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financial
TV
ommenriH
VOL. 103
AUGUST 5 1916
NO. 2667.
Published every Saturday morning by WILLIAM B. DANA COMPANY,
Jacob 8 elbert Jr.. President and Treas.; George 8 . Dana and Arnold O. Dana,
Vice-Presidents; Arnold G. Dana. Sec. Addresses of all. Office of the Company.
C L E A R I N G S — FOR J U L Y , S I N C E J A N U A R Y 1 , A N D FOR W E E K E N D I N G J U L Y 2 9 .
Clearings at —
N e w Y o r k — -----------P h ila d e lp h ia ............... ..
P ittsb u rg h .......... ...........
B a lt i m o r e ____________
B u f f a l o ______________
W a sh in gton .................
A lb a n y ________________
R o c h e s t e r ____________
S c r a n t o n _____________
S y r a c u s e ........ ................
R e a d in g ______________
W ilm in g to n __________
W h e e lin g _____________
W ilk es B a r r e ________
T r e n t o n ______________
H a r r is b u r g ___________
Y o r k ................................
E r l o ..................................
L a n c a s t e r ____________
C h e s t e r ---------------------G re c n s b u r g ---------------B in g h a m ton .................
A l t o o n a ................. ..
B ea v er C o u n t y . P a . .
N o r r is t o w n ....................
F r a n k l in .........................
F re d e ric k ..................... M o n t c l a i r -----------------O r a n g e s ...................... T o t a l M i d d l e ..........
B o s t o n ________________
P r o v id e n c e ___________
H a r t f o r d -------------------N ew H a v e n ---- ----------S p r in g fi e ld ....................
P o r t la n d _____________
W o r c e s t e r ......................
F a ll R iv e r ......................
N ew B e d f o r d -----------L o w e l l________________
H o ly o k e ______________
B a n g o r.............................
W a t e r b u r y ....................
T o t a l N ew E n g la n d
C h i c a g o ...........................
C in c in n a t i............... .......
C l e v e l a n d ....................
D e t r o i t ...........................
M i lw a u k e e ....................
In d ia n a p o lis ..................
C o lu m b u s . . . ________
T o l e d o ________________
P e o r i a ................. ...........
G ra n d R a p id s ________
E v a n sv ille ____________
D a y t o n ______________
A k r o n ....................... . . .
Y o u n g s to w n ,____ _____
C a n t o n ______________
S p rin g field , 111_______
F o rt W a y n e _________
R o c k fo r d _____________
L e x in g t o n ......................
S ou th B e n d ..
S prin g field , O h io - .
B l o o m in g t o n ...............
Q u in c y .............................
M a n s f ie l d ......................
D a n v i l l e ........................
J ack son ...........................
O w e n s b o r o ....................
L i m a ........ .......................
L a n s in g ......................... D e c a t u r ...........................
J a ck son v ille, 111..........
G a r y .............................
F lin t __________ r_______
A n n A r b o r ......................
L o r a i n ________________
A d r ia n -----------------------N ew A lb a n y .......... .......
P a d u ca h .........................
T o t a l M id d le W e s tD e ta ils o f P a c ific and
T o t a l P a c ific .............
T o t a lO th e r W e s t . .
S t . L o u is .......... ..............
N ew O rlea n s.................
L o u is v i ll e ......................
H o u s t o n .........................
A t l a n t a ........ ........... - s R lc h m o n d ____________
G a l v e s t o n _______ —
M e m p h is ________ _____
F o r t W o r t h . . ________
N a sh v ille_____ _______
S a va n n a h
1____
N o r f o l k _____ _________
B irm in g h a m ________ _
L ittle R o c k ............ ..
M a c o n ..............................
J a c k s o n v ille ..................
O k la h o m a ......................
C h a tta n o o g a .................
K n o x v ille — -----------C h a r l e s t o n ....................
A u g u sta ________ “--------M o b il e .............................
A u s t in ................. ...........
T u l s a ........................ ..
C o l u m b i a ____________
B e a u m o n t ____________
W ilm in g to n , N . C ___
M u s k o g e e ......................
J a c k s o n ------ , 7T---------V ic k s b u r g -------•...........
C o lu m b u s , G a .............
E l P a s o ........7................
M e r id ia n ........................
T o t a l S ou th ern -----T o t a l a ll---- - _------- O u tsid e N ew Y o r k .
Seven M on th s.
J u ly.
S
11,438,742,875 8,695,413.568
1,030,976,020
712,616,570
281,940,873
228,449,942
192,934,234
152,359,092
68,157,534
52,793,128
38,255,215
33,828,616
21.867,424
26,484,876
26,662,436
21,859,524
12,693,733
13,387,639
15.282.835
15,147,149
10,325,300
8,236,895
12,580,892
10,227,079
9,736,232
12,263,089
7,532,815
7,946,141
8,711,630
9,368,734
7,628,414
8,625,597
3,981,819
4,448,243
4,648,838
6,069,816
5,801,318
6,705,563
4,942,254
3,303,391
3,788,986
4,557,092
3,191,700
3,824,100
2,809,894
2,442,361
2,964,948
2,534,357
2,300,349
2,116,027
1,477,097
1,172,326
1,034,605
1,475,910
1,725,689
1,964,451
3,416.932
3.051.696
1372357500,114 10,044,556,349
860,656,778
682,006,441
41,703,200
37,474,300
34,187,303
30,520,989
20,457,197
18,778 267
16,939,409
13,959,431
11,817,382
9,658,252
16,979,235
12,724,713
5,641,426
4,709,667
5,678,050
4,556,104
4,351,330
3,667,077
4,414,877
3,377,584
3,288,076
2,187,489
9.000.
000 6,192.000
1,041,171,203
829,872,314
1,625,375,273 1,318,207,588
144,659,800
118,992.900
217,857,833
144,282,851
180,424,393
135,821,732
80.322.905
66,785,074
39,988.860
46,313,536
29,981.700
43,628,100
29.052.319
41,032,214
11,690,632
15,995.360
15,522,057
18.000,000
5,007,487
7.144.714
14.135.905 • 11,184.677
18,110,000
10,468,000
12,147,907
7,205,218
11,661,880
8,307,014
6,527,906
4.912,898
.
6,371,702
5,913,607
4,830,996
3,998,421
2,822,720
2,857,210
4.100.000
3,329,954
4,821,667
3,549,532
3,870.719
2,911,301
3,655,054
2,879,383
2,813,187
2,604,274
2.886,760
2 , 110,220
3.865.000
2,871,704
1 466,825
1,405,835
3,075,487
2,406,914
4,192,522
2,908,731
2,807,608
2,003,736
1,804,900
1,057,673
2,920,212
1.432.697
5,252,117
3,057,904
1.400.000
1,034,354
653,747
466 771
299.406
293,494
599,428
977,885
5.000.
000 4.055,042
2,552,8481503 2.012,733,309
Other Western on page 469.
020,013,990
522,654,181
879,101,414
690,039,635
417,256,098
323.869,936
88,631,942
73,518,667
72.760,412
65,656,790
35.300.000
30,080,562
56,610,050
50,837,375
68,309.506
39,816,514
14,639,799
17.991,735
25.066.000
18,502,171
30.926.835
35,274,610
28,508,796
24,451,070
19,290,092
14,130,331
19,000.000
16,323,054
10,382,719
9,240,577
9.180.715
8,369,210
12,672,670
9,168,430
13,447,427
10,855,230
17.400.000
10 300,000
12,327.496
9,077,415
9,299,742
7,728,410
8,348,070
6,136.788
5.982.170
5,194,244
4,240,826
4,523,433
,0,203,949
0,537,4/6
16,411,324
7,109,382
3,721,440
3,121,937
3.348,944
2,707,522
1,782,0„0
1,473 256
4.708,583
3,203,920
2,034,959
1,335.402
894,000
808,292
1,525,036
1,342,379
11,532 563
288,567
1,593,309 ___ 0 960,400
1.039,416J163 ^ 2 5 ^ ii;* 6 3
19,368,114,947 14,929,402,551
7.929,372:072 0,233,98083
+ 31.5
+44.7
+ 23.4
+ 20.6
+ 29.1
+ 13.1
— 17.4
+ 21.9
—5.2
+ 0.8
+ 25.3
+ 23 0
+ 25 9
+55
+75
+ 13 1
+ 11.7
+ 30.6
+ 15.6
+ 46.9
+ 20.3
+ 19.8
+ 15.0
+ 17.0
+ 8.7
+ 26.0
+ 10.8
— 12.2
—0.4
+ 31.7
+ 27.1
+ 11.4
+ 12.0
+ 9.0
+ 21.3
+ 22.4
+ 33.4
+ 19.8
+ 24.6
+ 18.9
+ 30.7
+ 50.3
+ 45.3
+ 25.5
+ 23.3
+ 2 1.0
+ 51.0
+ 32.8
+ 20.3
+ 15.8
+ 45.5
+ 38.4
+ 30.8
+ 16.0
+ 27.4
+ 26.4
+ 73.0
+ 68.0
+ 40.4
+ 32.9
+ 7.7
+ 20.8
— 1.2
+ 23.2
-4-35.8
+ 32.9
+ 27.0
+ 8.0
+ 36.8
+ 34.0
+4.3
+ 27.8
+ 44.1
+ 40.1
+ 70.0
+ 103.8
+ 71.8
+ 35.4
+ 40.0
+ 2.0
—38.7
+ 23.3
+26.8
1+18.6
84,157,212,769
7,130,385,511
1,923,443,252
1,300,157,930
435,925,299
276,936,200
147,853,999
178,548,544
93,028,126
99,502,187
68.587.136
84,496,852
82,473,011
52,322,791
67,129,144
50,540,886
3 ,394,666
39,484,360
59.717.072
34,404,976
25,830,394
25,262,700
17,708,629
19,019,157
17,487,132
10,633,756
11,600,281
13,031,694
__ 23,648,394
90,482,823,678
6,136,614,564
290,272,800
238,681,814
130.949,988
125,230,352
71,955 583
109.712,254
40,593,343
40,536,961
29,490,752
28,720,013
19,442,146
_ 58,427,700
7,326,628,270
11,177,029,405
987,050,550
1,228.415,012
1,173,361,760
563,330 323
310,689.039
274.022,100
263,788,094
110,342,683
123,519.354
51,715,716
93,344,276
111,113,000
76,910.782
74,506,572
44,006,319
42,676,422
33,211,509
24.633,336
26.027.455
30,249,919
25,033,744
28,301,864
19,593,089
18,727,350
24.569.455
11,282,270
20,585.619
28,790,596
19.656.072
10,345,235
15,767,113
30,975,440
9,880,028
3,698,739
2,248,675
3,976,644
28.694.136
17,122,070,301
S
55,502.348,483
4,658,178,618
1,471,685,524
1,021.931,507
335,917,824
236.612,802
135,853,785
143,598,612
96,556,402
90,664,464
53.876.445
55,574,121
57,814,145
48,707,702
54.402.801
48,425,415
27,390,200
29,207,954
50,489,295
19,603,853
21,646,311
20,387,800
16.048.446
15,925,229
14,541,400
7,131,698
10,394,598
12,945,136
24,874,355
64,312 734,925
4,568 326,734
231 821,800
194 446,276
112 884,975
86 .284,568
57 ,993,798
78 ,958,677
36 578,197
31 ,423,484
24 149 080
22 288,254
12 |209,087
_30 ,366 00')
5,493 ,731,530
9,116 ,878.027
761 ,009,800
830 ,639,488
778 ,246,330
481 ,545,116
247 ,297,135
193 ,083,500
180 ,890,779
89 ,190,196
98 ,679,742
36 ,089,578
64 ,752,254
57 ,016,000
43 ,235,596
55 ,655,862
34 820.468
39 ,152,362
28,,734,114
24 ,043,695
20 ,881,594
23, 614.181
2 2 ,376,608
24, 102,466
16 ,566,560
15 ,623,426
17 ,387,156
10 ,929,301
14 218.510
17 ,228,337
13 ,919,259
8 ,727,749
8 ,691,/33
16 ,543,003
7 ,045,968
3 ,124,734
.1 ,823,791
4 ,323.503
_24 ,415,340
13,432 ,503,261
1916.
1915.
I n c .o r
D ec.
29.
1914.
1913.
$
S
$
%
$
%
+ 51.6 2,376,607,157 1,879,558,286 + 26.5 1,838,183,016 1,664,269,953
219,458,5,3 148,913,614 + 47.5 154,138,753 161,528,880
+53.1
63,527,362
49,003,959 + 29.0
49,799,340
53,953,348
+30.7
36,243,912
40,558.560
28,791,651 + 40.9
36,809,205
+27.3
10,886,515
10,0„7 ,i00 + 41.3
11,658,588
14,140,501
+ 29.8
7,421,804
6,691,616 + 18.2
6,468,523
7,906,571
+ 17.0
5,090,121
6,962,282
4,164,791 + 12.6
4,691,043
— 10.9
4,594,609
4,854,841
4,540,239
4,075,750 + 11.4
+ 24.3
2.794,857
+
7.2
3,994,311
2,622,033
2,812,168
—3.7
2,840,584
2,579,995
2,833,6S0 —0.4
2,822,433
+ 9.7
1,838,906
2,111,203
1,954,582
1,688,766 + 15.7
+ 27.3
1.754,169
2,010,653
2,398,429 + 7.8
2,585,521
+ 52 0
2,140,216
2,138,222
+
19.8
+ 42 7
2,441.284
2,038,167
1,363,878
1,442,377
1,690,311
1,451,400 + 16.5
+74
1,655,382
1,534,584
+ 23.4
1,847,608
1,706,837 +8.3
+ 16.8
790,307
820,325
965,612
837,256 + 15.3
+ 11.0
1,142,108
1,235,745
882,346 + 35.0
+ 35.2
1,191,578
1.788,024
1,544,296
1,281,174
1,209,414 + 6.0
+ 18.3
017,934
620,164
1,050,070
719,977 +46.0
+ 75.5
+ 19.4
780,000
369,046
653,568 + 19.4
673,403
798,200
611,200 + 30.6
+ 24.0
594,700
705,400
+ 10.7
559,231
573,410 —2.5
594,105
581,954
+ 19.4
+ 20.3
+ 49.1
+ 1 1.6
306,429
+ 0.7
360,058 + 1.8
319,484
445,463
—4.9
+ 50.0 2,754,576_,137 ; ,151,793,208
1,967,574,875
+ 34.3
173,265 445 133,970,522
137,742,003
6,219,300
+25.2
7,675 700
6.706.100
7,271 ,175
6,462,359
5,679,939
+ 22.8
4,084 449
3,098,957
3,340,465
+ 16.0
2,302,502
3,526 547
2.870.411
+ 45.1
2,050,326
2,200 ,600
1,787,021
+ 24.1
2,251,215
2.398.412
3,219 158
+ 38.3
974,406
1,335 511
+ 27.4
893,473
902,136
1,215 432
+ 29.0
889,711
416,757
875 757
+ 2 2.1
674,570
637,530
872 454
735,396
+ 28.9
422,896
+ 59.2
462,505
650 ,000
+ 60.7
163,184,767
+ 33.4 203,191,628 160.704,145
348,884,291
290.771,197
+ 22.6
+ 29.4
31,241,450
23,023,750
+ 47.9
51,953,288
25,737,885
38,742,607
+ 50.8
24,281,004
+ 17.0
15,753,550
13,903,148
+ 25.0
8,666,826
8,184,351
+ 41.9
9,874,200
6.636.100
8,199,317
+45.8
4,821,260
3.050.000
+ 23.7
3,267,526
4,157,280
+ 25.2
3,737,030
1,413,920
+ 43.3
1,111,914
3,075,236
+ 44.2
2,530,677
4.327.000
+ 94.9
1.706.000
2,988,673
+ 79.9
1,163,806
2,284,406
1.350.000
+ 33.9
1,375,274
980,149
+ 26.4
1,282,102
1,110,797
+ 9.0
1,193,142
865,887
+ 15.6
569.076
522,995
+ 2.5
+ 24.6
773,071
607.076
1,014,100
821,311
+ 28.1
+ 14.6
804,400
531,399
+ 17.4
709,517
800,000
672,059
+ 18.3
383,696
501,507
+ 19.9
502,649
750,000
+ 41.3
555,500
292,236
+ 3.2
436,026
640,190
+44.8
538,071
625,943
+ 67.1
315,208
608,4o3
+ 41.2
599,207
+ 18.5
408,528
369,110
+ 81.4
+ 87.2
+ 40.2
255,021
200,755
+ 23.8
202,100
+ 18.4
+ 23.3
" 58 ,913
” 59,450
+ 85 .6
" 19,667
— 8.0
+_17.5
+ 27.5 547,099,311 412,931,583 + 32.5 435,789,818 406,216,265
124,949,678 105,423.549 + 18.5 1J7,437,019 105,806,480
4 209 720,228 3,485.035,007 + 20.8
199,167,932 139,344,430 + 42.9 148,688.333 137,794,735
0,168 ,327,495 5,135,589,911 + 20.1
69,273,241
68,612,994
06,572,484 + 42.2
94,670,688
2,876 ,086,485 2.325,885.451 +23.7
536,933,497 + 26.8
14,111,216
15,751,017 + 18.4
17,445,271
18,651,333
680 ,850,070
402,375,588 + 36.1
11,798,274
12,131,769
15,354,884
13,246,705 + 15.9
547 ,520,908
235,390,439 + 19.5
7,173,726
7,288,705
7,442,777
281 ,180,995
6 ,000,000 +24.0
379,599,347 + 24.2
9,337,221
9,308,412 +26.5
9,859,576
471 .324,762
11,814,115
273,478,248 + 74.9
478 ,235,039
7,843,309 +86.4
7,224,645
6,307,114
14,023,365
129,809.797 — 14.4
1 1 1 ,265,391
4,769,212 —16.6
3,401,464
2,860,000
3,978,995
220 ,643,101
192,827,271 + 14.4
3,242,392 + 40.8
5,195,260
4,564,036
4,681,663
238,857,152 +2.3
244 ,378,755
7,009,612 + 17.1
6,904,287
8,208,890
6,482,322
175,368.480 + 24.2
217 ,856,814
5,069,242 + 20.0
5,591,863
6,084,455
5,391,935
133,998,358 + 10.7
148 ,350,317
3,226,949
3,645,017
2,775,720 + 31.3
3,444,3+7
116.393,100 + 16.2
135 ,274,022
3,312,525
3,661,009
3,098,590 + 14.9
3,235,412
72,411.315 + 15.1
83 .36-1.427
2,645,847
2,11 ',702
1,813,837 + 16.4
2,277,377
60,266,453 + 16.0
70 ,028,364
1,659,507
1,650,115 + 6.4
1,662,376
1,756,309
79,634,296 + 22.0
1,985,854
97 ,190,203
1,902,286 + 57.0
2,581,096
2,987,928
83,259,044 + 26.1
104 .953,490
2.450.000
2,804,849
1,943,977 + 44.3
2,007,106
102 ,963,374
72,132,981 + 42.7
3,754,166
2,207,000 + 70.1
2,068,100
1,433,982
67,638,134 + 26.5
1,981,605
2,136,205
85 .591,140
1,863,190 + 14.6
2,042,117
49,858,705 + 32.7
1,892,973
60 .140,068
1,591,973 + 18.9
1.670.000
1,527,586
56,491.312 + 20.1
1,193,048
67 ,832,726
1,530,248
1,085,827 + 41.0
1,297,367
1,246,323
46,348,391 + 3.1
47 ,763,033
1,097,659
1,403,901
1,004,010 +39.8
32 513,082 — 0.8
810,000
32 ,256.221
1 .100.000
1.215.000
900,000 — 10.0
90,546,275 + 17.6
800,000
106 ,454,081
1,508,250
1,694,520
1 ,000,000 — 20.0
40,619,006 + 144.0
952,214
99 .094,396
1,264,889
4,014,273
1,407,386 + 185.3
25,440,399 + 18.0
30 .014,792
21,154,152 +28.2
27 ,125,504
12,123,836 + 19.3
14 ,404,349
21,911,422 + 63.7
35 ,873,424
866,017
834,939
478,490
651,988 +32.8
12,188,100 + 46.1
209,242
349,561
246,337
17 ,807,911
252,386 +38.4
7,835,464 —5.0
7 ,447,812
128,012 + 22.2
156,490
173,670
206,853
11,827,456 + 9.7
12 ,980.176
79 .712,506
62,663,969 + 27.2
+
50./
12 ,167,000
325,200
8,103,808
+92.0
7,611 ,193,502 6,075.884,333 + 25.3 220,398,386
171.403,125 165,760,574
138,924 ,363,534 97,935,478.962 + 41.9 .4,049,383,072 ;
! 3,178.455,066 2,963,011,706
I
1T330.271.450 1.278.322,753
54,707 .150JS5 ‘42,433 130,479 -F29.1 ll.672.775.915
Clearings by Telegraph and Canadian Clearings on pages 469 and 170
W eek ending July
I n c .o r
D ec.
l n c . or
D ec.
THE CHRONICLE
438
[Vol. 103.
N o r h a v e t h e m e m b e r s , in
BANK AND
Q U O T A T IO N SECTION .
o p tio n
in
th e
I n p r e s e n t in g t h e A u g u s t n u m b e r o f t h e “ B a n k a n d
le a d e r s
ba ck
Q u o t a t io n ” S e c t io n t o o u r r e a d e r s t o - d a y , w e w is h t o
th o r ity
to
c a ll
p o w e r le s s
a tte n tio n
to
a r e -a r r a n g e m e n t
Q u o t a t io n ” lis ts .
of
our
“ G en era l
W e n o w b r in g to g e t h e r u n d e r th e
g e n e ra l d e s ig n a tio n
o f “ P u b lic U t ilit ie s ”
a ll t h e d if
m a tter.
c a s tin g t h e ir v o t e s , a n y
T hey
c o u ld
not
e m p ty -h a n d e d — th a t
s tr ik e , fo r
to
in
a c h ie v e
w ith t h e o ffic ia ls .
th a t
is ,
sen d
even t th ey
a n y t h in g
in
new
O b v io u s ly , th e r o a d s w o u ld h a v e
n o t h in g t o fe a r if t h e la b o r le a d e r s w e r e a u th o r iz e d
m e r e ly t o t a lk , w it h n o s tr ik e w e a p o n s t o
under a
as h e r e to fo r e .
W e
lik e w is e
a ll is s u e s w h ic h
do
n ot appear under
“ S te a m
R a ilr o a d s ” a n d “ P u b lic U t ilit ie s ,” th e o n ly e x c e p t io n
to
t h is b e in g in
title
g u a ra n tee
p a n ie s a n d
th e case o f su ch
and
sa fe
d e p o s it
s t o c k s a s m in in g ,
stock s,
te x tile m a n u fa c tu r in g
la n d
com
c o m p a n ie s , w h ic h
W e th in k th a t w ith
th e r e d u c tio n
t im e n t in f a v o r o f a s t r ik e o r a b s t e n t io n f r o m
has n ot
th e
im p o r ta n c e
up
it se e m s t o
have.
w ork
At
th e
s a m e t im e t h e p r o s p e c t o f a s t r ik e is n o t t o b e t r e a t e d
lig h tly .
I t m a y b e ta k e n fo r g r a n te d th a t th e le a d
e rs w ill n o t h e s ita t e t o r e s o r t t o th is e x p e d ie n t i f it
is n e c e s s a r y t o
a r e s till k e p t u n d e r t h e ir s e p a r a t e h e a d s .
ba ck
T h e s t r ik e v o t e t h e r e fo r e a s a n e x p r e s s io n o f s e n
c o m b in e u n d e r “ I n d u s t r ia l a n d M is c e lla n e o u s S e c u r i
tie s ”
be
c o n fe r e n ce s
th e ir d e m a n d s .
head
au
w o u ld
fe r e n t fo r m s o f s u c h s e c u r it ie s , in s te a d o f g iv in g e a c h
sep a ra te
th e ir
w it h o u t
a c h ie v e t h e ir e n d s .
In
th e c ir c u m
s t a n c e s t h e f r a n t i c a p p e a l t h a t is b e i n g m a d e t o P r e s i
in t h e n u m b e r
o f s e p a r a te d iv is io n s a n y p a r tic u la r s e c u r it y c a n
be
m o r e r e a d ily fo u n d .
d e n t W ils o n b y a n u m b e r o f m e r c a n tile b o d ie s d o e s
n o t s e e m s t r a n g e n o r is i t u n t i m e l y .
I t seem s to u s,
h o w e v e r , t h a t th e in flu e n c e o f th e s e b o d ie s c o u ld h a v e
b e e n e m p lo y e d t o b e t t e r a d v a n t a g e if a p p lie d e a r lie r
TH E F IN A N C IA L SIT U A T IO N .
■
T h e r a ilw a y w a g e c o n t r o v e r s y , w h ic h h a s b e e n
a
d is t u r b in g f a c t o r s o l o n g , is g o i n g t h r o u g h t h e u s u a l
s t a g e s a n d h a s n o w r e a c h e d t h e p o i n t w h e r e t h e r e is
a c u t e a p p r e h e n s io n o n th e p a r t o f th e p u b lic .
a n d in a d if f e r e n t w a y .
I f t h e y h a d b e g u n s ix m o n t h s
s o o n e r a n d s o u g h t t o p r e v e n t t h e r a ilr o a d s fr o m fa llin g
in w it h t h e d e lib e r a t e ly p la n n e d s c h e m e o f th e u n io n
le a d e r s
to
b r in g
a b o u t th e
very
s itu a tio n
th a t
has
n o w a c t u a lly a r is e n — i f t h e y h a d u r g e d t h a t t h e r a il
T h is
r o a d s m u s t n o t a s s e n t t o th e p la n o f t h e le a d e r s o f
m e a n s th a t th e g e n e r a l m a ss o f p e o p le a re b e c o m in g
t h e m e n a n d le t t h e is s u e b e p r e s e n t e d s im u lt a n e o u s ly
a la r m e d le s t t r a in e m p lo y e e s c a r r y o u t t h e ir t h r e a t s
a ll o v e r t h e c o u n t r y , b u t h a d in s is t e d t h a t e a c h o f t h e
t o s tr ik e a n d t h e r e b y t ie u p t h e e n tir e r a ilr o a d t r a n s
la r g e r r a ilr o a d s y s t e m s m u s t t a k e u p t h e w a g e q u e s
p o r ta tio n s y s te m
on e en d to th e
t io n as a n in d e p e n d e n t p r o p o s it io n a n d d is p o s e o f it
N o o n e n e e d s to b e to ld th a t su ch an e v e n tu
in it s o w n w a y , t h e n t h e y w o u ld h a v e b e e n a b le t o
oth er.
a lity
w o u ld
It
p r e c is e ly
is
e s p e c ia lly
be
o f th e c o u n tr y fr o m
a
m a tte r
su ch
a
fa v o r a b le
fo r
s itu a tio n ,
to
th e
not
lik e ly
to
be
s e r io u s
con cern .
h ow ever,
th a t
e m p lo y e e s ; a n d
t h a t e le m e n t o f a d v a n t a g e ,
are
m ost
th e
e a s ily
le a d e r s
w eaned
a c c o m p lis h
a n y s e c r e t o f t h e ir in t e n t io n s .
t h e ir
pur
about
T h e m e n (o r t h e ir le a d e r s ) h a v e p la y e d th e ir p a r t
have
fr o m
th e
fir s t
pursu ed
a
c o o l,
th e
have
roads
tio n
p ose to h a v e th e
sam e
p u b lic
p r o fo u n d ly
m in d k e e n ly
th e
p u b lic
a p p r e h e n s iv e .
becom es
a la r m e d
th e
th e
pu rpose
c o m in g
m en
end.
at
to
And
have
sep a ra te
and
of
th e
B roth erh ood
L o c o m o tiv e
fo r c a r r y in g t o s u cce s s th e s c h e m e s o f th e e m p lo y e e s .
B ro th e rh o o d
T h ese
r a ilr o a d s
have
to
to
to
le a d e r s ,
m ake
none
of
a ll t h e
cou rse,
w ill
c o n c e s s io n s
th e m s e lv e s .
T hey
expect
and
are
th e
c a lc u la t e
p la y in g
a
b o ld
m ake
gam e,
ought
of
a
th e
s it u a
e ffo rts
of
th e
d ire c te d
to
th e
d is tin c t
t r a in m e n ’ s
o r g a n iz a t io n s a re in v o lv e d in th e p r e s e n t m o v e m e n t ,
w ith
T h e f i e l d is a f a v o r a b l e o n e
su ch
th e
been
th e O rd e r o f R a ilw a y C o n d u c to r s ,
t o g e t t in g t h e r a ilr o a d s t o y ie ld t o th e
have
it
o ffic ia ls
h a za rd s,
a b ou t.
ought
P our
a ll
th e
n a m e ly
a v ie w
tim e
E q u a lly ,
of
t h e e a s ie r it w ill b e t o b r in g p u b l i c p r e s s u r e t o b e a r
d em a n d s o f th e m en .
sam e
T h e y a im e d t o b r in g
s itu a tio n .
p re v e n t,
fr o m
b u s in e s s
m ore
p resen t
been
to
c a lc u la t in g p o l i c y ; a n d it a d m ir a b ly s u its t h e ir p u r
The
at
m en
pose.
T hey
and
T h e d iffe r e n t t r a in m e n ’ s o r g a n iz a t io n s n e v e r m a d e
h o ld in g
to
w e ll.
s o m e th in g ,
r e n d e r e d a n in e s tim a b le p u b lic s e r v ic e .
th e
of
of
is
th ese
F ir e m e n
of
R a ilr o a d
d iffe r e n t
a ct tog eth er; n o r
o f L o c o m o tiv e
and
E n g in e m e n ,
T r a in m e n .
any
s h o u ld a ll a c t t o g e t h e r , e x c e p t t o
and
N ever
t r a in m e n ’ s u n io n s
is t h e r e
E n g in e e r s ,
th e B r o th e r h o o d
th e
b e fo re
u n d erta k en
reason w h y
th ey
le s s e n t h e a b ilit y o f
b u t a ls o a g a m e t h a t c a r r ie s w it h it a lm o s t a b s o lu t e
th e r o a d s t o r e s is t.
c e r ta in ty
e ith e r , h a s t h e a t t e m p t b e e n m a d e b y a n y o n e o f th e s e
o f su ccess.
I t is a n n o u n c e d t h a t t h e e m p l o y e e s ’ o r g a n iz a t io n s
h a v in g o b t a in e d a r e fe r e n d u m v o t e o f t h e ir m e m b e r s
fo u r u n io n s t o
and
th e o ffic ia ls
of
cover
in
a s in g le m o v e m e n t
a ll t h e
r a ilr o a d s in t h e w h o le c o u n t r y .
W ag®
o n t h e s tr ik e p r o p o s it io n , a n o th e r c o n fe r e n c e b e t w e e n
t h e r e p r e s e n ta tiv e s o f t h e m e n
N e v e r o n a n y p r e v io u s o c c a s io n ,
s id e r e d
dem ands
h ith e r to h a v e
b y t e r r it o r ia l
grou p s,
a lw a y s
th e re
been
b e in g
con
th ree
of
t h e r o a d s is t o b e h e l d t h e c o m i n g w e e k — o n A u g . 8 .
th e s e t e r it o r ia l d is tr ic ts , t h e E a s t e r n , t h e S o u t h e a s te r n
P r e v io u s
a n d th e W e ste rn .
th e
co n fe r e n ce s
r e p r e s e n ta tiv e s
have
of
th e
been
fr u itle s s ,
d iffe r e n t
g a n iz a t io n s c o m e b a c k r e in fo r c e d w it h
a c tu a lly
ca rry
th e
s tr ik e
th rea t
in to
but
tr a in m e n ’ s
now
or
a u th o r ity to
e ffe c t
in
th e
e v e n t t h a t t h e r o a d s r e fu s e t h e in c r e a s e in w a g e s a n d
th e
d u cte d
d iffe r e n t
on
T h e r e fo r e , th e p re se n t m o v e m e n t
c la s s e s
tw e lv e
m ovem en t.
tim e s
of
tr a in m e n
th e
I t is i n f a c t
s c a le
is
of
b e in g
any
con
p re v io u s
a m o v e m e n t o n th e m o st
c o lo s s a l s c a le e v e r a t t e m p t e d in t h e w o r l d ’ s h is t o r y .
I t is t h a t f a c t t h a t m a k e s i t p o s s i b l e f o r t h e s e r a i l
t h e o t h e r c o n c e s s io n s d e m a n d e d .
T h i s s t r ik e v o t e , i t s h o u l d b e s a i d , is r e a l l y a f a r c e .
I t a lw a y s r e s u lts in t h e s a m e w a y .
of
O n e v e ry su ch
w ay
e m p lo y e e s t o
th rea ten — a
th rea t
w h ic h
th ey
w ill n o t fa il t o m a k e g o o d if th e n e c e s s it y d e m a n d s —
o c c a s io n a lm o s t t h e e n t ir e m e m b e r s h ip v o t e s in f a v o r
t o t ie u p t h e e n tir e r a ilr o a d s y s t e m
o f le t t in g t h e le a d e r s g o a h e a d a n d t h r e a t e n t o s tr ik e
T h u s t h e s e la b o r u n io n s h a v e it w it h in th e ir p o w e r
if d e m a n d s a re n o t c o m p lie d
to
th a t
th e
fr o m
id e a
95
have
to
99%
n o th in g
w ith .
H e n ce , rep orts
of
th e
m e m b e r s h ip
of
th e
im p r o b a b le
en d orses
in
th em .
th e
put
th e
co u n try
c o r d in g ly
cou n try — n o t
it s e lf— in
a c r i s is h a s
m e r e ly
p e r il
now
th e r a ilr o a d s , b u t
and
been
o f th e c o u n tr y .
je o p a r d y .
reach ed ,
and
A c
it
is
THE CHRONICLE
A ug . 5 1916.]
m e r e ly
s ta tin g
s h o u ld
never
th e
tru th
have
to
been
say
th a t
a llo w e d
to
su ch
a
c r i s is
occu r.
o f th e
d iffe r e n t
u n io n s
(fo r
it
fa r as t o m a k e it p o s s ib le fo r th e u n io n s t o p r e c ip i
t a t e a s t r i k e s i m u l t a n e o u s l y o n e v e r y r a i l r o a d in t h e
T h e p u r p o s e o f t h e r a ilr o a d s in n o t o p p o s in g jo i n t
a c tio n
439
has
a ll a lo n g
c o u n t r y , t h e y in e f f e c t g a v e u p a ll c h a n c e o f h a v in g
t h e w a g e is s u e s e t t le d s a t is f a c t o r ily t o t h e m s e lv e s .
a n d is n o w p o s s i b l e f o r e a c h d i s t i n c t r o a d o r s y s t e m
a n d e a ch d is tin c t c o m p a n y to ta k e u p th e w a g e q u e s
t io n in it s o w n w a y a s w a s t h e
case
up
to
le s s t h a n
a d o z e n y e a r s a g o ) is p e r f e c t l y a p p a r e n t .
T h e s e d if
The
o u tlo o k
year,
of
fo r
th e
co tto n
crop
on
as a n n o u n ce d
by
th e
D e p a rtm e n t
of
A g r ic u ltu r e ,
th e
C rop
J u ly 25
R e p o r tin g
is
th is
B oard
p o o re r th a n
f e r e n t c la s s e s o f r a ilw a y t r a in m e n , a lr e a d y t h e b e s t -
q u ite
p a id m e n in t h e r a ilw a y s e r v ic e , a r e m a k in g s u c h e x
d e n o tin g
c e s s iv e
th e c o n d itio n o f th e c r o p o n th e d a te g iv e n t o a p o in t
and
in o r d in a te
d e m a n d s fo r
w age
in c r e a s e s
g e n e r a lly
th a t
ex p ected ,
im p o r ta n t
a n d fo r o t h e r c o n c e s s io n s t h a t t h e r o a d s t h o u g h t a
lo w e r
th an
in
v e r y e ffe c t iv e a p p e a l t o p u b lic s e n tim e n t a g a in s t th e
1909
o n ly
ex cep ted .
in ju s t ic e o f t h e d e m a n d s c o u ld b e m a d e b y tr e a tin g
r e p o r t , w h ic h
any
o ffic ia l
in v e s tig a tio n s
d e te r io r a tio n
year
in
a lm o s t
The
h a lf
e ffe c t
w a s le s s f a v o r a b l e
had
of
red u ced
a
cen tu ry ,
th is
th a n
o ffic ia l
a num ber of
t h e r a ilr o a d s o f t h e U n it e d S ta te s a s a c o m m o n s y s
r e c e n tly
t e m r a th e r t h a n a s m a d e u p o f a la r g e n u m b e r o f s e p
p r ic e s
a ra te
a n d e s p e c ia lly a s t h e p r o g n o s t ic a t io n o f y ie ld a c c o m
u n its .
It
is e s t i m a t e d
th a t to
g ra n t th e
de
is s u e d
fo r
th e
p r iv a te
s t a p le
rep orts,
in
th e
m a n d s o f t h e f o u r s e p a r a t e u n i o n s w i l l a d d n o t le s s
p a n y in g it c o v e r s a c r o p
th a n
censu s
$ 1 0 0 ,0 0 0 ,0 0 0
roads.
That
to
th e
c e r ta in ly
y e a r ly
is
m o s t a s s u r e d ly o u g h t t o
an
expen ses
a p p a llin g
h a ve a cted
of
th e
fig u r e
and
as a d ete rre n t,
th e
of
s h a ll
So
r e f
has
n eed s.
to
very
fix e d
m u ch
upon
W it h
s tim u la te
of
th e
w o r ld ,
le s s t h a n
as
con
r e q u is it e
c o n s u m p t io n
fo r
in
t h is
c o u n t r y o f e x t r e m e ly fu ll v o lu m e a n d t h e p o s s ib ilit y
of
as a m a tte r o f co u rs e .
o p in io n
w o r ld ’s
b u t t h i s is a b i g c o u n t r y a n d o u r p e o p l e a c c e p t f i g u r e s
h u g e m a g n itu d e
of
w as
m a rk e ts
th e
E u ropean
have
been
w ar
e n d in g
p la n te d ,
it
b e fo re
has
a n o th e r
crop
fig u r e d
th a t
been
o f $ 1 0 0 ,0 0 0 ,0 0 0
a n o th e r s h o r t y ie ld , s u c h a s t h a t o f 1 9 1 5 -1 6 , m ig h t
t o th e y e a r ly p a y -r o ll o f th e r o a d s h a s n o t p r o v e d as
r e s u lt in a s e r io u s d e p l e t i o n o f s u r p lu s s t o c k s o r a n
e ffe c tiv e
advan ce
eren ce to
th is p r o s p e c t iv e a d d it io n
an
argum ent
as
th e
m anagers
th ou g h t
it
in
p r ic e s
th a t
w o u ld
w o u ld a n d it m u s t b e e v id e n t n o w t o t h e r a ilr o a d s t h a t
c o n s u m p t io n , a n d t h a t
t h e p o l i c y t h a t t h e y h a v e p u r s u e d in t h i s m a t t e r h a s
fa c e d if t h e c r o p fa lls b e lo w
b e e n a m is ta k e n o n e .
e s tim a te d .
A t a ll e v e n t s , t h e
are n o w
r a ilr o a d s a n d t h e c o u n t r y a lik e
c o m p le te ly
e m p lo y e e s .
at
th e m e rc y
W e do not
w h e th e r o r n o t
c la im
o f th e se r a ilw a y
t o b e a b le t o in d ic a t e
t h e r e w ill b e a s t r ik e , b u t t h is m u c h
T en n essee
th e s e r a ilw a y
w ill g e t t h e
c u ltiv a te d
g re a te r p a rt o f w h a t th e y
need
a re d e m a n d in g .
T h e c o u r s e o f t h e r a ilr o a d s h a v in g p la c e d it w it h in
th e p o w e r o f th ese
e m p lo y e e s t o p a r a ly z e th e tr a n s
of
in
of
and
t r o p ic a l
A la b a m a
and
tr e m e ly
heavy
get
w h a t is d e m a n d e d .
It
w o u ld
b e g in n in g
storm
seat
th e
of
crop
to
be
E ast
of
th rou gh
be
fe lt
th e
in
r iv e r .
been
w e ll
fa v o r a b le , th e
at
th e
c lo s e
M is s is s ip p i
p o r tio n s
M is s is s ip p i e a r ly
dow npour
th e
has
c o n d itio n s
covered .
w ill b e
to
b e lt
m o is tu r e
w as
p e r io d
severe
u n fa v o r a b le
w estern
r a in
th e
and
th e
p o r t a t io n fa c i l i t i e s - o f t h e e n tir e c o u n t r y , t h a t p o w e r
used
to
13 m illio n b a le s a s n o w
in m o s t o f t h e t e r r it o r y w e s t o f t h e M is s is s ip p i a n d
in
W h ile
o r th e
c u r ta il
lik e ly
E x p l a n a t o r y o f it s r e p o r t t h e B o a r d s a y s in e f f e c t
w e a p o n a t th e ir c o m m a n d ,
w h o le
m a te r ia lly
d ile m m a
t h a t th e m o n t h e n d e d J u ly 2 5 w a s o n ly fa ir fo r c o t t o n
is c e r t a i n ; t h a t w i t h t h i s
e m p lo y e e s
is t h e
of
J u ly
a t m id -J u ly
and
in
a
F lo r id a ,
an
th e
ex
C aro-
b e e a s y e n o u g h fo r th e r a ilr o a d s t o c o p e w it h s tr ik e s
lin a s ,
on
r a in s d u r in g J u ly t h r o u g h o u t t h e e n t ir e e a s t e r n b e lt ,
sep a ra te
im p o s s ib le
roads
even
and
to
sep a ra te
com bat
sy stem s,
s tr ik e s
in
and
not
te r r ito r ia l
tog eth er
p u t th e
g r o u p s , b u t i t is p l a i n l y o u t o f t h e q u e s t i o n t o a t t e m p t
of
t o fig h t a s t r ik e a f fe c t in g s im u lt a n e o u s ly a ll t h e r a il
g r e a tly
r o a d s in t h e c o u n t r y .
w h ere
T h a t is t h e f o r m i d a b l e p r o s p e c t t h a t n o w c o n f r o n t s
th e
r a ilr o a d s a s a r e s u lt o f t h e
th ey
have
been
p u r s u in g .
fa tu o u s
If
th e
p o lic y
fin a l
th a t
m ent
th e
p ow ers
of
th e
F ederal
G overn m en t
w ill,
b a d ly
a lr e a d y
w ere
th e
c lo s e
a lm o s t
am ount
a c tiv ity
it
of
of
c o n tin u e d
o f th e
p r e v e n tin g
and
in t h e g r a s s , l e a c h e d
p resen t, an d
W it h
heavy
d e fic ie n t
fa c ilita te d
r a in s a t t h e
c o n fe r e n ce
b e t w e e n t h e r a i l r o a d s a n d t h e m e n r e s u l t s in d i s a g r e e
crop
th e
w ith
m u ch
p e rio d
ou t m u ch
fe r t iliz e r
th e
to
b o ll
and
w e e v il,
spread.
The
in t h e e a s t e r n b e l t
needed
th is e x p la n a t io n
con sta n t
c u ltiv a tio n .
it c a n
be
u n d erstood
why
th e r e p o r t m a k e s th e a v e r a g e c o n d it io n J u ly 2 5 fo r
th e w h o le c o t t o n b e lt o n ly 7 2 .3 % o f a n o r m a l, a d r o p
w e m a y b e su re, b o e x e rte d to p re v e n t su ch a ca ta s
o f 8 .8
t r o p h e a s t h e c o m p le t e c e s s a t io n o f a ll r a ilr o a d t r a n s
w it h 7 5 .4 a t t h e s a m e t im e la s t y e a r , 7 6 .4 t w o y e a r s
p o r ta tio n
a g o , 7 9 . 6 in 1 9 1 3
o p e r a tio n s .
c o n c lu s io n
th a t
to
And
th a t
it
is a l m o s t
end
c h ie f
b r o u g h t t o b e a r a g a in s t th e r o a d s .
b e d e t e r m in e d
to
a
fo r e g o n e
p o in ts fr o m
p r e s s u r e w ill b e
C o m p a r in g
T h e la t te r m a y
every
s ta n d fir m , b u t a t s o m e sta g e
of
th e
d e te r io r a tio n ,
n ou n ced
a lw a y s
C o n tr a s tin g
have
in
th e
past
s in c e
th e
p la n
has
been
fo r it s e lf.
fir s t
T h e reason
p la c e ,
p u b lic
th e
roads
s e n tim e n t,
is p e r f e c t l y
can n ot
w h ile
th e
o b v io u s :
a ffo r d
to
e m p lo y e e s ,
In
th e
and
in
t e n -y e a r
average
of
J u ly
w it h
June
S ta te
except
la s t y e a r
w ith
a
th e
G e o r g ia ,
th e
at d a te
e a r lie r , a n d c o m p a r in g
s itu a tio n
im p o r ta n t
t h e c o n t r o v e r s y t h e y w ill b e f o r c e d t o y ie ld a s t h e y
a b a n d o n e d o f le t tin g e a c h r o a d h a n d le w a g e m a tte r s
a m on th
sta tu s
25
O k la h o m a
fa llin g
o ff
A la b a m a
of
th e
25,
sh ow s
d e c id e d ly
and
crop
th is
it w ill b e o b s e r v e d
p ro
M is s is s ip p i.
year
w ith
t h a t in T e x a s
a n d L o u i s i a n a i m p r o v e m e n t o f 2 p o i n t s is i n d i c a t e d ,
a n ta g o n iz e
a n d in A r k a n s a s 5 p o in t s , a n d O k la h o m a
who
A lo n g
never
7 8 .5 .
th e
G u lf a n d
in
A tla n tic
d is tr ic ts ,
15 p o in t s .
h ow ever,
h a v e m o r e a t s t a k e t h a n th e ir jo b s , c a n b e w h o lly in
th e
d iffe r e n t to it .
C a r o lin a t o 17 p o in t s in A l a b a m a w i t h t h e c o n d i t i o n
In
th e se co n d
p l a c e , t h i s is a y e a r
d e te r io r a tio n
o f a P r e s id e n tia l e le c tio n a n d th e la b o r u n io n s h a v e
in
v o te s
n o r m a l.
to
g iv e
c ir c u m s t a n c e s
W hen
and
a
th e
w ord
roads
to
have
th e
none.
w is e
is
In
th e se
s u ffic ie n t.
th e r a ilr o a d s s u r r e n d e r e d t o r a ilr o a d la b o r s o
th e
above,
la s t
ranges
nam ed
S ta te
R e fle c tin g
th e
C rop
th e
fr o m
7
g iv e n
lo w
R e p o r tin g
p o in ts
as
o n ly
average
B oard
in
N o rth
54%
of
c o n d itio n
in t e r p r e t s
a
as
its
fig u r e s a s p r e s a g in g a y ie ld p e r a c r e o f o n l y 1 7 3 .4 l b s . ,
a g a in s t 1 9 1 .6 l b s . a m o n t h e a r lie r , a n d a f t e r a llo w in g
r a ilr o a d
fo r 1 %
n oted ,
crop
a b a n d o n m e n t o f p la n te d
as
1 2 ,9 1 6 ,0 0 0
year, and
w ill
s in c e
th e
a g a in s t
lo o k
p e s s im is tic .
A t
upon
any
e s tim a te s
fu tu re
of
T h ere
correct
la s t
be
c o n d itio n s
o p e r a tio n s
th e
th e
ago
th e
seven
and
9 4 ,2 4 3 ,5 1 8
too
to
th e
any
le s s
e a r ly
upon
to
im p o r ta n t
a
d e c lin e
o n ly
th e
th e
1 9 2 ,0 8 0 ,4 1 3
th is
sh ares
a g a in s t
is
m u ch
th a t
sh ares
of
in
th a t
of
tim e
1910
and
record
R a ilr o a d
m is c e lla n e o u s
d u r in g th e m o n t h th a n a y e a r a g o , b u t a v e r y m a r k e d
I t is t o
b e p resu m ed , o f co u rse , th a t fa v o r
. im p r o v e m e n t , a n d c a u s e a r a is in g o f t h e c u r r e n t lo w
e s tim a te .
On
p o s s ib ility
th e
of
oth er
fu rth e r
hand,
th ere
is a l w a y s
d e te r io r a tio n
and
th e
lo s s
of
in c r e a s e
in
fo r e ig n
le s s f r e e l y
of
and
t h e r e is t h e m a t t e r o f e a r l i n e s s o r l a t e n e s s o f k i l l i n g
a b l e w e a t h e r in A u g u s t a n d S e p t e m b e r w o u l d w o r k
a ls o
and
sam e
th e
e s ta b lis h e d .
th e
been
sh ares
th e
w hen
a year
F or
have
7 6 ,3 0 1 ,6 1 2
b e lo w
w ere
a g g re g a te d
1914.
At
be
The
f a c t o r t o b e b r u s h e d r u th le s s ly a s id e ; a n d t h e n , t o o ,
fr o s t.
bonds
to
sh ares
h ow ever,
1901,
w as
a ls o
year
r e s p e c tiv e ly .
cu rren t to ta l
is
recovered .
1 4 ,3 7 1 ,6 3 3
d e a lin g s ,
sh ares,
h a lf
p r ic e s
p art
m on th
a g a in s t
sh ares
th a n
in
in
7 ,9 2 0 ,9 2 4
m on th s
4 5 ,9 9 0 ,5 7 5
r e lie d
of
o n ly
in c lin a tio n ,
an
A
w as
sh ares,
as s o m e w h a t t o o
is
b e in g
sh ares.
w h ic h
9 ,1 8 7 ,8 6 8
year,
i t is r a t h e r t o o
can
la s t
S h o u ld
p rove
th e rep ort
ra te,
th a t
1 2 ,0 0 0 ,0 0 0
1 9 1 4 -1 5 .
e x c e p tio n
1 9 1 0 -1 1 .
how ever, to
ex te n t,
a rea , fo r e c a s ts th e
p r o g n o s tic a tio n
b e , w ith
s m a lle s t
m ake
b a le s ,
1 5 ,1 3 6 ,0 0 0 b a le s in
G o v e r n m e n t’s
crop
[Vol. 103.
THE CHRONICLE
440
s e c u r it ie s — t h e
tra d ed
A n g lo -F r e n c h
is s u e a n d D o m in io n o f C a n a d a b o n d s — a n d A m e r ic a n
F o r e ig n
5s
n e w ly
C o n s e q u e n tly ,
c la s s e s
of
lis te d
th e
bonds
h e lp e d
to
a g g re g a te
fo r
th e
s w e ll
a t 6 1 5 m illio n d o lla r s ,
B a n k c le a r in g s in t h e U n it e d S ta te s fo r J u ly 1 9 1 6
m illio n s
in
1915
th e
to ta l.
tr a n s a c tio n s
m on th
exceeded
1 9 1 5 , w h ile f o r t h e p e r io d s in c e J a n u a r y
y ie ld .
in
in
a ll
th ose
of
1 t h e s a le s
p a r v a lu e , c o n tr a s t w ith 4 5 2
and
425
m illio n s
in
1914.
At
fu r n is h a n e x h ib it o f t h e s a m e v e r y g e n e r a lly f a v o r
B o s t o n , t o o , o p e r a t i o n s in s t o c k s f o r t h e m o n t h w e r e
a b le c h a r a c t e r as o t h e r m o n t h s f o r o v e r a y e a r p a s t ,
b e lo w
e s t a b lis h in g in m o s t in d iv id u a l in s ta n c e s a n d in t h e
w ith
a g g r e g a t e o f a ll n e w
p e rio d
covered ,
h ig h
and
in
r e c o r d s fo r th e p a r tic u la r
several cases
m a rk fo r a n y m o n th o f a n y y e a r .
c le a r in g s
in
s h o w in g
p rogress,
r a ilr o a d
in c r e a s e s , t h o s e
r e c e n tly
th e
sh ow
p e r io d
of
b u s in e s s
very
o f le a d in g t r u n k
rep orted
h ig h -w a t e r
c o n s id e r a b le
c o n t r a s t is b e t w e e n
out
several
p r e c e d in g
is s u e in c lu d e s 1 6 2 c itie s in
a ll, o f w h ic h
w ith
151
r e s u lte d
fr o n t
C o lu m b u s ,
T o le d o ,
by
M e m p h is ,
Savannah
M in n e a p o lis ,
F or
M ilita r y
in
c itie s as N e w Y o r k , P h ila d e lp h ia , C le v e la n d , D e t r o it ,
M acon .
w as
very
fa v o r a b le ,
g re a te r
th e
seven
m on th s
th e
in cre a s e
over
a n d o v e r 1914 re a ch e s 1 5 .3 % .
report
th e p ercen ta g es
m a n y in s ta n c e s la r g e a n d n o t a b l y s o a t s u c h le a d in g
and
m on th s,
W in n ip e g a n d H a m ilt o n h ig h r e c o r d s fo r th e p e r io d
to ta ls
A kron ,
s h a r e s a n d 7 ,1 4 6 ,9 5 1
p r o m in e n tly
l a s t y e a r is 4 9 . 3 %
1915,
m o n th s th e
t h a n in 1 9 1 5 , w i t h t h e r e s u l t s a t M o n t r e a l , T o r o u t o ,
th e
covered .
of
6 ,8 6 2 ,5 6 2
c o m p a r in g
seven
th e 2 3 c itie s p r e s e n t in g a n a g g r e g a t e 4 9 . 3 %
• O u r s t a t e m e n t p r e s e n t e d o n t h e fir s t p a g e o f t h is
excess
sh ares
th e
T h e C a n a d ia n c le a r in g s e x h ib it f o r J u ly , lik e t h a t
fo r
in t h a t r e g a r d .
in
fo r
m ost
lin e s f o r
s ta n d in g
in
4 6 1 ,6 0 2
sh ares, an d
sh ares.
C o n c u r r e n t w ith
m a g n itu d e
e a r n in g s
a
t h o s e o f la s t y e a r ,
7 3 0 ,7 9 9
D u lu th ,
F u rth e rm o re ,
o p e r a tio n s
in
m ore
but
th e
th a t
or
w ith
in
th e
have
W e ste rn
s u cce s s fu l
B e r lin
d r iv e
w h ic h
w as
in t e n d e d
le s s ,
tin u in g a n d a re c e r t a in ly p r e v e n tin g a n y m o v e m e n t
com pares
w ith
an
1914
o n ly
$ 1 4 ,9 2 9 ,4 0 2 ,5 5 1
in c r e a s e
reach es
o f 2 9 .7 % ,
3 3 .6 % .
At
N ew
and
in
1915,
th u s
of
g a in
over
o f c h e c k in g
th e
Y ork
th e
augm en
G erm an
troop s
th e
th a t th e d e c is io n
and
1914
is
3 9 .8 % .
of a year
Y ork
a g o , h a v in g b e e n
The
to ta l
fo r
exceeds b y
th e
161
2 7 .2 %
th a t
$ 7 ,9 2 9 ,3 7 2 ,0 7 2 , a g a in s t
to
t h e r e is a n i n c r e a s e o f 5 1 . 6 %
arm y.
c itie s m a k in g a g a in
pu rpose
in
th e
th e
C iv il
W ar
w hen
G ran t
h is g r e a t c a m p a ig n o f 1 8 6 4 f o r R i c h m o n d .
h e ld
1 9 1 5 , th e o u ts id e
th e
T h e v ie w see m s
d ra w s
a p a r a lle l fr o m
a c tu a lly
tra s te d w ith
fo r
con
in t h e
not
as c o n
W e st,
ad van ce.
are
p r e s e n t w a r w ill b e
$ 6 , 2 3 3 , 9 8 8 , 9 8 3 a n d t h e r e is a g a i n o f 2 5 . 6 % o v e r 1 9 1 4 .
Y ork
o p e r a tio n s
F r a n k H . S im o n d s , in t h e “ T r i b u n e ,”
F o r th e s e v e n m o n th s o f th e c u r r e n t c a le n d a r y e a r
at N ew
th e
N ev erth e
t o b e b e c o m in g m o r e g e n e r a l a m o n g m ilit a r y c r it ic s
E a st.
w ith
fr o m
R u s s ia n
t a t i o n f o r J u l y a s c o m p a r e d w i t h l a s t y e a r is 3 1 . 5 % ,
c itie s o u t s id e o f N e w
E n g lis h
fa ile d .
d r iv e s
a s s e r tin g
T h e a g g r e g a t e o f a ll f o r t h e m o n t h a t $ 1 9 ,3 6 8 ,1 1 4 ,9 4 7
and
has
is
a s a r u le a n d , in a n y e v e n t , d u e s o le ly t o lo c a l c a u s e s .
F ren ch
fr o n t
to
th e
w h e r e t h e r e a r e lo s s e s t h e y a r e n e g lig ib le in a m o u n t
th e
Som m e
seem
to
r e c o r d in g
th e
and
E a st.
A n g lo -F r e n c h
p ie r c e
E u rop e
o f a h a lt o n
c o n tin u e d
R u s s ia n s
th e
in
le s s
to
get
up
and
ch eck ed
R ic h m o n d ,
nor
by
d id
L ee
he
began
H e w as
and
he
d e stro y
d id
L e e ’s
B u t h e d i d m a k e it n e c e s s a r y f o r t h e S o u t h
s tr a in
every
n erve
to
r e in fo r c e
L e e ’s a rm y
and
o f 2 9 . 1 % , a n d t h e a g g r e g a t e o f a ll y ie l d i n g a n a u g
l e f t it u n a b le t o r e in fo r c e t h e a r m ie s f a c in g S h e r m a n .
m e n ta tio n
The
of
4 1 .9 %
W it h
th e
gen eral
s h o w in g
s o s a t is fa c t o r y , a n y d e ta ile d c o m m e n t o n t h e fig u r e s
r e s u lt w a s
c o m p lis h e d
th a t
n o th in g
E ast
ac
o f d e cis iv e v a lu e , S h e rm a n
w h ile
G ran t
got
o f t h e i n d i v i d u a l c i t i e s is u n n e c e s s a r y a n d t h e s a m e
to th e sea a n d b ro k e th e b a ck
is t r u e
T o -d a y
o f th e
v a r io u s
are se g re g a te d .
grou ps
in t o w h ic h
th e
c itie s
S o s u ffic e it t o s a y t h a t e a c h g r o u p
e x h ib it s a n im p o r t a n t in c r e a s e o v e r a y e a r
a ll o f t h e in d iv id u a l
c itie s , e x c e p t
ago and
n in e , a re
th e
w r ite r
in
in
th e
o f th e C o n fe d e ra te s.
q u e s tio n
com pares
th e
R u s
s i a n s in t h e E a s t w i t h S h e r m a n a n d t h e F r e n c h a n d
th e B r itis h in th e W e s t w it h G r a n t .
As
in t h e
an
e v id e n c e
th a t
th e
d r iv e
in
th e
W est
has
s a m e c a t e g o r y w it h n o le s s t h a n 1 8 o f t h e m s h o w in g
n o t e n d e d , w e m a y lo o k to th e s u d d e n ch a n g e fr o m
g a in s in e x c e s s o f 5 0 %
d e fe n s iv e
and
17 o th e r s r u n n in g a b o v e
fr o n t.
la s t y e a r b y o v e r 4 0 % .
S p e c u la tiv e tra n s a c tio n s o n
th e
N ew
Y ork
S to ck
a tta ck
to
o ffe n s iv e
o p e r a tio n s
on
th e
V erdu n
T h e v ig o r a n d u n e x p e cte d n e ss o f th e F re n ch
is a d m i t t e d
m o n th ly
w as n a rrow ed
s in c e
d e a lin g s
M arch
o b s e r v a b le
of 1915,
th e
w it h
th e d e
stock s
a s w e ll a s in o t h e r in d u s t r ia l p r o p e r t ie s a n d
in
s o -c a lle d
w ar
o f F le u r y .
in
tu rn
on
The
con ced es th a t
o n W e d n e s d a y d e v e lo p e d a lo n g t h e t h r e e m ile f r o n t
p e r io d
grou n d .
w h ic h
in t h e m o n t h a y e a r a g o , in fa c t , t h e s m a lle s t o f a n y
in
g a in e d
B e r lin ,
E x c h a n g e in J u ly w e r e o f m u c h s m a lle r v o lu m e t h a n
crea se
has
by
F ra n ce
T h u rsd ay
to
new
th e
d r iv e
se cto r
w h ic h
in
fr o n t
A s e r ie s o f G e r m a n c o u n t e r a t t a c k s w e r e
m ade
a g a in s t t h e
F le u r y
d iv is io n s ,
a s w e ll
aug.
5 1916.]
THE
CHRONICLE
441
as against those positions captured on Wednesday. unpunished
When the time arrives the Govern
Fleury was reoccupied by the Germans.
ment are determined to bring to justice the criminals,
There certainly has been no let-up in the Russian whoever they may be and whatever their position.
offensive, which has been carried on in the form of In a case such as this the man who authorized the
a terriffic drive along almost the whole of the 400 system under which the crime was committed may
miles of the Eastern front, where the fate of Lemberg well be the most guilty of all.”
and Kovel is being decided. The Czar apparently
now is aiming not only for the cities, but for the
Pierre L. Bark, Russian Minister of Finance, in
capture of the greater part of the 300,000 men an interview in London, estimates Russia’s present
under Generals Bothmer and Linsingen, who are war expenditure at about £100,000,000 a month.
reported to have been outflanked and almost cut Discussing the advisability of the British keeping
off from support. The fury of the German counter Russian exchange on London at the most stable
attacks indicates their appreciation of the importance possible figure by granting Russia generous credits,
of stopping this part of the Russian drive. General M . Bark urged England to consider the keenness
Von Hindenburg, probably the most trusted of the of the American appetite for the Russian market.
German military leaders, has been put in supreme “ It is of the greatest importance,” he said, “ that
command of the entire Eastern battle front, which everything possible be done to quicken trade relations
extends nearly 1,000 miles. Until now he has .been between Russia and Great Britain at a moment
in command of a section of the Eastern front to the when the United States is keenly alive to possibilities
north which, apparently, is the only one that is not in that direction. England’s hope of increased
succumbing to the Russian blows. Advices from trade relations with Russia after the war is indorsed
Vienna state that resentment in Austria-Hungary by the Russians, but if those results are to follow
is widely expressed over the appointment of Von after the war it is of the utmost importance that there
Hindenburg. Three Budapest papers, it is claimed, should not be any deadlock supervening between now
were suppressed on Wednesday, owing to their and the time of peace, with violent fluctuations in
adverse criticisms of the appointment. According exchange afterward. At this juncture large credits
to this dispatch, the new commander already has should be granted Russia. The requirements of
ordered the recall of a number of the Austrian gen
Russian law have never prevented the establishment
erals, who will be replaced by Germans.
of important branches of the largest financial insti
The Italians are reported to have made fresh
tutions. Responsible institutions may always be
progress in the Travananzes Valley. In the Adige sure of a most cordial reception in Russia.”
Valley in the upper Posina regions and in the district
of Cortina d’Am pezzo, the Austrians are bombard
The British Premier, addressing Parliament on
ing Italian positions. Reports by way of Amster Wednesday, outlined in brief the Government’s plans
dam state that Italy has given notice to Germany for an economic contest with Germany after the war.
of the termination of the Gcrman-Italian commercial These plans, Mr. Asquith said, involved co-operation
treaty of 1891, which would have expired at the end on all sides to meet a vigorous attack from Germany,
of 1917. This leaves the way clear for a formal who, he said, would have great advantages, though
declaration of hostilities between the two countries. one of the conditions of peace would be that the
Rumania is reported to have bought 80,000 tons devastated factory districts of Belgium, France and
of coal in Austria-Hungary and Germany. A dis Poland must be restored. The plans were being
patch from Budapest states that this purchase may carried out in consultation not only with the labor
be interpreted as meaning that the Central Powers leaders but with the dominions and colonies. The
are without fear that Rumania will join the Entente Premier opened the discussions on the resolutions
Powers.
recommended by the Paris Economic Conference.
The British Government, he said, had entered the
Extreme indignation has been caused throughout conference with two objects in view. The first was
England by the execution of Captain Fryatt, who to convince the Central Powers that the Entente
was convicted by court-martial by the Germans countries, whatever their views on the economic
because on a previous voyage he had attempted to
policy, were resolved to wage war in complete unity
ram a German submarine when ordered to stop.
and determination in economic as in military
The German contention was that as his vessel was
spheres. The second was to make preparations for
not a warship he had no right to attempt to damage
the period following the declaration of peace, in
the German vessel. The British Government has
view of the known attitude and will of the Germans.
recommended the granting of an extra pension of
Mr. Asquith further said that the Germans already
£100 annually to Captain Fryatt’s widow besides
were organizing their industries for an attack on the
the sum to which she is entitled under the Govern
markets of the Entente Powers and for a vigorous, if
ment’s compensation scheme. In a speech in the
possible, attack on the neutral markets. They would
House of Commons M r. Asquith declared that the
start with obvious advantages through their action
Government had heard with deep indignation of this
in destroying the works and factories in the invaded
atrocious crime against the law of nations and usage
countries, and because of the fact that they had a
of war. “ Coming as it does contemporaneously
large maritime fleet safely interned in German and
with the lawless cruelties to the population of Lille
neutral ports it would be necessary to make prepara
and other occupied portions of France, it shows that
tions for the coming of peace, and the resolutions of
the German high commands under the stress of a
the conference represented the general lines upon
military defeat have renewed their policy of terror
which these preparations would proceed.
ism. It is impossible to conjecture to what further
atrocities they may proceed, but the Government
Press advices contain the official announcement
desire to repeat most emphatically their resolve that the British blacklist is not intended to go beyond
that when the time comes these crimes shall not go the principals named in the list and there can be
442
T H E CHRONICLE
no indirect in ju ryjto American firms. This was
explained more fully to our State Department,
by Sir Cecil Spring Rice, the British Ambassador.
The latter declared that there is no idea of black
listing a neutral firm merely because it continued
to do business with a firm that is blacklisted. But
if a neutral firm habitually and systematically
acted as cover for a blacklisted firm and so caused
direct trading between the British firm and the
blacklisted firm the cases would be different. Re
garding payments to blacklisted firms the British
action, according to the British Ambassador, is not
designed to affect payment by neutrals as the British
Government habitually grants licenses to British
firms to pay current debts to blacklisted firms,
unless it is clear beyond doubt that such payments
would be passed on to or create a credit for enemy
firms in enemy territory. The department was
informed that many licenses already have been
granted to British firms to receive from and pay
to Knauth, Nachod & Kuhne, and Zimmermann &
Forshay, and that there is no objection to the Good
year Tire Company filling outstanding contracts,
but that it would be well to obtain a statement of
the amount unfilled. On Friday of last week a
note was forwarded to the British Foreign Office
by Acting Secretary of State Polk, in protest against
the blacklist of American firms. It appears in full
on a subsequent page. A dispatch cabled from Rome
states that the Italian Government is about to pub
lish a decree forbidding all Italians, including those
living abroad, from doing business with nationals in
alliance with enemies of Italy. Agreements made in
spite of the prohibition, it is stated, will be considered
void, and the makers will be punished.
[Vol . 103.
ment of large amounts of American capital. It is
admitted that Carranza has intimated that foreigners
are no longer to have privileged positions in Mexico;
they must be subject to the same laws as Mexican
citizens. This, it is claimed, is contrary to the
treaty of 1848, which makes the Mexican Govern
ment responsible for damage to American property.
As the State Department has not yet received word
of the abrogation of this treaty the Carranza decree
will be ignored.
In London the usual dulness incidental to mid
summer prevails. The price level of security markets
is well maintained, the continued progress of the
allied armies producing a feeling of confidence that
a turn in the tide of the war has been definitely
reached. Speculation has been confined to shipping
shares and a few other specialties. Last week’s
reports of consolidations of large shipping companies
have not been confirmed. But English operators
are inclined to look for important developments in
this direction as part of the general policy of foreign
trade expansion that is to follow the war. Definite
announcement has been made that the Treasury has
agreed to an annual bonus of £50,000 for the first
ten years to the British-Italian corporation which
was formed a few months ago with a capital of £1,
000,000 for the purpose of bringing about co-opera
tion on fiscal lines between the two countries. It
is suggested by some correspondents that this is
merely the beginning of a definite plan which will
apply to other of the allied countries, especially to
Russian banking associations. The capital of the
British-Italian Corporation has been subscribed pri
vately, mainly by Lloyds Bank and the London
County & Westminster Bank.
Prince Line shares have been especially strong,
The Mexican Foreign Office announces that Luys
but
whether on amalgamation prospects or the
Cabrera, Ygnacio Bonillas and Alberto Pani have
strength
of current earnings is not known. A report
been selected as Commissioners to negotiate with
that
the
Furniss-Withy Line was offering to buy the
the United States Commissioners regarding questions
at issue between the two countries. The Mexican shares of the Prince Line on the basis of £8 a share
Ambassador-designate at Washington, Eliseo Arre has not been confirmed. There has, however, been
dondo, has been notified of the appointment. 11: issued a denial of the report that the Union Steam
acceptable to Washington the delegation will start ship Co. of New Zealand is negotiating for the
for the United States at once. Senor Bonilla acquisition of another undertaking. Many British
already is on his way to New York. Officials at railway dividends have been declared; there have
Washington have refused to discuss what matters been no advances. Some liquidation has occurred
in addition to the military situation on the border in this direction by interests who were inclined to
they desire the Commission to consider. It is known, expect larger distributions. Bankers have advanced
however, that the possibility of arranging financia the interest rate for pre-moratorium London Stock
aid for the de facto Goverment has been talked Exchange loans by 1% to 6 % . Loans and contango
over. The Commission’s power will be only that rates between members are correspondingly higher.
of recommendation. Whatever plans it may pro- It is stated that a further large amount of Dutch
pose either for settling the border situation, for the money representing the proceeds of sale of Java
withdrawal of American troops from Mexico, or sugar in the United Kingdom has been invested in
for any other purpose, must be ratified before it is British Treasury bills. There has, on the whole
however, been somewhat of a falling off in the volume
in any way binding on either government.
There have recently been reports in circulation of sales of these bills, though no new form of finan
that Carranza had issued a decree barring American cing to take their place has as yet been announced.
capital from further investments in Mexico. Our The falling off in the purchases of Treasury bills
State Department has furnished a denial that any which is contemporaneous with large Government
substantial foundation whatever exists for these payments, has been the source of an easing up in
Statements. On the contrary, it is asserted, that the London money situation. Short bills are weak,
Carranza is eager to encourage foreign confidence while call money is available at 4 % % .
in Mexican securities and is doing his utmost to
The American Consul-General at London has
restore mining and industrial enterprises controller
by Americans to their former position. Neverthe cabled our State Department in explanation of the
less, the State Department does not feel that it supertax of 10% which the British Chancellor an
as yet give official assurance that conditions nounces is to be imposed upon holdings in Great
s the border are such as to justify the invest Britain of American securities. The Consul explains
A ug . 5 1916.]
TH E CHRONICLE
that Americans residing temporarily in England are
exempt from the special tax, but that there still
remains doubt whether this exemption will extend
to trustees of estates who hold such stocks. A1
subjects of Great Britain who own American se
curities will be obliged to pay the special tax. The
Consul-General says that because of the anxiety of
American citizens in the United Kingdom the Chan
cellor of the Exchequer has explained that as con
sideration of the bill has not yet been completed
by Parliament, the clause which provides for the
taxation of American securities has not necessarily
reached its final form. No exemption, however,
is proposed for residents of foreign nationalities as
such, but an exemption is provided for persons who
are not domiciled in the United Kingdom in respect
of income derived from securities held abroad if the
securities were so held before M ay 29 1916.
A feature of moment to American financial inter
ests is that the British Government has decided to
release a number of important consignments of
American securities that have been seized in the
mails as contraband. The Foreign Office announces
that these securities will be forwarded to their
neutral destinations. The official explanation says:
In recent months his Majesty’s Government has
detained and placed in prize courts a large number
of consignments of securities of enemy origin,
amounting to several million dollars, passing in
the mails between Holland and certain houses in
the United States.
In view, however, of representations regarding
the damage caused genuine neutral interests by
seizures made in the past, the Government have
decided to waive what they believe to be their strict
rights, and to release a number of these consign
ments and forward them to their destinations.
The Allied Governments maintain their rights to
intercept such securities in the future, but they
have concluded arrangements whereby neutral busi
ness will be safeguarded from inconvenience and
neutral transactions may be made with certainty
of freedom from seizure.
A further slight decrease in commodity prices is to
be noted in the United Kingdom resulting chiefly
from a reduction in the selling prices of cereals and
meat, and also in minerals. The London “ Econo
mist’s” index number which will appear in its to-day’s
issue is 4204, which compares with 4213 at the end
of June and 3281 at the close of July a year ago.
The decline in cereals and meat was from 1024 at
the end of M ay and 989 at the end of June to 961.
Minerals reached their high point, namely 942 at
the end of May and declined to 895 in June and
881 in July. Otherwise the leading classifications of
commodities advanced during the month of July,
groceries, such as tea, sugar, &c., finishing at 525
against 520 in June, textiles at 797 against 794, and
heavy goods such as timber, lumber, leather, &c. at
1040 against 1015. The “ Economist’s” index figure
is based on the average quotations for the five-year
period 1901-05, which gave a basis of 2200. On
that basis the July figure is 191.1%, comparing with
191.5% at the end of June and 196.3% the high
record figure, which was reached at the end of Afay.
It seems, therefore, that a gradual though not im
portant reaction is under way.
On the Paris Bourse the montly settlement passed
quietly and entirely without adverse feature. Ac
443
cording to press dispatches, the position continued
one of quiet calm, which seems to reflect French sen
timent in connection with the war’s outcome. Some
profit-taking has occurred in war stocks and certain
other departments which recently had been showing
undue effervescence. Copper shares have been in
demand. Some professional dealing was reported in
Turkish unified funds, Russian military successes
giving hope of the eventual reorganization of Turkish
finances. Bank of France shares were in demand and
the Russian group of securities was likewise in favor.
It is expected that a new war loan, probably a 5%
issue, will be offered in September along lines similar
to the recent one. The Chamber of Deputies and the
Senate have been prorogued until mid-September.
This probably is the basis for the expectation re
ferred to.
The Bank of England announced this week that
temporarily it would discontinue the publication of
its daily statement of the movement of gold. No
official announcement is given as to the reason, but
is understood that the recent daily statements have
not been entirely accurate. It has not been con
sidered desirable to state the full particulars owing
to the exigencies of the war. Consequently since
accurate statements cannot be made, it has been
decided to publish none at all for the present. The
regular weekly returns of Threadneedle Street will,
according to London correspondents, continue to
register the net gold movement. But even on this
point there seems encouragement to doubt the entire
accuracy of the published figures. For instance,
during the gold movement from Ottawa to New
York and Philadelphia the weekly return of the Bank
has been singularly out of line. When the opening
of the Bank’s branch at Ottawa was announced after
the war began it was an expedient for the shipment
of gold from New York to avoid the dangers incident
to ocean transportation. The understanding was
that the gold stocks deposited there would count in
the Bank’s total holdings. But as, week after
week, enormous amounts of the metal came recently
across the border without correspondingly reducing
the supplies reported from London, there seemed
only one reasonable explanation, namely that the
British Treasury had accumulated a special fund
outside the Bank. At any rate, it seems reasonable
to conclude that the war’s requirements have forced
some temporary modification of relations between
the Bank and the Government. The Bank this
week reports another loss in its gold item, this time
of £1,491,577. Note circulation again increased
£613,000; therefore, the total reserve was decreased
£2,104,000. The proportion of reserve to liabilities
declined to 26.86%, against 28.05% a week ago and
20.40% last year. Public deposits decreased £1,
980,000; other deposits increased £276,000. Govern
ment securities continue unchanged. Loans (other
securities) registered an increase of £438,000. The
Bank’s gold holdings now stand at £54,884,434,
against £62,221,755 last year and £27,622,069 the
year preceding. Reserves aggregate £36,676,000,
compared with £47,185,725 and £9,966,649 one and
two years ago, respectively. Loans total £75,
658,000, against £155,264,727 in 1915 and £65,351,
656 in 1914. The Bank reports as of July 29 the
amount of currency notes outstanding as £115,
806,289, against £115,305,075 last week. The
amount of gold held for the redemption of such notes
444
T H E CHRONICLE
remains at £28,500,000. Our special correspondent
at London has been unable to obtain the details of
the gold movement in and out of the Bank for the
Bank week ending Wednesday night. Confirming
what has been said above, he informs us that the
Bank has stopped reporting the details of the gold
movement, merely reporting the total holdings.
BANK OF ENGLAND’S COMPARATIVE STATEMENT.
1912.
1913.
1914.
1915.
1916.
A u g . 7.
A u g . 6.
A u g . 5.
A u g . 4.
A u g . 2.
£
£
£
' £
£
Circulation_______ 36,530,000 33,486,030 36,105,420 29,956,165 29,987,790
16,816,350
9,350,113
11.499,452
147,058,621
Public deposits___ 51,010,000
Other deposits____ 85,518,000 84,221,335 56,749,610 39,822,865 40,850,814
Gov’t securities___ 42,187,000 46,874,146 11,041,152 12,756,539 13,982,472
Other securities___ 75,658,000 155,264,727 65,351,656 26,988,361 33,613,567
Reserve notes & coin 36,676,000 47,185,725 9,966,649 27,507,269 28,154,041
Coin and bullion__ 54,884,434 62,221,755 27,622,069 39,013,434 39,691,831
Proportion of reserve
48.80%
55.92%
14.60%
20.40%
• to liabilities........
26.88%
3%
4 'A %
6%
5%
Bank rate...............
6%
The Bank of France recorded an additional gain in
its holdings of gold this week of 6,679,000 francs.
This includes both the amount held in France and the
balance abroad, the cable dispatch not reporting
separately the changes for the week in those re
spective items. The silver item was reduced 483,
000 francs. Note circulation, in contrast with a de
cline the week previous, showed the enormous ex
pansion of 105,837,000 francs, while general deposits
registered an equally striking decrease, viz., 114,
444,000 francs. Bills discounted were also increased
26.454.000 francs, as were Treasury deposits, 2,071,
000 francs, although the Bank’s advances declined
2.025.000 francs. The Bank’s gold holdings ag
gregate 4,793,192,000 francs, which compares with
4,222,083,335 francs in 1915 and 4,141,350,000
francs the year preceding. Silver on hand now stands
at 339,062,000 francs, against 368,353,971 francs a
year ago and 625,325,000 francs in 1914. Note cir
culation is 16,196,730,000 francs. Last year it
totaled 12,725,383,900 francs and in 1914 6,683,175,
000 francs. General deposits amount to 2,158,323,
000 francs, comparing with 2,278,082,419 francs and
947.575.000 francs one and two years ago, respec
tively. Bills discounted total 466,738,000 francs,
against 304,637,198 francs in 1915, and advances
aggregate 1,185,395,000 francs, as compared with
588,882,409 francs last year. In 1914 bills discounted
and advances together totaled 3,202,975,000 francs.
Treasury deposits are 78,501,000 francs. At this
time last year the amount was 218,903,580 francs
and in 1914 382,575,000 francs. The figures here
given for 1914 are those for the week ending July 30,
the Bank having discontinued the publication of
weekly returns in 1914 with the outbreak of the war.
The statement of the Imperial Bank of Germany,
issued July 31, shows the following changes in marks:
Total coin and bullion decreased 779,000 marks;
gold increased 183,000 marks; Treasury notes de
creased 152,345,000 marks; notes of other banks de
creased 11,012,000 marks; bills discounted increased
450.361.000 marks; advances increased 459,000
marks; investments decreased 20,969,000 marks;
other securities decreased 30,155,000 marks; notes in
circulation increased 184,271,000 marks; deposits
increased 12,586,000 marks, and other liabilities in
creased 38,703,000 marks. The gold on hand July 31
aggregated 2,467,783,000 marks, against 2,400,690,
000 marks in 1915 and 1,253,199,000 marks the year
preceding. Note circulation totals 7,023,931,000
marks, which compares with 5,538,160,000 marks a
year ago and in 1914 2,909,422,000 marks.
[Vol . 103.
Official bank rates at the leading European centres
remain at 5% in Paris, Vienna and Copenhagen;
§/
l 2% in Italy, Sweden and Portugal; 6% in London
and Russia and 4 3/2% in Switzerland, Holland, Spain
and Norway. In London the private bank rate is
still at 5^8@ 5 % % f°r sixty and ninety-day bills.
Cables from Berlin continue to quote 4 % % as the
private bank rate at that centre. No reports have
been received by cable of open market rates at other
European centres, as far as we have been able to
discover. Money on call in London is still quoted
at 4 % % .
The local money situation has continued to indi
cate increasing ease, rates for fixed maturities closing
at fractional declines from the figures current a
week ago. While the representatives of the British
Treasury may not be responsible for the augmented
offerings of funds, there is strong encouragement for
the belief that they are in complete accord with any
legitimate movement that will produce a comfortable
money position on this side of the Atlantic, since such
a condition here makes the task of maintaining the
sterling exchanges in New York correspondingly
easier. The gold import movement has been again
checked, the only arrival definitely reported being
S50,000 received by the Guaranty Trust Co. from
China. There have been quite important ar
rivals of American securities from abroad. Large de
mands are in sight for foreign loans, &c., though thus
far no hint is given as to the date of issuing the
British loan that is expected to follow on about the
same general lines as that identified with the $100,
000,000 French loan which was recently announced.
Very little is passing in the way of bankers’ accep
tances, the reaction in the money rates having
seemingly checked the comparatively slight move
ment that had begun to develop in that direction.
Last Saturday’s bank statement of New York
Clearing House banks and trust companies, which will
be found in greater detail on a later page of this issue
of the “ Chronicle,” again made a favorable showing.
Loans were increased $3,985,000. Net demand de
posits registered an expansion of $1,220,000, although
net time deposits showed a nominal decline of $2,000.
Reserves in “ own vaults” increased $711,000, to
$428,941,000, of which $355,137,000 is specie. Last
year the amount in own vaults was $449,003,000,
including $372,815,000 in specie. Reserves in Fed
eral Reserve banks also increased $952,000, to
$166,025,000, compared with $133,737,000 a year
ago. Reserves in other depositaries were expanded
$101,000, to $52,720,000, against $38,733,000 in
1915. Note circulation decreased $42,000. Aggre
gate reserves recorded a further expansion of $1 ,
764,000, to $647,686,000, which compares with
$621,473,000 last year. Reserve requirements were
increased $603,050, while surplus reserves showed an
additional gain of $1,160,950, which brings the total
excess reserve to $109,246,310, against $180,384,050
at the corresponding date the year preceding.
Referring to specific rates for money, call loans
ranged this week between 2 and 2%%> compared
with 2 @ 2 lA % last week. Monday 23^% was the
maximum, 2% low and 2\i% the basis for renewals.
On Tuesday the high was advanced to 2 % % , with
2M % the minimum and the ruling rate 2y2% .
Wednesday and Thursday the range was 2 }4 @ 2}4 %
and 2]/2% for renewals. On Friday the high was only
which was also the ruling quotation, and 2 %
A ug. 5 1916.]
THE
CHRONICLE
the low. Time money continues easy, with a further
recession in some of the shorter maturities. Sixty-day
funds were obtainable at 2 % @ 3 % , against 3 % @
3 % % a week ago, ninety days at 3 % @ 3 % % , against
3 % @ 3 % % , and four months at 3 % @ 3 % % against
3 % @ 4 % ; five and six months remained at 3 % @ 4 % .
Last year sixty days was quoted at 2 % @ 2 % % ,
ninety days at 3% , four months at 334% , five
months at 334@ 334% and six months at 3 % % .
For mercantile paper the tendency has also been
toward increased ease, although sixty and ninety
days’ endorsed bills receivable and six months’ names
of choice character were not changed from 3 % @ 4 % ,
while names not so well known still require 4 % @
434%- Trading was not active. Banks’ and bank
ers’ acceptances, eligible for rediscount at Federal
Reserve banks, continue to be quoted at 234% for
sixty days and 2 % % for ninety days; bills non
eligible require 3 % for sixty days and 334% f ° r
ninety days.
The discount rate of the Boston Federal Reserve
Bank on trade acceptances maturing from thirty-one
to sixty days and from sixty-one to ninety days was
increased this week from 3 to 334%* In the case
of the Cleveland Federal Reserve Bank the rate on
commercial paper maturing from sixty-one to ninety
days has been increased from 4 to 434%; its rate on
trade acceptances running from thirty-one to sixty
days has been raised from 3 to 3 % % , while on accep
tances from sixty-one to ninety days the rate is in
creased from 334 to 4 % . The discount rate of the
Richmond Federal Reserve Bank on agricultural and
live stock paper (maturing from ninety-one days to
six months) has been reduced from 5 to 434%.
Com m ercial P aper —
1
11
31
61
to
to
to
to
3
____ 334 4
......... 4
4
........ 4 4
10 days m aturity_____ 3
30
60
90
"
"
"
"
"
"
A gricultural and
LUe-Stock Paper —
01 days to 6 months maturity
5
5
334 334 ___
4 4 4 4
4 434 4 4
4 434 4 4
434 5
434 6
a
©
<
=* a
3
1 28
334 3
4
4
4 34 4
434 4
6
5
Trade A cceptances —
3*
o
ft
C
8
§
434
4
4
4 it 4
434 4
434 434 4
6
f
£
ft
3
3
3H
4
Com m odity Paper —
334
334
334
334 334
334 334
334 334
3
3
3
5
434 534
4
4
4
334 3
3H 3
334 334
334 4
3 34 4
334 4
3
3
3
334
4
434
5
Authorized rate for discount of bankers’ acceptances, 2 to 4%.
A rate of 33« to 4% on purchases of trade acceptances by the New Orleans branch
of tho Atlanta federal Reserve Bank In the open market, without the endorsement
of any bank, was approved Dec. 16 1915. A rate of 4% for 10 days and 434% for
from 10 to 90 days on commercial paper for the New Orleans branch bank of the
federal Reserve Bank at Atlanta was approved by tho Federal Reserve Board Apr. 7.
In the case of the St. I<ouls Federal Reserve Bank, a rate of 2 to 4% for bills
with or without member-bank endorsement has been authorized.
Open market rates for purchases of bills of exchange: Atlanta, 3<4 to 5>$7
Dallas, 3% to 5%.
Sterling exchange still is arbitrarily maintained
at virtually unchanged quotations— that is to say,
at a very slight shade below 4 76 for demand bills.
There has been no additional importation of gold,
(except a small lot of $50,000 from China), though
a number of large blocks of securities are reported
to have arrived, including one of $43,000,000
by the French Line steamship Rochambeau on Sun
day last from Paris. These securities, it is under
stood, are part of the collateral sent to this side for
the French loan of $100,000,000 recently negotiated
with New York bankers and by them offered to
investors. A total of $500,000 in gold was withdrawn
from the Sub-Treasury on Thursday for shipment
to Spain. As to the date of the corresponding
English loan, which is believed to be on the point
of completion, there is no information available.
Meanwhile exports of merchandise are keeping up
their highly favorable record. It has in fact been
stated on seemingly excellent authority that there
have been large additional orders placed with Ameri
can manufacturers of munitions by the Entente
Governments, extending for delivery as far ahead
as April 1917. This suggests, of course, that there
is to be a continuance of the heavy export movement
which already is at unexampled figures. Such a
renewal of orders, while it may not mean that the
war is not to be concluded before the winter sets in,
nevertheless indicates that the Allies do not intend
to run any risks of being caught withoutjadequate
supplies. The expenditure of ammunition in the
current drive has been monumentally large and is
not unlikely to continue at an even increased rate.
Furthermore, while Great Britain and France are
probably well equipped to produce the necessary
materials, the same cannot be said in respect to
Russia or to Belgium or Serbia. As London is still
the clearing house for the European countries, this
renewal of orders for munitions is apt to become a
growing factor in the sterling exchange situation,
which, as we have noted, has become an arbitrary
market in which there are limited dealings. It re
cently has become difficult to conduct a general
business in the sterling exchange market on account
of the conditions imposed by the British Ministry
of Blockade which on June 27 issued a circular re
questing banks in England to advise their customers
in all foreign countries that they (the banks) will be
unable to execute instructions to pay cable or mail
transfers after July 15 unless the following particulars
accompany the orders for payment:
1. Name of tho payee.
2. If payment Is to be made to an agent or bank, the party to whose
account such payment is to be credited by tho agent or bank is also required,
3. Name o f the sender, i. o., tho name of the party for whom the forward
ing bank makes the cable or mail transfer.
4. If a payment is to be made for the account of the sender, the word
“ nostro” must be added.
434
*
1 to 10 days m aturity_____ 3
334 334 3 334 334
3
60
"
••
......... 334 334 334 334 334 334
3 334
90
“
“
334 334 334 4 334 334 . . . 334 334
31 to
61 to
1 to 30 days m aturity_____ 334
31 to 60
“
"
......... 334
61 to 90
"
'•
334
01 days to 6 months maturity
Kansas City.
*5
Atlanta.
s'
*5
ft.
Richmond.
Boston.
CLASS
OF
R E D IS C O U N T S .
N ew York.
FEDERAL RESERVE BANK DISCOUNT RATES.
445
These restrictions are, it would seem, in pursuance
of the policy of preventing business with enemy con
cerns. It is understood that while there has as yet
been no formal notice issued by the French authorities
bankers here are doing business with the implied
obligation that they are not to enter into any trans
actions which will inure to the benefit of the Teu
tonic Allies.
Compared with last Friday sterling exchange' on
Saturday was quiet and inactive at practically un
changed rates; demand was quoted at 4 75% , cable
transfers at 4 7634 and sixty days 4 71% . On
Monday the volume of transactions was small and
fluctuations narrow; the tone was steady, at 4 75 13-16
@ 4 75% for demand, 4 7634 for cable transfers and
4 71% for sixty days. The arrival on Tuesday of
a large quantity of securities on the French steamship
Rochambeau to be used as a credit basis for the
purchase of war supplies for the French Government,
was without influence upon the sterling market,
which, though steady, was dull and uninteresting;
demand bills remained at 4 75 13-16@4 75% , cable
transfers at 4 7634 and sixty days at 4 71% . Wednes
day a more liberal supply of commercial bills, par
ticularly grain, induced a slightly easier feeling and
demand did not go above 4 75 13-16; cable transfers
ranged between 4 76 7-16 and 4 76% , while sixty
days continued to be quoted at 4 71% . Further
446
weakness was recorded on Thursday, principally
as a result of heavy buying of wheat for London
account and demand declined to 4 7 5 % @ 4 75 13-16
and cable transfers to 4 76 7-16; sixty days was not
changed from 4 71% • On Friday the market ruled
extremely dull with demand at 4 7 5 % @ 4 75 13-16,
cable transfers at 4 76 7-16 and sixty days at
4 71 9-16@4 71%. Closing quotations were 4 71%
for sixty days, 4 7 5 % @ 4 75 13-16 for demand and
4 76 7-16 for cable transfers. Commercial sight
finished at 4 75%, sixty days at 4 70% and ninety
days at 4 68%; documents for payment closed at
4 71 and seven-day grain bills at 4 74% . Cotton
and grain for payment finished aC4 75 9-16@4 7 5 % .
The Continental exchanges have been relatively
quiet this week, the most noteworthy feature being
the sharp fluctuations in lire. Following a decline
at the opening to as low as 6 49% fembankers’ sight,
coincident with a rise in sterling in Italy, the rate
advanced on Wednesday to 6 42. Before the close,
however, a more or less natural reaction took place,
and closing prices were again weak.
The early
upward movement was attributed mainly to
the arrangement of further large Italian credits in
London. Reichsmarks have ruled firm, at fraction
ally higher quotations, having received support from
international banking concerns with German affilia
tions. Francs remain steady, at previous levels;
while rubles have shown a slightly firmer tendency,
without, however, any appreciable degree of activity
being shown. Demand bills on Berlin finished at
7113-16 and cables at 71 % , compared with 71% and
71% a week ago. Kronen have continued weak
and were not changed from 12.35, the previous close.
The sterling check rate on Paris was without change
from 28.15. In New York sight bills on the French
centre finished at 5 91% and cables at 5 90%, against
•5 90% and 5 90% last Friday. Lire closed at 6 47
for bankers’ sight and 6 46% for cables. A week ago
the close was 6 46% and 6 46 % , respectively.
Rubles finished at 30.40, which compares with 30.32
at the close on Friday last.
In the neutral exchanges dulness continues. Fluc
tuations have been narrow with prices little more
than nominal, and the volume of business small. A
firm tone developed in Scandinavian exchange in
the initial transactions, but later weakness set in
and declines were recorded. Guilders were again
easy. Bankers’ sight on Amsterdam finished at
41% against 417-16; cables at 417-16 against
41%; commercial sight at 41 3-16, against 41% ,
and commercial sixty days at 41% , against 41%
last week. Swiss exchange closed at 5 29% for
bankers’ sight and 5 28% for cables, compared with
5 28% and 5 28% a week ago. Greek exchange
was not changed from 5 17% for sight bills. Copen
hagen checks finished at 28.50, against 28.60.
Checks on Norway closed at 28.65, against 28.75,
and checks on Sweden finished at 28.70, against
28.80 last Friday. Spanish pesetas closed at 20.12,
which compares with 20.16 the week preceding.
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained 83,720,000 net in cash as a result of the cur
rency movements for the week ending Aug. 4. Their
receipts from the interior have aggregated 89,367,000,
while the shipments have reached 85,647,000. Add
ing the Sub-Treasury operations and Federal Reserve
[Vol. 103.
THE CHRONICLE
operations, which together occasioned a gain of
86,832,000, the combined result of the flow of money
into and out of the New York banks for the week
appears to have been a gain of 810,550,000, as follows:
W eek ending A u g .
4.
N et Change In
Bank H oldings.
Out o f
B anks.
In to
Banks.
Banks’ Interior movement----------Sub-Treasury and F. R. operations..
89,307,000
24,131,000
85,647,000 Gain 83,720,000
17,299,000 Gain 6,832,000
Total ........................................-
833,498,000
S22.946.000 Gain 810,552,000
The following table indicates the amount of bullion
in the principal European banks:
Au gust
5 1916.
Banks o f
Gold.
Silver.
A u gust
Total.
Gold.
|
3 1915.
Silver.
Total.
£
£
£
£
£
£
62,221,755
54,884,434 02,221,755
England. . 54,884,434
Francea.. 180,885,680 13,562,440 194,448,120 168,883,320 14,734,160 183,617,480
Germany. 123.370.000 1,600,000 124.970.000 120,034,050 2,225,900 122,259,950
Russia * .. 154.102.000 7.526.000 161.628.000 157,899,000 5.403.000 163,302,000
Aus-Hun.c 51.578.000 12.140.000 63.718.000 51.578.000 12.140.000 03.718.000
Spain___ 42.980.000 30.493.000 73.473.000 27.925.000 29.776.000 57.701.000
Italy____ 39.664.000 3.885.000 43.549.000 45.684.000 4.787.000 50.471.000
191,400 31,312,400
872.000 49.303.000 31.121.000
Netherl’ds 48.431.000
600,000 15.980.000
Nat.Bel.h 15.380.000
600.000 15.980.000 15.380.000
9,601,900
10,974,400 9,601,900
Swltz-land 10,974,400
6.298.000
9.221.000 0,298,000
Sweden . . 9.221.000
316,000 6.260.000
Denmark. 8.421.000
224,000 8.645.000 5.950.000
3,598,000
6.579.000 3.598.000
Norway.. 6.579.000
Tot. week 746,470,514 70,902,440 817,372.954 706,174.025 70,173,460 776,347,485
Prev. week 747,248,531 70,860,500 818,109,031 700,423,260 70,231,160 770,654,420
a Gold holdings of the Bank of Franco this year aro excluslvo of £10,842,000
held abroad.
* Tne gold holdings of the Bank of Russia for both years In the abovo statement
have been revised by eliminating the so-called gold balance held abroad.
cJuly 30 1914 In both years, h Aug. 6 1914 In both years.
T H E E D U C A T I O N A L A W A K E N I N G OF A M E R I
CAN
B U S IN E S S M E N .
It is one thing to make the goods, it is quite
another thing to create a demand for them. It is
sixteen years since the trustees of Dartmouth College
opened the Amos Tuck School of Administration
and Finance, and some dozen years since, in con
nection with the further gift from Mr. Tuck and the
erection of the handsome building to house the
school, that we called attention to its special signif
icance as aiming to furnish advanced commercial
education for the sons of business men.
Meanwhile, a wave of demand for vocationa
education for children and young people has swept
over the country. Commercial high schools have
become numerous; and some universities and col
leges have opened in a tentative way various business
courses. In the recently organized Association of
Collegiate Schools of Business, in which fifteen
universities unite, only two, the Tuck School of
Dartmouth and the School of Business Administra
tion of Harvard, have definitely organized post
graduate courses leading to a special advanced
degree in commerce or business administration,
corresponding to the Master’s degree in Arts.
The
remaining thirteen universities provide only special
courses for undergraduates, which count for the
B. A., or B. S. degree.
It is true that New York University announces
that it will open an advanced course this fall, and
that Columbia announces for the new year a School
of Business, which, in connection with a two years’
series of courses offered at the close of the sophomore
college year, will secure a bachelor’s degree, with the
possibility of an added post-graduate year leading
to a Master’s degree; and Cornell has advanced so
far as to secure through a committee of its faculty
a very elaborate report upon the need of higher
commercial education. Last year Yale, which had
previously extended the various engineering lines
of the regular three year course of her Sheffield
Scientific School by adding to them a required fourth
year, decided to do the same for her remaining three
A ug. 5 1916.]
THE CHRONICLE
year lines by adding to them a required year of
commercial work for the B. S. degree.
Beyond this little or nothing seems to have yet
been done in the country in the way of higher edu
cation for business. In view of all that has been
written of the special training offered the sons of
business men in other countries, the explanation
of the situation here must lie with our business men.
They are still saying “ we had no special business
education and we have been successful without it;”
or they must still cherish the old doctrine that
“ the only way is to begin at the bottom;” and this
even for college men.
Whatever the explanation, the fact is that in the
new conditions of business opening to-day, there is
such demand for men of special training, and the
supply is so small, that the few available men are
promptly laid hold of, and the larger business
corporations have begun to organize special training
schools of their own. The Tuck School has two of
her graduates in American banks in Manila, one in
Colombia and one in London; and in different
businesses, one as general manager in Guatemala,
one in Panama, two in Bio Janeiro, one in Buenos
Aires, one, after service in Buenos Aires, now in a
foreign department here, and one assistant secretary
in the American Embassy in Constantinople.
Meanwhile, the Tuck School and Harvard are get
ting picked college graduates in increasing numbers.
The Harvard Graduate School of Business Adminis
tration, though of very recent organization, reports
190 students in its last catalogue, and the Tuck
School, in all, 80.
The most notable facts in the situation to-day,
beyond the organization of the “ Association of
Collegiate Schools of Business,” to guide the new
movement, and the advanced steps which Columbia
and Cornell are preparing to take, to which we have
above referred, are the department for the Training
of Commercial Executives recently organized by the
Tuck School, and the school for training selected
college men for its own service established by the
National City Bank of New York.
At the suggestion of some of its graduates who
had discovered the special need, and in conference
with various business men, who were convinced
that the school could do the work, a course was
organized by the Tuck School three years ago which
would in a careful and detailed manner apply the
principles of business specifically to commercial
organization. The co-operation of outside establish
ments was secured and “ clinical” instruction was
established. Organization as related to success
was made the special study. Prospering concerns
were investigated, and the reasons for failure, where
it appeared, were sought, and improved methods
introduced; and all this as applied to every form of
organized human activity. Careful theses are
required of the students, giving approved results
of their investigations, and, as far as possible, pro
posed solutions of industrial and commercial prob
lems. Most satisfactory results have already been
attained. The graduates are in immediate demand
and the business men of the neighboring towns
where, under the influence of the school, Chambers
of Commerce have been organized in which the
students act as executive officers, have been won
to enthusiastic co-operation. This practical work
is all done in connection with hard study of the
basic principles of business, in order to secure
447
the interest that attached to their immediate appli
cation. The student graduates with some exact
knowledge of commercial organization and such a
grasp upon fundamentals as will prepare him to
grapple intelligently with any task that may open
to him.
The National City Bank, to carry o ut its earlier
plan to train its own employees for work in the larger
field in foreign countries in which it is entering,
has just now devised a very important and most
promising scheme. It offers a series of fellowships
to such students as may be selected as best qualified
from nominations made by various universities.
The bank will pay their traveling expenses up to
§150, and in addition §50 a month for one year.
One year of connection with the bank may be made
up, if they are undergraduates, of two summer
vacations, and one semester of their senior year.
They will take special study in the school conducted
in the bank in connection with their actual work,
for which their university agrees to give credits
toward their A. B. degree. Graduate student
shall spend one, or preferably two, summer vaca
tions with the bank during their graduate course
and shall complete the remainder of the required
year immediately on graduation. The bank, in
turn, agrees to take these students into permanent
service according to the ability they manifest.
The directors of this bank, at least, may be re
garded as thoroughly awake to the need of the hour.
When one reads the statement of Mr. Tuck’s pur
pose in founding the school which bears his name,
one wonders that any successful business man having
a son whom he hopes will be his successor, would
need to be argued with. His desire was that in
connection with technical training these principles
should not be lost sight of. “ Absolute devotion to
the career which one selects, and to the interests
of one’s superior officers, or employers; the desire
and determination to do more rather than less than
one’s required duties; perfect accuracy and prompt
ness in all undertakings, and absence from one’s
vocabulary of the word ‘forget;’ never to vary a
hair’s breadth from the truth or from the path of
strictest honesty and honor, with perfect confidence
in the wisdom of doing right as the surest means
of achieving success.”
The report of the special committee of the Uni
versity Faculty of Cornell sums up the situation
in these words: “Higher commercial education can
fit the young man entering business to get the most
out of his experience. It can give him a general
technique which will be useful in all business call
ings and it can, in some degree, equip him with the
special technique of particular callings; and it can
do these things more efficiently than they can be
done in the long drudgery of years in subordinate
positions in business establishments.”
MR.
H U G H E S ’S
ADDRESS
OF
ACCEPTANCE.
Mr. Hughes’s address of acceptance on Monday
evening was decidedly lengthy, but evidently pre
pared with great care, and the telling force of its
principal points cannot be denied. It will be said
that Mr. Hughes performs an easy task in condemn
ing; that he is destructive without attempting to
be constructive; that there is no reason to suppose
he would have made fewer and less serious mistakes
thgn have been made, in this time of unparalleled
448
THE CHRONICLE
trial; and that he does not even state what course
he thinks now he would have taken if the emergencies
had been presented to him for action, devoid of any
light which time has thrown upon them since.
There is something in this complaint of criticisms
which are not now made for the first time, yet this
retort is in the nature of a plea of confession and
avoidance. It must be said, in justice to Mr.
Wilson, that his first words concerning safety of
travel on the sea were quite brave enough and that
when he wrote them such an outrage as the Lusi
tania sinking had not seemed conceivable; yet Mr.
Wilson's worst and most abundant and most per
sistent bungling has been on the North American
continent.
Mr. Hughes’s arraignment of his “ watchful
waiting,” combined with vacillating intervention,
in the Mexican embroglio which he has beyond all
reasonable doubt prolonged and made worse, is
severe, but it is on the whole strictly just, for the
statement of the facts chronologically is correct.
It is undeniable that “ the dealings of the Adminis
tration with Mexico constitute a confused chapter
of blunders” and has not helped Mexico; it is un
happily true that “ we have made enemies, not
friends;” the unfortunate country is worse off now
and the whole problem of dealing with what cannot
be permanently avoided is more difficult than in 1913.
It is not pertinent to ask Mr. Hughes what he would
have done, for he has answered that sufficiently
by inference from what he evidently would not
have done.
It is in vain to hold up for praise “the great con
structive policies that have been put on the statute
book in Mr. Wilson’s administration;” that Adminis
tration has been one of incessant meddling and
bungling. Herein is a substantial reason for dis
missing him to private life; yet Mr. Hughes, in the
desire to make the most of the occasion for campaign
ends, passes this by. All he says of Americanism,
preparedness and efficiency is well said, and it is
not successfully rebutted by declaring it only just
what everybody thinks and might say or by calling
it “almost a katydid position.” Mr. Wilson will
certainly pile up rhetoric, when his turn comes to
“ accept,” on behalf of Americanism and America
first and the rest of it; but against his talk stands
the record of the marvelous faculty and bent of his
Administration in doing things wrongly. The coun
try should be prepared— he will not allow himself
to be outdone in declaring so; but observe the course
of Congress, obstinately set even if dictated by him
self, concerning armor plate, nitrate plants and other
lines of preparation which are to be given over to the
domination of organized labor, more than ever before
bent on combining higher wages with decreasing
output everywhere. Put this with the rural credits
law, the good roads law, the “ pork” bills which have
not been effectively prevented, and it is clear that
if we have hope of any improvement in efficiency
in public affairs we must look beyond the present
regime therefor.
Some portions of Mr. Hughes’s address developed
aptness for taking political phrase-making. For
example, in defining Americanism, he said he meant
“ America conscious of power, awake to obligation,
erect in self-respect, prepared for every emergency.
* * * I mean America first and America effi
cient.” This is in the manner of campaign talk; yet
the speaker’s best claim is perhaps the probability
[Vol. 103.
that he will check the present meddling, extravagant,
inefficient, and misdirected handling of government.
We need a halt and a better turn; is he the man to
give that?
That he is radical, not very immovably devoted to
clear lines as to individual rights, somewhat over-bold
as to treatment of private property, and almost
ready to justify questionable means for the sake of
theoretically good ends, he showed while living in
Albany; his Public Service Law, still only dimly com
prehended by the general public in the extravagant
scope of the powers granted by it,stands as evidence
of this. Yet still our elections are not selections,
but only an acceptance of one evil in the hope of
escaping the worse. We have to act accordingly.
The mind of Mr. Hughes is less hazardous than Mr.
Wilson’s, judging (as we are compelled to judge)
by the public course of the two; it is scarcely con
ceivable that he can fail to be saner, more capable
of taking a practical view, a better judge of men and
means— on the whole safer, and probably somewhat
less obstinately set in his own conceit and opinion,
than Mr. Wilson.
It is in his favor that he has not sought the office
but has been sought by it. Any inner conjectures
and imaginings during the first six months before
the assembling in Chicago are his own affair and not
to be put into question; whatever they may conceiv
ably have been, he kept them to himself, he did all a
man could do to fend off the nomination, he attended
strictly to his proper business until it came to
him, and*theu he instantly resigned from the bench.
His course in this is without blemish, and it is a
boon, at least and in any event, to have at last one
candidate who reluctantly although heartily accepts
but did not seek. So much is his due, albeit he has
made one regrettable stoop, this week, concerning
the suffrage demand.
As for the safety and dignity of the highest trib
unal, over which the same persons affect to be
troubled who are proposing to take a candidate for
Governor from the highest court in this State, we
need not concern ourselves overmuch at this juncture.
The Supreme Court is much more endangered by such
nominations to it as Mr. Wilson has made and by the
partisanship which dictated them and confirmed
them, than by a rare transfer of a member from
judicial to executive duties.
LOCAL
TR ACTIO N
LABOR
TROUBLES.
The now settled struggle between the workers
and the employers in the garment trades is dwarfed,
this week, by the far larger grapple between or
ganized labor and the traction lines of the metropo
lis. This trouble came in from Yonkers, where
traction troubles have occurred before, and began
by tying up the Third Avenue surface line, an inci
dental illustration being supplied by the attack
of the I. W. W. on the building of an Italian journal
that had made itself obnoxious by printing certain
advertisements; thence the attempted procedure
agreed with that frankly announced by one organizer
when the outbreaks in munition factories were
at their height. This man said they intended
“ to just hop along” from one plant to another,
organizing them and putting the grip on them un
til the chain was complete.
The organizer of the carmen is clever enough to
seek an innocent appearance for his position. “ We
THE
A ug. 5 1916.]
THE CHRONICLE
449
insist” (ha says) “ upon our right to organize without ballot a group of their fellow-employees empowered
interference from the company, and the right to to discuss matters of common interest and to con
have grievances and working conditions taken up sider effective methods of maintaining uninter
with the officers of the company through commit rupted the transportation service expected by the
tees selected by the men.” This right, he says, people of New York;” the representatives thus
“we will not arbitrate, but the question of wages chosen will also be invited “ to join with us in per
and working conditions we would arbitrate at any fecting a permanent plan for securing more effective
time.”
understanding and cooperation between manage
It is always well to eliminate extraneous and un ment and men.” The form of this statement de
disputed matters and go forthwith to the points serves noting: a “secret ballot,” in order to ensure
of contention. The right to organize is not resis a real representation, is to choose from their “fel
ted or denied; in the long course of labor troubles, low employees,” not from some outsiders who have
extending over many years and in a great number hopped along to this city in course of enmeshing
of industries not particularly inter-related, there all industries in one grand tanglement of irresponsible
has not been one instance of attempted denial, control; this plan also seeks to produce a method
by employers, of the natural right of employees of “ maintaining uninterrupted” the transporta
to organize. The thing which has been and must tion service here.
be resisted, until labor has learned its limitations
Let us keep distinctly in mind that outside in
under the law or has been permitted to set its foot terference and a control which would enable a
upon capital and upon all law, is the deliberate disturbance here to be precipitated, at any time,
and persistent effort to organize capital and em in furtherance of forcing a settlement of some dis
ployers into virtually one union, to control both pute elsewhere, is the thing resisted. If there is
sides of the labor contract and the labor practice, a traction quarrel in Chicago, or in Philadelphia,
to set up the closed shop. It should be distinctly or in Cohoes or Yonkers, that is no reason why
seen and kept in mind now that the same question local travel here should be interrupted or menaced.
of closed shop or open shop underlies the struggle No questions have hitherto arisen here, says Mr.
in the garment trades and this present traction Shonts, and surely none are to be expected here
struggle; it is the old question of control. While after, “ which could not be satisfactorily settled
arbitration seemed to the union leaders an avail without necessity for outside interference.” Such
able weapon for gaining the step for which they interference makes trouble, and maintains itself
were straining they were, of course,for arbitration, in power only by making trouble.
and they filled the air with cries and appeals for
No local occurrence could cause more incon
it as the obviously fair settlement of all disputes; venience and would be more vehemently denounced
now they are very much against arbitration (unless, than a stoppage of the traction lines; but if that
indeed, they can arrange and manage it through came a cry would be directed against the companies
out) because it does not seem to them serviceable for permitting the men to strike; cars would be
at present.
demanded, and all else would be deemed a matter
The avowed intention is to organize all traction for the companies to deal with as they could. This
lines, here and elsewhere, and bring them under has been the way hitherto, but it is neither a rational
a single outside control. This, and only this, is
nor a helpful way. Transportation, everywhere
the type of “ organizing” that is being resisted by
and of everything, is the public’s servant and there
the employer, because it is merely another word for fore the public’s concern. The traction companies
surrender. This city is large enough to claim the do well in referring the whole subject to the public,
right to manage its own local transit, and the men as the final although reluctant tribunal, for settle
in charge of that cannot consent, either as a matter ment can never be reached until the public take
of business policy or of public duty, to be brought the leading part in it.
under any countrywide “Amalgamated Associa
tion of Street and Electric Railway Employees of R O G E R IF. B A B S O N S A Y S T H E S L O G A N “ A M E R I C A
America,” or of any outside organization, under
F IR S T ” IS U N S C IE N T IF IC .
any title and hailing from Detroit, Chicago, or
Roger W , Babson of Wellesley Hills, M a ss., addressed
elsewhere. Local travel here is this city’s exclusive tho Seiologieal Conference at tlio Isles of Shoals, N . H .,
affair, and all matters between corporations here on July 31st on the subject of “ Co-operation.” He insisted
and their employees are for themselves to adjust- that the solution of both our industrial and international
problems will come about only through co-operation. Con
neither side needs any outside aid, and the real cerning tho latter, he said:
interests of each forbid that. The right “ to have
Nations cannot build themselves up by pulling their competitors down.
is absolutely unscientific. The reaction from abuse and persecution.
grievances taken up with the officers of the com This
Is abuse and persecution. Even military preparedness simply reacts in
pany through committees selected by the men” making tho other nations prepare. As one nation creates a high tariff,
tho other nations do likewise. As we give to our own people ship sub
is a genuine right which nobody denies; having sidies and other special advantages, that we do not grant to the people
of
other nations, the natural reaction is that these other nations grant to
them taken up by persons nominally chosen but their
people special privileges which they do not grant to us. The creation
forced upon the men by an outside and concentrated of “ special spheres o f influence” by nations, ultimately reacts to tho dis
advantage of all. Nations are simply large groups o f people, and tho same
control is far otherwise. To this the traction com rule applies to nations, as to classes and individuals within nations. Ultim
ately to benefit our own nation, a policy must help other nations also.
panies take the attitude of resistance.
In accordance with tho law of equal reaction, we grow only as we give.
The trouble is not in wages, which have been Enlightened self-interest demands that we recognize the Golden Rule.
No bargain is good in the long run unless it benefits both parties.
twice increased in this year. It is not in working
The slogan, “ America first,” as commonly cried, is contrary to all
conditions, for the lines advertise that while they economic law. Tho security o f our own country depends primarily on
providing means by which other countries will feel secure. Our people
have no disputes at present with their men and can permanently enjoy opportunities in foreign lands only as similar
opportunities are assured by us to the people of other nations. If we havo
have had no communication from them they are a Monroe Doctrine for South America, Japan will have a Monroe Doctrine
for
China. Then England and France will have a Monroe Doctrine for
ready to confer with them at any time. Mr. Shonts
Africa. Then Germany will have a Monroe Doctrine for tho Far East.
goes a long step further in publicly advertising Wo cannot negotiate favored nation treaties with South American countries
insist that tho “ open door” shall apply to China. I repeat that the
that the men have been asked “ to select by secret and
present talk of “ America First” is absolutely unscientific. So long as
[VOL: 103.
THE CHRONICLE
450
other nations have groat armaments, wo must, also; but the ultlmato
security and development of our country will not depend on our army and
navy. Such depend on whether or not some international organization
is formed which shall provido equality of security and opportunity to tho
peoples o f all nations.
Moreover, I am not recommending the s ta tu s q u o doctrino favored by
England and tho Allies. In this great war England has something to learn
as well as Germany. She must learn to give up something to her growing
brothers. Tho ultimate solution is destined to bo an international federa
tion of some kind to control tho seas, immigration, tariffs and means oi
communication between nations; also, to have supervision of people and
their property when legitimately employed in a foreign land. This means
that an international court is not sufficient; but that some international
body shall bo founded to bear somewhat the same relation to each national
government as our Federal Government bea*s to our forty-eight States.
On tho other hand, all should fully understand that international co
operation means giving up sone o f our so-called sovereign rights. I he
idea that any one race shall be protected in its inefficiency is strictly against
nature’s fundamental law. In order to have world peace somo arrange
ment must exist whereby any nation may secure what is righteously due
her by virtue of her sound economic efficiency, whother that nation bo
England or Germany, Japan or Russia. There can bo no real international
co-operation until each o f tho great nations, including the United States,
is willing to give up something for the general good.
COMPARATIVE FIGURES OF CONDITION OF
C ANADI A N BANKS.
appraisers. John Jacob Astor’s estato was valued at $8 5,
311,228; Anthony N . Brady’s, $77,042,443 and E . H .
Harriman’s $58,000,000. Tho valuo of M r . M organ’s
interest in J. P . Morgan & Co. of Now York and Droxe1
& C o. of Philadelphia was fixed by tho appraiser at $2 9 ,
875,848; his security holdings wore valued at $18,933,951;
his art collection at $20,531,009 and his roalty holdings at
$2,970,946. W o give a list of the largor. socurity holdings
on page 497. Stocks having a par value of $7,219,344 wore
appraised as worthless.
OPPORTUNITIES
FOR
INVESTMENT
IN
RUSSIA.
After a two months’ visit to Petrograd, during which time
ho assisted in perfecting arrangements for a $50,000,000
loan to the Russian Government, Samuel M cRoberts, Vice
President of the National City Bank, returned to this city
last Saturday on the Norwegian-Amorican liner Borgens]
fjord. M r . M cRoberts also completed plans for tho estab
lishment in Russia of branches of tho National City Bank.
Concerning the opportunities for tho investment of Amorican
capital in Russia, M r . M e Roberts is quotod as saying:
Tho internal financial condition of Russia is apparently too sound to per
mit of discussion. She is an immensely rich country, her resources are
largely undeveloped, and sho has betweon 160,000,000 and 175,000,000
people with civilization. Tho only question that has arisen about Russian
credit grow out of her embarrassment in obtaining funds abroad, and that
came from the fact that sho had no adequate ports of export, thoy being
$
28,948.841 closed by tho war. Russia had difficulty in providing oxchango to pay
17,160,111 for war material and equipment that was absolutely necessary during the
progress of tho war.
46,108.952
Russia has never developed her own resources, although in tho boundaries
92,114,482
of that empiro can be found everything that tho Russian people require.
6,667,568 Sho is a self-contained country. Heretofore Germany has furnished her
3.050.000 manufactured materials. Russia has become keenly allvo to that situation,
123,608,936 and a movement is already under way tliero for tho development of their
925,681.966
102,344,120 own resources by themselves. Russia is in tho same position that tho
67,401,484 United States occupied about forty years ago, except that thoy have tho
people with which to upbuild tho country, whereas wo had to obtain thorn
137,120,167
71.209.738 through immigration.
Tho development of Russia’s resources will requiro a largo amount of
1,575.307,413 foroign capital, and sho is looking to America to furnish some of it, although
with little hope. From my observations, I beliove that Russia contains
a tremendous opportunity for tho investment of American capital. Her
$
192,866.666 attitude is also very receptive. Tho opportunity offered Americans in
115,434,666 this field is all tho more attractive in view of tho fact that tho Amorican
114,811,775
113,368,898 dollar is at a premium of 40% in Russia, so that Americans may invest in
Russia’s steel, railroad and othor fundamental industries at a timo when tho
99.138,029 Russian ruble is selling at a discount of 40%.
44,453,738
With regard to tho duration of tho war there is a feeling o f cortain victory,
458,007,832
663,650,230 although conservatives believe tho conflict will last xirobably a year from
32.426.404 this fall.
^
___
20,096,365
12,656,085
THE GARMENT WORKERS’ STRIKE.
In tho following we compare the condition of tho Canadian
banks, under tho last two monthly statements, with tho re
turn for June 30 1914:
ASSETS.
Gold and subsidary coin—
In Canada_________________
Elsewhero------ j -----------------T o t a l ...................- .............
Dominion notes---------------------Deposit with M in’cr of Financo
for security of note circulation
Deposit in central gold reserves
Due from banks--------------------Loans and discounts---------------Bonds, securities, &c-------------Call and short loans in Canada.
Call and short loans elsewhere
than in Canada------------------Other assets---------------------------
46,117,635
19,902,447
S
45,543,796
20,897,912
66,020,082
142,655,273
66,441,708
147,100,192
6,821.011
17,710,000
186,027,496
855,684,302
216,416,158
86,776,474
6,771,597
14,810,000
192,246,308
870,422,992
206,641,362
84,826,636
182,757,015
75,179.838
163,406,059
74,885,098
$
T o t a l_____________________ 1,836,347,649 1,827,551,952
L IA B IL IT IE S .
188,866,666
113,259,266
112,846.435
113,022 933
188,866,666
113,255,066
112,832,765
113,022,933
C irculation__________________ 123,373,395
48,736.773
Government deposits-------------Demand deposits------------------- 605.040,290
Time deposits------------------------ 767,598,130
31.037,423
Due to banks_________________
5,430,683
Rills payable-------------------------13,908,290
Other liabilities---------------------1,029,250
Balances due to Imperial G ovt.
114,847,323
43,924.857
599,717.261
765,064,041
30,731,105
5,549,120
14,395,921
12,657,977
Capital authorized.
Capital subscribed.
Capital paid up----Reservo fund______
T °or resCTve1f u n d !- ? - ? ! ^ t-a- l ,596,154,234 1,586,887,605 1,330.488.683
N o t e .— Owing to the omission of the cents in the official reports, the
footings in the above do not exactly agree with the totals given.
TREATY FOR PURCHASE OF DANISH WEST INDIES
SIGNED.
Announcement is made of tho signing yesterday of tho
treaty betweon Denmark and tho United Statos for tho pur
chase by tho lattor of tho Danish W est Indies for $25,000,000.
Tho treaty was signed in this city at the Hotel Biltmore by
Secretary of State Robert Lansing and tho Danish M inis
ter, Constantin Brun. Robert E . Woolsoy, of tho State
Department, was tho only one present aside from tho two
principals. The treaty, which has yet to bo ratified by the
United States Senate and tho Danish Rigsdag, provides for
tho transfer to tho United States of tho islands of St. Croix,
St. Thomas and St. John. Tho negotiations for their pur
chase wero referred to in these columns last week, page 36-1.
Acting Secrotary of Stato Polk declined yesterday to make
public tho dotails of the treaty, stating its text would be
published in the near futuro.
THE MORGAN ESTATE APPRAISAL.
The garment workers’ strike is apparently at an end. On
the 3d inst. about 7 5 % of tho strikors ratified a now agree
ment drawn up betweon the International Ladies’ Garment
Workers’ Union and tho Manufacturers’ Protective Asso
ciation. This action followed tho approval of the five
hundred shop chairmen and tho general striko committee.
The settlement, which was signed by E . J. W ilo, President,
and Louis S. Levy, counsel for tho Manufacturers’ Associa
tion, and by Benjamin Schlosingor, President, and Morris
Hillquit, counsel for tho Cloakmakors’ Union, is, oxcept for
a few minor changes, practically tho same as that rejected
by tho strikers last week (see issuo of Saturday last). The
new agreement provides (1) that Italian workers may re
frain from work on Columbus D ay without pay. (2) A
worker, beforo ho is eligible to serve on tho shop Price C om
mittee, must have been employed in such shop from ono to
tliree months. (3) Operators will bo paid 75 conts an hour
and finishers 55 conts an hour. (4) These provisions must
also bo observed in contractors’ shops. (5) If tho union is
ablo to prove to tho officers of the Manufacturers’ Associa
tion that any shop has violated the agreement in any respect,
such shop shall bo disciplined. (6) Tho union may strike
if it believes the employer’s right to discharge is being used
unfairly, and tho manufacturer may lock out tho workers if
he behoves tho union is unfair.
(7) Tho cloakmakors are to
receive a 5 % increaso in pay.
(8) Tho Council of Concilia
tion is abolished.
Tho following statomont was issued on behalf of tho manu
facturers after tho agreement had been reached:
After nearly throe years of work in connection with tho
appraisal of tho assets of tho estato of J. P . Morgan, who
died in Rome, Italy, on March 31 1913, the total assots are
appraised at $78,149,024, exclusive of proporty outside of
the State of Now York. The not valuo of tho estate, after
all deductions, consisting of debts, administration oxponses,
William Klein and L. S. Levy, on behalf of tho Cloak, Suit and Skirt
executors’ commissions, & c., is placed at $69,499,732, and Manufacturers’ Protective Association, announced that a final contract
was to-day signed with tho union officials upon tho basis of their recent ne
on this a transfer tax of $2,587,675 was levied on tho 2nd gotiations, settling all differences, and that tho shops will probably all bo
inst. Of this amount $2,500,000 had already been paid open Friday, when tho men will return to work.
Benjamin Sclilesingor, President of tho Cloakmakors’
in order that tho estate might benefit by tho reduction
offered for prompt payment. Tho appraisal was filed in Union, made tho subjoined statement in bohalf of tho
tho Surrogate’s Court on July 29. Tho financier s son, strikers:
A final settlement has just boon signed by officials of tho Manufacturers’
J. Piorpont Morgan, inhorits $53,684,918. Tho appraiser
Protective Association and of tho International Radios’ Garment Workers’
reports that M r. M organ, generally regarded as among the Union, and tho General Striko Committoo has declarod tho fourteon weeks’
foremost financial powers of the county, was not as woalthy striko ended. The workers in tho association shops will all bo back by
a many othor men whose estates have come beforo the tax Monday.
A ug . 5 1916.]
THE
C H R O N IC L E
John A . M offit, ono of tho three Government representa
tives in the arbitration conference, notified the Department
of Labor by a telegram yesterday that the dispute between
tho garment workers of N ew York City and their employers
had been satisfactorily settled. Approximately 50,000 work
ers, the telegram stated, will return to their duties on
M on day.
'
■
THE
M U N IT IO N
E XP L O S IO N
IN
N EW
YORK
BAY.
Early last Sunday morning the City of New York and
the territory for one hundred miles around, was shaken
by two tremendous explosions resulting from the ignition,
in some unaccountable way of hugo supplies of ammuni
tion for tho Entente powers stored on Black Tom , a penin
sula on tho Jersey side of the upper bay. Tho first ex
plosion which occurred at 2:08 a. m ., and which was by
far tho worst was followed soon after by the second, many
minor explosions occurring in the interval. Tremendous
oruptions hurled tho shrapnel, shot and debris all over the
harbor, Bedloe’s and Ellis Islands and Jersey C ity. Lighters
and barges loaded with shrapnel and powder were torn
from their moorings, set afiro and carried by the tide toward
New Y o rk ’s waterfront. W hile there are but seven known
dead as a result of the explosion, there are a numbor of
persons missing. A large percentage of the glass windows
in Jersey City were demolished. The down-town sections
of Manhattan and Brooklyn also suffered largo losses
through the shattering of glass. The damago, including
warehouses and buildings, supplies of all kinds, barges,
glass, & c ., and tho munitions, is variously estimated at
from $2 0,000,000 to $40,000,000. Tho firo which caused
the explosions is said by officials of the Lehigh Valley Rail
road Com pany, to have started in a barge belonging to
an independent towing company which had been moored
alongside tho railroad company’s dock expressly against
orders. Warrants woro issued on Sunday night for the
arrest on charges of manslaughter of Theodore B . Johnson,
lioad of the Johnson Lighterage and Towing CompanyAlbert M . Dickman, Agent of the Lehigh Valley Railroad
at its docks on Black T o m , and Alexander D avidson, Superin
tendent of tho National Storage Com pany. Thoy were
arraigned on M onday, when thoy were roleased on $5,000
bail each. A warrant was also later issued or tho arrest
of E . L . MacKenzio, President of the National Dock &
Storage Com pany.
Notwithstanding tho fact that State
and municipal authorities cannot under court rulings
interfere with Federal regulations regarding the traffic,
Jorsoy C ity ’s Board of C ity Commissioners on the ls t in s t .,
by a voto of 4 to 1, authorized Director of Public Safety,
Frank Haguo, to “ use all the means in his power and at
his command” to prevent tho storago and shipmont of
high explosives within tho city limits.
Govornor Fielder
of New Jorsoy, issued a statement on July 31, in which
he is credited in the New York “ Times” as saying:
After tho explosion at Communipaw In Februray, 19 11, tho Legislature
enacted a measuro which it was assumed had provided reasonable safety.
I t would bo well for tho authorities intrusted with tho criminal process
to find out whether this law was violated and whether reasonable pre
cautions wero taken to safeguard tho lives of tho people of Jersey C ity
and Now York.
It doos seem to mo that it is barbarous to have dynamite and other
explosives piled right up at tho door of groat cities and almost under tho
noses of thousands of inhabitants. I do not beliovo that tho people of
Now Jersey and New York will tolerate a continuance of these conditions.
Iho custom of unloading high explosives in New York Harbor will not
bo permitted any longer by tho public sentiment that will surely bo aroused
by this disaster.
It was announced that after 2 p. m . on tho 3rd inst.
n largo force of Jorsoy City police would stop every froight
train coming within tho limits of Jersey C ity. If explosives
aro found aboard any cars, these will not bo allowed to
proceed with tho train. It is expected that a clash of
authority with tho Federal Courts will result from this
action. A conference of officials of tho Pennsylvania,
Lehigh Valloy, Central of New Jersey, Erio and Lacka
wanna railroads, was held at Jersey City offices of tho
first named road and, according to reports it was decided
that tho Lehigh, being tho ono most directly concerned
would tako tho lead in establishing tho legal rights of tho
roads, and in determining whether injunctions will be brought
to prevent tho Jersey City Commission from enforcing its
ruling regarding the shipmont of explosives. Tho Lehigh
Valley and Jersey Central railroads havo temporarily
placed embargoes on shipments of explosives. This action
was voluntary. Representatives of the Erio and Pennsyl
vania roads, it is stated, called on Director Ilaguo, of Jersey
C ity , on tho 2nd inst. and informed him that they Avould
4 5 1
endeavor to comply with the commission’s ruling. Followi .g another conference with Director Hague on the next
day, it was stated that the Lehigh V alley, Pennsylvania,
Erie and Lackawanna had promised not to bring any more
explosives into Jersey C ity. The Lackawanna Railroad,
however, even though it does not carry high explosives into
Jersey City, made a reservation to its agreement, announcing
that it wished to test the law which required that it had no
alternative but to accept these shipments. The Central
Railroad applied for an injunction against the Commission’s
order on tho 3rd inst. In answer to a query as to what
kind of explosives the ruling applied to, Director Hague,
in instructions to Chief of Police Monahan, stated on the
2nd inst:
When I say that no explosives are to be permitted to enter the city.
I mean not only dynamite, but, as well, guncotton or nitro-cellulose,
picric acid, dunnite, loaded shells or shrapnel, or, in fine, any and all sub
stances of an explosive character which aro used in the manufacture of
ammunition or explosives."
Indicating that it had started an investigation into the
matter, the Interstate Commerce Commission, on July
31, issued an announcement saying:
M r. Frank M cM anam y, chief Inspector of the Inter-State Commerce
Commission, is conducting an investigation to ascertain whether or not
this accident and the causes therefor fall within tho Explosives Act and
the regulations of the Commission promulgated thereunder.
The Explosives A ct provides for the packing and label
ing of explosives in transit in Inter-State Commerce. It
was stated that if facts which would bring the disaster under
Federal jurisdiction were brought to light, tho Government
would make an inquiry to fix the responsibility.
Tho report of M r . M cM anam y was placed with the Com
mission on the 3rd inst. He is reported to have stated that
tho firo was burning at least two hours before the blast
occurred, but ho found no evidence that munitions were
stored on the island more than forty-eight hours, tho maxi
mum time allowed for transshipment at any port. The
Commission is said to have advised President Wilson yester
day that the explosion was not due to the violation of any
law governing the packing and transportation of such material,
and that according to the best information obtainable, it
was caused by a fire on tho dock.
A rigid investigation of the explosion is being made by Col.
Beverly W . Dunn, U . S. A ., retired, inventor of dunnite and
Chief Inspector of tho Bureau of Explosives of the American
Railway Association and the Inter-State Commerce Com
mission; W . S. Topping, assistant chief inspector and
thirty other inspectors. It is stated, that they will report
their findings to the Railway Association and the Commerce
Commission, as soon as possible. An investigation will
also be made, it is understood, by the Department of Jus
tice.
A resolution to vest all power to regulate the storage
of dangerous explosives at railroad terminals in the local
governments, at the communities through which such
explosives pass, instead of leaving such authority to the
Federal Government, was introduced in the House on the
2nd, inst., by Representative Hammil, of N ew Jersey.
H U D S O N C O U N T Y B A N K S JO IN T H E N . Y . C L E A R IN G
HOUSE
C O LLE C T IO N
SYSTEM.
It appears that tho action taken last week by the Hud
son County banks, had reference merely to becoming indentified with the rew Collection System of tho New York
Clearing House and did not contemplate joining tho Clear
ing House Association. This is made clear in the following
letter which we have received from William W . Young,
Cashier of tho First National Bank of Hoboken:
Hoboken, N. J. Aug. 1 1916.
The Commercial & Financial Chronicle, New York City, Neic York.
Gentlemen An article appearing on page 366, in Vol. 103, of Ju ly 29,
entitled “Hudson County Hanks Join New York Clearing House," will
havo tho effect of conveying to the public generally that tho banks of
this county, other than those now affiliated with the Clearing House,
havo joined or are about to join the Association. As this is not so, may
we suggest an explanation in your next issue. The facts are these:
There aro five banks in this County non-members of the New York
Clearing llouso. They are, tho First and Second National Banks of
Hoboken, tho First and Hudson County National Banks of Jersey C ity
and the Mechanics Trust Company of Bayonne:
Tho Now York Clearing House Association, have adopted certain rules
and regulations, ono of which provides that any bank, whether member
or non-member of the New York Clearing House, must make a charge
of 1 M cents per item on any items they receive on deposit, which may be
payable in Jersey C ity and Hoboken, and which are not collectible through
tho Now York Clearing House, unless they bo items drawn upon a bank
which has signed an agreement with the New York Clearing House, stating
that thoy will remit in New York, exchange at par on the day of receipt,
for any checks that the New York Clearing House Collection System
may send to them:
453
THE
[Vol . 103.
C H R O N IC L E
Bearing in mind that tho transfer of money or its equivalent from place
The purpose of the meeting of the Hudson Group of the New Jersey
Bankers’ Association was to bring before the unaffiliated banks, tho ques to placo constitutes a definite service, it seems reasonable to anticipate that
tion of tho advisability of their signing this check agreement, and tho tho courts would hold it to be worthy of profitable compensation. In tho
sense of the meeting was that it was desirable to place all Hoboken and present instance tho question of sufficiency of compensation does not arise
Jersey C ity checks on a par basis, that the unaffiliated banks and trust to cloud the issue—it being remembered that no compensation whatever
companies sign tho agreement. The form of agreement is self-explana is proposed to be allowed.
Tho Administrative Committee has decided to bring suit, seeking to set
tory, and is inclosed for your information.
The facts boiled down result in no addition to tho Clearing House banks, aside tho Federal Reserve Board’s order of M ay 1, on the general grounds
but the probability of those not now identified with the Clearing House herein outlined. The committee understands upon good authority that the
becoming identified with tho Clearing House Collection System under tho proposed suit is regarded by tho Federal Reserve Board in an entirely
friendly light.
plan outlined in the check-agreement form.
The committee has as yet made only a tentative arrangement with M r.
Yours very truly,
Stanchfield, subject to the necessary funds for attorneys’ fees, court costs
W . W . Y O U N G , Cashier.
P.
S.—B y way of further explanation would say, that ‘'non-members"and general expenses being immediately subscribed. The amount deemed
of the New York Clearing House are banks which pay a fee of $1,000 a proper to bo contributed by each bank is as follows: Banks with capital and
year, which on Jan. 1st next, is to be increased to $1,500 a year, and whoso surplus below $50,000, $10: banks with capital and surplus of $50,000 and
checks are payable directly through the New York Clearing House with less than $100,000, $20. and banks with capital and surplus of $100,000
and above, $30.
the exchanges of member bank which represents them.
A part of the necessary fund has already been subscribed, but the banks in
W e annex tho form of agreement referred to in tho above your own State have not as yet had the proposition laid before them.
communication and which tho unaffiliated banks are asked
I f you are in sympathy with this movement please forward check at one i
to the Secretary at Vicksburg, M iss. Thero is no time to be lost. Should
to sign.
suit be abandoned because of lack of money, or should the entire fund not
Dear Sir—This Institution desires that it be placed upon the discretionary bo required, tho unused part of your own subscription will bo returned
list of the New York Clearing House, and we hereby agree to remit in to you.
New York Clearing House funds at par, on tho day of receipt thereof,
On July 29 the Federal Reserve Board took occasion to
for all cash items properly drawn on us received from the Collection De
partment of tho New York Clearing House. Remittances to be mailed describe as misleading the statement that it views tho pro
at an hour which will insure arrival at New York C ity , in ordinary course, posed action with approval. The Board announces that any
not later than 8 o’clock a. m. of day following.
bank member of the Reserve system has a right to test the
Very truly yours.
constitutionality of any provision of tho Reserve Act and
A V IL L IA M S H E R E It , Manager New York Clearing House Association, its co-operation in such cases would bo forthcoming, but adds
77-83 Cedar Street, New Y ork, N . Y .
that tho announcement of the St. Louis conference might
create the impression that it was doubtful of its authority
1916
to make clearance and check collection regulations. It says:
The regulation in question was adopted after a deliberate consideration,
F A R M L O A N B O ARD N O M IN E E S C O N F IR M E D .
and is intended to carry out one of tho important putposes of tho Act,
namely
tho substitution of one compact clearing system for tho many
The four men named last week by President Wilson as
independent collection organizations heretofore in force.
members of the Farm Loan Board, created under the Rural
Credits Act, were unanimously confirmed by tho Senate on
N E W YORK FEDERAL RESERVE B A N K ’S P A M P H L E T
the 2d inst. They are Charles E . Lobdell of Great Bond,
O N A N A L Y S I S OF D E P O S IT O R S ’ A C C O U N T S .
K a n .; George W . Norris of Philadelphia; W . S . A . Smith of
A pamphlet embodying a method of analysis of depositors’
Sioux C ity , la ., and Herbert Quick of Berkeley Springs,
accounts, adapted to tho averago bank’s business, by tho
W . Va.
________________________ ____
use of which tho net profit or loss arising from each account
PROPOSAL
TO
TEST
RESERVE
PLAN.
B O A R D 'S
C O LLE C TIO N
The institution of an action seeking to set aside the check
collection plan inaugurated by the Federal Reserve Board
has been decided upon as a result of the conference of banking
interests representing twenty States held in St. Louis on
June 10. The resolution adopted at the conference protest
ing against the clearance plan proposed by tho Reserve Board
was given in these columns June 17. In accordance with
the resolution it was urged upon the Reserve Board that the
execution of the order respecting the plan be deferred until
a judicial interpretation could be secured of that section of the
Act requiring member banks to receive and remit checks
at par. The Board, however, declined to consent to a
postponement of tho installation of the clearance system.
Tho chief ground upon which the bankers who were parties
to the conference base their objection is the abolition of the
exchange charges on checks. Tho decision to contest the
Board’s order was reached by the Administrative Committeo
of the Conference of Bankers. A lettor sent out by T . II.
Dickson of Vicksburg, Secretary of the Conference, and
likewise Secretary of tho Mississippi Bankers’ Association,
states that the committee has consulted John B . Stanchfield
of N ew York, “ who advises that there is in his opinion a
grave doubt as to the constitutionality of the requirement
that banks shall remit at par to cover checks received for
collection through the channels of the Federal Reserve
system .” The committeo has mado only a tentative ar
rangement with M r. Stanchfield subject to tho necessary
funds being subscribed to meet tho expenses incidental to
tho proposed litigation. For this purpose contributions are
being sought from the banks in sympathy with the movement
to contest the Board’s order. Tho following is tho letter
issued over M r . Dickson’s signature:
As you are no doubt aware, this conference adopted resolutions opposing
tho check-clearing plan just installed by the Federal Reserve Board—the
chjlef ground of complaint being tho abolition of exchange charges on checks,
as a sourco of banking revenue.
Tho Conference created a permanent Administrative Committee clothed
with plenary powers and charged with tho duty to securo relief from or
modification of tho plan, either through tho courts or through remedial
legislation, or both. The expense of this work is to bo borne by voluntary
subscription from banks in sympathy with tho purposes of the Conference.
The Administrative Committee has cosuited John B . Stanchfield of
New York C ity , who advises that thero is, in his opinion, a gravo doubt
as to tho constitutionality of the requirement that banks shall remit at par
to cover checks received for collection through tho channels of tho Federal
Reservo syBtem. This opinion is based upon tho general doctrlno applying
to the regulation of service charges mado by public utilities, a matter in
which tho courts, while upholding tho authority of governmental commis
sions to regulate such charges, havo held, further, that whatever rates of
•harge are fixed must be sufficient to yield a profit to the u tility itself, over
and above the cost of rendering the service.
can bo determined, has been prepared by the Federal Re
serve Bank of New York. Copies of the pamphlet havo been
sent to member banks by R . H . Treman, Deputy (Jovornor,
who, in a letter accompanying the same, says:
F E D E R A L R E S E R V E B A N K OF N EW YO R K .
August 1 1916.
To the Cashier:
Sir:—Tho officers of several member banks havo recently advised us
that in order to compensate them for loss of exchange caused by tho opera
tion of tho Federal lieservo collection system, tlioy plan to roviso their
methods of operation and to analyzo tho accounts of depositors to ascertain
which, if any, are unprofitable.
They believe that analysis w ill roveal that losses generally arise from the
following conditions:
1. Excessive rates of interest paid on deposits.
2. Active checking accounts of depositors who maintain insufficient
balances.
3. Uncollected items included in interest-bearing balances.
Based on this analysis, they propose to ask their depositors to placo
their accounts on a paying basis by either—
(а) Maintaining a compensating balanco, or
(б) Faying a regular monthly chargo for tho bank’s service, or
(c) Faying a definite amount for each check used.
It would seem that such a policy is both sound and desirable, and that
tho opening of tho collection system on Ju ly 15 affords an oxceptiona
opportunity for a rovision of relations with depositors.
In tliis work tho Federal Reservo Bank of Now 1 orlc desires to render
whatover assistance it may to its member banks, and to this end havo pre
pared and send herewith a method of analysis of depositors’ accounts,
adapted to tho averago bank's business, by tho use of which tho net profit
or loss arising from each account can bo determined. If desired, additional
copies of the method of analysis, together with information received irom
various banks, describing methods by which their unprofitable accounts
havo been placed on a paying basis, w ill bo furnished.
To thoso who make uso of tho analysis and dosiro further information
or expert assistance, this bank w ill, upon request, endeavor to send a
representative to assist temporarily. Additional copies of tho pamphlet
w ill bo supplied, if desired.
Theso suggestions aro mado in tho Interest of member banks, and, ot
course, their adoption is entirely optional.
Trusting that wo may bo of service to you, I am.
Very truly yours.
It. H . T R E M A N , Deputy Governor.
S U SP E N S IO N
OF
ORDER
D IR E C T IN G
POSTMASTERS
TO A I D N E W C H E C K C O L L E C T IO N S Y S T E M S .
On July 28 Postmaster-Goneral Burleson suspended, until
further notice, his recont order directing postmastore to
collect checks for tho account of tho various Reserve banks
drawn on small country banks whore there are no member
banks of tho Federal Reservo system.
The suspension of
tho order is made at tho instance of tho Federal Reserve
Board, members of which havo indicated that its action is
due not to the protest of Representative Kitchin against tho
order but to tho necessity of furthor time in which to perfect
details of tho check collection plan. Representative Kitchin
in his protest (see our issue, July 29, pago 3(30) contended
that tho plan of the Postmaster-General would bo tho cause
A ug . 5 1916.]
THE
C H R O N IC L E
of the ultimate failure of small banks throughout the country
who are largely dependent upon exchange fees for their
profits, many of them being unable as a result of tho order
to make enough money to keep going. It is said that when
the plan was first considered tho Board did not expect the
order to become effective for at least two months and that
collection work by postmasters would bo undertaken grad
ually. The Board, it is reported, does not consider that
State banks would be seriously affected by tho arrangement
and believes it would save millions of dollars annually to
merchants throughout the country who now are compelled
to pay exchange on checks drawn on such banks.
4 5 3
S E N A T E P A S S E S B IL L P R O V ID IN G FOR C H A N G E S I N
RESERVE L A W .
The bill embodying the recommendations of the Federal
Reserve Board for amending the Federal Reserve A ct, which
was favorably reported to the Senate on M a y 24 by Senator
Owens on behalf of the Committee on Banking and Cur
rency, was passed by the Senate on July 31. The Senate
bill is in the nature of a substitute for the bill passed by the
House on M a y 4, permitting national banks with a capital
and surplus of $1,000,000 to purchase and hold stock in
foreign or domestic corporations. The bill reported by Sena
tor Owen, the text of which was given in our issue of June 3 ,
covered many other important points, and dealt with the
I N A U G U R A T I O N O F C H E C K C O L L E C T I O N S Y S T E M SO
acceptance by member banks of drafts and bills of exchange,
FAR A S LOCAL M E M B E R B A N K S A R E CONCERNED.
changed completely the conditions under which Federal
While the countrywide check collection system of the
Reserve notes may be issued, as also the reserve against the
Federal Reserve Board was inaugurated on July 15, the
same, and embodied provisions regarding loans on farm
collection of out-of-town items received by local member
lands. The bill as passed b y the Senate this week differs
banks was not begun by the New York Federal Reserve
but little from that reported to it on M a y 24.
Bank until Tuesday of this week, the 1st inst., when the new
One of the changes consists in the incorporation by the
rules of the New York Clearing House Association regarding
Senate of a provision permitting country banks (national
collections outside New York City went into effect. About
institutions) to act as agents for any fire, life or insurance
7,000 items, it is stated, were turned in on tho first day of
company and as agents for the negotiation of loans on
the new par check collection system of the Reserve Bank by
real estate located within a radius of one hundred
the local institutions. Altogether about 27,000 checks were
miles. Legislation of this nature was drafted b y Comptroller
handled on Aug. 1— 5,000 more than tho provious record in of the Currency John Skelton Williams and recently sub
any one day. Through Deputy Governor R . H . Treman, mitted to Representative Glass and Senator Owen. Another
a circular has been issued this week by the Now York of the additions to the bill made by the Senate lias reference
Federal Reserve Bank, in which it is stated that the par list to the provision in section 14 of the Reserve A ct (designated
of State banks in tho United States whoso items will bo
under a sub-head as “ e ” ) which permits Reserve banks “ to
received by it will become effective on Aug. 15, and member
establish accounts with other Federal Reserve banks for
banks aro requested not to forward to the Now York Roserve
exchange purposes, and with the consent of the Federal
Bank beforo that date itoms drawn upon State institutions.
Reserve Board to open and maintain banking accounts in
W o quote the circular below:
foreign countries, appoint correspondents and establish
F E D E R A L R E S E R V E B A N K OF N EW Y O R K .
New York, August 1st 1916.
agencies in such countries wheresoever it m ay deem best
To the Cashier:
Sir.—Tho countrywide collection system of tho Federal Resorvo banks for the purpose of purchasing, selling and collecting bills
was Inaugurated on July 15th and many member banks aro now using Its of exchange, and to buy and sell, with or without its en
facilities. The inexperience of our transit force and tho largo initial volume dorsement, through such correspondents or agencies, bills
of business have caused somo confusion in tho routing of items and delayed
our mail for the first few days. Some letters did not catch the first out of exchange arising out of actual commercial transactions
going post and consequently failed to arrive at destination on schedule which have not more than ninety days to run, and which
time. This cause of delay is rapidly being eliminated as our transit letters bear the signature of two or more responsible parties.” The
aro leaving more promptly every day. We expect to provide a satisfactory
newly enacted bill adds to this the words “ and with the con
service at the earliest possible time.
Much of the confusion incident to tho opening of the collection system sent of the Federal Reserve Board to open and maintain
was duo to tho fact that some of our member banks sent itoms which wo banking accounts for such foreign correspondents or agen
had not arranged to handlo at tho beginning of our operations, and which
wo aro still unablo to handle, although such Items will be received at a later cies.” The only other difference between the bill as reported
to the Sei ate and that passed by it has to do with the section
time.
Tho par list of State banks in tho United States whoso items will be concerning domestic branches. To the provision stipu
received by us is to bo published on or after August 5th and will become
lating that any member bank located in a city or town with
effective on August 15th.
Member banks are requested not to forward to us beforo August 15th a population of more than 100,000 and having a capital and
itoms drawn upon State institutions, as until that time we can only receivo
member banks' items and items drawn upon banking institutions situated surplus of $1,000,000 or more may establish not more than
in Federal Reserve cities. Compliance with this request will greatly facili ten branches within its corporate limits, there has been added
tate tho work of our transit department.
.
a proviso to the effect “ that no such bank shall be established
We enclose you herein a revised time schedule which supersedes ail others
in any Stato whose statutes do not specifically authorize
you have received.
Respectfully,
branches for banks having State charters.” A further pro
It. I I. T R E M A N ,
Deputy Governor.
vision in this section which would have permitted banks
The following is the revised time schedule referred to in in other places, with the approval.of the Reserve Board, to
tho above circular:
establish branches not exceeding ten in number within the
FE D E R A L R ESER VE BANK OF NEW YO RK.
limits of the county in which it is located or within a radius
Schedule showing when the proceeds of items will become available.
of twenty-five miles of the place in which it is situated, has
Immediate Credit.
Now York (Manhattan).
been dropped from the bill by the Senate. W e give below
One Day After Receipt.
tho bill in tho form in which it was passed by the Senate:
Boston,
(In tho following print existing law is shown by Roman type, and where
Philadelphia,
new
words are inserted they aro shown by italics. That part of existing
Richmond.
law
which it is proposed to eliminate is printed in black-faced type and
Two Days After Receipt (Business Days).
enclosed in black-faced brackets ( ] ) .
Banks in
DOMESTIC ACCEPTANCES, AND OTHER MATTERS.
New Jersey,
Cleveland and Cincinnati, Connecticut,
That the Act approved Dec. 23 1913, known as the Federal Reserve
Delaware,
*New York,
Chicago,
Act,
bo
amended as follows:
District of Columbia,
‘ Pennsylvania,
Atlanta,
That Section 13 bo amended to read as follows: "A ny Federal Reserve
Rhode Island,
Minneapolis and St. Paul, Maine,
bank may receive from any of its member banks, and from the United
Maryland,
Vermont,
St. Louis,
States, deposits of current funds in lawful money, national bank notes.
•Massachusetts,
*Virginia.
Kansas City, Mo.,
Federal Iteservo notes, or checks, and drafts [u p o n solvent member
New Hampshire,
"
Kan.
b a n k s], payable upon presentation, and also, for collection, maturing bills
Four Days After Receipt (Business Days).
or solely for purposes of exchange or of collection [p u rp o s e s ,] may receive
Banks in
Dallas,
Alabama,
Indiana,
from
other Federal Reserve banks deposits of current funds in lawful
♦ Minnesota,
South Carolina,
New Orleans,
Arkansas,
Iowa,
money, national bank notes, or checks [ a n d d ra fts ] upon [so lv e n t mem
Mississippi,
Tennessee,
Florida,
‘ Kansas,
•Missouri,
ber o r ] other Federal Reserve banks, and checks and drafts, payable upon
Wes. Virginia,
♦ Georgia,
Kentucky,
presentation within its district, and maturing bills payable within its district.
North CaroIlna.Wlsconsin.
‘ Illinois,
Michigan,
•Ohio,
"Upon tho Indorsement of any of its member banks, with a waiver of.
Eight Days After Receipt.
demand, notice and protest by such bank, any Federal Reserve bank may
Banks in
discount notes, drafts, and bills of exchange arising out of actual commercial
Arizona,
Montana,
North Dakota, ♦ Texas,
transactions: that is, notes, drafts, and bills of exchange issued or drawn
California,
Nebraska,
Oklahoma,
Utah,
for agricultural, industrial, or commercial purposes, or the proceeds of
Colorado,
Nevada,
Oregon,
Washington,
which have been used, or are to be used, for such purposes, the Federal
Idaho,
New Mexico, South Dakota, Wyoming.
Reserve Board to have the right to determine or define the character of the
•Louisiana,
paper thus eligible for discount, within the meaning of this Act. Nothing
in this Act contained shall be construed to prohibit such notes, drafts, and
•Except banks In cities, referred to in first column.
bills of exchange, secured by staple agricultural products, or other goods,
wares, or merchandise from being eligible for such discount: but such defi
August 1 1916.
Note.—Two-day items wo forward on Saturday will be available on Tuesday.
nition shall not include notes, drafts, or bills covering merely Investments
Four-day Items wo forward Thursday will bo available Tuesday and those forwarded or issued or drawn for the purpose of carrying or trading in stocks, bonds,
or other investment securities, except bonds and notes of the Government
Friday and turday on Wednesday.
4 5 4
THE
C H R O N IC L E
of the United States. Notes, drafts, and bills admitted to discount und r
the terms of this paragraph must have a maturity at the time of discount
of not more than ninety days [ . ] , exclusive of two (lays of grace.
“ Provided, That notes, drafts, and bills drawn or issued for agricultural
purposes or based on live stock and having a maturity not exceeding six
months, exclusive of daus of grace, may bo discounted in an amount to be
limited to a percentage of the [ c a p it a l] assets of the Federal Rescrvo
bank, to be ascertained and fixed by the Federal Reserve Board.
[ “A n y Federal Reserve b an k may disco unt acceptances w hich are
based on the im portation or exportation of goods, and w h ich have
a m atu rity at the time of disco unt of not more th an three m onths,
and indorsed by at least one member b an k. T h e am ount of accep
tances so discounted sh a ll at no time exceed one-half the paid up and
u nim p aired ca p ita l stock and su rp lu s of the b an k for w hich the re
d isco unts are made, except by a u th o rity of the Federal Reserve
Board, under such general regulatio ns as said Board may prescribe,
b u t not to exceed the ca p ita l stock and su rp lu s of such b a n k .]
“The aggregate of such notes, drafts, and bills bearing the signature or
indorsement of any ono borrower, whether a person, company, firm , or cor
poration rediscounted for any one bank shall at no time exceed ten per
centum of the unimpaired capital and surplus of said bank; but this restric
tion shall not apply to the discount of bills of exchange drawn in good
faith against actually existing values.
“ Any Federal Reserve bank may discount acceptances of the kinds herein
after described, which have a maturity at the time of discount of not more than
three months' sight, exclusive of days of grace, and which are indorsed by at
least one member bank.
“Any member bank may accept drafts or bills of exchange drawn upon
it [ a n d growing out of transaction s in vo lving the im portation or
exportation of goods] having not moro than six months’ sight to run,
exclusive of days of grace, which grow out of transactions involving the impor
tation or exportation of goods or which grow out of transactions involving the
domestic shipment of goods provided shipping documents conveying or securing
title are attached at the time of acceptance or which are secured at the time of
acceptance by a warehouse receipt or other such document conveying or securing
title covering readily marketable staples. No member bank shall accept, whether
in a foreign or domestic transaction, for any one person, company, firm, or
corporation to an amount equal at any time in the aggregate to more than ten
per centum of its paid-up and unimpaired capital stock and surplus unless
the bank is secured either by attached documents or by some other actual security
growing out of the same transaction as the acceptance and [ b u t ] no bank
shall accept such bills to an amount equal at any time in the aggregate
to moro than one-half of its paid-up and unimpaired capital stock and
surplus, except by authority of tho Federal Reserve Board, under such
general regulations as said Board may proscribe, but not to exceed tho capi
tal stock and surplus of such bank, and such regulations shall apply to all
banks alike regardless of the amount of capital stock and surplus.
"Any Federal Reserve bank may make advances to its member banks on their
promissory notes for a period not exceeding fifteen days at rates to be established
by such Federal Reserve banks, subject to the review and determination of the
Federal Reserve Board, provided such promissory notes are secured by such
notes, drafts, bills of exchange, or bankers’ acceptances as are eligible for re
discount or for purchase by Federal Reserve banks under the provisions of this
Act, or by the deposit or pledge of bonds or notes of the United Stales.
“Section 5202 of the Revised Statutes of tho United States is hereby
amonded so as to read as follows: No national banking association shall
at any timo be indebted, or in any way Habile, to an amount exceeding the
amount of its capital stock at such timo actually paid in and remaining
undiminished by losses or otherwise, except on account of demands of the
nature following:
“First. Notes of circulation.
“Second. Monoys deposited with or collected by the association.
“Th ird . B ills of exchange or drafts drawn against money actually on
deposit to tho credit of tho association, or duo thereto.
“Fourth. Liabilities to tho stockholders of the association for dividends
and reservo profits.
“Fifth. Liabilities incurred under tho provisions of tho Federal Re
serve Act.
“Tho discount and rediscount and the purchase and sale by any Federal
Reserve bank of any bills receivable and of domestic and foreign bills of
exchange, and of acceptances authorized by this Act, shall bo subject to
such restrictions, limitations, and regulations as may bo Imposed by tho
Federal Reservo Board.”
That in addition to the powers now vested by law in national banking asso
ciations organised under the laws of the United States any such association
located and doing business in any place the population of ivhich does not exceed
five thousand inhabitants, as shown by the last preceding decennial census,
may, under such rules and regulations as may be prescribed by the Comptroller
of the Currency, act as the agent for any fire, life, or other insurance company
authorized by the authorities of the State in which said bank is located to do
business in said State, by soliciting and selling insurance and collecting
premiums on policies issued by such company and may receive for services so
rendered such fees or commissions as may be agreed upon between the said
association and the insurance company for which it may act as agent and may
also act as the broker or agent for others in making or procuring loans on
real estate located within one hundred miles of the place in which said bank
may be located, receiving for such services a reasonable fee or commission:
Provided, hoicever, That no such bank shall in any case guarantee either the
principal or interest of any such loans or assume or guarantee the payment
of any premium on insurance policies issued through its agency by its principal:
And provided further. That the bank shall not guarantee the truth of any state
ment made by an assured in filing his application for insurance.
Any member bank may accept drafts or bills of exchange drawn upon it
having not more than three months' sight to run, exclusive of days of grace,
drawn under regulation to be prescribed by the Federal Reserve Board by
banks or bankers in foreign countries or dependencies or insular possessions
of the United States for the purpose of furnishing dollar exchange as required
by the usages of trade in the respective countries, dependencies, or insular
possessions. And such drafts or bills may be acquired by Federal Reserve
banks in such amounts and subject to such regulations, restrictions, and
limitations as may be prescribed by the Federal Reserve Board: Provided,
however. That no member bank shall accept such drafts or bills of exchange
referred to in this paragraph for any one bank to an amount exceeding in the
aggregate ten per centum of the paid-up and unimpaired capital and surplus
of the accepting bank unless the draft or bill of exchange is accompanied by
documents conveying or securing title or by some other adequate security: Pro
vided further. That no member bank shall accept such drafts or bills in an
amount not exceeding at any time the aggregate of one-half of its paid-up and
unimpaired capital and surplus except by authority of the Federal Reserve
Board, but in no contingency to exceed the unimpaired capital and surplus
of such accepting bank.
That Section 14 of the said Federal Reserve Act be amended by adding after
the last word of paragraph (e) the following words: "And with the consent of
the Federal Reserve Board to open and maintain banking accounts for such
oreign correspondents or agencies.".
[Vol. 103.
FE D E R A L R E S E R V E N O TES.
That Section 16, paragraphs 2. 3, 4, 5, 6, and 7 of tho said Federal Re
serve Act bo amended so as to read as follows:
"Any Federal Reserve bank may make application to the local Federal
Rescrvo agent for such amount of tho Federal Reserve notes herein
before provided for as it may requiro. Such application shall bo accom
panied with a tender to tho local Foderal Reserve agent of collateral in
amount equal to tho sum of the Federal Reserve notes thus applied for and
issued pursuant to such application. Tho collateral security thus offered
shall bo notes, drafts bills of exchange, or acceptances [accepted for re
d is c o u n t] rediscounted under tho provisions of Section 13 of this Act,
or bills of exchange indorsed by a member bank of any Federal Reserve district
and purchased under the provisions of Section 14 of this Act, or bankers’ ac
ceptances purchased under the provisions of said Section 14, or gold or gold
certificates, [ a n d ] The Federal Reserve agent shall each day notify tho
Federal Reserve Board of all issues and withdrawals of Federal Reserve
notes to and by tho Federal Reserve bank to which ho is accredited. The
said Federal Reserve Board may at any timo call upon a Federal Rescrvo
bank for additional security to protect tho Federal Rescrvo notes Issued
to it.
“Every Federal Reserve bank shall maintain reserves in gold or lawful
money of not less than thirty-fivo per centum against its deposits and
reserves in gold of not less than forty per centum against its Federal Reserve
notes in actual circulation: Provided, however. That ivhen the Federal Reserve
agent holds gold or gold certificates as collateral for Federal Reserve notes issued
to the bank such gold or gold certificates shall be counted as part of the gold
reserve which such bank is required to maintain against its Federal Reserve
notes in actual circulation [ a n d not offset by gold or law ful money
deposited w ith tho Federal Reserve a g e n t.] Notes so paid out shall
bear upon their faces a distinctive letter and serial number, which shall bo
assigned by tho Federal Reservo Board to each Federal Reserve bank.
'Whenever Federal Reserve notes issued through ono Federal Rescrvo
bank shall bo received by another Federal Reservo bank they shall bo
promptly returned for credit or redemption to tho Federal Reservo bank
through which they were originally issued, or, upon direction of such Federal
Reserve bank, they shall be forwarded direct to the Treasurer of the United
States to be retired. No Federal Reserve bank shall pay out notes issued
through another under penalty of a tax of ton per centum upon the faco
value of notes so paid out. Notes presented for redemption at tho Treas
ury of the United States shall be paid out of tho redemption fund and re
turned to tho Federal Reserve banks through which they wero originally
issued, and thereupon such Federal Rescrvo bank shall, upon demand of
the Secretary of tho Treasury, reimburse such redemption fund in lawful
money, or, if such Federal Reserve notes have been redeemed by tho
Treasurer in gold or gold certificates, then such funds shall bo reimbursed
to tho extent deemed necessary by tho Secretary of tho Treasury in gold
or gold certificates, and such Federal Reserve bank shall, so long as any of
its Federal Reserve notes remain outstanding, maintain with tho Treasurer
in gold an amount sufficient in tho judgment of tho Secretary to provido
for all redemptions to bo made by tho Treasurer. Federal Rescrvo notes
received by tho Treasurer, otherwise than for redemption, may bo exchanged
for gold out of the redemption fund hereinafter provided and returned to
tho reserve bank through which they wore originally issued, or they may bo
returned to such bank for tho credit of tho United States. Federal Reserve
notes unfit for circulation shall be roturned by the Federal Reserve agents
to the Comptroller of tho Currency for cancellation and destruction.
“Tho Federal Reserve Board shall requiro each Federal Reserve bank to
maintain on deposit in tho Treasury of tho United States, a sum in gold
sufficient, in the Judgment of tho Secretary of tho Treasury, for tho redemp
tion of the Federal Reserve notes issued to such bank, but In no event less
than five per centum of the total amount of notes issued less the amount of
gold or gold certificates held by the Federal Reserve agent as collateral security;
but such deposit of gold shall bo counted and included as part of tho forty
per centum reserve hereinbefore required and shall be counted and considered
as if collateral security deposited with the Federal Reserve agent. Tho Board
shall havo the right, acting through the Federal Rescrvo agent, to grant,
in whole or in part or to reject entiroly, tho application of any Federal
Reserve bank for Federal Reserve notes; but to tho extent that such appli
cation may be granted the Federal Rcservo Board shall, through its local
Federal Reserve agent, supply Federal Reserve notes to tho bank so
applying, and such bonk shall bo charged with tho amount of such notes
issuedto it and shall pay such rate of interest [ o n said a m o u n t] as may
be established by tho Federal Resorvo Board [ a n d the am ount o f] on
only that amount of such notes which equals the total amount of its outstanding
Federal Reserve notes less the amount of gold or gold certificates held by the
Federal Reserve agent as collateral security. Federal Reserve notes [ a s ]
issued to any such bank shall, upon delivery, together with such notes
of such Federal Reserve bank as may bo issued under Section 18 of this
Act upon security of United States two per centum Government bonds,
become a first and paramount lien on all tho assets of such bank.
“Any Federal Rescrvo bank may at any timo reduce its liab ility for out
standing Federal Reserve notes by depositing with tho Federal Reserve
agent its Federal Reservo notes, gold, gold certificates, or lawful money
of tho United States. Federal Reserve notes so deposited shall not bo re
issued, except upon compliance with the conditions of an original issue.
"Tho Federal Reserve agent shall hold such gold, gold certificates, or
lawful money available exclusively for exchange for the outstanding
Federal Reserve notes when offered by the reserve bank of which he is a
director.
“Upon the request of the Secretary of tho Treasury the Federal Reserve
Board shall require the Federal Reserve agent to transmit [ s o much of the
said g o ld ] to the Treasurer of the United States so much of the gold held
by him as collateral security for Federal Reserve notes as may bo required for
tho exclusive purpose of the redemption of [s u c h n o te s] Federal Reserve
notes.
"A ny Federal Reserve bank may at its discretion withdraw collateral
deposited with tho local Federal Rescrvo agent for the protection of its
Federal Reserve notes [deposited w ith i t ] issued to it. and shall at the
samo timo substitute therefor other [ l i k e ] collateral of equal amount
with the approval of tho Federal Reserve agent under regulations to be
prescribed by tho Federal Reserve Board."
L O A N S ON R E A L E S T A T E .
That Section 24 of tho Act approved December 23d 1913, known as the
Federal Reserve Act, bo amended to read ns follows:
LO A N S ON F A R M L A N D S AND OTHER REAL ESTATE.
“Sec. 24. Any national banking association not situated in a central re
serve city may make loans, secured by improved and unencumbered farm
land situated within its Federal Reserve district or within a radius of one hun
dred miles of the place in which such bank is located, irrespective of district lines,
and may also make loans secured by improved and unencumbered real estate
located within one hundred miles of the place in which such bank is located,
irrespccliveUof district lines but no [ s u c h ] loan made upon the security of
A ug . 5 1916.]
THE
C H R O N IC L E
such farm land shall bo made for a longer time than five years, and no loan
made upon the security of such real estate as distinguished from farm land shall
be made for a longer lime than one year nor [ f o r a n ] shall the amount of
any such loan, whether upon such farm land or upon such real estate, [exceed
in g ] exceed fifty per centum of the actual value of tho property offered as
security. Any such bank may make such loans, rvhethcr secured by such
farm land or such real estate, in an aggregate sum equal to twenty-five
per centum of its capital and surplus or to one-third of its time deposits
and such banks may continue hereafter as heretofore to recclvo time de
posits and to pay interest on the same.
“The Federal Reserve Board shall have power from time to timo to add
to tho list of cities in which national banks shall not be permitted to make
loans secured upon real estate in the manner described in this section.”
B A N K IN G
C O R P O R A T IO N S A U T H O R IZ E D T O
B A N K IN G B U S IN E S S .
DO F O R E IG N
That Section 25 of tho Act approved December 23d 1913, known as tho
Federal llescrvo Act, be amended to read as follows:
“Sec. 25. Any national banking association possessing a capital and
surplus of 31,000,000 or more may file application with the Federal Reserve
Board for permission to exercise, upon such conditions and under such regu
lations as may bo prescribed by the said Board, [ f o r the purpose of secur
in g a u th o rity to establish branches in foreign co un tries or depen
dencies of the U nited States for the furth eran ce of the foreign com
merce of the U nited States, and to act, if required to do so, as fiscal
agents of the U nited States. Such a p p lica tio n s h a ll specify, in
a d d itio n to the name and ca p ita l of the b an kin g association filin g it,
the place or places where the b an kin g operations proposed are to
be carried on, and the am ount of ca p ita l set aside for the conduct
of its foreign business. T h e Federal Reserve Board sh a ll have
power to approve or to reject such app licatio n if, in its judgm ent,
the am ount of ca p ita l proposed to be sot aside for the conduct of
foreign business is inadequate, or if for other reasons the g ran tin g
of such a p p lica tio n is deemed in e x p e d ie n t.] either or both of the follow
ing powers:
[ “Every n atio n al b an k in g association w hich sh a ll receive au th o r
ity to establish foreign branches sh a ll be required at a ll times to fu r
n ish inform ation concerning the condition of such branches to the
Com ptroller of the C u rre n cy upon demand, and the Federal Reserve
Board may order special exam inations of the said foreign branches
at such time or times as it may deem best. Every such n atio n al
b an kin g association sh a ll conduct the accounts of each foreign
b ranch independently of the accounts of other foreign branches
established by it and of its home office, and sh a ll at the end of each
fiscal period transfer to its general ledger the pro fit or loss a ccruin g
at each branch as a separate ite m .]
"First. To establish branches in foreign countries or dependencies or
insular possessions of the United States for the furtherance of the foreign
commerce of the United States, and to act if required to do so as fiscal agents
of the United States.
"Second. To invest an amount not exceeding in the aggregate ten per centum
of its paid-in capital slock and surplus in the slock of one or more banks or
corporations chartered or incorporated under the laws of the United States
or of any State thereof, and principally engaged in international or foreign
banking, or banking in a dependency or insular possession of the United
States, either directly or through the agency .ownership, or control of local
institutions in foreign countries, or in such dependencies or insular pos
sessions.
"Such application shall specify the name and capital of the banking asso
ciation filing it, the powers applied for, and the place or places where the
banking operations proposed arc to be carried on. The Federal Reserve Board
shall have the power to approve or to reject such application in whole or in part
if for any reason the granting of such application is deemed inexpedient,
and shall also have power from time to lime to increase or decrease the number
of places where such banking operations may be carried on.
"Every national banking association operating foreign branches shall
be required to furnish information concerning the condition of such branches
to the Comptroller of the Currency upon demand, and every member bank
investing in the capital stock of banks or corporations described under sub
paragraph 2 of the first paragraph of this section shall be required to furnish
information concerning the condition of such banks or corporations to the
Federal Reserve Board upon demand, and the Federal Reserve Board may
order special examinations of the said branches, banks, or corporations at
such time or times as it may deem best.
"Before any national bank shall be permitted to purchase stock in any such
corporation the said corporation shall enter into an agreement or undertaking
with the Federal Reserve Board to restrict its operations or conduct its business
in such manner or under such limitations and restrictions as the said Board
may prescribe for the place or places wherein such business is to be conducted.
I f at any time the Federal Reserve Board shall ascertain that the regulations
prescribed by it are not being complied with, said Board is hereby authorized and
empowered to institute an investigation of the matter and to send for persons
and papers, subpoena witnesses, and administer oaths in order to satisfy
itself as to the actual nature of the transactions referred to.
Should such
investigation result in establishing the failure of the corporation in question
or of the national bank or banks which may be stockholders therein to comply
with the regulations laid down by the said Federal Reserve Board, such national
banks may be required to dispose of stock holdings in the said corporation upon
reasonable notice.
"Every such national banking association shall conduct the accounts of
each foreign branch independently of the accounts of other foreign branches
established by it and of its home office, and shall at the end of each fiscal
period transfer to its general ledger the profit or loss accrued at each branch
as a separate item.
"Any director or other officer, agent, or employee of any member bank
may, with the approval of the Federal Reserve Board, be a director or other
officer, agent, or employee of any such bank or corporation above mentioned
in the capital stock of which such member bank shall have invested as herein
before provided, without being subject to the provisions of Section 8 of the Act
approved October 15th 1914, entitled ‘An Act to supplement existing laws
against unlawful restraints and monopolies, and for other purposes ' "
REPORT
4 5 5
OF
B U S IN E S S
P H IL A D E L P H IA
C O N D IT IO N S
RESERVE
IN
D IS T R IC T .
Tho Philadelphia Federal Reserve Bank in its report on
business conditions in its district, prepared for use in the
“ Federal Reserve Bulletin” of August, states that “ business
continues very good and tho general outlook is encouraging.”
It adds that “ a conservative tone prevails everywhere, and
retail business is being sustained by the country’s remark
able buying power which is to-day probably greater than
ever before.” Concerning the situation with respect to tho
iron and steel trade, tho Bank says:
Tho trade is still very active with an immense foreign business on hand
and in sight. The railroads have not been large buyers of late, owing to
tho high prices now prevailing for various materials. From various sources
wo learn that many concerns throughout the district have plans for large
amounts of construction work, to bo undertaken as soon as the high prices
recede, and this taken with tho flourishing condition of the shipyards
makes it appear that the iron and steel industry has an exceptionally long
and bright future before it. The foreign business is also expected to con
tinue on a large scale, regardless of whether the war ends or not.
REPORT
OF
C O N D IT IO N S
RESERVE
IN
ST.
L O U IS
FEDERAL
D IS T R IC T .
In its roviow of conditions, made public on Aug. 1 co
incident with the issuance of tho August “ Bulletin” of the
Federal Reserve Board, the Federal Reserve Bank of St.
Louis says:
Business interests throughout this district report an active trade equal
to if not exceeding that of the past few months. W ith but few exceptions
merchants and manufacturers report increases in shipments, excellent conlections and heavy orders for future delivery. The outlook seems to be
entirely favorable although thero is a noticeable undercurrent of con
servatism.
Reports have been received from jobbing interests in all of tho larger
cities of tho district giving figures on their business for A pril, M ay and
June 1910, compared to the average of the samo three months of 1915, 1914
and 1913. In almost every case an increase is noted in shipments, a cor
responding increase in collections and a decrease in past-due accounts.
Tho amount of unfilled orders on hand June 30 1916 seems to be unusually
large and in several instances merchants have reported a record business.
Ono wholesale dry goods house reports increases in shipments ranging from
1 1 5 % to 14 4 % in the States wholly or in part within this district. Another
house reports, “We anticipate the biggest business we have ever had.”
One of the largest shoe houses in St. Louis reports shipments for April, M ay
and June this year as 7 2 % larger than the average for the same three
months of 1913, 1914 and 1915. A hardware company in Fort Smith,
A rk., reports an increase of 3 1 % in their shipments and their comment on
general business and agricultural conditions is: “Fine, much above the
ten-year average.” A report from Memphis on general conditions reads:
“Very favorable and improving.” Reports from jobbing interests in Lousvillo are practically the same.
During tho past month tho Government has come into this market for
army supplies, and this has been a somewhat noticeable factor in the
activity noted.
D IG E ST OF R U R A L
C R E D IT S L A W .
W ith a view to making it easy for busy persons to obtain
quickly a comprehensive idea of the new Federal Farm
Loan A ct, popularly known as the Rural Credits Law, the
Guaranty Trust Co. of Now York has prepared and issued
a “ Digest of the Federal Farn Loan A c t .” This A ct,
which became a law on July 17 1916, when President Wilson
signed it, is designed “ to provido capital for agricultural de
velopment, to create a standard form of investment based
upon farm mortgage, to equalize rates of interest upon
farm loans, and for other purposes.” It is an A ct of farreaching importance, of interest to a great many persons.
Tho act was published in full in these columns last week.
C O N G R E S S TO A I D
IN
IN D U S T R IA L
PREPAREDNESS
C A M P A IG N .
Dotails by States of tho progress of tho work of tho Commit
tee on Industrial Preparedness of tho N aval Consulting Board
of tho United States, which undertook an inventory of the
country’s manufacturing and producing resources with a view
to their mobilization for use in times of war, are furnished in
a statement issued under date of July 30 by Howard E .
Coffin, Chairman of the Committee. In making known tho
intention of Congress to aid in carrying out the plans, M r .
Coffin says:
Congress has practically completed legislation that will carry out the
ontiro program of the Committee on Industrial Preparedness of tho U . S.
Naval Consulting Board to establish a firm and enduring foundation for tho
nation’s dofonso.
Thero will also be incorporated into law tho committee’s carefully workedD O M E S T IC B R A N C H E S .
out plans to teach American manufacturers now, in time of peace, through
annual
educational orders, how to turn out war munitions and all other
That tho Act approved December 23d 1913, known as tho Federal 1
m ilitary and naval supplies when needed. It likewise seems probable that
servo Act, bo amended by adding a now section, as followslegislation will soon be passed adopting the committee’s measure for an in
DOMESTIC BRANCHES.
dustrial reserve, so that in time of war the skilled mechanic shall be kept
"Sec. 25a. That any member bank located in a city or incorporated to
at home on the job where his services are most needed to feed the firing lino.
or village of more than one hundred thousand inhabitants and
Th is legislation comes during tho closing days of tho committee’s re
capital and surplus of 31,000,000 or more may, under such rules and real
markable three-months campaign, made with a volunteer, unpaid organi
tions as the Federal Reserve Board may prescribe, establish branches riot
zation of business men and engineers. It has been an epoch-making work
exceed ten in number within the corporate limits of the city, town or vitin,,,
and marks definitely tho new era of tho engineer In tho preservation of
which it is located.
national governments.
“Provided, That no such bank shall be established in any State whose statutes
Although the Committee’s great industrial Inventory had been making
do not specifically authorize branchesf or banks having Stale charters."
excellent progress, national conditions recently became such that Chairman
456
THE
C H R O N IC L E
Howard E . Coffin sent urgent telegrams to the chairmen of the Committee’s
State boards directing them to mako all possiblo hasto to gather the indus
trial information so vital to the army and navy o f the United States. At
tho samo time Secretary o f War Baker detailed five officers o f the regular
army service, two of them members o f tho General Staff, to tho Committee’s
offices in tho Engineering Societies Building, New York, to assist in rushing
the work to tho limit and to gain immediate benefit for tho Government
of the largo amount of data already obtained.
As a result of the increased vigor of tho work o f tho great army of engin
eers and chemists under Chairman Coffin and Supervising Director W . S.
Gifford, reports aro coming in from the field in even greater quantity than
before. Tho engineers and chemists aro members o f tho American Society
of Civil Engineers, tho American Institute o f Mining Engineers, tho Ameri
can Society of Mechanical Engineers, tho American Institute of Electrical
Engineers and tho American Chemical Society. Tho Committee is inven
torying scores o f thousands of plants to know exactly how each one o f them
can adapt its equipment to produce the thousands o f things, from shells to
shaving brushes, necessary for tho Government’s use in a national emer
gency.
Thero are more than 30,000 manufacturing concerns in the United States
doing a business of over $ 100,000 a year, and all o f these are being inven
toried, to say nothing o f many smaller plants with equipment peculiarly
suited to turn out material for tho fighting lino.
Only a fow business men havo refused to give tho desired information,
usually to yiold on a fuller explanation of tho Committee’s purpose and tho
country’s need.
•
Concerning tho progress of tho work in New York State,
M r. Coffin says:
New York State has a remarkably efficient organization, headod by
J . G. White as Chairman, but with much o f tho executive work being done
by tho Secretary, William M . Rose. To inventory the business firms for
tbo Empire State capable of aiding the Government in timo of war is in
itself a stupendous task. The survey is proceeding to its end satisfactorily
and consistently, with tho manufacturers showing an intelligent and
patriotic spirit of co-operation. Graphic instances are constantly coming
to light of how manufacturers with outputs at present absolutely unrelated
to tho production of munitions of war can swing their resources in behind
tho Government in a national emergency. It was even recently discovered
that a silversmith is making thousands of cartridge cases a day for the
deadly French “ 75’s” and caps for small arm cartridges and bullet jackets
at the rate of several million a week. This firm is also equipped to produce
complete lines of ammunition for field guns.
A statement calling attention to tho fact that preparedness
does not consist merely in tho enlargement of tho army and
navy, and to tho further fact that President Wilson has
given his support unreservedly to measures looking to the co
ordination of production, transportation and industry, was
issued at the White House on July 28 in making public a lottor
from President Wilson acknowledging rocoipt of a preliminary
report of tho now National Resoarch Council. Tho White
House statement said:
• The President has given his unreserved endorsement to certain measures
not directly related to army and navy expansion, which aro being taken In
behalf of national preparedness. Preparedness does not consist merely In
the enlargement of tho army and navy, but necessitates co-ordination in
production, transportation and industry. A provision of the army appro
priation bill for a Council of National Defense Is designed to meet this
requirement. This council will consist of tho Secretary of State, tho
Secretary of War, tho Secretary of tho Navy, tho Chief of Staff o f tho army,
an officer of tho navy o f tho rank of captain or o f higher rank, and six
persons to bo appointed by tho President, who shall bo authorities on ques
tions relating to public utilities, industry or natural resources.
This body will be capable of very great and material servico to tho Gov
ernment in tho vital matter of the nation’s security. Needless to say, men
o f tho highest quality of patriotism and ability will be asked to servo upon it.
Preparedness, to bo sound and completo, must bo solidly based on scionco.
In realization of this fact, the President some timo ago requested tho
National Academy of Sciencos to form tho National Research Council.
That body has boon formed and has made a preliminary roport, in regard
to which tho President has written tho following letter to Dr. William H.
Welch, of Johns Hopkins University:
“ M y D e a r A i r . W e lc h .— I want to toll you with what gratification I have
received tho preliminary report of the National Research Council which
was formed at my roquost under tho National Academy of Sciences Tho
outlino of work there sot forth and tho evidences of romarkablo progress
toward tho accomplishment of tho object of tho council aro indeed gratify
ing. M ay I not tako this occasion to say that tho departments of tho
(government aro ready to co-oporato in every way that may bo required,
and that heads of tho departments most immediately concerned aro now,
at my request, activoly engaged in considering tho best methods of co
operation? Representatives o f Government bureaus will bo appointed as
membors of tho Research Council as tho council desires.
Cordially and sincerely yours,
WOODROW W ILSON .”
COUNTING OF T R A I N M E N ’ S VOTE ON STRIKE
QUESTION.
■ Tbo counting of tbo ballots cast by tbo 400,000 trainmen
on tbo question of a nation-wido strike to onforco tboir de
mands for an eight-hour day and time-and-a-half for over
time was begun in this city on tbo 1st inst. at tho Broadway
Central Hotel. The task has been conducted under tbo
direction of Timothy Shea, Assistant to tbo President of
the Brotborbood of Locomotive Firemen and Enginemen.
Whilo tho result of the voto will not bo mado known until
next Tuesday, the 8th inst., it is stated that the showing is
overwhelmingly in favor of giving tho Brotherhood loaders
authority to declare a strike to enforce tho domands. Tho
casting of tho votes was begun following tho termination
of tho conferences betweon tho representatives of tho rail
roads and trainmen on June 15, with tho declination of tho
railroads to accede to tho trainmen’s proposals. A . B.
Garrotson, President of tho Order of Railway Conductors, and
W . II. Lee, President of tho Brotherhood of Railroad Train-
[Vol. 103.
mon, arrived in this city on Thursday to confer with the
othor leaders to determine upon tho stops to bo taken in tho
ovent that tho railroads decline to change tlioir attitude with
regard to tho demands. Support of the American Federation
of Labor was plodged to the Brotherhoods in case of a strike
by the Executive Council of the Federation in sossion at
Atlantic City on July 28. Samuel Gompers, President of
tho Federation, in stating on July 30 that all tho unions of
the epuntry would stand behind the trainmen in tho move
ment, was quoted as saying:
Tlio shorter workday Is a condition o f work which makes possiblo im
provements in other ways. Tho shorter workday transforms workers who
havo daily worked a long period of time into different individuals physi
cally, mentally and socially.
Tho railroad brotherhoods havo presented a straight demand for an eighthour day, and in order to onforco that regulation havo associated with tho
demand penalties for overtime that would mako managers careful in in
discriminately prolonging hours.
Tho demand was one not subject to compromise. Membors of the rail
road brotherhoods instructed their representatives to make this an uncon
ditional demand. When the representatives of tho railroads refused to
agree to the eight-hour day and aimed to becloud tho issue by compromises
and to introduce modifying conditions tho conference camo to an end.
Tho real purpose of these demands was disclosed when tho spokesman for
tho railroads urged tho brotherhoods to abandon their plans whilo Congress
and the Commission considered and determined tho affairs of tho men. In
other words, tho railroads wanted to deprive tho men of tho bonoflts of
organization, wanted to reduce them to tho ranks of tho unorganized in
order to dominate them as they dominate their employees who aro un
organized.
It was reported on Thursday that a committee of tho
Switchmen’s Union of North America had met with a
committeo of railroad managers at tho Engineering Sociotios
Building, this city, concerning tho demands of tho workers
for higher pay and shorter hours. Tho union is not part of
tho “ Big Four” railway brotherhoods, but is affiliated with
the American Federation of Labor. Last March it sorvod
notice on the General Managers’ Association of Chicago for
moro pay and shorter hours. Among the roads affoctod by
tho domand of tho switchmen aro tho Now York Contral,
Michigan Contral, Lehigh Valley, Nickol Plate, Poro Mar
quette, Rock Island, Chicago & Eastorn Illinois, Chicago
Great Western, Texas Pacific, Baltimore & Ohio and Lacka
wanna.
An appeal from business men for Federal intervention to
prevent the threatened railroad strike was presented to
President Wilson on Aug. 2 by Harry A . Wheeler, of Chicago,
Chairman of the Committee on tho Railroad Situation of tho
Chamber of Commerce of tho United States. Copies of tho
appeal were also sent to representatives of tho railroads, tho
four brotherhoods of railway men, Chairman Nowlands of
the Senate Committee on Inter-Stato Commerce, and Chair
man Adamson of the House Committeo on Inter-Stato and
Foreign Commerco. A special message was addressed to all
urging that steps bo takon to bring about intervention as
assured in the resolution recently introduced by Sonator
Nowlands and ratified by an almost unanimous voto of tho
commercial organizations affiliated with tho National
Chamber of Commerce. The appeal to tho President says:
I feel constrained to bring to your attention a matter in connection with
the controversy between tho railroads and tho trainmen’s brotherhoods, in
the hope that you will see fit to start an inquiry on bahalf of tho Adminis
tration as to the near approach of an actual crisis In tho matter and to
verify tho statement which I herewith submit.
As Chairman of tho National Chamber Committeo on tho Railroad Situa
tion, I met in Now York with tho Railway Executive Advisory Committeo,
Frank P. Trumbull, Chairman, and tho National Conference Committeo
of Railroads, Elisha Leo, Chairman, to roquost from thorn a definite state
ment as to tho position of tho roads when tho conference reconvenes to
hear tho result of the striko voto which was completed last week.
There seems to bo a prevailing opinion in Washington, and I think rather
generally held throughout tho country, that no Interruption of freight
transportation will result and that some means will bo found to adjust tho
differences.
As a result of tho meeting, my conviction is deepened that an amicablo
settlement Is remote and that whilo other orderly steps aro yet to bo taken
beforo a final broak is reached, yet such a break is inevitable unless strong
measures of intervention aro speedily introduced.
On August 8 the Joint Conference will convene again, tho men will an
nounce tho result of their striko voto, and tho roads will reiterato their
proposals which tho brotherhood chiefs havo onco declined. I am assured
that thero will be no modification of tho attitude of tho roads. Neither is it
expected that tho representatives of tho men, with tho now power of tho
striko voto in their hands, will recedo from tho position which they havo
heretofore taken.
Tho United States Board of Mediation and Conciliation may como into
tho matter at this point, but without effect, in my judgment, in bringing
those contending factions together. Finally, arbitration may bo discussed,
and tho break will como when tho roads absolutely refuse to arbitrate o n ly
tho demands of tho men and tho men refuso with equal force to admit Into
tho arbitrations tho contingent proposals of tho roads.
Thus, unless thero is intervention as proposed in Senato Joint Resolution
145, ratified by an almost unanimous voto of tho commercial bodies affiliated
with tho Chamber of Commerco of tho United States, or other govorumontal
intervention on behalf of tho public, nothing will bo left but for tho men in
definitely to defer action or oxerclso tho authority conferred upon thorn by
an overwhelming voto to call a striko.
In tho meeting tho roads definitely expressed a determination not to
recedo from their present position no matter from what sourco an appeal i3
AUG. 5 1916.]
THE
C H R O N IC L E
457
The first duty of tho Exocutivo was to command tho respect of tho
world by the personnel of our State Department and our representation
abroad. No party exigency could excuse tho non-performance of this
obvious obligation. Still, after making every allowance for certain com
mendable appointments, it is apparent that this obligation was not per
formed. At the very beginning of the present Administration, where
The threatened strike was the subject of a conference on in tho direction of diplomatic intercourse there should havo been con
Thursday between President Wilson and William L. Cham spicuous strength and expertness, we had weakness and inexpertness.
Instead of assuring respect, we invited distrust of our competence and
bers, Commissioner of the Federal Board of Mediation and speculation
as to our capacity for firmness and decision, thus entailing
Conciliation. Late in the day the President designated many difficulties which otherwise easily could have been escaped. Then,
W . W . Hanger, Assistant Commissioner of the Board of n numerous instances, notably in Latin America, where such a course
was particularly reprehensible and whero we desire to encourage the most
Mediation and Conciliation, as a member of the Board. friendly relations, men of long diplomatic experience, whoso knowledge
The law stipulates that there shall be three members, but and training were of especial value to the country, were retired from the
Judge Martin A . Knapp, Chairman, and William L. Cham service, apparently for no other reason than to meet partisan demands
in tho appointment of inexperienced persons.
bers, Commissioner, have served alono because an official
Whero, as in Santo Domingo, wo had assumed an important special
of the Department of Labor, designated as the third member trust in the interest of its people, that trust was shockingly betrayed in
order
to satisfy “ deserving Democrats.” Tho record showing the Ad
when the Board was formed, was not qualified for the place.
ministration's disregard of its responsibilities with respect to our rep
Judge Knapp and M r. Chambers asked the President to in resentation in diplomacy Is an open book and the specifications may
crease the membership because the work of the Board easily be had.
It is a record revealing professions belied. It is a dismal record to
already has become great and the threatened railroad strike
those who believe in Americanism. Take, for example, tho withdrawal
has added to the necessity of having another member. A of Ambassador Herrick from France. There ho stood, in the midst o f
further conference between the President and M r. Chambers alarms, tho very embodiment of courage, of poise, of executive capacity,
trusted and beloved. No diplomat ever won more completely
was held yesterday. The day was also marked by the de universally
tho affections of a foreign people; and there was no better fortune for
parture of M r. Hanger for New York to discuss with repre this country than to have at the capital of any one of the belligerent nations
sentatives of railroads and the Switchmen’s Union of North a representative thus esteemed. Yet tho Administration permitted
itself to supersede him. The point is not that tho man was Ambassador
America a threatened strike of yard employees on certain Herrick or that the nation was Franco, but that we invited the attention
of tho world to tho inexcusable yielding of national interest to partisan
Eastern lines.
expediency. It was a lamentable sacrifice of international repute. I f
On Thursday a call was issued for a meeting yesterday wo would have tho esteem of foreign nations wo must deserve it. W o
must show our regard for special knowledge and experience. I propose
(Friday) of the Senate Inter-State Commerce Committee that we shall make the agencies of our diplomatic intercourse, in every
to decide whether hearings would be hold on Chairman New- nation, worthy o f the American name.
The dealings o f the Administration with M exico constitute a confused
lands’s resolution proposing an investigation by the Inter chapter
o f blunders. We have not helped M exico. She lies prostrate,
State Commerco Commission of hours of labor on railroads impoverished, famine-stricken, overwhelmed with woes and outrages o f
Internecine
strife, the helpless victim o f a condition o f anarchy which
and urging tho employers and employees to postpone a settle
ment of thoir differences until a report can be made. A t this the course o f the Administration only served to promote. For ourselves*
we have witnessed the murder o f our citizens and the destruction o f their
meeting tho Committee voted to table tho resolution. Con property. We have made enemies, not friends. Instead o f commanding
respect
and deserving good will by sincerity, firmness and consistency
cerning the action of the Committee, Senator Newlands
wo provoked misapprehension and deep resentment.
said:
In the light o f the conduct o f the Administration no one could under
It was determined to have no hearings upon the subject, but to lay tho stand its professions. Decrying interference, wo interfered most exresolution upon the table. The Committee deemed it Inadvisable, while aspcratingly. W e have not even kept out of actual conflict, and the soil
proceedings were pending under the Mediation Arbitration Act, to take o f Mexico is stained with the blood o f our soldiers. We have resorted
up tho subject o f tho pay and hours o f service o f railway employees. It to physical invasion, only to retire without gaining the professed object.
was also deemed Inadvisable to add to tho prosont duties of tho Inter-State It is a record which cannot be examined without a profound sense o f humilia
Commerco Commission, which, as it Is well known. Is overloaded with tion.
work.
When the Administration came into power nuorta was exercising author
ity as Provisional President of Mexico. He was certainly in fact the head
o f the Government of Mexico. Whether or not he should be recognized
M R . H U G H E S ’ S FORMAL ACCEPTANCE OF THE
was a question to be determined in the exercise o f a sound discretion, but
PRESID ENTIAL N O M IN A T IO N .
according to correct principles. The President was entitled to be assured
Charles E . Hughes, who was nominated for President that there was at least a do facto Government; that international obliga
at the Republican National Convention at Chicago, June tions would be performed; that the lives and property of American citizens
' i o , formally accepted tho nomination at a meeting at Car- would have proper protection.
To attempt, however, to control the domestic concerns of Mexico was
nogio Hall, on Monday night last, July 31. His speech, simply intervention, not less so because disclaimed. The height o f folly
a lengthy one, was ai arraignment of the policies of the was to have a vacillating and ineffective intervention, which could only
evoke bitterness and contempt, which would fall to pacify the country
Wilson Administration, a large part of the address being and
to assure peace and prosperity under a stable government. If crimes
devoted to a criticism of its action with respect to Mexico. were committed, we do not palliate them. We make no defense of Huerta*
But
the Administration had nothing to do with tho moral character of
Among othor matters touched upon by him, M r. Hughes
Huerta, if, in fact, he represented the Government o f Mexico. We shal1
dilated upon the safeguarding of American rights on land never worthily prosecute our unselfish aims or serve humanity by wrong
and sea, advocated an international tribunal to* decide headedness.
So far as the character of Huerta Is concerned, the hollowness o f the
controversies susceptible of judicial determination, declared
pretensions on this score Is revealed by tho Administration’s subsequent
himself in favor of adequate Federal workmen’s compen patronage of Villa (whose qualifications as an assassin are indisputable)
sation laws dealing not only with employees of the Govern who apparently tho Administration was ready to recognize had he achieved
end and fulfilled what then seemed to be its hope.
ment, but those engaged in Inter-State commerce, indorsed hisTho
question is not as to the non-recognition of Huerta. The Adminis
tho declaration in the platform in favor of woman suffrage tration did not content itself with refusing to recognize Huerta, who was
recognized by Great Britain, Germany, France, Russia, Spain, and Japan*.
&c., &c., Tho speech in its entirety follows:
Senator Harding, members of the Notification Committee, and follow Tho Administration undertook to destroy Huerta, to control Mexican,
politics, even to deny Huerta tho right to bo a candidate for the officecitlzons:
This occasion Is moro than a more ceremony o f notification. Wo are of President at the election the Administration demanded.
With what bewilderment must the Mexicans havo regarded our assertion,
not horo to indulgo In formal expressions. Wo come to state in a plain
and direct manner our faith, our purpose and our pledgo. This represen of their right to manage their own affairs! In tho Summer of 1913 John
Lind
was dispatched to the City of Mexico as the President’s “ personal
tative gathering is a happy augury. It .means tho strength of reunion.
It moans that tho party of Lincoln is restored, alort, effective. It means spokesman and representative” to the unrecognized Huerta in order to
tho unity of a common perception o f paramount national noods. It demand that the latter eliminate himself. It was an unjustifiable mission,
most offensive to a sensitive people. John Lind lingered irritatingly.
moans that wo aro nolthor docolvod nor bonumbod by abnormal conditions.
Wo know that wo aro in a critical period, perhaps moro critical than Tho Administration continued to direct its efforts at the destruction Of
any period sinco tho Civil War. Wo noed a dominant sonso of national tho only Government Mexico had.
In the Spring of 1914 occurred the capture o f Vera Cruz. Men from
unity; tho oxorciso o f our host constructive powers; tho vigor and re
sourcefulness o f a quickonod America. Wo dosiro that tho Republican one of our ships had been arrested at Tampico and had been discharged
Party as a great liberal party shall bo tho agency of national achievement, with an apology. But our Admiral demanded a salute, which was re
tho organ of tho offectivo expression o f dominant Americanism. What fused. Thereupon the President went to Congrees, asking authority
to use the armed forces of the United States.
do I moan by that?
Without waiting for the passage of the resolution Vera Cruz was seized.
I moan America conscious of power, awake to obligation, orect In selfrospoct, prepared for ovory emergency, devoted to tho ideals of poaco, It appeared that a shipload of ammunition for Huerta was about to enter
Instinct with tho spirit o f human brothorliood, safeguarding both individual that port. There was a natural opposition to this invasion and a battle
opportunity and tho public lnterost, maintaining a well ordered con occurred in which nineteen Americans and over a hundred Mexicans
stitutional system adapted to local solf-govornmont without tho scarifico wore killed. This, of course, was war. Our dead soldiers were praised
o f essontial national authority, appreciating tho necessity of stability, for dying like heroes in a war o f service. Later, we retired from Vera
export knowlodgo and thorough organization as tho indispensable conditions Cruz, giving up this noble warfare. W e had not obtained the salute
o f socurity and progross; a country loved by its citizens with a patriotic which was demanded. We had not obtained reparation for affronts.
fervor permitting no division In thoir allogianco and no rivals in their Tho ship with ammunition which could not land at Vera Cruz had soon
affection— I moan America first and America efficient. It is in this spirit landed at another port, and its cargo was delivered to Huerta without
that I respond to your summons.
interference. Recently the naked truth was admitted by a Cabinet
Our foreign relations havo assumed gravo importance In tho past three officer.
We are now informed that "we did not 90 to Vera Cruz to force Huerta
years. Tho conduct o f diplomatic Intercourse is in tho kooping of tho
Exocutivo. It rosts chiefly with him whothor wo shall show compotonco to salute the flag.” We are told that we went there "to show Mexico
or Incompetonco; whether tho national honor shall bo maintained; whether that we were in earnest in our demand that Huerta must g o.” That is.
our prostigo and Influence shall bo lowered or advanced. What Is tho wo seized Vera Cruz to depose Huerta. The question o f tho salute was
ocord o f tho Administration?
a mere pretext.
made, and while I am usually optimistic about finding a way out of
difficult situations, I must confess in tills situation, after talking most
earnestly with both parties to the controversy, I see no ray of light nor any
possibility o f averting a serious catastrophe.
458
THE
C H R O N IC L E
[Vol. 103
Meanwhile, tho Administration utterly failed to porform its obvious
stand for tho unflinching maintenance of all American rights on land and
duty to secure protection for the lives and property o f our citizens. It sea.
is most unworthy to slur those who liavo investments in Mexico in order
Wo havo had a clear and dofinito mission as a great neutral nation. It
to escape a condemnation for the non-performance o f this duty. There
was for us to maintain tho integrity of international law; to vindicate
can bo no such escapo, for wo havo no debate, and thero can bo no doour rights as neutrals; to protect tho lives of our citizens, their property
bato, as to tho existence of this duty on the part of our Government.
and trado from wrongful acts.
Let me quote the words o f the Democratic platform of 1912:
Putting aside any question as to tho highest possibilities of moral leader
“ Tho constitutional rights o f American citizens should protect them on
ship in tho maintenance and vindication of the law of nations in connection
our borders and go with them throughout the world, and overy American
with tho European war, at least wo were entitled to tho safeguarding of
citizen residing or having property in any faroign country is entitled to Amorican rights. But this lias not been secured. Wo liavo had bravo
and must bo given the full protection o f tho United States-Government,
words in a series of notes, but despite our protests tho lives of Americans
both for himself and his property.”
havo been destroyed.
Tho bitter hatred aroused by the course o f tho Administration multi
What does it avail to uso some of tho strongest words known to diplomacy
plied outrages, while our failuro to afford protection to our citizens ovokod
if ambassadors can receive the impression that the words aro not to bo
the scorn and contempt o f Mexicans.
taken seriously? It is not words, but tho strongth and resolution behind
Consider tho ignominious incident at Tampico in connection with tho
the words, that count. Tho chief function of diplomacy is prevention;
capture of Vera Cruz. In tho midst o f the greatest danger to the hundreds
but in this our diplomacy failed, doubtless because Qf its impaired credit
of Americans congregated at Tampico, our ships which were in tho harbor
and tho manifest lack of disposition to back words with action. Had
wero withdrawn and our citizens wero saved only by the intervention of
this Government by tile uso of both informal and formal diplomatic op
German officers and wero taken away by British and German ships. The
portunities loft no doubt that when wo said “ strict accountability” wo
official excuse of the Secretary of tho Navy is an extraordinary commentary.
Our ships, it seems, had been ordered to Vera Cruz; but, as it appeared meant precisely what we said, and that we should unhesitatingly vindicate
that they wero not needed, the order was rescinded. Then, wo are told, that position, I am confident that there would liavo been no destruction
our Admiral was faced with this remarkable dilemma: If ho attempted of American lives by the sinking of the Lusitania. There, wo had amplo
to go up tho river at Tampico and take our citizons on board, tho word notice; in fact, published notice, furthermore, wo knew the situation
“ aggressive action," as tho Secretary called it, “ would havo spread to and wo did not require specific notice.
Instead of whittling away our formal statements by equivocal con
tho surrounding country” and it was “ almost certain that reprisals on
versations, wo needed tho straight, direct and decisive representations
American citizens would have followed and lives would have boon lost.”
Wo had so inconsed tho Mexicans that wo could not rescue our own citi which every diplomat and foreign offico would understand. I beliovo
zens at Tampico, save at tho risk of tho murder of others. Wo must tako that in this way wo should havo been spared tho repeated assaults on
Vera Cruz to get Huerta out of office and trust to other nations to got Amorican lives. Moreover, a firm American policy would liavo been
strongly supported by our peoplo and tho opportunities for tho dovelopour own citizens out o f peril. What a travesty of international policy!
Destroying tho government o f Huerta, wo left Mexico to tho ravages ment of bitter feeling would have been vastly reduced.
It is a groat mistako to say that resoluteness in protecting American
o f revolution. I shall not attempt to narrate tho sickening story o f tho
barbarities committed, o f the carnival o f murder and lust. Wo wero rights would havo led to war. Rather, in that courso lay tho best assurance
of
peace. Weakness and indecision in the maintenance of known rights
then told that Moxico was entitled to spill as much blood as sho pleased
to settlo hor affairs. Tho Administration vacillated with respect to the aro always sources of gravo danger; they forfeit respect and invite serious
wrongs,
which in turn creato an uncontrollable popular resentment. That
embargo on tiio export o f arms and munitions to Mexico. Under tho
is not tho path of national security.
resolution o f 1912 President Taft had laid such an embargo.
Not only havo wo a host of resources short of war by which to onforco
In August 1913, President Wilson stated that ho deemed it his duty to
sco that neither side to tho strugglo in Mexico should reccivo any assistance our just demands, but we shall never promote our peace by being stronger
in
words than in deeds. We should not havo found it difficult to maintain
from this side o f tho border and that tho export of all arms and munitions
to Moxico would bo forbidden. But in February 1914 tho embargo was peaco, but we should have maintained peaco with honor. During tills
lifted. In April 1914 tho embargo was restored. In M ay 1914 It was critical period tho only danger of war has lain in tho weak courso of tho
explained that tho embargo did not apply to American shipments through Administration.
I do not put lifo and property on tho same footing, but tho Administra
Mexican ports, and ammunition for Carranza was subsequently landed
at Tampico. In September 1914 tho embargo was liftod on exports tion lias not only boon remiss with respect to tho protection of Amorican
across tho border; thereupon military supplies reached both Villa and lives, it has boon remiss with respect to tho protection of American property
Carranza. In October 1915 an embargo was declared on all exports of and Amorican commerce. It has been too much disposed to bo content
arms oxcept to tho adherents of Carranza. Thero was an utter absence with leisurely discussion.
I cannot now undertako to review the courso of events, but it is entirely
•of consistent policy.
For a time wo bestowed friendship on Villa. Ultimately we recognized clear that wo failed to uso tho resources at our command to provont in
Carranza, not on the ground that ho had a constitutional government, jurious action and that we suffered in consequence. Wo havo no ulterior
but that it was a do facto Government. Tho complete failuro to secure purposes, and tho Administration should havo known how to socuro tho
protection to Amorican citizens is shown conclusively In the note o f tho ontiro protection of overy legitimate American interest and tho prompt
Secrotary o f State of June 20 1916, in which ho thus described tho con recognition of our just demands as a neutral nation.
Wo donounco all plots and conspiracies in tho interest of any foreign
ditions that havo obtained during tho last threo years:
“ For three years tho Moxican Republic has been torn with civil strife; nation. Utterly intolerable is tho uso of our soil for alien intrigues. Evory
Amorican
must unreservedly condemn them and support overy effort for
tho lives of Americans and other aliens have been sacrificed; vast proper
ties developed by American capital and enterprise havo been destroyed their suppression. But hero, also, prompt, vigorous and adequate meas
ures
on
the
part of tho Administration wero needed. There should liavo
or rendered non-productive; bandits have been permitted to roam at will
through tho territory contiguous to tho United States and to seize, with been no hesitation, no notion that it was wise and politic to delay. Such
out punishment or without effectivo attempt at punishment, tho property an abuso of our territory demanded immediate and thoroughgoing action.
o f Americans, while tho lives of citizens of the United States who ventured As soon as tho Administration had notico of plots and conspiracies it was
to remain in Mexican territory or to return thero to protect their interests its duty to stop them. It was not lacking in resources. Its, responsi
havo been taken, in somo cases barbarously taken, and tho murderers bility for their continuance cannot bo escaped by tho condemnation of
others.
havo neither been apprehended nor brought to justice.
Wo are a peace loving peoplo, but wo live in a world of arms. Wo havo
“ It would bo tedious to recount instance after instance, outrago after
outrage, atrocity after atrocity, to illustrate the true naturo and oxtont no thought of aggression, and wo desire to pursue our democratic ideals
without
tho wastes of strife. So devoted aro wo to thoso ideals, so intent
of tho widespread conditions o f lawlessness and violence which have pre
upon our normal development, that I do not beliovo that thero is tho
vailed.”
Tho Santa Ysabel massacro, the raid at Columbus, tho bloodshed at slightest dangor of militarism in this country. Adequato preparedness
Carrizal, aro fresh in your minds. After tho Columbus raid wo started is not militarism. It is tho essential assuranco of security; it is a neces
a “ punitive expedition.” Wo sent a thin line o f troops hundreds of miles sary safeguard of peace.
It is apparent that wo aro shockingly unprepared. Thero is no room for
into Mexico, between two lines o f railway, noithor o f which wo wero al
lowed to use and which wo did not feel at liberty to seize. Wo wero re controversy on this point sinco the object lesson on tho Mexican border.
All
our available regular troops (less, I beliovo, than 40,000) aro thero or
fused permission to enter tho towns. Though thus restricted, tho enter
prise was still regarded by tho Mexicans as a monace. Our trooj>s faced in Mexico, and as theso havo been deemed insufficient tho ontiro National
hostile forces, and it is not remarkable that our men fell at Carrizal. What Guard has been ordered out; that is, wo aro summoning practically all
other result could bo expected? Wo woro virtually ordered to withdraw, our movable military forces in order to prevent bandit incursions. In
and without accomplishing our purpose wo havo boon withdrawing and view of tho warnings of tho past three years, it is inoxeusablo that wo should
find ourselves in this plight.
wo aro now endeavoring to safeguard our own territory.
For our faithful Guardsmen, who witli a fine patriotism responded to
Tho entire National Guard has been ordered out, and many thousands
of our citizens havo been taken from their peaceful employment and hurried this call and aro bearing this burden, I liavo nothing but p ra ise . But I
think
it littlo short of absurd that wo should bo compelled to call men
to tho Mexican border. Tho Administration was to seizo and punish
Villa for his outrage on our soil. It has not punished any one; wo went from their shops, their factories, their offices and their professions for
uch a purpose. This, however, is not all.
in only to retire, and futuro movements aro apparently to bo determined
Tho units of tho National tJuard wero at peaco strongth, which was only
by a joint commission.
about
one-half tho required strength. It was necessary to bring in re
Tho nation has no policy o f aggression toward Mexico. Wo havo no
dosiro for any part o f her territory. Wo wish her to havo peace, stability cruits, for tho most part raw and untrained. Only a small percentage
and prosperity. Wo shoud bo ready to aid her in binding up her wounds, of tho rogiments recruited up to war strength will liavo had ovon a year’s
in relieving her from starvation and distress, and in giving her in overy training in tho National Guard, which at tho maximum means ono hundred
practicable way tho benefits o f our disinterested friendship. Tho con hours of military drill, and, on the average, means much loss.
Tako the Eastern Department as an illustration. Tho States ill this
duct of this Administration has created difficulties which wo shall havo
department contain about 72% of tho entire organized militia of tho coun
to surmount.
try.
I am intormed, by competent authority, that tho quota of militia
Wo shall have to overcome tho antipathy needlessly created by that
conduct and to develop genuine respect and confidence. Wo shall liavo from this department recently summoned with tho units raised to war
to adopt a now policy, a policy of firmness and consistency, through which strongth as required would amount to about 131,000 men; that in re
atono wo can promote an enduring friendship. Wo demand from Mexico sponse to this call thero aro now en routo to or on tho border about 04,000
tho protection of tho lives and the property of our citizens and tho security men, and in camp in their respective States about 28,000 men; and thus,
o f our bordor from depredations. Much will be gained if Mexico is con after what has already been accomplished, thero still remain to bo sup
vinced that we contomplato no mcddlesomo interference with what does plied in recruits about 48,000 men.
Men fresh from their peaceful employments and physically unprepared
not concern us, but that wo propose to insist in a firm and candid manner
havo been hurried to tho border for actual sorvico. They woro without
upon tho performance o f international obligations.
To a stable government, appropriately discharging its international proper equipment; without necessary supxilies; suitable conditions of
duties, wo should give ungrudging support. A short period o f firm, con transportation wero not provided.
Men with dependent families were sent; and conditions whicli should
sistent and friendly dealing will accomplish more than many years of
liavo been well known wero discovered after tho event. And yot tho ex
vacillation.
In this land o f composite population, drawing its strength from every igency, comparatively speaking, was not a very gravo ono. It involvod
' race, tho national security demands that thero shall be no paltering with nothing that could not readily havo been foreseen during tho past threo
American rights. Tho greater tho danger of divisive influences, tho greater yoars of disturbance, and required only a modest talent for organization.
is tho necessity for tho unifying force o f a just, strong and patriotic posi That this Administration while pursuing its courso in Mexico should havo
permitted such conditions to exist is almost incrediblo.
tion. Wo countenance no covert policies, no intrigues, no secret schemes.
In tho demand for reasonablo preparedness tho Administration lias
Wo aro unreservedly, devotedly, whole heartedly for tho United States.
That is tho rallying point for all Americans. That is my position, I followed, not led.
Thoso who^demanded! moro_ adequate, forces wero
A ug . 5 1916.]
THE
C H R O N IC L E
first doscribcd as "nervous and excited.” Only about a year and a half
a„o we woro told that the question o f preparedness was not a pressing
one- that the country had been misinformed. Later, under the pressure
o f other leadership, this attitude was changed. Tho Administration,
it was said, had “ learned something,” and it mado a belated demand for
an increased army. Even then tho demand was not prosecuted consistently
and tho pressure exerted on Congress with respect to other administrative
measures was notably absent.
Tho President addressed Congress but little over six months ago, prosenting tho plans of the War Department and Congress was formal y
I to sanction theso plans as tho essential first steps.
They con
templated an increase of the standing force of tho regular army from its
then strength o f 5.023 officers and 10 2 ,9 8 5 enlisted men to a strength of
7 rm officers and 134,707 enlisted men, or 141,843 all told.
I? was said that these additions were “ necessary to render the army adenuate f o r its present duties.” Further, it was proposed that tho army
should bo supplemented by a force of 400,000 disciplined citizens, raised
in increments of 133,000 a year through a period of three years. At least
so much "b v way o f preparation for defense” seemed to the 1 resident
to bo “ absolutely imperative now.” He said: “ Wo cannot do Iqss."
But within two months this program was abandoned, and tho able
Secretary of War who had devoted himself persistently to this important
question felt so keenly the change in policy that he resigned from tho
Now the army organization bill provides for an army on paper of 178,
000 but in fact it provides for only 105,000 enlisted men for tho line of
the regular army for tho fiscal year ending June 30 1917, and I am Informed
that for tho next fiscal year there will be an increaso of only 15,000. Tho
plan for tho supplemental Federal army completely under Federal con
trol was given up.
We are told that the defects revealed by the prasont mobilization are
due to tho “ system.” But it was precisely such plain defects that under
tho constant warnings o f recent years, with tho whole world intent on
military concerns, should havo boon studied and rectified. The Auministration has failed to discharge its responsibilities. Apparcntly. it is now
seeking to meet political exigencies by its naval1. ^ “
t'ion
imposed upon tho country an incompetent naval administration.
fv e —
n .U on ., 4 ~ f S S ^ S S S J S £ S t
our Western and Eastern coasts. ^ de™a
bn0dplaln tUat our regular army
in both arms of the service. It • cQuntry t0 requir0 o f our citizens who
d—
cratic ideals, to havo an adequate police force. With a population of
nearly one hundred million wo need to be surer of ourselves than to becorno alarmed at tho prospect o f having a regular army which can
reasonably protect our bordor, and perform such other military service
as may bo required, In tho absence of a grave emergency.
I bellovo further, that there should bo not only a reasonable increase
in the regular army, but that the first citizen rcservo subject to call should
bo enlisted as a Federal army and trained under Federal authority.
Tho country demands that our military and naval programs shall
bo carried out in a business-like manner under tho most competent ad
ministrative heads; that wo shall have an up-to-date preparation: that
the moneys appropriated shall be properly expended.
W o should also havo careful plans for mobilizing our industrial resources:
for promoting research and utilizing the investigations o f science.
And a policy o f adequate preparedness must constantly havo in view
tho necessity of conserving our fundamental human interests; of pro
moting tho physical well-being of our population, as well as education
and training- o f developing to tho utmost our economic strength and
independence. It must bo based upon a profound sense of our unity
and democratic obligation. It must not mean the abandonment of other
essential governmental work, but that wo shall have, in both, efficiency,
and, in neither, wasto or extravagance.
W o should also be solicitous, by wise prevision and conference, to removo so far as posslblo tho causes o f irritation which may in any dogreo
threaten friendly relations. In our proposals there is, I repeat, no mili
tarism. There is simple insistence upon common sonso in providing
reasonablo measures o f security and avoiding tho perils o f neglect. ' We
must havo the strength of self-respect; a strength which contains no threat
but assures our defence, safeguards our right and conserves our'peace.
We are deeply interested in what I may term tho organization of peace.
We cherish no illusions. Wo know that the recurrence of war is not to
bo prevented by pious wishes. If the conflict o f national interests is
not to bo brought to tho final test of force, there must bo tho development
o f international organization in order to provido international Justice
and to safeguard so far as practicable tho peace of tho world.
Arbitration treaties aro useful within their proper sphere, but it is worso
than folly to ignore tlio limitations o f this remedy or to regard such treaties
as an adequate moans o f preventing war. There should bo an inter
national tribunal to decide controversies susceptible of judicial determina
tion, thus affording tho advantage o f judicial standards in tho settlement
of particular disputes and of tho gradual growth o f a body of Judicial
precedents. In emphasizing tho desirability of such a tribunal for tho
disposition o f controversies o f a justiciable sort, it must not bo overlooked
that thero aro also legislative needs. Wo need conferences of tho nations
to formulate international rules, to establish principles, to modify and
extend international law so as to adapt it to now conditions, to remove
causes of international differences. Wo need to develop tho instrumentali
ties o f conciliation. And behind this international organization, if it
is to bo effective, must bo tho cooperation o f tho nations to prevent re
sort to hostilities beforo the appropriate agencies o f peaceful settlement
havo been utilized.
I f tho peace o f tho world is to be maintained, It must bo through the
preventive power o f a common purpose. Without this, it will still re
main not only possible, but practicable, to disregard international obli
gations, to override tho rights of States, particularly o f small States,
to ignoro principles, to violate rules. And It is only through international
cooperation giving a reasonablo assurance o f peace that we may hope for
tho limitation o f armaments.
It is to bo expected that nations will continuo to arm in defenso of their
respective interests, as they aro conceived, and nothing will avail to dimin
ish this burden savo some practical guaranty of international order. We
in this country can, and should, maintain our fortunate freedom from
entanglements with interests and policies which do not concern us. But
there is no national isolation in tho world o f tho twentieth century.
If at tho close o f tho present war tho nations aro ready to undertake
practicable measures in tho common interest in order to secure inter
national justlco, wo cannot fail to recognize our international duty. The
poaco o f tho world Is our interest as well as tho interest o f others, and in
developing tho necessary agencies for tho prevention o f war we shall bo
glad to havo an appropriate share. And our preparedness will havo
proper relation to this end as well as to our own immediate security.
459
When we contemplate industrial and commercial conditions we see
that wo are living in a fool’s paradise. The temporary prosperity to
which our opponents point has been created by the abnormal conditions
incident to the war. With the end o f the war there will be the new con
ditions determined by a new Europe. Millions of men in the trenches
will then return to work. Tho energies of each of the-now belligerent
nations, highly trained, will then be turned to production.
Theso are days of terrible discipline for the nations at war, but it must
not bo forgotten that each is developing a national solidarity, a knowledge
of method, a realizaiton o f capacity, hitherto unapproached. In each
the lessons of cooperation now being learned will never be forgotten. Fric
tion and waste have been reduced to a minimum, labor and capital have
a better understanding, business organization is more highly developed
and more intelligently directed than ever before.
We see in each of these nations a marvellous national efficiency. Let
it not bo supposed that this efficiency will not count when Europe, once
more at peace, pushes its productive powers to the utmost limit..
On tho other hand, in this country, with the stoppage o f the manu
facture o f munitions, a host of men will be turned out o f employment.
We must meet the most severe competition in industry. We are un
disciplined, defective in organization, loosely knit, industrially unprepared.
Our opponents promised to reduce the cost of living. This they have
failed to do; but they did reduce the opportunities o f making a living.
Let us not forget the conditions that existed in this country under the
new tariff prior to the outbreak of the war. Production had decreased,
business was languishing, new enterprises were not undertaken, instead
of expansion there was curtailment, and our streets were filled with the
unemployed.
_______^
It was estimated that in the City o f New York over 300,000 were out
of work. Throughout the country the jobless demanded relief. The
labor commissioners of many States, and our municipal administrations,
devoted themselves to the problem of unemployment, while the resources
of our voluntary charitable organizations were most severely taxed.
What ground is there for expecting better conditions when the unhealthy
stimulus of tho war has spent its force and our industries and working
men are exposed to the competition of an energized Europe?
It is plain that we must have protective, upbuilding policies. It is
idle to look for relief to the Democratic party, which as late as 1912 de
clared in its platform that it was “ a fundamental principle of the Demo
cratic Party that the Federal government, under the constitution, had
no right or power to impose or collect tariff duties except for the purpose
of revenue.”
We are told in its present platform that there have been “ momentous
changes” in the last two years, and hence, repudiating its former attitude,
tho Democratic Party now declares for a “ non-partisan tariff commission.
But have tho “ momentous changes” incident to the European war
changed the Constitution of the United States? Is it proposed to use
a tariff commission to frame a tariff for revenue only ? Is the opposing
.party ready to confess that for generations it has misread the Constitution?
Is that party now prepared to accept the protective principle? Rather,
so far as tho tariff is concerned, it would appear to bo without principle.
Witness its action in connection with the sugar duties, its reaffirmation
of the doctrine of a revenue tariff, its dyestuffs proposal, and its formu
lation in lieu of protective duties of an “ anti-dumping” provision, the
terms of which are sufficient to show its ineffective character!
Tho Republican party stands for the principle of protection. \Ve
must apply that principle fairly, without abuses, in as scientific a manner
as possible; and Congress should be aided by tho investigations of an
expert body. Wo stand for tho safeguarding of our economic indepen
dence, for the development of American industry, for the maintenance
of American standards o f living. We propose that in the competitive
struggle that is about to come tho American workingman shall not suffer.
Tho Republican Party is not a sectional party. It thinks and plans
nationally. Its policies aro for the promotion of the prosperity of every
part of the country. South, East, North and West. It is not simply
a question of a wise adjustment of the tariff in accordance with sound
principle, but thero is also the need in other respects for stable conditions
for commercial and industrial progress.
If wo aro to meet effectively, tho conditions which will arise after the
war is over, we must put our house in order. Let it be understood that
the public right is to be maintained without fear or favor. But let us
show that we can do this without impairing tho essential agencies of pro
gress. There is no forward movement, no endeavor to promote social
justice, which in the last analysis does not rest upon the condition that
thero shall be a stable basis for honest enterprise. ^
This subject has several important phases to which at this time I can
alludo only briefly. We should place our transportation system on a
sure footing. Wo should be able wisely to adjust our regulative powers
so that the fundamental object of protecting tho public interest can be
fully secured without uncertainties or conflicts and without hampering
the development and expansion of transportation facilities. This national
end may be accomplished without the sacrifice of any interest that is
essentially local, or without weakening public control. Our present
system is crude and inadequate.
Moreover, in the severe economic struggle that Is beforo us, and in
seeking, as wo should, to promote our productive industries and to ex
pand our commerce— notably our foreign commerce— wo shall require
the most efficient organization, quite as efficient as that found in any
nation abroad. There must bo no unnecessary wastes and no arbitrary
obstructions. Wo havo determined to cut out, root and branch, monopo
listic practices, but we can do this without hobbling enterprise or nar
rowing the scope of legitimate achievement. Again, we must build up
our merchent marine. It will not aid to put the Government into com
petition with private owners. That, it seems to mo, is a counsel of folly.
A surer way of destroying the promise of our foreign trade could hardly
bo dovised. It has been well asked— Does the Government intend to
operate at a profit or at a loss? We need the encouragement and protec
tion of Government for our shipping industrv, but it cannot afford to
havo tho Government as a competitor.
Wo stand for the conservation of the just interests of labor. We do not
desire production, or trade, or efficiency in either for its own sake, but
for tho betterment of the lives o f human begins.
We shall not have any lasting industrial prosperity unless we buttress
our industrial endeavors by adequate means for tho protection of health;
for tho elimination of unneccessary perils to life and limb; for the safe
guarding of our future through proper laws for protection of women and
children in industry; for increasing opportunities for education and train
ing. Wo should be solicitous to inquire carefully into every grievance,
remembering that there are few disputes which cannot easily be adjusted
if there be an impartial examination of the facts.
We make common cause in this country, not for a few, but for all; and
our watchword must be cooperation, not exploitation. No plans will
bo adequate save as they are instinct with genuine democratic sympathy .
I stand for adequate Federal workmen’s compensation laws, dealing
not only with tho employees of Government, but with those employees
who are engaged in interstate commerce and are subject to the hazard
460
THE
C H R O N IC L E
o f Injury, so that those activities which are within the sphere o f the con
stitutional authority o f Congress may be dealt with under a suitable
law. We propose to promote by every practicable means our agricul
tural interests, and we include in this program an effective system of
rural credits. We favor the wise conservation o f our natural resources. Wo
desire not only that they shall bo safeguarded, but that they shall bo ade
quately developed and used to the utmost public advantage.
We turn to other considerations o f important policy. One o f these
is our attitude toward the Philippines. That, I may say, is not a question
of self-interest. We have assumed international obligations which wo
should not permit ourselves to evade. A breach o f trust is not an ad
missible American policy, though our opponents have seemed to consider
it such.
We should administer government in the Philippines with a full recog
nition of our international duty, without partisanship, with the aim o f
maintaining the highest standards o f expert administration, and in the
interest o f the Filipinos. This is a matter o f national honor.
I indorse tho declaration in the platform in favor o f woman suffrage.
I do not consider it necessary to review the arguments usually advanced
on the one side or the other, as my own convictions proceed from a some
what different point o f view. Some time ago a consideration o f our econo
mic conditions and tendencies, o f the position o f women in gainful oc
cupations, o f the nature and course o f the demand, led me to the conclusion
that tho granting o f suffrage to women is inevitable. Opposition may
delay but in my judgment cannot defeat this movement. Nor can I
see any advantages in tho delay which can possibly offset the disadvantages
which are necessarily incident to the continued agitation. Facts should
be squarely met.
We shall have a constantly intensified effort and a distinctly femin
ist movement constantly perfecting its orgainzation, to tho subversion
o f normal political issues. We shall have a struggle increasing in bitter
ness, which I believe to bo inimical to our welfare. If women are to have
tho vote, as I believe they are, it seems to me entirely clear that In the
interest o f the public lifo o f this country tho contest should bo ended prompt
ly. I favor the vote for women.
Confronting every effort to improve conditions is tho menace of in
competent administration. It is an extraordinary notion that demo
cracy can bo faithfully served by inexpertness. Democracy needs ex
act knowledge, special skill and thorough training in its servants. I
havo already spoken o f the disregard o f proper standards, in numerous
instances, in appointments to the diplomatic service.
Unfortunately there has been a similar disregard o f executive responsi
bility in appointments to important administrative positions in our do
mestic service. Even with respect to technical bureaus tho demands of
science have been compelled to yield to the demands o f politics.
W o have erected against importunities o f spoilsmen the barriers of
tho civil service laws, but under the present Administration enactments
providing for tho creation o f largo numbers o f places havo been deliber
ately removed from the merit system. The principles o f our civil service
laws havo been shamelessly violated. Wo stand for fidelity to theso
principles and their consistent application. And, further, it is our pur
pose that administrative chiefs shall be men o f special competence, emi
nently qualified for their important work.
Our opponents promised economy, but they have shown a reckless
extravagance. They have been wasteful and profligate. It is time that
wo had fiscal reform. W e demand a simple, business-like budget. I
beliove it is only through a responsible budget, proposed by the Executive,
that wo shall avoid financial waste and secure proper administrative
efficiency and a well balanced consideration o f new administrative pro
posals.
Wo live in a fateful hour. In a true sense, the contest for the preser
vation of the nation Is never ended. We must still be imbued with the
spirit of heroic sacrifice which gavo us our country and brought us safely
through the days o f civil war. We renew our pledgo to tho ancient ideals
of individual liberty, o f opportunity denied to none because o f race or
creed, of unswerving loyalty. We havo a vision o f America prepared
and secure; strong and just; equal to her tasks; an exemplar of tho capa
city and efficiency o f a free people. I indorse tho platform adopted by
tho convention and accept its nomination.
[Vol. 103.
duced by Senator Newlands (Senate Joint Resolution N o. 145), which would
authorize the investigation o f the controversy by tho Inter-State Commerce
Commission, and to take such other steps as may appear to you to be
proper to avert what would be a national calamity.
Very respectfully yours,
PHILADELPHIA BOURSE,
by GEORGE E. BARTOL, P r e s id e n t.
CONGRESSIONAL CO M M IT T EE N A M E D UNDER N E W
L A N D S RESOLUTION TO IN Q U IR E IN T O PUBLIC
UTILIT IES.
In accordance with the resolution calling for an investiga
tion, of the subject of Government control and regulation
of railroads and other public utilities by a joint committee
of Congress, five members each of the Inter-State Commerce
Committee of the Senate and the Inter-State and Foreign
Commerce Committee of the House have been named
to inquire into the subject.
The resolution was intro
duced last Decern bor by Senator Newlands and was de
signed to carry out the suggestion contained in the annual
message of President Wilson, that an investigation of con
ditions relating to inter-State and foreign commerce be
made witb a view to determining whether any further
legislation should be undertaken on behalf of tho railroads.
A similar proposal was made by Representative Under
wood. In its original form the resolution provided for
an investigation into railroad regulation, but as it passed
the Senate on February 16, its scope was broadened so
as to include an inquiry into the advisability of Government
ownership of public utilities, such as telegraph, telephone
and express conpanies, as well as railroads. The House
which passed the resolution last month— July 15— amended
it by extending the investigation to wireless and cable
operations. Tho Senate on July 17 concurred in the House
amendments and on July 20 the President affixed his signa
ture to the resolution. The committeo which will conduct
the investigation is composed of the following:
Senators.— Francis G. Newlands, of Nevada; Joseph T . Robinson,
of Arkansas; Oscar W . Underwood, of Alabama; Albert B. Cummins,
of Iowa; Frank B. Brandegec, of Connecticut.
Representatives.— William C. Adamson, of Georgia ; William A. Cullop,
of Indiana ; Thetus W . Sims, of Tennessee; John J. Esch, of Wisconsin;
Edward L. Hamilton, of Michigan.
Senator Newlards has been made Chairman of tho Com
mittee; Representative Adamson is Vice-Chairman, and
Senator Robinson, Secretary.
N O M I N A T IO N OF N E W AMBASSADOR TO T U RKE Y
CONFIRMED.
The appointment as Ambassador to Turkey of Abram I.
Elkus of New York to succeed Henry Morgenthau, whose
resignation we announced in our issue of April 29 last, was
confirmed by the Senate on July 21. The nomination of
Mr. Elkus was sent to the Senate on July 18. M r. Elkus
P H IL A D E L P H IA BOURSE A S K S PRESIDENT WILSON is well known as a lawyer and social roformor. Ho was
admitted to the Bar in 1888, and in 1896 became a member
TO IN T ER VE N E I N RAILROAD CONTROVERSY.
Tho Philadelphia Bourse, which organized the Philadelphia of the firm of James, Schnoll & Elkus, which subsequently
Joint Committee of Commercial Bodies on the Reasonable became Elkus, Gleason & Proskauer. M r. Elkus was
Regulation of Railroads and which is conducting a country counsel for the Now York State Factory Investigating Com
wide campaign for Federal incorporation of railroads and a mission, appointed by the Legislature of 1911. The Com
reorganization of the Inter-State Commerce Commission, mission undertook an investigation of the working conditions,
on tho 3d inst. sent an appeal to President Wilson that he especially as affecting women and children, in all parts of the
use his influence to avert the threatened strike by railroad State, and in 1912 presented a report and thirty-five bills,
employees and tie-up of the railroads of the country. The known as the factory laws which brought about a material
Bourse contends that a stoppage of the flow of traffic would change in conditions affecting danger from fire and conditions
constitute “ an offence to the nation” and would be “ crim under which women and childron worked. M r. Elkus also
inal.” It asked M r. Wilson to seek immediate adoption by served as counsel for the Merchants’ Association of Now
Congress of the Newlands Resolution, authorizing an in York, and has likewise officiated as Regent of tho University
quiry and investigation by tho Inter-State Commerce Com of the State of New York, in addition serving in othor publio
mission of the controversy. The Bourse’s appeal was signed capacities. He is a native of New York and was born in 1867.
by George E. Bartol, its President. Copies were sent to
the Chamber of Commerce of the United States, of which SIR S A M HUGHES V IN D IC A T E D I N F IN D IN G S I N
the Bourse is a member, and to the Congressional delegation
C A N A D I A N SHELL IN Q U IR Y .
from Philadelphia, with the request that they use their in
Sir Sam Hughes, the Canadian Minister of Munitions,
fluence to avert the possible trouble. The text of the is held to be innocent of wrongdoing in the negotiation of
Bourse’s communication follows:
Canadian fuse contracts in the roport of tho Meredith-Duff
A u g . 3 1916.
Commission which was directed to inquire into tho contracts
T h e P r e s id e n t, th e W h i l e H o u s e , W a s h in g t o n , D . C .:
Sir— The Philadelphia Bourse, an organization representing over 3,000 for shells placed in the United States by tho Canadian Shell
business men, views with anxiety tho critical condition into which tho rail Committee. The inquiry grew out of charges alleging losses
road labor problem is drifting and is firmly convinced that unless tho situa claimed to have been suffered by Great Britain and Canada
tion is promptly and effectively dealt with a condition will arise that will
eventually require forcible Government intervention, as was tho case some through the contracts in question which wore let by the
years ago.
Shell Committee to tho American Ammunition Co. and the
Tho Philadelphia Bourso holds strongly to tho view that the railroads of
International Arms & Fuso Co. Those charges wore laid
the country are national highways; that tho free flow o f traffic is essential
to the public welfaro; that tho arbitrary interruption o f such freo flow of before the Canadian Parliament in March by George W .
traffic would bo an offence to the nation and by reason of tho stoppage which Kyte, Liberal Member for Richmond County, Nova Scotia.
would result in the movement o f the necessaries of lifo would bo criminal.
Wo therefore earnestly urge you to use your great influence with the A Royal Commission to investigate tho chargos was created
Congress to secure the immediate passage o f tho Joint resolution intro consisting of Sir William Meredith, Chief Justice of the
A ug . 5 1916.]
THE CHRONICLE
Supremo Court of Ontario, and Judge Lyman P . Duff of
tho Supreme Court of Canada, and tho inquiry was under
taken on April 26. Tho findings of tho Commission wero
mado public on July 21 . In part tho Commission says:
It was argued by counsel for M r. ICyto that in tho placing of tho con
tracts which wc have been directed to investigate, tho Shell Committee and
its members, or some of them, wero improperly influenced by General
Hughes, out wo are of opinion that this contention is not well founded.
Counsel for M r. Kyto, in his argument, mado no attack upon tho con
tract with tho International Arms & Fuse Co., or upon its terms, or the
price agreed to bo paid for tho fuses, beyond contending that tho contract,
or part of it, at all ovents, should have been lot to Canadian manufac
turers, or that provision should liavo been made for their manufacture, in
part at least, in Canada, and that tho claims of tlicso manufacturers to
consideration wero overlooked or brushed aside.
It is, we'think, but fair to tho International Arms & Fuso Co., to say
that although it failed to inako delivery within the stipulated time (tho
contract having provided for delivery of tho whole 2,5C0,000 by the 30th
of April 1016, at which date only about 158,000 had been delivered), tho
company, some months ago, succeeded in overcoming its difficulties, many
of them grave and beyond its control: and has been delivering fuses in largo
quantities, and that at tho time tho Commission last sat tho company's
output amounted to 29,600 daily.
Tho company has been spoken of as a “mushroom company.” W hile it is
true that it was a new organization created for the purpose of entering
into and implementing the contract that was subsequently mado with it,
it was not, in tho sense in which that term was used, a “mushroom com
pany.” It was an organization brought into existence by a group of busi
ness men of high standing and of largo means, who had determined to em
bark in tho business of fabricating fuses and particularly tho 2,500,000 of
them which the company subsequently contracted to manufacture for tho
Shell Committee, as a convenient mode of carrying out tho joint adventuro
—a means usually adopted in tho United States of America for such a
purpose.
Although tho capital of the company was but .$1,500,000, it had behind it
tho means and credit of tho group of business men who had brought it into
existence, and who had expended in tho erection of its works and plant,
and otherwise in connection with its business, before any payments had been
mado on tho contract beyond tho $1,687,500 which had been advanced undor its terms, moro than $4,000,000, including this advance. In addition
to this, the company has, by means of a very largo expenditure, secured tho
services of eminent ammunition experts; and, according to tho testimony
of M r. Paterson, a director of the company, given on tho 8 tli of M ay last,
ho and ids associates liavo succeeded in establishing a company which, by
tho following 19th of Juno, would bo tho largost fuse-producing company
in tho world.
.
.
Tho evidence establishes, and wo find, that no commission, reward, or
remuneration for obtaining or assisting in obtaining tho contract which
was entered into with tho International Arms & Fuso Co. was promised
or paid to anyone, and that no person except tho company and its share
holders lias been, or is entitled to any Interest in tho contract, or in tho
profits or prospective profits arising under it.
Apart from tho commission provided for by tho agreement of tho 10th
of June, to which we shall afterwards refer, thoro is no ovldonco that
any commission, reward, or remuneration for obtaining, or assisting in
obtaining, the contract which was entered into with tho American Ammu
nition C o., was promised or paid to any one, and, so far as appears from
tho ovidenco, no person, except the company and its shareholders, has
been or is entitled to any interest in tho contract, or in tho profits or pros
pective profits under it, and wo aro satisfied that neither General Hughes
nor any member of tho Shell Coinmitteo has been or is entitled, or was
promised or paid any such commission, reward, or remuneration.
The term “ mushroom company” is held by the Commis
sion to be as inapplicable to tho American Ammunition Co.
as it is to the International Arms & Fuso C o.
Tho Commission finds that Colonel J. Wesloy Allison a
friend and associate of Sir Sam Hughes and alleged to have
been ono of those who divided the profits, “ was instrumental
in bringing about a contract in which ho was pocuniarly
interested.” The judgment holds that this lio did “ whilo
professing to be acting as tho friend of Coneral Hughes, and
to bo doing what ho did solely out of friendship for him ,” but
finds that ho had no “ expectation or intention of receiving
any remuneration for his services.” Tho Commission adds:
Wo have only to add that if wo had como to a different conclusion and
had accepted Allison’s statement, wo would havo been bound to say that
his conduct in taking tho benefit of tho agreement as to tho commission
and accepting a right to share in it equally with Yoakum, without informing
General Hughes and tho Shell Committee and obtaining their consent,
could not bo either justified or excused.
Dealing with General Hughes, tho judgmont states that
ho “ had nothing to do with tho making of tho contracts and,
as far as tho evidence appears, know nothing of the trans
actions being entered into.” Tho Commission further finds
that a mistako was mado in placing “ upon the already over
burdened shoulders of Colonel Carnegio, ordnance oxport
to tho Shell Committee, tho work of conducting tho business
or commercial part of tho transactions, for which work he
possessed no special qualifications.” Tho Commission does
not question Colonel Carnogio’s integrity. Tho following is
also taken from tho report:
It was suggested that tho presonco of an endorsement on tho American
Company’s contract of a memorandum of its ratification signed by General
Hughes as “Minister of M ilitia ” indicates that General Hughes had taken
part in tho negotiations which led up to the making of tho contract and gives
support to tho viow that tho contract was his contract and not that of the
Shell Committee, and was forced upon tho committeo in order that Allison
might obtain a commission. 'I hero is, in our opinion, no ground for that
suggestion.
The Commission mentions tho agreement of Fobruary
1915 by which Allison and Benjamin F . Yoakum , American
financier and railroad magnate, agreed to divide tho profits
of whatover munition business Allison might bring into
461
Yoakum . “ The transaction,” said the finding, “ was in
substance but the carrying out of what is the common prac
tice of promoters. . . . B ut for Allison’s connection
with Yoakum and the position which Allison occupied in
relation to General Hughes and the Shell Committee, the
transaction would have been a matter which concerned only
the parties to it and persons who should become shareholders
in tho com pany.”
Earlier reference to the inquiry will be found in our issue
_________
of M a y 6.
THE
M E X IC A N
S IT U A T IO N .
General Carranza’s suggestion for the appointment of a
joint commission to settle tho difficulties existing between
the United States and M exico, contained in a communica
tion printed in our issue of July 22, Avas accepted by President
Wilson on July 28 in modified form. The answer to General
Carranza’s proposal was presented to Eliseo Arredondo, the
Mexican Ambassador-Designate, by Acting Secretary of
State Polk, with the request that it be forwarded to the
Secretary of Foreign Relations. In making known tho dis
position of the United States Government to accept the
proposal of the Mexico de facto Government for the sub
mission of the border problems to a joint international com
mission, the United States suggests that the powers of the
commission bo enlarged beyond the limits proposed in the
Mexican note of July 12. The following is the answer dis
patched to Mexico anent General Carranza’s suggestion:
Sir:—I have the honor to acknowledge tho receipt of your communication
of July 12 last, in which you transcribe a note addressed to me by the
Secretary of Foreign Relations of your Government and to request that
you be good enough to transmit to him the following reply:
“M r. Secretary:— I have tho honor to acknowledge receipt of your Excel,
lency’s note transmitted under date of July 12 by Eliseo Arredondo, your
Government’s confidential agent in Washington, informing me that your
Excellency has received instructions from tho citizen First Chief of the
Constitutionalist Arm y charged with the executive power of the Union to
proposo that each of our Governments name three representatives, who shall
hold conferences at some place to be m utually agreed upon and decide
forthwith the question relating to the evacuation of the American forces
now in Mexico, and to draw up and conclude a protocol or agreement
regarding the reciprocal crossing of the frontier by tho forces of both coun
tries, also to determine the origin of tho incursions to date in order to fix
tho responsibility therefor and definitely to settle tho difficulties now pend
ing or those which may arise between the two countries on account of the
same or a sim ilar reason; all of which shall be subject to the approval of
both Governments.
In reply I have the honor to state that I havo laid your Excellency’s note
beforo tho President and have received his instructions to inform your
Excellency that the Government of the United States is disposed to accept
the proposals of the Mexican Government in the same spirit of frank cor
diality in which it Is made.
“This Government believes and suggests, however, that the powers of
the proposed commission should bo enlarged so that, if happily a solution
satisfactory to both Governments of the question set forth in your Excel
lency’s communication may be reached, the commission may also consider
such other matters the friendly arrangement of which would tend to Im
prove the relations of the two countries, it being understood that such
recommendations as the commission may make shall not bo binding upon
the respective Governments until formally accepted by them.
“Should this proposal be accepted by your Excellency’s Government,
I havo tho honor to state that this Government will proceed immediately
to appoint its commissioners, and fix after consultation with your Excel
lency’s Government, tho time and placo and other details of the proposed
conferences.
"Accept, M r. Secretary, the assurances of my highest consideration.
F R A N K L . P O L K , Acting Secretary of State.”
It was announced from Mexico C ity, on the 3rd inst.,
that a reply to Washington’s acceptance of the joint com
mission proposal, had been dispatched to Eliseo Arredondo,
Ambassador-Designate at Washington. This reply which
was later found to be a note of acceptance, was delivered
to Acting Secretary of State- Polk yesterday morning. M r .
Polk presented the note to the Cabinot meeting, where the
question of tho personnel of tho commission was taken up.
After the meeting it was announced tlxat the names of the
American members of the commission would not be made
public at this time. Formal announcement of the appoint
ment of those who aro to constitute tho Mexican Commis
sion to carry on the negotiations with the United States,
is contained in yesterday’s note to the State Department.
Nows of tho appointment of the Mexican Commission, v iz.,
Luis Cabrera, Ygnacio Bonillas and Alberto J. Pani, was
received from the Mexican Foreign Office on the 3rd inst.
Senor Cabrera, who is General Carranza’s Minister of
Finance, will head tho commission, Juan B . Rogo, will act
as Secretary, Ygnacio Bonillas, is Under Secretary of Corns
m unications and Alberto J. Pani is President of the National
Railways of Mexico. The text of tho note received by the
State Department yesterday is as follows:
Mr. Secretary:—I have tho honor to transmit to your Excellency the
following note which I have just received from my Government:
“M r. Secretary:—In due reply to the courteous note of the Department
of State dated July 28 1916, I have the honor to say to your Excellency
that tho First Chief of the Constitutionalist Army in charge of tho execu
tive power of the Mexican Republic, congratulates himself upon the laud
able efforts of the American Government to arrive at a solution of existing
THE CHRONICLE
462
difficulties between tho two countries, and, to that effect, considering it
of the greatest importance that a prompt decision bo reached of tho points
which havo caused tho existing differences between tho Unitod States and
Mexico, referred to in tho note of tho Mexican Government dated July 4
last, has seen fit to appoint at once a committee of three persons consti
tuted by Licenciato Luis Cabrera, Engineer Ygnacio Bonillas, and Engineer
Alberto J. Pani, to whom instructions have been given to devote their
attention preferably to the resolution of tho points mentioned in tho previous
noto of this Department.
“Licenciato Eliseo Arredondo has been authorized to treat with the
Department of State tno matter of details relating to tho placo and date
in which tho commissioners of tho Mexican Government should meet tho
commissioners of tho Government of the United States in order to com
mence their deliberations.
“I reiterate to your excellency tho assurance of m y highest
consideration.
“C . A G U IL A R , Secretary of Foreign Relations.
“I.a v a il myself of this new occasion to ronow to your Excellency tho
assurance of my highest consideration.
“E . A R R E D O N D O .”
Advices from Washington, July 31, stated that foreign share
holders in Mexican companies, including tho great oil cor
porations of tho Gulf coast, are required to give up their
shares or their present citizenships by a decree issued by
General Carranza. This decree, it is stated, has long been
under consideration, and its promulgation had been delayed
by vigorous protests from European Governments, supported
by the State Department, on tho ground that it constituted
an unwarranted and unlawful transgression of tho property
rights of foreigners in Mexico. Tho New York “ Commercial”
of tho 4th inst., roported that advices received at Washing
ton on the 3rd inst., through tho Mexican Embassy from
Mexico C ity, state that tho decree of Gen. Carranza, re
ported as compelling shareholders in industrial enterprises
to surrender their holdings or becomo citizens of Mexico,
is not retroactive. Tho decree, it is specifically sot forth,
(so the “ Commercial” says) applies only to potroleum
interests at Tampico and elsewhoro. Tho Now York “ Sun”
under dato of tho 31st ult. said:
Secretary Cabrera agreed to-day to extend tho timo for. tho payment of
tho taxes on mining properties for tho four months ended Juno 30 until
Aug. 10. Tho timo for payment expired to-day. A decree issued to-day
provides that all mines which havo not paid taxes due Juno 30 arc de
clared forfeit.
After Aug. 10 mining taxes which havo not been paid will bo increased
2 5 % until Sept. 1. An increase of 10 0 % will bo charged if paid in October.
THE
DEPARTURE
OF
THE
GERMAN
S U B M A R IN E .
MERCHANT
The German merchant submarine Deutschland, towed
by the tug Thomas F . Timmins and escorted by the Unitod
States revenue cutter Wissahickon and the police boat
Lannan, left lior pier in Baltimore at 5:30 on tho 1st inst.
on her return trip to Germany. Advices from Norfolk,
V a ., on tho 2d inst. stated that tho submersiblo had passed
out of the Virginia Capes at 8:30 p. m . on that day and that
she had apparently escapod observation by tho Allied war
ships in wait for her. Tho Timmins convoyed her as far
as the Capes. The departure of tho Deutschland is takon
to forecast tho early arrival of her sister ship, tho
Bremen. Tho Deutschland had been anchored in Chesapeako B ay since July 9.
SIR ROGER C A S E M E N T
EXECUTED.
Sir Roger Casemont was oxecuted by hanging in Pentonville Prison at nine o’clock on Thursday morning, Aug. 3,
for high treason in connection with tho recent uprising in
Ireland. Tho execution was private. Up to the day beforo
tho appointed time tho concensus of opinion in the United
States was that tho British Government would at tho last
moment revoke the death sentence. Lord Robert Cecil,
howover, announced on the 2d inst. that thero would be no
reprieve, saying:
No doubt of Casement’s guilt exists. No one doubts that the court
and ju ry arrived at tho right verdict. The only ground for a reprieve
would bo political expediency, a difficult ground to put forward in this
country. Th is country never could strain tho law to punish a man for
tho same reason that it could not strain the law to let one off.
An extensively signed petition from Ireland requesting a
repriove for Sir Roger, was received by Premier Asquith,
but this met only with a formal acknowledgment of its
receipt. As indicating that some opposition to the execution
was forming, even in England, the “ Manchester Guardian,”
before the dato set for the hanging of Sir Roger, said:
A largo number of responsible persons think tho execution would be a
ghastly blunder, Increasing tho difficulty of tho Irish settlement and preju
dicing us abroad at a timo when English clemency should shine more clearly
than ever against German pitilessness. These still have the hope that Sir
Roger Casement will bo reprieved. Tho Irish petition, signed by Cardinal
Logue, six bishops and twenty-six Members of Parliament, since has been
signed by several other bishops and many more Members of Parliament
and other notable Irishmen.
At least four petitions havo been gotten up In England and signed by
many of the most important persons in the country. It is a pity tho names
of tho organizers and tho signatures aro at present confidential, as most
peoplo are not awaro of tho very strong sentiment that is held by tho leaders
of public and religious opinion, who differ on other subjects. Besides
[Vol . 103.
these petitions, a great many letters havo been written to Premier Asquith
in favor of a reprieve. Tho timo is short now, but opinion has veered
very strongly in the last week, and there is now a very strong pressure on
tho Cabinet to follow a merciful course.
On July 29 the Senato, in spite of opinion prevailing that
an appeal by the United States would do Casement moro harm
than good, passed by a vote of 4G to 19, a resolution request
ing President Wilson to transmit to the British Government
an expression of hopo that clemency would bo used in the
treatment of Irish political prisoners. Tho resolution was
submitted by Senator Pittman.
R E L E A S E OF S E IZE D S E C U R IT IE S B Y G R E A T B R IT A I N .
Announcement that Great Britain had decided to rolease
a number of consignments of soized securities camo from
London on the 2d inst. Explanation of its action was made
in a statement given to tho Associated Press by tho Foreign
Office, in which it was made plain that tho decision in the
present exigency is not to bo regarded as a waiver of tho
rights claimed by tho Allied Governments to intercept
securities of enemy origin. Tho statement handed to tho
Associated Press reads as follows:
In recent months his M ajesty’s Government havo detained and placed
in the l ’rizo Courts a largo number of consignments of securities of enemy
origin, amounting to several million dollars, passing in the mails between
Holland and certain houses in tho United States.
Various representations havo been received from the Government of tho
United States as well as the other Governments concerned. His M ajesty’s
Government believed they have tho right to treat such securities when
found in tho mails in tho sanio way as any other enemy exports and they
understand from the noto regarding mails addressed to them from tho Gov
ernment of tho United States that the latter does not claim that these se
curities aro entitled to special immunity as postal correspondence.
In view, however, of representations received regarding the damage caused
genuine neutral interests by seizures made in tho past his M ajesty’s Gov
ernment havo decided to waive what they bcliovo to be their strict rights
and to release a number of these consignments and forward them to their
destinations.
The Allied Governments maintain their rights to intercept such securities
in the future, but they havo concluded arrangements whereby neutral
business will bo safeguarded from inconvenience and neutral transactions
may be made with certainty of freedom from seizure.
THE
E X E C U T IO N
OF C A P T A IN
FRYATT.
M uch resentment has been caused in England b y tho
execution by shooting on July 27 of Captain Charles Fryatt
of the Great Eastern R y . steamship Brussols, which was
captured by German destroyers in Juno and takon into Zeobruggo. Captain Fryatt was taken beforo a Gorman naval
court-martial at Bruges, Belgium, on July 27, where testi
mony was presented to show that on March 28 1915 ho
(Captain Fryatt), wbilo in command of tho British steamship
Wroxham, had attempted, near M aas Lightship, to ram tho
German submarine U -3 3. Tho U -boat, it is alloged, had
signaled tho British steamer to stop and show her flag, but
instead of complying with this order Captain Fryatt, it is
contended, turned at high speed toward tho submorsible,
which escaped only by diving. As a proof of this, it is asser
ted that tho captain, tho first officor and first ongineer of tho
Wrexham received gold watchos for their “ brave conduct”
from tho British Admiralty, and wero mentioned in the
House of Commons. According to an official announcement
of the trial, Captain Fryatt admitted that ho followed tho
instructions of the Admiralty. As Captain Fryatt did not
belong to tho armed forces of Great Britain, ho by this
action, it is claimed, was guilty of committing a “ franc
tireur” crime against tho armed sea forces of Gormany. The
British Foreign Offico on July 28 requested American
Ambassador Gerard at Borlin to procuro comploto dotails
of the affair. Tho Foreign Offico donied that Captain Fryatt
possessed a watch bearing an inscriptior commending him
for his attempt to ram a Gorman submarine. Baron Nowton, Under-Secretary for Foreign Affairs, made tho following
statement on tho 28th ult.:
On tho face of tho details of tho report, tho execution of Captain Fryatt
seems to bo worso than tiio C avcll case. It Is an extremely grave incident,
the importance of which it would bo difficult to exaggerate. It must bo
borne in mind that when tho alleged ramming took placo German submar
ines wero attacking merchant ships without any warning whatsoever.
Tho British Foreign Offico on July 29 published tho text
of a protest, reading in part as follows, which it handod to
Ambassador Page at London:
His M ajesty’s Government finds It difficult to bellovo that a master of a
merchant vessel, who, aftor German submarines had adopted tho practice
of sinking merchant vessels without warning and without regard for the
lives of the passengers or crows, took tho stoj) which appeared to afford tho
only chance of saving, not only his vessel, but tho lives of all on board,
can havo been shot deliberately in cold blood for this action.
If the German Government has in fact porpetrated such a crimo in tho
case of a Britisli subject hold prisoner by thorn, it is evident that a most
serious condition of affairs has arisen.
Tho Foreign Secrotary, theroforo, is obliged, on behalf of tho Govern
ment, to request that an urgent inquiry may bo made by tho United States
Embassy in Berlin as to whother tho report of tiro shooting of Captain
Fryatt is true, in order that tho British Government may havo, without
delay, a full and undoubted account of tho facts before them.
THE CHRONICLE
A ug . 5 1916.]
STEAMER
APPAM
BY
AW ARDED
U N IT E D
TO B R I T I S H
OWNERS
STATES COURT.
Tho British steamer Appam, which was captured last
January by the German raider Moewe, is awarded to the
British owners, in a decision rendered by Judge Edmund
Waddill of tho United States District Court at Norfolk, V a .,
o .. July 29. The Appam was brought into Hampton Roads
by a Gorman prize crew on Feb. 1. Libel proceedings on be
half of the British owners were filod at Norfolk on Feb. 16;
subsequently (March 14) tho cargo of the vessel was libeled by
its captain, Henry G . Harrison, as master; a portion of the
cargo was sold in April under order of the Court on account
of its perishability; tho proceeds of this sale, reported to
amount to about 8634,000, have been held by the Court
pending the decision. Under Judge W addill’s findings, both
tho vessel and the cargo are awarded to the libellants. A c
cording to advices from Berlin on July 25, via London, the
Appam has been declared a lawful prize by tho Berlin Prize
Court, and the gold taken from her, to the amount of 739,000
marks ($184,750) was ordered turned over to the Reichstag.
It is stated that the only effect the decision of the Gorman
Prize Court can have is the confiscation of the bullion. The
vessel, it is stated, is valued at approximately $1,000,000,
while the cargo, including tho portion sold, is valued at an
additional $800,000. In deciding tho litigation in favor of
the British owners, Judge Waddill held that tho Appam lost
her status as a prize when she entered American territorial
waters to remain indefinitely. He rejected tho German con
tention that the Prussian-Amorican Treaty of 1799 permitted
German prizes to be laid up in American waters, and held that
prizes could bo brought in only by a war vessel acting as
convoy, and then only for tho temporary causes recognized
by international law. An opinion given by Secretary Lansing
to tho Gorman Ambassador to the same effect, set out in
these columns M a y 27, was quoted at length by tho Court.
The conclusions of the Court are presented as follows:
Tho Court’s conclusion Is that the manner of bringing tho Appam into
the waters of tho United States, as well as her presence in those waters,
constitutes a violation of the neutrality of tho United States; that slio
camo in without bidding or permission; that sho is hero in violation of law;
that she is unable to leavo for lack of a crew, which sho cannot provide
or augment ■ without further violation of neutrality; that in her present
condition sho is without a lawful right to bo in and remain in these waters;
that sho, as between her captors and owners, to all practical intents and
purposes, must be treated as abandoned and stranded upon our shores,
and that her owners are entitled to restitution of their property, which
this country should award irrespective of the prize court proceedings of
tho Court of the Imperial Government of tho German Em pire, and it
w ill be so ordered.
Tho Court disposed of Tho Hague treaty briefly, holding
that it was not applicable inasmuch' as Groat Britain never
accepted it, but pointod out that tho attitude of the American
delegates to the convention was shown by thoir rejection of
Article 23, which would have guaranteed a prize vessel
asylum in neutral waters. The Prussian treaty, however
was given much attention by the Court. In part the
docision said:
The history of tho adoption of this treaty with Prussia, tho conditions
that brought about tho same and tho contemporaneous opinions of the
eminent statesmen of that day who participated in its procurement and
acceptance by tho two countries, has been gone into fully in tho effort to
show that it was meant to give asylum to prizes in neutral waters, and
that its particular purpose was to afford tho United States an asylum for
thoir prizos in Prussian waters. Whatover may have been tho viow of
thoso representing this country at that time, it seems clear to tho Court
that no such enlarged and far-reaching viow of the treaty as is now claimed
for It can for a moment bo entertained at this day in tho light of the present
methods of warfare and tho laws, rules and regulations affecting tho neu
trality of natioas in existence now for nearly a hundred years.
A careful roview of tho provisions of tho Prussian treaty, when road in
tho light of rulings and interpretations placed upon other contemporary
treaties, especially Article 17 of tho Treaty of Am ity and Commerce with
Franco in 1778, convinces the Court that tho Secretary of State’s ruling is
correct and that under tho samo prizes cannot bo brought into tho waters
of tho United States for the purpose of laying up by a prize master, but can
only 1)0 brought in by tho capturing vessel herself, or a war vessel acting
as convoy to such prize, and then not for an indefinite period, but for tho
temporary causes recognized by international law.
What aro tho rights of tho Appam under general International law ? Was
sho entitled to come into tho waters of tho United States, and if so has sho
the right of asylum therein 7 Those questions must be answered In the light
of that law. Tho generally accopted doctrine now is that enlightened
nations do not allow tho use of their ports as asylum or permanent rendez
vous of prizes of other nations captured during war. To do so would tend
to involve tho neutral Powers in conflict with nations w itli whom they are
at peace, and to extend tho uso of their ports to all belligerents alike would
not relieve the objection, as the opposing vessels so using them might
quickly causo conflict in neutral territory. Tho policy of tho United States
has been and is consistently opposed to such uso of its waters and harbors,
and tho history and origin of its neutrality laws, and tho circumstances of
their passage, cloarly indicate a purpose to prohibit tho use of its parts for
tho laying up of belligerent prizes.
*
*
*
*
*
*
*
Considering tho question of the Jurisdiction of tho Court to entertain
thoso suits, for restitution of tho Appam and her cargo to tho owners of
tho samo, raised by tho respondent, and earnestly insisted upon in argu
ment, it may bo said, without discussing tho precedents of other countries
favorablo thereto, that tho jurisdiction and authority of tho courts of ad
463
m iralty of the United States to entertain possessory actions for the restitu
tion to their owners, prizes of war seized for violation of the neutralitylaws, is no longer open for serious consideration.
*
*
*
*
*
*
*
Respondent further maintains that the Appam and her cargo cannot be
proceeded against in these causes, because title to the same is vested in the
German Government by reason of capture at sea by a German war vessel
from an enemy country; that the Appam is a lawful prize of war, entitled
to remain in the waters of tho United States, a neutral Power, without
interference on the part of that Government; and that its title can only
be inquired into and divested by the action of the prize court of their own
country.
No claim that the Appam is a public war vessel of the German Em pire
can be maintained under the facts of this caso. Indeed, in tho pleadings,
tho contention is not made, and on the contrary sho is claimed to d o a
prize of war, which places her in an entirely different category as respects
title and ownership; under modern authority, title does not become vested in
tho captor of the prize by mere capture, and not until lawful condemnation
is had by the proper court of the captor country. Th is is particularly true
where the prize Is not taken into the captor’s country.
*
*
*
*
*
*
*
The further contention is made by the respondent that the violation of
neutrality to be cognizable must be proved to have contributed to the
capture, and that subsequent or otherwise unrelated violations are imma
terial. Th is proposition the Court cannot assent to; that is, that there
may be no violations of neutrality after the prize is captured, entitling the
belligerent owner to restriction at the hands of a neutral government, where
the property may be found. In this caso the fact should not be lost sight
of that tho violation of tho neutrality of the United States is exceedingly
closely related to the capture itself. Th is capture, it is true, was well away
on tho high seas, but tho captors, of their own volition, and for their own
purposes, determined not to take or attempt to take the prize to one of its
own ports or that of its allies, where alone the validity of the capture could
bo determined, though in distance not more than half so far away as the
United States; or to hazard longer tho chances of her recapture at sea, but
required the ship’s officers and crow, under duress, to bring tho ship into
tho nearest port of tho United States, there to be laid up, and she was so
brought, and the effort to secure permission to lay up was unsuccessfully
made. From the moment of the capture to that of entering tho Virginia
capes tho Appam and her cargo was subject- to recapture by the ships of
the owner’s country or that of their allies, or retaken by the owner. Should
she secure other or greater rights by taking refuge In the harbor of a neutral,
which sho had no right to enter without flagrantly violating the laws of
neutrality 7 Does not such violation, having for its object the getting away
with tho prize and the safe-keeping of the same, so relate back to the
original seizure as to become a part thereof 7 Is not the capture, tho flight
to a supposed place of safety, and the successful entry therein but one con
tinuous occurrence, and should she, thus attempting to avail herself of the
use of neutral waters for tho purpose of escapo with her prize, in contra
vention of the laws of neutrality, do so, without at the same time incurring
tho consequences of the violation? The failure to take, or even attempt to
take the prize to a port of the captor’s country or that of an ally, where
prize proceedings could regularly and lawfully have been inaugurated,
should prevent the captor from denying to the owner a day to be heard in
tho courts of tho neutral country, where of choice, the prize had been
brought and deposited, respecting his right to restitution of his property by
reason of the violation of the neutrality of such neutral country.
Tho validity of the capture, as well as all questions of prize law, are to be
determined by the German Prize Court, and are not matters for the con
sideration of this court; but this Court has tho right to determine whether
the neutrality laws of the United States have been violated, and tho conse
quences thereof, as bearing upon the restitution of the prize property to its
owners (Tho Estrella, 4 Wheat. 308) and in a proper case to restore the
same to them.
The appeal of counsel for the British owners of the Appam
that the question of releasing the vessel under bond be
disposed of at once, was denied on the 2nd inst. by Judge
Waddill, on statement by counsel for the German Govern
ment that it would be impossible for special counsel re
tained to carry the appeal of the German Government to
the Supreme Court, to be in Norfolk before the end of the
week. The Court set M onday next as the time for hearing
the libellants’ motion for releasing the vessel under boDd.
Appraisers were named by Judge Waddill on the 2nd, to fix
the value of the Appam preliminary to passing on the motion
of tho English owners.
TEXT
OF
A M E R IC A N
B R IT A IN ’S
PROTEST
TRADE
A G A IN S T
GREAT
B L A C K L IS T .
The text of the American note to tho British Government
protesting against the latter’s action in blacklisting Ameri
can firms, which, as recorded in these columns last week,
was dispatched to London on the night of July 26, was made
public, in accordance with previous arrangements, on
Monday of this week, July 30. The list of American firms
and individuals with which residents of the United King
dom have been forbidden to deal under the edict of the
British Government, was published in our issue of July 22,
page 295. The protest of the United States Government,
forwarded to Ambassador Page by Acting Secretary of
State Frank L . Polk, sets out that it is evident that the
measures adopted by Great Britain “ are inevitably and
essentially inconsistent with the rights of the citizens of
all nations not involved in war,” and the British Govern
ment is reminded “ that citizens of the United States are
entirely within their rights in attempting to trade with
the people or the Governments of any of the nations now
at war, subject only to well defined international practices
and understandings which the Government of the United
States deems the Government of Great Britain to have
too lightly and too frequently disregarded.” In addition to
464
THE CHRONICLE
declaring that “ it is manifestly out of the question that
the Government of tho United States should acquiosce
in such m ethods,” the United States makes known that it
s constrained to regard the practice of the blacklist “ as
iinconsistent with that true justice, sincere amity and im
partial fairness which should characterize the dealings of
friendly Governments with one another.”
In taking ex
ception to the action of tho British Government the Unitod
States expresses the hope and belief that his M ajesty’s
Government “ has acted without a full realization of the
many undesired and undesirable results that might onsue.”
The full text of the protest is as follows:
Department of State,
Washington, July 26 1916.
Tho announcement that his Britannic M ajesty’s Government has
placed tho names of certain persons, firms and corporations in tho United
States upon a proscriptive "blacklist” and has forbidden all financial or
commercial dealings between them and citizens of Great Britain has been
received with tho most painful surprise by the people and Government
of tho United States, and seems to tho Government of the United States
to embody a policy of arbitrary interference with neutral trade against
which it is its duty to protest in tho most decided terms.
Tho scopo and effect of tho policy are extraordinary. British steam
ship companies will not accept cargoes from tho proscribed firms or persons
or transport their goods to any port, and steamship lines under neutral
ownership understand that if they accept freight from them they aro
likely to bo denied coal at British ports and excluded from other privileges
which they have usually enjoyed, and may themselves bo put upon tho
blacklist. Neutral bankers refuse loans to those on the list and neutral
merchants declino to contract for their goods, fearing a like proscription.
I t appears that British officials regard the prohibitions of the blacklist
as applicable to domestic commercial transactions in foreign countries
as well as in Great Britain and her dependencies, for Americans doing
business in foreign countries liavo been put on notico that their dealings
with blacklisted firms are to be regarded as subject to veto by tho British
Government. B y the same principle Americans in tho United States
might bo made subject to sim ilar punitive action if they were found deal
ing with any of their own countrymen whose names had thus been listed.
Tho harsh and oven disastrous effects of this policy upon the trado
of tho United States and upon the neutral rights upon which it w ill not
fail to insist aro obvious. Upon tho list of those proscribed and in effect
shut out from the general commerce of tho world may bo found American
concerns which aro engaged in largo commercial operations as importers
of foreign products and materials and as distributors of American products
and manufactures to foroign countries and which constitute important
channels through which American trade reaches tho outside world. Their
foreign affiliations may have been fostered for many years, and when once
broken cannot easily or promptly be re-established. Other concerns
m ay bo put upon tho list at any time and without notice. It is under
stood that additions to tho proscription may bo made ‘ ‘ whenever on ac
count of enemy nationality or enemy association of such persons or bodios
of persons it appears to his M ajesty expedient to do so.” Tho possibili
ties of undeserved in ju ry to American citizens from such measures, arbi
trarily taken, and of serious and incalculable interruptions of American
trado aro without lim it.
It has been stated on behalf of his M ajesty’s Government that these
measures were aimed only at tho enemies of Great Britain and would
bo adopted and enforced with strict regard to tho rights of neutrals and
with tho least possible detriment to neutral trade, but it is evident that
they aro inovitably and essentially inconsistent with tho rights of tho
citizens of ail nations not involved in war. Tho Government of tho United
States begs to remind the Government of his Britannic M ajesty that
citizens of the United States aro entirely within their rights in attempting
to trado with tho peoplo or tho Governments of any of tho nations now at
war, subject only to well-defined international practices and understand
ings which tho Government of tho United States deems the Government
of Great Britain to have too lightly and'too frequently disregarded.
Thoro aro well-known remedies and penalties for breaches of blockado,
wnero tho blockade is real and in fact effective, for trado in contraband,
for overy unneutral act by whomsoever attempted. Tho Government of
tho United States cannot consent to see thoso remedies and penalties
altered or extended at the will of a single power or group of powers to
tho in ju ry of its own citizens or in derogation of Its own rights. Con
spicuous among tho principles which tho civilized nations of tho world
have accepted for tho safeguarding of tho rights of neutrals is tho just and
honorable principle that neutrals may not bo condemned nor their goods
confiscated excopt upon fair adjudication and after an opportunity to
bo hoard in prlzo courts or elsewhere. Such safeguards tho blacklist
brushes aside. It condemns without hearing, without notico and in
advance. It is manifestly out of the question that tho Government of
tho United States should acquiesco in such methods or applications of
punishment to its citizens.
Whatover may bo said with regard to tho legality, in the viow of inter
national obligation, of tho act of Parliament upon which tho practico of
tho blacklist as now employed by his M ajesty’s Government is understood
to bo based, the Government of tho United States is constrained to rogard that practico as inconsistent with that truo justice, sincero amity,
and Impartial fairness which should characterize tho dealings of friendly
Governments with one another. Tho spirit of reciprocal trade between
the United States and Great Britain, tho privilege long .accorded to tho
nationalsof eachtocomo and go with their ships and cargoes, to use each
tho othor’s shipping, and bo served each by tho other’s merchants is very
serously impaired by arbitrary and sweeping practices such as this.
Thero is no purpose or inclination on the part of tho Government of tho
United States to shield American citizens or business houses in any way
from tho legitimate consequences of unneutral acts or practices; it is
quito willing that they should suffer tho appropralto penalties which inter
national law and tho usago of nations have sanctioned; but his Britannic
M ajesty’s Government cannot expect the Government of tho United
States to consent to see its citizens put upon an ex parto blacklist without
calling tho attention of his M ajesty’s Government, in tho gravest terms,
to tho many serious consequences to noutral rights and neutral relations
which such an act must necessarily involve. It hopes and behoves that
his M ajesty’s Government, in its natural absorption in a singlo pressing
object of policy, has acted without a full realization of tho many undosired and undesirable results that might ensue.
B O L K . Acting.
Sir Cecil Spring Rice, tho British Ambassador at Wash
ington, gave to tho State Department, on July 29, a memo
randum in explanation of the scope of the blacklist. It
[Vol . 103
asserts that the British Government has not prohibited
British firms from paying curront debts to tho blacklisted
firms, unless it was positively known that this money
would be used to benefit the enemy. Tho memorandum
further explains that a neutral firm trading with a black
listed one will not necessarily bo boycotted unloss it actas a shield for the unneutral firm. The momoraudum
reads as follows:
There is no idea of blacklisting a neutral firm merely becauso it con
tinues to do business with a firm that is blacklisted, but if a neutral firm
habitually and systematically acted as cover for a blacklisted firm , cases
would bo different.
Regarding paymonts to blacklisted firms, our action does not affect
payments by neutrals, and wo habitually grant licenses to British firms
to pay current debts to blacklisted firms, unless it is clear beyond doubt
that such payments would be passed on to or create a credit for enemies
in enemy territory. M any licenses have already been granted to British
firms to receive from and pay to ICnauth, Nachod& Co. and Zimmermann
& Forshay.
According to advices from Molbourno, Australia, via
London yesterday, tho Commonwealth has issued a black
list of American firms with which trading is prohibited.
Lord Robert Cecil, Great Britain’s Minister of W ar
Trade, stated on July 28 that tho contracts that George
W . M cN ear, of San Francisco (ono of those whoso names
appear on tho blacklist), has with Australian firms would
not bo affected by the blacklist.
The attorneys for “ Tho Association to Rosist British
Domination of American Commerce,” (tho formation of
which wo recorded last week,) after a conference on July
31, during which it was decided to hold a meeting tho noxt
day, issued tho following statement:
Tho prompt action of tlio President and tho firm tono of tho note of
protest against the British blacklist aro gratifying. Obviously tho Presi
dent entertains tho view expressed in tho resolutions of our association
that tho question is ono affecting tho whole nation, and that it is therefore
incumbent upon our Government to resist England’s action. Wo think
that tho President’s futuro courso will bo in lino with tho firmness and
positiveness of his noto, and that tho principlo for which our resolutions
declaro will bo vindicated as tho result of our Government’s action in
tho premises. The following telegram was received by us tills morning:
“ The White House, Washington, D. C.
“ Maurice D. A Daniel W. Dlumenthal, 35 Nassau Street, New York.
“Tho President received tho resolutions of your association mailed
last Tuesday and lias received your telegram of tho 27th. Tho Govern
ment is taking action which I hope will bo effective.
“J . P . T U M U L T Y , Secretary to the President."
A t tbe meeting on tho 1st inst. tho Association doeidod to
refrain from further action until tho British Government has
had ample opportunity to reply to President W ilson’s note.
In an article taking exception to tho protest of tho United
States against Great Britain’s blacklist of Americans, the
British publication, “ Syren and Shipping,” (wo learn from
the N ew York “ Tim es” ), shows that other countries aro
affected to a greater or lessor extent, tho total number of
blacklisted firms in all countries boing given as in excess of
1,500, as follows:
Spain, 167: Brazil, 140; Netherlands, 120; Argentina and Uruguay, 95;
Morocco, 8 8 ; Portuguese East and West Africa, Guinea and Rio M uni, 87;
Japan, 8 6 : United States, 85; Norway, 83; Portugal, 79; Sweden, 72;
Netherlands and East Indies, 70; Ecuador, 69; Persia, 56; Greoce, 50;
Philippines, 44; Peru, 41; Chile, 35: Bolivia, 22; Cuba, 10; Central America,
5; Paraguay, 3; Colombia, 1.
“ Syren and Shipping” asks, says tho “ Times” : “ W hat
has Amorica to protest about? Japan doos not talk of
remonstrances and protosts, and she is our ally.
Neither',
so far, has Brazil nor othor countries concerned, oxcept
Argentina.”
^
DEVELOPMENTS
R E G A R D IN G
IR E L A N D .
Henry Edward Duko, a barrister and Unionist, M . P .
for Exeter, was on July 31 appointed Chief Secretary of
Ireland to succeed Augustine Birroll, who resigned as a
result of the recent rebellion. According to London ad
vices, the new Chief Secretary will liavo a seat in tho cabi
net. It is understood that no now Lord Lieutenant for
Ireland will be appointed to succeed Baron Wimborno,
who also relinquished his position becauso of the uprising.
The gloom following the failure last weok to reach an
agreement concerning home rulo for Ireland has not yet
been relieved. According to advices from London, of tho
31st u lt., debate on a motion by John Dillon urging tho
Government to reveal its intentions regarding tho motliod
of governing Ireland during tho war, did nothing to instill
now hope. Premier Asquith delivered a conciliatory speech
in which he expressed himself as hopeful that a permanent
settlement would be reached soonor than generally behoved
possible, but this did not servo to appeaso tho Nationalists,
who, through John Redmond, their leador, mado it clear
that, as they woro dissatisfied with tho Govornmont’s pro-
A ug . 5 1916.]
THE CHRONICLE
eeedings, they would hereafter consider themselves as
having no relations with tho Coalition Government and
would therefore reserve to themselves freedom to criticise
it independently under any circumstaneo.
FRYE
CASE
TO B E S E T T L E D
IN
B E R L IN .
A t a conference held on July 27 botween Acting Sec
retary of State Polk and Princo von H atzfeldt, Counsellor
of the German Em bassy, the possibility of having the
negotiations to adjust tho indemnity to be paid for the sink
ing of the American ship William P . Frye, carried on in
Berlin between Ambassador Gerard and tho German Foreign
Office, was discussed and it is stated accepted by Acting
Secretary Polk. ____________________________
R ISE OF I N D U S T R I A L
STOCKS IN
H A W A II.
“ Commerce Reports” (issued at Washington by the Bu
reau of Foreign and Domestic Commerco, Department of
Commerce) publishes the following with reference to the
rise of industrial stocks in Hawaii as furnished under date
of June 19 by A . P . Taylor, correspondent at Honolulu:
In tlio year that has elapsed since Juno 1915, markot valuos of tho
stocks listed on tho Honolulu Stock Exchango liavo increased nioro than
349,000,000. On tho list to-day aro stocks that were not listed a year ago,
and such securities aro not included in tho figures given. Noithor aro any
increases in values of bonds. Th is gain of upward of $49,000,000 has been
made by thirty-fivo companies. It shows an averago advance in values of
nearly $1,500,000 for each of thoso thirty-fivo listed stocks.
Ewa Sugar Plantation shows an incroaso of $3,000,000; Hawaiian Com
mercial Sugar Co., $6,800,000; Oahu Sugar Co., $5,187,000; and Pioncor
M ill Co. moro than $5,300,000. Other stocks, almost without exception
havo mado advancos.
A t par values tho stocks that aro includod in tho figures given in this
article represent an issued capitalization for tho thirty-fivo companies o
$83,800,000 hi round figures. Th is moans that tho gain in valuos in one
year has boon 6 0 % of such total capitalization. It signifies a growth in
valuos of thoso island proportios of nearly $50,000,000.
FOURTH
L IS T OF A M E R IC A N
TO S P E C I A L
B R IT IS H
S E C U R IT IE S
IN C O M E
SUBJECT
TAX.
W o liavo already publishod throe lists of American securi
ties which tho British Government announced its readiness
to purchase, such securities, whero not sold or loanod by
tho British holders being subject to tho special income tax
of 2 shillings. A fourth list was issued undor dato of July 12
by tho American Dollar Securities Committeo, and wo print
tho same below. A s noted in the case of tho provious lists,
tho figures in parentheses aro tho numbers borne by the
issue. W e may add that the first list appoared in the
“ Chroniclo” of Juno 24, tho second July 8 and tho third
July 15.
Alabama Central R H . (586) 1st M . 6 % , 1918.
Allegheny & Western R y . (587) guaranteed 6 % stock.
American Smelters Securities Co. (588) 6 % conv. debs' 1926- d a n i cor
cum. (unguaranteed) pref. "A ”; (590) 5 % cum. (guaranteed) nref <<n ■
American Steel Foundries (591) 4 % debs., 1923.
1
'U'
American Telephone & Telegraph Co. (592) capital stock
Anaconda Copper Mining Co. (593) shares.
Argentina (594) 6 % Treasury bonds, 1920.
Atlantic & Danvillo R y . (595) 1st M . 4 % , 1948.
Atlantic C ity Electric Co. (596) 1st M . s. f. 5 % , 1938.
Atlantic C ity R R . (597) 1st cons. M . 4 % , 1951.
Bangor & Aroostook R R . (598) 1st M . 5 % , 1943.
Big Sandy R y. (599) 1st M . 4 % , 1944.
Birmingham R y ., Light & Power (600) gen. refunding 4 1 4 % , 1 9 5 ,
Boston & Now York A ir Lino R R . (601) 1st M . 4 % , 1955.
’
Bridgeport Traction Co. (602) 1st M . 5 % , 1923.
Broadway & 7th Avenuo (603) 1st cons. M . 5 % , 1943.
Brooklyn Union Gas Co. (604) 1st cons. M . 5 % , 1945.
Brown Shoo Co., Inc. (605) 7 % cum. preferred.
Brunswick & Western R R . (600) 1st M . 4 % , 1938.
Buffalo R y. (607) cons. M . 5 % , 1931.
5%
1932 & Susquehanna Iron C o - (608) dcb- 5 % - 1926; (609) 1st M .
Burndo Rochester & Pittsburgh R y . (610) 6 % non-cum. preferred(611) common.
preierreu,
Bush Terminal Co. (612) cons. M . 5 % , 1955; (613) 1st M 4 cr 10Ko
California Electric Generating Co. (014) 1st s. f. r>%, 1 9 4 3 /o’
California Gas & Electric Corporation (615) unifying & ’rcf. j r nor toav
Carolina Central R R . (616) 1st cons. M . 4 % , 1 9 4 9
• % . 1J.U.
Catawissa R R . (617) 1st pref.; (618) 2d pref.
‘
Central R R . of New Jersey (619) capital stock.
Charleston & Savannah R y. (620) 1st M . 7 % , 1936.
Chattanooga Station Co. (621) 1st M . guaranteed 4 % 1 9 1 7
Chicago C ity (622) bonds.
' '
Chicago Milwaukee & St. Paul R y. (623) gen. M . 3 H % , 1989
n
Chicago St. Paul Minneapolis & Omaha R y. (624) common
S
B'
Cincinnati Gas Transportation Co. (625) 1st M . 5<7 1 9 9 9
Cities Service Co. (626) 6 % cum. preferred.
Clearfield & Mahoning R y. (627) 1st M . 5 % , 1 9 4 3
Cleveland Cincinnati Chicago & St. Louis Ry.’ (628)’gen M nor 1009
Scries “B ”; (629) White Water Valley D iv . M . 4 % , 1949
'
1993,
Cleveland Elec. Illuminating Co. (630) 1st M
1990
Cleveland & Mahoning Valley R y . (631) 1st cons AI nor inoo
Columbus Connecting & Terminal R R . (632) 1st m ’ r v ’ 1 0 0 0
Columbus Gas Co. (633) 1st M. 5 % , 1932.
' * /o’ 1 J22.
Columbus & Hocking Valley R R . (634) 1st M. 4 % , 4 9 4 3
Columbus & 9th Avenuo (635) 1st M . 5 % , 1993. ’
’
Columbus Street R y . (636) 1st cons. 5 % , 1932.
Columbus & Toledo R R . (637) 1st M . 4 % , 1 9 5 5 .
Connecticut R y. & Lighting Co. (638) 1st and refunding 4 1 4 < 7 io n
Consolidated Gas Co. of N . Y . (639) capital stock.
465
Consolidated Tobacco Co. (640) coll, trust 4 % , 1951.
Continental Can Co., Inc. (641) 7 % cum. preferred.
Corn Products Refining Co. (642) s. f. debs. 5 % , 1931; (643) 1st s. f.
M . 5 % , 1934.
Cuba (644) external 5 % loan, 1944; (645) external 5 % loan, 1949;
(646) external 4 )4 % loan, 1949.
Deere & Co. (647) 7 % cum. preferred.
Delaware Lackawanna & Western R R . (648) capital stock.
Denver & Rio Grande R R . (649) 1st cons. M . 4 ) 4 % , 1936.
Detroit Edison Co. (650) 1st M . 5 % , 1933; (651) 1st & refunding M .
5 % , 1940, Series “A .”
Detroit Gas Co. (652) cons. 1st M . 5 % , 1918.
Detroit Hillsdale & South Western R R . (653) guaranteed 4 % stock.
Detroit United R y . (654) 1 st cons. M . 4 ) 4 % , 1932.
Du Pont (E. I.) de Nemours Powder Co. (655) 4 ) 4 % debs., 1936;
(656) 5 % cum. preferred.
Eastern Power & Light Corporation (657) conv. 5 % , 1918.
Eastman Kodak Co. (658) common.
Florida Central & Peninsular R R . (659) 1st M . 5 % , 1918; (660) 1st M .
ext. and land grant 5 % , 1930; (661) 1st cons. M . 5 % , 1943.
jg
Galveston Harrisburg & San Antonio R y. (662) Mexican & Pacific E xt.
1st M . 5 % , 1931; (663) Mexican & Pacific Ext. 2d M . 5 % , 1931.
Galveston-Houston Electric R y . (664) 1st M . 5 % , 1954.
Georgia Carolina & Northern R R . (665) 1st M . 5 % , 1929.
Georgia R y. & Electric Co. (6 6 6 ) 1st cons. 5 % , 1932.
Goodrich (B. F.) Co. (667) 7 % cum. preferred.
Houston Oil Co. (6 6 8 ) new scries 6 % timber certificates, 1916-23.
Illinois Central R R . (669) 1st M . sterling 3 % , 1951; (670) sterling 3 14 % ,
1950; (671) 1st M . sterling 4 % , 1951; (672) 1st M . dollar 4 % , 1 9 5 1 .
Indiana Natural Gas & Oil Co. (673) refunding M . 5 % , 1936.
Ingersoll-Rand Co. (674) common.
International Harvester Co. of New Jersey (675) common.
Kentucky Central R y. (676) 1st M . 4 % , 1987.
Kentucky & Indiana Terminal R R . (677) 1st M . sterling 4 ) 4 % , 1961.
Keystone Telephone Co. of Philadelphia (678) 1st M . 5 % , 1935.
Kings County Electric Light & Power Co. (679) conv. debs. 6 % , 1925;
(680) purchase money M . 6 % , 1997; (681) 1st M . 5 % , 1937.
Kings County Elevated R R . (682) 1st M . 4 % , 1949.
Knoxville & Ohio R R . (683) 1st M . 6 % , 1925.
Lake Shore Electric R y . Co. (684) 1st cons. M . 5 % , 1923.
Lehigh Valley R R . (685) cons. M . 6 % , 1923.
Lehigh Valley Terminal R y . (6 8 6 ) 1st M . 5 % , 1941.
Lexington Avenue & Pavonia Ferry (687) 1st M . 5 % , 1993.
Louisvillo Lighting Co. (6 8 8 ) 1st M . 5 % , 1953.
Louisville R y. (689) cons. M . 5 % , 1930.
Mahoning Coal R R . (690) 1st M . 5 % , 1934; (691) guaranteed preferred.
Milwaukee Electric R y. & Light Co. (692) cons. AI. 5 % 1926’ (693) re
funding and extension 4 )4 % , 1931.
Milwaukee Gas Light Co. (694) 1st M . 4 % , 1927.
Alinneapolis General Electric Co. (695) 1st AI. 5 % , 1 9 3 4 .
Alinneapolis St. Paul & Sault Ste. Alario R y. (696) 2d A l. 4 % , 1 9 4 9 .
Alinneapolis Street R y . (697) 1st AI. 5 % , 1919.
Alissouri Pacific R y. (698) cons. 1st A l. 6 % , 1920.
Alontgomery Ward & Co., Inc. (699) 7 % cum. preferred.
Alontreal Light, Heat & Power Co. (700) Lachino D iv . s. f. 5 % , 1933.
Mutual Union Telegraph Co. (701) 1st AI. 5 % , 1941.
Nashville Chattanooga & St. Louis R y . (702) Fayette & M cAlinnville
branches 1st AI. 6 % , 1917; (703) Jasper Branch Ext. 1st AI. 6 % , 1923;
(704) capital stock.
New Amsterdam Gas Co. (705) 1st cons. A l. 5 % , 1948.
Newport & Cincinnati Bridge Co. (706) gen. M . s. f. 4 ) £ % , 1945.
Now York New Haven & Hartford R R . (707) non-conv. debs. 4 % , 1947;
(708) Consolidated R y. Co. debs. 4 % , 1954; (709) Consolidated R y. Co!
debs. 4 % , 1955.
New York State (710) bonds.
Niagara Falls Power Co. (711) 1st A I. 5 % , 1932; (712) refunding and
general AI. 6 % , 1932.
North Pennsylvania R R . (713) guaranteed stock.
Northwestern Elevated R R . (714) 1st AI. 5 % , 1941.
Northwestern Telegraph Co. (715) 1st M . 4 ) 4 % , 1934.
Ontario Power Co. of Niagara Falls (716) 1st AI. 5 % , 1943.
Pacific Gas & Electric (717) general and refunding 5 % , 1942.
Pacific Light & Power Co. (718) 1st AI. guaranteed 5 % , 1942.
Pacific Light & Power Corporation (719) lst&ref. AI. s. f. gold 5 % , 1951.
Pacific Power & Light Co. (720) 1st and refunding M . 5 % , 1930.
'
Pennsylvania R R . (721) cons. A l. 5 % , 1919; (722) cons. AI. sterling
3 ) 4 % . 1945; (723) cons. A l. sterling 4 % , 1948; (724) cons. AI. dollar 4 % ,
1948; (725) real estate purchase money 4 % , 1923.
People’s Gas Light & Coke Co. (Illinois) (726) capital stock.
Philadelphia Co. (727) convertible deb. 5 % notes, 1919; (728) convertible
deb. 5 % notes, 1922.
Pino Creek R y. (729) registered 1st A l. 6 % , 1932.
Pittsburgh'& Lake Erie R R . (730) 2d AI. 5 % , 1928, Series “A ” & “B .”
Pittsburgh & Western R y. (731) 1st AI. 4 % , 1917.
Pittsburgh Cincinnati Chicago & St. Louis (732) 4 % non-cum. pref.
Pittsburgh Cleveland & Toledo R y. (733) 1st AI. 6 % , 1922.
Portland R y. (734) 1st and refunding AI. 5 % , 1930.
Portland R y ., Light & Power Co. (735) 1st and refunding s. f. 5 % , 1942.
Providence Terminal Co. (736) 1st AI. 4 % guaranteed, 1956.
rs*
Public Service Corporation of New Jersey (737) gen. s. f. M . 5 % , 1959.
Republic Iron & Steel Co. (738) s. f. AI. 5 % . 1940; (739) 7 % cum. pref.
Rio Grande Western R y . (196) 1st trust 4 % , 1939.
Rochester & Pittsburgh R R . (740) 1st AI. 6 % , 1921; (741) cons. AI.
6 % . 1922.
Rome Watertown & Ogdensburg R R . (742) 1st cons. AI. 5 % , 1922.
Romo Watertown & Ogdensburg Terminal (743) 1st A l. 5 % , 1918.
Rutland R R . (7 4 4 ) 1st cons. M . 4 > 4 % , 1941.
St. Lawrence & Adirondack R y . (745) 1st A I. 5 % , 1996; (746) 2d A I.
6 % , 1996.
St. Louis Bridge Co. (747) 6 % 1st preferred.
San Joaquin Light & Power Corporation (748) 1st and refunding M . s. f.
6 % , Series " A ,” 1950; (749) 1st & refund. AI. s. f. 5 % , Series “B ," 1950.
Seaboard A ir Lino R y. (750) Atlanta-Birmingham D iv . 1st AI. 4 % , 1933.
Soars, Roebuck & Co. (751) 7 % cum. preferred.
Seattle Electric Co. (752) cons, and refunding A I. 5 % , 1929; (753) SeattleEverett 1 st AI. 5 % , 1939.
South Carolina & Georgia R R . (754) 1st AI. 5 % , 1919.
South Pacific Coast R y . (755) 1st AI. 4 % , 1937.
Standard Electric Co. of California (756) 1st M . 5 % , 1939.
Standard Gas & Electric Co. (Delaware) (757) conv. 6 % , s. f., 1926.
Studcbaker Corporation (758) 7 % cum. preferred.
Swift & Co. (759) capital stock.
Tcnnessco Coal, Iron & R R . Co. (760) general AI. 5 % , 1951; (761) Birm
ingham D iv . 1st cons. 6 % . 1917; (762) Tennessee D iv . 1st cons. 6 % , 1917.
Texas Co. (763) 1st A I. 6 % notes, 19 17-21; (764) conv. debs. 6 % , 1931.
466
THE CHRONICLE
Th ird Avonue E R . (765) 1st refunding M . 4 % , 1960.
Toronto Hamilton & Buffalo R y . (766) 1st M . 4 % , 1946.
Tunnel R R . of St. Louis (767) guaranteed capital stock.
Tw in C ity Rapid Transit Co. (768) 7 % cum. preferred.
Union Oil Co. of California (769) 1st lien s. f. and coll, trust 5 % . 1931.
Union Traction Co. of Indiana (770) 1st gen. M . 5 % , 1919.
United Light & Railways Co. (771) 1st and refunding M . 5 % , 1932.
United New Jersey R R . & Canal Co. (772) 1 0 % guaranteed stock.
United States Rubber Co. (773) coll, trust 6 % , 1918.
United States Steel (774) 1st M . s. f. coll, trust 5 % , 1951; (775) common.
Utah Light & Power Co. (776) 1st M . 5 % , 1930.
Virginia Midland R y . (777) 5 % M ., 1921, Series D ; (778) 5 % M ., 1926.
Series E ; (779) 5 % M ., 1931. Series P; (780) gen. M . 5 % , 1936.
Virginia R y . & Power Co. (781) 1st and refunding 5 % , 1934.
Western Union Telegraph Co. (782) capital stock.
Wheeling Electric Co. (783) 1st M . 5 % , 1941.
Wisconsin Central R y . (784) 1st and refunding M . 4 % , 1959.
T H E A M E R IC A N D O L L A R S E C U R IT IE S C O M M IT T E E ,
National Debt Office,
Ju ly 12 1916.
19 Old Jewry, London, E . C .
BANKING, LEGISLATIVE AND FINANCIAL NEWS.
N o bank or trust company stocks wore sold at the Stock
Exchango or at auction this week. Extensive tables re
porting bid and askes quotations, deposits, surplus, & c.,
of banks and trust companies in all important cities in tho
United States are published monthly in tho “ Bank and
Quotation” Section, tho August issue of which accompanies
to-day’s “ Chronicle.” Bid and asked quotations for all
N ew York City bank and trust company stocks are also
published weekly in anothor department of this paper, and
will bo found to-day on page 485.
America’s foreign trado is increasing so enormously that
much interest attaches to an attractive 48-page booklet,
“ How Business with Foreign Countrios is Financed,” just
issued by the Guaranty Trust C o. of Now York. Because
so much of this business is now, a great many persons are ig
norant of the means and methods omployed by tho big banks
that are engaged in financing our growing trade with foreign
countries. This booklet contains exactly the information
that every bank or individual becoming interested in this
business should have at hand. The booklet is made up
largely of reproductions of forms actually used in the busi
ness, including the following:
Bankers’ Tim e Drafts on Foreign Countries; Advice of Drafts to Foreign
Correspondents; Order for Cable Payment; Statement of Amount Due on
Account of Cablo Transfer sold; Form for Confirmation of Purchase of
Cable Transfer in Foreign Currency; Com m ercial Tim e Draft drawn on
London Bank to cover a shipment of cotton from Galveston to Liverpool
Specimen of Ocean B ill of Lading; Marino Insurance Certificate; W ar Risk
Certificate; Advice of Sterling Remittances to London Correspondents;
Commercial Draft for Export of Merchandise to British Colonies Stipulating
that all costs are to be Paid by the Consignees; Ordinary Commercial
Drafts in Dollars for Export of Merchandise from this Country to South
America; Consular Invoices for Shipment of Merchandise from tho United
States to Cuba; Advico of Remittance to Foreign Correspondents; Travel
er’s Letter of Credit; Commercial Letter of Credit payable in Dollars;
Draft drawn against Dollar Commercial Letter of Credit after presentation
in Now York and acceptance by the Bank; Commercial Letter of Credit
available by drawings in Sterling on London; Draft drawn against Sterling
Letter of Credit after acceptance by the London Bank; Form of Bank
Acceptance not based on Imports or Exports of tho United States; Accep
tanco Agreement; Trust Receipts; Bailee Recoipt; Currencies of Various
Countries in the World and their value in United States Dollars.
Tho United States Mortgage & Trust C o ., 55 Cedar S t.,
this city, havo issued a little folder ontitlod “ Tho Ideal Real
Estate M ortgage,” giving the company’s opinion regarding
investments of this description. Tho institution will mail
this folder to inquirers addressing the Secretary, H . L.
Servoss.
Tho Mollon National Bank of Pittsburgh has made an in
teresting compilation of tho banking resources of Pittsburgh
for tho 30tli of June. Somo idea of tho standing of Pitts
burgh as a banking contro may be gathered from tho following
results for the 81 institutions in that city:
Capital, SurDeposits. plus & Profits.
June 30 1916 June 30 1916
$283,980,056
$53,310,883
22 National banks__________________
25 State banks___________________________ 101,596,786
13,553,742
34 Trust companies_______________________ 156,601,975
83,219,333
$542,178,817 $150,083,958
The present combined deposits, capital, surplus and profits
of all thoso institutions wero $692,262,775, an increase in one
year of $124,969,974. Tho deposits and invested capital of
the Mellon National Bank alono are $88,219,411.
Action on the quostion of increasing the capital of Tho
Chase National Bank, of this city, from $5,000,000 to
10,000,000 will bo taken by tho stockholders at a special
eeting to bo held September 7. It is announced that,
tho stockholders authorize tho increase, tho 50,000 new
res will bo offered at par to stockholders of record at
[Vol . 103.
the close of business on September 7, each stockholder being
entitled to take tho samo amount of now stock as the amount
of his present holding. The rights of stockholders to sub
scribe and pay for the new stock at par may be exorcised
by them at any time up to including October 2 1916, upon
which date all rights not exercised will terminate. Sub
scription warrants are to be mailed shortly after Soptombor
7 1916. Tho par value of tho Chase National stock is $100;
tho latest bid and asked prices of the stock aro respectively
650 and 675.
The directors of tho National City Bank of New Y ork,
at a meeting held on the 1st inst., elected P . A . S. Franklin
of the International Mercantile Marine Company, a membor
of tho board. The vacancy on the board which M r . Frank
lin will fill, was caused by tho resignation, becauso of illhealth, of P . A . Valentino.
The Reserve Board, it is announced, has grantod per
mission to tho National City Bank to establish a branch at
Potrograd, Russia and sub-bran clios throughout that
country.
C.
R . Berrian has been appointed Assistant Socrotary of
the Central Trust Co. of this city, and has also succeeded
F . J. Leary as Assistant Manager of tho 42d St. branch of tho
institution. M r. Leary has been promoted to tho manager
ship.
A t a recent meeting of the directors of tho Anglo-South
American Bank, L td ., the following changes woro mado in
tho staff of its Now York agency: John Cone, heretofore
Sub-Agent, was mado Agent; F . C . Harding, formerly ac
countant, was designated Sub-Agent, and W . M . Dawkins,
sub-accountant, was promoted to the position of accountant.
A t a meeting of the directors of the Banlcors’ Trust C o. of
this city on the 3d inst., Harry B . W a tt and Harry Martin
woro appointed Assistant Secretaries of the company.
John M c E . Bowman, a prominent hotol ownor of this city,
has been elected a director of the Harriman National Bank.
M r . Bowman is President of tho Manhattan and Biltmoro
hotels, also of the New Commodoro Hotol, construction upon
which was recently bogun.
Tho Irving National Bank, of this city, has ontored tho
$100,000,000 class of institutions. Its published statement
for July 31 indicates that aggregate resources for that date
wore $102,269,162; deposits wero over $90,000,000, surplus
and profits $3,897,135 in addition to a capital of $4,000,000.
Of its assets, $59,367,334 was immediately available; of
other loans and discounts $9,860,057 was due within thirty
days, $7,221,493 in thirty to ninoty days, $13,049,429 in
90 to 180 days, and only $278,976 after 180 days. Short
time securities amounted to $5 ,432,363, United States and
other bonds $3,672,300, while customers’ liability account
(acceptances) stood at $3,387,207. Lowis E . Piorson is
Chairman of the Board, and Rollin P . Grant, President.
Tho Vice-Presidents aro Harry E . W ard, Willis G . N ash,
Benjamin F . Werner, Emil Kloin, David H . G . Ponny,
J. F . Boukher is Cashier and Richard J. Faust Jr., Samuel
Redfern, A . E . Van Doron, Nowton D . Ailing, W . R . Wilson
and G . B . Rickonbaugh are Assistant Cashiers.
A t a meeting of tho stockholders of tho Morris Plan Co. of
Now York on July 28, it was voted to increase tho capital of
tho corporation from $500,000 to $1,000,000.
Announcement is mado that tho Franklin Trust Co. of
Brooklyn has leased the premisos on tho northeast corner of
Flushing and Washington avenues, Brooklyn, to which place
tho institution will move its M arket branch (now at 68
Washington A vo.) as soon as alterations aro completed, pre
sumably by Sept. 1.
The Franklin Trust C o. has had to fight to obtain permis
sion to establish a branch in Wallabout M arket. Tho
Corporation Counsel’s office had givon an opinion to the
effect that a bank could not bo located in the market becauso
“ a banking institution is not for markot purposes.” Acting
Corporation Counsol Halild, howovor, now roverses that
opinion, saying:
The uso of a part of tho Wallabout Markot lands for banking purposes
Cannot bo said necessarily to infringe tho restrictions in tho deed to tho
former C ity of Brooklyn, and I beg to adviso you that you ncod not, for
this reason, refuse to act upon tho application submittod to you by tho
lessee of lot No. 1001, to sublet tho building thereon to tho Franklin Trust
Co., for tho purpose of opening a Wallabout branch for banking purposos
To tho extent that this conclusion conflicts with tho opinion rondered by
AUG. 5 1916.]
THE CHRONICLE
this department, under datohf April 19^1916, please consider sueh formej
opinion modified.
46 7
change of such shares and to resell such portion of the increased capital as
may not bo taken by tho First National Bank stockholders.
A ll stockholders of tho Mcrchants’-Mechanics’ National Bank have the
preferential right to participate in this syndicate in proportion to their
holdings. Participation subscription must be delivered to Alexander
Brown & Sons, care of Merchants’-Mechanics’ National Bank, on or befor
Aug. 25 1916, otherwise the right to participate will lapse.
Tlio members of tho Depositors’ Association of the defunct
Union Bank of Brooklyn, it is stated, aro considering the
advisability of appealing from part of the decision rendered
by Supremo Court Justice Benedict on July 22 (see issue of
Theodore Rheinboldt, manager of the foreign exchange
last week) directing that all of tho assets of the bank bo sold
without delay, as it is thought that to accomplish this, somo department of the Mollon National Bank, Pittsburgh,
of tho property would have to bo sacrificed. D r. J. Ellis resigned his position August 1st, and intends returning to
Rohrer, Chairman of tho Executive Committeo of the New York in the Fall. In 1903 M r . Rheinboldt accepted
the position of assistant manager of the foreign exchange
Association, commented on tho situation as follows:
We have only thirty days In which to decido definitely whether wo will department of the old First National Bank of Pittsburgh
appeal, and wo aro calling tho attention of tho members to certain things and in 1909 became identified with the Mellon National
that wo want them to consider when they express their opinion on tho
subject of an appeal. So far as our Inquiry has progressed, we have come to Bank, in tho capacity mentioned.
tho conclusion that tho Court’s order for immediate sale would bo beneficial
if tho sales were in the hands of business men instead of politicians. We can
Tho annual convention of the Ohio Bankers Association,
judge only from our past experiences, however, and all wo can seo staring us
in tho face is a very serious loss if the real properties under lease and certain will bo held at the Deshler H otel, Columbus, Ohio, Septem
bonds and mortgages and stocks held by tho bank aro forced to a sale. ber 12-14. Among those who have accepted invitations
There is no reason why thcro should be opportunity for any ono to sell
bonds of a high faco valuo for 25 cents if the holding of them for a certain to address the convention are : G ov. Frank B . W illis, of
Ohio, Edward N . Hurley, Federal Trade Commissioner;
period would enable the bank to recover most or all of their valuo.
In answering Justice Benedict’s criticism with regard to R . Grosvenor Hutchins, Vice-President of tho National
tho oxcessivo fees of tho lawyers in tho Union Bank caso, Bank of Commerce, in New York, Jerome Thralls, Secre
Assistant District Attorney Louis Goldstein issued a long tary of the National bank section and A . D . W elton, manager
statement on July 26 in which he characterized tho criticism of the public relations committee of the American Bankers
as “ purely hypothetical and based upon an assumption Association, New York. Convention details are in the
without any facts to support it .”
“ The facts,” ho said, hands of O. N . Sams, Hillsboro, C . A . Paine, Cleveland
“ show clearly that tho payments by the Banking Superin and L. F . Kiesewetter of Columbus.
tendent to mo were valid and proper, woro not mado as
salary, and wero insufficient oven to meet m y expenses for
Fred. Hageman, who was an assistant tb Samuel McCune
•when he was National Bank Examiner in the Columbus,
tho work dono by m y offico staff.”
Ohio, district, has been appointed an Assistant Cashier of
On tho 2nd inst. bail in tho sum of $50,000 was arranged tho First National Bank of Cincinnati.
for Edwin H . Hatch, Vice-Prosidont of tho M utual Trust
Company of Orango N . J ., which, as indicated in these
The German-American Commercial & Savings Bank of
columns last week, was closed by State Banking Commis Cincinnati, Ohio, closed its doors on July 24 and requested
sioner La M onto, on July 24, following tho discovery that that its affairs bo taken over by the State Banking Depart
Hatch had obtained an over-cortification of his deposit of ment. In an announcement to this effect tho institution
$34,000 to $340,000. M r . Hatch is at prosont confined to claimed that this action was entirely voluntary. On the
his homo in Maplowood, N . J ., where he is convalescing following day State Superintendent of Banking Harry T .
from an operation for appendicitis. The bondsmen aro, Hall took formal charge of the bank. H e gave out the
Lloyd W . Smith, a banker; Clarence B . Rikor, and Ralph following statement:
Tho bank Is In bad condition and the present outlook is that depositors
W . Halsey, son of N . W . Halsey, of Now York. A mort
will not bo paid above 5 0 % , if that much. As far as the investigation has
gage for $39,300 on tho property of M rs. Edwin H . Hatch, gone, it appears that a largo part of the losses of the bank will bo from in
tho bankers wifo has been assigned to tho M utual Trust vestments and transactions made in tho last sixty days, and notably on
Company by J. Charles O ’Brien, to whom it was mado over Juno 28 and June 30.
The German-American Bank had a capital of $25,000, and
by M r . and M rs. Hatch on July 21.
on Juno 30 reported deposits of $111,037. S. D . Peacock
Edwin II. Tuckor has resigned as Cashior of tho City was President. On behalf of the bank and the Peacocks,
Bank & Trust C o., of Hartford, Conn., and has been suc who are the principal owners of the institution, attorneys
Miller and Foster issued the following statement on July 27:
ceeded in tho post by Assistant-Cashior Alfred W . Jacobs.
In behalf of the Peacocks and the bank we wish to state that it is the in
tention of M r. Peacock and his sons to make everything right so far as their
Tho Central City Trust C o. of Syracuse, N . Y . , under date connection with tho bank is concerned. It is impossible to state at this
of July 22 announced tho death of its President, Georgo M . time just what is the condition of the bank. The depositors should do
everything in their power to assist tho Bank Superintendent and the
Barnes.
•
directors to put through any plan of liquidation that seems feasible. There
is no use to get excited or try to hurry matters. Everything is taking its
Tho Colonial Trust C o. of Philadelphia on July 24 located legal course and matters aro being expedited with as much diligence as
possible. We stand ready to talk matters over with any creditors or de
in temporary quarters in tho Lincoln Building, 45 South positors and to explain any matters of interest.
Broad S t., pending tho construction of its now building at
Markot and Thirteenth streets. As indicated in our issuo
Incorporation papers were granted the Rubber City
of April 22, tho now building, which is to bo twelvo stories,' Savings Bank Company, of Akron, O ., by the Secretary
is to cost about $250,000.
of State at Columbus, on July 28th. President H . S.
In furtherance of tho plan for tho morger of tho Morchants’Mochanics’ Bank and tho First National Bank of Baltimore
(see issuo of July 22 ), tho stockholders of both institutions
on July 26 received formal notico of tho proposed merger and
wero requested to sign proxies promptly for tho consumma
tion of tho deal. Tho letter, after stating that tho terms
of tho merger provido for tho payment to tho First National
stockholders of $140 in cash or as an alternative fivo shares
of tho Morcliants’-Mechanics’ Bank stock, at $28 a share,
says further that “ Their proportionate interest in certain
assots is to bo retained by tho bank, consisting of tho banking
liouso and approximately $75,000 faco amount of commercial
paper, subject to tho payment to tho Merchants’-Mechanics’
National Bank of $95,000. Certificates representing this
interest will bo issued therefor.” Tho lottor goes on as
follows:
(a) Stockholders of thoMerchants’-Mochanics’ National Bank rotain their
stock without change, except that on completion of tho merger and on call of
tho board, they may bo required to exchango their certificates for new
certificates stating tho increaso of tho capital.
(b) That tho capital stock of tho Merchants’-Mechanics’ National Bank
w ill bo increased from §2,000,000 to $2,500,000, tho additional S500.00C
to bo used to carry out tho merger.
A syndicate will bo formed by Alexander Brown & Sons to effect tho ex
Firestone and Vice-President Am os C . M iller, of the Fire
stone Tiro & Rubber C o ., are the incorporators of the new
institution whoso authorized capitalization is $100,000.
Roy H . Griffin has resigned as Vice-President and director
of tho People’s Trust & Savings Bank of Chicago, 111., his
resignation to take effect Sept. 1 ., when he will become Vice
President and a director of the Citizens’ Commercial Trust
Co. of Buffalo, N . Y . Prior to his connection with the Peo
ple’s Trust M r . Griffin was a national bank examiner.
It. B . Upham , Vice-President of the People’s, has been
elected to succeed M r. Griffin on tho board of directors.
On tho 1st inst. the board voted to transfer $50,000 from
undivided profits to surplus, thus bringing that account up
to $250,000.
Thomas Mellen was recently elected President and a di
rector of the Idaho National Bank of Boise, Idaho, to suc
ceed Georgo W . Fletcher, deceased. M r . Mellen was
formerly Vice-President of the bank, but resigned last
January because of ill-health, being succeeded by W . S.
M cBirney.
468
THE CHRONICLE
John F . Campion, Vice-President and director of tho Den
ver National Bank of Denver, died at his home in Denver
on July 17. He was one of tho most prominent mine ownors
of Colorado. He was also President of the Municipal Art
League of Denver and an organizer and President of tho
Colorado Museum of Natural History at City Park, Denver.
The Colorado National Bank, Denver, founded 1866,
celebrated its fiftieth anniversary on Colorado day, Aug. 1.
It is the oldest and one of tho most prominent banks of
Colorado, having grown from an institution with a capital of
$100,000 to its present strength of $500,000 capital and
deposits in excess of $18,000,000. The banking house of
Kountze Bros, was merged with the Colorado National in
1867. The officers of the latter are: George B . Berger,
President; Harold Kountze, Vice-President and Chairman
of the Board; Dennis Sheedy, Vice-President, and W . B .
Berger, Cashier.
In order to assume the duties of Cashier of tho Midwest
National Bank of Kansas C ity, M o ., of which institution ho
is ono of the organizers, P . E . Laughlin resigned as Assistant
State Bank Commissioner of Kansas on July 25. Tho M id
west National Bank is scheduled to open for business in tho
Rialto Building, Kansas City (M o .), on Aug. 14 with
Thornton Cooke as President. M r . Laughlin is President
of tho Citizens’ State Bank of Marysvillo, K an.
The Southern Bank & Trust C o. of Nashville, Tenn.,
announces tho election of R . E . Donnell as President, V . I .
Witherspoon as Vice-President, and Albert S. Britt as
Secretary, following tho resignation of President E . T .
Lewis and Cashier W . L . Looney. Messrs. Donnell and
Witherspoon hold similar offices with tho State Bank &
Trust Co. Tho two institutions will bo operated as affiliated
banks under their separate titles. The new officers of tho
Southern Bank & Trust were elected to tho board of direc
tors at a meeting held on July 28.
A t a meeting of tho board of directors of tho Hoard N a
tional Bank of Jacksonville, F la ., on July 25, J. B .P ik o was
elected active Vice-President. M r . Pike was for many
years connected with the Hibernia Bank of New Orleans.
Ho left that institution about two years ago to accopt the
Cashiership of the Federal Reserve Bank of Atlanta, which
position he resigned to accept tho Vice-Presidency of the
Heard National.
George C . M arlitt, Assistant Cashier and Auditor of the
Heard National Bank of Jacksonville, was taken suddenly ill
at his desk Wednesday morning, July 26, and died of acute
indigestion a half-hour later. M r . M arlitt was fifty years
old and had been with tho Heard National ever sinco its
organization four years ago. Ho camo from Birmingham,
A la ., whero for several years he was Auditor of tho First
National Bank.
J. Dabnoy D ay , Cashier of tho First Stato Bank of Dallas,
Texas, has been elected active Vice-President of tho City
National Bank of Dallas. M r . D ay becamo connected with
Dallas banking affairs about ton years ago, coming from
Ladonia, T ex ., whero ho helped to organizo and was a direc
tor of the Ladonia National Bank. Ho later was ono of tho
organizers of tho Traders Bank & Trust C o. of Dallas, which
changed its name in 1909 to tho Traders Stato Bank. Whon
the First State Bank and tho Traders Stato Bank wore con
solidated in February 1911, ho was mado Cashier of tho
consolidated institution, which position ho had since hold.
W . F . Skillman, Cashier of the Citizens’ Stato Bank of
Sulphur Springs, will succeed to tho position of Cashior of
tho First Stato Bank of Dallas, which M r . D ay relinquishes.
Matthew II. Walker, capitalist and pioneer Utah banker,
died at his home in Salt Lako City on July 28. M r . Walker
was President and head of the banking house of Walker
Bros. Ho was born in England, coming to this country in
1852. Ho held largo interests in some of tho best-known
mining concerns of Utah and it was around 1860 that tho
present institution bearing his name was founded by M r .
Walker and his three brothors.
On July 15 Horace Middaugh, Chairman of tho Board of
tho German-Amorican Mercantile Bank of Seattle, W ash .,
was elected President of tho institution to succeed Ernest
Carstens, whose death we announced in theso columns on
[Vol . 103.
M a y 27. E . H . Flick, of tho law firm of Flick & Frater, was
elected Second Vice-President.
The United States Trust C o. and tho bank of Hayes &
Hayes of Aberdeen, W a sh ., will be consolidated, according to
announcement made last week by W . J. Patterson, Presi
dent of both institutions.
Tho Exchange National Bank of Long Beach, C al., has
increased its capital from $100,000 to $125,000.
The Royal Bank of Canada is calling tonders for 1,640
shares of its stock, comprising tho unaccepted allotments
and tho unallotted fractions of the new issue of 4,400 shares
announced in January last. Because of tho terms of tho
B ank A ct, which prohibit tho fractional allotment of shares,
a largo number of stockholders wero unable to avail of the
opportunity to subscribe at par. The basis of tho issuo was
one share of new to every twenty-seven shares of old, hence
tho holders of less than twonty-seven shares wero unablo to
get any of tho new issue. The new stock is being offered to
tho public and any premium realized from tho sale will be
distributed pro rata among the shareholders unablo to take
up the now issue.
T H E E N G L IS H GOLD A N D
S ILV E R M A R K E T S .
W o reprint tho following from tho wookly circular of
Samuel Montagu & C o. of London, written undor da to of
July 20 1916:
GO LD .
It will bo observed from tho details given below that tho amount of gold
announced by tho Bank of England as having been received by that insti
tution exceeds tho withdrawals for tho eighth time in succession. On tho
other hand, the amount of tho gold roservo in the Bank is given as less than
that recorded in the previous return. Tho following amounts wero re
ceived by the Bank:
July 13— £75,COO in sovereigns released on Egyptian account.
July 14— 30,000 in bar gold.
July 15—■ 7,000 In bar gold.
July 19—686,000 in bar gold.
Withdrawals were mado as undor:
July 14— £7,000 in sovereigns for U. S. A .
During the week tho net influx amounted to £797,000.
S IE V E It.
Tho inclination of prices has been, on tho whole, downward. Tho quo
tation eased X d . on tho 14th Inst, and 5-16d. on tho following day. On
tho 17th, liowover, tho Indian Bazaars becamo activo, influenced possibly
by somo reduction in tho stock at Bombay and favorable nows as to tho
monsoon. Tho harvest in India appears to promise well, although tho
rains have fallen somewhat irregularly in certain localities. Tho recovery
of tho price to 29 15-16d. on tho 17th proved to bo short-lived, as tho China
exchange did not harden to tho samo extent. More China silver came into
tho market, depressing tho price to 29%d. and 20%d. on tho 18tli and 19th.
inst., respectively. To-day a recpvery to 20 %d. ensued. Tho riso in tho
price of monoy hero has unsettled tho China oxchango to such a degree
that a possibility of adverso influence upon tho silver market from that
quarter still exists. Considerable derangement has takon placo in Mexican
mining affairs, owing to tho retirement of United States citizens across tho
frontier. M any mines have been shut down in conscqucnco, and tho pro
duction of Mexico is bound to bo retarded considerably. Tho last three
Indian currency returns received by cable givo details in lacs of rupees
as follows:
July 15.
June 30.
July 7.
71,37
Notes In circulation____________________ 7 1,13
73,04
Keservo in silver coin and bullion_________ 23,64
23,99
25,57
Gold coin and bullion____________________12,51
12,40
12,49
Gold in England_______________________ 11,92
11,92
11,92
Tho stock in Bombay consists of 4,200 bars, as compared with 4,400 bars
last week. Tho stock in Shanghai on July 15 was cabled as consisting of
about 30,500,000 ozs. in syceo and about 817,000,000 as compared with
about 28,000,000 ozs. in syceo and about 817,000,000 on Juno 28. No
shipment was made from San Francisco to Hong Kong during tho week.
Quotations for bar silver, per oz. standard:
July 14___ 29 X
cash!
No
Bank rato____________________6 %
July 15 ___ 29 9-16 “
quotation Bar gold, per oz. standard..77s. 9d.
French gold coin, per oz__ Nominal
fixed
July 17 ___ 29 15-16 “ 1
U. S. A . gold coin, per oz..Nom inal
July 18___ 20%
“
for
July 19___ 20%
“ I forward
July 20___ 29X
“ J delivery.
Avge. for wk-29.77
Tho quotation to-day for cash is %d. below that fixed a weolc ago.
E N G L ISH
F IN A N C IA L
M A R K E T S — PER CABLE.
Tho daily closing quotations for socuritios, & e., at London,
as reported by cable, liave been as follows tho past week:
London,
July 29. July 31. Aug. 1. Aug. 2. Aug. 3. Aug. 4.
Week ending Aug. 4.
Sat.
Mond.
Tues.
Wed.
Thurs. Frl.
Silver, per oz.....................d 30%
30 9-16 30%
30%
30%
30 1510
Consols, 2 % per cents_____50%
59%
50%
50
58%
58%
British 4% p e rcen ts..------ 05%
05%
05%
05%
05%
05%
French Hentca (In Paris) fr 64.00 64.00
64.00 64.00
64.00 64.00
French War Loan, 6% (in
90.90 C89.65 89.65
89.65 89.65
Paris) ...................... .fr ____
The price of silver in Now York on tho samo days has boon:
Sliver in N. Y ., per oz.. cts 63 X
64 X
64
64
64%
64 X
c Ex-coupon.
TRADE AND TRAFFIC RETURNS.
L A K E S U P E R IO R IR O N ORE S H I P M E N T S — Tho
rocord breaking movement in oro shipments was continued
during July 1916, tho tonnago for tho month amounting to
9,750,157 tons, as compared with 7,204,021 tons in July
1915, and 9,507,576 tons in June 1916. For tho season to
Aug. 1 1916, tho shipments have aggregated 29,365,724
THE CHRONICLE
A ug. 5 1916.]
tons, an increase of 5,036,264 tons over tlio same period in
1913, tho previous banner year. In commenting on the
results for July, tho “ Iron Trado Review” , of Aug. 3, said:
“Owing to the strikes at somo of the Mesabl mines and some delay duo
to tho July Fourth holiday, it was doubted whether the Juno movement
would bo equaled, but tho high stage of titc water has enabled tho boats to
carry unusual cargoes and tnc result is a splendid showing. It now seems
assured that unless there should bo a serious strike at mines or on the
vessels there will bo a movement of 60,000,000 tons.’
In tho following wo compare tho shipments from tho various
ports in July 1916, 1915 and 1914, and for tho soason to
Aug. 1 :
-------------------------- July------------------------ -- — ---------- Season
Port
................
1910.
1915.
1914.
1910.
E s c a n a b a -tons. 1 , 0 4 4 , 3 0 8
8 1 3 ,S 7 0 0 0 4 ,7 2 1
3 ,0 4 7 ,1 9 2
M a r q u e t t e ................
0 8 0 ,7 7 9
5 0 7 ,3 5 9 2 9 7 ,4 1 3
1 ,8 3 4 ,9 1 9
A s h l a n d . ....................1 , 3 0 2 , 0 8 2
7 0 S ,2 8 5 5 3 3 ,7 4 4
3 ,5 0 0 ,9 4 5
S u p e r i o r .......................1 , 9 8 0 , 0 3 1
1 ,2 8 0 ,4 0 2 1 ,9 5 6 ,9 1 1
5 ,8 0 5 ,5 4 0
D u l u t h _____________ 3 , 0 1 2 , 4 9 2
2 ,4 1 4 ,6 4 9 1 ,1 0 9 ,4 1 0
9 ,3 3 8 ,4 8 2
T w o H a r b o r s . . .1 ,7 2 3 ,2 0 5
1 ,4 1 3 ,4 5 0 1 ,1 0 2 ,3 1 5
5 ,1 7 2 ,0 4 0
to Aug.
T o t a l ............................9 , 7 5 0 , 1 5 7
1 8 ,7 2 5 ,3 0 3
7 ,2 0 4 ,0 2 1
5 ,7 8 4 ,5 1 4
2 9 ,3 0 5 ,7 2 4
July.
1916.
S a n F r a n c is c o .
L o s A n g e l e s ___
S e a t t l o ... ..............
P o r t l a n d _______
S a lt L a k e C it y
S p o k a n o ................
T a c o m a ................
O a k l a n d ________
S a c r a m e n t o ____
S a n D i e g o _____
1 ’ a s a d o n a ............
S t o c k t o n _______
F r e s n o __________
B a k e r s f i e l d ____
1915.
S
$
2 7 7 ,9 8 1 ,6 1 0 2 2 6 ,8 0 0 ,1 5 5
1 0 0 ,5 2 8 ,9 3 .9 0 ,3 1 5 ,I D
5 3 ,3 2 3 ,0 5 2
6 0 ,6 4 7 ,6 0 1
4 6 ,1 5 5 ,5 9 ?
4 0 ,5 6 0 ,2 0 (
3 4 , 4 3 9 , 3 8 0 2 8 , 1 3 2 .9 1 C
1 5 ,3 0 1 ,5 2 2
1 9 ,1 7 0 ,7 2 7
9 ,6 2 0 ,0 4 1
7 , 8 5 4 , 93C
1 4 ,7 7 8 ,9 9 6
1 8 , 3 4 4 .5 0 C
8 ,3 0 8 ,7 5 2
1 0 .0 9 4 .5 4 C
8 ,5 1 0 ,7 7 5
9 ,0 5 0 ,2 3 - 1
3 ,8 7 2 ,1 1 7
3 ,8 0 1 ,4 8 ?
3 ,8 9 3 ,7 0 7
5 ,5 1 9 ,3 9 C
3 ,4 4 6 ,1 6 6
4 ,3 9 7 ,3 9 5
2 ,9 1 4 ,0 9 4
3 ,4 2 0 ,3 0 9
3 ,5 0 8 ,3 2 7
4 ,2 3 7 ,5 9 7
3 , 5 6 0 , 1 12
4 ,1 8 1 ,1 3 3
1 ,3 8 3 ,7 0 5
1 ,5 0 3 ,8 3 3
1 ,0 5 4 ,1 7 9
1 ,2 5 4 ,0 4 4
9 0 5 ,4 9 5
9 2 5 ,0 0 0
2 ,5 1 6 ,5 2 0
2 ,2 2 9 ,0 9 3
1 ,7 4 0 ,0 9 1
1 ,8 1 1 ,8 9 6
%
+
+
+
+
2 2 .(
n .:
1 3 .7
13.S
+ 22.4
+
+
+
+
2 5 .:
2 2 .6
2 4 .1
2 1 .5
+ 6 .4
— 1 .8
+ 4 1 .S
+ 2 7 .6
+ 1 7 .4
+ 1 8 .7
+ 1 7 .4
+ 8 .7
+ 3 1 .9
+ 2 .2
+ 1 2 .9
+ 4 .1
1916.
K a n s a s C i t y . . 3 5 9 ,8 9 7 .4 7 5 2 7 5 ,0 6 7 ,0 3 7
M in n e a p o li s . . 1 0 7 ,4 4 0 ,9 5 3 7 7 ,0 2 3 ,4 7 3
8 8 ,0 1 2 ,3 7 6 7 5 ,3 8 5 ,4 2 2
0 4 ,4 0 2 ,8 5 8 5 6 ,9 6 0 ,1 6 3
S t . P a u l ________
4 9 ,2 9 6 ,3 5 7 4 1 ,9 2 1 ,0 3 9
3 7 ,2 7 4 ,5 5 3 2 8 ,9 0 4 ,1 4 8
S t. J osep h —
2 0 ,2 3 0 ,9 9 6 2 2 ,5 6 2 ,0 2 4
M o i n e s ___
W i c h i t a ............... 2 1 , 3 4 5 , 9 6 0
1 5 ,7 8 7 ,5 9 3
D u l u t h __________ 2 1 , 0 3 5 , 0 3 7
1 1 ,8 6 2 ,6 2 0
S i o u x C i t y _____
1 0 ,7 8 1 ,8 1 0
1 3 ,7 2 4 ,4 0 2
L i n c o l n ________
1 2 ,9 5 7 ,0 2 5
1 0 ,1 7 7 ,5 3 7
T o p e k a ................
7 ,8 0 1 ,0 3 8
6 ,8 9 7 ,7 9 4
C e d a r R a p id s .
7 ,3 1 0 ,4 5 8
7 ,5 2 0 ,8 6 3
D a v e n p o r t ____
7 ,3 4 1 ,5 3 7
6 ,0 8 0 ,9 1 3
7 ,4 7 8 ,6 7 4
6 ,2 8 9 ,4 1 4
W a t e r l o o .............
H e l e n a __________
6 ,3 7 0 ,4 7 4
4 ,5 9 9 ,8 9 0
4 ,4 7 4 ,6 4 4
5 ,0 8 0 ,2 1 3
5 ,1 8 7 ,5 4 8
F a r g o ............... .. ..
0 ,6 8 7 ,3 4 8
3 ,4 9 6 ,5 0 7
3 ,2 0 1 ,1 6 7
C o lo r a d o S p g s .
1 ,0 9 2 ,5 2 0
2 ,3 8 3 ,1 0 7
1 ,4 0 0 ,8 7 0
1 ,9 8 1 ,4 0 2
F r e m o n t _______
A b e r d e e n _____
3 ,8 2 0 ,2 0 8
2 ,7 6 5 ,3 0 1
8 9 7 ,5 1 0
H a s t i n g s .............
1 ,4 6 9 ,2 3 5
3 ,0 4 2 ,3 0 0
2 ,2 7 2 ,0 8 7
B i l l i n g s ________
4 ,2 2 1 ,8 7 9
J o p l i n ___________
5 ,6 8 1 ,5 2 8
2 ,4 1 0 ,0 0 0
1 ,3 6 0 ,0 0 0
G ra n d F o r k s ..
1 ,0 0 0 ,0 5 9
8 0 9 ,9 8 7
L a w r e n c e _______
8 5 9 ,7 8 4
1 ,1 0 0 ,0 0 0
C i t y _____
+ 3 0 .8 2 ,4 6 3 ,8 6 6 ,0 5 3 2 ,0 9 9 ,0 0 2 ,3 2 5
+ 3 9 .5
7 4 9 ,1 9 0 ,7 0 2
0 8 6 ,1 3 5 ,7 8 8
+ 1 0 .7
6 7 1 ,5 5 7 ,4 0 9
5 4 4 ,9 3 3 ,3 1 0
+ 1 3 .1
4 4 0 ,4 9 6 ,4 8 5
3 5 4 ,8 2 7 ,0 3 5
+ 1 7 .0
3 4 9 ,3 9 3 ,1 0 1
2 7 1 ,1 8 4 ,2 9 8
+ 2 8 .9
2 7 9 ,3 3 0 ,2 9 2
2 2 2 ,2 7 8 ,9 2 0
+ 1 6 .3
1 9 3 ,9 2 8 ,0 9 1
1 0 1 ,0 9 6 ,0 0 4
+ 3 5 .2
1 3 4 ,8 0 9 ,8 5 1
1 0 8 ,8 3 8 ,9 3 9
+ 7 7 .3
1 3 4 ,9 4 8 ,2 5 5
1 0 1 ,7 1 8 ,4 5 1
+ 2 2 .3
1 2 4 ,3 2 8 ,5 2 5
9 0 ,7 1 0 .8 5 0
+ 2 7 .3
8 8 ,1 9 1 ,3 7 3
6 8 ,9 7 0 ,0 5 7
+ 1 3 .1
5 0 ,1 9 1 ,0 4 7
4 4 ,2 4 4 ,2 7 9
— 2 .8
5 2 ,2 9 6 ,3 8 4
5 4 ,5 1 5 ,0 6 5
+ 2 0 .7
5 0 ,7 8 3 ,5 2 7
4 3 ,7 1 4 ,4 5 5
+ 1 8 .9
6 5 ,8 6 4 ,2 2 9
4 9 ,6 3 0 ,5 2 5
3 9 ,0 7 2 ,9 9 8
3 1 ,0 0 9 ,7 7 9
+ 3 8 .6
3 8 ,6 4 0 ,2 8 2
3 0 ,4 8 3 ,1 7 0
1 3 .7
5 1 ,0 5 8 ,5 8 9
3 5 ,0 9 0 ,7 7 0
2 8 .9
2 3 ,7 4 8 ,5 5 0
7 .2
2 0 ,3 1 7 ,7 3 7
1 4 ,7 4 7 ,5 2 8
+ 4 0 .9
1 5 ,0 5 1 ,8 8 0
1 3 ,7 4 9 ,2 5 4
+ 3 5 .1
1 2 ,1 9 2 ,0 1 0
3 8 .1
2 4 ,3 3 6 ,0 3 7
1 6 ,4 9 1 ,6 7 5
6 4 .9
9 ,0 5 3 ,5 4 0
0 ,4 1 5 ,8 9 9
+ 3 3 .9
1 8 ,0 5 0 ,1 9 0
1 4 ,1 2 7 ,9 4 9
3 4 .0
4 5 ,8 2 3 ,3 5 4
2 3 ,8 8 0 ,7 3 8
7 7 .2
1 5 ,2 0 2 ,5 0 0
1 0 ,0 0 2 ,4 0 0
2 4 .3
0 ,8 1 4 ,2 7 1
5 ,7 8 2 ,7 5 7
2 8 .1
9 ,3 6 9 ,7 3 1
7 .8 2 7 ,0 4 3
+ 1 7 .4
+ 9 .2
+ 2 3 .2
+ 2 4 .2
+ 2 8 .8
+ 2 5 .7
+ 1 9 .9
+ 2 3 .9
+ 3 2 .7
+ 2 8 .0
+ 2 7 .9
+ 1 3 .5
+ 4 .2
+ 2 9 .9
+ 3 2 .7
+ 2 5 .3
2 0 .8
4 5 .5
+ 1 0 .9
— 2 .0
+ 1 2 .8
4 7 .6
4 1 .1
4 -3 2 .0
4 -0 1 .0
-j-/5 2 0
18 0
1 9 .7
Iowa
Tot.oth.Wcst 8 7 9 . 1 6 1 , 4 1 4
6 9 0 ,0 3 9 ,6 3 5
+
+
+
+
+
+
+
+
+
+
2 7 .4 0 ,1 6 8 ,3 2 7 ,4 9 5 5 ,1 3 5 ,5 8 9 ,9 1 1
Week ending Julr
uieanngs ai—
1916.
S
1915.
L o n g B e a c h ............
5 0 ,9 5 8 ,9 8 7
2 0 ,8 9 9 ,8 1 2
1 3 ,4 8 3 ,9 9 1
8 ,9 4 8 ,2 7 4
0 ,1 2 4 ,4 7 1
3 ,9 8 7 ,0 0 0
1 ,8 9 0 ,4 9 0
3 ,7 6 2 ,3 0 3
2 ,3 1 4 ,9 9 8
2 ,0 0 5 ,4 8 1
7 9 2 ,2 0 7
1 ,1 4 8 ,0 3 2
8 8 7 ,4 0 0
0 0 6 ,7 0 8
2 8 4 ,0 6 6
3 0 0 ,0 0 0
4 9 4 ,8 5 8
S
4 8 ,0 4 1 ,0 6 5
1 0 ,6 2 2 ,5 0 7
1 1 ,1 3 2 ,0 5 2
7 ,5 9 0 ,7 0 6
6 ,8 4 8 ,4 4 4
4 ,2 0 5 ,9 0 7
1 ,3 9 4 ,6 3 1
2 ,9 1 1 ,9 6 0
1 ,5 8 5 ,3 0 5
1 ,4 0 4 ,3 0 0
7 1 1 ,1 8 1
8 0 5 ,9 8 9
0 0 4 ,4 3 8
6 5 0 ,0 0 0
2 6 4 ,7 9 6
2 4 0 ,0 0 0
4 1 0 ,1 4 2
S a n F r a n c i s c o ____
L o s A n g e l e s _______
S e a t t l o _____________
P o r t l a n d __________
S a lt L a k o C ity _ _
S p o k a n o .....................
T a c o m a ___________
O a k l a n d ___________
S a c r a m e n t o _______
S a n D i e g o ________
P a s a d e n a ..................
S t o c k t o n __________
F r e s n o ....... ..............S a n J o s e .....................
N o r th Y a k im a --
Inc. or
Dec.
%
+ 2 8 .6
+ 2 5 .7
+ 2 1 .1
+ 1 7 .8
— 1 0 .6
— 5 .2
+ 3 5 .6
+ 2 9 .2
+ 4 6 .0
+ 4 2 .8
+ 1 1 .4
+ 4 2 .6
+ 4 0 .8
+ 2 .6
+ 7 .5
+ 2 5 .0
+ 2 0 .6
$
4 7 ,0 7 6 .1 0 1
2 0 ,2 1 0 ,2 5 7
1 1 ,5 6 9 ,2 2 7
8 ,5 1 9 ,4 6 3
5 ,3 5 5 ,8 5 0
3 ,0 6 2 ,2 4 8
1 ,7 2 7 ,0 6 2
2 ,8 3 0 ,4 7 9
1 ,6 3 1 ,2 3 7
1 .5 4 7 ,4 2 1
6 9 9 ,5 7 8
8 0 7 ,9 0 8
6 6 4 ,9 6 2
7 2 1 ,6 5 3
2 6 5 ,0 0 0
2 6 0 ,0 0 0
4 8 8 ,5 6 7
+ 1 8 .5
Per
Cent.
$ 2 ,5 3 0 ,4 1 3 ,0 3 4
1 5 8 ,7 1 1 ,4 0 8
1 9 5 ,0 3 3 ,0 4 8
4 2 ,4 7 5 ,7 0 0
3 2 9 ,3 0 2 ,0 1 9
7 9 ,7 7 0 ,4 7 7
1 9 ,3 5 1 ,2 2 8
S I ,8 0 7 ,2 8 0 ,6 4 2
1 2 3 ,1 4 9 ,3 5 3
1 3 3 ,2 4 9 ,2 2 8
3 0 ,2 5 0 ,6 0 1
2 5 5 ,3 8 0 ,4 4 0
6 3 ,5 7 5 ,9 4 2
1 5 ,7 6 1 ,7 0 2
+ 4 0 .3
+ 2 8 .9
+ 4 6 .8
+ 4 0 .4
+ 2 9 .0
+ 2 5 .4
+ 2 2 .8
S 3 ,3 0 1 ,7 1 7 ,5 8 0
6 9 0 ,4 7 4 ,2 3 6
3 2 ,4 2 8 ,6 4 7 ,9 0 S
5 3 5 .4 6 9 .2 S 4
+ 3 8 .4
+ 2 9 .0
S 4 ,0 5 2 ,1 9 1 ,8 1 6
7 0 0 ,2 4 4 ,4 6 8
S 2 ,9 6 4 ,1 1 7 ,1 9 2
5 5 6 ,0 2 3 ,3 4 4
+ 3 6 .7
+ 2 5 .9
S 4 .7 5 2 .4 3 6 .2 8 4
S 3 ,5 2 0 ,1 4 0 ,5 3 6
+ 3 5 .0
Par Value
or Quantity.
1916.
Seven Months
|
Aver} Par Value
Price.1 or Quantity.
Actual
Value.
T o t a l ____ S 8 , 8 1 4 , 9 5 6 , 5 5 5 ' $ 8 , 2 5 2 , 8 7 1 , 0 4 5 1
SALES
O F
STO C K S
A T
T H E
N E W
Y O R K
STO C K
1916.
Number
of
Shares.
Par.
5 ,0 7 6 ,2 1 0
4 ,3 8 3 ,4 4 9
7 ,8 6 2 ,3 9 8
6 m o s 8 5 ,0 5 5 ,6 5 0 7 .3 9 6 ,5 4 6 .5 9 0 6 ,9 2 6 ,7 2 8 ,2 7 1 6 1 ,9 2 9 .9 7 9 5 ,2 4 6 ,8 5 7 ,7 2 5 4 ,5 1 0 ,4 5 0 ,5 6 1
9 ,1 8 7 , 8 6 8 1
8 0 2 ,6 5 8 ,0 1 5
7 5 4 ,2 1 6 ,9 0 4 1 4 ,3 7 1 ,6 3 3 1 ,2 8 8 ,9 0 8 ,6 2 0
M O N T H L Y
|
Clearings Outside New York.
1915.
1916.
1915.
$
7 ,7 4 3 .2 9 2 ,0 9 8
7 .1 2 9 ,5 1 2 ,4 8 8
8 ,1 3 1 ,8 0 1 ,0 3 8
S
0 .1 9 5 ,7 4 1 ,3 4 0
5 ,4 3 0 ,3 4 6 ,1 1 0
6 .2 8 3 ,2 8 6 ,4 6 2
+ 5 J . 3 2 3 ,0 0 4 ,6 0 6 ,2 2 4
1 7 ,9 0 9 ,3 7 3 ,9 1 2
+ 2 8 .4
6 ,2 0 1 ,4 1 8 ,7 6 0
5 ,9 9 1 ,6 3 0 ,3 2 9
+ 2 4 .0
+ 3 5 .1
+ 3 2 .0
%
5 8 ,9 8 0 ,0 2 0 .2 2 9 3 9 ,2 4 4 ,0 1 8 ,6 9 4
2d
1913.
$
4 3 ,9 7 7 ,9 6 9
1 8 ,9 3 0 ,1 f 0
1 2 ,0 3 1 ,5 8 5
9 ,3 8 9 ’0 5 4
qr.
6 0 ,5 7 0 ,2 2 8 ,3 5 8 4 3 ,7 6 2 .0 5 9 ,7 1 7
+ 2 8 .6
+ 4 1 .2
+ 4 5 .9
7 ,6 9 2 ,6 2 5 ,0 9 2
8 ,0 9 6 ,3 5 2 ,3 2 4
8 ,0 4 4 ,1 9 5 ,0 5 3
6 m o s . 1 1 9 5 5 6 2 4 8 5 8 7 8 3 ,0 0 6 ,0 7 8 ,4 1 1
+ 4 4 .0 4 6 ,8 3 7 ,7 8 6 ,6 9 3 3 0 ,1 9 9 ,1 4 1 ,4 9 6
+ 2 9 .7
1 9 ,3 6 8 ,1 1 4 .9 4 7 1 4 ,9 2 9 .4 0 2 ,5 5 1
7 ,9 2 9 ,3 7 2 ,0 7 2
C L E A R IN G S
A T
L E A D IN G
-Julyomitted.)
1 9 9 ,1 6 7 ,9 3 2
1 3 9 ,3 4 4 ,4 3 0
+ 4 2 .9
1 4 8 ,6 8 8 ,3 3 3
1 3 7 ,7 9 4 ,7 3 5
%
+ 2 5 .0
+ 3 1 .3
+ 2 9 .4
+ 2 9 .4
6 , 2 3 3 , 9 8 8 , 9 8 3 '+ 2 7 . 2
The course of bank clearings at loading cities of the coun
try for the month of July and since Jan. 1 in each of the last
four years is shown in the subjoined statement:
B A N K
T o t. o th . W est
6 ,0 9 6 ,7 1 8 ,4 9 5
|
+ 3 8 .4 2 3 ,8 3 3 ,1 7 2 ,4 6 9 1 8 ,2 8 9 .7 6 7 ,5 8 4 + 3 0 . 3
J u ly --
(0 0 6 ,0 0 0 s
5 3 .5 2 3 5 3 3
1 7 .7 7 6 6 6 4
9 5 8 ,6 4 3 ,2 8 8
C L E A R IN G S .
Clearings, Total All.
1916.
A p r il . 1 9 .3 1 5 ,2 4 1 ,7 4 7 1 5 ,0 1 3 ,0 8 3 ,8 3 4
M a y - 2 0 ,6 5 7 .2 7 9 ,6 6 6 1 4 ,6 2 6 ,7 7 5 ,8 3 9
J u n o . . 2 0 ,5 9 7 ,7 0 6 ,9 4 5 1 4 ,1 2 2 ,2 0 0 ,0 4 4
1 0 5 ,8 0 6 ,4 8 0
S
3 0 2 ,4 0 1 ,2 9 8
2 6 2 ,3 7 2 ,4 2 1
5 3 5 ,4 7 6 ,9 1 4
1 2 ,5 2 3 .5 0 7 1 ,1 1 8 ,2 6 4 ,0 5 0 1 ,0 6 1 ,4 7 2 ,4 8 7 2 1 ,0 2 2 ,9 3 0 1 ,7 9 9 ,4 3 6 ,3 3 5 1 ,6 1 9 ,4 0 7 ,3 0 2
1 0 ,4 2 7 .5 7 6 1 ,4 2 1 ,2 9 0 ,7 5 0 1 ,3 2 2 ,4 7 6 ,9 3 4 1 2 ,5 8 1 ,0 4 0 1 ,0 3 7 ,7 6 2 ,9 6 0
9 5 8 ,2 6 4 ,7 1 3
1 2 ,8 2 3 ,8 3 3 1 , 0 7 1 , 8 1 4 ,6 4 5 1 ,0 1 4 ,9 0 2 ,4 1 7 1 1 ,0 0 4 ,0 4 2
9 1 2 ,6 1 9 ,4 3 0
8 3 2 ,4 6 7 .9 1 3
1st qr.
6 2 ,2 2 5 ,0 8 6
2 3 ,3 1 6 ,1 4 5
1 4 ,4 0 0 ,6 2 0
9 ,8 0 9 ,8 4 6
6 ,8 0 0 ,8 1 6
5 ,4 6 8 ,3 9 4
4 ,2 0 8 ,0 0 6
3 ,8 4 8 ,6 8 3
3 ,7 1 3 ,6 3 3
2 ,5 2 1 ,8 9 1
2 ,7 0 4 ,4 6 8
1 ,3 1 2 ,8 3 4
1 ,5 3 5 ,5 0 2
1 ,4 2 0 ,5 5 2
1 ,1 4 3 ,3 8 1
1 ,0 7 9 ,5 8 4
9 5 9 ,1 2 0
7 9 0 ,0 0 0
4 9 9 ,5 5 4
4 3 0 ,2 3 3
4 7 6 ,2 7 2
3 2 5 ,4 1 3
3 1 5 ,7 0 0
Actual.
■S
4 3 5 ,5 3 4 ,9 0 0
3 8 0 ,0 3 2 ,7 8 5
6 8 1 ,4 7 1 ,3 1 5
l s t q r 4 3 ,2 8 0 .7 3 4 3 ,7 8 5 ,1 7 7 ,1 4 5 3 ,5 2 7 ,8 7 6 ,4 3 3 1 7 ,3 2 1 ,9 6 7 1 ,4 9 7 ,0 3 9 ,0 0 0 1 ,1 0 0 ,3 1 0 ,6 3 3
A p r.
M ay
Juno
+ 2 0 .1
1 0 7 ,4 3 7 ,0 1 9
Par.
Shares.
+ 4 8 .8
+ 5 3 .1
+ 4 9 .3
5 1 .0
6 4 .8
3 9 .1
1 8 .9
2 2 .1
2 6 .3
2 0 .7
4 4 .4
8 0 .9
2 9 .0
3 1 .4
4 5 .7
+ 1 .6
+ 1 1 .4
+ 1 6 .9
+ 3 4 .7
+ 4 4 .3
— 1 3 .8
+ 7 0 .0
+ 1 1 2 .2
+ 5 0 .5
+ 1 4 8 .6
+ 4 1 .4
Values.
of
Actual.
I
4+
5 8 ,9 5 9 ,1 8 5
1 4 ,8 4 1 ,2 9 0
1 4 ,4 2 1 ,6 9 6
1 0 ,3 3 8 ,3 4 9
8 ,6 3 5 ,6 0 4
6 ,5 2 1 ,1 4 8
4 ,1 4 4 ,3 0 1
3 ,7 5 2 ,8 1 9
2 ,6 5 7 ,3 5 3
2 ,5 7 2 ,1 5 0
1 ,9 0 2 ,8 3 8
1 ,3 5 2 ,6 4 3
1 ,3 0 5 ,7 3 1
1 ,3 0 2 ,7 9 0
1 ,1 7 5 ,9 0 8
9 3 5 ,8 5 5
1 ,0 5 9 ,6 1 7
7 0 0 ,0 0 0
2 9 0 ,8 6 4
2 6 2 ,6 3 4
5 7 1 ,8 4 1
1 8 0 ,9 8 0
4 5 8 ,7 7 4
E X C H A N G E .
Number
S
1
$
J a n . . 2 0 ,0 7 0 ,0 9 4 ,9 2 5 1 3 ,4 8 3 ,4 3 3 ,8 7 3
F e b . . 1 8 ,2 3 6 ,2 4 9 ,7 0 5 1 1 ,9 1 2 ,1 8 2 ,6 5 7
M a r _ . 2 0 ,6 7 9 ,6 7 5 ,5 3 9 1 3 ,8 4 8 ,4 0 0 ,1 6 4
1 0 5 ,4 2 3 ,5 4 9
8 3 .6
1915.
Values.
S
$
J a n . 1 5 ,9 5 0 ,9 4 4 1 ,4 2 7 ,4 0 3 ,3 3 5 1 ,3 0 1 ,2 4 4 ,8 1 6
F o b . 1 2 ,1 2 0 ,2 0 5 1 ,0 2 5 ,9 0 2 ,9 1 0 , 9 6 2 ,4 1 7 ,4 0 9
M a r . 1 6 ,1 9 7 ,5 8 5 1 ,3 3 1 ,8 7 0 ,9 0 0 1 ,2 6 4 ,2 1 4 ,2 0 8
Month.
8 9 ,9 5 6 ,4 0 4
2 4 ,4 5 8 ,7 7 2
2 0 ,0 6 6 ,9 9 8
1 2 ,2 9 5 ,3 4 4
1 0 ,5 4 7 ,5 8 9
8 ,2 3 0 ,7 9 4
5 ,0 3 4 ,9 5 0
5 ,4 1 9 ,2 5 6
4 ,8 0 8 ,1 3 5
3 ,3 1 7 ,2 8 3
2 ,5 0 0 ,0 0 0
1 ,9 7 0 ,7 1 0
1 ,3 2 6 ,5 8 5
1 .4 5 0 ,7 9 7
1 ,3 7 4 ,0 5 0
1 ,2 6 0 ,7 1 0
1 ,5 2 8 ,3 8 8
0 0 4 ,4 0 9
4 9 3 ,7 4 3
5 5 7 ,7 7 2
8 0 0 ,9 8 4
4 4 9 ,8 9 9
6 4 8 ,3 4 4
Acer.
Price.
9 3 .6 $ 6 ,9 8 8 ,2 0 0 ,2 4 5 $ 5 ,8 4 3 ,9 1 7 ,7 7 4
Mth .
+
+
1 2 4 ,9 4 9 ,6 7 8
1915.
Actual
Value.
Tho volumo of transactions in share properties on the New
York Stock Exchange each month since Jan. 1 in 1916 and
1915 is indicated in the following:
J u ly -!
T o ta l P a c ific ..
1915.
S t o c k / S h 's .
9 4 ,2 4 3 ,5 1 8
1
7 0 ,3 0 1 ,6 1 2
\ V a l. $ 8 ,1 9 9 ,2 0 4 ,6 0 5 $ 7 ,6 S 0 ,9 4 5 ,1 7 5 9 3 .0 $ 6 ,5 3 5 ,7 0 6 ,3 4 5 $ 5 ,4 6 5 ,0 9 3 ,8 4 9 8 3 .6
R R . bonds
4 2 4 ,8 1 3 ,3 1 2 9 2 . i:
4 6 1 .3 6 5 .5 0 0
4 3 8 ,2 4 3 ,2 0 0
3 6 5 ,9 6 2 ,4 5 3 8 3 .5
G o v 't b d s .
6 4 8 ,9 5 0
6 7 2 ,1 2 9 1 0 3 .6
5 8 3 ,0 0 0
5 8 8 ,7 6 6 1 0 1 .0
S ta to b o n d s
1 5 3 .5 6 6 .5 0 0
1 4 6 ,0 8 0 ,4 1 3 9 5 .1
1 3 ,4 7 6 ,0 0 0
1 2 ,0 4 2 ,6 6 0 8 9 .4
B ank stk s.
1 7 1 ,0 0 0
3 6 0 ,0 1 6 2 1 0 .5
1 3 1 ,7 0 0
2 3 0 ,0 4 6 1 7 4 .7
+
+
K a n s a s C i t y _____
M i n n e a p o l i s _____
O m a h a ........................
S t . P a u l .................. ..
D e n v e r .....................
S t . J o s e p h ...............
D c s M o i n e s ............
W i c h i t a .....................
D u l u t h ........................
S i o u x C i t y ................
L i n c o l n ___________
T o p e k a ....... ..............
C e d a r R a p i d s ___
D a v e n p o r t ____
W a t e r l o o ...................
H e l e n a ........................
F a r g o ...........................
C o lo r a d o S p r in g s
P u e b l o ........................
F r e m o n t ..................
A b e r d e e n ..................
H a s t i n g s ...................
B i l l i n g s .....................
+
+
+
+
+
+
+
+
+
+
+
+
Seven Months
29.
1914.
1916.
Our usual monthly detailed statement of transactions on
tho New York Stock Exchange is appended. Tho results
for the seven months of 1916 and 1915 are given below:
Descrip
tion.
+ 2 3 .3
+ 1 8 .9
+ 1 7 .2
+ 7 .1
+ 3 9 .3
+ 2 2 .2
+ 1 2 .1
+ 2 1 .1
+ 2 2 .9
+ 1 9 .4
+ 9 .3
+ 3 8 .9
+ 1 5 .6
+ 1 4 .9
+ 2 1 .1
+ 3 3 .5
+ 1 1 .2
+ 3 0 .0
— 3 .9
+ 1 4 .7
+ 2 4 .3
+ 2 0 .8
Pueblo_____
T o t a l a l l c i t i e s f o r w e e k .................................
Dec.
$
S
1 , 8 2 1 ,2 0 8 ,0 S ( 1 ,4 7 7 ,4 9 7 ,5 7 c
7 1 0 ,8 8 2 ,2 6 2
5 9 8 ,1 3 9 ,8 3 C
4 0 9 ,9 9 7 ,5 8 - 1
3 4 9 ,8 2 1 ,1 7 1
3 3 3 ,0 6 3 ,8 6 ;
3 1 1 ,1 0 .3 ,0 0 ?
2 5 1 ,0 5 9 ,9 1 1
1 8 0 ,2 3 2 ,6 0 1
1 3 0 ,0 9 4 ,9 1 ;
1 0 6 ,4 5 3 ,9 2 3
5 7 , 1 3 2 ,9 2 - 1
6 4 ,0 2 7 ,4 4 1
1 0 1 ,6 6 8 ,4 6 4
1 2 3 ,1 4 9 ,5 3 5
0 4 ,4 1 1 ,0 3 1
5 2 ,4 0 1 ,7 4 2
0 7 ,4 7 0 .7 8 2
5 6 ,5 1 4 ,6 0 9
2 8 ,4 7 7 ,9 0 6
2 0 ,0 4 3 ,4 0 6
3 0 ,4 6 2 ,3 2 7
2 0 ,2 4 5 ,2 5 4
3 0 ,3 8 7 ,2 3 5
2 0 ,2 8 9 ,1 5 4
2 0 ,8 7 9 ,0 4 5
1 8 ,1 7 3 ,0 8 5
2 0 ,8 3 0 ,8 7 2
2 2 ,1 5 8 ,0 2 7
2 9 ,9 0 6 ,1 9 5
2 2 ,4 4 5 ,0 5 0
1 1 ,9 8 0 ,0 5 2
1 0 ,7 7 3 ,3 5 0
1 0 ,8 0 7 ,2 3 5
8 ,2 7 0 ,0 2 0
0 ,1 4 9 ,9 4 1
6 ,3 9 9 ,5 0 0
1 7 ,7 0 4 ,8 2 7
1 5 ,4 4 2 ,3 0 0
1 4 ,7 0 2 ,0 8 3
1 1 ,8 2 3 ,3 0 8
+ 1 8 .6 4 ,2 0 9 ,7 2 0 .2 2 8 3 ,4 8 5 ,0 3 5 ,0 0 7
Sioux F a lls...
S e v e n c i t i e s , f i v e d a y s ............... .................
Inc. or
Dec.
1915.
T o t a l P a c if i c 6 2 2 ,0 1 3 ,9 9 0 5 2 2 ,0 5 4 ,1 8 1
Dee
Clearings— Returns by Telegraph.
Week ending August 5 .
1 5 ,4 0 8 ,0 3 0
Seven Months.
Inc. or
Dec.
Clearings by Telegraph— Sales of Stocks, Bonds, &c
— Tho subjoined table, covering clearings for tho current
week, usually appears on tho first page of each issue, but
on account of the length of the other tables is crowded out
o co a month. The figures are received by telegraph from
other leading cities.
1 ------------------------1915.
1914.
2 ,0 0 2 ,7 0 0
1 ,7 4 0 ,7 4 1
1 ,1 1 4 .3 0 0
0 8 1 ,3 0 1
1 .8 7 0 ,0 7 7
1 ,4 1 0 ,8 2 5
3 ,0 0 4 ,0 0 2
5 ,0 9 0 ,4 1 3
0 ,7 1 0 ,4 6 0
2 ,9 4 9 ,2 8 0
3 ,9 0 3 ,7 0 4
2 ,9 3 0 ,0 0 4
Pacific and Other Western Clearings brought forward from first page.
Clearings at—
469
1916.
1
C IT IE S .
-Jan.
to July
1913.
S
7 ,3 4 5
1 ,3 4 3
681
709
329
252
219
113
163
231
127
72
97
62
118
68
98
35
73
58
44
39
35
33
28
55
23
26
1916.
1
1915.
8 4 ,1 5 7
1 1 ,1 7 7
6 ,1 3 7
7 ,1 3 0
2 ,8 7 6
1 ,9 2 3
1 ,8 2 1
987
1 ,3 0 0
2 ,4 6 4
1 ,2 2 8
681
749
548
1 ,1 7 3
563
711
290
672
436
440
311
349
478
221
410
239
251
5 5 ,5 0 2
9 ,1 1 7
4 ,5 6 8
4 ,6 5 8
2 ,3 2 6
1 ,4 7 2
1 ,4 7 7
761
1 ,0 2 2
2 ,0 9 9
831
537
686
402
778
482
598
232
540
336
355
247
271
273
193
350
194
180
311914.
1913.
S
5 6 ,2 7 1
5 6 ,1 3 6
9 ,6 4 0
9 ,3 3 4
4 ,7 9 0
4 ,8 7 0
4 ,8 6 1
5 ,0 0 4
2 ,3 8 9
2 ,4 0 1
1 ,5 8 2
1 ,7 6 4
1 ,4 6 8
1 ,5 1 5
803
779
1 ,1 0 8
1 ,1 8 0
1 ,5 6 9
1 ,5 9 7
761
751
556
546
687
680
424
424
815
755
501
450
707
730
243
246
505
513
353
358
334
293
243
255
255
371
244
239
223
223
373
371
150
150
176
180
S
S
$
8 ,6 9 5
1 ,3 1 8
682
713
324
228
227
119
152
275
144
74
77
66
136
67
.9 0
37
75
53
57
40
42
40
19
53
31
28
8 ,1 8 0
1 ,3 7 7
708
708
337
229
225
120
183
242
124
72
100
58
116
79
98
37
67
58
51
40
35
36
24
56
28
26
.1 8 ,0 6 4
. 1 ,3 0 1
1 3 ,8 6 2
1 ,0 6 7
1 3 ,4 1 4
1 ,0 7 9
1 2 ,4 7 6
1 ,0 7 8
1 2 9 ,7 2 2
9 ,2 0 2
9 0 ,4 8 7
7 ,4 4 8
9 0 ,4 8 7
7 ,4 1 7
9 2 ,0 1 5
7 ,6 4 6
.1 9 ,3 6 8
. 7 ,9 2 9
1 4 ,9 2 9
6 ,2 3 4
1 4 ,4 9 3
6 ,3 1 3
1 3 ,5 5 4
6 ,2 0 9
1 3 8 ,9 2 4
5 4 ,7 6 7
9 7 ,9 3 5
4 2 ,4 3 3
9 7 ,9 0 4
4 2 ,4 0 2
9 9 ,6 1 5
4 3 ,5 2 5
Milwaukee.
1 ,5 7 6 ,3 4 4
1 ,3 6 0 | 7 8 6
1 , 8 5 3 '9 2 3
1 ,4 2 2 ’ 198
8 7 3 ,1 2 3
3 4 2 ,5 7 2
7 6 2 ,9 4 0
4 1 2 ,0 3 2
4 4 0 ,5 9 4
3 1 3 ,8 1 0
2 0 0 ,0 0 0
3 7 5 ,2 9 0
1914.
.1 1 ,4 3 9
. 1 ,6 2 5
.
867
. 1 ,0 3 1
.
417
P i t t s b u r g h __________ .
282
.
278
C i n c i n n a t i __________ .
145
B a l t i m o r e . . ............. . .
193
.
360
.
218
.
89
.
107
L o u is v ille . .
.
73
D e t r o i t -------.
180
.
80
.
101
P r o v id e n c e ..
.
42
O m a h a _______________ .
88
B u f f a l o ______
.
68
S t . P a u l ______
.
64
I n d ia n a p o lis .
.
46
D e n v e r ______
.
49
R ic h m o n d ...
.
68
M e m p h is . . .
.
25
.
61
S e a t t l e ________
H a r t f o r d _____
.
34
34
S a l t L a k o C i t y ---------.
Cleveland__
New Orleans.
3 . 5 .3 4 1 5 5
2 ,7 8 9 0 4 7
1915.
,
THE CHRONICLE
4 7 0
Canadian Bank Clearings.— The clearings of the Cana
dian banks for the month of July 1916 show an increase
over the same month of 1915 of 4 9 .3 % , and for the seven
months the gain roaches 4 0 .3 % .
1916.
Inc. or
Dec.
1915.
S
S
$
%
+ 5 4 .7 2 ,0 1 5 ,1 9 7 ,3 2 5
M o n t r e a l _______ 3 2 6 , 7 1 5 , 0 0 7 2 1 1 . 1 4 7 . 7 0 S
+ 2 9 .1 1 ,4 1 6 ,7 2 4 ,4 5 3
T o r o n t o ................ 2 0 8 , 7 5 9 , 8 9 1 1 6 1 , 7 0 9 , 1 5 6
W i n n i p e g _______ 1 6 6 , 0 5 4 , 9 5 3 7 5 , 6 1 4 , 5 2 8 + 1 1 9 . 6 1 , 0 2 9 , 0 6 0 , 0 3 5
+ 1 5 .9
1 7 0 ,6 9 2 ,7 6 9
V a n c o u v e r -------- 2 7 , 4 8 1 , 8 4 6 2 3 , 7 1 2 , 1 5 2
1 7 ,3 2 1 ,6 9 4
+ 3 1 .3
1 3 9 .0 1 3 ,6 1 5
O t t a w a _________ 2 2 , 7 4 8 , 4 2 1
1 1 ,4 0 4 ,1 0 2
+ 6 0 .5
1 1 6 ,0 0 0 ,6 3 3
C a l g a r y ................ 1 8 , 3 0 5 , 0 7 1
1 4 ,3 7 4 ,7 6 4
1 0 3 ,4 0 9 ,3 5 6
+ 1 5 .9
Q u e b e c ................... 1 6 , 6 6 2 , 2 6 4
0 ,5 8 8 ,6 1 4
+ 1 7 .1
4 4 ,4 9 1 ,5 9 0
7 ,7 1 5 ,5 9 1
V i c t o r i a _________
0 1 ,0 8 1 ,9 8 4
8 ,5 6 7 ,2 8 1
— 0 .8
E d m o n to n —
8 ,4 9 8 ,6 6 7
1 0 8 ,3 3 8 ,5 9 4
+ 2 9 .0
1 6 ,5 5 0 ,5 5 1
1 2 ,8 3 2 ,5 4 9
H a m i l t o n _______
+ 1 8 .6
7 0 ,8 6 6 ,8 9 8
9 ,5 8 7 ,7 2 3
1 1 .3 7 4 ,6 6 7
H a l i f a x ________
5 0 ,3 8 7 ,2 3 4
7 ,1 1 8 ,3 2 2
+ 9 .7
7 ,8 0 7 ,2 8 1
S t . J o h n ________
5 6 ,8 8 6 ,0 2 9
7 ,6 7 9 ,2 2 0
+ 1 3 .5
8 ,7 1 8 ,7 5 0
L o n d o n ...............
+ 7 7 .9
5 5 ,8 4 1 ,1 5 1
8 ,9 0 0 ,0 0 0
5 ,0 0 4 ,1 3 0
R e g i n a __________
2 ,9 7 4 ,8 4 4
+ 5 0 .4
3 1 ,3 9 2 ,7 8 6
4 ,4 7 4 ,4 5 5
S a s k a t o o n _____
2 5 ,5 9 9 ,3 1 9
2 ,4 4 3 ,2 7 7
+ 5 7 .6
3 ,8 5 1 ,7 4 0
M o o s o J a w ____
1 4 ,9 6 5 ,7 2 0
2 ,0 5 8 ,8 4 1
+ 2 7 .5
2 ,6 2 4 ,9 8 2
B r a n d o n _______
1 3 ,4 6 2 ,8 8 1
1 ,2 9 7 ,0 5 6
+ 7 3 .6
2 ,2 5 1 ,2 3 5
L e t h b r i d g e ____
+ 2 0 .4
1 8 ,5 6 6 ,1 1 6
2 ,3 2 5 ,6 6 6
2 ,8 0 0 ,5 6 0
B r a n t f o r d _____
1 4 ,3 2 7 ,5 8 4
+ 2 9 .6
1 ,9 5 8 , 5 5 1
2 , 5 4 1 , 4 7 ‘1
F o r t W illia m ..
+ 7 .2
7 ,4 5 9 , U S
1 ,1 7 4 ,0 0 1
1 ,2 5 9 ,3 3 1
N e w W e s tm ’er
+ 8 0 .2
9 ,9 5 7 ,9 6 1
7 9 2 ,6 0 6
1 ,4 2 8 ,3 4 1
M e d ic in e H a t .
+ 3 6 .C
1 4 ,7 7 7 ,7 9 6
1 ,6 7 4 , 9 5 6
2 ,2 7 7 ,5 3 8
P e te rb o ro u g h .
1 1 ,1 7 6 , 3 4 1
2 , 2 4 5 , 7 5 0 'N o t i n c l . In t o t a l .
S h e r b r o o k e ____
2 ,0 0 7 ,1 4 9 N o t I n c l. In t o t a l .
9 ,0 0 9 ,8 3 3
B e r l i n . . ................
T o t a l C a n a d a . 8 7 9 ,8 0 2 ,6 4 7 5 8 9 ,3 6 1 ,7 5 8
Inc. or
Dec.
1915.
1916.
$
%
+ 4 8 .0
1 ,3 6 1 ,4 1 5 ,4 1 1
1 ,0 3 4 ,2 6 1 ,0 2 8
+ 3 7 .0
6 4 5 ,4 1 8 ,1 0 6
+ 5 9 .4
1 5 0 ,3 4 3 ,0 7 6
+ 9 .2
1 2 1 ,1 5 1 ,6 1 1
+ 1 4 .7
8 4 ,6 4 6 ,0 5 2
+ 3 7 .0
+ 2 1 .6
8 5 ,0 1 5 ,6 5 5
4 6 ,1 9 0 ,4 4 2
— 3 .7
6 0 ,3 7 5 ,8 0 2
+ 1 .2
+ 3 3 .2
8 1 ,3 1 2 ,0 9 3
5 7 ,6 4 4 ,4 2 3
+ 2 2 .9
4 4 ,4 0 4 ,5 5 1
+ 1 3 .5
5 1 ,2 4 5 ,4 2 8
+ 1 1 .0
+ 4 8 .3
3 7 ,6 0 5 ,5 4 7
2 1 ,4 6 7 ,3 0 5
+ 4 0 .2
1 9 ,3 2 9 ,3 7 1
+ 3 2 .2
1 3 ,0 4 2 ,9 2 5
+ 1 4 .7
8 ,8 8 6 ,9 5 3
+ 5 1 .5
1 4 ,6 8 2 ,0 5 3
+ 2 6 .5
1 2 ,7 5 6 ,0 7 5
+ 1 2 .3
7 ,9 1 1 ,7 0 0
— 5 .7
6 ,1 6 2 ,2 4 5
+ 0 1 .0
1 1 ,0 3 0 ,8 8 1
+ 2 7 .0
N o t I n c l . In t o t a l .
N o t I n c l. In t o t a l .
+ 4 9 . 3 5 ,5 8 8 ,5 0 1 ,0 4 0 3 ,9 8 2 ,9 6 7 ,7 4 3 ! + 4 0 . 3
The clearings for the week ending July 29 make a very
satisfactory comparison with the samo week of 1915, the in
crease in the aggregate having beon 5 6 .9 % .
Week ending July
1915.
1916.
M o n t r e a l ...................
T o r o n t o ____________
W i n n i p e g ...................
V a n c o u v e r _________
O t t a w a ____________
Q u e b e c _____________
H a l i f a x ......................
S t . J o h n -----------------H a m i l t o n ...................
C a l g a r y -----------------L o n d o n ____________
V i c t o r i a ......................
E d m o n t o n ................
R e g i n a .........................
B r a n d o n __________
S a s k a t o o n _________
M o o s o J a w _______
L e t h b r i d g e .............
B r a n t f o r d ------------F o r t W i l l i a m _____
N e w W e s tm ’s t e r .
M e d i c i n e H a t ____
P e t e r b o r o u g h ____
S h e r b r o o k o .............
B e r l i n ............................
Inc. or
Dec.
Per
Cent.
Name of Company.
M is c e lla n e o u s .
A s s n . (quar.)............. .................
59c
A m e r ic a n H a n k N o t e , c o m m o n ( q u a r . ) . .
A m e r i c a n B r a s a ( q u a r . ) ..........................................
E x t r a _____________________________________________
American Cotton Oil, common (quar.).............
1
American Cyanamld, pref_____________________
0
A m e r . G r a p n o p h o n e , p r o f. ( q u .) ( N o . 7 3 ) .
A m e r i c a n H i d e & L e a t h e r , p r e f .............—
5
i
A m . L a F r a n c o F ir e E n g . ,I n c .,c o m .( q u .)
4
Amer. Radiator, common (quar.)-----------------Preferred (quar.)-------- -------------- -----------------------American Shipbuilding, pref---------------------------1
Amer. Smelt. A Refg., com. (quar.)-------------Common (extra)________________________________
Preferred (quar.)........................................ ..............
A m e r . S o d a F o u n t a i n ( q u a r . ) ----------------------5
Amer. Tobacco, common (quar.).........................
A m e r i c a n U t i l i t i e s , p r e f . ( q u a r . ) .....................
S2
A n a c o n d a C o p p e r M i n i n g ( q u a r . ) ............. ..
Beatrice Creamery, common (quar.)------------'2lA
1%
Preferred (quar.)_______________________________
Bigelotc-IIarlford Carpel, common-----------------Preferred (quar.)_______________________________
4
Bond A Mtge. Guarantee (quar.).........................
4
B o r d e n 's C o n d e n s e d M i l k , c o m . ( N o . 4 2 )
$2
Buckeye Pipe Line (quar.)------------------------------B u rn s B r o th e r s , c o m . (q u a r .) ( N o . 1 2 ) .
Bulterick Company (quar.)..................... ..............
X
C a m b r i a S t e e l ( q u a r . ) . ............. .. .......................C a n a d a C e m e n t , p r e f. (q u a r .) ( N o . 2 6 ) . .
3
C a n a d a F o u n d r ie s & F o r g ., c o m . (q u a r .)
3
C o m m o n ( e x t r a ) __________________________
P r e f e r r e d ( q u a r . ) ________________________
Caney River Gas (quar.)....................................
Citizens’ Gas (Indianapolis) (No. 1 4 ) .
h3 0
C o l o r a d o F u e l & I r o n , p r e f e r r e d ----------C o n s o l i d a t e d G a s ( q u a r . ) ..............................
C o n t in e n t a l P a p e r B a g , p t .( q u .) ( N o .64 )
C o s d c n & C o . (c a s h o r s t k . — s e e n o t o * 'f ’ )
Deere A Co., pref. (quar.)...................D i a m o n d M a t c h ( q u a r . ) --------------------D o m i n i o n B r i d g e , L t d . ( q u a r . ) ------3
E x t r a __________________ __________________
E a s te r n S te e l, 1st p r e f. (q u a r .) —
F ir s t p r e f. (o n a c c o u n t a c c r u e d d i v s . ) . *2 1
10
E a s t m a n K o d a k , c o m m o n ( e x t r a ) ------------5
F a j a d o S u g a r , e x t r a ...............................................
General Asphalt, pref. (quar.) (No. 3 7 ) - G c n e r a l C h e m i c a l , c o m m o n ( q u a r . ) -------G o o d r ic h ( B . F .) C o ., c o m m o n ( q u a r .) ..
IX
Alaska Packers'
IX
IX
3X
X
IX
IX
IX
2X
IX
IX
IX
IX
IX
62Xc.
5
IX
IX
501
IX
i-X
2
(X
20.
1914.
1913.
$
%
8
+ 4 7 .6
6 9 ,0 0 9 ,9 4 2
4 6 ,7 4 0 ,8 6 5
+ 4 0 .3
3 4 ,1 6 3 ,8 2 6
4 7 ,9 3 7 ,0 8 1
+ 4 5 .2
1 6 ,6 7 5 ,2 1 5
4 0 ,8 9 1 ,7 8 2
+ 2 2 .6
4 ,8 3 7 ,6 3 3
5 ,9 2 8 ,4 1 8
2 ,9 0 5 ,6 1 2
+ 5 4 .3
4 ,5 1 2 ,8 0 3
+ 1 2 .4
2 ,8 8 0 ,1 5 9
3 ,2 3 7 ,8 7 3
+ 1 7 .8
1 ,9 4 7 ,7 0 7
2 ,2 9 4 ,4 8 2
+ 2 5 .9
1 ,4 6 5 ,6 3 0
1 ,8 4 5 ,1 5 8
+ 2 9 .1
2 ,7 0 3 ,9 2 8
3 ,4 9 1 ,2 5 7
2 ,2 4 8 ,7 5 8
+ 9 2 .3
4 ,3 2 3 ,7 1 7
1 ,5 3 1 ,1 0 2
+ 7 .4
1 ,6 4 4 ,8 2 6
+ 2 4 .9
1 ,5 5 3 ,5 2 0
1 ,2 4 3 ,3 8 8
+ 3 3 .7
2 ,0 2 0 ,8 4 8
1 ,5 1 1 ,4 5 8
8 8 0 ,7 9 2 + 1 3 3 .2
2 ,0 5 2 ,4 3 6
4 9 1 ,9 6 6
+ 4 5 .3
7 1 4 ,5 7 4
5 7 0 ,7 8 9
+ 8 9 .5
1 ,0 8 1 ,6 0 5
4 7 3 ,7 0 8
+ 8 3 .4
8 6 8 ,7 0 0
4 7 3 ,7 9 2
2 8 0 ,8 5 1
+ 6 8 .7
4 1 3 ,7 2 0
+ 5 8 .3
6 5 4 ,1 5 6
+ 4 2 .7
6 0 0 ,2 4 2
4 2 0 ,6 0 7
2 4 3 ,1 7 2
+ 1 3 .9
2 7 7 ,5 3 3
3 5 7 ,1 3 4
1 5 6 ,8 3 9 + 1 2 8 .2
4 8 4 ,9 9 0
3 2 9 ,3 1 3
+ 4 7 .3
4 7 6 ,1 6 4 N o t I n c l. In
t o t a l.
4 1 8 ,5 3 4 N o t I n c l. In
t o t a l.
S
5 8 ,1 0 7 ,5 4 1
4 4 ,0 0 0 ,0 0 0
2 2 ,4 8 2 ,9 1 6
8 ,2 0 2 ,8 7 2
3 ,3 7 2 ,6 2 7
3 ,0 6 2 ,5 5 7
2 ,0 0 7 ,2 9 5
1 ,6 7 4 ,1 1 0
2 ,7 4 0 ,2 6 7
3 ,1 8 3 ,3 2 5
1 ,4 5 9 ,0 2 2
2 ,4 3 8 ,6 2 2
2 ,8 4 2 ,2 3 8
1 ,8 8 1 ,3 6 2
4 6 6 ,5 1 0
9 8 3 ,9 3 1
7 5 5 ,4 0 1
3 2 7 ,1 1 7
5 7 7 ,3 8 8
1 ,0 9 3 ,1 6 1
3 4 2 ,5 5 5
3 1 4 ,1 2 9
3 7 1 ,4 4 3
S
5 0 ,1 9 7 ,8 4 2
4 1 ,5 5 4 ,6 2 8
2 3 ,7 3 6 ,7 7 7
9 ,8 3 6 ,8 9 2
3 ,7 0 1 ,3 5 9
2 ,8 4 1 ,9 3 6
1 ,6 2 0 ,2 5 9
1 ,4 9 9 ,9 5 3
3 ,2 7 1 ,5 2 7
4 ,0 7 6 ,4 4 7
1 ,5 2 0 ,9 8 5
3 ,0 9 3 ,5 5 9
3 ,1 2 9 ,7 4 1
1 ,6 5 9 ,4 1 4
5 2 6 ,3 0 3
1 ,4 7 3 ,9 8 5
9 2 0 ,2 6 6
4 3 5 ,0 5 1
5 1 9 ,6 1 4
8 8 7 ,9 9 0
4 6 8 ,6 9 7
5 4 0 ,9 0 4
+ 5 6 .9
1 6 3 ,2 8 6 ,3 8 9
1 5 7 ,5 1 4 ,3 9 9
IX
IX
1
1
IX
2
P r e f e r r e d ( q u a r . ) ---------------------------G re e n e C a n a n c a C o p p e r (q u a r .).
1
IX
I le r c u le s P o w d e r , p r e fe r re d
i q u a r . ) -------5 0 3 )..
I liu m . & P o w e r S e c . C o r p ., p r e f. ( q u . ) .
I n d i a n a P i p e L i n e ( q u a r . ) ------------------ -----------I n l a n d S t e e l ( q u a r . ) __________________________
I n t . H a r v e s te r o f N .J ., p r e t .(q u .)(N o .2 7 )
Ilomestake Mining (monthly) (No.
65c.
IX
$2
2
IX
IX
X
2
25c.
2
K e r r L a k o M in in g (q u a r .) ( N o . 4 4 ) .
K in g s C o u n t y E l. L . & P o w . ( q u .) ( I
Lanston Monotype Machine (quar.).
IX
L e o R u b b e r & T ir o C o r p . ( q u a r .) ..
50c.
25c.
SI
3
E x t r a .......... ..........................................................
L e h ig h C o a l & N a v i g a t i o n ( q u a r . ) .
X
May Department Stores, com. (quar.).
M ia m i C o p p e r C o . (o u a r .) ( N o . 1 6 ).
M id d le W e s t U tilitie s , p r e f. ( q u a r .) .
M i d w e s t O i l , p r e f -------------------------------------Mobile Electric, pref. (quar.)...................
$ 1 .5 0
IX
h2c
IX
2X
IX
IX
N a t i o n a l C a r b o n , p r e f . ( q u a r . ) ................
T ota l C an ad a.
1 2 5 ,1 1 7 ,0 3 8
1 9 6 ,2 5 6 ,8 6 9
® 0 m m e r c ia l au d l W s c elZauec u s JJjeuxs
D IV ID E N D S .
The following shows all the dividends announced for the
future by large or important corporations:
Dividends announced this week are printed in italics.
When
Per
Cent. Payable.
Name of Company.
R a ilr o a d s
(S te a m ).
3
1
A t c h . T o p . & S . F o , c o m . ( q u .) ( N o . 4 5 ) .
2X
B u ffa lo R o c h e s te r & P it t s b ., c o m . & p r e f-
C le v e la n d & P it t s b . r e g . g u a r . ( q u a r . ) . .
S p e cia l g u a r , b e tte r m e n t s to c k (q u a r .).
27) —
Cripple Crk. Cent., com. (qu.) (No.
2
3
2
X
3X
87X c.
50c.
IX
1
3
N o r fo lk & W e ste rn , co m m o n
( q u a r . ) --------
R e a d in g
( q u a r . ) ---------
C om p a n y, com m on
S treet a n d
Books Closed.
Days Inclusive.
2X
3X
IX
IX
1
75c.
$10
2
1
2
A u g . 2 8 H o ld e r s
A u g . 2 8 H o ld e r s
S e p t . 1 H o ld e r s
H o ld e r s
S e p t . 1 H o ld e r s
A u g . 1 5 H o ld o r s
A u g . 15
S e p t . 1 A u g . 15
S e p t . 1 H o ld e r s
S e p t . 1 H o ld e r s
S ep t.
1 H o ld e r s
H o ld e r s
of
of
of
of
of
of
of
of
of
of
reo.
rec.
rcc.
rcc.
rec.
rec.
to
to
rec.
rec.
rec.
rec.
J u ly
J u ly
J u ly
J u ly
J u ly
A ug.
O ct.
O ct.
A ug.
A ug.
A ug.
A ug.
22a
22a
3 la
24a
24a
9a
1
1
10a
10a
15
15
A u g . 10 H o ld e r s o f r e c . J u ly 2 0 a
H o ld e r s o f r e c . A u g .d lS a
S e p t . 19 H o ld e r s o f r e c . A u g . 3 1 a
H o ld e r s o f r e c . A u g .
la
A u g . 10 H o ld e r s o f r e c . J u ly 2 5 a
S e p t . 14 H o ld e r s o f r e c . A u g 2 9 a
1
to
A ug.
9
A u g . 10 A u g .
E le c t r ic R a ilw a y s .
IX
IX
B r a z ilia n T r a c .. L t . & P o w e r , o r d . (q u .)
S e p t.
1
H o ld e r s o f r e c . A u g .
4
1 H o ld e r s o f r e c . J u ly 31
X
C om m on
( p a y a b l e In c o m m o n s t o c k ) . .
/2
X
C o n n e c t ic u t R y . & L t g ., c o m . & p f . (q u .)
1
L e h ig h
IX
X
IX
IX
IX
Pacific
V a l l e y T r a n s i t , p r e f . ( q u a r . ) -------Gas A FA., 1 s t pref. (qu.) (No. 8 ) . .
S 1 .2 5
Tampa Electric Co. (qu.) (No.
4 7 ) ---------------W e s t P e n n T r a c t io n , p re fe r re d (e x tr a ) —
P r e f. (o n a c c o u n t a c c u m . d iv id e n d s )..
B anks.
Mechanics' A Metals National (quar.)-------P e o p le ’ s
T r u s t C o m p a n ie s .
( B r o o k l y n ) ( q u a r . ) ____ ____________
2X
h'3
hi
S e p t . 1 H o ld e r s o f r e c .
S ep t.
1 H o ld e r s o f r e c .
1
to
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H o ld e r s o f r e c .
A
A
A
A
u
u
u
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g . 15
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g . 10a
A u g . 1C H o l d e r s o f r e c . J u l y
A u g . 15 H o ld e r s o f r e o . J u ly
H o ld e r s
A u g . 15 H o ld e r s
A u g . 15 H o ld e r s
S e p t . 15 H o ld e r s
o
o
o
o
f
l
f
f
rec.
rec.
rec.
rec.
3
3X
A ug.
O ct.
8 H o ld e r s o f r e c . A u g .
5
2 H o ld e r s o f r c o . S e p t . 3 0
4
25c.
N e w J e r s e y Z i n c ( q u a r . ) ---------------------------N e w Y o r k T r a n s p o r t a t i o n ............. .............
N o r t h A m e r i c a n C o . ( q u a r . ) -----------------O h i o C i t i e s G a s , c o m m o n ( q u a r . ) --------
IX
62X0.
/5
IX
O n t a r i o S t e e l P r o d u c t s , p r e f . ( q u a r . ) -------P e n m a n s , L im it e d , c o m m o n ( q u a r . ) . . .
P e o p l e ’ s G a s L i g h t & C o k e ( q u a r . ) ---------Pittsburgh Steel, pref. (quar.)..............................
P ressed S teel C a r , c o m m o n (N o . 2 4 ) . . .
P r e f e r r e d ( q u a r . ) ( N o . 7 0 ) ---------------------Presl-O-LUe Co., Inc. (quar.)..............................
P r o c t e r & G a m b l e , c o m m o n ( q u a r . ) _____
C o m m o n ( p a y a b l e i n s t o c k ) --------------------
1
IX
IX
1
IX
$ 1 .5 0
5
fi
2
3 0c.
10c.
P u r e O i l , c o m m o n ( q u a r . ) ----------------------------C om m on
( e x t r a ) ------------------------------------------Q u a k e r O a t s , p r e f e r r e d ( q u a r . ) ____________
IX
Reading Stockholders' Assn., com. A pref.
Savoy Oil (monthly)--------------------------------------------Extra ____________________________________________
2
50.
5c.
IX
S ea rs. R o e b u c k & C o ., co m m o n (q u a r .).
S i n c l a i r O i l & R e f i n i n g ( N o . 1 ) .........................
S o u t h e r n P i p e L i n e ( q u a r . ) ---------------S ta n d a r d M illin g , c o m m o n ( N o . 5 ) .
P r e f e r r e d ( N o . 2 7 ) __________ _________
Standard Oil (California) (quar.)____
S t a n d a r d O H ( I n d i a n a ) ( q u a r . ) ____
Standard Oil (Indiana) (quar.).............
Standard Oil of N . Y. (quar.)__________
$ 1 .2 5
IX
1
6
5
1
2X
3
3
2
2X
IX
Preferred (quar.).
)
P r e f e r r e d ( q u a r . ) _______________
U n it e d C ig a r S to r e s , c o m . (q u .) ( N o . 15 )
U . S . E n v e l o p e , c o m . & p r e f ............
U n i t e d S t a t e s S t e a m s h i p .......................
1
IX
IX
3X
-
10c
IX
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.
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IX
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National Steel Car, Ltd., pref. (quar.).
Nevada-Cal. Elec. Corp., pref------------------
31
31
A u g . 10a
A ug.
7a
A ug.
1
S ep t.
1
1
N a t i o n a l L e a d , c o m m o n ( q u a r . ) ............
P r e f e r r e d ( q u a r . ) ....................................... ..
N a tio n a l R e fin in g , c o m m o n ( q u a r .) ..
C o m m o n e x t r a ___________________________
b
2
1
L e s s B r itis h I n c o m e t a x .
com m on
i
Books Closed.
Days Inclusive.
When
Payable.
IX
3X
Seven Months.
July.
Clearings at—
[Vol . 103
O p tio n
stock ,
Is
g iv e n
g
P a y a b lo
in
s to c k h o ld e r s
J u ly 2 0 u p t o a n d I n c lu d in g A u g . 4 t o t a k e t h e d iv i d e n d In c it h e r c a s h o r s t o c k ,
c la r e d 1 0 % , p a y a b l e In c o m m o n s t o c k 5 %
o f record
M arch
15
1917
as ab ove an d 5 %
A p r il
2
d
C or
s c r ip .
fr o m
kD
e
1 9 1 7 » o h o ld e r s
THE CHRONICLE
Aua. 5 1916.]
A u c tio n
S a l e s .— A m o n g o th o r se cu ritie s, th e fo llo w in g ,
wero r o c e n tly s o ld
a t a u c tio n in N o w Y o r k , B o s to n a n d P h ila d e lp h ia :
B y M e s s r s . A d r ia n I I . M u lle r & S o n s , N e w Y o r k :
not usually dealt in at the Stock Exchange,
Shares.
Stocks.
Per cent. Shares.
5 Consumers Pio Baking Co---20
1 Acheson Harden Co__________ SO
70 Direct Lino Teleph. Co. of
N. Y., pref.......................... 8
Stocks.
P er cent.
'1 Thomas Carter Co., Inc_____ 5
5 Monon. Valley Traction, pref. 71
80 U. S. Title Guar. & I. (old stk.) 20
235 West Indies Cigar C o............ 60
B y M e s s r s . R . L .D a y & C o ., B o s to n :
Stocks.
S per sh. Shares. Stocks.
$ per sh.
25 Laconia Car, common...............29
10 Nat. Shavvmut Bank.................195
15 Flsx RubDer, 1st pref..ll5Ji & dlv.
5 Salmon Falls Mfg., com........... 60
Ponds.
Per cent.
20 Flint Mills.................................121
6 Pacific Mills............................. 142^ $1,000 Northampton Elec. Ltg.
1 Converse Rubber Shoe, pref----- 102
5s, 1927------------------------ ------- 08K
10 Olympia Theatres, pref........... . 60
2,000 Boston Wharf 4s, 1941........ 97
Shares.
B y M e s s r s . F ra n c is H e n s h a w & C o . , B o s t o n :
Shares.
Stocks.
$ per sh.
25jWest Point Manufacturing-----16034
10 Waltham Bleach. & Dye Works.120
Opiates Manufacturing...... ........ 275
7iNashawena Mills------------------ 99 \i
2o*Farr Alpaca.................. - .......... 148
B y M e s s r s . B a rn e s &
Shares.
Stocks.
§ p er sh.
471
REDUCTIONS OF CAPITAL APPROVED.
Tho First National Bank o f Redlands, Cal. Capital reduced from
$350,000 to $175,000. Reduction_____________________ ______ $175,000
LIQUIDATIONS.
Tho Bank o f Maysvillo National Banking Association, Maysvillo,
K y. C a p ita l........................................................ ............... ............$100,000
Succeeded by the Bank o f Maysvillo, Ky. Liquidating Agent:
J. F. Barbour, Maysvillo, Ky.
Tho First National Bank of Canton, M o. Capital_______________ 25,000
Succeeded by the Canton Trust C o., Canton, M o. Liquidating
Agent: F. C. Millspaugh, Canton, M o.
The First National Bank of Spring City, Tenn. Capital________ 25,000
To be succeeded by a State bank. Liquidating Agents: H. C.
Collins and S. E. Paul, Spring City, Tenn.
Total Capital...........................................................................$150,000
I m p o r t s a n d E x p o r t s f o r t h e W e e k . — T h e fo llo w in g are
th e re p orte d im p o r ts o f m e rc h a n d is e a t N e w Y o r k fo r th e
w ee k e n d in g J u ly 2 9 a n d sin ce th e fir s t w ee k o f J a n u a r y :
5 Draper Co., new_______ _____ 134H
4 Collateral Loan Co__________ 118
5 Olympia Theatres, pref_______ 60
4 Plymouth Cordage....................191
FOREIGN IMPORTS AT NEW YORK.
1916.
F or W eek .
Previously reported.
L o f la n d , P h ila d e lp h ia :
Stocks.
$ per sh. Shares. Stocks.
$ per sh.
17 D. W. C. Ellis & Co., Inc___ 10M
5 Keystone Watch Case.............80
10 Peoples Trust, $50 each_____ 4034
5 Bcrgner & Engel Brew., pref.. 7634
2 Independence F. I. Security,
4 Phlla. Bourse, com., $50 each. 534
cjich
23
Bonds.
Per cent.
22 Peoples Nat. F. ins., $25 ea.l6K-17 $1,000 Salem & Pcnnsgrovc Trac.
300 Jim Butler Tono. Mining____ 87c
1st 6s, 1935_____ ____ ______ 96
8 Continental Pass. Ry____ 120-120H
8.000 Wash. Arlington & Falls
20 Burlington County Nat. Bank,
Church Ry. 1st cons. 5s, 1958— 75
Medford, N. J ......................68
500 Springfield Wat. Co. 5s, 1926 88
200 Springf.Cons.Wat.Co. 5s, ’58 82
5 Chelten Tmst.....................
150
2.000 Indiana Coal Co. 1st 5s, 1913 10
1 Provident Life & Trust______870
5.000 Pore Marq. RR. ref. Is, 1955 1834
5 Robert Morris Trust............ 65
50 Camden F. I. Assocn., $5 ca.. 1034 1.000 Pero Marq. RR. 4s, tr. reels. 1834
15 Phlla. Life Ins.. S10 each........ 12J4 5,300 Amor. Gas & Elec. coll. tr.
53,2007..................................... 9334
12 Frank. & So’wark Pass. Ry__ 34634
Shares.
Total 30 weeks.. .
* Estimated.
1915.
$23,290,220
752,839,086
$776,129,306
APPLICATIONS FOR CHARTER.
S15.037.013
549,399,638
$562,304,998| $603,664,702
$564,436,651
EXPORTS FROM NEW YORK.
1916.
1915.
$32,271,813
For tho week______
Previously reported. 1,519,109,756
Capital------
1914.
$35,418,748
744,720,402
1913.
S14,670,910
505,430,773
816,343,572
514,733,509
Total 30 weeks— $1,551,381,569
$780,139,150 $520,107,683 $531,077,081
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
W eek ending July
29.
E xp orts.
Im p o rts.
Since
Jan . 1.
W eek .
$5,777,937
$2,000,666 20,961,941
1,000
702,000
8,725,409
1,400,000 7,876,801
50,000
Total capital_________________________________________ $275,000
CHARTERS ISSUED.
Original organizations—
Tho First National Bank o f Browning, Mont. Capital______ 25,000
Tho First National Bank o f Richoy, Mont. Capital................ 25,000
Tho First National Bank o f Highland, Wis. Capital..... ............ 25,000
Conversions o f Stato Banks—
Tho First National Bank o f Williamsburg, Va. Capital_______ 30,000
Conversion o f the Bank o f Williamsburg, incorporated, o f tho
city o f Williamsburg, Va.
Total capital_________________________________________ $105,000
INCREASE OF CAPITAL APPROVED.
Tho First National Bank o f Pueblo, Colo. Capital increased
from $300,000 to $500,000. Increase......................... - ............. $200,000
Total 1910................................. ss 4m non ssn Odd nsa
Total 1915..............................
1,366,060 7,434,178
Total 1914.................................. 24,678,787| 107,516,099
Silver.
S428.3S6 S27.530.287
’ 2,600
1,450
Since
J a n . 1.
W eek .
Germany........... ...........................
F o r org a n iz a tion o f nation al banks
info M a n u fa ctu rers Nat. Bank o f Cambridge, Mass. C ap ital..$200,000
Tho F irst N a tion a l B ank o f M illt o w n , N . J. C a p it a l-------------- 2 5 ,000
Tho First National Bank o f Now Vienna, Ohio.
1913,
$18,966,086
584,698,616
Gold.
N a t i o n a l B a n k s .— T h e fo llo w in g in fo r m a tio n re g a rd in g
n a tio n a l b a n k s is fro m the o ffic e o f th o C o m p tr o lle r o f th o
C u r r e n c y , T r o a s u r y D e p a r tm e n t:
1914.
$16,836,013
545,468,985
853,754
29,467
1,219,729
10,300
$34,066 826,736,255
14,840
369
134,503
96,258
20,077
9,625,715
1,847,194
5,968,454
1,458,556
$285,273 $45,651,014
128,397 27,365,443
172,547 5,413,981
$13,685
6,631
$6,380
298,976
51,973
7,443
92,465
5,809,818
3,486,089
884,735
Total 1916..........................
$429,836 $29,646,137 $364,772 $10,293,423
Total 1915............. ......... .........
345,425 23,598,640
153,826 5,153,172
730 778! 25 054 058
Total 1914__________ _____
Ol the above exports lor the week In 1916, $3,401,000 were American gold coin.
T h e F e d e r a l R e s e r v e B a n k s .— F o llo w in g is th o w e e k ly s ta to m o n t issu e d b y th e F e d e r a l R e s e r v e B o a r d o n J u ly 2 9 :
Tho statement indicates an Increase of 1.2 millions in tho total gold reserves and of about 4 millions in the .aggregate cash reserves of the Federal
Rosorvo banks. Tho gain of 3.2 millions In gold reported by the Philadelphia bank is accompanied by a change of tho favorable balance of 2.3 millions
<luo from other Federal Reserve banks to an adverse balance oi 0.4 million. In tho case of Kansas City, a gain of 1.3 millions in gold goes hand in
hand with a decrease by about 0.9 million In tho amount duo from other federal Reserve banks, and an increase of over 0.3 million in Government
deposits. Total cash reserves other than gold increased about 2.8 millions, mainly at the New York bank.
Hills discounted on hand show a decrease for the wock of 1.3 millions, the larger decrease reported by tho Boston bank being offset in part by gains
shown for the Atlanta, Chicago, Kansas'City and Dallas banks. Acceptances held by tho banks show a decrease of 1.9 millions, tho New York and
Richmond banks accounting for practically the entiro docroaso. Over 33% of all bills, including acceptances, on hand mature within 30 days, and 36.4%
after 30 but within 60 days. Six-month paper, originally discounted for agricultural and live-stock interests, constitutes at present about 14% of the
total discounts on hand. Over 70% o f this class of paper is held by tho Dallas, Minneapolis and Chicago banks.
As the result o f bond conversions, two banks report increased holdings of one-year Treasury notes. Municipal warrants in the hands of the banks
show a docroaso of over 0.5 million, all tho banks more activo in this field except Boston reporting smaller holdings than at the end of the previous week.
Tho total earning assots decreased about 4.1 millions during the week and constitute at present 353% of the banks’ paid-in capital, compared with 361%
shown tho week before. Or tho total earning assots, acceptances constitute 42.8%, U. S. bonds 25% , discounts 14.2%, warrants 13.9% and Treasury
notos 4.1%.
,
, ,
. .
.
A gain of 2.3 millions is shown In the amount o f Government doposits, all tho banks excepting Boston reporting larger holdings of Government funds
than tho week before. Net member bank doposits show a slight decrease, though as the result of tho week’s clearings there were considerable shiftings of funds botwoon banks and substantial changes in tho amounts of doposits of tho individual Reserve banks.
No change is shown in tho amount of Federal Rosorvo bank notes outstanding. Federal Reservo agents report a total of 5174,023,000 of Federal Resorvo notes outstanding, or $1,196,000 less than the week boforo. Against this total they hold $162,776,000 of gold and $13,267,000 of paper. Tho
banks report a total o f $152,590,000 of Federal Reservo notes in actual circulation, and aggregate net liabilities on notes issued to them by the agents
o f $10,122,000.
'
T lio figu res o f th o co n so lid a te d s ta te m e n t fo r th e s y s to m as a w h o le are g iv e n in th e fo llo w in g t a b le , a n d in a d d itio n
w e p ro son t th o re su lts fo r e a c h o f th o o ig h t p re co d in g w e e k s , th u s fu rn ish in g a u se fu l c o m p a r is o n .
I n th e s e c o n d ta b le w e
sh o w th o resou rces a n d lia b ilitie s se p a ra te ly fo r e a c h o f th o tw o lv e F od oral R e s e r v e b a n k s .
T h e s ta te m e n t o f F e d e ra l R e s e r v e
A g o n t s ’ A c c o u n ts (th o th ird ta b le fo llo w in g ) g iv e s d o ta ils re g a rd in g th o tr a n s a c tio n s in F e d e ra l R e s e r v e n o te s b e tw e e n th e
C o m p tr o lle r a n d th o R o so rv o A g o n ts a n d b o tw eo n th o la t te r a n d th o F e d e r a l R e s e r v e b a n k s .
C o m b in e d R e s o u r c e s a n d L ia b il it ie s o f t h e F e d e r a l R e s e r v e B a n k s a t t h e C lo se o f B u s in e s s J u l y 2 8 1 9 1 6 .
July
2 8 1 9 1 6 . J u ly 2 1 1 9 1 6 .
July
14 1916.
July
7 1 9 1 6 .f
June
3 0 1916
June
2 3 1916
June
16 1916
June
9 1916.
June
2
1916.
1
RESOURCES.
G o l d c o i n a n d c e r t i f i c a t e s I n v a u l t ................................. $ 2 5 9 , 9 3 1 , 0 0 0 $ 2 6 2 , 0 4 9 , 0 0 0 $ 2 6 9 , 6 0 2 , 0 0 0 $ 2 6 1 , 2 3 2 , 0 0 0 $ 2 6 2 , 0 3 8 , 0 0 0 $ 2 6 5 , 6 4 3 , 0 0 0 t 2 6 2 , 0 6 2 , 0 0 0 $ 2 5 5 , 4 4 4 , 0 0 0 $ 2 4 2 , 2 5 3 , 0 0 0
1 0 2 ,9 1 1 ,0 0 0
9 9 ,5 0 1 ,0 0 0
G o l d s e t t l e m e n t f u n d .............................. ...............................
1 1 8 ,0 3 1 ,0 0 0
1 2 3 ,0 1 1 ,0 0 0
1 0 4 .1 0 1 ,0 0 0
1 0 3 ,4 8 1 ,0 0 0
1 1 2 ,9 3 1 ,0 0 0
1 0 6 ,1 0 1 ,0 0 0
1 0 2 ,3 3 1 ,0 0 0
1 ,9 1 8 ,0 0 0
1 ,9 3 1 ,0 0 0
G o ld r e d e m p t io n fu n d w it h
T r e a s u r e r ..
1 ,9 7 0 ,0 0 0
2 ,0 1 1 ,0 0 0
1 ,8 3 3 ,0 0 0
1 ,7 0 3 ,0 0 0
1 ,7 8 9 ,0 0 0
1 ,8 9 4 ,0 0 0
1 ,7 9 3 .0 0 0
U. S.
T o t a l g o l d r e s e r v e ________________________________ $ 3 6 4 , 7 6 0 , 0 0 0 $ 3 6 3 , 5 4 1 , 0 0 0 S 3 9 0 . 2 0 3 . 0 0 0 $ 3 8 6 , 8 5 4 , 0 0 0 $ 3 7 6 , 7 5 8 , 0 0 0 $ 3 7 3 , 6 3 8 , 0 0 0 f 3 6 7 , 9 9 6 , 0 0 0 $ 3 6 0 , 6 2 8 , 0 0 0 $ 3 4 6 , 3 7 7 , 0 0 0
1 6 ,5 8 9 ,0 0 0 • 1 3 ,8 0 2 ,0 0 0
L e g a l t e n d e r n o t e s , s l i v e r , & c _______________________
1 3 ,6 2 2 ,0 0 0
1 0 ,2 7 9 ,0 0 0
3 6 ,9 0 2 ,0 0 0
1 4 ,0 2 0 ,0 0 0
1 8 ,0 5 5 ,0 0 0
2 7 ,4 4 8 ,0 0 0
1 3 ,8 5 5 ,0 0 0
T o t a l r e s o r v o . ................................. .................................. $ 3 8 1 , 3 4 9 , 0 0 0 $ 3 7 7 , 3 4 3 , 0 0 0 $ 4 0 0 , 4 8 2 , 0 0 0 $ 4 2 3 , 7 5 6 , 0 0 0 $ 4 0 4 , 2 0 6 , 0 0 0 $ 3 S 7 , 6 6 4 , 0 0 0 t 3 8 1 . 6 1 8 . 0 0 0 $ 3 7 8 , 6 8 3 , 0 0 0
$ 3 6 0 ,2 3 2 ,0 0 0
5 % r e d e m p t i o n f u n d a g ’s t F . R . b k n o t e s
4 5 0 ,0 0 0
4 5 0 ,0 0 0
4 5 0 .0 0 0
4 5 0 ,0 0 0
4 5 0 ,0 0 0
4 5 0 ,0 0 0
4 5 0 ,0 0 0
4 5 0 ,0 0 0
—
B ills d is c o u n t e d
M a tu r itie s
M a t u r it ie s
M a tu r itie s
M a tu r itie s
M a t u r it ie s
and bought
w i t h i n 1 0 d a y s .......................................
f r o m 11 t o 3 0 d a y s ............................
f r o m 3 1 t o 6 0 d a y s ----------------------f r o m 6 1 t o 9 0 d a y s ----------------------o v e r 9 0 d a y s --------------------------------------
T ota l
.................................................
• A c c e p t a n c e s ( I n c l u d e d i n a b o v e ) ---------------- -----------In v e stm e n ts:
U.
8 . b o n d s ...................................................
O n c -y o a r
T rea su ry n o t e s ..
M u n i c i p a l w a r r a n t s ...............................
T o t a l e a r n in g
U. S.
S 1 7 ,3 0 8 ,0 0 0
1 9 .4 2 1 .0 0 0
4 0 .0 1 9 .0 0 0
3 0 .4 9 3 .0 0 0
3 ,8 0 7 ,0 0 0
$ 1 7 ,1 6 3 ,0 0 0
2 6 ,7 4 0 ,0 0 0
3 6 ,3 0 2 ,0 0 0
3 0 ,1 2 1 ,0 0 0
3 ,9 9 3 ,0 0 0
$ 1 0 ,6 1 3 ,0 0 0
2 5 .7 5 5 .0 0 0
3 5 .1 4 1 .0 0 0
2 8 .7 3 0 .0 0 0
4 ,5 5 9 ,0 0 0
$ 1 1 1 ,0 4 8 ,0 0 0 $ 1 1 4 ,3 1 9 ,0 0 0 $ 1 0 5 ,0 9 8 ,0 0 0
$ 7 ,9 7 0 ,0 0 0
3 2 .0 0 2 .0 0 0
2 7 .0 9 0 .0 0 0
4 ,4 2 3 ,0 0 0
$ 1 1 ,4 5 1 ,0 0 0
1 6 .5 3 9 .0 0 0
2 8 .4 9 2 .0 0 0
3 0 .6 1 4 .0 0 0
5 ,1 8 7 ,0 0 0
20,688,000
$ 1 4 ,4 5 1 ,0 0 0
1 2 .9 1 8 .0 0 0
3 1 .6 8 0 .0 0 0
2 5 .8 3 6 .0 0 0
4 ,8 1 8 ,0 0 0
$ 1 2 ,0 5 0 ,0 0 0
1 8 .5 5 1 .0 0 0
2 8 .7 2 7 .0 0 0
2 1 .4 3 4 .0 0 0
4 ,6 1 3 ,0 0 0
$ 1 0 ,0 3 0 ,0 0 0
2 1 ,0 6 1 ,0 0 0
2 4 .3 1 0 .0 0 0
1 8 .8 9 0 .0 0 0
4 ,0 5 2 ,0 0 0
$ 1 1 ,6 0 7 ,0 0 0
1 9 .2 2 7 .0 0 0
2 4 .0 9 4 .0 0 0
1 4 .5 8 2 .0 0 0
3 ,8 7 7 ,0 0 0
$ 9 2 ,1 7 3 ,0 0 0
$ 9 2 ,2 8 3 ,0 0 0
$ S 9 ,7 0 3 ,0 0 0
S 8 5 ,3 7 5 ,0 0 0
$ 7 8 ,3 4 3 ,0 0 0
$ 7 3 ,3 8 7 ,0 0 0
$ 8 3 ,4 5 4 ,0 0 0
$ 8 5 ,3 8 2 ,0 0 0
$ 8 1 ,1 3 0 ,0 0 0
$ 7 0 ,1 4 8 ,0 0 0
$ 7 1 ,0 9 5 ,0 0 0
$ 6 8 ,9 5 3 ,0 0 0
$ 6 4 ,9 4 8 ,0 0 0
$ 5 8 ,1 8 8 ,0 0 0
$ 5 3 ,4 9 2 ,0 0 0
$ 4 8 ,6 5 6 ,0 0 0
7 ,9 2 5 ,0 0 0
2 7 ,2 2 0 ,0 0 0
$ 4 9 ,7 4 6 ,0 0 0
7 ,1 9 0 ,0 0 0
2 7 ,7 2 3 .0 0 0
$ 5 2 ,5 8 9 ,0 0 0
4 ,5 4 6 ,0 0 0
2 7 .4 2 4 ,0 0 0
$ 5 2 ,5 8 9 ,0 0 0
4 ,5 4 6 ,0 0 0
2 5 ,2 3 6 ,0 0 0
$ 5 2 ,9 3 9 ,0 0 0
4 ,1 9 0 .0 0 0
2 2 .6 7 1 .0 0 0
$ 5 2 ,8 7 5 ,0 0 0
4 ,1 9 0 ,0 0 0
2 1 ,6 3 2 ,0 0 0
$ 5 2 ,8 7 5 ,0 0 0
4 ,1 9 0 ,0 0 0
2 2 ,0 6 7 ,0 0 0
$ 5 2 ,1 9 1 ,0 0 0
4 ,1 9 0 ,0 0 0
2 3 ,0 9 5 ,0 0 0
$ 5 1 ,9 9 1 ,0 0 0
4 ,1 9 0 .0 0 0
3 6 ,6 3 3 ,0 0 0
a s s o t s .........................- .......................... $ 1 9 4 , 8 4 9 , 0 0 0 $ 1 9 8 , 9 7 8 , 0 0 0 $ 1 8 9 , 6 5 7 , 0 0 0 $ 1 7 4 , 5 4 4 , 0 0 0 $ 1 7 2 , 0 8 3 , 0 0 0 $ 1 6 8 , 4 0 0 , 0 0 0 $ 1 6 4 , 5 0 7 , 0 0 0 $ 1 5 7 , 8 1 9 , 0 0 0 $ 1 6 6 , 2 0 1 , 0 0 0
473
THE CHRONICLE
July
RESO U RCES (Concluded ).
Brought forw ard (total reserve & earn’g
28 1916.
July
21 1916.
July
14 1916.
Jul7
19 16.t
June
[Vol . 103
30 1916
June
23 1910
June
16 1916
June
9 1916.
June
2 1916.
assets) $576,648,000 S576.771.000 $590,589,000 $598,750,000 $576,739,000 $556,514,000 $546,565,000 $536,952,000 $526,433,000
$20,308,000 $20,014,000 $20,760,000 $24,111,000 $23,182,000 $23,013,000 $24,419,000 S23,923,000 $24,082,000
12,620,000 11,982,000 20,056,000 20,273,000 20,414,000 19,287,000 21,365,000 17.750,000 15,300,000
5,514,000
4,756,000
8,244,000
3,979,000
4,622,000
5,538,000
8,932,000
4,387,000
5,106,000
$615,090,000 $613,523,000 $639,649,000 $647,113,000 $624,957,000 $603,201,000 t597,897,000 $583,791,000 $574,747,000
Federal Reserve notes—Net____ _____
Due from Federal Reserve banks—Net.
All other resources___________________
Total resources.
L I A B IL IT IE S .
Capital paid In_____________________ _____ $55,206,000 $55,183,000 $55,176,000 554.858.000 $54,854,000 $54,863,000 $54,864,000 $54,863,000 $54,858,000
Government deposits_____________ ______ _ 56.542.000 54.277.000 97.476.000 114.460.000 101.152.000 64,499,000 55,751,000 51,578,000 50,000,000
Member bank deposits—Net_______________ 491,266,000 492,000,000 474,942,000 465.840.000 457.503.000 472,613,000 t477.293.000 467,780,000 460,422,000
Federal Reserve notes—Net_______________
10.122.000 10.120.000 10.098.000
9.992.000
9.440.000
7.512.000
9.228.000
8.003.000
7.593.000
Federal Reserve bank notes In circulation___
1,692.000
1,720,000
1,692.000
1.721.000
1.721.000
1.731.000
1.726.000
1.723.000
1.730.000
All other liabilities___ ____ _______________
251,000
237,000
262,000
242,000
287,000
260,000
224,000
275,000
247,000
Total liabilities.
$615,090,000 $613,523,000 S639.649.000 $647,113,000 $624,957,000 $603,201,000 t597,897,000 $583,791,000 $574,747,000
Gold reserve ag’st net dep. & note liabilities (a)
66.9%
66.8%
69.4%
67.9%
68.8%
70.8%
70.8%
68.9%
70.9%
Cash reserve ag’st net dep. & note liabilities (a)
69.9%
69.3%
71.2%
74.3%
73.8%
74.4%
73.6%
71.7%
73.4%
Cash reserve against net deposit liabilities after
setting aside 40% gold reserve against ag
gregate net liabilities on F. R. notes in
circulation (a)__________________
69.9%
70.5%
71.8%
75.0%
74.4%
72.1%
74.2%
74.0%
74.9%
(a) Less Items In transit between Federal Re
serve banks, viz___________ ____ _____ $12,620,000 $11,982,000 $20,056,000 $20,273,000 $20,414,000 $19,287,000 $21,365,000 $17,750,000 $15,300,000
Federal Reserve N otes —
Issued to the banks.
$174,023,000 $175,219,000 $179,358,000 $179,783,000 $176,168,000 $176,955,000 $179,802,000 $179,471,000 $184,217,000
In hands of banks..
21,433,000 21,181,000 21,779,000 25,098,000 23,924,000 23,917,000 25,343,000 25,392,000 25.582,000
In circulation.
$152,590,000 $154,038,000 $157,579,000 $154,685,000 $152,244,000 $153,038,000 $154,459,000 $154,079,000 $158,635,000
Gold and lawful money with Agent.
Carried to net assets............. ..........
Carried to not liabilities__________
$162,776,000 S163.932.000 $168,241,000 $168,806,000 $165,986,000 $166,823,000 $170,875,000 $170,409,000 $175,205,000
20.308.000 20.014.000 20.760.000 24,113,000 23,182,000 23,013,000 24,419,000 23,923,000 24,082,000
10.122.000 10.120.000 10.098.000
9,992,000
9,440,000
8,003,000
7,512,000
9,228,000
7,593,000
(Agents' A ccounts )—
Received from the Comptroller______
Returned to tho Comptroller.............
Federal Reserve N otes
$298,520,000 $297,540,000 $297,540,000 $295,540,000 $295,540,000 $295,540,000 $293,740,000 $293,740,000 $293,740,000
61,066,000 59,510,000 55,101,000 54,286,000 53,336,000 51,549,000 49,897,000 49,249,000 44,453,000
Amount chargeable to Agent__
In hands of Agent_______ _____ _
$237,454,000 $238,030,000 $242,439,000 $241,254,000 $242,204,000 $243,991,000 $243,843,000
63,431,000 62,811,000 63,081,000 61,471,000 66,036,000 67,036,000 64,041,000
Issued to Federal Reserve banks____ $174,023,000 $175,219,000 $179,358,000 $179,783,000 $176,168,000 $176,955,000 $179,802,000
H ow Secured —
By gold coin and certificates___________ $110,406,000 $109,167,000 $112,617,000 $112,447,000 $113,597,000 $113,357,000 $114,817,000
By lawful money.................. ...................
By commercial paper__________ ______
11.247.000 11,287,666 11.117.000 10.977.000 10,182,666 10,132,666
8,927,000
Credit balances In gold redemption fund..
11.830.000 12.415.000 12.974.000 13.379.000
9,809,000 10,186,000 10.358.000
Credit balances with Federal Reserve B’d.
40.540.000 42.350.000 42.650.000 42.980.000 42,580,000 43,280,000 45.700.000
Total__________________________ $174,023,000 $175,219,000 S179.358.000 $179,783,000 $176,168,000 $176,955,000 $179,802,000
Commercial paper delivered to F. R. Agent. $13,267,000 $12,877,000 $13,441,000 $11,305,000 $11,204,000 $10,578,000 $10,766,000
$244,491,000 $249,287,000
65,020,000 65,070,000
$179,471,000 $184,217,000
$114,717,000 $122,387,000
9,062.000
10.732.000
44.960.000
9.012.000
7.558.000
45,260,000
$179,471,000 $184,217,000
$10,645,000 $10,611,000
♦Including bankers' and trado acceptances bought in the open market, t Amended figures.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JULY 28 1916.
Boston.
N ew Y ork . PhlladeVa. Cleveland. Richm ond.
A tlanta. \ C hicago.
St. L ou is. M ln n e a p . K a n . City
D allas.
San Fran .
Total.
S
i
S
1
5
$
'
S
S
S
3
$
I
3
Gold coin & ctfs. In vault 9,242,000 150,469,000 10,253,000 13,716,000 5,248,000 5.485.000 35,220.000 4.162.000 6,041,000 4,078,000 5.312.000 10,705,000259,931,000
Gold settlement fund__ 13,147,000 10,824,000 13,773,000 12,451,000 10,823,000 1.498.000 9,775,000 5.684.000 4,304,000 13,297,000 4.265.000 3,070,000102,911,000
Gold redemption fund..
5,000
250,000
50,000
51,000 419,000 441,000; 200,000
58,000
30,000
144,000 258,000
12,000 1,918,000
Total gold reserve___ 1,394,000161,543,000 24,076,00026,218,000 16,490,000 7.424.000 45,195,000 9.904.00010.375.000 17,519,000 9,835,000 13,787,000 364,760,000
Legal-ten.notes,all v.,&c.
439,000 10,160,000 248,000 1,133,000 251,000 1.125.000 788,000 1.177.000 407,000
70,000
787,000
4,000 16,589,000
Total reserve_______ 22,833,000 171,703,000 24,324,00027,351,000 16,741,000
10,622,000 13,791,000381,349,000
45,983,000 11,081,000 10,782,000
RESOURCES
6% redemp. fund—F.R
bank notes________
400,000
Bills:
Discounted—Members 2,313,000
390,000 637,000 284,000 5,884,000 3,013,000 3,800,000 665,000 1,465,000 2,185,000
Bought In open mkt.. 12,170,000. 28,489,00011,319,000 7,291,000 825,000 1,418,000. 5,784,000! 5.180,000, 2,759,000 528,000
Total bills on hand__ 14,483,000 28,879,000 11,956,000 7,575,000 6,709,000 4,431,000 9,584,000 5,845,000 4,224,000 2,713,000
082,000 2.460.000 3,182,000 5,650,000, 1,377,000 1,508,000 9,753,000 2,770,000 3,512,
Investments: U. S. bds.
,647,000
One-yr. U.S. Tr. notes 250,000 2.282.000 818,000 800,000 684.000 526,000
616,000
..........
570,000 350
Municipal warrants.. ,700,000 7,389,000 2,410,000 4,539,000 336.000
424,000
.......... 4,368,000 1,735,000 1,058
Total earning assets.. 20,515,000 41,010,000 18,366,000 18,564,000 9,106,000 6,405,000 23,705,00010,920,000 9,144,000 13,400,000
Fed. Res’vo notes—Net
Due from other Federal
Reserve Banks—NetAll other resources____
844,000 11,775,000
312,000
454’,666
604,000
60,000
450,000
6,403,000
555,000 27,594,000
7,691,000 83,454,000
6,403,000 8,246,000 111,048,000
2,681,000 3.134.000
500,000
529,000
2.261.000
9,513,000 14,141,000 194,849,000
1,228,000 1,286,000 1,194,000 1,446,000
207,000!
157,000 8,743,000 3,267,000
.......... 2,420,000 1, 863.000
94,000 390.000, 144.000 1,360,000 755,000 570,000
923
91
650.000
925.000
220.000
1,764,000 20,308,000
,093,000
251,000
939,000
1,389,000
154,000
620,000
514,000
Total resources_____ 14,504,000224.942,000 43,288.000 48,992,000.27,854,000 17,759,000 80,472,000 27,032,000 22,386,000'32,733,000 21,124,000 31,239,000 615,090,000
L IA B IL IT IE S .
Capital paid In...........
Government deposits__
Member bk deposits-Net
Fed. Res’ve notes—Net.
F.R.bank notes In clrc’n
Due to F.R.banks—Net
All other liabilities
925.000 11 596.000 5 216.000 5 ,966,000 3 358.000
820.000 18 300.000 6 223.000 2 ,893,000 3 855.000
011,000 189 139,00031 418,00040 133,00016 410.000
4, 138.000
643.000
105.000
5,907,000
....
373,000
58,000
93,000
494.000 6,
,792,000 2, 578.000 3 000,000
599,000! 3, 618,000 4 ,533,000 863.000 2 053.000
660.000 70, 183,00019 ,707,00018, 945.000 23 910.000
1, 478.000
1 092.000
6,000
,689,000 3,921,000 65,206,000
,147,000 3,038,000 56,542,000
,470,000 24,280,000 491,266,000
506.000
10,122,000
1,092,000
312.000
262,000
Total liabilities..........44,504,000 224,942,00043,288,000 48,992,000 27,854,000 17,759,000 80,472,000 27,032,000 22,386,000 32,733,000 21,124,000 31,239,000 615,090,000
Federal Reserve N otes —■
Issued to banks_____ 10,494,000 66 ,481,000 7,888,000 9,632,000 9, 260.000 13 760.000 3 395.000 6, 678,00012, 774.000 ,314,00013 753.000 9.594.000174.023.000
In hands of banks___
844,000 11,775,000
504,000 267,000, 482.000 1 228.000 1 286.000 1, 194,000 1, 446.000
21,433,000
462,000
181.000 1.764.000
F.R. notes In circulation
Gold and lawful money
with agent____ ____
Carried to net assets___
Carried to net liabilities.
650,000 54,706,000 7,384,000 9,365,000, 8,778,00012,532,000 2,109,000 5,484,00011,328,000
494.000 66, 481.000 7, 888.000 9 632.000 4 640.000 13 760.000 3 395,000 6, 678.000 12 774.000
844.000 11 775.000 504.000 267.000
..........1 1 228.000 1, 286,000, 1, 194.000 1 446.000
_____ I 4, 138.0001
7,830,000152,590,000
374,000
478',666
,006,000 9.594.000 162,776,000
1.764.000 20,308,000
,6 0 6 ,666
--------1 10,122,000
a Items In transit, 1. e., total amounts due from less total amounts due to other Federal Reserve banks.
STATEMENT OF FEDERAL RESERVE AGENTS’ ACCOUNTS JULY 28 1916.
Boston.
N ew York. P h lla d el'a . Cleveland. Richm ond.
A tlanta.
Chicago.
St. L ou is.
M ln n ea p . K a n . City.
D a lla s.
San Fran.
T otal.
Federal Reserve Notes—
S
s
$
S
%
S
S
$
$
$
$
S
S
Rec’d from Comptrolr 20.3SO.000 121,240,000 15,480,000 15,160,000 17,000,000 20,400,000 9.380.000 9.600.000 19,000,000 13,9.80,000 23,580,000 13,320,000 298,520,000
Returned to Comptrol 3,666,000 36,959,000 3,872,000 2,028,000 4,340,000 2,544,000 1.104.000 1.160.000 396,000 1,173,000 2,898,000
926,000 61,066,000
Chargeable to Agent... 16,714,000 84,281,000 11,608,000 13,132,000 12,660,000 17,856,000 8,276,000 8,440,000 18,604,000 12,807,000 20,682,000 12,394,000 237,454,000
In hands of F.R.Agent 6,220,000 17,800,000 3,720,000 3,500,000 3,400,000 4,096,000 4,881,000 1,762,000 5,830,000 2,493,000 0,929,000 2,800,000 63,431,000
Issued to F. R. bank. 10,494,000 66,481,000 7,888,000 9,632,000 9,260,000 13,760,000 3,395,000 6,678,000 12,774,000 10,314,000 13,753,000 9,594,000 174,023,000
Held by F. R. Agent—
Gold coin & ccrtfs___ 9,700,000 60,316,000 4,090,000 9,040,000
110,406,000
2.850.000 10,820,000 4.550.000 8,040,000
1,000,000
Credit balances’
In gold redemption f’d 794,000 6,165,000 438,000 592,000 230,000
760,000 305,000 378,000 604,000 524,000 696.000 344,000 11.830.000
With F. R. Board___
3,360,000
330.000 9,250,000 40.540.000
4.410.000 12,000,000 3,090,000 3.450.000 1,350,000 3.300.000
Notes secured by com
mercial paper...........
1.940.000 4,687,000
11,247,000
4.620.000
T ota l.................... 10,494,000 66,481,000 7,888,000 9,632,000 9,260,000 13,760,000 3,395,000 6,678,000 12,774,000 10,314,000 13,753,000 0.594,000 174,023.000
Amount of comm’l paper
delivered to F.R.Ag’t
.........1
..........
13,267,000
5,558,000
1,943,000 5,766,000
THE CHRONICLE
A ug. 5 1916.]
473
S t a t e m e n t o f N e w Y o r k C i t y C l e a r i n g H o u s e B a n k s a n d T r u s t C o m p a n i e s .— T h e
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 o m b e r s fo r th e w e e k e n d in g J u ly
a r a to b a n k s are th o a v e r a g e s o f th e d a ily r e s u lts .
In th e ca se o f th e to ta ls , a c tu a l fig u res a t e n d
The Corn Exchange Bank is included for the first time w ith “ M e m b e r s o f F e d e ra l R e s e r v e
cla sse d w ith “ S ta te B a n k s N o t M e m b e r s o f F . R . B a n k .”
NEW
CLEARING HOUSE
MEMBERS.
Week Ending
July 29 1916.
(00s om itted .)
Capital.
N et
P r o fits .
Nat.B’ks June 301
StateB’ks June 301
Reserve Bank.
Bank of N. Y., N.IJ.A.
Merchants’ Nat. Bank
Mech. & Metals Nat..
S
YORK
W EEKLY
L oa ns,
D iscou n ts,
Investm 'ts,
A c.
S
s
S
33,793,0 1,840,0
918,0
2,000,0 4,896,9
28,906,0 1,259,0
614,0
2,000,0 2,356,3
6,000,0 9,314,9 113,247,0 9,448,0 3,538,0
25,000,0 a40,809,8 357,804,0 50,471,0 17,874,0
35,878,0 1,839,0 1,580,0
Chemical Nat. Bank... 3,000,0 8,193,0
11,899,0 1,527,0
792,0
132,0
Atlantic National Bank 1,000,0
2,519,0
90,4
68,0
300,0
23,0
79,714,0 5,563,0 2,022,0
5,000,0 5,193,3
National Bank of Com. 25,000,0 18,279,9 212,273,0 17,133,0 4,414,0
63,378,0 2,974,0 1,221,0
Chatham & Phcnix Nat. 3,500,0 2,025,7
Hanover National Bank 3,000,0 15,772,8 113,604,0 19,552,0 1,285,0
27,044,0 1,163,0
107,0
Citizens’ Central Nat.. 2,550,0 2,519,8
914,0
10,559,0
404,0
Market & Fulton Nat.. 1,000,0 2,017,8
85,429,0 6,504,0
754,0
Corn Exchange Bank.. 3,500,0 6,991,2
31,911,0 1,516,0 1,496,0
Importers’ & Traders’ . . 1,500,0 7,614,6
National Park Bank... 5,000,0 15,535,3 136,428,0 7,409,0 2,730,0
3,323,0
131,0
East River Nat. Bank..
250,0
32,0
73,4
17,478,0 1,023,0
217,C
Second National Bank. 1,000,0 3,357,0
First National Bank... 10,000,0 23,562,7 147,399,0 16,434,0 1,427,(1
Irving National Bank.. 4,000,0 3,898,3
70,508,0 5,121,0 1,167,0
298,0
98,0
10,168,0
N. Y. County Nat. Bk.
500,0 1.059.C
Chaso National Bank.. 5,000,0 10,453,5 181,176,0 17,050,0 7,846,0
1,371,0
534,0
19,328,0
Lincoln National Bank. 1,000,0 1,908,2
963,0
99,0
9,516,0
Garfield National Bank 1,000,0 1,275,1
119,0
162,0
5,413,0
Fifth National Bank...
250,0
417,6
Seaboard Nat. Bank—
38,827,0 2,301,(1 1,047,0
1,000,0 2,888,2
473,0
Liberty National Bank. 1,000,0 3,443,2
44,905,0 2,739,0
205,0
Coal Iron Nat. Bank. 1,000,0
9,048,0
471,0
758,1
362,0
Union Exchange Nat.. 1,000,0 1,008,0
12,473,0
284,0
247,0
396,0
Nassau Nat. Bank___
9,980,0
1,000,0 1,130,1
187,0
19,945,0 1,642,0
Broadway Trust C o ... 1,500,0
937,6
Totals, avge. for week 118,850,0 198,634,8 1,942,873,0 185,566,0 53,232,0
61,470,0
58.280.0
47.782.0
49.889.0
30.134.0
59.922.0
60.703.0
59.301.0
48.387.0
Totals,
Totals,
Totals,
Totals,
actual
actual
actual
actual
condition
condition
condition
condition
July 29
July 22
July 15
July 8
1.947.049.0
1.935.654.0
1.848.225.0
: : : : : : 1.898.848.0
185.612.0
186.991.0
169.452.0
163.058.0
RETURN.
N a t .Bank N at .Bank
Federal
N otes
N otes
Reserve
[N ot
[Reserve
N otes
f o r State Counted
[Not
as
In stitu
Reserve]. Reserve],
tions] .
Legal
T enders.
S
s
C L E A R I N G -H O U S E
552,0
1,593,0
7,242,0
8,373,0
1,465,0
291,0
155,0
2,412,0
3,443,0
2,698,0
1,388,0
1,448,0
380,0
4,380,0
262,0
5,254,0
158,0
431,0
1,924,0
4,245,0
788,0
5,006,0
485,0
562,0
318,0
1,820,0
2,652,0
215,0
597,0
420,0
513,0
A verage.
A v erage.
A v erage.
*
*
$
4.0
25.0
37.0
701.0
42.0
13.0
5 .0
71.0
2.0
317.0
20.0
38.0
78.0
507.0
33.0
68.0
6,0
40.0
85.0
6,0
66.0
109.0
111.0
32.0
8,0
60.0
15.0
30.0
21.0
34.0
54.0
2,638,0
fo llo w in g d e ta ile d s t a t e m e n t
2 9 . T h e fig u r e s fo r th e s e p "
o f th e w e e k are a lso g iv e n .
B a n k .”
P r e v io u s ly it w a s
Reserve
•with
Legal
D ep o si
ta ries.
A d d lt ‘al
D ep osits
with
Legal
D ep o si
ta ries.
A v erage. A v era ge.
S
*
4.0 2,162,0
5.0 2.125.0
40,0 8.696.0
292,0 36.798.0
2.324.0
” 76",6 1.084.0
164.0
23.0 7.673.0
23.0 18.717.0
141,0 4.823.0
30.0 9.025.0
7.0 2.255.0
767.0
2.0
7,000,0 2,400,0
2.300.0
68,0 10.441.0
188.0
30.0 1.081.0
10.272.0
"” l7,6 5.821.0
714.0
13.0
244,0 14.250.0
29.0 1.461.0
838.0
86.0
384.0
8,0
30.0 3.725.0
4.807.0
689.0
"V .O
1.020.0
676.0
20,0 1,493,0
N et
D em an d
D ep osits.
N et
T im e
D ep osits
N ation a l
Bank
C ircula
tio n .
A v era ge.
A v era ge.
A v era ge.
S
$
29.633.0 1.517.0
28.212.0
119.875.0 2.431.0
400.622.0 8.943.0
31.554.0
13.007.0
*324",6
2.213.0
75.904.0 6",813",0
213.930.0
680,0
63.151.0 5.227.0
126.141.0
24.613.0 1,424",6
9.990.0
97.150.0
28.391.0
136.207.0 1,918,0
2.360.0
14.543.0
125.0
139.438.0
441.0
78.103.0
10.420.0
195.758.0 13,887,0
19.684.0
10,0
9.513.0
5.383.0
197,0
43.908.0
47.785.0
8.829.0
12.319.0
9.598.0
20.858.0
1,192,0 163,773,0 2,400,0 2,019,092,0
S
784.0
1.847.0
4.954.0
1.799.0
450.0
50.0
48.0
4.819.0
155.0
1.772.0
131.0
1.026.0
163.0
” ‘5l",6
3.558.0
50.0
700.0
4.839.0
640.0
198.0
450.0
892.0
399.0
247.0
70.0
499.0
413.0
398.0
50.0
31,452,0
2.400.0
2.400.0
State Banks.
N o t M em b ers o f
Federal Reserve Bank.
Bank of Manhattan C o .
Bank of America.........
Greenwich Bank-------Pacific Bank................
People's Bank----------Metropolitan Bank----Bowery Bank-----------German-Amcrlcan Bank
Fifth Avenue Bank----German Exchange Bank
Germania Bank______
Bank of Metropolis___
West Side Bank...........
N. Y. Produce Ex. Bk.
State Bank.................
2.050.0
1.500.0
500.0
600.0
200,0
2,000,0
250.0
750.0
100.0
200,0
200,0
1,000,0
200,0
1,000,0
1.500.0
4,999,1
6,211,6
1,189,9
1.005.7
445,9
1.976.8
804.4
790.5
2.187.3
827.6
1,064,5
2.130.4
566,5
1.067.8
676,4
Totals, avgo. for week. 11,950,0 25,944,4
Totals,
Totals,
Totals,
Totals,
actual
actual
actual
actual
condition July 20
condition July 22
July 15
condition---condition July 8
------
..........
493.0
838.0
389.0
84.0
118.0
766.0
57.0
38.0
982.0
82.0
104.0
463.0
88,0
330.0
482.0
98.0
92.0
206,0
143.0
5.0
51.0
24.0
8.0
15.0
65.0
100.0
45.0
30.0
85.0
161,0
6,314.0
1,128,0
40.763.0
31.754.0
11.501.0
6.531.0
2.527.0
14.832.0
4.204.0
6.100.0
17.202.0
4.829.0
6.525.0
14.422.0
4.655.0
15.585.0
23.222.0
204,652,0 20,999,0
202.766.0
204.270.0
285.490.0
293.723.0
7.861.0
6.748.0
0,747,0
11.476.0
11.159.0
17,0
80,0
737.0
98,0
45.135.0
29.656.0
12.330.0
5.964.0
2.660.0
13.401.0
3.809.0
5.988.0
18.324.0
4.520.0
6.510.0
13.781.0
4.705.0
17.303.0
25.743.0
8.221.0 2,562,0
209,829,0
2.787.0
515,0
"6 5 2 ,6
2,0
26,0
" 160,0
121,0
"229",6
216,0
"l'e'.o
" 258,6
294.0
827.0
282.0
1.085.0
1.431.0
20,0
65.0
995.0
800,0
■” 30.6
21,0
851.0
851.0
851.0
851.0
905.0
55.0
49.0
69.0
45.0
Trust Companies.
N ot M em bers of
Federal Reserve Bank.
Brooklyn Trust Co----- 1,500,0 3,991,0
Bankers’ Trust C o ........ 10,000,0 15,498,8
U. S. Mtge. & Trust Co. 2,000,0 4,278,2
Astor Trust Co........... 1,250,0 1,712,5
Title Guar. & Trust Co. 5,000,0 12,227,2
Guaranty Trust Co----- 20,000,0 31,073,7
Fidelity Trust Co........ 1,000,0 1,210,3
Lawyers’ Title & Trust. 4,000,0 5,472,0
Columbia Trust Co___ 2,000,0 8,097,3
1,000,0 1,660,2
People’s Trust Co____
New York Trust C o ... 3,000,0 11,372,3
Franklin Trust Co........ 1,000,0 1,301,3
525,4
1,000,0
Lincoln Trust Co____
Metropolitan Trust Co. 2,000,0 6,424,3
37.795.0 1.918.0
199.891.0 15.805.0
64.391.0 4.064.0
29.044.0 2.153.0
43.184.0 2.323.0
360.411.0 31.515.0
10.063.0
663.0
27.810.0 1.556.0
82.799.0 5.528.0
21.536.0 1.604.0
70.623.0 4.917.0
18.820.0 1.339.0
840.0
13.382.0
60.320.0 3.386.0
315.0
541.0
211.0
12,0
355.0
1.393.0
46,0
679.0
149.0
121.0
1.324.0
121,0
103,0
1.785.0
528.0
1,880,0
194.0
94.0
129.0
942.0
85.0
118.0
607.0
313.0
94.0
109.0
330.0
572.0
250.0
10,0
85.0
18.0
117.0
206.0
33.0
17.0
160,0
104.0
35.0
42.0
57.0
339.0
Totals, avge. for week. 54,750,0 104,844,5 1,040,069,0 77.611.0
7.055.0
6,992,0
1,473,0
Totals,
Totals,
Totals,
Totals,
actual
actual
actual
actual
26,0
11,0
3,0
15",6
15.0
115.0
12.0
46,0
3.0
9.0
3.0
1.461.0
8.944.0
2.246.0
1.084.0
1.448.0
16.464.0
402.0
1.051.0
3.251.0
1.068.0
2.995.0
765.0
661.0
2.763.0
1.740.0
2.778.0
4.922.0
1.124.0
1.636.0
5.216.0
646.0
634.0
2.503.0
780.0
4.937.0
1.137.0
471.0
258.0 44.603.0 28,524,0
29.211.0
178.882.0
44.934.0
22.648.0
28.967.0
329.293.0
8,069,0
21.024.0
65.020.0
21.354.0
59.729.0
15.290.0
13.210.0
55.641.0
7.809.0
25.309.0
19.520.0
6.975.0
1.025.0
38.622.0
978.0
956.0
17.418.0
712.0
5.975.0
3.583.0
676.0
5.341.0
893,272,0 134,899,0
condition
condition
condition
condition
Grand Aggregate, avge. 185,550,0 329,423.7
Comparison prev. week
Grand Aggregate,actual condition
Comparison prev. week
July 29
1,366,0
—584,0
Grand Aggregate actual condition July 22 3.184.946.0 286.390.0
Grand Aggregate actual condition July 15 3.188.833.0 276.618.0
Grand Aggregate actual condition July 8 3.261.363.0 272.108.0
a
72.756.0
73.157.0
63.884.0
2.596.0
3.363.0
3.374.0
31.489.0
31.513.0
31.560.0
1.950.0 217.692.0
1.744.0 211.180.0
1.849.0 211,202,0
Includes capital set aside for Foreign Branches, $3,000,000.
STATEMENTS OF RESERVE POSITION.
A verages.
Cash Reserve] Reserve in
in Vault. |
D epositaries
M em bers Federal
Reservo Bank____
State Banks*..............
Trust Com panies*..
T otal
Total
T otal
Total
July 29.......
July 22.......
July 15.......
July 8 .......
Total
R eserve.
a Reserve
Required.
A c tu a l F igu res.
Surplus
Reserve.
I n c . or D ec\
fro m
Cash Reserve Reserve in
Previouslyeek, in Vault. D epositaries
Total
Reserve.
b Reserve
Required.
Surplus
Reserve.
I n c . or D u .
fro m
PrevlousW eek
S
*
*
S
%
S
|
s
S
%
*
*
300,208,000163,773,000 464.041.000 365,837,810 98,203,190
+ 5,843,400 303,814,000 166,025,000 469.839.000 367,648,520 102,190,480 + 6,497,220
35,302,000 8,221,000 43.523,000 37,769,220 5,753,780 —2,431,420 34.470.000 8.234,000 42,704,000 37,344,420! 5,359,580! —1,844,020
92,131,000| 44,603,000 136.734.000 133,990,800 2,743,200 —574,550 90.657.000 44,486,000 135.143.000 133.446,750 1,696,250 —3,492,250
427,701,000'216,597.000 644,298,060 537,597,830 106,700,170 + 2,837,430 428.941.000 218.745.000 647,686,000 538,439,690 109,246,310 +1.160,950
423.701.000 216,042,000 639.743.000 535,880,260 103,862,740 + 29,364,270 428.230.000 217.692.000 645.922.000537,836,640108,085,360+12,975.890
402.243.000 211,852,000 614.095.000 539,596,530 74,498,470 + 10,392,130 421.578.000 211.180.000 632,758,000537,648,530! 95,109,470 +41,563.410
400.344.000213.804.000 614.148.000 550,041,660 64.106.340 —44,464,530 385.855.000 2 1 1 ,202.000 597.057.000543.510.940l 53,546.060—35,747,880
a This Is the reserve required on Net Demand Deposits In the case of State Banks and Trust Companies, but In the case of Members of the Federal Reserve Banks
Includes also the amount of reserve required on Net Time Deposits, which was as follows: July 29, *2,401,250: July 22, $2,367,250: July!15, *2,151,450; July 8, *2,126,250.
b This Is tho reserve required on Net Demand Deposits In tho caso of State Banks and Trust Companies, but In the case of Members of the Federal Reserve Bank
Includes also the amount of reserve required on Net Time Deposits, which was as follows: July 29, $2,454,800; July 22, *2.375,700: July 15, *2,168,450; July 8, *2,059,750.
474
THE CHRONICLE
T h e S ta t e B a n k in g D e p a r t m e n t re p o r ts w e e k ly fig u r e s ,
s h o w in g th e c o n d itio n o f S ta t o b a n k s a n d tr u st c o m p a n ie s
in N e w Y o r k C i t y not in the Clearing House, a n d th e se aro
s h o w n in th e fo llo w in g ta b le :
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(.Figures Furnished, by Stale Banking D epartm ent.) D ifferen ces from
_
,,
A
July 20.
previous w eek.
Loans and Investments...........................................8716,283,900 Dec. 87.322.800
G ild ..................................................................... 60,107,900 Dec.
295,300
Currency and bank notes.......................................
9,108,200 Dec.
38,200
To„al deposits..................................................... 865,943,600 Inc. 3,444,500
Deposits, eliminating amounts duo from reserve
depositaries and from other banks and trust com
panies In New York City, and cxcnangcs............ 754.266,500 Dec. 3,059,200
Reserve on deposits.............................................. 180,330,300 Inc. 7,542,100
Percentage of reserve, 25.9%.
RESERVE.
_ , ,
-------Slate Banks ------- — Trust Com panies —
Cash in vaults.................................. 811,880,909 10.73%
857,335,200 9.81%
Deposits In banks and trust cos------ 17,478,900 15.78%
93,633,300 1 6 .02 %
Total........................................... $29,359,800 26.51%
$150,970,500 25.83%
T h e a v e r a g e s o f th e N e w Y o r k C i t y C lo a rin g H o u s e b a n k s
a n d tr u st c o m p a n ie s , combined w ith th o se fo r th e S ta t e b a n k s
a n d tr u s t c o m p a n ie s in G r e a te r N e w Y o r k C i t y o u tsid o o f th e
C le a r in g H o u s e , c o m p a re a s fo llo w s fo r a series o f w e e k s p a s t:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
W e om it ciphers in all these fig u res.
W eek ended —• Loans and
Investm ents
May
May
May
May
June
June
June
June
July
July
July
July
July
6........
13........
20........
27........
3........
10........
17........
24........
1........
8........
15___ _
22........
29........
$
4.075,645.9
4.072.139,2
4.104,967,9
4,124,653,8
4,118,032,4
4.087,787,7
4.048,776,6
4,025,626,8
4,017,526,4
4,011,831,8
3,956,132,5
3,901,908,7
3,903,877,9
D em an d
D ep osits.
S p ecie.
$
4,102.377,2
4,077.522,7
4.126.508.7
4,135,726,9
4,093,553,9
4,058,239,2
4,025,988,4
4,026,435,3
4,021,927,0
3,906,998,0
3,906,760,1
3,871,422,7
3,876,459,5
S
431,781.2
429,750,4
430,267,8
418,247,5
409,491,2
399,818,3
412,492,1
431,258,6
440,874,8
407,219,3
405,666,1
413,668,2
417,059,9
Other
M o n ey .
Total
Entire
M o n ey
Reserve on
H old in g s. D ep osits.
S
81,967,9
82,000,6
81,014,9
75,338,8
73,519,3
76,180,8
79,319,3
83.456,1
79,417,4
62,520,9
66,617,8
79.582,4
79,857,2
S
513,749,1
511,751,0
511,282.7
493.586,3
483,010,5
475,999,1
491,811,4
514,714.7
520.292,2
469,740,2
472,283,9
493,250,6
496,917,1
s
868,409,1
872,048,5
884,881,4
802,337,4
851,290,6
810,009,3
824,041,3
846,890,6
850,228,8
786,127,9
779,462,3
812,531,2
824 |62S,3
[Vol. 103
I n a d d itio n to th e re tu rn s o f “ S ta t e b a n k s a n d tr u s t c o m
p a n ie s in N o w Y o r k C i t y
not in the Clearing House,"
by
D e p a rtm e n t,
th e S ta t e
B a n k in g
p re se n ts a s ta te m e n t c o v e rin g
in th o w h o lo S t a t e .
all
th e
fu rn is h e d
D e p a rtm e n t
also
th e in s titu tio n s o f th is class
T h e fig u res aro c o m p ile d so a s to d is tin
g u ish b e tw e e n th e r e su lts fo r N o w Y o r k C i t y (G ro a to r N o w
Y o r k ) a n d th o se fo r th o r e st o f th o S t a t e , a s p er th o fo llo w in g :
F o r d e fin itio n s a n d ru les u n d e r w h ic h
th o v a r io u s ite m s
aro m a d e u p , seo “ C h r o n ic le ,” V . 9 8 , p . 1 6 G I.
T h e p ro v isio n s o f th e la w g o v e r n in g th e ro se rvo r e q u ir e
m e n ts o f S ta t o b a n k in g in s titu tio n s w ore p u b lis h e d in th e
“ C h r o n ic le ” M a r o h 2 8 1 9 1 4
(V . 9 8 , p . 9 6 8 ).
T h o r e g u la
tio n s re la tin g to c a lc u la tin g th o a m o u n t o f d o p o s its a n d w h a t
d e d u c tio n s are p e r m itte d in th e c o m p u ta t io n o f th o ro sorve s
w ore g iv e n in th o “ C h r o n ic le ” A p r il 4 1 9 1 4 ( V . 9 8 , p . 1 0 4 5 ) .
STATE BANKS AND TRU3T COMPANIES.
W eek ended July
Stale Banks
State Banks
Trust C os.
Trust C os.
outside o f
in
in
outside o f
Greater N . Y . Greater N . Y . Greater N . Y . Greater N . Y .
29.
Capital as of June 30___
Surplus aj of June 30___
S
23,450,000
S
75,550,000
40,003,500
$
11,783,000
S
14,900,000
173,239,300
14,654,000
14,381,000
Loans and Investments..
Change from last week.
383,217,803 1,656,569,2e0
+ 2,507,400 — 15,891,000
160,663,600
+ 319,000
239.744,500
+ 3,393,000
Gold...............................
Cnango from last week.
40,225,100
—3,106,100
135,351,300
—2,725,600
Currency and bank notes.
Changc from last week.
19,102,600
—3,294,900
16,551,400
+ 1,018,700
...........
487,957,930 1,904,178,700
Chango from last week. — 12.336,400 + 10,971,800
172,561,200
—717,409
254,008,200
+ 3,065,700
104,0-47,600 332,838,100
—6,873,400 + 15,742,200
30,640,700
—82,600
34,628,300
+ 600,600
20.8%
20.8%
17.0%
10.8%
Change from last week.
P. c. of reserve to deposits
Percentage last week--
25.3%
26.8%
21.8%
20.8%
+ Increase over last week. — Decreaso from last week.
N o n - M e m b e r B a n k s a n d T r u s t C o m p a n i e s .— F o llo w in g is th o r e p o r t m a d e to th e C lo a r in g -IIo u s o b y cloa rin g n o n
m e m b e r in stitu tio n s w h ic h aro n o t in c lu d e d in th e “ C lo a r in g -IIo u s o r e tu r n ” o n th o p ro cod in g p a g o :
RETURN
CLEARING
NON-MEMBERS .
C apital.
N O N -M E M B E R
N et
P rofits.
I Nat.
bks. June 301
\Stato bks. Juno 30/
W e e k E n d in g
J u ly 29 1916.
$
$
S
200,000
189.000 4.895.000
300.000
679,400 5.240.000
300.000
588.000 5.429.000
400.000 1,266,500 4.817.000
250.000
755,500 4.558.000
220.000
628,100 5.972.000
125,000
291,300 4.751.000
Battery ParkN at__
First Nat., Brooklyn
Nat. City, Brooklyn
First Nat., Jers. City
nudson Co. N., J.C.
First Nat., Hoboken
Second Nat., Hobok.
Total
Loans,
D iscounts,
Invest
m ents, & c.
A v erage.
M em bers o f
F e d ’l R eserve B an k
S ta te
OF
IN S T IT U T IO N S
Legal
T enders.
A v erage.
S
550.000
156.000
162.000
217.000
140.000
191.000
59,000
1,795,000 4,397,800 35,662,000 1,475,000
A v erage.
$
92.000
37.000
61.000
375,000
15.000
10.000
53,000
OF
NEW
YORK
N at .Bank N at .Bank
N otes [Re N otes[N ot Federal
serve fo r
Reserve
Counted
State In
N otes[N ot
as
Reserve)
stitutions) Reserve).
A verage.
$
93.000
92.000
114,000
88.000
72.000
37.000
90.000
A v erage.
S
643,000
586,000
9,000
129.000
20,000
11,000
12,000
43.000
19.000
105.000
163.000
46.000
47.000
466.000
320.000
43.000
52.000
153.000
125.000
235.000
738.000
98.000
29.000
61.000
105.000
12,000
1,000
40.000
53.000
75.000
204.000
19.000
557.000 2,277,000
599,000
68,000
34,000
A v erage.
S
8,000
6,000
8,000
20,000
96.000
17.000
3,000
Average.
$
7.000
8.000
1,000
6,000
3.000
2.000
C L E A R IN G
Reserve
with
Legal
D ep os
ita ries.
Average.
H OUSE.
A d ditional
D ep osits
N et
with Legal
D em and
D ep osD ep osits.
ita rles.
N et
T im e
D ep osits.
Average.
A v erage.
Average.
$
$
3
5.549.000
534.000
148,000
108,000 4.859.000
596.000
20,000
185.000 5.442.000
675.000
528.000 2.673.000 4.400.000
456.000 1.359.000 3.801.000
534.000 2.648.000 3.012.000
419.000
459.000 2.512.000 2.120.000
301.000
N ation a l
Bank
Clrcur
la tlon .
A v erage.
%
195.000
297.000
116.000
397.000
194.000
217.000
99,000
27,000 3,509,000 5,318,000 29,211,000 5,300,000 1,515,000
158,000
B anks.
N ot M em bers o f the
Federal Reserve Bank.
Bank of Wash. H’ts. 100,000
Colonlal Bank.......... 400.000
Columbia Bank___ 300.000
Fidelity Bank_____ 200.000
International Bank. 500.000
Mutual Bank_____ 200.000
New Nethcrland___ 200,000
Yorkvlllo Bank____
100,000
Mechanics’ , Bkiyn.. 1,600,000
North Side, Bkiyn.. 200,000
410,
851,
655,
184,
116,
474,
243,
584,
807,
189,
148.000
458.000
724.000
367.000
852.000
496.000
,034,090
133.000
906.000
358.000
137.000
504.000
550.000
97,000
282.000
638.000
251.000
462.000
779.000
229.000
Total__________ 3,800,000 4,518,600 61,476,000 3,929,000
13,000
99.000
101,
436
533.000
494.000
528,
68
77.000
60,
160.000
255
406.000
128
237.000
267
401.000
1,152,000 1,936
251.000
448
653.000
,892.000
241.000
275.000
,670,000
,527,000
.989,000
680.000
197.000
190.000
80,000
360.000
274.000
85,000
410,000
16,000 3,810,000 4,227,000 63,314,000 1,215,000
73,000
T r u s t C o m p a n ie s .
N ot M em bers o f the
Federal Reserve Bank.
HamlltonTrust.Bkln.
Mechanics’ .Bayonne
Total .
500.000 1,103,500 8.534.000
200.000
297,600 4.941.000
700,000 1,401,100 13,478,000
Grand aggregate___ 0,295,000 10,317,500
Comparison ,prev .wk
Excess reserve $142,216
Grand aggr'te July22 6.295.000
Grand aggr’te July 15 6.295.000
Grand aggr’te July 8 6.295.000
Grand aggr’te July 1 5.795.000
Grand aggr’teJune24 5.795.000
546.000
101.000
19.000
65.000
19.000
92.000
647,000
84,000
111,000
6,051,000 1,284,000 2,974,000 701.000
— 185 000 + 2S.000] +65,000 -105000
W e om it two cip hers
Loans,
D isc'is tfc
Invest'ts.
D ue
from
Banks.
(00)
in all these fig u res.
Total.
Reserve
H eld.
N o te. —National bank note circulation July 29. $9,435,000; Exchanges for Clear
ing House (included In "Bank Deposits"), banks, $14,011,000; trust companies,
$1,750,000; total, $15,761,000. Capital and surplus at latest dates; banks, $64,
175,600; trust companies, $41,295,200; total, $105,470,800.
436,000 1,470,000 8,727,000 4,083,000
76.000 7,747,000
90.000 7,781,000
90.000 7,6.54,000
70.000 7,607,000
69.000 7.495,000
11.261.000 103142000 10.477.000
9.929,000 104218000 10.421.000
12.785.000 100227000 10.313.000
11.236.000 98,631,000 10.220.000
11,785,OOO'OO,894.000 9,718,000
1.513.000
1.509.000
1.510.000
1.524.000
1.517.000
BOSTON CLEARING HOUSE MEMBERS.
Excess
Reserve.
J u ly 2 9 .
$
S
$
$
Nat. banks 358,317,0 65,518,0 159,744,0 2,86.694,0.446,438,0 73.845.0 18,810,0
Trust cos.- 150,707,0 5,928,0 3,582,0 137,952,0 141,534,0 24.443.0 4,365,0
Total . . . 509,024,0 71.446.0 163,326 ,0 424,646, 0 587,972,0
288,0 23.175.0
July 22.. - 510,676,0 75,318,0, 165,127 0 427,612, J 592,769,0
702.0 21.662.0
" 15.. . 518,482,0 75,386,Oj 167,766 ,0 440,822 0 608,588,0
465.0 22.538.0
** 8 .. . 514,281,0 72.545.0 168,696 ,0 441,662 0 610,358,0 iuu 726.0 29.435.0
**
1.. . 512,795,0 73.492.0 166,564 ,0:437,448 ,0 604,012,0i 99 902.0 23.811.0
June 2 4_. . 512,551,0 73.502.0 169,800 ,0 433,292 ,0 603,092,0 105 718.0 28.820.0
•• 17.. . 513,741,0 75.222.0 171,591 ,0 441,244 ,0 612,835,0 109 .285,0 31.581.0
10. . - 513,163,0 73.043.0 170,649 ,0 440,301 ,0 611,010,01110 ,875,0 32.936.0
**
3 .. - 508.838,0 75.246.0 171,263 ,0 450,711 ,0 621,974.0 117,690,0 39.307.0
May 27-- - 509,043,0 73.649.0 168,029 0 437,482 ,0 605,511,0 109,536,0 32.537.0
30,000
B o s t o n C l e a r i n g - H o u s e B a n k s . — W o g iv e b e lo w a s u m
m a r y sh o w in g tho to ta ls fo r a ll tho ite m s in th o B o s to n C le a r in g -H o u s o w e e k ly s ta te m e n t fo r a sorios o f w e e k s :
D ep osits.
In d lcld 'l.)
324.000
112.000
73,000 7,755,000 11,015,000,101252 000 10,598,000 1,515,000
—3,000 + 8,000 —240,000— 1890 000 + 121,000 +2,000
6.236.000 1,256,000 2,909,000 806,000
6.062.000 1,350,000 3,225,000 790.000
5.784.000 1,248.000 3,089,000 746.000
5.833.00011.302.000 3,079.000 656.000
5.704.000
1,349,000 3,137,000
560.000
P h i l a d e l p h i a B a n k s .— S u m m a r y o f w e e k ly to ta ls o f
C le a r in g H o u s e b a n k s a n d tr u st c o m p a n ie s o f P h ila d e lp h ia :
924.000 6.481.000 1.407.000
546.000 2.246.000 2.670.000
2,000
28,000
29
1916.
July
Change from
previous week.
$6,399,000 Inc.
Loans, disc’ts & investments. 422.266.000 Dec.
Indlvldual deposits, Incl.U.S. 322.881.000 Dec.
122.727.000 Dec.
Time deposits____________ 31.877.000 Dec.
Exchanges for Clear. House- 13.362.000 Dec.
Due from other banks......... 35.413.000 Dec.
Cash resorvo....................... 24.880.000 Dec.
Reserve In Fed. Res'vo Banks 22.483.000 Dec.
Rcservo with other banks__ 37.174.000 Inc.
Reserve excess In bank.........
1.737.000 Dec.
Excess with lteservo Agent.. 21.740.000 Inc.
3.203.000 Dec.
Excess with Fed. Ite3’vo B'k.
Im p o rts
p ro co d in g .
and
E x p o r ts fo r th e
22
1910.
July
15
1916.
July
$16,000 $6,383,000 $0,305,000
1,901,000 424.230.000 432.516.000
4,021,000 326.902.000 331.359.000
3,403,000 120.130.000 129.105.000
485,000 32.302.000 33.299.000
1,079,000 14.441.000 21.263.000
3,372,000 38.785.000 39.001.000
850,000 25.730.000 25.703.000
1,50 4,0(H) 23.992.000 20.096.000
1,985,000 35.189.000 30.310.000
530,000 2,207,000 1,932,000
2,197,000 19.519.000 14.402.000
1,239,000 4.4 12,000
280,000
W e e k . — 'See th ird p ago
AUG. 5 1916.]
fp m tfte ts '
(S a ^ jetfce *
IFaZ£ Street, Friday Night, Aug. 4 1 9 1 0 .
T h e M o n e y M a r k e t a n d F in a n c ia l S it u a t io n .— T h o
im p o r ta n t d e v e lo p m e n ts o f th e w eo k h a v e n o t b e e n su c h a s
to e n co u ra g e a n o p tim is tic se n tim e n t in fin a n c ia l c ir c le s ,
o r s tim u la te a c tiv ity a t th o S to c k E x c h a n g o .
O n th o o th e r
h a n d , th o u n fa v o r a b le re su lts o f th eso d e v e lo p m e n t s , s o fa r
as th e y c a n b e tr a c e d , m ig h t r e a so n a b ly b e a sc rib e d to o th e r
c a u se s.
T h o e n o rm o u s d e stru c tio n o f p r o p e r ty c a u s e d b y
firo an d ex p lo sio n s in th is h a rb o r e a r ly o n S u n d a y m o r n in g
w o u ld d o u b tle ss h a v o h a d a m o re d e p re ssin g e ffe c t in th e
c o m m u n it y h a d th o la tte r n o t b e c o m e m o re or loss a c c u s to m e d
to sim ila r b u t less d isa stro u s o c cu rre n ce s.
So a g a in , th e
failu ro o f T h ir d A v e n u e R a ilw a y o ffic ia ls in th is c it y to
m a k e pro gress in th e m a tte r o f a se ttle m e n t w ith its str ik in g
o p e r a tiv e s , to g e th e r w ith th e p ro sp e c t o f a tie -u p o n o th e r
su rfa ce lines m ig h t , in less tr o u b lo u s tim e s , h a v o b e e n th o
cau so o f m o ro ge n e ra l so lic itu d e th a n n o w e x ists.
T h e G o v e r n m e n t c ro p a n d w e a th e r re p o rts w ere s u f
fic ie n tly u n fa v o r a b le to ca u so a sh a rp a d v a n c e in b o t h
w h eat and co tto n .
S p r in g w h e a t h a s d o u b tle ss b e e n d a m
a g e d in so m o lo c a litie s b y h o t , w e t w e a th e r , b u t re p o rts
th e re o f a r e , as u s u a l, v e r y u n r e lia b le .
T h o in d u c e m e n ts
to circu la te m isle a d in g s ta te m e n ts b y trad e rs w h o h a v o
b a rg a in e d fo r a lo t o f im a g in a r y w h e a t are as str o n g as
o v e r a n d th o o ld g a m e c o n tin u e s to bo w o rk e d e a c h y e a r
u p o n a n e w se t o f w e a lth -se e k e r s, a n d th is y e a r u n d e r e x
c e p tio n a lly fa v o r a b lo c o n d itio n s.
A ll th o d ep ressin g in flu en c es o f th o w eok h a v e , h o w o v e r,
b e e n la rg e ly o ffs e t b y la te st ra ilw a y e arn in gs s ta te m e n ts
w h ich aro u n m is ta k a b le ov id on co o f e n o rm o u s in d u stria l
and
c o m m e rc ia l a c t iv it y .
M oreover,
th o la tte r g iv e s
p ro m iso o f la stin g for a n in d e fin ite p eriod if ro p orts fro m
th o iron a n d ste e l p ro d u c in g d istricts are a cr ite rio n . T h e s o
sh o w th a t th o d e m a n d fro m a b r o a d c o n tin u e s u r g e n t a n d
th e h o m e d e m a n d , w h ic h h as b een h e ld in a b o y a n c e , is n o w
p re ssin g fo r c o n sid e r a tio n .
U n d e r th ese c o n d itio n s p rices
o f ste e l ba rs h a v o a d v a n c e d $ 2 0 0 p er t o n , a n d th e m a r k e t
fo r a ll gra d e s is str o n g .
F o r e i g n E x c h a n g e .— S te rlin g e x c h a n g o c o n tin u e s w ith
o u t n ew fe a tu r o .
R a t e s aro a r b itr a r ily m a in ta in e d .
Tho
C o n tin e n ta l e x c h a n g e s h a v o ru le d q u ie t a n d m o ro o r less
fea tu rele ss o th e rw ise .
. payment ** t o y-iuv' ‘t i 3 .
Tnero were no rates posted for sterling by prominent bankers this week.
To-day’s (Friday’s) actual rates for Paris bankers’ francs were nominal
for long and 5 915) for short. Germany bankers’ marks were / l l J - i o m e
sight, nominal for long and nominal for short. Amsterdam bankers
__ - <■,.
guilders were 41}$ for short.
Exchange at Paris on London. 28.15 fr.; week’s rango, 28.lo fi ■high and
also 28.15 fr. low.
. , „
.
Tho range for foreign exchange for the week follows.
C a b le s .
C h eck s.
S te r lin g , A c t u a l —
.sir/y D a y s .
4 7 V, y .
4 75 H
High for the week----4 71}$
4 76 7-10
4 75}$
Low for the w eek__ 4 71 9-16
P a r is H a n k e r s ’ F r a n c s —
5 90 M
High for tho week---- -----5 903$
Low for tho weok---- -----G erm an tj H a n k ers' M a r k s —
High for the week— -----Low for tho week A m s te rd a m H a n k ers G u ild e r s —
High for the week............. .
Low for tho week—
sight 50c. per 51,000 discount, and brokers 50c. premium.
S t a t e a n d R a i l r o a d B o n d s .— S ale s o f S ta te b o n d s a t th o
B o a r d th is w ook in clu d o $ 1 2 ,0 0 0 V irg in ia (is, tr . c o . r e c e ip ts ,
a t 51 to 5 1 % ; $ 1 ,0 0 0 N o w Y o r k C a n a l 4 3 4 s , 1 9 4 5 , a t 107%;
$ 1 0 ,0 0 0 V irg in ia f d . d e b t , 1 9 9 1 , a t 99% a n d $ 5 ,0 0 0 N o w
Y o r k C a n a l 4 s , 19G 0, a t 10G.
T h o m a r k e t fo r r a ilw a y a n d in d u stria l b o n d s h a s , a s for
so m o tim e p a s t, b een d u ll a n d g o n orally w e a k .
F r o m a list
o f 2 5 m o s t a c tiv o issues o n ly G are h ig h er a n d th o m o v e m e n t
h a s b een o x c o p tio n a lly n a rro w .
A m o n g G o v e r n m e n t issu o s, th o n ow F re n c h lo a n , A n g lo F re n c h 5 s a n d th o D o m in io n o f C a n a d a issuos w ore m o s t
p r o m in o n t, w h ile N o w Y o r k C i t y b o n d s h a v o b een a c t iv e .
R o c k Isla n d d o b . 5 s , c o n tr a ry to th e ir m o v o m o n t o f a w eo k
a g o , a d v a n c e d fro m G1 to 0 2 % c lo sin g a t 6 1 , w h ile B a lt i
m ore & O h io c o n . 4 % s fell a w a y % p o in t s .
S t . L o u is &
S an F ra n cisc o se cu ritie s, w . i . , d e c lin e d , w h ile I n te r b o r o u g h
R a p id T r a n s it, p o ssib ly b e ca u so o f th o im p e n d in g str ik o ,
fell o ff a fr a c tio n .
On th o o th e r h a n d , U n ite d R a ilr o a d s
o f S a n F ra n c isc o 4 s a d v a n c e d fro m 35% to 3 7 , c lo sin g a t
3634.
U n ite d S ta t e s S te e l s . f . 5 s in s y m p a th y w ith th o
sh a re s, m o v e d u p from 1 0 5 to 1 0 5 3 4 . w h ile S o u th e r n R y .
1st 5 s , S o u th e rn P a c ific c o n . 5 s , C e n tr a l L o a th o r 5 s a n d
N o w Y o r k T e le g ra p h 4 3 4 s a d v a n c o d fr a c tio n a lly .
Sales on s - 2 0 - f . , in d ic a tin g , p r e s u m a b ly , sales o n foro ign
a c c o u n t, h a v o in c r e a se d , b e in g $ 9 7 ,0 0 0 , a s a g a in s t $ 3 7 ,0 0 0
a w ook a g o .
U n i t e d S t a t e s B o n d s .— S ales o f G o v e r n m e n t b o n d s a t
th o B o a r d aro lim ite d to $ 1 0 ,0 0 0 2 s , r e g ., a t 9 9 a n d $ 2 6 ,0 0 0
4 s , r e g ., a t 110% to i l l .
For to-day's prices of all the differ
ent issues and for the week’s range, see third page following.
R a i l r o a d a n d M i s c e l l a n e o u s S t o c k s .— T h e u su a l m id su m m o r co n d itio n s h a v o provailecl a t th o S to c k E x c h a n g o
th is w e e k , in clu d in g a m a rk o d p a u c ity o f sales a n d lo w er
475
THE CHRONICLE
p ric e s.
V io le n t a g ita tio n a m o n g th e r a ilw a y la b o r u n ion s
a n d a p ro p o se d c o u n tr y -w id e s trik e o f e m p lo y e e s , th e th r e a t
e n e d tie -u p o f N e w Y o r k c it y tr a n s p o r ta tio n s y s t e m s ,
ro p orts o f e x te n siv e n e w w a r ord ers re c e iv e d a n d o f a n in
crea sed d o m e s tic d e m a n d fo r s te e l, to g e th e r w ith a n u n
fa v o r a b le crop o u tlo o k are a ll fo rc e s o f m o re o r less c o n flic tin g
in flu e n c e in m a r k e t s e n tim e n t.
R a ilr o a d issu es d e c lin e d
a s a w h o le , th o ca u ses m e n tio n e d a b o v e b e in g a c c e n tu a te d
b y re p o rts o f lig h t w h e a t a n d c o tto n c r o p s a n d th e fo re ig n
soilin g o f th o sh ares w hich h as b e e n so f r e q u e n tly referred
to in p a s t m o n th s .
F r o m a list o f 1 5 m o s t a c tiv o s to c k s ,
N o r f o lk & W e s t e r n , S o u th ern P a c ific a n d U n io n P a c ific
w ere th e o n ly o n e s s h o w in g a d v a n c e s .
T h o la t te r , p r o b a b ly
b e c a u se o f a m u c h ta lk e d o f e x tra d is tr ib u tio n o f a c c u m u
la te d e a rn in g s w e n t from 1 3 6 3 4 1 ° 1 3 8 3 4 . th e m o v e m e n t
in th e o th e r issues b e in g fr a c tio n a l.
O n th e o th e r h a n d ,
B a lt im o r e & O h io d ro p p e d from 8 5 3 4 to 8 4 % , C a n a d ia n
P a c ific fro m 1 7 5 3 4 to 1 7 5 % , C h ic a g o M ilw a u k e e & S t .
P a u l 2 3 4 p o in t s , w h ile th e sh ares o f m a n y o th e r c o m p a n ie s
sh o w e d losse s o f o v e r a p o in t .
In d u s tria l s to c k s jo in e d in th e g e n e ra l d e c lin e , o n ly 6
fro m a list o f 2 5 m o s t a c tiv e s h o w in g a n y a d v a n c e .
A m e r i
c a n L o c o m o tiv e w e n t from 6 6 3 4 to 6 8 , A m e r ic a n S te e l
F o u n d r y fro m 5 0 to 5 1 , fa llin g b a c k to 5 0 a t th e c lo s e ,
w h ile In te r n a tio n a l M e r c a n t ile M a r i n e , c o m . & p r o f., N e w
Y o r k A ir B r a k e a n d U n it e d S ta t e s S te e l a ls o a d v a n c e d .
I n d . A lc o h o l, c o n sp ic u o u s fo r its v io le n t m o v e m e n ts d u rin g
p a s t w e e k s , d ro p p e d fro m 1 0 6 3 4 to 1 0 5 3 4 . c lo s in g a t 1 0 6 .
For daily volume of business see page 4 8 4 .
T h o fo llo w in g sales h a v e oc cu rre d th is w ee k o f sh are s n o t
re p re se n te d in o u r d e ta ile d list o n th o p a g e s w h ic h fo llo w :
STOCKS.
W eek ending A u g .
4.
Sales
fo t
W eek .
Range f o r W eek .
Low est.
H igh est.
Range sin ce Jan.
L ow est.
1.
H igh est.
S per share. S per share. S per share.
Par. Shares S per share.
Acme Tea tem ctfs. .100
100 52 Aug 4 52 Aug 4 52 June 52}$ July
July 97}$ June
Acme Tea, 1st pf ctfs 100 100 96 Aug 1 96 Aug 1 96
137 Aug 2] 132}$ Mar 154}$ Jan
Adams Express___ 100 300137 Aug
July
Aug 4 61
.
Aug 66
Ajax Rubber_______ 50 500 61 Aug 2 64
Apr! 106
July
Am Br Sh & Fy ctfs 100 100 103}$ Aug 3103}$ Aug 3! 100
Feb'198
July
Preferred ctfs___ 100 1,350 185}.$ July 31 198 July 31 165
Jan 29}$ July
Am Writ Paper pref 100 800 25}$ Aug 4 28 Aug 3 11
Jan
Jan 77
Associated Oil......... 100| 314 67}$ Aug 3 67}$ Aug 3 62
Batopilas Mining___ 20 800 1}$ Aug 3 1}$ Aug 3! 1}$ June' 3}$ Jan
Jan
Apr 132
Aug 1 129 Aug 3 126
Bklyn Union Gas.. 10U 200120
Jan
Brunswick Terml.. 100 100! 6 July 31 6 July 31 6 July 14
July
Buff Hoch* Pitts.. 100 200100 July 29 100 July 31 92 May! loo
Jan
Burns Brothers___ 100
10O 66}$ Aug 3! 66}$ Aug 3 66H Aug! 87
85
Feb! 90 May
Case (J I), pref___ 100 200 85 Aug 4 86 Aug
July 141}$ June
Cent A So AmTeleg 100
13 134 Aug 4 138 Aug 4 134
168
Apr; 76
Jan
Cluett, Peabody &Col00 2,200 72}$ July 29 75 Aug
3 108 Juno 112
Jan
Preferred_______ 100 .100110}$ Aug 3110}$ Aug
Comp-Tab-llccord . . 100: 100 41}$ Aug 2 41}$ Aug 2 40}$ July 52}$ Jan
3 41
Feb 50 May
Aug 3 45 Aug
Crex Carpet_______ 100 120 45
3 32
Aug 32 Aug
Cripple Creek Cent 100
25 32 Aug 3 32 Aug
Mar 141}$ Jan
Detroit Edison___ 100 480137}$ __
Aug_ 4,138}$ Aug 3 131
Jan 119 July
Detroit United___ 100 100 118
July 31 118 July 31 ’ 70
3 102}$ Mar!ll3 Aug
Aug 3 113 Aug
Diamond Match___ 100 100 113
Duluth SS&Atlan 100 300 5J$ Aug 2 5 'A Aug 2 4J$ Mar 6 }$ May
Jan
Aug 4, 10 }$ July 29 10
Preferred............lo o ’ 300 10
Jan 14
Elec Stor Battery.. 100 800 05
Apr 67}$ July
July 31 67}$ July 29 58
Gulf States S 1st pf._ 100 100 91
Aug 4 91 Aug 4 87 May 101}$ June
2d preferred......... 100 100 SO Aug 4 80 __
Aug 4 1 72 Mayj 90 June
Int Ilarv Corp___ 100 100 78}$ July 29
“ 78}$ July 29 68 J$ Mar 84}$ May
Preferred..............100 100 108}$ Aug 1 108}$ Aug 1104}$ Apr 109 June
Aug 111}$ Feb
Int Nickel pref v t c 100 425 105 Aug 1 105}$ Aug 4 105
Feb
Kings Co El L & P .. 100
8 128 Aug 1 128 Aug 1 126}$ May 131
Laclede Gas...........100
100105 July31 105 July 31 103}$ Mar 107}$ Feb
Apr 91 Feb
Mackay Companies 100 700 81}$ Aug 3 82 July 29 78
Preferred_______ 100, 600 67}$ Aug 2 67 ‘A Aug 2 65}$ Jan168}$ June
Febj 67}$ May
Manhattan Shirt..-.100
100 65 July 31 65 July 3l! 55
May Dept Stores.. lOOj 600 60}$ Aug 3 62 Aug 1 5o}$ Jan 68}$ May
Preferred..............100 100107 July31 107 July 31 102}$ Jan 109 May
Feb
Nat Cloak & Suit, pf 100 300109 Aug 3 109}$ Aug 3'106 May 113
Apr 45
Jan
N Y Chic & St Louis 100 100 33}$ Aug 2 331$ Aug 2 : 33
Apr 67 June
2d preferred_____ 100
100 59}$ Aug 2 59}$ Aug 2, 50
Apr 27
Jan
Norfolk Southern.. 100 100 23 Aug 2 23 Aug 2; 20
Aug
Feb 90
Nor Ohio Trac A L..100 200 90 Aug 2 90 Aug 3 70
Jan
Pacific Tel A Tel___ 100, 200 34 July 29 34 Aug 2 32}$ Apr 44
Pitts Coal ctfs dep___ 1,500 26 July 31 27}$ Aug l|| 25}$ July 29 June
Pitts Steel, pref___ 100 loo 98J$ July 31 98}$ July 31 93!$ Feb 100}$ Jan
Jan
Sloss-Shcff S A I, Pf 100' 100 95 Aug 4 95 Aug 4 91}$ Apr 101
}$ July
}$ July
}$ July 31
Standard Mil! rights___ I 940
}$ Aug 1
Underwood T ’wrlter 100! 200 98 Aug 4 99}$ Aug 2;j 97}$ July 106 May
US Express_______ 100 100 29}$ Aug 2 29}$ Aug 2 29 J$ Aug 49}$ Apr
Feb
U S Realty & Impt-.lOO! 20u 29 Aug 2 29}$ July 31 25 June 49
U S lteduc A Refg-.lOO 300 1 July 29 1 July 3lli 1 June 3}$ Jan
Jan
1 July 29 i 5$ Aug 4
Preferred......... ..100
200
M Aug 2
Jan
Wells, Fargo Express 100 145 127 Aug 1 12/}$ Aug 4 123}$ May 135
Aug
Mar 255
Wcyman-Bruton___ 100
100255 Aug 1 255 Aug 1 225
O u t s i d e S e c u r i t i e s .— A s w as th o ca se in o th e r se c u rity
m a r k e t s , b u sin ess a t th e B r o a d S tr e e t “ c u r b ” w a s d u ll
w ith a g e n e ra l d eclin e th r o u g h o u t th e lis t.
W i t h th e exce p
tion o f C h e v r o le t M o t o r s , th ero h a v e b e e n n o n o t a b ly c o n
sp icu o u s fe a tu r e s , th o u g h losses o f from o n e to th re e p o in ts
w ero c o m m o n .
A e t n a E x p lo s iv e s fr o m 8 % a d v a n c e d to
1 1 % b u t close d a t 9 % .
C h e v r o le t M o t o r s , a s m e n tio n e d
a b o v o , w a s b y fa r th e m o s t s p e c ta c u la r.
F ro m 2 1 0 it fe ll
a w a y s te a d ily d u rin g th e w eek to 1 7 5 , b u t closed a t 1 8 9 % .
H a s k e ll & B a r k e r C a r C o . g a in e d a p o in t b u t K a t h o d io n
Bron7.o p r e f. d ro p p e d fro m 2 2 to 1 9 % .
M i d v a le S te e l an d
M is s o u r i P a c ific , w . i . , lo st % a n d 1 p o in ts r e s p e c tiv e ly , th e
fin al figu res b e in g 6 0 % a n d 2 2 w hile S tu tz M o t o r s fe ll fr o m
6 4 % to 6 3 % .
T h e h ig h , low a n d la s t p ric es fo r W h i t e
M o t o r s , T o b a c c o P ro d u c ts a n d U n ite d M o t o r s w ero 5 3 % ,
5 1 , 5 1 ; 4 5 , 4 3 % , 4 4 % , and 6 7 % , 6 0 % , 6 2 % .
A s h as been
th o c a se fo r w eek s p a s t , S ta n d a rd O il se cu ritie s w ere d u ll.
O h io O il fe ll a w a y fro m 2 2 8 to 2 1 3 a n d P rairie P ip e L in e fr o m
2 2 3 to 2 2 0 .
T h e o th e r oil issu e s, m o s t o f w h ich sell a t c e n ts
a sh a r e , w ero fa ir ly a c tiv e .
A lb e r ta P etro le u m fell o f f fro m
5 8 to 5 6 , w hile C o sd e n & C o . a n d C o s d e n O il & G a s lo s t 1 %
a n d 1 % p o in ts r e s p e c tiv e ly . A m o n g th e b o n d s trad ed in a t th o
“ c u r b ” w ore § 1 8 0 ,0 0 0 C o s d e n O il 6 s , w . i . , a t 101 % to 1 0 3 % ;
§ 1 ,7 3 7 ,0 0 0 In te rn a tio n a l M e r c a n tile M a r in e 6 s , w . i . , a t
9 5 % to 9 7 % , a n d § 6 0 ,0 0 0 R u ssia n G o v e rn m o n tG % s , w . i . ,
at 1 0 0 % .
476
New York Stock Exchange—Stock Record, Daily, Weekly and Yearly
O C C U P Y IN G T W O PA G E S.
F or r e co rd o f sales d u r in g th e w eek o f sto ck s u s u a lly Inactiv e, see p re ce d in g page.
H IG H A N D LOW SALE PRICES— PER SHARE, N O T PER CENT.
Saturday
July 29
Monday
July 31
Tuesday
Aug. 1
9 per share $ per share
103*4 101 rl02% 103
*98% 99
99
99
112 112 *110*2 113
85*2 85*4
85
85*?
74*4 74*4
74*8 74%
*34% 85
84*2 84*4
17534 1767a 17578 177
*290 350 *290
60
59*8 59*4
60*2
*12
12*2 *12*8 12*4
*35
35*2 *34*2 35*2
9478 95
9478 95*s
*127 129 *127 130
*127 129
128 128
*168 175 *170 175
19% 19%
19*8 19*8
*116 125 *118 120
*135
*135 147
*45
53*2 *50*2 53
*79
82U *78
82*?
*30
33
*30
33
60
*56
59
*55
*50*2 55
*50*2 55
153
8151*4 151*4 *151
*223 230 *223 230
*12
15
*12
15
*33*2 34*2
34*2 34*2
31*4 35
34*s 35
*51*4 52*?
51*8 52
*42
46
*43
46
117*8 117*2 117*4 117*8
35
35
35
35
103 103
103 103
15*8 16*4
16% 16*2
74
74
73*4 73*4
24
24
*24
25*4
*58*4 61
*5S78 61
*20
21
21
21
*41
43*4
43*4 *41
77*2 77*2
76*2 77%
*35
*36
39
33*2
*127*2 128 *127*2 129
*128 130 *128 130
*5
*5
6
6
*15
20
*16
20
124 124
12212 123*4
*130 136 *130 133
*4
*4
4*4
4*4
*11*4 12*s *11*4 12%
6*8
6*?
6
5*4
6
6
5*2
6
*14
22
*14
22
7
*5*8
5*8
5*8
103 103 *102*4 104
59
*57*2 59*2 *58
*26 i 26*2
26
26%
127*8 127*2 12734 128
*87*2 88
z86% 86*2
110*4 110*4 110*2 111*4
56% 56*4
56*2 56%
*80
81
*78
81
*91
95*3 *91
95*2
95
95
95%
95*4
*42*2 43*2 *42*2 43%
44
44
44
44*2
♦16
17
1678 *16
$ per share
102*4 103
98% 99
*110*2 112%
85% 85%
74*4 74*4
84*4 84*4
175*4 177*4
*200 350
60*4 60*2
12% 12%
*35
36
95*4 96
128 1281?
129 129
*168 175
17*2 19%
*115 120
*135 148
*50*2 53*?
80% 80*8
*30
33
*56
59
*50*2 55
*151
153
*225 230
*12
15
31
34
35
35%
51*4 52%
*42*? 46*8
116% 117*4
35
35
102*2 103
*16*8 16*2
*74
74*?
24*4 24*4
*58% 60%
*20% 2U?
*41
43*4
77% 77%
*35*2 35
*127*2 130
129% 129%
* 4*4
6
*15
20
123*4 124
* ____
* ____
*
*15
*37
97*4
22*4
67*4
*11*4
61%
*96*2
137
82*4
*9*2
22
*13*4
50*8
*26%
*15
*36
97*8
22*2
*67
*11*2
62*2
*95*2
136*8
82*2
*9
*20
*13*4
49*4
26%
20
44*2
16
38
97*8
22*4
677s
12
62*2
98
136*4
82*2
11
221?
13*2
49 '8
26*8
*___
*15
*36
97%
2212
*67
11*2
61*2
96*2
136*4
*82%
*9*2
*21
*13*4
50
26*2
20
44*2
16
38
97*4
22%
68
11*2
62
96*2
137%
82*4
11
23
13*4
50
26*2
3%
11*4
4%
4%
*14
*5%
103%
59%
26*4
128
*85
110*4
z 55*4
*78
*91
94*2
*42*2
44*4
*16*4
4
11*4
5*?
5*4
23*4
7%
104
59%
26*?
128*?
86*2
110*4
55%
81
95*?
95*?
44
4434
17
20
44*2
16
38*2
98*4
23*4
68
12
62
98
139*4
82*4
11
22
13*4
50*4
27
Wednesday
Aug. 2
Thursday
Aug. 3
$ per share $ per share
102 102% 102 102%
99
99
99
99
111 111 *llO-a 112*2
85% 85*?
84% 85%
74
74*4 74%
74
84*2 84*4
84*4 84*4
173% 175%
174% 176
*200 350 *200 350
60*2 60*2
59*4 60*8
*12
*12
13
13
35
35
*31*2 35
94% 95%
95*4 96
*129 130
129% 129%
127*4 127*2 126 126*4
170 170
*163 175
17*4 18%
17% 18%
*115 120 *115 120
*133 148 *133 143
*52
52% *50*2 52
*S0
82%
80
80
*30*2 33
*30
33
*56
59
59
*56
*50
*50
55
152
*151 153 *151
*226 230 *226 230
*12
*12
15
15
*32
33 % 34
34
35
35%
34% 35
52% 52% 51*2 51%
*
46*? *44
46
116% 117% 116% 117*4
§34*4 34*4 *34% 35
103 103
102*2 102%
*16
16
16
16*2
*71
74%
73*4 74
25
25
*24*s 25
59
59
59
59
*20% 21% *20
20*4
*41
*40% 43
43
77
77%
77*4 77%
*35
39
35% 35*?
127% 127% 127 127%
130
130
*127
*128
4*4
5*4
§4*4
5*4
20
♦16
20
*16
122 123% *123 124
*130 136
3%
3*4
3*4
3%
12
*10
11% *10
5
4%
4*4
5*4
*4%
4%
5
6
___
23
*14
*5%
7
103 103*4
103*4 104
58*4 58%
58*4 60
27
26*4 26*4 *26
128% 129
123 128*?
*85
86*2 86%
86*?
110*4 111% 110*4 111*4
55% 55%
55% 56*s
81
80
*78
80
*93
93
93
95*?
93
93% 95%
93%
*42*2 43% *42*3 43*2
44*2 44% *44*8 45
*16*2 17
*___
♦
15*4
37%
98
23
67*2
*10
61%
*96%
137*4
82%
10*2
*21
*13*4
49%
26*2
20
44%
15*4
37%
98%
23*2
67%
12
62
98
139%
82*2
10%
24
13%
50*8
26%
*___
*
*15*4
*37*a
97%
23
67
*10
59*4
*96*3
137*2
82%
*9%
*20
13*4
49*4
26%
20
44%
16
38%
97%
23%
67%
12
61*8
98*2
138*4
82%
10%
23
13%
50
26%
Friday
Aug. 4
$ per share
101% 102%
*98% 99
*110*4 112%
84% 85
74
74*8
*84
85
175% 175*4
*290 350
§ 59*4 59*4
12 % 12 %
35
94*2 94*4
*3%
*10
4*4
*4%
4*4
12
4%
4%
103
57%
26*2
128
*85
110*2
55*4
*78
*93
93*4
*42%
544*4
*16
103*2
58
26*?
128
86*2
111*4
56
81
* ____
*
*15*4
*36%
97*4
23
*66*2
§11*8
*60
*96%
138*4
*83*4
*9%
*20
*13*4
49*4
26*4
94%
43*2
44*4
17
STOCKS
N E W Y O R K ST O C K
EXCHANGE
R a ilroad s
Par
A tch Topeka & Santa F e. .100
Do
p r o f....................... .100
Atlantic Coast Line R R . . .100
Baltimore & O hio_______ .100
.100
Brooklyn Rapid T ransit. .100
Canadian P acific......... .. 100
100
Chesapeake & O hio_____ -100
Chicago Great W estern .. .100
Do
p ro f_____________ -100
Chicago MUw & St Paul. .100
Do
pref_____________ .100
Chicago & Northwestern. .100
Do
pref_____________ .100
Chicago R ock Isl & P a c .. .100
Chic St Paul M inn & O m . .100
Clev Cln Chic & St Louis. .100
-100
Colorado & Southern____ 100
D o 1st pref..................
-100
-100
Do
pref_______ _____ .100
Erie...............................
100
D o 1st pref_________
100
Great Northern pref_____ .100
Iron Ore properties..N o par
Illinois Central..................
Interbor Con Corp. v tc N o par
Do
pref......... .............. -100
Kansas C ity Southern___ .100
Do
pref_____________
Lake Erie & Western____ .100
100
Lehigh Valley___________
Long Island........................
Louisville & Nashville__ .100
M anhattan Elevated____ .100
M inneapolis A St L o u is .. .100
M inn St Paul & S S M . . . .100
100
1,500 Missouri Kansas A Texas .100
100
Do
pref........................ .100
11,500 Missouri P acific................
6,100
Trust eo ctfs of deposit
Nat R ys o f M ox, 1st pref. .100
300
D o 2d prof......... ..........
6,200 N Y Central A Hud R iver. 166
2,300 N Y N H & H artford____ .100
700 N Y Ontario A W estern .. .100
3,644 Norfolk A W estern______
216
D o adjustment p r e f.. .100
10,400 Northern Pacific......... ......
24,756 Pennsylvania____________
100 Pitts Cln C hic A St Louis. .100
100
Do
pref_____________
42,500 R e a d in g ________________
1st preferred....... .......... :.5 0
1,478
2d preferred_____ ________50
St Louis A San Fran new (w 1).
PER SHARE
Range Since Jan. 1
On basts o f 100-share lots
Lowest
Highest
S per share
100*4 Apr 22
98*4 July
106*2 Apr 19
82% Apr 24
74 Aug 2
83*2 Apr 22
zl62% M a r 1
290 Jan
53 Apr 24
11*4 Apr 24
33 Apr 24
91 Apr 22
127*2 M ar30
124% M ar30
§165 Apr 13
15*2 Apr 22
116 J u ly l3
131*4 Apr 12
38 Apr 27
70 Feb
24*4 Apr 24
46 Apr
40 M a r l3
149*8 Apr 20
216 M a r l8
878 M ar30
15 M a r 8
32 Apr 22
48 Apr 22
41 Apr 22
11673 Aug
33*8 June26
99*4 Apr 17
15*4 Feb 15
71 Feb 15
23*8 Apr 28
58*4 Apr 20
10 M ay 2
32 Apr 20
74*2 Jan 31
20 Jan 31
121*8 M ar
128 Apr 28
4 M ar 1
14*4 July 3
116*4 Apr 24
135 Jan 13
3*4 Apr 25
10 Apr 3
3*2 Apr 22
3*2 Apr 22
23*2 Jan 21
5*8 July29
100*4 Apr 22
57 Apr 26
26 M ay 5
114 M at 1
84*8 Feb 25
109*4 Apr 24
55*4 M ay 5
78 Feb 17
88 Jan 26
75*8 Jan 31
4178 Feb 19
41*4 Feb 21
15*2 M a yl8
3 per share
136
103
50
103*8
*116
129*8
145
103
50
109
119
129l2
1107*4
*12
95
31'a
*61*4
78*4
64
*62i?
108*4
44
95
31*8
67
79i4
65
05
220I2 22 U2
Industrial & Miscellaneous
Advance Rumely_______ 100
Do pref........................100
3,600 Alaska Gold Mines_______ 10
1,200 Alaska Juneau Gold Mln’g.10
900 Allls-Chalmers Mfg v t C..100
900
Do preferred v t c___ 100
5,500 Amer Arglcultural Chem__100
600
Do pref........................100
28,650 American Beet Sugar........100
Do pref...............
100
14,700 American Can__________ 100
910
Do pref........................100
12,600 American Car & Foundry. 100
100 Do pref........................100
400 American Coal Products.. 100
Do pref....................... 100
200 American Cotton Oil........100
20 Do pref............ ......... 100
400 American Hide & Leather. 100
2.900
Do pref........................100
1.900 American Ice Securlties.-.IOO
1,200 American Linseed..............100
700
Do pref..................
100
42,250 American Locomotive___ 100
1,000 Do pref........................100
100 American Malt Corp........100
100 Do pref....................... 100
100 Amer Smelters Sec pref B.100
200 Do pref Ser Astamped..
6,100 Amer Smelting & Refining. 100
300
Do pref.................
100
American Snuff................. 100
Do pref.................
100
4.300 Am Steel Foundry______ 100
1.300 American Sugar Refining.. 100
Do pref____ ________ 100
2,310 Amer Telephone & Teleg. -100
2,100 American Tobacco______ 100
340
Do pref (new)...... ......100
1,100 Am Woolen of Mass.......... 100
213
Do pref........... ..........100
9.300 Am Zinc Lead & S............. 25
1.300
Do pref........................25
14,700 Anaconda Copper...............50
3,500 Atl Gulf & W I SS Lino ctfs 100
600
Do pref certfs_______ 100
15 Apr 27
3178 July28
16*4 July 5
7*4 Junol7
19 July 19
70*2 July 18
63 Apr 22
96 M ar 23
61*4 Feb 1
93 Apr 24
50*4 June27
108*4 July 13
52 July 8
1'15*2 July 7
130 July 11
115 Jan 20
50*2 Apr 22
98 Jan 6
8*4 June 3
45 M ar 1
25 Jan 20
17*4 July 14
38*4 M ar 1
53 July 14
99*2 July 13
5*2 June 3
z 3 1*8 Jan 14
81*2 July 13
91*4 July 11
88*2 Apr 22
109*4 Apr 22
130 M ar23
106*2 M ar 22
44 Apr 24
105*2 Apr 22
115*8 M ay 5
126*4 Feb 1
188 Feb 16
105*4 Apr 24
42 Jan 11
92 Jan 10
29*8 July 10
59*2 July 11
77 Apr 22
56 July 12
61 July 12
PER SHARE
Range fo r Previous
Year 1915
Lowest
Highest
5 per share $ per share
4
92*2 Feb I I U 4 N o v
108*2 Jan
102 Feb 24
96
Jan 102*8 N o v
98 M a r 116 N o v
117*4 Junel3
96 Jan 4
63*4 Feb
96
D ee
80 Jan 15
67
Feb
79*4 N o v
93
Apr
8878June 6
83*4 Aug
183*4 Jan 3 138 Ju ly 194 N o v
Jan
}310 M a yl8 5250
Sep 325
64*4 N o v
67*4 June 8
35*8 J u ly
15*8 Jan 3
10*4 Jan 17*2 N o v
39*4 Jan
41*2 N o v
25*2 M ay
10212 Jan
77*4 July 101*8 Dec
12078 Sep 135 D eo
13C*s Jan
118*2 Ju ly 135*8 N o v
13478 Jan
175 Jan 11 163 J u ly 5180 N o v
38*8 Apr
2412 June21
IOI2 Ju ly
Apr 123 N o v
123 M a y l5 5114
D ec
136 Jan 27
124
Sep 135
52
O ct
59*2 June 8 521
Jan
86 Junel4
77
O ct
53*8 Feb
36*2 Junel3
24 M a r
38*2 N o v
60 June 9
45
Jan
60 N o v
57*4 JunelO
35
Sop
52 N o v
138*2 Aug 154*8 NOV
155*8 M ay23
237 Juno 9 1 9 9 % Jan 238 N o v
4
Jan
16*2 N o v
16*4 Junel3
37*8 J u ly 19
6*2 Jan 29*8 N o v
45*8 N o v
43*8 Jan 3
1978 Feb
32*4 Feb
59*2 N o v
59*8 Jan
5414 D ec
54*2 Jan
27
Feb
127*2 Jan
11234 Jan 128*8 N o v
54
O ct
50*4 Jan
25*4 Jan
Apr
99 July 113
109*2 Jan
187s July
25*2 N o v
21*8 Jan
70 July
82 N o v
77*2 Jan
35*8 N o v
32*4 Jan
20*8 Feb
54% Feb
65*2 N o v
6478 Jan
5
Jan
16*8 D eo
22*2 J u ly l9
4U2 D eo
19 M ay
45 June21
83*4 N o v
85 M ay3l
04*8 Feb
15
Jan
27*8 O ct
41*2 Junel2
135*2 Junol3
104*2 July 130*2 N ov
D eo
131*8 Jan 28
125 June 132
15*8 Jan 4
8 Sep 19*8 Feb
Sep
49
Feb
33*2 Jan 6
24
Jan 126*2 N ov
106
129 Junel5
Deo
137 Jan 15 123 June 136
15*4 Apr
7*4 Jan 13
4
Sep
40
Apr
10i2Jan
10*8 Sep
18*4 Apr
7*2 July 6
134 July
3
Dec
7*2 N ov
7*8 July 6
24 Feb 18
IU 2 Aug
28*2 O ct
9*4 Jan 12
9*4 O ct
4*i July
l l l t 2 Jan 19
81*2 M ar 110*2 D eo
43
Feb
89
O ct
7778 Jan 10
21*i Jan
31 Jan
35
Apr
137*8 June 7
99*2 Jan 122*8 D eo
90 June
80*2 Sep
89*8 May22
11878 Jan
99*8 Feb 118*8 D ec
61*2 N ov
59*4 Jan
5 1 % Feb
86 N ov
65 M ay
88 June 5
98*2 June
98*4 Jan 13
90 June
110*4 M ay23
85*8 N ov
69*8 M ay
46 Feb 29
45 June
40*8 Sep
52 M a y l9
40
Feb
44
Apr
17*4 June28
20
20*4 June 9
St Louis Southwestern___ .100
16 M ay 4
44%
46*2 June 9
40 M ay 9
.100
16
100 Seaboard A ir Line_______ 100
14 Apr 22
1878 Jan 13
100
38
Do
pref........................
42 Jan 13
34*s Apr 24
98
7,900 Southern Pacific C o ......... 100
94*4 Apr 22 104*8 Jan
23
6,400 Southorn Railw ay_______ .100
25 July
18 Apr 24
700
68
Do
pref........... ............ 100
56 Apr 24
71 Juno 9
666 Texas & P acific__________ .100
11*8
6*2 Feb 14 1378 Juno21
61
4,200 Third Avenue (New York) 100
59 *2 Jan 31 68*2 June22
98%
250 Twin City Rapid Transit. .100
94 M ar 24
99 June 8
139% 50,700 Union Pacific....... .......... ..
129*4 Apr 22 143*8 M ay23
1,500
83*4
Do
pref........................ .100 18 U 2 M ar 1 84 Jan 28
10%
100 United Railways In v e s t.. 100
7*4 M ay 9 21*4 Jan 4
23
100
Do
pref........................ 100
15 June23
39*4 Jan 3
300 Wabash .............................. 100
13*4
17 Jan 3
13*4 July 14
5,900
49%
D o prof A .................... 100
41*2 M ar 1 5212 July 3
2,600
26*4
D o pref B d o _______ 100
32i2Jan 15
25 Apr 22
500 Western Maryland______ 100 24*2 Feb 28
34** M ar 27
Do pref........................ 100 40 M ar 7 51 Junel3
835 Wheeling & Lake Erlo___ 100
2*s Jan 20
6 July 10
300
Do 1st preferred______100 10*4 Apr 27 18*2July 5
300
Do 2d preferred......... 100
3*4 Jan 18
7*4 July 5
3,700 Wisconsin Central............ 100 33 Apr 19
56*2 July 20
9234 9234
* Bid and asked prices: no sales on this day.
paid, x Ex-dlvIdend. s Full paid.
16,100
1,31C
20C
8,601
1,061
600
13,200
2,342
200
201
6,200
129 129%
701
126% 126%
1,312
201
*168 175
18% 18% 20,101
*115 118
*133 148
50*2 50*2
100
*80
82*?
201
30
30
301
56
56
201
*50
55
*151 152
10
*226 230
*12
15
33% 33*4
1,201
34% 35
12.00C
*51% 52*2
1,300
*41
46*2
116% 117*4
9,100
640
*34*4 35
102% 103
2,238
15*4 15*4
2,700
60C
*73*4 73*4
25
25
500
58% 58%
400
20
400
20*4
*40% 43
3,645
77*2 77*2
100
*34
37
500
126% 126*2
*128 130
100
*5
no
5*4
*15
20
1,290
122% 123%
35
1101a 11U2
Salesfor
the
Week
Shares
11 Sep
Sep
29
...
11*8 July
30*4 July
8 U4 Feb
1212 July
42 July
8*2 July
35
Jan
90 July
115*4 Jan
*79 M ar
8 Jan
21*4 M ar
12*8 Oct
437s Oct
25*2 Oct
9*4 Jan
25
Jan
*2 July
2
Aug
*8 Aug
28 July
23
45*2
20*4
43*4
104*8
26
65
1778
64*2
100
141*2
84*s
27*2
47*4
N ov
D eo
NOV
N ov
D eo
N ov
N ov
Apr
O ct
Apr
N ov
N ov
OCt
O ct
17*2 N ov
49*4 N ov
32i2 N ov
35*2 O ct
50*8 O ct
6*4 N ov
19*4 N ov
8*8 N ov
45 N ov
2112 Apr 29
43 Apr 28
40*2 Apr
26*2 Jan 7
21*4 D ec
9*4 D ec
10*4 Jan 7
13i2 N ov
3378 M ar 14
7*4 Jan 49*2 O ct
84i2 M ayl6
33
Feb
8578 D eo
7378 Aug 4
48
Jan
7412 N ov
100*8 Aug 4
90 M ar 101*8 N ov
96*8 July 6
33*4 Jan
7278 D eo
102 June22
95 N o v
83
Feb
25
Feb
65*8 M ar 16
68*2 O ct
11378 Jan 26
9 U2 Jan 113*2 N ov
78 Jan 3
40
Feb
98
O ct
119*2 M ar 11 11U 2 M ay 118 Aug
82
Jan 170*2 July
17578 Jan 19
Sep
Jan 120
118 July26 5105
64
Oct
39
Tan
57*2 Jan 17
91 June 102*4 N o v
102 M ar 15
4*a Feb
12 Jan 3
14*4 O ct
19*4 Jan
57 Jan 18
59*2 O ct
31*2 Feb 19
20*8 Jan
35
Apr
25*8 Jan 26
7*4 Jan
31*8 O ct
53*4 Apr 25
24
Jan
50*2 O ct
83*4 M ar 14
19 M ar
74*4 O ct
101*4 Apr 3
75 M ar 105 N ov
10 Apr 7
3?s Apr
13*8 O ct
40 July27
2U2May 37*2 D eo
88 M ay25
78
Jan
88*3 M ay
98*2 Junel4
86 Oct 92 D ec
Jan 10878 D eo
113*8 Jan 4
56
Jan 113 N ov
114*8 Feb 3 100
Jan 165
Apr
149*2 June 8 144
Jan 110*8 N ov
103
110 Jan 27
24*8 M ar
61*4 Jan 4
7412 O ct
9912 Feb 11978 N ov
11612 Jan 8
109
Feb 119*2 N ov
119 M ay25
13l*s JunelO
110
Jan 130*4 N ov
224*4 J**ly24 19512 Dec 252*2 Apr
108*2 F o b
8
103*4 Jan 111 N ov
65*4 M ar 14
56
OCt
46 N ov
102 M arlO
95
Deo
98*4 NOV
9778 Apr 10
71*2 D eo
07*4 Dec
71*2 JunelO
92*8 Feb 14 c24*4 Feb
91*8 N ov
66 July 20
6512 July 20
t Ex-rlghts. 5Lessthan100shares, aEx-dlv. andrights, bNewstock, cPar 925pershare. •First Installment
New York Stock Record- -Concluded— Page 2
4 :7 7
F or r e co rd o f sales d u r in g t h e w eek o f sto ck s u s u a lly in a ctive , see s e co n d page p re ce d in g .
H IG H A N D L O W S A L E P R IC E S — P E R S H A R E , N O T P E R C E N T .
Saturday
July 29
M on d ay
July 31
Tuesday
Aug. 1
W ednesday
A ug. 2
Thursday
Aug. 3
F riday
A ug. 4
Salesfor
the
W eek
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
PE R S H A R E
Range Since J an . 1
On basis o f 100-share lots
Low est
H ighest
PE R S H A R E
Range f o r Previous
Y ear 1915
H ighest
$ per share S per share S per share S per share 3 per share S per share
Industrlal&Misc.(Con.) Par $ per share $ per share $ per share 5 per share
69*2 69*4 69% 71*4 71*2 72% 70% 73*8 70*( 71
70*2 71% 19,450 Baldwin Locomotive____ 100 65% July 14 118% Jan 3
26% Mar 154*2 Oct
*105 105*4 *105 105% *105 105% 105 105% 105% 105% *104 105%
500 Do pref____ ________ 100 104 June20 110 May24
92 Mar 114 Sep
*400 440 *420 445 *400 448
430 430
435 435 430 430
300 Bethlehem Steel________ 100 415 Jan 11 550 Mar 14
46*4
Jan 600 Oct
*125 135 *125 140 *125 140 *125 140 *125 140 *125 140
Do pref____________ 100 126 July 21 145 Jan 0
91 Jan 184 Oct
00% 67*4 07*8 67*2 67*4 68% 65
68*4 64% 65*2 64*4 65
10,150 Butte & Superior Copper__ 10 00i2July 11 105*4 Mar 9
56*2 Aug 79% June
18%
19
17% 18 *18*4 19
*17% 20
17% 18*4 18
18*4
1,400 California Petroleum, vtc.100 15 June27 42% Jan 3
8 July 38% Dec
45
45*2 *44
45
45
46
45
*43
45
*43
45*2 *43
400 Do pref____________ 100 40 June29 80% Jan 3
30 July 81 Dec
53% 53% 54
54*4 54*4 54*4 54*4 54*4 54% 54*4 54% 54*2 1,800 Central Leather________ 100 49 Apr 22 57*4 July 6
32% Feb 6 U4 Nov
112*2 1 1 2 % 112 112*4 112 112 * 110 112 *110*2 112 * 110 1 1 1
400 Do pref.......................100 108% Jan
11212 June28 100% Jan 110% Nov
100 101*2 101 102*2 6,500 Chandler Motor Car____ 100
103*2 103% lot 104*2 105 105
100*4 104
88% Apr 24 131 June 5
19% 19% *19% 20
20
19% 19% *19% 20*4 20*4 20*4 20
900 Chile Copper____________ 25 19% July 14 25% Jan 5
23% Dec 26% Nov
47% 47*s 47*2 2,200 Chino Copper.____ _______5 46*8 July 11 60 Feb 19
48
48
47*4 47
47*2 48
47*4 47% 47
3234 Jan 57% Nov
43
43
44
43*4 43*4 43% 44% 44
43% 43*2 0,900 Colorado Fuel & Iron____ 100 38*8 Apr 22 53 Jan 4
44% 43
21*4 Jan 66*2 Sep
137
135
130*2
136*2
136
134 134
137
133*4 133*4 134 135%
5,740 Consolidated Gas (N Y)..100 130*2 Mar 1 14434 Jan 8 113*4 Jan 150*2 Oct
*95
*95
*9534 98
95*8 95% ♦93*2 9 ~)3a 94
98
98
94
400 Continental Can............... 100 75*4 Jan 31 104i2May25
40*4 Jan 127 Oct
*107*2 110*2 *107*2 108*2 107 107 *106*2 110*2 *100 n o 3 *100 110
100
Do pref____________ 100 106 Feb 1 112 May 11
88*2 Jan 109*2 Dec
13*4 14
*13*2 14% 13% 13*4 13% 13% 13*2 13*2 13% 13% 1,000 Corn Products Refining__ 100
13*2
June26
8 Jan 21*2 Oct
25*4
Jan
25
90*2 *90
90*2 89*| 90
*89
89
*89
*89*2 90*2 89
90*2
800 Do pref...............
100 85 June26
14
65 Jan 96*4 Dec
08
69*4 66*4 68% 67% 67*4 38,700 Crucible Steel of America. 100 52*4 Jan 12 101%Jan
07% 08% 68*4 69*2 69*4 70
18*4
May 109% Sep
99%
MarlO
116 117*2 116*2 116*2 116*1 116*4
110 116
1 16 116
700 Do pref......... ............100 108*4 Jan 11
84 May 112% Sep
JunelO
59% 57% 59
52*4 57*2 5314 54*4 55,000 Cuba Cane Sugar____ N o par 52*4 Aug 3 119*2
58% 58% 58*4 59*? 59
63% July 0
*94% 95
94*4 94% 94*4 94*4 94% 9434 93*4 94*2 93% 94
5,100 Do pref____ _____
100 93 July 14 95*4 July 6
210 221 *200 216
*220 230 *220 230 *220 230
220*8 222
900 Cuban-American Sugar__ 100 152 Jan
38 Jan 177 Dec
245 Mar28
108 108 *100 110
*100 110 *100 110 *100 110 *100 110
100
Do pref_____ _______ 100 104*4 Feb 1 110 June 8
93 Mar 110 Sep
43*4 43% 44% 44% 44% 44*4 44
43%
43%
43% 43*4 3,900 Distillers’ Securities Corp.100 41 July 10 54*2 Apr 29
4412
5*2 Mar 50*2 Oct
26
20
26
♦25% 20
20
*25% 26
*25*2 26
*25*2 25*4
200 Dome Mines, Ltd...............10 23 Feb 23 29*2 Feb 8 116 June 30*4 Dec
18
*13
18
*13
*13
18
*12*2 18 *13
18
*13
18
Federal
Mining
&
Smelt__
100
12%
July
13
8
Mar 60 June
35
Jan
7
36%
*35*4
*35*4 37*2
35*2 35*2 *35% 38*4 *35
38*4 *35
38*,
100
Do pref______
100 35*8 Apr 24 57*2 Jan 7
20 Mar 65 June
*292 305 $300 302 *305 315 §315 315 *300 320 *300 310
46 General Chemical..............100 $265 Jan
350 Mar 18 165 Jan 360 Oct
*114 110 $113*2 113*2 * 110*2 116 *113*2 116 *113*2 116 *113*2 116
10
Do pref...................... 100 $113 Jan
116 Jan 27 106 Mar g l 16*2 Nov
168 168*2 *166*4 109
169 169*4 167% 169% *167*4 169
167% 168
3,100 General Electric...............100 159 Apr 22 178*2 Jan 17 138 Mar 185*2 Oct
•500 523 *500 541
500 500 *480 524 *480 525
500 505
900 General Motors.................100 405 Apr 24 560 June 5
82 Jan 558 Dec
110 116
115 115% 116 118
115 115
113*2 115*4 *1 1 1 % 118
3,700 Do pref.... .................100 108 July 14 120*2 May 2
90% Jan 136 Deo
71% 72
72
72% 72% 73
71*4 72*4 71't 72 *09*4 71*4 12,100
67*4 Jan 31 80 Apr 10
24*2 Jan
80*4 Oct
113*2 114
113*2 113*2 *113*2 114
114 114 *113*2 H I *113*2 114
1,200
Do pref.
.100 110*4 Feb 1 116*4 MarlO
95 Jan 114*4 Oct
*79
*80
80
*78
82
81
*79*2 81
100
80*4 80*4 *80*4 81
80 July 12 99 Feb 10
91 June
79*4
Apr
40
*45
700
40
46*8 40*2 46*2 46*2 40% 40*8 46*8 46
46%
34 June26 53% Mar 9
37 Oct 52% Dec
47*4 47*4 47*2 47% 47*4 48*4 47% 48*4 47% 48*4 48
48*4 7,400
42% Apr 22 52 July 6
16% Jan 47*2 Oct
* 11
14
*10
*10
14
*10
14
*10
14
14
*10
14
12 July 13 29% Jan 5
5*2 Mar 29*4 Nov
*41
45
*40
41
42
42
800 Do pref.
45
41*4 41
41*8 41% 41
38*8 July 14 74 Jan 5
8 Mar 71*4 Dec
*113*2 115*2 *113% 115*2 ♦113% 115*2 *113% 116
1,000 atern Ilarve,
113*4 113*4 *113*2 116
108*2 Jan 7 119*4 June 7
90 May 114 June
100
120 120 *118*2 12 0 % *118*2 120 *118 120 *118% 119 ♦118*2 119
Do prcf.
114 Feb 29 120 July 19 110 July 120 Nov
26% 24*4 25% 25*4 26% 68,500
24*2 24*4 24*4 26
25% 26% 25
13% Feb 15 29*4 May 1
18 Dec 20*2 Dec
88 % 89% 101,800 Do pref ctfs of dep.
85*4 85*4 85*4 88 *s 87% 88 % 86*4 89*2 80*4 88
61*4 Mar 1 100*4 June 5
55*2 Nov 77*2 Dec
13,525
44% 43% 44% 43% 44*4 44% 45
44*8 44*4 43% 44*4 44
.25 42 Mar 1 56% Jan 17 179*4 Dec 223*2 Oct
14% *14
14% 2,000
14% 14% 14*2 14% 14% *14
14*4 14*4 14
9*2 Mar 1 15 July25
8 Jan 12% Dec
66
1,800 Do pref.
66*4 66*4 66*4 *65
*05*2 60*2 65*2 65% 65% 66*4 60
42*2 Feb 1 66*4 July2S
33 Feb 50*4 Dec
84% *82
84
83
83
*81
84
83
*81
800 . cwel Tea, In
*81
83
*81
67
Mar
9
100
109*4 109*4 *106 110 *106 110 *100 110 ♦ 100 110 *106 110
Do pref.
.100 104 July 6
71
70
900
71*4 71
70*i
71*4 71*4 *71*4 72*2 71% 71*4 *71
66 July 18 76% Mar 20
97*4 96*2 96*2
100
97*4 *95
*95
97*4 *95
97*4 *95
97*4 *95
Do
pref...................... - 00 95% July 15 97% Mar 14
44% 45% 26,450
45*4 45*2 44% 45*2 44*4 45*4 44% 45% 44% 45
44*2 Aug 2
71
71
71
69*4 70
71
71
70*2 71*8 71
2,100
*69*4 71
64 May 5 80 Jan 6
28 Jan 94*4 Sep
44
44
44
43% 43*4 43% 43% 42% 43
43*4 43*4 44
1,600
41 July 13
264 265*4
*258 267 *258 267 *258 266 *260 260 *262 266
200
240 Apr 14 272 July24 207 Jan 260 Dec
122 122 *120 125
*119 123 *120 123 *120 123 *120 123
100
Do pref.
118 Mar 30 122 Mar 3 113*4 Jan 120 Dec
*15% 18*2 *15% 18*2 *15% 18*2 *15% 18*2 *15% 18% *15% 18*2 ..........
15 Mar 3 21 Jan 18
16 F'eb 31 Jan
*82
*82
86
*82
85
85
*82
85
*82
85
*82
85
Do 1st preferred......... 100 78 Mar 16 91*2 Jan 13
86 Feb 105% Jan
50
Mar
3
Do
2d
preferred_____
100
59*2
June27
55
Dec 67 Oct
*230* 238 *230 238% *230 238*2 *230" 238% *23(f 238% *230" 23019
179*4 Jan 19 239 July 19 165% Jan 189 Nov
*117% 120*2 *117% 120*2 *117% 120 *117*4 120 *117% 120 *117% 120
Do
pref.
115%
Jan
6
120*8
Apr
10
112
Sep 118 Jan
82% 80% 82% 77*8 8 U4 75% 77*2 76*4 78*4 74,750
80% 81*4 81
57*4 Mar 3 89*4 MaylO
15*4 Jan 92 Oct
87
87% 87*2 87*4 85*4 87
87^8 87
8534 85*4 *85% 86
1,413 Do 1st pref stk tr ctfs. 100 78 Apr 22 93 Jan 3
Jan 103*4 Dec
43*4
*56*4 57*4 *57
58
58%
5712
57*2 58
52% 54
3,150 Do 2d pref stk tr ctfs. 100 42*4 Mar 2 60% June 6
54*2
18 Jan 68*2 Oct
98
98% 98
99*2 96*4 98*4 95
97*4 94*8 95*4 95*4 96*4 62,600
88% June28 129% Jan 3
51 Jan 124% Dec
♦90
93
*92
93
*89*4 91
*89
91
90
90
*90
90*2
200
Do pref.
89*2 June28 105%Jan 3
67 Jan 104*2 Dec
34 % 34 % 34% 34% z33% 331? 33% 33% 33
33% 33*4 33% 3,700
33 Aug 3 39*8 Apr 3
17*4 Jan 30% Dec
92
*90*4 92
92*2 *91
92% *91*2 92% 91% 91*2
92*2 *91
600
68*4 Mar 1 93% July 20
42 Jan 79*4 Dec
* 110*2
* 110*4
* 1 1 2 1 4 ___ *11214
*110*2
* 112*4
Do prof,
109 Jan 3 116 June23
99
Jan 120 Dec
*120 121*8 *120 12 1
400 rational Bis<
120*4 120*4 120*4 120*4 *119 121 *119 121
1187s Apr 24 125*4 Mar 20 116 Apr 132 Jan
100
*125 128
127*4 127*4 *125 127*4 *12434 128 *125 128 *125 [28
Do pref.
.100 124 June30 129% Mayl2 119 Uay 127*2 Dec
22
$23
23
22 % 2 1 % 2 1 % 22
810 I
23
23*4 22*2 2 2 % 22
.100 19*4 Apr 22 29*4 Jan 5
9*2 Jan 36% Oct
*92
90
*92
*92
96
*92
*92
96
96
96
*92
90
Do pref.
.100 92 Jan 19 97% Feb 18
79 Apr 97 Dec
63*2 *63
63
63*2 63*2 63% 63% 63
63*4 63
64
63
1,20 0 I
60*2 Apr 22 73%Jan 19
44 Jan 7034 May
113 114
*113 114 *113 114
114 *113l2 114
113 114
Do pref...................... 100 112 Feb 9 116 MaylO 104*4 Jan 115 Nov
103.1 103.1 10 % 16% 17 171S 17lS 17*8 17 17>8 17*4 17*4 4,200 Nevada
Consol Copper____ 5 15 Jan 31 18%May24
1134 F'eb 17 Nov
129 129
120 120
120 128
129 129
125% 120
123 127
2,000 New York Air Brake........100 118 July 14 15312 Jan 15
56*2 F'eb 16434 Sep
0734 68
08
68
*0712 68
*06
08
*6612 68
66*2 60*2
500 North American Co......... 100 65*2 Apr 26 75 Jan 3
64
Jan 81 Apr
0'4
*6
fli4
*0
*0
6*4 *6
6
0>4 6
*512 6*2
100 Ontario Silver Mining___ 100
6 July 20 11%Jan 7
2 F'eb 12 % Dec
20
*20
21
20
20 20
22
*20
I 9I4 I 9I4 19
19
000 Pacific Mall_____ ________ 5
11*4 Jan 3 29% Mar 2
Z8I4 Dec 38 Aug
3102 zlOl 101*4 1017S 102 101
*102 103
102 * 101*8 102
700 People’s G L & C (Chic).. 100 100*s May 5 111%Jan 3 106% Dec 123*2 Apr
♦383i 40% 3912 3912 3934 3934 40 4012 *39 40l2 40
40
600 Philadelphia Co (Pittsb).--50 38 Junel5 46 Jan 17
35*2 Apr 49 Sep
26'2 203,| 26>i 2012 26i2 27l2 2712 27*5! 27l2 27% *20
27*2 2,100 Pittsburgh Coal...............100 22% Apr 24 36*4 Jan 17
15*4 Jan 42*2 Oct
*9012 102
*100 103
100ls 103
10038 lOOSs *100ls 102 *100*2 102
100
Do
p
re
f...................
.10
0
100
Mar
8
111
3
4
Jan
13
81%
Jan 114 Oct
47>2 4734 47*8 47*2 47*2 47*4 2,100
4712 47<2 471.1 475s 4712 48
Pres-ed Steel C ar______ 100 42*2 July 14 65*8 Jan * 25 Mar 78*4 Oct
*100 10012 *9934 10012 10012 100l2 *98 101
*99 101
*99 102
400 Do pref........... .......... 100 97 July 18 10478Jan
86 Mar 106 Oct
130 130*2 129 132
*13012 132
200 Public Serv Corp of N J__ 100 114 Jan 31 132 MaylO 100*2 Aug 120 Dec
*161 102 ■158 102 *159 102 *15978 161
160 160*2 *15912 161
200 Pullman Company______ 100 159% May 10 171*4 Jan 17 150% Mar 170*4 Oct
*2I2 3
*212 3iS *2I2 3ls *2% 3U *2*8 3*8
2*8 2*8
100 Quicksilver Mining............100
2% Mar22
6*4 Jan 19
*4 Mar
5*4 Nov
*4l
2
0
*4l2 578 *412 578
♦4*2 578 *4*2 578
*4*2
Do pref......................100
3*2 May25
8*4 Jan 26
*4 Mar
6% Nov
43
43
43
43
43 43
*42
4212 4238 43
*42
43*2 1,600 Railway Steel Spring........100 32 Apr 22 47*2 Junel2
19 Mar 54 Oct
*97 98
*97
99
♦97 99
*97
99
97*2 97*2 *97
99
100 Do pref_t __________ 100 95*4 Mar 9 100 Jan
87 Mar 102 Nov
2234 2278 22*4 23
22*4 22% 22*4 22% 4,700
*22*4 22% 2278 23
Ray Consolidated Copper.. 10 20 June23 26 Feb 21
15*4 Jan 27*2 Nov
40% 46% 47U 4712 47's 47i8 40U 47*8 45*8 46*2 *4534 407s 2.300 Republic
Iron* Steel........100 42 June26 55*4 Jan
19 Feb 57*4 Dec
*109 1093.1 109lg 110
10914 lOOl.i 110 110 ■109*4 110*8
600 Do pref____ ________ 100 106% June26 112 Mar 14
72 Jan 112% Dec
19978 202 *200 201% 200 2001.2 199ls 200*4 198*4 199
199*2 19912 3.300 Sears, Roebuck & Co........100 168*4 Mar 1 202 July29 *131*4
Mar 209*2 F'eb
12012 12712 *12012 127>2 *12612 127*2 *120% 12712 126*2 126*2 *12 H2 127*2
100 Do pref..................... .10 0 125 June28 127*4 Mar 3 121% Jan 126 Dec
27
20
26
*26
26 20
20
20
26
26
*25*2 27
600 Shattuck Ariz Copper____ 10 24 July 11 40*4 Feb 14
4312 *40 4434 4434 4434 43
*42
43
*42 44*2 *42
44
200 Sloss-Sheffleld Steel & Ir. .100 37 July 14 63*4 Jan
24 Jan 66% Deo
*181 180 *180 186 *183 180
183 185
179 179
179 180
600 South Porto Rico Sugar... 100 146 Jan 29 240 JunelO
40 Feb 164 Deo
*115 117 *116 118 * 110 118 ♦ 110 118
116 116 *114 u s
100 Do pref..................... .10 0 106 Feb 2 120 June 6
89% F'eb 110 Oct
*97 100
*97 100
*95I2 99
*95*2 100
*95*2 100
*90*2 100
Standard Milling........... 100 86 M arlO 103% May25
43*2
Feb 96 Dec
87'2 87>2 *87 89
88
*87
90
*87
*87
90
*80
89
100 Do pref................... .10 0 85*2 M ar 1 94 May 17
00 Feb 85 Nov
127 12712 127 128*4 120,5s 128’4 122*3 12712 12 1 123*8 123 124*2 92,500
Studebaker Corp (The)...100 120*2 July 13 167 Jan 3
35*4 Jan 195 Oct
110 12 110*2 *109 11012 109 111 *109 110*2
*109% 111 *109*2 HI
100 Do pref....................... 100
Apr 27 114 Mar 14
91 Jan 119% Oct
25*8 2134 25
25 2512 2538 20*8 25*4 25*4 25
23*2 247s 9,900 Tennessee Copper............ 25 109
22*8 July26 66*2 Jan
25*2 F'eb 70 Sep
194 195*2 19178 195 187 191*4 188*2 191
192*4 192*2 192 195
7,700 Texas Company (The)___ 100 177*4 June27 235*2 Jan 3 120 May 237 Dec
6*2 0*4
0*4 7
6*4 03s *6% 6*2
6
0*4
7*8
8
11,600 Union Bag & Paper.........100
8% Mar 17
4*4
May
9
4% Jan
9*8 Dec
42
42l2 45
395s 3978 40 405g 41
387s 39*8
45*4 47
3,200 Do pref........... .......... 100 28 Jan 27 47 Aug 4
22% July 31*2 Dec
54
*48
*48
52
♦45 55
*45 55
*45 55
*44
52
United Cigar Mfrs............ 100 52 July 21 64 Mar 20
42 Jan 66*4 Oct
■109
108 108*8 *105 110
*108 ----- *108 ___ 108
200 Do pref____ ________ 100
Mar 14 111 May 11 100 June 110 Oct
98*2 98
99% 99 Tons 99 100*4 99
97U 98*8 98
99*2 15,410 United Cigar Stores.......... 100 108
69 Feb 9 101*8 Aug 2
69 Dec 610*2 Oct
119 119 *----- 120
*116 119 *116 119 *110 119
120
100 Do pref......... ............. 100 611*2 Feb 10 612 MarlO 611*2 Oct 612*8 Nov
156 156
156*4 157*4 157 157*4 157*8 160*4 158 160
1593, 10 ii„ 17,800
United
Fruit.....................
100
136’s
Jan
31
139
Nov 163 Nov
169*2
June
8
19IS 20*3 20
* 18*2 30
20*8 * 1912 20
19*8 19*2 *19*s 19*2 2,400 U S Cast I Pipe & Fdy___ 100
15% Jan 31 26*2 Mar 14
8 Jan 31% Oct
5134 *53
*53
5312 53
*53 55
55
*53
55
*5294 . . . .
500 Do pref------------------- 100 48*2 Feb 5 5434 July31
32*2 Mar 55*2 Nov
10612 1073s 100*2 109
108*4 IIU4 100*8 1107s 104 108
105*2 IO6 I0 50,900 U S Industrial Alcohol... 100 97 July 13 170% Apr 6
15 Jan 131*4 Dec
100 104 *100 101 *100 104 *100 101
*100 104
100 104 “ -------- 1 Do pref____ _______ 100
99*2 July 11 114 Jan 13
70 Jan 107 Nov
525S 52*8 527s 53
523s 54 % 54
*51*4 53
*52<4 53
54*8 8,400 United StatesRubber_____100 47*4 Mar 1 58*2Jan 3
44 July 7434 Apr
108*8 108*2 ♦lOS's 103*8 108% 103*8 *108*4 109
*108*2 109
108*8 108*8
500 Do 1st preferred______100 106*8 Feb 5 112 Apr 4 101% Feb 110 Apr
*67 68 * *67 68*2 06*8 68
568
68
66*8 66*8 *66*4 6734 1,475
U S Smelting Ref & M ____ 50 62*2 June27 80*4 June 9
50
50
*49l2 50’4 *49 50*8 *49 50*8 *49*4 50
50
50
200 Do pref______________ 50 50 June20 53% Apr 11
80
87
86*2 87
80
86*8 86*8 86*4
80% 86*4 80*8 87
110,200
United
States Steel............ 100 z79*4 Mar 1 89 Jan 3
38 Feb 89i2 Dec
117*4 117*8 117*4 1173., 117*4 118*8
118*4 1183s zllOU 11612 116*i 117
Do pref......................100 115 May 3 118*2 Jan 25 zl02 Feb 117 Oct
7578 76
76
76*2 7678 77*4 7678 77*2 7678 77*2 77*8 77% 4,500
7.200
Utah
Copper.................
10
74*4
July
14
86*4
Feb
19
48*2
Jan 81*4 Dec
*16*8
173s
*1512 17's *10
17*8
17*8 ♦16
1678 17*4 17*4 17*4 1.200 Utah Securities v t c.......... 100 16*4 June 9 20*4 Feb 3
*37
40
39% 39*8 39*4 40
38's 39*4 3S78 3S78 *38*2 39*4 1,800
Vlrginla-Carolina Chem.. . 100 36 Apr 24 51 Jan 17
15 Jan 52 Oct
*100 112
106 112 *106*2 112
110*4 HI
n o 110
107 112
400 Do pref....................... 100 108 Apr 22 112 Jan 3
80 Jan 113% Dec
*9278 93*4 9278 9278 93 93
93
93
92% 93*4 923, 92*4
800 Western Union Telegraph 100 87 Mar 1 96% May26
57 Jan 90 Nov
55*2 56
50
58
50*s 56*2 57*4 23,400
57*2 58*4 56% 57% 56
“Wcstlnghouso
■’ ‘
“Elec & Mfg._50 52*4 July 14 71% Mar 15
32 Feb 74% Oct
*05
75
*65 75
*00
75
*68
75 *98
75
*68
75
70
Apr
19
Do
1st
preferred______
50
79
Marls
58*2 Mar 85 Oct
58% 3912 5 7 I4 59*4 60
5878 51*2 55*4 50’s 5278 50% 53*4 103,800 Wlllys-Overland (The)___ 25 nl99*4 Jan 31 «325 June 5 n87
F'eb n268 Nov
105 105*41 105*4 100 *105 106
101 105 *105 105*4 104*8 101*4
700
Do
pref
Sub
rects
full
pd
100i
102
Mar
2
|
117
June
5
136*8 137
•130 138 |*130 138
130 136*2 135*8 136 130 130
90*4 Jan* 120*2 Dee
*124 12{ *123*2 124*2 *124 125 *124 125 *123 12412 *123*2 124*? l.OOO.Woolworth (F W)..............100 118 Jan 51 139*2Mayl2
— I Do pref......... ........... 1001 123 f June29 125*2 June 6 115 Jan 124 Aug
*ion
no no
Ex-d^vldend.^f^'i’ar'SMO^er'sharo!*118da7'
1/588than100shares’ t Ex-rights, aEx-dlv. andrights. 6Newstock. <ParJ25pershare. 2Ex-stock dividend.
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
I n Jan .
1909 the
Exchange method o j quoting bonds teas changed, and prices are now all— ” and Interest"— excerpt fo r incom e amt defaulted bonds.
BONDS
N. Y. STOCK EXCHANGE
Week Ending August 4.
Price
Friday
Aug. 4
W eek ’s
Range or
Last Sale
S3
H igh
Bid
A sk Low
U. S. Government.
00
U S 2a consol registered__ dl930 Q - J 9814 ____ 00
99%
May’
16
Q
J
98%____
U S 2a consol coupon........dl930
U 8 3a reglatered _______ *1918 Q -F 100%____ 9934 June’ 16
U S 3a coupon__________ *1918 Q - F 100%___ 100 July’16
U S 4a registered_________ 1925 Q -F 10912___ 1103.1 1 11
U S 4a coupon___________ 1925 Q - F 110 ___ 110 July’ 16
981.1___ 98% Dot ’ 16
U S Pan Canal 10-30-yr 2a.* 1936 Q - F
97 July T 5
U S Pan Canal 10-30-yr 2a.. 1938 Q -N
U S Panama Canal 3a g___ 1961 Q-M IOU2 ___ 102% July’ 16
U S Philippine Island 4s. 1914-34 Q - F 100 ____ 100 Feb ’ 15
Foreign Government
98%
98 Sale 93
Amer Foreign Secur 5s (w 1).’ 19
9534 3437
951.1 Sale 95%
Anglo-French 5-yr 53 Exter loan. A -O
92
92
Argentine—Internal 5s of 1909-- M- S 91% 93
73
Chinese (Hukuang lty) —53 of ’ ll J -D t 72% 73% 72
99%
99% 99
Cuba—External debt 5a of 1904- M- S 99
96%
9612 96
Exter dt 5s of ’ 14 ser A__ 1949 P - A 95
85% 86 % 86 July T 6
External loan 4Ms______ 1949 F
99%
Dominion of Canada g 5a w 1 1921 A - O 99% Sale 99%
99%
99 % Sale 993g
Do
do
1926 A -O
Do
do
1931 A -O 100-% Sale IOOI4 100%
853.1
Japanese Govt—£ loan 4MS-1925 F -A t 8534 Salo 85%
85%
Second series 4 Ms............1925 J J t 80 I4 Sale 85
81%
80% Sale 8953
Do do ’’German stamp” . .
Sterling loan 4a_________ 1931 J - J t 69 69% 70 July’ 16
45 Juno’ 16
Mexico— Exter loan£ 5s of 1899 Q - J t 47 50
50 27% June’ 16
Gold debt 4s of 1901_____1954 J - D 32
Prov of Alberta—deb 4MS--1924 F - A t ----------- 95% Jan ’ 15
80
Tokyo City—5a loan of 1912___ M- S t 80 Sale 79
*These are prices on the basis o f 35toC
State and City Securities.
NY City— IKs................... 1960 M- 8 102% 102% 102% 102%
4Ms Corporate stock_____1964 IY1 - S 103 Salo 102% 103
4Ma Corporate stock____ 1965 J -D 107% Salo 107% 107%
4 >3a Corporate stock_____1963 IY1- S 1073.1 Salo 10758 107%
4% Corporate atock____ 1959 M-N 100% Sale 100% 100%
4% Corporate stock____ 1958 M-N IOOI4 100 % 100% 100%
4% Corporate stock____ 1957 M-N IOOI4 100 % 100% 100%
4% Corporate stock_____1956 M-N 100 100 % 97% Jan 10
New 4Ms.......................-1957 M- N 1073s Salo 107% 107%
New 4Ms............
1917 M- N 10738 10738 100% July’ 16
4M% Corporate stock__ 1957 M-N ------107% 107% 107%
100% Juno’ 16!----4M% Assessment bonda.-1917 M-N
90% 91
90% July’ 16----3M% Corporate stock__ 1954 M-N
N Y State—4a............. .......1961 ;M- S 104%____ 105 July’ 161----Canal Improvement 4a__ 1961; J - J 105%___ 105 July’ 10;
Canal Improvement 4a__ 19621J - J 105%___ 102% Jan '16
108
Canal Improvement 4a__ 1960 J - J 106 Sale 100
Canal Improvement 4MS-1964 J - J 114% 115% 115% Juno’ 16
Canal Improvement 4MS.1965 J - J 109% 109% 107% 107%
Highway Improv’ t 4M8--1963 M- S 116 ___ 115% July'10
Highway Improv’t 4M3--1965 M - S 109% 109% 109% July’ 10
85
85
Virginia funded debt 2-3s__ 1991 J - J ____85%
51
51%
51 52
6a deferred Brown Bros ctfa__ _____
Railroad
Ann Arbor 1st g 4a_______ 7)1995 Q - J 65 65% 68% July’ 16
92%
92% gale 92%
Atch Top A S Fe gen g 4a__ 1995 A -O
Registered____________ 1995 A -O *____ 93 92 July’ 16
83% 85
83%
83%
Adjustment gold 4a____ 7)1995 Nov
81 85% 86% Jan ’ 10
Registered_________ 51995 Nov
84%
Stamped___________ 51995 M-N 83% Sale 83%
Convgold4s___________ 1955 J -D 102% 103 102% 102%
Conv 4a Issue of 1910____ 1960 J -D 102% 103% 103% July’ 16
10-year 5s................... -.1917 J -D 101 101% 101% July’ 16
90 July’ 16
East Okla Dlv 1st g 4s___ 1928 M- S *94
85 July’ 16
Rocky Mtn Div 1st 4s___ 1965 J - J 83 85
90 July’ 16
Trans Con Short L 1st 4s. 1958 J - J 89 90
96-% 96%
90%
Cal-Arl* IstAref 4Ms‘‘A” 1962 M- S
S Fo Pres A Ph 1st g 5a...1942 M- S 103% 104% 104% May’ 16
92%
Atl Coast I. 1st gold 4a___ 51952 M- S 92 92% 92%
89%
Gen unified 4MS-............ 1964 J -D 89% 89% 89%
Ala Mid 1st gu gold 5a-----1928 M- N 100% 107% 106 -%June’ 16
Bruns A W 1st gu gold 4a. 1938 J - J 92%___ 94% May’ 16
Charles A Bav 1st gold 7s. 1936 J - J 131%____ 129% Aug ’ 15
85% July’ 16
L A N coll gold 4a............01952 M-N ____84%
119% July’10
Sav F & W 1st gold 6s___ 1934 A -O 118% . .
1st gold 5a___________ 1934 A -O 105%___ 105 July 15
Sll Sp Oca & G gu g 43___ 1918 J - J 99% 100 99% Feb '16
92%
Balt A Ohio prior 3Me____ 1925 J - J 92% 92% 92%
Registered_________ 51925 Q - J 92 ____ 92 Juno’ 10
90%
1st 50-year gold 43_____ 51948 A -O 90% Salo 90%
Registered_________ 51948 Q - J ____ 89% 90 Juno’ 10
95%
94% Sale 94%
10-yr conv 4Ms________ 1933 ..
100%
Refund A gen 5s Series A. 1995 J -D 100% Sale 100
112 Jan ’ 12
Pitta June 1st gold 6a-----1922 J - J
91
P June A M Dlv 1st g 3Ms 1925 M- N 91 91% 91
87
P I. E A W Va Sys ref 4a.. 1941 M- N ____ 80% 86%
90%
Southw Dlv 1st gold 34^3.1925 J - J 90 90 % 90
Cent Ohio It 1st c g 4MS..1930 M- S 100%____ 100 Apr '13
Cl Lor A W con 1st g 5a.. . 1933 A - O 107%------ 107% 107%
101 June’ 10
Monon River 1st gu g 5a.. 1919 F - A
Ohio River RR 1st g 5a.-.1936 J -D 108%___ 107 July’ 10
General gold 5a______ 1937 A -O 104% 104% 105 July’ 16
Pitts Clev A Tol 1st g 6a. .1922 A -O 106%____ 113% Feb *12
Pitts A West 1st g 4a____ 1917 J - J 99%____ 99% Apr ’ 16
91 June'12
Stat Isl Ry 1st gu g 4^3.-1943 J -D
Buffalo R A P gen g 5s____ 1937 M- S 108%____ 108% July’ 10
Consol 4Ms___________ 1957 M-N 101% 102% 102% July’ 16
90%____ 92% Mar’ 16
All A West 1st g Is gu___ 1998 A -O
Clear A Mah 1st gu g 53-.1943 J - J 107 ___ 103% Feb ’ 16
Roch A Pitts 1st gold 6S..1921 F - A 108 ____ 107% July’ 16
Consol 1st g 6s_______ 1922 J - D 109%___ 110 July’ 16
Canada Sou cons gu A 5a__ 1962 A -O 102% 102% 102% 102%
1005, Apr ’ 14
Registered__________ 1962 A -O
94%
Car Clinch A Ohio 1st 30-yr 5s ’38 J - D 94% 96% 94%
Central of Ga 1st gold 5a__ pl945 F - A 107%------ 107% July’ 10
100%
Consol gold 53_________ 1945 M-N 100% 101% 100
Chatt Dlv pur money g 4a 1951 J -D 84%____ 84% May'10
101% May’ 16
Mac A Nor Dlv 1st g 5a. .1946 J - J 103 ..
Mid Ga A Atl Div 5a........1947 J - J 10i) ____ 100% Mar’ lJ
Mobile Div 1st g 5a_____ 1940 J - J 103 _ . - 102% Jan ’ 16
91
Cen RR A B of Ga col g 5a.-1937 M-N 93% 96 94
Cent of N J gcn’l gold 5a-----1987 J - J 110 116% 116% July’ 16
Registered _________ 51987 Q - J 115% 116% 116 July’ 16
Am Dock A Imp gu 5a___ 1921 J - J 103% 104 103% July’ 10
100 Juno’ 13
Leli A IIudRivgen gu g 5a. 1920 J - J
100% Jan ’ 13
N Y A Long Br gen g 4s. .1941 M- S
80% Juno’ 16
Cent Vermont 1st gu g 4s..el920 Q -F ____ 82
95
Cheaa A O fund A Impt 5a.. 1929 J - J 94% 95% 95
105%
1st consol gold 5s_______ 1939 M-N 105% Sale 105
Registered__________ 1939 M-N 103% 104% 104% June’ 10
89%
General gold 4Ms______ 1992 M- S 89% 89% 89%
90% Feb ’ 10
Registered__________ 1992 M- S
85%
20-year convertible 4M3..1930 F - A 84% 85% 85
93%
30-year conv secured 5s. .1946 A -O 93% Sale 93%
83% May’ 16
Big Sandy 1st 4s_______ 1944 J -D ___ 85
Coal River Ry 1st gu 4a..1945 J -D ___ 83% 83 Mar'16
96% Feb ’ 16
Craig Valley 1st g 5s------ 1940 J - J 94 97
84% Jan '13
Potts Creek Br 1st 4a___ 1946 J - J
867g July’ 16
R A A Dlv 1st con g 4a__ 1989 J - J 87%
81% Juuo’ 16
2d consol gold 4a_____ 1989 J - J 80%
90 Apr ’ 14
Greenbrier Ry 1st gu g 4a. 1910 M- N
113% Feb ’ 15
Warm Springs V lstg53-.1941 M- S
59%
60 60% 59%
Chic A Alton RR ref g 33...1949 A -O
50
40
50 49
Railway 1st lien 3Ms____ 1950 J - J
Chlo B A Q Denver Div 4a. .1922 F - A 99%----- 99% July’ 16
84%
84%
Illinois Dlv 3Ms................1949 J - J 83% 84
94%
Illinois Dlv 4a...................1949 J - J 94% Sale 94%
97% Deo *16
Registered__________ 1949IJ - J
Range
Since
J an . 1
BONDS
N. Y. STOCK EXCHANGE.
Week Ending August 4.
P rice
Friday
A u g . 4.
W eek's
Range or
Last Sale
Bonds
Soul
478
Range
Since
Jan . 1
H igh N o. Low H igh
Id
/Is* Low
Chic Burl A Q (C on .)—
Iowa Dlv sink fund 5a___ 1919 A -O 103%____ 102 % June’ 10 ___ 102% 102%
993a 99%
09%----- 9934 July’ 10 —
Sinking fund 4a______ 1919 A -O
Joint bonds. See Great North
1 9734100
98%
9S%
Nebraska Extension 4a__ 1927 M-N 985S 99
96 98
98 July'10 —
Registered__________ 1927 M-N
Southwestern Dlv 4a____ 1921 M- S 9934 . . . 99% June’ 15
9434
93% 18 92
General 4s_____________ 1958 M- S 93% Salo 92%
2 21% 25%
22%
Chic A E III ref A Imp 4a g._1955 J - J 223g 25 22.%
___
22
21
25
20
20
Juno'10
U S Mtg A Tr Co ctfa of dep..
101% 103%
1 104 107%
lst consol gold 6a_______ 1934 A -O 108 ____ 107% 107%
15 75
86ia
86
80
General consol 1st 5s____ 1937 M-N ____ 80
82
82 May’ 10 ___ 82
Registered__________ 1937 M- N ____ 85
93 98%
85%
___ 85 85% Juno’ 10 ___ 75
U S Mtg A Tr Co ctfa of dep
93% 90%
85
—
85
Juno’
10
____
85%
74
Guar Tr Co ctfa of dep____
89% 95%
97% Feb *13
Pur money 1st coal 5a-----1942 F -A
69 78%
24
Chic A IndC Ry 1st 5a...1936 J - J 20 ___ 22% May’ 10 ___ 21
98% 100%
53 09
74
70
Chic Great West 1st 4a____ 1959 M- S 69 Salo 09
94% 97
Chic Ind A Louisv—Ref 6a. 1947 J - J 113 115 115 Juno’ 10 ___ 111% 115
81% 87
Refunding gold 5s______ 1947 J - J 10O ____ 101 Juno'10 — 100 101
98% 100%
94 90% Apr 'll
Refunding 4s Series C___ 1917 J - J 82
97% 101%
- -Ind A Louisv 1st gu 4a__ 1956 J - J 70 . . . 55 Deo *15 ___
96% 102%
91%
88%
89
89 May TO ___ 89
J
J
Chic
Ind
A
Sou
50-yr
4s___
1956
82% 80%
97% Apr T6 —
97% 9734
Chic L S A East 1st 4 Ms___ 1969 J -D ____ 00%
78% 80
84% Chicago Milwaukee A St Paul—
73
90% 41 89% 94
90% Sale 90
Gcn’l gold la Series A__ el989
63 72%
91% 92
92% Feb TO ___ 92% 92%
Registered_________ el989
45 60
93% 15 93% 95%
Permanent 4a__________ 1925 J -D 93% 94% 93%
27% 50
13 91% 94%
91%
92
Gen A ref Ser A 4Ma___ a2014 A - O 91% 92
Gen ref conv ser B 5a___ a2014 F -A 107% Salo 1003.1 107% 10 100 110
74 80%
14 78 81%
79
Gen’l gold 3Ms Ser B___ el9S9 J - J 79 Salo 78%
7 100% 104
General 4Ms Ser C_____ el989 J - J 101% 101% 101% 101%
___ 91
90% July’ 10 ___ 90% 93%
25-year deben 4a_______ 1934
101 103
Convertible 4Ms_______ 1932 J -D 100% 100% 100% 10134 95 100 1033.t
101 103
Chic A L Sup Dlv g 5a ___ 1921 J - J 103 103'% 103 July’ 10 ___ 103 103%
106% 108%
4 104% 105%
Chic A Mo Riv Dlv 5a.-.1926 J - J 105 100 104% 101%
105% 108%
28 102 104%
Clilc A P W 1st g 53____ 1921 J - J 102% 103% 102% 103
97% 100%
5 89% 91%
91%
C M A Puget Sd 1st gu 43.1949 J - J 90% 91% 91%
98 100%
100% 107%
Dubuque Dlv 1st s f 6s— 1920! J - J 100 108 100% July’ 10 —
97% 101
__
111)
Juno'13
110%___
Fargo
A
Sou
assum
g
63--1924
J
J
97% 97%
LaCro3soAD 1st 5a____ 1919 jJ - J 101% 102% 10231 Feb TO ___ i02% 10234
105% 108
5 103 105
Wla A Minn Dlv g 5a........192LJ - J 103% 1033S 103% 103%
100% 100%
1 100% 107%
107
Wis Vail Dlv 1st 63.......... 1920 J - J 107 ___ 107
103 108
Mil A No 1st ext 4Ms___ 1934 J -D 101% 102% 101% June’ 10 ___ 101% 101%
100% 100%
101 10134
Cons extended 4Ms___ 1934 J -D 101%____ 10134 Juno’10 —
88% 93
90 96% 95% July’ 16----- 95% 97%
102% 105% Chic A Nor WeatExt 4s 1886-1926 F
97
97
Registered _____ 1886-1926 F - A 94%___ 97 Apr ’ 16
102 105%
84
81%
80
General gold 3Ms______ 1987 M-N 80% 81% 81%
102% 102%
Reglatered................. pl987 Q -F ------ 80% 78% Jan 14
102% 105
933s 95%
94i8
General 4a_____________ 1987 M- N 94 Sale 94
113 115%
93% 90
93%
Stamped 4a............
1987 M- N ____ 93% 93%
108% 109%
112% 116%
General 5a stamped_____ 1987 M- N 112% Salo 112% 112%
112% 115%
112% 112%
Sinking fund 6a____ 1879-1929 A -O 111 ___ 112% Jan 10
107 109%
109% 109%
Registered _____ 1879-1929 A -O 109%___ 109% Apr ’ 16
84% 88%
101% 104%
Sinking fund 5s____ 1879-1929 A -O 10434___ 104% July’ 10
50% 58%
103% 104
Registered_____ 1879-1929 A -O 104 ____ 103% Apr ’ 16
102 103%
Debenture 53__________ 1921 A -O 101% 103 102 July’ 10
63 68%
101 Dec ’ 12
Reglatered.................. 1921 A - O
92% 95%
103% 105
104
Sinking fund deb 5s......... 1933 M-N Sl04 Salo 104
91% 93%
104% 104%
Registered__________ 1933 M-N 102% 103% 104% Juno'16
83% 88
121 121
Frem Elk A Mo V 1st 6a. . 1933 A - O 120%____ 121 Juno’10
84*2 86%
90%
Sep
09
80
____
Man G B A N W 1st 3MS-1941 J - J
83% 88%
M llw A SL 1st gu 3MS---1941 J - J 80 ____
100% 107%
108 109
Mil LS A West 1st g 6a--.1921 M- S 107 108 108 July’ 16
101% 107%
1003s 107%
Ext A Imp a f gold 5a— 1929 F -A 106%____ 100% July’ 10
100% 101%
Ashland Div 1st g 6a__ 1925 M- 8 111%____ 111% Dec '15
95% 96%
112% 112%
Mich Dlv 1st gold 6a— 1924 J - J 110%____ 112% Feb '10
85 89
92%
91
94
Mil Spar A N W 1st gu la. 1947 M- S 92% Salo 92%
8934 92
1o738 May’ 14
Northw Union 1st 7a g__ 1917 M- S
96% 99
107
105% 109
St L Peo A N W 1st gu 5s. 1948 J - J 105% 100 107
103% 101%
102% Deo ’ 15
Winona A St P 1st ext 7a.l916 J - D
91 94%
101% 102%
July’ 10
89% 92% Chicago Rock Isl A Pac 6a. .1917 J - J 10is8 10134 101%
101% 102
101% July'10
____102%
Registered____
______
1917
J
J
106% 107%
83% 87
84
83% 84 83%
Ry general gold 4a______ 1988 J - J
93% 95
84%
83% 83 June’ 10
83
Registered__________ 1988 J - J 83
72
73
72%
Bale
63% 75%
Refunding
gold
4s______
1934
A
-O
85% 8712
01%
61 Sale 00%
41% 66%
30-year debenture 5s____ 1932 J - J
119% 1122
97% 97% 97%
97%
95 97%
Coll trust Series P 4a____ 1918 M-N
65%
59
54
It I Ark A Louis 1st 4M3--1934 M- S 58 Salo 58
99% 99%
9734100
99% 101% 99% July’16
Bur C R A N— 1st g 5a...1931 A -O
92% 93%
99%____
100%
Mar’
14
C
It
I
F
A
N
W
1st
gu
5S..1921
A
-O
91% 92%
M A St L 1st gu g 7a........1927 J -D
90% 92%
98% 99%
Choc Okla A G gen g 5a. .01919 J - J 0934 ____ 09’ 4 Apr ’10
89% 91%
90 92% 97% July’ 15
Consol gold 5a_______ 1952 M-N
94% 98%
■5 5 * "65*
04
64
Keok A Des Moines 1st 5s 1923 A - O ------ 65
99% 101%
65 71
68
68
St Paul A K C Sh L 1st 4 Ms '41 F -A ____ 68
117% H8%
Chic St P M A O con 6a___ 1930 J -D 118 120 118% June’ 16
' o f "92
8734 Feb '17
87% 87%
Corns 6a reduced to 3MS..1930 J - D 91 . . .
86% 90
101% 103
Debenture 5a__________ 1930 M- S 100 101% 101% July’16
90 92%
117% May’ 10
117% 118%
Ch St PA Minn 1st g6 s.. 1918 M-N 117
129% May’09
North Wisconsin 1st 6a__ 1930 J - J 117
107'% 107%
104 105%
St P A S City 1st g 6s___ 1919 A -O 104% 105% 104% July’10
101 101
Superior Short L 1st 5s g.gl930 M- S 104%____
106% 107%
08 80 85 Jan '14
105 105% Chic T II A So-east 1st 5s.. . 1960 J - D 106
106 107%
107
___ 107
Chic A West Ind geng6a.?l932 Q -M
75% July’ 16
753s 81%
Consol 50-year 4s........... 1952 J - J 75% 77
99% 99%
86% S0%
Ctn II A D 2d gold 4Ms___ 1937 J - J 91 ____ 86% Jan ’10
1st A refunding 4s______ 1959 J - J 74 80
107% 110
1st guaranteed 4s_______ 1959 J - J 75% 78% 86% June’ 12
101% 103
25 July’ 15
Cln D A I 1st gu g 53___ 1941 M-N 40
92% 92%
88 Mar’ ll
C Find A Ft W 1st gu 4s g 1923 M- N
103% 103%
65 July’ 14
Cin I A W 1st gu g 4s___ 1953 J - J
107% 108%
9438 Deo ’14
Day
A
Mich
1st
cons
4Ms.
1931
J
J
107% 110%
05 July’ 14
Ind Dec A W 1st g 5a........1935 J - J
102 104%
107% Deo ’02
1st guar gold 5a______ 1935 J - J
77% 81
79%
SO
79
79%
Cleve
Cin
C
A
St
L
gen
43.-1993
J
-D
92 95%
83% 90%
20-yr deb 4M S---............1981 J - J 85% 863.1 86% July’ 10
107% 103
99% 100%
Gen 5a Series B________ 1993 J -D 98 101% 100% Juno'16
100 102
82 87
85%
July
16
83
85%
Cairo Dlv 1st gold 4a____ 1939 J - J
83% 84%
75% 77%
77%
Cln W A M Dlv 1st g 4s. . 1991 J - J 70 70% 77%
101^4 101%
79 84%
St L Div 1st coll tr g 4s__ 1990 M- N 8034 823.i 81 July'10
82%
Mar’
14
Registered__________ 1990 M-N
162"% f 02 %
85 86%
Spr A Col Div 1st g 4a-----1910 M- S *80% I I . . 86% Juuo’ 10
94 07
80% 84 8434 Juu ’ 16
84% 84%
W W Va! Div 1st g 43-----1910 J - J
116 1181
105%
105%
105
Juno’
10
105
105%
C I St L A C consol 6s-----1920 M-N
115% 117%
91% 92%
1st gold 4a__________ *1936 Q - F 92% Sale 92% 92%
103% 103%
Registered_______ *1936 Q -F 90%___ 88% May' 15
102'% 102%
102% Mar'16
Cln S A Cl con 1st g 5a.-.1923 J - J 102
110% 116%
116% Juno’ 16
C C C A I gen con g 6s__ 1934 J - J 110% ..
80 83
80
_
94
July'08
Ind
B
A
W
1st
pref
4a___
1940
A
-O
94% 98
O Ind A W 1st pref 5s. ..<71938 Q - J
104% 107%
63 77
76 ____ 76% July TO
Peo A East 1st con 4a___ 1940 A -O
103 104%
23 38
36% July’ 10
30 37
Income 4a___________ 1990 Apr
89% 93%
9934 101%
99% 100% 100% 1001
Cleve Short L 1st gu 4Ms__ 1961 A -O
90% 91
14
Juno’
10
7
10%
7%
11
Col
Midland
1st
g
la...........
1947
J
J
89
85
9
July’
10
0
15%
9
10
Trust Co certfs of deposit.................
93% 95
90 93%
91% Salo 91% 91%
Colorado A Sou 1st g la___ 1929 F -A
83% 85
83
83
82%
87%
83
83%
Refund
A
Ext
4Ms.........
1935
M-N
83 84%
105 106%
Ft W A Den C 1st g 0S...1921 J - D 104*4 104% 10538 July’ 10
96% 96%
87 95
Conn A Pas Rivs 1st g 4a__ 1943 A -O
94 04
94
Feb
T6
____
96%
Cuba RR 1st 50-yr 5a g-----1952 J - J
84% 88
81% 83% Del. Lack A Western—
80% 87
87 July’ 10
Morris A Ea 1st gu 3M3..2000 J - D 86% 87
108 109%
N Y Lack A W 1st 6s___ 1921 J - J 100%___ I0834 July’ 10
10234 104
Construction 5a............1923 F - A 102% 103% 102% 10231
57 60%
98 98%
071.4 98% 98% July’ 10
Term A Improve 4s___ 1923 M-N
43 501
Warren 1st ref gu g 3M3-.2000 F - A 86 ___ 102m Feb '03
99 100
1043s 104%
Del A Hud 1st Pa Dlv 7a.-.1917 M- S 102%___ 104% Apr TO
84 87
104% 10-1%
104% Feb TO
Registered__________ 1917 M- S
94% 96%
Low
H igh
99 99%
99% 100
99% 102%
100 102%
109% 111%
110 112%
*No price Friday: latest this week, dDue April. « Due May. gDue June, hDuo July. * Duo Aug. 0Duo Oct. pDuo Nov. gDuo Deo. sOption salo.
A ug. 5 1916.]
BONDS
N. Y. STOCK EXCHANGE
Week Ending August 4.
New York Bond Record— Continued— Page 2
P rice
Friday
Aug. 4
W eek's
Range or
Last Sale
H igh
Bid
A sk Low
Delaware A Hudson (Cont)—
1st lien equip g 4Ms.......... 1922 J - J 10012 101 Vi 10034 July’16
98%
1st A ref 4s.....................1943 M-N 98 9812 98%
A
-O
105%
105 Sale 1U5
20-year conv 5s________ 1935
86
Alb & Susq conv 3Ms___ 1946 A -O 80 80<4 86
Kenss A Saratoga 1st 7S--1921 M-N 1 1 2 ' s ____ 112% July’16
78%
Denv & K Gr 1st con g 4s..1936 J - J 78*4 Sale 78
84%
Consol gold 4Ms..............1936 J - J S4<4 84% 84%
83
Improvement gold 5s-----1928 J -D 80-i4 83*4 83
69
1st & refunding 5s....... -.1955 F - A 69 Sale 69
88
Rio Gr June 1st gu g 5S--1939 J - D 87'2 95 87%
61% Apr ’ ll
Itlo Or Sou 1st gold 4s— 1940 J - J
Guaranteed_________ 1940 J - J 34 ____ 35 June’16
75
Rio Gr West 1st g 4s........ 1939 J - J 74i2 75 7434
66 I4 63 July’10
Mtge A coll trust 4s A. . 1949 A -O 02
94 ____ 90 Apr ’ 14
Utah Cent 1st gu g 4s.al917 A -O
100 Mar’ 15
Des Moines Un lly 1st g 53.1917 M-N
77 85 90 Jan ‘16
Det & Mack— 1st lien g 4s.. 1995 J -D
J
-D
75
75
75
80
Gold 4s_______________ 1995
Det Itlv Tun—Ter Tun 4Msl961 M-N 89i4 91 90*4 July’16
Dul Mlssabe & Nor gen 5s.. 1941 J - J 103U____ 104 Apr ’ 16
Dtfl & Iron Range 1st 5s----- 1937 A -O 10134 1033* 10134 10134
106 Mar’08
Registered........... - ........ 1937 A -O
93
03
Dul So Shore A Atl g 5s-----1937 J - J '9134 93
Elgin Joliet A East 1st g 5s. 1941 M-N 102 ____ 103% May’ 16
109
Erie 1st consol gold 7s____ 1920 M- S 109 Sale 109
96%
N Y & Erie 1st ext g 4s. - -1947 M-N 94 ____ 96%
2d ext gold 5s________ 1919 M- S 10134 102i2 101% Juno’ 16
3d ext gold 4Ms______ 1923 M- S 100 ____ 98% June’ 15
4th ext gold 5s_______ 1920 A - O 101%____ 102 June’ 16
92 ____ 94 Nov’ 15
5th ext gold 4s_______ 1928 J -D
N Y L E A W 1st g fd 7s. . 1920 M- S IOSI4 109 108*4 June’ 16
Erie 1st con g 4s prior___ 1996 J - J 84 Sale 83*4
84
Registered____ _____ 1996 J - J ____ 84 80 Oct ’ 15
1st consol gen lien g 4 s... 1996 J - J 73% Sale 73%
74%
Registered.................. 1996 J - J 71 ____ 72% Juno’ 16
89
89 Sale 89
Penn coll trust gold 4s___ 1951 F -A
70
6912 70
50-year conv 4s Series A .. 1953 A -O 69
71%
70% 71
71
do
Series B -........ 1953 A -O
84%
8434 ------ 84
Gen conv 4s Series D____ 1952 A -O
106
Chic & Erie 1st gold 5 s...1982 M-N 106 10678 106
’ 15
Clev & Mahon Vail g 5s.. 1938 J - J 10358 ------ 101 Feb
Long Dock consol g 6s ... 1935 A -O 12234 ------ 123 July’ 16
Mar’
18
102
M-N
101
104
Coal & RR 1st cur gu 6s .. 1922
May’ 16
Dock & Imp 1st ext 5s__ 1943 J - J 105' 4 ----- 106
103% Aug ’12
N Y & Green L gu g 5s...1946 M-N
99 May’ 16
N Y Susq A W 1st ref 5s. . 1937 J - J ____ 97 100%
Deo '06
2d gold 4 Ms................. 1937 F -A
- A ■ ff" “ 78 78 July’ 16
General gold 5s........... 1940 F
M-N
105%
May’
16
10512-----Terminal 1st gold 5s------ 1943
Mid of N J 1st ext 5s....... 1940 A -O 104 ____ 111% May’ 12
Wllk * Eas 1st gu g 5 s... 1942 J -D 80% 84 83 July 16
EvAInd IstcongugOs-----1926 J - J ____ 40 106 May’ 12
Evansv & T II 1st cons 6 s ..1921 J - J 07 ____ 96 July’ 16
53 ____ 63 May’ 16
1st general gold 5s........... 1942 A -O
108 Nov’ ll
Mt Vernon 1st gold 6s___ 1923 A -O
95 June’ 12
Sull Co Branch 1st g 5s.. .1930 A -O
Florida E Coast 1st 4M3...1959 J -D 9 U2 93 92 Juno’16
i
J
92 Aug ’10
Fort St U D Co 1st g 4 M s..1941
Ft W & Rio Gr 1st g 4s........1928 J - J 66 I2 70*2 67 July 16
Great Northern—
C B A Q coll trust 4s........1921 J - J 9734 Sale 97%
97%
Registered A.................1921 Q - J ____ 9714 97% July 16
1st & ref 4Ms Sorles A . . .1961 J - J IOOI4 100<2 100% 100%
Registered.................1961 J - J
96 June’ K
St Paul M A Man 4s........1933 J - J 96i2 97U 96 July’16
1 st consol gold 6s......... 1933 J - J 120U 12078 120% 120%
Registered............... 1933 J - J
120% Apr ’ 16
Reduced to gold 4MS.1933 J - J 10234 Sale 10234 10234
102% May’ 16
Registered............1933 J - J
96
Mont ext 1st gold 4s...1937 J -D 953s 9614 96
96% Mar’16
Registered..............1937 J -D
Pacific ext guar 4s £...1940 J - J 85*8___ 85% Nov’ 15
E Minn Nor Dlv 1st g 43.1948 A -O 92%___ 93 June’ 16
Minn Union 1st g 6s........1922 J - J 108%___ 109% June’ 16
123
Mont C 1st gu g 6s_____ 1937 J - J 12278 ___ 123
138% May’06
Registered ............... 1937 J - J
110
1st guar gold 5s____ 1937 J - J 10938 110 110
Registered......... .1937 J - J
Will A S F 1st gold 5s.. 1938 J -D 109% 111>4 110% Apr ’ 16
70 77% 75 Jan '16
Green Bay A VVdeb ctfs "A” ___ Feb
Feb
12 Salo 12
12
Debenture ctfs “ B” .......
Gulf AS I 1st ref A tg 5s. .61952 J - J 84% 87
84% July’ 16
Registered...................... 61952 J - J
Hocking Val 1st cons g 4Ms. 1999 J - J *90% *9134 *90% ~90%
Registered......... .............1999 J - J
97*4 Jan '14
88
Col A II V 1st ext g 4 s... 1948 A -O 88 ____ 88
84%___ 87
87
Col A To! 1st ext 4s........1955 F -A
94% Feb ’ 15
Houston Belt A Term 1st 5s. 1937 J - J
Illinois Central 1st gold 4s.. 1951 J - J 97%____ 97 Juno’ 16
92 Aug'15
Registered.......................1951 J - J
1st gold 3Ms.....................1951 J - J 84% 85% 85% July’ 16
Registered................... 1951 J - J 82% 85 83 Nov’ 16
84*4 Feb '16
Extended 1st gold 3Ms__ 1951 A -O 84 90
Registered................... 1951 A -O
80 J’ly '09
1st gold 3s sterling______ 1951 M- S
Registered................... 1951 M- S
88%
Coll trust gold 4s..............1952 A -O 88 8878 88%
Registered ................... 1952 A -O
95% Sep ’ 12
89
1st refunding 4s............... 1955 M- N *8834 89 88%
Purchased lines 3Ms____ 1952 J - J
80% 81% June’ 16
L N O A Texas gold 4s.. . 1953 M-N "85% 85% 853g
85%
Registered_____ _____ 1953 M-N
84 May’ 14
Cairo Bridge gold 4s____ 1950 J - D "89"
90% June’ 16
Litchfield Dlv 1st g 3s___ 1951 J - J
74 Feb *14
78*4 July’ 16
Loulsv Dlv A Term g 3Ms 1953 J - J
83 Aug ’ 12
Registered__________ 1953 J - J
102 June’ 16
Middle Dlv reg 5s........... 1921 F - A
F
-A
72%
66%
70
70
Omaha Dlv 1st gold 3s...1951
71% 68% Sep ’ 16
St Louis Dlv A Term g 3s. 1951 J - J
81% Jan *16
Gold 3 M s ...................1951 J - J
80 June’ 16
Registered......... ......1951 J - J 79
Sprlngf Dlv 1st g 3Ms__ 1951 J - J 79 81% 78*4 Jan ’ 16
00% May’ 16
Western lines 1st g 4s___ 1951 F - A 88%
Registered__________ 1951 F -A
117% May’10
Bellev A Car 1st 6s_____ 1923 J -D
Carb A Shaw 1st gold Is.. 1932 M- S 80 ___ 94% J’ly ’ 12
Chic St L A N O gold 5s.. 1951 J -D 107 ____ 107% July’ 16
Registered................... 1951 J -D 105 ____ 114 Feb ’ ll
Gold 3 Ms.................... 1951 J -D
90 Oot ’00
Registered............... 1951 J -IJ
Joint 1st ref 5s Series A. 1963 J - D 100% Sale 100"% 100%
J
D
Memph Dlv 1st g 4 s... 1951
____ 90 88% Dee ’15
Registered................1951 J - O ____87%
St Louis Sou 1st gu g 4s.. 1931 M- S 90 93% *98 " J’ly ”’08
Ind 111 A Iowa 1st g 4s........1950 J - J 89% 90 91% Apr ’ 16
Int A Great Nor 1st g 6s-----1919 M-N 95% 90
95 July’ 10
James Frank A Clear 1st 43.1959 J -D 91% 91% 91%
91%
68
Kansas City Sou 1st gold 3s. 1950 A -O 0734 Salo 0734
Registered...................... 1950 A -O
63 Oot '00
J
J
89%
Sale
Ref A impt 5s______ Apr 1950
89%
89*4
Kansas City Term 1st 4 s... 1960 J - J 8734 Salo 87%
87*4
Lake Erie A West 1st g 5s.. 1937 J - J 98%___ 98ii
98%
2d gold 5s— ................1941 J - J 82% 84 82 June’ 16
70 ____ 98 Mar’ 14
North Ohio 1st guar g 5s.. 1945 A -O
J
J
100%
102
101 July’16
Leh Vail N Y 1st gu g 4Ms.. 1940
Registered...... .............. .1940 J - J ------100% 100% May’ 16
91
91
Lehigh Vail (Pa) cons g 4 s..2003 M-N 90% 91
General cons 4Ms------ 2003 M-N 99% 9934 99*4 99*4
*No priceFriday; latest bidandaskedthisweek, aDueJan.
DueNov. sOptionsale.
BONDS
N. Y. STOCK EXCHANGE.
Week Ending August 4.
Range
Since
J an . 1
Low
H igh
100% 102
96% 99%
105 108
85% 88
112% 113
78
79%
83
86
78*4 85
55% 73
87% 88
35
74
62
Leh V Term Ry 1st gu g 5 s ..1941 A -O
Registered_____________ 1941 A - o
Leh Val Coal Co 1st gu g 5s. 1933 J - J
Registered...................
1933 J - J
1st lnt reduced to 4s____ 1933 J - J
Leh & N Y 1st guar g 4s___ 1945 M- S
Registered_____________ 1945 M- S
Long Isld 1st cons gold 5S-.A1931 Q - J
1st consol gold 4s........... 51931 Q - J
General gold 4s_________ 1938 J -D
Ferry gold 4Ms________ 1922 M- S
Gold 4s_________
1932 J -D
Unified gold 4s................. 1949 M- S
Debenture gold 5s........... 1931 J -D
Guar refunding gold 4 s ... 1949 M- S
Registered___________ 1949 M- S
N Y B & M B 1st con g 5s.1935 A - O
N Y A R B 1st gold 5s.. . 1927 M- S
Nor Sh B 1st con g gu 5s.ol932 Q - J
Louisiana & Ark 1st g 5s___ 1927 M- S
Loulsv A Nashv gen 6s____ 1930 J -D
Gold 5s_______________ 1937 M-N
Unified gold 4s................. 1940 J - J
Registered------ ---------- 1940 J - J
Collateral trust gold 5s__ 1931 M- N
E II & Nash 1st g 6s------ 1919 J - D
L CI11 A Lex gold 4MS...1931 M- N
N O A M 1st gold 6s........1930 J - J
2 d gold 6s............
1930 J - J
Paducah & Mem Dlv 4s.. 1946 F -A
St Louis Dlv 1st gold 6S..1921 M- S
2d gold 3s.____ _____ 1980 M- S
Atl Knox A Cln Div 4 s... 1955 M-N
Atl Knox & Nor 1st g 5s..1946 J - D
Hender Bdge 1st s f g 6s .. 1931 M- S
Kentucky Central gold 4s. 1987 J - J
Lex A East 1st 50-yr 5 s gu.1965 A - O
L A N A M A M 1st g 4Ms 1945 M- S
L & N-South M Joint 4s 1952 J - J
Registered...........
51952 Q - J
N Fla A S 1st gu g 5s___ 1937 F - A
N & C Bdge gen gu g 4MS.1945 J - J
Pensac & Atl 1st gu g 6s .. 1921 F - A
S A N Ala cons gu g 5s__ 1936 F -A
Gen cons gu 50-year 5s. 1963 A -O
L A Jeff Bdge Co gu g 4 s .1945 M -S
Manila RR—Sou lines 4s 1936 M-N
Mex Internat 1st cons g 4s 1977 M- S
Stamped guaranteed___ 1977 M- S
Midland Term— 1st s f g 53.1925 J - D
Minn A St L 1st gold 7s
1927 J -D
Pacific Ext 1st gold 6s . . . 1921 A -O
1st consol gold 5s_____ 1934 M- N
1st A refunding gold 4s. 1949 M- S
Ref A ext 50-yr 5s Ser A ..1962 Q - F
Des M A Ft D 1st gu 4S..1935 J - J
Iowa Central 1st gold 5s 1938 J -D
Refunding gold 4s____ 1951 M- S
M StPASSM con g 4s lnt gu. 1938 J - J
1st Chic Term s f 4s.
1941 M- N
M S S A A 1st g 4s int gu.1920 J - J
Mississippi Central 1st 5s...1949 J - J
Mo Kan A Tex 1st gold 4s.. 1990 J -D
2d gold 4s......... ........... gl990 F -A
1st ext gold 5 s .............. 1944 M-N
1st A refunding 4s______ 2004 M- S
Gen sinking fund 4MS...1936 J - J
St Louis Div 1st ref g 4s ..2001 AAO
Dali A Waco 1st gu g 5s .1940 M- N
Kan City A Pac 1st g Is.. 1990 F -A
Mo I< A E 1st gu g 5s___ 1942 A -O
M K A Okla 1st guar 5s 1942 M-N
M K A T o fT 1st gug5s. 1942 M- S
Sher Sh A So 1st gu g 5s 1942 J - D
Texas A Okla 1st gu g 5s.. 1943 M- S
Missouri Pac 1st cons g 6s 1920 M- N
Trust gold 5s stamped...al917 M- S
Registered____ ______al917 M- S
1st collateral gold 5 s... 1920 F - A
Registered______
1920 F - A
40-year gold loan 4s.. .
1945 M- S
1st A ref conv 5s.
1959 M- S
3d 7s extended at 4%.
1938 M- N
Boonv St L A S 1st 5s gu.1951 F -A
Cent Br Ry 1st gu g 4s .. .1919 F -A
Cent Br U P 1st g 4s____ 1918 J -D
Leroy AC VA L ist g 5 s .. 1926 J - J
Pac R of Mo 1st ext g 4s.. 1938 F -A
2d extended gold 5s___ 1938 J - J
S tL IrM AS gen con g 58.1931 A -O
Gen oon stamp gu g 5s.. 1931 A -O
Unified A ref gold 4 s... 1929 J - J
Registered_________ 1929 J - J
R lvA G D iv 1st g 4 s... 1933 M-N
Verdi V I A W 1st g 5 s...1926 M- S
Mob A Ohio new gold 6s___ 1927 J - D
1 st extension gold 6s___ A1927 Q - J
General gold 4s................ 1933 M- S
Montgomery Dlv 1st g 5s. 1947 F -A
St Louis Dlv 5s____ ____ 1927 J -D
St L A Cairo guar g 4s___ 1931 J - J
Nashv Chatt A St L 1st 5s 1928 A -O
Jasper Branch 1st g 6s___ 1923 J - J
McM M W A A1 1st 6s__ 1917 J - J
T A P Branch 1st 6s........1917 J - J
Nat Rys of Mex pr Hen 4 Ms. 1957 J - J
Guaranteed general 4s.. . 1977 A -O
Nat of Mex prior lien 4MS..1926 J - J
1st consol 4s_____ _____ 1951 A -O
N O Mob A Chic 1st ref 5s.. 1960 J - J
New Orleans Term 1st 4 s... 1953 J - J
N Y Cent RR conv deb Gs. 1935 M-N
Consol 4s Series A..........1998 F -A
Ref A Imp 4Ms ’’A” ........2013 A -O
N Y Central A H R g 3>$S--1997 J - J
Registered................... .1997 J - J
Debenture gold 4s..........1934 M-N
Registered___________ 1934 M-N
Lake Shore coll g 3Ms__ 1998 F -A
Registered..................... 1998 F -A
Mich Cent coll gold 3MS..199S F -A
Registered-................. .1998 F -A
Battle Cr A Stur 1st gu 3s. 1989 -J - O
Beech Creek 1st gu g 4s.. 1936 J Registered.................... 1930!J - -»
2d guar gold 5s..............1936 J - J
Registered_________ 1936 J - J
Beech Cr Ext lstg3Ms.-6195ljA - O
Cart A Ad 1st gug 4s____ 1981 J -D
Gouv A Oswo 1st gu g 5 s ..1942] J -D
Moh A Mai 1st gu g 4s__ 1991|M- S
N J June R guar 1st 4s . . . l 986 |F - A
N Y A Harlem g 3Ms___2000 M-N
N Y A Northern 1st g 5s. 19231A -O
n
N Y A Pu 1st consgu g 4s 1993 A ■o
Pine Creek reg guar 6s___ 1932! J - D
R W A Ocon 1st ext 5s. .ft 1922 A -O
R W A O T R 1st gug 5s.-191s !M
1-N
35%
78%
66%
90 90
75 85
90*4 94
104 104
10134 103%
93 95%
103 104
109 111%
96% 96%
101% 102%
102
102%
108*4 111
8334 86%
73% 77
72% 76%
8.3«4 90
70 72%
70*4 84
84 88%
105*4 107%
121% 123%
102 102
102% 106
98% 99
72 81
105% 105%
82% 90
96%
63
92
93%
61% 69
97% 99
97% 98*4
99 100%
90 97%
120% 122
120% 121%
101% 103*4
102% 102%
95% 97%
96% 06%
93" ’ 93’
109% 109%
123 123
109% iio‘%
110% 110%
74 74
11 14%
84% 88%
90% "de”
88
87
06% 97%
83
85*4
84% "§0%
88
01%
88 91%
81 83
85% 87%
90
92%
78*4 81%
101% 102
70 71
81%
80
78%
89
81%
80
78%
90%
107% 109
100
90
95
90%
07%
103'%
92%
98%
92%
71
89% ”94" ’
85% 89%
96% 100
75 83%
100% 103
100% 102
89% 92%
99% 101%
ft Duo Feb.
A
DuoJAprll.
e
Due May.
g
479
P rice
Friday
Aug. 4
Bid
W eek's
R ange or
Last Sale
A sk L ow
H igh
111%____ 111% July’16
111%____ 111% June’16
104% 105 105% July’ 16
105 Oct ’ 13
92 ____
*89%------ 89% July’16
106
94
85
106 June’
94% June’
88 June’
99% Apr ' _
99% Oct ’06
82% 84
84% July’
94 97% 96% July’
87 87% 87% July’
95 Jan ’ ll
102% 104% 103% Mar’ 16
102% 103% 103 Apr
98 101
99% July’ 16
97% 97% July’ 16
88
112 112% 112
112
109% 110 109% 109%
9334 94
94%
94
94 June’ l l
103% 104% 104% 104%
107%
107% Dec *15
101%
102 Mar’ 16
114
114 July’16
107
109% May’ 15
89% 88% July’ 16
106" 107% 108 Apr ’ 16
03% 63% 63*4 June’ 16
85% 86% 86%
86%
107%
111 Jan ’ 13
106 107 106% June’ 16
88%
8834 July’16
101% iof% 101
101%
99%
101 July’ l :
77 "78% 79 July’ 16
95 Feb ’05
105%
107% July 16
97%
97% May’ 16
107% 109% 108% May’ 16
107%
108% July’ 16
101% 102 July’ 16
801, 81% Apr ’ 16
77 Mai’ 10
79 Nov’ 10
101 Oct ’09
------115 115 Mar’ 16
103 104 103
103
87 89
89
89
5934
59 60
5778
60 61 61
62
60 Feb ’ 16
87 Sale 87
87
55% 58 % 57%
58
91% Sale 91%
92
97% June’ 12
97%____ 97% July’ 16
92% 93% 92% July’ 16
s74% Sale 74%
75%
s46% Sale 46%
4634
------ 45 45 July’16
62
------ 62 62
43
43 Sale 43
37
37 38 37
99*4 Deo ’ 13
*68* III'. 72 July’ 16
83%
83% 84 83%
66
66
66 75
67*4
67% Sale 67%
50% 60
50% July’16
55% 57*4 55 July’ 16
101*4 103 IOH4 July’ 16
96%___ 96% July’ 16
------ 97% 82 o c l ’ 15
92 ____ 88 July’16
•3s
R ange
Since
J an . 1
Low
H igh
110 112%
111% 111%
104% 106%
89% 90
104%
94%
86
99%
106%
94%
90
99*4
84% 86
96% 97
87
90%
101% 103%
102% 103
99% 102
88 97%
111*4 113
108% 110%
93% 96
104 105%
100»4 102
114 116%
88% 90%
107 108%
61 64
85*4 90
106% 107
87*4 89%
100 101%
99% 101
77% 82
106 107%
97% 97%
108% 108%
105% 108%
101% 103%
80% 82%
115 115
103 103%
8 8 % 90
52*4 64%
50 04
86% 90%
61% 60
91% 93%
97%
90
70%
40
99
92%
78%
50%
52%
62
48
46
60 72
74 89%
50 67
48
73
50% 50%
49 63
100 102
89% 96%
83% 89%
39% 52
48%
48% Sale 48%
49 ____ 49%
49%
40
51%
82
82
82 May’ 16
81 82
100 Feb ’ 13
66%___ 64*4 July’ 16
50 64*4
*52 ____ 77% Dec T3
110 Mar’05
------ 89% 89%
89%
89 92
100%____ 100% July’16
100 100*4
101 Sale 101
101%
99*4 102%
102 J’ly ’ 14
80% Sale 80%
80*4
74% 81%
80% Oct ’ 12
75% 76% 75%
75%
68 75%
76 ____ 87 Sop ’ 15
112 113% 112% July’10
112 115
____111% 109 Feb ’ 16
108 109
75 76%
75% July’16
98%____ 102 Feb *16
102 102
90 95
89 Deo ’ 16
87%____ 88% Apr ’ 16
88% 88*4
106*4 107% 107 July’16
103*4 107%
107*4____ 110% Mar’16
110% 110%
100%____ 100*4 July’ 16
100*4 10 1 %
100%----- 113 J’ly ’04
30
30 Sale 30
30
35
35
35 Sale 35
96% Feb ’ 13
30 Aug ’16
40 May’15
69 70
___ 70 69 July’16
271 110% 117%
111% Sale 11138 112
82% 8234 82%
82% 30; 82% 86%
93
92% Sale 92%
33 92% 95%
82 82% 82
82% 14 81% 83%
1 81 82%
81%
81
81% 81%
90% Sale 90%
90% 70 90% 93%
90 June’ 16
90 90
74% 75
75
75% "'3 74 79*4
73% 75
73%
73%
8 73% 78
76
75 8034
76 July’ 16
73 77 77 Apr ’ 16
76 77*4
60 ____
94% 9534 95 July’ 16
94% 96%
92% 95 99 May’ ll
101 104% 104 May’ 16
104 104
89 91
88 june’16
104 ____
*92%____ 94 Mar’ 16
89% Feb ’ 16
" 8.3 " m i 85 June’15
106 ____ 105% Mar’16
89 ____ 89
89
118%____ 113 May’ 15
103%___ 103% June’ 16
102 ____ 104 June’ 10
88
88
94 94
89% 89%
105% 105%
89 91%
103% 104%
Due June, ft Due July. * Due Aug. 0 Due Oct
N Y Cent & H R RR
(C on .)—
Bid
W eek’s
R ange or
L ast Sale
A sk L ow
H igh
Range
Since
J an . 1
N o . L ow
BONDS
N. Y. STOCK EXCHANGE
W eek Ending August 4
H igh
Q- F
M-N
J - J
J - J
J - J 96
Chic & West Mich 5s........1921 J - D
120
Flint & P M gold 6s___ 1920 A -O
97% JulyTO ___ 97*2 97*2
Utica & Blk Riv gu g 4s. . . 1922 J - J 97^4
7 83% 80
84^4
8 4®4
847g
1st consol gold 5s..........1939 M-N
Lake Shore gold 3%s------ 1997 J -D
A- O
83 * 8334
J -D
83% July’16
F- A
'95-% 24 94% 96
M- S 953o Sale 95%
94*8 34 9378 95% Philippine Ry 1st 30-yr s f 4s 1937 J - J
2£-year gold 4s_______ 1931 (VI-N 94 Sale 9378
A-O
94% Feb ’ 16
94
94%
J- J
J- J
104*2 Dec '15
J - J 106%
Registered.................. 1997 J - J
Pitts A L Erie 2d g 5s...al928 A -O 103 104 103 July’16 ___ 102 104
115%
A -O
123*4 Mar’ 12
J J 113%
J - J
J - J
J- J
80 8512
G8% 73 69 '
10 1
IO6I4
Registered__________ 1931 Q-M 105%
J - J 90%
J- J
69
1
69
104*2 Deo ’ 15
105 July’16 ___ 105
87
[Vol. 103.
P rice
Friday
A u g . 4.
Bid
69
L ow
18*4 24
*16*4
85%
10 1
75
W eek ’s
R ange or
L ast Sale
68
H igh
Bonds
Sold
P rice
Friday
A u g .\ .
Interest
Period
BONDS
N. Y . STOCK EXCHANGE
Week Ending August 4.
1 Bonds
j Sold
New York Bond Record— Continued— Page 3
Interest
Period
480
N o . Low
19% JulyT6
___ 49*2 50 Apr T 6 ____
106%
105 Dec T5
106%
91*4
90%
A -O
74
NYW’ches&B Istserl 4>$s ’46 J - J 73
100*4
J- J
N Y O & W ref 1st g 4s___ 01992 M- S
100*8
69*2 75
86
105*2 May’15
87 J’ly T4
88 Aug T3
74
74
107 Aub ’00
105
99*2 Mar’ 12
69%
69*2
J - J
J - J
3 73
ii
69*2 70
83% Feb T4
80
80
July’16 ___
80
J -D *
79% 79 Apr TO . . . .
80
1
F - A 78
80*2 80
98 July’16 ___
M- N 98 10 1
M -A 119 120 119% JulyT6 ___
F - A 120*2 122 121% July’16 ___
120*2 July‘16 . . . .
A -O 120
28
93
A - O 92% 92% 92%
92*2
89 89*4 89% July’ 16
135
135 131*4 June’ 16 __
10-20-year conv 4s____ 1932 M- S
135 132*4 JulyT6
8834 89
4
88*2
88%
103% Jan TO
C C & T 1st guar gold 5s.. 1922 J - J 104
92 JuIy’lG
M- N 9134 93
92
190
Nor Pacific prior lien g 4s.. . 1997 Q - J 9134 Sale 91%
Registered__ _______ 1997 Q- J . . . - 9178 9134 June’ 16 ___
Sale
33
Q- F
Registered................ o2047 Q - F 6534 66*4 65% June’ 16 ___
St Paul-Duluth DIv g 4s.. 1996 J - D 91*2 ____ 91*2 July’16 . . . .
Dul Short Line 1st gu 5s.. 1916 M- S ____ . . . . . 100*2 Jan T 6 —
St P & N P gen gold 6s .. . 1923 F - A 109% 11078 10934 July’16 ___
109*2 Oct T5
St Paul & Duluth 1st 53 --1931 F - F 107 _____ 107 Mar’ 16
2d 5s----------------------- 1!) 17 A -O 10 1 ____ 100% July TO ___
00% Mar’ 16 ___
1st consol gold 4s......... 1968 J -D 88 —
Wash Cent 1st gold 4s___ 1948 Q-M 85 87% 90*2 Feb TO —
Nor Pac Term Co 1st g 6s__ 1933 J - J 1 1 1 112*2 111*8 July’16 . . . .
84
8
Oregon-Wash 1st & ref 4 s ... 1961 J - J 84 Sale 84
96*2 July 16 . . . .
Pacific Coast Co 1st g 5s___ 1946 J -D 95 99
2
99%
Pennsylvania RR 1st g 4s.. . 1923 M-N 99% 99*2 99>s
103
103% July’ 10
Consol gold 4s................ 1943 M-N 98 98% 98*2 JulyTO ___
98®4
99
11
M-N 99
Consol 4 (4 S-. ........... .....1960 F - A 104% Sale 104*2 104*4 45
50
J -D 101% Sale 10 1 % 101*2
Alleg Val gen guar g 4s__ 1942 M- S 96% 96% 96% July TO ___
96 Jan TO
F - A 94*2
98% July’ 16
98*2
102 Jan ’03
93
100 Junc’ 10
U N J RR & Can gen 4s. .1944 M- S 9934
Pennsylvania Co—
20
Guar 1st gold 4Hs........... 1921 J - J 1007^ Sale 10078 10 1
J - J 100 IOU4 101 May’ 16
86*2 Jan TO
M- S 81*4
Guar 3^8 coll trust ser 14.1941 F - A 85*2 88*4 85*4 Junc’ 16
Trust Co ctfs gu g 3^9---1916 M- N ____ ____ 100*8 Jan T 6
Guar 3^8 trust ctfs C___ 1942 J - D 84*3 ____ 86% July 16 . . . .
Guar 3>$s trust ctfs D ___ 1944 J - D 84*8 86*4 85% Mar’ 16 ___
2
94*2 98*2 95*4
Guar 15-25-year gold 4s.. 1931 A -O
95*4
40-year guar 4s ctfs Ser E.1952 M-N 92 93*2 92 July 16 __
1
Cln Leb A Nor gu 4s g -. -1912 M- N 90 ___ 90*4
90*4
99 July TO . . . .
Cl & Mar 1st gu g 4H s.. . 1935 M-N 9834 99
Cl & Pgen gu 4^ s ser A .. 1942 J - J 102% 104*8 105 Apr TO . . . .
104 Deo T5
A O 102*2
A - O 89*2
91*4 Feb T2
90% Oct T2
Series C 3 Ms................ 1948 M- N 89%
89*2
89*2 JlllyTO
90 JulyTO
Erie A Pitts gu g 3Hs B..1940 J - J 88
88
90*8 J’ ly T2
J - J
Gr R A I ex 1st gu g 4^31941 J - J 9978 ____ 98*2 Feb TO
M- S 92U
93 May’ ll
M- N 1 0 t%
98*2 Oct T5
Tol W V AOg u4 Hs A ... 1931 J - J 99*2
Series B 4Ms...............1933 J J 99*2
Series C 4s...................... 1942 M- S 9134 98 94 Apr T 6
2
P C C A St L gu 4 M3 A. . . 1940 A - O 100 % 102 10 1 % 10 1 %
Series B guar...............1942 A -O 100*4 10134 102% May TO
Series C guar...............1942 M- N 101
97*4 Ju)yT5
9434 May TO
M- N 94*8
92 Feb TO
Series E 3M3 guar gold. 1949 F - A 93*2
J -n
92% Aug T5
M-N 93%
Series I cons gu 4Ms__ 1963 F - A 101*2 Sale' 101*2 101*2
1
C St L A P 1st cons g 5s.. 1932 A O 107*2
104 Nov’ 16
General 4s - ____ _______ 1955
Norfolk Sou 1st & ref A 5s._1961
Norf & Sou 1st gold 5s_____ 1941
Norf & West gen gold 6s___ 1931
Improvement & ext g 6s,-1934
New River 1st gold 6s___ 1932
N & W Ry 1st cons g 4s__ 1996
* N o price Friday; latest bid and asked,
t Option sale.
82
a Due Jan.
b Due Feb.
84
76 79
79 80
07 99*4
119*2 120
120*2 122
1191a 120*2
91*2 94
114 “ 135*2
103*2 103*2
01*2 94*i
91 93*2
03*2 65*4
91% 91*2
100*8 100*2
109% 110%
107 107“
100 % 1 0 1 %
90 90%
00 90*2
111
111*2
84 88
93 100
98*4 99*2
98*4 99*2
104*2 100%
100*4 1027a
02% 97
96
90
98% 98%
09% lOO"
100 % 102*2
10 1 1 0 1 %
86% 80*2
85 85%
99% 100*8
86 % 86*3
85 85*g
94*2 95%
92 92
90*4 9038
99 99*4
104% 105*2
90
9934 Sep ’ 15
100*2
J - J 10 1 %
101 Dec T5
102 % 103 June’ 16
J- J
Ga & Ala Ry 1st con 5s..ol945 J - J 102 103% 103*8 July’10
102 102 %
102
09*4 Aug T5
Gold 4s (Cent Pac coll)..it 1949 J - D 83% 84
84
J -D
M- S 86% Salo
J -D 103*4
F - A 88 Sale
87*2
Registered........... .......1949 F - A
89% Salo
84%
Through St L 1st gu 4s. 1954 A -O
G H & S A M & P 1st 5s. . 1931 M-N 102 101*2
Gila V G & N 1st gu g 5s.. 1924 M-N . . . . loaij
102
Hous E & W T 1st g 5s. . . 1933 M-N —
1st guar 5s red-----------1933 M-N . . . . 10 1
II & T C 1st g 5s Int gu.. . 1937 J - J 106 ____
90 ____
Gen gold is lnt guar__ 1921 A -O
a Due June,
h Duo July,
k Due Aug.
50
51
93
83%
98%
55
82%
56
23
87
100 %
68 % 71%
85
88
74
85
39
55*2
109 110%
100% 103%
68 % 78
45% 72*8
46
7278
43% 70
89
93
67% 82
62% 82
61% 75%
109% 110%
75
78
90 00
76% 80
02
64%
61
65%
60
70
0278 70%
10 1 % 10 1 %
80
80
64
07*a
8478
88
17 84
84*2
83%
70 '
72
87%
88
1033a
103%
103
88
161 80*4 89%
102 % 1033s 202 102*2 107%
79 88 ~ 91
8634 July’10 ___ 8634 89
5 84% 91
89*4
80%
8634
85 Junc’16 ___ 84
102 MayT 6 ___ 102 102
100U Jan '16 ___ 100 % 100 %
102 May TO . . . . 10 1 102 %
101% Apr TO . . . . 101% 153%
106*2 June’ 10
106 106%
06 July’16 ___ 04% 96
104% 104%
105 105
10 1
102 %
94% 97
82% 80
89% 91
100 103%
100 % 100*4
69
73%
100 104
80% 84*2
10 2 % 103%
98*2 99
94*4 90
101% 10334
81% 85%
79% 81*2
103% 104%
105% 100*4
09% 10 1 %
57
60
107 107%
108 1 1 0 %
100 % 102
102 10 2 %
102 10 a
10234 106%
102% 105
8912 90%
94% 94%
93
93
98*2 100*2
103*2 100*2
84% 88
99% 101%
35
00
45
90
105%
102 %
93 94
8234 8 U4
97
99
50 61
78% 83
56
56
2 54
60
18% Mar’ 16
18% 18%
83 86
83 Apr T 6
100
100
3 99*2 101*8
74 Mar'15 ___
96%
97% 12 1 95% 98*8
96 JulyTO
95 97*a
93%
93% 80 92*2 94*4
90
90*8 00 89*2 91*2
91%
92
7 91% 93
104%
105
102*2 101*2 May* 10
83
96
2d 20-vear 5s ' ______ 1927 |j - J
Tol P <fc VV 1st gold 4s_____ 1917 J - J 53%
J J 80%
55
60-year gold 4s.................1950 A -O
93*2 94
Coll tr 4s g Ser A_______ 1917 F A 20
10 1 % 102 %
10 1 % 102 % Tor Ham «fc Buff 1st g 4s . . / j1946 J D 84*2
Ulster «fc Del 1st con g 5s— 1928 J -D ____
A- O
92 92
Union Pacific 1st g 4s......... 1947 J - J 90% Salo
97%
J - J
J - J 93*4 Salo
1st & ref 4s.................... 02008 M- S 90*8 Sale
101*8 102*2
Ore RR «& Nav con g 4s. _ 1946 J -D
91% Salo
c Due M ay.
84
84*2
90 Feb T4
J - J 100 1 0 1 % 103 Nov’ 15
105>i
105% 10434 July’ lG ___
105 Jan TO
107*2 109*2 105 Oct T5
99% 1 0 1 % 10 1
8
101
108*2
101*2 Nov'13
94
90 94*2 July’16
8312 84 83%
83% 10
___
92*2 94
90 Salo 90
90*8 86
10 1 % Salo 101
10 1 % 73
100 % 102 % 100*4 June’ 10
7034 Salo 70%
71 229
77% 75% JlllyTO
Mem Dlv 1st g 4Ms-5s__ 1990 J - J ____ 10012 100 JulyTO __
St Louis dlv 1st g 4s------ 1951 J - J 79% 80% 81 June’ 10
Ala Cen 1st g 6s------------ 1918 J - J 10 2 % . . . . 103U June’ lG __
Ala Gt Sou 1st cons A 5s.. 1943 J - D ____ 99% 08% MayTO
Atl & Char A L 1st A 4Ms 1944 J - J ____ 94% 04% May’ 16
1st 30-yr 5s ser B-----1944 J- J 1 0 1 % 10138 101% JulyTO
82
81*2 JulyTO ___
A t D a n v 1st g 4s_____ 1948 J - J 80
81*2 Mar TO . . . .
2d 4s........................... 1948 J - J ____ 82
74 7534 7534 Deo ’ ll
104% Apr Tfl ___
E T Va & Ga Dlv g 5s___ 1930 J - J 104%
M- N 105*2
99% 101*2 1 1
E Ten reor lien g 5s......... 1938 M- S 99*2 100
Ga Midland 1st 3s....... ..1946 A - O 57*2 60 58 JulyTO __
Ga Pac Ry 1st g 6s........... 1922 J - J 106% ____ 107 JulyTO
Knox «&Ohio 1st g 6s___ 1925 J - J 108 __ _ 10834 July'lG
Mob A Blr prior lien g 5s. 1915 J - J 101
J - J 70
1
A -O 103% 103*o
Rich & Meek 1st gu 4s...1948 M- N ____
73 Sop T2
So Car & Ga 1st g 5s........1919 M-N 10 1 1()138 100% July TO
Virginia Mid scr D 4-5s__ 1921 M~ S 102
102*2 Juno’ Ki
M- S 103%
M- S 104*4
100 JulyTO
General 5s___________ 1936 M-N 100
105 MayTfl . . . .
Va & So’vv’n 1st gu 5s..2003 J - J 105
90*2 91
90*8 JulyTO . . . .
1st cons 50-year 5s— 1958 A -O
W O & W 1st cy gu 4s---- 1924 F - A 94 ____ 94*2 June’ 16 ___
Spokane Internat 1st g 5s— 1955 J - J 90 ___ 93 Jan TO
Ter A of St L 1st g 4Ms____ 1639 A - O ____ 99% 99*2
99%
1
1st con gold 5s........1804-1944 F - A 105 108 IOH2 July'ID
Gen refund s f g 4s........... 1953 J -J . . . . 85% S5% JulyTO
St L M Bridge Ter gu g 5s. 1930 A -O 100 % 10 1
99*2 JulyTO __
J -D 97
7
97
97
40 Salo
4
J- J
88
90 Jan T 6
General gold 5s.............. 1935 J -D
197a
103
103
102
Morgan’s La & T 1st 7s..1918 A -O
J- J
A- O
Ore & Cal 1st guar g 5s__ 1927 J - J
M N
So Pac Coast 1st gu 4s g._1937 J - J
San Fran Terml 1st 4s__ 1950 A -O
J - J
So Pac RR 1st ref 4s........1955 J - J
Southern— 1st cons g 5s___ 1994 J - J
Registered__________ 1994 J - J
Develop gen 4s Ser A__ 1956 A -O
90 ~ Tol & O C 1st g 5s— ......... 1935 J - J 103% 105
95*2 98%
87
14
95
95*4 103 93% 96*8
____ 95% 04% June’ 10
92^4 96
96 96% 97 July’lG
94% 97%
93
08% July’lG
65*2
69 68%
M-N 82% 83% 84% July’16 . . . .
86
89 86*4 July-16 ___
A -O
92*2 16
A - O 91% Sale 91%
A -O ___ 92
9334 Apr TO ___
1
81
80
80
M-N
J- J
99*4 90*4
90*2 35
87*2 29
Registered .................. 2361 J - .1 87*4 87*2 87*4
100*2 June’ 16 ___
N Y C Lines eq tr 5s..1916-22 M- N 9978
9934
993t 10
99*2
F - A 9734 98*4 97*2
98*4 29
80*2 Mar’16 ___
Non-conv deben 4s....... .1947 M- S 79*4 81
73 F e b ’l l . . . .
Non-conv deben 3>$s___ 1947 IVI- S
70 June’lG —
Non-conv deben 3!^s___ 1954 A - O ____ 71
Non-conv deben 4s......... 1955 J - J ____ 79% 79*4 July’16
79
79*2 July’ 16 ___
Non-conv deben Is......... 1956 M-N
4
70
Conv debenture 3^8........1956 J - .1 70 Sale 70
1 1 2 % 20
Conv debenture 6s______ 1948 J - J 1 1 2 % 1 1 2 % 1 1 2
100
79
J - J 67
67
67% 21
79*2 91*2 Jan T2
101% Apr T 6 ___
79*2 79*2 Apr T 6
Non-conv deben 4s.. .1955 J - J
79*4 79*2 S F & N P 1st sk f(l g 5s........1919 J - J 10 1 %
79*4 80* 1
5
79*2 803S 80
80
80
A -O
91% May’ 16
F - A 64% Salo 64*8
6738 30
M-N
91*2 93
67
67%
A -O
89%
80 % 847a July 10 ___
Atl Birm 30-yr 1st g 4s..el933 M- S
Cent New Eng 1st gu 4s._196llJ - J 80*2 82 81 July’16 . . . . 80 83
1st gold 3Hs.... .......... .1952
20-year debenture 4s__ 1929
N Y Chic & St L 1st g 4s__1937
Registered____ _____ 1937
H igh
87
104 June’16 . . . . 101 105
75% Apr T 6
74 78
68 July’ 15
68% 117
Prior Lien ser A 4s........... 1950 J - J 68*4 Sale I 68 *s
10
85
85
85
J - J
J - J 80% 8 * 80*2
8034 22
5278 Sale 5278
53
26
July
4
83 85
St Louis & San Fran gen Os. 1931 J - J 110% Salo 110 % 110 %
General gold 5s______ 1931 J - J 102 10234 102 JulyTO ___
86*4 90*2
78 May’ 16 . . . .
St L S F RR cons g 4s.. 1990 J - J 70*2 —
91% 95*2
71*8 July’ 10 ___
93% 93*4
General 15-20-yr 5s___ 1927 M-N . . . . 72
70 Salo 69
70*2 28
80 84*i
66 % 08% 67% JulyT6
89% 93
92% ____ 93 June’ 10 . . . .
Southw Dlv 1st g 5s___ 1947 A -O
87*4 90
1
77*2
Refunding gold 4s____ 1951 J - J ____ 81% 77*2
100*2 102
80’% Mar’ ll
J - J
77*2
79*2 July’ 16
97*2 100%
70% 73% 70*2
’70*2 25
K C Ft 8 & M cons g 6s .. 1928 M-N 109% 110 109% July‘16 ___
80*2 8 H4
5
75*2 76 76
76
73 73
K C Ft S & M Ry ref g 4s. 1936 A -O
89 —
90 June’ 16 . . . .
69% 72
K C & M R & B 1st gu 53.1929 A -O
2
77
79*4 81*2 St L S W 1st g 4s bond ctfs. _1989 M- N 76*2 77% 77
62% 64% June’ 16 . . . .
2d g 4s Income bond ctfs.pl989 J - J 62
78% 8 a
8
61*2 61% 61?a
02
68*4 73
Consol gold 4s................ 1932 J -D
9
63
61
1 1 1 % 116
1st terml & unlf 5s......... .1952 J - J 63 64
Feb ’ 14
Range
Since
Jan. 1
2 103
10 1
94 May’ 16
82% JulyTO
08*8
98*s
1
51 Junc’ lO ___
o Due Oct.
v Due Nov.
q Due Deo.
BONDS
N. Y. STOCK EXCHANGE
Weok Ending August 4.
New York Bond Record— Concluded— Page 4
P rice
Friday
Aug. 4
*
W eek 's
Range or
Last Sale
Bonds
Sold
A ug. 5 191G.
Range
Since
J an . 1
h N o Low H igh
Bid
A sk Low
Union Pacific (Con )—
Ore Short Lino 1st g 6s — 1922 F -A 10734 Sale 10734
1
0 107% 109
3
1st consol g 5s_______ 1946 J - J 108 Sale 106
106 107%
1 10 91% 94
Guar refund 4s_______ 1929 J -D 9 H2 Sale 91l2
6 ----- 102 102
102
Utah & Nor gold 58____1926 J - J
90 .
6 ----- 90
1st extended 4s_____ 1933 J - J *91 100
05
9034 ____ 91 .
6 ----- 91
91
Vandallaconsg 4sSer A____1955 F -A
6 ----- 91
Consol 4s Series H............ 1957 M- N 91i4 ____ 91 ,
91%
4212 ,
5 ----VeraCrut&P 1st gu 4>£s--1934 J - J ------ 87
8 23 97% 99
Virginian 1st 5s Series A-----1962 M-N 98i4 Sale 98«4
2 32 103 105
Wabash 1st gold 5s----------- 1939 1.1-N 103is Salo 103%
4 26 98 100
9834 Sale 98l2
2d gold 5s...............
1939 F -A
2 ----90 .
Debenture Series B-------- 1939 J - J 80 110
6 ----- 96% 100
1st lien e<iulp s fd g 5s-----1921 IYI- S 96>2____ 100 ;
5 ----1st lien 50-yr g term 4s__ 1954 J - J 693s____ 65 ]
6 ----- 103 105
D ot* Ch Ext 1st g 5s___ 1941 J - J 105 ____ 105
2 ----80 .
Dcs Moln Dlv 1st g Is___ 1939 J - J
09 7414 72 .
6 ----- 72
Om Dlv 1st? 3 ^ s --.........1941 A -O
73
86 ,
6 ----- 82
87
Tol&Ch Dlv 1st g 4s___ 1941 M- S 80 86
3
(L----2% 3
Wab Pitts Term 1st g Is___ 1954 J -D
1% 4%
1% 2i2
6 ----1
334
Cent and Old Col Tr Co certs
1
3
6 ----Columbia Tr Co certfs-----1
3%
1
3
6 ----Col Tr ctfs for Cent Tr ctf3 - 1
3%
2d gold 4s_____________ 1954 J -D
%
%
6
----____
‘8
Trust Co certfs_____
8334 84
6 ----- 83% 8434
Wash Terml 1st gu 3>£s------1915 F -A
93
95>2
5 ----1st 40-yr guar 4s_______ 1945 F -A
72 7212 72l4
West Maryland 1st g 4s___ 1952 A -O
1
1 71
75
0 ----- 103*4 105
West N Y & Pa 1st g 53 -----1937 J - J 104 104i2 10418
3 81% 84%
84
84 . . .
Gen gold 4s____________ 1943 A -O
37
..
6 ----Income 5s____________ pl913 Nov
20 ]
6 ----- 93 102*
Wheeling & L E lstg 5s___ 1926 A -O 100 10 1 100
Wheel Dlv 1st gold 5s___ 1928 J - J 97 97U 97
6 ----- 90
99%
Exten & Impt gold 5s____1930 F -A
J ----- 97 97
957s 96 97
15 68
7414 7212
Kit 1st consol 4s______ .1919 M- S 72
74%
20-year equip s f 5s........ .1922 J - J 72 >2 ____
4 ___
Winston-Salem S B 1st Is.. . 1960 J - J 847s 88
6 ----- 84% 87%
>----- 84 87%
Wls Cent 50-yr 1st gen Is__ 1919 J - J ____ 86i2
10 85
85i2
Sup & Dul dlv & term 1st 4s '36 1YI-N 85
86
90%
Street Railway
10 100% 10334
Brooklyn ltapld Tran g 5S..1945 A -O ____ 10034 100 % 10 1
1 st refund conv gold Is__ 2002 J - J ____ 80>2 80i2 July’ l 6 ----- 78% 81
6-year secured notes 5s___1918 J - J 100% Salo 100
1001 3 96 100 1 0 1 %
Bk City 1st con 5s..1916-1941 J - J 102 ___ 102*4 July’l 6 ----- 100 % 102 %
Bk Q Co & S con gu g 5S..1941 r.i-N ____ 9318 04 July’ l 6 ----- 94 91
Bklyn Q Co & S 1st 5s___ 1911 j - J
101 May' 13 ___
Bklyn Un El 1st g 4-5S...1950 F -A 101<8 Sale 10 0 's 1 0 U3 23 loo 102
3 100 % 102 %
Stamped guar 4-5s____ 1950 F -A 100U 10134 100*18 100 *8
823<
83
83'4 8234
1 82% 86 %
Kings County El 1st g 4s. 1919 F -A
2 82% 86%
83
81 8314 83
Stamped guar 4s_____ 1919 F -A
—
74 70%
Nassau Elec guar gold 4s. 1951 J - J 7312 7414 74 July'H
97 Salo 97
971
8 95*4 9834
Chicago Itys 1st 5s.............1927 F
99% 101
Conn lly * L ist*refg 4 >$3 1951 J - J 1 0 1 ' s ------ 101 July’ H —
Stamped guar 4}$s.......... 1951 J - J 10 11 s ------ 96'4 June’ 1 ___
801 42 74% 83%
Dot United 1st cons g 4 ! ^ a . . 1932 J - J 80i2 Sale 80‘2
84 Jan ’ 1' —
Ft Smith Lt&Tr lstg 5 s ..-1936 M- S
92% 9358 9212 July 11
87 94
Havana Elec consol g 5s----- 1952 F -A
52, 69% 75%
71
Hud & Manhat 5s Ser A----- 1957 F A 70l2 70S4 70i4
27*4 27l2 2718 273.
03 26% 31%
Adjust Income 5s..............1957
100 % 102
N Y A Jersey 1st 5s.......... 1932 F -A ____100i2 100i2 July’l) —
45 72*8 76%
73i2 Sale 7338
741;
Interboro-Mctrop coll 4J^s.l956 A -O
981 1 /2 97% 99%
Interboro ltap Tran 1st 5s..1966 J - J 98 Salo 9778
51 89% 93
893.
Manhat Ily (N Y) cons g 4s. 1990 A -O 8914 Sale 891,8
901; 46 8934 93 %
89:i4 Sale 8934
Stamped tax-exempt........ 1990 A -O
Metropolitan Street Ry—
93% 100%
Bway <fc 7th Av 1st c g 5S.1913 J -D 100>4 101 100 Juno’l) —
99% 10()38
Col & 9th Av 1st gu g 5s.. 1993 M- S ____ 9918 100 July’ l) —
—
99% 101
Lex Av A P F 1st gu g 5s. .1993 M- S 100 t2 1 0 1 12
....
Met W S El (Chic) 1st g 4s. . 1938 F - A
___ 10 1 102 %
Mllw Elec Ry & Lt cons g 53 1926 F -A foul III
Refunding & exten 4J^s..l931 J J ____ 9312
— 100 % 100 %
Mlnncap St 1st cons g 5s__ 1919 J - J 100 l2 10 1
—
92 95
Montreal Tram 1st & ref 5 s. 1941 J - J 91 ------ 92
86
1 80
New Orl Ry & Lt gen 4MS--1935 J - J 8334 Salo 8334
—
99 99
N Y Muntclp Ry 1st s f 5s A 1966 J - J 99 ------ 99
I d 73% 79
N Y Rys 1st R E & ref 4s. . -1912 J - J 73% Sale 73*2
102 55
03%
•30-ycar a<lj Inc 5s_____ a 1942 A -O 58is Sale 5778
___ 83
881?
N Y State Rys 1st cons 4^9-1962 M- N 82 84% 83
92
___ 91
Portland Ry 1st A ref 5s___ 1930 M- N
91%
77
—
Porthl Ry Lt A P 1st ref 5s. 1942 F -A —
78% 80
Portland Gen Elec 1st 5s. 1935 J - J
—
95%
MN
___ 95 96
St Jos Ry, L, II * P 1st g 5s. 1937
100 I
St Paul City Cab cons g 5s..1937 J - J
82
Third Avc 1st ref 4s........... 1960 J - J 81% 81*8 8 H2
14 81 83*s
7734
78%
Salo
50 77% 84%
AdJ Inc 5s------------------ a 1960 A -O
Third Avo Ry 1st g 5s......... 1937 J - J 105 107 .07% ,
___ 106 108
12 98% 100%
Tri-City Ry & Lt lsts f 5s.. 1923 A -O 98% 98% 9834
95%
___
Undergr of London 4 Ms-----1933 J - J
69 80 69 .
___ 68* 69
Incomo 6s_____________ 1948
84 1
___
Union Elcv (Chic) 1st g 5s.. 1949 A -O
5 6*7* 74*
‘ so” 70
United Rys Inv 5s Pitts lss.1926 M-N HU >
59l2 .
___ 59% 62
United Rys St L 1st g Is___ 1934 J - J 59'2 68
55
,
. . . . 55
____ 65
St Louis Transit gu 5s___ 1924 A -O ►
597$
207 30 46%
United RRs San Fr s f 4s__ 1927 A -O 36i4 Sale 3578
1 88
88
02
Va Ry & l’ow 1st & ref 5s. .1934 J - J ____ 88
Gai and Electric Light
Atlanta G LCo lstg 5s........ 1947 J -D 103i2 ____ 103 I
1 Ids 107*
Bklyn Un Gas 1st cons g 53.1945 M-N 106U 106i2 106U
___
54 .
Buffalo City Gas 1st g 5s__ 1947 A -O ____62
97 ]
Columbus Gas 1st gold 5s..1932 J - J
34 1*2*0 1261,
Consol Gas conv deb 6s___ 1920 Q - F 12U2 Salo 12 1 13
Detroit City Gas gold 5s__ 1923 J
101 10 2 %
10H8 10138
Detroit Gas Co cons 1st g 5s 1918 F -A 100 ___
Detroit Edison 1st coll tr 5s. 1933 J
103i2 Salo 103%
1 102*4 104*8
1st & ref 5s ser A............A1940 M- S 101% Salo 101U
« 100 % 10 1 %
Eq G L N Y 1st cons g 5s.. 1932 M- S
___
Gas & Elec Berg Co c g 5s.. 1949 J -D 100 ____ 100
Hudson Co Gas 1st g 5s-----1949 M-N 10234 10334
103 103*%
01 Jan
Kan City (Mo) Gas 1st g 5S-1922 A -O
91 01
Kings Co El L & P g 5s-----1937 A -O 105 ____ 105
104 105
117
3 114% 118%
Purchnso money 6s_____ 1997 A -O 117 11714 117
126
tar’
ll
120
128
MS
Convertible deb 6s_____ 1925
126 128
88
I 88
Ed El III Bkn 1st con < 48-1939 J - J 88 Sale 88
88%
3 100*8 102
Lac Gas L of St L 1st g 5s. .61919 a - F 101l2 102 101%
10
1
7
s
102
8
102
Sale
Ref and ext 1st g 5s_____ 1934 A - O
100 % 102*8
Milwaukee Gas L 1st 4s___ 1927 M-N 9278 933s 93
91% 93%
Newark Con Gas g 5s.......... 1948 J - D 10 1 ------ 103% Mar’ 16 — 103% 103%
N Y G E L II * P g 5s___ 1948 J - D 10418 105 10-41* 104% 10 103 1051,
Purchnso money g 4s___ 1949 F -A
84l2 85 84% July’16
84 87
Ed El II 1st cons g 5s____1995 J - J 108l2 109U 108% July’ 16 . . . . 108 109
NY&Q El L & P 1st con g 5s 1930
2 100 % 1 0 1 %
A 10034 ____ 10034 10034
N Y & Rich Gas 1st g 5s----- 1921 M-N
92% July’09
Pacific G & El Co Cal G & E
98% 28 97*8 100
Corp unifying & ref 5s— 1937 M-N 9814 Salo 98%
Pao Pow & Lt 1st & ref 20-yr
92 July’16 — - 92 93%
5s Intcrnat Scries_______ 1930 F -A ____06
Pat * Passaic G A El 5s___ 1919 M- S 1003g____ 99% Oot '16
PcopGas&C 1st cons g 6s. .1943 A -O 115 ____ 115% May’ 16 ___ 114*8 115*%
Refunding gold 5s............ 1947 M- S 1003s Salo 100% 10034 41 100*8 10 2 %
Registered..................... 1947 M -S ____9933
99 Sep '13
2 100 % 102*%
Ch G-L A Coko 1st gu g 5s. 1937 J - J 10218------ 100% 100%
Con G Co of Chi Istgug5sl936 J - D 100 ------ 101% May’ 16 . . . . 101 1 0 1 %
Ind Nat Gas A Oil 30-yr 5s 1936 M-N ____ 90
87 Juno’ 16 . . . . 87 87
Mu Fuel Gas 1st gu g 5s.. 1947 M-N 100 1007s 1003* Mar’ 16 —
1003g 100 %
98%
Philadelphia Co conv 5s____1919 F -A
3 *96% 98%
95 ____ 98%
Conv deben gold 5s-------- 1922 M-N 88 90 88
3 88
88
93%
Stand Gas A El conv s f 6s .. 1926 J -D 99% 100 09% 100
15 98% 102%
Syracuso Lighting lstg 5 s ..1951
D 100 s8 10134 100% July’ 16 —
99% 100*8
Syracuse Light A Power 5s.. 1954 J - J 84 ____ 85% June'12
Tronton G A El lstg 5s___ 1949 M- S 10H2 ____ 101% June’ 14 . . . .
BONDS
N. Y. STOCK EXCHANGE
Week Ending August 4.
461
P rice
F riday
A ug. 4
Bid
W eek ’s
Range or
Last Sale
A sk Low
H igh
Range
Since
J an . 1
Low
H igh
Union Elec Lt & P 1st g 5s..1932 M- S ____10O% 100% July’ 16
100% 101%
Refunding & extension 5s. 1933 M-N ----- 93% 89 Mar’ 15
93% Sale 93%
Utah Power & Lt 1st 5s___ 1944 F -A
93%
93% 96
Utica Elec Lt & P 1st g 5S..1950 J - J 100 10 1 % 102% Mar’15
Utica Gas & Elec ref 5s------ 1957 J 98 Aug '15
Westchester Ltg gold 5s___ 1950 J - D 104% 105% 105% July’ 16
104% 105%
Miscellaneous
82 83% 83
Adams Ex coll tr g 4s......... 1948 M- S
83
82 85%
98 99% 98
Alaska Gold M deb 6s A___ 1925 M -S
98
98 117
98 Sale 98
Conv deb 6s series B____ 1926 M -S
98
98 105
93% Sale 93%
Armour & Co 1st real est 4 Ms ’39 J -D
93%
93% 95
Braden Cop M coll tr s f 6s. 1931 F -A 98% 98% 98%
98%
98% 99%
87% 88 % 88 %
Bush Terminal 1st 4s_____ 1952 A -O
88 %
86% 89
Con3ol 5 s______________ 1955 J - J 87% Sale 87%
87%
86% 92
87 87% 86%
Bldgs 5s guar tax ex____ 1960 A -O
87%
91
86
Chic UnStat’n lstgu 4 Ms A 1963 J - J 100 Sale 99% 100
99% 100
Chile Copper 10-yr conv 7s. 1923 M-N 121 124 123
124
123 135%
83 July’16
Computing Tab-ltec s f 6s .. 1941 J - J 83 84
86
81
105% 105% July’16
Granby ConsMS&Peon 63 A '28 M-N
101*8 109%
105% 103
103
Stamped............. ............ 192,S M-N
103 109
100
%
.
.
100%
100%
Great Falls Pow 1st s f 5s.. 1940 M- N
09% 101%
Int Mercan Marine 4 Ms___ 1922 A -O 106% Sale 10534 106% 41 95 106%
106% Sale 105% 107 1901 95% 107
Certificates of deposit
105
106
91% 105
105 July’16
Int Navigation 1st s f os___ 1929 F - A
97%
Montana Power 1st 5s A__ 1943 J - J 97% Sale 97%
95% 98%
92% 93
Morris & Co 1st s f 4Ms___ 1939 J - J 92% 92% 92 % July’ 16
83 Apr ’ 14
Mtge Bond (N Y) 4s ser 2 .. 1966 A -O
94
94%
10-20-yr 5s series 3____ 1932 J - J :------ 95% 94 June’ 16
71% 74
74 July'16
73
75%
N Y Dock 50-yr 1st g 4s__ 1951 F -A
100*4 102%
Niagara Falls Power 1st 5s. 1932 J - J 101% 102% 102% June’ 16
Ref A gen 6s----------------al932 A -O
Nlng Lock & O Pow 1st 5s..1954 M-N 89 ____ 925s Feb ’ 16
92*8 92%
9234
9234
92 95%
Ontario Power N F 1st 5s. .1943 F - A 92% 93
90
90 July’16
86 90%
Ontario Transmission 5s___ 1945 M-N 86
8934 93%
92%
Pub Serv Corp N J gen 5S..1959 A - O 91% Sale 91%
9134
Tennessee Cop 1st conv 6s. .1925 M-N 91 Sale 90*4
88 125
103% Jan ’14
Wash Water Power 1st 5s. .1939 J - J
Manufacturing & Industrial
Am Ag Chem 1st c 5s.......... 1928 A-O 1025S sale 102% 1023g
101% 103
96% Sale 9634
97
Conv deben 5s_________ 1924 F -A
96% 99%
97%
Am Cot Oil debenture 5s — 1931 M-N 95 96% 97
9534 97*4
Am Hide A L IstsfgOs------1919 M- S 103% Salo 103% 103%
10338 104%
86% 87
87
87
Amer Ice Secur deb g 6s-----1925 A -O
85 83%
Am Smelt Securities s f 6s..1926 F -A 107% 107% 107% 107%
106% 118
Am Thread 1st coll tr 4s___ 1919 J - J 97% 98% 98%
98%
97% 98%
Am Tobacco 40-year g 6s__ 1944 A-O 118 _
118% 118%
118 119
Registered...................... .1944 A -O
12134 May’14
82%____ 8234 June’ 16
Gold 4s............................ 1951 F -A
82% 85%
Registered......... .......... 1951 F -A
98 June’ 14
Am Writ Paper 1st s f 5s.. .1919 J - J 80 Sale 79%
80
85% 80%
Baldw Loco Works 1st 5 s... 1910 M-N 103 105 104% Apr '16
104% 105
Beth Steel 1st ext s f 5s___ 1926 J - J 104% Salei 104
104%
102% 104%
1st & ref 5s guar A .......... 1942 M-N 100% Sale 100% 100%
99% 103%
Cent Leather 20-year g 5s.. 1925 A -O 101% Sale 101% 101%
100% 102%
82% 88 97% Jan '15
Consol Tobacco g 4s........ ..1951 F -A
Corn Prod Ref s f g 5s____ 1931 M-N 98% 99
99% May’ 16
99 100 %
1st 25-year s f 5s______ 1934 M-N 96 Sale 96
96%
95% 99%
Cuban-Am Sugar coll tr 6s. .191.8 A -O 10 1 % 102 101% 101%
10 1 % 103
Distil Sec Cor conv 1st g 5s. 1927 A -O
74 Sale 74
74%
69% 78
E I du Pont Powder 4M s-_-1936 J -D 101 Sale 10 1
10 1
101 107%
General Baking 1st 25-yr 6s. 1936 J -IJ ------ 96% 85 Mar’ 16
85 85
82%____ 82%
Gen Electric deb g 3MS-- 1942 F -A
8234
78 83%
Debenture 5s............
1952 M- S 104 Sale 103% 104
103% 105%
ill steel deb 4 Ms_IIIIII 1940
90% sale 90
9034
A -O
89% 92%
Indiana Steel 1st 5s
195° M-N 101% Sale 101% 101%
10 1 % 103%
Ingcrsoll-Rand 1st 5slI
1935 J - J
100 Oct’ 13
Int Agricul Corp 1st 20-yr 5s 1932 M-N _75 ' - 7 7 " 75
75
75* *79*
Int 1 apor Co 1st con g 6s ... 1918 F -A 101% 102 10 1 % July’16
1 0 1 % 102 34
92%
81
9258
. FS118®1 conv 8 ( S 5s_____ 1935 J - J 91 ____ 91%
Int St Pump 1st s f 5s____ 1929 M- S
71 June’ 16
71
78%
63 72 % 64
64
Certfs of ^deposit___
64
79%
99%
Laekaw Steel 1 st g 5 s_____ 1923 A -O 99% Sale 99*8
97% 100*8
92%
1st cons 5s Series A____ 1950 M -S 91% Sale 9134
90 97%
125%
12434 127
Liggett & Myers Tobac 7s.. 1944 A -O 124% 124% 125
5s____ ________
..1951 F -A 100 % 101 100 % 101
100 % 130
Lorillard Co (P) 7s..............1944 A -O 124% 125. 125% 125%
122 % 127
5s....................................1951 F -A 100% Sale 100 % 10 1
100 % 102 %
MexicanPetrolLtdcon 6s A 1921 A -O 108 110 108% 108%
106*8 128
1st Hen & ref 6s series C . . 1921 A -O 108 110 108*8 109
105 125%
98 98% 98% July’16
Nat Enam & Stpg 1st 5s...1929 J -D
96% 99
Nat Starch 20-yr deb 5s___ 1930 J - J 85%____ 85%
85%
85% 88 %
National Tube 1st 5s_____ 1952 M-N 100% 101% 101% 101%
99% 1 0 1 %
10234
N Y Air Brake 1st conv Gs_.192S M-N 102 103% 102
101 105%
Railway Steel Spring
Latrobe Plant 1st s f 5s..1921 J - J 100%____ 100% July’16
99% 100 %
96%
Interocean P 1st s f 5s__ 1931 A - O 963S 98 96*4
94% 98
Rcpub I & S 10-30-yr 5s s f. 1940;A - O 97% 98 97%
98
95% 99%
99%
99%
Standard Milling 1st 5s___ 193o!m -N ------ 99
95% 100
The Texas Co conv deb 6s..1931 J J 104% Sale 104*8 104%
104 106
82 % Juno' 16
Union Bag A Paper 1st 5s. _1930 J - J 84% 86
80% 83%
Stamped______________ 1930 J - J 84%____ 82% May’ 16
82% 82%
68
69
U S Realty A I conv deb g 5s 1924 J - J 69% 71
68
73
14
20
15
15
U S Red & Itefg lstg 6s___ 1931 J - J
10 % 15
US Rubber 10-yr col tr6s..l918 J -D 102 Sale 101% 102
10 1 % 103%
U S Smelt Ref A M conv 6s. 1926 F -A 110 Sale 110
112
109 115%
U S Steel Corp— 1coup___ dl963 M-N 105% Sale 105
105%
103% 105%
S f 10-60-yr 5s/reg........dl963 M-N 105 Sale 105
105%
103% 105%
Va-CarChem 1st 15-yr 5s__ 1923 J - D 97 Sale 96%
97%
96% 99%
Conv deb 6s..................el924 A -O 100% 100% 100 -% 100*8
100 % 103%
West Electric 1st 5s Dec__ 1922 J - J 101% 102% 10 1 % 102
10 1 % 1033s
114
118
Westlngh’so E A M conv 5s. 1931 J -J
114
116%
112 141%
10-year coll tr notes 5s. ..1917 A -O 100% 101 10034 July’16
100 % 101*s
Coal & Iron
96
97
Buff & Susq Iron s f 5s____ 1932 J -D
96% July’16
96% 96%
Debenture 5s_________ al926 M- S 91
95
96 June'16
90 96%
94% 97% 95%
>1 F & I Co gen s f 5s___ 1943 F -A
95%
92% 95%
)1 Indus 1st A coll 5s gu__ 1934 F - A 74% 76% 76
76%
74% 77%
>ns Ind Coal Me 1st 5s__ 1935 J -D
18
73 Mar'14
89
J -D
91 July’ 16
90 93
35 . . .
F -A
99*8 Feb '14
9434 Mar’16
A -O ------ 95
94% 94%
J - J 35 ____ 99 July 15
93
J - J 92% 93 92%
89 94
J - J 83% 87
87 June’ 16
84 88%
J - J 100% 10034 102 June’ 16
101% 103*8
Blrm Dlv 1st consol 6s__ 1917 J - J *___ 10 1
100*4 June’ 16
10034 102
Tcnn Div 1st g 6s..........al917 A -O *____10 1
100% June’16
100% 102
Call C M Co 1st gu 6s___ 1922 J - D 106 ___ 101 Deo ’ 14
J - J ____ 87% 73 Anr ’ 14
M- S 80 85
86 June'16
86 90%
Telegraph & Telephone
m Tclep A Tel coll tr 4s__ 19
J 91*8 Sale 913s
91%
90% 92%
Convertible 4 s ................1936
102
S 102 103 102
100 102%
20-yr convertible 4 44s___ 1933 M- S 108% Sale 1083s 108%
105*8 109
ent Dlst Tel 1st 30-yr 5s..1!
J -D 102*8 103% 102% 103%
10 1 % 103%
ommerclal Cable 1st g 4 s..2397 Q- J ____ 75
73 July’ 16
73
73
Registered.......................2397 Q - J
71 May’ 16
71 71
umb T A T 1st * ven 5s__ 1937 J - J 100% 100% 100% 100%
99% 100%
J - J ____100
98 Apr ’ 16
98 98
M-N 100*4 100% 101*8 June’ 16
10 1 % 101%
99% 100% 10034 July’16
F -A
99% 101
10
1
___
M-N
100*4 June’16
10034 100*4
M-N 98 Sale 97%
98
97*8 99%
J - J 100% Sale 100% 100*8
99% 101%
J J 100% Sale 100% 101%
99% 101%
J - J 100% 101 100
100
100 101%
Fd and real est g 4 Ms___1950 M-N 94% 95% 94%
94%
94% 96%
Mut Un Tel gu ext 5s___ 1941 M-N 993s____ 101% Apr ’16
101% 101%
Northwest Tel gu 4 Ms B..1934 J - J 93% 94% 95 Mar’16
05
95
•NoprlcoFridaylatestbidandasked, aDueJan. ADuoApr. «DuoMay. f DueJuno. ADuoJuly. *DueAug. eDueOct. pDueNov. «DueDeo. *Optionsale
BOSTON STOCK EXCHANGE—Stock Record
483
SH ARE
PR IC E S — N O T
Tuesday
Aug. 1
M on d a y
July 31
Saturday
July 29
PER
CENTUM
Wednesday
Aug. 2
P R IC E S .
Thursday
Aug. 3
Friday
Aug. 4
Sales
o f the
W eek
Shares
STOCKS
BOSTON STOCK
EXCHANGE
BONDS
See Next Page
Range Since J an .
[Vol. 103.
1
H ighest
Range fo r Previous
Y ear 1915
H ighest
_ _ _
_
_ _ _
Railroads
92% Feb 109% Nov
Atcli Topeka & Santa Fe.-lOO 102 Mar 2 108 (Jan 3
Last Sale 105*3Jnly'16
IOH4 103 *102 102%
*10214 103 *10212 103
97 Jan 101*2 Nov
Do pref____________ 100 99 Jan 5 101% Mar 9
Last Sale 99 July’ 16
*98*2 99*2
*98*2 99
*98l2 99
*0812 99
91 Boston & Albany________100 180% Aug 3 198 iFeb 16 170 Mar 198 Jan
180% 180% 181 181
181 182
181 181
*181 183 *181 182
73 June 96 Jan
88*2
Jan
19
Boston
Elevated......
.........
100
65*2
Apr
24
641
7734
77%
*74*2 76
77
77
77
76*2 77
74% 74% 74
32 Boston & Lowell________ 100 127*2 Aug 3 145 Feb 11 109 Feb 138*2 Oct
*128
*127*2___ 127*2 128
128 128 *128 20 Feb
37% Oct
52
Feb
14
35
Jan
23
Boston
Maine.........
—
100
157
44
44
44
44
*44
44*2
44
44
*44
44l
2
44
44
Boston * Providence____ 100 200 Aug 4 235*2 May29 225 Jan 240 Juno
200 200
*___ 327
*___ 227
___ 227
227
*
2*29
5 Dec
10 Mar
4*2 Feb 29
5 Jan 8
Boston Suburban Elec Cos—
Last Sale 4*2 May’ 16
4
___4
4 *___
* 4
*
56 Mar
40 Sep
39 May 19 40*2 Feb 29
Do
pref.......................... ................
Last Sale' 39 May’ 16
39
___
* 39
39 39
*
9 Sep
5
Nov
5%
Jan
5
4
MarlS
Boston
&
Wore
Electric
Cos..
Last Sale] 4*2 Apr’ 16
5
*4
*4
5
*4
5
*4
5
47 July
39 Jan
42 Feb 28 45*8 Julyl8
Do
pref______________
*45
47
*45 47
47
*45
44
45
45
45
♦45 47
160
Sep
157
Feb
154
July26
154
July26
Chic
June
Ry
&
U
S
Y
...100
*
154
July’
16
Last
Sale
154
___ 154
154
*153 154 *
Do p ref________________ 102% Apr 26 110 Julyl4 101*2 July 110 Apr
108’
108 108
*
___________
108 108
*
___________
162 Feb 19 140 Feb 165 Jan
150
Jan
5
Connecticut
River______
100
162
May’
16
Last
Sale
162
*150
150
162
*150
162
*150 162
51 Feb
76 Nov
47 Fitchburg pref------ --------.100 75 May 2 87 Feb 14
78
78*2 78*2
*75l2 78l2 78l2 78*2 78*2 78*2 78
120 Georgia Ry & Elec stampdlUO 122 Jan 3 129 Aug 1 114 Apr 120 Feb
128*4 129 *128 129 *128" 129"
*127 ___ *128 .
128*4 129
84 Aug
88 Mar
May25
90
Jan
10
Do
pref____________
100
ZS6
88
July’
16
Last
Sale
*87*2----*871
2
----*87*2 -- *8712 ----92 Mar 103*2 Nov
283 Maine Central__________ 100 z99 JunelS 102 Jan 17
100 100
*100 100>i 100% 100U 100*4 100% 100*4 100*4 100 100
478 June 10 Sep
5 Julyl4
8 Feb 14
75 Mass Electric Cos_______ 100
7
7
6
6
5>2 512
*6*2___
33 July 56 Jan
889 Do pref stamped______ 100 31 May 2 40 Feb 11
37*2 37% 37% 39
35
365s 36*2 36% 36*2 37
34
34
87% Oct
43 Feb
357 N Y II & Hartford............ 100 57 May 5 77% Jan 3
*58% 59l2 58*2 59
58*2 59% 58*4 58*4 57*2 58%
*5812 59
98 Apr
89 Oct
. . Jan 3 105 Feb 14
Northern New Hampshire. 100 97
Last Sale 105 July’ 16
*105 107
*105 107
157
Apr
140
Aug
157
Feb
26
148%
July22
Old
Colony................
100
149
149
*149
.
.
.
152
*149
*149
152
149 149
15 Mar 30 Nov
Rutland, pref__________ 100 20 May 1 30 Jan 3
28 *
28
28
*24
28
*25
28
Union Pacific_____ ______ 100 130 Apr 26 142% May23 116*2 Jan 141% Nov
139% I§7% 13S*2 138*2 138*2
*13612 137 *136*2 137
79% Mar 81% Oct
Do pref____________ 100 81% Mar 1 83*4 Jan 3
Last Sale 82%J ’ne’ 16
Vermont & Massachusetts. 100 115 Apr 25 125 Mar 1 105 Feb 125 Apr
112 114
Last Sale 115 July’ 16
*112 114 ♦112 114 *112 114
61 May 7 2 * 2 J a n
349 West End Street_________ 50 56*2 Aug 4 67*2 Jan 19
56% 57
57
57
*56
57
57
57
*55
57
57
80 July 93*2 Feb
pref... ............ .....100 69 Julyl3 86 Feb 25
47 Do
72
73
73
72*2 72% 72*2
73
*72
*71
Miscellaneous
48 Jan
73% Nov
368 Amer Agrlcul Chemical__ 100 64 Apr 24 74% Aug 4
70% 71*4 70% 7214 72% 74%
71
71
70
*68
68*2 *69
87*2 Mar 101%Nov
585 Do pref___________ 100 95*2 Mar23 100% JunelS
100 100*2
9934 100*8 99*8 100*2 100 100
99
99 100
99
1 % Mar
4*2 Oct
3*4 Apr 12
l*2July 8
350 Amer Pneumatic Service.. 50
1% 1%
1% 1%
1*2 1*2 *1% 1%
1*2 1*2
* 1*2 2
13 Dec
19%Jan
Do
pref_____________ 50 11% July 8 16 May 4
Last Sale 12 July’ 16
■12
13
*12
13
*12
13l2 *12 .
100
Feb
119*2
Nov
116*2
Jan
8
106
Apr
22
Amer
Sugar
Refining........100
51
109 109% 108*2 HO
110 110 *109 110% 109*4 110*2 *109 110
pref____________ 100 114*2 Mar 1 118% May26 109 Feb 119 Dec
96 Do
117 117
117*4 117*4 117*2 118
117 117
117*2 117*2 117*2 118
116 Jan 130%Nov
131
Mar29
126%
Jan
31
Amer
Telep
&
Teleg-----..100
2,025
129%
129*2
129%
129*2
129%
129*2
129*8
129%
129% 129*2 129% 129*2
16% Apr
57% Oct
65 American Woolen of Mass.100 43 Jan 11 55 Marl4
43 43
44% 43 43
44*2 44*2 *43
45
*43
44*2 *43
99% Oct
77 Feb
432 Do
pref____________ 100 92 Jan 11 101% Marl4
95*2
95% 95
95*4 95*2 95*2 95*2 95*2 05*2 95% 95*2 95
67 Apr
59%
Jan
75
June13
66
Jan
3
Amoskcag
manufacturing—
150
73
73
73
73
*72
75
72
72
72
72
97*2
May
101
Feb
101*4
Feb
10
98 July24
12 Do pref........................
99
99
98
___ 98
*
___________
98 98
4 Feb
36 Nov
15,146 Atl Gulf & W I S S Lines. .100 27 Jan 14 68% June 16
6234 6334 62% 63% 62% 64% 63% 65
62*4 64*4 61% 63
9%
Mar
49
Nov
65
July
6
42
Jan
15
Do
pref___________
100
391
63*2
64
633
4
65
63% 63%
64*2 64*2
64
*64
64% 64
718 Cuban Port Cement__ S15 pd u>8*s Apr 28 25% July 20
23
23*2
23
23
23
*23*2 23% 23% 23% 23% 23*2 23
13%
Jan
19
8*2
Dec
13*4
Apr
9%
July
1
East
Boston
Land_______
10
9%
July’
16
Last
Sale
*9
10
*9
10
*9
10
*9*2 9%
154 Edison Electric Ilium____ 100 234 Apr 27 250 Mar 7 230 May 260 Jan
238 239
*237 240 *237 240 *238 240 239 239 239 239
50 General Electric.... ...........100 159% Apr 22 178 Jan 17 138% Fob 184% Oct
168 168
*167*2 168*2 168*2 169*2 16834 169*2 167% 168*2 168 168
96*2 Aug 104 Mar
10 McElwaln (W II) 1st pref. 100 95 June 8 102 Feb 24
>100 . . . *100 . . .
102 102 *100 .
100*2 100*2 100 . . .
78 Apr
94 Aug
210 Massachusetts Gas Cos__ 100 79% July 17 86*2 Jan 5
80*2 80% 81
80 8034 *80
80
80
81
80*2 80*2 *80
84 Nov 92*2 Jan
44 Do pref____________ 100 80 May 3 89 Feb 14
80
80
81
80*2 80*2 *80
80
81
*80
81
80*2 81
154
Feb
200
Jan
172
Jan
19
155
May
4
Mergenthaler
Linotype__
100
56
161
161
162*2 162% 161*2 161*2 161*2 161*2
*161*2 163
3 Sep
2% Jan 15
*4 Apr
100 Mexican Telephone_____ 10 .90 Aug 3
*34 1 "'.90 '".90
*34 1
*34 1
*12 1
10 June 16% Deo
19
Apr
10
15
Jan
18
Mississippi
River
Power..
100
16
June’
lO
Last
Sale
*
___
17
___
17
___
17
* ___ 17
35 Feb
40% Jan
Do pref____________ 100 43 Apr 5 44 Feb 8
Apr’16
Last Sale 43
___ 39 *___ 39
___ 39
* ___ 39
20 Apr
30 Nov
5 New Eng Cotton Yarn___ 100 23% Julyl8 30 Jan 7
*25 . . .
26
26
*25 . . .
♦25 . . .
25
July
55 Deo
Jan
7
50
Jan
24
58
Do
pref..............................100
5
51%
51%
*50
.
.
.
*50 . . .
*50 . . .
143
Jan
zl27*4
June
Marl7
140
127*2
Aug
4
525
New
England
Telephone..
100
130 132% 127*2 129
134 135
•134 135
134*2 134*2 *134 135
30 Nlpe Bay Company.........100 102% Jan 11 160 May 5
151 152
*150 . . . '150 152 *150 152
150
Feb
170
Oct
Jan
17
171
158*2
Apr
28
17
Pullman
Company______
100
♦160*4
162
162% 162% 160 160 *160*4 162
15 Sep
18*4 Jan
45 Reece Button-Hole______ 10 15 Feb 3 16*2 May23
16*4 16%
16*: *16
16*2 16*4 16%
*16
16*2 *16
143 July28 104%Jan 128 Nov
342 Swift & Co........................ 100 125 Feb
139 139
139 139
140 141
142 143
140*2 142*4 140 141
28 Mar 36% Dec
1,089 Torrlngton______________ 25 35 Jan 14 58 Junel3
44
42*2 42% 4234 4234 42*2 4238 42*2 42*2 42% 42*2 43
26 Mar 30*4 Sep
31 Do pref_____________ 25 28 Jan 14 32 Mar 2
31*2 31*2
*31
31*2 *30*2 31*2 *30*2 31*2 31*2 31*2
.95 Jan
1% Apr
2 Feb 23
Union Copper L & M ____ 25
.90 Mar28
July’ 16
Last Sale 1
1*4
*1
1*2 *1
*1
1*2
110
Feb 163 Nov
136%
Jan
31
168*2
June
8
United
Fruit___________
100
2,081
159*2
161%
158
160
156" 157% 157*4 157*2 157*2 161
156 156
48 Aug
65 May
3,400 United Shoe Mach Corp._ 25 50 June23 63*2 May 12
53% 54
5378 54
53*2 54
5334 54
53*2 54
53*2 54
28 Mar 30 Aug
30*2 Junel4
1,838 Do pref_______________ 25 28*2 Jan
30
29% 29% 29% 29% 30
30
30
30
30
30
30
89*2 D e o
38 Feb
872 U S Steel Corporation___ 100 7934 Mar 1 88% Jan 3
86*4 86*2 86% 86%
86 % 87
86% 86% 86*2 86% 86*2 87
119*2 July 8 102*4 Jan 117*4 Oct
11 Do pref----------------..100 115*4 Feb
117*4 117*4
116*2 116*2 *116*2 117 *117 117*2
*116*4 117
10% Dec
14% Nov
7*2 July20 13 Jan 3
1,450 Ventura Consol Oil Fields.
7% 8
"7 % ""7%
7% 8
8
8*8
*7% 8
8
8*8
Mining
4 Jan
4% Apr
5% Apr 11
l%Fcb 17
Adventure Con__________ 25
Last Sale 2*2 July’ 16
*212
3*2 *2 % 3*? *2 % 3% *2 % 3*4
92*2 Dec 103 Aug
484 Ahmeek________________ 25 91 Aug 1 106 MarlO
*93
94%
94
92
94*4 94
91
95
91
94
94
93
21%
Dec
40%
Apr
26%
Jan
7
1658
Aug
4
Alaska
Gold____________
10
1,090
16%
17*4
17*2 17*2 17*4 17*.| 17*4 17% 17*4 17% 17% 17%
.45 Feb
4% Apr
2 Apr 7
% May 3
145 Algomah Mining_________ 25
1% 1%
1 % 1*2
* 1 % 1 % * 1 % 1 % *1*4 1 % *1*4 1*2
66
Dec
74*2 Feb 21
35%
Jan
58
Julyl7
Allouez_________________
25
230
60
*59
60
60
59
60
59*2
59
*58*2
58%
60
*58
16% Jan
72% Nov
97% Apr 10
33*4 33*4 33*8 34% 31% 34*8 31% 32% 31*4 3134 5,620 Amer Zinc, Lead & Smelt. 25 29*2 Julyll
*32% 33
75% Apr 8
930 Do pref_____________ 25 60 Julyll
62
62
63
63
64
64*2 62
63
62
63
*62*2 63
9*2 Apr
3*i Jan
73S July29 10 Feb 14
8*4 8*4 *8*4 8*2 1,532 Arizona Commercial_____ 5
8*4 8%
8
8*2
8*4 8*4
7% 8 %
4% Apr
2 Jan
5*2 Feb _
1*2 Aug 2
585 Butte-Balaklava Copper.. 10
1 J2
1%
1*2
1^
1 % 1*2
2
*1 % 1 %
1% 1 %
2
80 Juno
35% Jan
105*4
Mar
9
60*2
JulylO
470
Butte
&
Sup
Cop
(Ltd)__
10
65*4
643
4
65
64%
66
65
68
68
67
67%
♦66% 67%
78% Apr
5 1*2 Feb
277 Calamet & Arizona......... . 10 66 Junc28 75*4 May20
68% 68% 68*2 68*2 68*4 69
68
69
68U 68*2 68% 69
59 Calumet & Hecla________ 25 515 Julyl4 586 Feb 14 350 Jan 630 Apr
520 525 *520 530 525 525 525 526
520 520
530 530
25 Apr
15 Jan
14
Julyl7
19
Jan
0
Centennial_____________
2
115
16
*15
___
___
15
15
*14%
15
*14
15
*14*2 15
57 Nov
32% Jan
Chino Copper__________ 5 46 Julyll 60 Feb 19
Last Sale 47 July 16
*47
47%
*47*2 43
*47*2 48
*47 % 48
30 Jan
65 Dec
57% 57*2 1,311 Copper Range Cons Co__ 100 54% Julyll 68% May 19
58
57% 57*2 5634 57*4 5634 57
57 % 57% 57
1%
Jan
5% Apr
3%
Mar
17
2
Julyl3
Daly-West.........................
20
60
*2
*2
2*2
*2
2*2
2%
2*4 2% *2
2*4
2
2
16% Dec
8*2 Jan
16*4 Jan 8
11*2 Julyl2
355 East Butte Copper Min__ 10
1134 11% 1134 11%
11% 11% 11% 11% *11% 12
*11*2 12
14*4 Apr
10% Jan 8
4*2 Feb
6
June23
76
Franklin..............
25
7
7
7
*6*2
*0*2
*6*2
6*2
6*2
7
7
*
6*2
*6*4
94% Apr
58 Jan
79 Julyll 98% Feb 10
160 Granby Consolidated...... 100
80
80
80
80
81
80% 80% 80% 80
80% 80% *80
52% Dec
23*4 Feb
47
9 Greene Cananea...............100 34% June26 52*2 Mar 9
47
*46
*45% 16% *46
47
*46
45
45
24% Apr
11
Jan
19*2
Jan
4
10*2
June28
n
50
Hancock
Consolidated___
25
11
*10*2
11
11
*10%
11%
11
*10%
*10*2 11% 11
10% Apr
2*i
Jan
2
JulylO
6
Jan
3
2*4
10
Indiana
Mining__________
25
2
*4
3
2% 2*4
*2
*2
3
3
*2
*2
3
41 Mar 52 Aug
240 Island Creek Coal_______ 1 44*2 Mar30 54% Apr 11
45
45
45
45
46
*45
45
45
*44
45
*44
45
91*8
Apr
85*2 J a n
88
Jan
29
32
Do
pref____________
1
92
May23
89
89%
89
89%
89%
*88*2
*88*2 89*2 ♦88 89*2 89%
34 Apr
1 7 *2 J a n
123 Isle Royale Copper.......... 25
25 JulyI3 31%Jan 6
26
26
25*2 25% 25% 26
25
25
25*2 25% *25*2 26
5*8 Apr
3 Aug
5% May 3
3% Mar 4
420 Kerr Lake____ ________ 5
4% 4%
4% 4^8
4*2 4*2
4*2 4*2
4*2 4*2 *4*2 4%
1*2 Aug
4%Apr
8 Apr 6
2% Feb 11
305 Keweenaw Copper_______ 25
*3
3*4
3
3
3*4 *3
3% 3*2
3
♦3 % 4
3*4
5*2 Jan
19% Dec
19% Feb 10
9*4 Julyll
11
100 Lake Copper Co_________ 25
11
11
11*2 11
12
*11
11*2 *11
11*2 ♦11
*n
5% Jan 3
3*8 Jan
9 Apr
3*4 July 15
La Salle Copper............... 25
Last Sale 3*2 July 16
3*2 *3
3*2
*3*8 3% ♦3% 3% *3
4*4 Jan 4
1 Mar
5 Dec
1*2 Aug 3
60 Mason Valley Mine_____ 5
1*2 1% *1 % 2*2
1% 1%
♦1% 2*2 *1% 2*2 *1*2 2*2
17 Apr
565 Mass Consol____________ 25 10 July 13 15 Fob 23
3 Jan
12
11% 12 *1034 11
12*4 12% 12*4 12
12% 12% 12
2 July 5
8 Apr
5 Feb 10
3 Aug
Mayflower______________ 25
Last Sale 2*4 July 16
2% *2
2*2
2*2 *2
*2
2*2 *2
1*2 Jan 5
3 Apr
4 Apr 6
600 Michigan_______________ 25
.60 Mar
3
*2*2 6
3
2% 2% *2% 3
*2% 2% *2% 2%
98 Dec
224 Mohawk______________ 25
7 7 *2 Julyll 103*2 MarlO
40'i Jan
80*4 82
82
81
81
*81
81
81
81
81
81*4 81
17 Apr
11% Feb
55 Nevada Consolidated------- 5 15 Jan 28 18% May26
17
17
16%
16%
*16%
17%
16%
*17
17*2
16%
17
*16%
14 *4 Juno
4*2 Feb
190 New Arcadian Copper---- 25
4% Julyl4
10*4 Jan 4
5
*4% 5*2 *4*2 5*2
5
5
5
*5
5*4 5*4
4 July 13*2 Aug
9 Julyl9 24% Jan 19
25 New Idrla Quicksilver___
12
___ —
12
12
*11
12
1 1 % *11
*11
12
*11
8% Nov
5*8 Aug
8*2 May 1
6 Mar 1
10
Niplsslng
Mines_______
5
7
7
♦
6
3
.1
*634
*6%
7
6%
*6%
7
6%
6%
6%
22*4 Jan
38% Apr
382 North Butte......... .............15 20 Julyl3 32 Jan
20*2 20*4 20*2
20*8 20*2 20*2 20*2 20% 20% 20*4 20*2 20*2
4*8 Apr
1 Jan
1*2 Jan 3
.50 June 2
187 North Lake___________ 25
1
1*2 1*2
1*2
*1% 1%
1*2 1*2 *1*4 1% *1*2 1%
2 % Apr 6
.50 Mar
3% Apr
1*8 Julyl5
100 Ojlbway Mining____ _____25
1*2
1*4 1*4 *1% 1*4 *1*8 1*4
*1
1*4 *1*8 1% *1
7% Apr
4
Jan
3
2%
Nov
1*4
July
14
Old
Colony--------------------25
1%
July’
16
Last
Sale
*1% 2
*1% 2
*1*2 2
*1*2 2
60 July 14 73% Mar 11
38% Mar 64 Deo
20 Old Dominion Co______ 25
*62
63
63
*62 ___ ♦62
62
62
63
62% *62
*62
03%
Apr
101*2 Marl4
64
Jan
70
Julyll
308
Osceola_______________
25
80
80
79*2
80
80
81
80
80
80
80
80
80
19% Aug
1 1 *2 Mar 7 16 Apr 11
12 Jan
355 Pond Creek Coal— ........ 10
13
13% 13
12% 12% *12% 13% *12% 13% *12% 13% 13
95 Apr
81 Julyl2 98% May 16
50 Jan
271 Quincy..........- ................. 25
81
81
81
81
81
81
81
81
81
81
81
81
27%Nov
15% Jan
15 Ray Consolidated Copper. 10 20% June22 26 Feb 14
22% 22% *22*2 23
*22*2 23
*22% 23
23
23
*22*2 23
65% Dec
28 Jan
565 St Mary's Mineral Land.. 25 61*2 Jan 31 80 June 9
*69
71
69
69
68
70
70
68*2 69
♦70
71*2 69
5 Oct
1 Mar
1*4 July28
3% Jan 8
*1^1
75
Santa
Fe
Gold
& Copper.. 10
2
2
*1%
1%
*1%
1%
1%
*1% 1% ♦1% 1%
11% Apr
4
Jan
7
Julyl3
12*2
Feb
14
640
Shannon---------10
7
%
73
8
7% 7%
7% 7%
7% 7%
8
8
7% 7%
38
Nov
1S%
Jan
24%
Julyll
40%
Fob
14
Shattuck-Arlzona______ 10
Last Sale 26 July’ 16
26*2 *25*2 26*2
26% *25% 26*2 *26
♦26
7%July
5% N ov
4 Aug 4
8*2 Jan 4
320 South Lako.....................25
4
4
5
4*2 4*2
4*2 4*2
4% 4%
5
*412 5
41*2
Apr
22%
Jan
28*2
Jan
3
12*2
Julyl5
310
Superior______________
25
13%
13*2 13*8
♦13
13
13>2 ♦13
13% *13
*13
13*2 *13
4%Apr
1 Mar
5% May 15
1*2 Jan 13
905 Superior & Boston Coppor. 10
3*8 4
4*8
4
4*8 *4
4
4*8
3% 4
3% 4
“
25
Jan
68%
Aug
56*
i
Jan
14
35%
Aug
3
36
60
Tamarack.............
25
*35
37
35%
40
40
*36
♦36
40
*36
40
*37
15%%ct
12% Jan 3
2% Feb
4*4 Julyl2
85 Trinity.................... *___ 25
4% 434
4*2 5
5
5
4^ 4%
*4*2 5
4*2
.63 Apr
.60 May31
.20 Jan
.15 Jan 26
.33 .33 *.30 .35 *.30 .35 2,000 Tuolumne Coppor............ 1
.33 .33
.35 .35 *.30 .35
64 Dec
20 Feb
2,070 US Smelt. Refln* M in ... 50 54*8 Jan 3 8058 June 9
68
67% 68*s 67% 67% 67*2 67*2 66*2 67% 66*4 66% *67
60*2 Dec
28 Jan
607 Do pref........................ 50 49 Feb 1 63% Apr 11
50% 50% 50%
50
50*4 50*i 50*2 50*i 50*2 50*4 50% 50
5%Juno
5*8 Apr 10
2 Jan
3
Feb
11
410
Utah-Apcx
Mining..........
5
4
4
4
3%
4
*3%
4
3%
*3%
♦3% 4
16%Juno
15%
Feb
11
9*4
Fob
12*2
Jan
15
150
Utah
Consolidated.........
.
5
.
.
.
.
13
—
13
13
13
13
13% 13
*13
13
13
81%
Dec
48%
Jan
86
%
Feb
21
75
June27
55 Utah Coppor Co............. 10
♦76% 77
♦75% 76
*76*4 76% 76% 77
11*2 Marl3
6*2 JulylS
2,611 Utah Metal & Tunnel____ 1
8
8
8
8
8*8
8*4
7% 8
7% 8
7*4 7*2
4*2
Apr
1
Feb
2%
Jan
4%
Feb
14
270
Victoria._________
25
3
*2% 3*.| ♦3
3*4 ___ . . . .
3
3
*3
3*4
1% Jan
5*8 May
3% Mar27
7% May31
45 W in ona..____________ 25
*4*4 4% *4*4 4% *4*2 434
*4% 4% *4% 13
5
5
70 Apr
32
Jan
47
July20
67%
Feb
10
105
Wolverine_____
_________25
48
48*2
49
48*2
*47*s
48*2
47
49
47*4
49
*48
*48
3*4 Apr
.50 Mar
l*2 June 6
2% Feb 14
200 Wyandott...... ............ — 25
1*2 1% *1% 1% *1% 1% *1% 1% ♦1% 1% *1% 134
Bid and asked prices. « Ex-dlvidend and rights, b Ex-fltocic dividend, e Assessment paid, h Ex-rights, e Unstamped, x 2s paid, to Ilalf-pald.
AUG. 5 1916.]
THE CHRONICLE
483
Chicago Stock Exchange.—
Outside Stock Exchanges
C o m p le te re co rd o f tr a n s a c -
Boston Bond Record.—
T r a n s a c tio n s in b o n d s a t B o s
to n S to c k E x c h a n g o J u ly 2 9 to A u g . 4 , b o t h in c lu s iv e :
Bonds—
Friday
Last W eek's Range
Sale
o f P rices
P rice. Low .
H ig h .
Am Agrlc Chom 5s.. 1928
5 s _____ _________1924
Am Tel & Tel coll tr 4sl929 91%
Convertible 4% s.- 1933 - ____
A tlO & W IS S L 5S--1959 81%
Cent Vermont 4s-----1920
Chic June & U S Y 5s 1940 102
4 s ________
1940
Mass Gas 4%s----------1931 95 %
Miss Rlv Power 5s.. 1951 77 %
N E Telephone 5s-----1932 102
New River 5s..............1934
Swift & Co 1st 5s-----1944 100 %
U S Smelt R & M conv 6s 111
Western Tel & Tel 5s 1932
102%
96 %
91%
108%
81%
82
101%
86%
95%
77%
102
75
100%
110
100
102%
97
91%
108%
82
82
102
86%
95%
78
102%
75
100%
111%
100%
Sales
fo r
W eek .
R ange sin ce J an .
L ow .
82,000
5,000
26,000
1,700
21,000
1,000
40,000
1,000
1,000
4,000
4,000
5,000
20,500
28,000
4,000
100%
96%
90%
105%
74
80
100%
85
93
77
101%
75
98%
109%
99
May
July
Jan
Mar
Jan
Mar
May
Mar
Mar
July
Jan
Jan
Jan
Apr
Jan
1.
H ig h .
103%
99
93
108%
84%
83%
102
91
96
81
104
75
100%
115
101%
July
Mar
Apr
Ma
May
Jan
Aug
Jan
Jan
Jan
May
Jan
June
Juno
June
Baltimore Stock Exchange.— C o m p le t e re co rd o f th e
tr a n sa c tio n s a t th e B a lt im o r e S to c k E x c h a n g e fr o m J u ly 2 9
to A u g . 4 , b o th in c lu s iv e , c o m p ile d fr o m th e o fficia l sales
lis ts , is g iv e n b e lo w .
P ric es fo r s to c k s aro a ll d o lla rs p er
s h a r e , not p e r c e n t.
F o r b o n d s th e q u o ta tio n s are p er c e n t
o f p a r v a lu e .
Stocks—
Friday
1 Sales
Last W eek ’s Range i fo r
Sale
o f Prices
W eek
P a r. P rice. L ow .
H igh |Shares.
130
Arundel Sand & Gravel 100 36
35% 36
280
Baltimore Tube_____ 100 122
120 122
136
Preferred........... .....100
96 H 97%
18
Canton Co_____ ____ 100 142% 142% 142%
75
4
4
Chalmers Oil A G, pref. .5
95
Consol Gas li L & Pow 100 113% 113 114
50
113% 113%
88
98
97
97
15% 0,550
14% 14
10,395
11% 11% 13%
5,242
4% f)
46%
942
44
44
150
13% 13% 14
85% 85%
2
12
12
5
11
11
9
Mt V-Wood Mills v t r 100 11
52
52
42
Preferred v t r--------100 .........
86
86%
111
Northern Central......... 50 86
6% 6%
Oklahoma Prod * Rofg--5 _____
150
76% 77
Pennsyl Wat & Power 100 77
115
9%
9% 10%
Sapulpa Refining--------5
535
26% 27
United Ry & Elcc......... 50 27
170
4
4
Wayland OH& Gas--------5
4%
320
Bonds—
Anae & Potom guar 5s 1949
100 100
81,000
Atlan Coast Line RR—
Co nv deb 4s small.. 1939 _____
90% 00% • 500
Atlan O L (Conn) ctfs 5s.. 100
10.) 100
1,000
Atlan C L (So Car) 4s 1948
92% 92% 2,000
Balt Elec stamped 5s 1947
100 100
1,000
Balt Spar P & C 4%s 1953
97
97
2,000
Canton Co 5 s ..................
infill inntrf 2 000
Central Ry cons 5s.. 1932 103
103 103
1,000
City & Suburban 1st 5s '22
102% 102% 7,000
102% 102% 1,000
City & Sub(Wash)lst 5s'48
102% 105 333.000
Cosden Oil & Gas 6s_____ 103
97% 97 % 12,000
Elkhorn Coal Corp Cs 1925
RIkhorn Furl Ra__
11)18
100% 100% 1,000
06% 96% 1,000
102% 102% 1,000
Georgia & Ala cons 5s 1045
1,000
101 101
Ga Sou & Florida 5s.. 1945
2,500
25
25
G-B-S Brewing 1st 4s 1951
99% 99% 1,000
Maryland Dredge Cs___ _____
98% 08% 1,000
Md Elcc Ry 1st 5s.. 1931
Merch & Min Trans 6s.. 103% 103% 103% 3,000
102 102
5,000
Minn St & St P C ]t 5S1928
86
86
Norf & Ports Trac 5s 1936
22,000
91
91
4,000
Pennsyl W & P 5s-----1940 91
Potomac Valley 5s-------- - - - - - - 103% 103% 3,000
82 % 82% 17,000
United R y& E 4s-----1949
Income 4s_______ 1949
61% 61% 61% 12,000
86% 86%
Funding 5s small..1936
500
83% 83% 1,000
Wash Terminal 3% s.. . .
Range sin ce Jan.
Low .
35%
63
82%
138
3%
107
107
96
14
6
4%
44
13>4
85
12
10
49
86
6
72
9
25%
4
42
129
100
145
4
110%
115%
103
26%
18%
OK
71%
23%
85%
19
Mar 16%
June
July 90
Mar
8%
Mar 78
Jan 10%
Jan 29
July
9%
Aug
Jan
Jan
Jan
May
Mar
Juno
Feb
Aug
Apr
Apr
Aug
Aug
Apr
98% Mar 100
90%
100
92%
99%
95%
00 ' \
103
102%
102%
102%
90%
100
93%
102%
101
20%
99%
90%
101
101%
81%
90
103%
82
00%
83%
83%
1.
H ig h .
July 92%
Aug 102
Aug 92%
Jan 100
Jan 98%
100K
Aug 105
Jan 103
Jan 102%
Aug 120
June 98%
Jan 100%
Juno 99%
July 104
July 103
Apr 25
July 99%
Jan 99
Jan 103%
July 102%
Jan 86
Jan 92%
July 10314
July 85 '
June1 64
May 87%
Augl 83%
Fob
Juno
Juno
Apr
Mar
June
July
Jan
June
Juno
June
Jan
Jan
July
Jan
May
Jan
June
July
Feb
Feb
Feb
July
May
Apr
Apr
Feb
Mar
Juno
Mar
May
Jan
June
Jan
Feb
May
Apr
Jan
May
July
Juno
Mav
July
July
Feb
Aug
Pittsburgh Stock Exchange.— T h e
c o m p le te re c o rd o f
tr a n sa c tio n s a t th e P itts b u r g h S to c k E x c h a n g e fr o m J u ly 2 9
to A u g . 4 , b o t h in c lu siv e , c o m p ile d fr o m th e o ffic ia l sales
lis t s , is g iv o n b e lo w .
P ric es fo r sto c k s aro a ll d o lla rs por
s h a r o , not p er c e n t .
F o r b o n d s th e q u o ta tio n s aro p er c e n t
o f p a r v a lu o .
Stocks—
F riday
Sales
■ Last
W eek ’s Range
fo r
Sale
o f P rices
W eek
P rice. L ow .
H igh . Shares.
Range sin ce Jan.
Low .
1.
H ig h .
Amor Sewer Pipe ...
16
16
70 15 June 17% .Tati
Amer Wind Glass Mach 100 60
57
61% 1,130 34% Jan 64 U n\r
122% 124%
247 122% July 155
Preferred................ 100
Apr
39
39
200 36 June 42% w
Caney River Gas....... 25 . _____
Jon
till
Columbia Gas & Elec. - 100 20% 20% 22% 5,835 14% Mar 22% Auer
60 100
103 103
Jan 103
Harb-Walk Refrac pref 100
Mur
674
4
4%
2% Mar
4%
Independent Brewing.. 50
4% Aug
818 15% Mar 20% Auir
20% 20%
La Bello Iron Works -.100 53% 52% 54% 1,255 49 June 55% Anr
80 123
129% 129%
Jan 131 K June
1,100 49% Apr 53
Mfrs’ Light & Heat . . 5 0
52% 53
53
July
6% July 12
80
7% 7%
Jan
300 15% July 24% Jan
17%
17
Ohio Fuel Oil ............... . 1
285 15
Aug 19
16
15
15
Jan
Ohio Fuel Supply......... 25 45% 45
395 38
Feb 47% Juno
45%
Oklahoma Nat Gas-----low 73
140 70
Jan 75
73
73
July
Plttso Brewing com-----50
480
4% Mar
5%
5% 5%
5X Jan
Preferred ......... ...... 50
280 16% Feb 23
22% 23
July
Pittsburgh Coal pref..loo
25 100% July 108
100% 100%
Feb
Pittsburgh Oil & Gas.. 100
85
6% Mar
r
9% Apr
7%
Pittsburgh Plato Glass 100
Jan 120 May
120 120
180 115
Pure Oil common--------5 18% 18
19% 3,331 *17% May 21% Mar
Riverside Western OH-.25 —
12
Mar 14 May
12
20 12
Ross Mining i t Milling----18c
10c
5C Apr 30o Apr
18c 33,000
San Toy Mining..............1 15c
14c
15c 6,500 14c June 25c Jan
Union Natural Gas___ 100 152
150 152
133 141% Apr 152
Aug
Union Switch 4 Signal..50 114
114 114%
50 109 May 126
Jan
U S Glass............
100
28% 29
35 25% June 34% Jan
U S Steel Corp com-----100 86% 86% 87
Jan
88%
110 80%
Jan
West'house Air Brake..50 —
139% 140%
44 133% Apr 145 Juno
5(1
West’houso Elec & Mfg 50
58
355 53% July 71% Mar
18% 21
W Penn Tr & W P com 100
440 17
Jan 21
Aug
Bonds—
Indepond Brewing Os 1955 60
Plttsb Brewing 6s___ 1949 - - - - - 08
Plttsh Coni deb 5«___ 1931
59
73
98
60
73
98
$12,000
7,000
500
49
Mar
64
Mar
96% Mav
60
Jan
73 June
98% Jan
Stocks—
Friday
Last W eek ’s Range
rtf
Sale
P a r. P r ic e. Low .
H ig h .
American Radiator-----100
Preferred_________ 100
Amer Shipbuilding----- 100
Preferred ................ 100
Booth Fisheries, com ..100
Preferred ................ 100
Chic City & C Ry—
Preferred pt sh........... .
Chic Pneumatic Tool.. 100
Chic Rys part ctf "1” ----Chic Rys part ctf “2” -----Chicago Title & Trust.100
Commonweal th-Edlson.100
Deere & Co, pref_____ 100
Diamond Match......... 100
Illinois Brick...............100
Lindsay Light..................
Preferred___________
People's Gas Lt & Coke.100
Pub Serv of No IU, com 100
Preferred.................100
Quaker Oats Co--------- 100
Preferred ........... ...100
Scars-Roebuck com__ 100
Stewart-Warner Sp comlOO
Swift & C o ..............100
Union Carbide Co____ 100
United Paper Bd, com. 100
Preferred................100
Ward, Montg & Co, pref..
390 393
133% 133% 135
42
42
43%
90% 91
38% 38% 39%
80% 80% 81
17
17
17
67% 67% 67%
74% 74% 74%
15
01|% 15
246 249
142% 141% 143
91% 91% 91%
113% 112 115
82% 81% 82%
24
22% 24%
11
11
*101 102
114 114
i02
102 102
333
330 336
110 *109 110
199% 198%z202
102
101% 104%
138% 137% 142
183
181 183
15% 17
64
54% 64
114
114 114%
Bonds—
Armour & Co 4%s ..1939
Chicago City Ry 5s.. .1927 99
Chicago Rys 5s_____ 1927 97
Chic Rys 4s.. series ''B”
Chicago Telephone 5s. 1923 ioi%
Commonw-Edlson 58.1943
Metr W Side El 1st 4s. 1938
Morris & Co 4%s___ 1939
Peop Gas L A Coke—
Refunding gold 5s. .1947
Cldc Gas L & C 1st 58 '37 102%
Pub Serv Co 1st ref g 5s '56
South Side Elev 4%s.l924 89%
Sulzberger A Sons 1st 6s '41
Swift A Co 1st g 5 s... 1944 166%
Sales
fo r
W eek
Shares.
Low .
188 385
11 133%
300 33
35 75%
82 25
101 66
100
38
20
225
50
76
5
820
475
4,154
cn
ou
81
10
108
170
6
1,418
5,373
789
523
1,542
540
185
1.
Range sin ce J a n .
H ig h .
Jan 400
Mar 136%
Jan 48%
Jan 91%
Jan 40
Jan 82
Jan
Feb
Mar
Mar
July
July
15 July 20
63% Mar 79
70
Apr 80
13
Apr 18%
220
Anr 249%
139% June 146%
89 May 98
102
Mar 115
76% Jan 83%
6% Jan 24U
9% Mar I1I1
100 May 112H
107
Jan 115K
100
Apr 104
309
Jan 363
107
Jan 111
169% Mar T202
82% Apr 10814
126% Jan 143%
170
Feb 190
13% June 17
51% June 64
112% June 116
June
Mar
Jan
Jan
July
Mar
Feb
Aug
Jan
Aug
Aug
Jan
Feb
Feb
Jan
June
-Tnlxr
June
July
May
Aug
Aug
Feb
93%
99
97
65%
101%
101%
72
99%
93% $5,000 93% Jan 94% Feb
99% 34,000 98% Apr 100
Feb
97% 4,000 96 May 98% Feb
65% 5,000 65% July 75
Jan
101% 4,000 101% Apr 102% Feb
102
9.000 101% July 102% Jan
72
1.000 71 May 73% Jan
99% 1,000 89% Jan 99% July
100%
102%
95%
89%
99%
100%
100% 4,000 100% July 102%
102% 2,000 102 May 102%
95% 6,000 94
Jan 95%
89% 10,000 88% Jan 92%
99% 1,000 99% Apr 99%
100% 21,000 98% Jan 100%
Jan
Jan
July
Apr
June
May
Philadelphia Stock Exchange.— T h e c o m p le te re co rd
o f tr a n s a c tio n s a t th e P h ila d e lp h ia S to c k E x c h a n g e fro m
J u ly 2 9 to A u g . 4 , b o th in c lu s iv e , c o m p ile d fr o m th e
offic ia l sales lis ts , is g iv e n b e lo w .
P ric es fo r s to c k s aro all
d o lla rs p er s h a r o , not p er c e n t .
F o r b o n d s th e q u o ta tio n s
aro p er c e n t o f p a r v a lu e .
Stocks—
Friday
Sales
Last W eek’s Range
fo r
Sale
o f P rices ■
W eek
P rice. Low .
H ig h . Shares.
Amer Gas of N J.
i 120
120 120%
1.........
6
6
> 98% 98% 98%
1.........
72
72
1......... 105 106
54
54
1.........
) .........
45
45%
i_
52% 52%
67
> 65M 65
) ..........
69% 69%
)
25X
25% .25%
) .........
13% 13%
)
68
68
68
10%
» 10K 10
> 75K *74% 75%
i .........
76% 77%
i .........
21% 21%
i _____
42% 42%
i .........
53
53
♦.........
57
57%
i ......... 143% 143%
86%
I 86K 86
> 56
*55% 56%
Penn Traffic........... ..2 %
2% 2%
41
41
i 41
1 40
39% 40
28% 28% 29
1.......... 19% 19%
I 18% 18% 19%
1 78% 78% 79
> 94% 93% 95%
4% 4%
Tonopan Mining5% 6
5%
1 44
44
44%
i ......... 224 224
87% 88
1
§IH
i 86% 86% 87
i
9%
9% 9%
_____
41
41
15
15
15
West Jer & Sea Shore__ 50 49% 49% 49%
70
70
Westmoreland Coal___ 50 - - - - - Wm Cramp & Sons___ 100 72% 72
72%
______ 14
14
-----36% 36%
Bonds—Amer Gas & El 5s___ 2007 93%
do
small........ 2007 93%
_____
Baldwin Locom 1st 5s
Edison El stk tr ctf 5s.
do
small____ 1946
El & Peoples'tretfs 4s 1945 80%
Equit 111Gas L 5s___ 1928 . . . . . .
General Asphalt—
Deben 6s small___ 1925
Harwood Electric 6s. . 1942
Inter-State Rys coll 4s 1943
Keystone Telep 1st 5s 1935 98
Lake Superior Corp 5s 1924
Lehigh ValleyGen consol 4s
2003
Gen consol 4%s___ 2003 99%
Nat Prop 4-6s small..
Pennsyl RR gen 4%s. 1965
Consol 4%s......... 1960
l’a & Md Steel cons 6s 1925
Philadelphia Co 1st 5s 1949
Cons <k coll tr 5 s... 1951
Phil Elec tretfs 5s___ 1948 105
do
small.___ 1948 104%
Trust ctfs 48 .......... 1950 84%
do
small____ 1950 --------
93%
93%
104%
107%
107%
80
106
102%
57
98%
33
90% 91
X.
H ig h .
100 119
July 123
Feb
40
6
July
8
Jan
35 93% Feb 100
Mar
200 69
July 115% Feb
39 105 June 109% Mar
15 54
July 62% Jan
32 44
47
Feb
4 52% Aug 65
Apr
3,583 58% Apr 67
July
70 69% May 73% Mar
128 25
Jan 27
Jan
112 13
Mar 15
Mar
60 67% July 70% Apr
1,582
8% Jan 12% Feb
272 74 May 79% Jan
394 74% Jan 85 May
15 18
Jan 23% Alar
30 38
Jan 44% Mar
12 53
Aug 54% Mar
93 56
Feb 58% June
7 142
Jan 143% July
73 86
July 90
Jan
2,448 55% May 59% Jan
51 1 11-16 Apr
2% Aug
. 20 38% July 45% Jan
365 39% July 45
Apr
2,548 27
Mar 29% June
75 17 May 21
Jan
1,820 17 May 21% Jan
315 75 May 79% Jan
278 75% Jan 110% May
2,071
4
Mar 5 7-16 May
1,485
5% Mar
7
Jan
939 41% Jan 45% May
7 222% July 227% June
589 87% May 92% Jan
3,653 79% Mar 88% Jan
590
9% Aug 11% June
50 41
July 45
Feb
100 10
Mar 20% June
86 49 May 61
Jan
53 65% Apr 70 July
170 70
Mar 87
Jan
75
8% Feb 16%
6 34% Jan 39
Alar
500 99%
1,000 101
1,000 57
3,000 96
1,000 20%
15,000
99% 99% 71,000
7n
350
101% 101% 7,000
104% 104% 5,000
107 107
1,000
101 101% 15,000
88%
88%
1,000
104% 105
25,000
104% 105
4,200
84% 84% 67,600
84% 85
3,500
68
L ow .
94 $19,000 89%
94% 3,600 89%
104% 3,000 104
107% 1,000 105
107%
600 105
80% 11,000 79%
106
2,000 105%
99% 99%
102%
57
98
33
Range sin ce J an .
Jan
Jan
May
Mar
May
May
May
94
94%
100
107%
107%
81%
106%
July
July
Mar
Aug
Aug
Aug 99%
Jan 103
May 58
Jan 100
Jan 39
Aug
Jan
Jan
Feb
June
Feb
Jan
90% July 94
Feb
99% Aug 103% Feb
65
100%
104%
104
100%
87%
103%
103
81%
82
June
Jan
July
Jan
Mar
July
Jan
Jan
May
.Mav
70%
103
106%
107
101%
94
105
105
85
85
Apr
Feb
Feb
Mar
Feb
Feb
Jan
June
July
July
Sales
Friday
fo r
Last W eek 's Range
W eek
o * P rices
Sale
H lg n . Shares.
P rice. L ow .
Bonds—(Concluded )
Reading gen 4s..........1997
Standard G & E 6 s... 1926
United Rys gold tr ctf 4s’49
United Rys Invest 53.1926
Welsbach Co 5s......... 1930
West N Y & Pa gen 4s 1943
R ange sin ce J an .
959* 13.000
1009* 4.000
72
1.000
70 % 21.000
2,000
9 9 % 999*
83 9* S3 94 1,000
95
1009*
72
69
95
69
H ig h .
Low .
939*
98 %
72
68 94
94
8194
May 96 9*
Jan 102 94
Aug 759*
June 74
Jan 999*
Jan 859*
Jan
May
Jan
Apr
Aug
June
Stocks.
W eek ending
A u gu st 4 1916.
Shares.
U . S.
Bonds.
$891,000! $962,500
1,462,5001 1,206,500
2.021.000,
973,000
1.996.000, 1,453,500
1,879,000 1,091,500
2,216,500 1,335,500
$26,000
1,565,594 8144,369,825 810,466,000: S7.022.500
$26,000
87,865,175
19,327,900
31,270,800
33,247,400
32,906,500
19,752,050
88,583
217,739
334,608
360,642
347,625
216,397
Friday .1 ...................
Total....................
R ailroad,
& c„
Bonds.
Par Value.
W eek ending A u g .
Sales at
1916.
E xchange.
4.
1915.
Jan.
1 to
Aug.
1916.
4.
Bonds.
Total bonds...........
$40,000
288,500
15,313,500
$642,450
155.832.500
460.334.500
$623,000
13,728,000
452,056,200
S17,514,500 $15,642,000
$616,809,450
$466,407,200
S26,000
7,022,500
10,466,000
DAILY TRANSACTIONS AT THE BOSTON. .PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Saturday_______
Monday________
Tuesday...............
Wednesday..........
Thursday.............
Friday.................
Total*..............
Shares.
Philadelphia.
Bond Sales.
Shares.
84,100
24.300
20,200
43,000
25,600
38,000
8,231
7,241
12,314
22.9S9
14,783
16,904
82,462
$154,200
3,253
3,109
5,064
5,259
4,303
3,672
24,660
Baltim ore.
Shares.
Bond Sales.
$356,850
Bond Sales.
3,369
5,277
4,787
7,797
5,017
3,164
$10,600
45,700
51,750
73,900
90,100
78,800
29,411
$63,000
88,100
45,000
131,800
77,000
71,500
8476,400
New York “ Curb” Market.— B e lo w w e g iv e a re co rd o f
th e tra n sa ctio n s in th o o u tsid e se c u rity m a rk e t fr o m J u ly 2 9
to A u g . 4 , b o th in c lu siv e .
I t c o v e rs a ll th e sale s fo r th e
w ee k e n d in g F r id a y a fte r n o o n .
W eek endino A u g . 4.
Stocks—•
P ar.
Aetna Explos.r— (no par)
Amer-Britlsh Mfg, com.100
Amer Druggist Synd.r.10.
Amer Writ Paper com r 100
Atlantic Steel............. 100
Babcock & Wheeler, r----Butler Chemical.r......... 5
Canadian Car & Fdy.r.100
Car Ltg & Power, r-----25
Charcoal Iron of Am-----10
Preferred ........... .......10
Chevrolet Motor......... 100
Curtiss Aerop & M (no par)
Drlggs-Seabury Ord---I00
Eastern Steel.r........... 100
Emerson Motors In c.r..10
Emerson Phonograph___ 5
Flemlsh-Lynn Phonog r..5
Gaston, Williams & Wlgmoro. Inc.r___ (no par)
Grant Motor Car Corp.10
Hall Switch & Signal.r. 100
Hartman Corporation 100
Haskell & BarkCar(no par)
Hendee Mfg com.r-----100
Holly Sugar, com. (no par)
Preferred ................. 100
Hopk & Allen Arms. r. 100
Hupp Motor Car Corp..lO
Intercontinental Rubb.100
Internat Arms & F Sec..25
Internat Motor, com r.100
Preferred................. 100
Internat Power........
Joplin Ore & Spelter r__ 5
Kapo Manufacturing___ 5
Kathodlon Bronze pref..5
Kelsey Wheel, pref r to 100
Kresge (S S) Co com.r. 10
Lake Torpedo Boat r__ 10
1st preferred..............10
Lynn Phonograph r........1
Manhattan Transit-----20
Marconi WIrel Tel of Am.5
Maxim Munltlons.r___ 10
Midvale Steel A Ord.r-.50
Missouri Pacific w. 1____
Preferred w. I...............
MltchcllMot, r .t o (no par)
Motor Products.r. (no par)
Peerless Truck & Motor_50
Poole Eng <feMach r ...l0 0
Pullman VentllatorCorp r5
Preferred r............
5
Rlker & Heg (Corp for)..5
St Joseph Lead.r......... 10
Saxon Motor Car.r.._100
Scrlppe-Booth Corp.r____
Springfield Body Corp. 100
Standard Motor Const.r.10
Sterling Gum...................5
Stromberg Carburetor.r(f)
Stuta Motor of Am.(no par)
Submarine Boat..(no par)
Tobacco Prod com .r..100
Todd Shipyards, r. (no par)
United Motors.r..(no par)
United Profit Sharing___ 1
U8 Light * Heat Corp.rlO
Friday
Sales
fo r
Last W eek’s Range
Sale
o f P rices
W eek
P rice. Low .
H igh . Shares.
994
12%
8%
15
12
3%
4
3%
5%
6%
189 %
98
4%
10%
1%
55
125
3
43
3%
5%
8%
175
28
98
63
3%
10
1%
72%
35
45
95
0%
17
13
42c
5%
19%
9
2%
1%
4%
89%
22
84%
97
2%
6%
4%
15
70
41H
83%
32%
44%
74
82%
8%
5
72%
34
31%
45
95
18
8%
12 %
14%
5
20
5
ulOc
5%
14
100
11
7%
9%
2%
1
3%
4%
60%
21%
9%
6
72%
35
33
48
05%
22
6%
13 %
17
7
20
13
55c
6
21
1 00 %
11%
9
0%
3%
1%
3%
5
62
23
50
649*
64
21
94
50%
2%
8%
4%
14%
2%
68
50
72
6
%
41%
63%
32%
44
74
60%
%
2%
L ow .
8%
66,200
3,800 15
400 1 1 %
2
100
10
500 125
2%
1,800
75 43
3%
750
5%
400
6%
5%
6%
1,200
212
12,400 115
28
20 25
100
345 95
63
20 63
3%
54* 12,000
8%
11 % 2,015
1%
4,800
2%
11 %
25
12%
39*
60
126
4
43
4
40K 40HI
6
Range sin ce J an .
66
65
23
98
6
4%
15 %
80
52%
74
6
42
65
%
33%
45%
76
07%
%
2%
July
Aug
June
Mar
1.
H ig h .
25
43
14%
4
62%
July 126
Mar
7%
Aug 82
Aug
79*
8%
Aim
June
6%
Jan 278
July 60
July 155
Aug 63
June
5%
July 1 4 %
Aug
7%
U S Steamship...............10
United Zinc Smelt (no par)
Wab-PittsTcrm pref.r w l.
Whlto Motor.................50
World Film v t c_______ 5
Zinc Concentratlng.r.. . 10
Cumberland Pipe Line 100
Galena-Signal Oil........100
Illinois Pipe Line___ _
National Transit-----12.50
Northern Pipe Line... 100
Ohio Oil______ ______ 25
Prairie Oil & Gas.............
Prairie Pipe Line......... 100
Southern Pipe Line-----100
Standard OH (Calif)... 100
Standard Oil of N J...100
Standard Oil of N Y ...100
Swan & Finch............. 100
Union Tank Line_____ 100
Other Oil Stocks
Alberta Petrol.r (prosp'ct)
Barnett Oil A Gas.r.. ..1
Cosden OH & Gas.r........5
1915.
79,967,139
1,565,594
3,920,439
93,308,660
Stocks—No. shares—
Par value________ 8144,369,825 $347,510,250 $8,131,531,665 $6,861,429,395
$131,700
8168,500
Government bonds__
State ,mun. ,&c. .bonds
RR. and mlsc. bonds..
Stocks— (Continued) P ar.
6%
6
51
4
Feb
Jan
Jan
July
July
Apr
Jan
Apr
May
Aug
June
Jan
Jan
Aug
Aug
Jan
June
400 3 7 % July u>70% Apr
7 ' Apr 14 Juno
1,600
505
5
Aug 2 1 % Jan
200 6 8 % July w 7 6 % Jan
950 33 % July 5 4 % Jan
July
600 23 June 33
Apr 55 Juno
204 41
Apr
28 9 3 % June 98
Fob
125 18
Aug 75
1 1 % June
6 % July
1,000
700 10 June 1 6 % Jan
1,300
7 July 2 0 % Jan
Jan
5
Aug 25
120
Jan
6 20
Jan 45
Aug
820
5
Aug 13
12,300 «40c. Aug U55C. Aug
6 % Juno
4 % May
3,200
Jan
Aug 33
4,400 14
700 100
July 1019 * July
800 10 June W16 % Jan
6 % July
4,200
1 3 % Jan
14% Jan
100
8 % July
2 % Aug
1 2 % May
3,000
1 June
Jan
14,040
2%
3
Apr
Jan
600
4%
4
Mar 13
Jan
2,900
7,300 57
Apr 7 7 % Jan
3,000 2 1 % Aug 2 3 % July
300 49% July 5 0 % July
650 6 4 % Aug 68
July
July 87 June
300 04
Jan
3,750 2 0 % May 32
Jan
Feb 150
277 90
2 % June
3,265
2 % July
5 % July
6
1,755
July
4 % Mar
415
6%
Feb
3,300 14
July 1 7 % Mar
Apr 87 Juno
800 60
54
July
555
100 61
Apr 82 June
100
6
July 1 0 % Feb
400
% July
2%
7,650 41 % Aug 4 4 % July
3,980 6 3 % Juno 65 Juno
2.32U 3 1 % July 4 3 % Jan
8,700 2 9 % Jan 5 1 % Mar
62 7 3 % July 76
Aug
45,700 6 0 % Aug 94 June
2,950
% May 2 1-16 Jan
2,100
2 % July
4%
Jan
Federal OlLr__ ___ ___ 5
Kenova O il.................... 1
Keystone Oil of N Y___ 1
Metropolitan Petroleum.5
Midwest OH com.r......... 1
Muskogee Refining.r___ 1
N Y-Oklahoma Oil.r___ 1
Oklahoma Oil com.r___ 1
Oklahoma Prod & Refg..5
Omar Oil & G a s .......... 1
Pan-Am Pet & Tr pf.r.100
Sapulpa Refining.r____ 5
Savoy Oil_____________ 5
Sinclair Oil & Ref.r(no par)
Tex Mex Petroleum . r . . l
United Western Oil.r___ 1
Victoria Oil.r.................1
Wayland Oil & Gas com..5
Mining Stocks
Adanac sliver M ines.r..i
Alaska-Brlt Col Metals r .l
Alaska Westover Copp.r.l
Arizona Copperflelds.r__
95
163
95
219
362
221
.........
5%
6
6%
7
50
50
51
53%
%
4%
%
3%
675
95
158
163
675
95
160
165
m 15
97
225
362
222
199
268
520
205
100
82
m lo
95
213
362
220
198
265
518
205
100
81
1,500
2,200
20
7,000
2,700
8,700
2%
1%
58c
58c
2%
11%
2%
15 %
13%
1%
19-16
58c
%
%
%
1%
1 5-10
37c
2%
9%
13e
%
4%
1%
4%
66c
1%
4% c
34
1%
2
38c
2%
10%
14% c
1
4%
1%
5%
69c
1%
5c
35
1%
2
7-16
5-16 5-16
1
1%
1 % 1 11-16
46c 54c
%
Dundeo Arizona C op.f-.I 1 9-16
Emma Copper.r-----------1 54c
3%
4%
3%
First National Copper..5
75c 76c
75c
Florence Silver.r.............
82c 88c
Goldfield Cons’d Mines. 10 83c
7c
9c
Goldfield Merger.r_____ 1 7 % C
15c 20c
Gold Hill Mining
__ 5
Green Monster Mining.. 1
1%
1%
5
5%
5
Hecla Mining________ 26c
Ilemplo Copper.r.............
%
1
%
65o 82c
Inspiration Needles Cop i 1 75c
14c
12c 14c
Internat Mines.r........... 1
Iron Blossom.r______ 10c 1 9-16 19-161 11-16
Jerome Verde Copper.1..1
1 % l 7-16 1 13-16
1%
1%
Jerome Victor Ext.r.f__ 1
1%
87c 90o
Jim Butler.r____ _____ 1 90c
74c 77c
74c
Jumbo Extension______ I
4%
4%
Kerr Lako.... ................. 5
11c 12c
Kewanus r........................ 12c
9-16 9-16
La Rose Cons'd Mines.. .5
16c 21c
Louisiana Consolidated 10c 19c
1 3 % 14
Magma Copper...............5 __
Marsh Minlng.r_______ 1 109*c 104*c 14o
57o 60c
McKlnley-Darragh-Sav.. 1 67c
42c
46o
Mich Gold Min A M ill.r.. 46c
2%
2%
2%
Mines Co of America__ 10
3%
39* 4
Mojave Tungsten.r____ 2
1%
1%
Monitor Sil L A Z M A M 1
1%
99c
78o
1
Montana Goto Mlnes.r..!
Mother Lode.r...............1 2 9 % c 29c 32c
42c 47c
Newray Mines, Ltd.r— 1 47c
N Y A Honduras RosariolC 159* 1 5 % 15 %
6%
Oatman Arizona Cent.r.l
Oatman Lexington.!___ 1
17% c
59c
48c
L ow .
4
Apr
5 % July
46
Jan
469* Jan
% July
39* Aug
60
151
155
ml5
95
189
360
205
190
7jy 2234
80 495
20 200
5 100
9 80
56c
57c
R ange sin ce J an .
5
4
47
122
200
10
587
21
322
15
5,000
2,480
6,750
18,150
12
11
2,650
4%
5
7-16 11-16 4,500
%
7 -1 6
%
% 18,400
1,000
75c 76c
100
1 2 % 12 %
41c 45c 11,350
43c
1,200
84c 86c
12,700
3%
3
3%
98c 13-16 16,300
1
9c 11c 44,000
10c
9,100
6
6%
6%
61c 71c 80,400
71c
2,150
85% 88%
88 %
3,500
9%
10%
9%
300
10
10
10
3,600
35%
359* 4 1 %
79c 86c 40,700
85c
1 % 1 1-16 1 7-16 47,501
1 1-16
9,550
1
1%
4,200
3%
4%
3%
56c
Beaver Cons Mines.r-----1
Big Ledge Copper Co___ 5 2 5-16
0%
Bingham Mines_______ 10
Booth.r......................... 1 13c
Boston A Montana Dev..5
%
4%
Butte Copper A Zinc v t c 5
Butto A N Y Copper___ I
5
Calaveras Copper.r........5
Caledonia Mining______ 1 67o
Canada Copper________ 5 l 7-16
4c
Cash Boy--------------- — 1
Cerro dc Pasco Cop (no par)
Consol Ariz Smelt........... 5 1 7-16
2
Consol Cooper Mines___ 5
Consolidated-Homestead. r
%
Consol Ncvada-Utah___ 3
Rex Consolidated r------ 1
Sales
fo r
H ig h . Shares.
P rice. L ow .
Former Standard Oil
Subsidiaries
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
State, M u n .
& Foreign
Bonds.
Friday
Last W eek ’s Range
1.
Volume of Business at Stock Exchanges
W eek ending
A u g . 4 1916.
[Vol. 103
THE CHRONICLE
484
6%
18c
63o
24c
63c
16c
58c
48c
2 l% c
610
48o
12c 11>*0 1294 C
Silver Pick Cons'd .r ----14*1 3-16
Standard Sliver-Lead___ 1 1 3-16
7-32 7-32 7-32
49c 60c
50c
57c 57c
44* 44*
Tonopah Belmont.r........
54* 5 %
5%
Tonopah Extension........1
% 5—
1C
Trl-Bulllon S A D ........... 5 6-1C
34* 3J*
3%
7c
4c
8c
U S Continental.r-------28
284*
United Verde Exten.r.50c 2 8 %
3%
Unity Gold Mines........... 5
34* 34*
79o 82c
West End Consolidated. .1 81c
54* 74*
5%
42
42
Yukon-Alaska Tr r(no par)
Yuscaran Consol.r_____ 1
1 % 1 3-16 1 3-16
50c
2>*
14 9*
69*
39*
%
9*
73c
129*
40c
75c
1%
70c
7c
59*
54c
80
89*
9%
359*
69c
64c
1
39*
1.
H ig h .
79*
89*
52
60
3
69*
June
Juno
May
June
Jan
Apr
Apr
Feb
June
Aug
Aug
Jan
July
Apr
July
Apr
Apr
Mar
July
Mar
718
95
Feb
Aug
190
«34
104
260
439
230
226
384
548
228
150
86
Feb
Jan
Mar
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Mar
Jan
June
Jan
Aug
Apr
July
Feb
July
July
Aug
Apr
Apr
Feb
Juno
Mar
Mar
July
July
Jan
Mar
Aug
July
Mar
Mar
Aug
6So July
49* May
27 June
189* Juno
69* Feb
19* Mar
93c Juno
76c July
25 May
85o Feb
1 1-16 Mar
3 9-16 June
1 3-16 Aug
21c Juno
89* Juno
71c Aug
102 May
169* Feb
149* May
50 May
86c Aug
29* Juno
29* Jan
99* Feb
5,500 55c Apt 1 15-16 July
1.900 55c Apr 1.02 May
7,350
% July
70c July
41,800 35c July
l ’X t Aug
11,400
2,000 35c Mar 38c July
16,400 1 7-16 Feb
2 9* Aug
800
99* Aug 159* May
4,700 14o July 44c Jan
7,300 50c Mar
2 9* Juno
3,100
49* June 12 9* Mar
49* Mar
300
19* July
2,550
2 % Jan
59* Juno
8,000 64c Juno 1 5-32 Apr
1,400 1 3-16 Mar
29* May
10,600 3 9*o Feb
99*cMny
600 32 9* July 429* Feb
6,400
2
Jan
19* July
100
19* Feb
39* May
6,100
7-10 July
% July
1,100
9* Jan
9* Mar
10,500
9* July
19* July
2,920
19* June
29* May
62,300 17)*c Jan 70c Mar
2,300
3
July
89* Jan
11,200 70c July 76o Aug
12,850 75c Apr 1 3-16 Jan
45,200
7c Aug 21c Jan
7,200
30o Jan
1,500
19* July
19* July
5,085
39* Jan *594 June
2,000
9* Aug
19* July
39,150 Sue July 82o July
20,000 10c Mar 31c Apr
1
Jan
1,150
294 Apr
17,700
29* May
19* July
1,500
19* Juno
2 Juno
5,400 81o July 1 3-16 Jan
9,000 70o Mar
19* May
100
4
Feb ♦594 May
6,700 89*o July 22c Jan
1 May
100 9-10 Mar
21o July
49,900 12c May
200 13
July 199* May
51,700 109*o Aug 41c Mar
3,100 38o Mar 72o May
52,300 42c Aug 46o Aug
1,000
2 9* Aug
4
Jan
1,800
8 May
39* July
4,850
9* Apr
29* May
32,400 64o Juno
1
Aug
67,000 20o Jan 43o Apr
44,700 34o Juno 470 Aug
3,225 159* July 179* Juno
1,900
6 % Feb
89* May
7,000 15o July 41o Apr
1,000 50o May 68o Apr
6o Jan
2,000
98,600 129*o July 39o May
0,450 55c Jan 78o May
600 40o July 78o May
7,200 14o June 26c Jan
5,400
3o Feb 14o Apr
6,500
1 July
2
Jan
4,000 5-32 June
9* Jan
49,650 49c Aug 95o Feb
600 51o Mar 81o May
600
4 Juno
59* May
3,150 3 15-16 Jan
79* May
1
Apr
800 5-16 June
865
49* May
39* July
25,400
4c Aug 18o Mar
69* Jan 359* June
6,200
39* July
3,100
19* Apr
19* June
6,100 68c Mar
5
Feb 169* May
3,710
150 39
Feb 45
Feb
1,500
9* July
19* May
Mar 60
42
45 $18,000 25
Mar
1014* 1044* 150,000 1019* Aug 125 June
•94 4* 974* 847,000 949* July 1039* Juno
Feb
July 100
944* 944* 5,000 94
Midvale St A Ord 5s rl930
Aug
41,00C 65
65
68
Aug 68
1004* 1004* 50,000 100 July 1009* June
Russian Govt 69*swl----•Odd lots, t No par value, l Listed as a prospect. l Listed on the Stock Exnhancfi this week, where additional transactions will ho found, m Now stock, par
value $12 50. n Old stock, par valuo $25. r Unlisted. s Ex-100% stock dividend.
t $40 paid, u 20% paid,
v 10% paid, u Now stock, w When Issued, x Exdlvldend. y Ex-rlghts. z Ex-stock dividend.
Cons'd Aria Smelt 5s 1939
43
103
06%
CURRENT NOTICE.
Quotations for Sundry Securities
__ John I. M ange has been elected Vice-President o f the J. G . W hite
M anagem ent C orporation. N ew Y ork . N . Y . M r. M ango has been
associated with tho J. G . W hite M anagem ent C orporation since 1912,
at which tim e he was elected Vice-President o f tho Associated Gas &
E lectric C om pany, a bolding com pany o f electric and gas properties in
N ew Y ork , Kentucky, Ohio and Tennessee, m anaged b y tho J. G . W hite
M anagem ent Corporation. He has been connected at various tim es with
tho following companies: Charleston Consolidated R ailw ay, Gas & E lec
tric C om pany, at Charleston, S. C ., as C hief Electrician; General Electric
C om pany, Switchboard Departm ent, at Schenectady, N . Y .; Lachine
Rapids Hydraulic and Land C om pany, at M ontreal, as Electrical Engi
neer; Oneonta, C ooperstown & R ichfield Springs R ailway C om pany,
at liartw ick , N . Y ., as Electrical Engineer and Superintendent; Platts
burgh Light, Heat & Power C om pany, at Plattsburgh, N . Y ., as Secre
tary and Superintendent; W atertown Light, Heat & Power C om pany,
at W atertown, N . Y ., as General M anager.
__" A Few Short Talks to Investors” is the caption o f a booklet issued
b y the banking house o f R obert Garrett & Sons, o f Baltim ore, for com pli
m entary distribution. This booklet reproduces a series o f advertisements
that liavo appeared from week to week in the local newspapers bearing
upon tho physical valuation o f railroads, a w ork w hich is now being con
ducted b y the Federal Governm ent in accordance w ith tho A ct o f Congress
passed tw o years ago. In its com m ent the firm dispassionately considers
the physical valuation o f railroads in its relation to tho investor, tho nation
and tho properties themselves. The booklet is apparently written b y a
man who knows his subject and it ought to be read b y every one interested
in investments. R obert Garrett & Sons was established in 1839 and is one
o f tho oldest banking firm s in the country.
— T h o board o f directors o f the M ortgage Securities C o. o f New Orleans
announces the election o f Levering M ooro as President o f the com pany
to succeed P . It. Saunders, whose resignation was accepted with regret,
but who will, how ever, continue as a director o f the com pany. T ey a so
announce the election o f Luther E . Hall as a Vice-President and Counsel.
— It M Grant A C o. aro offering $784,000 State o f Mississippi 4
bonds duo $40,000 annually, July i 1921 to 1935 inclusive, $184,000 in
1936 on a 4.0 5 % basis. These bonds are a legal investment for Savings
Banks and Trust Funds in Now Y ork State, aro exem pt from Federal
incom e tax and eligible to secure Postal Savings Funds.
— Redm ond & C o ., 33 Pine S t.. N . Y ., aro offering for August investment
a selected list o f railroad, public utility and m unicipal bonds yielding from
3.8 5 % to 5 .2 0 % . M any o f these bonds are legal investments for savings
banks in New Y ork, C onnecticut and M assachusetts. F or further details
see advertising page opposite reading m atter.
__M errill, Lynch & C o. have issued an analysis, prepared b y H . D .
W illiams o f their firm , o f the proposed now incom e tax law and its effect
on incomes from $5,000 up to $1,000,000. It suggests various changes o f
investments wheih will increase tho investment return and at tho samo
tim e diversify the investment.
__M oore, Leonard & L yn ch, Frick B uilding, Pittsburgh, and 111 Broad
w ay, Now Y ork , aro offering $500,000 Jamison C oal & C oke Car Trust
4 H % bonds, principal and Interest assumed b y B . & O . K U . T ax-exem pt
in Pennsylvania. M aturities 1917 to 1921. Price to yield 4 .3 0 % . In
quiries invited.
— K ean, T aylor & C o. are offering, at 101 and in t., a block o f Atlanta &
Charlotte A ir Lino R y . 1st m tge. Series “ B ” 5 % bonds o f 1914.
— Jerom e J. Danzig & C o ., members o f N ew Y ork Stock Exchange, havo
opened a branch office at Southam pton, L . I ., under tho management o f
A . I I . ICnook.
__Bertrand L. T aylor has been admitted as a general partner in tho firm
o f Logan & Bryan. M r. T aylor is a m ember o f the N ow Y ork Stock
Exchange.
M%
New York City Banks and Trust Companies
Banks.
Bid
/1st Trust Co's. Bid
A sk
Bid
Banks.
A sk
Manhattan * 300 310
N ew Y ork
N ew York
525 Mark A Fult 240 250 Astor_____ 435 445
America*__ 515
227 Mccli A Met 270 275 Bankers Tr. 450
460
Amer Exch. 220
190 B’way Trust 145
185 Merchants’ . 185
150
Atlantlc___ 180
170 Metropolls*. 285 300 CentralTrust 1745
755
155
Battery Park
175
180
Columbia
.
.
570
___ Metropol’n *
675
Bowery * ... 390
Commercial. 110
___ Mutual----- 325
Bronx Boro* 200
___ New Neth*. 215 225 Empire___ 290
3*1*0*"
Bronx Nat.. 175
725 Equitable Tr 460 407
145 New YorkCo
BryantPark* 135
110 New York.. 380* 390 Farm L A Tr 1465
Butch A Dr. 100
_
200
Fidelity----210 '
Chase_____ 650 675 Pacific*----- 275
280
Chat A Phen 225 230 Park........... 450 460 Fulton........
Tr 420
Chelsea Ex* ___ 125 People’s* — 220 235 Guaranty
Hudson----150
198
Chemical__ 395 402 Prod Exch*.
Law TltA Tr 130
135
182 Public ♦___ 20O"
CitlzcnsCent 177
LincolnTrust 108
117
City............ 430 435 Seaboard__ 415 430" Metropolitan
420 427
420
195 Second........ 395
Coal A Iron- 185
___ Sherman__ 125
135 Mut’l (West
Colonial*__ 450
chester) . . 125
125
Columbia* . 300 325 State *____ 115
135 N Y Lifo Ins
Commerce.. 168b 170b 23d Ward*. 100
A Trust.. 975 1000
145
Com Excli*. 317 323 Union Exch. 138
___ N Y Trust.. 595
___ Unit States* 500
605
Cosmopol’n* 100
Title GuATr 365 375
___ Wash H’ts*. 225
East River.. 75
175* Transatlan 'e
165 Westell Av* 160
155
Fidelity * ... 155
SIse*.. 400 415 Union Trust 380
390
Fifth Avc*-. 4300 4800 West
395
250 275 Yorkvllle*.. 475 550 US MtgATr 385
Fifth
UnltcdStates 1005 1020
Brooklyn
First........... 990 1005
140 Westchester. 130
130
140
Garfield----- 185 200 Coney Isl’d* 255
270
Gcrm-Amcr* 130
140 First...........
165
Brooklyn
___ Flatbush — 150
German Ex* 355
165
155
Germania *. 375
400 Greenpoint 115 Brooklyn Tr 520
Gotham___ 200
. . . . Hillside *— 100
90 Franklin___ 255 265
Greenwich *. 275
300’ Homestead *
Hanover — 640
650 Mechanics *. 130 * 140 Hamilton__ 265 275
___ Montauk*.. 85
110 Kings C o ... 630
Harrlman. . 365
650
Imp A Trad. 485 495 Nassau........ 200 207 Manufact’rs
Citizens.. 145
192 Nation'ICity 266 275
150
Irving____ 185
__ _ North Sldo*. 170
185 People’s___ 282 292
Liberty___ 775
70
140 Queens C o..
80
Lincoln ----- 325 360 1People’s___ 130
♦ Banks marked with a (♦) are State banks.
t Sale at auction or at Stock
Excliango this week.
t New stock.
y Ex-rights.
New York City R ealty and Surety Companies
Alt
80
Alliance R’ty 70
165
Amor Surety 150
nond A M G 268 _ 275
....
Casualty Co
21
City Invest'g *18
68
60
Preferred-Bid
485
THE CHRONICLE
AUG. 5 1916.]
All bond prices are ‘‘and Interest” except where marked “ f‘
Standard OH Stocks
P e rShare
P a r Bid. A ik .
Anglo-Amer Oil new___ £1 *1434 15b
Atlantic Refining........... 100 680 700
Borne-Scrymser Co------ 100 340 350
Buckeye Pipe Line Co. -- 50 *92 94
Chesebrough Mfg new— 100 350 360
Colonial Oil....................100 65 75
Continental OH-----------100 320 325
Crescent Pipe Line Co----- 50 *40 43
Cumberland Pipe Line.. 100 93 97
Eureka Pipe Line Co-----100 205 210
Galena-Signal Oil com.-.10® 157 160
Preferred...................100 135 140
Illinois Pipe Line----------100 164 166
Indiana Pipe Line Co----- 50 91 93
Internat Petroleum------£1 *9b 10
National Transit C o.. 12.50 *14 15
NewYork Transit Co— 100 195 200
Northern Pipe Line Co. -100 95 100
Ohio Oil Co--------- -------- 25*214 216
Penn-Mcx Fuel Co----------25 56 69
Pierce Oil Corp..............-25 * 10b 11
Prairie Oil & Gas............100 362 367
Prairie Pipe Line______ 100 220 222
Solar Refining________ 100 280 290
Southern Pipe Line C o.-100 198 202
South Penn Oil...............100 310 320
Southwest Pa Pipe Lines-100 105 110
Standard Oil (California) 100 260 263
Standard Oil (Indiana)-.100 585 590
Standard Oil (Kansas)-.100 440 450
Standard Oil (Kentucky) 100 425 435
Standard Oil (Nebraska). 100 380 390
Standard Oil of New Jer. 100 517 520
Standard Oil of New Y’rklOO 200 203
Standard Oil (Ohio)........100 380 390
Swan* Finch................. 100 100 105
Union Tank Line Co___ 100 80 82
Vacuum Oil..............
100 267 270
Washington Oil............... 10 *35 40
Bonds.
Pierce Oil Corp con
A sk
165
114
290
93
Bid
Realty Assoc
(Brooklyn) 93
U S Casualty 196
US TltleGAI 60
Wes A Bronx
Title A MG 165
A sk
P e r c e n t.
Ordnance Stocks— P er
80
S
hart.
60 64
17 23
50 60
183 190
98 101
125 127
*535 555
*75 85
Preferred.................. ..50 *75
180 200
47 47b
. . . . 80
300 350
100 110
70 72
83 87
1st preferred .
1 65 70
Colt’s Patent Fire Arms
810 815
Mfg.................. ........
97 99
96 99
duPont (EI) de Nemours
290 293
100 104
332 334
332 334
310 315
112 116
10 20
40 50
*14 18
•8
9
*60 61
159 162
105 108
550 555
*32b 33
) 1250 1500
Aetna Explosives pref__ 100
RR. Equipments— PerCt .B a sis
Bid.
Baltimore & Ohio 4K8.
Canadian Pacific 4Ks-Caro Clinchf A Ohio 58Central of Georgia 5 s...
Equipment 4Hs____
Chicago A Alton 4s___
Equipment 4Hs........
Chic Ind A Louisv 4>js.
Chic St L A N O 5s.......
Chicago A N W 4 H s...
Erie 5s..................
Equipment 4Ks.
Equipment 4s__
Hocking Valley 48Equipment 5s__
Equipment 4j-Js.
Missouri Pacific 5s.
Mobile A Ohio 5s..
Equipment 4t$s.
Equlpment 4s.
ennsylvania RH
Equipment 4s.
Seaboard Air Line 5s.
Equipment 4tS8--_
Southern Railway 4^8.
Bid
LawycrsMtg 157
Mtg Bond.. 110
Nat Surety. 285
N Y Title A
M tge----- 88
Tobacco Stocks—
A sk.
Per Sha re.
P a r B id.
American Cigar commonlOO
Preferred___________ 100
Amer Machine A Fdry.. 100
British-Amer Tobac ord..£l
Ordinary, bearer_____ £1
Conley Foil___________ 100
Johnson Tin Foil A Met. 109
MacAndrews A Forbes.-100
Preferred.....................100
Porto Rlcan-Amer Tob._ 100
Reynolds (RJ) Tobacco. 100
Preferred___________ 100
Tobacco Products com. .100
Young ( J S) C o ........... 100
Preierred............
100
4.40 4.20
j 4.55 4.35
4.55 4.35
4.60 4.40
4.90 4.50
4.65 4.40
4.65 4.40
5.30 4.75
. 5.75 5.40
5.75 5.40
4.90 4.50
4.50 4.30
4.40 4.20
. 5.40 4.90
4.80 4.50
4.65 4.40
4.65 4.40
4.65 4.40
4.60 4.40
4.60 4.40
. 4.45 4.20
4.45 4.20
. 4.70'I 4.40
. 4.40l! 4.20
. 4.60 4.30
. 5.75 5.00
6.50 5 00
4.80 4.40
. 4.80 4.50
, 4.65 4.35
4.65 4.40
. 4.50 4.35
, 4.40 4.20
A AC1 A 90
- 4 .35 ! 4.15
. 4.35i 4.15
. 6.25 4.75
. 6.75a 5.00
. 4.8C» 4.45
4.80 4.45
. 4.401; 4.20
4.80 4.45
. 4.90 4.50
Short Term Notes.
Alt.
120 123
99 99b
78 83
*17b 18b
19
*18
300 350
100 150
170 175
99 101
240 250
500 510
121 124
44 45
150 160
105 110
Per
Am Cot Oil 5s 1917...M AN
Amer Locom 5s, July ‘17.J-J
Am T A T 4Ka 1918___
Anaconda Copper 5s T7 M-S
Canadian Pac 6s 1924. MAS2
Chic Elev Ry 5s 1916___ J-J
Chic A West Ind 5s ‘ 17-MAS
Erie RR 5Ms 1917-----A-O
General Rubber 5s 1918 JAD
Hocking Valley 5s 1917.M-N
Int Harv 5s Feb 15 T8.F-A
K C Rys 5Hs 1918-----JAJ
MorganAWright 5s Dec.l .18
New Eng Nav 6s 1917.M-N
N Y N H A H 4Hs May 1917
Penn Co 4Ks 1921..JAD15
Pub Ser Corp N J 5s T9 MAS
Rem Ams U.M.C.5s'19FAA
Southern Ry 5s 1917..M-S2
United Fruit 5s 1918. - M-N
UtahSecurCorp 6s’22 M-S 15
Winches RepArms5s'18M&S
New York City Notes—
6s Sept 1916......................
6s Sept 1 1917....................
Canadian Govt. Notes—
5
1003s 100b
lOOblOl
99Vl00b
1003*10034
101b‘l01*4
90 [ 94
99b 9934
lOObflOl
100 100b
1003* 10034
1013* 10178
1001* 100b
993* 9934
99b 99*4
99b 99b
100b 101
100 1003*
95 96
100b 100b
1003* 1C034
95 95b
98b 98b
100b 100 b
1021* 102b
100*4 101
Public Utilities—
Elec com......... 50 *145 147
Preferred......... - .......... 50 *49b 50b
Am
J Lt A Trac common. .100, 368 371
Preferred ................ 100 109b 111b
/ .mer Power A Lt com__ 100 68 70
Preferred.................... 100 84 86
41 43
1
Preferred___________ 100 73 75
300 303
<
X'reierreu..
iuu, 85 86
( lorn’w’lth Pow Ry A L. . 100, 83 65
Preferred............. .......100 84 86
94 96
1I
100*4 10134
i
11 13
]
Preferred....................100 45 47
8912 91
1
85 I-----J
4s 1958
F-A 77b 79
1rorth’n States Pow com. 100 86b1 87b
Preferred----------------- 100 96 97
1st A ref 5s 1941-----AAO 96 96b
I acific Gas A Elec com.. 100 58 59
1st preferred............-.100 88 90
] Lepublic Ry A Light-----100 40 41
Preferred........- ........... 100 74 76
! outh Calif Edison com ..100 91 93
Preferred..-................100 105b 106b
97b 100
!
•15 16
i
Preferred....... ............ 50 •39 41
9 11
'ennessee Ry L A P comlOO
Preferred....................100 48b 49
15 18
1
1st preferred________ 100 73 76
2d preferred..........— 100 16 19
49 51
1
1st preferred.............. 100 74 75
Western Power common. 100 19b 21
Preferred.... ............... 100 69b 70b
iAm Gas A
Industrial
and Miscellaneous
275 278
52 54
Preferred.................... 100 73b 76
.m Graphophone com.. 100 163 166
Preferred.............. — 100 162 165
132 136
40 42
Preferred___________ 100 94 97
lorden’s Cond Milk com. 100 117 119
Preferred___________ 100 107b 108b
183
1 '*2*
Havana Tobacco Co___ 100
2
Preferred------ -----------100
3b
1st g 5s June 1 1922.-J-D /4 8 b 53
Intercontinen Rub com. .100 12b 13b
Internat Banking Co___ 100 160 163
International Salt_____ 100 37 39
1st g 5s 1951............A-O /74 76b
International Silver pref. 100, 97 99
Lehigh VaUey Coal Sales. 50, *80 85
Otis Elevator com_____ 100, 57 60
Preferred.....................100, 86 89
Remington Typewriter— |
Common..................... 100 13 14
1st preferred............... 100 73 76
39
2d preferred.........— 100' 37
Royal Baking Powd com. 100 140
Preferred.................... 100 99b 100b
.
.
98
210
60
175
* Per share. 6 Basis, d Purchaser also pays accrued dividend.
/F la t price. nNominal. lEx-divldend.
Ex-rights.
v
e New Stock
486
THE CHRONICLE
J r a r e s tw m it
< tm l
R A I L R O A D
R a ilr o a d
G R O S S
[Vol. 103
| ix tc llig c ttc c .
E A R N I N G S .
T h e fo llo w in g ta b le sh o w s th e gross earn in gs o f e v e r y S T E A M railroad fro m w h ich re g u la r w e e k ly or m o n th ly retu rn s
oan b e o b ta in e d .
T h e first tw o c o lu m n s o f figu res g iv e th e gross e arn in gs for th e la te s t w ee k or m o n t h , a n d th o la s t tw o
o o lu m n s th e earn in gs for th e period fro m J u ly 1 to a n d in clu d in g th e la te s t w ee k o r m o n t h .
W e a d d a s u p p le m e n ta r y
s ta te m e n t to sh o w th e fiscal y e a r to ta ls o f th o se ro a d s w h ose fiscal y e a r d oes n o t b egin w ith J u ly , b u t co v e rs s o m e oth er
p er io d .
The returns of the electric railways are brought together separately on a subsequent page.
L a te s t G ro s s E a r n in g s .
ROADS.
W e e k or
M o n th .
C u rren t
Y ear.
P r e v io u s
Y ear.
July 1
to L a te s t D a t e .
L a te s t G ro s s E a r n in g s .
July 1
to L a te s t D a te .
ROADS.
C u rren t
Y ear.
P r e v io u s
Y ear.
▲la N O & Tex PacN O & Nor East. Juno __
3 1 9 .0 9 1
2 9 6 ,9 4 8
3 ,8 6 5 ,2 0 3
3 ,5 6 4 ,7 2 1
Ala A Vicksburg. Juno . .
1 3 5 .8 2 5
1 2 5 .2 6 1
1 ,7 1 3 ,9 2 4
1 .5 2 3 .3 5 4
Vicks Shrov A P . June . .
1 2 7 .5 7 2
1 2 0 .0 3 1
1 ,6 6 1 ,9 1 6
1 .4 1 7 .6 1 5
Ann Arbor________ 3d wk July
5 1 ,1 2 5
4 2 ,2 7 4
1 5 5 ,0 2 2
1 3 0 ,6 6 6
Atch Top A S Fe__ June______ 1 1 9 3 4 4 0 0 9 , 9 5 1 , 7 9 3 1 3 3 7 6 2 3 9 2 1 1 7 6 6 5 5 8 7
Atlanta Birm A Atl 3d wk July
5 8 ,0 3 7
1 6 2 ,4 3 2
5 1 .8 9 1
1 7 2 ,1 0 7
Atlanta A West Pt. Juno . .
1 0 7 ,2 9 8
1 ,1 8 5 ,3 3 7
9 3 ,5 6 6
1 ,3 6 7 ,2 8 5
Atlantic Coast Lino J u n o _____ 2 , 7 8 1 , 5 2 9 2 , 3 2 7 . 2 6 1 3 4 , 4 4 5 , 1 1 0 3 1 , 5 3 6 , 4 7 5
Chariest & W Car J u n e ___
1 5 8 ,4 1 0
1 2 2 ,1 8 5
1 ,8 8 5 ,6 2 4
1 ,7 6 5 ,6 3 6
Lou II end & St L J u n o ___
1 2 4 ,8 1 3
1 3 8 ,5 8 0
1 ,6 1 7 ,2 4 4
1 ,3 9 7 ,1 9 0
aBaltimoro & Ohio J u n e ___ 1 0 3 4 5 4 1 8 8 , 6 6 2 , 9 5 6 1 1 1 6 6 8 6 8 0 9 1 , 8 1 5 , 7 9 7
B & O Ch Ter It It J u n o ___
1 7 4 .6 5 3
1 3 7 ,4 3 3
1 ,7 9 6 ,5 0 2
1 ,5 5 5 ,2 9 9
Bangor A Aroostook M a y ____
3 4 1 ,8 6 8
2 7 9 ,2 0 5
3 ,4 5 1 ,9 1 9
3 ,4 1 8 ,4 4 4
Bessemer A L Erie. J u n e ____ 1 , 3 7 0 , 3 5 0 1 , 2 2 0 , 9 6 0 1 1 , 0 1 4 , 1 5 1 8 , 6 6 5 , 5 4 8
Birmingham South. J u n o ____
8 9 ,2 1 7
5 8 ,4 0 9
9 9 2 ,5 9 2
7 9 6 ,4 9 8
Boston A Maine__ M a y ___ 4 . 7 7 5 . 1 0 9 3 . 8 7 4 . 7 0 4 7 , 3 8 3 , 2 1 9 4 2 , 6 3 7 , 2 1 6
Buff Itoch & Pittsb 4th wk July 4 4 5 , 5 9 0
3 2 5 .6 0 5
1 ,1 5 7 ,9 9 9
1 ,0 0 9 ,3 7 5
Buffalo A Susq R R . May . .
1 1 8 .5 6 9
1 1 4 ,7 8 1
1 ,3 3 5 ,4 8 6
1 ,5 4 4 ,3 7 3
Canadian Nor Syst. 4th wk July 1 , 2 0 7 , 3 0 0 6 3 4 , 9 0 0 3 , 8 3 4 , 2 0 0 1 , 9 6 1 , 7 0 0
Canadian Pacific . 4th wk July 3 , 8 0 0 , 0 0 0 2 , 4 7 6 , 0 0 0 1 1 , 7 9 5 , 0 0 0 7 , 4 4 7 , 0 0 0
Contral o f Georgia. J u n e _____ 9 5 9 , 5 4 5 8 2 6 , 8 0 3 1 2 , 5 6 7 , 6 1 8 1 2 , 1 0 8 , 1 8 7
Cent of New Jersey May ._
3 . 1 0 7 . 1 6 9 2,722.889 3 3 , 2 4 9 , 8 3 2 2 9 , 1 1 6 . 5 5 3
Cent New England . J u n o _____ 4 6 4 , 2 8 1
3 7 3 ,0 0 6
4 ,8 7 0 ,9 3 .3
4 ,0 5 5 ,0 4 5
Contral Vermont . . M a y ___
3 7 7 ,8 6 3
3 2 5 ,6 6 4
3 ,5 0 2 ,7 4 6
3 ,9 0 5 ,7 1 2
Chos A Ohio Lines. 4th wk July 1 , 4 0 5 , 4 7 0 1 , 3 8 8 , 8 2 9 3 , 8 7 0 , 8 2 7 3 , 6 4 2 , 5 7 7
Chicago A Alton__ J u n e __
1 ,4 7 1 ,3 7 8 1 .2 0 8 ,6 3 8 1 6 .3 2 5 ,2 8 8 1 4 ,2 4 5 ,6 2 4
Chic Burl & Quincy M a y _____ 8 , 5 9 6 . 9 1 5 6 , 9 5 7 , 4 2 1 9 4 , 0 7 5 , 7 7 8 8 3 , 8 6 4 , 6 4 9
b Chicago & East 111 J u n o _____ 1 , 3 1 9 . 0 5 8 1 . 0 4 2 . 0 0 7 1 6 , 6 9 8 , 4 0 4 1 4 , 1 0 0 , 7 7 2
CChic Great West. 3d wk July 3 1 3 , 4 4 0
2 9 2 .4 8 9
8 2 1 ,3 5 5
8 7 3 ,1 6 6
Cine Ind A Louisv 4th wk July 2 1 2 , 9 7 5
1 9 1 ,1 7 7
5 6 8 ,1 4 0
6 8 2 ,8 9 8
Chic Milw & St P_ June . . .
9 ,1 6 3 ,7 4 5 7 ,8 1 0 ,8 7 0 1 0 5 6 4 6 4 8 4 9 1 ,4 3 5 ,3 7 5
Chic Mil & Pug S.
dChic & North West Juno
8 ,5 3 5 ,5 6 2 7 ,2 4 7 ,7 2 7 9 4 ,1 3 6 ,5 9 8 8 3 ,5 7 9 ,6 7 5
Chic Poor & St L
Juno
1 4 3 ,3 5 3
1 1 3 ,3 4 0
1 ,5 9 7 ,9 0 9
1 ,7 5 2 ,8 0 0
Chic Rock Isl A Pac M a y _____ 5 , 9 7 5 , 0 4 3 5 , 1 3 8 , 2 0 0 6 6 , 2 0 2 , 6 2 4 6 2 , 5 7 3 , 5 2 1
Chic It I & G u lf.. J u n o _____ 2 3 6 , 6 6 9 , 1 9 1 , 4 8 6 3 , 1 5 1 , 0 5 3 1 2 , 9 0 0 , 4 4 4
dChic St P M A Om A p ril____ 1 , 6 9 7 , 6 0 0 1 , 3 2 2 . 8 7 ; 1 6 , 7 2 4 , 0 2 1 1 5 , 4 2 0 , 5 6 3
Chic Torre H & 8 E M a y ____
1 8 1 .4 6 0 !
1 5 1 .4 5 4
2 ,3 2 5 ,7 2 5
2 .0 2 5 ,5 2 3
Cin Ham & Dayton J u n o _____ 943,359 9 2 0 , 3 5 4 1 0 , 5 6 1 , 7 4 9 9,725,972
Colorado Midland. J u n o _____ 121,281 1 1 0 , 2 1 0 1 , 5 1 6 , 7 5 8 1,699,310
e Colorado A South. 3d wk July
287,346 2 4 8 . 4 3 7
725,097
8 2 6 ,4 5 6
Cornw all_________ J u n o _____
24,184
128,189
1 0 ,3 5 8
2 2 0 ,7 2 5
Cornwall & Lebanon J u n o _____
48,042
296,656
2 6 .2 0 4
4 7 0 ,9 2 5
Cuba R ailroad___ J u n o _____ 604,112 4 5 7 , 5 7 1 6 . 8 1 5 , 6 9 7 5,206,714
Delawaro A Hudson J u n o _____ 2,231,606 1 9 1 4 3 1 6 25 922 67P22 701 942
Del Lack & W est.. J u n o _____ 4,413,932 3 , 8 3 8 , 9 1 2 4 9 , 3 3 5 , 7 3 9 4 3 , 0 4 4 , 7 0 5
Denv A Rio Grande 4th wk July 635,700 6 2 8 , 4 0 0 2 , 0 5 8 , 5 0 0 1 . 9 6 5 . 1 0 0
Western Pacific. M a y _____ 620,338 5 0 . 3 . 5 7 8 6 . 7 9 3 . 6 6 4 5 , 0 9 3 . 1 0 6
Denver & Salt Lake 3d wk July
40,000
3 3 ,6 4 8
1 1 9 ,3 0 9
1 0 6 ,5 4 4
Detroit Tol A front M a y __
205.24
1 1 9 .6 9 3
1 ,6 3 5 ,3 3 1
2 ,0 1 9 ,2 6 0
Detroit A Mackinac 3d wk July
22.082
1 9 ,3 5 3
7 1 ,7 7 1
6 5 ,1 7 1
Det A Tol Shore L . J u n e _____
116,570 1 0 9 , 5 4 3 1 , 7 0 6 , 5 1 8 1 , 4 7 1 , 1 6 0
Dul A Iron Range.. J u n e _____ 1,042,942 8 0 2 , 3 4 3 6 , 4 9 3 , 2 8 3 4 , 8 2 4 , 6 9 5
Dul Sou Shore & Atl 3d wk July
79,269
6 8 ,6 7 3
2 2 3 ,1 8 9
2 0 0 ,9 2 0
Duluth Winn & Pac M a y _____
137.053
8 2 .6 2 7
1 .1 8 2 .1 0 1
1 ,5 5 8 .1 8 5
Elgin Joliet A East. J u n o _____ 1,182,637 8 4 0 , 2 6 3 1 3 , 3 5 3 , 4 5 7 8 , 5 4 1 , 3 5 5
El Paso & Sou West J u n o _____ 1,025,990 7 5 2 , 0 0 0 1 0 , 6 7 1 , 6 2 7 7 , 7 8 8 , 7 3 6
E r ie ____________ J u n e ............... 6 , 5 3 8 , 5 9 . 3 5 , 4 . 3 7 , 5 1 2 7 2 , 9 3 6 , 2 2 8 6 0 , 8 3 0 , 7 4 8
Florida East Coast June
401 109
*
5 6 5 106
7 204 482 5,513,477
Fonda Johns A Glov June
8 2 ,7 8 1
7 4 ,8 5 5
954,011
874,762
Georgia Railroad. . May
1 9 8 .8 0 5
2 4 7 .3 4 3
2,883.899 2,607,076
Grand Trunk P ac.. 2 d wk July
6 8 ,12 2
9 .3 ,7 0 5
167,729
124,247
Grand Trunk Syst. 3d wk July 1 , 1 4 0 , 2 2 6
9 8 0 ,8 9 8
3,506,648 2,960,805
Grand Trunk Ry. 2d wk July 9 5 7 , 2 3 1
7 8 8 .1 5 4
1,838,072 1,588,927
Grand Trk West. 2d wk July 1 8 7 . 4 9 2
1 4 2 .5 9 4
386,984
278,181
Det Or II A Milw 2d wk July
6 6 ,6 2 7
5 8 . 8. 4. 6.
141,255
112,694
Groat North System J u n o _____ 7 , 0 4 2 . 3 3 4 5,193.623 81.142,398 67,133,303
Gulf A Ship Island. M a y _____
1 7 5 ,9 1 2
131,9911 1,81.3,491 1,498,972
Hocking Valley___ M a y _____ 7 5 0 , 5 9 0
518,576 6.625.572 5.668,071
Illinois Central___ J u n o _____ 5 , 9 0 5 , 5 1 4 4,881,398 69,077.342 62,111,552
Internat A Grt Nor J u n e _____ 6 9 2 , 0 0 4
616,843 9,420,291 j 9,083,626
Kansas City South. J u n e _____ 9 1 1 . 1 15 792,226 10,583.630 10,035.896
Lehigh A Ilud Riv. J u n o _____
1 9 3 ,2 5 2
162,612 2,109,857 1,816,585
Lehigh A Now Eng. J u n o _____ 2 4 7 , 6 5 0 276,223 3,278,968' 2,646,662
Lehigh Valley_____ M a y _____ 4 , 3 1 8 , 6 1 2 3,845,269 43.153,826 38,891,114
Louisiana A Arkan. J u n o ___
____
1 3 9 .8 1 6
132,933 1,699,976, 1,723,677
Louisiana Ry &Nav J u n o _____
1 6 3 ,8 1 0
170,010, 2,180,030 2,023,698
/ Louisville & Nash 3d wk July 1 , 2 5 5 . 3 4 0 1.003.7151 .3.425,4951 2,915,305
Maine Central____ ‘J u n e _____ 1 , 1 0 6 , 1 8 4 1,026,662 12,001,67.3 11,350,423
Maryland A Penna. J u n o _____
37,603
475,653
511,675
3 6 ,9 3 4
Midland Valioy___ i M a y _____
99.348 1,658,303 1,279,883
1 6 0 .8 9 4
Mineral Range___ 3d wk July
20,215
63,126
59,237
2 1 .3 7 2
Minneap A St Louis 4th wk July 2 1 6 , 1 9 8 207,00.8
832,495
792,675
Minn St P & S S M 3d wk July 7 0 1 . 1 10 516.460 2,043.521 1,523,540
Mississippi Contral. M a y _____
60.340
745,885
707,278
6 7 .5 5 7
g M o Kan A Texas. 3d wk July
569.367 2,028,033 1,643,405
6 7 9 .8 1 6
h Missouri P a c ific ..IM a y _____ 5 , 6 7 0 . 2 1 7 4.531.' 15 59.033.766 53,654.088
Nashv Chatt A St L J u n e _____ 1 , 0 0 3 , 1 0 0
837,324; 12,670,688 10,936,533
Nevada-Cal-Oregon 3d wk July
____
9,397
8,801
_26,149
__
26,403
1 Now York Central.Juno
17308 066 13985038 189364492 154468485
Boston A Albany.IJuno......... 1,879,655 1,537,845 19,9,39,261 16,552,500
n Lake Erie.’t W_ J u n e ------- 1 605.483
485,455 6,944,353 5,683,647
Michigan Central J u n e ------- 3,896,759.3,118,283 41,884,591 33,760,732
C levoC C & St L 1J u n o ------- 3,845,511 2,985,253 43,478,000 35,824,105
Cincinnati North iJuno
161,534
127,113 1,816,369 1,541,351
Pitts A Lake Erie June
1,909,402 1,513,339 22,635,157 14.639.732
Tol A Ohio C ent-[Jun e_____ 507,250 424,589 5,403,918 4,947,738
Kanawha A Mich J u n o _____ 322,642
264,969 3.636,399 2,911,415
Tot all lines above J u n o _____ 30436302 24441 784 335099540 270328 705
Now Orl Great Nor. M a y ____
171.975
136,885 1,688.470 1.460,558
W eek or
M o n th .
C u rren t
Y ear.
P r e v io u s
Y ear.
C u rren t
Y ear.
P r e v io u s
Y ear.
&
$
M a y _____
1 9 0 ,2 2 3
1 4 1 .9 5 0
1 ,8 6 5 ,5 2 8
1 ,6 4 2 ,0 9 6
J u n o _____ 1 , 1 8 6 , 5 6 9 1 , 0 5 8 , 9 0 8 1 4 , 3 7 8 , 6 1 4 1 1 , 4 1 3 , 7 7 5
J u n e _____ 7 , 0 8 0 , 3 2 8 6 , 3 2 7 , 9 8 8 7 6 , 3 1 1 , 6 5 3 6 5 , 3 7 9 , 2 6 4
J u n e ___
7 2 6 .0 1 8 ,
7 1 4 ,8 7 7 1 8 ,9 4 2 .2 5 2
8 ,9 2 6 .9 4 6
J u n e ___
3 0 6 ,3 8 6 1 3 3 0 ,9 5 6
4 ,2 9 2 ,9 1 4
3 ,9 0 9 ,0 5 8
J u n o ___
4 1 6 .2 1 2
3 2 2 ,5 9 6
4 ,5 9 1 ,9 2 3
3 ,8 7 5 ,8 7 5
J u n e ___ 4 , 9 8 7 , 8 8 5 4 , 3 3 0 , 2 8 6 5 7 , 3 0 4 , 5 8 6 4 2 , 9 8 7 , 0 4 3
3d wk July 1 , 6 0 3 , 0 0 0 1 . 2 1 1 , 0 0 0 4 , 6 2 1 , 0 0 0 3 , 5 6 4 , 0 0 0
M a y __
3 8 5 ,4 8 9
2 9 5 ,5 8 9
3 ,8 6 4 .6 0 6
3 ,2 1 4 ,8 3 6
M a y __
6 3 0 ,3 1 2
4 8 4 ,0 8 4
6 ,6 9 1 .9 8 8
5 ,6 8 7 ,2 7 3
p P e n n sy lv a n ia R R . J u n o __
19384193 16421567 220113357 183671205
Balt Ches & Atl. J u n e __
1 0 9 ,9 3 5 ,
1 0 3 ,2 5 1
1 ,1 2 7 ,9 2 6
1 ,2 3 5 ,6 6 0
Cumberland Vail. J u n o __
2 7 4 .2 1 2
2 6 0 ,3 6 6
3 ,4 7 8 ,1 7 7
2 ,9 1 0 ,5 7 7
Long Island
J u n o __
1 ,4 0 8 ,4 6 9 1 ,3 4 5 ,3 4 6 1 4 ,2 0 8 ,1 1 9 1 3 ,3 1 8 ,0 8 2
M ary’tl Del & Va J u n o __
7 5 ,8 1 5
7 5 .6 1 1
8 9 0 ,1 7 8
9 3 5 ,5 8 5
N Y Phila A Norf J u n o _____ 5 0 6 , 5 6 9 4 2 7 , 8 0 5 4 , 7 6 4 , 7 3 5 3 , 8 1 6 , 4 5 9
Phil Balt A Wash J u n o _____ 2 , 1 4 3 , 1 4 2 1 , 7 9 4 , 1 3 2 2 3 , 6 8 0 , 8 6 8 2 0 , 2 5 5 , 2 5 3
W Jersey A; Seasli J u n o _____ 6 4 6 , 5 1 5 5 9 3 , 2 0 1 6 , 5 0 3 , 9 5 8 6 , 5 3 4 , 4 9 0
Pennsylvania Co__ J u n o _____ 6 , 8 1 2 , 7 2 0 5 , 3 4 7 , 1 6 9 7 1 , 2 5 5 , 6 6 4 5 3 , 6 5 2 , 9 3 1
Grand Rap & Ind J u n o _____ 4 8 0 , 7 5 3 4 2 8 , 3 8 7 5 , 6 3 2 , 0 0 5 5 , 3 1 5 , 7 4 6
Pitts C C & St L . J u n o _____ 4 , 1 1 6 , 9 2 4 3 , 3 2 8 , 3 9 8 4 7 , 3 7 0 , 1 5 1 3 8 , 4 1 2 , 0 2 9
Vandalia_______ J u n o _____ 1 , 0 4 1 , 3 0 0 i 8 7 1 , 9 4 4 1 2 , 4 8 6 , 6 4 3 1 0 , 9 7 2 , 8 8 5
Total lines—
I
1
East Pitts & Erie J u n o _____ 2 4 9 0 9 7 8 6 2 1 2 8 5 4 5 9 2 8 0 7 9 4 6 1 8 2 3 7 1 6 1 3 0 5
West Pitts & Erie J u n e _____ 1 2 6 0 4 2 7 4 1 0 1 0 9 1 8 3 1 3 8 4 9 9 5 3 4 1 0 9 8 8 1 9 5 9
All East & West. J u n o _____ 3 7 5 1 4 0 6 1 3 1 3 9 4 6 4 2 4 1 9 2 9 4 1 5 5 3 4 7 0 4 3 2 6 4
Pere Marquette__ 2 d wk July 3 9 3 , 7 8 3 1 3 4 4 , 8 0 3
8 1 5 ,5 2 3
6 9 5 ,1 1 3
Reading Co—
I
I
Phila & Roadlng. M a y ......... 4 , 0 1 9 , 9 7 5 4 . 0 8 1 , 7 0 2 5 3 , 0 8 1 , 5 2 6 4 3 . 4 0 4 , 7 6 2
Coal & Iron C o .. M a y _____ 2 , 7 4 7 , 1 8 1 2 , 2 9 7 , 0 0 3 3 3 , 7 5 5 , 4 7 3 2 8 , 1 2 3 , 8 8 7
Total both cos__ M a y _____ 7 , 6 6 7 , 1 5 6 6 , 3 7 8 , 7 0 5 8 6 , 8 3 6 , 9 9 9 7 1 , 5 2 8 , 6 4 9
Rich Fred & Potom M a y _____ 3 4 0 , 7 7 8 | 2 9 3 , 0 1 5 3 , 0 1 2 . 3 4 9 2 , 6 3 2 , 5 0 5
Rio Grande June__ April
7 1 ,6 9 2
8 3 0 ,0 7 2
----------------8
6 3 ,5 0 8
8-------------0 ,9 2 4
Rio Grando S outh.. 3d wk July
3 0 ,6 7 7
9 ,9 3 0
3 1 ,0 1 1
1 1 ,1 0 9
Rutland__________ .June
3 2 9 ,6 2 1
3 0 3 ,1 9 8
3 ,8 7 5 ,0 9 8
3 ,4 7 9 ,3 8 9
St Jos & Grand Isl. J u n o _____ 1 7 2 , 0 1 9
1 ,5 0 7 ,3 1 4
1 1 6 ,7 3 2
1 ,8 4 0 ,9 0 0
St L Brownsv & M M a y _____ 2 1 7 , 3 8 3
2,106,616
1 9 9 ,4 8 5
2 ,3 9 3 ,1 6 5
St L Iron Mtn & So M a y _____ 2 , 9 3 0 , 5 7 2 2 , 3 1 3 , 4 1 5 3 0 , 0 5 9 , 2 1 5 2 7 , 6 7 0 , 4 5 0
St Louis & San Fran M a y _____ 4 , 3 7 0 , 1 7 6 3 , 4 1 1 . 8 6 9 4 4 , 2 5 9 , 9 3 7 3 9 , 5 6 0 , 0 0 8
St Louis Southwest. 4th wk July 3 5 7 , 0 0 0
9 0 2 ,0 0 0
3 0 1 ,0 0 0
1 ,0 8 1 ,0 0 0
San Ped L A & S L_ J u n o ___ 1 , 0 8 2 , 1 4 4
9 ,4 9 7 ,8 9 6
9 1 8 ,7 1 0 1 1 ,2 4 4 ,3 5 5
Seaboard Air Lino.. J u n o ____ 1 , 8 9 0 . 6 0 1 1 , 6 7 9 , 3 8 5 2 4 , 4 9 4 , 7 8 9 2 1 , 7 8 1 , 3 1 6
Southern Pacific__ J u n o ____ 1 3 5 6 7 6 6 9 1 1 9 6 3 6 1 4 1 5 2 6 9 4 2 2 8 1 2 9 8 6 5 6 7 5
Southern Railway.. 3d wk July 1 , 2 6 7 , 4 4 0 1 , 1 8 0 , 2 ) 7 3 , 9 4 2 , 6 5 3 3 , 5 1 7 , 7 0 2
Mobilo & O h io.. 3d wk July 2 2 3 , 9 4 2
2 0 0 ,7 2 5
5 8 7 ,9 5 5
5 9 9 ,0 2 4
Cin N O & Tex P 3d wk July 1 9 9 , 6 9 8
5 8 6 ,0 3 4
5 0 3 ,1 5 4
1 6 4 ,2 1 0
Ala Great South. 3d wk July 1 0 2 , 0 5 1
2 8 0 ,4 2 2
9 3 ,7 8 6
2 8 7 ,4 5 8
Georgia So A Fla 3d wk July
1 2 7 ,9 3 8
1 2 9 ,5 5 9
4 1 ,5 4 1
4 2 ,6 4 6
Virginia & Sou 4V J u n o __
1 6 7 ,6 1 4
1 ,7 9 9 ,3 0 1
1 3 6 ,5 4 0
1 ,9 5 9 ,7 0 5
412,578 314.870 4 . 5 1 2 , 7 7 0 4 , 0 4 1 , 2 2 8
Spok Port & Seattle M a y __
Tenn Ala & Goorgia 3d wk July
2 ,0 4 2
1 .4 8 7
5 ,3 4 0
4 ,3 8 1
154,128 1 2 4 , 7 6 1 1 , 4 7 9 . 1 8 6 1 , 3 6 3 . 0 9 4
Tonnosseo Central May
3 3 1 ,1 0 9
Texas & Pacific___ '3d wk July
1 ,0 6 8 ,3 5 0
3 6 7 ,8 7 0
9 8 8 .2 7 3
Toledo Peor & West J u n e _____
9 3 ,1 4 2
1 ,1 7 5 ,2 5 1
1 ,2 1 5 ,2 2 0
9 9 ,4 5 1
Toledo St L & West 3d wk July 1 0 5 , 3 3 0
9 7 ,5 5 7
3 4 6 ,1 2 3
2 8 9 ,7 5 6
Trinity & Brazos V . J u n o __
4 9 ,5 8 6
9 1 2 ,8 0 1
9 8 0 ,5 9 2
6 0 ,5 9 2
Union Pacific Syst. J u n e __
9 ,3 5 0 ,0 6 1 7 ,3 2 7 ,0 0 9 1 0 4 7 1 7 0 0 5 8 6 ,9 5 8 ,2 9 5
Virginian_________ Juno . . .
4 8 8 ,4 6 4
6 8 2 ,5 5 6
7 ,7 0 6 ,3 9 0
6 ,0 3 3 ,8 6 5
W abash__________ J u n e ___
2 ,9 9 2 ,0 6 0 2 ,3 2 0 ,5 10 3 4 ,7 0 4 ,8 8 5 2 9 ,0 8 2 ,7 8 7
Western Maryland- 4th wk July 2 2 7 , 6 3 7
2 6 6 ,9 5 7
9 3 4 ,3 4 3
8 3 3 ,1 7 7
Western Ry of Ala. J u n o _____
9 8 ,2 7 4
1 ,3 0 8 ,7 5 8
1 ,2 5 2 ,2 9 3
9 8 ,9 3 6
Wheel & Lake Erie, iM a y _____ 9 4 2 . 6 8 5
4 9 1 ,2 8 3
8 ,2 2 6 .2 8 2
4 .8 3 5 ,1 5 0
Yazoo & Miss Vail. J u n o _____ 1,134,885 9 1 0 , 2 4 1 1 3 , 5 5 2 , 4 3 0 1 1 , 8 3 6 , 9 8 4
N O Mobile A Chic
N Y Chic A St Louis
N Y N II A H artf..
N Y Ont & Western
N Y Susq A Wost_.
Norfolk Southern..
Norfolk & WesternNorthern Pacific__
Northwestern Pac.
Pacific Coast C o__
P erio d .
V a r io u s F is c a l Y e a r s .
Buffalo A Susquehanna R R ___ Jan 1
Delawaro & Hudson__________ Jan 1
E r ie _____________________
Jan 1
Lake Erie & Western. n _____
Michigan Central__________
Clove Cin Chic & St Louis__
Cincinnati Northern________
Pittsburgh A Lake Erie_____
Toledo A Ohio C en tra l..___
Kanawha A M ic h ig a n ..__
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Now York Chicago A St Louis. Jan
N Y Susquehanna A Western.. Jan
p Pennsylvania R a ilr o a d _______ Jan
Baltimore Chesap A Atlantic Jan
Cumberland Valley_________ Jan
Long Island. _____________ Jan
Maryland Delaw A Virginia. Jan
N Y Philadelphia A Norfolk. Jan
Phila Baltimore A Washing’n Jan
West Jersey A Seashore____ Jan
Grand Rapids A Indiana___
Pitts Cine Chic A St Louis .
Vandalia___________________
Total lines— East Pitts A Erie
— West Pitts A Erie
— All linos E A W .
Rio Grande Ju n ction _________
R utlan d _____________
Jan
Jan
Jan
Jan
Jan
Jan
Dec
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
l
C u rr e n t
Y ear.
to May 31 $686,038
to Juno ID 12,970,603
to Juno 10 36,113,550
10 97,682,858
Juno 10 10,362,902
to Juno 10 3,467,847
to June 10 21,901,981
to Juno (0 22,156,175
to Juno 10
895,209
to June n 11,477.032
to Juno 10 2,753,631
to .Tuno 10 1,823,1 13
10 172520748
to Juno 10 7,523,938
to June 10 2,188,910
to Juno 10 111644 193
to Juno 10
460,202
to Juno 10 1,778,951
to Juno 10 6,707,340
to June 10
364,697
to Juno 10 2,476,000
to Juno 10 12,086.349
10
Juno
to
3,339,695
{() 35 1114 200
to June 10 2,767,607
to Juno 10 24,364,073
June 10 6,217,371
to Juno 10 140757533
to Juno 10 69,847,517
to June 10 210605049
to Apr 10
354,289
to June 10 1,958,850
P r e v io u s
Y ear.
.$ 5 6 5 ,1 1 3
1 0 ,7 8 1 ,2 9 7
8 ,1 1 9 ,5 0 7
2 ,7 6 6 ,1 4 0
1 6 ,5 5 8 ,0 5 3
1 7 ,0 4 2 ,2 6 0
7 0 7 ,4 7 9
7 ,0 3 7 ,9 4 4
2 ,0 7 2 ,0 0 4
1 ,3 2 5 ,8 1 8
131589254
5 ,6 8 1 ,7 0 5
2 ,0 0 3 ,0 3 0
1 8 ,1 5 9 ,0 0 5
4 8 6 .7 5 8
1 ,3 9 1 ,9 8 8
6 ,0 5 3 ,0 0 0
3 7 8 ,6 7 4
1 ,8 6 6 ,2 5 0
9 ,7 1 6 ,6 1 7
2 .7 7 8 .2 2 1
1 5 .2 1 6 .2 2 1
2 ,4 6 6 ,5 3 1
.8 ,4 3 9 ,0 1 0
5 ,1 5 6 ,9 9 8
112271791
5 2 ,0 1 7 ,9 7 8
164289769
3 2 1 ,9 9 0
1 ,6 3 3 ,3 4 4
AGGREGATES OF GROSS EARNINGS— Weekly and M onthly.
•
W e e k ly S u m m a r ie s .
C u rren t
Y ear.
P r e v io u s
Y ear.
In crea se or
D ecrea se.
%
*
C u rren t
Y ear.
P r e v io u s
Y ear.
In c r ea se or
D ecrea se.
%
$
M ile a g e .
C u r. Y r . P rev. Y r.
$
$
$
$
$
2d week May (36 roads)____ 13,955.903 10,818,158 +3,137.745 29.00 Septem ber..245.132 243.403 294.241.340 270.458.199 + 17,783.141 6 . 4 3
3d week May (35 roads)___ 12.245.804
9.664,045 +2,581,759 26.72 October ____ 248,072 247.009 311.179,375 274,091.434 +37,087.941 1 3 . 5 7
4th week May (34 roads)____ 20.536.118 14.750,366 +5,785,752 39.23
November_246.910 245.858 306,733.317 240.422.696 +66,310.622 2 7 . 5 8
1st week June (33 roads)___ 13.927,110 11,169.493 +2,757,617 24.69
December ..248,437 247.673 295,202.018 232.703.070 +62.438.948 2 6 . 8 2
2d week June (33 roads)___ 14,103.619 11.107,717 +2,995.902 26.97 January___ 247,620 246.838 207,043,635 220.203,595 +46,840.040 2 1 . 2 7
3d woek Juno (32 roads)____ 12,643,273 10.080,728 +2,562,545 25.42
February__ 245.541 244.809 267,579,814 209.573.963 +58,005.851 2 7 . 6 8
4th woek Juno (37 roads)___ 19.765.119 15.600,468 +4,155,651 26.64
M arch.........247.363 246.548 296,830,406 238.098.843 + 58,731,563 2 0 . 4 7
1st week July (36 roads)___ 14,089,190 11,316,239 +2,772,951 24.54 April .........246.615 245.773 288,453,700 237.512.648 +50,941,052 2 1 . 4 5
2d weok July (36 roads)___ 14,903,388 11.775,242 +3,128,146 26.48 May .......... 218.006 247,189 308,029,096 244,580,685 +63,448,411 2 5 . 9 4
3d week July (35 roads)___ 14,551,530 11,557,175 +2,994,355 25.91 J u n e ______ 92.587
90,638 77,907.360 01.872,441 + 16.034,919 2 5 . 9 1
a Includes Cleveland Lorain &
Wheeling Ry.
b Includes
Evansville A Terre Haute.
c Includes Mason City
& Fort Dodge
and tho Wisconsin Minnesota & Pacific, d Includes not only operating revenue, but also all other rocolpts.
e Doos not includo earnings of C olo
rado Springs & Cripple Creek District Ity. / Includes Loulsvlllo & Atlantic and tho Frankfort & Cincinnati, g Includes tho Texas Contral and the
Wichita Falls lines, h Includos the St. Louis Iron Mountain & Southern. ) Includes the Lake Shore & Michigan Southern R y.. Chicago Indiana Ac
Southern RR. and Dunkirk Allegheny Valley & Pittsburgh R R . n Includes the Northern Ohio R R . p Includes the Northorn Contral. * We no
longer include the Mexican roads In any o f our totals.
M o n t h l y S u m m a r ie s .
L a t e s t G r o s s E a r n i n g s b y W e e k s .— F o r th e th ird w ee k
o f J u ly ou r fin al s ta te m e n t c o v e rs 3 5 r o a d s a n d sh o w s 2 5 . 9 1 %
T h ir d
w ee k
of
1915.
1916.
J u ly .
Previously reported (23 roads).
Ann Arbor___________________
Atlanta Birin & A tl----------------Chicago Great Western---------Denver & Salt Lake--------------Grand Trunk of Canada--------Grand Trunk Western------Detroit Gr Hav & Milw-----Canada Atlantic---------------Novada-Cal-Oregon-------------Itio Grande Southern-----------Tonn Ala & Georgia-------------Toledo St Louis & Western------
D ecrea se.
Ih crca se.
s
$
S
12,820,824 10,038.200 2,783,729
8,851
42,274
51,125
6,146
51,891
58,037
20,951
292,489
313,410
6,352
33,648
40,000
$
1,105
1,140,226
980,898
159,328
9,397
11,109
2,042
105,330
8,801
9,930
1,487
97,557
596
1,179
555
7,773
1,105
---------
N e t E a r n i n g s M o n t h l y t o L a t e s t D a t e s . — T h e ta b le
fo llo w in g sh ow s th e gross an d n o t oa rn in gs w ith c h a rg e s
a n d su rplu s o f S T E A M ra ilro a d s a n d in d u str ia l c o m p a n ie s
re p o rte d th is w e e k :
------ G ro ss
E a r n in g s --------------- N e t E a r n in g s -----C u rren t
P r e v io u s
C u rren t
P r e v io u s
Y ear.
Y ear.
Y ear.
Year-
A tch T op & Santa F e .b .J u n o ll ,934,400 9,951,793 14,216.861 J3.467.861
July 1 to June 30_____ 133,762,392 117665,587 150,031.432 <41.574,034
775.972
412.404
A tlantic Coast L i n o .a -J u n e 2,781,529 2,327,261
July 1 to June 3 0 ............34,445,110 31,536.475 9.854,271 7.043.161
98:861.209 4 « § S
GhICjS ? y &l to J°unnea 3 6 : : - - 1 6 ® S I
llS S I ®
' V Z ’Z l
3 § | | f
4 147:140
i f A *
2,660:584
I f A *
91&&& 36^25,526 29.463:673
^ ^ CJ ^ ly 'l to^June30— — -.10 5 .6 46 .4 8 4
Chicago R ock Isl & Pac—
_
191,486
C hic It I & G u lf.b — Juno
236,669
July 1 to Juno 3 0 ---------- 3,151,053 2,900,444
920,354
Cine Ham & D ayton b - Juno
943.359
9 725 972
July 1 to Juno 30----------10 ob i
88,274
D etroit & M ackinac a.J u n e
105.047
July 1 to Juno 3 0 ............ 1,175,725 1,077,316
Delaware & Ilu d son .b -J u n o 2 231 608 1 914 316
Jan 1 to Juno 30...........1 2 970 603 10 781 297
El Paso & S ou th w est.b . Juno 1,025,990
752,000
July 1 to Juno 3 0 ............10,671,627 7,788,736
.................... June 6,538,593 5,437,512
E rio a
Jan""l to Juno 3 0 ............36,113,550 29,614,040
Illinois C en tra l.a ______June 5,905,514 4,881,398
July 1 to Juno 3 0 ............ 69,077.341 62,111,552
Internat & G rt N o r .b ._ J u n o
692,004
616,843
July 1 to Juno 3 0 ............ 9,420,291
9,083.626
M aine C e n t r a l.b ...........Juno 1,106,184
1,026.662
July 1 to Juno 3 0 .............12,001,673 11,350.423
M lnneap & St L ou is .a .J u n o
832,757
815,624
July 1 to Juno 3 0 ............ 10.721,513 10,111,975
N ashv Chatt & St L .b .J u n o 1,003,100
837,324
July 1 to Juno 3 0 _______12,670,688 10,936,533
N Y C hic & St L ou is .a .J u n o 1,186,569 1.058,908
Jan 1 to Juno 3 0 ______ 7,523.938 5,681.705
7,080,328 6,327,988
..J u n o
riJ
42.608
924,804
245 392
2 447 884
20,705
278.636
719 209
4 205,365
582,520
4,747,359
1,726,607
8,651,648
1,489,397
14,155,087
54,257
2,081,067
410,650
3,809,095
*280,654
*3,225,839
249.700
3,231.655
323,415
1.977,405
2,328,974
def 1,3.38
695,471
92 957
1 154 260
13,602
201,091
700 102
3,622,432
328,809
3,059,511
1,544,860
6,331,600
480,550
10,878,473
20,695
1,212,177
325,825
3,206.458
*250.803
*2,743,167
172.705
1,836,911
310,460
755,123
3,040,685
N Y J^lyI l&toIJuno 3 6 - - - 7 6 :3 l T .6 5 3 65,379:264 25,233,295 21.252.640
-M- -y q .,.n & Western a Juno 306,386
330,956
60,958
107,065
N Y Janq i to J^ne 30 - - - - - 2.188:910
2.003,030 556,627
630,953
Northern Pacific a _____ June 6,662,000 5,336,000 2,592,000 2,162,000
Rutland b
_______ Juno
329,621
303,198
101,922
88,992
J in 1 to June 30............ - 1.958.850 1,633.344
590.834
431,309
Scab A L (Cons cos).a.Juno 1,890,601 1,679,385
466,897
393,697
July 1 to June 30______ 24.494,789 21,781.316 6,991.417 5,402,517
Southern Railway.a— Juno 5,678,124 4,743,560 1,666,255 1,139,435
July 1 to Juno 30______ 69.997,675 62,199,509 21,004,005’ 13,400,054
Mobile & O h io.a___ Juno 1.021,010
882,449 344,626
286,333
------------July 1 to Juno 30...........11,868.038 10.982,149 -------------2,925,200 2,660,762
Cine N O & Tex I’ .a.Juno
971,407
737,248
295,528
208,125
July 1 to Juno 30........... 11,060.440 9,422,251 3,087,016 2,241,689
392,280
151,573
Alabama Grt S ou .a ..Ju n o
012,129
97,717
944,263
July 1 to June 30.......... 5,641,402 4,776,630 1,681,301
160,880
21,063
26,986
Georgia Sou & Fla.a.June 195,73o
471,054
263,405
July 1 to Juno 30--------- 2,445,408 2,215,773
136,540 def25,401
33,725
Va & Southwestern a Juno
167,614
412,242
379,769
July 1 to Juno 30........... 1,959,705 1,799,301
340,474
114,850
Texas & Pacific.!)____ Juno 1,458,834 1,320,919
July 1 to Juno 30______19,156,856 17,944,638 5,340,881 4,087,251
2,826.080
Union Pacific.a_______Juno 9,350,061 7,327,009 3,780,121
.
, - ......
July 1 to Juno 30_____104,717,005 86,958,295 40,823,537 30,180,106
Virginian a ___________ Juno 682,556
488,461
325,185
192,908
July 1 to June 30______ 7.706,390 6,033,865 “3,575,664 2,403,678
"
406.800
Western M aryland_b.-Juno
993.162
844,482
296,196
July 1 to June 30______10,930.369 8,683,459 3,890,761 2,426,047
339,348 , 222,879
Yazoo & Miss V alley.a. June 1,134,885
910,241
July 1 to Juno 30______13,552,430 11,836,984 3,992,185 2,898,369
G ross
E a r n in g s .
S
Chicago
W Juno T6 7,247,727
8,535,562
em cago & N
in ) v . . ju
12 mos T6 94,136.598
*15 83 579,675
C u b a R R .................June T 6
604.112
15
457,571
12 mos T 6 6,815,697
T5 5,206.714
Louisiana & A rk..Juno T 6
139,816
T5
132,933
12 mos T 6 1,699,976
’ 15 1,723,677
M o Kan & Texas..Juno ’ 16 2,644,047
’ 15 2,379,131
12 mos ’ 16 32,485,507
’ 15 32,898,758
Gross
Earnings.
N et
E a rn ing s.
S
5
Genesee & Wyoming—•
3 mos to
82,585
Juuc30’ 16
55,049
70.207
44,718
T5
12 mos to
241,837
145,513
Junc30’ 16
210,997
114,212
T5
Norfolk A Western—
June TO 4.987,885 2,170,020
T5 4,330,286 1,720,900
12 mos TO 57,304,580 25,123,240
T5 42,987,043 15,155,228
N e t, a fter
T a xes.
F ix e d
C h a r g e s.
E a ta n c c ,
S u r p lu s .
8
$
S
832,859 1,923,353
2,756,212
2.298,071
815,615 1,482,456
27,442,741 10,376,801 17,065:940
22,691,159 10,981.104 11 709 995
317,409
87.471
1230,462
257,748
72,308
185,440
3,517,026
978,244 *2,545,412,727,540
853.856 1,873 68
47,129
26,080
’ 21,049
36,143
26,923
9,220
538,302
315.649
222:653
527,556
334,316
193,240
333,807
545,420 def211,61
358.379
625,950def 267,571
5,040,995 6,914,412dfl ,873,417
8,603,296 7,128,311 1.474.985
Other
In com e.
$
Total
In com e.
S
Gross
E a rn ing s.
S
Charges
& T axes.
S
Ealance,
Surplus.
S
348
298
55,397
45,017
27,950
21,308
27,447
23,648
1,483
1,371
140,996
115,583
80,579
75,347
00,417
40,230
512,491 2,062,811
399,282 2,575,302
558,433 1,364,972
196,439 1,923,405
1,920,502 27,043,742 6,419,683 20,624,059
1.873,138 17,028,360 6,018,462 10,409,909
N et, after
T axes.
S
N Y Central—
June '16 17,30S,066 5.484,125
„15, H13,985.03S
, __ ____ _____
....
4,862,012
6 mos’ 16 97,082,858 29,638,486
15 75.958,989 18,357,933
Boston & Albany—
June 1’6 1,879,655
’ 15 1,537,845
6 mos ’ 15 10,362,902
’ 15 8,119,507
733,803
521,551
3,234,341
1,984,957
Lake Erie & Western—
June ’ 16
605,483
’ 15
485,455
6 mos TO 3,467,847
T 5 2,766,140
198,599
79,394
1,053,269
419,707
Michigan Central—
Total (35 r o a d s ) - .------------ 14.551.530 11.557.175 2,995,460
Not increase (25.91% )--------------------------------12,994,355
R oads.
4S7
THE CHRONICLE
AUG. 5 1916.]
Other
I n co m e.
Gross
In com e.
F ixed
Charges.
Balan ce,
Surp lus.
S
S
S
S
2,785,049
1,789,182
9,922,881
8,474,245
8,269,174
0,651,194
_____
39,561,367
26,832,178
3,636,135
3,623,601
21,029,152
20,011,932
4,632,039
3,027,593
18,532,215
6,820,246
338,078
428,369
766,447
32,644
173,775
378,509
552,284
30,733
942,051
202,230 3,436,571 2,494,520
170,462 2,155,419 2,259,682 defl04,263
19,151
19,774
72,148
72,396
217,750
99,168
1,125,417
522,103
134,269
83,481
21,362
77,806
651,203
474,214
564,938 def42,835
June TO 3,896,759
T 5 3,118,283
6 mos T 6 21,901,981
T 5 16,558,053
1,219,154
1,015,999
6,436,057
3,323,558
631,450
66S.095
80,391 1,299,545
517,726
606,690
108,417 1,124,416
510,451 6,946,508 4,174,488 2,772,020
193,675
517,030 3,840,588 3,646,913
Clev Cin Chic & St L —
June T6 3,845,511
T 5 2,985,253
6 mos T 6 22,156,175
T 5 17,042,260
1,096,162
449,435
6,216,528
2,810,445
656,269
140,428 1,242,590
586,321
210,478
33,058
659,913
626,855
706,873 6,923,401 3,431,957 3,491,444
662,814 3,473,259 3,652,142 defl78,883
Cincinnati Northern—
32,041
2,079
47,372
15,331
45,293
June T 6
161,534
— 1,649
14,961
11,851
3,110
10,610
T5
127,113
238,031
91,268
146,763
11,848
226,183
6 mos T 6
895,209
81,483
73,377
8,106
83,542
—2,059
T5
707,479
Pittsburgh & Lake E rie 208,769
809,776
June T 6 1,909,402
157,150 1,018,545
801,395
178,824
854,830
676,006
707,002
147,828
’ 15 1,513,339
796,752 6,330,727 1,383,971 4,946,756
6 mos T 6 11,477,032 5,533,975
823,114 2,352,693
638,222 3,175,807
T 5 7,037,944 2,537,585
Toledo & Ohio Central—
10,481
136,691
126,210
69,719
66,972
June T 6
507,250
129,531 def17,770
111,761
5,974
105,787
T5
424,589
742,411
174,520
916,931
510,156
406,775
6 mos T 6 2,753,631
753,452 def409,513
343,939
184,872
159,067
T 5 2,072,064
Kanawha & Michigan—
143,728
29,261
114,467
40,281
103,447
June T 6
322,642
102,153
29,807
72,346
12,034
90,119
T5
264,969
838,084
176,468
662,216
203,847
574,837
6 mos TO 1,823,113
177.5S7
79,412
394,168
216,581
314,756
T 5 1,325,818
Total all lines—
June T 6 30,436,302 9,808,950 3,332,892 13,141,842 5,781,972 7,359,870
T 5 24,441,784 7,847,909 2,322,771 10,170,680 5,663,474 4,507,206
12,997,286 66,317,730 33,997,551 32,320,179
6 mos T 6 172520748 53,320,444
,
,
T 5 131589254 30,021,548 10,803,525 40,825,073 31,873,266 8.951.807
Per cent return on operating investment for 12 months to June 30 1916 has been:
N . Y . Central, 7.64 % : Boston & Albany, 8.06% : M ich. Cent., 7.18% : Clev. Cine.
Chic. & St. Louis, 6.56% ; Cine. Northern, 8 .4 6 % : Toledo & Ohio Central. 4 .0 4 ,%
Pitts. & Lake Erie, 17.78% : Lake Erie & W est., 4.45% : and Kanawha & M ic h .,
'°
’
Gross
E a rn ing s.
—et, a fter
•
N
T a xes, & c.
Other
I n co m e.
Gross
In com e.
F ixed
Charges.
Balance',
Su rp lus.
s
s
s
s
S
S
Pennsylvania RR—
June T6 19,384,193 5,188,755 1,869,367 7,058,122 2,517,376 4,540,746
T5 16,421,567 4,516,745 1,913,947 6,430,692 2,552,205 3,878,487
6 mos T6 111644193 26:672,031 11,061,256 37,733,287 14,134,390 23,598,897
’ 15 88,159,005 15,974,337 10,655,196 26,629,533 12,715,636 13,913,897
Balt Ches & Atlantic—
21,253
2,481
23,734
23,456
278
June T6
109,935
11,584
1,769
13,352
22,898 def9,546
T5
103,251
36,330
11,657
47,987
132,341 def84,354
6 mos ’ 16
460,262
16 665
12,450
29,116
133,656 defl04,540
T5
486,758
Cumberland Valley—
16,516
138,127
154,643
25,140
129,503
June T6
274,212
110,752
13,108
123,860
22,783
101,077
T5
260,366
783,683
154,675
938,358
101,190
837,168
6 mos T6 1,778,951
8 7 ,12 1
430,779
517,900
80,374
437,526
T5 1,391,988
Long Island—
168,599
414,726
583,325
84,580
498,745
June T6 1,408,469
121,613
424,220
545,833
84,652
461,191
T5 1,345,346
2,282,086
def441,121
1,840,965
383,588
1,457,377
6 mos T6 6,707,340
363,529 1,469,058 2,215,267 def746,209
T5 0,053,000 1,105,529
Maryland Delaware & Virginia—•
15,518 def7,880
7,638
558
June T6
75,815
7.0S0
13,952 dcfl0,141
3,811
617
T5
75,611
3,194
84,163 def67,475
16,688
1,520
O m os’ 16
364,697
15,108
85,835 def75,979
4,024
9,856
T5
378,674
5,832
N Y Phlla & Norfolk—
52,100
160,177
212,277
18,937
June TO
506,569
193,340
44,577
10,674
136,255
91,678
T5
427,805
125,581
608,140
827,778
219,638
57,886
6 mos T6 2,476,000
769,892
171,614
185,839
357,453
50,720
T5 1,866,250
306,733
Phila Balt & Wash—
352,572
310,796
663,368
127.565
June T6 2,143,142
535,803
304,334
162,709
467,013
123,634
T5 1,794,132
343,409
770.565 3,691,984 1,791,535 1,900,449
6 mos TO 12,086,349 2,921,419
316,345
1,740,376
2,056,721
737,148
T5 9,716,617 1,319,573
Phila & Camden Ferry—
49,308
1,183
50,491
5,859
June T6
77,108
44,632
1,218
40,579
41,797
5,313
T5
71,291
36,484
230,506
8,003
238,509
34,588
6 mos TO
410.021
203,921
186,428
8,213
194,641
29,249
T5
378,969
165,392
West Jersey & Seashore—
86,567
62,098
148,665
14,022
June T6
645,515
134,643
66,722
66,232
132,954
15,083
T5
593,201
117,871
93,654
382,806
476.461
86,867
6 mos TO 3,339,695
389,594
379,721 def204,477
175,214
89,982
T5 2,778,221
85,262
Pennsylvania Company—
June T6 6,812,720 2.127,110 1,377,371 3,504,481 1,940,207 1,564,274
T5 5,347,169 1,731,845 1,440,581 3,172,428 1,667,604 1,504,822
0 mos TO 35,614,209 9,493,583 5,925,112 15,418,695 10,022,531 5,396,164
’ 15 25,216,221 4,613,227 5.206,063 9,819,289 8,784,478 1,034,811
Grand Rapids & Indiana—
8,303
5,589
95,130
86,827
June T6
480,753
89,541
12,875
8,8834
75,959
4,926
T5
428,387
83,908
44,203
430,682
36,889
474,885
6 mos T6 2,767,607
437,996
381,258 def34,557
31,033
346,701
T5 2,466,531
315,668
Pitts Cin Chic & St Louis—
704,994
253,547
958,541
73,060
June TO 4,116,924
885,481
274,094
537,149
811,243
125,985
T5 3,328,39S
685,258
322,579 5,659,039 3,518,255 2,140,784
6 mos T6 24,364,073 5,336,400
455,994
375,307 3,456,484 3,000,490
T5 18,439,610 3,081,177
Vandalia—
__ _
175,891
164,413
11,478
3,656.
June TO 1,041,300
172,235
33,124
184,339
151,215
41,907
T5
871,944
142,432
237,645
908,092
44,671 1,143,737
O m os’ 16 6,217,371 1,099,066
859,832 def 51,366
808.466
84,048
T5 5,156,998
724,418
-Total East P.
Gross
& E.---- Total West P. & E.------- Total
N et, a fter .
Gross
N et, a fter
Gross
All Lines---N et, after
Whole Penn. E arnings. T axes,
& c. E arnings.
Taxes,
& c . E a rn ing s.
RR System— $
8
S
S
S
June TO 24,909,786 6 ,929,797 12.604,274 3,292,364 37,514,061 10,222,161
T,5 21,285,459 5,805,427 10,109,183 2,655,291 31,394,642 8,460,718
6 m os’ 16 140757533 34,205,091 69,847,517 16,502,664 210605,04950,767,754
T5 112271791 19,998,216 52,017,978 8,810,534 164289.76928.808,750
The tetum on property investment for the system East & West was 6.90% for
the 12 months ended June 30 1916, against 4.33% for the same period In 1915.
488
THE CHRONICLE
IN DU STRIAL COM PANIES.
Warnings ------ ------ N e t E
Current
Y e a r.
C o m p a n ies.
$
Amer Pow & Light (subsidi
ary companies only) .June.
635,844
July I to June 30........... 8,076,257
G ross
E arn in gs.
Previous
Y e a r.
Current
Y e a r.
$
irn in gs -----P revious
Y e a r.
$
$
600,636
293,589
267,688
7,667,440 3,737,614 3,490,448
19,707,239 6.114.250 5.399.604
114470,709 35,961,558 31,319,181
N e t , after
Taxes.
Ashville Pow & Lt.Juno ’ 16
38,913
18,034
’ 15
35,023
15,289
12 mos ’ 16
460,776
208,910
’ 15
445.359
203,443
Ablngton & Rock El Lt & Pow—
June ’ 16
14,464
3,409
'15
12,258
2,822
6 mos ’16
85,653
17,647
’ 15
71,950
13,716
Blackst Val G & E.June ’ 16
139,919
62,116
’ 15
122,003
48,026
6 mos ’ 16
854,871
354,681
’ 15
710,212
278,012
Carolina Pow & L t.J u n e ’ 16
61,081
20,393
'15
55,947
18,588
12 mos ’ 16 740,233
280,697
’ 15
652,941
229,268
Connect’t Pow Co.June ’ 16
56,076
29,014
’ 15
44,385
20,289
12 mos ’ 16 654,576
334,824
’ 15
507.409
237,072
Ed El 111 (Brock’n) June ’ 16 ' 50,492
15,742
’ 15
40,920
11,323
6 mos ’ 16 312,341
115,384
’ 15
266,268
97,646
Fall Riv Gas Wks.June ’ 16
46,664
19,772
’ 15
43,987
17,659
6 mos ’ 16
254,793
88,881
’ 15
248,194
84,163
Haverhill
GasL t-.June '16
22,764
7,302
’ 15
20,282
5,368
6 m o s ’ 16
136,199
40,136
’ 15
123,092
32,429
HoughtonCo El Lt June ’ 16
27,940
12,176
’ 15
24,106
10,007
6 mos '16
186,731
88,372
’15
159,019
68,031
Hunt’n Dev & Gas. June ’ 16
39,227
23,888
Lowell ElLt Corp.June ’16
50,466
21,258
’ 15
38,963
12,407
6 m o s ’ 16
315,382
126,572
’ 15
237,895
84,832
Miss River Power.June ’ 16
140,909
113,045
’ 15
138,511
111,187
6 mos ’ 16
849,071
677,561
’15
812,564
644,738
Pacific Lt & P ow ..June ’ 16
275,974
183,969
’ 15
246,787
169,817
6 m o s '16 1,564,983 1,028,733
'15 1,383,703
914,123
Sierra Pacific Elect and subsidiary cos—
June ’ 16
44,800
26,059
'15
40,292
22,229
6 mos ’ 16
274,295
148,602
’ 15
234,220
132,216
TennesseePower._June ’ 16
147,220
79,198
’ 15
81,300
31,314
6 mos ’ 16
706,953
362,665
Fixed
Charges.
Balance,
S u rplus.
3,820
4,200
51,177
52,152
14,214
11,089
157,733
151,291
187
195
1,167
2,758
20,299
20,673
123,203
116,096
13,841
14,456
172,151
170,631
16,069
10,590
181,429
115,875
1,418
2,372
8,483
16,468
7
52
21
11,037
5
8
560
363
5,935
3,435
25,609
21,473
13,573
435
124
1,835
132
107,067
107,286
636,740
645,866
90,152
105,731
620,692
646,434
3,222
2,627
16,480
10,958
41,817
27,353
231,478
161,916
*38,102
*19,132
*185,096
*116,137
12,945
9,699
153,395
121,197
14,324
8,951
107,002
81,178
19,765
17,607
88,860
73,126
7,297
5,360
39,576
31,866
6,241
6,572
62,763
46,558
10,315
20,823
12.283
124,737
84,700
5,978
3,901
40,821
def 1,128
*94,569
*73,229
*455,932
*332,502
6,790
7,544
43,436
45,903
36,805
39,307
220,889
19,269
*15,061
105,166
*88,569
*49,006
*def7,201
*182,842
a Net earnings here given are after deducting taxes,
b Net earnings here given are before deducting taxes.
j For Juno taxes and uncollectible railway revenue amounted to $514,642,
agaiast $517,576 in 1915; after deducting which net for June 1916 was
$3,702,2l9, against $2,950,274 last year. From July 1 to June 30, taxes,
&c., were $6,251,439 in 1916, against $5,522,633 in 1915. The return on
property investment was 5.97% for the 12 months ending Juno 30 1916,
against 5% in 1915.
k After allowing for additional income for tho month o f June 1916 total
net earnings were $285,361, against $217,123 last year, and for the period
from July 1 to June 30 were $2,863,564 this year, against $2,326,253.
* After allowing for other income received.
EXPRESS COMPANIES.
1916.
$
Total from transportation_ 3,802,984
Express privileges— D r_____ 1,846,115
M o n th o f A p r i l --------- Ju ly
1 to A p r i l 30—
1915.
1915-16.
1914-15.
$
2,980,181 34,557,964 28,351,210
1,378,349 17,001,056 14,207,366
. 1,956,869
.
50,182
1,601,832 17,556,908 14,143,843
473,062
44,773
412,837
. 2,007,052
. 1,791,969
1,646,605 18,029,970 14,556,680
1,448,925 16,113,757 15,095,392
A d a m s E xp ress C o .—
Express taxes.
A m e r ic a n E xp ress C o .—
.
.
.
215,082
473
20,653
197,679
419
16,300
1,916,212 def538,711
5,743
4,870
186,342
168,789
. 193,955
180,959 1,724,126 loss712,372
-----M o n th o f A p r i l ---- — Ju ly 1 to A p r i l 30—
1916.
1915.
1915-16.
1914-15.
s
$
. 5,440,264 4,093,788 46,771,419 38,198,826
2,707,049 2,045,960 23,444,639 19,178,252
2,733,215
284,050
2,047,828 23,326,779 19,020,574
217,945 2,621,899 1.844,674
3,017,265
2,560,133
2,265,773 25,948,678 20,865,248
1,966,906 22,707,470 20,500,459
Express taxes.
—
Globe E xp ress C o .—
Total from transportation..
Express privileges— D r_____
457,131
670
48,073
298,867
449
31,640
408,387
266.772
r i l1----01fr AAprtfi
1915.
M o n th
1916.
S
Dr31
54,749
27,289
3,241,207
7,929
442,270
364,788
2,201
329,061
2,791,007
33,525
1 to .A p r i l 30—
1915-16.
1914-15.
$
$
1,361
593,099
447
297,358
— Ju ly
Revenue from transport’n .
Operations other than trans.
Dr31
27,460
865
914
10
295,741
8,053
Total operating revenues.
Operating expenses________
Dr 31
100
28,325
27,702
925
6,014
303,794
290,748
Net operating revenue. . . .
Uncollectible rev. from trans.
Express taxes_____________
defl31
622
def5,089
13,046
m i"
"11600
"4l200
lO',600
loss 131
loss 977
loss9,289
2,446
[Vo l . 103.
■Month o f A p r i l --------- Ju ly
Southern E xp ress C o .—
Total from transportation..
Express privileges— Dr.........
Revenue from transportation
Operations other than trans.
Total operating revenues .
Operating expenses...............
Net operating revenue__
Uncollectible rev. from trans.
Express taxes________
Operating income______
W estern E xp ress C o .—
Total from transportation..
Express privileges— D r.
Revenue from transport’n .
Operations other than trans.
Total operating revenues .
Operating expenses________
Net operating reven u e...
Uncollectible rev. from trans.
Express taxes______
$ ’
1 484 736
770,455
714,281
3l|246
745,528
571,985
173,542
198
15,437
157,906
$
119,204
58,335
60,869
3,736
64,606
55,202
9,403
6
1,216
8.179
1915.
$
1,241,326
657,257
584,068
26,009
610,077
513,353
96,724
84
14,132
82,506
$
97,443
46,410
51,033
3,203
54.236
48,678
5,558
13
905
4,638
1 to
1915-16.
$
13,683,118
7,032,551
6,650,567
289,695
6,940,263
5,493,659
1,446,604
942
143,072
1,302,589
$
1,163,606
558,584
605,021
36,461
641,482
541,838
99,644
67
11,558
88,017
30—
1914-15.
$
11,691,037
6,037,075
5,653,962
252,854
5,906,816
5,261,464
645,352
528
145,888
498,935
$
953,923
497,215
456,708
30,811
487,520
517,837
— 30,317
91
9.986
— 40.395
A p ril
ELECTRIC RAILWAY AND TRACTION COMPANIES.
N am e of
R oad.
Latest G ross E a rn in g s.
W eek or
M o n th .
Current
Y ea r.
Jan.
P revious
Y ear.
1 to
Current
Y e a r.
latest date.
P revious
Y ear.
$
Atlantic Shore R y __ J u n e _____
28,423 28,455
145,921
147,829
cAur Elgin Sc Chic Ry M a y _____ 174,518 165,033
768,987
721,477
Bangor Ry & Electric M a y _____
63,989 60,920
319,127
310,469
Baton Rouge Elec Co J u n e _____
15,409
102,240
17,551
89,280
BeltLR yC orp(N Y C ) M a y _____
322,411
70,817 66,737
313,057
Berkshire Street R y . M a y _____
17,502
84,466
375,307
348,641
Brazilian Trac L & P_ J u n e _____ /6961000 /6591940 /39950.000 /37684.110
Brock & Piym St R y . J u n e _____
10,420
10,734
51,667
47,993
Bklyn Rap Tran Syst M a y _____ 2571,180 3343,921 11,588,614 10,711,364
Cape Breton Elec Co J u n e _____
30,946 27,832
180,083
155,597
Chattanooga R y Sc Lt J u n e _____ 102,680 87,846
604,126
509,117
Clove I’ alnesv & East J u n o _____
43,528 40,751
210,616
189,938
Cleve Southw & Col. J u n e _____ 115,026 108,341
637.045
583,142
Columbus (Ga) El Co J u n e _____
67,953 56,286
402,831
341.293
Colum (O) R y , P Sc L J u n e _____ 280,350 244,059 1.709.255 1,515,373
0 Com’w ’th P,R y & L J u n e _____ 1322,295 1115,495 8,087,833 6,838,194
Connecticut C o_____ M a y _____ 800,058 687,528 3,678,610 3,082,584
Consum Pow (M ich). J u n o _____ 364,335 298,691 2,258,898 1,820,759
Cumb Co (Me) P & L M a y _____ 223,429 204,545 1,056,329
956,572
Dallas Electric Corp. J u n o ......... 146,621 133,277
946.046
873,400
Detroit United Lines June
1370,849 1106,372 7,531,238 6,076,688
D D E B Sc Batt(Rec) May
44,221
41,201
204.504
197,376
Duluth-Superior Trac J u n e _____ 113,004 88.096
651,691
555,060
East St Louis St Sub. J u n e _____ 244,082 193,293 1,409,783 1,173,987
Eastern Texas E le c.. June
68,127
389,066
58,584
321,519
pEl Paso Electric C o. May
84,029 71,624
452,748
398.293
42d St M & St N Ave May
178,864 172,795
808.504
798,116
g Georgia Ry & Pow. J u n o _____ 544,820 511,138 3,425,425 3,157,834
Galv-IIous Elec C o .. J u n e _____ 158,081 165,029
924,933
957,628
Grand Rapids Ry Co J u n e _____ 108,702 92,411
639,739
560,721
Harrisburg Railways. J u n o _____
546,634
97,588 76,684
456,453
Havana El Ry, L & P M a y _____ 498,275 478,732 2,417,062 2,303,205
Honolulu R T & Land M a y _____
268,048
54,315 51,699
240,929
Houghton Co Tr C o. J u n e _____
156.578
26,656 24,589
128,817
b Hudson & Manhat. M a y ......... 502,544 462,256 2.484.255 2.324.164
Illinois Traction___ J u n e _____ 933,019 847,124 5,854,150 5,292,191
Interboro Rap Tran. M a y _____ 3231,008 2904,773 16,100,717 14,473,595
Jacksonville Trac Co J u n o _____
50,081 50,516
316,320
312,707
Keokuk Electric___ J u n o _____
19,705
117,701
18,957
113,016
Key West Electric.. J u n e _____
56,673
9,370
56,069
9,259
Lake Shore Elec R y. M a y _____ 130,172 114,031
583,317
505,339
Lehigh Valley Transit J u n e _____ 206,616 167,643 1,166,959
927,263
Lewist Aug St Waterv M a y _____
284,764
65,703 61,014
263,450
Long Island Electric. M a y _____
86,252
22,074 22,839
86,974
Loulsvlllo R ailway.. J u n e _____ 264,179 249,537 1,522,146 1,457,739
Milw El Ry St Lt C o. M a y _____ 551,797 466.534 2,885,558 2,470,961
Milw Lt Ht & Tr C o. M a y _____ 143,854 115,640
661,698
554,730
Nashville Ry & Light J u n e _____ 190,109 165,511 1,154,629 1,047,006
N Y City Interboro.. M a y _____
66,278 62,244
282,011
305,316
N Y & Long Island.. May .
37,942 39.643
156,669
160,918
N Y & North Shore.. M a y .........
62,922
15,413
15,214
62,138
N Y Sc Queens C o__ May .
136,677 127,162
577,098
529,704
Now York Railways. M a y _____ 1192,036 1138.652 5,597,572 5.454.164
N Y & Stamford R y. M a y _____
33,099 32,228
131.654
125,987
N Y State Railways. Juno .
710,322 607,504 4,119,254 3,549,237
N Y Westchest Sc Bos May
48.450 43,000
211,301
184,391
Northampton T ra c.. Juno
16,319 15,054
97,611
81,659
Nor Ohio Trac Sc L t. Juno
438,872 331,977 2,379,500 1,756,652
North Texas Electric June
149,460 134,484
906.153
787,412
Ocean Electric (L I ). M a y ------10,752
3
3 ,8 6 8
10,564
34,641
Paducah Tr St Lt Co. M a y _____
24,203 21,927
127,383
117,486
Pensacola Electric Co JUno
24,321
141,382
21,511
122,176
Phlla Rapid Transit. June . . .
2312,969 1996,639 13,422,369 11,898,481
Phlla & Western R y. June . . .
45,420 40,234
241,275
214,215
Port(Ore)Ry,L &PCo Juno . . .
473,664 474,569 2,681,976 2,736,353
0 Puget Sd Tr, L & P M a y _____ 644,796 618,364 3.212.054 3,101,330
a Republic Ry & L t .. J u n o _____ 321,024 246,691 1,933,919 1,456,919
Rhodo Island C o___ May . . . . . 493,297 404,577 2,228.505 1.880,368
Richmond Lt Sc R R . M a y _____
34,314 32,963
147,022
138,736
St Jos Ry, L H & P C o J u n o _____ 105,132 97,937
668,138
622,663
Santiago Elec Lt Sc Tr M a y _____
43,540 40,463
221,845
189,376
Savannah Electric Co J u n e _____
6 8 ,1 1 1
63,750
389.154
293,831
Second Avenue (Rec) M a y _____
79,548 76,617
331,750
329,565
Southern Boulevard. M a y _____
20,143 20,233
92,060
88,708
Staten Isl’d Midland M a y _____
28,553 28,766
115,503
108,769
Tampa Electric C o .. J u n o ___ J
73,380 77,004
484,299
490,120
Third Avenue______ M a y _____ 348,111 325,135 1.688.054 1.555.073
Twin City Rap Trail- 3d wk July 193,267 175.534 5,603,420 5,137,033
Union Ry Co of NYC M a y _____ 274,516 247,902 1,176,362 1,079,814
Virginia Ry & Power J u n o _____ 484,208 430,201 2,859,191 2,476,916
Wash Balt Sc Annap. J u n e _____
419,811
68,619 64,984
392.060
50,128
Westchester Electric. M a y .........
50,236
220,703
220,709
Westchester St R R .. M a y _____
22.644
22,964
95.654
93,895
g West Penn Trac Co J u n e _____ 514,013 418,137 2,957,040 2,387,662
72,122 67,465
Yonkers Railroad__ M a y _____
317.589
293,296
York Railways______ J u n o _____
75,523 64,037
469,987
380,900
29,418 23,374
Youngstown St Ohio. J u n o _____
158,444
138,930
Youngstown & South M a y _____
16,390
14,261
74,753
63,961
b Represents incomo from all sources,
c Those figures aro for consoli
dated company. / Earnings now given in milrols. g Includes constituent
companies.
Electric Railw ay N et E arnings. — T h e fo llo w in g ta b le
g iv e s th e re tu rn s o f E L E C T R I C ra ilw a y g ross a n d n o t
e a rn in g s w ith c h a rg e s a n d su rp lu s re p o r te d th is w e e k :
R oads.
- Gross E a r n in g sCurrent
P revious
Y ear.
Y e a r.
------ N e t
Earnin gs -----Current
Previous
Y ear.
Y e a r.
$
$
Atlantic Shore R y .b ...J u n o 28,423
28,455
dof 1,428
1,851
Jan 1 to Juno 30...........
145,921
147,829
1 0 ,0 1 0
16,046
Brazilian Tr, L St I»___ Junoc6,961,000 c6,591,940 c3,864,000 c3,896,770
Jan 1 to Juno 30.........c39,950,000c37,684,110c22,638,000c21,943,420
Illinois Traction.a_____Juno 933,019
847,124
320,886
303,285
Jan 1 to June 30........... 5,854,150 5,292.191 2,214,104 2,026,540
THE CHRONICLE
AUG. 5 1916.]
G ro s s
E a r n in g s .
N e t , a fte r
T a xes.
F ix e d
C h a rg es.
9,248
17,551
6,443
15,409
102,240
50,707
6 mos
89,280
34,562
10,734
1,346
Brockton & Plym .-June
2,460
10,420
51,667
627
G mos
47,993
1,572
11,901
30,946
Capo Breton Elec.-Juno
9,976
27,832
180,083
64,999
6 mos
155,597
57,486
23,882
7,519
Cent Miss V El Pr.June
22,792
7,164
143,698
48,441
6 mos
39,721
136,107
102,680
39,305
Chatt’ga By & L t..Juno
27,015
87,846
604,126
231,555
6 mos
509,117
156,870
21,009
43,528
Clev Pains & East.Juno ’ 16
40,751
18,139
'15
88,555
210,616
6 mos ’ 16
77.842
189,938
’ 15
43,142
115,026
Clov Soutliw & Col. June ' 16
36,666
15
108,341
235,371
6 mos ' 16
637,045
184,751
15
583,142
67,953
40,144
Colum (Ga) E lec..Juno ’ 16
T5
56,286
29,207
232,617
6 mos ’ 16
402,831
181,362
341,293
T5
119,853
280,350
Colum (O) Ry,L&PJune ’ 16
93,809
244,059
’ 15
701,852
G mos T 6 1,709,255
598,594
T5 1,515,373
201,566
364,335
Consum Pow(Mich) June TO
166,656
298.691
’ 15
6 mos T 6 2,258,898 1,321,029
T5 1,820,759 1,107,469
48,425
146,621
Dallas Electric Co.Juno '16
45,364
133,277
T5
946,046
352,830
6 mos T 6
873,400
337,158
T5
244,082
101,117
E St Louis & Sub..Juno T 6
193,293
74,891
T5
557,243
6 mos T 6 1,409,783
460,508
T5 1,173,987
31,050
68,127
East Texas Elec Co.Juno 16
27,260
58,584
15
389,066
176,495
G mos T 6
136,227
321,519
'15
158,081
62,806
Galv-IIouston Elec.June •16
165,029
58,844
T5
6 mos ’ 16
924,933
320,596
354,462
’ 15
957,628
108,702
Grand Rapids B y.-June [16
36,057
92,411
2 2 ,0 1 2
6 mos T 6
639,739
231,138
*15
560,721
153,416
Iloughton Co Trac-Juno *16
26,656
10,795
24,589
10,519
’ 15
6 mos ’ 16
156,578
62,889
47,332
128,817
T5
50,081
16,377
Jacksonville Trac..Juno ’ 16
14,596
50,516
'15
106,456
316,320
6 mos T 6
94,020
312,707
T5.
6,189
19,705
Keokuk Elec C o__ Juno T 6
6,103
18,957
T5i
40,374
117,701
6 mos T 6i
35,137
113,016
T5
2,661
9,370
Key .West Elec Co.Juno ’ 16
9,259
2,569
T5i
56,673
19,539
6 mos '16i
'15i
56,069
13,147
Nashville Ity & Lt.Juno '16
190,109
66,709
165,511
’ 151
62,928
6 mos '16I 1,154,629
448,799
’ 15i 1,047,006
416,273
Nor Ohio Tr & L t-.June T 6
438,872
170,823
331,977
131,098
’ 15i
946,925
6 mos ’ 16i 2,379,500
655,005
T5i 1,756,652
149,460
51,851
Nor Texas Electric. June ’ 16I
44,947
134,484
’ 15p
335,289
6 mos '16i
906,153
284,609
787,412
'15.
10,913
Pensacola Electric.Juno T 6i
24,321
21,511
'15>
9,766
6 mos '16i
141,382
63,170
’ 15i
122,176
51,119
Portl(Ore)Ry,L&P.Juno '16i
473,664
211,564
.
’ 15i
474,569
218,274
6 mas ’ 16> 2,681,976 1,147,185
’ 15i 2,736,355 1,202,690
Savannah Elec C o .J u n e ’ 16i
6 8 ,1 1 1
21,250
’ 15>
63,750
21,902
6 mos '16i
389,154
121,302
’ 15')
393,831
139,028
73,380
30,962
Tampa Electric Co.Juno ’ 16i
>
77,004
35,106
484.299
217,558
6 mos ’ 16i
490,120
240,132
’ I f')
West Penn Trac and sub cos
238,369
i
514,013
212,488
>
418,137
i 2,957,040 1,460,560
i 2.387,662 1,150,024
Baton Rouge Elec.Juno
G ro s s
E a r n in g s .
5
’ 15)
6 mos T 6i
’ 15i
Kingston Consol RR —
3 mos to Juno 30 '16i
T5■>
>
j
Lehigh_Val Trans.Juno^TG>
T5i
...
6 mos '16i
’ 15i
‘
"
$
1,370,840
1,106,372
7,531,238
6.076.688
36,817
35,915
67,535
64,844
206.616
167,643
1,166,959
927,263
N et
E a r n in g s .
$
363,251
280,060
2,330,929
1,799,432
173,392
152,628
1,010,478
907,169
F ix e d C h g s .
& T a xes.
15,076
11,350
24.954
22,272
88,667
777.462
488,250
407.050
64,977
59,860
450,082
242,855
B a la n c e ,
S u r p lu s .
$
$
201,471
*186,653
195,058
*104,072
1,141,509 *1,352,471
1,116,384
*817,388
13,201
*2,400
12,218
*def642
24,349
*1,130
23,269
*def771
57.845
*41,115
61.351l
*34,55
350,188
*200,846
374,717
a Net earnings hero given are after deducting taxes. j j 7T
earnings hero given are beforo deducting taxes.! AjJ .'cffiajfl
c Mllreis.
,
. .— —
-J
x After allowing for other income recelvod. ^ i , , ... ^ l. ... rYI :1 ,
L b Not
New Y ork Street Railways.
------ G ro s s E a r n in g s ---------------N e t
B a la n c e ,
S u r p lu s .
$
$
3,491
5,757
2,169
4,274
20,819
29.888
21,729
12,833
1,105
241
1,123
1,337
6,605
def5,978
6,778
def5,206
6,551
5,350
6,594
3,382
39,029
25,970
39,589
17,897
1,979
5.540
1,915
5,249
11,639
36,802
11,077
28,644
29,992
9,313
30,371
def3,356
176,946
54,609
177,369 def20,499
11,468
9.541
10,953
7,186
68,163
20,392
65,724
1 2 , -.18
27,844
*15,414
27,348
*9,420
166,346
*69,610
164,760
*20,583
28,648
11,496
28,679
528
172,018
60,599
172,421
8,491
42,875
76,978
39,341
54,468
258,497
446,355
233,044
365,550
68,394
133,172
71,762
94,894
450,735
870,294
435,814
671,655
34,471
13,954
33,396
11,968
144,902
207,928
136,703
200,455
38,403
62,714
10,985
63,906
182,322
374,921
81,873
378,635
8,863
22,187
8,714
18,546
53,115
123,380
52,605
83,622
36,583
26,223
36,060
22,784
219,156
101,440
216,006
138,456
13,036
23,021
13,961
8,051
147,131
84,007
82,527
70.889
6,938
3,857
4,958
5,561
27,080
35,809
13,948
33,384
958
15,419
3
14,593
15,264
91,192
4.203
89,817
4,230
1,959
4,279
1,824
11,473
28,901
11,271
23,866
2,520
141
2,565
4
15,077
4,462
15,220
def2,073
42,512
24,197
42,101
20,827
256,684
192,115
252,035
164,238
49,343
121,480
52,504
78,594
306,365
640,560
308,465
346,540
28,692
23,159
27,588
17,359
172,644
162,645
163,780
120,829
7,712
3,201
7,137
2,629
46,432
16,738
43,413
7,706
30,532
181,032
32,685
185,589
57.699
1,089,486
96,910
1,105,780
23,369
def2,119
dof 1,070
22,972
140,244 defl8,942
139,091
dofG3
4,396
26,566
30,728
4,378
26,271
191,287
26,359
213,773
489
C u rren t
Y ear.
R oad s.
P r e v io u s
Y ear.
C u rren t
Y ear.
E a r n in g s -----P r e c io u s
Y ear.
$
s
$
Hudson & Manhattan a M ay
349,661
313,103
cl92,266
Jan 1 to May 31______ 1,724,531 1,570,242940,955
Interboro R T (Sub) a ..M a y 1,741.660 1,580,448 1,096,185
Jan 1 to May 31______ 8,846,063 7,893,085 5,601,720
Interboro R T (Elev) a.M a y 1,489,347 1,324,324
709,717
Jan 1 to May 31______ 7,254,651 6,580,507 3,339,346
Total Interboro R T a May 3,231,007 2,094,773 1,805,901
Jan 1 to May 31______ 16,100,717 14,473,595 8,941,066
Brooklyn Rap T ra n .a ..M a y 2,571,180 2,343,921
961,781
Jan 1 to May 31______ 11,588,614 10,711,364 3,791,893
N Y Railways-a_______May 1,192,036 1,138,652
374,899
Jan 1 to M ay 31______ 5,579,572 5,454,164 1,643,763
Belt L ine.a.................. ...M a y
70,817
66,737
24,781
Jan 1 to M ay 31--------322,411
313,057
76,136
79,548
76,617
22,020
Second A v e .a .................M a y
Jan 1 to May 31______
331,750
329,565
48,256
325,135
145,928
Third A v e . a . . . .................May 348,111
Jan 1 to May 31______ 1,688,054 1,555,073
681,392
D D E Bway & B a tt.a ..M a y
44,221
41,201
9,142
Jan 1 to M ay 31______
204,504
197,376
16,680
42d St Man & St N Av a M ay
178,864
172,795
85,189
Jan 1 to May 31______
808,504
798,116
354,153
66,278
62,244
24,455
N Y C Interborough a ..M a y
Jan 1 to May 31______
305,316
282,011
104,720
Southern Boulevard a ..M a y
20,143
20,233
625
Jan 1 to M ay 31...........
92,060
88.70S
21,385
Union Ry of N Y C .a ..M a y
274,516
247,902
96,433
286,370
Jan 1 to May 31______ 1,176,362 1.079,814
Westchester Elect a _____ M ay
50,236
50,128
16,866
Jan 1 to M ay 31______
220,703
220,709
54,694
Yonkers a ...............
May
72,122
67,465
25,893
Jan 1 to M ay 31______
317,589
293,296
97,112
22,074
22,839
77
Long Island Elec a ______ May
Jan 1 to May 31______
86,252
86,974 defl2,408
N Y A Long Isl Trac a ..M a y
37,942
39,643
§ ’§59
156,669
160,918
6,964
Jan 1 to May 31______
N Y & North Shore a ...M a y
15,214
15,413
5,332
Jan 1 to M ay
31_
62,922
62,138
18,6o5
N Y & Queens.a________ May 136,677
127,163
13,775
Jan 1 to M ay 31______
577,098
529,704 def23,511
Ocean Elect a ___________ May
10,564
10,752
2,267
Jan 1 to M ay
31_
34,641
33,868
282
Richmond Lt
& RR a ..M a y
34,31432,963 10,403
Jan 1 to M ay
31_
147,022
138,736
21,114
Staten Isl M id la n d .a ...M a y
28,553
28,766
4,418
Jan 1 to M ay 31_____
115,503
108.769
99
s
C168.856
848,298
988,945
4,967,977
635,713
3,073,332
1,624,659
8,011,311
853,713
3,472,392
350,397
1,512,958
20,790
56,700
23,580
61,144
126,586
541,502
2,923
10,816
73,466
315,559
18,744
83,955
5,977
26,090
63,161
222,358
12,774
37,360
11,619
45,187
4.809
def3,/56
10,057
25,508
5,204
lo,302
8,840
def31,900
4,422
3,506
6 ,6 8 8
5,280
def2,665
def2,097
a Net earnings here given aro after deducting taxes,
c Other inc. amounted to $74,160 in M ay 1916, agst. $85.56S in 1915.
ANNUAL R EPORTS
A nn ual R eports. —
A n in d e x to a n n u a re p o rts o f ste a m
r a ilro a d s , str e e t r a ilw a y s a n d m is c e lla n e o u s c o m p a n ie s w h ich
h a v e b e e n p u b lis h e d d u rin g th e p re c e d in g m o n th w ill b e
g iv e n o n th e la s t S a tu r d a y o f e a ch m o n t h .
T h is in d e x w ill
not in clu d e re p o r ts in th e issue o f th e “ C h r o n ic le ” in w h ich
it is p u b lis h e d .
T h e la te s t in d e x w ill b o fo u n d in th e issu e
o f J u ly 2 9 .
T h e n e x t w ill a p p e a r in th a t o f A u g . 2 6 .
U nion P acific Railroad.
(Preliminary Statement for Fiscal Year ending. June
3 0 1 9 1 6 .)
T h e c o m p a n y h a s issu ed a s ta te m e n t (in clu d in g 0 . S . L .
R l t . C o . a n d O . - W . R . & N . C o . , a fte r e x c lu d in g a ll o f f
s e ttin g a c c o u n ts b e tw e e n th e c o m p a n ie s ) fo r th e fiscal y e a r
e n d e d J u n e 3 0 1 9 1 6 , c o m p a r e d w ith th e y e a r e n d e d J u n e 3 0
1915.
T h e figu res a re s u b je c t to c h a n g e w hen th e fin a l re
s u lts fo r the y e a r sh a ll h a v o b e e n a s c e r ta in e d .
W e appen d
th e fig u re s fo r th e y e a r 1 9 1 4 -1 5 a n d fo r tw o earlior y e a r s
o n th e o ld b a s is , a s s h o w n in p re v io u s re p o r ts .
----------N e w B a s is --------- ------------- O ld B a s is ----------1915-16.
1914-15.
1914-15.
1913-14.
Avge. miles o f road oper.
7,918
7,784
7,784
7,597
O p e ra tin g I n c o m e —
F reigh t...........................$75,078,753 $59,191,106 $59,253,344 $62,723,902
Passenger______ ______ 19,941,891
18,748,559 18,817,047 20,704,719
Mail, express, &c.......... 8,110,787
7,685,843
6,726,317 6,341,463
Incidental............ 1,585,574
1,332,787
2,161,587 2,345,248
Total revenues.......... $104,717,005 $86,958,295 $86,958,295 $92,115,332
Malnt. of way & struct.$13,869,369 $10,887,307 $10,900,925 $10,872,882
Maint. of equipment__ 12,388,809 12,087,379 1 2 ,101,212 12,517,155
Traffic expenses_______ 2,261,923
2,063,500
2,123,139
2,061,971
Transportation expenses 25,795,301 23,062,186 23,108,140 25,526,804
1,484,607
Misccl. oper. expenses.. 1,557,186
1,313,189
1,313,189
General expenses______ 2,891,805
2,811,421
2,885.664
2,883,297
Transport’n for invest.. C r . 181,623 C r . 160,143
160,143
Taxes_________________ 5,310,698
5,078,867
4.641,474
4,641,474
Net, after taxes.........$40,823,537 $30,180,106 $30,180,106 $31,626,214
1,552,099
1,293,412
1,276,138
1,088,862
Other Incom e...............
Total oper. Income...$42,375.636 $31,473,518 $31,456,244 $32,715,076
Fixed and other charges 15,338,245 15,078,908 15,028,285 15,973,058
Surplus for divs., &c_$27.037,391 $16,394,610 $16,427,959 $16,742,018
Income from investm’ts
and sources other than
trans.&Incidental oper 11,751.744 12,009,750 11,964,064 16,351,925
Net income................ $38,789,135 $28,404,360 $28,392,023 $33,093,943
Sinking fund__________
.$11,627
$11,800 (Incl. in charges above)
Pref. dividends (4 % )-- 3,981,740
3,981,740
3,981,740
3,981,740
Common dividends.(8%)17,783,328(8)17,783,328(8)17,783,328(9)19,780,778
Additions and better„
ments (1916 est.)___ 3,500,000
1,083,459
(Not stated)
Balance, surplus____ $13,512,440
— V. 102, p. 2255, 2078.
$5,544,033
$6,626,955
$9,331,425
Lehigh V alley R ailroad.
(Report for Fiscal Year ending June
1915-16.
30 Years—
$
Gross earnings.. 47,382,569
Net, after taxes.. 12,574,714
Other Income___ 2,666,526
June
3 0 1 9 1 6 .)
1914-15.
$
June 30 Years —
42,525,962 Bond, Ac., int___
10,871,803 Rents, & c ___ _
2,011,019 Pref. divs. (10%)
Com.divs. (10%)
Gross Income..15,241,240 12,882,822
—V. 103, p. 60.
Bal., surplus..
1915-16.
1914-15.
S
$
3,500,437 3,459,738
4,074,363 3,100,640
10,630
10,630
6,050,170 6,050.170
1,605,640
261,645
490
THE CHRONICLE
S outhern R ailw ay Company.
( Prelim.
[Vol. 103
The Columbus (O.) R ailw ay, Power & L ight Company.
Income Statement for Fiscal Year end. June
3 0 1 9 1 G .)
T h e o ffic ia l s ta te m e n t s a y s : “ T h e re v e n u e s in 1 9 1 6 w ero
less th a n th e h ig h e st p re v io u s re co rd in 1 9 1 4 .
T h e net
in c o m e is $ 2 ,2 1 5 ,7 3 8 g r e a te r th a n th o h ig h e st p re v io u s re co rd
o f in c o m e , in 1 9 1 3 .
T h e r e w as a s u b s ta n tia l in creaso in
o th e r in c o m e fr o m s u b sid ia r y r o a d s b u t th is w as m o re th a n
o ffs e t b y th e increase in ta x e s .
T h e o p e r a tin g e xp e n se s in
1 9 1 6 w ore less than in 1 9 1 5 , re su ltin g in c a rr y in g in to in c o m e
a ll th e in creased ro v e n u e s.
T h is w a s n o t a c c o m p lish e d a t
th o e x p e n se o f th e p r o p e r t y , th e c o n d itio n o f w h ich a t th e
clo se o f th o y e a r D e c . 3 1 w a s b e tte r th a n e v o r b o fo ro .
T h is
is n o t a b ly tru e in re sp e c t o f fre ig h t ca rs.
O n J u ly 1 1 9 1 6 th o
p e r c e n ta g e o f b a d o rd er fre ig h t cars to a ll fre ig h t cars o w n e d
w a s 1 .5 8 , as a g a in s t 1 1 .6 5 o n J u ly 1 1 9 1 5 .
A ll e q u ip m e n t
fo u n d to bo u n p r o fita b le to re p a ir h a s b e e n re tire d th ro u g h
e x p e n se s, th o h ig h price r e a liz e d fo r scra p so ld d u rin g th e y e a r
m a k in g th is p o ssib le w ith o u t u n d u e d istu r b a n c e o f th e
m a in te n a n c e a c c o u n t s .”
{2nd Annual Report— Year ending Dec.
31
1 9 1 5 .)
P r e s . S a m u e l G . M c M e e n J a n . 2 5 w roto in s u b s ta n c e :
The plan of reorganization under which tho company became tho ownor
of tho street railway, electric light and power, and central station heating
properties of Columbus, was completed during 1915 through tho purchase
of tho properties of tho Columbus Light, Heat & Bower Co.
In tho power and light department 654 unwired liousos wero wired during
1915, against 455 in 1914. On Jan. 1 1916 there were 21,257 customers
connected to tho light and power lines, a net Increase of 2,654 for tho yoar.
I’ or tho year 1915 as compared with 1914 tho results of tho “ Safety First”
propaganda wero a 1 2 % reduction in boarding and alighting accidents, a
15% reduction in collisions between cars and teams, and a 36% reduction
in collisions between cars. Collisions botween cars and automobiles showed
practically no change, although thero was an increaso of 40% in tho number
of machines operating over tho streets of Columbus.
IN C O M E A C C O U N T FOR
n
„ 1915.
Railway oper. revenues..$2,039,383
Bower, light and h e a t... 1,072,670
Non-operating revenues.
1,122
CALENDAR
YEARS
1914.
1913.
$2,086,269 $2,109,269)
968,238
11,792
9.763J
1912.
884,422)$2,944,053
Total gross revenues..$3,113,175
Operating exp. & taxes.. 1,846,437
$3,066,299
1,886,746
$3,003,454
1.939,520
$2,944,053
1,839,968
.
„
t ,
1 9 1 0 .- ^ 1 1 9 1 5 .
io n .
1913.
Averago miles operated.
7,023
7,031
7,033
7 036
Gross oper. rovenues...$69,997,675 $62,199,510 $70,750,997 $69,676’,721
Total oper. expenses... 46,041,116 46,174,711 51,760,649 49,340,619
Gross in com o-------------$1,266,738
Interest on funded debt. . $404,647
Int. on unfunded debt__
71,500
Other deductions_______
13 4
$1,179,553
$408,747
62,651
8,062
$1,063,934
$410,622
47,000
34,817
$1,104,085
Net oper. rov en u e...$23,956,559 $16,024,799 $18,990,348 $20,336,102
Taxes accrued...................$2,916,427 $2,595,828 $2,679,390 $2,480,387
Uncollectible revenues..
36,127
28,916
________
________
Total deductions_ $476,281
Not incomo_______ $790,457
Divs. paid as rentals___
______
Bref. divs. Series “ A ” . . .
75,978
Bref. divs. Series
209,145
Common dividends (5% )
302,106
$479,461
$700,092
$40,978
45,000
199,145
302,106
$492,439
$571,495
$135,908
$494,980
$609,105
$435,908
Bal.for renew.,depr.,&c. $203,228
S ta tistic s (R a ilw a y )—
Rovenue passengers____ 61,062,066
Transfer passongors_____15,154,460
$112,863
$135,587
$173,197
62,837,925
16,111,634
63,383,422
16,177,218
60,746.105
15,611,505
78,949,559
3.19 cts.
2.54 cts.
8,376,901
79,560,640
20.33
3.20 cts.
2.55 cts.
8,481,397
76,357,610
20.45
*3.22 cts.
2.56 cts.
8,737,462
27,471,961
18,603
43,828
23,986,482
16,039
38,298
21,901,188
14,717
Operating income___ $21,004,005 $13,400,055 $16,310,958 $17,855,715
Other Income_________ 3,422,026
3,238,918
3,267,406
3,365,971
Total gross income__ $24,426,031 $16,638,972 $19,578,364 $21,221,686
Deduc. from gross inc._ 3,861,698
3,830,476
3,799,062
3,104,086
Int. on mtgo., bonded
and secured debt___ 11,206,229 11,151,814 10,939,596 11,038,974
Balance______________$9,358,104
Preferred dividends___
________
Additions & betterm’ts.
$88,195
Miscellaneous_________
24,206
Net in co m e ...............$9,245,704
$1,656,682 $4,839,706 $7,078,625
............. *(414)2700000 (5)3,000,000
91,929
48,660
$77,188
56,125
............................... ..
$1,523,369
$2,047,777
$4,029,965
* Includes 2% paid in scrip Oct. 1914.— V. 103, p. 321, 240.
“ b.
Seaboard A ir|L in e R ailway.
(Preliminary Statement for
Year ending June
30 1916.
1915*46.
1914-15.
1915-16.
*3 §
s
s
Gross earnings ..24,494,789 21.781,316 Gross lncomo..........7,411,725
Oper. expenses.. 16,332,546 15,287,552 Int. on funded debt 4,200,741
Other Interest and
Net earnings.. 8,162,243 6,493,764
rents...............
685,005
Taxes, &c.......... 1,179,092 1,099,849 Interest on adjustm’t
income bds. (5%) 1,250,000
Oper. income.. 6,983,151 5,393,915 Allotment of discount
Other lncomo___
428,574
358,762
on securities___
309,548
Gross income.. 7,411,725 5,752,676 Balance..........
—V.103, p. 62.
y _____ .
^
1914-15.
$
5,752,676
3,893,730
593,901
1,250,000
315,443
sur. 900,431def300,398
In tern a tio n a l Traction"CoT(System)",'Buffalo, y/d
r - r '-' '
(Report for Fiscal Year ended Dec.
3 1 1 9 1 5 .)
E d w a r d G . C o n n o tt o , P ro sid o n t o f th o In te r n a tio n a l R y .
C o . , an d R o d m a n E . G r is c o m , P re sid e n t o f th e In te r
n a tio n a l T r a c tio n C o ., B u f fa lo , M a r c h 1 5 19 1 6 ,w ro to in s u b .:
f ' R es u lts . — Tho
gross earnings o f tho systenTfor 1915 wer~$6,839,974, an
increaso o f $79,394 over 1914. Tho actual operating expenses and taxes
for 1915 wero $3,906,028, a decrease o f $119,405. A considerable portion
of this sav ng was due to the modification of tho contract under which tho
company receives tho electrical energy for tho operation o f its system.
Tho fixed charges were $1,866,960, an increase of $43,580, being interest
accrued on additional bonds issued for improvements and acquisition of
additional property, and an increaso o f rental and amortization charges.
Tho balance for renowals, replacements and dividends was $155,219 moro
than in 1914. Tho amount set aside for renowals and replacements re
serve increased $37,338.
J it n e y s . — Stato and municipal authorities have passed legislation regu
lating tho operation o f jitney lines. Tills system was never subjected to
competition in this respect, only ono jitnoy over having appeared in Buffalo.
1916 E a r n in g s . — The first two months’ operation of 1916 show a marked
increase in tho gross receipts.
C O M P A N IE S
W H IC H
HAVE
BEEN
Buffalo R y. Co. ’
.
Buffalo Traction Co.
"
Buffalo Bellovuo & Lancaster Ry.
Buffalo & Niagara Falls Klee. Ry.
Buffalo & Lockport Ry.
Elmwood Ave. & Tonaw. Elec. Ry.
Lockport & Olcott Ry.
Buff. Tonaw. A Niag. Falls El. Ry.
Nlag. Falls & Suspension Bridge Ry.
M ERCED
IN T O
IN T .
RY.
CO.
Niagara Falls Whirlp. & Nor. Ry. >
Niagara Falls Susp. Bridgo C o.,
Clifton Suspension Bridgo Co.
Lowiston Connecting Bridgo C o.,
Queenston Heights Bridge Co.
Niagara Falls Bark & River Ry.
Crosstown St. Ry. o f Buffalo.
Electric City Ry. ^
J.j
t i '____________
IN T E R N A T IO N A L S Y S T E M IN C O M E A C C O U N T FO R X CA L. Y E A R S .
- ------—*——
------------ ---—
1915.
1914.
1915.
1914.
Passenger earns..$6,564,631 $6,492,212 Net earnings........$2,933,946 $2,735,148
Other earnings__
275,343
268,368 Deduct—Interest. 1,681,468 1,645,400
Rentals______
47,971
45,379
Total............... $6,839,974 $6,760,580 Sinking fund, Ac.* 137,521
132,601
Oper. expenses...$3,480,543 $3,601,800 Renew., Ac., res. 396,582
359,244
Taxe3 ..................
425,484
423,632
Total.............. 83,906,028 84,025,432
Net earnings....... $2,933,946 $2,735,148
Balance, surplus S670.404
$552,524
* Includes amortization o f debt discount and expense and sinking fund.
I N T E R N A T I O N A L S Y S T E M B A L A N C E S H E E T A S O F D E C . 31
*' Assets ( Total $57,211,155)—
Liabilities ( Total $57,211,155)—
1915.
Constr., equip. & sccurltles.x$50 823,901 First pref. stock (7% cum.)..S4,417,900
Reacquired secur. (bonds)—4% preferred stock................. 582,100
Crosscown Street Ry_____
350,000 Common stock......................10,000,000
Internat. Trac. Co. coll. tr. 1 216,799 Bonds, mortgages, Ao. (see
Redemp. of 4% coll. tr. bonds
34,000
"Elec. Ry. Section”) _____ 38,200,000
Cash In banks_____________
491,014 Bills payable-........................
850,000
Supplies, prepaid items and
' Accts. payable, accr. taxes, &c. 563,951
accounts receivable_______
582,358 Accrued Interest.... .........
613,422
Coupon interest............. ....... 402,605 Unamortized premium on debt
58,225
Trustee acct. of adv . sale of bds. 1, 185,974 Dividends declared (payable
Unredeemed 4% coll. tr. bonds
1,12 0
Jan. 1916)..........................
41,567
Unamortlzed debt dlsc’t, &c.. 1 546,653 Accident reserve___________
222,327
Other suspense____________
55,245 Renewal & replacem’t reserve. 393,229
Accident reserve___________
151,299 Surplus................................... 1,268,433
Renewal A replacem't reserve.
26,173
Sinking fund reserve..............
343,952
x After deducting $343,952 reserve for sinking fund and amortization of
other intangible capital.—V. 103, p. 320.
Total passengers..76,216,526
19.88
Bor cent of transfers____
Rev. per rev. passenger.. 3.20 cts.
do including transfers 2.56 cts.
Car mileage____ ______
8,204,525
P o w e r & L ig h t D e p t .—
Kilowatt hours sold_31,020,852
Number of customers___
21,257
Connected load____
47,656
2 0 .1 1
$494,980
* Faro reduced from 7 tickets for 25c. to 8 tickets for 25c., April 1 1912.
B A L A N C E S H E E T A S A T D E C . 31 1915 A N D M A Y 31 1915.
D ec . 31 ’ 15 M a y 31 ’ 15
D e c . 3 I ’ I5 M a y 31 '15
A ssets —
$
$
L iabilities —
s
Road A equ!pm’t-21,839,864 21,601,924 Prof. stk. Ser."A” . 1,270,300 1,209,300
Sinking fund
19,220
545 Pref. stk. Scr."B” . 4,193,400 4,193,400
Cash___________
98,395
100,583 Common stock__ 6,042,130 6,042,130
Special deposits..
2,314
90,693 4% prior pref’enco
13,000
Mlsc. accts. recelv
43,334
39,821 Bonds......... ....... xl0,034,000 8',548,666
Pow. A light cus
1 -yr. coupon notes 1 ,200,000
000,000
77,734 Bills payable........
tomers----------110,900
218,889
458,908
Material A supp.—
Vouch,, wages,Ac. 171,606
110,889
Various storeh’s 243,945
286,522 Accrued Interest..
33,199
115,363
Coal on hand..
33,075
26,258 Deposits .............
24,28.3
24,901
Other curr’ assets.
896
2,726 Accrued taxes___
180,388
202,177
Prepaid Insurance.
4,072
10,652 Operating reserves
67,057
90,531
Unadjusted debits
30,752
16,884 Accrued deprec'n. 250,631
144,981
Securities pledged
Tickets sold, A c..
05,004
57,095
as collateral___ 1,500,000
Reorg .temp .llabll. _______
88,350
Profit and loss___
150,820
250,717
Total...............23,926,773 22,257,342
Total............... 23,926,7732 2,257,342
x Includes Columbus Ry. Co. 1st Cons. 1939, $3,132,000; Columbus St.
Ry. 1st Cons. 1932, $3,000,000; Crosstown St. R y. 1933, $572,000; Central
Market St. Ry. 1922, $391,000; Columbus Electric Co. 1922, $446,000;
Columbus Edison Elec. Lt. Co. 1929, $300,000; Columbus Lt., Ht. & Bow.
Co. 1924, $511,000; Columbus Bublic Sorvico Co. 1924, $182,000; and
Columbus R y.. Bow. & Lt. Co. 1940. $1.500.000.— V. 102, p. 608. 521.
C om m onwealth Power, R ailw ay & L ight Co.
{Report for Year ending June
3 0 1 9 1 6 .)
„
1915-16.
Earns. on stocks owned in sub-cos__ $2,776,500
Miscellaneous earnings .
580,811
1914-15.
$2,382,175
603,367
30.
1913-14.
$2,463,862
549,569
Gross earnings................................. $3,357,311
Expenses, taxes, &c.............................
$178,880
Interest p a id .............................. ........
630,183
Dividends on preferred stocks (6 %)__
971.075
Dividends on common stock (4 % )__
720,000
$2,985,542
$169,516
640,350
960.000
620.000
$3,013,431
$151,275
654,822
960.000
620.000
C O N D E N S E D E A R N IN G S S T A T E M E N T FOR Y E A R S E N D . J U N E
Balance for replacement, doprec., &c_
CONDENSED
$857,173
$595,676
BALAN CE SHEET A S A T
JUNE
$627,334
30.
1916.
1915.
1916.
1915.
Liabilities —
s
$
S
$
44,516,817 39,726,034 Preferred stock...17,345,000 16,000,000
Common stock...18,403,500 18,000,000
6 % note guar’y.
1
1
do deliverable. 2,596,500 3 ,000,000
Employees stock
6 % conv. bonds.. 8,655,000 10,000,000
purch. plan loan
Contracts payable. 350,000
350,000
1
guar.................
1
.......... Loans payable... 2,500,000
..........
783,874
612,137 Guar, of loan of tr.
Advances sub-cos. 5,323,856
5,323,856 7,915,842
7,915,842 under cmpl. stk.
Accts.rec.(sub.cos.) 173,292
173,292
176,497
176,497
purch. plan
1
_____
25,850
Int. rec. (sub. cos.)
25,850
10,379 Pref.dlv.pay.Aug.l 200,175
..........
10,379
81,992
Debt disc.(amort.j.
53,058
81,992 Com.div.pay.Aug.l 184,035
_____
53,058
Mich. Ry. Co. 5%
guaranteed note
1
l
Accrued accounts.
130,062
252,499
Surplus............... *452,476 *920,982
50,876,750 43,523,482
Total...............50,876,750 48,523,482
♦After deducting divs. declared payablo Aug. 1, $444,210. Of tho
amounts standing to credit of surplus accounts of sub. cos., thero aro accru
ing to the Commonwealth Bower, Ry. & Light Co. to Juno 30 1916, undis
tributed earnings amounting to $3.676.831.— V. 102. p. 1718. 714.
M ontreal Tramways Company.
{5th Annual Report— Year ending June
3 0 1 9 1 6 .)
P re s id e n t E . A . I lo b o r t o n A u g . 1 ro p o rte d as fo llo w s :
R e s u lts . — It will bo noted that tho earnings liavo increased during tho
latter part of tho year, indicating a tondoncy to an improvement in busi
ness conditions. Tho gross earnings increased $84,533, or 1.30%, tho
operating expenses decreased $6,943, or 0.19% , and tho not earnings in
creased $91,477, or 3.25%. Tho ratio of operating oxponses to earnings
is 56.08%, against 56.92% in 1914-15.
C o n tin g e n t R en ew a l A c c o u n t , & c . — The sum of $313,576 has been chargod
to this account, representing expenditures mado for spocial renewals. In
addition $583,89-1 lias boon expended for maintonanco of plant and equip
ment, and charged to operating oxponses, making tho total expenditure dur
ing tho year on upkeop $897,470.
491
THE CHRONICLE
A ug . 5 1916.]
Capital Charges, Bonds, &c.— During tho year thero has been oxpended
V irginia-C arolina Chemical Co.
on capital account $320,872. Tho company under its trust indenture is
{R e p o r t f o r Y e a r e n d i n g M a y 31 1916.)
ontitled to issue bonds on its capital expenditure to an amount equal to
7 5 % thereof, and under this provision it is now ontitled, when it shall so
Tho report for the late year shows tho consolidated state
desire, to liavo bonds certified to an amount of $963,486. During tho yoar
thero has been redeemed and canceled $163,233 of tho underlying bonds. ment of oarnings and surplus account, including the Southern
Tho amount of underlying bonds redeemed to date is $1,146,747.
Wo have issued 1 0 , 0 0 0 shares of common stock, which has been alloted Cotton Oil and other sub. cos. except Einigkeit (Potash) Co.
CONSOLIDATED RESULTS FOR YEARS ENDING M A Y 31.
to the shareholders at par. (V. 101, p. 527.)
.....
,
During tho year tho company has, at great expense, completed the work
1912-13.
1913-14.
1914-15.
1915-16.
of placing its overhead feeder wires in tho municipal conduit (where pro Total net profits----------------$7,732,798 $7,129,895 $6,035,176 $4,934,221
vided) on St. Catherine St., and wo aro now proceeding with tho same R ep airs & m a in te n a n c e . 31,924,750 $1,476,126 $1,194,281 $1,424,308
work on Bloury and Park Ave.
.
...
, „
, lt e s ’ vo fo r d o u b tfu l d e b ts
Orders.__Tho company has accepted a contract for machining shells, and
an d cash d is co u n t o n
work in connection therewith is progressing satisfactorily.
518,811
u n settled a c c o u n t s __
380,581
767,139
673,820
RESULTS FOR YEARS ENDING JUNE 30.
$2,991,102
B
a
l.
.net
prof,
(see
above)
$5,427,467
$4,073,756
$4,979,949
1915-16.
1914-15.
1913-14.
Less Int., Dies., &c.—
Passengers c a rrio d --............ - ............156,408,303 153,576,271 168,472,952
$697,500
$682,500
on bonds----------$652,500
$667,500
4.13 cts.
4 .11 cts. Interest
Car earnings per passenger----------------- 4.012 cts.
In terest o n d e b e n tu re s . .
289,275
274,335
Transfers______________________
h5,542,897 53,416,530 58,120,066 In terest an d d is c o u n t —
546,506
218,523
323,905
840,879
$6,525,232
$7,142,804
Gross earnings------------- -------------------------1,600,000
1.600,000
1.600,000
1,600,472
3,713,996
4,206,114 P r e f. s to c k d iv . (8 % ) —
Operating expenses________________ 3,707,053
$2,865,740 $3,123,379 S2,844.006
Total deductions-------$2,760,770
Net earnings-------------------------------------- $2,902,712 $2,811,235 $2,936,690
$147,096
$950,377
B a la n ce , s u rp lu s --------------- $2,666,697 $2,114,209
Deduct—
c , lo/ioo
$414,149
$527,384
C ity percentage - - - - - - - - ...................
one oo i
CONSOLIDATED BALANCE SHEET M A Y 31.
825,415
787,769
Interest on bonds and loans...............
806,721
1913.
Assets—
1916.
1915.
1914.
800,000
800,000
Interest on debenture stock--------------800,000
92,800
84,700 Real estate, plants, & c.$44,4i7,352 $43,486,028 $43,531,129 $43,802,772
Tax 6s ___________________________
93,600
7,509,238
6,939.676
7,228,828
278,880
242,056 Invest, in sub. cos., & c. 7,988,215
Dividends ( 1 0 % ) ---------------------------------323,871
4,315,134
4,280,012
3,876.204
82,237 Cash________________ 4,047,444
Proportion discount bonds sold------------------8,315,429
8,394,468
275,000 Mfd. prod., mat. & supp 11,119 ,84 1 8,860,364
275,000
Contingent account-----------------------------275,000
A c c is ® bills receivable. x l9 ,552,406 23,112,561 17,764,868 17,695,404
Balance, surplus________________ $185,436
S124.991
$137,544 Int.,ins.,&c.,paid in adv
684,402
517,571
630,057
640,314
Miscellaneous investm’ts
309,441
114,542
59,318
63,300
BALANCE SHEET JUNE 30.
Sinking fund investm’ts.
----------§125,000
1910.
1915.
1916.
1915.
*Insur. fund investment
30,000
30,000
30,000
30,000
Liabilities—
S
$
$
S
Assets—
Road A equipm’t-37 ,222,514 30,601,389 C o m m o n s t o c k ____* 3 , 3 4 3 , 6 0 0 2 , 9 8 3 , 9 7 0
T o ta l_____________ $87,982,270 $88,182,924 $81,928,937 $81,407,188
6 2 1 .1 2 5 D e b e n t u r e s t o c k . * 1 6 ,0 0 0 ,0 0 0 1 6 ,0 0 0 ,0 0 0
New construction. 3 2 0 , 8 7 2
Liabilities—
3 5 6 ,2 6 2 R o n d s a n d m t g e s .1 6 ,6 2 5 ,1 1 6 1 6 ,7 9 3 ,3 5 0
Investments____ 3 1 8 , 8 8 8
Capital stock, preferred.$20,011,818 $20,000,000 $20,000,000 $20,000,000
4 0 9 ,3 9 9
4 6 1 ,2 3 9
3 3 3 ,8 0 0 A c c o u n t s & w a g e s
Accts. receivable. 4 5 9 , 5 9 3
Capital stock, common- 27,984,400 27,984,400 27,984,400 27,984,400
2 3 2 ,6 0 6
2 3 0 ,8 7 2
3 5 5 .1 2 5 A c c r u e d i n t e r e s t ..
4 3 0 ,6 8 4
1 st M . 15-yr. 5 % bonds. 12.900,000
13,200,000 13,500,000 13,800,000
Stores............... .
2 9 5 ,9 2 4
3 1 5 ,6 2 9
6 8 ,8 1 1 A c e r , t a x o n e a r n s .
1 0 -yr. 6 % s.f. conv. deb.
4,861,320
5,000,000
Cash.. ............... 2 4 7 , 5 6 4
1 7 1 ,9 1 9
U n r e d ’ m 'd t i c k e t s
2 3 7 ,2 1 5
9,899’ 250 10,022^751
Bills payable____ _____ 6,102,550
7,647,150
Underlying securi
9 1 ,3 5 3
S u sp on so a c c o u n t9 5 ,2 6 3
Accounts payable_____ 1,335,283
1,194,428
1,2 0 1,111
1,053,033
ties redemption
7
4
,
1
0
0
D
i
v
i
d
e
n
d
A
u
g
.
1
8
3
,
5
9
0
3,643
163,487
87,720
7,886
Drafts against consign’ts
--------------------fund________
6
0
0
.
0
0
0
C a p ita l r e s e r v e —
6 0 0 ,0 0 0
Pref.div.pay.M
ay
3
1
’16
----------800,000
1 7 9 ,8 9 9
C o n tin g e n t a c c t . .
1 4 1 ,3 2 3
Contingent accounts.k. 1,305,029
1,378,442
--------------------W a r t a x (2 y e a r s ) .
7 4 ,0 1 3
Reserves____ _____
306,495
289,402
206,321
205,177
2 3 .3 1 2
2 2 ,9 2 2
M i s c e l l a n e o u s _____
Surp lus______ _______y l3 ,175,376 10,689,102
9,050,135
8,333,941
6 6 4 ,1 6 8
S u r p l u s _____________
x 7 7 8 ,9 7 6
T o ta l
................3 9 , 0 0 9 , 7 5 8
3 8 ,4 9 9 ,9 9 8
T o t a l ......................... 3 9 , 0 0 9 , 7 5 8
* Includes amount duo on shares not yet exchanged,
$ 3 , 3 8 8 discount on underlying bonds.—V . 102, p. 345.
3 8 ,4 9 9 ,9 9 8
x After crediting
M anila Electric R ailroad & L ightin g Corporation.
(11 th A n n u a l R e p o r t— Y e a r e n d in g D e c . 31 1915.)
Pros. Charles M . Swift, N . Y . , Juno 29, wroto in substance:
Results.—The gross earnings of your companies for 1915 were $1,494,
788 a decrease of $107,213 or 6.69%; operating expensos and taxes, $762,
0 5 0 ;v docroaso of $55,456 or 6 .7 8 % , while the net earnings from opera
tion were $731,829, a dccroaso of $51,758 or 6.6 0 %. After deducting
interest charges ($264,975) sinking fund requirements ($41,500) tho annual
appropriation of $80,000 for replacement and renewal fund, and four
dividends of l'A% , aggregating 6 % , $300,000, thero remained a balance
of $45,354, which was transferred to surplus account, making total ac
cumulated surplus to Dec. 31 1915, $1,778,836. Against this amount
was charged $55,000, to provido for a special reserve, leaving total ac
cumulated surplus and reserves as per balance sheet of $1,723,836.
In the railway department the oarnings decreased $107,801, tho operating
expenses increased $5,046; in tho electrical department tho oarnings in
creased $22,139 and tho operating expenses decreased $42,.>68.
created a widespread condition of unrest. This condition brought about
tho almost entire cessation of investment of caintal in now enterprises
or in already established businesses. Almost all tho local industries and
business houses followed a policy of retrenchment, winch caused decreased
revonuos to the insular and municipal treasuries, which in turn had to
resort to tho assessment of additional taxes. Tho government and munici
palities also stopped to a great extent all improvements and new public
works. Tho available shipping to and from Manila has been so scarce
that all lines of trade have suffered, and freight rates have risen so high
as to bo almost prohibitive.
,
,
Now that tho political situation has been clarified to a groat extent
anil tho future of the Islands seems to bo assured under tho direction of
tho United States for some time to como, it is hoped that business conditions
will begin to improve and that tho rovenues will consequently bo materially
benefited thereby.
„ il
, , . ..
• '
Financial.—The company lias no floating debt, tho current liabilities
consisting only of accrued interest and monthly operating accounts.
During tho year thero were purchased by the trustee under tho sinking
fund provisions of your company’s mortgage $37,000 of your 5 % 50 yoar
1st Lion and Collateral Trust sinking fund gold bonds, making a total of
$255,000 faco value of bonds hold by tho trustee in the sinking fund Dec.
31 1915. During tho yoar thero were also purchased by tho trustoo under
tho sinking fund provisions of tho mortgage of tho Manila Suburban Kys.
$5,000 1st M . 5 % , 40 year sinking fund gold bonds, making a total of
$19,000 held by its trustco Dec. 31 1915 in the sinking fund.
.since Jan. I 1916, there has been added $42,000 5 % 50 year 1st Lion
and Collateral trust sinking fund gold bonds to tho sinking fund, making
tho total bonds in that fund $297,000.
Dividends.—These liavo boon paid as follows: 1906 and 1907 3 % ; 1908,
1909 and 1910 4 % ; 1911 5 4 4 % ; 1912, 1913 and 1914 7 % ; 1915 6 % .
CONSOLIDATED INCOME ACCOUNT FOR YEARS ENDING DEC. 31.
1915.
1914.
1913.
1912.
$1,602,002 $1,698,594 $1,597,674
Gross earnings.................
790,787
Opcr. oxp. and taxes— - 762,J.>.) __818,415
724,487
$783,587
$907,807
$873,187
Not oarnings*............. l o c i ’aye
S277.717
$277,617
$277,500
Bond interest------------------- 5>2 9',l ’2An
28,250
28,250
Sinking fund res--------------41,500
28,250
80,000
80,000
Replacement, &c., res__
80,000
80,000
Dividends p a ld i.........(6 %)30 0 ,000 (7)350,000 (7)350,000 (7)350,000
$735,967
$735,867
Total deductions____ $686,475
$735,750
$47,620
Balance, s u rp lu s ...____
$45,354
$ 171,940
$137,437
* After allowing for loss of $9,324 on operating Union Truck Co. in 1914
against $2,830 in 1913.
CONSOLIDATED BALANCE SHEET DEC. 31.
1915.
1914.
1915.
1914.
Liabilities—
S
S
S
Assets—
S
Cap. stock Issued. 5,000,000 5.000.
Cost of properties,
*0 (sub. cos.).12,411,498 12,488,531 WIthtrus. forcorp. 1,000,000 1.000.
93,000 5 % 50-yr. 1st L. A
Treasury bonds. 96,885 Coll. T. s. f. bd.i_x4,742,000 4,782,000
Cash..................
171,003
Man.Sub.ltys.lst5s y 5 4 7 ,0 0 0
Other current, Ac.,
636,000
620,993 Current liabilities.
64,364
accounts_____ 579,910
106,962
6,213 Accrued interest..
92,717
Cash for sink, fund
7,505
92,567
Reserves.............. 350,183
Securities In lieu of
361,504
3 , 0 0 0 Surplus................ zl,367,653
ratg’il prop, sold .............
1,329,589
To tal....... 13,169,910
13,308,622 Total................. 13,169,916 13,308,622
x Tho total authorized was $5,000,000; less lxmils In sinking fund, $255 000; in hands of trustee in lieu of mortgaged property sold. $3,000; balance,
S l y T.V)tal° authorized 32,500,000; Issued $650,000; less $84,000 bonds
in treasury and $19,000 bonds in sinking fund, balance $547,000.
z After deducting $55,000 special reservation (text).—V . 103, p. 4CG.
T o ta l......... ..................$87,982,270 $88,182,924 $81,928,937 $81,407,188
* Investments in 10-year 6 % sinking fund convertible debentures at par.
x After deducting bills endorsed and discounted in tho ordinary course of
business, $3,752,085 in 1916, against $3,520,419 in 1915, $5,125,537 in
1914 and $4,125,047 in 1913.
,
y After deducting difference between book and sales value of capital
assets of the Southern Cotton Oil Co. sold or dismantled during the year,
$45,802, and reserve for doubtful debts, &c., $375,000.
§ Investod in 10-year 6 % sinking fund convertible debentures at par.
k Denotes reserves for doubtful accounts, rebate of interest and cash
discount allowable on accounts receivable.
Note.—-Tho company guarantees tho 7 % dividends on 8475,000 pref.
stock of the Consumers Chemical Corporation, and retirement of tho prin
cipal on or before April 1 1933, all of tho profits in excess of tho preferred
dividends belonging to tho Virginia-Carolina Chemical Co. through owner
ship of tho common stock.—V . 101, p. 777, 769.
(The) S terling Gum Co., In c., New York.
{ O f f i c i a l S ta te m e n t M a d e b y th e P r e s id e n t M a r c h 2 1916.)
Pres. F . L . E . Gauss, Long Island C ity, N . Y . , M a r. 2
1916, says in substance:
In order that the company might be placed on a sound basis, tho new
management determined that it must have a brand of chewing gum with
a national distribution and sale, so that the various methods of advertising
that aro country-wide in their appeal might effectively and economically
bo used on the product of the company. For such purpose it would be
wiso to have tho package label and advertising, as well as tho goods, of the
best and most attractive kind, and to that end determined to get out a
new label and to devote the year to what it was recognized would be the
expensive exploitation of the brand. These methods involved considerable
time, and it was not until June that we were able to put on sale its new
national brand.
Our sales during the year were $910,365, of which $629,168 were for tho
last six months, while $538,731 were tho sales of our new national brand
“Sterling Gum .” which was put on the market only in June.
Tho new management, recognizing that such a result as has been ob
tained was the best that could be hoped for, arranged during tho year,
without premium or bonus, but at par, for an addition to its cash resources
of $750,000, with the condition and understanding that the principal of
such obligation should not mature until tho expiration of five years, and
might at maturity or before, at tho option of tho company, be converted
into 6 % pref. stock, and that in tho meantime and prior to such conversion
such obligation should bear 5 % interest to be paid only if and when the
earnings permitted such payment. Tho company, therefore, has no debt
as of Dec. 31 1915 whose payment in cash has to bo provided for, except
current accounts payable aggregating less than one-third of its cash In
bank.—V . 10 1, p. 127.
, U nited Cigar M anufacturers Co., New York.
{R e p o r t f o r S ix M o n t h s e n d i n g J u n e 30 1916.)
- 6 Months1915.
1916.
S I.524,516
Gross profits................... S 2,151,246
908,805
Admin. & selling exp .. 1,504,336
$615,711
$646,910
Profit from oper____
32,708
Miscel. profits, in t., & c.
41,770
-Calendar Years—
1913.
1914.
S3,766,932 S2,858,736
2,050,526
1,414,961
$1,716,406
153,010
S I.443,775
409,854
Total profit..............
$688,680
$648,419 Sl.869,416 $1,853,629
$345,259
Int.on loans.deposits.&c. a$87,940
a$71,189 a$314,620
D ivs. on pref. stock.. ( 3 ) 175,000(3H ) 175,000 (7)350,000 (7)350,000
D ivs. on com. stock___ (2)362,080 (2)362,080 (4)724,160 (4)699,160
T o t a l......................... _ S625.020
$608,269 $1,388,780 $1,394,419
Balance, surplus______
$63,660
$40,150
$480,636
$459,210
a ’‘Interest on loans. A c .,” includes interest on mortgages, loans, deposits,
losses on invest, and div. on pref. stock of tho M . A . Gunst & C o., Inc.
CONSOLIDATED BALANCE SHEET JUNE 30.
1916.
1915.
1916.
1915.
Liabilities—
S
S
Assets—
$
$
stock__18,104,000 18,104,000
Cost
000 of property.*20,832,528 20,676,308 Common
Preferred
stock__
5,000,000
5
,
0
0
0
,0 0 0
Cash
for
redemp.
000
Accts. payable, Ac. 1,656,339
486,966
of pref. stock of
Bills payable____ 3,776,000 1,884,650
M. A. Gunst A
50,000
Co., Inc., A c ... 389,500
.......... Mtg. of Phil, plant ............
Pref. stock M. A.
Insurance, Ac., pre
143,610 Gunst Co., Inc. 380,000
560,000
paid ________
150,212
_____
102,781
Supplies, Ac____ 8,767,362 7,075,368 Deposits______
197,554 Spec.capital res’ve. 1,000,000 1,000,000
Bills receivable__ 271,945
Accounts rcvelv’le. 2,367,674 1,689,782 Surplus............... 3,637,448 3,215,115
620,890
Cash............
774,566
To tal............... 33,553,787 30,403,512 Total................33,553,787 30,403,512
*Good-will, trade-marks, patent rights, as of Jan. 1 1916, $19,104,000;
cost of good-will of cos. acquired during year, $222,003; real estate, machin
ery, equipment and furniture and fixtures, $1,358,290; and investments in
affiliated companies, $148,235.—V . 102, p. 1255, 717.
492
THE CHRONICLE
Porto R ican-Am erican Tobacco Co. of New Jersey.
{R e p o r t f o r F is c a l Y e a r e n d in g J u n e 30 1916.)
Treasurer A . H . N oble, Aug. 3, wrote in substance:
The capital stock was increased by $14,700 during July, Aug., Sept,
and Dec. 1915 and Jan. 1916, in exchange of scrips surrendered; the out
standing stock now being $3,300,300.
The capital stock of tho company and the average during the year of its
surplus aggregate $4,900,000. The net income for the year as below, before
deducting dividends, was $806,979, being about 24.45% on the outstanding
capital.
This statement does not include this company’s sharo of the undivided
earnings of the Industrial Co. of Porto Rico or of the Porto Ricon Leaf
Tobacco Co., in which it holds stock.
INCOME ACCOUNT FOR YEARS ENDING JUNE 30.
1915-16.
1914-15.
1913-14.
Sales-----------------------------------------------------------$5,705,129 $5,386,207 $5,005,713
Net earnings (after providing for ob
solete machinery, & c.)_____
$536,235
$456,139
$438,459
30,525
40,140
35,340
Dividends from other companies___
Interest on loans, deposits, &c_.’___
48,621
48,328
44,869
M isce lla n e o u s...............................
198,809
156,776
136,320
$814,190
$701,383
$654,988
Total net income________ _______
U . S. Govt, corporation tax______
$7 ,211
$6,275
$5,218
Int. andpropor. of disc, on 5 % notes.
_____
13,806
33,913
Interest on scrip........... ........................
...........
58,062
46,659
Dividends x______________ _____(16%)528,450 (19)431,998 (20)399,880
Balance, surplus................................
$278,529
$191,242
$169,318
x Dividends in 1915-16 include four quarterly dividends of 4 % each, paid
in cash, on outstanding stock; in 1914-15, three quarterly dividends of 5 %
paid in scrip and one quarterly dividend of 4 % paid in cash, and in 1913-14
four quarterly dividends of 5 % each paid in scrip.
BALANCE SHEET JUNE 30.
1916.
1915.
1916.
1915.
Assets—
$
8
Liabilities—
S
S
Real estate & bldgs. 899,828 1,076,311 Capital stock..........
Mach., fixtures, &c. 210,338 205,727 Scrip____________
2,390
16,390
Good-will................. 161,600 161,61,0 Bills &acc’ts payable 646,827 366,228
Mfd. stk., sup., &c. 609,661 473,596 Provision for comm..
1,397,563 1,859,217
obsolete machtn1,253,226 547,872
cry and other f’ds. 313,874 300,869
Stock In other cos.. 365,654 298,654
Cash........................ 53,405
68,191
1,089,382 776,657
6.040,653 5,467,825
To tal...................
In tern a tio n a l Textbook Co., S cranton, Pa.
(R e p o r t f o r F is c a l Y e a r e n d in g M a y 31 1916.)
Pres. Ralph E . W eeks, Scranton, July 25, wrote in subst.:
Status.— E a rly in the late fiscal year, and for some time prior thereto,
the cash receipts from the sales of scholarships and supplies were insufficient
to meet operating expenses. A large number of students enrolled, but tho
amount paid by them on their contracts was unsatisfactory. E a rly in
1914 the company, in an attempt to increase the sales of scholarships,
greatly enlarged its selling organization. This proved a costly experiment.
Advances to allied companies also drew heavily on tho cash resources.
Negotiations to obtain financial relief were undertaken in M ay 1915.
The local financial institutions which purchased our note issuo in August
last year required that a majorty of the directors should bo satisfactory!
to them. Pursuant to this arrangement, changes wero made in tho active
management, effective Aug. 12 1915 (V. 101, p. 50).
The company possesses tho two essential factors: (1) B y the investment
of many millions of dollars furnished by our shareholders we havo a modern
and well-equipped plant, valuable copyrighted texts, conceded by many
educators to be the best, and working capital. (2) A corps of loyal, en
thusiastic, trained employees.
Careful study revealed the fact that in order to continue the business
and to make returns to shareholders a large reduction in operating costs
was imperative.
Sales, Ac.—About 1 8 % of our students complete payments on their
contracts within 90 days after enrollment. Tho balanco pay in small
installments. Therefore a systematic method of collection is a very
necessary feature. In June 1915 the sales department operated-through
34 district selling agencies located in important cities throughout tho United
States and Canada. Theso districts were divided into 1,176 routes, many
in rural communities. At prosent we have 25 district selling agencies
divided into 846 routes. The cost of securing enrollments and making
collections has been lowered in all branches. The cost for tho last nino
months of the fiscal year was 10 .4 5% below the previous year, and tho cost
for the last six months of tho year was 9 .3 % below the first quarter.
.
In the five months from January to M ay 1916 the enrollments produced
per route increased 8 .9 % , as compared with the same period in 1915 and
the enrollments per routo per day Increased 1 2 .3 % . Tho enrollments
from sources other than the soliciting organization increased 9 % . During
the same period tho number of routes was decreased, through the elimi
nation of unprofitable routes, by 2 8 % , while tho number of enrollments
decreased only 2 0 .4 % .
There has been a shrinkage in our Canadian business of more than 4 0 %
due to war conditions. In Eastern Canada, Montreal district, out of a
total of 3,900 accounts, valued at $148,778, we have lost through tho en
listment of students since the war began 1,345 contracts, valued at $67,711.
Additional losses of about one-half this amount were sustained In Western
Canada, or a total loss to date due to enlistment of 1,867 students’ ac
counts valued at $101,281.
Tho average monthly advertising expenditure for the first fivo months
of the six years was $10,730. as compared with $8,405 average for tho first
five months of 1916, a decrease of 2 2 % . A comparison of total advertising
expenditures and results in M ay 1912 and in M ay 1916 shows a decreaso
in monthly expenditures from $11,439 to $7,709, or 3 2 .6 % , a decrease in
cost per Inquiry from $2 23 to $1 53, or 3 1 .4 % , and in cost per enrollment
from $9 47 to $5 76, or 3 9 .2 % .
Educational Department.— Important changes in this department becamo
effective Oct. 1 1915 and resulted in improved service and considerable
economy. All the work in connection with tho preparation of textbooks,
the correction of lessons, the correspondence with students about courses
and lessons, service to students has been grouped in this department.
Extent of Textbook Preparation for Year 1915-16—Number of Pages.
New or revised........................... 8,4141Completed Oct, 1 ’15 -F e b .l '164,823
Completed June 1 to Oct. 1 T 5 . 1,2041Completed Feb. 1 to June 1 ’16-2,387
In addition, a considerable number of volumes containing the now in
struction matter permanently bound in book form havo been completed.
During the year covered 930,184 lessons wore corrected and 151,105
special letters of instruction written. In 1914 the cost of obtaining addi
tional lessons by means of our encouragement letters was 13.6 cents each;
in 1915, 11.4 cents each, and in 1916, 10 cents each.
Employees’ Wages.—-A year ago a reduction of 1 0 % was accepted by em
ployees receiving $25 or moro a month. Effective Juno 1 1916, all em
ployees who had suffered a reduction last year and who received less than
$75 a month were voluntarily granted an increase of 5 % in wages.
Subsidiary Companies in which this Company Owns Slock.
Technical Supply Co.—Has an authorized and full-paid capital of
$150,000, all of which is owned by this company. Sells suppllos to students
and manufacturers. The net operating profit during the past fiscal yoar,
after creating reserves amounting to $24,452, was $48,777. Of this amount
$16,952 was paid as royalty to the International Textbook Co.
Woman's Institute of Domestic Arts and Sciences, Inc.— Incorporated in
Delaware April 15 1916 with an authorizeed capital of $100,000, of which
$50,000 has been subscribed and paid for by the International Textbook
C o., which also will subscribe and pay for tho balance.
Has acquired tho exclusive right and license from the International
Educational Publishing Co. to use the copyrights in dressmaking, millinery
and other domestic science subjects, in the United States of America,
British North America and the British West Indies, tho consideration being
a cash payment of $90,000, of which $50,000 was paid during M ay 1916,
[Vol. 103
and a royalty on cash received for domestic science courses of instruction
sold by the Woman’s Institute, at the rate of 3 % on tho first $3,000,000,
and 6 % on subsequent receipts from tho sale of these courses. Up to and
including Juno 26 1916 the Woman’s Institute had enrolled 814 students
on contracts calling for an aggregate payment of $38,719, of which $9,374
had been collected to dato. The first student was enrolled in February,
and it is expected that the cash receipts will soon exceed tho disbursements
and show a reasonable profit on the capital invested.
Foster Building Corporation.— Incorporated in N . Y . Feb. 19 1915 with
an authorized capital of $50,000, of which $25,000 has been subscribed and
paid for by the International Textbook Co. Tho Foster Building Corpora
tion has leased for 21 years with right of renewal for further 21 years
the land at Madison Ave. and 40th St., N . Y . C ity , on which a 12-story
office building, 54 by 120 feet, has recently been erected. When tho loaso
was made it was contemplated that the domestic science school would uso
a portion of it, but space was secured for a less sum in another location.
About 8 5 % of the offices in this building above tho ground floor already
havo been rented, and it is expected to rent tho first floor within a few days.
Our real estate agents aro confident that tho Foster Building Corporation
will receive sufficient rentals within the first year of the lease to meet all
obligations in connection with tho lease and operation of the property, and
thereafter will receive substantial yearly profit.
Victor Typewriter Co.— Has an authorized capital of $1,250,000, all of
which has been paid for and issued to the Textbook Co. Tho operations
of the Victor Typewriter Co. have recently been reorganized. Last month
tho board of directors was increased. M . R . Denman, who is thor
oughly experienced in the sale of typewriters, was elected President. The
company has valuable assets, and its obligations, other than thoso to this
company, are not largo. It is believed that the company will be self
supporting in the near future, as operating costs, both in the manufacturing
and sales departments, have been much reduced. (V. 101, p. 1374.)
International Educational Publishing Co.— It is difficult to foresee tho
ultimato effect of tho war in Europe on tho various subsidiaries of the
International Educational Publishing Co. Tho British and Colonial com
panies are still doing business and are able to operate with very littlo
assistance: the Spanish company is operating on a self-sustaining basis;
the Latin-American company and tne Argentine company aro slowly
making progress toward a paying basis, and the China and Japan and
Philippine Island branchos furnish net revonues sufficient to pay the cor
porate and office expenso of tho parent company. In view of thoso facts,
wo have felt justified in pl.acing a moderate valuation on the I. E . P. shares,
which wo hold as an investment. (See foot-note to balanco sheet.)
Conclusion.—Our administrative and selling costs aro still higher than
thoy should be, but unduo haste in making radical changes has been
avoided, as a large daily rovenue has been ossontial, in view of existing
conditions. An aggressive but conservative policy has prevailed. To
enable the institution to continuo its useful work your directors earnestly
request the co-operation of tho shareholders.
OPERATING STATEMENT FOR FISCAL YEAR ENDING MA Y 31 1916.
June 10 to Sept. 14 to Dec. 14 ’ 15 Mar. 7 to
Total for
Income—
Sepf.13 '15. Dec. 13 T 5 . to Afar.6’16. Afay29T6.
Year.
Total scholarship
$
$
$
$
$
876,304
907,420
834,835
817,439 3,435,998
receipts_____
M iscellaneous--.
28,706
25,729
22,730
21,434
*98,599
857,565
822,040
838,873
783,861
3,534,597
3,523,090
35,525
55,011
11,507
25,946
T o t a l.............'-............................ .................................................. ..
Less—Depreciation charges on bldgs., furnituro and equipment
Written off, accounts, $24,123; miscellaneous, $21,204-------
37,453
40,835
45,327
Balance, deficit, for yoar ending M ay 31 1916.......................
Surplus as at M ay 31 19 15________________________________
48,769
3,603,887
Balanco______________________________________________
Additions—Decreaso in reserve for student workers’ commission,
$25,000; to cover field men’s&accts., $14,500; sund’s, $25,454
3,555,178
Total income- 905,010
Total oper. exp. 1,015,085
933,149
902,104
Net profit___ def110,075
31,045
Sale of “Colliery Engineer” ($25,000), &c.
64,953
T o t a l . . ............................. - ............................................................ 3,620,131
Deduct—Adjustment in scholarship accts. receivable to reduce
outstandings to active lists________________
1,055,912
Reservo to cover collection expense on scholarship accts------750,000
Written off agency establishment acct., $649,208; textbook,
&c., plates, $845,815; Investment shares, $2,976,176------ 4,471,199
If
nn/lnmirxif
ifonio
IfiO*
fvnmVP
OVnPrlni'f,
Q7Q
100
OSS
190,088
Stock under writ, items, $136,109; typewr. experlm’t, $53,979
432,228
Reserve for doubtful accts. rec., $344,717; sundry adj.$87,511
Deficit, as per balance sheet below______________________
3,279,296
♦ Includes special textbook sales, $43,082; “Colliery Engineer” advertise
ments and subscriptions, $19 ,217; Technical Supply Co. royalty, $16,952;
International Correspondence Schools dividends, $6,800, and discount,
rents, &c., $13,347.
BALANCE SHEET AS AT M A Y 31.
1916.
1915.
1916.
1915.
Liabilities—
S
S
•Assets—
S
S
Real est. & bldgs. ■ 1,036,508 1,107,104 Capital stock___10,000,000 10,000,000
Coll, trust notes.- f420,000 ..............
Copyrights, plates
Colliery Eng. Co.
•fee............. .......’b l,232,971
1st M .5% bonds
77,466 2,537,911
137,000
Furniture & flxt-Mortgages payable
Prlnt. plant equip. 115,305
20,000
20,000
Inventories_____ 249,791
713,260
Accts. payabio__
80,265
Investments____ c l,754,101 3,884,108 Notes payable___ 239,942
Agency establish’t d 1,000,000 1,649,207 Accrued accounts. 112,466
Scholarship contr. 2,333,386
Reserves—
Accts. recelvable. ■ 344,344 5,133,459 Scholarship lnstr. 600,000
50,000
41,686 For duo bills__
C ash ...................
17,401
25,000
142,004 Miscellaneous-
57,104
Miscellaneous___
Profit and loss—
3,575,219
Profit and loss— 3,279,296
Total ............... 11,497,673 14,495,479
a After deducting $220,819 depreciation, b Aftor charging off $1,384,
495. c Investments include In 1916, 12,500 shares of Victor Typewriter
Co. (par $100 carried at $60), $750,000; 31,333 shares I. E . P. Co. preferred
(par $50, carried at $10), $313,330 and 59,071 14, shares of common (par $50
carried at $1), $59,071: 15,070 shares Internal. Schools Co. of LatlnAmerica (par $50, carried at $10), $150,700; 1,000 shares I. C . S. (par $100,
carried at $100), $50,000; 250 shares Foster Bldg. Corp. (par and carried
at $100), $25,000: 10? shares Elcctrotheropeutic & X -R a y C linic (par and
carried at
-at $100),
receivable_________ , ___ , ____ _ ________ _— ,
.
.
$208,852, and sundry acc’ts, $21,153. f After deducting $80,000 redeemed.
— V . 103, p. 324.
__________
GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
Baltim ore & Ohio RR . — D i s p u t e a s to G u a r a n t y .—
SeoCincin. Hamilton & Dayton R y. below.—V . 103, p. 406, 144, 60, 57.
Boca & L oyalton RR.— F o r e c lo s u r e S a l e .— •
Under decree of foreclosure entored in tho Suporlor Court, Nev. County,
C a l., the property is advertised to be sold at public auction at Beck
with, C a l., on Sept. 8 as an entirety or so much thereof as may bo required
to satisfy a judgment of $459,670 with int., &c.—V. 102, p. 156.
B oston Elevated Ry. Co.— D i v i d e n d s . — A quarterly divi
dend of 1 X
A % lias boon doclarod on the $23,879,400 stock,
payabio Aug. 15 to holders of record Aug. 4, contrasting with
A o f 1 % last M a y and earlier distributions as follows:
Dicidend Payments by Calendar Years Since 1901—Per Cent.
1902 to 1913, 6 % yearly; 1914, 5 % ; 1915, 6 M % (Feb.. l>$; M ay, 1;
Aug., 1 y2-, Nov., 1>4); 1916, Feb., 14$; M ay, 4$; Aug., 14$.
THE CHRONICLE
A ug . 5 1916.]
Approved Statement from “ Boston Financial News” Aug. 1 1910.
Although the directors yesterday voted to declare a quarterly dividend
of 1 1 4 % it does not necessarily mean that this rate can bo maintained
throughout the year, as the company is now in as serious a position, it not
worse8 than i t wasthroe months ago, when a dividend of 50 cents was de
clared It has been the policy in the past to declare tho regular dividend
for the first three quarters and then adjust tho last payment to fit the
earnings for tho year. This will no doubt bo the case this year.
Although the wago question which was pending three months ago lias
been settled, the cost, of this Increase alone will amount to nearly SI ,750,000
iU At °nr<^nt *the cimipany is unable to obtain tho necessary capital for
the enuinment of its tunnel and rapid transit lines, in the course of construcfin0 '^ iff'u n d e r the Massachusetts laws it cannot issue additional capital
sreeir at less than par and cannot have more bonds outstanding than tho
nar value of its stock plus tile premiums abovo par that have been paid on
t’he stock The present outstanding capital stock is $23,879,100 and tho
nrpmium on stock brings this amount up to about $20,586,000. The debt,
Including over $2,000,000 notes payable, exceeds $25,000,000, so that it is
plain the company must have some sort of relief by the Legislature before
it can obtain any new money.
Monthly gains in gross earnings during the past 11 months of the current
fiscal vear have averaged better than 4 H % , and each month shows a slight
Imnrovement over the previous one. The trouble seems to be not in gross
eamings but rather in the net earnings. During the fiscal year to June 30
Voidthe’company paid dividends of 5 % in the 1915 fiscal year 5 A % was
paid and In 1911 5 % . During the past few years the company has been
able to keep the dividend rate above 5 % only after heavy reductions and
stringent economy in operating costs.—V . 103, p. 320.
C hicago Anam osa & N orthern Ry.
- N o t S o ld .-
Tho sale of this property under foreclosure, set for July 11, did not tako
place. Judge Heed in tho Federal Court at Dubuque, la . , on M ay 4 ordered
tho property to be sold to the highest bidder to satisfy claims of creditors.
The Court also sustained a petition of tho Illinois Central K it . and other
roads asking that their claims bo given priority over those of bondholders.
Waterloo, Iowa, interests financially interested in tho Waterloo Interurban
road are reported to be negotiating for the proporty, Intending to electrify
it and add it to their interurban system.— V . 98, p. 303.
Chicago B u rlin gton & Q uincy RR.— Bonds.— W e learn
o ffic ia lly t h a t ,o f th o § 1 3 ,6 9 6 ,0 0 0 4 % G e n . M t g e . b o n d s o f
1 9 0 8 , a p p ro v e d b y th e 111. P . U . C o m m issio n e a rly in J u ly ,
§ 1 0 ,0 0 0 ,0 0 0 aro fo r c o n str u c tio n a n d § 3 ,6 9 6 ,0 0 0 to re fu n d
p rio r b o n d s .— V . 1 0 3 , p . 3 2 0 , 6 0 .
C hicago & N orth W estern Ry- —
T1,1® N ’ Y ;
S to c k E x c h a n g e h as liste d § 7 ,9 7 2 ,0 0 0 a d d itio n a l G e n e ra l
M o r t g a g e G o ld B o n d s o f 1 9 8 7 (o n w h ic h in te re st h a s b e e n m -
1^Vlds'm-ik'es'tluMotal amount of the issue listed as follows: 3)45% bonds,
<51 |l 116 00T 4 % bonds, $22,500,000; and $8,054,000 of 4 % bonds
stamped as to4non-payment of Federal income tax; and $17,972,000 5 %
stamped as to non-payment of Federal income tax.
The proceeds of tlicso $7,972,000 bonds have been applied to reimburse
tho treasury for past expenditures as follows: (a) I’ermanent improvements
or additions, including cost of grading, bridges, trestles, culverts, rails
Chicago Rock Island & Pacific Ry.— T r a c k a g e
S u it . —
In regard to tho suit of tho Union Pacific Ity..R e ce ive r Dickinson is
quoted as saying: "Tho Union Pacific suit filed in Dos Moines is a friendly
proceeding to test right of Hock Island to do local business on Union l acinc
tracks at Kansas C ity , K a n ., under contract of 1887 granting Hock Island
use of Union Pacific tracks between Kansas C ity and Topeka. Th is con
tract provides that the Hock Island shall do no local 1l>nsinc«,. T1 10 Hock
Island’s contention is that prohibition does not a p p l y p £ c? « c* w hichproWe have recently executed a contract with tho Union Pacific^ wnicn pro
virlos that in event we are defeated in this litigation we can secure rignt>to
dLd na^engereb S t t “at K ansas C ity Kan by paving compensation
additional to that provided in contract of 1887. — V. 104, p. 14 1, bU.
C in cin nati H am ilton & D ayton Ry.— N o t i c e
h o ld e r s — P r o p o s a l to E n f o r c e
to B o n d
G u a r a n ty . — A . Iselin & Co. and
James N . Jarvio, caro Contral Trust C o ., 54 W all S t., are
seoking the co-operation of other minority (non-assenting,)
holders of General Mortgago bonds in an effort to enforce
tho B . & 0 . guaranty thereon. Their adv. of Aug. 1 says:
Tho Baltimore & Ohio H R . Co. having failed to perform its agreement,
dated Ju ly 1 1909 (V. 88, p. 1498, 1436) to purchase or guarantee as in
said agreement provided. General Mortgage Gold Bonds, presented to it
for that purpose during the month of July 1910, at its principal executive
offico in tho C ity of New York, the undersigned, owning or representing
about $675 000 of General Mortgago Gold Bonds, and desiring the co-opera
tion* of a i l holders " d e p o s it e d bonds entitled to the benefit, of said
agreement in the enforcement thereof, hereby request such holders to comm uniSte with them promptly, giving the amount and serial number of
thTho undopositod General Mortgage Gold Bonds amount in the aggregate
to something under $2,000,000, the remainder of said issue having been
purchased for the purposes of or otherwise deposited under the plan and
agreement for the reorganization of the Cincinnati Hamilton & Dayton R y.
Co. dated Fob. 15 1916 (V. 102. p. 1059, 1346. 1895).— V . 103, p. 320.
C ities Service Co.— C o n t r o l .—
See Toledo Traction, Light & Power Co.—V . 103, p. 406, 239.
Cripple Creek C entral Ry.— D iv id e n d I n c r e a s e d . — A
quarterly dividend of \ X
A % has been declared on tho §2 ,5 0 0 ,
000 common stock and the regular quarterly 1 % on tho § 3 ,
000,000 prof., both payable Sept. 1 to holders of record Aug.
15. The company has been paying 1 % quarterly on tho com
mon sinco 1913.
The company’s transfer offico has been removed from New A ork to
Colorado Springs, Colo.— V . 102, p. 521.
Cuba R ailroad Co.— E a r n in g s f o r J u n e 30 Y e a r s . —
June 30.
Gross
Net
Interest I’ref.Divs. Com.Divs. Balance,
Yf.nrt— Earnings.
Income.
Charges. (6 % ). (6 % ).
Surplus.
1014 16
$6 815,696 $3,523,658 $978-,244 $600,000 $600,000 $1,345,414
1014 14
5 206,714 2,727,540 853,856 600,000 600,000 673,684
In Jam 1916 tho company paid a com. stk. div. of 2 0 % .— V . 10 1. p. 768
Denver & Rio Grande RR .— I n c o m e
I n te r e s t.—
This company has declared tho regular semi-annual interest of 3 A % on
its $10,000,000 outstanding 7 % cumulative 20-year adjustment bonds of
1912, payable Oct. 1.— V. 103, p. 239.
Freeport R ailway & L ight Co.— M e r g e r . —
geo Illinois Northern Utilities Co. under “Indus.” below.—V . 95, p. 480
Groton & S ton in gton St. Ry.— S a le . —
Soo Now London & East Lymo St. R y. below.—V . 95, p. 361.
Interborough Rapid T ransit Co., N. Y.— L a b o r
M a tters.
__ rpi10 company has announced a new wago scalo for tho em
ployees on tho subways and elevated lines in tho station and
transportation departments, effective Aug. 1. Taken as a
4 9 3
whole, tho increase, it is said, will reach about 10 cents per
day per man, but under the new scale the maximum rate of
pay is reached more quickly than under the old scale. See
Third Ave. R y . above.— V . 103, p. 320, 239.
K o o ten a y & A lb erta R y .— S a l e .—
Henry M . M cCallum , auctioneer, w ill offer this 14-mile railway, extend
ing from a point on the Canadian Pacific R y ., one mile west of Pincher
Station in the Province of Alberta, to the Beaver Collieries, which are the
property of North American Collieries, L td ., a distance of about 14 miles,
for sale in Calgary on Sept. 6, pursuant to final order of Court for Judicial
District of Calgary, with approval of Judge of the Supremo Court of Alberta.
Compare V . 92, p. 1564; \ . 97, p. 47.
Leavenw orth & Topek a R R .— S o ld .—
This 56-milo road, owned jointly by the Atchison Topeka & Santa Fe
Rv and tho Union Pacific R R .. was recently sold by them to Kansas C ity
interests for, it is stated, $250,000. The line is to be electrified.—V.70, p. /6.
M anila R ailw ay C o.— A g r e e m e n t .—
Tho debenture holders on July 18 unanimously approved the agreement
for the acquisition of the property by the Philippine Government.—V . 103,
145.
M artinez & C oncord In te r u rb a n R y .— B o n d s .-—
The California HR . Commission has approved the trust deed securing
an issue of $200,000 6 % 1st mtge. 25-year bonds recently authorized.
M in n esota T ran sfer R y . — B o n d s O f f e r e d .— The §2 ,1 0 5 ,
000 new 1st M . 5 % sinking fund gold bonds are now being
offered for sale at 102 and interest. A n adv. shows:
l i lted Aug. 1 1916, due Aug. 1 1946. Outstanding. $2,105,000; auth.*
$1 5 0 0 000 Int. F . & A. in St. Paul and New York. Denom. $1,000
p*vr * ’ Redeemable as a whole or in part by lot at 102A and int. on any
int date beginning Feb. 1 1922. Northwestern Trust C o ., St. Paul, trustee.
An absolute first mtge. on tho entire property now owned or hereafter ac
quired__one of the most important of freight transfer systems, comprising
railway tracks and transfer facilites, including warehouses, freight houses,
&c over which is handled practically all of tho interchange freight business
between all of the great railway systems entering the twin cities and which
are caual owners of the property ns stated below. The property is located
in the heart of the industrial sections of St. Paul and Minneapolis and its
properties and facilities, which would be almost, if not absolutely, impossi
ble to duplicate, are regarded as indipensable to the industrial life of the
twin cities, as well as to the railroads entering them. The real estate,
together with the improvements, has been appraised recently by experts
at $ 4 ,5 0 0 ,0 0 0 , or in excess of twice the amount of the bonds now issued.
Ownership of tho company is divided equally among the following nine
railroads comprising all of tho steam railroadsentering the twin cities, each
of which pays an equal portion of the sinking fund and interest on the bonds:
Chic. St. Paul M inn. & Omaha R y. Co., Chic. M ilw. & St. Paul R y. Co.,
Great Northern R y. Co., Northern Pacific R y. Co., M inn. St. P. & S. S.
Mario R y. Co. (“Soo” Line), Chicago Great Western R y ., Chic. R . I. &
Pac. R y. Co., Minn. & St. Louis R R . Co. and Chicago Burl. & Quincy R R .
Sinking fund, A of 1 % per annum of total amount of bonds outstanding
at any time, bonds purchased to be kept alive and the accrued interest upon
them added thereto. This should retire approximately 6 0 % of the bonds
before maturity.
„
„ ,
„, _
.
Tho bonds are offered by Northwestern Trust Co., Kalman, Matteson &
Wood, and Merchants Trust & Savings Bank, of St. Paul, M inn., and the
Minnesota Loan & Trust Co. and Minneapolis Trust C o., Minneapolis.—
V . 103, p. 321.
M ilw aukee E lectric R y. & L ig h t C o .— P u r c h a s e .—
The Wisconsin R R . Commission on Ju ly 11 authorized this company
(a) to buy tho plant and property of the Commonwealth Power Co. of
Milwaukee for $1.100.000. and (b) to issue $300,000 notes in part payment
for the property and $1,000,000 in notes to reimburse the treasury for cash
used in buying the property, and for improvements and extensions in its
own property. The notes are secured by bonds of the Milwaukee Electric
R y. & Light Co.—V . 102, p. 969.
M issouri Pacific R y .— O f f i c i a l S ta te m e n t. — Kuhn, Loeb &
C o., as tho Reorganization Managers, are forming a syndi
cate to underwrite the §46,000,000 cash requirements of the
plan of reorganization. Reorganization matters, they state,
are being cleared up and such satisfactory progress is .being
mado that it is expected the plan can be declared operative
some time in September. Should foreclosure matters go
along sm oothly, and there is no delay on the part of the vari
ous railroad commissions, which will necessarily have to pass
on tho plan, it is likely that the railway will be out of receiver
ship before Jan. 1 next.— V . 103, p. 406, 321.
N ashville (T en n .) T erm in al . — S to ck O w n e r s h i p .—
Judge Kinsey in the Circuit Court at St. Louis on July 12 awarded the
National Bank of Commerce of St. Louis a judgment for $700,000 against
If Clav Pierce as tho value in 1908 of tho entire ($1,000,000) capital stock
of’the Terminal Co. which was pledged by the Tennessee Construction Co.
•is security for a loan made to it by the bank in 1904. This loan having
been paid in 1908, the stock was released, but was repledged, the bank
claims to secure a new $500,000 loan to the Construction Co., though the
possession of the shares was acquired improperly, the bank alleges, by M r.
Pierce. According to M r. Pierce, who nas intimated he would appeal the
case, the stock came to him as collateral for loans made by himself to the
Construction Co.—V . 89. p. 1668.
_________
New H am pshire Electric R y s.— S u b . C o . B o n d s .—
See Rockingham County Light & Power Co. under “Industrials” below.
—V . 100, P- 309.
New L o n d on & E ast Lyme St. R y .— C o n s o l i d a ti o n .—
The stockholders of this company on Juno 29 voted to sell their right,
property and franchise to tho Shore Lino Electric Ity. Co. for an amount
equal to their bonded and floating debt. Tho Norwich & Westerly I fac
tion Co. and the Groton & Stonington St. R y. Co. passed, on the same day,
a sim ilar vote, except in the case of tho latter company the. sale was for a
specific amount, and on the same day tho Shore Line Electric R y. voted to
purchase these properties, which will result, when consummated, in the con
solidation of all of these properties under tho ownership of the Shore Line.
New securities w ill bo issued, but not at the present time. \ . 9< , p. 444.
New Mexico C en tral R R .— P e t i t i o n s .—
The Pittsburgh Trust Co., trustee, on July 22 filed a petition in the D is
trict Court at Santa Fe, N . M ., asking the appointment of a successor to
Ralph C . E ly , who has been receiver since Jan. 1915, on the allegation that
tho road is operated at an annual loss of $40,000. A supplemental petition
asks that the road be dismantled and sold, saying its physical condition is
"extremely bad.” The Court ordered a hearing Aug. 14. \ . 100, p. 140.
New O rlean s Texas & Mexico R y .— N e w S e c u r i ti e s R e a d y .
— The Columbia Trust C o., 60 Broadway, N . Y . , is now pre
pared to deliver permanent securities of all classes in exchange
for certificates of deposit, subscription receipts and interim
bonds issued under the reorganization plan of the New
Orleans Texas & Mexico R R . Co.
t _
Interim income bonds should be presented to the Guaranty Trust Co.
of New York for exchange.—V . 103, p- 61; \ . 102, p. 2342.
New Y o rk C en tral R R .— Proposed W e s t S id e I m p r o v e
m e n t s .— Tho “ Railway Review” of Chicago for July 29 con
tains a six-page article regarding the proposed West Side imvement in N . Y . City on which the company and the C ity
rd of Estimate tentatively agreed early in the year.
494
A d v a n ta g es o f
, . ,
THE CHRONICLE
P la n
,
,
B ased o n S ta te m e n t b y
L e a d in g C it iz e n s .
A d v is o r y
C o u n c il
of
The object sought by tho public, namely, the abolition o f the tracks at
grauo has been completely met by a treatment that reduces tho objection
able but necessary physical features to a minimum. For examplo, tho
tracks abovo 72d St. are hidden by park spacos overhead, tho elevated tracks
south of 34th St. aro on private right of way inside tho houso lino, and the
crossings o f east and west streots aro provided by attractive elevations,
the location of the southorn end o f tho lino is especially commendatory
becauso tho Marginal Way and West St. aro loft free, and amplo space
remains for warehouse facilities betweon Wost and Washington streots.
Tho new terminal located near Canal St. instead of St. John’s Park is a
point in favor of tho plan, inasmuch as it shortens the length of the structure
and railroad tracks in a crowded portion of tho borough, without any serious
disadvantage to tho majority o f the downtown shipping public.
ip so far as tho real estato transactions are concerned, it would appear
that the city lias struck a good bargain. In fact, tho city gains $8,000,000
«X°irnnhooo a»n
i Ifc Flvos t0 tho Now York Central land valued at
$6,100,000, but the railroad company is required to spend $14,000,000 for
improvements that tho plan requiros, outside of tho amount that would bo
actually necessary to construct tho railroad. Tho $6,100,000 which tho
city gives the radroad is the difference in value of tho land which is ceded
to„tho railroad company amounting to $11,000,000, and that which tho
^ L r° alL CO'Z paJ y J lVc: s t,h?oCl,tyoCPnountin* to about $5,000,000. The city
allows tho N. Y . Central 33 1-3% o f tho value o f tho land now occupied in
* by its railroad tracks, while tho railroad company allows tho city 50%
or the valuo o f the land given to it for surfaco easements, and 67 1-3% is
allowed tho city for ovorhead easements. In tho roal estato exchanges
f ®oc nnn vors
Dr
tho city has sot a high appraisal upon its property,
..
v. •'->
of $25,000 per lot; and this------- ---- ’— 1----- -------.
com
per
Rive....„„ * “ »"■ »ujumui8 iuo m m fisui ui way. in so tar as tne rrancmse
value is concerned, it must bo recognized that tho railroad, according to a
■decision o f tho Court o f Appeals, has a franchiso for a period of 500 years,
which may bo renewed again through the formation o f another corporation,
thus making the franchise rights perpetual.— V. 103, p. 407, 321.
New York R ailw ays.— Touching the strike threat (see
Third A v e. R y . above), President T . P . Shonts says:
A careful canvass of our employees convinces us that they desire to bo
left freo to continue to perform their daily duties with this company.
Largo bodies of men, many of whom aro not New York men, aro assembling
in various places and endeavoring to make a showing by packing moetings
alleged to bo meetings of New York Railways employees.
You should know, howover, that tho Amalgamated Association of Street
-Railway Employees is an organization with interests in various parts
o f the united States. Its offices are in other cities and its interests aro not
primarily tho interests o f the peoplo o f New York, or o f tho transportation
companies within its borders, or o f tho men they employ.
It would be impossible, therefore, for us to reorganize or to deal with
the particular organization now seeking to impose itself upon tho City of
New York without stultifying ourselves in the performance or our supremo
duty to the people o f this city.
No matter whether tho alien organization seeking to imposo itself upon
tnis city calls a strike or not, tho uniformed employees and management of
this company will maintain the street railroad servico of New York.— V. 102,
p. 886, 713.
N orthern Ohio T raction & L ight Co.— S a le . —
Negotiations aro pending for tho salo o f tho $9,000,000 common stock
or this company at par to a New York syndicate and it is thought probable
that the sale will be consumated in a few weeks.— V. 103, p. 407.
N orthern P acific Term inal Co., Oregon.— B o n d s
C a lle d .
Fifty-two ($52,000) 1st M . 6% gold bonds for payment at 110 and int.
on Aug. 4 at Farmers’ Loan & Trust Co., N. Y . City.— V. 101, p. 288.
N orw ich & W esterly T raction Co.— S a le .—
See Now London & East Lyme St. Ry. abovo.— V. 103, p. 146.
Ogdensburg (N. Y.) Street Ry.— C o n tr o l
P acific Gas & E lectric Co.— P u r c h a s e . — A California
journal says:
The company seeks authority from tho Calif. RR . Comm, to issuo
$1,755,000 o f its General and Refunding mortgago gold bonds at 85 to
treasury in the amount of $1,491,151 expended to acquiro
$1,830,000 bonds o f tho Oro Electric Corp. Under tho agreement of sale
. Gas
Electric Co. is to purchase at 9 2 ^ , plus accrued int.,
$670,000 face yaluo o f dredging company bonds tho proceeds to bo used
to redeem tho bonded debt of Oro Water Light & Power Co and Oroville
Light & Power Co. and to pay tho floating dobt o f Oro Elect]
lectric Corp. and
subsidiary companies.
(Compare V . 102, p. 1441, 158.)
Soo V. 103,p.321.
P h ilad elp h ia R apid T ransit Co.— N e w
C ity L o a n R e
q u ir e d to C o m p le te S u b w a y a n d E le v a ted S y s te m . — Director of
City Transit Twining is quoted as saying:
The cost of materials has advanced 2 5 % in two years. To complete the
work in tho time originally estimated would require about 10,000 men; not
half that number could be obtained under present conditions, oven though
a premium was offered for their labor.
With insufficient funds, as provided in tho loan, with which to do tho
work in virtually all branches of tho transit program, with the exception
of tho Frankford Elevated and Darby extension, it will be necessary for
another city loan to be floated in order that the system may be completed.
Compare V . 102, p. 2342; V . 103, p. 401.
P h ilad elp h ia & W estern Ry.— E a r n i n g s .—
June 30 Yrs.— 19 15-16 . 1914—1 5 .1 June 30 Yrs.— 19 15-16 . 19 14 -15.
Gross earnings...$491,488 $422,806 Hire of cquipm’t .
$849
$909
Netearnings......... 256,669 212,766 Int. on fund, dobt 131,500 137,130
T a x e s ................... 18,000
9,300|Ualanco, surplus- 106,319
65,426
—V . 102, p. 1163, 345.
P ittsb u rg h
&
Lake
Erie
RR .—
E x tr a
D iv i d e n d .—
The extra dividend of 2 0 % declared on tho stock, is pay
able Aug. 15 to holdors of record July 31. Tho issuance
of $0,000,000 new stock has been authorized and stockholders
of record July 30 will have the right to subscribe until Aug. 12
for the new stock at par $50 per sharo to the extent of 2 0 %
of their holdings. Payment for the new stock must be mado
before Aug. 12.— V . 103, p. 321.
St. Louis S outhw estern RR.— N e w
P r e s id e n t. —
Edwin Gould has boon elected President to succeed F . II. Britton, de
ceased. J. M . Ilerbort has been elected VIco-Pres.—V. 103. p. 407.
Shore Line E lectric R y.— M e r g e r .—
Seo Now London & East Lymo Sc. R y. abovo.—V . 103, p. 146.
Syracuse & S ou th Bay Electric RR.— M o d i f i e d
P l a n .—
Tho plan of reorganization, dated Dec. 15 1914 (seo torms V. 100, p.
20 11), has been materially changed. Tho modifications will bo binding
on all depositors of bonds of this company and tho Syracuse Watertown &
St. Lawrence River R R ., who do not withdraw, paying $5 per bond, on
or before Sept. 1 1 .—V . 102, p. 1347.
Third Avenue R ailw ay, New York.— S tr ik e . — Tho
strike of motormon and conductors which began on tho
Yonkers R R . on July 22 was oxtondod July 30 to includo
the Union Railway and the Third Avenue Railway, both
these systems being badly crippled, tho last-named, it is
said, being able to run less than 2 0 % of its cars. The strike
leaders have freely threatened to involve in tho strike all the
passenger railways of Greater New York, surfaco, subway
and elevated. The employees of the Now York Railways and
New York & Qiieons County R y . will vote to-night on the
question of striking. Employees of the Interborough Rapid
Transit Co. will meet next weok to formulate thoir demands.
See Interborough Rapid Transit C o. and N ew York Railways
above.— V . 102, p. 887.
Toledo (O.) T raction, L ight & Power Co . —
C o n t r o l .—
«alel , Sxervlco C o - has,
to oxchango its stock for tho outstanding
an»d $7,918,500 prof, stocks of this company in tho
ratio of 35 % Cities prof, and 7 % common for each sharo of Toledo common
and tho prof, is to bo exchanged sharo for sharo. Tho timo for cxchango
expires Sept. 1.—V . 102, p. 2343.
U nderground Electric Rys. of L on d on . —
J u n e In te rest.
Th is company gives notice that tho semi-annual intorest (Coupon No. 17)
V. 102, p. 1541.
U nion P acific RR.— T r a c k a g e
S u it .—
See Chicago Rock Island & Pacific R y . abovo.—V . 102, p. 2255.
U nited R ailw ays of St. Louis.— P a y m e n t to C i t y .—
For record It should bo stated that on or about Juno 17 tho company paid
In full tho $1,839,434 judgment obtained by tho city in tho m ill-tax suits
against tho company. Tho caso, involving paymont of a tax of ono m ill
P °r Passenger, had boon in tho court for some twolvo yoars past.— V. 102,
1)* 968, 1437, 2167, 2266*
U nited R ailroads of San Francisco.— R e a d ju s tm e n t
C o m m itte e . — “ San Francisco News Bureau” July 28 said:
Frank B . Anderson of tho Bank of California has boon elected Charm anof tho committee of local bankers. W illiam I I . Crocker, Ilerbort Flelshhacker, I. W. Heilman Jr., J. D . McKoo and Anderson liavo boon ap
proached by a great number of tho security holdors of tho United Railroads
to investigate tho situation and undortako a reorganization. Theso bank
ers havo consented to servo in tho capacity of a protoctivo or reorganiza
tion comniitteo, and they will shortly sond out a circular lottor explaining
tho necessity for a reorganization and requesting the holders of tho U. R . R .
4s to deposit thoir bonds with tho Union Trust Co. of San Francisco, or Its
agents in Now York.
There are approximately $24,000,000 of those bonds now in tho hands of
tho public. It will bo necessary for tho holders of those securities to re
spond promptly to tho circular request of tho committeo, for tho reason that
on Oct. 15 1916 $1,800,000 of Markot Street Cablo Ry. 6s will mature, and
on Dec. 20 1916 $400,000 or Ferries & C liff IIouso R y. 6s also will fall duo.
Theso underlying bonds havo been oxtendod from timo to timo and cannot
bo extended further on account of tho statute of limitations, since tho holders
would lose thoir rights to foreclose on Jan. 1 1917.
After making a careful study of the affairs or tho company, tho purpose
of tho committeo is to proposo a reorganization that will do justtco to tho
present holders of tho company’s bonds and othor securities, and at tho samo
time place tho company in a sound financial position.
At tho presont rate of oarnings, even without any increase, tho Interest
on the revised bonded dobt of tho road would bo earned about 2 H times.
[Tho San Francisco committoo, it is said, was agreed to after soveral weeks
of negotiation, in tho course of which four plans woro presented by Mason
B . Starring, President of the United Hallways Investment Co., Now York,
which controls tho United R R s. of San Francisoc; Moritz Rosenthal and
Benjamin S. Guinness of Ladenburg, Thalmann & Co., Now Yo rk.l—
Compare V . 103, p. 407.
V irginia
S o ld .—
Interests associated with the Aluminum Co. o f America recently pur
chased, we learn, tho entire stock and bonds o f this company, tho Ogdens
burg Power & Light Co. and tho Ogdensburg Gas Co.
[Vol. 103.
R ailw ay
& Power
Co.— B o n d s . —
Tho I’hila. Stock Exchango gives notice that tho company has pur
chased $173,000 1st M . & Ref. 5 % bonds of 1934, for tho sinking fund
up to M ay 11 1915, loaving $12,112,000 listod at dato.— V. 10 1, p. 1715.
V irginian Ry.— C o a l T r a f f i c . — “ Coal Trade Journal”
Aug. 2 reports:
Shipments of coal ovor tho railway during Juno increased 118,688 tons,
or 3 9 .4 % , compared with Juno 1915, while for tho six months of 1916 tonnago carried increased 873,637 tons, or 4 6 % . Tho daily avorago shipments
during Juno amounted to 14,020 tons, against 10,064 tons for Juno 1915;
14 ,171 tons in M ay 1916, 12,253 tons in A pril, 17.166 tons in March,
17.745 tons in February and 15,198 tons in January.
Dumpings at Bewails Rolnt in Juno increased 74,696 tons, or 3 2 % , com
pared with Juno 1915. Tho six months dumpings increased 4 4 .8 % .
C oal O rigin atin g on the
---------- Ju n e --------- - 6 M o s . en d . Jun e 30
Virginian Kg.—
1915.
1916.
1915.
1916.
Commercial coal................... ................284,503 403,640 1,773,519 2,617,998
Company coal............... ........................ 17,429 16,980 115,165 154,323
Total...................................................301,932 420,020 1,898,684 2,772,321
Shipments for Six Months' Period ending June 30.
1912.
1913.
1914.
1915.
1916.
1,192,969
1,614,981
2,027,770
1,898.684
2,772,321
C oal T on nage D u m p e d over Seicalls P oint P ie r f o r 6 M o s . P eriod en d . Jun e 30
1912.
1914.
1915.
1916.
1.112,630
1,565,709
1,401,931
1,428,299
2,069,128
— V . 103, p. 408.
W abash-Pittsburgh Terminal R y.— S a le .—
Plllo nil
XXX,\IXXX1
XL, X
XM/XnAHtll i.xtll
.1 l*foreclosure
..1.
■ at Pittsburgh
This
company’s
property
will Iw,
bo sold ■under
salo
Aug. 15. Upsot price, $3,000,000.— V. 102, p. 1898.
W est P en n T raction Co . —
N o t e s C a l l e d .—
Th is company has called for paymont on Sopt. 1 at par and 1 rest, tho
entiro issuo of $6,000,000 6 % collateral trust gold notos of March 2 1914,
payablo at tho offico of Continental A Commercial Trust A .Savings Bank,
Chicago, 111., Kountzo Bros., Now York, or at London C ity A Midland
Bank, Ltd., London, Eng. Tho cash was provided for by salo of bonds
of Wost Bonn Power Co. last March (V. 102, p. 887).—-V. 103, p. 62.
W estern Maryland RR . — I m p r o v e d R e s u lt s .— 'Tho “ Rail
way Age Gazette” of New York in its issuo of Aug. 4 has a
6 M-pago article headed “ Studios in Operation— Tho Western
Maryland— from a deficit of nearly $3,000,000 to a surplus
equal to 5 % on the preferred stock.” — V . 102, p. 61 0, 523.
Y oun gstow n & Ohio River (Electric) RR.— E a r n i n g s .—
C . E . Donison & Co. of Cleveland aDd BostoD roport: '
Year ending
Gross
Exp., Taxes
Net
Bond
Palance
June 30— Earnings.
& Rentals.
Earnings.
Interest Surnlus
$196,938
$112,945
$51 345 $0f,6O(j
19 15 -16 ______$309,883
1 9 1 4 - 1 5 - - - - - - 290,164
185,674
104:490
50 000 *64 490
•V. 102, p. 523.
_______ ______
INDUSTRIAL AND MISCELLANEOUS.
American Brake Shoe & F oundry Co . — W a r O r d e r .—
An unconfirmed report states that tho company has received a contract
from tho British Government for 9.2-in. shells valued at about $25,000,000.
—V . 102, p. 1898.
.
The American C otton Oil Co.— O f f i c e r .—
W illiam O. Thompson has boon elocted Secretary of this company to
succeod Justus E . Ralph, resigned.—V . 10 1, p. 1348.
American Hide & Leather Co.— S u i t .—
Notwithstanding tne declaration of a dlvidond of 5 % on tho preferred
stock, payablo Sopt. 1, tho proferrod stock committeo is proceeding with its
suit to compel tho distribution of additional profits, having on Ju ly 31
filed an amended bill or complaint In tho Now Jorsey Court of Chaneory
asking an accounting. Soo v . 103, p. 62, 408.
495
THE CHRONICLE
A ug . 5 1916.]
American L ight & T raction Co., New York.— E a r n s .—
Yr end Earns.from Other
, f ' C o s
Income
Net
Profits.
Pref. Div. Common
(6 % ).
Dividend.
Balance,
Surplus.
i r n f f i - m' 075 909 $576 405 $5,464,970 $854,172 $1,715,250 $2,895,548
1914-15 ^3 980,302 *754,963 4i.577!664 854,172 1,553,332 2,170,160
There wore also deducted stock dividends on tho commonstock amountinrr tn ^ i 71^ 2^0 in tho yoar ending Juno 30 1916, against $1,553,332 in
1 ^ 1 4 - 1 5 . ilw fn g a balance of $1,180,298 In 19 15-16, against $616,828 in
1914-15.’—V . 102, p. 1719, 606.
American Locomotive Co.
N ew
S h ell C o n tr a c t.
Tn addition to the largo contract for 8-in. shells referred to a week ago
amounting to something less than $16.0001.000. the' Company has received
another for 6-in. shells valued, it is said, at $3,000,000. V. 103, p. 408.
American M alting Co., New York. - E a r n i n g s ,
E t c .-
1JLU.
9 Months to May 31 1916.
Net inc. (malt deliveries) $4,531,908 Gross incom o__________ $418,810
Bond
Interest___________
87,421
Cost of product (all oxp.)- 4,189,062
Bonus paid bonds oxtend.
23,436
210,824
Gross incomo....... .............. $342,846, Preferred dividends----------Gross Incom o"I I I - - I - - "
418,8101Balance, surplus
----$97,129
The total accumulated surplus M ay 31 1916, after deducting $o00 extran n lin irv expense 1914-15, was $2,061,618.
Holders^F a majority of tho $1,553,000 1st Ref. 6 % bonds which tho
oomnanv Droposes to retire through oxchango for a liko amount o f 10-year
5 %^gokl bonds, have approved tho plan.— V . 103, p. 322, 62.
American P ub lic U tilities Corp., M ich.— C o n t r o l .—
This company has purchased all tho stock of tho Danvillo (Ind.) Right
Heat & Power Co. The “Indianapolis Nows” July 22, said: "Tho Danvillo
company lias $100,000 authorized capital stock, of which S80.000 is out
standing and tho outstanding bonds amount to $80,000 out of $150,000
authorized. It is said that tho property has a total valuation of about
$190,000." [Supplies Danvillo, Plainfield, IMttsboro, Brownsburg, &c.,
with electricity purchased from Merchants Heat & Light Co. of Indian
apolis, now an allied property.]—V . 102, p. 1164.
American S h ip bu ild in g Co.— P r e f . D i v i d e n d s .— ■
A dividend of 3 H % lias been declared on the $7,900,000 pref. stocK,
payable Aug. 15 to holders of record July 3 1.
Cleveland Leader uly 2 /
said: As two dividends of 1 H % each have already bm p»W lTrom the ea
ings of tho fiscal year ending Juno 30, the current declaration wni m aK ^
full 7 % for tliat year. T iie preferred is non-cumulativo ana is um.icu t
7 % distributions from each year's earnings.— v . lux, P- 1
•
American S teel F oundries.— tfarntnds.—
Total Int.,S.F.,
Balance,
Other
3 Months ending
Net
Income. Depr.,&c. Sur. or Def.
June 30—
Earnings. Income. $621,925 $94,720 sur.$527,205
19 16 ............
S590.5I9 S31,406
1501608 251,278 def. 100,670
10,878
19 15
________ 133,739
Six Months— ^
nrtr $55 2 4 1 $1,429,467 $406,652sur. $1,022,815
30,155
74,122 431,126 def. 357,003
19
.......... - $1>3%43,967
’ or7
19 16
15 ........................
is: "Tho profits in the half-year do not include
An official statement adds:
anvfrom tho forgo’ plant!" On account of delays, including a strilco at the
nlant where tho forgings are being machined, tho forgo shop
dTi^niFt^shotiF any0prof itsu n th July. The time for the completion of the
been extended bccauso of tlieso difficulties until Nov. 30.
We'h ivo takon another contract of about the same sizo as tho first one to
Vm°conudetod ApriI 1917, and wo have sufficient tonnage on our books to
insure tho operating of all plants to capacity well into noxt year.
1 iThn1 last-mentioned order is, no doubt, tho munition order mentioned
In tho pre4 reports last week as including between 400,000 and 500,000
nhrht inch shells for the Britisli Government, representing, it Is said,
possibly $15,000,000 or $20,000,000.]—V . 102, p. 1719.
fore entitled to a statement of tho present financial condition of tho com
pany. and its earnings for tho first six months of this year.
In addition to maintaining all its important plants at their maximum
efficiency and charging off all items for maintenance to expense account,
the comparative earnings are as follows:
Earnings for First Six Months of 1916, 1915 and 1914.
1916.
1915.
1914.
After deducting 6 mos. div. on pf. stk. $2,738,454
$952,479
$545,078
These net earnings for tho first half of 1916 represent 24 M % on the
common stock. Out of tho above earnings there has already been paid to
tho stockholders, in addition to the regular 3
cash dividend, a common
St<Thcprofits from the company’s one-third interest in the Benzol Products
Co docs not show in the above statement, as tho division of profits in that
company is not usually made until tho end of the year.
The extra dividend was paid in common stock instead of cash, as it Is the
policy of tho directors to conserve cash resources.—V . 103, p. 241, 63.
(E. W.) Bliss & Co., Brooklyn, N. Y.— B o n d s
C a lle d . —
This company has called for payment on and after Oct. 1 at par with a
1 0 % premium its 6 % coupon gold bonds of 1902, amounting on Dec. 31
into tn $748 800 Payment to be made at the Franklin Trust C o., Brook
ly n , N Y
Compare V . 102, p. 1164. 1062— V . 103, p. 146. 63.
B ooth-K elly Lumber Co., E ugene, Ore.— N o t e s
O ffe r e d .
__ Th0 Lumbermen’s Trust C o ., Portland, Ore., is offering
an issuo of 8650,000 3-year 5 % notes, said to be the lowest
interest rate at which any considerable timber financing has
over been done in the Pacific Northwest. Tho bankers report:
Denom $1,000 and $500. Dated July 1 1916, due July 1 1919: optional
at in i on any interest date at 60 days notice. Principal and interest
7J J t 1 n.avabie at Lumbermen’s Trust C o ., trustee, Portland: also M ichi
gan Trust Co., trustee. Grand Rapids, M ich., and Chase N at. Bank, N . Y ,
'rim borrowing company has assumed the normal Federal income tax.
security tho entire physical properties of tho company, notably (a) 107.817
acres of standing green sawed timber, principally in Lane County, Ore.:
(b) 27 683 acres of cut over lands: (c) two saw mills, one at Springfield and
0 110 at Wendllng, Ore., combined output in 10 hours is 270,000 ft.
Invest
ment in saw mills, depreciated, $592,000: in railroad and equipment and
logging equipment, depreciated, $455,000. Current assets July 1, $513,000.
Timber supply sufficient for moro than 75 years at present rate of cutting.
Tho only other liabilities, exclusive of current accounts (paid monthly),
aro tho last $75,000 of a bond Issue, which will be payable July 1 1917.
This note issuo is to refund the indebtedness contracted for construction, and
betterments and leave tho banking credit open.
Tho trust agreement provides that in case tho company creates a floating
debt of $300,000 bills payable, then the trustees shall have the right to
declare the notes immediately due and payable, and tho stipulation that
this agreement shall constitute a mortgage will become effective. I urthermoro, tho company cannot issue, guarantee or endorse any bonds, deben
tures, long-time notes or similar securities or mortgage any of its property
whilo these notes are outstanding.
Tho Booth-Kelly Lumber Co. is one of the best established and widely
known lumber-manufacturing and timber-holding corporations on the
Pacific Coast. Ownership is in tho hands of very strong Michigan, M in
nesota and Western interests.
Bowker F ertilizer Co.— F i n a l D i s t r i b u t i o n .—
Th is company, whoso business was taken over by tho American Agri
cultural Chemical Co. in 1902, has declared a final distribution of $8 40,
making tho total distributed $103 40.—V . 80, p. 1731.
(Edward G.) Budd Mfg. Co., P h ila d elp h ia .— B o n d s . —
Towpsend Whelen & C o ., Pliila., aro offering at par and int.
8600.000 1st M . 6 % serial gold bonds, dated Aug. 1 1916 and
duo 840,000 annually each Aug. 1 from 1917 to 1931 incl.
American Zinc Lead & Sm elting Co.— N e w D i r e c t o r s . — Authorized, 81,000,000; outstanding, 8600,000. Denom .
Galon L . Stone, Charles Hayden and D . C . Jackling have been elected 81.000 c*. Int. F . & A . Callable for cancellation at 101
directors, to succeed P. W . Batcholdcr, P. E . Coylo and W . A . Ogg.—■ and int. as a whole or in part in reverso order of maturity.
V . 103, p. 241.
Company to pay normal Federal incomo tax.
lax-free in
Ames H olden McCready, L td., (Shoe M anufacturers), Pennsylvania. Trustee, Philadelphia Trust C o. ^
M ontreal.— D e b e n t u r e s . — Tho company has sold at par D i g e s t o f L e t t e r f r o m P r e s . E d w a r d Q . B u d d , P h i l a d e l p h i a , J u l y 2 8 .
Business.— Incorporated in Pennsylvania and manufactures all-steel
$500,000 of tho now 81,000,000 2d M . 5-year 6 % gold
automobiio bodies, interior steel finishings, steel window frames and steel
debentures authorized by tho shareholders on July AS. it is doors for railroad passenger coaches, specializing in steel stampings of every
sort. Has long-time contracts with several of the largest manufacturers
not tho intontion to sell moro at prosont.
of automobiles to supply steel bodies, steel fenders and steel stampings.
T h o se d eb en tu res a ro d a ted A u g . 1 1916 a n d d u o A u g . 1 1921, b u t aro
Capitalization.— (a) These $600,000 bonds (of issue limited to $1,000,000)
s u b je c t t o c a il , a ll o r a n y p a r t , a t p a r o n a n y in t e r e s t d a t o .
In terest p a y
(6) $2i.5,300 prof, stock paying 8 % dividend; (c) $494,700 common stock
a b le F . & A . a t E a s te r n T r u s t C o ., M o n t r e a l, t r u s te e .
D e n o m . $ 1 ,0 0 0 .
all
fully paid and receiving dividends.
_
.
, - n 1_
T h e o n ly p r io r lie n s a r o $ 9 1 6 ,0 0 0 o u t s t a n d in g 1 s t M . 3 0 - y c a r 6 s o f 1 9 1 1 .
Tho unissued $400,000 bonds may only bo issued on or after Aug. 1 1917
D ig e s t o f L e t t e r fr o m P r e s . I). L o m e M c G ib b o n , d a t e d J u ly 14 191G .
for 7 5 % of capital requirements when annual not profits aro 3 times the
A n t i c i p a t i n g a s h o i t a g o in t h o s u p p l y o f le a t h e r a n d o t h e r r a w m a t e r ia l s
amount necessary to pay maturing principal and annual interest on bonds
n e c e s s a r y t o o u r b u s in e s s , th o c o m p a n y p u r c h a s e d a v e r y h e a v y s t o c k fo r
outstanding and bonds proposed to bo issued, but only on certificate^of an
t h o fo ll o w in g r e a s o n s : (a ) t o c o v e r a ll r e q u ir e m e n t s fo r t h e c o m p le t io n o f
engineer approved by tho trustee that such additional bonds may bo issued
a r m v o r d o r s ; a n d fo r o r d e r s n o w b e in g b o o k e d fo r d o m e s t ic tr a d e ; (b ) p r ic e s
with benefit to tho business and without injuriously impairing tho hen of
a r e s t ill a d v a n c in g a n d it h a s b e e n n e c e s s a r y t o t a k o d e liv e r y s o o n e r th a n
the bonds already outstanding.
,
,,
,
.
Property —This mortgage covers about 7 acres of land recently purchased
anTho^domestic business is showing heavy increases both for immediate for 875 000 on which a modern concrete building of fireproof construction
and future delivery, and as pricos are much higher than for somo years immediately adjoining our present quarters, is about to be erected at a cost
past, it can readily bo understood that moro working ^ p lt a ! is urgently of about $445,000. We have a lease of over 5 years on our present modern
required. For these reasons it is proposed to dispose of SoOO.OOO of tlioso
building and w ill connect it with the now building by a tunnel
10 ft wide Tho company also has net assets of $1,274,873 as of July 1
debentures at par immediately.—V . 101, P- 49.
1<)10 ’ making a total of $1 ,<94,873. as against $600,000 bonds outstanding.
Arkansas N atural Gas Co.— D e p o s i t s .—
.
The co is required to keep net quick assets in ratio of 2 to 1 of liabilities
One hundred per cent of tho General Mtgo. bondholders deposited their
Earnings.— For tho past 3 'A years have averaged $249,487 each year.
bonds with the Colonial Trust Co. and exocutod tho agreement, all thereby Present earnings greatly exceed these averago earnings. There has been
assenting to tho plan outlined last week. As soon as the now bonds aro writton off for depreciation, &c., $191,043. Company agrees to charge off
signed and certified by tho trustee, tho Colonial rrust Co., thoy will bo each year for depreciation 1 5 % of tho value of machinery and equipment,
delivered to tho rospectivo owners upon delivery of tho deposit receipts. and 8 % for tho building. Based on business for tho first six months of 1916,
Soo plan, V . 103, p. 408. 238.
I estimate gross business for the year 1916 as $5,000,000, and this can bo
largely increased by the additional facilities.
A ssociated Oil Co. of C alifornia.—6
M o s . E a r n i n g s . —■ E x t r a c t s f r o m S t a t e m e n t b y D a y & Z i m m e r m a n n , E n g i n e e r s , J u l y 2 4 .
Six hlonths to June 30 1916.
Not earnings
................. $3,301,1501 Doprec'n, &c., roservo..-$1,180,366
Interest on bonds...............
311.6951 Dividends paid----------- (2 % ) 795.147
T axes
&c
.................
1 1 8 , 6 4 0 1 B a l a n c e , s u r p l u s ...............
$ 8 9 8 ,3 0 1
—V . 102," p. 1538, 1437.
A tlan tic T u rp en tine & R efin ing Co.— D i s t r i b u t i o n . —
T h o P r o v i d e n t L i f e & T r u s t C o . . P h t l a . . is m a k i n g a f i n a l d i s t r i b u t i o n o n
th e 1st M tg o . 6 %
bon d s.
T h is p r o p e r t y w a s s o ld u n d e r fo r e c lo s u r e p r o
c e e d in g s
abou t
tw o
years
ago.
Baldw in Locomotive Works.— W a r
O r d e r .—
Tho "Philadelphia Ledger” on Aug. 2 said: "Officials of tiie Baldwin
Locomotive Works yesterday confirmed tho roport that this company had
closed another munitions order for tho Allies amounting to approximately
400 000 shells, at an aggregate cost of about $15,000,000. Tlieso figures,
it was said, aro approximately correct. Tho shells will run 6 and 9-in. in
sizo Tho company’s last year’s contracts received partial confirmation
„„ rimning about 8150,000,000, while since that time locomotive and shell
orders have brought tho total up to tho $200,000,000 mark. This is tho
first order placed hero since spring that has received official confirmation.”
—V . 102, p. 802.
Barney & Sm ith Car Co.— O r d e r s .—
Pros. H . M. Estabrook, when asked concerning war orders, is quoted as
saying: "Wo have been working 24 hours a day on war orders for 16 months,
anti aro now working on a number of unfilled contracts. This is as much as
I caro to say on tho matter.”—V . 103, p. 146.
B arrett Company, New York.— S e m i - A n n u a l
Show s 2 4 )4 %
E a rn ed o n
C om .
S ta te m e n t
S to c k .— Pros. W m . Ilamlin
Childs in statomont dated at N .Y . July 31 1910, says in subst.:
Tho extraordinary situation in tho development of tho business of tho
Barrett Company (IN. J.) which led us to mako tho statement for tho first
six months or 1915, has continued, and wo think tho stockholders aro there
The company estimates its gross receipts for tho year 1916 w ill be $5,745,
000 which wo believe is possiblo of attainment, as results for six months
ondixl Juno 30 were approximately one-half of this ostimato. Wo have
checked over tho book values of material in process of manufacture, stores,
machinery and equipment and would give our estimate of replacement value
as" 81 1 4 5 ,5 8 7 , exclusive of tho real estate and now building which, we aro
informed, is to cost approximately $520,000. We havo included nothing
for dies which tho company believes to bo worth $200,000 to a going con
cern and yet carries at $11,409. Wo beliovo that tho prospects for the com
pany aro excellent, both as regards the manufacture of automobile parts
and miscellaneous pressed steel specialties.
Calumet & H ecla M ining Co.— N o t e s .—
Holders of this company’s 4 % notes duo Feb. 1919 are offered tho right
to havo thorn redeemed at par with interest to Aug. 18. if presented to the
Old Colony Trust Co., Boston, on or before that date. On Jan. 1 1916
there were $4,134,000 of these notes, due Feb. 18 1919, (including $1,3<0,000
already purchased and in the sinking fund) against only about $400,000
at present.—V . 10 1, p. 2073.
C anadian Car & Foundry Co.— E a r n i n g s . —
Net
Depreci-
Int.
Pref.Dies. Com.DUs.
Balance,
Ending—
Profits,
atlon.
Charges. (5K % ) . (4%). Sur. or Def.
o mos to June 30’16 .$1,178,353 $298,894 $480,717
sur.S398.742
12 mos to Sept.30 ’15. 321,839 325,000 555,311 ................ .........def. 558,472
12 mos.to Sept.30 ’14- 673,035 278,076 460,767 5367,500 $159,000 def. 592,308
Prosidont Hon. N . Curry is quoted in substance:
. .
of this total
>3,000 by tho
munition order
Thifpress reports state that close to one-tliird of tho Russian shell order
has been completed and shipped—that is about 1.500,000 to 1,600,000
shells valued about S25,000,000, out of a total order of 5,000,000 shells
worth’ about $85,000,000. The balance of the order should bo completed
by Doc. 31 1916.—V . 102, p. 2074. 524.
496
THE CHRONICLE
C en tra l Illin o is P u blic Service Co — P r e f . S to c k .—
Russell, Brewster & C o ., Chicago and N . Y . , are offering at
a price to net 7 % the company’s 6 % cumulative preferred
stock, par value $100 per share. Preferred as to assets and
dividends. Full voting power. Redeemable at $110 por
share and div. A circular shows:
Common stock aM owned or controlled by Middle West Utilities Co.
Organized in Illinois in 1902 and at this date is rendering service to 116
towns with an estimated served population o f 275,000 people. All o f the
l
a,ro servied w/th electricity, 6 with gas, 1 1 with water, 13 with ice,
b with heating and 6 with street railway service, and the company continues
to operate the electric Interubran line between Mattoon and Charleston, III.
In addition owns franchises in a number o f towns to which service will bo
shortly rendered, bringing the total number o f communities served up to 134.
‘
E a rn in gs (Calendar Y e a rs) D e sp ite General B u siness D ep ression .
.Gross earnings .......................... ......... $1.699,607 $1,851 *142 $1,898^85
8666,032
$707,788
Net earnings, after oper. exp. & taxes. 8574,551
bavo bccn made as o f July 1 to convert an
? 8 $T.!?ate^o f *1-500,000 o f debentures and notes held by the Middle West
Utilities Co. for cash advances into common stock, par for par. Further
cash advances o f the Middle West Utilities Co. then remaining outstanding
and represented by notes will by contract lie made junior to tho pref. stock.
Furthermore, the Middle West Utilities C o., as o f Dec. 1 next, contracts to
deliver to the Central Illinois Public Service Co. $500,000 o f debentures
t 5 dooAko°oohe^eforK
a further *500,000 of common stock, making a total of
$2 ,000,000 o f cash represented by securities junior to pref. stock isued
within this calendar year. After all theso transactions havo been comple
ted, the capitalization and earnings o f the company, using tho 1916 esti
mates, will bo as follows:
C a pital Stock (follow ing aforesaid fin a n cin g)
A u th orized .
Outstanding.
Preferred stock 6 % cumulative................................. $7,500,000 $3,225,000
6,000,000
Common stock..................................................... ........ 7.500,000
E stim ated E a rn in gs (U sin g 1916 E stim ates and Y ea rly Charges Follow ing A l l
„
,
_
A fo resa id F in a n cin g ).
Gross income, $2,159,752; net, after taxes,
..
$910 752
Bond and collateral note interest (V. 95, p. 618, 1744) .
463 000
Other interest to outside holders: (a) debentures, $6,600; (b) genoral interest, $32,310__________________ .
38 910
Annual dividend on $3,225,000 cumulative 6 % stock ..
.
. 193’500
General interest to Middle West Utilities Co., $10,000; disc., $6',000 16 000
stock, to $ 1 ,00 0 ,0 0 0 , consisting o f 3 ,0 0 0 shares o f pref. and
,000 shares of common stock.
Econom ic Gas Co., Los A ngeles.— B o n d s
A u t h o r i z e d .—
CP<52S1iS?i0I1 bas authorized tho company to issue at not
less than 83 1-3%, $262,000 5% bonds, the proceeds to be used for corporate
purposes, v . 99, p. 1370.
Edm unds & Jones Corp
— L is te d —
The Chicago Stock Exchange has listed $1,000,000 pref. and 40,000 com
mon shares of this corporation.— V. 102, p. 2257.
Electric Properties Corporation.— B o n d s
C a lle d .—
This company has called for redemption on Sept. 1 at par and interest
the entire issue o f 5-year 6 % gold bonds, duo Sept. 1 1918. Payable at
the company s office, 37 Wall St.— V. 102, p. 889.
Empire Coke Co., Geneva, N. Y .— S to ck
D iv is io n o f C o m p a n y 's In co m e am ongst the V arious U tilities— Consum ers ( N o .)
E lec.
G as.
W ater. H eating. Ic e .
M i s c . R a il'y.
Total.
Income...........'-§2.6% 5.6% 5.8% 3.8% 11.0% 6.1% 5.1% 100%
Customers------35,089 5,840 4,519
891 . . . . . .
46 339
During 1915 the number o f electric customers on the company’s lines
increased 10% and the connected load increased 18% over 1914. The
customers during the five months ending May 31 increased 5.1% and tho
connected load increased almost 6 % . Now has in operation over 800
miles and has nearing completion 20 moro miles o f high-tension transmission
lines, ail built in the last four years. Operates 19 central stations, holds 7
stations in reserve, and in addition has contracts for the purchase of power
from 7 other central stations, including the great hydro-electric station at
neokuk, Iowa. Of the 19 central stations now being operated, 6 will be
come reserve stations upon the completion o f tho transmission lines being
Duiit this summer. From its own stations, and by its contracts covering
‘ l^ijwrohas© o f power, the company has a total capacity available of nearly
.30^000 k. w., and has a total connected load o f 46,430 k. w.
*Xho properties owned and controlled serve their respective communities
without competition and are located in a rich agricultural section (the corn
belt o f Illinois) and contiguous to the Central Illinois coal fields, assuring
cheap fuel and largo opportunity for the sale o f electric power to tho numer
ous mines; also has a number o f power contracts with drainage districts.
[Vol. 103.
$+850,000 r e r s o r o o o 3- 1^
I n c r e a s e .—
10C2e: pfl?72e0inCreaSing ltS Cap,talSt0Ck fr0m
Ford Motor Co., D etroit.— P r i c e s
R e d u c e d .—
The company on Aug. 1 reduced its schedule of prices, the reduction for
tho touring car being from $440 to $360.— V. 102, p. 1629.
G aston, W illiams & W igmore.— O f f i c e r .—
Amos J. Mace has been elected a Vice-Prest. of this co.— V 103,p.l47, 64.
General Chemical Co., New York .—
3
M o s .E n d . N e t
In su r.
D e p r . . p r o f . P f .D ip s .
J u n e 30— P r o f it s . R e s e r v e . A c c t s ' . , A c .
(1 M %)
1916--.$2,970,101 $30,000 $500,000
1 9 1 5 ... 1 345,549
30,000
150,000
6 Al o s . ending June 30—
1916---$5,864,030 $60,000 $1,000,000
1915
2,353,468 110,000
350,000
— V. 102, p. 1629. 1543.
M o n th ly E a rn in g s .
C o m .D iv s .
B a la n c e ,
$228,125
228,125
(1H % )
$196,659
171.006
$2,015,317
766,418
$456,249
456,249
$393,318
342,012
$3,954,463
1,095,207
General Motors Co., D etroit.— E s ti m a t e d
M o n t h s to J u n e 3 0 .— N e w D i r e c t o r .— •
S u rplus.
E a rn in g s
11
Cars and trucks so ld ...........................
1 121,'ll3
19<38,'604
^52*509
Gross sales (approximately)...........-$144,000,000 $85,801,189 $58,198,811
Undlv. profits applic. to com. stock--$24,500,000 $11,686,281 $12,813,719
R. H. Collins on July 28 was elected a director to succeed Thomas Neal
who resigned.— V. 102, p. 2170.
’
H artm an C orporation, C hicago (mail-order h ouse,
sp ecializin g in fu rn itu re, carpets and oth er h ou seh old
goods on cred it).— O f f i c i a l S ta te m e n t f o r H a l f - Y e a r . —
The net income for tho six months ending Juno 30, after deducting losses
on accounts written off and depreciation, amounted to $1,075,060, as com
pared with $585,589 for the same period of 1915. In view of tho unusual
results attained so far this year, wo have sot asido out of profits tho sum o f
$165,519 to our reserve for doubtful accounts, which now stands at $680 754.
“ Tho financial position of tho company is exceptionally favorable con
sidering tho large volume o f increased business, our liabilities for accounts
payable and loans being substantially tho samo as on January 1 ”
Comparative income account follows;
F or H a lf Y ea r ended J u n e 30 —
1916.
1915.
In crea se.
Net income (after deducting for 1916
$191,895 actual loss on accts. chgd. off)$ l,0 7 5 ,0 6 0 *
Transferred to reserve for doubtful a ccts.
165,519
$585i589
......
$489,471
165,519
Net profit carried to su rp lu s.............. $909,540x $585,589
$323,952
* At an annual rate of 17.92% on $12,000,000 stock outstanding.
x At an annual rato of 15.16% on $12,000,000 stock outstanding.
Balance, estimated surplus on aforesaid basis..
.
8199 342
wi*,, sh?.w the div. upon tho pref. stock earned 2708 times.
31—
1915.
1916.
In crea se
now high record was established by tho Corporation for the six months.
Gross income. . .............- ----------------$716,033$840,218$124,185 ——A
V . JLUo, p. 14o.
rr! afi ? r operating expenses and taxes------$258,106 $332,158
$74,051
Tdo figures given above are from the actual operations for tho least
Hupp Motor Car C orporation. — L i s t e d .—
favorable five months o f the year. During the summer months the ice, gas
The New York Curb Market Association has listed 650,000 common
and railway business, and during the fall and early winter months its elecshares o f stock of this company, par $ 1 0 .— V. 103, p. 64.
,i un0!i'l' ar9.‘Yntb?,r bes.V ., AH o f the common stock is owned or con
trolled by the Middle West Utilities Co. (V. 102, p. 609, 2251), of which
Illin o is N orthern U tilities Co.— M e r g e r .—
Samuel Insult is President.— V. 103, p. 406.
The Illinois 1> U. Commission on M ay 31 authorized the company to
with its properties tho plants and equipments of tho Tri-Countv
Charcoal Iron Co. of America, D etroit.— E a r n i n g s . ------ consolidate
Light & Power Co. (V. 97, p. 669), operating in some 13 municipalities and
t
en ^ n g —
P r o f it s .
I n t e r e s t . * R eserv es. S u r p lu s .
the Freeport Ry. & Lt. Co. (V. 95, p. 480; V. 91, p. 716) operating in Free
q?
8 S-------------------------------- $384,642 $9,773 $24,000 $350,868
port; 111. The Commission required tho consolidated corporation to print
M ar- 3 1 1916.........- ............... ........... 220,739 17,723
243)00
179,015 the following upon each sharo of stock issued: “ The Illinois Northern Utili
ties C.o. is a corporation formed by consolidation of tho Illinois Northern
* For extinguishment o f acetone plant.— V . 102, p . 2256, 1989.
Utilities Co., 3rl-County Lt. & Pow. Co. and Freeport Ry. & Lt. Co. as
authorized
by tho Stato Public Utilities Commission of Illinois, by its order
C hicopee (Mass.) M anufacturing Corp.— N e w C o . —
o f May 31 1916 and tho amount of stock by said order authorized to be
The assets and liabilities o f tho Chicopeo Manufacturing Co. were re issued on such consolidation was fixed at $8,191,300 (being an amount equal
cently sold in their entirety to this now corporation. Tho cash consider to tho aggregate outstanding stock of tho consitutent corporations), without
ation for the $600,000 capital stock was $450,000, or at t h e ^ t e o f $75 a investigation by said commission of tho value o f the assets of said cor
share. Fifty-nine hundred shares out o f tho six thousand of the Chicopee porations.'-— V. 102, p. 1163.
Mfg. Co., voted to sell the assets as an entirety. No new securities were put
on the market to be sold to finance this proposition.— V. 1 0 2 , p. 1628.
E a r n in g s f o r l i v e M o n t h s to A l a y
In d ian R efin in g Co., New York and C in cin n a ti.—
Civic In vestm en t & In d u strial Co.— A s s e n t s .—
All except about 10% o f the stocks o f Montreal Light, Heat & Power Co.
and Cedar Rapids Mfg. & Power Co. are stated to havo been deposited for
exchange under the amalgamation plan. Tho time for further assents has
been extended indefinitely.— V. 102, p. 2169.
C om puting-T abulating-R ecording Co.—6
M o s . E a rn s.
— S ix M o n t h s e n d in g J u n e 30— 12 M o s . e n d . Dcc.31.
-_ .
1916.
1915. I n c . o r D e c .
1915.
1914.
Net earns, (sub. cos) $717,016 $468,125 +$248,921 $1,042,634 $850,916
Acer. int. on 6 % bonds 194,793 198,829
— 4,027
351,940 361,054
Net earnings,,.
$522,253 $269,305 +$252,948 $690,694 $489,862
-.
carn n«s: as above aro stated after deducting maintenance and depre
ciation o f plants and equipment, reserve for doubtful accounts, proportion
o f unacquired shares, and expenses o f C .-T.-It. Co.— V. 102, p. 1813, 1057.
C onsolidated In terstate-C allah an M ining Co., N. Y.
3 M o s . to
T o ta l
i n i « ne30—
J } eZ ? }P tsA
1 9 V6 TnV------o o f 1# ? 1.566
— v. lUo, p. Z o b, 63.
N et
P r o f it s .
$716,349
C ost o f
I m p r o v ls .
$2,671
D iv id e n d s
P a id .
(15%) $697,485
B a la n c e ,
S u rp lu s .
$16,192
Crew Levick Co.— S a l e .—
The stockholders will vote Oct. 2 on authorizing the sale o f the com
pany s property. See V. 103, p. 409.
Cuba Cane Sugar Co.— C a lle d
B o n d s .—
See Stewart Sugar Co. in this week's advertising columns; also V. 103,p.412.
D anville (Ind.) L ight H eat & Power Co.— C o n tr o l
See American Public Utilities Corp. above.
D ayton (O.) Gas Co.— B o n d s
—
C a lle d —
Eighteen 1st Mtgo. 5% bonds o f $1,000 each, dated Mar. 8 1910. have
been called for payment at 105 and int. at Citizens Savings & Trust Co. of
Cleveland, Ohio, on Sept. 1 1916. V. 102, p. 1542.
Delaware (Ohio) Elec. Lt., H eat & Power Co.— S o ld .—
See National Utilities Co. above.— V. 93, p. 1824.
Denver Gas & Electric L ight Co.— N o t e s
C a lle d .—
1 «Ti 1?uCOmP,an^ has called for payment at its New York office on Oct. 1
1916 tho entire issue ($3,500,000) of 3-year 6 % secured coupon Gold Notes,
dated Nov. 1 1914, due April 1 1917. Theso notes will bo paid out of pro
ceeds o f bonds sold a few months ago.— V. 102, p. 1062; V. 103, p. 323.
Dodge & O lcott Co., New York.— S tock
I n c r e a s e .—
At a recent meeting of tho shareholders 92% o f the total shares outstand
ing were voted in favor o f the proposition to increaso the capital of the
company from $700,000, consisting o f 3,000 shares of pref. and 4,000 shares
O f f e r f o r S to c k .— The “ Cincinnati Enquirer” on Aug. 2 said
in substance:
According to information vouchsafed local brokers by interests identified
with tho company who ask co-operation in obtaining 60-day options on
the stock, a proposition has been made by an oil company, tho identity of
which was not disclosed, to buy tho common and prof, stocks for cash or
in exchange for stock of the purchasing company, providod options on 65%
of the stocks could be obtained. Tho proposition, as understood by the
brokers, is that par will be paid for the pref. stock and 80 for tho common.
Gommon stockholders will bo given tho alternative of exchanging this
holdings for common stock in tho purchasing company on tho basis of 8 8 ,
for tho Indian common stock and the avorago market price of tile purchasinr
company's common stock for tho 30 days preceding the transfer.— V. 1027
p. 1985, 1063.
In term ont Coal & Iron Corp. — N e w
C o m p a n y .—
S
incorporated ln y ir« ln|a on or about June 26. with
S K I S W is e C o u n t ^ a
aCqU,rG a,Ul Consolklato m,nIn* and oth<*
Digest of Statem ent by Pres. R. Tate Irvine.— Properties Included.
(a) Big Stone Gap furnaco plant owned by Union Iron & Steel Co
embracing 45 acres o f ground and two furnaco stacks, only one of which
has ever boon opera ted.
(b) Coal lands, mines and coking plant owned by Intermont Coal &
Iron
Stone
G ap.,
of uiu
670 aura
acres ui
of lanu
land in ico
fee simple,
simple
- -- C oi ’.,’ near
V Big w
w u ovou
., consisting in
Which has been operated
onoratiul since
sinen 1902
1002 as a coal-mining property
. s . with
i n 80
which
beehive
reonrl
coko
ovens.
The
coke-ovenn.f.l.G!___I
plant will.. now be....enlarged
to 100
.
7
.
.
l»t/>n
>ti<ol\»
III
ir
K,r
ovens and later "probably" by' fifty'atfliUonaV'ovens. This plant carries
a lease from tho Virginia Coal & xtuii
Iron v,u.
Co. ui
of uuuiii
about miu
200 acres or
of coal land,
..
which is being mined in connection with tho operations on tho company’s
own lands.
(c) All the iron-ore holdings o f Kelly & Irvino in counties o f Leo and Wise.
It Is expected that tho output will reach from 300 to 400 tons por day.
There will also bo conveyed to tho new company leases on iron-oro lands
In tho Wild Cat Valloy section of Wiso County, near Big Stono Gap. All
theso ores aro red fossil, and average abovo 40% In motalHc iron.
(d) Limestono properties practically on tho furnaco lands.
*rJho new corporation will issuo $350,000 15-year 6 % gold bonds, of which
$50,000 will bo hold in tho treasury. The proceeds of tho remainder will
bo utilized for tho purposes of tho company, and tho furnaco plant will be
reconstructed and modernized so as to mako It an efficient up-to-dato
plant, with a capacity of 150 tons of pig iron per day, with aniplo work
ing capital.
In tern a tio n a l C orrespondence S ch ools.— R e s ig n a t io n .
T.J.Foster, Chairman of board of directors, has resigned.— V. 101,p.291.
Iowa T elephone Co . —
S tock I n c r e a s e .—
This company, a majority of whoso stock is owned by tno American
Telep. & Teleg. Co., on Juno 5 filed amendod articles of incorporation
aug.
THE CHRONICLE
5 1916.]
increasing its authorized capital stock from $10,000,000 to $15,000,000.
par $100, ami prolonging its corporate oxistonco for 20 yoars. The new
stock will bo issued from timo to time on account of extensions and addi
tions. In 1915 the company is said to have had gross receipts of $3,220,627
and a not profit of $770,671.— V. 101. p. 1717.
(Thomas B.) Jeffery Co., K enosha, W is.— S u c c e s s o r .—
See Nash Motors Co. below.— V. 103. p- 213.
Jew el Tea Co., In c.— S a les
1 9 1 (5— 4 JKccits— 1915.
$916,513
$576,280
— V. 103, p. 148.
fo r
4 a n d 28
1916—28
$310,2331$6,080,001
In crea se. \
15.
W e e k s e n d . J u ly
W e e k s - - 1915.
$3,878,500
In crea se.
$2,201,501
Jo h n son & Johnson, New B runsw ick, N. J.—
L e a s e .—
This company, incorporated Nov. 10 1887, witli $100,000 stock, par
M ar’ 1905 (present amount not stated) recently leased for 10 years the
entiro plant and machinery of the Chicopee M fg. Corp. which see above.
K ellogg Switchboard & Supply Co
•Bed. S h eet D e c .
31.
1914.
1915.
1914.
1915.
L iabilities —
S
s
S
$ „
Plant, real est., &c.. a53(5,010 417,436 Capital stock--------2,000,000 1,675,500
.......... Pay-roll & taxes accr. 35,663
Patents & good-will .1,000,000
24,100
35,162
Inventories_______ 1,602,150 1,584,371 Trade, &c., accounts 75,728
Accts., notes rec., &cl,313,663 1,195,475 Reserves................. 266,696 367,387
Cash........................ 72,390
17,429 Surplus...................2,153,740 1,121,450
Ins. prem. unearned
7,607
8,888
Assets —
Total.................. 4,531,827 3,223,599
Total................... 4,531,827 3,223,599
a After deducting depreciation to date.— V. 102, p. 1166, 441.
K entucky L ight & Power Co.— B o n d s
Dated Mar. 1 1910. Duo Mar. 1 1931. Int. payable M . & S. in Chicago.
Redeemable at 101 and int. on any interest dato. Trustees: Continental
& Commercial Trust & Savings Hank and Prank II. Jones, Chicago.
Authorized, $1,000,000; issued, $250,000, an absolute first and only mort
gage on all the property now owned by the company.
The communities served include: (a) Fulton, K y., a railroad centro,
surrounded by ricii agricultural land; population served by the e niton
plant estimated in excess o f 6 ,00 0 ; (b) Hickman, a county spat, 20 miles
west of Fulton, on tho Mississippi River, in a country producing largo and
unfailing crops of cotton, ail marketed at Hickman, which has five cotton
gins; population hero served by tho company estimated over 5,000.
Long Island L ightin g Co.— Bonds, & c . — E . II. Rollins &
Sons are offering at 97 and int. 1st M . 5 % bonds of 1911
duo 1936, at 97 and int., yielding 5 } 4 % . Tax-exempt in
N . Y . State. A circular shows:
Serves with electric light and power 21 communities, principally in Suf
folk County, including Northport, Greenlawn, Kings Park, Smithtown,
St James, Stony Brook, Brentwood, Central Islip, Ronkonkoma, Farmingdale, Amityville, Lindenhurst, Massapequa, Babylon, Bay Shore, Islip,
Great River, Oakdale, Sayville and Bay Port. Also supplies power whole
sale in Huntington, Port Jefferson and Bay Shore. Tho estimated perma
nent population is over 75,000 and in summer this is probably doubled.
Territory, suburban to N. Y. City, has excellent prospects.
C a p ita liz a tio n —
A u th o r i z e d .
Issu ed .
Capital stock.......... ..............................- ............... ....... $1,000,000
$505,000
First Mortgage bonds.......... ........... .................... ....... 6,000,000
820,000
B o n d s .— Dated March 1 1911, duo March 1 1936.
Optional on any
interest payment date at 105 and int. Principal and interest M. & S. 1 at
Bankers Trust C o., N. Y ., trustee. Denom. $1,000 and $500. Balance
of tho bonds may only bo issued for 75% o f tho cash cost o f permanent addi
tions and improvements when net earnings are twice tho interest charge,
including bonds requested to bo certified. Compare V. 92, p. 1639.
Tho proceeds o f a portion o f these bonds have been used for part o f tho
purchaso price of the Babylon Electric Light Co., whose earnings have been
included in tho statement, and tho balance for additions and extensions.
Sinking fund 1% annually beginning Juno 1 1916, and Improvement fund
1% of the outstanding bonds annually beginning Juno 1 1914.
An absoluto first mortgage on all property, rights and franchises now
owned or hereafter acquired. The large equity in tho property is repre
sented by $505,000 capital stock fully paid in cash at par and an increasing
cash equity is provided through tho escrow provisions o f tho mortgage and
through improvement and sinking fund provisions.
E a r n in g s f o r 12 M o n t h s e n d ed J u n e 30 1916— P r e s e n t I n te r e s t C h a r g e .
Gross earnings____________ $222,1001 Int. on bonds now out_____ $41,000
Net, after taxes---------------- $106,1661 Bal. ( 1 ) 4 times bond In t.).. $65,166
Increase in gross earnings over 1915, 22%; not earnings, 30% . It is
expected that the territory formerly served by tho Babylon Klectric Light
Co. will show an increase in gross earnings and that tho consolidation will
result in a considerable saving in expenso.
.
F r a n c h is e s . A c .— Operates under favorable franchises, o f which tho short
est extends 23 years beyond tho maturity o f tlio bonds. Tho management
Is financially interested in tho company and have been instrumental in tho
successful operation of the property since its inception.— V. 101, p. 697.
McGraw Tire & R ubber Co.— N e w
S to c k . —
The Mayna d II. Murch Co., Clove., announced on Aug. 1 that they had
purchased an issue o f 81,000,000 new 7% pref. stock in connection with
tho redemption of the original pref. stock issue of $500,000 at 110 and divs.
on Oct. 1.
A public offe ring will shortly bo made, but present shareholders will bo
given tho preference in tho subscription.
William <;. Mather and John A. Kling have been elected to tho board.—
V. 102, p. 1350.
M anufacturers’ Lt. & Ht. Co., P ittsb
G ro ss
30. E a r n in g s .
1916___ $3,940,038
1915___ 3,306,298
------------1914____ 3,696,840
N et
E a r n in g s .
O th er
B on d I n t . ,
In com e.
A c.
C o n s o l. E a r n s .
D iv s .
(4% ).
$920,000
920,000
920.000
B a la n c e ,
S u r p lu s .
$1,676,700 $26,022 $41,019
$741.673
1,402,323
20,059
47,416
463,966
1,697,832
31,031
71,024
737,839
C o n s o l. B a la n ce S h eet D e c . 31 1915 a n d J u n e 30 1916 (Ala n u f a c t u r c r s ’ L ig h t
A I lc a t C o . a n d I t s A f f il i a t e d C o s . — I n te r -C o m p u n g A c c t s . E l i m in a t e d ) .
June 30’18 D ec. 31 ’ 15
June 30 TO D ec. 31 T5
L ia b ilitie s -$
$
•S
s
Assets —
.27,325,220 26,921,718 Capital stock----- 23,000,000 23.000,000
In v estm en ts
469,450 Bonds.................. 1,364,000 1,368,000
T r e a s u r y s t o c k ____
4 6 9 ,6 0 0
Cash-.................. 1,486,011 1,038,751 Accounts payable,
A c c o u n t s r e c e lv ’ Ie.
5 5 6 ,9 4 7
759,152
&c....................
357,543
546,970
B ills r e c e i v a b l e —
2 ,7 7 9
3,632 Accrued Interest &
In co m p le te In v e st.
2 4 2 ,4 6 3
156,622
taxes................
201,132
110,044
E m p l o y e e s ’ a c c 'n t
Dividends payablo
460,000 460,000
s to c k s u b s c r lp ’n
2,253 Security deposits.
203,713
188,508
574,453
658,505 Miscellaneous___
M a te r ia l & s u p p - 1,290
47,430
R csorvo a cct. con Contlng. gas earn438,272
324,872 „ lnR»..................
t i n g . g a s c a m 'g s
438,272
324,872
1
,
2
9
0
47.430
M i s c e l l a n e o u s -------Surplus............... 5.071,085 4,336,560
Total...............31,097,035 30,382,384
Total...............31,097,035 30,382,384
—V. 102. p. 708. 613.
Maple Leaf M illing Co., Ltd., T oronto . —
E a rn in a s
—
M
M a r ._______
.31 Y e a r . _______
1915-16.________
1914-15.
^ Afar. 31 Year. 1915-16. 1914-15.
Not oarnings...$530,526 $1,048,997 Com. divs. (3%) $75,000
Interest charges 104,171
173,560 Baianco,. surplus
................
176,355
700.437
l'rcf. divs. (7%) 175,000
175,000 Total surplus.. 1.210,761 1,034 406
Stock, $2,500,000 each o f common and prof. No bonds. Bank loans
Mar. 31 1916, $1,416,833, against $1,291,131 in 1915, contingent reserve
$239,401, against $226,721.— V. 102, p. 1543. 1350.
K
reserve.
Maxwell Motor Co.— D i v i d e n d s .—
Quarterly dividends o f 1 ) 4 % on tho $10,127,468 2d prof, stock and 2 1 4 %
on tho $12,778,058 common stock have been declared, payable Oct. 2.
M erchants’ H eat & L ight Co., In d ia n a p o lis.— E a r n
12 M o n t h s e n d i n g J u n e 30 1916.—
Y ear
June
Y ear
June
1915-16.
1916. „
1915-16.
1916.
Gross earnings..81,118,226 $69,072 Net earnings...........$398,359 $20,725
Operat’g oxpenses $619,803 $41,034 Intereston b on d s..$206,605 $18,800
61.842
5,144
T ax es..............
do
notes____ 17,377
1,197
Franchise38,222
2,169
Net earnings.. $398,359 820,725
Net income_____$174,377
$728
B a la n c e S h eet J u n e 30 1916 ( T o ta l E a ch S id e , $7,016,489).
Property and plant_$5,411,331
Capital stock___________ $1,722,000
Discount on securities____
532,609 B onds___________________ 4,512,000
Prem. on secur. redeemed
90,000 Notes payable__________
281,070
Open accounts__________
568,160 Accounts payable_______
82,683
Mdse. & construe, mater’l
95,263 Accrued liabilities_______
107,860
Notes receivable-----------5,954 Reserve accounts________
86,910
Accounts receivable______
236,731 Surplus_________________
223,966
Deferred charges----49,842
— V. 103, p. 65.
Cash on hand----------------26,599
M erchants & Miners Transp. Co., B a lt.—6
O f f e r e d . — Stan-
wood, Taylor & C o., Chicago,have offered, at 101 and int.,
a block of 1st M . 0 % sinking fund gold bonds of 191G. A
circular reports:
June
This announcement was made August 1: “ Executive committee of this
company voted to recommend to tne directors payment in full of tho out
standing dividend warrants on the 1 st pref. stock; also payment o f the divi
dends on the 2d pref. stock at the rate of 1 ) 4 % quarterly, beginning Oct. 2
1916; also the payment o f a quarterly dividend of 2 ) 4 % on the common
stock, payable Oct. 2 1916. Over 90% o f the 1st pref. dividend warrants
have been converted into 1st pref. stock. The remaining warrants not
converted during the month o f August w ill be paid on Sept. 1 at the Guar
anty Trust C o., N. Y. Tho earnings for the fiscal year ended July 31 1916
will bo in excess of $5,000.000.— V. 102, p. 2148.
in g s fo r J u n e a n d
SlOO which was increased to $150,000 in 1890-92 and to $3,250,000 in
6 M o .e n d .
497
6 M o s . to
G ro ss
N e t , a fte r
30. E a r n in g s .
T a xes.
1916.......... $3,028,106 $614,754
1915........ - 2,407.361
426,820
— V. 102. p. 613, 158.
June
O th er
In com e.
$5,448
10,904
Middle W e st U tilities Corp.
3ee Central I " ‘
V. 102. p. 2251.
I
I“
*
M o s . E a rn s.
I n t . . A c . , S in k . F d .,
C h a r g e s. D e p r ' n , A c .
$218,378
213,838
$188,754
80,468
B a la n c e ,
S u r p lu s
$213,070
143,417
-S u b . C o . F i n a n c i n g .-
(J. P .) Morgan E sta te .— A p p r a i s a l . — The transfer tax
appraisal of the estate of J. Pierpont Morgan, who died on
March 31 1913, was filed in New York on July 29 1916.
Tho appraisal shows a gross value of $78,149,024 and net value o f $6 8 ,
884,680. This gross value embraces stocks and bonds amounting to over
$25,843,951 holdings in the J. P. Morgan & Co. of N . Y ., and Drexel & Co.
o f Phila., $29,875,847, real estate nearly $3,000,000; value of paintings,
$3,637,200; cash (about $2,000,000); bronzes and miniatures, $1,026,120,
&c. Below wo publish a number of important securities owned by the
deceased as appraised at tho time fo his death, and their par value:
S o m e o f th e L a r g e r S e c u r ity H o ld in g s , w ith P a r a n d V a lu e s M a r . 31 1913.
. _
,
,
P a r V a lu e .
A p p r a is a l
Atl. Coast Lumber Corp. 1st M . 5s, Ser. “ A ” (1913) $204,000
$204,000
do
1st M . 5s, Ser. “ B ” (1918)..................... 1,500,000
1.290.000
do
stock------------137,500
268,000
Cerro de Pasco Min. Co. s. f. deb. 6 s (1918 reg is.)..
” 192*960
do,
Inv. Co. stock (rep. by receipt of c o .) ..
550,000
550,000
N. Y . Cent. & H. It. R R . deb. 4s “ 1 9 4 2 , due 1942 1,162,000
1,045,800
do
stock_________________________________
127,900
134,775
American Bank Note Co. stock_______I ” ” *” ” ”
312,500
320,313
American Telephone & Telegraph Co. stock
214 200
283,280
Argentine Gt. \V. Ry. stock (at $4 87M per £)___I
3641718
361,460
Argentine Transandine Ry. pref. stock (at $4 87K
per £ ) -------302,095
207,690
Champ. Reef Gold Min. Co. of India stock (at
$4 87 H per £)...................................................... ..
16,922
69,864
Equitable Life Assurance Society stock__________
28,200
1.128.000
Gray National Telautograph Co. stock__________
500,000
50,000
500,000
Intercontinental Rubber Co. common stock______
37.500
Manchester Ship Canal Co. pref. (at $4 8 7 H per £) 1,212,717
159,169
680.000
National Bank of Commerce.
1,305,600
750.400
Now York New Haven & Hartford RR. stock___
878,906
Niagara Falls Power Co. stock___________________
412.400
705,204
St. Louis Bridge Co. preferred stock_____ _______
430,100
223,716
United Dry Goods Co. common stock_________ ___
632.500
618,269
Waltham Watch Co. common stock____________
6.5,625
262.500
Havana Tobacco Co. stock______________________
832.400
38,345
Southern Railway Co. common stock____ I I I I I I I
650 666
167,375
Studebaker Vehicle Co. common stock___ II
213 450
138,742
Submarine Signal Co. stock______________ I I I I I I ”
225 000
„„„
58.500
Among the securities listed as worthless or of nominal value are at their
face value: Mexican Land & Colonization Co. stock, 81,238 400- Columbia
Rolling Mills Co. stock, $225,000: Troy Steel Co. stock, $550,000; Man
hattan Exploration Co. stock, $522,500; Lower California Development Co
Ltd., stock, $125,000.
(H . K .) M ulford C o,, P h iad elp h ia.— S to ck
D i v i d e n d .—
This company has declared a stock allotment o f 33 1-3% and will offer,
it is said, stockholders of record Juno 30 tho right to subscribe to Aug. 15
at par ($50) to tho extent of 1 share for each three now held. Tho capital
stock will bo increased from $1,453,350 to $1,937,315. Tho regular semi
annual dividend of 4% was also declared.— V. 89, p. 1672.
N ash Motors C o.— I n c o r p o r a t e d . — This company was
incorporated in Maryland on July 31 to take over the prop
erty and business of the Thomas B . Jeffery C o. of Kenosha,
W is. (V. 103, p. 243).
Leo, Higglnson & C o., acting in conjunction with Charles W. Nash, tho
upbuilder and recently President of the successful General Motors C o.,
havo completed the purchase of the entire capital stock o f tho Thomas B.
Jeffery Co., of Kenosha, Wis., manufacturers of motor cars and trucks.
The now corporation is formed to take over tho assets and business of the
Jeffery C o., and will issue in payment therefor $5,000,000 7% cumulative
preferred stock and 50,000 shares of common stock without par value.
M r. Nash reports the plant to bo admirably fitted, in location, in charac
ter of construction and in equipment, for the economical manufacture and
distribution of motor cars and trucks. It comprises 100 acres of land at
Kenosha on Lake Michigan, about 52 miles north o f Chicago on the main
lino of tho Chicago & Northwestern R y.; buildings mostly modern, saw
tooth, fireproof construction and containing 26 acres of floor space. Addi
tional buildings with six more acres of floor space are under construction,
and should be finished before Jan. 1. The company, it is said, is manufac
turing an unusually high percentage of the parts for Its cars and trucks—
probably as nign a percentage as any company in America.
The now company starts off well equipped and stocked for continuing its
present active manufacturing operations and without indebtedness except
normal current accounts.
C a p ita liz a tio n o f N e w C o m p a n y — O u tsta n d in g S tock .
7% non-voting cum. pref. stock (total auth., $20,COO,000) par
$100. . . . -------------- - - - .................. ......... - ....................... ............$5,000,000
Com. stock in shares o f no par value (total auth., 200,000)_____50,000 shs.
The $5,000,000 7% non-voting cumulative pref. stock and 12,500 shares
o f tho common stock o f tho Nash Motors Co. was sold in blocks consisting
o f 4 sliaros of pref. stock and 1 share of com. stock for $400.
During the fiscal year ended June 30 1916 the Jeffery Co. (V. 103, p.
242), it is learned, manufactured 5.749 cars and 2,675 trucks. The esti
mated net earnings for the year are around $2,000,000. For the last 14
years, beginning with tho first full year of operation, the net earnings have
averaged approximately $522,000 per year. Mr. Nash states that his
policy as President will bo to conduct the business on conservative but pro
gressive lines and to “ build up to a standard o f quality rather than down
to a price.”
Tho directors, it Is understood, contemplate tho possible acquirement in
tho future of additional properties for tho purpose o f extending the business
along similar or allied lines, and tho payment therefor by tho issue of addi
tional capital stock or otherwise.
D e s c r ip t io n o f P r e fe r re d S t o c k o f t h e N a sh M o to r s C o .
(1) Preferred as to 7% cumulative dividends, payable Q.-F., the first
quarterly payment N ov. 1 1916.
THE CHRONICLE
498
[Vol . 103
(2) Preferred as to assets and in case o f liquidation has prior rights to V. 101, p. 1977). Customers are in tho main largo railroads, shipbuilding
companies, locomotive works and tho U. S. Govt. Very little of the com
$ 1 1 0 per share and accumulated dividends.
>•> (3) Sinking fund, ranking ahead o f dividends on common stock, equal to pany’s present capacity business is tho direct result ot tho European war.
S e c u r ity . —-There are no mortgages or bonds outstanding on tho property
2 % o f all pref. stock Issued, to bo reserved out o f profits each year, begin
ning with 1920, to cancel pref. stock, if purchasable, at not exceeding $110 except $70,000 bonds on tho Penn plant, for tho retirement of which cash
per sharo and accumulated dividends, otherwise to be invested as a trust has boon deposited in escrow, and no bonds or mortgages (except purchasefund in securities legal for Massachusetts savings banks. Not earnings money mortgages) shall bo placed on tho company’s property while this
applicable to common stock diviends may also bo used for purchase of issuo of notes remains outstanding. Tho company lias not quick assets of
about $1,000,000, or double tho entire outstanding note issuo. Tho valuo
preferred stock, at discretion of board.
Also callable as a wholo, but not in part, up to Nov. 1 1920 at $105 per of tho plant is in excess of $2,500,000.
E a r n in g s . — Not earnings for tho 7 months ending Juno 30 1916 wero
share and accumulated dividends, and thereafter at $ 1 1 0 per sharo and
slightly over $190,000, or at tho rato of 13 times this note interest per
divs., payment to bo made on any dividend dato, upon 60 clays’ notico.
(4)
No voting power except in case o f default on five consecutive quarannum. Tho company is now earning at tho rato of over $450,000 not per
terly dividends, but in that event will have equal voting powers per sharo annum, or 18 times tho interest charge on this issue.
D iv i d e n d s . — Company is paying dividends at rato of $1 por sharo quar
with common until the default is cured.
Directors: Charles W. Nash, Kenosha (Pres.); James .1. Storrow, Boston terly on its 60,000 sliaros of no par valuo.
'Tho procoods of thoso notos will bo used to pay off floating dobt and
(Chairman); Frederic W. Allen, N. Y .; Robert F. Herrick, Boston; Samuel
provido a largo working capital.
F. Pryor, N. Y ., and others to be named.
B a la n c e S h eet a s o f A u g . 1 1916 ( T o ta l E a ch S id e , $3,885,774).
E a r n in g s f r o m R e p o r t o f C h a rtered A c c o u n t a n t f o r P e r io d O ct. 1 1902 to
A s s e tsL i a b i l it i e s J u n e 30 1915. a n d C o m p a n y 's S ta te m en ts f o r 11 M o s . e n d . M a g 31 1916.
Real est., plant & equ ip..$2,572,278 C a p i t a l stock______ $2,941,000
Gross sales from Oct. 1 1902 to M ay 31 1916--------------------------$53,085,402 Cash to retire bonds (sco
Bonds on Bonn Stool Cast
Net profits (after reserving $1,660,600 for depreciation of build
*70,000
co n tra )_______________
ings & Mach. Co. plant
*70,000
ings, machinery and equipment)___________________________ 7,024,192 Miscellaneous assets_____
29,754 Surplus...............................
131,342
Dividends paid_____________________________________________ . 2,327,843
One-yoar notos_____
500,000
Current Assets—
185,862
Raw mater., supp., &c.
551,469 Accounts payablo__
Surplus profits invested in tho business during abovo period.. $4,696,349
14,212
Accts. & notos receiv’lo.
495,167 Other liabilities____
For the entire fiscal year ending Juno 30 1916 net profits are estimated C a sh ___________________
43,359
167,107 Depreciation fund__
at approximately $2 ,0 0 0 ,00 0 .
* For tho payment of which on Oct. 1 cash is now deposited in escrow.
T e n ta tiv e B a la n c e S h eet o f N e w C o m p a n y , B u sed o n F ig u r e s o f M a y 31 1916’
Real est., plants & equip.$2,962,225 Preferred stock_________ $5,000,000 — V. 102, p. 1631.
Other investments----------241,786 Com. stock, 50,000 shs.,
P ennsylvania Steel Co.— Registrar.— •
no par value, nominal,
Charges to future oper’ns.
52,052
The Girard Trust C o., Phila., has been appointed registrar of all tho
$1 per sharo__________
50,000
464,896
C a sh ___________________
692,267 issues of bonds of this co. and tho Maryland Steel Co.— V .103,p.243, 148.
Accts. rec., less reserves..
573,907 Current & accr. liabilities.
Notes receiv., less reserves
80,730 Iloservesfor depreciation. 1,660,600
P hoenix Iron Works Co.— Bonds.—
Surplus_________________
9,751
Cars, work in process, sup
This reorganized company has sold an issue of $250,000 1st Mtgo. bonds.
Totals .............................$7,412,619
plies, loss reserves_____ 3,037,023
Tho now officers are said to be: Joseph M cK . Speer, Bras.; \V. C. Schads,
(With no allowance for good-will).
The net assets as here shown, without allowance for good will, aggregate Vice-Bras. & Gen. M gr., and E. P. Cullum, Sec. & Treas.— V. 91, p. 593
$5,059,751, including net current assets, $3,464,288, and real estate, plants
P otter Steam ship Co., In c.— Bonds Called.—
and equipment, $1,301,625. This is after deducting $1,660,600 reserved
This company has called for payment on Sept. 1 at Columbia Trust C o.,
for depreciation o f buildings, machinery and equipment. In tho judgment N. Y , tho entire issuo of $250,000 1st mtgo. 6 % Marino Equipment gold
of Mr. Nash the amount so reserved is ultra-conservative and tho valuo of bonds, Nos. t to 100, inclusive, at 101% and int; 101 to 250, inclusive, at
the plants is substantially more than hero shown.
at 1 0 2 % and interest.
N ation al Cloak & S u it Co., N. Y.—6 Months’ Earnings.
S ix M o n t h s to J u n e 30—
1916.
Not sa le s___________________________ $9,662,114
Not profits__________________________
767,302
Total surplus________________________$3,116,776
— V . 102, p. 519.
1915.
$8,551,964
621,320
$1,325,875
In crea se.
$1,110,150
145,982
$790,901
N ation al U tilities Co., B oston .— Purchase.—
This company has purchased for, it is said, $160,000, tho Dolawaro (O.)
Electric Light, Heat & Power Co., which at last advices had outstanding
$125,000 capital stock and no bonds.
New England T elephone & T elegraph Co.— New Stock.
To provido funds for extension o f tho property and business and for dis
charge or refunding o f obligations incurred for extensions heretofore made
tho directors havo ordered that each stockholder o f record Aug. 15 1916 bo
offered tho right to subscribe at par at tho Treasurer’s offico, 50 Oliver St.,
Boston, on or before Sept. 15, for ($7,891,050) new stock in tho proportion
o f one sharo for every six shares then held. Tho company cannot buy or
sell rights. Paymonts of $100 per sharo must bo made to the Treasurer,
either (a) in full on Sept. 30 or (b) 50% (bolng in full for half the number of
shares subscribed for) Sept. 30 1916 and 50% March 31; except that on
subscriptions for an odd number o f shares tho first paymont will bo for tho
number next larger than one-half. No interest will be allowed upon sums
paid in advanco. This will mako $55,237,350 stock outstanding.—
V. 102, p. 883.
New Jersey Zinc Co.— Earnings for 3 Months’ Period .—
30’ 16. M a r . S V i d . \Q u a r te r s e n d . J u n e 30 ’ 16. Afar.31’ 16.
Not earnings.$8,850,292 $8,561.3851Bai. for divs.$8,735,292 $8,446,38o
40,0001 Divs. (1 9% ). 6,650,000 6,650,000
Interest_____
40,000
75,0001Bal., surplus. 2,085,292 1,796,385
Res. to retire bds 75,000
— V. 103. p. 65.
Q u a r te r s en d . J u n e
New York Air Brake Co.— Orders.—
Pres. C. A. Starbuck is quoted as confirming tho reports that his cornpan v has accepted an order for 600.000 fuses for high explosive shells, on
which work will be started around Aug. 17, when the prasent order of
1,250,000 fuses will have been completed.—Y . 103, p. 148.
N orth American Collieries, Ltd.— Sale.—
As to salo of road mentioned last week soo Kootonay & Alberta Ry.
under “ Railroads” above.— V. 103, p. 411.
N orthw estern Electric Co., P ortland, Ore.— Earnings.
J u n e 30 Y e a r s — 1914-15. 1915-16.1
J u n e 30 Y e a r s — 1914-15. 1915-16.
Gross earnings— $546,254 $671,716 Bond int., <Scc—
Net. after taxes.. 317,849 377,4461Balance, surplus. 110,200 176,136
— V. 102, p. 1166, 349.
Nova Scotia Car W orks.— Sold. —
This company’s property, stock and holdings was sold at auction on
July 26 to a syndicate represented by Hon. F. B. McCurdy, M . P ., for
$167,500, subject to a $120,000 mortgage held by tho city o f Halifax. 1ho
property was bougiit in the interests of tho security holders and tho company
is to bo reorganized.— V. 101, p. 1473.
Oklahoma N atural Gas Co., P ittsb u rg h .— Report.—
J u n e SO Y e a r —• 1915-16. 1914-15.
30 Y e a r — 1915-16. 1914-15.
$11,597
Gross earnin gs...$831,311 $815,299 Suspense items__ $14,794
Net earnings____ 543,114 581,384 Dividends ( 5 % ).. 200,000 200,000
Deplotiou_______ 92,478 124,664
Interest on funded
debt................... 60,000 48,000 Balance, surplus. 175,842 197,123
— V. 102, p. 1441.
June
O ntario Steel P roducts Co., G ananoque, Ont. —Earns.
J u n e 30.
Y e a r —•
N e t , a fte r
B on d
D e p r ., & c. In terest.
1915-16............... $152,019 $36,000
1 9 1 4 - 1 5 : : : : _____ 7 5 ,7 4 6
36 ,0 0 0
— V. 101. p. 692.
P r e fe r r e d
D im d e n d s .
{ 5 H %)$43,125
u%> 7 ,5 0 0
B a la n ce ,
S u r p lu s .
$72,894
32 ,2 4 6
T o ta l
S u r p lu s .
$123,077
50.183
Tho New York Stock Exchange Governing Committee has authorized
the listing on notice of Issuance of $6,957,400 7% pref. stock and $9,000,000
common stock.— V. 103, p. 411.
D iv id e n d . —
An extra dividend of 'A of 1% has been declared on the common stock,
along with the regular 2% on tho common, making 8 A % for tho fiscal year.
— V. 100, p. 2172.
P en n Seaboard Steel Corp.— N o t e s O ff e r e d . — Frazier &
C o. offered on July 28, and havo since sold at 9 9 \ i and int.,
to yield 5 % % , an issuo of 8500,000 one-yoar 5 % gold notos
dated Aug. 1 1916, duo Aug. 1 1917.
Interest payablo F. & A. 1. Commercial Trust C o., Phila., trustco.
Denom. $1,000 c*.
C a p ita liz a tio n —
A u th o r i z e d .
Issu ed .
Ono-Year 5% Notes (this issuo)...................$500,000
$500,000
Capital s to c k ____________________________.200,000 shares 60,000 shares
Data f r o m Letter o f President R odney Thayer.
O r g a n iz a tio n . — This corporation is a consolidation o f tho Penn Steel
Castings & Machine Co. and tho Seaboard Steel Castings Co., of Choster,
p a . and tho Baldt Steel C o., Now Castle, Del. Tho consolidation was
made on tho basis of actual replacement value plus not quick assets (see plan,
R i o r d o n P u l p & P a p e r C o ., L t d . — Stock, e tc.— G r o e n sh ie ld s & C o . o f M o n t r e a l a n d a s s o c ia te s r e c e n tly p u rc lia sod
a n d sold to c lie n ts , a t 8 5 8 p e r 8 1 0 0 s h a r e , a b lo c k o f th o c o m
m o n s to c k w h ich it is n o w p ro p o so d to list on th o M o n t r e a l
S to c k E x c h a n g o .
T h o b a n k e r s ro p o rt in s u b s ta n c e :
C a p ita liz a tio n —
A u th o r i z e d . O u ts ta n d in g .
6% First M . Sk. fund bonds, duo 1942, trustoo,
Montreal Trust C o_____________________________$2,500,000 $1,542,000
7% cumuiativo preferred sharos__________________ 1,500,000 1,000,000
Common shares__________________________________ 4,500,000 4,500,000
O r g a n iz a tio n . — Incorporated under Dominion laws May 1 1912 and took
ovor as going concerns businesses of Riordon Paper Co. (founded by John
Riordon in 1857) and G. 11. Borloy & Co. of Ottawa (formed in 1899).
Management practically in same hands for last 60 years. Charles Riordon
has been active head since 1880 and his son Carl is managing director and
now responsible for policy and management. Until recently practically
a closo corporation—-bulk of its com. sharos being held by Riordon family.
P r o p e r t ie s . — Owns and controls by loaso, 1,184 sq. miles of timber and
pulp wood lands situate in Quobec Province, tributary to Rouge Rivor (a
branch of Ottawa River) and conservatively estimated to contain 2,750,000
cords of pulpwood, 10,000,000 feet b.m. of pine, 50,000,000 foot b.m. of
hemlock, 1,200,000 cedar ties, 340,000,000 feet b.m. of various hardwoods
Supply estimated as sufficient for ovor 75 years' operations at prosont
capacity. By purchasing wood conserves to a groat oxtont tho company’s
holdings. Waterways permit transportation to mills at minimum cost.
p la n t s __
P r o d u c t.
A n n u a l O u tp u t.
Ilawkesbury Ont., mill___________ Unbleached sulphite pulp 50,000 tons
Merritton, Ont., mill____ _____ ...B leach ed sulphite pulp
9,000 “
Calumot, L'Annonclation............... Soft wood lumber 15,000,000 ft. b.m.
and (2) St. Faustin, Que.............. Hardwood
5,000,000 “ “
B a la n ce S h eet D e c . 31 1915 (V. 102, p . 2349) a n d M a y 31 1916, s u b je c t to
M i n o r A d ju s t m e n t s .
D ec. 31 '1 5 . M a y 31 '16.
Not fixed assots (properties, plants, water powers, &c.,
loss depreciation)_______________________
...$6,870,888
Net liquid assets (deducting all current liabilities,
including loans)........................................................
79.3,259
_______
$7,075,212
Total not assets................ ............................... - ......... $7,664,147
Deduct outstanding bondsand preferred shares. 2,533,000
$8,109,086
2,542,000
1,033,873
Net assots (available forcommon)_________________ $5,131,147 $5,567,086
Common sharos outstanding--------------------------- - - -$4,500,000 $4,500,000
Not fixed assets show increase of $204,324 and not liquid assets show in
crease of $240,614 in last five months. Bank and other loans payablo have
been reduced from $889,000 in 1915 to $675,000 as at dato, and should be
further reduced to $500,000 by Aug. 31 1916. This increaso in net assets
of $444,938 and reduction of loans of $214,000 is a result principally of
profits roallzed sinco Dec. 31 1915.
N e t E a r n s ., A f t e r P r o v is io n f o r B a n k I n t . , a n d A m p l e A l l o w a n c e f o r D e p r e c .
1915.
Not oarnlngs
...............- ........... ..........$292,558
Deduct boud int .'and ($70,000) prof. d iv s .. 161,304
Balance available for com m on-------------------$
Owens B ottle-M achine Co.— L i s t i n g . —
P acific L igh tin g C orporation.— Extra
Pyrene Mfg. Co.— Balance Sheet Dec. 31 1915.—
L ia b i l it i e s { T o ta l, $1,685,944)—
A s s e t s {T o ta l, $1,685,944)—
Machinery & equipment.. $34,573 Prof, stock (to Pyrene M fg.
Co. o f N . Y .) ................... S13.950
Patents, trado-marlcs, &c..l,0O2,45O
Investments_____________
128,182 Common (loss in treasury)
stock ---------------------------- 977,040
C a sh ____________________
63,583
____ Accounts and bills payablo.
78,609
Brandi offico advances___
8,400
288,928(Surplus account---------------- 616,345
Accounts and bills receiv.
371
Accrued int. on invostm’ts.
Inventories of merchandise 145,5071
Pyrene M fg. Co. of N. Y ._
13,9501
Tho profit for tho year 1915 was $382,224, and after deducting divdonds
paid amounting to $63,183, tho balari«o surp. was $319,041.— V. 102, p. 804.
131,254
1914.
$247,078
160,000
$
87,078
1913.
$228,073
160,000
$
68,073
Before bringing forward net earnings company wrote off, 1912-1915, incl.,
$°15 167 for depreciation, and paid out $210,299 for bank intorost, which
latter amount will be greatly reduced now that company’s loans payablo
havo boon substantially paid down.
Subsequent to tho issue of bonds on tho London market during 1912 and
from 1913 to dato. the proceeds of this issue together with surplus earnings
amounting to $442,090, havo been invested in improvements. The mill
at Ilawkesbury now operates on hydro-electric power at a largo saving.
The Merritton mill is at present having necessary buildings erected and
equipment Installed for manufacture of bleached pulp anti will produce in
1917 its full capacity of 9,000 tons per annum of this product. Iheso
expenditures have largely Increased tho production of pulp with a material
reduction in cost. Tho results slightly reflected in 1915 earnings will be
shown more fully under the favorable market conditions of 1906. Based
on shipments made, contracts in effect undelivered, and anticipating present
market prices for the unsold balance of tho company s 1916 output, not
earnings available for common are estimated at about $800,000—equal to
18% on common shares— after allowing $140,000 for war tax for the year.
D iv i d e n d s .— On preferred shares without interruption at rato ot 7% per
annum since issuance. Interim dividend (No. 1) of i ' A % was paid on
prico or suipimo puip
rv* .......— 1
on an average price of $46 per ton realized during tho first five months and
$52 per ton estimated on last seven months’ output. 1 resent prices for
g.
5 1916.]
THE CHRONICLE
dolivcry aro as high as $S0 per ton f.o.t). Company lias made
sales o f pulp for Immediate shipment at higher prices. Since all
iriced contracts oxpiro beforo Doc. 31 1916 and In view o f contracts
for 1917— the averago not price to bo rocoivod for all pulp shipped
lg 1917 will almost certainly bo higher than average for 1916 and the
's oarnlngs should bo proportionately increased.
r e c to r s . — Charles Riordon, Pros., Toronto; Carl Riordon, Vico-Pres. &
. Dir.; S. 11. Pemberton, Montreal; Charles E. Read and Walter G.
vC, Ottawa; J. S. Douglas, Toronto; Transfer agents, Montroal Trust
Stock registrars. Montroal Safo Deposit Co.— V. 103, p. 326.
ckford (111.) Electric Co.— B o n d s
C a lle d . —
n 1st & Rof. 6% bonds o f $1,000 each have been called for payon Sopt. 1 at 105 and Int. at the Guaranty Trust C o., N. Y .—
p. 193.
ckingham C ounty L ight & Power Co., P ortsm outh,
.— B o n d s O ff e r e d . — Merrill, Oldham & C o ., Boston, aro
fering at 9 7 'A ai..d int., yiolding about 5 .2 0 % , mortgage 5 %
Id bonds, dated July 1 1916 and duo July 1 1936, but cab
le at 105 and int. on any interest date. Int. J. & J. in
oston and N . Y . D on om .S I,000c*. Trustee, N . Y . Tr. Co.
Tho Now Hampshire Electric Railways, a voluntary association, owns
tho stock o f tho company (see p. 51 o f “ Electric Ity. Section.” ).
gest o f Letter from Pres. D. A. Holden, Portsm outh, N. H.. July 21.
O rg a n iz a tio n . —Incorporated in 1901 in N. II. with special charter rights
and does the entire electric-lighting and power business in tho city o f Ports
mouth and the neighboring towns o f Newcastle, Rye, North Hampton,
Greenland and Newington, N. II. Tho greater part o f tho business, how
ever, consists in supplying power to a number o f street railways and electric
lighting companies over its own high-tension transmission lines. Popu
lation of territory directly served [1910], 14,561. C a p it a liz a tio n :—
Capital stock [all owned by New Hampshire Electric Railways].$l,000,000
Mortgago bonds o f 1916, due 1936. Total authorized, $1,000,
000, of which $250,000 may bo Issued for 75% o f tho cash
cost o f additions and extensions, but only when annual not
earnings aro twice tho annual Interest charge, including tho
bonds proposed to be issued. This issue..................................
750,000
A first mortgago on the ontiro property now ownod or hereafter acquired,
subject to an indenture given to the Massachusetts Northeastern Street
Ry. Co., Its largest customer, to secure tho performance o f its power con
tract with that company. See below.
,
P r o p e r l y O w n e d . — (1) A modern and efficient steam-power plant located
on tide water at Portsmouth, 12,500 h.p. capacity; (2) usual distributing
system, transforming stations, &c.; (3) 90 miles o f high-tension transmission
linos (distributing current from which the larger part o f its earnings are
derived), for tho most part on private rights-of-way hold in feo title,
tho company having tho power o f eminent domain for such lines. Replace
ment value of physical property securing these bonds making allowance
for ordinary overhead oxpensos, but not including any values for franchises
and good-will, is estimated by Stone & Webster at about $1,800,000. The
1*. S. Commission is wont to deny application by a now company as to
territory alroady satisfactorily served.
E a r n in g s f o r Y e a r en d ed J u n e 30 1915— P r e s e n t I n t e r e s t C h a rg e.
Gross earnings-___________ $288,875) Interest on theso bonds____$37,500
Net (aftor taxos)................... 89,483 [Balanco for depr., divs.,&C- 51,983
C o n tr a c t w ith M a s s a c h u s e tts N o r th e a s te r n S treet R y .— The contract with
this system operating 126 milos o f railway lines in Northeastern Massachu
setts and Southern New Hampshire provides for an increase in tho schedule
of charges to offset increase in cost of fuel and constitutes a valuable asset
for the power company, guaranteeing a market for a large amount o f power
at profitable rates. While tho railway has the option o f terminating tho
contract in 1922, there is every reason to expect that it will run to maturity
in 1937, or one year after the bonds o f the power company become due.
Tho entire cap'tal stock o f both companies is owned by New Hampshire
Electric Railways, and the terms o f the contract are mutually advantageous.
O th er C o n tr a c ts . — The company also has a contract running to 1935 on
"avorable terms with tho Dover Somersworth & Rochester Street Ry. Co.,
Now Hampshire street railway corporation with about 20 miles o f lines,
md under other contracts supplies power to tho Exeter Hampton & Amosury Street R y., tho Exeter & Hampton Electric Co., tho Kittery Electric
'ght Co. and furnishes the municipal lighting in Portsmouth and vicinity.
General.— In addition to tho usual repairs included in operating expenses,
ero has been charged out o f earnings for depreciation during tho past
ren years a total o f $351,000, and the company now lias under order new
uipinent, partly for replacement and partly for extensions, to cost over
50,000. This item is to be financed without further charges to capital
count, and it is expected will effect a largo net savings in station operaon. Coal is received in barges at tho company’s wharf.— V. 74, p. 330.
Scripps-Booth C orporation.— S to ck s
S o ld . —-
Miller & Co. announce that the 25,000 shares o f tho stock o f this corporalon offered by them at $50 per share, have been largely over-subscribed.
V. 103, p. 412.
Sears, R oebuck &Co.—
S a l e s f o r J u ly a n d 7 M o s . e n d . J u l y S l
In crea se. I
1916— 7 M o s . — 1915.
In crea se.
1916---- J u ly 1915.
10,071,724 $7,035,930 $3,035,7941$75,807,517 $60,133,652 $15,673,865
V. 103, p. 149.
Standard Cast Iron Pipe & Foundry Co., P h ila .—
a la n c e S h eet D e c . 31.—
499
specialty manufacturers. Tho truck will possess both strength and
attractive distinctive appearance; four models, %-ton, 1-ton, 1 >6-ton and
2-ton. It is expected that 300 trucks will bo manufactured In the next
12 months at a substantial profit and 600 cars a year at a date not far
distant. Management: Charles K. Thomas (President), for three years
previous to Jan. 1 1916 Vice-Pres. and General Manager o f Federal Motor
Truck Co. of N. Y .; Cloyd Marshall, Sec. and Treas.; Wm. S. Thomas,
director; O. S. Platt, director, owner o f the Platt Pattern & Machine
Works, Bridgeport, Conn.; Philip F. Donahue, director: M . D. Herron,
Sales Manager, formerly with tho Federal Motor Truck Co.; Jos. L. Moss
Jr., Chief Engineer; George E. Whitney (Advisory Engineer), for several
years Chief Engineer o f Locomobile Co. o f America.
Tri-C ounty (Ind.) L ight & Power Co.— M e r g e r .—
See Illinois Northern Utilities Co. under “ R R s.” above.— V. 97, p. 69.
U nion Bag & Paper Co.— P l a n
A p p r o v e d .—
The stockholders’ committee has sent tho following notice to stockholders:
“ Tho committee is pleased to announce that the plan dated M ay 1 1916
(see V. 102, p. 1816) has been approved by the holders of record of over
200,000 shares, being considerably more than two-thirds o f tho total out
standing stock.”
In duo course steps will be taken to carry out the plan and to that end a
meeting of tho stockholders will be called at which the proxies received by
the committee in response to its circular letter will bo voted.
T o stockholders who have not as yet sent in a proxy, tho company says:
From the enclosed memorandum o f the stockholders’ committee you will
note the overwhelming approval given by the stockholders to the proposed
plan of capital readjustment. Although the assents received are far more
than tho required amount, it is hoped that the response will bo almost unani
mous, and accordingly your proxy is again solicited. (N. Y. office. Woolworth Bldg.)— V. 103, p. 244, 150.
U nited Wire & Supply Co., Providence.—
Stockholders, both common and preferred, of record July 14 have the
right to subscribe on or before Aug. 15 for 2,000 shares of senior preferred
6% stock at $100 per share, at the rate of one new share for every five shares
held by them. Subscriptions are payable at the office, 109 Summer St ,
Providence, as follows: $25 per share Aug. 15, $35 Oct. 15 and $40 Dec. 15
1916. Interest at 2 A % per annum will bo allowed on account of antici
pated payments for the second and third installments from installment
payment dates. Certificates for stock so subscribed for will not be issued
in exchange for subscription receipts until Jan. 27 1917, and such stock
will be entitled only to dividends declared subsequent to that date.
Tho whole of this issue of senior preferred stock has been underwritten.
Albert E. Stevens is Treasurer. Incorporated in Rhode Island Jan. 15
1902 as a merger of Standard Seamless Wire Co. of Pawtucket and Burdon
Wire & Supply Co. of Providence. Authorized share capital recently re
ported as $1,000,000 each of common 7% cum. pref. par $100. N o
bonds. Outstanding $500,000 com. and $500,000 pref., the latter, it is
said, alone receiving dividends (7% yearly).
V ictor Typew riting Mfg. Co., In c.— S ta tu s .—
See International Text Book Co. under “ Annual Reports” above.— V.
101, p. 1374.
V irginia W estern Power Co., C lifton Forge,V a.— P r e f .
S to ck O f f e r e d . — Davenport & C o ., Richmond, V a ., are offer
ing $150,000 6 % Cumulative Pref. Stock. Redeemable at 105
and int.
Virginia Trust C o ., Richmond, registrar. An
advortisoment shows:
^ ITe/erred S to c k .— Authorized and all outstanding (including this isue),
$300,000. Tho proceeds of this $150,000 stock will be used to pay floating
debt and to pay for a transmission line from Alderson to Hinton, W. Va.
Upon the completion of tnisline to Hinton, 6 months hance, the earnings,
after paying all fixed charges, aro conservatively estimated, basing the esti
mate on contracts already secured, at over four times tho amount necessary
for prof, dividends. Earnings applicable to dividends for tho 12 months
ending July 1 1916 were $45,869. or over 2 A times the annual dividond on
tho total authorized issue of pref. stock.
O p e r a ti o n s .— Company now operates a modern steam turbine plant at
Clifton Forgo, Va., a hydro-electric plant on James River, at Balcony Falls,
and 2 hydro-eloctric plants on North River, which furnish light and power,
under franchises running from 25 to 50 years, to tne following towns and
cities, and tho contiguous territory: Ronceverte and Alderson, W. Va., and
Buena Vista, Buchanan, Clifton Forge, Covington, Eagle Rock, Glasgow,
Lowisburg and Natural Bridge, Virginia.
In addition the company has a 10-year franchise in the town o f White
Sulphur, W. Va., and a 50-year franchise in Hinton, W . Va., to which latter
city tho transmission line is now being constructed.— V. 103, p. 417.
Warren Brothers Co., B o sto n .—R e p o r t f o r
C a l. Y e a r s .—
Tho profits for the cal. year 1915 were$452,597, against $427,602 in 1914
and $613,378 in 1913.
B A L A N C E S H E E T D E C . 31.
1914.
. Assets —
1915.
L iabilities —
1915.
1914.
Real estate.........
$92,168 First pref. stock..$2,000,000 $2,000,000
593,920
549,644 Second pref. stock 500,000
Plant & office fixt. 587,713
500.000
PatcntsAgood-wlll 2,000,000 3,000,000 Common stock... 2,000,000 2,000,000
Coll.notes.bds.,&c. 2,217.573 2,734,454 Funded debt*___
224,436
274,944
87,400 Notes payable*... 1,292,136 1,283,791
Treasury stock—
85,900
428,196 Accts. payable... 112,997
390,163
Cash..............
52.93T
Notes & accts. rec. 1,901,703 1,805,382 Dividends payable
37,462
37,439
Depreciation, Ac.,
Retained money &
city securities.. 169,350
77,228
reserve.............
365,795
478,773
Material & reserve
Surplus............... 1,162,477 1,365,603.
204,970
232,507
on contracts—
Prepaid accts., Ac.
16,474
14,045
1915.
1914.
L iabilities—
5
S
Preferred stock........ 977,000 977,000
Common stock____ 1,000,000 1,000,000
1st M. 5% bonds...
925,000 950,000
2d M. 6% bonds... 250,000
..........
Total...............$7,695,303 $7,993,487
Total...............$7,695,303 $7,993,487
Coll. 6% notes........ 200,000
................
Dills payable.......... 295,250 271,000
♦Includos accrued Interest.— V. 102, p. 1065.
Acer, hit., Ac.,taxes. .........
19,942
Accounts payable...
110,243 167,129
W estern S tates Gas & Elec. Co. (D el.).— I n i t i a l D i v .—
Profit and loss......... 133,541 121,660
An initial dividend of A of 1% has been declared on tho common stock,,
payable Aug. 15 to holders of record July 31.— V. 102, p. 1544.
Total ................ 3,891,034 3,506,731 Total ................ 3,891,034 3,506,731
W estfield (Mass.) M anufacturing Co.— I n i t i a l D iv id en d :..
A ssets —
$
5
Real est., bldgs., mach’y, pat. rts., Ac.2,864,664 2,849,407
eristoi Realty stock.
100,000 100,000
Accts. A bills recclv.
125,898 162,487
Merchandise on hand 106,345 65,691
law mater'l on hand
68,947 53,581
cf. stock in treas..
31,000 31,000
“"ondsAnotes in treas *564,000 220,000
30,180
24,565
“ ash on hand.........
♦Includes in 1915 1st M . 5% bonds in treasury, $212,000: 2d M . 6%
I bonds, $250,000, and collateral trust 6% notes, $102,000.— V. 101, p. 698.
Stewart-W arner Speedom eter Co.— P u r c h a s e .—
This company is said to have purchased the V. Ray Spark Plug Co. of
Marshalltown, Iowa, and will extend tho manufacture o f its products.—
V. 103, p. 417, 326.
Studebaker Corp.— Q u a r .
D iv . N o w 2 A %
R e g u l a r .—
A dividond o f 2'A °/0 has been declared on the $30,000,000 common stock
along with tho regular quarterly \
on the pref. stock, both payable
Sept. 1 to holders of record Aug. 21. In Dec .1915, March and Juno 1916,
1A % and 1% was paid.— V. 102, p. 894.
S tu tz Motor Car Co. of America.— L is te d . —
The Now York Curb Market Association has listed 750,000 shares of
stock of this company with no par value. Sherburno Prescott has been
elected a director to succeed Kenneth R. Howard. It Is stated that the
company has sufficient orders to keep its plants at capacity for tho first six
months of 1917.— V. 103, p. 149.
Taylor W harton Iron & Steel Co.— B o n d s
C a lle d . —
Nino 1st M . 6% o f $1,000 each and two o f $500 each have been called for
payment oil Sept. 1 at tho Equitable Trust Co. o f N. Y .— V. 103, p. 244,149.
Thomas A uto Truck Co., In c., N.
Y . — -N e w P r o je c t .—
The $150,000 common stock of this now enterprise having been placed
privately at par ($10 a share). J. J. Carew & Co., Now York, offered this
week at par the $100,000 7% cumulative pref. stock, pref. as to dividends
and assets, par $ 10. After 7 % on pref. and 10 % on common, any additional
dividends aro to bo shared equally by both. A circular reports:
Factory located at 639-641 West 5lst St., N. Y. City, covers 15,000
. ft. of floor space, with all necessary machinery o f most modern typo for
am bling parts, such as frames, motors, carburetors, &c., obtained from
—An initial dividend of 1 * A % has been declared on the*
$800,000 common stock, along with the regular quarterly
dividend of 1 % % on the 8400,000 pref. stock, both payable
Aug. 10 to holders of record of July 31. Authorized datar
This company was organized a year ago and purchased the Westfield
bicycle plant formerly owned by the Pope M fg. C o., always a profitable
plant in spito of tho difficulties o f the Pope company. The earnings for the
fiscal year ending Aug. 31 1916 are estimated to leave about $150,000 net
on tho $800,000 common stock, after payment of interest, preferred divi
dond and special depreciation.
During the present fiscal year the company has sold 60,000 bicycles,
tho previous record being 54,000. The company is well booked ahead for1917, and it purposes manufacturing a largely increased numbe- of bicycles.
Among tho directors are Otto J. Thomen, of Redmond & Co., N. Y .,
who aro the transfer agents; Stephen C. Millett, of Millett, Roe & Hagan;
and Charles II. Tenney, of Charles II. Tenney & Co.— V. 101, p. 928.
W orcester (Mass.) E lectric L ight Co.— N e w
S to c k .—
The stockholders will vote Aug. 30 on issuing 2,000 shares of stock at
$200 per share.— V. 99. p. 1758.
CURRENT NOTICE.
— Tho controlling interest of H. Prentiss Taylor in the bond house o f
II. 1*. Taylor Sz Co., of New York, Pittsburgh and Buffalo, has been pur
chased by a syndicate composed of the larger stockholders, and Mr. Taylor
has resigned as President and director in order to devote himself to his in
terests in tho East and M id-West. R. S. Suydam and Samuel A. Gilmore
have boon added to tho board of directors of II. P. Taylor & Co., the
business of which will be carried on, for the present, under the old name.
THE CHRONICLE
50 0
3khc
( T /o m i a e r c i a l
C O M M E R C IA L
jin x e s ,
E P IT O M E
F r id a y N i g h t , A u g . 4 1916.
Business is still active. All or most of the big industries
are busy. The fall trade is opening and shows signs of soon
becoming active. The foreign demand for iron and steel is
active and steel prices have again begun to advance. Europe’s
demand for munitions is a striking feature, and it looks as
though our exports of wheat this season would be large owing
to poor harvests in Europe. In fact, we have already ex
ported about 42,000,000 bushels of wheat as against only
16,800,000 bushels thus far last year. Cotton has advanced
sharply. The world’s consumption of cotton in the season
just ended is said to have been the largest on record. Lumber
is in better demand after a lull. Ocean freights are far more
reasonable than they were a year ago. Failures are fewer
and collections good. On the other hand, reports are per
sistent of damage by rust to the spring-wheat crop and thoy
have caused a sharp advance. H ot, dry weather has been
complained of in parts of the corn belt. Also continued rains
in the Eastern section of the cotton belt, and hot, dry weather
in Texas are said to have damaged cotton. The hot weather
has caused a reduction in the output of pig iron. A local
strike on trolley lines is not a reassuring incident. Still,
the general situation in American business is regarded as
promising.
[Vo l . 1C
was a decreaso in completions of 96 and of 57,804 barr
now oil. Prices of petroleum have sharply declined. Clo;
prices were as follows:
North Lima______ 81 58 Illinois, above 30
Uogroes________ $J
South Lima________1 58
Indiana_________ 1 58 Kansas and Okla
homa _________
Princoton________ 1 62
Somerset, 32 d e g .. 175 Caddo La, light..
Ragland_________ 70c.
Pennsylvania dark $2 40
Caboll___________ 1 92
Mercer black_____1 90
Now Castle______1 90
Corning.............. .. 190
W ooster_________ 1 80
TO B A C C O has been quiet but firm, with both bir
and filler in small supply. Packers have beon buying
Connecticut at high prices. In New England the weal
has been excellent for the crop which is looking well.
Pennsylvania the crop looks good, except that it is b.
ward. In Kentucky it is very promising. In Ohio
Government report.says the crop is unfavorably affected
continued dry, hot weather and the prospects aro only fai
Wisconsin also needs rain. Sumatra, though costly th:
season, is in steady demand. Cuban leaf is in fair denu
and steady.
C O P P E R firm with more demand; Europe is said to bo
the market. Lake here on the spot 2 6 % @ 2 7 c .; electroh
2 6 % @ 2 7 c .; for future delivery 2 6 % @ 2 7 c . Tin quiet o. »the spot at 3 8 % @ 3 8 % c .; arrivals, 687 tons; afloat, 3,230 tons
Spelter quiet on the spot at 1 0 % c . On Aug. 2 75 tons, or
150,000 lbs., were sold “ under the rule” for immediate ship
ment from the W est at 8 % c ., East St. Louis. Liverpool
on that day fell £5 to £10, the latter for prompt delivery.
Lead held higher, but quiot on the spot at 6.35c.
Liverpool
firmer; later
dull
and
lower
at
6c.
STOCKS OF M ERCHANDISE IN NEW YORK.
Pig iron quiet for homo consumption, but thoro is some
A u g . I ’ 16. J u ly 1 ’ 16. A u g . I '1.5.
019,682 European demand for N o. 2 Southern to substitute for
bags. ---------938,700 ------------Coffee, Brazil________
1,236,283
N o. 2 Northern, $19 7 5 @ $ 2 0 25;
Coffee, Java______________________ mats. 28,38i
79.892 Scotch or English iron.
39,296
472,780 N o . 2 Southern, $ 1 4 @ $ 1 4 50, Birmingham. Bessemer bill
Coffee, other................................... ..b a g s . 596,880
785,372
Sugar...............
hhds.
95,735
97,760
120,496 ots are up to $43.
Steel is in good demand from Europo and
Hides ____________
N o.
15,000
16.300
77,400
Cotton .................................
bales. 105,504
220,829 domostic consumers aro also showing moro interest in the
159,474
Manila hemp_________
bales.
2,500
3,870
518 market after holding off for some time in expectation of lower
Flour ______________________
.b b ls.
58,300
50,000
54.300
L A R D quiet; prime Western, 13.20c. nominal; refined prices. Steel bars aro up $2 a ton, and it is said that a fu
to the Continent, 13.90c.; South America, 14.15c.; Brazil, ther advance in wire products and platos is impending
15.15c. Futures have been irregular, declining slightly and Large purchases aro reported of steel rounds, blooms, and
then rallying. Receipts of hogs liavo been large, however, forgings by domestic munition manufacturers who have largo
and at times prices have declined, while speculation has beon contracts for finished shells, chiefly for Groat Britain.
Within a week 100,000 tons of roll steel liavo, it appears,
quiet. Still, there is some talk of a better cash trado in
been sold in New York. Ono estimate is that the new shell
meats and lard, partly on a foreign demand from relief
and shell forging contracts amount to $100,000,000. The
committees. To-day prices advanced.
mills count not only on large now buying by the Allies, but
D A ILY CLOSING PRICES OF LARD FUTURES IN CH ICAGO.
also on the probability of a largo world demand apart from
S a t.
M on.
T u es.
W ed.
T h u rs.
F ri.
12.70
12.55
12.72
12.90
Sept, dolivery_____ c t s .12.72 12.62
that for munitions. Steel bands liavo advanced to 2.60c.
October delivery______12.75
12.72
12.72
12.57
12.70
12.87
Pittsburgh; hoops to 3c. in many cases, though 2.75c. still
December delivery_________
12.32
12.30
12.30
12.37
12.57
P O R K in good demand; mess, $ 2 8 @ $ 2 8 50; clear, $25 50 quoted in some cases.
@ $ 2 7 50. Beef, mess, $ 1 8 @ $ 1 8 50; extra India mess,
$ 3 0 @ $ 3 1 . Cut meats firm; pickled hams, 10 to 20 lbs.,
C O TTO N
1 5 % @ 1 6 % c .; pickled bellies, 1 5 % @ l(5 c . Butter, creamery,
2 4 @ 3 1 c . Cheese, Stato, 1 3 @ 1 6 ^ c . Eggs, fresh, 18@ 3 2 c .
F r i d a y N i g h t , A u g . 4 1916.
T H E M O V E M E N T OF T H E C R O P , as indicated by ou
C O FFE E quiet; N o . 7 Rio, O ^ c .; N o . 4 Santos, 1 0 % @
10% c .; fair to good Cucuta, 1 1 % @ 1 1 % c . Futures have telegrams fi’om the South to-night, is givon below. For th
been irregular, advancing at one time and receding at another week ending this ovening the total receipts havo roadie
within rather narrow bounds. Primary receipts have been 54,154 bales, against 39,429 bales last week and 44,,4?
large and stocks have increased. Rio quotations have de bales the previous week, making the total receipts sine
clined. A t the present time speculation and spot trado are Aug. 1 1916 27,234 bales, against 17,154 bales for th
both sluggish. To-day futures closed 4 to 7 points higher, same period of 1915, showing an increase sinco Aug. 1 191i
of 10,070 bales.
with sales of only 1,000 bags for the day. Prices follow:
July___ cts - 8.94@8.96
A ugu st____ 8.38@8.40
S o p t ______ 8.43 @8.45
October____ 8.47@8.49
Novombor cts8.51 @ 8.53
December__ 8.55 @ 8 .56
January___ 8.61 @8.63
February__ 8.68@8.70
M a rch .. cts.8.74@8.76
A p ril_______ 8.79@ 8.8l
M a y ............. 8.84@8.86
J u n o _______ 8.89@8.91
S U G A R dull; centrifugal, 96-degrees test, 5.76c.; molasses,
89-degrees test, 4.98c.; granulated, 7 .4 5 @ 7 .65c. Futures
advanced at one time but reacted later only to wind up strong.
The demand for granulated has been disappointing. Phila
delphia refiners are said to have been depressing futures
here for effect on the raw markot. W all Street houses at
one time sold September very freely. The explosion at
Black Tom Island is said to have destroyed 35,000 tons of
sugar, increasing a provious shortage in stocks in the United
States of 109,729 tons as compared with last year. This
would cut down the total stock in this country to about
800,000 tons. The quantity afloat for the Unitod States,
however, is 117,000 tons, against 85,000 ton^ a year ago.
Exports of refined from four American ports up to July 26
were 394,344 tons, or 265,056 tons more than during the samo
time last year. Cuban receipts last week were stated at
14,688 tons; exports, 41,455 tons, and stocks, 519,569 tons;
centrals grinding in Cuba, 8. To-day futures advanced 18
to 28 points, with sales of no less than 27,850 tons. Heavy
rains were reported in Cuba and Cuban shippers have been
ignoring the recent decline in options here. Prices follow:
August., cts .4.75 @ 4 .80
S e p t ............4.80@4.81
October____ 4.79® 4.80
N ovom ber.. 4.68@4.70
December. cts4.55 @4.56
January____ 4.33@4.35
February___ 4.08@4.10
M arch_____ 4.11 @4.13
A p ril__ cts_4.14@4.16
M a y ----------- 4.18 @4.20
J u n o _______ 4.21 @4.23
July............... 4.24@4.26
O IL S.— Linseed firmer; City, raw, American seed, 71 „
72c.; C ity, boiled, American seed, 7 2 @ 7 3 c .; Calcutta, $1.
Lard, prime, $1 0 5 @ $ 1 10. Cocoanut, Cochin, 1 3 % @ 1 4 c .;
Ceylon, 1 3 % @ 1 3 % c . Corn, 7.61 @ 7 .75c. Palm, Lagos,
8 % @ 9 c . Cod, domestic, 5 9 @ 6 0 c . Cotton seed, winter,
9.50c.; summer white, 9.50c. Spirits of turpentine, 4 6 % c .
Strained rosin, common to good, $6 25.
P E T R O L E U M in fair demand; refined in barrels, $8 9 5 @
$9 95; bulk, $5 2 5 @ $ 6 25; cases, $11 5 0 @ $ 1 2 50. Naphtha,
73 to 76 degrees, in 100-gallon drums and over, 41 % c .
Gasoline, gas machine, steel, 37c.; 73 to 76 degrees, steel and
wood, 3 2 @ 3 5 c .; 68 to 70 degrees, 2 9 @ 3 2 c . In July there
S a t.
Galveston______
Texas City_____
Aran. Pass, &c__
New Orleans____
M o b ile .............
Pensacola______
Jacksonville, &c_
Savannah ______
Brunswick_____
Charleston_____
W ilm ington____
Norfolk-----------N ’port Nows,&c.
Now York______
B o sto n ________
Baltimore______
Philadelphia___
Totals this week.
F ri.
W ed.
M on.
T o ta l.
779
8,989
992
1,634
2,813
1,314
16,521
1,933
415
2,924
907
5,298
55
1,091
1,845
323
2,641
148
2,777
2,128
12, W
641
'■"304
702
1,610
518
732
2,500
275
323
156
384
6
682
1,846
799
757
: : : : : : ■ ■ '2 6 6
140
300
202
6,442. 20,478
3,4871
\
5,0
5,298
4",507;
2,500
66
2,743
4,OS'1
164
128
6,639
6,825 10,2831 54,154
The following shows the weok’s total rocoipts, the to * "1
since Aug. 1 1916 and the stocks to-night, compared » .
:
last year:
1915.
1916.
R e c e ip ts to
A u g . 4.
T h is
W eek .
S in c e A u g
1 1916.
T h is
W eek .
S tock .
S in c e A u g
1 1915.
Galveston_______
Texas City. ___
16,521
6,753
10,384
363
7,508
Now Orleans___
M ob ile____ ____
12,175
5,012
5,298
7,318
3,690
5.806
886
1,430
3,135
768
Savannah______
Brunswick______
Charleston______
Wilmington____
Norfolk_________
N ’port Nows, &c.
New York______
4,507
2,500
66
2,743
4,083
3,562
2,500
60
1,262
1,480
1,844
250
468
2,466
1,552
1,424
250
290
2,211
1,523
250
871
128
50
431
128
50
202
536
147
20
35
Totals________
64,154
27.234 26,384
17.164
1916.
1915
61,542
8,840
50
114,774
15,953
113,234
13,193
654
136,561
12,362
1,027
66,766
2,000
21,986
57,811
33,154
______
99,349
10,013
2,071
1,191
496,527
59,966
317
43,163
36,989
45,653
243,597
13,908
1,325
721,2^7
In order that comparison m ay bo mado with other yoa
we give below the totals at leading ports for six soasons:
12,175
R
N.
1 '
off
S< .
a';
B
i
1,792
136
354
1,009
2
'" 1 6 6
83
1,988
'" 9 1 9
45
1,056
727
464
6,547
2,365
112
800
54,154
26,384
5,891
16,639
9,579
20,305
27,234
17,164
5,891
18,521
11,222
25,841
" '2 2 4
" I
21
866
The oxports for the week onding this evening roach a total
of 69 760 halos, of which 32,263 wore to Groat Britain,
17 697 to France and 19,800 to othor destinations. E x
ports for the week and since Aug. 1 1916 aro as follows:
all
Week ending Aug. 4
Exported to—
D
Y,
2,222
2,743
4,083
66
.
17,537
1,226
53
881
86
1,844
250
468
2,466
1,552
4,507
2,500
V. 9 .'
3,806
1,443
957
10
2,069
56
765
886
5,012
1911.
1 1912.
8,894
1,644
10.384
363
5,806
16,521
1913.
1914.
1915.
1916.
Exports
from —
G a lv e s t o n ..
N e w O r le a n s
P e n s a c o la ..
C h a r le s to n
N o r fo lk
..
N ow Y ork
B o s t o n _____
B a lt im o r e ..
San F ran —
S e a t t l e _____
T acom a
-.
T o t a l -------T o ta l 1915
T o ta l 1914
Great
Britain. France.] Other.
6 ,9 8 0
1 2 ,4 1 6
5 ,2 9 8
4 ,3 2 6
2 ,7 9 0
1 ,0 0 3
450
3 ,9 5 0
700
7^304
'7 5 0
7 ,0 7 6
50
5 ,3 0 3
5 ,0 9 0
'8 2 9
3 ,6 7 2
2 ,7 7 3
II —
3 2 ,2 6 3
1 7 ,6 9 7
From Au g.
1916.
1 9 ,8 0 0
1 5 ,1 2 5
680
Total.
Great
Britain.
9 ,9 3 0
2 0 ,4 2 0
5 ,2 9 8
4 ,3 2 6
6 .0 5 3
1 4 ,9 5 6
1 .0 5 3
450
829
3 ,6 7 2
2 ,7 7 3
1 1 9 1 6 to Au g.
Exported to—
France.
Other.
4 1910.
Total.
3 ,9 5 0
3 ,9 5 0
—
’ 5~,2 9 8
"
2 ,7 9 0
4 ,4 1 9
ii.ii
6 9 ,7 6 0
8 ,0 8 8
5 2 ,0 6 2
2 ,6 6 0
4 ,5 8 3
680
4 ,4 1 9
’ 750
2 ,5 2 6
50
iiiiii
"
5" ,2 9 8
”
‘ 750
9 ,7 3 5
50
iiiiii
7 ,2 7 6
1 9 ,7 8 3
9 .1 6 C
1 ,9 8 0
1 3 ,7 4 3
2 ,6 6 0
thoy had much to do with driving in the shorts. On the
other hand, the weather of late has been somewhat better
east of the Mississippi and Texas has had some beneficial
rains. In parts of that State conditions are said to be good.
In Oklahoma, in spite of the drought the outlook for the
crop on the whole is said to be promising. On the uplands
of Alabama there has been some improvement especially
in the more northerly counties. In Mississippi prospects
to a certain extent improved. The crop is doing well in
some parts of Louisiana, and the same is true of Tennessee
and Arkansas, though some sections of both Arkansas and
Tennessee need rain. Still the general tone has been firm,
on the idea that the outlook points to only a moderate yield
in a season which may witness the ending of the war in
Europe, or at least give the trade a glimpse of the approach
ing end. Peace it is assumed would be a big bullish factor
in the cotton trade. To-day prices advanced early on
strong Liverpool cables and dry hot weather in the South
west, with good buying by the spot houses.
But later
a decline occurred owing to rumors of rains in Texas and
Oklahoma.
Spot cotton closed at 13.90c. for middling
uplands, showing an advance for the week of 60 points.
The official quotation for middling upland cotton in the
Now York market each day for the past week has been:
or) to Aua. 4—
Sat. Mon. T ues. Wed. T hurs. Fri.
13.20
13.35
13.45 13.85 13.90
M id d lin g u p la n d s ........................... 13.25
N E W Y O R K Q U O T A T IO N S F O R 32 Y E A R S .
The quotations for middling upland at New York on
6.12|
8.00
9.40 1907............. .1 3 .2 5 1899____ . . . 6.12)1891-.............
1906............. .1 0 .7 0 1898____ . . . 6 .0 6 1890_______ 12.25
- 8 .0 0 1889_______ 11.31
1913..............-1 2 .0 0 1905.......... - .1 0 .7 0 1897------7 .5 0 1888............. 11.00
1912------------- 12.90 1 9 0 4 ........... .1 0 .4 5 18 9 0 ------7.12 1887_______ 10.00
1911------------- 12.75 190 3............. .1 2 .7 5 189 5____
1910................ 15.45 1902............. - 8 .9 4 189 4------- . . . 6.9 4 1886----------- 9.50
1909................ 12.60 1901----------- . 8 .0 6 189 3------- - . - 7.8S 1885_______ 10.50
1915—
1 9 1 4 _________ _
M A R K E T A N D SA LES A T N E W Y O R K .
Kivo ( T t 'C f o l t o w i ,i amounts of cotton on shipboard, not
cloarod, at the ports named. W o add similar figures for
Now Y
o
r
k
|1908.C------- .1 0 .8 0 1 1 9 0 0 -C -. - . - 9 .5 0
1910-C.
Futures
Market
Closed.
Quiet, 5 pts. dec—
Steady, 5 pts. d e c ..
Steady, 15 pts. adv.
Quiet, 10 pts. a d v ..
Steady, 40 pts. adv.
Steady, 5 pts. a d v ..
Steady________
Steady________
E a s y _________
Strong________
Steady________
Steady________
On Shipboard, Not Cleared for
Aug. 4 at—•
New Orleans.Galveston-----Savannah -----Charleston M obilo------N orfolk----Now York----Other ports----
Great
Britain
8.181
5,873
1,400
b‘
Other
Coni't.
11,635
10,652
942
10,354
500
1,500
Total 1916— 27,808
10,361
Total 1915
5,0941
Total 1914.-
as.*
| GerFrance. many.
3,000
2,500,
3,442
7,1 2 9
124
25,287
100 30,862
6,465
Coast
wise.
Total.
236 20,994
3,780; 20,305
800, 2,200
380
10,354
380
6,000
1,500
5,196
4,582
61,733
53,034
4,222 14,763 30,068
Leaving
Stock.
93,780
41,237
64,566
21,986
5,599
32,774
93,349
81,503
Saturday—
Monday —
Tuesday —
WednesdayThursday . .
Friday_____
434 ,794
668 ,243
189,082
Speculation in cotton for futuro dolivory has boon more
active at a sharp advance, owing to bad crop nows,
lh e
Government roport on Aug. 1 put the condition at 7 2 . 6 ,
against 81.1 last month, 75 .4 last year, and a ten-year aver
age of 78.5. It added that this indicated a crop of 12,916,000
bales, allowing for an abandonment of 1 % of thei acreage
•mil nut,tine the viold per acre at 173.4 lbs.
I no roport
showed a loss for the month of 2 5 % in Alabama, 2 0 % in
S f s s i p p i 1 2 % in Georgia, 1 1 % in Florida, 9 % m South
Carolina, 7 % in Louisiana, 6 % in North Carolina, 4 % in
Arkansas and 3 % in Texas, with Oklahoma unchanged. It
was the lowost August roport with one exception in 46 years.
The exception was in 1909, when the August condition was
71 0
This roport cnuscd. an advanco on Aug. 1 fiom tlio
low point of the day of some 30 to 37 pomts. Shorts covered
freely
But towards the closo on that day there was a reac
tion as many thought that the Govern . out had put the
tnnlnw
The goneral expectation had boon for a
“ l dr T b e t w « n 75 and 77. But on the following
day the weekly Government weather roport proved to bo
too much for the bears. It contained so many bullish f u
tures that a wave of buying orders from shorts swept the
price up 30 to 35 points. This roport said that the plant is
shedding badly in parts of Alabama and South Carolina and
that sonio shedding is also noticed in Arkansas and Louisiana.
Tn Texas the lato planted cotton is beginning to deteriorate
from lack of rain. In other parts of Texas showery weather
increased the activities of boll weevil, and it also delayed
p i S g in the southern part of the State. In the northern
and western section of Texas ram is needed. In Okla
homa the drought was declared to bo serious. In Georgia
and
tho
been
too
wet
or
cloudy
G overrunent" statemen t added that the plant is weedy and
fruiting badly, needing sunny weather. In somo sections
of Alabama grass and weeds have takon possession of the
fields
In a word, tho Eastern bolt needs dry weather and
the Western belt rain. Meanwhile spot markets havo been
strong and advancing. Cotton goods have been firm with
increasing trado, print cloths being active. Liverpool
interests1aiuf spot houses have been buyers of October, De
cember and January as well as March. New Orleans and
tho South havo also bought, There has boon a somewhat
broador tondoncy to speculation. It is a fact, too, that the
prico of tho Now York Cotton Exchange memberships is risng. N ot vory long ago they woro in tho neighborhood of
S14 000 to 814,500, but during tho past week stiles havo boon
reported as high as $ 1 6 ,0 0 0
and it is said that
$16 250 is now bid. This is considered significant. W a l
dorf-Astoria interests havo taken hold of tho bull side and
SALES.
Spot Market
Closed.
. _______________ _
Contr 'cl
Spot.
"1 6 6
111
5° 1
1 1 1 H
-‘Vj|
I 1 1 ©O'
1 1 1 ©O'
m
promp
rocor- Receipts at—
low—
mad Galveston
duri ToxasOity.&c
Now Orleans
year
M obilo------D
Savannah __
Mai
AVhi Brunswick —
Co.
E Norfolk
Fifte N'port M
All othor
men
50 1
THE CHRONICLE
A 1 AUG. 5 1916.11
384
3,800
"284
Total.
3', 984
100
"1 6 6
4,184
T H E V IS IB L E SU PPL Y OF C O T T O N to-night, as made
up by cable and telegraph, is as follows. Foreign stocks,
as well as the afloat, aro this week’s returns, and consequently
all foreign figures aro brought down to Thursday evening.
But to make the total the comploto figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
Auoust 4—*
Stock at L iverpool---------- bales.
Stock at L ond on---------------------Stock at Manchester-----------------
Stock at Hamburg-
Stock at Trieste.
19161915.
661,000 1-414.000
33,000
19-999
38,000
89,000
1914.
874,000
5,000
1913.
702,000
5,000
36,000
732,000 1,543,000
* 1,000
* 1,000
*52,000
* 1,000
252,000
215,000
17,000
8 ,0 0 0
55,0 0
51,000
119,000 331,000
*2,0 0 0
* 1,000
947,000
743,000
17,000
172,000
116.000
3,000
17, 00
701,000
*700,000
Total Continental stocks---------. 405,000
68,000
11,000
18,000
354,000
Total European stocks.-----1 .1 3 7 ,0 0 0 2.244 000 1.647.000 1.097 000
121,000
96.000
75.000
India cotton afloat for Europe.. .
57,000
65,930
61,091
189,209
Amcr. cotton afloat for Europe._ 328,723
25,000
31.000
21.000
Egypt,Brazil,&c.,afloat for Eur’po
14.000
81.000
105.000
142.000
Stock in Alexandria, Egypt------- -19*999
757.000 726,000
Stock in Bombay, India-------------- 731,000 724.000
137,786
219,750
Stock in U. S. ports...................... £99*921 721,277
131,012
115,246
Stock in U. S. interior towns------ 329,168 467.001
2,058
480 ________
U. S. oxports to-day____________
1.906 ________ ________
Total visible supply_____- ____ 3,114,324 4,583,487 3,054,000 2,362,947
Of tho above, totals of American and other descriptions aro as follows:
502,000
612 ,0 0 0
Liverpool stock--------------- bales. 530,000 1,155,000
23,000
4 6 ,0 0 0
Manchester stock______________
34,000
72,000
309,000
*560 ,000
Continental stock............ - ........... *309,000 *563,000
61,091
65,9 3 0
189 ,209
American afloat for Europe------- 328,723
137,786
2 1 9 ,7 5 0
U. S. ports s t o c k s .......................... 496,527 721,277
131,012
115,246
467.001
u l S. in terior s t o c k s _______________ 3 2 9 ,1 6 8
2,058
•
480 ________
U. S. exports to-<lay------------------1.906 ________ _ ________
Total American________________________2,029,324 3,167.487 1,617,4061,165,947
Hast Indian, Brazil, & c.—
Liverpool stock------------------------London stock__________________
Manchester stock---------------------Continental stock---------------------India afloat for Europe-------------Egypt, Brazil, & c., afloat---------Stock in Alexandria, Egypt------Stock in Bombay, India------------
131.000 259.000 262,000
5,000
40.000
33,000
22,000
17.000
4,000
*®§*999 *138,000 *140,000
121,000
75.000
57,000
25,000
21.000
U*999
105.000
142.000
19,000
724.000 757.000
i31,000
200,000
5,000
13.000
45.000
96.000
31.000
81.000
726.000
Total East India, & c ................1,085,000 1,416,000 1,437,000 1,197,000
Total A m e r ic a n ..-.- II ..........2:029,824 3,167,487 1,617,406 1.165.947
___ 3,114.324 4,583.487 3,054,406 2,362,947
Total visible supply----6 .4 3 d .
6.50d.
5.53d.
8.57d.
Middling Upland, Liverpool----1 2 .0 0 c.
9.45c.
13.90c.
Middling Upland, New Y ork .. .
9.8 5 d .
"8.90cL
8 .00 d.
Egypt, Good Brown, Liverpool. . 12.58d.
8 .8 5 d .
Nom.
Peruvian, Iiough Good, Liverpool 13.75d. 10.90d.
5Md. 6 l-1 6 d .
5.25d.
8.30d.
Broach, Kino, Liverpool............ 6Hd.
5.37d. 5 ll-16d.
8.32d.
Tinnovelly, Good, Liverpool-----♦Estimated.
Continental imports for past week havo boen 44,000 bales.
Tho above figures for 1916 show a decrease from last week
of 121,486 bales, a loss of 1,469,163 balosfrom 1915, an increase
of 59,918 bales over 1914 and a gain of 751,377 bales over
1913.
502
THE CHRONICLE
vr ' v ~ 7 ' 7 J ' . J ^ 0 highest, lowest aDd closing pricos at
New York for the past weok have been as follows
Saturday, M on d a y
July 29. July S I .
August —
R a n g e _____
C lo s in g ____
September —
R a n g e _____
C lo s in g ____
October—
R a n g e _____
C lo s in g ____
N ovem ber —■
R a n g e _____
C lo s in g ____
D ecem ber —
R a n g e _____
C lo s in g ____
January
.
T uesday, W ed ’ day, Thursd'y,
A u g . 1. A u g . 2. A u g . 3.
Friday,
A u g . 4.
A
W eek.
n
13.02 — 12.95-.22 13.14-.40 13.51-.70 13.74-.85 12.95-.85
13.06-.08 13.06 — 13.15-.17 13.46-.48 13.70-.72 13.64-.66
,13.16 —
13.40 — 13.68-.69 13.92 — 13.16-.92
13.18-.20 13.15-.16 13.25-.26 13.57-.59 13.80-.82 13.73-.75
13.20-.29 13.18-.30 13.10-.45 13.30-.64 13.65-.98 13.77-.05
13.24-.25 13.20-.21 13.30-.31 13.62-.64 13.86-.87 13.79-.81 13.10-.05
1916------—
W e ek .
. 5 4 ,1 5 4
. 13,733
S in c e
A u g . l.
13.31 — jl3.28
13.68 — jl3.66 — 13.77-.79 14.09-.il 14.38 — 14.28 —
~13.73-.78 13.65-.93 13.84-.16
14.39-.59
13.77-.79 13.74-.75 13.84-.85 14.14-.16 14.22-.50
14.44-.46 14.38-.39
77,000
144,887
*27,559
84,196
Z24.566
10,0,270
*14,579
117,328
detail1below 1? PGn° d ° f th° previous year— is set out in
M ovem ent to A u g .
4 1916.
Receipts.
IVeek.
, Shlp! m eats.
Season. 1 W eek.
|
M ovem ent to
:
W eek.
2
27
19:
| Season.
Stocks
Aug.
6.
W eek.
85,691
—
4,576
..........
4,178
15295
1,295
___ I
9,4CsJ
650
Tho above totals show that tho intorior stocks havo d e
c r e a s e d during the week 27,559 bales-and are to-night 137 833
bales less than at the samo time last year. Tho rocoints at
all towns have been 20,861 bales more than the sam eweek
last year.
STNPFRA
TT‘T a Di M S y E M E N T FO R T H E W E E K A N D
bliNUlb A U (r. 1 — W e give bolow a statement showing the
overland movement for tho week and sinco Aug. 1, as made
up from telegraphic rep9rtsFriday night. Tho results for tho
week and since Aug. 1 in the last two yoars aro as follows:
1916----
4
Vr 679
Vno
' ''
' *>• *J10*»**<*
__________
Via other routes, &c________ H I
Total gross overland..
--18,987
Overland to N. Y ., Boston, &c..- 1,249
D e d u c t S h ip m e n ts —
6,162
Total to be deducted_________8,254
Leaving total net overland*_______10,733
-10,733
* Including movement by rail to Canada.
S in c e
A u g . 1.
2,275
302
1915-------W eek .
4,409
451
S in c e
A u g . 1.
4,059
451
150
800
875
5,248
148
310
1,846
4,217
148
280
1.593
3,182
9,650
11,381
9,713
609
624
5,455
935
268
1,292
55
214
1,277
6,688
2,495
1,546
2,962
8,886
8,167
The foregoing shows tho week’s net ovorland movement
has boon 10,733 halos, against 8,880 bales fortho w X S t
■*70,155
—
9,9o0
z Less than Aug. l.
12,448
10,512
1912
M A R K P t £ 10
c o to
2
. t rw
NEW
Aug. 9 .........: . : : :: : : : 9 8 , i 7 4
R M /,D D U N G COTTON A T OTHER
i B ° OW a i ° t !l ° c lo s fnS q u o ta tio n s o f m id d lin g
h L y „?°,he C k
Galveston_____
New Orleans__
M obilo________
Savannah__ IT
Charleston........
Wilmington___
N orfolk_______
Baltimore_____
Philadelphia .
Augusta_______
M em p h is..___
St. Louis___
Houston______
C
>
d SiF °
n n i*°
M M k
Pn° elp“ 1 Cotton
f°>-
C lo s in g Q u o ta tio n s f o r M id d li n g C o tto n o n —
S a tu rd a y. M o n d a y .
13.70
13.13
13.00
13.00
12M
12j|
13.25
13 %
13.50
12.94
13.25
13 R
13.55
13.38
!13.70
113. 3
13.00
13.00
12J£
125-6
13.25
13yi
13.45
12.94
13.25
13 'A
13.55
13.38
T u es d a y . W e d ’ d a y . T h u r sd 'y .
13.75
13.13
13.00
13.00
13
12 V s
13.25
13 H
13.60
13.00
13.37
13355
13.38
13.90
13.25
13.00
13.00
13
13
13.25
13M
13.70
13.00
13.37
13 K
13.90
13.38
14.00
13.50
13.25
1356
1356
1356
13.63
1356
14.10
13.38
13.50
1356
14.10
13.38
F r id a y
14.00
13.50
13.25
1356
il.?5
1356
14.15
13.38
13.50
1356
14.05
13.63
O R L E A N S C O N T R A C T M A R K E T .— The high-
1
f
650 4,770
826 52,182
S a lu 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, I F r id a y ,
272 20,059
J u ly 29. J u ly 31. A u g . 1. A u g . 2.
A u g . 3. I A u g . 4.
124
965 301
478 9,038 /
485 7,371
Range____
12.9S-.03 12.93-.95 12.89-.06 13.07-.29
47
13.60 —
917 7,868
Closing___
12.99-.01 12.92-.94 13.05-.07 13.27-.29 13.35-.64
75
13.55-.57, 13.52 —
750 8,587 S 'p lem b er —499
231 6,513
Range____
12.91-.12 13.13-.20
1,233
— — '13.68 —
08,521
Closing___
13.05-.07 12.99.01
13.12-.14
13.37-.39 13.67-. 69,13.54-. 56
51
52 26,487 O S ob er —•
136
575 4,316
Ranjjo____
13.04-.10 12.99- .05 12.94-. 19 13.10-.14 13.46-.83
122
13.60-.68
250 4,027
Closing___
13.06-.07 13.00-.01 13.13-.14 13.40-.41 13.70-.71j 13.62-.64
1,168
29,379 D ccem b er —
—
195 2,729
Range____
13.20-.26
13.10-.26
13.10-.35
13.27-.63
____
—
13.80-.08
217 4,349
Closing___
13.23-. 24 13.17-.18 13.30-.31 13.59-. 60 13.65-.07
32
13.90-.91 13.82-.83
32 ___ 3,032 J( in u a r y —
I
64
64
457 11,086
Rango_____
13.30-.36 13.26.33
13.19-.45
13.38-.73
1
13.76-.
16
1
72 3,026
13.90. 17
Closing___
13.33-.34 13.27.28
13.40-.41
13.69-. 70 14.00-.01 13.91323 4,173 A ra rch —
.93
_______
125 3,766
Ranjjo____
13.4S-.50 13.44.47
13.39-.64
13.56-.85
1,736
13.93-.29
1,706 4,409 15,171
14.07.33
Closing___
13.50-.52 13.45.46
13.57-.58
13.85-.86 14.19-.20 14.08939
939
911 10,195 Al a y —
. 10
19
19
100
Ran^e____
107
13.72
—
951
951 1,156 16,171
, ; ------- 14.46 —
Closing__
13.65-.67 13.59-.60 13.72-.74 14.02-.04 ,14.33-.35
14.23-.25
___
T'on
l e—
2
2
98
567
Spot______
S toady Stoady
Stoady
Stoady
Firm
Firm
O
ptions___
Steady
S
toady
Stoady
Firm Very st’yl Stoady
2
2
33
690
895
895 1,630 8,650
—
- ------4,992
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 .— Reports
939
741 4,450 76,015 t f
—
'
1)y telegraph from the Soutli this ovening indicato that
—
385
32
32
35
724 Ol
• whole the weather has been moro favorable during
134
134
86! L344 t}
r
p
A
"
i
owns la m e nas ncen
T f^otheT t a b le s .neceS3ary the revl3lon o f the V isib le S u p p ly T a b le and a n u m b er
Via St. L o u is .........................
Via Mounds, &c________
Via Rock Island___
80,331
210,176
21
27
192
(
301
]
47
75
49(
975
51
13£
122
1,168
"5Iij 2*048
15,740 __14,856 30,319 467,001
ex ten d ed b y tho a d d ition o f 8 towns
Total, 41 towns 36,601
17,164
8,167
55,000
Movement into sight in previous yeai’s:
6 1915.
Ship-
100
jo
A la ., E u fa u la ..
3
M o n tg o m e r y ..
4,291
7
S e lm a ...............
4,009
7
A r k ., H e le n a ..
41
2:
L ittle R o c k . .
169
120
867
1
P in e B luff . . .
394
G a ., A l b a n y . . .
3!
31
3
2!
A t h e n s ---------100
100
350
A t l a n t a ...........
4 ,477
3,0 0 0
A u g u s t a ..........
825
548!
C olu m b u s-----65
60
M a c o n _______
17
151
546
R o m o ...............
24
20
550
L a ., Sh rev ep ort
349
300
1,376
M iss.,C olu m bu s
____
_____
291
G r e e n v ille
____ | "
G re e n w o o d ___
123
100
413
M e r id ia n ____
719
258 1,526
N a t c h e z _____
____
795
V i c k s b u r g ___
____
6
Y a z o o C i t y ....................
15
M o . , S t. L o u is .
6,713
1,410 7,679
N.
C .,G r ’n sb oro 620 600
1,770
R a le ig h _______
76
70
100
O.
, C in cin n a ti. 6,863
5,000 4,785 16,058
O k la ., A rd m ore
____
229
C h lc k a s h a ___
34
*306 2,470
H u g o ________
____
___
O k l a h o m a ___
2
116 2,017
S .C .,G r e e n v ille
451
1,256 7,994
G re e n w o o d ___;
____
_______
3,774
T e n n .,M em p h is
4,271
2,4 1 7
l",17G 55,667
N a s h v ille ........................
1,025
T e x ., A b ile n e ..
____
136
B r e n h a m ........................
625
C la rk sv ille.......................
D a lla s ________
____
6',705
H oney G rov e.
............................
H o u s t o n .......... 10,472
8,981 18,677 19,505
P a r is _________
____
_______
-----1 150
San A n t o n i o ..
72
70
-----;
81
Aug.
R eceipts.
S in c e
A u g . 1.
W eek .
26,384
8,886
65,000
ioiTa' kT
„
B a les. . S in c e A u g . 1—
1qi n
I ............................ 61,8(55 1914—Aug 7 . .
191 3 —Aug. 8 . . . : : ; .........—
'^
Ug’
n
.................
66,059
1Ql91912—Aug. 9 .................
61,709
W e e k e n d in g
A u g . 4.
A I -THE IN T E R IO R T O W N S the movement— that is
tho receipts for the weok and sinco Aug. 1, the shipments for
the week and tho stocks to-night, and the same items for the
Tow ns.
♦Decrease during the week,
----------19 15-----------
27,234
2,962
51,000
Nor. spinners’ takings to Aug. 4 . 22,395
14.56 —
13.79-.8l! 13.76-.78 13.86-.89 14.16 — 14.46-.49 14.40-.42
14.00-.01 xo.jo
13.98- ,00| 14.30-.40 14.55-.63
___________________
13.92-.94U4.22
14.51-.53 14.45-.47
A ug.
S h ip p e d
I n S ig h t a n d S p in n e r s ’
T a k in g s.
,p “ ' 7
uuring w
Total in sight Aug. 4 ____
13.38
13.70 — 13.95 — 13.88 —
13.39-.48 13.38-.48 13.28-.65 13.49-.83 13.86-.23 13.97-.27 13.28-.27
13.43-.41 13.39 — 13.50-.51 13.82-.83 14.08-.10 13.99-.00
Range........'13.45-.53 13.43-.50 13.34-.67 13.54-.90 13.94-.29 14.05-.35
13.34-.35
C lo s in g ___ 13.48-.49:i3.45 — 13.56-.57 13.89-.91
14.15-.I6 14.07-.08
February —•
!_______
R a n g e _____ 13.56.57
13.56-.57
C lo s in g ____ 13.57.59jl3.53-.54
13.64.65
13.97-.99
14.23-.25 14.15-.17
M arch —
R a n g e _____ 13.59-.6S13.57-.60 13.47-.79 13.70-.02
14.08-.40 14.21.45
13.47-.45
C lo s in g ____ 13.62-.63jl3.59-.Go 13.70-.72
14.02-.04 14.31-.32 14.21.23
A p ril —
R a n g e _____
C lo s in g ____
M a y —■
R a n g e ..........
C lo s in g ____
June —
R a n g e _____
C lo s in g ____
July —
R a n g e _____
C lo s in g ____
,
Receipts at ports to Aug. 4
Net overland to Aug. 4 . .
Southern consumption to Aug.
tho aggregate not 0 ™ -
eek. In somo portions of tho Southwest, however,
re is beginning to bo neoded.
G a lv es to n , T e x . — Rainy weather prevailed in tho southern
ortion of tho State during tho first few days of tho week
PC
Lit little precipitation was recorded in tho northern and
estern portions. The plant is in a satisfactory condition
but moisture will bo neoded in tho lattor section shortly
Weevils are reported to be active in those parts of the State
where precipitation has boon oxcessivo. There lias been rain
on three days during tho week, tho precipitation being two
inches and six hundredths. Tho thorinomotor has averaged
84, the highest being 92 and tho lowest 70.
A b i l e n e , T e x .— There has been rain on ono day during tho
week tho rainfall being two hundredths of an inch
Tho
thermometer has averaged 82, ranging from 08 to 96.
B ren h a m , T ex .
Rain has fallen on threo days of tho weok
rm Precipitation being ono inch and twolvo hundredths'.
1 lie thermometer has ranged from 72 to 94, averaging 83.
L n e r o , T e x . — It has rained on two days during tho week,
tho rainfall reaching seventy-four hundredths of an inch.
Averago thermometer 84, highest 98 and lowest 70.
F o r t W o r t h , T e x .— -The week’s rainfall has boon thirty-two
hundredths of an inch on threo days. Tho thermometer has
averaged 80, tho highest being 102 and tho lowest 70.
H u n t s v il le , T e x .— I t has rained heavily on ono day during
tho week, tho precipitation being two inches and forty-four
hundredths. Thermometer has averagod 82, ranging from
70 to 94.
.
H e n r i e t t a , T e x . — W e havo had rain on ono day during the
week, tho rainfall reaching four hundredths of an inch. ^Tlie
thermometer has ranged from 70 to 106, averaging 88.
K e r r v i l l e , T e x .— I t has rained on two days during tho week,
the ramlall reaching ono inch and twelve hundredths
Aver
age thermometor 77, highest 92, lowest 02.
L a m p a s a s , T e x . — Thero has been light rain on two days
during tho weok, tho precipitation being thirty-two lainrn
A ug . 5 1916.]
THE CHRONICLE
dredths of an inch. Tho thermometer has averaged 84, the
highest being 100 and tho lowest 68.
L o n g v ie w , T e x . — There has been rain on two days during
the week, the rainfall reaching sixty hundredths of an inch
The thermometer has averaged 86, ranging from 72 to 100.
L u l i n g , T e x . — It has rained on four days of tho week, the
rainfall reaching thirty-threo hundredths of an inch. Tho
thermometer has ranged from 70 to 98, averaging 84.
N a c o g d o c h e s , T e x . — W o havo had rain on two days tho past
week, the rainfall being fifty-six hundredths of an inch
Average thermometer 85, highest 98, lowest 72.
P a l e s t in e , T e x . —-There has been rain on three days during
tho week, the precipitation boing sixty-fivo hundredths of an
inch. Tho thermometer has averaged 82, tho highest being
96 and tho lowest 68.
P a r i s , T e x . — It has rained on two days during the week
tho precipitation being thirty-two hundredths of an inch’
Tho thermometer has averaged 87, ranging from 70 to 104!
S a n A n t o n i o , T e x . — It has rained on one day during the
week, the rainfall reaching sixty-four hundredths of an inch
The thermometer has ranged from 72 to 94, averaging 83.
T a y lo r , T e x . — It has rained on ono day during tho week
the rainfall reaching eighty-six hundredths of an inch!
Minimum thermometer 72.
W e a t h e r f o r d , T e x . — Thore has been rain on three days dur
ing the week, tho precipitation boing fifty hundredths of an
inch. I h e thermometer has averaged 85, tho highest being
100 and tho lowest 70.
A r d m o r e , O k la . — Thero has been no rain during tho week
Tho thermometer has averaged 86, ranging from 68 to 104.
M a r l o w , O k la . — W e have had no rain during the week.
Tho thermometer has ranged from 66 to 101, averaging 84.
M u s k o g e e , O k l a — It has rained on ono day during the week,
tho rainfall reaching ono inch and fifty-two hundredths
Average thermometer 85, highest 104 and lowest 67.
E ld o r a d o , A r k . — W o havo had rain on two days of tho week,
tho precipitation reaching ono inch and thirty-seven hun
dredths. The thermometer has avoragod 84, the highest
boing 97 and tho lowest 71.
F o rt S m ith , A r k . — Thero has been no rain during the week.
Tho thermometer has averaged 87, ranging from 74 to 100.
L ittle R o c k , A r k . — W o havo had rain on three days during
tho week, the rainfall reaching sevonty-nino hundredths o
an inch. Tho thermomoter has ranged from 73 to 96, aver
aging 85.
A l e x a n d r ia ,' L a .
Rain has fallen on ono day during the
week, the rainfall reaching thirty-threo hundredths of an
inch. Average thermomoter 84, highest 97, lowest 71.
N e w O r le a n s , L a . — W o havo had rain on three days of tho
week, the precipitation reaching forty-four hundredths of
an inch.
Ih e thermomoter has averagod 84, tho highest
being 92 and tho lowest 75.
S h r e v e p o r t, L a — W o have had rain on threo days of tho
past week, the rainfall being two inclios and fivo hundredths
The thermometer has averaged 83, ranging from 70 to 96.
C o lu m b u s , M i s s . —-Rain has fallon on ono day of tho week,
tho precipitation being twonty-fivo hundredths of an inch.
The thermometer has ranged from 71 to 96, averaging 84.
G r e e n w o o d , M i s s . — Rain has fallon on two days during the
week, the rainfall reaching sixty-ono hundredths of an inch
Average thermometer 83, highost 95, lowost 71.
V ic k s b u r g , M i s s . — W o have had rain on threo days of the
weok, the rainfall reaching twenty-two hundredths of an
inch. The thermometer has averagod 83, tho highest being
94 and the lowest 72.
M o b i l e , A l a . — Conditions are unfavorable.
There has
been rain on three days during the week, the rainfall boing
twenty-six hundredths of an inch. Tho thermometer has
averaged 87, ranging from 74 to 94.
,
M o n t g o m e r y , A l a . — W o havo had rain on three days during
tho week, the rainfall reaching ono inch and fifteen hun
dredths.
S e lm a , A l a . — It has rained on two days during tho weok
to an inappreciable extent. Avorago thermomoter 80, highest
C h a r lo tte
503
N . C .— There has been rain on three days dur
ing the week to the extent of six hundredths of an inch.
The thermometer has averaged 76 ranging from 63 to 90. "
G o ld s b o r o N . C .—f There has been rain on three days during
the week the precipitation being one inch and ninety-one
hundredths. The thermometer has ranged from 64 to 91
averaging 78.
’
W e l d o n N . C .— W e have had rain on three days during the
past week to the extent of sixty-three hundredths of an inch
Average thermomoter 76 highest 89 lowest 62.
D yersb u rg
T en n .
Tho week’s rainfall has been twentyfive hundredths of an inch on one day. The thermometer
has averaged 83, tho highest being 96 and lowest 70.
M e m p h is T en n .
W e have had rain on three days during
the week, the rainfall reaching forty-seven hundredths of an
inch. 1 he thermometer has ranged from 73 to 95, averaging
84.
T H E A G R IC U L T U R A L D E P A R T M E N T ’S A U G U S T
Tk® following statement, showing the condition
of cotton on July 25, was issued by the Department of Agri
culture on Aug. 1:
b
The Crop Reporting Board of the Bureau of Crop Estimates of thpTTnitnri
States Department of Agriculture estimates, from the reports of t ^ cor^
respondent8 and agents of the Bureau, that tho condition o f cotton on July 25
was 72.3% of a normal as compared with 81.1% on June 25 75 4 % a vear
ago, 76.4% two years ago and 78.5% .the average of July 25 of the past
ten years. Comparison of conditions by States follows:
------ J u ly 2 5 ----.
T en -y ea r
S tate —
J u ly 25.
J u n e2 o.
1914
1915.
A v era ge.
Virginia_____________87
79
89
North Carolina______ 70
76
78
86
89
South Carolina_____05
74
72
79
77
G eorgia------------------- 68
80
70
82
78
Florida______________02
83
78
86
81
Alabama____________ 54
79
71
81
78
M ississippi_________ 05
85
76
79
77
Louisiana___________ 77
84
75
76
76
Texas_______________ 78
81
70
71
79
Arkansas___________ 85
89
80
72
80
Tennessee__________ 82
84
85
73
82
Missouri____________ 80
74
83
73
82
Oklahoma__________ 84
84
69
75
79
California_________ 100
100
96
100
*99
United States..
72.3
81.1
75.4
76.4
78.5
*Six-year average.
The following shows the condition on July 25 for a series
of years:
Y ear.
1916.
1915.
1914.
1913.
1912.
1911.
1910.
C o n d itio n .
72.3
.75.4
.76.4
.79.6
.76.5
.89.1
.75.5
Y ear.
C o n d it io n .
1909. . . ------- 71.9
1908. ---------83.0
1907. --------- 75.0
1906. ...........82.9
1905. --------- 74.9
1904. ---------91.6
1903.. ...........79.7
Y ear.
C o n d it io n .
1902— ______81.9
1901.. ...........77.2
1900.. ...........76.0
1899.. ______84.6
1898.. ______91.2
1897.. ...........86.9
1896-. ...........80.1
Y ear.
1895..
1894..
1893..
1892..
1891..
1890..
C o n d it io n .
---------77.9
...........91.8
---------80.4
---------82.3
---------88.9
.......... 89.5
C O T T O N C R O P C I R C U L A R .-O u r Annual C~otton Crop
Itoview will be ready in circular form about Thursday,
Aug. 24. Parties desiring tho circular in quantities, with
their business card printed thoreon, should send in their
orders as soon as possible to securo early dolivery. Publi
cation of this annual roviow has been deferred this year to
a somewhat later date (after the close of the cotton season)
than has been our usual practice, in order to afford more
time tor the investigation of the situation abroad.
W O R L D ’s SU P P L Y A N D T A K IN G S OF C O T T O N —
Ih e following brief but comprehensive statement indicates
at a glance the world s supply of cotton for tho week and
since Aug. 1 for tho last two seasons, from all sources from
winch statistics are obtainable; also tho takings, or amounts
gone out of sight, for tho like period.
C o t t o n T a k in g s .
W eek an d S eason .
1916.
W eek .
S eason .
1915.
W eek .
S eason .
Visible supply July 28 .
3.235,810
4,703,651
Visible supply Aug. 1 __
3,198,251
4,664,410
American in sight to Aug .’ 4
1*17*328
59,630
85*6§i
70.155
Bombay receipts to Aug. 3
525,000
10,000
13.000
10,000
Other India shipm’ts to Aug *3"
54.000
1,000
18.000
7,000
Alexandria receipts to Aug. 2 "
51.000
1,000
Other supply to Aug. 2 *___
53.000
1,000
3,000
2,000
Total supply______
3,386,138 3,269,881 4,824,342 4,753,565
D ed u c t —
Visible supply Aug. 4 .
3,114,324 3,114,324 4,583,487 4,583,487
Total takings to Aug. 4 a
271,814
155.557 240.855
170.078
Of which American
219,810
118.557 209.855
157.078
Of which other.
52,000
37,000
31.000
13.000
*
receipts in Europe from Brazil, Smyrna, West Indies &c
77 °nnn
e/ nbr1anc“ tho V)tal estimated consumption by Southern mills
77,000. bales in 1916 and 55,000 bales in 1915—takings not being
A l b a n y , G a . — Thero has boon rain on threo days during the
weok, the precipitation being thirty-one hundredths of an
inch. The thermometer has averagod 83, tho highest h o
ing 93 and tho lowest 72.
^ csc 00'
A u g u s t a , G a . — It has rainod on threo days during tho weok
tho precipitation being thirty-two hundredths of an inch’
Thermometer has avoragod 86, ranging from 70 to 92.
'
S a v a n n a h , G a .— It has rained on two (lays during tho weok
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
tho rainfa'l reaching ninoty-fivo hundredths of an inch. The
A l e x a n d r i a , E g y p t.
1915-16.
thermometer has ranged from 71 to 88, averaging 80.
1914-15.
1913-14.
\
J u ly 12.
, M a d i s o n , F la .— It has rainod on ono day during tho week
I
R
e
c
e
ip
ts
(cantars)—•
tho rainfall reaching eighteen hundredths of an inch. Aver 1 This week..
1,868
9,652
2,500
age thermometer 87, highest 91 and lowest 73.
Since Aug. 1 .
4,606,633
6,332,923
7,635,396
T a lla h a s s e e , F la . — Tho week’s rainfall has beon olovon hun
dredths of an inch, on two days. Tho thermomoter has aver
S in c e
S in c e
S in c e
I E x p o r ts (bales)—
aged 80, the highest boing 90 and tho lowest 70.
W e e k . A u g . 1 . W e ek . A u g . 1 . W e e k . A u g . 1.
C h a r le s to n , S. C . — W e havo had rain on two days during
To Liverpool___________ 2,7311213,585
207,234
210,640
To Manchester_________
tho week, the rainfall reaching soven hundredths of an inch.
------1137,299
149,429 4*500 225,665
To Continent and India. 4,395 182,129 1*698 279,477
5,000 457,664
I ho therniometor has ranged from 72 to 88, averaging 80.
To America____________
730|193,788
172,917
86,303
G r e e n v ille , S . C . — W e havo had rain on two days tho past
Total exports_______
7,8561726,801 1,698 799,057 9,500 980,272
weok, the rainfall reaching twelve hundredths of an inch
Average thermometer 79, highest 94, lowest 65.
N o t e .— A cantar is 99 lbs.
Egyptian bales weigh about 750 lbs.
S p a r ta n b u r g , S . C . — There has been no rain during tho
The statement shows that the receipts for tho week end
week. Tho thermomoter has averaged 78, tho highest being ing July 12 were 1,868 cantars and tho foreign ship
91 and the lowest 64.
ments were 7,856 bales.
I N D I A C O T T O N M O V E M E N T .— Tbo receipts of India
cotton at Bom bay and the shipments from all India ports
for the week ending July 13 and for the season from Aug. 1
for three years have beon as follows:
____________ ___
1915-16.
July 13.
Receipts at—
W eek .
Bombay________________
Since
A u g . 1.
Great
Britain
Bombay1915-16-. 2,000
2,000
191415..
1913- 14
Calcutta191516
191415
1913- 14..
Madras—
1,000
191516..
191415
1913- 14..
All others—
191516.
3.000
191415.
1913-14.. 2.000
W eek .
Total all1915-16
1914-15..
1913-14..
W eek .
Since
A u g . 1.
5,000 40.000 47.000
10,000 24.000 34.000
2,000
1,000
1,000
1,000
1,000
4.000 10,000
3.000 20,000
1.
Japan
cfc C hina.
Total.
49,000 245,000 1,605,000 1,899,000
78.000 319,000 1,303,000 1,700,000
72,000 1,243,000 1,256,000 2,571,000
3,000
3,000
3,000
15,000
16,000
33,000
3,000
17,000
5,000
55,000
51,000
121,000
1,000
3.000
Continent.
10,000
140,000
70,000 602,000
86,000
62,000
72,000
132,000
7,000
80,000
91,000
168,000
20,000
11,000
|
<
1
Mld.Upl’ds
Sales........
Spec.&exp.
Market
opened
\
/
Markot,
44*
P. M.
<
M A N C H E S T E R M A R K E T .— Our report recoivod by
cable to-night from Manchester states that the advance in
cotton has not checked tho demands for yarns and cloth.
W o give prices for to-day below and leave those for pre
vious weeks of this and last year for comparison:
HOLI
DAY.
M on d a y.
Tuesday.
W ednesday.
Thursday.
F riday.
Quiet.
Quiet.
Quiet.
Quiet.
Quiet
8.19
8.12
8.19
8.40
8.57
5,000
300
6,000
5,000
500
6 ,00,1
7,000
1,500
300
300
Steady, Very stdy
Irregular,
Steady,
11@12
1@4 pts. 54* @ 6 pts. 124*@13
advance. pts. adv. pts. adv.
decllno.
Steady,
2 points
advance.
Unsettled
Very st’dy,
Firm,
Quiet,
Steady,
4* @3 Pts. 44* @9 pts. 9@14 pts. 21 4* @244* 14 @ 15
advance. pts. adv. pts. adv.
decline.
advance.
(
1
Tho prices of futures at Liverpool for each day aro given
below. Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.
The prices are given in pence and 100 hs.
July 29
Aug. 4.
67,000
83,000 255,000
43,000 269,000
70,000 742,000
106,000 398,000 1,750,000 2,254,000
168,001 485,001 1,418,0002,071,000
150,000 1,933,000 1,405,000 3,548,000
3.000 12,000 22,000
5.000 9,000 45.000
2.000 29,000 27.000
Saturday.
Spot.
Market,
1:30
P. M.
Fidures.
Since A u gust
Great
Britain.
11,000 22,000 35.000
3,000
15,000
| Since
1 A u g . 1.
26.000 3,121,000 23,000:2,603,000 23,000 3,722,000
Conti Japan
nent. & Chlna
1.000
1913-14.
1914-15.
F or the W eek .
Exports
from —
[Vol . 103.
THE CHRONICLE
504
August
Oct.-Nov.
Jan.-Fob
Mar.-Apr.
May-Juno
July-Aug.
Saturday.
14*
IX
p.m . p.m .
d.
d.
HO LIDAY.
M onday.
IX
p .m .
Tuesday.
Thus: 8 01 means 8 01-100d.
W ed’day. Thursday.
Friday.
44* I X 44* I X 4 X
I X 44* I X
p.m . p.m . p.m . p.m . p.m . p.m . p.m . p .m . p .m .
44*
d.
d.
d.
d.
8 01 99 X 95
95 92
8 014* 99
88
7 961* < n x 91
89 44
7 964* 944* 92
7 96 94
7 924* :92
d.
07
02
99
00
91H 89 X 00
89 X 87 X 97
d.
d.
d.
09
28 X 32
v ox
13
02 X '21 X 27
17 22
99
00
174* '22 X
99 X 16 X 21
18
d.
45
40
35
354*
o5
32
d.
46
41
36
36 X
36
33
BREADSTUFFS
-
F r i d a y N i g h t , A u g u s t 4 1910.
Flour has been quiet but firm, in response to tho rise
in wheat and reports of damage by rust. Prices, in many
cases, were advanced anywhere from 10 to 50 cents per
barrel. In some cases spring patents have been held 50
cents above bid prices. Supplies in consumers’ hands hero
1916
aro believed to bo small. In the main, however, buyers
84* bs. Shirt C ot’ n havo continued to adhere to their old policy of purchasing
84* bs. Shirt C o t’ n,
M
id
.
in
g
s,
com
m
on
M
ld.\
32*
Cop
in
g
s,
com
m
on
32* Cop
U p •* from hand to mouth in tho hope that prices will easo later
to fin est.
T w ist.
u p ’s:
to fin e s t.
T w ist.
on if reports of damage by rust turn out to bo exaggerated.
8
.
d.
d.
s
.
d.
d.
d.
1
d.
d.
s.
(1. s . d.
cl.
5.35 Liverpool advices state that prices advanced sharply, with
84* 6 3 @7 5
8.25 8
©
16 12 4$ © 134* 7 34* @9 5
5.20 millers' offerings light.
Tho total output last week at
9 6 6 @7 4
8.29 84*
@
23 12H @ 134* 7 2 @9 4
5.20 Minneapolis, Duluth and Milwaukee was 415,000 barrels,
6 6 ©7 3
8.16 84*
@
30 124* @ 134* 7 2 @9 4
July
5.17 against 406,000 barrels in the previous week and 293,000
9 6 3 @7 6
8.04 84*
@
7 121$ © 134* 7 0 ©9 2
5.15
84* 0 3 @7 6
8.01 8!*
@
Last week tho export
14 12% © 13 'A 7 1 @9 2
5.13 barrels in tho same week of last year.
8 % 6 3 @7 6
7.97 84*
©
© 13 4* 7 1 @9 2
21 12 x
5.34 sales at tho Northwest are said to havo been not over 5,000
6
@7
3
8.15
8
5-16
@
8 H 0
28 1 2 X @ 13 4* 7 1 @9 2
Aug
5.53 barrels, owing to high ocean freights, tho rise on wheat and
94* 5 9 @7 3
8.57 8)4
©
4 124*
134* 7 3 @9 6
tho practical embargo which England has put on business
„
, .
,
,
S H IP P IN G N E W S .— As shown on a provious pago, tho with Norway.
W heat declined for a timo under profit-taking sales, but
exports of cotton from tho Unitod States tho past week havo
reached 69,760 bales. Tho shipments in detail, as mado rallied very sharply later owing to persistent reports of rust
at tho Northwest, which sent prices to a now high lovel on
up from mail and telegraphic returns, aro as follows:
this movement. M ost of the news of lato has beon bullish.
T o ta l b a les.
NEW YO R K — T o Liverpool— Aug. 1— Carpathia 100 upland, 100
The European markets havo been strong, and tho reports in
Sea Island; Valeria, 1,756 uplan d...A ug. 3—Adriatic, 8 0 4 .. 2,790
the main agree that the outlook for tho American springT o Havre—July 28— Sif, 216. - -Aug. 1— Eastgato, 1,539; 1 aftIn some cases it has been
wood, 1,858--------------------------------3,613 wheat crop is not at all favorable.
To La i’ allice— July 31— Ardgowan. 4 5 5 ..................................... 455 estimated at only about 210,000,000 bushels, or a total of
To Bordeaux—Aug. 3— Meuse, 1,022------------------------------------- 1,022
673.000.
000
bushels
of
spring
and
winter. That would be
T o Genoa— July 26— Napoli, 2,500-..A ug. 2— Villo du Havre,
2 426. ____________________________________________________ 4,926 86.000 . 000 bushels less than it was estimated in tho July
T o Vladivostok— July 31— Hakata Maru, 2,050---------------------- 2,050
T o Venezuela— Aug. 2— Zulia, 1 0 0 -.- — - - - - - - - - - - - - - - - .........
100 Government report. Also there are persistent reports that
GALVESTON— To Manchester— July 28— Minnio do Larrinaga,
rust is spreading into Canada. That is considered serious.
5 Q8 o
5,980
To Barcelona—Aug. 2— Condo Wilfredo, 3 , 9 5 0 - - - - - - - - - - - - - - - 3,950 Some aro predicting only half a crop in North Dakota and
NEW ORLEANS—T o Liverpool—July 28— Custodian, 10,376-..
2 5 % of tho crop in South Dakota. A t tho same timo Chi
T o Havro— Ju1yl28— EsterV3,W5V-'-Ju‘ly 29^Texas, 3,669------ 7 i.304 cago has reported a good many buying orders from the
To Mexico—July 29—Coahulla, 700 - - - - - - - - - - - - - - - ...............
700 Northwest and also from Canada. W hen damage reports
PENSACOLA— T o Liverpool—Aug. 2—Adelina, 5 ,2 9 8 ----............... o,298 aro accompanied by buying orders tlioy naturally make more
CHARLESTON— To Liverpool—July 28— Spectator, 4,326............. 4,326
impression. Meanwhile Broomhall says that tho import
NORFOLK— To Brest— July 29— Strathdeno, 5,303........................
To Rotterdam—Aug. 4—■
750 - - ..............................
7o6
BOSTON— To Manchester— July 27— Algol, 1.003............................. L003 needs of all countries will be larger than was expected earlier
Ocean freights aro very strong at Atlantic
To Yarmouth— July 29— Prince Georgo, 50......- - - ............ ..........
o0 in the year.
BALTIM ORE— To Liverpool—July 27— ------------ - 4 5 0 ..-------------450 ports and at Argentine ports advanced sharply.
This of
SAN FRANCSICO— T o Japan—July 29—Anyo Maru, 829...............
829
SEATTLE— To Japan—July 28— Yokohama Maru, 3,622................ 3,622 itself tends to make European markets more or less nervous.
To Vladivostok— July 29— Hudson Maru 50 - - - - - - - - - - .........
50 Of late winter wheat at Liverpool has been in better demand.
TACOM A— To Vladlvostock— July 29— Koishln Maru, 2,773------- 2,773
India has been offering very little wheat at Liverpool, and
T otal...................................................... - ....................................... 69.700
tho offerings of River Plato and Australian wheat have been
Tho particulars of tho foregoing shipments for tho week, at firm prices. In India tho general rainfall is light for the
season, though there havo been moderate rains in somo
arrangod in our usual form, aro as follows:
G rea t F r e n c h
H o i O lh .S u r o p e — V l a d .,
parts. In Italy tho weather has beon bad for harvest
T o ta l.
la n d . N o r t h . S o u th .
ifee. J a p a n .
B r ita in . F o r ts .
It has been too cold and wot. Tho import
...................... 4,926 2,150
------ 14,956 ing.
5,090
Now Y ork__ 2,790
9,930 needs of
...................... 3,950 - ..................
Italy aro variously estimated at 72,000 ,
Galveston__ 5,980
.................................
700
____
20,420
New Orleans. 12,416 7,304
to 80,000,000 bushels.
Drought prevails over
5,298 000
Ponsacola__ 5,298
4,326 a wide area of Argentina, and crop reports show apprehen
Charleston _ . 4,326
6.053
750
N orfolk _____ ____ 5,303
1.053 sion. Argentine holders aro firm, bolioving that tho export
50
Boston______1,003
450 demand will broaden and that tho Continent will buy oven
Baltim ore
450
829 at higher prices.
829
Ocean freights at Argentine points are up
San Francisco -----3,672
50 3,622
Seattle______ ____
In tho United
2,773 to 170s., which is 5s. higher than a week ago.
2,773
T acom a------- -----Kingdom tho crop outlook is not good, and holders of old
T o ta l.........32,263 17,697
750
------ 8,876 5,723 4,451 69,760 wheat aro firm.
The British Government has placed the
L IV E R P O O L .— By cablo from Liverpool wo havo tho fol price to farmers for new wheat at equal to $1 7 2 % , and it is
lowing statement of tho week’s sales, stocks, & c., at that port: said that the importation of good wheat to the United King
July 14. July 2L
July 28.
A u g. 4.
In fact,
32.000
31,000
29,000 dom will be large as millers’ supplies aro small.
31,000
Sales of tho week...........— --------many English mills havo ceased to run. Tho available sup
2,000
Of which speculators took------2,000
1,000
Of which exporters t o o k ______
1,000
ply
in
this
country
decreased
last
week
5,643,000
bushels;
27.000
24.000
26.000
Sales, Am erican-..........................
24,000
12.000
1,000 against a decreaso in the same timo last year of only 1,771,000
10,000
Actual export--------------------------2 .0 0 0
70.000
63.000 bushels.
67.000
Forwarded.................................... 65,000
The oxport demand continues in this country. It
661,000
616,000
632.000
Total stock---------------665,000
522.000 509.000 530,000 is said that Kansas and Nebraska are tho only States that
Of which American------- -------- 5o2,000
66.000
81.000 have a largo crop this year.
44.000
Supplies in Chicago and Kansas
Total imports o f tho week...........
94,000
69.000
32.000
51,000
Of which American...............—
89,000
City aro largo, but it is belioved that they will be depleted
199.000
Amount afloat-------------------------- 18.).000 207.000
178.000
174.000
ere long by an imperative demand. Also it is said that the
Of which American__________ 138,000
The tone of the Liverpool markot for spots and futures Central West needs 40,000,000 bushels above its production,
each day of the past week and tho daily olosing prices of tho crop having proved to bo short. On tho other hand, tho
world’s stocks aro put at 164,713,000 bushels, against 60,spot cotton havo beon as follows:
A ug. 5 1916.]
THE CHRONICLE
000,000 last year andl 14,254,000 in 1914. In AustriaHungary the weathor has been favorable, being clear and
warm, and crop prospects are better, it is stated, than they
were a while ago. From Germany the recent reports were
favorable, according to the official statement. But in this
country fears of a reduced crop, owing to rust in both the
American and Canadian Northwest, have dominated the
market.
Prices at Chicag 9 advanced 7 to 73^ cents on Wednesday
on reports of a widening of crop damage in Canada, the
Dakotas and Minnesota. On Thursday they rose 4J^c.
this made 33c. in a month. It was said that damage by
black rust in Manitoba is serious, that the pest has also ac
quired a dangerous foothold in Saskatchewan; that the
injury from rust and heat in the fields south of the inter
national border had reached unusual proporaions. Europe
has latterly shown increasing anxiety over the rust reports
from the United States and Canada. Lo Count’s report
says that there is a calamity in Southern Manitoba.
This
accentuated the effect of reported serious losses in the D ako
tas and Minnesota. Inglis makes the three Northwest
States crop 120,000,000 bushels, against 203,000,000 bushels,
as estimated by the Government last month, the smallest
in sixteen years. Snow’s report makes the Spring wheat
crop 226,000,000 bushels, against 271,000,000 bushels last
month, and 352,000,000 bushels last year. He makes the
total crop 681,000,000 bushels of Spring and Winter; Spring
wheat condition 73 .1 , or 18 % decline in a month Clement
Curtis & C o ., make the total wheat crop 672,000,000 bushels,
of which 209,000,000 bushels is spring. Tho Government
weekly weather report confirmed reports of damago to
spring wheat. To-day prices advanced 4 to 5c. on rust
roports. Exporters took 800,000 bushels.
D A IL Y CLOSING PRICES OF W HEAT FUTURES IN NEW Y O R K .
S a t.
M on.
T u es.
W ed. T h u rs.
F ri.
S a t.
M on.
T u es.
W e d . T liu r s.
F ri. ‘
153
147%
N o. 2 r e e l................................cts................. — 137% 142
D A ILY CLOSING PRICES OF W HEAT FUTURES IN C H I C A G O .
September delivery In elevator cts. 121
121% 124% 130% 129% 134%
Decomber delivery in elevator------124% 124% 128% 134% 133% 138%
Indian corn declined at one time, owing to beneficial rains
in Nebraska, Iowa, Illinois and Indiana and heavy luiqidation. Also, it has been cooler over tho corn belt in those
States. On the other hand, a rally occurred later. It
has been hot and dry over much of the Southwest and tho
Oklahoma report puts tho condition as only 69, or 1 1 %
under that of last month. Besides, 6 % of its acreago has
boon abandoned. Tho rise in wheat finally affected corn
Moreover, the Liverpool market has been strong, owing to
scarcity of American and River Plato offerings. In Liver
pool they think tho statistical position is strong Ocean
freights at Argentine markets are high, and the reserves
in the United Kingdom are very moderate. And tho Con
tinent continues to absorb River Plate and American cargoes
very readily at present prices. Considerable damago was
dono by recent hot, dry weathor in the central and south
western parts of our corn bolt. To-day prices advanced
partly in sympathy with wheat. Shorts covered. B ut
showers and predictions of further showers caused some
selling.
D A ILY CLOSING PRICES OF NO. 2 M IX E D CORN IN NFW V n o
S a t.
M on.
T u es.
W ed . T h u rs
ur
F ri *
No. 2 yellow..............................cts. 93% 93% 92% 93% 94% 95%
D A ILY CLOSING PRICES OF CORN FUTURES IN CHICAGO
,
...
, .
S a t.
A lo n . T u es. W ed. T h u rs
F ri
September delivery In elevator, cts 78%
78% 78% 7 9 % 7914 '
8 a ,>
December delivery In elevator___ 67%
67% 67% 6 8 % 6 8 %
68%
Oats declined for a time, partly owing to hedging sales.
Moreover, the crop reports havo been in tho main favorable!
Country offerings have beon larger. The available stock
increased last week 1,178,000 bushels, and is now 27,320,000
bushols, against 4,614,000 bushels last year, and 11,945^000
bushels in 1914. B ut, on the other hand, thero has beon
some export business which had a steadying effect. Last
Tuesday tho sales were 250,000 bushels. Also, thoro havo
beon some complaints of disappointing threshing roturns
from Ohio and Indiana. Tho Northwestern crop, it is
believed, has boon greatly reduced. Speculation in eats
however, has beon on a very moderato scalo and tho market
has not developed any vory striking features, though it
has latterly sympathized to a certain extent with tho ad
vance in wheat and corn. Liverpool roports the consump
tion and adds that thore is a good export demand. To-day
prices advanced. Thero was some export domand and
200,000 bushols wore taken for Europo. Dirge elovator
interests at Chicago were buyers. Somo who sold September
bought M a y , tho two boing only 5 cents apart.
D A ILY CLOSING PRICES OF OATS IN NEW YORK
S a t.
M on.
T u es
W eil
T h u rs " v . t
Standards
-Cts.48%-48% 47%-47% 47%-48 49-49% 50-50% 50-50%
nom.
noin.
nom.
nom.
nom.
No. 2 white--------- I'oni.
The following aro closing quotations:
GRAIN .
Whoat, per bushel—f. o. b.—
Corn, per bushel—
N. Sprln«, No. 1, now___ $1 53%
No. 2 mixod............ f. o. b. Nnm
N . Sprint?, No. 2_____________ ____
No. 2 yellow............ e l f!
95%
Rod winter, No.2, n o w ... 1 47%
No. 2 yellow kiln dried.
04 £f
Hard winter, No. 2..............146%
Argentina In bags.
*
Oats, per bushel, now—
cts.
Ryo, por bushel—•
Standard_______________50@50%
Now York..............c . 1. f. $1 io
No. 2, white___________
Nom.
Western..................c . 1. f. $ i i 0
No. 3, whito..................... 49% @ 50 M a lt....................................... 80c.
No. 4, whito.................... 48@49
505
Winter, low grades____ $4 50G
Winter patents________ 6 35(
Winter straights______ 5 95(
Winter clears__________ 5 50G
Spring patents............... 6 85 G
Spring straights----------- 6 50 G
Spring clears___________ 5 95 (
FLOUR.
Kansas straights, sacks. $ 6 35@$6 65
Kansas clears, sacks__ 5 50 @ 6 00
City patents__________
790
Rye flo u r____________ 5 25@ 5 75
Buckwheat flour__________
Graham flour_________ 4 75@ 5 75
W E A T H E R B U L L E T IN F O R T H E W E E K E N D I N G
J U L Y 31. The influences of weather on the crops as sum
marized in the weather bulletin issued b y the Department of
Agriculture for the week ending July 31 were as follows:
SPRING W H EAT.— The excessively high temperature during the
♦‘“ l * J ery,.d,etrj “ ental effect on spring wheat and this crop has
failed to head well in the northern part of the Eastern spring belt. R e
ports from the Red River Valley indicate that the crop in that section
and in west central Minnesota was damaged by rust and blight from
one-third to one-half of the crop, although tho damage was much les
in other sections of Minnesota. Black rust is prevalent over the greate
part of North Dakota and considerable damago has resulted. The re
ports indicate that the crop has been greatly damaged by black rust in
South Dakota and that many fields will not be harvested. N o rust is
roported in either Wisconsin or Montana and spring wheat is filling well
in those States and also in the Northern Pacific States. Harvesting has
begun in Wyoming. Tho cooler weather of tho latter part o f the week
had a beneficial effect In the spring whoat district.
W INTER W HEAT.— The weather was generally favorable for the
maturing and harvesting of winter wheat, except where work was rendered
difficult by exc^sivo heat, and harvesting is under way well to tho north
ern limit of winter wheat production. Threshing progressed under satis
factory conditions, except whero grain was injured in the shock by wet
weather in somo Eastern States.
COTTON.— There was somo improvement in cotton in most States
during tho week, excopt in those sections in the South and East whero
heavy showers continued, and in the West, whero rain is needed. Growth
was retarded and tho crop injured by dry weather in Oklahoma, although
it is still promising. In Texas tho late planted began to deteriorate in
dry sections, but in general the condition of the crop in that State continued
good. 1 he crop is fruiting excellently in Arkansas, except where affected
by dry weather in central and northern uplands. Thero is somo shedding
in this State in the central and northern uplands and in some sections
of Louisiana. Tho plants are shedding badly in parts of Alabama and
South Carolina. Rust Is also reported in both of these States and the
plants are turning yellow and not fruiting well in South Carolina. Cot
ton lias deteriorated in both South and North Carolina and needed cult
ivation was not possible becauso of frequent showers. There is complaint
of too rank growth in Mississippi and western Florida, and in some o f
tho lowlands where tho worst floods occurred tho land is being planted
to other crops. Bolls are opening in southwestern Louisiana, much are
open in Mississippi and the first open bolls are reported in southwestern
lennessee. In the sections of these States whore rains were not frequent
much needed cultivation was carried on, and thero was an improvement
ln the condition, especially in the higher lands.
i
^ ? rn suffered from dry weather in practically all central
and southwestern parts of the country. The reports from Kansas in
dicate that the crop has been greatly damaged, especially on uplands,
Missouri that much upland corn has passed the point of benorit by rain. 1 ho lowlands and bottomlands aro more promising, however.
Corn is firing in central and southern Illinois and on light soil and poorly
cultivated fields in Iowa. Rain is needed for the best development of
corn also in Illinois, Ohio, central and northern Arkansas, northwestern
Mississippi, western Tennessee and Kentucky, lower Michigan, southern
Wisconsin and South Dakota, part of Nebraska, most of Oklahoma,
where lato planted is being seriously damaged, especially on uplands,
and in northern and western Texas. Thero has been an improvement
in the corn crop in the extreme Southern, Eastern and Northern States
as well as on the upper Pacific Coast. The crop is tasseling as far North
as Minnesota and North Dakota in the West and to Ohio in the East.
There was an improvement in tho condition of sweet corn in New England.
OATS.— The excessive heat hastened tho maturity of oats and in the
extreme nor>hern portion caused rather light and poorly filled heads.
Somo rust was roported in Now York and there has beon some damage
in tho stocks by wet weather in tho oastern districts.
RYE, &c.— Rye and barley harvest is nearly completed with very
satisfactory yield whero harvested. Flax made good progress during
tho week and in North Dakota is reported to be mostly in the boll state.
Buckwheat made satisfactory progress. Rico was lightly injured by
heat in Arkansas, but was favorably affected and is in good condition
in Texas, Louisiana and California.
Tho statement of the movement of breadstuffs to market
indicated below aro prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Receipts a t-
Barley.
Chicago
Minneapolis .
Duluth
Milwaukee ..
Toledo..........
Detroit
Cleveland__
St. Louis___
Peoria
Kansas Clty.
Omaha.........
Total week’16
Same wk. ’15
Same wk. ’14
Rye.
. bush. 60 lbs.[bush. 56 lbs. bush. 32 lbs. bushASlbs
340.000 11,266,000
262,000| 8,037,000
341.000 15,707,000
4,867.000
2,818,000
2,945,000
5.695.000 1,783,000
3.108.000 495,000
6.893.000 578,000
160,000
47,000
109,000
Since Aug. 1—
1915-10___ 20.247.000 515,234,000231,127,000 223,414,000 11695800022,592,000
1914-15___ 19.720.000393.016.000 241,481,000,268,230,00086,257,00019,285,000
1913-14___ 20.001.000
322,077,000224,484,000 229,215,000 87,436,000 22,646,000
Total receipts of flour and grain at the seaboard ports for
tho wook ended July 29 1916 follow:
R eceipts at —
New York__
Boston.........
Portland, Me.
Philadelphia .
Baltimore__
N’port News.
Mobile..........
New Orleans*
Galveston__
Montreal___
St. John____
F lou r.
I Bushels.
159,000 2,749,000
312.000
30,000
186.000
700,000
39.000
38.000 1,178,000
Barrels.
7,000
42,000
271,000
504,000!
133,0001 1,286,000!
19.000
C orn.
Oats.
Barley.
Bushels.
Bushels.
Bushels.
800,000
187,000
51,000
235,000
708.000
594.000
322.000
278.000
1.115.000
1.050.000
14,000!
26,000
464,000
642.000
211,000
345,000
275.000
25.000
217.000
2,000
38.000
Rye.
Bushels.
15,000
Tot. week ’ 16 448,000 7,205,000 2,293,000 4,749,000! 557,000!
15,000
Since Jan.1’ 16|15,633,000'228,714,000 38,013,'X''.’ 110,825,00018,525,000 7,781,000
Week 1915...! 325,000 3,109,000
263,000| 2,915.000
138,0001
4,000
Since Jan.1’ 1515,437,000144,306,000 41,012,000! 91,510,000 6,422,000 6,464,000
* Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
THE CHRONICLE
506
The exports from the several seaboard ports for the week
ending July 29 are shown in the annexed statement:
W heat.
bushels.
Exports fro m —
F lou r.
barrels
Corn.
bushels.
New York_______ 1,719,154
186,000
Portland, Me____
Boston......... ........ 305,810
Pnlladelphla........- 559,000
Baltimore_______ 1,180,623
Norfolk.................
Newport News___
Mobllo__________
New Orleans_____ 266,000
Galveston_______
Montreal________ 968,000'
St. John, N. B___
19,000:
I Rye.
!bushels,
Oats.
bushels.
520,634
322,000
363,150
388,830 81,243
6,886
43,057 31,000
86,000 11,407
240,510
813,035 46,258
Barley.
Peas.
bushels, bushels.
560,262
217,000
33,966
1,000
1,050,000
51,000 7,000
14,000
112,000 , 83,000
2,000
--------1 5,000
243,000: . . . .
38,000
_____ i ___
Total week........ 5,203,587 1,164,397 225,536 3,128,819 46,258 812,228
Week 1915........... 2,395,319 317,022 133,182 2,540,201 - ------- --------
3.080
The destination of these exports for the week and since
July 1 1916 is as below:
F lou r.
E xports fo r W eek
and Since
July 1 to—
Corn.
W heat.
W eek
July 2 9
Since
July 1
W eek
July 29
Since
July 1
W eek
July 29
Since
July 1
Barrels.
Barrels.
Bushels.
Bushels.
Bushels.
Bushels.
1916.
1916.
1916.
1916.
1916.
1916.
358,556 1,376,546 10,283,567 904,820 2,629,698
845,388 3,818,188 17,263,386 179,525 1,281,028
234,895
8,600
18,915
15,010
91,302
291,809
64,842
145.244
253
3,333
400
726
200
1,360
18,728 .............
.............
Total............... 225,536 1,459,944 5,203,587 27,569,201 1,164,397 4,439,190
891,289 2,395,319 11,216.085 317,022 2,431.042
Total 1915.......... 133,182
United Kingdom. 47,439
135,439
3,716
34,459
100
Brit.No.Am.Cols.
Other Countries- . 4,383
So. & Cent. Amer.
The world’s shipments of wheat and corn for the week
ending July 29 1916 and since July 1 1916 and 1915 are
shown in the following:
W heat.
C om .
1916.
E xp orts.
1915.
1915.
1916.
W eek
July 29.
Since
July 1.
Since
July 1.
W eek
July 29.
Since
July 1.
Since
July 1.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
NorthAmer* 7,482,000 39,074,000 14,084,000 1,046,000
116,000
144.000
Danube___
Argentina . . 1,696",5 6 6 6,525",666 1,970",666 1 ,99V.666
Australia__
560.000 2,704,000
184.000
296.000
552.000 0,688,000
96,000
402.000
Oth. countr’s
344.000 485,000
1,266,000
4,728,000
231,000
8",'62"o".666
20,'043',6 5 6
"868,666
383,000
Total___ 10,130,000 49,373,000 23,420,000 3,522,000 14,497,000 21,692.000
* North America.—The Canadian Government has officially prohibited the
Issuance of both manifests and exports until after ten days. This Is effective
during the continuance of the war.
The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
W heal.
July 29 1916..
July 22 1916..
July 31 1915-.
Aug. 1 1914--
C orn.
United
K in gd om .
Continent.
Total.
United
K in gd om .
Bushels.
Bushels.
Bushels.
Bushels.
48.536.000
C on tin en t)
IIIIIIII 51.808.000
........No
Total.
l Bushels.
16,397,000
............. 17,103,000
............. 24,106,000
Bushels,
...
24,264,000
reports received
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports July 29 1916 was as follows:
GRAIN STOCKS.
U n ite d S la tes —
New York..........................
Boston...................
Philadelphia......................
Baltimore...........................
Newport News.................
New Orleans____________
Galveston...........................
Buffalo.......................
Toledo...............................
Detroit...............................
Chicago......................
Milwaukee..........................
Duluth...............................
Minneapolis.....................
St. Louis__ ______
Kansas City........................
Peoria................................
Indianapolis........................
Omaha.............................
On Lakes_______________
On Canal and River...........
W heat.
bush.
C orn.
bush.
Oats.
bush.
2,198,000
684.000 1,340,000
237,000
97,000
57.000
323.000
862,000
217.000
892,000
458.000
369.000
69,000
293.000
1,143,000
53.000
231.000
1,230,000
18,000
1,026,000
188.000 1 ,021,000
550,000
45.000
75.000
169,000
89.000
35.000
6,229,000 1,802,000 2,997,000
12,000
342.000
48.000
333.000
7,999,000
250.000
7,344,000
4,000
1,719,000
155.000
55.000
250.000
6,520,000
470.000
15,000
182.000
143.000
229,000
431.000
212.000
107.000
330,000
1,397,000
928,000
121,000
Rye.
bush.
B a rley.
bush.
8,000
17,000
2,000
173,000
4,000
406,000
8,000
3.000
11,000
29.000
17.000
26.000
26,000
6.000
15,000
160,000
5,000
81,000
192,000
7,000
21,000
46.000
319.000
148.000
64.000
14,000
183,000
Total July 29 1916......... 40,889,000 5.167,000 8,537,000
350,000 1,641,000
Total July 22 1916......... 38,636,000 4,613,000 9,023,000
457,000 1,523,000
Total July 31 1915......... 6,582,000 2,306,000 1,309,000
108,000 253,000
168.000 902.000
Total Aug. 1 1914......... 29,743,000 3,208,000 0,483,000
N o te .—Bonded grain not included above: Wheat, 1,259,000 bushels at New York,
426.000 Baltimore, 429,000 Philadelphia, 38,000 Boston. 284,000 Duluth, 1,815,000
Buffalo: total, 4,251,000 busnels, against 48,000 bushels in 1915. Oats: 2,291,000
New York, 525,000 Boston, 6,000 Philadelphia, 94,000 Baltimore, 87,000 Duluth,
979.000 Buffalo; total, 3,982,000 bushels, against 27,000 In 1915: and barley,
186.000 New York, 11,000 Boston, 8,000 Duluth; total, 205,000, against nil in 1915.
C a n a d ia n —
Montreal......................... . 1,067,000
584,000 1.103.000
44,000 214,000
Ft. William & Pt. Arthur- .10,694,000
5.428.000
Other Canadian *.... ........ - 6,201,000
6.381.000
Total July 29 1916*___ .17,961,000
584,000 12,812,000
Total July 22 1916*___ .19,931,000
267,000 11,901,000
Total July 31 1915....... - 2,311,000
39,000 2,544,000
Total Aug. 1 1914........ - 8,956,000
14,000 3,725,000
S u m m ary—
American______________ -40,889,000 5,167,000 8,537,000
Canadian............. - .......... .17,901,000
584,000 12,812,000
Total July 29 1916_____ 58,850,000
Total July 22 1916_____ 58,567,000
Total July 31 1915......... 8,893,000
Total Aug. 1 1914.......... 38,699,000
5.751.000
4.880.000
2.345.000
3.222.000
1Including Canadian at Buffalo and Duluth.
21,349,000
20,924,000
3,853,000
10,208,000
44,000
47,000
4,000
24,000
214,000
222,000
86,000
241,000
350,000 1,641,000
44,000 214,000
394.000 1,855,000
504.000 1,745,000
112.000 339,000
192.000 1,143,000
[Vol. 103.
THE D R Y GOODS TRADE
N e w Y o r k , F r i d a y N i g h t , A u g . 4 1916.
Inquiry for dry goods has been on a broader scale during
the past week with the tendency of prices higher. Owing
to the sharp advance in values for raw material and less
favorable outlook for the cotton crop, merchants are begin
ning to display more concern regarding future requirements.
On the other hand, in view of the many uncertainties con
fronting the trado, manufacturers are reluctant about making
contracts for deferred deliveries. The scarcity of skilled
labor is becoming more acute and , according to reports,
New England cotton mills have been endeavoring to obtain
textile workers from Utica where a number of operatives
are on strike. The advance of over $4 a bale in the price for
cotton during the week has strengthened the market for
yarns, prices for which have been marked up a half cent or
more a pound. The supply of yarns at present is said to be
rather limited, as spinners are experiencing difficulty in
securing needed requirements of spot cotton. Many inter
ests in the dry goods markets had been looking forward to
much lower prices for raw cotton, but are now becoming con
vinced that these are not in immediate prospect. Business
in dry goods during July was very satisfactory and on a much
heavier scale than during the corresponding month a year
ago. Sentiment continues very optimistic, and it is not
expected that there will be any falling off in trade, as interest
in the market is increasing daily. Further price advances
are predicted, and it is not likely that the higher levels will
check business. Many complaints of the backwardness of
deliveries continue to be received, and mills are being re
quested to rush shipments on old orders. Mills are under
stood to be anxious to have buyers cancel contracts that are
overdue and not yet filled, as they are so well booked with
business ahead that they are having difficulty in catching
up with deliveries. In view of the advancing prices, how
ever, buyers are refusing to cancel contracts. Export busi
ness has been hindered to some extent by the British black
list, and it is estimated that fully one million dollars worth
of dry goods ready for shipment is being held up. Some
improvement has been noted in the demand from tho Far
East and fair sales of standard sheetings have been mado.
DOMESTIC COTTON GOODS.— Prices for all lines of
staplo cottons, as a result of tho improved demand, rule
firm. Largo orders have been booked for heavy cotton
goods for August delivery and as supplies are light further
price advances are predicted. Demand for fancy goods
for next season delivery is increasing and many mills aro
well booked. Bleached cotton continue to show an upward
tendency, while somo irregularity is noted in sheetings.
Jobbers are in the market for all classes of spot goods and
mail orders are coming to hand in plentiful numbers. Despite
tho high values that were named for ginghams for spring
1917 a good business has been booked. Print cloths and
graygoods have developed a firmer undertone, with tho
demand more active. Large sales of print cloths aro said
to liave been made for deliveries running from August to
October. As regards dress goods some mills are icportod
as being completely booked for next spring delivery, while
othors are only offering goods in limited quantities. Gray
goods, 38-inch standard, are quoted at 6c.
WOOLEN GOODS.— As a rosult of the settlement of tho
garment makers strike, a much better feeling prevails in
the markets for woolens and worsteds, and it is now be
lieved that business will be very active. Prior to the settle
ment of the strike there was a good inquiry in tho market
for piece goods and now with the labor difficulty out of the
way actual business is being placed. Jobbers roport a good
fall business with retailers in the interior sending requests
for shipments of goods not yet duo. Tho outlook for a
shortago of supplies in the near futuro is causing considerable
concern. Manufacturers are complaining about the high
prices for wool and state that they are having difficulty in
purchasing raw material. Somo lines of goods have alroady
boon withdrawn from tho market for this year’s delivory.
The high prices have failed to check the demand for goods as
buyers show no hesitancy in placing orders at tho prevailing
levels.
FOREIGN D R Y GOODS.— As imports are increasing
more activity has developed in tho market for linens. Re
tailers and jobbers have been buying moro freely, and as
l advices from abroad aro encouraging, a better feeling in
j general prevails. The bulk of imports, however, consists
; largely of goods due on old orders and as they aro passing
1rapidly ir to consuming channels there lias been little accumu
lation of stocks. Most of tho business placed is confined
to early shipmont and little is being dono for delivery next
spring. This is duo principally to the fact that importers
aro not encouraging futuro businoss and refuse to name
, prices. Prices for spot goods remain firm with little hopo
. of concessiors within tho near futuro. Burlaps remain
quiet, with the undertone very firm, owing to tho strongth
of tho Calcutta markets. Lightweights aro quoted at 6.75c.
and heavyweights at 7.65c. to 7.75c.
A ug . 5 1916.]
S tate
THE CHRONICLE
* t» >
C it y
^
p e
S h *
fo r d .
S o m e e s tim a te s p la c e th e a m o u n t o f p r o p e r ty d a m a g e
a t $ 1 ,0 0 0 ,0 0 0 .
N o lo ss o f life h a s th u s fa r b e e n re p o r te d
N e w s p a p e r s s ta te th a t a lth o u g h a fe w s m a ll p la c e s re p o rt
th e fla m e s s till m e n a c in g , it is b e lie v e d , s u ffic ie n t c o n tr o l
o f th e fire s h a s b e e n g a in e d to assu re th e s a f e t y o f a ll th e
to w n s a n d v illa g e s in th e a ffe c te d d is tr ic ts .
.
t m e n t
(&hvo
PUBLISHED WEEKLY.
New Jersey (S ta te of). —
Terms of Subscription— Payable in Advance
For One Year............................................................................
For S ix M o n th s .................................................................................. " ....................^
o
Te.nrrtr.OEin f lu l is t r r in t in n M n r l l l f l i n v
BIX Monwis ouuscripuuii in i.oimon tincilliling postage)
Canadian Subscription (including postage) ........................50
oo
50 7
...
e i ii
S u b scrip tion in clu d es f o llo w in g S u p p lem en ts—
B ank a n d q u o t a t io n (m o n th ly) I r a i l w a y a n d I n d u s t r ia l (3 tim e s ve a rivt
R a il w a y E a rn in g s (m o n th ly )
E l e c tr ic R a il w a y (3 tim es v e a r lv i
ly>
S t a t e a n d c i t y (sem i-an n u a lly) |B a n k e r s ’ C o n v e n t io n (y e a r ly )
C o n f u s i o n R e g a r d in g N e w G en e ra l
Iho 1916 General Bond Act, better known as the
Pierson law, authorizing and regulating the issuance of bonds
. ...
and other obligations throughout the State, appears to be
causing some contusion in the issue of new bonds by munici
palities not familiar with its provisions or in doubt as to the
meaning of the same. That portion of the law which has
been tho particular source of trouble is the following:
B ond
« lo oo
A ct.
No moro bonds of any issue shall in any event be sold than will produce
Terms of Advertising— Per Inch Space
T r a n s ie n t m atter p e r in ch s pace (1 4 a g a te l i n e s ) . ..
on
( Two M on th s
(8 tim e's)'.'.'.......................... 22 0 0
Btan dln g B u sin ess Cards ] | h r e e M on th s (1 3 t im e s )..............." " " " i ‘2 0 0 0
( TwelveiMouths( 5 2 tim es);";;;;;;;;;;; ' "
s ffiy U "s ffs s i:
installments, tho amount o f bonds authorized, and^ t h lt L n d s ^ ilP b e sold
In an amount not exceeding such sum. and the m aturitiesof Tuchhonds
37 00
C h ic a g o O f fic e —39 S outh L a S allo S tre e t, T e le p h o n e R a n d o lp h 7396
L ondon o f f ic e —E d w ard s & S m ith , 1 D ra p e rs ’ G a rd e n s, E. c.
*
W IL L IA M
B . D A N A C O M P A N Y , P u b lla lie r s ,
Front, Pino and D cpcyster Sts., Now Y ork .
WcMcr or bidder, ofTcrtaiJ to pay » « ■ " " £ " £ ■ £ £ B t f o S f p , ‘ V ” >
The confusion that has already arisen regarding the foreM U N IC IP A L
BOND
SALES
IN
JU LY.
The total of long-term municipal bond sales, according to
our records, during the month of July, was $31,804,652.
The .temporary, or short-term loans, negotiated last month
reached a total of $12,749,400, including $8,500,000 rovonue
bonds and corporate stock notes issued by New York City.
In addition, $2,536,854 debentures were sold by places in
Canada, making a grand total of both long-term and short
term disposals in the United States and Canada in July,
of $47,090,906. The featuro of last month’s transactions
was the sale by the Stato of Maryland of $3,500,000 4 %
bonds. The syndicate which was awarded these bonds,
resold them within twenty-four hours, which is said to bo
the quickest re-sale of a largo issue of municipal bonds for
some time past. In the table below we give a comparison
of all the various forms of securities put out in July of the
last five years.
1916.
1915.
1914.
1913.
1912
Permanent loans (U. S .).31,804,652 33,889*870 26,776*973 23,477*284 30 479*130
•Temporary loans (U. S.) 12,749,400 16,430,283 15,470.751 32,320 414 13 439 445
Bonds
of*Ij°8
pojEL'EpqNlnn2 None
54*46,391,576
Ronds of
U. S.“ PoMesslona
None 15,743.832
None 10,495,843
None 5.527',971
None
Gen.fund bonds(N.Y.C.)
None
None
None 5,000,000
None
T o ta l......................... 47,090,906 96,711,729 57,991,550 71,293,541 49,440,540
• Including temporary securities Issued by New York City, $8,500,000 In July
1910, $8,250,000 In 1915, $9,202,953 In 1914, $26,400,414 In 1913 and $8,095,993
In 1912. x Includes $45,000,000 1 and 2-year notes o t the Dominion of Canada.
The numbor of municipalities emitting long-term bonds
and the numbor of separate issues during July 1916 were
395 and 586, respectively. This contrasts with 503 and 778
for June 1916 and with 720 and 889 for July 1915.
For comparative purposes wo add the following table
showing tho aggregates for July and the seven months for a
sorios of years. In these figures temporary loans, and also
issues by Canadian municipalities, are excluded
M on th o f
J uly.
F or the
Seven M o s .
M on th o f
July.
1910............ 331,804,652 $311,476,215 1903.............. $15,670,240
1915............ 33,889,870
356,818,480 1902.............. 12,861.550
1914............. 26,776,973 384,334,150 1901.............. 8,262,495
1913............. 23,477,284 242,356,554 1900............. 8,104,043
1912.............. 30,479,130 276,768,423 1899.............. 18,613,958
1911............. 42,231,297 265,493,067 1898............. 7,808,563
1910............. 35,832,789 108,678,89:) 1897------------ 17,389,859
1909............. 20.120,647 227,245,904 1890............. 5,313,495
1908............. 21,108,678 190,191,257 1895----------- 15.374,600
1907............. 16,352.457
131,700,316 1894............. 8.253,237
1900 ............. 25,442,095
127,780,340 1893............. 1,091,600
1905............. 10.878.302
122,601,356 1892............. 4,139.100
1904............. 33.233,254 171,102,409
F or the
Seven M o s .
$95,246,674
100,489,945
69,485,555
86,047 708
81,959,334
51,947 110
90,665,236
48,490 459
72.366 273
74.680 229
34 354 715
63
fheNewark'“ News” Jf jS y ^ S .a n d V h i S w e r f p r S c ^ h i e -
have0 been. consp*cuous among those offering tho bonds for sale as it might
mMici’na? h o m K w i J
th!'? may !J0 * i v o n than a recent attempt to soil
r S m t l in bonds—since the Pierson law went into effect— down in Ocean
; 0 1 ^ : , ' V al)',)arcnt Ignorance either that such a law washi effect or thar
in
,,K °posed,
Thechange
sale wa*
uncedi
the old wav
to the highest ,bidder,
and LssP°when tho
in anno
the law
wasnrallnri
atThe1
roni=°iJhe authorities thero, tho sale had to be called ofL
* th
1 hero is less criticism visited on tho complications which resulted from
Union County’s late sale of road and bridge bonds under the Pierson A c?
a k ??a hde attempt was evidently made to comply with the terms of
the now law. Had tho county officials interested been as familiar with the
h
.^s'somblymarl, Pierson, o f Westfield, in Unlon CounTy w h r introsemManco S ’T h i t c h ^ 0 Sal° mlght have g° n° through wlthout even the
Yet the bonds were awarded, under competent legal advice—not to the
bidder for the smallest amount o f the Lssuo o f sixty-six $1,000 bonds
w*}Ich wouhl produce tho sum wanted, $66,000, oven though the rate
offered for the smallest amount” bid was tho highest among all bids__
but to a bid for sixty-six bonds at a lower rate.
No ono is at fault for this curiosity among instances of bidding for and
securing the award o f municipal bonds, so far as the bidders are concerned
and none o f the twelve of them, so far as known, is finding fault with the
n°rni!naLV?X?rsa^° f ^ *-0 spirit, if not the provisions, of the law in tho outcome.
,o n, th0 (a,;t that Union County had offered
sixty-six $1 000 bonds for sale in order to raise $66,000. The best bid,
within the terms o f the law and the circular, for the least amount o f the
nnod«6onlIK^n'r0u^Id produce $66,000, was for sixty-five $1,000 bonds and
one $500 b M d ^ n d the price offered slightly exceeded $66,000.
..
the county officials, wo are not offering anv
hnndc
IlS isilE tsS -ssg
That, in fact. Is where another amusing feature of it all ram ,, «n T h .
sfx,tY"six SI,000 bonds printed in advance—even though it
asked for the best bid for the lowest amount of bonds, and even thouvh
each bond specified it was one of an issue o f sixty-six—and this in spiti
of the fact that there was no certainty it would be needful to sell all o f the
bonds to raise the $66,000. Printing bonds in advance, to be sold
under tho Pierson Act, is likely to cause trouble and expense, in view o f the
terms of the law.. It may hardly be foretold how many will be :needed °
1 erhaps if Union County officials had consulted with its own Assemblvman ] 1£72n on the wordi,ig of its circular asking for bids, this curious mixup might h^vo been avoided. In any event it behooves some New Jersev
city and county fiscal officials to make a close study of the Pierson law if
thoy are not to leave too much to the conjecture o t bidders.
T h o A c t referred to w as p u b lish ed in fu ll in th e “ C h r o n ic le ”
o f A p r il 1 5 , p a g e s 1 4 6 2 a n d 1 4 6 3 .
Bond Proposals and Negotiations this week
have been as follows:
„ A ? ’AMn „ CT°lTNT J SCHOOL DISTRICT NO. 107, Wash.— B O N D
On July 29 tho $2,000 5-20-year (opt.) building bonds were
Inlvr29 d1 0?Rh° ? i ? te ° f Washington at par for 5 ‘4 s . Denom® $500. Date
debt
?his
toannA
UaIly a?. the
County 1916,
Treasurer's
aeoc, tms is;,ioInǤr^
issue, $2,000.
Assessed
valuation
about office.
$75,000.Bonded
Owing to tho crowded condition of our columns, wo aro
ALLIANCE, Stark County, Ohio.— B O N D O F F E R I N G — Pronos-Uo
obliged to omit this week tho customary tablo showing tho lowing 5e% b on d "tU AUg' 7 by Chas' ° ' Silver' City AudItor, for the folmonth’s bond sales in detail. It will be given later.
$120,000 water-impt. bonds. Denom. $1,000. Date Aug. 1 1916. Due
O orn
%
000 Au,8- 1 1911 to 1944 incl. and $20,000 Aug. 1 1945.
J,2o0 city s portion bonds. Denom. 18 for $500, 1 for $250
Date
S4.2501 Aug6 ' 1 HH5?2’000 A “ g ' 1 1941 ’ $3’000 A ug l l943 and
3,814 city’s portion bonds. Denom. 6 for $500. 1 for $814. Date
Astoria, Ore.— B o n d s U p h e l d b y S u p r e m e C o u r t . — The
July W f g 16^ DU° $1'° 00 JuIy 15 1936‘ 1937 and 1938 and *814
btato bupromo Court, in an opinion written by Justice Bean ^ Pr,iI^ ‘Pal aad semi-ann. int. payable at office o f Sinking Fund Trustees
a S?lvent national or State bank for 3% o f bonds bid for.
fr n m e i irCiUlt Judge Eakin in upholding the issuanco of the S
i°f "
, C ty Trcasurer’ required. Purchaser to pay accrued inter$o(),000 bonds voted at tho city charter election March 22
0."[n ?xP0»so tho necessary blank bonds. Bids must be
PJ l, t°rms furnished by tho City Auditor.
General bonds outstanding
for tho retirement of general fund warrants.— V. 102, p. 1281.
1367 20 0 : tofS.?iSS«
oS; ‘ ■’^’(]3' 1: assc^ - certificates. $159; water bonds®
SALE.
News Items.
Many Lives Lost by C loudburst. — As the result of a
cloudburst which caused a flood in Blair’s Creek Valley, near
lazowoll’ le n n ., late on Aug. 2. twonty-five persons aro
known to bo dead and about oight aro missing. Tho prop$5(f()00magO m * 10 f oot*ot* section is ostimatod at around
„ AURORA SPECIAL ROAD DISTRICT (P. O. Aurora), Lawrence
r'dU?^y l
U R C 1 I A S E R O F B O N D S .—Tho purchaser of tho $60 000
5V m t C? tt,1? lon bonds recently sold for 361,225. equal to 102.041
— V. 103, p. 428—was tho Mississippi Valley Trust Cot o f St Louis
Denom. $500. Date M ay 1 1916. Interest M . & N.
‘
BARBERTON CITY SCHOOL DISTRICT (P. O. Barberton)
M ichigan,
(State of).
F orest
F ire s
Do
C o n s id e r a b le
D a m a g e to P r o p e r t y .— I<orcst fires which have boon ragimr
for several days havo done considerable damage in the
lower part or tho Stato, winch includes tho counties of
Antrim, Charlevoix, Crawford, Kalkasha, Otsego and Wox-
8dl??n?h' County, O hio. — B O N D O F F E R I N G .— Proposals will be receive!
sum^nnn P h < v ''x g ' 7 byuJ ’ A 1’ Kessler, Clerk of Board of Education, for
$30,000 1U% coup, school bonds. Denom. $1,000. Prin. and semi-ann)
m .Vt A aA S •—Paynbie at office of Clerk-Treasurer of Board of Education'
Fi ?no3,? 0° ,yoar y o;i Sept. 1 from 1917 t o 1926 incl. Certified check for
$1,.)00 inquired. Bids must bo unconditional Certified transcripts will
nece^ary11Wank^bonds’. " h° WiU be re<iuired to furnish at own expense the
BATAVIA, Clermont C ounty, O hio.— B O N D E L E C T I O N . — An elec
tion will bo held Aug. 8 to vote on the question o f Issuing $2,500 rovonuo
bonds. A. I. Ashburn Is Mayor.
BAY VILLAGE SCHOOL D ISTR IC T, C uyahoga C ounty, O hio.—
B O N D E L E C T I O N . — Tho question o f issuing $32,000 site-purchase and
construction bonds will be submitted to tho voters on Aug. 8.
BEAVER, Beaver C ounty, Pa.— B O N D S A L E . — On July 20 an issue
of $25,000 W \ % refunding bonds was awarded to the Mellon Nat. Bank of
Pittsburgh for $25,353 65, equal to 101.414. Denom. $1,000. Date
Aug. 1 1916. Int. F. & A. Duo from 1919 to 1946.
BEECH CREEK SCHOOL TOWNSHIP (P. O. Solsberry), Greene
C ounty, In d .— B O N D S A L E . — On July 28 the $4,000 4 ' A % school bonds
— V. 103, p. 338— were awarded to the Fletcher-Amer. Nat. Bank of
Indianapolis for $4,063 50— 101.587— and int. Other bids were:
Breed, Elliott & Harrison____$4,042|First Nat. Bank, Linton
$4,040
Denom. $250. Date July 1 1916. Int. J. & J. Due $250 each six
months from Jan. 1 1917 to July 1 1924 incl.
BELLEFONTAINE, Logan C ounty, O hio.— B O N D E L E C T I O N . —•
We learn that an election will bo held Aug. 8 to decide whether or
not this city shall issue $20,000 street-impt. assess, bonds. A two-thirds
majority will be necessary to authorize.
BETHLEHEM SCHOOL TOW NSHIP (P. O. L ucerne), Cass C oun ty
In d . — B O N D S A L E .— On July 18 tho $5,250 4 A % school bonds (V. 103,
p. 170) were awarded to tho Fletcher-American National Bank of Indianap
olis for $5,452, equal to 103.847. The other bidders were:
Breed, Elliott & Harrison, Indianapolis...........................................— $5,451
E. M . Campbell’s Sons & C o., Indianapolis...........- ..............- ..............5,425
H. G. Reed, C ly m e rs............................................. ..............................5-25U
BINGHAM COUNTY SCHOOL DISTR IC T NO. 32 (P. O. B lack foot),
Id a h o.— B O N D S A L E . — On July 24 tho $5,500 6% 10-20-year opt. build
ing bonds were awarded to the Lumbermen’s Trust Co. o f 1 ortianu. inc.
semi-annual.
BLACKFORD COUNTY (P. O. H artford C ity), In d .— BOiVD
O F F E l i I N G .— Proposals will be received until 12 m. Aug. 10 by Geo. H.
Newbauer, County Treasurer, for an issue o f $20,000 4 A % Atkinson road
bonds in Licking Township. Interest semi-annual.
BLACK R I V E R TOWNSHIP (P. O. Fayetteville), Cum berland Coun
ty No. Car.— B O N D S A L E . — On July 31 the $25,000 5% coupon road
bonds (V 103 p. 429) were awarded to W. L. Slayton & C o . of Toledo at
par and int., less $600 for expenses. Other bids were:
H a n ch ctt B o n d
S id n o y S p it z e r &
D a v ie s -B e r tr a m
A ll th o a b o v e
C o .,
C o .,
C o .,
b id s
CELINA, Mercer C ounty, O hio. — B O N D O F F E R I N G . — P r o p o sa ls w ill
bo re ce iv e d u n til 12 m . A u g . 15 b y J . M . W in te r, V il. C le rk , fo r $ 1 0 ,0 0 0
5 % 2 0 -y e a r p a rk b o n d s. A u th . S ec. 3939 G en . C o d o . D e n o m . $ 50 0.
D a to J u ly l 1916. I n t. J. & J . C e r t, ch e ck fo r $300 p a y a b lo t o th o V il.
T r e a s ., r e q u ire d .
B o n d s t o bo d eliv e re d an d p aid fo r w ith in 10 d a y s fro m
tim e o f a w a rd . P u rch a ser t o p a y a ccru e d interest.
CENTER, Shelby C ounty, Tex.— W A R R A N T S A L E . — R e c e n t ly
J . L . A r litt pu rch ased $ 2 0 ,0 0 0 6 % w arra n ts.
D a t o Ju n o 13 1916. I n t .
sem i-an n u al a t N e w Y o r k .
CENTRALIA
D a te Ju n o 1 1916.
BOND
aw arded.
T enn .
M a r y v ille ),
— B O N D S A L E .— O n
J u ly 8 t h o $ 2 0 0 ,0 0 0 5 %
c o u p o n p ik e r o a d b o n d s (V . 1 0 2 , p . 2 1 8 1 ) w e re
a w a r d e d , it is s t a t e d , t o t h e M e r c a n t i l e I r u s t C o . o f S t . L o u is a t 1 0 2 .1 3 .
BOISE CITY, Ada C ounty, Idaho.
— B O N D O F F E R I N G .— P r o p o s a l s
w ill b o r e c e iv e d u n t il 12 m . A u g . 2 9 , b y N a n c y E . R o b e r t s o n , C it y C le r k ,
f o r t h o $ 2 9 ,2 8 5 .9 1 1 0 -2 0 y r . ( o p t .) c o u p o n L o c a l I m p r o v e m e n t D is t ., N o . 2 2
p a v in g b o n d s v o t e d J u n e 13 (V . 1 0 2 , p . 2 3 6 1 ). I n t. r a to n o t t o e x c e e d 6 % .
D e n o m . (2 9 ) $ 1 ,0 0 0 , (1 ) $ 2 8 5 .9 1 .
D a te J u ly
1 1916.
P r in . a n d s e m i
a n n u a l in t. (J & J ) p a y a b lo a t th o C it y T r e a s ., o r a t th e C h a s e N a t io n a l
B a n k , N . Y . , a t th o o p t io n o f h o ld e r .
C e r t , c h e c k o n s o m o b a n k o f B o is e
C it y , fo r $ 1 ,0 0 0 r e q u ir e d .
B id d e r s w ill b e r e q u ir e d
t o fu r n is h b la n k
bon d s.
BOSTW ICK DRAINAGE DISTR IC T (P. O. Palatka), Putnam
C ounty, Fla.— B O N D S A L E . — O n J u l y 1 1 t h o $ 2 5 , 0 0 0 6 % g o l d c o u p o n
1 7 1 ) w e r e a w a r d e d , it is s t a t e d , t o t h o P u t n a m
BRITTAN SCHOOL D ISTR IC T, Sutter C ounty,
C alif.— B O N D
O F F E R I N G .—
D is p a t c h e s s t a t o t h a t A . W e is , C le r k o f B o a r d o f C o u n t y
( P . O . Y u b a C i t y ) , w ill r e c e iv e s e a le d b id s u n t il A u g . 7 fo r
sch ool b on d s.
I n t . s e m i-a n n u a l.
C e r tifie d c h e c k fo r 1 0 %
r e q u ir e d .
BROOKE COUNTY (P. O. W ellsburg), W. Va.
— BOND S A L E — O n
J u ly 2 6 th o $ 8 0 0 ,0 0 0 5 % r o a d -im p r o v e m e n t b o n d s — V . 1 0 3 , p . 3 3 8 — w e r e
a w a r d e d t o H a r r is , F o r b e s & C o . o f N e w Y o r k a t 1 0 1 .9 2 1 a n d i n t .
liv e r y o f b o n d s S e p t. 1 a n d O c t . 1.
O th e r b id s w e r o :
F i e l d , R i c h a r d s & C o . , C i n . . 1 0 1 . 9 0 1J . C . M a y e r & C o . , C m
1 0 1 .6 2 5
S id n e y S p i t z e r & C o . , T o l e d o . 1 0 1 .8 8 F ir s t - S e c o n d N a t . B k . , P i t t s . 1 0 1 .6 1 5
O t i s & C o . , C l e v e l a n d _________ 1 0 1 . 8 0 1 P r o v . S . B . & 1 r . C o . , C i n _ . 1 0 1 . 3 7
T h e W e lls b u r g N a t . B a n k o n $ 1 0 0 ,0 0 0 o f t h e b o n d s .
BRYAN
COUNTY
(P.
Okla.— D E S C R I P T I O N O F
bonds awarded
BONDS
and int. (V. 103
o n J u ly
int. J. & J.
p . 4 2 9 ) ___________________________
.
Using newspaper
D u o ,$ o
8 ,w
0 0u
0 in w
1 0 a n d 1 5 ________________
y e a r s a n d $ 9 , 0 0 0 _____
i n 2 0 - y_____
ears.
reports, wo erroneously stated last week that tho price paid for tho bonds
was 100.34.
BURCHARD, Pawnee C ounty, N eb.— B O N D E L E C T I O N . — An
election will bo held Aug. 12, it is stated, to vote on the question o f issuing
$4,000 electric light bonds.
BURLEY, Cassia County, Id ah o.— B O N D S V O T E D . — The election
held July 29, resulted it is stated, in favor of tho question of issuing $40,
000 electric light-system impt. bonds.
CADDO PARISH SCHOOL DISTR IC T NO. 17 (P. O. F lou rn oy ),
L a.— B O N D S V O T E D .— By a vote of 7 to 4 the question of issuing $6,000
building bonds carried, it is stated, at an election held July 18.
CALEDONIA SCHOOL DISTR IC T (P. O. Caledonia), Marion
C ounty, O hio.— B O N D E L E C T I O N . — An election will bo hold Aug.
to vote on the proposition to issuo $15,000 school-building bonds, reports
state.
CAMBRIDGE, Middlesex C ounty, Mass .— T E M P O R A R Y L O A N . —
On Aug. 2 a loan of $100,000. maturing Dec. 11 1916, was negotiated with
tho Harvard Trust Co. o f Cambridge at 3.21% discount plus $1 2o pre
mium, reports state.
CAMPBELL COUNTY (P. O. N ew port), K y.— B O N D S A L E . On
July 7 the $100,000 4 ' A % 6 -year (aver.) coupon tax-freo road-impt
bonds (V. 102, p. 2271) wero awarded to Field, Richards & Co. o f Cincin
nati at 101.36 and int.
CAMPBELL COUNTY (P. O. Jaclcsboro), T e n n .— B O N D O F F E R I N G .
— Proposals will be received until 12 m. Aug. 7 by H. G. Murray, Chairman
of Highway Commission, for $4,000 5% 30-year coupon road bonds.
Denom. $1,000. These bonds are exempt from Stato and county taxes.
Certified check or cash for $250, payable to ‘‘Campbell County,” required.
Bonded debt, excluding this issue, $365,000. Floating debt, $5,000.
Assessed value, $6,190,000. Total tax rato (por $1,000), $23.
CARPENTER CONSOLIDATED INDEPENDENT SCHOOL DIS
T R IC T (P. O. C arpenter), M itchell and W orth Counties, Iow a.—
D E S C R I P T I O N O F B O N D S . — The $25,000 4 A % building bonds awarded
in April to Geo. M . Bechtel & Co. of Davenport (V. 103, p. 429) are in tho
denom. of $1,000 and dated May 1 1916. Int. M . & N. Duo May 1 1936.
CARROLL INDEPENDENT SCHOOL DISTRICT (P. O. Carroll),
Carroll C ounty, Iow a.— B O N D S A L E . — On Aug. 1 $100,000 4
sitepurchase and high-school-building bonds wero awarded to Geo. M . Bechtel
& Co. o f Davenport at 100.427 and blank bonds. Denom. $100 to $1,000,
to suit purchaser. Date Sept. 1 1916. Prin. and semi-ann. int. payable
at office of purchaser. Due $10,000 Sept. 1 1921, 1926 and 1931 and
$70,000 Sept. 1 1936. Bonded debt, including this issuo, $120,000. No
floating debt. Sinking fund, $4,098 43.
CASS COUNTY (P. O. L ogansport), In d .— B O N D S A L E . — On July 24
tho $12,400 4 A % 5 A - y r . avorago road bonds— V. 103. p. 259— wero
awarded to Miller & Co. o f Indianapolis for $12,540 (101.129) and int.— a
basis of about 4.27%. Other bids wero:
Farmers* Merch. Bk., L ’p’t.$12,4251Logansport Stato Bank,
First Nat. Bank, L’p’t ___ 12,4051 Logansport.........................$12,400
O.
D urant),
(P.
O.
C entralia),
Marion
fu n d in g b o n d s refu sed b y th o L u m b e rm e n ’s T r u s t C o . o f P o rtla n d ( V . 102,
p . 726) w ill n o t be re -o ffe re d fo r salo as th o A tto r n e y -G e n e ra l fo r th o S tate
o f W a s h in g to n has d e c id e d th e issu e w as illegal.
CHESTER, Delaware C ounty, Pa.— B O N D O F F E R I N G . — P r o p o sa ls
w ill b o re c e iv e d u n til 10 a . m . A u g . 14 b y C . B . M o u ld , S u p erin ten d en t o i
A c c o u n ts an d F in a n ce , fo r th e $10 0 ,0 0 0 4 % 3 0 -y c a r b o n d s re c e n tly a u
th o r iz e d — V . 103, p . 7 8 . D e n o m . $ 1 ,0 0 0 .
D a to J u ly l 1916. B o n d s
are fre o o f S ta to ta x .
C h ic a g o ..$597
C i n --------------- 6 3 0
C i n --------------- 7 5 0
o f f e r e d p a r a n d i n t . , le s s t h e s t a t e d d i s c o u n t s .
d r a in a g e b o n d s (V . 1 0 3 , p .
N a t io n a l B a n k o f P a la t k a .
D ISTRICT
CHEHALIS, Lewis C ounty, W ash.— B O N D S N O T T O B E R E
O F F E R E D . — T h o C it y T rea su rer ad vises us th a t $ 5 9 ,6 7 9 68 g o ld c o u p o n
S t a c y & B r a u n , T o l e d o _______ $ 9 4 0 . 0 0
B r a y B r o s . , G r e e n b o r o ______ 1 , 1 0 7 0 1
BLOUNT COUNTY (P. O.
SCHOOL
County, Ills.— B O N D O F F E R I N G . — P roposals w ill b o re ce iv e d until
7:30 p . m . A u g . 10 b y W . L . D e rle th , S e c y . 13d. o f E d .. It is s ta te d , for
$15 ,0 0 0 5 % 5 -2 0 -y e a r o p tio n a l s c h o o l b o n d s. I n t . se m i-an n u al. C o r t.
ch e ck fo r 5 % r e q u ire d .
-
D is c o u n t .
D is c o u n t .
S u p e r v is o r s
$ 1 5 ,0 0 0 6 %
[Vol. 103.
THE CHRONICLE
508
T h e o f f i c i a l n o tic e o f th is b o n d o f fe r i n g w il l b e f o u n d a m o n g th e a d v e r tis e
m e n ts e ls e w h e r e i n th is D e p a r tm e n t .
CHICKASAW COUNTY (P. O. H ou ston ), Miss.— B O N D
S A L E .—
O n J u ly 3 th o c o u p o n ta x -fre e r o a d b o n d s (V . 103, p . 78) w ero a w a rd e d ,
re p o rts s ta to , as fo llo w s :
,
$ 3 3 ,0 0 0
10-23-year (ser.) S up ers. D is t. N o . 1 b o n d s t o th o N a tio n a l
■
C it y B ank o f M e m p h is fo r $ 3 3 ,1 0 0 , equa l t o 100.303.
7,000
10-23-year (ser.) Supers. Dist. No. 4 bonds to tho Bank of Wood
land, Woodland, at 102 for 6s.
CLEVELAND C ITY SCHOOL DISTRICT (P. O. Cleveland), O h io.—
S A L E . — O n A u g . 1 th o $ 2 ,0 0 0 ,0 0 0 4 M % 1 7 M -y e a r a v e r . c o u p ,
b u ild in g b o n d s — V . 103, p . 78— w ere a w a rd e d t o H arris, F o rb e s * C o . or
N . Y . a t 1 02 .661 . a basis o f a b o u t 4 .2 8 5 % . O th er b id s w ore:
O tis & C o ., C le v e la n d ____ $2,043,100 1 F ie ld , R ic h a r d s & C o ------- $ 2 ,0 3 6 ,2 5 0
BOND
CLEVELAND HEIGHTS (P. O. Cleveland), C uyahoga C ounty,
O hio.— B O N D E L E C T I O N . — R e p o r t s s ta te th a t an e le ctio n w ill b o h eld
A u g . 8 t o v o t e o n th o p r o p o s itio n s t o issu o $ 4 3 ,0 0 0 s c h o o l-s ite -p u rch a se ,
$13 0 ,0 0 0 s c h o o l-c o n s tr u c tio n a n d $ 7 ,0 0 0 sid ew alk b o n d s.
CLINTON COUNTY (P. O. W ilm ington), O hio.— B O N D
S A L E .—
O n A u g . 1 th o $ 3 0 ,0 0 0 \ ]A % 2 -y e a r a v e r , h ig h w a y -im p t. b o n d s — V . 103,
p 259— w e ro a w a rd e d t o tn o N e w F irst N a t. B a n k o f C o lu m b u s a t 100.26
an d in t ., a basis o f a b o u t 4 .3 7 % . O th er b id s w ero :
T illo ts o n & W o lc o t t C o ., C le v e la n d ---------------------------------------------------- S J0 .02 4
S o a s o n g o o d & M a y e r , C in c in n a ti------------------------------------------------------ 3 0 ,0 0 5
CLOVIS, Curry County, N. Me x . — B O N D S R E F U S E D — R e p o rts
sta to th a t the L u m b e rm e n ’s T r u s t C o ., o f P o r tla n d , has refu sed t o a c c e p t
th e $ 3 5 ,0 0 0 5 % 2 0 -3 0 -y e a r (o p t .) c o u p o n w a te r-w o rk s b o n d s aw ard ed t o it
o n M a y 29 ( V . 102, p . 2 0 9 7 ), on a c c o u n t o f an irregu larity fo u n d in tho
p ro ce e d in g s.
COALINGA, Fresno C ounty, C alif. — B O N D E L E C T I O N — A n elec
t io n w ill 1)0 h e ld A u g . 7 t o v o t e o n th o q u e s tio n s o f Issuing $ 8 ,0 0 0 c it y -h a lf
and fir o -h o tis o , $ 6 ,0 0 0 m u n icip a l n a ta to riu m a n d $ 1 4 ,0 0 0 au xilia ry f ir e
fig h tin g sy ste m b o n d s, a c c o r d in g t o re p o rts.
COHOES SCHOOL DISTR IC T (P. O. C ohoes), Albany C ounty,
N Y .— B O N D E L E C T I O N .— T h e q u e stio n o f issuing $ 2 0 0 ,0 0 0 s ch o o l
b o n d s w ill b o s u b m itte d t o th e v o te r s o n S ep t. 20.
COLUMBIANA COUNTY (P. O. L isbon), O h io.— B O N D
S A L E .—
O n J u ly 24 th o th ree issues o f 5 % r o a d b o n d s, a ggregatin g $ 1 5 1 ,5 0 0 , w ero
a w a rd e d to S o a so n g o o d & M a y e r o f C in cin n a ti fo r $15 5 ,7 9 2 , equa l to
1 02 .833 , it is s a id .— V . 103, p . 339 .
COLUMBUS, O hio. — B O N D S A L E . — O n J u ly 27 tho S in k in g F u n d
T ru s te e s pu rch ased b o n d s a ggre ga tin g $ 1 9 9 ,0 0 0 , it is sta te d .
B O N D E L E C T I O N . — A n ele ctio n w ill bo h eld A u g . 8 to d e c id o w h oth cr
o r n o t this c it y shall issuo $ 2 8 5 ,0 0 0 d e fic ie n c y b o n d s, re p o rts sta to.
COSHOCTON COUNTY, (P. O. C oshocton), Ohio.— B O N D S A L E —
On Aug 2, tho $12,500 4 ^ % bridge bonds—V. 103, p. 429— wero awarded
to the Commercial Nat. Hank, of Coshocton, at 101.124, it is said.
COVINGTON, Miami C ounty, O h io.— B O N D E L E C T I O N .— T h o
p r o p o s it io n t o issuo $ 6 ,0 0 0 fir o -d e p t .-e q u ip . b o n d s w ill bo s u b m itte d t o a
v o t e o n A u g . 8, it is r e p o rte d .
CRAWFORD COUNTY (P. O. E nglish), In d .- B O N D O F F E R I N G .—
Proposals will bo received until 2 p. m. Aug. 7 by A. It. Flanigan, County
Treasurer, tor $3,000 4 M % 5 H-year average
K. Crows et al road-lmpt.
bonds in l’ atoka Township. Denom. $150. Date Aug 7 1916. Interest
M . & N. Duo $150 each six months from May 15 1917 to Nov. 15 1926,
inclusive.
CROCKETT COUNTY (P. O. Ozona), T e x . — B O N D S V O T E D .— Tho
proposition to issuo tho $20,000 road bonds— V. 103, p. 339— carried, it is
stated, at the election held July 22.
CUYAHOGA FALLS, Summit County, O hio.— B O N D E L E C T I O N . —
An election will be held Aug. S, it is stated, to deeido whether or not $60,000
sower bonds shall bo Issued.
DADE COUNTY (P. O. Miami), Fla.— B O N D O F F E R I N G
Proposals
will bo received until 10 a. m. Aug. 26 b y / . 1 . Merritt, Clerk Bd. of Co.
Commrs., it is stated, for the following 5% bonds voted June 1.5 (V. 102,
S25^000} jail bonds, duo serially on July 1 from 1933 to 1938, incl.
40.000 highway bonds, duo serially on July l from 1917 to 102.5, inci.
35.000 bridge bonds, duo serially on July l from 1933 to 1938, inch
The bonds aro dated July 1 1916.
DAVIESS COUNTY (P. O. W ashington), Ind .— B O N D O F F E R I N G .—
Bids will bo received intil 10 a. m. Aug. 15 by Jacob G. Clark, Co. AucL,
for $56,000 5% 5'H-year aver. Prairio Creek ditch bonds. Denom. $560.
Dato Aug. 15 1916 Int. M . & N. Duo $5,600 yearly on Nov. 15 Irom
1917 to 1926, incl.
DEARBORN COUNTY (P. O. Lawrenceburg). In d .— B O N D O F F E R
I N G . —John A. Bobrink, Co. Treas., will recoivo bids until 11 a. m. Aug. 11
for $14,000 4 ' A % road bonds. Denom. $350. Dato Aug. 7 1916. Int.
semi-ann. Cert, check for $200 required.
DECATUR, Wise County, Tex.— B O N D S A L E . — 'T he'City Nat. Bank
of Decatur have purchased $2,000 6% 10-40-year (opt.) street bonds at
101.25. Denom. $1,000. Dato March 1 1916. Int. M. A 8.
DELAWARE COUNTY (P. O. M uncio), In d . — B O N D S A L E .— On
July 25 tho six issues of 4 A % road bonds, aggregating $113,800, were
awarded to the Merchants’ N’at. Bank of Muncio for $115,722 oO, equal to
101.689. See V. 103, p. 339.
B O N D O F F E R I N G .— Proposals will bo received until 10 a. m. Aug. 8
by G. G. Williamson, Co. Treas., for $43,400 M offett road and $39,800
Perdiuo road 4 lA % bonds of Center Twp. Donoms. $1,085 and $995,
respectively
Dato July 1 1916. Int. M . & N. Duo ono bond of each
K
each six months from May 15 1917 to Nov. 15 1936, incl.
DELMAR CONSOLIDATED SCHOOL D ISTRICT (P. ° C linton C ounty, Iow a. — D E S C R I P T I O N O F B O N D S .—- 1 ho $18,000 o Vo
building bonds recently awarded to Geo. M . Bechtel & Co. of Davenport
(V 103 p 430) aro in tho denom. of $500 and dated Juno 1 1916. Int.
J. & D
Due $1,000 in the even years and $500 in tho odd years beginning
Dec 1 1918.
DUBLIN, Laurens C ounty, Ga.— B O N D S V O T E D .— By a voto of 398
to 24 tho question of issuing tho $30,000 filter-plant-erection bonds V. 103.
p. 339—carried, it is stated, at the election lield_Jniy zo.
DUNMORE SCHOOL DISTRICT (P. O Dunm ore), Lackawanna
c o u n ty , Pa .— B O N D S A L E . — O n J u l y 2 7 t h o $ 1 0 0 , 0 0 0 4 ' A % t a x I r e o
b ld g
b o n d s — V . 1 0 3 , p . 7 9 — w e ro a w a r d e d t o M a r t in & C o . o r i u ila d o lp h ia
f o r $ 1 0 4 ,0 5 2 5 0 ( 1 0 4 .0 5 2 ) a n d in t .
O th e r b id d e r s w e r e :
v
F orbes &
51
& C o .. P h ila
A* i c ' L e a c h ¥ 60” ' N .' V . . 103.'5761H a r r i s ,
r . M . G r a n t & C o . , I ’ h i l a __ 102.8031 G r a h a m
CIO.,^N. Y . . 102.681
............101.
A w . 5 1916.1
THE
CHRONICLE
DURHAM, Durham C ounty, No. Caro .— B O N D S A L K .— On July 27
the two issues of bonds, aggregating $320,000 (V. 103, p. 260) wero awarded
to Bernhard, Schollo & Co., Now York, as follows:
$250,000 5% water bonds, dated July 1 1915, for $269,406 25 (107.7625)
and interest.
70,000 4)4% funding bonds, dated July 1 1916, for $70,890 75 (101.2725)
and interest.
DUVAL COUNTY (P. O. San Diego), T e x . —- B O N D S V O T E D .— The
question of issuing tho $100,000 road-construction bonds— V. 103, p. 260—
carried, it is stated, at the election held July 15.
EAST W H ITTIER SCHOOL DISTR IC T, Los Angeles C ounty, Cal.
— B O N D O F F E R I N G .—-Proposals will bo received until 2 p. m. Aug. 14 by
J. II. Lolando, ox-officio Clerk Board of Supervisors (P. O. Los Angeles),
for $12,000 5% 15)4-year averago construction and equipment bonds.
Denom. $1,000. Date Aug. 1 1916. Principal and semi-annual interest
at County Treasury. Duo $1,000 yoarly Aug. 1 from 1921 to 1932, inclu
sive. Certified or cashier’s check for 3% o f bonds bid for, payable to
Chairman Board of Supervisors, required. Purchaser to pay accrued inter
est. Bonded debt, including this issuo, $33,000. Assessed valuo 1915,
$3,361,040.
ELIZABETH TOW NSHIP RURAL SCHOOL DISTR IC T (P. O.
T roy), Miami County, O h io .— B O N D O F F E R I N G .— Bids will be recolvcd
until 2 p. m. Aug. 10 by It. S. Ilufford, Clerk o f Bd. of Ed., for $8,500 5%
school bonds. Denom. $500. Int. semi-ann. Duo $500 each six months
from Sept. 1 1920 to Sept. 1 1928 inch Cert, check on a solvent bank for
3% of bonds bid for, payablo to above Clerk, required. Bonds to bo de
livered and paid for within 5 days from time o f award.
ELKHART SCHOOL TOW NSHIP (P. O. W awaka), N oble County,
In d .— B O N D S A L E .— On July 25 tho $9,000 4)4% 5)4-yr. aver, schoolbldg. bonds— V. 103, p. 260— were awarded to J. P. Wild & Co. o f Indian
apolis for $9,210 50— equal .to 102.338, a basis o f about 4.01%.
ELYRIA, Lorain C ounty, O h io .— B O N D S A L E . — On July 27 Seasongood & Mayer of Cincinnati were awarded an issue of $20,000 4)4%
water works itnpb. bonds at 101.76.
Denom. $500. Dato Juno l 1916. Int. J. & D. Duo from 1930 to
1939.
ENGLISH, Crawford C ounty, I n d .— B O N D S A L E . — O n July 20 tho
$1,259 60 4)4% funding bonds (V. 103, p. 260) wero awarded to Breed,
Elliott & Harrison of Indianapolis for $1,272 60, equal to 100.103. There
were two other bidders. Denom. $125 76. Dato July 15 1916. Interest
annually in July. Duo sorially for ton years.
ERIE COUNTY (P. O. Sandusky), O h io .— B O N D S A L E — On July 26
tho tiireo issues of 5% road bonds, aggregating $50,325, wero awarded to
Seasongood & Mayer of Cincinnati for $51,099 25— 101.538—and int.,
it is stated.— V. 103, p. 260.
ESSEX, Page County, Iow a .— B O N D S V O T E D .— Tho question of
issuing $10,000 water bonds, carried it is stated at a recent election.
EUCLID, C uyahoga C ounty, O h io .— B O N D O F F E R I N G .— Proposals
will bo rocoived until 12 m. Aug. 14 by II. S. Dunlop, Vil. Clerk, for 85,000
6% 7-year aver. coup, highway impt. bonds. Auth. Secs. 3939 to 3947
inch, Gen. Codo. Denom. $1,000. Date day o f salo. Prin. and semiann. Int.— A. & O.— payablo at office of Vil. Troas. Duo $1,000 biennially
on Oct. 1 from 1919 to 1927 incl. Cert, check on a bank other titan tho
ono making tho bid, for 10% of bonds bid for, payable to tho Vil. Treas.,
roquired. Bonds to bo delivered and paid for within 10 days from time of
award. Purchaser to pay accrued interest.
EVERETT, Middlesex C ounty, Mass .— T E M P O R A R Y L O A N .— On
Aug. 1 tho tax-free loan of $60,000 was awarded to F. S. Moseley & Co. of
Boston at 3.59% discount plus $2 50 promium, itjis stated.— V.103, p. 430.
FAIRFIELD, Solano County, C alif . — B O N D S O F F E R E D B Y B A N K
E R S .— The Lumbermen's Trust Co. of Portland is offering to investors
$48,500 5% tax-free municipal stroet-improvemont bonds. Denom. $500.
Dato April 1 1916. Int. J. & D. at the City Treasurer’s office. Due
$2,000 yoarly Doc. 1 from 1916 to 1938, inclusive, and $2,500 Dec. 1 1939.
Bonded debt, including this issuo, $64,500. Assessed valuation 1915,
$437,695; real valuo (est.), $695,000. The salo of theso bonds was re
ported in V. 102, p. 1647.
FAIRPORT (Villago), Monroe C ounty, N. Y .— C E R T I F I C A T E S
V O T E D .— According to reports a vote of 313 to 45 was cast at tho July 27
election in favor of tho proposition to issuo certificates of indebtedness
not exceeding $35,000, for pavements.
FALL RIVER. B ristol C ounty, Mass .— B O N D S A L E .— On Aug. 1 tho
four issues of 4% bonds, aggregating $350,000, wore awarded to Blodgot
& Co. of Boston at 100.689.— V. 103, p. 430.
FAYETTE COUNTY (P. O. W ashington C. H .), O h io .— B O N D
O F F E R I N G .— Proposals will bo received until 12 m. Aug. 8 by Glenn M
Pino, County Auditor, for $4,000 6% 2 1-3-year aver. Blue Bun ditch bonds'
Auth. Sec. 6489, Gen. Codo. Denom. $500. Dato Aug. 1 1916. Prin!
and semi-ann. int.— F. & A .— payablo at County Treasurer’s office. Duo
$500 each six months from Mar. 1 1917 to Sept. 1 1920 incl. Certified
check for 2% of bonds bid for, required. Purchaser to pay accrued inter
est. Bids must bo unconditional.
FAYETTE COUNTY (P. O. Fayetteville), W. V a .— B O N D S
A W A R D E D I N F A R T . —On July 31 three issues of 5% coup, road-iinpt.
bonds— V. 103, p. 171— were awarded as follows:
$600,000 Fayetteville Dist. bonds to Sidney Spitzer & Co. o f Toledo for
$605,260— 100.876—and interest.
175.000 Falls Dist. bonds to Tillotson & Wolcott Co. of Clove, at 100.07.
175.000 Sowell Mountain Dist. bonds to Tillotson & Wolcott Co. of
Cleveland at 100.07.
Other bids wero:
($604,200 for Faycttevlllo Dist.
*Fiold, Richards & Co., Cincinnati__ { 176,350 for Falls District.
I 175,350 for Sowell Mountain Dist
Tillotson & Wolcott C o______________ 603,720 for Fayettoviilo Dist.
'
Stacy & Braun, Toledo_______________ 603,660 for Fayettoviilo Dist.
* For “ all threo issues or nono."
Tho $100,000 5% coupon Nuttall Dist. road-improvement bonds also of
fered on July 31— V. 103, p. 171— wero not sold on account of a temporary
Injunction filed against tho issuanco of tho bonds.
F L A G G T O W N S H I P ( P . O . R o c h e l l e ) , O g l o C o u n t y , 111.— B O N D S
V O T E D . — Tho question of issuing $10,000 road bonds carried by a voto of
285 to 72 at tho election July 18, it is reported.
F L E IS C H M A N N S ,
D o la w a r e
C ou n ty .
N.
Y .— BO N D
S A L E .— o n
July 25 an issuo of $10,000 5% State highway improvement bonds was
awarded to II. A. Kahlor Sc Co. of New York at 105.55. Other bids woreOeo. B. Gibbons & C o., N. Y . 105.54ICrandoll, Shepperd & Co., N. Y 104
Donom. $500. Date July 25 1916. Interest annually in July. Due
$500 yearly from 1917 to 1936, inclusive.
F L I N T , G e n e s e e C o u n t y , M i c h . — B O N D E L E C T I O N . — An election
has boon set for Aug. 10 to voto on tho proposition to issue $400,000 waters
works bonds, reports stato.
F L O Y D C O U N T Y ( P . O . N o w A l b a n y ) , I n d . — B O N D O F F E R I N G S . __
Proposals will bo recoived until 10 a. m. Aug. 7 by Claudo A. Sittason
County Treasurer, for $12,800 4)4% Bono road-improvement bonds in
Now Albany Twp.
Denom. $320.
Dato Aug. 7 1916.
Int. M . & N
Emilo Dupaquier, Co. Aud., will recoivo bids until 10 a. m. Sept. 7 for
$32,000 4)4% infirmary-construction and equipment bonds. Denom
$1,000. Date Sept. 7 1916. Int. M . & N.
u’
F O R T P A Y N E , D e k a l b C o u n t y , A l a . — B O N D S A L E . — Sidney Spitzer
\ Co. of Toledo have been awarded tho $10,000 5% 20-year school-building
jonds voted April 24— V. 102, p. 1828. Denom. $1,000. Dato Juno ?
1916. Int. J. & D.
1
F O R T W O R T H , T a r r a n t C o u n t y , T e x . — B O N D S V O T E D .— Tho ques
tion of Issuing $225,000 school-building bonds carried, it is stated, at the
election hold July 22.
FOURCHE
LEVEE
D IS T R IC T
(P .
O . L it t le
R o ck ),
A r k .— B O N D
S A L E . — On July 25 tho $50,000 5)4% levee-improvement bonds (V. 103
p. 339) wero awarded to tho Mercantile Trust Co. of Littlo Rock at par.’
FRESNO COUNTY RECLAMATION DISTRICT NO. 1G05, Calif —
B O N D S A L E .— On
July 25 $210,000 6% reclamation bonds wore awarded
to Blankenhorn-IIunter Co., of Pasadena for $210,150 (100.071) and inf
Denom. $1,000. Dato May 1 1916. Int. J. & J. Duo $21,000 yearlv
from 1926 to 1935, inclusive.
' y
509
FROST, Navarro C ounty, Tex.— B O N D S V O T E D . — Tho question of
Issuing SI0,500 sewerage-system-construction bonds carried, it is stated,
at a recent election.
FULTON COUNTY (P. O. R ochester), In d .— B O N D O F F E R I N G .—
Wm. II. Biddinger, County Treasurer, will receive bids until 3 p. m.
^ S ’r^0, ^ 51^ ’^00’
$5,200, $5,800, $15,900, $5,000, $6,200 and
$8,950
highway bonds. Int. M . & N. Due each six months.
GAGETOWN, T uscola C oun ty, M ich.— B O N D S A L E . — On July 25
an issue of $5,000 6% 9)4-year averago bonds was awarded to the State
Savings Bank of Gagetown at par and interest. Date Aug. 1 1916. In
terest annual. Duo $500 yearly on Aug. 1 from 1921 to 1930, inclusive.
GALLIPOLIS C IT Y SCHOOL D ISTR IC T (P. O. G allipolis), Gallia
C ounty, Ohio. B O N D S A L E — On July 27 the $80,000 4)4% coupon
school bonds wero awarded to Breed, Elliott & Harrison of Indianapolis at
100.86 and interest (V. 10.3, p. 260). Other bids wereSLris t^ ralt ’J Ja,.l k’^C? lul\lbus-®§9’2’'52 l'riIIotson & Wolcott C o ____ $80,184
Ohio Nat. Bank, Colum bus.. 80,217 ICommcr’l & Saw Bk., Gallip. 80,125
GARRETSON, M innehaha C ounty, So. Dak.— B O N D S T O B E
O F F E R E D S H O R T L Y .— This city will Shortly offer for sale $3,000 5%
20-yoar sowor-systcm-construction bonds. Ed. Keller is City Treas.
GARRISON, B enton C ounty, Iow a.— B O N D S N O T Y E T I S S U E D __
Tho $2,500 5% city-hall bldg, bonds voted March 27— V 102 o 1 3 7 0 have not yet been issued. II. J. Donald is City Treasurer.
GENEVA, Ontario C ounty, N. Y .— B O N D S A L E — We learn that
Isaac W. Sherrill Co. of Poughkeepsie has been awarded an issue of $16 750
street-improvement (city s share and assess.) bonds at 102 74
’
Denom. $500. Dato July 15 1916. Int. A. & O. Duo part each six
months.
GENOA SCHOOL DISTRICT (P. O. Genoa), Nance C ountv Neb
: S O N D SALE.—-Reports state that an issue of $6,000 building bonds has
been sold to W. E. Barkley Jr., Pres, of tho Lincoln Safe Deposit Co
Lincoln.
^
’’
GILBERTON, Schuylkill C ounty, Pa.— B O N D S D E F E A T E D __At
a recent o ection this borough defeated the proposition to issuo $40 000
bonds, it is said.
w
GLEN RIDGE, Essex C ounty, N. J .— B O N D S P R O P O S E D — This
borougli has under contemplation the issuance of S55.000 bonds.
‘against.’
GRAND SALINE, Van Z a n d t C ounty, Tex .— B O N D S A L E . __The
$16,000 5% 10-40-year (opt.) street-improvement bonds offered for salo
in January (V. 102, p. 361) havo been disposed of.
o GREENVILLE COUNTY (P. O. Greenville), So. Caro .— B O N D
S A L E . — On July 10 the $50,000 40-year coupon court-house-erection
bonds— V . 103. p . 79— were awarded, it is stated, to the Security Trust C o .
of Spartanburg at 100.682 and int. for 4)4s.
GREENVILLE SCHOOL DISTR IC T NO. 17 A (P. O. G roenville),
Greenville C ounty, So. Caro.— B O N D S A L E . — On July 10 the $50,000
20-year building bonds— V 103, p. 79— were awarded to Stacy & Braun of
New York at 106.32 for 5s.
GREENWOOD, Leflore C ounty, Miss.— P R I C E P A I D F O R B O N D S .
— The price paid for tho $20,000 5% 20-year paving bonds recently awarded
to Powell Garard & Co. of Chicago (V. 103, p. 430), was 101.07 and int.
Denom. $500. Dato Aug. 1 1916. Interest annually.
HALFA CONSOLIDATED INDEPENDENT SCHOOL DISTR IC T
(P. O. Haifa), Emmet C ounty, Iow a .— B O N D S A L E . — Geo. M . Bechtel
& Co. of Davenport wero awarded at 102.50 on April 1 tho $4,000 5%
building bonds— V. 102 p. 1095. Denom. S500. Date April 1 1916.
Int. M . & N. Duo $500 yearly Nov. 1 from 1926 to 1933 incl.
HALLETTSVILLE, Lavaca C ounty, T ex .— W A R R A N T S A L E . —
J. L. Arlitt of Austin recently purchased $10,000 6% 2-8-year (ser.) war
rants, dated July 20 1916. Int. is payable in New York.
T
COUNTY (P. O. N oblesville), In d .— B O N D S A L E .— On
July 26 the four issues of 4 )4 % highway-impt. bonds, aggregating $37,740,
wore awarded to J. F. Wild & Co. of Indianapolis for $38,215, equal to
101.258, it is reported. V. 103, p. 261.
HANCOCK COUNTY (P. O. G reenfield), In d .— B O N D S A L E . — On
ouly 18 the $3,600 4)4% 5)4-year average road bonds (V. 103, p. 261) were
awarded to Breed, Elliott & Harrison of Indianapolis at 101.25 and interest,
a basis of about 4.245%. Tho other bidders were:
R. L. pollings Co., I n d ...$3,640 5 0 1Fletcher-Amer. Nat. B k.,In d.$3,633
J. F. Wild& Co., Indianap. 3,639 00|E. M . Campbell’s Sons & Co__ 3,623
HANCOCK COUNTY (P. O. F indlay), O h io .— B O N D S A L E . — On
July 24 tho following 5% road bonds, aggregating $64,250, were disposed of;
$55,250 bonds to Hayden, Miller & Co. of Cleveland for $56,250, equal
to 101.809.
9,000 bonds to the American Nat. Bank of Findlay for $9,181, equal
to 102.011.
Dato Aug. 1 1916. Int. J. & D. Due Aug. 1 1926.
HARRISON COUNTY (P. O. Clarksburg), W. V a .— B O N D S A L E __
On July 31 $100,000 5% coupon Clay Dist. road bonds were awarded’ to
Hayden, Miller & C o . of Cleveland at 100.34. Other bids wereSidnoy Spitzer & Co. of Toledo, bid $100,360 (condition 12 year average )
Fifth-Third National Bank, Cincinnati, $100,310.
Prov. Sav. Bk. Sc Tr. C o., Cincinnati, par, less $630, for attorney’s fees
, Donom. $1,000. Date Aug. 1 1916. Int. F & A. Due $12,000 5Tly.
beginning Aug. 1 1917. Thero bonds are part of an issue of $300,000
authorized by voto of 682 to 294 at an election held Juno 15.
HASTINGS SCHOOL D ISTRICT (P. O. H astings), Barry C ounty.
M c l,-B O N D SALE.
Oil July 28 tho $25,000 4)4% 6)4-year averago
school bonds (V. 103, p. 340) wero awarded to the Detroit Trust Co. of
Detroit at 100.584 and interest, a basis of about 4.40%. Other bids were:
John F. McLean Sc C o., Detroit_____________
$25 077
Bolger, Mossor Sc Willaman, Chicago________ I I I I I I I I I 25,’000 loss $124
HAYFIELD CONSOLIDATED INDEPENDENT SCHOOL DISAnA i ° ’ i ? ayf.le ld )’ H ancock C ounty, Iow a . — B O N D S A L E . —
Tho $17,000 building bonds voted April 6 (V. 102, p. 1647) have been dis
posed of.
HENDRICKS COUNTY (P. O. Danville), I n d .— B O N D S A L E .—
On July 31 tho $9,280 4)4% highway bonds—V. 103, p. 130—were awarded
to Breed Elliott & Harrison of Indianapolis for $9,560 (103.018) and int.
Other bids wero :
L - Dollings C o- IndpIS- S9’375 50
Dato July 15 1916. Duo part each six months for 10 years.
t
? iT n
(P ’ ° - Perfysville), Vermilion County,
I n d .— B O N D S A L E . — On July 29 tho $30,000 4 J4 ', school bonds— V. 103,
•A- 2(,' ^ w0r0.a!wanloli to J - K- Wild & Co. of Indianapolis for $30,660 50
(102.252) and int. Breed, Elliott & Harrison bid $30,481.
HOBOKEN, H udson C ounty, N. J .— B O N D O F F E R I N G .— Proposals
will be received until 10 a. m. Aug. 16 by Daniel A. Haggerty, City Clerk,
for thei $145,000 (not oxceeding) 4 )A c/o gold coup, or reg. (purchaser’s op
tion) street-improvement bonds authorized by the Board of Commissioners
on July 26— V .1 0 3 , p. 430. Denom. $ 1 ,0 0 0 . Dato July 1 1916. Prin.
SSck^?ml' a? n - int-— J • & J -—Payablo at City Treasurer's office. Duo
$7,000 yearly on July 1 from 1917 to 1931 incl. and $8,000 yearly on July 1
from 1932 to 1936 incl. Certified check on an incorporated bank or
trust company for 2% of bonds bid for, payable to the -'City of Hobo
ken, required. Purchaser to pay accrued interest. The U. S. Mtge.
& Trust Co. of N. Y. will certify as to tho genuineness of tho signatures
of tho city officials and tho seal impressed upon the bonds, and their
legality will bo approved by Hawkins, Delafield & Longfellow of N. Y
whoso opinion will bo furnished purchaser.
HOWARD COUNTY (P. O. K okom o), In d .— B O N D S A L E . — On
July 29 tho throe issues of 4)4% road bonds, aggregating $51,400, wero
awarded to Breed, Elliott & Harrison of Indianapolis for $52,138 30
(101.436) and int.— V. 103, p. 340. Thero wero four other bidders. Date
June 1916. Int. M . & N.
510
INDIANAPOLIS, Ind .— B O N D S A L E — On July 24 an issue o f 820,000
4% coupon park-purchase bonds was awarded to the Indiana Trust Co.
of Indianapolis at 101.47 and interest. Othor bidders were:
J. F. Wild & C o., Ind’lis_ .$20,210 501Union Trust Com pany..........$20,148
FIot.-Amer. Nat. Bk.,Ind. 20.206 00[Breod, Elliott & Harrison. .2 0 ,1 0 1
Denorn. 81,000. Date Aug. 1 1916. Principal and semi-annual interest
— J. & J.— payable at Indiana Trust C o., Indianapolis. Duo July 1 1920.
IOWA CITY INDEPENDENT SCHOOL DISTRICT (P. O. Iowa
City), Johnson County, Iowa.—B O N D S V O T E D . — Local papers state
that the question o f issuing the 8250,000 site-purchase and building bonds
— V. 103, p. 340— carried by a vote of 1,110 to 546 at the election held
July 26.
JACKSON COUNTY (P. O. Brownstown), Ind.— BONDS A L E . —
On.
July 28 the five issues o f 434% road bonds, aggregating $113,300 (V. 103,
p. 261) were awarded to J. F. Wild & Co. of Indianapolis lor $114,435,
equal to 101.001. Other bidders wore:
Flot.-Amer. Nat. Bk., Ind.Sl 14.4301Miller & C o., Indianapolis. .$114,320
Breed, Elliott & Harrison.. 114,4281
JACKSON SCHOOL TOWNSHIP (P. O. Arcadia), Hamilton Coun
ty, Ind.— B O N D O F F E R I N G .— Geo. Walter, Twp. Trustee, will roccivo
bids until 10 a. m. Aug. 21 for $17,000 4% school bonds, it is stated.
These bonds were offered on July 24, but no award was made. See
V. 103, p. 261.
JANELEW, Lewis County, W. Va.— B O N D O F F E R I N G . — Proposals
will bo received until 7:30 p. m. Aug. 21 by Geo. B. Wagoner, Town
Recorder, it is stated, for the $15,000 6% street-paving bonds offered
without success on May 1.— V. 102, p. 1828.
JASPER COUNTY (P. O. Rensselaer), Ind. — B O N D S A L E . — On
July 25 the $7,500 4 34% 5 34-year aver, road bonds— V. 103, p. 340— wero
awarded to Miller & Co. of Indianapolis for $7,620 (101.493) and int., a
basis of about 4.193%. Tho other bids were:
_
__
F let.A m .N at.B k..Indpls..$7,595 50IR. L. Dollings C o ., Indpls.. .$7,575
Breed, EUt. & Harrison.. 7,590 00 E. M . Campbell’s Sons & Co.,
J. F. Wild * Co., Indpls.. 7,588 001 Indianapolis_______________7,560
JEFFERSON TOWNSHIP SCHOOL DISTRICT, Franklin County,
Ohio.— B O N D S V O T E D . — According to reports tho proposition to issue
the $35,000 school bonds carried at tho election July 18.— V. 103, p. 261.
JEFFERSON TOWNSHIP RURAL SCHOOL DISTRICT, Williams
$5,515 50.
JENNINGS COUNTY (P. O. V ernon), I n d .— B O N D O F F E R I N G .—
James P. Tolen, County Treasurer, will receive bids until 11 a.m . Aug. 7 for
$6,200 434% 534-year average C. Wilds ot al road bonds In Genova Twp.
Denom. $310. Date July 15 1916. Int. M . & N. Duo $310 each six
months from M ay 15 1917 to Nov. 15 1926, inclusive.
JENNINGS COUNTY (P. O. V ernon), I n d .— B O N D S A L E .— On
July 31 tho $9,660 434% 534-year aver, road bonds— V. 103, p. 431— wero
awarded to the First Nat. Bank of North Vernon, for $9,785 (101.293)
and int., a basis of about 4.246% . Tho other biddors were :
Breed, Pllliott & Harrison..$9,7851 J. F. Wild * Co., Indpls----- $9,760
Flet. Amor. Nat. Bank___ 9,775|MilIer & C o., Indianapolis.. 9,760
JESUP CONSOLIDATED SCHOOL DISTR IC T (P. O. Jesup),
B uchanan C ounty, Iow a .— B O N D S A L E .— On July 27 tho $85,000
434% 20-year building and equipment bonds (V. 103, p. 340) were awarded
to Geo. M . Bechtel & Co. of Davenport for $85,415, equal to 100.488.
Other bids were:
________
Wm. R. Compton C o., St. L .$85,404 IJohn Nttveen & C o., Chicago.$85,230
Denom. $1,000. Date July 1 1916. Int. J. & J.
JOHNSON COUNTY (P. O. F ranklin), I n d .— B O N D S A L E .— Tho
following four issues o f 4 34 % road bonds, aggregating $46,600, wero disposed
of on July 25— V. 103, p. 340:
$14,900 Lester Snow et al road bonds of Ninovah Twp. to Miller & Co.
of Indianapolis for $15,100, equal to 101.342.
5,000 Leo Browning ot al road bonds in White River Twp. to R. L.
Dollings Co. of Indianapolis at 101.51.
6,500 Cecil Simpson et al road bonds in Union Twp. to tho Fletcher
American Nat. Bank of Indianapolis at 101.40.
20,200 James Fendley et al road bonds in White River Twp. to Miller
& Co. of Indianapolis for $20,500, equal to 101.485.
JOHNSON TOWNSHIP (P. O. St. Paris), Champaign County,
O h io .— B O N D E L E C T I O N .— According to reports, an election will bo held
Aug. 8 to vote on tho question of issuing $27,000 school bonds.
JOHNSVILLE NEW LEBANON SCHOOL D ISTR IC T (P. O. New
L eban on), M ontgomery C ounty, O h io .— B O N D E L E C T I O N .— The
question of whether or not this district shall issue $60,000 centralized school
bonds will bo submitted to tho voters on Aug. 8, it is said.
JONESVILLE, Y adkin C ounty, No. Car .— B O N D O F F E R I N G .—
Sealed bids will be received at once by K. M . Thompson, Mayor, for $5,000
6% 30-year coupon street and sidowalk-impt. bonds. Denom. $1,000.
Date Aug. 1 1916. Tho town has no indebtedness. Assess, val. 1916
$115,000.
KAMAS, Summit C ounty, U tah .— B O N D S A L E .— Tho $15,000 waterplant-construction bonds, voted Dec. 18 last (V. 102, p. 174) havo been
awarded to Sweet, Causey, Foster & Co. of Denver.
KENT COUNTY (P. O. Chestertow n), Md.— P R I C E P A I D F O R
B O N D S .— The price paid for tho $18,000 5% 934-yoar average tax-freo
school bonds awarded to Alex. Brown & Sons of Baltimore on July 25
(V. 103, p. 431) was $19,039, equal to 105.772. Tho other bidders wero:
Townsend, Scott & Son; Baker, Watts & Co., and Nelson Cook
& C o., all o f Baltimore __________________________________ $19,009 80
Baltimore Trust Co., Baltimore__ - __________________________ 19,002 42
Denom. $1,000. Date Aug. 1 1916. Int. F. & A. Duo $1,000 yearly
on Aug. 1 from 1917 to 1934, inclusive.
KERNERSVILLE, F orsyth C ounty, No. Car .— B O N D O F F E R I N G .—
Proposals will bo received until 12 m. Aug. 10 by J. M . Guyor, Mayor, for
$10,000 5% 30-year electric-light bonds. Denom. $100. Dato Aug. 10
1916. Int. semi-annual at tho Bank of Kornersvillo.
K L IC K ITA T COUNTY SCHOOL DISTRICT NO. 54, Wash
B O N D S A L E . — O n July 22 $3,500 2-20-year (opt.) building bonds wero
awarded to the State of Washington at par for 534s- Denom. $250.
LA HARPE TOWNSHIP (P. O. La Harpe), H ancock County, 111
B O N D S V O T E D .— At tho election July 18 a vote o f 345 to 198 was cast in
favor o f tho proposition to issuo $7,000 bridge-construction bonds.
LAKE COUNTY (P. O. Painesvillo), O h io .— B O N D S A L E .— 'Tho fol
lowing bids wore received for tho $15,000 434% 8 1-3-year averago coup
grado-crossing-elimination bonds offered on July 24— V. 103, p. 262:
Tillotson & Wolcott C o ..$ l5 ,l8 1 501Field, Richards* C o ., Cin.$15,122 00
S ta cy * Braun, T o le d o ... 15,142 92 Hayden,Miiler&Co.,Clev. 15,090 00
Seasongood & Mayer, Cin. 15,137 00 Weil, Roth & Co., Cin— 15,085 50
Otis & C o., Cleveland___ 15,130 OQIProv. S. B .& T r. Co., Cin. 15.076 50
LAKE LINDEN SCHOOL DISTRICT (P. O. Lake Linden), H ou g h
ton County, M ich .— B O N D S V O T E D .— Reports state that tho questions
of issuing $60,000 building and $11,000 site-purcliaso bonds carried at tho
recent election.
LAKEVIEW, Lake C ounty, O r e . — B O N D S A L E .— Tho $10,000 6%
534-year (average) gold coupon funding bonds (V. 102, p. 2274) wero dis
posed of on Juno 30. Denom. $1,000. Dato Juno 30 1916. Interest
annually on June 30 at New York. Duo $1,000 yearly Juno 30 from 1917
to 1926. inclusive.
LA PORTE C ITY SCHOOL DISTR IC T (P. O. La P orto), Blackhawk
C ounty, Iow a .— B O N D E L E C T I O N .— A voto will bo taken on Aug. 7,
It is stated, on tho question of issuing $8,000 building bonds.
LAWRENCE, Douglas County, K an .— B O N D S N O T S O L D .— No sale
has been made of tho $175,000 water-works-purchaso bonds offered on
July 5.— V. 103, p. 80.
LAWTON, Comanche C ounty, Okla .— B O N D S V O T E D . — The ques
tion of issuing $10,000 local fair grounds purchaso bonds carried, reports
state, at an election held July 25.
LENA CONOVER SCHOOL D ISTR IC T (P. O. Conover), Miami
C ounty, O h io .— B O N D S V O T E D .— The proposition to issue S15.000
school bonds carried, reports state, at a recent election.
[Vol. 103.
THE CHRONICLE
LOS BANOS SCHOOL D ISTR IC T, Merced C ounty, C alif.— B O N D
will bo received until Aug. 10 by tho Clerk Board
of County Supervisors (P. O. Merced) for tho $63,000 5% building and
equipment bonds authorized by vote of 106 to 52 at the election held
Juno 27. Duo $3,000 yearly. Int. somi-ann.
LOWER MERION TOWNSHIP (P. O. Ardmore). Montgomery
C ounty, Pa.— B O N D O F F E R I N G . — Proposals will bo recoivod until 12 m.
Aug. 9 by W. A. L. Barker, Chairman of Financo Committeo, for $30,000
4% coupon highway bonds. Duo $6,000 yearly on March l from 1918 to
1922, inclusive. Freo of taxes. Certified chock for 5% of bonds bid for
required. Either definite bonds or temporary certificates will bo delivered
on Sept. 1, or as soon thereafter as possible.
MADISON, Lac qu i Parle C ounty, M inn.— B O N D S A L E . — On
July 24 the $20,000 20-year sower-construction and $6,000 30-yoar waterworks-improvement 5% bonds (V. 103, p. 262) wero awarded to tho Capital
Trust & Savings Bank of St. Paul for $27,181 (104.542) and interest.
Other bids were:
Minnesota Loan & Trust C o., Minneapolis_____________________ $27,180
Harris Trust & Savings Bank, Chicago--------------------------------------- 26,921
Minneapolis Trust C o., Minneapolis_____________________________ 26,405
C. II. Coffin, Chicago............................................ - ............................. 26,401
Bolger, Mosser & Willaman, Chicago------------------------------------------ 26,027
Duluth Securities C o___________________________________________ 26,000
MADISON, Dane C ounty, W is .— B O N D S A L E . — On July 28 tho
$140,000 434% 1034-year (average) coupon water-works-oxtonsion and
improvement bonds (V. 103, p. 341) wero awarded to Kissel, ICinnicutt &
Co. of Chicago for $143,390 (102.421) and interest. Purchaser to furnish
blank bonds.
MADISONVILLE, M onroe C ounty, T en n .— B O N D S A L E . — On July 8
tho $5,000 5% 15-year school bonds, dated Juno 1 1916 (V. 103, p. 80)
were awarded, reports stato, to the National City Bank, Memphis, at par.
MANSFIELD SCHOOL DISTR IC T (P. O. M ansfield), De Soto
C ounty, La.— B O N D S A L E . — Powell, Garard & Co., of Chicago, wore
awarded on Fob. 8 an issue of $60,000 5% 2-30-year serial building bonds
at 102.01. Denom. $1,000, $2,000 and $3,000. Int. M . & S.
MARICOPA COUNTY SCHOOL DISTR IC T NO. 11, A riz . — B O N D
O F F E R I N G . — Proposals will bo received until 11a. m. Aug. 14 by Clarenco
L. Standage, Clerk Board of County Supervisors (P. O. Phoenix), for
$20,000 5% 20-year gold site-purchaso, construction and equipment bonds.
Denom. $500. Dato July 30 1913. Principal and semi-annual interest
J. & J., payable at office of County 'Treasurer. Certified check on an
Arizona bank or any national bank for $1,000, payable to County Treasurer,
required. Theso bonds wero authorized by a voto of 9 to 2 at an election
held May 22 1913. Official circular states that thero is no controversy or
litigation pending or threatening, affecting tho corporate existence or tho
boundaries of said district, tho titlo of its present officials to their offices
or the validity of these bonds, that no previous issues of bonds havo been
contested and that tho principal and interest of all bonds previously is
sued have always been paid promptly at maturity. Total bonded debt
(includingthis issuo), $27,000. Assessed valuo (equalized) 1915, $1,415,
788 62.
MARION, M arion C ounty, O hio.— B O N D S A L E . — O n July 28 th°
$13,200 434% 834-ycar averago fire and polico department bonds (V. 103’
p. 262) were awarded to Weil, Roth & Co. of Toledo at 100.28 and interesta basis of about 4.39% . Thero wero no other biddors.
B O N D S R E F U S E D . — Reports now stato that Weil, Roth & Co. subse
quently refused theso bonds on tho advlco of their attorneys that there is
no provision under tho Longworth Act by which tho bonds may bo issued.
MARION C O U N T Y (P. O. Ind ian ap olis), In d .— B O N D S A L E . — On
July 31 tho $6,400 434% 534-yoar avorago road bonds (V. 103, p. 432)
wero awarded to R. L. Dollings Co. of Indianapolis for $6,490 50, equal to
101.414, a basis of about 4.203%, it is reported.
MARLBORO, Middlesex County, Mass.— B O N D S A L E . — On Aug. 3
tho $48,000 4% 534-yoar avorago coupon tax-freo paving bonds wore
awarded to Cloment, Parker & Co. at 101.413 and Int., a basis of about
3.71% .— V. 103, p. 432.
Otner bids wore :
Old Colony Tr. C o.. Boston. 100.81 I Geo. A. Fornald * Co., H ost.100.514
A. C. Perry & Co., Boston._ 100.68 Blodgett & Co., Boston----- 100.411
Merrill, Oldham & Co., Bost. 100.659 Adams & C o., Boston---------100.41
R. M . Grant * Co., Boston. 100.58 [Harris, F orb es* C o., B ost..100.39
R. L. D a y * C o., Boston___ 100.579 Blako Bros. & Co., B oston.. 100.33
C u rtis* Sanger, Boston___ 100.5611Croploy, McGaraglo & C o ..100.237
MARSHALL, Saline C ounty, Mo.— B O N D O F F E R I N G . — Proposals
will bo received until 12 m. Aug. 7 by C. D.Aloxandor, City Clerk, for
tho $75,000 4% coupon olectrlc-llght-plant-purchaso and extension bonds
authorized by vote of 857 to 394 at tho election held Juno 26 (V. 103, p. 173).
Denom. $500. Dato Aug. 1 1916. Interest soml-annual. Duo on Fob. 1
as follows: $13,000 1922; $3,000 1923, 1924, 1925: $3,500 1926, 1927,
1928,
............................
1935,
bank
MARSHALL COUNTY (P. O. P lym outh), In d .— B O N D S A L E . — Tho
threo issues of 434% 534-year avorago road bonds, aggregating $49,750,
offered on Aug. 1, were awarded as follows on that day (V. 103, p. 341):
$48,000 two issues, to tho Plymouth Stato Bank of Plymouth for $48,
676 01, equal to 101.408.
,
11,750 bonds to C. A. Reeve of Plymouth for $11,906, equal to 101.328.
'Tho following wero all tho bids received:
O F F E R I N G . — Proposals
P r e m iu m s
$19,000
R oad.
O ffe r e d -
$29,000
R oa d .
$ 11,750
R oad.
$145 00
Plymouth Stato Bank, Plymouth------------ $267
22
105 00
Miller & Co., Indianapolis.......................... 200 00
27500
118 00
Fletcher-Ameriean Nat. Bank, Iiulianap.. 195 00
29500
156 00
C. A. Reove, Plymouth_________________ 191 00
29100
MERRILL, Klamath County, Ore.— B O N D O F F E R I N G . — Proposals
will bo received until 8 p. m. Aug. 12 by Frank I). Olnoy, City Recorder
for tho following gold bonds at not exceeding 6% interest:
$3,800 5-15-year (opt.) refunding bonds. Denom. $500 and $300.
6.000 20-yoar water-works bonds. Denom. $500.
Dato July t 1916. Int. J. & J. at tho City Treasurer’s offico. Certified
check on some responsible banking institution for 5% of tho bid, payable
to tho City Rocorder, roquired. Bonded debt, theso issues, $14,800.
Floating debt, $3,763 51.
MERRILL, Lincoln County, Wis.— B O N D O F F E R I N G . — Proposals
will bo rocoived until 7 p. m. Aug. 8 by II. 14. Allen, City Clerk, it is
statod, for $10,000 4J4% sower bonds.
MIAMI, Dade County, Fla.— B O N D O F F E R I N G . — Proposals will bo
received until 7:30 p. m. Aug. 25 by W. B. Mooro, City Clerk, for tho
following 5% gold bonds:
$31,000 streot-impt. bonds. Dato Jan. 1 1916. Duo $7,000 Jan. 1 1918
and $6,000 yearly Jan. 1 from 1919 to 1922, incl.
14.000 storm sowers bonds. Dato July 1 1916. Duo $3,000 yearly
July 1 from 1918 to 1921, incl. and $2,000 July 1 1922.
208,000 stroot-improvomont bonds. Date July 1 1916. Duo $24,000
July 1 1917 and 1918 and $20,000 yearly July 1 from 1919 to 1926,
inclusive.
Donorn. $1,000. Principal and semi-annual int., payable in Now York.
Certified check on a solvent bank or trust company for 2% of amount bid
for, payablo to tho City Treasurer, roquired. Tho United States Mtgo.
& Trust Co. of New York will certify as to tho genuineness of tho signatures,
of tho city officials signing the bonds and tho soal impressed thereon. The
purchaser or purchasers will bo furnished, without charge, tho approving
opinion of Caldwoll * Massllch. Bids must bo made on printed form,
furnished by tho abovc-mentlonod trust company or tho City Gloria.
Bonds will bo dolivorod at tho abovo trust company on Aug. 30 1916 o
11 a. m ., unless another time and place shall bo mutually agreed upon.
T h e o f f i c i a l n o tic e o f th is b on d o f fe r i n g w il l b e f o u n d a m o n g th e advertise,
m e a ts e ls e w h e r e in th is D e p a r tm e n t .
MIAMI, Roberts County, Tex.— B O N D S A L E . — On July 28 this ell,
disposed of an issuo of $25,000 water-works and electric-light-plant bond,
according to reports.
A ug. 5 1916.]
THE CHRONICLE
$46,700
R oad.
Fletchor-American Nat. Bank, Indianapolis. .
**$1,075
581^0 7 ^Yin
00
Sfin
First National Bank, Peru__________ __
860 no
65
K. M . Campbell’s Sons & Co., Indiananolis
' no”
607
00
J. F. AVIId & C o., Indianapolis._______ _
_____i n -M 1,050 00
Breed, Elliott & Harrison, Indianapolis__
'- ’ 4475
7 c nn
00
Miller & C o., Indianapolis________________ _
one
e«
905
50
R . L. Dollings Co., Indianapolis________________" " -4
5 Q qq
450
00
l
$2 ,10 0
R oad.
$13
*25
15
25
10
00
62
00
00
M
1 2 60
** These bids were accepted.
On July 29 the Citizens Nat. Bank o f Peru purchased at 102 1)95 nnri int
bond*—’i ^ I o ^ V 1- ^ " yeother Wddera w’o re!^ counly*h,Jatlr!8 -pl»nt-rei>atr
MIDDLETOWN C IT Y SCHOOL D ISTR IC T (P. O. M iddletow n)
B utler C ounty, O h io .— B O N D E L E C T I O N .— An election will beh old
bonds8 t0 declde whether or n°t this district shall issue $200 ,0 0 0 school
MILLARD COUNTY SCHOOL DISTRICT (P. O Fillmore) TTtah
o f B O N D S .— The purchaser o f the $100 M 0 skool-W dT
f i o ’0®0 r,eIq-,nd n>? % % 10 -20 -yr. (opt.) bonds recently sold at 10 0 815
(V. 103, p. 173) was Sweet, Causey, Foster & Co Denver
$1,000 and $500. Date M ay 1 1916. Int. M . & N.
Denom.
PU RCH ASER
m,MIl'rLnnn’ r,I;aker C? unt7- ^ d . — D E S C R I P T I O N O F B O N D S — The
The $5,000 5% refunding bonds purchased by the Meyer-Kiser Bank nf
Indianapolis at 100.40 and int. on July 13— V. 103, p 432— are In the
denomination o f $500. Int. J. & J. Due from 1917 to 1927.
th
Yian Bur®n County, Iow a . — B O N D S V O T E D .— By a vote
reports s^ato, *atfa^recent*e?ection!ng $ 1 8 ’° 00 wateMropks bonds carried.
511
Estabrook & Co_____________99.82
Arthur Perry & Co................
99.79
Cropley, McGaragle & Co___ 99.721
Merrill, Oldham & Co_____ 99.579
R. L. Day <&Co------------------ 99.55
Denom. 38 for $1,000, 1 for $500.
annual.
Curtis & Sanger___________ .9 9 54
Blake Bros. & C o_____I
99*52
99 52
R. M . Grant & C o_____ II
Harris, Forbes & C o_________ 99i52
Date Aug. 1 1916,
Interest semi-
Reports state
that on Aug 4 an issue of $6,000 4% 1-5-year drainage bonds was awarded
to H. C. Grafton Jr. of Boston at 100.59 plus 50 cents premium.
NEWTON SCHOOL DISTRICT (P O Newton) s , , . . . ,
N J . - D ^ C B / P T / O N O F B O N D S A The $75 MO 4&%^chooNbuOdiJg
bonds which were sold at public auction on July 25 to various bidders at a
NEW TON
M id d le s e x C o u n t y , M a s s .— B O N D S A L E .—
B S jS S S ii
NORFOLK, V a .— B O N D S P R O P O S E D . — Local naners state that thi.
city is contemplating the issuance of $190,000 publicdmprovement bond^
NORFOLK COUNTY ( P . O . D e d h a m ) , M a s s . — L O A N O F F E R I N G __
Reports state that the County Treasurer will receive bids until 10 a m
Aug. 8 for a loan of $75,000, dated Aug. 10 and maturing Nov. 10 1916. *
N O R T H B R A D D O C K , A lle g h e n y C o u n ty
P a __ b
o n d
o p r p p iv c *
— J. O. Jones, Borough Clerk, will receive bids until 7 -w
for $170,000 4 H % coupon or registered (purchaser^ 3 oiftionV hnnH«8
Denom. $1,000. Due on July 1 as follows: $15 000 1921 *20 nnnb?09fi*
$25,0M 1931, $30 000 1936 $35,000 1941 and $45,000 194(f2°Bonds9ara
v M u e r * 1 3 .S &
r
ChGCk f° r S2.500required. A s ^ d
NORTH
GRANT
C O N S O L ID A T E D
SCH OOL
D IS T R IC T
,9
n
N e v a d a ) , S t o r y C o u n t y , I o w a .— B O N D S A L E . - s f r S ]s & D l c k e v C o °oT
Minneapolis have purchased, it is stated, the $20,000 4V V hnilriin*
equipment bonds voted July 11 (V. 103. p. 342.)
A / DuU<Un* and
MISSISSIPPI, STATE OF.— B O N D S A L E .— On Julv 28 the *8*500 OOO
NOTTINGHAM SCHOOL TOWNSHIP Wells r nnnt „ t a
fV U103nn aKlVwp0el000 P<jrn.l:lI*0.nt improvement 4 'A % 20-year serial bonds B O N D SALE.— Newspaper dispatches state that this townSSn recent hi
• T i o t e andTnterestarded’ “ isstated’to »• M ’ Gra» t & C o., o f Chicago. sold an issue of $4,800 school bonds to tho Bank of Petroleum at par Wy
O L E A N , C a t t a r a u g u s C o u n t y , N . Y .— B O N D S V O T E D — This villa
T
Fort Bend County, T e x . — B O N D S A L E . — O n
n *8,000 5% 5-20-year (opt.) building bonds were awarded to Blanton- recently voted in favor of the proposition to issue $12,000 sewer bonds. 8
YVlso Co. o f Houston at par and int. Denom. $500. Date M ay 10 1916. rr.
C O U N T Y ( P . O . K i s s i m m e e ) , F l a . __ N O A C T T O \ r
Int. semi-annual.
itb° C]r<ruit Court advises us under date of July 31
w
i
J
i
nmrt
Lrt
n ,y,et
taken towards tho offering of the $150 000
MODOC, Randolph County, Ind. — B O N D S A L E .— On July 15 the
7 1 V'! , 4 / 2 % 10-yr. aver, refunding bonds— V. 103, p. 262— were awarded
to C. G. Bales at 101.80—a basis of about 4.285%.
Denom. $100. Dato D S ’ l S b f f a Pn1 M .y V \ T o 2 5 |50l S ) S,,e0'0' ^
Int. J. & J. Due $500 In 5, 10 and 15 years.
MONROE TOWNSHIP RURAL SCHOOL DISTRICT (P. O El
dorado), Preble County, Ohio.— BOND O F F E R I N G .— Bids will bo
received until 1 p. m. Aug. 12 by L. O. Trump, Clerk o f Board o f Educa
tion, for $5,000 5% coupon school bonds. Auth., Secs. 7629 7630 2294
and 2295, Gen. Code. Denom. $500. Int. A. & O. Duo $500 each six
months from April 1 1917 to Oct. 1 1921. inclusive. Certified check for
5% of bonds bid for, payable to the above Clerk, required. Bonds to bo
delivered and paid for within ten days from time o f award. Purchaser to
pay accrued interest.
MONTGOMERY, Hamilton County, Ohio.— B O N D S A T F __
July 2 1 two issues o f 5% 5-year street-impt. bonds, aggregating $ 1 246 89
S d
Johannigman o f Cincinnati at $40 premium, it is
Ro^dDlstri^No S2S5ac/edrkf?,r ith°
P ‘
a t ^the^lection1h e i d ^ y * ^ '
'°|o Road D 1st. No land $250 000
dS authorized by vote of « 3 to 9
$500 in 1931 and m 2 .JUly 1 1916* ° Ue 8400 yearly 19 16 to 1939 and
„„iPAF,IS! J iW S S . County, T e x . — B O N D S A L E — On Julv 24 *100 ooo
tn^Vh« Tn«i«\2 ’fl?^8eS er^ge^J2*)osa^Plant bonds were awarded, it is stated
to tho Temple State Bank of Temple for $110,650 (100.59) and int.
COUNTY
(P .
O.
R o c k v ille ),
I n d .— B O N D
O F F E R I N G __
fhrdS4 K14«e4rE'grVw U?»t“ A/rP’
Aug’ 9 by J- H- Rush- County Treasurer,
Dennm54«997l $
f'
ot al road bonds of Reserve Twp.
Denom. $227 40. Date Aug. 8 1916. Int. M . & N. Due $227 40 each
six months from May 15 1917 to Nov. 15 1926, inclusive.
°
PARKERSBU RG
S C H O O L D IS T R IC T
(P . O . P a r k e r s b u r g )
W ood
Vav 7 B O N D E L E C T I O N . — Reports stato that an election
buiidlng-addlUmi
° D Ul° qUCSti° n of lssulng *125,000 high-schoolNn^ViAo?V^ 4T iiiC oVti 9 ln- “^§9 »Z5 5 lo ll,o N a t*Bank, Columbus..$50,'463
af ’
Colum- 50,726 Weil, Roth & Co., O in cin ... 50,420
Hold, Richards & C o., Cin_. 50,5021Dayton S. & Tr. Co., Dayton 50,400
Okmulgee County, Okla.— B O N D S V O T E D . — By a voto
or 1 0 1 to 16 the question o f issuing $ 10,0 00 wator-works-improvemont
bonds carried, it is stated, at an election held July 20.
J o u £ t£ V& ^ . _ ^ S & ° i r <
C- .--(P^ 9
p l l (p^ ba^ « opt^n) rold’bo^d*!81^
0^ 0*l%060dingate\uCgCOlT916r
Nashville) , Holmes
County, O h i o . - B O N l T s A L i r - o r j W ^ O an £s“ue“ o T $ \ ’8 M o T %
school bonds was aw».u=u
.u,
awarded
to »Sidney
Spitzor & Co. o f Toledo for $18 ' 271
80
' A ou*
oqual to 101.544, If.
it is ronopfoH
reported.
NEBRASKA CITY, Otoe County, Neb.— B O N D S
VOTED
__The
proposition to issue tho $30,000 intersection paving bonds— V 103 n 1
carried, it is stated, by a voto o f 263 to 1 1 2 at the election held Jiily^R
_
Al^BZN CONSOLIDATED INDEPENDENT SCHOOT m u
TRICT (P. O. New Albin), Allamakee County, Iowa.— B O N D S A I F —
1 w"!/; ,' 9,ar,ard.& ( o- of Chicago were awarded on April 3 an Issue o f * 2 0 0 9 9
W ° h y M f br £ s at 1°0-315.
Denom. $500 and $1,000
Date M ay ?
1916. Int. M . & N. Due serially on Nov. 1 from 1921 to 1936.
ay 1
J ■—• T E M P O R A R Y L O A N S —On Aug. 1 a loan o f $700 000
Slx months and issued for street, sower and in anticipation of
Pluf$35a premiumd l ° Go,dman’ Sachs & 6 o ’ o f N - Y - a‘ 3.90% int” ,
in
un w 0t^ ° n a *oan ° f S440.000 for street openings maturing
S
3
0
* CO' ° r
* « * *
U S S S ? rT S lfe 1' " stated-
,he
IndLEBO VDT ^?7^’° ° n T<rVf N^ .?IP. ^P ’
Breed,
Elliott
&
AmJr»S:
Swe0tser). G ran t C ounty
Harrison___
B O N D E L E C T I O N . —fteports
p a_
~r -
stat^that a n elm ion will be held in Road
fiSSS^SSS-liSa2 “ AUg' 16 t0 VOt° °n the P-Po^t!obnetho1sdsin
eK E
VOTED
election
years
m P O L K C O U N TY (P.
o. B enton), Ten n . — B O N D
S A L E .—
On July 29
r J . E w .?O M E R S T O W N , T u sca ra w a s County, O h io . — B O N D O F F F i?
5% 'bonds:'10 8 1
Angl0’ VU' Clork’ wiU receive bids for tho following
$3,500 cemetery bonds. Donomf
June 1 1917, 1910 and
U n til
1 2 A.I. A u a
bnn'
1 fnp «r,nn
Duo $1,000
10
$9,000 sewage-disposal-plant bonds. Denom s i ooo
r>„„
nnn T
,
1918 and 1920 and $1,000 yrly. on i mo l fr m 1922
1
Auth. Sec. 3939, Gen. Code. Date July 1 19^6
t2
J ° i 928
check for 2% o f bonds bid for, payable to tho VII. Treas remiirod11* T,Cerf ’
to bo delivered and paid for within 10 days from time o f award 0<p „ I,,onds
to pay accrued interest. Bonded dobt, incl. these issues $21 r,nn nC1fiScr
debt, $1,000. Assess, val. 1914, $2,700,000.^aese issues, $23,50°; flowing
lUlUimniu an 1UO.Ua , u Udolb UI clLHJU
bidders were:
-/oil, Roth & Co., Cin___ $7,529 20 Breed, Elliott & Harrison,.$
7 ,3 8 5 00
ayden, Miller & Co., Clev 7,497 00 Hanchett Bond Co., Chic. 7,377
dnoy Spitzor & Co., T ol._ 7,475 30 " : . L: Slayton & Co., T ol_. 7,357 00
urfeo, Niles & Co., T ol_. 7,430 50 Tillotsoni & Wolcott C o__ 7,338 70
10
Acy & Braun, Toledo----- 7,421 40 ? . u . run
^ t ; b a ller& C o-. C lov e.. 7,336 70
,Int. M . & h. at offico o f Vlllago Treasurer.
NEWPORT, R. I. B O N D S A L E .— On July 27 an issue o f $38 500
1.02 ont l r b Vidsg we0ro:S WOT° aWard° d t0 Ulodgcfc & Co. o f Bostonl §
CHESTER, W estchester C ounty, N. Y — B O N D S\T F __On
bonds? Vh°ln-|° n ° o i ^ % 45H-year average gold registered sowago^Rsposal
bondsC V. 103, p 342) were awarded to Crandell, Shepperd «& Co. of N Y
Other bids were:
°°* ° ‘ N ' ' *
Hornblower & Weeks, N. Y 108 60* R. M . Grant & Co., N. Y
107 28
H; A. Kahler & Co., N. Y . . . 108.461 Farson, Son & Co., N. Y
107’068
Kissel,Kinnicutt & Co.,N .Y_ 108.33 A. B. Leach & Co., N. Y ___ 106.597
Geo. R •Gibbons & C o., N .Y . 108.31 Liggett, Hitchborn & Co.,
Blake Bros & Co., N. Y ----- 108.03
N. Y _____________________105.16
Isaac W. Sherrill Co..Rough. 107.61 John
J. Hart, Albany______ Il04.045
PORTSMOUTH C IT Y SCHOOL DISTR IC T (P O P ortsm outh!
Scioto County, O hio.— B O N D O F F E R T N G . — Proposals' wi U b o“ eeei ved
*R7 Unnn IA i / c r g ' 2 5 by Wn?' ( ] ' ifazlebeck, Clerk Board of Education ^'for
$67,000 4J^% coupon school bonds. Auth., Sec. 7629 Gen Code
RSPi01! ’, D a t e Aug. 25 1916. Due on Aug. 25 as follows*
non
1925, $2,000 1926, $3,000 1928, $2,000 1929 $9 000 1 QT9 *
* $1^ °8 9 ^ ^ i? n d $15,000 1935. Certified^check for 5 % of
S n 8
re q u ire d .
Bids must be uncondiPOSEY COUNTY (P. O. Mt. V ernon), In d . — B O N D O F F E R I N G —
Geo. J. Ehrhardt. Co. Treas., will receive bids until 2 p. m. Aug. 8 for the
ollowing 4 K % 5H -yr. average highway-impt. bonds:
5 12
THE CHRONICLE
[Vol. 103.
SMITHVILLE, W ayne C ounty, O hio.— B O N D O F F E R I N G . — Pro
$12,100 John A. Hahn et al. road bonds in Marrs Twp. Denom. $605.
posals will be received until 12 m. Sept. 2, by D. D. Hartzler, Vil. Clerk,
1,300 Jos. L. Schneider et al. road bondsin Robinson Twp. Denom. $6o.
I I , 800 James N. Whitehead et al. road bonds in Harmony I w p . De for two issues of 544% street assess, bonds aggregating $10,666,72. D a t 55 0
Sept. 1 1916. Int. ann. Due part yearly on Sept. 1, from 1917 to 192 15 4S
Date Ail™. 15^H)16. In . M . & N. Duo one bond o f each issue each incl. Cert, check for 5% of bonds bid for. payablo to tho Vil. Trcas. ro« 12 0"
quired. Bonds to bo delivered and paid for within 15 days from time of, 3 0
six months from M ay 15 1917 to N ov. 15 1926 incl
award. Purchaser to pay accrued interest.
QUINCY, Adams County, Ills.— B O N D S N O T Y E T I S S U E D .— W e
SPOKANE, W ash.— B O N D O F F E R I N G .— Sealed proposals will be -•
aro advised that the $130,000 4 ' 4 % 3-year average coupon water-plant- received
until 10 a. m. Aug. 24, by tho Sinking Fund Commission A. W.
purchase bonds voted April 4, have not yet been issued, v . 102, p. l o t
Burch, Sec., for $300,000 gold coupon bridgo construction bonds voted
RANDOLPH COUNTY (P. O. Winchester), I n d . — B O N D O F F E R I N G . June 6. Int. rate not to exceed 4 4 4 % - Denom. $100. $500, and $1,000.
— Proposals will bo received until 11 a. m. Aug. 12 by Elijah 1 uckett, to bo determined after receiving bias. Date July 1 1916. 1 rln. and
semi-annual int. (J & J) payable at tho fiscal agency of the State of Wash.,
County Treasurer, for the following 444% highway bonds:
$47,400 8. C. Woodbury et al road bonds in Wayne Iw p . Denom. 30 N. Y .. or at tho City Trcas. office, Spokane. Duo on July 1 as follows:
$10,000 1917 and 1918: $11,000 1919 and 1920: $12,000 1921 and 1922;
for .$780 and 30 for $800.
m
„ crm
10 000 M . D. Meranda et al road bonds in Green Twp. Denom. 4>oUU. $13,000 1923 and 1924: $14,000 1925 and 1926: $15,000 1927 and 1928:
16,500 Wm. Z. Shepard et al road bonds in West River Twp. Denom. $16,000 1929. $17,000 1930 and 1931: $18,000 1932: $ 19,000 1933:820,
000 1934: $21,000 1935 and $22,000 1936. Theso bonds aro exempt
$825.
•
Int. M & N. Duo part o f each issuo each six months commencing from taxation and may be registered as to principal and interest. Cert,
check on a national bank or on a Spokane depository, for 2% of tho amount
M ay 15 1917.
bid submitted required. Bids must be unconditional. Bonds must
RANKIN COUNTY (P. O. B randon), Miss.— B O N D S V O T E D . — By a of
bo paid in Spokane, but will be delivered out of the city at the expense
vote of 217 to 77 tho proposition to issue $50,000 road bonds carried, reports of
tho purchaser. Present bonded debt general, not including this issue,
state, at the election held in Beat No. 1 on July 22.
$3 414,000; water debt, $1,350,000. Floating debt, $239,887. Sink
RAVALLI COUNTY SCHOOL DISTRICT NO. 38 (Victor), Mont. ing fund $204,555. Assess, val. 1916, $87,995,869: actual val. est.,
$175,000,000. Value of property owned by the city, $9,707,256.
— B O N D S A L E .— On July 20 the $1,770 6% 10-20-year (opt.) coupon
building bonds ( V . 103, p. 264) were awarded to tho Farmers Stato Bank
STEUBEN COUNTY (P. O. A ngola), In d .— B O N D O F F E R I N G .— *
of Victor for $1,790, equal to 101.129.
Frank T . Dalo, County Treas., will receivo bids until 1 p. m. Aug. 8i f 01 > o f
RAVENNA, Portage County, Ohio.— B O N D S A L E .— On July 24 the $5,400, $19,600 and $5,520 444% road-impt. bonds. Denom. $180
$9,000 5% sewer-impt. bonds— V. 103, p, 343— were awarded to the $490 and $184, respectively. Int. M . & N. Duo part each six months qqq
Second Nat. Bank of Ravenna at par and int.. it is stated.
SUSANVILLE, Lassen C ounty, C alif.— B O N D S A L E . — O n July 24 V0l°
RED SPRINGS GRADED SCHOOL DISTRICT (P. O. Red Springs), tho two issues of 5% 20 'A yr. (aver.) bonds aggregating $18,000 (V. 102
Robeson County, No. Caro — B O N D S A L E . The $7,500 5% 20-year p 2010), wero awarded to the California Nat I. Bank of Sacramento fC 0 o f
coupon building bonds offered without success on Jan. 3 (V. 102, p. 17.i) $18,010 (100.055) and int.
nson
havo been sold to W . L. Slayton & Co. of Toledo.
SWEET GRASS COUNTY SCHOOL DISTR IC T No. 42, (P. O
RICHLAND COUNTY SCHOOL DISTRICT NO. 4 (P. O. Columbia), Springdale), M ont.— B O N D O F F E R I N G .— Proposals will be receive: 4 %
So. Car o . — B O N D O F F E R I N G . — Proposals will be received until 12 m. until Aug. 19, by Mrs. John II. Ammcrman Clerk Bd. of Sch. Trustees Uius
Aug. 10 by F. C. Gilmore. Chairman of Board of School Trustees, it is for $2 000 5-10-yr. (opt.) coupon school bonds at not exceeding 6% int
stated, for $20,000 5% 20-year school bonds. Denom. $1,000. Date Cert, check for $50 required.
goss
July 1 1916. Interest semi-annual.
SYRACUSE, N. Y . — L O A N A U T H O R I Z E D . — A c c o r d i n g to reports, . aenRIPON, Fond du Lac County, W i a .— D E S C R I P T I O N O F B O N D S .—
loan of $3,722 for improving Bellovuo and Onondaga avenues has bee
The $30,000 5% municipal-opcra-house-building bonds recently awarded authorized.
' Crs,
for $30,250 (100.833) to the Gorman Nat. Bank, First Nat. Bank and the
T A YLO R COUNTY (P. O. Perry), Fla. B O N D S V O T E D . Th eni
Ilipon State Bank, all of Ripon (V. 103, p. 433), aro in tho denom. of $500
and dated Mar. 1 1916. Int. M . & S. Due $1,500 yearly Mar. 1 from proposition to issue tho $600,000 road-improvement bonds carried, it 1 : of
stated, at the election held July 25.
1917 to 1936, incl.
TERRA BELLA IR R IG A TIO N D ISTR IC T (P. O. Porterville) £ £
ROCHESTER, N. Y .— N O T E O F F E R I N G . — Sealed bids will bo received
by E. S. Osborno, Citv Comptroller, until 2 p. m. Aug. 9 for $65,000 over C alif.— B O N D E L E C T I O N . — Tho question of issuing $ l ,000,000 6% 11-30
due tax notes, $50,000 Genesee River deepening, $10,000 city-hall-anncx year ser. irrigation-system bonds will lie submitted to a vote on Aug. 12 paid
'deu
impt. and $4,500 park-impt. and ext. notes, payable 8 months from Aug. 14 Earl R. Clemens is Secretary of Board of Directors.
1916 at tho Union Trust Co. of N . Y . Notes will be drawn with interest
T E XA S.— B O N D S P U R C H A S E D B Y S T A T E B O A R D O F E D U C A T I O N rth
and will be deliverable at tho Union Trust Co. of N. Y ., 80 Broadway, — At tho meeting on June 27 tho Stato Board of Education voted to put
N. Y. City, Aug. 14. Bids must state rate of interest and designate to chase all bonds offered, amounting to $193,600. Ihq details of tho bond to
whom (not bearer) notes shall be made payable and denominations desired. which tho State agreed to purchase in Juno will bo given in these column.
ROCKFORD TOWNSHIP (P. O. Rockford), Winnebago County, later. They all bear 5% interest.
III. — B O N D S A L E .— On July 24 the $95,000 bridge bonds voted April 4 TIPPAH COUNTY (P. O. R ipley), Miss.— B O N D S A L E , — Kauffman,
(V. 102, p. 1558) wero awarded to Ilornblower & Weeks of Chicago at par Emert, Smith Invest. Co. of St. Louis was awarded on M ay 1 tho $9,000 6%
and interest, less $1,168 50 for expenses. Other bids were:
road bonds at par and oxpenses.— V . 102, p. 1099.
A. B. Leach & Co., Chicago—Par and int., less $1,586.
TIPPECANOE C IT Y SCHOOL D ISTR IC T (P. O. Tippecanoe
Curtis & Sanger, Chicago— Par and int., less $1,881.
.. .
.
Rockford Nat. Bank, Rockford bid for a commission of $2,042 to sell bonds City), Miami C ounty, O hio.— B O N D S A L E . —The State Industrial
Commission purchased at par during July an issue of 880,000 ,)/„ school
at par.
bonds dated April 18 1916. Int. M . & S. Denom. $500 and $1,000.
ST. LOUIS COUNTY INDEPENDENT SCHOOL DISTRICT (P. O
T R IN IT Y RIVER IR R IG A TIO N D ISTRICT (P. O. Anahuac)
Eveleth), Minn.— B O N ’D S A L E . —-On
v^.. July 29 the
------$100,000
----------- 4 1 4 % -3-10-yr.
-- -serial gold coupon building bonds (V. 103, p. 343) wero awarded to Wells Chambers C ounty, T e x . — B O N D O F F E R I N G .— Dispatches state that
S. Ellis, -----------Secretary -of--------------------------the Board of Directors, will recejve
, sealed.
....
& Dickey Co. of Minneapolis at par and int. There wero no other bidders. Thomas
ixwlllao u.
SABINE PARISH (P. O Many), La..- B O N D S VO T E D .— T h e pro- Wds _untH 3 p m ^ b v e U n t b o S d T C e M S fd E S *fo r 1 % required
?P?l^*oi\-?iJ™U® S3 0 ,^ ^ j;oa d b ^ d s^ a m e d , it|js stated, by a vote of 83 to 1,
COUNTY (P. O. New Philadelphia), Ohio . - B O N D
^ f1
. N~
nnAin t? t T?r
S A L E — On July 27 tho six issues of 4 H % coup. road bonds, a&gregatin}
SACRAMENTO COUNTY
T I O N . — Local papers state that ....
.
I
&BraunofTo,odo for $83-504 37- 100-‘^
to vote on the proposition to issuo $1,750,000 road bonds.
UNION SCHOOL TOWNSHIP (P. O. Parr), Jasper County, Ind.SALEM, C olum biana C ounty, Ohio .— B O N D S A L E . — Tho following B O N D S A L E . — O n July 31 tho $13,000 5% school bonds— V. 103 p. 434- .
bids wero received for tho three issues of 544% streeWniproyemeiit assess
we -e awarded to Breed, Elliott & Harrison ot Indianapolis for $13,651, equ
ment bonds, aggregating $30,405 61, offered on July 29 (V. .103, p. 264):
to 105.007. Other bids were:
------------- P r e m iu m s O ffe re d ----------E. M . Camnbeli’s Sons & Co-$13,625 [Miller & Co., Indianapolis...$13,5;
$14,717 95 $12,780
$2,907 66
J. F. Wild & Co., Indpls___ 13,601 Ilanchett Bond C o., Chicago 13,4
J e n n i n y s A v . G reen S t.
W . D r y S t.
Flet.-Am. Nat. Bk., Indpls. 13,5631
_
$389 79
Tillotson & Wolcott Co., Cleveland. . *$457 73
Denom. $500. Date Aug. 1 1916. Int. J. & J- Due $500 each i O
402
00
Seasongood & Mayer, Cincinnati------ *457 00
months
from
July
1
1917
to
Jan.
1
1930
inclusive.
88
10
397 46
W. L. Slayton & C o., Toledo...............
450 57
16 00
371 26
URBANA, Champaign County, Phi°
d
Ohio National Bank, Columbus------426 75
73 38
will be received until 7 p. m. Aug. 15 by II. M . Crow, City Auditor,
365 76
Durfeo, Niles & C o., Toledo------------ *423 75
an issuo of $38,500 5-10-year serial street bonds, reports stato.
315 67
Provident Sav. Bank & Trust C o., Cin.
363 53
38'65
167 42
check for 5% required.
Sidnoy Spitzer & C o., Toledo-----------192 81
137 00
Ilanchett Bond C o., Chicago-----------163 00
—
-.... m
UTICA, Licking County, Ohio.— B O N D S A L E .— O n July 24 t
Otis & Co., Cleveland— for all issues...........................................»9UU
$9 727 13 5% 20M-year average street bonds (V. 103, p. 265) wereawaru
Weil, Roth & Co., Toledo— for all issues...........f
V
A
®
to
the First National Bank of Utica, it Is stated.
* The bids o f theso three firms were irregular, and W. L. Slayton A Co
VANDERBURGH COUNTY (P. O. Evansville), Ind.— B O N D S A l
bid was the best regular bid received.
SAN DIMAS SCHOOL DISTRICT, Los Angeles C oun ty Calif
D E S C R I P T I O N O F B O N D S . — Reports state that the $20,000 5%i school
bonds awarded on July 17, to tho Stato Board o f Control at 10;> (V. 103.
U . UUHUln0
---*r
p. 433), are in the denom. of $500 and dated July 1 1916. Duo $1,000 E . M.
Campbell’s Sons & Co.,
yrly., from 1917 to 1926, incl. and 500 yrly. from 191 < to 1946, incl. total
Indianapolis------------------- 30,4041
debt $35,066. Assess, val., $1,300,655.
B O N D O F F E R I N G .— Newton W . Thrall, County Treasurer, will o
•
JUNTY (P. O. S cottsbu rg), I n d .— B O N D O F F E R I N G .—
f(|' s'.;,0 ;lt public
auction at 10 a .’ m. Aug. 15 an issuo of $5,400 4 y.
SCOTT COUNTY
___in Scott Township. Denom. $2
Treasurer, will receivo bids until 10 a. m. AUg. 10 5 u-year average Boonville road bonds
nugh Colvin, County
C
J-• vy.
O. vjamuvv
Garriott Oi
et 0al.
& N
Duo $270 each six moi
months from May lo 1917 to Nov.
for $18,200 4
O
,1 . road-impt.
luau-uin/v. bonds of Vienna fIwp.
*
Donom. $910. flato Aug. 15 1916. Int. M . & N. Due $910 each six 1926, inclusive.
months from May 15 19i7 to Nov. 15 1926 incl.
VILLA
PLATTE,
Evangeline
Parish,
La.— B O N D S A L E . — J. R . But
SCRANTON SCHOOL DISTRICT, (P. O. S cranton), Lacka
wanna C ounty, Pa.— B O N D O F F E R I N G .— Bids will bo received until orlin & Co. of Kansas City, M o., havo purchased an issuo of $8,500 ligi __
bonds.
8 p. m. Aug. 14, by E. D. Fellows, Sec. Bd. of School Directors, it is
-On Aug. stated, for $150,000 444% 26 1-3 yr. aver, school bonds. Int. seml-ann.
- ' foi ”
Cert, check for 2% required.
SHAWNEE SCHOOL TOWNSHIP, F oun tain C ounty, In d .— BOA D
.................................... ................. ........
_
.500
O F F E R I N G .— Bids will bo received until 2 p. m. Aug. 19 by Chas. M .
Watts, Twp. Trusteo (P. O. Covington, It. F. D. No. 2), for $23,000 444 % i T l . Dolilngs C o., Indpls. 40,5051
school bonds. Donom. 30 for $750, 1 for $500. Date Aug. 2q 1916.
Forest C ounty, W is.— B O N D S N O T S O L D .— N o sale ha
Int. J. & J. Duo $750 each six months from July 15 1917 to Jan. 15 1932 yetWABENO,
been mado of the $0,000 coupon town-hall-building bonds offered
incl. and $500 July 15 1932. Certified check for 10% of amount of bid
without success on M ay 6 (V. 102, p. 1832).
payablo to the Twp. Trustee, required.
SHAWNEE TOW N3HIP SCHOOL DISTRICT (P. O. Lima), Allen
WALLACE SCHOOL DISTR IC T (P. O. W allace), D u plin C ounty •
County, O hio.— B O N D E L E C T I O N . — Newspaper reports state that an Noa Car o . — B O N D S A L E . — Sidney Spitzer & Col of Toledo wero awarder f(.
election will be held Aug. 8 to vote on the question of issuing $20,000 bldg, durin
iring M
May
$12,000 6%
a*y the
________
„ .. building bonds— V. 102, !>■ 1559. Denom
Dato
i---------1916. I n t . J . & D . Duo $1,000 yearly June 1 froJrt.
bonds.
.
,
„
$1,00, June
,
SHERIDAN COUNTY SCHOOL D ISTRICT NO. 7 (P. O. A ntelope),
1917 to 1928 incl.
M ont.— B O N D S A L E . — On July 17 tho $3,800 6% 5-20-year (opt.) coupon
bldg, bonds (V. 103, p. 264) wero awarded to tho Minnesota Loan & Irust
Co. of Minneapolis.
SHERMAN, Grayson C ounty, Tex.— B O N D S A L E . — On July 29
$250,000 public improvement bonds wore awarded, it is stated, to William Due $650 each six months from Jan. 1 1917 to July 1 1926 incl. Ce
R Compton Co., St. Louis, and tho Fifth-Third Nat. Bank of Cincinnati check for $500 payablo to tho Township 'trustee, required. Bonds
at their joint bid of 102.566 and interest.
bodelivered and paid for within 10 days after acceptance of bid. B:
SHUBERT, R ichardson C ounty, N eb.— B O N D S V O T E D . — Reports must be made on forms furnished by tho above Irustee.
stato that the question o f issuing $6,500 municipal electric-light-plant
W APAKONETA, Auglaize C ounty, O h io.— OOND E L E C T I O N . bonds carried at a recont election.
SKAGIT COUNTY UNION H IG H SCHOOL DISTRICT NO. 1 (P. O. election will bo hold Aug. 8 to vote on tho propositions to issuo $4 ^
Mt. V ernon), W ash.— B O N D S N O T Y E T S O L D .— The County Treasurer sower and $7,000 deficiency bonds.
advises us under date of July 25 that no sale has yet been made of tho $60,
W ARREN TOWNSHIP (P. O. W arren), Trum bull C ounty, Ohic
000 15>4-year aver, coupon building and equip, bonds— V. 101, p. 2092.
O N I ) O F F E R I N G . — Proposals will bo received until 12 m. Aug. 14
He further states that action has been brought restraining the salo of these
ug .
"inch Certified check for $200, payable to the Township Treasurer,
red. N o bonded or floating debt.
\RREN SCHOOL TOWNSHIP, Putnam C ounty, In d .— B O N D
On July 29, the $5,500 4 ) 4 % school bonds— V. 103, p. 266—
awarded to James Swift for $5,616.20 equal to 102.112, it is re
d . The other bidders woro:
..Uriel............................ $5,610 00 R. L. Dollings Co., Inj . Wild & Co., Indpls_ 5,589 901
dianapolis . - .........................$5,555
WAYNE, W ayne C ounty, N eb.— B O N D S V O T E D . — By a vote of 148
31 the question o f issuing the $12,000 5% 10-20-year opt. water-worksystem-ext. bonds carried at tho election held July 31— V. 103, p. 434.
Jenom. $1,000. Int. annually. J. M . Cherry is City Clerk.
W ELLINGTON, Sumner C ounty, K an .— B O N D S A L E . — On July 24
$73,000 city’s portion and $58,000 assessment 4 ) 4 % street-improvement
>onds wero awarded, it is stated, to Vernon H. Branch of Wichita.
WEST ALEXANDER, W ashin gton C yonty, Pa.— N O A C T I O N Y E T
T A K E N . — No action has yet been taken looking towards tho issuanco of the
$15,000 street bonds voted April 29.
WEST UNITY, W illiams C ounty, O h io.— B O N D S A L E . — On Aug. 1
10 $14,000 5% coup, street-assessment bonds— V. 103, p. 344— wore
warded to Stacy & Braun o f Cincinnati at 101.28. Other bids were:
iurfeo, Niles & Co., T ol.$14,161 OOlSidney Spltzer & Co.,
lavies-Bertram Co., Cin. 14,141 00
T o le d o ----------------------$14,059 25
est Unity Bank. C o___ 14,061 001Weil, Itoth & Co., C i n ... 14,043 40
WHATCOM COUNTY (P. O. B illingham ), W ash.— B O N D S A L E . —
July 25, the $35,000 Northwest Diagonal Road impt. bonds (V. 103,
44) were awarded to John E. Price & Co., of Seattle, for $35,256,
1to 100.731, as 5s. Denom. $500 or $1,000. Date July 1 1916. Int
J. Duo one-tenth yearly.
HITE COUNTY, (P. O. M onticello), In d .— B O N D S A L E . — On
29, the three issues of 4 ) 4 % 5 ) 4 yr. aver, road bonds aggregating
100—V. 103, p. 266—were awarded to the State Bank o f Monticello
>22,711 50 (101.301) and int., a basis o f about 4.225%. Other bids
inL.Payno& Co. Ind’pls$22,6761Breed, Elliott & Harrison__ $22,595
, 3r & Co., Indianapolis.. 22,6151
HITEFISH BAY, M ilwaukee C ounty, W is.— B O N D S V O T E D .—
question o f issuing $100,000 sewerage-system-construction bonds
,ed, it is stated, by a voto of 109 to 34 at an election held Aug. 1.
HITLEY COUNTY, (P. O. Colum bia City), In d .— B O N D O F F E R .— On July 25, the $24,238 4 ) 4 % 5 2-3 yr. aver, road bonds— V.
p. 344— were awarded to the Meyer-Kiser Bank, of Indianapolis,
$24,626.88, equal to 101.604, reports state.
WHYNOT CONSOLIDATED SCHOOL DISTRICT (P. O. Meridian),
Lauderdale County, Miss.— B O N D S A L E . — On July 5 the $4,000 12-year
aver, school bonds— V. 103, p. 83— were awarded, it is stated, to C. II.
Coffin of Chicago at 102.60 for 6s.
WINDBER, Somerset County, Pa.— B O N D O F F E R I N G . — Proposals
will bo received until 8 p. m. Aug. 17 by J. H. Burtt, Boro. Secretary, for
$20,000 4 ) 4 % coup, bonds. Denom. $500. Date Sept. 1 1916. Int.
M . & S. Duo Sept. 1 1936, optional after Sept. 1 1936. Free of State tax
in Pa. Certified check for $400, payable to Boro Treasurer, required.
WINTERS, Yolo County, Calif.— B O N D S A L E — Blytb, Witter
& Co., of San Francisco, have been awarded for $7,431 (106.157) the $7.
000 6% town-hall erection bonds voted March 4 (V. 102, p. 1100). Denom,
$700. Date May 1 1916. Int. M . & N . Due $700 yearly. M ay 1,
from 1917 to 1926 inclusive.
WOOD COUNTY (P. O. Bowling Green), Ohio .— B O N D S A L E . — On
Aug. 1 the following five issues o f 5% road bonds aggregating $270,000 were
disposed of, it is stated:
•$60,000 bonds to the Wood County Savs. Bank of Bowling Green, at 101.60.
210,000 four issues of bonds to the Ohio Nat. Bank of Columbus for
$211,990 51, equal to 100.947.
WORCESTER, Mass.— T E M P O R A R Y L O A N . — On July 29 the loan of
$500,000 maturing Nov. 1 1916 was awarded to Salomon Bros. & Hutzler
of N . Y . at 3.09% discount, it is stated.— V. 103, p. 434.
WRIGHT COUNTY SCHOOL DISTRICT NO. 55 (P. O. Buffalo),
Minn.— B O N D S V O T E D . — By a vote of 11 to 0 the question of issuing
$3,000 4% 7-year building improvement bonds carried at the election
July 20.
WYANDOT COUNTY, (P. O. Upper Sandusky), Ohio.— B O N D
S A L E . — On July 27, three issues o f 5% road bonds aggregating $19,400,
wero awarded to Breed, Elliott & Harrison, of Cincin. for $19,886.20.
eaual to 102.506. Other bidders were:
Durfeo, Niles & Co., Tol-$19,739.50 IHayden, Miller & C o., Clev_$19,536
Ohio Nat. Bk., Columbus 19,561.751
B O N D O F F E R I N G . —Jay Marguerat, County Auditor, will receive bids
until 11:30 a. m. Aug. 12 for $15,100 5% 5M-year aver. coup, road-im
provement bonds. Denom. $755. Date July 1 1916. Int. J. & J. at
County Treasurer’s offico. Due $755 each six months from Jan. 1 1917 to
July 1 1926 incl. Certified check for 5% o f bonds bid for required.
YAVAPAI COUNTY SCHOOL DISTRICT NO. 15 (P. O. Skull
Valley), Ariz.— B I D R E J E C T E D . — The following bid received for the
$2,500 6% gold coupon tax-freo building bonds offered on July 17 (V. 103,
p .1 7 6 ), was rejected:
James N. Wright & Co. of Denver bid $970 for each $1,000 of bonds of the
$2,500 issues.
NEW LOANS.
NEW LOANS.
$ 4 0 ,0 0 0
$ 2 5 3 ,0 0 0
REDERICK, MARYLAND
WATER-WORKS AND FLOAT
ING DEBT COUPON BONDS.
Sealed bids will bo rocolvod by Aubrey A,
Nicodemus, City Register of Frederick, Mary
land, until 7:30 P. M „ AUGUST 18TH .1916,
for tfio whole or any parr of $40,000 Wator-Works
and Floating Dobt coupon bonds, dared Aug. 1,
(916. Duo $1,600 yearly on Aug. 1, from 1917
t 1935, inclusive, and $2,000 yearly on Aug. 1,
'36, to 1945, inclusive, and $1,000 Aug. 1 1946.
onom. $1,000 each. Interost 4 ) 4 % somlnually. Fob. 1st and August 1st. Tax freo.
certified chock for 5 % o f tho par valuo or
ids bid for, payable to The M ayor and Aldorm of Frederick, must accompany each bid.
rchasor to pay accrued interest. Right to
ect any and all bids is resorvad.
THE M AYOR AN D A LDERM EN OF
FR ED ERICK.
LEWIS H. FRALEY, Mayor.
$ 1 0 0 ,0 0 0
TY OF CHESTER, PA.
4% BONDS
1he City of Chester, Pennsylvania, will reo sealed proposals, addressed “ Proposals
londs,” until MONDAY, AUGUST 14, 1916,
3 o ’clock A. M ., for Bonds to the amount of
j.OOO 00, dated July 1, 1916, in denominations
;l,000 each, payable In 30 years at four (4)
cent clear o f Stato tax.
financial statement will be furnished upon
,Cat,° nC. B. MOULD, .
Supt. o f Accounts and Finance,
jester, Pa., Aug. 2, 1916.
$ 7 5 ,0 0 0
IEBACH
COUNTY,
S.
NEW LOANS.
$ 7 5 ,0 0 0
Town of Morristown, N. J.
MI AMI , F L O R I D A
SCHOOL BONDS
6% GOLD BONDS
Notice Is hereby given that “ The Board of
Education of the Town of Morristown, In the
County of M orris," and State of New Jersey,
will receive sealed bids for tho sale of seventyfive bonds of One Thousand Dollars each, of
tho School District of the Town of Morristown,
with accrued interost, at ics office in tho Maple
Avenue School Building, in the Town of Morris
town, in the County of Morris and State of
Now Jersey, on the NI NTH DAY OF AUGUST,
1916, AT. HALF PAST TW O O’ CLOCK in
the afternoon of said day.
All of said bonds to bear date the First day
of September 1915, and bear interest at the
rate of four and one-half per cent, per annum,
payable semi-annually on tno first days of March
and September of each year:—
One of said bonds payable three years after
dato.
One of said bonds payable four years after
date.
One of said bonds payable five years after
date.
One of said bonds payable six years after
dato.
One of said bonds payable seven years after
dato.
One of said bonds payable eight years after
dato.
One o f said bonds payable nine years after
date.
One of said bonds payable ton years after
date.
One of said bonds payable eleven yoars after
date.
One of said bonds payable twelve years after
date.
One of said bonds payable thirteen years
after date.
Two of said bonds payable fourteen years
after date.
Two of said bonds payable fifteen years after
dato.
Two of said bonds payable sixteen years
after date.
Two of said bonds payable seventeen years
after dato.
Two of said bonds payable eighteen years
after date.
Two of said bonds payable nineteen years
after date.
Two of said bonds payable twenty years
after dato.
Two of said bonds payable twenty-one years
afeor date.
Two of said bonds payable twenty-two years
after date.
Two of said bonds payable twonty-three
yoars aftor date.
Two of said bonds payable twenty-four years
after date.
Two of said bonds payable twenty-five years
after date.
Two of said bonds payable twenty-six years
aftor date.
Two of said bonds payable twenty-seven
years after date.
Twelve of said bonds payable twenty-eight
yoars after dato.
Twelve of said bonds payable twenty-nine
years after date.
Twelve of said bonds payable thirty years
after date.
All bids must be In writing and accompanied
by a certified check for Two Thousand Dollars
payable to the order of “ The Board of Education
of the Town of Morristown, in the County of
Morris,” drawn on some National or State
Bank or Trust Company.
The right to reject any and all bids Is reserved.
Bids will be received at the hour named and
not before or after.
Dated July 14, 1916.
THE B O A Iib OF EDUCATION OF THE
TOWN OF M ORRISTOW N. IN THE
COUNTY OF M ORRIS.
Sealed bids will bo received by tho City Counci
in care o f the undersigned until 7:30 p. m.,
AUGUST 25, 1916, for tho purchase of all or
any part o f tho above bonds, principal and semi
annual interost payable in gold in Now York.
Denomination $1,000. Purposes, dates and
maturities as follows:
$31,000 for street improvements, dated January 1,
1916, maturing January 1 as follows:
$7,000, 1918: $6,000 annually 1919 to
1922.
14,000 for storm sewers, dated July 1, 1916,
maturing July 1 as follows: $3,000 an
nually 1918 to 1921; $2,000, 1922.
208,000 for street improvements, dated July 1,
1916, maturing July 1 as follows: $24,000
annually 1917 and 1918; $20,000 annually
1919 to 1926.
By autnority o f law and a resolution of the city
Council, a general tax lovy, without limit, has
been provided for tho payment of the principal
and interost o f all of the abovo bonds, which are
gonoral city obligations.
A certified chock on a solvent bank or trust
company, payable to the order of the City Treas
urer for 2 per cent o f tho par valuo of the bonds
bid for, must accompany oach bid.
Tho bonds will bo propared under the super
vision o f the United States Mortgage & Trust
Company, which will certify as to tho genuineness
o f the signatures o f the city officials and tho seal
impressed thereon. The purchaser or purchasers
will be furnished, without chargo, tho approving
opinion o f Messrs. Caldwell & Masslich.
All proposals must bo mado upon a printed
form which will be furnished by the undersigned
or said trust company, and must be enclosed in
sealed envelopes marked “ Bids for Bonds.”
Bonds must be delivered at tho office of tho United
States Mortgage & Trust Company, 55 Cedar
Street, New York, on August 30, 1916, at 11
o'clock a. m., unless another time and place shall
be mutually agreed upon. Tho right is reserved
to reject any or all bids.
,
. W. B. MOORE, City Clerk,
Miami, Florida, July 29, 1916.
D.
FUNDING BONDS
Sealed bids will bo received up to noon,
UGUST 29TH, 1916, for a voted bond issue
$75,000 bearing 5% soml-annual interest,
onomination o f $1,000 oach, $5,000 due 1921,
5,000, 1926; $20,000, 1931; balanco 1936. To
ko up floating warrant indebtedness. Certified
ock for $1,000 roquirod with all bids.
F. W. OIITM AYER,
County Auditor, Dupree, S. D.
NOW READY
H a n d -B o o k
o f S e c u r itie s
July 1916 Edition
DESCRIPTION
INCOME
iM E R IC A N
513
THE CHRONICLE
5 1916.]
M FG. C O ,
PRICES
DIVIDEND#
For a series of years.
Price of Single Copies ,
.
To Subscribers of the Chronicle ,
.
.
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78
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P artie s desiring ten or m o re co p ies oan
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)ble & West Sts,a Brooklyn,, N, Y. William B. Dana Company
138 Front St., New York.
THE CHRONICLE
514
YOLO COUNTY (P. O. Woodland), Calif.— B O N D
O F F E R I N G .—
check for 2 lA % required.
ZANESVILLE, Muskingum County, Ohio.— B I D S .— The other bids
received for tho two issues of 4 ^ % bonds, aggregating $394,000, awarded
to Kstabrook & Co. of N. Y . at 101.35 and int. on July 27 were as follows
— V. 103, p. 434:
— P r e m iu m s (O ffered—
$350,000
$44,000
W a te r .
S treet.
Otis & C o., Cleveland______________________________$8,015
00
.$8,015 00
$228 80
Sidney Spitzer & Co., Toledo---------------------------------. 7,875
7,875 00
00
250 80
Field, Iiichards & Co. and Seasongood & Mayer,
jointly, Cincinnati______________________________.’ 7,355
7,355 00
125 00
Hayden, Miller & Co. and Fifth-Third Nat. Bank,
jointly, Cleveland.............
6,510 00
230 00
Weil, Roth & Co., Cincinnati_______________________- 6,230
6,230 00
202 40
A. B. Leach & Co. and Tillotson & W olcott, jointly,
Chicago
-------00
.’ 6,335 00
233 00
Breed, Klliotb & Harrison and Provident Sav. Bank
& Trust C o., jointly, Cincinnati_________________. 6,125 00
162 80
Old Citizens’ Nat. Bank, Zanesville_______ _____ 3,325
00 00
149 60
. 3,325
Ohio National Bank, Columbus_____________
131 26
ZEBULON, Wake C ounty, No. Caro .— B O N D S A L E .— The $10,000
6% 20-year electric-light bonds voted Mar. 15— V. 102, p. 1188— have been
awarded to the Wachovia Bank & Trust Co. o f Winston-Salem.
ZIEBACH COUNTY (P. O. D upree), So. Dak.— B O N D O F F E R I N G .—
Sealed bids will bo received until 12 m. Aug. 29 by F. W. Ortmayer, County
Auditor, for tho $75,000 5% funding bonds voted M ay 23. Int. semi
annual. Due $5,000 1921, $15,000 1926, $20,000 1931 and $35,000 1936.
Certified check for $1,000 required.
[V o l . 10
345) were awarded to tho Royal Securities Corporation at 95.365.
bidders were:
Mullholland, Bird & Graham, Toronto______
_
§13 2
Imperial Bank of Canada_______________________
"
13 ’<
Geo. A. Stimson & Co., Toronto________________ _
13 2
A. E. Ames & Co., Toronto__________________
*“ 1 3 0
C. if. Burgess & Co., Toronto_________________ "
i.-j’o
Wood, Gundy & C o., Toronto____________________
13’06 ,
R. C. Matthews & Co., Toronto____________________
1 3 ,’06 '
Brent, Noxon & C o., Toronto______________________________ _ 1 3 , 1 1 1
HAMILTON, O n t . — D E B E N T U R E S P R O P O S E D .— This city is con
sidering the question of issuing debentures for various hospital iinprovo
ments, it is reported.
An issue of $135,000 school debentures is also under contemplation.
HILLSBURG, O n t . — D E B E N T U R E S A L E . — An issuo of $15,000 6%
20-installmont general debentures was purchased during July by Geo. A.
Stimson & Co. of Toronto at par. Dato March 18 1916.
IROQUOIS FALLS, O nt .— D E B E N T U R E S A L E . — Reports stato that
an issue of $40,000 6 % 15-year debentures was disposed of on July 15.
KENORA, O nt.— D E B E N T U R E S A L E . — Newspaper reports stato tta?
this town recently sold $30,094 and $15,000 local improvement 6% debe
tures. Due in 1936 and 1953, respectively.
MONTREAL, Q u e . — L O A N A U T H O R I Z E D . — According to ropor'
the Board of Control has authorized a temporary loan of $2,000,000. ’
OSGOODE TOWNSHIP, Ont .— D E B E N T U R E S A L E . — G o o . A. S
son & Co. of Toronto purchased during July on a 5 % % basis an issu'
$7,250 5% 15-installment general debentures. Dato M ay 6 1916. '(
PRINCE GEORGE, B. C.— D E B E N T U R E S A L E . — On July 21 $4C
15-year electric-light and $10,000 10-year city-hall 6% debentures
disposed of, it is reported.
RALEIGH TOWNSHIP, O n t.— D E B E N T U R E S A L E . — An issi
T h e o f f i c i a l n o t i c e o f th is b o n d o f fe r i n g w i l l b e f o u n d a o m n g th e a d v e r tis e
$10,607 10-installment debentures was recently purchased by G. A. Stir’
m e n ts e ls e w h e r e i n th is D e p a r tm e n t .
& Co. pf Toronto at 99.03, it is stated.
SARNIA, O n t.— D E B E N T U R E S A L E . — On July 31 the $60,000 &
20-installment debentures— V. 103, p. 345— wero awarded to Acr
Jarvis & Co. of Toronto at 100.765.
BRAMPTON, Ont.— D E B E N T U R E S A L E . — On Aug. 1 the $24,000
SUDBURY, O n t . — D E B E N T U R E S A L E . — On July 19 C. H. Bu:
6% school debentures were awarded to tho Imperial Bank at 103.68 and & Co. of Toronto purchased at 93.54 an Issue of $40,000 5% 20-year do
Int.— V. 103, p. 434. Other bidders wore:
tures, according to reports.
It. C. Matthews & C o___ $24,840 70 Kerr, Fleming & C o_____ $24,532 80
W ALKERVILLE, O nt.— D E B E N T U R E O F F E R I N G . — Alfred M f
Geo. A. Stimson & C o__ 24,784 80 Canada Bond Corp_____ 24,388 00
Mulholl’d, Bird & Graham 24,777 00 W. A. Mackenzie & C o . . . 24,031 00 Town Clerk, will receive bids until Aug. 8 for $25,000 5% 10-install '
Brent, Noxon & C o______ 24,663 00 A. E. Amos & C o............... 24,01400 general coup, debentures. Brin, and int. payable at Canadian Ban
Wood, Gundy & C o......... 24,650 00 B. F. Justin_______________ 24,00000 Commerco, Walkorvillo, on Dec. 14 yearly.
C. H. Burgess & C o______ 24,628 80 Macneill & Young__________ 24,00000 According to reports, an election will bo held Sept. 2 to decido who
or not this town shall issuo $15,000 debentures to establish a motor bus
Macdonald, Bullock & Co. 24,602 00
COLLINGWOOD, O n t . — D E B E N T U R E S A L E . — During July Geo. A.
WESTON, Ont .— P R I C E P A I D F O R D E B E N T U R E S . — 'The price
Stimson & C o . o f Toronto purchased an issue o f $37,000 5jsj% 20-install by Brent, Noxon & Co. of Toronto for the $2,617 6% debentures awa
ment general debentures on a 5 % % basis. Date Dec. 1 1915.
them on July 17—V . 103, p. 435— was $2,663. equal to 101.757.. Int
CRANBROOK, B. C.— D E B E N T U R E S P R O P O S E D — This place is payable annually. C. H. Burgess & Co. of Toronto bid $2,655.
contemplating the issuanco of $6,000 school debentures, it is stated.
W INDSOR, O n t . — D E B E N T U R E E L E C T I O N . — Tho proposition:,
FITZROY TOWNSHIP (P. O. Kinburn), Ont.— D E B E N T U R E issue $22,000 sidowalk-construction debentures will bo submitted to
S A L E . — On July 27 the $14,O0O 5% coupon school debentures (V. 103, p.
voters on Aug. 12, it is stated.
Canada, its Provinces and Municipalities.
FINANCIAL
FINANCIAL
T h e U nion T ru st C om pany o f New Y ork will act as Trustee o f
perm anent ch aritable, edu ca tion a l or religious trusts, cre
ated either under a will or a trust indenture, and gives special
attention to trusts of this character. The Company also acts in
the capacity of Treasurer, Assistant Treasurer, Financial Agent or
Depositary for such institutions, and is qualified and equipped to
render expert and attentive service in all such relations.
T h e U nion T ru st C om pany’s record of fifty years in the con
tinuous administration of all the usual forms of trusts invites con
fidence in the permanent maintenance of a high standard of ability
as trustee.
UNION TR U ST CO ., 80 Broadway
CAPITAL AND SURPLUS - 88,500,000
M E L L O N
N A T I O N A L
B A N K
P IT T S B U R G H , PA .
STATEMENT OF CONDITION AT THE CLOSH OF BUSINESS JUNE 30, 1916
RESOURCES
Loans, Bonds and Investment Securities______ $66,874,744
Overdrafts--------------------------------------------------------13
Cash____________________________________________
7,696,695
Due from Banks------------------------------------------------- 17,382,722
$91,954,174”
LIABILITIES
Capital___________________________________________$6,000,000
Surplus and Undivided Profits_________________ 3,509,602
Reserved for Depreciation, Etc_________________
316,765
Circulating Notes______________________________ 3,417,997
Deposits________________________________________ 78,709,808
$91,954,174
STONE& W EBSTE
FINANCE public utility developmen
BUY AND SELL securities.
DESIGN steam power stations, hydr
electric developments, transmlsslo
lines, city and interurban railway
gas plants, industrial plants a
buildings.
CONSTRUCT either from our own de
signs or from designs of other en
nccrs or architects.
REPORT on public utility property
proposed extensions or new project
MANAGE railway, light, power and g
companies.
NEW YORK
BOSTON
X a to p e rg
RAYMOND M. HUDSON
ATTORNEY AT
IIIin o is T r a s t & S a M n U s B a n K
CH ICAGO
Capital, Surplus and Undivided Profits
-
•
$15,700,000
CHICA
LAW
BOND BUILDINd
WASHINGTON, D.
Practico beforo U. S. Suprome Court, U. S. Cou
of Claims, D. C. Court of Appeals, D. C. Supre
Court, Va. and Md. Courts, Executivo Dopr
inonts, Congressional Committees, Fedoral I
servo Board, Federal Trade Commission, In
stato Commerce Commission. Cable “ Rayhu
F. WM. KRAFT
LAWYER
Pays interest on Time
Has on hand at all times a Variety of ex
Depoaita, Current and Reserve
oeJlent aeourities. Buys and sella
Aooounta. Deals In Foreign fix
Government, Municipal and
ohange. Transacts a General Trust Business.
Corporation Bonda.
S p e c ia liz in g in E x a m in a tio n o f
Municipal and Corporation Bon
917*020 HARRIS TRUST BUILDING
111 WEST MONROE STREET
CHICAGO,ILL
@FedFRASER