bank clearings o f all the clearing houses o f tho United Statos for tho week
ending to-day have boon ,$3,327,916,919, against $3,146,116,071 last week
and $2,188,287,180 tho corresponding week last year.

Clearlngs—Returns by Telegraph.
Week ending Aug. 21.

1915.

Per
Cent.

1914.

$1,724,391,495
113,139,171
126,540,861
23,098,506
250,241,649
58,348,081
14,608,401

$827,570,901
93,814,211
108,093,284
24,483,100
227,758,394
50,403,424
14,239,189

+ 108.4
+ 20.6
+ 16.4
—5.7
+ 9.9
+ 3.3
+ 2.6

$2,310,374,164
513,208,437

$1,353,052,503
485,200,417

+ 70.8
+ 5.8

Total all cities, five days__________

$2,823,612,601
504,274,318

$1,838,258,980
350,028,200

+ 53.0
+ 44.1

Total all cities for week......................

$3,327,916,019 1 $2,188,287,180 1 +52.1

Tho full details for tho week covered by the a bove will bo glvon next
Saturday. Wo cannot furnish them to-day, cloarings being made up by tbo
clearing housos at noon on Saturday, and lionco in the above tho last day
o f tbo week lias to bo in all cases estim ated, as wo go to press Friday night.
W o present below detailed figures for tbo week ending with Saturday
noon, August 14, for four years:

Clearings at—
1915.
S
New York.......... 1,798,995,707
152,237,920
Philadelphia----49,250,780
Pittsburgh..........
28.508,316
11,300,216
4,674,153
A lb a n y .............
7,335,528
Washington____
4,480,142
2,670,149
2,719,550
Syracuse_______
1,750,000
R ead in g ...........
2,344,511
Wilmington........
1,682,611
Wilkes-Barre----1,927,575
Wheeling............
2,044,319
Trenton..............
979,179
968,048
814,589
1,364,281
472,930
000,746
Grconsburg.........
763,400
Binghamton___
325,449
Montclair_____

Week ending Aug. 14.
Inc.
1912.
1914.
Dec.or 1913.
$
S
S
%
985,139,400 + 82.0 1,480,811,835 1,755,034,687
119,308,600
46,060,858
31,440,285
10,999,329
4,951,203
6,146,028
4,3S0,S32
2,904,138
2,551,558
1,617,315
1,405,317
1,490,293
1,790,811
1,597,975
881,159
1,022,515
597,247
1,419,036
603,342
683,928
636,100
307,411

Total Mlddlo. 2,078,288,015 1,228,073,340

+27.5
+ 6.9
—9.3
+ 3.3
— 5.6
+ 19.3
+ 2.4
— 7.8
+ 0.0
+ 8.2
+ 66.8
+ 12.4
+ 7.0
+ 27.9
+ 11.1
— 5.3
+36.3
—3.9
—21.0
— 12.2
+20.0
— 11.4

138,338,218
47,973,188
34,155,485
11,291,570
5,817,083
0,942,071
4,294,355
3,117,057
2,625,701
1,850,776
1,715,365
1,268,834
2,049,483
1,624,533
821,515
1,205,014
573,429
1,352,971
550,767
733,120
664,000
428,575

143,986,378
53,571,041
37,367,020
11,082,133
5,693,376
6,160,510
4,667,533
2,390,000
2,771,4.88
1,625,863
1,488,137
1,361,342
1,979,546
1,864,606
901,831
991,410
545,323
1,307,908
592,034
522,110
465,500

+69.2 1,750,271,005 2,036,429,782

Fall River--------New Bedford —
Lowell .............. Holyoke..............
Bangor................

137,807,870
7,244,300
5,883,280
3,605.785
2,183,443
3,097,416
2,564,611
1,060,491
999,593
883,129
579,157
484,871

109,652,672
5,904,200
4,282,606
3,281,444
1,787,634
2,469,581
2,358,910
953,031
991,751
708,292
585,959
502,505

+25.7
+ 22.7
+37.4
+ 11.7
+ 22.2
+25.4
+ 8.7
+ 10.8
+ 0.8
+ 24.7
— 1.2
—3.5

130,780,304
7,320,300
4,160,547
3,252,398
1,970,341
2,560,932
2,543,353
987,089
1,014,512
453,324
618,330
515,717

149,693,744
7,613,400
4,084,034
2,737,610
2,028,303
2,560,497
2,432,644
940,133
926,776
513,475
599,131
441,018

Tot.New Eng.

100,453,955

133,478,045

+24.7

102,183,207

174,597,425

Boston................
Provldcnco........
Hartford_______
New Haven____
Portland........ .
Springfield..........

Electric Railway Section
State and City Section

Note.— For Canadian clearings see "Commercial and Miscellaneous News.”



NO. 2617

Week ending Aug. 14.
Inc.
1914.
Dec.or 1913.
$
$
%
259,370,831
+ 9.0 285,458.457

Chicago________
Cincinnati...........
Cleveland______
Detroit_________
Milwaukee____
Indianapolis___
Columbus..........
Toledo_________
Peoria_________
Grand Itaplds__
D a y to n _______
Evansville______
Kalamazoo____
Springfield, 111..
Akron__________
Fort Wayne___
Lexington______
Rockford............
Youngstown___
Quincy................
Decatur________
Springfield, O—
C an ton -----------Bloomington----South Bend........
Jackson ________
Mansfield--------Danville_______
L im a__________
Owensboro------Lansing-----------Jacksonville, 111.
Ann Arbor--------Adrian_________
Tot.Mid.West.
San Francisco—
Los Angeles------Seattle............ .
Portland---------Salt Lake C ity ..
Spokane_______
Tacoma.........—
Oakland..............
Sacramento------San Diego..........
Pasadena---------Stockton---------Fresno_________
San Jose-----------North Yakima..
Reno -------------Long Beach------Total Pacific..

$
282,730,483
25,484,200
30,560,387
47,268,794
15,556,0S7
8,942,482
6,700,000
6,622,292
2,741,755
3,683,539
2,167,891
1,657,723
659,405
1,218,562
1,967,000
1,216,509
659,239
917,361
1,606,067
660,181
598,520
728,730
1,805,551
708,427
686,562
540,000
480,000
495,434
485,729
250,234
525,000
244,013
251,092
46,216
450,865,285
52,802,701
20,113,172
10,958,384
9,534,637
5,906,775
3,644,257
1,779,294
3,724,913
2,042,420
2 ,000,000
791,030
953,651
870,488
800,000
341,912
332,760
538,405
117.134,799

21.651.65C
23,829,630
38,550,700
16,365,560
9,449,550
6,481,000
6,389,997
3,179.400
3,233,771
2,032,788
1,275,536
568,794
1,110,247
1,420,000
1,338,016
643,596
954,879
1,571,222
829,146
536,489
709,941
1,530,868
830,261
656,001
497,117
495,589
485,069
479,258
320,233
483,076
232,537
232,363
62,046
407,810,373
46,211,481
21,618,113
12,333,205
9,705,141
5,727,900
3,495,177
2,059,108
3,498,638
2,264,384
2,150,538
797,994
891,867
937,206
709,182
350,109
299,141
619,091
113,668,281

+ 17.7
+ 28.2
+ 22.6
— 4.S
— 5.3
+ 3.4
+ 3.6
— 13.8
+ 13.9
+ 6.6
+ 30.0
+ 16.0
+ 9.7
+ 37.9
— 9.1
+ 2.4
— 3.9
+ 2.2
— 20.4
+ 11.6
+ 2.6
+ 17.5
— 14.7
+ 4.6
+ 8.7
— 3.1
+ 2.1
+ 1.4
— 21.9
+ 8.7
+ 5.0
+ 8.1
— 25.5
+ 10.5
+ 14.3
—7 0
— 11.1
— 1.8
+ 3.1
+ 1.4
— 13.6
+ 6.5
— 9.8
— 7.0
—0.9
+ 6.9
— 7.2
+ 12.8
— 2.3
+ 11.2
— 13.1
+ 3.0

Kansas City----Minneapolis----Omaha_________
St. Paul________
D en ver-----------St. Joseph..........
Des Moines........
Sioux City..........
Wichita..............
Duluth — ..........
T op ek a ________
Lincoln -----------Davenport........
Cedar Rapids—
Colorado Springs
Pueblo________
Fargo__________
Waterloo_______
Helena_________
Aberdeen........ .
Fremont_______
Hastings............
Hillings________
Tot. oth. West

60,562,437
17,804,568
16,627,875
10,955,293
8,681,915
6,778,158
4,749,009
2,752,539
3,554,020
2,599,881
1,585,969
2,114,760
1,214,797
3,882,371
818.312
391,293
1,141,597
1,403,918
997,363
540,000
326,816
166,736
523,154
156,172,061

57,842,603
20,328.687
14,898,246
7,920.101
8,206,342
5,605,584
4,397,161
2.800.663
3,695,592
3,027,695
1,641,743
1,983,228
1,103,944
1,581,147
750,362
564,385
1,056,394
1,152,452
1,477.347
535,494
354,702
249,975
351,914
141,635,762

+ 15.1
— 12.4
+ 11.6
+ 38.3
+ 5.8
+ 20.9
+ 8.0
— 1.7
— 3.S
— 14.1
— 3.4
+ 6.6
+ 4.4
+ 145.5
+9 1
— 36.3
+ 8.0
+ 21.8
—32.5
+ 0.8
— 7.9
—33.3
+ 48.9
+ 10.3

St. Louis............
New Orleans___
Louisville_____
Galveston_____
Richmond..........
Fort Worth------Memphis_______
Atlanta________
Nashville______
Savannah._____
N orfolk________
Birmingham___
Jacksonville___
Knoxville______
Chattanooga----Mobile................
Augusta________
Oklahoma_____
Little Rock____
Charleston------Macon................
Austin_______ .
Vicksburg..........
Jackson ..............
Tulsa..................
Muskogee______
Total Southern
Total all..........
Outside N. Y .

23,671,500
25,269,832
35,863,855
15,045,467
8,772,491
6,448,400
6,430,7.82
3,419,559
3,371,676
2,662,730
1,269,637
673,917
1,049,274
1,741,000
1,186,411
595,677
875,369
1,622,929
791,393
596,613
807,440
1,250,000
649,938
587,095
000,000

420,477
422,710
494,740
402,902
452,600
271,857
218,091
48,000
433,442,819
50,512,851
22,242,694
13,338,866
11,520,630
4,322,381
6,127.567
2,590,248
3,315,777
2,322,741
2,300,196
836,874
848,826
887,569
831,079
319,153
289,848
..................
122,607,300
55,479.594
21,592,989
16,723,,897
9,824,147
8,438,214
7,838,265
4,603,592
2,981,583
3,502,147
3,662,049
1,623,694
1,920,518
1,399,882
1,345,796
833,627
5S9.229
456,338
1.603,348
1,078,942
335,369
433,351
220,000

378,718
146,865,289

1912.
$
280,703,814
23,664,950
24,289,185
30.561,227
14,514,985
7,908,765
7,395,900
5,217,488
3,313,696
3,416,474
2,144,263
1,029,985
742,024
1,076,431
1,793.000
1,035,377
820,119
754,609
1,337,540
711,667
516,576
709,715
1,336,631
631,252
584,409
506,644
399,097
400,194
349,466
354,999
300,000
247,008
187,173
34,396
418,988,159
54,773,952
22,494,838
12,044,655
11,620,590
4,045,644
5,918,201
2,613,294
4,294,139
1,758.135
2,725,870
850,063
980.642
784,964
744,776
325,000
310,041
__________
126,284,804
55,073,326
19,495,970
16,093,261
10,223,133
10,314,890
8,256,940
4,344,459
2,722,242
3,379,848
2,122,576
1,346,314
1,606,164
1,302,348
1,076,184
890,497
618,976
325,768
1,270,514
923 689
338 102
369,738
198,153
330,846
142,624,336

71,555,645
69,753,290
79,500,320
67,359,215
+ 3.5
15,129,716
17,278,242
13,563,014 + 27.4
18,360,872
13,266,417
11,294,060
14,733,719
10,779,245 + 36.7
7,855,370
6,672,225 — 5.6
6,400,000
2,494.000
5,000,000
2,000,165 + 150.0
3,000,000
6,980,975
7,200,000
8,300,000
6 ,866,110 + 20.9
6,322,272
4,938,862
7,042,763
5,158,158 + 36.5
5,466.111
5,797,779
5,493,170 — 19.9
4,428,488
9,913,022
9,8" ,030
10,335,574
11,020,909 — 6.2
5,567,527
5,576,076
5,874,661 — 9.6
5,309,810
3,197,456
3,713,378
2,817,430
+ 7.7
3,034,778
3,314,555
2,825,641
3,179,041 —0.7
3,156,871
2,571,372
2,724,589
2,419,904 — 12.8
2,109,448
2,980,661
2,975,000
2,665,116 — 9.6
2,409,318
1,717 168
+ 3.3
1,743,055
1,679,176
1,734,960
2,123,575
2,280,575
2,606,233 — 17.1
2,163,377
1 , 100,000
1,150,000
1,053,439
1,188,856 — 11.4
1,123,022
1,315,743
+ 7.6
1,214,176
1,035,050
1,581,919
1,298,615
1,936,685 + 31.8
2,552,500
1,860,098
2,001,500
1,901,321
1,922,093 - 1.1
1,059,284
+ 2.6
1,233,870
1,142,911
1,172,603
2,150,000
2,574,102
2,809.147 — 21.3
2,212,185
1.722,449
2,082,059
1,504,763 + 39.7
2,102,355
237,401
214,047
205,331 + 12.0
229,891
353,219
363,598
357,237
+ 1.5
364,672
1,153,294
767,112
1,590,728 — 6.9
1,480,196
789,339
659,138
727,380
795,735 — 8.5
+ 7.6 175,139,905 174,813,167
177,201,356 164,642,308
3.146,116,071 2,188,308,719 + 43.8 2.790,509,525 3,073,736,673
1,347,120,364 1,2047169,319 ~+12J) 1,309,697J40 1,318,703,986

THE CHRONICLE

554

[VOL. 101.

precedent since the present method of quoting ex­
change has been in existence, though Mr. Henry
The sinking of the White Star Line steamer Arabic Hentz, in a letter to us printed in our issue of Feb­
introduces a new element of tension in the situation. ruary 27 last, pointed out that under the old method
Of the dastardly character of the act, there can be no of quoting sterling exchange sterling bills on
two opinions. It is clear, too, that the Adminis­ London during the panic of 1857 got down to S3 33
tration at Washington having in two separate notes per pound. The par of exchange for the pound
to the German Government taken such a decided sterling is S4 8665. Thus there is at $4 64 a
stand against warfare of that description, as being loss of 22 cents on every pound. Continental ex­
in conflict alike with the principles of humanity and change has been in a similarly panicky state, and
of international law, the repetition in the case of the French cheques on Tuesday were quoted at 6 04,
Arabic of the methods so vigorously condemned in which means that it requires over 6 francs to make a
the Lusitania case, produces a very awkward di­ dollar, where under normal conditions only about
lemma, from which President Wilson will find it dif­ 5.2 francs are required for the purpose.
ficult to extricate the country without a rupture of The causes of the dislocation of exchange are not
diplomatic relations with Germany. The American difficult to find. Great Britain and the countries
people have the utmost confidence in the President allied with her are buying foodstuffs in the United
in this matter. They trust him implicitly and feel States on a prodigious scale. They are also buying
that the national honor and the national dignity are ammunition and munitions of war here on an un­
safe in his keeping. They hope it will be possible to heard-of scale. This makes the export movement
avoid a break, but, come what may, they will stand from this country to the other side extraordinarily
behind him to a man. They know that in any event large. At the same time our importations of mer­
he will do nothing hasty, but proceed with delib­ chandise have been greatly reduced, since European
eration and caution, and it is a bare possibility that countries have a greatly diminished amount of goods
official investigation will tend to relieve the act of its to sell.
harsher aspects and correspondingly smooth the While these basic movements are well known and
course of the Administration in dealing with the affair. well understood, the extent to which the course of
In the meantime, the state of our foreign exchange trade has been changed thereby is not generally
market presents another troublesome problem, and realized and appreciated. A few figures bearing on
one pressing for immediate solution. TheMeprecia- this point drawn from the statistics of our foreign
tion in the exchange value of all foreign money trade will serve to reveal the situation in that re­
units has proceeded to a point where itAcompels the spect more clearly than any amount of generaliza­
attention of the whole financial and commercial tion. We published in our issue of last Saturday
world. The truth is, the depreciation has reached a table showing the imports and exports of the United
such proportions that it threatens, if not arrested, States by principal countries for the last two fiscal
complete dislocation of the foreign exchange market. years and these are invaluable for our present pur­
It is a situation, too, not easy of offhand correction. pose.
The problem is admittedly full of difficulties. Yet Take first the trade of this country with the United
it is by no means an insoluble one. It|is obviously, Kingdom. Our exports thence were valued at no
however, a time when rational action^and^rational less than $911,792,454 in the twelve months ending
views are demanded. Handled soberly and calmly, June 30 1915, as against only $594,271,863 in the
there seems no reason why some way out of the preceding fiscal year. Coincidently our importa­
dilemma should not be found. Above everything tions from the British Isles were only $250,351,675,
else it is necessary that those having dealings in against $293,661,304 in the fiscal year 1914. Notice
exchange should keep perfectly cool^and not lose now the effect of this on the merchandise balance in
their heads. There are, unfortunately, some very favor of the United States. For 1914 the excess of
excitable individuals holding positions of responsi­ merchandise exports over merchandise imports on the
bility in the conduct of large dealings in exchange trade with the the British Isles amounted to $300,­
who display the very bad habit of getting rattled 610,559. For 1915, however, the excess of exports
whenever the exchange market reaches an acute is over twice this amount, it reaching no less than
phase. Marked evidence of this was furnished last $655,440,779. The experience with France has been
autumn, when the various European Governments much the same. The exports thence increased from
promulgated moratorium decrees postponing the $159,818,924 in 1914 to $369,397,170 in 1915, while
payment of debts, completely upsetting the ordinary our importations from France fell from $141,446,252
currents of exchange, and the exchange dealers to $77,158,740.
stood by helpless; and there are decided manifesta­ The result is that France owed us in the latest
tions of the same panic-stricken helplessness on the year for excess of merchandise exports the sum of
$292,280,430, as against only $18,372,672 in the
present occasion.
The extent to which the foreign money units have previous fiscal year. The difference, it will be ob­
declined is well illustrated by the course of exchange served, is prodigious, as in the case of Great Britain.
rates the present week. There was more or less de­ Similarly our exports to Russia increased while the
moralization last week, but the present week this imports fell off, leaving the excess of merchandise
demoralization was carried a step further and pro­ exports for the latest fiscal year roughly 35 million
ceeded at an accelerating pace. On Saturday, dollars, against only a little more than 9 millions
Monday and Tuesday exchange rates dropped pre­ in the previous fiscal year. Canada, perhaps, ought
cipitately, demand sterling on London on the last- also to be taken into the account; there, as it happens,
named day getting down to $4 64, a decline since the the exports thence from the United States were
previous Friday of over 7 cents per £. We need considerably reduced, owing to the business de­
hardly say that $4 64 is a figure which has no parallel pression prevailing in the Dominion, while importa­
in the life of the present generation, and is without tions were maintained at nearly full volume. In the
THE FINANCIAL SITUATION.




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THE CHRONICLE

555

following we show the figures for the four countries The task might indeed be considered a compara­
separately and combined.
tively light one if it were not for the numerous other
-F isc a l Year ending June 3 0 - burdens that the United Kingdom is now obliged
1915.
1914.
to assume in connection with the war. As it is,
Great Britain —
$
$
considerable
confidence seems to be felt by the
U . S . e x p o rts to G re a t B r it a i n . _ 911,792,454
594,271,863
British
Government
and British financial leaders
U . S . im p o rts fro m “
‘ _ _ 256,351,675
293,661,304
that in one way or another the requirements will be
E x c e s s o f e x p o rts _____
. 655,440,779
300,610,559 met without sapping British financial strength.
France—
As a matter of fact, if one may judge from surface
U . S . e x p o rts to Fra n ce _ _
. 369,397,170
159,818,924 indications, greater concern over the matter seems
U . S . im p o rts fro m F ra n c e
.
77,158,740
141,446,252 to be felt in this country than in London. While
uneasy inquiries are being made here as to the
E x c e s s o f e xp o rts
_ 292,238,430
18,372,672 course the British Government and the British
Canada—
financial world intend to pursue for correcting the
U . S . e x p o rts to C a n a d a .
. 300,692,405
344,716,981 dislocation, the British leaders are quietly collecting
U . S . im p o rts fro m C a n a d a . __ . 159,571,712
160,689,709
piles of gold everywhere in the world for shipment
here
and are collecting securities for the same pur­
E x c e s s o f e xp o rts
. 141,120,693
184,027,272
pose.
Russia —
dhe lepeated breaks in exchange rate, each to a
U . S . e x p o rts to R u s s ia ____
37,474,380
30,088,643
lower
depth, are of course disturbing. But it is
U . S . im p o rts fro m R u s s ia . _ .
2,512,381
20,831,184
open to question whether our foreign exchange houses
E x c e s s o f e x p o rts .
.
34,961,999
9,257,459 by their attitude are not adding to the embarrass­
ment of the British Government—by their nervous­
Four Countries Combined —
U . S . e x p o rts to fo u r c o u n t r i e s . l, 619,356,409 1,128,896,411 ness and fears are not tending to produce the very
U . S . im p o rts fro m fo u r c o u n trie s 495,594,508
616,628,449 situation which it is sought to avoid. This is a time
for broad, not for narrow, views. In this country
E x c e s s o f e xp o rts
1,123,761,901
512,267,962 the controlling spirits in our financial institutions
The results for the four countries combined as here piofess to know little about the details of exchange
disclosed throw a flood of light upon the situation. operations, dhey hire experts for the purpose at
Whereas in 1914 the four countries took from us high salaries. Ihese experts are excellent men and
goods and commodities valued at $1,128,896,411, in worthy. I hey attend faithfully to their duties, ren­
1915 they increased the aggregate of their takings by der many hours service a day and are not above put­
almost half a billion dollars to $1,619,356,409. On ting in extra hours at night. Their computations
the other hand, the goods and commodities these are so carefully made that they are never found a
countries sent us had a value of only $495,594,508 farthing out of the way. They know whether bills
against $616,628,449 in the previous fiscal year. In are in good supply or in poor supply, they have an
the final analysis the result is that on our trade with intimate knowledge of money rates all over the world,
these four countries there was an excess of merchan­ and feel it their bounden duty to keep posted on
dise exports in the huge sum of $1,123,761,901, which these and sundry other particulars. They know when
compares with an excess of merchandise exports for a supply of grain bills may be expected and when a
the previous fiscal year of but $512,267,962. In supply of cotton bills. If large financial arrange­
brief, then, the amount to be settled for in the latest ments in connection with corporate affairs are im­
year was 611^2 million dollars more than it was for pending, they will seek to divine their significance
the previous fiscal year.
and their probable effect on exchange rates, for their
But that is not all. It is certain that during the special function is to conduct the exchange depart­
current and' the immediately ensuing months the ment successfully and at a profit.
trade balance must continue to pile up at the same But their knowledge and duty do not extend be­
if not a greater rate. The fiscal year’s balance, we yond this, nor have they the time to make a study of
may assume, has already in the main been settled for, deep underlying conditions having a bearing upon
partly by the return of securities, partly by gold the future. Being desk men, and engrossed at
exports to the United States, and there were, of routine work, their range of vision is necessarily
course, as is always the case, large offsets against the limited. Hence, when anything out of the ordinary
balance, represented by interest and dividends on occurs, they are completely at sea. Last summer and
American securities owned abroad and on invest­ autumn, knowing that we had certain obligations
ments of foreign capital here, and by freight on ocean maturing abroad, they insisted that there was no way
cargoes and other items. As far as this past fiscal of meeting them except by the actual shipment of
year is concerned, we may take it for granted that gold. They completely lost sight of the fact that
only a relatively small sum had to be taken care of Europe’s moratorium decrees had tied up enormous
through the establishment of foreign credits here. American credits abroad for the time being, but that
There remains, therefore, the new trade balance that these credits would become available the moment the
will accumulate month by month in favor of the moratorium decrees expired. They also overlooked
United States to provide for. For the late year this the fact that the demand for our foodstuffs from the
averaged for the four countries combined not quite warring European countries would be such as to
100 million dollars per month. Even if it should create almost immediately supplies of foreign ex­
run for part of the time as high as 150 million dollars change in superabundance.
a month the task ought not to be beyond the ability Their attitude of last summer is being repeated the
of the United Kingdom, with its vast financial re­ present summer. Then they could see nothing ex­
sources, to assume after allowing for the offsets that cept the fact that there was some American obliga­
will also accrue during the same time in the way tions abroad that would have to be met. Now they
already mentioned.
can see nothing except that Great Britain and her



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THE CHRONICLE

[Vol. 101.

Allies are piling up trade balances against themselves year ago in July there was some indication of a
in the United States. Then they stopped issuing bills revival of activity in building operations as compared
and aggravated the situation by so doing. Now they with the corresponding period of 1913, but then
are refraining from buying bills and equally aggra­ came the upheaval in Europe affecting in a material
vating the situation, making it infinitely worse than way the affairs of the whole civilized world and the
it otherwise would be. The chance that by wait­ stupendous conflict since, and still being waged, has
ing it may be possible to purchase bills at a still lower put a damper upon progress quite generally. In
figure because of the expected avalanche of bills some localities, more particularly of course where
later on, is considered as justifying abstention from the war itself has been the impelling cause, a marked
increase in the outlay for building operations has been
buying now.
It is time for the controlling spirits in our large witnessed of late months, but in the case of a majority
institutions to take matters into their own hands and of the municipalities from which we have returns
decide what course to pursue without much regard (98 out of 163) a more or less marked diminution in
to the exchange experts, who indeed ought to be told expenditures is disclosed, with the decline in the
that the situation demands that in everyday affairs amount of work being done most noticeable on the
the normal course be pursued and that it is harmful Pacific Slope. In fact, analyzing the data at hand
to give undue significance in critical times to things by sections of the country, we find that every group
except New England records a smaller aggregate of
that are merely upon the public lip.
intended
disbursements arranged for in July than for
Concerted effort to prevent total collapse in ex­
change rates will in itself be sufficient to avert the the same month of 1914, and that the augmentation
collapse. If it was possible for the late J. P. Morgan, in the specifically mentioned division is quite fully
who though having an intimate knowledge of the accounted for by the magnitude of the work planned
technicalities of exchange was quick to sweep them in cities where the manufacture of munitions of war
aside when occasion demanded, to reverse the course is an important industry.
of the exchange market at the time of the celebrated In Greater New York the estimated cost covered
Morgan-Belmont contract,when the country was in oy the permits issued during July is moderately
peril of descending to a depreciated silver basis, it less than a year ago—813,084,725, contrasting with
ought not to be a superhuman task for our financial $14,009,953—each of the boroughs contributing to
institutions collectively to embark upon a similar the decrease but Queens in only nominal amount.
meretorious rescue work to-day. If they direct Outside of Greater New York, the work called for
liberal purchasing of bills at the present extremely under the contracts entered into involved an approxi­
low figures, success will be assured in advance. At all mate outlay of only $62,455,420, which is 8%
events, in their endeavor to rectify the exchange million dollars under 1914, and shows a decline of
situation let them not keep their gaze fixed too in­ about 2 millions from 1913. More or lessconspicuous
tently abroad, but direct a searching glance over con­ gains are exhibited at a few of the larger cities, such as
Boston, Baltimore, Buffalo, Bridgeport, Hartford,
ditions at home.
New Haven, Worcester, Washington, Kansas City
That Transvaal mining operations would not be and Omaha, but the decreases are notably large at
interfered with to any serious extent by the European such important points as Philadelphia, Pittsburgh,
war—an opinion expressed a year ago and referred Newark, Albany, Jersey City, Rochester and Spring­
to in these columns—has been well verified by the field in the East; Dallas, Galveston, Birmingham
results reported from month to month since that and Nashville at the South, and Chicago, Cincinnati,
time. In fact, the outcome of operations for each Detroit, Indianapolis, St. Louis, St. Paul, Los
period since September last has been more or less Angeles, Seattle and Portland in the West, with a
appreciably better than for the corresponding period number of the smaller municipalities, moreover,
of the previous year, with the July 1915 production showing very radical percentages of decline. Includ­
the largest reported since May 1913. The latest ing New York, the aggregate for the 163 cities is
month’s production is announced by cable as 770,355 $75,540,145, against $85,321,480 for July 1914 and
fine ounces, this comparing with 732,485 fine ounces 79% millions in 1913. Compared with 1912 there is
in 1914 and 653,389 fine ounces in 1913. The seven- a loss of 16 millions.
months yield in 1915 stands at 5,178,403 fine ounces, For the seven months of 1915 the projected expen­
or 359,071 fine ounces more than for the period in diture at the 163 cities is the smallest of any recent
1914 and only 117,407 fine ounces less than in 1913. year—in fact, since 1908, the year of notable de­
This latter loss, however, is fully made up by gains pression in the United States. As we compile the
in Ithodesia and the West African fields. It seems result, it totals $479,092,614, against $549,510,271 in
fair to assume, therefore, that the gold production the period of 1914 and an aggregate of some 600
of the whole of Africa in 1915 will about equal, if not millions in 1912—this latter a high-water mark.
exceed, the record yield of 1912. We note in passing Greater New York’s operations at 107% millions
that an increase in the output of gold from the mines compare with 94% millions and 103 millions, respec­
of California and Colorado as compared with 1914 is tively, in the two preceding years, but outside of this
looked for the current year, recent reports from the first city the total at 371 1-3 million dollars falls below
named State, in fact, indicating a gain of nearly three- 1914 by 84 millions and is under 1913 by a moder­
quarters of a million dollars in the first six months. ately larger amount. The Pacific Slope group of
cities records an especially large decline from last
Building construction returns from leading cities year for the seven-months period, and mentionable, if
of the United States for July 1915 continue to reflect less pronounced, losses are to be found in all other
the comparative absence of activity in that important sections except New England, where, as we have
branch of industry, for which some measure of busi­ already intimated, the increasing manufacture of
ness depression here, as well as the caution inculcated fire-arms, explosives, &c., has been instrumental in
by conditions abroad, furnish ample explanation. A I stimulating activity this year.




A ug-. 211915.]

THE CHRONICLE

557

In the Dominion of Canada the situation in the American Legation at Peking will, it is announced,
building industry in the late month was much the continue efforts to reconcile the differences between
same as for some time past, operations in the aggre­ the Government and the company. Officials in
gate showing a decided diminution from July a year Washington are inclined to speculate as to a possible
ago. Twenty-six cities in the Eastern Provinces fur­ connection between these negotiations on the one
nish a total of intended outlay this year of only hand and the recent granting by China of commercial
$2,131,554 against $7,669,607 last year, and for 17 demands made by Japan on the other hand.
Western municipalities the comparison is between
$547,471 and $4,433,397. The aggregate of all (43 On Aug. 15, which was officially designated as
cities) is, therefore, but $2,679,025, against $12,103,­ “National Registry Day” throughout the United
004 in 1914. For the seven months the contemplated Kingdom, every person between the ages of 15 and 65
expenditures show a very pronounced decline from was called upon to fill out a form giving age, occu­
a year ago. In the East the total at $15,058,735 pation and ability to do work useful to the State.
contrasts with $44,455,691, and in the West $3,302,­ The forms distributed have been collected by the
171 with $27,308,169. Consequently, for the period Government and will serve as data as to the labor
since Jan. 1, the 43 cities have arranged to expend resources of the country and the number of men
in construction work only $18,360,906 against $71,­ available for military service. The enumerators were
763,860 a year ago and in excess of 90 millions in supplied with pink forms upon which to record par­
ticulars regarding those capable of military service.
1913.
This seems to be quite generally regarded as a first
While complete details have not as yet been practical step towards conscription, although official
officially announced, there is no longer any question announcement of intention to put such a practice
that France and England are to place cotton on the into operation has not been made.
list of contraband of war in the near future. The
exact date of operation is still under consideration The Balkan States continue in the balance as far
as well as other details connected with the proposed as outward signs go with reference to their alignment
proclamations. The following statement was au­ as actual participants in the European conflict.
thorized on Thursday at the British Embassy at King Constantine of Greece on Tuesday accepted the
Washington : “The Allied Governments have agreed resignation of the Gounaris Cabinet and requested
in principle that cotton is contraband of war. The former Premier Venizelos to form a new Cabinet.
exact date when this announcement shall be made is The new Premier may be regarded as the leader of
still under consideration as well as other details the war party and his selection by the King is inter­
connected with the proclamations.” It is believed, preted by the Entente Powers as definitely placing
in usually well informed circles at Washington, that Greece on the side of the Allies.
the proclamation will be accompanied by conditions
that will in large measure rob it of its sting. One The White Star Line steamer Arabic, which left
suggestion that is current is that some form of pro­ Liverpool at 2 o’clock on Wednesday afternoon, was
tection to sustain the cotton market will be an­ torpedoed by a German submarine at 9:15 o’clock
nounced. Another intimation is that the announce­ on Thursday morning off Fastnet on the south coast
ment will be accompanied by a ruling releasing large of Ireland, not far from the point at which the Lusi­
quantities of American-owned goods purchased some tania went down in May last. The circumstances
time ago from Germany and until now detained by were very similar to those attending the sinking of
the British Government at Rotterdam. The reason the Cunard liner, except that the vessel was west­
for declaring cotton contraband is that it is one of bound instead of eastbound, and that the loss of life
the principal ingredients in the manufacture of was much less. Latest reports show that more than
various kinds of ammunition.
400 of the 423 on board have been accounted for,
and that all except 8 passengers have been landed
President Yuan Shih-Kai of the Chinese Republic at Queenstown, the others among the missing being
is considering seriously, quoting a press cable dis­ members of the crew. The Captain and passengers
patch from Peking, the project of proclaiming him­ are unanimous in their statements that the vessel
self Emperor, thus abolishing the Chinese Republic. was sunk without warning. This is a point that
The Government has furnished to the Peking news­ becomes necessarily of prime importance in deter­
papers the full text of the advice given the President mining the attitude that our own Government will
to this effect by Professor Frank Johnson Goodnow, assume in' connection with the disaster, in view of
legal adviser of the Chinese Government. It is the statement contained in the American note to
reported to fill five newspaper columns. The entire Germany which was sent on July 21, and which reads:
Cabinet, including General Li Yuen-Heng, Vice­ “The very value which this Government sets upon
President of the Republic, was summoned to the the long and unbroken friendship between the people
President’s Palace yesterday (Friday) to discuss and Government of the United States and the people
“a general policy for the salvation of the country.” and Government of the German nation impels it to
The result of the conference has not been announced. press very solemnly upon the Imperial German
W. E. Bemis, Vice-President of the Standard Oil Government the necessity for a scrupulous observance
Co. of New York, left Peking for the United States of neutral rights in this critical matter. Friendship
on Saturday of last week, having failed to conclude a itself prompts it to say to the Imperial Government
permanent contract with the Chinese Government that repetition by the commanders of German naval
for the exploitation of the oil fields of China. Last vessels of acts in contravention of those rights must
year the Standard Oil Co. entered into a preliminary be regarded by the Government of the United States,
agreement with the Chinese officials for the develop­ when they affect American citizens, as deliberately
ment of oil districts in the northern part of the unfriendly.” The incident has naturally caused a
country. This agreement has now expired. The considerable amount of nervousness and concern in



558

THE CHRONICLE

the financial circles. On the Stock Exchange there
were severe declines in many stocks, though the re­
sulting weakness did not equal by any means that
which followed the Lusitania disaster. The Leyland
liner Nicosian, carrying 1,500 Australian troops, was
torpedoed in the Irish Sea yesterday but managed
to reach port.
Germany continues to press back the Russians in
Poland. Kovno was abandoned by the Russians
early in the week, compelling the Czar’s troops in the
Kalwarya and Suwalki districts on the East Prussian
frontier to fall back. The Russians now appear to
be able to hold their own only in the Baltic Provinces,
where they are successfully preventing the German
advance. Besides capturing Kovno, the German
forces have taken the Novo Georgievsk fortress
and claim to have penetrated the outer position of
Brest-Litovsk, the great fortress which is regarded
as the mainstay of what was expected to be the Czar’s
new line of defense. At Novo Georgievsk the Ger­
mans claim to have captured 700 cannon, G Russian
generals and some men. There is no evidence yet of
the Grand Duke Nicholas’s intentions, but military
writers are quoted in London dispatches as of the
opinion that the swiftness of the German advance has
rendered it impossible for him to make a stand on
the Brest-Litovsk line which already virtually has
been turned by Field Marshal von Mackensen in the
South and his colleague in the North.
Rather more activity has been displayed this week
in the West, the French claiming two successes,
having taken a portion of German trenches in Artois
after a heavy all-day bombardment on Thursday,
and making a further advance on Linge summit in
the Vosges. On both these sectors there has been
heavy and continuous fighting in which the French
claim to have greatly improved their position by
capturing vantage points and keeping the initiative
in their hands. Long-distance artillery engagements
are reported between the Servians and the Austrians
acro.ss the Danube, but thus far there is no practical
indication that the Austro-German offensive intended
to carry relief to the Turks has been begun. The
Turkish forces, besides being closely pressed by the
Anglo-French Allies on the Gallipoli peninsula, where
British reinforcements have obtained a footing in the
vicinity of Sufla Bay, and by the Russians in the
Caucasus, are threatened by Italy. The Italian
Government, angered by the disregard by the Porte
of protests against the treatment of Italian subjects
in Turkey, has demanded that Italians be allowed to
leave the country how, when and where they desire,
a privilege heretofore denied them. Italy, according
to reports from Rome, is making slow but steady
progress against the Austrians on all fronts. The
German warships again are menacing Riga, the
Russian fort on the Baltic. An official communica­
tion from Petrograd states “our warships protecting
the entrance to the Gulf of Riga yesterday, drew
closer in, owing to the great superiority of the
enemy’s fleet.” There have been no reports of
moment regarding the British operations on the
Western frontier.
Attention in financial circles in London, even more
so than in New York, has centered this week upon the
negotiations that are in progress to relieve the
sterling and Continental exchanges after a period
of extreme demoralization. The extent of this de­



[Vol. 101.

moralization is evident from the fact already men­
tioned that demand bills on London were offered in
New York at $4 64,which compares with $4 71 which
was current on Friday of last week. Advices cabled
from London by correspondents who usually speak
with conservatism and authority, intimate that a
bold scheme of international finance quite in line
with the British Chancellor’s handling of the recent
war loan is to be applied to Britain’s international
obligations. As Britain is financing in large measure
the purchases by her Allies of supplies from American
manufacturers, it has been decided (quoting latest
cable advices) to utilize the entire financial resources
of England, France and Russia to steady the ex­
change situation. Before a decision is definitely
taken to arrange a credit here, it is the intention of
the British Chancellor (and his plan apparently has
the endorsement of the English bankers) to send a
huge shipment or combination of shipments of gold
to America to first place conditions on a normal
footing. When that has been successfully accom­
plished the question of establishing a sufficient credit
here to supply funds for additional purchases of war
material will be taken up seriously and promptly.
London bankers are said to be impatient at the official
delay. But apparently the British Treasury is not
to be hurried. The amount of gold that it is pro­
posed to send is stated by some correspondent to
be as high as $250,000,000. Why, under circum­
stances that at present exist, this stupendous move­
ment of the precious metal should be insisted upon
in London is incomprehensible to large New York
banks and bankers. The gold is neither desired nor
required on this side of the Atlantic. Banking re­
serves already are greatly in excess of requirements.
In many important quarters it is feared that the
addition of such a large fund of the precious metal
can hardly fail in the long run to lead to a point of
dangerous domestic expansion. The intense activity
in certain industries that has followed the distribu­
tion of foreign orders for war supplies furnishes an
added influence in the same direction. It is not alto­
gether improbable that a change may finally be made
in the British plans. It is reported from London
that the British Treasury has invited a committee of
eminent London bankers, including Sir Edward
Holden and Sir Felix Schuster, to make a visit to
New York to talk the matter over with financial
authorities in New York.
After the exchange situation is under full control,
then, it is understood, the British Government will
as we have stated, take up in a serious way the
arrangement for the credit on this side. It is pro­
posed as one part of the plan—which has not been
decided upon yet as final—that there shall be a special
issue of Treasury bonds in one, five and ten-year
maturities free of British income tax and issued on
such favorable terms as to be attractive to American
investors, in addition to being acceptable to bankers
on this side as collateral. There are several other
plans under consideration, one including as part
of the collateral the deposit of American securities;
but this appears the one that is most generally in
favor. The London “Daily Telegraph” in its issue
of Thursday contained an article bearing evidences
of official inspiration. It foreshadowed the ship­
ment of an enormous but unnamed quantity of gold.
“The Joint Stock banks,” it said, “are determined
to support the Chancellor of the Exchequer and the
Bank of England to the fullest extent of their power,

A*TG. 21 1015.1

THE CHRONICLE

559

and there is good reason to believe that a plan has growing out of the adverse balance of exchange
been agreed upon by all the parties concerned which against us.”
will result in the restoration of New York exchange
on London to a normal level. It is understood that Business on the London Stock Exchange has been
at Tuesday’s conference Mr. McKenna, Chancellor restricted. On Tuesday the war loans declined oneof the Exchequer, entirely concurred in the views of eighth to one-quarter, apparently being affected by
the banking community. While it is obviously not the payment of the third installment of 15% on the
the moment for the disclosure of the details of the latest loan. It is understood that a petition is to
scheme that has been decided upon, it may be said be presented to the Stock Exchange Committee to
that it provides for the shipment by the Allies of a secure an amendment of the emergency rules govern­
sufficient amount of gold to remove completely the ing the pre-war speculative account. Speculative
deadlock in exchange which seemed to be imminent. loans were to be carried over under these rules until
When the amount becomes known it will probably six months after peace at interest ranging from 6 to
surprise American bankers even more than the British about 9%. No serious objection is made to these
public, and will show that there is a great deal more terms. But the hardship is shown where brokers
gold in this country than many people suppose, are paying the interest on behalf of defaulting clients
besides evidencing the wisdom of the advocates of or on behalf of accounts running in respect of foreign
larger gold holdings by the great Joint Stock banks.” clients who for various reasons cannot pay. The
The London “Times” in its Thursday’s issue endorses brokers must themselves pay on behalf of the non­
the proposal for an immediate “issue and sale to paying clients or else become defaulters. The neces­
importers by the Treasury of gold dollar Treasury sity of paying interest on such loans fortnightly
bills payable in September 1920 by British Govern­ means a drain on the resources of some members of
ment agents in New York. These would be taken the Stock Exchange. The proposal for amendment
readily by American bankers and exporters at a suggests that a distinction be made between brokers
discount not exceeding 4%, and this method of raising who are able to obtain payment from their clients
a gold credit would obviate the injury to the British and brokers who have to pay the charges themselves
war loan involved in the issuance of a tax free 5% because their clients are Germans or Austrians or are
loan in New York.” According to the London serving in the Allies’ forces or have obtained the
“Daily Mail,” “A great part of the £50,000,000 to protection of the courts. The war loan payments up
£100,000,000 gold which will be sent to America to Aug. 16 amounted to £348,500,000. The pay­
will be contributed by France and Russia, as much ment of the third installment (15%) of the loan was
of the purchasing from the United States has been made on Tuesday. It amounted to almost £50,000,­
on their behalf.”
000. In accordance with the ruling of the Exchange
It seems to be agreed that a point has been reached Committee, the London Stock Exchange held no
in the foreign exchange situation where conditions session on Saturday last. To-day, too, will be ob­
have passed beyond the ability of the usual corrective served as a holiday. During the closing days of the
influences to prove effective. An advance in the week London Stock Exchange sentiment, not un­
English Bank rate, while it undoubtedly would at­ naturally, was depressed by the news of the sinking
tract funds in some measure, would not in itself of the White Star liner Arabic.
be sufficient at the present moment. It also is
questionable in the minds of experts whether a suf­ France will in the near future attempt to issue a
ficient volume of American securities could be col­ formal war loan for the purpose of consolidating the
lected by or on behalf of the British Government national defense bonds and other obligations. M.
to constitute an offset to the present trade balance Ribot, the French Minister of Finance, in an inter­
in sufficient measure to ease up permanently the view early in the week declared that the placing of
current strain. Therefore the proposal to utilize seven milliards of francs for defense bonds and obli­
British Treasury bills or the bills of France or Russia gations was a satisfactory result. It evidently was
in connection with British bills as the basis for the necessary, however, to consider the issue of a con­
approaching credit arrangement seems, it must be solidation loan similar to that placed by other na­
conceded, the most logical way out of an admittedly tions. The French Government, at the suggestion
strained position. George Clare, head of one of the of M. Ribot, is to issue a decree placing on sale at
leading exchange houses in London, in an interview post-offices national defense bonds of 20 francs and
. on Monday with a representative of the Associated 5 francs bearing interest at 5%. These bonds may
Press, stated that in his opinion an issue of short­ be exchanged when the holders desire for those of
time bonds at an attractive rate for the New York larger amounts.
market was the best solution of the situation, and he An interesting feature affecting the French situa­
believed that it would be adopted. He pointed out tion is the report that J. P. Morgan & Co., repre­
that the remedy found in selling American securities senting the Rothschilds and the French Government,
held in England had been virtually exhausted. He and Kuhn, Loeb & Co., representing the Pennsyl­
estimated that these sales had reached £4,000,000 vania RR., have arranged the withdrawal of about
weekly for some time and had aggregated about $30,000,000 of 3%% bonds of the Pennsylvania Com­
£100,000,000, which was about all the relief feasible pany. that now constitute part of the collateral for a
from that source. “The best course now,” he said, loan to France. The plan, it is understood, will be for
“is one that is under consideration. It would be the the company to pay off the loan in francs and to re­
first time on record that Great Britain had placed a issue the bonds in the regular dollar form. Under cur­
loan in a foreign country, and this may raise the rent conditions of exchange the transaction is an at­
question of dignity; but Germany, Japan and other tractive one, as francs are at such a substantial dis­
countries have placed such loans in New York, and count in the New York market. It is understood that
the time has come when we should do the same as negotiations are under way for a new French loan in
the surest means of relieving the abnormal situation New York which will be secured by other American




560

THE CHRONICLE

issues that have been collected by the French Cabinet
in France for the purpose.
Wireless dispatches from Berlin quote the news­
papers at that center as intimating that the price of
subscription to the approaching third war loan is to
be higher than that of the second loan and 1J^%
higher than the first; otherwise, the newspapers state,
the loan will be similar in character to the first.
According to advices received by way of Amster­
dam, it has been decided at a meeting of the share­
holders of the Mittel Rheinische Bank, which belongs
to theDisconto-Gessellschaft banking group, to liqui­
date the institution on account of the great losses
through the war. The Mittel Rheinische Bank is
connected closely with the great industries of the
Rhine Province and Westphalia.
There are in various directions indications of ac­
tivity in national financing, due directly or indirectly
to the war. Announcement was made by the Gov­
ernment of Denmark this week, for instance, of a
war tax of 20% on surplus shipping profits which
have been so large during the last year. It is esti­
mated that this tax will yield about $7,000,000 and
will enable Denmark to dispense with an immediate
loan. Press advices cabled from Rome state that
new difficulties have arisen in the payment of the
first part of the German war loan to Bulgaria.
Austro-German bankers are, the advices say, impos­
ing extraordinary conditions which Bulgaria appar­
ently cannot accept. As a result the loan of 500,­
francs runs the risk of postponement if not
abandonment. The “Official Gazette” of Rome on
Monday published a decree authorizing a special new
Italian naval credit of 83,265,000 lire. Dispatches ca­
bled from Bombay state that the complete figures that
are now available indicate that the Government’s
war loan has been oversubscribed 50%, $22,000,­
000 having been subscribed for the $15,000,000
offering.
Discount rates at the official banks of all the
European centers are still without change. In Lon­
don, Paris, Berlin, Vienna and Copenhagen the rate
is 5%; in Norway, Sweden and Portugal it is 53^%;
in Italy and Russia 6%, and in Spain and Switzer­
land 43^2%. In Amsterdam the rate is 43/6%, having
been reduced from 5%, the previous rate since
July 12. Open market rates in London are 4%%
for both sixty-day and three months’ bills, comparing
with 4%@4%% and 4J^% respectively, a week
ago. Day-to-day funds in London are 3@4%, un­
changed for the week. Advices from Berlin quote
a private bank discount rate of 3% % . Otherwise,
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.
0 0 0 ,0 0 0

The return of the Bank of England, notwithstand­
ing the activity that has developed in the exportation
of gold, shows a further increase of £1,387,655 fol­
lowing an expansion of £3,516,292 in last week’s
statement. A decrease of £506,000 in note circu­
lation is reported; hence the total reserve increases
£1,893,000. There was an expansion of £1,907,000
in notes reserved. Public deposits and other deposits
about balanced, the former showing a decrease of
£39,940,000, while the latter increased £39,560,000.



[Vol. 101.

A contraction of £1,952,000 in loans (other securities)
was reported. The increase in the gold in Threadneedle Street is undoubtedly in some measure a re­
sponse to the Government’s appeal for the use of
currency notes in ordinary business transactions.
The total gold is now £67,125,702, which compares
with £37,949,849 one year ago and £42,297,811 in
1913. The reserve is £53,617,000, against £19,223,­
a year ago and the proportion of reserve to lia­
bilities has increased this week to 23.69, against
22.70 last week and 15.80 at this date a year ago.
The loan item is £146,183,000, against £94,726,026
at this date in 1914 and £27,813,574 in 1913. Treas­
ury bills to the amount of £5,476,000 were redeemed
during the week ending Aug. 14; the sales of new bills
amounted to £5,506,000 and the amount outstanding
on the date named was £237,919,000. The Bank of
England reports the amount of currency outstand­
ing as of Aug. 14 as £48,483,504, against £46,729,640
the week preceding. The amount of gold held for
the redemption of such notes remains at £28,500,000.
Our special correspondent furnishes the following de­
tails by cable of the gold movement into and out of
the Bank for the Bank week: Inflow, £6,547,000 (of
which £571,000 bars and £1,000,000 foreign gold
coin bought in the open market, and £4,976,000
net received from the interior of Great Britain);
outflow, £5,159,000 (of which £394,000 bars and
£4,750,000 foreign gold coin sold in the open market
and £15,000 earmarked Straits). We add a tabular
statement comparing for the last five years the differ­
ent items in the Bank of England return:
354

BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1915.
1914.
1913.
1912.
1911.
Aug. 18. Aug. 19. Aug. 20. Aug. 21. Aug. 23.
£
£
£
£
£
Circulation...................... 31,957,000 37,186,495 29,343,910 29,254,135 29,880,065
Public deposits________102,664,000 13,674,470 10,342,150 17,543,751 8,070,267
Other deposits.................124,635,000108,094,287 42,214,309 42,889,928 43,546,744
Government securities.. 45,615,000 26,041,152 12,453,405 13,367,655 14,967,286
Other securities________146,183,000 94,726,086 27,813,574 35,103.208 25,223,051
Reserve notes and coin.. 53,617,000 19,223,354 21,403,901 30,108,153 29,503,397
Coin and bullion______ 67,125,702 37,959,849 42,297,811 40,912,288 40,933,462
Proportion ol reserve to
liabilities ..................... 23.59% 15.80% 58.62% 49.86% 67.12%
Bank rate.........................
5%
5%
4H%
3%
3%

A further increase of 70,087,000 francs is reported
by the Bank of France in its gold holdings, bringing
the total up to 4,392,278,000 francs, which compares
with 4,141,350,000 francs one year ago (as of July 30)
and 3,420,925,000 francs at this date in 1913. As
the Bank suspended the publication of its statement
as soon as the war began and did not resume it until
Feb. 4 1915 no closer comparison with last year’s
conditions than July 30 is available. The silver
holdings this week increased 68,000 francs. A fur­
ther expansion of 73,558,000 francs in note circula­
tion is reported and of 97,085,000 francs in general
deposits. Treasury deposits increased 21,412,000
francs and discounts indicate an expansion of 8,238,­
000 francs. The Bank’s holdings of silver aggregate
357,860,000 francs, against 625,325,000 francs in
1914 and 627,975,000 francs one year before. Note
circulation aggregates 12,898,277,000 francs, against
6,683,184,785 francs the year preceding; general de­
posits are 2,462,489,000 francs, against only 947,­
571,861 francs in 1914 and 687,863,663 francs in
1913. Discounts aggregate 2,383,328,000 francs,
against 2,454,280,425 francs, and Treasury de­
posits are 211,299,000 francs, against 382,561,817
francs.
The Imperial Bank of Germany reports as of Aug.
14 (as cabled by the Overseas News Agency from

A ug . 21 1915.]

THE CHRONICLE

561

Berlin) an increase in the Reichsbank’s gold reserve banks has not been changed. The ruling figures
from Aug. 7 to Aug. 14 this year, in round numbers, follow :
1,600,000 m. ($400,000), against 30,900,000 m. last
Maturities Maturities Maturities of Maturities of Agricultural
year, and has reached $601,075,000, against $377,­ Federal
Reserve
of
over 30 days over 60 days and live stock
of
10 days and 30 days and to GO days. to 90 days, paper over
Bank—
less.
125,000. The dispatch continues: “The amount of
less.
Inclusive. inclusive. 90 days.
Boston________
commercial paper held by the Bank is now virtually New
4
4
4
5
York_____
4
4
4
5
Philadelphia___
4
the same as last year, the figures being $1,182,000,­ Cleveland______
4
4^
5
4
4
4 \\
5
Richmond_____
4
, against $1,106,475,000, this showing the Bank’s Atlanta_______
4
5
4 'i
_
4
4
4
5
4
4
4}j
obligations remained stationary after reaching the St.<Chicago_______
5
Loul3______
4
4
5
_
Minneapolis___
4
4
5
5
war level. The change in conditions is emphasized Kansas City___
4
4
4
5
_
Dallas________
4
4
5
4'A
by the fact that last week holdings of commercial San
Francisco__
4
3'A
6
4X
paper decreased $8,600,000, while last year they in­
creased $172,225,000. The circulation of bank notes
this year is $1,347,175,000, against $970,475,000 The demoralization in our foreign exchanges
last year, but a year ago private deposits with the which we noted at the close of business last week
bank were $637,925,000, while this year they are increased rather than diminished during the earlier
only $438,875,000.”
days of the current week. Demand bills on London
on Friday, August 13, closed at 4 71)4. On Satur­
In local money circles somewhat greater inde­ day a further reduction to 4 69 was established and
pendence seems apparent on the part of lenders on Monday to 4 64, a new low level for the current
though there is no direct intimation of this in the form of quotation. During the latter half of the
practical form of an advance in rates. There is week there was evidence of a hesitating recovery
in fact very little movement that is suggestive of but the sterling exchange situation as a whole
actual negotiations in the matter of rates, the dis­ remains one of extreme nervousness and delicacy.
position of lenders being to adhere with more or Advices cabled from London indicate that a move­
less rigidity to their figures. The West apparently ment of epoch marking importance is in progress
is fully able to care for its own crop requirements to deal with the situation on broad lines. We have
and is not calling on New York thus far. Never­ discussed this subject in some detail in a preceding
theless, we are now fully into the crop-moving period paragraph. The deliberation with which the move­
when independence is usually displayed by the ment is being conducted, however, is the source of
banks and other lenders in their loan transactions, some criticism, both in London and at home here.
and there is slight encouragement, therefore, to There is no doubt that an important amount of
expect important concessions from the present manipulation has been current in sterling exchange
figures. Last Saturday’s Clearing House state­ circles for some time. Interests in close touch with
ment showed an increase of $30,227,000 in the the situation have had slight incentive for buying
aggregate reserve and of $21,174,520 in the surplus even if they have not been actively entering short
above requirements. Loans showed an expansion commitments. A total of $2,000,000 in gold was
of $25,191,000, net demand deposits an increase received from Australia at San Francisco on Wednes­
of $50,772,000, net time deposits a decrease of day. It was consigned to three San Francisco banks,
$548,000 and note circulation an increase of $70,000. to be exchanged at the United States branch Mint
Reserve in “own vaults” increased $29,808,000, for United States gold coins. The money is to be
making the total $475,096,000, including $399,­ placed to the credit of Australian and English banks,
140,000 in specie. Reserve in Federal Reserve temporarily. The British gold was received by the
banks increased $303,000 to $131,227,000 and Wells-Fargo Nevada National Bank, the Canadian
reserves in other depositaries increased $116,000 Bank of Commerce and the Anglo and London-Paris
to $29,346,000. A year ago under the old form of Bank. It is reported that additional shipments
bank statement the Clearing House members re­ from British Colonial sources are already on their
ported a deficit below requirements of $47,992,250 way. A total of $200,000 in gold in addition to
and in 1913 at this date a surplus of $24,642,750. considerable amounts of securities was on the ill-fated
It is estimated that downtown banks and trust White Star steamer Arabic. We have referred to
companies have loaned Stock Exchange houses the report cabled from London that it is a part
recently between $25,000,000 and $30,000,000 in of the British Treasury’s foreign financial policy
time money in periods ranging from sixty days to to send $250,000,000 in gold to New York for
six months, these firms preferring to make definite the purpose of steadying the exchanges before
commitment instead of relying upon the daily call completing negotiations for the establishment of
money supply.
a large credit here. This credit, according to
Referring to money rates in detail the call money latest reports, will take the form of a “dollar loan,”
market may be said to have been pegged at 1)4@2% for which Great Britain, France and Russia, and
throughout the week, these figures representing the possibly Italy, will become jointly responsible.
lowest and highest respectively each day, hile There have been daily conferences by cable between
1/4% was the ruling rate. Time money rates are New York and London bankers over the situation.
without substantial change, sixty days funds closing Some of the most important New York interests
at 2 lA % (unchanged for the week) ninety days at have been opposing the shipment to this side of
2%% (unchanged) four months 3% (unchanged) anything like the proposed $250,000,000 in gold, as
five months and six months 3@334% (unchanged) being unnecessary and undesirable, but it is under­
commercial paper discounts remain at 3)4@334% stood that the British bankers, as a rule, are taking
for sixty and ninety days endorsed bills receivable the opposite view. Presumably, the British deter­
and for four to six months single names of choice mination to place sterling exchange upon an un­
character, with 4% required for names not so well equivocally normal basis portends the beginning
known. The discount rate of the Federal Reserve of export purchases of foodstuffs and other necessi3
3
3

000




3

3

5®2

[Vol. 101

THE CHRONICLE

ties on a large scale since rates at anything like the 6.04 francs earlier in the week, while bankers’ cables
current level place a large handicap on purchases in finished at 5.88. A week ago checks were quoted
this country that must be paid for in dollars. Ster­ at 5.88% and cables at 5.87%. It may be of inter­
ling rates on the present basis of quotations are at est to note that Kuhn, Loeb & Co., the Pennsylvania
a discount ot about 4%%. The Continental ex­ Railroad bankers, were quite heavy purchasers of
changes are at much greater discounts; thus there Paris checks and cables toward the close of the week
is encouragement for foreigners to sell securities and in connection with the sale of $30,000,000 Pennsyl­
everything else that will be paid for in dollars, which vania bonds by Paris. These bonds are payable in
can necessarily be converted into a greater value Paris in francs and are to be canceled by the com­
measured by their own funds, than under normal pany and dollar bonds of the regular form issued
conditions. There likewise is encouragement to against them. Bankers’ checks on Berlin after de­
purchase as little as possible for which the foreign clining to 81 on Tuesday closed last evening
equivalent of dollars must be paid. The export at 81 5-16, against 81% a week ago, and cable
movement should continue to increase as the transfers finished at 81% (after touching 81%
active season for exports of our food products early in the week), against 81% a week ago. Swiss
is rapidly approaching. For the week ending exchange declined on Tuesday to 5 41 for sight but
August 14, according to the preliminary figures closed at 5 38, as against 5 36% a week ago, while
published by the Department of Commerce, our cable transfers after declining to 5 40 finished at 5 37,
exports of merchandise (through the thirteen against 5 35% a week ago. Italian lire closed at
principal customs distri ,ts) exceeded the imports 46 for sight and 6 45 for cables, against 6 40 and
by $28,829,397, which compares with $13,945,455, 39 a week ago. On Tuesday the quotation was
the export excess during the week preceding, and 50 for checks and 6 49 for cables. Bankers’ checks
constitutes the largest excess in many weeks.
on Amsterdam are 39 15-16 and cables are 40 1-16
Compared with Friday of last week, sterling ex­ comparing with 40 3-16 and 40% last week. Greek
change on Saturday was very weak and the rate for exchange is 5 27 for checks against 5 26 last week
demand bills dropped to 4 G9; so serious had become and cables are 5 26 against 5 25. Copenhagen
the exchange situation that a meeting of foreign ex­ checks are 25.70, against 25.85 last week. Norway
change experts was arranged to be held on Monday and Sweden are 25.75 for checks, against 25.90.
to discuss plans for devising some means of relief; Russian rubles have increased their last week’s
the range of quotations, a more or less nominal one, strength and closed at 37, against 34%@35 one week
was 4 69@4 70% for demand, 4 69%@4 71% for ago and 33 the week preceding. In view of the seri­
cable transfers and 4 64%@4 64% for sixty days. ous defeats of Russian troops in Poland, the strength,
On Monday a further collapse was evidenced by a to say the least, is surprising. It is presumably due
sensational decline to 4 64 for demand bills; later to the prospect of the establishment of the proposed
the market stiffened on buying by an international joint credit for the Allies in this country. There are,
banker and foreign selling of American securities; too, suggestions that it may reflect a belief in the
the high was 4 67%, while cable transfers ranged probability of a separate peace for Russia.
at 4 64%@4 68% and sixty days at 4 62%@4 62%;
as a result of the conference of exchange experts, it The New York Clearing House banks, in their
was believed that very shortly large foreign credits
with interior banking institutions, have
would be established for the purpose of righting the operations
gained
$5,183,000
in cash as a result of the cur­
situation. Demand sterling again touched 4 64 on rency movements net
for
week ending Aug. 20.
Tuesday, rallied to 4 65% and closed at 4 64%, with Their receipts from thetheinterior
have aggregated
the market weak and nervous; cable transfers fluc­ $8,967,000, while the shipments have
reached $3,­
tuated between 4 65@4 65% and sixty days ruled at 784,000. Adding the Sub-Treasury operations
4 60%@4 65%. On Wednesday sterling rates re­ the gold imports, which together occasioned a gainandof
covered to a considerable extent—covering of shorts $7,221,000, the combined result of the flow of money
and a lessening in the volume of offerings being mainly into and out of the New York banks for the week
responsible for a rise of 3% points from the extreme appears to have been a gain of $12,404,000, as follows:
low figures of Monday; the day’s range was 4 65@
4 67% for demand, 4 65%@4 68 for cable transfers
Into
Out of
Net Change in
Week ending Aug. 20.
Hanks.
Hanks. Hank Holdings.
and 4 61%@4 61% for sixty days. A decidedly
S3,784,000 Gain 55,183,000
firmer tone was recorded on Thursday and demand Hanks’ Interior movement............... 88.967.000
26.285.000 19.001,000 Gain 7,221,000
moved up to 4 66%@4 67%, cable transfers to Sub-Trcas. oper . and gold lmports. 535,252,000! $22,848,000 Gain 812,404,000
4 67%@4 68% and sixty days to 4 61%@4 62; ex­
pectations of the speedy establishment of a large The following table indicates the amount of bullion
foreign credit here were the chief influence in strength­ in the principal European banks:
ening quotations. On Friday the market ruled
Aug. 20 1914.
Aug. 19 1915.
better. Closing quotations were 4 62%@4 63 for Banks of
Total.
Gold.
Total.
Gold.
sixty days, 4 67%@4 67% for demand and 4 68%
£
£
@4 68% for cable transfers. Commercial on banks England..
_______ I 37 ,959,849
67,125,
....' 67 ,125,702 37,959,849
630 25,013,2.30 190 ,666,960
France__ 175,691,
14,716 ,560190 ,411,000*165653
nominal. Documents for payment nominal. Seven- Germany
75,426,400, 4,08i,650 79 ,511,050
. 120,218,
,000122 ,418,600!
6,316,000178 ,483,000
160,868,
5,387 ,000 172 ,255,000 172,167,000,
51.578.000 12,140,000 63 ,718,000
day grain bills at 4 66@4 66%. Cotton for payment Russia__
Aus.-Ilunc; 51,578,
12,140 ,000 63 718.000 21.813.000
27,463,000, 49 276.000
29,493 ,000 57
Spain___ 28,158,
2,880,000. 48 201,000
nominal; grain for payment nominal.
4,702 ,000| 50 468.000 45,321,000.
Italy____ 1d45 760,
511,100 14 010,100
162 ,500, 31 405,500 13.499.000 633,000
Nethcrl’ds 31,243,
11 ,610,000
Nat.Uelgc! 15.380,
600 ,000' 15 980.000 10.977.000
,252,200
. . . 9 610,400 8,262,200
Swltz'land 9,610,
_ 300.000 5.727.000
,727,000
The Continental exchanges have continued to fol­ Sweden .. 6,300,
sbb’ooo 4 352.000
5,946,
,000 6 246.000 4.052.000
168.000
. . . 3 420.000 3.163.000 ...... .
low very closely the changes in sterling. The Lon­ Norway.. 3,420,
,009.202615,594,129;
79,341,030694,935,159
Tot.
week
727,308
69,701
060
797
don check rate in Paris closed at 27.70 francs, against Prev .week 723,091 857! 69,843 240 792 ,935,097602,483,159, 93,027,130695,510,289
27.67 francs a week ago. In New York exchange on
30 1914 In both years, h Data In 1915 lor Sept. 21 1914. * July 30 1914.
Paris closed at 5.89 for checks after having touched cd July
June 30 1915.



6

6
6

£

£

2,200

651.000

,
,

6

i > fn m r,rK

3

A ug . 21 1915.]

THE CHRONICLE

56 3

the Berlin Foreign Office dealing primarily with other
matters some time ago, raised indirectly the q uestion
of the relation of these exports to an attitude of neu­
Throughout the present year the question of export trality.
Later on, the matter was taken up more
of war munitions from this country to the European directly through
communications from pro-German
belligerents has assumed a somewhat peculiar shape. oiganizations in this
country to Congressional com­
It had certainly not been anticipated, in the earlier mittees. Our Government
spoke officially,
stages of the war, that a trade of this character, in pointing out that the trade wasthenexpressly
sanctioned
any such proportions as those to which it has risen, by international law; that it was conducted
was a possibility. A year ago the more hopeful pre­ piivate individuals, and that for the Government by
to
dictions in regard to revival in our export trade were interfere would be an act of manifest unfriendliness
based on the theory that American manufacturers to the European purchasers of such material. Even
would be called upon to supply, for neutral markets Mr. Bryan, during his incumbency of the State Depart­
such as South America arid Asia, the goods which ment,
to this principle. Answering, in a
English and German manufacturers were no longer letter ofassented
Jan.
20
to Senator Stone, the protests of
able adequately to provide.
Western
German-Americans
regarding the export of
Ihis has not happened; certainly not in any such munitions, he clearly set forth
letter having
degree as was then imagined. The prediction had been evidently prepared by the (the
Department’s
ex­
overlooked the fact that the purchasing power of perts, but signed by himself) the American Govern­
those very markets would be so greatly impaired ment’s policy. There appeared, he said, to be a no­
by the financial shock of the European war and the tion
that some obligation rests upon our Government
consequent embargo on advances of European capital to prevent
such trade, “and thus to equalize the
to those countries, as to reduce enormously the oppor­ difference due
naval strength of the
tunities for export trade with them. Meantime, belligerents. toButthe“norelative
such
obligation exists. It
however, the orders for war munitions suddenly, at would be an unneutral act, an act
on the
the beginning of the present year, rose to extremely pai t of this Government. . . . of Ifpartiality
Germany
and
large proportions. It had developed that this was Austiia-Hungaiy cannot import contraband from
to be a war of artillery, as no other conflict ever had this country, it is not, because of that fact, the duty
been before. I he daily use of powder, bullets, shells of
United States to close its markets to the
and engines of war grew to wholly unprecedented Alliethe
s.
I he markets of this country are open upon
magnitude. Battles and campaigns were decided equal terms
all the world, to every nation,
almost exclusively by the superior supply of available belligerent or toneutral.”
munitions.
I he Geiman Government has at no time dissented
All the stronger belligerent States had factories from
this statement of law and fact; but the effort
equipped for extensive production of such munitions; to obtain
a Government embargo on such exports
but for two reasons Germany occupied a position of has continued.
Probably because of the other un­
gioat advantage. The German Government had settled controversies
between the foreign offices of
accumulated a much larger stock of war material Washington and Berlin,
formal presentation of
than the others during the years in which prepara­ the case was relegated totheVienna.
Austrian
tions for a possible conflict were under way. But note, piesented early in July but only The
recently
more than this, the occupation by the Germans of lished in full, was friendly in tone and frankpub­
in
Belgium and of a most important section of industrial accepting the fact that our Government was en­
France gave them greatly increased facilities for such deavoring to shape its policy on the lines of strict
production. Under such circumstances, and with neutrality.
in courteous language the Vienna
accumulating evidence that fighting on equal terms Foreign OfficeBut
disputed
the assumptions on which the
would not be possible unless the Allies matched these attitude of our Government
based. Conditions
new productive resources of Germany by purchasing which have developed in the war,is the
note proceeded,
material from neutral markets, the orders were “are such that the very intention of the
Washington
placed by England, France and Russia in our mar­ Cabinet is defeated; indeed, that exactly the
opposite
kets, with the extraordinary results in our own effect is produced.” The Hague conventions,
manufacturing industry and in our market for Euro­ admitted, “offer a formal basis for the tolerationit ofis
pean exchange, which we are witnessing to-day.
the trade in war materials as at present carried on
Had Germany’s fleet, like the French fleet in the by
States”; but it is contended that the
earlier years of the Napoleonic wars, maintained its spirittheofUnited
those
conventions
is violated. If it is true
resistance to England,on the seas, there is not the that a neutral may not rightlychange
during the war
slightest doubt that Germany, too, would have been the law previously in force as to its attitude
towards
a purchaser of war material in our markets. The belligerents, the Hague convention also intimates
piactice has been tnc commonplace of war on the that such change may be made where experience
larger scale; war munitions having been habitually shows
to be necessary to protect the rights of the
regarded merely as a more hazardous form of contra- ' 1 ower itconcerned.
Such a case, the Austrian note
band. But Germany surrendered control of the insists, has arisen from
fact that Germany and
ocean loutes at once. Our markets were no longer Austria are cut off from the
intercourse
with the United
accessible to her; hence the particular controversy States.
which has culminated in Austria’s recent note of pro­ Secretary Lansing’s reply begins by frankly ex­
test and in last Monday’s rejoinder by our State pressing
our Government’s surprise at Austria’s sug­
Department.
gestion
that
we should “go beyond the long-recog­
This exchange of notes was not the beginning of nized rules governing
such traffic by neutrals,” and
the controversy. A somewhat untactful comment on adopt measures designed
counterbalance the dis­
the matter by the German Ambassador at Washing­ advantages of Austria and toGermany
on the seas. To
ton, and some tentative intimations in notes from such an assertion of duty or obligation,
“the GovernTHE AUSTRIAN NOTE AND THE EXPORT OF
MUNITIONS.




564

THE CHRONICLE

[VOL. 101.

belligerent? This question is answered posi­
The eign
tively, and on the broadest lines of human welfare:
general adoption by the nations of the world
“Recognition of an obligation of this sort, unknown of “The
the
theory
that neutral powers ought to prohibit
to the international practice of the past, would im­ the sale of arms
ammunition to belligerents
pose upon every neutral nation a duty to sit in judg­ would compel everyandnation
in readiness at
ment on the progress of a war and to restrict its all times sufficient munitionsto ofhave
war
to meet any
commercial intercourse with a belligerent whose naval emergency which might arise and to erect
main­
successes prevented the neutral from trade with the tain establishments for the manufacture ofand
arms
and
enemy.
.
.
.
,
,
.
,
.
.
.
ammunition
sufficient
to
supply
the
needs
of
its
mili­
“A belligerent controlling the high seas might
and naval forces throughout the progress of a
possess an ample supply of arms and ammunition, tary
war.
the application of this theory
but be in want of food and clothing. On the novel would Manifestly
result
in
every
becoming an armed
principle that equalization is a neutral duty, neutral camp, ready to resist nation
aggression
and tempted to
nations would be obligated to place an embargo on employ force in asserting its rights rather
appeal
such articles because one of the belligerents could not to reason and justice for the settlement than
of
interna­
obtain them through commercial intercourse. . . . tional disputes.”
“Manifestly, the idea of strict neutrality now ad­
vanced by the Imperial and Royal Government would It seems to us that this plain and thorough presen­
involve a neutral nation in a mass of perplexities tation of the matter must, so far as the Governments
which would obscure the whole field of international are concerned, distinctly close the question. People
obligation, produce economic confusion, and deprive whose humane instincts lead them to object on
all commerce and industry of legitimate fields of general principles to sales of wai munitions by neu­
enterprise already heavily burdened by the unavoid­ trals to belligerents wholly overlook the quite indis­
able restrictions of war.”
putable facts set forth in the paragraph last cited.
The Austrian note had asserted that, “according Our State Department might, indeed, have added
to all the authorities on international law, who have that, if neutral States as a whole were to prohibit
especially dealt with the questions which here arise, exports of the sort, then such weaker States as
the neutral government is not permitted to allow Servia, for instance, unequipped with munition fac­
unhindered trade in contraband of war if this trade tories of their own, would necessarily become the
assumes such character and proportions that the victim in any single-handed contest with a powerful
country’s neutrality is thereby impaired.” To this neighbor possessing such facilities. Even our own
our Government replies by merely citing a German Government, with all the country’s facilities for pro­
authority, Paul Heinicke, who states that at the duction, has refused to join the race for competitive
beginning of a war belligerents have never remon­ armaments by piling up limitless stores of war ma­
strated against the enactment of prohibitions on terial. It has always depended, our Government’s
trade in contraband, but adds: “But such prohibi­ note to Austria sets forth, on “the right and power to
tions may be considered as violations of neutrality, purchase arms and ammunition from neutial nations
or at least as unfriendly acts, if they are enacted in case of foreign attack.” But “this privilege which
during a war with the purpose to close unexpectedly it claims for itself it cannot deny to others.”
the sources of supply to a party which heretofore
had relied on them.”
OF THE INDUSTRIAL RELA­
So far as to the underlying principles of interna­ THE FAILURE
TIONS COMMISSION.
tional law. But how about the practice of other The ending, with the present week, of the Com­
nations than our own, on other occasions than the mission on Industrial Relations by the limitation
present? The rejoinder of our Government, on this stated in the Act creating it, suggests and justifies
aspect of the matter, is of much significance. Ger­ a brief comment upon this additional example of the
many and Austria both sold munitions to the general inutility of legislative investigations.
belligerent Governments in the Balkan wars of 1912 ^ The Act creating this body was approved, just
and 1913. It may be answered that, since no block­ three years ago, and Mr. Taft probably put his name
ade existed in that conflict, as between the several it out of good nature or with the feeling that it
belligerents, the case was not analogous. Very to
be useless to seek to oppose the prevalent dis­
well, then; let us go further back in military history: would
position to offer such spoonfuls of political Castoria
“During the Boer War, between Great Britain and to excited labor. The Act specified that not less
the South African republics, the patrol of the coasts than three of the nine members should be represen­
of neighboring neutral colonies by British naval ves­ tatives of organized labor and not less than another
sels prevented arms and ammunition reaching the three should be employers. This has a superficial
Transvaal or the Orange Free State, iho allied appearance of fairness, as if employers and employed
republics were in a situation almost identical in that were to get together—as it is at all times desirable
respect with that in which Austria-Hungary and Ger­
many find themselves at the present time. Yet, in to have them do, if only upon an open basis—to talk
spite of the commercial isolation of one belligerent, over their differences and seek a better modus
Germany sold to Great Britain, the other belligerent,
Yet two things which made the undertak­
hundreds of thousands of kilos of explosives, gun­ vivendi.
ing
hopeless
respect to any good results from it
powder, cartridges, shot and weapons, and it is were evident,in from
to any careful and
known that Austria-Hungary also sold similar muni­ thinking person; onethewasstart,
that any real attempt to
tions to the same purchaser, though in smaller quan­
discover facts, without regard to what the facts
tities.”
show and suggest, did not require “represen­
The largest consideration of all remains to be set might
tatives”
of any interest to be of the investigators,
forth. Since discrimination between two or more since honest
inquirers would surely seek information
belligerents, in permitting or forbidding export of from all sources
all persons concerned would
war munitions, is out of the question for a neutral certainly use the and
opportunity
a public hearing;
State, the really fundamental question is, Ought a the other thing was that a bodyforof inquirers
made up

neutral power to permit such exportation to any for­
ment of the United States cannot accede.
reason is manifest:



A ug. 21 1915.!

THE CHRONICLE

56 5

as this law directed would certainly be partisan and
would devote itself to setting up a predetermined
THE NEED OF ECONOMY.
situation.
In
a
recent
circular, the City Bank
It is unnecessary to set forth now in detail how this urges that this is monthly
an
especially
time to study and
matter has come out. These men have been of the piactice economy, and while fit
nothing
is said
abundant class of inquirers who seek what they want oi can be said upon that topic it is onenew
which
par­
to find and have decided to find, and will not seek or ticularly needs enforcing in this extravagant country.
even permit anything else. Their head, Mr. Frank 1 olitical economy (a rather infelicitously-named
P. Walsh, nominally a lawyer, but clearly one of the science
is far more comprehensive than that
many to whom notoriety appears about as good as familiar which
word
suggests) has no more elementary
fame and more easy to reach. Not many months ago and almost axiomatic
propositions than these: that
he held sittings here, professedly to investigate the all capital consists of savings,
that unprofitable
mining troubles in Colorado, prefacing them by a consumption is another term and
for
waste.
public tirade against the Rockefellers, and his going into analyses by noting such potentialWithout
capital
examination of those men showed an unconcealed as sun, rain, soil fertility, and even that in the
purpose to pillory them as “malefactors of great brain and arm of man, it is broadly true that capital
wealth/' inhuman, conspirators, and all else that is consists in saved (unconsumed) products of labor;
bad. To condemn and denounce first and investi­ next, that consumption may be profitable or the
gate afterwards cannot produce conclusions worth reverse.
respect, and in such a matter as this supplies more Again waiving analyses, consumption for educa­
fuel for the fire of bitterness and “class” hatreds. tional or pleasurable ends may be profitable; expendi­
Such a process of pretended inquiry is worse than a ture on a dinner, on flowers, or on fireworks may be
waste of money, the amount of which is not precisely commendable, but it would be more so if turned to
known, but 8100,000 was authorized for it in the production. If to furnish employment and distribute
first year by the enabling act, and one of the money were a general service, a hailstorm, an inun­
Commissioners states that $500,000 has been spent. dation,
great cyclone, and even our national fireIf is an industrial injury and a social menace. And waste ofa several
hundred millions annually, would
now the final report” required to be made simul­ be public blessings, whereas the time and labor
taneously with the ending of the Commission on the
duplicate wasted value might be turned to
23d (if not made earlier) is liable to be two, or even which
increasing the total of value.
three, conflicting reports. This is because some of this is the line of the City Bank's discourse. The
the members are not so mad as Mr. Walsh, and war has checked the world’s progress, for war might
cannot accept his furious oratory against wealth, be called the climax of conflagration; but saving
especially his recommendation that Congress confis­ will
aid to counteract its effects. Our people are
cate all that remains of estates after the legitimate fai more
able than others to increase their savings,
heirs have had one million each.
because
their
income is largest and they are suffer­
Section 4 of the enabling act required the Commis­ ing least by the
“this country, therefore, has
sion to “inquire into the general condition of labor in it in its power to war;
do more than any other to repair
the principal industries of the United States, including lavages. luither, the argument runs, this country
agriculture, and especially those which are carried now
has its best opportunity to buy back its own
on in corporate forms; into existing relations between obligations
and become a creditor nation by invest­
employers and employees,” and into many other ments in other
countries, “particularly the develop­
matters stated with much generality of terms; fin­ ing countries of this
moreover, when the
ally, “the Commission shall seek to discover the war ends “there willhemisphere”;
be
extraordinary
underlying causes of dissatisfaction in the industrial for the use of American capital in otheropportunities
parts of the
situation and report its conclusions thereon.” In­ world, not only for direct profit but in ways
that will
quirers who desired information and were indifferent create permanent outlets for American goods.”
(in their capacity as such) what might be disclosed, Certainly the situation does offer opportunities
might possibly have discovered, under such a general which
have been neither very wisely used nor cor­
instruction, something useful, even if nothing quite rectly understood.
It is not fully realized, in any
new; these men have told us what everybody knew country, that the temporary
effects (as well as the
before, that laborers are not satisfied and there is a more lasting effects) of the unprofitable
consump­
general unrest. Some of the “underlying causes of tion by war must be met by industry and self-denial.
dissatisfaction” are: misconceptions, jealousies the For the rest of our lives, said the London “Times”
fallacy that all men are equal and should share
we who are on the stage will not find the old
equally, and that some are rich because they have lately,
conditions
life is going to be harder for us
robbed the majority who have less. It was well all * * again;
*
we
have
not really felt the pinch yet,
known before that mankind hate work and prefer but it is coming, and coming
to stay.” This war is
riches with idle enjoyments; the smallest newsboy no mere unhappy interlude, to
be followed by the
could have told that.
old
smooth
flow
of
life;
if
it
ended
1915 its conse­
As for means of reducing social inequalities and in­ quences would still overshadow allinwho
it.
dustrial dissatisfactions, Congress might as well have “If our people could grasp these truths andsurvive
could
also
set a Commission roving to find the lost lamp of
to be misled by the present abundance of money
Aladdin. Education, thrift, patience, charity of lcfuse
thioughout
country they would begin to practice
temper, peaceful obedience to law, and co-operation at once thattherigid
thrift which in greater or less de­
especially, are the only possible cure for these evils gree must henceforward
be the lot of all.”
which have come down from ancient society and still Warnings against popular
are not agree­
beset the modern. There is no swift cure; attempts able, but they are wholesomedelusions
and
necessary.
all
to apply a rapid solvent make the difficulties more delusions the worst is that “money” is prosperityOfand
acute.
the printing press an inexhaustible fount of blessings



THE

566

[VOL. 101.

CHRONICLE

indifferent for several successive years. This is par­
ticularly true as far as the net is concerned, rising
expenses having been an adverse feature in all re­
cent years. The showing for Juno 1913 was not
unfavorable in the matter of the gross earnings,
there having been an increase of $16,873,448,
or 6.95%, but unfortunately it was attended
by an augmentation in expenses of $17,012,420, or
10.21%, thus actually leaving a small loss in net—
$138,972.
In June 1912 there were moderate gains in both gross
and net, namely $14,579,115 in gross and $4,534,151
in net—but this followed $6,519,628 decrease in gross
and $4,443,183 decrease in net in June 1911. Nor
was the exhibit for June 1910 entirely satisfactory.
The gain in the gross was large enough, reaching
$27,805,640, but only $3,129,346 of this was carried
forward as a gain in net. In June 1909 the compari­
sons were extremely good, but that repiesented
merely a recovery, or rather a partial recovery, of the
RAILROAD GROSS AND NET EARNINGS FOR tremendous losses sustained the yeai preceding.
JUNE.
According to the figures compiled by the Inter-State
Our compilation of the gross and net earnings of Commerce Commission, tlieie was in June 1909
United States railroads for the month of June re­ an increase of $26,309,748 in gross and an increase
veals the same characteristics as the returns for the of $14,357,535 in net. In June 1908 there were losses
months immediately preceding. With gross earnings of large magnitude, it being the period following the
showing only relatively trifling recovery we have a panic of 1907. Our compilation at the time showed
quite large increase in net earnings, and if we looked $26,987,858 decrease in gross and $4,557,091 de­
only at the surface of the returns we should have to crease in net; but this covered only 147,436 miles
conclude that the roads were getting rapidly rich by of road. A somewhat fuller statement, made up so
the simple process of reducing expenses. As a as to include a considerable body of roads which had
matter of fact, the roads long since, speaking of furnished returns of gross but not of net, covered
them collectively, reached the limit of practical 178,960 miles, and showed a decrease in gross earn­
economy through real savings in expenses, and the ings at that time of no less than $33,126,964, or
present severe cuts in expenses represent a policy 18.47%. When giving our final compilations, we
that has been forced upon the managements by a estimated that for the entire railroad system of the
desire on their part to prevent further impairment of country the loss in gross earnings for the month of
railroad credit through reduction of the net to the June 1908 must have been $46,000,000 and the loss in
danger point. All renewal and repair work that net $10 000,000. Prior to 1908 the course of earn­
can be put off for the time being without peril is ings was steadily upward for a whole decade, and we
being deferred to more propitious times. The real had an uninterrupted series of increases, both in the
cost of operations is not being diminished and no gross and in the net.
panacea has yet been found for enabling the roads In the following we furnish the June comparisons
at a time of rising wages and arrested growth in traf­ back to 1897. For 1909, 1910 and 1911 we use the
fic and gross revenues to offest these disadvantages Inter-State Commerce totals, but for preceding years
and produce larger net in face of the same.
we give the results just as registered by our own tables
To put the results for the month in concise form, each year_a portion of the railroad mileage of the
we have in the aggregate a gain of only $1,313,837 in country being always unrepresented in the totals,
gross (less than 1%), but attended by $10,854,146 owing to the refusal of some of the roads in those days
decrease in expenses, thus producing a gain in net of to furnish monthly figures for publication.
$12,167,983, or 17.51%, as will be seen by the
iVet Earnings.
Gross Earnings.
following:
Inc. or Dec.
Year.
Inc. or Year
Year Inc. or

also that rising prices and brisk buying point the
road to wealth. Some outgivings by the chief
financial officer of Germany suggest a failure there
to note the difference between the measure of wealth
and wealth itself, and between an active industry
which is producing the tools of war and the quieter
form which produces for utility and accumulation.
Not even gold, despite its value in material, is in the
broad sense wealth, and resort to inconvertible paper
only accelerates loss. The lesson is for all nations,
and this heedless nation of ours needs to take home
its share: expenditure neither is nor measures pros­
perity, production should be increased, industry
should replace idleness and bickerings, saving should
be studied and practiced, wastes should be watched
and diminished—all this now more than ever while
one-half the globe is given over to madness.

June

roads)—

(453
M&n'oio
Miles of road..............................
“
Gross earnings............................
Operating expenses----------------- lb/.suo.usu
Net earnings..........................$81,649,636

1914.
235.828
S247.535 879
178,054,22G

(+ )
Amount.
+4,391

+ 51,313.837
— 10,854,146

(—).
%
1 86
0.53
6.09

$09,481,653

+$12,167,983

17.51

We have already indicated why the improvement
in net here recorded, following so largely as a result
of diminished expenses, may readily be given an
exaggerated importance. There are other circum­
stances which also tend to diminish the significance
of the improvement. In the first place we are com­
paring with poor figures of earnings a year ago. The
loss in the gross then amounted to $10,355,877, or
4.30%, and notwithstanding greater or smaller ef­
forts to reduce expenses which were crowned with a
fair measure of success, this loss in gross was only
partly overcome, and net earnings also registered a
decline—in amount $4,678,524, or 6.60%. As a

matter of fact, the June returns have been poor or


(+ )

June.

1897. 189S-1899-­
1900..
1901- ­
1902-­
1903
1904.
1905.
1900..
1907. .
1908. .
1909..
1910..
1911 - 1912 -.
1913-.
1914..
1915-.

NoU

S

Given.

S
S
,044,545 + 1,636 ,447 14,371,,918
48,680 ,992
,902,306 + 3,371 ,934 14,943,,497
50.274 ,300
,136,823 + 7,841,,245 17,855,,957
55,978,,088
1,052,419 + 7,231 ,228 21,843 ,152
67,883,,647
,941,846 + 5,, 84 ,315 20.223 ,611
78,026,,161
,,865,429 + 6,131 ,206 20,079 ,487
82,996,.635
+ 10,617 ,531 23,088,,925
1,435,640
81,053 ,177
+ 642 ,431 20,894,,483
1,(550,352
87,298
- ,783
+8,293 758 27,567 ,407
,,537,809
,567
92,831
+
10
, 122,,209 31,090 ,697
1,242,513
100,364 ,722
5,835,774 + 17,225,,040 41,021,,559
132,060,.814
—
20,987,
,858 41,818,,184
t,806,702
,844
126,818,
1,047,216 + 20,309,,748 74,190,,190
210,356 ,964
,640 77,173,,345
237,988 124 210 182,484 +—27,805,
6,519 ,026 72,794 ,069
231,980 259:238 ,409,885 + 14,579
,115 70.223 ,732
243,226 ,498 228 0 17,333
259,703 ,994 242 ,830,540 + 10,873 ,448 70,093 ,015
—
10,355
.877 66,202 ,410
,107,727
,8501241
230,751
,7101217 ,535,879 + 1,313 ,837 81,649 ,636
218,849
____ ________________

(— )
Preceding. Decreased
—).
S
1,120,127
1,015,315
i, 068,503
1,000,585
1,318,642
1,455,534
!,100,804
1,594,095
5,391,704
1,463,307
3,317,207
3,375,275
9,838,655
1,013,999
7,237,252
1,689,531
0,232,017
0,880.934
9,481,053

+ 1,251,791
+ 898,182
+ 3,787,449
+ 2,170,507
+ 2,904,909
+ 1,223,903
+ 1,S82,121
+ 2,300,388
+ 1,175,703
+ 3,627,330
+ 4,701,352
—4,557,091
+ 14,357,535
+ 3,129,346
— 4,443,133
+ 4,534,151
— 138,972
— 1,678,524
+ 12.107,983

__In J89 G the number of roads Included for tho month of Juno was 121; In
1S97, 106; In 1898, 116; In 1899, 95; In 1900, 99; In 1901, 94; In 1902, 94; In 1903,
80- In 1904, 80; In 1905, 77: In 1906, 80; In 1907, 84; In 1903 tho returns wero based
on 147 430 miles of road; in 1909, 234,183; in 1910, 204,596; in 1911, 244,685, in
1912, 235,385; in 1913, 230,074; In 1914, 222,001; in 1915, 240,219. We no longer
include the Mexican roads or tho coal-mining operations of tho anthraetle coal roads
in our totals.
For 1909, 1910 and 1911 tho figures used are thoso furnished by the Inter-State
Commerce Commission.

A ug. 21 1915.]

TOE CHRONICLE

567

In the case of the separate roads there are some
Increases
Decreases.
striking illustrations of reductions in expenses, which
manifestly cannot be ascribed to new-found dis­
Rock
coveries in economy of operations. These illustra­
tions come from all parts of the country. The Great
Northern Ry. with $878,462 decrease in gross has
$178,218 increase in net; the Chicago & Northwest­
ern with $551,748 falling off in gross has $287,885
gain in net; the Mil. & St. Paul with $43,773 decrease E rie---------------------124651
in gross has $599,976 increase in net, and the Burling­
N
ton & Quincy with $324,539 falling off in gross has
nevertheless added $16,486 to net.
Southern roads have distinguished themselves in
the same way. Thus the Southern Ry. with $488,­
840 decline in gross reports $375,641 increase in net.
The Atlantic Coast Line with $529,127 falling off in
gross has only $93,190 decrease in net, and the Sea­
board Air Line with $324,499 contraction in gross
suffers only $155,580 decrease in net. The Louisv.
^ 'J k
System
& Nashv. has $282,198 decrease in gross but $18,582
NET EARNINGS IN JUNE.
decrease in net. Here in the East the Boston &
Increases.
Maine, notwithstanding a loss of $152,120 in gross,
has added $383,340 to net. The New Haven has
gained $482,620 in gross and at the same time has
cut expenses for the month nearly $1,000,000, the
452,157
two together producing $1,432,191 gain in net.
The Baltimore & Ohio has reduced expenses more
than $1,000,000 so that with $709,063 gain in gross,
there is no less than $1,719,082 gain in net. It is
only proper to state that this is in comparison with
very poor returns the previous year, when for the
month of June the Baltimore & Ohio reported
$1,214,124 loss in gross and $778,590 loss in net.
The New York Central reports this time $688,030
149.110
gain in gross, but in the case of the net the gain is
no less than $1,791,601. This is for the New York
Central proper as recently enlarged by consolidation
with the Lake Shore and some other roads. In­
eluding the various other auxiliary and controlled
System,
roads, the whole going to form the New York Cen­
tral System, the gain in the gross is raised to $1,388,­ When the roads are arranged in groups or geo­
442 and in the net to no less than $2,556,515. In graphical divisions according to their location the
June 1914 the record for the New York Central part played by decreasing expenses in affecting net
System was a loss of $2,340,012 in gross and of earnings
is still more strikingly revealed, for, while
$189,571 in net. The Pennsylvania Railroad on the in the case
gross there are two geographical
lines directly operated East and West of Pittsburgh divisions thatof the
have
substantial amounts, the
this time reports $1,871,453 gain in gross and $1,­ showing as to the netlostis far
more favorable, there
310,167 gain in net. Last year these lines reported being only one division with any
at all and
no less than $2,735,854 loss in gross, but a slight that for a slight amount, while thedecrease
remaining
groups
increase in net, namely $29,576.
all
have
gains
in
net,
some
for
very
considerable
Plow the improvement in the steel trade is helping
some roads is indicated by the fact that the Duluth amounts. Our summary by groups is as follows:
Missabe & Northern has been able to add $575,171 Section or Group
-Gross Earnings
Inc.t+)orDec.l
to gross and $512,111 to net. This road is engaged June
principally in the transportation of iron ore. Last
year in June it had $517,870 decrease in gross and
$424,280 decrease in net.
On the Union Pacific the changes are slight—
$36,609 increase in gross and $133,427 increase in net.
-Mileage
■ Vet Earnings
Inc orDtc.l
The Southern Pacific has $427,777 gain in gross, but
an even larger gain in net, or $595,325. The Atchi­
son has added $685,415 to gross and $395,599 to net.
The Northern Pacific lost heavily in both gross and
net—$474,411 in gross and $391,306 in net, and the
Illinois Central falls in the same category with $400,­
095 decrease in gross and $457,526 decrease in net. Group II. I.
In the following we show all changes for the sep­
arate roads for amounts in excess of $100,000, Group III.
aD<i
whether increases or decreases, and in both gross r a s ^ X h ^ M l^ b ™ H tS S ? 'nC‘U<le 0,6 8° UUlern 8tatea 80uth of the ow °
and net.
.,9 r0UJ>\
if




QROSS E A R N IN G S IN J U N E .
. _
^
,
P ennsylvania. . ................a $ l .871 .4 5 3 Groat N orthern__________ $878,462
Baltimore & O hio________
709,063 Chicago & N orth Western
551,746
N ow Y ork C e n t r a l............ 6688,030
Island--------------------549,800
Ateh 1 opeka & Santa F e .
685.415 Atlantic Coast Line______
529,127
N orfolk & W estern............
586,082 Southern R ailw ay..............
488,840
Duluth Missabe & N o rth .
5 7 5 171 Northern P a cific_________
474.411
N Y Now Haven & H a rtf.
482.620 Illinois Central___________
400,095
Southern P a cific______
4 2 7 7 7 7 Chicago Burl & Q u in c y ...
324,539
Chesapeake & Ohio---------409,068 Seaboard A ir Lino________
324,499
221.199Louisville & N ashville____
M ichigan Central_________
282,198
Toledo & Ohio Central___
197 004
M obile & O hio----------------199,896
Pore M arquette_______
~
168.984
Lehign V alley------------------189.767
Bessemer & Lake E rie____
156,370 Kansas C ity Southern-----186,666
N Y Chicago & St L o u is ..
inneap St Paul & S S M
186,459
C hicago & A l t o n . . . . ' : : : : 133’005 M
Boston & M a in e_______ __
152 120
Pittsburgh & Lako E rie. .
12 6 319
Missouri P a cific__________
148 382
ashv Chatt & St L ou is.
143,378
Wastern M a r y la n d ------ 1
123 !979 N
Cine N ew Orl & T ex P a c .
135,935
Union R R (Pennsylvania)
108,299
Y Ontario & W e ste rn ..
112,796
Delaware Lack & W estern 104.302 Cum
103,812
berland V a lle y ...........
Representing 20 roads in
Representing 20 roads in
our com pilation-------- $8,055,742
our com pilation_____ $6,362,928
P R IN C IP A L

CHANGES

IN

owned and controlled, which m ake m o n th ly r e tu r n ! to thod Inter S ta ^
C<l ti? ^ cl’c o ,P om mlssloll> th0 ram lt is a gain o f $1 725 2 4 9
Inter-State
if bJ h0?° f'Kyres cover m erely the operations o f tho N ow Y ork Central

Michigan* Central, ‘ the ^ ^ 0^ / ^ the “ N i c k T u f f ”
8*0*1°
going to form tho N ew York Central
. the resuft fs a gain o f $ 1 ^ 8 8 442

P R IN C IP A L C H A N G E S IN
..
.
Now York Central______ 651,791,601
Baltimore & O h io_______ 1,719,082
N Y Now Haven & H artf. 1,432,191
Pennsylvania____________ a 1,310,167
Cine Hamilton & D a y to n .
611.235
Chic M ilw & St P a u l . . . .
599,976
Southern P a cific_______
595,325
Duluth Missabe & North
512,111
N orfolk & W ostern_____
A tch Topeka & Santa F e .
..oulfllR
395,599
Boston- & M aine_________
383,340
377)958
Chicago & A lto n ________
Southern R ailw ay_______
375,641
Western M a ry la n d ______
325,500
Chicago & North Western
287,885
M ichigan Central_______
217,018
Pittsburgh & Lako E r ie ..
237,965
Chesapeake & O h io______
237,387
Pere M arquette__________
225,005
Bessemer & Lako E ric____
195,863
T oledo & Ohio C entral__
189,371
Groat N orthern--------------178,218
Elgin Joliet & Eastern___
—
173,171
Denver & Rio Grande____
167,979
Union R R (Pennsylvania)
161,732
N Y Chicago & St L o u is ..
156,966
E rio................ .............. ........

D etroit T oled o & Iron ton .
Central o f New J e r s e y ...
Union P a cific____________
Grand Trunk W e s t e r n ...
Central New E ngland____
D etroit Gr Haven & M ilw
Western P a cific__________
Florida East C oast............

$148?987
141.246
13 3 4 2 7

131) 123
113,531
112,850
102,240
100,280

Representing 35 roads
in our co m p ila tio n ..$14,473,237

R ock Island_________
Illinois Centra!______
Northern P a cific_________
"
Lehigh V alley______
Kansas C ity Southern____
Missouri Kansas & T exas.
Seaboard A ir L ine_______
Chicago & East Illinois___
St Louis & San F rancisco.
C olorado & Southern____
Nashville C hatt & St L . . .

Representing 11 roads
in our c o m p ila t io n ...$2,770,288

6 Thoso figures merely cover the operations o f tho N ow Y ork Central

M ichigan1Central, ‘ the ^^Big*1Fo^irV
556*515* f ° r m t b e N ° W Yorl£ Central

—

“ N ic f c e ^ ^ a t ^
^h^^h^e
tho result is a gain o f $2.-

SUM MARY B Y GROUPS.

—
Group 1 (17 roads). New England
Group 2 (74 roads), East <fc Middle .
Group 3 (63 roads), Middle West........Groups 4 & 5 (89 roads). Southern___ Groups 0 & 7 (74 roads), Northwest . ..
Groups 8 & 9 (88 roads), Southwest....
Group 10 (48 roads), Pacifie Coast___ .

1915.
1914.
S
S
12,774,107 12,580,473
67,812,999 64,735,591
30,414,570 28,598,746
29,519,233 31,154,353
53,944,820 55,950,358
37,505,656 37,940,303
16,878,331 16.576,055

---------------------—)
S
%
+ 193,634 1.54
+ 3,077,408 4.75
+ 1,815,824 0.35
— 1,635,120 5.22
— 2,005,538 3.59
— 434,647 1.15
+302,276 1.82

Total (453 roads)........................... .248,849,716 :247,535,879
+ 1,313,837

0.53

(+ )
S
+ 1,895,413
+ 4,723,618
+2,923,577
+ 809,691
+ 1.796,686
— 596,732
+ 615,730

—)
%
59.77
25.19
47.76
10.29
10.30
5.85
1.02

Group No. 1............
Group No. 2........ .
Group No. 3______
Groups Nos. 4 <&5 ..
Groups Nos. 0 & 7 ..
Groups Nos. 8 & 9 ..
Group No. 10..........

191£

1914.

7,807
27,744
22,742
39,720
66,935
56,900
18,371

7,792
27,186
22,693
39,170
65,085
56,651
17,251

1915.
1914.
$
S
5,086,371 3,170 958
23,476,370 18,752,752
9,045,016 6,121,439
8.705,200 7,895,509
19,120,121 17,329.435
9,597,094 10,193,828
6,633,464 6,017,734

’l o t a l ........................240,219 235,828 81,649,636 69,481,653 +12,167,983 17.51
NOTE.—Group
includes all of the New England States.
lQciudo^ till of New York and Peondylvanlii excent
nnptinn
t
of Pittsburgh and Buffalo; also all of New Jersey, Delaware and Maryland and
the extreme northern portion of West Virginia.
Maryland, and
Includes all of Ohio and Indiana; all of Michigan except the northern
Plttsburgh.aU<1 *b!U Dortlon of Ncw York
Pennsylvania west of Buffam and

combined Include the northern peninsula of Michigan all
Minnesota. Wisconsin. Iowa and Illinois; all of South Dakota ^ d Norm bako J

56 8

THE CHRONICLE

and Missouri north of St Louis and Kansas City: also all of Montana, Wyoming
and Nebraska, together with Colorado north of a line parallel to the State line
passing through Denver.
nrnuos VIII and IX combined Include all of Kansas, Oklahoma, Arkansas and
Indian Territory Missouri south of St Louis and Kansas City. Colorado south
of Denve the whole of Texas and the bulk of Louisiana, and that portion of
New Mexico north of a Hne running from the northwest corner of the State
through Santa Fe and east of a line running from Santa Fe to El Paso.
Group X Includes all of Washington. Oregon, Idaho, California, Nevada. Utah
and Arizona and the western nart of New Mexico
THE REAL TROUBLE WITH THE ROCK ISLAND.
Chicago, Aug. 18 1915.
To the Editor:

That the Rock Island receivership was forced, not by the
tangled web of high finance which is exposed by the Inter­
State Commerce Commission in its recont report, but as the
inovitabio result of conditions forced upon tho railway, partly
duo to tho Commission’s own attitude, is demonstrated by
the following facts:
In 1905 tho average recoipts of tho Rock Island per
passenger mile wero 2.135 cents and per ton milo 9.31 mills
and the average compensation of all employees exclusive of
goneral officers was $2 09 por day.
In 1914 the average receipts por passenger milo wero
1.905 cents and per ton mile 8.57 mills, and tho avorago
compensation of employees exclusive of gonoral officers was
$2 47 per day.
_ #
Applying these factors to tho railway’s business in 1914
gives tho following results:

o f American tourists is not giving them the means o f buying goods which
they normally buy from tho United States and partly because they nocd to
buy m ore than usual at the present timo.
As tho American people aro desirous o f extending tho foreign trado and
wish to make tho United States a great international m oney market, I have
no doubt they will, when they know what is needed, gladly provide all
credit facilities necessary to onable European and otnor nations to buy
their wheat, corn, co tto n , fruits and many other products o f agriculture
and m anufacture, not only to a normal oxtont, but the abnorm al and vast
quantities essential at this tim e o f the war.
N one can question tho present unparalleled opportunity for America to
extend her trade and com m erco, as well as to add to her reputation as a
great m onoy market, and no one who knows tho American pooplo can doubt
they will riso to tho occasion, and by granting necessary facilities sell a
greater quantity o f products than they ever expected to sell iu foreign m ar­
kets, and at the same tim e rectify the foreign exchanges.

HO W

Tho result of these changes may bo summarized as follows:

Loss by decreased passonger rate---------------------------------------------- $2,095,043
Loss b y decreased freight r a t o -------------------------------------------------50,1.15
Loss b y increased wago rate------------------------------------------------------ 4 ,4 „7 ,o 4 0

3,6

T o t a l ................................... ........................................ - ------------------- $10,172,718

From which it is evidont that rates and wagos, and not
financial skyrocketing, forced tho Rock Island on tho
receivorship rocks.
In 1905 wages absorbed only 41.3% of Rock Island reve­
nues, in 1914 over 44.6%. I have used 1905 in these com­
parisons becauso in that yoar I bogan gotting duplicates of
the railway reports to tho Inter-State Commerce
Commission.
SLASON T H O M P S O N .
SIR GEORGE PAISII ON DESIRABILITY OF ESTABLISH­
ING BRITISH CREDIT FACILITIES HERE.

T ho fall in American exchange on London to a discount o f about 4 % is
duo sim ply to the groat purchases o f American products b y tho peoples o f
Europo. In normal years Europo pays tho United States for goods pur­
chased largely b y means o f sums spont In Europo by American tourists.
T his year there have naturally been few tourists visiting Europo from the
United States, and E uropo’s means o f paying for a normal amount o f goods
bought from tho United States have therefore been greatly reduced.
M oreover Europo this year is buying from tho United States much
greater quantities o f goods than norm ally. T ho amount o f exports from
tho United States in tho current half-year depends upon tho American
people themselves. I f they wish to sell their goods they will have no diffi­
cu lty In doing so.
Obviously it is quito Impossible for Europo to buy upward o f $2,000,000,­
000 o f goods from the United States in a single yoar unless tho American
peoplo are willing to do what tho British people always have done take
paym ents for goods in securities. American exports will bo limited in tho
curront half-year only by tho ability o f European and other nations to pay
for goods, first, by shipment o f their own products to the United States;
second, b y shipmont o f gold; third, b y sale o f securities, and fourth, b y
moans o f credits. If tho American people aro dubious about giving credit,
thon it is obvious tho amount o f goods they sell must be reduced to tho
am ount foreign nations can pay for b y other means.
In E ngland, as well as on the C ontinent, an active cam paign is being
conducted to induce every one to becom o m ore econom ical. Probably
tho m ost efficacious way o f enforcing this econom y and preventing Europo
from buying American and other products would be tho refusal o f tho Ameri­
can people to sell products against credit. There aro a great m any people
on this side who think a wise courso for Great Britain to take is to Introduce
drastic economics and settlo the advorso trado balance b y purchasing prac­
tically nothing abroad. B ut, obviously, a nation with accumulated wealth,
unimpaired by war, o f some 85 billion dollars and an incom e o f 12 billion
dollars is reluctant to onforco drastic economies upon great masses o f poor
people until such a courso is essential. W hether It will becom o essential
will depend In large moasuro upon tho attitude o f American bankers and
investors in granting credits to Europe, and thus enabling European nations
to buy food , raw materials and other goods which America possesses in
such abundance, and which European nations aro not in position to pay
for unless they are granted credit facilities, partly becauso tho usual stream




INCREASE IN UNITED STATES
EXPORTS IS ACCOUNTED FOR.

FOREIGN

A detailed account of leading articles contributing to the
record-breaking exports of tho fiscal year 1915 is supplied
by tho following table compiled from tho Juno 1915 “Monthly
Summary of Foreign Commerco,” shortly to bo published
by tho Department of Commerce. Now high lovols wero
touched during the closing month of tho yoar, and while
cortain classes show a decrease for tho yoar, nearly all of them
now participate in tho goneral advanco. Cotton, agricul­
tural implements, lumber, and naval stores aro tho notablo
exceptions.

954,616,908 passenger miles in 1914 @ 1.905 cents----------------- $18,186,008
d o at tho 1905 rato o f 2.135 cents---------------------- ---------------- 20,281,051
4 940 743 852 freight ton miles in 1914 @ 8.57 m ills----------------- 42,348,182
d o at the 1905 rate o f 9.31 m i l l s . . . -------------------- -----------— 45,998.317
11 697,203 days worked in 1914 <S) S2 47 per d ay--------------------- 28.872,967
d o at 1905 rate o f $2 09 per d a y . . . --------------- -------------------- 24.445.427

A statement bearing on tho present abnormal rato of ex­
change between tho United States and Great Britain, and
tho proposals for rectifying the situation by establishing a
largo credit in tho United States, was issued on Tuesday by
Sir George Paisli of tho London “Statist.” It will bo re­
called that Sir Georgo, with Basil B. Blackett, visited this
country last fall as representatives of the British Treasury
in ordor to confer with Amorican bankors and Treasury
officials on the then disturbed foreign exchange conditions.
In his statement this week Sir Georgo says:

[Vol. 101.

LEADING ARTICLES OF EXPORT, IN ORDER OF MAGNITUDE IN 1915.
-Month of June-Fiscal Year1914.
1915.
1914.
1915.
S
S
$
S
142,400,000 18,900,000 11,100,000
4.82,400,000
376,200,000 010,500.000 15,SOO.OOO 18,700,000
225,900.000 251,500,000 31,800,000 18,900,000
146,200,000 29,800.000 10,800,000
220,100,000
Mineral oils.............................. 133,700,000 152,200,000 13,500,000 13,400,000
4,800.000
Leather and manufactures of 120,700,000 57,600,000 13,200.000 11,500.000
8,900,000
144,900,000
96,200,000
4,200,000
7,300,000
51,500,000
72,000,000
2,500,000
33,200,000 14,500.000
68,100,000.
200.000
8,100,000
3,400,000
64.000,000
5,200,000
6,900,000
59.900,000
55,900,000
2,400.000
6,300,000
27,100,000
46,400,000
Chemicals, medicines, Ac—
Tobacco, unmanufactured— 44.500,000 54,000,000 4,500,000 4,300,000
400.000
6,300.000 11,700.000
41,500,000
800,000
3,400,000
8,300,000
41,300.000
1,300,000
1,500,000
31,900,000
34.900.000
Fruits and nuts---------1,100,000
1,000,000
21,700,000
28,900.000
400,000
3,600,000
4,800,000
27,300.000
700,000
2,300,000
16,300.000
25,800,000
100,000
3,000,000
1,900,000
25.000,000
4,700,000
Boards, deals, Ac-------------- 25.100,000 57,600,000 2,600,000 4,000,000
2,600,000
45,600,000
24,800,000
Other wood A mfrs. of-------3,000,000 a_________
400,000
21,200,000
600,000
4,300,000
7,500,000
20,500,000
1,700,000
2,100.000
Paper and manufactures of-. 19.800.000 20.700,000
1,500,000
2,000,000
25,100,000
19,800,000
700.000
200,000
4,300,000
18,200,000
1,300,000
3,000,000
18,400,000
17,000,000
400,000
200,000
1,600,000
15,100,000
1,200.000
1,700,000
12,400,000
14,800,000
1,600,000
800,000
12,800,000
, 12,900,000
2,500,000 b _________
700,000
12,700,000
1,100,000
1,300,000
12,600,000
12,300.000
Flber manufactures__
2,300,000
1,300.000
19,900,000
11,100.000
900,000
800.000
6,900.000
10,800.000
1,700,000
900,000
32,000,000
Agricultural Implements----- . 10,300,000
. 218,400,000 225,609,000 27,700,000 18,700,000
.2,716,200,000 2,329,700,000 264,100,000 154,100,000
a $36,500.

b $38,300.

ANCES—ADVANTAGES OF SERIAL
OVER SINKING FUND METHOD OF REDEMPTION.

Tlio advantages of rotiring municipal indobtodnoss by
serial payments as comparod with sinking fund paymonts
is tho subject of an articlo propaved by Howard I<. Boobo,
Manager of tho municipal department of Harris, Forbes &
Co., at tho instance of tho Editor of tho “Trust Companies
Magazine.” Mr. Boobo’s views attract particular attention,
sinco he was one of a committoo of threo bankors appointed
to make recommendations to tho Finance Committeo of tho
New York State Constitutional Convention now assembled
at Albany. Tho articlo appeared in tho July issuo of tho
“Magazine” and has sinco beon reprinted in a folder. Wo
quoto it below:

W H A T E X P E R IE N C E T E A C H E S AS T O A D V A N T A G E S OF P A Y IN G
M U N IC IP A L IN D E B T E D N E S S B Y S E R IA L P A Y M E N T S .
Tho many articles which have appeared o f late years in financial period­
icals and on tho financial pages o f the daily papers have dealt exhaustively
from an actuarial standpoint with tho subject o f tho paym ent o f municipal
indebtedness by serial paymonts as com pared to its retirement through tho
medium o f accumulated sinking funds. T he broader aspects o f tho matter,
howover have received little or no attention In these discussions. There­
fore. it Is but natural that many individuals who havo lately taken an active
interest in this problem havo attem pted to reach their conclusions from the
purely mathematical results o f tho two m ethods, when I bclievo tho moro
important benefits to both the taxpayer and to the Investor are to bo de­
rived b y tho serial plan for quito different reasons.
From the above it will be noted that I strongly favor tho serial payment
plan, and that I m ay not be charged with having arrived at this opinion
without having given duo consideration to tho sinking fund m ethod, I desiro

A ug . 21 1915.]

THE CHRONICLE

569

to mako the following statem ent which may bo easily verified by any one provision is one which Massachusetts mado in her financial reform and is
who caros to take the time and trouble to figure the m atter out. Given a tho “last word” in public finance; its wisdom cannot be successfully chal­
m athematically correct annual or semi-annual appropriation, invest it lenged. Tho committee dealing with the constitutional changes affecting
prom ptly with the periodical increment a t the exact percentage which the the financing of the subdivisions of the State has also been giving careful
municipality paid for the money borrowed by tho issuance of bonds, thero thought to these problems and I believe its finished work will show equally
is no advantage in the serial payment, tno results being exactly the samo. satisfactory results.
So much for the theory, which for m any practical reasons—somo of which
Movement for Improved Methods in Various States.
I will set forth below—cannot bo worked out to th at end.
Tho financial laws of New Jersey, while in tho main satisfactory, have
Investment of Sinking Funds.
been
so
frequently
amended as to have become very difficult to follow in
Assuming th at a city sells an issue of 50-year 4 % % bonds on a 4 M %
practical application, and realizing this the last session of tho Legis­
basis, it will be necessary that each annual paym ent to tho sinking fund their
appointed a committee to study the subject thoroughly and to report
bo received prom ptly when due and with interest on tho accumulated sink­ lature
tho coming Legislature with recommendations as to changes. The
ing fund for tho previous year bo invested on tho day it is received at 4M % to
Commission
for the Surveying of Municipal Financing of the State of New
to attain the result of paying off the same issue of bonds by the serial m ethod. Jersey, of which
M r. A rthur N. Pierson is Chairman, Is evidently going at
Furthermore, unless tho securities in which the accumulated funds are in­ tho work in an intelligent
and energetic m anner, and from what I have been
vested are of as high grade as the Issue to be retired, thero is the element of able to learn there is likely
to be some very advisable legislation adopted
risk, however small, to be considered. T hat the investm ent of a sinking in th at State in tho near future.
fund in the manner described above could not bo accomplished year after
Tho
State
of
Georgia
m
any
years ago realized the importance to the people
year will bo readily acknowledged by any one familiar with such m atters.
of her State in cstaolishing tho highest municipal credit, and to that end
It may bo argued by somo that tho return on such a sinking fund might mado
some radical changes in her constitution in the year 1877. Since
bo above 4 M % and thereby benefit the city. This, of course, is possible,
at time it has been required that all debts shall m aturo within thirty years
but tho probabilities are that it would be at a lesser rate. W hat actually th
and
tn
at a tax sufficient to pay them in full at m aturity shall bo levied.
happens in a large m ajority of cases is th at the annual payments are de­
serial or sinking fund methods are perm itted, but I believe I am
layed, that they lie uninvested (except at a comparatively low rate of Either
correct
in stating that the m ajority of the municipalities havo in recent
interest),in tho local bank depositories for somo time. And, furtherm ore, years used
serial form. Having provided that all debts be paid at m a­
through an attem pt to get as largo a return as possible securities aro often turity , tho the
framers of tho new constitution evidently thought no authority
purchased which aro of a grade inferior to the bonds which the fund is to for refunding
was necessary except for debts antedating the new organic
ultim ately pay off; or that thero may bo no question as to tho safety of tho law. Tho Georgia
have held there was no power to refund public
moneys, tho investments aro sometimes made in such a materially higher debt incurred since courts
so that if a municipality has been remiss in ac­
grade of bonds as to preclude the possibility of realizing as high a net return cumulating sufficient1877,
funds to pay its bond issues as they become
as tho bond issue itself cost tho municipality. AVlien a bond issue m atures due, tho taxpayers willsinking
find themselves confronted with a staggering tax
it is necessary that the sinking fund, for this purpose, in its entirety shall levy in a single year. So
that
our clients will be free from any delay in
be in cash. It is, of course, impossible to arrange each investm ent to
payment of their Georgia municipal investments it has been the prac­
m ature at the exact time the money is needed to pay off the maturing Donds, the
tice of tho municipal departm ent of my house to check up at intervals
so tnat often, as pointed out above, tho money lies in tho bank for a consid­ all of tho municipalities in that State whose obligations havo been handled
erable period at a nominal rato of interest.
by us. T hat wo occasionally havo found it necessary to bring pressure to
bear to compel municipal officials to comply with their sworn duty, is proof
Inexperience of M unicipal Officials.
Unfortunately there is still another phase of this subject which must bo that the serial method is advisable there under the existing legal conditions.
How Louisiana Deals with Public Debt.
considered; M unicipal officials, as a class—duo to their ack of previous
training and inexperience—cannot be commended for either their intelli­
Louisiana is another Southern State which has been gradually improving
gence in the handling of financial m atters of importance or their fidelity its laws regarding tho creation and paym ent of its public debts. Tho State
to their duties. I can without difficulty recall many municipalities which itself set tho example a few years ago when it arranged its refunding issue
to-day have largo amounts of sinking fund inonoys in their local banks of approximately $11,000,000 to m ature serially, whicli was in direct con­
drawing low rates of interest, which could and should bo invested in bonds trast to the debt refunded, which had never been properly financed. I am
of their own issues to much bettor advantage. Local brokers, friendly to happy to say that Harris, Forbes & Co., working with tho leading bankers
politicians in office, aro frequently known to have tho “ability" to sell to of Louisiana, had much to do with convincing tho Funding Board of the
their local sinking funds bonds at relatively higher prices than reputable State of the wisdom of such action. Tho city of New Orleans is still bur­
investment dealers are able to sell tho samo securities.
dened with an archaic financial system , but tho most progressive banking
On the other hand, assuming tho samo issue of bonds to have been ar­ interests there are now alive to this handicap to the city"s credit and future
ranged to m ature in fifty annual installments, tho results would bo quite progress, and I shall be greatly surprised if the much needed change does
different. The annual amount appropriated would have to be in tho hands not occur during tho next few years. The State now has a law governing
of the proper officials promptly to meet the m aturing bonds each year tho creation and financing of drainage districts which in many respects is a
when presented for paym ent. By making tho amount maturing each year model; among its provisions is one requiring the bond issues to m ature in
increaso proportionately as the interest charge decreases, tho burden upon series.
tho taxpayer may be so regulated that his tax to pay for each issue of bonds
California has required all municipal debt to be arranged to m aturo in
is uniform throughout its life. Thero is no chance th at moneys will bo I serial form, which with its prohibition of floating indebtedness has been
improperly or unprofitably employed, as in effect each year’s payment is the result of a public credit second to none.
immediately invested at tho net rate that tho issue boro when put out.
Alabama’s Vicious Tax Limits.
Furthermore, tho necessity of a careful audit of sinking fund moneys at
striking contrast to the above is tne State of Alabama, where not only
frequent intervals is dono away with becauso tho non-payment of any part aroInthe
primitive provisions for the paym ent of the debts of the
of tho maturing interest or principal would immediately call forth inquiry counties most
municipalities lacking, but where the constitution lim its the
which would correct any irregularities beforo tlioy could assume serious power to and
tax
so
closely as to create a vicious condition from the bondholders'
proportions.
standpoint. W ith tho knowledge that most of the im portant cities and
Statutory Control of M unicipal Financing.
have in the past been forced into default by these
It is not so many years ago that municipal financing was on such an un­ many of tho counties
provisions, the Legislature goes on, session after session
scientific basis that money borrowed by means of long-time bond issues constitutional
without
taking
steps
to
tho evil. The leading city of the State is
was expended on short-lived Improvements, or even given to railroads again preparing to refundremedy
floating debt into long-time bonds which ought
as “ bonuses” to induco them to build through certain areas, and no pro­ to
bo paid from current taxes, but which it cannot do under the tax limit
vision whatever was made for tho ultim ate paym ent of the debt. With tho imposed.
As may be supposed, the people of Alabama pay a high rato of
increaso in scope of municipal functions came much larger debts in propor­ interest
on all money borrowed.
tion to the taxablo values in many communities, and it became apparent
Tho
above,
while not all tho “argum ents” by any means, will serve to
that somo businesslike scheme for paying such debts would have to bo
why I believe that the serial paym ent plan has m any practical ad­
adopted. Newly created States, profiting by tho experiences of their older show
sister States, made due provision in their constitutions and by legislative vantages over tho sinking fund for the extinguishment of public debt.
Acts to properly control tho issuance of and arrango for tho paym ent of
tho bonds issued by tho various political sub-divisions. Tho New England C O M M I T T E E OF N A T I O N A L T A X A S S O C I A T I O N
States, with all their reputed conservatism, have been very slow to remedy UR GES C H A N G E S I N F E D E R A L I N C O M E T A X L A W .
some very glaring weaknesses in their financial structures. Massachusetts
alono has any comprehensive plan for tho proper control of her municipal
T h o sp e cial c o m m itte e o f th e N a tio n a l T a x A s s o c ia tio n
financing and that State’s present admirable laws were only adopted about
two years ago when It had becomo apparent that drastic reforms would a p p o in te d to in v e s tig a te (th e F e d e ra l In c o m e T a x L a w
have to bo prom ptly mado. W ithin tho past year a prominent banker in re c o m m e n d s m a n y ch a nges in a re p o rt s u b m itte d to th o A s s o ­
ono of tho larger cities in Connecticut told the writer that tho officials of his
city had refunded tho entire amount of a maturing issue of bonds despite c ia tio n a t its n in th a n n u a l co n fe re n c e h e ld in S an F ra n c is c o ,
the fact that tho sinking fund accumulated to retire that particular issue A u g . 10 to 14. B e fo ro p re s e n tin g its sp e cific re c o m m e n d a ­
amounted to a substantial portion of the wholo. When asked for an ex­ tio n s th o c o m m itte e ca lls p a rtic u la r a tte n tio n “ to th e n eed o f
planation tho officials naively stated that they expected to need that par­ c o rre c tin g th o m a n y v e rb a l in fe lic itie s o f th o p re s e n t la w .”
ticular sinking fund money for another purpose and so had not applied it
“ I t is ro c o g n iz o d ,” s a ys th e c o m m itte e , “ t h a t th e c o n s tru c ­
upon tho payment of tho maturing debt. It is needless to say thoso officials
now know better how to conduct that city’s financial affairs and tho money tio n o f th o A c t b y th e ru lin g s o f th o T r e a s u r y D e p a rtm e n t
is still In the sinking fund to bo used only for the payment of m aturing h a s to n d e d to c la r ify m a n y o f its a m b ig u o u s a n d o b scu re
Indebtedness. No ono will deny th at somo radical change in tho laws of
passages. O n th e o th o r h a n d , y o u r c o m m itte e b e lie ve s t h a t
that State is advisable to make such official laxity impossible.
Ilccognize Changing Conditions.
su c h c o n s tru c tio n h as o p e ra te d to th o d e trim e n t o f th e t a x New York. New Jersey and Pennsylvania wero among tho first of tho
older States to recognize changing conditions and to provide conservative p a y o rs in so vo ra l in sta n ce s, n o t a b ly th a t w it h re g a rd to th e
constitutional and legislative measures to require that each issue of bonds d e d u c tio n o f losses in c u rre d in tra d e .
should be paid in full as it m atured, and while tho sinking fund method of
“ W h ile th o c o m m itte e does n o t q u e s tio n th o p r o p r ie t y o f
payment Is perm itted for most of tho political sub-divisions, there has been a n y ru lin g s t h a t h a v e been m a d o , it desires to ca ll a tte n tio n
for years a growing practice of voluntarily using tho serial payment plan.
Tho Constitutional Convention now in session in New York State Is one to th o fa c t t h a t th o tro u b le is fre q u e n tly to be a sc rib e d to th e
of the most efficient bodies of men over gathered together for such a pur­ la c k o f clearn ess in th o la w its e lf. T h e la n g u a g e o f th e la w
pose, and tiie committees appointed for tho purpose of dealing with the is in n eed o f g ro a t im p ro v e m e n t. T h o la c k o f s y s te m in th e
financial provisions of tho constitution havo gone about their work in a
most gratifying manner. Tho State debt lias been created by long-timo a rra n g o m o n t o f su b -se ctio n s a n d p a ra g ra p h s , th o lo n g a n d in ­
straight m aturity bonds, and that no lack of provision for tho payment v o lv e d sentences a n d th e fre q u e n t in tro d u c tio n o f p ro vis o s
of the same lias existed, is attested by tho fact that careful estimates place m a k o th o A c t m o s t d iffic u lt to u n d e rs ta n d . Y o u r c o m m itte e
the excess sinking funds on hand at this time at $29,000,000. M r. Henry
L. Stimson as Chairman of tho committee on which he is serving has just desiros to e xp re ss its e a rn e st h op e t h a t especial a tte n tio n w ill
offered for adoption a plan to properly adjust tho sinking funds on the exist­ bo p a id to th is p o in t. T h e re c a s tin g o f th o la n g u a g o o f th e
ing debt, to safeguard the investment of the funds and to require that any
now bond issues shall m ature serially and have a life not to exceed tho use­ la w s h o u ld bo u n d e rta k e n b y e xp e rts q u a lifie d to deal w it h
fulness of tho improvements to be Installed with their proceeds. This last ' so in tric a te a n d c o m p le x a ta s k . N o C o n g re s sio n a l c o m m itte e



570

THE CHRONICLE

w o rk in g u n d e r p re ssu ro o f o th o r m a tte rs , a n d w it h th e lim ite d
tim e a t its d is p o s a l, c a n be e xp e c te d to d r a ft a n d to w o r k
o u t s a tis fa c to rily th e m in u to d o ta ils o f a rra n g e m e n t o f a n A c t
s u c h as th is . A n d it w o u ld b e o f lit tle a v a il f o r y o u r co m ­
m itte e to u n d e rta k e th o ta s k . O u r fir s t a n d m o s t im p o rta n t
g e n e ra l re c o m m e n d a tio n th e re fo re is in f a v o r o f a co m p le te
re s ta te m e n t a n d c la rific a tio n o f th o la w .”
T h e s p e cific re c o m m e n d a tio n s as to p o in ts in w h ic h n o t
o n ly th e la n g u a g o b u t th e s u b je c t-m a tte r o f th e A c t is in th e
o p in io n o f th o c o m m itte o in n ee d o f a lte ra tio n , a re s h o w n
b e lo w :

(1) T hat part of the Act which requires tho collection of the tax at tho
source should bo modified.
(2) A system of information at tho source should be introduced.
(3) Partnerships should be required to file substantially the samo kind
of returns as corporations are required to file and to pay the normal tax as
corporations do.
(4) Individuals should bo perm itted to deduct all losses, including a
reasonable allowance for depreciation incurred in tho business, trado or
profession in which thoy are engaged, and including also losses of property
used for investm ent or speculative purposes where the gain, if any, would
bo subject to tax.
(5) Exponses incurred by individuals in making investments and man­
aging property, with rospect to which tho income is taxed, should bo per­
m itted as are oxpensos of carrying on business.
(6) Allowances for the depreciation of proporty and for tho depletion of
natural resources should bo on a basis which will permit tho roturn of the
capital invested thorein, free from tax, as nearly as possible coincident with
tho obsolescenco of tho property or tho exhaustion of the resources.
(7) Individuals should bo perm itted to deduct taxes paid within tho year
in foreign countries upon the property or business from which tho taxablo
income was derived.
(8) Tho specific exemption should bo lowered and tho languago of
paragraph "C ” should bo clarified.
(9) Individuals having a gross incomo equal to, or exceeding, the mini­
mum exemption should be required to mako returns.
(10) Taxpayers keeping books of account in accordance with statutory
requirements or well recognized methods should bo perm itted to mako their
returns based thoreon.
(11) Every corporation should bo permitted to deduct all amounts re­
ceived by it within the year as dividends upon tho stock of other corpora­
tions, joint-stock companies or associations, subject to tho incomo tax.
(12) Tho parent and its subsidiary corporations should bo recognized as
a singlo entity for purposes of tho return in cases whero they constitute a
singlo operating system or where in determining not income for their own
purposes no recognition in accounting is made of the subsidiary companies
as distinct operating units and in all cases whero all the stock of the subsidiary
company is owned by tho paront company, a consolidation of figures should
be allowed in appropriate cases subject to tho approval of the departm ent.
(13) Taxpayers should bo perm itted, with tho approval of tho Commis­
sioner of Internal Kovenue, to adopt the practice of determining and re­
porting gains or losses by annual inventory of values:
(14) Application for refund of incomo taxos with consequent right of
appoal from tho decision of tho departm ent should bo allowed not only as
at present within two years from date of payment of tho tax but also, as a
m atter of courso, at any time, without limit, as an offset whero additional
tax for any year is claimed by tho Government.
(15) Tho permission now granted to officials of States levying an incomo
tax to inspect tho returns of corporations should bo oxtended to the returns
of individuals.
(16) Tho Act should define some, at least, of tho special term s therein
contained.
(17) Provision should bo mado for a more elaborate publication and
analysis of incomo-tax statistics.

[Vol. 101

of tho goods: second, tho existence of graded rates or charges dependent
upon tho valuo of tho property shipped, and, third, th at tho shipper shall
knowingly and willfully by falso statem ent as to value, obtain or attem pt
to obtain transportation for such property at less than tho rogular rates.
W O R L D ' S P R O D U C T I O N OF P E T R O L E U M I N 1914.
A c c o rd in g to s ta tis tic s co m p ile d u n d e r th o s u p e rv is io n o f
J . D . N o r t h r o p o f th o U n it e d S ta te s G o o lo g ic a l S u r v o y , th o
q u a n t it y o f p e tro le u m e n te rin g th o m a rk o ts o f th o w o rld
in 1914 a m o u n te d to 400,483,489 b a rre ls . O f th is re c o rd ­
b re a k in g o u t p u t th o U n it e d S ta te s is c re d ite d w it h 6 0 .3 6 % ,
re p re s e n tin g in q u a n t it y a triflo less th a n d o u b lo th o o u t p u t
o f a ll th o o th e r o il-p ro d u c in g c o u n trie s c o m b in e d . T h e
fo llo w in g ta b le s h o w s th o m a rk e te d p ro d u c tio n o f p e tro le u m
in th o w o rld in 1914, a n d f o r p u rp o se s o f c o m p a riso n th e c o r­
re s p o n d in g o u t p u t in 1913, to g e th e r w it h th e to ta l o u t p u t
fro m 1857 to 1914 in c lu s iv e :

WORLD’S PRODUCTION OF PETROLEUM IN 1913 AND 1914 AND TOTAL
PRODUCTION 1857-1914, WITH PERCENTAGE OF PRODUCTION
BY COUNTRIES, IN BARRELS OF 42 GALLONS.
--------- 1913--------- 1914—Total, 1857-1914—
Country—
Production. Per Cent. Production. Per Cent. Production. Percent
United States__ .265,762,535 66.36 248,446,230 64.59 3,335,457,140 59.03
Russia................... . 67,020,522 16.74 62,834,350 16.34 1,622,233,845 29.00
Mexico________ . 21,188,427 5.29 25,902,439 6.73
90,359,869 1.62
Rumania............. . 12,826,579 3.20 13,554,768 3.52 117,982,474 2.11
Dutch East Indies.a!2,705,208 3.17 11,960,857 3.11 138,278,392 2.47
73,979,919 1.32
India.................... . 68,000,000 2.00 7,930,149 2.06
Galicia................. . 65,033,350 1.26 7,818,130 2.03 131,873,601 2.36
Japan.c ................ . 2,738,378 .68 1,942,009 .51
27,051,158 .48
14,306,972 .26
Peru__________ . 1,917,802 .48 2,133,261 .55
6995,764 .28
Germany______ . 6995,704 .25
12,965,509 .23
94,635 .03
Egypt................... . 777,038 .19
1,086,728 .02
503,610 .13
Trinidad_______ . 643,533 .16
2,069,430 .04
.05
228,080 .06
Canada________ . 214,805
23,493,610 .42
47,256 .01
Italy __________ .
39,548 .01
802,229 .01
Other countries.. . d620,000 .16
6270,000 .07
1,322,000 .03
Total................. .400,483,489 100.00 384,667,550 100.00 5,593,262,930 100.00
a Includes British Borneo. 6 Estimated, c Includes Formosa, d Includes
600,000 barrels produced In Argentina.
N A T I O N A L I T Y OF P O S T A L S A V I N G S D E PO SIT O R S A T
N E W YORK.

D e p o s ito rs o f fo re ig n b ir t h o w n e d o n J u l y 1 8 5 % o f th o
to ta l p o s ta l s a v in g s d e p o sits a t th o N o w Y o r k P o s t O ffic e ,
a c c o rd in g to fig u re s issuod b y th o P o s t O ffic o D o p a rtm o n t.
T h o in d iv id u a l fo re ig n -b o rn d e p o sito rs also o u tn u m b o ro d tho
A m o ric a n -b o rn a p p ro x im a te ly th ro o to ono . T h o R u s s ia n b o rn a ro in th o lea d b o th in n u m b o r o f d e p o sito rs a n d
a m o u n t o n d o p o sit, th o Ita lia n s b e in g second a n d th o A m o r i­
c a n -b o rn t h ird . T h o fo llo w in g s ta te m e n t o n th o s u b je c t
w a s g iv e n o u t o n th o 12th in s t. b y th o P o s t O ffic e in th is c it y :

On July 1 postal savings depositors born outside of tho United States
owned Sll.158,131, or 85% of the $13,154,695 on deposit at tho Now York
Post Office. Tho individual depositors of foroign birth also outnumber tho
Amorican-born approximately three to ono. The Russian-born aro far
in the lead both in number of depositors and in amount on deposit with
DECISION
ON
C U M M IN S
AMENDMENT
W I T H 32,616 depositors and $4,506,984 on deposit. Tho Italians are second with
$2,553,067 to their credit and the American-born third with SI,996,564.
R E G A R D TO V A L U E OF S H I P M E N T S .
Then follow tho Austrians with SI,450,984, tho representatives of Great
Britain and her colonies with $875,225, the Hungarians with $507,683,
T h o a s s u m p tio n t h a t th o d e c la ra tio n o f th e v a lu e o f b a g - the Germans $278,982, and the Greeks $182,604. Other foreign-born de­
gago is n o t ca lle d f o r u n d e r th o C u m m in s A m e n d m e n t to positors hail from all parts of the world, notably Spain, Franco, Sweden,
th e In to r-S ta to C o m m o rc o L a w , is c o n v e y e d in a de cisio n Denmark, Norway and Turkey.
Tho New York Post Office gained about 200% in postal savings deposits
o f th o In te r-S ta te C o m m o rc o C o m m is s io n m ad o k n o w n on during tho last fiscal year and now has one-fifth of all the deposits of the
th o 18th in s t. T h o C o m m is s io n sta to s t h a t th o ro is n o entiro country. 4,092 depositors have reached the $500 lim it and can
p ro v is io n in th o A c t re q u irin g a d e c la ra tio n as to th o va lu e deposit no more, despite their appeals to do so. Of the owners of the $500
accounts, 3,721 aro foreign-born.
o f p r o p e rt y s h ip p e d in In te r-S ta te C o m m e rc e ; th o a m e n d ­
The postal savings service at New York has been seriously handicapped
m e n t does, h o w e v e r, p ro v id o “ th a t i f th o g oo d s a ro h id d e n from the start by unfortunate restrictions in the original Postal Savings Act,
which forbid tho acceptance of more than $100 a month from a depositor,
fro m v ie w b y w ra p p in g , b o x in g o r o th o r m e an s, a n d th e and
fix $500 as tho maximum am ount that may be accepted from him.
c a rrio r is n o t n o tifie d as to t h e ir c h a ra c te r, th o c a rrie r m a y Tho restrictions have proved particularly disappointing to the foreign-born,
re q u ire th o s h ip p e r to s p e c ific a lly s ta te in w r it in g th o va lu o who often insist on depositing their entire savings at one time and cannot
understand why the United States Government, in which they have im­
o f th o g o o d s .’ ” I n its d e cisio n th o C o m m is s io n s a ys:
plicit confidence, is willing to safeguard a part of their savings and not all
On M ay 7 1915 the Commission issued a report expressing tentatively Its of thorn. Millions of dollars, earned by honest labor in New York, have
viows upon various questions arising in connection with tho amendment of thus been driven back into hiding and lost to local channels of trade.
M arch 4 1915, generally known as the Cummins amendment, to Section 20
of tho Act to Regulate Commerce. Among othor things, attention was
called to tho provisions of Section 10 of the Act penalizing any person who
by falso statem ents as to valuo, or by any other device or means, obtained N A T I O N A L B A N K R E S E R V E S S U F F I C I E N T TO M A R ­
or attem pted to obtain transportation for property at less than the regular
K E T E N T I R E C O T T O N CROP.
rates. The numerous inquiries regarding this m atter indicate confusion in
I n a s ta te m e n t as to th o p re s e n t c o n d itio n a n d reso u rce s
tho minds of many as to the application of Section 10, and seem to render
desirable a further expression of opinion, by tho Commission upon this o f th e n a tio n a l b a n k s a n d F e d o ra l R e s e rv e b a n k s , C o m p ­
point.
There is no provision in tho Act to Regulate Commerce, Including the tro lle r o f th o C u iT o n c y W illia m s p o in ts o u t t h a t “ th o a c tu a l
Cummins amendment, that requires a declaration as to tho value of prop­ re s e rve s o f th e n a tio n a l b a n k s o n J u n o 23 1915 a ro f a r in o xerty shipped in inter-Stato commerce: nor has tho Commission issued any cess o f th o la rg e s t re s e rve s o v o r h old a t a n y o no tim e in th o
ruling that requires such declaration.
The Cummins amendment does, however, provide that if the goods aro p a s t h is to r y o f th o c o u n t r y . ” F u rt h e r m o r e , h o sta tes th a t
hidden from viow by wrapping, boxing, or other means, and tho carrior “ th o to ta l re s e rvo o f th o n a tio n a l b a n k s n o w oxceeds b y
is not notified as to their character, ‘“ the carrier may require the shipper to $319,000,000 th o g re a te s t ro s e rv o o v o r h o ld b y th o n a tio n a l
specifically state in writing tho value of tho goods.” In such cases rates
and charges for transportation, .dependent upon tho valuo of the property b a n k s a t a n y tim e p r io r to th o passago o f th o F e d o ra l R e s e rvo
shipped as specifically stated in writing by tho shipper, may bo established A c t . ” I t is a sso rted t h a t th o n a tio n a l b a n k s a n d th o tw o lv o
and maintained.
It is tho viow of tho Commission that, so far as declarations as to valuo F e d e ra l R e s o rv o b a n k s “ h a v o a t th is tim o a n u n e m p lo y e d
are concerned, tho prerequisites for tho application of Section 10 aro—First, lo a n in g c a p a c ity s u ffic ie n t to ena b le th e m , if n eed bo, to
tho election of tho carrier to require a shipper to stato in writing tho valuo c a r - y fo r o u r o w n peoplo a t m a rk o t v a lu o th o e n tiro c o tto n




A ug. 21 1915.]

THE CHRONICLE

c ro p a n d h a lf, if n o t th o w h o le , o f th e w h e a t c ro p a n d to ­
ba cco c ro p , . . . a n d also fin a n c e , u n t il th e p u rc h a s e rs
c a n p a y u s in g o ld o r its e q u iv a le n t, a th o u s a n d m illio n
d o lla rs o r so o f e x p o rts o f fo o d s tu ffs o r m a n u fa c tu re d p ro ­
d u c ts to b e s h ip p e d to th e re s t o f th e w o r ld .”
T h o C o m p t ro lle r ’s s ta te m e n t, issued o n th o 1 9th in s t .,
is as fo llo w s :

In view of tho largo demands which the national banks of this country
■ ay, in tho not distant future, be requirod to meet in supplying tho sea­
sonal and ordinary as well as the extraordinary calls ahoad of us, a brief
statem ent concerning tho prosont condition and resources of our national
banks and of tho Fedoral Reserve banks will bo instructive, and will prove
distinctly reassuring.
•
Tho spocial requirements above roferred to aro:
First. The yoarly recurring demand for funds with which to move
tho crops, which this year, except as to cotton, are unusually largo and com­
manding full prices.
Second. Tho unusual demand for funds which may arise to enable cot­
ton growers to meet any congestion in tho movoment or marketing of the
crop, in the event that cotton should bo declared contraband.
Third. The domands which are likely to bo made upon the national
banks, both directly and indirectly, in connection with the extension of
credit to foreign purchasers of supplios of all kinds, and to pay for tho
American securities which m ay bo returned to us by foreign creditors.
Tho actual figures show that tho prosent condition of tho national banks
of this country and their ability to moot any legitimate demands which
may be made upon them is unsurpassed. They have never bofore been
so strong and so thoroughly proparod to grapple with and handle success­
fully any problem, howovor largo, which may bo presented to them, as thoy
aro to-day. Those figuras show that tho national banks of this' country
and tho twolvo Fedoral Reserve banks, exclusive of the State banks and trust
companies, havo at this timo an unemployed loaning capacity sufficient to
onablo them , if need bo, to carry for our own people at m arket value the
entire cotton crop, and half if not tho whole of the wheat crop and tobacco
crop, which i f is not, of course, conceivable that they will bo asked to do,
and also financo, until the purchasers can pay us in gold or its equivalent,
a thousand million dollars or so of exports of foodstuffs or manufactured
products to bo shipped to the rest of tho world.
It is far better for tho banks to employ their surplus funds in making
loans on staplo commodities where they can relievo congestion or promote
legitimate commercial transactions, rathor than permit thoso funds to bo
used for tho inflation of tho stock markots whero speculation in securities
has already reached a point which invites caution.
Tho abstract of condition of national banks as of Juno 23 1915, just
completed, shows that notwithstanding tho groat reduction in reserve re­
quirements which went into offect with tho inauguration of tho Federal Re­
serve system in Novembor last, tho actual reserves of tho national banks on
Juno 23 1915 aro far in excess of tho largest reserves ever held at any one
timo In tho past history of tho country, and amountod to 1,840 million
dollars, or 778 million dollars moro than tho amount which tho national
banks are requirod to hold.
This surplus roserve, it is estimated, Is sufficient to Justify, on a con­
servative basis, an expansion of credit or a further loaning power of say
two or three billion dollars. Tho prosent total loans of all tho national
banks amount to about six and two-thirds billion dollars. A year ago, or
on Juno 30 1914, tho surplus roservo of tho national banks was only $41,­
000,000: so that the incroaso over the surplus roservo shown a year ago
is $737,000,000. On Oct. 31 1914, according to tho last statem ent mado by
tho national banks under the old reserve requirements, tho surplus rosorvo
of all tho national banks in tho country had boon reduced to only $8,000,000.
On Dec. 31 1914, principally as a result of the reduced reservo requirements,
tho surplus rosorvo had increased to $549,000,000. It is now seen that the
surplus roserve of national banks, since tho first of tho present calendar
year, shows an Increase of approximately $230,000,000.
Tho total roserve of tho national banks now exceeds by $319,000,000 the
greatest roservo ever held by the national banks at any timo prior to the
passage of the Federal Reserve Act.
Tho spocio hold by tho national banks and the Federal Resorve banks
amounts to close to one thousand million dollars. Tho specie in tho national
banks increased between M ay 1 1915 and June 23 1915, $71,000,000.
Tho surplus, or excess, reserve now held by the national banks over and
above tho amount thoy are roquirod to hold, amounts to noarly as much as
the total roservo of all national banks as lato as 1903.
Tho roports of the Fedoral Reserve banks at this timo show that tho total
amount of bills discounted and acceptances held by those banks amount
to approximately $40,000,000, whilo the supply of gold which the Federal
Resorvo banks havo now on hand is sufficient to give thoso banks a further
loaning capacity, if tho occasion called for it, of moro than $630,000,000
additional, provided they should utlllzo their note-issuing powers to tho
maximum.
•
In viow of tho onorinous resources of our national banks and our Fed­
oral Resorvo banks and of their unprecedented reserves, it may be inter­
esting to consider to what oxtent our national banks havo had occasion to
borrow money by direct loans in past years for crop-moving and other
purposes.
Tho sworn statem ents of tho national banks show that tho maximum
amount of money which thoso banks havo ever borrowed at the times of
their reports to tho Comptroller of tho Currency, on bills payable and re­
discounts, was $162,617,000. This amount tho national banks of the coun­
try woro borrowing on Oct. 31 1914. Prior to Aug. 27 1907, the total
borrowings of tho national banks, according to these statem ents, had
nover exceeded $50,000,000. On Aug. 27 1907 tho direct borrowings of tho
national banks amounted to $59,176,000. They increased as a result of tho
panic of 1907 to $100,955,000 on Dee. 31 1907. Tho hundred million mark
was not roachcd again until Aug. 9 1913, when the direct borrowings of
thoso banks woro roported at $109,106,000.
Against their maximum direct borrowings in tho past of $162,617,000,
tho reports of tho national banks as of Juno 23 1915 show that they had on
hand on that dato paper oligiblo for rediscount with tho Federal Resorvo
banks amounting to 1,639 million dollars, which is more than ton times the
maximum am ount which tho national banks of tho country, according to
their sworn statem ents to tho Comptroller of the Currency, havo ever here­
tofore had occasion to borrow on tholr bills payablo or by re-discounts.
Tho soundness cf our new banking and currency system and its ability
to meet successfully ovon tho most trying emergencies, have been demon­
strated. Wo also havo confidence that it will bo equally able to cope with
and control inflation growing out of prosperity. It bohooves tho national
banks, and the Departm ent of tho Government charged with their super­
vision, to exorciso, undor present circumstances, tho utmost vigilanco and
a wholesomo restraint lest over-confidence and unwise expansion or specu­
lation m ay check tho prosperity which now seems so likely to increase
and endure.



ASSISTAN CE

571
OF R E S E R V E B A N K S
C O T T O N CROP.

IN

F IN A N C IN G

I n c o n fo r m ity w it h th e p ro p o sa ls e m b o d ie d in th e re c e n t
c irc u la r o f th e F e d e ra l R e s e rv e B o a rd b e a rin g o n th e fin a n c in g
o f th e c o tto n c ro p , a c irc u la r le t t e r in th e m a t t e r h a s b een
addre sse d to th e m e m b e rs o f th e F e d e ra l R e s e rv e B a n k o f
A t la n t a b y G o v e rn o r Jo s e p h A . M c C o r d . T h e p u rp o se o f
M r . M c C o r d ’s c irc u la r is to c a ll a tte n tio n to th e e ffo rts o f
th e A t la n t a R e s e rv e B a n k to a ssist in p r e v e n tin g th e fo rc e d
sale o f c o tto n b y re -d is c o u n tin g n o te s o f c o tto n fa rm e rs a n d
m e rc h a n ts se cu re d b y p ro p e r w a re h o u s e re c e ip ts . I n f o r ­
m a tio n c o n c e rn in g w a re h o u s e fa c ilitie s f o r th e s to ra g e o f th e
c o m m o d ity w a s ca lle d f o r a t th e sam e tim e b y M r . M c C o r d .
I n a d d re ss in g th e m e m b e r b a n k s h e sa id :

FED ERA L RESERVE BANK OF ATLANTA.
Atlanta, Ga., A u g. 5 1915.
To the Member Banks of District N o. 6:
Your attention is called to the statem ent mado by the Federal Reserve
Board and published in the daily papers of Aug. 4 1915 regarding the cot­
ton situation. Should the present abnormal conditions continue, as out­
lined in the Board’s statem ent, and this year’s cotton crop be forced upon
the m arket as soon as it Is gathered, it is quite likely th a t the farm er will
realize a price below the cost of production. This can be avoided by th o
gradual m arketing of the cotton.
The resources of tho Federal Reserve Bank can be mado use of to accom­
plish this gradual sale of cotton, if its producers will put the cotton In con­
dition whero it can be used as collateral for loans, by having it properly
stored and insured.
Upon application by member banks we will re-discount notes of their
cotton farmers and m erchants, secured by proper warehouse receipts for
cotton and accompanied by ovidenco of insurance. M em ber banks offering
these notes should state tho grade and m arket valuo of the cotton securing
the paper. The notes should bo on tho usual collateral form of note, pro­
viding the right to call for additional security in the event of a decline in
tho m arket value of the cotton to a value below the am ount of tho loan.
Prudent, conservative banking m ust regulate the am ount per bale ad­
vanced to its customers by tho member bank. We resorve tho right to
refuse paper if tho advance appears to us to be excessive. Member banks
m ust keep in mind that the purpose Is to prevent the forced salo of cotton
at distress prices. Tho carrying of cotton for speculators is not contem ­
plated. Member banks cannot certify the paper of . speculators to bo
eligible.
It will be our policy to show every consideration to m ember banks whose
resources are being utilized in the above m anner during the period necessary
to carry out tho purposes expressed in the Federal Reserve Board's sta te ­
m ent above roferred to, which you have no doubt read.
Preference will be given to warehouse receipts Issued by public or bonded
Warehouses or regularly Incorporated compress companies. We reserve
tho right of deciding what constitutes proper warehouse receipts. If momber banks have not already assured themselves that the warehouse receipts
.available to their customers will bo acceptable to us as collateral, they are
‘nvited to correspond with us now on this im portant feature. We wish
to emphasize the importance of having arrangements mado and an under­
standing reached before the movement of the crop is upon us.
This letter relates only to advances necessary to prevent the forced sale
of cotton by its producers, and by m erchants who receive the cotton in
settlement of advances made to farm ers for the growing of the cotton.
Thoso membor banks who handle accounts of cotton buyers aro requested
to take up with us in a separate letter the m atter of handling advances
to buyers.
In formulating plans for the handling of this year’s cotton crop, we wish
to obtain full information regarding the capacity and responsibility of ware­
houses which aro available for the use of the customers of our member
banks. We will appreciate it if you will advise us by letter, or on this sheet,
on the following subjects, keeping in mind th at our inquiries relate only to
the warehouses available to the customers of the member bank addressed:
1. Number of warehouses available.
2. Names and location, and storage capacity, providing protection from
weather.
3. Financial responsibility of warehouses. (Send financial statem ent
of warehouseman, if obtainable; if not, write fully on this subject. We
have on filo information regarding compress companies in this district.)
4. Are warehouses bonded warehouses? Give full particulars.
5. If not bonded, can adequate surety bonds be taken out by warehouse­
men?
6. Will borrowers bo Interested and havo practical control of the ware­
houses issuing receipts, through stock ownership or otherwise?
7. Do warehouses protect cotton from weather damage?
8. How is fire insurance provided?
Respectfully,
JOS. A. M cCORD, Governor.
Member banks will please fill in the following:
Name of bank supplying above information___________ __________________
Location____________ ______ ___________________________________________
Signature......... ............— ............ .............: ...............(Cashier or other officer)
T h e F o d e ra l R e s o rv o B a n k o f R ic h m o n d has lik e w is e
in d ic a te d its p u rp o se to s im ila r ly h e lp in th e m o v e m e n t o f
c o tto n ; in a d vic e s issu ed b y it in th e m a t t e r to m e m b e r b a n k s
i t sa ys:

In anticipation of the possible needs of those soon to be interested in the
movoment of tho larger staple crops of the country, the Federal Reserve
Board, in a published circular, has suggested to tho several Reserve banks
th at they take stops to enlist the active Interest of member banks in financ­
ing the crops, and to arouse prom pt and hearty co-operation of those chiefly
concerned, whether farmer, merchant or m anufacturer.
Tho Foderal Reserve Bank of Richmond is able and ready, through its
member institutions, to render any assistance needed in the district served
by it in this particular connection, and a t the same tim e to eare fully for
such other current demands as may bo mado upon it.
Whilo grain crops will be heavy, their care will hardly require special
thought or treatm ent, but should it be found th at their orderly movement
and their ultim ate salo, free from undue pressure, can be promoted by any
sorvice possible for tho Roscrvo'Bank to render, such service will be available.
Tho situation with respect to cotton Is different and m ay require special
consideration. Pledged cotton should bo stored in public warehouses and
receipts should be on standard forms, which should be signed manually and

573

THE CHRONICLE

in ink. Evidence of proper insurance should accompany each warehouse
receipt. Certain warehouses issue insured receipts. In such cases, it
Wduld be proper for tho interested member bank to staisfy itself of the capital,
responsibility of tho warehouseman and the personnel of its management,
in order to bo able to certify to tho same when called upon. In accepting
and holding warehouse receipts from any source, tho Reserve Bank would
expect its members to be in position, if called upon, to vorify tho facts set
out in any particular certificate, by inspection or otherwise. Receipts
should show grades and weights of the stored cotton, and m ust be in nego­
tiable form.
Notes pledging tho staple should be of tho usual collateral form, giving
tho right to call for additional security in case of necessity. While the
am ount per bale advanced to tho pledgor will bo at tho discretion of tho
momber bank, tho Reserve Bank in accepting such papers would discrimi­
nate in favor of transactions fairly margined. It would be unwise to await
tho actual presence of a m atured crop before undertaking to make arrange­
m ents for its financing and the storage of such part of it as it may bo desir­
able to liquidate gradually, and it, therefore, is recommended th at momber
banks at once proceed to advise with their interested customers w ith tho
view of having them prom ptly make advanco arrangements, both with
their bank and With their resopnsible warehousemen.
All notes must bear tho endorsement of a member bank. W hile the
law will not perm it the Reserve banks to accept under discount notes
secured by a plcdgo of cotton when the notes aro mado by those purchasing
the staple for speculation or investm ent purposes, the Reserve banks will
serve ono of their chief and proper aims wnen they accept from member
banks notes mado by planters growing and owning tho cotton, by spinners
who have bought it for m anufacturing purposes, or by merchants accept­
ing cotton in settlement of accounts or as security from growers.
Notes made by planters may bo accepted by a Reserve bank when having
a m aturity up to six m onths from the date on whicn the Reserve bank ro
ceives tho paper. In this connection, howover, it is well to advise th at tho
aggregate amount of paper having a m aturity boyond ninety days which a
Reserve bank may hold at any tim e, is limited to 90% of tho paid-in capital
of any particular Reservo bank, which, in the case of this bank, would bo
about S3.000.000. It therefore would be wiso for single makers, in drawing
their notes against cotton, to mako them of different m aturities when the
transaction is largo, say, in excess of S5.000, not only with the view of per­
m itting the Rcsorvo bank wido latitiudo of action, but in order to facilitate
the gradual orderly liquidation of tho cotton in tho presenco of fair m arket
conditions.
The lion laws of the several States interposed serious obstacles to the free
and safe acceptance of warehouse receipts as collateral. It, therefore, is
Im portant that member banks in accepting cotton as collateral, satisfy
themselves and bo in position if asked to certify to the Rcsorvo Bank that
no liens aro outstanding against tho cotton so accepted.
Cotton mills desiring to purchase their raw material in excess of a value
for which open credit can readily bo obtained, may storo tho cotton in a
warehouse not under their own control when tho note of such mill, with
warehouse receipt attached, will bo altogether acceptable at tho Reserve
bank for any m aturity up to 90 days from tho dato of re-discount by tho
bank and when tho note bears tho endorsement of a member bank.
A L L I E S TO D E C L A R E C O T T O N C O N T R A B A N D OF W A R .

A c c o rd in g to a s ta to m e n t a u th o riz e d b y th o B r it is h E m ­
b a s s y a t W a s h in g to n o n th o 19th in s t., “ th o A llie d G o v e rn ­
m e n ts h a v e a g re e d in p rin c ip le t h a t c o tto n is c o n tra b a n d o f
w a r . ” I t is f u rt h o r s ta te d t h a t “ th o e xa c t d a to w h e n th is
a n n o u n c e m e n t s h a ll bo m a d o is s till u n d e r c o n s id e ra tio n as
w e ll as o th e r d o ta ils c o n n e cte d w it h th o p ro c la m a tio n s .”
I t is ro p o rte d t h a t as so o n as th o o ffic ia l a n n o u n c e m e n t is
m a d o , i t w ill a t th o sam e tim o b e disclosod t h a t th o A llie d
G o v e rn m e n ts h a v e p re p a re d to s u p p o rt th o c o tto n m a rk e t
a n d p r e v e n t ru in o u s de p re ssio n o f p ric e s a n d m in im iz e
h a rd s h ip s to p la n te rs . T h o in te n tio n o f th o A llie s to de­
c la re c o tto n c o n tra b a n d w a s u n o ffic ia lly b u t a u t h o r it a t iv e ly
c o m m u n ic a te d to th o S ta te D e p a rtm e n t e a r ly th is w e e k . I t
is in d ic a te d t h a t th is a c tio n w o u ld be do fon ded as a u th o riz e d
b y in te rn a tio n a l la w . I t w a s e xp la in e d in W a s h in g to n o n
T h u r s d a y t h a t th o A llie s h a d re fra in e d fro m d e c la rn g c o t­
to n c o n tra b a n d a t th o o u ts e t o f th e w a r because a la rg o c ro p
h a d b e e n p la n te d in th is c o u n t ry a n d a c o n tra b a n d o rd e r
th o n w o u ld h a v e b e e n , in th e ir o p in io n , m o re se rio u s th a n
a t th o p re s e n t tim o , w h e n th o c o tto n S ta te s a ro p ro p a re d fo r
a c h a n g o o f p o lic y b y re d u c tio n s o f a croa go. T h o A llie s
h a v e a c k n o w le d g e d t h a t som e o f th o c o tto n in te re s ts m a y bo
a ffe c te d b y th o ch a n g o a n d f o r t h a t rea so n h a v o de cid e d to
s ta n d b e h in d th o m a rk e t a n d a v o id a p e rm a n e n t decreaso in
A m o ric a n c o tto n p la n tin g s w h ic h w o u ld bo re fle c te d in th e
in d u s trie s o f th o A llie d c o u n trie s . I t is re p o rte d t h a t th o
p rin c ip a l re a so n f o r d e c la rin g c o tto n c o n tra b a n d is t h a t is is
o no o f th o m o s t im p o rta n t p ro d u c ts used in th o m a n u fa c tu re
o f sm okeloss p o w d o r.
A d e fin ito p la n to re lio v e th e c o tto n s itu a tio n in th o S o u th
is sa id to h a v o b e e n d e c id e d u p o n b y P re s id e n t W ils o n .
T h o n a tu re o f th o p ro p o s a l w a s o u tlin e d b y th o P re s id e n t to
C h a irm a n L o v e r o f th e H o u s e C o m m itte e o n A g r ic u ltu re w h o n
th o la t te r ca llo d a t th o W h it e H o u s e o n th o 17th in s t. in
b o h a lf o f a n o rg a n iz a tio n o f c o tto n p ro d u c e rs . T h e d e ta ils
o f th o p la n h a v o n o t b e e n disclo sod , b u t it is b e lie ve d th a t
P re s id e n t W ils o n co n te m p la te s o x te n d in g re lie f to th o c o tto n
g ro w e rs th ro u g h th o o p e ra tio n s o f th o F e d e ra l R o s o rv o B o a rd
as w e ll as th ro u g h som e p o ssible a rra n g o m o n t w it h th e B r i t ­
is h G o v e rn m e n t. C h a irm a n L o v e r said a fte r h is v is it a t
th o W h it e IIo u s o t h a t ho w a s so w e ll s a tis fie d w it h th o P re s i­
d e n t’s p la n t h a t h o w o u ld re c o m m o n d to th o c o m m itte e o f
c o tt n g ro w e rs w h o h a d a rra n g e d to c a ll o n th o P re s id e n t



[Vol. 101.

o n M o n d a y f o r th o p u rp o so o f lo d g in g a p ro te s t t h a t th o
e n g a g e m e n t bo ca n ce le d .
S O U T H E R N B A N K E R S P L A N F I N A N C I N G OF C OT T ON
CROP.

A co n fo ren co o f S o u th e rn b a n k o rs w a s h o ld in G a lv e s to n
o n th e 14th in s t. f o r th o p u rp o so o f fo rm u la tin g a p la n
w h e r e b y th e c o tto n c ro p o f th o S o u th m ig h t bo p la ce d o n
th o m a rk o t o n ly in su c h q u a n titie s as w o u ld in s ta n tly bo
a b s o rb e d . T h o m e e tin g w a s ca lle d b y Jo s e p h H irs c h ,
P re s id e n t o f th e T e x a s B a n k e rs ’ A s s o c ia tio n , a n d w a s a t­
te n d e d b y m a n y p ro m in e n t b a n k e rs in th o S o u th . A n
o u tg ro w th o f th o co n fe re n c e w a s th o a p p o in tm e n t o f a
p e rm a n e n t o rg a n iz a tio n to bo k n o w n as th o C o t to n S ta tes
B a n k e rs ’ C o n fe re n c e . T h is o rg a n iz a tio n w o u ld h a v o fo r
it s m a in p u rp o so th o e d u c a tio n o f th o b a n k e rs a n d fa rm e rs
o f th o S o u th in a c o m p re h e n s ive p la n o f m a r k e tin g ,w h ic h
w ill re m o v e fro m th e m a rk e t in th o e a rly p a rt o f th o season
a ll d istre ss c o tto n . T h o m e a n s f o r a c c o m p lis h in g th is re s u lt,
th o b a n k e rs b o lie vo , w o u ld in c lu d o p ro p e r w a re h o u s in g , a n d
a d va n c e s to fa rm o rs b y lo ca l b a n k s th ro u g h o u t th o S o u th ,
w h o w o u ld ta k e p ro p e r w a ro h o u so re c e ip ts a n d in s u ra n c e
po licie s as s e c u r it y .
S e ve ra l te le g ra m s w e re ro c o ivo d d u rin g th o co n fe re n ce
fro m W . P . G . H a r d in g , o f th o F e d o ra l R e s o rv o B o a rd ,
w h o o ffe re d to m o o t w it h a c o m m ittc o a p p o in te d b y
th o S o u th e rn b a n k o rs a t B irm in g h a m o n A u g u s t 26. T h i s
c o m m itte e w a s n a m e d as fo llo w s , b y C h a irm a n H irs c h :
F . S . E th o rid g o o f Ja c k s o n , G a .; F . W . F o o to o f H a ttio s b u rg , M is s .; L . M . P o o l o f N o w O rlo a n s , F . M . L a w o f
H o u s to n , G o rd o n N . P e a y o f L i t t l e R o c k , E . L . R ic o o f
M e m p h is , T o n n .; Ja in o s K e it h J r . , P re s id e n t o f th o A la b a m a
B a n k e rs ’ A s s o c ia tio n , a n d th o p re s id e n ts o f th o S ta te
b a n k e rs ’ a sso cia tio n s o f N o r t h a n d S o u th C a ro lin a .
M r . H a rd in g , in o th e r to le g ra m s , exp ressed his s y m p a th y
w it h th e m o v e m e n t a n d o ffe re d to c o n fe r w it h th o co m m itto o
in lie u o f h is u n a v o id a b le a bsence fro m th o G a lv e s to n co n ­
fe re n ce . I n h is o p o n in g a d d re ss M r . H irs c h , w h o w a s
e lected P e rm a n e n t C h a irm a n o f th o co n fo ro n ce , said in p a rt:

This conference is called in the effort to organizo a concerted movemont
on the part of Southern cankers looking to tho gradual marketing of the
1915 cotton crop.
Since tho establishment by tho Federal Reserve Board on June 30, of a
spocial committco to investigate and report on tho status of tho problems
connected with moving tno cotton crop, tho Board has made overy effort
to assist in financing this year’s cotton crop. In a special letter issued
by tho Federal Reserve Board on August 2, special attention was directed
to tho marketing of tho cotton crop.
.
Tho Federal Reserve Bank of Dallas Issued a special circular letter on
July 7, calling attention of its members to tho facilities offered by tho
Federal Reservo banks and pointing out th at our only hopo of obtaining
a fair price for cotton was through the gradual markoting of tho crop, and
callin'' on tho banks of tho country, backed up by tho Federal Reservo
banks, to use their best efforts to keep tho farmers from having to accept
distress
prices.Reservo Bank of A tlanta, in a circular
. . . issued. to
. . .its members
.
The Federal
on August 8, stressed tho fact that tho resources of tho Federal Reserve
banks can be used to accomplish tho gradual markoting of cotton, if tho
producers will put tho cotton in condition whero it can be used as collateral
for loans by having it properly stored and insured, and advises th at, upon
application by its member banks, tho Atlanta bank will ro-discount notes
of their cotton farmers and merchants secured by proper warehouso receipts
for cotton and accompanied by evidence of insurance. Member banks
are directed to keep in mind that tho purposo is to prevent tho forced
sale of cotton at distress prices, and emphasizes that tho carrying of cotton
for speculators is not contemplated and that member banks aro forbidden
to certify tho paper of speculators to be eligible for ro-discount.
W P G Harding in charge of tho special cotton committee, in sum­
ming up puts the entire proposition in a succinct form when ho says: “Will
Southern membors and Southern bankers, and all others interested In
Southern trade, co-operate in securing for tho cotton producer tho benefit
of this advanced price, and will the cotton producers themselves do tnelr
Pap or tho first timo in tho history of tho South, gentlemen, Southern
bankers havo tho financial ability to gradually m arket this crop. It would
appear almost, as if tho Federal Reserve Act had been drafted for tho
benefit of tho Southern producers. Aro wo going to tako advantago of
these facilities? Aro we going to assist our farmers to obtain a fair price
for this year’s crop? Or are wo going to permit its sale at prices mado
by tho buyer? This m atter, gentlemen, in my opinion, is largely in tho
hands of Southern bankers, and action to bo taken depends, in a largo
measure, upon the work that will bo done by tho delegates attending tills
conference to-day.
_
_
During tho past twelve weeks tho Texas Bankers Association has con­
ducted a cotton warehouse campaign in this State which has resulted in
applications for something over sixty warehouso charters, and it is tho
belief of tho vice-chairman of our warehouso committee, M r. N athan
Adams who is with us to-day, that we shall havo increased our cotton
warehouse facilities some five hundred thousand bales in timo for tnis
fail’s crop Gentlemen, this was done only by hard work and co-operation
on the part of the bankers of the State of Texas. M r. Adams has taken
a stron" position on tho m atter of our cotton crop and calls upon tho bankers
of Texas to assist in storing the 1915 crop, extend a part of tho credits
which m ature in tho m onths of September and October, substituting tho
notes of farmors and merchants secured by negotiable warehouse receipts
and provide for tho gradual liquidation of this paper, by tho gradual salo
of our cotton. M r. Adams, assisted by seven chairmen, constituting tho
executivo committco of tho Texas Bankers’ Association, and assisted by
a local chairman In practically overy county In tho Stato of Texas, has
succeeded not only in greatly increasing tho warehouso facilities of this

A ug . 21 1915.]

THE CHRONICLE

State, but has succeeded tu instilling into the minds of the producers the
fact tnat, with adequate warehouse facilities and with the collateral of a
good warehouse receipt, they will bo ablo to markot their crop in a moro
intelligent m anner and should bo ablo to command for it a moro uniform
price.
T k o fo llo w in g re s o lu tio n w a s u n a n im o u s ly a d o p to d a t
tk o co n fe re n c e :

Whereas, It is a m atter of common interest to tho peoplo of this nation
and to tho peoplo of tho South in particular, farmers, bankers and ail busi­
ness men alike, th at the cotton crop now nearing harvost bo marketod
to tho bast advantage and in such a manner as to insure tho maximum
return to tho producer, and
Whereas, It is roalized that intelligent and systematic co-operation is
advisablo to bring about this much desired end, now, therefore, be it
Resolved, by this conference of bankers representing tho cotton growing
States of Georgia, Mississippi, Oklahoma, Louisiana, Tcnnesseo, Arkansas,
Alabama, South Carolina and Texas, assembled in tho city of Galveston
on August 14 1915, T hat is tho opinion of tho bankers hero assembled,
th at it is tho duty of the banks and business men of tho South to assist
tho producer in obtaining a fair value for the 1915 cotton crop by tho
gradual salo of same, by offering to the m arket only such an amount of
tho crop as tho m arket is ready to absorb at a reasonable price, and that
tho resources of tho banks of tho South are sufficient for this purpose, with
the facilities available through tho Federal Reserve system, and tho co­
operation of tho financial centers of this country; and, bo it further
Resolved, T hat copies of this resolution bo forwarded to all member
banks of tho various State banking associations of the South, and that tho
clearing houses bo requested to distribute samo to tho mercantile interests
in' their respective trade territory: and, bo it further
Resolved, T hat tho chairman of this conference bo authorized and in­
structed to appoint a committeo of ono member from each Stato repre­
sented at this conference to confer witli M r. W. I*. G. Harding, member
of tho Federal Reserve Board, at Birmingham, Ala., on August 20 1915.
A f u r t h e r re s o lu tio n , p ro p o se d b y J . N . B r o w n , P re s id e n t
o f th o A la m o N a tio n a l B a n k o f S a n A n to n io , w a s also
a d o p to d c a llin g o n th o pooplo o f th o S o u th to in v e s t th e ir
sp a ro m o n e y in c o tto n . A n o t h e r re s o lu tio n , e m p o w e rin g
th o C h a irm a n to c a ll a co n fe ro n co d u rin g th o m o n th s o f
N o v o m b o r o r D o c o m b o r a t h is d is c re tio n , w a s also c a rrie d .
F . S . E th o rid g o , P re s id e n t o f th o G e o rg ia B a n k o rs ’ A s s o ­
c ia tio n , s ta to d t h a t th o c o tto n m ill m e n w o u ld r a t h e r b u y
c o tto n as t h o y n eed it , th a n in b ig q u a n titie s . H o also said :

Wo aro now beginning a propaganda of education, that wilt extend
through all lines of business in the South, and should help all. I am op­
posed to any radical or wild cat schemes, but tho ono beforo us to-day is
practical, and if wo but hold together on it wc should make it successful.
If England wants to place cotton on the contraband list wo can lot her
do so and then toll her that she will get none of the South’:; cotton unless
sho pays our farmers a fair price for it. We do not want to tell the farmers
to hold tho cotton, regardless of conditions, but to exercise discretion in
selling it. Wo cannot say that wo will have 10c., 12c. or 15c. cotton, but
wc can hold it until wo get a fair price. However, wo should Insist on the
Stato banks joining us in this movement.
I N T E R P R E T A T I O N OF P R O V I S I O N S I N C L A Y T O N A C T
R E L A T I N G TO I N T E R L O C K I N G D I R E C T O R A T E S .

A n in te rp re ta tio n o f th o p ro vis io n s in th o C la y t o n A n t i ­
T r u s t A c t re la tin g to in te rlo c k in g d ire c to ra te s o f b a n k in g
in s titu tio n s is g iv e n in th o A u g u s t issuo o f th o “ F e d e ra l R e ­
s e rv e B u lle t in ” b y M . C . E ll io t t , C o u n s e l o f th o R c s o rv o
B o a rd . M r . E ll io t t discusses tw o q u e stio n s w h ic h h a vo
boon aske d re g a rd in g th o p ro v is io n s o f th o A c t a n d a n s w e rs
th o rn b o th in th o n o g a tiv o . T h o q u e stio n s a ro :
1. I f a d ire c to r o f a n a tio n a l b a n k h a v in g d o p o sits, c a p ita l,
s u rp lu s a n d u n d iv id e d p ro fits a g g re g a tin g m o ro th a n
$5,000,000 is e lected a t th o a n n u a l m o o tin g in J a n u a r y 1910,
m a y ho, w it h o u t v io la t in g S e ctio n 8 o f th o A c t re fe rre d to ,
c o n tin u o to s o rve u n t il J a n u a r y 1917, a n d a t th o sam e tim e
s o rvo as a d ire c to r o f a n o th e r n a tio n a l b a n k ?
2. C a n a d ire c to r o f a S ta to b a n k o r t ru s t c o m p a n y
h a v in g d o p o sits, c a p ita l, s u rp lu s a n d u n d iv id e d p ro fits
a g g re g a tin g m o ro th a n $5,000,000 s e rvo a fte r O c t. 15 1916
as a d ire c to r o f a n o th e r S ta to b a n k o r t ru s t c o m p a n y w h ic h
is a m o in b o r o f a F e d o ra l R e s e rv e b a n k ?
M r . E l l i o t t ’s in te rp re ta tio n is as fo llo w s :

The Counsel of tho Federal Roscrvo Board lias prepared tho following
opinion in answer to a number of letters roceivod by tho Board and referred
to him for consideration, which involve an interpretation of Section 8 of
tho Act approved Oct. 15 1914 and generally described as the Clayton Act.
While tno provisions of Section 8 do not, under tho terms of tho Act,
become opcratlvo until two years from tho dato of its passage—that is to
say, until Oct. 15 1916—it appears to bo nocossary for tho banks to obtain
rulings on certain questions in order to arrange for tne personnel of their
boards of directors after this time.
Tho two questions which are tho subject of most of tho letters referred
to aro as follows:
1. If a director of a national bank having deposits, capital, surplus and
undivided profits aggregating moro than $5,000,000 is elected at tho annual
meeting in January 1916, may ho, without violating Section 8 of tho Act
referred to, continuo to serve until January 1917, and at tho samo time
servo as a director of another national bank?
2. Can a director of a State bank or trust company having deposits,
capital, surplus and undivided profits aggregating moro than $5,000,000
servo after Oct. 15 1916 as a director of another Stato bank or trust com­
pany which is a member of a Federal Reserve bank?
Both of theso questions involve a consideration of that part of Section 8
of tiio Act referred to, which reads as follows:
“ T hat from and after two years from tho dato of tho approval of this
Act no person shall at tho samo time be a director or other offieor or em­
ployee of moro than ono bank, banking association or trust company,
organized or operating under tho laws of tho United States, either of which
has deposits, capital, surplus and undivided profits aggregating moro than



573

$5,000,000: and no private banker or person who is a director in any bank
or trust company, organized and operating under tho laws of a State, having
deposits, capital, surplus and undivided profits aggregating moro than
$5,000,000 shall bo eligible to be a director in any bank or banking asso­
ciation organized or operating under the laws of tho United States. Tho
eligibility of a director, officer or employee under tho foregoing provisions
shall bo determined by tho average am ount of doposits, capital, surplus
and undivided profits as shown in the official statem ents of such bank,
banking association or trust company, filed as provided by law during
the fiscal year next preceding tho date set for tho annual election of direc­
tors, and when a director, officer or employee has been elected or selected
in accordance with the provisions of this Act it shall be lawful for him to
continuo as such for one year thereafter under said election or employment.”
This Act became a law on Oct. 15 1914. As above shown it provides in
term s that after two years from th at dato (that is to say, Oct. 15 1916) “no
person shall a t the same time be a director * * * of more than one
bank * * * organized or operating under the laws of the United States,
cither of which has deposits, capital, surplus and undivided profits aggre­
gating moro than $5,000,000.”
This Ianguago is freo from ambiguity, and makes it entirely clear that
after Oct. 15 1916 a person who is a director of a bank with aggregate re­
sources of moro than $5,000,000, organized or operating under tho laws of
tho United States or under the laws of any Stato, shall bo ineligible to serve
as a director of any other bank organized under the laws of the United
States.
In determining whether a bank has aggregate resources of more than
$5,000,000, tho Act provides th at tho aggregate amount of deposits, capital,
surplus and undivided profits of such bank, as shown in the official state­
ment filed during the fiscal year next preceding tho dato set for the annual
election of officers, shall be taken as a basis, and then provides that:
“ When a director lias been elected in accordance with tho provisions of
this Act it shall be lawful for him to continuo as such for one year thereafter
under said election or employm ent.”
Tho obvious purpose of this provision is to perm it a director to serve out
his term if tho bank has aggregate resources of less than $5,000,000 a t tho
tim e of his election, but subsequently tho resources aro increased to an
amount in excess of $5,000,000.
It lias been suggested that by reason of this provision directors electod
in January 1916 may continue to serve until January 1917, although thoy
would bo ineligible if elected after Oct. 15 1916. It will lie observed, how­
ever, that the language quoted is a part of tho same sentence which fixes
tho time for calculating the aggregate resources of the bank in order to
determine tho eligibility of such director, and following tho ordinary rules
of interpretation of statutes it is necessary to consider the context in order
to determine when a director has been electod in accordance with tho pro­
visions of the Act.
Considering this sentence as a whole, it seems clear th at if a bank has
aggregate resources of more than $5,000,000 on Jan. 1 1916 tho stock­
holders aro charged with notico that after Oct. 15 1916 a director of such
bank will bo ineligible to serve on the board of any other bank organized
or operating under tho laws of the United States.
While Congress manifestly intended to givo banks two years from tho
dato of tho passage of the Act to adjust tho personnel of their boards of
directors, in order to conform to tho requirements of tho Act referred to,
it is equally manifest that it did not intend to allow more than two years
for this purpose, and tho first question should, in tho opinion of this office,
bo answered in tho negative.
Tho determination of tho second question depends upon the construction
to bo placed upon the language “organized or operating under the laws of
tho United States.”
As above shown, a person who is a director of a national bank. State bank
or trust company having aggregate resources of moro than $5,000,000 is
ineligible to serve on the board of directors of another bank organized or
operating under the laws of the United States.
Stato banks and trust companies are organized under the laws of th eS tat
in which they are incorporated and exercise those corporate powers which
arc granted them by tho laws of tho State or which are incidental to tho
powers thus granted. In a certain sense, therefore, they may be said to
bo both organized and operating under the laws of the State. On tho other
hand, when such banks become members of tho Federal Reservo System
thoy subject themselves to certain Federal laws. For oxample, they must
m aintain reserve required by tho Federal Reserve Act: they are subject to
examination and supervision by Federal authorities and must conform to
certain laws relating to investm ent of their funds. Accordingly, they may
bo said to be operating under both State and Fedoral law.
Congress has specified certain requirements to which Stato banks and
trust companies must conform as a condition of membership in the Federal
Reserve System. It is therefore necessary to determine whether it was
the intention of Congress by Section 8 of tho Clayton Act to provide as a
further condition of membership in the Federal Reserve System that tho
directorates of such banks shall not include any person who is a director
of another bank having aggregate resources of moro than $5,000,000.
From an examination of the original bill introduced by M r. Clayton
on April 14 1914 it appears that tho section abovo quoted originally read
as follows:
“T hat from and after two years from the dato of the approval of this Act
no person shall at the samo time be a director * * * of more than ono
bank * * * organized and operating under the laws of the Unitod
States, cither of which has deposits, capital, surplus and undivided profits
aggregating $2,500,000.”
In tho amended bill of M ay 6 1914 the language “organized and operating
under the laws of tho United States" was changed to read “organized or
operating under the laws of the United States,” and this language was
retained by tho Senate, by the conferees and in the Act as it became a
law. Tho use of the word “or” in place of the word “and” is, therefore,
significant, and in order to give it a reasonable meaning it is necessary to
conclude that Congress intended this provision to apply to State banks and
trust companies, which, though organized under State laws, operate under
tho laws of the United States when they become members of tho Federal
Reserve System as well as to national banks which are organized and op­
erate under the laws of the United States.
In the opinion of this office, therefore, a person who is a director or other
officer of a bank having aggregate resources of more than $5,000,000 will
bo Ineligible to serve on the board of directors of a State bank or trust com­
pany which is a member of the’jFederal Reserve System after Oct. 15 1916.
Both questions should, accordingly, be answered in tho negative.
C OT TON

WAREHOUSE

F A C IL IT IE S

IN

TEXAS.

A c c o rd in g to re p o rts re c e ive d b y E d w in H o b b y , C h a ir ­
m a n o f th e F i f t h D is t r ic t o f th e T o x a s B a n k e rs ’ A s s o c ia tio n ,
s u ffic ie n t w a re h o u s e s h a v e beon b u ilt in h is d is tr ic t to s to re
p r o p e rly 3 0 % o f th is y e a r ’s c o tto n c ro p . T h o re p o rts also

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s h o w th a tw h o n w a re h o u s e s n o w u n d e r c o n s tru c tio n a re co m ­
p le te d , f u lly 5 0 % o f th e c ro p ca n bo p r o p e rly s to re d .
W . C . H a r g r o v e , P re s id e n t o f th e N a tio n a l B a n k o f P it t s ­
b u r g , T e x a s , a n d C h a irm a n o f th e w a re h o u s e c o m m itte e o f
th e T o x a s B a n k e rs ’ A s s o c ia tio n f o r C a m p C o u n t y w a s in
D a lla s A u g u s t 5 a n d th e D a lla s “ N o w s ” q u o te s h im as h a v in g
sa id :

Tho disposition of the farmers in Camp County is to storo their cotton
and avail themselves of tho opportunity of norrowing money on tho ware­
house receipts. In this way they can nold the cotton until tney think tho
m arket warrants selling.
Only about 1,200 bales were stored last year, but tho farmers who stored
their cotton roalized considerably more for it than those who had not.
For this reason I believe tho disposition will bo to keep tho cotton off tho
m arket if tho price is not suitable.
FED E RAL IN D U S T R IA L RE LA TIO N S C O M M ISSIO N
A D J O U R N S — RE PORT O N S T A N D A R D O I L S T R I K E .

T h o F e d o ra l C o m m is s io n o n In d u s t r ia l R e la tio n s , a fto r
t w o y e a rs s p o n t in th e in v e s tig a tio n o f in d u s tria l u n re s t a n d
its causos, co n c lu d e d its la b o rs in C h ic a g o o n th o 14th in s t.,
w h o n fin a l a c tio n w a s ta k e n o n th o q u e s tio n o f th o re p o rts
to bo p re s e n te d to C o n g re s s. A s in d ic a tin g th e in a b ilit y
o f th o m e m b e rs o f th o C o m m is s io n to a gre e as to t h o ir p re sen ­
ta tio n s , i t is s ta to d t h a t th re e re p o rts h a v e boon d ra w n u p .
T h o C o m m is s io n , u n d e r th o C h a irm a n s h ip o f F r a n k P .
W a ls h , in c lu d e d in its m a k e -u p J o h n R . C o m m o n s , M r s .
F lo re n c e J . H a r r im a n , H a r r is W e in s to c k , S . T h r u s t o n B a l­
la rd , J o h n B . L o n n o n , Ja m e s O ’C o n n e ll, A u s t in B . G a rr e tson a n d R ic h a rd H . A is h to n . F re d e ric A . D e la n o , o rig in a lly
a m o m b e r, a n d n o w V ic e - G o v e r n o r o f th o F e d e ra l R o s o rvo
B o a rd , w a s ro p la co d on th o C o m m is s io n b y M r . A is h to n .
M e s s rs . W e in s to c k , B a lla rd a n d A is h to n a re th o m e m b e rs
o f th e C o m m is s io n re p re s e n tin g c a p ita l; M e s s rs . L e n n o n ,
O ’C o n n o ll a n d G a rre ts o n a re tho th re e la b o r re p re s e n ta tive s ,
w h ile M e s s rs . W a ls h a n d C o m m o n s a n d M r s . H a r r im a n c o n ­
s titu t e th o re p re s e n ta tiv e s o f th o peoplo.
F o llo w in g th e a d jo u rn m e n t o f th o C o m m is s io n la s t S a tu r­
d a y , C h a irm a n W a ls h m a d e th o fo llo w in g a n n o u n c e m e n t:

Professor Commons finished his roport, which was signed in full by him­
self and M rs. J. Borden Harriman. With cortatn noted exceptions, it also
was signed by It. II. Aishton, S. Thruston Ballard and Harris Weinstock.
A dissenting opinion was filed by Chairman Walsh and one by Com­
missioner A. II. Garretson.
Tho main roport, that of tho Commission’s staff, prepared by Basil M.
M anly, was concurred in as to all findings of fact and noarly all recom­
mendations by Commissioners Garretson, Lonnon, O’Connoll and Walsh.
Tho third report—Profossor Commons’ being the second—was by M r.
W einstock, and was concurred in by Commissioners Aishton and Ballard.
M r. Lonnon and M r. O'Connoll turned In an opinion in which thoy
related why thoy signed the Manly report. Chairman Walsh turned in a
personal opinion, sotting forth what ho regarded as tho principal causos of
industrial unrost.
M r. Garretson turned in a porsonal opinion, which ho described as a
“ Condonsod History of Industrial H ell,” which also set up his views on tho
cause of industrial unrost.
There Is only ono official report containing any findings of fact. That
is tho M anly roport. To those findings of fact all members assented. It
was only as to recommendations that difference arose. Thoro was little
disputo as to tho prim ary causes of industrial unrost.
O n o q u e s tio n , w h ic h is said to h a v e b ro u g h t a b o u t a
d iv is io n o f o p in io n , is a ro c o m m o n d a tio n d ra fte d b y B a s il M .
M a n ly , c h ie f in v e s tig a to r fo r th o C o m m is s io n , a n d a d v o ­
c a te d b y C h a irm a n W a ls h , t h a t C o n g re s s e n a c t le g isla tio n
c o n fis c a tin g a ll fo rtu n e s in excess o f $1,000,000, p ro p o s in g
t h a t in h e rita n c e s o v e r th a t s u m sh a ll go to th o F e d e ra l G o v ­
e rn m e n t. M r . W a ls h boliovos th a t th is w o u ld fu rn is h a
pa n acea f o r a ll th o p ro b le m s o f ta x a tio n a n d re lie v o th e
w o rk in g classes fro m p a y in g fo r th o s u p p o rt o f th o G o v e r n ­
m e n t. C o m m is s io n e r W e in s to c k , one o f th o so d isa g re e in g
w it h th o v ie w s o f C h a irm a n W a ls h , is q u o to d in th o “ T im e s ”
o f T u e s d a y as s a y in g :

This Commission has takon two years of work and spont SMC) ,000 of the
peoplo’s money and tho peoplo have a right to know why wo aro quarreling
among ourselvos and cannot agroe. I had earnestly hoped that wo could
present a unanimous report, but tho stand somo membors of tho Com­
mission havo takon on social questions makes that impossible.
For instance, wo all agreed that thoro should bo a permanent Bureau of
Industrial Relations. Tho labor mon and M r. W alsh wanted this under tho
direction of tho Departm ent of Labor. It is easy to soo that such a bureau
would bo absolutely useless. No employer would trust tho arbitration
of industrial disputes to a body dominated and controlled by the oppo­
sition, for tho bureau would certainly bo dominated by labor. Wo want
tho Industrial Relations Bureau to bo absolutely independent and con­
stituted in a tri-partisan manner just as was the Commission—representa­
tives of capital, representatives of labor and representatives of tho goneral
public. This insures fairness.
Tho machinery of tho Commission was used by M r. Walsh for tho
drafting of a report wo could not sign. It contained M r. W alsh’s ideas,
ignoring tho fact that tho rest of us might havo somo Ideas.
I am issuing this statom ont, not as an apology, but to oxplaln to tho
public why wo did not agreo with tho m inority and how tho minority did
not agreo with us, tho m ajority.
It had long been hoped by tho membors of tho United States Commission
on Industrial Relations that It would bo possible to subm it to Congress a
roport signed by all tho members. Whon tho report, however, of tho
chlof of staff, M r. M anly, was subm itted to tho Commission at its closing
sessions for approval and adoption, it becamo very ovidont to tho m ajority
of tho mombers of the Commission th at such roport had beon propared




[Vol. 101

and w ritten purely from tho labor point of view; th at while it containod
many facts and findings as to tho underlying causos of industrial unrest,
it did not contain all of them; th at all tho way through, Its pro-labor bias
was so pronounced as to make it a partial and unfair statem ent.
Under these circumstances tho m ajority of tho Commission, including
Professor John It. Commons and M rs. J. Bordon Harrim an, having at
heart tho interests and welfare, not only of organized labor, but of all
tho peoplo of tho Republic, could not, without violating thoir sonso of
equity and fairness, consistently sign it.
Commissioner Commons, Professor of Economics of tho University of
W isconsin, who is a consistent sym pathizer with labor, and who in common
with tho other members of tho m ajority of tho Commission keonly realized
tho unfairness of tho report of Director M anly, thereupon himself pre­
pared a roport. Tho other members of tho m ajority of tho Commission
found tho roport of Commissioner Commons so fair, equltablo and un­
biased in its character, and so judicial in its spirit, that thoy choerfully
signed it— tho three employers on tho Commission reserving tho right to
dissent from a fow minor points.
Organized labor throughout tho country had every right to expect im­
portant results to follow from tho labors of the Commission on Industrial
Relations. Tho Commission had been at work nearly two years and had
expended nearly half a million dollars in its investigations and as tho result
of all this tim e and money, in common with the rest of the peoplo, organized
labor had a right to expect recommendations of such constructive legisla­
tive measures as would tend to minimizo tho many existing causes for In­
dustrial unrest.
Had tho m ajority of tho members of tho Commission signed tho report
propared by Director M anly, thus making it tho report of tho Commission,
the hopes of organized labor would, in my opinion, novor havo beon realized.
Tho bias, tho unfairness, tho one-sidedness of tho roport of Director M anly,
which has beon approved and signed by tho m inority of tho Commission
representing organized labor, and including Chairman Frank P. W alsh,
aro so pronounced as to kill its usefulness. It is therefore likely to bo
discounted and for thoso reasons will stand more or less discredited, not
only by Congress, but by all fair-minded peoplo as well.
Tho United States Commission on Industrial Relations was created, as I
understand it, not to be a prosecuting body, but an investigating body. Its
inquiries were to be made and its hearings were to bo held in tho spirit of im­
partial, fair-minded Investigators, not in the spirit of public prosecutors,
whoso function It Is to bring part icular wrong-doers to justice; nor was it tho
purpose of Congress, as I take it, that thealm of tho Commission in its in­
vestigations and report should be to arouse class hatred and to appeal to tho
passions and prejudices of peoplo, all of which, in my opinion, is tho spirit
in which the report of Director M anly was written and subm itted.
In viow of the fact that tho report of Director M anly, signed by a m inority
of tho Commission, places practically all tho blame and all tho responsibility
for existing causes of industrial unrest at tho doors of the employers of tho
nation, it was deemed im portant to call attention to this grievous fault in
his report. Accordingly a statom ent was prepared and added to tho general
report of tho Commission as an addendum signed by tho three representa­
tives of the employers on the Commission, R. II. Aishton, S. Thurston Bal­
lard, and myself.
.
This statem ent calls attention to tho fact that organized labor itself is re­
sponsible for its full share of the causes of Industrial unrest. The testimony
and the ovidenco brought out by the investigations and hearings havo mado
it plain that neither tho employers nor organized labor can como into court
with clean hands, that both are guilty of many sins of omission and com­
mission, and that each is responsible for a full share of tho existing industrial
strife and industrial unrest.
The report made by tho employers on tho Commission does not hesitate to
indict employers where employers have shown themselves to bo at fault, nor
does it hesitate in tho friendliest and most helpful spirit to point out to
organized labor some of its grievous and serious mistakes in policy, including
sym pathetic strikes, cessation of work through jurisdictional disputes, con­
tract breaking, violence in labor troubles, electing to high trade union offices
labor leaders convicted of crime, and other mistaken methods. It does this
not to hurt organized labor, but in the hope of helping it.
The criticisms on tho m istakes of organized labor, set forth in tho state­
m ent of the employers on the Commission, are not the criticisms alone of
those who signed the statem ent, but are also the expressed criticisms, not
only of many of the highest minded and fairest minded employers of the
nation, but are the criticisms as well of many of the ablest sociologists, po­
litical economists, social workers and students of tho American labor move­
m ent, who have, as a rule, tho warmest sym pathy for organized labor, its
aims and Its purposes.
I believe that if the high-minded and fair-minded unionists, of whom there
aro untold numbers within tho ranks of organized labor, will profit by tho
friendly and helpful criticisms m ade by the employers on the Commission
in their report shortly to be published, of the mistakes of trade unionism,
and use their best endeavors to havo the existing ovils within trade unionism
corrected, thoy will hasten tho day when employers will no longer fear to
recognize or to deal with labor unions, and thus bring nearer the era when
tho general recognition of trade unions and collective bargaining, which is
the goal of trado unionism, will bo closer at hand.
A c c o rd in g to th o C h ic a g o “ H o r a k l,” a n in h e rita n c e
t a x o n g ro a t fo rtu n e s , to bo used fo r th o a m e lio ra tio n
o f th o c o n d itio n s o f th o w o rk e rs o f th o c o u n t ry , is re c o m ­
m e n d e d in th o C o m m o n s ro p o rt. A s o u tlin e d b y th o
“ H e r a ld ,” th is re c o m m e n d a tio n is as fo llo w s :

A graded inheritance tax, varying from 1 to 15%, according to tho size
of the fortune left to direct heirs. The rate of taxation to distant heirs to
bo higher. The Federal Government to collect the inheritance tax through
existing machinery and return a portion to tho various States.
The principal of this fund so created, which it is estimated will am ount
to $150,000,000 a year, to be Invested in homes for workingmen, hospitals,
loans to farmers to enable them to purchase their farms and such other
ways as may be determined by the Industrial Commission.
The income from the fund to be used for tho m aintenance of tho Indus­
trial Commission, so that it shall not bo dependent on political appropria­
tions from Congress; for the establishm ent of employment offices; for sick­
ness and unemployment Insurance; for tho promotion of industrial education,
and for old-age pensions.
*
A r e p o r t o n th e s trik o la s t m o n th o f th e e m p lo ye e s o f th o
S ta n d a rd O il C o . o f N o w J e rs o y a t B a y o n n o , d ra fte d b y
G e o rg o P . W e s t a n d C . T . C h o n o ry , w a s m ad o p u b lic b y
C h a irm a n W a ls h o n th o 15th in s t. C o m m is s io n e r W o in s to c k
also h a d s o m o th in g to s a y c o n c e rn in g th is ro p o rt o n T u e s ­
d a y ; in d e n y in g t h a t it w a s o v e r co n sid o ro d b y th o C o m ­
m is s io n , ho said:

A ug . 21 1915.]

THE CHRONICLE

The impression has gone out over the country that this report was a
report of the Industrial Relations Commission. It was nothing of the
sort. The Commission nevor considered the report. As a member of
tho Commission, I wish to say I did not sign it and never passed on it. At
the instance of theNowYork '•Call” Mr. Walsh at tho oleventh hour sont
two investigators to probe the striko and then made public their report on
his own initiative and responsibility. I deem it eminently fair and just
that the people of the United States know tho truth about tho Bayonno
report. It was not a report of the Commission on Industrial Relations,
as it was made to appear to bo.

In part the report set out:

The company is the most important of tho Standard Oil group, and this
group is the principal contributor to the wealth, prestige and power of tho
largest estato in tho country, if not in the world, that of Mr. John D.
Rockefeller Sr., and his immedaite family. The facts regarding tho com­
pany’s labor policies must, therefore, be regarded as of special significance
becauso of the tromondous power wielded by the group of men who controthis industry, and becauso of their announced intention to enter tho fiold
of industrial relations with a viow to widontng their influence and activity,
propogating what they deem to bo tho proper theories and principles that
should govern tho relations between employer and omployeo.
“ Tho following findings of fact aro to be considered in tho light of tho
foregoing:”
The Standard Oil Co. of Now Jersey, although conducting an enormously
profitable enterprise, pays wages too low to maintain a family on a com­
fortable, healthful basis.
It fixes wages, not with relation to tho earnings of tho company, but
by taking into consideration wages paid by other companies in tho same lo­
cality and then fixing the wage as low as or lower than tho prevailing wago in
that locality. In Bayonno it paid common laborers less than those of two
companies whose plants adjoin its rofinorios. This is in direct contradic­
tion to tho claims of the company in a statement issued at 26 Broadway,
that it always has paid tho prevailing wago or better. The statement of
the General Manager of tho company that tho interests of other companies
in the samo locality aro considered in tho fixing of wages constitutes, in
effect, an admission that tho company combines with the poorest and least
generous employers to fix tho wago rate.
Tho company maintains a sottlod policy of rofusing to doal with any labor
organization or “professional labor man,” and oven rofuses to pormit those
employees who cannot speak English intelligently to engage an attorney
as their spokesman and representative.
Tho men aro mado to understand that they must seek no outsido assist­
ance in their dealings with tho management, and that any show of inde­
pendence or any hint of compulsion will bo vigorously resented.
Tho company has instituted no machinery by which roal or fancied
grievances may bo peacefully and promptly adjusted. Tho officials say
that any man has accoss to tho Goneral Superintendent, but tho employees
allege that thoy would bo discharged before reaching tho office.
Goneral Managor Gifford is not a boliover in child labor legislation, and
on tho other hand, thinks the childron should bo allowed to go to work
earlior. Ho and Mr. Ilennessy apparently have little respect for tho for­
eign-born men whoso labor producos tho company's oarnings, and aro pro­
ponents of tho oxtromely individualistic and reactionary industrial theorios
discarded by enlightened employers and by economists many years ago.

Aftor reviewing tho measures taken by Sheriff Eugeno
Kinkead to break the strike, the report said:

Two days aftor the men had roturnod to work tho Standard Oil Co.
announced increases in wages. Thoso increases were less than those
demanded by tho strikers and tho rates now being paid are still below those
paid by one of tho other companies adjoining tho Standard Oil Company’s
plant, if the common labor rate can bo taken as a basis of comparison.
Tho outcomo of tho strike constitutes a complete victory for tho Standard
Oil Co. as to its vital policies—that is, its refusal to recognize or permit
collective action or to make any concession to tho men except of its own free
will .and accord.

575

and tho Envoys Extraordinary and Ministers Plenipotentiary of Bolivia,
Uruguay and Guatemala, accredited to the Government of the United
States of America, acting severally and independently, unanimously send
to you the following communication:
Inspired by the most sincere spirit of American fraternity, and convinced
that they rightly interpret the earnest wish of the entire continent, they have
met informally at the suggestion of the Secretary of State of the United
States to consider the Mexican situation and to ascertain whether their
friendly and disinterested help could be successfully employed to re-establish
peace and constitutional order in our sister republic.
In tho heat of tho frightful struggle which for so long has steeped in blood
the Mexican soil, doubtless all may well havo lost sight of the dissolving
effects of tho strife upon the most vital conditions of the national existence,
not only upon the life and liberty of the inhabitants, but on the prestige
and security of the country. We cannot doubt, however—no one can
doubt— that in tho presence of a sympathetic appeal from their brothers
of America, recalling to them theso disastrous effects, asking them to save
their motherland from an abyss—no one can doubt, we repeat, that the
patriotism of the men who lead or aid in any way tho bloody strife will not
remain unmoved. No one can doubt that each and every one of them,
measuring in his own conscience his share in the responsibilities of past
misfortune and looking forward to his share in the glory of the pacification
and reconstruction of the country, will respond, nobly and resolutely, to
this friendly appeal and give their best efforts to opening the way to some
saving action.
We, the undersigned, believe that if the men directing the armed move­
ments in Mexico— whether political or military chiefs—should agree to
meet, either in person or by delegates, far from the sound of cannon, and
with no other inspiration save the thought of their afflicted land, there
to exchango ideas and to determine the fate of the country—from such
action would undoubtedly result the strong and unyielding agreement
requisite to the creation of a provisional Government, which should adopt
the first steps necessary to the constitutional reconstruction of the country
and to issue the first and most essential of them all, tho immediate call to
general elections.
An adequato place within the Mexican frontiers, which for tho purpose
might be neutralized, should serve as tho seat of the conference, and in order
to bring about a conference of this nature the undersigned, or any of them ,
will willingly, upon invitation, act as intermediaries to arrange the time,
place and other details of such conference, if this action can in any way aid
the Mexican people.
Tho undersigned expect a reply to this communication within a reason
able time, and consider that such a time would be ten days after the com­
munication is delivered, subject to prorogation for cause.
ROBERT LANSING,
Secretary of State of the United Stales.
D. DA GAMA,
Ambassador Extraordinary and Plenipotentiary of Brazil.
EDO. SUAREZ-MUJICA,
Ambassador Extraordinary and Plenipotentiary of Chili.
R. S. NAON,
Ambassador Extraordinary and Plenipotentiary of Argentina.
I. CALDERON,
Envoy Extraordinary and Minister Plenipotentiary of Bolivia.
CARLOS MARIA DE PENA,
Envoy Extraordinary and Minister Plenipotentiary of Uruguay.
JOAQUIN MENDEZ.
Envoy Extraordinary and Minister Plenipotentiary of Guatemala.

General Francisco Villa’s reply to the peace appeal was
received on the 18th by his agent in Washington, Enrique C.
Lloronto, and presented to Secretary of Stato Lansing on
Thursday. The proposal contained in the appeal that a
conference be held in Moxico to re-establish a constitutional
Government is accopted by Gen. Villa. Unofficial advices
have been received in Washington that Gen. Carranza will
a demand for recognition in his roply. The Carranza
Ex-Presidont Taft in a luncheon address on the 16th inst. make
before tho Business Men’s Loaguo in St. Louis criticised agency in Washington announced on Thursday that a cable
Chairman Walsh for making a statement that ho (Mr. Walsh) message had been received from Gen. Carranza formally
acknowledging receipt of the noto. Nothing beyond the
did not have judicial poise. Mr. Taft said:
"What is meant by judicial poise? Merely that an Investigator is bare acknowledgment was contained in tho cable.
trying to find tho truth. Tho statement of the Chairman of tho Industrial
It is reported that the Governor of Lower California,
Commission that ho did not approach tho subject under investigation with
has signified his intention of entering the proposed
Judicial polso was equivalent to saying that ho was not seeking tho truth. Mexico,
Tho rosult is that no one will pay any attention to tho report of the Com­ peace convention, and that Zapata will likewise agree to
mission, and its conclusions will play no part with judicially minded mon.’ the plan.
MEXICAN APPEAL ASKS FOR JOINT CONFERENCE
TO END STRIFE.

Tho toxt of the appeal to tho Moxican leaders, framed last
week by Secretary of Stato Lansing and tho diplomatic
representatives from Ai’gontina, Brazil, Chili, Bolivia, Uru­
guay and Guatemala, asking for a cessation of hostilities in
Mexico, was mado public by tho Stato Department on tho
14th inst. As previously indicated,'tho note was tho outcome
of a sorios of conferences held by Mr. Lansing and the LatinAmerican dologatos with a viow to finding some solution
to tho Moxican problem. The appoal, which was sont to
all tho leadors of prominence in Mexico, ui’gos that if “the
mon directing tho armed movements in Mexico” hold a
conference “to exchango ideas and to determine tho fate of
the country,” such action would undoubtedly rosult in “the
strong and unyielding agreement requisite to the creation
of a provisional Government, which should adopt tho first
steps nocossary to tho constitutional reconstruction of the
country.” Tho toxt of tho communication is as follows:

GERMAN SUBMARINE SINKS BRITISH LINER
ARABIC.

The White Star liner Arabic, bound from Liverpool for
New York, was torpedoed by a German submarine on Thurs­
day morning about sixty miles off Fastnet, on the south coast
of Ireland. According to a statement made by the White
Star Lino, the vessel was attacked without warning and
went down in about ten minutes. There were 423 persons
on board the liner, 180 passengers and 243 members of the
crow, and of this number something like 400 are accounted
for. It is reported that the majority of those missing are
members of the crew, and that only eight of the passengers
are missing. Thero were 29 American passengers aboard
the Arabic, and it is reported that there were some Americans
in the crew. Information was given out from the White
Star Lino offices in London last night to tho effect that the
company had positive information that only two Americans
were lost, despito advices from Consul Frost at Queenstown
to tho American Embassy in London that six Americans
Tho Moxican pcoplo aro informed that tho following communication has had perished. The following statement was issued by the
been sont to many promlnont persons in Mexico who possess authority or I White Star Lino on Thursday night:
military power within tho republic:

W a s h in g to n , A u g . 11.
I The Arabic left Liverpool at 2 o’clock yesterday afternoon. She was
Tho undersigned, tho Secretary of State of the United States, tho Ambas­ ! torpedood this morning at 9:15 o’clock in latitude 50.50 north, longitude
sadors Extraordinary and Plenipotentiary of Brazil, Chili and Argentina, ' 8.32 west.




576

THE CHRONICLE

[Vol. 101.

She had aboard 423 passengers and crew. As far as can be ascertained, commended themselves to the Imperial Gorman Government, and it
there are 375 survivors. It is understood that only six passengers are un­ equally regrets that the reasons presented by the Imperial Gorman Govern­
ment for submitting this case to tho Prize Court have failod to remove the
accounted for.
objections of the Government of the United States to the adoption of that
One of the factors which served to prevent a greater loss course.
As this disagreement has been reached after the full presentation
of life is said to have been the preparedness of steamers of tho views
of both Governments in our previous correspondence, a further
exchango
on the questions in disputo would doubtless bo unprofit­
passing through the war zone for emergencies, the life boats able, and ofthoviews
Government of the United Statos therefore wolcomes your
being kept in readiness for immediate use. The survivors Excellency’s suggestion
that some other way should be found for settling
who left the liner in the ship’s boats were picked up by this case.
,
The
two
methods
of
proposed as alternative suggestions in
passing vessels and arrived at Queenstown on Thursday night. your Excellency’s note settlement
have
been
given
careful
consideration,
and
it
The Arabic was struck by the torpedo on her starboard side believed that if they can be combined so that they may botn be adoptedis
about 100 feet from the stern. The following dispatch was they
will furnish a satisfactory basis for the solution of the questions at issue.
of tho United States has already expressed its desire
received at the State Department on Thursday night from thatThetheGovernment
question of tho amount of indemnity to bo paid by the Imporial
Lewis C. Thompson, United States Vice-Consul at Queens­ German Government
under its admitted liability for the losses of the owners
town:
and captain on account of tho destruction of the Frye should be settled
Survivors state that ship was torpedoed without warning, and sank in by diplomatic negotiation, and it entirely concurs with the suggestion of
eleven minutes. Excellent discipline prevailed. In all twenty-ono boats tho Imperial German Government that tho simplest way would bo to
were lowered, but all were picked tip by rescue boats. Other boats wero agree, as proposed in your note, “that each of tho two Governments
empty. No authentic information as yet as to whothor any or how many designate an expert and that tho two experts jointly fix tho amount of in­
demnity for tho vessel and any American property which may iiavo been
were lost.
sunk with her,” to be paid by tho Imperial German Government when
Mr. Thompson also gave a list of sixteen American sur­ ascertained
in your noto. It is assumed that tho arrangement
vivors. It is reported that Captain William Finch of the will include assomestated
provision for calling in an umpire in case tho experts fail
Arabic and all the deck officers were saved. ,
to agree.
Tho Government of the United States notes that your suggestion is made
with tho express reservation that a payment under this arrangement would
not
an admission that American treaty rights had boon violated,
Advices from London yesterday indicated that the Arabic but constitute
would bo regarded by tho Imperial German Government merely as
carried several millions of American securities for New York, fulfilling
a duty or policy founded on existing treaty stipulations. A
all of which wero insured. It was the impression here that payment made on this understanding would bo entirely acceptable to tho
Government
of the United States, provided that the acceptance of such
its cargo also included a small shipment of gold; a member payment should
be understood to be without prejudice to the
of the firm of J. P. Morgan & Co. was, however, credited contention of the likewise
Government of tho United Statas that the sinking of the
with stating that his firm had not been advised of the ship­ Fryo was without legal justification, and provided also that an arrangement
can bo agreed upon for tho immediate submission to arbitration of tho
ment on the vessel of any securities or gold.
question of legal justification, in so far as it involves tho interpretation
of existing treaty stipulations.
There can bo no difference of opinion botweon tho two Governments as
UNITED STATES IN ANSWER TO GERMANY’S to the desirability of having this question of the true Intent and moaning
of their treaty stipulations determined without delay, and to that ond
SUGGESTIONS IN FRYE DISPUTE.
the Government of the United States proposes that tho alternative sugges­
tion of tho Imperial German Government also bo adopted, so that this
The United Statos in its latest note to Germany bearing question
interpretation can bo submitted forthwith to arbitration,
on the American sailing vessel William P. Fryo, which was pursuant oftotreaty
XX XVIII of Tho Haguo convention for tho pacific
sunk by the Germany auxiliary cruiser Prinz Eitel Friedrich, settlement ofArticle
international disputes.
In
this
way
both
tho
question of indemnity and tho quostion of treaty
signifies its willingness to settle the dispute if the two interpretation can promptly
settled, and it will bo observed that tho
propositions outlined in the Gorman Government’s communi­ only change mado in the planbeproposed
by tho Imperial Gorman Govern­
is that instead of eliminating either ono of its alternative suggestions,
cation of July 30 can be combined. The latter proposed ment
they
are
both
given
effect,
in
order
that
both of tho questions under dis­
that each of the governments concerned designate an export,
may bo dealt with at tho samo time.
these two experts to jointly fix the amount of indemnity, or, cussion
If this proposal proves acceptable to the Imperial Gorman Government, it
bo necessary also to determine whother, pending the arbitral award, tho
as an alternative, that the differences between the two gov­ will
German Government shall govern its naval operations in accord­
ernments be submitted to the tribunal at Tho Hague. “The Imperial
ance with its own interpretation, or in accordance with the interpretation
two methods of settlement proposed as alternative sugges­ maintained
by tho United Statos, as to tho obligations imposed by their
stipulations, and tho Government of tho United Statas would be
tions in Your Excellency’s note have been given careful con­ treaty
to havo an expression of the views of tho Imperial German Government
sideration,” the United States note says, “and it is believed glad
on this point.
LANSING.

that if they can be combined so that they may both be adop­
ted they will furnish a satisfactory basis for the solution of
the questions at issue.” The note takes cognizance of tho EARNINGS AND EXPENDITURES OF FEDERAL
fact that Germany’s suggestion “is made with tho express
RESERVE BANKS.
reservation that a payment under this arrangement would The Federal Reserve Bulletin for August contains an
not constitute an admission that American treaty rights had extended analysis of the earnings and expenses of all the
been violated, but would be regarded by tho Imperial Ger­
Reserve banks. We reprint the same herewith in
man Government meroly as fulfilling a duty or policy founded Federal
full:
on existing treaty stipulations,” and states that a payment Several months ago the Federal Reservo Board authorized tho publica­
made on this understanding would be agreeablo to the United tion of a comparative statement of earnings and expenses of all Federal
banks for tho period terminating at tho closo of business June 30
States, “provided that the acceptance of such payment Reserve
1915, tho banks having been opened on Nov. 16 1914. It was directed
should likewise be understood to be without prejudice to the that
tho statement of earnings and expenses bo published periodically
contention of the Government of the United States that the thenceforward.
Accordingly
there is herewith presented a comparative statement of
sinking of the Frye was without legal justification, and pro­ earnings and expenses
tho poriod Nov. 16 1914-Juno 30 1915. Tho
vided also that an arrangement can bo agreed upon for the classification employed for
was submitted to tho governors of Reserve banks
immediate submission to arbitration of the question of legal at their recent meeting in Chicago, on Juno 14 1915, and has since thon been
considered with other operating officers.
justification, in so far as it involves the interpretation of informally
Tho statements of expenses and earnings of tfio 12 Federal Resorvo banks,
existing treaty stipulations.” The note points out that submitted
by tho banks at tho request of tho Federal Reserve Board as
30 1915, show that the system is paying current expenses and carry­
in the event of its proposals being accepted by the Gorman ofingJune
surplus to its organization, equipmont, and cost-of-notos accounts.
Government, “it will be necessary also to determine whether, The aearnings
of tho system fromNov.16 1914, when tho banks wero opened,
pending the arbitral award, the Imperial Government shall to Juno 30 1915
wero $918,588 59, or about $25,000 over current oxponses.
that period expenditures of about $1,777,000 wero incurred, but
govern its naval operations in accordance with its own inter­ ofDuring
sum $378,922 was for organization oxpenses, $202,136 for equipment
pretation, or in accordance with the interpretation main­ andthis$302,159
was tho cost of preparing Federal Roservo notes. These ex­
tained by the United States, as to the obligations imposed penditures should
bo distributed ovor a period of perhaps soveral years of
Current expensos during tho sovon and one-half months wero
by their treaty stipulations, and tho Government of the operation.
The first order placed for Federal Reserve notes was for $250,­
United States would be glad to have an expression of the $894,117.
After consultation with the operating officers of tho Fedoral
views of the Imperial German Government on this point.” 000,000.
Reserve banks, a second order for a similar amount was given, making the
such notes prepared $500,000,000.
The United States note was dispatched from tho State total ofearnings
of the system during the month of Juno were $163,747 07,
Department to Ambassador Gerard at Berlin on the'lOth inst. or Tho
more than ono-third greater than tho averago monthly earnings for tho
and was made public by the State Department on Tuesday, seven and one-lialf months since Nov. 16 1914. Current expenses for June
wero, however, only $122,473 92, which Is less than 3% in excoss of tho
Aug. 17. In full it reads as follows:
average monthly current expenses of tho banks to June 30. These figures

Department of State,
Washington. Aug. 10 1915.
The Secretary of Stale to the American Ambassador at Berlin:
You are instructed to present the following note to the German Minister
for Foreign Affairs:
Under instructions from my Government, I have tho honor to inform
your Excellency, in reply to youV note of July 30 In regard to the claim for
reparation for the sinking of tho William P. Frye, that tho Government
of the United States learns with regret that tho objections urged by it
against the submission of this case to the Prize Court for decision have no t



furnish a basis of comparison between conditions at this time and the aver­
age for the entire period covered by the statements of expensos and earn­
ings.
The statement, a complete detailed analysis of which follows, shows aver­
ago earnings for what may bo roughly termed the first one-half yoar of the
operation of the system of 4.3% on capital, against an average percentage
of current expenses to capital of 4.2%. Tho Fedoral Reservo Bank of
Richmond reports 7.5% of not earnings, by which is meant total earnings
less current expensos, and tho Federal Resorvo Bank of Atlanta earnings of
6.1%. Tho net earnings of the Federal Reservo Bank of Dallas foritho sam e

A ug. 21 1915.]

THE CHRONICLE

period are 2.4%. Gradual growth in the financial strength of the banks is
seen in the fact that for June earnings in excess of current exponses were
shown by the Federal Reserve banks of Boston and San Francisco, besides
the three Southern banks and the New York and Chicago banks, which
show excess of earnings over current expenses for the entire period under
consideration.
I. EARNINGS.
The total earnings of the Federal Reserve banks from Nov. 16 1914, the
day the banks wcro opened for business, to June 30 1915 amounted to
$918,588 59. Of this total about 59% was from notes discounted, over
24% from municipal warrants, a little over 1 0 % from acceptances, about
6 % from United States bonds, and less than 1% from miscellaneous,
mainly exchange operations
Over 37% of the total earnings are credited to the three Southern banks,
the earnings of the Richmond bank being exceeded only by those of the
Now York bank, whose paid-in capital is, however, almost 25% in excess
of the combined paid-in capital of the three Southern banks. In all four
banks, viz., Now York, Richmond, Chicago and Atlanta, each report over
$ 1 0 0 ,0 0 0 of total earnings for the seven and one-half months under discus­
sion. These four banks, as well as Dallas, show an excess of earnings over
current expenses.
While nearly 60% of the total earnings of all the bank3 is derived from re­
discounts of commercial paper, this percentage is very close to 100 in the
caso of tho three Southern banks, and much less for tho Eastern banks,
whoso principal earnings aro from funds invested in municipal warrants.
This is particularly true of the New York bank, whoso earnings from in­
vestments in the latter class of paper constituted ovor 60 % of its total earn­
ings. Tho Boston and Philadelphia banks report about 50% and Cleveland
ovor 42% of all earnings from this class of business. The Western banks,
including San Francisco, show, without exception, larger earning3 from in­
vestments in United States bonds than from Investments in municipal paper,
which is issued mainly by Eastern cltios. Thus, the Chicago bank reports
25.6% of its total earnings under the head of United States bonds, as against
25.5% under the head of “Warrants”; St. Louis, over 16% from invest­
ments in United States bonds, as against less than 5% from warrants.
Minneapolis shows relatively larger earnings from warrants, having pur­
chased lato in December of last year a relatively largo amount of short-term
notes of tho State of Minnesota. As a rule, the Western banks purchase
theso warrants through tho Eastern banks. Cleveland is tho only Eastern
bank to report any earnings under the head of United States bonds. Of the
f o e a r n e d from acceptances, the share of tho Eastern banks is over
73%. Of the Western banks, Chicago and San Francisco only report sub­
stantial earnings from this class of business, a largo portion of which comes
to them through tho Federal Reservo Bank of Now York.
II. EXPENDITURES.
A—Current Expenses.
Of a total expenditure for the system of about $1,777,000 incurred to
Juno 30 1915, the current expenses of the banks since Nov. 16 1914 consti­
tuted about 56%. Over 63% of the current expenses of tho banks wont as
compensation for personal services and over 5 5 % as salaries to officers and
the clerical staff of the banks. This percentage, while varying from bank
to bank, shows, however, but little variation by geographic sections, tho
four Eastern banks, for instance, indicating the same percentage of officers’
and clerks’ salaries as the four Western banks, viz., 55% as against 53
shown for tho three Southern, more active, banks. Over 11% of tho total
current expenses is represented by the item “Rent," and about 7% by tho
item “Printing and stationery.” The operating ratio of the banks, i. e.,
tho per cent relation of tho total current expenses to earnings, shows a falling
tendency, this ratio being 97% for tho period since Nov. 16 1914, and less
than 75% for tho month of June.

57 7

B — Organization Expenses.
Tho organization expenses of tho banks consist in the first place of
amounts contributed by the banks to defray the expenses of the Federal
Reserve Board, the total for the period since Nov. 16 being $191,921 94.
Theso contributions, beginning with July 1 1915, will be included among
tho current expenses of the banks. Over $187,000 expended for local re­
quirements by the banks prior to Nov. 16 1914 are also classed as organiza­
tion expenses.
C—Equipment.
Expenditures of a non-recurring character made in the purchase of fur­
niture, safes, machines, and the cost of installing fixtures, vaults, &c.,
have been brought together under the above common head. This expendi­
ture results in the acquisition of a more permanent form of assets which
should be spread as an expense over the entire period of use, and not merely
over the first fiscal year.
D—Cost of Federal Reserve Notes.
For similar reasons the cost of printing and shipping the Federal Reserve
notes has been set up separately and will bo charged only in part to tho first
year’s expenditures.
EARNINGS AND CURRENT EXPENSES RELATED TO AVERAGE
CAPITAL.
Tho earnings and current expenses of the several banks have been re­
lated to the average capital of these banks. This average was obtained
by using for the periods of Nov. 16 1914 to Feb. 1. Feb. 2 to May 1, and
May 2 to June 30, the amounts of capital reported for each bank as at close
of business on Nov. 19, Feb. 4 and May 7, respectively. These figures
were multiplied by 78, 89 and 60, the number of days in each of tho three
periods, and the sum of the three products for each bank was divided by
227, the number of days from Nov. 16 1914 to June 30 1915. In this man­
ner a weighted average capital was obtained, which, it is believed, is suf­
ficiently accurate for the purpose of calculating the per cent relations be­
tween earnings and capital and expenses and capital. These latter per­
centages were obtained by using the weighted capital of each bank, as
divisor, and the earnings and expenses as dividends. The quotients thus
obtained were multiplied by tho fraction 365-227.
The following table shows the amounts of capital used for each of the
three periods, the weighted averago capital, and tho percentages of earnings
and expenses to the capital of each Reserve bank for the period Nov. 16
1914 to June 30 1915:
EARNINGS AND CURRENT EXPENSES OF THE FEDERAL RESERVE
BANKS RELATED TO THEIR AVERAGE CAPITAL
[In thousands of dollars.]

Capital Reported at close of
Business on Fridays.
Days
Times Weighted■1 Percent.
Federal
Reserve
Capital
A cerage \ofCurrent 1
Banks. Nov. 19 Feb. 4 | May 7 (000’s Capital.
\Earns. to
1914. ! 1915. | 1915. omitted.)
j Capital. Capital.
Boston..........
New York__
Philadelphia .
Cleveland___
Richmond
Atlanta-------Chicago........
St. Louis----Minneapolis..
Kansas C ity..
Dallas---------San Francisco

1,620
3,322'
2,088
2,026
1.0S9!
7.s7
2,195
935!
808;
935|
957i
1,296;

T o t a l-------

3,184!
6,633
4.0S4
3,997
2,072,
1,427
4,300
1,824
1,602
1.773
1,600
2,537j

4,781 696,596
9,944 1,446,093
6,188 897,620
5,959 871,301
3,252 464,470
2,257 323,809
6,559 947,450
2,774 401,706
2,345 346,302
2,754 395,967
2,780 391,856
3,894: 560,521)

3,069
6,371
3,954
3,838
2,046
1,426
4,174
1,770
1,525
1,744
1,726
2,469

1.9%
4.3%
2.2%
1.9%
11.6%
11.6%
4.8%
3.0%
3.4%
2.2%
8.8%
3.5%

3.2%
3.2%
2.7%
3.1%
4.1%
5.5%
4.2%
8.4%
5.3%
6.5%
6.4%
4.7%

18.0581 35,123!

53,487,7,743,69ll

34,112

4.3%l

4.2%

EARNINGS AND EXPENDITURES OFEACH OF THE FEDERAL RESERVE BANKS PRIOR TO AND SINCE NOV. 16 1914, TO JUNE 30 1915.

PhilaSan Totals for
Boston. New York. delphla.
Cleveland. Richmond. Atlanta. Chicago. St. Louis Minneapolis. Kansas
City. Dallas. Franciscc
1 the System.
.

.

.

I. Earnings, Nov. 16 1914 to>
S
$
S
Juno 30 1915:
Bills discounted___________ 5,989 52 28,212 43 14,080 37
Acceptances______________ 12,976 66 37,165 46 11,602 13
Investments— U . S. bonds..
Warrants____________________ 18,424" 38 104,003*82 26*.*0*1*7*71
Sundry profits ........................
63 24
1,115 65 1,480 30

18,163
5,781
1,541
18,885
169

T ota l..................................
II. Current expenses. Nov. 16
1914 to Juno 30 1915:
Federal advls’ y council (fees)
Directors' fees___________________
Legal fees. ______________________
Salaries— Bank officers____
Clerical staff............. .......
Spec’l off’rs & watchmen.
Other.................................
Travel’g expenses— Directors
Officers and clerks___
Per diem al lowance of dlrec’rs
Telephono________________
Telegraph________________
Postage__________________
Expressage
Rent
Insurance and premiums on
fidelity bonds_____
Light, heat and power..........
Printing and stationery........
Repairs and alterations........
All other

250 001
2,280 00 4,575 00
oAnn
u u nn
UU
1,004 10
18,500 16 16,502 87 13,860 07
23,541 90 12,764 94 12,163 02
686 44
1,216 98
830 50
2,000 24 1,542 98 1,389 55
qq
oftl1Un 0
0
1,725 81
1,429 63
1,090 00 1,550 00
863 10
Rfi
694 84
1 J d OO
l1*OoQ DO
o n e pro
on
9 AU
An
9*1
*»U
U «U
*99
* un u
u
*yo
00
1,829
90
2,155
35
1,609 61
PtQ AQ 2,243 07
o l o Uo
1,700 00
3,781 89 3,481 25 4,062 52
1
QAO
1
1
non
a
y
i,ouy 11
yyy 47
454 78
382 52
35 54
7,167 35 1,523 86 2,270 39
853 72
27 50
6*,*0*8*7*86 2,139 52 1,570 40

S

$

77
88

14
25
18

A onl 04
a1
?'
1 4 A A 4 n 1 4 lmU 9^ , O

.
292 40
453 75

4A
'l
l 0 4 9 4fi 124,788

71 1,426
251 1,650
16i 5,597
94
11

S
02! 12,103
65i 2,030
71 7,480
51. 10,643
551
75

$

12
17
56
26
48

12,464
2,923
6,894
1,056

$

$

15 95,074 17' 34,685
49
6,969
68
8,331
39
3,861
94

3

82! 541,675 76
nor OA
11 no
y*,uoo
*0
31 57,742 65
43 220,720 31
6,382 61

37,453 80 170,497 36 53,180 71 44,541 22 147,286 29 102,816 15i 124,744 54 33,474 44■32,332 59 23,338 71 95,075 11 53,847 67 918,588 59
310 00
338 54
6,377 85 5,480 00 2,970 00
nn
600 25 2,250 00
oson
uu u
u
18,216 60 39,299 89 21,617 76
13,149 57 31,936 43 17,869 19
275 00 2,449 09 3,544 57
266 50
980 46
1,199 02 2,175 55
956 84
0
ee
1,087 74
926 40
OOO OO
680 00
1,620 00
700 00
614 66
715 50
478 69
111 86
242 45
438 10
847 96 1,250 35 2,022 64
1,653 87
700 69 1.488 15
7,733 35 26,083 30 5.489 56
821
485
4,384
389
3,006

18
71
99
34
36

1,175 76 0 n n Q
735
5,369 23 2,720
678
5,492 01 1,396

VI. Equipment:
, Furniture and fixtures........
9,455 79 6,963 99
Vaults........ .........................
* Machines
' 552*84 *3,936*75
L Other.......... ........................
9,382 89
L.
T o ta l................................. 10,008 63 20,283 63
VII. Cost of Federal reserve
notes..................... .................: 26.297*51 99,983 44




S

11,209
31,826
31,938
184 581 2,827

SO

72
04
12
82

380 00
1,610 00

,\Js

1 o 950
A n
n
1
UU

T ota l................................ 61,945 21 127,433 15 A 7 AGO 9 4 74,022 28 51,663 60 48,906 31
III. Currentearnlngs, June 1915 10,121 45 19,928 84 7,820 39 7,646 77 30,207 10 16,948 30
IV.Current expenses ,Junol915 8,683 33 17,240 20 9,262 38 12,087 01 8,063 94 7,802 31
V. Organization expenses:
Assessments for general ex­
penses of the Federal Reserve
a b o a rd Nov. 16 1914 to
June 30 1915 ........
It K CK y«i
OQ
17,265 62 35,i34 18 22,238 96 21,511 14 11,000
8,342 05
Miscellaneous expenses in­
curred prior to Nov. 16 '14 12,999 67 30,766 13 14,893 00 15,866 42 12,011 92 13,867 87
T ota l.................................. 30,265 19 66,200 31 37,131 96 1O71 ,011717 AA
dU *001,O*»A7
U # OO 22,209 92

** >*T*H

S

$

4,208 28 4,632
9,532
5,479* 60 3,396
4,564 14
910

44
80
77
79

y(\o

00 , 4 U *

71
41

1,160 99

7,037 00

3,039 01

160 00
60 00
283 60
1,620 001 2,720 001 1,915 00 2,1 10 00
500 00
1,173 75
551 20
31,250 02 34*,1*70 83: 17,253 31 16,820 82
26,821 84 23,439 061 11,852 07 18,879 67
A74 0e UU
nn
QQ
2,952 18
O
957 62 1 ,11U6 11 O
U
POE 61)
2,447 50
758 35
OOO * *
813 33
1,478 58
768 59
532 53 3,259 23
1,546 79 2,026 30 1,452 02 1,192 50
780 00 1,620 00
830 00 2,375 00
770
Oer
4 4 0 Od
421 93
334 44
333 95
OA
4 * 4 **
4 oon
U OU
235 87
407 34
3,344 19 3,420 11 1,410 45 5,633 39
2,015 24
626 41 1,106 16 1,149 67
14,666 66 10,503 40 3,250 02 5;288 87

A

2,416
807
8,784
1,186
4,637

AOA OO

300
960
93
19,498
15,094

00
2,082 14
00 2*.1*4*0 66 34,757 85
50
7,997 80
25 23*,0*6*6 67 270,057 25
24 19,416 35 226,928 28
*710
en
a *7 nn
/ I © DU
14,694 37
04
UU
2,374 50
9,156 36
1,116 80
168 00 16,587 91
552 83 2,702 10 15,818 50
860 00
210 00 13,178 10
321 31
247 50 5,260 01
188 89
337 10 5,992 84
2,058 38 1,325 40 26,907 73
3,022 80
265 75 16,589 84
6,279 65 10,550 44 101,170 91

Ay

69 1,753 90 2,505 17
830 37 4,394 27 1,286 92 20,556 11
0 rco 47
55
98 58
838 50
184 35 0,000
10 7,304 84 3,508 13 7,256 25 8*,*1*8*7 26 3,947 16 62,423 60
39 j 122 80
506 09
78 24 3,913 39 7,755 59
07
945 48
779 10 2,351 98 2,115 45 2,112 31 32,634 30

108,618 45 91,983 84 50,649 41 71,051 16 68,214 87 71,930 44 894,117 96
17,682 48 4,897 73 6,741 82 5,740 38 23,686 06 12,325 75 163,747 07
13,236*30 10,802 74 7,253 90 10,228 93 10,172 96 *7,639 92 122,473 92

23,307 05 9,848 55 8,557 98 9,879 48 10,163 92 13,817 08 19 ,921 94
16,472 59 5,854 30 13,204 70 15,698 98 14,556 13 20,809 41 187,001 02
39,779 64 15,702 85 21,762 68 25,578 46 24,720 05 34,626 49 378,922 96
9,290
6,960
6,879
2,478

30 9,817 52 5,656 50 5,324 27 2,381 90
932 35 63,587
00
15,105 35 15,071 41
115 00
46,784
68 6,762 20 1,591 25 11,184 70
3,368 02 53,228 42
75
370 51
49 00 14,056 28 6,724 38
38,536 77

14,252 02 18,472 80 10,799 71 4,200 00 25,608 73; 16,950 26 22,402 10 15,636 66 9,221 28 4,300 37 202,136 79
27,798 64 2A.S88 86 11,566 18 11,566 18 29,133 75 16.625 75 11.142 02 12.349 32 11.536 14 17.271 32 :302.ISO fi

THE CHRONICLE

578

[Vol. 101.

Rut if this principle, so strongly urged by tho Imperial and Koyal Govern­

UNITED STATES NOTE TO AUSTRIA
MUNITION EXPORTS.

ment, should be admitted to obtain by reason of tho superiority of a bel­
JUSTIFIES ligerent
at sea, ought it not to operato equally as to a belligerent superior

on land? Applying this theory of equalization, a belligerent who lacks tiro

to contend successfully on land ought to bo permitted
Tho reply of tho United States Government to tho Austro- necessary munitions
them from neutrals, while a belligerent with an abundanco of
Hungarian note of Juno 29 protesting against tho exports of towarpurchase
stores or with tho power to produce them should bo debarred from such
war supplies from this country to England was mado public truffle •
the idea of strict neutrality now advanced by ttvo Imperial
by tho State Department on tho 15th inst., two days after andManifestly
Royal Government would involve a neutral nation in a mass of per­
it had boon cabled to Vienna. In justification of thiscountry’s plexities
which would obscure tho whole field of international obligation,
economic confusion and deprive all commerce and industry of
trade in munitions with belligerents, Secrotary of Stato Lan­ produce
fields of enterprise, already heavily burdened by tho unavoidable
sing points out that “tho principles of international law, tho legitimate
of war.
practice of nations, tho national safety of the United Statos restriction
In this connection it is pertinent to direct tho attention of tho Imperial
Koyal Government to the fact that Austria-Hungary and Germany,
and othor nations without great military and naval estab­ and
tho latter, have during the years preceding the present European
lishments, tho prevention of increased armies and navies, particularly
produced a great surplus of arms and ammunition which they sold
the adoption of peaceful methods for tho adjustment of in­ war
throughout tho world, and especially to belligerents. Never during that
did either of them suggest or apply tho principle now advocated by
ternational differences, and, finally, neutrality itself, aro periodImperial
and Royal Government.
opposed to the prohibition by a neutral nation of the ex­ theDuring
Boer war between Great Britain and tho South African re­
portation of arms, ammunition or other munitions of war publics thothepatrol
of the coasts of neighboring neutral colonies by British
vessels prevented arms and ammunition reaching tho Transvaal or
to bolligoront Powers, during tho progress of tho war.” naval
tho
Orango
Free
State.
allied republics were in a situation almost
Tho note asserts that the “general adoption by tho nations of Identical in that respect withThothat
Austria-Hungary and Germany
tho world of tho theory that neutral powers ought to pro­ find themselves at the present time.in which
Yet, in spito of tho commercial isola­
of ono belligerent, Germany sold to Great Britain, tho other belligerent,
hibit tho salo of aims and ammunition to belligerents would tion
of thousands of kilos of explosives, gunpowder, cartridges, shot
compel every nation to havo in readiness at all times suf­ hundreds
and weapons; and it is known that Austria-Hungary also sold similar mu­
ficient munitions of war to meot any emergency which might nitions to tho same purchaser, though in smaller quantities. While, as
with tho present war, tho quantities sold were small (a table of
arise and to erect and maintain establishments for tho compared
sales is appended) tho principle of neutrality involved was tho same.
manufacture of arms and ammunition sufficient to supply tho
If at that timo Austria-Hungary and her present ally had refused to sell
tho needs of its military and naval forces throughout tho arms and ammunition to Great Britain on the ground that to do so would
tho spirit of strict neutrality, the Imperial and Koyal Government
progress of a war. Manifestly tho application of this theory violate
with greater consistency and greater forco urge its present conten­
would result in every nation becoming an armed camp, might
tion.
ready to resist aggression and tempted to employ forco in It might bo further pointed out that during tho Crimean war largo quan­
military stores were furnished to Russia by Prussian
assorting its rights rather than appeal to reason and justice tities of arms and
that during tho recent war between Turkey and Italy, as
for the settlomont of international disputes.” Tho United manufacturers;
this Government is advised, arms and ammunition wore furnished to tho
States Government takes occasion to rofor to tho Boor war Ottoman Government by Germany; and that during tho Balkan wars tho
wore supplied with munitions by both Austria-Hungary and
botwoon Great Britain and tho South African republics, belligerents
While these latter cases are not analogous, as is tho caso of the
when “tho allied republics wore in a situation almost identical Gormany.
South African war, to tho situation of Austria-Hungary and Germany in tho
in that rospect with that in which Austria-Hungary and present war, they nevertheless clearly indicate tho long-established practico
two empires in tho matter of trade in war supplies.
Gormany find themselves at tho present timo,” and points of Inthoview
foregoing statements, this Government Is reluctant to
out that “in spito of tho commercial isolation of one belligor- believe thatofthothoImperial
and Koyal Government will ascribe to the Unitod
States a lack'of impartial neutrality in continuing its legltlmato trade in all
ont, Germany sold to Great Britain, tho othor belligoront, kinds
of
supplies
used
to
render the armod forces of a belligerent efficient,
hundreds of thousands of kilos of oxplosives, gunpowder, oven though the circumstances
of the present war prevent Austria-Hungary
cartridges, shot and weapons; and it is known that Austria- from obtaining such supplies from
tho markets of tho Unltod Statos, which
havo been and remain, so far as tho action and policy of this Government
Hungary also sold similar munitions to the same purchaser, aro
concerned,
open
to
all
belligerents
alike.
though in smallor quantities.” It is added that if “at that But, in addition to the question of principle,
thero is a practical and sub­
timo Austria-Hungary and her present ally had rofusod to stantial reason why the Government of the Unitod
States has from tho foun­
dation
of
tho
Republic
to
the
present
time
advocated
and practiced unre­
sell arms and ammunition to Great Britain on tho ground stricted trado in arms and military supplies. It has never
been tho policy
that to do so would violato tho spirit of strict neutrality, the of this country to maintain In time of peace a largo military establishment
Imperial and Royal Government might with greater con­ stores of arms and ammunition sufficient to repel invasion by a woll-oquippedor
powerful enemy. It has desired to roinain at peace with all nations
sistency and greator forco urge its present contention.” and
to avoid any appearance of menacing such poaco by tho throat of its
Tho noto doclaros that tho recognition of an obligation on the and
armies and navies. In consequence of this standing policy, tho Unitod
part of neutrals to stop shipping munitions to tho foes of States would, in tho event of attack by a foreign Bower, bo at tho outset
the war seriously, if not fatally, embarrassed by the lack of arms and
Germany and Austria “would impose upon every neutral ofammunition
and by tho means to produce them in sufficient quantities to
nation a duty to sit in judgment on the progress of a war and supply tho requirements
of national defence. Tho United Statos has always
dependod
upon
right and power to purchaso arms and ammunition from
to restrict its commercial intercourse with a belligerent whoso neutral nations the
in
caso
of
foreign attack. This right, which it claims for
naval successes prevented the neutral from trade with the Itself, it cannot deny to others.
enemy.” If tho principle for which tho Austrian noto con­ A nation whose principle and policy It is to rely upon international ob»
and international justice to preserve Its political and territorial
tends is sound, Mr. Lansing points out, it should apply with ligations
integrity might become the prey of an aggressivo nation whoso policy and
equal forco to all articlos of contraband.
pracitco it is to increase its military strength during times of poaco witli tho
Tho full toxt of tho noto is as follows:
design of conquest, unless tho nation attacked can, after war had been de­
Tho Secretary of Stato to Ambassador Penfield:

12 1915.
Please present a note to tho Koyal Foreign Office In reply to its noto
of Juno 29 in tho following sonso:
Tho Government of tho Unltod Statos has given careful consideration
to tlio statement of the Imperial and Koyal Government in regard to the
exportation of arms and ammunition from the United States to tho countries
at war with Austria-Hungary and Germany. Tho Government of tho
United States notos with satisfaction tho recognition by tho Imperial and
Royal Government of the undoubted fact that its attitude with regard to
tho exportation of arms and ammunition from tho United States is prompted
by its intention to “maintain tho strictest neutrality and to conform to
tho letter of tho provisions of international treaties.” but is surprised to
find tho Imperial and Royal Government implying that the observance of
the strict principles of the law under tho conditions which have developed in
tho present war is insufficient, and asserting that this Government should go
beyond the long-recognized rules governing such traffic by neutrals and
adopt measures to “maintain an attitude of strict parity with respect to
both belligerent parties.”
To this assertion of an obligation to change or modify the rules of inter­
national usage on account of special conditions, tho Government of the
United States cannot accede. The recognition of an obligation of this sort;
unknown to the international practico of tho past, would impose upon every
neutral nation a duty to sit in Uidgment on the progress of a war and to
restrict its commercial intercourse with a belligerent whoso naval successes
prevented tho neutral from trade with tho enemy. The contention of tho
Tmporiai and Koyal Government appears to bo that tho advantages gained
to a belligerent by its superiority on tho sea should bo equalized by the
neutral Powers by tho establishment of a system of non-intercourso with
tho victor. Tho Imperial and Royal Government confines its comments
to arms and ammunition, but, if tho principle for which it contends is
sound, it should apply with equal forco to all articles of contraband. A
belligerent controlling tho high seas might possess an ample supply of arms
and ammunition, but bo in want of food and clothing. On tho novel prin­
ciple that equalization is a neutral duty, neutral nations would bo obligated
to place an embargo on such articles because ono of tho belligerents could
not obtain them through commercial intercourse.
D e p a r tm e n t o f S ta te ,




W a s h in g to n , D . C . , A u g .

clared, go into the markets of tho world and purchaso tho means to dofend
itself against the aggressor.
,, „ _
.. ^
Tho general adoption by tho nations of tho world of tho theory that
neutral Powers ought to prohibit tho salo of arms and ammunition to bel­
ligerents would compel every nation to have in readiness at all timos suf­
ficient munitions of war to meet any emergency which might ariso, and to
erect and maintain establishments for tho manufacture of arms and ammu­
nition sufficient to supply the needs of its military and naval forcos through­
out the progress of a war. Manifestly the application or tills theory would
result in every nation becoming an armed camp, ready to resist aggression
and tempted to employ forco in assorting its rights rathor than appeal to
reason and Justice for tho settlement of international disputes.
Perceiving, as it does, that tho adoption of tho princlplo that it is tho duty
of a neutral to prohibit tho salo of arms and ammunition to a belligerent
during tho progress of a war would inevitably glvo the advantage to tho
belligoront which had encouraged tho manufacture of munitions in timo of
peace, and which had laid in vast stores of arms and ammunition in antici­
pation of war, tho Government of tho Unitod States is convinced that tho
adoption of tho theory would forco militarism on tho world anil \vork against
the universal peace which is the desire and purpose of all nations with ono
another.
, ,
, „_
The Government of tho United Statos In tho forogoing discussion of the
practical reason why it has advocated and practiced trade in munitions of
war, wishes to bo understood as speaking with no thought of oxprossitig or
implying any judgment with rogard to tho circumstances of tho prosont war,
but as merely putting very frankly tho argument in this matter which has
boon conclusive in determining tho policy of tho United Statos.
While the practico of nations, so well illustrated by tho practico of AustriaHungary and Gormany during tho South African war, and tho manifest
evil which would result from a change of tho practice, render complianco
with tho suggestions of tho Imperial and Koyal Govornmont out of tho
quastion, certain assertions appearing in tho Austro-Hungarian statomont
as grounds for its contentions can not bo passed over without comment.
Thaso asserions aro substantially as follows:
(1) That tho exportation of arms and ammunition from tho United States
to bolligorents contravenes tho proamblo of The Ilaguo Convention, No. 13
of 1907;

aug . 21

1915.]

THE CHRONICLE

579

(2 ) That it is consistent with tho rofusal of this Government to allow doA New York Stock Exchange membership was posted for
V0I'y supplies to vessels of war on tho high seas;
(.3) 1 hat “according to all authorities on international law, who concorn transfer this week, the consideration being $58,000. This is
themselves more properly with tho question,” exportation should bo pre­ an advance of $3,000 over last previous transaction.
vented ‘when this traffic assumes such a form or such dimensions that tho
neutrality of a nation becomos involved thereby."
As to tho assertion that the exportation of arms and ammunition contra­
J. P. Morgan returned to his office on Monday, after an
venes tho preamble of The Haguo Convention, No. 13 of 1907, this Govern­
ment presumes that reference is made to tho last paragraph of tho preamble, absence of about six weeks, due to tho attack made upon
which Is as follows:
him on July 3 by Frank Holt, who afterwards killed himself
Seeing that in this category of ideas those rulos should not in principle m the Nassau County jail at Mineola. Mr. Morgan showed
bo altered in the course of tho war by a neutral Power except in a case no ill effects from the attack and appeared to be in excellent
whore oxporienco has shown tho necessity for such cliango for the protec­ health.
tion of tho rights of that Power.”
f]°.on'y ground to chango tho rules laid down by tho conven. ° ° ° f wbi<? ’ jj s,houl<1 bo noted, explicitly declares that a noutral is
Jhe complete program for the business sessions of the
not bound to prohibit tho exportation of contraband of war, is tho necessity
of a neutral 1 ower to do so in order to protect its own rights. The right convention of tho American Bankers’ Association to be held
and duty to determine when this necessity exists rests with tho neutral, not in Seattle the week of September 6, has been made known
with a belligerent. It Is discrotionary, not mandatory. If a noutral Power this week. A preliminary announcement of tho program
does not avail itself of tho right, a belligerent is not privileged to complain
for In doing so it would bo in (ho position of declaring to tho neutral Power o ' tbo main body was published in these columns August 7,
what is necessary to protect that Power’s own rights. Tho Imperial and whon that of the Trust Company Section, as tentatively
Royal Government cannot but perceive that a complaint of this nature planned, was also indicated. Besides tho two speakers
would invito just rebuke.
With reference to the asserted inconsistency of the course adopted by this previously announced—ex-Presidont Taft and Henry D.
Government in relation to tho exportation of arms and ammunition and that Estabrook of New York— addresses will be made at the
followed in not allowing supplies to bo taken from its ports to ships of war regular convention by Frederic A. Delano, Vice-Governor
on tho high seas, it is only necessary to point out that tho prohibition of sup­
plies to ships of war rests upon tho principle that a neutral Power must not . the Federal Roservo Board; T. J. Newbill, State Agent
permit its territory to become a naval baso for either belligerent. A war­ in charge of Junior Work, University of Washington, Seattle;
ship may, under certain restrictions, obtain fuel and supplies in a noutral Miss Mary F. Rausch, Assistant Professor of Homo Econo­
port once in threo months. To permit morchant vessels acting as tondors
to carry supplios moro often than three months and In unlimited amount mics, University of Washington; and Rev. W. W. Diohle,
would defeat tho purpose of tho rulo and might constitute tho neutral Pastor of the Methodist Episcopal Church of Hinckley, 111!
territory a naval baso. Furthermore, this Government is unawaro that
any Austro-Hungarian ship of war has sought to obtain supplies from a port An additional feature will bo tho presentation of greetings
in tho United Statos, either directly of indirectly. Tho subject has, how- from the Great Northwest by Sir Edward McBride, K. C .,
over, already been discussed with tho Imperial Gorman Government, to M. G., Premior of British Columbia.
which tho position of this Government was fully set forth Dec. 24 1914.
The question of forming a National Bank Section of the
,v‘ow of the P ^ « v e assertion in tho statement of tho Imperial and
Itoyal Government as to the unanimity of tho opinions of text writers as to Association will bo one of tho important mattors to bo con­
tho exportation of contraband being unneutral, this Government has caused
a careful examination of tho principal authorities on international law to bo sidered during tho convention; with regard to this proposed
made. As a result of this examination it has coino to tho conclusion that tho section tho Association says :
For somo time there has been a disposition on tho part of tho nationa
Imperial and Itoyal Government has boon misled and has inadvertently
made an erroneous assertion. Loss than one-fifth of tho authorities con­ banks of the country to organize a National Hank Section of the American
Hankers
This proposition bids fair now to be realized, a
? ? unreservedly tho prohibition of tho export of contraband. number ofAssociation.
prominent national bankers havo taken hold of the movement
f
h, ° S0 Wh° constituto thfs minority admit that tho practice of
nations has boon otherwise. It may not bo inopportune to direct par- and have called a meeting of national banks, to be held at the time of the
ular attention to the declaration of the German authority, Paul Einicko, Seattle Convention—on Tuesday, September 7, at 10 o’clock in the morn­
ing, at the Washington Hotel. National banks generally are Invited to
w 10 s lids that, at tho boginning of a war, belligeronts havo novor re­ attend.
monstrated against tho onactmcnt of prohibitions on trado in contraband,
I ho national bank members of the Association comprise very nearly
out adds that such prohibitions may bo considered as violation of neu­
trality, or at least as unfriendly acts, if they aro onactod during a war with all of the national banks of tho country and those interested argue that
tho purposo to close unexpectedly tho sources of supply to a party which general co-operation on the part of national banks would bo very desirable
in looking out for their interests; and especially so, inasmuch as it Is pro­
horotoforo had relied on them."
'
and necessary that there shall bo some amendments to tho Federal
Iho Government of tho Unltod Statos deems it unnecessary to extend posed
further at tho prosont time a consideration of tho statement of tho Austro- Ke.sirvo Act.
Hungarian Government. Tho principles of international law. tho practice
Below
wo givo in its entirety tho order of proceedings for
of nations, the national safety of tho United Statos and other nations with­ the general convention, which will cover two days, Septem­
out groat military and naval establishments, tho prevention of increased
armios and navies, tho adoption of peaceful mothods for tho adjustment of ber 8 and 9 :
International differences, and, finally, neutrality itself are opposed to tho
W EDNESDAY. SEPTEMBER 8 1915.
prohibition by a noutral nation of tho exportation of arms, ammunition or
First Day's Session.
other munitions of war to belligerent Powers during tho progress of the war.
Moore Thcatro.
Convention Called to Order at 9.30 o’clock A. M ., sharp, by the Presi­
LANSING.
dent, William A. Law.
Invocation by the Rt. Rev. F. W. Keator, Bishop of the Diocese o f
„
APPENDIX.
GERMAN EXPORTS OF ARMS AND AMMUNITION TO GREAT Olympia.
Addresses of Welcome— Hon. Ernest Lister, Governor of Washington;
BRITAIN.
Hon. Hiram C. Gill, Mayor of the City of Seattle, and M. F. Backus
Quantity, 100 Kilos.
1900. 1901. 1902. President Seattle Clearing House Association.
v
, .
1899.
3 .j2
Explosives______________________________
Response to Addresses of Welcome and Annual Address—William A .
3,645 Law.
Gunpowder____________________________ ~ ’ 23 0,014 5.147
Philadelphia, Pa., President of the Association.
243
69
Shot, of malloablo iron, not polished, Ac__ __ 3 0 653
Greetings
From the Great Northwest—Sir Richard McBride K C .
43
38
Shot (furthor manufactured), polishod, Ac" '
M. G., Premier of British Columbia, Vancouver, B. C., Canada
not lead coated__________________________ ’
^
Memorial to George II. Russel, Ex-President—Opening Response.
Shot, nickeled or load coatod with copper
William Livingstone, Detroit. Mich.. Ex-Presidont American Bankers’
Association.
rings, Ac............................................................................ 3,018 176
Weapons for war purposes____________ ;______
Annual Report of the General Secretary—Fred. E. Farnsworth New
18
York City.
Cartridges with copper shells and percussion
Annual
Report of the Treasurer—J. W. Hoopes. Dallas, Texas.
caps...............
904 1,595 8 6 6 982
Annual Report of the General Counsel—Thomas B. Baton, New York
AUSTRIAN-IIUNGARIAN EXPORTS OF ARMS AND AM MUNI- City.
TION TO GREAT BRITAIN.
Annual Report of the Executive Council—President Wiliam A. Law
Quantity, 100 Kilos.
Chairman.
1899.
1900.
1901.
1902.
Arms, exclusive of small arms__
Annual Report of the Protective Department— L. W. Gammon, Manager
12
New York City.
Separate parts of arms_________
1
Small arms_________________
Annual Report of tho Department of Public Relations—Arthur D .
Wolton, Manager, New York City.
Ammunition and explosives under Tariff
No. 346............. ...................
Annual Report of tho Librarian—Miss Marian R. Glenn, Librarian
16
51 Now
York City.
Other ammunition and explosives
4
Amendments to tho Constitution.
Address Hon. Froderic A. Delano, VIco-Governor. Federal Reserve
BANKING, LEGISLATIVE AND FINANCIAL NEWS. Board, Washington, D. C.
Announcements.
No bank stocks wero sold at the Stock Exchange this week
Afternoon Session, 2 O’clock.
and only 2 shares at auction. Seventeen shares of trust Report of Trust Company
Section.
Report of Savings Bank Section.
companies stock were also sold at auction. A sale of one Report
House Section.
share of National Park Bank stock at 400 shows an advance Report ofof Clearing
American Institute of Banking Section.
of 36 points over the price paid in April 1914, when the last Report of State Secretaries Section.
Report of Currency Commission—A. Barton Hepburn, Chairman.
provious sale was made; and 10 shares of Title Guarantee & Report
Committee on Law—E. E. Crabtree, Chairman.
Trust Co. stock sold at 390 indicate an advance of 20 points Report ofof Committee
on Federal Legislation—W. II. Bucholz, Chairman.
over tho salo prico two weeks ago
Address Hon. Henry D. Estabrook, Now York City. Member of the
Shares. BANKS—New York.
Low High. Close. Last previous sale. New York Bar, “Self-Defense".
1 Corn Exchango Bank_________ 301 301
Annou ncem cuts.
301 May 1915— 307
Adjournment.
1 National Park Bank_______ 4 0 0 400
400
April
1914—
364
TRUST COMPANIES—New York.
THURSDAY, SEPTEMBER 9 1915.
7 Fulton Trust Co____________ 275 275 275 May 1915— 284
Second Day’s Session.
10 Title Guarantee A Trust C o .. 390 390 390 Aug. 1915— 370
Moore Theate.
Convention Called to Order at 9.30 o'clock, sharp, by tho President
William A. Law.



580

THE CHRONICLE

[Vol. 101.

Tho mootin'* will assume tho character of a Round Table discussion of
Invocation by the Rt. Rev. Edward J. O'Dea, Bishop of tho Dioceso printed subjects pertaining to secretarial duties
Secrotaries and will continuo until tho subjects or tho Secretaries aro ex
°f Agricultural Sym posium -Report of the Agricultural Commission, hausfed. The dTscussion will be entirely inform al. There will be no set
B. F. Harris, Chairman, Champaign, III.
speeches and no papers read.
New Business.
S h o r /A d d r r ^ S r o f. T. J. Newbill. State Agent in Charge of Junior
Election and Installation of Officers.
Work University of Washington, Seattle, Wash., "Boys and Girls .
Miss Mary F. Rausch, Assistant Professor of Homo Economics, Uni­
Official announcement of tlio speakers who will doliver
versity of Washington, Seattlo, Wash., "Tlio Woman’s Sido .
Rev. W. W. Diehl, Pastor, Methodist Episcopal Church, Hinckley, I 1., addresses at tho annual banquet of tho Investment Bankers
"What the Country Church Can and Must D o.”
Association of America to bo held during tho convention
Announcements.
. ,
it Denver next month, is contained m tho latest issue ot
Afternoon Session, „2 O clock.
Report of Insurance Committee—Oliver J. Sands, Richmon , a., the “ Bulletin.” H. L. Stuart of N. W. Halsey & Co., is
° Report” of Committee of Tw elve-U zal II. McCarter, Newark, N .J ., Chairman of tho Program Committee. Tho following aro
T hocdo^e^ B urton, Cleveland. U. S. Senator, who will discuss “Tho
° ThiTcommitteo to confer with authorities at Washington to secure the
adoption of such amendments to the Federal Reserve Act as shall make it present Conflict and Its Effect Upon Rates of Interest and Upon tho
moro desirable for State banking institutions to join the Federal Reserv Business of tho Investment Banker.”
Charles S Thomas. Senator from Colorado. "Patriotism .
System.
Carter B. Keene, Director of tho Postal Savings System, "Postal Savings
Com m ittees and C om m ittee M em bership.
P
„ im n o d states
Address—Hon. William H. Taft, Ex-President of the United States, from Behind tho Scenes.
, , .
i
■
Kent Professor of Law, Yale University, New Haven, Conn., Economic
As previously stated, tho convention is. to
take place
n
and Political Summary of tho Generation Just Closing’ .
Denver
on
September
20,
21,
22,
tho
banquet
to
bo
held
Invitation for Next Convention.
on the 22d. Arrangements liavo boon made by tho Eastern
Unfinished Business.
Communications from Executive Council.
Convention Committee, of which L. B. Franklin, Vice­
Resolutions.
President
of tho Guaranty Trust Co., is Chairman, for a
Report of Committeo on Nominations.
special train to leave Now York on tho afternoon of Septem­
Action on Report.
Installation of Officers.
ber 17 via tho Pennsylvania Railroad. The train will bo
Announcem ents.
”
for tho exclusive use of tho Association and will bo run as a
. Adjournment, sine die.
A meeting of the now Executive Council, for organization, Ac., will be section of tho Broadway Limited to Chicago. It will con­
held in the Ball Room of tho Washington Hotel at 7.30 o’clock this evening. sist of club car, diner, compartmont cars, Pullman sleepors

and one compartment and observation car.
Tho July issue of the Association’s Bulletin contains
roports of tho committees on Foreign Relations, Railroad
Bonds and Equipment Trusts, Publicity and Taxation.
There also appears therein tho opinion of tho Gonoral Counsel
of tho Association, Caldwell, Masslich & Reed, on tho right
of dealers to transact business by mail in tho States having
S E P T E M B E R 7,
“bluo sky” laws.
M orning Session— 10 o ’clock.
Invocation— Dr. A . AV. Leonard.
Georgo Earlo Warren, Trust Officor of tho Columbia
Address o f W elcom e— J . II. Edwards, Vice-President Doxter-H orton
Trust & Savings B ank, Seattle, W ash.
Trust Co this city, Avas olectod a Vico-Presidont of tho
Response to Address o f W elcom e— W illiam E . K n ox. President Savings
company at a meeting of the board this week. Mr. Warren
continues as Trust Officer of tho company.
^ A d d ress— W illiam A . Law , President American Bankers’ Association.
Addresses— Representatives from tho South, East and Central United
Herbert L. Pratt, Vice-President of tho Standard Oil Co.,
S ttltCS
Sym posium — "T h e Railroads and tho People” .
of
N
York, and a member of tho firm of Charles Pratt &
1 The Railroads— Frank Trum bull, Chairman Railway Advisory
E xecutive Com m ittee on Federal Relations, Chairman o f the Board o f Co., has been olectod a director of tho Bankers Trust Co.
the Chesapeake & Ohio R R . and M issouri Kansas & Texas R R of this city.
______
William Sproule, President Southern Pacific C o.
2. T he People—
A proposal to increase tho capital of tho Contral National
Discussion— Lim ited to three minutes to each speaker.
Bank of Buffalo, N. Y., from $200,000 to $1,000,000 and
Announcem ents.
Adjournm ent.
tho surplus fund to $000,000 Avas recommended at a mooting
Afternoon Session— 2.30 o clock.
of tho directors of tho institution on the 17th mst. A moot­
President s Address— W illiam E . K n ox, N ew Y ork .
R eport o f the Secretary— M ilton W . Harrison, New Y ork.
ing of tho stockholders will bo held in tlio early part ot
-V.
A.
Lersner,
ChatrR eport o f tho M ethod s and Systems Com m ittee— v A '■
September to ratify tho proposition. Tho incroaso m capital
mfR enort o f the M em bership Com m ittee— George E . Edwards, Chairman. and surplus will bo brought about by tho declaration of a
R eport o f the Law and Segregation C om m itteo— N . F. H awley, Chair- stock dividend and the sale of now stock.
It is proposed to
declare a dividond of 100% to presont stockholders out of the
m R eport o f Special Com m itteo on Postal Savings Legislation E . L.
earned surplus and undivided profits, which will amount to
• R obinson. Chairm an.
.
_
,
Address— George E . E dwards, President D ollar Savings Bank, New $200 000, and Avill increase tho capital to .yiuu,uuu.
it is
Y ork , “ Value and Liquidity o f Savings Bank Investm ents.”
then
'proposod
to
givo
tho
stockholders
the
right
to
subsenbo
E lection o f Officers.
to 6,000 additional shares at $200 por share, and of ^ P r o ­
Installation or Officers.
A djournm ent.
_______
ceeds, to apply $600,000 toAvard capital
)0
to surplus, making tho capital on Oct. 1 $1,000,000 and tho
CLEARING HOUSE SECTION.
S E P T E M B E R 7.
surplus $600,000. Tho additional stock lias boon fully
M orning Session— 10 o ’clock.
subscribed and the Comptroller of tho Currency has signified
Call to Order— President A . O. W ilson.
his approval of tho dividend and tho increase in capital.
Invocation— R ev. M ark A . M atthews, First Presbyterian Church.
Annual Address o f tho President, A . O. W ilson.
Tho Central National will bo 10 yoars old on Sept, o, it has
Annua R eport o f the E xecutive C o m m it te e -W . D . V incent. Chairman.
increased its dividend from yoar to year until it now pays on
Annual R eport o f tho S e c r e t a r y -t o bo read b y W . D . Vincent.
its $200,000 capital at tho rate of 24 % per annum. In
A ction on a bove R eports.
Address—'"Clearing Houso Organizations From tho Standpoint o f a addition to dividends paid aggregating $180,000 the insti­
C o ^ t r y Banker” . R ay F . M cN a lly, Cashier Citizens N ational Bank.
tution has accumulated a surplus and undivided profit
C A d d r ihS-" S e t t le m e n t o f Clearing H ouse Balances ” O Howard W olfe, account amounting to more than its capital, making tota
Assistant Cashier, Philadelphia N ational Bank. Philadelphia, 1 a.
earnings for tho 10 yoars bf over $400,000. Dividends will
A fternoon Session— 2.30 o clock.
be paid on the new capital of $1,000,000 at tho rate of 12%
Ocill to Order.
Address__I.. F. Klesowctter, Vice-President Ohio N ational Bank, por annum. Tho institution has deposits of over $4,000,000.
Colum bus, O. Subject to be announced later.
The officers of tho bank are Clifford Ilubbell, President;
Address— Speaker and subject to bo announced later
N om inations and Election for President. Vice-President, M em bers o f J. F. Schocllkopf and James S. Thompson, Vice-Presidents,
and Raymond E. Winfield, Cashier.
Executive C om m ittee.
Call o f Cities— Delegates will m ake brief reports.
Questions.
Tho organization of the now Park Trust Co. of Worcester,
Installation o f Officers E lected.
Mass., has been effected. Georgo M. Wright has beon
A djournm ent.
_______
chosen President of tho company, which will start business
STATE SECRETARIES SECTION.
about October 1 Avith a capital of $300,000, in $100 shares.
T U E S D A Y , S E P T E M B E R 7 1915.
Ball R oom Annex, N ew AVashington Hotel.
Tho subscription prico of tho stock is $135 por share. Ralph
10 O ’clock A . M .
M eeting Called to Order b y the President o f the Section — W . \V. Bow­ H. Mann, President of tho Gloucostor (Mass.) National
man, T opeka. K an. It will im m ediately be followed by an informal Bank, has beon elected Vice-President and Treasurer of tho
luncheon which will bo served prom ptly at 12 o clock for the Secretaries,
noAv institutions.
ox-Secretarles and their Ladies.

The entiro day Tuesday, September 7, will bo givon over
to mootings of tho Trust Company, Savings Bank, Clearing
Houso and Organization of Stato Secretaries Sections. The
programs of those various Sections (except that of the Trust
Company which, as noted above, appeared in these columns
August 7) aro annexed
:
SAVINGS BANK SECTION.




oav

A ug. 21 1915.]

THE CHRONICLE

COTTON MOVEMENT AND CROP OF

1914-15.

O u r s ta te m e n t o f th e c o tto n c ro p o f th e U n it e d S ta te s f o r
th e y e a r end e d J u l y 31 1915 w ill be fo u n d b e lo w . O n e im p o r­
t a n t ch a n g e in thoso e la b o ra te s ta tis tic s s h o u ld bo n o te d a t
th e o u ts e t. P r io r to 1914 th e c o tto n c ro p y e a r f o r o v e r h a lf
a c e n tu r y h a d b e g u n w it h th o 1st o f S e p te m b e r, a n d a ll o u r
s ta tis tic s w e ro a lw a y s c o m p ile d to c o v e r th e tw e lv e m o n th s
o n d in g A u g . 31. I n 1914, h o w o v e r, th e v a rio u s c o tto n e x ­
changes o f th e c o u n t r y decid e d t h a t th e re a fte r th e y e a r s h o u ld
b e g in o n A u g . 1 in s te a d o f S e p t. 1. C o m m e n c in g w it h th e
p re s e n t c ro p y e a r, th e re fo re , o u r c o m p ila tio n s c o v e r th e
t w e lv e m o n th s to J u l y 81. We have also revised the fig u re s
fo r the previous year so a s to cover the corresponding period of
twelve months.

I t w ill bo seen th a t th o to ta l c ro p th is y e a r reaches 15,067,­
247 balos, w h ile th e o x p o rts a re 8,560,428 bales a n d th e s p in ­
n e rs ’ ta k in g s a re 6,396,489 bales, le a v in g a s to c k o n h a n d a t
th e p o rts a t th e close o f th e y e a r o f 736,405 balos. T h o w h o le
m o v e m e n t f o r th e tw e lv o m o n th s is g iv e n in th e fo llo w in g
pagos, w it h s u c h su g g e stio n s a n d e xp la n a tio n s as th e p e c u lia r
fe a tu re s o f th o y e a r a p p e a r to re q u ire . T h e f ir s t ta b le in d i­
ca tes th e s to c k a t each p o r t J u l y 31 1915 a n d 1914, th e re ­
ce ip ts a t th o p o rts f o r each o f th e p a s t tw o y e a rs a n d th e e x­
p o r t m o v e m e n t f o r th o p a s t y e a r (1914-15) in d e ta il, a n d th e
to ta ls f o r 1913-14.

581

bales, o f w h ic h th e N o r t h e r n m ills h a v e ta k e n 3,231,593
bales a n d th e S o u th e rn m ills h a v e co n su m e d 3,164,896 b a le s.
D is t r ib u t io n o f th o a b o v e tw o cro p s has b een as fo llo w s :

1914-15.
Takings fo r Consumption —
Bales.
N o rth __________
South..............
Total takings for consumption_____
Exports —
Total, except Canada by rail_______
To Canada by rail____________
Total exports______________
B urnt during year____________
Total distributed___________
Add —Stock increase, minus cotton imported
. . . 108,218
Total c ro p ..
* Deduction.
________
................

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

1913-14.
9Bales.
7 9 7 nii;

—»• 4 i ,u o o
Q 1 O K 1 QO

5,852,167
9,054,244
141,055
O 1 0 K OQQ

11,465

1 O t l/ O O QQ1
X
iV u l

*174,130

1 A Q Q4 Qf|1
A * »O o (* , o U l

I n th e a b o v e a re g iv e n th e takings f o r c o n s u m p tio n ,
a c tu a l c o n s u m p tio n f o r tw o y e a rs has been:

The

-1914-15N orthera mills’ stocks Aug. 1_______
583 296
Takings a ............................................. ............ .. 6.396,489

-1913-14Bales.
612.409
5,852,167
Consumption a—North.'.".*.'. 2 ,820',914 16,979,785 y y g g
,464 ,576
Sou*1*.................. 3,164,896/5,985,810 3;i25;i32/5.881.280
N orthern m ills’ stock end of year............ 993,975
583 296
an?]
^ ? ,1™LSnfm^ t,, 0n«foreign
-,ncl-ude cotton
3J4 baJ??
American
cotton
returned
Peruvian,
&c.) in
1914-15 and 262,531 bales foreign and returned(Egyptian.
American cotton
in 1913-14.
Consumption in t h e United States and Europe.
UNITED STATES.— B e fo re a p p ro a c h in g c o n s id e ra tio n of

th e c o tto n m a n u fa c tu rin g in d u s t r y in th e U n it e d S ta te s d u r­
in g 1914-15, i t w o u ld seem n o t to bo o u t o f p la ce to r e v ie w
July 31 July 31
Great
July 31 July 31 b r ie f ly som e o f th e u n u s u a l fe a tu re s o f th e season f o r w h ic h
Conti­
1915. 1914. Britain.
France. nent, &c Total.
1915. 1914.
Texas........ 4,621,7834,185,068 1823,570 303,223 1365,850 3492,643 128,547 39,994 th e w a r in E u ro p e has be e n w h o lly re s p o n sib le . I t is n o t
Louisiana . 1,810,143-------1,877,684 845,568 166,953 525,663 1538,184 139,172 51,694 p u t tin g i t to o s tr o n g ly to s a y t h a t th e b e g in n in g o f h o s tili­
Georgia. . . 1,982,934 2,132,013
1469,168 64,222 11,282
Alabama.. 166,997 436,157 5S2.204
89,452 106,193 780,711
837 90,289 12,477 1,815 ties a b ro a d seem ed to b e a b o d y b lo w to th e c o tto n g r o w in g
Florida . . . 115,018 195,365 52,747
28,592
400
81,739 676 324 in d u s t r y o f th e S o u th , th re a te n in g n o t o n ly in c a lc u la b le loss
Mississippi 5,388
176 5,322
5,322
So. Caro.. 406,464
424,895
79,844
260,819
180,975
l",058 to p la n te rs th ro u g h th e m a rk e d d e clin e in v a lu e s , b u t
No. Caro.. 366,618 486,983 54,783 36,646 111,865 203,294 43,211
34,903 9,011
Virginia... 700,897 658,347 28,201
46,348 74,549 47,693 16,024 a lso fo re s h a d o w in g a la rg e c a r ry - o v e r a t th e e n d o f th e sea­
New York. a30,022 06,708 55,446 35,084 402,211
492,741
103,350
Boston__ 088,043 021,651 105,029
6,141 111,170 236,189
14,112 5,919 s o n , a n d c o n s e q u e n tly m a k in g i t n o t u n lik e ly t h a t th e re w o u ld
Baltimore.
098,745
58,839
"
b",550
1,600
66,989
1,000 5,458
Phlladel'a. 081,727
5,776 34,906 3,314 2,381 h a v e to be a ra d ic a l c o n tra c tio n in th e a re a o f th e n e x t c ro p
Portland. . 03,113 o2,049 29,130
2,704
to a v o id a c o n tin u a tio n o f ru in o u s ly lo w p ric e s u n t il m u c h
2,704
Detroit,Ac
dl78,414dl78.414
S.F.AL.A.
o f th e s u rp lu s h a d boen a b s o rb e d . T h o s ta te o f a p p re h e n ­
"4,500
194,020
198,520
Seattle,Ta­
sio n w h ic h d e ve lo p e d w a s n o t to b o w o n d e re d a t. T h e p ric e
coma, Ac
258,977 258,977 10,439
o f c o tto n , w h ic h b e fo re th e clo s in g o f th e N e w Y o r k C o t to n
Totals—
This year 10385147
3817,399 683,241 4059,788 8560,428 736,405
E x c h a n g e o n th e m o rn in g o f J u l y 30 (a n d w h e n th o N e w Y o r k
Lastyear
3487.970 1088,5834618,7409195,299 ------ 1248,310 E x c h a n g e closed a ll o th e r c o tto n e xc h a n g e s in th e U n it e d
"These figures are only the portion of the receipts at these ports which arrived S ta te s also clo se d ) h a d d e c lin e d (ta k in g as a s ta n d a rd m id ­
by rail overland from Tennessee, Ac. d Shipments by rail to Canada.
d lin g u p la n d s s p o t c o tto n a t N e w Y o r k ) fro m 13.25c. J u l y 25
Note —The total exports for 1914-15 Include 9,850 bales foreign cotton.
T h o fo re g o in g s h o w s t h a t th e total receipts at the A tlantic to 12.50c. J u l y 30, d ro p p e d p r e c ip ita te ly d u rin g th e in t e rv a l
an d G ulf sh ip p in g ports th is y o a r h a v e beon 10,385,147 bales, w h ile o p e ra tio n s o n th e e xch a n g e s w e re su sp e n d e d , a n d th e
a g a in s t 10,525,841 balos la s t y e a r, a n d t h a t th o e x p o rts fo llo w in g N o v e m b e r, w h e n b u sin ess w as re s u m e d o n th e
h a v e boon 8,560,428 bales a g a in s t 9,195,299 balos la s t N e w Y o r k C o t to n E x c h a n g e , w a s d o w n to 7.75c. a n d o n
season, G re a t B r it a in g o ttin g o u t o f th is c ro p 3,817,399 bales. D e c . 11 to u c h e d a s till lo w e r d e p th a t 7.25c. T h is g re a t de­
I f n o w w o a d d th o s h ip m e n ts fro m Te n n e s se e a n d e lse w he re p re c ia tio n in th e r u lin g v a lu e s f o r th e sta p le w a s o f co u rse in ­
d iro c t to m a n u fa c tu re rs , a n d S o u th e rn c o n s u m p tio n , w e lia vo s p ire d b y a fe a r t h a t th e fo re ig n d e m a n d fo r c o tto n w o u ld be
c o m p le te ly c u t o ff. W e n o w k n o w , h a p p ily , t h a t m u c h of
th o a la rm w a s u n fo u n d e d , th e w a r its e lf, in th e m a n u fa c tu re
Year ending July 31.
1914-15. 1913-14. o f o xp lo s iv o s , h a v in g u tiliz e d co n sid e ra b le q u a n titie s o f th e
Receipts a t ports--------------------------------------- bales.
s ta p le , th o u g h h o w m u c h is p u r e ly a m a tte r o f c o n je c tu ro .
auipm ents from Tennosseo, &c.. diroct to mills___ 10,385,147
1,517,204 10,525,841
1.233,828 T h o o u tflo w o f c o tto n fro m th is c o u n t r y w as o f v e r y lim ite d
T otal____________
11,902,351 11,759,669 v o lu m e in th o e a r ly m o n th s o f th e season, th e re b e in g a n u m ­
M anufactured South, not included above
3,164,896 3,125,132
_ T otal co tto n crop for th e y e ar________bales.! 15,067,247 14,884,801 b e r o f G e rm a n ra id e rs a t sea, e n g e n d e rin g d o u b t as to th o
a b ilit y o f G r e a t B r it a in to a cco m p lis h th e p ro te c tio n o f its
-----^
-- J
VJL X U j V J K J i
s h ip p in g , w h ile a t th e sam e tim e ra te s o f in s u ra n c e ru le d e x­
bales (w o ig h in g 7,771,682,194 p o u n d s ) f o r th o y e a r end ed
c e e d in g ly h ig h . C o n s e q u e n tly , s h ip m e n ts c o n tin u e d to r u n
J u l y 31 1915, a g a n is t a c ro p o f 14,884,801 bales (w o ig h in g
b e h in d th o p re v io u s y e a r u n t il th e close o f D e c e m b e r a n d a t
7,660,449,245 p o u n d s ) f o r th o y o a r end od J u l y 31 1914.
t h a t tim e s h o w e d a n a g g re g a te decrease o f close to 3 m illio n
N O R T H E R N A N D S O U T H E R N S P I N N E R S ’ ta k in g s bales as co m p a re d w it h th e c o rre s p o n d in g p e rio d o f th e p re ­
in 1914-15 lia v o beon as g iv e n b e lo w .
v io u s y e a r. T h e r e a ft e r, h o w e v e r, as it becam e a p p a re n t
Total cron of tho Unitod States, as before stated__
bales 15 067 247 t h a t G r e a t B r it a in w o u ld be a b le to keep th e o cean ro u te s
Stock on hand a t commencement of yoar (Aug. 1 1 9 1 4 )~-I- " ’ ’
At Northern ports_______________
117 108
o p e n to its c o m m e rc e , e x p o rts in cre a se d m a t e ria lly , a n d , as w o
At Southern ports..................................... .131,202— 248,310
At Northern fntorior m arkots_________
13,360
261,670 h a v o s h o w n a b o v e , th e seaso n ’s to ta l s h ip m e n ts fa ll o n ly
Total supply during tho yoar onding Aug. 1'1915
15.328,917 634,871 balos b e h in d th o se f o r 1913-14. F u rt h e r m o r e , th e
Of this supply there has boen exported
do clin o is e n t ir e ly in th o s h ip m e n ts to F ra n c e a n d tho re ­
to foreign ports during tho yoar a8,382,014
Less foroign cotton lmportod and Atnorim a in d e r o f th e C o n tin e n t, G r e a t B r it a in h a v in g ta k e n fro m
can cotton returned .b ------------bales. 382,601—7 999 4 1 3
’l7 8 ’414
Sont to Canada diroct from W est____
us d ire c tly som e 330,000 bales m o ro th a n in th e p re v io u s
B urnt North and S o u th .c.......................
2 112
y e a r, a n d in a d d itio n a b o u t 170,000 balos in te n d e d fo r
Stock on hand end of yoar (Aug. 1 1915)—
A t Northorn p o rts .......................... .. 265,504
C o n tin e n ta l E u r o p e h a v e been d iv e rte d to E n g lis h p o rts .
AA tt Northorn
Southern ports------------------------470,901— 736 405
arkets.
Im m e d ia te ly u p o n th o e n t r y o f G r e a t B r it a in in to th o w a r,
Interior m arkots............
16,084— 8,932,428
a c tio n w a s ta k e n in th a t c o u n t r y a n d in th e U n it e d S ta te s as
Total
takings
by
spinners
in
tho
United
States
for
yoar
ending
A llg. 1 1 9 1 6 ----------------------------------------------------(i oqn 4 on
Takon by Southorn spinners (included in above to ta l)I” I I I 3il64,896 w e ll, to s a fe g u a rd th e in te re s ts o f tho se c a r ry in g c o tto n c o n ­
Total takon by Northorn spinnors........................................... .. 3,231,593 tra c ts , a n d , as has boon f u lly in d ic a te d fro m tim e to tim e in
V a rio u s m e asu re s w e re
a N ot including Canada by rail, b Includes 314 bales of American cot­ th o “ C h ro n ic le ,” w it h g o o d re s u lts .
ton returned and 191,143,344 lbs. foroign, mainly Egyptian mimfing
382,287 bales of American weights, c Burnt includes not only’ what has also s ta rte d h ero f o r th e ro lie f o f th o c o tto n p la n te rs , a n d these
boon
destroyedrailroads
a t tho Northorn
Southorn
outports but also all w it h in c e rta in lim its w e ro b e n e ficia l. B u t as e ve n ts p ro v e d ,
burnt thus
on Northorn
and in Nand
orthern
factories.
n o n o o f th e m e a su ro s w a s la rg e ly a v a ile d o f, fo r ro lie f cam o in
T h o s o fig u re s s h o w t h a t t h o * " t 6 t a r ' i a i t ^ r T j y ^ l n n o r s a m o ro c e rta in m a n n e r w h e n c o tto n b o gan to m o v e fre e ly
N o r t h a n d S o u th d u rin g 1914-15 h a v e re a ch e d 6,396,489 a n d p ric e s s lo w ly im p ro v o d . A t th o o p e n in g o f th e season
Ports of

Receipts year end.




Exports Year ending July

31 1915.

583

THE CHRONICLE

[Vol. 101.

as w o h a v e a lre a d y p o in te d o u t, tb o s itu a tio n w a s c lia o tic , h a v e be e n lo s t, a n d m in e s a c c o u n t f o r a b o u t 10,800 ba le s
q u o ta tio n s v a r y in g w id e ly in c o n tig u o u s lo c a litie s a n d r u lin g b o u n d d ire c t to B re m e n fro m U . S . p o rts .
T u r n in g n o w to th e m a n u fa c tu rin g sid e o f th o q u e s tio n
e x c e e d in g ly lo w ; b u t w it h th e t u r n o f th e c a le n d a r y e a r a n
so
f a r as i t a p p lio s to th o U n it e d S ta te s , w o fin d t h a t th o o u t­
a d v a n c e sot in t h a t m a d e th e r e t u r n s u ffic ie n t , a p p a re n tly ,
to c o v e r th e c o s t o f p ro d u c tio n — a n o u tc o m e w h ic h in th e co m e has b e e n m o ro s a tis fa c to ry th a n th o ro h a d beon rea so n
e a r ly fa ll h a d n o t seom ed o v e n re m o to ly p ro b a b lo . A s p ro o f to o xp e c t. W i t h so v a s t a c o n flic t in p ro g re s s m o ro o r loss
o f th e fa c t t h a t re lie f m easu ro s w o re m e a g re ly a v a ile d o f, it is d is tu rb a n c e o f tra d o re la tio n s w it h n a tio n s in n o sense in ­
to bo n o te d t h a t th o C o t to n L o a n F u n d s ta rte d b y S t. L o u is v o lv e d w a s b o u n d to re s u lt, o ve n th o u g h in th e lo n g r u n w e
b a n k e rs e a r ly in O c to b e r f o r th o p u rp o se o f lo a n in g o n c o tto n w e ro a p t la r g e ly to b o n e fit. T h o p ra c tic a l e m b a rg o u p o n
a t n o t to e xcee d s ix ce n ts p o r p o u n d , m id d lin g b a sis, a n d to s h ip m e n ts (e xc e p t in a n in d ire c t w a y a n d v o r y re s tric te d )
w h ic h $135,000,000 w a s s u b sc rib e d b y fin a n c ia l in s titu tio n s fro m G e rm a n y a n d A u s t r ia ,a n d th o n a tu ra l c u ttin g d o w n o f
a n d m e rc a n tile a n d m a n u fa c tu rin g c o n c e rn s , b u t w h ic h E n g la n d ’s o x p o rt tra d o as a consequonce o f th e w a r, i t w a s
d id n o t g o t a c t u a lly s ta rte d u n t il J a n . 2 1915, re c e ive d c a lc u la te d w o u ld b r in g us in cre a se d o rd e rs f o r c o tto n goods
a p p lic a tio n s f o r o n ly $28,000, a n d w a s f in a lly w o u n d u p o n fro m C h in a a n d S o u th A m e ric a , b u t th is has s ig n a lly fa ile d
o f re a liz a tio n th u s fa r . I n fa c t, o u r tra d o w it h b o th S o u th
F o b . 8.
.
.
.
.
I t is n o t po ssib lo h e re to f u lly e p ito m iz e th o v a rio u s c h im e ri­ A m e ric a a n d C h in a s h o w e d co n sid e ra b le c o n tra c tio n in th o
c a l sch em es o f re lie f w h ic h w o re sug g e ste d in th o d ile m m a tw o lv e m o n th s ju s t closed. O n th o o th e r h a n d , h o w e v e r,
in w h ic h th e p la n te r soom ed to fin d h im s o lf b y re a s o n o f th o a n d as a d ire c t co n seq uen co o f th o w a r, th e s h ip m e n ts o f
lo w p ric e s p re v a ilin g , a n d fu rth e rm o re i t is n o t re q u is ite , as k n it g oo d s a n d o th o r c o tto n w e a rin g a p p a re l honco to G re a t
w o h a v e a lre a d y ro fe rre d to th o rn . S u ffic e i t to s a y , th o ro - B r it a in a n d F ra n c e , f o r uso in th o a rm ie s , h a v e in cre a se d
fo ro , t h a t t h e y c o m p ris e d a m o n g o th e rs p la n s f o r s to rin g th o d e c id o d ly a n d a c c o rd in g ly th e a g g re g a te v a lu e o f c o tto n goo ds
p ro d u c t, a c tio n to uso c o tto n tw in o , b a g s, & c ., in p laco o f e x p o rts f o r th o y e a r m a rk s a n o w h ig h re c o rd .
C o n s u m p tio n o f th e r a w m a te ria l w a s g re a te r th a n in th e
o th e r fib re s in n u m o ro u s lin o s o f b u sin ess; th e b u y-a -b a lo
m o v o m o n t, t h a t n e v e r ro a ch o d im p o r ta n t p ro p o rtio n s , a n d p re v io u s season in th e U n it e d S ta to s , b u t o n ly to a m o d o ra te
f in a lly w a s a b a n d o n e d ; th o a c c e p tin g o f c o tto n o n a fix e d o x to n t. A t th o S o u th th e m ills , w o rk in g o n co a rs e r c o u n ts
p ric e ba sis in o xch a n g e f o r o th e r co m m o d itie s a n d in th o p a y ­ o f y a r n f o r d u c k , & c ., w o re b o n o fito d to som o o x te n t b y w a r
m e n t o f r e n t , in s u ra n c e p re m iu m s , & c. A tto m p ts w e ro also o rd e rs a n d in th e a g g re g a te use d a g re a te r q u a n t it y o f
m a d e to c o m m it th o G o v e rn m e n t to schom os f o r th o v a lo r i­ c o tto n , th u s a g a in e s ta b lis h in g a n o w h ig h re c o rd in con­
z a tio n o f c o tto n , b u t those p ro v e d as fu tilo as th e o th e rs . A s s u m p tio n ; N o r t h o m m ills , to o , a lth o u g h c a te rin g m a in ly to
a lre a d y in tim a te d , h o w o v e r, w h e n c o tto n b e g a n to m o v o o u t th o p re v a ilin g v o g u e in w o m e n ’s a p p a ro l, w h ic h is f o r sheer
fre e ly a m o ro c h e e rfu l fe e lin g w a s o n g e n d o re d a n d th o co n ­ fa b ric s , c o n s u m e d m o ro c o tto n th a n ’in 1913-14. L a b o r tro u b le s
tin u e d la rg o e x p o rts a ffo rd o d re lie f f a r tra n s c o n d in g th a t c u t n o fig u re in th o o p e ra tio n s o f tho m ills in th o soason ju s t
w h ic h c o u ld h a v o eom o in a n y o th o r w a y . O f co u rs o , fo r closed; in fa c t w e ro o f n e g lig ib le im p o rta n c e a n d q u ic k ly
som e tim o d ire c t s h ip m e n ts to G o rm a n y w e re n o t a tte m p te d , a d ju s te d . T a k in g th e w o rld as a w h o le , a s u p p ly o f c o tto n
b u t la rg o q u a n titie s o f c o tto n d o s tin e d to t h a t c o u n t r y w o ro fro m th e s e ve ra l p ro d u c in g c o u n trie s in excess o f t h a t o f m o s t
fo rw a rd e d v ia G o th o n b u rg , R o tte rd a m , & c ., in th e n o r t h , a n d o a rlie r y e a rs w a s se cu re d , b u t c o n s u m p tio n h a v in g fa lle n
G e n o a in th e s o u th . D ir e c t s h ip m e n ts in a m o d e ra te w a y o ff o n a c c o u n t o f th e w a r, n o tw ith s ta n d in g th e la rg o uso o f
w e ro s ta rte d o n D e c . 25, w h e n th o A m e ric a n s te a m e r P a th ­ c o tto n f o r e xp lo s ive s , a m u c h g re a te r p o rtio n o f th o y io ld
fin d e r saile d fro m G a lv e s to n , a n d o th o r vossols fo llo w e d , in ­ th a n u su a l has g o n e to a u g m e n t p re v io u s ly o x is tin g s to ck s .
c lu d in g th o E v e l y n a n d C a r ib , s u n k in th e m in e a re a in F e b ­ M a n u fa c tu rin g fa c ilitie s h e re h a v e b e e n m o d e ra te ly e x­
r u a r y , a n d th e D a c ia , seized a n d ta k e n to a p riz o c o u rt, u n til te n d e d , b u t e n t ire ly a t th e S o u th , th o in cre a se in spindleago
G r o a t B r it a in g a v o w a rn in g o n M a r c h 8 t h a t a ll s h ip m e n ts to th o ro d u rin g th e season h a v in g b e e n 77,729 sp in d le s. A
G o r m a n y w o u ld bo h o ld u p a n d c o n fis c a te d . T h e to ta l d i­ f u r t h e r in cre a se in th e s u p p ly o f c o tto n fro m th o Im p e ria l
r e c t s h ip m e n ts to G o rm a n y f o r th e soason w e ro o n ly 231,668 V a lle y o f C a lifo rn ia a n d a d d e d d e ve lo p m e n t in th o m a tte r
b a le s, a g a in s t 2,803,912 ba les in 1913-14. O n th o o th o r o f ra is in g E g y p t ia n v a rie tie s in th e S a lt R i v e r V a llo y o f
h a n d , as in d ic a tin g h o w t h a t c o u n t r y a n d A u s t r ia as w e ll se­ A r iz o n a a ro a m o n g th e in te re s tin g in c id e n ts o f th o soason.
A s re g a rd s th o e x te n t o f th e 1914-15 y ie ld , o a r ly in d ic a tio n s
c u re d s u p p lie s o f th o r a w m a te ria l, w o n o to t h a t e x p o rts to
G e n o a a n d o th e r It a lia n p o rts d u r in g th o season w e ro n o less w e re t h a t i t w o u ld q u ite a p p re c ia b ly e xcee d t h a t o f 1913-14
th a n 1,102,739 b a le s, a g a in s t a b o u t h a lf a m illio n in 1913-14; a n d in fa c t e sta b lish a n e w h ig h m a r k in p ro d u c tio n . T h o
t h a t th e re w a s fo rw a rd e d to R o tte rd a m 521,214 ba le s, a g a in st e s tim a to o f th o D e p a rtm e n t o f A g r ic u ltu re , m a d o in D o co m 36,834 ba le s, a n d to G o th e n b u rg a n d o th e r S c a n d in a v ia n b o r, p la c in g th o o u t tu r n a t 15,966,000 bales o f 500 lb s . gross
p o rts 799,195 b a le s, a g a in s t 244,692 b a le s, th is la t te r to ta l w e ig h t each (n o t in c lu d in g lin t e r s ) , w a s c o n fir m a to r y o f th a t
in c lu d in g 212,332 h alos to A n t w e r p a n d G h e n t . I t is e v i­ id e a , a n d f u r t h e r s u b s ta n tia tio n w a s h a d in M a r c h fro m th e
d e n t, th e re fo re , t h a t G e rm a n y d id n o t s u ffe r f o r la o k o f c o t­ fin a l g in n e rs ’ r e p o rt o f th o C e n su s B u ro a u , w h ic h s h o w e d a
p ro d u c tio n o f 15,873,002 balos, also n o t in c lu d in g lin to rs ,
to n u n t il a fte r I t a l y ca st in h o r lo t w it h th o A llie s .
W i t h th o p o rio d c lo s e ly a p p ro a c h in g w h e n c o tto n o f th o th is to ta l b o in g ra ise d to 15,934,649 balos in a la to r re p o rt.
n e w c ro p w ill b e g in to m o v e fre e ly , a n x io ty h as b e g u n to bo T h o s e re s u lts , i t is to be e xp la in e d , ro f o r to th o a m o u n t o f
fe lt o v o r m a n y m a tte rs c o n n e c te d w it h its m a rk e tin g . T h o c o tto n g in n e d as d is tin g u is h e d fro m th o a gg ro g a to w e g iv e
s h u ttin g o ff o f G e rm a n y is p ro b a b ly th e m o s t se rio u s in its in th is re p o rt, w h ic h is th e c o m m e rc ia l c ro p — th o to ta l c o tto n
e ffe c t, as th e a n n u a l a b s o rp tio n o f t h a t c o u n t ry u n d e r n o rm a l a n d lin te rs marketed b e tw e o n A u g . 1 1914 a n d J i d y 31 1915.
c o n d itio n s is som e tw o m illio n b a le s. T h e e n tra n c e o f I t a l y T o m a k e a n y p ro p o r co m p a ris o n , th o ro fo ro , lin to rs (w h ic h th o
in t o th o w a r o n M a y 23 c u t o ff a ll chancos o f g e ttin g su p ­ C o n su s B u re a u ro p o rts d o n o t in c lu d o , a n d w h ic h a m o u n te d
p lie s in to G e rm a n y a n d A u s t r ia b y w a y o f th o M e d ite rra n e a n , f o r th e c ro p y o a r to 772,270 b a le s) s h o u ld bo ta k o n in to a c­
a n d i t is q u ite c e rta in t h a t B r it is h v ig ila n c e w ill n o t bo re ­ c o u n t. D o in g th is , w o h a v o as th o C e n s u s B u re a u a g g ro g a to ,
la x e d in th o n o r th , w h ilo la to s t a cco u n ts sp e a k o f th e lik e li­ 16,678,110 balos. T h is t o ta l, i t w ill bo soon, is 1,610,863
h o o d t h a t c o tto n m a y bo d e c la re d c o n tra b a n d b y G re a t bales m o ro th a n th o c o m m e rc ia l c ro p as w o co m p ile it . I n
B r it a in . T h o s itu a tio n is a d m it te d ly c o m p le x a n d d is tu rb ­ th e p re v io u s y e a r th o co rre sp o n d e n ce b o tw e o n th o co m m e rcia l
in g , b u t in th o o nd d o u b tle ss i t w ill bo fo u n d t h a t p re s e n t c ro p a n d th o C e n su s fig u re s w a s v o r y close, th o fo rm e r
fe a rs re g a rd in g th e fu tu re a ro o xa g g o ra to d , ju s t as t h e y w o ro re a c h in g 14,884,801 a n d th o la t to r 14,613,964. T h o w id o
d iffe re n c e o n th e p re s e n t occa sio n is p re s u m a b ly a c c o u n te d
a y e a r a go .
O f co u rso a ll th o c o tto n t h a t has lo ft h e ro d e stin e d f o r C o n ­ fo r b y th o fa c t t h a t a v e r y m u c h g re a to r p a rt o f th o y e a r ’s
tin e n ta l p o rts in N o r t h E u r o p e h as n o t rea e h od th o p o in ts y io ld th a n in a n o rd in a r y season has fa ilo d to com e fo rw a rd
to w h ic h i t w a s o rig in a lly c o n sig n e d . F o llo w in g o u t th e to th e p o in ts o f c o u n tin g — t h a t i t has n o t ro a ch o d th o p o rts ,
a n n o u n c e d p u rp o se o f p re v e n tin g su p p lie s o f v a rio u s k in d s o r S o u th e rn m ills , o r beon s h ip p e d o v o rla n d N o r t h . A t th o
fro m re a c h in g th o T e u to n ic A llie s G ro a t B r it a in p r im a r ily , 33 c o u n te d in t e rio r to w n s a lo no th o s to c k J u l y 31 1915 w a s
b u t F ra n c o as w e ll, h as d e ta in o d n u m e ro u s vessels a n d in 325,970 bales in oxcess o f th o lik o d a to in 1914.
T h e r o is lit tle to bo said o f th o m a n u fa c tu rin g b ra n c h e s o f
m a n y cases th o ca rgo es h a v o boon d iv o rto d fro m o rig in a l
th
e
c o tto n goo ds tra d o . W i t h th o b re a k in g o u t o f th o w a r in
d e s tin a tio n s . N o o ffic ia l a n n o u n c e m e n t in th o m a tto r has
be e n m a d e b u t th ro u g h p r iv a t o sources w o h a v o be e n ablo E u ro p o d e m a n d sla cke n e d m a t e r ia lly , a n d w it h th o e xc e p tio n
to le a rn t h a t som e 170,000 balos fro m v a rio u s vossols ta k e n o f o cca sio na l s p u rts o f a c t iv i t y , th o in q u i r y f o r goods w a s b e ­
in t o K ir k w a ll, & c ., h a v o b e o n ro ta in e d in G ro a t B r it a in , a n d lo w n o rm a l to th e close o f D o c o m b o r. C u rta ilm e n t o f p ro ­
F ra n c e h as d iv e rte d 11,000 b alos. G o rm a n m in e s a n d s u b ­ d u c tio n w a s th e n a tu ra l o u tc o m e o f su c h a s itu a tio n . S h o r tly
m a rin e s h a v o beon re s p o n sib le f o r th o loss o f q u ite a fa ir a fte r th o o p e n in g o f th e n e w y o a r, h o w e v e r, a m o ro a c tiv o
a m o u n t o f c o tto n . I n fa c t, o n vossols to rp e d o e d b y G o r­ d o m a n d set in , a n d th is causod re s u m p tio n o f f u ll tim o in a
m a n s u b m a rin e s, som o 34,900 balos, a ll d o stin e d f o r I l a v r o , n u m b o r o f m ills , b u t a c t iv i t y w a s n o t lo n g m a in ta in e d a n d



A ug. 21 1915.]

THE CHRONICLE

s to ck s b e g a n to p ilo u p in N o r t h e r n e s ta b lis h m e n ts . T h o
S o u th w a s m o ro f a v o r a b ly s itu a te d as is in d ic a te d b y th o fa c t
t h a t th o season’s o p e ra tio n s a g a in e sta b lish a n e w h ig h re c o rd
in c o n s u m p tio n . L a b o r tro u b le s , as a lre a d y in tim a te d , h a v e
been a n o n tire ly n o g lig ib lo in flu e n c e .
T h o p rin t in g c lo th s itu a tio n a t F a ll R i v o r th o p a st season
lik o w is e ca lls f o r b u t b rie f c o m m e n t. O n J u l y 31 1914 th o
r u lin g q u o ta tio n f o r 2 8 -in ch 64xG4s w a s 3 % c ., b u t o n A u g . 8
th e re w a s a re d u c tio n to 3 H e ., a f u r t h e r d ro p o n th o 15th to
3 M e ., a n d b y D o c . 7 th e p ric o h a d eased o ff to 2 H e ., th is
p r o v in g to bo th o lo w p o in t o f th e season— lo w o r, in fa c t, th a n
a t a n y tim o sinco M a y 1905. A l l th is tim o th e r a w m a te ria l
ru lo d lo w , ra n g in g fro m 7.25 to 7.80c. f o r m id d lin g u p la n d s
in th o N o w Y o r k m a rk e t. I n r e a lit y n o w e ll-s u s ta in e d a d ­
v a n c e in c o tto n o c c u rre d u n t il la to M a r c h , a n d c o n c u rre n t
th e re w ith p r in t in g c lo th s w e ro m a rk e d u p , b e in g q u o te d a t
3 c. o n M a r c h 31, a d v a n c in g to 3 H e - o n A p r il 16 a n d 3 x/i c . o n
th o 17th. T h o la s t-n a m e d q u o ta tio n ru le d u n t il J u l y 10,
w h e n , c o n c u rre n t w it h d o c lin in g va lu e s o f c o tto n , th e
c lo th w a s m a rk e d d o w n to 3 H e .
T h e p ro d u c tio n o f p r in t in g c lo th d u rin g th o season was
f u lly a b s o rb e d . I n fa c t, sto ck s o f goods in fir s t h a n d s a t
th o closo w e ro s m a lle r th a n th o y w o ro tw e lv o m o n th s e a rlio r,
som o m ills c a r ry in g n on o a t a ll. A s in d ic a tin g th o fin a n c ia l
o u tc o m o o f th o soason, it is m e re ly to bo n o to d t h a t d ivid e n d s
d o cla ro d re a ch o d o n ly $1,091,259, o r 3 .7 0 % o n th e c a p ita l
in v o s to d , a g a in s t $1,286,425, o r 4 .3 6 % , in 1913-14, a n d
350,150, o r 4 .6 0 % , in 1912-13. N o th in g has beon d o n o in
th o w a y o f c h a n g in g th o co m p e n s a tio n o f o p e ra tive s a t F a ll
R i v o r sin co A p r il 1912, b u t as a m a t t e r o f in to ro s t w o s u b jo in
a c o m p ila tio n s h o w in g th o co u rso o f w agos th e ro d u rin g th o
p a s t t h irt y - n in o ca lo n d a r y e a rs , o m ittin g y e a rs in w h ic h n o
changos w e ro m ad o :
Year.

Wage
per Cut.

Wage

Wage

Wage

. . . .

- .

- . .

- . .

. . .

. .

Year.
per Cut. Year.
per Cut.
1877
19.00c. Year. per Cm. 1898
1 6.00c. 1905
18.00c.
1878
18.00c. 1888............19.00c.
1692-----f
19.63c.
1899
(18.00c. 1906
2 1.78c.
1880...........21.00c.
121.00c.
(19.80c.
1907
2
3.96c.
1884
18.50c. 1893
1
8.00c.
1902
2
1.78c.
1908
1
9.66c.
1885
16.50c. 1894
16.00c. 1903
19.80c. 1912........... 21.62c.
1886
1 8.15c. 1895
18.00c. 1904
1 7.32c.
£ ^ KnUod
staPdard
longtb or 32-lnch
a 28*inch,
cut of print
cloth Is 47>4 yards,
woven
hi an ordinary
loom64x64,
or less.

A s ro g a rd s o u r tra d o in c o tto n m a n u fa c tu re s w it h fo ro ig n
c o u n trio s , a co n sid o ra b lo in cro aso in th o o u tflo w o f goo d s to
G r e a t B r it a in a n d F ra n c e , c o n s is tin g in th o m a in , i f n o t
w h o lly , o f sup p lie s f o r th o se a c t iv e ly p a rtic ip a tin g in th o w a r,
h as ro s u lto d in tlio e s ta b lis h in g o f a n o w h ig h re c o rd o f s h ip ­
m e n ts fo r th o fisca l y o a r ond od J u n e 31 1915. E x p o r t s to
C h in a e x h ib ite d a v o r y co n sid e ra b le docroaso fro m th o p re ­
v io u s y o a r, w e ro o vo n loss th a n in 1912-13, a n d b y co m p a riso n
w it h th o to ta ls f o r 1904-05 o r 1905-06 w e ro a b n o rm a lly sm a ll.
S o u th A m o ric a to o k o n ly 35,776,895 y a rd s o f o u r c o tto n
c lo th s th o p a s t season, a g a in s t 41,616,023 y a rd s in 1913-14
a n d 54,163,558 y a rd s in 1912-13, b u t th o s h ip m e n ts to A r a b ia
w o ro 29,532,109 y a rd s , a g a in s t 17,739,572 y a rd s a n d 24,690,495y a rd s . T h o W o s t In d io s a n d C o n tra l A m e ric a , to o , m ad o
s lig h t ly la rg e r p u rch a se s th a n in th o p re c e d in g season, 114,­
089,437 y a rd s c o n tra s tin g w it h 111,434,609 y a rd s , a nd t a k ­
in g s b y th o P h ilip p in e s in cre a se d a n d th e sam o is tru o o f
C a n a d a a n d M o x ic o . I n th o a g g re g a te fo r a ll c o u n trie s , th o
o x p o rts o f goo ds as s ta te d q u a n t it a t iv e ly in 1914-15 roa ch od
o n ly 396,950,195 y a rd s , a n d in th o p ro v io u s y o a r 414,860,013
y a rd s , th e ro b e in g a fa llin g o ff, c o n s e q u e n tly, o f 4 .3 % . T h o
to ta l v a lu o o f th o c o tto n goo d s s h ip m e n ts for. 1914-15, h o w o v o r, ro c o rd s a n incroaso o f $20,506,264 o v o r la s t y e a r, v o r y
h o a v y ta k in g s o f w e a rin g a p p a ro l (la rg o ly k n it g o o d s) fo r th o
m i l i t a r y . fo rce s o f G ro a t B r it a in , F ra n c o a n d B e lg iu m a c­
c o u n tin g f o r p ra c tic a lly a ll th o g a in .
I t w a s h a r d ly to bo o xp o cte d t h a t th o y e a r 1914-15 s h o u ld
w itn o s s a n y a p p ro c ia b lo a u g m e n ta tio n o f th o s p in n in g ca­
p a c ity o f th o c o tto n m ills o f th o U n ite d S ta te s , n o r d id it .
T h o r o w o ro som o d o vo lo p m o n ts a t th o S o u th , b u t i t w a s
m o ro ly th o fru itio n o f p la n s p re v io u s ly o n to re d u p o n . O u r
la te s t in v e s tig a tio n in to th o s ta tu s o f th o S o u th o rn m ills , th o
re s u lt o f w h ic h w ill bo fo u n d ta b u la te d o n a s u b se q u e n t pago,
disclosos c lo a rly w h o ro e xp a n sio n in t h a t se ctio n o f th o c o u n ­
t r y has ta k e n p la ce , a n d its o x to n t. T h o in cro aso d c a p a c ity ,
neodloss to s a y , is n o t f u lly re fle c te d in th o v o lu m e o f co n ­
s u m p tio n , som o o f th o n o w m ills o r th o a d d itio n a l sp in d le s in
o ld e s ta b lis h m e n ts h a v in g boon in o p e ra tio n o n ly a p o rtio n o f
th o soason. O u r u su a l s ta to m o n t o f sp ind le s in th o U n it e d
S ta to s is as fo llo w s :

Spindles—
1914-15.
1913-14.
1912-13.
1911-12.
N orth...................................1 8,900,000 13.900.000 18.S00.000
18,700,000
South............................... ..13,017,909 12,940,240 12,410.592 11,970.929
T o ta l...............................31,917.909 31,840.240 31,216,592 30,070.929

S O U T H E R N c o tto n m ills , as a lro a d y in tim a te d , m a d o a
lit tle f u rt h o r d o ve lo p m o n t in 1914-15, a g a in th e ro fo ro s o ttin g



583

a n o w h ig h re c o rd m a r k in th o c a p a c ity o f th o e s ta b lis h m e n ts
to t u r n o u t goo d s a n d in th o v o lu m e o f th o r a w m a te ria l
co n su m e d . D u r in g A u g u s t 1914 th e ro w a s a m o d e ra te
c u rta ilm e n t o f o u t p u t, a n d th e re a fte r u n t il th o s p rin g co n u m p tio n w a s a b o u t o n a p a r w it h th o c o rre s p o n d in g tim e
in th o p ro v io u s season. B e g in n in g w it h M a r c h , h o w e v e r,
d v ic e s in d ic a te d a n a u g m e n tin g p ro d u c tio n o f g oo d s, a n d
th is c o n tin u e d to th o closo o f th o season, m o ro th a n o v e rc o m ­
in g th e d o fic it o f A u g u s t . T h e w a r in E u r o p e as w e ll as
( o pressio n h oro has h a d th o e ffe c t o f h o ld in g in c h e c k a n y
w e ll-d e fin e d te n d e n c y to w a rd a f u r t h e r e xte n s io n o f th e
in d u s t r y ju s t n o w , b u t th e re h a v e boon som o a d d itio n s to
sp in d le s re c e n tly , a n d a fe w n o w m ills , aside fro m th o se
s ta rto d d u rin g th e soason, a re in co u rs o o f e re c tio n o r a re
in c o n te m p la tio n . F o llo w in g th o p la n in a u g u ra te d b y us
m 1887 a n d p u rs u e d w it h m a rk e d success each y e a r sin ce , w e
h a v o w it h in th e p a s t fe w w e e k s socuro d o x te n s iv o a n d c o m p ro h o n s ive in fo rm a tio n b o a rin g u p o n th e o p e ra tio n a n d
d e v e lo p m e n t o f S o u th e rn m ills . T h is , o f c o u rse , e n ta ils a
ro a t a m o u n t o f la b o r, th o m o re ta b u la tio n o f th e re tu rn s
c o n su m in g v e r y m u c h tim o ; b u t f u ll c o m p e n s a tio n f o r th o
w o r k is fo u n d in th o co m p lete n e ss o f th e d a ta re c e iv e d a n d
th o s p irit in w h ic h o u r in q u irie s a re m o t b y th e m ill o ffic ia ls .
1 he in fo rm a tio n g iv e n b y each m ill c o ve rs n o t o n ly c u rro n t
o p e ra tio n s , b u t p ro je c te d fu tu ro d e v e lo p m e n ts , a n d is v e r y
co n cise . I t g iv e s th e n u m b e r o f sp in d lo s a n d lo o m s a c t iv e
o r id le d u rin g th o season, in c lu d in g n o w m ills s ta rte d a n d
a d d itio n s to o ld p la n ts ; also th e a c tu a l c o n s u m p tio n o f c o tto n
f o r th o y o a r, s ta te d in bales a n d p o u n d s , th e a v e ra g e c o u n t
o f y a r n s p u n , a n d fu ll d e ta ils as to n o w m ills , w h o th o r a lre a d y
u n d e r c o n s tru c tio n o r m e re ly p ro je c te d , a n d c o n te m p la te d
e xp a n s io n in o x is tin g fa c to rie s — in fa c t, a ll th o in fo rm a tio n
t h a t is r e a lly e sse n tia l to a n in te llig e n t a n d c o m p re h e n s ive
ro v io w o f th o c o tto n -m a n u fa c tu rin g in d u s t r y o f th o S o u th .
1 h e a gg ro ga to s o f o u r d e ta ile d r o tu rn s , a rra n g e d b y S ta to s .
a ro as fo llo w s . E s ta b lis h m e n ts t h a t h a v o boon id le a ll th o
soason a n d a ro n o t lik e ly to re s u m e o p e ra tio n s a ro e xc lu d o d
fro m th o c o m p ila tio n .
Southern
States

—

Number oj
Spindles.

Aver­
age
No.
Yarn.

Consumption.
Acge.
Net
IVeig't

Bales.
Pounds.
Alice. | Running. Run.
Virginia.. 14 495,724 470,724 13,301 21 105,756485.18 51,310,280
Nor. Car. 307 3,827,960 3,774,047 60,771 21 956,624 475.39 454,767,247
So. Caro. 154 4,646,825
105,077
815,90S 477.93 389,910,772
Georgia.. 140 2,175,907 4,574,533
2,113,058 39,783 27
21
688,802 478.50 329,593,023
Florida..
Alabama "65 1,051",700 1,043,312 18",826 18 312,424 488.56 152,638,258
Mlaslss’pl 144 135,868 124,336 3,126 18
33,532 488.60 16,381,715
Louisiana
57,683 57,683 1,362 10
30,457480.32 14,629,047
Texas . .. 14 118,564 112,064
2,889
11
69,187
504.75
Arkansas. 2
13,500
6,800 160 9
7,750495.10 29.874,586
3,847,028
Tennessee 28 347,794 328,913
22
92,352|487.79
Missouri. 3
41,896 31,480 5,827
730
10
21,542 498.56 45,048,619
10,739,932
Kentucky 8
98,836 94,836 1,350 14
31,735 489.49 15,534,070
Okl’homa 1
5,712
5,712
8
8,827 494.63 4,365,806
Totals—
1914-15
13,017,969 12.737,498 253,202 22 3,164,896 479.84 1,518,640,395
1913-14
12,940,24012.414,884 251,113 22 3,125,132 476.54 1.489,260,328
1912-13
12,416,592 11,906,152 244,833 22 2,979,878478.01 1.424,761,883
1911-12
11,976,929; 11,467,283 232,027 22 2,730,217479.14 1,311,028,120
1910-11
11,503,253 10,644,544 220,462 21 2,369,827 475.69 1,127,312,371
1909-10
11,236,430 10,435,083 212,272 20 'A 2.391,933 473.96 1,133,678,983
1908-09 727 10,780,308 10.370.333 214,716 20 'A 2,573,524 478.75 1,232,077,174
1007-08 717 ;10,451,910 9.864,198 205,478 20 2,234,395 477.55 1,067.010.962
1902-03 594 7,039,633 6,714,589 153.748 19H 2,049,902 479.85 983,649,984
1897-98 391 I 3,670,290 3,574,754 91,829 18 X 1,227,939470.04 577,186.180
Figures for years prior to 1913-14 cover the period from Sept. 1 to Aug. 3 1 .
m
f
I 'thenachlJ'ery
been appreciably
put In operation
the consumppast few
months, Increasing
number oftow
spindles
withoutwithin
affecting
by the° mMs
returns lnclud0
of foreign S n
Looms

i h o fo re g o in g in d ic a te s , i t w ill bo n o to d , a m o d e ra te in ­
croaso in th o v o lu m o o f c o tto n c o n su m o d . N o r t h C a ro lin a
c o n tin u e s to bo th e le a d in g S ta to in a m o u n t o f th o r a w m a ­
te ria l used i f n o t in n u m b e r o f sp in d le s. T h o n o t re s u lt fo r
th o soason in th o a g g re g a te f o r th o S o u th o rn S ta to s is a g a in
in c o n s u m p tio n o f 39,764 ba les, o r 29,374,067 p o u n d s, le a v ­
in g th o 1914-15 to ta l 3,164,896 ba les, w h ic h co m p a re s w it h
a p p ro x im a te ly 2,820,914 bales a t th o N o r t h , o r a n excess
f o r th o n o w o r fie ld o f 343,982 ba les. T h e re p o rts a t h a n d
fro m th e S o u th , w h e n g o n e o v o r in d e ta il, d ono to t h a t 6 o ld
m ills , w it h 55,082 sp in d le s, h a v o ceased o p e ra tio n s p e rm a ­
n e n t ly , a n d 8 m ills , c o n ta in in g 42,532 sp in d le s, h a v o s ta rte d
u p , m a k in g a n e t g a in o f 2 m ills , b u t a loss o f 12,550 s p in d lo s,
d u rin g th o soason. T h o fu ll e xte n s io n o f c a p a c ity in 1914-15,
h o w o v o r, is n o t o xprossed b y th a t to ta l, f o r th o e q u ip m e n t
o f o ld m ills w a s in cre a se d to th o e x to n t o f 90,279 sp in d lo s. T h o
a gg ro g a to n o t g a in f o r th o season w a s , th e ro fo ro , 77,729
sp in d lo s.

584

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THE CHRONICLE

[VOL. 101.

b e tte r tim e s . T h o s h o rta g e o f ch e m ica ls a n d d y e s has b e e n a
F u r t h e r m e n tio n a b le e xte n s io n o f th e c o tto n m a n u fa c tu r­
m o s t se rio u s m a t t e r a n d has m u c h in te rfe re d w it h th e co m ­
in g in d u s t r y in th e S o u th e rn S ta te s in th e v e r y n e a r f u tu re
p le tio n o f c o n tra c ts in goods re q u irin g su c h a rtic le s . T h e
is n o t in d ic a te d b y o u r r e t u rn s , th e d is tu rb e d c o n d itio n s
h o m e tra d o h a s d o n e w e ll. I t is quite' e v id e n t th e im p o rta n t
a b ro a d n o t c o n d u c in g to s u c h a n e n d . B u t th is is o n ly a
re q u ire m e n ts o f th e G o v e rn m e n t in th e w a y o f c lo th in g th e
t e m p o r a r y c o n d itio n , a n d w it h a n o rm a l s itu a tio n re s to re d
tro o p s , to g e th e r w it h th e a m p le a llo w a n c e s m a d e to th o de­
th e re is n o q u e s tio n as to th e c o n tin u e d e xp a n s io n o f c o tto n
p e n d e n ts o f o u r s o ld ie rs , h a v o d o n e m u c h to b r in g a b o u t p ro s ­
m a n u fa c tu rin g a t th e S o u th . A s g a th e re d f ro m o u r re t u rn s ,
p e r it y f o r re ta ile rs . T h e fo llo w in g ta b le g iv e s p a rtic u la rs o f
it is a n tic ip a te d t h a t 2 m ills , e q u ip p e d w it h 25,000 sp in d le s ,
o u r fo re ig n tra d e in y a r n a n d c lo th f o r th e t w e lv e m o n th s
w ill s ta r t u p d u rin g th e fa ll a n d e a r ly w in t e r . C o n te m p la te d
d in g J u n e 30:
a d d itio n s to o ld m ills , m o re o v e r, c o v e r a b o u t 172,948 e nFrrmrts
1914-15.
1913-14.
1912-13.
nounds. 167.562,800 217,101.200 225,653,600
s p in d le s , so t h a t a lto g e th e r th e p ro s p e c tiv e a u g m e n ta tio n
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in c a p a c ity w it h in th e n e x t tw e lv e m o n th s w ill re a c h a p p ro x i­
I n th e s p in n in g o f y a m th e fe a tu re o f in te re s t has be e n th e
m a t e ly 200,000 s p in d le s , o r a to ta l q u ite a lit t le m o re th a n
r u n o n co a rse n u m b e rs in A m e ric a n d e s c rip tio n s , su c h c o u n ts
th e a d d itio n in 1914-15.
.
EUROPE.— T h e g re a t w a r has th o ro u g h ly d is o rg a n ize d b e in g v e r y e x te n s iv e ly use d f o r th e p ro d u c tio n o f h e a v y goo d s
th e c o tto n in d u s t r y o f E u r o p e d u rin g th e p a s t t w e lv e m o n th s , to m e e t th o w a n ts o f th e a r m y . I n o th e r d e p a rtm e n ts o f th o
a n d a ll th e fe a tu re s h a v e som e re fe re n c e to th e e ffe c ts u p o n y a r n m a rk e t d e m a n d h a s b e e n s la ck a n d bu sin ess u n p ro fit ­
c o n s u m p tio n o f r a w c o tto n , p ro d u c tio n o f y a r n a n d c lo th a b le . A m o s t u n re m u n e ra tiv e s ta te o f a ffa irs has e xisto d in
a n d th e e m p lo y m e n t o f w o r k p eo p le as a re s u lt o f th e h o s­ th e s p in n in g o f y a r n fro m E g y p t ia n c o tto n . S om e m ills in
tilitie s w h ic h a re s till ra g in g . I t is o x tre m e ly d iffic u lt to B o lt o n a n d th e B o lt o n d is tric t d e p en d e d a lm o s t e n tire ly
o b ta in re lia b le in fo rm a tio n as to th e c o n d itio n s in s e ve ra l u p o n tra d e w it h G e rm a n y , a n d th e ir b u sin ess has b e e n co m ­
o f th e c o u n trie s , a n d s ta tis tic s w h ic h h a v e r e c e n t ly been p le te ly c u t o ff. T h e n th o v e r y p o o r d e m a n d in lig h t clo th s
p u b lis h e d in d ic a te u n c e rt a in t y as to th e a c tu a l s ta te o f a f­ has s e rio u s ly a ffe c te d th o o ffta k e in fin o y a m s . S om o sp in ­
fa irs . P ric e s in r a w c o tto n v a r y c o n s id e ra b ly in th e d iffe re n t n in g co m p a n ie s e n g a g e d o n A m e ric a n c o tto n h a v o be e n a b le
c o u n trie s a t w a r , a c c o rd in g to th e su p p lie s a v a ila b le . I t is to m a k e fa ir p ro fits , b u t th e re a re n o in d ic a tio n s a t th o
q u ite im p o s s ib le in g e n e ra l te rm s to d e scrib e th o c o n d itio n s m o m e n t o f a n y re lio f f o r th o se firm s p ro d u c in g th e liig h o r
w h ic h h a v e p re v a ile d a n d a r o v ie w o f th e in d u s t r y th ro u g h o u t c o u n ts . D u r in g th o la s t co u p le o f m o n th s th e re s tric tio n s
u p o n o u r tra d e w it h C o n tin e n ta l m a rk e ts has h a d a v e r y
E u r o p e m u s t b e o n g e n e ra l lin e s.
T h o w o r k o f th e In te rn a tio n a l C o t to n F e d e ra tio n , w h ic h a d ve rs e in flu e n c e u p o n th e p o s itio n o f s p in n e rs . T h o G o v e r n ­
f o r m a n y y e a rs c a rrie d o n u s e fu l w o r k in c o lle c tin g a n d c ir­ m e n t w ill n o w o n ly a llo w s liip m o n ts to E u ro p e a n p o rts o n
c u la tin g s ta tis tic s re la tin g to th e p o s itio n o f a ffa irs th ro u g h ­ licen so, as th e re a re su sp icio n s t h a t y a r n is fin d in g its w a y in to
o u t th e w o r ld , has b e e n b ro u g h t to a s ta n d s till, a n d a t th e tim e e n e m y c o u n trie s . T r a d o has b e e n t h o ro u g h ly d is o rg a n ize d
o f w r it in g th e re seem s to b e lit t le h o p e o f a n e a r ly re s u m p tio n a n d p e rm its to e x p o r t a ro co m in g in v e r y s lo w ly .
A s a re s u lt o f th e w a r a d e cid e d in cre a se h a s ta k e n p la ce in
o f th e p u b lic a tio n o f th e v a lu a b le fig u re s .
Great Britain.— T h e r e v ie w o f th e tra d o c o n d itio n s in th o co st o f liv in g th ro u g h o u t th o c o u n t ry , a n d th o w o r k ­
G r e a t B r it a in a y e a r a go m a d e re fe re n c e to th e b e g in n in g o f people in n u m e ro u s in d u s trie s h a v e be e n successfu l in s e c u r­
th o g re a t E u ro p e a n w a r a n d its e ffe c t u p o n th e in d u s t r y . in g a b o n u s o n w a g o s. A n a p p lic a tio n o f th is c h a ra c te r w a s
A l l tra d e rs e xp e rie n c e d a d e c id e d s h o c k w h e n h o s tilitie s co m ­ m a d o in M a r c h la s t b y th e C a rd ro o m O p e ra tiv e s in th o w a y o f
m e n c e d a n d fo u n d tra d in g in a s ta te o f ch a os. I n th o co u rse a d e m a n d f o r a 5 % b o n u s a t m ills p ro d u c in g 36’s c o u n ts a n d
o f a fe w m o n th s , h o w e v e r, p e o p le b e g a n to re a liz e t h a t th in g s b e lo w . T h e m a s te rs re fu s e d th o a p p lic a tio n , a n d v a rio u s
w e re n o t t u r n in g o u t so b a d ly , a s, o w in g to th o e xc e lle n t w o rk n e g o tia tio n s to o k p la c e . U lt im a t e ly th e tra d o u n io n o ffic ia ls
o f th e B r it is h n a v y , th e m a in tra d e ro u te s o f th e w o rld w o re p u t o n s trik e ono o r tw o m ills to e n fo rce th e ir d e m a n d s, a n d
b e in g k e p t o p e n . A lit tle m o re c o n fid e n ce b e g a n to sh o w th e e m p lo ye rs re p lie d b y th re a te n in g to b rin g a b o u t a g e n e ra l
its e lf a n d m e rc h a n ts w h o h a d sto p p e d d e live rie s b e g a n to ta k e lo c k o u t. W h e n th is p o in t w a s re a ch e d th e O p e ra tiv e S p in ­
in s tu ff a g a in a n d s h ip a b ro a d , b u t th e h ig h c o s t o f in s u ra n c e n e rs A m a lg a m a tio n p u t in a c la im f o r a 1 0 % in cre a se in
a n d fre ig h t w e re se riou s o b sta cle s to ,b u s in e s s o n o rd in a r y w a g e s . A fe w d a ys b e fo re th e lo c k o u t n o tic e s e xp ire d th e
lin e s . T h e s e ch a rg e s , h o w e v e r, w o re g ra d u a lly re d u c e d , a nd G o v e rn m e n t in te rv e n e d a n d p ro p o so d t h a t th o m a t t e r s h o u ld
f o r som e m o n th s b e tte r fa c ilitie s h a v e been a v a ila b le f o r e x­ bo le ft to th e a rb it ra tio n o f th e C o m m itte e o n P ro d u c tio n .
p o rtin g goo d s a b ro a d . I t is re a liz e d , h o w e v e r, t h a t th e w a r T h is w a s u lt im a te ly a g re e d t o , a n d as a re s u lt o f th o p ro c e e d ­
is g o in g to b o a lo n g -d ra w n -o u t a ffa ir, a n d a n y re a l im p ro v e ­ in g s th e C o m m itte e d e cid e d in fa v o r o f a 5 % b o n u s o n w a ge s
m e n t in tra d e c a n n o t b e e xp e c te d u n t il h o s tilitie s a re a t a n e nd . f o r a ll o p e ra tive s e ng a g e d in th e s p in n in g se ctio n d u rin g th e
I n p iece goo d s m a n y im p o rta n t m a rk e ts h a v e be e n closed, p e rio d o f th e w a r. T h e w e a v o rs a ro n o w p re ssin g tlie ir
a n d i t h is n o t b een po ssible f o r o th o r o u tle ts to m a k o u p fo r cla im s fo r a s im ila r co n ce ssion , b u t a t th o tim o o f w r it in g
th o loss e xp e rie n c e d . O w in g to th e h e a v y e n lis tm e n ts fo r n o th in g d e fin ite ly has been do n o. A lth o u g h th o re a ro
th e a r m y p ra c tic a lly n o u n e m p lo y m e n t has p re v a ile d , a n d in n u m e ro u s c o m p la in ts in tra d e circle s as to th e p a u c it y o f fre s h
som e d e p a rtm e n ts a d is tin c t s h o rta g e o f w o rk p e o p le has o rd e rs , i t seem s v e r y d o u b tfu l w h e th o r w o c o u ld copo a t th o
s h o w n its e lf. I n w e a v in g i t has be e n a y e a r o f dep ressio n p re s o n t m o m e n t w it h a m u c h la rg e r d e m a n d , in v io w o f th e
a n d n u m e ro u s co n ce rn s h a v e h a d to a llo w lo o m s to s ta n d id le la b o r a va ila b le .
T h o p ro g re ss o f th e B r it is h C o tto n G r o w in g A s s o c ia tio n
f o r w a n t o f o rd o rs . P ric e s h a v e b een c u t v e r y fin e , a n d th e
ra te s r u lin g h a v e o n ly m e a n t “ ch a n g e fo r a s h illin g ” o r s e ri­ h a s be e n im p e d e d b y th o w a r, a n d n o p a rtic u la r d e ve lo p m e n ts
ous lo ss. A t th e b e g in n in g o f th o w a r, In d ia , th o U n it e d in th e a c tiv itie s o f t h a t o rg a n iz a tio n c a n bo ro c o rd o d . 'I ho
K in g d o m ’s c h ie f m a rk e t, w h ic h in o rd in a r y tim o s is re s p o n ­ q u e s tio n o f m a k in g r a w c o tto n c o n tra b a n d has o xc ito d m u c h
sib le f o r a b o u t 4 0 % o f o u r e x p o rt tra d e , w a s w e ll su p p lio d d iscu ssio n , a n d a t th e tim o o f w r it in g th o a rg u m e n t is p ro ­
w it h g o o d s, a n d a lth o u g h u n d e r th e c irc u m s ta n c e s th o s h ip ­ ce e d in g. V o r y v a rie d e stim a te s a ro g iv e n as to th e a m o u n t
m e n ts h a v e be e n la rg e , th e fig u re s a ro m u c h s m a lle r th a n in o f c o tto n use d in th e p ro d u c tio n o f e xp lo s ivo s , b u t it is both e p re v io u s t w e lv e m o n th s . S to ck s in th e b a za a rs a re lie v e d t h a t w it h re g a rd to th o c o n tra b a n d q u e s tio n , th e
g ra d u a lly b e in g re d u c e d , b u t th e d e m a n d r e c o n tly has been G o v e rn m e n t has in fo rm a tio n w h ic h it is n o t d o sira b le sh o u ld
v e r y p o o r in d e e d f o r C a lc u tta .
T h o C h in a m a rk e t has been bo m ad o p u b lic . T h e r e is a d is tin c t fe e lin g th ro u g h o u t th e
d is a p p o in tin g , a n d to som e e x te n t th e e m b a rg o u p o n tra d in g c o u n t ry th a t w e s h o u ld do o v o r y t h in g p ossiblo to m a in ta in
w it h G e rm a n firm s in th e F a r E a s t has in te rfe re d w it h b u s i­ f rie n d ly re la tio n s w it h th o U n it e d S ta te s o f A m o ric a , a n d u n ­
ness. B e t te r a d vic e s a re n o w c o m in g th ro u g h , a n d th e re d o u b te d ly n e u tra l c o u n trio s a ro h a v in g to p u t u p w it h a
a ro hop es o f la rg e r e x p o rts d u rin g th o n e x t fe w m o n th s . T h e g re a t d e a l as a re s u lt o f th o a c tio n s o f th o c o u n trie s a t w a r.
n e a r E a s t e r n o u tle ts h a v e b een d e c id e d ly a ffo c te d b y th o w a r, T h e sp in d le s in G ro a t B r it a in a re e s tim a te d a t 57,000,000.
b u t sin ce th e b o g in n in g o f th is y e a r q u ite a d is tin c t r e v iv a l T h o c o n s u m p tio n o f r a w A m e ric a n c o tto n f o r th o soason m a y
has s h o w n its e lf f o r E g y p t , th is to som e e x te n t b e in g p u t b e p u t d o w n in ro u n d fig u re s a t 3,000,000 b alos.
The European Continent.— T h o c o tto n tra d o , a lo n g w it h
d o w n to th e la rg e n u m b e r o f tro o p s in th a t p a r t o f th o w o rld .
o
th
e r in d u s trie s , has b een g re a t ly u p so t in a ll co u n trie s of
A b ig b u sin ess has b e e n d o n e w it h th e B r it is h A llie s , espe­
c ia lly F ra n c e , a n d m a n y m a k e rs o f h o a v y m a te ria ls su ita b le E u ro p e as a re s u lt o f th o g re a t w a r, a n d o w in g to th o o b ­
f o r th e w a r h a v e be e n s a v e d fro m r u in b y th o b ig re q u ire ­ sta cles in o b ta in in g c o m m u n ic a tio n s fro m c o rta in d is tric ts
m e n ts o f th e E n g lis h G o v e rn m e n t a n d o f F r a n c e a n d R u s s ia . i t is q u ite im p o ssib le to p ro v id e a r e v ie w o f th o co n d itio n s
T h e d e p re ssio n has re c e n tly boon v e r y a c u te a m o n g s t p ro ­ w h ic h m a y be co n sid e re d a d e q u a te . M a n y c o u n trie s h a v e
d u c e rs o f lig h t fa b ric s m a d e in B la c k b u rn a n d th e B la c k ­ fo u n d i t e x c e e d in g ly d iffic u lt to se cu re sup plio s o f th e r a w
b u r n d is tric t a n d m a n y sheds a re closed d o w n f o r a n in d e fin ­ m a te ria l, a n d th o p ro d u c tio n o f y a r n a n d c lo th has boon
ite p e rio d . B u r n le y , w h e re p rin t in g clo th s a ro p ro d u c e d , is tu rn e d o n to goods w h ic h a ro s u ita b lo to m e e t th o re q u ire ­
s u ffe rin g c o n s id e ra b ly, b u t th e re a ro n o w in d ic a tio n s o f ra th e r m e n ts o f th e m ilit a r y .



A ug . 21 1915.]

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585

I t is said t h a t in G o rm a n y th e w e a v in g sheds h a v o been a n d a v e ra g e w e e k ly c o n s u m p tio n ; (2) th e w o r ld ’s p ro d u c tio n
v e r y b u s y , p ro d u c in g c lo th in g f o r th e tro o p s , b u t o w in g to th e o f c o tto n (c o m m e rc ia l c ro p s ) f o r th o sam e y o a rs , a n d (3) th e
g o n o ra l b lo c ka d e b y G ro a t B r it a in sup p lio s o f r a w c o tto n sp in d le s in a ll m a n u fa c tu rin g c o u n trie s fro m w h ic h ro lia b le
h a v o n o t been e a s ily o b ta in a b le . U n d o u b te d ly v o r y fa n c y in fo rm a tio n ca n bo se cu re d as t h e y s ta n d to - d a y c o m p a re d
w it h lik e ro s u lts in fo rm e r y e a rs .
p ric e s h a vo been p a id in B re m o n f o r A m e ric a n c o tto n . P r e ­
In d ia , th e c o u n t r y n e x t in im p o rta n c e to E u ro p o a n d
v io u s to th e w a r la rg o q u a n titie s o f c o tto n y a r n w o ro se n t th o U n it e d S ta te s , a c c o rd in g to th o d a ta a t h a n d , has a p p a r­
fro m G re a t B r it a in , b u t n a t u r a lly thoso a ro n o w sto p p e d a n d e n t ly decreased its c o n s u m p tio n th is season. I t is v o r y d if f i­
m a n u fa c tu re rs o f c lo th h a v o h a d to t u r n to n e u tra l c o u n trie s c u l t y fo rm a n y t h in g lik e a re lia b lo e s tim a te , b u t o u r in fo r ­
o n tho C o n tin e n t. O f co u rse th e o x p o rt tra d o o f G o rm a n y m a tio n , o b ta in e d fro m th o b e st o f a u t h o r it y in In d ia , is t h a t
h as been b ro u g h t to a s ta n d s till, b u t it is said t h a t th o h om o th e re ca n b e lit tle d o u b t t h a t th e u n s e ttlin g e ffects o f th e w a r
o n th o In d ia n a n d F a r E a s t e r n m a rk e ts h a v e re a c te d o n th e
re q u ire m e n ts h a v o been q u ite s u ffic ie n t to ke e p r u n n in g th e c o tto n m a n u fa c tu rin g in d u s t r y o f th o c o u n t r y a n d re s tric te d
m a c h in e ry a v a ila b le . T h e sp in d le s a re e s tim a te d a t th o o u t p u t o f y a r n to a n a p p re c ia b le e x to n t. I n tho absence
11.500.000.
o i iin y o ffic ia l r e tu rn s , w h ic h w ill n o t bo a va ila b le fo r som o
A la rg o p a rt o f th o m a n u fa c tu rin g d is tric ts o f F ra n c e has lit t le tim o y e t , as th e B o m b a y M i l l O w n e rs ’ A s s o c ia tio n h a v e
been o ccu p ie d b y th o G e rm a n s , a n d p ro d u c tio n lia s been a d o p te d th e tw e lv e m o n th s e n d in g A u g . 31 as t h e ir s ta tis tic a l
b ro u g h t to a n e n d in su c h places as L ille , R o u b a ix a n d o th e r y e a r in ste a d o f th o p e rio d e nd e d J u n o 30 as h e re to fo re , w e
a cce p t as a close a p p ro x im a tio n o u r c o rre s p o n d e n t’s e s tim a te
to w n s . T h o o th e r fa c to rie s , h o w e v e r, h a v e been w o rk in g a t
A 050,000 bales o f 392 lb s . n o t each, e q u a lin g
fu ll s tre tc h , b u t th o ro has boon a d is tin c t s h o rta g e o f y a r n . 1,007,000 bales o f 500 lb s . a vo ra g e . J a p a n , a lso, so f a r as
E x p o r t s fro m G r o a t B r it a in h a v o been o n a n u n p a ra lle le d w o c a n g a th e r fro m re c e n t a d vic e s , has used less c o tto n
scalo a n d b ig sup p lie s o f c lo th h a v o also been ro c o ivo d fro m in th o season ju s t closed. I t s ta k in g s fro m th o U n ite d
L a n c a s h ire .
I n co r ta in p a rts o f F ra n c o th e re has been a S ta te s a n d fro m In d ia as w e ll h a v o been g re a te r th a n in tho
p re v io u s season, b u t th is fin d s e x p la n a tio n in th e fa c t t h a t
s h o rta g e o f w o rk p e o p le , b u t w h o re v o r p o ssible w o m e n lo w p rice s h a v o been a n in c o n tiv o to th o b u ild in g u p o f a
h a v o boon e m p lo ye d to ta k e th o placo o f tho m e n re s e rv e s u p p ly o f th o r a w m a t e ria l. F o r M e x ic o a n d C a n a d a
w h o h a v o jo in e d th o fo rco s. T h o sp ind le s a re e s tim a te d a t w o a ro fo rce d to a d o p t th o im p o rts in to each c o u n t ry as a
m e a su re o f c o n s u m p tio n ; in th o case o f th o fo rm e r n o re c e n t
7.000.
000.
I t has boon ra th o r d iffic u lt to o b ta in re lia b lo re p o rts as s ta tis tic s c o v e rin g h o m o y io ld o r m ill o p e ra tio n s h a v o been
o b ta in a b le , a n d C a n a d a has n o so u rco o f s u p p ly o th e r th a n
to th o sta to o f a ffa irs in R u s s ia , b u t, lik e o th e r c o u n trie s in th ro u g h im p o rts . N o s ta tis tic s o f v a lu o ca n bo se cu re d fro m
E u ro p o , m a c h in e ry has been tu rn e d o n to a rtic le s to m e o t tho C h in a o r B ra z il. “ O t h e r C o u n trio s ” c o n s e q u e n tly in c lu d e
ro q u ire m o n ts o f th e w a r, a n d e x p o rt tra d o has s c a rc e ly been e xp o rts o f c o tto n fro m th e U n it e d S ta te s a n d E u ro p e to lo c a li­
co n sid e re d . T h o a re a in t h a t c o u n t r y is so la rg o t h a t it is ties o th o r th a n tho se s p e c ific a lly m e n tio n e d in th o ta b le ; also
im p o ssib le to g o in to d e ta il as to th o c o n d itio n s , b u t it is th o c o tto n b u rn e d o r lo s t a t soa. T h o c o m p ila tio n a p p e n d e d ,
th e re fo re , em b race s s u b s ta n tia lly th o e n tire d is trib u tio n o r
u n d e rs to o d t h a t m a c h in e ry has been w e ll o m p lo ye d w h e re c o n s u m p tio n (exp re sse d in bales o f 500 p o u n d s n o t w e ig h t
th e re h a v o been o p e ra tive s to do th o w o rk . T h o spindles e a ch ) o f th o c o m m e rc ia l c o tto n c ro p s o f th o w o rld , a n d th e
a re e s tim a te d a t 9,000,000.
p o rtio n ta k e n b y each c o u n t ry .
I n B e lg iu m th o in d u s t r y h as com e to a n o nd fo r th o tim e
TH E W ORLD'S ANNUAL COTTON CONSUM PTION.
b e in g . T h a t c o u n t r y has boon ru in e d so fa r as m a n u fa c ­
1914-15.
1913-14.
1912-13.* 1911-12.*
Countries—•
Hales.
Dales.
Bales.
Bales.
tu re rs a ro c o n ce rn e d , a n d w h o n o v e r th o w a r end s it w ill bo Great Britain________ . . 3,000,000
4,300,000
4,400,000
4.160.000
som o yo a rs b e fo ro s p in n in g a n d m a n u fa c tu rin g ca n bo c a rrie d C ontinent_________ . . . 3,250,000 6,000,000 6,000,000 5.720.000
Total Europe______
o n to a n y e x te n t w o r t h m e n tio n in g .
10,300.000 10,400,000
United States—N orth. -- 6.250,000
2.768,415 2.701,479 2,681,804 9,880,000
2,587,858
T h o p ro d u c tio n has been v o r y irre g u la r in A u s t r ia , a n d it
South. -- 3,037.280
2,978,533 2,849,524 2,622,056
has n o t boon possiblo to o b ta in a d vic e s w h ic h a ro w o r t h
Total United States.
5,680,012
5,209.914
East Indies__________ .. .. 5,805,695
1,607,000 1.680,210 5,531,328
1,642,287 1,607,280
q u o tin g . T h o c o u n t ry has boon in a s ta to o f w a r fro m end Japan_______________
.
.
1,400,000
1,521,582
1.351,709
1,357,460
to o n d , a n d th o w h o lo tra d o h as boon t h o ro u g h ly d is o rg a n ­ C a n ad a ___________ .
145,978
144,693
155,085
Mexico______________ -- 185,287
44,009
30,394
25,990
15,369
ize d .
Total India, See____ . . 3.236,296 3,378,164 3,164,679 3,135,194
P ro v io u s to th o e n t r y o f I t a l y in to th o w a r s p in n e rs a n d Othor
Countries, &c__ -- 625.000
500,000
448,000
340,624
m a n u fa c tu re rs t h ro u g h o u t th a t c o u n t r y w o ro b u s y , a n d u n ­
Total world________
19,858,176 19,544,007 18,565,732
d o u b te d ly a la rg o tra d o w as b e in g dono b y th e c o u n trie s a t Avorage weekly__ __ . -.15,916,991
-- 306,096
381.888
375,846
357,033
w a r. S ince th o n th in g s h a v o been u p se t, a n d a p a rt fro m
* Years ending Aug. 31.
p ro d u c in g h e a v y m a te ria ls f o r tho tro o p s , th o in d u s t r y has
F r o m th o fo re g o in g ta b lo it w o u ld a p p e a r t h a t th e w o r ld ’s
n o t s h o w n a n y p a rtic u la r fe a tu ro . T h o sp in d le s a ro e sti­ to ta l c o n s u m p tio n f o r 1914-15 re c o rd s a decrease fro m th e
m a te d a t 4,500,000.
a gg re g a to f o r a y e a r a go o f 3,941,185 bales a n d is 3,627,016
T h o sou rces fro m
A fa ir a m o u n t o f a c t iv i t y has p re v a ile d in S p a in , b u t d iffi­ bales less th a n th o re s u lt f o r 1912-13.
c u ltie s o f v a rio u s k in d s h a v o boon o n c o u n to ro d , a n d n o p a r­ w h ic h c o tto n has been d ra w n in each o f th e la s t f iv e y o a rs
a ro s ta te d in th o s u b jo in e d ta b lo o f th o w o r ld ’s c o m m e rc ia l
tic u la r p ro gre ss in th o w a y o f e xte n s io n s ca n bo re c o rd e d .
cro p s, in bales o f 500 p o u n d s n o t each:
I t is q u ito o v id e n t fro m tho ro p o rts a b o vo t h a t a ll o th o r
WORLD’S COMMERCIAL CROPS OF COTTON.
m a tto rs d u rin g th e p a st tw o lv o m o n th s h a v o boon o v e rs h a d ­
Countries—
1914-15. 1913-14. 1912-13.* 1911-12.* 1910-11 *
(Amount
coming
forward)
Bales.
Bales.
B iles.
B iles.
B iles.
o w e d b y th e w a r a n d its e ffe c ts , a n d a lth o u g h a n a b n o rm a l
United States---------------14,706,467 14,494,762 13,913,220 15,683,945 11,SOI,749
d o m a n d has s p ru n g u p to p ro v id o th o c o m b a ta n ts w ith East Indies a..................... 3,337,000 4,592,149 3,468,407 .3,107,660 3,235,748
1,200,000 1,439,802 1,416.352 1,396,474 1,415,711
c lo th in g a n d o th o r a rtic le s , th o in d u s t r y in a ll co u n trio s has Egypt.................................
Brazil, &c.d ....................... 240,000 387,947 370,000 341,836 406,529
been th o ro u g h ly d is o rg a n ize d . I t w ill u n d o u b te d ly bo m a n y
Total............................ 19,543,467 20,914,660 19,197,979 20,529,915 16,862,737
y e a rs b efo ro th in g s a ro a t a ll s o ttlo d , a n d a t tho tim e o f Consumption, 52 weeks.. 15,916,991 19,858,176 19,'544,007 18,’565 ,’732 16 ,750,’484
w r it in g th o ro a ro n o in d ic a tio n s o f a n e a rly te rm in a tio n o f Surplus from year's crop. 3,626,470 1,056,4S4 *346,028 1,964,183
112,253
Visible and Invisible stock:
th o w a r.
Sept. 1 beginning year. 7,519,383 6,462,S99 6,80.3,927 4,844,744 4,7.32,491

Sept. 1 ending year-----11.145,859 7,519,383 0,462,899 6,808,927 4.S44.744

W o a re in d e b te d to a sp e cial a n d w e ll-in fo rm o d E u r o ­
* Years ending Aug. 31.
Includes India’s exports to Europe, America and Japan and mill consumption
p e a n c o ’-respon den t fo r th o fo re g o in g ro v io w o f th o s p in ­ in aIndia,
increased or decreased by excess or loss of stock at Bombay.
into Europe
Brazil,mills.
Smyrna, Peru, West Indies, Ac., and Japan
n in g in d u s tr y in G r e a t B r it a in a n d o n th o C o n tin e n t in andd Receipts
China cotton
used Infrom
Japanese
k Deficiency in the year’s new supply.
1914-15, a n d fo r th o e stim a te s o f c o n s u m p tio n in E u ro p o
fo r th o la to s t season in c o rp o ra te d in o u r c o m p ila tio n b e lo w .
T h o a b o vo c o m p ila tio n in d ic a te s , in co n densed fo rm , th e
T a k e n in c o n ju n c tio n w it h o u r ro m a rk s o n th o s itu a tio n in w o r ld ’s s u p p ly o f c o tto n (e x c lu s iv e o f t h a t ra ise d in R u s s ia )
th o U n ite d S ta to s, p re se n te d f u rt h o r a b o vo , it c o vo rs q u ito in each o f th e f iv e y e a rs , th e a m o u n t co n su m e d a n d also th o
f u lly th o c o u n trio s o f th e w o rld t h a t ta k e c h io f im p o rta n t e x te n t to w h ic h vis ib lo a n d in v is ib le s to c k s w o ro a u g m e n te d
o r d im in is h e d . I t w ill bo o b s o rve d t h a t th e In d ia c ro p
r a n k in c o tto n m a n u fa c tu rin g .
sh o w s a decrease fro m th a t o f 1913-14, w h ic h w as a h ig h
re c o rd . A fa llin g o ff in th o E g y p t ia n y ie ld is also to bo
T h u s f a r o u r a tte n tio n has boon d iro c to d to w a rd a c o n sid ­ n o te d , as w e ll as a decrease in th e a m o u n t se cu re d fro m
e ra tio n o f th o s u b je c t o f c o n s u m p tio n o f c o tto n as it re la to s m isce lla ne o us sou rces. A s a re s u lt o f th o im p o rta n t excess
to th o U n ito d S ta to s a n d E u ro p o , b u t w o s h o u ld fa ll s h o rt in y io ld in th o U n it e d S ta to s th o g o n o ra l n o w s u p p ly o f
c o tto n has been v e r y m u c h g re a te r th a n c u rre n t c o n su m p ­
o f f u lly tra c in g th o w o r ld ’s p ro g re ss in c o tto n p ro d u c tio n tio n — n o t u n n a t u ra lly so u n d e r e x is tin g co n d itio n s — a n d
a n d m a n u fa c tu re if w o d id n o t m a k o som o ro fo ro n co to o th o r c o n s e q u e n tly th o s u rp lu s s u p p ly w a s c o n s id e ra b ly a u g m e n ­
c o u n trie s th a t as tim o passos a ro b e c o m in g in c re a s in g ly ted a n d co n tin u e s o f c o m p a ra tiv e ly la rg o p ro p o rtio n s .
n o ta b le fa c to rs in th o in d u s tr y , a lth o u g h o f lossor im p o rta n c e
T h o a u g m e n ta tio n o f th e s p in n in g c a p a c ity o f th o m ills o f
as s p in n e rs o r m a n u fa c tu re rs o f goo ds. W o use o ffic ia l th o w o rld has been v o r y s lig h t th o p a s t season. T h e m o s t
in fo rm a tio n in thoso cases so f a r a n d fo r as la to p o rio d s as it im p o rta n t a d d itio n has been in th o s o u th e rn p a rt o f th e
ca n bo o b ta in e d , a n d p ro so n t b o lo w th o ro s u lts re a ch e d , U n ito d S ta te s , spindles th e re n o w n u m b e rin g o v e r 13
g iv in g (1 ) th o c o tto n c o n s u m p tio n o f each m a n u fa c tu rin g m illio n s , o r a g a in o v e r la s t y e a r o f 77,729 sp in d le s.
Our
c o u n t ry f o r a p o rio d o f fo u r y o a rs , a n d also th o to ta l a n n u a l c o m p ila tio n f o r th o w o rld is as fo llo w s :



THE CHRONICLE

586

NUMBER OF SPINDLES IN THE WORLD.
1913.
1912.
1914.
1915.
56,800,000 56.750.000
Great Britain------ 57.000,000 56.900.000 43,000,000
42.500.000
Continent.............- 43,200.000 43.200.000
Total Europe__ .100,200,000 100,100,000 99,800,000 99.250,000
United States—
North...........— . 18,900,000 18,900,000 18,800,000 18,700,000
South................ . 13,017,969 12,940,240 12,416,592 11,976,929
31,216,592 30,676,929
Total U. S......... . 31,917,969 31,840,240
6,778,895 6,596,862 6,463,929
East Indies______ . 6,800,000 2,577,342
2,287,264 2,169,796
Japan __________ .. 2,708,650
950,000
960,000
China and Egypt- 1.050,000 1,015,000
9,834,126 9,593,725
Total India. &c. . 10,558,650 10.371,237
965,000
961,067 940,000
. 965,000
762,149
762,149
750,000
Mexico_________ . 762,149
Total other----- . 1,727,149 1,727,149 1,723,216 1,690,000
Total world-------- .144,403.768 144,038,626 142,573,934 141,210,654

1911.
56,500,000
42,000,000
98,500,000
18,300,000
11,503,253
29,803,253
6,357,460
2,099,764
950,000
9,407,224
920,000
750,000
1,670,000
139,380,477

I n th e a b o v e w e use e stim a te s f o r G r e a t B r it a in a n d th e
C o n tin e n t t h a t w e b e lie ve to b e a p p ro x im a te ly c o rre c t. T h e
re s u lts o f th e U n it e d S ta te s a re , o f co u rse , o u r o w n fig u re s ,
a n d th o se f o r In d ia a re ta k e n fro m th e o ffic ia l re p o rts o f th e
B o m b a y M i l l O w n e rs ’ A s s o c ia tio n , e xc e p t t h a t th e la te s t
t o t a l is a n a p p ro x im a tio n . J a p a n ’s a gg re g a te s a re o ffic ia lly
c o m m u n ic a te d , C h in a ’s fig u re s a re co m p ile d fro m c o n s u la r
ro p o rts , a n d f o r C a n a d a a n d M e x ic o th e to ta ls a re in p a rt
e s tim a te d .
G r e a t B r it a i n ’s tra d e in c o tto n goo d s w it h fo re ig n c o u n ­
trio s , as in d ic a te d b y th e v o lu m e o f e x p o rts , fe ll o ff la rg e ly
d u rin g th e y e a r, m a in ly as a re s u lt o f s m a lle r s h ip m e n ts to
In d ia a n d S o u th A m e ric a . T h e s ta te m e n t o f e x p o rts (re ­
d u c e d to p o u n d s ) b y q u a rte rs f o r th e la s t tw o seasons is
s u b jo in e d . T h e s e y e a rs e n d w it h J u l y 31, a n d c o n s e q u e n tly
th o la s t m o n th o f th e fo u r th q u a rto r o f th e c u rre n t
soason is e s tim a te d o n th e basis o f th o J u n o m o v e m e n t.
Three ciphers are omitted.

GREAT BRITAIN’S COTTON GOODS EXPORTS FOR TWO YEARS.
-1913-14-------------- 1914-15------------a Yarns. PleceGoods. Total. a Yarns. PleceGoods. Total.
Pounds.
(000s omitted.)
Pounds. Yards.
Pounds. Pounds. Yards.
1st quar.—Aug.-Oct... 29,369 1,058,144 223,444 56,553 1,759,456 396,207
2d quar.—Nov .-Jan.. 38,295 932,123 230,125 59,887 1,782,447 401,146
3d quar.—Feb.-Apr... 55,922 1,040,993 257,807 61,911 1,705,936 391,527
390.577
4thquar.-M ay-July. . 57,084 1,436,700 333,952 62,264 1,700.188 _______
T o ta l........................180,670 4,467,960 1,045,328 240,620 6,947,827 1.579,457
a Including thread.

S E P T E M B E R . — Manchester .— D e v e lo p m e n ts d u rin g Sep­
te m b e r in th e c o tto n goods tra d e w e re n o t o f a n e n c o u ra g in g
n a tu re . S p in n e rs a n d m a n u fa c tu re rs w e re r u n n in g m a c h in ­
e r y as f a r as t h e y c o u ld , a n d s p re a d in g th e ir w o r k o v e r as
m a n y w e e ks as po ssible, th o u g h in th is t h e y w e re lim ite d
som e tim e s b y th e need to d e liv e r c o n tra c ts o n tim e . C o n ­
s id e ra b le o rd e rs w e re s till o n th e b o o ks a t th e close o f th e
m o n th , b u t n e w b u y in g w a s o f n e g lig ib le v o lu m e . T h o qu es­
tio n w a s h o w to b rid g e o v e r th e p e rio d b e tw e e n a g e n e ra l s to p ­
page in L a n c a s h ire a n d th o r e v iv a l o f a re s tric te d d e m a n d .
T h e c lo th m a rk e t d u rin g th e m o n th w a s m a in ly enga ged in
d e liv e rin g goo ds t h a t w e re on o rd e r b e fo re th e w a r. T h e
e x p o rts d u rin g A u g u s t w e re lit tle m o re th a n h a lf a n a ve ra g e
a m o u n t, a n d th e S e p te m b e r o u tflo w m ad e a n o t m u c h b e tte r
e x h ib it, w it h th e p r o b a b ilit y t h a t O c to b e r w o u ld s h o w a
m o re co n sid e ra b le d ro p a n d s h ip m e n ts b y th e e n d o f th e y e a r
be e xc e e d in g ly s m a ll. T h e c rip p le d a n d re s tric te d tra d e d o n e
w a s o f e n o rm o u s s e rvic e to L a n c a s h ire , a n d th e p ro b le m w a s
h o w to c o n tin u e it . S om e m a n u fa c tu re rs h a d th e a d va n ta g e
o f v a rio u s G o v e rn m e n t c o n tra c ts a n d th e h o m e tra d e w a s a
lit tle m o re a c tiv e , b u t m a n y lo o m s w e re sto p p ed a n d th e p o si­
tio n w a s g ro w in g w o rs e . I n th e y a r n m a rk e t, to o , th e re w a s
a f a ir d e m a n d fo r d e liv e r y , b u t v e r y lit tle b u y in g . T h e e x­
p o rt tra d e w a s m u c h depressed a n d in m a n y cases d e live rie s
a n d re m itta n c e s sto p p e d to g e th e r. T h o s e w h o trie d to sell
fo u n d m a n u fa c tu re rs re lu c ta n t to o ffe r. E x p o rt s o f y a rn s
a n d goods fro m G re a t B r it a in a g g re g a te d 72,549,000 lb s .,
a g a in st 123,269,000 lb s . in S e p te m b e r 1913. Liverpool.—
D e a lin g s in th e r a w m a te ria l in S e p te m b e r w e re n a t u r a lly
re s tric te d . I n fa c t th e to ta l sales re p o rte d w e re q u ite a lit tle
u n d e r 100,000 bales a n d co n siste d in th e m a in o f A m e ric a n
c o tto n . A t th e o p e n in g o f th e m o n th th e q u o ta tio n fo r
m id d lin g u p la n d s w a s 6 .2 0 d ., b e in g re d u c e d to 6d. on th o 8 th ,
d ro p p in g to 5.80d. o n th e 17th a n d 5.55d. o n th e 2 4 th ,
w it h th e close a t 5.30d.

T h e to ta ls in p o u n d s in th e a b o ve c o m p ila tio n a re as c o m ­
p u te d b y u s , b u t a re b e lie ve d to be a p p ro x im a te ly c o rre c t.
T h e y in d ic a te t h a t th o e x p o rt m o v e m e n t th is season has
fa lle n o ff c o n s id e ra b ly o n a c c o u n t o f th o w a r, h a v in g been
o n ly 1,045,328,000 p o u n d s, o r 534,129,000 p o u n d s less th a n
th e to ta l o f th e p re v io u s season, a n d n e a rly 600,000,000
p o u n d s s m a lle r t h a n th e re c o rd a g g re g a te o f 1912-13.
T o c o m p lo te th e y e a r ’s h is t o r y o f th e c o tto n g o o d s tra d o in
G r e a t B r it a in w o a p p e n d d a ta as to p ric e s, th e s ta te m e n t
c o v e rin g th o la s t th re e y e a rs :

"3
Liverpool.

<

Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
M ar.
April
M ay
June
July

1914-15.
31
si

1913-14.

1912-13.

Si
IS
toft,

s. d. d.
d.
d.
7.00 10J
6.20
7.85 11
5.30 ..............
7.63 11
4.80
10 15-16
4.41 ___ _ ____ 7.28
10%
4.58
__7.14
7.05 10 3-16
5.05
7.07 10 3-16
4.94 ! 8 % ' i76 0M
0 7.21 10 %
. 5.52 8%
10%
7 0 7.35 10%
9
. 5.68
5.14 8 11-16 6 10 7.70
10%
. 5.22 8%
6 9% 7.64
6 10% 6.66 10 %
31. . 5.34 8%

3 1 ..
3 0 ..
3 1 ..
3 0 ..
3 1 ..
3 1 ..

—

___________

_________

W e n o w a d d a b rie f s u m m a ry b y m o n th s o f th e c o u rse o f
th e M a n c h e s te r goods m a rk o t d u rin g th e season clo s in g w it h
J u l y 31 1915, a n d a lso o f th e L iv e r p o o l c o tto n m a rk o t in
th o sam e fo rm f o r th o sam e p e rio d . T h e s o s u m m a rie s h a v e
been p re p a re d fo r th is o cca sio n w it h g re a t ca ro , a n d th e
d e ta ils w ill, w e t h in k , p ro v e a n in te re s tin g a n d s e rvic e a b le
re c o rd f o r re fe re n c e .
A U G U S T .— Manchester — A s a re s u lt o f th e w a r (G re a t
B r it a in b e in g d ra w n in to th e c o n flic t), th e c o tto n goods
tra d e w a s t h o ro u g h ly d is o rg a n ize d d u rin g A u g u s t. S h o rt­
tim e in b o th s p in n in g a n d w e a v in g h a d b e g u n b e fo re th e
w a r, a n d in A u g u s t th e L a n c a s h ire h o lid a y s w e re a t th e ir
h e ig h t. T h e s e circ u m s ta n ce s m a d e it d iffic u lt to m easu re
th e e ffe c t o f th e w a r, a n d th e p o lic y o f s p in n e rs a n d m a n u ­
fa c tu re rs w a s to r u n a lit tle w h e n t h e y c o u ld , so th a t a n y
e s tim a te o f u n e m p lo y m e n t w a s d iffic u lt to m a k e . W it h
som e m a rk e ts tra d o w a s im p o ssib le , b u t v e r y lit tle business
w a s done in a n y q u a rte r, a n d q u o ta tio n s f o r b o th goo ds a nd
y a rn s w e re q u ite n o m in a l. M o s t a tte n tio n w a s p a id to
d e live rie s , a n d in th o la s t h a lf o f th e p e rio d th e m o v e m e n t
o f goods fro m m a n u fa c tu re rs to sh ip p e rs w a s o f f a i r ly good
v o lu m e u n d e r p re v a ilin g c o n d itio n s . N u m e ro u s s p in n in g
a n d w e a v in g m ills w e re co m p e lle d to s h u t d o w n . T h e e x p o rts o f y a rn s a n d goods fro m G re a t B r it a in f o r th e m o n th ,
a ll re d u c e d to p o u n d s, re a ch e d o n ly 70,230,000 lb s ., a g a in s t
129,557,000 lb s. in A u g u s t 1913. Liverpool.— T h e m a rk e t
f o r th e r a w m a te ria l w a s , o f c o u rse , v e r y g re a t ly a ffe c te d
b y th o w a r. I n fa c t, th e E x c h a n g e w a s closed a ll th e
m o n th a n d sales o f c o tto n w e re v e r y s m a ll a t p ra c tic a lly
n o m in a l q u o ta tio n s . T h e s e w e re 6.50c. f o r m id d lin g u p ­
la n d s fro m A u g . 1 to A u g . 17, in c lu s iv e , a n d 6 .2 0d. th e re ­
a fte r.



[Vol. 101.

O C T O B E R . — Manchester .— C o n d itio n s in th o c o tto n goods
tra d e d u rin g m u c h o f O c to b e r, w h ile v e r y u n s a tis fa c to ry , w e re
no w o rs e th a n in S e p te m b e r a n d to th a t e x te n t e xp e c ta tio n s
w e re d is a p p o in te d , as it h a d be e n sup posed th a t th e s itu a tio n
w o u ld becom e in c re a s in g ly u n fa v o ra b le . F u rt h e r m o r e ,
to w a rd th e close o f th o m o n th th e re w e re d is tin c t signs o f
im p ro v e m e n t. T h e de p re ssio n since th e b e g in n in g o f th e
w a r h a d been v e r y a cu te , b u t as O c to b e r closed, th e re w o re
in d ic a tio n s th a t fu rt h o r c u rta ilm e n t o f p ro d u c tio n w a s b e in g
ch e cke d a n d u n e m p lo y m e n t w a s n o t g e ttin g a n y w o rs e .
S om e b u y e rs o f y a r n , te m p te d b y th e lo w p ric e s, w e re p u r­
ch a sin g s p e c u la tiv e ly in coarse A m e ric a n n u m b e rs . W h ile
th e business w a s n o t g e n e ra l, in c e rta in q u a rte rs a s u b s ta n tia l
tra d o w a s do n e, sp in n e rs o b ta in e d re lie f a n d th e re w a s a
te n d e n c y fo r p rice s to h a rd e n . T h e b u y in g o f y a r n c o u ld n o t
bo said to h a v e been th e re s u lt o f a n y special im p ro v e m e n t
in th e c lo th se ctio n , b u t som e m a n u fa c tu re rs b o o k e d a lit tle
m o re business. I t w a s c a lc u la te d th a t th e c o tto n w e a v in g
tra d e w o rk e d a b o u t h a lf tim e o n th o a ve ra g e d u rin g O c ­
to b e r, a n d w it h th e d e ve lo p m e n ts o f th e la tte r p a rt o f th e
m o n th , it w a s h o p e d th is w o u ld a t lea st be m a in ta in e d .
I n th e s p in n in g tra d e th e stopp ages seem ed to h a v e been
a lit tle m o re in O c to b e r th a n in S e p te m b e r. O n th e w h o le ,
a fte r th re e m o n th s o f th e w a r, th e c o tto n tra d e w a s d o in g
b e tte r th a n h a d been g e n e ra lly lo o k e d fo r.
In d ia co n tin u e d
to o ffe r co n sid e ra b le s u p p o rt to th e m a rk e t, b u t th e re w a s
h a r d ly a n y fre s h d e m a n d . N e a r E a s te rn m a rk e ts co n d itio n s
w e re d is a p p o in tin g , a n d th o u g h th e re m a y n o t h a v e been
m u c h fo rm a l ca n ce lin g , those w h o d e a lt w it h th e m h a d to
h o ld goods d u rin g a p e rio d o f ra p id d e p re c ia tio n , a n d e ve n
w it h p o o r p ro sp ects o f u ltim a te d e liv e ry . C h in a b ega n to
b u y on a lim ite d scale. S om e o f th e S o u th A m o ric a n m a r­
k e ts w e re less depressed, a n d c o lo n ia l a n d h o m o tra d e de­
m a n d w a s v e r y fa ir. T h o w e a v in g tra d e w a s m a k in g th e
best o f a d iffic u lt s itu a tio n , a n d th e re w a s g ro u n d fo r e n c o u r­
a g e m e n t. G o v e rn m e n t c o n tra c ts w e re p ro m in e n t d u rin g th e
m o n th , a n d th o u g h th e c o tto n tra d e h a d n o t h a d a, f u ll sh a re,
th e y w e re v e r y h e lp fu l. E x p o r t s o f y a rn s a n d goods in
O c to b e r rea ch e d 80,665,000 lb s ., a g a in s t 143,381,000 lb s.
fo r th e sam o p e rio d o f 1913. Liverpool.— T h e m a rk e t fo r th e
ra w m a te ria l w a s ra th e r q u ie t m o s t o f th e m o n th . M id d lin g
u p la n d s opened a t 5 .3 0 d ., w a s re d u c e d to 5.05d. o n th e 17th
a n d 4.80d. o n th e 2 7 th , a n d so closed.
N O V E M B E R .— Manchester .— A n im p ro v e m e n t in th e
s itu a tio n in th e c o tto n goods tra d e w a s to be n o te d in N o v e m ­
b e r. A p r e t t y la rg e business w a s d o n e in y a r n , b u t a la rg e
p o rtio n o f it w a s s ta te d to b e s p e c u la tive a n d in d u c e d b y ­
lo w p rice s f o r c o tto n ra th e r th a n b y e vid e n ce s o f d e m a n d .
T o w a r d s th e close o f th e m o n th , to o , th e re w a s som e re ­
v i v a l o f in q u ir y f o r c lo th fro m th e la rg e E a s te rn m a rk e ts ,
a n d th is , a lth o u g h sm a ll a n d te n t a t iv e , w a s co n sid e red v e r y
e n c o u ra g in g . C o n tra c ts b o o k e d b e fo ro th e w a r w e re be­
g in n in g to r u n lo w a n d it w a s m u c h desired th a t re n e w a ls
sh o u ld com e in fre e ly . M a n y m a n u fa c tu re rs w a n te d w o rk
b a d ly , a n d th e d is trib u tio n o f o rd e rs w a s q u ite irre g u la r.
I n som e o f tlie im p o rta n t m a n u fa c tu rin g ce n tre s n o o rd e rs
o f conseq uence h a d been b o o k e d in m o n th s a n d in o th e rs
h a lf-tim e w a s ra th e r th e ru le , b u t in s till o th e rs G o v e rn m e n t
c o n tra c ts co n d u ce d to a f a ir a m o u n t o f a c t i v i t y . L a n c a s h ire
w a s w o rk in g s o m e w h a t b e tte r th a n h a lf-tim e . P ro fe s s o r
C h a p m a n , a re c o g n ize d a u t h o r it y o n th e c o tto n tra d o e a rly
in N o v e m b e r w a s re p o rte d as s a y in g “ th a t h e c o u ld n o t
see a n y th in g ' to p re v e n t th e in d u s t r y fro m w o rk in g n o rm a lly
in a fe w w e e k s ’ tim e .” T h is w a s ta k e n to b e v e r y o n c o u ra g -

AUG 21 1915.]

THE CHRONICLE

587

in g . A re g re tta b le h a p p e n in g o f th e m o n th w a s th e re s ig n a ­ to 5.13d. b y th e 2 1st, b u t eased o ff, a n d o n th e 2 5 th th e q u o ­
tio n o f S ir C h a rle s M a e a ra fro m th e p re s id e n c y o f th e S p in ­ t a tio n w a s d o w n to 4 .9 5d. F r o m t h a t le v e l th e re w a s a
n e rs ’ F e d e ra tio n . W h ile th e c lo th m a rk e t h a d m a n y ir ­ r a l ly to 4.98d. o n th e 2 7 th , a d ro p to 4.95d. o n th e 2 8 th ,
re g u la ritie s , th e to n e im p ro v e d d u rin g th o m o n th . T o w a r d s a ris e to 5 .0 2d. o n th e 2 9 th a n d th e close w a s a t 5 .0 5d.
th e close o f th e m o n th th e re w a s a co n sid e ra b le in q u ir y fro m
F E B R U A R Y . — M a n ch ester . — D u e a llo w a n c e b e in g m a d e
In d ia a n d a f a ir business w a s d o n e. T h e im p ro v e m e n t in de­
m a n d w a s c o in c id e n t w it h a n d p ro b a b ly in a m e a su re asso­ f o r th e c o n d itio n s p re v a ilin g , F e b r u a r y w a s a f a i r ly sa tis fa c­
c ia te d w it h th e s in k in g o f th e G e rm a n c ru is e r E m d e n , w h ic h t o r y m o n th in th e c o tto n goo ds tra d e , th e sh o rta g e o f h a n d s
h a d been such a m e na ce to s h ip p in g in th e E a s t . T h o N e a r r a t h e r th a n p a u c it y o f o rd e rs h a v in g p re v e n te d a g re a te r
E a s t e r n m a rk e ts d id lit tle o r n o th in g , b u t th e p o ssib ilitie s o u tp u t. S om e d is p u te s a t th e m ills w e re s e ttle d , a n d th e
o f som e lim ita tio n s to th e T u r k i s h w a r a n d co n se q u e n t p a r­ se ctio n s p in n in g A m e ric a n c o tto n ra n f u ll tim e . E a r l y in
tia l r e v iv a l o f tra d e w e re s u b je cts o f d iscu ssio n . S o u th th e m o n th th e S e c re ta ry o f th e W e a v e r s ’ A m a lg a m a tio n said
A m e ric a n m a rk e ts c o n tin u e d m u c h dep ressed . T h e co lo n ia l th a t th e re w a s o n ly 4 .4 % o f u n e m p lo y m e n t becau se o f th e
a n d h o m e tra d e w a s c o m p a ra tiv e ly g o o d . D if f i c u lt y c o n ­ to ta l clo sin g o f w e a v in g sheds. O n th e o th e r h a n d , B o lto n
tin u e d to be e xp e rie n ce d in e xe c u tin g o rd e rs f o r d y e d goo ds, sp in n e rs lo s t g ro u n d , a n d it w a s ru m o re d t h a t t h e y m ig h t
I t d id n o t fo llo w t h a t s p in n e rs o f
a n d som e in te re s t w a s ta k e n in th e schem e fo r th e p ro d u c tio n o rg a n ize s h o rt-tim e .
o f a n ilin e d ye s in E n g la n d . E x p o r t s o f y a rn s a n d goods A m e ric a n c o tto n a n d m a n u fa c tu re rs g e n e ra lly w e re d o in g
v
e
r
y
w
e
ll.
T
h
e
y
im
p
ro
v e d th e ir p o s itio n , b u t d e p re ssio n
fro m G re a t B r it a in a g g re g a te d 71,045,000 lb s ., a g a in s t 128,­ w a s s till a p p a re n t a n d som
e o f th e p rice s ta k e n b y m a n u fa c ­
850,000 lb s. in N o v e m b e r 1913. L iv erp o o l. — D e a lin g s in
re rs to keep lo o m s g o in g w e re in o rd in a te ly lo w . Y e t a
th e r a w m a te ria l in S e p te m b e r w e re o f v e r y m o d e ra te p ro ­ tu
d e m a n d f o r a n a d va n c e o f w a ge s in th e w e a v in g tra d e h a d
p o rtio n s a n d th e co u rse o f va lu e s w a s g e n e ra lly d o w n w a rd . to bo fa ce d , a n d w h ile e m p lo ye rs w e re re p o rte d to be
A t th e o p e n in g o f th e m o n th th e q u o ta tio n f o r m id d lin g u p ­ u n a n im o u s in th e ir b e lie f t h a t i t w a s n o tim e f o r a n in cre a se
la n d s w a s 4 .8 0 d ., b u t th e p ric e sagged u n t il 4.40d. w a s in th e co st o f p ro d u c tio n , th e o p e ra tive s p o in te d to th e a lte r­
re a ch e d o n th e 18th. F r o m th a t le v e l th e re w a s a r e c o v e ry a tio n in th e ir p o s itio n th ro u g h th e ris e in m eans o f sub sis­
to 4 .5 0d. b y th e 2 3 rd , b u t la te r th e q u o ta tio n d ro p p e d b a c k ten ce. O n th e 2 6 th , h o w e v e r, th e a p p lic a tio n fo rm u la te d
to 4 .4 1 d ., th is b e in g th e fin a l p ric e .
b y th e W e a v e rs ’ A m a lg a m a tio n w a s re fu s e d . T h e r e w a s
D E C E M B E R . — M a n ch ester . — T h e r e w e re n o d e ve lo p ­ g o o d b u y in g o f c lo th in som e se ctio ns o f th e tra d e , b u t
m e n ts in th e c o tto n goods m a rk e t in D e c e m b e r o f a n a tu re it sla cken ed to w a rd th o close o f th e m o n th , p a r t ly u n d e r
d iffe rin g fro m N o v e m b e r to ca ll f o r special c o m m e n t. th e d is c o u ra g e m e n t o f s tiffe r q u o ta tio n s a n d p a r t ly , n o
F r o m n o q u a rte r e xc e p t In d ia w a s th e re m o re th a n a m o d e ra te d o u b t, because th e im m e d ia te re q u ire m e n ts o f b u y e rs h a d
d e m a n d , a n d in som e cases tra d in g w a s o f v e r y little v o lu m e . been s a tisfie d . In d ia w a s th e p rin c ip a l s u p p o rte r o f th e
I n p a r t c o n trib u tin g to th is re s u lt w a s th e ris in g te n d e n c y m a rk e t, w it h C a lc u tta th e b e st b u y e r , B o m b a y b e in g s lo w
in th e p rice s fo r c o tto n , in face o f th e la rg e vis ib le sto cks to re c o v e r fro m th e b u rd e n o f e xc e ssive s to ck s . C h in a de­
a n d tho p ra c tic a l c e r ta in t y o f a re c o rd c ro p fro m A m e ric a m a n d c o n tin u e d s m a ll, b u t som e o f th e s m a lle r F a r E a s t e r n
a n d re s tric te d c o n s u m p tio n o n a c c o u n t o f th e w a r. U n d e r m a rk e ts d id f a i r ly w e ll, th o u g h S in g a p o re w a s o u t o f
th o circ u m s ta n ce s b u y e rs w e re n o t disposed to place o rd e rs th e m a rk e t f o r a w e e k o r tw o w it h in te rn a l d is tu rb a n c e s o f
f o r d is ta n t d e liv e r y a t a ll fre e ly . T h e r e w a s p le n ty o f in ­ its o w n . M o s t o f th e N e a r E a s te rn m a rk e ts d id lit t le o r
q u ir y fro m In d ia , b u t m o s t o f th o o ffe rs w e re to o lo w . S o u th n o th in g . T h e R i v e r P la te w a s th e b e st o f th e S o u th A m e r i­
A m e ric a b o u g h t s p a rin g ly , as d id th e N e a r E a s t a n d C h in a . ca n m a rk e ts , a n d w h ile th e re w a s som e r e c o v e ry in C e n t ra l
T h e a n n u a l re tu rn s o f th o v a rio u s s p in n in g co m p a nie s A m e ric a , B r a z il, C h ile a n d P e r u w e re s till d e e p ly d ep ressed .
re v e a le d a s o m e w h a t b e tte r s itu a tio n th a n th e re h a d seem ed S om e o f th e E u ro p e a n m a rk e ts , su c h as F ra n c e a n d H o lla n d ,
to be re a so n to a n tic ip a te in v ie w o f c o n d itio n s s u b se q u e n t w e re h e lp fu l, a n d th o co lo n ia l tra d e w a s f a ir ly g o o d . T h e
to th e close o f J u l y . A m o n g 100 m ills fu rn is h in g d a ta , h o m e tra d o w a s h e a lth y e n o u g h , th o u g h r a t h e r q u ie t, a n d
g a in s a n d losses w e re q u ite e q u a lly d iv id e d , w it h th e n e t th e re w a s y e t a g o o d d e a l o f s u p p o rt in th e G o v e rn m e n t c o n ­
re s u lt a p r o fit o f £53,183, o r an a v e ra g e o f a lit tle o v e r £531 tra c ts f o r h e a v y m a k e s . O th e rw is e , th e h e a v y tra d o d id
p e r m ill. T h is co m p a re d w it h an a ve ra g e o f £5,360 in 1913 v e r y b a d ly . I n th e p rin tin g -c lo th se ctio n o f m a n u fa c tu re
a n d £5,584 in 1912, b u t o n ly £298 in 1911. I n 1910 m o re ­ th e re w a s la c k o f o rd e rs ; th e d y e d if f ic u lt y , to o , w a s a
o v e r, th e a ve ra g e loss w a s £3,680 a n d in 1909 £2,720. T h e v e r y re a l one.
O n th e w h o le , th e eng a g e m e n ts o f m a n u fa c ­
m o n t h ’s y a rn s a n d goods e x p o rts fro m G r e a t B r it a in w e re tu re rs w e re b e tte r a t th e close th a n a t th e b e g in n in g o f th e
65,191,000 lb s ., a g a in s t 121,866,000 lb s. in D e c e m b e r 1913. m o n th . T h e r e w a s a b e tte r d e m a n d f o r A m e ric a n y a rn s ,
L iv erp o o l. — A m o d e ra te n e t a d va n c e in th e v a lu e o f c o tto n a n d in som e m ills th e sh o rta g e o f piecers w a s v e r y m u c h fe lt .
o c c u rre d in D e c e m b e r a fte r fre q u e n t flu c tu a tio n s . M id d lin g E x p o rt s o f y a rn s a n d goods fro m G r e a t B r it a in f o r th e m o n th
u p la n d s o pened th e m o n th a t 4.41d. a n d d ro p p e d to 4.25d. w o re 78,101,000 lb s ., c o m p a rin g w it h 132,045,000 lb s . in
b y th o 1 2th. F r o m th a t le v e l th e ro w a s a rise to 4.58d. F e b r u a r y 1914. L iv e r p o o l. — T h e m a rk e t f o r th e r a w m a te ria l
b y th e 2 3 rd, a d ro p to 4.53d. th e fo llo w in g d a y , a n d th e m ad e a m o d e ra te n e t d e cline d u rin g th e m o n th . F lu c tu a ­
m a rk e t c o n tin u e d its u p w a rd co u rse u n t il 4 .6 2d. w a s rea ch e d tio n s w e re fre q u e n t a n d a t f ir s t th o te n d e n c y w a s u p w a rd ,
o n th e 3 0 th , d e c lin in g to 4.58d. a t th e close.
th e n e t a d va n c e to th e 10th h a v in g been 6 p o in ts , th e q u o ta ­
J A N U A R Y .— M a n ch ester . — A g ra d u a l im p ro v e m e n t in th e tio n th e n s ta n d in g a t 5 .l i d . B y th e 1 5th, h o w e v e r, th e
c lo th tra d e w a s re p o rte d in J a n u a r y , a n d , a lth o u g h m a n u ­ p ric e w a s d o w n to 4 .9 2 d ., b u t a n e t ris e o f 2 p o in ts m a d e th e
fa c tu re rs w e re fo r th e m o s t p a rt u n d e r th e n e c e ss ity o f ac­ close 4.94d.
c e p tin g c o m p a ra tiv e ly lo w p rice s to securo o rd e rs o f m e n M A R C H . — M a n c h e s te r . — A r a t h e r m a rk e d d e clin e in t h e
tio n a b le size, m a rg in s fo r p r o fit w e re b e tte r th a n h a d been v o lu m e o f tra n s a c tio n s in th e c o tto n goods m a rk e t w a s th e
r u lin g . T h e r o w o re d iffic u ltie s to bo o ve rc o m e , h o w e v e r, s a lie n t fe a tu re o f th e d e ve lo p m e n ts in M a r c h . T o som e e x ­
th e m o s t fo rm id a b le o f w h ic h w a s th e sh o rta g e o f la b o r, es­ te n t, w it h o u t q u e s tio n , th is w a s to be a sc rib a b le to th e im p o r t ­
p e c ia lly p iecers, a n d L a n c a s h ire w a s c o n s e q u e n tly in ca p a b lo a n t a d va n c e in p ric e s, b u t i t w a s also to bo said th a t u n d e r
o f w o rk in g f u ll tim e . W h ile th is d id n o t m a tto r v e r y m u c h p re v a ilin g c o n d itio n s b u y in g th e re to fo re h a d been o n a f a i r ly
a t th o tim e , it m a d e b o th sp in n e rs a n d m a n u fa c tu re rs a g o o d scale, p ro b a b ly q u ite f u lly c o v e rin g w a n ts in th e im m e ­
g oo d deal fir m e r in p rice s th a n t h e y w o u ld h a v e beon w it h d ia te f u tu re . A t a n y ra te , co n sid e ra b le sce p tic ism w a s
la b o r a b u n d a n t. A m o n g th e fa v o ra b lo d e ve lo p m e n ts o f e vin c e d as to th e p e rm a n e n c e o f r u lin g q u o ta tio n s , a n d w it h
th e m o n th , aside fro m th e b e tte r business d o n e , w a s th o co m ­ t h a t th e s it u a t io n , b u y e rs w o u ld n a t u r a lly g o -s lo w . E g y p t ia n
p le tio n o f a series o f a g re e m e n ts b e tw e e n th e S p in n e rs ’ F e d ­ c o tto n h a d ris e n q u ite s h a r p ly , in d ic a tin g th a t fe a rs o f a n
e ra tio n a n d th e v a rio u s classes o f o p e ra tiv e s , w h ic h w o ro o v e r- s u p p ly o f th a t v a r i e t y o f c o tto n w e re n o t w e ll fo u n d e d ,
c a lc u la te d to s e rve a t lea st u n t il th e co n clu s io n o f tho w a r. b u t th is d id n o t seem to h a rm o n iz e w it h re p o rts th a t th e p ro ­
C o n s id e ra b le w a s h e a rd d u rin g th e m o n th a b o u t th o c o n tra ­ posed re d u c tio n s o f p la n tin g b y th o E g y p t ia n G o v e rn m e n t
b a n d q u o stio n , a n d it w a s ru m o re d th a t a s tro n g p a r t y a t w o u ld n o t b e e n fo rco d . C o n s u m p tio n e stim a te s g e n e ra lly
L iv e r p o o l h a d m a d e re p re s e n ta tio n s to th o G o v e rn m e n t in w o ro a d v a n c in g , a n d th is h a d s o m e th in g to d o w it h c o u n te r­
f a v o r o f ra n k in g c o tto n w it h c o p p e r a n d th u s h a s te n in g th e a c tin g th o e ffe c ts o f th e c le a r e vid e n c e t h a t th e A m e ric a n c ro p
e nd o f th e w a r. I t w a s n o t b e lie ve d b y m a n y , h o w e v e r, w a s m e e tin g th e m o re p ro n o u n c e d e xp e c ta tio n s . T w o s u b ­
th a t G e rm a n y ’s p re p a ra tio n s f o r w a r d id n o t in c lu d o tho je c ts o f especial in te re s t o f th o m o n th w o ro d y e s tu ffs a n d
o b v io u s p re c a u tio n o f a g re a t s to ra g e o f c o tto n fo r e xp lo ­ w a ge s. T h e p ro p o s a l to g iv e p r io r it y o f s u p p ly o f d y e s tu ffs
s ive s . T h e im p ro v e m e n t in th e c lo th m a rk e t ca m e la rg e ly to tho se w h o tie d th e m s e lve s to th o c o m p a n y p ro p o se d to
fro m In d ia , th e h o m e tra d e a n d G o v e rn m e n t c o n tra c ts . be o rg a n izo d to s u p p ly th o rn w a s a b a n d o n e d , a n d i t a p ­
C a lc u tta w a s b y fa r th e b e st o f th e In d ia n m a rk e ts . C h in a pe a re d t h a t th o p ro sp e c ts o f th o c o m p a n y w e re g re a t ly
d id n o t com o u p to e xp e c ta tio n s a n d S in g a p o re w a s g e n e ra lly im p ro v e d in co n seq uen ce. O n M a r c h 26 th o a p p lic a tio n
q u ie t. A m o n g tho m a rk e ts fu rn is h in g fa v o ra b le tra d o w o ro o f th e o p e ra tiv e w e a v e rs f o r a b o n u s d u rin g th e tim e o f
J a v a , E g y p t , G re e c e , th e n o n -b e llig e re n t c o u n trie s o f E u ­ th e w a r w a s d e fin ite ly re fu s e d , a n d o n th e sam e d a y th e
ro p e , a n d tho U n ite d S ta te s . S o u th A m e ric a co n tin u e d c o m m itte e o f th e S p in n e rs ’ F e d e ra tio n a gre e d to m e e t
dep ressed . T h o m a k e rs o f p r in t in g a n d d y e in g clo th s su f­ th o c a rd ro o m re p re s e n ta tive s o n M a r c h 30, o n w h ic h d a te
fe re d a g oo d deal fro m th o s c a rc ity a n d u n c e rt a in t y o f su p ­ the h a n d s w o re in fo rm e d th a t, aside fro m th e fa c t th a t th e
plies o f d y e s , as d id som e b ra n c h e s o f th e fa n c y tra d e . T h e o p p o s itio n w a s to th o fiv e - y e a rs ’ a g re e m e n t n o t te rm in a tin g
s o lu tio n o f th e d y e s tu ffs p ro b le m w a s a n x io u s ly a w a ite d . u n t il J u l y , th e sta te o f th e tra d e w o u ld n o t p e rm it o f th e c o n ­
T h o im p ro v e m e n t in clo th s n o te d a b o ve o xte n d e d to m o s t cession. T h o c lo th tra d e w a s q u ie t a t th e b e g in n in g o f th e
c o u n ts o f A m e ric a n y a r n . S h ip m e n ts o f y a rn s a n d goods m o n th , a n d b y th e e nd v e r y d u ll. B u y in g f o r In d ia w a s
fro m G re a t B r it a in w e re 82,947,000 lb s ., a g a in s t 150,430,000 o v o r f o r th e tim e a n d fo r C h in a h a d h a r d ly b e g u n . M a n u fa c ­
lb s. in J a n u a r y 1914. L iv erp o o l. — T h o in a rk o t fo r th e ra w tu re rs , h o w e v e r, w e re q u ite w e ll enga ged o n o rd e rs b o o k e d
m a te ria l te n d e d u p w a rd d u rin g th e m o n th , w it h flu c tu a tio n s e a rlie r in th e y e a r, a n d in a n u m b e r o f places th e ro w a s a
fro q u e n t a n d th o n o t changes in p rice s b e tw e e n o p e n a n d s h o rta g e o f la b o r a n d co n se q u e n t sto p p a g e o f lo o m s . M a k e rs
closo q u ite im p o rta n t. M id d lin g u p la n d s o pened a t 4 .7 1 d ., o f h e a v y goods c o n tin u e d to b o n e fit fro m o rd e rs p la ce d b y
o r 13 p o in ts h ig h e r th a n th e D e c e m b e r closo, rose to 5 .2 2d. th o v a rio u s g o v e rn m e n ts , a n d these to som e e x te n t fille d th e
b y th e 19th, d ro p p e d to 5.09d. th e n e x t d a y , a d va n c e d a g a in p lace o f w h a t s h o u ld h a v e been re c e ive d fro m B a lk a n a n d



588

THE CHRONICLE

[Vol. 101.

M e d ite rra n e a n m a rk e ts . T h e o p e n in g o f th e D a rd a n e lle s th e d e c la ra tio n o f w a r b y I t a l y w o re also d is tu rb in g fa c to rs .
w a s a w a ite d w it h a n x ie t y , as i t w a s b e lie ve d it w o u ld h a v e F u rt h e r m o r e , th o d is p u te b e tw e e n th o C a rd ro o m a n d th o
a v e r y b e n e fic ia l e ffe c t u p o n tra d e . A n im p ro v e m e n t in M a s to rs ’ F e d e ra tio n d e ve lo p e d d u rin g th o m o n th , a n d tho
th e d e m a n d fro m E g y p t w a s in e vid e n c e a n d som e o f th e m o re S p in n e rs ’ A m a lg a m a tio n becam o in v o lv e d in it . I t w a s a
h a m p e re d N e a r E a s t e r n m a rk e ts g a v e e vid e n c e o f th e w a n t so u rce o f g re a t a n x io ty , b u t a sp e e d y s e ttle m e n t w a s h op od fo r.
o f goo d s w h e n circ u m s ta n c e s w o u ld p e rm it th e r e t u rn to A co n gress o f th e In te rn a tio n a l F e d e ra tio n s h o u ld lia v o boon
tra d in g h a b its . S o u th A m e ric a n m a rk e ts re m a in e d e x ­ h e ld a t M a n c h e s te r in J u n o , b u t o f co u rse it w a s a b a n d o n e d .
t re m e ly d u ll, a n d th e R i v e r P la te w a s a b o u t th e o n ly one th a t T h o la t te r p a rt o f th o m o n th w a s e n cro a ch ed u p o n b y th o
s h o w e d a n y c o n c re te sign s o f im p ro v e m e n t. C o n tin e n ta l h o lid a y s . I n m o s t o f th e s p in n in g a n d w e a v in g co n tro s, h o w m a rk e ts h e lp e d a lit tle , a n d c o lo n ia l a n d h o m e tra d e s w e re o v o r, th e sto p p a g e s d u rin g W h it- w e e k w o re lit tle m o ro th a n
a b o u t n o rm a l. D iffic u ltie s o f tra n s it, h o w e v e r, c o n tin u e d n o rm a l. T h o c lo th m a rk o t p re sen ted n o e vid e n c e o f im to b o th e r th e h o m o tra d e . E x p o r t s o f y a rn s a n d goods fro m p ro v o in e n t d u rin g th o m o n th . T h o r o w a s a p a u c it y o f
G r e a t B r it a in a g g re g a te d 85,520,000 lb s ., a g a in s t 136,079,000 o rd e rs , b u y e rs n o t h a v in g m u c h fa ith in th o m a rk o t. H o a v y
lb s . in M a r c h 1914. L iv erp o o l. — T h e tre n d o f th e m a rk e t sto ck s in In d ia w e ro y e t to be d is trib u te d a n d C a lc u tta w a s
f o r th e ra w m a te ria l in M a r c h w a s q u ite s te a d ily u p w a rd , p a r tic u la rly q u io t. W i t h a g oo d b e g in n in g o f th o m o n s o o n ,
a n d h ig h e r p ric e s th a n a t a n y tim e since S e p te m b e r 1914 h o w e v e r, it w a s b e lie ve d d o in a n d w o u ld bocoino m o ro a c tiv e .
w e re re a ch e d . M id d lin g u p la n d s s ta rte d o ff a t 4 .9 5 d ., a C h in a w a s d is a p p o in tin g . S e ve ra l o f th o s m a lle r F a r
g a in o f 1 p o in t o v e r th e fin a l F e b r u a r y q u o ta tio n , m o v e d u p E a s te rn m a rk e ts d id o n ly a little , b u t S o u th A m o ric a n
to 5 .3 5d. b y th e 17th, w it h o u t a n y im p o rta n t se tb a c k . B y m a rk e ts w e ro n o t as b a d as t h e y h a d been. E g y p t b o u g h t
th e 2 0 th th o p ric e w a s d o w n to 5 .2 5 d ., b u t th e d ro p w a s re ­ f a i r ly w o li, F ra n c e w a s a v o r y g oo d c u s to m o r. H e a v y goo ds
c o ve re d b y th o 2 3 d a n d a f u r t h e r ris e to 5.48d. secu red b y tho s till h a d th o a d v a n ta g e , a n d th e o rd e rs fro m th o v a rio u s
2 6 th . A d o clin e o f 2 p o in ts o c c u rre d o n th e 2 7 th , b u t tho A llie d g o v e rn m e n ts g a v o m u c h h e lp to a g oo d m a n y m a n u ­
m a r k e t im m e d ia te ly m o v e d u p a g a in , a n d closed th e m o n th fa c tu re rs . T h e h o m o tra d o c o n tin u e d to do f a ir ly w o ll.
a t 5 .5 2d .— a n a d va n c e o f 58 p o in ts o v e r th e fin a l f o r F e b r u a r y . T h o m o n th s ’ y a rn s a n d goo d s o xp o rts fro m G r e a t B r it a in
A P R I L — M a n c h e s te r . — N o t h in g o f a n e n c o u ra g in g n a tu re w o ro 112,256,000 lb 3 ., a g a in s t 132,157,000 lb s. in M a y 1914.
d e ve lo p e d in th e c o tto n goo ds m a rk e t in A p r il; o n th o cq n - L iv erp ool. — T h o g e n e ra l tro n d o f v a lu e s fo r th o r a w m a te ria l
t r a r y , v e r y lit t le n e w b usiness d e ve lo p e d , a n d th is , fo llo w in g in M a y w a s to w a rd s a lo w e r le v e l. M id d lin g u p la n d s
th e s la c k tra d e o f M a r c h , caused m a n u fa c tu re rs to lose oponod th o m o n th a t 5 .6 5 d .,w a s d o w n to 5 .1 5 d .o n th o 8 th ,
g ro u n d a n d fo s te re d a fe e lin g o f pe ssim ism as to th e im m e ­ re c o v e re d to 5.36d. b y th e 12th, w a s b a c k to 5 .21d. o n th o
d ia te fu tu re . I n fa c t, th e o p in io n w a s q u ite w id e sp re a d 15th, b u t a d va n c e d a g a in to 5.36d. b y th o 21st. F r o m t h a t
t h a t th e c o tto n -m a n u fa c tu rin g in d u s tr y m ig h t e xp e c t b a d le v e l tho d e clin o w a s u n in to rru p to d w it h th o closo a t 5 .14d.
tim e s unless d e m a n d im p ro v e d m a te ria lly in th o v e r y n e a r
J U N E . — M a n ch ester . — T h o im p o rta n t d o vo lo p m o n t o f
f u tu re . N o t o n ly w o re p u rch a se s fo r im m e d ia te w a n ts a t a th o m o n th in th o c o tto n m a n u fa c tu rin g in d u s t r y o f th o
v i r t u a l m in im u m , b u t s p e c u la tive b u y in g w a s p ra c tic a lly U n it e d K in g d o m w a s th o ro m o v a l o f a n x io ty o v e r th o la b o r
la c k in g , o w in g c h ie fly to u n c e rt a in t y w it h re g a rd to tho d is p u to . A t th o b e g in n in g o f J u n o th o B o a rd o f T r a d o
A m e ric a n c ro p f o r th e n e x t season. L a n c a s h ire w a s in c lin o d in te rv e n e d in th o m a tte r a n d th o P ro s id o n t o f th o B o a rd
to b e lie ve t h a t , in fa c e o f th e a d va n c e in p rice s f o r th e r a w suggosted t h a t th o tro u b lo s h o u ld bo ro fo rre d to th e C o m m a to ria l since th e f ir s t o f th o y e a r.th e ro w o u ld be lit t le d is­ m itto o o f P ro d u c tio n . T h o O p o ra tiv o S p in n o rs ’ A m a lg a m a ­
p o s itio n to re s t ric t p la n tin g to a n y m a rk e d e x te n t, a n d tio n a t fir s t d e c lin e d th o p ro p o s itio n b u t, a fte r c e rta in e x ­
th e re fo re fe a re d to p u rch a s e fre e ly a t ru lin g q u o ta tio n s , o w in g p la n a tio n s h a d boon m a d e , a ll p a rtio s co n so n to d to th o
to th o p o s s ib ility o f a co n sid e ra b le d ro p in v a lu e s s h o u ld th e C o m m itte e ’s a rb it ra tio n , w h ic h h a d n o t beon a n n o u n c o d
s ta r t o f tho c ro p bo fa v o ra b le . T h e tra d e h a d to c o n te n d a t th o o nd o f th o m o n th . I t is to bo n o to d t h a t th o u g h
w it h g re a t d iffic u ltie s in th e s h o rta g e o f la b o r b o th in s p in ­ th o G o v o m m o n t co n so n to d to e xc lu d e th o c o tto n tra d o
n in g a n d w e a v in g , a n d som e a tte m p t w a s m ad o in c o n fe r­ fro m th o M u n it io n s B ill th o u n io n loadors agi-ood to uso
ences b e tw e e n th o v a rio u s p a rtie s a n d re p re s e n ta tive s o f th o th o ir in flu e n c e to a v o id s trik e s d u rin g th o w a r, o n c o n d itio n
G o v e rn m e n t to in tro d u c e a la rg e r e le m e n t o f fe m a le la b o r t h a t e x is tin g p ric e lis ts bo n o t in te rfe re d w it h b y o m p lo yo rs ,
in to th e s p in n in g m ills . T h e ro fu s a l in M a r c h o f a w a r b o n u s thoso lis ts be ing tho se to bo so ttlo d b y th o C o m m itto o o f
to th o c a rd -ro o m o p e ra tiv e s p ro m p te d a piecem ea l a tta c k , P ro d u c tio n . T h o in d u s tr y g e n e ra lly c o n tin u o d to s u ffo r
a n d s e ve ra l m ills — in c lu d in g , it seem s, one o r tw o in th e fro m a la b o r s h o rta g e . B o th s p in n e rs a n d w o a vo rs , to o .
F e d e ra tio n — a gre e d to p a y a b o n u s , a v a ila b le , h o w o v e r, o n ly h a d to face m o ro o r less im p o rta n t increases in th o co st o f
f o r th o se s p in n in g c o u n ts b e lo w 36s. L a b o r d iffic u ltie s w e ro p ro d u c tio n . T h o a d va n c e in th o p ric e o f coal ; in cre a se d
n o t co n fin e d to th o m ills , a n d w it h d iffic u ltie s o f p a c k in g , c a rt­ ch a rg e s f o r v a rio u s m ill sto res, fo r b le a c h in g , d y e in g , p a c k ­
in g , d o c k h a n d lin g , r a ilw a y co n jo s tio n a n d s h o rta g o o f s h ip ­ in g , fro ig h t a n d in s u ra n c e a n d th o p r o b a b ilit y o f som e in ­
p in g fa c ilitie s , d is trib u tio n o f goo ds w a s s o v e re ly h a n d ic a p p e d . crease in w a g e s, w o ro ite m s a u g m e n tin g th o co st o fm a n u fa c T h o r a ilw a y c o n je s tio n becam o so fo rm id a b le t h a t th o co m ­ t u r in g , a n d tho so co m p a nie s d o p o n d o n t o n lo a n s h a d to
p a n ie s w e re co m p e lle d to a p p e a l to th o C h a m b e r o f C o m ­ c o n sid e r th o e ffe c t o f th o G o v o rn m o n t W a r L o a n o n th o
m e rc e to use t h e ir in flu e n c e in p re v a ilin g u p o n M a n c h e s te r s e cu ritie s t h o y o ffo re d . T h o B o a rd o f T r a d o issu ed a
to re c e ive goo d s d u rin g W h its u n w e e k . O th e r d iffic u ltie s w a rn in g to e x p o rte rs , d ire c tin g th o rn to bo s c ru p u lo u s ly
a n d d is a d va n ta g e s th a t beset tra d e w e ro th o c o n tin u a n c e o f c a re fu l in th o ir d e a lin g s, a n d e sp e cia lly in th e s e le ctio n o f
th o re s tric tio n s in d y e in g , th e a d va n c e d prices fo r b le a c h in g n o w cu s to m e rs in n e u tra l c o u n trio s . T h i s w a s fo llo w e d
a n d th e in cre a se in fre ig h ts , p a r tic u la rly f o r C a lc u tta a n d u p b y a p ro h ib itio n o f c o rta in o xp o rts , in c lu d in g c o tto n y a r n ,
B o m b a y . T h e d e m a n d f o r c lo th f o r a b ro a d w a s d e c id e d ly b u t a t th o sam o tim e th o a p p o in tm o n t o f a n a d v is o r y c o in s lo w , th e absence o f w o rk a b le o ffe rs b e in g v e r y m a rk e d . m itte o fo r th o issuo o f licenses to tra d o w a s a n n o u n c o d , a n d
In d ia g a v e v o r y lit tle s u p p o rt, C h in a c o n tin u e d d is a p p o in t­ th is in d ic a te d t h a t th o ro w o u ld bo n o in to rfo ro n c o w it h
in g a n d o th o r E a s te rn m a rk e ts a ffo rd e d v e r y lit tle re lie f. tra d o t h a t w a s c le a rly le g itim a te . A n o t h e r p ro h ib itio n
O f th o s m a lle r m a rk e ts , E g y p t w a s th o b e st. T h o h o m e w liic h o xc ito d discu ssion w a s th a t o f tra d o w it h G o rm a n
tra d o c o n tin u e d b u s y . T h o y a r n m a rk e t w e a k e n e d a little a n d A u s t r ia n firm s in C h in a ; th is re c o ivo d th o s u p p o rt o f
a t th e e n d o f th e m o n th , b u t w it h coarse c o u n ts v e r y w e ll th o M a n c h o s to r C h a m b o r o f C o m m o rc o , th o u g h i t w a s
eng a g e d a n d a fa ir d e m a n d f o r m e d iu m ones sp in n e rs o f re c o g n ize d t h a t it w o u ld h a v e boon m o re s a tis fa c to ry if
A m e ric a n d id n o t do b a d ly . Y a r n s a n d goods e x p o rts fo r J a p a n h a d com o in to lin o w it h G ro a t B r it a in o n th is s u b jo c t.
th o m o n th fro m G r e a t B r it a in to ta le d 93,986,000 lb s ., A s re g a rd s th o businoss o f th o m o n th it is to bo n o to d th a t
a g a in s t 123,403,000 lb s . in 1914. L iv erp o o l. — T h e m a rk e t fre s h o rd e rs co n tin u o d sca rce, a n d it w a s d iffic u lt fo r p ro ­
f o r th o r a w m a te ria l w a s n e rv o u s d u rin g A p r il, b u t o n tho d u ce rs to m a in ta in th o ir p o s itio n . T h o s h o rta g o o f la b o r
w lio lo te n d e d u p w a rd , m a k in g fo r th e m o n th a n ot g a in o f h a d som e e ffe c t u p o n p ro d u c tio n , h o w o v o r, a n d in t h a t w a y
14 p o in ts o v e r th e M a r c h close. O p e n in g a t 5 .6 2 d ., m id d lin g o xce ssivo sto ck s w o re bo in g k o p t d o w n . S p in n o rs o f y a r n ,
u p la n d s a d va n c e d to 5.79d. b y th e 7 th , w a s d o w n to 5.52d. e xc e p t in th o E g y p t ia n s e ctio n , d id r a t lio r h o tte r th a n
o n th o 9 th a n d a fte r d a ily flu c tu a tio n s h a d m o v e d u p to m a n u fa c tu re rs o f c lo th . A d v ic o s fro m In d ia m d ic a to d
5 .80d. b y th e 2 0 th . T h e r e a ft e r th e q u o ta tio n ra n g e d be­ t h a t th o m o n so o n ra in s w o ro m a k in g fa v o ra b lo p ro g re ss,
a n d w it h g oo d g ra in cro p s, fro o r o p e ra tio n s in c lo th w o re
tw e e n 5.66d. a n d 5 .7 8 d ., clo sin g a t th o fo rm e r le v e l.
In th o m o a n tim o d e m a n d fro m
M A Y . — M a n ch ester . — D e v e lo p m e n ts associated w it h tlio lo o k e d f o r b e fo re lo n g .
w a r w o re im p o rta n t fa c to rs in th o c o tto n goo ds m a rk e t in C a lc u tta , B o m b a y a n d M a d ra s w a s d is a p p o in tin g , a n d
M a y , n o t th o le a st im p o rta n t o f w h ic h w a s th o s in k in g o f m o s t o f th o o ffe rs co u ld n o t bo accoptocl. C h in a businoss
th o L u s ita n ia b y a G o rm a n s u b m a rin e o n th o 7 th . T h e seom od to b ro a d o n , a n d ra t lio r m o ro b u y in g o c c u rre d d u rin g
im m e d ia te re s u lt o f th is a c t, aside fro m tho fa c t th a t it th o clo sin g d a y s o f th o m o n th . S u p p lie s o f goo ds w o re
seem ed to re m o v e ideas o f a n e a rly te rm in a tio n o f th o w a r, said to be v o r y lo w in c o rta in n e a r E a s to rn o u tle ts , b u t th o ro
w a s to cause w id e sp re a d in d ig n a tio n a n d h o r ro r a t its w a s d if f ic u lt y in a rra n g in g s h ip m e n ts . M a n u fa c tu re rs
in h u m a n ity . O n e consequonco o f tho a c t, as ro p o rte d b y o f lig h t fa b ric s w o ro b a d ly n oo d ing fre s h o rd o rs, a n d it w a s
th o M a n c h e s te r “ G u a r d ia n ” , w a s “ a ro q u e s t fro m tho said t h a t m o ro lo o m s w o re s to p p in g . T h o h o m o tra d o
d ire c to rs o f th o M a n c h e s te r R o y a l E x c h a n g e t h a t a ll m e m ­ a p p o a re d to bo s o m o w h a t q u io to r. S om o c o n tra c ts in h o a v y
b e rs o f G e rm a n , A u s t r ia n , o r T u r k i s h b ir t h sh o u ld a b son t m a to ria ls fo r th o F re n c h G o v o rn m o n t w o ro a rra n g o d la to
th e m s e lve s fro m th o E x c h a n g o u n t il f u r t h e r n o tic o . T h e in J u n o . P ro d u c e rs o f c lo th , a p a rt fro m thoso engaged
re q u e s t w a s s lig h t ly m o d ifio d la te r, b u t its o ssontial in ju s tic e o n goods to m oo t th o re q u ire m e n ts o f th o W a r , w o ro u n ­
re m a in e d , le a v in g th o E x c h a n g o th o re p ro a c h o f d is c o u ra g in g f a v o r a b ly s itu a to d b o th as re g a rd s o rd o rs a n d m a rg in s .
th e p u b lic ap p o ara nco o f thoso w h o so officos w o re bosoigod T h o o x p o rts o f y a rn s a n d goods fro m G ro a t B r it a in w o re
b y a n u n d im in is h e d b a n d o f salos'men. A in a tto r u p o n 102,947,000 lb s ., a g a in s t 115,231,000 lb s. fo r th o sam e
w h ic h th e re m ig h t h a v e boon m o re rea so n a b le d iffe re n c e o f m o n th in 1914. L iv erp o o l. — T h o m a rk o t fo r th e r a w
o p in io n w a s B r it is h tra d in g w it h G o rm a n s in C h in a , a n d m a to ria l ton d o d u p w a rd d u rin g th o fir s t h a lf o f J u n o , b u t
e s p e cia lly in S h a n g h a i; tho M a n c h e s te r C h a m b e r o f C o m ­ in th o la s t f o r t n ig h t m o s t o f th o a d va n c o w a s lo s t; th o n o t
m e rc e fo rw a rd e d to th o G o v e rn m e n t a re s o lu tio n a g a in s t ro s u lt fo r th o m o n th h a v in g boon a n a d va n c o o f 8 p o in ts .
th o c o n tin u a n c e o f i t . ” T h e Ja p a n - C h in a n e g o tia tio n s a n d O p o n in g a t 5.13d. fo r m id d lin g u p la n d s , a ris o o f 1 p o in t



Aug . 21 1915.1

THE CHRONICLE

fro m th e M a y closo, th o q u o ta tio n ro se to 5 .44d. b y th o
8 th , a n d a fto r v a rio u s flu c tu a tio n s , sto o d a t 5.42d. o n th o
16th. F r o m t h a t lo ve l th o re w a s a f a i r ly s to a d y d o w n w a rd
tro n d to th e 2 6 th , w h o n th o q u o ta tio n w a s 5 .1 3 d .; a n a d ­
v a n c e tlio n set in th a t c a rrio d th o p ric e to 5 .22d. a t th o close.
J U L Y — M a n ch ester . — A n u n s a tis fa c to ry tra d e in c o tto n
goo ds w a s ro p o rto d in J u l y , In d ia s h o w in g fo w sig n s o f a c­
t i v i t y , a lth o u g h it w a s u n d e rs to o d t h a t th o m o n so o n ra in s
w o re p ro ce e d in g n o r m a lly . W a r p u rch a se s w o re o f a ssist­
a n ce to m a n u fa c tu re rs a n d m o ro w a s d o n e f o r E g y p t a n d
som o p a rts o f S o u th A m e ric a , b u t g e n e ra lly o th o r m a rk e ts
w e re o f lit tlo h e lp . T h e d isp u te s a b o u t w a ge s in th o s p in ­
n in g tra d o w h ic h h a d boon ro fo rre d to th o C o m m itte o o n
P ro d u c tio n in J u n e , ceased to bo a causo o f a n x io ty w h o n a
g o n o ra l a d va n c e o f 5 % w a s a w a rd e d . T h o a w a rd w a s ro tro s p e c tiv o , a n d ca m e in to o p e ra tio n fro m th o fir s t s e ttlin g
d a y a fto r J u n e 17. T h o o ffic ia l s ta te m e n t o m p h a size d th o
fa c t t h a t th o h ig h e r ra te s o f p a y w o re du o to th o a b n o rm a l
c irc u m s ta n c e s re la tin g to th o w a r, b u t n o th in g d e fin ite w a s
said as to w h o n th o b o n u s w o u ld com o to a n e n d , o r as to
w h e th e r th e C o m m itte o o n P ro d u c tio n w o u ld d e a l a g a in w it h
th o s itu a tio n w h e n a c h a n g o o c c u rre d . I t w a s e xp o cte d , h o w ­
e v e r, t h a t th is con cession h a v in g been g ra n te d to o p e ra tiv e s
in th o s p in n in g s e c tio n , tho se ongagod in th o w e a v in g b ra n c h
o f th o in d u s t r y w o u ld a g a in press t h e ir c la im fo r f u r t h e r
c o n s id e ra tio n , b u t in th a t caso as in th o s p in n in g tra d o som e
se ctio ns o f m a n u fa c tu re it w a s th o u g h t c o u ld h a r d ly s ta n d a n
a d va n c e in co s t. S till it w a s n a tu ra l e n o u g h t h a t th o p ric o o f
la b o r sh o u ld a d va n c e w h o n scarco. T h o m o s t co n sp ic u o u s
s h o rta g e o f la b o r w a s in m u le -s p in n in g , b u t som o w e a v in g ce n ­
tre s w o re w o rk in g f u lly u p to t h e ir a v a ila b le la b o r c a p a c ity .
A m o n g s u b je c ts o th o r th a n th o w a go q u o stio n t h a t ro c o ivo d
a g oo d deal o f a tte n tio n d u rin g J u l y w e ro th o s h ip m e n ts o f
c o tto n to n e u tra ls a n d th o q u o stio n o f c o n tra b a n d ; tra d in g
w it h th o o n o m y in th o F a r E a s t a n d th o o ffo cts o f ro c o n t
p ro c la m a tio n s o n th o s u b je c t, a n d th o L a n c a s h ire e x p o rts o f
y a r n to n e u tra l c o u n trie s . T h is la s t w a s ra t h e r w a r m ly d iscu sso d , a n d th o re s tric tio n s im p o se d b y th o Y a r n E x p o r t s
C o m m itte o m ad o a sovoro h a n d ic a p u p o n tra d o , o vo n th o u g h
b u t te m p o ra ry . I t w a s h o p e d th a t a rea so n a b le co m p ro m is e
c o u ld bo o ffe cto d b o tw e o n sorio u s d a m age to th o c o tto n in ­
d u s t r y a n d th o chancos o f som o assistance to th o tra d o o f
G e rm a n y . Y a r n s a n d goo ds e xp o rts f o r th o m o n th fro m
G ro a t B r it a in to ta lo d 118,748,000 lb s ., a g a in s t 143,189,000
lb s . in J u l y 1914. Liver-pool. — T h o m a rk e t f o r th o r a w m a ­
te ria l te n d e d q u ite s te a d ily d o w n w a rd d u rin g th o e a r ly p a rt
o f J u ly , m i d d lin g u p la n d s , w h ic h opened a t 5 .2 2 d ., d ro p p in g
to 5.08d. b y th o 12th. F r o m th a t lo vo l, h o w e v e r, th o a d ­
v a n c e w a s q u ite s to a d y w it h th o closo a t 5 .3 4 d ., th o h ig h
P o in t o f th o m o n th .
W o n o w g iv o a c o m p ila tio n w h ic h c o ve rs th o fig u re s o f
c o n s u m p tio n in d o ta il fo r each o f th o p rin c ip a l c o u n trie s
e m b ra ce d in th o s ta te m e n t o f th o w o r ld ’s a n n u a l c o n s u m p ­
tio n a lre a d y p re s e n te d , a n d th o to ta l o f a ll. T h e s e fig u re s
a ro n o t th o ta k in g s o f th o m ills , b u t th o a c tu a l c o n s u m p tio n ,
an d are in all ca ses ex-pressed in hales o f 500 p o u n d s.
Tho
fig u ro s in th o ta b lo c o v e r th o y e a rs fro m 1884-85 to 1914-15,
in c lu s iv e , a n d a ro g iv e n in th o u sa n d s o f ba les. T h e fig u ro s
fo r 1913-14 a n d 1914-15 c o v e r tho tw e lv o m o n th s end od
J u l y 31; a ll e a rlie r y e a rs a ro fo r th o p e rio d S o p t. 1 to A u g . 31.

South.

Total.

East Indies.

Japan.

2,604 5,350
2,772 5,674
2,912 5,807
3,037 0,110
3,250 0,272
3,432 6,659
3,002 6,988
3,631 7.015
3,619 0,800
3,601 6,527
3,827 7,060
4,030 7,280
4,160 7,430
3,821 7,019
4,308 7,592
4.028 8,060
4,784 8,303
4,576 7,910
4,570 7,845
4,830 8,089
4,028 7,967
5,148 8,333
5,148 8,165
5,148 8,768
5,252 9,026
5,400 9,352
5,720 9,410
5,313 8,842
5,720 9,440
5,460 8,035
5,400 9,230
5,720 9,880
6,000 10,400
6,000 10,300
5,727 9,649
3,250 6,250

1,286
1,512
1,578
1,024
1,704
1,082
1,564
1,810
1,944
1,872
1,593
1,940
1,711
1,812
1,770
1,808
2,244
2,355
2,150
2,207
2,089
2,048
2,001
2,194
2,440
2,575
2,093
2,225
2,448
2,260
2,230
2,590
2,682
2,701
2,486
2,769

241
310
301
400
444
503
377
557
632
679
671
803
861
700
962
1,154
1,309
1,501
1,577
1,830
1,389
1,967
1,907
2,110
2,2S0
2,375
2,134
2,131
2,464
2.267
2,255
2,620
2,849
2,970
2,572
3.037

1,527
1,822
l ,939
2,024
2,148
2,185
1,941
2,367
2,576
2,551
2,264
2,743
2,572
2,612
2,738
2,902
3,553
3,856
3,727
4,037
3,478
4,015
3,908
4,310
4.726
4.950
4,227
4,356
4,912
4,533
4.485
6,210
5.531
5,680
5,058
5,806

407
504
609
#17
697
791
607
924
914
918
959
1.074
1,105
983
1,004
1,141
1,314
1,139
1,060
1,384
1,174
1,364
1,368
1,474
1,580
1,552
1,561
1,484
1,653
1,517
1,494
1,607
1,643
1,080
1,599
1,607

1 00
7,444
1 20
8,120
1 30
8,505
1 40
8,891
1 50
9,207
1 60
9,795
1 34
8,670
99 106 10,511
150 125 10,505
200 195 10,291
192 105 10,580
286 160 11,543
363 129 11,605
215 120 10,849
414 132 11,880
534 191 12,888
703 142 14,015
711 157 13,773
632 162 13,416
726 179 14,415
620 159 13,398
507 199
693 176 14,478
14,310
755 305 15.612
874 223 16,435
907 238 16,999
891 192 10.281
781 223 15,686
881 278 17,104
1,055 449 10.189
1,087 448 16,750
1,357 612 18,566
1,352 618 19.544
1,522 670
19,858
1,209 497 18,012
1.400 854 15,917

Total.

* Figures of European consumption for 1913-14 and 1914-15 aro subject to cor­
rection.




A n o t h o r g e n o ra l ta b lo w h ic h w e h a v e c o m p ile d o f la te y e a rs
is n eed ed in c o n n e c tio n w it h th e fo re g o in g to fu rn is h a c o m ­
p re h e n s ive id e a o f th e e x te n t a n d th e e xp a n s io n o f th is
in d u s t r y . I t discloses th o w o rld ’s c o tto n s u p p ly a n d th e
so u rce s o f it . T h e sp e cia l p o in ts w o h a v e s o u g h t to illu s ­
t ra te b y th o s ta te m e n ts a ro , fir s t , th o re la tiv e c o n trib u tio n
to th e w o r ld ’s r a w m a te ria l b y th e U n it e d S ta tes a n d b y
o th e r so u rce s, a n d , se co nd , to fo llo w its d is trib u tio n . B e ­
g in n in g w it h 1896-97, th e fig u re s o f v is ib le s u p p ly in c lu d e
A le x a n d r ia a n d B o m b a y s to c k s ; 1884-85 to 1912-13 a ro fo r
th o y e a r e nd e d A u g . 31; 1913-14 a n d 1914-15 f o r y e a r e nd e d
J u l y 31.
WORLD’S SUPPLY AND DISTRIBUTION OP COTTON.

bales.

500-lb.

Visible
and
Commercial Crops.
of Supply
Invisible
Total Balance
End of Year.
Supply
Actual
Begin­
United
All
Consump­
ning
tion.
In­
Year.of States. Others. Total.
Visible. visible.

188418851886-8 7 ...
188718881889-9 0 ...
Average
6 years.

8 5 ...
1.550.000
8 0 ...
1.343.000
1.441.000
1.473.000
88. . .
8 9 ...
1.291.000
1.119.000

1890-9 1 ...
1891- 9 2 ...
1892- 9 3 ...
1893- 9 4 ...
18941895- 9 6 ...
Averago
6 years.

1.077.000
1.742.000
2.818.000
2.258.000
9 5 ...
2.128.000
3,203,000

1896- 9 7 ...
18971898189919001901Averago
6 years.

1,931,000
1,923,636
9 8 ...
9 9 ...
3,241,158
3,999,304
0 0 ...
2,456,489
0 1 ...
0 2 ...
2,073,027

190219031904190519061907Average
6 years .

0 3 ...
2,072,068
0 4 ...
2,921,001
2,770,244
0 5 ...
0 0 ...
5,042,633
0 7 ...
4,178,938
0 8 ...
5,692,723

19081909191019111012-13__
1913Average
6 years.
1914-

5.136.000 2,101,000
5.984.000 2.234.000
5.960.000 2.577.000
0,400,000 2.309.000
6.463.000 2.632.000
6.820.000 2.933.000

7.237.000
8.218.000
8.537.000
8.709.000
9.095.000
9.753.000

7.444.000
8.120.000
8.505.000
8.891.000
9.267.000
9.795.000

984.000
968.000
999.000
772.000
682.000
846,000

359.000
473.000
474.000
519.000
437.000
231.000

6.127.000 2.464.000 8.591.000 8,670,000
8.137.000 3.039.000 11.176.000 10.511.000 1.315.000 427.000
8.640.000 3.001.000 11.641.000 10.565.000 2.310.000 508.000
6.435.000 3.296.000 9.731.000 10.291.000 1.903.000 355.000
7.136.000 3.314.000 10.450.000 10.580.000 1.792.000 3.36.000
9.640.000 2.978.000 12.618.000 11.543.000 2.185.000 1,018,000
6.912.000 3.421.000 10,333,000 11.605.000 1.231.000 700.000
7.817.000 3.175.000 10,992,000 10,849,000
8,435,868 3.438.000 11,873,808
10.890.000 3,316,290 14,200,290
11.078.000 3,694,934 14,772,934
9.137.000 3,092,897 12,229.897
10.218.000 3,414,454 13,632,454
10,380,380 4,033,569 14,413,949

11,880,3.32 1,295,636 628,000
12,888,768 1,905,158 1.336.000
14,014 728 2,371,364 1.628.000
13,772,772 1,071,489 1.385.000
13,415,916 1,549,027 1.124.000
14,414,908 1,306,068 1.306.000

10.023,207 3,498.358 13.521,565 13,397,911
10,511,020 4,215,667
9,841,671 4,317,670
13,420,056 4,464,000
11,002,904 4,568,629
13,306,846 5,205,837
11,257,538 14,186,104

14,726,687
14,159,341
17,884.056
15,571,533
18,512,683
15.443,642

14,477,694 1,177,677 1.74.3,384
14,310,158 1,085,237 1,735,007
15,611,667 2,501,469 2,541.164
16,4.35,228 1.702,485 2,470,45.3
16,998,898 2,215,497 3,477,226
10,281,272 1,600,104 3,254,989

11,550,672 4,492.985 16,049.657 15,685,819
0 9 ...
4,855,093
13,496,751 1,489,169 17,985,920 17,164,487 1,875,140 3,801,386
1 0 ...
5,670,526
10,224,923 5,021,605 15,240,528 16,188,563 1,367,624 3,364,867
11_________
1,732,491
11,804,749 5,057,988 16,882,7.37 16,750,484 1,537,249 3.307,495
12_________
1,844,744 15,683,945 4,845,970 20,529,915 18,565,732 2,095,478 1,713,449
6,808,927 13,943,220 5,254,759 19,197,979 19,514,007 2,015,211 4,447,688
1 4 ...
0,462,899
14,494,762 6,419,898 20.914,660 19,858,176 2,877,300 4,642,083
13,274,725 5,181,565'l8,456,290:18,011.908
1 5 ...
7,519,383
14,766,467 4,777,000:19,543,467fl5.916,991' 4,496,284 6,649,575

To Illustrate the preceding, take tho last season, 1914-15, and the results would
be as follows:
Supply—Visible and invisible stock beginning of year....................... bales. 7,519,383
Total crop during year______ _____________________________19,543,407
Total supply—bales of 500 lbs.................................................. 27,062,850
Distribution—Total consumption, &c_______________________________ 15,910,991
Leaving visible stock____ ___________________4,496,284
Leaving Invisible sto ck .................... .................6,049,575
Total visible and Invisible stock at end of year..................11,145,859
Overland and Crop Movement.
O verland. —

North.

2,740
2,902
2,955
3,073
3,016
3,227
2,986
3,384
3,181
2,866
3,233
3,250
3,276
3,198
3,224
3,432
3,519
3.334
3,209
3,253
3,339
3,185
3,017
3,620
3,774
3,892
3,690
3,530
3,720
3,175
3,776
4,100
4,400
4,300
3,922
3.000

Total.

Continent.

1884-85...
1885-86...
1886-87...
1887-88...
1888-89...
1889-90...
Av.Oy’rs
1890-91 . . .
1891-92...
1892-93...
1893-94...
1894-95...
1895-96...
Av.Oy’rs
1896-97...
1897-98...
1898-99 . . .
1899-00...
1900-01 . . .
1901-02...
Ar.Oy’ra
1902-03 . . .
1903-04 . . .
1904-05...
1905-06...
1906-07...
1907-08...
Av.6 y’rs
1908-09...
1909-10...
1910-11 . . .
1011-12 . . .
1912-13 . . .
1913-14*..
Av.O y’rs
1914-15*..

Great
Britain.

500-lb. bales
000s omitted

United Slates.

All Others.

Europe.

58 9

T h o r o is lit tlo to bo said o f th e e x te n t o f th e
m o v e m e n t o f c o tto n o v e rla n d in 1914-15 e xc e p t t h a t it w a s
h e a v ie r th a n in e ith e r 1913-14 o r 1912-13, a n o u tc o m e n o t
a t a ll s u rp ris in g w it h th o c ro p th e la rg e s t in th e h is to r y o f
th o c o u n t ry . I t is to be n o te d to o th a t m o s t o f th o v a rio u s
ro u te s sh a re d in th o in cre a so , th o n o ta b le e xc e p tio n b e in g
th o Illin o is C e n tra l R R . , w h ic h c a rrie d 2 0 % loss th a n in
th o p ro v io u s season. T h e m o v o m o n t v ia R o c k Is la n d w a s
also less a n d th o sam o is tru o o f th o C in c in n a ti N o w O rle a n s
6c T o x a s P a c ific R y . B u t th o L o u is v illo & N a s h v ille m a d o a n
im p o rta n t g a in in c o tto n t ra ffic , as d id th e ro u te s v ia S t.
L o u is a n d V ir g in ia p o in ts . T h o in cre a se d m o v e m o n t o v o r
“ O th e r R o u te s ” re fle c ts , o f co u rse , in th o m a in th o la rg e r
ta k in g s b y Ja p a n o f A m e ric a n c o tto n , w h ic h m o s t la rg e ly
m o ve s v ia th o P a c ific se a b o a rd , to w h ic h it is c a rrio d b y th o
v a rio u s tra n s c o n tin e n ta l lin e s , a n d s h ip m e n ts to V la d i­
v o s t o k , R u s s ia . T o in d ic a te tho re la tio n th o g ro ss o v o r la n d b oars to th o to ta l y ie ld in each o f th o la s t t w o n t y y e a rs ,
w o a p p o n d th o fo llo w in g :
Crop

of-

1 9 1 4 -1 5 ______
1913-14 ............

100H 0 9 ............
1 9 0 /0 8 ______
19015 07 ............
1905-0(5 ______
1904-05 ______
1903-04 ............
1902-03 ............
1901-02 ______
1900-01 ............
1899-00 ............
1898-99 ______
1897-98 ............
189 0 -9 7 ............
1895-96 ............

Gross
Total Yield. Overland.
Dales.
Dales.
0(57,247
884,801
128,902
043,31(5
132,332
050,961
828.840
581,329
550,700
319,860
556.841
125,170
758,320
701,453
425,141
439,559
235.383
,180,900
,714,011
,162,473

2,140 152
1,758,069
1,678,983
1,931,496
1,314,745
1,154,642
1,620,387
1,177,931
1,705,152
1,234,641
1,569,870
1,120,093
1,438,208
1,675,042
1,767,646
1,790,238
2,057,021
1,896,011
1,282,211
1.190,299

Olinnvu from .season o f ’Q5-’06 to ’ 14-'15'

Increase or Decrease.
Of Crop.
Of Overland.
Per Cent.
Per Obnt.
Increase
1.02
Increase
Increase 5.35 Increase 22.06
4.78
Decrease
Decrease
11.94
13.10
Increase
32.24
Increase
46.95
Increase 13.90 Increase 13.86
Decrease
Decrease
29.03
Increase 22.98
19.40
Increase 38.07
Decrease
14.53
Decrease
30.96
Increase
Increase 38.11
Decrease 20.41
16.51
Decrease
21.35
Increase
33.89
Increase
40.07
Decrease
6.07
Decrease
22.06
Increase
0.53
Decrease
14.19
Increase
2.64
Decrease
5.49
Increase
10.44
Decrease
1.28
Decrease 15.99 Decrease 12.98
Increase
0.48
Increase
7.83
Increase
Increase
Increase 28.31
21.66 Increase 47.90
7.72
Decrease
27.60
Decrease 36.25
Increase 110.37 Increase 80.33

W i t h those e x p la n a tio n s , n o th in g f u r t h e r is neodod to
m a k o p la in th e fo llo w in g s ta te m e n t o f th e m o v e m o n t o v e r ­
la n d fo r th e y e a r e n d in g J u l y 31 1915, as c o m p a re d w it h
fig u ro s f o r la s t y e a r ro v is e d to c o n fo rm to th e soason A u g . 1
to J u l y 31.
1914-15.

1913-14.

Dales.

Hales.

Amount
shipped—
Via St. Louis______
Via
Via
Via
V ia
V ia
Via

749,982
327.082
4,470
161,538
116,260
205,364
581,456

C a ir o __________
R ock Island___
L o u is v ille _____
C incinnati_____
Virginia poin ts.
other routes____

Deduct shipments

T otal to bo deducted.

586,922
409,508
6,780
122,342
119,651
167,576
345.292

2,146,152 1,758.069

T otal gross overland___________________
—
Overland to Now Y ork, B oston, & c---------Between interior towns, & c______________
G alveston, inland and local m ills------------N ow Orleans, inland and local m ills______
M ob ilo, inland and local m ills------------------Savannah, inland and local m ills__________
Charleston, inland and local m ills_________
N orth Carolina ports, inland & local m ills.
Virginia ports, inland and local m ills_____

202 905 129,153
*238 664 * 204,133
18,159
25 .743
113,065
72 ,194
11,489
11 ,610
15,819
34 ,005
3,893
15 ,175
12,301
4 ,128
16,229
24 ,524
524,241

628,948

.a

Leaving total not overland ________________________ 1,517,204 1,233,828
This total includos shipments to Canada b y rail, which during 1914-15
amounted to 178,414 balos, and are doductod in tho statement o f consum p­
tion. * Includos foreign cotton consum od at tho South.

a

C R O P D E T A I L S . — W o n o w p ro ce e d to g iv e th e d o ta ils
o f th o on tiro c ro p f o r tw o y o a rs :
E xported from N ow Orleans:

L O U IS IA N A .
-----------1914-15-----------

-----------1913-14-----------

1,588,184
187,774

1,712,739
106,040

T o Southern ports, & c .t by
.

Revised figures

41,918
30,276
,
292
139,172— 1.937.616

B u rn t___
Stock at <

Deduct—■

59
51,694—

51,694— 1,983.538
37,161
17,773
5
11,159

1,877.684

1,810,143
T otal m ovem ont for year-----* In overland wo have deducted these tw o items.
G E O R G IA .
--------- 1914-15E xportod from Savannah:
1,268,099
T o foreign ports— Uplan<
2,394
T o foreign ports— Soalsland1
T o coastwise ports—
. 422,422
32,138
Soa Island * ___________ .
E xported from Brunswick:
. 198,675
. 21,375
Stock at closo o f year—
62,010
2,212— 2,009,325
Sea Island_______________
—
15,109
R e c’d from Charleston, & c.
Stock beginning o f year—
7,590
Upland__________________
3,692—
26,391
Sea Island_______________

Deduct

105,854

7,590
3,692— 2,152,273
979
20,260

Revised fif/ures

Deduct

4,185.068

* Includes 25,743 balos shipped inland for consum ption, & c., deducted
in overland m ovem ent.
-1913-14-

---------- 1914-15-

Sec.

90,289
67,581
______
12,477—

170,347

1 ,535
1,815—

3,350

371,879
67,023
4
1.815—

440,721

2,330
2,234—

4,564
436,157

166,997

T otal m ovem ent for yoar____

* Under tho hoad o f coastwiso shipments from M ob ile aro included 6,977
bales shipped inland by rail for consum ption, & c., which, with consum ption
(4,633 bales), aro doductod in tho overland m ovem ent.

E xportod from Pensacola,& c.:*
T o foreign p orts___________
T o coastwiso ports_________
Stock at closo o f yoar______
—
Received from M ob ilo, & c.
Stock boginning o f yoar____

Deduct

T otal m ovem ont for year.

oulporls.
outports ivhere it first appears.

30
324—

-1913-14-

115,372
351
115,018

164,124
32,129
324—

100

1 ,112—

196,577

1,212
195,365

* Thoso figures represent this yoar, as horetoforo, only tho shipments
from tho Florida
Florida cotton has also gono inland to Savannah,
& c., but wo havo followed our usual custom o f counting that cotton at tho




1,935
424,895

N O R T n C A R O L IN A .
-----------1914-15Exported
:ported from W
Wilm ington:
T o foreign ports___________ 203,294
T o coastwiso ports*________
48,663
Coastwiso from W ashing’n ,&c.
87,521
M anufactured________________
1,248
4,903— 375,629
34,903
Stock at close o f yoar_______
—
9,011
9,011—
Stock beginning o f yoar------

.
-1913-14353,273
45,036
87,648
1,516
9,011—

Deduct

496,484

9,501—

9,501
486,983

366,618

T otal m ovom ont for yoar____

* O f those shipments, 2,880 balos wont inland b y rail from W ilm ington
and, with local consum ption, aro doductod in overland.
V IR G IN IA .
---------- 1914-15Exported from N orfolk:

Takon for m anufacture______
Stock end o f year, N orfolk __
—
R ec’d from W ilm ington,
R ec’d from N orth Oarolona
Stock beginning o f yoar______

Deduct

Sec

-1913-14-

74,549
548,628

136,713
468,043

145,404
8,504
47,693—

824,778

569
139,390
15,503
16,024—

117,881

13,423
87,648
16.824—

12,830
87,521
.
17,530—
17,530—

770,242

117,895
658,347

706,897

* Includes 16,020 bales shipped to the Interior, w hich, with 8,504 balos,
takon for m anufacture, aro deducted in overland.
M IS S IS S IP P I.
-1913-14-----------1914-15Exported from Gulfport:
5,322
T o foreign ports------------176
66
T o coastwiso ports___. . .
.—
176
5,388
Stock at closo o f y e a r . .—
—
Stock at beginning o f year—
----------

Rsviscd figures

176

5,388

T E N N E S S E E . & c.

—
-----------1914-15—
T o manufacturers direct— net
o v e r la n d __________________ 1,517,204
T o N ow Y o rk , B oston, & c.,
b y rail_____________________ 202,905

-1913-141.233,828
129,153

T otal marketed from Tonnessee. & c.....................................
1,720,109
1,362,981
T otal product detailed in tho foregoing b y Statos for tho year
ending August 1 1915......... ................. - ................................ bales. 11,902,351
Consumed In the South, not included------------------------------------------- 3,104,8Jb
T otal crop o f tho U . S. for yoar ending A ug. 1 1915------ bales.1 5 ,0 67 ,247

B e lo w w o g iv e th o to ta l c ro p each y o a r sinco 1882. A l l
yo a rs p r io r to 1913-14 c o v o r th o p e rio d S o p t. 1 to A u g . 31.
T h o y o a r 1912-13 c o n s o q u o n tly in clu d o s A u g . 1913, w h ic h is
also a p a rt o f 1913-14, b u t in n o caso doos a n y y o a r in c lu d e
m o re th a n a tw e lv e -m o n th p e rio d .

Years.

Bales.

1914-15...........15,067,247
1913-14.......... 14,884,801
1912-13...........14,128,902
1911-12...........18,043.316
1910-11.......... 12,132,332
1909-10...........10.650,961
1908-09...........13,828,846
1907-08...........11,581,829
1906-07...........13.550,760
1905-06...........11,319,860
1901-05...........13.556.841

Dales.
Years.
Dales. Years.
1903-04...........10.123.686 1892-93........... 6,717,142

1891-92............ 9,038,707
1902-03........... 10,758,326 1890-91...........
8.655,518

1901-02........... 10,701,453
1900-01--------- 10,425,141
1899-00.......... 9.439,559
1898-99...........11,235.383
1897-98...........11.180,960
1896-97.......... 8,714.011
1895-96.......... 7.162,473
1894-95_____ 9,892,766
1893-94.......... 7,527.211

1889-90...........
1888-89...........
1887-88...........
1886-87...........
1885-86...........
1884-85--------1883-84...........
1882-83...........

7.313,726
6,935,082
7,017,707
6,513,623
6.550,215
5,669,021
5,714.052
6.992,234

W o g iv o b o lo w a ta b lo co m p ilo d fro m th o re tu rn s o f o x p o rts
o f c o tto n goo ds fro m th o U n it o d S ta to s as r e p o r t e d b y tho
B u re a u o f S ta tis tic s . T h e s e fig u ro s a ro fo r th e la s t th re e fis ­
cal yo a rs a n d a ro p re se n te d in a fo i’m w h ic h enables th o re a d e r
to seo a t a g la n ce th o v a ria tio n s fro m y e a r to y e a r in th o
v o lu m e o f goo ds se n t to th o v a rio u s q u a rto rs o f th o g lo b o . I t
w ill bo o b s e rve d t h a t th o 1915 to ta l, re a c h in g $71,973,497,
is m o re th a n t h a t f o r 1914 b y $20,506,264 a n d is $18,229,520
la rg o r th a n in 1912.

Years end­

F L O R ID A .
-1914-1581.739
32,957
676—

1,067
868 —

Export Movement of Cotton Good3 from United States.

ALABAM A.
E xported from M obilo: *
T o foreign ports___________
T o coastwise ports*_______
B urn t______________________
Stock at closo o f year_________
—
R cc’ ts from N ow Orl’ns,
Stock beginning o f yoar—

426.830

* Included in this item aro 15,175 balos, tho amount taken b y local mills
and shipped to interior, all o f which is deducted In overland.

Shipments

268,041
23,990

4,621,783

1,021
37—

406,464

T otal m ovem ent for year—

T otal m ovem ont for y e a r . . . .

564.697
37,104

2,132.013
1,982,934
T otal m ovem ent for year___
* T ho amounts shipped
and taken for consum ption (34,005 balos)
shi
' inland
‘ "
aro deducted
..................in overland.
TEXAS.
-------1914-15-1913-14E xported from G alveston, & c.:
T o foreign ports (except
3,458,273
M oxicoJ................................3,465,802
T o M exico from Galveston,
20,441
Texas C ity , & c__________
26,841
714,762
T o coastwise ports*________ 1,081,484
11,461
______
B urn t________________________
39.944— 4,244,881
Stock at closo o f year_______
128,547— 4,702,674
—
R ecoived at G alveston, & c.,
23,144
from Toxas C ity , & c-----40,947
59,813
Stock at beginning o f y e a r ..
39,944—
80,891
36,669—
T otal m ovem ent for y o a r ..

109,812
10,553

Deduct

-1913-141,236.636
10,523

5,257
14,024—

-1913-14305,114
293

Deduct

T otal m ovem ent for year____

1,275
38.481—

127,473

SO U TH C A R O L IN A .
-----------1914-15--------E xported from Charleston:
T o foreign ports— U p la n d-_ 260.350
469
T o foreign ports— Soalsland
T o coastwiso ports—
96,577
96,57
U p la n d * ________________
4.625
Sea Island *__________
E xported coastwise—
1,652
From G eorgetow n-------1,330
B u rn t____________________
Stock at closo o f yoar—
43,041
170— 408,214
Sea Island_________________
—
692
Received from S av a n n a h ..
Stock beginning o f yoar—•
1,021
Upland__________________
37—
1,750
Sea Island_______________

E xp. from Newport N ow s.& c.—
T o foreign ports___________

93,716
19,349

40,200
41
28,620
28
6,831

R eceived from G u lfp o r t___
R eceived from G a lv e s to n ..
R eceived from New Y o r k ..
R eceived from M e x i c o ____
liecoivod from other foreign
p orts_________________
Stock beginning o f year.

Deduct

[Vol. 101

THE CHRONICLE

590

EXPORTS OF COTTON MANUFACTURES.

value. Yards. Total value.
ing June 30
Yards. Total Svalue.
S
Yards. Total
S
To—
24,690,495 1,433,940
1,018,876
1,477,222 17,739,572 1,973,14/
Arabia__ 29 ,532,109 2,247,599
27,121,528 2,507,341
20,979,629
Canada . . 24 ,634,467 1,817,999 36,615,841
34,047,620 2,181.036
Cent. Am. 30 ,988,700 5,382,075 74,779.367 2,217,031
5,121,792 67,386,989 4,639,400
W. Indies. 83 101,737 2,208,299
54,103,558 3,368,028
41,610,023 2,794,443 80,461,847
So. Amer. 35 ,776,895
5,584,985
1,194,930 89,156,450 6,090,403
China___ 17 ,017,095
6,666,832 109,862,169 7,274,409
Asia&O’la.llS ,349,562 7,660,742 97,611,286
1,025,703 14,890,899 1,063,798 14,400,062 1,228,856
Eastlndies 14:,999,199
All others. 45 ,520,’431d4s’,958’,928 2 l’4/0.946d24,514,901 32,528,973(125.525’,982
Total ..396,950,195 71,973,497 414,800,013 51.467.233 444,729,241 53,743,977
d Includes values ot exports ol clothing, yarn, waste, &o.

AuGr. 21 1915.]

THE CHRONICLE
Weight of Bales.

591

Sea Island Crop and Consumption.

The average weight of bales and tho gross weight of the We have continued throughout the season of 1914-15 the
crop we have made up as follows for this year, and give last compilation of a weekly record of the Sea Island crop; but
year for comparison.
•
on account of tho pressure of other matters upon our columns
have beon unable to publish the statement. Tho results as
Year ending July 31 1915.
Year ending July 31 1914. now given below agree in all essential particulars with our
Movement
Through. ofNumber
in 1 Aver. running count. It will be noticed that tho crop of 1914-15
Bales. Weight
Pounds.in Aver.
Wght. ofNumber
Bales. Weight
Pounds. | Wght. shows a moderate decrease from that of 1913-14.
Texas............... 4,621,783 2,469,649,746 534.35 4,185,068 2,223,526,6281531.30
Louisiana_____ 1,810,143 941,455,374 520.10 1,877,684 988,506,742 520.45
Alabama.a___
172,385
89,771,213 520.76
436,333 229,144,638 525.16
Georgia b_____ 2,097,952 1,070,018,459 510.03 2,327,378 1,179,887,551 506.96
South Carollna.
406,464 201,199,680 495.00
434,895 211,172,815 497.00
706,897 346,379,530 490.00
658,347 325,789,598 494.86
North Carolina.
366,618 182,575,764 498.00
486,983 240,681,608 494.23
Tennessee, &o.. 4,885,005 2,470,542,428 505.74 4,488,113 2,261,739,665 503.94
Total crop__ 15,067,247 7,771,592,194 515.79 14,884,80I|7,660,449,245'514.65
a Including Mississippi,

b Including Florida.

According to tho foregoing, the average gross woight per
balo this soason was 515.79 lbs. against 514.65 lbs. in 1913-14,
or 1.14 lbs. more than last year. Had, therefore, only as
many pounds been put into each balo as during tho provious
season, tho crop would have aggregated 15,100,733 bales.
The rolation of the gross weights this year to previous years
may be seen from the following comparison:

R ocelpts at Savannah.bales. 8.428
R eceipts at Jacksonville____27,258

1914-15-

T otal Sea Isl. crop o f F lorida.

35,686

G E O R G IA .

Crop.

—

N o. o f Dales.

Weight, Pounds.

Average
Weight,
per bale.

1914-15.............................
7,771,592,194
15,067,247
61579
1913-14.................................
7,600,449.245
14,884,801
514.65
1912-13______________ ______ 14,128,902
7,327,100,905
518.59
1911-12.. _____ _____ ______ 16,043,316
8,200,752.953
614.80
1910-11.....................................
12,132.332
6,217.382,145
612.46
1909-10—. .................................
5,400,008,818
10,650,961
507.00
19 0 8 -0 9 ...................................... 13,828,846
7,115.746,869
514.56
1907-08.......................................
11.581,829
5,907,070,895
510.03
1906-07.................... .................
6,984,842,670
515.46
1905-06.......................................... 13,550,760
5,788,728,073
11,319,860
511.37
1904-05_____________________ 13,556,841
6.996,731.233
516.10
1 9 0 3 -0 4 ....................... ............ .. 10,123.686
5,141,417,938
507.86
1902-03...................... ................... 10,758,326
5.471,143,917
508.55
1901-02....................................... 10,701,453
5,403,210,514
504.90
1900-01........................ ..........
10.425,141
5,319.314.434
510.25
1 8 9 9 -0 0 ...________________
9,439,559
4,754,629,038
503.69
1898-99.......................................... 11,235,383
5,705,320,339
513.14
1897-98.......................................... 11.180,960
5,667,372.051
506.88
1896-97____________________
8,714,011
4,383,819,971
503.08
1 8 9 5 -9 6 ......................................
3.595.775.534
502.03
1894-95....................................... .. 7,162,473
9,892,766
5,019,439,687
507.38
1893-94................................... ..
7,527,211
3,748,422,352
497.98
1892-93_____________ _______
3,357.588.631
499.85
1891-92........................ ................. 6,717,142
4,508,324,405
498.78
1 8 9 0 -9 1 ...................................... 9,038,707
8,655,518
4,320.400,045
499.84
1 8 8 9 -9 0 ...................................... 7,313,726
3,628,520,834
496.13
1888-89......... ................................ 6,935,082
3,437,408,499
495.66
1887-88______________ ______ 7.017,707
3,406,068,167
485.35
1886-87......................................... 6,513,623
3,165.745.081
486.02
1885-86......... ................................ 6,550,215
3,179,456,091
485.40
1884-85.......................................... 5.669,021
2,727.967.317
481.21
1883-84.......................................... 5,714,052
2,759,047,941
482.86
1882-83....... ......................... ........ 6,992,234
3,430.546,794
490.60
1881-82---------- --------- ............ .. 5,435,845
2,585,686.378
475.62
1880-81___________ _____ ____ 6,589,329
3,201,546,730
485.88
1879-80....... .................................. 5.757,397
2.772,448,480
481.55
1878-79.......................................... 5.073,531
2,400,205,525
473.08
1877-78_____________________ 4.811.265
2,309,908,907
480.15
Note.— All years prior to 1913-14 are for tho poriod Sept. 1 to A ug. 31.
The New Crop. '

^ D e d u c t — * mlllS*------------- 12.264—45.316

Receipts from Florida____
8,428
Receipts from Charleston, &c. 258— 8,686

7,317
1.347— 8,664

Receipts at Savannah.bales.33,052 1914_15~
Recelpts at Brunswick..
.

Total Sea Isl. crop o f Georgia

36,630

SO U TH C A R O L IN A .
-----------1914—15_______
R eceipts at Charleston..........5,488
Receipts at Savannah______
— 5 488
—
____
Receipts from Savannah____ ____

Deduct

Area,
Acres.

........................ 35,190,493
.............. ......... 39,477,567
___________ ..38,573,441
.................... . .37,581,022
........................ 35,379,358
.................... ..33,862,406
........................ 33,512,112
........................ 33,079,425
_____________ 31,557,242
........................ 28,808,415
........................ 32,363,690

Yield,
Dales.

15,111,247
14,609,968
14,128,902
16,043,316
12,132,332
10,050,961
13,828,848
11,581,829
13,550,760
11,319,860
13.556,841

-----------1913-14­
10,064
409— 10,473

5,488
L O U IS IA N A .
1914-15-

8

T otal Sea Island C rop o f U . S.

10,473
-1913-14-

8

77,812

83,857

, ,^ o 5 '0im >si,0Cj o1 Investigations we find that Southern mills have consumed
14,081 bales o f Sea Island cotton this season, o f which 1.817 balos net were
received from Savannah.

Tho distribution of the crop has boon as follows:

Supply Year Ending
How
Of which
Aug. 1 1915.
Distributed. Exported
to—
Stock
Stock
Leav'g
Aug 1 Net Total Aug. 1 fordis- Great Havre,
1914. Crop. supply 1915. trib’n. Brit'n. &c.

Ports of—
South Carolina . .
G e o r g ia _________
F lorid a..................
Louisiana_______
New Y o r k ______
B o s t o n __________
B altim ore_______
Border p o r t s ____

37 5,488 5,525
170 5.355
3,692 36.630 40,322 2,212 38,110
------ 35,686 135,686
35,686
-----8
8
8

T o t a l _________

81.541

2,382 79.159

469
403

Total
For'gn
Ex­
ports.

1,991

469
2,394

"108
2,036

'231
148
568
2,036

1,7111 4,135

5,846

'231
148
460

From tho foregoing wo soo that tho total growth of Sea
Island this year is 77,812 bales, and with tho stock at the
boginning of the year (3,729 bales) we have the following as
tho total supply and distribution:

This year’s cr o p ____
Stock August 1 1914.

.bales.77,812
........... 3,729

Distributed as follows

Total year’s supply___
—
E xported to forolgn ports.
Stock end o f year________

b a le s.81,541
bales. 5,846
---------- 2,382— 8,228

Wo thus reach tho conclusion that our spinners have taken
of Soa Island cotton this year 73,313 bales, or 4,061 bales
less than in the previous year.
Tho following useful table shows tho crops and movemont
of Sea Island for the seasons 1900-01 to 1914-15 in detail:
Crop.
Foreign Exports.
Season. Flor­ i Georgia \ South
Caro­ Texas Total. Great Conti­ Total
Ex­
ida. !
lina. Ac.
Britain. nent. ports.

1914-15 35,686 36,630 5,488
8 77,812 1,711 4,135
1913-14 34,000! 39,384 10,473
83,857 12,359, 6,287
1912-13 20,780 39,008 8,375 __ 68,163 8,528, 4,667
1911-12 60,902 ; 50,824 5,140 __ 122,866 19,667 7,816
1910-11 35,190 41,073 13,338 __ 89.601 16,505 6,420
1909-10 39,261 42,781 14,497
96,539 24,744 4,684
1008-09 42,126 45,171 15,172 __ 102,469 18,241 7,567
1907-08 41,863 30,590 12,738 __ 85,191 22,748! 9,635
1900-07 23,411 24,653 8,044
56,108 15,200; 6,289
1905-00 30,378 72,872 13,712 __ 116,962 30,034 9,228
1904-05 37,873 49,696 12,094
99,663 30,832j 7,570
1903-04 28,005 39,345 9,359 __ 76,709 24,188: 7.132|
1902-03 27,688 62,451 12,497 __ 102,634 44,3541 9,728!
1901-02 21,323 48,588 8,760! __ 78,621 25,423 6,450!
1900-01 24,7931 52,953 8,3691 ........ 86,115 26,453 5,6351
* The column of "American Consumption" includes burnt In the
—Years prior to 1913-14 end Aug. 31.

Note.

5,846
17,646
13,195
27.483
22,925
29,428
25,808
32,383
20,489
39,262
38,402
31,320
54,082
31,873
31,988
United

Amertcan
Con­
sump­
tion*
73,313
77,374
44,862
95,588
62,825
67,502
77,544
60,300
36,101
78,923
62,556
43,578
50,524
43,650
65,422
States.

Prices of Cotton and Cotton Goods.

To complete the record we subjoin compilations covering
Product
per
Acre,
tho prices of printing cloths and raw cotton for a series of
Pounds. Condition
July 25. yoars.
Wo begin by showing tho highest and lowest quota­
75.3
188
186
186
209
168
153
203
170
211
192
207

76.4
79.6
76.5
89.1
75.5
71.9
83.0
75.0
82.9
74.9
91.6

It is necossary to stato in connection with tho above data
that tho yield por aero for 1914-15 doos not correctly roprosent tho truo rosult for tho soason as a considerable portion of
tho soason’s growth was hold back. Consoquontly, 208 lbs.
por aero would bo moro nearly accurate than the 188 lbs.
givon above.



R eceived at Savannah______

39.384

Leaving for consum ption in United States____________________ ___ 73,313

Thoro is little that can bo said with regard to tho crop now
maturing, and of which a limited amount has come upon
tho market, that is not already known. Our “Acroage Iloport,” issued on Juno 19, indicated a decrease of 10.86% in
tho planting this spring and a marked falling off in tho uso
of commercial fertilizers in thoso sections whoro artificial
aids to production have been considorod essential to the
socuring of roally satisfactory results. It will bo interesting
to noto lator on (othor things being oqual) what will bo tho
offect of this lattor radical doparturo from custom. Tho
condition of tho crop on Juno 25, as officially promulgated,
was abovo tho average for tho dato mentioned, but the prevalonco of dry weather in lato July over much of tho belt is roflectod in tho roport of the Department of Agriculture for
the month ondod July 25, moro than avorago deterioration
being indicated. Tho data given below, considorod in con­
junction with tho few romarks abovo, should onablo each
roador to formulate for himself some idea as to tho crop prom­
ise, making duo allowance as tho season progresses for dovolopmonts as they may occur. Tho compilation shows at
a glance tho area for a sorios of years and the aggregate yiold
and product por aero (commercial crop), as made up by us,
and the condition porcontagos July 25 as reported by tho
Dopartmont of Agriculture.
1915-16
1914-15
1913-14
1912-13
1911-12
1910-11
1909-10
1908-09
1907-08
1906-07
1905-06
1904-05

34,000
-191 3 -1 436.686
358
11,064— 48,048

T otal Sea Isl. crop o f So. Car.
Season of

1913-14-

7,317
26.683

tions for 64 squares 28-inch printing cloths at Fall River in
each of tho last twenty-six seasons—1889-90 to 1914-15,
jnclusivo. Data for earlier years will be found in provious
issues of this report.
High. Low.
1914-15_____
1913-14..........
1912-13_____
1911-12_____
1910-11_____
1909-10.........
1908-09.........
1907-0.8_____
1900-07_____
1905-00_____
1904-05.........
1903-04.........
1902-03.........

Cls.

.................3 .5 0
--------------- 4.00
..................4.06

.................. 4.25
.................. 3.62
.................. 5.25
..................5.25
......... ........ 3.81
.................. 4.12
.................. 3.37

Cts.

2.88
3.62
3.75
3.12
3.62
3.62
3.00
3.00
3.38
3.37
2.62
3.00
3.00

High.
Cls.

1901-02. ....................... . 3 . 2 5
1900-01. .................. ........ 3.25
1899-00- ...........................3.50
1898-99. .......................... 2.75
1897-98. .......................... 2.62 ’
1896-97- ...........................2.62
1895-96. ...........................3.06
1894-95- ....... ................... 2.88
1893-94. .......................... 3.00
1893-93. ....... ................... 4.06
1891-92 ...........................3.50
1890-91.
i 1889-90. .................. ........ 3.75

Low.
Cls.
2.37
2.37
2.75
1.94
1.94
2.44
2.44
2.50
2.61
2.87
2.75
2.88

3.25

[VOL. 101.

THE CHRONICLE

592

I t w ill b e n o te d t h a t p r in t in g c lo th s h a v e a ve ra g e d lo w e r
th a n in a n y y e a r sin ce 1904-05, b u t th e sam e is tru e o f th e
r a w m a te ria l.
W i t h th e c o tto n e xc h a n g e s a t N e w Y o r k a n d o th e r le a d in g
c e n tre s closed th ro u g h o u t th e m o n th s o f A u g u s t , S e p te m b e r
a n d O c to b e r, a n d a p a r t o f N o v e m b e r as w e ll, o n a c c o u n t o f
th e u n s e ttle d c o n d itio n s b ro u g h t a b o u t b y th e w a r in E u ro p e ,
bu sin e ss in c o tto n w a s s e rio u s ly in te rfe re d w it h , a n d su c h
q u o ta tio n s as w e re a n n o u n c e d w e re w h o lly n o m in a l. T h e
season h a d n o t f a r a d v a n c e d , h o w e v e r, b e fo re step s w e re
b e in g ta k o n to b r in g a b o u t a re s u m p tio n o f o p e ra tio n s u n d e r
c e rta in re s tric tio n s , a n d th e N e w Y o r k e xc h a n g e f in a lly
re o p e n e d o n M o n d a y , N o v . 16, a n d s im u lta n e o u s ly N e w
O rle a n s d id lik e w is e . A t th e o p e n in g h e re m id d lin g u p la n d s
ru le d n o m in a lly a t 7 .7 5e., d ro p p in g to 7.50c. th e fo llo w in g
d a y , r e c o v e rin g to 7.75c. b y th e 21st a n d c o n tin u in g a t t h a t
le v e l to th e 3 0 th , w h e n th e re w a s a d e clin e to 7.65c. D e c e m ­
b e r w itn e s s e d n o im p o r ta n t p ric e m o v e m e n t in th e m a rk e t.
T h e D e p a rt m e n t o f A g r ic u lt u r e e s tim a te a p p a re n tly in d ic a t­
in g a y ie ld th e la rg e s t o n re c o rd , w a s issu ed o n th e 1 0th,
b u t h a v in g b e e n p r e t t y w e ll d is c o u n te d , i t e xe rte d b u t lit tle
in flu e n c e , p a r tic u la rly as p ric e s w e re so c o m p a ra tiv e ly lo w .
M id d lin g u p la n d s oponod th e m o n th a t 7 .6 5c., a n d w a s
d o w n to 7 .2 5c. o n th e 1 1 th, th e d a y a fte r th e r e p o r t w a s
issu e d , b u t a d v a n c e d to 7.80c. b y th e 2 8 th a n d so closed th e
m o n t h . T h e y e a r 1915 o p e n e d w it h m id d lin g u p la n d s a t
7 .9 0 c., fro m w h ic h le v e l th e re w a s a n a d va n c e to 8 .05c. b y
J a n . 4 . O n th e 7 th a d e c lin e o f 5 p o in ts o c c u rre d , fo llo w e d
b y a n u p w a rd te n d e n c y t h a t c a rrie d th o p ric e u p to 8.70c. in
th e fo llo w in g fo r t n ig h t , b u t q u o ta tio n s eased o ff to 8.45c.
b y th o 3 1st. T h e te n d e n c y o f p ric e s w a s to w a rd s a s lig h t ly
lo w e r le v o l in F o b r u a r y . A f t e r s ta rtin g o ff a t 8 .5 0 c., th e re
w a s a ris e to 8.70c. b y th o 4 th , b u t s u b s e q u e n tly th e m a rk e t
eased o ff to 8 .3 5 c., w h ic h w a s a lso th e fin a l q u o ta tio n .
D u r in g M a r c h th e re w a s a q u ite m a rk e d u p w a rd to n d e n c y to
v a lu e s t h a t c a rrie d m id d lin g u p la n d s a b o ve 9 M c e n ts ; in
fa c t, a fte r o p e n in g a t 8 .2 5 c., th e a d va n c o w a s a lm o s t c o n ­
tin u o u s , w it h th o close a t 9.80c.— th e h ig h p o in t o f th e
m o n th . T h e co u rse o f th o m a rk e t in A p r il , to o , w a s a lo n g
s im ila r lin o s , la rg o e x p o rts a n d m o re o p tim is tic o p in io n s as
to th o fu t u r e a ss istin g . T h e in itia l p ric e o f th e m o n th w a s
9 .8 0 c., b y th o 23d th o re w a s a ris e to 10.60c. a n d a d ro p to
10.50c. o n th o 2 7 th , t h a t le v e l b e in g m a in ta in e d to a n d in ­
c lu d in g th o 3 0 th . D e v e lo p m e n ts d u rin g M a y w e re o f a
n a tu re te n d in g to re d u c e th e le v e l o f va lu e s f o r th e r a w m a ­
te ria l. E x p o r t s o f c o tto n c o n tin u e d lib e ra l, re d u c in g q u ite
a p p re c ia b ly th o d e fic it in o u tflo w as co m p a re d w it h th e p ro ce d in g season, b u t w e a th e r a t th e S o u th w a s fa v o ra b le o n th e
w h o lo , a n d in d ic a tio n s w o re t h a t th e decrease in th e a re a to
bo p la n te d in c o tto n w o u ld bo m u c h less co n sid e ra b le th a n a t
f ir s t seem ed p ro b a b le . F u rt h e r m o r e , th e s in k in g o f th e
L u s ita n ia a n d o th e r h a p p e n in g s in c o n n e c tio n w it h th e w a r in
E u ro p o w e ro n o t u n im p o rta n t a d ve rs e fa c to rs in th e m a rk o t.
M id d lin g u p la n d s o p e n e d th o m o n th a t 10.40c., o r 10 p o in ts
d o w n fro m th o A p r il close, a n d a fte r a lm o s t d a ily flu c tu a tio n s ,
w a s o ff to 9.55c. o n th o 1 8th. A n u p t u r n th e n c a rrio d th e
p ric e to 9.80c. o n th o 22d, b u t i t h a d rece d e d to 9.50c. b y
th o 2 6 th , re c o v e rin g 10 p o in ts la te r, m a k in g th o fin a l q u o ta ­
tio n o f th o m o n th 9.60c. T h e m a rk e t f o r th e r a w m a te ria l
w a s w it h o u t sp e cia l fe a tu re d u rin g J u n e , a lth o u g h c o n d itio n
a n d a crea ge re p o rts w e re o f som e in flu e n c e in th e tra d in g .
A f t e r a d e clin o o f 5 p o in ts o n J u n o 1, m id d lin g u p la n d s
m o v e d u p to 9.80c. b y th o 7 th , d ro p p e d b a c k to 9.65c. o n
t h o 9 th ,w a s a g a in q u o te d a t 9.80c. o n th e 12th a n d re a ch e d
9.85c. o n th e 1 5th. T h a t le v e l p ro v e d to b e th e h ig h o f th e
m o n th , s u b se q u e n t flu c tu a tio n s re s u ltin g in a n o t d e c lin e o f
25 p o in ts , th e close h a v in g been a t 9 .6 0c., o r 15 p o in ts a b o v e
th e lo w e s t q u o ta tio n — 9.45c. o n th e 2 5 th a n d 2 6 th . J u l y
w itn e s s e d a m o d o ra to d ro p in th o v a lu o o f c o tto n , f o r w h ic h
d e ve lo p m e n ts a b ro a d w e ro la rg e ly , i f n o t w h o lly , re s p o n sib le ,
th o G o v e rn m e n t ’s a crea go a n d c o n d itio n r e p o rt h a v in g been
a n e g lig ib le in flu e n c e . T h o in itia l p ric e w a s th o sam e as t h a t
o f J u n e 30, b u t b y th e 10th m id d lin g u p la n d s w a s d o w n to
8 .9 0 c., fa v o ra b le c ro p ro p o rts a ss istin g . F r o m t h a t le v e l
th e ro w a s a n a d va n c o to 9.40c. b y th o 17th, b u t th o m a rk e t
a g a in tu m o d o asio r, d ro p p in g to 9.05c. b y th e 2 6 th . R e ­
p o rts o f d r o u g h ty c o n d itio n in p o rtio n s o f T e x a s a n d in v a r i­
ous o th e r lo c a litie s s e rve d to s tim u la te th o m a rk o t s o m e w h a t
in th e c lo s in g w e e k o f th e season, m id d lin g u p la n d s ris in g to
9.35c. o n th e 2 8 th a n d d ro p p in g b a c k to 9 .3 0c., a n d a t th a t
q u o ta tio n th e season closed. T h e lo w f o r m id d lin g u p la n d s
a t N o w Y o r k d u rin g th e season w a s 7.25c. (D e c . l l ) a n d th e
h ig h 10.60c. ( A p r il 23 to 26, in c lu s iv e ), w it h th o a ve ra g e
8 .9 7 c., o r 4.33c. lo w e r th a n t h a t f o r 1913-14 a n d 3.33c. b e lo w
1912-13. T o in d ic a te h o w th e p rice s f o r 1914-15 c o m p a re w it h
tho so fo r e a rlie r y e a rs , w e h a v e c o m p ile d fro m o u r re c o rd s th o
fo llo w in g , w h ic h sh o w s th o h ig h e s t, lo w e s t a n d a ve ra g e p rice s of
m id d lin g u p la n d s in th e N e w Y o r k m a rk e t f o r each season:

High.
e.

1914-15.-. ...1 0 .6 0
1913-14... .-1 4 .5 0
1912-13... ...1 3 .4 0
1911-12... ...1 3 .4 0
1910-11... ...1 9 .7 6
1909-10... ...1 6 .4 5
1908-09... ...1 3 .1 5
1907-08... ...1 3 .5 5
1906-07... ...1 3 .5 0
1905-06... ...1 2 .6 0
1904-05... ...1 1 .6 5
1903-04... ...1 7 .2 5
1902-03... ...1 3 .5 0
1901-02... . . . 97j
1900-01... ...1 2
1899-00... __ 10*4

Low.
e. Average.
c.
7.25
8.97

11.90
10.75
9.20
12.30
12.40
9.00
9.90
9.60
9.85
6.85
9.50
8.30
7%
s ft




13.30
12.30
10.83
15.50
15.37
10.42
11.30
11.48
11.30
9.13
12.58
10.26
9 ft
0*4
9U

High.
e.

1898-99........ . 03*
1897-98........ . 8U
1896-97........ - 87*
1895-96........ - 9T*
1894-95........ - 73*
1893-94........ - 8 f t
1892-93........ .10
1891-92........ - 8 %
1890-91........ .12U
1889-90........ _ 123*
1888-89........ - l i f t
1887-88........ .11
1S86-87........ - l i f t
1885-86........ .101*
1864-85........ - 11»2
1883-84........ -1 1 %

Low.
c. Average.
e.
5 ft
5%
7ft
7 ft
5 ft

6%
8
10U
9»*
9ft
91*
8%
94t
10 f t

6 ft
6 ft
7%
81*
6 ft
7%
8%
7*4
97*
lift
1 0 ft
10 f t
10
9s*
10%
11

Movement of Cotton at Interior Ports.
B e lo w w e g iv e th e to ta l re c e ip ts a n d s h ip m e n ts o f c o tto n
a t th e in t e rio r p o rts a n d th e s to c k o n th e f ir s t o f S e p te m b e r
o f. each y e a r.

Towns.

Year ended July 31 1915. Year ended July 31 1914.
Receipts. Shipm'ls. Stock. Receipts. Shipm'ts. | Stock.

25,280
17,582 8,399
23,002
22,870
Eufaula, Alabama--------Montgomery, Alabama. 207,652 157,955 52,612
161,360 162,445
137,996 118,486 20,143
129,455 129,703
Selma, Alabama---------62,383
62,501
1,083
65,811
64,712
Helena, Arkansas--------190,219 193,716
Little Rock, Arkansas.. 206,121 204,718 9,215
24,457 8,738
32,290
28,460
28,205
Albany, Georgia............
125,039
119,674
8,762
118,634 117,829
Athens, Georgia-----------191,243 186,395 6,248
232,798 232,606
Atlanta, Georgia---------457,161 399,748 67,466
370,903 377,707
Augusta, Georgia..........
80,364
20,488
98,817
84,808
90,564
Columbus, Georgia........
33,096 4,843
37,883
51,536
54,577
Macon, Georgia________
66,575 4,155
67,520
58,722
59,213
Rome, Georgia.......... —
195,336 195,096
Shreveport, Loulsiana.. 164,297 135,656 32,137
30,809 2,924
33,657
38,201
38,225
Columbus, Mississippi.71,403 4,349
75,050
84,837
84,268
Greenville, Mlsslssippl..
142,295 139,595
Greenwood, Mlsslsslppi. 135,074 136,074 3,000
45,061 11,354
35,075
54,315
35,985
Merldian, Mississippi—
22,073 3,125
19,606
19,031
22,098
Natchez, Mississippi----34,904 4,385
34,377
38,579
34,403
Vicksburg, Mississippi..
40,838
36,710 3,891
41,734
39,397
Yazoo City, Miss............
574,018 570,807
749,982 747,970 17,137
St. Louis, Missouri........
188
15,249
14,710
15,281
14,878
Raleigh, North Carolina.
257,639 267,698
334,062 331,338 10,084
Cincinnati, O h io ..........
37,135
37,135
10,354
10,354
Hi|go OlKIallO^a
4,992
24,950
25,455
22,121
26,546
Greenwood, South Caro.
Memphis, Tennessee----- 1,070,607 1,008,905 78,410 1,131,767 1,132,661
11,244
385
10,998
7,917
8,172
Nashville, Tennessee__
1,296
27,478
27,257
19,164
20,023
Brenham, Texas............
49,702
49,702
166
46,310
nijirknvlllp
Tpyjiq
46,476
Wlul AoVlllCf XvAcV3--————
101,872 103,433
650
125,787 125,676
Dallas, Texas__________
33,202
33,202
32
24,438
24,470
Honey Grove, Texas___
2,973,817
2,977.72S
3,412,639
49,528
3,438,160
Houston, Texas________
114,944 114,944
389
119,496 119,107
Paris, Texas...... .............

701
2,915
633
1,201
7,812
905
3,397
1,400
10,053
2,035
56
3,210
3,496
76
707
4,000
2,100
1,100
710
1,204
15,125
20
13,360
567
16,708
130
437
539

___

24,007

Total, 33 towns.......... 18,200,865 7,874,895 440,574! 7,464,912:7,489.163 120,604

I n th e fo llo w in g w e p re s e n t a s ta te m e n t o f th o y e a r ’s e x ­
p o rts fro m each p o r t, s h o w in g d ire c tio n s h ip m e n ts h a v e
ta k e n . S im ila r s ta te m e n ts h a v e be e n g iv o n in a ll p re v io u s
re v ie w s , a n d a c o m p a ris o n as to th e o x te n t o f th o to ta l
m o v e m e n t a t each p o r t ca n b e m a d e w it h b a c k y e a rs . I t is
u n d e rs to o d , o f co u rs e , t h a t th o la rg o m o v e m e n t to R o t t e r ­
d a m , G o th e n b u rg a n d G e n o a re fle c ts th o m o v e m e n t o f
c o tto n th ro u g h th o se g a te w a y s b o u n d f o r G e rm a n y .
k
d
Wil- Nor­ New Other
New Savan­
Gal­ Orleans.
nah. mingtogi folk. York. Ports. Total.
veston.
Liverpool___ 1511,389 747,400 499,499 54,783 28,201 46,252 417,366 3304,890
8,094 10,201 494,775
311,661 82.054 82,765
14,782
14,282
1,432
1,432
1,100
1,100
420
400
11,958 35,142 060,115
303,223 166,953 106,193 36,646
12,847
12,847
10,279
10,279
46,348 66,482 28,850 231,616
6,184 45,888
37,864
52
52
39,867 72,741 521,214
97,389 49,910 214,397 46,910
1,174
1,174
3,896
5,495
575 35,207
700
Copenhagen . 24,541
60
250
34,861
2,607
31,954
54,580 62,731 744,034
Gothenburg.. 276,305 108,479 235,939 6,000
6,300
1.500
1,700
200
Stockholm__ —
1,900
600
2,500
Bergen.......... —
5.500
9,800
4,300
Trondhjem . .
41,948
41,943
24,180
12,141 12,039
600 - ........
5,576 14,600 439,080
Barcelona__ 277,118 58,870 821310
493
493
200
200
1,900
900
1,000
98,459 10,803 1052,748
455,949 262,426 166,756 58,355
28,564
35,400
1,564
5,984
5,984
8,407
8,607
200
—
5,636
7,240
1,610
—
1,380
1,380
319,880 432,939
11;* o.yj
1,000 18,425 19,425
China............
.......... .......... ..........
25
1,650
1,675
33,400 112,691 104,949
6,600
Vladivostok.. 12,258
36
36
F,ft.ni}nla------50
43,231
26,841 16,340
1,800
—
400
500
Argentina__
1
1
35
35
100
100
2,065
836
2,901
1,410
1,410
5
5
183,157 183,157

___

.......

T o ta l........ 3492,643 1538,184 1469,168 203,294 74,549 492,741 1289,849 8560,428
a Includes from Port Arthur to Liverpool, 61.329 bales; to Copenhagen, 400.
From Texas City to Liverpool. 430,283 bales; to Bremen, 10,916; to Copenhagen,
9,630; to Genoa, 2,123; to Mexico, 20,158. From Corpus Chrlstl to Mexico, 618
bales, d Includes from Brunswick to Liverpool, 144,423 bales; to Manchester,
23,002; to Havre, 18,147; to Gothenburg, 10,602; to Genoa, 2,501. k "Other ports”
include from Pensacola to Liverpool, 51,847 bales; to Manchester, 000; to Ilavro,
28,592; to Copnehagen, 400. From Mobile to Liverpool, 89,352 bales; to Manches­
ter. 100; to Venezuela, 836; to Isle of Pines, 1. From Gulfport to Liverpool, 5,322
bales. From Charleston to Liverpool, 79,844 bales; to Bremen, 27,750; to Rotter­
dam. 65,865; to Gothenburg, 62,410: to Barcelona, 14.600; to Genoa, 10,350.
From Boston to Liverpool, 97,583 bales; to Manchester, 7,440; to Bremen, 1,100:
to Genoa, 453; to. St. John, Ac.. 4.588. From Baltimore to Liverpool, 58,839 bales:
to Ilavro, 6,550; to Rotterdam, 1,600. From Philadelphia to Liverpool, 27,375
baloe: to Manchester, 1,755; to Rotterdam, 5,276: to Copenhagen, 175; to Gothen­
burg, 325. From Portland to Liverpool, 2,704 bales. From San Francisco to
Japan, 151,696 bales; to China, 10,250; to Stockholm, 200: to Manila, 1,650; to
Vladivostok, 30,224. From Los Angeles to Liverpool, 4,500 bales. From Port
Townsend to Japan, 168,184 balas: to China, 8,175: to Canada, 151; to Vladivostok.
80,853. From Pembina to Vladivostok, 1,614 bales. From Port Huron, Detroit,
Ac., to Canada, 178,414 bales.

AVG.

21 1915.

THE CHRONICLE

By Messrs. Adrian H. Muller & Sons, New York:

THE ENGLISH GOLD AND SILVER MARKETS.
W o r o p rin t th o fo llo w in g fro m th o w e e k ly c irc u la r o f
S a m u o l M o n ta g u & C o ., o f L o n d o n , w ritte n £ u n d o r d a te o f
A u g . 5 1915:
GOLD.
Tho movements aro again in favor o f the .B a n k 'of England. T ho follow ­
ing amounts wore rocoived b y tho Bank:
A ug. 3— £200,000 in sovereigns roloased on miscellaneous account.
“
4— 821,000 in bar gold.
200,000 In sovereigns roloased on miscellaneous accou nt.
W ithdrawals wero inado a.s under:
July 29— £350,000 bar gold.
200,000 in sovereigns set aside on miscellaneous account.
A ug. 3— 150,000 in sovereigns sot asido on miscellaneous account.
During tho wook tho not increase amounted to £521,000.
S IL V E R .
Tho tone has boon somewhat dull, though tho prico has been fairly woll
maintained. It rose on tho 30th ult. from 22 5-16 to 22 7-16 and continued
at that figure until to-day, when 22% was rccordod. This stoadinoss was
owing to tho scantiness o f supplios rathor than to any keenness in tho
demand.
China bought to a slight oxtont, and also tho Indian bazaars, but tho de­
mand from the latter quarter is still far from active, as it has been for
soino tim e past.
Tho monsoon is pursuing a moro favorable courso, and excellent rains aro
reported from different parts o f India. T ho Punjaub District seems be­
hindhand in this respect, but the fact is not so sorious as it would have been
in past days before irrigation had roachod so high a dogroo o f efficiency.
It is in this district too that tho lator rains, about tho time o f September,
aro o f moro importance than those o f tho earlier months.
M ail advices from B om bay, under dato o f tho 16th ultimo, attributed
tho depression o f tho local silver inarkot directly to a want o f rain, and it is
thoroforo possiblo that tho improvement in tho m onsoon, sinco roportod
m ay before long stimulate domand from tho Indian bazaars.
An Indian curroncy return for tho 31st ult. gave details in lacs o f rupees
as follows:
N otes in circulation---------------- 6 ,8 0 6 1Gold coin and bullion................... 782
Kosorvo in silvor coin ..................4 ,0 0 9 1G old in E ngland........................... 615
Tho stock in Bom bay consists o f 5,800 bars, com pared with 5,200 last
woelc. An unusually largo shipment o f 760,000 ozs. has been m ado from
San Francisco to H ongkong. Statistics for July aro appended:
Highest prico for cash delivery___________________________________ 22 15-16
Lowest prico for cash dolivery____________________________________ 22 5-16
Average prico for cash dolivery___________________________________22.597
Quotations for bar silver por ounce standard:
July 30........ 22 7-16 cashf
No
Bank rate__________________
5%
31------- 22 7-16 “ quotations
Bar gold, por o z ___________ 77s. 9d.
A ug. 3 ------- 22 7-16 “
fixed
French gold coin, per o z ___Nominal
4
..................... 22
Ifor por o z ..N o m in a l
IT. 7-16
S. A“. gold coin,
5
------------------ 22% “
Iforward
A v e r.fo rw k .22.425
l delivery
Tho quotation to-day for cash is 1-16d. abovo that fixed a week ago.

l

TRADE AND TRAFFIC RETURNS.
L A K E S U P E R I O R I R O N S H I P M E N T S . — T h o s h ip m o n ts
o f L a k o S u p o rio r iro n o ro d u rin g J u l y 1915 a g g re g a te d 7,204,­
021 to n s , a n in cre a se o f 1,419,507 to n s o v e r J u l y 1914. T h o
to ta l s h ip m o n ts f o r th o season to J u l y 31 w o ro 18,725,303
to n s , as co m p a re d w it h 15,408,630 to n s f o r th o sam o p e rio d
la s t y o a r. B o lo w w o s h o w th o s h ip m o n ts fro m th o v a rio u s
p o rts in J u l y 1915,1914 a n d 1913 a n d fo r th o season to A u g . 1:

Port (tons

-July-

)—
1915.
1914.
1913.
Kscanaba..........
813.870 084,721
858.090
Marquette____
507,359 297,413
490,725
Ashland _____
703,285 533,744
754,329
Superior.
.1,286,402 1,950,911 2,390,001
D u lu th .............. 2,414,649 1,109,410 1,938,716
Two Harbors...1,413,450 1,102,315 1,759,880

-Season to Aug.

1915.
2,002,700
1,114,300
1,870,077
3,004,002
0,710.400
3,903,704

1914.
1,740,741
081,301
1,410,825
5,090,413
2,949,280
2,930,004

11913.
2,059,299
1,550,501
2,264,031
7,073,413
5,934,004
4,841,552

T o ta l.............. 7,201,021 5,784,514 8,204,410 18,725,303 15,408,630 24,329,400

593

Shares.
Stocks.
Per cent. Shares. Stocks.
Per cent.
1 Corn Exchange Bank_________ 301
10 Title Guar. & Trust Co_______390

2 Fidellty-Phenix Fire Ins______ 301
5% Chic. WU.& Vermillion Coal)
4 St. L. S. F. R R. stk. tr. ctfs.l
of C.&E.I11.RR. pf. ctfs. dep. )$10
2 St. L. & S. F. RR. stk. tr. ctfs.l lot
of C.&E.III.RR.com.ctf.dep. J
42 Internat. Bell Tel.,Ltd.,SI ea.$28 lot
700 American Chicle Co., com_____90
7 Fulton Trust Co...... .................275
1 National Park Bank_________ 400
143% Hamlin Imp. Ervia Co., S25
each..................................... $50 lot
50 City Investing Co., com m on.. 17
25 “ New Yorker Staats-Zeitung”
841,920 lot

Circulating Medium.

-Stock of Money Aug. 2 ’ 15------- Money in Circulation—
In U.
S. nlleld in$ Treas. Aug. 25 1915. Aug.y «11914 ’
$

Gobi coin and bullion____ 2,000,399,539 220,070,821
590 501 047
632,332,591
Gold certificates b __
30,939,230 1,006,’230,’ 139 974,380,719
Standard silver dollars___ 568,272,478 15,957,807
64,400,671
09,981,742
Silver certificates b........... ...............
9,742,072 475.920,928 474,001,338
Subsidiary silver...... ......... 185,470,523 20,298,077
159,177,840
160,128,800
Treasury notes of 1890 b ______ _______
7,511
2,237,489
2,420,019
United States notes............ 340,081,010 12,517,407 334,103,549 337,003,899
Federal Reserve notes____
98,130,500
4,918,200
93,212,300
Federal Reserve bank notes __________
National bank notes_____ 804,601,373 32,812,920 771,788,453 710,513,810
Total___
----------- 4,009,501,429 359,260,705 3,503.705,022 3,307,308,930
per>caplta!<$35 33°ntlnentaI UnUed StatCS C3tlmated at 100,807,000. Circulation
a This statement of money held in tho Treasury as assets of the Government does
not Include deposits of public money In national bank depositaries toth o creditof
tho reasurcr of the United States, amounting to $40,502 976 27
0 cr Jlt 01
b For redemption of outstanding certificates and Treasury notes of 1890 an exact
equivalent in amount of the appropriate kinds of money Is held in the Treasury and
is not included in the account of money held as assets of the Government
Aug. 2 1915 Federal Reserve banks and Federal Reserve acm is held
against Federal Reserve notes $0,629,902 gold coin and bullion and S70
sno
Bold certificates-—a total of $80,595,702, against $74,811,304 on Ju“ y l 3 ’
’

A

Note.—On

Auction Sales.—A m o n g o th e r s e c u ritie s, tile'sfo llo w in g ,

not usually dealt in at the Stock Exchange, w o ro re c o n tly sold
a t a u c tio n in N o w Y o r k , B o sto n - a n d ^ P h ila d e lp h ia :



Per'Cent.

W. Canada Pub. Utilities';
Co. coll, notes 6s, 1916_________ .25
$10,000 Pere Marq. RR. cons. 4s,
1951, trust receipts........ ............... 30 5
$1,000 Estates of Long Beach 1st * 1
6s, 1917..................................... $300 lot
$1,000 Ouray Co., Colo., ref. 4s,
A, 1921...............................
85
$35,000 Denver Reservoir & Irrlg. ,
Co. bondholders' protective commlttee 6% coll. tr. notes, 1918.. 2 1
$18,000 Mo. Okla. & G u lf, R y. ?
1st 5s, 1 9 4 4 ................................. 1 %

By Messrs. II. L. Day & Co., Boston

Shares.
Stock.
$ per sh. Shares, Stock.
1 Old Colony Trust Co__________ 257
11 Warren Bros.

$ per sh.

Co., 1st pref., ■<<
$50 each........ ......... ................. 3 0 %
5 Amer. Steam Gauge & Valve'1
Mfg., pref-------------------------- 102%
5 Snell & Simpson Biscuit Co., p f. 40

5 Hill Manufacturing Co_______I 85
5 Wamsutta Mills______________ 121%
5 Merrimack Mfg. Co., com........ 27
1 Nashua & Lowell R R ________ 167%
4 Haverhill Electric Co________ 215

By Messrs. Francis Henshaw & Co., Boston:

Shares.
$ per sh. Shares.
25 Merrimack M fg., common_____90

per sh.

§
10 Wamsutta Mills...... ......... ....... 1*1%
1 York Manufacturing_________ looo
10 U. S. Finishing Co., comm on.. 12
1 Middlesex Co., common_______ 55
18 Panama Timber Lands, pref..|$100
2 Great Falls Manufacturing__ 187%
400 High Top Mining Corporation! lot I
12 Pepperell M fg................ . 120-120%
8 William S. Osborne Co.

j

B y M e s s rs . B a rn e s & L o fla n d , P h ila d e lp h ia :

Shares. Stocks.

per sh. Shares. Stofks.
7

per sh

$
$
10 Franklin Trust Co.. S50 each__ 54 ’
Phil. German & Nor. RR., $5 0 .
50 Victor Talking Mach. Co., pref.140%
each__________ ____________ 137%
15 Fire Assoc, of Phil., $50 each__ 319%
3 Germantown Pass. R y____ IIIlOO
35 Integrity Titlel., T.& S. D. Co.215
4 J. B. Stetson Co., common____ 345
5 First Nat. Bank, Pliila...............200
5 Belmont Driving Club________85
10 Southwestern Nat. Bank______ 115
4 Phila. Bourse,com.,$50 each!I 5%
10 Corn Exch. Nat. Bank...............300
17 Philadelphia Nat Bank_______ 441
-5 North Phil. Trust Co., $50 each. 145
$1,000 Phila., City, 4s, 1941______ f01%

\
Per'cent

Bonds.

.

DIVIDENDS.

T h o fo llo w in g sh o w s a ll th e d iv id e n d s a n n o u n c e d f o r th e
fu tu re b y la rg o o r im p o r ta n t c o rp o ra tio n s .

Dividends announced this week are printed in italics.

Per When
Cent.
Payable.

Name of Company.
R a ilr o a d s

BooksInclusive.
Closed.
Days

(S te a m ).

Alabama Great Southern, preferred ___
Atch. Top. & S. Fe, com. (qu.) (No. 41).
Baltimore Ohio, common____________
Preferred____________
Canadian Pacific, common (quar.).. .
Preference_________________________
Chestnut Hill (quar.)_______
Chicago Milwaukee St. IVul,'common I
Preferred....................................... .........
Cleveland & Pittsb., reg., guar. ('quar.)II
Special, guar. (q u a r.)................ ’ ”
Cripple CreekCentral.com. (qu.) (No.23)
Preferred (quar.) (No. 39)........ ...........

&

3
1%
2%

H ill

2

2%
2

&

1%

2

3%
1%
1

1
1

Delaware A Bound Brook (quar.j. I I I l l l l
Delaware A Hudson Co. (quar.)___ III I

2

2%
2%

Illinois Central (No. 121)______ I I I IIII
Minn. St. P. & S. S. M ., com.&pf.(No".25)
Norfolk & Western, common (quar.).
North Pennsylvania tq*ar.)_________ H I
■'onusylvanla RR. (quar.)
Pliila. Germantown & Norristown (quar.)

3%
1%

2

1%
3
1%
1

Pittsb.,
Youngst. A Ashtabula, pref. (qu )
Reading Company first Dref. (quar.)

Southern Pacific Co. (quar.) (No. 36)'"
Union Pacific, common (quar.)___
"
Preferred__________________
Wisconsin Central, p re fe rrcd llllllH II
Street and Electric Railways. '"
American Railways, common (quar )
Brazilian Trac., Light & Power (quar.)
Central Arkansas R y.& L .C orp., pf. (qu.)
Chicago Railways partic. certifs. Series 1.
Detroit United Ry. (quar.)_____
)...I
_______________

Louisville
Traction, com. (quarl
Preferred
Northern Ohio Trac. A Light, com. (quar.).

1%
2
2
2

&

50c. Sept. 15 Holders of rec. Aug. 28a
Sept.
Holders of rec. Aug. 10
Sept.
Holders of rec. Aug. 16a
4
Sept.
Holders of rec. Aug. 14a
1% Sept.
Holders of rec. Aug. 10a
1
Oct.
Holders of rec. Sept. 10
2 % Oct.
Holders of rec. SeDt. 10
1% Sept. 15 Holders of rec. Aug. 25a
1
Sept.
Holders of rec. Aug. 14a
3
Sept.
Holders of rec. Aug. 14a
2 % Sept.
Holders of rec. Aug. 10 a
3
Sept.
Aug. 22 to Sept. 1
1% Sept.
Holders of rec. Aug. 20a

American Gas (quar.)
Amcr.
Pneumatic
Second
PreferredService, 1st pref.l ll~.ll
Amer. Power A Light, com. (qul) (Nol
&

Amer. Telegraph & Cable (quar.)
Blackslone
ValleyGas
G. &(quar.)
K., com.
Brooklyn Union
(No. (quar.)lll
5 8 )___ I
Brunswlck-Balke-Collender, pref. (quar.)
Buckeye Pipe Line (quar.)____________
Buttcrlck Company (quar.)______

Central Aguirre Sugar Cos., common
Cent.Miss.Vail.El.Prop.,pf.(qu.)(No. 7). .
Chesebrough
Mfg. Consolidated (quar.) H"I'
Ultra ___________________________

Citizens Gas of Indianapolis (No. 12)1111
Consolidated Gas (quar.)__________
Extra.................... .............. ..... II
Consol .Gas ,E .L AtPow. ,Balt. .corn. (au)"
Preferred______________________
Crescent Pipe Line (quar.)__ I IIIII

Cuban-Amerlcan Sugar, pref. lquar.)l
Pref. (on account of accumulated divs.)~~

Deere & Co., pref. (quar.).................... ..
Diamond Match (quar.).
_
Dlllman Bakery, Inc., pref. (N o I i)I I I H
Dome Mines, Ltd. (No. 1 ) ............ .1111
Eastman Kodak, common (quar.) I I IIIII
Common (extra)_____________ .I I I I H
Preferred (quar.).......... II I II I I

in

Aug. 27 Holders of rec. July 2
Sept.
Holders of rec. July 30a
Sept.
Holders of rec. July 31a
Sept.
Holders of rec. July 31a
Oct.
Aug. 22 to Oct. 0
Oct.
Aug. 22 to Oct. 0
Sept.
Aug. 21 to Sept. 3
Sept.
Aug. 13 to Sept. 26
Sept.
Aug. 13 to Sept. 20
Sept.
Holders of rec. Aug. 10a
Sept.
Ho’ders of rec. Aug. lOd
Sept.
Holders of rec. Aug. 14a
Sept.
Holders of rec. Aug. 14a
Aug. 20 Aug. 14 to Aug. 19
Sept. 20 Holders of rec. Aug. 28a
Sept. 1 Holders of rec. Aug. 9 *
Oct. 15 Holders of roc. Sept. 24«
Sept. 18 Holders of rec. Aug. 31a
Aug. 25 Aug. 12 to Aug. 19
Aug. 31 Holders of rec. Aug 2 a
Sept. 4 Aug. 21 to Sept. 3
Sept. 1 Holders of rec. Aug. 20a
Sept. 9 Holders of rec. Aug. 21s
Oct. 1 Holders of rec. Aug. 31b
Oct. 1 Holders of rec. Sept, la
Oct.
Holders of rec. Sept, la
Oct.
Holders of rec. Sept. 11

%
1%

NorthcrnTexasElec.Co.,com. (qu.) (No.24)
Preferred (No.20)........ ...................
Philadelphia Company, 5% preferred"
Terre Haute Traction & Light, pref..........
<t__
Trust Companies.
Lawyers’ Title Trust (quar.) (No. 68).
1%
Miscellaneous.
Adams Express (quar.)_________
$1
Amalgamated Copper Co. (q u a r.)IIIII'
1
American Coal_______ _______________
3
___________ IH III
1%
3%
_______
”
1%
1 1) I
1
American Radiator, common (quar.)
4
Amcr. Smelting Refining, com. (quar.)
1
Preferred (q u a r.).......... ....................
1%
American Sugar, com. & pref. (quar.).H I
1%
American Sumatra Tobacco, preferredlll
3%
____ H I
1%
American Tobacco, common (quar.)IIII
5
Atlantic Refining (quar.)_________
”
6

# crm m ercta ! a m ilB iscella iiea u sl^ jetU B Wlsconsln-Mlnn Lt. Power, pf.(qu.)
S T O C K O F M O N E Y I N T H E C O U N T R Y . — T h o fo llo w ­
in g ta b lo sho w s th o g o n o ra l s to c k o f m o n o y in th e c o u n t ry ,
as w o ll as th o h o ld in g s b y th o T r e a s u r y a n d th o a m o u n t in
c irc u la tio n o n th o da tes g iv e n :

Bonds.
$3,000

&

2
1%
1%
$2
%

$10

$1.50
6

4
3%
1%
%

1%
3
75c.
1%
5%A
1%

1%
3%
50c.

2%
2%
1%

Oct.

Sept. 16

to

Oct.

1

Sept. 1 Aug. 17 to Aug. 81
Aug. 30 Holders of rec. July 31a
Sept. 1 Holders of rec. Aug. 31a
Sept. 1 Holders of rec. Aug. 18a
Sept. 30 Holders of rec. Sept. 11
Sept. 30 Holders of rec. Sept. 11
Sept.
Holders of rec. Aug. 24a
Sept. 30 Sept. 22 to Sept. 30
S ept.15 Aug. 28 to Sept. 2
Sept.
Aug. 14 to Aug. 22
Oct.
Holders of rec. Sept, la
Sept.
Aug. 21 to Sept. 1
Sept. 1 Holders of rec. Aug. 31a
Sept. 1 Holders of rec. Aug. 14
Sept. 15 Holders of rec. Aug. 20
Sept. 1 Holders of rec. Aug. 20a
Oct. 1 Sept. 10 to Oct. 1
Oct. 1 Holders of rec. Sept, la
Sept. 15 Holders of rec. Aug. 25
Sept. 1 Holders of rec. Aug. 16
Sept. 1 Holders of rec. Aug. 25
Sept. 1 Holders
___
of rec. Aug. 21a
Sept. 20 Sept. 4 to Sept. 20
Sept. 20 Sept 4 to Sept.t20
Sept. 27 Holders of rec. Sept. 11
Sept. 15Holders of rec. Aug. 12a
Sept. 15 Holders of rce. Aug. 12a
Oct. l;IIolders of rec. Sept. 15
Oct. 1 Holders of rec. Sept. 15
Sept. 15 Aug. 25 to Sept. 15
Oct.
Holders of rec. Sept. 15a
Oct. 1 Holders of rec. Sept. 15a
Sept. 1 Holders of rec. Aug. 14a
Sept. 15 Holders of rcc. Aug. 31a
Sept. 1 Aug. 21 to .
Sept. 1 Aug. 24 to Sept.) 1
Oct. 1 Holders of rcc. Aug. 3la
Oct. 1 Holders of rec. Aug. 31a
Oct. 1 Holders ofjrec. AngJ31a

[Vol. 101.

THE CHRONICLE

594
Per When
Cent. Payable.

Name of Company.
M iscellaneous (Concluded .

Federal Mining & Smelling, vref. (quar.).
General Asphalt, pref. (quar.) (No. 3 3)..
General Chemical, common (quar.)........
General Chemical, pref. (quar.)........ .........
General Development--------------------------General Electric (quar.)..........................—
Globe-Wernicke, common (quar.)..........
Goodrich (B. F.) Co., preferred (quar.)..
Harblson-W
alker Refractories, com. (quar.)
Homestake Mining (monthly) (No. 490).

Lake of the Woods Milling, com. (qu.)
Preferred (quar.)

IX
X
IXX
IX
hX
X
■IX2X
IX
IX
IX
IX
IXX
IX
IX
IX
lx
IX
IX

Lindsay Light, common (quar.)..............
Preferred (quar.)-----------------------------Manhattan Shirt, com. (quar.) (No. 2 )..
First, preferred (extra).

Mergenlhaler
Linotype (quar.)............
Middle West Utilities, pref. (quar.).
Moline Plow, 1st pref. (quar.)..........
Preferred (quar.).
National Cloak & Suit, preferred (quar.)
National Lead, common (q u a r.)..........
Preferred (quar.) — ................ ............
-------------

National Sugar Refining (quar.)
North American Co. (quar.).

Ohio Oil (quar.)----------------- ------------------

Ohio Cities Gas, common (quar)............

39Xo.
IX
IX
2X
IX
l
IXX
2X

Peoples Gas Light A Coko (quar.)...........
Philadelphia Electric (quar.)---------------Pittsburgh Steel, preferred (quar.)------Porto Rlcan-Amerlcan Tobacco (quar.)..
Quaker Oats, common (quar.)------Preferred (quar.)— ....................
Quaker Oats, pref. (quar.).......... ..
------------------cfc

Quincy Mining
Republic
Iron (quar.)
Steel, pref. (quar.).
Southern Pipe Line (quar.)............
South
Penn Oil (quar.)......................
Standard OH, California (quar.) —
Standard Oil of N. J. (quar.)
iStandard
Eilra Oil (Ohio) (quar.)..

.
.
.
)

.
)
.
Preferrcd (q u a r.)....................
..
Union
Tank
Line
_______________
United Cigar Mfrs., pref. (quar.)..........
.)
..)
Utah Consolidated Mining.
)
Preferred (quar.).

Wilmington Gas, preferred-----------\Voolworth(F.YV.)Co.,com (qu.) (

Woolworth (F. W .), pref. (quar.).

e

Sept. 1 I
Sept. 1 I
let. 1 I
Sept. 1 I
let. 1 1
3ept. 15 I
Sept. 1 I
3ept. 1 1
9ct. 1 I
Sept. 1 I
let. 15 I
Sept. 10 I
2
Oct. 1 I
Sept. 1 1
65c. Aug. 25 I
to Aug. 30
Aug. 31 A
2
Sept. 1 1
Sept. 1 1
Sept. 1 1
to Sept. 1
Sept. 1 A
25c. Sept. 15 1
3ept. 1 I
2
2
Sept. 1 1
Sept. 1 1
Aug. 31 1
$1
Sept. 1
3
Aug. 31 1
Aug. 31 1
Sept. 1
Oct. 1
Oct. 1
Sept. 1
Sept. 30
Sept. 1
Sept. 1
1
Sept. 15
Sept.15
Oct. 15
Aug. 31
Sept. 1
to Sept. 15
Sept. 30
to Aug. 24
8ept. 15
Oct. 2
Sept. 24
Oct. 1
Sept. 1
Sept. 1
to Sept. 0
$1.25 Sept. 20
to Sept. G
75c. Sept. 20
Aug. 25
2
Sept. 15
Sept. 1
4
Sept. 3
Aug. 24
Aug. 25
. Oct. 1
Oct. 15
Nov. 30
^ Aug. 31
$2
Sept. 27
Oct. t
Oct. 1
0
Sept. 1
5 to Sept. 30
3
Sept. 30
s of rec. Aug. 20
Sept. 15
4 to Aug. 31
Aug. 31
3
Sept. 15 Aug. 27 to Sept. 15
3
Sept. 15 Holders of rec. Aug. 20a
5
2
Sept. 15 Holders of rec. Aug. 27a
4 to Sept. 22
Oct. 1
3
Oct. 1 _r-- 4 to Sept. 22
3
Sept. 1 Holders of rec. Aug. 20a
Sept. 1 Holders of rec. Aug. 20a
Oct. 1 Holders of rec. Sept. 20a
1
Oct. 1 Holders of rec. Sept. 20a
Sept. 25 Holders of rec. Sept. 4a
Sept. 1 Holders of rec. Aug. 25a
Sept. 15 Holders of rec. Sept, la
Sept. 1 Holders of rec. Aug. 14
Sept. 30 Holders of rec. Sept. 15
Aug. 30 Aug. 3 to Aug. 16
50c. Sept. 27 Holders of rec. Sept. 4
Sept. 1 Holders of rec. Aug. 20
Sept. 1 Holders of ree. Aug. 20
Sept. 1 Holders of rec. Aug. 18
Sept. 1 Aug. 21 to Aug. 31
3
Sept. 1 Holders of rec. Aug. Ida
|Oct. 1 Holders of roc. Sept. 10a

IX
IX
ix
2IX
IXX
IX
IX
5IX

Indcpendent Brewing, preferred (quar.).
Inland Steel (quar.)..................................
Int. Harvester of N. J., pf. (qu.) (No. 34)
Int. Harvester Corp., pref. (qu.) (No. 10)
International Nickel, common (q u a r.)...
Kerr Lake Mining (quar.) (No. 40)........
Kings Co. El. Lt. A Pow. (qu.) (No. 62).
-------------------------Lehigh Coal * Navigation (quar.)..........

)

.)
)
-

IX
IX
IX
2X
IX
ix
3X
IX
IX
IX
IX
IX
IX
IX

b

g

INSOLVENT NATIONAL BANKS.
—“Tho Wharton National Bank,” Wharton, Tex., was placed in
tho
hands
of a receiver July 29 1915.
7 9 4 2 —“The Island City National Bank of Key West,
Key West, Fla.,
’
was placed in tho hands of a receiver July 29, 1915.
R E S U M P T IO N OP BUSIN ESS.
0 983—The Farmers’ & Merchants’ National Bank of M t. .Morris, Fa.,
placed in the hands of receiver on Feb. 4 1915, was on July 39 l'Jlo
restored to solvency and permitted to resume business.
CHANGE OF TITLE AUG. 2.
, ,
g _424 __The Nixon National Bank of Itono, Nov., to “Tho Reno National
Bank."
6 313

5
4
8
8
8
1

Eastman Kodak, common (extra)---------Electric Boat, common (No. 5)-------------Common (No. 6 )-----------------------------Preferred (quar.) (No. 29)----------------Preferred (quar.) (No. 30)-----------------

Standard Oil (Indiana) (q u a r.)...
Standard OH (Kansas) (quar.)---------------Standard Oil of New York (quar.).
..........
_________________________

Books Closed.
Days Inclusive.

d Cor

a Transfer books not closed for this dividend,
Less British Income tax.
rectlon.
Payable In stock. / Payable In common stock,
Payable In scrip
On account of accumulated dividends.

National Banks.— T h o fo llo w in g in fo rm a tio n re g a rd in g
n a tio n a l b a n k s is fro m th e o ffico o f th o C o m p tro lle r o f th o
C u iT o n e y , T r e a s u r y D e p a rtm e n t:

Canadian Bank Clearings.— T h o cle a rin g s fo r th e w e e k
e n d in g A u g . 14 a t C a n a d ia n c itie s , in co m p a ris o n w it h th o
sam o w e e k o f 1914, s h o w a n in cre a se in th o a g g re g a te o f
_____ _
3 .8 % .

Clearings at—

Week ending August 14.
Inc.or
Dec.
1913.

Canada—
Montreal______
Toronto_______
Winnipeg______
Vancouver____
Calgary............
O ttaw a_______
Quebec..............
Victoria _______
Hamilton_____
Edmonton____
H alifax_______
St. John_______
London _______
Regina____ ___
Saskatoon ____
Moose J aw ___
Lethbridge___
Brandon_____
Brantford____
Fort William__
New Westminster
Medicine Hat.
Peterborough__

54,975,632
34,177.544
14,174,662
6,753,528
2,359,469
3,616,578
3,061.346
1,567,506
3,252,396
1,879,689
1.991,985
1,551,031
1,863,370
1,228,704
735,228
548,431
356,587
360.933
412,412
305,111
245,436
151,524
285.934

%
+ 30.0
+ 5.4
— 29.3
— 4.3
—44.0
+ 3.9
+ 9.4
— 30.2
+ 36.4
— 31.6
— 3.1
+ 12.6
+ 19.8
— 22.1
— 35.3
— 26.9
— 3.8
— 6.9
+ 0.9
— 13.7
— 37.5
— 47.9
— 19.5

$
50.884,403
35,896,066
20,986,350
11,590,125
3,978,033
3,576,421
3,006,677
3,076,255
2,580,556
3,733,736
2,108,082
1,510,592
1,940,218
1,931,858
1,437,871
723,934
398,199
493,394
479,633
942,360
519,136
485,349

$
60,819,170
38,301,273
22,118,264
11,380,222
4,646,851
4,929,087
2,738,905
3,549,724
2,884,443
4,098,681
1,575,054
1,664,774
1,667,811
2,090,263
1,986,377
977,032
552,538
477,227
517,173
582,845

Total Canada.

135,855,036

+ 3.8

152,285,310

166,974,869

42,291,684
32,439,677
20,043,127
7,059,047
4,214,989
3,481,577
2,798,399
2,246,690
2,384,800
2,750,755
2,055,681
1,377,188
1,555,374
1,576,944
1,137,570
750,483
370.723
387.784
408,614
542,355
392,543
290.784
352,797

1912.

Imports and Exports for the Week.—T h o fo llo w in g a ro
th e re p o rte d im p o rts a t N o w Y o r k fo r th e w e e k e n d in g
A u g u s t 14 a n d since th e fir s t o f J a n u a r y :
FOREIGN IMPORTS AT NEW YORK.

For Week Ending Aug.

General Merchandise..........

$2,024,293
12,384,377

1912.

1013.

1914.

1915.

14.

$1,953,165
14,258,228

$3,390,960
14,101,948

$3,354,374
18,145,568

$11,408,675 $16,211,393 $17,498,908 521,409,042

Since Jan.

1.
Dry Goods_______________
General Merchandise----------

S73,644,581 $113,136,254 $91,274,341 $88,336,115
623,197,471 522.550,934 508,177,892 529,276,774

Total 32 weeks--------------- $690,842,052 !$635,693,188 $599,452,233 $617,012,889
EXPORTS FROM NEW YORK.

Week Ending Aug. 14.
For the week............ .............
Previously reported------------

1914.

1013.

531,804,842 S10,723,082 $14,834,851 $9,731,567
809.297,460 532,178,739 544,592,798 490,924,785

Total 32 weeks.................. 3841,102,302|$542,901,821 ;$559,427,649 $500,656,352

.. T h e g o ld a n d s ilv e r e x p o rts a n d im p o rts fo r th o w o e k a nd
since J a n u a r y 1 h a v e boon as fo llo w s :
EXPORTS AND IMPORTS OF SPECIE A I’ NEW YORK.

Week ending Aug. 14.
Gold.
Great Britain........ . ........... —
France______________________
Germany....................................
West Indies_________________
Mexico______________________
South Am erica..------- ----------AH other countries........ ............

Exports.
Since
Week. Jan. 1.

Imports.
Since
Jan. 1.
$1,950,982
11,519,314

$252,000 $0,905,038

$20,575

711,140
50,000

135,209
13,032

20,010

f , 130,964
1,133,652
8,752,993
4,847,752

APPLICATIONS TO CONVERT APPROVED JULY 30 TO AUG. 2.
$252,000 $7,686,188 $174,810 $29,341,057
The State Bank of Durand, Wis., into “The First National Bank of Total 1915..............................
140,926 5,700,969
505,600 126,962,949
Durand.”
Capital,Bank
525,000.
. . into Tho First National
. , Total 1914..............................
538,174 12,631,002
68,742,690
Tho Merchants'
of Bryant, S. .Dak.,
Total 1 9 1 3 ...........................
Bank of Bryant.” Capital, 325,000.
Silver.
$9,813
$471,674 $21,9.84,880
CHARTERS ISSUED TO NATIONAL BANKS, JULY 30 TO AUG. 4. Great Britain.... .......................
12,923
1,580,575
France______________________
10.758— The First National Bank of Lake Preston, S. Dak. Capital,Germany___________________
325,000. II. 1. Olston, Pres.; H. L. Olston, Cashier. Conversion West Indies_________________
$2,590
98,707
1,305*760
"
89,656
of Merchants’ Exchange Bank, Lake Preston.
185,472 2,189,610
3,700
Mexico------- -------------------------10.759— Tlio First National Bank of Ravenswood, W. Va. Capital, $3.5,­South
114,315 2,447,832
43,810
Am erica........................
000. Win. M. Arnold, Pres.; E. A. Bartols, Cashier.
739,184
9,375 _______ I
10.700— The First National Bank of Sheridan, 111. Capital, 325,000.All other countries....................
F. O. Bastian, Pres.; It. J. Callagan, Cashier. (Succeeds Wrn. Total 1915..........
$500,674 $25,018,112 $302,377; $5,498,069
Callagan & Sons, bankers, Sheridan, 111.)
127,853; 5,496,835
547,827 25,692,576
1914..........
10.701— Tho l irst National Bank of Winnfield, La. Capital, $25,000. Total
261,663! 0,311,220
579,740 31,551.899
Total 1913..........
M. M. Fisher, Pres.; A. L. Bryan. Cashier.
10.702— Tho First National Bank of Ripley, VV. Va. Capital, $35,000. Of the above Imports for the week In 1915 $15,975 were American gold coin
R. i*. Shinn, Pres.; W. W. Riley, Cashier. (Conversion of the and $__ American silver coin.
Valley Bank, Ripley, W. Va.)
The Federal Reserve Banks.— F o llo w in g is th o w e o k ly s ta te m e n t issu ed b y th o F e d e ra l R e s e rv e P®a^d o n A u g iis t 14:

Tho statement indicates a gain of 3.1 millions in total gold
reserve other than gold. The total reserves of the banks decreased
tho largest gains in gold reserves, partly through increased credit I
tho result of transfers on tho books of tho
settlement
dal gold
p°apurC
ownednbyfund.
the banks at tho end of tho week shows a d e c r e a s e of about 8250^00. ^ O Y o ^ D a n k
amouutbyofthodiscounted
commercial
70% Tho
is carried
three Southern
oanks.p -------- -----, ------------------------tho'total S t of acceptances, for which detailed
being offset in part by losses shown for tho Boston, Kansas^City and San Francisco banks.
figures were o ........................... * ' ~
J
'* * '
*' 1 ~ "
involving the
indeterminate,
tho reserveonbanks
having laneuwithin
to lurnisn
nuormauon
regarding
onetonature
viwhile
<-u« tho percentage of PAPer .
-ine within
9(1 <Kvs in­
relative
amount
10 days,
days
declined
from
8.4%.
^
creased from
31.9of topaper
33.4%. hand
Billsmaturing
maturing after 90
practically
all 10.3%
agricultural
papor,
decreased slightly in amount and constitute
at present
about 5% of tho total amount of commercial and bankers’ bills on hand.
_. . __'Phis cbiss of Government, honds
Admtlonnl
or *104,000 ot U n B e d 3 % . b o „ d , « o rojjonwl t o
W
Is held by tho two banks only and amounts at present to $2,049,000Tweet Aver mV. nf “All other resources” is representedby national bank notes
tho
banks
reporting
larger
holdings
than
at
the
end
of
tho
previous
week.
Over
60%
of
“All
other
resources
York
bankis
represented
on hand. Net deposits decreased about 4 million dollars during tho week. The larger decreaso of 5.5 millions for the Now York bank is represents
alm<>Federai°I{eserve
agentsthoy
report”a
tfotal millions
*43.3 millions
notes
tho Comptroller
tho Currency
lM millions
^ mnnoM
j circulation,
r'cuUvt*ion'
Against the latter amount
hold 85.8
of goldofand
17.6received
millionsfrom
of paper.
Tho banksof report
a total and
ot 90.3
or 1notes In
and a not liability thereon of 15.7 million dollars.



A ug. 21 1915.]

THE CHRONICLE

595

tablo and

I ho fig u re s o f th e co n so lid a te d s ta te m e n t fo r th e s y s te m as a w h o le a re g iv e n in th e fo llo w in g
in a d d itio n
w e p re s e n t th e re s u lts f o r e ach o f th e e ig h t p re c e d in g w e e k s , th u s fu rn is h in g a? u s e f u l ^ c o m p S g I n th e second ta b le w e
t e A S o S f t S e t h M
^
R
c f o
r v o . b
a
n k s .
? l,o s t a t e m e n t o f

the

Rosorvo ,,otes ■“
St a t e m e n t

of co m b in e d

R e so u rces and L ia b il it ie s of t h e F e d e r a l R e s e r v e B a n k s
A m e r ic a a t th e close of b u s in e s s A u g u st 13 1915.

RESOURCES.
Aug. 131015. Aug. 6 1016. .Tutu'.
tn toi£
no mi r

Total gold reserve.
____
Legal tender notes, silver, &c___ I

:::3 E i

$3,441000
10,215 000
14,9(58 000
10T7oioOO
2 [024 ]o00

U n it e d S t a t e s

of

„

"saaa "s a a ^asas

*285.220,000 * 2 8 6 .1 1 2 ^

Bllls^scounte^ancfbought-............................
Maturities within 10 d a y s ____________
Maturities within 30 days_____________
Maturities within 00 days____________ *
Maturities within 90 days_____________
Maturities over 90 days______________ "

fo

of t h e

$289,486,000 $287,680,000 528S.737.000 $289,129,000 5303.035,000 $295,437~000

$4,222,0001
8,851,000/ $12,065,000 $11,956,000 $12,146 000
15.035.000
13,639,000
12,815 000
12 103 000
10.636.000
11,774,000
11 196 000
9 399 000
2,082,000
3,249,000
3 456 000
3 992 000

$13 0(18
11 3 fl?
8 557

'

$13,322,000
9.735.000
8.097.000
5.033.000

$14,333,000 $14,383,000
10,070,000
9,980,000
7.351,0001 11,226.000
4,621,000/

^

i ^

SSSST55

$370,329,000

--

Bank
Investmcn1
Due from
Federal Reserve
All other resources __
TOta' RC8° UrCeS................................. $374,120,000 $377,469,000 ^77,05^.000 *37U63.000 $367,878,000 $

Reserve d e i w s l t s ^ N F t i : : : : : : : : : : : : : : : : : : 3<h !92«!oOO 306$02!<)00 loMS^OOO *foi!oij:foOO ’ lo^lll^OOO «
«
Federal Reserve notes— N e t...............
al5,723,000 al5,420,000 >14,965,000 a !4 521 000 n!4 242’000 a l 3 3 7 5 nm?
All other liabilities............................................
2,140,000
1,732,000
l ^ . ' o o o ° ijo o io o o
1,885,000
Ifw ^ T o
Gold resoTve^g'Mnst'net llabliftles

'^84.’39S *377’482.8% $377'°|2; ^
00-9%

aside 40% gold reserve against net
amount of Federal Reserve notes in
____2LrCUlat'0n <b)..........................................

9° '7%

93(5%
93'3%
1*} 1(11 K «f/> A 1(11 r
(a) Federal
Deduct : G ?^ a n d h w fi?m
_____
^ e ^_ ?n____
h a n^d s^ 9^ ’^ 9^9199 ^0,0°96?006
of Feileral Reserve Agents for r<>
85,806,000
tlrement of outstanding notes_____
84,670,000
Net liability of Reserve Banks upon

Aam

A

(b) After dedu<nh?n^Mtem^fn "transit be- $1 5'7 2 3 -000
tween Federal Reserve banks, v iz .. $4,028,000

RESOURCES.

l 1 5 '4 2 0 '000

$5,987,000

* 3 7 1 , 1|3.0M $367,878,000 $365.3|7,000 $366,481,000$381,456,000 $370,329,000

“ ■»*

93

3%

94-4 %
06.6%
96.6%
on
. ____ ___ _ _ ____ ___

78,126,000

77,656,000

° F RESOURCES AND
'

9(L0%

»

97.8%

98.6%

98.3%

99.8%

74.246,000

'K

l K

y«77.on!o$6

70,616,000

68.998.000
$12,617,000
311 000

$8

65,871.000
$

12 , 100,000

$8 145 000

^
Mtnneap. Kan. City Dallas. San Fran) Total.

FEDERAL RESERVE BANKS A T C ^ f f

Boston, New York. Philadel'a. Cleveland. ' Richmond Atlanta. Chicago.
.

&

340.000
753.000
7,211,000 1.972.000 1.803,000
941.000
448.000
957.000

96.?%

$14,985,000 $14,521,000 $14,242,000 $13,375,000 ,12.797.000
$7,078,000 $5,229,000
$5 ,855,000
$6,107,000 $9 862 000

S
I
$
$
Gold Coin & ctfs. In vault 8.935.000113.219.000 12,580,000 13,256,000 3,883,000
3,506,00023,450,0001 7,650,000
Gold settlement fund.. 6.352.000
12,819,000
1,213,000 4,295,000 3,216,000 1 ,4 1 8 ,0 011,875,000;
0 "---------- -------2,042,000
Gold redemption fund..
6,000
55,000
37,000
.......... ! 325,000
225,000
35,000
Total gold reserve.. 15,293,000126,093,000 13,830,00017.551,000 7,424,000
5,149,000
35,325,000
9,727,000
Legal-ten.notes,sllv.,itc
829,000 11,020,000 3,110,000, 1,056,000,
141,000
449,000 2,685,000
601,000
Total reserve_____ 16,122,000137,113,00016,940,000 18,607,000 7,565,000
5,598,000 38,010,000 10,328,000
Bills discounted bought
Commercial paper__
252,000
466,000
509,000
589,000: 8,622,000 4,633,000 1,337,000 1,042,000
Bank acceptances__
2,196,000 6,050,000 1,527,000
401,000
...
717,000
380,000
Total...................... 2,448,000 6,516,000 2,036,000
990,000 8,622,000 4,633,000 2,054,000 1,422,000
Investments U. 8 . bonds
Municipal warrants.
Due from other Federal
Reservo banks—NetFed. Res'vo notes—Net
All other resources..

95.3%

J$7% 21%
81,191,000

S54' 20 0-000
$5 4 , 201,000
311,340,000 299,301,000
M 73.0W “ ' S
-^.IfW.OOO

2,9J w ? :S 2 ?

1.098.000
6,537.000
104.000
349,000
664.000

3.826.000
2.123.000

357.000 1,290,000
287.000
386.000
146,666

$
;
$
5.795.000 5.896.000 3,234,000 8,293,000 209,697,000
1.365.000 4.336.000 3,557,000 1,002,000 53,490,000
30,000
37,000
313,000
21,000 1,084,000
7,190.000 10.269,000 7,104,000 9,316,000264,271,000
4,000
477,000
572,000
5,000 20,949,000
7,194,000 10,746,000 7,676,000 9,321,000 285,220,000
1,826,000 1.190,000 6,634,000 1,509,000 28,609.000
236,000
249,000
453,000 12,209,000
2,062,000 1.439,000 6,634,000 1,962,000, 40,818,000

242.000 1.025,000
652.000
569.000

245,000 3.784.000
2.405.000
115,000
f i'f ,666
134,000 2,178,000

138.000
353.000
60,000'

930,000
613,000

1,000,000 8,607,000
1.158.000 18,558,000

116,000

317,000 1.753.000 *4,028,000
1.037.000 11,266,000
480,000
74,000
84,000 5,623,000
Total resources___ 23,864,000157,726,000 23,154,000 23,163,000 17,623,000
10,587,000 52,336,00014,037,00011,401,000 14,324.00014,701 .OOIHO,315,000374,120,000

LIABILITIES.

Capital paid In____
4,802,000 10,982,000 5,274,000 5,944,000 3.365.000
Reserve deposits— N et.. 19,002,000 138,900,000 17,880,000 17,219,000 8.018.000 2.418.000 6.615.000 2,796.000 2,430,000 3,017,000 2,756,000 3,932,000 54,331.000
5,202,000415.721.00012.034.000 8,971,000
Fed. Rcs'vo notes—Net
10.521,000 6,015,000 12,383,000 301.926,000
6,128,000 2.919.000
Duo to other Federal
786,000 5,890,000
15,723,000
Reserve banks—Net5.904.000
107.000
All other liabilities____
1.940.000
112,000 48,000
4o', 666
2,140,000
Total liabilities___ 23,864,000 157,726,000 23.154,000 23,103,000 17,623,000
10.5S7.000 52,336,000 14,937,000 11,401,000 14,324,000 14,701,000
10,315,000374,120,000
—
F.R. notes issued to bks 4,620,000 50,120,000 3,130,000 4,800,000 8,800,000
5,500,000 4.380.000
626,000 4.400,000 4,700,000| 9,455,000 2.040.000102.571.000
F.R. notes In hands of
448,000 6,707,000
banks ___________
104,000
267,000
372,000
431,000 2.405.000
115,000
353,000
4,000
65,000 1.037.000
12,308,000
F.R. notes In circulation' 4,172,000 43,413,000 3,026,000 4,533,000
5,069,000 1,975,000
4,047,000 4,696,000 9,390,000' 1.003,000 90,263,000
Gold and lawful money
with agents.............. . 4,620,000 49,950,000 3,130,000 4,800,000 2.300.000
2.150.000 4,380,000
626,000 4.400,000 3,910,000 3,500,000, 2,040,000 85,806,000
Carried to net liabilities.
6.128.000 2.919.000
Carried to net assets___
448",666 6 ,537,6661
104,666
•jVq'AA^I 7S9'°™ 5.890,000
.......... 15,723.000
267',666
---- --------- 2,405,000'
riif.ooo
353 0°0
..........
.......... 1 1.037,000 11,266.000
♦Items In transit, 1. e., total amounts duo from less total amounts duo to other Federal Reserve banks.

Memorandum

Boston. \ New York. Philadel'a. Cleveland. Richmond Atlanta. Chicago. St. Louis. Mtnneap. Kan. City
i Dallas. San Fran

Federal Reservo Notes—
S
$
Rec’d from Comptrol'r 11,800,000 54,800,000
Ret'd to Comptroller100,000
Amount chargeable to
In hands of agent, close

Issued to F. R. bank,
less notes ret. to agt.
forredcinp.decancel. 4,620,000 50,120,000
4,800,000 8,800,000 5,500,000 4,380,000
nold by F. R. agent—
In reduction of liability
on outstanding notes:
Gold coin eertfs.. 4,620.000| 49,950,000, 3,130,000 4,560.000 2,300,000
2,150,000 4,260,000
Lawful money____
As security for out­
standing notes:
Commercial paper
6,500,000 3,350,000
Ileld by Troas. of U. S.
Gold redemp. fund__
240,000
120,000

&

.......

turned over to F.R.nut,.




Total.

$
$
S
$
s
s
1 $
S
| S
9,800,000 8,500,000 9.380.000 3.400.000
5,000,000 6,800,00011,900,000 10,000,000143,260,000
--------;
120,000
-----395,000
.........
.........
! 6,400,000 9,800,000 8,500,000 9.260.000 3.400.000 5,000,000 6,800,000 11,895,000
10.000,000142,865,000
1,600,000 1 ,000,000 3,000,000 4.880.000 2.774.000
600,000 2 ,ICO,000 2,440,000 7,960,000 40,294,000

I 0,400,000
8

626,000 4,400,000 4,700,000 9,455,000 2,040,000102,571,000
626,000 4,400,000 3,910,000 3,500,000 2,040,000 85,446,000
5,955,000

.......

360,000
',455,000 2,040,000102.571,000

------

7.272.000' 3,357,000

791.000 6.012,000

17,602,000

[Vol. 101

THE CHRONICLE

596

Statement of New York City Clearing-House Banks and Trust Companies.— T h e fo llo w in g d e ta ile d s ta te m e n t
s h o w s th e c o n d itio n o f th e N o w Y o r k C i t y C le a rin g -H o u s e m e m b e rs f o r th e w e e k e n d in g A u g . 14. T h e fig u re s fo r th e sepa­
ra te b a n k s a re th e a ve ra g e s o f th e d a ily re s u lts . I n th e case o f th e to ta ls , a c tu a l fig u re s a t th e e n d o f th e w e e k a re a lso
given. I n o rd e r to fu rn is h a co m p a ris o n , w e h a v e in s e rte d th e to ta ls o f a c tu a l c o n d itio n fo r each o f th e th re e g ro u p s , a n d
also th e g ra n d a g g re g a te s, fo r th e fo u r p re c e d in g w e e k s .
N E W Y O R K W E E K L Y C L E A R IN G -H O U S E R E T U R N .

Net Discounts
Loans,
Capital. Profits.
Legal Silver.
Tenders.
investm'ts,
&c.
Nat. B’ks Juno23 j
State B’ksJune23(
Average. Average.
Average. Average.
$
S
%
$
S
3
723.0
1.946.0
33.338.0
2 , 000,0
4.674,5
964.0

C L E A R IN G HOUSE
M EMBERS.
Week Ending
August 14 1915
(00s

omitted.)

Members o f Federal
Reserve Bank
Bank of N. Y.. N.B.A
2 , 000,0 2,210,3
Merchants’ Nat. Bank
6 , 000,0 9.242.2
Mech. A Metals N a t..
0
National City Bank.. 25.000. 36,933,5
7.991.9
3.000.
0
Chemical Nat. Bank.
798,7
Atlantic National Bank 1 000 0
77,6
300.0
Nat. Butchers' A Drov.
4.942.2
0
Amer. Exch. Nat. Bank 5.000.
0
National Bank of Com. 25.000. 17.843.2
1.467.3
2.250.0
Chatham A Phentx Nat
0
Hanover National Bank 3.000. 15,389,4
2.550.0 2.537.9
Clttiens’ Central N at..
1.972.4
1 .0 0 0 .
0
Market * Fulton N a t..
1.500.0 7,803,7
Importers’ A Traders’ . .
5.000. 15.604.3
0
National Park Bank—
64,2
250.0
East River Nat. Bank..
Second National Bank. 1.000.0 3.192.5
Flrst National B an k... 10.000.0 23,281,9
3.929.3
4.000.
0
Irvlng National Bank
1.516.0
500.0
N. Y. County Nat. Bk
9.832.1
5.000.
0
Chase National Rank.
1.000.0 1.898.4
Lincoln National Bank
1.284.4
Garfield National Bank 1,000,0
418,9
250,0
Fifth National B a n k ...
8eaboard NatlonalBank 1 000,0 2.873.5
3.067.2
1 , 000,0
Liberty National Bank.
679,6
1 000,0
Coal A Iron Nat. Bank.
1.004.9
1 ,000,0
Unlon Exchange Nat.
1 120.2
Nassau Nat Brooklyn 1,000,0
888,1
1.500.0
Broadway Trust Co_.

340.0
1.293.0
13.250.0 11,667,0
87.938.0 3.875.0
527.0
3.784.0
131.0
814.0
38.0
71.0
8.747.0
1.659.0
15.381.0 9.826.0
345.0
1.766.0
19.802.0 5.810.0
107.0
1.197.0
778.0
786.0
1.339.0 1.317.0
914.0
8.872.0
45.0
87.0
183.0
916.0
15.933.0 1.832.0
7.136.0 1.591.0
67.0
373.0
18.905.0 5.217.0
1.764.0 1.038.0
377.0
836.0
123.0
224.0
744.0
2.584.0
320.0
2.117.0
201.0
621.0
335,0
141.0
85.0
358.0
65.0
1.452.0

28.245.0
103.425.0
251.266.0
30.844.0
10.949.0
2.074.0
76.952.0
188.792.0
27.774.0
103.231.0
25.972.0
9.278.0
31.631.0
124.539.0
1.985.0
15.685.0
141.169.0
55.286.0
9.746.0
137.833.0
15.128.0
8.654.0
4.450.0
30.598.0
37.807.0
7.830.0
10.411.0
8.788.0
16.117.0

. .

,
,

.

Bank
Nat.
Bank Nat.
Notes
Notes
[Not
[Reserve
for
State Counted
as
Institu­
tions] . Reserve.]
Average. Average.
S

S

4.0
17.0
191.0
345.0
54.0
11.0
10,0
118.0
205.0
174.0
38.0
73.0
85.0
156.0
144.0
7.0
81.0
45.0
32.0
162.0
248.0
73.0
27.0
9.0
40.0
37.0
19.0

1.332.0
4.758.0
3.158.0
1.426.0
386.0
69,0
1.744.0
7.449.0
843.0
4.457.0
991.0
795.0
976.0
6.802.0
141.0
454.0
2.870.0
2.553.0
726.0
4.010.0
320.0
600.0
247.0
1.735.0
2.444.0
306.0
533.0
516.0
518.0

22 .0

32,0
287.0

Federal
Reserve
Bank
Notes
[Not
Reserve].
Average.
%

Excess
National
Due
Bank
from
Net Circula­
Net
Reserve
Time
Demand
Deposi­ Deposits. Deposits. tion.
taries.
Average. Average. Average. Average.
$
$
$
?
$
800,0
2.371.0 ___

Reserve
with
Legal
Deposi­
taries.
Average.

"27,0
62,0

8.673.0
25.234.0
3.237.0
853.0
123.0
6.773.0
14.122.0
2.181.0
9.221.0
2.044.0
926.0
2.226.0
9.291.0
150.0
1.032.0
10.255.0
4.566.0
683.0
12.376.0
1.426.0
776.0
311.0
3.451.0
3.209.0
556.0
775.0
572.0
1.300.0

668,0

27.0
73.0
71.0
68.0

33,0
7,0

56.0
7,0
148.0

12.0

211.0
46.0
73.0
17.0
10.0

17,0
4,0
■44 ",6

Totals, avge. for week 114,100,0 184,540,0 1,549,797,0 220,433,0 50,280,0 54,123,0

2,746,0

1,681,0 130,715,0

2.670.0
2.516.0
2.505.0
3.212.0

1.673.0
1.617.0
1.800.0
2,043,0

Totals,
Totals,
Totals,
Totals,

actual
actual
actual
actual

condition Aug. 14
condition Aug. 7
conditio n July 31
condition July 24

State Banks
Not
Members
of
Federal
Reserve Bank.

Bank of Manhattan Co
dank of America____
Greenwich Bank_____
Pacific B ank............. ..
People’s Bank......... ..
Metropolitan Bank—
Corn Exchange Bank.
Bowery Bank________
German-Amerlcan Bank
Fifth Avenue BankGerman Exchange Bank
Germania Bank---------Bank of Metropolis----West Side Bank---------N Y. Produce E xch..
Btate Bank__________
Century B an k________

actual
actual
actual
actual

58.937.0
51.344.0
57.959.0
58.983.0

41.200.0
31.042.0
10.516.0
4.945.0
2.135.0
11.771.0
78.953.0
3.476.0
4.861.0
14.731.0
3.607.0
6.027.0
13.253.0
4.569.0
11.958.0
19.190.0
17.233.0

9.989.0
3.473.1
1.279,
363,
164,
815,
8.838.0
301.0
536.0
1.547.0
460.0
538.0
1.169.0
276.0
2.501.0
1.353.0
1.048.0

520.0
1.558.0
211.0
629.0
64.0
481.0
3.803.0
22.0
229.0
1.144.0
85.0
78.0
353.0
212.0
434.0
272.0
171.0

745.0
1,184,0
458.0
119.0
128,
634,
3,427,
52.0
64.0
906.0
126.0
147.0
847.0
119.0
676.0
541.0
566.0

4.801.0
6.239.7
1.178.8
999,7
442,6
1,899,6
6,7*29,7
778.0
716,9
2,343,4
800.5
993.6
2,126,2
655,3
923,2
653.1
1.024.0

2.050.0
1.500.0
500.0
500.0
200.0

2 ,000,0
3.500.0
250.0
750.0
100.0
200,0
200,0
1 ,000,0
200,0
1 , 000,0

1.500.0
1.250.0

Totals, avge. for week

conditio n Aug. 14
conditio n Aug. 7
condltlr n July 31
condltlc n July 24

1,681,211,0
1,631,838,0
1,622,191,0
.......... 1,617,194,0

___
___

18,587,0
18,594,0
18,609,0
16,953,0

37,570,0
37,500,0
37,580,0
37,931,0

...........

33.931.0 9,417,0 10.446.0
34.602.0 10.994.0 10.876.0
34.529.0 12 .221.0 11.880.0
32.986.0 10,003,0 10,951,0

3.515.0
3.592.0
3.716.0
3.421.0

56.0
47.0
46.0
4,0

7.838.0
7.934.0
7.744.0
7.406.0

4,693,0
4,367,0
4,747,0
2,141,0

290,437,0
291,909,0
293,614,0
285,103,0

4,908,0
4,924,0
4,938,0
3,253,0

___
......

152.0

24.0
30.0

1.139.0
7.427.0
1.818.0
859,0
1,131,0

22,788,0 7,050,0
2,330,0
12,752,0 148,555,0 27,932,0
36,365,0 14,410,0
8,855,0
17,240,0 5,280,0
2,749,0
710,0
22,619,0
6,254,0
24,992,0 187,731,0 27,017,0
146,0
7,530,0
328,0
353,0
13,994,0
1 1,599,0
48,796,0 17,206,0
1 3,987,0
1,214,0
15,830,0
1 1,767,0
35,911,0 7,590,0
1 6,639,0
11,502,0 4,998,0
1 1,397,0
1,012,0
9,704,0
1
858,0
36,206,0 0,171,0
1 1,753,01

___
_...

2,094,0

308,0 21,361,0176,260,01 614,771,0 121,989,0
1 76,046 ,C1 617,401,0 121,643,0
180,440,C1 614.530,0 122,168,0
) 66,250,C1 635,424,0 120,526,0
I 72.865.C) 632,740.01 116,917,0

.......

775.265.0
771.645.0
786.495.0
781.948.0

201.0

154.0
79.0
238.0
165.0

3,0
10,0

22.0

46.0
1,379,0
46.0

.......

" 143*,6

” 132’,6

4*,bob’,6

” ’ 71,6

200,0

12.0

27.0
84.0

’ 21*0",6 ’ 522,6
315.0

100.0
112,0

___
___
___

’ 2*7*0',6

2,0

108.0
73.0
186,0
627.0
29.0
37.0
224.0
197.0
81.0
46.0
23.0
309.0

21,0

14.0

110,0
20.0
68 ,0

6,0

9.0
6.0

‘ "Vo" 6

...........

3,6

___ _
___
__

___
__
____
___

..........

...........

___
___
___
___

27,0
4,848,0

___
___
__
___
...........

—------

—
___
......
......
___
___
...........

------

5.646.0
+ 51,0

2,746.0
+85,0

180,771,C1 2,562,926,01145,400,01 37,456,0
) +5745C ) 1-10,2 11, (1 +922,0 1 — 21,0
) 80,739,() 2,589,049,01 115,138,1 1 37,570,0
+70,0
) -4,068,() +50,772.01 — 548,CI

August 14 2.614,889,0 322,913,0
+ 25,191,0 +250240

76,227,0
+ 3,265,0

5,463,0
— 294,0

2,870.0
+ 154,0

Grand Aggregate actual condition August 7 2.589.698.0 297.889.0
Grand Aggregate ad ual condition July 31. 2.577.944.0 294.837.0
Grand Aggregate act uai|condition July 24. 2.566.099.0 295.010.0

72.962.0
77.978.0
76.094.0

5.757.0
6.020.0
5,957,0

2.516.0
2.505.0
3.212.0

Averages.

504.0

186.0

58.512.0
54.348.0
53.703.0
58.991.0

G-and Aggregate, avge. 175,550,0 309,120,0 2,602,944,0 310,710,0
+ 7.713,0 + 15409 0
Comparison prev. week
Grand Aggregate, actual
Comparison prev. week

.......... 1,655,315,0 18,589,0 37,456,0

131.227.0
130.924.0
133.737.0
133.516.0

4,918,0

9,393,0

1 , 000,0
2 , 000,0

69,0
* " 75",6

292,840,0

8,261,0

3.000.
1.000. 0

” *63,6
100,0
2,737,0

7,901,0 4,511,0

773,678,0 55,627,0

.

913,0
37,0

58,0

44,750,0 91,374,4

.

2 000
1 ,000,0

125,6

_172,0

3,552,0

148.0
79.0
1.270.0
108.0
31.0
728,0

4.000.

..........

___
..

279,469,0 34,650,0 10,266,0 10,739,0

204.0
85.0
406.0
122.0
129.0
6,649,0
121.0
85.0
466.0
228.0
235.0
141.0
272.0
250.0

1.250.0
5.000. 0

..........

" 42 *4',6

137,6
1,26*3*6
810.0 3,649,0

285.0
1,0
111.0
13.0
131.0
5.111.0
44.0

10 , 000,0
1 .0 0 0 .0

___

1,454,6

1,914,0
4,948,0
2,928,0
450,0
393,0
50,0
4,691,0
3,888,0
1,186,0
305,0
1,637,0
90.0
60.0
3,580,0
60,0
667,0
4,986,0
740,0
200,0
450,0
890,0
350,0
243,0
405,0
500.0
398.0
400,0
267,0
...........

45,0

1.769.0
32.239.0
174.648.0 14.837.0
51.489.0 3.054.0
1.472.0
22.489.0
1.874.0
36.942.0
217.911.0 17.578.0
594.0
8,831,0
1.136.0
21.307.0
67.948.0 4.096.0
17.160.0 1.103.0
51.029.0 3.125.0
930.0
16.876.0
658.0
10.742.0
44.067.0 3.401.0

,

___
___
___
___
_

1,628,0

5,71*0*6
1,097,0
150,0
27,0
54.0
2,770,0
125,0
859,0

35.0
136.0
541.0
376.0

3.468.8
13,173,0
4.247.7
1.231.9
11,866,5
23.217.8
1.337.3
5.065.8
0
7.409.3
0
1.433.9
11.197.9
0
1,096,2
534,7
6,093,6

10 , 000,0
2 000,0

..........

30,039,0
27,308,0
116,736,0
302,769,0
28,322,0
11,024,0
1,616,0
78,807,0
189,551,0
27,634,0
123,862,0
22.382.0
9,639,0
28.459.0
126,138,0
1,964,0
12,674,0
134,454,0
62,446,0
9,679,0
162,963,0
16,235,0
8,795,0
4,494,0
35,283,0
38,834,0
7.980.0
9.824.0
8,120,0
17,284,0

46,370,0
29.666.0
11.449.0
4,692,0
2,383,0
9,700,0
90,448,0
3,103,0
4,689,0
15,674,0
3,496,0
5,981,0
12,503,0
4,344,0
13,825,0
21,025,0
13,492,0

280.348.0
277.304.0
273.971.0
269.234.0

1.500.0

Brooklyn Trust Co—
Bankers’ Trust Co___
U. S. Mtg A Trust Co.
Astor Trust C o______
Title Guar. A Trust Co
Guaranty Trust Co__
Fidelity Trust Co----Lawyers’ Title A Trust
Columbia Trust Co__
People’s Trust C o.. _.
New York Trust C o ..
F'nnklln Trust Co . .
Lincoln Trust C o___
Metropolitan Trust Co

actual
actual
.
actual
actaal

50.779.0
49.932.0
53.166.0
51.602.0

condition Aug. 14
condltiojn Aug. ”
condition July 31
conditio n July 24

T ru st Companies
Not Members
of
Federal
Reserve Bank.

Totals,
Totals,
___
Totals,
Totals,

230.470.0
208.930.0
206.605.0
203.033.0

16,700,0 33,205,3

Totals, avge. for week
Totals,
Totals,
Totals,
Totals,

1.559.276.0
1.540.749.0
1.517.478.0
1.514.917.0

___
___
___
___
___
___
___
___
___
___

2 .0 0 2 .0

1.939.0
2.092.0
2.265.0

) 84,807,( ) 2,538,277,0I 145,686,() 37,500,0
) 70,997,() 2,551,229,0) 144,073, () 37,580,0
) 75,006,() 2,535,037,0|137,123,() 37,931,0

Actual Figures.

or Dec.
or Dec \Cask Reserve Reserve in Total 1) Reserve Surplus Inc.from
a Reserve
Surplus Inc.from
Total Required.
Reserve in Reserve.
Cash
Reserve Depositaries
Reserve.
Previouslyeek\ in Vault. Depositaries Reserve. Required. Reserve. Previouslyeek
in Vault.
S
S
S
%
*
*
S
S
S
S
$
5
340,186,000 131,227,000 471.413,000 303,547,330 167,865,670 +21,387,210

M em bers Federal
Reserve Bank____ 324,836,000 130,715,000 455,551,000 298,886,150156,664,850 + 8,632,970
12,868,340 — 2,586,040
State Banks*............ 59.207.000 7,901,000 67.108.000 52,711,200 14,396,800 —3,715,340; 57.309.000 7,838,000 65.147.000 52,278,660
Trust Companies*__ 75.375.000 21,361,000 96.736.000 92,215,650^ 4,520,350 + 1,459,700 77.601.000 21,508,000 99.109.000 92,610,150 0,498,850 + 2,373,350
187,232,860 + 21,174,520
Total Aug. 14----- 459.418.000 159.977.000 619.395.000443.813.000175.582.000 + 6,377,330 475.096.000 160.573.000 635.660.000 448,436,140
439,383,660 166,058,340 —14,325,710
Total Aug. 7----- 444.496.000 166.566.000 :611,062,000 441,857,330 169,204,670 — 9,447,880 445.288.000 160.154.000 605.442.000 441,088,950
180,384,050 + 7,458,160
439,438,450178,65*2,550
+ 11,048,180 449.003.000 172.470.000 621.473.000
Total July 31----- 440.821.000 171.270.000 618.091.000
Total July 24----- 441.305.000 162.457.000 603.762.000 436,157,630167,604,370 + 5,364,760 444.985.000 166.113.000 611.098.000 438.172,110 172,925,890 + 3,470,160
* Not members of Federal Reserve Bank,
a This Is the reservo required 1
Includes also the amount of reserve 1

itlndudesVlao^he^mJn^^r^rwo^equlVed on No^Ttoe Deposits, which was as follows: Aag. 1+ *929,350: Aug. 7, *929,700; July 31, *930,450; July 24, *847,650.




A ug .

21 1915.]

THE CHRONICLE

T h e S ta te B a n k in g
s h o w in g th e c o n d itio n
in N o w Y o r k C i t y not
s h o w n in th e fo llo w in g

D e p a rtm e n t re p o rts w e e k ly fig u re s
o f S ta te b a n k s a n d t ru s t co m p a n ie s
in the Clearing H ouse, a n d those a re
ta b le :

SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING-HOUSE STATM ENT.

IFigurts Furnished by State Banking Department.)
August

Differences
from
previous week.

14.
Loans and Investments___________________________ ,S589,G22,300
$589,022,300 Inc.
$703,800
690,400
G o ld ........ ..................................................... - ......... . . 49,977,900 Inc.
Currency and bank notes___________________
.
8,090,300 Inc.
100,300
Total deposits________________________________ . 747,039,900 Inc. 4,408,400
Deposits, eliminating amounts due from reserve de­
positaries and from other banks and trust com­
panies In New York City, and exchanges________. 009,587,500 Inc. 1,219,100
Reservo on deposits_____________________________ . 192,903,700 Inc. 4,875,300
Percentage of reserve, 32.1%.
RESERVE.
----------—
Cash In vaults...................... ............... $10,572,800
11.53% $48,101,400 9.45%
Deposits In banks and trust companies 15,188,100 10.50% 119,011,400 23.38%

State Banks

T o ta l................................................. $25,700,900

—Trust Companies

28.09% S1G7,142,800 32.83%

T h o a vo ra g o s o f th o N e w Y o r k C i t y C lo a rin g -IIo u s o b a n k s
a n d tru s t co m p a n ie s, combined w it h tho se fo r th o S ta te b a n k s
a n d tru s t co m p a n ie s in G re a te r N o w Y o r k C i t y o u ts id e o f th o
C le a rin g H o u s e , co m p a re as fo llo w s fo r a sorios o f w e oks p a st:
COMBINED RESULTS OF BVNKS AND TRUST COMPANIES
GREATER NEW YORK.

IN

We omit ciphers In all these figures.

Week ended— Loans and Demand
Investments Deposits.
May
May
June
June
Juno
Juno
July
July
July
July
July
Aug.
Aug.

22........
29........
5------12........
19........
20........
3........
10........
17____
24____
31........
7........
14........

$
2,995,149,5
3,002.089,5
3,014,410,7
3.035,058,2
3,050,140,8
3,045,045,1
3,105,038,2
3,144,527,9
3,145,394,3
3,150,507,4
3,158,608,0
3,184,089,5
3,192,560,3

$
2,922,805,8
2.935,201,3
2.957.997,7
2,977,514,7
2,995,498,0
3,028,015,2
3,083,954,0
3,093,795,5
3,124,117,8
3,138,585,5
3,147,008,8
3,101,053,4
3,172,513,5

Specie.
$
405,974,7
414,392,3
422.433,7
425,040,5
439,905,1
440,010,8
435,720,5
400.003,9
407,474,4
414,895,2
419,001,4
419,230,5
434,942,9

S
485,725,9
495,120,2
502.522.9
504,827,5
513.103,0
517,00.8,0
507,950,9
4,82,70,8,2
491,039,0
499,358,9
503,188,4
502,313,5
518,092,2

I n a d d itio n to th e re tu rn s o f “ S ta te b a n k s a n d t ru s t c o m ­
pa n ie s in N e w Y o r k C i t y not in the Clearing H ouse ” fu rn is h e d
b y th e S ta te B a n k in g D e p a rtm e n t, th e D e p a rtm e n t also
p re s e n ts a s ta te m e n t c o v e rin g all th e in s titu tio n s o f th is class
in th e w h o le S ta te . T h e fig u re s a re c o m p ile d so as to d is tin ­
g u is h b o tw e e n th e re s u lts f o r N e w Y o r k C i t y (G re a te r N e w
Y o r k ) a n d tho se f o r th o re s t o f th e S ta te , as p e r th e fo llo w in g :
F o r d e fin itio n s a n d ru le s u n d e r w h ic h th e v a rio u s ite m s
a re m a d e u p , see “ C h ro n ic le ,” V . 98, p . 1661.
T h e p ro v is io n s o f th e la w g o v e rn in g th o re s e rve re q u ire ­
m e n ts o f S ta te b a n k in g in s titu tio n s w e re p u b lis h e d in th e
“ C h ro n ic le ” M a r c h 28 1914 ( V . 98, p . 9 68 ). T h e re g u la ­
tio n s re la tin g to c a lc u la tin g th e a m o u n t o f d e p o sits a n d w h a t
d e d u c tio n s a re p e rm itte d in th e c o m p u ta tio n o f th e re s e rve s
w e re g iv e n in th e “ C h ro n ic le ” A p r il 4 1914 ( V . 98, p . 1045).
STATE BANKS AND TRUST COMPANIES.

Week ended August 14.

State Banks Trust Cos. State Banks Trust Cos.
outside of outside of
GreaterinN. Y. GreaterinN. Y. Greater
N. Y . Greater N . Y.

S
759,450,8
7,80,230,1
789,217,0
778.850,5
795,470,0
790,000.4
7,89,700,3
760,343,0
777,173,8
789,583,3
800.293,0
799,090,0
812,298,7

Loans and Investments..
Change from last week.

s

S
24,550.000

S
67,300,000

39,269,500

151,327,000

13,749,700

11,225,000

352,074,300 1,278,583,700
+ 3,562,000 + 1,281,500

135,870,400
+ 229,800

199,897,000
+ 900,900

Capital as of Dec. 24___
Surplus as of Dec. 24-----

Total Entire
Other Money Reserve on
Money. Holdings. Deposits.
$
79,753,2
80,733,9
80,089,2
79.781,0
73,257,9
70,451,2
72,230,4
82,701,3
84,105,2
84,463,7
84,187,0
83,077,0
83,149,3

597

$
13,100,000

10,913,000

Gold......................- .........
Change from last week.

45,850,600
-*-90,000

103,075,200
+ 812,900

Currency and bank notes.
Change from last week.

23,924,200
— 3,456,800

22,815,000
+ 6,259,300

Deposits_______________
Change from last week.

460,730,000 1,569,435,000
+ 918,300 + 3,986,600

145,072,700
+ 812,100

213,026,100
+ 1,982,700

Reserve on deposit-------Change from last week.

104,664,200 354,711,800
— 3,338,500 + 10,172,700

20,716,000
+ 756,200

31,166,000
+ 212,200

28.1%
28.9%

P. C. reserve to deposits.
Percentage last week..
4- increase over last week.

28.9%
28.7%

20.1%
29.9%

18%
18%

— Decrease from last week.

Non-Member Banks and Trust Companies.

— F o llo w in g is th e re p o rt m ad e to th e C le a rin g -H o u s e b y c le a rin g
m e m b e r in s titu tio n s w h ic h a re n o t in c lu d e d in th e “ C le a rin g -H o u s e r o t u r n ” o n th e p re c e d in g page:

non­

R E T U R N O F N O N -M E M B E R IN S T IT U T IO N S O F N E W Y O R K C L E A R IN G H O U S E .

CLEARING
Net
Loans,
NON-MEMBERS.
Capital. Profits.
Discounts.
Legal
W e e k E n d in g
(Nat. b’ks June 231
Invest­
Tenders. Silver.
A u g . 14 1915.
[State b’ks June 23) ments cfee.
M e m b e rs o f
Average. Average. Average. Average.
F e d 'l R e s e r v e B a n k
S
$

Battery Park Nat__
First Nat., Brooklyn
National Clty.Bklyn
First Nat,. Jers. City
Hudson Co. N., J. C.
First Nat., Hoboken
Second Nat., Ilobok.

$

$
$
151.000 2.003.000
300.000
082,700 4.792.000
300.000
049.000 4.804.000
400.000 1,287.200 4.849.000
250.000
800,100 3.799.000
220.000
081,500 5.340.000
125,000
334,100 4.140.000

93.000
107.000
101.000
207.000
78.000
127.000
59.000

40.000
30.000
53.000
243,000
11.000
47,000

35.000
124.000
113.000
84.000
53.000
47.000
78.000

4,580,800 29,847,000

832,000

444,000

534,000

115.000
378.000
479.000

210,000

200,000

Total.....................

Not Members
the
Federal
ReserveofBank.

20,000

Nat. Bank Federal
Nat.Bank NoteslNot
Reserve
Notes
[Re­
Counted
Bank
serve for
as
NoleslNot
State
In­
stitutions]j Reserve ) Reserve]
Average. Average. Average.
$
5,000

$

11,000

13.000
23.000
44.000

21.000

$

10,000

13,000
4.000
3.000

0 ,000

123,000

Reserve
with
Legal
Deposi­
taries.
Average.
$

Excess
Due
from
Reserve
Net National
Net
Bank
Deposi­
Time
Demand
Circu­
taries. Deposits. Deposits. lation.
Average. Average. Average. Average.
$
%
S
S

352.000
92,000
1.904.000
500.000
208,000 4.395.000
412.000 4.815.000
027.000
401.000 1,980.000 3.848.000
322.000
032.000 2.087.000
544.000 1.931.000 2.842.000
320.000
244.000
377.000 2.032.000 1.878.000

195.000
292.000
119.000
392.000
195.000
217.000
99,000

30,000 2,892,000 4,219,000 21,072,000 4,812,000 1,512,000

S ta te B a n k s.

Bank of Wash. Ilgts. 100,000
400.000
Colonial Bank_____
300.000
Columbia Bank___
200.000
Fidelity Bank..........
200,000
Mutual Bank_____
200,000
Now Nethcriand___
100,000
Yorkville Bank____
Mechanics’ , Bklyn.. 1,000,000
North Side, Bklyn.. 200,000

300.000
731.700
094.700
183.000
478.500
288,400
514.000
727.500
180,900

1.922.000
7.441.000
0,090,000
1.328.000
4.409.000
3.354.000
5.442.000
10,038,000
2.981.000

101.000

582.000
184.000
385.000
787.000
202.000

Total..................... 3,300,000 4,105,300 50,205,000 3,213,000

Nat Members
the
Federal
ReserveofBank.

0,000

40.000
395.000
252.000

17.000

142.000
98,000
180.000
034.000
113.000

007,000 1,882,000

703,000

48.000
31.000

22.000

87,000
474.000
424.000

121,000

93.000
9,000
04.000
40.000
111,000
277,000
25.000

51.000
9,000
34.000
40.000
80.000
124,000
47,000

00,000

258.000
197.000
349.000
1,080,000
192.000

140,000

458.000
900.000
007.000
991.000
,310,000
,300,000
,819,000
,103,000
,204,000

95,
754,
370,
104,
1,439,
340,
312
1,330
445,

2 0 0,000

374.000
114.000
61,000

3,127,000 5,195,000 52,158,000

140,000

749,000

T r u s t C o m p a n ie s .

HamlltonTrust, Bkln
Mechanics, Bayonne
Total................
Grand aggregate___
Comparison, prev’wk
Excess reserve,
Grand aggr’ tcAug. 7
Grand aggr’to July31
Grand aggr'te Jtily24
Grand aggr’ to Julyl7
Grand aggr’te July 10

200.000

500.000 1.040,300 0 , 010,000
275,100 3,950,000

418,000
91.000

42,000

8,000

11,000
72,000

700,000 1,315,400 10,572.000

509,000

50,000

83,000

Philadelphia Banks.

We omit two ciphers (00) in all these figures.
Capital
and
Circula­ Clearings
Surplus. Loans. Reserve. Deposits.
n
tion.
$
S
S
$
S
$
103.084.3 420.203.0

102.955.0 493.189.0
June 5 ........ .....
June 12........ ..... 103.084.3 420.034.0 109.598.0 493.208.0
Juno 19________ 103.084.3 419.007.0 113.018.0 498.911.0
June 26________ 103.084.3 419.947.0 113.430.0 497.472.0
103.684.3 421.583.0 111.281.0 500.407.0
July 10.............. 103.084.3 421.239.0 113.020.0 490.280.0
July 17.............. 103.084.3 422.884.0 114.109.0 500.440.0
July 24.............. 103.084.3 424.533.0 114.811.0 503.808.0
July 31.............. 103.684.3 425.398.0 114.109.0 503.280.0
Aug. 7________ 103.084.3 420.702.0 115.940.0 505.092.0
Aug. 14________ 103.084.3 429.948.0 117.853.0 511.807.0

11.275.0
11.267.0
11.273.0
11.270.0
11.205.0
11.211.0
11.264.0
11.252.0
11.230.0
11.224.0
11.201.0

108.514.7
154.124,9
158.019.8
157.254.3
199,174,7
130,789,2
108.838.0
152.015.0
148.913.0
157.813.4
152.237.9

a Includes Government deposits and tho Item "due to other banks" (Aug. 14,
8140,412,000); also "Exchanges for Clearing House” (Aug. 14, $13,924,000). Duo
from banks Aug. 14, $52,748,000.

241,000 1,099,000 4.834.000 1.038.000
327,000 1.034.000 2.181.000
82,000
323,000 2 ,020,000 0,408,000

5,795,000 10,007,500 90,024,000 4,554,000 1,101,000 2,499,000 842,000 209,000
+ 342,000 Same + 113,000 + 29,000 + 34,000 + 54,000
141,300 Increase
5.795.000 10.007.500 90.282.000
958.000 2.470.000 80.8,000 215.000
0,395,000 10.400.500 89.078.000
995.000 2 , 000,000 054.000 452.000
0,395,000 10.400.500 98.041.000
1.174.000 2.950.000 012.000 448.000
0,395,000 10.400.500 98.270.000
1. 102.000 3.079.000 859,000 708.000
0,395,000 10.400.500 98.032.000
1, 212,000 3.093.000 981,900 503.000

— S u m m a ry o f w e o ld y to ta ls o f
C le a rin g -H o u s e b a n k s a nd tru s t co m p a n ie s o f P h ila d e lp h ia :




1,000

3,000

43,000 0,342,000 11,440,000 80,298,000 8,780,000 1,512,000
— 2 ,000 + 03,000 + 375,000 + 588,000 — 115,000 + 11,000
45.000
57.000
55.000
57.000
54.000

0.279.000
0.280,000
0,739.000
0,774.000
0,718,000

11.005.000
10.589.000
12,270.001)
12.355.000
13.010.000

79.710.000
79.707.000
80.640.000
87.518.000
87.920.000

8.895.000
8.873.000
10.584.000
10.584.000
10.591.000

1.501.000
1.507.000
1.517.000
1.514.000
1.481.000

Boston Clearing-House Banks.

a

— W e g iv e b e lo w
s u m m a ry s h o w in g th e to ta ls fo r a ll th e ite m s in th e B o s to n
C lo a rin g -H o u s e w e e k ly s ta te m e n t fo r a series o f w e e ks:
BOSTON CLEARING HOUSE MEMBERS.

Aug. 14
1915.

Circulation________________
Loans, dlsc'ts & Investmcnts.
Indlvldual deposits, Incl.U.S.
Due to banks____ _________
Time deposits_____________
Exchanges for Clearing House
Due from other banks_____
Cash reserve........ ................
Reserve in Fed. Res’vo Bank
Reserve with other banks__
Reserve excess In bank____
Excess with reserve agent__
Excess with Fed. Res’ve B’k.

$9,085,000
255.705.000
189.655.000
109.927.000
8.135.000
10.532.000
29.427.000
22.492.000
10.402.000
43.447.000
8.520.000
29.475.000
3.416.000

Aug. 7

July 31

$9,081,000
254.532.000
190.105.000
113.208.000
8.132.000
11.774.000
27.580.000
23.197.000
10.554.000
47.843.000
9.229.000
33.875.000
3.570.000

$9,102,000
250.735.000
190.152.000
109.285.000
8.043.000
11.311.000
28.086.000
24.397.000
10.012.000
46.786.000
10.614.000
33.003.000
3.121.000

Change from
previous
week.
Inc.
Inc.
Dec.
Dec.
Inc.
Dec.
Inc.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.

$4,000
1,233,000
450,000
3,281,000
3,000
1,242,000
1,847,000
705,000
152,000
4,396,000
709.000
4,400,000
154,000

1915.

Imports and Expo^tslfor the 1Week.—

p re ce d in g .

1915.

See t h ird page

598

THE CHRONICLE

Wall Street, Friday N ight, A u g .

20 1915.

The Money Market and Financial Situation.— T h e
m o s t im p o rta n t e v e n t o f th e w e e k a ffe c tin g th e bu sin ess
a n d o th e r in te re s ts o f t h e c o u n t r y , h as been G e r m a n y ’s
a n s w e r to th e re c e n t n o te se n t fro m W a s h in g to n to B e rlin .
T h i s a n s w e r ca m e in th e fo rm o f a n a c t p ra c tic a lly id e n tic a l
w it h th e d e s tru c tio n o f th e ste a m sh ip L u s ita n ia , th e o n ly
d iffe re n c e a p p a re n t fro m re p o rts re c e ive d u p to th is w r it in g ,
b e in g in th e n u m b e r o f A m e ric a n c itize n s a n d o th e rs w h o se
liv e s w e re d e s tro y e d w it h o u t w a rn in g a n d in d e fia n ce o f
w e ll e s ta b lish e d rig h ts a n d in te rn a tio n a l la w . W h e t h e r
th is a n s w e r closes th e co rre sp o n d e n ce re m a in s to bo seen.
M e a n w h ilo w e s h a ll go o n h a rv e s tin g th e e n o rm o u s c ro p s
a n d c o n d u c tin g , as be st w e m a y , th e s te a d ily in c re a s in g
bu sin ess o f th e c o u n t ry . O f th e la t te r th e re c o u ld be no
m o re irre fu ta b le e vid e n c e th a n th e fa c t th a t th e v a rio u s
U . S . S te e l p la n ts a re n o w ru n n in g a t v e r y n e a r ly f u ll c a p a c ity
a n d t h a t lib e ra l b onuses c o n tin u e to be o ffe re d f o r e a rly
d e liv e r y o f som e shapes.
T h e n e x t m o s t im p o rta n t m a t t e r o f in te re s t in W a ll S tre e t
has been th e fo re ig n e xc h a n g e s itu a tio n . N o tw ith s t a n d in g
th e r e la t iv e ly h e a v y re c e ip ts o f g o ld fro m a b ro a d a n d th e
la rg e a m o u n ts k n o w n to bo in tra n s it, d e m a n d s te rl n g has
sold th is w e e k a t o r n e a r 4.04. T h e s itu a tio n ca lls, o f co u rse ,
f o r s p e e d y a d ju s tm e n t a n d p ro m in e n t b a n k e rs b o th h ero
a n d in L o n d o n h a v e g iv e n co n sid e ra b le a tte n tio n to th e
m a tte r. In v ie w o f its im p o rta n c e on b o th sides a n d the
rea d in e ss a n d a b ilit y o f b a n k e rs hero to fin a n c e a n y re a so n ­
a b le p ro p o s itio n , it seem s lik e ly th a t m easu res w ill soon
be p u t in e ffe c t to c o rre c t th e e x is tin g sta te o f th in g s . T h e
la t te r has a te n d e n c y to in crea se th e in te re s t in th e B a n k
o f E n g la n d ’s w e e k ly s ta te m e n ts . T h a t ju s t g iv e n o u t
sh o w s th a t its g o ld h o ld in g s in cre a se d n e a rly §7,000,000
d u rin g th e w e e k a n d b rin g s its to ta l u p to $335,600,000,
as a g a in s t $260,000,000 a fe w w e e ks a go. T h e B a n k o f
F ra n c e re p o rts a fu rt h e r g a in o f g o ld a m o u n tin g to $14,­
000,000 w h ic h , ad d ed to p re v io u s g a in s, m a ke s a to ta l
a d d itio n o f $94,000,000 since th e m o v e m e n t be g a n in J u l y .

[Vol.

101.

L o w -g ra d e b o n d s h a v e a ga in been co n sp ic u o u s f o r a c t iv i t y ,
w it h re s u lts as a b o ve m e n tio n e d .
United States Bonds.— Sales o f G o v e rn m e n t b o n d s a t
tho B o a rd a re lim ite d to $11,000 4s c o u p o n a t 110)4 to
110)4, a n d $1,000 3s re g is te re d a t 101.
Railway and Miscellaneous Stocks.— T h o s to c k m a rk e t
has s h o w n in c re a sin g a c t iv i t y a n d also in c re a sin g ir r e g u la r it y
th ro u g h o u t the w e e k . D a ily tra n s a c tio n s h a v e a ve ra g e d
a lm o s t e x a c t ly 1,000,000 sha res, a p a rt o f w h ic h is p la in ly
due to th o ir r e g u la r it y m e n tio n e d . T h e la rg e r in te re s t in
r a ilw a y issues, w h ic h w a s a fe a tu re o f la s t w e e k ’s m a r k e t,
has n o t been c o n tin u e d , b u t th e s p e c u la tive c ra zo w a s e a rly
re s u m e d w it h fu ll fo rc e . P ric e s in th is class o f s to c k s h a v o
n o t m o v e d a ll in one d ire c tio n as w a s fo r m e rly th e case. O n
th e c o n t r a r y , som e h a d d e c lin e d s h a rp ly b e fo re th e n e w s o n
T h u r s d a y , re fe rre d to a b o v e , b e g a n to h a v e its lo g ic a l a n d
le g itim a te re s u lts . A s illu s tra tio n s o f th is m o v e m e n t,
W illy s - O v e rla n d h a d d e c lin e d 12 p o in ts on W e d n e s d a y ,
G e n e ra l M o t o r s 834, C ru c ib le S te e l 6, C o n t. C a n 5 % a n d
A llis -C lia lm e rs 3 )4 , a n d these declines h a vo been a d d e d to
m o re o r less in th e g e n e ra l w e a k n e ss w h ic h fo llo w e d th o a n ­
n o u n c e m e n t o n T h u r s d a y t h a t th e A r a b ic h a d been to r; edoed
a n d s u n k o ff tho Ir is h co a st.
T o - d a y ’s m a rk e t o pened w it h p ric e s g e n e ra lly fro m 1 to 3
p o in ts b e lo w y e s te r d a y ’s c lo s in g , a n d , a lth o u g h th e re w a s
som e re a c tio n on a r u m o r t h a t th e A r a b ic w a s c o n v o y e d som e
d ista n c e o n h e r w e s tw a rd t r ip , a fu ll re c o v e ry w a s m a d e in
o n ly a v e r y fe w cases.
A s a re s u lt o f th e w e e k ’s o p e ra tio n s , o n ly P e n n s y lv a n ia
o f th e a c tiv e r a ilw a y lis t closes w it h a n e t g a in , w h ile th e
in d u s tria l lis t sh o w s a v e r y ra g g e d lin e .
For daily volume of business see page 607.
T h o fo llo w in g sales h a v o o c c u rre d th is w o e k o f sharos n o t
re p re s e n te d in o u r d e ta ile d lis t o n th o pagos w h ic h fo llo w :

Range for Week.
Week STOCKS.
ending Aug. 20. Sales
for Lowest.
Highest.
Week.
Adams Express_______
American Express_____
Am Writing Paper, pref.
Booth Fisheries_______
1st preferred_______
Brown Shoe___________
Canada Southern_____
Cent A So Amcr Teleg..
<'hlcago & Alton______
Cluett, Peabody............
Preferred___________
Comstock Tunnel_____
( ,'rex Carpet____ ______
Detroit Edison........ .....
Detroit United_______
Dul S S & Atl, pref____
E I du Pont Powd, pref.
Kings Co K L t& P ____
Morris
Essex_______
N Y Lack A West_____
Pettibone-Mull 1st pref.
Philadelphia Co (Pitts).
Pittsburgh Steel, pref__
Sloss-Sheff Steel A I, pfd
South Porto Rico Sugar.
Texas Co, full paid rec..
Tobacco Products, pref.
Tol St L A W pf tr recta.
United Dry Goods, pref.
U S Realty A I m p t ___
U SR educA Refg..........
Preferred....................
Wells, Fargo A Co____
Wcst'house Air Brake..

20 100
21G 99
1,100
2,000 40
100 80
100 27
11 55)4
100 120)4
500 14 J*
200 00
100 103)4
500 10c.
53 40
100 14
125 02
400 7
100 99
12 123)4
33 102
32 112
100 93
0,000 77
100 x90
102 93
100 77
200 130 )4
500 101
100 0
109 50
200 33
200 2
100 3)4
500 107)4
1,220 280

Aug 14 100
Aug 14 100
9)4
42)4
Aug 10 80
Aug 10 27)4
Aug 19 55)4
Aug 20 120)4
Aug 14 15)4
Aug 17 00
Allg 19 103)4
Aug 14 10c.
Allg 14 40
Aug 10 115
Aug 17 02
Aug 10 8
Aug 18 99
Aug 20 125)4
Aug 19 102
Aug 14 112
Allg 20 93
Allg 14 79 M
Aug 10 r90
Aug 10 93
Aug 14 77
Aug 20 138
Aug 18 102
Aug 17 0
Aug 20 50
Allg 19 33
Aug 10
Aug 19 3)4
Aug 10 110
Aug 19 281

H3A Aug
14
Aug 10

Aug
Aug
Allg
Aug
Aug
Aug
Allg
Allg
Aug
Allg
Aug
Aug
Aug
Aug
Aug
Aug
Allg
Aug
Aug
Aug
Allg
Aug
Allg
Allg
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug

Range since Jan. 1.
Lowest. Highest.
14 80
14 83
18 5
17 40
10 80
10 23
19 54
20 HO
10 8
18 55
19 98
14 7c.
14 40
18 111)4
17 52)4
19 -1
18 90)4
17 120)4
19 100
14 112
20 83
17 71
10 85
10 85
14 40
18 123
10 95
17 0
20 50
19 33
10 1)4
19 1
19 77)4
19 280

Jan 100
Fob 100
July 15
Aug 42)4
Aug 80
May 39
Aug 00
Jan 127
Aug 15)4
Apr 00
Jan 103)4
May 21c.
June 49
Feb 115)4
Apr 02
July 10
Apr 99
Mar 125)4
Aug 180
Feb 110
May 93
Apr 81)4
May 90
May 93
Feb 77
June 138
May 102)4
July 7)4
Aug 59
Aug 50
Apr 10)4
Apr 10)4
Jan 110)4
Aug 281

Aug
Apr
Aug

July
Aug

Juno
Foreign Exchange.— T h e d e m o ra liza tio n in s te rlin g e x ­
May
c h a n g e th a t w a s so e v id e n t a t th e close o f la s t w e e k c o n tin u e d
Mar
Aug
d u rin g th e e a rlie r d a ys o f th e c u rre n t w e e k . L a t e r , im p ro v e ­
Jan
m e n t set in w h e n it becam e k n o w n th a t im p o rta n t p la n s o f
July
Aug
re lie f in v o lv in g th e im p o rta tio n o f la rg o a m o u n ts o f g o ld
&
May
w e re in co u rse o f seriou s n e g o tia tio n .
Apr
T o - d a y ’s ( F r i d a y ’s) a c tu a l ra te s fo r s te rlin g e xc h a n g e w e re
Aug
July
4 6 2 3 ^ @ 4 63 fo r s ix t y d a y s , 4 6 7 % @ 4 6 7 % fo r ch equ es
July
a n d 4 68 Yh@ 4 6 8 % fo r ca bles. C o m m e rc ia l o n b a n k s n o m i­
Aug
Aug
n a l, a n d d o c u m e n ts fo r p a y m e n t n o m in a l. C o tto n fo r p a y ­
Aug
m e n t n o m in a l, a n d g ra in fo r p a y m e n t n o m in a l.
A
Apr
Juno
T h e r e w e re n o ra te s f o r s te rlin g p o ste d b y p ro m in e n t
Mar
b a n k e rs th is w e e k .
Jan
'A
T o - d a y ’s ( F r i d a y ’s) a c tu a l ra te s fo r P a ris b a n k e rs ’ fra n c s
Juno
Juno
w e re n o m in a l fo r lo n g a n d 5 91 fo r s h o rt. G e rm a n y b a n k e rs ’
Aug
Aug
m a rk s w e re 81 5-16 fo r s h o rt. A m s te rd a m b a n k e rs ’ g u ild e rs
w e re 3 9 % f o r s h o rt.
.
Outside M a r k e t .— T h o “ c u r b ” m a rk o t w a s a c tiv e a n d
E x c h a n g e a t P a ris on L o n d o n , 27.70 fr .
d e c id e d ly irre g u la r th is w e o k . E a r l y firm n o s s w a s fo llo w e d
E x c h a n g e a t B e rlin o n L o n d o n n o t q u o ta b le .
b y s h a rp b re a k s w h ic h le ft th o m a jo r it y o f issues lo w o r a t th o
T h e ra n g e f o r fo re ig n e xc h a n g e f o r th e w e e k fo llo w s :
close. T h e so-called w a r s to ck s w o ro p a r tic u la rly in e v i­
Sterling
Actual
—•
Sixty Days.
Cheques.
Cables.
dence. C a n a d ia n C a r & F d y . c o m . a fto r a riso o f tw o p o in ts
H igh for tho week___ 4 64X4
4 70H
4 71)4
Low for tho w eek___ 4 60 )4
4 64
to 118 b ro k o to 96, ra llie d to 106, b u t m o v e d d o w n w a rd
4 64 )4
Paris
Bankers'
Francs
—
a g a in , re s tin g f in a lly a t 100. T h o p ro f, rose fro m 127 to 129,
H igh for the week___ ______
5 86
5 85
Low for the w eek___ ______
6 00
tlio n d ro p p e d to 113, w it h th o closo to - d a y a t 117. D rig g s 5 99
Germany Bankers' Marks—
S e a b u ry , w . i., o n its fir s t a p p e a ra n c e , soa red u p 29 p o in ts
H igh for tho week___ ______
81)4
81 9-16
to 99 a n d fin is h e d to - d a y a t 92. E le c t r ic B o a t co m . m o v e d
Low for the w oek__
______
8i
8114
Amsterdam Bankers’ Guilders
—
u p som e 45 p o in ts to 475 a n d sold to - d a y a t 430, o x -d iv id e n d ,
High for tho woek___ ______
40M
40 %
w it h th o closo a t 445. T h o p ro f, g a in e d a b o u t 35 p o in ts to
L ow for the week___ ______
39)4
39 %
th e tra d in g to - d a y b e in g a t 440, also e x -d iv id e n d . T h o
Domestic Exchange.—C h ic a g o , 10c. p e r $1,000 d is c o u n t. 475,
n o w p ro f., w . i., m o v e d u p o v e r 4 p o in ts to 4734, re a cte d
B o s to n , p a r. S t. L o u is , 5c. p e r $1,000 d is c o u n t b id a n d 5c. to 4 3 )4 a n d ends th o w e e k a t 4 5 % . C ra m p S h ip b u ild in g
p re m iu m a sked . S an F ra n c is c o , 40c. p e r $1,000 p re m iu m . a d va n c e d fro m 71 to 74, re a c te d to 6 6 )4 a n d fin is h e d to -d a y
M o n tr e a l, $1 25 p e r $1,000 p re m iu m . M in n e a p o lis , 20c. a t 69. In to m a t. M o re . M a r in o issuos w o ro e x c e p tio n a lly
p e r $1,000 p re m iu m . C in c in n a ti, p a r. N e w O rle a n s , co m ­ a c tiv e a n d s tro n g , th o c o m . ru n n in g u p fro m 134 to 5 a n d th o
m e rc ia l, 50c. p e r $1,000 d is c o u n t, a n d b ro k e rs $1 p re m iu m .
p ro f, fro m 7 to 1 1)4. B o th issuos re a cte d a n d closed a t
State and Railroad Bonds.— Sales o f S ta te b o n d s a t th e 434 a n d 9 )4 re s p e c tiv e ly . T h o n o w c o m ., w . i., g a in e d 10
B o a rd in c lu d e $6,000 N o w Y o r k 4 % s , 1965, a t 104% ; -$1,000 p o in ts to 52 a n d end s th o w e o k a t 46. T h o n o w p ro f, rose
N e w Y o r k 4s, 1961, a t 1013^; $3,000 N . Y . C a n a l 4 % s a t 8 )4 p o in ts to 66)4 a n d ro a c te d to 66. I n t . M o to rs a d va n c o d
1 0 9 % , a n d $19,000 V ir g in ia 6s d e fe rre d tru s t re c e ip ts a t s lia rp iy , th e co m . fro m 2534 to 28 a n d th e p ro f, fro m 48 to 57.
54 to 56.
T h o ro a c tio n c a rrio d th o fo rm e r d o w n to 22 34 a n d th o la t te r
T h e m a rk e t f o r r a ilw a y a n d in d u s tria l b o n d s has been to 49, w it h th o closo to - d a y a t 24 a n d 51 re s p e c tiv e ly . K o l ly
s o m e w h a t m o re a c tiv e th a n la s t w e e k , o w in g to in cre a se d S p g . T i r o co m . a fto r a n e a rly a d va n c o o f 2 p o in ts to 185 fo il
sales fo r fo re ig n a c c o u n t. T h o la tte r, re p re s e n te d b y sales to 176. T h o O il s to ck s c o n tin u o s tro n g w it h som e ro a c tio n
re p o rte d a t the E x c h a n g e as “ S -3 0 -f” , a m o u n te d to $1,599,000 fro m th o h ig h p o in ts o f th o w e o k . O h io O il m o v e d u p 8 )4
p a r v a lu e , as a g a in s t a t rifle o v e r $1,000,000 d u rin g each o f p o in ts to 156 a n d fo il to 153. S o u th P e n n O il g a in o d a b o u t
th e p a st tw o w e e k s . T h o o ffe rin g s o f n e a r ly a ll classes o f 14 p o in ts to 347 a n d d o clin od to 339. S ta n d a rd O il o f N . J .
b o n d s h a ve been in excess o f tho d e m a n d a n d p ric e s h a v o w a s u p a b o u t 22 p o in ts to 437 a n d sold f in a lly a t 429, o xd e c lin e d .
d iv id e n d . S ta n d a rd O il o f N . Y . d ro p p e d fro m 198 to 190.
A m o n g the e xc e p tio n a l fe a tu re s R o c k Is la n d s h a v e been M in e s w it h o u t special fe a tu ro . B o n d s a c tiv o . In te r . M o re .
s tro n g , th e d e b . 5s clo sin g w it h a g a in o f 3 % p o in ts , a n d M a rin o n o w 5s w o a ko n o d a t fir s t fro m 7 3 )4 to 7 2 )4 , th e n
In te rn a tio n a l M e rc a n tile M a r in e h a v e m ad e a s im ila r re c o rd . a d va n c e d to 78 a n d rostod f in a lly a t 77. K o n n c c o tt C o p p o r
W e s tin g h o u s e c o n v . 5s, “ w . i . ” , h a vo been b y fa r th e m o s t 6s w e a k e n e d fro m 124% to 123)4, th o n ra n u p to 145 a n d
a c tiv e b o n d s a n d h a vo m o v e d u p n e a rly 2 p o in ts . O th e r­ closed to - d a y a t 143.
w is e th o a c tiv e lis t sh o w s a d e clin e .
O u ts id o q u o ta tio n s w ill bo fo u n d o n pago 607.




New York Stock Exchange— Stock Record, Daily, Week.y and Yearly

599

OCCUPYING TWO PAOES.
For record of *ale» during th e week o f stocks usually inactive, see preceding page.

STOCKS—HIGHEST AND LOWEST SALE PRICES
Sales
Me of
Saturday
Wedne.nl
ty
f'hursdag
Priaay
1M
onday
Tuesday
Week
Aug. 14. Aug. 16. Aug. 17. Aug. 18. Aug. 19. Aug. 20. Shares
102 <8 102*4
*98'2 100
*102 103
82
82<2
*70*4 71U
83*8 85
152 15312
*260 325
45*4 46
12 % 12 %
30U 30U
82l2 83
* 12112 1237a
126 126
*160 170
1612 17*4
*115 120
*125 140
*38
40
*___
72
*27
30
*40
50
*35
42
142 142'4
*400 427
*5
7
*8
12
27's 28
43
43*2
34'8 3418
118*4 119
40'2 4U2
*100 103
19*4 19*4
717S 7178
19*4 19*4

Railroads
101
10 U
11,50; 1 Atchison Topeka A Santa Fe.
*09 100
40(
103 103
9(K
81
8 U, 16,65f
*70!2 71'
90C
83% 84ls 21 t20 f
,148*4 149*4 21,151
*250 325
4378 44'a
6.95C Chesapeake A Ohio........ .......
*11*2 12
2.80C Chicago Great Western..........
29*8 297a 1.40C
81*2 8212 11,760 Chicago Milwaukee A St Paul
121*8 1215f
30C
125*8 126
8oc Chicago A North Western__
*161 170
18*2 2214 141,800 Chicago Rock Island & Pacific
*115 130
Chicago St Paul Minn & O m ..
*125 150
*30
39
Cleve Cln Chic A St L ou is...
200
*27*4 28
IOC
*47
52
IOO
*35
42
1,800
139*8 140
*405 425
20 Delaware Lack A Western__
*4
7
30( Denver & Rio Grande........ ..
*3
11
27*8 27*8 44,500 Erie __
41*4 42l2 10,810 Do 1st pref...... ............. .
33*4 34
2,200
117 118
3,900
40*2 42*2 178,450 Iron Ore properties.......... .
*100'2 102'2
400
19*4 2078 18,050 Interborough Consol Corp.vtc
72*4 74
8,600
Do pref------------------------1978 2078 15,800 Interboro-Mctropolitan v t ctf
IOC
26
26*2 13,400 Kansas City Southern............
♦57*2 60
2,100
Do pref........ ....... .............
*6
9 ____ Lake Erie A Western________
*17
22
141*8 14178 7,100 Lehigh Valley..........................
*33
37
1,000
114 111
300 Louisville A Nashville---------*125 128
IOO Manhattan Elevated-----------*14
10
400 Minneapolis & St Louis..........
*30
40
150 Do pref..............................
*116 119
240 Minn St P & S 8 Marie..........
*___ 127
15 Do pref___________ _____
7*4 7*8 1,400 Missouri Kansas A Texas___
*16
18
400 Do pref.... .........................
3
3
27,525 Missouri Pacific.......... ...........

102i2 103
102*8 102 * 101*8 1023
1)0 % 001
99
99
993s 99*
105 ' 105 *103 ’ 105
103 103
82
83
82*8 82 % 8212 833^ 8212 83*j
70*4 707a 70*4 70*4 71 ~ 71
*7078 71*
84 U 85
83% 84% 83% 851* 84% £45
152b 154** 152*2 154
1513s 1521
152*2 154
*260 325 *260 330 *250 325 *250
46*4 46*2 455s 46*s 451* 457!
44*8 45*(
12>2 12*4
12*8 12 If
12 'a 1214
H% 12
31
3112 31
3 U4
30% 301
30*8 30*
8234 83*4 8212 831.
821, 823,
82*8 827!
1231.1 123li
*121*2 124
12378 1237{ *121*2 124
126'4 126*4 12778 1277f *126 1281 126*2 127*
*160 170 *160 170 *160 170 *100 170
10l2 I 8 I4 1734 191.
19
201
18*2 20*!
*115 120 *115 125 *115 125 *115 125
*125 140 *125 150 *125 140 *125 150
*30
40
*30
37
*30
39
39
*30
*00
62
70
*05
80
60*8 60*f
02
*25
30
30
28*!
28*8 23*( *28
*28
*46
50
50
50
48% 48ij *47
*47
42
*35
42
*35
42
*35
42
140 142
139% 140
140*8 140's linifi I40i<
*400 425 {410 410 *405 427 *405 425
*5
6*j
7
6
6
6
6*4
*5
*9
11
*8
10
12
*8
12
*8
27% 28% 28I2 29*4 28*8 29
2734 28*2
44
44*2
44*8 45
43*8 44
43*8 44*8
*34
35*4 *33*4 35
34
343* 35
35
1185a 1185s 118*8 11914 118*8 119*8 118 118*2
43*2 42*2 45
42*2 43*8 42
41*8 43
102 10214 1017s 102*4 *100'2 102*2 *1001* 1021?
20
20'4 20
21*8
19*4 19*4 1978 21
7178 721.1 71*4 72*8 71*8 72's 72*2 73*8
20
21'.!
20
19*4 197s 19*4 2078 20
73% 73->
27*4 273.1 26*2 27*2
28
28
28'4 2712 23*8 27
*57l2 58
57*8 58*2 58Q 59
*57*2 58
58*4 59%
*634 9
*6*4 9
*6*4 9
*6*4 9
*0*4 9
*17
21
*18
22
21
*19
22
22
*17
*10
141 142*8 142 1421? 1421* 143*4 142*2 143*4 142 142
*32
38
*31
*33
36
32*2 33
36
36
34
*113*8 115
*114 116
11334 113*4
114*8 11418
*125 127
127 127 *125*4 128 *125 128 *125 128
15
15
15*2 151? *15
15*2 15
15
*14
16
*3312 40
35
*34
39
35
*30
40*2 *30
40
119 120'4 *119 120 *118 120 {120 120 {120 120
*125 130 *125 130 *120 130 {132 132 *120 127
7*4 8l2
8 ’4
7*2 8*4 *7'.i
*7*4 8'4
7*4 7*4
17's 17*.| *17
20
18
18
♦16
20
18*2 18*2
178 2
2
2l2
234 314
1*4 2
3
3b
*14
24
*14
24
*14
23
23
*5
6
6
5*2 51* ♦5
6
*5
901* 90>2 0012 90*4 90la 91*4 90*2 91
90
90*8 89
61
64
03*4 63*4 62*4 64*2 63'4 631* 63
03*4 62*2
26'2 26'2 26
26*8 2578 2578 25*4
26*4 26
26*8 26
107*4 107*4 IO8 I4 103*2 107*4 108
107*8 10778 107*4 107*8 10534
*80
85
*80
90
*80
85
*80
90
*80
*80
90
10778 108
103's 108*4 10778 10Sl2 107*8 10778 107 103
105*4
103*8 109
103*2 109
108*8 109
10S'4 109
10.8*8 1001.1 108*2
*70
72
72
72
72
*70
78
72
*70
*70
77
*89
98
*90
96
*90
96
*90
96
*90
06
*00
146 148'4 14714 148*2 147*4 150'? 147*4 149*4 147's 1491? 145*8
*80
84
*80
84
*8078 84
84
*80
*80
*80
84
*81
85
*81
85
*81
85
85
♦81
85
*81
*81
*lg
*'8
*8
'4
**8
*4
'4
*8
%
*8
*8
'2
*>4
*2
*8
*8
'2
*8
*8
*8
434 4*4 *4*2 5
*4% 5
5
4*8 4*4
*4'2
4?8
11
*9
ii
*9
7
7
8*2 9*2 *8
11
*5
0
*5
6
512 5*4
5*4 5*4
5
5*2
5
*___
14
14 *___
14 *___
14
1212 121? *___
*28
32 *__
32
*28
32
*28
32
32 *___
15
1412 1412 14*4 14*4 14*8 14*4 15
14
14*4 15
3312 3312 33
33*2 32'4 33
33*4 33*2 33
*31
33
89'2 90*4 89*4 8978 88*4 89*2 87*2
89
89*8 88*4 90
10258 103's
*98 100
10214 1021j

__ __

16
*47
*12
5014
*1
*6
9078
130*4
81U
lO'.i
37
U
*'8
*2512
*12
*2
**S
35>s

16's
50*8
12*4
50*4
3
9
9078
131*8
8 D4
19'4
37
*4
*4
26*2
1
4
1
36

16
48
*12
50*s
*1
*0
91
131*8
81
19
3612

16*8 15*8
47
48
13
9*2
51
51
*1
3
*6
9
{91
91
132*2 131%
81*8 8 U2
1912 18b
37'2 36
*4 *----*'t
38
♦25*2 26l2 25*2
1
**8
**8
*2
3
*2
*78
*8
®8
36
*35
37

*u

STOCKS
NEW YORK STOCK
EXCHANGE

16
15-*8 15*8 15
48
*1714 48
46*8
1078
9*2 10*2
9*2
52
*51
51% 51
3
*1
3
*1
8
*6
9
*0
91
91
91
*90
13278 1313g 132U 130b
81*2
8 U2 81*2
82
19
*18
19*2 18
37
*35*4 38
35*2
i4 *__
% *----l4
14
*3
*4
25*2 *25*4 26i2 *25
1
**8
>2
**8
3
*2
3*2 *2
1'4
7S
78
*78
351* 36
36
35

14*4
46*2
9*2
51*8
*1
*6
91
93
131*4 12878
82
*81*2
18
1712
35*4 34*8
'4 *-----*4
*14
26*2 *25
*4
**8
4
*2
*7S
1*4
35*4 35%
15*2
47%
9*2
53
4
8

100 Do 2d pref..........................
89*4 8,900 N Y Central A Hudson River
63*4 4,100 N Y N H A Hartford............
25*4 2,800 N Y Ontario A Western........
106*2 2,300 Norfolk A Western..................
90
Do adjustment preferred.
9,550 Northern Paclflo......................
107
109*8 8,366 Pennsylvania...... .....................
72
400 Plttsb Cln Chic A St L ouis...
96
148
89,400 Reading........ ...........................
84
85
l4
266 Rock Island Company_______
*8 1,200
Do pref.......... ............ .....
5
500 St Louis A San Francisco___
600 Do 1st preferred................
5*2 1,200
Do 2d preferred_________
14
100 St Louis Southwestern............
32
14U 2,200 Seaboard Air Line__________
33
1,300
Do pref...................... .......
88*4 33,650 Southern Pacific C o.............. .
15*2

8,525 Southern Railway___________
1,900 Do pref........ .....................
9*2 5,300 Texas A Pacific........................
52
8,163 Third Avenue (N Y )________
3
Toledo St Louis A W estern...
9
91
4.50 Twin City Rapid Transit___
130
62,900 Union P acific..........................
700 Do pref.................. ...........
82
17*2 2,600 United Railways Invetmenta.
2,300 Do p ref.............................
35
200 Wabash— ..............................
14
900
*8
26*2
100 Western' Maryland..................
«4
Wheeling A Lake Erie_______
4
1*2
300
35%
1,200 Wisconsin Central__________
4714

RangeofSince
Jan. X.
On basis
100 Mart lots
Lowest

H ig h e s t.

92ij Feb 24
96 Jan
98 M ar I
53*4 Feb
67 Feb 22
83>4 Aug 13
138 July23
276 July28
35*8 July 9
10'4 Jau 4
25't Mayi4
77«4 July26
! 21 *sAug 20
1181* July 10
163 July 9
10' 2 July23
1114 Apr S
128 July26
»21 Jmi 18
63l»Feb 17
24 M ar 15
*5 Jan 18

26

37

Jan

18

139*8 Aug 20
399-. Jan
4 Jan 12
6 <* Jan 7
197* Feb 24
32U Feb 24
27 Feb 25
112*4 Jan 2
2 .V4 Jan 2
99 July 7
187a JulylO
70 JulylO
1058 Jan 16
49 Jan 19
20*8 Feb 24
647* Feb 24
5 Jan 5
19 May27
129U Feb 24
30 Jan 11
1041* July 8
125 June25
101* Jan 11
25 Jan 18
106 Jan
123 June 8
5 July 16
13U JulylO
1*4 July27
19 Mayl2
4*4 July28
811* Mar 1
43 Feb 25
21*4 Jan 6
99i* Jan 4
85 Jan 27
99i* Feb 24
103s* Feb 24
65 May 17
90 Junel9
138*4 May 10
81 Aug 13
so Feb 23
'* Julylft
h June21
1*4 Mar22
7 Aug 17
3 Jan 18
121* Aug 19
29*4 Ju.y24
111* July3l
30>4 July24
81U Feb 5
047, ]>b 20
121* July23
42 July23
8'2 July23
35 Jan 2
1 Jan 6
5'* May25
90 Juiy 9
115*4 Jan 2
79 Mar 1
8 Jan
21U M aris
>8 May26
>8June28
914 Jan
>2 July28
2 Aug
*8Aug 10
28 Julyl4

•33
34
33*2 33*8 33
33*8 32*2 33
7,800
33*8 34*8 33*8 31
42
3012 42
40*4 42*4 38*4 42*2 39
38*4 41*2 38*4 3S*s 124,650
7*4 Jan 12
73*2 7014 72l2 69*4 71*4 67*4 69*2 17,000
72's 73l2 7234 73/8 71
33 Feb 10
Do preferred v t c __ __
*56
57
57
55
57
57U 57
57i2 *56
56% 56*8 55
900 American Agricultural Chem.
48 Jan 4
*92
93
*92
93
*91
93
*91
93
*91
93
*92
93
90 Mar27
58'4 59*4 59*2 61*8 60*4 62
62*2 66*8 63
60
63 100,600
66
33U Jan 6
89
90
90
91
*86
89
*85
89
*76
93
90
900
no
83 Feb
103 103 *100 106 *100 106
*103 100 *103*2 106 *103 108
300
87U Feb 25
*175 179 *175 179 {179 179 *170 179 *170 179 *170 179
50
132
53
60'4 00*4 64*4 60*4 64*8 6078 6334 60'2 64
57*2 59*4 294,8.50
25 Feb 24
106 1067s 107 .07
IOOI4 lOO'i 10078 I0/<2 106 107
105 10.5*8 2,800
9H* Jan 5
69>2 71*4 69*2 73
71*8 7312 69*2 72*4 68
68*4 101,880
70*4 67
40 Feb 23
118 118 *116 118 *116
*116 118 *116
[13
100
.18 *118 121
111*
*139 144
140 140
140*2 H I
144 145*8 145 154*2 145 154
16,000
82 Jan 20
*116 118 {116 116 *116 118 *116 118 *116
110 Do pref........................ ..... {
1778 117 117
Jan 7
51
51
51*2 52*4 51 <2 52
5U.1 51*8 50
51*2 49*4 49*2 5,100 American Cotton OH________
39 Jan 4
99
*95
93
*95
07
*95
*95
97
98
97
200 Do pref........ ............... .....
*95
97
91 June 25
7 >8 7*4
7'8
7*8
7'2 7>2
7*4 8 '2
7*2 7*2 14,200
4*8 Feb 19
7*8 8*8
*3112 3512 *3412 3512 35*8 36
36
38*4 37
36
7,200
381.1 35
19*4 Jan 6
26
*23
24
24
25*4 25
24*4 24*4 2312 2 lit *23
24*2 2,500 American Ico Securities_____
20*8
Jan 4
1114 11*4 11*4 11*4 11*2 12
12
14*4 1378 151? 13*a 10*4 33,600 American Linseed....................
7U Jan 2
*29i2 30'2 29*4 29*4 *29*2 31
31
31
33
35
33
35*4 6,900
24 Jan 5
58
56'2 58*2 55*4 5712 53*2 56% 51*4 53
54's 55*4 55
54,750
19 Mar 2
99
99
*98
99
OS's 99
*98*2 99*2 *93
99
93
98*2
600
75 Mar 6
6 I4
6*8
6
0's
*5*2 6'*
6*4
1,000 American Malt Corporation..
*5*2 6*8 *5
37* Apr 14
«
038
28
27
27
*25
*25
27
28'2 *25
25
25
*25
27
200
21l2 May27
*80
81
*80
8U* ♦S0l2 8 U2 *80
81
*79
81
*80
81
78 Jan 19
80
80*8
82*2
811
8
81*8
82U
78*4 8 OI4
80
82*.i 79
30,800
80
56 Jan 2
106 106
100U 0614 *108 103'2 *105*2 106b 106*2 1001* 106*8 106*8
475
Jan 4
*145 152 *148
52 *148 152 *145 150 ♦140
50 *145 150
Jan 16
*103 103 *103
08 *103 108 *103 108 *103 103 *103 10S
Jan 19
54
58
4378 44
44*4 4712 49l2 56
49
51*2 34,150
52*2 50
24'* Mar 5
109's 100*8 109*4 110*2 *109 110*2 110*8 U U 2 110*4 11*4 109*8 109*2 5,100
991* Feb 24
*113 116 *113
*114
120
*113
120
16
*114 120
09 Feb 8
*122*4 1231* 122*4 123*8 12312 124
121 124*4 123*2 123% 121*2 123*4 8,810 Amcr Telephone A Telegraph
16 Jan 4
228 228
227 227
228 228 *223 228
220 22.8 ♦220 228
.500
T8 May 14
*106'2 107U *10612 107U *106*4 107'4 *107 107*2 107*2 107*2 107 107
276
03>4 Jan 4
30
37*8 3678 38
3778 38*2 37*4 38*2 37
35
30*2 11.400
33
15*4 Mar 6
03
94*4 92*2 93*4 92*4 927s 92
92 >s 91*8 92
91*2 0H2 2,6.50
77U Feb 27
66
6714 66*4 69
701* 69'8 72*4
69
70*2 69
68*4 71's 115.100
Anaconda Copper
$50 cl
• Bid and asked prices: no sales on this day.
t Ex-rights. { Less than 100 shares.
a Ex-dlv. and rights.
6 New stock,
dollars per share,
^Irst Installment paid,
Er-dlvldend. * Full paid

d

e




x

..Par

105 Apr 19
101*8 Junel7
1131, Apr 30
84*8 Aug 11
7312 July27
93 Apr 21
174 Apr 19
325 Jan 22
49*8 Apr 19
14i* Apr 19
365* Apr 19
98U Apr 19
130 Jan 22
132 Apr 15
1175 Jan 30
38** Apr 15
lift July 9
131 July29
36 Aug 10
6 5 Apr
32 Apr
54U Apr
491 Apr 3
153 Apr 19
429*4 Apr 10
9U Apr 20
18>4 Apr 19
301* Aug 11
46>* Apr 19
37U Apr 19
122*4 Apr 19
45 Aug 19
113 Apr 19
21*4 July30
7612 June24
24*4 Apr 29
777* June22
29*8 Aug 12
601* Apr 20
9*8 Apr 21
23U Apr 22
148 Aug 11
39 Jan 20
1251* Apr 20
129 Apr 23
19** Feb 15
49 Feb 15
124 Aug 11
132 Apr 19
15U Apr 19
40 Apr
I 8 I4 Apr 19
23 Jan
7'* June 4
92*4 Jan 22
7U4 Apr 21
35 Apr 20
10914 Aug 10
90 June 15
1125* Apr 19
111*8 Apr 21
72 Jan IS
98<* June 5
1671* Apr 19
90 Junel2
86'* Apr 19
H* Apr 9
21* Apr 9
714 June26
121* June28
8 Mar31
19 Apr 23
37 Jan 21
17 Apr 21
42 Apr 10
95 Apr 21
106U Apr 19
19** Apr 9
63 Jan 26
177, Apr 19
68 Apr 15
21* Mar31
9*8 Jan 23
100 Apr 19
1345* Apr 19
82 Junel2
21** July20
40U Apr 26
214 Apr 30
61, Apr 29
27U Aug 11
3*4 Jan 18
16 Jan 18
6 Jan 18
397, Jan 21

,

Range
for1914.
Preeiens
Year
Highsst.
891* July
*961* Dec
{991s Dec
67 Dec
69 Dec
79 July
153 Dec
300 July
40 Dec
9U July
25 July
84*4 Dec
126 Dec
123 Dec
170 Jan
33 June
125 May
132 May22 July
40 July
20

Ma

377S July
29 Dec
1384, Dec
388 Jan
4 July
8 July
20's July
32 July
26'« July
111** Dec
221* July
l03i2 Dec
10*4 July
60 Deo
20U July
49's Dec
5's July
17 Apr
118 July
28 Jan
125 Deo
128 Jan
9's July
271* June
101 Deo
130 June
8'* Deo
26 Dec
7 Dec
30 Jan
5 Deo
77 July
49*8 July
18*4 Dec
96'* Dec
85 Jan
96*8 Dee
1021, Doc
641, July
95 June
137 July
87 July
,80 Dec
*8 Dec
1 Doc
2 Apr
8 May
21* Deo
177, July
36 July
101* Deo
45*4 Jan
81 Deo
927g Dec
14 Dec
68 Dec
H i, Deo
33 July
2 Dec
44* Deo
947* July
112 July
771* Deo
71* Deo
22 July
1* July
1*4 Dec
lO** Deo
21* July
8i* July
3 Dec
29*4 July

$4012 Apr 22 $191* July
6 July
461* Aug 12
321* July
76 Aug 12
47*4 Jan
597* May 5
90'* Dec
95 June 4
19 July
66*8 Aug 13
66 May
91 Aug 18
80 Apr
109*4 Aug 9
183 Aug 9 1291* Jan
64*4 Aug 16
19b July
1071* Aug 16
80 July
42i* Dee
7312 Aug 17
118 Aug 6 112 July
170'* Julyl2 {82 Jan
II 8 I4 Julyl2 1102 Jan
32 July
641* Apr 26
98 Apr 22
93*8 June
8 i2 Aug 18
3i* July
421* Apr 19
17 July
197g July
35 Apr 30
I 6 S4 Aug 20
71* July
3514 Aug 20
24 Dec
20i* July
68 Apr 16
100's Apr 16
98 Jan
6*4 Aug 12
4i* Deo
321* Mar31
30 Deo
83*8 May 5
791* July
841, Junel4
SOU July
108i2 Aug 10
971* Apr
165 Apr 22 148 Deo
1061* Apr 26
997* Jan
58 Aug 18
271* July
1 14U Apr 23
97 Mar
115U JunelO 1077* Mar
124U Junel7 114 July
2521* Apr 22 215 Apr
109 May 6 101** Jau
38l2 Aug 17
12 July
94*4 Aug 14
721, Mar
$72i4 Aug 19 $24'* Dec
Certificates of deposit,

e

100*8 Jan
101*4 Jun
126 Jan
98*8 Jan
83*> Jan
94U Ma
2201* Feb
310 Jan
68 Jan
15<4
41i* Juni
10718 Feb
143 Feb
1367* Feb
180 Jan
33 Jun*
131U July
132 May
40 Jan
70 Feb
28'* Jan
62 Jan
35 Mar
159i* Feb
406*4 Jun*
19U Jan
31's Feb
32i* Jan
49*4 Jan
40>4 Jan
134*4 Feb
391* ..n
115 J.n

June

16*8 Jan
66*8 June
281* Jmy
62 Jaa
9 Jaa
211* Jaa
156l4 Jaa
36 Feo
1417, Jan
133 Feb
161* Jan
351* Jan
137 Feb
145 Feb
24 Jan
60 Jan
30 Jan
34 Feb
14 Jan
96*8 Jan
78 Jan
31*8 Jan
106's July
90 Apr
US'* Feb
1151* Jan
91 Feb
101 M at
1721* Jan
89*8 Jun*
03 Jan
16*8 Jan
25 Jan
5*8 Jan
171* Jan
94, Jan
26*4 Jan
65>8 Jan
22** Feb
58 Feb
991* Jan
1061* Jun
28t4 Feb

85U Feb

17*4 Apr
Jan
Jan
23 Jan
1081* Jan
164** Jan
86 Feb
25*4 Feb
4914 Mas
4*8 Jan
13 Jan
35 Jan
6** Jan
21 Jan
11 Jan
48 Feb
45*4
12 I4

$287g May
14U Feb
49 Jan
591* M a ,
97'* Jan
3 3 1 * Deo
80 Deo
97'* Feb
1467s Feb
35's Jan
96 Jan
53'* Feb
U 878 July
{861* M ar
107 July
46'* Feb
97*8 M a,
5U Feb
25*4 Feb
32*4 Feb
11*8 Jan
31*4 Jan
37U Jan
1021* M a ,
914 Jan
60's Jan
■85 Jan
71's Feb
105 Jan
172 Jan
106*4 July
37i* Feb
1097s Jaa
115 Deo
124U Jan
356 Ma
109 Jun
207 Jaa
Jaa

,

d Quoted

New Y ork Stock R ecord— Concluded— Page 2

600

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

Sales
STOCKS—HIGHEST AND LOWEST SALE PRICES.
the of
Friday Week
Wednesday 7'hursday
Tuesday
Monday Aug.
Saturday
17.
Aug. 18. | Aug. 19. Aug. 20. Shares.
Aug. 14. Aug. 16.
77
79% 81% 79
81
79%
*104 106 *104 :oo *104% 106
1%
*1%
13g
1%
1% 1%
271 2893,i 275 288
275 285
141 145
139% 139% 136 140
*126% 129 *126% 130 *126% 130
63% 65% 62% 63% 60% 61%
16%
16
173| 16% 173.1 16
16% 17
38
37% 38% *35
*35
38
43
44
44% 45% 44
46
43
43%
105 105 *10134 105% 104% 105% 105 105
105 105
44% 44%
453g 46
45
46
44% 45
44% 41% 433.1 393, 41%
41
4478 43
44% 43
125% 126
126% 127% 126% 126% 125% 126% 125*4 128
86
89% 84% 8 6 %
91
90% 94% 89% 91% 89
104 101
104 104
* 102 % 106 §104 104 * 102 % 106
173i
17% 18% 17% 18% 16% 17
16
16% 16
83
83% *82
82
821.1 82% 83% 83% 83% 83
69
731.1
72
78
73*2 78
102
102
1021? 1021? 102
103
n o 115
116 119*2 118 122
112 115
*107 115
*104 110% * 10,8 120
*91
*91
96
*91
96
95
29% 203, 273,
28
29% 2.8% 29% 2834 29% 28
28% 29
21 34 22*2
21*4 21 %
30% *20
301,
*25
.30% 26% 26% *20
*20
28
25
25
44
44% *41
47
*40
45
45
45
42
42% *40
48
*280 290 §285 28934 §289% 289% *280 2843.t §286 286 *280 289
110 % 110 % *109
113 §112 112
109 109 *110% 113
* 110l-> 113
172% 17434 170% 172%
171% 172% 172 175% 174% 176% 174% 176
21134 218
201
209%
211 % 216
217 220% 217 219
216 220
109 109 *108% 109% 108 108% 108 108% lOOSg 106%
109 109
55
61%
64%
63
59%
59%
623
4
64%
59%
62%
56
58%
*107 110
108 108 *108% 109% 107 107 *107 103 *106 108
62% 63% 633.1 65% 653g 66 % 64% 66 % 62% 6334
62% 63
*117%
*1 1 7 % ___ * 1 1 7 % ___ *117 120% §118 118% *117%
33% 333t 34% 347g 36% 34% 36"% 33% 34%
32
32% 32
21% 19
16% 19
20%
16% 19*4 19
16
1634 17% 18
36
41
38%
37% 41% 35
31
35
*28
32
30
31
105% 107 *103 105
106% 10634 106 107
106% 107
106% 108
*
117
117
70%
74% *68
74% *65
*68
*74% *68 *74% *6 8 " 74% *68
*___ 117 ★
117
117 *
10
10
9% 10 % *9% 10
10 %
10
10 %
10
10 % *io
37% 37%
39
393i §37% 37% *37
39
39% 38% 3812 *38
*78
83
83
*77
78
78
*78
83
*78
83
*78
83
*108 113
*108 113
145 150 *140 150
1447g 1447a *140 145
*128 145 *140 145
80%
*105%
*1%
290
*140
*127

78% 80?s
5105l> 1051a
1U
li4
285 292
150 150
*126 130
64
64%
*1534 16%
*3512 38
42% 423s
*10*112 105
44
44*8
40% 41%
*126 127%
91
92%
* 102 % 106
16% 16%
*8 H'> 82

53
*101
*215
*116
*18%
*90%

53%
103
225
120
19
93

175
*76%
*6634
40
86%
34%
96
78%
*78
24%
*48%
*102
121

82%
107
1%
294
160%
130

53%
*101
*220
*116
*18%
90%

176% *168
79
*76
68
♦6f)3.t
42% 42%
871” 87*2
36
36
96
81%
82%
247s
49
102%
122

"95
80%
*781”
24%
49
10234
*118

80% 83
*103 106
*1%
1%
282% 288
147 147
126% 126%
64% 66
16% 16%
*35% 38

54 % 55 %
102
102

544i
108
225
120
19
90%

*216 225
*116 120
19
19
*8934 92%

ISO

*168

*110
54

§103
*216
*103
*18%
*90

*168
*- .
§76
79
§67%
68
453g
49
91%
92
39% 38%
*36
*94
*94
98
803.1 823.1 81%
82%
*81
83
25% 26% 26
50% 51% *51
*103%
*118 122% *118
*121
180

28%
90
65*2
110
14%
120
74
35%
32%
117
68%
29%
96
66%
101

55
56
74
120
106%
48%
144
78

54%
*56
*73
112
106%
46%
144
*73

56%
57
733.1
120
107
47%
14738
78

7% 73
28% 283.
44% 45
*102 105
21% 23%
*44
46
*60
67
67% 693,
*95
98
48
483
*102% 103%
73% 755j
112% 113
65% 67
36% 373
101% 1013f
61
63
71% 713
112% 118
*130 150
181 192
♦106% 108
1053,1 106%
*122 125

7%
29
*43
*102
22
40*2
*62
68

51 Vi
57
§56
73% *73
100
102%
105
105
44% 45
1431 143%
80
*73

7%
*28
45
*102
20%
*40
*60
67
*95
47%
*103
73%
112%
65
36
*100
59%
70%
111%
*137%
175
*106%
*104
124

8
29
45
106
204
48
67
68
98
48
103%
74%
112%
651
364
102
61
71
1134
150
1904
110
106
124

62

x

48%
105
763,1
112%
66%
36
§102
62%
71%
117%
*137
181%
*106%
106%
*123

c

5434
*56
*72
108
lOOTt
45%
144%
*73
*97

7
7%
29
45
46
107 *102
21%
231,
46*2 47
*62%
67
723i 70%
*95
53% 52
105
105
77% 76
1131 112%
673S 66%
37% 36
102 *101
64% 63
72-3. 71%
1203 U6%
150 *132
180
187
106% 1003g
108% 107
125 *124

103
225
120
20
92%

180 *168
tl7*4 *110
76 '
76%
67% *66*4
49
433.,
92% 90
40
37%
40
98
87% 83%
84
85%
26% 26
52
50%
106 *103%
122% *118
124

56%
57
7334
114
107
4934
147%
77
102
7%
45

106
223g
47
67
73
98
5434
105
77%
1123.
67%
371
102
04%
72%
119*
150
183
106%
107
125

• Bid and asked prices no sales on this day. f
d iv id en d , Ki-dividend. Par $25 per share.




*102
*220
*116
*18
*91

*105*2 107
28 “ 295g
*88
91
64% 643.|
*109 110
143,4 15
115% 126%
71% 72%
333.t 343.1
*31
32%
*115 116%
68% 69%
283.1 31%
97
9934
63% 65%
101% 101%
*101 107
164 164*4
164
334 3*4
4
5
5%
8
423.i 42«,i 44%
93
92% *85
22*4
23%
23
46%
47'.i 45
99% 100% 101%
9% 12%
11
17%
15% 14
157% 156 156%

27% 28% 2734 28% 2734
*87
88
88
88
89
63% 64
64*2
65
66
•109 110 *109 110 *109
14% 14% 14% 14% 14%
115%
114 116
1151” 118
71%
*71
73% 71
72
34%
33% 36
34% 35
*30
32% *30
32% *30
*115 117% *115 118 *115
*55
70
66
*60
68
25
25
25% 26% 26%
95
953.1 *95
*93
95
64%
61% 63% 63% 67
101
*100 101 *100 102
*102 104 *101 107
*160 162
162 164% 163%
*33g
3% 3% *3
4
5
5
*5
*5
8
39
39% 39
41% 40%
92%
*85
93
*85 103
22
22% 22% 22% 22%
42% 44% 431,1 45% 451,1
981t 98% 98% 98% 98%
87g 11
.8
8% 11%
13% 15
12% 15% 12
*152 155
156%
155% 159
49*4
*55 %
*72
95%
*104%
42%
143%
*78

103
225
108
20
92%

*76
79
68
68
444i 45
88*2 88%
37% 37%
95~
83%
82%
25
51
103%
122%

112
112
1 12 *110
*110
5434
53% 54 % 51% 53

28
*87%
63%
110
14%
126
72
33
30
*115
*65
30
97
62%
*100
*100%
160
3’ 4

*4

40%
*89
22%
44%
101
9
13
153

*101
*215
§116
*18%
*91

49,400
500
400
7,900
1,800
100
12,650
4,100
1,200
75,370
700
21,050
66,500
5,800
13,025
350
84,425
2,450

STOCKS
NEW YORK STOCK
EXCHANGE

(Con)
Par

1
l

d

Par

17,125 Distillers’ Securities Corp___
Federal Mining & Smelting..
Do pref________________
General Chemical___________
Do pref________________
Qeneral Electric____________
General Motors vot tr ctfs..
Do pref voting trust ctfs.
Goodrich Co (11 F )............ .
Do pref________________
Guggenheim Explor.
$25
Homcstake Mining..................
Inspiration Con
$20
Internat Agricultural Corp__
Do pref............ ..... ...........
2,000 International Harvester of N J

d
d

Par
Cop-Par

International Harvester Corp.
1,500 International Paper................
Do pref________________
550
100 Kayser & Co (Julius)............
700 Krcsge Co (S S ).................... .

103
220
116
20
92%

5,300 Lackawanna Steel___________
112 Laclede Gas (St Louis)..........
Liggett A Myers Tobacco___
48 Do pref........ .............. .....
116 Looso-Wllcs Biscuit tr co ctfs.
100 Do 1st preferred_________

180
117*i

300 Lorlllard Co (P )......................

180 *168
1171,8 *110
76% *70
*65
69
41
47
91% 87
39% 35
*36
*94

873i 81
85% 82%
26% 25%
50% 49%
105 *103%
121 *118
124 *12212

79

68
43
89
36%
40
98
833g
82%
26
50%
105
121

29% 25
*87
91
64% 61%
110 z ll 1
14% 14%
1273i 128
*71
72
32%
34
§30
30
115
117
*65
70
28%
32
90
99
653, 59%
102
107 *100%
158
100
3%
4

27%
91
62%
111%
14%
134%
74
33
30
115
70
303,
98
013,

43%
93
23%
461,
102%
103,
15
1563,

40
93
22%
433,
1013,
10%
14
152

3.3
*80
22%
42%
100%
9
*123.,
1503.i

107
159
334

140 Mackay Companies_________
140 Do pref________________
50,900 Maxwell Motor Inc tr ctfs—
Do 1st pref stk tr ctfs___
2 1,464
27,175 Do 2d pref stk tr ctfs___
200 Do pref________________
103,900 Mexican Petroleum.......... —
800 Do pref________________
$5
8,600 Miami Copper_____
1,600 Montana Power.....................
300 Do pref________________
200 National Biscuit------- -----------

d

Par

Nat Enameling A Stamping..
Do pref________________
National Lead______________
Do pref________________
Nevada Cons Cop__
$5
New York Air Brake________
North American Co (new)__
Pacific Mall______ _____ ____
Pacific Telephone A Telegraph
People’s Gas Lt A C (Chicago)
Pettlbone-Mulllken_________
Pittsburgh Coal____________
Do
pref________________
Pressed Steel Car----------------Do p r e f..____ _________
Public Service Corp of N J . . .
2,550 Pullman C om pany................
1,100 Quicksilver Mining..................
1,100 Do pref............ .................
29,310 Railway Steel Spring________
100 Do prof____ ___________
$10
12,450 Ray Cons Copper..
100,500 Republic Iron A Steel______
Do pref________________
6,050
56,125 Rumely Co (M )____________
Do p r e f.._____ ________
11,500
5,400 Sears, Roebuck A Co________
24,900
400
6,875
500
3,020
68,775
2,400
10,800
125
110
900
83,050
15,810
76,910
200

Lowest-

Highest.

Range for Prestoan
Year 1914
Lowest. Bightit

Industrial & Mlsc.
26% Mar 3
Saldwln Locomotive-----------92 Mar 9
Do prof..............................
S% Feb 5
Batopllas Mining__
$20
46% Jan 2
3ethlehem Steel------------------91 Jan 2
Do pref------------------------llrooklyn Union Gas-------------- 118 Jan 5
Butte.fcSuperlorG’op.FarSlO $59% May 15
California Petroleum v t ctfs8 July26
30 July23
Do pref________________
32% Feb 20
Central Leather____________
Do pref________________ 100% Jan 7
Chino Copper_______
$5
32-% Jan 6
2134 Jan 5
Colorado Fuel & Iron_______
Consolidated Gas (N Y )____ I I 334 Jan 4
40%Jan 4
Continental Can____________
Do pref________________
8 8 % Jan 5
Corn Products Refining______
8 Jan 2
Do pref________________
65 Jan 5

8,400

400
800
90
262
28,275
10,700
900
123,750
500
35,100
160
152,910
10,900
7,125

Range Since Jan. 1.

On basis of 100 share lots.

d

Par

d

Par

62% Mch
85 July27
38% Jan
110 June
106 Aug 4 102% Jan
$1% Feb
$2 Apr 17
$% Apr
46% Deo
311 Aug 6
29% Jan
91% Deo
180 Aug 12
68 Jan
132% Apr 30 118 Deo 130 Jan
S7978 June 4 __________ _______—21% Feb 8
30% Feb
15*8 Deo
54% Fob 8
08 Mob
50 July
40 Aug 19
38% Deo
25% Jan
105 Aug 16
947s Jan
104 July
49% Apr 26 $31% Deo $44 Feb
44% Aug 16
341] Feb
20% July
131% Apr 30 112% Dec 139% Jan
94% Aug 10
37% June 45% Jul»
104 Aug 19
91% July
84 July
18% Aug 18
13% Jan
7 July
83% Aug 17
72 Jan
58% July
92% Aug 7
100 July30
125 July22
93 Mnrl7 105 July23
95% Aug 10
91% Jan
99% Feb
11 July
5% Mur 2 30% Aug 10
20 % Mob
$24% July 15
60
Junel2
7%
May
15 Jan
8 Mar24
65 Jnnel2
28% Deo
43 Jan
20 M arl3
165 Jan 26 290 July 9 160 Apr 180 Jan
110%
Aug
18
107%
Feb
110 June
106 Mar 1
138 Mar 3 177*2 July27 137% Deo 160% Feb
37% Jan
99 May
82 Jan 2 224 Aug 12
70 July
95 Feb
90%Jan 4 109% Aug 10
28% Apr
19% Jan
24l« Jan 7 64% Aug 17
7978 Jan
95 Jan 14 108 Aug 16
$45% Jan 7 $67)2 Junel2 $40% July $671] Apr
1114 Jan 8 §120 July 2 109% July $122*2 Mch
$16%Jan 2 *36% Aug 18 $14% July 319% July
4 Jan
2U” Aug 18
10% July
5 % Mar 31
41% Aug 19
36 Jan
13 May
8 Mar 15
82 July 1131] Jan
90 May 10 114 June 4
U878 July
117 Jnu 20 113% Jan
82 Dec 111% Jan
65 Feb 20 80 Apr 10
114 Jan 11 114% May 118 JulJ
12 Apr 19
107j Feb
6 % July
8 Jan 6
41 Jan
30 Deo
33 Feb 24 43 Apr 19
94 June
80 Jan
77% Feb 20 88 A pr 26
109 Apr 19 100 Moll 108% May
81 Jan
105 Feb
99 Jan 18 150 Aug 19
110 J 11nc 12
105 Mob
40 Jan
26% July
28 Jan 7 56% Aug 9
85 July 101 Fob
92% Jan 15 106 Apr 13
207 Jan 9 231 Apr 22 207% Deo 231 Mob
118 % July
113-% Jan 5 119% Jan 21 111% Jan
38 Jan
20 Dec
16 Feb 1? 31 Jan 1!
86 Feb 20 105% Jan 13 101 Apr 105 Mob
65 M arll
95% June
89 Jan
184
Mar
8
160 July 190 Apr
165*2 J&n 6
1177j July
IIS Jan 19
61 July
87% Feb
72% Jan 11 827g May 6
70 Jan
65% Jan
65 Feb 25 69% Jan 19
l4ij Dec
16% Deo
15%Jan 6 58 Apr H
4 lif Dec
44 Deo
43% Jan 2 92% Aug 18
17ij Deo
17 Deo
18 Jan 6 44 May 5
51% June 69% Jan
35 July 12 56 Mar 2
07% June 101% Feb
947g Apr 27 t98% MarlS
731] Feb
461] Jan
51 Jan 9 97 Apr 26
67 M ay
67 Jan 15 94 Apr 26
SI7% Jan 6 $29% Apr 26 $16ia Dec $24% Feb
62% June
41 Dec
42 Jan 4 55% Apr 23
99 Jan 29 103% Aug 16 101 Apr 1037i June
116 Apr 3 132 Jan 22 120 July 139 Feb
126 Feb 3 119% Jan
128 June
106% Apr 16
0 July
9% Jan 4 29% Aug 18
80 June
79 Apr 1 90 July27
40 July
4 4 Jan 4 70% May 1
104-% Jan 4 zlH % Aug 20 105 Jan
$1 1*4 Feb 24 $16% Apr 27 $10% July
68 July
5612 Fob 26 137% Aug 19
04% July
64 Jan 19 81 Apr 21
17% July
18 Mar 17 38 Aug 3
20 July
26% Feb 11 39% Apt 16
112% MaylO 123% Apr 3 106 July
23 Apr
15 Mar 5 75 July 17
15 Deo
15%Jan 4 32 Aug 19
79 Dec
81%Jan 4 99% Aug 18
26% Jan
25 Mar 6 67 Aug 10
97% Jan
«6 MarlO 102% Jail 23
101 Aug 10 110% Apr 22 107 Jan
150% Marl2 167 Juncl4 150 Deo
4% Aug 7
78 Juno
i4 M ario
6% Junel5
ltj June
% Mar29
19% July
19 Mar 6 44% Aug 18
88 Deo
87 Mar 3 95 Apr 19
$15%Jan 2 $26% Apr 26 $16 Dec
18 Doc
19 F’eb 1 471.1 Aug 17
75 Deo
72 Jan 30 10278 Aug 19
Dec
7* Jan 22 14 Aug 13
18% Aug 12
20% Apr
2% Jan 20
.1131% M a r 17 209% Feb 1 170% July

191] July
52
35’,860 Sloss Sheffield Steel A Iron..
24 Jan 6 5678 Aug 19
32 Jan
4.3% Feb 23 56% JulyM
55C Standard Milling....................
56
691| Deo
Do pref............................. 66 Fob 17 73% July 13
5
74
20 Jan
35% Jan 2 120 Aug 16
105 111,500 Studebaker Corporation (The)
70 Jan
106
90C Do pref------- -----------------91 Jan 2 107 Aug 17
$25 $25% Feb 24 *50% Aug 20 $24% July
5012 119,825 Tennessee Copper.
in
10.51C Texas Company (The).......... 120 May 14 147% Aug 17 112 July
73% June
55 Feb 18 78 Aug 19
10C Underwood Typewriter_____
78
105 July26
103 Dec
104
8% Aug 13
3% Juno
63, 6,000 Union Bag A Paper................
4% Jan 4
18% July
22% July 13 307* Apr 6
27%
20C Do pref__ ______ _______
39 Dec
42 Jan 25 51% Apr 19
45
60C United Cigar Mfrs__________
105 Feb 11
99 June
103
7% June
21% 15,450 U S Cast Iron Pipe A Foundry
8 Jan 2 23% Aug 17
30 July
Do pref________________
32% Mar 3 47% Aug 12
47
200
46 Jan
63
60 July27 731.1 Mar 9
100 U S Express________________
73
Aug
18
15 Dec
15 Jan 27
70% 28,800 U 8 Industrial Alcohol______
75 Deo
70 Jan 26 97% Aug 11
93%
100 Do pref.. ___________ .
44t] July
4 1 July 21 74% Apr 14
51
59,950 United States Rubber______
111)
Apr
9
96% July
105
Do 1st preferred_________ 101-% Feb 24
300
48 Dee
38 Feb 1 77% Aug 18
74 861.99C United States Steel................
Do pref................ ............ x!02 Feb 1 113% Aug 10 103i4 Deo
112% 5,885
$10 $48% Jan 6 $73 Apr 26 $46% Dec
6078 42,S0C Utah Copper______
17 Dec
35% 15.90C Vlrglnia-Carollna Chemical__
15 Jan 4 37% Aug 16
96 May
Do pref............ ............... .
101
80 Jan 6 102 July 31
26C
35 July
60
12.40C Virginia Iron Coal A Coke _ 36 June 9 64% Atlg 18
63% July
7()3fl 6,601 Western Union Telegraph___
57 Jan 2 72% Aug 17
64 Jan
115 491,601 Westlnghouse Elec A M fg__
64 Feb 21 120% Aug 17
10C
Do 1st preferred_________ 117 M ar 12 136 Aug 12 115%Jan
145
175
17,875
87 Feb 23 196 Aug 13
106% Aug 18
1063s
20 c
1063s 4,106 Woolworth (F W )..................
89 July
90% Jan 6 111% Apr 14
125
206
Do pref.............................. 115 Jan * 124 Aug 14 112%Jon
Less than 100 shares. tEx-rlghts.
Ex-dlv. and rights. 6Now stock.
Quote dollars por share,
53%
*56
§72%
107
106%
47%
141
78
*97ll
631
*23
<13%

56% 50
553.1
57
72% *73
111% Z100
106% *102
49% 46%
144% 139
*73
78
*99
103
63,
7%
29
*27
43% *43
*100
22% 20%
21
*42
47
*43
63
*62% 67
69% 71% 67%
93%
*95% 93
51% 5334 50
104% 101% *101
74% 77% 72
112% 112% 11034
66% 67% 65%
36% 34%
36
*101% 102
101
59’4 04
55%
72
71
70
114 118
112%
135 135 *137
170t”
176 181
10638 106% *105%
*106% 107t- 106%
*124 125 *122

d

..Par

d

Par

a

<t

14 Feb
867] M Ob
52 Jan
109 Feb
$16i] Jan
69 Jan
79% Mch
29 Jan
31 Jan
125 Jan
29 Feb
23% Fob
105% Mch
114 Apr
159 Jan
27* Jan
4 J$Ui

34% Feb

101 Feb
$29% Apr

1)1*4 Mcfi
197% July
35 Jan
45 Doo
87% Deo
36*4 Mob
02 May
$36% Feb
149% Mob
88 Jan
113 Apr
8% Feb
32t] Feb
60% Feb
10378 Feb
13% Jan
49 Feb
87 Meb
20 Apr
85% Jan
63 Mob
104% Jan
87% Jen
112% Jan
$59% June
347] Mob
107% Mch
52 Mob
60% Feb
79% Jtuy
134% June

103% Feb

•187, Vtrh

s Ex-stock

601

New York Stock Exchange— Bond Record, Friday, Weekly and Yearly
th e B ic h a n g e m eth o d

3*3
3
is S

BONDS
W. T . STOCK EXCHANGE
Week Ending Aug. 20.

U. S. Government.
O 8 2i consol registered— 01930 Q - J
Q- J
Q- F
Q- F
Qy - F
a S Pao Canal 10-30-yr 2s.it 1930 Q U S I’ n Canal 10-30-yr 2s
Q -N
8 Panama Canal 3s g------1901 Q -M
Q-K

Week'sor I•O2 Range
Price
Since
Range
Friday
Jan. 1.
Aug. 20. Last Sale
High No. Low High
Bid Ask Low
99%
90*4 July'15 ___
97 % -----97' 4 -----101 Sale
lOO'a____
109 -----110 -----97 ------

97% July’ 15
101
101
10034 Aug ’15
109% Aug '15
110%
110%
97% May’ ll
97 July'15
101 ------ 101% Aug '15
100 Pel) '15
____100

F
V

U

F o r e ig n G o v e r n m e n t

M- 8 t ____
t ___
96%
HI- s
F - A 90
F - A 81
F - A 75%
1 - J 1 70's

argentine— Internal 5s o( 1909
Chinese (Hukuang rty)—5sof ’ ll
Cuba— External debt 5s of 1901
Exter dt 5s
' 14 scr A__ 194
External loan 1Vis_______1949
Japanese Govt— £loan4Vi

oi

Do

do

o f q u o tin g b o n d s w a s c h a n g e d , a n d p r ic e s a r e n o w

t

"Gorman stamp”

i - J
Q- J
J -D
F- A
M- S
*5fo£

Gold debt 4» of 1904...

tThese are prices on the basis of

Tokyo City— 5s loan of 19

S t a t e a n d C i t y S e c u r it ie s .

Hf. 8
MJ -D
M- 8
M- N
M- N
M -N
M- N
M- N
M- N
M -N
M- N

P

N Y City—4% s ........ ......... 190

t ____
____
t ____
t ____

96%
97%
i 100%
___ 100%
- 109%
12 1IO%
. . . . 97%
___
—

99
101*8
102
no
111%
97%

10034 102
100 100

99%
93 Juno'15 —
80
88 July'14
3 93% 97%
97
97
94
90 July 15 ___ 90
80 A u g'15 ___
80
85%
2 73% 84%
76
76
72% 82
72% Aug '15 __
70%
70% 15 70
79*4
78% June’ 15
70
79% Apr '14 . . . . . . . . . . . .
82
65 July'11
80
95% Jan '15 ___ 95% 95%
96
82
78
79% 80 M ay'15

94
74*4
97%
91
83
77
70%

98 Sale 98
93% 75
98% 19
98% 98% 98%
101% Sale 101*8
101% 30
5
102
101% Sale 101%
9434 Sale 94%
94% 15
6
9434
91%
94% 95
94% 94% 94 July’ 15 — 1
94
93% 94% 91
2
101 %
101% 101% 101%
___
100%
Aug
'15
10034 102
5
102
101% Sale 101%
100%____ 101 Aug '15 —
89 J une' 15 ___
84*4 89
1
10034 10134 101% 101 %
101 ____ 101% July'15
101 ____ 100% June'15 —
100% . . . 100% Apr '15 —
3
109%
109% 109% 109%
__
10433 Aug '15 ___
109% 109% 109% Aug 'lo __
6
104%
10414 104% 101%
84% July'14
10
50
54 Sale 54

97% 100%
9778 100*8
101% 102
101% 10534
9738
94
94% 97
94
97
94
97%
101*8 105*4
100% 101%
101*8 105%
100% 101
84
89
997s 1013.J
9978 101%
100 100%
99*8 100%
10814 n o
101% 10434
103 10934
104% 104%

a l l— “ a n d in t e r e s t " — e x c e p t fo r in c o m e a n d d e fa u lte d bon d s.

BONDS
N . Y. STOCK EXCHANGE
Week Ending Aug 20.

Interest
Period

Jan. 1909

See

Chic Hurl <fc Q (CY>o.)—
Joint bonds.
Great North
Nebraska Extension 4s__ 1927 M -N
Southwestern Dlv 4s____ 1921
General 4s.......................... 1958
Ohio A E III ref A Imp 4s g_.1955
1st consol gold 6s.............. 1934
General consol 1st 5s____ 1937
Registered____________ 1937

Price
Week'sor a§ xj= Range
Since
Range
Friday20. Last
Jan. 1 .
Sale '
Aug.
Low High No Low HiOk
Bid
95
94% 96% 95% Aug '15 —
95
95 Junc'lo
99% Junc’ lo ___ 99%
8912
9 0 % 106 89
24% Juue’ 15 __ - 20%
10 91
94
95
4 51%
59
59
52%
71 June’ 15 —
97*4 Feb *13
20
27% July’ 14
4 66%
68 Sale 67%
68
113
117
101
95 ^ Apr *11
80 July’ 12
90U Aug *12
104 D e o ’ l l

M- S 99%
M- S 89% Sale
J - J ____ 21%
94 Sale
A -O
59 Sale
M- N
M- N *50 ____

Chle Great West 1st 4s.........1959 M- S

Chic T S A East 1st 4 V<*
1Q«9 j - n
Chicago Milwaukee A St Paul—
Gen'l gold 4s Series A ___ <1989 j - j
Registered___________ el9S9 Q - J
Gen A re( Ser A 4 Vis___ a2014 A - o
Gen ref conv ser B 5s__ <,2014 F - A
Gen'l gold 3 Vis Ser B___ <1989 J - J
General 4 Vis Ser C ______<1989 J - J
25-year deben 4s________1934 J - J
Convertible 4Vis.......... ..1932 J -D
Chic A LSup Dlv g 5s___ 1921 J - J
Chle Mo Rlv Dlv 6s___ 1926 J - J
Chic A P W 1st g 5s______1921 J - J
C M A Puget Sd 1st gu 4s. 1949 J - J
Dak A Grt Sou gold 5s__ 1916 J - J
Dubuque Dlv 1st s f 6s__ 1920 J - J
J *J
La Crosse A D 1st 6s____ 1919 J - J
Wls A Minn Dlv g fis____ 1921 J - J
WIs Vail Dlv 1st 6s.......... 1920 J - J
Mil A No 1st ext 4 Vis___ 1934 J -D
Cons extended 4 Vis___ 1934 J -D
C hle* Nor West Ext 4,s 1886-1926 F - A
Registered_______1886-1926 F - A
General gold 3 Vis. _.......... 1987 M- N

&

85 Sale
* __
88
89’ Sale
102 Sale
76% 79
98 Sale
____ 80%
9434 Sale
101 %
102% 104*s
102% Sale
____ 87%
100 ____
105
108
101
101% 103%
105% ____
97*8 ____
9 7%

__

9
85
86%
89% Apr ’ 15 ___
89
89*4 12
102
103% 87
77 July’ 15
97*4
98% 44
86%
87*s 18
94*4
95*8 79
5
102%
102*8
103 July'15
11
102%
103
3
87
87
100% July’ 15 ___
106*4 Junc’ 15 ___

__.

97
95
99%
92%
29
103
75
71

73*4
117
101

85
89 %
88%
100%
77

92
89%
92%
104%
80%
9 7 3 4 101%
80% 90%
93% 98%
102*8 102%
103 104*4
101*4 103%
87
91
100 100%
106 107%

__

102% June'16
102% 102%
102% June’ 15 ___ 101**. 102%
106% July'15
106% 107
99 100%
99 May’ 15 ___
100*8 100%
100*8 M ar'16
1 Vi % Corporate stock..
94% M ay'15 ___ 92% 94%
___
94% July'14 ___
78% 81
81 A u g '15 __ - 78% 82
N Y State—4s.
M- 9
78^*> Juu *14
J - J
92
02% 93*8 Aug ’ 15
General 4s______________ 1987 M- N
89% 94*4
J - j
94 June'15 . . . . 89
Stamped 4s....................1987 M- N 92
94%
J - i
General 6s stamped_____ 1987 M- N 109% 110*8 110% Aug '15
109 114%
J - j
109
___
Sinking fund 6s___ 1879-1929 A - O
108 June'15
108 109%
I - J
1051* Dec *13
Registered............ 1879-1929 A - O
M- S
103*s
1027#
Sinking fund 5 a ___ 1879-1929
103% Aug '15
iVi - 8
Highway Improv’t 4 !»s.
i03i*»
100% M a r'15
Debenture 5s___________ 1921 A - O 101 %
100*8 101%
52
61%
101 Deo ’ 12
Registered____ _______ 1921 A - O ____
2 101
101
104
Sinking fund deb 5s_____ 1933 M -N 101 Sale 101
R a il r o a d .
99 101%
55
66%
Registered........ ............. 1933 M -N 100% ____ 101% May’ 15
59% 58 Aug '15
Q - J 57
Frem Elk A Mo V 1st 6 s.. 1933 A -O 117 ____ 117 A u g '15 ___ 117 119%
92% 210 8978 95*4
A - O 91% Sale 91
- 89
92%
J - J
90% Sep '09
89 July’ 15
89
90
iA -O
J - J
863,
82% 17 81
82% Sale 82%
Nov
105 108%
Mil L S A West 1st g 6s__ 1921 M - S 107
107% June'l5
Nov
Ext A Imp s f gold 6s__ 1929 F - A 102*8 ____ 104*8 M ar’ 15 —
82% 60 81% 87
104% 104*8
82% Sale 82
M-N
113% Feb '14
102% 27 02-% 104%
Ashland Dlv 1st g 6 s . . . 1925 M- S 109%
J -D 101% Sale 101%
___
111% 111%
Mich Dlv 1st gold 6s__ 1924 J - J 103% ____ 111% Apr 'l.V
99% May’ 13 __ .
J -D
103% 39 O'2% 104%
Mil Spar A N W 1st gu 4s. 1947 M- 8 __ _ 89% 90 July’ 15 ___
S9*s 92
) j - n 101% Sale 101%
10158 19 100% 10134
Northw Union 1st 7s g. .1917 M- S 10411 ____ 107*8 M »y'l4 — .
J - D 100 % 101% 1013s
1 102*4 106
104
94
92'8 Aug 'la ___ 92
St L Peo & N W 1st gu 69.1948 J - J 103*4 104% 104
IVI - 8 93 . . .
10312 May’ 15 ___ 10313 103*8
Winona A St P 1st ext 78.1916 J - D 102
8558 July’ 15 ___
84% 89
.1 - J 85% - - Trans Con Short
102*8 17 101*8 102%
Chicago Rock Isl A Pac 6 s .. 1917 J - J 102% 102% 102%
95 M ay'15
95
96
IY1- H ____ 98
102% Aug '16 ___ 101% 101*4
103 103
Registered...................... 1917 J - J 102%
M- 5 103 ____ 103 Eob '15 __
81
general gold 4s________1988 J - J 80
80
80*4 71 SO
85
88
88% 21 88
93
M- 8 ____ 88
80% June’ la
SO 82%
Registered____ _______ 1988 J - J ____ 81
------ 93% 92% July’ 14
63% 114 61
Refunding gold 4s______ 1934 A - O 63% Sale 62%
71%
8 M- N 101%____ 105% June'14
214 39
47
93%
20-year debenture 6s........ 1932 J - J 47 Sale 44
67
8 J - J ____ 92% 91% June’ 15 ____ 91
78
93
M -N
1 J - J 129% 135 12978 Aug '15 ___ 1297s 1297S
2 81
50
85 July'li*
R I Ark A Louis 1st 4ViS--1934 M- S
82
82%
s7%
81% 82
2 M -N
13 99 100
Bur C R A N— 1st g 5s__ 1934 A - O 99%
99%
100
1 A - O 115% 117% 119% June’ 15 - - - 129% 129%
100% May'14
105 105
t A - O 101%____ 105 July'15
M A St L 1st gu g 78.
1927 J -D
97% 98
hii 8p Oca <t G gu g 4s
8 J - J 97% ------ 98 June’ 15 _
97*8 99% 97% July’ 15
Choc Okla A O gen g 53.01919 j - j
97% 97*s
92%
901a 05 89
5 J - J 89% Sale 89
97% 97%
Consol gold 5s________1952 M -N
92% 97% Apr ' HI
88% 90
2 52
52
52
84
Keok A Des Moines 1st 5s 1923 A - O 50
75
91%
873a 45 85
88
86% 86
3 A -6
85
f,5 Apr 16 ___
65
65
Ot Paul A K C Sh L 1st 4 Ms '41 F - A
8 q - j ____ 84% 90 Apr '16 __ . 87% 90
Chic St P M A O con 6s___ 1930 J -D 115 116% 114*4 Aug 'lo ___ 114*4 117*4
87% 172 82% 88
86% 8alo 8058
___
90 Jan ’ 15
Cons 6s reduced to 3Vis.-1930 J
90
90
39 99% 102
Debenture 5s............ ....... 1930 M- S 9934 Sale 99*4
100
5 M N 86% ____ 80% July'15 __ . 86% 88
Cb St P A Minn 1st g 6 s..1918 M -N 114
110% Jan '14 ___
10 78
84
80
80
P L E A W VaSys ref 4s.
M- N 78% 81
129% May'09
4 88% 91
J - J 114%
88
87%
88
5 J - J 87
St P A S City 1st g 6s___ 1919 A - O 104*4
105 " Aug ‘ 15 ___ 104*8 105*4
100 Apr '13
) M- S
M- 8
I A - O i o i % ____ 101% Apr '15 ___ 103% 104%
Cl Lor A W con 1st g OS80
85 Jan '14
Chle T H A So-oast 1st 687.. 1960 J - D
Chle A West Iud gen g 6s..»1932 Q -M 106 . . . . 105% July’ 15 ___ 105 100
1 J -D 101% ____ 10534 June’ 14
70
76% 76 Aug '15 ___ 75
Consol 50-year 4 s............. 1952 J - J
80%
104*8 May’ 14
7 A- O
60
96 Mar'14
Cin H A D 2d gold 4**8
1937
113% Feb '12
J - J
90*4 M ar’ 14
88
7J - J
J - J
88% June’ 12
91 Jtiuo'12
25 July'15 ___
25
25
Cln D A I 1st gu g 5s........ 1911 M-N
25
M- N
83 M a r 'll
7 M- S 105 % ___ 105% Aug T5 ___ 102% 106%
7
30
65 J'ly '14
J - J
7 M-N ____ 100% 100% Aug '15 ___ 100 103
J
j
94*8
Dec
’
14
*9%
92
04
>
8
Feb
'
15
—
94%
8 A- O
94%
J - J
7
65 J’ly ’ 14
30
103% . . . 112 Apr '14
1 106*8 107%
J - J
107% Dec '02
106 *3
1 F - A 108%____ 106*8
_
_
7 88
72% Sale 71
72%
.
74
111% Juiy'H
2 J - D 107
Cleve Cln C A St L gen 4s__ 1993 J -D
7 101% 104%
101%
88
J - J
2 A - O 101% Sale 101%
1C078 Apr 14
81 Feb '15
81
81
Cairo Dlv 1st gold 4s____ 1939 J - J 82
___
___
83 Feb ’ 14
94 Juno'15
963.
78
94
Cln W A M Dlv 1st g 4 s.. 1991 J - J
J -D
3 103% 107%
76
107%
85
St L Dlv 1st coll trg 4 s...1990 M- N
78*4 80 Apr '15 ___ 80
5 F - A 105 ____ 107%
5 9St4 102%
M- N
98 >4
98% 98%
I M- N 98
85 Mar* 11
SO Feb ' 15
86
M- S
91 Apr '12
1 J - J . - 102% 101% May’ 15 . . . . 102 101%
105
IVI - N
Mid Ga A Atl Dlv 58........ 194' 7 J - J 102%____ IOO14 M a r'15 - - . . i0()*4 100%
90
Q -F
90 F e b ’ 15
10334 1033.
90
6
J 102% 105 103% May’ 15 __
3 88
Registered................ it 1930 Q-F
88
88% Muy’ 15
87
88%
92%
7 r,i - n
87
89% 88
112% 18 112 115i2
J *J
101 101
7 J - J 112 112% 112%
J - J
1 111 115
111
111
7 Q - J ____ 112
105*4 J'ly ’ 14
Si 10234 104
J - J
Am Dock A Imp gu 6s.
1 .1 - J 103% 104 103 July'15
94 J'ly ’OS
Ind B A W 1st pref. 4s
1940 A - O
100 ____ 100 June'13
Q-J
1 M- S 9 4 % ____ 100% Jan '13 ____ _ ___
59 July’ 15
63
59
Peo A East 1st con 4s___ 1940 A - O - - - - 59
65
68
0 Q - P 70 ....... 6.8 Feb ’ 15
20
20 July’ lol ___
23
28
Income 4s..................... 199C Apr
20
83% July’ 15 ___ 83
96
1 J - J 83% 90
2 91
2 102% 105
93
Cleve Short L 1st gu 4 Vis__ 1961 A - O 93 Sale 93
102*3
93*4
) M -N 102% 102% 1025s
15
Col Midland 1st g 4s---------- 1947 J -J ____ 14% 16 May'15 ___
17
102 105% June’ 14
9 M -N
74 82
16
141* 15
85
91
2 M- 8 84% 85% 85
87% 86%
86% 12 85% 92
Colorado A Sou 1st g 4s___ 1929 F - A
2 M- a . , . . 84% 93% Feb 14
2 80% 85
801.; S0%
80%
Refund A Ext 4 Vis-------- 1935 51 - N 80
74% 93 70
1 F - A 73 Sale 72%
76*4
8378
Ft W A Den C 1st g O s...1921 J - D 102 103 102 July'15 ___ 100 103%
! J -D ___ 81% 82 M ay'15 ___ 82
A -O
82% 82%
82% May’ 1.5 —
5 J -D ____ 81
100 May’ 10
J - J
____ 95
90% Dec '13 *
Del Lack A Western—
84
10 84
85
80
85
Morris A Es 1st gu 3ViS-_200H J - D
SI
82
81% Aug '15 __ _ 80% 84*s
8512
9J 107% July’ 15 ___ 107 109
N Y Lack A W 1st 6s___ 1921 J - J 107%
77 Apr '15 . . . . 77
77
1 J - J ------ 83
1013a 101
F-A
101*4 M ay'15
J M95%
96 June'15
9 5 % 96 '
M- 8
Term & Improve 4s___ 1923 M -N
113% Feb ’05
F- A
85% 102is Feb '03
1 A O 53
53
6 53
53% 53
60
5 104% 105*8
104%
104%
1 38
44%
) J - J 4158 Sale 445g
47% Del A Hud 1st Pa Dlv 7 s...1917 M- S 104%
119 A ug'01
4 98% 100
F - A
9 9 % ____ 997S 100
M- S
82%
82% 52 81% 84%
100% 10 99 100%
10-yr conv deb 4s________1910 J -D 100% Sale 100%
J - J 82% 83
4 99 100%
100
1st lien equip g 4 Vis____ 1922 J - J 99% 100% 100
SOU Aug ' 12 ___
J - J
91
19 90
90 Sale 90
96
1st A ref 4s........................1943 M -N
93
7 917S 94%
J - J 92% 92% 9278
82
1 83
83
83
83
80
Alb A Sus conv 3 Vi 8........ 1946 A - O
93 June'13 ___
J - J
113'is Jan '15 —
113*8 113*8
9 A - O 102%------ 102% June’ 15 ___ 101% 1021,
Reus A Saratoga 1st 7s__ 1921 M-N
963, 09
J A - O 98% 100% 98% July'15 —
• No puce Friday, latest tms wees. d Due April, « Due M ay. 0 Due June. A D u e J u iy . k Due Aug. o Due Oct. y Due N ov. j Due Doc. a Option M ia




]

__
_

__
._

S'2

__

__
__

__

m?.3s

__
__

....

Ry

__

Si

-D

__
_

J-1

__

___

_

m

1-

__

J
N

)
I

__

603
N.

New York Bond Record— Continued— Page 2

BONDS
Y. STOCK EXCHANGE
Week Ending Aug. 20.

Denv & H G r 1st con g 4s___1930 J
Consol gold 4H s_......... ..1930 J - J
Improvement gold 5s____ 1928 J - D
1st
refunding os_______ 1955 F
Rio Gr June 1st gu g 5 s.. 1939 J
Rio Gr So 1st gold 4s......... 1940 J
Guaranteed__________ 1940 J
Rio Gr West 1st g 4s......... 1939 J
Mtge * col trust 4s A .. 1919 A
Utah Cent 1st gu g 4s.al917 A - O
Des Mol Un Ky 1st g 5s___ 1917 At- N
Det
M ac. 1st lien g 4 s ... 1995 J D
Gold 4 s ___________
1995
O
Det Rlv Tun-Ter Tun 4HS.1961 M N
Dul Mlssabe Nor gen 5 s.. 1941
J
Dul * Iron Range 1st 5s____ 1937 A O
Registered...............
1937 A O
2d 63 ...............................1916 J
Du So Shore At g 5s......... 1937 J
Elgin Jol East 1st g 5s____ 1911 M -N
Erie 1st consol gold 7s______ 1920 .VI- s
N Y * Erie 1st ext g 4 s ... 1947 M -N
2d ext gold 5s................. 1919 M S
3d ext gold 4!4s............. 1923 M S
4th ext gold 5s.............. 1920 A O
6th ext gold 4s.............1928 J D
N Y L E & W 1st g fd 7S..1920 M S
Erie 1st con g 4s prior___ 1996 J - J
Registered..................... 1996 J - J
1st consol gen Hen g 4s__ 1996 J - J
Registered___________ 1996 J - J
Penn coll tr g 4s_________ 1951 F - A
60-yr conv 4s A _________ 1953 A -O
: do
Series B _____ 1953 A -O
Buff N Y * Erie 1st 7 s ... 1916 J -D
Chic & Erie 1st gold 5s__ 1982 IYI -N
Clev 4 Mahon Val g 5 s ... 1938 J - J
Long Dock consol g 6s__ 1935 A -O
Coal * RR 1st cur gu 6 s..1922 M -N
Dock & Imp 1st ext 5s__ 1943 J - J
N Y * Green L gu g 5 s ... 1946 M -N
N Y Sus A W 1st ref 5 s . . . 1937 J - J
2d gold 4Ms................... 1937 F - A
General gold 5s.............
1940 F - A
Terminal 1st gold 5s____ 1943 IYI- N
Mid of N J 1st ext 5s____ 1940 A -O
Wllk & Ea 1st gu g 5s___ 1942 J - D
Ev * Ind 1st con gu g 6s___ 1926 J - J
Evans & T II 1st cons 6s___ 1921 J - J
1st general gold 5s............. 1942 A -O
M t Vernon 1st gold 6s___ 1923 A -O
Sull Co Branch 1st g 5 s...1930 A -O
Florida E Coast 1st 4H S...1959 J -D
Fort St U D Co 1st g 44i8-. 1941 J - J
Ft W A Rio Gr 1st g 4s........ 1928 J - J
Great Northern—
C B 4 Q coll trust 4s........ 1921 J - J
Registered A . . ............... 1921 Q - J
1st A refunding 4 >£s ser A 1961 J - J
Registered________ .1961 J - J
8t Paul M A Man 4s____ 1933 J - J
1st consol gold 6s.......... 1933 J - J
Registered................. 1933 J - J
Reduced to gold 4 H s. 1933 J - J
Registered............. 1933 J - J
Mont ext 1st gold 4 s ... 19.37 J -D
Registered................. 1937 J - D
Pacific ext guar 4s £____ 1940 J - J
E Minn Nor Dlv 1st g 4 s.. 1948 A - O
Minn Union 1st g 6s____ 1922 J - J
Mont C 1st gu g 6s............. 1937 J - J
Registered................... 1937 J - J
1st guar gold 5s........ 1937 J - J
Registered........... .1937 J - J
Will A S Fist gold 5s ..1938 J -D
Or B A W deb ctfs “ A” ($100 par) Feb
Deben ctfs “ B " ($100 par)___ Feb
Gulf A S I 1st ref & t g 5S..61952 J - J
Registered.........................61952 J - J
Hocking Val 1st cons g 4>$s. 1999 J J
1999 J
Registered...............
Col A H V 1st ext g 4s__ 1948 A - O
Col * Tol 1st ext 4 s ... .1955 F - A
Houston Belt A Term 1st 5s. 1937 J - J
Illinois Central 1st gold 4 s .. 1951 J J
Registered...................... 1951 J
1st gold 3H s....................... 1951 J
Registered....................... 1951 J - J
Extended 1st gold 3 H a ...l9 5 1 A -O
Registered....................... 1951 A o
1st gold 3s sterling............. 1951 IYI s
Registered....................... 1951 IVI 8
Coll trust gold 4s............... 1952 A - O
Registered.................. 1952 A - O
1st refunding 4s..........
1955 M- N
Purchased lines 3H s.
1952 J - J
L N O A Tex gold Is____ 1953 M- N
Registered..............
1953 VI- N
Cairo Bridge gold 4s
1950 J
Litchfield Dlv 1st g 3s___ 1951 J
Lou Isv Dlv A Term g 3JSs.19.53 J
Registered...................... 1953
Middle Div reg 5s _
1921 F
Omaha Dlv 1st gold 3 s ... 1951 F
8t Louis Dlv A Term g 3s. 1951 J
Gold 3JSs.............
1951 J
Registered..........
1951 J
Sprlugf Dlv 1st g 3 JSs___ 1951 J
Western lines 1st g 4s___ 1951 F
Registered..............
1951 F
Bellev A Car 1st 6s.......... 1923 J - D
Carb A Shaw 1st gold 4 s.. 1932 IYI- S
Chic St L & N O gold 5 s.. 1951 J - D
Registered_______
1951 J - D
Gold 3 Vfjs.................. ..1951 J - D
Registered................... 1951 J - D
Joint 1st ref 5s series A . 1963 J - D
Meraph Dlv 1st g 4s -.1951 J - D
Registered.......... ........ 1951 J - D
St Louis Sou 1st gu g 4 s.. 1931 M- S
Ind 111 A Iowa 1st g Is.......... 1950 J - J
l u t * Great Nor 1st g 6s___ 1919 M - N
James Fran & Clear 1st 4s . 1959 J - D
Kansas City Sou 1st gold 3s 1950 A - O
Registered...................... I960 A - O
Ref A Irapt 5s............ Apr 1950 J - J
Kansa-s City Term 1st 4 s ... 1960 - J
Lake Erie A West 1st g 5s. .1937 J J
2d gold 5 s . .................... 1941 J - J
North Ohio 1st guar g 5 s.. 1945 A - O
Leb Vail N Y 1st gu g 4H s_. 1940 J - J
Registered...........................1940 J - J
Lehigh Vail (Pa) cons g 4 s..2003 IVI- N
General cons 4t$s____ 2003 IYI-N
Leh V Term Ry 1st gu g 5 s.. 1941 A - O
Registered.......... .............1941 A - O
Len Val Coal Co 1st gu g 5s. 1933 - J
Reentered.........................1933
- J
1st Int reduced to 4s____ 1933
J

A

A

J
J

A

A

A

J

J

P Due Nov.

i Option sale




Price
Week'sor 1 ? Range
Range
Friday20. Last
Since1
Aug.
Sale
Jan.
Bid70*4 Sale
Ask Low High No.
Low High
31
70
71
____
65
44
____
____
. . .
69*8

78
70
45
95
77
40
73
5914 59?8

78 Aug T5
3
67
67
12
44
44
109 Dec '12
61*2 Apr ’ l l
85 M ar’08
2
70
70
59lg
59<2 10
90 Apr ’ l l
100 M ar’ 15
85
87” 87 Aug T5
SO ____ 80 June’ 15
------ 90'2
90ig May’ 15 IIII
101 105 101*2 May’ 15
____ 100'a 100 May’ 15
106*2 M ar’08
104 Feb ’ l l
— — 95'2 96 May’ 15
____ 104
10378 Apr T5
109' s ------ 109'g Aug T5
9 0 lg ------ 97*2 June’ 14
____ 1017g 101*4 May’ 15
95 ____ 98*2 June’ l5
100'ig____ 100 July’ 15 ___
93*8 May’ 14
109 June’ 15
7934 80>2 80*2
80l2 100
797g June’ 15
66 Sale 66
6634 64
77 Apr ’ 12
86 >g------ 86*2 July’ 15
60*8 Sale 603g
6112 **25
66 Sale 66
55
69
1023g 103 hi 102*4 June’ 15 . . . .
102 104i4 103*2
103i2
101 Feb T5
____ 11934 11934
11934
1
9978 100U 106 Dec *12
10314 ____ 10314 Aug T5 . . . .
103*2 Aug ’ 12
____100
94 May’ 15 . . . .
lOOU Dec ’06
67*2 69
67*2 Aug ’ 15 — 102 Jan ’ 14
10212____ 111*2 May*12
____ 82l2
86 June’ 15 . . . .
106 May’ 12
____ 90
81 Aug ’ 15 . . . .
47 ____ 993s Dec T3
108 N ov’ l l
95 June’ 12
86
87
86*4 Aug T5 — 92 A ug'10
55
65
54 Aug T5 —

" gl

9618 Sale 96
96*2 188
------ 96i2 96is Aug ’ 15 *25
95
96i4 96l4
96*2 48
96 June'13
“ I I *95*12 95*2 July’ 15
IIOI4 1193g 118*2 June’ 15
118*4 Apr ’ 15
------ 100'g 100
1003s 15
109*4 Apr ’ 15
2
90*s 93 lg 92*8
923g
____ 92l4 94*2 Apr ’ 14
85 ____
8 5 U ____ 89U June’ 15 . . . .
106 ___
118 120'2 120*2 July’ 15 . . . .
136U May’06
104 ____ 105*2 July’ 15 . . . .
10438
72
1034
82

____
80
1U2
85

10714

72
11*2

84

June’ 15
May’ 15
July’ 15 ” **
July’ 15

____

897g 92*2 July’ is
97*4 Jan T4
83*4 Sale 835*
83*8
90*2 June’ 14
93*2 Feb T5
*96** *9712 90*g July’ 15
____ 92 100 Sep ’ ll
81*2____ 81 July’ 15
____ 82
88*2 Feb T3
80*4 82<2 78*4 Dec ’ 14
------ 83
*80* ’ J’ ly '’09

....
2
—
....
—

813s 84

1
81
81
95*4 Sep T2
1
84
84
82 Feb ’ 14
80
80*4 36
84 May’ 14
86 Apr ’ 15 . . . .
74 Feb '14
................. 76'g June’ 15 . . . .
83 Aug T2
123 May’99
::::
73 Mar’ 15 IIII
70
80 Apr ’ 15
................. 101 'a Oct ’99 . . . .
783a Mar’ 14
84i2 ____ 85 July’ 15 . . . .
84
____
80U
____
___

Sale
84
80*4
9512
93l2

117*2 May’ 10
91*2 J’ly T2
106*2 ***i
.*.*.*.* 1*0*5*12 106*2
114 Feb ’ ll
90
Oct
’09 . . . .
.................
99
99*2 99*4 Aug T5 —
86*2 Mar’ 15
98 J’ ly ’08
85*8 Feb ’ 15
9S*2
98*2 ***i
84*8 July T o
6714
6712 " " * 4
63 Oct ’00
9
8 8 >g
87
8712 87*2
3
851.,
85<4 Sale 85*4
2
90
90
90
95
____ 79*4 94*4 May’ 14
____100
98 Mar’ 14
____ 99l2 IOOI4 June'15
99 Aug T5
**** *89* S7*4 July’ lo
98 ____ 98*2 Aug T5
108 ***i
107 10S'2 108
111*8 Dec ’ ll
i o u 2 ____ 102*2 Aug T5 . . . .
105 Oct T3
..................
a
Jan.
____ 95>2
81
84
------ 98*2
8412____
67
673.,

Due

[Vol. 101.

Price
Week'tor «•e ^l Range
Since
Friday
Range
Aug. 20. Last Sale I *1 Jan. 1
High
Bid Ask: Low High1 No. Low
84
85

BONDS
N. Y. STOCK EXCHANGE
iWeek Ending Aug. 20.

Leh 4 N Y 1st guar g 4s___ 1945 M- S
85*2____ 85 J u ly ’ 15
Registered_______________1945 M- S
103 104*2
Long Isld 1st cons gold 5S-.A1931 Q - J 100*2 102*2: 103 July’ 15
94
96*4 Mar’ 12
1st consol gold 4s_______ 61931 Q - J 90
85
87'sg
86*2 87
86*4 May’ 15
General gold 4s__________ 1938 J -D
95*4 May’ 14
Ferry gold 4J$s_________ 1922 IYI- S
Gold 4s...............................1932 J -D
99*4 Oct ’06
1 83*8 8934
Unified gold 4s................... 1949 IYI - S ____ 87
83*8
83*g
6*9* 75*
95*8 95*8
95*8 Jan T5
Debenture gold 5s----------- 1934 J -D
58
59*4
8334 Aug T5 IIII 83
86*2
Guar refunding gold 4s. ..1949 IVI - S 83*g 84
95 Jan ’ l l
Registered____________ 1949 IYI- S
loo 100
N Y B & M B 1st con g 5s-1935 A - O 95 ____ 100 Feb T5 — - 100 100*8
7178 87
102*2 Jan T4
78
80
N Y & R B 1st gold 5 s ... 1927 M- S
1 10078 101
101
101
Nor Sh B 1st con g gu 5s.ol932 Q - J « ____ 101
90
90*2
101*2 101-s Louisiana & Ark 1st g 5s___ 1927 M- S ____ 91*4 91i2 Feb '14
Loulsv & Nashv gen 6s____ 1930 J -D 111*4 113 112 Aug ’ 15 ___ 110 115
98*2 101
Gold 5s...............................1937 IYI N 1045s------ 106*8 June’ 15 ___ 106*8 107
18 89*2 9434
92
Unified gold 4s................... 1940 J - J 91 >8 Sale 91*8
94 June’ 14
96 100
Registered____________ 1940 J - J
103 105
Collateral trust gold 5 s ... 1931 M- N 101*2____ 10134 July’ 15 ___ 10U4 10334
106*2 110*2
E H * Nash 1st g 6s.........1919 J - D 10478 ____ 108*8 May’ 14 ___ _______
99 ------ 102*8 J’ ly T4
L Cln & Lex gold 4J$s___ 1931 M- N
100 102U
N O & M 1st gold 6s........ 1930 J - J ------ 1137g 11478 July’ 15 ___ 113*8 116*2
98*4 99 14
2d gold 6s.......................1930 J - J ____ 10978 10978 May’ 15 — ~ 108 10978
100 102U
Paducah & Mem Dlv 4S..1946 F - A *85*2____ 84 Dec T4
8t Louis Div 1st gold 6 s.. 1 9 2 1 IVI- S 106*2____ 106*2 July’ 15 ___ 10578 107*2
59*2 July’ 15 ___ 59*8 65
109 109
2d gold 3s....................... 1980 IYI- S ____ 60
85 July’ l5 ___ 85
7814 84*2
88*2
Atl Knox & Cln Dlv 4 s ... 1955 M -N ------ 87
____
111
Jan T3
107
7978 7978
Atl Knox & Nor 1st g 5 s.. 1946 J - D
65
71
Hender Bdge 1st s f g 6 s.. 1931 M- S 105 ------ 105 June’ 15 ___ 105 105
88*2 July’ 15 ___
86
87*4
Kentucky Central gold 43.1987 J - J 84ls 88
86
88*4
L & N & M & M 1stg4 H s 1945 M- S 96*4 971*8 99*2 June’ 15 $4 99*2 101
80*2 July’ 15 —
78
80*2
59
66
L & N-Soutb M Joint 4s. . 1952 J - J 80*2 83
95 Feb ’05 —
63*2 70
R egistered................. 1952 Q - J
.................
101*2 I I I I 106 J’ ly T4
102*2 103*g
N Fla & 8 1st gu g 5s___ 1937 F - A
97 Dec T4
101*2 104*4
N & C Bdge gen gu g 4J$s.l945 J - J
101
101
Pens & Atl 1st gu g 6s___ 1921 F - A 108 ------ 108 Aug T5 ___ 107*2 109
___ 105*8 105*8
11934 121
8 & N Ala cons gu g 5 s ... 1936 F - A 10234 105 105*8 Feb T5 ___
9912 102*4
Gen cons gu 50-year 5s. 1963 A -O 100 100*2 100*4 July’ 15
—
____
79
80
June’
15
74
80*2
102*2 103*4 L * Jeff Bdge Co gu g 4 s . .. 1945 IYI- 8
------ ------ Manila RR—Sou lines 4 s . . . 1936 IYI-N . . . .
* 7 7 ' Mar’ lO
90
94
Mex Internat 1st cons g 4 s.. 1977 M- S
79 N ov’ 10
Stamped guaranteed____ 1977 M- S
101 Oct ’09
6712 75
Midland Term— 1st s f 5s g.1925
Minn A St L 1st gold 7s___ 1927 J -D 102*2------ 111*2 Mar’ 15 IIII i i i i i 111*2
100 ____ 110's Aug ’ l l
Pacific Ext 1st gold 6s__ 1921 A - O
85' 9214
86
86
1st consol gold 5s............... 1934 M- N ____ 82*2 86*2 July’ 15 . .
51
11 40
50
51
60
1st A refunding gold 4 s . .. 1949 M- S 49
60 Feb ’ 15 __
60
60
81
97
Des M & Ft D 1st gu 4 s.. 1935 J - J ____ 62
5 82*2 00*4
83*4 87
83L
83*4
Iowa Central 1st gold 5 s.. 1938 J -D
48*2 50
2 35
51
51
66
Refunding gold 4s........ 1951 M- 8
15 8778 93
8 8 I4
M StPASSM con g 4s Int gu 1938 J - J 8778 Sale 877g
97*4 June’ l ”
86*4 9078
1st Chic Term s f 4s.......... 1941 M-N
M S S * A 1st g 4s Int gu.1926 J - J 94* 94*2 96 N ov’13 . . . . .................
50
55*2 Mississippi Central 1st 5 s...1949 J - J 89*2____ 91 J’ly ’ l l
76
77
9 72*4 81
7534
76*4
Mo Kan A Tex 1st gold 4 s.. 1990 J -D
11 49*8 63
51
52
947g 97
2d gold 4s........................ J1990 F - A 50*8 51
79*2 July’ 15 ___
79*2 89
94Sg 96*4
1st ext gold 5s.................1944 M- N ____ 75
4 49
49*8
50
56*8
95*8 101
1st A refund 4s.................. 2004 M- S 49*8 50
54
55
54 Aug '15 —
G312 74
Gen sinking fund 4X s ___ 1936 I - J
60'g Feu T6 ___ 60*g 60*8
'94'*; 95*2
St Louis Div Is- ref g 4s ..2001 A * O ____ 60
117*2 120>4
Dal A Waco 1st gu g 5 s ... 1940 M- N ____ 93*2 99*4 Dec ’ 13
..
73
78 J'ly ’ 14
118 118*4
Kan C A Pac 1st g 4s____ 1990 F - A
4 90
90
93
90
90
96*2
100 101*4
Mo K A E 1st gu g 5s___ 1942 A - O
____
89
85*2 Mar’ 15 ___ 85*2 88
M K A Ok 1st guar 5s___ 1942 IYI - N
4 70
89
70
70
91*2 94*8
M K A T o f T 1st gug 5s.. 1942 M- S ____ 70
96 May’ 13
Sher Sh A So 1st gu g 5 s.. 1942 J - D
99*j Jan ’ ll
Texas A Okla 1st gu g 5 s.. 1943 M- S
102
94*2 Sale 94*2
95
9412 101*2
89U 89*4 Missouri Pac 1st cons g 6s__ 1920 M- N
20 80
80*g Sale 80*g
81
96*8
Trust gold 5s stamped__ al917 M- S
SSlg 88*2
88*2 June'15 . . . .
120 121
Registered__________ al917 M- S
75
77
75
92*g
75
75
1st collateral gold 5s........ 1920 F - A
105*4 105*2
Registered____ ______ 1920 F - A
32 Sale 32
27 32
34
53*4
40 year gold loan 4s........ .1945 IVI - 8
32
497s
32
33*2 41 32
107*4 107*4
1st* ref conv 5s................. 1959 M- S 31
___
____
85*2
78
Jan
To
78
78
70
72
3d 7s extended at 4 % ____ 1938 M N
Boonv St L A S 1st 5s gu. 1951 F - A ____ 80 100 Feb T3 ___
10*2 13*4
____ 60
85 Feb T5 ___ '85 ' *85 *
82*2 88
Cent Br Ry 1st gu g 4s__ 1919 F - A
77*2 Dec T3
Cent Br U P 1st g 4s........ 1948 J - D ____ 60
91
95
Leroy A C V A L 1st g 5 s.. 1926 J - J ____ 80 110 Mar’05
2 “85 ’
86
89*2 86
86*2
Pac It of Mo 1st ext g 4 s.. 1938 F - A
93
93*2 97*2 J’ ly ’ ll
833g 85*2
2d extended gold 5s___ 1938 J - J
95*4 Sale 95*4
97*2 63 95 101*2
8t L Ir M & S gen con g 5s 1931 A -O
102 J’ ly '14
93
93*2
Gen con stamp gu g 5s___ 1931 A -O
14 61
71
63
96ig 97>2
Unified A ref gold 4 s . .. 1929 J - J *60*2 '<51*2 61
807g Oct T2
Registered ................1929 J - J
5234 Sale 62*4
5612 17 5234 69
Rlv A G Dlv 1st g 4 s ...1933 M-N
78*4 83*g
92*2 Dec T3
Verdi V I A W 1st g 5s___ 1926 IVI- S ____ 89
____ 110*4
June’ 15 . . . . 110*2 114*4
................. Mob A Ohio new gold 6s___ 1927 J - D 100 106 112*4
114 Apr T5 ___ 114 114
1st extension gold 6s___ 61927 Q - J
72
75
72 Mar'15
General gold 4s............ ..... 1938 M- S
100 101*2
ICO June’ 15
Montgom Div 1st g 5s___ 1047 F - A
95
Dec
'13
St Louis Dlv 5s.................. 1927 J -D
81
87*4
87
87"
87 Jan T5
St I, A Cairo guar g 4s____1931 J - J ____ 88
3 10334 106*8
84
88 *g Nashville Ch A St L 1st 5 s.. 1928 A -O 103*4 104*4 10334 103*4
Jasper Branch 1st g 6s___ 1923 J - J . . . .
103*4 Jan T4
7978 86*g
McM M YV A Al 1st 6 s ...1917 - J
113 J’l y ’ 04
T A P Branch 1st 6s.......... 1917 J - J
_________
86
89
Nat Rys of Mex pr lien 4H s. 1957 J - J ____ 59*4 58 June’ 14
. . . . ---•
77 Feb T3
Guaranteed general 4s___ 1977 A -O
" ____
967s Feb *13 ___
76*2 77*2 Nat of Mex prior lien 4HS..1926 J - J . . . 84"
1 30
30
30 Sale 30
30
l st consol 4s........ ............. 1951 A - O
___
31U 41
40 May’ 15
N O Mob A Chic 1st ref 5 s.. 1960 J - J ____ 40
101 Juno’ 14 —
68* 73
N O A N E prior lien g 0 s..p l9 l5 A - O
79*2 May’ 13
New Orleans Term 1st 4 s ... 1953 J - J I I I I i0-4“
N Y Cen RR deb 6s w h ls s ..1935 IYI-N 103 Salo 10234 104i4 2024 99*2 104*4
78
80
893s
.8734 66 88
R r A imp 4J*s “ A” ____2013 A - O 87*2 Sale 87
78*4 28 76*2 81*4
N Y Central A H R g 3 J4s.. 1997 J - J 76*4 Sale 76*4
75*2 78*4
78*4 May’ 10
85
88
Registered___________ 1997 J - J
22 84
89
86*2
8534 Sale 85*4
Debenture gold 4s.......... .1934 M -N
89*8 June’ 14
Registered..................... 1934 M- N
3 72
75
74
721*8 Sale 72*8
Lake Shore coll g 3 JSs___ 1998 F - A
71
72*2
ido '2 ido'7a
Registered..................... 1998 F - A ____ 72*2 72*4 July'15 ___
77
8034
77'g Aug To __
70
78
J P M A Co ctfs of dep....................
1 03*4 7178
697
8
697
8
____
697
s
Mich
Cent
coll
gold
3
H
s
..
1998
F
A
..............
69
70
69 June'15
Registered.....................199S F - A
98*2 1003g
Battle Cr A Stur 1st gu 3s. 1989 J - D « ____ 70
93*2 96 June’ 15 . . . . 92*2 96
86 lg 86*2
Beech Creek 1st gu g 4 s ... 1936 J - J 92
99 May’ l l
Registered .....................1936 J - J
2d guar gold 5s__________ 1936 J - J ____102*2
83*2 <3518
Registered...... .......... 1936 J - J
98 100
Beech Cr Ext 1st g 3JSs._ 61951 A -O
88 Oct ’ 12
38
90't
Cart A Ad 1st gu g 4s........ 1981 J - D
67U 69
Oouv&Oswe 1st gug 5s.. 1942 J -D
Moh & Mai 1st gu g 4 s ... 1991 M- S 87 ------ 95*2 June'14
86 Jan T5
86
86
87 U 92
N J June R guar 1st 4 s.-.1986 F - A
85 June’ 15
85
85
SU, 93
N Y * Harlem g 3Ws___ 2000 M -N ____ 84"
8934 98*2
N Y * Northern 1st g Ss.. 1927 A -O 101 ------ 101*2 Mar’ 15 ___ 101*2 lOUg
88 June’ 15 . . . . 88
88
N Y A Pu 1st cons gu g 4s. 1993 A -O ____ 88
Nor A Mont 1st gu g 5S...1916 A - O
113 May’ 15
113 113
Pine Creek reg guar 6s___ 1932 J - D
99*4 101*2
99 1003g
R W A O con 1st ext 5S..61922 A - O 102'g 104*4 102*8 Aug '15 . . . . 101*4 103*4
100*8 Mar’ 15
87
873.,
100*8 100*8
Oswc A R 2d gu g 5s----- *1915 F - A
97*4 99*4
R W A O T R 1st gU g5S -.1918 M -N *100 ------ 101 June’ 10
90 Apr T3
Rutland 1st con g 4J$s— 1941 J - J
105*4 108
70
Og A L Cham 1st gu 4s g 1948 J - J I I I I *71 " 70 Feb T5 . . . . 70
92 June'09
102*2 104*4
Rut-Canada 1st gu g 4s. 1949 J - J
101 101
8t Lawr A Adlr 1st g 5s___1996 J - J ____ 10034 101 Mar’ 15
119*2 Mar’ 12 —
2d gold 6s...................... 1996 A - O ____102
............... Feb.
4 Due April. < Due M ay. g Due June. Due July, k Due Aug. o Due Oct
69*2
78
67
38

6Due

78
83
30
49

_

h

J-O

~87~U

J

..........

_

__

6

A ug. 21 1915.]

Range
Since1
Jan.
Low
High
96
97

Week’sor
Price
Friday20. Range
Last Sale
Aug.
Hiqh
Bid Aik Low
97 Feb *1

BONDS
N . Y. STOCK EXCHANGE
Week Ending Aug. 20.

(.Con.)

N Y Cen A H HR
Utica A Blk R1v gu g 4s— 1922 J - J *9512-----821-1 Aug '15
8 l% 82
Lake Shore gold 3 H »-------1997 J -D
82 ____ 81*2 June’ 15
Registered----------------- 1997 J -D
91%
91'8 Sale 01<8
Debenture gold 4a-------1928 M- S
9014
901.1 Sale 90
25-year gold 4a------------1931 M - N
9178 June’ 14
Registered.......... ...... 1931 (VI-N
Ka A A G R 1st gu c 5a__ 1933 J - J
Mahon C’l HR 1st 5s____ 1931 J - J 103*2 - - - 107*4 Apr 'l l
Pitts A L Erie 2d g 5a__ al92S A - O 10 lb» 10412 103 Jan '15
Pitts McK A Y 1st gu 63 . _ 1932 J - J 114 - - - 130% Jan '09
2d guaranteed (is_____ 1934 J - J 111 116 1231-1 Mar’ 12
McKees A 13 V 1st g 6 s. 1918 J - J 101 . . .
Michigan Central 5s____ 1931 M- S 102% . . . 102-18 May’ 15
10312 May’ 14
Registered___________1931 Q-M
93 Apt *12
4s.....................................1940 J - J
87 Feb '14
Registered.......... ...... 1940 J - J
90 June’OS
J L A S 1st gold 3H3--.1951 M- S
79% Aug '15
1st gold 3 H a-........ ........ 1952 M-N
78,i Aug ’ 15
78%
8212
20 -year debenture la__1929 A - O
90
90
N Y Chic A St L 1st g 4a._ 1937 A - O 89'2
92*4 J’ ly ’ 14
Registered.............
1937 A - O
76*2
June*
15
____
77
Debenture 4s............... 1931 M-N
88 i2
West Shore 1at 4s guar__2361 J - J ____ 87% 83
86
Registered........ ............2361 J - J _____ 8 6i2 80
N Y C Lines eq tr 5 s.. 1915-22 M- N 9978 ------ 100 M a r'15
98 J’ ly *14
Equip trust 4 H s .. 1916-1925 J - J
9412 M a y'15
N Y Connect lstgu 4 Hs A . .1953 F - A
N Y N H A Hartford—•
J’ly ’ ll
73
Non conv deben 4s_____ 1947 M - 8
Feb *15
70
Non-conv d'ben 3H s___1947 M
70
76
Non-conv deben 3H s___1954 A -O
77
77 Sale
Non-conv deben 4s_____ 1955 J - J
Aug
’ 15
771.1
77
Non-conv deben 4a_____ 1956 M -N
08*2
69i2
68
Conv debenture 3H s------ 1956 J - J
110i2
Conv debenture Gs______ 1948 J - J 110 111
76
Cons Ry non-conv 4a___1930 F - A
91 >2 Jan ’ 12
72
Non-conv deben 4s___1954 i - J
Non- onv deben 4s___1955 J - J
Non-conv deben 4s___1955 A - O
Non-conv doben 4a___1956 J - J
99U N ov’ 12
Harlem lt-Pt Ches 1st Is. 1954 M -N
99*2 June’ 12
B A N Y Air Lino 1st 4 s.. 1955 F - A
78% 79 May’ 15
Cent New Eng 1st gu 4s. _ 1961
Hartford St Ry 1st is___ 1930 M- S
Ilousatonlc It cons g 5s__ 193/ M- N 105%------ 105*2 May’ 15
90 ____ 87 J’ ly ’ 14
Naugatuck UR 1st 4s___ 1951 M -N
N Y Prov A Boston 4s. _. 1942 A - O 90*2 ------ 1 88 Aug ’ 13
""
74i2
75
N YW ’chcsAB 1stscr I 4Ha'46 J - J 74*2 75
107 Aug ’09
N H A Derby cons cy 5s. _ 1918 M- N
Boston Terminal 1st 4s__ 1939 A -O
New England cona 5a___ 1945 J - J
99*2 M ar’ 12
1945 J - J
ConsoMs.................
56 Apr ’ 16
Providence Secur deb 4 s.. 1957 M -N
9978 Dec ’ 14
Prov A Springfield 1st 5a. 1922 J - J
83% Feb ’ 14
Providence Term 1st 4s..1956 M- S
W A Con East 1st 4H 8...1943 J - J
N Y O A W ref 1st g 4 s.. . 01992 M- S 7 H-1 Sale 74*4 " 76*
92*a June’ 12
Registered $5,000 on ly..01992 M- S
70 June'15
General 48...........................1955 J -D 1____ 75
94 June’ 14
Norfolk Sou 1st A ref A 5a__19Gl F - A
Norf A Sou 1st gold 5a____ 1941 M -N "y o' " 100 101 July’ 15
117*2
Norf A West gen gold 6 s__ 1931 M - A 11578 117*2 117*2
Improvement A ext g 6s..1931 F - A 115 11 / *2 119 Feb ’ 15
114 ------ 119 Apr ’ 15
New Itlver 1st gold 6 s___ 1932 A -O
88*2
N A W Ry 1st cons g 4 s.. 1996 A - O 87 Sale 87
94 May'14
Registered.......................1996 A -O
DIv'l 1st lien A gen g 4s. 1944 J - J 85*2 87*2 85*2 Aug ’ 15
*106 107 107
107
10-25-year conv 4s____ 1932
107
10-20-year conv 4 s.---.1 9 3 2 M- S *106 107 107
107
10-25-yearconv4Hs__ 1938 M- S 105*4 Sale 105*4
87%
Pocah C A C Joint 4a.. . 1941 J - D 87's Sale 87%
C C A T 1st guar gold 5a.. 1922 J - J * 100*2 ---------- 105% Jau ’ 13
87%
Sclo V A N E 1st gu g 4 s.. 1989 M- N ____ 89*4 87%
89% Sale 89%
90*2
Nor Pacific prior Hen g 4s__ 1997 Q - J
89% Aug ’ 15
Registered.............
1997 Q - J
63
General lien gold 3a........ a2047 Q - F 62*2 62% 02%
63*2 June’ 15
Registered___________ a2047 Q - F
St Paul-Duluth Dlv g 4a.. 1996 J - D 90% ----- 90% Aug ’ 15
100*2 Sep ’ 13
Dul Short Line 1st gu 5a.. 1916 M- S
St P A N P gen gold 6 a .. . 1923 F - A 109*8 113 109% July'15
115% Aug ’ l l
Registered certificates.. 1923 Q - A
St Paul A Duluth 1st 5a..1931 F - F 103**2 I I I - 102 Feb '15
101 Aug *15
2d 5a........ ......................1917 A -O ____ 102
88 June’ 15
lat consol gold 4a.......... 1968 J -D ____90
81*2 Dec ’ 13
Wash Cent 1st gold 4a__ 1948 Q-M
Nor Pac Term Co lat g 6 s .. 1933 J - J 110 111 110 Aug ’ 15
8 U4 81*2 81%
81*2
Oregon-Wash 1st A ref 4a__ 1961 J - J
Pacific Coast Co lat g 5a__ 1946 J -D ____ 95*2 95 Aug ’ 15
97 Aug ’ 15
96 - - Pennsylvania RR lat g 4a__ 1923 M -N
Consol gold 5a__________ 1919 M- S 102 - - - 102 M ay'15
95
97% 97*4
97*i
Consol gold 4s........ .......... 1943 M -N
100*8
Convertible gold 3Ha__ 01915 J -D 100% Sale 100's
97*4
07's 97*4 97*8
Consol gold 4a__________ 1948 M -N
102%
Conaol 4Ha when Issued. _ I960; F - A 102% Sale 102*9
97%
97% Sale 97%
General 4Ha when Issued 1965! —
91 ------ 94 M ay'15
Alleg Val gen guar g 4s__ 1942 M- S
91 M ar’ l l
D R RR All 'go lstgu 4s g 1936 F - A
Phi la Balt A VV 1st g 4 s.. 1943 M- N ‘ 9 5 * 2 I I I I 99*8 J’ly ’ 13
102 Jan *03
Sodus Bay A Sou 1st g 5s.2924 J - J
Sunbury A Lewis 1st g 4s. 1936 J - J
U N J RR A Can gen 4 s.. 1944 M- 8
99*4------ 99 Aug '15
Pennsylvania Co—
100*2
Guar 1st gold 4Ha______ 1921 .1 - J 100*8 Sale 100*8
100 July’ l.)
Registered____________ 1921 J - J
84*2 Apr '14
Guar 3 H a coll trust reg A . 1937 jM- S *80 . . .
86
July115
Guar 3Hs coll trust ser B.1941 F - A *80 . . .
99%
99%
Trust Co ctfsgu g 3Ha__ 1916 M- N 99*2 -Guar 3Ha trust ctfa C___ I'M2 J - D ------ 857S 83 Feb *15
Guar3H8 trust ctfa D ___ 1944 J - D *80 ____ 81 Aug ’ 15
88
92*2 89*i
89*2
Guar 15-25-ycar gold 4 s.. 1931 A -O
40 year guar 4s ctfs Ser JO. 1952 M-N ------ 89*2
92% May’ 14
93*2 Apr ’ l l
Cln Leb A Nor gu 4s g__ 1942 M- N 34 ..
97%
973-1
95
Cl A Mar 1st gu g 4HS---1935 M-N
Cl A Pgen gu g 4Hs ser A . 1942 J - J 100
101% N ov’ 13
109% J’ ly ’09
Series B .............
1942 A -O ICO _
83*2____ 91*4 Feb *12
Int reduced to 3 H 8 --194? A -O
90's Oct ’ 12
Series C 3Ha................ 1948 M- N 83*2 . .
Series D 3 H « ---.......... 1950 F - A 84*8------ 83% June’ 15
Eric A Pitts gu g 3Ha B .. 1940 J - J 83 . . .
86*4 May’ 14
Series C.........................1940 J - J 83 ____ 90% J’ ly *12
Or IIA I cx 1st gu g 4 H a.. 1941 J - J 94 _.
95 July’ 15
93 May’ ll
Ohio Connect 1st gu 4a__ 1943 M- S
Pitts Y A Ash 1st cona 5a 1927 M- N 102i2 - - - 109 May’ lO
- J 96% 98
To I VV V A O gu4Ha A .. 1931
97*2 July*15
96
98*2 98*4 June'15
Series B 4 Ha................ 1933 J 93*2 J’ly '14
Serlea C 4s----------------- 1942 M- S
P C C A St L gu 4Ha A .. 19101A - O m"5 iooX 98*4
98%
98*4 100% 98 Aug ’ 15
Serlea B guar_________ 1942 A - O
Serlea C guar--------------1942 M- N
98*4 - 97*4 July’ 15
Series D 4s guar_______1945 jM- N
9 2% ------ 92%
92%
Series E 3Hs guar gold. 1949 F - A 90*2 - - 90% July’ 15
92% . . .
95*4 Jan ’ l l
■•orlcs F guar 4a gold__ 1953IJ - D
9 2% ____ 92*2 Aug '15
Serlea G 4s guar_______19571M- N
C St L A P lat cona g
1932 A - O 104 .
106*2 May’ 14
Peoria A Pekin Uu lat g 6s . -1921 Q - F 101% ------- 101 % M ay'15
2d gold 4H s__________ 01921 M -N
89 Feb ’ l l
20
Pero Marquette— Ref 4s___ 1955 J - J
11*2 June’ 15
Refunding guar 4a_______1955 J - J ____ 19
40 Dee ’ 13
72 . . . . 72 .
Chlo A West Mich 5a........ 1921 Ll D

81*2
81
90
83%

84%
82
93*2
92%

102% 102%

79% 81*4
78*4 83
89% 93%
76*2 79*4
88
92%
85% 8934
100 100
94**3 *95*4
63
64
71
70
61*2

03
70
77%
-77
70

101

112

105

105*2

J-J

a D ue Jan .

55

58*2

75*2 80

74

5s..

♦ No price Friday; latest bid and asked.
£Option sale.

78*2

101 102

J

----

66*2

74l2 82%

J -D




603

New York Bond R e co rd -C o n tin u e d —'Page 3

T

9 nuo K#b.

115%
119
119
87

118
119
119
94

85*2 88*2
98% 107
9934 107
101 108%
87*8 90*4
87% 91
88 % 93%
88»4 92
62
66
61*2 63*2
90-% 90-%
109% 111*8

102 " 102

100*4 101
88

88

110
79*2
94
96

113
88

98*4
98

102

102

97*4
99%
97
102%
97
93%

98*2
100%
93*4
104%
93*4
94

98% 99
9934 102%
99*2 100

84
99
83
81
89*2

86

09%
83
81
94*2

97% 97%

83% 83%

97*2 97*2
98*4 98*4
9*8 *
97%
97*4
92*2
90

i6l"*L
101*2
101*2
9334
91%

92*2 93%
101% 101%
11*2

U*2

72* ‘ 72"
4 Due M ay.

Week's
Price
Range or
Friday
Aug. 20. Last Sale
High
Bid96 Sale
Ask Low
96
96

BONDS
N. Y. STOCK EXCHANGE
Week Ending Aug. 20.

(Con.)

Pere Marquette
Flint A P M gold 6 a__ 192G A - O
72 ____ 70 July’ 15
1st consol gold 5a------- - 1939 M -N
68
July’ 15
Pt Huron Dlv lat g 5s_1939 A - O
Sag Tua A H 1st gu g 4a_. 1931 F - A
65 May’ 14
Philippine Ry 1st 30-yr a f 4s 1937 J - J
10
55
____106
108*2 May’ 14
Pitta Sh A L E lat g 5s.........1949 A -O
113% N ov’ 11
lat conaoJ gold 5a-------------1943 J - J
91
95%
92% Sale 92%
93%
Reading Co gen gold 4s----- 1997 J - J
90
93
Registered____________ 1997 J - J 90*2____ 91 July’ 15
91
93%
92 Aug ’ 15
Jersey Central coll g 4s__ 1951 A - O
Atlantic City guar 4s g__ 1951 J - J
60*2 73
60*2 J’ ly *15
St Jos A Gr 1st 1st g 4s____ 191. J - J ____ 61
106 Aug ’ 15
105% 108*2
St Louis A San Fran gen 6 a. 1931 J - J 107 . . .
99 101*4
99%
General go»d 5a-.________ 1931 J - J 99% 100% 99*2
75 J’ly ’ 14
8 t L A 3 F RR cons g 4 s.. 1996 J - J
35 * 51*2
44*2 45
45
45
General 15-20-year 5a..192/ M -N
32*2 51
44% 46% 44*2 Aug ’ 15
Trust Co certlfs of deposit____ _
42% 44
42 Aug ’ 15
32% 49
do
Stamped.. . . . .
93 Dec *13
Southw Dlv 1st g 58___1947 A -O
63*2 71%
Refunding gold 4s____ 1951 J - J
66*2 68*2 64% Aug ’ 15
80% M ar’ ll
Registered................... 1951 J 66*2 ____ 6 0 % JuJy’ 15
60% 71*2
Trust Co ctfa of deposit_______
60% Sale 60%
G0%
60*4 0 8
do
Stamped.. . . ..
105»i 110
106 July’ l.
____ 106
K C Ft S A M cons g 6 s . . 192>> M 67
68
K C Ft S A M Ry ref g 4s. 1936 A
6 8*2 73*2
68*2
68*2
95 M ar’ 14
K C A M R A B 1st gu 53.1929 A 72i2 73
72*2 8 0
72%
72%
St L S W 1st g 4a bond ctfs. _ 1989 M
55
54 ____ 55
55
60
2d g 4s Income bond ctfs.plOSP J
54
62%
50
56
Consol gold 4s__________ 1932 J 56 July’ 15
100 ____ 08*2 Jau '14
Gray’ s Pt Ter lstgu g5s__ 1947 J 65
70
65
65
S A A A Pass lat gu g 4s___ 1943 J
65
80
100*2
9934 100*2
100*2 Juue’ 15
S F A N P 1st sk fd g 5s.........1919 J
78*2
75 Dec *14
Seaboard Air Line g 4s____ 1950 A —
78*2 78% June’ 15
Gold 4a s ta m p e d ....___ 1950 A 78
83*2
Registered.......... ................ I960 A 60 Sale 60
5934 71%
61
Adjustment 5s_________ 01949 F *69
71
70 Aug ’ 15
Refunding 4 a ................... 1959, A 66
71%
83 June’ 15
Atl Blrm 30 yr 1st g 4s__« 1933; M81
83%
8 3 % ____ 85*4 M ar'15
84% 85
Car Cent 1st con g 4s___ 19491J 100
%
____
100% 100*4
100% July’ 15
Fla Cent A Pen lat g 5a__1918 J 104 Nov ‘ 12
lat land gr ext g 5s___ 1930 J 101 July’
100% 101
Consol gold 5s________ 1943 J ____ 103
100*2 102 %
102 % M ur’ 15
Ga A Ala Ry 1st con 5 s..01945 J 99% ____ 101 % July’ 15
100*2 102*4
Ga Car A No 1st gu g 5s. _ 1929 J 101*2 101*j
101*2 Mur ’ l ft
Scab A Roa 1st 5a_____ 1920 J Southern Pacific Co—
80*2 81
79% 80%
80%
80%
Gold 4s (Cent Pac coll
1949;J 90 Feb ’ 14
Registered___________A:1940; J 80*4 Sale 80%
79% 83%
81*2
20 year conv 4s________ 01929 M99*8 Sa*e 98%
95% 101%
99*2
20 year conv 5s_________ 1931 J 8434 sale 84%
8434 90
85%
Cent Pac 1st ref gu g 4s__194'i F 86% 86%
8 6 % M ar’ 15
Registered____________ 1949 F ------ 84% 85 Aug ’ 15
85
89
Mort guar gold 3 H a.-*1929 J ------ 85% 84*4 June'15
84*4 87
Through St L 1st gu 4s. 1954 A 98*2 100 102 M ar'15
102
102*2
G H A S A M A P lat 5 s.. 1931 M
102% Apr ’ 14
Gila V G A N lstgu g5a._ 1921 M
99% lOO’ LOO July'15
100 103
UOU3 E A W T 1st g 5 s ... 1933 M
98*2 101
99% 99%
99% June’ 15
1st guar 5a red________ 1933 M
103
____
104 107
105
105
H A T C lat g 5s Int g u ... 1937 J 93*2____ 94*2 July’ 15
93
95*2
Gen gold 4s Int g u a r... 1921 A 108 111 108 M a r 'll
Waco A N W dlv lat g 6 a 1930 M100 103 100 June’ 15
100 102*2
A A N W lstgu g 5s____ 1941 jJ
109 Juue'l
Louisiana West 1st 6 a___ 1921! J
102 104%
* ______ 100
104% July’ 15
Morgan’s La A T lat 7 a .. 19is A
------ 106
106*4 J’ly *14
lat gold 6 a.......................1920 J
103*2___ 112 Feb ’07
No of Cal guar g 5s..........1938 A
100% 101
9934 101*2
100% Aug '15
Ore A Cal lat guar g 5s__ 1927 J
106%____ 101*2 N ov’ 13
So Pac of Cal— Gu g 5 s .. . 1937 M
86
91*2 Sep *12
So Pac Coast 1st gu 4s g . . 1937 J
80 Sale 80
77% 82%
80
San Fran Terml 1st 4s__ 1950 A
96 Apr ’ 14
Tex A
O con gold 5s__ 1943 J 84% Sale 84%
83% 8 9
85%
So Pac RR 1st ref 4s........ 1955 J 98 Sale 97%
97% 101
99
Southern— lat cona g 5a___ 1991 J
98
98
____ 99*2 98 June’ 15
Registered........ .............. 1994 J 62 Sale 61*2
58*4 6 9
62*2
Develop A gen 48 Ser A .. 1956 A ------ 65
71
76
71 June'15
Mob A Ohio coll tr g 4 s.. . 1938 M
98% 1 0 0
98*2 99% 99*2 July’ 15
Mem Dlv 1st g 4H 5a___ 1996 J
79 84% 81 July’ 15
80*4 83%
St Louis dlv 1st g 4a........ 1951 J 100% ___ 101% June'14
Ala Cen 1st g 6 a........ ....... *918 J
------ 98
99% May’ 14
Ala Gt Sou lat cona A 5a.. 1943 J
93
947g
____ 93
93 July’ 15
Atl A Char A L 1st A 4HS1944; J
79
83% 85%
81
83*8 Apr ’ 15
Atl A Danv 1st g 48_____ 1948 J
75*2 76
82*4 Feb ’ 12
2d 4s ...........................1948 J 73% —
75% Dec ’ 14
Atl A Yad lat g guar 4a__ 1949 A 100% J’ly ’ 14
Col A Greenv 1st 6 a .......... 1916 J ■
103
102% 102-%
102% May’ 15
E T Va A Ga Dlv g 5a___ 1930 J ■
100
102
102 104%
102 A u g '15
Con 1st gold 5s________ 1956 M99
97
99
99
99 June’ 15
E Ten reor lien g 5a.......... 1938 M 65
64*2
May’
13
Ga Midland 1st 3s_______ 1916 A 105 106% 106%
ion” 107”
1C6%
Ga Pac Ry lat g 6 s_____ 1922 J •
105*2 July’ 15
105*2 105*2
Knox A Ohio 1st g 6 s___ 1925 J ■
105% N ov’ 12
Mob A Blr prior Hen g 5a. 1945 J • * 100%
70*8 79 M ar’ 13
Mortgage gold Is.......... 1945 J •
—
102 102%
102 May’ 15
Rich A Dan deb 5sstmpd_1927 A
73 Sep ’ 12
Rich A Meek 1st g 4s___ 1948 M
100 101
100 % 100*4 July’ 15
So Car A Ga 1st g 5s____ 1919 M100 % —
100*4 100*4
100% M ar’ 15
Vlrglnla Mid ser C 6 a___ 1916 M103% N ov’ 12
Serlea D 4-5a................ 1921 M102 D e c ’ 13
Serlea E 5a..................... 1926 M102 % ____ 104 M ar’ 13
Serles F 5a.................... 1931 M
102 103%
102*2 A u g ’ 15
General 5s____________ 1936 M■
98% 101
100 101 ' 100 Aug ’ 15
Va A So’ w’ n 1st gu 5 s ..2003 J 8134 83
80% 84% 82 A u g ’ 15
1st cons 50-year 5a.. 1958 A 92 June* 13
W O A W 1st cy gu 4s___ 1921 F 98
96*2 June’ 14
Spokane Internat 1st g 5a— 1955 J 96
94*2 July’ 15
94*2 99%
Ter A of St L 1st g 4Ha___ 1930 A 10034 102
99 100*2 101
101
1st con gold 5s— 1894-1944 F 80% 84
83
80%
8034
—
Gen refund s f g 4s........ ..1953 J 100
100
100 M ar’ 15
St L M Bridge Ter gu g 5a 1030 A 93
92
92
92
96
92
Tex A Pac 1st gold 5a.......... 2000; J
32% 32*2 Aug ’ 15
29
36%
29
2d gold inc 5s...................02000
90
95 May’ 14
La Dlv B L la tg 53........ - 1931
95 106*2 N ov’04
W Min W A N W lat gu 5a 1930
99*4 103
99*4
99*2
99*2 100
Tol A O C 1st g 5s...... ......... 1935
101 A ug’ 13
Western Dlv 1st g 5a......... 1935
. . . . 100 101*2 Apr ’ 14
General gold 5a__________ 1935
86 M ar’ 15
86
86*2
Kan A M 1st gu g 4a......... 1990
92
96
90
97
93 Aug ’ 15
2d ‘20-year 5s_________ 1927
62
62*2 68
63% 63 July’ 15
Tol P A W 1st gold Is______ 1917
72*2 75
72*2 78
72*2 Aug ’ 15
Tol St L A W pr lien g 3 Ha. 1925
42% 53%
44 Sale 44
45
50-year gold 4s. ............. 195*'
—
50
43 June’ 14
Coll tr 4s g Ser A ............. 1917
82% 87%
82*2 M ar’ 15
Tor Ham A Buff 1st g 4s. .01946
98% 101
100 i o r 100 % July’ 15
Ulster A Del 1st con g 5a.. 1928
74
74
74 M ar’ 15
1st refund g 4a..................195?
9234 Sale
92*2 97%
92*2
94
Union Pacific 1st g 4s........... 191
93
95*2
95% May’ 15
Registered____________ 1947
88
91%
90*4 Sale 90
90*2
20-year conv 4s................. 192
85% 92%
85*2 80
86
86 %
1st A ref 4s...... ............... 0200
88
91*2
88
Ore RR A Nav con g 4s___1946
88*2
88 %
107% 109*2
108
103
108
Ore Short Line 1st g 6 a___1922
103 100
102 % 103 103
103%
1st consol g 5a________ 191
87% 91%
88 %
88 %
88 % 89
Guar refund 4a________ 192!
103>8 103%
100 103 103*8 June’ 15
Utah A Nor gold 5s----- 1926 J
93% 99
1st extended 4s........ 1933 J ■
93 Apr *13
Vandalla cons g 4s Ser A .. 195/ j F ■
92% May’ ll
Consol 4s Serlea B .......... . 1957 M
2 42*2 42*2
42*2
i 42*2 Sale 42*2
Vera Cruz A P 1st gu 4 Ha.
5:1 93% 99%
94
94
! 93% 94
Virginian 1st 5s Series A ___ 19f2MDue June. A Due Ju ly. iD u e Aug. 0 Due Oct. v D ue N ov. 0 Due Dec

J

).k

__

Wabash 1st gold 5a.............. 1939 1Y1-N
2d gold 5a.......................... 1939 F - A

J-J

92

93

S978
05 __ _
16
184
20
16
*
15
16
184
16% Sale
j - J 101 ___
j A - O 57%
M - S 60% ____
1% 3
J -D
58 Sale
1*
34
%
J -D
14

lat lien equip a fd g 5a__ 1921 iVl- S
lat lien 5t>-yr g term 4a__ 1954 J - J
tat ref and ext g 4a_______1956
J

J-

Det

& Ch Ext lat g 5a___ 1941
&

Om Dlv '8 t g 3 H s -.......... 1941
Tol Ch Dlv 1st g 4a___ 1911
Wab Pitta term 1st g 4a___ 1954
Cent and Old Co! Tr Co certs. _
2d gold 4s...... ................... 1951
Wash Terinl 1st gu 3>$8___ 1945
lat 40-yr guar 4a _____ 1945
West Maryland 1st g 4s___ 1952
West N Y * Pa 1st g 5s____ 1937
Gen gold 4s_____________ 1943
Income 5s_____________ dl943
Wheel Dlv 1st gold 5a___ 1928
Exten & Impt gold 5a___ 1930
R ll 1st consol 4s_________ 1949

J

F - A 807s
F - A 9112
A - O 68 Sale
J - J 102L 104
77
lA - O 76
Nov
20 - __
96
A- O
934
J - J
F- A
M- S 52 Sale
- J
J - J
si% 8212
85
87
M -N

J
WInston-Salern 9 B 1st 4a...I96 0
J-J

Street Railway
Brooklyn Hapld Tran g 50..1945 A -O 101% 103
____ 834
1st refund conv gold 4a...2002 J - J 99% 100
8-year secured notes 5s__ 1918
Bk City lat con 58.-1910-1941 J - J 100% 101
M -N
J - J
Bklyn Dn El 1st g 4-5S...1950 F - A 9918 991.1
Stamped guar 4-5a____ 1950 F - A 99l2 101
King* County El 1st g 48.1949 F - A ____ 814
81
Stamped guar 4s_____ 1949 F - A
Naiwau Eloc guar gold 4s. 1951 J - J ____ 75
Chicago Rya lat 5s________1927 F - A 94% 954
1 - J 93%
*J
Dot United 1st cona g 4>$s._1932
J 724 734
Ft Smith Lt A Tr 1st g 5 s.. . 1936 m - s
J -D
994
91
Havana Elec consol g 5s___ 1952 F - A
Hud A Manhat 5a Ser A ___ 1957 F - A 71 Sale
26 Sale
Adjust Income 5s________1957
F - A 98-3.1
744 Sale
Interboro-Metrop coll 44$s.l956 A -O
Interboro Rapid Transit—
1st A rofundlng 5a............ 1906 J - J 974 Sale
86
Manbat Ry (N Y) cons g 4a. 1990 A - O 85
Stamped tax-exempt.........1990 A - O 854 874
Metropolitan Street Ry—
Bway A 7th Av 1st o g 5a. 1943 J - D 9734 99
Col A 9th Av 1st gu g 6S..1993 M- S ____ 984
Lex Av A P F 1st gu g 5s 1993 M- S
9934
Mot W S El (Chic) 1st g 4a 1938 F - A
Mllw Elec Ry A Lt cons g 5s 1926 F - A 1007s ____
Rofundlng A exten 4^8..1931 J - J ____ 91
J - D
83
J - J 994
Montreal Tramways 1st A ref
30-year 5a Ser A _________1941 J - J ____ 914
Now Orl Ry A Lt gen 4 4 s . . 1935 J - J ____ 85
N Y Rya lat R E A ref 4a.. 1942 J - J ____ 694
30-year adj Inc 5a_______a 1942 A - O 49 Sale
80
N Y State Rys 1st cons 4 4 a . 1962 M- N 69
M- N
Porthl Ry Lt A P lat ref 5a 1942 F - A 82
Portland Gen Elec 1st 5a. 1935 j - j
St Joa lty, L, II A P 1st g 5a 1937 M - N
St Paul City Cab cona g 5a 1937 J - J
Third Ave 1st ref 4s________1960 J - J 78 Sale
Adj Inc 5s........................ a 1960 A - O 70
764
Third Ave Ry 1st g 5s_____ 1937 J - J 106 1064
Trl-CIty Ry A Lt 1st s f 5a.. 1923 A - O 9534 964
Undergr of London 4 4 a
1933 J - J
94
Income 6s..............
1948
90
Union Elev (Chic) 1st g 5a 1919 A - O
65
United Rya Inv 5a Pitts lss.1926 M -N
United Rya St L lat g 4s___ 1934 J - J ____ 68
St Louis Transit gu 5 s ... 1921 A - O ____ 00
United RRa San Fr s f 4 s....1927 A - O 42 Sale
Va Ry A Pow 1st A ref 5a.. . 1934 J - J ____ 85

J J

JJ -

92

9258

2

894 M ar’ 15
65 Mar’ 15 ___
15
17
19
4
173.1
173.1
22
154
154
4
174
174
154
lf>4 270
100 Aug ’15 ___

86

894
65
16
17
154
17
144
99

1024
954
804
65
34
27
27
244

30
100

604 July’ 15 ___
664 July 15 —
1
14
14
4
4 408
45
98
4
4
4 Aug ’ 15
4 July’ 15
803,1 July’ 15 ___
1
914
914
4
68
68
1024 Aug ’ 15 ___
2
753,1
761.1
174 May ’ 15 —
984 June’ 15
954 N ov’ 13
92 Apr ’ 15 ___
28
514
52
90 Apr ’ 14
84 Apr ’ 15 __
12
814
82
85 Aug ’15 - - -

55
604
723,
66
138 8$!
!2 9 4
84
38 8
14
4
7S
80-4 82
914 914
54
714
1004 1024
75
784
174 174
984 100

101
101
5
80 A u g ’ 15 ___
91
994
100
1
1004
1004

1004 1033s
7934 854
984 1004

101
99
994
81
804
73
95
1014

ib

May’ 13
994
July’ 15 ___
July’ 15 ___
Aug ’ 15
June’ 15 ___
2
95
June’ 12

734
734 ___
84 Jan ’ 14
100 June’ 14
92 Apr ’ 14
70
71
12
25
26
13

92
49

92
6534

84
84
81
87
834 854

1004 101

98%
99-4
81
804
73
92-4

1014
1004
834
824
78
974

6534 79

70
244

794
294

734

74-4 154

734 794

963.,
86
86

974
86
86

963., 985s
86
91 "
854 914

64
5
3

99
94
101
80
1014
924

99
1
Aug ’ 15 ___
Apr ’ 14
M ar’ 14
Aug ’ 15
Fob ’ 15 ___

102

N o v ’ 12

944
78
694
49
86
994

Feb ’ 15 __ _
Feb ’ 15 ___
20
70i,
494
56
Apr ’ 15 ___
Feb ’ 15

100 May’ 15
98 N ov’OS
1034 Feb ’ 13
78
79
28
76
764
9
106
July’ 15 ___
1
964
964
9 6 4 J ’ly ’ 14
874 J’ly ’ 14
84 Oct ’08
68 July’ 15
634 May’ 15 ___
594 Mar’ 15 ___
14
42
444
88 June’ 15 __ _

974 101
94
99
1014 1014
92-4 92-4

86
914
78
78
69*2 734
554
-19
84
86
994 994
100

100

78
75
1054
9434

824
82
107
974

65
634
59-4
40
88

68
634
59*8
554
894

Gas and Electric Light

J -D
1014 May’ 14
10334
10334
M -N 1034
A-O
54 Juno’ 13
97 Feb ’ 15
J - J
1154 Sale 1154
1163,i
Q101 103 100-4 Aug ’ 15
95^ Hep '08
F-A
Detroit Edison 1st coll tr 5s. 1933 j - j 102% 103 1024 Aug ’ 15
Eq G L N Y 1st cons g 5 s.. . 1932 M- S
1004 May’ 15
100 Fob *13
Gas A Elcc Berg Co c g 5s 1949 J - 1) 98
mm. mo.?, l()13j Julv’ 15
Kan City (Mo) Gas 1st g 5s" 1922 A -O
884 92 Mar’ ll
102
ill
114
A -O 1 1 04
Convertible dob 6s___
1922 M- S
1224 Dee ’ 12
120 Aug ’ 15
Convertible deb 6s.......... 1925 M- S 118
874 Aug ’ 15
Ed El III Bkn 1st con g 4s. 1939 J - J
8614
101
Lac Gas L of St L 1st g 5s._el919 Q - F 100 1013s 101
Ref and ext lat g 5s.......... 193! A - O 99% 994 994 Aug ’15
9038
90
90
Milwaukee Gas L 1st 4 s ... 1927 M -N
103-4 Aug ’ 15
Newark Con Gas g 5s........ .1948 J - D 10.34
N Y ( 1 E f. II A P tr 5a
19 IS J - D
1024
1023,,
F - A Hilo HI 3* 813.1
813.,
Ed El 111 1st cons g 5s___ 1995 J - J 1054 106 107 July’ 15
NYAQ El L A P 1st con g 58.1930 F - A 9814 101 100
100
51-N
924 J’ly ’09
Pacific G A El Co Cal G A E
Corp unifying A ref 5s___ 1937 M- N 94 Sale 91
944
Pac Pow A Lt 1st A ref 20-yr
F-A
91 Feb ’ 15
Pat A Passaic G A El 5a
1949 M- S
Peop Gaa A C 1st cons g 6 s.. 1943 A -O 111
114 June’ 15
Refunding gold 5s............ 1947 M- 5 10011 lOOlo 1004
1004
Registered...... ............... 1947 M- S
99 ‘ Sep ’ 13
J - J 10 14
1014
1014
Con G Co of Chi Istgug5sl930 J - D 1 0 0 '
1004 July’ 15
Ind Nat Gas A Oil 30-yr 5sl936 M- N
93 M ar’ 12
Mu Fuel Gas 1st gu g 5s._ 1947 M- N 997s IOO1.1 994 Aug ’ 15
983.| 95 Feb ’ 15
Philadelphia Co conv 5s___ 1919 F •A
Conv debon gold 5s.......... 1922 M- N
91
Stand Gas A El conv s f 6 s.. 1926 J - D
92 July’ 15
95
Syracuse Lighting 1st g 5s._195i
100 M ar’ 14
-1)
98
Syracuse Light A Power 5s . 1954 J - .1
854 June’ 12
Bklyn Un Gaa lat cona g 5a. 1945
Buffalo City Gas l3t g 5s___ 1947
Columbus Gas 1st gold 5 a ... 1932
Consol Gaa conv deb 6a . 1920
Detroit City Gaa gold 5a___ 1923

I - FJ

1

* No twice Friday; latest bid and asked a Duo Jan d Due April




2 103

1044

97
97
49 109% II 8 4
___ 994 10034
1014 103
1004 1004

Union Elec Lt

Range
Price
Week’s
Friday
Since1
RangeSale
or
Aug.
20.
Jan.
Las
Bid Ask Low High No Low High
M- £
9 9 % ____

& P 1st g os. .1949
.1932 M- S
M-N

115

115'

120

___
7
1

___
7
8
6
12

874
1004
97
90
103
m u.
81 "
1061.,
994

88
1014
101
9134
103-38
1onto

91

944

107
101

88*2 91
9934 993^
no 115
2 997a 101U
i 101 103
997s 1004
994 100
95
95

__
—

884 95
---------

------

101% June’ U
99% 97% June’ 15

97% 101

. 1950 j - j 102"%____ 102% M ar’ 15
96
Utica Gas & Elcc ref 5s__ .1957 j - j
93 Aug T5
, 98
Westchester Ltg gold 5s__ . 1950 J - D 162 104 102 Aug ’ 15 " “ _ 101
1948 M- S
1925
j -D
Bush Terminal 1st 4s____ .1952 A - O
1955 J - J
Bldgs 5s guar tax ex____ .I960 A - O
Chile Copper 10-year conv 7s 1923 M -N
GranbyConsMS&P com 6s A ’28 M -N
Insplr Cons Cop 1st conv 6s. 1922 M- S
1919 J - J
A-O
Montana Power 1st 5s A .. .1913
1939
Mtge Bond (N Y) 4s ser 2. . 1960
1932
N Y Dock 50-yr 1st g 4s__ .1951
Nlag Falls Pow 1st 5s____ .1932

A

Fj - j
j - j
A -O
J - J
F- A
J - J
A- O

76 Sale
126 130
91% 92
85 Sale
85 % 90
84 Salo
112 Sale
100 102%
130% Sale
137 Sale
70 Sale
70 Sale
62% 64%
90 Sale
87% 90

76
128
91%
85

102%
98
103

5
7

76
130
91%
86

20

u

84
84
112
114
103% JulyT5
132
145
132%
145
63%
73U
67%
73 "
60%
651,
90
90%
88% Jau ’ 11
83 Apr ’ 14
9 3 % ____ 100 J’ly ’ 14
72
7434 72 Aug ’ 15
100% 101 101
101
* 104 >8____

84

86

i 83
87
81 112% 1175S
98 111
603 97 145
139
641
685
82
13 88j4 92%
_
71
2 100

75
101

94 July’ 15 ___ 92-% 955»
94
90% 86% May’ 15 ___ 86% 90
1
87
87
12 103 130
119
11921 J - J 114 118 114
92% Feb ’ l l
F - A ____ 88
103% Jan ’ 14
J - J
ivianufactorlnq
Industrial
3 09.1.1 102 %
99%
100
. 1928 A - O 99% 101
92
9314
. 1924 F - A 93 ___ 92% Aug T5 —
pl91fl Q - F 100% 100% 100% Aug ’ 15 ____ 99% 100%
91% 93% 93 July’ 15 ___ 91% 94%
M-N
Debenture 5s.
Am Hide & L 1st s f g 6s__ .1919 M- S 102 103 102% Aug T5 ___ 100% 103%
81
8 H2 81*2 Alls ’15
65
105 Sale 105”
106
- JUijr
92% 100
.1915 M- 5 98% 100 100 July’ 15
95
93% June’ 15 s5 93% 93%
.1919 J - J 93
.1944 A - O 119% 122 119% July’ 15 ___ 115 121%
121% May’ l l
____
A -O
97 Apr ’ 15
Gold 4s____ _________ _ 1951 F - A ____ 95
97
98%
98 June’ 14
F- A
601? _ _
60
60*4 23
101 102*2
102% 43 98% 103
Beth Steel 1st ext s f 5s___ .1926 j - j 100 % 102 ~ 102
100-% 101 1003s
101% 235
99% Sale 09%
63
100
9734 Jan T5
F - A ____ 98
96% ------ 96% July’ 15
Corn Prod Ref s f g 5s____ .1931 M-N
94*4 97%
93
2 92
93
94% 93
1st 25-year s f5 s ______ .1934 M-N
95%
13
100 101% 100
100
663s 56 •16% 67*4
64% Sale 64%
Distil Sec Cor conv 1st g 5s. . 1927 A -O
232 84 103
101
.1936 J -D 100% Sale 99%
87%J’ly ’ l l
J -D
3 74
75
75
79
79'
.1912 F - A 75
140 101% 105
103
Debenture 5s.............. . 1952 M- S 102 Sale 101%
100% June’ 15 ___ 100% 101%
.1915 A - O ____ 100
123 82% 88
88
.1940 A - O 87 Sale 87
Indiana Steel 1st 5s______ . 1952 M-N 100% Sale 100-% 100% 24 99 101%
100 Oct ’ 13
100 _
9934
100
7
19 78*4 82
79 "
80
80
Consol conv s f g 5s____ .1935 J - J 79
63
65% 66 38
65%
Int St Pump 1st s f 5s____ .1929 M- S 61% 62
88 52
60
66
65
94
94% 55 89
947s
A -O
339
78%
1st con5s Series A ........ .. .1950 M- S 77 Sale 77
05
80 “
123
11 121*4 124%
Liggett Myers 0 obac 7s. .1944 A - O 122% 124 123
101% 23 99% 102%
5 s ............ ...................... .1951 F - A 101% Sale 100%
Lorillard Co (1>) 7s______ . 1944 A - O 119% 120 120% Aug ’15 ___ 119 124
100% 10 95% 102
5s.......... ......... .
.195! F - A 1001.1 Sale 100
4 95% 110
105
Mexican Petrol Ltd con 6s A 1921 A - O 101% 106 105
101 107
1
94 % 95 % 9412
941?
Nat Starch 20-yr deb 5s__ .1930 J - J 8 3 % ____ 83 " June’ 15
83
85
97% 98
98
98
13
M-N
42 90 100 ”
100
M-N 100 ~ Salo 99%
Railway Steel Spring—
97
98% 97% Aug T5 ___ 95% 98*4
- J
Latrobe Plant 1st s f 5 s.. .1921
2 90
90 Sale 90
90
93
.1931 A - O
953* 93 90% 95%
Repub I & S 10-30-yr 5s s f. .1940 A - O 95% Sale 91%
1
91%
91%
M- N 9 1 92
100 % Salo 100 ’
100% 126 971? 10012
75% ____
75
75 "
J - J
91% Jan ’ 13
1 06
69
73
76
70
70
U S Realty* I conv dob 2 5s 1924 j - j
20
30
U S Red * Refg 1st g 6s__ .1931 j - j ------ 27% 28% July‘ 15 ___
12 101% 103%
102%
191* ,! - D 102 102% 102
102% 396 997s 102%
U S Steel Corp— (coup___ d 1903 M-N 10238 Sale 102%
1 99*4 102*,
102
102
M- N
10 89
96%
97%
Va-Car Chem 1st 15-yr 5s. .1923 J - D 9641 Salo 95%
101% 1C 100', 102
101U Sale 100%
105% 66 89% 105%
Westlnghouse E & M s f5s. 11931 J - J 104% 105% 105%
105% 157 103% 105%
105 1054, 105
1143.! Sale 112'% 119% 3623 109*s 119%
Conv s f 5s (Iss of 1915) .1931
3 98% 101%
100 %
.1917 A - O 101 ____ 100%
Ontario Power N F 1st 5s . .1913 F - A ____
Ontario Transmission 5s__ .1945 M-N ____

&

&

J

Col Indus 1st

a 1920 M- S
F- A

& coll 5s gu. .1913
. 1934 F - A

75
90
73

78
79
90
93
74% 73

. . I - 88

Cons Coal of Md lst&ref 5s . 1050
’ 6 113

bonds
Sold

Interest
Period

BONDS
N. Y STOCK EXCHANGE
Week Ending Aug. 20.

[Vol . 101.

1
|

Price
Week’sor
Range
Friday
Range
Since
Aug.
20
Last Sate
Jan. 1
Ask Low High No.
Bid
Low High
23 97
100 Sale 100
1004
Bonds
Sold

BONDS
N. Y. STOCK EXCHANGE
Week Ending Aug. 20.

Mew York Bond R ecord— Concluded—-Page 4

Interest
Period

604

...i

&

J

Pocah Con Collier 1st s f 5s.1957 J - J
St L Rock Mt P 1st 5 s ... . 1955 J -

85% 86%

78
Tenn Coal gen 5s................ .1951 J - J 101
Birm Dlv 1st consol 6 s.. .1917 J - J 101%
Tenn Dlv 1st g 6s_____ al917 A - O 101%
Va Iron Goal&Coke 1st g 5s. 1949 ftlTcleqranh & Telephone
J Convertible 4s.............. . .1936 M 20-yr convertible4Hs__ .1933 MCent DIst Tel 1st 30-yr 5s. .1943 1 -

S

94 %

81%
101%
101 %
102

___ 75
80
87

1924
N Y * N J Telephone 5s g. .1920
N Y Telep 1st * gen s f 4Hs -1939
Pac Tel Tel 1st 5s______
South Bell Tel T 1st s f 5s.1941
1938
Fd and real est g 4K-s__
.1941
Northwest Tel gu 4 Ha g. . 1934

100% 101
F - A 98% 100%
M-N 100%____
M - N 94% Sale
97
97%
J J - J 97 Sale
J - J
97
97*2
92% 95
M -N
r/i - N
j *90% ------

e Due May. o Due Juno.

A Duo July. * Duo Aug.

J

j-

_

96% Sale

75
87
70

78%
92%
74%

88% 88%

___
—
—
---1
—
—
1

IS
88% 89
97
98% 12
S 96% 100
379
103
S 101% Salo 101%
99% May’ 15 —
O 99% 100
75
____ 88% June’ 14

j' - J

&

88% Apr '15
102% Apr '06
90 July’ 15
85% July’ 15
82 Apr ’ 15
79% Aug '15
101%
101 %
101% Aug 'lo
101% Juno’ 15
101 Deo T4
73 Apr ’ 14
86
86

s5

J

Cumb T * T 1st & gen 5 s.. . 1937

&

June’ 15 . . .
1
90
July'15

90
85%
75
75
100
99%
100%
82"
80%
91*4
96
98%

90
88
82
82%
101%
1013.1
101%
86
89%
081 *
1031.,
99%

1 95"
96%
96%
97%
89% Deo ’ ll
100% July‘ 15
98%
98%
1
101% June’ 15 ___ 101% 101%
94%
953.1 45 94
97%
97
97% 11 94*4 98
97
97% 36 96% 99
2
97
97
92b
92%
2 88% 93%
104 JunoTl
90%Mar’ 15 —
90% 90%

o Duo Oot. v Duo Nov. q Duo Deo.

* Option sale

A ug. 21 1915.]

nil ARB I1RICES— NOT PER CENTUM PRICES.

Saturday
Aug. I t

Monday
Aug. 16

102% 102*4 *103 103%
99
*9812 99
181 181
•180 - - *75
77
*75
77
•130 ___ ■130
*23
2312' 23
23
*235 237
232 232
*___
9%'*___
9*4

Thursday
Tuesday i Wednesday
Aug. 17 Aug. 18 Aug. 19

103
*9812
181
76
130
23
*232

103 *102
*98%
99
181
181
75
76
130
...
2312 23%
235 *233
9*4

*45
158
158
103% '10212 103%
■153%

*45
*45 - - *___ 158
103% 103*8 V o\~
*153% ___ *155
02
*62
62
62
113%
*113
11712 *113
*84
*34
*84
86
86
*96
99
*90
*458
*4%
*434
33%
33
34
35
35
64
62% 63% 63%
*63ii 04
94 '___
94
95
95
141 *141 141% *141 141% 141%
20
20
*20
*19
19
20
*131 1311, *132 132% *131*4 132% 132
*81%
*117 125 ■117 125 *117 125 *117
* 02 %
63
03
02
62
*62
03
81
*80% 81
*S0% 81
*80*2 82

*45
*
*1021,
*15312
*62
*113
*84
*90
*412
*33%
63
*94
141

605

BOSTON STO CK E X C H A N G E — Stock Record SeeNext Page

102%

* 101%

15
Last101
Sale% 1%181June’
181

99% I
181 1*181
76 | 75
130 ■130
24%
24
235 *232
93.!

105

86

99%

Sales
ofWeek
the
Friday
Aug. 20 Shares.

----75%
-----25
235

76

76

24

25

10 Mar’ 15
Last
Sale 56
Mar’ 15
Last Sale
0% Nov’ 13
Last
Sale
46 Aug’ 15
Last
Sale
Last Sale 158 July’ 15
101 105
Last Sale 155’ Aug’ 15
*00 ----115 May’ 15
Last
Last Sale
Sale 85 Aug’ 15
*97% 99%
15
Last Sale 5 3 1%Aug’34%

33% 33%
63
64
95 ■___
141% ■140%
*19
20
132 ■130*4
82
123
63
02
80
81

33%
63%
63% 63
95
141
140% 140%
22
130*4
80 Juno’ 15
120 Juno’ 15
62%
62% 61
80

Last
Sale
Last Sale

Railroads
Atch Topeka & Sauta Fe__100
Do prof______________100
147 Boston & Albany------------- 100
,’
121 Boston Elevated----- -------- 101
1 Bostou «fe Lowell------------- 100
081 Boston & Maine--------------100
Providence------100
5 Boston
Boston Suburban Elec C os..
Do pref................ .............
Boston
Wore Electric Cos .
Do pref------------------------Chic June Ry A U S ___100
Do pref............................. Connecticut River_______ 100
Fitchburg pref------------------100
Georgia Ry A Elec atmpd.100
Do pref____ ________ 100
65 Maloe Centra!___________ 100
Mass Electric Cos________ 109
Do pref stamped--------100
49
413 N Y N H A Hartford_____ 100
10 Northern New Hampshire. 100
21 Old Colony........... .............. 100
100
10 Rutland, p r e f----------10 Union Pacific____________ 100
Do pref...... ................. 100
Vermont A Massachusetts. 100
42 .: West EDd Street...................50
15 Do pref_____________ 50

&
&

Y

Range
for1914.
Previous
Year
Lotcest. Highest.

Range Stoce Jan. 1.

STOCKS
BOSTON STOCK
EXCHANGE

H ig h est.

02% Feb 2 .
97 Jan 15
170 Mar 5
73 JunelG
109 Feb 26
20 Feb 13
225 Jan f<
10 Mar23
50 Jan 8

101% Apr 21
100 % June 4
198 Jan 12
90 Jan 5
130 June 9
37 May 4
240 June26
10 Mar24
56 Mar23

83% N ov 100 July
97% Jan
101% Feb
175 Nov- 195 Jan
77 May 101 July
150 Dec 179 Feb
30% July- 55 Jan
225 May 255 Jan
7% Feb
7 Mar
60 Jan
50 July

39 Jan 20
167 Feb 13
101% July 9
140 Feb 25
5 1 Feb 9
114 Apr 20
84 Aug 10
92 Mar 4
4% June 7
33 July 21
43 Feb 25
90 Mar 9
140 Aug 3
15 M ar 17
116% Jan 4
79% Mar 11
105 Feb
61 May 15
80 July 1

4 7 " ju iy l5
158 Mar 9
110 Apr 21
165 Jan 12
75 Jan 5
120 Feb 6
88 Mar 3
99% Aug 18
8% Jau
58 Jan 6
71 Apr 21
98 Apr 29
157 Apr 9
22 June 9
134 Apr 26
80% Feb 11
125 Apr 20
72% Jan 25
93% Feb 4

40 Jan
35 July
160 Mar 163 Jan
103 Dec 107 Jun*
162 N ov 200 Jan
03 Jan
75 July
115% Dec 124 May
88% Apr
83 Jan
99 Mar
90% Jan
14 Jan
9 Apr
66% Jan
54 Dec
77% Jan
•19% July
100 May 112 Fob
140 July 165 Jan
30 Jan
19 May
110% N ov 163% Jan
85 Jan
82 Apr
130 Feb
115 Jan
75 Jan
65 N ov
95 M i l
82 Dec

Miscellaneous
59% May 5
105 Amer Agrjcu! Chem ical... 0f> 48 Jan
*55
57
5534 57
95 Junell
Do pref_____ ________lOO 87% M ar2
200
92*4 92% 92% 92*4
3 Apr 14
1% M ar 17
5 Amcr Pneumatlo Service.. 50
* 2%
2 % *2>4 2% *2ti 2-*.i
*2%
2%
2%
15 Juue 7 19% Jao 9
129 Do pref.............. ......... 60
17
17
16% 17
17
16% *16
114
Apr 23
Amer
Sugar
Refining..........
100
100
Feb
24
587
109%
109%
110
111
111
%
110% 109% 110*8 109%
80 Do pref..........................100 109 Feb 5 116 Junel5
110 110
*115 117
115
115 115
116
124% Junel7
Amor
Telep
A
Teleg_______100
116
Jan
4
2,928
121%
123*8
124%
123%
124%
12334
123%
124
123%
33% Aug 17
6
430 American Woolon_________10016% Apr
30% 37
37
37
38% 37% 38
37% 38
Do pref______________ 109 77 Feb 6 91% Aug 14
91% 3,488
91% 92% 91
93
933.1 92% 9334 92
Amoskeag Manufacturing----59% Jan 20 67 Apr 23
62% Aug’ 15
03
*00
16 Do p r e f............................ - 97%May25 101 Feb 6
99
*97
98
98
13 Apr 30
4 Feb 24
148 Atl Gulf A \V I fl S Lines. 109
10 % 11 % ’ l l ’ ’ l l
11
* 11 % 11 %
11
11 % 11 %
12
*11
Do pref..........................100
9% Mar 12 28% June26
2434
25
701
24%
25%
2534
25%
2534 26%
26
20
20
26
13% Apr 5
8*4 July27
310 East Boston Land............. 10
10 %
9% 9%
9%
*9
934 934 *9% 10% 10
201 Edison Electric Ilium..........100 230 MaylO 260 Jan 22
231 233
233 234
232 232
233% 233% 231 ’ 232 "" 231 233
170
July27
General
Electric..................100
133%
Feb
26
194
170
171
17534
•172
173
173 175% 175 176
175
*171 172
33 McElwain (W FI) 1st pref.100 97 Aug 5 104 Mar29
97
97
97% 97% 97
97
98
98
97
97
*97% 98
912 Massachusetts Cas C os.-.109 73 Apr 8 94 Aug 5
*92
93
91
92
91% 89% 90%
92
92
91% 91% 91
127 Do p r o f ........................ 100 85 May 24 92% Jan 28
87% 88
88
89
88% 89
88
88 %
88% 88% *88% 89%
Mergeuthaler Linotype.. . 100 154 Feb 8 200 Jan 4
180 Aug’ 15
*171
*174
*178 ..
'178 .
%Apr 20
Mexican Telephone--------- 10
%Apr 20
April* 16
* 1% ” 3 ”
* 1%
2%
*1 " 3“
12% Feb 8
Mississippi River Power.. 10'.R 10 June 4
10 June’ 15
10
*16’ I'
*1 0
*1 0
Do pref_____ _______ 100 35 Fob 23 46% Jan 26
40 Jul v’ 15
40”
40*’
___
40
New Eng Cotton Yarn___ 100
20 Apr 15 20 Apr 15
20 April’ 15
Do pref........................... 10?. 25 July 1 35 Apr 15
25 Aug’ 15
*27%
27%
*27% ___ I *27%
19 New England Telephone.. 100 zl27% Junel6 143 Jan 29
*132 138
132
13212 132% 131 131
*132
227 Pullman Company_______ 100 150 Feb 24 166 Junel4
158" 159’
103% 163% 164 164
163 163
*160 162
162% 164
18% Jan 2
15% Aug 16
50 Reece Button-Hole---------- 10
15% 10
*1512 16
15% 15% 15% 15% *15% 16
*15% 16%
181 Swift A C o...........................100 104% Jan 4 115% July 6
*__ _ 114
113% 113*4
113% 114
113% 113% 113% 113% 114 111
35
May 4
K
31
Torrlngton______________
25
28
Mar
8
32%
32%
32
32
32% 32%
32%
*32
*32~ 33
2 Do
pref_____________ 25 26 Mar25 30 July 6
30
30
*
*28
30
*28% 30
30
30
1% Apr 2 1
150 Union Copper L A M ____ 25
.95
Jan
18
*1
*1
1*;
1
1
1
%
*1
1%
1%
’ "*%
1,173 United Rrult...................... 100 MO Feb 25 141% May 3
134 13
132*4 135
132 134
134 135
132% 13234 13234 184
3,481 United Shoe Mach Corp_. 25 48 Aug 17 05 May24
49% 4834 49% 48% 49
48
49% 48
49% 50
50
50
29% Jan 8
457 Do
pref..............
25 28 Mar27
29
29
29
29
29
29
29
29
29
29
29
*28%
38 Feb 1 77% Aug 17
73% 763.i 76*4 77% 76% 77% 74% 77% 72% 73% 12,060 U 8 Steel Corporation___ 100
73*8 74
130 Do nrn#
190 102% Jan 27 113% Aug 16
111% 112 7,493
113 113
•I123t 113% 113% 113% 113 113% 113 113
14 Aug 3
Ventura Consol Oil Fields 5 11 Aug 20
12 % 12*4
12 % 13
12*a 12%
12% 12% 11 12%
12 % 1234
Mining
4% Apr 22
______25
1 Jan 22
*2
2
2*2
2
35 Adventure Con
*2
2%
*2
2%
2>S 2 M *2
2
k new (wh la s ).___ 25 9 4 July 26 100 June28
95
90
96
274
96
95
97
97
97
97
95% 95% *95
Apr 22
33*2 34
33% 32*2 33% 11,447 Alaska G old___________ . 1C 26% Jan 6 40*4
33
33% 34% 33% 34% 33*2 ji
4% Apr 22
.45 Feb lo
2%
2%
2%
880 Algomah Mining----------------25
2%
*2 % 2*2
2%
2%
2%
2%
21j
2*2
54
54
355 Allouez — .............. . . . . 25 35% Jan 5 58% A pr 26
*52% 53% 54
54*2 54
55
53
52*2 53
53
16% Jan 4 60% July 14
52% 52 % 63% 52% 5278 51*8 52% 50% 51% 18,274 Amer Zinc, Lead A Smelt. 25
52
51% 52
9% Apr 22
3% Jan 4
15,695 Arizona Commercial______ 6
7% KV.
8%
8%
S% 8 %
8%
7% 8
7%
8
*7%
4% Apr 22
2 Jan 16
4
1,355 Butte-Balakiava Copper.. 10
4% 4%
4% 4%
4
4V«
4
4
4 ‘•6 4%
80 June 4
Butte
A
Sup
Cop
(Ltd)__
10
35%
Jan
4
64%
65
64%
66
%
65%
63%
11,415
03%
64
60%
62%
61%
63%
78%
Apr 26
Calumet
A
Arizona.........
.
10
51%
Feb
23
62%
62%
2,662
62
62%
63% 62% 63
03%
62%
62
62% 63
350 Jan 4 630 Apr 22
570 575 *565 575
100 Calumet A llecla________ 2
551 555
557% *57% 560 560
561 >05
25
15 Jan 12 25 Apr 22
18
*17% 19
18*2 1934 *18
415 Centennial...... ..........
*17
17
19
*18
19*2
17
45
46
46
*45% 4584 45% 45% 44% 44*2
145 Chino Copper.................... 5 32% Jan 6 49% Apr 26
*44
44% 45
30 Jan 13 63% Apr 26
53% 53% 54% 54% 50*4 55*2 50% 54% 55% 53% 54% 4,555 Copper Range Con’ Co. .100
53
5% Apr 22
1% Jan 21
2% 3
3
3
*2% 3
340 Daly-West.............................20
2% 2%
*278 3
*2% 3
15% Apr 23
8% Jan 5
East
Butte
Copper
M
in
...
10
12%
13
13
13% 12*2 12% 12% 12*8
757
12% 12% 12% 12%
14% Apr 22
4% Feb 5
25
9% 9%
9
330 Franklin____ _________
9% 9%
9*2 9% *9*2 9%
9%
*9% 9%
58 Jan 7 94% Apr
83% 83% 84
8212 83
81%
732 Granby Consolidated____ 100
80
84
84
81% 81
81
39
40
38*2 39
359 Greene-Cananea___ _____ 100 23% Feb 1 44 Julyl5
39% 40
39% 38's 38*8
39
38% 40
11 Jan 18 24% Apr 29
10
15*2 16% 16% 16% 15% 16
713 Hancock Consolidated___ 25
15% 16
15
16% 16
80 Hedlcy Gold...................... 10 26% Apr G 29*4 Jan 19
28% 28% 28*2 28% *27's 28*2 *27% 28*2 *27*8 28%
*27% 30
10% Apr 22
4%
2% Jan 21
*4
4% 5
4
4
4% 4'1
475 Indiana Mining__________ 26
*4*4 4%
*4
50% 51% 49*2 51% 48*4 49
5,955 Island Creek Coal________ 1 41 Mar 18 52 Aug 17
49% 51% 51% 62
49% 50
91%
Apr 27
90*4
90%
90
85%
Jan
5
*90%
Do
pref_____
_______
1
90%
90
89%
90
89%
195
*89% 90% 90%'
34 Apr 26
27% 27*2 28
27
660 Isle Itoyale Copper________ 25 17% Jan II
27
26*2 27% 27
*26*2 27
*26
27
5% Apr 20
4
4
3 Aug 3
5
3% 3%
4
4
545 Kerr L a ke.............
*3% 4
*3% 3%
3% 3%
4% Apr 26
July3P
1% 1% * 1 %. 2
200 Keweenaw Copper........ .. 26 1
1%
*1% 2
*1% 2
1%
1*% *1%
18 Apr 22
14% 14% 14
5‘tJan 27
141,
1,067 Lake Copper C o________ 25
13*2 14
13% 13% 13% 13% 13% 15
9 Apr 23
6
5% 6
3% Jan 7
25
6
5% 5%
225 La Salle Copper.............
*0
6*2
*5*2 6
5%
4% Apr 27
2
2 *___
1 M arl l
Mason Valley M in e s ..... 6
2
2
Aim’ 15
*
2 +
3 Jau 1 1 17 Apr 22
11
11% 11% 11% 10% 10% *10*2 11*2
385 Mass Consol_____________ 25
10% 10% 10% 11
8 Apr 22
3
Aug
16
3% 3%
Mayflower........
........
26
3% 4
4
*
3
4
390
3%
4
3
3*2
25
26% *25% 20% *25% 25%
*26
200 Miami Copper___________ 6 16% Juu 2 29 Apr 26
*24% 24% *21% 25% 25
3 Apr 22
2%
2*4
21,
.60 Mar *
26
100 Michigan__________
*2% 2*2 *2% 2% *2'4
*2% 2% *2*8 2%
82 Apr 26
74% 72*2 73% 72
25 48% Jan 1.
72% 72% 73*2 73
72
1,105 M ohaw k...............
70% 70*2 71
17 Apr 27
11% Feb 21
14% 1434 *14*2 14% 14% 14^8
198 Nevada Consolidated------- 5
*14% 14% *14% 14% 14% 15
14% Juno 7
26
4% Feb 24
1078 11*2 10% 1078 4,222 New Arcadian Cooper..
11% 11% 11% 11% 11% 11% 12
13%
Aug 7
New
Idrla
Quicksilver___
5
9
9
4
July
10
884
8
1,406
9
9*2
8
9
10
9*2
8*2
6% Mar29
0%
6% Aug 9
£
6% 6%
5% 6%
5%
*5i.t
6% 6*2
««4 5% 2,570 NI pissing Mines_______
29% 29*4 30% 30*4 31*2 30
28
2,638 North Butte------------------- 6 22% Jan 25 38% Apr 20
30% 29*4 30
28% 29
4% Apr 23
1 Jan 28
*1%
1% *1*2 1% *1*2 2
4 North Lake-------------------- 25
*1% 2
It!
1*2 *1*2 2
3% Apr 23
50 Mar 1
___
*1% 2
OJlbway Mining------------- 25
*1*2 2
1% Allg’ 15
*1% 2
7% Apr 22
3
3 Aug 16
*
3
3
3
3*2 3*2
705 Old Colony-------------------- 25
3%
3
3% *3
58%
Apr 21
52%
52
52
38%
Mar
8
53
63
*51
52
606
Old
Dominion
C
o
._
..........
25
52
52
51*2
52
83
64 Jan 28 93% Apr 22
81
82
81
81
2.
83*2 83
286 Osceola..........................
81
81
83*2 81
*78
19% 18*2 19
19
18% 18% 10% 18% 16*2 17
31,361 Pond Creek Coal________ 10 12 Jan 7 19% Aug 13
18% 19
80
86
85
85
86
26 50 Jan 10 95 Apr 22
85
85
313 Quincy . . . . . .........
86
*84
*84
85
86
23
22% 22% *22% 23
23*4 22% 22% *22*4 22%
94 Ray Consolidated Copper. 10 15% Jau 7 26% Apr 26
22
22
65 Apr 23
55
55
56
57
57
55
414 St Mary’s Mineral Land.. 25 28 Jan
54
55
56
55
55
3% Junel6
3
3
*2% 3
1 Mar 17
895 Santa Fe Gold A Copper.. 10
*2% 3
2% 2% *2% 3
2% 3
4 Jan 15 11% Apr 26
7%
7*2 7%
73.1
7*? 1,006 Shannon---------- -------------- 10
7
7% 7% *7*2 7%
7*2 7%
33
Apr 26
1S%
Jan
5
26
ShattuekArizona________
10
20
470
26
25% 25'% 24% 25% 25*4 25% 26
25%
25*2
7% July27
6 July21
0% 6%
6% 0% *6% 6%
0*i
475 South Lake......................... 25
6*4 6*2
0
<)% 6%
27*2 28% 26% 20% *26*2 27%
485 Superior__________________ 25 22% Jau 6 41% Apr 26
25% 25*2 25% 26% 26% 27
4% Apr 29
2% 2%
1 Mar 3
2*2 2%
2'2 2%
2% 2%
2*2 2% *2*2 2V« 1,030 Superior A Boston Copper. 10
55
57% 57
68% 55
53% 55
54
57
53
53*2 54% 5,210 Tamarack________________ 25 25 Jan 4 58% Aug 18
7% Apr 30
2% Feb 11
4% *4
4*2
4*8 ■m
070 Trinity___________________ 25
4
4
3% 4
*4% 4% *4
.63 Apr 14
.20Jan 2
.47 .50
.50 .61
1.835 Tuolumne Copper________
.48
*.47 .61
.49 .49
.45 .5(
40% 40% 42% 41% 42
40
40% ■11% 3978 40*2 2,750 [J S Smelt, Refln A M in .. 60 29 Feb 25 49% Junel5
39% 40
654 Do pref______________ 50 38 Jan 15 48% June 16
46%
46% 46% 40% 46% 46% 46% 46% 40% 401, 46*2 40
5% JunelO
2 Jan 2
3% 3%
33.1
1,720 Utah-Apex Mining_______ 6
312
3% 3%
3% 3%
3% 3%
3% 3%
16% Junel4
9% Feb 26
12% 12*8 12% 12% 13
12% 1,705 Utah Consolidated----------- 6
12
12
12% 12% 12
12
*66*2 67
690 Utah Copper Co__________ 10 48% Jan 6 73 Apr 26
6578 67% 65*2 06%
*05% 05% 65% 66% *66% 67
4% Apr 22
1 Feb 26
Victoria................................. 26
2% *2% 2% *2% 2%
2*2 Aug’ 15
*2% 2% *2%
6% May 1
l%Jan 18
119 Winona--------------------- -— 25
*3% 4
3*2 3%
*3% 4
*3% 4
3*8 3*8 *3% 4
61% 62
480 Wolverine________________ 25 32 Jan 6 70 Apr 26
60
61
58
58
58% 59
61% 01*2 59% 60*2
2% Apr 23
50 Mar 3
1%
1% *1%
1%
1»«
330 Wyandott________________ 25
1% 1%
♦11* 1% *11o
1%
• Bid and aaked prloes.
Ex-dlvldend and right,. • Ex-atook dividend. , Assessment paid,
Ex-rights,
Unstamped. 1 2d said,
57%. 56%
93% 93%
2% * 2 %
10
17
110*8 *109%
114% 114
122%
123
37
37
9453 92*4
03
*97% 98%

*56
9312
2%
1012
*10912
1141,
122*2
*30
92%

58
56% *57
93% 93% 93%

Last Sale

*




57% 57%
92*4 93

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

*

■

h

27

%

Last Sale

Last Sale

4

AH

Last Sale

a

h

t

%

47% Jan
89 Dec
2 Doe
17 Jan
97% Mai
108 Mar
112 N ov
14 Mar
72% Mar
57% Doc
97% June
5 Feb
13% May
9% Dee
234 N o v;
137 Dec
9S% Nov
76% N ov
85 Nov1
200 Dec
2% May
18 Jul is
55 Jun(*
20 Apr
38 Dec
128 Nov
148 Dec
16 Jan
101% Novi
27 Feb
27 Mar
95 Dec
rJ13 Dec
52% Dec
28 Jan
48 Dec
103% Dec

59% M ai
98 June
4 Jau
22 Jac
1 10% Jan
115 Dec
124 Jan
15 Mar
83 Jan
67 Feb
100% June
9 Jan
16% an
14*2
265 M «r
150*2 F 't
102 Jan
94% Fe .
96 M v
216% Feb
3 Jan
38 Feb
70 Jan
30 Jan
69 Jan
K1 Fob
159 Jan
20% July
107% Mar
31 May
29% Jan
2 Feb
173 Feb
61% June
30% July
67% Jan
112% Jan

1 Apr
239% Apr
19 July
% Dec
34% Jan
12% N oy
2% N ov
1 N ov
24 N ov
53 Dec
350 Doc
14 Jan
30% Dec
29 Dec
1% Nov
S Dec
N ov
60 Dec
21% Apr
11 Dec
28 July
3 Apr
44% Doc
81 June
16 Dec
3% Mar,
2% May
4% Nov
3k« Dec
1% Dec
2 Mar
3% June
16% Dec
.50 July1
39 Apr
10 Dec
*% Jan
4 June
5 July
19% Dec
.95 Apr
% Apr
2% Nov
44 Dec
64 Dec
12% Dec
51% Dec
15 Dec
28 Dec
Jsn
Nov18 Dei

2 Jau
300 Mar
28% May
1% Jan
43% Feb
21 Jan
6% M a»
4% ►♦b
40% m y
70% M **
460 Fe-?
19 Feb
43% Feb
40% Feb
3 Feb
13 Jan
7% Apr
9 1 Feb
42% Feb
22 Fob
30 Mar
6% Feb
60 % Juue
89*2
24 Feb
6% July
4 % Feb
10% Jan
5*2 Feb
4 Jan
<5% May
9 Jan
24% Feb
1% Feb
49% Dec
16% Dec
7 % Jan
4 June
8% Feb
30% Feb
2% Jan
2 Jan
6
Feb
54 Feb
84 Feb
20% Jan
08 Feb
22% Apr
40 Feb
2% Jan
7*2 Feb
29% Feb

22 Nov
1% Nov
24% Dec
2% Nov
23 Dec
24% Dec
40*? Apr
1% Nov
8% Jan
45% Nov
1 Mar
17* Deo
30 Dec
30 June

Feb
2 % Jan
43 Feb
5*2 Ji*n
.85 Mar
43*2 Feb

2

m Half

paid.

*{,

62

48% Feb
2% Feb

14 Feb
59 June
<2% May
4'S Krb
47% F«*b
1*4 Jan

606

TPIE CHRONICLE

[VOL. 101

Outside Exchanges—Record Transactions

Philadelphia Stock Exchange.—Record of transactions
at the Philadelphia Stock Exchango from Aug. 14 to Aug. 20,
» Gj WiupxtGV-t
XXV/DU the
UUU VJU
lUICbl OUUCO
UOUO) A
TVIA
inclusive,
compiled from
official
sales lists,
isO given
Boston Bond Record.—Complete record of transactions bothU 1UV1UOI
below.
‘ for
‘ stocks are all dollars per share, not per
>w. Prices
in bonds at Boston Stock Exchange August 14 to August cent.
b. For bonds the quotations are all por cent of par value.
20, both inclusive:

Salesfor
Friday Week’s
Week.
Sales. Low.Range.
High. Shares.
Bonds.
Amer Tel * Tel 4s____1929
Convertible 4 J 6 S . . . 1 9 3 3
Atl G & \V I SS L 5s. . 1 9 5 9
Chic & West Mich 5 S .1 9 2 1
Gt Nor-C B A Q 4 s .. . 1 9 2 1
Mass Gas 4*6s_______ 1931
Miss River Power 5s. .1951
New England Tel 5 s.. 1932
Pond Creek Coal 6 s.-1923
Swift A Co 5s_______ 1944
Western Electric 5 s.. . 1922
Western Tel & Tel 5sl932

H

88
101*6 101*6
69*6
69*6
72
96*6
92
72*6
101*6
98*6
95 *6 95*6
100*6
96*6
88*6

'bbli

Range since Jan. 1.
Low.
High.

89*6 S5.000 86*6 Jan 89*6 Apr
9,600 95*6 Jan 103
Apr
101*6
71
33,500 60
Jan 73
May
72
10,000 70 May
72
Aug
1,000 95
Jan 96*6 May
96*6
92
2,000 91*6 Apr 94
Jan
July 73*6 Mar
72*6
2,000 70
3,000 99*6 Jan 101 *6 Feb
101*6
2,000 94
May 98*6 Aug
98*6
95*6 13,000 94 *6 Feb 96*6 May
100*1
1,000 100*6 Jan 101
Mar
5,500 94*6 Mar 97
Jan
96*6

—The complete record of
transactions at the Pittsburgh Stock Exchange from Aug. 14
to Aug. 20, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks aro all dollars por
share, not por cent. For bonds the quotations are per cent
of par value.
Pittsburgh Stock Exchange.

Far.

Week’s Salesfor
Friday
Week.
Sales. Low.Range.
High. Shares

Stock*—
American Sewer Pipe. .100
17
Am Wind Glass Mach .100
15*6
Preferred................ 100 80
Am Wind Glass, pref. .100
..25
Columbia Gas A Elec. .100
14J<
Crucible Steel, p re f... .UK)
Elk Natural Gas____ -l(K)
98
Harb-Walk Refrac.comlOO
Preferred_________ 100 99
Independent Brewing ..5 0
3
Preferred .............. . .50.
La Belle Iron W3cs.com 100
100
Mfrs’ Light A H e a t...
49*6
Nat Fireproofing, com ..5 0
Preferred_________ -.5 0
Ohio Fuel OH .
..
Ohio Fuel Supply___ ..25
Oklahoma Natural Gas 100
Osage A Oklahoma Co .100
Pltt3b Brewing, com. ..5 0
-.50
Pittsburgh Coal, com. .100
30*6
100
Pittsburgh Oil A Gas. .100
6
Pittsburgh Plate Glass .100 107*6
Pure Oil, common___ . . . 5
10*6
San Toy Mining____
15c.
Union Natural Gas__ ..5 0
Union Switch A Slg, com50 105*6
U S Steel Corp, com ,. .100 73*6
W ’house Air Brake__ -.50 139
W ’house El A Mfg, com .50 57
Preferred ................ -.50
69
Bonds.
Cent Dls A Ptg Tel 5s. .943
Plttsb Coal deb 6s___ ;931

...1

...1

* Ex-dlvldead.

17
15*6
80
100
24
14*6
102
98
55
99
3
15
30
9214
47*6
5
17*6
14M
39*6
65
69
4*6
14*6
25*6

995*6H

107*6
16*6
15c.
129
104*6
73*6
134*6
56*6
67

Range since Jan. 1
Low.
High.

18
310 17
Aug
16
315 15*6 July
80
79 75*6 May
10)
10 x98
June
25
20 23
July
15
11,837
8*6 Jan
100 75
103*6
Jan
98
10 98
Aug
55
10, 45
F’eb
99
10 97*6 Mar
3
240
2*6 Aug
170 13*6 Aug
15*6
210 27
36*6
Jan
92
25
50
1,006 46
May
615
5*6
4*6 Feb
990 16
19*6
F’eb
15
370 12
858 39*6 Aug
39*6
66
70 57
F’eb
70
90 67*6 Feb
5
200
3
Feb
490
12
15*6
32
4,315 16*6 Jan
99^
10 82
416
6*6
4*6 Aug
103
60 104
Apr
4,895
17*6
13*6 May
17c. 12,300
8c. Apr
131
185 128*6 Aug
106
493 92
Apr
890 38
77*6
Feb
142
2,090 116*6 Mar
1,420 32*6 F’eb
60*6
70
161 58
F’eb

100
100
$1,000
95*6 95*6
3,500

Apr
24
19*6 May
May
85
Jan
123
15*6
105*6
116*6
55
99
6
22*6
37

Aug
Aug
July
July
Jan
Apr
Jan
Aug

Aug
50
6*6 Apr
22*6 Jan
May
45
66
Aug
F’eb
70
8*4

2434
32

Aug

7*6
110
17*6
20c.
133
107
77*6
142
60*6
70

Jan
July
Aug
June
Mar
Apr
Aug
Aug
Aug
Aug

98*6 Apr 100
90
Jan 97

Aug
Apr

Chicago Stock Exchange.—Complete record of transac­
tions at Chicago Stock Exchange from Aug. 14 to Aug. 20,
both inch, compiled from the official sales lists, is as follows:

Par

Stocks.
American Radiator___ 100
AmerlcanShlpbulIdlng. 100
Preferred ................. .100
Booth Fisheries, com .. 100
Preferred____ _____ 100
Chic Pneumatic T o o l.. 100
Chicago Title & Trust. 100
Commonwealth-Edlson 100
Deere & Co pref.......... 100
Diamond Match_____ 100
Goodrich (B F com ...100
Hart Shaft* Marx pref .100
Illinois Brick_________ 100
Internat Harv
N J 100
Kansas City R y A Lt.100
Maxwell Motors 1st pf.100
Second pref________ 100
National Carbon.......... 100
Preferred__________ 100
Pacific Gas & Elec C o. 100
People's Gas Lt * CokelOO
Pub Scrv of No 111 com .100
Preferred__________ 100
Quaker Oats C o ........... 100
Preferred____ _____ 100
Rumely common_____ 100
Preferred__________ 100
Sears-Rocbuck c o m ... 100
Preferred__________ 100
Stewart Warner Sp com 100
Swift A Co....................100
Union Carbide C o____ 100
U S Steel common____ 100
Ward, Montg, A Co, pref.
Bonds.
Chicago City R y 5 s.. 1927
Chicago Rys 5s_____ 1927
Chic Rys 4s, series "B ” .
Chicago Telephone 5s. 1923
Commonw-Edlson 5s. 1943
Dla Match cons deb 6s.’20
Metr W Side El 1st 4s. 1938
Morris * Co 4*6s____ 1939
People’s G L 4 C Refundlng gold 5 s.. 1947
C h lc G L A C 1st 5s 1937
Swift A Co 1st g 5 s.. . 1944

Week’s
for
Friday Range. Sales
Week.
Sales. Low. High. Shares.
357*6
38*6
74
40
78
73
205
135
93*6
96
63*6
110
66
106*6
24*6
88
39*6
149
120*6
44*6
115*6
85
9 4*6
243
105
8*6
12*6
150*6
124
65
113*6
156*6
73*6
112

357*6
42
74
44
81
80
205
1361*
93*6
98
63 *6
110*6
66
106*6
24*6
92*6
39*6
149
120*6
44*6
116
85
95
245
107
10*6
12*6
158
124
66*6
114*6
166*6
77*6
112*6

96*6
94*6
71
100*6
100*6 100*6
102
72
87*6

96*6
95
71
100*6
100*6
102
72
87*6

38*6
74
75

___

97*6

Coot

a Ex

24*6
149

,.....

115*6

"ios”
152
65
113*6
160
73*6
112*6

50% stock dividend.

95*6

2 345
280 26
100 67*6
1,530 30
316 68*6
1,758 45*6
40 204
8 132*6
10 88
236 90
50 24*6
55 105
50 60
125 96
50 19
140 60
50 31
20 119*6
10 118*6
5 41
490 113
30 75
65 1 93*6
20 230
335 103
4
200
9
100
5,269 xl31*6
15 121
1,524 48*6
4,83 104*6
3,328 144*6
185 38*6
60 110*6

June
Apr
Apr
Feb
Mar
Feb
Aiiff
June
Jan
Mar
Jan
Jan
Feb
Feb
June
Feb
Mar
Jan
Mar
July
Mar
Jan
May
Jan
Apr
Apr
Apr
Mar
Jan
Jan
Jan
Jan
Feb
Jan

390
48*6
79*6
44
81
93*6
213
140*6
95*6
98
63*6
112*6
67*6
111
30
92*6
40
149
124
49*6
123*6
87
100
270
xl07
13
16
215
126
*71*6
115*6
166 H
77*6
114

Jan
Aug
Aug
Aug
Aug
Aug
Apr
Aug
Jan
Aug
Mar
June
June
F’eb
Aug
Apr
Aug
Jan
Apr
Apr
Apr
Mar
May
May
Aug
Jan
Mar
Apr
July
Aug
Aug
Mar

$4,000 96
June 99
Feb
4,000 93
Jun e 97
Feb
7.000 71
Aug 77*6 Mar
2,000 99*6 Jan 101
Jan
13,000 100
Jan 102
Jan
1,000 101*6 Feb 103
May
2,000 72
Aug 77
F’eb
1,000 86*6 Jan 88*6 Apr

5,000 99*6 Jan 101*6 Mar
100*6 100*6
5,000 100*6 June 102
101*6 101*6
Apr
95*6 95*6 61;000 94*6 Jan 96*6 F’eb

* Ex-dlvldend.




Range since Jan. 1.
Low.
High.

S to ck s.

Par

Week’s Salesfor
Friday
Week.
Sales. Low.Range.
High . Shares.

Alliance Insurance____ 10
American Gas of N J..100
American Milling_____ 10
American Railways___ 50
24*6
Baldwin Locomotive.. 100 77*6
Preferred__________100 105*6
B u ff* Susq pref v t c . . 100 40
Cambria Steel................ 50
Consol Trac of N J___ 100
Elec Storage Battery.. 100
General Asphalt_____ 100
Insurance Co of N A __ 10
J G Brill C o ... ______ 100
Keystone Telephone----- 50
Lake Superior C o rp ... 100
Lehigh Navigation........ 50
Lehigh V alley.............. 50

54*6
62*6
32
22*6
9*6
73*6
71

Preferred ................ ..5 0
Little Schuylkill______ 50
Mlnchlll A S II
50
Norristown___________ 50
Northern Central.......... 50
Penn Salt M f g ........... 50
94
Pennsylvania...... ........... 50 5 4 %
Pennsylvania Steel___ 100
Preferred__________100
Philadelphia Co (Pitts).50 38*6
Preferred (5% )........ .50
Pref (cum 6 % )_____ 50
Phlladel Electric____ 22*6 124*6
Phila Rapid Transit___ 50
Voting trust recta___ 50
Philadelphia Traction..50
Reading ..........................50
73*6
Tono-Belmont Devcl___ 1
3*6
Tonopah Mining_______ 1
5*6
Union Traction_____ ..50
35*6
United Cos of N J____ 100
United Gas Impt.......... 50
85
U S Steel Corporation. 100 74

io*6

Warwick Iron A S _____ 10
10*6
Welsbach C o.............. 100
West Jersey A Sea Sh..50
Westmoreland Coal___ 50
63
Wm Cramp A Sons----- 100
67
York Railways pref___ 50 _____
S c r ip .

Cambria Steel scrip. .1916
Do Scrip___ F’eb 1917
Do Scrip___ May 1917
Philadelphia Co scrip. 1916
Do Scrip .............. 1918
B on d s.

Amer Gas A Elec 5 s..2007

87*6

Baldwin Locom 1st 5s 1940 102
Beth Steel p m 6s reg.1998
1st A refunding 5 s.. 1942
Elec A Peoples tr ctfs 4s ’45 73
Do small_______ 1945
Ilarwood Electric 6 s.. 1942
Inter-State Rys coll4s 1943
Lehigh C A N cons 4*6 s ’54
Lehigh Val gen cons 4 *6s '03
Leh Val Transit 1st 5s 1935
Penna RR cons 4*6s.. 1960
General 4*6s_____ 1965
Phila Co consAcoll tr 5s '51
Phila Elec tr ctfs 5 s..1948
Trust certfs 4s____ 1950
Phila A Read Impt 4s. 1947
Reading gen 4s-------- 1997
United Rys gold tr ctf 4s’49
United Rys Invest 5s. 1926
Welsbach Co 5s.......... 1930

97*6
80*6
78*6
91
65

x Ex-dlvldend.

Range since Jan. 1.
High.
Low.

17
17
10 15*6
101*6 101*6
37 100
6
6
84
5
24*6 25
165 24*6
77*6 82*6
1,985 30
105*6 105*6
38 90
41
40
28 36
42*6 42*6
8 41
54
55*6 16,295 41
70
70
8 70
62
65
4,973 47*6
435 24
31*6 32*6
14 60
68*6 68 *6
352 21
22*6 22*6
49
45
2,280 29
14
14
20 13
6,492
5
9*6, 10*6
249 71*6
73*6 74*6
127 65
70'*?. 72
1,298 13*6
17
15
1,900 26*6
32*6 33*6
8 52
52
52*6
24 54*6
55^
55
2 xl36*6
140 140
14 82*6
82*6 82*6
96
197 80
94
2,619 51*6
54*6 5 4%
40
10 34
40
1,115 49*6
83*6 85*6
780 29*6
38*6 39*6
35
5 31
35
92 32
40
40*6
1,533 23*6
124*6 24*6
45
7
9*6 10
3,233
7*6
9*6 io*6
75
73
90 70
73%, 75*6
1,033 70
4
984
3*6
3*6
990
5
5*6 5 %
325 30
34*6 35*6
220U 220ti
13 220
84*6 85 1
376 80*6
72*6 77*6 64,556 38
113 113
300 103
755
9*6 10*6
9*6
35
35
100 35
48
48
33 47
63
63
10 58
66*6 74
480 18*6
30
30
15 *28*6

*6

99*6
98*6
98
85
100
98

100
98*6
98*6
85
100
98

87
80
102
118
100*6
73
81
99*6
58
58
98*6
98*6
102*6
102*6
97*6
SO
101*6
102
78*6
80
91*6
91
73*6
65
93

$7,200
88
1,800
88
102
3,000
118
2,000
100*6
9,300
73*6
81
200
1,000
99*6
5,000
53
500
58
3,000
98*6
98*6 12,000
2,000
102*6
102*6 11,000
97*6 66,000
81*6 14,000
3,000
101*6
102
900
5,000
78*6
80
700
1,000
94*6
23,000
93
3,000
73*6
8,000
66
3,000
93

2,927
3,050
3,029
54
104
104

loiooo

95
95
95
85
90
80

July
Feb
Feb
Jan
July
Aug
Aug

Jan
17
Jan 104
Apr
6*6
Aug 36
85
Mar 105*6
July 41
44
Feb 55*6
July 74
Jan 68*6
Mar
Jan
July
Aug
Apr
May
Jan
Mar
July
July
May
Aug
Mar
F’eb
Aug
Mav
Mar
Mar
Mar
Jan
May
May
July
May
July
July
May
Jan
Feb

Aug
Apr
Aug

JUT10
22*6 Aug

10
13*6
77
74*6
17
33*6
54*6
57U
145
86
90
55*6
40
90
40*6
36
41
25
11*6
10*6
79*6
78*6
5 *6
7*6
39*6
225
87*6
77*6

li

A nr
Juno
Juno
Aug
Aug
Jan
TVTsiv
Apr
Feb
Aug
Apr
Aug
July
July
Apr
July
Aug
Mar
Mar
Jan
Apr
Mar
Jan
Jan
Mar
Aug

July

11*6 Aug

Aug
Jan
Jan
July

50
63
Apr
79*6 Aug
33
F’eb

Feb
Feb
F’eb
Feb

100
98*6
98*6
85
100
98

July
Aug
Aug
Aug
Aug

85
85

Jan 88*6 Aug
88
Mar 103*6 Apr
116
Aug 118
Aug
87*6 Feb 100*6 Aug
73
Aug 79
Feb
73
July 82
Apr
95
Apr 99*6 July
57
July 60
Apr
58
60
97*6 Jan 100
Apr
97
F’eb 100
Apr
102
Jan 102*6 Apr
102*6 July 105
Feb
97
May
98 *6 June
70
Mar 82*6 Apr
100*6 Jan 102*6 Jan
101
102i$
Apr
77*6 Jan 80
SO ?/ M a r
79
Mar
94*6 July 97
91
Aug 95
F’eb
72*6 Aug 74*6 Apr
M ay
55
Mar 70
89
Aug
Jan 93
100*6

Baltimore Stock Exchange.—Complete record of the
transactions at the Baltimore Stock Exohange from Aug. 14
to Aug. 20, 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 aro per cent
of par value.

Week’s Salesfor
w etK.
Friday
Sales. Low.Range.
High. Shares.

Par. ___

Stocks.
Balt Stmpg A Enam, pref.
Consol G . E L 4 POW..100
Preferred__________100
Consolidation Coal___ 100
Cosden <fe Co____________
Davison Chemical, preflOO
Elkhorn Fuel................100
Houston Oil trust ctfs.. 100
Preferred trust ctfs..100
Northern Central.......... 50
Pennsyl Water A Pow.100
Sapulpa Refining________
United Rv A Electric__ 50
Wayland Oil A Gas_____ 5
B o n d .—

___

13*6

___
23M

___

A C L RR conv deb 4s. 1939
Balt Sp P A C 4 *6s__ 1953
Carolina Central 4 s.. . 1949
Chicago Ry 1st 5s___ 1927
Cons G E L A P 4*63-1935 85
N otes.... ........................ ..........
Consol Coal ref 5s___ 1950
86
Convertible 6s____ 1923
Davison Chemical 6s. 1932 _____
97^
Elkhorn FuelSs_____ 1918
F’alrmont Coal 5s___ 1931
G-B S-Brewlng 1st 4s. 1951
2d Income 5s.......... 1951

H
H

Range since Jan. 1,
Low. | High.

100 54*6 Aug 54*6 Aug
83 102*6 Jan 107*6 Jan
Mar
85 106*6 Jan 115
Jan 96
Juno
396 92
g
Jan
240
7*6 May
55 100*6 May 104*6 Aug
May
22 June
85 16
Mar
305 10
16*6 Apr
Jan 61
354 54
Apr
Aug 85*6 Jan
472 82
50 63*6 Aug 68*6 Apr
July
2
600
3
May
558 20*6 June 27
Mar
2,525
2*6 May
4*6 Jan

54*6
106
112
93
6*6
104*6
19
13*6
56*6
82*6
66
2
23
3*6

54*6
106*6
112*6
90
6*6
104*6
19*6
14*6
57
82*6
66
2
23*6
3*6

83*6
94*6
85
94*6
86*6
100*6
86*6
100*6
100
97*6
90*6
18
2

84 $16,000
1,000
94*6
4,000
85
94*6 2,000
7,000
87
5,000
100*6
87*6 24,000
12,000
101
1,000
100
2,000
97*6
3,000
90*6
3,000
18
2
1,000

82*6
93
84
93
86*6
98*6
86*6
99*6
97
92*6
94
18
2

Aug 87*6 Apr
Aug 97
Jan
Jan 85
Jan
June
97
Jan
Aug 89
Apr
Mar 100*6 Aug
Jan 91
Jan
Jan 101*6 July
Jan 100
Aug
Jau 97*6 Aug
Jan 96*6 Jan
Aug 23
Jan
Aug
2
Aug

THE CHRONICLE

A ug . 21 1915.]
Week's Salesfor
Friday Range.
Sales. Low. High. Shares.
B onds (C on clu ded).

Maryland Steel 5s----- 1922
M t V-Wood C Duck—

Range since Jan. .
Low.
High.
94 H

Apr

7,000 35
44H
33
2,000
38
2.000
95
95
1,000 10 m
1 01 H 1 0 m
79M
80
80 H 12,000
57 « 57 V, 12,000 65
81
1,000
81
8m
1,100
80H
82
82

Jan
Feb
July
Aug
June
June
June
July

$3,000

95

eorft.
00
CO
3;

95

N O Mob A Chic 1st 5S1060
Norfolk Ry A Lt 5 s.. . 1949 95
Seab A Roanoke 5 s.. . 1920
United Ry A Elec 4 s.. 1949
Income 4 s............... 1949
57H
Funding 5s.............. 1936
do do small___ 1930 —

95

X

%

Apr

95 H

Aug
Apr
Apr
Apr
Jan
Jan
63
Jan
87
87H Jan

45

H
102
H
82 ■
4m

97

Volume of Business at Stock Exchanges
Aug.

20 1915.

$1,272,000
3.572.000
3.937.000
3.242.000
2.574.000
3.172.000

$ 11,000

22,500

1,000

5,384,150 $465,455,725' $17,769,000

$205,500

S13.000

350,190 $31,755,000
940,100 83,796,250
1,045,465 89.899,125
982,500 83,415,100
1,095,665 93,072,550
970,230 82.917,700

Wednesday................
Thursday....................
Friday............ ..........
T o ta l.......... ...........
_

State,
Mun. V. S.
Railroad,
ABonds.
Foreign
Ac.,
Bonds.
Bonds.

Stocks.
Shares. Par Value.

ending

90,106,498
45,990,575
$7,761,868,095 $4,023,321,369
$134,800
$265,800

5,384.150
Stocks— No. shares...
Par value................ $465,455,725

STOCK
EXCH’NGE
$13,000 CLOSED.
205,600
17,769,000

Bonds.

Government bonds__
State,mun. ,Ac. .bonds.
R R . and mlsc. bonds..
Total bon d s...........

1914.

1915.

1914.

1915.

51.000
11.000

29,000
100,000

Jan. 1 to Aug. 20.

Week ending Aug. 20.

Sales at
Exchange.

22,000
21,000

$17,987,500

$661,000
14,175,500
486,485,700

$655,100
32,659,500
391,771,500

$501,322,200

$425,086,100

DAILY TRANSACTIONS AT TH E BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.

Week ending
Aug. 20 1915.

Baltimore.
Philadelphia.
Boston.
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales.

Saturday...............
Monday_________
T uesd ay..............
Wednesday______
Thursday............
Friday..................

10,135
30,276
49,381
25,395
30,394
20,327

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

171,008;

$4,952
34,662
63,754
53,400
35,200
36,000

389
191
1,209
2,810
814
124

$5,600
31,400
17,100
4,000

17,500

10,682
23,535
22,391
15,728
25,791
26,555

$86,600

124.6S2

$227,968

5,537

$94,900

$5,000
14,200
9,400
20,500
20,000

22,200

14,000

New York City Banks and Trust Companies.
Bank*
New
York

Bid Ask

America* . . . 545 555
..
Amer Excb_. 200
175
185
Atlantic . . .
165
Battery Park 145
Bowery*___ 400
260
Bronx Boro*. 225
175
Bronx N a t.. 150
___
Bryant Park* 150
Butch A Dr. 100
125
180
Century* __ 175
560
C b c se .......... 540
Chath APhen 180
185
130
CbeJsea Ex*. 120
410
Chem ical__ 400
172
Citizens Cent 166
City.............. 385 395
165
Coal A Iron. 155
Colonial*__ 450
325
Columbia* . . 300
162
Commerce .. 15S
Corn Excb*. t30l
100
Co8mopolltn, 85
East River.
70
85
145
Fidelity*___ 135
Fifth A ve*.. 4200 4500
Fifth............ 250 300
First ............ 870 885
Garfield___ 180 200
Germ-Amer* 135
145
German Ex*. 390 410
Germania * .. 425 475
G otham ___ 190
280
Greenwich* . 265
Hanover___ 610 625
Harrlman__ 315 325
Imp A Trad. 500 515
Irvlng.......... 165
175
liberty ____ 620
Lincoln........ 310 330
Manhattan*. 300 310
• Bunk* marked with
Exchange this week

..

Bank
Mark A Fult.
Mech A Met.
Merchants’ . .
Metropolis* .
Mctropol'n*.
Mutual........
New Netb* .
New York Co
New York__
Pacific*........
P ark............
People’s* . . .
Prod Exch*..
Public*____
Seaboard___
Second ____
Sherman___
State4 _____
23d Ward*..
Union Exoh.
Unit States*.
Wash H'ts*
Westeh AvV
West Side*..
Yorkvllle * ..

Bid

235
248
175
300
175
325
210

725
370
200

t400
230
168
410
395
125

__

TOO
130
500
275
160
400
475

A**
245
255
185
320
185

New York Bid Ask

Trust Co’ a

Astor............ 355 365
Bankers Tr._ 415 425
150
B’way Trust- 144
Central Truet 975
985
Columbia__ 460 475
225 ' Commeiclal . 100
825
Empire _____ 295 305*
380
Equitable Tr 412 422
Farm L A Tr 1100 1125
220
Fidelity........ 197 203
245*' Fulton.......... t275
165 Guaranty Tr 595 602*
175 Hudson........ 125
135
Law Tit A Tr 100
430
110
Lincoln Trust 98
425
105
135 Metropolitan 405
415
130 Mut’l (West­
chester) . . . 130
135
135
N Y Lire Ins
138
A T ru st... 950 075
N Y Trust.. . 575 590
175 Title On A 1 r t390
450 T'r’ nsatlantlc 150
160"
Union Trust. 330 345
550
U S M tg A T r 380 390
United States 1020 1050
Westchester . 140

__

Brooklyn.

Brooklyn

Coney Isl'd*.
140
First _______ 255 265
Flathusb___ 134
142
Greenpolnt..
150 Brooklyn Tr.
Hillside*___ 105
120
Franklin___
Homestead*.
Hamilton__
90
Mechanics* . 125
Kings County
135
Montauk* . .
85
110
Manufaet'rsNassau........ 195 205
Cltlzens...
National City 270 280
People’s . .
North Slde*. 175 209 Queens C o..
People’s ___ 135
145
(•) are State banka tSale at auction

__
__

475
235
265
625

490
245
275
645

137
280

142
290
80

__

or at Stock

Inactive and Unlisted Securities

All bond prices are "an d Interest" except where marked ♦.f ..
Standard Oil Stocks-

'Shan
-Pe
Atk
Par Bid
*16*i

Anglo-Amer Oil new____
Atlantic Refining____ _. 100 590
Borne-Scrymser C o____ .10 0 270
Buckeye Pipe Line C o .... 50 ♦102
Cbesebrougb Mfg Cons...100 720
Colonial Oil..................... 100 135
Continental O il........... .. .100 235
Creacent Pipe Line C o .... 50 ♦47
Cumberland Pipe Line... .100 49
Eureka Pipe Line Co___ .100 245
Galena-Signal Oil com__ . 100 169
Preferred........ ..... . ion 137
Illinois Pipe lin e ........ . 100 140
Indiana Plpo line Co___ . 50 ♦98
♦9
Internat Petroleum........ .£ 1
National Transit Co____ . 25 ♦33
New York Transit C o__ .100 225
Northern Pipe Line C o..TOO 97
Ohio Oil C o........ .......... 26 *2153
♦58
Penn-Mex Fuel C o ........




Per ih
Par Bid

Per Ska
Par Bid Ask

Bid. Ask.

Railroads—
West Pac 1st 5S 1933....M-S1 /2 8 'j• 30
103 108
r
Street Hallways—
99
97
Com w’tth Pow Ry A L. .101 i 50 52
90
80
79
♦14
i
Preferred.................... .101 i 77
20
■ Federal Light A Traction 10C; 15
*14l4
60
320 350
Preferred...... ............., . 10 tl 55
12
8
Republic Ry A L igh t... .101 1
130 150
160 170
Preferred__________ 101) 42 47
6
5
99 101
Tennessee Ry L A P comi.lOt1
26
185 195
Preferred . . _______ , . 1(K) 23
350 375
United Lt A Rys com ....lo t ) 36 39
69
118 121
1st preferred_______ .. 10() 66
89
60
50
Wash lty A El Co_____ ._ 10() 186
list.
Preferred___________ ltH) z 8 Q»,l 82*4
103 106
48. I9A1
_
_ J-L, 8 U<1 81*4
no 125
♦ 1014 10 ! S
Elec. Gaa & Power Cos—
105 175
Am Gas A Elec com___ .. 6 (1 »104 106
107 110
Preferred_____ _____.. 5() *48 50
Am Lt A Trac common. _ 10 () 323 327
Ordnance Stocks
Preferred................ .. - 10() 108 110
Amer Power A Lt com .. . lor) 601i! 62
82
Aetna Explosives co m .. . 100 ! 128 133
Preferred.............. . . 10C) 81
Preferred____________ 100 79 8 4
Amer Public Utilities com 10C) 30 33
Atlas Powder common.. _100j 220 255
Preferred___________ .IOC) 62 65
Bliss (E W) Co common. 50' 345 365 Cities Service Co com .. . 10 C) 43 45«i
Preferred.................... 50: 135 145
54
Preferred____
10 (l 52
Canadian Car & Fdry__ loo! 99 101
Consumers Power (Minn)
Preferred____________ 100 110 122
1st A ref 5s 1929 ...M A N [ 90 91
Canadian Explosives com 100 325 375
Elec Bond A Share pref. . IOC 98lj1101
Preferred. . . ........
101 110
Great West Pow 5s 1946 JAJ 78 82
Colt’s Patent Fire Arms
Indiana Lighting Co__ . 10 C 45 ____
M f g .................... ____ 100 505 515
68
70
4s. 1958 o p tio n a l__ .F-A
duPont (E I) de Nemours
StatesPowercomlOC 28 2912
Pnwdnr onmmnn
1fin 685 695 Northern
Preferred . .
, 10C1 84L! 86
Preferred_______ ........ 10C 97 102
Pacific Gas A El com __ - 10 C 44l.|; 45
Electric Beat_____ ........ 100 450 460
1st preferred ________ - 10 C 8412: 85i2
Preferred............ .........100 430 460
85 87
2 d preferred________ .IOC
Hercules Powder com__ 100 358 368 South Calif Edison comI-10C 70
72
95
Niles-Bement-Pond com. 100 113 116
Preferred.................. 10 C 92
97 104 Standard Gas A El (Del) . £C »41j: 6
Preferred____________100
24l2
Savage Arms................... 100 275 300
Preferred_________
50 *23
Winchester Repeat Arms 100 2200
United Gas A Elec Corpi.lOO 14 18
54 58
1st preferred..............
Cr»f.
Short Term Notes
2 d preferred........ ....... .10 0
14
18
Amer Locomotive—
12
14
Utah Securities Corp__ .10 0
5s, July 1916.................J-J 10012 IOH4
6 % notes—See Short-Term Notes .
15
5s, July 1917.................J-J IOOI4 1C1
Western Power common . 10C 14
Preferred____ ______ . 10( 48 50
Am Tob 6 scrip, Sep 1 '15. 100 IOOI4
Am T A T Sub Cos 5s, 1916. I007g lt.Dg
Industrial
and Miscellaneous
Anaconda Copper 5s '17.M-S 10058 1007g
71
Balt A Ohio—
Adams Exp col tr k4s 47J-D /70
4HS1917.....................JAD 995g 997g Alliance Realty________ .1 0 0 75 85
9812 1)8*4 Amer Bank Note co m .. ..50 •36 40
1918 ............ . . JAD
Canadian Pac 6 s, 1924 MAS2 10U2 102
Preferred.................. . ..5 0 •4712 49>i
92 92% American Brass_______ .1 0 0 188 190
Ches A Ohio 6 s 1919 ...J - D
95
Cblc Elev Ry 5s, 1916...J-J 93
American Chicle c o m ... .1 0 0 98 102
89
Preferred__ _______ 100 85
Chic A W IndSs, 1915..M-S 100 IOOI4
73
Consum Pow 68 , 1917.MAN 98 99
Am Graphophone com. .1 0 0 71
Erie RR 5s. Oct 1 1915.A-O IOOI4 10012
Preferred .................... .1 0 0 85 86
100 100U American Hardware__ .1 0 0 122 125
5s Aprl 1 1918____
5H8, April 1 1917___ A-O 995g 997g American Surety_____ . 5 0 115 125
General Rubber 5s, *18 .JAD 985g 987g Amer Typefounders com .1 0 0 38 42
92
Hocking Valley 6 s. '15.M -N 100l2 100*4
Preferred................ . .1 0 0 88
Int Harv 5s, Febl5 ’ 18. F-A 100 IOCI4 Amer Writing P aper... .1 0 0
*4 1
Lackawanna Steel 6sT7.M-S 98*4 99*4 bond A Mtge Guar___ .10 0 268 275
Lake Sb A M So,5s Sept 1915 100 100U Borden's Cond Milk com .1 0 0 108 11012
10012 1007g
Preferred...... ............. .1 0 0 107 1U9
5s Dec 1915.......... .
*77g 8
Minn Gen El 6 s, 1917.JAI) 100*4 IOIL Braden Copper Mines.. . . . 6
New Eng Nav 6 s, 1917.M-N 96i2 97
Burns Bros, com______ 100 75 77
N Y C A II Riv—
Preferred___________ 100 101 103
100 IOOI4 Casualty Co of America .1 0 0 110
68 , Sept 15 1 9 1 5 ....
5s. Oct 1 1915_______ A-O 100 'g 100l2 Celluloid C o.................. .1 0 0 139 143“
20
N Y N H A H 5s. May 1 1916 100*8 100*8 City Investing Co____ 100 10
Pub Ser Corp N J 5s, '16 M-S 100*g 1005g
Preferreo________. . . 100 70 80
69
Schwarz A Sulzb 6 s. '16.J-D 1007g 101 ig Cramp Ship A E Bldg . .1 0 0 66
20
Seaboard A L 5s, 1916..M-S IOOI4 100*8 Emerson- Brantlngham . .1 0 0 10
Southern Ry 5s, 1916..F-A 100 100L
Preferred.................... .1 0 0 43 50
98*g Goldfield Consol Mines. - . 1 0
5s, Mar 2 1917.......... M-S2 9 8
*1*4 1*8
1
3
SulzASonsCo 6 s,J’nel ’ 16M-F 1007g lOUg Havana Tobacco Co___.ICO
5
95
8
UnTypew 5s,Janl5 ’ 16 J-J15 9 4
Preferred ................... .1 0 0
58
United FrultOs.Mayl ’ 17M-N 101*4 102L
1st g 5s June 1 1922.. J-D /52
7
8
Gold notes 5s 1918 .M-N 9 9 'g 9912 IntercontinentT Rub com 100
99
U S Public Serv 6 s 1918 A-O 9 7
Internat Banking Co___ .1 0 0 105 110
Utah Co 6 s, 1917_____ A-O 100 100*4 Inter Merc Marine____
4*8 4'2
978 101g
79
81
UtahSecurCorp 6s,'22M-S15
Preferred.................... ..1 0 0
International Nickel___ .1 0 0 163 166
Preferred............ ........ 100 105 107
New York City Note*—
25
100 100 >g International Salt_____ .10 0
6 s, Hept 1 1915............
1025g 102*4
3'2 65
1st g 5s 1951________ A-O
6 s, Seot 1 1916............
1037gj 104 >g International Sliver pref..1 0 0 103 ___
6 s. “Hept 1 1917
.
1st 6 s 1948................ j-n 106 IDS
Canadian Govt. Notes—
997gT00
Deb 6 s 1933 .............. J-J
6 s, Aug 1 1916..............FAA
997g;100 Kelly Springfield T ire... .10 0 175 178
5s. Aug 1 1917........ ..F A A
86
87
1st preferred________
B id I A St
2d preferred ________ .100 175 178
RR. Equipments -■
♦3*8 37*
4 55[ 4.45 Kerr Lake Mining........ ._6
Baltimore A Ohio 4 H*____
83
Buff Roch A Pittsburgh 4Ms 4.60 4.40 l-anston Monotype.........100 79
4.60 4.40 lot Rose Consol M ines......5
**s
Fajulpment 4s..............
1*
4.90' 4.70 lawyers' Mtge Co_____ .100 173 177
Canadian Pacific 4H&_____
Caro Cllnchf A Ohio 6 s........ 6.20 4.85 Lehigh Val Coal Sates....60 162 168
Central of Georgia 6 s ____ __ 5.10 4.80 Manhattan Transit____ ..2 0
♦*8,
*4
5 1 0 4.80 Marconi Wireless of Am....6 *4t4 41S
Equipment 4H s..............
___6
Mortgage Bond Co____ 100 115 120
Chicago A Alton 4s............
National Surety........ .... .100 195 200
Chicago A Eastern Illinois 6 s ___ 6
____ i 6
N Y Mtge A Security....100 105 115
Equipment 4H s_____
5.15 4.80 N Y Title fns Co............ 100 37 42
Chic Ind A Loulsv 4 He___
*57g 612
Chic St L A N O 5s.............. 4.80, 4.60 Nlplsslng Mines_______
4.55 4.30 Ohio Copper Co _____ .-1 0
Chicago A N W 4 H I ...........
*'8
u
7.50 5.50 Otis Elevator com ........ 100 71
73
Chicago R I A Pac 4H s___
5.10! 4.80
Preferred------- 100 94 96
Colorado A Southern 6 s . . .
5.10, 4.75 Realty Assoc (Pklyn) . . 100 95 100
Erie 6 s ________ ________
5.10 4.75 Remington Typewriter—
Equipment 4 H s...............
.100
13<2 15
5.10 4.75
Comm on _
Equipment 4s.................
4.88{ 4.62
1st preferred............. .100
60 63
Hocking Valley 4s..............
41
43
2 d preferred............... .100
Equip 5 s ........................... 4.88' 4.62
6 'S
Illinois Central 6 s.......... ....... 4.65 4.50 RlkerAHege’n (Corpforstk) *6
4.65' 1.50 Royal Bak Powd co m ... .100 152 157
4
.................................
5.25] 4.90
Preferred _________ 100 102 10212
Kanawha A Michigan 4He
Louisville A Nashville 5s__ 4.50 1.35 Safety Car Heat A Lt... ,100 10412 107
Minn St P A S S M 4 H s.._ 4.70 4.50 Singer Mlg C o _______ .100 220 :225
35
Missouri Kansas A Texas 6 s. 6.50; 6.25 Standard Coupler com ..TOO 25
Preferred____ ____ .100 100 . . . .
7.50 6.50
Missouri Pacific 5s________
Mobile A Ohio 5s.................. 5 20 4.90 Sterling Gum _______ .5 *278 3
Equipment 4H s................ 6.20, 4.90 Sulzberger A Sons pref..TOO 90 94
175
5.00 4.85 Texas A Pacific Coal__ 100
New York Central Lines 5s.
Equlpment 414s_________ 5 00 4.85 Tonopah Extension Mfn. - . 1
2*8
*2*2
2*4
N Y Ontario A West 4 H a .. 4.90 4.65j United Profit Sharing__
*2>2
4.50 1.30! tr s Casualty_______ 100 190 :210
Norfolk A Western 4 >4?___
Equipment 4s___________ 4.50 4.30i U S Envelope com ____ 100 130 140
Preferred_________ TOO 102 107
4.40; 4.251
Pennsylvania RR 4)4®____
13
Equipment 4s................
4.40| 4.251 U S Finishing..... ......... 100 10
Preferred _________ 100 35 40
Pero Marouette 5s_________
1st g 5s 1919............. ■J-J 90 . _
Equipment 414s................
Con g 5s 1929........ r-j 68
7312
St Louis Iron Mt A Sou 5 s .. 6.00 5.00
(T S Tit Gu A Indem__ 100 30
50
St Louis A San Francisco 6 s ------ ! 6
5.1 0 4.85' Westchester A Bronx Title
Seaboard Air Line 5s..........
A Mtge Guar______ 100 165 1180
5.10! 4.85
Equipment 4 '4 s..............
4 r,o! 1.40 Worthington (H R) ComSouthern Pacific Co 4>4s.
pany pref__
100
85 90
5 00 4.75
Southern Railway 4 '4 s___
Toledo A Oh'n Centre' 4«
5.251 4.75 Yukon Gold ............... - .5 *2>4 2*2
• Per share
6 Basis,
Purchaser also pays accrued dividend. / Flat price
r» Nominal,
Ex-dlvIdend
Ex-rights
Tobacco Stork*—

American Cigar common. 100
Preferred.......................100
Amer Machine A F dry..l0 0
Brltlsh-Amer Tobac ord. £1
Ordinary, bearer.......... £1
Conley Foil.......... ............ 100
Johnson Tin Foil A Met. 100
MacAndrews & Forbes.. 100
Preferred____________ 100
Porto Rlean-A nier T o b . . 100
Reynolds (R J) Tobacco. 100
Preferred......................
Tobacco Products com .. 100
Preferred— See Stock Ex
United Cigar Stores com. 100
Preferred_______
100
United Cigar Stores (new) 10!
Young
HI Co................. mo
Preferred____________ 100!

Pa

(J

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

607

-ire
AS*.
P.'erce Oil C o rp _______ 25 * 12 lj 13
171.1 Prairie OH a Uas.
100 388 392
600
Prairie Pipe Line .
179 181
280 Solar Refining......... . 100 210 250
104 Southern Pipe I-ine C o ll 10C 210 215
730 South Penn Oil........
100 340 345
145 Southwest Pa Pipe Lines. 100 120 123
240 Standard Oil (California) 100 300 305
50 Standard Oil (Indiana). . 100 440 445
52 Standard Oil (Kansas) ..100 380 395
250 Standard Oil of Kentucky 100 275 280
171 Standard Oil of Nebraska 100 330 340
142 Standard Oil of New Jer. 100 2428 430
148 Standard Oil of New Y ’rklOO 191 193
102
Standard Oil of Ohio___ 100 445 455
9t4 Swan A Finch................ 100 125 13Q
35
Union Tank Line C o___ 100 84
86
230
Vacuum OIL .................... 100 217 220
102
Washington Oil........ . . . . 10 ♦34 37
155
Bonds.
62
Pierce Oil Corp conv 6 s 1924 79 82

—Per cent.

—Per

%

f6

__

Per LI 'Baals

Uj9

__

_

x

d

v

THE CHRONICLE

608

%nt&liQtntz<

g u u e s t m e t t t im tX
RAILROAD

[Vol. 101

GROSS

EARNINGS

The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly return*
Oan be obtained. The first two columns of figures give the gross earaing3 for the latest week or month, and the last two
oolumns the earnings for the period from July 1 to and including the latest week or month. We add a supplementary
■ tetement 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 railw ays are brought together separately on a subsequent page.
J u ly 1 to Latest Date.
Latest Gross Earnings.
Previous
Previous
Week or Current
Year.
Year.
Year. Year. Current
Month.
%
S
333,636
293,154
293,154 333,636

ROADS.

Ala N O & T ex P a cN O & N or B ast. J u l y _____
134,216
134,216
124,037
124,037
Ala & Vicksburg . J u l y -------135,607
135,607
121,097
121,097
Vicks Shrev
I*. J u l y _____
241,150
240,344
45,142
50,038
A nn A rb or-------------- 1st wk Aug
A tch T o p & San F o. J u n o _____ 9,951,792 9.271,364 117665587 111109770
199,856 239,915 2.656.483 3,399,360
A tlanta Birm & Atl J u n e _____
93,566
107,288 1,185,338 1,305,524
Atlanta & W est P t . J u n o _____
A tlantic C oast Line J u n o _____ 2,327,261 2,851,072 31,536,475 36,832,898
138,995 1,767,387 2,095,812
123,937
Chariest & VV Car J u n e _____
124,813
124,859 1,397,190 1,381,823
L ou Hentl & St L J u n o _____
{/Baltimore & O hio. J u n o _____ 8,662,956 7,960,602 91,815,797 99,164,010
137,433
137,686 1,555.299 1,640,978
B & O Ch T er UR J u n o _____
331,674 309,118 3,763,398 3,809,619
Bangor & A roostook J u n o _____
Bessemer
L B rio. u n c _____ 1,220,960 1,064,590 8,665,548 8.518,878
58,409
84,669
796,498 1,161,830
Birmingham South. J u n o _____
B oston & M aine— J u n e _____ 4,035,833 1,187,953 46,673,0(9 18,lf’0 .285
B u ff R och & P ittsb. 2d wk Aug 227,366 249,350 1,442,238 1,436,783
109,411
104,101 1,444.897 1,602,073
B uffalo & Susq R R . J u n o _____
Canadian Northern 2d wk Aug 249,000 319,500 1,715,000 2,268,200
Canadian P a c ific .. 2d wk Aug 1,815,000 2,162,000 11,049,000 14.439,000
858.157 964,186 11,281,382 13.363,821
Central o f G eorgia. M a y _____
Cent o f New Jersey J u n o _____ 3,314,471 3,841,243 32,431,024 34,121,311
373,006 302,766 4,055,045 3,764,260
C ent N ew England- J u n e _____
396,913 464.917 3,899,660 4,178,957
Central V e rm o n t.. J u n e _____
Clies & Ohio Lines. 2d wk Aug 862,636 775,913 5,220,167 4,758,892
1st wk Aug
296,285 293,189 1.486.484 1,572.627
C hicago & Alton
C hic Burl & Quincy J u n o -------- 7.260,412 7,584,951 91,125,061 93,687,141
/ Chicago & East 111 J u n o _____ 1,068,103 1.133,380 14.210,602 15.633,625
C hic Great W est. 1st wk Aug 257,022 269,890 1,361,320 I ,
885,599
139,642
850,484
144,042
Chic Ind & Lotiisv 2d wk Aug
C hic M ilw
St P . J u n o _____ 7,810,870 7,854.643 91,435,374 93,613,700
Chic Mil Pug S
C hic
N orth W est. J u n o _____ 7.247,727 7,865,556 83,579,675 87,800,293
113,340
129,605 1.597,909 1.653.799
C hic Peoria
St L . J u n o _____
eC hlcSt P M & O m J u n e _____ 1,465,156 1,523.173 18,196,842 18,569,907
150,127 2.025,523 1.996,268
151,45
C hic Terre IT & S E M a y _____
920,354 864,643 9,725,972 10,084,217
CIn H am & D ayton J u n o ____
109,679
137,465 1.698,780 1.773,413
C olorado M idlan d. J u n o ____
273,335 281.047 1,621.705 1,673,179
C olorado
South 2d wk Au;
177,448
J u n o ____
10,358
10,392
128,189
C o r n w a ll____
311,374
26,204
23,981
296,656
CornwalKt Lebanon J u n e _____
432,183 5,206,714 5,164,671
457,571
Juno .
C uba Railroad
Delaware & Hudson J u n o _____ 1,914,316 1,969,336 22,701,942 23,219,669
Del Lack
Western J u n e ____ 3,838,912 3,734,610 43,044,705 13,301,931
D o i v & R io Grande 2d wk Aug 502,900 482,100 2.937,500 2,934,500
615.020 524.251 5.708,126 6,251.137
Western P a cific. J u n e _____
151,079
50,163
52.091
157,291
Denver & Salt Lako 4th wlcJuly
1,513,953
129,396 I ,
132,249
767,580
D etroit T ol & Iront J u n e -------142,340
20.933
23,306
132,916
Detroit & M ackinac 2d wk Aug
93,621 1,471,160 1,544,330
109,543
D ot
T ol Shore L . J u n e _____
802.343 778,134 4,824,605 6,599,279
J u n e _____
Dul & Iron Range
418,232
72,086
66,277
449,921
Duluth So Sh & Atl 2d wk Aug
840,263 761,921 8,541,355 I I ,
Elgin Joliet & E ast. J u n o _____
752,000 837,384 7,788,736 9,083,060
El Paso & Sou West J u n o _____
J u n e _____ 5,437,512 5,312,861 60,830,748 60,992,476
E r i e ................
401,109 350,565 5,513,477 5,397,646
Florida East C oast. J u n e _____
74,855
986,877
88,698
874,762
Fonda Johns Glov J u n o _____
184,513 238.157 2,791,590 3,327,444
Georgia R a ilro a d .. Juno . . . . .
429,444
123,151
94,118
282,997
Grand Trunk P a c .. 4th wk July
Grand Trunk S yst. 1st wk Aug 993,773 1,106,823 5,491,719 5,830.840
Grand Trunk Ry 4th wk July 1,243,376 1,316,607 3,612,753 3,891.540
610.415
635,930
Grand Trk W est. 4th wk July 214,146 204,729
221,856
70,812
79,567
246.184
D et Gi H
M ilw 4th wk July
Great N orth System J u l y -------- 5,598,154 6,840,446 5,598,154 6,840,446
134,034
147,419 1,633,006 I , 991,934
G u lf
Ship Island. J u n o _____
513,082 476,936 6,181.153 7,021.145
H ocking V alley____ J u n o _____
Illinois Central____ J u l y .......... 4,700,863 5,396,122 4,700,863 5,396,122
616,843 656,760 9,083,626 9,963,407
Internal & G rt Nor J u n o _____
165,625 2,911,414 3,110.670
264,968
Kanawha & M ich _ J u n e _____
945,266
831,356 945,266
831,356
Kansas C ity South. July .........
Lehigh V alley_____ J u n o _____ 3,634,848 3,824,615 42,525,962 42,170,647
162,612
141,495 1,816,585 1,774,792
Lehigh & Hud River J u n e _____
276,223 274,410 2,616,662 2.255.800
Lehigh
New E ng. J u n o _____
126,367 1,723,677 1,741,872
132.933
Louisiana
A rkan. J u n o _____
170,010
165,395 2,023.698 1,971.718
Louisiana R y & Nav J u n o _____
sLouisvillo & Nashv 1st wk Aug 1,037,040 1,099,975 5.489,999 5,903,618
156,297
6,631
9,376
M acon
Birm ’ham June
128,1
I350,423
I,
1,026,662 1,047,819 I I ,
M aine C entral_____ Juno
37,603
532.415
511,674
40,094
M aryland & Penna. J u n o _____
112,856
119,845 1,392,739 1.619,499
M idland Valley____ J u n o ____
22,413
113,617
133,240
18,226
Mineral R ange____ 2d wk A ul
191,659 207,636 1,155,936 1,172,240
M inn & St Louis
2d wk Aug
Iowa C entral___J
M inn St P S S M . 2d wk Aug 546,266 539,932 3,346,546 3,407,490
68,781
80,450
819,991 1,027.096
Mississippi Central. Juno
607,884 3,692,425 3,927,891
M o Kan
T exas. 2d wk Aug 585,321
Missouri P a c ific .. 2d wk Aug 1,174,000 1 , 201,000 7,009,061 7,583,494
837,324 972,653 10,936.533 12,778,334
Nasliv Chatt
St L J u n e _____
8.170
48.810
45,091
7,876
N evada-Cal-Oregon 1st wk Aug
Now York Central J u n e _____ 13906706 13231509 154062475 159595583
Boston
Albany. J u n e _____ 1.537,845 1,524.823 16,552,500 17,331,410
nLake Erio
W . J u n o ___
485,455 483,174 5,683,647 5.743,648
M ichigan Central J u n e ___
3,118,283 2,897,085 33.760.732 34,931,058
C le v e C C
StLl
Peoria
E ast/ J u n e _____ 2,985.253 2,955,541 35,824,105 36,405,577
118.370 1,511,351 1,459.278
127,113
Cincinnati North. J u n e _____
Pitts
Lake Erie J u n e _____ 1,513.339 1.387,020 14.639.732 17,669,360
1,058,909 902.558 11,413,775 11.809,368
N Y C hic & St L . June
424,589 226,985 4.946.738 5,351.932
T ol & Ohio C ent. J u n e _____
T o t all lines above J u n e _____ 25157492 23727065 278425053 290297210

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Latest Gross Earnings.
J u ly 1 to Latest Dats,
Previous
Previous
Week or Current
Year. Year. Current
Year.
Year.
Month.
150,481
166,899
5,845,367
827,673
320,766
370,961
3,744,204
5,810,184
363,540
528,662
15825333
110,301
352,391
1,398,101
81,595
362,150
1,810,513
600.002
5,089,030
437,144
3,337,538
906,621

1,599,999
1,771,473
65,379,264
8,926.946
3,909.058
3,875,875
42,987.044
63,171.653
3,568,701
6,284,493
183671205
1,231,661
2.S98.794
13,318,082
935,585
3,816,458
20.255,253
6,534,490
54,652,929
5,315,746
38,412,029
10,972,885

1,874,986
2,205,704
67,452,592
9,251,570
3,965,796
4,260,846
44,650,309
70,449,575
3,745,805
7,063,650
190968043
1,249,934
3,525,462
13.088,060
962,010
3,812,824
20,656,989
6,569,778
01.397,983
5,552,840
42,250,335
11,322,840

21500653! 21075663
10109183 9,902,833
31609836 30978496
1,453,976 1,284,992

237651245
109836652
347487900
18,023,210

253362640
122141421
375504066
16,915,198

4,081, 702 4,222,630
2,297, 003 2.931,775
6,378, 705 7,154,405
275, 325, 284,687
69, 757
70,554
10,
10,965
5,654, 182 6,203,982
303, 198 317,252
126,560
116, 732
185,331
185, 945
2,213, 180 2,532,859
3,406, 804 3,411,450
204, 000 226,000
918, 710 918,238
1,628, 736 1,953,235
11963 614 11544275
1,195, 484 1,273,218
211 , 888 242,622
190,902
175, 016
89,181
87, 934
42.985
35 617
375, 460 422,784
1,783
1,,788
139,660
118, 310
304 ,141 309,077
8,519
7 ,426
26,354
27 ,635
96,386
96 ,148
140,071
49 ,586
7,327 ,009 7,290,400
488 ,46 1 519,337
136 ,540 159,038
2,408 ,339 2,649,453
175,315
194 ,417
561 ,805 531,094
17,869
14 ,158
926 234 853,191

43,404 762 46,583,444
28,123 887 30,718,287
71,528 649 77.301,731
2,907 ,830; 2,978,393
938,609
933 265
53,767
50 330
70,936 660 68,675.841
3,479 3891 3,727,903
1,507 314 1,612,258
2,292 .560 2,660,633
29,883 630 33,289,717
42,960 816 44,915,891
1,302, 000 1,382,000
9,497, 896 10,822,568
21,280, 463 25,420,503
129865 675 138520258
7,519, 387 8,300,239
1 , 100 , 259 1,341,228
941, 974 1,022,401
493.443
487, 148
260,237
227, 563
4.416, 689 4,977,137
10,761
1 0 , 908
1,481, ,401 1,707,339
2,064 ,137 2,118,088
89,280
85 ,436
160,914
145 407
498,946
485 572
980 5 9 1 2,302,679
86,958 ,295 92,115,332
6,033 ,866 6,680,903
1,799 ,301 1,939.104
2,408 .339 2,049,453
1,218 ,899 1,063,060
531,094
561 ,805
352.118
271 ,368
853.191
926 ,234

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Now Orl Great N o r . Juno . .
N () M obile C h ic. June . .
N Y N II
I la r t f .. June . .
N Y Ont & Western June _ .
N Y Susq & W e s t .. June . .
N orfolk S ou th ern .. June . .
N orfolk & W ostcrn. June . .
Northorn P acific___ Juno . .
Northwestern P a c. Juno . .
Pacific Coast C o ___ Juno - .
zPennsylvania
. . June _ .
Balt C hes& A t i . . Juno . .
Cum berland Vail. Juno . .
Long Island_____ Juno . .
M aryl’d Dei
Va Juno . .
N Y Phila & N orf Juno _ .
Phil Balt & Wash Juno . .
W Jersey & Soash Juno . .
Pennsylvania
___ June . .
Grand Rap & Ind Juno __
Pitts C C
St L . Juno . .
V a n d a lia _______ Juno . .
Total lines—
East Pitts
Erio. Juno . .
W est Pitts & Erio June . .
All East
W est. Juno . .
Pero M arquetto___ Juno . .
Reading C o—
Phila & R eading. M ay . .
352,448
Coal
Iron C o ._ M a y . .
T otal both c o s . . M a y . .
Rich Fred
I’otom Juno ._
R io Grande June___ M a y . .
R io Gratulo S o u th .. 1st wk Aug
Rock Island L in e s .. June .
R utland___________ Juno .
St Jos
Grand Isl. Juno .
St L Brownsv
M . June .
St L Iron M t
Sou Juno .
St Louis
San Fran Juno .
St Louis Southwest . 2d wk Aug
San Ped L A
S L . Juno .
Seaboard Air L in o .. Juno .
Southern P a cific. _ Juno .
Southern Railway- 2d wk Aug
M obile
O hio___ 1st wk Aug
C i u N O & T Pac 1st wk Aug
Ala Great South 1st wk Aug
Georgia So F la . 1st wk Aug
Spok Port
Seattle June .
Tenn Ala & Georgia 2d wk Aug
Tennessee Central. Juno .
2d wk Aug
Texas & P a cific. .
252,392
Tidewater & W est. Juno .
T oledo Poor
W est 2d wk Aug
T oledo St L
West 1st wk Aug
T rinity
Brazos V . Juno .
Union Pacific Syst June .
V irginian____’_____ June .
Virginia
So W est. June .
July .
W a b a sh _____
Western M arylan d. 2d wk Aug
Wheel & Lako E rio. J u l y . .
W rightsville Tenn June .
Y azoo & M iss V all. July .

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Various Fiscal Years.
Buffalo Sc Susquohanna R R ____

Delaware & H udson___________
E r io ____________________________
Now York Central ___________
Boston
A lbany____________
Lake Erio
W estern _____
M ichigan C e n t r a l......... ..........
Cleve Cine Chic & St L o u is .Cincinnati N orthern________
833,989
Pittsburgh
Lake E rie __
New York Chicago & St Loi
Toledo
Ohio C entral______
T otal all linos_______
N Y Susquohanna & W e ste rn ..
zPennsyivania
___

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Railroad

Cumberland Valley____
Long Is la n d ----------------M aryland Delaw
Virginia.
N Y Philadelphia & N orfolk
Phila Baltimore
W ashing’;
W est Jersey
Seashore_____
Pennsylvania
------------Grand Rapids
Indiana____
Pitts Cine C hic
St L ouis___
V andalia_______________

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— All Lines E
W.
R io Grande Junction___________
R u t la n d ______________________

100

Current
Year.

Period.
Jan 1 to
Jan 1 to
Jan 1 to
1 to
Jan 1 to
1
Jan 1 to
Jan 1 to
Jan 1 to
Jan 1 to
Jan 1 to
Jan 1 to
Jan 1 to
1 to
1
Jan 1 to
Jan 1 to
Jan 1 to
Jan 1 to
Jan 1 to
Jan 1 to
Jan 1 to
Jan 1 to
Jan 1 to
Jan 1 to
Jan 1 to
Jan 1 to
Jan 1 to
1 to
Dec l to
Jan l to

Juno
Juno
Juno
Juno
Juno
June
Juno
Juno
Juno
Juno
June
Juno
Juno
June
Juno
Juno
June
Juno
Juno
Juno
Juno
Juno
Juno
Juno
Juno
June
Juno
Juno
M ay
Juno

Previous
Year.

675,822
674,524
30
30 10,781,299 10,748,044
30 29,614.040 28,443,517
30 75,552,983 73,152,303
30 8.119,507 8,058,448
2,766.139 2,685,261
30 16,558,053 16,262,287
30 17,042,260 tO,583,845
637,601
707,480
30
30 7.037.944 7,995,576
30 5,081,700 5,562,902
30 2,072.061 2,055,950
30 135538136 132991173
30 2,003,030 1,986,065
30 88,159,004 91.786,548
486,757
30
501,342
30 1,380,201 1,708,461
30 6,053,000 6,017,849
378,675
30
392,375
30 1,806,249 1,793,061
30 9,716,617 9,818,926
30 2,778,221 2,716,33,.
30 25,216,221 26,261,61”
30 2,466,531 2,538,60”
30 18,439,010 19,166,98*
30 5,156.998 5,198,31”
30 112761731 116077783
30 52,017,978 53,954,433
30 104779708 170632210
391,747
31
411,002
30 1.633,345 1,680,050
---------------0

AGGREGATES OF GROSS EARNINGS— Weekly and Monthly

•Weekly Summaries.

Current
Year.

$
14,876,882

Previous
Year.

%
16,218.082

Increase or
Decrease.

%

Monthly Summaries.
Mileage. Cur. Yr. Prev. Yr.
*

Current
Year.

Previous
Year.

Increase or
Decrease.

%

$
$
*
S
— 1,341,200 8.26
O c t o b e r .. ..2 1 4 .9 1 7 2 11,093 269.325.262 298.066,118 —28,740.856 9.64
4tn week M a y (36 roads)____
— 968,190 8.73
November ..2 4 6 .4 9 7 212.849 240.235.841 272.882.181 —32,646.340 11.96
1st week June (36 roads)____ 10.756,561 11.721.751
— 950,613 8.20
December ..2 1 6 ,8 0 7 243,242 232,598.369 258,285.270 — 25,686,901 9.94
2d week June (36 roads)____ 10,970,091 11,920,704
— 938,061 7.75
January. . ..2 4 6 .9 5 9 243.559 220.282,196 236,880.747 — 16,598,551 7.01
3d week June (36 roads)____ 11,166.951 12,105,012
February. ..2 4 6 ,1 8 6 212.837 210.860.681 212,163,987 — 1,303.286 0.61
4lh week Juno (31 roads)____ 13,993,25!) 15.334,395 — 1,341,136 8.71
M a r c h ___ ..2 4 6 ,8 4 8 243,598 238,157,881 253,352.099 — 15,194,218 5.99
1st woek July (36 road s)____ 10.555,138 11,710.679 — 1,155,541 9.87
245,170 237.696,378 211,090,842 — 3.394,464 1.41
A p r i l ____ ..217.701
2d week July (34 roads)____ 10.852,141 12.068,210 — 1,216,066 10.08
M a y _____ ..2 1 7 .7 4 7 245.207 244,692,738 243.367,953 + 1.324,785 0.54
3d week July (35 roads)____ 11,060,689 12,259,162 — 1,198,493 9.77
Ju n e. ___ ..2 4 0 ,2 1 9 234,823 218,349,716 247,535,879 + 1,313,837 0.53
4th week July (37 road s)____ 17,072,024 18,470,398 — 1,398,374 7.61
J u l y _____ . . 89,701
88,140 64,741,032 72,024,637 — 7,283,605 10.11
1st week Aug (36 roads)____ 11,601,081 12.567.332
— 966.271 7.90
Does not include earnings o f C olorado Springs
Cripple Crook District R y.
Includes the Lako Shore & M ich. S o., the Chicago Ind.
S o .,
he Dunkirk Allegheny Valloy
Pitts., tho Now York
Ottaw a, the St. Lawrence
Adirondack and the Ottawa
Now_ York R y ., the lattor o f
which, being a Canadian road, does not make returns to tho Intor-Stato Comm erce Comm ission,
includes Evansville
Terro Haute and E va n i▼llle
Indiana R R . (/Includes Cleveland Lorain & Whoellng R y. in both years,
Includes the Northern Ohio R R .
Includes earnings o f M ason
C ity
Fort Dodge and Wisconsin Mlnuosota & Pacific. $ Includos Louisville & Atlantic and tho Frankfort
Cincinnati,
Includes tho Texas
Central and tho Wichita Falls Lines
v Includes not. only operating revenues, but also all ot.har receipts
t Includes St. Louis Iron M ountain
Southern, z Includes the Northern Central boginning July 1 1914
W e no longer Include the Mexican roads In anv o f our totals.

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A ug . 21 1915.)

THE CHRONICLE

Latest Gross Earning3 by Weeks.— In tho table which
follows wo sum up separately tho earnings for tho first week
of August. Tho table covers 36 roads and shows 7.90%
docrease in tho aggregate undor tho samo week last year.

First week of August.

1915.

1914.

$
8
Alabama Great Southern______
87,93'
89,181
Ann A rb or__________________
45,172
50,031
B uffalo Rochester & Pittsburgh.
2 09 ,12i
249,34C
Canadian N orthern___________
259,90(
354.40C
Canadian P a cific___________
1,787,00( 2.236.00C
Chesapeako & O hio_____
751,464
718,882
Chicago & A lton ____
296,285
29.3,1 SO
C hicago Groat W e s t e r n ...
269,890
257,022
Chicago Ind & Louisville.
145,490
138,625
Cine New Orl & Texas P a c ific ..
190,902
175,016
C olorado & Southern______
255,823
267,637
D enver & B io Grande____I
450,400
469,500
D etroit & M a ck in a c.. _ ~~
20,327
18,757
D uluth South Shoro & A t l "
73,990
63,307
Georgia Southern & Florida
42,985
35,617
Grand Trunk o f Canada—
Grand Trunk Western
993,773 1,106,823
D etroit G r ila v & M ilw
Canada A tla n tic_____
Louisvillo & Nashvillo
"
1,037,040 1,099,975
M ineral Range
_
17,642
20,967
M inneapolis & St Louis"
170,829
179,887
Iowa C entral_______
M inneapolis St Paul
S S M ..
546,782
519,400
M issouri Kansas & T exas.........
586,184
603,306
M issouri P a cific............................. 1,125,000 1,129,000
M ob ile & O h io_________________
211,888
242,622
N ovada-California-Oregon_____
7,876
8,170
Itio Grande Southern. ...............
10,100
10,965
St Louis Southwestern________
209,000
229,000
Southern R ailw ay_____________
1,200,398 1,321,902
Tennesseo Alabama & G e o rg ia ..
1,783
1,755
Texas & P a cific________________
326,599
335,809
T olodo Peoria & W estern______
20,380
19,988
T oled o St Louis & W estern____
96,148
96,386
W estern M a rylan d ____________
202,496
175,315

19,100
10,683

&

1913-14.
S
992,760
552,467

39,306
2,463

456,708
30,811

440,293
23,680

T otal operating revenues.
Operating expenses_________

54,236
48,678

41,770
46,914

487,520
517,837

463,973
495,368

N et operating revenue____
U ncollec. rev. from trans___
Express taxes_______________

5,558
13
905

— 5,144

— 30,317
91
9,986

— 31,394

1,095

4,638

— 6,240

— 40,395

— 39,965

Operating incom e.

1,570
7,368

1914-15.
$
953,923
497,215

51,033
3,203

4,866
40,226
94,500
449,000
12,868
6,865
15,886
11,814

1914.
S
89,826
50.520

Revenue from transporta..
Oper. other than transporta.•

8,57

ELECTRIC RAILWAY AND TRACTION COMPANIES.

113.050

3,325

Ap\ril------------ —July 1 to April 30—

—----------1915.
8
T otal from transportation___97,443
Express privileges— D r
46,410

Western Express Co.—

Increase Decrease.
$
$
1,247
32,582
3,096

009

Name
Road.of

62,935
9,058

Latest Gross Earnings.
Jan. 1 to latest dale.
Week or Current Previous Current Previous
Month. Year. Year.
Year.
Year.

American R ys C o
J u l y ____
485,039 522,625 3,023,74; 3,161,162
A tlantic Shore R y
July _ .
"
44,197
49,184
192,026
195.428
cAur Elgin & Chic R y Juno .1
163,746 192,559
885.223
975.895
Bangor R y & Electric June
_
60,968
71,595
371,438
368,686
Baton Rouge E lec C o 1June . .
15,409
15,603
89,281
87.150
B o ltL R y C o rp (N Y C ). jM ay . . . .
66,737
67.092
314,057
296.740
Berkshire Street R y J J u n e .
78,532
85.975
427,173
453,128
Brazilian Trac, L & P June
f6591940 /6188900 /37684.110 /36444.188
10,420
11,458
47,994
50,790
2343.921 2482,243 10,811,364 10,734,655
392
27,832
29,697
155,597
167,322
87.846
238
91.477
509,117
552,114
27,181
39,214
41,178
179,739
187.069
108,341 110,026
583,142
596,846
T otal (36 roads)................
11.601,061 12,567,332
96,359 1,062,630
56,286
54,120
341.293
326,400
N et decrease (7 .9 0 % )__________
J u n e _____ 244,059 249.684 1.515.373 1.521,742
966,271
J u l y _____ 1182,519 1143,335 8,020,712 7,954,019
Connecticut C o _____
_____ 6S5.850 738,224
3.803.065
Net Earnings Monthly to Latest Dates.— 7n ou r “ R a il­ Consum Pow (M ich ). JJune
u l y _____ 305,309 258,356 3,768,434
2,126,067 1,938,980
218,658 217.868 1.175.231 1,137,586
w ay E a r n in g s ” S ection o r S u p p lem en t, w hich a c co m p a n ies C lim b C o (M e) P & L June
Dallas Electric C o ___ June
133,277: 177,620
873,398 1.113.974
to-d a y s is s u e o f the “ C h r o n i c l e w e give the J u n e f ig u r e s o f D etroit United Lines June
1106,372 1066,754 6,076,688 5.914.817
ea rn in g s o f all steam ra ilroa d s w hich m ake it a p r a ctice to is s u e D D E B & Bat (R ec) M a y _____
41,201
44,205
197,376
212,260
Duluth-Superior Trac u n e ______
88.096 110.912
555,060
630.260
m on th ly retu rn s o r a re requ ired to do so by the In ter-S ta te East St Louis & Sub. JJ u
n o _____ 193,293 225.180 1.173,987 1,330,892
C om m erce C o m m issio n . T he rea d er is referred to that S u p p le­ Eastern Texas E le c .. J u n e _____
58.585
58,251
321,520
322,097
El
Paso
Electric
C
o
.
.
June
_____
72.931
80,052
471.224
m ent f o r f u l l d etails rega rd in g the J u n e resu lts f o r all the 42d St M & St N A ve M a y
515,603
172,795 170.715
798,115
737,674
sep a ra te c o m p a n ies.
Gaiv-IIous Elec C o . . Juno
165,029 221,694
957,629 1,196.235
Grand
Rapids
R
y
C
o
June
92.411
109,413
I-1 the following we give all statements that have come in Harrisburg Railways
560,721
621,019
88.369
76,684
471,259
469,864
the prosont week covering a later or a difforont poriod from Havana El R y , L & P June
(Railway D e p t)___
48,206
that to which tho issuo of the “Railway Earnings” Soction Honolulu
52,246 1,679,757 1,770,159
49.369
50,319
288,996
304,665
is dovoted. We also add tho returns of tho industrial com­ Houghton RCTo *T rLand
C o.
24.589
24,508
128,817
140,152
Hudson & M a n h at.
panies received this week.
444,459 456.181 2,768,623 2,841,111
Illinois T raction____
847,124 857.570 5.292,191 5,309.202
----—
---------Interboro Rap T ran.
2904,773 2948,937 14.473,594 14,801.273
Jacksonville T rac C o
50,517
59,531
312,710
382,679
K eokuk E lectric____
18.957
21.381
113,016
120,859
$
K ey West E lectric___
9,259
10,837
56,069
Grand Trunk o f Canada—
65.685
Lake Shoro E lec R y .
119,784 127.202
625,123
658,105
) 3,533,079 3,713,626 1,338,774 1,261,397 Lehigh Valley Transit
167.643 158,969
927,263
868,162
18,055,201 19,897,171 5,021,010 5,129,776 Lewist Aug & W aterv
67,446
62,002
330,896
303,920
) 627,778
605,392
129,936
23,360 Long Island E lectric.
22,839
23,452
86,974
85,065
3,475,739 3,450,089
95,870 def37,471 Louisvillo R ailw a y ..
244.231 268,059 1,701,970 1.860,606
M
ilw
El
R
y
&
Lt
C
o
.
D et Gr Ila v & M ilw .Ju noi 241,865
454,789
480,995
2.925.750 3.023,671
223,859
30,659 defl8,49 2
M
ilw
Lt,
l
i
t
&
T
r
Co
Jan 1 to Juno 3 0______ 1,202,257 1,176,465 def97,815 def210,474
123,653 129,781
678,383
707,029
Nashville R y & Light
165.511 181,538 1,059,738 I .
116.434
Kansas C ity South b July■ 831,356
945,266
365,344
357,891
N Y C ity In te rb o ro ..
62,244
61.662
282,011
262,984
W heeling & L E . b _____ July
N
Y
&
Long
Isla
n
d
..
561,805
531,094
39.643
175,279
38,658
143,303
160,918
145,822
N Y & North S h o re ..
15.413
16,707
62.138
60,941
3TR IA L C O M P A N IE S .
N Y & Queens C o ___
127,162 133,647
529,704
523,732
----------------V'.n m i t i m * _______________________7\7V ># TPr.
1138,652 1199,850 5,454,164 5,509,712
----- Lt.
------- New York R ailways.
N Y & Stamford R y .
35,288
36,953
161,275
161,329
N Y W estchost & Bos
43,000
39,230
184.391
159.457
N ortham pton T r a c ..
S
15.449
S
17,783
66,605
$
72,259
Cities Service C o ______ July
N
or
Ohio
T
rac
&
L
t.
297,625
331,977
271,637
317,780
283,255
1,756,652 J. 7 2 1,701
262,675 N orth Texas Electric
Jan 1 to July 31______ 2.383.284 2,314,015 2,286,945 2,254,347
134,484 181,432
787,412 1.038,784
N orthw Pennsylv Ry
31.127
31,098
Cleveland E lec Illu m .a .J u Iy
164,106
311,643
162,399
291,489
152,010
140,847 Ocean Electric (L I ) .
10.752
12,217
Jan 1 to July 31______ 2,585,581 2,540,097 1,352,132 1,182,649
33,868
35.592
Paducah T r & L t C o .
21.770
24,613
139,256
150,257
D a yton P o w e r * Lt a ..J u ly
76,032
68.456
34,321
Pensacoia Electric Co
26,789
21.511
24,364
122,176
138,472
Jan 1 to July 3 1 ______
588,280
528.566
266,834
227,588 Phlla Rapid Transit
1939,905 1951,265
Port (O re)R y.L & P C o
M ontreal L t lit & P a ..J u ly
474,879
460,903
474,569 530,974 2,736,355 3,271,659
255.186
233,992
Portland (M e) RR__
M a y 1 to July 31______ 1,509,508 1,454,166
90,039
93,108
831,888
466,815
763,125
467,921
Puget Sound T r,L & P
592,737 668,255 3,694,066 4,236,645
U S Public S erv ice.a
Juno
72,350
70,467
31,581
28,740
Republic R y & L t . .
246,691 247,828 1,456,919 1.495,733
July 1 to June 3 0 ______
880,574
778,129
365,216
278,047
Rhode Island C o ____
404.577 437,006 1.880.368 2.057.753
Richm ond Lt & R R .
32,963
36,345
138,736
a N et earnings here given are after deducting taxes,
135,405
St Joseph (M o ) Iiy .L t,
b N et earnings here given are before deducting taxes.
Heat & Power C o . Ju ly______ 101.463 108,888
724,129
743,530
Santiago
F.I
L
t
&
T
r
.
M
a
y
_____
40,463
39.867
189.376
188.741
Interest Charges and Surplus.
Savannah Electric Co J u n e _____
63.750
73,015
393,830
423.394
IN D U S T R IA L C O M P A N IE S .
Second Avenue (R ec) M a y _____
76.617
86,127
329,565
349,645
Southern B oulevard. M a y _____
20,233
20,778
88.709
------85,423
Staten Isl M id la n d .. M ay . . .
28.766
29.868
108,770
102,843
T am pa Electric C o . . Juno _ . __
77,004
81,685
490,120
484.320
Third
A
venue______
M ay
325,135 351,298 1,555,073
$
$
T oron to Street B y .. J u n o _____ 450.582 525.037 2,787.443 1.619,115
Cities Servico C o _______ July
40,833
40,833
242,422
221,842
Twin C ity Rap T rail. 1st wk Aug 173.336 183,414 5,547.971
Jan 1 to July 31---------286,833
215.833 2 001,112 2,038,513 Union
R yC o o f N Y C M a y _____ 247,902 261.552 1,079.814 1,061.739
Cleveland E lec Ilium ____July
35,430
35,740
116,580
105,107 Virginia R y * Pow er. J u l y .......... 448,85
•! >3,MO 2,925,770 2,9s0,740
Jan 1 to July 3 1 ..........
248,014
254,210 1,104,118
Wash Bait & A nnap. M a y .........
928,440
73,613
78.729
327.076
315,293
D aytou Power & L t-------- July
18,122
W estchester Electric . M a y _____
50.128
17,216
55,818
X17.166
zl0,527
220,709
220.488
Jan 1 to July 3 1 ______
126,195
22,451
119,998
23,607
1147,396
2114,737 W estchester St R R . . J u n e _____
116,346
115,178
M
a
y
_____
Yonkers
R
ailroad___
67,465
67.206
M ontreal Lt l i t & P _____ July
40,609
293,296
280.454
35.676
214,577
198,316
York Railways______ J u l y .........
72,536
66,348
453,147
M a y 1 to July 3 1 ---------121,996
457.766
105,313
709.892
662,812
Youngstown * O hio. J u n o .........
23.374
20,636
138,935
127,298
U S Public S ervice_____ June
6,869
6.365
24,712
22,375 Youngstown & South July .........
16,851 i 17,842
95,008
102,812
July 1 to June 3 0 _____
79,254
59,952
285,962
218,095
Represents incom e from all sources,
These figures are for consollAfter allowing for other Income received.
com pan°esPany‘ /K arn ln g s now Siven in milreis. ff Includes constituent
E X P R E S S C O M P A N IE S .
•April30­
1915.
1914.
1914-15.
1914-14.
Electric Railway Net Earnings.— Tho following table
$
S
gives tho roturns of ELECTRIC railway gross and net
T otal from transportation
242,408
232,739 2,575,967 2,685,241
Express privileges— D r -------147,072
141,549 1,571,493 1,643,282 earnings reported this week:
------------ ------------Revenuo from transporta.
95,335
91,189 1,004,473 1,041,958
Oper. othor than transporta.
4,343
4,155
42,989
41,653
$
$
T otal operating revenuesi
•S
99,679
95,344 1,047,463 1,083,611
Operating expenses. ..............
..J u ly
44,197
87,093
49,184
89,827
9,191
886,344
21,236
898,861
192.026
195,428
19,201
35,247
N ot operating revenuo____
12,585
5,517
161,119
184,749
-June
163,746
192,559
39,881
U ncollect, rev. from tra n s ..
74,407
33
88
1,982,600
2,113,083
Expross taxes______________
...........
683,247
775,496
3,122
3,440
38,002
38,402
-June
498,093
660,383
3,778
150,966
Operating lncoino.
9,429
2,076
123.027
146,347
.......... 7,306,567 8.789,287 1.312,352 2,348,462
27,382
17,122
4,000
30,734
294
865
20,000
121,504
28
9,210

_____

Roads.

Gross Earnings
Current
Year. Previous
Year.

Net Earnings
Current
Year. Previous
Year.

Companies.

Grnss
Current
Year. Previous
Year.

rnings
Current
Year. Previous
Year.
$

Wlc Aug 15
J u n o _____
June ___
J u n e _____
J u n e _____
M a y _____
J u n e _____
J u n e _____
J u n e _____
J u n e _____
J u n e ____
J u n e _____
M a y _____
J u l y ..........
J u n e .........
J u n e _____
J u n e _____
M a y _____
M a y _____
M a y ..........
M a y _____
M a y _____
June .
May .
M ay _____
J u n e _____
J u n o _____
J u n o _____
M a y _____
J u n o _____
J u n e _____
July ____
J u n e ____
J u n e _____
J u n e _____
J u n e _____
M a y ____
M ay .

b

g

Companies.

—Ini., Rentals, Ac.
Current
Previous
Year.
Year.

Pal. of Net Earns.—
Current Previous
Year.
Year.
$

3,034.801
5,512,875

.

b

x

Great Northern Express Co.:




c

—July 1 to April

Roads.

Gross Earninqs
Current
Year. Previous
Year.

Net Ea rnings
Current
Previous
Year.
Year.
$

[Vol. 101

THE CHRONICLE

610

Current
Year.

Roads.

Previous
Year.

Current
Year.

Previous
Year.

$
S
S
$
C o m ’wealth Pow R y & Lt
585,455
592,399
and its constit cos b -.J u l y 1,182,519 1,143,335
Jan 1 to July 3 1 ---------- 8,020,712 7,954,019 4,166,708 4,115,059
20,435
20,765
50,319
49,369
H onolulu It T & Land b Juno
125,060
114,400
304,665
288,996
Jan 1 to Juno 3 0 ---------68,934
77,462
158,969
167,643
Lehigh Vlaloy Trans b -.J u n e
801,595
852,693
July 1 to Juno 3 0 ---------- 1,924,299 1,865,072
101,338
115,393
268,059
244,231
Louisvillo R ah w ay-------- Juiy
794,379
806,405
1,701,970 1,860,606
813,563
844,211
1,939,905 1,951,265
30,193
28,076
61,111
58,151
P orto R ico R y s ________ Ju.y
211,855
209,498
466,337
440,855
Jan 1 to July 3 1 ---------254,746
210,380
668,255
592,737
Puget Sd T r Lt & I’ ow a Juno
Jan 1 to Juno 3 0 ---------- 3,694,066 4,236,645 1,325,990 1,687,377
231,579
233.026
443,816
448,857
Virginia R y & Pow b ._ -J u ly
31,158
34,825
66,348
72,536
Y ork Railways b ---------July
235,836
243,656
529,376
523,737

and miscellaneous stocks at cost. T ho U. S. Industrial Alcohol stock was
sold toward tho close o f the year; V . 100. p . 2013. c T otals differ from those
in com oa n y’s report. T he current trado accounts, accrued bond me
loans from associated cos. and bills payable aro shown above under■1 abili­
ties; in the report they aro deducted from current assets and om ittou unaer
liabilities.— V . 101. P- 133

a N ot earnings hero given are after deducting taxes,
b N ot earnings hero given aro boforo deducting taxes.

Ilal. of Net Previous
Earns.—
-Int., Rentals,
Ac.-------- Current
Previous
Current
Year.
Year.
Year.
Year.
$
$
$

38,816
33,625
Aurora Elgin & C h ic___Juno
459,075
472,112
July 1 to Juno 3 0 ---------C om ’wealth Pow R y & Lt
426,868
429,731
and its constit c o s ------July
Jan 1 to July 3 1 ---------- 2,986,064 2,870,437
6,622
6,260
H onolulu R T & L a n d ..J u n o
37,562
39,733
Jan 1 to Juno 3 0 ---------61,579
61,350
Lehigh Valley T ra n sit..J u n o
716,298
743,827
July 1 to Juno 3 0 ---------73,249
76,666
Louisville R ailw ay------- July
516,583
500,416
Jan 1 to July 3 1 ---------816,596
809,364
Philadelphia R ap Trans July
150,680
155,217
Puget Sd T r Lt & P o w . .Jun o
953,445
922,268
Jan 1 to Juno 3 0 ---------136,398
143,374
Virginia R y & Pow er— July
22,116
24,691
Y ork R ailw ays------------ July
182,553
174,089

( Tenth A n n u a l R eport— Y ea r en ded J u n e 30 1915.)
Tho report of President W. B. Glyn, with tho income ac­
count, balance sheet, etc., will bo found on a following page.
Gen. Man. O. G. Sago July 15 wroto in substanco:
T ho unfavorable soason caused a shrinkage averaging botweon 15% and
20% in the production o f cano por acre throughout the Valloy o f Guantan­
amo and this was accom panied by a low percentage o f sugar from the cano.
G ood prices for sugar however as com pared with tho past threo years, have
more than offset tho shrinkage In output, yielding us a good profit.
T ho total yield per acre was 19.90 m etric tonnes (2,204.0 lbs. e a ch ), agst.
23 07 in 1913-14 and 21.62 in 1912-13, being the lowest since 1910-11. ,
b r the 11 003 acres cultivated b y tho com pany, thoro wore: Harvested.
8 ^140 used for seed 116; loft standing, 168; in plant cano for 1915, 2,279.
T ho cane h ^ t e d ’ aggregated 351.398 tonnes viz : C om pany, 174,153;
Colonos C o. land, 54,578; C olonos own land, 12.,067.
149.5
(325
1914-15 1913-14 1912-13 1911-12 1910-11
T otal bags.................... .......... 241,376 290,444 238,604 227,998 225,779
o p this vear’s crop Solcdad produced 11,1,902 bags, Ysabel 65,591. Los
Canos fit 883 total 241 376. There were 47.660 bags shipped to tho
United Kl’nzdom lOO 0 4 4 to the U. S .. 20,087 sold locally and delivered to
C olonos, and 78.985 remain to bo shipped. (This includes bags o f 325 lbs.

Amount of Sugar Made, in Bags of

Interest Charges and Surplus.

Roads.

Guantanamo Sugar Co. (Cuba), New York City.

6,256
211,135

162,668
1,180,644
14,143
180,614
134,557
£237,321
£60,296
£391,440
27,615
50,700
372,545
£98,311
10,134
61,102

35,591
316,421

158,587
1,244,021
14,170
£92,591
£17,600
£206,195
£50,159
£391,843
4,199
99,529
765,110
£101,594
9,042
61,747

Cr T hoiarningT oPm h e Guantanamo U R . havo n otb oon .sa tisfactory, owing
largely to the smaller tonnage o f cano and sugar hauled.

—An indox to annual roports of stoam
railroads, street railways and miscellaneous companies which
havo beon published during tho preceding month will bo
given on tho last Saturday of oach month. This index will
n ot include roports in tho issue of tho “Chronicle” in which
it is published. Tho latest indox will bo found in tho issuo
of July 31. Tho noxt will appoar in that of August 28.
Annual Reports.

Distillers Securities Corporation, New York.

30 1915.)
Secretary T. H. Wentworth, Aug. 5, wroto in substanco:
(13th A n n u a l R ep ort— Y e a r en ded J u n e

T ho present management took charge o f tho com pany’s business and affairs in O ctober 1913. A com parison shows:

Total
Quick Surplus.
Cost of Charges.
Interest Profit.
Net Liabilities.
Total NetAssets.
Admin.

1912
191
1914
In certain im portant branches o f tho com p any’s business tho plants aro
taxed to their utmost capacity. Tho com pany has now practically no
floating debt. It has nearly $12,000,000 o f quick assets and needs no addi­
tional working capital. Tho question o f paying a dividend out o f the ac­
cumulated net earnings o f the last two fiscal years will bo passed upon at tho
regular meeting o f the board o f directors to be hold on the 22d prox.
[It was announced in June last that tho com pany had contracted to sell
all or tho m ajor part o f its holdings o f $0,350,000 (63,500 shares) ot the $12,­
000,009 outstanding com m on stock o f the U. S. Industrial Alcohol C o. for
a consideration o f upward o f $2,500,000. This sale, it was stated, would
enable the corporation to discharge all floating debt and increase its work­
ing capital to almost $12,000,000. V . 100, p. 2013, 1351, 841. As to new
directors in Oct. 1914, seo V. 99, p. 1217.]

EARNINGS, EXPENSES, CHARGES, Ac.
1913-14.
$3,032,209

1912-13.
$3,040,105

1911-12.
$2,641,780

$684,459
155,068
69,286
205,039
247,995
175,596

$729,834
187,3t7
133,084
225,446
307,693
310,128

$338,897
158,1 11
74,527
132,711
287,992
329,314

$920,049
$2,223,794
792.922
23,131

$1,537,443
$1,494,766
792,902
35,131

$1,893,502
$1,152,663
793,096
353,169

$1,321,552
$1,320,228
793,016
687,775

T otal int. and divs—
$816,053
$828,033 $1,146,265 $1,480,821
sur.6,398 dof. 160,593
B ala n ce_______________sur.l ,407,741 sur.666,733
♦Includes in 1914-15 and 1913-14 only dividends paid on unconverted
stocks o f constituent companies; in 1912-13, 1% on Distillers’ Securities
C orp. pref. stock, and in 1 91 1 -1 2,2% .

Assets

BALANCE SHEET JUNE 30
1914.
1915
Liabilities—
8
S
Capital stock—

1915.
$

1914.

44,189,798
a4,222,532

Dlst. Sec. Corp.30,843,431 30,818,281
Constituent C03. 3,192,153 3,779,153
806 Bonded debt........ 15,658,236 15,633,236
95,000 2,959,950
163,538 Bills payable........
Trado accounts__
479,043
270,098
205,585
205,585
4,926,615 Accrued bond Int.
Loans from assoc2,486,676
ated cos______
»6,430,902
10,693
7,885
655,829 Unpaid dividends.
185,790
162,021
Reserves.
Surplus................ 5,648,300 4,240,558

Total ............c56,291,704c60,590,020
Total ............ C 5 6 .2 9 1 ,704c60,590,020
* A t cost, a Investments as above include com m on stocks o f U. S.
Industrial A lcohol C o. and Cuba Distilling C o. at their inventoried value;




B a lan ce,

doficit for yoar-----------------------------------------------$29,289
$2,771
[Tho Sugar C o. owns $762,400 o f the $998,900 stock and $788,198 loans
o f tho railroad. N o bonds Issuod. Ed.]

INCOME ACCOUNT FOR YEARS ENDING JUNE

30.
1911-12.

1913-14.

1912-13.

43,415
$1,843,200
50,353

35,671
$1,483,687
27,296

33,887
$2,170,812
25,087

$1,893,553

$1,510,983

$2,195,899

1,557,147

1,677,480

2,055,199

Profit on o p era tion s.. $1,010,366
Other in c o m e __________
b203,800

.$336,406 loss$166,497
54,938
48,966

$140,700
45,911

T otal p rofits----------------$1,214,166
D eprec’n o f mills, &c_„
S170.G50
Cash dividends______ (1 2 % )3 0 0 ,0 0 l
Stock d iv id e n d s_____ (1 0 % )2 4 7 ,700

$391,344 ioss$117,531
$177,600
----------

$186,611

1914-15.

T o t a l ..........................
$2,855,412
Producing and m anufac­
turing expenses, & c_a 1,845,046

$718,351
$177,600
Balance, s u ^ o ^ T f V . ^ u r . $495:816sur.$213,744def..$ 117,531 sur.$186,611
* After deducting sea freight, com m issions, &c. a Also includes shipping
exnonsas and o ffice expenses in New Y ork and Guantanam o, b Includes
fn P|9 l T l 5 exceis valut« o f 1914 crop sugar sold after closing o f books
$118,665; interest received (not), 860,351; rents received (not), $20,900, and
p rofit on miscellaneous operations, $3,884.

BALANCE SHEET JUNE 30.
1915.
1914.
Liabilities—
$
Capital stock _____ 2,489,550

1915.

Real cst., bldgs., &c .x3,612,441 3,683,312
payablo____
Adv. to Guant. RR. 788,198 761,437 Accts.
Drafts In transit___
Guant. R R. stock..
1
Growing crops carr’d
to following season 58,945
Inventories________1,060,239
Cash.......... .............. 290,942
Misc. accts. rcc., Ac, 174,858
Uncxpircd lnsur., &c. 24,084

-----

Loans <fc bills pay.....
Stock dividend........

Dividend.................

1914.
S
2,489,550
27,725
64,234
25,000
30,000
4 IS,986
..........
247,700

300,001

Depreciation funds. 590,994 525,047
196.172
Replanting fund___ 195,624
Other funds_________ 188,870 148,250
Surplus.................. 1,894.733 1,566,577

T o ta l.................... 6,007,706 5,427,307
— V. 101, p. 451.

T o ta l....................6,007,706 5,427,307

Nipe Bay Co. (Cuba), Boston, Mass.

30 1915.)
Pros. Andrew W. Proston, Boston, Aug. 10, wroto:
(7th A n n u a l Re ort— Y ea r en ded J u n e

1914-15.
Gross profits____________ $3,143,843
—
Int. on notes and loans.
$331,101
T axes__________________
139,774
R e n ta ls ________________
6 1 ,396
In s u ra n co _____________
93,301
Additions and m aint___
195,473
A dm in., & c., exp en ses..
99,003

—
Property account.43,028,512
Investment_____ 1,553,957
American Spirits
Mfg. sink, fund
806
Insurance fund__
131,006
Accounts and bills
receivable____ 5,032,828
Merchandise, ma­
terials &lsupplles*5,613,261
Cash......................
331,334

Annual Earnings of Guantanamo Railroad Co.

1914-15. 1913-14.
1914-15. 1913-14.
Gross incom o
S261 494 $282,532 D e p re cia tio n ------ $34,024
$24,024
Not', after tax es]_ $68,608 $84,4281Interest ch arges.- 63,872
b3,174

Gross sugar sales, tonnes
(2,204.6 lbs. per t o n ).
36.086
♦Gross sugar s a le s _____ $2,810,245
Molasses sold __________
4,>,1<>7

ANNUAL REPORTS

T o t a l _____________
N ot earnings________
Interest on bonds____
♦D ividends_________

Spanish Pounds).

a , Tho°?ains have been well distributed during tho spring for tho growing

x After allowing for othor income received.

Deduct

Kilos

Output

__T he com p any’s production during the year aggregated 120,
247.960 lbs o f first iugar and 3,1 1 4.04 1 gals o f molasses, com paring with
11 V rw 'B om y — An'^Luo^^f ijOAtKLIMiO 1st M 5 % sinking fund gold bonds,
dated M ay 1 1915, and due M a y 1 1925, was m ado, and tho floating dobt
retired (V . 100, p 1597)

Ref

com .
Unitod
beD e& V e “ .- T h o r e "have* "been* reJeVm
ed and canceledf S200JHW W o
rlohpntui*ps o f whiph thoro rciu'uo outstanding a lxilOiiico o f 5^»960,00(L
^ Depreciation A c — I 'addition to depreciation charges regularly provided
for in X
operating accounts, the book value o f the equipment has been
further substantial!v reduced in connection with tho reduction o f $1,000,000
[n't h o ro u tsl a ml 1ng *ea p i to 1°s toe k incidental to the retirement o f the pref.

INCOME ACCOUNT FOR FISCAL YEARS ENDED JUNE 30.
_____________ Years ending-------------------- 9 Mos. end.
Production—
June0 30
’ 15- ./unc 3 0 ’ 14. ,/imc 30 ’ 13. June 3 0 ’ 12.
/ roducuon
x 7 oY\n 1 3 7 ,7 3 2 ,4 8 0 118,330,812 81,386,568
3,168,952
2,847,021
1,408,932
M olasses, gallons______
3,114,041
Income—
___
*.$750,079
*$374,017
*$646,595
N ot earnings____________ $2,164,718
Loss interest charges—
Int. on mortgago notes
Int. on debentures___
Interest and discount.

$23,542
187,160
169,802

$168,327
200,827
48,944

$191,412
212,427
16,199

$149,238
166,670
4,264

T otal
$380 504
$418,098
$420,038
$320,172
B alance.V -V .V -V -V .sr.$1,784,214 sr. .$331,981 def. $46,021 sr. $326,423
D ividen ds______________*(8)360,508
- - - - - -.77,
40,000
xbO.OOO
380,291
304,106
--------------------------Depreciation, & c______

x

Sur.or def.for year.sur.SI ,043,415 sur.$27,875 d e f.$86,021 sur.$266,423
* Includes 8 % on present com . stock and an am ount on former pref.
x On form or preferred stock.

A ug . 21 1915.J

THE CHRONICLE

B A L A N C E S H E E T J U N E 30.

1915.
1914.
1915.
Assets—
J
8
Liabilities—
$
Cost of property.. 4,390,005 4,396,006 Common stock__ 4,272,100
3.502.500
Plantation equip­
Preferred stock__ *230,400
ment________ aG ,427,878 7,405,930 lstM.s.f.goId bds. 3.500.000 2 , 000,000
Securities of other
6 % debs.,due 1917 2.966.000 3’ ,16?)",666
companies____
141,250
141,250 Notes payable___
550,000
Coupon dlv., Ac.,
Dem.notc-Un.Fr't
3.060.500
account ______
2,185
42,755 Accounts payable.
90,208
89,645
Cas'i___________ ,286,840
54,454 Drafts_________
10,781
51,288
Aocts. receivable. 234,149
334,914 Dlvs. pay’Ie July. 360,508
Sugar and molasses
Unpaid coup., Ac.
12,100
48,965
stock......... .....
175,844
244,064 Interest accrued..
43,997
15,830
Income account.. 1,178,060
134,645
Total............... 12,664,153 12,619,373
Total...............12,664,153 12,619,373
o v l ' i 0™ ? of ad but J 54 sllarcs of old prof, have assented to plan of
exchango for common shares.
Q«?crtuiPment in 1915 Includes: Buildings, $.891,387: cultlva« i ’ QQ§:Tikve h;t?clc,' *177,654: tools and machinery, $337,926:
«io o ovn. S1’ u4 ,7 1 ?: telephone, $23,833; boats, $23,395: wharves,
t o t a l ™ 8^9 *ld2-985; material, $225,035; sugar mill, $1,621,-

078'

Cullivalions and Lands Owned June 30 1915 and 1914 (Acres).
Cultivations—
1915 . 1914
1915.
1914.
Sugar cans_______
23 248 23,737 Other Improved land
5,688 5,677
Pasture...................... i 3;702 13,199 Unimproved land......... 85,151 85,176

Total cultivated... 36,950 36,936
Total all land owned..127.789 127.789
WA„“ 0 owned Juno 30 1915, 3,085 head o f cattle, 422 horses and m ute,
t o . jj miles of road (having II locomotives and 375 steel-frame cars,
capacity 40,000 lbs. each).— V. 101 . p. 217.

Mexican Northern Power Co., Ltd.

31 1914.)
P re s . D . E . T h o m s o n , K . C . , T o r o n t o , in A p r il w ro to :
{Report fo r Fiscal Year ending Dec.

.T he holders of the 1st M . bonds voted on May 27 1914 to defer payment
o f Interest duo prior to Jan. I 1916, and authorized an issuo of prior lien
bonds not exceeding $3,000,000. Prior lien bonds wero accordingly offered
t ° tno bondholders and shareholders, but the rosponso was disappointing.
1 ho company applied tho proceeds of bontls sold and cortain moneys
borrowed on tho socurity of bonds to tho best advantage possible and was
aiw&i.o .i„F, str?nu?,us efforts, to save tho power houso and oquipmont from
t?ty°of the fiorxf wato<reC°SS*V° fl°ods of 10 ycar a» d t0 storo a largo quant >,.!l}\?iK,)'u‘ ,u>l<
,lors iV eeasentiiig to tho prior lion bond schomo stipulated
o f^ X ln H iv ^ D h ! SI .000,0 00 of samo should bo issued without tho consent
cia? situation °tn? ? ™ ‘‘A 10 !■*ors,’ It; hoing impossible in tho prosont finantlm r S l u r
f « fundA necessary to comploto tho work without
necossTvm ndir o mf. ?
tIl°.concurronco o f tho bondholders to tho
niontw T,r 1 , M 01 * !,ho, ? ri« i,'al resolution is being sought. [At a
meeting o f tho 1st M . bondholders, held on March 30 last, they approved
sub\he q S p f g e th- E d ” ]aInlng *2 ’0 0 0 ’0 0 0 I>rlor LIen bo«ds. See also a
B A L A N C E S H E E T D E C . 31.
1914.
1913.
1914.
1913.
Asset?—
S
5
Liabilities—
s
S
Real estate, plant
Capital stock-----12,600,000 12,600,000
good-will, A c...23,182.907 22,090,566 Bonds ................. 10,272,200 10 ,000,000
Cash------ ---------21,503
113,910 Accrued Interest.. 970,344
479,6S7
Accts. receivable.
41,119
168,699 Notes payable___
50,000
. .
159,888
226,024 Accounts payable.
Inventories.........
85,455
45,143
Rond installments
325,288
354,362
Suspense account.
247,294
171,269
Total........... ..23,977,999 23,124,830
Total...............23,977,999 23,124,830
— V. 101, p. 217; V. 100. p. 1756. 616

Mexican Telephone & Telegraph Co.

28 1915.)
P ro s . W . F r e n c h S m ith in J u n e la s t w ro to in su b sta n ce :
{Report fo r Fiscal Year ending Feb.

Conditions in Mexico during tho past year wore very unsatisfactory
duo to tho revolutionary disturbances. Various revolutionary factions
operatod in different sections o f tho country and have not boon in a c c o r d
for any groat length of time. There wero L moans ^
cation botwoon such sections and t is therefore impossible tn mihmlt a
comploto financial report, as in former years
impossible to submit a
At tho same time enough information has boon received to indicato that
the gross earnings liavo not fallen much below those o f former years
We
have at present nearly 500,000 pesos in accumulated oarnings in Mexico
Nono of tho oarnings were remitted to the Boston offico, and for this reason
it was necessary to pass tho dlvidond on tho prof, stock. When it was
possible to secure exchange it could only bo obtained in small amounts
and at such a high rate that it could not bo accepted. Tho revenues kept
up satisfactorily in splto o f the domoralizod business conditions. Special
taxes wore levied in the Federal District and paid. No special taxes wore
paid in other parts of tho Republic. Special assessments w'ero levied on
business concorns in various parts o f tho country, but tho company was re­
leased from payment of all such assessments.
Tho public depended more than over upon tolophono sorvico in tho trans­
action of business and in tho homos in ordor to keep in touch with tho out­
side world, especially when it was not safe to venture out of doors
For
this reason the loss of stations was very small and tho revenues remained
about normal. Tho groatost loss was at Tampico, where it was necessary
to suspend sorvico duo to unsatisfactory terms imposed upon tho company
Various revolutionary factions had control at different times of cities
whore tho company’s plants are operatod, but the damages to tho property
wore very small. Records were mado of all losses in ordor to eresont claims
at tho proper time.
In general tho greatest inconvonioneo experienced was duo to tho paper
currency forced upon tho public by each new revolutionary faction
An unfortunato occurrence took place in Mexico City whore on Feb 6
tho faction in control seized tho company’s property ’ .Such soizure was
brought about by a labor union which made demands upon the company
that were impossible to grant and in ordor to gain the support of tho labor
faction In Mexico City, the loaders o f tho revolutionary faction in control
or tho city at that time took ovor tho company’s prooertv located in i hn
Fodoral District to operato it until such timo as the company and tho em­
ployees agreed on terms. Tho matter was immediately referred to the
State Department at Washington. Tho State Department Protested to
tho revolutionary faction in power at Mexico City roauestfnir liiat the
property bo returned to tho company and tho company bo reimbursed for
all lessos sustained. Tho plant is still being oporated bv this faction
Labor troubles were experienced only in tho Federal District, and it\vas
not necessary to increase wages in other cities
Tho prosont condition o f our business is a peculiar ono; tho operating and
oarnings appear satisfactory. It is purely a question of exchange. It would
seem that a bright future must bo in storo for us when normal condltlons reV.P99r p. 1303° d° faUlt 0,1 b° ndS> &C” sco a subsequent1page!-ICd.] -

Indian Refining Co., New York.

30 1915.)
P ro s . T h e o d o ro L . P o m o ro y , N o w Y o r k , A u g . 14 1915
w ro to in sub sta nco:
{Report for the Six M onths ending June

During this period capital liabilities in tho amount of $650 471 h a v e been
retired and canceled as follows: 1st M bonds, $255 000- ’ 2d M n o t e s
$300,000; car trust notes, $80,000; purchase money mtge ’$15 471
The
amount of the 1st M . bond sinking fund has been increased by $15 789
Offsetting tho above there was a decrease in the not current assets of $320 799 and in capital investments account o f $1 1 ,474, due to the sale of tho roJftainder o f the Georgetown refinery. There has also been charged off
$47,597 (net) covering (lie amortization of bond issuance expense- deprecia­
tion and dismantlement of properties amounting to $93 351 and a final
adjustment or tho foreign accounts amounting to $5,930. Tho concral rnscrvojhasibeenllncreased $272,785.




(511

" 7
r,r,0ar-° (of *320,799) in tho not current assets is largely due to tho
c ir tn !« f nnt JinanK
C/ rl?
maturity of first and second mortgage bonds and
the im i i / n f
non Uaci0n Aas mefc by arranging a loan for one year in
s 'fv)n.4 , n , ) ^ , ^ ^ 00/ 00x ' K tor th? conf?ent of over 80% of the holders of
fin,
?
/
r, Ttcs bac b9{.‘n obtained to a plan to postpone the sinking
fun;i payment on theso notes (V. 100, p. 1261, 1596).
nerlnd
X moi?ths’ Period, as compared with tho corresponding
Pnl
1 1 Jrar, show an increase in gallonago of approximately 40% but
reHectinLathP c o n t m for tho?e Pr0(lucts shows a decrease of aboiit’ 5 % ,
Since 11mn 'inThi.V'* n d h w market prices and consequent lower earnings,
p ro d u c tsWh?rhw
« » hopeful
1 b0C? ? nwill
,lrnProvenient
premiers,
which we» are
continue. in the price of some of our
37% — but0 t n } ? i t , mP to,t.al sales increased about 11%— Ilavoline Oil
selling vMuVs of tV?
decreased, owing largely to a decrease in the
year 1014 «•’,? ^1 Via oF £luc.ts s2,l(i- The total capital outlay during tho
fiiml t o ^ * 1 .5 4 4 ,2 1 7 , viz.: Expended cn properties, $406,713; sinking
$139,0*00; of car't^ustMte^l^lOS^OW).]^1
$517'000; ° f 2d M ’ notcs’
PRO FIT A N D LOSS A C C O U N T FOR 6 M O N T H S E N D IN G J U N E 30 1915.

b\itn|?.6?,.fm,mP)?n?hs’ aV?r deducting all interest charges.
set aside
a?mS to
t?%am0rt.ization'
depreciation charges and
amount set
general
n _amount
scuciui reserve
reserve_____

---------------------educt— Amortization of H„r,H
Deduct
bond ieo„-—
issuance expense!_

Kesorve depreciation physical properties, $78,417; add!tfon to
general reserve, $ 2 7 2 ,7 8 5 ..!.. .
10
A,i ,i!iUit,na. 1.} oss 011 sale of Georgetown Refinery," $14"934~ In
final settlement of foreign accounts, $5,930; total..’. . . ! . .

Balance, loss, for

•qqo oqt
*47597
351,202

20,864
$85,676
B A L A N C E S H E E T S J U N E 30 1915
1914.
1915.
1914.
Liabilities—
$
S
Common stock__ 3,000,000 3.000.
Preferred stock__ 3[ooo[ooo
3.000.000
1st M. bonds out. 1,883,000
2 d mtge. notes... 1,184,600 2,427,000
1,784,600
Car trusts..............
150,000 310,000
Pureh-money M._ .
15,471
Acc’ts payable... 366!7591 323,147
Loans payable... 800,000/
138,997
Notes payable___
218,010
Interest accrued..
60,457
66,726
Unclaimed dlvs__
1 ,3:53
7,516
Insur. fd. reserve.
13,979
28,674
Reserve for depr’11
of oil dep., A c..
883,250
902,598

6 months ending Juno 30 1 9 1 5 ....................

C O M P A R A T IV E C O N S O L ID A T E D
AND

1915.
1914.
Assets—
S
S
Capital assets___ 5,346,246 6,039,668
Inv.oils, Ac. (cost) 890,963
975,840
Accts.rec.Jcss res. 919,374
931,953
Notes receivable..
33,998
12,314
Foreign accounts. ___
79,610
Cash....................
333,964
220,421
*Rlchard Levering
notes............... 432,178
432,178
Miscellaneous___
114,920
37,269
Ins. fund assets__
13,979
28,674
Sink, fund assets. 101,988
137,620
Organ., Ac., exp.. 571,325
604,531
Prof.Alos3 deficit- 2,723,439 2,583,664
Total------------ 11,482,375 12,083,742

Total------------- 11,482,375 12,083,742

a d M t m ? ? L -v Ubf o o ? p U1596!Umed by R,chard Lovcrin«

Process of

Old Dominion Copper Mining & Smelting Co.
{Report fo r Fiscal Year ending Dec. 31 1914.)
P ro s . C h a rlo s S . S m ith , B o s to n , M a r . 15, w ro to in s u b s t.:
c o m w ^ ’idtt.11®, 88% ?n?QCn d during .1914 averaged 7.44% copper, a?
ioTn U 'A88/® A 1913’ T ho mlnin« costs averaged $5 2 0 , against
$4 78 in 1913. During tho year tho wost end of tho mine has furnished tho
major portion of tho ore production, consisting almost entirely of high-grade
oxide ore, which was sent direct to tho smelter.
y
gn graao
„ the centro part of tho mine has continued to furnish tho larger portion
Krco
1
tliont
C
o°nora
?
fnD.e0?
?
,
WhiJe
tho
tonnage
has
not
been
particularly
largo, tno tenor of the ore has been exceptionally good. Active nrosnecting and development work at tho eastern end of the mine lias opened iin
the vein in a most encouraging manner. A good tonnage of concentrating
° l(ri
en^ y .*int*clPate(l from this portion of tho mine in 1915.
Durm„ the year it was necessary to do an exceptionally largo amount of

verTm M eri^ry'‘tTThe1*^'cSsfoW m n T th e 'ore^ ™ th°

wWch added

driTtbigd ra?singf*&c.)'' agalnst*1177783^Rd 1(U3*!egated 15’665
(sinkhlg’
nared w lthl?'l4m lll’int9 izTliilil0 ni g1m 5S^ ere PumPed fro™ the mine, comOo.^ 729^ million^gallons g
ns ln 1913; therc was sold to the Miami Copper
T*1®
concentrator was run for almost ten months in tho year, and to­
wards the end was doing poor metallurgical work, owing to its dilapidated
missi'ni-uKl since "th-?!1 M m ?if°b)'r tho new. concentrator was put into comgivlng good satlsfahcUon
h been runnln« Practically continuously and
Conclusion. The year’ l914 saw tho practical completion of all constmctjon work commenced in 1912, and the company’s plant is now in excepi’1°f
con.dltjion to handle increased tonnages with more efficient and
!Juttcr metallurgical results than over before obtained. As was to bo ex­
pected, the curtailment of production early in August, owing to tho dc11 ° f tbe, c?PPer market, mado necessary the mining of only
,V.1? jiiV ? Srade ores, both smelting and concentrating. The greatly de­
creased tonnage hoisted from tho mine for tho last five months was conm p Cin)i'i n r e Y responsible for the increase in tho mining costs for tho
year, and
only in the mining department, but in every other departm r L i .r h , iP„Ump 3g ' development and repair costs in the mine wero all
pai tlcularly heavy during the year, and constituted an exceptionallv high
charge against the mining cost of the ore extracted. 1lowever, the Increased
,h ° r° mlned during this period, and the strict attention
Paid throughout tho year to sorting all waste out of the ores in the slopes,
'■ j^ V 'T 's u t the Increased tonnage costs, and was responsible for the very
satislactory cost of copper obtained, tho lowest in the history of the com­
pany. In December a churn drill was purchased and erected on our ex­
treme west ground. Drilling will be continued during the year 1915 with
a view to determining the underlying formation.

not

IN C O M E A C C O U N T FOR Y E A R S E N D IN G D E C . 31.
Production—
1914.
1913.
1914.
1913.
Fine copper (lbs.).17,816,284 18,915,153
Total Income....$2,674,206 S3,057,107
1’ rlce per lb.........
13.71c.
15.21c. Exp.
at Globe, Inch
Silver (oz.)--------33,311.01 51,316.94
extraord. devel.
I’rlce per oz.........
55.32c.
59.52c ,
work................ $1,431,654 SI,726,595
Gold (oz.)...........
602.986
...................
419.821
Refining A comm’s,
Earns.— Fine cop.S2,443,090 82,880,886
oo« „„„
transporta’n.int.,
Silver...............
18,432
30,539
taxes A Bos. exp. 261,042
286,719
Gold................
12,060
8,396 Dividends . . . *( 11 % )445.500(20) 810,000

Gross earnings.$2,473,582 $2,919,821 Total deductions.$2,l! 1,196 $2,823,314
Other Income a —
-19,621
137,286 Balance, surplus.. 8533,010 S233.793
a
profit ft’om treatment of custom ores and other miscellaneous
Bigelow*)udgmcfi? ^ s p e c i a l dlv paid Juno 27 1914 from proceeds o
B A L A N C E SH E E T D EC. 31.
1911.
1913.
1914.
1913.
Assets—
?
g
Liabilities—
s
S
MlnesAmlnlng cl’ms 3,421,808 3,411,857 Capital stock--------4,050,000 4,050,000
Plant A gen. constr’n3,374,49S 3,190,199 Old Dora.Co.of Me. _____
470,715
Cash in bank, Ac__ 273,371 572,065 Acc’ts payable........ 102,289 111,317
Ace'ts receivable__
32,163
70,617 Outstanding drafts.. 32,085
25,777
Loans at Bo3ton___ .
1,161,500 Unpaid dividends.. . 97,009
56,536
Securities on hand.. 287,001 510,151 Plant renewal fund.. 1,330,094 759,344
Supplies, Ac.,at mines 315,098 236,043 Mine renewal fund.. 1,019,202 867,074
Unpaid copper on
Special res’ve acc’t .. 364,484 1,887[968
hand sold............. 288,510 254,015 Profit and loss..........x967,293 1,193,247
Total....... ...........7.992.447 9,421,978
Total.................7,992,147 97421,978
x After deducting in 1911 $570,750 depreciation of plant, $182,128 de­
preciation of mines and $6,086 adjustments made in 1914.
„ ,
.
.
_ A— The United G lobe Mines.
ir?i’a ^ r‘—
-dd Exp.N et Earns.
Dividends.
Balance.
} 9} d ............$1,095,561 *663,023 $432,538 (18H %)$425,500 sur. $7,038
19 j*3
1'721;052 i i 3 9.6 °6 _ 181.146
(30%) 690,000 dcf.208,554
a - tiln
surplus I11 1914, after deducting $135,736 depreciation of mines,
$o,509 depreciation of plant and adjustments, $12, was $238,520.

000

B— Old Dom inion Co. o f Maine.
Divs.onSlks.
N et
Cai V r __ Chcned etc. Income.

Increased
Book Value.

Dividends
Paid.

N IP IS S IN G M I N E S CO. IN C O M E A C C O U N T (H O L D IN G C O M P A N Y )
Balance,
Surplus.

1914 - - - - - - $860,410 $832,435 $582,574 (10%)S1.173,412 $241,597
22.387
1913
__ 1,496,555 1,489,152
----------- (20%) 1,466,76.)
“ Increased book value” as above in 1914 represents the increase to book
value o f the 155,353 shares of Old Dominion Copper Mining & Smelting Co.
stock— $25 to $28 75—$3 75 per share.
N o t e __On Juno 27 1914 thero was received from the Old Dominion Cop­
per Mining & Smelting Co. $1,553,530, not included in the above accounts,
and being proceeds o f the decrees against Albert S. Bigelow and on that
dav thero was paid to Chas. Sumner Smith and D. Blakely Hoar, pursuant
to the agreement of Jan. 15 1904, the sum of $1,553,530 not included in t io
above table (B).— V. 100, p. 1836, 1262.

Brooklyn Borough Gas Co., New York City.

(Report fo r Fiscal Year ending Dec. 31 1914.)
P ro s . R . L . A u s t in , M a r c h 1 1915 w r o t e in su b sta n c e :
Results.—The amount of gas sold in 1914 was 363,852,400 cn. f t . On
Jan. I 1915 wo had in use 11,192 meters, an incrpa.se for the year of 849, or
about 8 2% . There were laid in 1914 4.36 miles of now mains, vaiyin.,
from 4 in. to 20 in., costing $26,829, and making tho total now m use
about 110 miles. During 1914 wo also completed: One gas holder of a
capacity of 2,000,000 cu. ft. with all connections; a salt-water condenser,
store-house, meter-shop and offico building. Additional
i
reclaimed along the water front, and extraordinary repairs to tho bridge,
general structures, boilers, furnaces, &c., woro completed.
In Jan. 1914 tho management offered to the stockholders l .-SO sliarcs of
stock at par, of which 1,108 sharos wore subscribed and paid for. ino
notes payable represent money borrowed tor capital investments, t o
retire these and provide funds for further necessary extensions It is proposed
to issue 1,250 shares of additional stock out of th om creaseofth o capital
stock authorized by the stockholders on Oct. 21 1913. (v ;9 9 .P -»9 b J
I5y order of the l\ S. Commission March 3 1914, tho accounts or tho
company wore rewritten, to conform to figures given by the Comnaission
after examination and appraisal of the capital of tho company, Thevalii
thus arrived at for. each of tho capital accounts wero placed.on the'booksor
tho company, and tho total of theso values aggregated $1,559,817, Deing
less than the old book balucs ($1,897.719) by $337,902 o f which amount
$250 000 was charged to franchise and other mtangiblo captial ana tno
balance, $87,902, was charged to surplus. The Commission in its order
showed a total depreciation o f the fixed capital accounts amounting to
$215,065. Tho company had already charged to amortization $124,ooJ
leaving an additional amount to bo charged to surplus of $90,520.
IN C O M E A C C O U N T FOR Y E A R S E N D IN G D E C E M B E R 31
1911
1912.
1913.
1914.
Gross earnings------------ ------ r - - -$340,738 $309,093 $267,422 $237,995
114,283
126,431
152,651
Operating oxpensos (incl. maint ) 180,510
Net earnings.............................. $160,228 $156,442 $140,991 $123,712
6,654
5,564
9,617
Other income_________________
lo.bOO
$130,366
$146,555
.........$175,828 $166,059
Gross income_______
101,401
107,569
115,679
. . . 136,774
Bond interest, &c--------”
.(6% ) 36,575 (3)15,000 ...............
Dividends paid-----------$28,965
$38,986
$35,380
Balance, surplus____________
$2,479

1911.
1912.
1913.
1914.
Divs. on Npg. Mg.stock $1,235,000 $1,830,000 $1,842,500 $1,843,297
56
125
Interest received--------_____________ _________ _ _______ _22
Total
.$1,235,069 $1,830,125 $ 1 ,842,5 56 $1,843,319
Deduct—Dividends” I — a$ 1,200,000 b$1.800.000 b$1.800.000 b $ l,800,000
General e x p ...
35,628
31,757
35,054
b L .z jv
Total deductions

1914.

S

1913.
$

Real estate, plant
and machinery— 893,519)
Franchises________ 231,807)1,897,719
Mains and services.. 692,715'
Meters, tools, &c__ 127,705)
7,491
18,379
Cash......................
29,359
Accounts receivable. 31,306
50,692
Mfg, materials, &c. 39,437
55,367
Bond discount, &c.. 52,601
Total..................2,087,529 2,040,628

. $1,235,628 $1,831,757 $1,835,054
def. $559 def. $1,632 sur. $7,502

Balance dencit or s(lrp-

a 20% .

$1,851,290
def. $7,971

b 30%.

N IP IS S IN G M I N E S CO. B A L A N C E S H E E T D E C . 31.
Liabilities—
1914.
1913.
1914.
1913.
Cap.stk.N.M .Co.$6,000,000 SO,000,000 Capital stock____$6,000,000 $6,000,000
450,000
Divs. receivable.. 300,000
455,000 Divs. payable Jan. 300,000
5,721
6.2S0
Cash....................
5,721
1,280 Surplus................
Total................ $6,305,721 S6,456,280
Total...............$6,305,721 $6,456,280
Assets—

N IP IS S IN G

M IN IN G

CO. IN C O AIE A C C O U N T

(O PERATIN G CO .).

1914.
Gross value of ore------- 516,065
Other incom o_________
42 ,bba

1913.
$2,756,612
47,481

1912.
$2,896,990
50.375

1911.
$2,820,257
47,168

Total .......................
$2,558,733
Cost of mining, &c------S971,112
Cost of spec, investig’ns
8,90b
D iv id e n d s..................... 1,235,000

$2,804,093
$1,143,822
15,164
1,830,000

$2,947,365
$865,655

$2,867,425
$772,184

1,842,566

1,843*297

Balance, sur. or def.sur.$343,715 def.$184.892 sur.$239.210sur.$251944
N IP IS S IN G M I N I N G CO. B A L A N C E S H E E T D E C . 31.
1914.
1913.
Liabilities—
1913.
1914.
/1.9sets—
stock----- S250.000 8250,000
Mining property.. $250,000 $250,000 Capital
540,503 Accts. pay’lo, Inch
Plant, equip., &c. 496,887
278,826
cstimatedtaxes. 190,522
33,430
69,520
Investments____
10,570
18,998
434,824 Accr’d exp. on ore
Ore at smelt., &c. 1,129,539
455,000
300,000
.
2,538 Divs. payable----25,053
Accts. receivable.
1,259,061
Surplus________
1,602,776
992,162
391,292
Cash.’..................
$2,362,296 $2,253,457
Total-------Total........... ..82,362.296 $2,253,457
-V . 100, p. 1262.

B A L A N C E S H E E T D E C E M B E R 31
Assets—

[Vol. 101.

THE CHRONICLE

612

1913.
1914.
$
S
Capital stock_____ 610,800 500,000
Outstanding bonds.. 1,000,000 1 , 000,000
15,050
15,050
Mortgages payable.
Notes payable.......... 64,000\ 101,253
25,320/
Accounts payable—
Acer, amort.’n, &c._ 252,343 135,332
15,000
18,324
Dividends payable..
61,665
Meter deposits, &c.. 72,459
Surplus.... .............. *29,233 212,328
Liabilities—

Total................... 2,087,529 2,040,628

* See text above.— V. 100, p. 903.

Nipissing Mines Co. (of Maine).
(10 th Annual Report— Year ended Dec. 31 1914.)
P re s . E . P . E a r le , N . Y . , M a r c h 27, w ro te in su b sta n c e
The vear 1914 was one of tho most profitable in tho company’s history.
T h e r o was produced 4,689,333 ounces of silver against 4,552,173 oz. In
19131. tho K
value of which was $2 516.065. Tho net receipts were
$1 5$7 621
Tho production cost "including every oxponso ] was 19.8 cts.
nor ounce which fe 4 29 cts. less than 1913. Tho average price received
For silver sold was 55.36 cts. per ounce, while in 1913 the average price
60.26 cts.’ This decline was duo largely to conditions brought about >y
tho European war. Shareholders received during tho year $1,200,000.
The OTYrtServcs contain more than 10,000.000 ounces of silver, an in
crease for tho previous year of over 500,000 ounces. This reserve is tho
largest shown ?n our history. Tho surplus is $1,602,776. an increase of
$343 715 over 1913 Tlio General Manager reports that tho mines and mil.s
are in satisfactory condition and that tho future of tho company may be

Cincinnati & Suburban Bell Telephone Co.

(Report for Fiscal Year ending Dec. 31 1914.)
P ro s B L . K ilg o u r , C in c in n a ti, J a n . 1, w ro to in s u b s ta n c o :
The ve a r 1014 will long bo remembered in tho tolophono business as being
with tho sorvico, wus niticio.

it

*

, 1.1... fjnn (’onilitioii of tho

•->

5 ? & a a f !,n(9recv„»u .
not incroaso of 3,924, and a total as of Dec. 31 1914 ol^75,413.

.c ,

i no unaoi

which wivs

O n ^ T u b Oi l f 1^743^sharosmo1°tlm capital stock werolssued at par to

used for tho now Main exchange building andl other■extoMlons^ in e now
office building and main exchange was completed and occupied ino\ io u .
IN C O M E A C C O U N T FOR Y E A R S E N D IN G D E C . 31.

1912.
63,853

2,539,404
116,139
71.199

1913.
71,489
$
2,402,807
139,348
36,403

2,250,878
111,169
8,799

T o t a l___________________________
Expenses—•
Operation_________________________
Maintenance---------------------------------Depreciation______________________
T axes_____________________________
Dividends (10% )---------------------------

2,726,742

2,578,558

2,370,846

941,952
296,985
384,559
203,951
796,477

853,305
285,086
371,890
187,532
749,916

751,008
288,462
360,000
222,300
705,805

Balance, surplus-------------------------

102,817

130,829

~~ 4,3,271

Subscribers_______________________
Earnings—
Exchango rovonuo--------------------------Toll rovenuo______________________
Miscellaneous_____________________

1914.
75,413

$

$

B A L A N C E S H E E T D E C . 31.

1913.
1914.
1913.
1914.
$
Liabilities—
S
S
S
7,040,200
8,283,350
Capital
stock___
9,404,114
Plant .............. 10,214,835
150,533
105,367 Accounts payable- 179,475
Supp., fixtures,&c. 135,663
79,678
89,940
127,561 Accrued taxes___
Accts. receivable- 105,471
131,933
67,708 Unearned revenue. 133,582
72,086
Cash--.................
28,587 Itcplace’t reserves. 1,253,418 1,143,895
25,925
Prepaid expenses.
Employees’bcneflt
Stocks, bonds and
10,000
fund_________
10,000
176,813
investments----- 246,813
747,911
Surplus............... 851,028 ________
Assets—

Total...............10,800,793 9.910.150
— V. 100, I). 645.

Total............... 10,800,793 9,910,150

Illinois Northern Utilities Co.

Go.

(b) By Nipissing Mines C o., $12,540,000.
Ore Reserves Dec. 31 1914, Developed and Partly Developed Ore.
[Shafts Nos. 73, 64. 80, 100 and 63, and dumps.)
TTio4i (Trade ore fShaft No. 73, 3,103,685 o z . ) . . . 2,824 1783.0 5,034,838
M nFitock (Shaft No. 73, 1.747,020 o z .).........-222.610
22.4 4.982.238
............................................
10.017.076
T otal________________________
.------------------- 225,434
tBoth tho"high-grade mill and tho low-grado mill worked at full capacity
throughout 1914 and tho production was about equally divided between
hleh-araclo ore and low-grade mill rock. A larger amount of custom ore
than usual was treated by the high-grado mill, tho total shipments ot bullion
from tho refinery amounting to 6,300,000 fine ounces.)

Results.- T h o gross income for the year amounted to *884.949 and It wM
bo seen that little or no increase has takeni place^ tm yeai
’t,
reality, tho utility end of the business had. o‘
^ o u n t ^ t ^ 7 4 ” s94.
incomefrom thesale of oloctricity, gas, &c.»
.
increase of over 10%.

TO TA L S H IP M E N T S TO D E C . 31 1913.

Ik^uf^CommSion $ 192 ,0 0 0 Kpreforrcd sttp®^0j a^op®®t^ncUn^rapital stock

Dry
Weight,
Pounds.

Gross Gross Value Silver Net Value Nipissing
Ounces, plus Cobalt, &c. Received M ining Co.
Paid for. from Smelters. Divs. Pd.
Silver.

—
$23,887
$24,164
32
.
124,659
1904
___________
$300,000
471,667
505,638
753,154
,
939.373
1905
___________
600,000
1,421,656
1,576,853
2,214,822
.
4,019,494
1906
___________
880,000
1,234,492
1,373,089
2,239,552
.---------------4.804,426
1907
740,000
1,364,478
1,526,686
2,893,031
.---------------7,009,998
1908
1.370.000
2,180,407
2,417,767
4.646,869
.12,825,169
1909
___________
2,122,500
2,742,842
3,008,958
.13,388,039
5,596,136
1910
___________
1,853,430
2.381.713
2,507,197
4,678,074
.___________
5,829,254
1911
1,842,367
2,827,318
2.893,277
4,719,578
.
3,701,726
1912
___________
1.835.000
2.920.714
2,945,335
4,844.169
.---------------2,657,250
1913
1.380.000
2,202,197
2,221,195
3,999,863
.
868,425
1914---.
T otal___ 56,167,813 36,585,280 $21,000,159 $19,771,371 $12,923,297
Tim item of net valuo for 1914 ($2,202,401) includes: Silver bullion,
$3,431,854: cobalt residue, $42,344; second grade ore, $627: total shipments,
$3 474 825' less custom ore purchased, $1,272,424; shipments of Nipissing
product, $’2,202,401.

31 1914.)
P ro s id o n t S a m u o l In s till in F o b . 1915 w ro to in su b sta n co :
(Report for Fiscal Year ending Dec.

n U a n ^ fo r both e j e c t } * S
hohls are equippedfctnta




i » t « j r thefgreator number of housetends
;lepartment of tho

the operation of the now hydro-electric plant ot tne h o ck nivei uignt ^
P o w e r Co. with a capacity of 2,000 h. p.
r o t/ «,uiitional miles
Tho company, during tho year, has constructed .,.C 2 , lanionai mu0s
of transmiss ion 1inos, as ^
' 0v
V.Wlo^ l yndoli to Morrison, 11.65 m!
1lsrrV<!ty i i d t n- cont 'acts have been secured by the company in tho foll o w i n l ^ I T , a n d t h « e contracts run for terms of from five to ten years:
S n e G ^ n o a 1 Mth Mor?fa, C l v l l ie , Kirkland, Plano. Erie, Morrison.
StGinne?affnqn s 7 a ^ n r lT h T e Sa?e as follows: (l) Electric: Mendota, Ster­
ling "Ite.am and hydro)! Dixon
^ ^ S to v Ung!<D’ix!en!VBolv1dero!lMoFriso<n!VDe Kalb, Mendota and Genesoo.
IN C O M E A C C T . C A L . Y E A R S (incl. Sterling Dixon & Eastern Elec. Ry.)

A N N U A L D I V I D E N D RECORD (Dividends Payable Q .-J . 20.)

’
1906. 1907. 1908. 1909. 1910. 1911. 1912. 1913. 1914;. 1915.
Regular. % 6
12
12
14
20
>,0
20
20 20 o, 5, ,
Extra__ % 2
— None—
8>3
lo
1°
1°
1°
10
------

!

Exp. (Incl. taxes) —
N et earnings.

----1914.
1913.
1913.
1914.
$886,882 $881,949 Bond, &c., Interest. $176,154 $135,859
547,575 624,254 Preferred dividends- 108,480 10S.480
*r,.i n78 SI6.356
nn.ln.nee_ surnlllS$339,307 $260,695

aug . 21

1915.]

THE CHRONICLE

C O M B IN E D B A L A N C E S H E E T D E C . 31.
1914.
Liabilities—
1914.
1913.

1913.
$
$
s
9,970,230 10,164,577 Preferred stock__ 1,808,000 2 , 000,000
Open accounts__
3,034
3,366 Common stock__ 4,635,000 5,000,000
Mat’ls In storer’ms
72,511
144,134 Funded debt____ 2,974,000 2,824,200
Residuals on hand
17,604
Realestate mtge..
1,500
3,000
Coal In storage__
15,832
17,174 Notes payable___
544,513
417,858
3,823
8,253 Accts. payable__
Prepaid accounts.
113,917
148,957
99,682
106,736 Accr’d bond Int__
Accts. & bills rcc.
33,996
36,602
Cash___________
53,163 Miscellaneous___
51,510
6,702
4,862
Surplus________
116,598
61,924
10,234,226 10,497,403
. .
Total------------ 10,234,226 10,497,403
Note. — Of the stock, $192,000 pref. and $305,000 common arc in tlio
treasury.— V. 100, p. 1108.
Assets—

C a r r ia g e F a c t o r ie s , L t d . , M o n t r e a l.
30 1914.)
P ro s . Ja m e s B . T u d h o p e , F o b . 2, w ro te in su b sta n co :
{Report fo r Fiscal Year ending N ov.

613

Wo expect to take those up out of profit and loss balanco, without
opening any special account for same. As to the future, wo make no
predictions. Our customers are tho Canadian wholesale paper dealers,
who cater to and supply tho demands of tho public.
IN C O M E A C C O U N T Y E A R S E N D IN G M A R C H 31.
1914-15. 1913-14.
Deductions (Con.) 1914-15. 1913-14.
Profits for period... 858,762 $75,693 Deprec’n reserve___
$5,857
_____
Deduct bond Int----- S30.000 $30,000 Written off.............
4,412
12,152
Dividends-----GH %)11,250(6M)50,625
Directors, Ac., fees. _____
2,319
Hal., sur. or def..sur.$7,243def$19,403
Total prof. & loss, sur. $34,777 $27,534
B A L A N C E S H E E T M A R C H 31.
1915.
1914.
1915.
1914.
Assefs—
$
S
Liabilities—
$
$
Land, bldgs., good­
Capital stock.......... 750,000 750.000
will, Ac............... 823,797 822,106 Bonds...... .............. 500,000 500.000
Mach.,tools,flxt.,Ac. 422,724 422,344 Bills payable......... .
9,656
10,340
Raw material, A c.. . 119,518 129,760 Accounts payable__
34,121
56,606
Accounts receivable. 73,328
73,498 Deprec’n reserve__ 115,000 109,143
1,901
Rills reclvable.........
Profit and loss_____
34,777
27,534
Cash.......................
21
23
Miscellaneous.........
2,265
5,892

The profits of tlio yoar have been sufficient to provido $20,100 for depre­
ciation of capital assets; $10,103 for head office expenses; bond discount
written off, $1,007; bond interest, $30,000; and three quar. divs. of 1% %
Total.................. 1,443,554 1,453.623
on the cum. pref. stock amounting to $03,042 [Nos. 14 to 10 paid Jan. 31
T otal...................1,443,554 1,453,623
Aprd 30 and July 31 10141 - The balanco of profit and loss carried forward, of $33 7 H y y \q \ j, <^)^ ingent liability on bills receivable discounted
including last year’s balance of $102,447, is $127,189, an increase of $24,741
lor the yoar.
The company has now a credit of $94,000 for depreciation rosorvo ac­
count and has mado ample provision for bad and doubtful dobts.
Considering the trado conditions both prior to and sinco the outbroak of
GENERAL INVESTMENT NEWS
hostilities, wo think wo can reasonably congratulate ourselves on the satis­
factory showing mado. Owing, however, to tho unsettled financial con­
ditions of tlio country tho directors believe that they are safeguarding your
R A IL R O A D S , IN C L U D IN G E L E C T R IC R O A D S .
best interests in not resuming at present tho payment of dividends.
Tho directors havo boon able to securo some orders for war supplies from
tho Canadian and Allied Governments and aro oxpocting to securo further
orders. Theso orders havo helped conditions, as tho orders for local con­
sumption aro not up to tho standing for tho corresponding period of last year.
R ESU LTS FOR Y E A R S E N D IN G N O V E M B E R 30.
1913-14. 1912-13.
1913-14. 1912-13.
&
— Purchase.— T h o
Profits (sub. cos.)...*$119,009 $128,406 Net profits.................................$117,783$122,206
Interest, Ac., received 10,634
12,803 llond Interest.... ........ 30,000 30,000 c o m p a n y has, it is re p o rte d , p u rc h a s e d th o C ro s b y to n -S o u th
Preferred dlvs___ (514)63,042 (7)84,056 P la in s R R . , C r o s b y t o n , T e x . , to L u b b o c k , 38 m ile s.
Total earnings------ S129.643 S139.209
The road was constructed a few years ago by the Chicago Livestock Co.
Head office expenses. $10,193 $14,411
which has a branch in Crosby Co.— V. 100, p. 2008.
Rond disc, written off.
1,667
2,592
Total deductions... $93,042 3114,056
N ew Com pany
Net profits........... $117,783 $122,206 Balance, surplus____ $24,741
$8,150
Tho company was incorporated in Maine on Aug. 12 with $1,000,000
* After providing for depreciation of plant and machinery, Ac., $20,106. authorized stock (par of shares $100). The company is no doubt the suo.
ecssor of tho Boise Valley R y .or of the Boise R R ., the latter of which was
C O N SO L ID A T E D B A L A N C E S H E E T N O V E M B E R 30.
to bo segregated from the Idaho Railway, Light A Power Co. and turned
1914.
1913.
1914.
1913.
back to hj. II. Jennings and associates, the former owners.— (V .100,p .1509)
Assets—•
S
Liabilities—
$
$
S
Cost of properties,
Extension o f Notes Due Sept. 2 to
Preferred-stock.........1,200,800 1,200,800
good-will, Ac........2,506,582 2,551,902 Common stock_____1,200,000 1,200,000 March 2 1916— Earnings.— H o ld e rs o f th e n o te s d u e S e p t. 2
Investments...........
36.649
29,889 Capital surplus not
Inventories of goods
avail, for dlv. dis. 220,269 220,269 1915 a ro a sk e d , b y a d v . o n a n o th e r p a g e , to e x te n d these n o te s
on hand A on con­
1st M. 30-yr. 6?___ 500,000 500,000 to M a r c h 2 1916 o n th e fo llo w in g te rm s , th e n o te h o ld e rs
signment............. 905,820 1,025,027 Def’d llab. to Orillia,
Acc’ts & bills rec.,
repay. $2,500 y’rly 40,000
42,500 b e in g re q u e ste d to in fo rm th e O ld C o lo n y T r u s t C o ., 17 C o u r t
loss res’vo for dlsc’t
Bk. l’ns & overdrafts 907,754 917,229 S t., B o s to n , b e fo re 2 p . m . A u g . 27 w h ic h o f th e a lte rn a tiv e
A bad & doubtful
Rills & acc’ts pay__ 182,075 193,762 o ffe rs t h e y p re fe r:
debts__________ 943,600 794,675 Roans, wages, Ac__
38,140
22,188
Cash on hand at bank
5,428
18,309 Res’ve for deprec’n. 94,000
73,894
fo f Extension o f Notes M aturing Sept. 2 1915.
Dlsc’t on bonds (less
Profit & loss........... 127,189 102,447
Orrer ( 1): Any holder of notes may extend tho par amount thereof until
written off to date,
March 2 1916, with interest discounted at tho rate of 6% per annum; or
42,500
$7,500)..........
44,107
Offer (2): Any holder of notes may extend 80% thereof as above and
Unexp'd Ins., taxes
may receive in exchange for the remaining 20% 5% gold notes of Maine
& prepaid Int.,Ac.
9,647
9,060
Ramvays Companies due April 1 1919, at par flat, with Oct. 1 1915 coupon
attached, of which one-half [beint? an amount equal to 10% of old notes]
Total.................. 4,510,226 4,473,089
Total.................. 4,510,223 4,473,089 will be convertible, at option of holder, par for par, into Maine Central RR.
— V. 101, p. 49.
Co. capital stock until Oct. 1 1918, and tho remaining one-half (10%) wili
bo non-convertible. Noteholders will be permitted to increase or decrease
C a n a d a B r e a d C o ., L t d . , T o r o n t o .
the percentages of extended notes” and of Maine Railways Companies
notes so as to obtain oven multiples of $1,000. and if they desire notes of
{Report for Fiscal Year ending June 30 1915.)
Maine Railways in excess of the allotment of 20% they will bo permitted
to Increase such percentage from any notes remaining in the treasury (pro
V .- P r o s . a n d G e n . M a n . M a r k B ro d in s a ys in su b sta n co :
rata in case of oversubscription) and decrease their allotment of Boston &
At tho closo of tho year wo had on deposit in tho banks $452,259, of which Maine notes correspondingly.
$280,600 was upon current account and $171,658 capital account. This
Acceptance of tho above offers aro to be construed as conditional upon
places us in a very strong position financially.
action by tlio directors, not later than Sept. 1 1915, declaring tho plan of
Considering the very unusual world conditions, tho growth of tho ousi- extension effective.
ness has been most gratifying, our manufacture o f loaves being about 10%
in excess o f tlio provious yoar, and our increaso in the number of customers Digest of Statem ent by President J. H. Hustis, B oston. Aug. 19 1915.
During the fiscal yoar ending June 30 1915. by strict economy and with
about 4,600. Cash receipts havo increased by over $250,000, and our net
results aro also ahead o f last year in amount about equal to tho pro rata the partial benefit of increased passenger and freight rates recently granted,
basis of our increase in business. This increased businoss has been built the road was able, notwithstanding a decreaso in operating revenuo of
In our own name, no going concerns having been purchased during tho year. SI,489,236, to como within about $334,000 of meeting its fixed charges, as
Wo havo not succeeded in disposing o f any o f our unused properties, but against a deficit of $2,044,742 for the previous yoar. While this improvchavo them all rented. The Soho and Sullivan St. property has boon re­ rnent does not remove the necessity of reorganization, it strengthens our
beliot that if a consolidation with the leased lines can be effected on equitable
leased for two years from Feb. 1 1915.
Tho prospocts of our Western wheat crop wero never hotter than at pres­ terms, a financially strong corporation will result which will be to tlio
ent, so that wo aro looking forward to a favorable purchase of our flour groatest advantage of all.
If granted, tho extension of your notes will not in any way diminish your
supply for tho coming yoar.
security as no mortgago can be placed upon tho property without securing
IN C O M E A C C O U N T FOR F IS C A L Y E A R S E N D IN G J U N E 30.
your notes, and it will enable the management to continue its efforts towards
a sound reorganization under favorable conditions.
1914-15.
1913-14.
1912-13.
1911-12.
(Gov. Spaulding of New Hampshire, it is understood, is not inclined to
Manufacturing profits..
$287,193
$254,096
$142,500
$139,411
sanction any enabling act that does not show precisely how the leased lines
Bank interest oarned__
10,761
11,3301
19,093
26,328 \vi
1 fare in tlio reorganization. The trustees of tho Pearson estate holding
Bonds, diset. & interest.
769
1,489/
2,400 shares of stock in tho Concord & Montreal, havo, it is said, suggested
reduction of the various leased rentals, which together aggregate
Total ..........................
$298,723
$266,915
$161,593
$165,739 $.3,37,),000
Some of the New Hampshire Judiciary Committee
Bond intorest_________
$72,235
$73,431
$74,268
$68,750 aro said to annually.
favor such an adjustment.— Ed.]— V. 101, p. 447.
l ’ref. dividends ( 7 % ) - ..
87,500
87,500
87,500
87,500
Doprec’n reserve______
50,000
50,000
Sale.
Miscellaneous ________
10,000
2,000
8,123
Pursuant to a judgment of tho Supreme Court of Ontario dated June 30
1915,
sealed
tenders
will
be
received
by
Geo.
O.
Alcorn,
K
.C
.,
in
Balanco, sur. or d e f.. sur.$78,988 sur.$53,984
dof.$175 sur. $1,366 Ordinary, Osgoodo Hall, Toronto, up to noon, Oct. 4 1915, for thoMaster
purchase
of tho proportios and assets. The sale will includo tho steam railway
B A L A N C E S H E E T J U N E 30.
right of way, track, franchises, equipment, &c., together with 500 shares
1914.
1915.
1915.
1914.
of tho capital stock of International Ferry Co., a subsidiary company
Assets—
Liabilities—
$
$
3
S
owning
operating tho steel ferry steamer Niagara Frontier between
Land, bldgs., good­
Preferred stock........1,250,000 1,250,000 Buffalo and
and Fort Erie, and all the lands, buildings, docks, Ac., used in
will, Ac...............4,793,790 4,715,569 Common stock........2,500,000 2,500,000 connection
therewith. The outstanding mortgago bonds may be applied
Cash for extension.
150,025 198,325 Funded debt............1,209,300 1,222,700 on tho purchaso
prico at their decree value. G. T . Clarkson, Toronto,
Cash with mtge. trus. 21,633
46,282 Int., Ac., accrued.. 31,146
39,497
Cash (current acct.) . 280,600 185,348 Mlsc. current liabll's 143,055 102,815 is receiver.
Accounts receivable. 78,185
62,554 Preferred dividend.. 21,875
21,875
N ew Bridge .—
Materials & supplies 62,128
31,328 Depreciation reserve 100,000
50,000
The “ Railway Age Gazette" of Aug. 13 contains a descriptive article
Taxes, Ac., prepaid.
2,325
1,929 Rond red. reserve__
40,700
on the new bridge across the Missouri River at Kansas City, for which con­
Miscellaneous.........
853
726 Surplus__________
93,464
55,174 tracts were let recently, to bo built to replace the old llannibal Bridge.
Compare V. 100, p. 2084.— V. 101, p. 369, 47.
Total.................. 5.389,540 5,242,061
Total.................. 5,389,540 5,242,061
— Findings of Com­
T o r o n t o P a p e r M fg . C o ., L t d . , C o r n w a ll , O n t .
m ission.— T li o I.- S . C . C o m m is s io n a t W a s h in g to n o n A u g .
{Report fo r Fiscal Year ending March 31 1915.)
17 m a d e p u b lic tlio re p o rt o f its in v e s tig a tio n in to th o a lleged

Atchison Topeka

Santa Fe Ry.'

Boise (Ida.) Valley Traction Co.—

.•—

Boston & Maine RR.—

Buffalo & Fort Erie Railway & Ferry Co.—

—

Chicago Burlington & Quincy RR.—

Chicago Rock Island & Pacific Ry

P ro s . R . S . W a ld io , T o r o n t o , A p r i l 26, w ro to in su b sta n co :
To tho profit and loss credit o f $27,534 on April 1 1914, wo havo added
tlio earnings for tho yoar, $58,761, making a total of $86,296. From this
wo havo deducted bond interest, $30,000; dividend No. 7, paid April 15
1914, $11,250; tho balanco o f our organization expenses, $4,411 (written
off), and $5,857 written into depreciation reserve. This leaves to credit
of profit and loss $34,777. To got this result, it was necossary to pass tho
dividend on tho capital stock and to oxcrciso every economy.
Our capital expenditure for tho year was only $2,071. In addition, how­
ever, to tho usual Improvements and repairs, which aro paid for out of earn­
ings, we have this year decided to set asido for depreciation an amount
sufficient to bring that reserve up to $115,000. Beginning with Sept. 1
next, we aro required to redeem annually l 'A % (or $7,500) of our bonds.




m is m a n a g e m e n t o f th o p r o p e rt y .
ce d in g pago.

C o m p a re le tte r o n a p re ­

$1,300,000; contributions or gratuities to officers and directors, about $1 000,000; Vennor transaction, $217,000; miscellaneous and unexplained ex­
penditures, $72,523.
"Theso items,” tho Commission adds, “ show an aggregate loss to the
railway company of more than $20,000,000. In addition thereto it is to bo
noted ..that prior to June 30 1914 the railway company paid to financial

THE CHRONICLE

61 4

[Vol. 101

Institutions in connection with the issuance of bonds commissions aggregat­
ing more than $1,600,000 and suffered discounts of more than 517,700,000.”
The Commission notes the reduction in the profit and loss surplus from
$22,343,955 on Juno 30 1904 to $6,199,841 on June 30 1914, by writing
down of over-estimated assets and otherwise and says that the last-named
figure would bo replaced by a deficit of $11,600,000 if the following and other
over-valued assets were deducted or reduced to actual value: Trinity A
Brazos Valley Ry. ctfs. o f lndebt. (worthless), $3,694,863: Toledo St. Louis
& Western bonds secured bv Ch. & Alton stock. $6,000,000, market value
June 30 1915. not over $1,600,000: Nebraska Central Uy. and Construction
Co. stocks (worthless), carried at $200,000 (purchased from C. H. Venner
for $291,000 to stop his litigation): bonds of Ch. R. I. & P. RR. (worth-

their securities on or before Oct. 1 next, after which no deposits will be
rec lived unless the court should extend the timo.
Counsel to Reorganization Managers, Byrne & Cutcheon, New Y ork,
and Ropes, Gray, Boyden & Perkins, Boston.
,
, ,
,
The depositaries under the plan are tho original depositaries under tne
several bond and note-holders’ agreements, and also for all tho bonds and
notes: Tho New York Trust Co., Now York, and as its agents. Old Colony
Trust C o., Boston: Illinois Trust & Savings Bank, Chicago; First National
Bank, Kansas City; Commerce Trust Co., Kansas City: and Fidelity
Trust Co., Kansas City.
Dissenting depositors must withdraw within the time fixed by tne
several deposit agreements or be bound by the plan.

Ie^No prosecutions, it is thought, will follow the Investigation.— V. 101,
p. 287. 212.

A reorganization and tho acceptance or the new 30-year franchise granted
conditionally July 7 1914 (V. 99. p. 119, 196) are imperative if even the
bondholders are to save their investments intact. The oxisting franchises
covering the greater part o f the systom expire in Kansas in 1922, in Missouri
in 1925. Tho funded debt amounts to $28,700,000, more than $25,000,000
of it being past due. There is also a large amount of other liabilities, part
of which Is claimed to be superior to the bonds, including franchise obliga­
tions which tho city claims are in default to a total of “ about $7,000,000.”
The “ now franchise” was granted to tho Kansas City Railways C o., a
Missouri corporation, herein called tho “ New Railway Company,” which,
as now required by the city, must acquire the portion of the street railways
in Missouri prior to Nov. 7 1915 pursuant to this plan, prepared by Judge
Hook, subject to the approval of the Missouri P. S. Commission. Tho
franchise is not an asset o f the receivorship. It was granted primarily for
the benefit of tho city and the bondholders, unsecured creditors and stock­
holders can only share in its benefits if they become parties to this plan.

Cleveland & Ohio Central Electric Ry.— Construction.

The amended route, approved by certificate of the Secretary o f State on
July 19 extends from Cleveland to Wadsworth, thence by way o f IUttman
and Smithvlllo to Wooster, which will bo tne soutnern terminus o f the first
division. The final destination o f the line is Columbus.
The first division is to be 55 miles in length. Most o f tho right-of-way
and terminal rights have been secured and tne contract to build and equip
tho first di vision has been awarded to the Lathrop-Shea interests, J . J . Shea,
Buffalo, N. Y ., being President of the threo construction companies in­
volved.’ The contract calls for the completion in 1916. The road will be
equipped with gas-electric cars manufactured by tho General Electric Co.
It is aiso proposed to operate a freight service witn 60-ton gas-electric
locomotives; 80-lb. rails will be used. Limited cars will make the distance
between Cleveland and Wooster in 2 hours. Tho road will enter Cleveland
on West 25th St. or Fulton Road. General office, 548 Rockefeller Building,
Cleveland. Ohio. E. A. Norton Is Gen. Mgr. and George J. Hewlett, Sec.
— V. 101, p. 448. 369.

Coast Counties Gas & Electric Co.— Reorganization of
—S. Waldo Coleman, Pres, and Gen. Mgr. of the
Union
Traction Co. of Santa Cruz, (stock all owned) says:
A meoting o f bondholders of the Union Co. will be held Aug. 25 with a
S u b sid iary .

viow to investigating the condition of the corporation, through the appoint­
ment of a committee o f the bondholders. Owing to the prevalence o f the
“ auto habit," gross earnings fell off from $82,000 In tho fiscal year ending
June 30 1914 to $69,377 In the fiscal year ending June 30 1915. The deficit
in 1914-15 was $11,116. The balanco sheet showed that there was due
Juno 30 1915 $23,636 to the Coast Counties Co., which, as stated, owns tho
Union Traction stock, but has not guaranteed any o f its obligations.
— V. 95, p. 681.

Crosbyton-South Plains RR.—S a le .—
Detroit (Mich.) United Ry.— C ircu lar .—Tho stockhold­
ers on Aug. 2, as previously stated, approved the modified
contract with tho city. President Hutchins in a circular
dated
July 14 said:
The city is to assume the payment of outstanding mortgages up to the
See Atchison Topeka & Santa Fe Ry. above.

claimed limit of its power under the constitution and laws of Michigan, viz.,
2% of the assessed value of the taxable property within the city, which
would amount to about $11,000,000, and the balanco, up to tho limit of the
price that would be fixed by tho Circuit Court, by tho creation of a sinking
fund out o f the earnings of the property to be taken over by tho city, and
so arranged that with tho amount personally assumed by the city, the mort­
gage debt referred to, up to the limit or the price fixed by the Court, shall
be paid in 1932, when tho company’s consolidated mortgage indebtedness
matures, and any excess in price above tho amount of outstanding mortUC U I/ I c LyJ UO D U LU IC U I II l/ur> o a i u p

w

V. A >7/

The contract cannot beomo binding on the city until approved by 60%
of the voters o f the city voting upon the proposition at an election which
will be called for that purpose. [Tho city has 60 days after the vote o.
the people before beginning suit to fix the price.— Ed.J—V . 101, p. 448, o70

Gulf Florida

Alabama Ry.

&
— Construction.— 'T h o co m ­
p a n y p u rc h a s e d la s t w e e k 6,000 to n s o f 8 0-lb. ra ils to co m ­
p le te th o e xte n s io n fro m B ro u g h to n to K im b r o u g h , A la ., to a
c o n n e c tio n w it h th e S o u th e rn R y . , a d ista n c o o f a b o u t 50 m .
Work on the extension, it is stated, is being rushed and it is expected that
the connection with the Southern will be made early this fall. The total
distance from Pensacola to Kimbrougn is 142 miles. See map and state­
ment on page 56 of the "R y . & Ind. Section.” Abutments for the draw­
bridge over tho Alabama River at Yellow Bluff, Ala., are nearly ready for
the steel work, for wnich contracts have been made with Amer. Bridgo Go.
An additional pier is being built at the marine terminal at Pensacola
(making 3 piers in all) on which will be Installed the latest machinery for
loading coal for export and coastwise trade. This coal pier, it is announced,
will havo a far greater capacity than any now on the Guff, the first unit
of the loading machinery having a capacity o f 600 tons per hour. Its ca­
pacity can be increased to 1,800 tons an hour by tho installation o f addi­
tional units. Tho Link Belt Co. o f Chicago and Philadelphia are con­
structing the loading machinery.— V. 98, p. 610.
Allied Com pany .—
See Martinsburg Power undsr “ Industrials” below.— V. 98, p. 1694.
R y . — Strike Ended .—
The union on Aug. 15 voted to ratify an agreement with tho company
by which Gov. Walsh is to name tho third arbitrator (each party to tho
dispute to name one) in their dispute with the corporaton which resulted in
tying up the lines for S'A days. The men demanded tho establishment of
a 9-in-l 1-hour day with tho same rate of wages now paid for 10-in-12 hours.
While tho wages would remain practically the same in amount, the lessening
of hours would mean an actual increase over the present wages when figured
on tho hour basis.— V. 100, p. 982.
New
M an­
hattan Ry. Improvements. — T h e c o m p a n y o n M o n d a y re ­

Hagerstown & Frederick Ry.—
Holyoke (Mass.) Street

Interborough Rapid Transit Co.,

-

York.—

su m e d o p e ra tio n o f e xp re ss tra in s o n th e N in t h A v o . e le va te d
lin o o f th e M a n h a tt a n R y .
Tho service was suspended on Aug. 2 to allow the contractors to con­
struct tho overhead third tracks betweon 14th and 72d streets. Tho work
consisted of raising tho structure, laying tho ties, tracks track-walkers
planks, &c., and tho time is said to bo a record for tho completion of such a
job. Tho new stations are not yet finished and tho service as resumed is
the samo as it has been in the past. As soon as tho remainder of tho work
is completed the now stations will be opened to the public. Sovoral of tho
stations will be double decked, viz., at 14th, 34th, and 66th streets.
Tho improvements will be the first to bo practically finished on tho elevated
lines in Manhattan under the dual system contracts with the city. Similar
third-tracking work is proceeding on the 2d and 3d Ave. lines. Tho total
cost of all of tho elevated railway improvements is estimated at about
$10,800,000.— V. 101. p. 47.
Notice to Bondholders.
The Leavenworth (Kan.) Trust & Savings Co., W. S. Albright. Treasurer,
requests owners of the $1,024,000 series A 5% bonds due 1933 to communi­
cate with it, giving address and amounts held, with a view to the formation
of a protective committee should default occur and it become necessary
for the owners to co-operate because of the proposed readjustment plan of
the Missouri Pacific Ry. Co. See that company below and in V. 101,
p. 130.— V. 71. p. 1120.
Plan.— T h o fin a l

Kansas City Northwestern RR.—

Kansas City Railway & Light Co.—

p la n o f re o rg a n iz a tio n , p ro p a ro d b y J u d g e W illia m C . H o o k ,
a n d a p p ro v e d o n b e h a lf o f K a n s a s C i t y , M o ., b y th e C i t y
C o m p tro lle r, a n d th o s e ve ra l p ro te c tiv e co m m itte e s , w a s fo r ­
m a lly issu ed y e s te rd a y a n d m a y bo a cce p te d b y th e in te re s t­
ed s e c u rity h o ld e rs o n o r b e fo re O c t. 1.
Notice is given by Kuhn, Loeb & C o., Leo, Higginson & Co., and Blair
& Co., that they have consented to act as reorganization managers in carry­
ing out the plan. Security holders, in order to participate, must deposit




Preamble— Immediate Reorganization Necessary.

Stock Capitalization of Old Companies.

The Metropolitan Street Ry. Co. has outstanding $5,630,800 capital
stock, all of which, subject to pledges, is owned or controlod by tho Kan­
sas City Ry. & Lt. Co. (of N. J.). The latter company has an authorized
capital o f $12,500,000 each of preferred and common stock, of which $9,­
407,500 prof, and $9,543,080 common is in the hands of the public and a
further $2,977,000 of pref. and $2,695,000 of common is pledged to secure
its obligations.
,
,
..
, „
The K. C. Elovated R y. Co. is a Kansas corporation with a capital of
$2,600,000, all ownod by “ Metropolitan” except 53,150 pref.; and $69,200
common stock;the owners o f which amounts, unknown for years, are under
this plan entitled to a claim as general and unsecured creditors up to tho
actual valuo, if any, to bo liquidated or established in the same way as the
other general claims. The K. C. & Westport Belt R y. (of M o.) has an
authorized capital of $500,000, the $250,000 issued being ow;ncd by tho
K. C. Ry. & Lt. Co., subject to a pledge to Kansas City banks to secure
$375,000 loans. Tho K. C. Electric Light Co. (of M o.) owns or controls
an electric light and heating system in the two Kansas Cities and has an
authorized capital of $2,500,000. of which $2,100,000 has boon issued, and
is owned by the Railway, which has pledged it to secure its obligations.
Obligations to Be Cared for Other Than the $28,700,000 of Bunded Debts.
The “ other obligations*’ to be cared for are tho general unsecured liabili­
ties, if any, of the various companies; tho receivers’ liabilities; tho exponses
of foreclosure and reorganization; claims of Wyandotte County, Kan.;
existing contracts for trackage, power and rights-of-way; personal-injury
claims and certain demands of tho city arising from injuries to persons and
property. The amount o f these cannot now be ascertained.
Tho Kansas City Terminal Co. claims to have a long-time contract with
the "Metropolitan,” “ Elevated” and "Central Electric” under which tho
three latter must contribute large sums of money for the construction, use
and maintenance of viaducts over and subways under tho streots. InterurDan railways also claim long-time contracts with the 'Metropolitan for
electric power and for the use of the tracks of the latter. Each of them
assert that the "New Company” must assume and carry out the contracts,
failing which they will have claims for damages. Wyandotte County
is reconstructing tho bridges over the Kaw River used by tho ‘Metropoli­
tan” and “ Elevated” , and claims that tho latter must pay one-half the cost
of reconstruction: this claim will amount to several hundred thousand.
Judgments and undetermined demands in pending.personal injury suits
on claims arising prior to tho receivership which bondholders claim to be
inferior to their holdings, yet are concodedly prior to the rights of the stock­
holders. These aggregate $3,251,404.
- ,, ,,
, ,.
The reorganization will reliovo the railway property o f all liens and tho
now railway company itself from all liability excepting as assumed and pro­
vided in this plan; and further excepting the mortgages of the "Elevatod
and the "W estport,” which, not being due, the city lias consented may re­
main on the property upon conditions approved by the Judge, and for which
special provisions aro made herein.

Two Separate Companies Necessary— Valuation Under N nv Franchise.

Tho K. C. El. Light Co. and street railway properties will be separated
in ownership and control so that they may be financed and oporateil by
companies wholly independent of each other. There must bo no holding
company owning the stocks of both, nor should the stocks or properties of
both be mortgaged or pledged to secure the same obligations. Tho separa­
tion presents little difficulty if a just proportion of the debt bo uncondi­
tionally sot off against the K. C. El. Lt. Co.; the amount now fixed as
the conservative proportion is $4,977,300, whereof $3,060,000, will bo
represented by new 1st Mortgage 5s and $1,917,300 by new 2d M . 6s of
the Light Co. This leaves $23,722,700 of tho old funded debt to bo
cared for by the "New Company.” The new franchise provides: In no
event shall the aggregate amount of outstanding mortgage Indebtedness
and capital stock of the company be in excess at any time of tho value ot tne
company’s property, wherever situated, exclusive of franchise valuo under
this ordinance.”

Stockholders Should Not Be Assessed Further Than Plan Provides.

The stockholders of tho K. C. Ry. & Lt. Co. should not be assessed fur­
ther than as provided in this plan for the following reasons: (a) Since the
receivers were appointed and up to M ay 31 1915, the stockholders havo re­
ceived no dividends. AH earnings that might have boon so applied havo
gone into the properties. In addition to interest paid on the bonc&, $4,486,­
755 have been expended on tho properties— $1,664,142 upon tlm Light
»»iwi
ftoo i f i'i hw the 1receivers U D on th6 street) r«nlw{iys. How m u c h of
the amount expendeH upon the street railways will be allowed as added
capltal'vahie imder the franchise has not yet V X ^ o n r U io ld e r J m id t h lX
it mav be it has inured to the advantage of the bondholders and tne dcnrival of tho stockholders. (6) Unsettled general claims must come before
th« stockholders receive benefit, (c) Liabilities on executory contracts
not assumed by* toe "N o w C o m p a ^ y " W T r e n d i n g contes^before
Moreover,^the defaulted franchise obligations o f the old streot railways,
claimed by the city to bo about $7 ,000,0 00 and to bo superior to tho rights
of existing bondholders, aro cared for in the new franchise in a modified and
eTtenilod form and assumed by tho new railway company, and that much
of the burden will fall on tho stockholders without corresponding increase
of in c o n m .I t 'ls erroneous t0Sassume the city has' guaranteed the stock

sa«5tsaE^s?Js*sss

seeurity’t o f tho*bon™9°of*tUol“ N,ilv ^ta^lway^CoKpanJl5, tho franchise pn>
onn non nf IN siirnliis earninf?s as therein defined shall bo used
value
which returns
are
available
forto~ be
^ dttaken
ej £ f n^at
n apar
r susurnclent
fflc le n t of
of First
First
Theon
stockholders
shall
take
or cause
Mortgage bonds to pay tho reorganization exponses chargeable to
the street railways and not paid from current funds, the liabilities, claims
charges judicially determined to bo prior and paramount to tho bonds
to be refu sed , and to s u p ^ y tM “ New Kaihvay ^ompfm y” with $1,000,­
000 in cash for new capital expenditures, presently available.
itnnieinn ifnusps Selected as Reorganization Alanagers by fudge Ilook.

The Judze na^cum rly desirM that Kuhn. LoebA Co., Leo, Higginson &
Co . ln d Bla?r & Co % h ic h rK
had much to do in the past with the
securities or the old companies, serve as reorganization managers II. L.
Stuart of Chicago is designated as the representative of Judgo Ilook to
co-operate with him with reference to reorganization matters.
Interest Adjustment to July 1 1915 on A ll Old Bonds.
Tho holders of the bonds of the old companies who become parties to tho
reorganization shall receive interest at the rates last paid, respect voly, to
July 1 1915. tho date of tho bonds of tho "New Railway Company, except
thit thn K C Rv & Lt Co. 5s and Metropolitan Consols shall receive an
additional i% per annum from May 15 191J to said date and M ay 1 1913
to N ov. 1 1913, respectively.

A ug. 21 1915.]

THE CHRONICLE

Securities to Be Issued by the " New Ry. Company" and the "Light C o ."
Capital Stock.— The “ Now Railway Company ’ and K. C. El. Lt. Co. (or

a successor company) shall each have an authorized and paid up capital
in such amount as shall bo lawfully permitted. Either company may, if
found legal to do so, hold so much o f Its property as may be in Kansas In the
form o f stock and bonds of a Kansas corporation. The issued stock o f the
New Railway Company” shall equal the equity in the value of its property,
and so o f the stock o f the Eight Co. These stocks representing tho equities
shall bo distributed by thoso companies among tho holders o f the stock of the
Kansas City Ity. & Lt. Co. outstanding in tho hands of tho public in such
way as the stockholders may determine; provided that nothing be done to
affect tho independence o f the companies.
The "N e w Railway Company" — Bonds, Notes, & c.
(а) Three-Year 534 % Notes, secured by 110% o f tho now First Mortgage
o «rtn0a..^ r mentioned. Those to tako up, $ for $, tho “ Consols,”
*7,242,000, Corrigan.” *55,000, “ East Side,” *250,000, and the notes due
the Kansas City banks, *375,000.
Total issue limited to *7,922,000,
all to be present y issued. Dated July 1 1915 and duo July 1 191S; int.
J. & J. Secured by pledgo o f *8,714,200 o f new 1st M . bonds. See (6).
(б) First Mortgage bonds, dated July 1 1915 and due July 7 1944, but
subject to redemption on any interest date at 103 and int. Interest J. & J.
Issuable as follows: (1) As 5% bonds (na) *8,714,200, or 110%, to secure
the aforesaid Throe-Year Notes; (bb) *10.150,200 in exchange for old
bonds as below shown (including *500,000 for Westport and *1,510,
200 ior Elovated bonds the exchange of which is optional); also such
additional amount as may bo needed [*3,000,000 or *3,500,000 under­
written.— Ed.J to raise tho cash required for the purposes of the plan;
(cc) bonds from timo to time to tako up any o f tho aforesaid $2,100,000
Elevated and Wesport bonds not assenting to plan. (2) With interest to
be t ixcd at timo of issue at a rate not to exceed 6% , to provido funds only for
tho purpose of now capital expenditures, $1,000 o f bonds for each *1,000
so expended, but for each *1,000 of bonds so issued the company must
expend for liko purpose an additional *100 in cash or out o f tho surplus in­
come credited to the city, as provided in Par. 4, Sec. 27, o f franchise. Fail,
uro so to do shall, at option of trustee, be cause for declaring the bonds due
(c) Second Mortgage bonds, dated July 1 1915 and due July 7 1944, but
subject to redemption on any interest day at 103 and int. A sinking fund
o f $105,820 annually from net earnings otherwise available for dividends on
stock will begin Jan. 1 1916, and with interest on bonds retired is expected
to rotiro tho entire issuo by maturity. Limited to $5,291,000, whereof
*4,291,000 shall be Series A 6% and be used to pay in part tho “ Railway”
6s, and to purchase “ Elevated” 4s, as hereinafter provided, and $1,000,000
shall bo Series 13 5% and bo used to pay in part ,rCentral Electric” bonds.
Interest from July 1 1915, payable J. & J.
(d) "Special Deferred Securities," tondorable at par in exchange for all
approved claims inferior in right to tho old bonds, but superior to the stock,
and for which provision is not otherwise made in tills plan. These securi­
ties shall run for the life of tho franchise (but subject to call at par). and bear
6% interost, cumulative, payablo only out of not earnings. Not a lien
upon tho physical property, but as against the owners o f tho stock, substan­
tially similar to that of preferred stock.

M in n e a p o lis &

615

St.

L o u is

RR.— Purchase

Completed.-—

A deed conveying the Fort Dodge & Des Moines RR. to the company has

V l O O p , 1672^ ^ olncs- Tho consideration is said to be $2,523,500.—

Ry.

M is s o u r i P a c i f i c
— Receivership.— P re s id e n t B e n ja m in
f •B u s h w a s o n A u g . 17 m a d e re c e iv e r o f th is c o m p a n y a n d
its s u b s id ia ry , th o S t. L o u is I r o n M o u n t a in & S o u th e rn R y . ,
b y J u d g e A d a m s o f th e U . S . C ir c u it C o u r t a t S t. L o u is , on
a p p lic a tio n b y th o C o m m o n w e a lth S te e l C o ., as h o ld e r o f
cla im s f o r su p p lie s a g g re g a tin g $145,276 a n d $55,335, r e ­
s p e c tiv e ly , th e m a n a g e m e n t a ss e n tin g .

mOittm,°LInc0me
°*th2 Missouri Pacific is inadequate by *1,300,000 to
hkU^ e/ine? ofJ he capital expenditures and interest charges ma­
. Allegations as Reported from Receivership Petition.

3 L th„t

d £.,th? flscal ycar- Juno 30 1915. Of the *24,845,000 of
to iiv p nn
iyabKP Jun? I 1915>the holders of $1,185,000 have declined
m m i f i n e*tension beyond June 1 1915. The defendant has an outstandexceeding $5,000,000. of which *3,500,000 is overdue.
voa^ endtnJ^ n^ sn P V of? by u 10, ,Iron M tn. from all sources during the
expenditures a
n
d
aJ>pU^able to the Payment of necessary capital
the ^ m o n eriS dfn th i
In,terost payments was less by $2,750,000 than in
such expendhures
previous year, and was wholly inadequate to meet
l,onds0 due
?nrl??ho

iiSSU0 of J25.000.000 1st & Ref. M . 6% 40-year gold
1 1952, is owned by the Missouri Pacific ana pledged to seThreO;YeT
ar 5% Secured gold notes due June 1 1914, and
extended for a year. On June 1 the Missouri Pacific defaulted on the navment of interest on these notes and the Union Trust Co. as trustee there­
upon, as permitted by the deed of trust, demanded that the Iron Mtn pay
on said *25.000.000 bonds, which it was unable to do
noN« and
outstand,inK *1.000,000 of defaulted promissory
dS llndn unpaidbJ u ^ f m T ° U $1’741’000 notes of Toxas * 1>acific R e ­
statem en t Issued by the Directors o f the M issouri P acific and the
, h o n M ountain Companies.
When the plan of readjustment dated July 1 1915 was announced it
was hoped by the boards of directors of the Missouri Pacific and Iron
Mountain companies that securities would bo promptly deposited in suf­
ficient amounts to insure the success of the plan and to thereby make it

s a g ? 138818151,100 to moet the

aggregating almost * 2 .0 0 0 ,0 0 0 .
The Iron Mountain company is already in default in respect o f interest
r^iedy^ucl^dofauUs paymen*’
obligations, and is without means to
Bonds to Be Issued by the K . C. Electric Light Co. or a Successor Company.
Neither company is in a position to obtain funds required to meet its
(e) First Mortgage Bonds dated July 1 1915 and duo July 7 1944, but sub­ financial requirements of tho near future. Accordingly, and in order to
ject to prior redemption on any interest date at 103 and Int. Thoso pres­ preserve the assets of the two companies, and in tho Interest of their cred­
ently issued, $3,060,000, shali boar 5% interest from July 1 1915, payablo itors and stockholders, tho Missouri Pacific and the Iron Mountain have
J. & J. Additional bonds shad rank equally In lien, and shall bear interost consented to the appointment of a receiver and aro pleased that tho Court
at such rates not exceeding 6% per annum as may at the time o f issuo thereof has appointed Mr. Bush.
bo expressed in the bonds The first *1,940,060 o f additional bonds shall Statem ent Issued by R eadjustm ent Managers and the Bondholders’
bo issued at rato o f $1,000 for each *1,000 actually expended for extensions,
and Stockholders' Committees.
adcHtions and improvements, tho next *10,000,000 at *850 o f bonds for
In tho Introductory statement prefixed to the plan for the readjustment
e^cn SLOOO so expended.
Any further bonds at *500 o f bonds for each of the capital and debt of tho Missouri Pacific and the Iron Mountain com$1,000 o f such expenditures.
Pan.lef Promulgated six weeks ago (see V. 101. p. 130), it was stated on be(/) Second Mortgage 6% Bonds dated July 1 1915 and due July 7 1944, but nan ?L the boards of directors of both companies, tho readjustment managers
subject to redemption on any interest date (J. & J.) at par and int. A sink­ and tho several committees that a readjustment was essential in the inter­
ing fund o f *38,346 per ann. from net earnings otherwise available for divi­ est of security holders of all classes, and it was urged that the plan be
dends will begin Jan. 1 1916, and with Interest received on bonds retired is promptly carried out by the voluntary action of the security holders con­
expected to redro the entire issue by maturity. Issue limited to $1,917,300. cerned. It was stated that, failing this, the foreclosure of mortgages and a
compulsory reorganization could not possibly be avoided.
Terms of Exchange o f Old for N ew Securities.
The response made by security holders to this call for deposits has plainly
shown that the hope of carrying through the readjustment by the volun­
(1) Exchangeable for 3-Year 5 h % Notes—
Outstanding. New Ry. Notes
Metropolitan St. Ry. Consols of 1895, duo May 1 1913.57,242,000 100%-$7 242 000 tary action of the security holders can no longer be reasonably entertained.
Corrigan Cons. St. Ry. 1st 5s of 1886, due July 1 1916.
55,000 100%55 000 In view o f this, and of the default of the Iron Mountain company in tho
East Side El. Ry. 1st 5s of 1901, due July 1 1911.........
250,000 100%- 250’000 payment of interest duo July 1 and in the payment of other obligations, the
Loans from K. C. banks (sec. by Westport Beltstk. . .
375,000 100%- 375,’000 recent accumulation of unpaid vouchers by the Missouri Pacific Co. and its
inability to obtain the funds for its Sept. 1 interest payments, aggregating
(2) Exchangeable
Amount
New Ry.
New Ry.
Light Co
Light Co
nearly $2 ,0 0 0 ,0 0 0 , and the inability of either company to procure the funds
for Bonds—
Outstanding. 1st M . 5s. 2d M . Bds. 1st M . 5s. 2d M . 6s
for these and other requirements of tho near future, the directors,
*500,000
Westport....................
5500,000 ................................
' required
the readjustment managers and the several committees have reluctantly
Per cent......... ........
100 %
acquiesced in a receivership for both companies.
K. C. Ry. & Lt. 5s----- 10,200,000 7,140,000 ............. $3,060,000
............
Ail interests joined in recommending to the Court the appointment of
Per cent__________
70%
30%
I resident Benjamin P. Bush as sole receiver. It is fortunate that through
K. C. Ry. & Lt. 6s----- 5,478,000
............. $3,560,700 ------------- 51,917,300
Per cent____ _____
a65%
35%
Central Electric--------- 2,000,000 1 , 000,000 1------------, 000,000
Per cent------60%
b50%
..
. ..
-P only emphasizes tho importance of the prompt co-oper­
Elevated 6s.......
600,000
X660.000
ation of tho security holders in carrying through the plan of readjustment
Per cent__________
110 %
recently announced. T. he plan is believed to be fair and just to all interests
Elevated 4s................. 2,000,000
X850.200 X730.300
concerned, and the reduction in fixed charges contemplated by the plan is
Per cent____ _____
42.51% c36.515%
considered essential to place tho property upon a sound financial basis.
Defaults in the payment of the interest upon several of the mortgages and
T otal........... . . .
520,778,000 $10,150,200 $5,291,000 53,060,000 $1,917,300 proceedings
for their foreclosure are unavoidable, but it is hoped that tho
Nole.—Interest will be adjusted as of July 1 1915, and holders of the bonds will
In addition to the new securities, receive In cash, the Interest accrued and unpaid on
the existing bonds to said date, as well as additional Interest as stated In the plan,
a 65% Ser. A 6s. b 50% Scr. B s. 5c 36.515% Ser. A 6s. x Approximate.
that the system may soon be returned to its owners with its credit re-estab­
Proposed Mortgage Provisions So Far as N ot Inconsistent With Franchise.
lished and with funds provided for its future requirements, so that it may
(a) Tho First Mortgago bonds, and subject thereto the 2d M . bonds,
take the place to which it is entit ed among the strong and prosperous rail­
will be a lion upon all tho street ra lroads and tho equipment thereof and roads of the country.
upon all tho stocks, bonds, properties, franchises and rights o f tho “ New
Time Extended. — I n v ie w o f th e p ro ce e d in g s ta k e n f o r th e
Railway Company” owned to thereafter acquired, including tho stocks or
physical properties o f tho Elevated and tho “ Westport” , and it will bo a a p p o in tm e n t o f re c e ive rs , th e tim o f o r th e d e p o s it o f se cu ritie s
lion subordinate only to tho mortgago bonds o f the “ Elovated” and West­
s u b je c t to th e p la n o f re a d ju s tm e n t d a te d J u l y 1 1915 ( V .
port, if any, remaining undisturbed as heroin providod.
(ft) Tho bonds of tho Light Co. will bo a first and second lien, respectively
101, p . 130) has been e xte n d e d to a n d in c lu d in g O c t. 15 1915.
upon ail properties and franchises owned or thereafter acquired by that co. ’
The mortgages shall contain suitablo provisions to onablo tho “ Now Rail­ D o p o s its o f se cu ritie s w ill n o t bo re c e ive d a fte r O c t. 15 o x­
way Company1’ to issue bonds with which to acquire or dischargo tho claims c e p t u p o n te rm s a p p ro v e d b y K u h n , L o e b & C o ., th o re a d ­
o f holders of such bonds of the Elovated and “ Westport” as shall not bo ju s tm e n t m a n a g e rs. A n n o u n c e m e n t as to a d va n c e s b y th o
acquired by tho “ Managers. ’

d e p o sita rie s a g a in s t co u p o n s m a tu rin g S e p t. 1 w ill be m a d e

New M oney— Underwriting Syndicate.

See a d v . o n a n o th e r page.
Tho stockholders shall cause to bo formed a responsible syndicate which s h o r tly .
will underwrite tho cxchango by tho holders o f tho existing bonds, oxcept
Notice to H olders of K a n s a s City & N . W. B on ds
thoso o f tho “ Elevated and Westport , o f their present securities for tho
See
that
company
above.— V. 101 , p. 4 4 9 , 2 8 8 .
new bonds on tho basis provided in tho plan to tho extent that they will guar­
antee to furnish tho cash to pay bondholders not accenting tho nlan tho
— Sold. — A t fo re ­
sums payablo to them out o f the proceeds o f any foreclosure sale For the
cash thus furnished tho syndicate shall receive tho securities which tho non- clo s u re sale in M o b ile o n A u g . 18 th e p r o p e rt y w a s b id in fo r
accopting bondholders would have received had they accepted the plan:
but tho syndicate may withdraw from its underwriting («) in case tho hold­ $2,763,250 b y C h a u n c e y H . M u r p h y , re p re s e n tin g th o re o r­
ers o f 90% o f the aggregate amount o f the “ Metropolitan” ^Conso?s,the g a n iz a tio n c o m m itte e , J o h n W . P la tte n is C h a irm a n .
IC. O. Ry. & Lt. Co. 5s and 6 s and tho Central Electric” bonds do not as­
sent to tho plan, and (b) In respect or any class of bonds as to which tho hold­
ers of at least 80% thereof shall not assent. The amount o f Firs^t Mortgage
--------- ---------1 u i v i f t i i u u u v u u e i UU11UUU1UU1
- -IV - bonds now to bo sold for the purpose o f tho plan is $3,000 000 or S3 500 000
all underwritten. [The contemplated share capital o f tho now comnanie4 will ho allowed to participate if they deposit within a reasonable tim eis: Railway, 250.000 shares; Light Co., 100,000 shares (par *ioo?)°present V. 101, p. 21 o»4o.
issues not yot determined, being depondent on the amount of snoeial
.— Foreclosure S u it
deferred certificates which it may be necessary to issuoas against the
The Anglo-Califorma Trust Co. of San Fran., as mortgage trusteo, has
agreed valuation o f tho property, which is to bo the limit o f the total capi­
brought
suit
in
tho
Superior
Court in California against the Unitod Proper­
talization and also on tho approval o f tho P. S. Commissions of Missouri
and Kansas. The valuation placed on the railways, including SI onfi non ties Co., Dennis Soarlcs and stockholders of the Oakland Itys. for recovery
now money, is *33,412,026. The light properties appraised at *9 183 464 on tho noto issue of $2,500,000 of the Oakland Rys. of Aug. 12 1912, known
as “ Halsey notes.” Jared How, of counsel, stated that tho move was to
aro reported by P. 8 . Commission to have a depreciated value o f *5 812 534
Wo understand that IC. C. Ry. & Lt. Co. shareholders will receivo 2-3 of protect tho noteholders in the event that the reorganization o f tho San
their allotment as hereafter fixed in new Railway shares and 1-3 in Light l'rancisco-Oakland Terminal Railways, now impending, is not carried
Co. shares. They will also be allowed to subscribe for tho bonds under­ through. The statute of limitations, it is said, would make it impossible
written at tho underwriting price, 100 and Int., if they dosire.— Ed.]__V. for tho trust company to sue after Aug. 15.
These 6 % notes, originally duo Juno 12 1913, and since drawing interest
101, p. 370, 288.
at 7% , aro secured, it is stated, by pledge of the following: Oakland Trac­
tion Co. Gon. Consol. 5s. due 1935, 31,843,000; San Fran. Oakland & San
.— Electric Operation
Consol. Ry. Gon. Consol. 5s, *1,413,000: San Fran. Oakland Terminal
Tho road was formally oponed for traffic on July 22 as an electric road Jose
Railways *13,710,100 common stock, $3,811,200 class A pref. stock.
undor the supervision of the Hydro-Electric Power Comm.— V. 101, p. 212. *1,000,000
class B pref. stock and its *2,500,000 6 % note dated Aug. 12

.—

New Orleans Mobile & Chicago RR.

Oakland Railways

London & Port Stanley Ry




.—

.—

616

[Vol. 101.

THE CHRONICLE

1912 and due Juno 12 1913, secured by entire outstanding stock of Oakland
Terminal Co., less 5 directors' shares. Comparo V. 95, p. 544 (small
type).— V. 97, p - 1204, 1116.
_
Bonds.— I t is g e n o ra lly u n ­

Pennsylvania Company.—

d e rs to o d t h a t J . P . M o r g a n & C o ., re p re s e n tin g th e R o th s ­
c h ild s , h a v o closod a c o n tra c t w it h K u h n , L o o b & C o . to r
th e sale b y th e M o r g a n f ir m o f th o P e n n s y lv a n ia 3 M % b o n d s
p le d g e d as p a r t s e c u rity f o r a lo a n to th e R o th s c h ild s w h ic h
th o M o r g a n f ir m n e g o tia te d a m o n t h o r tw o ago .
It is understood that the amount involved is between 140,000,000 and
150 000 000 francs, but tho details of the sale aro not as yet obtainable.
This transaction is clearly of decided benefit to the exchange situation, not
only because it makes available immediately to the I<rench banks the oquity
in the loan, but also because, by permanently transferring these bonds to
the1 United States, a loan maturing next July is paid off now and conse­
quently does not need to be re-financed.— V. 100, p. 21b8, 1503.
Pref. Stock.—
Seo.Ouquesne Light Co. below. *V. 100, p. 1919, 1837.
Defaidt— Receivership .—
See Missouri Pacific R y. above.— V . 100, p. 2168.

Philadelphia Co. of Pittsburgh.—
St. Louis Iron Mt. & So. Ry.—
San Francisco-Oakland Terminal Railways.—
Seo Oakland Railways above.— V. 101, p. 450, 289.
Syracuse & South Bay Electric RR.— Foreclosure.—
Owing to unexpected and unavoidable delays of a routine nature affecting

reference hearings, tho foreclosure sales of tho Syracuse & South Bay Lloctric RR and tho Syracuse Watertown & St. Lawronco River B R . will, it is
said, not be possible until tho latter part of October or early in November.
See plan of reorganization in V. 109, p. 2011.
Notes Overdue.
See Missouri Pacific Ity. above.— V. 100, p. 1169, 1080.
_
Restrained.
Tho Now Jersey P. U. Commissioners on Aug. 17 after a hearing decided
to restrain for 3 months tho proposed abandonment by tho company ot its
6-for-a-quartor scrip tickots In favor of a flat 5-cent fare. I his will permit
an Investigation to bo made. The first hoaring will bo held on Sept. 21.
V. 94, p. 828.
Reorg.
See Coast Counties Gas & Electric Co. above.— V. 94, p. 1764.
Order.— 'T h e
S.

Texas & Pacific Ry.—
—
Trenton & Mercer County Traction Corp.—
Union Traction Co. of Santa Cruz, Cal.—
United Traction Co. of Albany, &c.—

£2,000,000 capital stock, all outstanding, in £10 shares.
aro not yet available.— V. 100, p. 814.

Dotails of bonds

Cedars Rapids Mfg. & Power Co., Montreal.—

Earnings
6 M as. end.
Cross
Credits to
Operating
P ixed
” ™ani.e,
June 30
Earnings.
Other Cos.
E x p .. A c .
Charges
Surp/us.
in
8384,845
$117,803
$21,652
$185,207
$60,178
“ CreditVto other cos.” donoto crodits to the Cedars Rapids rransinission
Co and the Montreal Lt., lit. & Power Co. for transmission of power
^The*1'comnan y has' ' it is stated, just concluded arrangements for tho sale
of an additfonaJ 10 000 h. p ., delivery to begin in March 1!) 16. The com­
pany is now selling about 83,000 h. p. Aside from the business that may
develon in tho interval, the company, therefore, will have 93,000 h. P - ° i a
total canacitv of 100 000 h. p. under contract for delivery in 7 months time.
The margin between contracts and capacity has become so small that an
enlargement of tho plant is necessary. V. 100, P• 1754» 1200.

Central Aguirre Sugar Companies.—

Common Dividend.
A dividend of*$10 per share (10%) has been declared on tho $2,000,000
common stock Davablo Sept. 1 to holders of record Auh. 25. t h is c ‘)nJ,''
P e s with 6% ’ i^S opt 1912. 5% in 1911, 10% in 1910 and 7% in 1909.
See V. 100, p. 2088.

Central Hudson Gas & El. Co., Poughkeepsie, N. Y.—

The P. S. Commission lias authorized tho company to issuo $500,000
10-year 6% bonds convertible into common stock on and after Oct. 1 1918,
nlso nn issue of stock to provide for tho conversion. The proceeds will bo
Sled for extensions and improvements, notably $175,000 for improvements
at the generating station. Compare V. 93, p. 171, V. 31, p. Jot.

Consolidated Indiana Coal Co

.— M ajority of Bonds D e ­
posited— Time Extended to Sept. 1.
n,hl,
nf holders of 1st M . 30-yoar 5s, Mortimor N. Bucknor,
Clmi^nan which now controls a substantial majority of tho outstanding
onairin* l, ffuiui uu
time for tho deposit of such bonds with tho
K
yS
i Y us Coas^doposdtary, has boon extended to Sopt. 1 1915:
after S a t bon'u will 'be received only upon such terms as tho committee
may prescribe.— V. 101, p. 290: V. 100. p. 1921.

—
P.

C o m m is s io n lia s issu ed a n o rd e r p r o v id in g f o r th o im p ro v e ­
m e n t o f th e e q u ip m e n t.

or

The ordor provides for tho Immodlato purchaso of 15 now cars, to bo in
serviceliy Dec. 1; the purchaso of 10 additional cars, to bo placod in service
in 1916: the rebuilding of a number
cars now in use, and tho general
overhauling of others. Thoso improvements will cost the company be­
tween S 100,000 and 8200,000, will increase tho numbor of cars by 50. and
tho seating capacity by about 500. Tho company has until Aug. 25 to
notify tho Commission of its intention to comply with tho order. V. 10),
I>. 1834.
8 0 % of Bonds Deposited.— A b o u t

Western Pacific Ry.—

8 6 % o f th o 849,925,000 1st M . b o n d s h a v e , it is s ta te d , boon
d o p o sitod w it h th o K ro c h p ro te c tiv e c o m m itte o u n d o r th o
d e p o sit a g re e m o n t d a te d M a y 1 1915. A p a r t o f th o issu e is,
i t is sa id , h o ld a b ro a d a n d a b o u t 8600,000 o f th o re m a in in g
u n d o p o s ite d b o n d s a re h o ld in C a lifo rn ia . T h o tim e to r
dap o sits e x p ire d A u g . 14, b u t it is u n d e rs to o d th a t b o n d s w ill
b o a c c e p to d f o r a s h o rt tim e lo n g e r.— V . 101, p . 371, 215.

on July 1 lust, on account or
accumulations.— V. 100, p. 1<S3.>.

Delaware Lackawanna & Western Coal Co^NewO//tce.

Tt, „
nnv 1, 0 c moved its offices from tho D. L. & W. RR. Bldg, at
90 West St. to tho 18th floor of tho new Equitable Bldg., 120 Broadway.
— V. 101, p. 373, 208.
.
— N ew Stock— Stock D ivi­
dend.— 'T h o M ic h ig a n R a ilro a d C o m m is s io n h a v in g a p p ro v e d

Dotroit (Mich.) City Gas Co

th o p ro p o se d incroaso in th o a u th o riz e d c a p ita l s to c k Ir o in
87,500,000 (86,580,000 o u ts ta n d in g ) to 815,000,000, th o
s to c k d iv id e n d o f 81,792,000 (2 7 .2 3 4 % ) is p a y a b le im m e d i­
a te ly to s h a re h o ld e rs o f re c o rd as o f J u n o 171915. C o m p a ro
V . 101, p . 373.

Driggs-Seabury Ordnance Co., Sharon, Pa.-

N ew

T h o a n n o u n c e m e n t has boon m ad e t h a t
th o c o n tro l o f th o D rig g s -S e a b u ry O rd n a n c o C o rp o ra tio n ,
w it h p la n ts a t S h a ro n , P a ., has passed to s tro n g N o w Y o r k
in te re s ts , a m o n g w h ic h is tho b a n k in g f ir m o f W illia m M o r r is
Im b rio & C o . A n e w c o m p a n y , ca lle d th o D rig g s -S o a b u ry
O rd n a n c o C o m p a n y , w h ic h w a s in c o rp o ra te d in D o la w a ro
la s t w e e k , w ill p u rch a se tho assets o f th o fo rin o r D rig g s-S o a b u r y C o rp o ra tio n , a n d w ill re s u m e im m e d ia te ly tho m a n u ta c IN D U S T R IA L , G A S A N D M IS C E L L A N E O U S .
tu ro o f w a r m u n itio n s . B eca u se o f th o a ttitu d e o f th e lo rm o r
A m e r i c a n B a n k N o t e C o .— Notes Called— N ew Iss u e .— m a n a g e m e n t, th o D rig g s -S o a b u ry has m a n u fa c tu ie d n o m u ­
T h o 81,000,000 5 % 3 -y e a r n o te s d u o M a r c h 1 1916 h a v e n itio n s since th o b e g in n in g o f th o w a r, b u t is n o w c o m p le tin g
be e n ca lle d f o r p a y m e n t a t p a r a n d in t . o n S o p t. 15 a t th e a co n sid e ra b le c o n tra c t fo r a u to m o b ilo tru c k s .
It is understood that tho capitalization of tho company will be S500,000
B a n k e rs T r u s t C o . C o u p o n s d u e S e p t. 1 w il l bo p a id as first
7% cumulative proforred stock, $500,000 second 6% profoued noncumulativo (which is convertible into common stock after one year) and
u su a l a t m a t u r i t y .
. . , „ _
...
, ,,
common stock, of which $2,500,000 Is outstanding. It is^also
T h o c o m p a n y h as sold to D o m in ic k & D o m in ic k a n d tn e $3,000,000
understood that tho company will issuo $E 500,000 one to five year serial
B a n k e rs T r u s t C o . a n e w issue o f 8600,000 5 % s e ria l n o te s, 0% gold bonds. $300,000 maturing each year beginning with Dec. 31 lJio.
d a te d S o p t. 15, du o 8200,000 y e a r ly S o p t. 15 1916, 1917 a nd These bonds have not yet boon publicly offered, but it is understood that a
has boon formed that will offer thorn within a short
1918
T h e p ro ce e d s, w it h tre a s u ry fu n d s , w ill bo use d to syndicate
will nrobably carry with them some of tho common stock of tho company.
The comnanv’s plant at Sharon, Pa.. Is oquippod to turn out shrapnel and
ro tiro th e o ld n o te s. T h o n e w 2 a n d 3 -ye a r n o te s a ro su b ­
hiirh-exulosive she\ls field guns with limbers and caissons, and automobilo
je c t to c a ll a t p a r o n 4 w e e k s ’ n o tic e .— V . 101, p . 371.
tr^ckl P TTe c o ^ a A y ow nf the patents on the Driggs-Schroeder gun. wh ch
is used by tho United Statos army and navy, and for which tho umtoa
A m e r i c a n P o w e r & L i g h t C o ., N . Y . — Acquisitions
States pays tho company royalties.
hnirln tho un­
Earnings.— A n a u t h o r it a t iv o s ta te m e n t sh o w s:
it is understood that tho now management
beglnthe on
Kansas Gas & Electric Co., a subsidiary of tho American Power & Eight
Co., has acquired the electric-light and power properties in Arkansas city
anRecentfydtho^SouUuves?oVnPP(Vwer' & Light Co., another subsidiary,
acquired entire capital stock of the Galveston Gas Co. [having outstanding
8750,000 stock in $50 shares, paying 6% per annum, also 8150 000 6%
bonds shortly to bo retired]. The Southwestern Power & Light Co. and
the Texas Power & Light Co. have also acquired within tho last few weeks
a number of olectric-lig h t and power properties in Texas, and those aro
now being connected with existing transmission and distributing systems.
n American Power & Light Co. subsidiaries now supply electric light and
Dower service to 114 communities, artificial
to lo communities, natural
gas to 4 communities, water service to 7 communities, street railway service
to 3 communities and interurban railway servico to 3 communities, lho
total population served is estimated at 970,000.
, .
Gross earnings of all tho properties now owned by tho subsidiaries, irrespectivo of the dates of their acquisition, for tho 12 months ended
31
1915 were in excess o f $7,150,000, whilo net earnings woro in excoss o f
$3,375.000.— V . 100, p. 1434, 2087.
A m e r i c a n T o b a c c o C o ., N e w Y o r k — Scrip Payment.—
Tlio one-year 6% scrip issued Sept. 1 1914 as a 5% dividend on tho
$20,242,400 common stock, will be paid at maturity Sept.1 with interest
at the Guaranty Trust Co. of N. Y . Comparo V. 99, p. 409, V . 100, p. 476.
— V. 100, I). 1674.
B o o t h F i s h e r i e s C o .— N ew President.—
K . L. Ames, formerly President, has been elected President to succeed
A. B. Carpenter, who resigned. P . L. Smithers was named General
Manager.— V. 101, p. 530.
_ _
C a n a d a F o u n d r ie s & F o r g i n g s , L t d . Dividends.—
A ciuarterly dividend of IM % has been declared on tho $960,000 7%
cum. prof, stock, also IH % on account of accumulated dividends leaving,
it is said, 3)4% due on account o f back dividends.— V. 101, P- ozb.
C a n a d ia n P a c if ic O c e a n S e rv ic e s , L t d . — Acquisition.—
At a meeting of the directors recently held it was announced that tho
company would begin operations on Nov. 1, taking over all of the ocean
steamers now operated by the Canadian Pacific Ity. and tho Allan Line.
G M
Bosworth, V.-Pres. of tho Canadian Pacific Ry. C o., was elected
Chairman of the board o f directors and II. Maitland lfersoy, at present
Manager-in-Chicf of tho Canadian Pacific Ry. steamors, was appointed
Managing Director. Tho organization of tho company was announced
some months ago, but this week’s meeting was tho first important ono held
by tho directors, who are: I. G. Ogden, V.-Pres. of tho Canadian l acific
Ity.; George M . Bosworth and E . W . Beatty, K.O., V.-Pres. and Gen.




Control— Securities.—

largement of tho plant so as to more than double iIte present capacity tor
shell businass. No announcement has boon made by the
hn8t there
as to whether or not tho company has; obtained ordersi for
havo been several reports of largo orders, which tho compa y . ■
t0TChef^ m a n e n t board of ^ o c t o r s has not yet
^octed^but it will be
substantially as follows. Adolph E. iiorio.ior
Tavlor-Wharton Co.,

lelgh, diroctor Lackawanna Steel Co.; E/lwardi O. Doiarieia. v ice-i resiaeno
± W o .? J T n

^

w

(E. I.) du Pont de Nemours P o w d e r Co. ( o f N. J.),
Wilmington, Del.— To Reincorporate in Delaware with I n ­

J. C. Stevenson. Sharon. Pa.— V. 81. p. 15'•

creased Capital.—

A n n o u n c e m e n t is m a d e o f a p la n in v o lv in g
She sale o f th o e n tire p ro p e rtie s o f th is N o w J e r s e y c o m p a n y
to a n o w c o m p a n y to bo k n o w n as E I . d u P o n t do N e m o u rs
& C o ., w h ic h w ill bo in c o rp o ra te d u n d o r th o la w s o f th e
S ta te o f D e la w a re . T h o p u rch a s o p ric e is to bo 812U,UIJU,000, p a ya b le p a r t ly in ca sh, p a r t ly m d e b e n tu re s to c k a n d
p a r t ly in c o m m o n s to c k , o f th o n o w c o m p a n y w h ic h w ill
h a v e n o b o n d e d d e b t o r o th e r fix e d ch a rg e s. T h e c o m m o n
sto ck h o ld e rs a ro to ro ta in t h e ir s to c k a n d re c e ivo as a d i v i­
d e n d tw o shares o f th o n o w c o m m o n s to c k o n e ach sh a re
h o ld . Seo fu ll p a rtic u la rs in le tte r o f P re s id e n t P ie rre S . d u
P o n t b e lo w

Tho natural growth of the powder industry has led tho Du Pont interests

manufacture of h i t o 1
lf 1 la ( 0ne of tho principal ingredients
/\! ! Vh m\n acuaro o ? explosives The company’s powder industry
w ^ol-ig^llyesLabnsh'ed hi thoPy|ar l802 on the banks of tho Brandywine
in it ^ off icially**annouimwl St hat Vlio^perso imol'of ^tho directorate and the
™ *L g em en tof the^successor company will bo Identical with that of the
present Company. °
o f the obligadons of the present company, also
Fnduding aU the contracts with foreign Governments now in course o f <
exo­
cut ion, are to bo assumed by tho new corporation and the work of faUUUng
those contracts will bo guaranteed and insured in eveiy way. In fact,

All

A ug 21 1915.1

THE CHRONICLE

617

tho change will not, it is stated, affect the practical operations in any way, stalled in tho electric zone of tho New York Central is an infringement of
tho plan dealing principally with tho financial organization.
the Bedell method of electric signaling owned by the General Electric Co.—
Digest of Letter from Pres. Pierre S. du Pont, W ilm ington, Aug. 19. V. 100. p. 1922.
Tho business of our company has greatly Increased in volume, so that it
(J. assets
B.) Greenhut
Co., Inc., N. Y.—Sale.—
has become necessary to materially increase our capital to provide for
wero purchased at auction sale by the trustees in bankruptcy
ropor and economical operation. A now corporation, therefore, to bo onTho
Aug. 17 by the bondholders’ reorganization committee. See plan,
nown as E. I. du Pont do Nemours & Co., will be incorporated under V. 100,
p. 2170; V. 101, p. 216.—V. 101, p. 451. 216.
tho laws of tho State of Delaware, which company will have threo classes of
stock, viz.: 6 % cumulative non-voting debenture stock, 6 % cumulative Inspiration Consolidated Copper Co.— Stock.—
voting debenture stock and common stock.
See New Keystone Copper Co. below.— V. 100, p. 559.
This now corporation will purchase all tho assots and assume all the
liabilities of our company and will pay therefor the sum of $ 1 2 0 ,0 0 0 ,0 0 0 ,
International Mercantile Marine Co., N. Y.—Purchase.
as follows: (l) SI,484.100 in casn; (2) $59,061,700 in debenture stock at
par; (3) $58,854,200 in common stock at par. This will bo all tho stock —It was announced on Aug. 13 that the Atlantic Transport
that will be issued by tho new company at this time.
Upon the consummation of said sale and when our company has received Co., one of tho subsidiary operating companies, had con­
tho now stock an offer will be made to purchase the outstanding bonds and tracted to purchase the five largest steel steamships in the
preferred stock of our company as follows:
i fleet of tho Pacific Mail SS. Co. See that company below.
T r e a tm e n t o f P res en t O u ts ta n d in g S e c u r itie s .
1
(a) 5% (b o n d s $1,230,000’ wili be called and paid for in cash [at 105.1 The purchase will represent an outlay of 85,250,000, and
(b)
4 ' A % b o n d s (outstanding $14,106,000). An offer will bo made to
purchase these bonds at par, payable in the new 0 % non-voting debenture , it is thought will bo financed wholly or largely out of current
stock at par. Tlius, a person holding $1,000 4 H % bonds will receive earnings and tho cash contribution of 82,500,000 called for
from the stockholders of tho International Mercantile Marino
therefor $ 1 ,0 0 0 6 % debenture stock.
(c) 5% c u m . p r e fe r r e d stock (outstanding $10,003,600). Our 5% pref.Co. under tho reorganization plan. Receiver P. A. S.Frankstoekho'ders wi'l bo given opportunity to accept for each $ 1 0 0 sharo either lin
is quoted as saying:
( 1) $ 1 0 0 6 % cum. n o n -v o tin g debenture stock, resulting in a 2 0 % increase
in annual incomo, or (2 ) $83 1-3 6 % cum. v o tin g debenture stock with tho
The two larger boats, tho Manchuria and Mongolia, were originally
privilege to the holder of exchanging tho latter at any time prior to April 25 1 ,built
country for the Atlantic Transport Line, and were sold off the
1916 for $100 non-voting debenture stock for each $83 1-3 of voting deb. stlc. stocksintotms
tho 1 aciflc Mad in 1904, so that wo aro only buying them back
(d) C o m m o n slo ck (outstanding $29,427,100). Ad of the common stock
It is probable that both these steamers will be put into the Atlantic
of E. 1. du Pont do Nemours & C o . of Delaware will oo distributed to the again.
as they are taken over, and operated undei the American,
common stockholders of our company as a (2 0 0 %) dividend. In other tfau.0 ,asors00n
any other flag, depending upon which gives the lowest cost. The
words, a person holding one share of common stock in our company will British
Korea
and
Siberia
aro service.
two very fino ships of hign sliced and may bo used
continue to hold it and in addition will receivo two shares of tho common on
the Panama Canal
stock of the new company.
We bought the ships because wo can uso them to advantage. The Man­
R ig h ts o f D eb e n tu re S to c k . —Except as to voting powers tho rights of both churia
Mongolia are too large for the Panama Canai trade, but they
voting and non voting debenture stocks will be identical. Ail debenture will passandthrough
their way from San Francisco to New York. The first
shares will boar cumulative dividends at the rate of 6 % per annum and may of the five to bo on
delivered to us will bo the Korea, which is expected in
bo caded for payinont at $125 per share.
New
York
in
September.
No mortgage or other specific lien may bo placed upon any of tho property
without the consent of 7 5 % of tho total debenture stock outstanding, but
Jersey Receiver.—Vice-Chancellor Backes at Newark
this does not appiy to purchase money mortgages or the assumption of onNew
Thursday, in accordance with tho New Jersey statutes,
mortgages of liens upon property purenased. or the pledge for cash advances ;
in the ordinary course of business of securities hold, provided tho obligations appointed Chauncoy G. Parker as receiver and fixed Sept. 25
issued do not run more than three years. In caso of any dissolution deben­ as the date for any director to object totherecoivorship or to
ture shares shall navo preference over the common stock on distribution apply for tho vacation or modification of tho order. Tho
of assots as to par plus accumulated dividends.
The voting
common
stock.debenture stock shall have equal voting rights with the U. S. District Court on April 3 appointed Philip A. S. Frank­
Tho non-voting debenture stock has no voting privileges except tiiat lin as receiver on application of tho New York Trust Co., as
(a) In case of default for 6 mos. in tno payment of any dividend thereon,
securing tho
bonds.
the voting and non-voting deoenture stockholders will 'have the soie rignt trusteo
Dissatisfied minority stockholders, holding, it is stated, about 10,000
of voting to tho exclusion of the common stockholders until the company shares
ot
stock,
propose
to
take
organized
to prevent the levying of
shall pay all accrued dividends on said debenture stock; and (b) in caso an assessment of $250 a share under theaction
reorganization plan
of the net earnings in any calendar year amounting to loss than 9% on the (V. 101, p, 451); also to bring restitution suitsproposed
against the directors at the
debenture stock outstanding, then the debenture stockholders of both timo the company was placed in receiver's hands
in April last.—V. 101.
classes shall have equal voting rigiits vith the common stock until the net p. 531, 451.
earnings V.for101,
somop. future
stock.—
133. calendar yeat snail equal 9 % on the debenture
International Steam Pump Co.—Reorganization Plan .—

g

Duquesne Light Co. of Pittsburgh, Pa.—Pref. Slock.—• The plan of reorganization issued by the joint reorganization
committeo, dated Aug. 5, which has received the approval of
the committees representing tho various classes of securities
of tho company and its subsidiaries, will bo found at length
on subsequent pages of to-day’s “Chronicle.” A digest of
tho plan was given in last weok’s issue, page 531.—V.
101, p. 531, 216.
Latin-American Public Works Corporation.—New Co.
This company was recently incorporated in Delaware with 31,000.000
capital stock in
sharos, all of ono class, especially for the acquisition,
Exploration
Co.,
Ltd.,
London.
-Decision
.—
Press dispatches state that tho Federal Court at Denver, Colo., on in Central and South America, of concessions and contracts for public works

. This company, controlled by tho Philadelphia Company, has recently
issued $1,000,000
additional&7%
nowstock
has $1,700,000
outstanding.
Counsclman
Co.,cum.
who pref.
offeredstock
someand
of the
in Chicago
on a 0 H % basis, report by adv.: Supplies .shout 90% of the electric-light
and power used in Pittsburgh, Pa., and in tho territory adjacent thereto,
serving a population of about 1,100,000. Net earnings applicable to divi­
dends on tho $1,700,000 outstanding pref. stock are over 13 times tho
required amount. Appraised value of company’s system in excess of
$22,000,000, over $5,000,000 having been expended on the plant during
past two years. Only mortgage debt, $082,000 of bonds against certain
minor subsidiary properties. Franchise perpetual.— V. 100, p. 1440, 478.

$100

Aug. 10 rendered a decision under which 1,120 acres of coai '.■ >nds in Delta
and Gunnison counties wero ordered to ho restored to tne G‘j , , . Illn(,n|J
on tho ground that misstatements were made in tho affidavits accompanying
tho application. The land is said to be valued at about $500,000.

and also of existing public utility or other properties which may require
extension or improvement or both. The incorporators are: J. G. Whito,
President of J . G. Whito & Co., Inc.; Douglas I. McKay and Severo MalletProvost of the firm of Curtis, Mallet-Provost & Colt, all of N . Y. City.

Lindsay LightlheCo.,
Chicago.—Sales.—
Galveston (Tex.) Gas Co.—New Control.—
company made and sold 878.250 gas mantles,
a»Unst
450.775 in July 1914; increase, 94% .— V. 100, p. 2089, 479.
General Petroleum Co., San Francisco.—Status—
Light & Heat
Co., Pittsb.—
Earnings.
Deposit of Securities.—This boing a vacation season, when « “^nufacturera’
YJ?'
C r9 ss
O ther I n te r e s t,
I ) i t s . B a la n c e ,
many of tho security holders aro absent from homo, tho pro­ mm i l ----i ~
£ a ™ l.n v s E a r n in g s .
I n c o m e . A c . ( 4%) . S u r p lu s .
--------83,300,298 $1,402,323 $29,059 $47,416 $920,000 $403,906
tective committeo, Frank B. Anderson, Chairman, Alaska
31.031 71,024 920,000 737,839
Commercial Bldg., San Francisco, has extondod until Sept. 15 — V.'fOO' p" ' l 5 9 e
tho time for depositing tho bonds and the intorim deposit Martiasburg (W. Ya.) Power Co.—Reorganization.—
certificates for bonds with tho Mercantile Trust Co. of San the
rem eanhatinn^ f^ weeb tliat arrangements had been completed for
Pr^V<?olw°Lt company under an agreemnet with Emory L.
Francisco, undor deposit agreements dated July 2 and July 3, Oohlentz’
name
of the^emS f m » Hagerstown * Frederick (Electric) Ry. The
respectively, preparatory to tho formulating of a plan of re­
organization. Tho committeo in circulars says in substance:
wm fnrnicV “
notc.s or MlO new CO..
Seo American Power & Light Co. above.

June

JVd

r,

' ’8 4 0

1'0 9 7 '832

6

Digest of Circular Datod July 2 1915 Addressod to 1st M. Bondholders.

Three semi-annual installments of interest on these bonds aro now in
default, and the financial condition of the company compels reorganization,
involving an adjustment of the various interests of tho British investors,
the pipe lino security holders, tho short-term noteholders, and all tho other
elements in tho General Petroleum Go.
_ „
Out of $19,232,000 bonds outstanding (V. 94, p. 985, 211; V. 98, p. 1463;
V. 99, p. 1370), $0,000,000 aro pledged by the company to secure $3,000,000
of overdue collateral notes (V. 96, p, 1493, 1098; V. 97, p. 301), $750,000
are pledged for other obligations of the company, $8,119,900 are registered
in one block in tho name of The General Petroleum Go., I.td. (a British
company, V. 97, p. 1005; V. 98, p. 75. 240, 910. 1390, 1011, 1848), and
$3,088,000 are held by the general public, and $571,800 are on deposit
with Mercantile Trust Co. of San Francisco [and $101,700 arc held in tho
company’s treasury]. It is plain that in caso of foreclosure proceedings,
which are practically certain, the general holders of bonds must unite with
each other, and, if possible, with the trustee of tho collateral notes, for
mutual protection against other interests.
To Holders of “ Interim Deposit Certificates” of Bonds July 3 1915.
We are informed that tho General Petroleum Go. bonds which have been
delivered to The General Petroleum Go., Ltd. (a British corporation), in
exchange for its preference shares [on basis of £205 in said 7 % cum. pref.
for each $1,000 bonds. V. 97, p. 1605] havo already been pledged by tho
British Go. to secure an issue of its debentures amounting approximately
to $ 2 ,0 0 0 ,0 0 0 ; that It has practically no corporate assets other than these
bonds, and that none of tho expectations which tho bond depositors
had boon led to entertain have been, or aro likely to lie realized. F ob
these reasons many depositors are eager to rescind tho exchange and to
recover the ownership of their bonds. The committeo will hope to amicably
effect a satisfactory adjustment of your claims, but if a suit is necessary
tho interests of as many depositors as possible should bo represented by It.
[Under the deposit agreements the committeo can negotiate a plan of
reorganization or readjustment, but must submit tho same to the depositors
who, if dissatisfied, can then withdraw.
As a matter of convenience bonds or Interim certificates therefor which
aro held in tho East may be deposited with United States Mortgage & Trust
Go., New York, to bo forwarded to the Mercantile Trust Co. of San Fran.
P r o te ctiv e C o m m itte e . — Frank B. Anderson, Chairman; Percy T. Morgan,
Vice-Chairman; Mark L. Gerstle, Sec.; Herbert E. Clayburgli, Joseph D
Grant, John D. McKee, Maxwell M cNutt, Philip I. Manson and Iticliard
E. Mulcahy (comparo V. 99, p. 1531; V. 100, p. 1352, 1589, 1922).—
V. 101, p. 216, 134.

General Railway Signal Co.—Favorable

D ecision.

—

ovo

Smended in e n la iS ^ t,° ,tho railway company. About $100,000 will bo
No O The detai, & uUl ImProv ng the plants at Dam No. 4 and Dam
Sept&15.— V. 100 ,° 15 9 g reorganization are expected to bo completed by

C!o'» * n c '— Tenders A sked .—

Jabove
a n 2 par
1913of such
wl 1 on
S?,VofiA 8^-.rcceNe
’ Y V assealed
tr,?st,00 under the agreement dated
amour-’
bids for the purchase at not
ce«Un<?S160 00C as the i s iP1referred stock trust certificates not ex—V. 1 0 1 , p 532.
^
()0 0 held
the purpose will suffice to buy.

Mexican Northern Powv~ Co

Tnrntltn
-lOronlO.
Seo Fred c Clar]

See “Annual Reports” on a prccciN” ^ " ^ - '
Circular to Holders of 1st M . Bo.gs _

July
15, wroto in substance:
At a meeting of the holders of 1st M . bonds, i

Mexican Telephone & Telegraph Go.-^.eport[__~
D efault —Committee.—Tho bondholders’ CQmittoo jn a
circular addressed to tho holders of tho 8149,5) j{ 5 r»
20-year sinking fund gold bonds duo June 1 lr, ancf Gf
8620,000 First Ref. and Ext. M. 5% 20-yearnj-jn„ f j
gold bonds due Fob. 1 1930, says:
See "Annual Reports” on a preceding page.

Judgo Hough In tho U. S. District Court In this city on Aug. 9 dismissed
Default has been made in tho interest and sinking fund JU™*- whf h
two patont suits brought by tho General Electric Co. against tho company. were
due June 1 on the 1st 5s and on the interest due Aug. 1
Ref. <&
Tho General Electric Co. claimed that tho system of railway signals in­



’

,,
1ni ,
.
tion was passed permitting the comnany to er<\iY 2 7 1 9 1 4. a r^oki0% Prior Lien 30-Year gold bonds and postponin'- paynft ° V5T -S3.000,000
on the 1st M. bonds maturing prior to Jan. 1 19 0 .
of ™ interest
With tho proceeds realized from sales of Prior Liu bonds and loa
.
on the security of Prior Lien bonds, tho directors ave been able to VI , 0
considerable progress with tho completion of the dan and the transmisSiX?.
line
and itwithin
is hoped
the from
company
ill be able to debtor
powerto toParral,
consumers
two that
months
this oae.
is manifest,
however,
that theoncompany
willborjs
lit, bo
payIt the
Interest which
will maturo
the 1st M.
on inj ;lna Lnositlnn
,„ . tr,
which
date,
therefore,
default
will
again
take
place
iiVcspect
of
the
bonds. It is clear that somo plan of reorganization Ulst be devisedlst’TV
andf
that concerted action on the part of the 1st M. hot holders is desir-iVi,.
for the protection of their interests. Tho Secrctarylas been instrimSv?
by the directors to notify the holders of said bonds, as f, as t bey are known
that it is hoped that a large majority of the same wiIioposit thei* 5*
before Oct. 1 1915 with tho bondholders committee. S, y i 01 p 217

THE CHRONICLE

61 8

Extension 5s. The President has stated that in February 1915 the
property of tho company in the Federal District of Moxico was taken pos­
session of by tho "Department of Labor” and since that time has been
operated by tho Government authorities. The committee have beon in­
formed that tho unsettled conditions in Mexico have made it impossible to
obtain adequate information as to tho state of tho company’s finances,
and that such monoys as are on hand in Moxico aro not available because
exchange
is not circumstances
obtainable. concerted action is desirable.
, . „
_Bondholders
„ ,,
Under these
aro invited to deposit their bonds, with all unpaid coupons, with tho Boston
Safe Doposit & Trust Co., depositary, under agreement dated July 29, or
with the agent of tho depositary, tho Equitable Trust Oo. of New York,
in London. Deposits will bo receivod until Oct. 1 1915. [Committee:
Charles E. Rogorson. James A. Parkor and E. Elmor Foye, all of Boston.
Herbert D. Iloathficld is Secretary, 100 Franklin St., Boston. Dissenting
depositors will bo allowed 60 days in which to withdraw from any plan of
reorganization.]—V. 99, p. 1303.

Earnings.—
Mt. Whitney Power & Electric Co.
'' ‘
G ro ss

O p e r a tin g

N et

B o n d .& c .

B a la n ce ,

30 Y e a r — E a r n in g s . E x p e n s e s . E a r n in g s . I n t e r e s t . S u r p lu s .
38,248 $152,673 $235,575
1914-15_____________ $656,131 $267,893 S3284,531
127,574 156,957
1913-14_____________ 033,710 349,179
—V. 100, p. 2171.
June

National Brake Shoo Co., Buffalo, N. Y.—Appeal.—

Griffin S. Ackley has appealed to the Appellate Division of tho Supremo
Court from tho injunction granted on April 14 1913 by Justice Pooley in
the suit brought by the company. Compare V. 97, p. 599.

Newark (O.) Natural Gas & Fuel Co.—Decision.—

Judgo Harry Jewell of Delawaro has decided in favor of tho city the suit
to restrain the company from cutting off the gas supply because of the low
rate mentioned in tho franchise. An appeal is expected to bo taken. If
the decision is sustained the company will, it is stated, have to return to
consumers about $300,000 which nas beon hold in escrow pending the lit,ir
gat ion, this representing tho difference between tho rate named in tho fran­
chise and tho higher rates paid by consumers.— V. 101, p. 217.

New Jersey Steel Co., Rahway, N. J.— Sale.—•

William J. Backos, Master, will, by order of tho Court of Chancery of
Now Jersey, sell tho property of the company at tho plant at Rahway,
N . J., on Sept. 30.— V. 100. p. 1442.

New Keystone Copper Co., New York.—Proposed Re­
duction in Capital Stock and Distribution of Stock in Inspira­
tion Copper Co.—The shareholders will vote Sept. 3 on re­

ducing tho capital stock from the present authorized amount
of $3,000,000, par value $5 per sharo, to $39,797, to consist
of 39,797 shares of the par value of $1, with a view to dis­
tributing to the shareholders tho company’s holding of
39,797 shares of $20 oach of tho Inspiration Consolidated
Copper Co. (out of a total of 774,835 shares outstanding).

[VOL. 101.

1934, but subject to call at 103 and int. on any interost date.
Denom. $1,000, $500 and $100 (c*). Interest F. & A. in
Chicago and N. Y. without deduction for any tax.
Digest of Letter from V.-Pres. W illis T odd , North Platte. June 17.

C a p ita liz a tio n . — Common stock, authorized and outstanding, $500,000;
1st M. bonds, authorized, $500,000; outstanding, $150,000. Tho remaindor may bo issued for not to exceed 80% of tho cost of permanent additions
to or extensions when tho annual net earnings are twice the Interost charges,
including bonus proposed to bo issued.
E a r n in g s f o r Y e a r E n d e d A p r i l 1 1915.
Gross
earnings________________________________
.— ------------------- S43.314
NetEngineers
earnings
applicable
to interest (being ovey twice
E s tim a te , I n c lu d in g N e w P la n t —
1917.the samo)----1918. 20,363
1919.
Electric department_________________________ $22,263 $25,527 $27,462
Gas department___________________________ - 7,619 10,082 11,720
Total....... .......... - ..................... ............................-$29,882 $35,609 $39,182
P r o p e r t y . — Physical valuation at this time is $283,874 and as a going
concern is valued at considerably over $300,000. Tho now plant, located
on a full city block, 264 by 280 ft., is served by a private spur railroad
switch. The fireproof electric power plant, of steel, brick and concrote,
84 by 117 ft., contains two duplicate compound condonslng engines directly
connected to two duplicate alternating current generators, each of 300 k.w.
capacity, and one high-speed cross compound condensing engine directly
connected to an alternating current generator, 100 k.w. Gas generating
plant, in steel, brick and concrete firoproof building, is a modern 4-ft. Lowo
water gas set, with steel holder of 50,000 cu. ft. capacity and about 944
miles of mains, 8 to 3 inches. Tho gas and electric property has just boon
coraploted and provides for the needs of the city of North Platte for many
years to come Francliiso contains no objcctionablo foatures and runs
to 1939, naming as maximum rates for electricity 12 cts. per lt.w. hour
with a 75 ct. per month minimum, and for gas $1 50 per 1,000 cu. ft.,
with a minimum of 50 cts. per month. Present rate for 8 arc lights, each
$85 per annum; for 126 incandescent lights, each $19 20 per annum. Now
street lighting contract now being negotiated, should increase thorovenuos.
N o r t h P la tte . — Reliable statistics indicate an increase in population of
over 21 % during tho last five years; present population, 5,831. 3 ho shops
of tho Union Pacific IiR. located hero employ about 300 men.
M a n a g e m e n t . —The stock is held by strong financial interests. [Successor
earlv in 1914 of North Platte Gas & Electric Co., whoso capital stock was
purchased by WilUs Todd and J. W. Parrish of Omaha. Now controlled
by tho Union Company of Omalia.l

Ohio Copper Co.—Foreclosure

S u it.

—

The Empire Trust Co. of N. Y .. as trustee under the First Convertible
Mortgage of 1907 brought suit in the District Court on July 16 to foreclose
tho same. There are $1,242,000 bonds outstanding.— V. 95, p. 115.

Ohio Oil Co.—3%

E xtra Dividend.

—

A quarterly dividend of $1 25 per sharo (5%) and an extra divldond of
75 cents (3%) have been declared on the $15,000,000 stock, both payablo
Sept. 20 to holders of record Aug. 24. This is tho same rato as in June
1915 and Dec. 1914, but in March 1915 $1 25 (5%) extra was paid. In
Sept 1914 no extra disbursement was made, but in Juno and March 1914
tho payment was 75 cents. In Dec. 1913 $1 25 and $ 6 75 extra were paid.
In Sept, and June 1913 75 cents extra was also paid, and in March 1913
Tho Inspiration Consolidated Copper Co. (V. 100, p. 1352) has authorized $1
extra In 1912 $1 25 was distributed quarterly, but without any extra.
capital stock of $30,000,000, divided into 1,500,000 shares of S20 each, —
V. 100, p. 1836.
of which 420,000 shares aro reserved for the conversion of its bonds and
debentures of the par value of $10,500,000 and 305,165 shares are in its
Ontario Pulp & Paper Co.—Postponement of Interest.—
treasury unissued, leaving outstanding 774,835 shares.
Secretary T. Gibson, Toronto, July 20, gave notice to
Digest o f Statem ent by Pres. Sam A. Lewjsohn. N .Y Aug. 13 1 9 1 5 .
of 1st with
M. 6thes—supplemental trust deed authorized by the bond­
Tho only asset of the company, oxcluslvo of about $50,000 cash, consists holders
In accordance
of shares of Inspiration Consolidated Copper Co. received upon tho salo holders
Jan. 13 1915, bondholders are required on or before Jan. 1 1916 to
to that company of the mining properties owned by your company. At tho deliver ud
Royal Trust C o . , either at Toronto or Montreal, the four
time the salo was effected the shares of the Inspiration Co. wero selling on coupons on totneir
have fallen duo or will fall duo on
the N. Y. Stock Exchange at $18 per sharo. They now havo a market Jan 1 and July currency
in 1915bolds 1which
9 1 6 ,n oxchango for postponed interost
value of approximately $34. Many of our stockholders, in tho aggregate coupons
which Will now be delivered. See Spanish River Co., V. 101.
owning more than a majority of tho stock, aro urging that there shall be a
distribution of the shares of tho Inspiration Co. now in the treasury in order p. 452.— V. 99, p. 1836.
that oach may exercise his individual judgment as to parting with his stock.
Under those circumstances your directors have concluded to recommend
tho passago of resolutions that will enable the board to distribute the stock
Trust
of the Insoiration Co. now in tho treasury among tho stockholders.
company
To that end an amendment of the certificate of incorporation is deemed
a suostamnai oruei- irom mu urisisu. uovernmenc foi trench
advisable changing the capitalization of your company from $3 ,0 0 0 ,0 0 0 hooV-ceiveu
,,igging tools and there is reason to expect furthor business of this nature.
to $39,797, to be effected by a change in tho par valuo from $5 per sharo to —
V. 101, p. 532.
$1 per share; tho surrender by each stockholder of his shares of stock and
tho issue to him in lieu thereof of a decreased number of shares entl«ms
Pacific Mail Steamship.—Sale of Five Steamers.—Secre­
each stockholder to one share of the now stock for every nine shares) nov
held by him and scrip for fractions. This will also Involve the retirerp
tary Hugh Neill on Aug. 13 issued tho following statemont:
of Each
tho unissued
shares
now
in
its
treasury.
m
eting
[seo
also International Mercantile Marino Co. above.]
stockholder will also bo afforded an opportunity at the ip#”
“ Tho company announces tho sale of five 1steel) ships of its trans-Paclfic
fleet, namely Manchuria. Mongolia, Korea, Siberia and China, to the
Atlantic Transport Co. of West Virginia. Tho last sailing from San Fran­
cisco by any of these vessels to Oriental ports on our account will be tho
steamship 'Mongolia on Aug. 25 1915/ Purchase prico is $5,250,000.
[Tho two vessels first named aro 600 ft. long, have a displacement of
27,000 tons and licensed passenger accommodations for 280 cabin, 100
class and 814 Asiatic passengers. Tho Korea and Siberia aro 550 ft.
holders of the company in its assets remain entirely unaffec •
. 2d
long, 18,000 tons displacement, and havo accommodations for 2 1 0 cabin,
p. 1914; V. 100, p. 479.
56 2 d class and 653 Asiatic passengers. The China is 440 ft. long and 10.200
Tho company suggested last winter that it might
New York Air Brake Co.—Business—War Orders.—'The tons displacement.
to sell out, as the La Follette law made competition with Japan­
usual quarterly dividend of l'AVo has been declared, payable have
ese vessels in tho Oriental trade impossible. This sale leaves the Pacific
Sept. 24 to holders of record Sept. 1. Pres. S tru ck says: Mail with seven steamers (5 of iron) ranging from 283 ft. to 350 ft. in length
The regularforair-brake
business
is bettor
than lastisyfulK
e a TeOUipp^
l^ ^ .^ t otot atake.
ko
encouraging
large business
which
tho company
During tho past month, the company has booked/uers for brakM for 940; totai, $11,821,182, loss reserves for depreciation, $3,153,768; net.
many cars and engines from some of the largest roads4*^6 country, which $8,667,414.] —V. 100, p. 2014.
indicates
a revival
1*?.
iB a n ^ 'u..n d e_...
rta k en orders
Peoples Water Co., Oakland, Cal.—P la n .—
In addition
to itsinregular
business, ftfcm
cno company
.
Tho Reorganization Committee, John S. Drum, Chairman, announced
for high explosive shefc.andpartridge'
Aug. 7 that all of tho security-holders should make up their minds
delivery within the next 12 months, on w $fon <lause T£e orders takcn on
definitely before Aug. 25 next whether or not they wish to approve the
aro fo?ma t crUil which*K^shnjjle 10°m an(^ uro' ^ d e c r ie s have already pending
reorganization plan. To Aug 7 owners of more than two-thirds
each of tho underlying issues had approved tho plan and deposited their
commenced and are givh« satisfectf tako on larg0 additional order3 for of
bonds
undor
agreement of Dec. 17 1914, and, with the exception of the
Ih o company Is
i58 an<l negotiations are pending which Peoples Water
Co. bonds, the deposits wero sufficiently largo to make
effective. Delay, it is pointed out, is dangerous.
busniess’ ™ ning lut0 *>17- v - 100’ reorganization
By a decision of the California RR. Comm, dated July 10 1915, tho
primary conditions for the reorganization were established and tho company
P’ Niles-Beme^ bePw._Co.—
Acquisition.—
directed to carry out its plans without further delay. With two modifica­
v.
9 3 , p. 6 0 7 , 4 5 6 .
tions tho Commission fully approved this committee s reorganization plan.
See Pope
„
___ .
Tho first modification suggested is the increase of th e authorized bond issue
clieastern
PPe
Line
Co.
of
Delaware.-New
Co.~
from
$ 1 2 ,0 0 0 ,0 0 0 to $15,000,000, leaving $6,600,000 of bonds in the new
iTds company, recent^ organized, has authorized an issue ot $3,000,000
treasury instead of $3,600,000, in order to porirut tho new
i n i " 8. Tirst m tgejonds. of which $1,500,000 has been underwritten company’s
Consolidated Water Co. to make future permanent improvements, exten­
f £ the purpose of buU*ng an oil pipe lino in tho famous Cushing Oil Field sions
and
additions,
but without changing the basis of refunding present
i2rrvoetr County, ova., to tho various refiners in Southeastern Kansas, securities. The second
modification suggested is the elimination of the
the Standa* Oil of Kansas at Neodesha, Clianute Refining Co.
of certain of tho directors by the bondholders.
^ n ^ n u te and the htroleum Products Co. of Independence and several election
C.
O.
G.
Miller,
G.
L.
Payne, Geo. H. Collins and I. Strassburgcr, on
Sothers.
ti,^ Contracts
construction
callaforlong-felt
completion
before
31 behalf of the owners of more
than $2,000,000 ot J copies Water Co. bonds,
ltne jt f<said,
will servo
wantononortho
partDec.
cf the
deposited and directly represented by circular, dated at San<Fran­
"L 6’ , refiners loci^d hi Southeastern Kansas. Arthur Batty of Buffalo actually
cisco
Aus
Current Node*” below) has spent practically nine months in the or- •with the £
io^w^Hon
be details,
is expected,Trust
will Co.,
be forthcoming
the make the
_— .___ ___________ — —| „ —_ „
. „ _----ganizat on work.
Theicords
of tho itCorporation
37 Wall St.,inshow
Tho plan of Doe. 17 1914, oxcopt that it offers $8,140,000 stock for the
that the companyas incorporated in Delawaro on July 16 with $3,000,000 Peoplos
Water
Co.
bonds,
on
the
basis
of
11
shares
($1,100)
for
each $1,000
of authorized ca-al stockbond, with coupons of Jan. 2 1914 and since, attached, was, until modified
as
above
stated,
substantially
as
shown
in
V.
99,
p1836.
North Mifi®an Water Co.— Dividend Increase
mhe cnmnani1' is understood, paid a dividend of 24$ % on its $125,000
Porto RicoG roTelephone
Co.—E a rn in g s .— O ther N e t
stock ?July 1 1915, an Increase of 44 of 1 % over tho January dis­
ss
O p er. M a in l. & T a xes N et
tribution D i^ d s are paid on tho $125,000 cum. pref. 144%. Q.-M. C a leY enadra—r
E a r n in g s .
E x p . D t p r e c ’ n . P a id . E a r n s .
In com e. In com e.
1914_______ $210,600 $75,653 $23,052 $11,212 $100,689 $11,715 $112,401
—
V.
100,
p.
1677.
Se°NorthPFfcte (Nob.) Light & Power Co.—Bonds.—Tho Potomac Electric Power Co.—Reconsideration D en ied .—
Chicago S‘nSs Bank & Trust Co. (the mortgago trustee, The P. U. Commission on Aug. 6 refused to roconstdor its refusal to
with W. TPacon) is placing at par and int. $150,000 1st M. authorize the company to issue any moro than $79,500 of tho $495,000
qo/ 20-yf
bonds, dated Aug. 1 1914 and duo Aug. 1 general Improvement 6 % debenture bonds applied for.—V. 101, p. 374.




1

and

A ug . 21 1915.]

THE CHRONICLE

619

Potomac Light & Power Co.—New Com pany.—
Renfrew Mfg. Co., Adams, Mass.—Com. D ivs. Resumed.
A quarterly dividend of 1% bas been declared on the $1,192,500 common

Already over 94% of the stock has assented to tho plan and more coming
in each day.
[The official agreement provides in brief that the common stock may be
ncreased from $3,000,00C) to $4,000,000 and that the deferred dividend
accrued and accruing upon the preferred stock on June 30 1915 may be
by the corporation to tho pref. stockholders in common stock of the
stock, payable Aug. 16 to stock of record Aug. 2. Tliisis the first dividend paid
at par. Tne stockholder constitutes S. L. Avery. 8 . Q. Fulton
on tiie common stock since Aug. 1914, when the regular quarterly payment corporation
and B. O. Sammons, or either or any of tnem, as his agent to consent to
of 1 K% was made.
tne necessary acts therefor. This instrument to remain In force until
P r e v io u s D iv i d e n d R ec o r d (P e r C e n t.)
Dec. 31 1915 (and on that date to become null and void), subject to consents
1907. 1908. 1909.
1910.
1911.
1912.
1913.
1914. by
75% of ail of the preferred stockholders). —V. 101, p. 136.
4
4
7
6
4>S
6
6
4K
See Martinsburg Power Co. above.

United States Light & Heating Co. (of Maine).—Re­
Republic Iron & Steel Co.— D ividends Resumed—E xtra organization
Completed.—The stockholders’ protective com­
—A quarterly dividend of 1 % % has been declared mittee in circular
signed by its Secretary, Herbert V. Falk,
on the $25,000,000 7% cum. prof, stock, payable Oct. 1 to Aug. 16, says in substance:
holders of record Sept. 15, also an oxtra dividend of \ i of 1% On Juno 22 the “ U. S. Light & Heat Corporation” [this Is the full and
on account of accumulated dividends (12K%)> leaving 12 % correct name—Ed.l was organized in N . Y. State with an authorized bond
still due. In Oct. 1914 payments were suspended, owing to issue
of which only $500,000 have been issued. The au­
share capital is $3,000,000 of non-cum. % prof, stock, which is
theThewar
and general business conditions. V. 99, p. 820. thorizedof Sl.COO.OOO,
shares.
company’s mills, it is stated, are operating nearly to capacity, the held in a voting trust, and $4,000,000 of common stock, both in
D ividend.

7

market for steel bars being particularly active.
P r e v io u s D iv id e n d R eco rd o f P r e fe r r e d S tock S in c e 1904.
,
1905. 1906. 1907.1908. 1909. 1910. 1911. 1912. 1913. 1914.
R e g u la r .------I K 7
7
3H 7
7
IK
7
5K
1 1
1 1
1 1K
On accura n s . . __ 7 K 6
The directors in 1909 declared a dividend of K of 1%. payable in July
on account of the accumulations, and voted to discharge ail the remaining
dividends then accumulated by annual payments on Oct. 1— % % in 1J09
and 1% yearly 1910 to 1915. The last of the dividend warrants for ac­
cumulated dividends issued in 1909. 1%, will be paid in Oct. 1915 and is
Included in the amount shown in the table above.
The company in April last sold a block of 5% bonds out of the proceeds
of which it paid off the $2,000,000 notes due Juno 2. The outstanding
1st M . bonds amount to about 817,500,000 and there is said to bo no floating
debt, while cash on hand stands at over $3,000,000.—V . 101, p. 284.

Southern Steel Co.—S u it. —

, ,

Bourke, Schiff & Co. and Cecil A. Grenfell, all of London, England, on
Aug. 16 brought suit in tho Supreme Court in this city to recover $2,848,487
from tho members of tho reorganization committee of the company. 1 he
plaintiffs claim that they were led as the result of false and misleading state­
ments to subscribe in Juno 1909 for 48,090 shares of the common stock,
35,450 shares of the preferred stock and $291,000'notes issued under tho
plan, the amount sued for being that of thoir investment in the securities.
See plan in V. 8 6 , p. 1288; V. 87, p. 551.—V. 8 8 . p. 1065.
Spring Valley (N. J.) Water Co.—Note Paym ent.—
The $1,000,000 2-year 5 K % collateral trust gold notes dated Dec. I 1913
will bo redeemed on Sept. 1 at 1 0 0 K and interest at tho Union Trust Co.
of San Francisco, trustee. The new notes have been duly approved by
the Cal. RR. Commission. Compare V. 101, p. 532, 292.

(The) Street’s Company.—Successor Com pany.—
Street’s Western Stable-Car Line, Chicago.—P la n . —
Secretary Robert J. Mills by circular announces that at a
meeting of stockholders held on Aug. 9 1915, a majority of
tho outstanding stock being represented, tho following plan
of reorganization, submitted by the stockholders’ protective
committee, was unanimously approved and the officers were
dirocted to carry it into effect. Notico will bo given as soon
as tho new stock certificates are ready for distribution. At
tho sale on Aug. 16 under foreclosure of the $1,600,000
equipment bonds, tho First Trust & Savings Bank, as trus­
tee for the issue, bid in the property for the bondholders’
committee for $400,000.
See Street’s Western Stable Car Lino below.

S u b m itted b y S tock h old ers' C o m m itte e A u g . 9.
Your committee appointed at a special meeting of stockholders held on
Juno 30 1915, to confer with a committee of holders of (,$1,600,000) 5%
Equipment gold bonds, on whicli tho interest, $40,000, and $95,000 of
principal, duo Juno 1 1915, was defaulted, has in its conferences considered
six different plans. The first difficulty was the large capitalization of your
company, widen at present consists of: Common stock, $3,800,000; prof,
stock, $775,000, and 5% equipment gold bonds, $1,600,000; total outstand­
ing capital liabilities, $6,175,000. The assets of the company as a going
concern must bo valued at a much less figure. After discussing many
plans, some of them contemplating a cash assessment on the stock, we sub­
mitted to the bondholders’ committee the following plan:
To organizo a new company with $1,000,000 capital stock (all common)
and $800,000 1st M . 5% bonds. The terms of payment under tho mort­
gage to bo so arranged as to mako it easier for tho company to meet the
bonds. This cancels 50% of the present outstanding bonds, the interest
and sinking fund requirements being correspondingly reduced, the bond­
holders to get in exchange $800,000 of stock, leaving for the presont stock­
holders $200,000 of the stock. The outstanding pref. stock has no prefer­
ence as to principal, and, therefore, prof, and common will share on a com­
mon basis. [Tho stockholders, it Is said, may receive participation certifi­
cates in accordance with tho Massachusetts plan.—Ed.) We aro satisfied
that this plan embraces the best terms that can bo made with bondholders.
Tho changes in the business, due in part to tho development of the coun­
try having revolutionized transportation mothods, tho radical changes in
tho cattle industry, coupled with tho inability of the company to keep pace
with tho railroads in the development of its rolling stock, is well known
and need not bo dwelt on. “ Tho Street’s Company’’ was incorporated in
Maine on Aug. 18 with $1,000,000 stock as the successor company.)
Stockholders’ Committee: F. J. Rciclimaun, Henry C. Hackney, Her­
man Kipor, llenj. It. Cahn and J. Mandl.— V. 101, p. 452, 375.
Trumbull Public Service Co.—A p p licatio n .—
The company lias applied to the Ohio P. U. Commission for authority to
issuo $144,000 1st M . 6% gold bonds for improvements.—V. 99, p. 613.
D ig e s t o f R e p o r t a n d P la n

United Service Co., Scranton, Pa.— D ividend.—

$10

On July 1 tho property was bid in at receivers' sale and on Aug. 5 the deed
to tho new corporation was recorded, together with the mortgage to Guar­
anty Trust Co., trustee, securing the new bonds. Payments on subscrip­
tions to tho bonds are now in course of completion. All the claims against
the old company have been paid and settled, excepting three or four, the
validity of which is being contested.
The new pref. stock, which carries with it control of the board, has been
placed in the name of three voting trustees, namely: Albert N . Parlin of
Boston, representing Eastern interests and his own important holdings:
President J. Allan Smith and Guy M . Walker of New York. The board
consists of men possessing a substantial financial interest in the corpora­
tion, and those who, in addition, have directly made tho reorganization
possible. Moreover, practically all tho operating staff at tho works have
become
interested
to the underwriting of the
bonds orfinancially
by payments
for the by
newsubscriptions
stocks.
A number of new contracts have been secured and the corporation hopes
soon to report the closing of two or three very large contracts, which will
insure a heavy volume of business for several years to come. Whilo we are
optimistic for the future, still wo recognize that tho expansion of the busi­
ness will require a much larger working capital than has been provided for
by the plan. The reorganization, however, provided ample treasury se­
curities with which to obtain working capital.
Should the new contracts bo secured, it is the belief of the operating staff
that the actual net profits therefrom, joined to the other business, should
make probable not only an early dividend on the new pref. stock, but the
discussion of the applicability of surplus earnings on tho new common.
A market for tho new stock is being made on the N . Y. curb. Out of over
90,000 shares of stock deposited with your committee by 1,800 stockholders,
less than $10,000 pref. and $250,000 common failed to i)ay their assess­
ments.—V. 101, p. 136, 52.

U. S. Light & Heat Corporation.—Status.—
Utica (N. Y.) Steam & Mohawk Valley Cotton Co.—
The shareholders will vote Aug. 24 1915 (1) on increasing the capital stock
See United States Light & Heating Co. above.—V. 101, p. 136, 52.

from $2,000,000 to $2,500,000, shares $100 each; (2) on issuing said in­
creased stock in exchange for stock of tho Utica-Willowvalo Bleaching Co.,
sharo for share. George De Forest is President and John A. McGregor, Sec.

West Orange (N. J.) Water Co.—Purchase Approved.—
Westinghouse Electric & Mfg. Co.—Subscriptions Listed.
—The stockholders subscribed for $18,237,000 new convert­
ible bonds of the $18,695,000 offered for subscription at 105,
and have paid for $16,423,000 of the same in full. The
$485,000 unsubscribed bonds will, under the terms of the
agreement, go pro rata to the depositing bondholders.
See "West Orange” in “State and City" Department.—V. 101, p. 375.

The N. Y. Stock Exchange has authorized to bo listed tho full and part
paid subscription receipts for Convertible Sinking Fund 5% coupon bonds
of 1015 up to $20,710,000; also that the definitive bonds be admitted to the
list on notice of issuance in exchange for outstanding full-paid subscription
receipts, or for the purpose of effecting the retirement and cancellation of
Convertible Sinking Fund 5% bonds dated March 30 1906, pursuant to the
plan and agreement of May 12 1915, or on notice that they have been sold.
No deposits havo been accepted since Aug. 13.
Upwards of $1,000,000 of the new 5% debentures have, it is stated, been
turned in for conversion into stock under the terms of the re-financing plan.
Tho bonds are so convertible until Dec. 31 1916.

Acquisition.—The plant and equipment of th 8 Meriden Fire
Arms Co. were sold on Aug. 4 to the subsidiary, the New Eng­
land Westinghouse Co., and will be enlarged and used for the
manufacture of rifles for tho Russian Government.
The plant has been owned and operated by Sears, Roebuck & Co. of
Chicago and has employed about 500 hands. The consideration is said to
exceed $500,000. A system of bonuses to all employees has been an­
nounced by the New England Co., based on wage earnings and retroactive
to May 1 with payments every 3 months, the first to be paid on Aug. 6 .
There is a system of profit-sharing in the company’s lamp works. The
bonus system has, it is said, been used with great success in the company’s
British works.—V. 101, p. 375, 136.

White Co., Automobile Mfr3., Cleveland.—New Pref.
Stock—Old
Pref. Called.—■
Holders of the $500,000 outstanding 7% cum. pref. stock have been

notified that the company is prepared to retire the same at once at 115
and accrued dividend to Nov. 1. Present stockholders nave the rig.it to
subscribe for a new issue of $3,000,000 7% cumulative pref., retirable at
110 and divs. The company, it is stated, has outstanding $2,440,000
common stock, closely held, and no bonds.

CURRENT NOTICE.
Tho company has declared an additional 1% dividond, payable Sept. 1,
on tho common stock, making 2% for the year 1915 on tho common. Tho
dividend on tho common last year amounted to only 1 %. The pref. has
—Tho
“Directory
of
Directors
in the City of New York,” 1915-1916
paid 6 % regularly since incorporation. Compare V. 100, p. 1098.
edition, was recently issued by the Directory of Directors Co. The book
United States Gypsum Co.— Effect of P l a n — A . E. contains tho with
names of some 32,000 New York City directors in various
an appendix comprising selected lists of corporations in
Butler & Co., membors Chicago Stock Exchange, Aug. 12, corporations,
banking,
insurance,
transportation, manufacturing and other lines of
wrote
in
substance:
What effect, it is asked, will the plan for paying off tho accumulated business, showing their executive officers and all directors. Tho book
dividonds on tiio preferred stock in common stock have upon tho value of forms a comprehensive directory of tho corporate interests in New York
the common stock 7
City. Price $5 per copy.
G en era l I n f o r m a t i o n .
—Arthur M . Torrey, for the past four years in cnarge of the soliciting
Common stock outstanding July 1 1915--------------------------------- $2,249,600
Preferred dividends in arroars to July 1 1915 (about 45%, to be
of Hildreth & Co., N . Y ., recently resigned that position
paid in common stock)------------------------------------------------------- 1,655,216 department
to take charge of the engineering contract department of W, S. Barstow
St
Co.,
50
Pine
St., New York. This concern Is engaged in engineering
Total common stock to be outstanding if plan is adopted___ $3,904,816
Tlio net earnings for year 1914 applicable to dividends on pref. and and construction work in various parts of the country and also controls
common stocks were $604,854; 7% on $4,417,800 pref. requires $309,246; tho General Gas & Electric and the Eastern Power & Light corporations,
balance earned on present $2,249,600 common, $295,608, or equal to $13 14 operating some forty public utilities in the Eastern and Middle Western
a sharo on present $2,240,600 common stock. (No dividends can bo States.
paid on this common stock until accumulated dividends in arrears are paid
off.) With all accumulated dividends on tho pref. paid off in common —Arthur Batty statistician and dealer in investment bonds for sixteen
stock, those earnings would bo equivalent to $7 57 a share earnod on the years past, is closing his offices temporarily (i. c., for a few months) on
total increased $3,904,816 50 common stock.
With tho full rate of 7% being paid on tho prof, stock, and with all tho advice of physicians, after a serious operation, and is going to California
accumulated dividonds taken care of, with the gradually increased earnings for a short time. Upon his return he will reopen offices in the Marine
available for common stock dividends, it is probable that tho directors will National Bank Building, Buffalo. Mr. Batty’s organization of the
place tho common stock on a gradually increased dividend basis, and that Northeastern Pipe Lino Co. is referred to above.
idle common will, within a few years, cross tho prico of tho prof, stock.
Tho presont prico of tho common is now around $32 per sharo. The surplus —C. E. Denison & Co., 4 P. O. Square, Boston, are advertising in to­
earnings as of Dec. 31 1914 are $1,676,483. Tho plan provides for the trans­ day’s issue $85,000 City of Canton, [Ohio, ,4 >4% sewage-disposal-plant
fer of $1,655,216 50 of tho above surplus to capital account in paying up bonds at 103.35 and interest, yielding 4.32%.
fully in common stock tho accumulated dividends on tho prof, stock.




THE CHRONICLE

630

[Vol. 101.

Imports and jStomtnrxtls.
IN TE R N A TIO N A L STEAM PUMP COM PANY

PLAN AND AGREEMENT OF REORGANIZATION
Tho advantages of tho Plan to which tho Committee
wishos to call particular attention are tho following:
(1) The now money to be furnished by the stockholders,
or, to tho oxtont of their failuro to participate, by tho under­
writers, is deemed to bo adoquato to provido for such of tho
undoi’lying seeux-ities as it may bo advisablo to rotiro and also
to provido sufficient working capital to onablo tho Company
to deal with a substantially larger volumo of business than
it has hithorto dono.
(2) Tho now capital will also provido for tho considorablo
expenditures required to bring tho Company’s factories and
manufacturing facilities xxp to dato and for tho x’o-dosigning
of tho Company’s products, which is necessary for carrying
out a progrossivo manufacturing policy.
(3) Tho capitalization of tho now Company has been con­
fined to what may fairly be rogardod as tho valuo of tho entorpi’iso as a going concern. Tho appraised value of tho assots,
including tho now cash but excluding good-will and patonts,
oxcoeds tho par amount of tho preferred stocks and undei’lying
securities by an amount equal to over $45 per share upon
tho common stock on tho lowest appraisal and ovor $65 por
sharo on tho highor appraisal of tho Coates & Burchard
Company.
(4) Provision is made for reducing or eliminating tho sub­
sidiary organizations and effecting tho needed consolidation
of operations. While tho provision for tho preferred stock
of Ilonry R. Worthington is inoro liberal than would bo justi­
fied if only th relative position of that preferred stock and
the bonds wero considered, tho dosi ability of gotting rid of
tho necessity of maintaining a soparato organization for
Henry R. Worthington was deemed to justify an offor to its
profeiTod stockholders so liberal as to oncoux-age, if not insux’o, their assont to tho plan. The protective committeo
representing a largo amount of this preforred stock has ap­
proved tho Plaxx and recommended tho acceptance of it by
its depositors.
(5) While it seomod nocessai’y to crcato for tho now money
a security (Class “A” preferred stock) prior to that issued
to tho bondholders (Class “B” prefor ed stock), tho two
classos of preferred stock will bo oix parity, excopt as to tho
rate of dividend, aftor tho Company shall havo paid for three
consecutivo yoars fidl dividonds on both. This the Company
slxoxild be able to do as sooxx as tho busixioss has been re­
established by tho xxew management axxd normal business
conditions havo been restored.
(6) As tho Company will havo no bonded dobt (oxcopt such
liability as it may assumo on two small xinderlying issues
aggregating $692,100), it will bo in a position to face periods
of depressioix without anxiety, aixd it is boliovod that tho
Plants *........................................................
..510,537,000 added strength to its position duo to tho ab once of a consid­
Investments(chiefly in English companies)___________________ 1,181,000 orablo fixed charge will oxxablo it to pay fxdl dividends upon
Trusteed Cash_____________________________________________
90,000 tho preferred stocks more readily than it could eaxm interest
Cash, Inventories, Accounts and Bills Receivable, Work in
Progress and Othor Current Assets, net___________________x7,481,000 at a lowor rate upon an equal amount of bonds. Through
thoir participation in tho Common Stock tho Bondholders
Total .........................
519,289,000 aro
given a substantial interest in the futxiro growth of tho
* In valuing tho plants, tho lower valuation of tho Committee of Plant onto priso.
Managers was takon, the appraisal of the Coates & Burchard Company
(7) Provision for securing a managemexxt having a direct
having been about 32,850,000 in excess of their valuation.
x As of Juno 30 1915 these assets wero reported to be 57,057,794.
interest in the financial succoss of tho now Company has boon
made
by reserving xxndor tho PI n $1,500,000 now comxnon
For tho fivo and ono-half yoars ending Sopt. 30 1914, tho
which, ixx tho discrotioxx of tho Board of Directors and
annual sales of tho Company and its subsidiaries and tho stock,
approval of tho Voting Trustees, may bo disposed
profits availablo for intorost, dividonds on preforred stocks ofwithfortho
tho purpose of interesting in tho now Company manu­
of subsidiaries and surplus, aftor deducting adoquato re­ facturers
and othor businoss moix whoso oxporionco gives them
serves for depreciation, wero roported to be as follows:
special qualifications fox; tho successful management of this
ontei’priso, or otherwise iix tho intorost of tho now Company.
Messi’s. Charles H. Sabiix, Lowis L. Clarke, Geox’go G.
Year ended March 31 1910------------------------510,559,051 94 51,030,940 71 Henry
and Porcy Jackson havo consoxxtod to act as Voting
18 months ended Sopt. 30 1911, reduced to a
yearly basis___________ _____ __________ 11,919,500 13 1,489,582 99 Trustees of the stock of tho now Company. As provided
Year ended Sept. 30 1912_________________ 10,543,220 87
925,988 22 by tho Plan, this nxxnxber of Voting Tnxstees xxxay bo inYear ended Sopt. 30 1913....................
11,018,238 52
779,223 59
Year ended Sept. 30 1914_________________ 9,003,310 73
505,553 97 crcfised.
Out of the $1,000,000 now coxnmon stock which will be
Yearly average x .......................
510,847,940 00 31,110,742 00
distributed under tho Plan to tho Syndicate Maixago^s,
* These figures are without deduction for losses by tho International Gas Messrs.
William Salomon & Co., will rotain only $500,000
Engino Company, which havo been carried on the books as a deferred asset
representing a development expense since the beginning of operations by that thoreof for thoir own account for thoir sorvlcos as sxxch Man­
Company in 1912.
x Including tho figures for the full eighteen months ended Sept. 30 1911 agors.
Regarding tho properties of tho. Company and tho pros­
instead of reducing them to a yearly basis. These figures are, for sales,
817,879,250 20, and for profits, 52,234.374 49.
pects for tho success of its futuro opex’ations, Mr. Saguo has
From Sopt. 30 1914 to July 31 1915, under tho recoiver­ wx’itten
tho Committeo as follows:
.
ship, orders bookod wero roported as $7,030,000, ho orders
beliovo that, with efficient management and tho bene­
for May, Juno and July being roported as approximately fits“Iwhich
will be socui’ed by the consummation of your Plan
$1,000,000, $940,000 and $1,200,000, respectively. In of Reorganization,
valuablo properties will show a largo
spito of tho reduced volumo of sales and tho unusual dopros- earning power. Ixxtlxose
opinion largo roductioixs in manu­
sion of tho past year in all the lines which tho Company man­ facturing costs can bonxy
made (a) by the unification of corporate
ufactures, thoro is overy reason to boliovo that during tho orgaixizations and elimination
duplication of officos, sales
receivership tho Company lias at least maintained its rolativo organizations, &c.; and (h) byof economies
duo to improve­
position in tho trado.
ments
in
manufacturing
facilities
throxxgh hotter organiza­
Tho Committeo bolieves that the Plan of Reorganization tion, more modern equipment and the
assignment
of spocial
now submitted goes far toward meoting tho difficulties which lines of manufactxxro to plants best fitted for their prodxxctioix.
embarrassed the old company and providing for tho success­ In particular, tho featuro of your Plan or Reorganization
ful conduct and development of tho businoss in tho future. which coixtemplatos the eliixxinatioix of tho soparato organiza-

INTRODUCTORY STATEMENT.
The Plan of Reorganization now submitted is based upon
a most thorough examination of tho properties and business
of the Company. This examination was in general charge
of Mr. J. E. Saguo, formerly Vice-President of tho Amoriean
Locomotive Company and subsequently a member of tho
Public Service Commission for tho Second District of Now
York. Tho books and accounts of tho Company for five and
one-half years prior to tho recoivership wero examined by
Messrs. Price, Waterhouse & Company. Tho plants wore
appraised by tho Coates & Burchard Company of Chicago,
and by a special committeo of the Company’s plant managors.
The Committee feels that tho results of this investigation
furnish accurate and reliablo data upon which to baso tho
Plan of Reorganization.
In fx-aming tho Plan or Reorganization tho Committee has
endoavored to romedy tho defects in tho financial structure
and organization of the Company which brought about tho
receivership. Tho more important of thoso dofocts wero tho
following:
1. Inadequate working capital, resulting primarily from
tho payment of too liboral dividends on a heavy capitaliza­
tion.
_ 2. Excessive fixod charges in tho way of interest and sink­
ing fund paymonts on tho Company’s bond issuo and interest
and dividends upon underlying bonds and preferred stocks.
3. Restx-ictions in operations resulting from tho existence
of sxibsidiary companies having securities outstanding and
owning factories, thus proventing comploto consolidation in
manufacture.
4. The lack of an oxecutivo management having a direct
financial interest in tho succoss of tho Company.
5. Tho failure of tho Company, partly through lack of
working capital and declining credit, and partly through lack
of a progressive and onorgotic policy, to mako improvements
in its pi’oducts and manufacturing mothods.
It was chiefly because of thoso defects that the Company
failed, notwithstanding the excellence of its plants, its domi­
nating position in an ixnportant staplo industry and the un­
doubted efficiency and loyalty of tho rank and file of its or­
ganization.
The following is a summary of tho results of tho Com­
mittee’s investigation into tho valuo of tho assets and tho
earnings:
Aftor allowing for depreciation, obsoloto inventories, bad
debts and othor deductions, tho valuo of tho property of tho
Company and its subsidiaries to a going concorn as of Sept. 30
1914, without allowance for 'patents or good-will, was roported
to bo as follows:




S a le s .

P r o fits A f t e r
F u ll R eserve
f o r D e p r e c ia ’ n .*

A

vg.

THE CHRONICLE

21 1915.]

tions which have heretofore existed • s disconnected and even
antagonistic parts of your enterprise will enable these econo­
mies to bo put into force and the plants of the Company to
bo used to their best advantage and should have the result
of effecting a very material saving in operating expense and
in largely ncreasing the income of the Company.
“With the resumption of normal conditions in gonoral
business, the earnings should soon bo brought back at loast
to the average roportod to you for the 5 H years prior to the
receivership, and thereafter, if the growth of your Company
is only in proportion to the normal business dovolopmont of
the country, and if the new management succoeds in placing
your Company in the front rank of tlio Engineering devel­
opment which is now so largely substituting rotating for
reciprocating machinery, the gross sales should within tho
next three or four years xeach a total which should produce
a substantial surplus of income above tho amount required
for dividends on both classes of preferred stock.”
Under the Plan of Reorganization, the members of the
Bondholders’ Committee and Messrs. Lewis L. Clarke and
L. T. Haggin of tho Stockholders’ Committee and Mr. Percy
Jackson of tho Henry R. Worthington Preferred Stockhold­
ers’ Committee are constituted a Joint Reorganization Committco.
. that, in
. case or tho
The Bondholders’ Committee bolieves
prompt consummation of the Plan of Reorganization now
submitted, the Company will rapidly assume the position
in tho trade to which it is entitled, and earn not only the full
dividends upon the preferred shares but substantial dividends
upon tho
common shares.
CHARLES II. SARIN,
R. WALTER LEIGH,
C h a ir m a n ,

THOMAS R. GANNETT,
GEORGE G. HENRY,

H. J. (lo LANOY M EIJER,
ALLEN
T. WEST,
B o n d h o ld e rs C o m m itte e .

Now York, August 5 1915.
PLAN OF REORGANIZATION.

I.
TIIE NEW COMPANY.
A company organized under the laws of such State as tho Joint Reorgan­
ization Committee (hereinafter called tho Commltteo) may In Its discretion
dotorinino or an oxlsting corporation (hereinafter called tho New Company),
will acquire the manufacturing plants, inventories, good-will and other
property of International Steam Pump Company (including the property
covered by the First Mortgage dated September 1 1909, which secures tho
First Lien Twenty-Year Fivo Per Cent Ronds), or so much of such property
as may be deemed advisablo by the Committee, who may also cause tho
New Company to acquire other proporty.
II.
PRESENT SECURITIES OUTSTANDING.
B o n d s o f th e I n t e r n a tio n a l C o m p a n y :
First Lion Twenty-Year Fivo Per Cent Ronds
of International Steam Pump Company
(hereinafter referred to as the International
R onds)__________________________________ $9,347,900 00
On which tho accrued interest on November 1
1915 will amount to----------------- ---------------------126.891 67
B o n d s o f S u b s id ia r y C o m p a n ie s :
First Mortgage Fivo Per Cent Bonds of Holly
Manufacturing Company------------------------ $492,100 00
First Mortgage Fivo Per Cent Ronds of
Joanesvillo iron Works Company________ 200,000 00 $692,100 00
The abovo bonds of subsidiary companies are hereinafter
referred to as tho Subsidiary Ronds.
P r e fe r r e d S tock s o f S u b s id ia r y C o m p a n ie s :
Preferred Cumulative Seven Per Cent Stock
of Henry It. Worthington--------------------------$2,000,000 00
On which tho accrued dividends on Novem­
ber 1 1915 will amount to............................... 280,000 00
Preferred Cumulative Eight Per Cent Stock of
Tho RIako & Knowlos Steam Pump Works. 460,556 00
On which the accrued dividends on Novem­
ber 1 1915 will amount t o . . . ........................
67,548 21 $2,808,104 21
Tho above preferred stocks of subsidiary companies aro
hereinafter referred to as tho Subsidiary Preferred Stocks.
. S tock s o f I n te r n a tio n a l C o m p a n y :
Preforrod Stock of International Steam Pump
Company (hereinafter referred to as tho
International Preferred Stock)----------------------$11,350,000 00
Common Stock of International Steam Pump
Company (hereinafter referred to as the
International Common Stock)---------------------- 17,762,500 00
$29,112,500 00
SUMMARY OF SECURITIES.*
International Ronds, with accrued interest to
November 1 1915___________
$10,126,891 67
Subsidiary Ronds, principal amount----------------- 692,100 OU
Subsidiary Preforrod Stocks, with accrued
_
dividends to November 1 1915--------------- 2,808,104 21
Total Ronds and Subsidiary Preferred Stocks....................... $13,627,095 88
Preferred Stock of International Company, par amount------ 11,350,000 00
Common Stock of International Company, par amount------17,7b2,500 00
$42,739,595 88
III.
CASH REQUIREMENTS.
To pay roceivers’ certificates, tho purchaso price of tho prop­
erty acquired which may bo payable in cash in so far as
such cash is not otherwise provided, accrued dividends or
intorost on or purchaso price of any subsidiary preferred
stocks or bonds acquired on or after reorganization, part
or all of tho floating dobt of the present Company, gonoral
reorganization obligations and expenses, including compen­
sation for bondholders’ and stockholders’ committees, un­
derwriting commissions and expenses, counsel fees and ser­
vices of accountants and othor experts, and also to provido
additional working capital for tho Now Company and tho
expense of improving its plants, protecting Its properties
and re-designing
lines of apparatus, and for its other
corporate
purposos,itsapproximately----------------------------------$3,600,000
00
P r o v is io n f o r C a sh R e q u ir e m e n ts :
Tho foregoing cash requirements aro to be met, as hereinafter
provided, by payments of $12 50 per share by the preferred
and common stockholders of International Steam Pump
Company participating in tho 1'lan, tho preferred stock­
holders to inako such proportion of the payments of non­
participating common stockholders as the par amount of
thoir preferred stock boars to the total par amount of pre­
ferred stock outstanding, and subscriptions for such cash
requiromouts to bo underwritten.
* For convonlonco of tabulation, 23 shares of common stock of nenry R.
Worthington not owned by tho International Company aro disregarded.




621

IV.
SECURITIES TO BE CREATED BY NEW COMPANY.
entitled to cumulative annual divi­
dends at seven per cent and to a preference in assets and
dividends over Class B Preferred Stock and Common
Stock, but such preference over Class B Preferred Stock to
continue only until both classes of Preferred Stock shall
have received full dividends for three consecutive years;
redeemable at tho option of the New Company at 115 and
accrued dividends________________________________________ a$5,639,063 00
C la s s B P r e fe r r e d S to c k , entitled to annual dividends at six
per cent, non-cumulative for three years, then cumulative,
and to a preference in assets and dividends over tho com­
mon stock; redeemable at the option of the New Company
at 105 and accrued dividends_____________________________b$10,126,892 00
C o m m o n S to c k __________________________________________ c$12,923,037 00
Tho New Company will also guarantee tho payment of tho
principal of new First Mortgage Bonds of Holly Manufac­
turing Company, on the surrender of tho present bonds of
said Company under tho Plan, the principal amount of
these now bonds to be ninety per cent of tho principal of
the present bonds so retired and to mature at the same
date, and will also guarantee the payment of interest at
the rate of five per cent per annum from July 1 1915 on
these now bonds so guaranteed. The total liability for
principal on this guarantee will therefore not exceed
$442,890. The mortgage of Holly Manufacturing Com­
pany securing those bonds will cover these provisions and
will also provide (a) that the bonds may be redeemable by
the New Company at par and accrued Interest; (ft) that
the New Company will not make any mortgage or other
lien to secure any issue of its obligations, without first
paying off theso guaranteed bonds; and (c) that the prop­
erty of Holly Manufacturing Company shall be acquired
by the New Company in consideration of tho above guar­
anty and, except as to tho plant of the Holly Manufactur­
ing Company situated at Lockport, Now York, shall bo
free from tho lien of tho mortgage, and that such lien shall
bo released from said plant only on a sale thereof at its
market valuo and on condition that tho proceeds thereof
shall bo applied toward the redemption of the bonds.
Dividends on tho preferred stock shall accrue from tho date
to which accrued interest on the International Bonds shall
bo funded.
Tho authorized issue of the stock of any of the above
classes shall not be increased except on vote of the holders
of not less than two-thirds of each class of stock.
No mortgage or othor lien to secure any issue of obligations
of tho New Company shall be created, oxcept on vote of
the holders of not loss than two-thirds of each of the above
classes of preferred stock.
If and when the Class A Preferred Stock shall lose its
preference over Class B Preferred Stock, the stock of both
classes shall bo treated as of the same class for every pur­
pose except the difference in dividend rate and in the rate
of redemption.
In caso the New Company shall be organized under tho
laws of a State under which stock may be issued without
nominal or par value, the common stock may, in tho Com­
mittee’s discretion, be created without nominal or par
valuo, and in that case the common stock outstanding on
tho consummation of the Plan shall consist of the number
of shares necessary to permit one share thereof to bo issu­
able in lieu of each $100 par value of common stock of the
New Company otherwise issuable hereunder.
a Authorized Issue $10,000,000, providing a reserve for additional capital,
to bo issued only for cash at not less than par.
b Authorized issue $11,000,000, providing a reserve for additional capital,
c Authorized issue $15,000,000, providing a reserve for additional capital.
V.
DISPOSITION OF NEW SECURITIES.
C la s s A S ev en P e r C e n t P r e fe r r e d S to ck :
ToAtbeparIssued
to the holders of Seven Per Cent Preferred Stock
of Henry R. Worthington upon surrender thereof (to
bo represented by certificates of interest giving to the
Syndicate Managers herein mentioned the right at
any time within six months from issue to pay such
holders cash for said new stock at 105 per cent of its
par valuo and its accrued dividends)---------------------- $2,000,000 00
At par to the holders of International Common Stock
upon making the cash payment of $12.50 per share to
the holdors 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-partici­
pating International Common Stock, and to the un­
________ _
derwriters upon making payments not provided for
by stockholders___________________________________ $3,639,063 00
C la s s B S ix P e r C e n t P r e fe r r e d S tock :
To be issued at par to the holders of tho International
___•
Ronds for thoir principal and Interest________________ $10,126,892 00
C o m m o n S tock:
ToTobeholdors
issued of International Preferred Stock (on making
cash payment of $12 50 per share and of such amount
as is required in respect of non-participating Interna­
tional Common Stock, for which now Class A Seven
Per Cent Preforrod 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 Seven Per Cent Pre­
ferred Stock will bo issued at par), 17% of present
holdings___________________________________________$6,878,625 00
To holders of International Bonds, 35% of principal_
^
and accruod interest________________________________$3,544,412 00
To tho Syndicate Managers in consideration of the undorwrlting of the cash requirements--------------------------$1,000,000 00
Reserved in treasury to be used for securing the aid of new
interests in the management of tho Now Company or
_____
otherwise for its benefit_______________________________$1,500,000 00
C la s s A P r e fe r r e d S to c k ,

VT.

.

.

PAYMENTS IB Y HOLDERS OF INTERNATIONAL PREFERRED
r-’
'■■*■■■*___AND COMMON STOCK.
,........ .......
....... ^
Nonpayments need bo made by the holders of International Preferred or
Common Stock within thirty days from the dato of mailing of notice of the
adoption of tho Plan, the period allowed by the Stockholders Protective
Agreement for the withdrawal of dissenting stockholders; but thereafter the
abovo payments of $12 50 per share for preferred and common stock shall be
made to tho Guaranty Trust Company of New York, the Depositary here­
under (hereinafter called the Depositary), in respect of all stock subject to
tho Plan, upon notice from the Committee, given as provided in the annexed
Agreement, and within such period (not less than twenty days) as may be
specified in such notice. Stockholders may either make such payments in
ull on tho dato specified in the notice or, at their option, may pay forty
yor cent thereof on said date and the remainder in three installments of
twenty per cent each on dates respectively two, four and six months subse­
quent to said date (with the privilege of paying all unpaid installments on any
of said dates). Interest at the rate of six per cent per annum will be allowed
on all such-payments from tho date thereof to the date from which the divi­
dends on tho now Class A Preferred Stock shall accrue, and shall bo payable
to stockholders entitled thereto at the samo time as tho delivery of tho newstock. Payments of deferred installments shall be secured by the new stock
and othor benefits to which the stockholders would be entitled on making
their
payments
, ,by assenting
, to
. this
... Plan,
Every
holder in
of full.
International Preferred Stock,
becomes bound to pay, in addition to his said payment of $12 50 per share
as a holder of preferred stock, such proportion of the payments of $12 50
per share abovo required from the International Common Stock not cov­
ered by subscriptions by holders of said Common Stock, upon which the
first installment of forty per cent shall be paid as the par amount of his pre­
ferred stock bears to the total par amount of preferred stock outstanding.

632

THE CHRONICLE

For such payment tho holders of International Preferred Stock will recolvo
pro rata ail the Class A Seven Per Cent Preferred Stock and all the Common
Stock of tho Now Company which would have been distributable to the
holders of International Common Stock if such holders of Common Stock
had made their payments. Twenty days' notico of the amount of such
payments, if any, so to be required from the holders of International Pre­
ferred Stock will be given by tho Committee as provided in the annoxed
Agreement, and such payments may be made in the installments above pro­
vided.
In case any depositor shall fail to make any payment as above required,
his stock subject to tho Plan, together with any other benefits to which ho
would bo otherwise entitled and any payments which ho may have already
made hereunder, may be forfeited in the discretion of tho Committee. No
stock of tho New Company shall be delivered hereunder in respect of pay­
ments unless such payments havo been made in full. Holders of Interna­
tional Preferred and Common Stock are entitled to no right or benefit under
this Plan except on making tho payments provided for under this Article V I.
VII.
PARTICIPATION BY EXISTING SECURITY HOLDERS.
Holders of International Bonds will rcceivo, for each $1,000 of
principal with tho 383 33 interest accrued thereon from March 1
1914 to Nov. 1 1915:
Class B Preferred Stock__________________________________$1,083 33
Common Stock__________________________________________ 3379 17
Holders of Seven Per Cent Preferred Stock of Henry It. Worth­
ington will bo paid in cash the accrued dividends thereon
(amounting on Nov. 1 1915 to $14 per share) and for each
31,000 par valuo thereof will also receive (subject to tho right
of tho Syndicate Managers at any time within six months from
issue to pay cash therefor at 105 per cent of its par valuo and
its accrued dividends):
Class A Seven Per Cent Preferred Stock___________________31,000 00
Holders of International Preferred Stock will rcceivo, on making
payment of d$12 50 per sharo, for each $1,000 par value thereof:
Class A Seven Per Cent Preferred Stock_________
d$125 00
Common Stock____________________________________ '
d$340 00
Interest at six per cent per annum on tho payments made,
'
calculated from tho dato of payment to the dato from
which dividends on the now Class A Pref. Stock shall accrue.
Holders of International Common Stock will roccive, on making
payment of $12 50 per sharo, for each $1,000 par valuo thereofClass A Sovon Per Cent Preferred Stock___
$125 00
Common Stock.----------------- ------------ ---------------------1.11111 .$170 00
Interest at six per cent per annum on the payments made cal­
culated from tho dato of payment to tho dato from which
dividends on tho now Class A Preferred Stock shall accruo.
Holders of First Mortgago Fivo Per Cent Bonds of Holly Manufcaturing
Company will recolvo, for each .$1,000 of principal thereof, $25, tho
amount of tho July 1 1915 coupon, in cash, and also a now First Mort­
gago Bond of said Company for $900, bearing interest from July 1 1915
at the rato of five per cent por annum, guaranteed principal and interest
by tho Company,
Now Company,
and socured
underi Vahereof.
mortgago of Holly Manufac­
turing
as provided
in Article
For fractional shares of tho now stock tlioro will bo scrip, not entitling
tho holder to voto or to receive dividends thoreon. Such scrip when prosonted in amounts aggregating ono or more full shares of either class, will
bo exchangeable,
now
stock of such within
class. such period as tho Committee may dotermino, for
ihorcof for
5'*ass
£
Sovon
PorofCent
Preferred
Stock issuablo
under
terms
preferred stock
Henry
It. Worthington
shall bo
In thothoform
of
certificates of interest, exchangeable for stock certificates (or voting trust
certificates
under
Articlo
IX)
on
oxptration
of
tho
six
months’option
to
tho
Syndicate Managers provided In Articlo V.
d Those amounts will incroaso as provided in Article VI abovo to the oxtont, if any, that holders of international Preferred stock are required to
malco tho paymonts not mado by holdors of International Common Stock.
VIII.
SECURITIES OUTSTANDING UPON CONSUMMATION OF PLAN.
S e c u r itie s o f N e w C o m p a n y :
Class A Sovon Pro Cent Preferred Stock__________
$ 5 nqq 063 00
10 12(>'892 00
Class B Six Per Cent Preferred Stock__________
Common S tock .................................................... ................ . . I 12,923,037 00
Guaranteed First Mortgage Five Per Cent Bonds of
Holly Manufacturing Company______________________ 442,890 00
S e c u r itie s o f S u b s id ia r y C o m p a n ie s :*
First Mortgago Fivo Per Cent Bonds of Jeanesville Iron
Works Company-------------------------------------- --------$200 000 00
Preferred Cumulative Eight Por Cent Stock of The Blake
& Knowles Stoam Pump Works (with unpaid dividends
computod to November 1 1915)_____________________ 528,104 21
* Tho Plan makes no provision for tho assumption of these securities by
tho
Company.
They wise.
will be dealt with as to tho Committee or the
NewNow
Company
shall soem
For convenience of tabulation the 23 shares of Common Stock of Hoary
It. Worthington not ownod by tho International Company aro disregarded.
Tho abovo estimates are upon tho basis of the holdors of ail the Inter­
national Stock and Bonds and all tho Preferred Stock of Henry R. Worthing­
ton and all the Bonds of Holly Manufacturing Company accepting tho terms
of tho Plan. Tho Committeo may, however, consummate the Plan, al­
though less than all accept. If tho amount of bonds of Holly Manufactur­
ing Company assenting to the Plan shall not bo deemed sufficient by tho
Committee, in its discretion, to enable tho provisions of tho Plan in respect
thereto to be carried into effect, tho Plan may bo consummated without
making any provision for such bonds and such bonds shall thereupon bo
returned to thoir depositors.
Out of tho $1,500,000 now common stock reserved under Article V of the
Plan to be used In securing the aid of now interests in the management of
tho Now Company or otherwise for its benefit, provision may bo mado in
tho discretion of tho board of directors to the New Company with the
approval of tho Voting Trustees, for interesting in the New ’Company
manufacturers and othor business men whoso experience gives thorn special
qualifications for tho successful management of tho enterprise. This re­
served common stock may also be used for any other purpose doemod by tho
board of directors and tho Voting Trustees advantageous for tho business.
i If consummation of tho Plan is delayed to a date later than November 1
1915, tho above amount of Class B Preferred Stock will lie increased bv the
amount of the accrued intorest from November l 1915 on the International
Bonds and the amount of Common Stock will bo increased by 35% of the
amount of such accrued Intorest. If tho Plan should bo consummated
prior
November
1 1915, said
Preferred and Common Stock will be de­
creasedto by
a corresponding
adjustment.
In addition to tho foregoing securities, thero may bo Issued such addi­
tional amounts of any class of stock (now impracticable of accurate state­
ment, but in no event oxpectod to exceed $200,000 par valuo thoreof in tho
aggregate), as may bo required for tho purposo of making provision for
holders or miscellaneous unsecured claims against International Stoam
Pump Company as tho same shall be ascertained.
IX.
VOTING TRUST.
In tho discretion of tho Committeo, tho stock of all classes, or of any
class, of tho New Company, may bo deposited with Trustees (hereinafter
called the Voting Trustees), which may comprise members of the Committeo
or such othor persons as tho Committeo may select or approve, such stock
to bo held subject to an agreement In such form as the Committeo in its
discretion may approve, which shall authorize such Voting Trustees to hold
said stock for such period, not exceeding five yoars from tho dato of said
agroomont, as shall bo specified therein, and in tho meantlmo to voto and
consent in respect of said stock as tho Voting Trustees in their discretion
may determine. Tho number of Voting Trustees may at any time bo in­
creased by voto of a majority thoreof. If either or both of tho classes of
preferred stock of tho New Company bo so deposited, tho Voting Trustees
shall not vote such stock to create a mortgage or other lien to secure any
issuo of obligations of the New Company unless authorized so to do by tho
holders of not less than two-thirds of tho voting trust certificates repre­
senting each class of preferred stock deposited. Said Voting Trust shall
mako provision by which, whilo it is in force, a stockholder of tho New
Company nominated by tho Committeo now representing preferred stock
of
Henry R. Worthington shall ho a Director and a member of the Executive
Committee.



[Vol. 101.

UNDERW RITING OF PLAN.
Messrs. William Salomon & Co., as Syndicate Managers, havo secured
underwriters for tho cash requirements of the Plan up to S3 ,889 063 who
have agreed to mako tho payments of $12 50 for each share of stock of
International Steam Pump Company, aggregating $3,639,063, which aro
not made by tho stockholders, and also to provide up to 3250,000 the cash
which shall bo distributable from tho proceeds of any sale to such of tho
International bondholders as do not elect to participate in tho Plan. The
underwriters shall receivo a cash commission of 5% on such aggro^ato
obligation of $3,889,063, and tho Syndicate Managers shall receivo $1 000 000 common stock of tho New Company as provided in Articlo V of this
Plan. In case tho underwriters shall bo required to mako tho payments of
any stockholders of International Steam Pump Company they will recolvo
the Class A Seven Per Cent Preferred Stock and also the Common Stock
which would have been distributable on their participation in the Plan to
the stockholders whose payments shall so bo mado, and, in case they shall
bo required to provide cash distributable to non-participating bondholders
the Class B Six Per Cent Preferred Stock and also the Common Stock which
would have gone to such non-participating bondholders had they partici­
pated in the Plan, provided their distributive share of the proceeds of the
sale of tho property does not exceed 3250,000. If the distributive share of
the non-assenting bnodholdcrs in tho proceeds of the sale of tho property
shall exceed $250,000, then tho underwriters shall receive tho Class B Six
Per Cent Preferred Stock and Common Stock which would liavo gone under
the Plan to tho holders of such an amount of said bonds as receive $250 000
from tho proceeds of salo.
X I.
MEANS BY WHICH
REORGANIZATION
MAY BE
'
ACCOMPLISHED.
Tho reorganization may bo accomplished in such mannor and by such
means as the Committeo in its discretion may deem expedient or proper and
tho Committeo may at any time use any of tho new securities provided for
in tho Plan or any of the moneys paid or accruing under tho Plan in any
manner deemed by it in its discretion to be expedient or proper to accom­
plish the reorganization. Except as herein otherwise specifically provided
the form and terms of tho certificate of incorporation and the by-laws of tho
New Company, of the stock of tho New Company and of all securities and
instruments at any time to bo issued or entered into in connection with tho
consummation of tho Plan shall bo such as tho Committeo in its discretion
may determine. Tho Committeo may, in its sole discretion, dotormino
what proportion of the securities provided for in the reorganization and of
each of tho various classes thereof shall bo deposited under the Plan and
what property of International Steam Pump Company or other property
shall bo acquired in order to render tho consummation of the Plan advisable.
The Committee or the Now Company may acquire any of the Subsidiary
Bonds or Subsidiary Stocks and provide for tho purchase prico thoreof iii
such manner, whether by cash or by issuo of stock of any class or obligations
of the New Company, as shall bo approved by tho Committee.
XII.
ADOPTION AND APPROVAL BY COMMITTEES.
Tho Plan has been adopted by the Bondholders’ Protective Committeo
acting under the Deposit Agreement witli Guaranty Trust Company of
New York dated August 26 1914, and by the Protective Committeo repre­
senting Preferred and Common Stock of International Steam Pump Com­
pany
acting under
tho0 1Deposit
Agreement
with Columbia
Comnanv
(lt ltG (i St'*"'*’
I '''1* 15
IK 11914,
,4 and
o n /1 1by
\ir the
l.lw a Protective
P i ' n t n o f L r o Committeo
11 »v» 1 Trust
__ __representing
.. *
September
Preferre:
red Stock of Henry R. Worthington acting under the Doposit Agree­
ment with Franklin Trust Company, dated October 15 1914. Messrs.
Charles II. Sabin, Lewis L. Clarko, Thomas B. Gannett, L. T. Ilaggin'
George G. Henry, Percy Jackson, R. Walter Leigh, II. .1. do Lanoy Metier
and Allen T. West are hereby constituted a Joint Reorganization Committeo
to carry out said Plan. Each of said Committees has agreed with said
Joint Reorganization Committee that It will givo to its respective depositors
the notice required by the Doposit Agreement under which it is constituted,
that it has approved and adoptee! the Plan and that all depositrs who do not
withdraw from said Deposit Agreement in the manner permitted thereby
will be deemed to havo assented to tho Plan. The Plan has also been ap­
proved by the Protective Committeo representing First Mortgago Five Per
Cent Bonds of Holly Manufacturing Company acting under tho Deposit
Agreement with Bankers Trust Company and Commonwealth Trust Com­
pany, dated August 4 1915, and said Committee has called for deposits of
said bonds under tho Plan. Each of the above-named Committees has
further agreed with tho Joint Reorganization Committeo that, upon tho
Joint Reorganization Committeo declaring tho Plan effective and operative
it will declare the Plan effective and operative as to its depositors and that
it will hold all bonds or stock not so withdrawn, and all bonds or stock de­
posited with it under tho Plan, on the order of tho Joint Reorganization
Committee and will deliver tho samo to the Joint Reorganization Committeo
on its request for the purposes of carrying out tho Plan.
X III.
METHOD AND TERMS OF PARTICIPATION.
1 .1

H o ld e r s o f F ir s t L i e n T w e n t y -Y e a r F iv e P e r C e n t S in k in g F u n d G old B on d s o f
I n t e r n a ti o n a l S tea m P u m p C o m p a n y o r o f C e r tific a te s o f D e p o s i t o f G u a r ­
a n ty T r u s t C o m p a n y o f N e w Y o r k R e p r e s e n tin g S u ch B on d s:

Tho Plan having been approved and adopted by tho Bondholders’ Pro­
tective Committeo of which Charles H. Sabin is Chairman, constituted
undor tho Deposit Agreement with Guaranty Trust Company dated
August 26 1914, that committee will publish notico to its depositors of such
approval and adoption and that the Plan will become binding upon tho
holders of said certificates of deposit who do not withdraw from said De­
posit Agreement within tho time and in the manner permitted by said
Agreement. All holdors of certificates of deposit issued under said Deposit
Agreement who do not so withdraw shall be conclusively deemed to nave
assented to tho Plan and tho annexed Agreement and shall become parties
thereto.
,
Holders of said bonds who havo not already deposited them under said
Deposit Agreement, may deposit thoir bonds, in negotiable form and, if
coupon bonds, bearing all coupons maturing on and after September 1 1914,
with Guaranty Trust Company of Now York, the depositary constituted
under said Doposit Agreement, or with such of its agents as said committeo
may determine, at any time within thirty days from tho date of the first
publication of tho notico of the adoption of the Plan, receiving therefor
certificates of deposit in a form approved by said committee; and holders
of saiti bonds so depositing tho samo shall tliereoy become parties to, and
shall bo conclusively doomed to havo assented to, the Plan and tho annoxed
Agreement. Holders of said bonds withdrawing tho samo from said
Deposit Agreement or not so depositing tho samo shall have no right to
participate under the Plan.
H o ld e r s o f C e r tific a te s f o r P r e fe r r e d o r C o m m o n S tock o f I n te r n a tio n a l S tea m
P u m p C o m p a n y o r o f C e r tific a te s o f D e p o s i t o f C o lu m b ia T r u st C o m p a n y
R e p r e s e n tin g S u ch Stock:

Tho Plan having been approved and adopted by the Stockholders’ Pro­
tective Committee of which Lewis L. Clarke Is Chairman, constituted
undor the Deposit Agreement witn Columbia Trust Company dated
September 15 1914, that committee, will mail notico to Its depositors of
such approval and adoption and that tho Plan will becomo binding upon
tho holders of said certificates of deposit who do not withdraw from said
Deposit Agreement within the time and in tho manner permitted by said
Agreement. All holders of certificates of deposit issued under said Deposit
Agreement wno do not so withdraw shall oo conclusively deemod to havo
assented to tho Plan and the annoxed Agreement and shall bccomo parties
thereto.
Holders of certificates for preferred or common stock of International
Steam Pump Company who have not already deposited them under said
Deposit Agreement, may deposit their certificates of stock in negotiable
form, and. if required by said Stockholders’ Protective Committoo, properly
stamped for transfer, with Columbia Trust Company, the depositary con­
stituted under said Deposit Agreement, or with such of its agonts as said
committee may determine, at any timo within thirty days from tho dato
of the mailing of tho notice of tho adoption of tho Plan, receiving therefor
certificates of deposit in a form approved by said committee; and holders
of said certificates of stock so depositing the samo shall thereby becomo
parties to, and shall bo conclusively deemed to have assented to, tho Plan
and the annoxed Agreement. Holders of certificates of said stock, with­
drawing tho samo from said Deposit Agreement or not so depositing tho
samo shall havo no right to participate under the Plan.

A ug . 211915.]

THE CHRONICLE

H o ld e r s o f P r e fe r r e d S tock o f H e n r y R . W o r th in g to n o r o f C e r tific a te s o f
D e p o s i t o f F r a n k lin T r u s t C o m p a n y R e p r e s e n tin g S u ch S tock :

Tho Plan having been approved and adopted by the Preferred Stock­
holders’ Protective Committee of Henry It. Worthington, of which Robert
B. Woodward is Chairman, constituted under the Deposit Agreement with
Franklin Trust Company dated October 15 1911, that coinmitteo will mail
notice to its depositors of such approval and adoption and that tho Plan
will become binding upon tho holders of said certificates of deposit who
do not withdraw from said Deposit Agreement within the tiino and in tho
manner permitted by said Agreement. All holders of certificates of deposit
issued under said Deposit Agreement who do not so withdraw shall bo
conclusively
deemed
to parties
have assented
ment
and shall
becoino
thereto.to tho Plan and the annexed Agree­
Holders of preferred stock of Henry It. Worthington who have not
already deposited their stock under said Deposit Agreement, may deposit
their certificates of stock In negotiable form and, if required by said Pro­
tective Committee of Henry R. Worthington, properly stamped for transror, with b ranklln Trust Company, tho depositary constituted under said
Deposit Agreement, or with such of its agents as said committee may
determine, at any time within thirty days from the dato of tho mailing of
the notice of tho adoption of tho Plan, receiving therefor certificates of
deposit in a form approved by said committee; and holders of said stock
so depositing tho sarao shall thereby become parties to, and shall be con­
clusively deemed to have assented to, the Plan and the annexed Agree­
ment. Holders of said preferred stock withdrawing tho same from said
Deposit Agreement
or not
participate
under the
Plan.so depositing tho same shall havo no right to
H o ld e r s ^ o f ^ I f r s t M o r tg a g e F iv e P e r

C e n t B o n d s o f H o l l y M a n u f a c t u r in g

Tho Plan having been approved by the Protective Committee repre­
senting bonds of tho above issue, of which G. Hermann Kinnicutt is
Chairman, constituted under the Deposit Agreement with Bankers Trust
Company and Commonwealth Trust Company dated Aug. 4 1915, holders
or
First Mortgage Five Per Cent Bonds of Holly Manufacturing Company
may deposit their bonds in negotiable form and bearing all coupons maturing
on and after July 1 1915, with Bankers Trust Company of New York or
Commonwealth Trust Company of Buffalo, N . Y ., the depositaries con­
stituted under said Deposit Agreement, or such of their agents as said
Committee may determine at any time within thirty days from tho date
of the first publication by the Committee hereunder of the notice of tho

633

adoption of the Plan, receiving therefor certificates of deposit in a form
approved by the committee representing said bonds; and the holders of
said bonds so depositing the same shall thereby become parties to, and
shall bo conclusively deemed to have assented to, the Plan and the annexed
Agreement.
Holders ofunder
said bonds
not so depositing the same shall havo
no
right to participate
the Plan.

XIV.
AGREEMENT OF REORGANIZATION.
In order to enable the Plan to be carried out and give effect to the same,
the annexed Agreement of Reorganization has been prepared. Assent to
t en L am *nclU(l?s assent to the Agreement, and every depositor assenting
a.n1d Agreement.
.eac!l of undersigned Committees, shall be taken to be
a party to said
Dated, New York, August 5 1915.
LEWIS L. CLARKE, Chairman, Stockholders* Committee acting un­
WILLARD V. ICING,
der the Deposit Agreement with
L. T. HAGGIN,
Columbia Trust Company, dated
ALBERT N. PARLIN,
September 15 1914.
OTTO MARX.
ROBERT B. WOODWARD,
Representing Preferred
JONATHAN BULTCLEYhalrman' Committee
Stock of Henry R. AVorthington,
PERCY JACKSON,
acting
under
the Deposit Agree­
WILLIAM A. PERRY,
ment with Franklin Trust Com­
ALIX W. STANLEY,
pany, dated October 15 1914.
HOSEA WEBSTER,
CHARLES H. SABIN, Chairman, Bondholders' Committee acting un­
THOMAS B. GANNETT,
der the Deposit Agreement with
GEORGE G. HENRY,
Guaranty Trust Company of New
R. WALTER LEIGH.
York,
dated August 26 1914.
H. J. de LANOY MEIJER,
ALLEN T. AVEST,
G. HERMANN KINNICUTT
gage Five Per Cent Bonds of Holly
F. N . B. CLOSE,
M ig. C o., acting under the Deposit
GUY M . AVALKER,
Agreement with Bankers Trust Co.
and Commonwealth
dated
August 4 1915. Trust Co.,

I

GUANTANAMO SUGAR COMPANY
T E N T H A N N U A L R E P O R T — F O R T H E F I S C A L Y E A R E N D I N G J U N E 30 1915.
7
July 29 1915.
To the Stockholders o f the Guantanamo Sugar Company:

T h e D iro c to rs be g to s u b m it th o a cco u n ts o f y o u r C o m ­
p a n y f o r th e y e a r e n d in g J u n o 30 1915 a n d a c o p y o f th e
B a la n e o S h e o t, to g e th e r Avith th o ro p o rt o f th e G e n e ra l
M a n a g e r o n th o o p e ra tio n s o f th o C o m p a n y . T h o a cco u n ts
h a v o as u su a l boon a u d ite d b y M e s s rs . P ric e , W a te rlio u s o
& C o m p a n y , a n d a c o p y o f th e ir c e rtific a te is a p p e n d e d .
T h o n o t p ro fits f o r th o y o a r fro m s u g a r a n d m olasses a fte r
c h a rg in g o ff fo r d e p re c ia tio n th o su m o f $ 170,049 9 7 a m o u n tto
$958,381 41. T h e to ta l n o t in co m e a m o u n te d to $1,043,516 30.
P a r t o f th o s u g a r o n h a n d J u n o 3 0 th h a d a lre a d y been sold ,
p a r t has since been so ld , w h ic h , Avith th e sm a ll ba la n eo , a ro
a c c o u n te d f o r in th o p ro fits a t c u rre n t p ric e s. P ric e s o f r a w
s u g a r h a v o flu c tu a te d b e tw e e n 2 % ce n ts a n d 4 ce n ts p e r
p o u n d , b u t in th o m a in h a v o boon s te a d ie r th a n la s t y e a r,
a c o n d itio n s a tis fa c to ry to p ro d u c e r a n d re fin e r.
T h e G e n e ra l M a n a g e r has re fe rre d in h is ro p o rt to th o
decreased p ro d u c tio n . T h is has been m o ro th a n o ffso t b y
th e g o o d p rice s o b ta in e d f o r
s u g a r, re s u ltin g in a h a n d som o p r o fit f o r th o y o a r. T h is g oo d o u tco m e has e n a b le d
y o u r D ire c to rs to d e cla re a ca sh d iv id e n d o f $ 6 p o r sha ro,
a b s o rb in g $298,740, a n d to a u th o riz o th o e x p e n d itu re o f a
la rg e a m o u n t o f m o n e y f o r im p ro v e m e n ts a n d b o tto rm o n ts .
A n o n tire n e w sot o f m ills , c ru s h o r a n d eng ino is to bo f u r ­
n ish e d to L o s C a n o s fa c to r y a n d a q u a d ru p le o ffo ct, v a c u u m
p a n a n d o th o r m a c h in o ry p a rts to Y s a b e l. T h o c a p a c ity a n d
e ffic ie n c y o f these fa c to rie s w ill bo m a te ria lly in cre a se d th o ro b y .
T h o b a la n ce o f o a rn in g s Avill bo used as A vo rkin g c a p ita l.
S in co its o rg a n iza tio n a n d p ro v io u s to th is y e a r it, has been
co n sid e re d a d vis a b lo to o xp o n d in b e tte rm e n ts a n d im p ro v e ­
m e n ts o n th o p r o p e rt y a ll th e n o t ta m in g s , th o s u rp lu s o f
assots b o in g th u s in cre a se d fro m tjm o to tim o . In vioAV o f
th is y o u r D iro c to rs h a v o th o u g h t it e q u ita b le to d is trib u te
to s to c k h o ld e rs o u t o f su c h s u rp lu s a p a rt o f th o T r e a s u r y
s to c k a n d h a v e th e re fo re d e c la re d a d iv id e n d in s to c k , a t
its p a r v a lu e , o f $5 p o r sha ro.
B y o rd o r o f th o B o a rd o f D ire c to rs .
W . E . G L Y N , President.

raAv

G U A N TA N A M O SUGAR CO M PAN Y.

L IA B IL IT IE S .
StockCanpital
Authorized Issu.p
Is 60,000 shares of $50 each ..$3,000,000 00
55,291
snares________ --------------------------»z,/o4,oou
-p. i rrn nr,
Issued-----------B ess
r5,500
shares in T r e a ty I 11I11.' I11111111" 275.000 uy
00
Outstanding 49,791 shares of $50 each....................................$2,489 550 00
Stock Dividend, payable in Treasury stock......... .............* 247' ,lu
700 PO
Current Liabilities—

Drafts in Transit................

*oq non nn

Accounts Payable................
...............
li t 234 9 4
Dividends (including $1,255 t o 'b e 'p a id ' for
fractional amounts of stock dividend)___
300,001 00

394,235 24
ForMaintenance______
1915 Dead Season Current Repairs and
nnn no
For Extraordinary Repairs_______
128 869 99
For Depreciation of Live S to c k ..Ill
8 564 11
For Replanting....................................................... 195.623 60
981,487 97
Surplus—
B AtW-6 at JUn° 30 1914..................................... $1,566,576 84
I>rS^t
, P A °asperat,ons
of theannexed............
year to June 1,043,516 30
30 1915,
per account
$2,610,093 14
D e d u c t:
Betterments written off as
per resolution of Board
of Directors.
Dividends
Declared: .............$116,807 71
Stock------------J247.700 00
C ash................ 3C0.001 00
Adjustment of Book Value of j47’' 01
Lands in accordance with
resolution of Board of
Directors.............................. 50,851 18
- 715,359 89
1,894,733'25
$6,007,706 46
PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDING
JUNE 30 1915.
Gross Sugar Saie«, less) 36.086 Tonnes 1
Sea hreight, Commis-} 241.376 Bags .............
$2 810 245 10
.............
D ed u c t:
$2,855.41225
Producing and Manufacturing Costs and Snipping Ex­
penses, including New York and Guantanamo Office
Expenses........................................................................... ___ 1 ,3 4 5 ,0 4 5 85
Profit on Operations, before providing for DepreciaOf Cane M s and E 9 uipment or for Replanting
$1,010,366 40
Add:
Interest (net)___________
«5fin 3 5 n si
Rents (n e t ).................... I : : : : : : : : : : ” ' .......... 2 0 9 0 0 3 5
Profit on Miscellaneous Operations___ I ” " 3,883 73
Excess Value of 1914 crop sugar sold after
closing of books_______________________ .118,664 98
1------------- 203,79987
D e d u c t:
$1,214,166 27
Provision for Depreciation of Mills and Equipment
and forReplanting of Cane.......................
170,649 97
Profit for year.....................................................
$1,043,516 30
Unexpended Funds—

BALANCE SHEET JUNE 30 191L
ASSETS.
Cost of Properties—
Real Estate. Cano Lands, Bu'ldings, Equipment and
other permanent Investments.......................... . - ............... $4,088,935 38
D e d u c t —Adjustment of Book Value of Linds charged
to Surplus as per resolution of Board « Directors.. 50,851 18
•84,038,081 20
D e d u c t —Betterments charged to Surphs:
July 1 1911 to Juno 30 1914........... ......... $308,835 36
Year ending Juno 30 1915______ _____ 116,807 71
425,643 07
Advances to G uantanam o Railroad Company--------------788,193 23
7.624 Shares of Ciuantanamo Railroad•'omPany S to c k ..
1 00
Current and Working Assets—
0
*
Growing Crops carried over to 1915-** aeason $56,945 00
T h o a c c o u n ts o f th e C o m p a n y h a v o been a u d ite d a n d
Inventories:
c e rtifie d to b y P ric e , W a te rh o u s e & C o .
Raw
Sugaronhand,72,986bagsfftST>
.U
§1
Stores and Supplies at cost__ 29
D IR E C T O R S .
Sparc Parts at cost................ 43J)29 52
E. A. BROOKS.
1,060,239 42
WM. E.
MOORE
R. WALTER
GEO. It. BUNKER. AVM.
24,083 46
Insurance
Unexpired,
e
tc
...
**
v
*
A.........
GLYN,CARSON, C.
LEAVIS LEIGH.
Sundry Accounts Recelvab’ and -Advances
JAMES
H.
POST.
1
174,855 93
to Colonos__________
Cash
on hand and in Bax--------------------------t«ew York and
O F F IC E R S .
Cuba)-------------------- --------------------------- 290.942 29
President, - .
.
AVM. E. GLYN
---------------- 1.007,066 10
Vice-President, - - JAMES II. POST
$6,007,706 40
Secretary and Treasurer,
FREDERICK H. CLARK



gpx.e ' femmjemal
COMMERCIAL EPITOME

Friday N ight, A u g . 20 1915.
A llo w in g f o r th o fe e lin g o f g ra v e c o n c e rn o v o r th o s in k in g
o f th o A r a b ic , w h ic h suggests th o p o s s ib ility o f a r u p tu re o f
A m e ric a n d ip lo m a tic re la tio n s w it h G e rm a n y , th e fe e lin g in
b u sin e ss is in th o m a in s till c h e e rfu l. B a n k c le a rin g s a re
g a in in g . M e rc h a n ts a re g la d to see t h a t fo re ig n o xch a n g o
re c o v e re d s o m e w h a t fro m re c e n t d e m o ra liz a tio n a n d th a t
a c tiv e e ffo rts a ro b e in g m a d e to c o rre c t th o d is lo c a tio n o f
o xch a n g o . T h o g ro a t T o x a s s to rm w a s a s in is te r e v e n t o f
th o w e e k a n d ca u sed re g ro ta b le , if o v e r-e s tim a te d , loss o f
lifo a n d p r o p e r t y . T h o d a m ag o to th e c o tto n c ro p b y th o
c y c lo n e in som e se ctio n s w a s to a ll a p p o a ra n c o m o re th a n
o ffs e t b y b e n e fic ia l ra in s in o th e r p a rts o f th e S ta te . W a r
o rd e rs f o r steel h a v e been la rg e w it h R u s s ia , a n d I t a l y is in
th o m a rk e t. C o lle c tio n s a ro re p o rte d b e tte r. T h e d e m a n d
fo r s k ille d la b o r is a c tiv e . T h e S o u th e rn lu m b e r tra d e is
b ris k e r. T h o w o o le n in d u s t r y is m o ro a c tiv o a n d sales of
ste a m coal a re la rg e r. R e p o rts a b o u t the s p rin g -w h e a t cro p
a ro v e r y fa v o ra b le . W i t h w a rm , d r y w e a th e r th e c o rn c ro p
is e xp e c te d to a p p ro a c h h ig h re c o rd fig u re s . M a il o rd e r
tra d e is b ro a d e n in g . T h o S o u th e rn tra d e in f u r n it u r e is n o ­
tic e a b ly b e tte r. I n p a rts o f th e W e s t i t is tru e it has been
to o w e t a n d co o l a n d ra in s d o la ye d th re s h in g o f th o cro p s.
T h o c o tto n m a n u fa c tu rin g in d u s t r y is s till h a m p e re d b y th e
s c a rc ity o f d y e s tu ffs , a n d tra d e h ero in th o E a s t is f a r fro m
b e in g a ll t h a t c o u ld bo d e s ire d . A ls o th o re has la t t e r ly boon
som e in cre a so in th o n u m b e r o f fa ilu ro s . A c o n tra b a n d o rd e r
it is e xp e c te d , w ill bo issued a n y d a y b y E n g la n d a n d F ra n c o
a g a in s t c o tto n . Y o t , as a lro a d y in tim a te d , s o n tim o n t is on
th o w h o le o p tim is tic r a t h e r th a n o th e rw is e .
L A R D q u ie t; p rim e W e s te rn 8.35c.; re fin e d fo r th o C o n ­
tin e n t 8 .9 0c.; S o u th A m e ric a 9.25c.; B r a z il 10.25c. F u t u r e
d e clin e d w it h g e n e ra l liq u id a tio n , p a r t ly o n s to p o rd e rs .
P ric e s o f h ogs h a v e been lo w e r w it h lib o ra l re c e ip ts . T o - d a y
p ric e s d e c lin e d .

DAILY CLOSING PRICES
S a t.
Soptomberdollvery.cts. 8.00
October delivery...........- 8.07
J a n u a ry delivery- 8.35

OF LARD FUTURES IN CHICAGO.
M on.
ru es.
W ed.
T n u rs.
tn .
7.02 7.80 7.95
8.12
8.05
8.00 7.87 8.02
8-22
8.1 >
8.3 j 8.27 8.4o
8.65
8./U

P O R K u n c h a n g e d ; m ess $ 20 @ $ 2 1 , c le a r $ 2 0 @ $2 2 , fa m ily
S 2 1 @ $ 2 3 . B e e f, m ess $18 5 0 @ $ 19 ; p a c k e t $ 17@ $18;
f a m ily $ 19 @ $ 2 0 ; e x t ra In d ia m ess $29 @ $ 3 0 . C u t m eats
c o n tin u e in lig h t d o m a n d a n d firm ; p ic k lo d h a m s 1 0 to 2 0
lb s 1 2K @ 13 J/8 C .; p ic k le d bellies, 6 to 12 lb s ., 1 4 @ 1 4 % c .
B u t t e r , c re a m e ry e x tra s 2 5 % @ 2 6 o. C h eese, S ta te , w h o le
m ilk , fre s h fla ts , co lo re d specials, 1 3 % @ 1 3 % c . E g g s ,
fre s h g a th e re d e x tra s 26 @ 2 7 c.
C O F F E E re m a in s q u ie t; N o . 7 R io 7 c., N o . 4 S a n to s 9 %
@ 9 % c . , f a ir to g o o d C u c u ta 9 % @ 1 0 % c . F u tu r e s w e re
s o m e w h a t fir m e r w it h s m a lle r rece ip ts a n d som e fe a r o f a
fro s t scare in B r a z il b e fo re lo n g . A lso tra d o b u y in g steadied
p ric e s in th e face o f som e liq u id a tio n . T o - d a y fu tu re s closed
ir r e g u la r w it h n o de cid e d ch a ng e s a n d tra d in g lig h t.
C lo s in g q u o ta tio n s w e re as fo llo w s :

A ugust., cts 6 38®6 4 0 1Decembercts6 48@6.49
September ..6-37@ 6-38 January----- 6.52@6 .3
October.........
@6 42 February
— 6.57@6.^8
November— 6.41
6.44@6.451
March...........6.61
@6.62

n o w c ro p o f C o n n e c tic u t a n d W is c o n s in w ill be s h o rt, o w in g
to e xc e ssive ra in s . I l a i l s to rm s a rc also said to h a ve dono som e
d a m a g e . S u m a tra is e n te rin g m o re lib e ra lly in to co n s u m p ­
tio n as c ig a r m a n u fa c tu re rs a re b u s ie r. C u b a n le a f has been
in fa ir d e m a n d a n d s te a d y .
, ,
C O P P E R lo w e r a n d q u ie t; L a k e 1 0 % @ 1 7 % c .; e le c tro ­
ly t ic 1 6 % @ 1 6 J^ c . L o n d o n p ric e s h a v e fa lle n . L e a d h ero
on th e s p o t 4 .4 0 c., p a r t ly o w in g to in cre a se d o ffe rin g s b y
o u ts id e in te re s ts . S p e lte r d ro p p e d to 10.75c. h ere o n th e
sp o t u n d e r in cre a se d p ro ssu re to sell a n d a s h a rp d e clin e in
L o n d o n . T i n o n th e sp o t hero 3 3 % c ., w it h tra d in g lig h t.
P ig iro n has been f ir m w it h N o . 2 S o u th e rn $11 @ $11 25
B irm in g h a m . B u ffa lo fu rn a c e s a re re p o rte d to be d o in g a
>mod b usiness f o r th e fir s t h a lf o f n e x t y e a r a t $ 14 @ $1 4 25,
w it h sales ru m o re d o f 75,000 to n s th u s fa r . P la to m ills h a v e
been se llin g m o re fre e ly o n tho basis o f $1 30. D e m a n d fo r
e q u ip m e n t’has in cre a se d . G a lv a n iz e d sheets h a v e d e c lin e d ,
o w in g to lo w e r p ric e s fo r s p e lte r. T h e s c a rc ity o f o p e n h e a rth steel is in c re a s in g . B e ssem e r steel is, th e re fo re , sell­
in g m o re fre e ly a t p ric e s a lm o s t e q u a l to those fo r o p e n h e a rth . T h e w a r d e m a n d fo r steel c o n tin u e s u n a b a te d a n d
c o m p a n y has R u s s ia n
in n nn
„
b e lie ve d to bo in q u irin g fo r a b o u t 1 0 0 , 0 0 0 to n s o f la rg o
ro u n d s
Ita lia n in q u irie s a re fo r 35,000 to n s o f steel b illo ts ;
it has ta k e n 3 000 to n s o f s ta n d a rd B e ssem e r. T h o la rg e s t
c o m n a n v ’s B essem er in g o t p ro d u c tio n is n o w said to bo a b o u t
9 4 <y o f c a p a c ity .
T h e r e is a b e tte r d e m a n d fo r s tru c tu ra l
m a t e r ia l" D o m e s tic ra ilro a d s a ro b u y in g s p a rin g ly .

COTTON
Friday Night, A u g . 20 1915.
T H E M O V E M E N T O F T H E C R O P , as in d ic a te d b y o u r
te le g ra m s fro m th o S o u th to - n ig h t, is g iv o n b e lo w . F o r th o
w eek e n d im r th is o v e n in g tho to ta l re c e ip ts lia v o re a ch e d
28 735 bales a g a in s t 20,757 bales la s t w e e k a n d 26,384
bales th e p re v io u s w e e k m a k in g th e to ta l re c e ip ts since
A u g u s t 1 1915 66,656 bales, a g a in s t 18,883 bales fo r th o
sam e p o rio d o f 1914, s h o w in g a n in cre a so since A u g . 1 1915

M on.

S a t.

W ed.

T u es.

T h u rs.

F r i.

T o ta l.

Galveston--------- 2,641 4,776
Aran. Pass, &c._ 1,676 ' l',807 '3,291 ' l',928 ’ "934
New Orleans----1
5
3
444
Jacksonville, &c_ "'188 " '8 5 7 ' 1,649 "l',422 ' Y l31
Brunswick------49
60
23
18
235
219
329
236
161
W ilmington----341
339
1,435
579
317
Norfolk. --------N ’port News, &c.

'246
66
8
1
722
50
10
292
519

7,417
'246
9,702
461
1
5,369
50
160
1,472
3,530

Baltimore. —————

'327

"327

April___ cts 6.65@6.66
M a y ..........__6.70@6.71
Juno______ 6.74@6.75
July_______ 6.781" 6.80

S U G A R a d va n c e d ; c e n trifu g a l, 96-degrees te s t, 4 .8 b @
95c * m olasses, 89-degrees te s t 4 .0 9 @ 4 .1 8 c.; g ra n u la te d
5 70c ’ L a t t e r ly r a w s u g a r has been less a c tiv o , h o w e v e r,
a n d re fin e d has also sold s o m e w h a t less h-eely b o th to h om o
a n d fo re ig n b u y e rs , e v e n w it h P h ila d e lp h ia c u t tin g p rice s.
Y e t th e a c tu a l c o n s u m p tio n o f s u g a r o f late has u n d o u b te d ly
b e e n s tim u la te d b y w a rm w e a th e r. T h o L o u is ia n a c ro p is
said to h a v e been c u t o ff o n e -th ird b y d ro u g h t. B u t sto cks
o n th e Is la n d o f C u b a aro n o w 423,980 tons, a g a in st 322,405
a y e a r a go a n d 293,292 to n s in 1914. T h o v e a th e r in C u b a
h as been u n s e ttle d . B u t th e h u rric a n e , a t one tim e a b u llis h
fa c to r, has a p p a re n tly dono less d a m ag e th a n was fe a re d .
F u t u r e s d e c lin e d w it h in tim a tio n s o f s e llin g b y the s y n d i­
ca te re p o rte d to h a v e been o rg a n ize d re c e n tly , b u t la te r
ra llie d
T o - d a y fu tu re s e nd ed 2 p o in ts lo w e r to 5 p o in ts
h ig h e r. Sales, 11,600 to n s. C lo s in g q u o ta tio n s fo lo w :

Totals this week.

5,445 8,281 4,965 3,973 3,830 2,241 28,735

T h o fo llo w in g s h o w s th o w o o k ’s to ta l re c o ip ts , th o to ta l
sinco A u g . 1 1915 a n d th o sto ck s to -n ig h t, c o m p a re d w it h
la s t y e a r:

1914.

1915.

4

August cts.3.70@3.72
September 3 70®3.72
October.........3.61 @3.62
November , . 3.52@3.53

[Vol. 101.

THE CHRONICLE

624

R ec e ip ts to
A u gu st

20.

T in s
W e ek .

S in c e A u g

1 1915.
24,176
246
16,789
1,346
l
9,825
400
557
4,797
7,493
............
665
459
2
66,656

7,417
Galveston..___
Texas C.ity___
246
Aransas
Foss, &
9,702
461
M obile__
Pensacola.
l
Savannah______ 5,369
50
Brunswick_____
160
Charleston-------- 1,472
Wilmington------Norfolk________ 3,530
N’port. Nows, &c.
New York_____
Boston________
327
Baltimore______
December Cts 3.23@3.24 I April-----cts3.0(@ 3 09 Philadelphia___
January — -3.00@3.03 M a y .............. ■
Totals_______ 28,735
March----------3.03@3.0o Jun o-----------f ‘l9 $ 8 21
l Ju‘y ................j
*
I n o rd o r t h a t co m p a riso n

T h is
W e ek .

2,785
628
640
40
454
75
____
4
—

144
25
............
4,795

S tock .

S in c e A u g

1914.
1 1914. 1915.
7,129 97,623 36,584
1,778
638 13,193
654
5.223 132,307 53,254
100 12,257
2,258
145
1,475 54,216
6,699
400
349 42,557
1,233
51
7.753
1,889 32,649
14,321
42,458
1,573
50 233', 122 94',922
154
4,127
252 13,036
2,337
1,462
2,413
1,889
............
18,883 677,823 227,824

m a y bo m ad o w it h o th o r y e a rs ,
O I L S — L in s e e d s te a d y ; c i t y ra w , A m e ric a n seed, o le .
w o g i v e , b e lo w th e to ta ls a t le a d in g p o rts fo r s ix seasons:
b o ile d 55c.; C a lc u tta 75c. C o c o a n u t o il u n c h a n g e d ; C o c h n
9 V ^ @ 1 0 c .; C e y lo n 8 % @ 9 % c . P a lm s te a d y a t 6 % @ 7
1913.
1912.
1915. 1914.
1911. ! 1910.
f o r L a g o s . C o rn f ir m a t 5 .5 6 @ 5 .7 5 c. C o d , d o m e stn R e c e ip ts a t —53,732
7,417
’
2,785
68,425
70,733 46,129
Galvoston---4 5 @ 4 6 c . C o tto n s e e d o il lo w e r a t 5.90c. fo r w a it e r a n d 6 c
240
4,084
628
2.304
fo r s u m m e r w h ite . S p irits o f tu rp e n tin e 41c. C o m m o n to ToxasCity.&c
9.702
1,551
754
640
3,843
1,059
Now Orleans461
121
88
126
40
44
g oo d s tra in e d ro s in $3 25.
, Mobile—
5.369
2.720
12,222;
3,535
154
601
P E T R O L E U M q u ite a c tiv e a n d firm ; re fin e d in b a rre ls Savannah---50
550
Brunswick---160
1,426
1 ,66.5
224
75
883
7 .5 0 @ 8 .50c.; b u lk 4 @ 5 c .; cases 9 .7 5 @ 1 0 .7 5 c. N a p h th a , Charleston ,&c
1,472
103
27
Wilmington.73 to 76 degrees, in 1 0 0 -g a llo n d ru m s , 2 3 % c .; d ru m s $ 8 50 Norfolk____
3,530;
1,224
1,157 i 2,686
404
e x tra
G a s o lin e , 89 degrees, 25c.; 74 to 76 degrees, 2 3 @ 2 5 c.; N ’port N.,&c
714
169
328
283| 1.923
833
182
67 to 70 degrees, 2 0 @ 2 2 c. P itt s b u r g h a d vice s re p o rt All others----4,795 2.011 71,598 91,507| 56,579
28,735
n o th in g n e w in d e ve lo p m e n t w o r k o r fin d in g o f n o w fie ld s. Total this wk
C ru d e p ric e s h a v e a d va n c e d a n d a ro as fo llo w s :
66,6561 18,883 106q7 104,779 155.835 113.438

Pennsylvania dark $1 55
Second sand----- 155
T iona...................... 1 55
Cabell----------------- 1 17
Mercer black------- 1
New Castle_____ 1 17

Corning_________$1 03
Wooster_________1 15
North Lima_____ 93c.
South Lima_______88c.
Indiana__________ 78c.
Princeton________ 95o.

Somerset, 32 deg.. $1 00 Since Aug. 1.
Ragland_________ 65c
T h e e x p o rts f o r th e w o e k e n d in g h is o vo n in g ro a ch a to ta l
Illinois, above 30
degrees________94c
o f 36,582 h alos, o f w h ic h 2 , 1 2 2 ^ro to G r e a t B r it a in ,
Kansas and Okla­
to F ra n c o a n d 32,474 to th e ^ Gf th o C o n tin e n t.
h om a__________
, .65c. E1,986
x p o r t s fo r th o w e o k a n d since Aujfc 1
1 1915
" " " a ro as
- - fo l­

T O B A C C O . — B in d e r h as been in f a ir d o m a n d a n d prices
a ro s te a d y . P r iv a t e re p o rts p e rs is t to th o e ffe c t t h a t th o




lo w s :

AUG. 21 1915.)

THE CHRONICLE

W eek ending A u g .
Exported to
Exports
from

—

Great
Britain. F r a n ce

.

20 1915.

—

Conti­
nent.

Total.

11,217 11,217

Port Arthur
New Ori’ns.
Mobile___

821

1,760

2,800

5,381

Wllm’gton .
New York.

199

226

5,165
6,726
5,999
151

5,i<35
6,726
6,424
151
1,102

Baltimore. _
San Fran.
Seattle___
Tacoma__

1,102

Total___

2,122

Total 1914.

1,263

416
2,309

Great
Britain.

8,084
163
6,415
187
432

1 1915 to A u g .
Exported to

—

3,577

20 1915.

Conti­
nent.

F rance.

Total.

16,919

800
5,426
2,913

25,003
163
20,546
187
7,655
6,726
25.463
365
1,102
800
5,426
2,913

9,744

69,601

96,349

5

4,440

7,545

1,760

12,371

2,058

5,165
6,726
18,917
364

620
1
1,102

5,926

17,004
3,100

416

1,986 32,474 36,582
5

From A u g .

N ote. —New

York exporta since Aug. 1 Include 599 bales Peruvian and 21 West
Indian to Liverpool.

I n a d d itio n to a b o v o o x p o rts , o u r te le g ra m s to -n ig h t also
g iv e u s th e fo llo w in g a m o u n ts o f c o tto n o n s h ip b o a rd , n o t
cle a re d , a t th o p o rts n a m e d . W o a d d s im ila r fig u re s f o r
N o w Y o rk .

—
C a ost -

O n S h ip b o a r d , N o t C lea red f o r
G rea t
B r ita in . F r a n c e .

G er­
m any.

O ther
F o r e ig n

Now Orleans.. 3,346
18,976
Galveston (est.) 4,000 4,000
5,000
Savannah ___
Charleston___
Mobile_______
57
100
N orfolk______
Now York___
2,800
Other ports__ 1,500 1,000
2,000
Total 1015.. 8,003 5,000
100
Total 1914.. 4,102
124 0,258 28,770
1,044
Total 1913. . 7.151 6,493
5,132 10,700
—

—

w is e .

T o ta l.

1,100 23,521
2,000 15,000
750
750
1,000 1,000
201
418
838
838
3,800
3,500
6,048 48,827
13,377 . 25,595
0,801 36,346
—

L e a v in g
S lock .

108,780
82,623
53,466
41,557
1 1,830
41,620
229,322
59,783
628,090
202,220
00,819

S p e cu la tio n in c o tto n fo r fu tu re d e liv e r y has s till k e p t
w it h in v e r y n a rro w b o u n d s, o w in g to th o m a n y u n c e rta in tie s
w h ic h o v e rh a n g th o s itu a tio n . F o r a tim o p rice s d e c lin e d ,
du o to b e n e ficia l ra in s , du ln ess o f th o e x p o rt tra d o in te n s i­
fie d b y d e m o ra lize d ra te s f o r fo re ig n e xc h a n g e a n d f in a lly
th o p e rs is te n t ru m o rs t h a t th o A llie s w e re a b o u t to p ro m u l­
g a te a c o n tra b a n d o rd e r a g a in s t c o tto n . T e x a s has h ad
b e n e ficia l ra in s . So h a v e m a n y o th e r p a rts o f th o b e lt.
T h e d ro u g h t in G e o rg ia has been re lie v e d b y w e ll dis­
trib u te d ra in s a n d th o cro p is o p e n in g r a p id ly . B e n e ­
fic ia l sh o w e rs lia v o fa lle n in A la b a m a , a rre s tin g d e te rio ­
ra tio n a n d ca u sin g som e im p ro v e m e n t. B o tte rm o n t has
has also been re p o rte d in p a rts o f L o u is ia n a , o w in g to
g oo d ra in s . D r o u g h t in Te n n e s se e w a s re lie v e d in m a n y
p a rts o f th e S ta te b y tim e ly s h o w e rs. F a v o ra b le cro p
ro p o rts com o fro m th e C a ro lin a s . T h o u g h som o re p o rts o f
d a m a g e h a v e com o fro m T e x a s t h e y a re b e lie ve d to bo m o re
o r less e xa g g e ra te d . A c y c lo n ic s to rm o c c u rre d in T e x a s a nd
fo r som o d a y s G a lv e s to n , H o u s to n a n d o th e r im p o rta n t
p o in ts w e ro c u t o ff fro m c o m m u n ic a tio n w it h th e o u ts id e
w o rld e xc e p t b y w ire le ss. B u t as n e a r as ca n be g a th e re d ,
T e x a s has re c e n tly h ad g oo d ra in s , t o a ll a p p e a ra n co re lie v in g
o r a t le a st p a r tia lly re lie v in g , th e d ro u g h t. O n th e o th e r
h a n d , h o w e v e r, th e g re a t T e x a s s to rm h a d m o re o r less effe c t o n th o m a rk e t. I t w a s fo llo w e d b y re p o rts t h a t d a m a g e
h a d been d o n e b y b lo w in g o u t o f c o tto n . I t w a s assertod
t h a t th is d a m a g e in som e p a rts o f th o S ta te w a s se riou s, th a t
i t w o u ld in ju r e c o tto n w h e re it w a s n o t d e s tro ye d . O k la ­
h o m a , a c c o rd in g to G o v e rn m e n t re p o rts , needs w a rm e r, d r y
w e a th e r. I n S o u th e rn A la b a m a w e e v il a ro re p o rte d a c tiv e
w it h bolls o p e n in g p re m a tu re ly . P a rt s o f T e n n e sse e s till
neod ra in . I n A rk a n s a s ra in s h a v e been v o r y h e a v y a nd
th o ro is som o q u e s tio n in tho m in d s o f c o tto n peoplo w h e th e r
t h a t S ta te h as n o t re c e n tly been g e ttin g too m u c h ra in .
H o w e v e r th a t m a y bo, th e G o v e rn m e n t w e e k ly re p o rt
s ta te d t h a t te m p o ra tu re s in t h a t S ta te w e ro too lo w . I n
L o u is ia n a , w e e v il, it is s ta te d , a ro b e c o m in g a c tiv o , a n d
o ffic ia l ro p o rts sta to th a t in tho s o u th e rn p o rtio n s som e
d a m ag e w a s d o n e b y h ig h w in d s . M is s is s ip p i is said to bo
s u ffe rin g fo r th o la c k o f s u ffic ie n t r a in , a lth o u g h som e has
fa lle n in t h a t S ta te . O f la te L iv e r p o o l has been q u ite a
g oo d b u y e r h e ro . S h o rts lia vo c o ve re d c o n sid e ra b le c o tto n .
B u lls c la im t h a t th o B r it is h c o n tra b a n d o rd e r n o w said to
bo im m in e n t has been p ra c tic a lly d is c o u n te d . B e sid es,
P ro s id o n t W ils o n is said to bo co n s id e rin g a p ro g ra m de­
sign ed to re lio vo th o S o u th fro m th o m o re irk s o m e e ffe c ts
o f a c o n tra b a n d e d ic t. F o r ono t h in g , it seem s tho P re s i­
d e n t fa v o rs a p la n w h e re b y tho F e d e ra l R e s e rv e B o a rd ,
th ro u g h its m e m b e r a n d a ffilia te d b a n k s , s h a ll le n d m o n e y to
S o u th e rn dea le rs o n a p p ro v e d note s s a fe g u a rd e d b y a c tu a l
c o tto n d e p osits to a n o x te n t o f 5 0 % o f th is y e a r ’s c ro p , if n e­
c e s s a ry. A ls o , M r . W ils o n is u n d e rs to o d to f a v o r a n a rra n g e ­
m e n t w it h th o A llie s w h e re b y c o tto n s h ip m e n ts to tho t e r r it o r y
c o n tro lle d b y th o rn sh a ll bo e xp e d ite d a n d th a t a q u a n t it y o f
c o tto n , th o a m o u n t to bo d e te rm in e d la te r o n , s h a ll bo p e r­
m itte d to pass th ro u g h to n e u tra l co u n trio s w it h o u t b e in g
d iv e rte d in to B r it is h p o rts b y w a rs h ip s . I t re m a in s to be
seen w h o th e r such a p ro g ra m Avill bo c a rrie d o u t. L iv e r p o o l,
a fte r b e in g d u ll fo r a tim o , has la t to rly in crea sed its sp o t
sales. T h o re s u lt o f a ll th is w a s a re c o v e ry fro m th e lo w
p o in t e a rly in th o w e e k , p a r t ly o w in g to g oo d L iv e r p o o l b u y ­
in g , b u t th o s in k in g o f th e A ra b ic caused a s e tb a c k . T o - d a y
p ric e s d e c lin e d , o w in g to th o seriou s v ie w ta k e n o f th o A ra b ic
in c id e n t, fa v o ra b lo c ro p re p o rts fro m T e x a s , a n d s c a tte re d
iq u id a tio n . R u m o rs th a t B u lg a ria h a d jo in e d th o A llie s



625

a n d t h a t th e A r a b ic h a d been w a rn e d b e fo re b e in g fire d u p o n ,
ca u sed c o v e rin g , h o w e v e r. S p o t c o tto n closed a t 9.35c. fo r
m id d lin g u p la n d , s h o w in g a n a d va n c e f o r th e w e e k o f fiv e
p o in ts .
T h o fo llo w in g a ve ra g e s o f th e d iffe re n c e s b e tw e e n g ra d e s ,
as fig u re d fro m th e A u g . 19 q u o ta tio n s o f th e n in e m a rk e ts ,
d e sig n a te d b y th o S e c re ta ry o f A g r ic u ltu re , a re th e d iffe r­
ences e sta b lish e d f o r d e live rie s in th e N o w Y o r k m a rk e t o n
A u g u s t 26.
Middling fair.....................................1.00onGood middling "yellow” tinged.0.04 off
Strict good middling_____ ______o.f>9 on Strict middling "yellow” tinged.0.24 off
Good middling______________ 0.45 on Middling “ yellow” tinged_____ 0.51 off
Strict middling______ ________ o.2'l on Strict low mid. “ yellow” tinged.0.99 off
Strict low middling__________ o 42 off Low middling "yellow” tinged.. 1.57 off
Low middling.............................0.96 off Middling "blue” tinged_______ 0.81 off
Strict good ordinary___________ i .58 0ff Strict
low mid. "blue" tinged___ 1.21 off
Good ordinary.................
2.13 off Low middling "blue” tinged___ 1.77 off
Strict good mid. ’■yellow” tinged.0.25 on Middling "stained” . . ................. 1.18 off

'l he o ffic ia l q u o ta tio n fo r m id d lin g u p la n d c o tto n in th e
N o w Y o r k m a rk e t each d a y f o r th o p a s t w e e k has been:

A u a . \ 4 l o A u q . 20—
Sat. Mon Tiles Werl Thure Pri
Middling uplands------------------- 9.30 9.25 9.25 9.35 9.40 9 3 5

N E W Y O R K Q U O T A T I O N S F O R 32 Y E A R S .
T h o q u o ta tio n s f o r m id d lin g u p la n d a t N e w Y o r k o n
A u g u s t 20 f o r each o f tho p a st 32 y e a rs h a v e been as fo llo w s :

1915.C............9.35
1914................... ..
1913............ .12.15
1912...............11.80
1911...............12.50
1910...............10.40
1909.............. 12.80
1908_______ 10.10

1907.C_____ 13.25
1906----------- 10.10
1905----------- 10.80
1901----------- 10.85
1903----------- 12.75
1902........... 9.00
1901................8.06
1900_______ 10.00

1899.c ..
1898___
1897___
1896___
1895___
1894___
1893___
1892___ -

6.19 1891 .c ______ 7.94
5.88 1890...............11.94
7.88 1889----------- 11.50
8.44 1888----------- 10.88
7.56 18
8 7 .. . 9.75
6.94 1886..............
9.31
.31 1 8 85.. ..10.31
7.1911884-----------10.75

M A R K E T A N D S ALES A T N E W Y O R K .
T h o to ta l sales o f c o tto n o n th o s p o t each d a y d u rin g th e
w e o k a t N e w Y o r k a ro in d ic a te d in th o fo llo w in g s ta te m e n t.
F o r th o co n vo n ie n co o f tho re a d e r w o also a d d c o lu m n s w h ic h
s h o w a t a g la n ce h o w th o m a rk e t f o r s p o t a n d fu tu re s closed
o n sam o d a ys .
F u tu r e s
A la r k e t
C lo s e d .

Spot M a rk et
C lo sed .

Saturday— Q u ie t__ _________
M onday---- Quiet 5 pts dec____
Tuesday . Quiet ____ __
Wednesday. Quiet 10 pts adv___
Thursday __ Quiet 5 pts adv. _ . .
Friday------- Quiet 5 pts dec___

Steady___ __ .
Steady________
Steady________
Steady.. ____
■

■

SALES.
S p o t.

138
12
150

C o n lr 'ct

100
100

T o ta l.

138
100
12
250

T H E V I S I B L E S U P P L Y O F C O T T O N to -n ig h t, as m a d e
u p b y cable a n d te le g ra p h , is as fo llo w s . F o re ig n s to ck s ,
as w e ll as th o a flo a t, a ro th is w e e k ’s ro tu rn s , a n d c o n s e q u e n tly
a ll fo re ig n fig u re s a ro b ro u g h t d o w n to T h u r s d a y e v e n in g .
B u t to m a k e th e to ta l th o c o m p le to fig u re s f o r to - n ig h t
( F r id a y ) , w e a d d th o ite m o f e x p o rts fro m th o U n it e d S ta te s ,
in c lu d in g in i t th o o x p o rts o f F r id a y o n ly .

20—

1015.
1914.
1913.
1012.
.1.305,000 910,000 013,000
642,000
- 40,000
5,000
5,000 14,000
- 77,000 01,000 30,000 76,000
.1,428.000 976,000
732,000
Stock at Hamburg
- *1,000 *20,000 648,000
17,000 10,000
- *32,000 *250,000 11.3,000
220,000
234,000 01,000 110.000
Stock at M arseilles____________.. 229,000
0.000 *4,000
3.000
2.000
Stock at Ilarcelona____________ . 50.000
*30.000 17,000 10,000
Stock at G enoa.................... ........... 208.000 *30,000
11.000 14,000
. *2,000 *50,000 18,000 10,000
Total Continental stocks.......... 531,000 633,000 270,000 382,000
I U l / i U I 'J U l U p U r t U
________________
1,600,000 918,000
India cotton afloat for Kuropo__ .1,959,000
50,000 177.000 04,000 1,114,000
82,000
Amor, cotton afloat for Europe.... 104.073
20,400 72.631 51,603
Egy pt, Brazil,&c., afloat forEur'po) 27.000 24,000
.30,000
27.000
Stock in Alexandria, Egypt____ . 120,000 *90,000 08,000 35.000
Stock In Hornbay, India________
700,000
404,000
Stock in U. S. p orts___________ .. 060,000
677 823 227,824 628.000
133.165 252,103
Stock in U. S. interior towns___ . 41.3
265 113,410 110,292
89,803
U. S. oxports to-day___________
5,715
2,120
6.745
28
4,094,876 2,963.772 2,066.833 2,115.687
Of tho abovo, totals of American and other descriptions are as follows
A m e r ica n —
.1.054,000
4 1 1,000
521,000
. 03,000 618,000
41,000 18,000 59,000
Continental stock__
. *424.000 *490,000 228,000
351.000
. 104.073 20,400 72,631 51,003
. 077.823 227,824 133,165
.
413 265 113,419 110,292 252.103
89,80,3
II. S. exports to-day
- 5.715
2,120
6,745
28
-2,801,876
1,512,772
985,833
1,324,687
blast I n d i a n , B r a z il, & c .—
- 251,000 292,000 202,000 121,000
. 46.000
5,000
5.000 14,000
- 14,000 20.000 12,000 17.000
.
*107,000
*143.000
42.000
India afloat for Europe_____ . 50,000 177,000 04,000 31,000
82,000
. 27,000 24.000 30,000 27,000
. 120.000 *00,000 08,000 35,000
- 660,000 700,000 628,000 404,000
.1.293,000 1.451,000 1,081.000 701.000
.2,801.876 1,512,772 985.833 1,324,687
687
Total
visible
supply...................4,094.876
Middling Upland, Liverpool___ " ■—■ ’ 2,953,772
------ 2,066.833
- -- - 2,115O.OOd.
------6.20d.
6.02d.
Middling Upland, New York___ 5.42d.
0.40c.
12.15c.
11.70c.
Egypt, Good Brown, Liverpool.. 8.10d. 8.75cf. 9.05d. 10 9-10d.
Peruvian. Bough Good, Liverpool
8.75d. S.OOd.
lOd.
Broach, Fine, Liverpool________ lO.OOd.
5.60.1.
64ijd. 6 5-16d.
Tinnevelly, Good, Liverpool___ 5.15d.
5.27d. 5.55d. 6 3-16d.
6K d.
* Estimated.
■
A u gu st

C o n tin e n ta l im p o rts f o r p a s t w e e k h a v e been 43,000 ba les.
T h o a b o vo fig u re s f o r 1915 s h o w a decrease fro m la s t w e e k
o f 160,897 halos, a g a in o f 1,131,104b a le s o v o r 1914, a n excess
o f 2,028,043 bales o v e r 1913 a n d a g a in o f 1,879,189 bales
o v o r 1912.

A T T H E I N T E R I O R T O W N S th e m o v e m e n t— t h a t is,
th e re c e ip ts f o r th e w e e k sin ce A u g . 1, th e s h ip m e n ts fo r
th e w e e k a n d th e s to ck s to - n ig h t, a n d th e sam o ite m s f o r th e
o o rre s p o n d in g p e rio f o f th e p re v io u s y e a r — is set o u t in de­
t a il b e lo w .
Movement to Aug.
Towns.

Vol. 101.]

THE CHRONICLE

626

Receipts.
Week. | Season.

55
Ala..
Eufaula-.. 746
Montgomery
62
Selma______
Ark., Helena.. 132
Little Rock.. 697
Ga., Albany—
710
Athens —
314
Atlanta—
875
Augusta ..
Columbus__ 315
176
Macon__
147
Rome___
7
La., Shreveport
Mlss.,Columbus
Greenville .
Greenwood
Meridian ..
Natchez__
Vicksburg .
Yazoo City
Mo., St. Louis. 2,836
60
N. C., Ralelgh. 742
O.
, Cincinnati.
Okla., Hugo...
S.C., Grecnw'd
Tenn.,Memphis 1,865
15
Nashville----Tex., Brenham 100
Clarksville__
Dallas............
Honey Grove. 20,540
Houston........
5
Paris............ Total, 33 towns 30,589!

93
1,743
494
6
763
948
820
1,213
3,215
600
379
416
1,309
123
71
176
24
9
6,139
154
2,278
3,144
15
583
91
34,623

20 1915.

Shipmenls.
Week.

Stocks
Aug.

Movement to Aug.
Receipts.

21 1914.

Ship-

20. Week. | Season. Week.
50
42
124 4,647 254
295 175
1,102 51,659
242
5;
76
51 20,090
1
869
1
126 624
679 7,354 1081
339
5
595 7,935
15 125
1,850 6,982
91
109
607 5,703
419 790
1,950 64,044
47 200
161 23,617
34
529 3,883
109 100
546 3,625
40
374 29,146
2,729
“ 38
4,002
4 3,067
89 ’336
50
233 10,708
.
61 2,500
14
7 4,096
8
331 3,191
5,042 12,575 "*849 3,382 1,123
7
92
75
861 15,035 "l",207 3,806 '” 65§
4,992
5,892 67,490 280 1,957 638
75
325
” 35
68
128 1,400 ~67
739
13,911 57,015 7,273 14,476 5,543

Stocks
Aug.

21.
751
3,030
684
1,056
5,587
1.239
3,062
924
9,484
1,682
41
2,869
3.240
76
670
2,500
1,640
1,100
636
1,008
14,350
2
13,067
217
15,294
130
466
420
28,188

59,434135,439 413,265 10,510 25,634 10,842 113,419

T h o a b o v e to ta ls s h o w t h a t th o in t e rio r sto ck s h a v o de­
creased d u rin g th o w e ok 4,850 bales a n d a re to - n ig h t 299,846
b a le s m o re th a n a t th o s a m o tim o la s t y e a r. T h o ro c o ip ts a t
a ll to w n s h a v o beon 20,089 bales m o ro th a n th o sam o w e o k
la s t y e a r.

F U T U R E S . — T h o h ig h e s t, lo w e s t a n d c lo s in g p ric o s a t
N o w Y o r k f o r th e p a s t w e e k h a v e beon as fo llo w s :
Saturday, Monday, Tuesday, Wed'day, Thursd'v, Friday,
Aug. 14. Aug. 16. Aug. 17. Aug. 18. Aug. 19. Aug. 20.
August—

Range........
Closing___
Range____
Closing___
October—
Range____
Closing___
November—
Range____
Closing___
December—
Range..--Closing___
January—
Range____
Closing___
February—
Range. .
ClosingMarch—
Range. Closlng.
Aprtl—
Range..
Closing___
May—
Range-----Closing___
June—
Range
Closing___
July—
Range
Closing----September—

8.91 —
9.00 — 8.93 — 8.97 —
9.02-.05
9.10 —
9.12 — 9.05 — 9.09 —
9.27-.33 9.18-.37 9.16-.30
9.32—33 0.24-.25 9.29-.30

Week.

8.92-.00
9.00 —
9.09 — 9.07 — 9.00 —
9.02-.13
9.13 —
9.21 — 9.22 — 9.15 —
9.27-.41 0.34-.43 9.25-.34 9.16-.43
9.40-.41 9.40—42 9.33-.34

9.42 — 9.34 — 9.39 — 9.50 — 9.51 — 9.44 — —
9.46-.58 9.57-.70 9.04-.73 9.55-.63 9.46—73
9A8-.59 9.69 — 9.70-.71 9.62-.63

9.55—64 9.49—64
9.62—63 9.54 —
9.67-.74 9.61-.74
9.72-.73 9.G5-.66

0.57-.69 9.70-.82 9.74—84 9.C5-.76 9A7-.84
9.69 — 9.81-.82 9.82 — 9.75-.70

9.82 — 9.75 — 9.79 — 9.91 — 9.92 — 9.85 — —
9.82-.92
9.97-.03 9.98-.06 9.92-.98 9.82-.06
.00
9.93-.98 9.889.92-.93
.90 10.04- .05 10. 4-06 9.97-.98
9.97-.98 9.89-

10.02 — 10.14 — 10.14 — 10.07 — —
10.06-.16 10.17-.27 10.20-.28 10.14-.21 10.06-.28
10.11-.20
10.12-.21 10.12-.13 10.15-.1G
10.26-.28 10.26-.28 10.21-.21
10.20-.22
10.07 — 9.99 —

—

10.30 — 10.22 — 10.25 — 10.36 — 10.36 — 10.30 —
10.29-.49
10.29 — 10.38 — 10.42-.49
10.37-.40 10.30 — 10.33 — 10.44 — 10.47-.48 10.41-.43

N E W O R L E A N S C O N T R A C T M A R K E T . — T h o h ig h ­
e st, lo w e s t a n d clo sin g q u o ta tio n s f o r lo a d in g c o n tra c ts in th o
N e w O rlo a n s c o tto n m a rk e t f o r th o p a s t w e o k h a v o beon as
fo llo w s :
S a tu rd a y, M o n d a y , T u e s d a y , W e d ’d a y , T h u r sd 'y , F r id a y ,
A ug.
A ug.
A ug.
A ug.
A ug.
A ug.

14.

16.

17.

. 18.

19.

20.

—•
9.12—17 9.05-. 15 9.98-.12 9.08-.26 9.10—29 9.06—15
closing--------- 9.15-.16 9.07-.08 9.09—10 9.25—26 9.21-.22 9.12—13
D e c e m b e r —■
9.37-.44 9.32-.42 9.26-.38 9.35-.52 9.43- .55 9.30- .41
O VER LA N D M O VEM EN T FO R TH E W E E K AN D
closing--------- 9.42-.43 9.34-35 9.35-.30 9.52- .53 9.48—49 9.38—39
S I N C E A U G . 1.— W o g iv o b e lo w a s ta to m o n t s h o w in g tho J a n u a r y —■
9.51-.56 9.45-A5 9.40-.50 9.50—66 9.56—70 9.44-55
o v e rla n d m o v o m o n t f o r th o w e o k a n d sinco A u g . 1, as m ad e
Closing--------- 9.55—56 9.46-.47 9.49-AO 9.65-.66 9.61-.62 95-2—53
u p fro m to le g ra p h ic re p o rts F r id a y n ig h t . T h o re s u lts f o r tho M a r c h —
9.74-.75 9.71-.79 9.64-73 9.73-.85 9.85-.88 9.75-.77
w e e k a n d sin ce A u g . 1 in th o la s t tw o y e a rs a ro as fo llo w s
Closing--------- 9.78-.79 9.70—71 9.73-.75 9.88-.89 9.84-.85 9.70—78
M ay—
-19159.92 — _____ ------------- ------- - --- 9,92-. 94
S in c e
A u g u s t 20C losing------- 9.98-.00 9.90-.91 9.94-.90 10.09—10 10.05—00 9 98-.99
A u g . 1.
W eek .
W eek .
S h ip p e d —
Steady. Quiet. Firm. Firm. Barely
5,042 11,088
4,123 11.157 T o n e —
235
1.485 O ptions____ Steady. Steady. Steady. Very st’y Steady. Steady.
227
1,125
Via Rock Island.
1.077
363
227
529
299
522
16
1,148
W E A T H E R R E P O R T S B Y T E L E G R A P H . — O u r a d vic e s
2.148
864
2,655
25
15 b y to le g ra p h fro m th o S o u th th is e ve n in g in d ic a te th a t ra in
3,218 19,864
Via other routes,
10,236 36,409
4,626 16,181 has be e n g e n e ra l d u rin g th o w e o k , w it h th o p re c ip ita tio n
D e d u c t S h ip m e n ts —
456 e xcessivo a t m a n y p o in ts in th o S o u th w e s t a n d in a fo w
169
1,026
Overland to N. Y.. Boston, & c.. 327
2,540
173
655
15
Between t n t *■ '“ ~s-----------1,871
4,326
5,124 11,455 d is tric ts e lse w h e re . D a m a g o to cro p s a n d p ro p o rty is re ­
2,371
6,007
5.308 14,451 p o rte d fro m a co n sid o ra b lo s e ctio n o f T o x a s . A lo n g th o
Total to be deducted___________ 2,371
E a s te rn G u lf a n d in A t la n t ic sectio ns c o n d itio n s, h a v o beon
1.730
z6S2
30,402
7.865
Leaving total net overland *------- 7,865
fa v o ra b le .
.
Deductions groatcr than
* Including movemont by rail to Canada
Galveston
& c., Texas.— O w in g to in te rru p tio n to te le ­
overland.
g ra p h ic c o m m u n ic a tio n , w o h a v o n o d ire c t a d vice s fro m T e x a s
T h o fo re g o in g sh o w s th o w e e k ’s n o t o v e rla n d m o v o m o n t
has been 7,865 balos, a g a in s t nil f o r th o w e e k la st
y e a r, a n d t h a t f o r th o season to d a te th o a gg re g a te n o t o v e r­
la n d e x h ib its a n in cro a so o v o r a y e a r ago o f 28,672 balos.

O ctober

t0

Ardm ore, & c ., Okla.—

^ M d o r a d o ^ A r k .—

R e p o rts fro m O k la h o m a a ro n o t a t

R a in h as fa llo n o n tlire o d a y s d u rin g th o
-1914-1915w e e k th e ra in fa ll b o in g tw o in ch e s a n d n in e ty - th re e h u n ­
S in c e
S in c e
I n S ig h t a n d S p in n e r s '
d re d th s
H ig h e s t th e rm o m o to r 8 7 , lo w e s t 67, a ve ra g o 77.
Aug. 1
W eek .
A u g . 1.
T a k in g s .
W eek .
18.883
Fort Smith A rk. — T h o r o has boon ra in o n th ro o d a ys o f th o
Receipts at ports to Aug. 20_____ 28,735
66,656 4,795
*682
1,730
30,402
Net overland to Aug. 20_________ 7,865
w e e k , th o ra in fa ll b o in g f iv o in ch o s a n d n in o ty -o ig h t
Southern consumption to Aug. 20 65,000 185,000 54,000 162,000 ph au st
n d re d th s . T h o th e rm o m o to r has a vo ra g e d 77, th o h ig h e s t
11,1,600 282,058 58.113 182,613
.
z4,803 b o in g 90 a n d th o lo w e s t 64.
*332
*4,850 Z32.697
Little Rock, A rk . — T h e r e has beon ra m o n th re o d a y s d u rin g
57,781
96.750
o w e o k , th o ra in fa ll re a c h in g fo u r in ch es a n d s ix t y h u n ­
177,810 th
249,361
Total in sight Aug. 20______
d re d th s . ’ T h o th o rm o m o to r has a vo ra g e d 80, ra n g in g fro m
28,202 6 8 to 91.
1,361
65,340
North’n spin’s takings to Aug. 20. 16,711
TTr i
t ,
•
,
.
. ,.
Dyersburg, Tenn.— W o h a v o h ad ra m o n tw o d a y s o f th o
pi * Decrease during wock. x Less than Aug. 1.
w
e
o
k
,
th
o
p
re
c
ip
ita
tio
n
b
o
in
g
s
ix
in
ch
e
s
a
n
d
t
w
o
n
ty
- fiv o
M o v e m e n t in to s ig h t in p re v io u s y e a rs :
h u n d re d th s . A v e ra g o th o rm o m o to r 8 1, h ig h e st 92, lo w e s t 70.
S in c e A u g . 1—B a les.
W e ek —
B a les.
2 2 ......................2(6,353
Memphis', Tenn.— T h o r o has boon ra in o n tw o d a ys d u rin g
1913—Aug. 22........................122,837 1913—Aug.
1912—Aug. 23...............
124,678 1912—Aug. 23........................299,425
o w e e k , th e r a in fa ll re a c h in g fo u r in ch o s a n d o ig h ty -s e v o n
1911—Aug. 25........................115,881 1911—Aug. 2 5 ...................... 264,093 th
h u n d re d th s . T h o th o rm o m o to r has a vo ra g o d 82, ra n g in g
m 71 to 93.
.
.
"""q u o t a t i o n s f o r m i d d l i n g c o t t o n a t o t h e r froM
n , Tenn.— T h o r o lias beon ra m o n fo u r d a y s d u rin g
M A R K E T S . — B o lo w a ro th o c lo s in g q u o ta tio n s o f m id d lin g th o ila
w e e k , th e ra in fa ll re a c h in g th re o in ch o s a n d f if t y - s ix
c o tto n a t S o u th e rn a n d o th e r p rin c ip a l c o tto n m a rk e ts fo r h u n d re d th s . T h o th o rm o m o to r has a vo ra g o d 79, ra n g in g
each d a y o f th o w e o k .
fro m 67 to 91.
.
.
Alexandria, La.— W o h a v o h a d ra m o n fo u r d a y s d u rin g th o
C lo s in g Q u o ta tio n s f o r M id d li n g C otton o n —
w o e k , th o ra in fa ll re a c h in g tw o inchos a n d s o v o n ty h u n d re d th s .
W e e k e n d in g
S a tu rd a y. M o n d a y . T u es d a y . W e d ’ d a y . T h u r s d ’ y. F r id a y
A u g u s t 20.
T h o th e rm o m o to r has ra n g e d fro m 71 to 94, a v e ra g in g 82.
N ew Orleans, La.— W o h a v o h a d ra in o n s ix d a y s o f th o
9.00
G alveston____ 9.00
9.00
9.07
9.07
9.00
9.00
New Orleans__ 8.94
w e o k , th o p re c ip ita tio n b e in g tw o in ch o s a n d f iv o h u n d re d th s .
8.63
8.18
8.63
8.18
8.25
Mobile________ 8.18
A
v
e ra g o th o rm o m o to r 84, h ig h e s t 92, lo w o st 76.
8%
8'A
8ys
Savannah _____ 8%
8Vh
8H
8.75
8.75
8.75
8.75
8.75
Shreveport, La.— T h o r o h as boon ra in o n f iv o d a ys o f th o
Norfolk_______ 8.75
8Vi
8M
Baltim ore_____ 8 Vs
8M
8H
8H
p a st w e o k , th o ra in fa ll b o in g so vo n in ch o s a n d s o v o n ty -n in o
9.60
9.50
9.50
9.60
9.65
Philadelphia__ 9.55
8.38
h u n d re d th s . T h o th o rm o m o to r has a vo ra g o d 80, th o h ig h ­
8.38
8.50
8.38
8.63
Augusta_______ 8.63
8.87
8.87
8.87
9.00
8.87
Memphis___
8.87
e st b e in g 90 a n d th o lo w o st 6 8 .
.
8X
8H
8H
8M
8H
St. Louis___
8 -'A
Columbus, M is s . — W o h a v o h a d r a in o n tw o d a ys d u rin g
9.00
9.00
H ouston___
8A0
8A0
8 "63
8 .5 0
8.50
Littlo Rock___ 8.50
th o w e o k , th o ra in fa ll b o in g s o v o n ty -th re o h u n d re d th s o f a n



A ug . 21 1915.]

THE CHRONICLE

f>2 7

in c h . n ? h e th o rm o m e te r h a s a ve ra g e d 83, ra n g in g fro m
s.h a». upon the written request of tho holder of the
o y to Ub.
deliver the duplicate samples to the Secretary of AgriHolly Springs, M is s . — T h e r e has be e n r a in o n t w o d a y s o f st^nlo shaP ?«n«^°iito th? Secretary of Agriculture for both grade and
ifim’v
°h
<
T
fin
J
i°
it
s h,oldcrs
of the
warehouse
receipt of responslth e w e o k , th e ra in fa ll re a c h in g th re e in ch e s a n d fifty -o n o bl
f nal lu,i eIreXl?11
thereof
for such
duplicate
samples.
^ 1r arawing any subsequent samples, or in cutting
h u n d re d th s . T h e th e rm o m e te r has ra n g e d fro m 69 to 90, o u t l S f l f e ™
culture
a KSbiy the
a fllrther
the Secretary
of Agria v e ra g in g 80.
s S h shan7,n
nf
memberreference
against towhom
the decision
of the
Vicksburg, M is s . — R a in has fa lle n o n th re e d a y s o f th e w e e k “
nrr^ i n ls m:ulv°' shal> be borne pro rata in accordance
th e p re c ip ita tio n b e in g o ne in c h a n d fo u r h u n d re d th s . A v e r ­ partv* to the referencee,’eVent th° flndlngs do uot completely sustain either
age th o rm o m e te r 81, h ig h e s t 91, lo w e s t 69.
w a r e ^ u s e ^ r in i^ r S L f Y c<W,tract- tho deliverer shall accompany the
senting^suehd? FvpHp* *Pts \ ith an order for ono set of samples repre£$9 Decatur, A la . — T h e r e has boon r a in o n th re e d a y s d u rin g
w1thingfivo
§amP'es must be removed by the receiver
th e w e o k , th e ra in fa ll b e in g t h ir t y - n in e h u n d re d th s o f a n hereinbefored ^a v i t b£r^'fw d„s£ch
* ° r fa‘Il,lre to deliver or receive the samples as
in c h . 1 ho th e rm o m e te r has a v e ra g e d 78, th e h ig h e s t b e in g interest the s u m n S n ,ibn parJy at fault shall pay to the other party -in
for each contract Involved; but the payment
8 8 a n d th e lo w e s t 67.
ples.^e 'ty " 1 0t 61 0 cdher party from responsibility for the samM obile, A la . — G o o d ra in s in th e in t e rio r h a v e im p ro v e d
l ho by-laws, as amended, will read:
c ro p s . N o t m u c h c o m p la in t o f w e e v ils . T h o r o has been
ra m o n fo u r d a ys d u rin g th e w e e k , th e ra in fa ll re a c h in g
s e v e n ty h u n d re d th s o f a n in c h . T h e th e rm o m e to r has a v e r ­
aged 81, ra n g in g fro m 73 to 8 8 .
M ontgom ery, A la . — P ro s p e c ts fa v o ra b le .
I t has ra in e d o n
th re e d a y s o f th e w e e k , th e r a in fa ll re a c h in g tw e n ty -s e v o n
^ P O R T . — I n o u r e d ito ria l c o lu m n s
h u n d re d th s o f a n in c h . T h e th e rm o m e to r has ra n g e d fro m w ill bo fo u n d to -d a y o u r a n n u a l R o v ie w o f th e C o t to n C r o p ,
72 to 92, a v e ra g in g 82.
l h o re p o rt has been p re p a re d in c irc u la r fo rm , a n d th e c irSelma, A la .— W e h a v e h a d r a in o n f iv e d a ys o f th e w e e k ,
th e p re c ip ita tio n b e in g s e v e n t y - fiv e h u n d re d th s o f a n in c h . thorconm a y b e h a d m q u a n titie s w it h bu sin ess c a rd p rin te d
A v o ra g o th e rm o m e te r 81, h ig h e s t 89, lo w e s t 73.
S p e cial business ca rd s o f th e fo llo w in g re p re s e n ta tiv e
M ad ison , Fla'.— T h e r e has been ra in o n th re o d a y s o f th e c o tto n co m m issio n a n d b ro k e ra g e houses o f N e w Y o r k a n d
p a s t w e e k , th e ra in fa ll b e in g o ne in c h a n d s ix t y - f iv e h u n ­ o th e r citie s w ill be fo u n d in th o a d v e rtis in g c o lu m n s o f th is
d re d th s . T h o th e rm o m o to r has a ve ra g e d 83, th e h ig h e s t issue o f th e “ C h ro n ic le ” :
b e in g 92 a n d th e lo w e s t 73.
HUBBARD BROS. & CO..
STORM & CO..’
II. M cFADDEN & BRO., JOHNSTON,
H. & B. BEER.
Tallahassee, Fla.— W o h a v e h a d r a in o n fo u r d a y s d u rin g GEO.
HENRY
HENTZ & CO..
GWATIIMEY & CO.
th e w o o k , th e r a in fa ll b e in g o ne in c h a n d s ix t y - f iv o h u n ­ HOPKINS, DWIGHT & CO.
LEHMAN BROS.,
VAN LEER & CO.,
d re d th s . T h e th e rm o m e te r has a ve ra g e d 80, ra n g in g fro m EUGEN C. ANDRES CO.,
MOHR, HANEMANN & CO., E.
P. WALKER & CO.,
70 to 90.
HAYWARD & CLARK.
A lban y, Ga.— W o h a v e h a d ra in o n th re e d a y s d u rin g th o
J. S. BACHE & CO.,
MORRIS II. ROTHSCHILD & CO.
w e e k , th e r a in fa ll b o in g s ix t y - s ix h u n d re d th s o f a n in c h .
A ls o th o ca rd s o f a n u m b e r o f th e le a d in g d r y goo d s c o m ­
-ihe th e rm o m e te r has ra n g e d fro m 71 to 9 4 , a v e ra g in g 82.
A thens, G a .— W o h a v o h a d ra in o n fo u r d a ys o f th e w e o k , m issio n m e rc h a n ts , m ill se llin g a g e n ts a n d m e rc a n tile b a n k ­
T h o s e re p re s e n te d a ro :
j 0 jP ,re c lP * a tio n b e in g o ne in c h a n d s e v e n ty -s e v e n h u n ­ ers in th e c o u n t r y .
I ’j y
IJIV G U
<3C V.
CO - jSOHEFER,
SCHRAMM
d re d th s . A v o ra g o th e rm o m te r 77, h ig h e s t 92, lo w n s t 62.
CzRTMMEI.I,
rr.l.ia & nCO..
r,
p STEVENS
& CO., & VOGEL
GRINNELL wWILLIS
’
Savan n ah , G a .— -T h e re has been ra in o n f iv o d a y s d u rin g CATLIN & CO..
H. A. CAESAR & CO.,
L.
F.
DOMMERICH
&
CO.,
LAWRENCE & CO.,
,i ,iYi c’
r a iI“ a “ b e in g tw o in ch e s a n d t w o n ty - f o u r b u n ­ BLISS, FABYAN & CO.,
WILLIAM ISELIN & CO.,
i o n ™ 9. 1 ho th e rm o m o to r has a ve ra g e d 82, th e h ig h e s t
JAMES
TALCOTT.
b o in g 93 a n d th e lo w e s t 72.
A
M
O
U
N
T
I
N
S
I
G
H
T
.7 -S u p p le m e n ta ry to o u r A n n u a l
Charleston, S. C . — W e h a v e h a d r a in o n fo u r d a y s d u rin g
C o t to n C ro p R e p o r t, a n d in resp on se to v a rio u s re q u e sts,
th e w e e k , th e r a in fa ll b e in g o ne in c h a n d e ig h ty -th re e h u n ­ w
o g iv o b e lo w a ta b le s h o w in g th e a m o u n t o f c o tto n w h ic h
d re d th s . T h e th o rm o m e te r has a ve ra g e d 80, ra n g in g fro m ca m o in to s ig h t d u rin g e a ch m o n th o f th o c o tto n season
70 to 91 *
I J I 4 - I 0 . 4 o r p u rp o se s o f c o m p a ris o n , s im ila r re s u lts fo r
Cheraw, S. C.— 1T h e r e has b een r a in o n fo u r d a y s o f th o th o p re ce d in g y e a r a re a p p e n d e d .
w e e k , th o ra in fa ll re a c h in g th irte e n h u n d re d th s o f a n in c h
M o n th s—
1914-15. 1913-14.
M o n th s—
1914-15. 1913-14.
T h o th e rm o m e te r has ra n g e d fro m 64 to 91, a v e ra g in g 78.
August-.bales 287,418 536,052 April--------bales
538,718
Septem ber... 803,352 1,668,998 M a y --- 669,598963,949 428,571
Spartanburg, S. C.
R a in fa ll f o r th e w e e k o n e in c h a n d O
1.869,654
2.896,196
ctober------473,355
386,519
f o r t y h u n d re d th s , o n th re e d a y s . A v e ra g e th e rm o m e to r 7 7 , Novembor — 2,240,907 2,725 325 Juno--December------ 2,394,711 2,150 644 J u ly -.-------- 366,374 281,846
h ig h e s t 93, lo w e s t 61.
21,901
January......... 2,200,089 1,563,443 Deductions *_ 283,151
Charlotte, N . C. T h o r o has be e n r a in o n th re o d a y s d u rin g February------ 1,721,545
960,508 Total cora769,882 merc’I crop. 15,067,247 14,884,801
th e w e e k , th e p re c ip ita tio n b e in g e ig h ty -fiv e h u n d re d th s o f March---------- 1.359,446
a n in c h . T h o th o rm o m e te r has a vo ra g o d 76, th o h ig h e s t
*
‘‘Deductions”
includo
all
corrections in port receipts and overland
b e in g 90 a n d th o lo w e s t 61.
6
Greensboro, N . C — R a in has fa lle n o n tw o d a ys o f th e w e o k ,
th e p re c ip ita tio n re a c h in g fo r t y -o ig h t h u n d re d th s o f a n in c h . & S 3 M 7 . S S 3 S ; .oT, ^
; « « “5,5h7 ^ S . 2
I h e th o rm o m e te r has a ve ra g e d 78, ra n g in g fro m 61 to 94
OF C O TTO N M AN U FACW eldon, N . C.— I t has ra in e d o n ono d a y o f th o w e o k , th e rrr? T? i? JE S w C .E X f 9 R T S
J U .R E h .— -VVo g iv e b e lo w a s ta te m e n t s h o w in g th e e x p o rts
ra in fa ll ro a c h m g to n h u n d re d th s o f a n in c h . T h o th e rm o m ­ o t d o m e stic c o tto n m a n u fa c tu re s f o r J u n e a n d f o r th o tw e lv e
e te r has ra n g o d fro m 58 to 95, a ve ra g in g 77.
m o n th s ended J u n e 30 1915, a n d , fo r pu rp o so s o f c o m p a ri­
so n , lik e fig u re s f o r th e c o rre s p o n d in g p e rio d s o f th e p re v io u s
N E W Y O R K C O T T O N E X C H A N G E .— Proposed A m end­ y e a r a re also p re se n te d :
ments to By-Laxos.— T o m o ro f u lly a d ju s t its b y -la w s to th o
p ro v is io n s o f th o U n ite d S ta te s C o tto n F u tu re s A c t a n d th oi
Manufacturers o f Cotton
Month ending June 30. 12 M os. ending June 30.
Exported.
re g u la tio n s issued b y th o S e c re ta ry o f A g r ic u ltu re , th e B o a rd
1915.
1914. 1914-15. 1913-14.
o f M a n a g e rs o f th o N o w Y o r k C o t to n E x c h a n g e fin d s it
n o c e ssa ry to ro c o m m o n d ch a ng e s, a n d n o tic e has been g iv e n Piece goods..............................yards ! 47,914,504 31,873,331 396,950,191i 414.860.113
Hlece Roods..............................value ! $3,302,335 $2,240,974 $28,682,5 IEi $28,844,627
to th e m e m b e rs o f th o E x c h a n g o th a t th o ro w ill bo m o o tin g , Clothing,
&c.—Knit goods...value
|29,550,09C) 12,546,822
ot tlio E x c h a n g o o n F r id a y , A u g . 27, a t w h ic h tim e co n sid e r­ Clothing, <fcc.—All other........ value ‘»/12,356.694 /231.970
18,220,626
Waste Cotton______
vnluri 208,738 1762,344
a tio n w ill bo g iv o n to a m o n d m o n ts re la tin g to th o re -in sp e c­ Yarn-----390,195
. 4,566,760
-------------------------value
442,309 44,639 2,934,654
1,866,476i 716.036
tio n o f c o tto n re fe rro d to th o S e c re ta ry o f A g r ic u ltu re .
All other____
____
_ vaIiipi' 1,007.359
557,040
8,939,762
! 6,572,353
T h o p ro p o se d a m o n d m o n ts a ro as fo llo w s :

,4 £ d tho following to tho concluding portion of paragraph (1) of Section 50 Total manufacturers of-.-.value $7,317,435 #4,227,162 #71,973,497 #51.467,233
No llR y'laWS aS amended t0 into cff<*t AW!! 29 1915 (Amendment m,w 9ELD. S S U P P L Y A N D T A K I N G S O F C O T T O N . —
. 'l^r?vide<V further, that, in tho event of tho ro-sampling or re-inspoction I k o fo llo w in g b rie f b u t c o m p re h e n s ive s ta te m e n t in d ic a te s

iskis?i:s r .a r s £ ,- " n

a t a g la n ce th e w o r ld ’s s u p p ly o f c o tto n f o r th o w e e k a n d
sm ee A u g . 1 f o r th o la st tw o seasons, fro m a ll sou rces fro m
w h ic h s ta tis tic s a ro o b ta in a b le ; also th e ta k in g s , o r a m o u n ts
g o n e o u t o f s ig h t, f o r th o lik e p e rio d .

Jf bill tho
F S t t o n Vi a5ain tendered for delivery, tho deliverer shall stare
on his
such not
reference
to the tSecretary
of Agriculture ' , Inn
such
cases the result
recoivorof shall
be romitmri
n mu
grad^
do‘r
ra
b
^
^
^
Cotton Takings.
1915.
ture
shall,
furtherStates
reference,
suchAct.
cotton dcliverable^under
1914.
Week and Season.
Section
5 ofupon
tho aUnited
Cottondeclare
Futures
uaucr
W eek. | Season.
W eek.
I allure on tho part of the delivered to notify tho receiver that cotton
Season.
has been referred to the Secretary of Agriculture,And hasbeen foundinthe
Visible supply Aug. 13_____ 4,255,7731
12,991,413
reference as undehverable by the decision of that official unde? Section 5 Visible
supply Aug. 1________
4'.633'210
in sight to Aug. 20-11 96",750 249.361 1 ” 57,781 3,”176,816
to suspension ofTpu°stan" * UtUrea Act’ shaU mako tho dolivoror »a^o American
Bombay receipts to Aug. 19. _' 610,000!
Section 53 of tho by-laws as amended will road40.000 10,000 177,810
30.000
Other
India
sbip'ts to Aug. I§I~ 62,000
11.000
'The sets of samples drawn for tho purpose of insocction shall h« ti.r, Alexandria receipts
4,000
17.000
to
Aug.
l<j
’
6300
1.500
100
property of tho party holding tho stamped warehouse receipt and the Othor supply to Aug. 18*___ I 62.000
3C0
8.000 14,000
certificate of grade. One set of samples shall bo delivered to tho weigh?
22.000
master for the account of the owner of tho cotton being inspected- one
Total
supply_______
4,366.823! 4.943.071 3.077,294 3.423,926
sot, to bo known as tho original set, shall bo subject to tho order of the
D ed uct —
party holding tho warehouse receipt, who shall bo responsible for such sam 1 Visible
supply Aug. 20________ 4,094,876 4,094.876 2,963,772 2,963.772
pies on and after the eighth day following tho rendering of the certlffcate
of grade; tho original’ set shall bo the set upon which all proper committees
takings to Aug. 2 0 a ...
271.947 848.195 113,522 460,154
shall act, with the proviso that In acting on appeal, the su???-a r eal con“ Total
Of which American___
235.647 670,695 106.422 344,854
mitteo on classification may compare with tho duplicate sot umlor such
Of which o th er______
36,300 177.500
7.100 115,300
conditions as the board of managers may adopt; the duplicate set shall he
retained by the inspection bureau until the cotton represifntisFthereby is
*
Embraces
receipts
in
Europe
from
Brazil, Smyrna, West Indies. &c.
shipporl out of store. If such samples aro not withdrawn within one week i A l
the total estimated consumption by .Southern mills,
thereafter a storage charge of lc. per sample per month, or any part of a ; iivainFm >baembraces J1
•’ and 162,000 bales in 1914— takings not being
month, shall bo made. No responsibility shall attach to tho inspection sninn«?i
"ftft5diOKh h a8«r.°*afo amounts taken by Northern and foreign
bureau if the samples have boon removed from its cutsody for any numnso !
and 298,154
bales in 1914, of which
In the event of cotton being referred to tho Secretary of Agriculture, tho 485,0U5 bales F.n5i
and 182,854 ,19,15
bales American,
b Estimated.




[Vol. 101.

THE CHRONICLE

628

B O M B A Y C O T T O N M O V E M E N T — T h e re c e ip ts o f
In d ia c o tto n a t B o m b a y a n d th e s h ip m e n ts f o r th e w e e k
e n d in g J u l y 29 a n d fo r th e season fro m A u g . 1 f o r th re e
y e a rs h a v o b e e n as f o l l o w s : _________________________

1914-15.

1913-14.

1912-13.

T h e to n e o f th e L iv e r p o o l m a rk e t f o r sp o ts a n d fu tu re s
each d a y o f th e p a s t w e e k a n d th e d a ily c lo s in g p ric e s ot
s p o t c o tto n h a v e b e e n as fo llo w s :
Spot.

Saturday.

W ednesday,

Tuesday.

M on d a y.

Fair
Market, f Dull. business
J u ly 29.
Quiet.
12:15 \
Since
Since
Since
R eceipts at —
doing.
P.
M.
1
A
u
g
.
1.
W
eek
.
A
u
g
.
1.
W
eek
.
A u g . 1.
W eek .
5.44
5.46
5.40
Bombay.......................... — 12,000 2,633,000 10,000 3,746,000 11,000 2,710,000 Mid.Upl’ds
5,000
8,000
4,000
Sales____
1,000
800
400
Spec.&exp.
Since A u gu st 1.
F or the W eek .
E xports
Futures. Dull.unch., Quiet, gen. Quiet, gen.
Japan
Conti­
Great
Conti­ Japan
Great
fro m —
un­
2@2)4 changed.
Market 1 to 2)4 pts. pts.
Total
& China.
nent.
B ritain. nent. &China Total. Britain.
dec.
opened J pts. dec.
Bombay— 3,000
at Quiet at Quiet at
314,000 1,360,000 1,755,000 Market, f Quiet
55,000 58.000 81,000
1914-15-­
2@2)4 1 @ 2 pts. )4@4 pts.
1,291,630 1,274,576 2,638,857 4
5.000 28.000 72,651
23,666
1913-14-­
9.000 10,000 20,939 489,494 979,743 1,490,176 P. M. 1 pts. adv. advance. decline.
1912-13-- 1,666
A L E X A N D R IA R E C E IP T S A N D S H IP M E N T S .
A l e x a n d r i a , E g y p t.
J u ly

28.
(cantars)—
This w eek ____________
Since Aug. 1 ..............—

R e c e ip ts

(bales)—
To Liverpool__________
To M anchester-----------To Continent & India—
To A m erica___________
Total exports________

E x p o rts

1914-15.

1913-14.

1912-13.

4,552
6,345,811

700
7,637,645

600
7,467,209

1.
3,113 211,599
149,429
MOT 281,821
166,893
2,826
7,128 809,742

T h is

S in c e

Aug. 14 S a tu rd a y . M o n d a y . T u e s d a y .
to
12)4 4 12)41 4
Aug. 20. p12. mM. p12)4
.m . p .m . p .m . p .m . p .m .

1. W e e k . A u g . 1.
207,288
2,250 212,850
-.
225,487 l',750 209,112 August
Oct .-Nov.
2.500 462,315 1,750 416,414
Jan.
-F
eb.
125,870 Mar.-Apr.
2.500 88.8C3
7,250 989,455 3,500 958,684 May-June
July-Aug.

T h is
S in c e
W e ek . A u g .

p r - M A N C H E S T E R M A R K E T . — O u r r e p o rt re c e iv e d b y
ca b le t o - n ig h t fro m M a n c h e s te r sta tes t h a t th e o ve rs e a o u t­
le ts a re d u ll, b u t th e d e m a n d fo r th e h o m e m a rk e t a n d th e
co lo n ies is e n c o u ra g in g . P ric e s a re u n re m u n e ra tiv o e xc e p t
f o r co a rso y a rn s c lo th . W e g iv e p rice s fo r to -d a y b e lo w a nd
le a v e th o s e f o r p re v io u s w e e k s o f th is a n d la s t y e a r fo r
c o m p a ris o n :

10,000

500
Quiet at
4)4
pts.@5)4
adv.
Quiet at
6 @ 8 pts.
advance.

F riday.

Fair
business Moderate
doing. demand.
5.42
5.48
8,000

500
Dull at
1 )4 @ 2
pts. adv.
Dull at
1@2)4
pts. dec.

10,000
2,000

Quiet at
)4advance.
@1 Pt.
Quiet at
3)4 @5
pts.
dec.

T h e p ric e s o f fu tu re s a t L iv e r p o o l f o r each d a y a re g iv e n
b e lo w . P ric e s a re o n th e b a sis o f u p la n d , g o o d o rd in a r y
clau se , u nle ss o th e rw is e s ta te d .
T h e p r i c e s a r e g iv e n i n p e n c e a n d IQ O ths.

S in c e
T h is
W eek . A u g .

Good
demand.
5 45

Thursday.

d.

5
5
55
5
5

d.

d.

25 32)4
39 42
56)4
53)4 65
62
69 172
75 :78

d.

31
40
55
63)4
70)4
76)4

d.

34
44)4
58
66
73
79

d.

28)4
39)4
52)4
60
66)4
72)4

T h u s:

5 29 m e a n s 5 29-100tf.

W e d 'd a y .

T h u r sd a y .

4 , 12

F r id a y .

4

4

X
12X
12 X
p . m . p .m . p .m . p . m . p . m . p . m .
d.

d.

32)4 36)4
43)4 45)4
561a 58)4
64)4 66)4
71 73
77 79

d.

36
46)4
59
67
73)4
69)4

d.

34
44)4
57
65
71)4
77)4

d.

30
40)4
54
62
69
75

d.

29
39)4
53
61
68
74

BREADSTUFFS

Friday Night, A u g . 20 1915.
F lo u r has b e e n q u ie t in s p ite o f th e fa c t t h a t s to cks in th e
h a n d s o f co n su m e rs a re said to bo c o m p a ra tiv e ly s m a ll m u c h
s m a lle r, in d e e d , th a n u su a l. T h is is th e re s u lt o f th e w a itin g
p o lic y lo n g p u rs u e d b y b u y e rs , in th e e xp e c ta tio n o f lo w o r
1914.
1915.
p ric e s, duo to a n a b n o rm a lly la rg o w h e a t c ro p . T h e r o a re
8)4 lbs. Shirt- Cot’n
8 M bs. Shirt- Cot’ n
no la rg e o ffe rin g s o f n e w f lo u r, b u t a t th e sam e tim e th e re a re
M
id
in
g
s,
com
m
on
M
id
.
32S
Cop
in g s, com m on
32s Cop
ru m o rs o f som e c u ttin g u n d e r n o m in a l q u o ta tio n s b y the
Upl's
to fin e s t.
U pl's
T w ist.
to fin est.
T w ist.
rt h w e s te r n m ills . H e r e in N e w Y o r k th e re is n o pre ssu re
s. d. d. Ntoo sell,
d. s. d.
d.
9. d.
d. 9. d.
July d. @
n o r, as a lre a d y in tim a te d , is th e ro a n y a n x ie ty to b u y .
5.20 10)4 © 1U4 6 3 @11 3 7.46
6
2 S)4
8)4 6 33 @7
7.33 M o s t peoplo a ro s im p ly a w a itin g f u r t h e r d e ve lo p m e n ts .
@11
1)4
@7 6 5.17 10 @ 11 66 2)4
9 SH @ 9 6
7.35
2)4
@
1
1
1)4
5.15 10 @ 11 6 2 @ 1 1 0 7.38 T h e to ta l p ro d u c tio n la s t w e e k a t M in n e a p o lis , D u lu t h a n d
16 8*4 @ 8)4 6 3 @7 66 5.13
9 15-16© 10)4
23 8Vf @ 8)4 6 33 ©7
@7 6 5.31 9 11-10® 10)4 6 1)4 @10 10)4 6.66 M ilw a u k e e w a s 257,510 b b ls ., a g a in s t 314,445 b b ls . in the
30 8 5- 16® 8)4 6
Aug.
u s w e e k a n d 442,837 la s t y e a r.
6.50 p reWv io
5.53
No quo tatlons
6 8 V4 @ 9)4 5 9 @7 63 5.43
h e a t d e c lin e d o n fa v o ra b le c ro p re p o rts fro m th e W e s t,
6.50
No quo tations
13 3)4 @ 9)4 66 06 <@7
6.20
5.42
No quo tatlons.
n7 9
la rg o re c e ip ts a t C h ic a g o a n d liq u id a tio n . R e p o rts fro m
854
20 8 \i
S H I P P I N G N E W S . — A s s h o w n o n a p re v io u s p a g e , th e R u s s ia , b o th as to w in t e r a n d s p rin g w h e a t c ro p s , a ro g o o d .
e x p o rts o f c o tto n fro m th e U n it e d S ta te s th e p a s t w e e k h a v e T h e R u s s ia n M in is te r o f A g r ic u lt u r e re p o rts th a t su p p lie s
re a c h e d 36,582 b a le s.
T h e s h ip m e n ts in d e ta il, as m ad o a re a b u n d a n t a n d t h a t th e a m o u n t a v a ila b le f o r e x p o rt is
la rg o . I n R u m a n ia th e re is a g o o d h a rv e s t. A u s t r a lia sends
u p fro m m a il a n d te le g ra p h ic re tu rn s , a re as fo llo w s :
g lo w in g c ro p re p o rts . I n L iv e r p o o l in c re a sin g A m e ric a n
T o ta l b a le s .
NEW YORK—To Liverpool—Aug. 18—Baltic, 199 Peruvian--------- 199 re c e ip ts h a v e h a d th e ir e ffe c t a n d p rice s a t tim e s h a v e de­
To Havre—Aug. 14— Rochambeau, 226-------------------------------- , 226 c lin e d . T h e L iv e r p o o l tra d e la y s stress u p o n th e in d ic a tio n s
To Archangel—Aug. 17— Bufford Hall, 4,100------------------------- ^,100
To Barcelona—Aug. 14—Harpagus, 1,000........................................ 1.000 o f an in cre a se d m o v e m e n t o f A m e ric a n w h e a t re a c h in g p e r­
To Genoa—Aug. 13 —Canopic, 150---------------------------- - ............. 150 h a p s la rg e r p ro p o rtio n s in th e n e a r f u tu re . I t is also im ­
To Nanle;—Aug. 13—Canopic, 599---------------------------------------- 599 pressed b y th e fa c t th a t h a rv e s tin g o f s p rin g w h e a t has c o m ­
To Venezuela—Aug. 16— Scnr. Flora A. Kimball, 150-------------- 150
GALVESTON—To Genoa—Aug. 13—Principessa Lactltla, 11,217-11,217 m e n c e d , a n d s k e p tic is m is e xp re sse d as to th o p e rm a n e n c y o f
NEW ORLEANS—To Liverpool—Aug. 19—Foylemoro, 550--------- 550 p re s e n t p ric e s. H a rv e s t in g is p ro g re s sin g a t th e N o rt h w e s t
9.0 Belfast—Aug. 14—Rathlin Head, 271------------------------------ 271
To Havre—Aug. 14—Frlnton, 1,760--------------------------------------- 1.760 u n d e r v e r y fa v o ra b le circ u m s ta n c e s . In d e e d , h a rv e s tin g in
To Rotterdam—Aug. 13—Maartensdljk, 1,700---------------------- 1,700 N o r t h D a k o t a , i t is sa id , w ill bo fin is h e d th is w e e k . I t is
To Colon—Aug. 14—Heredia. 4 0 .- - - - - .......................................... 40
To M exico—Aug. 14—Tabasco, 1,060----------------------------------- 1,060
d ic te d , to o , th a t th e s p rin g -w h e a t c ro p w ill bo th o la rg e s t
SAVANNAH—To Barcelona—Aug. 19—Joaquin Mumbro, 2,105-- 2,105 op nre re
c o rd . T h e r o is s till m o re o r less ta lk o f th o re c o n t ca n ­
To Oporto—Aug. 19—Joaquin Mumbro, 3,060---------------------- 3,000
WILMINGTON—To
Genoa—Aug.
14—Citta
di
Messina,
6,726—
6,720
c e lla tio n o f e x p o rt o rd e rs fo r 2,000,000 bu she ls f o r S e p te m b e r
BOSTON—To Yarmouth—Aug. 14—Princo George, 151---------------- 151 s h ip m o n t. S om e t h in k t h a t in th o e a rly e x p o rt b u y in g th is
BALTIMORE—To Liverpool—Aug. 10—Swanmore, 1,102..............1,102
TACOMA—9’o Vladlvostock—Aug. 1—Keishin Maru, 416------------ 416 soason C a n a d a w ill h a v e th e p re fe re n ce fo r fin a n c ia l reasons.
n th e o th e r h a n d , th o w o r ld ’s s to c k la s t w e e k decreased
Total................................. ........................................................................... - -36.582 O2,640,000
b u she ls a g a in s t a decrease m th o sam o w e e k la st
T h e p a rtic u la rs o f th e fo re g o in g sh ip m e n ts fo r th e w e e k , y e a r o f 2,217,000 b u sh e ls, w h ic h m oa n s th a t th e w o rld s s to c k
a rra n g e d in o u r u su a l fo rm , a re as fo llo w s :
is n o w o n ly 71,835,000 b u sh e ls, o r a b o u t 40,000,000 loss th a n
G reat F r e n c h
R u s ------ O th .E u ro p e — V la d .,
a y e a r a go a n d 50,000,000 less t h a n a t th is tim e in l J l o .
& c. Japan
T o ta l
s ia .
N o r t h . S o u th .
B r ita in . P o r ts ,
1,749 150 . . . 6,424 M o r e o v e r , fo re ig n cro p re p o rts a ro in m o s t cases u n fa v o ra b le .
New York_____ 199 226 4,100 ------ 11,217
11,217 I t lo o k s as th o u g h , s o o n e r o r la t e r, E u ro p o w o u ld h a v e
Galveston_____ ___
5,381
1,700 5,165
------ 1,100
Now Orleans__ 821 1,760
5,165 to co m e to th is c o u n t ry fo r w h e a t a n d n o t im p ro b a b ly
Savannah _____ ___
6,726 to b u y la rg e q u a n titie s . I t is n o t b o lie vo d t h a t C a n a d a
6,726
Wilmington___ ____
151
151
Boston______________
1,102 ca n
s u p p ly th o E u ro p e a n d e m a n d . I n th e U n it e d
Baltim ore_____1,102
4l6
416 K in g d o m c ro p p ro sp e c ts a re d is tin c tly u n fa v o ra b le ,
Tacoma_______ ___
T otal_______ 2,122 1,986 4,100 1,700 24,857 1,817 ---- 36,582 o w in g to c o n tin u e d ra in s , d e la ye d h a rv e s tin g a n d
- -T h e e x p o rts to J a p a n sin ce A u g . 1 h a v e been 7,768 bales m u c h lo d g in g . I n F ra n c e , w o t w e a th e r in h a rv e s t tim e has
f u r t h e r re d u c e d th e y ie ld . I t is lik e ly , a c c o rd in g to p re s e n t
fro m P a c ific p o rts .
C O T T O N F R E I G H T S . — C u r r e n t ra te s f o r c o tto n fro m re p o rts , to bo m u c h s m a lle r th a n t h a t ot la s t y e a r, a n d w it h
N o w Y o r k a re as fo llo w s , q u o ta tio n s b e in g in ce n ts p e r p o u n d : th e q u a lity p o o r. U n d e r th e circ u m s ta n c e s F ra n c e w ill
h a v e to im p o rt o n a la rg e scale. I t s re s e rve s a re lig h t a n d
n e w w h e a t is m o v in g s lo w ly . T h o u g h R u m a n ia has a g o o d
terdam
ro p th is fa c t is o ffs e t b y th e la c k o f o x p o rt fa c ilitie s . In d ia
Japan, *L25c.7°Shanghai”"!.25c*"Bombay” I.'2 5 c.; 'Vladivostok, 1 50c.; cneeds
m o re ra in a n d is o ffe rin g w h e a t v e r y s p a rin g ly , e ve n
Archangel, 2.00c.
a t h ig h e r p ric e s. I n I t a l y , th o u g h th e w e a th e r is fin e a n d
L IV E R P O O L .
h a rv e s tin g is p ro g re s sin g r a p id ly , som e 2 0 ,0 0 0 , 0 0 0 b u she ls,
J u ly 30.
A u g . 6. A u g . 13. A u g . 20.
Sales of the week______________ 52,000 52,000 44,000 --------- i t is e s tim a te d b y th e M in is te r o f A g r ic u ltu re , w ill h a v e to
Of which speculators took____
6,000
6,000
3,300
-----------be im p o rte d , e ve n th o u g h p re s e n t re s e rve s a ro lib e ra l.
Of which exporters took_______ 3,000
2,000
2,100
----------Sales, American________________ 45,000 44,000 35,000 17.000 R e p o rts o f a p o o r o u tlo o k fo r w h e a t com e fro m S p a m . I n
Actual export__________________ i3,000
3,000 13,000 67.000 S c a n d in a v ia th e cro p s w ill be s m a lle r th a n those o f la s t
Forwarded_____________________ 63,COO 60,000 69,000
Total stock________
1,462,000 1,414,000 1,348,000 1,305,000 y e a r. M o r e o v e r , th e ro h a s b e e n a g o o d e x p o rt business o f
Of which American....... ..............1,198,000 1,155,000 1,097,000 1,054,000 la te , in s p ite o f p re d ic tio n s t h a t C a n a d a w ill bo p re fe rre d
T o ta l imports of the week______
15,000 15,000 17,000 31,000
Of which American___________ 4,000 10,000
5,000 22,,000 as a m a rk e t fo r b u y in g . L a s t M o n d a y th o A m e ric a n
Amount afloat________________ 63,000 80,000 90.000 --------- e x p o rt sales w e re a m illio n b u sh e ls, in c lu d in g 250,000
Of which American__________ 40,000 41,000 54,000 ---------

—Sales, stocks, &c., for past week:




A ug. 21 1915.]

THE CHRONICLE

b u sh e ls o f s p rin g w h e a t. W h a t is m o re , N o . 2 re d a t
C h ic a g o h a s b een fo u r ce n ts o v e r S e p te m b e r a n d N o . 2
h a r d , s ix to s e ve n ce n ts o v e r S e p te m b e r. T o - d a y p ric e s
d e c lin e d o n g o o d w e a th e r. O ffe rin g s a t th e N o r t h w e s t a re
in c re a s in g . B u t th e se a b o a rd d e m a n d f o r ca sh w h e a t w a s
g o o d a t C h ic a g o . I n A u g u s t , a c c o rd in g to th e D e p a rtm e n t
o f A g r ic u lt u r e , o n ly 2 8 .5 % o f th e c ro p has been th re s h e d ,
as a g a in s t 4 8 .2 % n o r m a lly .

DAILY CLOSING PRICES OP WHEAT FUTURES IN NEW YORK.
S a l.
M o n . T u e s . W e d . T h u r s . F r i.
cts.120% 121 118% 118% 116% 116%
No. 2 red--------------------September delivery in elevator___ 115% 113% 115% 115%114% 113%
DAILY CLOSING PRICES OP WHEAT FUTURES IN CHICAGO.
S a t.
M o n . T u es.
W ed . T h u rs. F r i.
September delivery In elevator. cts_ 108% 104% 105%106 105% 104%
Decembor delivery in elevator___ 106% 104% 106 105% 104% 102%
May delivery in elevator.................110% 109% 110% 109%108% 106%
In d ia n c o rn d e c lin e d , p a r t ly in s y m p a th y a t tim e s w it h
w e a k e r w h e a t p ric e s. A ls o , h o w e v e r, c ro p re p o rts in th o
m a in h a v e b e e n fa v o ra b le , re c e ip ts h a v e in cre a se d , s p o t
p rice s h a v o d e c lin e d a n d th e cash tra d e has been c o m p a ra ­
t iv e l y s m a ll. T h e c o n v ic tio n is s p re a d in g t h a t th e c ro p is
la rg e , a n d b u ll s p e c u la tio n f o r th e m o m e n t a t a n y ra te is
a n y t h in g b u t p o p u la r. A t one tim e , to o , L iv e r p o o l price s
w e re n o tic e a b ly depressed b y in cre a se d o ffe rin g s o f R i v e r
P la te c o rn a n d lo w e r A rg e n tin a fro ig h t ra te s. R e c e ip ts a t
L iv e r p o o l, to o , h a v e been lib e ra l, m e e tin g its p re s e n t re ­
q u ire m e n ts . O ffe rin g s o f d is ta n t R i v e r P la te cargoes h a v e
be e n lib e ra l. T h e A m e ric a n v is ib le s u p p ly , m o v e o v e r, in ­
creased la s t w e e k n e a r ly 600,000 b u she ls as a g a in s t a decrease,
o n th e o th e r h a n d , in th e sam e w e e k la s t y e a r o f 275,000
b u sh o ls. A s to o x is tin g su p p lie s, th e A m o ric a n vis ib le s to c k
is p u t a t 4,300,000 bu sho ls, o r som e 600,000 b u she ls m o re
th a n a y o a r a go a n d 800,000 less th a n a t th is tim e in 1913.
M e a n tim e cash p rice s h ero a re som e fo u r to f iv e ce n ts lo w e r
th a n a y e a r a go . I t is a m a rk e t d e v o id o f v e r y s tr ik in g fea ­
tu re s o n e ith e r side o f th o a c c o u n t. I t is e v id e n t ly a w a itin g
som e d e c is ive s tim u lu s on th e o ne h a n d o r som o n o w d e v e l­
o p m e n ts lo o k in g to lo w e r p rice s o n th e o th e r. T o - d a y p rice s
e n d e d lo w e r, th o u g h a t one tim e s tro n g e r. A n e s tim a to b y
th e A r m o u r G r a in C o . p u ts th e c ro p a t 3,000,000,000 bu sho ls.
T h e D e p a rtm e n t o f A g r ic u lt u r e s a ys a la te fa ll is n eed ed to
m a tu re th e c ro p .

639

New York and Pennsylvania, and further damage by sprouting and mould"
ing occurred, and in Kansas the crop continued generally too damp for
threshing. In other sections of the winter-wheat belt the weather was
more favorable and the crop was being saved satisfactorily, especially in
tho Mountain States and the far Northwest, where the weather was ideal
and rapid progress was made In securing the excellent crop in fine con­
dition.
plowing
is inwhere
progress
condition,hall
except
locally,
it isintoomany
wet. sections, with soil in good
S p r in g W h e a l .— Warm and sunshiny weather, with only occasional light
showers, favored the rapid ripening of spring wheat in all districts and
favoraole progress was made in cutting, which is nearing completion in
southern sections, where threshing is also now in progress.
C o n i . Moderately warm weather in northern districts and sufficient
rain in practically all sections where needed favored rapid growth and the
crop
nowin nearly
everywhere
promising condition, although still some­
what islate
the more
northernInsections.
an3“fJ'
7/ai/.—Continued rains in Indiana, Ohio, southern Michigan
and portions of New York and Pennsylvania still delayed the cutting of
oats and hay and much damage resulted. In other sections the weather
was favorable and largo crops of hay are being gathered.
.overttmuch
centralweather
and eastern
portions
of the
belt arrested the rwns
deterioration
dueoftotheadverse
of several
previous
u =hu ^ . i ? V rop responded to the more favorable condition. Rain
nnrHnl^ of Alabama.
A1* however,Toin tho
the westward
greater part
of Mississippi
in some
portions
of the
Mississippiand
River
good
growing conditions prevailed in Louisiana, Oklahoma, and Arkansas, but
ft “ Probable that over
much
of
Texas
until
the
close
of
the
week,
when
considerable rain occurred over the eastern and coast
extent'of rafnfaU^eTo^ known™1^ communIcatlon. the amounts and
. T h e s ta te m e n t o f th e m o v e m e n t o f b re a d s tu ffs to m a rk e t
in d ic a te d b e lo w a ro p re p a re d b y u s fro m fig u re s co lle cte d b y
th e N o w Y o r k P ro d u c e E x c h a n g e . T h e re c e ip ts a t W e s te rn
la k e a n d r iv o r p o rts fo r th e w e e k e n d in g la s t S a t u rd a y a n d
sin ce A u g . 1 f o r each o f th e la s t th re e y e a rs h a v e been:
R eceipts at

—

F lour.

W heat.

Oats.

Bariev.

R ye.

661s. 19616s bush. 60 lbs. bush. 56 lbs.
32 lbs. bushAHlbs
5616s.
Chicago___ 140,000 3.005.000 2,313,000 bush.
2,434,000 177.000 i.53.000
Minneapolis.
909.000
41,000
102,000 121.000 28.000
Duluth........
98.000
28,000 78.000
Mllwaukee.. 30.000
21.000
214.000 167.000 34.000
~6*666
Toledo____
175.000
116.000
51.000
Detroit___
"6*656
63.000
46.000
49.000
Cleveland ..
10.000
42.000
43.000
74.000
St. Louts... 54.000 836.000 214.000 303.000
5,000 9,000
Peoria ..
34.000 275.000 413.000 217.000 15,000
10,000
Kansas City.
1.302.000
230.000
100.000
Omaha. .
305.000 223.000
94.000
Tot. wk. '15 274.000 7.031.000 3.853.000 3.619.000 430.000 106.000
Same wk. '14 379.000
2.935.000
599.000 210,000
Same wk. '13 401.000 11,132,000
9.496.000 2.343.000 10,072,000
7.955.000 841.000 417,000
Since Aug. 1
1915........
11,821,000 6.906.000 5,877,000 874.000 158.000
1914........ 547.000 24.772,000
DAILY CLOSING PRICES OP NO. 2 M IXED CORN IN NEW YORK.
5.677.000 21.468.000 1,110.000 454.000
1913........ 757.000
778.000
21,053.000
,No.
T 2„ mixed----------------. ,
S a t.
M o n . T u es. W ed . T h u rs. F r i.
4.823.000 14.011.000 1,660,000 682.000
--------cts. 89% 8 8 % 89 89% 90 91
DAILY CLOSING PRICES OP CORN FUTURES IN CHICAGO.
T o t a l ro c o ip ts o f flo u r a n d g ra in a t th e se ab oa rd p o rts f o r
_ . ,
S a t. M o n .
T u es. W ed .
T h u rs. F ri.
September delivery in elevator.cts- 74% 73% 74% 75% 75% 75% th e w e e k e n d e d A u g u s t 14 1915 fo llo w :
F lou r,
W heat,
C orn,
Oats,
December delivery iii elevator----- 63% 63% 63% 64
64% 63%
Barley,
Rye,
Receipts at—
661s.
bush.
bush.
bush.
May delivery in elovator----------------65% 64% 65% 65% 65% 65%
bush.
bush.
158,000
939,000
76,000
615,000
New
York-------1,000
O a ts d e c lin e d , p a r t ly o w in g to m u c h la rg e r re c e ip ts a n d Boston-----------23,000
68,000
2,000 47,000 135,000 2,000
Philadelphia----- 32,000 570,000 33,000 131,000
b e tto r w e a th e r. T h re s h in g lias been p ro g re s sin g ra p id ly . Baltimore............
57,000 752,000 49,000 33,000 1,000 38,000
C o m m is s io n h ouses h a v o been g o o d sellers. T h o ca sh de­ New Orleans * ...
82,000 449,000 251,000 83,000
3,000
4,000
m a n d has n o t been b ris k . O n th e c o n tr a r y it has been Galveston...................... ....... 1,127,000
M
obile..............
8,000 -------30,000
1,000
""
as a ru le r a t h e r s m a ll. A t one tim e th e ro w e re p r iv a t e re ­ Montreal............
20,000 1,178,000 ........... 603,000 34,666 IIIII
p o rts as to th e c ro p o u tlo o k so fa v o ra b le as to su g g e st a
week 1915. 380.000 5,083,000 444,000 1,517,000 170 000 41 000
to ta l as h ig h as 1,500,000,000 b u sh e ls, w h ic h w o u ld bo tho Total
Since Jan. 1 1915.16,160,000 53,203,000 40,072,000 94.714,000 6733',000 6514i000
la rg e s t o v e r k n o w n . T h o la rg e s t c ro p a c tu a lly g a th e re d Week 1914-------- 381,000 4,920,000 405,000 1,113.000 83 000 38 000
w a s in 1912, w h e n i t re a ch e d 1,418,337,000 b u she ls. L a t e r Since Jan. 1 1914.13,236,000 128848,000 15,473,000 23,271,000 8462j)00 2380J)00
in th e w e e k , h o w e v e r, th e w e a th e r becam e less fa v o ra b le ,
Receipts do not include grain passing through New Orleans for foreign
porta"
b v
ra in s o c c u rrin g a n d c o v e rin g o f s h o rts caused s o m e th in g o f a on through bills of lading.

T h o e x p o rts ir o m th o s e ve ra l se a b o a rd p o rts f o r th e w e e k
r a l ly . W o t w e a th e r w o u ld n a t u r a lly ro ta rd th e m o v e m e n t
o f th e c ro p . A t th e sam o tim e , h o w e v e r, th e re has boon a e n d in g A u g u s t 14 a re s h o w n in th e a n n e xe d s ta te m e n t:
W heat,
Corn,
r,
Oats,
Rye, Barley,
g o o d deal o f h e d g in g a n d th is has been a n o tic e a b le d ra g on
P ea s,
Exports from —
bush.
bush. F lou
bbls.
bush.
bush.
bush.
bush.
th o m a rk e t. P ric e s a t tim e s to o h a v e re fle c te d th e de­ New York.......... . 990,552 20,092 94.9S4
389,415
13,188 1,356
202,914
Boston------------.
44,401
9,324
pressed flu c tu a tio n s in w h e a t. W h e n th a t has d e clin e d oats Philadelphia----25,839 39,818
2 ,000
h a v e p r o m p tly fo llo w e d . T h e id ea o f n o t a fe w is th a t th e Baltimore............ ! 721,904 ***700 *4*954
2*0*674
New
Orleans___
62,000
c ro p is v e r y la rg e a n d t h a t th e o p e n in g m o n th s o f th e c ro p
9,500 4.000
Galveston______
’
921*666
6,000
24,000
y e a r a re n o t th o tim e to ta k e th o a g g re s sive o n th e b u ll sido. Mobile................
30,000 8,000
:::::
1.000
:::::
T o - d a y p rice s d e c lin e d a fte r a n e a r ly a d va n c e , d u e to ra in s Montreal............! 6*21*666
31.000
102*666
in Illin o is , h ig h p re m iu m s o n s ta n d a rd s f o r A u g u s t , s h ip ­
Total week___ .3,457,370 157,193 163,762 420,415 46,513 155,006 1,356
m e n t o v e r S e p te m b e r— 3 to 6 ce n ts— a n d la rg o b u y in g o f Week 1914.......... 3,570,803 81,955 170,255 351,855
71.000
S e p te m b e r b y ca sh houses. L a t e r g e n e ra l se llin g caused a
T h o d e s tin a tio n o f these e x p o rts f o r th e w e e k a n d sin ce
re a c tio n . Q u o ta tio n s o n cash oats n o w a ro fo r n e w .
J u l y 1 1915 is as b e lo w :

DAILY CLOSING PRICES OP OATS IN NEW YORK.
,
S a t.
M o n . T u es. W ed . T h u rs.
F ri.
Standards.............................cts. 69% 6 8 % 65% 65 54@55 54@55
No. 2 whito......... ....................... 70 69 6 6
65%
55
55
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
_
a t.
M o n . T u es. W ed . T h u rs. F r i.
Soptcmbor
delivery in elevator.cts. S39
38% 38% 39% 39% 39%
December delivery In elovator___ 39% 38% 38% 38% 38% 38%
- elovator________
..............................~
M ay delivery In
42 41 ~ 41% 41% 41% 41'
T h e fo llo w in g a ro clo sin g q u o ta tio n s :

-------- bUm r-------- --------- -W ) ical--------- --------- -C o rn ----------Since
Since
Since
W eek.
July 1
W eek .
July 1
W eek .
July 1
A u g . 14.
1915.
A u g . 14.
1915.
A u g . 14.
1915.
sin ce July 1 to —
bbls.
bbls.
bush.
bush.
bush.
bu sh .
. 59,056 470,147 1,820,183 7,711,783
44,401
87,214
. 34,070 331,031 1,628,187
1,622,177
. 50,355 197,044 5,000 8.385,192
54,236 867,172
. 16,225 125.166
4,000 114,519
21,600 58.556 444,881
_____
_____
i. 120
2,121
490
. 3,736 65,290
860
Total.................... 163,762 1,190.799 3,457,370 16,233,094 157,193 3,022 794
Total 1914-----------170,255 1,346,466 3,570,803 38,435,668 81,955
528.227

GRAIN.
Wheat, per bushel—f. o. b.
per bushel—
C ts .
N . Spring, No. l,n ew __ $1 14% Corn,
2 mixed_____f. o. b.
T h e w o r ld ’s s h ip m e n ts o f w h e a t a n d c o rn fo r th o w e e k
N. Spring, No. 2________ 112% No.
No.
2
yellow______c.
1.
f.
91
o n d in g A u g u s t 14 1915 a n d sin ce J u l y 1 1915 a n d 1914 a re
Red winter. No. 2. new . 1 16% No. 3 yellow
Hard winter. No. 2______ 120% Argentina in bags________ ____ s h o w n in th e fo llo w in g :
Oats, por bushel, now—
C ts.
per bushel—
Standard------------------------ 54@55 Rye,
New York_________ „ SI 08%
W heat.
No. 2, whito___________
55
C orn.
Western,
No. 2. n o w .... 77@78c
... ...
No. 3. white...................... 52%©53 Barley—M alting..................
1915.
E xp orts.
1914.
1915.
1914.
FLOUR.
Winter, low grades____ $4 00@S5 10 Kansas straights, sacks . $ 5 80@$6 65
W eek
Since
Since
W eek
Since
Since
Winter patents________ 5 90® 6 15 Kansas clears, sa ck s... 5 00® 5 50
A u g . 14.
July 1.
July 1.
A u g . 14.
July 1.
July 1.
Winter straights_______ 5 40
City patents________
Winter clears___________5 10
Rye «our. .................. 5 i*5 @ g 15 NorthAmer* Bushels. Bushels. Bushels. Bushels. Bushels. Bushels.
Spring patents_________ 5 50
5,340,000 31,206,000 49.776.000 131,000 2,525,000 214,000
Buckwheat flour______
Spring straights________ 5 25
Russia
160,000 990.000 11.922.000
Graham
Hour.................. 5 65@*6*75 Danube___
1.531.000
Spring clears___________ 6 35
2.304.000
8.185.000
Argentina .. 3*44*666 4,634*666 2.298.000
4,27*6*666
33*.*9*7*2*666
23,958,000
Australia__
W E A T H E R B U L L E T I N F O R T H E W E E K E N D I N G India.......... 25*8*666 id,99*6*666 4.942.000
7.264.000
492.000 322,000 ........... .............. ..............
A U G . 16.— T h o in flu e n ce s o f w e a th o r o n th o cro p s as s u m ­ Oth. countr’s 60,000
m a riz e d in th o w o a th o r b u lle tin issued b y th o D e p a rtm e n t o f
Total___ 6,160,000 48,318,000 78.828.00014.407,000 36,497,000 33,888,000
A g r ic u ltu re fo r th e w e e k e n d in g A u g . 16 w e re as fo llo w s :
* North America—Tho Canadian Government has officially prohibited the Issu­
W in te r W h e a t .—Further rain and cloudy weather delayed stacking and
ance of both manifests
threshing in the States from Indiana and southern Michigan oastward to continuance
of the war.and exports until after ten days. This Is effective during the




THE CHRONTCLE

630

A ug. 14 191 5..
A ug. 7 1915-.

Corn.

N c io Y o r k to A u g .

United
United
Kingdom. Continent. Total. Kingdom. Continent. Total.
China India. Bushels. ArabiaBushels. Bushels. Bushels. 22.291.000
Bushels. Bushels. 21.096.000

23.273.000
23.464.000
16.558.000
29.088.000
Aug. 16 1913-- 17,928,000 19,768,000 37.696.000 12",682,000 21,947,000 34,629,000

g r a n a r y a t p rin c ip a l p o in ts o f a c c u m u la tio n a t la k e a n d
s e a b o a rd p o rts A u g u s t 14 1915 w as as fo llo w s :
U N IT E D

In Thousands-

D etroit .

ST A TE S

777
90
652
.
397
,
820
_ 1,240
.
365
_
146
39
,
611
.
289

57

54
45
766
211
162
17
253
57
526
____

f)

In Thousands

. 7,517
. 7,376
-33,885

775
617
675

Total Aug. 14 1915-.
T otal Aug. 7 1915-.

2,067
2,342
10,010

Total Aug. 14
Total Aug. 7
Total Aug. 15

57
74
338

24
2
75
87
437
10
178
65
11
639
319
22

10
89
87
111
305
203
550
17

85
17
20

____
____
____
____

13
____
____

3,241 1,206
2,629
996
2,070 15,593

____
____
____

2

130
20
11
429
5
11
175
4
15
34
7
21
8
73

71
1
1
..___

3
11
19
4
7
24
4

9
____
1
56

1
3

—

2
129

—
2
67

89
74
183

283
280
880

____
____
____
____
____

—
7

Canadian Bonded Canadian Bonded Canadian Bonded
Wheal. Wheat. Corn. Oats. Oats. Rye. Barley. Barley.
bush. bush. bush. bush. bush. bush. bush. bush.

—
M ontreal________ .........
F t. William * Pt. ArthOther Canadian-. _____

In Thousands—

STO C K S.

Barley.
Oats. Oats. Rye. Barley.
Wheat. Wheat. Corn.
bush. bush.
bush.
bush.
bush. bush. bush. bush.
____
____
____
11
135

M ilw aukee......... ........
D u lu th -------------------- Newport News---------- ,
.

Total Aug.

G R A IN

977
491
391

____
___—

15 1,859
28 2,063
59 1,926
SU M M ARY .

____
____
____

____
-----------

15

—
—

89
......................
---- ----------....................................
89
2
23

28
180

___

-----------

Bonded
Bonded
Bonded
Rye. Barley. Barley.
Wheat. Wheal. Corn. Oats. Oats. bush.
bush.
bush. bush. bush. bush. bush. 89 bush.
283
-----7,517
2,067

1915— 9.584
1915— 9,718
1 9 1 4 -4 3 ,8 9 5

57

3,241
15

57
74
338

3,256 3,065
2,657 3,059
2,129 17,519

—

1,206
1,859

____
------

89
178
70
23

......................
283
308
1,066

THE DRY GOODS TRADE
N ew York, Friday Night, A u g . 20 th 1915.
W i t h th e e xc e p tio n o f m o d e ra to a c t iv i t y in a fe w lin es,
c o n d itio n s in th e d r y goo ds tra d e a re q u ie t. L i t t l o dis­
p o s itio n is s h o w n in a n y q u a rto r to o p e ra te a g a in s t fu tu ro
re q u ire m e n ts a n d b usiness fo r s p rin g 1916 has been b a c k ­
w a rd . M a n y u n c e rta in tie s o b scu ro th e fu tu ro a n d p re v e n t
e ith e r m a n u fa c tu re rs o r d is trib u te rs fro m d is p la y in g co n ­
fid e n c e . A m o n g theso a ro , th e u n c e rta in s u p p ly o f d ye s ,
th e k n o w le d g e t h a t c o tto n w ill be d e cla re d c o n tra b a n d of
w a r, th e d if f ic u lt y in s e c u rin g fu tu ro sup p lie s o f ra w w o o l a nd
w o o le n y a rn s a n d th o s te a d ily de cre a sing im p o rta tio n o f lin ­
en g oo d s. A s theso fa c to rs a ffe c t th o fu tu ro co st o f a lm o s t
a ll "fabrics, la rg e o p e ra to rs a ro re s tra in e d fro m c o n tra c tin g
v o r y f a r in to th o fu tu ro . A c c o rd in g to m a n u fa c tu re rs , m a n y
o f th e in q u irie s re c e ive d fo r goo ds to bo d e live re d a t d is ta n t
d a tes n a m o p ric e s to o lo w to bo co n sid e re d . O n th o o th e r
h a n d , concessions a ro b o in g m a d e o n c e rta in lin e s w h ic h aro
in p le n tifu l s u p p ly in o rd e r to clean u p s to c k s . W o o le n
g oo d s m a n u fa c tu re rs ro p o rt g re a te r a c t iv i t y a n d o p tim is m
is m o ro p ro n o u n c e d in th is , th a n in a n y o th o r d e p a rtm e n t
o f tho d ry g o o d s tra d e . I n a d d itio n , to a g oo d d o m o stic
d e m a n d fo r a ll g ra d e s o f dress goo ds a n d m e n ’s w o a r, th e re
is a s te a d ily in c re a sin g e x p o rt in q u ir y fo r lo w a n d m e d iu m
p ric e d fa b ric s fro m E n g la n d , F ra n c o , C a n a d a a n d I t a l y .
N u m e ro u s la rg e w a r c o n tra c ts h a v o been closed fo r w o o le n
b la n k e ts , o ve rc o a ts a n d u n ifo rm m a te ria ls . I t is e s tim a te d
t h a t th o A m e ric a n W o o lo n C o m p a n y has b o o ke d u p w a rd s
o f §10,000,000 w o r t h o f such b u sin ess, a n d th is w c o k th e
c o m p a n y is ro p o rte d to h a v o closed a c o n tra c t fo r 500,000
b la n k e ts w it h tho It a lia n G o v e rn m e n t. B u sin e ss o f th is
k in d has g re a t ly b e n e fitte d th o la rg e r m a n u fa c tu re rs b u t has
been a sou rco o f littlo s a tis fa c tio n to s m a lle r m ills . Jo b b e rs
ro p o rt a q u io t business w it h fa ir o rd e rs fro m ro a d salesm on
a n d th ro u g h th o m a ils . W h ile o rd e rs a ro fre q u e n t a n d
c o v e r a w id e ra n g e o f g oo d s t h o y are fo r sm a ll q u a n titie s
a n d ju s t a b o u t s e rvo to ke e p jo b b e rs f a ir ly b u s y . R e ta ile rs
a re d o in g a fa ir b usiness as a re s u lt o f fa v o ra b lo w e a th e r
c o n d itio n s a n d a re g e n e ra lly o p tim is tic c o n c e rn in g tho
fu tu ro . B u y e r s fo r la rg o re ta il houses w h e n o ffo re d a ttra c ­
t iv e goo ds a t w h a t a ro co n sid e red v e r y rea so n a b le p rice s,
s ta te th a t th o y a ro re s tric te d in th o ir pu rch ase s b y th o heads
o f th o ir d e p a rtm e n ts . W i t h th o e xc e p tio n o f a goo d o x p o rt
d e m a n d fo r c o tto n d u c k , as a ro s u lt o f th o w a r, bu sin ess in
c o tto n goo ds fo r o x p o rt is d u ll. F u r t h e r in q u irie s h a v o beon
re c o ive d fro m R o d Sea b u y e rs , b u t a t p ric e s to o lo w to bo
a cce p te d . A d v ic e s fro m C h in a a ro n o t o n c o u ra g in g . S om o
im p ro v e m e n t is n o te d in S o u th A m e ric a n d o m a n d th o u g h
s h ip m e n ts c o n tin u o s m a ll.
D O M E S T I C C O T T O N G O O D S .— T h e o xp o rts o f c o tto n
goo ds fro m th is p o rt f o r th o w e o k o n d in g A u g . 14 w o ro 7,063




101.

p a cka g e s, v a lu o d a t $342,029, t h e ir d e s tin a tio n b o in g to th o
p o in ts sp e cifie d in th o ta b le b o lo w :

T h e q u a n t it y o f w h e a t a n d c o rn a flo a t f o r E u r o p e o n datos
m e n tio n e d w a s as fo llo w s :

Wheat.

[Vol.

14—

------- 1915-

W eek .

.2,358
- 213
- 5
- 50
- 229
-1,119
. 243
- 364
-1,887

-1914------S in c e
1. W e e k . J a n . 1.
2 2.668
48 122
14.964
1,883
36
4.927
48.409
15,390
15 15.078
32.384
219
9.412
11,350
8 5,955
32.110
426 29.181
968
36
340
11,867
370 14.172
28,903 ' 743 36.488
53.715
490 44,373
254,700 2,345 207.959
S in c e
Jan.

$15,933,953 in 1915 a g a in s t $14,539,667 in 1914.’
B u sin e ss in s ta p le c o tto n goo ds is ro p o rte d as b o in g ir ­
re g u la r w it h b u y in g c o n fin e d o n tiro ly to im m e d ia te re q u ire ­
m e n ts . C o m m is s io n houses a ro in re c o ip t o f g o o d in q u irie s
b u t a t p ric e s c o n s id e ra b ly u n d e r q u o ta tio n s . B le a c h e d
goo ds a re f a i r ly a c tiv o , b o in g h olped b y a g oo d o x p o rt do­
m a n d . R e ta il sales o f b loa ch o d goo ds in th o piece a re
re p o rte d to h a v e been lio a v io r th is season th a n u su a l.
D o m a n d f o r goo d s in th o g r a y is d u ll, w it h pu rch ase s c o n ­
fin e d to n e a rb y d e live rie s . D r ills a n d she e tin g s a re u n ­
s e ttle d , o w in g to th o in a b ilit y o f m ills to fu rn is h goods in
la rg o q u a n titie s in th e co lo rs m o s t needod. L a rg o co lo re d
goo ds m a n u fa c tu re rs a ro co m p e lle d to c u r ta il th e ir o u tp u t,
o w in g to th o s h o rta g o o f d y o s tu ffs , a n d w h ile b u y o rs a ro n o t
d is p la y in g a n y a n x io ty as y e t , tlio ro w ill s u r e ly bo d if f ic u lt y
in c o v o rin g ro q u iro m o n ts w h e n th o goo ds a ro s o u g h t. A g oo d
bu sin ess is ro p o rte d in fa n cie s a n d n o ve ltie s w o v e n fro m
co lo re d y a rn s . S om e m a k e rs o f theso goo ds h a v o a lro a d y
b o o k e d a ll th o busin oss t h e y ca re to h a n d le . T h o fa c t t h a t
th o ro is n o c o m p e titio n fro m fo ro ig n -m a d o fancios a n d
n o ve ltie s has d ono m u c h to in cre a se d o m e stic b usiness in
these go o d s. A ls o , as th e ro is a p ro n o u n c e d s h o rta g o in
lin e n c h a m b ra y s a n d ra m ie s c o tto n goo ds m a n u fa c tu re rs
a ro b e in g ca llo d u p o n to p ro d u c o goo ds su ita b lo to ta k e th e ir
p la ce . P r in t clo th s a ro q u io t a n d u n s e ttle d . Sales aro
co n fin e d to sp o t lo ts as a ru le , b u t som e c o n tra c ts a ro ro ­
p o rte d as h a v in g beon closed a t s lig h t concessions fro m ru lin g
q u o ta tio n s . G r a y go o d s, 3 8 -in ch s ta n d a rd , a re q u o te d
u n c h a n g e d a t 4c.
.
W O O L E N G O O D S — A m o re a c tiv o d o m a n d is n o tic e a b lo
f o r dross goo ds fo r th o c o m in g s p rin g . In it ia l p ricos a ro
co n sid e re d to be re a so n a b le a n d b u y o rs h a v o b o o ke d a hea d
lib e ra lly . C u tte rs -u p a n d jo b b o rs h a v o b o u g h t fre e ly
a lth o u g h th o la t te r a re b o co m in g m o ro c o n s e rv a tiv e , s ta tin g
th a t t h e ir salos o f pieco goo ds h a v o n o t been e n tire ly u p to
e xp e c ta tio n s . F a ll sto ck s a ro b e in g q u io tly cleaned u p a n d
la to d e m a n d f o r fa ll fa b ric s is g o o d , as a ro s u lt, o f th o s e ttle ­
m e n t o f la b o r tro u b le s w h ic h th re a te n e d c lo th in g a n d g a r­
m e n t m a k e rs . I n m o n ’s w e a r, th e d e m a n d fo r w o o lo n a n d
w o rs te d s u itin g s is s te a d ily im p ro v in g . F a n c y w o rs te d s
a n d sta p le m ix tu re s fo r th e n e x t h g h tw o ig h t season a re in
in g o o d d o m a n d . M a n u fa c tu re rs ro p o rt th a t tho vo lu m o
o f o rd e rs a lro a d y b o o kod g ro a tly exceods e a rlie r e xp e c ta tio n s .
F O R E I G N D R Y G O O D S . — L in e n im p o rte rs w o ro f u r t h e r
u p s e t d u rin g th o w e o k b y th e a n n o u n c e m e n t t h a t d a m a sks
h a d boon a d va n c e d b y fo ro ig n m a n u fa c tu re rs to lo vo ls w h ic h
re p re s e n t a n a d va n c e in th is m a rk o t ra n g in g fro m te n to
fifte e n ce n ts p e r y a r d . Im p o rte rs h a d e xp e c te d h ig h e r
p rice s a ll a lo n g , b u t th e a d va n c o w a s g re a to r th a n t h e y
lo o k e d fo r. T h o y a ro n o w g re a t ly co n ce rn e d a b o u t fillin g
o rd e rs w h ic h t h o y h a v o o n t h e ir b o o ks a t p ricos too lo w to
y ie ld a p r o fit. R e ta ile rs h a v o beon c o v e rin g th o ir ro q u iro ­
m o n ts o f lin o n fa n c y a n d h o u seh o ld goods d u rin g th o p a st
w e e k as t h e y h a v o e v id e n t ly com e to a re a liz a tio n o f tho
s h o rta g o a n d h ig h p ric e s th re a te n e d . B u rla p s ru lo g e n e ra lly
q u io t w it h sales fo r th o m o s t p a rt c o n fin e d to sm a ll lo ts.
P ric e s a ro easier in ton o w it h lig h t w e ig h ts a t 6.10c. a n d
h e a v y w o ig h ts a t 7.75c.

Importations & Warehouse Withdrawals of Dry Goods.

Imports Entered for Consumption for the Weok and Since Jan. 1.

*

W e e k E n d in g
A ug.
P k gs.
V a lu e .

14 1915.
S in c e J a n . 1 1915.
P k g s.
V a lu e .
S
Manufactures of—
nn, 184.690
$
21,897 5,729,845
Wool.......
....................................
W’,
1
402,644
C otton_______________________ 2,061 202,489 65,117 17,811,927
16,978,931
Silk..................
- ............................- -1,668
6“
________________________
181,619 35,815
28,587 7.511,439
Miscellaneous_______________ 1,269 571,961 71,850 8,293,209
Total 1915-.-...................
6-213 L§43,403 223,266 56,325,351
Total 1914.................
5,360 1,389,257 368,795 88,495,716
Warehouse W ithdrawals Thrown Upon the Markot.
Manufactures of—
_,„
3,959,593
C otton______________________
J92-300 17,257 5,173,955
Silk
457
167,226 11,472 4,291,618
3,381,673
Fiax": : : : : : : : : : ...... .............. - 4 3 1
8 3 ,9 2 0
1 5 ,1 8 1
Miscellaneous_______________ “38
125,645 47,124 3.612,245
Total withdrawals----------------2,486 650,363 103,563 20.419,084
Entered for consumption-------------- 0--13 1,543,403 223,266 56,325,351
Total marketed 1915............... 8.699 2,193,766 326,829 76 ,744,435
Total marketed 1914------------12,172 2,987,293 502,173 113 ,560,390
Imports Entered for Warohouso During Same Poriod.
Manufactures of—•
. 452
85,147 8,582 2,960,550
W ool...................... ..............
. 245
85,588 14,040 4,172,082
C otton________________
. 240
87,489 9,411 3,545,936
S ilk .......................................
. 1,201
75,809 13,944 3,402,943
- 330 146,862 44,776 3,237,719
. 2,468 480,895 90,753 17,319,230
. 6,213 1,543.403 223.266 56,325,351
. 8,681 2,024,298 314.019 73,644,581
- 8,879 1,953,165 475,272 113,136,254

A ug . 21 1915.]

THE CHRONICLE

631

r .o t nDubuque
k N a m S.e . D ., Ill_____R a5te .
148-.East
2R2"Slas^
Liverpool,
O hio..............
.5
309.-East Liverpool, Ohio
.
5
309-E ast Liverpool, Ohio ZZZZZZZZZ 5
309--East Stroudsburg S. D ., Pa 414
4388_.Ebensburg,
6 7 -E a st Waterloo
, Iowa:
P al£d.
... °S -.DAJ‘llow
a- p5
635--Elizabethtown
S.
D.N
o
I
’
n Y~ 5
545--Ellsworth, Wis,
1** •* - »
229 Elma, Wash—
7
309-.Elvaston
School
District
467--Erie, P a ............................. ffi 4 “
309.-Erie School District. Pa
4V
3 8 9 .-Esperanza S. D., Cal
r 7*
148.-Evansville School City'.'fnd
4
309.-Everett, Mass. (2 issues)
4
229--Fairfield
” 5
2 2 9 .. Fenton, MTwp.
ien,-S. D.’ Ohio ------L

M a t u r it y .

1917-1923
1916-1920
1915-1920
d l 9 2 5 - 1 9 3 '>
-1925
--- 5
1920-1940
1916-1945
al922

A m o u n t.

12,000

3.500
2.500
3,700
50.000
25.000
35.000
30.000
7.000
25.000
6,900
1935
21,500
1933-1945 250.000
1916-1925
4.000
al927.
150.000
45.000
‘ ~a1920'"
4,800
al921
25.000

P r ic e.

100.508

100.11
100.14
100.111

M U N IC IP A L BOND SALES I N J U L Y .
100.539
W o p r e se n t h e r ew ith ou r d e ta ile d lis t o f th e m u n icip a l
b o n d issu es p u t o u t d u rin g th e m o n th o f J u ly , w h ic h th e
100.10
cro w d ed c o n d itio n o f ou r c o lu m n s p r e v e n te d o u r p u b lish in g
a t th o u su a l tim e.
T h e ro v iew o f th o m o n th ’s sa le s w a s g iv e n o n p a g e 4 6 4
100
101.079
o f th e “ C h ro n icle” o f A u g . 7 . S in ce th en se v e ra l b e la te d
J u ly retu rn s h a v e b e e n r ec eiv e d , c h a n g in g th o to ta l for th e
100:748
100.476
m o n th to $ 3 0 ,0 6 0 ,2 5 5 . T h e n u m b er o f m u n ic ip a litie s issu in g
100
b o n d s w a s 5 6 0 , a n d th e n u m b er o f sep a r a te issu e s 7 3 0 .
22.000
100*"
•
JULY BOND SALES.
fS L -S S ffliE 1 r OhiO— I
53 039
100.555
R a te .
M a t u r it y .
A m o u n t.
P rice.
19,877
8
Szz%
2g&
°
\
h
r
l
°
(2
I
s
s
u
e
8
)'------5
101.10 3 8 9 ..
20.000
Fountain Countv"frid
iz
i307--Aitkin
g L iS f ^ T cCounty,
h W n TMinn
.- in a : ..............&n i l d19^al919
935 500.000
$6,000
25.000 100.718
389.-Franklin County3, I n S - V<A aiqo?
1916-1925 55.000 101.853
101.432
9,140 100.405
147--Albany County, N . Y „ _
4 y.
389-.Frankhn
Co.
S.D
.N
o
11
Wash”
rfioir
liwc
81.000 100.143 2 2 9 ..
10.000
100
147-.Allesbensr County, Pa.............1 4 )4 1916-1929
Freeborn
County.
M°nn—
—
;
5^
‘
a
S
5
1945
500.000
103.175
20.000
101.60
387--Allen County, Ohio
al917
21.000
100
68,000
................
§
1911M.935
466--Allen County, Ohio _ _
r
al917
22,500 101.916
6,000
(2 issu es);:::: 4
46,263 100.33
__ _
« d l920-1945 120.000
3 87-.Amity, Ore....... ............
i49"Fu!toS: n : y : : : ...........................V f f H g f
15.000 100.255
100
13.142
387--Andover, Mass
4
County, Ohio
I n d (2" "Issues"
" " " |^ ° ^ aWl921,9 2 4 ,,4,320
. ...,n 100.01
1916-1927 60.000 100.76 389„Fulton
4,320
149-.Fulton
County,
8 § i—Antwerp phi° (2 Issues)
5
10,600 100
14
9
..
Gallon,
O
h
io
.--->?
— - - - - - - 48.000
15.000 100.10 3 1 0 ..
W issues)............ 4)4
'" ‘1920"
10,000
102.22
5 *
29 92p"A
6 .. fhS ey'
Athens,Y -Ohio.......
Geauga
a l 9 2 6 10 102
-0
00
al918
6,300 100.158 468-.Geneva,
10.000
N e bCounty,
.._____ Ohio......
____" 55
afgS?
Qn?--^tla,
n
^ic
County,
N.
J..........
5
1940-1941
50.000
104.75
10.000
100
468..
Georgetown,
Ind____
'
,5
a
iqal
.
307--Au(?laize
County,
Ohio________
6
1916-1920
23.000
100.445
1,600
104.375
227--Aurora l’wn., O hio.................... 5
545--Georgetown Sch. Town. Ind-— 5
25
o’RRR ?R4 ???
2.500 100
466--Babylon, Y..................................4 .9 5 al918
ibsonCIowa__________
o.D r.D ist.t T,e n n -.:: 6r ; .............
n m
1 0 3 ‘ 181
1918
1.500 100
fnaV*" u o3.000
--------4645--G
68.. Gilbert,
oS/.-Barnes Sch. Dist., Calif.............. 6
2,000 100.775 545--Gleason,
Tenn____ _____
6
1035
Barr School Township, Ind___ 6
1,200 101
1916-1917
7.000
4
1916-1Q95
229.-Gloucester,
Mass____
7,280 100.192
-S art!10l0mew Co.,
Co->Incl................4
^
oO/.-Bfirtholomow
Ind.
4
U lb 1925 25.000
100,000 100.072 229__G odleyInd.S.D ..T ex-_............
15.000 100.56'
634..
Bartow, F la................. 5
!!§R--£rant County, Ind. (2 issues).. 4 U .................. 47,100
1945
75.000
466-- Bath, Maine__________ _
4
1925
20.000
2.000 100
227—Bay City ,Mich____ ; "
5
1918-1923 80,000 100.188 14fl"oi2?i« v?i‘ q' Nnu,33' Wash- 5 H <11916-1925 35.000
100.365
0 0 7 ~-Beaeh City. Ohio.................." 6 6
5
1916- 1936
al921
6,500 103.38 a S : : § S S 5
387-Beaver Falls, Pa____ 44 H 01932
115,000 102.18 S lO -.C m v-iH ^ feroo-.-S .-D .-N -o- M d m e - 1’>20
4,000 100
227--Belio Valloy, Ohio______
6
6
01926
2,000
100
227—Benicia, Calif......... ..
5
1916-1925 10,000 100
1,000 100
466--Bergen County, N. J ______4 4b 14 1916-1928
162.000
55.000 100.81
3 1 0 ..
Green Bay, Wis. (2 issues)” " " 4 $
3
5
D
-.
ohl°
________5
1916-1922
3,500
100
15.000
310-.Greenburgh
(T.),
N
.
Y
n
-------------5
ano~ S!e l} orP County, Mont............ 6
<11925-1935 28,500
4,500
Greene County, I n d ..;." 4 I4
* 11,780
1945 1,250.000 100.75 42 62 89 ....
S8 f ~ S rW n*hfynAla- (2 issues)__ 5 555
100
388_.Blakley,
P a ______________
Greene County. Iowa____' 5 192b'l025 140.000
15.000 101.11 3 1 0 ..
466--Boone County, Iowa
55
Greenville,
No.
Caro
5
1
1045
5
103.571 468—Hamilton, Ohio (2 issues). " ' 5
30.000 100
6 43.-Bonner Co. Sch. D. N o ' 1'2' Ida'. 66 <11935-1945 200,000
1915
6,000
102.125
10,500
149—Hamilton, O h io................
” 5 lb'iRliqoc 25.000 100.495
5
25,000 100
388- S r Kht,°o,Sch.BristoI, Dist.,
Conn. Iowa.........
_ 544)4
149--Hamilton, Ohio.................
5
loiR-iqiQ
1940
150,000 100.089 389..
4.000
Buckingham
C
o
u
n
t
y
','V
a
”
5
Hancock,
Wis
............"
4K&5
1919
5
40,000
100
8.000
3 88..
Cabell County. W. V.a a5 dl 935-1945 600.000 100.278 389.. Hamilton County. Ohio .
4 14
-1945
- - - - - 500.000
466--California
......... " " 44
3 10-.Harmony Twp., Pa___
“ g ^3
01954 2,500.000
14.000 102.135
388—Callicoon & Liberty (T'.)'Cen:
229..
Harrison County, In d .. . 414 01921
2,200 100.727
468..
Harrison
Twp.
S.
D
.,
Ohio
"
5
73
.
5
997
DMass___________
N ° 3. N . Y____o
al929
6,000 102.06 149.. Hartford, Conn________
01925
30.000 100.55
" 4
oo?"'£amL’ridge'
_4
242,500 100.849 310..
225.000
227--Camden
County.
N . J . . . ..........4)4
4
Hartford,
Conn______
4>i
1945
20.000
101.95 3 8 9 ..
147-.Canandaigua (T.) Com. Sch.
Havana Sch. Twp., I l l ... 5
1930
27,500 102.634
,
_ Dist. No. 5, N. Y.................. ; 55
1917-1926 10,000 101
6
dl925-1935
4,000
147-.C ant0n, Ohio (5 issues)..............5
5
17,600
!945
60,000 1100
0 0 .8 6 6
1954
4%
185,000
gna'"£anK°n’^
)hio------------------------4)4
1919-1943
49.000
100
203--Carbon Co. S. D. No. 3, W yo.. 55 d l930-1940 35,000 102.66
4
1916-1935 20.500 100.59
- 4 H a 1923
18,000 100.069
1935
157,000 100
1938 r 15.000 109.125 4 6 8 ..Horton, Kan5 1918-1925
1 2 ,0 0 0
100.208
10.000 108.399
5
1935
97.733 100.332
. 4 X al922
3,000 101.583
_________
23.200
100.107
al921
22,000 102.67
al921
5.600 100.335
V 4
. b
al921
18,000 100.589
5
O1920
35,000
100.05
. - 414
5,000
_________ 1,050.000 100.175
. 5H
al935
70,000 101
5
1945
250,000 1 0 0
4V ,
a 1926
65,000 105.56
5
30.000 100
___
■ 4)4
24.000
102.516
5
15,550 100.42
.5
<11928
100.524
4 ^ al931
81,000 100.33
. 5 dl920-1935 C25.000
45,000
t/101.156
30.000
546—Iowa
_____________
4
T
4
4
143,300 100.27 3 8 9 ..
280,000 100
1.dianapolis,
Ind_____ 444)4
$# 1916-1917
5
a 1928
15,000
1955
500,000 100.03
468_.Iowa City,
Iowa______
5 71
100,000
100
5
dl925-1935
3,000
311__Irene,
So.
Dak____
<
5
i 5
dl925-1945 30,000 100.816 390_.Ivyland Twp. S. D ., P a ,.;
6
dl920-1935 1 2 ,0 0 0 1 0 0
4M
1935
60,500
3,400
__
469..
Jackson,
M
iss___
g"
1,500
5
"al'93'2" 65,000 100.787
Jackson, M iss______" ;
.514
5
al921
5,000 100.90 2 2 9 ...Jackson,
a 1927
50,000 100.85
O hio__________
6
1920-1923
4.000 101.65 469.
55 ^* al921
18,000 100.64
4)4
al921
390..
Jackson
County,
Ind
.
.
414
12,200 100.073 150.. Jackson Sch. Twp., Ind
al921
1,600 1 0 0
AA .~
** '-'w- o• 17. iiu. Oi »vaoii _
V y4z
44
2,062 100
a 1920
4,000 100.50
634._ ClarksfieldTwp. it. s. D ., Ohio- 5 1916-1925
150.. Jay County, Ind__
” ' 44\4
1924
9,000
100
al920
3,600
5
al941
90,000 100
5
42,000 1100.416
4)4
1.120 100
4X al921
9,780 0 0 .2 2
5
a
1933
300,000
103.787
5
1916-1925
53,000
101.50
4 d 1930-1935
3,500 100
6
dl923-1925
1 ,2 0 0
100
4 1dl925-l 9,30 57,500
100
al921
13.000
100.207
5
1916-1920
20,0001
100
4)4 ' 4 1 4
30.000
544-.coium bia. T o n n ;;;;;;;
5
5
1925
229..
Jeffersonville Sch. Twp., Ind
10,000/
4 6 7 ,-Columbus School City, Ind___ 4)4
100.617
4M a 1932
4||
1 945
40,000 101.577 229. .Jersey City, N . J....... ..........
439.000 101.12
634--Corder, M o ______
390.
.Johnson
County,
Ind..............
414
al921
6,000
7,100
309..
Coshocton, Ohio__
0
100.30
4469..
6 9 .. Johnston,
It. I . ___
73
11,000 101.07
12,000 96.50
467..
Coshocton, Ohio____
5
Johnston,
R .I ...............
............
a 1925
40.000 102.477 636
30.000
98
467..
Coshocton, Ohio_
” 5
..Johnston,
R
.I
*
"
414
al920
4.000
101.05
55.000 98
4 67..
Coshocton, Ohio...........' 5
al920
4Q
8.000 101.218 150.. Johnstown S. D ., P a .;
a 1929
200.000 101.36
634--Crab Creek Twp., No. Caro_____
311
—Jourdanton,
Tex_________
r,
15.000
925-1955
100.25
“09--Craighead County, Ark....................
.Judith Gap, Mont. (2 issu es)"; 6 dl
50.000 fo b " "
<11925-1935 10.000
14.000 100.542
228..
Crawford County, In d....4 )
2dO-_Kenmore,Tenn
N. Y ..........
1.400 100
100.15
!.«5" S rawi’orci County, Ind________4 )
546--Kenton,
__
” 414 1920-1939 20.000
6,600
100.075
5.000
al928
r?.st0n School
District,
O hio..
2 3 0 .. Kenton Sch. Dist., O h io .." " 5 " a 193l”
40.000 100.167 469—Kershaw
3,500 lbl".7l'
“o 5 8a ---S
. Crittenden
Co. Dr.D.
No.3,
Ark. 56
1920-1940
S. D. No. ..22.S.C. g514
250.000
96.50 311—Kingsley, Co.
1935
9.000 100
OftA —Cumberland
-------v u u u t j ,County, Me..............
-------------<±4
i'J 'ilJ
25.000 101.152
1940
Iowa—.........
01923
5*000 101.15
fi'JK n
1
vwuuwjr
390.-Kingston, N . Y ___
_ " 414 1917-1923
»
y ,’ V7111U-.............§ i)
231582
101.135 469--Kitsap
24,000 100.20
a(!
7 ” r^Uya!loga 5?°unty, Ohio______5
al920
18
000
Co.
S.
D.
No.
42,
Wash".
100
r!iJ--5uyah°ga Co., Ohio (2 Issues). 5
30 9 4 5
(2 issues)______
_
r. 14
<11920-1930 1 0 , 0 0 0 101
3 no‘ ' n llP ll?og;} Pa,,s*
(6 issues)____5
585 0490
100:359 3 9 0 .. KlickltatCo.S.D.No.96, AVasii; 5 ) 4 <11916-1935
1.450
ylancl School District.
Cal- 6
00
5.000
100.36 469-.K lickitatC o.S.D .N o.94, Wash 514 <11916-1925
3,500 1100
00
1925
63.000
?RR
"5“^
,^
t£
‘>
S
D
.N
o.l5:
Wash'
5
||
dl916-1930
2
,0 0 0
mo
1935
150.-Knox County, Tonn.................. 0
134.000
1935
125,000
3 ss--D ayt°n, O h io ..: ; : : : : ; ; ; ; '; " % v al921
103
577
311—Knox
Sell.
Twp.,
Ind
_
5
135.000
101.434
a6 1922
4,500 104.60
(2 issues)_________ 6
1925
150-Lafayette Sch. Dist.. Ohio
7.000 100
a 1925
3,000 fob"
? n a " n efi*tur County, In d .______ 4 U al921
5,400
100.09
311.-Lake
County.
Ind.
(4
iss.)-"
;
4H
65'000
65,000
100
g a a " iw !anco
S ounty. Ohio__
Ohio................ 6 5^
al917
17.500 101.565 311-L ake County. Ind. (2 iss.)—
-------------- 100
00
00
0
102
1 0 0 .0
102.392
anco County,
al920
17.000 100.882
2o 2o 8i'“raef
-.Delaware
County Inri
it
6 8 ,0 0 0
al921
3,760 100.033
£5,000
228—Delhi
(T
)
f
f
i
Fr^s'chom
^
Dist. No.
25,000 101.07
57.000 105.22
Ohio16, N. Y 19 j.. ^ 5c
228_Delphos,
7,400 100.06
1927
Lawrence County, Ind_ 4 1 4
12.388 102.018 2 3 0 ..
3 88.-Delta, Ohio ................................5
6,460 100.038
01923
6.500
390--Lawrence
County,
Ohio............
5
"
T
o
4
>
"
'
100.076
309_.De Pere. Wis....... .........................
1 0 0 ,0 0 0
1916-1925
15.000 101.26 230--Lebanon. Pa— _. . .............. 4
635.-Do Bitter, La. ...........................g
24.000 104.34
6
3
6
..
Lee
County,
V
a
...
_
5
U
'
24.000
100
228-.D
es Moines
Ind. S. D.'To'wa
.
15,000
1926-1929 40.000 100.132
’ 10wa- 148—Detroit,
M ich___
102.376
1945
50.000
228—Detroit, M ich ___
V 0
105,000 100.008
1945
500.000
635.
.
Dickson,
Tonn...............
”
*
13.000
100
15l”
Libcrty
'Sch.
1Tv^?.' J ^ Was**"
<11916-1925
5.000
309—Douglas, Wyo__
VL. <11925-1945 15.000 101.933 230-.Lincoln Co.S.D.No.5, M on t" ; 6
a 1920
9,000 101.244
2.500 100.48
:i 2 3 --^Drtimwright,
ouglas Co.S.D.No.99',W
$
g 41925-1930
230-. Lisbon, Ohio___
2.000 100
a 1926
467_.
Okla . ash" S5 73
3.500 100.95
4
6
9
.-Little
P'alls,
N.
Y
............;
35.000
3544-.Dyersburg,
8 8 ..
DuboisTenn_________;
County, In d ..; ; ; ; j ' 3 -------------2,933
151.Logan County, Ohio.......... 5 I4 1916-1919
11.750
01918
35.000 l'o'fso"
25.000
390.-Lonoke County, Ark____ __
25.000
635__East Chicago, Ind. _
g it 1091 icog 100.000
311—Tjora.in, Ohio (2 issues)......... ...... 6
48,677 98.50
309—East Cleveland S. D., O h io " ;; 5 ** 1935 5 150.000 103.57 546--Luthcr
Sch. Dist., Iowa
30.000
228—East Cleveland S. D ., Ohio___ 5
1925
150.000 101.20 469--Lynn, Mass.........................." " 4 ” 1916-1945
98.0001 100.43




.

a

a

a u

a u

THE CHRONICLE

632

[Vol. 101.
A m o u n t.

P rice.

M a t u r it y .
P a g e.
N a m e.
R a te .
P rice.
A m o u n t.
M a t u r it y .
70,000 100.142
N a m e.
R a te .
2 3 3 —Sausalito, Calif---------------------5
20,000/
19161925
100.43
1916-1935
4646--Lytton
6 9 .-Lynn, M
ass-------——
------------£
392-.Scarsdale, N . Y------------------------ 4 A 1916-1928 10,000
10,000 100
19171925
6,500 100.58
Consol. S. D ., Iowa----- 5
392--Scarsdalo,
N
.
Y
------------—
—
4 'A
100
24.000
546—Madison,
Wis-------—
—
-----5
2
3
3
--Scarsdale
(T.)
Un.
*reo
Sch.
12,200
130,000
230.-Madison County, Ind. (2 issues)
„„„ 100.423
Dist. No. 1, N. Y ................... 4 A al933
3.500 100
230--M adison Co. S.D .N o.2, M on t., o (11918-1925
156,000
314--Scranton, Pa. (2 issues)---------- 4 4 'A.
1916-1935 100,000
6 36..
Madison County, T o n n -5
15,000
6
3
8
.
.
5eabreeze,
Fla..................
6
75.000 101.373 548. .Seattle, Wash. — - - .................... 6
100
636--Madison Co. Dr. D. 3, T on n .-. 6
.......... 84,259 100.13
30.000
7.640 100.743
390 .Madrid School District, Iow a.. 5
al921
County, Ind.................. - 4 'A 1916-1918
15.000 102.235 392.-Shelby
311-.M ahoning County, Ohio - - - - - —
24,200
154-.Shelby
County.
Ohio
..............
5
A
12,375
469 Mahoning County, Ohio (3 iss.) 5
1916-1935 35,000
154,-Sikeston Sch. Dist., M o---------5
100 ' "' 392-.Siiverton,
3.500 101.371
al917
12,500 103.86"
6 3 6 ..
M alta, Ohio— — —-------------------- ---------------6 35.000
1940
Ohio (3 issues)............5
j/100.785
4 6 9 --M alvern, Ohio (2 issues)............. h 'A
1926-1935 210,000
648--Skamania
County,
Wash----------5
A
10,400 100.03
4,500 102
39 0 .-Marathon, N . Y ----- - -------------4.65 <4926"
1935
..
6
63s__Slaughterville,
K
y....................
101.061
68,800
75.000
390. -M arion ,O hio(2issues)................5
1940
233--Solvay,
N
.
Y
--------------------»
lo
l102.606
1920-1928 31,350
20.000 102.209
4 6 9 . -Marion. In d -.------------------------41a
Bethlehem, Pa --------- 4 A <11930-1945
11,800 101.276 314--South
1,000
4 6 9 - -Marion, Ind------- —----------------- 4)4
2 3 3 -.Southeast Sch. Twp., Ind------- 4 'A
1917-1918
55"
14.000 102".
151 .Marion County, Ind---------------- 4 'A "'(0921"’ 16.000 100.162
a 1923
314-_Spcncer
Sch.
Twp.,
Ind-----------4
'A
100.66
100.567
31,168
23oI iMarshfield T t)re’- . - ...... ........... 5A
1935
«1918
O h io.-----------------5
100.105 39.3-.Springfield,
i ki lUnrfln
Cnnntv. Ind................
Ind__________ 4 4'AA ---------------- 12,000
/.ouu 101
151-.M
artin County,
£10,096 104.50"
471.Springfield,
Ohio
(2
issues).............5.000
647- - Matewan, W . v a
----------------- 6
154--Stafford Sch. Twp., Ind---------6
20.000 i/100.63 393.
1945
3 1 1 _Maxton Spec. S. D ., No. Caro. 5 A
13.500 103.58
5teuben Sch. Twp., I n d ... - .- 51917-1926
70.000 103.592 638—.
al936
1,260 100.15
3231
1 1 . -Media,
Pa------—t------t——
<11918
Steubenville,
Ohio
(2
issues)—
5
101.25
80.800
Mercer County, O. (8 issues)— 5
2.000 104.50
<4930
638..
5tryker, O h io ------------ «
65.000
100.044
3 9 lIlM eridian, Miss. (2 Issues)------- —
25.000
S. D ., O h io ..-----5
100.711 314 —Sugar Grove
1915-1920 30.000
100.113
312.
-Methuen, M ass-------------4
39,010 101.695
Co., Ind. (5 issues)--- 4 'A " ~ai~921
10.000 101.055 233--Sullivan
al920
/ u u u t j , vOi uh vio/ . -. ..... - - - -------- 5
----------1151—Miami
0 1 __lVlliW IU vCounty,
50.000
1935
233—Sumter
S.
D.
No.
17,
So.
Caro5
100.76 314--Superior, Wis--------------------------- 4 A
3 1 2 - -Miami County. Ohio (6 issues)- 5
..................
100.072
62.500
1935
151 ..M ichigan School Twp.. Ind------4 A
77.000
nnn 100.428 154—Swampscott, Mass------------------- 4 'A 1916-1935 47.000 101.79
12,000
100.317
(11925-1955
547--M ilan. Tenn------- --------------5
40.000
314--Temple,
Texas
(2
issues)--------5
30.000 100.25 472al926
1,500 102
391-.M ilan Township, Ohio------------ 5
-Terminus Sch. Dist., Calif-------- b
13.000
7,5001 100
3 9 1 --M iller, Ind----------------- — - ----- ­
549. .T e x a s________________________JgTS
7.000 100
01924
49,937/
312 Milnes School District, Cal----5
30.000 96.17 639- -Thomasvillo, Ga--------------------- 4H
1925
2 3 1 --Minneapolis, Minn------- ----------4
2,000 100
100
683,406
...........
470 .Minnesota (79 issues)....... ...........4
154-Tiffin, Ohio (4 issues)...... 5 (11920-1935 64.000
300,000
21.000
j/101.67
547--Mississippi County, A r k ----- --- 6
City, Oro------- ------- <>
15.000 100.146 233--Tillamook
01921
18.000 101.70
470. .
Monroo County, Ind. (2issues). 41916-1920
A
233--Tippecanoe
Sch.
Twp.,
Ind-----4 'A
100
2.000
100.50
1935"" 100,000
3 1 2 --M ontfort, W is..-----------------------6
Sch. Dist., Ohio................ 4 A 1916-1925
72,900 101.59 233--Toledo
01921
55.000 100
391 .Montgomery County, Ohio------5
Kan--------------------------- 4 'A
10.000 100.443 393--Topeka,
al920
225.000 100.299
1945
391 .-M organ Twp. S. D ., Ohio......... 5
393--Tucson,
Ariz.
(6
issues)...............5
10,000
1933-1941 100.000
391—M oney School District, M o .... 5 A 1916-1935
-Turlock Irrig. Dist., Calif..........5
100.738 3154
1915-1917 30.000 101.16
8,800 100.176
1 5 2 . -Morristown School Dist., N . J- 5
((1919
9 3 - -Tuscarawas County, Ohio------- o
4,000 100
152 .Morristown Sch. Dist., N. J— 4 XA 1919-1942 168,000
1916-1934 12.000
472--Uehling,
Neb.................................
b
101.107
26,355
101.65
391 .Morrow County, O. (2 i s s u e s ) 5
<4921
314--IJnion
Sch.
Twp.,
Ind----414
2,932
101.50
18,000
231--M t. Healthy, Ohio (2 issu es)... 5
al920
155.-Union (T.) Freo S. I). 1, N . Y - 5
30,500
101.716
24.000
3 12.-M t. Kisco, N. Y. (3 issues) . . . 4 A
<4925
233--Upper
Sandusky,
Ohio-----------6,000
1935
101.779
152._Mt. Olivo Graded S.D.,No.Car. 5
40.000
<4936
4
A
155.Utica, N. Y ._ .................. 4 A _________ 193,000
10.000 101.61 393--Utica,
al921
391 -M t. Pleasants. D ., Cal---------6
N. Y. (4 issues)-----------11,300 lb"0".533 4 7 2 - - Vacaville,
01921
100.055
391__Mt.
Victory,
-— 65
1916-1945 18,000
Calif---------— - -------- o
3.000
al918
9,400 100.223
3 12.-Munich
SchoolOhio-----------District, C al--4 7 2 - - Vanderburgh County, Ind------- 414
140.000 102.803
1925
3 1 2 . -Muskingum County, Ohio.......5
14,500
4 7 2 11Vanderburgh County, Ind......... 4 A
..................... *4,.>00 100.22
5.000 100
100.157
637--Napa.
C alif-------------------•>
5.000 101.40
3 1 2 . -Napoleon School District, Ohio, b
'
M
.
J
S
Z
u
™
S
I
‘S
,
d
.
no
'.7,
n
:
y
.5
„
iS H a S
, 8 S 101.16
11,000 100.288 233—Victor, N. Y ..................- ...............4.90 W (11921
al920
11,000 100.03
231--Nashua, N. II----------------------4
237.100
8,847
637. .
Nebraska (23 issues)-------------------1916-1925 — 3,600 100.50 314 —Waldo, Ohio__________________5 A 1916-1925
5,680
152.-New Albany Sch. Twp., I n d ... 4.
Ohio----------------------------- o A 1916-1925
150,000 100.31 314.-Waldo,
2,600 100.346
470--Newark, N .J ----------------------- 4 4 A ..................
al918
315--Ward
School
Twp.,
In
d
-..........4
A
al922
60,000
391 ..N ow Bedford, M ass..............— - 4
4,500 100.222
391-.N ew Hartford (T.) Un. 1*. S. D.
rtl 921
5
27,000 104.97
1916-1921 17.000 101.535
No. 1, N . Y ..........................5
- - - - - - - - - 245.000
4A
V<1511111$LU11 DUI. «. »»!'•»
104.303 _____Y
7.500 102.413
a
1920
312--New Haven, Conn — — - ------— 4 A 01944
5
393_Washington
Sch.
Twp.,
Ind.
103.738 6 3 9 . -Washington School Twp., In
21,000 101.928
312—
New London, Conn."(¥Issues). 4>4
--------­
5 A «1923
100
«1932
100.744
23,000
231 New Mexico__________________4
al.)32
500,0(10.
4
100.451
1916-1925 10,000\
13,000
1925
152.-Newton, M ass------- ---------------- 4
4A
6,500/ „
1916-1920
12,000
1925
152.-Newton,
M
ass..
--------------—
4
5
549.
.Watonwan
7.423
100.04
9,572
391 -Newton County, Ind.(2 issues). 4 A
a 1920
5
155—Wauseon,
300,000 *100
25,000 i/100.02
470--New York City - - - - - - - - - - - - - 3 '"'l924
5
16,000 102.25
01924
150,000
al93l
231--Niagara (T.) S.D. No. 5, N. Y- 5
4
50.000
150.000 103.585
1945
3 9 1 --Nicollet County, Minn................6
West Hartford, Conn....... .......... 45 A
60,100 100.822 315-42,000 100.22
231--Niles, Ohio (7 issues).................. 5
393--West
Jefferson,
Ohio--------------100.818
19,500
10,000
al92l
4 7 0 .-Niles, Ohio (2 issues)--------------5
.315.-West Lafayette Sch. Town, Inil. 54 A
100,000 101.178 315.-West
al931
2,000 10045
a!918
231--Noblo County, Okla----------------5
Liberty
Vil.
S.
D
.,
Ohio—
100
15.000 100
16,000
470--Noblo School Twp., Ind------------ 4 % 1916-1930 34,900
104.733
1917-1925 12,000
4 70.-North Dakota (14 issu es)------ 4 1936-1955 400,000 90.25 (540—Westminster, So. Car-------------- 6
3,250 100.125
(4919
2 32.-Oakdale Irrig. District, C a l... b
5
315--Whitcoak Twp. S. 1
2,500 100
7,575
101.38
<4920
313- -Oak Harbor, Ohio (2 issues)---5
5
315--White Plains (Vil.)
10.000
*"a’l926"
1920-1940 150,000 1/100.50
-------10
, H1 100
547-IOak
Hill Sch.
Ohio............
5
100
391 ..O ak Hill.
OhioDist.,
(3 issues)
------55
. . . . . . . . .
12,481
316—Whitman
Co.
S.
D.
No.
120,
110,000 101.94
1,700 100
313--Oil
City School
P a--- 45 'AA a!931
\V ash ______________ ____ 5 A <4918-1920
1,500 100
313.-Okanogan
C o.S.DDistrict,
.N o.16.Wash.
473..Whitman" Co. S. D. No. 128, 5 A (4917-1920
22,000
3,000
100
637-.Okoboji Township, Iowa----------27,000 103.151
1935
232. . 0ktibbeha County. M is s ------- \ 'A 1926-1935 130.000
6
45.000 100.025
12,000
105.25
<4927
7
39l--O id Fort Rural S. D ., Ohio..— 5
394-.Winter
Park,
Fla..............100
6,000
12,000 V 96.325
4U 1919-1934 70,000
470--Omaha Sch. Dist., Ark---------- -- 1920-1925 10,500
W is.- - - - - - 100.571 4473--Wittenberg,
1/100.214
391--Orange City, lo w a -------------5
7 4 _Worth Co. Dr. D. No. 11, IowaL
2,400
100.416
al923
47,000
101.211
5
392_-Orvil Twp. Sen. Dist., N. J ------o
35.000 101.021
al920
5,500 100
232. . 0swego, N. Y............- - - - - - - - - 4 A <11930-1945
. 6 (4916-1935
10.000
103.06
547--Otero County S. D. No. 4, Colo. 45 A al928
155—Yellowstono Co. Sch. D. No. 37 ’ 514 <4925-1935 13,000 t/101.584
150.000
313-.Ottawa Twp. II. S. D ., Ill
100
800,000 101.269
17000
392—PadHc*Co.'
S.MlfiS
b'. No. 27,
Wash- O5 A ..................
. 4 A <4938
155
- - Youngstown.
31,140
OOO
Docce/rnnln
________----------1
/
,'MM/
232-.Pascagoula,
iss---------------—
95,700 101.139
21,500 103.422
313 -Paulding Co.,MOhio
(6 Issues)— 65
<4930
.
5
£410,000
392..Pawtucket, It. I. (3 issues)--------3,000 100
313--Pelham Manor, N . Y -..........- - - 4 A
Total bond sales for July 1915 (560 municipalities,
98.358
1916-1925 l 9?’cno 100
3 1 3 lIPeoria County,’lli........................ 4
covering 730 separate issues)--------------------------- *5 dl),Uoi»,zoo
6392.
3 7 -.Peoria,
111--.........
- ........................£
------104.029
1930
.
Perry
County.
Ohio. — ----------------------------o 17.000
d
Average
dateinoftho
maturity,
to call J" ,a.;1CJ7 0 0 q^'r tom o2,400
year and mature
later year,d Subject
k Not including $13,872,283 or c po
4 7 0 ..
Perry School Township, Ind— 4 A<4917
20.000
1921
rary
loans
reported,
and
which
do
not
belong
In the list. £ lakcn by sink
6153.
3 7 .-Petaluma,
Calif—
--------------»
101.116
17.750
.
Pickaway County, O. (4 issues)- 5
ing fund as an investment, v And other considerations.
1,250 100
313.-Pierce Co. S. D. No. 85, Wash. 5 A <*1916-1925 15.000
100
REVISED TOTALS FOR PREVIOUS MONTHS.
547__Pierce Co. S. D. No. 83, W ash. 5 (11925-1935
3.700 101
dl920
153. . Pike County, Ohio-------—- — 5
T h e fo llo w in g ite m s , in c lu d e d in o u r to ta ls f o r p re v io u s
2,000 102.75
dl920
392 .Plketon School District, O hio.. 6
40.000 100.25 m o n th s , s h o u ld bo e lim in a te d fro m th e sam e . W o g iv o tho
1935
392.-Pino Bluff, Ark------- -------------- 6
100.139 pago n u m b e r o f th e issue o f o u r p a p e r in w h ic h th o reasons
1919-1934 35,900
547-Pino Bluff, Ark------------6
17.000 100
63 7 .-Plattsburgh, N. Y . ----------------- 4
5.000
■
"ol920"’
153—Pomeroy Villago S. D ., Ohio— 6
f o r these e lim in a tio n s m a y bo fo u n d .
7.000
1935
*T___
A m o u n t.
4 7 1 ..
Pond Creek, O k la............<>
1916-1930 150.000 100.50 P5 8a g8 e- -Breckenridgo, Minn.
547. .
Pope County, Ark-----------6
(March list)------------------------------------ ^ lo’nnn
3.000
101.75
1916-1925
232. .
Port Clinton, Ohio---------■>
33,434
544-.Cando,
No.
Dak.
(Juno
list)—
—
—,
?
,
;
<
•
.......................
an’nrtn
1925
232. .
Portland, Oro----------------- 6
10.000 102.155 6 3 5 . . Elizabethtown S. D. No. 1, N. Y. (May list)...........................lun'nnn
1925
153. .
Portsmouth. Ohio---------- o
635.-Harlan
Ind.
S.
D.,
Iowa
(June
list)........................
.....................
91 non
6,160
100.30
dl920
„
232--l’osey County, Ind----------------- 4 A <11930-1945 61,500 100
N. Y. (May list)- - - - - - - ....................................
392—Powell.
Wyo--------------------------.no- 60,000 103.458 471_Philadelphia,
3 9 2 --Saticoy School District, Calif. (May list).......................
oao’nnn
153--Prairie County,
M ont..................5b A (11930-1935
233—
Tucson.
Ariz.
(7 issues) (March list).......................................... xou.uuu
150 onn
3,820
153. .
Putnam County, Ind------4 A a 1920
2 3 4 - -West Hartford, Conn. (May list)---------------------------------20.000 10245
dl921
392.-Putnam County, N . Y ------------ 4 % 1916-1935
86,000
313--Racine, Wis. (2 issues)..............- 4 'A dl920
W o h a v e also le a rn e d o f th o fo llo w in g additional sales fo r
8.700 101.144
153--Railroad Sch. Twp., Ind............4 A
100.925 p re v io u s m o n th s :
1 5 3 ..
Rankin Sch. Dist., Pa----4 A (11925-1945 110.000
75.000 100
M a tu r ity .
A m o u n t.
P rice.
637.
.
Raton,
N.
M
ex.............5
N a m e.
R a te.
18.000 101.666
4 7 1 -.Raymond Sch. Dist., So. D a k .. 5 A
543--Alachua County Special Tax
"1916-1925 £77,000
153--Reading, Pa--------------------------- 4
1926-1935
830,000
............
Sch. Dist., Fla. (March)-----5
2.000
232. . Reading, Pa------------------------------543--Alachua County Special Tax
61,000
548-Reading, Pa----------------- 4
6,000 100
1916-1927 13.000
10,000
Sch. Dist., Fla. (M ay).........6
3 l 3 -.Redkoy, Ind------- -------1916-1928
— 5 1918-1928
58,000 102.081 634..Angola. N. Y. (April)
4 A <4930
9.000
387--Arden
Sch.
D
.,
Calif.
(Fob.)--5
31,746
50.000 101.55
1925
“ " 54'A a 1923
14,000 102.142 4 6 6 . -Armstrong Sch. Dist., Iowa—-- 5
313—Richland Sch. Twp.,
39.000 100.80 634—Ashland Cons. S. D ., Miss.
<4927
5
8.000
638--Richwood Sch. Dist.,
23.000
(March)--------------------------------b
28.000 100
313-.Rockford, 111. (3 issue
Ala.». a(Mu aarch
)................. b mimi1945
5,700 100.701 634--Athens,
__Ainens, au
iu ii...---------^
ta u
<4921
4A
3.000 100
313—Rush County, In d .—
43,000 100
634—Atlanta, Tex. (February)............4 A (*192.'J.Y(i'
414
2.000 100
191<> * 30.000
4,500 100.133 466-.Babylon. N. Y ...............................4.95
5
<4920
100.27
dl932
15,000 102.353 307- -Barkcr, N. Y ....................r--r.r- 2
a 1923
in. 5
4 43 6
227 .Barnesville, Ohio(2 iss.)(April). 5 "1916-1945 15.000
125,868
3
8
7
-Belvedere,
Calif.
(M
ay)-----------5
100.689
500,000
1935
4A
dl918
30.000 101.05
2 2 7 —Blissfield Twp., Mich--------------5
¥ 3,000 100
<4919
4A
8,000 100.973
101.187 5 4 3 --Bloomfield, Neb_____________ 5 A (11935-lJ4o
1926-1935 100,000
4H
47i-.Salina S. D ., Kan-------------102.105
2
2
7
--Bloomfield,
Troy,
Royal
Oak
18,000
4'A
3 9 2 - -Sand Creek Sch. Twp., Ind.,
and
Twps.
Frac. 4 ' A 1016- 192o
4,000 100
1918
4A
9,500
S. D. Southfield
No. 1, Mich.
(M arch)..
1,000 £100
1918
4A
18,000 100,727
-Bonaparte Ind. S. D ., Iowa-------- 5
1918-1920
8,750 100.021 308<4918
5
4 6 6 - -Brantford Twp. S. D., So. Dak.
8,000 100
1920-1929
5
(April)............................................5 A 1918-1930 20,000 100
5 A 1916-1925 18,000 102.227

P a ge.




”

rnri

A itg. 21 1915.j
P a g e.

388..
3 8 8 ..

N a m e.

THE CHRONICLE

R a te.
Breton Twp., Mo. (March)______
5
a 1923
Buena Vista Co.. Iowa (I 5 1921-1924
4
1916-1935
6
1916-1925
227.-Carroll County, Ohio.
6
634..Carthage S. D .. Mo. i
4 dl 920-1935
5
5
1920-1944
4 4 7 ..Chelsea,
6
4A
1930
ft
634. .
Coldwater, Ohio (April)_________
«1938
467-_Colomo S. D ., So. Dak. (M - 56
3 0 9 ..
Colo, Iowa (M ay)____ 4 A 1920-1925
1918-1925
5
5 1916-1925
228__Coventry Twp. S. D ., (
(April)_________________
5
al919
388.-Craig, Colo. (M ay)_______
(11925-1930
6
388--Crawfordsvillo, Iowa (Feb.'
1925
309-.Crcsco, Iowa______ _ ‘
1935
228-.Deercreek Twp. R ural'sl ** 5
5
6
a 1926
4 A al918
a 1927
ft fU 925-1933
544__EddyvilIo,
5A
635.-Elba, Ala.
1945
1929-1952
6
5
310--horostvillo, N. Y. (M ay).
1916-1931
a 1920
0 4 A
4 V,
1935-1945
a 1920
5
r>A (11916-1925
5
al925
1934
5
3 8 9 ..
11.rmosa Beach, Calif. "(May)..
1916-1930
5 A T>A
389.Highviow Consol. S. D ., Iow
5 a.- 5
635--Holley, N. Y. (M ay)__________ 5 1916-1920
635--IIuntington Com. S. D. No. 1,
„„„
N. Y. (M ay)_____________ 6 6
1921-1934
636. .
1.aho (7 issuos, .Ian.)_____ 66
636..
1.aho (February)_______ 66
1925
636..
1.aho (2 issuos, M ay)_____66
1925
636__Idaho (2 Issues)_________
6
6
389..
1 0 .a Twp. Iml. S. I)., Iowa
a 1923
on^--lsr‘7cl -Jackson,
T w32- s - DTenn.
,, Ohio(2(April).
229iss.) (May)
5 2.
6 3 6 ..
Jackson Co. Cons. S. D. No.
M o ._______________________ _
311 ..Jefferson, Wise_________ III.I 44AA
1918
546. .
Jefferson County, Ark_I 55
1925-1935
390-Kansas City, Mo. (March)_____
6
1916-1935
6
469__Kaysvillo Irr. Dist., Utah____ 7 7
311..
Kenton, Ohio (2 issues)_ ft
230..
Kenwood Park S. D ., Iowa______
5
31 1 ..
Keokuk, Iowa______
3 9 0 ..
King City S. D., Mo. (May)5 — (11925-1935
4 6 9 ..
Klron Sch. Dist., Iowa (M 5ay).
230.Knox County, Ind. (2 issues)..
390..
Kossuth
54 AA
4 6 9 ..
La PortoCo.,
CityIowa
Ind. (April)_______
S. D